Federal Reserve Bulletin, 1921-06

FEDERAL RESERVE BULLETIN (FINAL EDITION) ISSUEQ^Y THE FEDERAL RESERVE BOARD AT WASHINGTON JUNE, 1921 WASHINGTON GOVERNMENT PRINTING OFFICE 1921 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BOARD. EX OFFICIO MEMBERS. W. P. G. HARDING, Governor. A. W. MELLON, EDMUND PLATT, Vice Governor* Secretary of the Treasury, Chairman. ADOLPH C. MILLER. CHARLES S. HAMLIN. D. R. CRISSINGER, Comptroller of the Currency. JOHN R. MITCHELL. W. W. HOXTON, Secretary. WALTER S. LOGAN, General Counsel, W. L. EDDY, Assistant Secretary. R. G. EMERSON, Assistant to Governor. W. M. IMLAY, Fiscal Agent. H. PARKER WILLIS, ¥. HERSON, Director, Division of Analysis and Research. Chief, Division of Examination and Chief Federal M. JACOBSON, Statistician. Reserve Examiner. E. A. GOLDENWEISER, Associate Statistician. 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 J. H. Case L. H. Hendricks * L. F. Sailer J. D. Higginsx G. L. Harrison A. W. Gilbart.1 E. R. Kenzel Leslie R. Rounds.1 J. W. Jones.* Philadelphia R. L. Austin George W. Norris. Wm. H. Hutt,jr W. A. Dyer. Cleveland D.C.Wills E. R. Fancher . M. J. Fleming H. G. Davis. Frank J. Zurlinden Richmond Caldwell Hardy George J. Seay C. A. Peple Geo. H. Keesee. A. S. Johnstone 3 John S. Walden * Atlanta Joseph A. McCord. M. B. Wellborn . L. C. Adelson M. W. Bell. J. L. Campbell Chicago Wm. A. Heath J. B. McDougal C.R. McKay W. C. Bachman.i S. B.Cramer F. J.Carr.i K. C. Childs.i J. H. Dillard.i D. A. Jones.i 0. J. Netterstrom.1 A. H. Vogt. Clark Washburne.1 St. Louis Wm. McC. Martin D.C. Biggs 0. M. Attebery J. W. White. Minneapolis JohnH. Rich R. A. Young W.B. Geery Frank C. Dunlop.* S. S. Cook B. V. Moore. Kansas City Asa E. Ramsay J. Z. Miller, jr C. A. Worthington J. W. Helm. Dallas . Wm. F. Ramsey ... . R. L. Van Zandt ... Lynn P. Talley... Sam R. Lawder. San Francisco John Perrin J. IJ. Calkins Wm. A. Day W. N. Ambrose. I L r . a C C . l e P r o k n 3 tious8 i Controller. 2 Assistant to governor. a Assistant deputy governor. MANAGERS OF BRANCHES OF FEDERAL RESERVE BANES. Federal Reserve Bank of— Manager. Federal Reserve Bank of— Manager. New York: Minneapolis: Buffalo branch Ray M. Gidney. Helena branch 0. A. Carlson. Cleveland: Kansas City: Cincinnati branch L. W. Maiming. Omaha branch L. H. Earhart. Pittsburgh branch Geo. De Camp. Denver branch C. A. Burkhardt. Richmond: Oklahoma City branch C. E. Daniel. Baltimore branch Morton M. Prentis. Dallas: Atlanta: El Paso branch W. C. Weiss. New Orleans branch Marcus Walker. Houston branch E. F. Gossett. Jacksonville branch Geo. R. De Saussure. San Francisco: Birmingham branch A. E. Walker. Los Angeles branch C. J. Shepherd. Nashville branch J. B. McNamara. Portland branch Frederick Greenwood. Chicago: Salt Lake City branch R. B. Motherwell. Detroit branch R. B. Locke. Seattle branch C. R. Shaw. St. Louis: Spokane branch W. L. Partner. Louisville branch W. P. Kincheloe. 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, 1917, or 1918 are available. ill Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

TABLE OF CONTENTS. General summary: Page. m Review of the month 645 Business, industry, and finance, May, 1921 , 656 Condition of the acceptance market 667 Summary of Governor Harding's speech 671 German reparations 674 The gold situation 676 Practice under commercial letters of credit 681 Business and financial conditions abroad: England, France, Italy, Germany, Sweden • 689 Official: Rulings of the Federal Reserve Board 699 Law department 700 State banks admitted to system 698 Fiduciary powers granted to national banks 688 Banks granted authority to accept up to 100 per cent of capital and surplus 670 Charters issued to national banks 698 Price movement and volume of trade: Domestic— Wholesale prices in the United States 702 Foreign trade 706 Physical volume of trade 707 Retail trade 720 Wholesale trade 722 Commercial failures 698 Foreign— Comparative wholesale prices in principal countries 723 Comparative retail prices in principal countries 727 Foreign trade—United Kingdom, France, Italy, Sweden, and Japan 728 Banking and financial statistics: Domestic— Discount and open-market operations of Federal Reserve Banks 730 Condition of Federal Reserve Banks 736 Federal Reserve note account 742 Condition of member banks in leading cities 743 Bank debits 750 Operations of the Federal Reserve clearing system 755 Gold settlement fund 756 Gold and silver imports and exports 759 Money outside the Treasury and Federal Reserve System 762 Discount and interest rates in various centers 761 Discount rates approved by the Federal Reserve Board 762 Earnings and dividends of State bank and trust company members 763 Foreign— England, France, Italy, Germany, Sweden, and Japan 764 Charts: Net earnings of Federal Reserve Banks in 1920, related to daily average paid-in capital, surplus, members' reserve deposits, and Federal Reserve note circulation 673 Earning assets, Federal Reserve note circulation, and cash reserves of Federal Reserve Banks, also imports and exports of merchandise and wholesale price index 672 Central gold reserves of principal countries 677 United States gold imports and exports, November, 1918, to May, 1921 680 Index number of wholesale prices in the United States—constructed by Federal Reserve Board for purposes of international comparisons 703 Physical volume of trade 708 Movement of principal assets and liabilities of Federal Reserve Banks 737 Movement of principal assets and liabilities of member banks 744 Debits to individual accounts 751 IV Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN VOL. 7 JUNE, 1921. No. 6 REVIEW OP THE MONTH. erally favorable. Banking advances inevitably continue in those regions to be "frozen." New factors in the process of economic re- Taking the banking situation as a whole, howadjustment have made their New factors in during the past ever, there has been a decided progress toward appearance readjustment. r ! - . & „ l more liquid conditions, illustrated by the growth month. Some have a favoraof the ratio of Federal Reserve Banks themble bearing upon the business situation, while in selves to a figure of 57.6 per cent on the final the case of others results are doubtful and must report date of the month (May 25). be awaited before positive conclusions are It is a notable fact that while foreign prosreached. Especially likely to contribute to the pects are unsatisfactory, domestic factors in furtherance of progress toward normal business the present situation have shown at all events conditions are the current wage readjustments, a capacity for improvement. This situation is both actual and prospective. Notable among apparently misunderstood by some who are such adjustments may be mentioned the 20 per disposed to believe that economic conditions at cent reduction which has occurred in the wages home can be restored to a satisfactory basis of employees of the United States Steel Corporaeven though the foreign situation continues untion (following close upon an earlier revision settled. The fact in the case is that our forof the prices charged by that concern), and eign trade is now also a domestic trade factor the semiofficial announcement that the Railof primary importance. Due to the great exway Labor Board is prepared to put into effect pansion of our manufacturing power during the a revised scale of transportation wages. There war it is essential to control a reasonable has been evident in a variety of industries a amount of foreign trade if we expect to keep marked tendency toward friendly rearrangeour present agricultural lands, or our manufacment of wage relationships, sometimes preceding turing investment, employed. This is equivaand sometimes following price revisions. Prices lent to saying that we can not reasonably exthemselves have tended to settle to a somepect a complete recovery in domestic trade what lower basis and the various index numwithout having a somewhat corresponding bers have tended to move rather more closely advance in foreign business. While it is true in harmony, thus indicating that the readjustthat our home trade is both larger in volume ment period is nearer completion. Unfavorand in value than the foreign business in most able factors tending to retard the restoration of commodities, it is true that a small shortage or settled conditions have been seen in the decline surplus of a given kind of goods produces an of export trade and the apparent loss of ground important and far more than proportional in some competitive markets, or in markets effect on prices. Foreign trade is thus needed which have been unfavorably affected by our as a stabilizer of values, beside being essential failure to furnish adequate financial facilities. as a means of insuring full demand for goods The inability to bring about faster movement and complete activity of productive energies. of agricultural products from farm to market, With the importance of our foreign trade and especially to foreign markets, has also con- A turning point thus recognized, and with its tinued to work against improvement of condiin foreign trade, direct bearing upon the dotions in the farming States, where, however, mestic economic outlook thus fully admitted, prospects for the current crop season are gen- 645 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

646 FEDERAL RESERVE BULLETIN. JUNE, 1921. current figures showing the actual movement months) they are $407,000,000. Resumption of goods to other countries assume new signifi- of heavy gold shipments to the United States cance. April returns show continuation of the has an important correlation with the coincimovement toward a more even balance be- dent decline in our foreign trade in goods. It tween exports and imports. Exports were was a notable factor in the business depression reported as $340,000,000 for the month and of last autumn that our banks practically imports as $255,000,000. The excess of ex- ceased financing the foreign trade in a variety ports over imports, that was developing during of directions, with the result that these branches last December and January at the rate of some of business or the geographical divisions of the $450,000,000 monthly, has been cut down each trade thus dealt with were deprived of credit month since then, until for April our balance facilities, and so were practically obliged to fall on merchandise account was only $85,000,000. back upon cash payments, except in so far as Imports of gold, on the other hand, amounted the only partly developed import trade was to about $82,000,000 in April. This change in able to afford means of paying for export shipthe balance of trade has been brought about, ments from this country. In the acute stages not so much through increase in the value of of a commercial crisis or depression foreign imports, but rather by decline in the value of trade is likely to decline to a point where it is exports. In fact, the value of imports, although definitely upon a cash basis, and this is probshowing some increase over the very low figures ably the situation which has been developing of January of this year, is still in value only in our own foreign commerce. It is a state of half the figure for April, 1920. Price declines things which obviously can not long continue. have naturally been responsible to a consider- The import movement of gold, as just able extent for the reduction in values during Financing ex- noted, is to be attributed in recent months. For this reason the foreign ports, large measure to the lack of trade index of the Federal Reserve Board is parordinary methods of settling for our exports ticularly significant in interpreting the volume through extensions of credit if impossible to do so of trade "as compared with previous months. through the inward shipment of foreign mer- This shows that while the volume of exports chandise. It has no permanent significance as a has been shrinking steadily since the latter part financial factor. There has been little or no reof- 1920, the physical volume of imports has duction in the urgent nature of the problem of been increasing much more rapidly than the financing our foreign trade and particularly the value figures indicate, owing to reductions in export movement. Efforts to further the organiprices. To the extent that this index is repzation of special financing corporations created resentative of our foreign trade as a whole, the for the purpose of granting long-term acconclusion is justified that exports in April commodation have met with limited success, had declined to about the same volume as in the reason for delay being found largely in the April, 1913, while imports were reaching this indisposition of banking institutions to subcountry in nearly double the quantity of the scribe for stock in them. That there is a large corresponding prewar month. So far as indiand important field of credit effort to be filled vidual commodities are concerned, the inby such institutions is beyond question. The creased volume of imports is well distributed problem in the case appears to be partly that among the several classes of goods. Among of accurately ascertaining the credit of the exports, corn and wheat continue to move in foreign borrower so as to be sure of the soundquantities several times the volume of a year ness of the loan, and partly that of assuring a ago, while cotton shows a decided falling off. sufficiently broad interest among American A striking feature of the foreign-trade situainvestors. Meantime the experience of the tion has been the inward gold movement. The various foreign banking corporations, both net importations of gold for the first four those organized under the Edge Act and those months of the current year now amount to previously established under older State laws, $241,000,000, while for the fiscal year (10 is proving of considerable interest in connec- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE, 1921. FEDERAL, RESERVE BULLETIN. 647 tion with the general problem of method in financing of our foreign trade upon a special foreign financing. It has been noted with basis distinct and apart from that which is interest that thus far the greater number of the found in the foreign departments of our banks. foreign trade organizations have become prac- Conditions relative to financing should, moretically acceptance enterprises, far the larger over, be studied in the light thrown on the subproportion of the accommodation extended by ject by the character and seriousness of the them assuming that form. One reason for this foreign trade problem in the large. As things trend of development has doubtless been the stand, complete or full recovery in our domestic greater ease experienced in getting funds from trade will not be insured without at least reasonthe acceptance than from the investment able restoration of our foreign commerce. The market, while another has doubtless been latter object is, however, in no small measure found in the comparative simplicity of obtain- dependent upon the development of an adeing cooperation and assistance along credit- quate financial basis for the business. lines from foreign financial institutions. Accu- Effort is being made by the War Finance rate reports regarding the credit underlying The War Fi- Corporation to facilitate the ordinary business on long term are by no nance Corpora- movement of goods to foreign means easy to get, or, in the present condition tion- points and, with that object in of European business, very reliable, in all mind, the corporation has issued Circular No. 1 cases. Difficulty in getting the cooperation or (obtainable from Federal Reserve Banks), joint guaranty of foreign institutions and a containing information for the use of prospecbelief that if full responsibility must be carried tive applicants for advances. The circular in for all credits advanced, it should be accom- question sets forth clearly the terms upon panied by rapid turnover with corresponding which such advances will be favorably considprofit, is assigned by some as the reason for the ered. It is made plain that the export credits development of foreign financing corporations provided and authorized under the act will be along short-term lines. made only (1) to American citizens (2) who What has actually been done toward devel- evidence their indebtedness by a direct and oping a system of foreign-trade financing cor- unconditional obligation signed by a person, porations may be seen from the following com- partnership, or corporate enterprise subject to pilation, which affords data regarding the chief American law, and (3) who show (in the case institutions of the sort that are now in exist- of individuals) that they have not been able to ence, taken from their most recent statements: get support through ordinary banking channels or (in the case of banks) that the loans are to be made for exportation and are not over the Capital, surplus, amount advanced to and unpaid by an ex- Name of bank. and Assets. undivided profits. porter. In these circumstances the responsibility for the credit rests with the exporter American Foreign Banking Corporation $6,504,635 $64,325,033 who receives the advances, he being then un- Asia Banking Corporation 0,109,675 41,496,414 French-American Banking Corporation 2,803,807 22,978,190 der the necessity of ascertaining the character International Banking Corporation 14,015,146 131,327,344 Mercantile Bank of Americas 10,802,063 95,967,550 of the credit standing of the foreign buyer, Park Union Foreign Banking Corporation 4,621,004 22,455,456 Shawmut Corporation 2,265,845 13,873,541 and of collecting from him at maturity. Lo- Discount Corporation of New York 6,697,132 73,804,724 First Federal Foreign Banking Association... 2,311,166 9,239,897 cal bankers have been unwilling to retain the Federal International Corporation 7,000,000 International Acceptance Bank I 15,250,000 liability for advances in support of export trade incurred through indorsement. Not a few The Foreign Financing Corporation, projected adhere to the view that such retained or with a capital of $100,000,000, is still in process continued liability places the bank in a danof organization. gerous position, especially when steadily in- The facts thus furnished show clearly the creased through repeated rediscounting or comparatively limited character of the finan- borrowing. The rate of interest to the indicial facilities which have been provided for the vidual exporter which, as announced in the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

648 FEDERAL RESERVE BULLETIN. JUNE, 1921. circular, is by law required to be at least 1 per In outlining the considerations which have cent higher than the 90-day rate of the Federal given rise to this ruling, and in cautioning the Reserve Bank of the district in which the banks with regard to operations under it, the advance is made, is now, by the action of Fed- Board said: eral Reserve Banks in cutting their rates to "Two considerations have led the Board to 6-6J per cent, fixed at a level of 7-7^ per cent. take this action: (1) The desire to widen the During the past month conferences held with acceptance market bv meeting the wants of cotton interests have resulted in facilitating savings banks and similar purchasers of bankers' acceptances who are now deterred from inshipments financed by the corporation to vavesting in acceptances of longer than three rious foreign markets. months' maturity, because of the lack of au- In reviewing the export finance situation thority of Federal Reserve Banks to purchase Acceptances special attention should be longer maturities up to six months; (2) to provide more ample facilities for financing import and ^ letters of given to two new rulings made and export trade with countries where either credit. public by the Federal Reserve normal conditions or present abnormal con- Board during the past month. Of these ditions indicate the desirability of rendering probably the more important is designed to assistance by making acceptances of matulengthen the period of maturity of eligible rities not exceeding six months eligible for bankers7 acceptances to six months. From the purchase by Federal Reserve Banks. While the Federal Reserve Banks would, under ordiinauguration of the Federal Reserve Banks the nary conditions, prefer to confine their investacceptance has been treated as a commercial ments to paper of short maturity, that is, not bill and hence subject to the statutory limita- exceeding three months, it is believed that the tion of 90 days applicable to such paper. present emergency in the foreign trade situation would be relieved by a more liberal prac- This, as is well known, did not necessarily bar tice. Vigilant care, however, should be exerpaper of longer maturity from becoming eligible cised by Federal Reserve Banks in purchasing for purchase or discount, but merely prevented acceptances of long maturities, in order that Reserve Banks from buying or discounting it the liquidity of the aggregate investment in until it was within 90 days of its maturity date. acceptances held by them should not be affected. In amending its regulation in the manner de- The new regulation doubles this maturity scribed, the Board looks to the good banking period and so opens to technical eligibility for judgment and discretion of the accepting banks open market purchase of paper which would and of the Federal Reserve Banks to avoid any otherwise have been admissible into Federal untoward results. To avoid misunderstanding the Board desires to add that the results of this Reserve Bank portfolios only after the widening of the investment powers of the Fedlapse of 90 days. Commercial conditions since eral Reserve Banks will be followed closely, the close of the war have unavoidably tended with a view to such modification of its rules or to increase the necessary period of ordinary amendment of its regulations as future develcredit, so that an acceptance of six months' opments may indicate to be necessary." maturity may not be longer when its general The problem of facilitating foreign trade on relation to the average duration of commercial the long-term basis is essentially one for the transactions is concerned than was a like docu- investment market, but the Board's action, as ment of 90 days' maturity prior to the war. just seen, in lengthening the acceptance period The real test of the new provision will be to six months, is due to a desire to do what afforded when it is seen how far, if at all, the can be done in an emergency calling for average life of the acceptances currently held prompt relief. in Reserve Bank portfolios has been increased The second ruling of the Board relates to the by reason of the action. In the opinion of practice heretofore widely employed by memsome Reserve Bank officers such increase will ber banks in obtaining the services of another certainly be very limited. Experience over a institution as an opener of letters of credit in series of months can alone demonstrate the their behalf. The Board now, acting in accord effects of the ruling upon the maturity of Re- with the Comptroller of the Currency, finds serve Bank portfolios, that this practice has no legal warrant and ? Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE, 1921. FEDERAL, RESERVE BULLETIN. 649 while recognizing that it is not, on the other American business men by interests and even hand, positively illegal, nevertheless cautions by Governments which were likely to be national banks not to resort to it further. As endangered by political changes. Exporters a substitute for the older relationship there is have reported that they could do a large suggested an agency contract under which the trade in various of the European countries bank issuing in its own name a letter of credit if they were willing to accept high interestwould be definitely recognized as acting for bearing Government bonds which were offered another which had requested such service. In to them at a very substantial discount, but any case, however, the acceptances issued or that they were unable to consider the business created by such an agent bank must be re- thus suggested to them because of the diffiported and shown on its statement as con- culty of disposing of the securities under stituting part of its authorized or legal line of existing conditions. The political risks inliabilities, while the principal bank must do volved in financing industrial transactions in likewise. some of the foreign countries have undoubt- It must be frankly admitted that the prob- edly tended very greatly to hinder export lems of our foreign trade are financing in this country and have given rise New hazards ^ exclusively financial but in various quarters to the suggestion that if no that they involve others of a the Government were willing to guarantee broader nature. Were it true that the Euro- financiers or exporters against hazards growing pean economic situation had been reduced to out of political change, it would be much less a basis of ordinary credit analysis, very much difficult to secure the funds necessary to more progress could undoubtedly have been furnish the required basis for business when made within the past two years in securing a only commercial and industrial hazard had to restoration of industrial activity, while Euro- be considered. The settlement of the German pean obligations, both private and public, reparations discussion, to which reference will would have found a broader market here than presently be made, should constitute a long has been the case. It has been the feeling of step in the direction of eliminating this kind of not a few American business and financial inter- obstacle from the path of legitimate export ests that while they might fairly be expected trade, and must therefore be regarded as of to carry all ordinary risk growing out of invest- first rate importance to business in the United ments that they might be asked to make in States. European industry or out of the purely financial The same problems which confront American problems and difficulties of European Govern- exporters in connection with political trade ments (in those cases where offerings of securi- risks have likewise been recognized by British ties consisted of public bonds), it was too much trade authorities, as may be seen from the to ask that private citizens or banking estab- plan put into effect at the end of last year lishments should incur hazards due to political whereby in the case of exports to certain uncertainty or instability. It is in this con- countries such as Finland, Latvia, Esthonia, nection, no doubt, more than in any other that etc., the Government advances up to 100 per the German reparations discussion has been of cent of the value of the goods and guarantees importance. So long as the reparations con- 80 per cent. Early in March last the president troversy rested upon a political rather than an of the Board of Trade proposed a somewhat economic basis and involved the direct use of different scheme, namely, to guarantee up to military authority as well as the control of 85 per cent of the selling price of the goods, import and export trade by foreign nations, and to require from the importer securities the factors involved in any form of German to the value of only 50 per cent instead of the financing presented unusual difficulty and un- previous 100 per cent. This new proposal certainty. The same has been true, even in has apparently not been put into effect and the much higher degree, of many of the obligations transactions under the older scheme are of a which have been offered from time to time to very minor character. Between January I Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

650 FEDERAL RESERVE BULLETIN. JUNE, 1921. and March 31, 1921, advances had been made able. The Cabinet, after considering at its by the Board of Trade for only £321,000. meeting of May 20 the question of foreign loans, Outside the field of domestic financial prob- announced however that the proceeds of such lems and the technique of their as are made should be used for the purchase of The reparations _ goluti there have been ob goods for export, or in other words, that such settlement. ; . advances as we make ought to be taken in served during the past month goods. some occurrences of large importance in their In its actual terms the German settlement, bearing upon international trade and the genthough nominally simple, offers eral prospects of its development. Chief Terms of the numerous complexities. The among these is undoubtedly the German settlement. official text of the protocol made reparations plan, as made known on May 5 in official form, and as interpreted by Mr. public by the French Government fixes the total Lloyd-George in his address in the House of payable under articles 231, 232, and 233 of the Commons on the same date. The final agree- Treaty of Versailles at " 132,000,000,000 gold ment upon terms in the reparations contro- marks, less (a) the amount already paid on versy must without doubt be regarded as account of reparation; (6) sums which may the triumph of economic over political con- from time to time be credited to Germany in siderations. It thus marks the return of a respect of state properties in ceded territory, greater degree of sanity in European affairs etc., and (c) any sums received from other and opens a more promising outlook accord- enemy or ex-enemy powers in respect of which ingly for future economic readjustment there. the commission may decide that credit should This in itself would mean the attainment of a be given to Germany, plus the amount of the basis of understanding of first class economic Belgian debt to the Allies, the amounts of significance as a general factor in reconstruc- these deductions and additions to be detertion. It has, however, a special bearing upon mined later by the commission." This total the position of the United States. This is sum is to be represented by (a) bonds amountfound in the fact that the adjustment unques- ing to 12,000,000,000 marks delivered by July 1, tionably eliminates the most serious element 1921, bearing interest at 5 per cent, and with of uncertainty that has affected international an annual sinking fund of 1 per cent; (6) bonds trade since the war. So long as there was amounting to 38,000,000,000 marks deliverable hesitation regarding the final adjustment, November 1, 1921, and bearing interest and trade between Germany and all other nations, sinking fund as in the case of the first series; including the United States, was necessarily (c) bonds amounting to 82,000,000,000 marks, more or less interrupted. Not only was this with interest and sinking fund provided for as true, but the considerable investment of before. As deduction from the amount of the American capital in German enterprises which (c) bonds, however, there will be reckoned the had begun about a year ago could not safely allowances already specified above. These be continued and was necessarily suspended. three classes of bonds become successive liens Sale of German Government obligations in this on incomes which are described as follows: country, whether with or without Allied " (a) The proceeds of all German maritime and indorsement, was equally unlikely to be sucland customs and duties, and in particular the cessful—indeed, ever since the appearance of proceeds of all import and export duties; serious friction regarding the settlement there (6) the proceeds of a levy of 25 per cent on the has been a practical cessation of European offerings of most kinds. This situation fortu- value of all exports from Germany, except nately has already become much less those exports upon which a levy of not less acute and conditions are approaching a rather than 25 per cent is applied under, legislation more normal position. That our market will referred to in article 9; (c) the proceeds of such be called upon to carry a substantial share of direct or indirect taxes or any other funds as the necessary financing growing out of the may be proposed by the German Government German adjustment will naturally be unavoid- and accepted by the committee on guarantees in Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE;, 1921. FEDERAL, RESERVE BULLETIN. 651 addition to, or in substitution for, the funds her, and that is a very important concession, specified in (a) or (6) above." and I hope it will have important effects.77 Out of the revenues thus set apart (or under Not the least interesting clause in the repacertain conditions from others) Germany is re- rations protocol is found in paragraph 5 of that quired to pay " (1) the sum of 2,000,000,000 document, which requires that " Germany shall gold marks; (2) (a) a sum equivalent to 25 per pay within 25 days from this notification cent of the value of her exports in each period 1,000,000,000 gold marks in gold or approved of 12 months, starting from May 1, 1921, as foreign currencies or approved foreign bills oi determined by the commission, or (&), alter- in drafts at three months on the German Treasnatively, an equivalent amount as fixed in ury, indorsed by approved German banks and accordance with any other index proposed by payable in pounds sterling in London, in francs Germany and accepted by the commission; in Paris, in dollars in New York, or any cur- (3) a further sum equivalent to 1 per cent of the rency in any other place designated by the value of her exports, as above defined, or, commission. These payments will be treated alternatively, an equivalent amount fixed as as the two first quarterly installments of payprovided in paragraph (6) above/7 A feature ments provided for in article 4, paragraph I.77 of doubt with reference to the operation of The provision of article 4, paragraph 1, referred these provisions is afforded by the ambiguous to, is the language already quoted above as provision which follows immediately the lanregards a lump-sum payment of 2,000,000,000 guage already quoted with respect to the sums marks and an additional amount equal to 25 to be used in making the reparations payments: per cent of her exports. "Provided always that when Germany shall Within the past month a readjustment of have discharged • her obligations under this rates on 90-day paper has schedule, other than her liability in respect of outstanding bonds, the amount to be paid in Discount and keen macle ^J several Jb ederal interest rates. each year under this paragraph shall be Reserve Banks, with the result reduced to the amount required in that year that the entire system is now practically upon to meet the interest and sinking fund on the a 6-6J per cent interest footing. This downbonds then outstanding.7' Interpreting this ward movement reflects and parallels the provision, however, Mr. Lloyd-George in his stronger and more liquid condition of the Readdress in the House of Commons on May 5, serve Banks themselves. As compared with used the following language: a year earlier, gold holdings at the close of "* * * It is clear that at first there will May show an increase of some $448,000,000, be not enough to pay interest, and you can while bills held reflect a decline of $972,000,000. hardly expect to receive enough money to pay A falling off of notes in circulation by about interest upon the whole of the amount due, $376,000,000 still further emphasizes the extent which is £6,600,000,000, and 6 per cent upon of the liquidation that has occurred. Improvethat would be £400,000,000 sterling. Then ment in condition has been by no means even comes the question what is to be done with the interest in respect of the unissued bonds. or uniform throughout the system, banks Under the treaty, Germany was debited with located in the agricultural regions finding it interest at 5 per cent upon the whole of the necessary to finance the "carry-over77 of debt due from her, with certain powers left products from last season, whereas liquidation to the reparations commission to vary the has been carried to an advanced point in the amount. What is proposed to be done now is that 25 per cent on the exports is to be more highly developed manufacturing and devoted, with the fixed annual sum, to the commercial parts of the country. Liquidation payment of the bonds which will be issued. in Reserve Banks, moreover, parallels the If there is a balance over and above that for change of condition in member banks of the any given year, it is to be devoted to the pay- Federal Reserve System. ment of interest upon the unissued bonds, It is still too early to state the results to be which represents the uncovered capital of the debt, together with a sum equal to 1 per cent expected from changes in Reserve Bank rates of her exports. Beyond that the interest will upon commercial and market interest charges. be wiped out. It will not accumulate against While an easing of the direct rate to bank Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

652 FEDERAL RESERVE BULLETIN. JUNE, 1921. customers is reported in some quarters, call Data received since the publication of these charges have maintained themselves at a level official index numbers by private price reportfully as high as that of recent months. Time ing agencies show that a further reduction of money, too, has been as scanty and expensive prices has occurred during recent weeks. The as in the past, while reductions in open- latest number furnished by Bradstreet's for market rates on commercial paper have been June 1, for example, shows a falling off during very limited at best. May of 1.9 per cent. It is now estimated that Inasmuch as the Bank of England had re- an actual decline in cost of living from the duced its 7 per cent rate on 90-day paper to 6 J peak point, amounting to approximately 20 per cent prior to the date when general reduc- per cent, has taken place. This figure must, tions were undertaken by the Federal Reserve of course, be received with caution because of Banks, while a cut in the British treasury bill the lack of uniformity in the data upon which rate to 5f per cent had also taken place, it will it is based. The continued fall of price be seen that Government and bank obliga- indexes has been a source of surprise to some tions both in Great Britain and in the United observers who had been of the opinion that States are upon a basis of substantial simi- the limits of the movement had been reached larity. Reductions of rates to 6\ per cent have some time ago. The change, however, is prialso been made by some of the Scandinavian marily due to a readjustment of price relationbanks as well as by Swiss, Belgian, and some ships among themselves, some commodities other central banks. It may therefore be said which had failed to share in the general downthat there has been a general downward move- ward movement yielding atlast to the influences ment of central bank charges. which had tended to lower the prices of other The level of prices has continued to be ofcommodities. This general settling of the primary importance as a busi- price level does not, it may be supposed, point Prices and ness factor—far more so than to any further sharp general reduction but may wages. has been true of the discount perhaps be considered as the final step of price and interest situation. Recent index numbers readjustment. Undoubtedly it is so regarded show that the decline of prices throughout the by many business men, as is shown by some world instead of ceasing has continued although, slight increase in their disposition to make new as remarked on former occasions, at a some- commitments based upon quotations and values what slower'rate. The following brief table of existing at the present time in the various index numbers for the principal countries, branches of industry. Hesitation, due to the using for the United States the price index of fact that some are still uncertain whether the Federal Reserve Board, compiled for in- their principal commodities will or will not ternational comparisons, shows how the change recede still further, has tended to prevent any in prices, to which reference has just been considerable accumulation of advance orders, made, is progressing. so that various industries which report themselves in decidedly improved condition so far Wholesale prices in leading countries. as the volume of production is concerned [Average prices in 1913=100.] nevertheless report that their advance "bookings" are still upon an abnormally narrow Peak AT Per basis, numerous buyers working from hand to in IS21, cent of 1920. index. decline. mouth because of the belief that they may be able to take advantage of later changes in United States 264 143 United Kingdom, Statist 313 199 prices. This hesitation is said to be more France 588 347 Italy 670 584 widely observable among the larger retail Germany i 1,714 1429 Sweden 366 229 distributors than those among the smaller Japan 321 190 Canada 263 187 operators. Australia1 236 171 India* 218 2183 The readjustments in wages which have * Base period, middle of 19J4. * March, 1921. gone on during the month have been facilitated Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE, 1921. FEDERAL RESERVE BULLETIN. 653 by the fact that the cost of living had unmis- Although, as noted a month ago, the fiscal takably fallen, and that a given wage re- condition of the Government turn to labor necessarily implied a consider- fin T an r c e e a s u r yr s cease(* j x ^° i . ®e as grea^ J. and J ably greater purchasing power than in the immediate a factor in private past. Both the settling down of the price business relationships as was true during the level upon a more nearly final basis and the years immediately after the armistice, Treasestablishment of closer correspondence between ury operations continue to furnish a factor living cost on the new scale and wages have of large significance in current affairs. Durstrongly helped to lay the foundation for ing the past month the department has placed improvement in business which can now be upon the market an issue of certificates of seen in various directions. indebtedness amounting to $200,000,000, for Without waiting for improvement in the which, however, a total of subscriptions agexport and general foreign gregating $532,000,000 was received, while trade situation, domestic busi- allotments amounting to $256,000,000 were ness has begun to show a turn made. Ten of the Federal Reserve districts for the better in several lines. Reference has oversubscribed their quotas, those which did already been made in summary form at the not do so being the southwestern districts opening of this review to sundry of the main where very strong local demand for funds has factors which have proven of notable interest continued to be felt. In the ordinary financial from the standpoint of domestic business reoperations of the department there has been covery during the past month. The indexes an outlay for the month of May aggregating of production, movement, and use of goods $368,450,545 and an income of $223,706,399, compiled by the Board are not as fully reprethe transactions thus showing a deficit on sentative of existing conditions to the present ordinary account of $144,744,146. Withdate as are the more general indications drawals from the banks in the New York disalready referred to, but they afford the results trict for the purpose of meeting the various of statistical inquiry into the situation up to a recurrent obligations of the Government— date about 30 days ago. interest on Liberty bonds due May 15 and others maturing during the month—have March, 1921. April, 1921. April, 1920. tended to cause temporary unsettlement of financial conditions, with possibly less liberality Rela- Rela- Total. tive. Total. tive. on the part of commercial banking institutions in making advances. This influence, however, Receipts of live stock at 15 western markets while of the same general description as has (in thousands of head) 4,700 114.5 4,367 106.4 4,106 100 Receipts of grain at 17 been witnessed at the same season in former interior centers (in thousands of bushels) 78,899 176.6 51,900 116.1 44,686 100 years, has this year been of materially less Sight receipts of cotton (in thousands of bales) 554 100.2 565 102.2 553 100 direct influence upon ordinary banking and Shipments of lumber reported by 3 asso- money prospects. During the month the Secciations (in millions offeet) 664 713 92.9 767 100 retary of the Treasury has recommended to Bituminous coal production (in thou- Congress careful consideration of a program of sands of short tons).. 30,392 80.1 27,553 72.6 37,939 100 Anthracite coal produc- revenue revision which would provide for the tion (in thousands of short tons) 7,406 119.2 7,703 124.0 6,214 100 repeal of the excess-profits tax and for the Crude petroleum production (in thou- broad reconstruction of the income tax in cersands of barrels) 40,965 115.1 40,039 113.5 35,583 100 Pig iron production (in tain important particulars, with the possible thousands of long tons) 1,596 58.2 1,193 43.5 2,740 100 addition of a tax similar in nature to the tax Steel ingot production (in thousands of upon undistributed profits of corporations, long tons) 1,571 59.6 1,214 46.0 2,638 100 Cotton consumption suggested by former Secretary Houston. Ex- (in thousands of bales) 438 77.3 409 72.1 567 100 Wool consumption (in tension of the consumption taxes and revision thousands of pounds) 47,181 70.4 53,071 79.2 06,935 100 in other directions have likewise been called Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

654 FEDERAL BESERVE BULLETIN. JUNE, 1921. to the attention of the legislative body. The During the same monthly period the net President, in an address at New York City on inward movement of silver was $2,644,000, as May 23, has foreshadowed an important change compared with a net inward movement of in the treatment of the Government's holdings $860,000 for the month ending April 10. Net of Allied obligations, indicating that within a exports of silver since August 1, 1914, were reasonable time it may be expected that pro- $452,956,000, as may be seen from the folvision may be made for placing these obligations lowing exhibit: in the hands of the people. [In thousands of dollars.] During the month ending May 10 the net inward movement of gold was Gold and silver 00, as compared with Imports. Exports. E ex x p ce o s r s t s o . f imports and ex- $88?646j0 a net inward movement of ports. Aug. 1 to Dec. 31,1914. 12,129 22,182 10,053 $77,611,000 for the month end- Jan. 1 to Dec. 31,1915.. 34,484 53,599 19,115 Jan. 1 to Dec. 31,1916.. 32,263 70,595 38,332 ing April 10. Net imports of gold since Jan. 1 to Dec. 31,1917.. 53,340 84,131 30,791 Jan. 1 to Dec. 31,1918.. 71,376 252,846 181,470 August 1, 1914, were $1,141,393,000, as may Jan. 1 to Dec. 31,1919.. 89,410 239,021 149,611 Jan. 1 to Dec. 31,1920.. 88,060 113,616 25,556 be seen from the following exhibit: Jan. 1 to May 10,1921.. 19,747 17,775 11,972 [In thousands of dollars.] Total. 400,809 853,765 452,956 Imports. Exports. Excess of 1 Excess of imports. imports. Mexico furnished over 53 per cent, or Aug. 1 to Dec. 31, 1914 23,253 104,972 181,719 $2,840,000, of the $5,333,000 of silver im- Jan. 1 to Dec. 31, 1915 451,955 31,426 420,529 Jan. 1 to Dec. 31, 1916 685,745 155,793 529,952 ported during the monthly period ending May Jan. 1 to Dec. 31, 1917 553,713 372,171 181,542 Jan. 1 to Dec. 31, 1918 61,950 40,848 21,102 10, the remainder coming principally from Jan. 1 to Dec. 31, 1919 76,534 368,185 1291,651 Jan. 1 to Dec. 31, 1920 417,181 322,091 95,090 England, Peru, Honduras, and Canada. Silver Jan. 1 to May 10,1921 271,611 5,063 266,548 exports, amounting to $2,689,000, were con- Total 2,541,942 1,400,549 1,141,393 signed principally to England, Hongkong, i Excess of exports. Mexico, and Canada. Sweden furnished $26,488,000, England Continued loan liquidation, though at a $22,030,000, France $10,248,000, the Nether- slackened rate, is shown by lands $7,093,000, and the French East Indies reporting member banks for situation. $6,006,000 of the $89,189,000 of gold imported the period between April 22 during the monthly period ending May 10, and May 18, the total amounting to about other countries of Europe and the Orient fur- $180,000,000, compared with $318,000,000 for nishing most of the remainder. Of the gold the preceding four weeks. A larger amount exports, amounting to $543,000, about two- of liquidation is shown for commercial paper fifths, or $223,000, was consigned to Canada proper; bills secured by Government obligaand the remainder to Hongkong, Mexico, and tions show a moderate reduction, while paper Cuba. secured by corporate stocks and bonds shows Since the removal of the gold embargo on an increase of about $46,000,000, apparently June 7, 1919, total gold imports and exports as the result of member bank financing of have amounted to approximately $721,324,000 recent large stock and bond flotations. While and $680,950,000, respectively, the net gain the reporting banks reduced their loans and being approximately $40,374,000. Of the total discounts by $180,000,000, they were able to exports, $195,414,000 was consigned to Japan, curtail their own borrowings from the Federal $146,555,000 to Argentina, $72,199,000 to Keserve Banks by $269,000,000. Rate reduc- Hongkong, $67,396,000 to China, $41,052,000 tions adopted by six Federal Reserve Banks in to British India, $29,778,000 to Spain, and April and during the early part of May apparthe remainder principally to Mexico, Uruguay, ently have had but little effect in checking the the Dutch East Indies, Canada, the Straits liquidation movement. It is noteworthy that Settlements, and Venezuela. the decrease in the accommodation obtained Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

655 JUNE, 1921. FEDERAL, RESERVE BULLETIN. from Federal Reserve Banks by the 821 reporting Some of the principal changes in the status banks in leading cities is practically equiva- of the Federal Reserve Banks are brought out lent to the reduction shown for the same in the following exhibit: period in total discounts held by the Federal Federal Reserve Banks. Reserve Banks. A significant inference is that [In millions of dollars.] credit liquidation has been confined mainly to Bills discounted. the large cities while country banks have not ; Federal materially reduced loans to their customers Secured Reserve and, consequently, have not been able to re- Date. Un b i y ted de T p o o t s a i l ts. n a o c t t e u s a i l n R r e a s t e io rv . e States All duce the amount of accommodation obtained G m ov e e n r t n- other. ci t r i c o u n l . afrom the Federal Reserve Banks. Recent obligations. liquidation has been largely of commercial and industrial paper, and not of agricultural paper. Apr. 22 943 1,171 1,749 2,857 54.1 Apr. 27 1,143 1,726 2,830 55.0 In the following table are shown figures of May 4. 892 1,174 1,729 2,829 55.3 May 11 918 ! 1,118 1,733 2,805 55.9 principal items in the weekly statement of May 18. 775 I 1,068 1,717 2,767 56.8 May 25 794 1,076 1,706 2,735 57.6 reporting member banks: Mr. John R. Mitchell, who was nominated Reporting member banks. by the President as member of [In millions of dollars.] meetings!161 *** the Federal Reserve Board, Redis- and confirmed by the Senate Date. N re u p m o o f b rt e - r a m i c L n n o a e d o v u n n a e n d d t n s s t i t s s s . - 1 - a R p F c n a e w e o d y s d u i a e b e t n b r h r i t v l a l s l e e l s R a m ( a c 3 ti c o t + o i o d o 2 n m a ) o - . - f d N e m p e a t o n s d d i e t - s. o F n e M d A e r p r . a r l i F l R 2 . 9 e A , s e a . r s v D s e u e m l B a e n o d o a , r o d f f f , i o c h r e m a o s e n r b M e m e a n e y m a 1 b p 2 e p . r o in o t f e d t h a e Banks. Class C director of the Federal Reserve Bank of Richmond for the term expiring December 31, 1921. Apr. 22. 821 15,629 1,583 10.1 10,127 Apr. 27. 821 15,603 1,523 9.8 10,138 The usual quarterly session of the Federal May 4... 821 15,582 1,533 9.8 10,214 May 11. 821 15,489 1,506 9.7 10,252 Advisory Council took place at Washington May 18.. 821 15,447 1,314 8.5 10,156 on May 16. 1 Including rediscounts with Federal Reserve Banks. Index-Digest of the Federal Reserve Bulletin. Developments in the Federal Reserve bank- The index-digest of the ing field are chiefly a further gain of $95,000,000 FEDERAL RESERVE for the years 1914 to 1920, inclusive, of gold, offset in part by a loss of $30,000,000 BULLETIN will be ready for final printing within a very in other cash reserves, and a continued reduc- short time. As the edition is to be a limited tion in Federal Reserve note circulation, which one and the Federal Reserve Board desires to on May 25 stood at $2,735,000,000, compared be in position to supply all banks and others desiring it with copies, it is requested that all with $2,857,000,000 five weeks earlier. The institutions wishing to obtain copies send in volume of Federal Reserve notes in circulation their orders at once, so that the Board may on the latest report date is the lowest recorded accurately gauge the number of copies to have since October 3, 1919, the reduction from the printed. peak reached on December 23, 1920, amount- The index-digest of the FEDERAL RESERVE was compiled by Mr. C. S. Hamlin, ing to $670,000,000, or 20 per cent, and from BULLETIN primarily for the use of the Federal Reserve the amount on May 28, 1920, to $372,000,000, Board and of the Federal Reserve Banks, and or 12 per cent. The increase in cash reserves contains an abstract of all published decisions and the reduction in note circulation, together and rulings of the Federal Reserve Board and with a decline of $43,000,000 in deposits, has of the other matter contained in the BULL XIN. The price will be $2 per volume, bound in resulted in a further advance of the reserve cloth in the same manner as the BULLETIN. ratio from 54.1 per cent on April 22 to 57.6 per Subscriptions should be sent to the Federal cent on May 25, the larger share of this Reserve Board, Washington, or to the respecadvance being due to the gain in gold. tive Federal Reserve Banks, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

656 FEDERAL RESERVE BULLETIN. JUNE, 1921. BUSINESS, INDUSTRY, AND FINANCE, MAY, 1921. Slow and greatly retarded recovery in production and distribution has been in progress during May. What appears to be a definite turn for the better has been taken by some branches of domestic industry, but foreign trade is still arrested or depressed. The more hopeful attitude which showed itself among business men during April has continued, and in some industries is preparing the way for active development. Gains made during the preceding month or two have been generally retained, reaction being only sporadic. Foreign trade continues its movement toward a more nearly equal balance of imports and exports. There has been a further falling off in our foreign shipments and some increase in receipts from abroad, the figures being especially noteworthy when stated as physical volumes of goods. Failure of normal industrial conditions in foreign countries to recover and special causes of trade impairment, such as the British coal strike, have hampered progress, while disturbed exchange and inadequate financial facilities have made resumption of activity a matter of special difficulty in some directions. Readjustment in wages, which was given special consideration a month ago, has proceeded but has been slow, while adjustment between wages and prices (especially retail prices) is exhibiting special difficulties. Irregularity and lack of uniformity still exist in marked degree over large sections of the retail price field, and qualified observers forecast serious obstacles to the final adjustment of wages to permanent levels, unless retail prices move much faster to their final basis. Settling of prices has proceeded in various wholesale lines to an extent that is reflected in less noteworthy average changes; but this process is apparently more truly an "evening up" or adjustment to a level already reached than it is a new dip or downward movement toward generally lower values. High costs of transportation, to which reference was made a month ago as one of the elements retarding readjustment, continue to produce a restrictive influence and are the subject of active investigation and discussion. The uneven character of the business readjustment of the month is illustrated by conditions in the various individual industries. In some of the latter an approach to stabilization has been made. This condition notably exists in the textile trade and in the boot and shoe industry. Contrasted with industries of this type are several that are either at low level or moving further downward. In iron and steel reaction is still progressing. Buying is confined largely to immediate needs and as a consequence both u. ^lled orders and current production show declines. In wholesale and retail trade there has b en some recession, although such recession has been much more pronounced in the wholesale than in the retail field. The anticipated improvement in the labor market due to the opening of spring agricultural activities has not proved sufficient to absorb the surplus resulting from the reduced employment attendant upon present industrial conditions. Agricultural developments of the month are of a somewhat uncertain character. Whereas climatic and soil conditions had previously been favorable, the wet cold weather of May interfered with crop development, and as a matter of fact great damage has been done in certain sections of the country. The fruit crop over wide areas has suffered severely. Financially, May has been a month of increasing strength and of more prosperous outlook. There has been, in various sections, an easing of the demand for funds which has resulted in part from the acceptance of lower price levels and in part from the adjustment of business to new conditions. The business outlook for the season thus continues on the whole more favorable, but with little prospect of immediate sharp improvement of conditions. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE, 1921. FEDERAL RESERVE BULLETIN. 657 AGRICULTURE. replanting of cotton has been seriously delayed by the overabundant precipitation.77 Infor- The agricultural situation during the month mation received from all districts indicates may be characterized as unfavorable and that the acreage planted in cotton has been backward. Although the unusually mild winconsiderably reduced. The results of a recent ter was exceptionally favorable for the prepasurvey in 150 counties of Texas made by the ration of the ground for the 1921 crops and Federal Reserve Bank of Dallas show that the permitted a rapid growth of all the grains, the reduction in that area is about 30 per cent. unseasonable spring weather has been injurious District No. 8 (St. Louis) reports that "the to all crops. The weather has had an ill Arkansas Cotton Trade Association estimates effect upon the maturing of winter wheat, that the acreage reduction in that State will while it has retarded the growth of spring amount to 35.3 per cent.77 wheat. District No. 8 (St. Louis) reports that "condition of the growing winter wheat TOBACCO. crop in this district is still favorable, despite the fact that the growth has been checked The new tobacco crop has been transplanted somewhat by the recent cold, wet weather." in South Carolina, and in district No. 8 (St. Although the condition of winter wheat is Louis) " tobacco beds are reported in good reported to be fair in Arizona and New Mexico, condition, awaiting favorable weather for transthe Texas crop has shown a considerable planting/7 In this district "the acreage to be deterioration, which is attributed to drought, planted is generally reported short/7 and rehigh winds, and the inroads of green bugs and ports from district No. 5 (Richmond) indicate rust. In the central and western spring wheat reductions in both North Carolina and Virbelts showers have occurred and the tempera- ginia, but the acreage in South Carolina has ture has been generally favorable, aiding the been slightly increased. The leaf tobacco growth of wheat; the seeded grains are up to a situation has been very quiet. District No. 8 satisfactory stand. Although district No. 9 (St. Louis) reports that the "tobacco markets (Minneapolis) reports that "plowing and seed- are practically all closed for the season, leaving ing of corn is progressing nicely in Minnesota a large amount of the leaf in farmers7 hands, and South Dakota/' in most sections the most of which is of inferior quality.77 It is replant has been retarded. Thus, district No. 8 ported from district No. 3 (Philadelphia) that (St. Louis) states that "corn planting in the manufacturers are not buying the new tobacco north has been retarded by excessive moisture on any large scale. Thus it is stated that and, due to the same cause, considerable re- "purchasing by manufacturers has not been planting has been required in the south." In increased within the past month, and the price district No. 11 (Dallas), likewise, "not only trend continues to be lower.77 The cigar busihas the weather been too cool for the best ness appears to be in a rather satisfactory congrowth of cotton, corn, and small grains, but dition. Although the demand is small and for these crops have been adversely affected by the cheaper grade of cigars, district No. 3 the extremely uneven rainfall throughout the (Philadelphia) states that'c in most cases operadistrict.77 The cold weather has not only tions and sales have about reached a point of retarded the growth but has prevented germi- adjustment which prevents overstocking and nation of the seed. In many instances re- at the same time furnishes a supply of cigars planting of the various crops has been neces- sufficient to meet ordinary needs.7 sary, while in other sections, where replanting was avoided, a poor stand has been the result. FRUIT. Although every fruit section has suffered COTTON. from cold weather and frost, the extent of the The development of the cotton crop through- damage varies with the different sections. out the southern area has been retarded by District No. 11 (Dallas) reports that "fruit unfavorable weather conditions. Thus, in {>rospects indicate a larger and more satisdistrict No. 11 (Dallas), "the effect of the cold actory yield than that of 1920." On the other wave occurring in April and May was to check hand, district No. 8 (St. Louis) states that the growth of cotton where the plant had "prospects for fruit in all States of the district germinated and to retard its germination are probably the poorest on record/7 In diselsewhere.77 In west Texas plowing and plant- trict No. 12 (San Francisco) deciduous fruit ing have been delayed by drought, while in crops have all suffered from frost damage but many sections the cold, wet ground has delayed "a greater new acreage coming into bearing the necessary replanting. District No. 8 (St. this year and an exceptionally heavy set of Louis) reports that "planting, cultivation, and fruit have offset the effect of frost damage, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

658 FEDEBAL, RESERVE BULLETIN. JUNE, 1921. and the reduction in total yield this year as decided symptoms of improvement. Produccompared with 1920 will not be so marked as tion during April showed some increase over was expected from earlier reports/7 The March. Although average April production report further says that "in the Pacific North- in the United States for the past six years has west present indications are for the largest decreased about 4 per cent from the March apple crop in the history of that section." figure, output of mills manufacturing 75 per However, "the stone fruits suffered approxi- cent of the flour production in district No. 9 mately 30 per cent damage." (Minneapolis) during the five weeks ending April 30 increased 4 per cent over the output GRAIN MOVEMENTS. during the five weeks ending March 26 (from 2,220,685 barrels to 2,312,385 barrels). This The movement of grain to market during was 28 per cent greater than the output of April has reflected a seasonal decline. The 1,814,180 barrels during the corresponding receipts of wheat, however, have been an experiod of 1920. These mills were operating ception. At Minneapolis and Duluth wheat at about 43 per cent of capacity during April, receipts were 21.7 per cent larger than last 1921, Output of reporting mills in districtmonth and 31.1 per cent larger than receipts No. 10 (Kansas City) increased 19 per cent during April, 1920. The receipts at the four in April, 1921, over the April, 1920, figure principal markets in district No. 10 (Kansas (from 998,981 barrels to 1,193,081 barrels), City) were unusually heavy for the season of and the mills operated at 54 per cent of capacthe year, being 6,307,300 bushels or 136.4 per ity. Although the output fell off during the cent larger than receipts during April, 1920. first week of May, it was again higher during Minneapolis and Duluth receipts of corn, oats, the second week than during the corresponding and barley have all shown very large deweek last year. Mill operation in district No. creases from last month, namely, 64.4 per cent 8 (St. Louis) during the 30-day period ending for corn, 67.2 per cent for oats, and 39.9 per May 15 was at from 40 to 50 per cent of cacent for barley. Decreases in the receipts of pacity. On the other hand, millers in the these grains were also noted at the four prin- Pacific Northwest, due to the lack of demand cipal markets of district No. 10 (Kansas City). for flour, have been more active during the This district reports that "the farmers are past few months in exporting wheat than in apparently holding much of their corn until a manufacturing flour, rfone of the mills in good crop is assured for this year." On the that section are heavily stocked with wheat, other hand, April shipments of grains from and the reports of 13 representative firms Minneapolis and Duluth were 35.9 per cent show 610,502 bushels on hand May 1, as comlarger than last month, but were 16.8 per cent pared with 1,024,522 bushels on April 1 and smaller than shipments during April, 1920. 1,039,605 bushels on May 1, 1920. Output Stocks of all grains at the close of April in the decreased from 629,417 barrels reported by terminal elevators at these cities were 15.3 76 mills in March to 563,166 barrels reported per cent smaller than at the close of March, by 75 mills in April, and the mills operated but were 14.8 per cent larger than at the close at 34.5 per cent of capacity during April as of April, 1920. The price of grains during compared with 45 per cent during March and April generally ruled lower than during March, 69.8 per cent during April, 1920. The price of the April median price of cash wheat No. 1 flour showed a downward tendency during April, Dark Northern at Minneapolis being $1.57 per but since the opening of May has again inbushel, as against $1.72 during March. Prices creased with the increase in the price of wheat. have taken an upturn during May as a result of continued reports of crop deterioration. LIVE STOCK. FLOUR, As a result of the cold weather, both ranges Somewhat greater demand for flour is and stock have undergone some deterioration reported in certain sections. In district No. in various sections, but the adverse effect in 8 (St. Louis) an increase in domestic sales is general has not been pronounced because of ascribed to "low stocks in the hands of retailers the fact that stock had been in good condition and consumers generally," although trade as as a result of the mild winter and plentiful a whole is far below normal. In district No. supply of feed. There has, however, been a 10 (Kansas City) there is a slight improvement serious shortage of moisture in the Texas Panin the bakery demand, although jobbers are handle, eastern New Mexico, and Arizona. buying flour sparingly. Export demand has Stock in that section is reported in poor been sustained in the latter district, while condition and there has been considerable in district No. 8 (St. Louis) it has evidenced feeding in New Mexico. Cattle in large Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE, 1921. FEDERAL, RESERVE BULLETIN. 659 numbers have been moved from the drought from 403,243 barrels in February and 394,174 stricken areas into Texas pastures that have barrels in March to 386,249 barrels in April. been recently vacated in "what is said to be Drilling operations decreased during April, the heaviest grass cattle movement in many although there is normally a considerable years." Receipts of each of the three principal increase at this season of the year. District classes of live stock during April show a No. 11 (Dallas) led in this decline with an falling off from the March figures, but in the initial average daily production of 97,176 case of cattle and calves alone are they less barrels in April, as compared with 139,413 than for the same period last year. Receipts barrels in March. The number of wells comof cattle and calves at 15 western markets pleted in that district dropped from 395 to during April were 994,916 head, as compared 359. However, an entirely new field was with 1,119,548 head during March and 1,037,350 opened by the discovery of a 5,000-barrel well head during April, 1920. The respective index near Haynesville, La. The number of wells numbers are 99, 111, and 103. Receipts of completed in district No. 10 (Kansas City) hogs decreased from 2,390,480 head during declined from 768 in March to 588 during March, corresponding to an index number of April, but the average daily initial production 109, to 2,279,495 head during April, corre- only declined from 71,460 barrels to 65,147 sponding to an index number of 104, as com- barrels. Fifty-eight new wells, with an initial pared with 2,109,195 head during April, 1920, daily output of 18,470 barrels, were opened corresponding to an index number of 96. during April in California. Pipe-line com- April receipts of sheep were 1,077,806 head, as panies during April announced a cut of 25 compared with 1,161,549 head in March and cents in the price of crude oil in Texas. This 927,800 head in April, 1920. The respective reduced the price to $1.50 in north Texas index numbers are 79, 85, and 68. In district fields and to $1 in the coastal section. The No. 12 (San Francisco) there has been an same reduction was made in prices of all grades increase in shipments of grass-fed steers and of crude oil in certain of the California fields, spring lambs to eastern markets, while in but there was an increase in the price of Penndistrict No. 11 (Dallas) the spring market sylvania crude oil. The prices of most of the movement "has been slow to materialize." leading petroleum products declined during The average price of cattle and hogs during April, but the declines were more marked in the April was decidedly lower than in March. case of those products which are used purely The most recent quotations appear to show for industrial purposes than in the case of those prices at approximately the same levels. required by automobiles. Sheep prices during April and May showed little change. Production of packing-house COAL. products continues on a greatly curtailed scale, but some improvement was noted in Demand for bituminous coal is still very April business. There were signs of a revival slack in all sections of the country. Howoi buying for export account. ever, production has run considerably below consumption, as is evidenced by a decline in stocks from about 45,000,000 tons on January PETROLEUM. 1 to 37,000,000 tons on April 1. Production Petroleum production continued to increase for April amounted to 27,875,000 tons, as comduring April and the early part of May, de- pared with 30,328,000 tons during March and spite the fact that the March output was 37,939,000 tons during April, 1920. The larger than that recorded in any previous respective index numbers are 75, 82, and 102. month. The Kansas-Oklahoma field, which Many mines in Alabama and Tennessee are showed the most important increase in pro- shut down for lack of orders, and others are duction, had an average daily production of operated only two or three days a week. 386,000 barrels during the four weeks ending District No. 10 (Kansas City) notes an im- May 13, as compared with an average daily provement in production, but reports a great production of 370,500 barrels for the four lack of market demand, even in the case of weeks ending April 18, and an average daily railroad fuel. Production of anthracite coal production of 356,000 barrels for the corre- increased somewhat during April and amounted sponding period in 1920. The average daily to 7,914,000 tons, corresponding to an index output of California was 338,981 barrels during number of 107, as compared with 7,603,000 April, as compared with 337,683 barrels in tons during March, corresponding to an index March. In contrast to these increases the number of 103, and 6,225,000 tons during average daily production of the oil fields in April, 1920, corresponding to an index number district No. 11 (Dallas) continued to decline of 84. Reports from district No. 3 (Phila- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

660 FEDERAL, RESERVE BULLETIN. JUNE, 1.021. delphia) show an increase of nearly 50 per cent The number of furnaces in blast further dein the stocks of retailers between January 1 creased during April from 103 at the opening and April 1 and a considerable decline in con- of the month to 96 at the close. Pig-iron prosumers' supplies. Leading retailers in that duction during April was 1,193,041 tons, corredistrict announced advances of 25 cents per sponding to an index number of 51, as comton for domestic sizes during the first two weeks pared with 1,595,522 tons during March, corof May, but this action has failed to stimulate responding to an index number of 69. Neverthe demand. Business in steam sizes con- theless, it is stated from district No. 3 (Philatinues to be very stagnant, as a result of cur- delphia) that stocks of pig iron are undoubtedly tailment in industrial operations and severe accumulating. Many blast furnaces in that competition from bituminous sources. In dis- district are being operated merely to utilize the trict No. 2 (New York) demand for egg and coke output of by-product ovens, which have stove sizes of anthracite is reported fair, but been kept in operation as a result of the deother sizes have almost no market. Beehive mand for the by-products and because of the coke production is still very low, and ovens in danger of ovens deteriorating if closed. Steelthe Connellsville district are operating at less ingot production has likewise decreased from than one-fifth of capacity. B}^-product coke 1,570,978 tons in March to 1,213,958 tons in production is at a higher rate, but this is due, April. The respective index numbers are in part, to the demand for the by-products. 67 and 52. In district No. 6 (Atlanta) alone Accumulation of stocks of coke has resulted in steel mill operations are reported to show imstrenuous price cutting. provement. NONFERROUS METALS. IRON AND STEEL. Copper production declined very consider- The iron and steel industry continues in an ably during April, as a result of the closing of unsettled condition. The volume of new busimost of the large copper mines. Production of ness is small and largely for immediate needs, reporting companies in northern Michigan in spite of the price reductions announced some amounted to only 4,282,414 pounds in April, as time ago. In fact, it is stated that when there compared with 11,201,915 pounds in March and have been larger tonnages to distribute buyers 11,907,128 pounds in April, 1920. District No. are usually shopping extensively, with the 12 (San Francisco) reports that for those mines result that some concessions in prices have which are still operating, copper production is developed, for example, on wire nails. Export approximately 47 per cent of capacity. As a trade, it is stated, continues dull. Seasonal result of the curtailment of mining operations increases in purchasing, however, are shown the price of copper (New York, net refinery) by the automobile and oil industries. These rosefrom 12.375 cents to 12.75 cents during May, have given rise on the one hand to some demand but volume of demand has not shown any notefor sheets, bars, and strip steel, as well as to worthy improvement. The price of zinc inthe release of orders on which deliveries had creased slightly during the latter part of April, been suspended, and on the other hand to some but receded during May to a level only slightly demand for tubular goods. Automobile manhigher than that recorded in the middle of ufacturers, it is stated from district No. 3 (Phil- April. Zinc production during April amounted adelphia), are, however, apparently drawing to 16,550 tons, as compared with 15,741 tons heavily on their accumulated stocks, and the in March. Stocks of zinc on April 30 totaled demand in both industries is reported to be 79,581 tons, as compared with 80,990 tons on far from normal. There has been some increase April 1. Lead prices continued to advance in demand for fabricated steel for structural during April and May, both for ore at the mine work. Thus the report of the Bridge Builders and for refined lead at New York and St. and Structural Society shows a further increase Louis. District No. 10 (Kansas City) reports in orders placed with its membership from 29 that, as a result of the increase of lead ore per cent of capacity in March to 32| per cent prices, additional properties are opening each in April. The unfilled orders of the United week and a considerable portion of the labor States Steel Corporation, however, show a fursurplus is being absorbed. ther falling off, reflecting the conditions indicated above. At the close of April they were COTTON TEXTILES. 5,845,224 tons, as compared with 6,284,765 tons at the close of March. The respective Prices of raw cotton advanced somewhat index numbers are 111 and 116. It is esti- during April and quotations manifested less mated that in general the industry is now oper- instability from day to day. Consumption ating at from 35 to 40 per cent of capacity. during the month amounted to 408,882 bales, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE, 1921. FEDERAL RESERVE BULLETIN. 661 or 29,000 bales less than in March. A drop in HOSIERY. consumption is, however, usual at this season The continuance of the strike in Philadelphia of the year. There has been an increase in full-fashioned hosiery mills resulted in insistent activity of the cotton yarn mills in districts demands upon other centers. But most mills, No. 1 (Boston) and No. 3 (Philadelphia). The having booked orders for three to four months Philadelphia report states that the greatest in advance, were unable to accept new busipart of the business comes from the hosiery ness. As a result seamless and mock-fashioned and light-weight underwear trade. Orders silk lines have been doing unusually well, and still remain small and there is little inclination some mills have been using night shifts. The to place them far ahead. More mills resumed demand for seamless cotton hosiery is not so operations in April, and production varied great as for other lines; in fact in some instances from about 50 p>er cent to 75 per cent of business is dull. Twenty-three firms selling to capacity. The situation in district No. 6 the wholesale trade, which regularly report to (Atlanta), so far as indicated by returns made the Federal Reserve Bank of Philadelphia, reby 10 representative yarn mills, showed conported an increase of 13.3 per cent in the value trary tendencies. These mills reported a of the product manufactured during April as decrease of 13.4 per cent during April in the compared with March. Orders booked during quantity of their output as compared with April declined, however, 28.3 per cent, while March, while production was 38.8 per cent unfilled orders at the end of April registered below that of April, 1920. Shipments fell off a fractional increase of 0.3 per cent. The 33.5 per cent from the preceding month, while eight firms selling to the retail trade had inorders on hand at the end of April were 12.3 g creased the value of their output 43.3 per cent er cent below those for the end of March. during the month. Orders booked during the >n the other hand, 14 cloth mills in district month were 0.7 per cent larger than those of No. 6 (Atlanta) had a yardage 0.8 per cent in March, and unfilled orders on hand at the end excess of that for March and orders on hand at of the month were 15.7 per cent in excess of the end of the month showed an increase of 8 those on hand at the end of March. per cent. District No. 1 (Boston) states that buying is so close and such little margin is left UNDERWEAR. for securing profits that manufacturers are unwilling to accept orders far in advance, so District No. 3 (Philadelphia) reports that that in print cloths, more particularly, con- although orders for fall are being placed with tracts of longer duration than July are the the underwear mills, they are so small that they exception. In the case of ginghams and barely amount to 20 per cent of what is normal sheetings, which were early subjected to price for this season of the year. The cool and wet revisions, sales have been well sustained, and weather of early May caused an immediate in some instances the gingham output has falling off in orders for current delivery—good been taken for a four months7 period. Sales evidence of the uncertain state of the market. of print cloth at Fall River amounted to about "In the main, however, the market displays 550,000 pieces for the four weeks ended May considerable activity, and manufacturers in 14—an increase of 28 per cent over the pre- many lines are unable to meet the present deceding period of four weeks. mand for short-time deliveries." The 21 firms which make monthly reports had an average output 5.7 per cent less in April than during FINISHING OF COTTON FABRICS. the preceding month. Orders booked during Thirty-four of the 58 members of the April fell 20.7 per cent as compared with March, National Association of Finishers of Cotton and unfilled orders on hand April 30 were 5.3 Fabrics reported total finished yards billed per cent less than at the end of the previous during the month at 86,311,438 yards, as month. compared with 86,732,621 yards in March. The 61 mills making reports to the Knit The total average percentage of capacity Goods Manufacturers' Association of America operated was 66 per cent for all reporting had an output in April of 109,937 dozens of districts, as compared with 67 per cent during winter underwear, which was 35.6 per cent the preceding month. The total gray yardage of normal. The production of summer underof finishing orders received amounted to wear amounted to 292,001 dozens, or 58.3 per 92,920,824, as compared with 88,342,599 in cent of normal. Thirty-two representative March. The total average work ahead at the mills which furnished data for both March and end of the month amounted to 10 days for all April had a production of 275,382 dozens durreporting districts, as compared with 8.4 days ing the latter month, as compared with 285,515 for the preceding month. dozens in March. Unfilled orders on the 1st Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

662 FEDEKAL RESERVE BULLETIN. JUNE, 1921. of April rose from 361,076 to 423,727 dozens. March of this year. Suits made in April were New orders received during the month of April 40.8 per cent below the numbers for the same rose from 354,959 dozens to 363,543 dozens. month a year ago and 20.2 per cent below the There was a slight drop in cancellations, which totals for March. fell from 4,937 dozens to 4,279 dozens. SILK TEXTILES. WOOLEN TEXTILES. Districts No. 2 (New York) and No. 3 The new wool clip is now being gathered, and (Philadelphia) both mention the fact that the sales in district No. 12 (San Francisco) are silk industry was less active during the last reported at prices of 10 to 16 cents per pound week in April and at the beginning of May. in the grease as compared with 50 cents per The drop, however, is thought to mark the pound last year. The district clip will prob- transition from the spring to the fall season. ably be somewhat below that of the preceding Orders for fall delivery are coming in slowly, year. On the basis of estimates given by rep- in sufficient quantity to maintain operations resentative wool growers and warehouse com- at about 60 per cent of capacity. Reports panies, it is thought that the 1921 clip will be from Paterson and vicinity indicate a slight anywhere from 75 per cent of the 1920 clip in advance in May operations over the 60 per the States of Arizona and Washington to 100 cent reported for April. Imports of raw silk per cent in Oregon and Utah. Estimates for into New York during April amounted to 35,886 California and Idaho are put at 90 per cent and bales, as compared with 14,043 bales in March. at 80 per cent for Nevada. Unsold holdings in Stocks in New York warehouses at the end of all sections of the country are thought to ap- April rose to 20,038 bales from 16,386 bales. proximate 65 per cent to 75 per cent of the 1920 clip. Western holdings have been moving east- SHOES AND LEATHER. ward by water in considerable volume for the past two months. District No. 1 (Boston) reports Prices of hides and skins have advanced that the wool market is even more of a buyers' rather sharply during May from the abnormarket than it was in March, as the large mally low levels prevailing in April. Calfstocks of raw wool have been augmented by skin prices registered advances of approxifurther importations of wool and tops, which mately 50 per cent by about May 20, while have depressed prices. The finer counts of cow and steer hide prices increased between woolen and worsted yarns are in demand in 20 and 30 per cent. The number of skins district No. 3 (Philadelphia), but no substan- purchased advanced coincidently with the tial price changes have occurred since April, rise in prices. The demand for calfskins, although some buyers have asked concessions especially in the light weights, and for colored from the contract prices of March in order to glazed kid has increased steadily in volume, meet current quotations. The cloth mills in until there has arisen considerable difficulty all sections are exhibiting a fairly high degree in obtaining these varieties of leather. Durof activity, although there appear to have been ing the past month demand has spread from no developments of particular interest during these lines to more staple leathers. Sole the past month. leather has advanced about 2 cents per pound, and considerable demand for black glazed kid MEN'S CLOTHING. has developed. The demand for belting leather, on the other hand, has shown some slackening District No. 7 (Chicago) has secured returns during May. Retail shoe sales have continued from five representative clothing manufac- on a very satisfactory scale during April and turers and nine tailors to the trade, and these May. Demand for women's shoes is still constatistics are sufficiently comprehensive to give siderably in excess of demand for men's shoes. a fairly complete picture of the clothing indus- Shoe factories in district No. 1 (Boston) contry for the city of Chicago. Orders for fall suits tinued to operate in April at about 50 per cent received by the clothing manufacturers to date of capacity, as in February and March. Shoe were 27.5 per cent less in terms of suit units stocks of seven Boston department stores were than those for the same season during the 32 per cent less on May 1 than on the correprevious year, while the number of suits made sponding date in 1920. The sales of shoes of in April was 29.9 per cent less than during the these stores during the first four months of same month a year ago. The tailors to the 1921, measured in dollars, were less than 1 per trade reported 42 per cent fewer orders (ex- cent below sales in the corresponding period of pressed in suit units) in April than during 1920. Ten New England stores outside of April 1920, and 23,8 per cent less than during Boston showed shoe sales 17.5 per cent less ? Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE, 1921. FEDERAL RESERVE BULLETIN. 663 during the first four months of 1921 than the production of 29 southern pine mills during the corresponding period of 1920. amounted to 61 per cent of normal. Orders District No. 3 (Philadelphia) reports that booked by the 29 mills were equivalent to 72 unfilled contracts for summer delivery are per cent of their normal production, whereas sufficient to occupy most plants at capacity the same number of mills only booked orders until July 15. Many orders for fall delivery equal to 61 per cent of their normal production have been placed, which indicates an increased in March. On April 29 the volume of unfilled confidence in the present level of prices. orders on the books of these 29 reporting mills Plant operations in district No. 8 (St. Louis) was 37,699,200 feet, in comparison with orders are being maintained at from 90 to 100 per totaling 30,265,302 feet reported by a like cent of capacity. The demand centers in number of mills on April 1. District No. 8 cheaper shoes and specialty goods. Prices in (St. Louis) reports that there was a heavy voldistrict No. 8 (St. Louis) declined between 5 ume of orders for yellow pine and Douglas fir and 10 per cent during the past month. in the latter part of April, which has been fol- During May two of the largest shoe manu- lowed by a lull in demand. "The tendency of facturing concerns in the United States and prices of high-grade hardwoods is decidedly a large tanning company combined to form a upward, lower grades continuing weak and new corporation which will manufacture and unsteady." Reports of both manufacturers distribute shoes on a large scale in both the and retailers of lumber in district No. 9 (Minneeastern and western States. apolis) indicate a considerable increase of activity. The April cut of 15 manufacturers LUMBER. was 23.2 per cent greater than in March, and shipments increased 48.2 per cent. Stocks at Demand for lumber continued to improve the end of the month were 1.1 per cent higher during April as a result of an increase in build- than at the close of March. Comparison with ing operations and a further recession in prices. April, 1920, however, shows cut 37.1 per cent District No. 12 (San Francisco) reports that the less, shipments 47.1 per cent less, and stocks present market for lumber is showing activity 46.5 per cent greater. District No. 5 (Richand stability. " The demand is increasing from mond) states that lumber prices have fallen week to week, and movement to local and east- from 10 to 15 per cent in the past month. An ern consuming centers is growing/7 Orders increased demand for southern pine and Dougreceived during the four weeks ending April 30 las fir is reported from district No. 3 (Philaby the four lumber manufacturers' associations delphia), but "sales do not average more than of district No. 12 (San Francisco) showed an 60 per cent of last spring's business." Prices increase of 54 per cent over those for the four in that district have declined since January 1, weeks ending March 26. Production during and quotations for both hardwood and softthe same period increased 47.4 per cent and wood are now about 50 per cent below the high shipments 58.4 per cent. Shipments were 11.7 levels of 1920. per cent above production, resulting in a further reduction of stocks. One hundred and fifteen BUILDING OPERATIONS. mills belonging to the West Coast Lumbermen's Association reported for the four weeks ending Building operations showed a marked in- March 26 a cut of 220,262,000 board feet, ship- crease of activity during April. This activity ments of 253,427,000 feet, and orders of is evidenced alike by statistics of the value of 263,666,000 feet. Corresponding figures for the contracts awarded, the number of building four weeks ending March 26, with 118 mills permits issued, and the value of building perreporting, were as follows: 187,917,000 feet, mits. Whereas the increase of building opera- 209,970,000 feet, and 213,431,000 feet. The tions in February was confined to States logging industry has not improved in unison west of the Mississippi River, an advance in with the mill industry, and, although the present April was reported from almost all sections of visible supply of logs is limited, many logging the country. This upward movement was companies show no tendency to resume opera- most general in the case of residential building, tions. Increased demand for southern pine but considerable increases in other classes of was evidenced in district No. 6 (Atlanta) during building occurred in some of the districts. April. In the week ending April 29 orders Contracts awarded in district No. 1 (Boston) received by 134 mills of the Southern Pine amounted to about $16,700,000 in April, as Association were only 7.8 per cent below nor- compared with $12,200,000 in March, an mal production, whereas actual production was increase of 37 per cent. About $6,500,000 of 26.8 per cent and shipments 14.9 per cent below the April total was for residential purposes, as normal production. In district No. 11 (Dallas) compared with $4,300 000 in March. In dis- ? Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

664 FEDERAL KESERVE BULLETIN. JUNE, 1921, trict No. 2 (New York) contracts awarded EMPLOYMENT. during April had a total value of about $52,100,000, as compared with a value of The employment situation has shown no $30,900,000 for March, an increase of 69 per signs of improvement during the past month. cent. Residential building amounted to $18,- On the contrary, all available evidence points 100,000 in March and $28,600,000 in April. to a slight increase in numbers unemployed Contracts totaling $15,100,000, of which despite the absorption of labor by farming $6,300,000 were for residential purposes, were districts and industries which have experienced awarded in district No. 3 (Philadelphia) during a limited revival of active operations. In New April, in comparison with March awards of England the situation remained virtually un- $14,100,000, of which $6,000,000 were for changed during the month. There was a residential purposes. In district No. 4 (Cleve- slightly increased demand for textile operatives, land) contracts awarded during April totaled especially weavers, and for mechanics in the about $34,800,000, as compared with awards building trades. There was no revival in the amounting to $32,700,000 in March. Of the metal trades, however. The Boston Public April total, only $9,100,000 was for residential Employment Office reported a fair demand for purposes, as compared with $11,400,000 in common labor at 50 cents per hour. The March. Springfield office stated that the demand for Permits for new buildings in 23 cities of farm hands was less than usual, and there district No. 5 (Richmond) totaled 1,688 in was no difficulty in securing men at wages 20 April, as compared with 1,718 in March. The per cent to 25 per cent below those prevailing value of this new construction amounted to a year ago. During May several rather exten- $13,594,575, the highest monthly figure ever sive strikes added to the number of unemployed recorded for this group of cities. This was due —notably those affecting the garment and to the inclusion of one industrial project which paper making industries and the building will cost $6,000,000. "The housing situation trades. In district No. 2 (New York) there in all cities in the district continues critical/'1 was probably a slight decrease in numbers A considerable increase in building activity is employed during the month. The New York reported from district No. 6 (Atlanta), but State Bureau of Labor estimated that about this is more noticeable in the number than in 500,000 persons were idle, 150,000 of whom the value of building permits. Contracts were unemployed because of labor disputes. awarded in district No. 7 (Chicago) during Among the latter were included marine workers, April totaled $53,700,000, of which $13,000,000 traction and building workers in various cities, were for residences, as compared with a total and employees of printing and publishing of $37,400,000 during March, of which $9,300,- establishments. The industrial commission 000 were for residences. In five reporting reports a 2 per cent reduction in number? cities of district No. 8 (St. Louis) there was an employed in factories of New York State increase in number of permits during April, during April. Wage reductions, which affected but their total value was less than in March. about one-half the firms reporting to the Nine cities of district No. 9 (Minneapolis) Federal Reserve Bank of New York in April, issued 2,868 permits, valued at $5,606,011 have since become more widespread, and it is during April, as compared with 1,639 permits, estimated that about three-fourths of the valued at $2,621,591, during March. This workers in the district have been affected by increase in building activity is accounted for reductions either achieved or prospective. almost entirely by an increase in the permits Employment conditions have undergone little issued for the construction of small buildings. change in district No. 3 (Philadelphia). As a Reports from 17 cities in district No. 10 result of attempts to reduce wages, strikes are (Kansas City) show a total of 2,668 permits in progress in Philadelphia affecting the fullissued in April, as compared with 2,778 in fashioned hosiery workers, the printers, and March. Nine cities in district No. 11 (Dallas) carpet weavers. There are also strikes among report 2,588 permits, valued at $5,633,649, the building-trade workers of Philadelphia and issued in April, as compared with 2,331 per- other large cities. mits, valued at $5,190,191, issued in March. In district No. 5 (Richmond) unemployment The value of building permits for 20 cities of is particularly noticeable " among middledistrict No. 12 (San Francisco) amounted to aged and older women, who have been released $19,907,621 in April, in comparison with from factories in considerable numbers." Farm $18,542,835 in March. " In southern California labor is in excess of demand and wages have activity approaching a building boom is in been greatly reduced. In district No. 6 progress/7 (Atlanta) there was an increase in April of 8.8 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE, 1921. FEDERAL RESERVE BULLETIN. 665 per cent in numbers employed in Atlanta, of the farmers to cultivate only such acreage according to the United States Department of as they are able to take care of without hired Labor. On the other hand, decreases of 13.2 help." Largely as a result of strikes in the per cent and 8,9 per cent, respectively, were building trades and among marine workers, reported from New Orleans and Chattanooga. unemployment increased in district No. 12 A strike of metal-trade workers in New (San Francisco) where 15,000 men were out of Orleans, which had lasted two months, was work in May, but elsewhere in the district definally settled by an agreement to accept creases were the rule. Although improved wage reductions of 10 cents per hour. The conditions in the lumber industry together New Orleans printers were on strike at date with demands for agricultural labor caused a of writing, asking a 44-hour week instead of decrease in the surplus labor in the cities, the the prevailing 48-hour week. The Federal reduction has not been as material as was an- Reserve Bank of Chicago received reports ticipated, because demand, as elsewhere, was directly from 178 concerns, at present employ- restricted by a disposition on the part of farming 115,000 workers, giving data as to the ers to do more work unassisted. numbers employed and the amount of pay roll in April as compared with the preceding WHOLESALE TRADE. month. There had been a decrease of 3.9 per cent in numbers as compared with March The seasonal increases in the sales of reportreturns for Chicago and 1.9 per cent for the ing wholesale firms in the four leading lines of district as a whole. Pay-roll totals had fallen hardware, groceries, dry goods, and boots and 6.3 per cent in Chicago and 4.2 per cent in the shoes, which were quite pronounced and gendistrict at large. The Free Employment eral throughout the country during the month Offices of Illinois showed a fall during April of March, were followed by equally marked refrom 275 to 232 in the number of applications cessions in May sales for most reporting lines. for each 100 places open. In Detroit, however, The returns from 25 wholesale hardware firms at date of writing 118,497 men were reported located in district No. 3 (Philadelphia) were unemployed as compared with 100,347 on an exception to the general rule, as net sales April 12. In district No. 8 (St. Louis) no increased 11.4 per cent during April as comparticular change in conditions is noted. The pared with March, although sales were 18.7 per trend in wages continues sharply downward, cent below those for April, 1920. The increase and further cuts have occurred within the past is attributed to a gain in building activity, as 30 days in lumber, flour milling, cooperage, the demand for mill supplies and general hardplumbers' supplies, farm implements, stoves, ware was said to be the poorest that has exautomobile bodies, candy, and in some cases isted in recent months. Reports from 51 in the building trades. Unemployment is wholesale grocery firms in that district showed especially pronounced among common labor declines of 14.9 per cent from March totals and and railroad workers. In district No. 9 38.4 per cent from the sales of April, 1920. (Minneapolis), reports from 15 lumber manu- Although sharp price declines explain some facturers who employed 1,984 men in March part of the difference in total sales values as showed an average decrease of 5 per cent in between this year and last, they do not account number of employees in April, while 29 iron- for the whole of that difference. Returns from mining companies employing 6,309 men in district No. 4 (Cleveland) present comparisons March had reduced their forces about 6 per only with April, 1920, and declines for the cent during the month. Michigan copper eight hardware firms were 21.9 per cent, mining companies showed a reduction of 43 slightly greater than in district No. 3 (Philaper cent in numbers in April, as a result of delphia), while sales of 14 grocery houses were rather extensive closing. In the farming dis- 37.7 per cent less, and sales of five dry goods tricts, however, there is little surplus labor. concerns 4.2 per cent lower. In hardware, The United States Department of Labor re- groceries, dry goods, and boots and shoes, sales ported decreases in numbers employed at the in district No. 5 (Richmond) fell off from the end of April as compared with the end of March total by amounts ranging from 1.7 per March for both Minneapolis and St. Paul, cent in the case of hardware to 27.2 per cent amounting to one-tenth of 1 per cent and 13.7 in dry goods. The declines as compared with per cent, respectively. These figures, how- April, 1920, varied from 22.7 per cent in hardever, apply only to large establishments em- ware to 39.1 per cent in dry goods. Orders in ploying over 500 men. District No. 11 (Dal- all lines except dry goods are for small lots for las) says " an unusually large surplus of farm immediate shipment. Declines in April sales labor is reported from the rural districts, due as compared with March were more pronounced largely to the growing tendency on the part in general in district No. 6 (Atlanta) than in Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

666 FEDERAL RESERVE BULLETIN. JUNE, 1921. district No. 5 (Richmond), The 15 reporting cally every district the net sales showed a dedry goods firms, however, showed a reduction crease both when compared with last month of 25.5 per cent, which was not quite so large and also with the same month a year ago. as in the Richmond section. The 13 hardware However, when the price changes are considfirms reported sales 10.6 per cent below March; ered, it would seem that the actual volume in the case of 20 grocery firms, the drop was 16.2 of units sold during April, 1921, was greater per cent, and for seven shoe houses, 33.4 per cent. than that sold during the same month a year Declines as compared with a year ago aver- ago. The unseasonable weather conditions aged 39.7 per cent for dry goods, the minimum during April, and the fact that Easter fell in figure, and 47.5 per cent for groceries, the March this year instead of in April were, of maximum. course, large factors in the decrease of sales. In district No. 7 (Chicago) grocery sales The reports from representative department of 26 firms suffered an almost equally heavy stores show a decrease in net sales from the decline of 42.8 per cent, dry goods sales same month a year ago of 1.9 per cent in dis- (12 firms) were 35.3 per cent lower, and trict No. 1 (Boston), 0.5 per cent in district No. shoe sales (10 firms) 24.8 per cent less than 2 (New York), 0.4 per cent in district No. 3 during April, 1920. In district No. 10 (Kansas (Philadelphia), 0.7 per cent in district No. 5 City) the sales of three reporting grocery (Richmond), 17.7 per cent in district No. 11 firms were 32.2 per cent below those of April, (Dallas), and 9.3 per cent in district No. 12 1920. April sales were also 6.7 per cent be- (San Francisco). In every district stocks on low March sales, although weather and road hand at the end of the month again showed a conditions were assigned as the cause of this large decrease from stocks on hand at the end fact. The wholesale hardware sales of three of April, 1920, the decrease in most cases being reporting firms are likewise 40 per cent below larger than the comparative figures of a month the totals of a year ago and 18.1 per cent less ago. Most districts showed a slight increase than in March. Contrary to the general tend- in stocks at the close of April as compared with ency, the wholesale trade returns for dis- stocks at the close of March. The rapidity of trict No. 11 (Dallas) had shown pronounced the turnover of stocks has been generally slower reductions in March sales of hardware as com- than last month. The percentage of outpared with February, and the report for April standing orders at the end of April to total states that reductions not only continued but purchases during the calendar year 1920 has were slightly greater than in March. Seven- been generally decreasing, which affords eviteen grocery firms had sales 12.4 per cent be- dence that the merchants have been confining low March totals, which in turn were slightly their purchases to meet immediate requirebelow February figures; sales of five dry goods ments and have not been placing any great houses were 25.8 per cent lower; and sales of amount of orders for future delivery. Howtwo hardware firms, 9.7 per cent less. As ever, reports from various districts indicate compared with April, 1920, decreases ranged that some retailers are now beginning to anticifrom 30 per cent for hardware to 48 per cent pate their requirements in that they are placfor groceries. District No. 12 (San Francisco) ing some orders for fall delivery. says that the volume of orders for summer delivery placed by retailers is not only much PRICES. below last year, but no improvement in this respect was witnessed in April. Buying con- As regards prices there seems to be increasing tinues to be in limited quantities for immediate realization of the fact that a relatively stable need. The reductions in sales, however, as wholesale price level will not be obtained until compared with the proceding month are on the liquidation has occurred in all lines in which whole not by any means as striking as in other production, consumption, or prices are out of districts. Sales of the 24 reporting hardware harmony one with another. Liquidation of a firms dropped only 1.7 per cent; grocery sales pronounced sort has occurred during the course (30 firms) fell 13.8 per cent; shoe sales (18 firms) of the past year in raw materials such as grain 6.4 per cent, and dry goods sales (12 firms) and live stock, cotton, wool, hides, copper and recorded a slight advance of 1.4 per cent. As other nonferrous metals, with the result that compared with a year ago, declines ran from raw materials in these lines are now being sold 15.2 per cent for dry goods to 36.2 per cent for at approximately prewar prices. In the case of groceries. cotton, hides, and nonferrous metals conditions in April and early May were such as to indicate RETAIL TRADE that a fair degree of stability had been obtained, Retail trade throughout the country during and prices showed slight increases over March April reflected a seasonal decline. In practi- levels. Wool prices, however, continued to Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE, 1921. FEDERAL RESERVE BULLETIN. 667 decline because of the abnormally heavy impor- are available to show the shift in the retail tations which are being made in anticipation of prices of other commodities. the new tariff measure. It is impossible to say whether this relative SHIPPING. stability in the textile and agricultural lines will The shipping situation showed some improvebe permanent or not. In the case of cotton, ment during May, the most encouraging feature wool, and grains, stocks which are being held being a sudden demand in the early part of the at present are considerably larger than were month for the charter of coal-carrying ships for customary before the war. Commodities in May loading. The demand was chiefly for which the carry-over stocks from the period of United Kingdom destination, as a result of the abnormal Government demand were relatively continuance of the British coal strike, but rates small, did not feel the effect of liquidation as all around stiffened in consequence. Whereas early as other commodities. When buying was ships had been chartered to carry coal from restricted and production curtailed in textiles North Atlantic ports to the Continent for as and other lines, however, the effect of this was low as $3.75 per ton in March and April, the passed on to such commodities as coal, petroquotation in the early part of May was $5.25 leum, iron and steel, and other building mateand higher. While these increased rates have rials. As a result, prices in these lines have not been sufficient to attract many ships that been reduced, but not as much as in the cases had definitely been laid up, they put a stop, for mentioned above, since stocks had not accuthe time being at least, to further plans of mulated to the same extent. Decline in spot owners for placing additional vessels in the prices of bituminous coal has been very spechands of caretakers. The conditions underlytacular, but the present level is still as high as ing the steamship business, namely, high operatin 1919 and the first months of 1920, and at ing costs, diminished cargoes, and low rates, are, present the tendency of these prices seems to however, not substantially changed, and it is be toward higher levels. Contract prices for generally agreed that an increase of production the coming year have apparently not yet crysand of the demand for goods throughout the tallized. Pig iron, petroleum, and leading world must be realized before the present situabuilding materials are still being reduced in tion can be much improved. price, with present levels ranging up to and above twice the prewar level. As conditions As for the marine strike in American ports, improve in the manufacturing lines, demand the effect has been less serious than was anticwill doubtless increase for these commodities, ipated, although some outgoing steamers have but it is impossible to say whether these factors been delayed. In a statement issued toward will be stronger than those making for lower the end of May, Secretary of Commerce Hoover levels. gave some figures showing the effect of the marine strike in the various United States ports An interesting factor of recent weeks is the from May 1 to 22, inclusive. The figures show readjustment of prices within industries in such that 190 American steamers were detained by a way as to bring about a more normal relationthe strike, while 936 American steamers sailed ship of the various grades or classes of manufrom American ports during that time. The factured goods to one another. This has been Pacific coast ports have felt the strike most especially noticeable in the case of cotton cloth. severely, the Gulf ports somewhat less, and the Profits in certain lines have been narrowed Atlantic ports only to a comparatively small down to such a point that readjustment of this extent. sort is essential to future business. Index numbers of wholesale prices show that the decline in April was somewnat greater than The Acceptance Market. in March. The index number of the Bureau of Labor Statistics shows a decline of 5 per The Federal Reserve Banks report the concent, compared with 3 per cent in March, while dition of the acceptance market in their rethe index number of the Federal Reserve Board, spective districts as follows: constructed primarily with the view to international comparisons, also shows a decline of DISTRICT NO. 1—BOSTON. 5 per cent. Retail prices of food were likewise reduced at a somewhat more rapid rate in April During the latter part of April there was than in March. According to the index of the very little demand for bills, with the result that Bureau of Labor Statistics, based upon prices of dealers' portfolios increased considerably. 43 articles of food in a large number of cities, There were some sales made through that the reduction amounted to 1.3 per cent in period, and the corporations were perhaps the March and 2.5 per cent in April. No statistics pest buyers. Short-term bills were a drug on Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

668 FEDEKAL RESERVE BULLETIN. JUNE, 1921. the market. Toward the end of the month About one-third of the bills coming into the there was a better demand consequent upon market during the past four weeks were drawn the rates being changed from 5f to 5| for nine- for the purpose of furnishing dollar exchange. ties. The demand continued until about the Another third was composed of bills covering middle of the month on 90-day bills. About packers' products, grain, and sugar, in about the middle of the month a slackening up in equal amounts. In the second week of May demand occurred, and at the close of the period the aggregate of cotton bills increased somethe bill market was very inactive, a few sales what, though these were still in smaller volume being made, but not many being offered. The than other bills. 120-day bills have become more general and On May 16 the Federal Reserve Bank of New quite a few are offered in this market at rates York announced that in accordance with Regof 5J and 6. The buying rates of the Federal ulation B, series of 1921, of the Federal Reserve Reserve Bank of Boston were above the out- Board, bills of maturity up to six months, side market most of the month, but on May 12 issued in import and export transactions, might the pressure on 30-day bills was felt to be so be offered to the Federal Reserve Banks for great that relief was needed, and this bank purchase. Heretofore three months has been accordingly reduced its rate for one day to 5J the maximum maturity of acceptances eligible per cent and consequently purchased approxi- for purchase. ; mately $5,000,000 worth of bills. Toward the The considerations which led the Board to close of the month the carrying rate of the make eligible bills of longer maturity are stated Boston bank for bills held for dealers on short- by Gov. Harding as follows: " (1) The desire term agreements was reduced to 5f, as some to widen the acceptance market by meeting the of the dealers complained that the market was wants of savings banks and similar purchasers pegged at 5f. The change did not result in of bankers' acceptances who are now deterred undue pressure for accommodation, because it from investing in acceptances of longer than was possible to control the amount of bills three months' maturity, because of the lack of offered us by suggestion and by indicating a authority of Federal Reserve Banks to purdisinclination to allow dealers to unload their chase longer maturities up to six months; (2) portfolios on this bank too heavily. Most bills to provide more ample facilities for financing were made during the month on sugar, but import and export trade with countries where there was a fair supply of cotton, dollar ex- either normal conditions or present abnormal change, wool, and coffee. The Boston Reserve conditions indicate the desirability of rendering Bank's portfolio has increased about $7,000,000, assistance by making acceptances of maturities approximately all of these bills being due not exceeding six months eligible for purchase within 30 days. The current buying rate of by Federal Reserve Banks." the Federal Reserve Bank of Boston for prime The minimum buying rate of this bank has 90-day bills is 5f, the same for sixties, and 5f remained unchanged at 5J to 6 per cent for for thirties, with a corresponding increase of £ indorsed prime bills ranging up to 90 days' for less known names. No 6-month bills have maturity. been offered this bank, though bills at 6 per cent indorsed for 90 days would probably be DISTRICT NO. 3—PHILADELPHIA. bought unless the volume offered was excessive. Five dealers in bankers' acceptances report No discrimination in the carrying rate on acthat sales in this district during April fell off count of maturity is being made, but 6-month 4 per cent from those in March. The month, bills when eligible are being taken. however, shows a very large increase over the corresponding period m 1920. Three of the five DISTRICT NO. 2—NEW YORK. dealers were selling acceptances in April, 1920, and sales in April, 1921, were five or six times During the past four weeks the rate on prime as large as at that time. 90-day bills fluctuated between 5f and 5f. Reports of 11 accepting Philadelphia banks Dealers found it difficult to maintain sales at may be summarized as follows: the lower rate, and the period closed with 5-| as the ruling rate. The volume of sales fluctuated with changes in rates. In the first week E d xe u c ri u n t g ed Outstandin May, when the 5| rate was maintained, sales preceding ing on by principal dealers were larger than in any month. date given. previous week for nearly three months. Total sales for the month, however, were approxi- 1921. Mar.10 $5,321,000 $14,095,000 mately equal to the monthly average for the Apr.10 4,561,000 13,150,000 May 10 5,596,000 12,844,000 first quarter. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE, 1921. FEDERAL RESERVE BULLETIN. 669 As noted in our last review, decreasing more effectively enable our discount market to foreign trade has had a noticeable effect in aid overseas commerce. reducing the volume of bankers' acceptances Prime 90-day bills are quoted at 5f to 5f; executed. Conflicting views are given whether prime 60-day bills at 5| to 5f; prime 30-day or not the supply of acceptances is equal to the bills at 5£ to 5f. demand. City banks have not displayed any particular interest in the market and the bulk DISTRICT NO. 6—ATLANTA. of the sales are to banks in the smaller centers. The amount of domestic acceptances exe- An interesting estimate of the types of cuted by 15 member banks in this district was transactions covered by acceptances executed reported to be approximately 15 per cent during April is given by one of the large acgreater than during the month of March, ceptance firms. Their letter states that imalthough less than one-half of the amountports accounted for 65 per cent of the total, executed by the same banks during April, exports 10 per cent, domestic shipments and 1920. Foreign acceptances were executed warehousing 10 per cent, and dollar exchange during April in amounts approximately 11 per 15 per cent. Bills to finance sugar importacent less than during March and 19 per cent less tions composed a large part of the bills, and than during April last year. The prevailing wool, cotton, silk, hides, leathers, grain, oil, rate of discount is reported at from 6| per cent tea, and coffee were also important. Three to 8 per cent. The reports received indicate of the five dealers hold that bills to create that a relatively small number of banks are dollar exchange are of small consequence thus executing or dealing in acceptances. far, whereas another states that he is handling The amount of acceptances rediscounted by a larger number than ever before. the Federal Reserve Bank of Atlanta during Rates quoted in the first two or three weeks April was larger than for March or February, of May are generally about the same as in April, but little more than 25 per cent of the amount but there have been many fluctuations and held during April of last year. variations of one-eighth of 1 per cent are com- Shipments of cotton at New Orleans during mon. Quotations as of the middle of May April were less than those during March. At were as follows: Savannah cotton shipments for export increased over March, and there was also some 30 days. 60 days. 90 days. foreign movement of naval stores. There is a close relation between the movement of cotton Eligible members' bills 5J-5f 5f-5f 5|-5I and naval stores at the ports of the district and Eligible nonmembers' bills 5f-5| 5f-6 51-6 activity in acceptance transactions. DISTRICT NO. 4—CLEVELAND. DISTRICT NO. 7—CHICAGO. Some individual houses report increased de- During the month the market for prime bankers7 acceptances was sporadic, with a con- mand, especially by correspondent banks, others by corporations and individuals who siderable falling off in the demand from the have funds for short-time investments. banks of this district. The supply of paper has Reports received from three dealers and continued to increase, as in the previous month. twenty-nine banks, including practically all Brokers were offering a good variety of bills, accepting banks in the district, show activibut with little material effect on demand. The ties in bankers' acceptances for April, as rates have not followed the basic principle of follows: supply and demand, but remained on a level proportionately lower than other forms of commercial paper. The trend of the market 29 banks. 3 dealers. Total. throughout the month has shown that there is no hesitancy in purchasing this form of paper Bills bought $11,624,000 $11,784,000 $23,408,000 Bills sold 9,104,000 9,285,000 18,389,000 because of the rate, but more so because there Held at close of month.. 3,504,000 2,076,000 5,580,000 seems to be but little idle money. Amount accepted 19,416,000 19,416,000 During the month much interest was shown in the announcement of the Federal Reserve Purchase rates: High. Low. 30-day maturity.. ....5f 5h Board that six months' bankers' acceptances, 60-day maturity.. .... 5| 5| 90-day maturity.. issued on import and export transactions, had now become eligible for open-market purchase About 60 per cent of the purchases were of by the Federal Reserve Banks. This will pro- 90-day maturity, and the balance equally divide a discount market for a class of paper that vided between 30 and 60 days. About twopreviously found little or no demand, and will thirds of the purchases were based on transac- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

670 FEDERAL RESERVE BULLETIN. JUNE, 1921. tions involving importation or exportation of DISTRICT NO. 9—MINNEAPOLIS. goods, according to reports of banks making such classification. Mentioned as predomi- Loans of representative city banks in this nating in the commodities against which bills district exhibit a reduction of about 20 per were drawn are: Meats, grain, canned goods, cent when compared with April a year ago. coffee, sugar, crude oil, and agricultural imple- The percentages of reduction were largest in ments. Compared with March, banks show a the holdings of bankers' acceptances, cattle fractional per cent decrease in bills bought, a loans, notes of grain, milling, automobile, decrease of 28 per cent in bills held at the close and lumber companies, and in personal loans of month, a decrease of 18 per cent in bills sold, to bankers and mercantile firms. and an increase of 21 per cent in the amount of bills accepted. The three dealers who also DISTRICT NO. 11—DALLAS. reported for March show an increase of 16 per cent in bills bought, a decrease of 32 per cent Our holding of bankers7 acceptances purin bills sold, and an increase of 2 per cent in chased in the open market aggregated only bills held at the close of the month. $24,822.60 at the close of April Less than Operations of the Federal Reserve Bank of $4,000 of these bills were acquired by this Chicago reflect the general acceptance situa- bank during that month, and only a nominal tion, as is shown by the following figures: volume seems to have passed through member banks since our last report. The predominating type of acceptance executed in this dis- Percentage April. March. A ch p a r n il g e o v in er trict consists of bills of exchange used to March. finance the intrastate movement of cotton. The current rate on this class of paper at the During month: present time is 8 per cent, which is the rate Bankers' acceptances redis- quoted by banks at Dallas, El Paso, and Waco, counted $111,500 $283,309 -61 Bills bought i 11,423,244 15,022,539 -24 no quotations being made at Houston, San Bills sold from holdings 3,624,680 2,052,150 +76 Held at the close of month: Antonio, or Fort Worth. Bankers' acceptances rediscounted 81,500 180,507 -55 Bills bought i 7,500,910 11,113,776 -32 DISTRICT NO. 12—SAN FRANCISCO. 1 Included in bills bought but not in bills sold are those bought with the agreement by the seller to repurchase within 15 days. During the past month a broad demand for bankers' acceptances has existed in Oregon, DISTRICT NO. 8—ST. LOUIS. Washington, and the southern part of Cali- The market for bankers7 acceptances in the fornia. In the central and northern parts of the latter State the demand has been scattered past month has been more sustained than for and of small volume. some time. This is due in part to the better The rate for prime nineties has varied beposition of the larger banks and to a more tween 5f per cent and 5f and is at the present active demand for such bills from private writing 5f per cent. investors and corporations having surplus The fluctuation in rates has been due in a funds to invest. Formerly private investors measure to the easing of money rates in New and corporations demanded indorsed bank York, but more particularly to the scarcity bills, but as they become more familiar with of prime bankers' acceptances. The demand such investments they buy unindorsed bills. for paper of this character is constantly Prime names are selling an eighth to a quarter frowing, while the supply, due to general off prices of a month ago, thus reflecting easier usiness conditions, has decreased somewhat. money conditions. Between April 15 and May 15 the high, low, and customary interest rates prevailing in St. Louis and Louisville, as reported by Acceptances to 100 Per Cent. banks in those cities, were as follows: Since tlie issuance of the May BULLETIN the following St.Louis. Louisville. banks have been authorized by the Federal Reserve Board to accept drafts and bills of exchange up to 100 per cent of their capital and surplus: Bankers' acceptances of 60to 90 days: H. L. C. R. L. Indorsed First National Bank, Bridgeport, Conn. Unindorsed 6 Commerce Guardian Trust & Savings Bank, Toledo, Ohio. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE, 1921. FEDERAL RESERVE BULLETIK. 671 SUMMARY OF GOVERNOR HARDING'S imports, which from $454,000,000 in December SPEECH. 1 dropped to $85,000,000 in April. The Federal Reserve System during the RECENT ECONOMIC DEVELOPMENTS. period of expansion and speculation, followed by contraction and depression, acted as a An examination of the chart on page 672 moderator and shock absorber, checking the throws light on the course of events in the rate of expansion in 1920, yet continuing to reserve banking field in 1919, 1920, and the issue notes and to grant credits required by first four months of 1921 in relation to other the business of the country, and later preeconomic phenomena. The last three months venting the occurrence of an acute crisis by of 1919 witnessed a very rapid expansion of making gradual liquidation possible. credit, accompanied by a decline in the cash The danger of economic collapse has now reserves of the Federal Reserve Banks, due definitely passed. The earning assets of the largely to the export of gold in settlement of Reserve Banks and Federal Reserve note cirbalances accumulated during the war by culation are back to the level of 1919, while South America and the Orient. As early as gold reserves have risen to the highest point the spring of 1919 the Federal Reserve Board on record. It is to be expected that after the had sounded a warning against undue expan- stress and strife of the past two years an era sion of bank credit, much of which was used of growing business and increasing prosperity for speculative purposes, and in November, is not far distant. 1919, a first step in the direction of advancing The experience of the last two years has discount rates was made. But the expansion clearly demonstrated that the Federal Reserve continued. In January, 1920, another advance System can stand up under a terrific strain, in rates was announced, and in May the rate that it can moderate the impact of economic on commercial paper was advanced to 7 per forces and make possible a transition from a cent at four Reserve Banks, while four others period of reckless expansion to one of liquidaadopted systems of progressive rates. tion without a disastrous crash. At the same These measures of the reserve authorities time recent events emphasize the fact that the succeeded in checking the rate of credit expan- Federal Reserve System can neither produce sion, in spite of the fact that the direction of nor neutralize economic forces, but can only the gold movement had been reversed and gold endeavor to moderate their ruthless effects on began to come into this country as the result the economic fabric of the country. of efforts of European countries to maintain their credit in America and of the high pre- EARNINGS OF THE FEDERAL RESERVE BANKS. mium commanded by the dollar in the money markets of the world. Earnings of Federal Reserve Banks depend In May, 1920, prices had reached the high largely on the volume of their discounts for level indicated by the index number of whole- member banks and on the discount rates sale prices of 272, on the basis of 1913 as 100. charged. The discount rates are determined The post-war rise in prices was due largely to by the banks, with the approval of the Federal speculation, extravagant expenditures, and Reserve Board, in accordance with prevailing rapid expansion of bank credits. Early in credit conditions and the consequent credit 1920 the collapse of the Japanese silk market policy, while the volume of operations of the presaged the coming of a turn in events. The Federal Reserve Banks depends on the magnipublic was no longer willing or able to pay the tude of the demand for accommodation by the high prices demanded, and a decline in prices member banks and the amount of credit set in, at first gradual, later precipitate, affect- available to satisfy this demand. The amounts ing more particularly raw materials and farm earned by the Reserve Banks are thus dependproducts. The drop in prices, the higher dis- ent primarily on member-bank requirements count rates, the passing of the crop-moving and, to a iess degree, on Federal Reserve season, and the sobering effect of a world-wide Board policy. There is, therefore, clearly no depression on our own business community justification for discussing the earnings of are the main causes of the decline in the earn- Federal Reserve Banks in comparison with the ing assets of the Reserve Banks since October earnings of institutions serving private interof last year. To these causes there was added ests. These earnings should be considered in in 1921 the decline in the value of our foreign relation to the available funds at the disposal trade, especially of the excess of exports over of the Federal Reserve Banks. The chart on page 673 shows net earnings of the banks in 1 Delivered during his recent tour of the Central and Middle Western 1920 related to daily average paid-in capital, States. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EARNING ASSETS, FEDERAL RESERVE NOTE CIRCULATION to AND CASH RESERVES OF FEDERAL RESERVE BANKS ALSO IMPORTS AND EXPORTS OF MERCHANDISE AND WHOLESALE PRICE INDEX BILLIONS OF DOLLARS LEGEND EARNING ASSETS ER.NOTE CIRCULATION CASH RESERVES WHOLESALE PRICE INDEX (Average Price for 1913lM PORTS EXCESS EXPORTS I % w Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE, I92i. FEDERAL, EESERVE BTJLL&TIH. 673 surplus, members' reserve deposits, and Federal the note issues. As related to the notes, net Reserve note circulation. earnings of the Reserve Banks in 1920 constitu- On the basis of capital alone the earnings ted 4.7 per cent. When all the banks' loanable were 158.4 per cent; on the basis of capital funds—capital, surplus, reserve deposits, and and surplus, 02.9 per cent. But these rates of notes—are added, it is seen that their earnreturn are practically meaningless, for the ings constitute but 2:9 per cent of the total. Eeserve Banks have at their disposal much Recognizing the public character of the larger funds on which they pay no interest and Federal Reserve Banks, Congress inserted in which practically can not be withdrawn, the Federal Reserve Act a provision by which namely, the reserve deposits of the member net earnings of the Reserve Banks in excess of banks. These deposits, amounting on the 6 per cent are turned over to the Government average to $1,835,000,000 in 1920, represent as a franchise tax. Since Reserve Bank the lawful reserves of the member banks and earnings are augmented by an increase in may not be reduced, except as the member discount rates, and since these rates are deterbanks' own deposits decline. When these mined by public policy, it is but fitting that NET EARNINGS OF FEDERAL RESERVE BANKS IN 1920 RELATED TO DAILY AVERAGE PAID-IN CAPITAL, SURPLUS, MEMBERS RESERVE DEPOSITS AND FEDERAL RESERVE NOTE CIRCULATION O deposits are added to the capital and surplus, the earnings above a moderate return on the the rate of return of the Reserve Banks on capital invested be turned over to the Governtheir operating funds is but 7 per cent. ment, and that is what is done. In 1920 But Federal Reserve Banks have another $60,000,000 were paid by the Reserve Banks source of loanable funds, namely, Federal to the Treasury as franchise tax. The banks Reserve notes, which are obligations of the are permitted by law to accumulate a surplus United States Government, and are issued to equal to their subscribed capital, and after that the Federal Reserve Banks against gold or is done to set aside 10 per cent of their earnings eligible commercial paper, with the limitation above 6 per cent as a further surplus, but the that the Reserve Banks must keep 40 per cent entire surplus in the final analysis belongs to in gold against their notes in circulation. The the Government, as in case of liquidation franchise tax paid by the banks may be con- member banks may receive only the amount sidered as a return to the Government for of their contribution to the capital stock of the lending its credit to the banks by guaranteeing Reserve Bank and accrued dividends. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

674 FEDERAL RESERVE BULLETIN. JUNE, 1921. GERMAN REPARATIONS. created and delivered at the latest on November 1, 1921. There shall be an annual payment Below is given the text of the protocol of the from funds to be provided by Germany as pre- Reparations Commission, stating the terms of scribed in this schedule in each year from the reparations settlement between Germany November 1, 1921, equal in amount to 6 per cent of the nominal value of the issued bonds, and the Allied Governments. The protocol out of which there shall be paid interest at 5 is published in the form in which it was furper cent per annum, payable half yearly, on the nished to the Federal Reserve Board by the bonds outstanding at any time and the balance French High Commission. to a sinking fund for the redemption of the bonds by annual drawings at par. These bonds PROTOCOL OF THE REPARATIONS COMMISSION. are hereinafter referred to as bonds of Series B. (c) Bonds for 82,000,000,000 gold marks, The Reparations Commission has, in accord- subject to such subsequent adjustment by ance with article 232 of the Treaty of Versailles, creation or cancellation of bonds as may be proceeded to define the time and manner for required under the first paragraph. These securing and discharging the entire obligation bonds shall be created and delivered to the of Germany for reparation under articles 231, Reparations Commission without coupons at- 232, and 233 of the treaty, as follows: tached at the latest on November 1, 1921. This determination is without prejudice to They shall be issued by the commission as and the duty of Germany to make restitution when it is satisfied that the payments which under article 238 or to other obligations under Germany is required to make in pursuance of the treaty. this schedule are sufficient to provide for the (1) Germany will perform in the manner payment of interest and sinking fund on such laid down in this schedule her obligation to bonds. There shall be an annual payment pay the total fixed in accordance with articles from funds to be provided by Germany as 231, 232, and 233 of the Treaty of Versailles prescribed in this schedule in each year from by the commission, viz, " 132,000,000,000 gold the date of issue by the Reparations Commismarks, less (a) the amount already paid on sion equal in amount to 6 per cent of the nomiaccount of reparation; (&) sums which may nal value of the issued bonds, out of which shall from time to time be credited to Germany in be paid interest at 5 per cent per annum payrespect of State properties in ceded territory, able half yearly on the bonds outstanding at etc.; and (c) any sums received from other any time and the balance to a sinking fund for enemy or ex-enemy powers in respect of which redemption of the bonds by annual drawings the commission may decide that credit should at par. The German Government shall supply be given to Germany, plus the amount of the to the commission coupon sheets for such Belgian debt to the Allies, the amounts of these bonds as and when issued by the commission. deductions and additions to be determined These bonds are hereinafter referred to as bonds later by the commission." of Series C. (2) Germany shall create and deliver to the (3) The bonds provided for in article 2 shall commission in substitution for bonds already be signed by the German Government as delivered or deliverable under paragraph 12c bearer bonds in such form and in such denomiof Annex 2, Part VIII, Treaty of Versailles, nations as the commission shall prescribe for bonds hereafter described. the purpose of making them marketable, and (a) Bonds for the amount of 12,000,000,000 shall be free of all German taxes and charges of gold marks. These bonds shall be created and every description, present or future. delivered at the latest on July 1, 1921. There Subject to the provisions of articles 248 and shall be an annual payment from funds to be 251, Treaty of Versailles, these bonds shall be provided by Germany as prescribed in this secured on the whole assets and revenues of the schedule in each year from May 1, 1921, equal German Empire and the German States, and in amount to 6 per cent of the nominal value in particular on the assets and revenues speciof the issued bonds, out of which there shall fied in article 7 of this schedule. The service be paid interest at 5 per cent per annum of bonds A, B, and C shall be a first, second, payable half yearly on tne bonds outstanding and third charge, respectively, on said assets at any time, and the balance to a sinking fund and revenues, and shall be met by payments for redemption of bonds by annual drawings at to be made by Germany under this schedule. par. These bonds are hereinafter referred to (4) Germany shall pay in each year until the as bonds of Series A. redemption of bonds provided for in article 2 (6) Bonds for a further amount of 38,000,- by means of a sinking fund attached thereto: 000,000 gold marks. These bonds shall be "(1) The sum of 2,000,000,000 gold marks; Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE, 1921. FEDERAL, RESERVE BULLETIN. 675 (2) (a) a sum equivalent to 25 per cent of the justify their representation on the Committee value of her exports in each period of twelve on Guarantees. months, starting from May 1, 1921, as deter- (7) The Committee on Guarantees is charged mined by the commission; or (6) alternatively, with the duty of securing the application of an equivalent amount as fixed in accordance articles 241 and 248 of the Treaty of Versailles. with any other index proposed byJGermany It shall supervise the application to the and accepted by the commission; (3) a further service of the bonds provided for in article 2 sum equivalent to 1 per cent of the value of of the funds assigned as security for the payher exports, as above defined, or, alternatively, ments to be made by Germany under paraan equivalent amount fixed as provided in para- graph 4. The funds to be assigned shall be: graph b above: Provided always, That when 1 (a) The proceeds of all German maritime and Germany shall have discharged her obligations land customs and duties, and in particular the under this schedule, other than her liability in proceeds of all import and export duties; (b) respect of outstanding bonds, the amount to proceeds of a levy of 25 per cent on the value be paid in each year under this paragraph shall of all exports from Germany except those exbe reduced to the amount required in that ports upon which a levy of not less than 25 per year to meet the interest and sinking fund on cent is applied under legislation referred to in the bonds then outstanding." article 9; (c) the proceeas of such direct or in- Subject to the provisions of article 5, the direct taxes or any other funds as may be propayments to be made in respect of paragraph posed by the German Government and ac- 1 above shall be made quarterly on or before cepted by the Committee on Guarantees in January 15, April 15, July 15, and October 15, addition to, or in substitution for, the funds each year, and payments in respect of para- specified in a or 6 above.77 graphs 2 and 3 above shall be made quarterly The assigned funds shall be paid to the acon or before February 15, May 15, August 15, counts to be opened in the name of the comand November 15 and calculated on the basis mittee and supervised by it in gold or in foreign of exports in the last quarter but one preced- currencies approved by the committee. The ing that quarter, the first payment to be made equivalent of the 25 per cent levy referred to in on or before November 15, 1921, to be calcu- paragraph b shall be paid in German currency lated on the basis of exports in the three by the German Government to the exporter. months ending July 31, 1921. The German Government shall notify to the (5) Germany shall pay within twenty-five Committee on Guarantees any proposed action days from this notification 1,000,000,000 gold which may tend to diminish the proceeds of any marks in gold or approved foreign currencies of the assigned funds and shall, if the committee or approved foreign bills or in drafts at three demands it, substitute some other approved months on the German Treasury, indorsed by funds. approved German banks and payable in The Committee on Guarantees shall be pounds sterling in London, in francs in Paris, charged further with the duty of conducting in dollars in New York, or any currency in any on behalf of the commission the examination other place designated by the commission. provided for in paragraph 126 of Annex 2 to These payments will be treated as the two first Part VIII, of the Treaty of Versailles, and of quarterly instalments of payments provided verifying on behalf of the commission and, if for in article 4, paragraph 1. necessary, of correcting the amount declared (6) The commission will within twenty-five by the German Government as the value of days from this notification, in accordance with German exports for the purpose of calculation paragraph 12A, Annex 2, of the treaty as of the sum payable in each year or quarter amended, establish a special subcommission to under Article IV, paragraph 2, and the amounts be called the Committee on Guarantees. The of the funds assigned under this article to the Committee on Guarantees will consist of repre- service of the bonds. The committee shall be sentatives of the Allied Powers now repre- entitled to take such measures as it may deen~ sented on the Reparations Commission, includ- necessary for the proper discharge of its duties ing a representative of the United States in The Committee on Guarantees is not author the event of that Government desiring to ized to interfere in the German administration make an appointment. The committee shall (8) In accordance with paragraph 19, clause comprise not more than three representatives 2 of Annex 2, as amended, Germany shall or of nationals of other Powers whenever it shall demand, subject to prior approval oi the comappear to the commission that a sufficient por- mission, provide such material and labor as tion of the bonds to be issued under this sched- any of the Allied Powers may require toward ule is held by nationals of such Powers to restoration of the devastated areas of that Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

676 FEDERAL RESERVE BULLETIN. JUNE, 1921. Power, or enable any Allied Power to proceed THE GOLD SITUATION. with the restoration or the development of its industrial or economic life. The value of Gold holdings and gold movements are of such material and labor shall be determined particular interest at the present time in view in each case by a valuer appointed by Ger- of the large importation of gold into this many and an agreement, by a referee nomi- country and the changes in the main currents nated by the commission. This provision as of the international gold movements. The to valuation does not apply to deliveries under following discussion deals primarily with the Annexes 3, 4, 5, and 6, Part VIII, of the most important developments since the time treaty. of the armistice. (9) Germany shall take every necessary GOLD RESERVES. measure of legislative and administrative action to facilitate the operation of the German Distribution of gold reserves prior to the Reparation (Recovery) Act of 1921 in force in war, at the time of the armistice, and at the the United Kingdom and of any similar legispresent time is shown in the table below. The lation enacted by any Allied Power so long as figures refer to the gold holdings of the central such legislation remains in force. banks and of various Government agencies. The payments effected by the operation of Figures showing percentage distribution are such legislation shall be credited to Germany also given: on account of payments to be made by her under Article IV, clause 2. The equivalent in GOLD RESERVES OF THE PRINCIPAL COUNTRIES BEFORE German currency shall be paid by the German THE WAR, AT THE TIME OF THE ARMISTICE, AND AT Government to the exporter. THE LATEST AVAILABLE DATE. (10) Payments for all services rendered, all [In thousands of dollars.] deliveries in kind, and all receipts under article 9 shall be made to the Reparations Commission Percentage by the Allied Power receiving the same in cash Gold holdings. distribution. or current coupons within one month of the receipt thereof and shall be credited to Ger- 1913 1918 1921 1913 1918 1921 many on account of payments to be made by her under article 4. U U n n i i t t e e d d K St i a n te g s dom... 6 17 9 0 1 , , 2 5 4 1 5 42,2 5 4 2 5 3 , , 7 6 2 3 0 2 2,5 7 2 6 9 3 , , 5 3 7 5 1 0 2 5 1 . . 3 7 5 4 3 8 7 . . 8 7 0 4 3 1 7 1 . . 0 1 0 6 (11) The sums payable under article 4, clause France 678,856 664,017 688,309 21.34 11.16 10.07 Italy 288,103 243,566 236,526 9.06 4.09 3.46 3, and any surplus of receipts by the commis- Belgium 59,131 51,447 1.86 .75 sion under article 4, clauses 1 and 2, in each A G u er s m tr a ia n - y Hungary... 2 25 7 1 8 , , 4 6 2 8 1 7 5 5 3 3 8 , , 0 8 7 6 4 1 260,01 1 9 3 8 7 . . 7 9 6 0 9. . 0 89 6 3.80 year not required for payment of interest and Sweden 27,372 76,532 75,533 .86 1.29 1.10 Norway 12,846 32,691 39,474 .40 .55 .57 sinking fund on bonds outstanding in that year, Denmark 19,666 52,159 60,989 .61 .88 .89 Netherlands 60,898 277,155 245,612 1.91 4.66 3.59 shall be accumulated and applied so far as they Spain 92,490 430,072 479,198 2.91 7.24 7.01 will extend, at such times as the commission Switzerland 32,801 80,041 104,895 1.03 1.34 1.53 Canada 115,375 121,261 83,381 3.63 2.04 1.22 may think fit, by the commission in paying Argentina 224,989 269,628 450,057 7.07 4.53 6.59 Japan 64,963 225,821 558,819 2.04 3.79 8.17 simple interest not exceeding 2\ per cent per India 72,780 63,842 117,575 2.29 1.07 1.72 annum from May 1, 1921, to May 1, 1926, and Java 10,027 51,600 90,483 .32 .87 1.32 Rumania 29,242 2 329 .92 .05 thereafter at a rate not exceeding 5 per cent on Total 3,181,406 5,949,674 6,835,580 100-OOj 100.00 100.00 the balance of the debt not covered by bonds then issued. The interest on such balance of the debt shall not be cumulative. No interest The first thing to be noted is the great therefor shall be payable otherwise than as pro- increase in the gold reserves between 1913 vided in this paragraph. and 1918, and the further increase since the (12) The present schedule does not modify armistice. These increases represent to a the provisions for securing the execution of the large extent the concentration and impound- Treaty of Versailles which are applicable to the ing of gold by central banks and Governments stipulations of the present schedule. after the outbreak of the war for the purpose Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE., 1921. FEDERAL, RESERVE BULLETIN. 677 of supporting the credit of the Governments in the main gold previously held in private and of making international payments in gold hands and later concentrated in central reserve when deemed advisable. institutions, where it is at the disposal of the Between 1913 and 1918 increases in theGovernment. In the case of the United central gold reserves are shown for all coun- States the increase of about $1,500,000,000 in tries, except for Austria-Hungary, a large part gold reserves represents in part the concenof whose gold was transferred to Germany; tration in the Federal Reserve Banks of gold for France and Italy, both of which trans- formerly held by commercial banks and by the ferred portions of their gold abroad for the public and in part additions to the gold establishment of foreign credits in connection reserves of imported gold. In 1913 the gold with the purchase of war supplies; for Ru- reserves of the United States constituted mania, nearly all of whose gold reserve was about 22 per cent of the total for the countransferred for safe-keeping to Russia/ and for tries included in the tabulation. (See chart British India. Belgium's gold reserve in 1918 below.) In 1918 it was 38 per cent, and in 1921 CENTRAL GOLD RESERVES OF PRINCIPAL COUNTRIES (PERCENTAGE DISTRIBUTION) ABOUT APRIL, 1921 END OF 1918 END OF 1913 TOTAL TOTAL TOTAL 3,181 MILLIONS 5,950 MILLIONS 6,836 MILLIONS is not shown for the reason that it had just 37 per cent. The point of immediate interest been restored and the figures were not im- is that the increase of gold reserves in the mediately made public. United States since the armistice was about The largest increases are shown for the$280,000,000. In spite of the fact that it has United States, United Kingdom, Germany, been practically the only country from which Netherlands, Spain, and Japan. The Scandi- and into which gold has moved without navian countries also show large relative in- restriction, the United States has about held creases, although the absolute amounts are its own in its proportion of the world's gold not so great as those for the countries just reserves. Absolute increases in gold reserves mentioned. In the case of Japan, of Spain, since the armistice are shown also by the and of the Scandinavian countries the in-United Kingdom, France, Norway, Spain, creases in gold reserves represent payments by Switzerland, Argentina, Japan, India, and belligerents for necessary war supplies. For Java. the United Kingdom and for Germany the The large increases since 1918 in the total gold large increases shown in the reserves represent reserves of the countries included are due in part to the additions of new gold produced; in part to gold that had been previously kept in i See FEDEEAL RESERVE BULLETIN for December, 1920, p. 1296. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

678 FEDERAL RESERVE BULLETIN. JUNE, 1921. Indian hoards, but mainly to the absorption reason gold can not command a premium in by these countries of a large part of the Russian this country, nor can it command a premium State Bank goldreserve, which in 1913 amounted anywhere in the world much greater or much to $787,000,000/but has since dwindled to an less than would correspond to the degree of deunknown but certainly much smaller amount. preciation of the respective currencies in terms Further reference to the Russian gold will be of dollars. The American index number of wholemade in discussing the gold movement.1 sale prices in so far as it is an accurate index of the general price level is, therefore, a measure GOLD PRODUCTION. of the depreciation of gold, and to this depreciation is largely due the decrease in gold pro- Gold production by countries for each year duction. from 1910 to 1920 is shown in the following In this country gold production fell off from table. 1920 figures are estimates made by the $101,000,000 in 1915 to $51,000,000 in 1920; London Statist; figures for the earlier years in the Transvaal it fell off from $192,000,000 in are estimates of the United States mint: 1916 to $169,000,000 in 1920; in Western Aus- GOLD PRODUCTION OF THE WORLD. [In thousands of dollars.] Country. 1910 1911 1912 1913 1914 1915 1916 1917 1918 1919 19201 United States 96,269 96,890 93,451 88,884 94,532 101,036 92,590 83,751 68,647 60,333 51,098 Canada 10,206 9,762 12,649 16,599 15,983 18,937 19,235 15,200 14,688 15,859 16,011 Russia 35,580 32,152 22,199 26,508 28,586 28,586 22,500 18,000 12,000 12,000 4,867 South Africa: T R r h a o n d s e v s a ia al j- 175,190 191,539 / \ 1 1 8 4 8 , , 2 2 2 9 7 3 1 1 8 4 1 , , 2 8 7 8 5 5 1 1 7 7 3 , ,5 6 6 6 0 4 1 1 8 8 8 , , 9 0 1 3 5 3 1 1 9 9 2 , , 2 1 3 8 2 3 1 1 8 7 6 , , 2 5 4 0 5 3 1 1 7 3 4 , , 0 0 5 2 1 3 1 1 7 2 2 , , 2 2 6 3 7 1 1 1 6 1 8 , , 4 6 2 3 7 8 Australasia: W Ot e h s e t r e r A n u A st u r s a t l r ia alia | 65,471 60,184 \ f 2 2 7 6 , , 9 5 9 1 4 5 2 2 7 5 , , 1 9 6 4 6 7 2 2 5 2 , , 4 0 8 8 8 1 2 2 5 4 , , 0 3 1 8 5 3 2 1 1 8 , , 9 5 4 3 1 5 2 1 0 5 , , 1 8 3 1 1 4 1 1 8 1 , , 1 1 1 5 9 0 1 1 4 1 , , 9 1 6 4 7 5 1 11 2 , , 8 5 7 3 0 1 British India 10,718 11,054 11,056 12,178 11,378 11,523 11,209 10,757 10,028 10,486 9,194 All other 61,826 60,359 69,752 66,499 49,806 54,038 56,752 56,189 59,219 55,878 52,315 Total 455,260 461,940 466,136 459,941 439,078 470,466 454,177 423,590 380,925 365,166 337,951 1 Estimates of the London Statist, Feb. 19,1921, p. 305. Since 1915, when gold production amounted tralia, from $27,000,000 in 1913 to $13,000,000 to $470,000,000, it has been steadily decreasing, in 1920; in other portions of Australia, from and in 1920 was estimated at only $338,000,000. $26,000,000 in 1913 to $12,000,000 in 1920. This diminution is due partly to disorganized It has been stated that production of gold in conditions in Russia, but chiefly to the fact recent years is not much in excess of the needs that, while costs of production have been soar- of industry. In the United States alone some ing in harmony with the general price level, the $75,000,000 are consumed by the jewelry and price of gold has remained fixed by mint acts. other trades; probably the rest of the world It is true that in London, the principal gold absorbs most of the remainder. market of the world, gold is not sold at the mint price of about 85 shillings per ounce fine, GOLD MOVEMENT. but at a figure reflecting the rate of exchange A table presented below shows the imports on New York; namely, about 105 or more shiland exports of gold since the end of November, lings per ounce during the latter part of last 1918, in two periods—first from November, year. The price of gold in the London market 1918, through August, 1920, the period when has thus been adjusted to the depreciation of gold was moving largely from the United British currency, but only to the extent that States, although from April to August, 1920, British currency has lost a larger proportion of the movement was son ewhat irregular; and, its purchasing power than has American cursecondly, from September, 1920, to April, 1921, rency. The dollar has remained at par with the period of the most recent gold movement to gold, and is interchangeable with it; for this the United States. A chart on page 680 shows the movement graphically. i See also FEDERAL KESERVE BULLETIN for December, 1920, p. 1296. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE, 1921. FEDERAL, RESERVE BULLETIN. 679 GOLD IMPORTS INTO AND EXPORTS FROM THE UNITED STATES. [In thousands of dollars.] Total Nov. 1, 1918-Apr. 30, 1921. Nov. 1, 1918-Aug. 31, 1920. Sept. 1, 1920-Apr. 30, 1921. Country. Excess of— Excess of— Excess of— Imports. Exports. Imports. Exports. Imports. Exports. Imports. Exports. Imports. Exports. Imports. Exports. France 87,436 4 153 83,283 1,744 4,153 2,409 85,692 85,692 Netherlands.. 14,708 15 14,693 1,162 15 1,147 13,546 13,546 Spain 3 457 29 778 26,321 29,778 29,778 3 457 3 457 Sweden 31,516 1 31,515 1 1 31,516 31,516 England 350 414 2 190 348 224 84,630 2,105 82,525 265,784 86 265' 698 Canada. 100,652 12,105 88,487 76,158 9,483 66,675 24,493 2,681 21,812 Nicaragua.. 2'888 16 2 872 2,260 17 2,243 628 628 Salvador 2,905 3,144 239 1,495 3,144 1,649 1,410 1,410 Mexico 11 945 33 250 21,305 8 328 " 28,127 19,799 3,617 5,124 1 507 Argentina 2,427 146,555 144,128 180 146,555 146,375 2,248 2,248 Colombia 14,749 5,968 8,781 3,623 5,969 2,346 11,126 11,126 Uruguay 2,745 22,055 19,310 22,055 22,055 2,745 2,745 Venezuela 1 292 12 351 11,059 718 12,350 11 632 573 573 China 3 2,043 67,397 55,354 1 59,396 59,395 12,042 8,666 4,042 British India... 11,294 41,053 29,759 40,804 40,804 11,294 249 11,045 Straits Settlements. 10,893 10,893 10,893 10,893 Dutch East Tndies.. 7, Oil 19,510 12,499 6,440 19,430 12,990 571 80 491 Hongkong 44 656 72,104 27,448 40,210 67,030 26,820 4,446 5,074 628 Japan 2 208 195 414 193,206 132 856 132,856 2 208 62,557 60 349 New Zealand 4 292 4,292 2,751 2,75i 1,542 1,542 All other countries.. 34,883 21,747 13,136 10,167 20,755 10,588 24,717 992 23,725 Total. 743,522 699,759 595,284 551,521 239,867 614,916 155,341 530,390 503,655 84,843 481,296 62,484 Excess imports 43,763 418,812 Excess exports 375,049 For the period as a whole, the United States balances. Japan had large gold credits in imported $744,000,000 of gold and exported this country, and the Netherlands had " ear- $700,000,000, so that the net addition to the marked" gold which was shipped out after the country's stock of gold is $44,000,000. It movement of gold was reestablished. The should be noted that this is a comparatively gold movement from the United States after small amount; that the gains in gold since the the removal of the embargo was thus the recent gold movement set in have not much cumulative result of adverse trade balances more than offset the losses of gold between incurred during the war, or somewhat in the the removal of the gold embargo in June, nature of the withdrawal of deposits. 1919, and September, 1920. It should further The more recent movement of gold to the be noted that imports of gold have come United States is different in character. It is from one group of countries, while exports the beginning of an effort on the part of have gone to another group. From the European countries to reduce their indebtedarmistice to August, 1920, $375,000,000 of ness to the United States. This indebtedness gold (net) left the United States, going largely is the equivalent of commodities imported to Japan, Argentina, China, British India, from America during and since the war, but Hongkong, Spain and Mexico. From Septem- only the balances built up since the armistice ber, 1920, to the present time, $419,000,000 are an active factor in the present situation, (net) was imported, largely from England, inasmuch as wartime supplies were purchased France, Sweden and Canada. almost entirely on Government account and In many respects, the two movements are financed by the Treasury of the United States. of a different character. The outflow of gold The repayment last fall by England and France during the first period was in payment of of the $500,000,000 loan of 1915 is the one accumulated balances to South America and important settlement of obligations incurred the Orient, which owing to the embargo on prior to 1918. gold could not be paid during the war. Much Of gold coming to the United States in recent of this outflow did not represent a change in months, a part is new gold produced in South the ownership of gold after the armistice, be- Africa and sold in the London market, an almost cause most of the gold was held by foreign equal part is gold coming from India via London, interests in America awaiting the removal of and another part is gold exported from Russia to the embargo. Thus, Argentina had a credit France and Sweden in payment for goods or for of about $80,000,000 in this country against the establishment of credits, the latter countries which notes had been issued in Argentina and shipping equivalent amounts to theUnitedStates which was used after the war to adjust trade in part payment for their own purchases. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

680 FEDERAL RESERVE BULLETIN. JUNE, 1921. UNITED STATES GOLD IMPORTS AND EXPORTS NOVEMBER 1918 TO MAY 1921 BABS ABOVE BASE LINE BEP RESENT IMPORTS BARS BELOW BASE LINE REPRESENT EXPORTS BLACK PORTIONS REPRESENT EXCESS IMPORTS OR EXPORTS x 3 I ^ 3 M0NTH S a C 41 P ^i Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE, 1921. FEDERAL, RESERVE BULLETIN. 681 Since the spring of 1919 the British Govern- tagu Foreign Exchange Review for May 5, ment, in order to maintain London's position 1921, Mr. Wollroth, the director of the Swedish as the principal gold market of the world, has mint, has stated that "since last January the permitted the reexport of new gold sold in Swedish mint has received and smelted about London. What actually takes place is that 70 tons of Russian gold, providing it with a the South African producers send smelted gold regulation stamp of purity after manipulation. to London, this gold being only about 60 per Most of this gold was in bars which had been cent fine. In London, the agents of the South already partly smelted in Russia, but remained African producers have an establishment of imperfect alloy. The Swedish mint stamp where they refine the gold to 999/1000 of purity, after resmelting gave it its market value in whereupon it is placed on the auction block America, whither most of it was reexported. and is bid in by the agents at the dollar ex- Seventy tons of gold, if 900 fine, represents change rate, with allowance for expenses of 2,057,530 ounces, or about £10,000,000 at 104 shipment and commissions. The gold then shillings per ounce." This accounts for about goes to New York, where local agents of the $40,000,000 of gold received indirectly from producers dispose of the gold through a member Russia, and there is little doubt that not less bank to the Federal Reserve Bank. The final than $60,000,000 of other gold from Russia has result of these transactions is that the South found its way to the United States through African producers receive dollar exchange to France, Switzerland, and other countries. the amount of $20.67 for every ounce of pure Whether the present gold movement may gold shipped, less the freight from South Africa be expected to continue is a question of great to London, the London commission, the ex- importance. In so far as the Russian gold is penses of shipment from London to New York, concerned, the supply may be nearly at an end, and the New York commission. If the trade and no great additions to the American stock in London requires gold, or if any other country of the precious metal may be expected from wishes to purchase gold, it must bid above the that source. Neither is it likely that much of level of the New York exchange. As a conse- the gold held as central reserves by European quence, there have recently been almost no countries will be released for export to Amerother bids, except for small amounts for use ica. On the other hand, so long as present in the arts, because no country can afford to exchange conditions prevail, and that means offer more for gold than its price at the dollar so long as the balances of international payrate. The daily quotation of gold in London ments continue to be favorable to America, is in fact practically determined by the dollar there is every reason to believe that most of exchange rate. A comparison of the two rates the new gold produced in the world will find shows that frequently there is a slight margin its way to the United States. of less than one-half per cent between the premium on the dollar and the premium on gold. This margin is sufficient to pay the cost PRACTICE UNDER COMMERCIAL LETTERS of transportation, insurance, and commissions OF CREDIT.1 from London to New York. These charges, not allowing for interest or commissions, are estimated at approximately two-tenths of 1 INTRODUCTION. per cent. The following study is the third of a series It is evident, therefore, that the shipment of dealing with the methods of financing foreign South African gold through London to the trade. Previous articles, appearing in the United States is due largely to the fact that FEDERAL RESERVE BULLETIN for February the United States is the only important free and April, 1921, have discussed such phases of gold market in the world, and also to the other the commercial letter of credit as its legal fact, closely related to the first, that dollar principles, its use by American banks, and also exchange is everywhere eagerly desired. The the various forms it assumes. These studies South African producers, in obtaining dollar have analyzed the subject from the standpoint exchange for their gold, receive the best inter- of the banker, while the following article is an national currency in existence at the present exposition of commercial credits from the view time, because they can dispose of this exchange of the American exporter and importer. The with ease either in London or in South Africa purpose is to present typical opinions on or in any other money market. unsettled questions relating to commercial The gold coming from France and Sweden is credit practice, in order to develop certain now known to be in large part gold which originated in Russia. According to the Mon- i Prepared under the direction of George W. Edwards, Division of Analysis and Research. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

682 FEDERAL, RESERVE BULLETIN. JUNE, 1921. principles which may find general acceptance conditions can not be a letter of credit, no matter what may among parties interested in the financing of be printed as its name on the instrument itself. There is no such thing as an unconfirmed and/or revocable letter of foreign trade. The material has been gathcredit. If the bank wished to issue a document which ered partly by direct personal interview, but may be described as an l Authority to purchase/ it should mainly tKrough questionnaires addressed to not name it a letter of credit, because an 'Authority to leading commercial houses. In this task, the purchase' can by no stretch of the imagination be expanded into a letter of credit.'' Division of Analysis and Research secured the cooperation of such organizations as the The purpose underlying question I was to National Foreign Trade Council, New York secure an expression of opinion on the correct Merchants Association, National Association classification of letters of credit. This topic of Manufacturers, Philadelphia Commercial has not a mere academic interest, but possesses Museum, Chamber of Commerce of the State an important legal significance, for it aifects of New York, and the United States Chamber directly the liability of the various parties to of Commerce. The questionnaire has sought a letter of credit. Answers (a) and (b) both to educe replies on such subjects as the mean- hold the view that the terms confirmed and ing of the letter of credit, the use of the docu- irrevocable are synonymous, and that no disment by commercial houses, and the general tinction exists between these two types of policy to be followed in further developing credits. Letters of credit would thus be grouped American credits. The data thus assembled are as (1) confirmed or irrevocable, (2) unconpresented in the following general form: (1) firmed or revocable. On the other hand, Statement of the question; (2) tabulation of answer (c) discriminates between the words the replies wherever possible; (3) excerpts confirmed and irrevocable, and this view from answers presenting typical viewpoints; results in the threefold classification of (1) (4) interpretation of these answers. confirmed—irrevocable, (2) unconfirmed—irrevocable,, and (3) unconfirmed—revocable. The opinions of American banks were sought in a I. MEANING OF LETTER OF CREDIT. previous questionnaire relative to this subject, but a presentation of their replies has been 1. deferred until this issue of the BULLETIN, in Question. Do you draw a distinction between a "con- order to permit a more detailed treatment. firmed" and "irrevocable" and an "unconfirmed" and The results were as follows: "revocable" letter of credit? Answers. No distinction drawn.—(a)k< We have found that Question: Do you issue to a beneficiary an export letter these terms work out to be practically interchangeable. of credit which is irrevocable by the foreign bank but still Perhaps the British banks use confirmed and unconfirmed unconfirmed by you? by preference, whereas it would appear that the American Answers by banks: banks generally designate their credits as revocable and (a) "We issue to beneficiaries of export letters of credit irrevocable." a letter of advice, stating that the foreign bank has estab- (6) "We have not found it necessary to differentiate be- lished its irrevocable letter of credit and that we are pretween a confirmed and irrevocable letter of credit. It is pared to negotiate thereunder, but that we, ourselves, questionable whether there is actually much distinction attach no responsibility in doing so." between the two terms. A confirmed letter of credit may (b) "An irrevocable export letter of credit established be canceled only by consent of the vendor. When a con- with us by a foreign bank would simply be transmitted by firmed letter of credit has been established, the exporter is us to the beneficiary, unless our correspondent particuassured that funds are available to him, provided he com- larly instructed us to ' confirm' the credit." plies with the stipulations of the credit and provided, of (c) "Our procedure in connection with export letters of course, he presents documents before date of expiration. credit advised to us is merely to pass the advice or actual As a further safeguard, however, the irrevocable letter incoming letter of credit on to the exporter. We would of credit was devised during the war, and while it met with not confirm a letter of credit revocable by a foreign bank.'' considerable popularity by manufacturers who were just (d) "We do issue export letters of credit which are irreextending their activities into the export field, it is vocable by the foreign bank, but unconfirmed by us. We doubtful whether it has really proved more effective." simply advise the beneficiary^ of the terms of the credit as Distinction drawn.—(c) "An irrevocable credit may not issued, expressing our willingness to negotiate drafts have been confirmed by the bank here, but is valid to within the terms.'' secure payment by the bank authorizing the credit. If (e) "Such credits are usually issued by the foreign the bank here has not confirmed it, it is optional with them bank and only advised by us.n whether they would discount drafts drawn under this Question: When you are requested to notify a beneficiary credit. We consider an unconfirmed credit to be simply that a foreign bank has opened an irrevocable letter of a letter of advice, or a notice from the correspondent bank credit, is it also regarded as irrevocable by your bank, or here that such a credit has been issued, but as they do not must you add your confirmation to the letter of credit? confirm it, they do not therefore guarantee its payment." Answers of banks: Revocable, unconfirmed form not letter of credit.—(d) (a) "Such transactions are not our export credits; as "Inasmuch as a letter of credit is an unqualified obliga- the credit is issued by the foreign bank, we can not contion of the issuer to make rjayment under certain terms, firm it to the beneficiary, but we do not commit ourselves provided they are fulfilled within a definite period of time, to do so.'' every letter of credit must be a confirmed and an irrevocable (6) "In the ordinary course we would simply notify the credit. Any document which does not meet both of these beneficiary that an irrevocable credit has been opened in Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE, 1921. FEDERAL, RESERVE BULLETIN. 683 his favor. This, however, would carry no engagement so favor, up to what time is it your understanding that the far as we are concerned." issuing bank has the right to cancel? (c) "We only confirm letters of credit opened by a Answers: foreign bank upon request by said bank, otherwise, when Bank has right to cancel at any time—16. transmitting to the beneficiary the information relative to Bank has right to cancel only before presentation of docuthe credit, we invariably disclaim any liability there- ments—4. under, and emphasize the fact that we merely act as (a) "Nothing, we judge, would hinder the issuing bank intermediaries." from effecting immediate cancellation if occasion called (d) "When we are notified by a foreign correspondent for it." that they have opened an irrevocable letter of credit, we, (b) "It is our opinion that the bank may cancel a of course, regard it as such, being not subject to cancel- revocable letter of credit any time prior to the presentalation, but we do not add our confirmation unless espe- tion of the documents. It must accept the documents if cially requested to do so." cancellation notice has not reached the shipper prior to (e) "Unless we are especially requested to confirm such the presentation of same." a credit, we merely pass on the information received from (c) "Until canceled the American bank can not evade the foreign bank, adding a clause that it is without a its responsibility and must make payment upon presentaconfirmation on our part." tion of proper documents. There is, of course, a further question of justice and equity. The supplier of the goods, It is therefore clear that a distinction must in good faith and on the strength of the instrument, may be drawn between an irrevocable and a con- have prepared merchandise which is unsuitable for his firmed letter of credit. The irrevocable letter regular trade, although reasonably current for the market of credit is a document in which a foreign bank of destination. Until recently some of the more experienced American banks have taken the equity of the promises to honor the drafts of the beneficiary, supplier into account and have made payments where provided he complies with certain conditions goods have been prepared and were in existence at the stated in the letter, and it is an obligation ab- time of the cancellation of the 'so-called' unconfirmed credit. Latterly, however, this rule of reason has ceased solutely binding upon the issuing institution. to be applied and the supplier of goods apparently has This credit may be sent directly by mail to the no redress against any one, although he has practically exporter, or it may be transmitted by cable to been led into a trap by the American bank on the strength a correspondent bank, which in turn informs of the weak document which it issued." the favored party of the credit. This report is From the above analysis it is apparent that a conveyed without the assumption of any liabank has the right to cancel a revocable letter bility by the informing bank. However, if the of credit, but the exact time within which this notifier, at the request of the issuer, adds its privilege may be exercised remains undefined. guarantee or confirmation to the advice ad- As indicated in the Federal Reserve Bulletin dressed to the beneficiary, it then becomes an for February, 1921, page 170, the cancellation engagement binding upon both banks. In order from bank to exporter may possibly be other words, one credit is irrevocable by the made effective before any one of the following issuer but unconfirmed by the notifier, and the successive stages in the financing of a shipother is both irrevocable by the issuer and ment: (1) Completion of manufacture of the further confirmed by the notifier. (FEDERAL goods; (2) delivery of goods to a carrier as KESERVE BULLETIN, February, 1921, p. 158.) evidenced by railroad or ocean bills of lading; There remains the third form which is re- (3) presentation of these documents at the vocable by the issuer and unconfirmed by the office of the bank which has informed the notifier. Regarding this form, answer id) is beneficiary of the credit; (4) negotiation of quite correct in contending that such notice the beneficiary's drafts by this bank. does not constitute a true letter of credit, for Although the majority of the replies concede the document is the obligation neither of that banks have the right to cancel a letter of the issuing nor of the notifying bank, and advice at any time, the more discerning exporthence can not be described as a " credit." ers assert that such action may not be taken (FEDERAL RESERVE BULLETIN, April, 1921, after the presentation of shipping documents pp. 413-414.) This document should be termed at the counter of the bank negotiating their rather a " letter of advice." It serves a definite drafts. Bankers, on the other hand, generally trade purpose especially in financing shipments insist that they may cancel an advice of a from agents, affiliated concerns or firms which credit at any time before they have actually of course, would not cancel their obligations. negotiated the drafts of the beneficiary. The Most banks do not issue these revocable letters equitable view between these divergent conof advice. (FEDERAL RESERVE BULLETIN, tentions recognizes that the exporter has defi- February, 1921, p. 164.) nitely fixed the liability of the issuing bank if his shipping documents, complying with the 2. terms of the advice, are tendered to the notifying bank before the latter has given him either Question: In the case of an unconfirmed credit stating an oral or written notice of the cancellation. on its face, "subject to cancellation," issued in your Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

684 FEDERAL, RESERVE BULLETIN. JUNE, 1921. 3. (a) "On credits opened in New York, we feel that the bank discounting our draft has no recourse against us, Question: What in general has been your experience whatever form of credit has been opened." with unconfirmed revocable credits? (b) (a) "On a confirmed credit we would make no draft Answers: without stating on its face 'without recourse' "; (6) "we Do not use unconfirmed revocable credits 17 would endeavor to avoid making any draft but would Experience with unconfirmed revocable credits sat- insist on payment if the documents were presented before isfactory 8 cancellation"; (c) same as answer to (a); (d) "we can not Experience with unconfirmed revocable credits reconcile the word 'revocable' with the term 'letter of unsatisfactory 1 credit,' but any draft drawn against an instrument which (a) "We have never used unconfirmed or revocable was not a letter of credit would undoubtedly carry recourse credits. Our suppliers invariably insist upon a confirmed to the drawer." credit." (c) (a) "No. The confirmation of a credit is like the (b) "We will not accept unconfirmed letters of credit certification of a check"; (6) "yes. As they have not unless the concerns for whom they are issued are of the confirmed the credit, they have no responsibility"; (c) highest credit standing." ' 'yes. As the credit is only irrevocable and not confirmed, (c) "We do not accept such documents unless we are in case of failure of the issuing bank to pay, recourse would absolutely sure of the knowledge and comprehension of be on us"; (d) "yes. No bank would purchase drafts the bank and of the character and solvency of the buyer drawn on a revocable credit without recourse on the of the goods. They are not letters of credit, but only a drawer." limitation on the amount a bank may be called upon to In addition to the question of cancellation of negotiate." (d) "We never had a letter of credit canceled." commercial credits, another mooted problem (e) "They have, so far as we are concerned, worked pre- between exporters and bankers is the right of cisely as though they were confirmed or irrevocable." recourse to the party who has drawn a draft (/) "Good. In one or two cases credits have been upon the authority of a commercial letter of revoked on account of our not being able to make delivery, but that happened during the w^ar, so that as the buyer credit. The Law of Negotiable Instruments needed the material we were able to prevail upon them to recognizes fully the right of the drawer of a reopen the credit." draft to place after his name the phrase " with- (g) "We refuse to accept unconfirmed or revocable out recourse," which relieves him of the liabilicredits, except where investigation shows the concern or individual to be of high standing and when credit is vol- ties usually attaching to the drawer of the bill. untarily established by the purchaser. Under such con- The exporter who has presented for payment a ditions it would hardly be considered good policy to ask draft bearing this expression insists that the for a confirmation of the credit. When we, ourselves, entire business transaction so far as he is conask for the establishment of a letter of credit we always stipulate that such credits shall be confirmed." cerned is closed, and that the negotiating (h) "Only once have our customers ever taken advan- banker may not in the future turn to him for tage of an unconfirmed credit. About a year ago we reimbursement. It is therefore quite obvious received an order for a carload of goods from an English that exporters regard with greater favor the house. After shipment arrived at the Atlantic seaboard drawing of drafts without recourse than with the paying bank advised that the credit had been withdrawn, and we were thus obliged to dispose of the shipment recourse to themselves. The question then to another client." arises, What is the recourse to the drawer of From the above replies it is apparent that a drafts under the various classes of letters of large proportion of commercial houses do not credit described above ? One view is expressed use unconfirmed credits because of their un- in answer (a), which holds that the bank has certain nature as described under question 2. absolutely no recourse against the drawer of On the other hand, it seems that the experience the drafts, whether the credit be irrevocable of firms which do avail themselves of this form or revocable, confirmed or unconfirmed. of credit has been quite satisfactory, due Answer (6) applies the principle of " without probably to the fact that such letters are recourse;; to the confirmed and to the irrevaccepted only from banks and customers of ocable letters of credit, but not to the unconrecognized standing. firmed, revocable form. Answer (c) confines the right to draw a draft without recourse 4. solely to the recipient of a confirmed and irrevocable letter of credit. According to the Question: In selling drafts drawn against a letter of numerical tabulation presented a,bove, the credit, do you consider that the buying bank has recourse exporter believes that confirmed and irrevocable to you? a) On a confirmed credit. letters of credit permit the beneficiary to draw b) On an unconfirmed credit. his drafts without recourse to himself, but that c) On an irrevocable credit. unconfirmed revocable credits admit of recourse d) On a revocable credit. by the bank to the drawer. This middle view Answers: (a) On a confirmed credit—no, 16; yes, 3. is not generally followed by the banks which, (6) On an unconfirmed credit—no, 7; yes, 12. in their replies to the same question, contend (c) On an irrevocable credit—no, 16; yes, 3. that the drawer of a bill of exchange is not ) On a revocable credit—no, 7; yes, 12. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE, 1921. FEDERAL, RESEKVE BULLETIN. 685 released from his liability. In conclusion, un- the terms may be. In case of any unusual transactions, der the Law of Negotiable Instruments, any please illustrate how they were handled. Answers: bona fide holder has full recourse upon the (a) Have used letters of credit in import transacdrawer of a draft under a letter of credit if the tions—10; Have not used letters of credit in import transdrawee bank dishonors the bill. Considering actions—18. the question not from the strictly legal stand- (b) Have used letters of credit in export transactions to cover: point but from commercial usage, the drawer Free alongside steamer (f. a. s.)—5. of drafts under a confirmed irrevocable letter Free on board (f. o. b.)~8. of credit issued by a reputable bank may Cost and freight (c. and f.)—6. safely regard the transaction as closed upon Cost insurance freight (c. i. f.)—10. Import transactions.—(a) "Import transactions are acceptance by the drawee bank and he would financed by letters of credit furnished by buyers, etc. to be liable only in the extreme event of failure cover first-cost purchases, as well as c. i. f. and c. and^. of the accepting bank. (See address of Wilbert transactions. Very seldom is it possible for such credits Ward at Eighth National Foreign Trade Con- to be available in the Far East before documents are obtainable." vention, May, 1921.) Export transactions; credit established, before sending order to mill.—(b) "Usually we require letters of credit to be 5. established before sending of orders to our factories, because if the goods are once made they are of doubtful Question: Have you drawn under "Letters of authori- use to others." zation " (authorities to purchase) and if so, what has been Upon delivery of warehouse receipt—(c) "Invariably your experience in connection with their use? f. a. s. New York. In event of abnormal conditions in ship- Answers: Have used authorities to purchase—10; have ping circles, payment against warehouse receipt." not used authorities to purchase—16. (d) "During the war in one case the bank made pay- (a) '' Such drafts have usually been bought by the issu- ments under instructions against warehouse receipt but ing bank or its agent and have run on a straight interest- only because the steamer space was unavailable when carrying basis." merchandise was ready." (6) " Letters of authorization are not credits. They give (e) "We have required in the past letters of credit to be no security to the drawer of a draft; merely facilitate the opened against warehouse receipts, especially during unoperation of drawing. We use them only when we know settled, congested, or embargoed shipping conditions." drafts will be paid." Presentation of shipping documents.—(/) "Letters of (c) "Satisfactory only if we would be willing to nego- credit have been used, by us on export transactions most tiate similar drafts without a credit; i. e., the A/P is frequently on the basis of f. o. b and c. i. f. shipments, acceptable only if customer's financial standing is satis- and we require advice of the opening of letter of credit in factory. our favor before delivery of goods to steamer. However, A shipment of goods in foreign trade may be our requirement of a letter of credit before delivery of merchandise to the steamer is subject to the moral risk financed by the importer either through a letter and past experience with the particular consignee, and of credit or an " authority to purchase." The at times when we are satisfied that a credit will be opened, former document, as was noted above, vests due to our receiving cable advices to that effect, goods the exporter with the right to draw drafts upon are delivered to the steamship companies in order to catch a particular steamer previous to receipt of advice of a bank. On the other hand, the authority to opening of letter of credit in our favor." purchase instructs the shipper to draw his bill (g) "On f. a. s. and f. o. b. and c. and f. and c. i. f. basis upon the importer directly, but assures him in the case of export transactions, it is not absolutely that the draft will be purchased by the noti- necessary to have the relative credits available before ocean bills of lading and insurance certificates are obtainfying bank. From the above replies it may be able, provided we, as shippers, are informed that the observed that the authority to purchase is not credit in question will be opened. It is of course much widely used by American merchants. A forth- safer to have the actual credit in hand before purchasing coming article in the Federal Reserve Bulletin merchandise, or engaging freight and insurance, but this will present a detailed analysis of this docu- largely depends upon the circumstances of the entire transaction." ment, which is not well understood by American banks and commercial houses. The letter of credit is not extensively used to finance imports, but when so applied the terms II. USE OP THE LETTER OF CREDIT. are mainly f. o. b. and c. i. f. When a letter of credit has been issued in favor of the seller, 6. payment may be made available at the several Question: For what classes of transactions have you used successive stages in the completion of the transletters of credit? action. As indicated in answer (b), the bene- (a) Please indicate as many classes of import trans- ficiary may receive his credit even before he actions as possible. has sent his orders to the factory or mill for (b) Please indicate as many classes of export transactions as possible. In each kind of business indicate all executing the terms of the sales contract. The of the variations occurring; i. e., f.a.s., f.o.b., c. and f., next step would be to mo^J^e finished goods c.i.f., also whether the credits have to be available to the seaboard, where they xiit*y be placed in a before ocean documents are obtainable and, if so whether warehouse. Upon the surrender of warehouse against warehouse receipts or on a clean basis, or, whatever Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

686 FEDERAL, RESERVE BULLETIN. JUNE, 1921. receipts the shipper may at times receive payment (see answers to (c), (d), and (e)). However, this practice obtains only under abnormal Question: In case you open letters of credit, would you as a practice be willing to have the beneficiary assign them conditions such as embargoes, freight congesso that they would be available by a party unknown to tion, or a state of war. It is more usual for you? the negotiating bank to effect payment only The replies were unanimous in stating that upon receiving documents evidencing the actual American importers do not permit foreign placing of goods on the carrier (/, g). In genbeneficiaries to assign credits opened in their eral, a choice among these three points depends behalf to other unknown parties. almost entirely upon the credit standing of the importer. 10. 7. Question: Have you obtained loans or cash advances Question: Have you used acceptance credits opened for from your bank on the faith of letters of credit issued by your account in your own favor for— that bank or another bank in your favor? (a) Transactions involving the importation of mer- (a) Were such credits deposited with the bank and chandise. accepted by them as collateral? (6) Transactions involving the exportation of mer- (b) Did your bank merely require that they be exhibited chandise. to prove their existence? (c) Transactions involving domestic shipments. Answers: Have received loans from banks on letters of (d) Transactions involving merchandise in "warehouse? credit—3; have not received loans from banks on letters If so, did such credits meet the requirements of your busi- of credit—23. ness and give you the credit facilities desired; or, if not, " We have obtained loans from our bank in the faith of explain in what respect they were found to be not available. letters of credit issued by another bank in our favor. Our Answers. Have used acceptance credits—9; have not bank merely required that such letters of credit were used acceptance credits—18. legitimate." Acceptance credits unsatisfactory.—(a) "They do not It is not a practice of American exporters to apply to the operations of established merchants, having use letters of credit opened in their favor as a independence of action." Acceptance credits satisfactory.—(6) "Such credits fully form of collateral for receiving advances from covered the requirements of the particular transactions in banks. (See also FEDERAL RESERVE BULLEhand." TIN, February, 1921, p. 170, replies to question (c) "We have used acceptance credits to cover transac- 25.) tions enumerated under (a), (6), (c), (d). All these credits met the requirements of our business." III. POLICY. Acceptance credits are not widely used by American merchants. However, those firms 11. which have availed themselves of this kind of Question: What in general has been your experience credit ordinarily report satisfactory experience with dollar credits opened by banks in this country as com- (b and c). pared "with your experience with sterling credits issued by London banks? Prefer dollar exchange—legal advantage.—(a) " We see no difference between a dollar credit and sterling credit as Question: Have you found letters of credit useful in local such; in fact, a credit in any currency, aside from the or domestic transactions; and, if so, how have they been slight fluctuations in exchange during its pendency, has employed? little or no bearing on business experience. It is our Answers: custom to study each instrument that is furnished us, (a) "While never having made use of letters of credit in irrespective of the bank or country of origin, and it is only local transactions ourselves, we have been in numerous by experience that one learns what is safe and what is instances the beneficiary of such letters of credit by our unsafe. A credit issued by a bank in the United States customers and have reason to know that they have been is, of course, preferable to one issued abroad, but the only found most useful where so employed." advantage that it affords is the ease of securing legal (6) "Occasionally when financial position or character service in the event of default, and in a matter of credit this of buyer requires such insurance." advantage should be negligible, as a bank, no matter where Letters of credit may be used in domestic located, should meet its credit obligations without the necessity for law suits. Our own experience is that transactions in two ways. The American exvigilance and care in scrutinizing the form of instrument porter as recipient of a letter of credit may furnished and insistence on the elimination of improper or request his bank to issue an ancillary letter in irregular stipulations is the only Way of avoiding favor of a domestic manufacturer, who in turn subsequent misunderstandings and repudiations." supplies the necessary goods. A letter of credit Prefer sterling exchange—more liberal charges.—(6) "It is observable that American banks are less liberal in their may also be used to finance a purely domestic concessions of both interest and commission charge when transaction, and this practice is finding favor drafts under their credits are taken up under rebate." among American sellers who thus seek to avoid Wider experience.—(c) "Although the increasing use of cancellation of "Ttrtftre contracts. (See FED- dollar credits is making such foreign trade financing more satisfactory, and most American banks are now in position ERAL RESERVE BULLETIN, February, 1921, to issue both dollar and sterling credits, the wider experip. 165.) ence and more intimate knowledge of foreign trade on the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNB, 1921. FEDERAL RESERVE BULLETIN. 687 part of London banks, almost invariably produces more been made by the British banks. Whether the real satisfactory banking service "when use is made of sterling obstruction lies in the Far East or in the discount market credits issued by English, banks, and the same can be said here, we are not decided." of the dollar credits now frequently issued by English Broaden discount market.—(6) "They should seek to banks." broaden the discount market for long bills. The position (d) " Our experience "with dollar credits, in fact with all of the American banks operating abroad needs to be more the credits applied for, has been perfectly satisfactory from firmly established and such banks should be prepared to every standpoint, but we can conscientiously say We study more closely the particular requirements of traders consider that the foreign or what we might term the Eng- in their various localities." lish banks seem to handle and understand the letter of Open foreign branches.—(c) "Open branches in foreign credit business perhaps more fully than the American countries." banks. The American banks, in our opinion, during the Assume greater responsibility.—(d) "In our opinion war had a great opportunity to build up the letter of credit American banks should accept the same responsibility in business, but we consider that they have at times given opening credits as English banks do. This would give credit where it was not advisable and, for this reason, per- more protection to the merchants, as the bank would haps, they have at times overextended themselves." undertake to make payment to the beneficiary of the credit Easier conversion.—(e) "The only objection to the use only on the exact terms of the purchase contract. As of dollar credits is that they have not the universal facility matters stand at present we have had the sad experience of exchange and conversion that a sterling has. The that some of our shippers have shipped goods out of time; process of cover of exchange by banks requires a freedom also invoiced these goods at the wrong price, and invoiced of movement through cross currents that our restricted the wrong weight. The result has been that we have lost export trade does not permit." a considerable amount of money." (e) "English banks accept more responsibility in con- The purpose of the remaining questions was nection with the issuance of letters of credit than American to secure constructive criticism for the devel- banks. When opening letters of credit through English opment of American credits. The majority of banks, it is customary to state exactly the contract terms, the answers express satisfaction witn dollar such as quality of the article, shipment, port of shipment, price of the goods bought, and the bank is responsible to credits, and in fact some replies indicate a us that the goods are shipped strictly in accordance with preference for dollar over sterling credits. One particulars given. American banks are in the habit of reason, as stated in answer (a), is the advan- opening credits only stipulating the article and the value tage of being able to bring suit against the of the goods. They do not undertake to see that they are invoiced at the correct price, or that the bills of lading issuing bank in the event of default on its are in accordance with the purchase." obligation. On the other hand, several (/)' 'We think it advisable where a foreign credit is opened responses compare sterling and dollar credits in future by shippers that the terms and conditions of to the disadvantage of the latter as shown in application be adhered to strictly by the accepting bank. answers (&), (c), (d), and (e). The criticisms In other words, we think the bill of lading should be in exact conformity with the credit application; also, if poslevied against the practice of American banks sible, the price and the amount, etc. We find this a safecan be summarized as follows: (1) Higher guard against irresponsible shippers as unless they live interest and commission charges; (2) inex- up to conditions of the credit the accepting bank should perience in handling credits; (3) unwise exten- refuse to accept. Of course, the accepting bank would not know if the quality, etc., was all right, but we feel sion of credit; (4) restricted exchange market. under the existing low values where an advance might The causes of these defects are apparent. The come about that the issuer of the L/c should have all United States has entered only recently into the protection possible." field of financing foreign trade and therefore Compare documents and credits with more liberality.—(g) "We have found, from time to time, difficulties with commercial education is limited, credit inforthe banks here who have interjected stipulations of their mation is lacking, and our acceptance market own which were never intended by the banks to their is still narrow. New York correspondent, and the instrument issued by the New York bank differed very materially from the 12 letter of instructions from the foreign bank. This prac- Question: What suggested changes as to practice have tice, which has gradually come more and more into vogue, you had from your correspondents abroad in connection and to a certain extent is the result of unified action with letters of credit issued by banks in this country? among the American banks, causes needless irritation Have they made any comparison of methods here with between supplier and foreign buyer and should be elimi- English methods? nated in the interest of American commerce. The only 13 comparison of methods between American and English banks might be expressed in this way. We have always Question: What in your opinion should banks in this found that the manager of an English bank had personal country do: experience to guide him in connection with the adjust- (a) To make dollar credits more effective? ment of any difficulties arising under the terms stipulated (b) To hold and develop the letter of credit business in a credit, but that in American banks there was here? either the lack of experience or the lack of authority Answers: and that many matters which would be amicably and Draw bills of longer maturity.—(a) " Banks in this coun- readily adjusted with the manager of an English bank, try appear unwilling to issue credits providing for drafts through his experience, would be practically impossible of a usuance for six or even four months' sight. Six of adjustment with the manager of the foreign or the months' drafts have long been common in the China credit department of an American bank and oftentimes trade and no discrimination thereagainst, we believe, has result in the reference of the principle to the bank's legal Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

688 FEDERAL RESERVE BULLETIN. JUNE, 1921. department who are in no way qualified by experience or sented by the exporters with the terms stated by legal precedent to give a proper reply." in the credits (g and h). Mercantile houses (h) "Letters of credit should state very plainly all the are strong in support of the movement conditions under which the purchase or sale was made and what, if any, latitude is to be allowed regarding the for attaining standardization in commercial quantity and time of shipment. A case was recently credit forms and uniformity in practice (i, called to our attention in which a bank here refused to j, and Jc). Along these lines satisfactory honor a credit opened against a lot of 2,000 bags of a certain progress has already been effected by comcommodity for the reason that the documents called for mittees representing the interests of banks 1,995 bags. A certain latitude, usually 5 per cent, is considered permissible in the quantity shipped, but in view and merchants. of the many difficulties which have arisen lately, it would be well to have this point clearly elucidated in the letter of credit.'' Standardize documents.—(i) "They should have a stand- Fiduciary Powers Granted to National Banks. ardized form that is written as plain as can be written, just what is to be expected from the letter of credit. It should The applications of the following banks for permission state clearly on its face whether it is revocable or irre- to act under section ll(k) of the Federal Reserve Act have vocable; whether it is confirmed or unconfirmed. It been approved by the Board during the month of May, should carry on the reverse side definitions of what is to 1921: be considered the standard practice under letters of DISTRICT NO. 2. credit, viz, whether or not partial shipments will be paid Trustee, executor, administrator, registrar of stocks and bonds, guardian for; whether a 'proper' bill of lading is to be accepted, or of estates, assignee, receiver, and committee of estates of lunatics: whether an 'on board' bill of lading. If no expiry date The Sussex National Bank, Newton, N. J. The First National Bank, Roselle, N. J. is given on the face of the credit, it will lapse one year from date drawn, and such other definitions as the practice DISTRICT NO. 3. of those interested in foreign trade have found expedient Guardian of estates, assignee, receiver, and committee of estates of lunato have clarified." tics: (j) "The adoption of a standard form of letter of credit The Eighth National Bank, Philadelphia, Pa. and the elimination of technicalities in connection with DISTRICT NO. 4. establishing these credits, and making payments against Trustee, executor, administrator, registrar of stocks and bonds, guardian same." of estates, assignee, and receiver: (h) "Changes in practice we think should originate in The Troy National Bank, Troy, Ohio. issuing credits in the United States, as there is little or Trustee, executor, administrator, registrar of stocks and bonds, guardian of estates, assignee, receiver, and committee of estates of lunatics: no uniformity in the forms of advice now employed by The First National Bank, Erie, Pa. United States' banks." DISTRICT NO. 5. As both questions solicit expressions of Trustee, executor, administrator, registrar of stocks and bonds, guardian opinion from American commercial houses and of estates, assignee, receiver, and committee of estates of lunatics: foreign correspondents on the one question of The First National Bank, Bluefield, W. Va. the relative value of American credits, the DISTRICT NO. 6. results can be summarized best by combining Trustee, executor, administrator, registrar of stocks and bonds, guardian of estates, assignee, receiver, and committee of estates of lunatics: all replies. The first three answers offer sug- Florida National Bank, Jacksonville, Fla. festions as to the general policy of American DISTRICT NO. 7. anks. The recommendation contained in (a) Registrar of stocks and bonds, guardian of estates, assignee, receiver, and has already been carried into effect by the committee of estates of lunatics: The Home National Bank, Thorntown, Ind. Board's recent ruling permitting Federal Re- Trustee, executor, administrator, registrar of stocks and bonds, guardian of estates, assignee, receiver, and committee of estates of lunatics: serve Banks to purchase in the open market The Keokuk National Bank, Keokuk, Iowa. bills of exchange with a maturity of 6 months. DISTRICT NO. 8. It is urged that the discount market be Trustee, executor, administrator, registrar of stocks and bonds, guardian broadened, and the number of branches in of estates, assignee, receiver, and committee of estates of lunatics: foreign countries extended (6 and c). An- The Carlinville National Bank, Carlinville, 111. Guardian of estates, assignee, receiver, and committee of estates of swers (d) and (e) advise American banks to lunatics: The First National Bank, Mount Vernon, Ind. assume greater responsibility in their handling of commercial credits. These institutions are DISTRICT NO. 10. also asked to adopt a more liberal policy in Trustee, executor, administrator, guardian of estates, assignee, receiver, applying and comparing the documents pre- and committee of estates of lunatics: The First National Bank, Hominy, Okla. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNB, 1921. FEDERAL, RESERVE BULLETIN. 689 BUSINESS AND FINANCIAL CONDITIONS ABROAD. ENGLAND. been resumed. It would seem, however, that the emphasis had shifted from a national pool Very few tangible results have been obtained of profits to a wage adjustment on a national by either side in the controversy which still basis. The theory of a national wage adjustgoes on in England between coal miners and ment appears to have been accepted by the operators. No coal has been produced for nine Government in view of the offer of £ 10,000,000, weeks. During the course of the struggle, while the offer of the miners, as indicated however, very material concessions have been above, seems to show that they would accept made by all parties to the controversy, and as at least a temporary adjustment on the basis of a matter of iact original principles have been the changes in the cost of living, a method of forced into the background by the severity of adjustment which has become very common in the strike. England in recent years. Toward the end of April, following a pro- None of these proposed temporary arrangeposal of the mine owners that wages be re- ments provide an incentive for increased produced uniformly within different "areas" duction, either to the operator or the miner. for a period of three months and if neces- The fundamental difficulty is the decreased sary be subsidized by the Government, the output per man. This is said to have fallen miners offered to take a national average from 260 tons per annum per miner in 1913 to wage reduction of 2s. per shift, which according 190 tons on the same basis in 1920. Following to their calculations would be a 30 per cent the adjustment of last autumn, when wages reduction from their 1914 wage rate or an 18 were regulated by output, production increased per cent reduction from their present rate. remarkably, clearly demonstrating the fact that This, they contended, would be in accord output was below normal. with the recent reduction in the cost of living It can not be stated, however, that there and would leave them with, approximately have been no positive gains as a result of the the same standard of living as in 1914. negotiations, since both miners and owners March accounts showed, however, that the apparently agree that when the adjustment deficit in the industry for that month taken is made wages are to be the first charge upon independently would require a reduction in the the industry, that they are to bear a definite average national wage of 5s. 4|d. per shift, if ratio to profits, and that surplus profits are allowance were made for minimum profits, or to be divided in a fixed ratio between miners if not, of 4s. If d. The miners, as stated above, and owners. The owners have also relinwere willing to take a reduction of 2s. per shift, quished the idea of district wage rates and but were firmly opposed to any larger reduc- outlined a group of six "areas" to form the tion. They estimated that a temporary sub- basis for wage adjustments. sidy of £30,000,000 on an annual basis would Meanwhile the railway and transport workers meet their demands if operators were willing to have refused to handle imported coal and it forego profits during the transition stage. has become necessary for the Government to On condition that a permanent settlement provide public utilities, institutions, etc., with be reached in the industry, the Government, in coal. The Government is not, however, furreply to this offer, made a counter offer of nishing coal to commercial establishments. £10,000,000 for subsidizing wages during a It is supposed that the coal industry was transition period of four months. It was sug- decontrolled on March 31 instead of in August, gested that the sum be distributed in such a as the law originally provided, partly because way that wages in May, taken on a national of the fact that the railroads are to be released basis, would be reduced£3s. a shift, in June from Government management in August. A 3s. 6d., and that the balance of the £10,000,000 bill has recently been introduced into Parliawould be used in July and August to further ment providing for the reorganization of the temper the drop from the March scale of wages railroads at the time of decontrol along the folto that offered by the operators. It was also lowing lines. All railroads in Great Britain are implied that the Government would not object to be combined into six groups, a southern, to the creation of a national wages board to a western, a northwestern and midland, a work on wage schedules for the different northeastern and eastern, a west Scottish, districts. and an east Scottish group. Amalgamations This offer was rejected by the miners, and are to be put into operation on January 1,1923. it is only recently that negotiations have again A permanent rates tribunal is to be set up to Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

690 FEDERAL BESERVE BULLETIN. JUNE, 1921. pass on rates in the various districts, the basis items, such as army, navy, and civil services. to be used being that of revenue in 1913. If The national debt service accounts for approxirevenue exceeds this figure, the roads will be mately one-third of total expenditure with entitled to retain 20 per cent of the surplus, no provision made for interest payment on the while rates and fares will be adjusted to absorb American debt. the other 80 per cent. All questions regarding During the past month private business has wages are to be handled by central wages continued to suffer severe depression. This has boards, or, on appeal, by a national wages been much accentuated by the coal strike. board consisting of representatives of workers The iron and steel, tinplate, and pottery indusand owners. Each railway company is to tries have had to curtail production more than have something in the nature of a Whitley others on this account, with the result that council giving representation to workers and the figures for output of pig iron and steel management. It is understood that the rail- ingots show very great reductions in April way workers have already agreed to the pro- as compared with March, although March posals. production was low. The financial responsibility of the Government during the period of control is to be ended with the payment of £60,000,000 to the Production (metric tons). Ship tonnage roads, one-half of this sum to be paid at the under Steel in- construcend of 1921 and one-half at the end of 1922. Coal. Pig iron. gots and tion (gross The effects of the readjustment to peace castings.1 tons). conditions are also apparent in the budget for 1921-22, which was brought before Parlia- 000's. 000'& 000's. Monthly average, 1913 24,336 649 2 2,002,699 ment on April 25. This budget is divided into 1920. an ordinary or permanent budget and an April 17,131 655 794 extraordinary or nonrecurrent one. Ordinary May 3 22,131 738 846 June 19,048 726 845 3,578,000 receipts are estimated at £1,058,000,000, July 3 22,926 750 790 while ordinary expenditures are estimated at A Se u p g t u em st ber 1 1 6 8 , , 9 8 7 8 0 5 7 74 5 1 2 7 88 0 5 9 3,731,000 £974,000,000. The extraordinary budget in- October 314,044 533 544 November 15,920 404 505 cludes estimated receipts from war assets of December 20,230 675 747 3,709,000 £158,500,000 and war liquidation charges of 1921. £66,000,000. This makes a total estimated January a 21,805 642 493 February 17,369 464 484 income of £1,217,000,000, and an estimated March 16,437 359 4 3,799,000 expenditure of £1,040,000,000, leaving a sur- April 60 68 plus of £177,000,000. From this surplus, 1 Revised figures. however, must come additional expenses con- 2 Average of 4 quarterly estimates. 3 5 weeks. nected with the decontrol of the coal and rail- * Work suspended on all but 2,952,000 tons. way industries, and with domestic and foreign 5 Publication of statistics suspended during strike of miners. debt. These have been estimated as follows A quarterly survey of conditions in the by the London Joint City and Midland Bank cotton industry as presented in TattersalFs (Limited) : Cotton Trade Circular shows that shipments Estimated expenditure in respect of coal, of yarn in the first quarter of 1921 amounted railways, etc £97,000,000 to 64 per cent of shipments in the same period Depreciation fund 32,000,000 last year. Shipments of cloth showed approx- Revenue payments in scrip 65,000,000 imately the same ratio between the two periods, Maturing external debt 80,000,000 which would seem to indicate that unless Total 274,000,000 stocks have been accumulating the rate of From this can be deducted £15,000,000, production during the first quarter of this proceeds from the civil contingencies fund, year was about two-thirds that of the same but even so the surplus of £177,000,000 is time last year. Production during April and changed to a deficit of £82,000,000. May have probably been further curtailed. Detailed study of the budget shows that no Unemployment increased seriously during important change in taxation has occurred April and to even larger proportions in May. except that the excess profits tax has been Excluding coal miners, 17.6 per cent of trade removed. The yield from the income tax is union members were unemployed at the end of estimated at 43 per cent of the total tax April as compared with 10 per cent at the end revenue. On the expenditure side consider- of March. Of the 12,000,000 workers eligible able reductions have been made in the large for unemployment insurance, 15 per cent were Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNB, 1921. FEDERAL, RESERVE BULLETIN. 691 receiving it at the end of April, while 1,854,000 with the decline in private deposits there has persons were registered at employment ex- been a very large decrease in bills discounted changes on that date. During May something but an increase in advances. like 500,000 cotton textile operatives went on Export credit schemes continue to be under strike because of wage reductions. discussion, but so far there appears to have Thus far commodity prices have continued been no change from the plan put into effect to decline, although it would seem possible at the end of last year whereby in the case of that with production in many lines curtailed exports to certain countries, such as Finland, as a result of the strike there might be a Latvia, Esthonia, etc., the Government adreaction upward. The Statist index shows a vances up to 100 per cent of the value of the decline of 4 per cent during April as compared goods and guarantees 80 per cent. Early in with 3 per cent during March, while the Board March the president of the Board of Trade of Trade index shows a decline of 3 per cent in proposed a somewhat different scheme, namely, April as compared with a 7 per cent decline to guarantee up to 85 per cent of the selling in March. The greatest stability is found in price of the goods and to require from the the textile group, the Statist index registering importer securities to the value of only 50 per a slight increase for all textiles and the Board cent instead of the previous 100 per cent. of Trade registering an increase for cotton. This new proposal has apparently not been A study of individual commodity prices put into effect and the transactions under the shows that the situation in England during older scheme are of a very minor character. April was closely similar to that in the United Between January 1 and March 31, 1921, States. The basis for our study are the advances had been made by the Board of eighty odd average price quotations which are Trade for only £321,000. furnished to the Federal Reserve Board each month by the American consul general in FRANCE. England. During April there was an advance in the price of American and Egyptian raw Plans for financing the current needs of the cotton, cotton yarns, the leading nonferrous French Government in meeting its maturing metals, and domestic hides, while wool and obligations and in buying food and raw mawool products, iron and steel, copper wire, terials abroad have developed rapidly in the tin plate, leather, and shoes, as well as many last few weeks. On May 15 it was announced other important commodities, were reduced. that the Government would issue a new series The increase which occurred in raw cotton and of two-year Treasury bills. Subscriptions will yarns was not reflected in cloth prices, which be received from May 23 to June 25. Incontinued to decline. Prices continued to terest is to be paid in advance at the rate decline in all lines of the wool industry until of 6 per cent and the bills will be tax exthe time of the May auctions, when values for empt in France. On May 25 subscriptions to the raw material were somewhat increased. a new $100,000,000 loan in the United States Slight increases in the prices of hides were were opened. The bonds of this external not reflected in quotations for leather or shoes. loan will run for 20 years, and pay interest In the iron and steel industry prices de- at the rate of 7-J per cent. They will be marclined more considerably than in other lines. keted at 95. These bonds are not to be re- In spite of the recovery in the prices of non- deemed before they mature, but the French ferrous metals, copper wire and tin plate were Government has arranged for a sinking fund lowered. Coal was quoted on a nominal basis, which will provide $750,000 monthly for the reexcept during the first week of April. tirement of bonds bought in the open market. As regards the relationship between prices The conditions of this bond issue are slightly and currency, it would seem that so far the more advantageous to the French Government reduction in prices and in the volume of than were those of the issue floated last fall. business had had comparatively little effect France's foreign debt at the end of April, upon the quantity of currency outstanding. 1921, stood at not quite 33,000,000,000 Although wholesale prices are approximately gold francs, as compared with more than 37 per cent below the level of a year ago, bank 35,000,000,000 gold francs on September 30, and currency notes outstanding have been 1920. The progress of debt reduction is shown slightly increased. Deposit accounts with the by the table following, which is furnished by nine London clearing banks, however, declined the French Financial Agency in the United 6 per cent between January and April. Along States. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

692 FEDERAL, RESERVE BULLETIN. JUNE, l92l. EXTERNAL DEBT OP FRANCE. the new association of coal producers of the north and east, which goes under the name of [In millions of gold francs.] the Groupement des Houilleres du Nord et du Pas-de-Calais. This association, which in Sept. 30, Nov. 30, Jan. 31, Apr. 30, 1920. 1920. 1921. 1921. eludes 17 important coal mining companies, asks for a loan of at least 800,000,000 francs to United States Government. 16,500 16,500 16,500 16,500 use in repairing the damage done to its proper- British Government 13,195 11,980 11,980 11,980 ties during the war. The 500-franc bonds of United States 2,108 1,342 1,194 968 Great Britain 2,020 2,019 1,915 1,894 this loan will pay 6 per cent interest and will be Japan.. ... 336 336 344 344 Argentina 145 145 110 93 marketed at 480. They are repayable in 30 Holland 115 115 115 115 years, by annual drawings which will begin Norway . . . 59 45 45 Spain 564 554 513 502 April 1, 1922. Sweden 70 70 70 Switzerland 136 117 111 56 The iron and steel producers of the north Uruguay 80 80 80 80 and east have also organized a similar asso- Total 35,328 33,303 32,977 32,523 ciation, which is called " Groupement de la Grosse Metallurgie (Hauts fourneaux, acieries, forges, et mines de fers)/ but the character of Meanwhile the Senate and the Chamber of the loan they propose to raise for the recon- Deputies have postponed final consideration struction of the steel industry in the devasof the 1921 budget. When they adjourned for tated regions has not yet been announced. recess on April 30, the ordinary and extraordinary budgets had been agreed upon, but French foreign trade figures for the month the amounts to be expended upon the " re- of April seem to indicate a revival of activity coverable budget" (that is, upon reconstruc- in foreign buying in France. For the second tion and upon pensions) had not yet been time this year there is a surplus of exports finally decided. In estimating the receipts to for the month, and the value of the export be counted upon for ordinary Government trade in April was greater than during any expenditures, the probable monthly receipts other month since October, 1920. The imfrom the tax on total business turnover were port trade for April was slightly larger than placed at 241,666,599 francs instead of the for the two months previous, but it is valued 415,666,500 francs expected when this tax first at only a little more than half the import became a law. In the month of April total trade of the same month last year. receipts from indirect taxes and Government Foreign exchange rates in Paris reflect the monopolies were larger by about 300,000,000 improvement in the French balance of trade. francs than in the two months previous, but they The fluctuations of the value of the franc in were still smaller than budget estimates even the important foreign currencies were almost though the latter have been revised. steadily upward during April, except in the Although the Parliament has not reached a case of the lire. During May it was reported final decision on this year's budget for recon- that the appreciation of the value of the struction, work in the devastated regions is franc had somewhat checked foreign buying, proceeding rapidly. An interesting develop- but exact data on the subject are not yet ment in this connection is the result of the obtainable. laws passed on July 31 and December 31, 1920, The following table shows the change which by wiiich the central government guarantees has taken place in French foreign exchange the principal and interest of loans raised by since the beginning of the year. industries or districts, for reconstruction purposes. The first city to take advantage of this Paris Exchange on— opportunity is Albert, an industrial and comf m lo e a r t c i i n a g l a c 6 e n p t e er r c o en n t 3 t 0 h - e y e A ar n l c o r a e n f R o i r v e 2 r 5 . , 00 I 0 t , 00 is 0 Y N o e r w k. London. Rome. w A e n r t p - . Berlin. francs. The bonds are dated May 15, 1921, and are in 500-franc denominations, to be Francs to the Dollar. Pound Lira. Franc. Mark. sterling. marketed at 477.50. Before the war Albert specialized in sugar refining and in iron and P 19 a 2 r 0 average1 1 5 4 . . 1 5 8 8 2 53 5 . . 1 2 0 2 1 . .0 6 0 9 :L L O . 0 O 5 1 . . 2 2 5 5 steel manufactures, and it is undertaking re- 1921 end of—2 January 13.93 54.03 .52 L.05 .25 construction in an energetic fashion. An even February 13.95 54.03 .51 L.05 .23 more important outgrowth of the laws by A M p a r r i c l h 1 1 4 3 . . 2 2 4 1 5 52 5 . . 2 8 2 9 . .6 5 4 8 ] ] L L . . 0 0 4 0 . .2 2 0 3 which the state guarantees loans for the devastated regions is the loan requested by 1 Average monthly quotations. 2 Last Wednesday in the month. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE, 1921. FEDERAL RESERVE BULLETIN. 693 The revision of the French general tariff, April 4, 1921, the Minister of Labor, speaking which had been in progress for some months, before the Senate, said: uThere are at present was completed early in April. The object of 72,000 receiving relief from departmental or this revision, which increases rates in some municipal funds, and adding to this number the cases more than 200 per cent, is to prevent unemployed who are not receiving relief, we unfair competition in French markets by may estimate the total number of unemployed manufacturers from countries with a greatly at about 180,000." After April 4, however, depreciated exchange. Products of the unemployment increased rapidly. The num- United States of America are specifically ex- ber of those receiving public aid rose to 84,309 empted from the new rates, and they do not on April 22, although it declined in the next apply to countries which enjoy minimum week to 83,256. The French Central Governtariff rates when importing goods into France. ment has been requested by both employers Wholesale prices in France continued to and employees to take steps to increase Governdecline during April. The wholesale price ment aid in dealing with unemployment. index number of the General Statistical Office ITALY. registered a decline of 3.6 per cent for the month, as compared with a decline of 4.5 per Italian Government finances continue to cent the month previous. Among the more show the improvement first noted at the end important price reductions are those of iron of last year. The latest figures showing Govand steel products, which are responding to ernment revenues from taxation and monopothe lower price of coal, and of raw cotton and lies from July 1, 1920, to March 31, 1921, toraw wool. The increase in the price of vege- taled 7,589,000,000 lire, which is more than the table foods which is recorded by the Statis- total anticipated for the entire fiscal year tical Office's index is accounted for by the 1920-21. The excess over the original estibackward condition of the crops, which have mates was particularly large in the case of suffered from lack of rain this spring. direct taxes, which yielded in the nine months Although the newspapers continue to com- a total of 2,371,000,000 lire, while the estimated plain of continued high prices in retail stores, total for the fiscal year had been 1,856,000,000 the retail index of the General Statistical Office lire. shows a decline of 8 per cent in April as com- The following table shows the yield, in millions pared with a drop of not quite 4 per cent in of lire, from the several classes of taxes in the first its wholesale price index. nine months of the current fiscal year, as com- The condition of the Bank of France during pared with the same period in the preceding April shows comparatively little change ex- year: cept in its gold reserve, which increased [Millions of lire.[ 10,000,000 francs during the month. The amount of the advances of the bank to the July 1,1920,July 1,1919, Government fluctuated as usual during April, to Mar. 31, to Mar. 31, 1921. 1920. closing the month at 26,000,000,000 francs. It is difficult to judge accurately of the unem- Direct taxes .. 2,371 1,486 ployment situation in France. French trade- Taxes on business (stamp dutie3, registration unions peased to publish statistics giving the Ta fe x e e s s , o in n h c e o ri n t s a u n m ce p t t a i x o e n s . , . luxury-taxes, etc.)-.. 1 1 , , 4 2 6 5 3 4 9 9 2 0 9 8 proportion of their membership out of work Industrial monopolies 2,132 1,357 Commercial monopoles 369 272 during the war, and the only figures now obtainable on the subject of unemployment are the Total.. 7,589 4,952 numbers of unemployed in receipt of relief from municipal and departmental unemploy- Beginning on February 16, a new type of ment funds. The number of these funds is treasury bond (5 per cent maturing in seven not very large, although it has increased during years) began to be offered for sale through a the last six months. At the end of October, consortium headed by the Banca d'ltalia. 1920, there were only 2 departmental and 30 Until August 14,1921, the rate of issue will be municipal unemployment funds. By February 91.50, plus the accrued interest from February 18, 1921, there were 7 departmental and 65 15 to the date of sale. After August 14 the municipal funds. In April, 1919, the number rate will be advanced. For those who purof unemployed receiving aid from the depart- chase the bonds before August 15, the actual ments and municipalities rose to 116,000. By rate of interest will be 6.20 per cent and an January 1, 1920, it had fallen to 13,507. additional 0.25 per cent will be granted those Throughout the year 1920 unemployment who choose to register their bonds. In addiincreased in France with some regularity. On tion, lottery drawings will take place twice a Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

694 FEDERAL, RESERVE BULLETIN. JUNE, 1921. year, and a total of 2,545,000,000 lire will be lire; 1917, 1,288,000,000 lire; 1918, 2,950,000,paid annually in 1,200 premiums ranging from 000 lire; 1919, 2,779,000,000 lire. The in- 1,000 to 1,000,000 lire. The bonds are exempt crease in 1920 was thus nearly 74 per cent from all present and future state taxes. The larger than in 1919, and larger than the comissue is intended primarily for the reconstruc- bined increase for the four years 1915-1918. tion of the provinces which were occupied by The largest increase (99,0000,000 lire) was the enemy during the war and for the economic shown by banking corporations. development of the annexed territories. In accordance with its declared policy of a GERMANY. gradual restoration of free trade, the Govern- The industrial and financial situation in ment has lately enacted a number of measures Germany was complicated during April and abolishing or restricting Government control early May by events not primarily economic. of the distribution and price of several classes The communist uprising in central Germany, of goods. Thus, in the course of the months the proposal to occupy the Ruhr, the 50 per of February and March, exports of olive oil cent tax on imports from Germany imposed by from one province to another were again England, France, and Belgium, the extension permitted, the prefects, however, retaining of the Rhine customs boundary farther into the right to requisition the amounts required Germany, the uncertainty as to the outcome for the needs of the province if necessary. of the reparations settlement, and the dissen- Export abroad of a limited amount of olive oil sion in Upper Silesia all contributed to make was also permitted. In the same way domestic the business situation uncertain. and foreign trade in grains for animal feed, The reparations settlement has now been barley, and oats were freed from a large measure achieved and Dr. Wirth, the new chancellor, of control. The commissioner of food supply who was finance minister in the last cabinet, has also been authorized to discontinue Governis reported to be doing everything in his power ment control of the distribution of maize to put its terms into effect. The Upper beginning with the next crop, and to restore Silesian question remains. partial free trade in bran. Flour prices will One effect of the political uncertainty seems continue under control. Two consortiums to have been the partial relaxation of Governwhich were organized to regulate the importament control of industry. The regulation of tion and distribution of commodities will also newsprint paper was done away with early in be discontinued during the year. The codfish April; control of export prices for several consortium ceased functioning on April 30, and important commodities has been relaxed; the rice consortium is to end on September 15. control of the grain market has been revised In 1919, Government monopolies were and decentralized, although a certain amount created for the sale of coffee and coffee sub- of regulation is to be retained until August, stitutes, and certain other less important 1922, and the critical situation in the export commodities. During the fiscal year 1919-20 market has led the Eisenwirtschaftsbund to the yield from these sources amounted to relax control of semifinished iron products. 422,000,000 lire. It has now been decided to The last-named action had the effect of abolish the Government monopolies in these lowering quotations for iron products from 13 lines, and the coffee trade will be taken over to 30 per cent, according to the Rheinishby a consortium of merchants who will control Westphalische Zeitung, and the Eisenwirtit until April, 1922, when free trade will be schaftsbund announced decreases in the prices restored. of the various kinds of pig iron ranging from 5 During the first months of this year the to 10 per cent, which became effective May 1. note circulation of the banks of issue has been Aside from these price changes there seems gradually decreasing. On December 31, 1920, to have been no very definite movement in the the total note issue amounted to about German price level during April. Prices of 19,700,000,000 lire. By March 20 it had been lime nitrogen, manure salts, kainite, straw reduced to 18,600,000,000 lire. and hay, dyes, paper, and silk increased some- One of the evidences of inflation in 1920 was what during the month, but the net effect the unprecedented growth of corporate capital of the changes which took place was such in that year. The total net increase, including that the wholesale price index number of the both the capital subscribed to newly created Frankfurter Zeitung remained unchanged. corporations and the increased capitalization The evidence available on the subject conof old ones, amounted to 4,835,000,000 lire. In tinues to show that the cost of living in the preceding years, the net increase was as Germany is declining, even though slowly. follows: 1915, 79,000,000 lire; 1916, 236,000,000 The following table of living costs in Greater Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE, 1921. FEDERAL. RESERVE BULLETIN. 695 Berlin has been furnished the Federal Reserve [In millions of marks.] Board by Dr. R. R. Kuczynski, statistician for Reichs- und Berlin-Schoneberg: Darlehnskassen- Note circu- Darlehnsscheine lation of kassenheld as the Reichs- scheine in WEEKLY COST OF LIVING IN GREATER BERLIN FOR A reserve m bank. circulation. the Reichs- FAMILY OF FOUR. bank.i [In marks.] 1921 Mar. 31. 23 836 69 417 10 168 Apr. 7... . 22 941 69,235 10 001 Food. Rent. l H i a g n e h d a t t . C i l n o g t . h- Sun- Total. A A A p p p r r r . . . 3 1 2 0 5 3... 2 2 2 3 4 3 , 1 6 1 4 4 3 9 4 1 6 6 7 8 0 8 , 8 7 3 4 3 7 0 6 9 9 9 9 , 5 5 7 4 6 5 3 0 5 August, 1913, to 1 The proportion of Reichskassenscheine included in these figures is July, 1914 9.80 5.50 1.90 5.85 5.75 28.80 very small. 1920. On April 8 the Reichsrat approved a law January 86.00 8.00 12.00 70.00 44.00 220.00 February 100.00 8.00 13.00 82.00 51.00 254. 00 suspending for three years section 17 of the M Ap a r r i c l h 1 1 5 2 7 5 . . 0 0 0 0 8 8 . . 0 0 0 0 2 2 2 0 . . 0 0 0 0 1 1 1 0 2 5 . . 0 0 0 0 6 7 4 5 . . 0 0 0 0 3 37 2 5 2 . . 0 0 0 0 German bank act. This section provided May 163.00 9.00 22.00 98.00 73.00 365.00 that the Reichsbank keep, as a reserve against June 128.00 9.00 22.00 84.00 61.00 304. 00 July 135.00 9.00 22.00 77.00 81.00 324.00 its notes in circulation, one-third their value A Se u p g t u e s m t ber 1 1 3 2 1 3 . . 0 0 0 0 9 9 . . 0 0 0 0 2 2 2 1 . .0 0 0 0 7 7 0 0 . .0 0 0 0 7 7 7 5 . . 0 0 0 0 3 2 0 9 8 9 . . 0 0 0 0 in coin, bullion, or Government notes. It was October 138. 00 9.00 22.00 70.00 79.00 318.00 virtually set aside in August, 1914, by a rul- November. 136.00 9.00 22.00 70.00 79.00 316.00 December 141.00 9.00 22.00 70.00 82.00 327. 00 ing which legalized the use of the newly instituted loan bank notes (Darlehnskassen- 1921. January 139.00 9.00 22.00 70.00 80.00 320.00 scheine) as a substitute for gold in the Reichs- February , 133.00 9.00 23.00 70.00 78.00 313.00 March 129. 00 9.00 23.00 63.00 74.00 298.00 bank reserve. The new law will, therefore, be April 121.00 9.00 23.00 63.00 65.00 281.00 of little more than technical importance. The reason for its proposal at this time seems to Dr. Elsas's index number of living costs in be the fact that the war loans which secured Frankfurt-am-Main gives further evidence in the Darlehnskassenscheine are gradually being this same direction. Using the cost of living paid off. For some time, as the following on April 1, 1919, as 100, his index reaches 26.5 table (taken from the Frankfurter Zeitung) infor January 1, 1914, 297 for March 1, 1921, dicates, the Reichsbank has been withdrawand 280 for May 1, 1921. ing these notes from circulation. The fluctuations of prices on the German stock exchanges during this period indicate the DARLEHNSKASSENSCHEINE (LOAN BANK NOTES). changes in the sentiment of the community in regard to its economic future. The Frank- Per cent Per cent in the in furter Zeitung's index number of securities Eeichs- circulabank. tion. prices (which is based upon the prices of 10 bonds and 25 stocks, with prices on Jan. 1, End of 1916 12 88 1920, as a base) fell from 166 on April 9, to 151 1917 18 82 on April 23, and returned to 159 the last, day 1918 36 64 1919 45 55 of the month. 1920 66 34 March, 1921 68 32 In Dr. Havenstein's review of the operations of the Reichsbank during 1920, it is pointed out that the note circulation of the bank Presumably as the business of the loan banks almost doubled in the course of the year. In diminishes, these notes will be canceled, and the first weeks of 1921 this increase in the note it is to provide for this contingency that the circulation was arrested. The end of March new law is brought up. As some of the bank statement established a new high level, Darlehnskassenscheine are used by the pubhowever, which has been again exceeded by lic as a substitute for the Reichsbank notes, the note circulation at the end of April. Mean- and some of them are held as cover for the while the number of Darlehnskassenscheine Reichsbank notes, their cancellation will mean in circulation has been decreasing. The fol- increasing the number of Reichsbank notes lowing table shows the developments of the in circulation and also providing some new month: form of cover for these notes. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

696 FEDERAL EESERVE BULLETIN. JUNE, 1921. In March the movement toward increasing movement noticeable in two important groups, the capital of German corporations seemed namely, animal foods and coal. The latter to be arrested. Increases in capital during rose from 279 to 291, a gain of 4 per cent. that month amounted to not quite 531,000,000 The wood pulp index remained unchanged, marks, as compared with 1,092,000,000 marks prices continuing at almost five times their in January, and 1,373,000,000 marks in Feb- prewar level. Quotations for hides and leather, ruary. In April, however, the number of on the other hand, were about 15 per cent companies increasing their capital was larger lower than before the war. A significant again, and the value of the stock they offered decline occurred during April in building mato the public (according to the compilations of terials, the index shifting from 298 to 236. the Frankfurter Zeitung) amounted to almost Other commodity groups showed a less decided 1,687,000,000 marks. Offers of stock by new and, in general, a slower rate of decline. concerns and bond offerings also increased, The industrial depression continues seriously and the total value of stocks and bonds placed to affect the unemployment problem in Sweden. upon the German market during the month is The number of applicants per 100 occupational placed at 2,559,000,000 marks. The most openings declined from 301 to 240 in March, important of the companies to increase their apparently indicating that the peak in unemcapital is the group of chemical manufacturers ployment has been reached. However, in known as the Aniline Concern, which offer spite of the improvement evidenced by these 800,000,000 marks worth of new stock for figures, the Swedish Social Board reports no sale. general betterment in labor demand except in There seems to have been a slight improve- seasonal trades and agriculture. The reducment in employment conditions in Germany tion in the number of applicants is attributed during March (the most recent period for which to the fact that the enumeration of vacancies accurate information is available). The per- includes not only those in established industries, centage of trade-union members unemployed but also provided temporary employment by decreased 1 per cent during the month. At the State and local communities. The figures the end of February 4.7 per cent of the 6,397,092 for unemployment are* presented in the table trade-union members then enrolled were out of below: work. During the last week in March 3.6 per cent of 6,242,000 members were unemployed. The public employment agencies report a NUMBER OP APPLICANTS PER 100 VACANCIES. similar improvement. In March there were only 188 applicants for every 100 positions 1913 1920 1921 open, as compared with 206 in February. The ratio of employees desiring work to positions January... 153 125 246 open showed a greater proportion of unemploy- February.. 133 112 301 ment in the textile and metal and machine M Ap a r rc il h 1 9 1 7 0 9 8 1 0 240 trades than in any others. The number of May 99 84 June 112 92 those receiving unemployment support from July 107 94 August 96 95 the State also decreased during the month, September. 89 98 declining from 428,665 on March 1 to 416,940 October 98 110 November. 129 155 on April 1. Newspaper dispatches in regard December. 117 153 to unemployment indicate that the situation during April did not continue to improve. No improvement was apparent during April in the paper and pulp industry. The SWEDEN. Swedish pulp mills are feeling the effects of the A somewhat retarded downward movement demoralization in the English paper industry in wholesale prices, further slackening of which followed as a result of the importation foreign trade, and continued depression in into England of German paper products. It industry and the labor market are the out- is expected that the import tax of 50 per standing facts in current reports from Sweden. cent levied by Great feritain on German The wholesale price index of the Svensk products will stimulate the activity of the Handelstidning registered 229 in April, a de- English paper mills and create new demands cline of slightly more than 3 per cent during the for pulp in the Swedish market. Manufacmonth. The total fall from the peak in June, turers in Sweden are handicapped also by the 1920, is somewhat less than 40 per cent. A low rates of exchange ruling for Finnish marks notable feature in April was the upward price and Norwegian kroner. Kadical price re- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE, 1921. FEDERAL RESERVE BULLETIN. 697 ductions in the Swedish pulp market are 508 different kinds of goods. The legislation beginning to be made in an effort to meet the is of an emergency character, providing temcompetition of the pulp industries of Norway porary protection for the home market against and Finland. foreign competition. According to the terms Exports of the principal commodities during of the bill it is to be effective for one year, July, March continued to show a decline in quantity 1921, to July, 1922. considerably below the normal prewar figures It is proposed to make a 100 per cent infor the corresponding month in 1913. The crease in duties on commodities which are export of newsprint paper which greatly taxed according to,weight, such as furniture, exceeded peace time figures throughout 1920, wall paper, cotton and wool textiles, hosiery, fell in March to 96 per cent of the quantity drapery, china, glassware, pottery, and metals, exported in March, 1913. Iron ore exports including iron and steel. The bill provides a 30 which have shown a steady increase during per cent increase on goods taxed on an ad valothe first three months of this year were 13 rem basis. This group includes different kinds per cent greater than the prewar March of machines and vehicles, internal-combustion figure—a notable exception as compared with engines, locomotives, motor cars, etc. It is calthe other leading Swedish industrial products. culated that these additional duties will yield The following table, excerpted from Affars- 20,000,000 kronor to the treasury. varlden, shows the relation of the monthly A reduction of the Riksbank's discount rate exports of the principal commodities in 1920 from 7-| per cent to 7 per cent was made on and the first quarter of 1921 to the correspond- April 26, followed by a second lowering of the ing periods in 1913: rate to 6J per cent on May 4. The note circulation of the Riksbank in RATIO OF QUANTITATIVE MONTHLY EXPORTS OF PRINCI- April dropped from 716,900,000 kronor to PAL COMMODITIES IN 1920 AND 1921 TO EXPORTS IN 680,500,000 kronor. This is a decrease of CORRESPONDING MONTHS IN 1913. about 13 per cent from the total note circulation in September, when the peak was reached. pr s W o a d w o u o n c d t . s, Sulphite Ne p w ap sp e r r i . nt p O a t p h e e r r . The following business failure and protest statistics are presented as an indication of the effects of the economic depression: 1920 1921 1920 1921 1920 1921 1920 1921 PROTESTED BILLS. Per Per Per Per Per Per Per Per cent. cent. cent. cent. cent. cent. cent. cent. January 181 ji55 127 136 284 140 157 28 Number (in Amount (in mil- February 206 61 200 34 282 290 s 93 23 thousands). lions of kronor). March 346 51 240 31 175 96 188 20 AprU 137 108 227 123 M Ju a n y e 5 7 1 5 1 13 1 7 8 1 1 3 3 4 8 1 1 6 1 1 5 1913 1920 1921 1913 1920 1921 July 129 121 - - 190 130 A Se u p g t u em st ber 1 8 1 5 0 ----- 1 8 2 7 9 1 1 5 8 5 0 1 1 1 2 2 1 - •-•"- January . 4.1 2.9 6.0 2.0 6.3 13.4 October 62 87 167 81 February. 3.8 2.6 6.4 1.9 5.8 14.1 November 57 58 204 60 March 4.3 3.1 8.5 2.1 6.3 20.1 December 74 66 203 47 April.... 4.3 3.1 2.2 4.8 Mav . . 4.9 3.3 3.1 5.2 Year 88 104 190 116 June 4.6 3.5 2.6 4.8 July 5.0 3.8 2.9 6.2 August 4.4 3.5 2.4 5.1 September 4.0 3.6 1.9 6.3 Iron ore. Pig iron. Matches. October 4.8 4.2 2.2 7.9 November.... 4.1 4.1 2.8 7.9 December 4.3 5.2 1.9 10.8 1920 1921 1920 1921 1920 1921 Per Per Per Per Per Per , FAILURES. cent. cent. cent. cent. cent. cent. 40 i 72 33 87 186 41 Total number. February 49 tea 65 88 118 43 March 77 99 21 115 51 April 71 113 46 106 1913 1920 1921 May 49 116 185 June 73 67 144 July 50 62 110 August • • - - -" 51 61 55 January... . .. 328 214 301 September 60 48 76 February 285 167 381 October 63 35 64 March 300 172 390 November 65 73 55 April 342 170 December 56 81 66 May 302 201 June 263 179 Year 58 62 105 July 342 182 August 280 130 September. 324 203 393 219 A bill is now before the Riksdag for a pro- November 336 239 visional increase in the import duties on some December.... 309 274 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

698 FEDERAL RESERVE BULLETIN. JUNE, 1921. State Banks and Trust Companies Admitted. New National Bank Charters. The following list shows the State banks and trust The Comptroller of the Currency reports the following companies which have been admitted to membership in increases and reductions in the number and capital of the Federal Reserve System during the month of May, 1921. national banks during the period from April 30 to May 27, One thousand five hundred eighty-four State insti- 1921, inclusive: tutions are now members of the system, having a total capital of $552,809,045, total surplus of $526,827,174, and total resources of $10,216,727,588. Banks. Amount. Capital. Surplus. Total N W e i w th c c h a a p r i t t e a r l s o is f. sued to $1,425,000 Increase of capital approved for With new capital of 1,240,000 Aggregate number of new charters and banks in- District No. 1. creasing capital 19 With aggregate of new capital authorized 2,665,000 Inman Trust Co., Cambridge, Mass $200,000 $50,000 $1,064,638 Number of banks liquidating Capital of same banks *4,*345,"666 District No. 5. Number of banks reducing capital Reduction of capital 0 Northeast-Tacony Bank, Philadelphia,' Total number of banks going into voluntary or in- Pa : 200,000 55,826 256,271 voluntary liquidation or reducing capital Aggregate capital reduction 4,345,000 District No. 5. Consolidation of national banks under the act of Nov. 7,1918 Farmers Bank, Belhaven, N. C 25,000 7,500 192,873 Capital 6 Bank of Lunenburg (Inc.), Kenbndge, Va 50,000 70,000 511,703 The foregoing statement shows the aggregate of in- Potomac Valley Bank, Petersburg, W. creased capital for the period of the banks em- Va 46,205 500 164,186 braced in statement 2,665,000 Palmetto Bank and Trust Co., Flor- Against this there was a reduction of capital owing ence, S. C 100,000 17,000 658,318 to liquidations, etc 4,345,000 Farmers & Merchants Bank, Walterboro, S. C 100,000 30,000 707,579 Net decrease. 1,680,000 District No. 6. Monroe County Bank, Monroeville, Ala. 60,000 30,000 536,474 Bank of Eastman, Eastman, Ga 60,000 3.000 267,700 Commercial Failures Reported. Farmers & Merchants Bank, Girard, Ga. 25,000 1,250 49,371 Farmers & Merchants Bank, McDonough, Ga 100,000 12,350 266,863 While a tendency toward some reduction in the country's Bank of Zebulon, Zebulon, Ga 25,000 20,000 238,926 business mortality has recently developed, the 960 failures reported to R. G. Dun & Co. during three weeks of May District No. 8. largely exceeded the 377 insolvencies of the corresponding Bank of Marvell, Marvell, Ark. 50,000 8,000 306,760 period of last year. The returns for April, the latest Bank of Waldron, Waldron, Ark 60,000 20,000 324,015 month for which complete statistics are available, disclose Citizens Bank, Tunica, Miss 75,000 27,500 1,188,615 Bank of Henning, Henning, Tenn 25,000 7,500 302,575 1,487 commercial defaults for $38,567,769 of liabilities, an increase of 151 in number, in comparison with the 1,336 District No. 9. failures of March of this year, but a reduction of nearly Citizens State Bank, New Ulm, Minn., 100,000 100,000 2,374,431 $29,000,000 from the high-record indebtedness of that The State Bank of Townsend, Town- month. Aside from March, the April insolvencies are the send, Mont 100,000 10,000 671,067 smallest in number of any montn since last November, Farmers State Bank, Fullerton, N. Dak. 25,000 1,000 113,612 while the liabilities are the lightest of the present year. District No. 11. Comparing with the low mortality of April of 1920, nowever, sharp increases appear in both respects, and the fail- J F o i s rs e t p h S i t n a e t e S B ta a te n k B , a E n m k, h J o o u s s e e p , h T in e e x , Tex.. 3 3 0 0 , , 0 0 0 0 0 0 2 6 0 , , 0 0 0 0 0 0 1 1 5 1 3 8 , ,2 9 0 2 3 3 ures are larger in number in all of the twelve Federal Guaranty State Bank, Killeen, Tex 30,000 87,530 Reserve districts. With two exceptions—the seventh First State Bank, Murchison, Tex 25,000 3,000 100,232 and ninth districts—the indebtedness is also heavier in First State Bank, Richland, Tex 25,000 20,000 185,443 Guaranty State Bank, Robstown, Tex. 50,000 422,027 every case. First State Bank, Streetman, Tex 25,000 20,000 161,342 Failures during April, First State Bank, Teague, Tex 50,000 5,000 522,279 First State Bank, West, Tex 50,000 289,709 Yoakum State Bank, Yoakuin, Tex 100,000 50,000 1,454,931 Number. Liabilities. District No. IS. District. W. G. Jenkins & Co., Mackay, Idaho... 50,000 10,000 428,931 Farmers State Bank, New Plymouth, 1921 1920 1921 1920 Idaho 25,000 10,000 339,308 Albany State Bank, Albany, Oreg 50,000 10,000 793,956 Bank of Wasco, Wasco, Oreg 25,000 25,000 425,643 First 145 51 $1,746,699 $982,320 Zillah State Bank, Zillah, Wash 25,000 1.000 71,719 Second 229 117 10,471,232 2,865,153 Third 104 24 2,227,631 278,334 Fourth 118 36 4,366,788 352,946 WITHDEAWAL. F S i ix lt t h h 1 1 5 3 4 6 3 1 6 4 3 1 , , 3 9 3 9 4 7 , , 5 3 9 5 1 0 361,833 Bank of Amityville, Amityville, N. Y. Seventh.... 178 39 3,949,115 4,551,640 Eighth 115 14 2,427,872 200,207 VOLUNTARY LIQUIDATION. Ninth 39 16 593,718 681,330 Tenth 50 32 1,966,778 628,450 First State Bank, Colorado, Tex. Eleventh... 98 16 2,905,847 100,582 Twelfth.... 121 109 2,580,148 2,132,890 CONSOLIDATION. The Oakland County Savings Bank, Pontiac, Mich., has consolidated Total 1,487 504 38,567,769 13,224,135 with the Pontiac Commercial & Savings Bank, Pontiac, Mich. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE, 1921. FEDERAL RESERVE BULLETIN. 699 RULINGS OF THE FEDERAL RESERVE BOARD. Purchase of bankers' acceptances direct from accepting discount from that member bank paper reprebanks. senting loans in an amount equal to 10 per Federal Reserve Banks may, under the cent of the member bank's capital and surplus terms of the first paragraph of section 14, made by the member bank to the drawer of the purchase bankers' acceptances in the open acceptance. market "with or without the indorsement of a It should be remembered, however, that there member bank/' and such purchases may be is no obligation upon a Federal Reserve Bank to made from any individuals, corporations, or purchase paper offered to it, even though the banks. It is clear that under the terms of paper is technically eligible as a matter of law. this paragraph a Federal Reserve Bank tech- The Federal Reserve Banks have discretionary nically has authority to purchase from the power, just like any other bank, to decline to drawer, or even from the accepting bank, a purchase paper whenever for any reason that bankers7 acceptance which bears no indorse- course seems advisable. In view of the fact ment other than that of the accepting bank. that an acceptance indorsed only by the accept- The normal and desirable practice, however, ing bank is supported by the credit of only two is for the drawer to discount acceptances with parties, and in this respect is like a customer's some bank other than the accepting bank, note indorsed by the bank, the Federal Rerather than for the accepting bank to discount serve Board feels that a Federal Reserve Bank the acceptances. In view, however, of the is justified in limiting its open-market purfact that the acceptance business is compara- chases of bankers' acceptances of this charactively new in this country, and in view of the ter, so that it will at no time hold under redisconsequent lack of an adequate open market count or purchase from one member bank an for bankers' acceptances in some districts, it aggregate amount in excess of 10 per cent of has seemed best for some of the Federal Re- the member bank's capital and surplus of (1) serve Banks to purchase acceptances direct notes, drafts, and bills bearing the signature or from the accepting banks, in the hope that indorsement of any one borrower, and (2) the proper use of, and an active market for, bankers' acceptances made by the member bank bankers acceptances may thereby be encour- for the same oorrower, but bearing no indorsement other than that of the accepting bank. It is, nevertheless, apparent that the indorse- The Board has, however, issued no ruling upon ment of the accepting bank adds no strength to this point, and for the time being at least is the instrument, since the accepting bank is willing to leave the matter to the sound bankalready liable, primarily, as acceptor, and the ing discretion of the officers of the Federal Federal Reserve Board in February, 1920, Reserve Banks. instructed Federal Reserve Banks that all purchases direct from the accepting bank of Renewal acceptances in import transactions. bankers' acceptances bearing no member bank In a letter recently received by the Federal indorsement other than that of the accepting bank should be made at the prevailing rate for Reserve Board it was stated that— commercial paper rather than at the prefer- A national bank makes acceptances covering the imential rate applicable to bankers' acceptances portation of automobile parts from France, with a maturity of 90 days, which is supposed to be sufficient to cover as such. payment for the merchandise in France, its transit to New The third paragraph of section 13 of the York, its warehousing, and subsequent sale from ware- Federal Reserve Act provides that no Federal house. It is found, however, that before the transaction Reserve Bank shall discount for any member has been completed by the sale of the merchandise, that the 90-day period has expired. bank an aggregate of notes, drafts, and bills bearing the signature or indorsement of any The letter inquired whether it would be one borrower m excess of 10 per cent of the proper under these circumstances for the member bank's capital and surplus, this national bank, at the maturity of the original restriction not applying to the discount of bills of acceptance to make renewal acceptances to exchange drawn in good faith against actually finance the subsequent storage and resale of existing values. This limitation does not the automobile parts. It appeared from the apply to open-market purchases made under letter that the importer was drawer of the authority of section 14, so that it does not original drafts and was to be the drawer of the prevent a Federal Reserve Bank from pur- renewal drafts and that at the maturity of the chasing an unindorsed banker's acceptance original'Jacceptances the parts had already from the accepting member bank, even though arrived in the United States and were stored the Federal Reserve Bank already holds under in warehouses pending resale by the importer. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

700 FEDERAL RESERVE BULLETIN. JUNE, 1921. Section 13 of the Federal Reserve Act does the time of its acceptance the period required not confer authority upon national banks to for the conclusion of the transaction out of accept drafts growing out of the storage of which the original draft was drawn shall have goods other than ' 'readily marketable staples," elapsed, and the question of the eligibility of and automobile parts can not be regarded as renewal drafts, therefore, must necessarily readily marketable staples within the meaning depend upon the stage of the transaction at the of this section. Consequently, if the drafts are time the renewal drafts are drawn. The Board to be secured by warehouse receipts covering is of the opinion that where the goods have the automobile parts, that fact would not of come into the possession of the importer in the itself make the drafts eligible for acceptance United States, who is the taker of the credit, by national banks. The drafts are eligible for the transaction involving the importation of acceptance only if and upon the ground that those goods must be considered so far conthey can be said to grow out of the importation cluded as to preclude the issuance of a renewal of the automobile parts within the intent of draft based upon that transaction. The Board section 13. is of the opinion, therefore, that upon the facts As stated in the Board's regulations, no re- stated the renewal drafts would be ineligible newal draft can be eligible for rediscount if at for acceptance by national banks. LAW DEPARTMENT. Jurisdiction of Federal courts in suits against Federal plaint for lack of equity. This latter motion Reserve Banks. was in the nature of a demurrer and the issue On May 16, 1921, the Supreme Court of the before the Supreme Court upon this motion was United States rendered a decision in the case of merely whether, as a matter of pleading, the American Bank & Trust Company et al., v. the plaintiffs' bill of complaint stated a cause of Federal Reserve Bank of Atlanta et al., up- action. The decision of the Supreme Court is holding the Federal Reserve Bank's contention not, therefore, a determination of the merits that the district court of the United States had of the litigation and the case will now go back jurisdiction of the case, but reversing the de- to the district court of the United States for the crees of the lower courts which had granted the northern district of Georgia for trial upon the Federal Reserve Bank's motion to dismiss the merits. In its opinion the Supreme Court holds plaintiffs' complaint. The suit was brought in merely that nonmember banks may be entitled the superior court of Fulton County, Ga., by a to some relief if they can prove that the Federal group of nonmember country banks to enjoin Reserve Bank malevolently intends to accumuthe Federal Reserve Bank of Atlanta from late checks and to make presentation thereof collecting checks drawn on those country banks, in an oppressive manner for the purpose of the complaint attempting to allege that the injuring the banks upon which the checks are Federal Reserve Bank intended to undertake drawn. The decision will not interfere with the collection of such checks by personal presen- the present check clearing functions of the tation and demand of payment in cash for the Federal Reserve Banks and those banks will purpose of injuring the banks on which the continue, as heretofore, to collect at par checks checks were drawn. Upon the defendant's drawn upon those banks which are listed upon petition the case was removed to the district the par lists. court of the United States for the northern The text of the opinion is given below: district of Georgia and the plaintiffs moved to remand the case to the State court upon the SUPREME COURT OF THE UNITED STATES. ground that the Federal court had no juris- No. 679, OCTOBER TERM, 1920. diction. The Supreme Court holds that since the Federal Reserve Banks are organized under the Federal Reserve Act any suit brought AMERICAN BANK AND TRUST COMPANY Appeal from the et al., appellants. by or against a Federal Reserve Bank arises United States Circuit Court out of the laws of the United States within the of Appeals for meaning of section 24 of the Judicial Code. the Fifth Cir- The decision, therefore, establishes that the FEDERAL RESERVE BANK OF ATLANTA, cuit. Georgia, et al. Federal courts have jurisdiction over any such suit, provided it involves the necessary juris- (May 16, 1921.) dictional amount. Mr. Justice Holmes delivered the opinion of the court. At the time the plaintiffs filed their motion This is a bill in equity brought by country banks incorporated by the State of Georgia against the Federal Reto^iremand the case to the State court, the serve Bank of Atlanta, incorporated under the laws of defendants filed a motion to dismiss the com- the United States, and its officers. It was brought in a Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL EESERVE BULLETIN. lot State court but removed to the district court of the United not reach forward and include them. That phrase is used States on the petition of the defendants. A motion to to describe the ordinary commercial banks, whereas the remand was made by the plaintiffs but was overruled. others are systematically called "Federal Reserve Banks." The allegations of the bill may be summed up in com- We see no sufficient ground for supposing that Congress paratively few words. The plaintiffs are not members of meant to open the questions that the other construction the Federal Reserve System and many of them have too would raise. small a capital to permit their joining it—a capital that On the merits we are of opinion that the courts below could not be increased to the required amount in the went too far. The question at this stage is not what the thinly populated sections of the country where they plaintiffs may be able to prove, or what may be the reaoperate. An important part of the income of these small sonable interpretation of the defendants' acts, but whether institutions is a charge for the services rendered by them the plaintiffs have shown a ground for relief if they can in paying checks drawn upon them at a distance and prove what they allege. We lay on one side as not necesforwarded, generally by other banks, through the mail. sary to our decision the question of the defendants' powers, The charge covers the expense incurred by the paying and assuming that they act within them consider only bank and a small profit. The banks in the Federal whether the use that according to the bill they intend to Reserve System are forbidden to make such charges to make of them will infringe the plaintiffs' rights. The other banks in the system. (Federal Reserve Act of Dec. defendants say that the holder of a check has a right to 23,1913, ch. 6, sec. 13; 38 Stat., 263; amended Mar. 3,1915, present it to the bank upon which it was drawn for paych. 93; 38 Stat., 958; Sept. 7, 1916, ch. 461; 39 Stat., 752; ment over the counter, and that however many checks and June 21, 1917, ch. 32, sees. 4, 5; 40 Stat., 234, 235.) he may hold he has the same right as to all of them and It is alleged that in pursuance of a policy accepted by the may present them all at once, whatever his motive or Federal Reserve Board the defendant bank has deter- intent. They ask whether a mortgagee would be prevented mined to use its power to compel the plaintiffs and others from foreclosing because he acted from disinterested in like situation to become members of the defendant, or malevolence and not from a desire to get his money. But at least to open a nonmember clearing account with the word "right" is one of the most deceptive of pitfalls; defendant, and thereby under the defendant's require- it is so easy to slip from a qualified meaning in the premise ments, to make it necessary for the plaintiffs to maintain to an unqualified one in the conclusion. Most rights are a much larger reserve than in their present condition they qualified. A man has at least as absolute a right to give need. This diminution of their lending power, coupled his own money as he has to demand money from a party with the loss of the profit caused by the above mentioned that has made no promise to him; yet if he gives it to clearing of bank checks and drafts at par, will drive some induce another to steal or murder the purpose of the act of the plaintiffs out of business and diminish the income makes it a crime. of all. To accomplish the defendant's wish they intend A bank that receives deposits to be drawn upon by check to accumulate checks upon the country banks until they of course authorizes its depositors to draw checks against reach a large amount and then to cause them to be pre- their accounts and holders of such checks to present them sented for payment over the counter or by other devices for payment. When we think of the ordinary case the detailed to require payment in cash in such wise as to right of the holder is so unimpeded that it seems to us compel the plaintiffs to maintain so much cash in their absolute. But looked at from either side it can not be so. vaults as to drive them out of business or force them, if The interests of business also are recognized as rights, proable, to submit to the defendant's scheme. It is alleged tected against injury to a greater or less extent, and in case that the proposed conduct will deprive the plaintiffs of of conflict between the claims of business on the one side their property without due process of law contrary to the and of third persons on the other, lines have to be drawn fifth amendment of the Constitution and that it is ultra that limit both. A man has a right to give advice, but vires. The bill seeks an injunction against the defendants advice given for the sole purpose of injuring another's collecting checks except in the usual way. The District business and effective on a large scale might create a cause Court dismissed the bill for want of equity and its decree of action. Banks, as we know them, could not exist if was affirmed by the Circuit Court of Appeals (Nov. 19, they could not rely upon averages and lend a large part 1920). The plaintiffs appealed, setting up want of juris- of the money that they receive from their depositors on diction in the District Court and error in the final decree. the assumption that not more than a certain fraction of it We agree with the court below that the removal was will be demanded on any one day. If without a word of proper. The principal defendant was incorporated under falsehood, but acting from what we have called disinterthe laws of the United States and that has been established ested malevolence, a man by persuasion should organize as a ground of jurisdiction since Osborne v. Bank of the and carry into effect a run upon a bank and ruin it, we United States (9 Wheat., 738; Pacific Railroad Removal can not doubt that an action would lie. A similar result, Cases, 115 U. S., 1. Matter of Dunn, 212 U. S., 374). even if less complete in its effect, is to be expected from We shall say but a word in answer to the appellants' the course that the defendants are alleged to intend, and argument that a suit against such a corporation is not a to determine whether they are authorized to follow that suit arising under those laws within section 24 of the course it is not enough to refer to the general right of a Judicial Code of March 3, 1911 (c. 231; 36 Stat., 1087). holder of checks to present them, but it is necessary to The contrary is established and the accepted doctrine is consider whether the collection of checks and presenting intelligible at least since it is part of the plaintiffs' case them in a body for the purpose of breaking down the that the defendant bank existed and exists as an entity petitioner's business as now conducted is justified by the capable of committing the wrong alleged and of being ulterior purpose in view. sued. These facts depend upon the laws of the United If this were a case of competition in private business, it States. (Bankers Trust Co. v. Texas & Pacific Ry. Co., would be hard to admit the justification of self-interest 241 U. S., 295, 306, 307; Texas & Pacific Ry. Co. v. Cody, considering the now current opinion as to public policy 166 U. S., 606. See further Smith v. Kansas City Title & expressed in statutes and decisions. But this is not pri- Trust Co., Feb. 28, 1921.) A more plausible objection is vate business. The policy of the Federal Reserve Banks that by the Judicial Code, section 24, sixteenth, except is governed by the policy of the United States with regard as therein excepted, national banking associations for the to them and to these relatively feeble competitors. We purposes of suits against them are to be deemed citizens do not need aid from the debates upon the statute under of the States in which they are respectively located. But which the Reserve Banks exist to assume that the United we agree with the court below that the reasons for localizing States did not intend by that statute to sanction this sort ordinary commercial banks do not apply to the Federal of warfare upon legitimate creations of the States. Reserve Banks created after the Judicial Code was enacted and that the phrase "national banking associations" does Decree reversed. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

702 FEDERAL RESERVE BULLETIN. JUNE, 1921. PRICE MOVEMENT AND VOLUME OF TRADE. WHOLESALE PRICES IN THE UNITED STATES. In the United States wholesale prices in general declined 5 per cent in April as compared with 3 per cent in March, according to the index number of the Bureau of Labor Statistics, based upon approximately 315 different price quotations, and that of the Federal Reserve Board, based upon 90 quotations. The grouping of the Federal Reserve Board index shows that raw materials are lower than manufactured goods (when compared with the prewar level), that goods which we import are almost down to 1913 values, and that goods which we exporthave been considerably more reduced than domestic commodities as a whole. The regrouping of the index of the Bureau of Labor Statistics shows that within the raw materials group animal products (including hides, wool, and silk as well as live stock) are only slightly above prewar prices, that agricultural commodities, such as grains, cotton, and tobacco, are about 25 per cent above prewar values, while forest and mineral products are at 207 and 190, respectively, as compared with a 1913 level of 100.1 h-:$ The second table below shows the index number of the Bureau of Labor Statistics, which is based upon approximately 315 quotations, as reclassified by the Federal Reserve Board. The raw materials group consists of approximately 76 quotations, the producers' goods of about 80, and the consumers' goods of 158. Raw materials have been subclassified into agricultural products (mainly grains, cotton, and tobacco), based upon 19 quotations, animal products based upon the same number, forest products based upon 11 quotations, and mineral products based upon 27 quotations. The FEDERAL RESERVE BULLETIN for October, 1918, contains a list of the commodities in each group. The weights are the same as those used by the Bureau of Labor Statistics. During the past month several changes have been made in commodities and weights used in the construction of the Federal Reserve Board index. These changes were made in order to obtain more representative quotations or better balance between different commodity lines. Most important among them is the change from contract prices of bituminous and semibituminous coal to spot prices. Although the majority of sales of coal are made on the contract basis, this type of quotation is not satisfactory for a current wholesale price index, because the contracts are usually made in April for the following year and all further trading is done on a spot basis. In normal times the spot price may be expected to be lower than the contract price in the summer and higher in the winter. The price which is being used in the index number is an average of the spot prices of 18 different kinds of bituminous and semibituminous coals in 12 markets. It is compiled weekly by the Coal Age and can be obtained on a comparable basis from 1913 to date (see War Industries Board Price Bulletin No. 35). It is being substituted in the index for bituminous, run of mine, Pittsburgh, and semibituminous,Pocahontas. The other price changes have been made with a view to giving representation to lines not satisfactorily represented before. For that reason a quotation for export tobacco, fired dark, new crop at Louisville has been added, also a low-priced grade of men's shoes, tan side, dress welt, at Boston, and a cheap grade of woolen cloth, serge, 9J-oz., A 209J, 55/57, New York. 1 The index number of the Federal Reserve Board has been constructed primarily with a view to international comparisons of wholesale prices. Due to the difficulties connected with the collection of foreign prices, the foreign index numbers are still incomplete, but in spite of this it has seemed advisable to publish the American number, since it contains certain classifications of commodities not otherwise available, namely, the prices of the important goods imported into this country, and of goods largely exported, and compares them with the general price level in the United States. The number has been published monthly during a period of one year but is computed for the years 1913, 1919, and the first of 1920 as well. For detailed information regarding the makeup of the number, reference may be made to the FEDERAL RESERVE BULLETIN for May. 1920, pages 499-503. The commodities included in the different groups are listed there with exact specifications and markets indicated. The "weights" assigned to the different commodities in constructing the index numbers are also given in detail. Revisions in prices or weights appear in BULLETINS for June, 1920, and June, 1921. The index of "goods produced" consists of 74 quotations (30 raw materials, 24 producers' and 20 consumers' goods). These include agricultural products (such as grains, live stock, and textiles), minerals, and lumber, among the raw materials; yarns, leather, semifinished steel products, refined oils, chemicals, building materials, etc., among the producers' goods; and potatoes, meats, flour, rice, dairy products, cotton and woolen cloth, boots and shoes, and kerosene among the consumers' goods. The index of "goods imported" consists of 18 quotations (9 raw materials, 7producers' and 2 consumers' goods). It includes Egyptian cotton, Australian and South American raw wool, Japanese and Chinese silk, South American hides, Straits tin, and Canadian lumber among the raw materials; plantation and Para rubber, Chilean nitrate, cane sugar, burlap, sisal, etc., among producers' goods; and tea and coffee for consumers' goods. Leading American exports are included in the index of prices of "goods exported," which is made up of 40 quotations (17 raw materials, 12 producers' and 11 consumers' goods). Grains, tobacco, cotton, copper, coal, pig iron, petroleum, and lumber make up the list of raw materials; vegetable oils, leather, semifinished metal products, refined oils, and chemicals the producers' goods; and wheat flour, refined sugar, pork products, coffee, cotton cloth, boots and shoes, and kerosene the consumers' goods. The index numbers of "raw materials," "producers' goods," and "consumers' goods" consist of the commodities mentioned above which fall into these classes, whether they are of domestic or foreign origin. The raw materials group includes 39 quotations, the producers' goods 29, and the consumers' goods 22. The "all commodities" index is obtained by combining the group indexes of domestic and foreign goods. It consists of 90 different quotations. The quotations are obtained from representative trade journals and private firms. About half of them are the same that are used by the Bureau of Labor Statistics in its larger compilation of prices and are furnished to the Board by that bureau. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE, 1921. FEDERAL RESERVE BULLETIN. 703 In the case of three commodities it has seemed advisable to increase the production "weights" applied to them in the construction of the index number, in order to give larger representation to these industries than was the case before. The new weight for lumber (see May, 1920, p. 500), in the classification of Iraw materials FEDERAL RESERVE BULLETIN, produced, is 84,000,000 M feet; for tobacco, in the classification of consumers7 goods produced, is 1,043,000,000 pounds; for cotton cloth, in the classification of consumers7 goods produced, is 11,300,000,000 yards. It has been found that one of the subgroups in the Federal Reserve Board index—namely, that showing the prices of goods consumed here—moves in substantially the same way as the all-commodities index. The difference between the two numbers is merely that resulting from a difference in weighting. For that reason it has been decided to eliminate this group. INDEX NUMBERS OF WHOLESALE PRICES IN UNITED STATES—CONSTRUCTED BY THE FEDERAL RESERVE BOARD FOR THE PURPOSE OF INTERNATIONAL COMPARISON. [Average price for 1913=100.] Date. Goods Goods Goods Raw Producers' Consumers' All comproduced. imported. exported. materials. goods. goods. modities. 1920. Average for the year 236 191 227 235 237 229 233 April 265 242 264 263 274 257 263 May 266 246 262 263 274 261 264 June 260 226 256 258 265 255 258 July 253 208 248 249 251 250 250 August 238 182 229 237 235 229 234 September 231 164 211 233 225 218 226 October 213 142 181 211 209 203 208 November 195 127 163 192 190 187 190 December 178 112 146 176 171 171 173 1921. January 166 114 142 164 166 159 163 February 156 113 135 152 158 152 154 March 152 114 125 146 153 151 150 April 145 109 121 136 148 147 143 INDEX NUMBERS OF WHOLESALE PRICES IN WE UNITED STATES, I9I9-I92L AVERA6E PRICE LEVEL OF 1913^100. — Jill Commodities. — Ooodsimportzd 3focbu:ers'(hod$. •— •»• Ooods exported. * Consumers'Ooods. •••»•••••• 300 Z80 260 340 lu 220 -t 200 180 \\ 160 MO \ %i 120 W SO 60 40 20 O 1919 J92O 1921 ruujx — 1 i1 i i % .TPES 1 300 280 260 x 240 \ 220 200 ISO =, 160 140 S 120 100 30 60 40 20 • • 0 1 $1 § i \ \ % \ lew 1320 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

704 KEBERVE BULLETIN. JUNE, i92i. 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 Producers' Consumers' (Bureau of Year and month. p A ro t g u d r r i u c a c u l t l s - . p A ro n d im uc a t l s. pr F o o d r u e c s t t s. p M ro i d n u e c ra ts l . m To a t t a e l r i r a a l w s. goods. goods. t L i n s a t u i b m c o s b r i e n S r d t ) a e . - x 1920, April 304 196 367 224 260 263 280 265 May 314 179 367 234 260 271 285 272 June 301 186 363 245 261 262 279 269 July 287 184 359 256 258 251 272 262 August 259 181 351 265 251 238 250 250 September 232 186 344 277 248 224 240 242 October 191 172 339 272 230 209 224 225 November 170 159 289 246 205 193 214 207 December 155 132 278 224 186 175 196 1921. January 155 119 245 220 175 169 182 178 February 145 114 227 207 165 161 171 167 March 136 116 212 197 158 149 167 162 April 126 106 207 190 150 143 159 154 In order to give a more concrete illustration table have been obtained from the records of of actual price movements, there are also the United States Bureau of Labor Statistics, presented in the following table monthly actual except in the case of bituminous coal, prices and relative figures for certain commodities of for which have been furnished by the Coal a basic character. The prices shown in the Age. AVERAGE MONTHLY WHOLESALE PRICES OF COMMODITIES. [Average price for 1913=100.] Corn, No. 3, Cotton, middling, Wheat,. No. 1, Wheat, No. 2, Cattle, steers, Hides, packers, Chicago. New Orleans. northern spring, red winter, good to choice, heavy native' Minneapolis. Chicago. Chicago. steers, Chicago. Year and month. p A r v ic e e r a p g e e r R ti e v l e a- p A r v ic e e r a p g e e r R ti e v l e a- p A r v ic e e r a p g e e r R ti e v l e a- p A r v ic e e r a p g e e r R ti e v l e a- p A r v ic e e r a p g e e r R ti e v l e a- A pr v ic e e ra p g e e r R ti e v l e abushel. price. pound. price. bushel. price. bushel. price. 100 price. pound. price. pounds. 1913 $0.6155 100 $0.1270 100 $0.8735 100 $0.9863 100 S8.5072 100 $0.1839 100 1919 1.5800 257 .3185 251 2.5660 294 2.5370 239 17.4957 206 .3931 214 1920. Average for the year 1.3968 227 .3301 260 2.5581 293 2.5225 256 14.4856 170 .3122 170 April 1.6913 275 .4144 326 3.0063 344 2.7725 281 13.9063 163 .3613 196 May 1.9825 322 .4038 318 3.0750 352 2.9750 302 12.6000 148 .3538 192 June 1.8390 299 .4030 317 2.9000 332 2.8950 294 15.0313 177 .3410 185 July 1.5388 250 .3950 311 2.8313 324 2.8050 284 15.3813 181 .2944 160 August 1.5310 249 .3380 266 2.5500 292 2.4735 251 15.3500 180 .2850 155 September 1.2938 210 .2706 213 2.4903 285 2.4919 253 15.2500 179 .2840 154 October , .8778 143 .2088 164 2.1063 241 2.2047 224 14.6875 173 .2550 139 November , .8003 130 .1780 140 1.7528 201 2.0570 209 14.5750 171 .2325 126 December .7341 119 .1444 114 1.6809 192 2.0125 204 12.0938 142 .1900 103 1921. January .6553 106 .1450 114 1.7884 205 1.9613 199 9.8400 116 .1675 91 February .6350 103 .1322 104 1.6713 191 1.9194 195 9.3125 109 .1363 74 March .6180 100 .1105 87 1.6135 185 1.6798 170 9.5625 112 .1150 63 April .5547 90 .1116 1.4059 101 1.3869 141 8.7188 102 .1013 55 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE, 1921. FEDERAL RESERVE BULLETIN. 705 AVERAGE MONTHLY WHOLESALE PRICES OF COMMODITIES-Continued. [Average price for 1913=100.] H C og h s ic , a li g g o h . t, E g W a ra s o d t o e e l r s , n , O m s h c i a o o r u , k r e e i- t d | s , . Hem Y lo o c r k k , . New Y N e e f l w l l o o o w Y ri n o p g r i k , n . e, r C s u o p n a o P l o t , i f t a b m t t i s t b i m u n u m i e r n , i g e f n h . s o . , o u . s b , .P C s o p o c o a a C l t h , o a b o l t i n u t m t m u a m i s b n , u i f e n . s s . o o , . u b s . , Year and month. p A p r v i o c 1 e u e 0 r n 0 a p d g e s e r . p R t r i e i v c l e a e - . p A p r v i o c e u e r n a p d g e . e r p R t r i e i v c l e a e - . p A M r v ic f e e e r a e p g t e . e r p R t r i e i v c l e a e - . m p A M r t a v u i n c f e r e u e e r f e a d p a t g . e c e r - p R t r i e i v c l e a e - . s p A h r o v ic r e e t r a t p o g e n e r . p R t r i e i v c l e a e - . s p A h r v o ic e r e t r a t p o g e e n r . p R t r i e i v c l e a e - . 1913. $8.4541 100 $0.4710 100 $24.2273 100 $44.5909 100 $1.3200 100 1 $1.5710 100 1919. 18.3260 217 1.1894 248 39.7500 164 78.8333 177 1920. Average for the year 14.7106 174 .9712 203 56.6667 234 145.4167 326 6.0433 458 5.8891 375 April 15.7125 186 1.2000 255 57.0000 235 160.0000 359 3.5900 272 4.0700 259 May I 14.7550 175 1.1636 247 57.0000 235 160.0000 359 4.4200 335 6.4700 412 June I 15.3500 182 1.0000 212 57.0000 235 160.0000 359 8.6700 657 7.0000 446 July. 15.8875 188 .9091 193 57.0000 235 160.0000 359 10.0000 758 7.9000 503 August 15.7350 186 .8727 185 57.0000 235 157.0000 352 10.6300 805 8.6300 549 September. 17.0688 202 .8364 178 57.0000 235 157.0000 352 10.4700 793 8.6600 551 October.... 14.7875 175 .7273 154 57.0000 235 152.0000 341 8.7500 663 8.3100 529 November.. 12.1400 144 .6909 147 57.0000 235 124.5000 279 5.1900 393 7.3800 470 December.. 9.6625 114 .5455 116 57.0000 235 124.5000 279 3.7500 284 5.2000 331 January.. 9.6700 114 .5455 116 48.0000 198 110.0000 247 2.5300 192 4.2500 271 February. 9.7063 115 .5455 116 48.0000 198 95.0000 213 2.4200 183 3.7300 237 March 10.3063 122 .5273 112 48.0000 198 95.0000 213 2.2900 173 3.4000 216 April 8. 8563 105 .5273 112 41.0000 169 91.0000 204 2.2500 170 3.3625 214 s C to o v al e , , a N n e t w hr a Y c o it r e k , , Coke, Connells- C e o l p ec p t e r r o , l i y n t g ic o , t, d L es e i a lv d e , r p iz ig e , d, P P et e r n o n le y u s m lv , a c n r i u a d , e, P M ig a h ir o o n n i , n g b a a s n i d c, tidewater. ville, at furnace. New York. • New York. at wells. Shenango Valley, at furnace. Year and month. Average Rela- Average Rela- Average Rela- Average Rela- Average Rela- Average Relaprice per tive price per tive price per tive price per tive price per tive price per tive long ton. price. short ton. price. pound. price. pound. price. barrel. price. long ton. price. 1913 $5.0613 100 $2.4396 100 $0.1573 100 $0.0440 100 $2.4500 100 $14.7058 100 1919 8.1639 161 4.7375 194 .1911 122 .0578 131 4.1346 169 27.6971 188 1920. 9.4265 186 10.8163 443 .1797 114 184 5.9750 244 42.2692 287 Average for the year 8.4368 167 10.5000 430 .1919 122 204 6.1000 249 42.5000 289 April 8.9964 178 12.0000 492 .1906 121 .0856 195 6.1000 249 43.2500 294 May 9.3672 185 14.3000 586 .1900 121 193 6.1000 249 44.0000 299 June 9.4580 187 14.3750 589 .1900 121 195 6.1000 249 45.7500 311 July 9.6087 190 15.5500 637 .1900 121 204 6.1000 249 48.1000 327 August 10.4363 206 15.3125 628 .1869 119 .0816 185 6.1000 249 48.5000 330 September 10.4732 207 14.3125 587 .1675 106 .0731 166 6.1000 249 43.7500 298 October 10,5417 208 8.8500 363 .1455 92 .0628 143 6.1000 249 36.5000 248 N D o ec v e e m m b b e e r r ' 10. 5479 208 6.2375 256 .1369 87 .0478 109 6.1000 249 33.0000 224 1921. January 10. 6373 210 5.5313 227 .1288 .0497 113 5.7750 236 30.0000 204 February 10.6382 210 5.1875 213 .1288 .0468 106 4.1875 171 27.5000 187 March 10.6382 210 5.0000 205 .1223 .0405 92 3.0000 122 24.2000 165 April 10.1380 200 3.7188 152 .1247 .0428 97 3.1875 130 22.8750 156 Cotton yarns, Leather, sole, Steel billets, Steel plates, Steel rails, Worsted yarns, northern cones, hemlock, N o.l, Bessemer, tank, Pitts- open hearth, 2-32's crossbred, 10/1, Boston. Chicago. Pittsburgh. burgh. Pittsburgh. Philadelphia. Year and month. Average Rela- Average Rela- Average Rela- Average Rela- Average Rela- Average Relapriceper tive price per tive price per tive price per tive price per tive price per tive pound, price. pound. price. long ton. price. pound. price. long ton. price. pound. price. 1913. 100 $0.2821 100 $25.7892 100 $0.0148 100 $30.0000 100 $0.7767 100 1919. 241 .5283 187 40.5385 157 .0271 183 49.2642 164 1.6274 210 1920. Average for the year. .6245 282 .5342 189 56.2596 218 .0328 222 53.8269 179 1.8250 235 April .7784 352 .5700 202 60.0000 233 .0375 253 54.5000 182 2.2000 283 May .7672 347 .5700 202 60.0000 233 .0375 253 54. 5000 182 2.0000 258 June .7299 330 .5700 202 60.0000 233 .0355 240 54.5000 182 2.0000 258 July , .7009 317 .5700 202 62.5000 242 .0338 228 54. 5000 182 1. 7500 225 August I .6310 285 .5500 195 61.0000 237 .0325 220 54. 5000 182 1.7500 225 September . 5429 245 .5100 181 58.7500 228 .0325 220 54.5000 182 1.6000 206 October .4343 196 .4900 174 55.0000 213 .0309 209 54. 5000 182 1.5000 193 November .3695 167 .4700 167 49.7000 193 .0281 190 54. 5000 182 1.3000 167 December .3108 140 .4100 145 43. 5000 169 .0265 179 50.5000 168 1.1000 142 1921. January... .2878 130 .4000 142 43.5000 169 .0265 179 47.0000 157 1.1500 148 February.. .2775 125 .3800 135 42.2500 164 .0233 157 47.0000 157 1.1500 148 March .2447 111 .3700 131 38.4000 149 .0204 138 47.0000 157 1.2000 155 April .2388 108 .3700 131 37.5000 145 .0210 142 47.0000 157 1.2000 155 i On Toledo market, average for last six months of 1913. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

706 FEDERAL RESERVE BULLETIN. JUNE, 1921. AVERAGE MONTHLY WHOLESALE PRICES OF COMMODITIES—Continued. [Average price for 1913=100. J Flour, wheat, st B e g e e o e r o s f d , , c C n a h a r i c t c i a v a s g e s o , . Cof N fe e e w , R Y io o , r N k o . . 7, st ( a 19 n 1 d 8 a w , r s d a t r a p ) n , a d te a n rd ts Ham C s h , i c s a m g o o k . ed, Ill 1 u N 5 m 0 e ° w i n f i a Y r t e i o n t r e g k s . o t, il, g N r e a S w n u u g Y l a a o r t , e rk d . , Minneapolis. Year and month. Average Rela- Average Rela- Average Rela- Average Rela- Average Rela- Average Relaprice per tive price per tive price per tive price per tive price per tive price per tive pound. price. pound. price. barrel. price. pound. price. gallon. price. pound. price. 1913 $0.1295 100 $0.1113 100 $4.5837 100 $0.1662 100 $0.1233 100 $0.0427 100 1919 .2333 180 .1785 160 11.9982 262 .3433 207 .2004 163 .0894 209 1920. Average for the year . 2304 178 .1198 108 12.6750 277 .3340 201 .2629 213 .1267 297 April .2090 161 .1514 136 14.2813 312 .3313 199 .2600 211 . 1919 449 May .1950 151 .1559 140 15.0313 328 .3556 214 .2600 211 .2247 526 June .2225 172 .1498 135 14.1600 309 .3650 220 .2600 211 .2120 497 July .2550 197 .1306 117 13.6688 298 .3769 227 .2600 211 .1910 447 August .2550 197 .0936 84 12.2350 267 .3725 224 .2600 211 .1490 349 September .2600 201 .0819 74 12. 5938 275 .3634 219 .2750 223 .1426 344 October .2520 195 .0759 68 11.2063 244 .3575 215 .2900 235 .1078 252 November. • .2400 185 .0746 67 9.2950 203 .3065 184 .2900 235 .0962 225 December .2220 171 .0656 59 8.9438 195 .2575 155 .2900 235 .0809 189 1921. January . .1738 134 .0669 60 9.6250 210 .2488 150 .2900 235 .0757 177 February .1600 124 .0672 60 9.1813 200 .2600 156 .2750 223 .0709 166 March ... .1625 125 .0639 57 8.7300 190 .2725 164 .2625 213 .0784 184 April .1650 127 .0600 54 7.9500 173 .2763 166 .2540 206 .0725 170 FOREIGN TRADE INDEX. to be the leading factor in this decline, while cotton was the most important commodity There is presented below a series of indexes affected. Exports of raw cotton in April were designed to reflect movements in foreign trade little more than 50 per cent of the exports of of the United States, with fluctuations due to January, while exports of cottonseed oil, a proprice changes eliminated. The commodities ducers product, were only about 30 per cent chosen for these indexes are those for which as large in April as in January. Total exports prices are compiled by the Federal Reserve of consumers' goods showed little change in Board in the preparation of its international April, although there was a marked decline in price index. The list includes 25 of the most the exports of lard. important imports, the value of which in 1913 The upward movement in imports which has formed 47.7 per cent of the total import values, been noticeable in recent months was checked and 29 of the most important exports, the value during April. There was a decrease in the imof which in 1913 formed 56.3 per cent of the ports of raw materials, due primarily to a contotal export values. The classification of the siderable decline in wool imports from the original list of commodities used was given in abnormally high level reached in March. This the July, 1920, BULLETIN. A classification of was partly counterbalanced by a sharp increase the 11 additional commodities of imports was in the imports of raw silk. Imports of congiven in the April, 1921, BULLETIN. sumers' goods showed a slight decline during Total exports registered a decline during April, although imports of coffee continued to April for the fourth successive month, but this show an increase for the fourth successive decline was less precipitate than in the three month. preceding months. Raw materials continued Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNEJ, 1921. FEDERAL RESERVE BULLETIN. 707 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. R (1 a 2 w c t i m o e m s a ) t m . er o i d al i s - go P m o r d o o s d d ( i u 1 ti c 0 e e s c r ) o s . ' m- g C o m o o d o n s d s u i ( t 7 m ie c e s o r ) s m . ' - To m ta o l d ( i 2 ti 9 e c s o ). m- R (1 a 0 w c t m i o e m s a ) t m . er o ia d l i s - go P m o r d o o s d d ( i u 1 t c i 2 e e c s r o ) s . m ' - g C o m o o d o n s d s u i ( t 3 m i e c e s o r ) s . m ' - To m ta o l d ( i 2 ti 5 e s c ) o . m- Index Index Index Index Index Index [ndex 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 84.1 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 N D o ec v e e m m b b e e r r . . . . 1 1 1 2 3 6 , ,8 3 3 2 6 6 1 1 3 4 2 8 . . 3 1 1 9 0 , , 9 0 8 5 7 3 8 86 6 . . 7 1 3 3 1 3 , , 2 0 4 8 6 9 1 1 0 0 2 8 . . 7 7 1 1 6 5 8 6 , , 0 4 6 6 9 8 1 1 3 2 1 2 . . 6 5 4 6 8 0 , , 1 9 0 0 7 4 1 9 2 5 1 . . 6 0 2 31 8 , , 9 7 2 8 9 8 7 8 7 6 . . 8 2 2 1 1 5 , , 4 0 4 5 6 9 1 16 1 2 4 . . 9 4 1 9 1 1 4 , , 9 2 5 7 4 9 1 9 1 1 3 . . 5 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 56,748 186.4 159,258 124.7 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 94.9 66,708 180.2 14,230 109.6 128,712 128.0 March 57,659 67.3 16,161 139.3 61,585 202.3 135,405 106.1 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 89,890 242.8 24,861 188.8 196,025 195.0 June 98,335 114.8 28,618 247.1 96,088 315.1 223,041 174.7 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 77,401 209.1 29,492 224.0 193,336 192.3 August 81,250 94.9 19,574 168.8 49,194 161.6 150,018 117.5 85,571 169.9 42,132 113.8 20,953 159.1 148,656 147.8 September.. 70,285 82.1 19,359 166.9 43,342 142.4 132,986 104.1 123,524 245.3 70,033 189.2 25,240 191.7 218,797 217.6 October 70,322 82.1 17,182 148.1 45,844 150.6 133,348 104.4 99,114 196.8 74,736 201.9 20,386 154.8 194,236 193.2 November.. 99,552 116.2 15,735 135.7 46,729 153.5 162,016 126.9 98,690 196.1 79,198 213.9 21,254 161.4 199,142 198.1 December.. 89,584 104.6 13,208 113.9 43,571 143.1 146,363 114.6 79,965 158.9 71,886 194.2 21,521 163.4 173,372 172.4 Year.. 914,165 88.9 215,357 154.7 688,362 188.5 1,817,884 118.6 951,495 157.5 857,504 193.0 254,975 161.4 2,063,974 171.1 1920. January 93,142 108.7 15,647 134.9 35,377 116.2 144,166 112.9 103,782 206.1 90,633 244.8 24,062 182.7 218,477 217.3 February... 70,150 81.9 14,201 122.4 41,645 136.8 125,996 98.7 87,210 173.2 107,162 289.5 19,936 151.4 214,308 213.1 March 90,779 106.0 17,259 148.8 56,612 186.0 164,650 128.9 97,011 192.7 125,409 339.0 25,999 197.4 248,419 247.1 April 68,039 79.4 17,109 147.1 51,486 169.1 136,634 107.0 87,617 173.9 97,187 262.5 29,076 220.8 213,863 212.7 May 63,650 74.3 17,546 151.3 62,457 205.2 143,653 112.5 64,177 127.5 84,134 227.2 14,887 113.1 163,198 162.3 June 55,200 64.5 14,663 126.4 46,113 151.5 115,976 90.8 75,225 149.5 95,699 258.5 21,463 163.0 192,387 191.8 July 66,924 78.1 19,138 165.0 43,325 142.4 129,387 101.3 60,942 121.0 93,910 253.7 24,562 186.5 179,414 178.1 August 67,225 78.5 15,708 135.4 28,594 94.0 111,527 87.3 61,321 121.8 94,866 256.2 22,624 171.8 178,811 177.6 September. 70,699 82.5 13,883 119.7 28,599 94.0 113,181 88.6 51,388 102.1 61,163 165.2 17,226 130.8 129,777 129.0 October... 101,708 118.7 17,649 152.2 37,859 124.4 157,216 123.1 44,866 89.1 48,683 131.5 17,613 133.8 111,162 110.0 November. 95,148 111.1 14^123 121.8 33,996 111.7 143,267 112.2 43,436 86.3 61,590 166.4 14,610 111.0 119,636 119.0 December.. 104,828 122.4 21,577 186.0 37,536 123.3 163,941 128.4 39,963 79.4 49,239 133.0 13,401 101.8 102,603 102.0 Year. 947,501 92.2 198,457 142.6 503,802 137.9 1,649,760 107.7 816,909 135.2 1,009,762 227.3 245,459 155.3 2,072,130 171.7 1921. January 90,063 105.2 21,797 187.9 38,356 126.0 150,216 117.6 37,523 74.5 48,442 130.8 19,288 146.5 105,253 104.7 February.. 77,922 91.0 16,349 141.0 35,433 116.4 129,704 101.6 59,514 118.2 53,111 143.5 21,179 160.8 133,804 133.1 March 66,934 78.2 12, 111 104.4 37,243 122.4 116,288 91.1 80,926 160.7 65,681 177.4 27,560 209.3 174,167 173.2 April 65,569 76.6 11,914 102.7 37,273 122.5 114,756 89.9 77,294 153.4 65,777 177.7 27,162 206.3 170,233 169.3 PHYSICAL VOLUME OF TRADE. In continuation of tables in the May, 1921, tion decreased slightly, but there was an in- FEDERAL RESERVE BULLETIN, there are pre- crease in the number of spindles active during sented in the following tables certain data rela- the month. There was a further considerable tive to the physical volume of trade. The decline in the percentage of idle wool machin- January, 1919, issue contains a description of ery. Imports of raw silk were over twice as the methods employed in the compilation of large as in March and much larger than in the data and the construction of the accom- April, 1920. panying index numbers. Additional material Production of bituminous coal declined durwill be presented from time to time as reliable ing April for the fourth consecutive month, figures are obtained. whereas anthracite coal production showed a The textile industry, as a whole, showed some slight increase. The output of beehive coke further gain during April. Cotton consump- continues to decrease and is now at a very Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

708 FEDERAL RESERVE BULLETIN. JUNE, 1921. MOVEMENT0) COAL AND PETROLEUM AGRICULTURAL PROL 1919-1921 1919-1921 jCiveStodCSZeceipbs —— JlnthracUe CoalJrvdacfion, • _ « ._ Grain and, Jfour'Sitece^ ——— bituminous (balShdctctzon,«—-—-- Cotton SightJteceipts '''Crad6^^oleam,3xUxctwfo INDEX NUMBERS. AVERA6E-Ii9efi3l=joo INDEX NUMBERS. AVERA6E1611-1613=JOO. 200 200 2O0 200 \ : 180 180 180 180 : \ ••• r ir" 160 «» 160 160 160 j. . V 1 140 I MO 140 -T' MO I i i 120 \\ N // : \ \ t i \ h 31r M A 120 120 > r § i V r 120 !OO t\ W 100 \A too i / 80 l § ^ V / V i • i 80 SO \1 i \ t 1 V 80 j it 60 60 60 ii 60 40 / 40 40 40 ? 2O V 20 20 20 0 0 0 0 1919 1920 1921 1919 1920 132! IRON AND STEE'L TEXTILES 1919 -1921 1919-1921. '• S%gIronProduction Cotton Consumption, SteellngotJl'odtjLctwTi Wool Consumption* — — IMOledOrders, U.S.StelCorporaJtioit ••••• INDEXNUMBERS. AVERA6EI3I-I1913=100. MILLIONS OF POUNDS 200 /r 200 280 AJ•Iv r 2 JU 8 U 0 • * 260 MM 260 180 ISO X \ / \ 240 Ad 240 160 160 220 \ \ 1/ 220 \ A 200 2O0 140v A 140 r- \ 180 V\ l" 180 120* \ . \ w \ \ 120 160 160 W V\ V 1 \ 100 MO 140 120 120 80 \ 80 100 KX) 60 60 SO SO 40 40 60 \ 60 40 / \ \ 40 20 20 V 20 20 0 0 0 0 1919 1920 1921 1319 1920 1921 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN. 709 low level. Total April production of crude still greater than at the corresponding date in petroleum showed a slight decline, but the 1920. There was a temporary check to the average daily production reached a new high seasonal declines in cotton sight receipts and level. Pig-iron production in May was only port receipts during April, but American slightly higher than in April, and the output of spinners' takings continued to decline. Wheat steel ingots continued on a very restricted basis. flour production was greater than in March or Both receipts and shipments of live stock at in April a year ago. Shipments of citrus fruits 15 western markets continued to decline in April were the largest recorded in any month during April. Stocker and feeder shipments during the past three years. from 34 markets were slightly smaller than in Production of lumber by five reporting March and were very much less than the ship- associations showed an increase during April, ments in April, 1920. There was an increase although there were slight decreases in producover the previous month in the shipments tion of southern pine and eastern white pine. of cattle and calves and sheep, but there was a Production was considerably lower than in large decrease in shipments of hogs. The April, 1920, except in the case of North Caronumber of animals slaughtered under Federal lina pine. All five associations reported ininspection was slightly less in April than in creases in shipments during April, as compared March, but was considerably greater than in with the previous month. Receipts of raw April, 1920. Receipts of grain and flour at sugar at North Atlantic ports increased during 17 interior centers were much smaller during April, but meltings showed a marked decrease. April than in the previous month, but were Raw stocks at the close of April were over 100 larger than in April, 1920. There was a notice- per cent greater than at the close of March. able decline in stocks of grain at 11 interior The tonnage of vessels cleared during April centers during April, although these stocks were was larger than in March, or in April, 1920. LIVE-STOCK MOVEMENTS. [Bureau of Markets.] Receipts. Shipments. C c m a a l t a v t r l e k e s e a , t n s 5 d . 9 m H a o r g k s e , t 5 s. 9 S m h a e r e k p e , t s 5 . 9 H m m o u r a s l r e e k s s e , a ts 4 n . 3 d T k o i t n al d , s a . ll C c m a a l t a v t r l e k e s e a , t n s 5 . d 4 m Ho ar g k s e , t 5 s 4 . S m h a e r e k p e , t s 5 . 4 H m m o u r a s l r e e k s s e , a ts 4 n . 3 d T k o i t n al d , s a . ll 1920 Head. Head. Head. Head. Head. Head. Head. Head. Head. Head. April 1,538,567 2,989,715 1,440,654 48,036 6,016,972 593,438 1,119,205 728,718 48,004 2,489,365 July 1,657,743 2,837,685 2,000,758 35,668 6,531,854 721,328 1,095,470 1,015,612 37,152 2,869,562 August 1,952,086 2,516,240 2,561,661 73,423 7,103,410 869,849 953,088 1,459,150 69,971 3,352,058 September.. 2,279,345 2,435,589 2,826,693 57,468 7,599,095 1,079,170 931,261 1,581,680 60,414 3,652,525 October 2,196,939 2,826,277 2,945,709 38,657 8,007,582 1,159,459 1,064,175 1,932,083 37,994 4,193,711 November.. 2,403,990 3,862,243 2,419,596 22,477 8,708,306 1,148,861 1,394,347 1,474,299 22,963 4,040,470 December.. 1,382,995 4,186,261 1,546,876 16,118 7,132,250 647,801 1,516,893 704,760 17,030 2,886,484 1921, January 1,629,994 4,654,560 1,769,155 34,712 8,088,421 602,320 1,637,902 681,987 34,572 2,956,781 February... 1,174,611 3,951,971 1,501,902 41,212 6,669,696 456,471 1,346,092 590,487 40,611 2,433,661 March 1,548,061 3,338,483 1,731,653 41,951 6,660,148 587,898 1,229,405 688,072 42,602 2,547,977 April 1,477, 720 3,203,016 1,648,950 23,980 6,353,666 600,996 1,116,890 696,229 22,533 2,436,648 RECEIPTS AND SHIPMENTS OF LIVE STOCK AT 15 WESTERN MARKETS. [Chicago, Kansas City, Oklahoma City, Omaha, East St. Louis, St. Joseph, St. Paul, Sioux City, Cincinnati, Cleveland, Denver, Fort Worth, Indianapolis, Louisville, Wichita. Monthly average, 1911-1913=100.] RECEIPTS. Cattle and calves. Hogs. Sheep. Horses and mules. Total, all kinds. Head. Relative. Head. Relative. Head. Relative. Head. Relative. Head. Relative. 1920. April 1,037,350 103 2,109,195 96 927,800 68 31,235 68 4,105,580 89 July 1 188 019 118 2,115,639 96 1,301,458 95 26,257 57 4,631,373 100 August 1,459,565 145 1,818,245 83 1,688,719 124 55,371 120 5,021,900 109 September 1,736,009 172 1,597,622 73 1,893,312 139 38,950 85 5,265,893 114 October 1 628 564 162 1,838,748 84 1,865,330 136 24,716 54 5,355,358 116 November. . 1,781,261 177 2,624,185 119 1,542,477 113 12,149 26 5,960,072 129 December 984 309 98 2 932 052 133 942,858 69 9,290 20 4,868,509 105 1921. January 1,191,814 118 3,339,419 152 1,112,024 81 24,1,58 52 5,667,415 123 February 835 686 89 2,902,107 141 972,647 76 27 111 63 4,737,551 110 March 1,119,548 111 2,390,480 109 1,161,549 85 28,437 62 4,700,014 102 April 994,916 99 2,279,495 104 1,077,806 79 15,221 33 4,367,438 95 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

710 FEDERAL RESERVE BULLETIN. JUNE, 1921. RECEIPTS AND SHIPMENTS OF LIVE STOCK AT 15 WESTERN MARKETS—Continued. SHIPMENTS. Cattle and calves. Hogs. Sheep. Horses and mules. Total, all kinds. Head. Relative. Head. Relative. Head. Relative. Head. Relative. Head. Relative. 1920, April 414,967 102 712,087 147 373,381 74 31,348 76 1,531,783 107 July 508,199 125 737,923 152 644,557 128 27,728 68 1,918,407 134 August 640,295 157 627,670 130 899,342 179 52,163 127 2,219,470 155 September.. 819,371 202 540,812 112 1,027,510 204 40,890 100 2,428,583 169 October 866,327 213 584,742 121 1,192,912 237 24,051 59 2,668,032 186 November.. 810,284 199 784,468 162 952,159 189 12,782 31 2,559,693 178 December.. 472,748 116 943,515 195 384,646 76 10,201 25 1,811,110 126 1921 January 426,887 105 1,078,679 223 316,068 63 24,463 60 1,846,097 129 February... 334,113 88 869,718 192 324,311 69 26,495 69 1,554,637 116 March 447,682 110 825,944 170 406,705 81 28,765 70 1,709,096 119 April 415,153 102 694,067 143 392,061 78 14,396 35 1,515,677 106 SHIPMENTS OF STOCKERS AND FEEDERS FROM 34 MARKETS. Ca c t a t l l v e e a s n . d Hogs. Sheep. T k o i t n a d l, s a . ll Ca c t a l l l v e e a s n . d Hogs. Sheep. T k o i t n a d l, s a . ll 1920. Head. Head. Head. Head. 1920. Head. Head. Head. Head. April 241,511 67,995 267,657 577,162 November... 545,802 52,699 855,545 1,454,064 July 209,563 25,711 322,867 558,141 December 277,053 36,827 258,599 572, 479 August 273,512 34,415 567,429 875,356 1921. September... 473,652 44,340 789,387 1,307,379 January 202,926 41,892 332,907 October 571,025 59,123 1,055,237 1,685,385 February 164,504 49,229 61,508 275,241 March 233,477 72,536 88,292 394,305 April 234,331 50,320 106,476 391,127 ANIMALS SLAUGHTERED UNDER FEDERAL INSPECTION. [Bureau of Animal Industry. Monthly average, 1911-1913=100.] Cattle. Calves. Hogs. Sheep. Total. Rela- Rela- Rela- Rela- Rela- Head. tive. Head. tive. Head. tive. Head. tive. Head. tive. 1920. April 637,575 382,420 216 2,590,208 713,796 4,323,999 90 July 661,172 109 342,765 194 2,643,772 94 1,048,428 4,696,137 August 685,763 113 332,349 188 2,176,010 77 1,041,580 4,235,702 September 825,484 136 347,578 197 1,978,602 70 1,150,776 4,302,440 90 October 843,136 139 314,789 178 2,486,940 88 1,067,821 4,712,686 98 November 858,946 142 315,971 179 3,328,633 118 968,235 5,471,785 114 December 667,344 110 244,573 138 3,985,125 142 932,417 5,829,459 121 1921. January 689,506 114 282,043 160 4,347,306 154 1,068,346 6,387,201 133 February 522,718 92 252,369 153 3,770,974 143 957,751 5,503,812 123 March 624,395 103 361,733 205 3,075,137 109 1,075,481 5,136,746 107 April 590,943 97 365,541 207 3,003,290 107 1,040,628 5,000,402 104 EXPORTS OF CERTAIN MEAT PRODUCTS. [Department of Commerce. Monthly average, 1911-1913=100.] Beef, pickled, P Hams and Beef, canned. Beef, fresh. and other cured. Bacon. shoulders, cured. Lard. Pickled pork. Rela- Rela- Rela- Rela- Rela- Rela- Rela- Pounds. tive. Pounds. tive. Pounds. tive. Pounds. tivi Pounds. tive. Pounds. tive Pounds. tive. 1920. April 1,606,613 242 17,687,306 1,426 2,241,460 84 24,356,170 145 15,640,236 105 40,758,401 93 2,734, 535 62 July 5,217,838 788 5,506,812 444 1,973,004 74 31,562,761 188 56 47,061,422 107 2,926,247 66 August 1,231,070 186 343,352 28 2,152,982 81 23,333,156 139 9,360,469 63 31,020,802 71 2,257,511 51 September 244,261 37 1,964,543 158 1,613,657 60 41,371,561 247 8,997,124 60 46,326,353 105 3,279,902 74 October... 207,503 31 522,251 42 1,995,039 75 49,838,768 298 8,787,853 59 54,173,979 123 3,549,456 80 November. 282,761 43 3,091,895 249 1,678,091 63 57,934,259 346 11,197,880 75 57,316,309 130 2,605,431 59 December. 399,916 60 1,583,434 128 3,053,993 114 68,784,322 411 14,491,763 97 90,080,092 205 2,691,452 61 1921. January... 548,227 83 6,078,550 490 1,725,625 43,202,486 258 16,869,841 113 76,185,237 173 3,089,094 70 February.. 1,733,678 979,081 85 1,750,756 31,612,140 202 15,847,799 114 91,840,951 224 3,150,452 76 March 504,356 508,230 41 2,246,547 35,350,774 211 19,102,633 128 82,616,583 188 2,024,334 46 April 366,682 214,193 17 1,364,593 32,851,837 196 24,925,807 167 53,275,457 121 2,005, 851 45 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE, 1921. FEDERAL, RESERVE BULLETIN. 711 RECEIPTS OF GRAIN AND FLOUR AT 17 INTERIOR CENTERS. [Chicago, Cleveland, Detroit, Duluth, Indianapolis, Kansas City, Little Rock, Louisville, Memphis, Milwaukee, Minneapolis, Omaha, Feoria, St. Louis, Spokane, Toledo, Wichita; receipts of flour not available for Cleveland, Detroit, Indianapolis, Louisville, Omaha, Spokane, Toledo, and Wichita. Compiled from reports of trade organizations at these cities. Monthly average, 1911-1913=100.] Wheat. Corn. Oats. Rye. Barley. Total grain. Flour. Total f l g o r u a r i . n i and Bushels. t R iv el e a . - Bushels. R tiv el e a . - Bushels. R tiv e e la . - Bushels. R tiv el e a . - Bushels. R tiv el e a . - Bushels. R tiv el e a . - Barrels. t R iv el e a . - Bushels. t R iv el e a . - 1920. April 15,260,236 56 11,326,509 5112,952,593 64 2,914,553 264 2,231,881 3144,685,772 57 888,423 45 48,683,676 July 29,714,399 11020,824,268 9318,1,734,180 93 3!,, 096,026 2812,653,921 37 75,022,794 96 2,052,110 105 84,257,289 97 August 43,039,021 159 9,840,320 44 301,,728,748 153 3i,, 191,103 3,007,508 42 89,806,700 1151,949,339 100 98,578,726 114 September. 46,181,275 170 20,696,955 92 31,031,569 154 5i,, 571,428 50566,,630,056 92 110,111,283 1411,843,954 94 118,409,076 137 October 45,403,825 16719,064,508 85 21,235,162 106 4[, 455,979 404 5,795,028 8' 19"51,5,954,502 123 2,137,639 109105,573,878 122 November. 39,272,827 14511,407,224 5115;», 282,651 76 3,706,653 336 6,616,3621 92 766,,285,717 98 2,054,262| 105 85,529,896 99 December. 32,758,773 12119,390,714 8713,1,777,300 69 3,482,685 316 5,057,808 71744.,467,280 961,570,822 80 81,535,979 94 1921. January 32,229,218 119 42,036,812 18818,508,986 92 2,202,705 200 3,753,837 52 988,,731,558 1271,430,904 73 105,170,626 121 February... 22,922,667 9~1 271.7,565,779 13212,553,913 671,397,832 136 2,074,908 31666,,515,099 911,659,009 91 73,980,640 91 March 22,848,939 84 344!,165,324 15217,432,655 87 1,340,498 12"1133.,111,127 43 788,,898,543 10122;,096,030 107 88,330,678 102 April 24,808,383 92122:,160,933 54 11,249,703 561,544,229 3 2,136,512 30 511,899,760 671,967,255 100 60,752,408 70 1 Flour reduced to its equivalent in wheat on basis of 4§ bushels to barrel. SHIPMENTS OF GRAIN AND FLOUR AT 14 INTERIOR CENTERS. [Chicago, Cleveland, Detroit, Duluth, Kansas City, Little Rock, Louisville, Milwaukee, Minneapolis, Omaha, Peoria, St. Louis, Toledo, Wichita; shipments of flour not available for Cleveland, Detroit, Louisville, Omaha, Toledo, and Wichita.] Wheat. Corn. Oats. Rye. Barley. Total grain. Flour. Total f l g o r u a r m .i and Bushels. t R iv el e a . - Bushels. t R iv el e a . - Bushels. t R iv el e a . - Bushels. R tiv el e a . - Bushels. t R iv el e a . - Bushels. t R iv el e a . - Barrels. t R iv e e la . Bushels. t R iv el e a . - 1920. April 11,058,643 5,371,811 38 8,691,440 57 8,811,500 1,2441,637,509 42 35,570,903 721,702,132 50 43,230,497 67 July.. 19,002,099 122 9,100,527 6411,345,429 75 4,476,238 632 2,086,672 53 466,J010,965 93 3,767,678 111 62,965,516 97 August 24,934,816 160 6,260,144 4412,814,067 84 2,880,003 407 2,231,851 57 4[99,,:120,881 99 3,605,105 106 65,343,854 101 N S D O e o c e p t c v o t e e e b m m m er b b b e e e r r r . . . . . . 2 2 2 2 6 2 4 8 , , , , 2 2 9 7 5 5 5 0 3 0 0 8 , , , , 0 7 5 7 3 7 9 9 0 1 3 5 1 1 1 1 6 8 4 6 0 4 3 91 6 7 7 0 , , , , 8 8 2 3 9 9 8 3 8 0 4 6 , , , , 9 5 3 0 7 0 7 7 9 0 8 5 5 4 7 5 5 2 5 4 1 1 1 2 9 0 0 , , , , 6 9 7 6 9 6 2 0 0 4 9 1 , , , , 8 7 0 1 6 4 4 7 6 3 5 8 6 7 7 8 6 0 1 3 3 4 4 2 , , , , 1 3 7 9 7 3 4 9 1 9 2 8 , , , , 6 0 3 5 1 5 8 2 6 7 0 4 6 4 6 4 1 2 7 4 3 3 0 8 3 3 4 4 , , , , 0 5 2 5 8 5 4 2 2 6 7 9 , , , , 2 1 9 0 4 5 8 9 9 4 0 1 1 1 7 9 0 1 1 9 9 6 5 4 5 5 15 6 0 6 5, , , , ,J 3 8 4 5 7 1 6 7 0 6 7 0 , , , , 6 7 7 8 1 9 7 2 7 4 1 2 ~ 1 1 9 0 1 3 2 2 ~2 4 1 3 3 3 3 3 3 3, ! , ,, , , , 1 9 1 7 4 4 8 5 1 9 7 8 , , , , 5 6 4 7 9 2 5 3 9 4 4 5 1 1 9 9 1 1 3 4 7 1 6 6 6 7 8 0 9 3 , , , , 5 5 9 3 9 0 1 8 0 7 4 2 , , , , 4 4 3 1 4 1 7 3 0 4 5 0 1 1 1 9 0 0 1 3 6 8 3 1921. January 20,187,379 13017,288,509 12111,523,642 762,380,797 336 2!,, 874,359 74 54:,, 254,686 109 2!,, 678,257 66,306,843 102 February... 15,134,115 104 12,891,895 9,299,842 66 1,041,424 158 I,626,913 45 391,,994,189 86 2t,, 696,723 52,129,443 86 March 17,415,266! 112 20,723,904 145 12,435,262 821,116,943 1581, 685,989 43 5533,,377,364 107 3[,,156,299 67,580,710 104 April 21,482,283 13813,793,563 9710,286,573 681,518,559 2142,029,838 52 4'"9,110,816 99 3.,178,254 94 63,412,959 1 Flour reduced to its equivalent in wheat on basis of 4J bushels to barrel. STOCKS OF GRAIN AT 11 INTERIOR CENTERS AT CLOSE OF MONTH. [Chicago, Detroit, Duluth, Tndianapolis, Kansas City, Milwaukee, Minneapolis, Omaha, Peoria, St. Louis, and Toledo.] Wheat. Corn. Oats. Rye. Barley. Total grain. 1920. Bushels. Bushels. Bushels. Bushels. Bushels. Bushels. April 29,711,858 4,127,290 6,242,002 8,197,900 1,766,025 50,045,075 July 5,492,026 4,959,314 2,059,842 670,563 1,336,553 14,518,298 August 5,460,879 1,414,708 7,447,762 338,600 709,469 15,371,414 September 9,134,621 5,669,580 23,322,910 1,303,475 2,114,369 41,544,955 October 14,627,524 7,823,807 28,941,14.8 668,084 2,096,517 54,157,080 November 16,058,407 3,461,911 28,697,974 1,082,195 1,874,366 51,174,853 December 15,525,114 4,793,299 27,358,948 1,007,591 2,378,548 51,063,500 1921. January 14,414,231 11,596,518 29,435,153 478,125 2,057,434 57,981,461 February 12,883,444 17,294,569 30,039,057 600,585 1,800,604 62,618,259 March 11,277,724 24,465,117 31,570,022 562,754 1,673,037 69,548,654 April 6,565,280 16,498,010 27,717,326 494,356 1,333,323 52,608,295 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

712 FEDERAL RESERVE BULLETIN. JUNE, 1921. RECEIPTS OF GRAIN AND FLOUR AT NINE SEABOARD CENTERS. [Boston, New York, Philadelphia, Baltimore, New Orleans, San Francisco, Portland (Oreg.), Seattle, Tacoma; receipts of flour not available for Seattle and Tacoma. Compiled from reports of trade organizations at these cities. Monthly average, 1911-1913=100.] Wheat. Corn. Oats. Rye. Barley. Total grain. Flour. Total f l g o r u a r, i n i and Bushels. R t e i l ve 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. Rela- Barrels. R ti e v l e a . - Bushels. t R iv el e a . - 1920. April.... 5,441,434 43 1,317,555 1,546,590 33 3,440,350 2,421 685,054 4112,430,9 55 843,916 16,228,605 59 July 18,710,633 149 3,305,542 3,499,101 74 5,048,019 3,5532,098,083 126 32,661,378 1441,660,849 159 40,135,198 146 August 28,098,022 223 1,576,842 2,671,365 56 3,407,799 2,3982,289,791 138 38,043,819 1681,390,077 133 44,299,166 162 September..31,693,246 252 1,456,958 3,069,700 65 4,133,465 2,9091,815,227 109 42,168,596 1861,422,872 136 48,571,520 177 October 29,028,202 230 1,844,753 1,828,515 38 5,436,354 3,8262,558,276 154 40,696,100 1791,463,830 140 47,283,335 173 November..24,410,356 194 2,401,181 1,874,271 39 3,329,710 2,3442,721,320 164 34,736,838 153 3,683,380 353 51,312,048 187 December.. 29,551,950 235 854,138 1,911,861 40 3,490,405 2,4572,291,639 138 38,099,993 168 4,367,180 418 57,752,303 211 1921. January 12,717,255 101 6,228,175 175 1,542,355 32 2,748,524 1-,,9„3_4.1, ,9„7.„0,,9—31 119 25,207,240 1111,174,815 112 30,493,908 111 February... 10,315,852 88 7,845,915 237 1,039,537 23 2,059,538 1,553 1,631,288| 105 22,892,130 1081,186,565 122 28,231,673 110 March 9,064,534 7213,933,057 392 1,433,069 301L, 034,760 7281,6~8~"9i ,, 1—12'9 102 27,154,549 1201,518,450 145 33,987,574 124 April 17,958,534 143 2,890,042 81 1,568,460 331L, 617,8771,139 — ,4'09 55 24,944,322 1101,831,404 175 33,185,640 121 1 Flour reduced to its equivalent in wheat on basis of 4J bushels per barrel. STOCKS OF GRAIN AT EIGHT SEABOARD CENTERS AT CLOSE OF MONTH. [Boston, New York, Philadelphia, Baltimore, New Orleans, Newport News, Galveston, San Francisco. Compiled from reports of trade organizations at these cities.] Wheat. Corn. Oats. Rye. Barley. Total grain. 1920. Bushels. Bushels. Bushels. Bushels. Bushels. Bushels. April . 7,704,155 967,475 1,944,350 2,034,983 13,040,921 July 11,923,745 744,167 1,323,940 1,275,554 3,187,611 18,455,017 August 13,915,892 1,097,945 1,532,272 777,445 4,052,189 21,375,743 September 15,517,070 1,146,514 2,398,157 2,414,910 4,110,158 25*, 586,809 October 17,277,003 1,292,818 2,521,049 1,742,178 3,577,450 26,410,498 November 17,794,605 1,371,013 2,327,249 1,906,527 3,097,922 26,497,316 December 18,263,476 510,142 2,205,936 2,196,380 3,322,050 26,497,984 1921. January 15,060,423 2,524,700 1,980,265 1,602,358 2,105,450 23,273,196 February 12,032,772 3,982,316 1,775,563 1,332,441 1,909,706 21,032,798 March 6,782,584 6,353,250 1,286,275 1,069,220 1,454,547 16,945,870 April 5,651,320 1,022,990 1,316,157 550,011 1,326,460 10,666,938 NOTE.—Figures for San Francisco include also stocks at Port Costa and Stockton. WHEAT FLOUR PRODUCTION. [January, 1918, to June, 1920, U. S. Grain Corporation; July, 1920, on, estimated by Russell's Commercial News (Inc.), New York.] 1920. Barrels. 1920. Barrels. April 7,375,000 November 9,500,000 December 9,600,000 July 8,200,000 August , 10,200,000 1921. September 9,450,000 January 8,924,000 October 9,650,000 February 7,066,000 March 9,100,000 April 9,368,000 COTTON. [New Orleans Cotton Exchange. Monthly average crop years, 1911-1913=100.] Sight receipts. Port receipts. Overl m an e d n t m . ove- Ameri t c a a k n in s g p s i . nners' St i o n c t k e s r i a o t r p t o o r w ts n s a n a d t close of month. Bales. R ti e v l e a . - Bales. R ti e v l e a . - Bales. R ti e v l e a . - Bales. R ti e v l e a . - Bales. R ti e v l e a . - 1920-21. August 308,262 25 159,586 17 25,322 24 251,841 55 1,365,397 116 September 771,590 62 443,149 48 17,324 16 254,460 56 1,607,602 136 October 1,466,874 117 971,334 106 87,215 83 395,165 87 2,101,839 178 November 1,804,135 144 =1,075,803 117 117,139 111 425,089 94 2,597,820 220 December 1,579,751 126 I 797,350 87 134,455 128 672,477 148 2,815,934 239 January 1,153,825 92 636,260 69 157,012 149 526,718 116 2,863,377 243 February. 744,682 64 446,399 52 206,554 210 576,260 136 2,820,403 239 March 553,518 44 401,464 44 134,085 127 253,368 56 2,757,715 234 April 564,521 45 477,672 52 101,906 97 211,415 47 2,775,391 236 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE, 1921. FEDERAL RESERVE BULLETIN. 713 COTTON SEED. [Bureau of the Census.] R at e c m e i iv ll e s d . Crushed. O m of n i l m l h s o a ( n n c d t lo h s a ) e . t R at e c m e i iv ll e s d . Crushed. m O of n i l m l h s a o ( n n c d l t o h a s ) t e . 1920. Tons. Tons. Tons. 1920. Tons. Tons. Tons. April 62,267 173,805 104,334 November 829,282 719,455 581,806 December 557,787 546,086 593,507 July 7,259 13,219 August , 24,979 20,317 36,760 1921. September 244,382 145,519 135,623 January 418,846 527,521 484,832 October 945,998 607,628 471,979 February 431,539 499,851 416,520 March 336,226 452,770 299,976 April 133,832 242,282 191,526 SHIPMENTS OF CITRUS AND DECIDUOUS FRUITS FROM CALIFORNIA. [March, 1921, on, Bureau of Markets and California Fruit News.* Monthly average, 1911-1913=100.] Total Oranges. Lemons. Total citrus fruits. deciduous fruits. Carloads. Relative. Carloads. Relative. Carloads. Relative Carloads. 1920. April 3,720 152 508 125 4,228 148 22 July 2, 822 115 664 164 3,486 122 3,179 August 1,707 70 751 185 2,458 86 7,239 September 1,409 58 464 115 1,873 66 9,021 October 752 31 925 228 1,677 59 11,880 November 1,602 66 377 93 1,979 69 2,792 December 3,774 154 368 91 2 4,167 146 368 1921. January 3,429 140 627 155 2 4,077 143 98 February 3,484 153 610 161 2 4,123 155 81 March 4,955 203 936 231 5,891 207 81 April 6,335 259 1,171 289 7,506 263 82 1 For previous sources, see April, 1921, Bulletin. 2 Includes grapefruit. 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 t o m ck o s n a th t . Receipts. Meltings. c R lo a s w e o s f t o m ck o s n a th t . Tons. R ti e v l e a . - Tons. R ti e v l e a . - Tons. R ti e v l e a . - Tons. R ti e v l e a . - Tons. R ti e v l e a . - Tons. R ti e v l e a . - 1920. 1920. April 310,580 169 307,000 167 91,765 53 December 148,464 81 154,000 84 63,715 37 July 386,328 210 325,000 177 104,027 60 1921. August 308,313 168 287,000 156 125,340 73 January 92,498 50 94,000 51 62,113 36 September 109,302 59 164,000 89 70,642 41 February 228,952 133 193,000 113 98,165 57 October 109,335 59 118,000 64 61,977 36 March 306,914 167 310,000 169 87,466 51 November 186,274 101 179,000 98 69,251 40 April 345,654 188 232,000 126 187,796 109 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. 1920. Number. Number. Number. Pounds. 1920. Number. Number. Number. Pounds. April 663,577,579 56,548,853 3,756,989,397 34,327,970 December 506,126,135 47,380,000 2,816,818,050 15,452,701 July 678,751,956 51,766,100 3,053,336,563 30,988,646 1921. August 672,020,289 48,171,240 3,569,397,443 32,138,941 January 462,798,039 64,661,867 3,901,560,330 24,750,290 September 678,640,116 50,175,580 3,557,482,503 32,094,569 February 496,724,482 64,461,733 4,119,376,533 27,096,592 October 704,799,089 60,882,760 3,840,334,806 27,123,774 March 561,343,699 70,245,500 4,470,292,160 32,209,842 November 668,060,015 57,026,500 3,529,200,006 18,513,654 April 548,103,503 56,425,666 3,801,672,057 28,399,953 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

714 FEDERAL RESERVE BULLETIN. JUNE, 1921. NAVAL STORES. [Data for Savannah, Jacksonville, and Pensacola. Compiled from reports of trade organizations at these cities.] Spirits of turpentine. Rosin. Spirits of turpentine. Rosin. Stocks Stocks Stocks Stocks Receipts. at close of Receipts. at close of Receipts. at close of Receipts. at close of month. month. month. month. 1920. Barrels. Barrels. Barrels. Barrels. 1920. Barrels. Barrels. Barrels. Barrels. April 7,644 3,996 27,029 98,517 December 21,174 53,356 76,848 300,315 July 39,158 30,906 117,088 135,979 1921. August 33,997 27,963 111,497 144,109 January 9,419 51,563 36,333 310,905 September... 32,162 44,396 97,797 176,612 February 7,404 41,755 26,736 316,440 October 30,260 49,885 88,766 195,837 March 7,995 28,838 18,906 319,347 November... 23,893 49,209 83,177 j 247,253 April 15,857 28,690 30,478 304,959 LUMBER. [From reports of manufacturers' associations.] Southern pine. Western pine. Douglas fir. Eastern white pine. North Carolina pine. N b m e u i r l m o ls f - . t d P i u r o o c n - - . m S e h n ip ts - . N b m e u i r l m o ls f - . t d P i u r o o c n - - . Shm !Num- t d P i u r o o c n - - . m S e h n ip ts - . N b m e u i r l m l o s f - . t d P i u r o o c n - - . m S e h n ip ts - . N b m e u i r l m l o s f - . t d P i u r o o c n - - . m S e h n ip ts - . 1920. Mfeet. Mfeet. Mfeet. Mfeet. Mfeet. •Mfeet. Mfeet. Mfeet. Mfeet. Mfeet. April 205 438,056 359,461 167,165 133,114 126 359,651 274,597 46,222 61,757 13,659 10,613 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 September. 204 376,566 378,195 164,312 98,808 127 299,277 238,965 48,962 45,445 21,887 16,043 October 206 344,427 329,751 146,424 69,936 120 355,614 299,704 40,724 30,928 19,487 14,877 November. 203 315,343 320,756 107,846 60,259 123 263,452 212,226 20,294 19,751 14,617 12,929 December.. 199 264,504 281,326 45,578 46,112 | 119188,905 187,874 19,056 10,587 8,091 14,716 1921. January— 193 289,824 311,977 24,698 42,793 116 153,157 170,821 24,319 10,602 7,123 7,880 February.. 189 330,680 335,876 22,128 48,270 114 159,646 153,649 23,722 13,615 10,673 10,045 March 195 387,959 390,300 35,983 63,126 118 192,188 210,842 26,396 15,298 12,778 8,915 April 194 370,321 405,317 93,665 75,433 114 204,698 232,351 25,748 21,099 14,871 12,953 RECEIPTS AND SHIPMENTS OF LUMBER AT CHICAGO AND ST. LOUIS. [Chicago Board of Trade and Merchants' Exchange of St. Louis. Monthly average, 1911-1913=100.] Receipts. Shipments. Receipts. Shipments. Mfeet. Relative. Mfeet. Relative. M feet. Relative, M feet. Relative. 1920. 1920. May. 313,447 195,965 77 December 351,695 76 192,072 76 July 399,615 184,767 1921. August 370,352 220,368 January 263,001 165,308 65 September.. 375,456 242,857 February 269,632 169,813 72 October 398,333 220,116 March 349,426 215,760 85 November.. 342,971 190,282 April 345,798 213,359 84 May 354,992 242,452 95 COAL AND COKE. [U. S. Geological Survey. Monthly average, 1911-1913=100.] Bituminous coal, esti- Anthracite coal, estimated monthly pro- mated monthly pro- Beehive coke, estimated duction. duction. monthly production. Short tons. Relative. Short tons. Relative. Short tons. Relative. 1920. April 37,939,000 102 6,214,000 84 1,602,167 61 July 45,009,000 121 8,247,000 111 1,693,000 65 August 48,910.000 132 8,013,000 108 1,776,000 September 49,172,000 133 4,638,000 63 1,757,667 67 October 52,144,000 141 8,056,000 109 1,742,333 67 November 51,457,000 139 7,441,000 101 1,622,000 December 52,123,000 141 8,454,000 114 1,515,000 58 1921. January 40,270,000 109 7,410,000 100 1,074,833 41 February 30,851,000 7,701,000 106 863,834 March 30,392,000 7,406,000 100 587,333 22 April 27,553,000 7,703,000 104 325,000 12 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE, 1921. FEDERAL, RESERVE BULLETIN. 715 CRUDE PETROLEUM. [Production and stocks, U. S. Geological Survey; wells completed, Oil and Gas Journal and Standard Oil Bulletin (California). Barrels of 42 gallons each. Monthly average, 1911-1913=100.] B P a r r o re d l u s. ction R t . i e v l e a . - S (b c m to l a o c o r s r k n e e s t l h o s a f ) t . o P p i r c l l o i e o w n t d m g e e u d - l c l . - s B P a r r o re d l u s. ction R t . i e v l e a . - S ( c b m t l o a o o c r s r k n e e s t l h o s a f ) t . o P p i r c l l o i e o w n d t m g e e u d - l c l . s - 1920. 1921. April 35,583,000 186 2,090 January 37,853,000 197 130,321,000 1,565 February 35,348,000 198 135,092,000 1,564 July 38,203,000 199 1,910 March 40,965,000 214 142,093,000 1,450 August 39,055,000 204 124,449,000 2,456 April 40,039,000 209 147,898,000 1,224 September 37,532,000 196 122,852,000 2,185 October 39,592,000 207 123,198,000 2,086 November 38,699,000 202 125,853,000 2,136 December 38,961,000 203 128,028,000 1,945 TOTAL OUTPUT OF OIL REFINERIES AND STOCKS OF OIL. [Bureau of Mines.] OUTPUT, BY MONTHS. Crude oil run Gasoline Kerosene. Gas and fuel Lubricating (barrels). (gallons). (gallons). (gallons). (gallons). 1920. | March i 33,592,004 367,137,678 191,110,175 686,945,963 81,818,973 July 37,024,052 423,419,770 172,213,511 751,193,898 92,369,504 August 39,757,770 444,141,422 189,010,459 834,322,503 91,078,569 September. 40,549,316 453,881,096 199,140,024 836,700,086 86,230,371 October.... 40,687,250 465,787,745 213,742,156 823,114,603 93,229,723 November. 39,458,945 452,642,125 214,804,177 822,638,305 91,180,007 December.. 40,485,409 464,393,356 210,668,109 859,131,359 90, 894,798 1921. January... 39,637,382 460,432,439 205,374,611 836,684,040 85,908,641 February. 34,588,096 388,188,252 163,081,918 732,542,415 72,432,219 March 35,509,115 419,795,390 169,247,894 758,334,681 73,003,304 STOCKS AT CLOSE OF MONTH. 1920. Mar. 31 14,346,458 626,393,046 334,617,117 580,182,858 130,630,597 July 31 17,086,253 413,279,319 410,853,047 655,152,293 131,866,455 Aug. 31 17,960,558 323,239,991 378,548,791 708,608,472 130,797,810 Sept. 30 18,830,079 288,195,394 379,300,705 771,126,965 130,449, 829 Oct. 31 19,237,730 301,283,731 383,828,239 799,024,084 136,194,914 Nov.30 21,373,945 354,835,764 398,991,592 808,802,516 142,180,775 Dec. 31 21,260,580 462,381,837 393,070,923 837,404,414 160, 522,477 1921. Jan. 31 21,064,124 571,983,793 418,747,781 921,028,127 183,813,205 Feb. 28 22,411,819 680,540,351 430,045,193 993,127,328 201,627,558 Mar. 31 21,147,257 713,043,480 446,367,188 1,005,317,939 223,414,093 IRON AND STEEL. [Pig-iron production, Iron Age; steei-ingot production, American Iron and Steel Institute. Monthly average, 1911-1913>=100.] Iron-ore shipments Unfilled orders U. S. f L ro a m ke s. the upper Pig-iron production. Steel-in t g io ot n . produc- a S t t e c e lo l se C of o r m po o r n a t t h io . n Gross tons. Relative. Gross tons. Relative. Gross tons. Relative. Gross tons. Relative. 1920. May. 6,976,085 115 2,985,682 129 2,883,164 123 10,940,466 208 July 9,638,606 159 3,067,043 132 2,802,818 120 11,118,468 211 August 9,270,763 153 3,147,402 136 3,000,432 128 10,805,038 205 September. 8,923,482 147 3,129,323 135 2,999,551 128 10,374,804 197 October 146 3,292,597 142 3,015,982 129 9,836, 852 187 November.. 5,305,738 2,934,908 127 2,638,670 113 9,021,481 171 December.. 99,146 2,703,855 117 2,340,365 100 8,148,122 155 1921. January... 2,416,292 104 2,203,186 7,573,164 144 February. 1,937,257 90 1,749,477 6,933,867 132 March 1,595,522 1,570,978 6,284,765 119 April 176, 211 1,193,041 1,213,958 5,845,224 111 May 1,221,221 1,265,850 5,482,487 104 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

716 FEDERAL, RESERVE BULLETIN. JUNE, 1921. STRUCTURAL-STEEL ORDERS AND SHIPMENTS. [Bridge Builders and Structural Society.] Fabricated structural steel con- Structural-steel orders and shipments of tracted for the membership of Bridge Builders throughout and Structural Society. country. Orders. Shipments. Ton- Per cent nage. ca s p h a o c p ity. n T a o g n e - . c P a s e p h r a o c c p i e , t n y t . n T a o g n e - . c P a e s p r h a o c c p e it n y t . 1920. April 122,250 68.0 49,411 67.0 43,836 60.0 July 90,400 50.0 33,213 47.0 49,096 August 72,000 40.0 36,843 50.0 51,381 70.0 September 77, 400 43.0 26,755 37.0 53,526 74.0 October 45,600 25.5 14,161 20.0 47,200 66.0 November 49,200 27.5 11,531 16.0 41,268 57.5 December 47,000 26.0 14,521 20.0 42,767 60.0 1921. January 32,000 18.0 12,194 18.0 32,964 48.5 February 25,600 14.0 12,013 18.5 25,776 40.0 March 52,300 29.0 26,398 38.0 30,011 43.0 April 55,800 31.0 22,694 32.5 29,550 42.5 ZINC. [American Zinc Institute.] Stocks Stocks Produced. at end of Produced. at end of month. month. 1920. Short tons. Short tons. 1920, Short tons. Short tons. January 43,441 40,311 November 33,318 64,390 February 43,921 37,095 December 28,459 71,058 March 48,256 31,019 April 45,399 32,510 1921, May 45,415 29,335 January 25,916 75,953 June 41,009 26,854 February 17,769 78,020 July 40,194 29,059 March 15,741 80,990 August 38,226 29,578 April 16,550 79,581 September 36,819 42,900 May 18,026 83,721 October 35,335 51,230 IMPORTS OF PIG TIN. [Department of Commerce. Monthly average, 1911-1913=100.] Pounds. Relative. Pounds. Relative. 1920 1920, April 10,345,130 114 November 9,550,535 105 December 5,893,627 65 July 17,584,167 193 August 11,195,937 123 1921, September 9,596,819 106 January 2,584,347 28 October 6,741,331 74 February 5,269,969 62 March 3,028,356 33 April 2,483,655 27 RAW STOCKS OF HIDES AND SKINS.i [Bureau of Markets; July, 1920, on, Bureau of the Census.] h C i a d t e tl s e . Calfskins. Kipskins. Go k a i t d a . nd Cabretta. Sh l e a e m p b a . nd 1920. Apr. 30 6,072,895 2,281,370 834,711 14,823,461 1,947,499 8,911,681 Sept. 30 5,926,708 3,542,388 1,083,193 13,408,277 2,197,149 11,235,417 Oct. 31 6,770,509 3,850,183 1,377,998 12,147,070 2,104,133 13,626,406 Nov. 30 7,158,751 3,492,653 1,422,608 11,231,086 2,234,027 12,705,767 Dec. 31 7,793,762 3,271,905 1,305,776 11,721,505 2,685,670 13,773,089 1921. Jan. 31 7,899,138 3,086,862 1,381,748 10,870,210 2,155,200 13,184,052 Feb. 28 7,940,359 3,157,723 1,375,110 9,798,311 1,941,832 12,489,855 Mar. 31 7,806,867. 3,060,144 1,241,984 8,652,171 1,579,457 12,970,857 Apr. 30 7,407,862 3,454,470 1,107,310 7,740,147 1,277,321 12,992,299 1 Includes hides and skins in transit. The number of firms reporting increased in the autumn of 1920 as follows: September, 1,307; October, 1,915; November, 2,027; December, 2,059. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

717 JUNE, 1921. FEDERAL RESERVE BULLETIN. TEXTILES—COTTON AND SILK. [Cotton, Bureau of the Census; silk, Department of Commerce. Cotton, monthly average, crop years 1912-1914=100; silk, monthly average, 1911-1913=100.] Cotton t i c o o n n . sump- s C pi o n t d to le n s Imports of raw silk. Cotton t i c o o n n . sump- s C pi o n t d to le n s Imports of raw silk. active active during during Bales. Relative. month. Pounds. Relative. Bales. Relative. month. Pounds. Relative. 1920. 1920. April 566,914 126 34,358,668 2,227,857 109 November 332,057 74 31,654,126 1,319,995 65 December 294,851 66 29,879,402 972,011 48 July 525,489 117 34,666,794 2,581,920 126 August 483,193 107 34,471,515 2,690,690 132 1921. September 457,647 102 34,040,806 1,968,801 96 January 366,270 81 31,509,021 708,897 35 October 399,837 89 33,669,804 1,531,850 75 February 395,563 94 32,458,528 2,327,949 122 March 437,933 97 32,104,946 2,201,633 108 April 408,882 91 32,535,725 4,857,160 237 TEXTILES—WOOL. [Wool consumption, Bureau of Markets; idle wool machinery, Bureau of the Census.] Percentage of idle machinery on first of month to Percentage of idle hours on first of montll to total total reported. reported. Looms. Spinning spindles. Looms. Spinning spindles. Consumption (pounds).1 t W h s i r p a n e i n a d c e c h d e 5 e r 0 . - 5 o s 0 r r p e - l i a e e n c d s c e s h . c S a o r e d f ts s. Combs. Woolen. Worsted. t W h s i r p a n e i a n c e d c h d e 5 e r 0 . -5 o s 0 r r p e - l a i e e n c d s c e s h . c S a o r e d f ts s. Combs. Woolen. Worsted. 1920. May 58, 588,503 15.2 18.2 10.6 6.7 11.5 7.0 July 37,097,077 42.5 32.3 38.0 35.0 42.0 32.7 August . 38,054,708 49 5 29 9 39.6 33.4 45.5 37.6 September 36,297,221 51.8 34.8 39.6 37.3 44.6 38.0 October 38,443,688 49.0 34.9 38.3 26 3 43.2 26.0 November.... 28,096,047 46.9 37.7 39.5 32.8 42 8 34.8 54.1 47.7 45.9 38.4 46.7 38.5 December 51.2 44.8 50.3 41.4 51.7 42.7 59.7 60.4 57.1 51.0 53.9 53.4 1921. January 57.0 49.2 58.1 52.9 59.4 50.8 66.7 71.2 66.1 62.9 68.4 65.2 February 53.9 48.7 56.5 43.8 58.9 43.0 60.0 66.7 64.3 51.0 64.5 55.3 March. . 43.1 41.7 46.2 28.3 47.2 33.0 45.3 57.1 50.6 26.2 50.5 37.9 April 47,181 36.1 34.4 33.0 18.7 32.3 21.8 38.3 47.3 35.8 11.3 34.1 25.7 May 53,071 26.2 28.7 25.3 14.2 23.8 12.9 26.6 36.8 25.0 5.4 22.9 13.5 1 Converted to grease equivalent basis. PRODUCTION OF WOOD PULP AND PAPER. [Federal Trade Commission.] Wood News- Wood News- Paper Wrappulp. print. pulp. print. Book. board. ping. Fine. Net Net Net Net Net Net Net Net Net Net Net Net 1920. tons. tons. tons. tons. tons. tons. 1920. tons. tons. tons. tons. tons. tons. April 350,194 128,269 95,251 199,395 75,347 33,493 December.. 302,527 124,857 76,093 105,227 54,308 27,233 July 312,334 129,853 95,526 218,771 73,487 34,078 1921. August 305,965 128,818 94,424 215,633 75,226 33,122 January 275,353 123,830 64,382 105,806 44,620 22,756 September. 293,913 121,005 94,142 218,743 70,917 34.207 February.. 243,797 103,040 56,687 123,832 46,352 19,242 October 319,877 124,818 93,849 196,604 73,100 34,526 March 262,332 107,532 59,832 139,723 49,879 19,058 November. 326,041 122,993 89,564 133,818 65,920 31.208 April 268,806 115,408 51,380 128,186 51,713 15,631 OUTPUT OF LOCOMOTIVES AND CARS. [Locomotives, reports from individual producers; cars, Railway Car Manufacturers' Association.] Locomotives. Output of cars. Locomotives. Output of cars. s D h o i 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. s D hi o p t 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. 1920. Number. Number. Number. Number. Number. 1920. Number. Number. Number. Number. Number. April 36 96 2,313 1,934 4,247 December.. 198 93 7,551 1,420 8,971 July 122 54 2,731 434 3,165 1921. August 114 125 3,409 1,210 4,619 January 154 7,169 843 8,012 September.. 126 3,955 1,103 5,058 February... 108 6,482 518 7,000 October 198 106 6,309 684 6,993 March 112 6,041 705 6,746 November.. 204 73 6,243 7,228 April 138 4,652 874 5,526 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

718 FEDERAL. RESERVE BULLETIN. JUNE, 1921. 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. 1920. 1920. May 184 185,145 766 December 87 176,903 732 July 173 217,239 1921. August 178 259,210 1,073 January 216,280 895 September 135 261,962 1,084 February 121,404 538 October 120 227,162 940 March 154,864 641 November 119 213,966 885 April 99 120,762 500 May 116 132,622 549 TONNAGE OF VESSELS CLEARED IN THE FOREIGN TRADE. [Department of Commerce. Monthly average, 1911-1913=100.] Net tonnage. Per- Net tonnage. Percent- 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. 1920. April 2,504,038 1,960,634 4,464,672 109 56.0 211 December 2,785,615 2,949,416 5,735,031 140 48.6 183 July 3,302,538 3,616,052 6,918,590 169 47.7 180 1921. August 3,616,267 3,929,602 7,545,869 184 47.9 181 January 2,191,201 2,454,617 4,645,818 114 47.2 178 September 3,421,531 3,513,599 6,935,130 170 49.3 186 February 2,017,303 2,149,300 4,166,603 109 48.4 183 October... 3,500,312 3,756,512 7,256,824 177 48.2 182 March 2,097,843 2,396,309 4,494,152 110 46.7 176 November 3,302,367 2,868,294 6,170,661 151 53.5 202 April 2,535,956 \ 2,473,587 5,009,543 122 50.6 191 NET TON-MILES, REVENUE AND NONREVENUE. [United States Railroad Administration; March, 1920, on Interstate Commerce Commission.] 1920. 1920. March 37,991,269,000 December 34,722,365,000 July 40,450,094,000 1921. August , 42,706,838,000 January 29,817,000,000 September. 40,999,843,000 February 24,913,294,000 October , 42,562,687,000 March 26,831,000,000 November. , 37,458,630,000 COMMERCE OF CANALS AT SAULT STE. MARIE. [Monthly average, May-November, 1911-1913=100.] EASTBOUND. Grain w o h t e h a e t r . than Wheat. Flour. Iron ore. Total. Bushels. Relative. Bushels. Relative. Barrels. Relative. Short tons. Relative. Short tons. Relative. 1920. May 11,904,942 134 13,497,995 70 658,910 57 6,683,820 113 7,483,836 107 1921. April 7,418,708 8,592,826 54,540 95,328 518,458 May 12,431,592 146" 12,609,469 66* 890,330 77* 2,652,033 45* 3,407,827 49 WESTBOUND. Hard coal. Soft coal. Total. Total freight. Short tons. Relative. Short tons. Relative. Short tons. Relative. Short tons. Relative. 1920. Mav . 202,000 65 531,375 28 937,374 38 8,421,210 89 1921. April 109,719 259,288 438,673 957,131 May 214,776 60* 2,303,369 isso* 2,747,236 iio* 6,155,063 65 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE, 1921. FEDERAL RESERVE BULLETIN. 719 PRODUCTION AND SHIPMENTS OF FINISHED COTTON FABRICS.l March, 1921. April, 1921. W goo h d it s e . g D o y o e d d s. P g r o in o t d e s d . Total. W goo h d it s e . g D o y o e d d s. P g r o in o t d e s d . Total. Total finished yards billed during month: District 1 14,560,030 19,056,336 7,804,941 45,046,635 12,717,357 18,662,349 8,015,175 42,978,935 2 7,425,289 2,461,016 4,323,519 21,695,892 7,449,555 2,612,022 4,704,128 22,093,746 3 6,246,321 5,449,031 12,533,513 6,305,140 5,115,430 12,318,961 5 . 5,500,003 76,348 5,576,351 6,629,313 98,073 6,727,386 6 86,151 457,629 543,780 116,480 404,988 521,468 8 1,336,450 1,670,942 Total 33,817,794 27,500,360 12,128,460 86,732,621 33,217,845 26,892,862 12,719,303 86,311,438 ============== Total finishing charges billed during month: District 1 $276,003 $814,343 $374,326 $1,654,083 $236,964 $750,305 $428,945 $1,571,113 2 119,672 60,916 186,977 553,920 133,278 91,363 193,824 604,942 3 188,596 221,512 425,235 186,572 204,485 410,349 5 106,373 1,351 107,724 128,948 859 129,807 6 1,808 19,829 21,637 2,196 18,389 20,585 8 20,307 23,032 Total $692,452 $1,117,951 $561,303 $2,782,906 $687,958 $1,065,401 $622,769 $2,759,828 Total average per cent of capacity operated: District 1 63 68 44 59 55 69 48 58 2 ... 77 49 85 79 74 67 80 77 3 87 62 71 83 64 70 5 .96 96 99 99 6 39 42 8 57 66 Average for all districts 75 64 50 67 70 68 52 66 Total gray yardage of finishing orders received: District 1 12,517,785 18,675,645 8,453,394 43,461,754 12,735,066 19,846,208 11,717,251 47,682,478 2 7,302,473 3,970,174 6,780,303 22,908,747 7,003,707 4,608,192 5,779,556 20,731,920 3 7,115,387 5,122,275 13,007,284 5,921,143 5,955,652 12,986,854 5 6,743,059 116,232 6,859,291 8,712,871 199,602 8,912,473 6 126,760 408,843 535,603 100,785 1,145,464 1,246,249 8 1,569,920 1,360,850 Total 33,805,464 28,293,169 15,233,697 88,342,599 34,473,572 31,755,118 17,496,807 92,920,824 Number of cases of finished goods shipped to customers (case equals approximately 3,000 yards): District 1 6,095 5,938 2,612 24,261 5,327 5,324 2,658 22,237 2 5,424 140 12,299 4,262 152 10,891 3.. 4,426 2,512 7,306 3,724 2,230 6,427 5 1,603 3,193 1,580 3,415 6 8 398 586 Total 17,548 8,590 2,612 47,457 14,893 7,706 2,658 43,556 Number of cases of finished goods held in storage at end of month: District 1 3,581 3,102 2,323 16,829 3,292 2,906 2,837 17,108 2 1,968 214 6,029 1/845 274 6,687 3 189 278 4,824 172 298 4,988 5 433 1.346 329 1,229 6 ' 7 14 8 1,296 1,331 Total 6,171 3,594 2,323 30,331 5,638 3,478 2,837 31,357 Total average work ahead at end of month (expressed in days): District 1 5.8 7.0 7.0 6.5 5.9 8.7 17.0 9.6 2 . . 12.0 8.5 17.0 12.0 12.0 11.0 17.0 11.0 3 16.0 8.1 11.0 13.0 7.5 10.0 5 8.2 8.2 18.0 18.0 6 2.1 13.0 8 I 6.0 7.9 Average for all districts 9.2 7.5! 8.6 8.4 10.0 8.8 17.0 10.0 i The National Association of Finishers of Cotton Fabrics, at the request of the Federal Reserve Board, have arranged for a monthly survey within the industry. The results of the inquiries are herewith presented in tabular form. The secretary of the association makes the following statement concerning the tabulation: The accompanying figures are compiled from statistics furnished by 34 out of 58 member firms of this association. It is probably fair to state that in the absence of having specific detail at hand, but according to our best estimate, it is probably well within the fact that the figures given for the various classes of work would cover, approximately, the following percentages of the entire industry: White goods, 72 per cent; dyed goods, 62 per cent; printed goods, 30 per cent. The figures given represent reports from exactly the same finishers for the two months, both for the totals and for the subdivisions and, therefore, are strictly comparable. 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

720 FEDERAL RESERVE BULLETIN. JUNE, 1921. REPORT OF KNIT-GOODS MANUFACTURES. Per cent of normal The total production of winter and summer Dozens. producunderwear for the 6 months ending April 30 tion. was as follows: Unfilled orders 1st of month 437,775 New orders received during month 375,948 59.2 Total (A) 813,723 N of u m m b il e l r s p A ro c d tu u a c l - Per cent Shipments during month. 219,270 34.5 re i p n o g r . t- (do ti z o e n ns). nor o m f al. Cancellations during month 4,375 .7 Total (B) 223,645 Balance orders on band May 1 (A minus B) 590,078 Production.. 299,183 47*2 1920. November. 191,831 23.2 December.. 98,671 11.0 Thirty-two representative mills which re- 1921. ported for March and April furnish the data January 148,023 16.4 February 248,431 28.0 for the following table: March 421,140 50.1 April 401,938 49.6 [In dozens.] Winter underwear (April).. 109,937 35.6 Summer underwear (April). 292,001 58.3 (3 M 2 m ar i c l h ls).(32 A m pr i i l l ls). Gam. Loss. Unfilled orders first of month. 361,076 423,727 62,651 Order and production report for month New orders 354,959 363 543 8 584 Shipments 261,893 194 130 67 763 ending April 30, 1921, follows. The number Cancellations 4,937 4,279 '658 of mills reporting was 39. Production.. 285,515 275,382 10,133 RETAIL TRADE. In the following tables is given a summary year 1920, and the averages for the severa of the data obtained from representative months in 1920 by similar figures for the department stores in each Federal Reserve calendar year 1919. For the month of April district, showing the activity of retail trade the tables are based on reports from 24 stores during the past several months. In district in district No. 1, 42 in district No. 2, 47 in Nos. 1,2,5,6,9,11, and 12 the data were re- district No. 3, 15 in district No. 4, 25 in disceived in (and averages computed from) trict No. 5, 19 in district No. 6, 20 in district actual amounts (dollars). In districts Nos. No. 7, 11 in district No. 8, 17 in district No. 9, 3, 4, 7, 8, and 10 the material was received in 15 in district No. 10, 19 in district No. 11, and the form of percentages, the 1921 averages for 29 in district No. 12. The number of stores the cities and districts computed from such varies somewhat, due to the inclusion of new percentages being weighted according to stores from time to time in the reporting list. volume of business done during; the calendar CONDITION OFRETAIL TRADE IN THE FEDERAL RESERVE DISTRICTS. (/Minus sign denotes decrease.) Percentage of increase in net sales as compared with corresponding period previous year. July 1, 1920, to Jan. 1,1921, to District and city. close of— close of— Oct., Nov., Dec, Jan., Feb., Mar., Apr., 1920. 1920. 1920. 1921. 1921. 1921. 1921. Oct., Nov., Dec, Jan., Feb., Mar., Apr., 1920. 1920. 1920. 1921. 1921. 1921. 1921. District No. 1: Boston 0.1 15.0 1.4 5.4 10.8 2.1 -1.3 9.7 11.0 8.5 5.4 7.7 5.5 3.6 Outside 2.2 1.7 -6.4 -10.1 -6.0 Q -3.8 11.1 9.0 5.0 -10.1 - 9.1 -6.2 -5.5 District ... .6 11.4 - .4 1.5 6.5 1.5 - 1.9 10.1 10.4 7.7 1.5 3.5 2.7 1.4 District No. 2: New York City and Brooklyn. 1.7 7.6 -3.6 — 6.5 — 1.1 -5.8 -2.8 5.2 3.0 3.2 -6.5 -4.6 -4.5 -3.8 Outside 15.4 18.9 5.9 -1.5 9.5 - .3 5.8 19.6 22.8 14.3 -1.5 1.6 .7 2.2 District 6.2 11.6 -1.6 -5.3 1.0 -4.6 - .5 10.0 10.0 5.5 -5.3 -3.5 -3.4 - 2.1 District No. 3: Philadelphia 8.5 2.9 2.9 3.4 .9 -2.5 12.0 9.1 2.9 4.4 2.0 1.8 Outside 8.5 10.8 3.3 4.7 4.6 5.8 18.5 21.6 3.3 1.7 2.1 3.7 District .. 15.8 8.5 6.1 3.1 3.8 1.8 - .4 17.3 14.6 14.1 3.1 3.6 2.0 2.3 District No. 4 20.8 26.1 14.7 3.6 6.4 - .4 .8 i 23.9 24.8 22.0 3.6 ... , 4.3 2.3 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE, i§2i. FEDERAL RESERVE BULLETlK. 121 CONDITION OF RETAIL TRADE IN THE FEDERAL RESERVE DISTRICTS—Continued. (Minus sign denotes decrease.) Percentage of increase in net sales as compared withcorresponding period previous year. July 1, 1920, to Jan. 1, 1921, to District and city. close of— closeof— Oct., Nov., Dec, Jan., Feb., Mar., Apr., 1920. 1920. 1920. 1921. 1921. 1921. 1921. Oct., Nov., Dec, Jan., Feb., Mar., Apr., 1920. 1920. 1920. 1921. 1921. 1921. 1921. District No. 5: Baltimore 5.9 5 3 -2.2 6 8 5 9 4 6 1 9 — .6 Richmond — 4.2 14.2 6.3 3.1 — 4.2 4.2 5.6 4.9 Washington 9.3 8.4 5.5 5.3 9.3 8.8 7.4 6.9 Other cities.. 4.0 15.9 9.4 3.7 4.0 9.4 10.8 8.7 District 12.4 13.1 4.9 5.4 8.6 2.7 7 13.6 13.5 ' 10.4 5.4 6.4 5.2 3.6 District No. 6 . . . ..i 25.1 14.6 3.0 -9.0 1.4 - 5.6 -19.5 19.7 18.8 15.3 — 9.0— 5.4-4.7 - 8.7 District No. 7 8.3 17.6 9.6 -10.5 - 5.4 -3.2 - 3.1 32.6 24.2 18.1 -10.5 !- 4.7 13.3 -5.6 District No. 8 . 10.5 10.8 5.3 — 3.8— 3.1 — .7 — 2.9 16.5 13.8 13.3 — 3.8—3.7 — 1.7— 1.7 District No. 9... -2.9 2.9 .5 -12.3 -7.0 -11.2 — 5.4 3.8 7.6 -12.3 -10.9 — 11.8- 10.7 District No. 10 — 1.9 9 2 — 5.1— 11.6 4.1 -6.1 — 2. 8 ' 5 2 12.9 .7 — 11.6— 1.8— 3.9- 1.8 District No. 11 16.0 12.7 -2.9 -8.9 -4.6 -16.0 -17.7 21.6 17.9 10.5 -8.9 -8.4 -11.4 - 11.2 District No. 12: Los Angeles... 19.3 31.2 13.7 17.1 14.6 9.9 3.4 33.9 33.7 28.5 17.1 13.3 11.9 9.7 San Francisco 11.5 9.9 -3.8 -12.1 .4 - 3.1 -9.6 15.4 11.7 8.7 -12.1 -6.5 -4.3 -5.2 Oakland .. . 22.0 7.2 — 10.4 8.2 .9 1.4 21. 3 18.2 -10.4 2 2 9.8 2.0 Sacramento 9.9 2.3 -16.8 -6.2 -7.3 16.1 7.0 -16.8 -4.2 - 5.1 S S e p a o t k tl a e ne -14 4 . 6 6 -ie 5 . T 6 -1 1 8 1 . 7 5 -2 1 3 0 . 4 1 -2 1 . 2 4 " 2 -11 4 . 6 6 -16 6 . 1 4 - 9 7 . 4 3 8 4 -11 8 . 1 6 - — 2 3 1 . 0 4 1 -*9." 3*-15 1 . . 6 3 - — 15 . . 9 7 Salt Lake City 8.9 14.7 9.1 - .6 - 5.2 1.7 -8.7 14.0 12.2 14.6 - .6 1.9 6.0 .1 District . 8.2 11.3 -4.3 -14.3 -2.4 .6 -9.3 16.8 14.8 5.0 -14.3 - 5.9 1.6 -3.8 Percentage of increase in stocks at close of month compared with— District and city. Same month previous year. Previous month. Oct., Nov., Dec, Jan., Feb., Mar., Apr., Oct., Nov., Dec, Jan., Feb., Mar., Apr., 1920. 1920.' 1920. 1921. 1921. 1921. 1921. 1920. 1920. 1920. 1921. 1921. 1921. 1921. District No. 1: Boston .. 9.5 7.1 — 1.7— 10.7 — 3.7 — 18.2 — 18.9 — 4.2 9.0 -18.2 -14.5 15.5 - 6.6 3.5 0 utside 15.9 10.6 2.0 -10.6 3.7 -10.3 -17.5 3.0 -2.0 -20.5 -8.2 15.4 - 5.7 1.1 District 11.6 8.2 7 -10.7 - 1.6 -16.0 -18.5 - 1.8 4.9 -18.9 -12.7 15.5 -6.4 2.8 District No. 2: N O e u w tsi d Y e ork City and Brooklyn 1 1 5 7 . . 6 2 5 3 . . 1 8 - -1 2 2 .3 .7 - - 2 9 0 .5 .0 - - 1 2 6 3 . . 5 0 - - 2 17 3 . . 9 2 - - 2 2 2 0 . . 0 7 1.0 4 - -7 4 . . 0 8 - -2 2 4 0 . . 0 4 - - 6 8 .1 .1 6 1 . . 3 3 8 9. . 0 3 5 1 . . 1 1 District 16.7 4.6 - 4.5 -12.0 -17.8 -22.0 -21.6 .5 -5.6 -21.1 -7.6 5.3 8.5 4.0 District No. 3: 5.7 2.2 .9 11.7 -20.4 20.5 - 5.0 -15.5 -13.8 4.2 5.4 1.4 Outside., 17.4 8.0 -10.8 -12.4 -14.3 -13.0 - 4.1 —20.0 -7.4 9.5 7.3 .8 District 16.0 10.1 4.4 -4.6 -11.9 -19.0 -18.7 .9 -4.7 -17.3 -11.5 5.6 5.9 1.3 District No. 4 3.4.9 22.5 11.6 -4.0 -13.2 -17.1 -17.8 4.8 -6.4 -20.0 -14.6 3.1 7.9 4.2 District No. 5: Baltimore -19.7 -24.0 -28.2 -26.0 -7.0 6.9 8.8 3.6 9 8 13 1 16 6 13 fi 15 2 7.7 7.8 4.3 Washington . ....... —28.6 -29.9 —26. 2 -29.0 -18.7 9.8 7.1 5.7 Other cities -20.3 -21.4 -22.6 -23.3 -32.1 13.9 10.1 3.0 District 15.1 5. 3 -4.2 —22. 2 -24.8 -25.9 -25.8 .1 -7.7 -25.5 -16.2 8.9 8.4 4.2 District No. 6 30.1 16.3 - .2 -8.3 -13.9 -12.7 -11.6 .8 -6.7 -30.8 - .8 6.0 4.4 .4 District No 7 51.7 39.7 , .27.7 -15.5 -13.1 -14.3 -21.3 1.0 - 5.9 -24.0 - 1.8 1.4 9.2 7 D D i i s s t t r r i i c c t t N N o o 8 9 3 1 0 2 . . 5 0 1 7 7 . . 1 0 — 1 6 3 .2 .5— 1 9 0 :9 .9 - — 1 2 1 3 .5 .1 - -1 9 4 .8 .8 - - 1 12 9 . . 9 1 i ! 1 - .58 - -4 4 . . 2 3 - -1 1 8 8 . . 7 8 - - 3 8 . . 3 8 - 1. . 2 8 9 6 . . 6 2 - 2 . . 2 9 District No. 10 25.0 11.8 9.4 -14.9 -18.2 -20.9 -21.6 i- 1.9 - 5.0 -23.9 10.1 6.4 1.7 District No. 11 .....:. 42.3 31.5 8.8 -12.9 -15.5 —17.7 -18.1 !- 3.0 - 9.3 -28.8 -7.9 5.0 9.3 .5 District No. 12: Los An°*clcs 21.6 16.4 —29.7 — 49 — 12. 4 — 12.8 -12.8 i .2 -4.2 -45.4 3.6 .5 6.2 4.5 fi?i*n Francisco 15.4 8.0 19.6 - 9.3 -16.5 -21.9 -13.8 15.4 - .8 -14.7 - 9.0 6.1 3.1 4.4 S S S S O p a e a a c a l o k t r t k t l a L l a a m e n n ak e e d n e . t C o ity 4 1 8 0 7 . . . . 5 3 5 1 — 3 " 3 3 i. . . ' 8 6 i* - - - * 1 1 3 1 2 2 . 2 " . . . 3 2 6 7 * - - - 2 2 3 1 L .6 . 4 1 " - - - 2 1 27 7 4 . . . ' 8 5 0 * - - - - - 2 3 2 1 3 7 0 0 3 5 . . . . . 2 9 8 3 1 - - - - - 3 2 2 1 1 0 3 8 7 1 . . . . . 5 5 7 7 9 ! - 2 2 . . . . 3 8 7 6 - - - " 3 2 4 . . " 1 . 2 9* - - - - 2 2 2 3 2 2 3 ." . . . 5 4 6 i" - — 1 0 3 2 1 . . 9 - 1 3" """6 4 4 * . . 2 4 6" 7 6 3 6 1 . . . . . 7 8 6 1 4 2 2 3 9 1 . . . . . 4 6 0 2 2 District 15.6 20.1 .3 .4 -7.6 -21.6 -13.9 1.2 - 3.4 -14.3 -4.1 2.2 4.5 3.0 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

722 FEDERAL RESERVE BULLETIN. JUNE, 1921. CONDITION OF RETAIL TRADE IN THE FEDERAL RESERVE DISTRICTS—Continued. (Minus sign denotes decrease.) Ratio of average stocks at close of each month to Ratio of outstanding orders at close of month to total average monthly sales for same period (per cent). purchases during previous clendar year (per cent). July 1 1920, to close District and city. of— Jan. 1, 1921,to cloSCs of— Oct., Nov., Dec, Jan., Feb., Mar., Apr., Oct., Nov., Dec, Jan., Feb., Mar., Apr., 1920. 1920. 1920. 1921. 1921. 1921. 1921. 1920. 1920. 1920. 1921. 1921. 1921. 1921. District No. 1: Boston 388.4 368.4 329.9 270.2 325.3 300.7 295.5 7.5 5.4 3.6 5.1 7.4 5.7 5.2 Outside 482.6 456.6 452.0 392.9 473.7 445.8 426.8 10.8 10.4 4.5 8.6 11.2 9.6 District 415.6 398.6 357.9 297.2 358.1 332.5 324.7 9.1 7.7 4.8 8.1 6.4 5.8 District No. 2: New York City and Brooklyn 479.4 464.1 361.1 315.8 323.3 310.1 322.5 9.2 6.9 5.3 5.5 7.3 7.1 6.7 Outside 441.3 430.6 347.7 351.3 350.6 407.7 394.4 6.6 4.1 3.1 4.1 7.2 5.7 10.0 District 466.9 452.3 358.0 325.0 328.7 330.6 342.5 8.1 5.5 4.5 5.1 7.3 6.7 6.5 District No. 3: Philadelphia 360.4 322.6 281.9 314.3 330.5 313.5 4.7 4.9 4.4 7.9 7.6 8.6 Outisde 520.5 458.6 479.3 508.7 465.8 426.4 2.9 4.1 4.8 6.2 6.1 4.9 District 437.2 418.0 371.1 357.6 365.6 361.9 340.4 5.9 4.0 4.6 4.6 7.5 7.3 7.8 District No. 4 466.8 452.1 398.5 306.4 353.6 345.9 327.4 7.6 5.9 4.7 7.1 7.0 7.7 5.3 District No. 5: Baltimore 311.8 341.6 324.5 327.1 7.2 7.9 6.5 j 1 Richmond.. 403.5 403.1 354. 4 355.9 5.4 6.1 5.5 4.6 Washington 351 2 370 9 341 3 344 1 3.9 4.8 4 2 4 8 Other cities 407.1 434.3 402.2 400.5 5.4 6.9 4.4 5.1 District 489.0 454.5 386.6 344.5 368.7 343.2 345.3 7.1 3.0 2.7 6.0 6.6 5.4 5.4 District No. 6 403.9 381.6 307.8 549.1 405.3 387.3 428.7 6.9 5.8 4.9 3.1 6.1 6.4 5.1 District No. 7 371.0 431.7 391.0 544.3 404 4 360.2 385.9 5.1 6.5 5.6 10.8 11.0 12.7 5.8 District No. 8 395.8 324.4 245.1 336.5 407.9 388.6 388.1 6.1 3.9 3.8 3.4 8.9 4.1 7.1 District No. 9 12.4 11.9 18.7 4.2 5.5 5.2 3.5 District No. 10 343.3 526.8 465.3 480.8 450.3 359.2 346.9 3.1 1.9 2.3 22.1 11.8 6.4 4.8 District No. 11 454.0 416.7 383.7 357.6 395.7 363.6 369.6 4.1 3.2 2.7 7.0 6.5 5.1 4.6 District No. 12: Los Angeles 462.5 478.0 432.5 354.1 355.6 353.2 367.9 9.3 7.6 10.6 6.9 11.5 10.2 9.8 San Francisco 511.9 515.8 434.3 424.2 444.6 401.5 402.6 13.6 9.6 4.3 4.4 8.2 6.9 7.5 Oakland 732.5 567.4 427.2 467.1 455 3 454.3 Sacramento 387.4 490.5 Seattle 502.5 454.5 413.7 463.0 468.1 438.0 399.1 6.4 7.0 1.6 2.7 6.0 5.6 6.7 Spokane 579.0 544.3 458.5 620 5 610 9 621 6 617 8 .1 5.2 6 3 7.9 Salt Lake City 601.4 2.6 4.9 District 467.3 488.5 490.7 502.4 448.2 404.7 477.9 9.8 7.0 5.8 5.4 8.6 7.8 8.7 WHOLESALE TRADE. PERCENTAGE OF INCREASE (OR DECREASE) IN NET SALES IN APRIL, 1921, AS COMPARED WITH THE PRECEDING MONTH (MARCH, 1921). Groceries. Dry goods. Hardware. Bo s o h t o s e a s n . d Furniture. Drugs. Stationery. Far m m e n im ts p . le- Auto tires. District. c P e e n r t. N f b i e r u m r m o s - . f c P e e n r t. N f b i e r u m r m o s - . f c P e e n r t. N f b i e r u m r m o s - . f c P e e n r t. N f b i e r u m r m o s - . f c P e e n r t. N f b i e r u m r m o s - . f c P e e n r t. N b fi e r u m r m o s - f . c P e e n r t. N f b i e r u m r m o s - f . c P e e n r t. N f b i e r u m r m o s - . f c P e e n r t. N f b i e r u m r m o s - . f No.3 -14.9 51 +11.4 25 No.5 -6.4 9 -27.2 9 -1.7 9 -21.4 7 +54.8 3 No.6 -16.2 20 -25.5 15 10.6 13 -33.4 7 No. 10 -6.7 3 -18.1 3 No. 11 -12.4 17 -25.8 5 -9.7 2 -20.9 3 -19.6 6 - 2.6 2 No. 12 -13.8 30 + 1.4 12 -1.7 24 -6.4 18 -1.2 21 -1.1 11 -4.0 27 -0.9 14 PERCENTAGE OF INCREASE (OR DECREASE) IN NET SALES IN APRIL, 1921, AS COMPARED WITH APRIL, 1920. Groceries. Dry goods. Hardware. Bo s o h t o s e a s n . d Furniture. Drugs. Stationery. Far m m e n im ts p . le- Auto tires. District. c P e e n r t. N f b i e r u m r m o s - . f c P e e n r t. N f b i e r u m r m o s - . f c P e e n r t. N f b i e r u m r m o s - . f c P e e n r t. N f b i e r u m r m o s - . f c P e e n r t. N f b i e r u m r m o s - . f c P e e n r t. N f b i e r u m r m o s - . f c P e e n r t. N f b i e r u m r m o s - f . c P e e n r t. N f b i e r u m r m o s - f . c P e e n r t. N f b i e r u r m m o s f - . No.3 -38.4 51 -18.7 25 No. 4.. -37.7 14 -4.2 5 -21.9 8 -23.4 7 No.5.. -31.0 9 -39.1 9 -22.7 9 -38.4 7 -52.1 3 No.6.. -47.5 20 -39.7 15 -44.0 13 -43.1 7 No. 7.. -42.8 26 -35.3 12 -24.8 10 No. 10.. -32.2 3 -40.0 3 No. 11.. -48.0 1? -40.7 5 -30.0 2 -48.1 3 -29.3 6 -83.1 2 No. 12. -36.2 30 -15.2 12 -27.5 24 -8.3 18 -28.6 21 -10.3 11 -7.8 27 - 8.0 14 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE, 1921. FEDERAL, BESERVE BULLETIN. 723 COMPARATIVE WHOLESALE PRICE LEVELS IN PRINCIPAL COUNTRIES. The foreign index numbers published below The new British index number, compiled by are constructed by various statistical offices the Board of Trade, will be found on p. 724 according to methods described in most cases of this issue of the BULLETIN. It is not inin the BULLETIN for January, 1920. A descrip- cluded in the table below as it can not be retion of the method used in the construction of ferred back to a definite prewar base. In the the Swedish index number appeared in the case of the two American index numbers, 1913 BULLETIN for February, 1921, for the new is used as the basis in the original computa- Italian index number in the April, 1921, issue tions. In the other cases in which 1913 appears of the BULLETIN, and the method used by the as the basis for the computation the index Frankfurter Zeitung in the case of the German numbers have been shifted from their original index number was described in the BULLETINS bases. The computations in these cases are, for February and March, 1921. Complete therefore, only approximately correct. In a information regarding the computation of the few cases July, 1914, or the year immediately United States Bureau of Labor Statistics ap- preceding that, is used as the base. The figures pears in the publications of that bureau, and a are for the most part received by cable, and the description of the index number of the Federal latest ones are subject to revision. In cases Reserve Board may be found in the BULLETIN where the index numbers were available they for May, 1920. Details as to the method used have been published for the war years in various by the 0konomisk Revue in constructing its issues of the BULLETIN in 1920. index of wholesale prices in Christiania are not In the following table the all-commodities available in this country. The Danish index index numbers for the whole series of countries has been constructed only recently, is based appear together to facilitate the study of upon the prices of 33 commodities, and is comparative price levels. roughly weighted according to consumption. INDEX NUMBERS OF WHOLESALE PRICES (ALL COMMODITIES). t R ( a F U S 9 B t e e t 0 i n o a o s d i e t a q n e t e r r e u r s s d v d a ) o ; e . l - 2 B S t ( a 3 U t u S L t a 1 r i t n t a 5 o a e i i b t a n s t q e o e u t s s u i d r ) ; c o o .2 s f - ( U S 4 m K t d i 5 t n e o i a o i n c s m t d t ) o i g e i . s ; m - d 3 - t - d G B ( t F 4 e i m e u r t s 5 l i a n t l o a e i l n c e d s q e o c r S ) i t u a e m . - i t 3 e t n ; a e - - c t B o i I 1 a e t a m t 9 P f h s a c 2 t r e m e l h 0 u o y r r , i n f o e ) ; . . ( - 7 d t 1 8 3 i 6 i l 8 - G ( Z F 7 e f m t e i 7 r u r e m i a o r s t c t n u d ) a e o . k i n ' r n * m - - g y - ; ( H 4 S t S t 7 i w i a v d o n q e e n n d d u n s i e n e o ) s l . n k g t 5 s a ; - - N ( C 0 9 R m t o a m k i 3 h e e n r o o r i w s v c i i s d n ) a s o u k . a i o t , * m - e i y - - ; - ( t F 3 m i m t D i d i 3 n e a e o e s a c r n d ) n n o k . d i - 7 m - s ; e - -T c J B o o J a t m a a k i p e p n y m a s k a n o ) o . n a o ( f d ; 5 o f i 6 r - A C c t a o B i C o w u n s t m i m s u t d e e e i t n m r c s a r m e S s ) s a l o . a u t t o l « ( h d a u i s 9 n a - i 2 - - ; C m D t q i L a o e u e ( a n n 2 p n o b s a 7 a t t ) o d 2 a . r o & r a t - f - ; C S ( m D 7 I m t t a n 5 e i a e l e o d p t n c c i s d i a t u s o ) a i r t . t o m - ; i ' t t f c - a - s , 1913 100 100 100 100 100 8 100 100 100 1914 . ... 100 101 101 95 9100 116 10115 11100 96 12 100 101 i»100 1915 101 126 137 133 145 159 138 97 141 110 1916 124 159 187 202 185 233 164 117 132 135 1917 176 206 262 299 244 341 228 147 u 155 177 1918 196 226 339 409 339 345 293 192 170 206 1919. . . . 206 212 242 357 364 330 322 294 236 180 217 1920 233 243 291 510 624 1 544 347 362 259 218 246 204 1920. April 263 265 313 588 664 1,604 354 354 300 217 261 200 May 264 272 305 550 660 1 714 361 368 272 225 263 210 June 258 269 300 493 632 1,473 366 382 248 233 258 206 July 250 262 299 496 604 1 495 363 409 383 239 234 256 209 August 234 250 298 501 625 1,549 365 417 385 235 236 244 209 September. 226 242 292 526 655 1,582 362 425 394 230 230 241 208 October 208 225 282 502 659 1,604 346 419 398 226 215 234 206 November. 190 207 263 461 670 1,670 331 403 403 221 208 225 194 December.. 173 189 243 435 655 1,681 299 377 374 206 197 214 180 1921. January 163 178 232 407 642 1,626 267 344 341 201 196 208 178 February.. 154 167 215 377 613 1,495 250 319 290 195 192 199 174 March 150 162 208 360 604 1,440 237 312 280 191 181 194 183 April 143 154 199 347 584 1 429 229 297 270 190 171 187 May 142 151 191 328 547 1^429 218 191 183 1 Index numbers for 1920 and thereafter based upon prices of 76 commodities. Computations arrived at by the method described on p. 465 of the BULLETIN for April, 1921. 8 Average for the month. 8 End of month. 4 Beginning of month but not always the first. * Middle of month. • End of year and end of month. 7 First of month. » July 1,1913, to June 30, 1914=100. 9 Middle of 1914= 100. u Dec. 31,1913-June 30,1914=100. u July 1, 1912-June 30, 1914=100. "July, 1914=100. "End of July, 1914=100. " Last six months of 1917. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

124: FEDERAL, RESERVE BULLETIN-. JUNE, 1921. In the following tables the index numbers for referred back to the 1913 base and it is thereindividual groups of commodities are given for fore impossible to compare present levels with each country separately. Reference should be prewar levels in these cases. No group index made to the preceding table for the " all com- numbers are compiled by the Bank of Japan modities" indexes. In the case of the Italian and only four foods and materials in the case group index numbers, Prof. Bachi's new com- of the Danish index number of the Finanstiputations only are given. These can not be dende. GROUP INDEX NUMBERS—UNITED STATES, BUREAU OF LABOR STATISTICS. [1913=100.] Farm Food, Cloths and Fuel and Metals and Lu a m n b d er Chemicals House Miscel- Date. products. etc. clothing. lighting. metal building and drugs. furnishing laneous. products. material. goods. 1913 100 100 100 100 100 100 100 100 100 1914 103 103 98 96 87 97 101 99 99 1915 105 104 100 93 97 94 114 99 99 1916 122 126 128 119 148 101 159 115 120 1917 189 176 181 175 208 124 198 144 155 1918 220 189 239 163 181 151 221 196 193 1919 234 210 261 173 161 192 179 236 217 1920 218 239 302 238 186 308 210 366 236 1920 April 246 270 353 213 195 341 212 331 238 May 244 287 347 235 193 341 215 339 246 June 243 279 335 246 190 337 218 362 247 July 236 268 317 252 191 333 217 362 243 August 222 235 299 268 193 328 216 363 240 September 210 223 278 284 192 318 222 371 239 October 182 204 257 282 184 313 216 371 229 November 165 195 234 258 170 274 207 369 220 December 144 172 220 236 157 266 188 346 205 1921 January 136 162 205 234 152 239 182 283 190 February 129 150 198 218 146 222 178 277 180 March 125 150 192 206 139 208 171 275 167 April 115 141 186 199 138 203 168 274 154 May 117 133 181 194 138 202 166 262 151 ALL COMMODITIES AND GROUP INDEX NUMBERS—UNITED KINGDOM, BOARD OF TRADE. [1920=100.] Other Cereals. M f a i n s e h d a . t f O o t o h d e s r . T fo o o t d a . l s I a t r e n o e d n l. m m a e n i t n d a - ls Cotton. O t t i e t l h e x s e - . r O a c t l r e h ti s e - . r T f n o o o o ta d t l . , a c A l r e t l i s l - . erals. 1921. January 90.5 108.0 88.0 94.8 85.5 46.7 61.1 80.4 73.1 80.1 February 78.4 100.8 81.6 88.2 79.0 80.7 40.6 55.6 78.6 67.3 73.4 March 75.5 95.5 82.0 83.8 69.5 77.2 36.1 49.3 74.7 61.4 68.6 April 73.9 92.7 80.2 81.8 63.6 37.8 47.2 71.4 159.3 166.5 1 Based on the assumption that prices of coal and coke were the same as in March, 1921. GROUP INDEX NUMBERS—UNITED KINGDOM, STATIST. [1913-100.] Date. f V t o a e o b g d l e e s - .f A o m o n a i d - l s. Su t f c g e o e a f a e r - . , , s F tu o f o f d s - , e M r i al n s - .t T i e l x e - s. d S r u i n e - s. M ria a l t s e . - Date. f V t o a e o b g d l e e s - .f A o m o n a i d - l s. Su c g of ar - , s F t o uf o f d s - . e M r i a n ls - .t T i e l x es - .d S r u ie n s - . M ri a a t l e s - . 1913 100 100 100 100 100 100 100 100 1920. 1914 110 100 107 105 90 97 105 98 August 317 295 404 319 281 298 278 285 1915 155 125 130 137 109 111 131 119 September. 319 291 334 308 283 286 279 282 1916 193 152 161 169 140 152 163 153 October 334 290 257 302 276 261 268 266 1917 252 192 213 218 152 228 212 198 November. 308 293 238 291 265 212 253 245 1 19 9 1 1 9 8 2 25 4 2 8 2 2 1 1 0 5 2 2 3 7 8 5 2 2 2 3 9 8 1 1 9 6 0 7 2 27 6 1 5 2 2 4 6 3 8 2 2 2 4 5 3 December.. 257 262 212 253 254 205 248 237 1920 321 264 366 301 269 299 290 285 1921. January 234 283 192 251 225 198 230 213 1920. February.. 203 270 187 234 200 179 224 209 April 346 265 392 315 263 354 321 311 March 214 262 182 232 179 171 221 193 May .. 351 244 473 318 273 308 311 298 April 212 249 180 225 176 172 199 184 June 359 244 496 325 269 282 285 May 211 223 158 209 177 164 192 179 July 343 278 425 325 276 298 277 283 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE., 1921. FEDERAL RESERVE BULLETIN. 725 GROUP INDEX NUMBERS—FRANCE, GENERAL STATISTICAL BUREAU. [1913=-100.] Date. f A o m o n a d i l - s. f V t o a e o b g d l e e s - . c c S o o a u f c n g f o d e a e a r , . , F ( o 2 o 0 d ). s e M ra i l n s - . t T il e e x s - . d S r u ie n s - . m r R ( i 2 a a a 5 t l w e s ). . - Date. f A oo n d i- s.f V o e o g d e s. - c c S o o a u f n c f g o d e a e a r , . , F ( o 2 o 0) d . s e M ra i l n s - . t T il e e x s - . d S r u ie n s - . m R r (2 i a a a 5 l w t ) s e . 1913 100 100 100 100 100 100 100 100 1920. 1914 103 103 106 104 98 109 99 101 August 515 359 399 432 475 737 524 558 1915 126 126 151 131 164 132 145 145 September 531 412 544 487 468 715 540 558 1918 162 170 164 167 232 180 199 206 October... 533 421 422 469 453 637 527 528 1917 215 243 201 225 271 303 302 291 November. 519 390 377 442 424 510 498 476 1918 286 298 231 281 283 460 420 387 December. 515 360 355 424 385 475 471 444 1919 392 313 253 336 272 444 405 373 1920 503 427 422 459 449 737 524 550 1921. January... 483 334 337 397 341 460 445 415 1920 February.. 452 317 338 378 300 398 422 378 May 424 472 459 841 601 614 March 408 322 367 366 289 375 392 355 June 482 400 392 434 428 734 517 540 April 396 348 359 372 281 314 371 328 July 501 370 405 432 469 746 500 548 May 372 346 317 353 266 282 355 309 GROUP INDEX NUMBERS—ITALY, RICCARDO BACHI. GROUP INDEX NUMBERS—GERMANY, FRANKFURTER ZEITUNG. [1920=100.] [Middle of 1914= 100.] f t V o a e o b g d le e s - . f A o m o n a d i l - s. C ic h a e l m s. - t T il e e x s - . e m M a a r n l s e s i d n . t I - s - B m ri i u a n a i l g t l s e d . - - O t v u p a e c r t b g h o t l s e e d e . - r - d S r u ie n s - . m i c t A o i o e m l d s l - . - p A r t o g u d r r i u c a c u l t l s - . T le e a x t t h il e e r s . , Minerals. M n i e s o c u el s l . a- 1920. 1920. Average for the year 1,232 3,175 1,733 1,440 April 102.7 83.6 110.4 130.8 115.8 96.4 99.8 104.2106.30 Beginning of— May. .. 102.2 92.9 122.6 104.9 113.2 101.8 97.2 107.8105.73 April 1,186 4,114 1,888 1,417 June 100.2 101.1 112.8 90.8 99.1 106.3 95.9 105.7101.18 May 1,178 3,243 1,860 1,417 July. . 96.8 100.3 100.0 88.3 95.5 108.4 90.2 104.9 97.77 June 1,125 2,670 1,538 1,642 August 100.7 103.4 102.3 94.9 96.6 109.9 91.9 101.4100.13 July 1,283 2,561 1,552 1,625 September. 104.8 108.8 100.1 99.6 103.7 109.9 97.5 102.1104.98 August 1,309 2,643 1,566 1,617 October... 107.1 108.0 103.4 97.9 106.5 112.8 100.5 105.4105.47 September 1,318 2,807 1,650 1,608 November. 107.7 124.1 107.7 94.0 101.4 112.6 108.7 105.2107.33 October 1,344 2,943 1,734 1,592 December. 106.9 126.4 102.8 81.9 92.7 112.6 121.8 106.8104.97 November 1,450 3,025 1,678 1,658 December 1,555 2,698 1,636 1,625 1921. January... 106.7 120.7 98.1 77.4 88.2 113.3 123.4 107.1102.89 1921, February.. 103.4 119.5 89.2 65.4 79.5 117.0 127.3 106.7 98.23 Beginning of— March 107.8 117.4 86.9 63.5 72.0 112.9 123.2 103.9 96.66 January 1,353 2,643 1,678 1,575 April 105.9 115.9 82.9 56.5 69.0 109.1 111.3 105.1 93.51 February 1,265 2,507 1,580 1,525 May 101.5 112.1 76.2 46.6 62.3 106.8 110.0 95.4 87.59 March 1,204 2,371 1,552 1,517 April 1,195 2,153 1,608 1,500 May.... 1,178 2,153 1,566 1,633 GROUP INDEX NUMBERS—SWEDEN, SVENSK HANDELSTIDNING. [July 1, 1913—June 30, 1914=100.] Date. Ve f g o e o t d a . ble A f n o i o m d. al a R g r a r i w i a c l u s m l f t a o u t r r e e - . Coal. Metals. m Bu a i t l e d r i i n a g l. W pu o l o p d . H le id a e th s e a r n . d Textiles. Oils. 1913-14.. 100 100 100 100 100 100 100 100 100 100 1Q14 1 136 101 114 123 109 104 118 103 111 1915 151 140 161 177 166 118 116 158 116 120 1916 152 182 180 266 272 165 233 229 166 149 1917 . . 181 205 198 551 405 215 267 206 247 212 1918 221 419 304 856 398 275 300 195 1919 261 409 340 804 258 286 308 211 1920 262 296 312 1,007 278 371 675 215 324 294 1920. April . 265 284 320 1,008 283 367 767 263 368 275 May. . .. 269 283 320 1,069 324 367 788 252 374 275 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 1,117,1 286 388 756 191 328 322 September 273 312 308 1,085" 273 388 753 180 310 340 October. ... 258 306 309 1,026 256 390 740 166 250 340 November 264 290 303 910 253 387 609 161 233 332 December 217 283 301 602 247 362 598 156 206 328 1921. January 244 266 281 371 230 320 520 131 169 328 February 231 241 248 362 204 319 511 108 147 318 March. 238 229 240 279 185 298 510 85 134 268 \pril . 232 231 236 291 178 236 510 84 125 264 Mav 221 217 245 269J 153 237 286 106 132 238 i Average for 6 months ending Dec. 31, 1914. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

726 FEDERAL EESERVE BULLETIN. JUNE, 1921. GROUP INDEX NUMBERS— CHRISTIANIA, NORWAY, 0KONOMISK REVUE. [Dec. 31,1913-June 30,1911=100.] Fuel. Date. A f n o i o m d a . l re f g o e o t d a . ble i " t e u F r f t o f i s l o i z d a e - n rs d . Co c a o l k a e. nd e P um et ro a - nd Iron. Metals. m B a u t i e l r d i i a n l g s. Textiles. le H a a i i n d h d e e s r. w P o u o lp d. Paper. benzine. End of— 1914.. 115 130 108 151 104 115 128 107 105 158 103 101 1915.. 149 150 150 224 132 158 289 131 121 193 124 137 1916.. 193 198 195 355 170 435 401 213 178 251 171 190 1917.. 260 292 231 1161 231 720 503 326 264 296 217 263 1918.. 324 277 2S4 514 217 573 503 359 302 286 283 313 1919.. 329 281 277 767 162 442 187 356 284 277 322 1920. April 299 301 871 196 603 232 386 279 295 365 May 293 317 292 225 621 229 410 396 274 295 425 June 300 324 306 257 696 232 429 400 274 323 425 July 337 376 328 1050 274 724 237 455 413 269 413 453 August 317 388 341 1050 328 703 240 468 418 271 444 453 September... 360 392 341 1190 682 240 470 418 271 446 482 October 353 390 343 1190 581 232 460 431 271 446 482 November... 372 389 343 1067 538 213 442 412 259 383 482 December... 352 385 340 647 407 482 200 416 402 255 321 472 1921. January 307 370 317 512 384 394 165 378 374 217 321 472 February 294 324 292 358 364 340 167 362 352 212 289 472 March 307 315 287 289 357 328 169 339 350 203 289 472 April 283 304 273 317 313 295 166 329 329 199 413 GROUP INDEX NUMBERS—AUSTRALIAN COMMONWEALTH, BUREAU OF CENSUS AND STATISTICS. [July, 1914=100.] Date. Met c a o l a s l . and T l e e x a e t t t i h c l e . e r s , , p A r g o t r d u i r u c a c u t l l s - . pr D o a d i u r ct y s. G t r o o b a c a n e c d r c i o e . s Meat. m B a u t i e l r d ia i l n s g . Chemicals. July, 1914 100 100 100 100 100 100 100 100 1915 117 93 202 127 110 150 116 149 1916 154 131 113 124 127 155 136 172 1917 213 207 110 116 131 155 194 243 1918 220 232 135 121 138 147 245 315 1919 193 217 186 137 147 145 261 282 1920 209 243 229 184 186 201 295 277 1920. April 205 277 234 169 192 160 298 280 May 214 265 252 177 197 170 307 297 June 214 260 261 187 195 208 307 297 July 211 252 244 188 193 261 307 283 August 209 251 238 189 193 284 312 282 September 211 222 231 209 196 273 295 276 October 222 220 208 214 196 226 289 276 November 222 180 206 212 195 211 281 255 December 216 156 193 210 198 193 271 252 1921. January 215 145 197 208 197 191 279 244 February 214 132 192 206 197 184 303 242 March 203 107 176 207 198 178 303 234 April 202 114 164 178 19(i 144 284 231 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE, 1921. FEDERAL, RESERVE BULLETIN. 727 GROUP INDEX NUMBERS—CANADA, DEPARTMENT OF LABOR, i [1913=.1OO.] Date. f G o a d r n a d d i e n r s . A m n a e i n m a d ts a . ls pr D od a u ir c y ts. t F a v a r b e n u g le d i e t s - s . f O o t o h d e s r . Textiles. l H ea e i t d t h c 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 d b ia i e n l r s g . , ' F li u g e h l t i a n n g d . c D h c a r e a n u m l d s g . i s - 1913 100 100 100 100 100 100 100 100 100 100 100 100 1914 114 107 100 99 104 102 105 96 101 100 94 106 1915 136 104 105 93 121 114 110 128 106 97 92 160 1916 . . . .. 142 121 119 130 136 148 143 167 128 100 113 222 1917 206 161 149 233 180 201 168 217 174 118 163 236 1918 231 197 168 214 213 273 169 229 213 147 188 250 1919 227 199 192 206 222 285 213 173 228 171 201 205 1920 263 198 204 261 258 303 191 203 245 268 255 204 1920. April 291 200 196 316 264 328 239 214 237 268 245 201 May 301 207 189 358 275 323 210 213 237 294 257 203 June 302 211 183 338 274 314 182 207 238 294 279 206 July 292 211 194 295 283 305 178 209 242 282 294 218 August 271 204 198 216 277 300 173 209 243 285 298 218 September 254 202 202 190 261 298 161 207 259 273 296 217 October 229 194 207 177 249 292 156 203 259 265 295 211 November 201 184 209 203 236 273 153 195 259 265 270 205 December 190 179 221 189 223 251 141 178 259 252 269 "201 1921. January 186 175 216 184 212 228 131 174 257 248 247 195 February 171 171 185 163 205 204 126 167 257 239 234 188 March.. 168 171 174 175 203 198 118 158 243 231 233 181 April 154 169 161 162 189 191 115 145 241 229 226 180 May 150 158 126 162 1S9 187 114 147 235 224 216 178 i Unimportant groups omitted. GROUP INDEX NUMBERS—CALCUTTA, INDIA, DEPARTMENT OF STATISTICS. [End of July, 1914=100.] Date. B m r i i u n a a i l t g l s e d . - - a M r tu t f i a a r c c n e l - e u d s - . Metals. H s a k i n i d n d e s s . C m tu f o a a r t n c e to s - u . n - co R t a to w n. m tu J f u a a re c n t s e - u . - O t t i e l t e h x s e - . r m t O a u i r l d s s - . , j R u a te w . se O ed il s. Tea. Sugar Pulses. Cereals. O fo t o h d e s r . End of July, 1914... 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 1920. Average for the year. 138 231 238 147 354 153 149 162 128 104 173 78 407 166 154 184 April 114 201 219 209 357 158 170 161 116 119 163 90 377 159 156 185 May 128 215 248 160 365 135 142 164 123 120 169 90 511 150 157 183 June 131 233 244 116 364 144 147 164 119 83 171 73 482 149 156 180 July 139 235 249 100 364 132 151 168 119 89 • 169 74 503 159 151 188 August 142 235 257 99 360 139 163 168 115 91 167 72 477 160 154 185 September 158 237 245 105 347 154 163 164 115 105 179 65 456 170 154 186 October - ... 154 282 245 96 343 142 136 164 132 104 184 64 392 169 155 178 November 161 246 243 89 341 133 118 164 118 90 163 62 348 168 150 173 December . .. 161 229 242 90 333 116 107 156 124 83 152 69 273 149 139 160 1921. January 158 238 247 81 324 107 104 149 116 85 130 77 314 135 139 139 February . . 147 226 243 80 306 104 101 149 97 80 124 70 352 119 129 148 March 147 242 255 97 311 119 97 123 110 85 131 76 359 147 141 150 COMPARATIVE RETAIL PRICES IN PRINCIPAL COUNTRIES. In the following table are presented statistics according to family consumption, until January, showing the trend of retail prices and the cost 1921, when it was increased to 43 articles reported of living in the United States and important by dealers in 51 important cities. The method European countries. Three of these index of weighting continues the same, although the numbers—those for the United Kingdom, actual "weights" applied have been changed. Paris, and Sweden—are constructed on the The British index number of the cost of living basis of prices in July, 1914 = 100. In the constructed by the Ministry of Labor consists case of the United States, the original base, of the retail prices not only of foodstuffs but of that of the year 1913, has been shifted to the other articles as well. Ketail clothing prices, July, 1914, base. The German index uses the rents, and the cost of fuel, lighting, ana misyear ending July, 1914 as a base. cellaneous household items are also taken into The American index number, constructed by consideration. The index number is weighted the Bureau of Labor Statistics, was based upon according to the importance of the items in the the retail prices of 22 articles of food, weighted budgets of working-class families. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

728 FEDERAL RESERVE BULLETIN. JUNE, 1921. The retail price index for Paris, compiled by RETAIL PRICES INTHE UNITED STATES , PARIS, AND SWEDEN; the French General Statistical Office, consists COST OP LIVING IN UNITED KINGDOM AND BERLIN. of retail prices of 13 different commodities, [July, 1914-100.J weighted according to the average annual cons p u e m rso p n ti s o . n E o l f e v a e n w o o r f k i t n h g e m co a m n m 's o f d a i m tie il s y in o c f l u f d o e u d r U p S r r t e n i a c t i t a e t e e i s s l d . , 1 d o U f o K m n l i i i v n , t i g e c n d - o g s . t 2 p P r r e i a c t r a e i i s s l , .1 S p w r r e i e t c d a e i e s l n . , B l c iv o e i s r n t l i g o n . f , 8 in this index are foods, and the other two are kerosene and alcohol. 1919. 182 216 260 321 The Swedish index number consists of the 1920. 199 249 371 298 1,080 retail prices of foodstuffs, fuel, and lighting 1920 April 207 232 358 297 1,302 and is based upon the prices of 51 articles in May 211 241 378 294 1,267 44 towns (in 1920, 50 articles in 49 towns), Juiie 215 250 369 294 1,056 July 215 252 373 297 1,125 weighted according to the budget of a working August 203 255 373 308 1,069 September.. 199 261 407 307 1,038 man's family which before the war had a yearly October 194 264 420 306 1,104 income of 2,000 kronor. November.. 189 276 426 303 1,097 December.. 175 424 294 1,135 The German index expresses upon a per- 1921 centage basis figures compiled by Dr. R. R. January 169 265 410 283 1,111 Kuczynski of the Statistical Office at Berlin- February 155 251 382 262 1,087 March 153 241 358 253 1,035 Schoneberg. Dr. Kuczynski bases his calcu- April 149 233 328 248 976 Mav 142 228 317 237 lations upon the cost of living per week of a family of four in Greater Berlin. 1 Average for the month. 2 Beginning of month, s August, 1913-July, 1914=100. FOREIGN TRADE—UNITED KINGDOM, FRANCE, ITALY, SWEDEN, AND JAPAN. In the following table are presented figures of some earlier date, usually the preceding year. showing the monthly value of the foreign trade None of the figures presented below include of a group of important European countries the import or export of gold and silver. In the and Japan. Similar statistics for Germany are case of England and France, group figures are not available. Currencies have not been con- given as well as total values, while in the case verted to a common unit, nor are methods of val- of the other countries, total values only are uation the same in all countries. In England, presented. This does not mean that group imports are given current c. i. f. values in Eng- figures are not obtainable, merely that they are land; exports and reexports, current f. o. b. val- either delayed in publication or appear not to ues. The same method is followed in Japan and be of such general interest as the French and Sweden. In France and Italy, on the other English material. hand, the value of foreign trade is estimated not Japanese figures for recent months are rein terms of current prices but in terms of those ceived by cable and subject to revision. FOREIGN TRADE OF UNITED KINGDOM. [In thousands of pounds sterling.] Imports. Exports. Raw- Raw to d F b a r o a i n n o c d d k co , , . m u m a n a r m a a t t i n e i c a n d r l n i l e a y u s l - s I f w m a A m c h r a t a o t u i i n l n c r l u e l y l e y d - s o . r i M n n p c p i e a s l o o u r c s c e u d t e l s . i l l , n a g - Total. to d F b a r o a i n n o c d d k co , , . m u m a n a r a m a t ti e n i c a r n d l i n l e a y s u ls - w f A m m a h c r a a o t t i u i n l c n l r u l y e l e y - d s o . r i M n n p c p i e a s l o o u c r s c e u d t e l s . i l l , n a- g Total. ex R po e- rts. factured. factured. 1913 monthly average. 23,485 16,134 259 64,061 2,716 5,825 34,281 43,770 9,131 1919 monthly average. 50,565 24,663 358 135,513 2,814 9,274 53,457 1,008 66,553 13,729 1920 monthly aver age. 59,292 37,902 254 161,395 4,241 12,138 93,394 1,528 111, 297 18,701 1920. April 71,587 38,050 131 167,154 3,959 12,194 88,689 1,410 106,252 20,407 May 60,509 40,580 252 166,334 4,020 13,211 100,727 1,361 119,319 20,260 June 57,919 44,681 325 170,491 4,313 11,447 99,081 1,512 116,352 20,124 July 51,899 41,923 450 163,842 4,515 12,551 118,954 1,432 137,452 17,848 August 51,268 40,016 185 153,255 3,503 10,467 99,645 1,288 114,903 13,368 September 44,557 40,573 293 152,692 4,311 9,515 102,216 1,415 117,456 13,351 October 44,299 36,267 156 149,889 4,678 9,632 95,701 2,285 112,295 16,134 November 46,560 35,955 246 144,260 4,723 9,399 103,694 1,548 119,365 13,115 December 48,613 34,553 241 142,785 3,842 12,277 78,819 1,694 96,631 12,699 1921. January.. 49,158 37,005 30,467 420 117,051 3,852 7,668 79,746 1,491 92,756 9,955 February. 47,750 25,504 23,394 326 96,974 3,075 5,881 58,177 1,089 68,222 8,004 March 50,888 17,739 24.930 184 93,742 2,897 5,832 56,969 1,111 66,809 8,888 April 52,908 16,547 20,374 167 89,996 3,729 2,936 52,019 1,184 59,868 8,524 May '86,300 143,080 1 7,230 1 Subject to revision. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE, 1921. FEDERAL RESERVE BULLETIN. 729 FOREIGN TRADE OF FRANCE. 1 [In thousands of francs.] Imports. Exports. Food. ma R te a r w ials. f a a M r c ti t a c u n l r e u e s d - . Total. Food. ma R te a r w ials. f a a M r c ti t a c u n l r e u e s d - . P p a o r s c t e . l Total. 1913, monthly average » 151,465 412,144 138,169 701,778 69,908 154,841 301,420 47,182 573,351 1919, monthly average » 892,040 1,229,435 861,797 2,983,272 99,201 203,691 615,630 71,444 989,966 1920, monthly average 3 718,179 1,400,046 832,187 2,950,413 184,277 397,677 1,187,742 99,867 1,869,563 1920. August *... 723,749 1,171,091 905,613 2,800,453 210,888 440,482 1,631,883 116,255 2,399,508 September. 608,822 1,294,160 724,894 2,627,876 229,892 446,131 1,363,469 112,081 2,151,573 October 667,709 1,243,294 684,442 2,595,445 262,838 337,464 1,597,808 134,472 2,332,552 November. 549,834 1,389,928 732,416 2,672,178 200,388 405,858 1,136,356 140,996 1,883,598 December.. 672,861 1,548,681 726,715 2,948,257 218,626 366,981 929,222 146,067 1,660,896 1921. January 346,703 1,101,267 534,498 1,982,468 188,546 436,069 1,142,398 115,605 1,882,618 February 386,169 803,231 424,531 1,613,931 172,992 478,561 1,162,817 85,074 1,899,444 March 455,545 786,352 501,011 1,742,908 162,901 379,281 1,035,826 108,418 1,686,426 April 390,345 887,151 501,593 1,779,089 176,333 468,453 1,179,683 107,799 1,932,268 May 5 1; 565,504 61,648,644 1 Not including gold, silver, or the reexport trade. 2 Calculated in 1913 value units. 3 Calculated in 1919 value units. 4 August, 1920, through April, 1921, figures calculated in 1919 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 in France last year, however, it was not until July that the 1919 price units were decided upon and applied. & Subject to revision. FOREIGN TRADE OF ITALY, SWEDEN, AND JAPAN. Italy. Sweden. Japan. (In millions of (In millions of (In millions of lire.1) kronor.) yen.) Imports. Exports. Imports. Exports. Imports. Exports. 1913, monthly average. 304 210 71 61 53 1919, monthly average. 1,385 506 211 131 181 175 1920, monthly average. 1,322 650 281 191 195 162 1920. February. 1,141 616 282 106 271 174 March 1,431 683 301 151 329 194 April 1,363 679 267 164 297 217 May 1,401 662 314 227 296 193 June 2,076 752 283 224 220 184 July. 1,040 521 331 268 157 154 August 1,249 532 308 230 123 175 September.. 1,202 570 325 233 118 154 October. 1,126 707 299 218 108 134 November., 1,240 731 228 177 108 105 December.. 1,591 853 197 171 105 87 January.. 122 105 75 February. 116 I 119 March 2 99 2137 2 94 April 2 139 2 115 0 Allies based on 1919 pricey. 2 Provisional. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

730 FEDERAL, RESERVE BULLETIN. JUNE, 1921. DISCOUNT AND OPEN-MARKET OPERATIONS AND CLASSIFIED HOLDINGS OF THE FEDERAL RESERVE BANKS. DISCOUNTS. While the total volume of discounts was 33 Discount operations of the Federal Reserve per cent less in April than in March, the average Banks during March and April, 1921 and 1920, maturity for the most recent month was 15.66 are shown in summary form for the entire days compared with 12.38 days the month system in the table below. Detailed figures before, an increase of over 26 per cent. Consefor each Federal Reserve Bank for the most quently, the volume of discounts when rerecent month are given on pages 732 to 733. duced to a daily basis does not show a reduction corresponding to that shown for total discount operations. The average daily vol- VOLUME OF DISCOUNT OPERATIONS. ume of discounts declined from $2,943,000,000 [In thousands of dollars.] in March to $2,565,000,000 in April, a de- 1921 1920 crease of 13 per cent, compared with the above- April. March. April. March. mentioned decrease of 33 per cent in the total volume. Longer average maturities are shown Total 4,912,652 7,368,26S 6,229,741 6,970,331 for all the Federal Reserve Banks, with the Secured by Government exception of those at Boston, Chicago, and obligations 3,265,617 3,549,797 4,771,072 5, 298,884 San Francisco, but the largest increases are Otherwise secured and unsecured—Total 1,647,035 3,818,471 1,458,669 1,671,447 noted for the New York, Philadelphia and Commercial paper, n. e. s 1,556,368 3,709,669 1,415,201 1,613,530 Cleveland Reserve Banks. For the New York Agricultural paper 50,803 59,129 bank, the average maturity for March was Live-stock paper 21,600 26,451 Trade acceptances- 6.41 days and for April 9.59 days. As a Total 10,860 11,709 15,296 23,383 Foreign 45 89 222 2,215 consequence of this increase of nearly 50 per Domestic 10,815 11,620 15,074 21,168 cent in maturity, the reduction by 42 per cent Bankers' acceptances- Total 7,404 11,513 28,172 34,534 in the total volume of discounts for that bank Foreign 4,982 6,704 Domestic 2,172 4,809 corresponds to a reduction of average daily Dollar exchange... 250 volume by less than 11 per cent. Longer Average maturity (in days) 15.66 12.38 15.08 13.77 average maturities for April than for March Average rate (365-day basis), per cent 6.32 6.43 5.67 5.64 appear to be an annual occurrence, although this year's increase is greater than that observed in previous years. The reason for this Discount operations for the month of April seasonal tendency may be that many member show a very; marked decrease in volume as banks during this part of the year are called compared with March, the total for March upon to supply funds for agricultural purposes being $7,368,000,000 and for April $4,913,and that, when they apply for accommodation 000,000, a decrease of $2,455,000,000, or about to the Federal Reserve Banks, the customers7 33 per cent. April figures were smaller than paper offered is likely to have a longer maturity March figures in 1920 as well, but the decrease than is the case earlier in the year. This year, at that time amounted to only about 11 per the seasonal tendency appears to be accencent. The following table shows the volume tuated by the large volume of liquidation of of discounts reduced to a daily basis according short-term commercial and industrial paper in to the method explained in the March BULLEthe New York district. TIN, page 350: A noteworthy feature in the reduction of VOLUME OF DISCOUNTS REDUCED TO DAILY BASIS. the volume of operations is that discounted paper secured by Government obligations Volume of Average Volume on discounts maturity daily basis declined only from $3,550,000,000 to $3,266,- Fede B ra a l n R k e . serve (in millions). (in days). (in millions). 000,000, while other discounts declined from April, i March. April. March. April. March. $3,818,000,000 to $1,647,000,000, the decline in commercial paper, not otherwise specified, All banks . $4,913 1 $7,368 15.66 12.38 $2,565 $2,943 accounting for most of the decrease. The Boston 367 732 8.78 8.86 107 209 volume of this class of paper discounted in P N h e i w la d Y e o lp rk hia 2.4 3 7 6 0 0 4,2 3 7 9 2 9 1 9 5 . . 5 4 9 8 1 6 2 . . 4 5 1 6 1 7 8 8 6 9 8 16 8 2 3 March was $3,710,000,000 and in April $1,556,- Cleveland 253 279 20.72 14.74 175 133 000,000, a decrease of $2,154,000,000, or 58 Richmond 292 299 13.93 12.89 336 124 Atlanta 151 164 26.55 26.50 133 140 per cent. For the New York bank alone, the C St h . i c L a o g u o is 3 1 7 3 4 5 5 1 1 5 9 4 3 2 5 7 . . 0 4 7 4 4 2 1 4 . . 1 3 3 3 4 1 3 2 7 3 6 1 8 2 9 1 volume of this class of paper discounted Minneapolis 65 66 43.10 36.55 94 78 declined from $2,702,000,000 to $870,000,000, Kansas City 91 111 34.90 32.86 106 118 Dallas 65 74 36.05 32.86 78 78 a decrease of $1,832,000,000, or of 68 per cent. San Francisco... 290 299 20.74 21.55 201 208 This decrease in the New York bank consti- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE, 1921. FEDERAL RESERVE BULLETIN. 731 tuted over 85 per cent of the entire decrease in the volume of discounts of this class of Member banks Member banks Percentage Federal in district. accommodated. accommodated. paper. The volume of agricultural paper Reserve discounted during the month of April was Bank. Apr. 30. Mar. 31. April. March. April. March. $51,000,000, compared with $59,000,000 the month before, the decrease being about 14 All banks. 9,739 9,715 5,559 5,332 57.1 54.9 per cent, compared with 58 per cent shown Boston 436 436 241 257 55.3 58.9 for commercial paper proper. The volume of New York.... 790 788 351 349 44.4 44.3 live-stock paper discounted in April was C P l h e i v la el d a e n l d phia.. 7 8 0 7 0 8 7 8 0 7 1 5 3 3 6 0 9 8 3 2 3 6 0 1 5 3 2 5 . . 7 1 4 2 7 9 . . 1 8 $22,000,000, compared with $26,000,000 in Richmond 614 612 373 347 60.7 56.7 Atlanta 488 484 340 355 69.7 73.3 March; the volume of trade acceptances Chicago 1,431 1,425 1,027 922 71.8 64.7 $11,000,000, as against $12,000,000, and the S M t. i n L n o e u a i p s olis... 1,0 5 1 7 1 9 1,0 5 1 7 1 8 6 3 0 1 8 5 3 5 0 8 6 9 6 5 0 4. . 4 1 5 5 8 2. . 9 3 volume of discounted bankers' acceptances Kansas City... 1,093 1,094 605 585 55.4 53.5 Dallas 860 855 545 570 63.4 66.7 $7,000,000, as against $12,000,000. San Francisco. 859 856 477 461 55.5 53.9 Only a slight change is noted in the average rate of discount, which was 6.32 per cent in ACCEPTANCES. April, as compared with 6.43 per cent in March A summary of the open-market operations of of this year, and 5.67 per cent in April, 1920. Federal Reserve Banks in April and March, Following is a summary of holdings of dis- 1921 and 1920, is shown in the following table. counted bills at the end of April and of March, Detailed statistics for each Federal Reserve 1921 and 1920. Bank are shown on page 733. HOLDINGS OF DISCOUNTED BILLS. [In thousands of dollars.] VOLUME OF OPEN-MARKET PURCHASES OP ACCEPTANCES. [In thousands of dollars.] 1921 1920 Apr. 30. Mar. 31.Apr. 30. Mar. 26. 1921 1920 Total 2,076,5692,233,1042,535,071 2,449,230 April. March. April. March. Secured by United States Government obligations 937,652 970,9611,465,320 1,441,015 Total. 123,511 149,255 247,594 303.360 Otherwise secured and unsecured—Total 1,138,9171,262,1431.,069,7511,008,215 Bankers'acceptances—Total 121,412 240,704 294,301 Commercial and industrial In the domestic trade 28,335 31,362 56,189 57,350 paper, n. e. s 881,870 1., 010,891891,181 861,848 In the foreign trade 75, 560 100,598 182,762 236,951 Agricultural paper , 149,223 140,987 44,389 29,321 Dollar exchange 17,517 16,738 1,753 4,158 Live-stock paper 81,187 81,693 61,993 45,344 Trade acceptances—Total 2,099 557 6,890 4,901 Trade acceptances—Total 16,451 15,520 23,937 20,813 In the domestic trade 388 812 Foreign trade 117 256 In the foreign trade 2,099 557 6,502 4,089 Domestic trade 16,334 15,264 Average maturity (in days) 26.60 33.99 51.59 49.33 Bankers' acceptances—Total. 10,186 13,052 48,251 50, S Average rate (365-day basis), per Foreign trade 7,665 8,787 cent 5.94 6.01 5.82 5.80 Domestic trade 2,471 Dollar exchange 50 Open-market purchases of acceptances in BANKS ACCOMMODATED. April were $124,000,000, compared with $149,- During the month of April 24 banks were added 000,000 in March, the largest decreases being to the membership of the system, the total num- shown for bankers' acceptances, which aggreber of banks increasing from 9,715 to 9,739. gated $121,000,000 in April, compared with The number of banks accommodated in April $149,000,000 the month before. Bankers' acwas 5,559 and in March 5,332, so that the per- ceptances in the domestic trade declined by centage of banks accommodated increased from about $3,000,000, and dollar exchange bills 54.9 to 57.1 per cent. Increases in the propor- purchased increased by about $1,000,000. tion of banks accommodated are noted in the The decrease in the total of bankers' accept- Philadelphia, Cleveland, Richmond, Chicago, ances purchased is largely due to a reduced St. Louis, Minneapolis, Kansas City, and San volume of acceptances in the foreign trade, Francisco districts, while the proportion in the which aggregated $76,000,000 in April as com- New York district shows but a nominal change, pared With $101,000,000 in March. and the proportions in the Boston, Atlanta, and Following is a table showing the volume of Dallas districts are smaller than the month open-market purchases in April and March rebefore. duced to a daily basis: Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

732 FEDERAL RESERVE BULLETIN. JUNE, 1921. VOLUME OP OPEN-MARKET PURCHASES REDUCED TO month before, and the average maturity was DAILY BASIS. 19.61 days, as against 29.89 days. As a consequence, the average daily volume of pur- Volume of Average Volume on chases for that bank shows a decrease from purchases maturity daily basis Federal Reserve (in millions). (in days). (in millions). $75,000,000 in March to $47,000,000 in April. Bank. Following is a summary of the holdings of April. March. April. March. April. March. purchased and discounted acceptances at the end of March and of April, 1921: All banks 124 149 26.60 33.99 110 164 Boston 13 24 14.60 19.57 6 15 HOLDINGS OF PURCHASED AND DISCOUNTED ACCEPTANCES. New York 72 78 19.61 29.89 47 75 PJhila delphia 10 9 46.64 40.13 16 12 [In thousands of dollars.] Cleveland. 8 11 30.52 44.65 8 16 Richmond . 1 3 62.36 39.78 2 Atlanta 1 0) 66.57 70.05 2 \ Chicago.. 12 53.52 57.27 22 28 End of— St. Louis 2 125 15.05 21.27 1 Minneapolis 0) 39.29 1 Kansas City (i) "86.20" April. March. Dallas 26.05 82.90 San Francisco. 0)7 37.10 50.60 6 12 All classes 136,402 147,913 1 Less than $500,000. Purchased in open market 109, 763 119,341 Discounted for member banks 26, 639 28,572 It will be noted that the average maturity Total, distributed by classes of acreptances: Bankers' acceptances—Total 119, 330 132,106 of purchased bills in April was 26.6 days, com- Foreign 84,378 93, 782 pared with 33.99 days in March. This reduc- D D o o l m la e r s e ti x c change 2 1 1 3, 7 24 1 2 0 2 1 8 0 . , 2 1 2 0 4 0 tion of 22 per cent in maturity, together with Trade acceptances—Total 17,072 15,807 Foreign 738 543 a reduction of 17 per cent in total volume of Domestic 16,334 15,2C4 Bankers' acceptances, distributed by classes of acpurchases, has resulted in a decline of 33 per- cepting institutions: cent in the volume of purchases reduced to a Member banks- National 37,635 46,3^4 daily basis. For the New York Reserve Bank Nonnational 31,Ofi) 28, 745 Nonmember banks and banking corporations. 21, 1 \2 23,736 the volume of paper purchased in April was Private bankers 14. •01 16,015 $72,000,000, compared with $78,000,000 the Branches and agencies of foreign banks 15' 372 17,306 VOLUME OF OPERATIONS. VOLUME OF DISCOUNT AND OPEN-MARKET OPERATIONS DURING APRIL, 1921. United States securities purchased. Total. Bills discounted Federal Reserve Bank. for member Bills bought in banks. open market. Bonds and Certificates of Victory indebtedness. April, 1921. April, 1920. notes. Boston $367,020,034 $13,278,272 $3,737,500 $384,035,806 $458,459,221 New York 2,469,906, 248 71,580,181 26, 751, 000 2,568',237,429 4,013,611,967 Philadelphia 359, 860,513 9, 859; 528 10,160. 000 379; 880,041 596,705,179 Cleveland 252, 871,628 8,046, 771 235,500 261, 153, 899 333,465, 870 Richmond 292, 130, 222 1, 227,900 2,000,000 295, 358,122 327,562,268 Atlanta 150, 877,136 1,117,213 $520, 000 152, 514, 349 160, 846j 194 Chicago 374, 274.131 11,423, 244 2,091,500 387, 788, 875 553.986,741 St. Louis 134, 975^ 986 1, 813,067 1,078,500 137, 867,553 277,722,527 Minneapolis 65, 171, 993 187,500 65.359,493 110,890,565 Kansas City 90;747,721 25, 000 405,000 91,177, 721 145,170,283 Dallas *. 64. 551,083 3,916 64, 554,999 117,952,001 San Francisco 290i265,152 5,135,679 1,319,000 719,831 378,105,972 Total: April, 1921 4,912. 651, 847 123,510,771 520,000 47,965,500 5,084,648,118 April, 1920 6,229, 740, 505 247, 594. 383 900 997,143,000 7,474,478,788 4 months ending Apr. 30, 1921 28,659,530,775 564,490' 578 531, 800 789,504,057 " 30," 014," 057,, 210 4 months ending Apr. 30, 1920 25,958,782,091 1,153,714,069 245,350 3,440,202,000 '36,*552,'943,'5i6 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE, 1921. FEDERAL RESERVE BULLETIN. 733 VOLUME OF BILLS DISCOUNTED DURING APRIL, 1921, BY CLASSES OF PAPER; ALSO AVERAGE RATES AND MATURITIES. I Member banks' collateral Customers' notes. paper Commercial Federal Reserve Bank. secured by paper Agricultural Live-stoc- Government Secured by n. e. s. paper paper. obligations. Government Otherwise obligations. secured. Boston $8,193,205 $230,149, 500 $128, 400, 215 $198, 404 $8,792 New York 70, 397,761 1,524,450, 544 $50,000 870, 354,132 424,186 Philadelphia 29,472,055 208,252,462 35,000 123,670, 579 299,264 Cleveland 6,291,686 174,069, 095 224,000 68,947, 743 435,131 110,160 Richmond 2, 200, 503 245,926,612 932, 500 36, 739,920 5,212,085 74,609 Atlanta 5,147,193 93, 153, 550 690, 000 45, 402,672 4, 535,205 901,039 Chicago 11,085,273 214,380, 591 1. 248, 250 130, 329, 347 14, 862,132 420, 599 St. Louis 3, 299, 945 84,683,129 ' 497, 225 41,056,449 i 3,915,669 507,656 Minneapolis 719, 767 28,861,485 8, 804, 805 18,000,934 ' 6,662', 608 3,779, 281 Kansas City 3,155,173 62,192, 007 15, 208,216 2, 253,904 7,242,334 Dallas 745, 201 41, 233, 278 2,814,200 10, 379, 835 4, 936, 960 4,037,923 San Francisco 4,175, 490 215,381, 072 10,445,710 ) 46,136,316 7,087,959 4, 487, 319 Total: April, 1921.. 144,883,232 3,120,733, 325 23,741,690 I 1, 532,626,358 50, 803, 505 21,599,692 March, 1921. 120, 347, 662 3, 429, 449,7S2 29,730,819 I 3,679,937, 806 59,129, 386 26,451, 094 April, 1920.. 212, 792, 704 4, 558,279, 489 8,935,916 I 1,406,264,752 March, 1920. 189, 512, 507 5,109,371,143 11,451,320 1,602,079, 269 Trade acceptances. Bankers' acceptances. Average Total, all Average rate Federal Reserve Bank. Foreign. Domestic. Foreign. Domestic. ex D ch o a ll n a g r e. classes. maturity. (3 b 3 a 5 s - is d ) ay Days. rer cent. Boston S89,918 $367,020,034 8.78 6.21 New York 1,423,604 $2, 706,021 $50,000 $50,000 2,469,906,248 9.59 6.45 Philadelphia. .. 131,153 359, 860, 513 15.48 5.55 Cleveland 2, 041,326 1, 689,153 863, 354 200, 000 252, 871,628 20.72 6.00 Richmond $43, 873 1,000,120 292,130,222 13.93 6.00 Atlanta 607,477 240,000 200,000 150, 877,136 26.55 6.36 Chicago . 1,756, 439 191, 500 374,274,131 35.07 6. 70 St Louis 437,029 25, 666 553, 884 134,975,986 27.44 6. 03 Minneapolis 211,481 124,189 7,465 65,171,993 43.10 6.81 Kansas City 696,087 90,747,721 34.90 6.44 Dallas 373,686 64, 551,083 38.05 6.73 San Francisco 500 2,066,905 197,980 305,901 290,265,152 20.74 6.00 Total: April, 1921 . 44, 373 10, 815, 225 4,982, 343 2,172,104 250,000 4,912,651, 847 15.66 6.32 March, 1921 88,905 11,620,251 6, 703, 824 4, 808, 525 7,368,268,054 12.38 6.43 A M p a r r i c l h 1 , 9 1 2 9 0 20 . . .. 2 1 3 5 , , 3 2 8 9 2 5 , , 9 4 5 8 4 8 3 2 4 8 , , 1 5 7 3 2 3 , , 1 7 5 8 6 4 6 6 , , 9 2 7 2 0 9 , , 3 74 3 0 0 , , 9 5 7 0 7 5 1 1 5 3. . 7 0 7 8 5 5 . . 6 6 7 4 VOLUME OF BANKERS' AND TRADE ACCEPTANCES PURCHASED DURING APRIL, 1921, BY CLASSES OF PAPER; ALSO AVERAGE RATES AND MATURITIES. Bankers' acceptances. Trade acceptances. Average Federal Reserve Bank. Dollar p T u o r t c a h l a b s i e l d ls . m A a v t e u r r a i g ty e . (36 r 5 a - t d e ay Foreign. Domestic. exchange Total. Foreign. Domestic. Total. basis). bills. Days. Per cent. Boston $8,184,393 $4,128,778 S985,101 $13,278,272 $13,278,272 14.60 5.84 New York . .... 4 6 2 , , 6 6 7 3 5 4, , 8 8 8 6 0 4 1 1 2 , , 8 6 8 1 3 1 , , 6 9 6 45 4 1 1 4 , , 3 3 0 0 0 8 , , 0 2 0 80 0 6 9 9 , , 5 8 5 5 5 9 , , 1 5 0 2 5 8 $2,025,070 $2; 025,076 7 9 1 , , 8 5 5 8 9 0 , , 5 1 2 8 8 1 4 1 6 9 . . 6 6 4 1 5 5. . 8 9 4 1 C R T i I c GV h P m I& o T n KI d .. 5,2 3 5 3 1 0 , , 8 00 4 0 5 2,6 8 7 9 6 7 , , 9 9 2 0 6 0 118,000 8 1 , , 0 2 4 27 6 , , 9 7 0 7 0 1 8 1, , 2 0 2 4 7 6 , , 9 7 0 7 0 1 6 3 2 0 . . 3 5 6 2 6 5 . .9 0 4 8 Atlanta 343,7i3 773,500 1 117 213 1,117,213 66.57 7.10 Chicago 7,203,362 3,684,882 535,000 11 423 244 11,423,244 53.52 5.93 St Louis 1,061,969 616,098 135,000 1,813,067 1,813,067 15.05 6.06 25 000 25 000 25,000 86.20 7.10 Dallas 3,916 3,916 3,916 26.05 6.08 San Francisco 3,874,004 1,032,575 155,000 5,061,579 74,100 74,100 5,135,679 37.10 6.02 Total: April, 1921 75,560,030 28,335,184 17,516,381 121,411,595 2,099,176 2,099,176 123,510,771 26.60 5.94 March, 1921 100,598,340 31,361,941 16,738,187 148,698,468 553, 855 556,855 149,255,323 33.99 6.0L April, 1920 182,762,225 56,189,170 1,752,678 240,704,073 6,501,967 '$388,'343* 6,890,310 247,594,383 51.59 5. 82 March, 1920 236,951,034 57,350,003 4,157,622 298,458,689 4,089,335 811,510 4, 900, 845 303,359,534 49.33 5.80 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

734 FEDERAL RESERVE BTJLLETIH. JUNE, 1021. HOLDINGS, BY CLASSES. AVERAGE DAILY HOLDINGS OF EACH CLASS OF EARNING ASSETS, EARNINGS THEREON, AND ANNUAL RATES OF EARNINGS, DURING APRIL, 1921. Average daily holdings of- Earnings on- Annual rate of earnings on— Feder B a a l n R k e . serve A of l a l e s c a s l e r a n t s s i s . n e g s Dis b c i o l u ls n . ted Pu b rc il h l a s. sed se U S cu n ta r i t i t t e e i s d es. c e l a a a s s r A s s n e e l i l t s n s g . of co b D u il n i l s t s - e . d c b h P i a u l s l r s e - . d U s S e t n t i c a e i u t t s r e e . i s d - o cl f i a A n e s l g a s l e rn s -co b D u il n i l s t s - e . d c b h P i a u l s l r s e - . d U s S e t n t c i a e i u t t s r e e . i s d assets. Per ct. Per ct. Perct. Per ct. Boston $145,245,732 $116,669,663 $7,223,669 $21•,,352,400 $696,519 $624,744 $35,076 $36,699 5.83 6.52 5.91 2.09 New York 742,018,166 638,327.614 42,951,430 60, 739,1223,703,096 3,382,303 208,520 112,273 6.07 6.45 5.91 2.25 Philadelphia 183.183,155 140,125,226 14,637,746 31,420,183 779,364 649,812 71,088 58, 464 5.09 5.64 5.90 2.26 Cleveland 187,062,190 143,902, 80318,455,587 24, 703,800 850,239 716,988 91,290 41,961 5.53 6.06 6.02 2.07 Richmond 130,474,121 114,809,418 2,037.220 13,627,483 593,218 560,297 10,165 22,756 5.53 5.94 6.07 2.03 Atlanta 134,834,800 117, 425,208 795,514 16,614,078 642,168 609,608 4,640 27,920 5.80 6.32 7.10 2.05 Chicago 440,476,480 387,686,884 9,993,529 42,796,067 2,251,211 2,126,972 49,686 74, 553 6.22 6.68 6.05 2.12 St. Louis 97,578,750 81, 896,834 1,236,083 14,445,833 439,271 407,722 6,133 25,416 5.48 6.06 6.04 2.14 Minneapolis 81,383,700 72,768,700 8,615,000 415, 604 401,257 14,347 6.21 6.71 2 03 Kansas City 116,599, 741 97, 274,041 100,700 19, 225,000 528,374 494,040 587 33,747 5.51 6.18 7.10 2.14 Dallas 75,117,502 64,137,387 114,198 10,865,917 361, 843 342,235 584 19,024 5.86 6.49 6.13 2.13 San Francisco 190,279,069 164,957,964 12,826,805 12,494,300 63,916 21,356 5.72 5.96 6.06 2.08 Total: April, 1921 2,527, 253,406 2,139,981, 742 110,372,481 276,899,183 12,154,787 11,124, 586541,685 48S, 516 5.85 6.32 5.97 2.15 March, 1921 2,735,784, 111 2,301,628,559.138,397,250 295,758,302 13,697,626 12,428,781 706,155 562,690 5.90 6.36 6.01 2.24 April, 1920 3,191,945,384 2,440,375,416419,745,831331,824,137 13,696,186 11,162,2121,962,064 571,910 5.23 5.58 5.70 2.10 March, 1920 3,211,935,98012,386, 536,669.481,238,308:344,161,003 13,906,325 11,065,4722,231,078 609,775 5.11 5.47 5.47 2.09 HOLDINGS OF DISCOUNTED BILLS, BY CLASSES. [End of April figures. In thousands of dollars.] to C m u e s r - s' Me l m at b e e r r a b l a n n o k te s s ' . col- * acc T e r p a t d a e nces. Bankers' acceptances. paper Com- Agri- Live- Federal Reserve Bank. Total. e b s o r y t e n b i c o l m G u i n g r o e s e a . v n d - - t S m e g G e c a o n u t v t i r o e e o d n r b n s b l . - i y - w O cu i t s r h e e e d s r e . - - m n p . e a e r p c . e i s r a . l c p u a l p tu e r r a . l p s a to p c e k r. e F i o g r n - . m D es o t - ic. e F i o g r n - . m D es o t - ic. ex D ch o a ll n a g r e. Boston 104,369 14,330 30,325 59,349 210 8 147 New York 613,263 101,982 272,553 228, 586 645 1,765 6,509 1,173 50 Philadelphia 148,202 35,004 74,853 35 37,513 566 5 226 Cleveland 142,174 7,744 49,273 112 81,313 673 255 2,423 247 134 Richmond 109,599 4,700 31,938 335 60,872 9,726 75 1 953 Atlanta 115,590 9,924 42,357 283 48,296 11,319 2,075 1,078 208 50 Chicago 364,596 19,741 101,422 635 181,350 58,103 3,263 82 St. Louis... 81,237 5,397 30,504 209 35,621 7,560 778 490 25 653 Minneapolis 71,681 993 11,667 3,486 17,161 20,724 16,961 358 324 7 Kansas City 95,759 4,221 28,456 5 26,299 8,797 26,725 1 223 33 Dallas... 64,387 1,167 8,783 1,439 16,699 16,674 18,717 854 54 San Francisco 165,712 5,903 44,415 5,598 76,674 14,226 15,588 117 2,554 270 367 Total: Apr. 30,1921.... 2,076,569 211,106 726,546 12,137 869, 733 149,223 81,187 117 16,334 7,665 2,471 50 Mar. 31, 1921 2,233,104 204,569 766,392 15,789 995,102 140,987 81,693 256 15,264 8,787 4,183 82 Apr. 30, 1920 2,535,071 351,845 1,113,475 4,130 887,051 44,389 61,993 23,937 48,251 Mar. 26, 1920.. 2,449,230 359,106 1,081,909 6,248 855,600 29,321 45,344 20,813 50,889 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

V35 JUNE, 1921. HOLDINGS OF BANKERS' AND TRADE ACCEPTANCES PURCHASED OR DISCOUNTED, BY CLASSES OF ACCEPTANCES. [End of April figures. In thousands of dollars.] All classes. Bankers' acceptances. Trade acceptances. I Dis- Federal Reserve Bank. Pur- counted Dollar Total. m i c n h a o a r p s k e e e d n t. m b e a f m n o k r b s e . r Total. Foreign. m D es o ti - c. ex b c i h l a ls n . ge Total. Foreign. mestic. Boston 7,950 7,803 147 7,803 4,360 2,548 895 147 147 New York 65,184 55,687 9,497 62,994 44,021 8,518 10,455 2,190 425 1,765 Philadelphia... 11,976 11,750 226 11,750 10,199 1,276 275 226 226 Cleveland 16,025 13,221 2,804 13,602 10,654 2,254 694 2,423 2,423 Richmond 3,686 1,733 1,953 1,733 586 1,147 1,953 1,953 Atlanta 2,493 1,157 1,336 1,415 437 978 1,078 1,078 Chicago 10, 846 7,501 3,345 7,583 5,941 1,317 325 3,263 3,263 St. Louis 1,937 769 1,168 1,447 357 110 490 490 Minneapolis... 690 690 332 324 358 358 Kansas City... 1.281 25 1,256 58 25 33 1,223 1,223 Dallas 933 25 908 79 21 58 854 854 San Francisco. 13,401 10,092 3,309 10,534 7,453 2,593 2,867 313 2,554 Total: Apr. 30,1921 136,402 109,763 26,639 119,330 84,378 21,710 13,242 17,072 738 16,334 Mar.31,1921 147,913 119,341 28,572 132,106 93,782 28,224 10;100 15,807 543 15,264 Purchased in open market: Apr. 30,1921 109,763 109,142 76,712 19,238 13,192 621 621 Mar.31,1921 119,341 119,054 84,995 24,041 10,018 287 287 Discounted for member banks: Apr. 30,1921 26,639 10,188 7,666 2,472 50 16,451 117 16,334 Mar. 31,1921 28,572 13,052 8,787 4,183 15,520 256 15,264 HOLDINGS OF BANKERS' ACCEPTANCES PURCHASED OR DISCOUNTED, BY CLASSES OF ACCEPTING INSTITUTIONS. [End of April figures. In thousands of dollars.] Member banks. Non- Branches member Federal Reserve Bank. Total. National. na N ti o o n n - al. b b c a o a n r n k p k s o i r a n a n g - d b P a r n i k v e a r te s. ag f b e o a n a r n e c n i i k d g e s s n . of tions. Boston 7,803 5,066 2,277 416 44 New York 62,994 16, 301 17,181 11, 550 9,436 8,526 Philadelphia 11,750 4,166 2,722 2,337 960 1,565 Cleveland 13,602 3,046 2,457 2,745 2,106 3,248 Richmond 1,733 1,703 30 Atlanta 1,415 442 973 Chicago 7,583 3,224 3,655 557 125 22 St. Louis 1,447 534 768 45 100 Minneapolis 332 76 56 200 Kansas City 58 58 Dallas 79 58 12 9 San Francisco 10, 534 2,961 3,312 1,418 1,902 Total: Apr. 30,1921 119,330 37,635 31,060 21,162 14,101 15, 372 Mar. 31, 1921 132,106 46,304 28,745 23,736 16,015 17,306 Purchased in open market: Apr.30,1921 109,142 33,981 28,346 18,341 13,915 14, 559 Mar.31,1921 119,054 40,404 25,464 20,653 15, 878 16,655 Discounted for member banks: Apr.30,1921 10,188 3,654 2,689 2,851 186 Mar.31,1921 13,052 5,900 3,281 3,083 137 651 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

736 FEDERAL RESERVE BULLETIN. JUNE, 1921. CONDITION OF FEDERAL RESERVE BANKS. Discount operations of the Federal Reserve Government paper, it is to be expected that Banks during the five weeks between April 22 Federal Reserve Bank holdings of this class of and May 25, as measured by the amounts of paper will continue to decline with the rediscounted bills held at the close of each report duction in the total volume outstanding and week, show substantial reduction, the May 25 the gradual absorption of these securities by total of $1,870,300,000 being $243,600,000 be- the investing public. In this connection, it low the total shown at the earlier date. Of may be noted that the substantial increase in the total reduction for the period, $148,700,000 member banks7 holdings of Treasury certifirepresents the curtailment of loans secured by cates shown in the May 18 member bank United States Government obligations, largely statement was followed but by a slight inpaper secured by Liberty bonds and Victory crease in the Federal Reserve Bank holdings notes, and $94,900,000 the curtailment of loans of paper secured by such certificates. This, otherwise secured and unsecured, i. e., com- apparently for the reason that present Reserve mercial loans proper. Accordingly, the share of Bank rates on paper secured by certificates, in Government paper in the total discounts held most cases, are in excess of the coupon rates, by the Reserve Banks shows a decline for the and therefore no longer act as an inducement period from over 44 to less than 43 per cent, as for discounting with the Reserve Banks. As against over 57 per cent about the end of a matter of fact, the banks' May 25 holdings of May of last year. Rate reductions adopted by paper secured by certificates totaled only six Reserve Banks in April and during the $53,400,000, compared with $78,200,000 five early part of May apparently as yet have had weeks earlier, and $47,000,000 on the previous but little effect in checking the liquidation Wednesday, following the issuance of about movement. As a matter of fact, loan liquida- $256,000,000 of new loan certificates, an tion of the Boston, New York, Atlanta, Chicago, amount largely in excess of the $200,000,000 Minneapolis, and Dallas Reserve Banks for or thereabouts of certificates redeemed on and the period under review totaled $212,800,000, after May 16. or 15.4 per cent, compared with $30,800,000, In the following exhibit there is given a or 4.2 per cent, shown for the other six banks summary of the weekly changes in the principal which made no recent rate changes. Inasmuch asset and liability items of the Federal Reserve as the effect of the new rates is to eliminate Banks for the five weeks under review: to some extent the preferential rates on MOVEMENT OF PRINCIPAL ASSETS AND LIABILITIES OF THE TWELVE FEDERAL RESERVE BANKS COMBINED. [In millions of dollars.] Apr. 22. Apr. 27. May 4. May 11. May 18. May 25. Reserves: Total. 2,492. 8 2,504. 8 2, 519. 9 2,537. 8 2, 549.1 2,558.2 Gold 2,298.1 2,317.6 2,343.4 2,363.6 2,378.9 2,392.9 Bills discounted: Total 2,113. 9 2,063.7 2,068.3 2,035.4 1,842.6 1,870. 3 Secured by United States Government obligations. 942.7 920. 5 892.4 917.7 774.9 794.0 All other 1,171.2 1,143.2 1,173.9 1,117.7 1,087.7 1,076.3 Bills bought in open market 104.5 103.6 94.3 76.6 81.7 87.1 Certificates of indebetedness 246.7 242.1 240.4 241.4 363.8 280.1 Total earning assets 2,490. 7 2,435.1 2,426.6 2,379.1 2,313.9 2,263.1 Government deposits 67.5 35.9 23.4 13.8 15.6 17.3 Members' reserve deposits 1,648.9 1,656. 7 1,671.4 1,688.0 1,665.5 1,655.6 Total deposits 1,749. 4 1,725. 9 1,729.2 1,733.4 1,716.6 1,705. 9 Federal Reserve notes in circulation 2,856.7 2,830.1 2,828.6 2,804.9 2,767.4 2,734. 8 Federal Reserve Bank notes in circulation—net liability... 159.6 156.2 153.9 149.9 147.8 144.8 Reserve percentage 54.1 55.0 55.3 55.9 56.8 57.6 Distribution of discounted paper by maturi- A further decline from $104,500,000 to ties shows but little change. Fifteen-day paper $87,100,000 is shown in the holdings of acceptcontinues to form over 59 per cent of the total ances purchased in open market, this decline discounts held; 60-day paper, the next largest reflecting both the lessened supply of these bills group, shows the greatest relative decline, in consequence of the considerable slump in our while holdings of 6-month agricultural and foreign trade, also the relatively high rates live-stock paper show a gain of $22,400,000. charged by the Federal Keserve Banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JDNE, i92l. FEDERAL EESERVE BULLETIN. 737 MOVEMENT OF PRINCIPAL ASSETS AND LIABILITIES OF THE FEDERAL RESERVE BANKS 1920 -1921 SNOILLr SRALLOD p I: U.S.SECURITIES. 4: TOTAL DISCOUNTS. 2: PURCHASED ACCEPTANCES. 5: TOTAL EARNIN6 ASSETS. 3: DISCOUNTS SECURED BY U.S. GOVERNMENT OBLIGATIONS. HO 3500 3500 '"V \y V \s 3000 3000 s V 7 con y V / V V v 2500 X ? 2000 2000 1500 1500 V A, r-— V) 3 1000 1000 500 — a- - 500 T .-/V SMI -<: 0 *•— mi 0 JAIf.FEB.MARAPR.MATJUNEJUDTAU6.SEPT.OCT. K07. DEC. JAN.FEB.MAR.APR. MATJUNEJUUAU6.SEPT.OCT. MOVDEC. 1920 1921 I: RESERVE RATIO. 3 .. CASH RESERVES. 2: DEPOSITS. 4 : F.R.NOTE CIRCULATION. 3500 3500 4 3000 3000 J002SD0 2500100 — 80aooo -A -2- 200080 — - 601500 I ,.—"_^ I50D 401000 ^_ „— •—•—^ _——— _-—_^-——^— KXOAO 20500 50020 0 0 JAW.FEB.MARAPR. MAYJUKEJULYAU6.SEPT.OCT. NO/. DEC.JAN.FfB.MAKAFK. MAYjuwi:JULYAUt SEPT.OCJ- uuv.PEC. 1920 1921 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

738 FEDERAL RESERVE BULLETIN. JUNE, 1921. Further reduction from $240,900,000 to and liability item " deferred availability items/7 $233,400,000 in the total of "Pittman" certifi- shows a further decline for the five weeks of cates held with the United States Treasury to about $11,500,000, the May 25 volume of secure Federal Reserve Bank note circulation, $85,200,000 being $61,300,000 less than the is due to the redemption by the Government of amount shown on March 18, when the two certificates, upon deposit with the Treasury items were first disregarded in calculating by the Boston, Philadelphia, Cleveland, Rich- deposit liabilities and reserve percentages. mond, and Chicago banks of equivalent funds Federal Reserve note circulation continued to cover withdrawals from circulation of itsdeclinefrom$2,856,700,000to$2,734,800,000, Federal Reserve Bank notes. Changes in or at an average weekly rate of $24,400,000, other Treasury certificates represent partly compared with $18,500,000 for the previous amounts of special certificates held by the Re- four weeks. Between December 23, 1920, and serve Banks to cover overdrafts by the Govern- May 25 of the present year, the reduction in ment, partly also differences in the amounts of Federal Reserve note circulation totaled loan and tax certificates held under repurchase $670,100,000, or nearly 20 per cent, while since agreements. In consequence of the changes May 28,1920, the decrease in circulation is about shown, total earning assets of the Reserve 12 per cent. Since April 22, there has also been Banks show a continuous decline for the five effected a reduction of $14,800,000 in Federal weeks of $227,600,000 and on May 25 stood at Reserve Bank note circulation, the amount $2,263,100,000, or about 33 per cent below the outstanding at the close of the review period, peak figure reported on October 15 of last year. $144,800,000, being nearly 20 per cent below the Rediscounting operations are reported by total shown about a year before. the Richmond, Minneapolis, and Dallas banks. The banks7 gold reserves, owing largely to On May 25 the New York Reserve Bank held continued purchases of imported gold, show a under discount for the Richmond and Minne- further gain for the five weeks of $94,800,000. apolis banks bills totaling $25,300,000, com- This gain is partially offset, however, by a loss pared with $10,000,000 of bills carried for the of $29,400,000 in other reserves, i. e., silver and Kichmond bank five weeks before, while Boston legals. Since the beginning of the year the and Cleveland show a combined total of banks' gold holdings have increased by over $4,600,000 of like accommodation extended to $330,000,000, and their total cash reserves by the Dallas bank, compared with $7,400,000 at $304,500,000. The banks7 reserve ratio, bethe earlier date. Aggregate contingent lia- cause of the increase in reserves and the simulbilities of the Federal Reserve Banks on bills taneous decreases in deposit and note liabilities, purchased for foreign correspondents show but shows a further steady advance during the fivea slight change, and at the close of the period week period from 54.1 to 57.6 per cent. stood at $32,300,000. In the following table are shown comparative Deposits, because of the declining amounts of figures of average daily cash reserves, deposits, Government balances, show a reduction of Federal Reserve note circulation, and reserve $43,400,000 for the period. The " float" carried percentages of the Federal Reserve Banks for by the Reserve Banks, representing the dif- the months of May and April of the present ference between asset item " uncollected items'' year and of the two preceding years: CASH RESERVES, TOTAL DEPOSITS, FEDERAL RESERVE NOTE CIRCULATION, AND RESERVE PERCENTAGES FOR APRIL AND MAY, 1921. [Daily averages. Amounts in thousands of dollars.] Federal Reserve notes Total cash reserves. Total deposits. in circulation. Reserve percentage. Federal Reserve Bank. May. April. May. April. May. April May. April. Boston 263,364 257,249 111,178 112,720 255,820 257,916 71 8 69.4 New York 787,033 778,936 664,977 671,799 725,618 762,884 56.6 54.3 Philadelphia 184,850 192,534 103,408 106,546 232,357 235,260 55.1 56.3 Cleveland 283,322 286,271 141,743 143,834 272,842 283,200 68.3 67.0 Richmond 78,731 82,173 56,563 58,054 130,975 139,854 42.0 41.5 Atlanta 99,826 90,542 46,332 48,436 158,279 155,6/5 48.8 44.4 Chicago 384,961 337,832 244,021 245,052 463,511 474,999 54.4 46.9 St. Louis 102,906 102,009 65,512 67,133 109,129 113,397 58.9 56.5 Minneapolis 43,122 48,367 43,452 46,050 63,440 66,748 40.3 42.9 Kansas City 78,459 73,171 74,449 76,644 85,766 91,155 49.0 43.6 Dallas..... 38,586 41,448 46,098 48,681 52,284 57,512 39.2 39.0 San Francisco 196,480 194,547 119,690 124,619 237,358 232,045 55.0 54.5 Total, 1921 2,541,640 2,485,079 1,717,423 1,749,568 2,787,379 2,870,645 56.4 53.8 1920 2,078,822 2,084,077 1,987,323 1,998,732 3,089,737 3,071,754 *42.4 *43.0 1919 2,246,087 2,224,948 1,944,547 1,878,879 2,534,112 2,547,535 * 51.8 1fi2.0 1 Calculated on the basis of net deposits and Federal Reserve notes in circulation. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE, 1921. FEDERAL RESERVE BULLETIN. 739 RESOURCES AND LIABILITIES OF EACH FEDERAL RESERVE BANK ON WEDNESDAYS, APR. 27 TO MAY 25, 1921. RESOURCES. [In thousands of dollars.] New Phila- Cleve- Rich- At- Chi- St. Minne- Kansas San Total. Boston. York. delphia. land. mond. lanta. cago. Louis. apolis. City. Dallas. Francisco. Gold and gold certificates: Apr.27 347,946 7,704 261,554 2,801 6,384 3,231 5,335 21,045 3,212 8,323 2,562 7,349 18,446 May 4 364,244 7,499 280,197 2,849 5,989 2,954 5,110 20,041 2,942 8,190 2,154 7,707 18,612 May 11 , 377,610 7,560 298,382 1,896 5,485 2,654 4,284 19,402 2,669 8,028 1,837 7,928 May 18 , 325,391 7,660 244,853 1,913 5,802 2,691 4,323 19,421 2,672 8,063 1,948 8,390 17,655 May 25 279,261 7,749 197,228 1,843 5,869 2,624 4,286 19,609 2,703 8,260 1,951 8,721 18,418 Gold settlement fund- Federal Reserve Board: Apr.27 488,219 55,466 72,083 46,144 73,561 20,925 17,146 98,520 18.846 9,615 29,035 3,729 43,149 May 4 , 482,200 44,508 64,768 51,862 66,070 28,497 17,339 94,899 21,901 10,803 33,032 3,987 44,534 May 11 450,584 44,314 25,374 54,573 62,977 23,372 18,134 102,347 23.847 10,516 36,980 3,429 44,721 May 18 454,105 34,700 41,013 43,119 69,188 23,831 14,930 114,948 20,583 9,114 36,523 4,859 41,297 May 25 474;952 38,085 65,109 51,907 83,904 22,110 10,865 114,711 14,056 8,000 32,389 2,022 31,794 Gold with Federal Reserve Agents: Apr.27 1,317,860 170,221 297,965 123,983 194,810 42,094 56,907 174,824 62,987 22,268 31,603 15,609 124,589 May 4 1,326,087 175,435 297,514 123,921 195,474 38,149 58,774 191,241 62,574 20,896 30,833 14,001 117,275 May 11.... ... 1,374,138 168,540 297,074 126,020 194,536 43,323 68,055 ,216,994 66,083 21,662 34,836 11,487 125,528 May 18 . . 1,458,619 183,271 361,578 120,941 195,109 38,023 75,398 ,228,288 67,471 20,714 34,031 10,291 123,504 May 25 1,505,229 177,759 411,284 112,314 194,599 34,981 72,328 1233,908 67,198 21,802 33,215 13,978 131,863 Gold redemption fund: Apr.27 163,544 22,463 36,000 9,485 6,697 9,664 7,346 42,936 4,077 3,003 4,601 6,955 10,317 May 4 170,827 26,252 36,000 8,426 5,343 12,117 6,874 41,029 4,272 4,351 6,052 8,357 11,754 May 11 161,221 31,716 36,000 12,030 5,945 5,880 5,918 34,948 3,534 3,431 3,611 9,642 8,566 May 18 140,791 16,812 36,000 10,581 5,147 9,731 4,971 23,059 3,921 4,162 4,077 10,637 11,693 May 25 133,505 22,242 36,000 7,576 5,447 11,974 5,122 16,575 3,977 3,069 4,584 5,790 11,149 Total gold reserves: Apr.27 2,317,569 255,854 667,602 182,413 281,452 75,914 •,734 337,325 89,122 43,209 67,801 33,642 196,501 May 4 2,343,358 253,694 678,479 187,058 272,876 81,717 88,097 347,210 91,689 44,240 72,071 34,052 192,175 May 11 2,363,553 252,130 656,830 194,519 268,943 75,229 96,391 373,691 96,133 43,637 77,264 32,486 196,300 May 18 2,378,906 242,443 683,444 176,554 275,246 74,276 99,622 385,716 94,647 42,053 76,579 34,177 194,149 May 25 2,392,947 245,835 709,621 173,640 ~~), 819 71,689 92,601 384,803 87,934 41,131 72,139 30,511 193,224 Legal tender notes, silver, etc.: Apr.27 187,194 15,092 117,433 3,786 4,304 4,139 5,596 12,649 11,256 814 3,504 6,052 2,569 May 4 176,540 15,463 106,974 3,753 4,098 4,337 5,718 12,118 11,342 774 3,551 5,921 2,491 May 11 174,220 16,029 102,282 3,907 4,869 3,710 5,268 13,586 11,392 844 3,651 6,169 2,513 May 18 170,228 16,898 96,806 4,310 4,566 4,265 5,970 13,120 11,224 639 3,638 6,270 2,522 May25 165,285 17,555 90,923 3,755 4,650 4,302 6,198 13,802 11,298 791 3,127 6,399 2,485 Total reserves: Apr.27 2,504,763 270,946 785,035 186,199 285,756 80,053 92,330 349,974 100,378 44,023 71,305 39,694 199,070 May 4 2,519,898 269,157 785,453 190,811 276,974 86,054 93,815 359,328 103,031 45,014 75,622 39,973 194,666 May 11 2,537,773 268,159 759,112 198,426 273,812 78,939 101,659 '387,277 107,525 44,481 80,915 38,655 198,813 May 18 2,549,134 259,341 780,250 180,864 279,812 78,541 105,592 |398,836 105,871 42,692 80,217 40,447 196,671 May 25 2,558,232 263,390 800,544 177,395 294,469 75,991 98,799 398,605 99,232 41,922 75,266 36,910 195,709 Bills discounted:1 Secured by U. S. Government obligations— Apr.27 920,537 43,434 353,659 110,140 54,949 43,823 51,784 120,356 34,564 14,067 32,344 11,191 50,226 May 4 892,366 37,533 338,758 107,329 62,807 35,328 50,019 120,923 34,225 13,980 30,457 10,985 50,022 May 11 917,697 39,881 374,871 102,154 62,917 40,905 47,800 117,775 31,091 13,510 24,955 12,280 49,558 May 18 774,869 38,920 255,926 109,324 41,553 42,020 47,397 112,594 32,040 8,205 24,311 10,919 51,660 May 25 793,951 42,020 268,370 110,731 47,015 39,080 47,685 112,004 31,266 6,058 24,979 11,296 53,447 All other— Apr.27 1,143,202 55,993 255,742 34,886 86,543 71,463 61,856 244,751 46,107 58,248 62,099 54,969 110,545 May 4 1,173,879 62,652 275,783 34,275 90,906 72,539 62,838 242,461 44,324 58,513 59,585 53,098 116,90c May 11 , 1,117,660 59,987 265,364 34,227 91,267 68,763 57,194 215,580 40,104 56,719 57,915 54,070 116,47C May 18 1,067,684 53,918 240,008 37,641 82,178 68,097 59,393 199,616 42,516 63,918 56,971 53,329 110,099 May 25 , 1,076,305 i53,804 249,132 34,245 79,213 69,397 60,570 199,803 44,721 61,879 57,919 53,408 112,214 Bills b.o..u.ght in open market:2 Apr.27 103,609 7,113 46,829 12,387 14,802 1,801 1,260 8,037 764 25 10,566 May 4 94,302 7,130 43,140 11,443 11,510 1,703 1,108 7,373 575 25 10,270 May 11 76,637 5,924 37,205 9,411 9,910 1,661 1,191 2,977 570 25 7,738 May 18 81,667 12,798 39,601 8,336 8,691 1,959 1,000 2,686 435 171 5,965 May 25 87,138 12,555 44,848 8,908 6,755 1,989 936 3,996 1,515 171 5,440 U. S. Government bonds: Apr.27 25,690 550 1,005 1,434 834 1,233 621 4,490 1,153 116 3,979 1,408 May 4 25,689 550 1,005 1,434 833 1,233 621 4,490 1,153 116 8,867 3,979 1,408 May 11 25,685 550 1,005 1,434 833 1,233 621 4,490 1,153 116 8,867 3,975 1,408 May 18 25,924 550 1,005 1,434 834 1,233 911 4,490 1,153 115 8,866 3,975 1,358 May 25 25,574 550 1,005 1,434 833 1,233 911 4,490 1,153 116 3,975 1,008 U. S. Victory notes: Apr.27 19 5 10 3 May 4 19 5 10 3 May 11 23 5 10 3 4 . May 18 23 5 10 3 4 !. May 25 23 5 10 3 4 . U. S. certificates of indebtedness: One-year certificates (Pittman Act)— Apr.27 239,375 20,436 55,276 28,280 23,799 12,260 15,564 30,612 13,068 8,480 10,320 4,400 i 10,880 May 4 239,375 20,436 55,276 28,280 23,799 12,260 15,564 36,612 13,068 8,480 10,320 4,400 j 10,880 May 11.... 237,875 20,436 55,276 28,280 22,799 12,260 15,564 36,112 13,068 8,480 10,320 4,400 j 10,880 May 18. 234,875 18,936 55,276 27,780 21,799 12,260 15,564 36,112 13,068 8,480 10,320 4,400 10,880 May 25............ 233,375 ! 18,936 55,276 26,780 21,799 11,760 15,564 36,112 13,068 8,480 10,320 4,400 ! 1O$S0 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

740 FEDERAL RESERVE BULLETIN. JUNE, 1921. RESOURCES AND LIABILITIES OF EACH FEDERAL RESERVE BANK ON WEDNESDAYS, APR. 27 TO MAY 25, 1921—Contd. RESOURCES—Continued. [In thousands of dollars.] Total. Boston. Y N o e r w k - . d P el h p i h la i - a. C la le n v d e . - m R 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 t s y a . s Dallas. F c S i r s a a c n n o - . U.S. certificates of indebtedness—Continued . All other— Apr.27 2,708 135 2,102 1 348 18 103 May 4 1,009 187 651 20 1 30 6 2 38 73 May 11 3,558 225 2,578 399 26 1 97 16 132 10 73 May 18 128,936 11,218 82,855 6,849 21,016 1 6,198 40 115 14 629 May 25 46,754 614 44,568 1,151 30 1 145 13 77 133 21 Total earning assets: Apr.27 2,435,140 127,666 712, 511 189,229 180,937 130,581 131,089 414,594 95,656 80,929 113,656 74,564 183,728 May 4 2,426,639 128,493 713,962 183,412 189,885 1123,064 130,154 411,889 93,351 81,091 109,293 72,487 189,558 Mayll 2,379,135 127,008 736,299 175,905 187,762 ! 124,823122,374 377,031 86,002 78,957 102,093 74,754 186,127 May IS 2,313,978 136,345 674,671 191,364 176,081 125,570 124,269 361,696 89,252 80,833 100,508 72,798 180,591 May 25 2,263,120 128,484 663,199 183,249 155,655 123,460 125,670 356,550 91,736 76,610 102,243 73,254 183,010 Bank premises: Apr.27 21,832 3,316 4,913 520 1,831 1,773 730 3,108 626 599 2,052 1,824 542 May 4 21,908 3,340 4,918 520 1,869 1,775 730 3,107 626 599 2,052 1,824 548 Mayll 23,007 3,396 4,918 527 1,951 1,901 730 3,537 626 599 2,445 1,829 548 May 18 23,192 3,424 4,918 527 2,039 1,901 738 3,586 627 599 2,445 1,838 550 May25 23,396 3,446 5,089 527 2,043 1,903 742 3,586 627 599 2,446 1,839 549 Five per cent redemption fund against Federal Reserve Bank notes: Apr.27 11,339 1,022 1,734 1,300 1,239 601 628 1,868 523 603 916 361 544 May 4 10,886 1,022 1,679 1,300 1,239 601 540 1,749 523 412 916 361 544 Mayll 11,374 1,022 1,929 1,300 1,239 601 658 1,871 523 410 916 361 544 May 18 11,476 1,022 1,980 1,300 1,240 601 669 1,897 523 423 916 361 544 May 25 11,174 772 2,059 1,300 1,239 601 621 1,960 523 278 916 361 544 Uncollected items: Apr.27 519.828 43,955 114,375 46,612 47,384 40,037 20,090 64,119 29,459 14,765 40,293 25,718 33,021 May 4 524,651 46,715 112,636 47,970 50, 719 41,538 20,041 65,326 30,169 14,115 38,602 24,108 32,712 Mayll 532,776 46,647 116,510 45,269 48,459 40,593 22,030 64,975 32,684 15,274 40,934 24,345 35,056 May 18 580,270 50,475 126,734 53,888 56,885 44,825 22,432 71,648 32,833 15,669 42,343 23, 789 38, 749 May 25 510,175 42,664 115,346 45,565 48,435 40,991 18,690 61,134 27, 631 14,298 38,883 22,164 34,374 All other resources: Apr.27 11,578 544 3,287 623 639 614 2,248 610 146 585 941 493 May 4 12, 720 569 3,455 622 864 455 582 2,279 611 156 604 1,614 909 Mayll 11,886 583 3,403 588 812 418 612 2,154 596 161 624 1,398 537 May 18 12,430 548 3,891 662 827 431 647 2,270 622 169 518 1,222 623 May25 13,663 568 3,448 621 827 492 664 2,298 638 208 533 1,162 2,204 Total resources: Apr.27 5,504,480 447, 449 1,621, 855 424,483 517,995 253,684 245,481 835,909 227,252 141,065 228,807 143,102 417,398 May 4 5,516, 702 449,296 1. 622,103 424, 635521, 550253,487 245,862 843,678 228,311 141,387;227,089 140,367 418,937 May 11 5,495,951 446,815 I', 622,171422,015 514,035 247,275 248,063 836,845 227,956 139,882 227,927 141,342 421,625 May 18 5,490,480 451,155 1,592,444 428,605 516,884 251,869 254,347 839,933 229,728 140,385 226,947 140,455 417,728 May 25 5,379,760 439,324 1, 589,685 408,657 502,668 243,438 245,186 824,133 220,387 133,915 220,287 135,690 416,390 1 Includes bills discounted for other Federal Reserve Banks: Apr.27 18,600 2,600 12,000 4,000 May 4 21,739 2,910 14,857 3,972 Mayll 14,950 3,475 10,000 1,475 May 18 23,941 4,906 17, 810 1,225 May 25 29,964 3,542 25,347 1,075 2 Includes bankers' acceptances bought from other Federal Reserve Banks without their indorsement: Apr.27 May 4 Mayll LIABILITIES. Capital paid in: Apr.27 101,235 7,838 26,408 8,585 10,955 5,387 4,067 14,203 4,443 3,503 4,475 4,136 7,235 May 4 101,857 7,849 26,889 8,585 10,955 5,391 4,071 14,226 4,447 3,524 4,474 4,193 7,253 Mayll , 102,033 7,893 26.886 8,593 11,023 5,403 4,071 14,231 4,447 3,531 4,481 4,202 7,272 May 18 102,116 7,894 26.887 8,615 11,025 5,404 4,074 14,231 4,475 3,533 4,493 4,205 7,280 May 25 , 102,173 7,894 26,887 8,615 11,046 5,395 4,082 14,229 4,499 3,531 4,497 4,211 7,287 Surplus: Apr.27 202,036 15,711 56,414 17,010 20,305 10,561 8,343 28,980 8,346 6,980 9,159 6,033 14,194 May 4 202,036 15,711 56,414 17,010 20,305 10,561 8,343 28,980 8,346 6,980 9,159 6,033 14,194 Mayll 202,036 15,711 56,414 17,010 20,305 10,561 8,343 28,980 8,346 6,980 9,159 6,033 14,194 May 18 202,036 15,711 56,414 17,010 20,305 10,561 8,343 28,980 8,346 6,980 9,159 6,033 14,194 May25... 202,036 15,711 56,414 17,010 20,305 10,561 8,343 28,980 8,346 6,980 9,159 6,033 14,194 Reserved for Government franchise tax: Mayll 32,528 1,786 13,932 2,009 887 1,159 2,070 6,180 612 1,055 1,241 1,597 May 18 34,014 1,870 14,630 2,081 974 1,235 2,155 6,431 594 1,116 1,270 1,658 May25 35,271 1,938 14,944 2,193 1,026 1,321 2,221 6,756 609 1,165 1,293 1,805 Deposits: Government— Apr.27 , 35,872 2,016 10,798 932 954 4,343 2,299 2,138 2,111 1,939 1,552 2,602 4,188 May 4 23,418 1,190 6,811 685 2,438 1,045 734 1,632 2,148 1,581 2,074 1,237 1,843 Mayll 13,799 541 2,701 618 1,555 1,307 159 715 920 1,062 1,129 1,557 1,535 May 18 15,632 802 471 1,063 555 1,168 2,071 430 2,290 2,084 3,054 1,288 356 May 25 17,323 1,195 471 635 2,064 642 1,567 1,323 1,848 1,594 1,653 1,209 3,122 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE, 1921. FEDERAL RESERVE BULLETIN. 741 RESOURCES AND LIABILITIES OF EACH FEDERAL RESERVE BANK ON WEDNESDAYS, APR. 27 TO MAY 25,1921—Contd. LIABILITIES—Continued. [In thousands of dollars.] New Phila- Cleve- Rich- At- Chi- St. Minne- Kansas San Total. Boston. York. delphia. land. mond. lanta. cago. Louis. apolis. City. Dallas. Francisco. Deposits—Con tinued. Member bank—reserve account— Apr.27 1,656,718 108,096 647,896 101,302 138,128 53,331 42,765 234,362 64,088 41,487 69,376 45,846 110,041 May 4 1,671,385 107,476 651.039 101,404 144.852 54,010 46,075 240,795 63,883 41,722 69,851 43,309 106,969 May 11 1,687,985 108,762 666;330 102,208 137,020 53,573 45,682 241,518 63,872 41,187 71,741 43,932 112,160 May 18 1,665,517 109,423 633,657 104,342 143,638 54,505 46,087 243,988 64,078 42,097 68,472 45,049 110,181 May 25 1,655,609 107,442 653,641 95,388 135,579 54,226 44,230 239,407 62,538 38,808 70,403 45,339 108,608 All other- Apr.27 33,309 15,533 1,095 771 524 2,766 663 497 562 422 9,272 May 4 34,428 821 17,593 1,120 759 493 353 2,680 710 469 517 404 8,509 May 11 31,660 15,598 1,053 856 490 338 2,992 750 556 402 7,271 May 18 35,493 15,804 1,444 974 995 521 3,969 1,277 549 498 7,796 May 25 33,024 773 16,303 1,069 769 474 341 2,324 694 520 564 426 8,767 Total deposits: Apr.27 1,725,899 110,990 674,227 103,329 139.853 58,198 45,390 239,266 66,862 43,923 71,490 48,870 123,501 May 4 1,729,231 109,487 675,443 103,209 148,049 55,548 47,162 245,107 66,741 43,772 72,442 44,950 117,321 May 11 1,733,444 110,169 684,629 103,879 139,431 55,370 46,179 245,225 65,542 42,805 73,358 45,891 120,966 May 18 1,716,642 111,093 649,932 106,849 145,167 56,668 48,679 248,387 67,645 44,730 72,324 46,835 118,333 May25 1,705,956 109,410 670,415 97,092 138,412 55,342 46,138 243,054 65,080 40,922 72,620 46,974 120,497 Federal Reserve notes in actual circulation: Apr.27 2,830,118 258,946 741,460 234,527 280,320 L36,559 55,530 470,823 109,808 65,544 89.286 55,095 232,220 May 4 2,828,586 259,260 739,004 233,280 270,548 135,733 :55,982 469,877 110,973 65,480 88;527 54,615 239.307 May 11 2, 804,933 257,752 725,430 234,291 277,093 L33,129 .59,026 465,267 109,146 64,215 86,784 54,127 238,673 May 18 2,767,415 256,040 718,909 229,259 269,829 129,734 .59,882 458,934 108,600 63,065 85,368 51,734 236,061 May 25 2,734,804 254,485 707,350 228,229 266,951 L27,109 .57,783 456,793 105,849 61,769 83,447 50,144 234,895 Federal Reserve Bank notes in circulation—net liability: Apr.27 156,249 15,006 22,015 15,293 20,728 8,251 12,881 23.397 7,086 6,885 11,023 5,562 8,122 May 4 153,859 14.644 21,31.3 14,847 20,424 8,005 ]2,570 23,171 7,179 6,776 11,228 5,606 8,096 May 11 149,894 13;846 21,489 14,160 20.449 7,695 10,934 22,561 7,091 6,627 11,454 5,464 8,124 May 18 147,766 13,795 22,707 13,075 18!366 7,439 11,980 22,116 f.,982 6,451 11,809 5,219 7,821 May 25 144,834 12,289 24,301 11,970 18,334 6,644 11,782 21,469 6,897 0,310 12,084 5,079 7,675 Deferred availability items: Apr. 27 430,700 35,808 81,135 42,315 42,154 32,439 16,507 49,135 28,672 12,148 40,615 21,540 28,232 May 4 441,069 39,102 82,536 44,118 41.434 35,839 14,828 51,944 28,532 12,618 38,383 23,051 28,684 May 11 441.950 38.107 86,163 40,414 41,746 32,659 16,518 50,058 31,222 13,425 39,831 23,633 28,174 May 18 491;004 43.108 95,687 49,981 48,167 39,459 18,264 56,568 31,446 13,171 40,987 24.382 29,724 May 25 424,929 35,976 82,163 41,795 43,524 35,690 13,858 48,536 27,411 11,903 35,593 21 j160 27,320 All other liabilities: Apr.27 58,243 3,150 20,196 3,424 3,680 2,289 2,763 10,105 2,035 2,082 2,759 1,866 3,894 May 4 60,064 3,243 20,504 3,586 3,835 2,410 2,906 10,373 2,093 2,237 2,876 1,919 4,082 May 11 29,133 1,551 7,228 1,659 3,101 1,299 922 4.343 1,550 1,244 1,619 1,992 2,625 May 18 29,487 1,584 7,278 1,735 3,051 1,369 964 4,286 1,640 1,339 1,537 2,047 2,657 May25 29,757 1,621 7,211 1,753 3,070 1,376 979 4,316 1,696 1,335 1,594 2,089 2,717 Total liabilities: Apr.27 5,504,480 447,419 1,621,855 424,483 517,995 253,684 245,-181 335,909 227,252 .41,065 228,807 .43,102 417,398 May 4 5,516,702 449,296 1,622,103 424,635 521,550 253,487 245,862 343,678 228,311 .41,387 227,089 .40,367 418,937 May 11 5,495,951 446,815 1,622,171 422,015 514,035 247,275 248,063 836,845 227,956 39,882 227,927 .41,342 421,625 May 18 5,490,480 451,155 1,592,444 428,605 516,884 251,869 254,347 839,933 229,728 40,385 226,947 .40,455 417,728 May 25 5,379,760 439,324 1,589,685 40S,657 502,668 243,438 245,186 824,133 220,387 33,915 220,287 .35,690 416,390 MEMORANDA. Ratio of total reserves to deposit and Federal Reserve note liabilities combined, per cent: Apr.27 55.0 73.2 55.5 55.1 68.0 41.1 46.0 49.3 56.8 40.2 44.4 38.2 56.0 May 4 55.3 73.0 55.5 56.7 65.2 45.0 46.2 50.3 58.0 41.2 47.0 40.1 54.6 May 11 55.9 72.9 53.8 58.7 65.7 41.9 49.5 54.5 61.6 41.6 50.5 38.6 55.3 May 18 56.8 70.6 57.0 53.8 67.4 42.1 50.6 56.4 60.1 39.6 50.9 41.0 55.5 May25 57.6 72.4 58.1 54.5 72.6 41.7 48.4 57.0 58.1 40.8 48.2 38.0 55.1 Contingent liability as endorsed on discounted paper rediscounted with other Federal Reserve Banks: Apr.27 18,600 10,000 2,000 6,600 May 4 21,739 14,857 6,882 May 11 14,950 10,000 4,950 May 18 23,941 9,885 7,925 6,131 May25 29,964 15,000 10,347 4,617 Bankers' acceptances sold to other Federal Reserve Banks without indorsement: Apr.27 25 May 4 25 May 11 25 Contingent liability on bills purchased for foreign correspondents: Apr.27 32,376 2,336 12,120 2,560 2,624 1,568 1,152 3,808 1,504 864 \536 832 1,472 May 4 32,386 2,336 12,130 2,560 2,624 1,568 1,152 3,808 1,504 864 \536 832 1,472 May 11 32,372 2,336 12,116 2,560 2,624 1,568 1,152 3,808 1,504 864 1,536 832 1,472 May 18 32,350 2,336 12,094 2,560 2,624 1,568 1,152 3,808 1,504 864 I!536 832 1,472 May25 32,333 2,336 12,077 2,560 2,624 1,568 1,152 3,808 1,504 864 i;536 832 1,472 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

742 FEDERAL RESERVE BULLETIN. JUNE, 1921. MATURITY DISTRIBUTION OF BILLS AND CERTIFICATES OF INDEBTEDNESS HELD BY ALL FEDERAL RESERVE BANKS COMBINED. [In thousands of dollars.] Total. W d it a h y in s. 15 1 d 6 a to y s 3 . 0 31 d a to y s 6 . 0 6 d 1 a to y s 9 . 0 O d v a e y r s 9 . 0 Bills discounted: Apr. 27 !, 063,739 1,229,368 201,058 364,964 218, 49,950 May 4 !, 066,245 1,226,865 210,847 357,156 215, 55,719 May 11 !, 035,357 1,230,466 219,057 328,419 199, 58,383 May 18 ., 842,553 1,090,790 193,790 316,268 178, 63,594 May 25 ,870,256 1,108,808 188,845 322,907 179, 70,132 Bills bought in open market: Apr. 27 103,609 58,175 21,429 18,060 May 4 94,302 54,067 19,359 15,873 May 11 76,637 48,746 14,652 9,982 May 18 81,667 51,006 18,057 10,014 May 25 87,138 56,289 16,408 12,148 United States certificates of indebtedness: Apr. 27 242.083 4,000 2,165 7,040 221,273 May 4 240,384 1,020 3,568 18,940 204,182 May 11 241,433 4,098 2,108 9,926 211,444 May 18 363,811 86,332 15,206 10,320 226,313 May 25 280,129 36,607 4,769 9,227 203,329 FEDERAL RESERVE NOTES. FEDERAL RESERVE AGENTS' ACCOUNTS ON WEDNESDAYS, APR. 27 TO MAY 25, 1921. [In thousands of dollars.] RESOURCES. Boston, Y N o e r w k. d P el h p i h la i - a. C la le n v d e . - m R o ic n h d - . la A n t t - a. Chicago, Lo S u t. is. M ap i o n l n is e , - K C a i n t s y a . s Dallas. F S r a a n ncisco. Federal Reserve notes on hand: Apr.27 813,269 105,090 268,000 21,420 37,970 25,809 80,790 159,560 27,520 11,580 4,600 28,730 42,200 May 4 806,550 99,570 268,000 21,420 43,370 23,489 77,440 161,240 26,720 11,380 4,100 29,221 40,600 May 11 784,287 98,730 268,000 21,420 40,670 21,989 72,097 158,440 28,320 11,270 4,500 27,351 31,500 May 18 791,481 93,930 268,000 21,420 42,620 22,408 70,447 162,960 27,920 12,180 4,100 27,996 37, 500 May25 : 794,718 93,130 268,000 21,420 41,560 23,909 71,137 165,700 29,480 12,360 4,780 28,702 34,540 Federal Reserve notes outstanding: Apr.27 3,177,004 271,118 885, 505 255,650 308,357 141,978 163,736 510,620 133,491 68,179 98,520 59,337 280,513 May 4 3,158,636 271,852 880,939 253,788 300,521 140,954 163,954 507,875 131,978 67,687 97,250 57,239 284,599 May 11 3,147,304 268,797 869,589 253,888 299,683 140,628 166,578 508,790 130,888 66,563 95,453 57,596 288,851 May 18 3,112,067 272,328 861,232 245,808 295,106 136,268 169,571 502,563 131,775 65,385 94,048 55,755 282,228 May25 3,091,119 270,616 855,937 244,182 292,336 133,226 165,811 497,243 129,601 64,293 93,552 53,735 290,587 Collateral security for Federal Reserve notes outstanding: Gold and gold certificates— Apr.27 233,852 5,600 176,924 23,775 3,500 6,110 13,052 4,891 May 4 233,852 5,600 176,924 23,775 3,500 6,110 13,052 4,891 May 11 233,853 5,600 176,925 23,775 3,500 6,110 13,052 4,891 May 18 293,852 5,600 236,924 23,775 3,500 6,110 13,052 4,891 May 25 343,853 5,600 286,925 23,775 3,500 6,110 13,052 :::;:::; 4,891 Gold redemption fund— Apr.27 119,167 24,621 15,041 11,594 16,035 3,594 3,407 15,180 4,346 3,016 3,243 3,483 15,607 May 4 119,127 19,835 14,590 13,532 16,699 2,649 5,274 15,596 3,533 1,644 3,473 3,875 18,427 May 11 117,383 22,940 14,149 13,631 15,761 2,823 5,555 15,350 3,643 2,410 1,476 4,362 15,283 May 18. 112,347 17,671 13,654 10,552 16,334 3,523 4,898 15,644 3,030 1,462 3,671 3,166 18,742 May 25 127,424 22,159 23,359 13,925 15,824 3,481 4,828 16,264 2,857 2,550 2,855 3,853 15,469 Gold settlement fund—Federal Reserve Board— Apr.27 964,841 140,000 106,000 112,389 155,000 38,500 50,000 159,644 52,531 6,200 28,360 7,235 108,982 May 4 973,108 150,000 106,000 110,389 155,000 35,500 50,000 175,645 52,931 6,200 27,360 5,235 98,848 May 11 1,022,902 140,000 106,000 112,389 155,000 40,500 59,000 201,644 56,330 6,200 33,360 2,234 110,245 May 18 1,052,420 160,000 111,000 110,389 155,000 34,500 67,000 212,644 58,331 6,200 30,360 2,234 104,7P2 May25 1,033,952 150,000 101,000 98,389 155,000 31,500 64,000 217,644 58,231 6,200 30,360 5,234 116,394 Eligible paper— Amount required- Apr. 27 1,859,144 100,897 587,540 131,667 113,547 99,884 106,829 335,796 70,504 45,911 66,917 43,728 155,924 May 4 1,832,549 96,417 583,425 129,867 105,047 102,805 105,180 316,634 69,404 46,791 66,417 43,238 167,324 May 11 1,773,166 100,257 572,515 127, 868 105,147 97,305 98,523 291, 796 64,805 44,901 60,617 46,109 163,323 May 18 1,653,448 89,057 499,654 124.867 99,997 98,245 94,173 274,275 64,304 44,671 60,017 45,464 158,724 May 25 1,585,890 92,857 444,653 131.868 97,737 98,245 93,483 263,335 62,403 42,491 60,337 39,757 158,724 Excess amount held— Apr.27 247,558 5,643 36,651 4,140 42,036 14,066 8,033 37,261 10,883 25,378 27,527 21,800 14,140 May 4 276,521 10,898 43,428 9,040 59,778 3,794 8,716 53,991 9,702 24,629 23,595 20,692 8,258 May 11 286,093 5,535 74,523 792 58,855 12,393 7,638 44,460 6,918 24,080 22,244 19,976 8,679 May 18 221,370 16,579 3,298 20,178 32,078 10,641 13,599 40,622 10,588 26,537 21,251 18,560 7,439 May 25 312,906 15,522 84,966 2,302 34,794 9,827 15,684 52,425 143 991 24,356 22,536 24,770 10,733 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE,, 1921. FEDERAL RESERVE BULLETIN. 743 FEDERAL RESERVE AGENTS' ACCOUNTS ON WEDNESDAYS, APR. 27 TO MAY 25, 1921—Continued. [In thousands of dollars.] RESOURCES. Total. Boston. Y N o e r w k. d P el h p i h la i - a. C la le n v d e . - m R 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 tv sa . s Dallas. F S r a a n ncisco. Total resources: Apr.27 7,414,835 652,969 2,075,661 536,860 696,720 323, 831 416,295 1,218,061 305,385 173,316 229,167 169,204 617,366 May 4 7,400,343 654,172 2,073,306 538,036 704,190 309,191 414,064 1,230,981 300,378 171,383 222,195 164,391 618,056 May 11 7,364,988 641,859 2,081, 701 529,988 698,891 315,638 412, 891 1,220,480 297,014 168,476 217,650 162,519 617,881 May 18 7,236,985 655,165 1,993,762 533.214 664,910 305,585 423,188 1,208,708 302,058 169,487 213,447 158,066 609,395 May25 7,289,862 649,884 2,064,840 512^ 086 661,026 300,188 418,443 1,212,611 303,673 165,302 214,420 160,942 626,447 LIABILITIES. Net amount of Federal Reserve notes received from Comptroller of the Currency: Apr.27 3,990,273 376,208 ! 1,153,505 277,070 346,327 167,787 244,526 670,180 |161, Oil 79,759 103,120 88,067 322,713 May 4 3,965,186 371,422 1,148,939 275,208 343,891 164,443 1241,394 669,115 158,698 79,067 101,350 86,460 325, ft9 May 11 3,931,591 367,527 1,137,589 275,308 340,353 162,617 238,675 667,230 159,208 77,833 99,953 84,947 320,351 May 18 3,903,548 366,258 1,129,232 267,228 337,726 158,676 240,018 665,523 159,695 77,565 98,148 83,751 319,728 May25 3,885,837 363,746 1,123,937 265,602 333,896 157,135 236,948 662,943 159,081 76,653 98,332 82,437 325,127 Collateral received from Federal Reserve Banks: Gold— Apr.27 1,317,860 170,221 297,965 123,983 194,810 42,094 56,907 174,824 62,987 22,268 31,603 15,609 124,589 May 4 1,326,087 175,435 297,514 123,921 195,474 38,149 58,774 191,241 62,574 20,896 30,833 14,001 117,275 May 11 1,374,138 168.540 297,074 126,020 194,536 43,323 68,055 216,994 66,083 21,662 34,836 11,487 125,528 May 18 1,458,619 183,271 361,578 120,941 195,109 38,023 75,398 228,288 67,471 20,714 34,031 10,291 123,504 May 25 1,505,229 177,759 411,284 112,314 194,599 34,981 72,328 233,908 67,198 21,802 33,215 13,978 131,863 Eligible paper- 2,106,702 106,540 624,191 135,807 155,583 113,950 114,862 373,057 81,387 71,289 94,444 65,528 170,064 2,109,070 107,315 626,853 138,907 164,825 106,599 113,896 370,625 79,106 71,420 90,012 63,930 175,582 May 4..*.'.'!*.]!!; 2,059,259 105,792 647,038 128,660 164,002 109,698 106,161 336,256 71,723 68,981 82,861 66,085 172,002 May 11 1,874,818 105,636 502,952 145,045 132,075 108,886 107,772 314, 897 74, 892 71,208 81,268 64,024 166,163 May 18 1,898,798 108,379 529,619 134,170 132,531 108,072 109,167 315,760 77,394 66,847 82, 873 64, 527 169,457 May25 Total liabilities: 7,414,835 652,969 2,075,661 536, 860 696,720 323,831 416,295 1,218,061 305,385 173,316 229,167 1169,204 617,366 Apr.27 7,400,343 654,172 2, 073,306 538,036 704,190 309,191 414,064 1,230,981 300,378 |171,383 222,195 164,391 618,056 May 4 7,364,988 641, 859 2,081,701 529,988 698,891 |315,638 412, 891 1,220,480 297,014 168,476 217,650 162, 519 617,881 May 11 7,236,985 655,165 1,993,762 533,214 664,910 ;305,585 423,188 1,208,708 302,058 1169,487 213,447 158,066 609,395 May 18 7,289, 862 649, 884 2,064,840 512,086 661,026 300,188 418,443 1,212,611 303,673 (165,302 214,420 160,942 626,447 May 25 CONDITION OF MEMBER BANKS IN LEADING CITIES. For the five weeks ending May 18 member MOVEMENT OF PRINCIPAL ASSETS AND LIABILITIES OF REPORTING MEMBER BANKS-Continued. banks in leading cities show a total liquidation [In millions of dollars.] of $260,000,000 of loans and discounts, or at the rate of $52,000,000 a week, compared with Apr. Apr. Apr. May an average reduction in loans of $68,000,000 15. 22. 27. 11. 18. a week for the four weeks immediately preceding. During the same period the banks United States bonds 875 870 870 872 871 United States victory notes 191 191 192 189 188 reduced their borrowings from the Federal United States certificates of in- Keserve Banks by $267,000,000, or slightly debtedness 286 239 206 196 236 Other bonds, stocks, and securimore than the reduction in their own loans. ties.... 2,047 2,048 2,064 2,067 2,036 °,056 Following is a chart showing changes in the Total loans and discounts, principal assets and liabilities of member banks and investmentsl 15,75615,629 15,603(15,582 15,489]l5,447 for 1920 and 1921 to date; also a tabular sum- Reserve balance with Federal Reserve Bank 1,270 1,240 1,245 1,261 1,258 1,254 mary for the most recent six weeks: C N T a i e m s t h e d i e d n m e v p a a o n u s d i l t t d s eposits 1 2 0 , , 9 2 3 2 0 6 4 8 310 2 . , , 9 1 33 2 3 11 7 8 33 10 2 , ,9 3 1 „ 3 3„ 3 0 8„ 8 10 2 , ,9 2 3 4 1 2 4 1 7 1 2 0 , ,2 9 3 5 4 4 2 7 0 1 3 0 , , 3 0 1 2 4 5 6 6 5 MOVEMENT OF PRINCIPAL ASSETS AND LIABILITIES OF GGot vernment ddeposits I 329 254! 251 210 168 248 REPORTING MEMBER BANKS. [In millions of dollars.] Bills payable and rediscounts with Federal Reserve Bank, total 1,581 1,583! 1,523 1,533 1,506 1,314 Apr. I Apr. Apr. May May May Secured by United States 15. 22. 27. 4. 11. 18. Government obligations... 694 707 677 6561 544 Another 887 876 846 877 770 Number of reporting banks 820; 8211 821 821 821 Ratio of accommodation at Fed- Loan S s e c a u n r d e d d i b sc y o u U n n ts it : e l d States l e o r a a n l s R a e n s d e r i v n e v es B tm an e k n s t s to total 10.0 9.8 9.8 9.7 8.5 Government obligations... 740 738 739 744 736 Secured by stocks and bonds (other than United States Liquidation for the five-week period under Government obligations).. 2,961 2,957 2,968; 2,985 2,9 3,003 Another 8,656, 8,586 8, 542| 8,524! 8,478 8,379 review was heaviest for commercial loans Total loans and discounts1.12,357|12,281 12,249;12,253|12,196 12,097 proper, which were reduced by $277,000,000, Loans secured by Government obligations also i Including billsrediscounted with Federal Reserve Bank., Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

744 FEDERAL RESERVE BULLETIN. JUNE, 1921. MOVEMENT OF PRINCIPAL ASSETS AND LIABILITIES OF REPORTING MEMBER BANKS 1920-1921 I: ACCOMMODATION AT FEDERAL RESERVE BANKS. 2: U.S. OBLIGATIONS AND LOANS SECURED THEREBY. 3: NET DEMAND DEPOSITS. is 4: TOTAL LOANS AND DISCOUNTS. 5: TOTAL LOANS AND INVESTMENTS. 18 18 17 17 Ill" Ml i . »• 16 16 15 15 14 14 4 13 13 ^— 12 12 3 A II II 10 10 9 9 8 8 7 7 6 6 5 5 4- 4 3 3 "V 2 2 2 ~^ —Sw I I I 0 0 JAN.fEB. MARAPR. MATJUNEJUDTAUQ.SEPT.OCT. NOV.PEC. JAM.f£B. MAR.APR. MAYJUNEJULTAUG.SEPT.OCT. nov.DEC. 1920 1921 show a decrease, but of $25,000,000 only, while three days after a certificate issue. Member loans secured by stocks and bonds increased bank holdings of corporate and other securby $42,000,000, apparently in connection with ities show a slight increase for the five weeks. the financing by member banks of recent large As a consequence of these changes, total loans flotations of stocks and bonds. Among the and investments of the reporting banks debanks7 investments, no material changes are clined from $15,757,000,000 on April 15, to shown in the holdings of the United States $15,447,000,000 on May 18, a decrease of $309,bonds and Victory notes, while holdings of 000,000, or about 2 per cent. Treasury certificates show a decrease of $51,- Accommodation of member banks at the 000,000, largely owing to the fact that Federal Reserve Banks shows a decline for the April 15, the beginning of the review period, period from $1,581,000,000 to $1,314,000,000, was the date of a new issue of certificates, the ratio of accommodation decreasing from 10 whereas May 18, the end of the period, was to 8.5 per cent. The decrease of $267,000,000 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE, 1921. FEDERAL RESERVE BULLETIN. 745 in accommodation extended by the Federal Ke- on May 18 at $3,045,000,000, compared with serve Banks to the 820 reporting member banks $2,924,000,000 five weeks earlier. The inis to be compared with the reduction by crease in time deposits for the most recent week $262,000,000 in total discounts held by Federal amounted to $98,000,000, of which $93,000,000 Reserve Banks, indicating that the recent liqui- represented the share of the members in New dation has been mainly confined to the larger York City, where deposits were apparently becities, while country banks have slightly in- ing built up with a view to their utilization in creased their borrowings from the Reserve June in connection with the redemption of Banks. maturing corporate obligations. Government deposits with the reporting Reserve deposits with the Federal Reserve members show a constant decrease from April Banks fluctuated within a narrow range during 15 to May 11, but an increase for the most the five weeks and stood at the end of the period recent week, during which a new issue of Treas- about $16,000,000 lower than on April 15. ury certificates was allotted. Other demand Cash in vault, after showing an increase of deposits (net) have shown considerable fluctua- $32,000,000 for the first four weeks, shows a tions, resulting in a decrease of $107,000,000 decline erf $14,000,000 for the most recent for the period. Time deposits showed a gradual week, and stood at the end of the period at increase for the four weeks, followed by a large $326,000,000, as compared with $308,000,000 advance for the most recent week, and stood five weeks earlier. PRINCIPAL RESOURCES AND LIABILITIES OF MEMBER BANKS IN LEADING CITIES ON FRIDAY, APR. 22, AND ON WEDNESDAYS FROM APR. 27 TO MAY 18, 1921. 1. ALL REPORTING MEMBER BANKS IN EACH FEDERAL RESERVE DISTRICT. [In thousands of dollars.] Total. Boston. Y N o e r w k. P p d h h e i i l l a a - . - C la le n v d e . - m R o ic n h d - . la A n t t - a. Chicago. Lo S u t. is. M ap i o n l n i e s. - K C a i n t s y a . s Dallas. F c S i r s a a c n n o - . Number of reporting banks: Apr.22 821 113 113 Apr.27 8*21 113 113 69 May 4. 821 113 113 69 May 11 821 113 113 69 May 18 821 113 113 Loans and discounts, including bills rediscounted with Federal Reserve Bank: Secured by United States Government obligations— Apr.22 737,530 39,754 328,503 71,402 63,653 27,274 22,751 89,529 23,285 13,486 21,599 7,352 28,942 Apr.27 738,864 39,218 332,895 72,696 63,680 26,554 21,354 87,293 22,632 12,677 21,476 7,270 31,119 May 4 743,686 37,910 341,928 71,709 62,034 26,214 21,549 88,185 21,998 12,855 22,081 7,210 30,013 May 11 736,339 39,070 335,069 72,246 63,169 26,124 22,690 85,860 20,570 13,054 21,564 7,296 29,627 May 18 714,852 37,386 320,084 72,984 62,507 26,040 21,113 84,454 20,195 13,149 20,740 7,448 28, 752 Secured by stocks and bonds (other than United States Government obligations)— Apr.22 2,957,254 184,783 1,218,362 202,680 349,745 112,342 56,051 426,885 118,631 29,808 71,049 37,126 149,792 Apr.27 2,968,385 185,129 1,223,664 203,474 348,508 111, 809 55, 426 432,349 119,131 30,009 71,361 36,660 150,865 May 4 2,985,391 190,856 1,231,617 198,984 348,077 111,224 54,557 442,793 118,563 30,397 72,189 36,213 149,921 May 11 2,981,643 195,619 li; 226; 183194,817 340,012 113,497 54,371 449,673 118,708 30,160 72,329 36,688 149,586 May 18 3,002,893 195,489 1,246,642 195,245 338,268 113,796 55,812 447,201 118,180 31,012 73,419 37,057 150,77i All other- Apr. 22 8,586,475 632,900 2,977,376 394,278 684,266 336,768 315,640 1,303,614 322,179 233,585 394,137 220,772 770,960 Apr.27 8,541,545 631,810 '2,940,583 389,738 679,502 336,140 311,051 1,308,970 324,076 231,279 393,558 221,775 773,063 May 4 8,523,913 627,821 2,928,445 391,742 682,297 335,779 314,434 1,311,390 322,^26 228,261 387,002 222,404 771,612 May 11 8,478,014 623,273 2,910,034 392,621 684,223 332,026 308,037 1,300,583 320,095 227,961 385,581 223,135 770,445 May 18 8,379,584 623,085 2,864,663 390,687 679,823 330,100 307,136 1,265,963 320,600 228,101 386,024 218,746 764,656 Total loans and discounts, including bills rediscounted with Federal Reserve Bank: Apr.22 12,281,259 857,437 4,524,241 668,360 1,097,664 476,384 394,442 1,820,028 464,095 276,879 486,785 265,250 949,694 Apr.27 12,248,794 85b,157 4,497,142 665,908 1,091,690 474,503 1387,831 1,828,612 465,839 273,965 486,395 265,705 955,047 May 4 12,252,990 856,587 4,501,990 662,435 1,092,408 473,217 1390,540 1,842,368 463,287 271,513 481,272 265,827 951,546 May 11 12,195,996 857,962 4,471,286 659,684 1,087,404 471,647 385,098 1,836,116 459,373 271,175 479,474 267,119 949,65i May 18 12,097,329 855,960 4,431,389 658,916 1,080,598 469,936 384,061 1,797,618 458,975 272,262 480,183 263,251 944,180 United States bonds: Apr.22 869,685 33,072 305,572 44,499 97,685 60,780 38,923 77,772 27,629 16,507 33,940 34,319 98,987 Apr. 27 870,337 33,159 304,109 44,470 98,012 60,790 39,872 74,928 27,700 16,547 33,672 34,074 103,004 May 4 866,633 32, &99 304,554 44,450 98,649 60,272 39,859 72,487 27,882 16,196 32,282 33,468 103,53c May 11 871,790 33,344 307,878 45,245 99,583 60,800 39,053 72,850 27,706 16,116 32,684 33,240 102,691 May 18 870,775 333497 307,993 45,309 99,729 60,119 19,738 72,823 27,676 16,281 32,544 32,966 102,100 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

746 FEDERAL. RESERVE BULLETIN. JUNE, 1921. PRINCIPAL RESOURCES AND LIABILITIES OF MEMBER BANKS IN LEADING CITIES ON FRIDAY, APR. 22, AND ON WEDNESDAYS FROM APR. 27 TO MAY 18, 1921—Continued. 1. ALL REPORTING MEMBER BANKS IN EACH FEDERAL RESERVE DISTRICT-Continued. [In thousands of dollars.] Total. Boston. Y N o e r w k. P d h e i l l - a- C la le n v d e . - m R o ic n h d - . la A n t t - a. Chicago. Lo S u t. is. M ap i o n l n i e s. - K C a i n ty sa . s F S r a a n nphia. cisco. United States Victory notes: Apr. 22 191,082 6,034 82,676 10,101 20,342 7,164 3,143 34,636 1,987 1,205 3,241 1,723 18,830 Apr. 27 192,008 5,951 84,255 10,070 20,490 7,153 3,054 34,662 2,143 1,221 2,765 1,140 19,102 May 4 189,431 6,032 83,538 9,615 20,466 7,188 3,055 33,609 2,148 1,215 2,858 1,141 18,566 May 11 188,752 6,051 83,549 9,323 20,757 6,684 3,087 33,684 2,142 1,383 3,030 1,137 17,925 May 18 188,387 6,057 83,675 8,573 21,217 .6,662 3,057 34,066 2,120 1,372 3,120 1,137 17,331 United States certificates of indebtedness: Apr. 22 239,169 11,304 122,740 18,546 17,908 6,230 2,284 28,574 2,002 3,615 5,707 1,998 18,261 Apr. 27 227,739 9,669 116,628 17,844 16,808 5,558 2,260 27,701 2,456 2,866 5,613 1,872 18,466 May 4 208,461 8,058 108,830 15,832 14,584 4,802 2,136 25,529 1,365 1,012 5,660 1,894 16,759 May 11 196,639 7,491 103,870 14,373 12,365 3,865 2,014 25,035 1,077 535 5,476 1,798 18,740 May 18 236,297 12,905 102,876 21,596 17,329 6,811 2,406 34,724 3,346 3,636 7,612 2,813 20,243 Other bonds, stocks, and securities: Apr. 22 2,048,099 126,487 736,148 156,254 280,850 49,158 37,073 347,130 67,373 19,325 46,475 9,670 172,156 Apr. 27 2,064,512 127,198 752,195 156,103 281,792 49,955 36,292 347,669 67,382 19,278 46,360 9,566 170,722 May 4 2,066,793 128,504 748,240 156,137 284,716 49,135 37,049 345,888 66,452 19,760 46.723 10,094 174,095 May 11 2,036,092 126,460 726,492 155,691 282,663 49,133 36,279 344,078 66,331 19,487 46,660 9,862 172,956 May 18 2,054,609 128,370 728,887 156,934 286,309 49,862 36,551 351,895 66,172 20,201 47,650 10,107 171,671 Total loans and discounts, and investments, including bills rediscounted with Federal Reserve Bank: Apr. 22............. 15,629,294 1,034,334 5,771,377897,760 1,514,449 599,716475,865 2,308,140 563,086 317,531 576,148 312,960 1,257,928 Apr. 27 15,603,388 1,032,134 5,754,327894,3951,508,792 597,959469,309 2,313,572 565,520 {313,877 574,805 312,357 jl, 266,341 May 4.............. 15,582,308 1,032,180 5,747,152888,469 1,510,823 594,614472,639 2,319,881 561,134 309,696 568,795 312,424 1,264,501 May 11 15,489,269 1,031,308 5,693,075884,316 1,502,772 592,129466,131 2,311,763 556,629 308,696 567,324 313,156 1,261,970 May 18..... 15,447,397 1,036,789 5,654,820891,328 1,505,182 593,390 465,813 2,291,126 558,289 313,752 571,109 310,274 '1,255,525 Reserve with Federal Reserve Bank: Apr. 22 1,240,344 73,641 586,691 63,219 93,033 31,245 27,458 174,249 39,584 18,549 42,488 20,180 70,007 Apr. 27 1,245,389 73,301 592,707 62,618 92,648 31,460 26,118 172,623 42,124 16,921 38,789 21,998 74,082 May 4 1,260,955 73,408 597,203 63,019 96,969 31,567 29,168 179,412 41,926 17,595 40,020 20,315 70,353 May 11 1,257,684 74,837 592,594 63,408 91,172 31,940 28,213 179,869 41,111 16,891 41,897 20,303 75,449 May 18 1,254,432 76,166 578,048 64,865 97,062 32,077 28,952 182,976 41,938 17,897 38,828 22,102 73,521 Cash in vault: Apr.22 312,642 22,445 104,734 16,123 29,263 14,048 10,783 53,077 8,687 7,041 L2,532 10,351 23,558 Apr.27 330,015 23,046 113,216 19,723 30,128 15,570 11,346 55,347 7,617 7,280 12,899 9,859 23.984 May 4 327,314 22,152 111,346 18,616 30,883 13,433 10,096 55,888 7,830 6,928 12,879 9,833 24,430 May 11 339,783 23,290 113,148 19,170 33,068 18,287 10,423 56.578 7,629 7,498 13,455 12,497 24,740 May 18 325,740 22,245 108,917 19,141 32,552 16,637 9,657 54.579 7,733 6,770 12,987 10,227 24,315 . Net demand deposits: Apr.22....." 10,127,155 719,808 4,541,588632,345 828,570 1306,999225,547 1,250,722 307,152 175,449 374,962 198,456 565,557 Apr.27 10,138.258 719,774 4,556,482630,885 820,858306,7521224,323 1,264,907 309,099 169,907 373,081 197.846 564,344 May 4 10,214', 260 730,028 4,622,093632,711 829,590307,6851221,969 1,270,111 308,623 165,974 374,876 196' 710 553,890 May 11 10,252,005 733,059 4,593,595640,016 819,460308,343 225,6S8 1,309,176 310,899 169,921 380,298 199,439 562,111 May 18 10,155,685 735,800 4,532,891627,490 840,839 306,746 222,232 1,292,017 303,156 163,081 |371,127 197,080 563,266 Time deposits: Apr.22 2,937,916 172,371 460,382 41,082 427,989 119,220 143,444 654,546 143,161 69,735 104,513 59,841 541,652 Apr.27 • 2,938,468 170,945 462,513 41,265 428,750 118,824 142,870 653,791 142,839 69,716 104,955 60,577 541,423 May 4 2,941,238 173,807 455,096 41,210 427,291 120,238 145,553 655,463 143,144 71,924 104,560 60,474 542.478 May 11 2,947,242 177,923 455,073 41,450 427,705 120,716 146,623 654,611 143,638 72,450 105,043 60,199 541,813 May 18 3,044,910 177,460 548,296 41,105 431,018 121,141 146,807 657,571 143,417 71,843 104,179 61,434 540,639 Government deposits: Apr.22 2-53,674 19,932 123,609 27,207 23,171 6,550 2,323 23,543 6,370 5,876 3,019 2,096 9,97S Apr.27 251,073 19,757 123,609 25,386 23,246 6,535 2,254 23,543 6,311 5,876 3,019 1,633 9,904 May 4 210,386 16,615 102,869 18,994 19,442 5,475 2,017 20,591 5,537 5,400 3,558 1,532 8,316 May 11 168,360 13,204 78,555 17,708 15,221 4,275 1,677 17,190 4,707 4,851 3,041 1,230 6,701 May 18 247,736 20,999 112,348 25,437 19,752 6,715 2,217 27,354 8,0S7 7,654 5,637 2,357 9,159 Bills payable with Federal Reserve Bank: Secured by United States Government obligations- Apr. 22 516,754 14,765 232,639 42,144 35,643 28,902 ! 26,118 66,371 16,144 6,249 16,237 4,992 26,550 Apr.27 488,834 13,873 216,886 42,154 33,403 28,182 ! 25,228 61,081 13,762 5,422 16,666 4,747 27,427 May 4 469,628 12,987 199,956 38,241 40,748 25,091 '23,214 60,787 15,490 5,033 15,232 4,348 28,501 May 11 509,351 12,390 248,431 35,514 43,585 25,888 22,259 59,204 14,824 4,242 10,329 4,049 28,639 May 18 372,568 12,320 126,509 41,487 19,913 27,132 23,256 56,186 15,989 4,888 9,784 4,539 30,563 All other- Apr. 22 1,525 183 135 130 357 100 620 Apr.27 1,503 325 232 130 61 100 620 May 4 1,245 130 360 100 620 May 11 1,987 45 120 282 885 620 May 18 2,365 350 197 1,075 560 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE, 1921. FEDERAX. RESERVE BULLETIN, 747 PRINCIPAL RESOURCES AND LIABILITIES OF MEMBER BANKS IN LEADING CITIES ON FRIDAY, APR. 22, AND ON WEDNESDAYS FROM APR. 27 TO MAY 18, 1921—Continued. 1. ALL REPORTING MEMBER BANKS IN EACH FEDERAL RESERVE DISTRICT. [In thousands of dollars.] Boston. P p d h h e i i l l a - a . - C la le n v d e . - m R o ic n h d - . la A n t t - a. Chicago. Lo S u t. is. M ap i o n l n is e . - K C a i n t s y a . s Dallas. F ci S r s a a c n n o, - Bills rediscounted with Federal Reserve Bank; Secured by United States Government o b 1 i g ations— Apr.22 190,217 11,373 98,083 33,718 6,782 3,075 7,275 16,960 4,411 1,157 4,076 659 2,648 Apr.27 188,323 9,978 98,823 34,647 6;787 2,874 6,332 15,687 4,134 505 3,450 700 4,406 May 4 186,175 7,646 97,479 35,938 6,548 2,938 6,359 16,214 4,106 716 3,086 612 4/533 May 11 177,098 9,858 90,809 3a, 759 6 620 2,499 6,283 15,731 2,777 702 3,022 717 4,321 May 18 171,412 8,126 87,906 34,142 6,568 2,695 5,488 14,932 2,816 913 3,082 602 4,142 All other—. Apr.22 , 874,370 55,804 263,789 31,617 76 449 45 132 31,435 186,122 31,390 27,818 41,062 16,354 67,398 Apr.27 844,315 50,296 242,142 29,968 75 930 46 920 29,671 184,085 32,967 28,779 38,898 16,938 67,721 May 4 875,979 55,508 264,328 29,192 80 994 48 499 30,477 182,499 30,947 26,152 37,207 17,406 72,770 May 11 817,931 52,241 253,971 28,984 81 157 44 847 24,637 156,625 26,675 24,303 35,561 17,070 71,560 May 18 767,708 46,324 226,853 32,661 74 790 43 518 26,702 141,664 2©, 205 32,811 34,553 13,978 64,649 2. MEMBER BxlNKS IN FEDERAL RESERVE BANK CITIES. Number of reporting banks: Apr.22 284 10 8 52 13 10 15 Apr.27 284 10 8 52 13 10 15 May 4 284 10 8 52 13 10 15 May 11 284 10 8 52 13 10 15 May 18 284 10 8 52 13 10 15 Loans and discounts, including bills rediscounted with Federal Reserve Bank: Secured by United States Government o b 1 i g a tions— Apr.22 539, 586 33,555 303,704 68,341 17,922 6,283 3,638 63,753 14,415 8,460 5,951 1,883 11,681 Apr.27 544,474 32,571 308,425 69,602 18,053 6,319 3,842 62,111 13,933 8,397 6,003 1,889 13,329 May 4 551,485 31,321 317,386 68,632 17,479 6,115 3,502 62,771 13,479 8,501 6,958 1,978 13,363 May 11 543,086 32,461 310,439 69,197 18,250 6,177 3,617 60,661 12,329 8,458 6,437 1,948 13,112 May 18 525,638 31,031 295,614 69,945 18,226 6,228 3,093 60,707 12,055 8,451 5,614 1,830 12,844 Secured by stocks and bonds (other than United States Government obligations)— Apr.22 2,046,709 141,052 1,055,126 183,787 134,992 15,453 9,394 307,987 86.454 13,144 24,455 9,496 65,369 Apr.27 2,055,876 141,264 1,055,979 184.406 136,231 15,552 9,457 313,294 86 896 13,232 24,704 9,444 65,417 May 4. 2,082,032 147,009 1,071,791 179,585 134,308 15,467 9,359 323,339 86,613 13,652 26,736 9,170 65,003 May 11 2,073,721 151,752 1,063,474 175.407 128,273 15,305 9,419 329,176 86,723 13,327 26,730 9,270 64,865 May 18 2,085,550 150,047 1,077,333 176,122 129,302 15,765 9,301 325,392 86 563 13,980 27,364 9,289 65,092 All other— Apr.22 5,632,177 493,963 2,666,743 358,494 273,836 72,791 54,298 827,954 >02,489 110,905 140,582 57,451 372,671 Apr.27 5,599,034 493,866 2,630,606 .354,482 270,639 70,336 52,936 835,962 i03 873 110,680 141,171 58,694 375,789 May 4 5,588,640 490,003 2,621,582 356,702 275,636 71,155 53,669 839,264 -02 991 109,269 137,572 58,530 372,264 May 11 5,553,405 481,389 2,600,771 357,573 280,655 69,948 53,562 833,700 •00; 126 108,814 135,946 58,830 372,091 May 18 5,474,425 481,563 2,556,507 355,936 275,776 68,775 51,813 808,745 .01 271 108,792 139,319 56,374 369,554 Total loans and discounts, including bills rediscounted with Federal Reserve Bank: Apr.22 8,218,472 668,570 4,025,573 610,622 426,750 94,527 67,330 1,199,694 303 358 132,509 170,988 68,830 449, 721 Apr.27 8,199.384 667,701 3,995,010 608,490 424,923 92,207 66 235 1,211,367 iOL 702 132,309 171,878 70,027 454,535 May 4 8,222,157 668,333 4,010,759 604,919 427,423 92,737 66 530 1,225,374 303 086 131,422 171,266 69,678 450,630 May 11 8,170,212 665,602 3,974,684 602,177 427,178 91,430 66 598 1,223,537 299 178 130,599 169,113 70,048 450,06S May 18 8,085,613 662,641 3,929,45*4 602,003 423,301 90,768 64 207 1,194,844 299 889 131,223 172,297 67,493 447,490 United States bonds: A A p p r r . . 2 2 2 7 4 4 3 3 7 9 , , 5 9 0 3 6 2 9 9 , , 7 8 5 3 8 8 2 2 6 5 1 9 , , 6 7 8 0 2 0 3 3 2 2 , , 5 58 4 7 8 8 8 , , 7 8 7 3 5 5 7 7 , , 2 2 5 6 9 0 4 4 ;3 3 6 6 0 2 2 2 0 0 , , 0 2 4 0 8 6 1 1 3 3 0 3 6 5 6 6 4 4 , , 4 4 3 8 8 8 1 1 1 1 , , 2 3 9 6 4 8 6 6 , ,9 6 1 1 0 1 6 5 1 7 , ,3 3 2 6 9 0 May 4 438,243 9,665 260,313 32,936 8,907 7,263 4,362 19,555 3,2781 4,363 9,868 6,619 61,114 May 11 443,229 10,113 263,498 33,260 9,078 7,262 4 427 20,076 13 074 4,376 10,789 6,569 60', 707 May 18 443,353 10,161 263,402 33,332 9,016 7,263 4; 362 20,250 13 126 4,415 10,724 6,567 60,735 United States Victory notes: Apr.22 107,163 544 72,718 6,817 2,007 181 65 13,178 304 473 9,961 Apr.27 108,830 560 74,295 6,786 1,997 180 65 13,421 460 473 406 10,156 May 4 107,118 541 73, 585 6,328 2,080 180 65 13,131 455 473 570 9,679 May 11 106,382 547 73,634 6,036 2,071 181 65 13,048 498 552 734 8,985 May 18 105,865 552 73,990 5,279 ir~ 181 65 13,267 434 550 821 8,726 United States certificates of indebtedness: Apr.22 163,810 3,481 117,094 16,678 246 225 11,443 992 2,197 629 1,104 8,741 Apr.27 154,647 2,197 111, 214 15,977 848 234 225 10,899 878 1,796 625 978 8,776 May 4 141,327 1,307 103,571 14,080 837 302 225 10,225 905 723 667 951 7,534 May 11 , 135,121 1,465 99,581 12,661 830 205 215 10,115 723 469 503 855 7,499 May 18 159,848 6,110 97,083 19,729 1,508 551 215 14,860 2,894 2,814 2,025 1,770 10,289 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

748 FEDERAL RESERVE BULLETIN. JUNE, 1921. PRINCIPAL RESOURCES AND LIABILITIES OF MEMBER BANKS IN LEADING CITIES ON FRIDAY, APR. 22, AND ON WEDNESDAYS FROM APR. 27 TO MAY 18, 1921—Continued. 2. MEMBER BANKS IN FEDERAL RESERVE BANK CITIES—Continued. [In thousands of dollars.] Total. Boston. Y N o e r w k. P p d h h e i i l l a - a . - C l l a e 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. as Dallas. c F S i r s a a c n n o - . Other bonds, stocks, and securities: Apr.22 1,122,263 51,940 563,479 126,281 67,339 4,317 4,457 144,233 42,588 8,365 10,975 3,164 95,125 Apr.27 1,135,955 52, 538 579,355 126,209 67,670 4,317 3,245 144,914 42,473 8,444 10,922 93,002 May 4 1,133,209 53, 849 575,800 126,026 67,299 4,256 3,234 141, 860 41,519 8,764 10,824 3,103 96,675 May 11 1,106,836 51,563 554,119 125,857 66,971 4,261 3,237 140,993 41,500 8,536 10,812 3,103 95,884 May 18 1,123,415 53,104 555,272 127,339 71,907 4,259 3,215 149,420 41,440 8,617 11,341 3,121 94,380 Total loans and discounts, and investments, including bills rediscounted with Federal Reserve Bank: Apr.22 10,049,214 734,293 5,040,546 792,985 505,851 106,530 76,437 1,388, 596360,308 147,982 194,770 80,039 620,877 Apr.27 10,038,748 732,834 5,019,574 790,010 504,273 104,198 74,132 1,400,807 361,869 147,510 195,199 80,513 627,829 May 4 10,042,054 733,695 5,024,028 784,289 506,546 104,738 74,416 1,410,145 359,243 145,745 193,195 80,382 625,632 May 11 9,961, 780 729,290 4,965,516 779,991 506,128 103,339 74,542 1,407,769 354,973 144,532 191,951 80,606 623,143 Apr.18 9,918,094 732,568 4,919,201 787,682 507,704 103,022 72,064 1,392,641 357,783 147,619 197,208 78,982 621,620 Reserve with Federal Reserve Bank: Apr.22 905,134 58,899 540, 503 57, 565 26,805 4,898 4,871 124,756 29,014 9,209 15,149 4,848 28,617 Apr.27 913,417 58,643 547,220 57,408 27,486 5,227 3,494 124,506 30,205 7,748 13,733 6,233 31,516 May 4 924,246 58, 882 551, 734 56,601 28,384 4,602 5,005 129,648 31,120 8,254 14,409 4,786 30,821 May 11 922,269 59,749 546, 508 57,978 26,143 5,544 4,863 130,012 28,911 7,984 14,954 4,557 35,066 May 18 905,157 61,265 530,124 58,743 27,438 4,759 4,457 128,010 29,993 8,270 13,119 5,877 33,102 Cash in vault: Apr.22 181, 586 13,964 92,754 13,513 7,216 1,057 1,918 31,014 4,011 2,306 3,158 1,859 8,816 Apr.27 193,510 14,107 99,959 15, 879 7,491 1,013 1,881 33,231 3,751 2,284 3,206 1,606 9,102 May 4 188, 524 13,255 97,665 14,669 7,760 1,088 1,577 32,395 3,729 2,201 3,221 1,879 9,085 May 11 195,848 13,837 99,487 15,182 9,438 1,075 1,740 32,743 3,602 2,454 3,410 3,410 9,470 May 18 187,050 13,035 95,394 15,195 8,508 1,101 1,664 31,691 3,836 2,112 3,343 1,811 9,360 Net demand deposits: Apr.22 7,068,069 559,143 4, 055, 860551,366 197,568 45,106 36,061 883,069 212,266 136,352 54,291 255,999 Apr. 37 7,080,147 559,854 4,062,354 549,608 199,351 43,918 35,665 891,116 214,797 78,884 135,034 53,521 256,045 May 4 7,166,087 567,786 4,134,245 550,395 204,195 45,431 35,974 894,971 213,487 78,591 137,472 53,504 250,036 May 11 7,175,423 568,482 4,102,083 558,383 200, 873 45,856 36,911 920,049 213,935 79,524 137,904 55,521 255,902 May 18 7,068,513 573,308 4,027,569 546, 849 206,794 45,554 35,265 904, 946 207,654 74,377 135, 099 54,353 256,745 Time deposits: Apr.22 1,373,663 67,849 296,768 28, 872 229,518 23,643 21, 920 314,710 82,212 27,442 15, 017 7,645 258,067 Apr.27 1,377,061 67,028 300.387 29,015 229,943 23,641 21, 878 314,374 82,076 27,523 14,968 7,630 258,598 May 4 1,371, 986 68,788 293, 261 28,936 228. 401 23, 623 21,969 314,312 82,452 28,291 14,894 7,632 259,427 May 11 1,372,941 70, 006 293,060 29,147 228', 543 23,590 22,031 313, 586 82,444 28, 711 14,965 7,240 259,618 May 18 1,472, 662 70, 058 386, 326 28,724 233, 795 23, 545 22,073 315,706 82,318 28,510 14,908 7,243 259,456 Government deposits: Apr.22 198, 860 16. 050 119,375 26,386 3, 337 874 275 13.606 4,899 2,810 2,434 1,601 7,213 Apr.27 196,471 16.' 000 119, 375 24,624 3,337 874 270 13; 606 4,789 2,810 2,434 1,211 7,141 May 4 162, 768 13, 571 99,285 18,437 2,676 691 234 12; 075 4,220 2,564 2,067 1,136 5,812 May 11 129,399 10; 748 75,758 17,193 1.885 501 205 10, 216 3,569 2,285 1,640 895 4,504 May 18 194, 433 17, 454 108.388 24,337 3; 664 871 15, 054 7,104 3,295 3,987 1,990 8,196 Bills payable with Federal Reserve Bank: Secured by United States Government' obligations- Apr. 22 333,294 11,725 208,043 39,178 6,625 7,242 705 20,905 9,824 2,132 18,087 Apr.27 318,631 10,528 195,826 39,460 5,743 6,160 705 18,945 9,496 2,182 9,546 20, 040 May 4 292, 890 9,761 178, 821 35,145 5, 843 4,696 705 19,904 10,158 1,101 7,343 19,413 May 11 333,736 9,096 226,987 32, 223 5,525 6,228 705 19,101 9,822 853 3,871 19,325 May 18 22L 604 9,016 105,219 38,225 4,273 705 22, 384 10,139 994 3,667 20,383 All other— Apr.22 130 130 Apr.27 130 130 May 4 130 130 May 11 805 120 685 May 18 795 Bills rediscounted with Federal Reserve Bank: Secured by United States Government obligations- Apr. 22 157, 883 11,003 96,400 33,588 855 673 9,405 2,838 481 1,265 1,293 Apr.27 158, 612 9,612 97,107 34,517 838 661 8,448 2,560 487 1,197 64 3,121 May 4 156, 732 7,280 95,786 35, 808 570 553 9,068 2,621 670 1,141 68 3,167 May 11 148,176 9,417 89,109 33,629 527 381 8,790 1,451 638 1,064 50 3,120 May 18 145,163 7,769 86,324 34,041 600 239 9,853 1,578 660 1,115 44 2,940 All other— Apr.22 610,025 55,129 237,976 30,014 58,435 10,545 5,579 108,207 17,931 20, 290 19,334 5,498 43, 087 Apr.27 580, 807 49,316 214, 907 28, 550 55,488 10, 891 4,089 111, 525 17,494 20,105 18,821 6,641 42,980 May 4 620,022 54, 513 239,337 28,071 62,461 12,002 5,022 110,981 16,385 18,900 18,124 6,702 47,544 May 11 580,430 51,071 231,351 27, 876 62,989 10,663 4,170 91,058 13,044 17,731 18,098 6,437 45,942 MaylS 532,634 44, 750 202, 491 31,840 53,588 3,676 83,362 16,004 23,561 17,748 4,461 41, 804 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE, 1921. FEDERAL RESERVE BULLETIN. PRINCIPAL RESOURCES AND LIABILITIES OF MEMBER BANKS IN LEADING CITIES ON FRIDAY, APR. 22, AND ON WEDNESDAYS FROM APR. 27 TO MAY 18, 1921—Continued. 3. MEMBER BANKS IN FEDERAL RESERVE BRANCH CITIES. [In thousands of dollars.] San d C i l s l a t e n r v i d c e t - .2d m i R s i t o r c n i h c d - t.s d A i t s l t a ri n c t t a .4 d C i h s i t c ri a c g t o .5d S i t s . t L ri o c u t. i 6 s d M i a s p i t n o ri n l c i e s t - .7 d K i C s a t n i r t i s y c a t s .8 D tr d a i i c l s l - t a s s F c d r is i a s c n - o trict.i° Number of reporting banks: Apr.22 217 40 18 21 13 20 5 29 14 45 Apr. 27 217 40 18 21 13 20 5 29 14 45 May 4 217 40 18 21 13 20 5 29 14 45 May 11 217 40 18 21 13 20 5 29 14 45 May 18 217 40 18 21 13 20 5 29 14 45 Loans and discounts, including bills rediscounted with Federal Reserve Bank: Secured by United States Government obligations- Apr. 22 111, 663 8,780 34,481 7,623 13,249 11,368 7,839 62 10,121 1,969 16,171 Apr. 27 109,095 8,544 34,468 7,567 12,097 11,272 7,671 61 10,044 1,886 15,485 May 4 108,694 8,701 34,091 7,234 12,627 11,139 7,482 67 9,980 1,802 15,571 May 11 109,257 8,627 34,415 7,192 13,308 11,205 7,205 70 9,949 1,858 15,428 May 18 106,182 8,493 33,931 7,275 12,860 9,503 7,105 70 9,866 2,247 14,832 Secured by stocks and bonds (other than United States Government obligations)— Apr. 22 487,585 55,784 157,971 28,862 35,682 60,298 29,574 509 28,889 14,567 75,449 Apr.27 486,513 55,764 156,069 28,674 35,412 60,152 29,646 495 29,358 14,226 76,717 May 4 486,149 55,984 158,087 28,712 34,602 60,077 29,347 527 28,611 14,066 76,136 May 11 485,766 55,812 156,326 29,035 34,614 61,218 29,395 536 28,771 14,287 75,772 May 18 488,319 57,230 153,264 29,389 36,107 62,096 29,025 542 29,162 14,699 76,805 All other— Apr.22 , 1,539,292 109,300 271,234 96,789 185,860 177,043 106,982 9,343 149,799 66,446 366,496 Apr.27 1,532,004 108,173 269,965 97,501 183,140 175,291 107,190 9,459 148,525 66,010 366,750 May 4 1,527,100 107,806 265,574 98,777 183,997 174,767 106,874 9,426 145,972 66,466 367,441 May 11 , 1,515,682 107,013 262,720 98,780 179,598 172,357 107,276 9,395 145,683 65,820 367,040 May 18 1,500,796 106,314 263,669 97,450 180,158 164,089 106,761 9,497 143,528 65,227 364,103 Total loans and discounts, including bills rediscounted with Federal Reserve Bank: Apr. 22 2,138,540 173,864 463,686 133,274 234,791 248,709 144,395 9,914 188,809 82,982 458,116 Apr.27 2,127,612 172,481 460,502 133,742 230,649 246,715 144,507 10,015 187,927 82,122 458,952 May 4 2,121,943 172,491 457,752 134,723 231,226 245,983 143,703 10,020 184,563 82,334 459,148 May 11 2,110,705 171,452 453,461 135,007 227,520 244,780 143,876 10,001 184,403 81,965 458,240 May 18 2,095,297 172,037 450,864 134,114 229,125 235,688 142,891 10,109 182,556 82,173 455,740 United States bonds: Apr.22 216,948 15,479 65,023 14,592 27,257 21,621 12,639 714 12,545 12,378 34,700 Apr.27 217,748 15,977 65,359 14,597 27,904 21,705 12,379 714 12,348 12,384 34,381 May 4 218,311 15,835 65,766 14,713 27,856 21,741 12,680 714 12,328 11,749 34,929 May 11 218,127 15,910 66,495 14,630 28,023 21,672 12,708 714 11,809 11,688 34,478 May 18 217,370 15,852 66,735 14,667 27,996 21,647 12,625 712 11,732 11,539 33,865 United States Victory notes: Apr.22 50,608 1,980 15,402 3,061 2,460 16,102 1,634 56 968 624 8,321 Apr. 27 50, 759 1,988 15, 549 3,059 2,371 16,097 1,634 56 980 627 8,398 May 4 50,627 1,984 15, 532 3,059 2,372 16,099 1,644 56 905 635 8,341 May 11 50,476 1,944 15,863 2,560 2,428 16,098 1,595 57 903 629 8.399 May 18 50,717 1,951 16,374 2,565 2,422 16,100 1,637 56 932 629 8,051 United States certificates of indebtedness: Apr. 22 44, 577 1,918 14,125 2,440 1,858 9,576 998 10 3,820 631 9,201 Apr.27 43,596 1,731 13,246 2,179 1,826 9,287 1,566 10 3,740 631 9,380 May 4 37,632 1,566 11,107 1,652 1,701 7,760 451 10 3,789 681 8,915 May 11 35,819 990 9,109 868 1,607 7,519 343 10 3,770 681 10,922 May 18 47,229 1,818 12,692 3,027 2,009 12,249 446 10 4,318 731 9,929 Other bonds, stocks, and securities: Apr.22 582,995 76,978 179,137 21,531 28,826 154,537 21,450 796 25,395 3,225 71,120 Apr.27 585,634 77,033 179,966 21,842 28,805 154, 566 21,607 797 25,424 3,231 72,363 May 4 590,815 76,862 182, 892 21, 818 29,392 156,493 21,612 802 25, 566 3,336 72,042 May 11 587,557 76, 844 181,602 21, 863 28,669 155,602 21,542 775 25,659 3,271 71, 730 May 18 586,873 77,284 180,269 22,371 29,068 154,346 21,424 731 26,217 3,397 71,766 Total loans and discounts, and investments, including bills rediscounted with Federal Reserve Bank: Apr.22 3,033,668 270,219 737,373 174,898 295,192 450, 545 181,116 11,490 231,537 99,840 581,458 Apr.27 3,025,349 269,210 734,622 175,419 291, 555 448,370 181,693 11, 592 230,419 98, 995 583,474 May 4 3,019,328 268, 738 733,049 175,965 292,547 448,076 180,090 11,602 227,151 98, 735 583,375 May 11 3,002,684 267,140 726, 530 174, 928 288,247 445,671 180,064 11, 557 226, 544 98,234 583,769 May 18 2, 997,486 268, 942 726, 934 176, 744 290,620 440,030 179,023 11,618 225,755 98,469 579,351 Reserve with Federal Reserve Bank: Apr. 22 191,957 17,903 50,683 10,645 17,761 23,472 9,666 605 16, 761 6,802 37,659 Apr.27 189,353 17, 111 48,800 10,295 18,0.56 22,125 11,058 614 14,920 7,388 May 4 192,994 16,984 52,444 11,279 19,568 23,505 9,898 626 16,009 6,743 35,938 May 11 190,602 18,273 48,902 10,962 18,223 22,251 11,238 601 16,195 7,130 36,827 May 18 197, 591 18,164 52,804 11,099 18,968 25,984 11,089 545 15,331 7,052 36,555 Cash in vault: Apr.22 2,440 13,196 4,225 6,216 8,229 3,844 240 5,508 3,028 13,143 Apr.27 61, 387 2,449 13,889 5,459 6,531 7,921 3,178 248 5,479 2,782 13,451 May 4 62,137 2,455 13,954 5,578 5,637 8,915 3,226 252 5,667 2,702 13, 751 May 11 63,208 2,426 14,045 6,604 5,765 8,725 3,281 289 5,673 2,877 13, 523 May 18 62,043 2,476 14,375 6,029 5,478 8,757 3,086 255 5,559 2,664 13,364 Foot notes on page 750. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

750 FEDERAL RESERVE BULLETIN. JUNE, 1921. PRINCIPAL RESOURCES AND LIABILITIES OF MEMBER BANKS IN LEADING CITIES ON FRIDAY, APR. 22, AND ON WEDNESDAYS FROM APR. 27 TO MAY 18, 1921—Continued. 3. MEMBER BANKS IN FEDERAL RESERVE BRANCH CITIES—Continued. [In thousands of dollars.] San Total. di Y N st o e r r i w c k t.1 d C i l s a l t e r n v i d c e t - .2 d m i R s i t o c r n i h c d - t.3d A is tl t a ri n c t t a .4 d C i h s i t c ri a c g t o .5 S d t i . s L tr o ic u t i . s 6 d M a is p i t n o ri n l c i e s t - .7 d K is C a tr n i i t c s y t a .* s * D tr d a i i c l s l - t a .9 s F c d i r s i a s c n - o trict.^ Net demand deposits: Apr. 22 1,594,953 153,380 466,920 98,812 150,031 155,884 85,397 5,058 140,252 60,207 279,012 Apr.27 1,592,454 155,290 461,016 100,555 149,286 160,454 85,062 4,946 138,372 60,556 276,917 May 4 1,591,947 155,844 463,653 100,373 147,322 161,060 85,844 4,827 140,124 60,050 272,850 May 11 1,602,759 156,388 456,740 99,306 149,347 170,751 87,498 4,826 140,958 59,967 276,978 May 18 1,604,564 155,428 467,139 99,387 147,520 171,573 85,824 4,808 138,045 58,918 275,922 Time deposits: Apr. 22 913,299 69,786 117,482 21,381 83,841 210,778 51,200 3,161 62,032 23,446 270,192 Apr.27 911,842 68, 540 117,910 21,344 83,356 210,331 51,072 3,163 62,440 24,287 269,399 May 4 915,840 67, 535 118,072 21,412 85,919 212,331 50,988 3,176 62,266 24,399 269, 742 May 11 , 917,401 67,480 118,687 21,592 87,518 211,901 51,502 3,174 62,246 24,549 268,752 May 18 916,749 67,369 117,739 21,600 87,532 212,223 51,404 3,173 62,439 i 25,614267,656 Government deposits: Apr.22 33,323 2,499 18,418 3,396 1,723 3,201 j 1,471 157 405 2,053 Apr.27 33,316 2,499 18,493 3,391 1,669 3,201 | 1,522 157 332 2,052 May4 29,693 2,137 15, 710 3,052 1,511 2,620 I 1,347 1,143 311 1,862 May 11 24,477 1,689 12,729 2,693 1,270 1,938 | 1,138 1,126 258 1,636 May 18 35,560 1,922 14,771 4,487 1,733 1,374 349 861 Bills payable with Federal Reserve Bank: Secured by United States Government obligations— Apr.22 127,298 15, 573 27,519 10,395 22,605 32,194 5,807 72 4,396 1,816 6,921 Apr.27 118,184 14,167 26,005 9,835 21,715 30,811 3,753 122 4,107 1,709 5,960 May 4 125,207 14,422 32,565 19,890 30,556 4,819 122 4,876 1,080 7,881 May 11 123,845 14,956 35,577 7,836 18,850 29,736 4,574 122 2,982 930 8,282 May 18 100,213 15,297 13,692 8,797 19,858 23,856 5,465 122 2,588 1,390 9,148 All other— Apr.22 1,093 183 135 75 100 600 Apr.27 1,257 325 232 100 600 May4 778 78 100 600 May 11 845 45 200 600 May 18 1,143 350 53 200 540 Bills rediscounted with Federal Reserve Bank: Secured by United States Government obligations— Apr. 22 22,535 931 5,563 1,906 4,691 5,113 1,573 1,270 259 1,229 Apr.27 21,151 931 5,545 2,007 3,814 5,016 1,574 801 259 1,204 May4 20, 528 915 5,585 1,768 3,844 4,821 1,485 678 182 1,250 May 11 20,223 922 5,632 1,442 4,111 4,831 1,326 693 182 1,084 May 18 17,752 858 5,617 1,792 3,574 2,807 1,238 611 170 1,085 All other- Apr. 22 137,677 16,727 12,823 15,220 14,292 25,846 12,860 ! 470 12,942 5,239 21,258 Apr.27 134,125 16,878 12,812 16,066 14,212 20,868 14,691 j 656 11,499 4,421 22,022 May 4 129,737 15,470 10,747 16,707 13,966 21,134 13,820 i 663 10, 585 4,374 22, 271 May 11 116,336 14,244 10,200 15,521 9,964 16,488 13,039 ! 655 9,425 4,071 22, 729 May 18 112,952 16,069 13, 744 15,740 12,292 8,450 12,791 745 9,353 3,791 19,977 1 Buffalo. « Louisville, Memphis, and Little Rock. 2 Pittsburgh and Cincinnati. 7 Helena. 8 Baltimore. 8 Omaha, Denver, and Oklahoma City. 4 New Orleans, Jacksonville, Birmingham, and Nashville. 9 El Paso and Houston. 6 Detroit. 10 Spokane, Portland, Seattle, Salt Lake City, and Los Angeles. BANK DEBITS. figure of $6,481,000,000 is reported. The month of March shows rather larger than Debits to individual accounts are indicators average fluctuations, apparently as a conof the volume of the Nation's business and sequence of exceptionally heavy Government are subject to fairly regular fluctuations on operations in connection with the March 15 alternate weeks, as the result of the larger installment of income and excess profits taxes. volume of transactions on weeks containing The last week in March saw the lowest volume the last day and the middle day of each month. of debits for the year— $6,393,000,000. Since For this reason, general upward and down- that time the weekly alternations have conward tendencies are not easily apparent. tinued, but each successive low has been During the present year the first two months somewhat higher than its predecessor. Thus, showed an unmistakable seasonal downward the low for April 27 was $6,910,000,000, while trend, reflecting the reaction after the in- the low for May 25 was $6,992,000,000. It creased volume of business caused by the appears, therefore, that there is a slight but Christmas trade and end-of-year settlements. unmistakable upward tendency in volume of For the week ending February 23 the low debits for the last two months. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE, 1921. FEDERAL RESERVE 751 DEBITS TO INDIVIDUAL ACCOUNTS AT BANKS IN REPORTING CLEARING HOUSE CENTERS —DEBITS FOR I9£O DEBITS FOR 1921 IK5 ii.000 11.0001 10.000 - . 4 ** j \ j f 1 1 i1 V 10.0001 \ \ /\ / \ 1 * /\ 1 \ \ 9.000 \ J 1 1 / / y\ V 1 / / \ 9.000 \ / j \\ / \^ 1 V1 8.000 \ \ / / / \J i\ > Js / \/ /\ V \ / \ i i i 8.000 7.000 1 / \ > 7000 f \ 6.0OQ 6.000 V 1 5.000 t '\ / S.000 4.000 lrf V-x \ / \ / 7 \ s y **. 1 /- r 4.000 / \ \ s/ \ / \ / 3.000 \f 3.000 j Z000 £000 I.OOO 1.000 0 AT 2 BANKS 11[ liZW YORK CITY. •3AN13 4: BATiKSIN.AU REPORTING :EirrERS. 1 6.000 6.000 5.000 / 5.000 \ \ i \ / \ .-- \ s \ > \ \ / * 4.000 \ (j s. •^»p* —'x \ 4.000 s s / \ y / / s \ 3.000 —1 aooo 2.000 2000 1.000 1.000 0 BANKS 01J "SIDE 0 HI fORK CITY. -Ll I M 11 M .LJ_LJ~n IT 1 I I T I 1 I TT II I I IT 1 I TT 1M I II 1 1 1 11 M M 1920 7 14 21 28 4 II f8 25 3 10 !7 24 31 7 14 21 28 5 12 19 26 2 9 16 23 30 7 14 21 28 4 II 18 25 I 8 15 22 29 6 13 20 27 3 10 17 24 I 8 15 1229 2209 192! S 12 19 26 2 9 16 23 2 9 16 23 30 6 13 20 27 4 II 18 25 J 8 15 22 29 6 13 20 27 3 10 17 24 31 7 14 21 28 S IZ 19 26 2 9 16 23 30 7 14 211 92281 JAN. FEB. 1 MAR. | APR. MAY | JUNE 1 JULT SEPT, 1 OCT. 1 NOVr DEC. Comparison of the movement of debits for amount for the corresponding period in 1920. the five weeks under review with that for the This lag compares favorably with the 25 per corresponding period of 1920 shows that the cent difference reported for the previous four general fluctuations for the two years have weeks. For New York City, which showed a been substantially parallel, although this reduction in the volume of debits earlier last year's fluctuations were considerably more year than did the rest of the country, this pronounced than last year's. The average year's weekly figures are only 16 per cent volume of debits for the most recent five weeks below those of last year. was about 19 per cent below the average Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN. JUNE, 1921. DEBITS TO INDIVIDUAL ACCOUNTS AT CLEARING-HOUSE BANKS. SUMMARY BY FEDERAL RESERVE DISTRICTS. [In thousands of dollars.] 1921 1920 Week ending- Week ending- Federal Reserve District. Number of centers Apr. 27. May 4. May 11. May 18. May 25. Apr. 28. May 5. May 12. May 19. May 26. in- 'luded Boston , 337,968 381,326 371,723 423,147 350,134 472,584 480,497 501,830 510,452 482,595 New York 3,633,454 4,383,619 3,951,005 4,769,214 3,728,729 5,153,062 4,999,839 4,821,757 4,675,732 4,830,296 Philadelphia.. 341,057 367,029 325,921 385,837 357,572 416,566 432,265 446,447 445,657 371,444 Cleveland 406,658 427,353 402,237 446,548 382,354 511, 733 501,336 501,268 527,157 523,281 Richmond 132,372 162, 862 142,062 153,400 143, 785 179,923 207,042 176,976 198,090 179,012 Atlanta 159,207 197,860 171,501 176,474 152,659 246,772 268,163 247,556 261,786 248,581 Chicago 844, 806 999,977 831,682 964,083 841,068 1,046,472 1,241,943 1,083,794 1,195,120 1,093,954 St. Louis 152,462 175,512 166,109 194,058 163,684 215,947 237,628 227, 757 253,885 223,657 Minneapolis.., 115,830 132,247 126,236 134,627 115,594 160,176 175,529 166,734 174,542 169,730 Kansas City... 219,511 244,968 228,331 237,441 21i;975 299,232 323,271 321,630 332,797 306,249 Dallas 114,531 127,931 132,142 134,802 125,420 155,499 148,501 153,410 164,738 153,389 San Francisco, 451, 77/ 475,472 433,364 477,283 419,245 523,460 519, 663 568,450 553,546 529,325 Total.... 153 3,909,633 8,076,156 7,287,313 8,496,914 6,992,219 9,381,426 9,535,677 9,217,609 9,293,502 9,111,513 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 week under review: Harrisburg, Pa.; Johnstown, Pa.; Reading, Pa.; Cincinnati, Ohio; Greenville, S. C; Huntington, W. Va.; Washington, D. C; Wilmington, N. C; Moline, 111.; Springfield, 111.; East St. Louis and National Stock Yards, 111.; Quincy,IlL; Springfield, Mo.; Atchison, Kans. DATA FOR EACH REPORTING CENTER. [In thousands of dollars.] 1921 1920 Week ending- Week ending— Apr. 27. May 4. May 11. May 18. May 25, Apr. 28. May 5. May 12. May 19. May 26. Distrlet No. 1—Boston: Bangor 3,413 4,113 3,668 3,415 3,221 5,310 3,617 3,591 3,837 3,530 Boston 1 210,361 1 241,160 1 238, S90 1 277,142 1 221,989 302,232 297,204 320,228 318, 040 310,634 Boston 278,715 314,500 309,765 350, 881 285,907 Fall River 5,654 5,582 5,464 5,411 5,367 9,315 11,633 10, 298 10,064 11,231 Hartford 18,167 22,128 19, 289 22, 818 18, 820 22,628 27,125 29,768 24,509 22, 547 Holyoke 2,933 2,897 2,847 2, 803 2,780 4,786 4,358 4,113 4,835 4,490 Lowell 4,366 4,278 4,336 5,380 4,227 6,217 5,896 6,297 7,022 6, 248 Manchester 4,283 3,978 4,465 4,842 3,918 4,677 5,008 5,055 5,194 4,879 New Bedford 5,156 5,395 5,327 6,686 5,179 9,108 8,416 9,710 11,430 9,211 New Haven 14, 356 18,411 16, 544 17.532 15,547 17,506 20,916 21,121 20,337 18,786 Portland 7,171 7,824 7,140 7,726 6,297 9,588 8,833 8,411 8,694 8,003 Providence 29, 285 31,937 31,181 34,486 29,040 38,163 43,224 40,429 45,762 40, 068 Springfield 12,821 12,835 12,769 13,656 11,949 16,871 17,266 15,397 19,966 17,041 Waterbury 5,478 6,447 5,430 5,550 5,858 6,907 7,327 7,203 8,771 7,187 Worcester 14,524 14,341 14,373 15, 700 15,942 19,276 19,674 20,209 21,991 18,740 District No. 2—New York: Albany 33,128 38,997 30,081 48,339 33,116 25, 561 36, 897 28,623 22,058 24, 858 Binghamton 3,427 3,871 3,691 4,292 3,723 4,143 4,613 4,884 4,908 4,836 Buffalo 52,261 60,007 53, 446 61,621 54,741 61, 824 69,781 68, 499 72,054 75,224 New York 3,499,083 4,230,772 3, 819, 8304,605,558 3,591,329 5,008,128 4,830,094 4,666,599 4,515,498 4,670,039 Passaic 4,390 5,009 5,023 5,479 4,619 5,934 4,940 5,583 6,207 5,652 Rochester 29,148 30,146 25,025 29,392 27,138 30,788 34,662 31,221 35,298 31,969 Syracuse 12,017 14,817 13,909 14.533 14, 063 16,684 18, 852 16,348 19,709 17,718 District No. 3—Philadelphia: Altoona 3,111 3,325 2,896 3,524 3,100 3,685 3,291 3,692 3,485 3,400 Chester 3,927 4,734 4,398 4,792 3,812 5,303 5,708 5,705 5,688 5,375 Harrisburg 5,945 6,763 5,817 6,545 6,174 Johnstown 5,095 5,781 5,160 4,649 4,811 Lancaster 4,634 5,314 4,579 5,071 4, 233 5,381 5,840 5,488 5,952 5,902 Philadelphia 280, 751 304,528 263,674 320, 858 297,731 350,597 365,058 377,033 378,693 302,329 Reading 6,526 6,101 8,920 9,214 Scranton 16,663 12,592 17,267 13,613 17,134 15,645 12,992 16,362 12,514 16,237 Trenton '. 10,203 11,500 10,234 11,500 9,531 11, 341 13,303 12,269 14,176 12,695 Wilkes-Barre 8,309 9,322 8,001 9,352 7,830 8,034 9,393 8,311 8,140 8,945 Williamsport 3,649 4,130 4,053 4,148 3,988 3,938 4,105 4,352 3,609 3,978 Wilmington 6,006 7,512 7,264 8,378 6,314 7,888 8,328 8,474 8,256 York 3,804 4,072 3,555 4,601 3,899 4,724 4,247 4,746 4,926 4,327 District No. 4—Cleveland: Akron 12,390 16, 879 16,534 13,140 23,127 23,161 29,968 32,752 30,717 Cincinnati 53, 093 56,600 56,392 66,560 54,937 Cleveland 117,046 133, 788 125,837 137,134 108,757 150,646 164,926 159,309 176, 820 163,149 Columbus 28,172 27, 315 25, 469 27, 806 26,264 27,732 26, 737 26,722 29,388 26,155 Dayton 11, 843 12,837 11,955 11,979 11, 524 11,672 12,425 12,286 12,135 11,852 Erie 5,926 6,429 6,035 6,459 6,207 7,137 9,232 7,732 8,064 7,687 Greensburg 3,664 4,085 3,316 4,407 3,732 5,195 4,503 3,710 5,317 4,635 Lexington 3,614 4,228 3,884 3,768 3,093 5,423 5,511 5,496 5,209 4,607 1 Debits of banks which submitted reports in 1920. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE, 1921. FEDERAL RESERVE BULLETIN. 753 DEBITS TO INDIVIDUAL ACCOUNTS AT CLEARING-HOUSE BANKS—Continued. DATA FOR EACH REPORTING CENTER—Continued. [In thousands of dollars.] 1921 1920 Week ending- Week ending- Apr. 27. May 4. May 11. May 18. May 25, Apr. 28. May 5. May 12. May 19. May 26. District No. 4—Cleveland—Con. Oil City 2,724 2,544 2,328 2,597 2,208 2,925 3,634 3,223 3,267 2,813 Pittsburgh 177,273 170,456 158,775 186,620 163,916 217,975 194,905 193,550 186,193 215,482 Springfield 3,588 3,832 3,939 3,568 4,051 3,561 3,059 3,645 3,207 3,393 Toledo 22,451 27,269 26, 813 25,764 23,510 31,769 30,926 33,264 44,777 30,529 Wheeling 7,399 8,015 6,957 8,567 6,963 10,339 8,852 7,982 8,338 Youngstown 10,568 9,676 10,395 11, 492 14,232 13,465 13,524 12,046 13,924 District No. 5—Richmond: Baltimore 78,818 99,716 86,387 95,458 90,333 101,380 115,737 102,794 113,920 102,873 Charleston 6,784 7,120 5,468 5,151 5,243 10,755 11,706 11,300 11,980 9,975 Charlotte 4,991 6,664 5,067 5,851 5,227 9,225 8,513 9,050 10,510 9,584 Columbia 5,319 5,551 4,979 5,361 4,893 6,338 8,248 7,520 8,832 8,553 Greenville, S. C 2,614 3,171 3,049 3,363 2,881 Huntington 4,386 5,234 5,315 5,042 4,750 5,648 Norfolk 11,684 13,199 12,190 13,148 12,723 13,565 22,134 18,113 20,091 20,663 Raleigh 3,800 4,300 4,400 4,250 3,950 4,430 3,800 4,700 4,800 3,500 Richmond 20,976 26,312 23,571 24,181 21,416 34,230 36,904 23,499 27,957 Washington 33,258 37,918 36,781 37,704 34,492 Wilmington 3,975 6,704 4,855 4,646 4,184 District No. 6—Atlanta: Atlanta 19,232 25,531 22,864 21,246 29,190 33,249 32,912 37,323 30,569 Augusta 4,464 6,186 4,045 4,961 4,457 9,399 10,873 9,115 8,976 9,936 Birmingham 12,214 15,858 12,771 15.313 12,135 16,699 19,833 17,273 17,468 17,836 Chattanooga 8,791 7,717 8,390 6,906 11,193 13,008 12,374 14,359 11,900 Jacksonville 9,375 11,722 10,942 11,230 13,260 15,653 14,744 15,233 14,175 Knoxville 5,560 6,595 6,276 5,729 4,614 6,687 7,421 6,893 7,462 6,484 Macon 3,374 4,419 3,902 3,776 3,569 6,625 8,542 7,149 8,633 Mobile 5,202 6,706 5,972 5,785 5,388 8,153 10,104 9,305 9,577 Montgomery 2,888 3,706 5,442 3,464 2,952 4,084 5,223 5,023 5,285 5,000 Nashville 18,588 20,306 20,552 19,335 18,558 26,528 26,248 28,684 27,556 27,803 New Orleans 55,430 67,436 51,531 53,637 89,098 85,934 74,003 80,372 81,816 Pensacola 1,203 1,540 1,446 1,976 1,331 1,945 2,707 2,280 2,780 2,236 Savannah 8,503 11,334 10,005 9,851 8,538 16,731 19,464 18,490 17,641 16,368 Tampa 5,176 6,346 6,676 5,736 4,474 5,222 7,596 6,991 7,061 5,813 Vicksburg.. 1,114 1,384 1,360 1,222 997 1,958 2,308 2,320 2,060 1,496 District No. 7—Chicago: Bay City 2,332 2,600 2,216 2,475 2,139 3,173 3,066 3,181 3,447 3,529 Bloomington 2,014 2,529 2,031 2,002 1,913 2,762 3,143 2,620 2,800 2,738 Cedar Rapids 9,075 10,248 9,532 10,396 7,797 8,638 7,584 8,114 7,436 7,639 Chicago 554,101 676,265 549,396 547,973 664,651 816,999 685,225 745,406 711,303 Davenport 7,163 7,634 7,286 5,903 6,551 8,504 9,974 7,154 8,473 8,253 Decatur 2,660 3,382 2,970 2,983 3,009 3,446 4,594 3,861 4,121 4,103 Des Moines 16,595 16,613 18,773 16,727 14,018 21,832 21,866 23,688 22,776 19,181 Detroit 103,464 115,769 82,556 163,448 108,291 136,379 156,036 134,229 169,916 136,126 Dubuque 2,769 3,027 2,915 2,825 4,299 4,313 3,890 3,936 3,897 3,358 Flint 4,294 5,425 4,359 5,170 5,326 10,126 10,140 9,322 12,171 7,901 Fort Wayne 6,186 6,874 6,657 7,154 6,494 7,537 8,724 8,612 7,813 Grand Rapids 17,798 18,655 16,672 18,653 19,068 23,141 23,570 21,910 23,581 22,179 Indianapolis 29,016 31,545 33,483 32,488 28,970 33,971 35,687 41,920 44,253 37,241 Jackson 3,451 3,892 3,064 3,347 3,943 5,000 4,800 4,720 5,813 3,401 Kalamazoo 3,476 4,333 3,801 4,482 4,054 5,087 5,346 5,017 5,197 5,153 Lansing.. 5,832 5,213 5,018 4,876 4,540 5,682 6,338 6,506 7,298 6,865 Milwaukee..".".'.'..'..'.'.'.'.'.'..'.'. 46,192 53,122 49,517 56,304 46,294 60,007 72,409 67,352 74,400 63,649 Moline 2,018 2,303 2,052 2,278* 1,803 Peoria 7,159 9,790 8,515 7,084 9,847 11,653 11,337 11,324 10,685 Rockford 4,077 5,113 5,587 4,946 4,385 6,462 7,281 6,391 6,242 Sioux City 8,617 9,161 8,234 7,943 7,635 17,866 19,082 18,961 17,698 16,302 South Bend 5,299 5,946 6,676 7,287 5,451 4,782 5,528 5,739 6,327 Springfield, 111 5,206 5,805 5,249 5,367 5,311 Waterloo 3,236 2,841 2,451 2,791 1,834 4,160 4,979 4,512 4,371 3,966 District No. 8—St. Louis: East St. Louis and National Stock Yards 8,201 9,060 8,740 9,425 7,462 Evansville 4,335 4,550 4,764 5,525 4,854 5,712 5,568 6,055 5,616 5,090 Little Rock 7,907 8,688 9,554 8,970 7,863 8,614 10,902 10,274 10,447 7,973 Louisville 120,413 122,277 122,785 126,184 i22,562 31,756 36,560 36,321 36,465 34,699 Louisville 26,538 28,582 29,752 33,646 29,200 Memphis 17,113 22,168 21,497 21,964 17,535 31,988 30,983 33,070 34,504 29,651 Quincy 1,878 2:627 2,523 2,153 2,065 St. Louis 1102,694 1117,829 1107,509 1131,415 1110,870 '137,'877 i53,*6i5 "142,037 "i66,*853 "i46,"244 St. Louis 115,386 131,280 120,871 145,768 122,725 Springfield, Mo 2,238 2,670 2,525 2,756 2,539 District No. 9—Minneapolis: Aberdeen 1,237 1,312 1,376 1,454 1,327 1,709 2,040 1,880 1,904 1,643 Billings 1,508 1,823 1,788 1,793 1,722 2,486 2,624 2,415 2,192 2,237 Duluth 16,873 16,480 14,574 15,754 14,466 24,681 24,499 23,038 22,824 22,758 Fargo 2,437 2,606 2,837 2,824 2,267 3,321 3,541 2,992 3,619 3,533 Grand Forks 989 1,286 1,146 1,055 979 1,756 2,066 1,971 1,826 1,772 Great Falls 1,627 1,613 1,646 1,753 1,545 1,948 1,897 1,693 1,909 2,142 Helena 1,592 2,072 2,051 2,018 1,558 2,376 2,681 2,658 2,527 2,025 Minneapolis 58,256 68,130 63,700 71,831 60,568 77,253 91,039 87,177 92,625 90,065 St. Paul 24,699 29,448 30,054 29,113 24,408 35,572 34,244 32,824 33,946 33,882 Sioux Falls 3,672 4,615 3,900 4,200 3,745 5,692 7,475 6,813 7,961 6,488 Superior 1,973 1,829 2,130 2,056 1,837 2.036 2,135 1,990 2,015 2,077 Winona 967 1,033 1,034 776 1,172 1,346 1,288 1,283 1,194 1,108 i Debits of banks which submitted reports in 1920. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

754 FEDERAL RESERVE BULLETIN. JUNE, 1921. DEBITS TO INDIVIDUAL ACCOUNTS AT CLEARING-HOUSE BANKS-Continued. DATA FOR EACH REPORTING CENTER—Continued. [In thousands of dollars.] 1921 1920 Week ending- Week ending- Apr. 27. May 4. May 11. May 18. May 25. Apr. 28. May 5. May 12. May 19. May 26. District No. 10 -Kansas City: Atchison 900 1,093 1,177 1,133 1,060 Bartlesville 2,160 2,384 2,060 2,467 1,963 3,644 5,171 4,950 3,096 4,288 Cheyenne 1,307 2,048 2.004 1,634 1,397 1,327 1,961 1,852 1,815 1,705 Colorado Springs 2,164 2,695 2' 447 2,274 2,513 3,192 3,344 3,684 3,114 3,053 Denver 34,695 36,375 29,942 31,700 31,602 43,707 49,616 45,882 43,433 44,667 Joplin 1,831 1,962 1,999 2,083 1,964 3,433 3,934 4,165 3,942 3,846 Kansas City, Kans 3,066 3,417 3,387 3,433 3,230 3,297 3,993 3,543 3,369 3,932 Kansas City, Mo 64,476 74,953 66,827 73,636 66,345 79,627 88,865 89,362 97,843 91,738 Muskogee 3,801 3,671 4,109 4,501 3,836 5,137 5,494 4 p»99 5,009 5,536 Oklahoma City 18,246 19,933 21,156 19,197 17,228 19,720 22,435 26^265 23,598 23,818 Omaha 37,739 39,866 42,221 42,814 37,333 57,293 61,381 60,218 75,067 56,012 Pueblo 3,786 4,105 4,239 3,969 2,712 4,065 4,075 4,501 4,969 3,819 St. Joseph 14,608 18,389 14,630 14,976 13,263 23,037 25,869 23,885 18,546 20,388 Topeka 3,602 3,887 3,802 2,794 2,613 6,487 6,644 5,723 6,087 5,481 Tulsa... 19,008 20,925 20,549 22,172 16,473 32,006 26,540 28,575 28,215 26,898 Wichita 9,022 10,358 9,791 9,503 13,260 13,949 14,426 14,694 11,068 District No. 11—Dallas: Albuquerque 990 979 874 1,619 1,505 1,650 2,082 1,821 2,020 1,654 Austin 2,007 2,742 3,491 2,759 2,969 3,617 3,796 3,941 3,441 3,079 Beaumont 2,690 2,784 3,415 3,125 2,841 5,314 4,556 4,914 5,066 4,467 Dallas 29,576 33,243 32,027 35,394 29,726 34,296 39,596 37,287 42,081 37,704 El Paso 6,708 8,175 7,622 7,926 8,644 9,115 11,085 11,127 11,111 11,915 Fort Worth 15,530 19,220 17,650 18,410 18,940 26,602 25,054 22,357 24,983 24,868 Galveston 17,892 16,853 22,757 18, 732 17, 776 9,100 8,170 7,988 9,266 8,604 Houston 22,109 25,305 23,931 24,795 23,248 40,000 32,022 33,879 39,149 33,430 San Antonio 5,792 6,088 6,583 7,031 6,51*3 8,878 8,284 8,437 8,450 8,409 Shreveport 5,902 7,062 7,146 7,827 6,875 9,202 5,557 13,214 10,151 11,755 Texarkana, Tex 1,125 1,366 1,504 2,003 1,281 2,153 2,509 2,279 2,525 2,040 Tucson 1,167 1,246 1,935 1,907 1,916 1,682 1,975 2,008 2,130 1,814 Waco 3,043 2,868 3,207 3,274 3,183 3,890 3,815 4,158 4,365 3,650 District No. 12—San Francisco: Berkeley 2,478 3,529 3,707 3,177 2,519 2,408 2,601 3,556 2,892 2,483 Boise 2,063 2,493 2,638 2,410 1,970 2,474 3,079 4,093 3,249 3,699 Fresno 8,559 8,670 9,851 9,791 8,749 8,816 7,098 10,307 12,359 12,485 Long Beach 5,404 5,767 5,267 5,640 4,631 5,287 5,223 6,226 5,395 4,015 Los Angeles 101,086 101,590 95,721 99,070 90,619 98,079 90,611 102,490 86,256 96,272 Oakland 17,672 18,651 22,171 19,766 18,108 20,549 19,454 23,091 23,386 20,477 Ogden 2,872 3,580 2,854 2,810 3,076 3,482 4,120 4,193 2,791 4,411 Pasadena 5,251 5,405 5,524 5,510 4,713 5,572 5,283 6,517 6,415 5,520 Portland 37,761 35,392 32,739 34,783 30,819 42,943 44, 771 50,524 47,162 41,029 Reno 2,200 2,323 2,528 2,694 2,507 2,839 2,517 2,953 2,863 2,467 Sacramento 10,993 18,952 12,621 10,950 10,245 13,038 12,176 15,118 12,077 11,149 Salt Lake City 15,571 13,828 12,876 12,843 9,573 17,453 19,142 17,468 16,998 17,110 San Diego 7,383 7,818 8,207 8,639 6,641 7,110 7,867 9,521 8,504 9,129 San Francisco 172,231 186,017 161,859 195,622 167,834 214,729 207,869 223,072 228,314 216,133 San Jose 6,620 4,700 4,178 4,352 3,905 4,422 4,810 5,593 5,784 5,034 Seattle 28,848 31,910 30,775 32,447 28,777 42,680 49,354 48, 407 52, 707 45,855 Spokane 8,982 9,846 9,669 11,181 9,973 12,523 13,669 12,860 14,217 12,462 Stockton 4,293 4,601 4,635 4,478 4,153 3,593 4,186 6,240 5,719 5,202 Tacoma 9,326 8,133 8,502 8,902 8,544 11,807 12,371 12,443 13,047 11,329 Yakima 2,184 2,267 2,042 2,218 1,889 3,656 3,462 3,778 3,411 3,064 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE, 1921. FEDERAL RESERVE BULLETIN. 755 FEDERAL RESERVE CLEARING SYSTEM. OPERATIONS FROM APR. 16 TO MAY 15, 1921. [All figures shown in thousands.] Items drawn on banks located in own district. Items for- Items for- Items drawn Total items warded to other warded to par- Total items on Treasurer ofhandled, exclusive Federal Reserve ent bank or handled, includ- B Fe a d n e k r a o l r R b e ra se n r c v h e . I s n b e r r F v a e e n d c B e h a r a c n l i k t R y o . e r - O o R r u e b t s s r e i a r d v n e e c F h B e c d a i e n t r y k a . l United States. of duplications. Ban b k ra s n a c n h d e s th . eir s t a o m b e r a d n is c t h ri c in t. ing duplications. N b u e m r. - Amount. N b u e m r. - Amount. N b u e m r. - Amount. N b u e m r. - Amount. N b u e m r. - Amount. N b u e m r. - Amount. N b u e m r. - Amount. Boston..; 652 505,811 3,108 350,289 150 19,629 3,910 875,729 143 44,590 4,053 920,319 New York 1,256 1,567,404 4,148 905,413 1,092 170,947 6,496 2,643,764 1,015 455,720 6,320 7,532 3,105,804 Buffalo 178 77,761 372 44,844 15 2,188 565 124,793 148 25,584 18,671 750 169,048 Philadelphia 1,533 670,067 1,958 211,262 235 53,070 3,726 934,399 667 150,544 4,1 1,084,943 Cleveland 326 179,292 1,034 130,054 86 6,304 1,446 315,650 32 17,527 9,554 1,505 342,731 Cincinnati 172 110,594 727 67,102 77 7,890 1983 1186,897 11 12,622 3,446 1,004 202,965 Pittsburgh 413 234,870 778 87,696 57 12,571 1,248 335,137 62 35,956 4,687 1,337 375,780 Richmond 104 106,249 1,720 223,893 60 8,147 1,884 338,289 135 48,505 9,726 2,063 396,520 Baltimore 221 138,130 635 66,991 65 8,874 921 213,995 50 22,887 8,160 1,040 245,042 Atlanta 95 49,753 298 37,441 36 4,243 429 91,437 28 13,185 5,101 492 109,723 Birmingham 258 33,372 124 6,973 13 1,196 395 41,541 14 7,436 14,776 435 63,753 Jacksonville 52 19,466 149 16,778 11 1,196 212 37,440 23 8,728 1,948 241 48,116 Nashville 49 26,724 181 19,115 20 1,752 250 47,591 30 3,985 918 289 52,494 New Orleans 57 42,425 99 11,002 38| 6,829 194 60,256 37 10,646 5 561 236 71,463 Chicago 726 518,407 3,234 291,835 486 58,528 4,446 868,770 268 28,431 7 1,620 4,721 898,821 Detroit 234 130,740 384 37,937 38 4,454 656 173,131 7 3,708 4 1,158 667 177,997 St. Louis 223 172,350 1,202 75,600 173| 11,613 1,598 259,563 24 4,212 8 685 1,630 264,460 Little Rock 40 19,716 251 15,302 9 1,184 300 36,202 1,107 21 2,177 327 39,486 Louisville 86 52,699 381 21,750 45 3,871 512 78,320 1,127 3 303 523 79,750 Memphis 61 21,795 142 8,122 11 1,301 214 31,218 2 551 2 263 218 32,032 Minneapolis 241 103,037 1,278 73,868 55 4,621 1,574 181,526 173 31,225 5 305 1,752 213,056 Helena 32 7,863 180 11,393 717 218 19,973 5 1,851 3 1,878 226 23,702 Kansas City 209 225,862 2,170 90,041 7,209 2,475 323,112 35,947 70 12,217 2,781 371,276 Denver 73 38,844 291 16,128 4,009 387 58,981 12,918 40 12,049 495 83,948 Oklahoma City... 56 49,922 835 69,430 1,294 900 120,646 7,900 13! 7,710 953 136,256 Omaha 87 46,211 506 32,316 2,562 1648 181,473 5,350 17 4,569 704 91,392 Dallas 134 50,616 1,438 162,789 3,310 1,601 216,715 13,550 41 4,389 1,712 234,654 El Paso 35 117 9,401 2 167 171 20,256 3,465 4 681 185 24,402 Houston 54 33,439 286 29,195 2,102 396 64,736 4,017 6 1,462 422 70,215 San Francisco 182 93,752 456 30,976 51,653 713 176,381 3,619 39 5,090 778 185,090 Los Angeles 288 111,022 804 65,553 9,338 1,125 185,893 13,089 47 10,752 1,258 209,734 Portland 54 28,120 182 10,749 4,074 255 42,943 1,451 28 3,655 287 48,049 Salt Lake City.... 43 21,060 351 26,957 2,187 407 50,204 10,765 10 6,983 429 67,952 Seattle 120 32,833 207 15,142 6,822 350 54,797 4,819 30 4,528 396 64,144 Spokane 34 16,361 155 9,182 1,756 199 27,299 1,551 15 4,515 223 33,365 Total: Apr. 16 to May 15, 1921 8,378 5,545,255 30,1813,282,519 3,238 141,804 19,319,057 3,5241,,048,568 729 170,857 46,05710,538,482 Mar. 16 to Apr. 15, 1921 . 9,967 6,382,199 33,7013,746,158 3,085 600,16746,751110,724,392 3,9411,,247,842 229,941 51,59012,:, 202,175 Apr. 16 to May 15, 1920 7,288 7,669,914 27,193 4,669,179 2,689 479,638137,176U4,559,731 3,252 742,960 717 234,308 41,145 15i,,536,999 1 Includes items drawn on banks in other Federal Reserve districts forwarded direct to drawee bank. NOTE.—Number of business days in period for Boston, Birmingham, Atlanta, Omaha, Dallas, El Paso, and Houston was 24, for other Federal Reserve Bank and branch cities, 25 days. NUMBER OF MEMBER AND NONMEMBER BANKS IN EACH FEDERAL RESERVE DISTRICT, MAY 15, 1921 AND 1920. Member banks. Nonmember banks. Federal Reserve district. On par list. Not on par list.1 1921 1920 1921 1920 1921 1920 Boston 437 432 255 254 New York... . 790 772 329 321 Philadelphia.. 700 687 455 422 Cleveland 877 858 1,083 1,078 Richmond 617 598 1,038 766 551 770 Atlanta 489 435 407 444 1,163 1,135 Chicago . 1,430 1,386 4,263 4,235 St. Louis.. .. 580 559 2,516 2,513 168 173 Minneap olis 1,013 954 2,794 2,913 55 Kansas City 1,092 1,057 3,411 3,374 Dallas 861 786 1,236 1,241 San Francisco. 861 779 994 941 102 Total 9,747 9,303 18,781 18,502 1,937 2,180 i Incorporated banks other than mutual savings banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

756 FEDERAL RESERVE BULLETIN. JUNE, 1921. GOLD SETTLEMENT FUND. during the three-month period amounting to $97,002,000. Continued reduction in the volume of clear- The Federal Reserve Bank of New York ings and transfers through the gold fund is gained $153,024,000 through interbank transnoted for the three months ending May 19, fers and lost $171,274,000 through settlements, 1921. Figures of daily clearings for the period the result being a net loss during the threeunder review aggregated $16,353,275,732, com- month period of $18,250,000. The Federal pared with $18,134,804,741 for the previous Reserve Banks of Philadelphia, Richmond, St. quarter, and were the smallest for any three- Louis, Dallas, and San Francisco also show month period since that ending in May, 1919. losses during the period under review, while The decrease of nearly 10 per cent from figures the remaining six banks show gains. shown for the immediately preceding quarter, Following are figures showing operations compared with an increase of about 6 per cent through the two funds from February 18 to in the corresponding period for a year ago, is May 19, inclusive: doubtless a reflection of the lower price level upon which the business of the country is CLEARINGS AND TRANSFERS THROUGH THE GOLD SETTLEbeing conducted and in some measure of a MENT FUND, FROM FEB. 18 TO MAY 19, 1921, INCLUSIVE. reduction in the volume of business. Interbank transfers declined relatively much Clearings. Transfers. more heavily, from $1,418,949,549 to $512,- 012,038, or by 64 per cent, the current figures Settlements of— Feb. 18-24 $1,161,428,346.93 $25,806,278.33 of transfers being the smallest recorded in any Feb. 25-Mar. 3 1,335,484,442.55 34,788,193.31 quarter since that ending in May, 1917. This Mar. 4-10 1,257,027,764.98 35,436,882.19 Mar. 11-17 1,385,235,075.65 15,559,326.20 reduction is due primarily to the continued Mar. 18-24 1,337,704,056.37 103,332,579.51 improvement in the reserve position of the A M p a r r . . 2 1 5 -7 -31 1 1 , , 2 1 2 5 7 6 , , 6 3 6 22 4 , , 1 7 8 5 4 8 . . 8 4 9 7 5 31 4 , , 2 8 4 6 8 8 , , 8 0 7 8 4 6 . . 5 1 Q 2 various Federal Reserve Banks, resulting in a Apr. 8-14 1,215,077,581.76 29,792, 760.79 Apr. 15-21 1,323,229,247.34 38,837,067.72 marked reduction in the amount of interbank Apr. 22-28 1,231,352,365.47 33,707,831.22 discounting. A M p a r y . 6 2 - 9 1 - 2 May 5 1 1 , , 2 1 2 7 8 4 , , 1 3 5 9 6 2 , , 5 8 7 3 8 1 . . 4 0 4 3 4 41 1 , , 8 8 0 3 6 4 , , 0 3 7 0 3 7 . . 4 1 6 7 The Federal Reserve Banks deposited $300,- May 13-19 1,320,200,498.48 24,993,776.98 102,000 net of gold in the fund between Feb- Total 16,353,275,732.36 512,012,037.59 ruary 18 and May 19, and during the same Previously reported for 1921 8,951,655,082.50 481,151,239.34 time made net transfers of $349,036,000 to Total since Jan. 1,1921 25,304,930,814.86 993,163,276.93 the Federal Reserve agents' fund, the banks' Total for 1920 85,074,217,886.97 7,551,584,236.15 fund thus showing a decrease of approximately Total for 1919 66,053,394,214.47 7,930,857,773.95 Totalforl918 45,439,487,000.00 4,812,105,000.00 $50,000,000, or from $505,901,000 to $456,- Total for 1917 24,319,200,000.00 2,835,504,000.00 967,000. The balance in the agents' fund increased by over $145,000,000, from $904,- CLEARINGS AND TRANSFERS COMBINED. 682,000 to $1,050,618,000, net transfers from Total for 1921, to date $26,298,094,091.79 Total for 1920 92,625,802,123.12 the bank of $349,036,000 being partially offset Total for 1919 73,984,251,988.42 by net withdrawals of $203,100,000 from this Total for 1918 50,251,592,000.00 Total for 1917 27,154,704,000.00 fund. At the close of business on May 19 the Total for 1916 5,533,966,000.00 Total for 1915 1,052,649,000.00 combined balances in the two funds stood at $1,507,585,000, the net addition to the funds Total clearings and transfers from May 20,1915, to May 20,1921 276,901,059,203.33 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE, 1921. FEDERAL, RESERVE BULLETIN. 757 INTER-FEDERAL RESERVE BANK CHANGES IN OWNERSHIP OF GOLD. Total to Feb. 18,1921. From Feb. 18 to May 19,1921, inclusive. Tot 1 a 9 l 1 c 5, h a t n o g M es a y fr o 2 m 0, 1 M 92 a 1 y . 20, Federal Reserve Balance to Bank of— credit, Feb. Decrease. Increase. 1 n 7 e , t 1 9 d 2 e 1 p , o p si l t u s s Ma B y a l 1 a 9 n , c 1 e 9 , 21. Decrease. Increase. Decrease. Increase. of gold since that date. Boston $126,431,113.65 $11,848,655.60 $35,588,111.04 $23,739,455.44 $150,170,569.09 New York $1,275,878,783.82 64,652,990.25 46,403,220.23 $181,,249,770.02 $1,294,128,553.84 Philadelphia "**86,*306,*548*83 52,829,660.21 41,694,496.75 11,135,163.46 "*75,"i7i,"385."37 Cleveland 328,106,929.09 68,478,404.01 76,318,809. 53 7,840,405.52 335,947,334.61 Richmond 19,591,758.50 53,859,230.59 21,182,176.52 32,677,054.07 13,085,295.57 Atlanta 45,790,964.25 17,474,831.54 15,196,750.34 22,671,581.88 68,462,546.13 Chicago 92,878,079.80 82,138,432.51 112,296,226.48 30,157,793.97 123,035,873.77 St. Louis 104,040,443.39 22,208,969.02 16,545,157.84 5,"663*8ii."i8 98,376,632.21 Minneapolis 9,375,848.13 4,887,112.96 10,025,928.50 " 5* 138,815.* 54 4,237,032.59 Kansas City "**43,'258,*952.*8i 31,999,671.23 34,333,606.29 2,333,935,06 45,592,887.87 Dallas 19,247,392.01 14,037,799.37 5,181,958.69 8,855,840.68 10,391,551.33 San Francisco... 419,602,449.62 57,501,020.95 42,200,672.95 15,300,348.00 404,302,101.62 L- J Total 1,285,254,631.95 1,285,254,631.95 456,967,115.16 456,967,115.16 91,881,987.41 91,881,987.41 1,311,450,882.00 1,311,450,882.00 1 Excess of withdrawals over balance Feb. 17,1921, and deposits since that date. GOLD WITHDRAWALS AND DEPOSITS, ALSO TRANSFERS AND CLEARINGS, FROM FEB. 18 TO MAY 19, 1921, INCLUSIVE. FEDERAL RESERVE BANKS' FUND. Federal R o e f s — erve Bank F B e a s b l t . a a n 1 te 7 c m e ,1 l 9 e a 2 n s 1 t t . with G dr o a ld wals. dep G o o s l i d ts.- wi a t t g h A r e a d g n n r g s t a ' r f s w e e g r a f s a l u s t n t e o a d. nd t a r d a g A e n e p g s n o f g t s e ' r s i r e t s s g f a u f a r t n e n o d m d . De I b n i t t e s. rbank tran C sf r e e r d s i . ts. Boston $49,460,108.70 $8,824,253.10 $1,212,800.00 $48,824,253.10 $11,212,800.00 $77,500,000.00 $9,241,080.24 New York 59,926,456.93 39,431,023.36 139,157,556.68 189,431,023.36 194,157,556.68 65,000,937. 50 218,024,929.30 Philadelphia. 42,294,402.97 11,750,392.76 81,285,650.00 115,750,392.76 126,285,650.00 20,000,000.00 14,500,937.50 Cleveland 96,814,574.89 22,940,348.32 9,604,177.44 37,940,348.32 9,604,177.44 123,000,000.00 78,745,090.55 Richmond 27,238,600.52 11,654,259.93 40,774,890.00 14,154,259.93 40,774,890.00 38,114,319. 74 60,000,000.00 Atlanta 9,196,706.80 8,676,133.34 43,904,595.00 62,076,133.34 45,404,595.00 6,509,000. 00 4,500,000.00 Chicago 116,398,668.65 13,797,568.34 44,537,332.20 78,797,568.34 44,537,332.20 57,500,000.00 7,000,000.00 St. Louis , 23,798,829.39 7,600,523.53 12,010,663.16 23,600,523.53 22,010,663.16 12,500,000.00 5,500,000.00 Minneapolis.. 7,648,852.45 8,268,239.49 1 506,500.00 8,268,239.49 5,506,500.00 12,410,609.56 11,000,000.00 Kansas City.. 33,325,966.94 8,836,552.38 11,510,256.67 14,836,552.38 13,510,256.67 15,000,000.00 6,000,000.00 Dallas 7,735,220.43 12,595,621.06 16,898,200.00 12,595,621.06 18,898,200.00 84,4863170. 79 83,500,000.00 San Francisco. 32,062,462.07 11,946,951.29 64,021,010.17 69,946,951.29 95,385,510.17 14,000,000.00 Total... 505,900,850.74 166,321,866.90 466,423,631.32 676,221,866.90 627,288,131.32 512,012,037.59 512,012,037.59 Settlements from Feb. 18,1921, to May 19,1921, inclusive. Balance in Federal Reserve Bank of— fu o n f d b u a s t i c n l e o s s s e Net debits. Total debits. Total credits. Net credits, May 19,1921. Boston $1,173,056,725.20 $1,265,055,100.40 $91,998,375.20 $35,588,111.04 New York $171,273,761.82 4,615,572,300.62 4,444,298,538.80 46,403,220.23 Philadelphia 5_,, 636,, 100.96 1,, 657,,.7 4.3,,0..02.06 1,652,106,901.10 41,694,496.75 Cleveland I I 1,348,839,049.60 1,400,934,364.57 52* 695*314." 97' 76,318,809.53 Richmond 54,562,734.33 I 1,452,019,519.83 1,397,456,785.50 21,182,176.52 Atlanta "5 17,099,924.~90" 541,771,506.78 24,671,581.88 15,196,750.34 Chicago 2,091,607,626.75 2,172,265,420.72 80,657,793.97 112,296,226.48 St. Louis 1,134,757,263.07 1,136,093,451.89 1,336,188.82 16,545,157. 84 Minneapolis 331,917,253.60 338,466,678.70 6,549,425.10 10,025,928.50 Kansas City I 916,155,519.74 927,489,454.80 11,333,935.06 34,333,606.29 Dallas 7,869,669.89 508,970,779.04 501,101,109.15 5,181,958.69 San Francisco ! 29,300,348.00 605,536,767.95 576,236,419.95 42,200,672.95 Total 268,642,615.00 16,353,275,732.36 16,353,275,732.36 268,642,615.00 456,967,115.16 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

758 FEDERAL RESERVE BULLETIN. JUNE, 1921. GOLD WITHDRAWALS AND DEPOSITS, ALSO TRANSFERS AND CLEARINGS, FROM FEB. 18 TO MAY 19, 1921, INCLUSIVE— Continued. FEDERAL RESERVE AGENTS' FUND. Federal Reserve agent, at— F s eb t B a . t a l e 1 l a a m 7 s n t , e 1 c n 9 e 2 t, 1. with G dr o a ld wals. Gold deposits, t t r o a G n b o s a f l n d e k rs . fr t o r m a G n o s b f ld e a r n s k. T i t d t o n r o r t c a a a l n b l u w s a d w f a n e i l i n k r s t s g . , h- fr p T t o e r o o m a l s u t n i a d s t b l s f i , n e a d r g n i e s n - k. M B b a a c u y l l s o a 1 i n s n 9 e c e , e 1 o s 9 s f a , 2 t 1. Boston $115,000,000 $50,000,000 $65,000,000 $10,000,000 $40,000,000 $60,000,000 $105,000,000 $160,000,000 New York 26,000,000 10,000,000 55,000,000 150,000,000 65,000,000 150,000,000 111,000,000 Philadelphia 112,389,260 61,000,000 45,000,000 104,000,000 106,000,000 104,000,000 110,389,260 Cleveland 140,000,000 15,000,000 15,000,000 155,000,000 Richmond 50,000,000 "48*666," 666 30,000,000 2,500,000 "48*666*666' 32,500,000 34,500,000 Atlanta 54,000,000 38,900,000 1,500,000 53,400,000 40,400,000 53,400,000 67,000,000 Chicago 188,144,500 105,500,000 65,000,000 65,000,000 105,500,000 130,000,000 212,644,500 St. Louis 53,530,600 28,000,000 26,800,000 10,000,000 16,000,000 38,000,000 42,800,000 58,330,600 Minneapolis 10,200,000 4,000,000 4,000,000 6,200,000 Kansas City 33,360,000 2,000,000 24,000,000 '"21,'666," 666 30,360,000 Dallas 9,234,000 16,000,000 10,000,000 2,000,000 18,000,000 10,000,000 1,234,000 Pan Francisco 112,824,000 35,500,000 31,364,500 58, 666,666 66,864,500 58,000,000 103,959,500 Total , 904,682,360 414,900,000 211,800,000 160,864,500 509,900,000 575,764,500 721,700,000 1,050,617,860 INTER FEDERAL RESERVE BANK TRANSACTIONS FROM APR. 22 TO MAY 19, 1921, INCLUSIVE. [In thousands of dollars.] Changes in ownership Transfers. Daily settlements. of gold through trans- Balance fers and settlements. in bank's Federal Reserve Bank. fund at end of Debit. Credit. d T e o b t i a ts l . c T re o d t i a t l s. Decrease. Increase. period. Boston 26,000 6,742 369,022 1,974 35,588 New York 40,000 62,025 1,406,577 1,351, 32,775 46,403 Philadelphia... 4,000 2,500 499,893 496, 4,634 41,694 Cleveland 13,500 11,075 399,587 407, 5,380 76,319 Richmond 31,114 30,000 433,852 421, 13,669 21,182 Atlanta 500 1,500 150,240 158, 8,875 15,197 Chicago 4,500 641,276 693, 47,533 112,296 St. Louis 1,500 500 335,248 332, 3,568 16,545 Minneapolis 4,911 10,000 102,205 100, 3,014 10,026 Kansas City 2,000 278,053 282, 6,362 34,334 DaUas 16,317 14,000 156,886 156, 2,692 5,182 San Francisco.. 2,000 181,263 167, 11,852 42,201 Total, four weeks ending- May 19, 1921 142,342 142,342 4,954,102 4,954,102 71,164 71,164 456,967 Apr. 21, 1921 154,747 154,747 4,922,294 4,922,294 469,148 May 20,1920 522,776 522,776 6,434,602 6,434,602 405,541 Apr. 22, 1920 503,354 503,354 6,795,464 6,795,464 366,504 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE, 1921. FEDERAL RESERVE BULLETIN. 759 GOLD AND SILVER IMPORTS AND EXPORTS. GOLD IMPOR1S INTO AND EXPORTS FKOM THE UNITED STATES, DISTRIBUTED BY COUNTRIES. Imports. Exports. Country. A D 1 e 0 1 n p u 9 d r d r 2 . i i a 1 n n 2 y . g 0 g s , A D 1 e 0 1 n p u 9 d r d r 2 . i i a 1 n 3 n y . g 0 g s , D m A 1 u o 9 p o r n 3 r f i i n 1 t l h . g , M 1 D e 0 n 1 u a 9 d y d r 2 i i a 1 n n 1 y . g g 0 s , J M a F 1 n a r 9 . y o 3 1 m 1 1 . t 0 o , J M a F 1 n a r 9 . y o 2 1 m 0 1 . 0 to , D A 1 e 0 1 n u p 9 d r d r 2 . i i a 1 n n 2 y . g 0 g s ,A D 1 e 0 1 n p u 9 d r d r 2 . i i a 1 n 3 n y . g 0 g s , D m 1 A u 9 o p o r 2 n r f i 1 i n t . l h g , D M 1 e 1 0 n u a 9 d d r y 2 i i a 1 n n 1 y . g 0 g s ,1 t J 0 o F a , r 1 M n o 9 . m a 3 1 y 1. J M a F 1 n a 9 r . y o 2 1 0 m 1 . 0 to , Austria $9,000 Belgium 38,391 $335,906 Denmark $1,182,261 $1,182,261 1,272,183 France 7,201,057"$277,'36b10,895,170$2,769,593 58,899,961 27,187 Germany 3,686 7,279 $10,000 Greece ".. 9,534 9,534 965,745 Iceland 912 Italy 91,020 91,020 102,285 40,000 201,339 Netherlands 2,777,080 4,109,74711,052,004 205,932 12,815,065 1,161,428 Norway 628,297 628,297 628,297 3,324 Portugal 4," 807 8,394 13,201 20,892 13,593 Russia in Europe 85,000 Spain.. .. 41,432 2,511,448 2,552,880 36,893 3,003,688 Sweden 11,560,594 8,502,20024,800,664 6,424,787 35,904,407 Switzerland 2,944 2,944 1,100 Turkev in EUTODG 238,488 United Kingdom—England 7,118,280 2,283,57613,770,89612,628,549 77,562,75356,026,757 13,235 Total Europe 29,895,04518,412,04864,995,92722,072,384 191,556,37857,608,195 226,586 -: = - - Bermuda 600 British Honduras 20 Canada 82,090 25,130 158,353 80,916 20,791,60418,909,820 $44,341$115,113$177,595 $63,651 $876,594 2,223,783 Costa Rica 27,86G 2,343 32,245 202,463 116,501 Guatemala 4,000 58,000 83,000 5,000 225,106 Honduras 17,418 • 9,189 36,984 15,230 173,031 111,547 19,000 Nicaragua 3,582 16,324 56,179 263,759 352,172 Panama 163,271 99,581 283,697 253,046 1,039,585 30,160 Salvador 29,G80 10,000 68,680 54,545 377,601 117,586 20,000 Mexico 151,767 92,973 354,932 243,861 2,045,029 1,698,651 34,500 24,950 87,852 48,515 3,234,352 12,828,676 Cuba 193 2,794 9,746 4,500 50,000 50,000 494 250,494 25,000 British West Indies 8,800 14,507 23,907 30,727 219,742 18,128 Virgin Islands of United States 10,000 Dominican Republic 16,000 Dutch West Indies 226,545 218,927 694,858 356,607 2,827,207 Total North America 711,437 534,425 1,755,774 1,096,111 28,175,47321,359,085 128,841 140,063 315,447 112,660 4,361,440 15,142,459 Argentina 302,190 387,056 14,175 630,768 25,693 89,995,000 Bolivia 372 1,538 5,542 Brazil 6,23i 6,231 14,783 4,585 24,300 250,000 Chile 12,373 2,358 14,731 67,566 197,467 400,000 Colombia 316,470 163,538 750,843 485,540 5,036,135 253,710 700,000 Ecuador 67,204 54,382 264,848 253,412 130,000 British Guiana 2.026 1,364 3,390 10,798 22,060 Dutch Guiana 4,042 1,236 5,278 26,382 Peru 48,840 76,667 128,611 88 395,301 329,577 Urufiniav 38,816 848,712 1,505,845 2,745,009 12,850,000 Venezuela 1,829 12,412 17,068 920 317,490 57,136 184,000 Total South America 424,396 1,414,708 2,886,257 555,477 9,510,618 1,149,182 24,300104,509,000 China 1,093,132 1,287,809 2,380,941 123,310 12,164,970 1,260 16,286,750 British India 871,748 2,148,538 3,214,415 75 11,294,623 6 4 , , 6 7 8 0 3 2 , , 4 0 5 1 4 3 Straits Settlements Dutch East Indies 46 758 204,063 2,268,802 60,000 7,845,105 French East Indies 4,160,000 4,160,000 1,845,892 6,005,892 Hongkong 1,600,851 1,600,851 4,446,396 47,400 18,540 68,340 95,450 616,510 22,676,362 Japan 2,208,234 7,262,067 Turkey in Asia 195,604 37,175 237,999 299,633 683,296 Total Asia 7,921,335 3,473,52211,640,964 2,268,910 37,007,474 2,270,062 47,400 18,540 68,340 95,450 676,510 65,455,751 Aiistr&liEL 3,900,287 217,000 237,900 10,746 756,926 346,398 Tahiti 300 Philippine Islands 60,491 49,300 132,791 57,121 449,908 220,370 1,240 2 040 21,665 British West Africa 13,250 13,'250 13,250 28,038 British South Africa 51,823 Portuguese Africa 166,328 107,439 Total, all countries.39,013,94424,114,25381,664,90326,060,7491271,610,13083,060,731 176,241 158,603 383,787 208,1102 5,062,550185,361,834 Excess imports or exports38,837,70323,955,65081,281,11625,852,639 266,547,580 102,301,103 i Inehides: Ore and base bullion, $18,734,003; United States mint or assay office bars, $428,000; other refined bullion, $190,462,000; United States coin, $13,862,000; foreign coin, $48,125,000. n ., „ _ , ... _cfi nnn * Includes: Domestic exports—Ore and base bullion, $27,000; United States mint or assay office bars, $390,000; other refined bullion, $56,000; coin $4,254,000. Foreign exports—Ore and base bullion, $1,000; coin, $335,000. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

760 FEDERAL RESERVE BULLETIN. JUNE, 1921. SILVER IMPORTS INTO AND EXPORTS FROM THE UNITED STATES, DISTRIBUTED BY COUNTRIES. Imports. Exports. Country. D 1 e 0 n u d d r i i a n n y g g s D 1 e 0 n u d d r i i a n n y g g s D m u o o r n i f n t g h D 1 e 0 n u d d r i i a n n y g g s J F a r t n o o . m 1 J F a r t n o o . m 1 1 e d 0 n u d d r i i a n n y g g s D 1 e 0 n u d d r i i a n n y g g s D m u o o r n f in th g D e O n u d d r a i i n y n g s g J F a r n t o o . m 1 J F a r t n o o . m 1 Apr. 20, Apr. 30, April, May 10, May 10, May 10, Apr. 20, Apr. 30, April, May 10, May 10, May 10, 1921. 1921. 1921. 1921. 1931. 1920. 1921. 1921. 1931. 1921. 1931. 1920. France • $2,000 $435 $2,537 $1,325 $78,124 $55,791 Germanv .... 20,2G6 21,219 41,485 48,281 128,838 Greece 209,799 Netherlands 805 369 Norway 14,453 Portugal 887 600 1,487 11,317 5,288 Spain 160 15,430 $42,260 United Kingdom, England. 1,294 53 2,283 ,103,870 1,130,543 519,759 $797,993$210,795$1,008,788 $278,293$5,029,109 1,438,306 Total Europe 24,447 22,307 47,792 1,153,636 1,574,856 595,660 797,993 210,795 1,008,788 278,293 5,029,109 1,480,566 200" 200 200 British Honduras 39,170 Canada . 127,622 96,711 261,562 65,454 1,631,512 1,588,848 63,383 23,723 266,193 46,166 1,031,212 5,001,365 Costa Rica 1,271 320 1,764 7,954 20,236 fji i o f ckjrt aja 15 19,980 500 500 Honduras 99,525 68,081 246,552 160,477 711,563 1,297,630 800 351,800 Nicaragua. 19 17,897 10,000 93,442 279,728 Panama 2 215 2,263 61,175 68,510 28,252 226,000 431,000 Salvador 2,300 2,300 8,381 3,471,060 50,000 Mexico 793,229 666,256 2,023,747 1,380,052 12,407,144 27,571,095 313,554 10,948 361,880 32,185 1,141,473 1,699,025 Cuba 1,971 2,054 9,401 40,194 2,526 1,756 4,282 2,572 305,625 769,967 British West Indies 24 24 1,598 1,744 6,941 5,552 5,942 94,392 17,255 Virgin Islands of United States 25,000 Dominican Republic 84,800 132,000 Dutch West Indies 154 350 1,070 1,000 French West Indies 20 Haiti 4,000 Total North America 1,023,862 835,682 2,558,317 1,679,106 14,940,736 34,448,954 379,663 141,979 638,497 80,923 2,850,202 8,431,912 Argentina 955 4,600 11,926 10,327 450 900 1,701 Bolivia 8,000 8,000 21,130 154,572 655,303 Brazil 238 238 40,509 293 2,333 Chile 126,367 18,885 145,252 890,644 1,539,672 Colombia 2,108 1,626 9,742 2,392 Q5}665 100,284 239,500 Ecuador 3,204 2,785 18,185 20,854 British Guiana 4 4 4 Dutch Guiana 42 6,380 1,002 Peru 142,633 243,497 451,394 14,844 1,803,132 5,594,394 Venezuela 12 66 412 10,000 Total South America 271,112 272,258 618,855 45,751 2,985,091 7,927,507 450 240,400 15,036 China 274 446 720 359 4,768 11,974 63,376 63,376 2,415,219 43,307,131 British India 40 53 93 100,000 100,000 1,615,985 223,211 Dutch East Indies 68,836 212,288 i*664,"76i French East Indies 4,058,373 Hongkong. 192 1,650 116,819 307,434 424,253 150,309 3,988,532 14,849,538 Japan 61,027 83,909 1,635,504 Russia in Asia 970 Turkey in Asia 315 315 Total Asia 274 446 69,596 727 217,656 1,678,325 341,222 307,434 671,538 150,309 9,655,240 62,439,223 Australia 1,860 New Zealand 33 67 231 3,463 Philippine Islands 353 2,525 3,378 454 8,283 6,789 Abyssinia 31 British South Africa 3,760 British West Africa 5,480 Portuguese Africa 14,251 75,935 Total, all countries.. 1,320,048 1,133,218 3,297,971 2,879,741 ^9,746,755 44,736,633 1,518,878660,208 2,318,823 509,975 217,774,951 72,372,217 Excess of imports or export 473,010 979,148 2,369,766 1,971,804 198,830 27,635,584 1 Includes: Ore and base bullion, $15,293,000; other refined bullion, $2,263,000; United States coin, $451,000; foreign coin, $1,740,000 2 Includes: Domestic exports—Ore and base bullion, $2,000; United States mint or assay office bars, $152,000; other refined bullion, $9,784,000coin, 1807,000. Foreign exports—Ore and base bullion, $2,000; bullion refined, $5,106,000; coin, $1,922,000. •• ^ • • . . .? Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

a DISCOUNT AND INTEREST RATES. I In the following table are presented actual d^count and interest rates Rates for all classes of paper, except paper secured by Liberty bonds, prevailing during the 30-day period ending May 15, 1921, in the various on the whole tended to decline from the levels prevailing in the period cities in which the several Federal Reserve Banks and their branches are ending April 15,1921. These declines have been most general in the case located. A complete description of the several types of paper for which of prime commercial paper purchased in the open market, in which case quotations are given will be found in the September, 1918, and October, they affect a considerable number of centers. Present rates for all classes 1918, FEDERAL RESERVE BULLETINS. Quotations for new types of paper of paper, except bankers' acceptances, are higher in most reporting centers will be added from time to time as deemed of interest. than rates during the same period of 1920. DISCOUNT AND INTEREST RATES PREVAILING IN VARIOUS CENTERS DURING 30-DAY PERIOD ENDING MAY 15, 1921. Prime commercial paper. Ordinary Bankers' acceptances, Collateral loans—stock exchange loans to District. City. Customers'. Open market. ! ! In l t o e a rb ns a . nk 60 to 90 days. or other current. C lo a a t n tl s e . S w r e a e c r c u e e r h i e p o d t u s b s , y e s c e u L c s i u t b r o e e m d rt e y b r y s etc. bonds and certificates 3 d 0 a t y o s 9 . 0 m 4 o t n o t h 6 s. 3 d 0 a to y s 9 . 0 m 4 o n to t h 6 s. Indorsed. ind U o n rs - ed. Demand. 3 months. mo 3 n t t o h s 6 . of e d in n d e e ss b . t- H. L. a H. L. H. L. C. H. L, C. I H. L. C. H. L. C. H. L. C.H.L. H. L. H. L. C. H. L. a H. 64 7 7 8 2 6 a * 8 64 71 8 7 1 7 7 1 7 7 1 4 I ! 8 7 5 7 £ 6- 7 7 6 5 | | 5 51 4 66-66 oo 44 ff 7 8 7 6 64- 7 7 7 8 7 6 4 6 s? 64 7 6 7 7 6 8 7| 8 8 74 8 f 8 6 7 7 6 7 7 6 7 6 7 6 6 7f 7 1\ 7| 7 7J 6 6 6 6 5 6 6 N N o o . . 8 /. . . . A B J C D M R B N N S L a t o h e i a i e t a . c e r c w l i u l t s k m m a c L t r h h i i s a o n s m o m v i p O o g v i t n u t i h a n o i o o r l g i l v i l l n s l r e h s e e e i d 2 l a a l m n e s 6 6 6 6 6 6 6 6 6 6 6 6 6 5 6 4 4 4 ^ H 6 6 7 4 - 4 6 6 6 - 7 7 6 7 7 7 6 6 7 8 - 7 4 8 7 8 7 7 6 6 88 8 8 6 7 8 8 7 6 6 6 6 6 7 6 6 6 6 6 6 6 6 J J 6 7 4 £ - 7 7 - 8 7 7 8 8 7 8 |6 6 6 8 7 4 4 7 - 8 8 7 1 8 7 7 0 | 6 6 6 8 6 7 J- - 7 7 8 8 9 7 7 7 6 8 8 7 8 8 6 6 7 6 6 6 6 6 6 6 4 6- 6 7 6 6 7 7 7 4 51 51 52 8 6 64-74 7 8 7 7 6 6 6 8 8 8 7 7 8 4 6 6 6 6 6 6 6 6 6 6 6 6 7 4 4 6 4 7 - 6 4 6 7 7 6 6 7 8 7 7 7 7 -8 I i 7 7 8 8 7 6 8 8 7 4 7 6 6 6 6 6 6 6 6 6 6 6 4 4 4 6 4 74 7 6 7 7 8 7 7 -8 7 6 6 7 7 4 6 7 6 6 6 6 6 6 7 6 4 4 4 74 7 7 7 8 6 7 7 6 6 7 6 7 7 -8 . .. . 7 . . . . . .i ! , '[ 8 8 7 6 8 7 8 7 6 7 6 6 6 6 7 6 7 4 4 4 7 7 4 6 7 8 7 7 7 -8 6 6 6 6 6 6 4 4 6 7 4 - - 7 7 6 7 6 7 4 Little Rock 8 7 8 7 8 7 8 7 8 7 8 7 No. 9... Minneapolis 8 7 7| 7J 817* 8 74 8 74 8 74 .| 8 74 74 7 Helena 10 8 8 7f 8 7-5 8 8 8 8 8 8 10 8 No. 10.. Kansas City 8 6 8 6 8 6 8 6 8 6 18 6 6-7 Omaha 8*7 8 7 8 8 74 8 7 8 7 7 Denver 8 6 8 7 8 64 8 8 64 8 64 8 6 7 Oklahoma City 8 6 8 7| 10 8 8 |10 6 10 7 10 7 10 6 No.il.. Dallas 8 7 8 6 8 6 8 6 8 8 8 74 72 8 64 El Paso 10 8 7 8 10 5| 10 8 10 8 10 8 10 6 Houston 7£6J 6 7 8 6 8 6 8 6 8 7 8 7 8 6 No. 12.. San Francisco 7 6 7| 74 74 64 64 7 6 7 6 7 6 7 6 7 64 7 64 7 6 Portland 8 6J 8 71 74 8 6 8 6 8 6 8 6 Seattle 8 7 71 7J 7* 7 54 5f S S* 8 7 8 7 i 8 7 Spokane 8 7 8 7 8 7 1 8 7 Salt Lake City 9 7 8 7 Los Angeles 8 6 8 6 8 6 74 6 5§ 52 7 5f 52 7 8 8 6 i Rates for demand paper secured by prime bankers' acceptances, high, 6; low, 54; customary, 6. 2 No report. OS Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

762 FEDERAL RESERVE BULLETIN. JUNE, 1921. MONEY HELD OUTSIDE THE UNITED STATES TREASURY AND THE FEDERAL RESERVE SYSTEM, MAY 1, 1921. General stock. U a T H n s r o s i e t e l a e d ts d s i u o n S r f y t t a t h a h t e s e e s F H ed B e e l a d r n a b l k y s R o a e n r s d e f r o v r e F U e T H d r n o e e i l r a t d a e s l d u o r R u y S t e t s s a a i e n d te r d e s ve c U T A a r n p m e i i a t t o e a s d u u o n ry S u t t t p a s a n e i t d e r d e s Government.1 System. Federal Reserve System. Gold coin (including bullion in Treasury). $3,089,679,782 $444,943,002 $ai,609,244,067 $400,753,864 Gold certificates 424,569,174 210,169,675 Standard silver dollars 276* 482," 326' """25* 022," 672' 8 33,038,269 44,933,940 Silver certificates 59,122,160 112,781,301 Subsidiary silver 27i,"658,"297* 9,494,814 261,563,483 Treasury notes of 1890 1,583,984 United States notes 346,681,016 7,282,672 «90,766,164 248,632,180 Federal Reserve notes 1.158,204,305 4,367,839 273,412,268 2,880,424,198 Federal Reserve Bank notes 175,014,400 1,975,102 18,928,102 154,111,196 National Bank notes 723,816,352 15,263,092 3,385,630 705,167,630 Total: May 1,1921 !, 040,936,478 508,349,193 2,512,465,834 5,020,121,451 $46.57 Apr.1,1921 1,082,773,866 496,945,969 2,534,743,843 5,051,084,054 46.91 Mar.l, 1921 L084,936,396 493,970,120 2,385,101,578 5,205,858,698 48.41 Feb. 1,1921 $,171,237,897 499,358,809 2,438,773,422 5,233,105,666 48.73 Jan. 1,1921 L 372,970,904 494,296,257 2,377,972,494 5,500,702,153 51.29 July 1,1920 r, 887,181,586 485,057,472 2,021,271,614 5,380,852,500 50.19 Jan. 1,1920 ',961,320,139 604,888,833 2,044,422,303 5,312,009,003 49.81 July 1,1919 ', 588,473,771 578,848,043 2,167,280,313 4,842,345,415 45.00 Jan. 1,1919 \ 780,793,606 454,948,160 2,220,705,767 5,105,139,679 47.83 July 1,1918 >, 742,225,784 356,124,750 2,018,361 825 4,367,739,209 41.31 Jan. 1,1918 >, 256,198,271 277,043,358 1,723,570,291 4,255,584,622 40.53 July 1,1917 5,480,009,884 253,671,614 1,280,880,714 3,945,457,556 37.88 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. * Exclusive of $288,017,808 held with United States Treasurer in gold redemption fund against Federal Reserve notes, but inclusive of balances in gold settlement fund standing to the credit of the Federal Reserve Banks and'agents. 8 Includes subsidiary silver. * Includes Treasury notes of 1890. FEDERAL RESERVE BANK DISCOUNT RATES. RATES ON PAPER DISCOUNTED FOR MEMBER BANKS IN EFFECT JUNE 1, 1921. Paper maturing within 90 days. Federal Reserve Bank. c T er r t e if a i s c u a S r t e y e c s ured b b y o L - n i d b s e a rt n y d acc T ep r t a a d n e ces. Co n m p . a m e p . e e s r r c . ial a 3 c m B c w m a a e n t p i o u t k t h n a r e i i t n n r n h c s g s e ' . s p a a a b A n f p u t d g m e e t r r r l i w o i c 9 m v n u i 0 e t t l a h - h t d t s u i s u a t n . r o y r a c 6 i s l n k , g of Victory indebtedness. notes. Boston 6 6 6 6 6 New York... 6 6 9 64 6 64 Philadelphia. *6 5J 6 6 6 Cleveland 6 6 6 6 6 6 Richmond 6 6 6 6 6 6 Atlanta 6 6 6 6 6 6 Chicago 6 6 9 9 6 St. Louis 6 6 9 Minneapolis.. 6 6 61 6* 64 Kansas City.. J6 6 6 6 6 Dallas 6 6 6* 9 64 San Francisco 6 6 6 * Discount rate corresponds to interest rate borne by certificates pledged as collateral. NOTE.—Rates shown for St. Louis and Kansas City are normal rates, applying to discounts not in excess of a basic line fixed for each member bank by the Federal Reserve Bank. In the case of St. Louis average borrowings in excess of the basic line are subject to an additional charge of 1 per cent; while in the case of Kansas City the rates on discounts in excess of the basic line are subject to a £ per cent progressive increase for each 25 per cent by which the amount of accommodation extended exceeds the basic line, with a maximum rate of 12 per cent. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE, 1921. FEDERAL RESERVE BULLETIN. 763 EARNINGS AND DIVIDENDS OF STATE BANK AND TRUST COMPANY MEMBERS. tSTRACT OF REPORTS OF EARNINGS AND DIVIDENDS OF STATE BANK AND TRUST COMPANY MEMBERS OF THE FEDER^ RESERVE SYSTEM FOR THE LAST SIX MONTHS OF 1920, ARRANGED BY FEDERAL RESERVE DISTRICTS. [In thousands of dollars.] District District District District District District District District District District District District Total b N a ( n o 3 . k 9 s 1 ). b N a ( n 1 o 3 k . 4 s 2 ). b N a ( n o 4 k . 6 s 3 ). b N a (1 n o 1 k . 0 s 4 ). b N a ( n o 5 k . 5 s 5 ).ba N n ( o 8 k . 4 s 6 ). ba N ( n 3 o k 5 . s 8 7 ). b N a ( n o 9 k . 1 s 8 ). b N a (1 n o 2 k . 0 s 9 ). b N a o ( n 6 . k 1 1 s 0 ). b N a ( o 1 n . 8 k 3 1 s 1 ). b N a ( o 1 n . 9 k 6 1 s) 2 . b U S ( a 1 n t n a , i 4 k t t 7 e e s s 7 d ). Capital stock paid in 35,261 175,384 24,935 40,834 14,733 25,050 98,554 27,675 10,147 8,460 15,071 50,402 526,506 Surplus 38,437 187,600 48,250 68,724 9,704 16,500 83,983 21,595 3,620 3,345 6,032 22,819 510,609 Total capital and surplus 73,698 362,984 73,185 109, 558 24,437 41,550 182,537 49,270 13,767 11,805 21,103 73,221 1,037,115 Gross earnings: Interest and discount 20,060 92,921 10,088 20,328 4,456 11,924 49,657 11,601 4,396 3,696 4,804 23,861 257,792 Exchange and collection charges 52 547 83 62 91 736 757 392 85 48 202 564 3,619 Commissions... 452 3,073 152 353 75 319 1,061 265 81 39 53 315 6,238 Other earnings 2,103 21,164 2,256 5,159 602 675 6,782 1,060 210 646 188 1,962 42,807 Total gross earnings 22,667 117, 705 12,579 25,902 5,224 13,654 58,257 13,318 4,772 4,429 5,247 26,702 310,456 Expenses: Salaries and wages 3,590 19,731 1,971 4,485 870 2,251 9,627 2,374 894 857 1,261 4,963 52,874 Interest and discount on borrowed money . . 1,218 8,188 891 753 796 2,469 4,363 2,146 482 629 630 1,360 23,925 Interest on deposits 7,511 34,159 3,114 9,028 1,374 2,438 16,485 2,967 1,474 1,050 733 9,209 89,542 Taxes 1,500 6,474 713 1,137 396 1,062 4,666 822 271 259 343 1,113 18,756 Other expenses 2,244 12,123 1,292 3,300 712 1,566 5,829 1,699 582 857 897 3,103 34,204 Total expenses 16,063 80,675 7,981 18,703 4,148 9,786 40, 970 10,008 3,703 3,652 3,864 19, 748 219,301 Net earnings since last report 6,604 37,030 4,598 7,199 1,076 3,868 17,287 3,310 1,069 111 1,383 6,954 91,155 Recoveries on charged-off assets... 169 1,136 36 222 47 110 869 96 45 24 55 436 3,245 Total net earnings and recoveries 6,773 38,166 4,634 7,421 1,123 3,978 18,156 3,406 1,114 801 1,438 7,390 94, 400 Losses charged off: On loans and discounts 1,174 5,336 23 192 130 1,052 1,295 793 372 158 859 1,659 13,043 On bonds, securities, etc 1,335 8,186 836 1,132 219 1,477 3,003 761 78 145 99 1,100 18,371 Other losses 105 1,461 126 366 31 168 1,141 327 61 21 212 658 4,677 Total losses charged off 2,614 14, 983 985 1,690 380 2,697 5,439 1,881 511 324 1,170 3,417 36,091 Net addition to profits 4,159 23,183 3,649 5,731 743 1,281 12, 717 1,525 603 477 268 3,973 58,309 Dividends declared 2,504 16, 308 2,450 3,917 859 1,564 6,147 1,659 396 441 737 3,618 40,600 Ratio of dividends declared to capital stock (annual basis), per cent. 14.2 18.6 19.7 19.2 11.7 12.5 12.5 12.0 7.8 10.4 9.8 14.4 15.4 Ratio of dividends declared to capital and surplus (annual basis), per cent 6.8 9.0 6.7 7.2 7.0 7.5 6.7 6.7 5.8 7.5 7.0 9.9 7.8 Ratio of net profits to capital and surplus (annual basis), per cent. 11.3 12.8 10.0 10.5 6.1 6.2 13.9 6.2 8.8 8.1 2.5 10.9 11.2 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

764 FEDERAL RESERVE BULLETIN. JL.NB, 1921. FINANCIAL STATISTICS FOR ENGLAND, FRANCE, ITALY, GERMANY, SWEDEN, AND JAPAN. A summary of banking and financial conditions abroad is presented statistically in the accompanying tables. Similar material will be published regularly each month in the BULLETIN. BRITISH FINANCIAL SITUATION. [Amounts in millions of pounds sterling.] Deposi E t n a g n l d a n n d o t a e n a d c c T o r u e n a t s s u , r B y. ank of Government floating debt. Nine London clearing banks.3 Discount rates. Currency n B o a te n s k .1 c n c e o a o a r n u t t t i d e t e f - s s i- p p o o a u D th n s b e i e d - l t i r s c . , bu C a ll n o i d i o n n.2 T b u r i e l r l y a s s . - r T a e r m y p a o d - - fl T d o e o a b t t i a t n . l g n M a s o t a h o t n c o i n a c d r e l e t y l . a v c n a o D d n u i c s n a - e t d s s - . I m n e v n e t s s t . - po D s e i - ts. 3 m b b a i o l n n ls k t . hs'6 m t b r i o a l n d ls e t . hs' standing. 1913, average of end Per cent. Per cmt. of month figures... 29 57 38 1920, end of— March 99 335 137 141 1,107 205 1,312 April 101 337 140 141 1,048 249 1,297 May 104 348 118 141 1,062 221 1,283 June , 107 357 192 146 1,050 244 1,294 July 107 362 134 152 1,058 204 1,262 August 106 356 116 152 1,067 183 1,250 September 109 354 127 152 1,139 143 1,282 October 109 356 137 152 1,028 241 1,269 November... 109 349 123 153 1,097 231 1,328 December 113 368 190 157 1,102 306 1,408 1921: January 109 342 129 157 1,145 242 1,387 1,207 341 1,810 February 108 336 127 157 1,110 1S9 1,299 1,172 340 1,754 March 110 344 138 157 1,1?1 155 1,275 1,145 336 1,715 April 109 338 141 157 1,100 190 1,290 1,127 334 1,710 May 108 333 128 157 1,152 163 1,315 1 Less notes in currency notes account. 3 Held by the Bank of England and by the Treasury as note reserve. 8 Average weekly figures. FRENCH FINANCIAL SITUATION. [Amounts in millions of francs.] Bank of France. Situation of the Government. Value of new stock Advances and bond Gold. re S s i e l r v v e e r s. D i e ts p . o * s- C t ir i c o u n l . a- p m G u t e o o r n p v t t o e h r s f e n o e - s r r G e m v o e e v n n er u t8 n e - . P d u e b b l t i . c 3 p P e p r r r e e i p r n c e e t c t e u o e . n a f l t u F p p is r l o a s e n u c n e e c t d s h h e of the market.4 war.8 1913, average.. 3,343 629 5,565 320 35,000 86.77 1920, end of— April 5 3,608 244 3,469 37,688 25,300 1,057 57.40 May 5 3,609 240 3,751 37,915 26,050 857 59.35 June 5 3,610 241 3,653 37,544 26,000 908 57.25 July 5 3,611 248 3,416 37,696 25,550 1,109 58.90 August 5 3,612 255 3,267 37,905 25,800 882 56.30 September '3,531 256 3,307 39,208 26,600 1,120 6 285,836 54.15 October... '3,537 264 3,474 39,084 26,600 1,332 56.20 November. 7 3,543 265 3,927 38,807 26,600 1,088 55.40 December. '3,552 266 3,575 37,902 26,600 1,168 57.95 1921: January... 7 3,553 268 3,429 37,913 25,600 1,204 59.16 995 February. 7 3,555 264 3,293 25,600 921 8 302,735 58.15 1,861 March 7 3,556 267 3,103 38,435 26,200 972 58.17 344 April 7 3,566 271 3,018 38,211 26,000 1,248 56.92 1,085 May 7 3,570 272 3,041 38,233 26,200 57.50 1 Includes Treasury and individual deposits. a Under the laws of Aug. 5 and Dec. 26,1914, July 10,1915, and Feb. 16,1917. » From indirect taxation and Government monopolies. * Figures of the "Association Nationale des Porteurs Francais de Valeurs Mobilieres." Bonds issued by the Government and the railroad c ompames not included. * Not including about 1,978 million francs held abroad. * Foreign debt calculated at the exchange rates of Sept. 30,1920. » Not including about 1,948 million francs held abroad. » Foreign debt calculated at the exchange rates of Feb. 28,1921. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE), 1921. FEDERAL RESERVE BULLETIN. 765 ITALIAN FINANCIAL SITUATION. [In millions of lire.] Leading private banks.1 Banks of issue. Government finances. Principal Loans, reve- Cash. c s d c o e p a e d o n u o n b i r t n n s r d t s - e t d s ' s - . - , c i s D c t r e p s e o e n o d p r a t n r o i s n e d t ' s d - s - - . c L o a d o u n i a n s d n - ts s . s G e r r o e v - ld e. s T e r o r e v t - a e l . i D l m t i t s a e d i a b e p a e n i s o - n l d . s i d - - l c C a m c i t o r i i e c a m o r u l n - - - . C a ti c o s i o t c r f n a c o t u t u h e f l o n e a . r t - n r S e c o t u n t a e r c t - y s e . m T s li e u r c e r e r t v r y a a e e s l - . - - S t b t r u e h i e r l r o a l y m r s s t . - - p T d u e o b b t l a t i . l c n t f n t m a a o r i u o n x o p o e m d a n o - s - lies during month.8 End of December, 1913 129 2,007 1,674 857 1,375 1,661 318 2,284 117 1920. January 825 13,054 12,094 4,173 1,038 2,021 2,376 4,920 2,345 338 February 749 13,571 12,629 4,671 1,038 2,047 2,224 4,848 March 818 14,421 13,397 5,322 1,028 2,053 2,296 5,478 April 850 14,884 14,045 5,804 1,038 .2,035 2,377 6,029 May 813 15,240 14,044 5,782 1,038 2,065 2,264 6,459 June 874 14,996 14,060 6,784 1,039 2,110 2,379 7,484 2,538 343 9,300 95,000 July 864 14,924 14,131 6,576 1,039 2,113 2,196 7,615 0,800 561 August 872 15,177 14,457 6,233 1,039 2,172 2,276 7,413 2,546 349 10,200 878 September 942 15,653 14,824 6,628 1,039 2,217 2,494 8,231 10,300 461 October 1,035 15,700 14,909 7,083 1,058 2,082 2,337 8,361 *2,'546" 10,700 99,000 1,268 D N e o c v e e m m b b e e r r 1 1 , , 0 2 9 9 7 7 1 1 6 6 , , 0 5 0 3 3 8 1 1 5 5 , , 8 3 0 1 1 5 6 7 , , 3 0 9 74 7 1 1 , , 0 0 5 5 8 8 2 2 , , 0 0 6 7 9 7 2 2 , , 5 5 8 5 9 9 8,577 1 1 1 3 , , 7 2 0 0 0 0 ioi'666' 1, 5 2 6 2 3 2 1921. January 1,184 17,113 16,392 6,931 1,058 2,045 2,635 8,658 10,606 822 February 1,012 16,842 15,961 7,158 1,059 2,221 8,618 10,308 1,210 March 1,061 17,096 16,425 7,144 1,062 "2*643 2,461 9,234 9,531 606 1 Banca Commerciale Italiana, Banca Italiana di Sconto, Credito Italiano, Banco di Roma. * Revenues from state railways; from post, telegraph, and telephones; from state domain; from import duties on grain; and from Government es of sugar are not included. GERMAN FINANCIAL SITUATION. [Amounts in millions of marks.] Reichsbank statistics. Situation of the Government. Value of new Dariehns- stock and Index kassen- Receipts bond number scheinein from issues of securi- Gold, D k R a a r u e s i i n e s c e d h h n n s - s- ci t N r i c o o u n t l e . a- Deposits, ci t r i c o u n l . a- t m G ax m o o l e i n v e e s o e s n p a r ; t n n o - d - Fl d o e a b ti t n . g 3 i m pe p lo r e a r c n i e a . n i l t 5 p lo w e a r a n c r J ent u m G p p a e l o a r r n c k m e e t a d h t n . e 8 pr t i i c e e s s.* scheine. 1913 average... 1,068 1,958 668 265 75.90 1920, end of— April 1,092 15,193 47,940 16,499 13,776 2,072 74.50 98.75 * 133 May 1,092 15,907 50,017 17,024 13,567 2,599 67.50 98.70 6 109 June 1,092 17,252 53,975 23,414 13,633 3,227 141,987 62.90 98.30 6 117 July 1,092 17,874 55,969 17,282 13,328 3,739 60.64 98.50 ^140 August— 1,092 18,686 58,401 15,772 13,266 3,635 148,750 60.80 98.70 148 September 1,092 19,861 61,735 20,054 13,348 4,126 156,825 62.25 99.90 161 October... 1,092 21,341 63,596 17,945 13,024 5,121 161,920 66.25 99.00 172 November. 1,092 20,363 64,284 17,340 12,370 6,130 165,918 68.60 98.75 179 December. 1,092 23,417 68,806 22,327 12,033 9,103 152,727 65.75 98.90 189 1921, end of— January... 1,092 22,810 66,621 15,834 11,341 8,721 67.00 99.50 2,042 179 February.. 1,092 21,982 67,427 17,357 10,755 »9.356 67.25 99.75 2,397 155 March..... 1,092 69,417 28,043 10,168 »8,527 166,329 67.60 99.70 894 *163 April 1,092 24,149 70,840 20,856 9,543 172,634 72.10 99.80 2,559 159 1 Quotations of the Berlin Bourse. * Calculated by the Frankfurter Zeitung with the prices of 10 bonds and 25 stocks. Prices as of Jan. 1,1920=100. «Compilation of the Frankfurter Zeitung. < As of May 3. »As of June 1. « As of July 1. ' As of Aug. 2. » Does no?include postal and telegraph receipts,which averaged 361,000,000 marks during the first 10 months of the fiscal year. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

766 FEDERAL RESERVE BTJLLETIJST. JUNE, 1921. SWEDISH FINANCIAL SITUATION. [In millions of kronor.] Biksbank. Joint-stock banks. Riksbank. Joint-stock banks. Bills Bills G b o u a l l n d li d o c n o . in ci N t r i c o o u n t l e . a- w co R i d t u h i i n k s - t t s e h - d e a c L n o d o u a n n d t i s s s . - G bu o a l l n d li d o c n o . in ci t N r i c o o u n t l e . a- w co R i d t u h i i n k s - t t s e h - d e a c L n o d o u a n n d t i s s s . bank. bank. 1913, end of December 102.1 234.5 155.2 2,286.9 1920, end of—Continued: 1920, end of: October 282.4 772.8 501.5 6,079.0 March 261.1 741.6 503.5 5,877.4 November 282.4 752.8 446.0 6,117.8 April 261.0 718.3 493.8 5,969.4 December 281.8 759.9 450.3 6,211.3 May 261.0 708.3 470.4 5,998.6 1921—January 281.9 672.5 429.2 6,172.6 June 261.1 736.5 527.6 5,982.9 February 281.8 687.6 451.3 6,119.2 July 261.3 724.8 511.8 6,028.9 March 281.7 716.9 442.2 6,093.6 August 261.4 742.2 566.0 6,007.4 April 281.8 680.5 400.5 6,065.3 September 279.8 779.8 544.7 6,068.7 | Mayi 281.6 651.1 5.982.7 1 Provisional. JAPANESE FINANCIAL SITUATION. [Amounts in millions of yen.} Bank of Japan. Tokyo banks. Tokyo a e d P n r e n r d p i m o v G s a e i o t n t e v s t . - a c L n o d o u a n n d t i s s s . - ci N t r i c o o u n t l e . a- re S s p e e r c v i e e .2 as T s t o o o c k t i a y a l t o ed c w l ( e b t a i a o t r n h t i a n k in l gs d A ( i T s v r c o a e o k r t a e u y g n o e t loans. the market). month). 1920, end of—1 Per cent. March 1,181 364 1,368 921 1,982 4,135 10.15 April 1,261 432 1,367 917 1,982 3,168 10.62 May 1,209 445 1,328 930 2,089 2,922 10.95 June 1,165 381 1,349 979 2,036 2,524 10.99 July 1,120 273 1,202 1,011 2,029 2,109 10.95 August 1,202 278 1,217 1,040 2,014 2,139 10.80 September. 1,079 180 1,170 1,078 2,076 2,032 10.59 October 1,048 164 1,192 1,117 2,133 1,922 10.48 November. 1,137 128 1,180 1,152 2,134 2,302 10.44 December.. 1,040 158 1,439 1,247 2,137 2,841 10.26 1921, end of— January... 1,071 115 1,235 1,235 2,171 2,013 10.33 February. 1,126 103 1,141 1,141 2,188 2,143 9.71 March 1,190 1,178 1,178 2,219 2,502 9.23 April 1,848 2,442 1 In case of Tokyo banks, and note circulation and specie reserve of Bank of Japan, last day of month. * It is generally understood that in recent years a certain portion of the reserve has been held abroad. Specie reserve figures do not include bank's own notes held in the bank. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX. •Acceptances: Page. Gold: Page. Banks granted authority to accept up to 100 per cent of capital Imports and exports— and surplus 670 During the month 694,759 Condition of the acceptance market 667 From November, 1918, to April, 1921 679 Held by Federal Reserve Banks 735 Production of the world 678 Open-market purchases of six months' acceptances, ruling on.. 648 Reserves of the principal countries 676 Purchased by Federal Reserve Banks 733 Gold settlement fund transactions: Purchases of bankers' acceptances direct from accepting banks, During the month 758 ruling on 699 During three months period 756-758 Renewal acceptances in import transactions, ruling on 699 Harding, W. P. G., summary of address of 671 Australia, index of wholesale prices in 726 Imports and exports: Bank debits 750-754 Gold- Banking situation, discussion of 654 During the month 654,759 Business and financial conditions: From November, 1918, to April, 1921 679 England 689,764 Silver 654,760 France 691,764 Index-digest of the FEDERAL RESERVE BULLETIN 655 Germany 694,765 Index numbers: Italy 693,765 Foreign trade 706 Sweden 696,766 Physical volume of trade 707 United States 656 Retail prices in principal countries 727 Canada, index of wholesale prices in 727 Wholesale prices abroad 652,723-727 Certificates of indebtedness issued 653 Wholesale prices in the United States 652,702,723 Charters issued to national banks 698 India, index of wholesale prices in 727 Charts: Interest rates prevailing in various centers 761 Assets and liabilities of Federal Reserve Banks 737 Italy: Assets and liabilities of member banks 744 Business and financial conditions in. - 693,765 Debits to individual account 751 Foreign trade 729 Earning assets, note circulation, and cash reserves of Federal Wholesale price index 725 Reserve Banks, also imports and exports of merchandise and Japan: wholesale price index 672 Financial conditions in 766 Earnings of the Federal Reserve Banks in 1920 673 Foreign trade 729 Gold imports and exports, November, 1918-May, 1921 680 Knit goods production 720 Gold reserves of principal countries 677 Law department, Supreme Court decision in Atlanta par clear- Physical volume of trade 708 ance case 700 Wholesale prices in the United States 703 Letters of credit: Check clearing and collection: Guaranteeing of 648 Operations of system during May 755 Use in financing foreign trade 648,681 Supreme Court decision in Atlanta par clearance case 700 Lloyd-George on German reparations settlement 651 Clearing-house bank debits 750-754 Member banks: Commercial failures 698 Condition of. 743-750 Condition statements: Number discounting during April 731 Federal Reserve Banks 736-742 Number in each district 731 Member banks in leading cities 743-750 State banks admitted to system 698 Cotton fabrics, production and shipments 719 Mitchell, J. R., appointed member of Federal Reserve Board 655 Credit: Money, stock of, in the United States 762 For financing exports 646 National banks: Letters of, use in financing foreign trade 648,681 Charters issued to 698 Debits to individual account 750-754 Fiduciary powers granted to 688 Delano, F. A., appointed Class C director of Federal Reserve Bank Norway, wholesale prices in 726 of Richmond 655 Par list, number of banks on 755 Discount and open-market operations of Federal Reserve Banks. 730-735 Physical volume of trade 707 Acceptances held 735 Prices: Acceptances purchased 733 Discussion of. , 652 Bills discounted 733 Retail, in principal countries 727 Bills held 734 Wholesale, abroad 652,723-727 Earning assets held 734 Wholesale, in the United States 652,702,723 Number of banks discounting during April 731 Protocol of the German reparations commission 674 Volume of, during April 732 Rates, discount: Discount rates: Discussion of 651 I D n i s e c f u fe s c s t i o J n u n o e f 1 v 7 6 6 5 2 1 I P n r e e v ff a e i c l t i n J g u i n n e v 1 a rious centers 7 7 6 6 2 1 Prevailing in various centers 761 Readjustment situation 645 Earnings of Federal Reserve Banks, chart showing 673 Reserve ratio of the Federal Reserve Banks 655 Earnings and dividends of State bank and trust company members 763 Resources and liabilities: England: Federal Reserve Banks 736-742 Business and financial conditions 689,764 Member banks in leading cities 743-750 Foreign trade 728 Retail prices in principal countries 727 Wholesale price index 724 Retail trade, condition of 720 Export credits 646 Review of the month 645 Circular of War Finance Corporation on 647 Rulings of the Federal Reserve Board: Failures, commercial, reported 698 Purchase of bankers' acceptances direct from accepting bank. 699 Federal Advisory Council, meeting of 655 Renewal acceptances in important transactions 699 Federal Reserve Banks: Silver imports and exports 654,760 Condition of 736-742 Speech of Gov. Harding, summary of , 671 Discount and open-market operations of 730-735 State banks and trust companies admitted to system 698 Earnings of, chart showing 673 Sweden: ' FEDERAL RESERVE BULLETIN, index-digest of 655 Business and financial conditions in 696,766 Federal Reserve note account 742 Foreign trade 729 Fiduciary powers granted to national banks f Wholesale price index 725 Foreign trade: Trade: Corporations for financing 647 Foreign. (See Foreign trade.) Discussion of 645 Physical volume of 707 Ind ex of 706 Retail, condition of 720 Letters of credit, use in financing 648 Wholesale, condition of 722 United Kingdom, France, Italy, Sweden, and Japan 728 Treasury certificates of indebtedness issued 653 War Finance Corporation circular relative to 647 Treasury, condition of 653 France: United States Supreme Court, decision of, in Atlanta par clear- Business and financial conditions in 691,764 ance case 700 Foreign trade 729 War Finance Corporation, circular of, relating to export credits... 647 Wholesale price index 725 German reparations settlement 650,674 Wholesale prices: Germany: Abroad 652,723-727 Business and financial conditions in 694,765 In the United States 652,702 Wholesale price index 725 Wholesale trade, condition of 72? Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE DISTRICTS ® FEDERAL RESERVE BANK CHRfES O FEDERAL RESERVE BRANCH CUTiES Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis