Federal Reserve Bulletin, 1921-07

FEDERAL RESERVE BULLETIN (FINAL EDITION) ISSUED BY THE FEDERAL RESERVE BOARD AT WASHINGTON JULY, 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. EDMUND PLATT, Vice Governor. A. W. MELLON, 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, J. F. 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. 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. \V W P« d rJ nnlr New York Pierre Jay Benj. Strong J.H.Case L. H. Hendricks.i L. F. Sailer J. D. Higgins.1 G. L. Harrison A. W. Giibart.i E. R. Kenzel Leslie R. Rounds.1 J. W. Jones.i Philadelphia R. L. Austin George W. Norris Wm. H. Hutt,jr W. A. Dyer. Cleveland D.C.Willis E. R. Fancher M. J. Fleming H. G. Davis. Frank J. Zarlinden Richmond Cald well Hardy George J. Seay C. A. Peple Geo. H, Keesee. A. S. Johnstone 2 John S. Walden2 Atlanta Joseph A. McCord M. B. WTellborn 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.1 D. A. Jones.i 0. J. Netterstrom.i A. H. Vogt. Clark Washburne.1 St. Louis Wm. McC. Martin D. C. Biggs 0. M. Attebery J. W. White. Minneapolis John II. Rich R. A. Young W. B. Geery Frank C. Dunlop.1 Kansas City Asa E. Ramsav J. Z. Miller, jr C. A. Worthington JR. W~\T. H~Merl\nmra. Dallas Wm. F. Ramsev R. L. Van Zandt Sam R. Lawder. San Francisco John Perrin J. U. Calkins Wm. A. Day W. N. Ambrose. ILr.a CC.l eProkn 3 tious*... 1 Controller. 2 Assistant to governor. 8 Assistant deputy governor. MANAGERS OF BRANCHES OF FEDERAL RESERVE BANKS. Federal Reserve Bank of— Manager. Federal Reserve Bank of— Manager. New York: 1 Minneapolis: Buffalo branch Ray M. Gidney. 1 Helena branch 0. A. Carlson. Cleveland: ! Kansas City: Cincinnati branch L. W. Manning. Omaha branch L. IL Earhart. Pittsburgh branch Geo. De Camp. Denver branch C. A. Burkhardt. Richmond: 1 Oklahoma City branch C. E. Daniel. Baltimore branch Morton M. Prentis. i Dallas: Atlanta: ! El Paso branch W. C. Weiss. New Orleans branch Marcus Walker Houston branch E. F. Gossett. > Jacksonville branch Geo. R. De Saussure. 1 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. in Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

TABLE OF CONTENTS. General summary: Page. Review of the month 767 Business, industry, and finance, June, 1921 781 Condition of the acceptance market 791 Index numbers of exchange values of foreign currencies 794 American bank acceptances 800 Business and financial conditions abroad: England, France, Italy, Germany, Sweden, Netherlands 802 Official: Rulings of the Federal Reserve Board 815 Law department 816 State banks admitted to system 814 Fiduciary powers granted to national banks 814 Banks granted authority to accept up to 100 per cent of capital and surp1 us 814 Charters issued to national banks 814 Price movement and volume of trade: Domestic— Wholesale prices in the United States 818 Foreign trade 822 Physical volume of trade 823 Retail trade 837 Wholesale trade 841 Commercial failures 817 Foreign— Comparative wholesale prices in principal countries 841 Comparative retail prices in principal countries , 847 Foreign trade—United Kingdom, France, Italy, Sweden, and Japan 847 Banking and financial statistics: Domestic— Statistical review of condition of Federal Reserve System during year 849 Discount and open-market operations of Federal Reserve Banks 857 Condition of Federal Reserve Banks 864 Federal Reserve note account 870 Condition of member banks in leading cities 871 Bank debits 877 Operations of the Federal Reserve clearing system 881 Gold settlement fund 880 Gold and silver imports and exports 882 Money outside the Treasury and Federal Reserve System 885 Discount and interest rates in various centers 884 Discount rates approved by the Federal Reserve Board 885 Abstract of condition reports of State bank and trust company members 886 Foreign— England, France, Italy, Germany, Sweden, and Japan 891 Foreign exchange rates 890 Charts: Index number of wholesale prices in the United States—constructed by Federal Reserve Board for purposes of internationa comparisons 819 Physical volume of trade 824 Movement of principal assets and liabilities of Federal Reserve Banks 865 Movement of principal assets and liabilities of member banks 871 Debits to individual accounts 877 IV Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN VOL. 7 JULY, 1921. No. 7 REVIEW OF THE MONTH. the present date, or later as subsequent events may determine. The fourth period is thus an For the third successive season the Federal ''expansion" or "inflation" period, within Reserve Board presents in the which may be recognized, if desired, certain Mid-year sta- j , BULLETIN { f h subperiods marking changes in credit control, tistical issue. J . . while the fifth period is a time of readjusta mid-year statistical numment. Characteristics of this latest period have ber. The purpose this year, as in previous been, on the banking side, reduction of loans statistical numbers, is to continue the review and bills held, retirement of note circulation, of current financial history, bringing it down gain in gold, and liquidation of investments; to June 30, 1921. As noted on former occawhile on the business side there has been lowsions, the annual report of the Board supplies ering of production, growth of unemployment, a general description and outline of existing falling off of foreign trade and reaction of conditions by calendar years. It has been ; prices. thought best, however, to furnish a critical Although the fact was not at the time realanalysis from the statistical standpoint, covized in its full significance, ering the intermediate periods ending June 30. turning point pj ^ physical volume of pro- The analysis published a year ago in July, 1920, rces in trade and in- duction, trade and business in reviewed the development of conditions up to dustry. general had reached their peak what has since turned out to be practically the during May and June, 1920. As is usually the "peak" of the post-war expansion in banking, case, the high point in banking accommodacurrency, finance, and business. Develoption came somewhat later. The year 1920-21 ments during the past year carry the so-called may, in fact, be divided into three subperiods, the "deflation" movement to what seems to be first extending from shortly before the middle of practically its limit, at least for the time, and 1920 to early autumn. During these months exhibit in their full effect the factors whose there was hesitation, reluctance to recognize consequences were seen only in an incomplete the fact that a time of recession had arrived, form at the time of the Board's last annual and a strong effort to hold prices, wages, and report. The figures herewith submitted show values in general at the level which had then the character of the conditions which have been reached. From early autumn until pracdeveloped during the past year and illustrate tically the opening of spring (1921) there was a the situation as affected by the process of steady recession of prices, values and wages, and restoring banking and financial soundness. a period of corresponding readjustment through- Five main periods in the history of the out almost all branches of industry and in almost Federal Keserve System were recognized at the all countries of the world. In fact, the downoutset of the last annual statistical review: ward movement had set in earlier in some for- November, 1914-December, 1916; January, eign countries than in the United States, many 1917-April, 1917; May, 1917-November 11, persons regarding Japan as having been the 1918; November 12, 1918-June, 1919; and first country to feel the effect of the new July, 1919-June, 1920. The better perspecbusiness factors which were later to make tive in which past events can now be viewed themselves felt elsewhere. The spring months would apparently indicate that the last period of 1921 would seem, in the light of information should be merged with the fourth or preceding now available, to be a period of approach to epoch, making the dates November 12, 1918, equilibrium in certain lines of business and of to May, 1920, while the fifth period in the hispreparation for recovery from the depressed tory of the system now appears as June, 1920, to 767 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

768 FEDERAL RESERVE BULLETIN. JULY, 1921. conditions that had developed The changes at the present time the corresponding figures referred to have, in fact, been practically world- are $102,184,000 and $5,242,041,000. The wide. If anything, they have been less ex- change in capital for the year has thus treme or violent in the United States than amounted to 8 per cent, reckoning the conelsewhere, not only in banking and credit, dition at the close of June, 1920, as a basis, but in production and trade generally. The while the aggregate of resources has fallen by year 1920-21 has been a period of reor- approximately 14 per cent. The advance in ganization. This reorganization, with its apital has, as in former years, been due to the effects, has, like all great business changes, gradual growth of the actual capitalization been directly reflected in our banking posi- of the members of the Federal Reserve System tion and in the corresponding position of already admitted, and in part to the movement banking systems the w^orld over. While it of new members into the system. The net would appear at the present time that the number of new national-bank members adperiod of readjustment is drawing to a close, mitted during the year ending June, 1921, has this does not necessarily mean that there will been approximately 251, while their contribube no further movement or recession or that tion to capital stock may be figured as $813,050. the readjustment process has completed itself. To this may be added the sum of $1,112,900 On the contrary, there are many factors which ubscribed by the 268 newly admitted State seem to make it sure that still further work in bank and trust company members, the rethe direction of readjustment must be accom- mainder of the increase in capital of Federal plished before even approximate stability can Reserve Banks being due to the automatic be arrived at. The facts now available, how- enlargement of the stock ownership of former ever, would indicate that the main elements members due to additions to their capital in business and industrial recession have made stock and surplus. their effects manifest, and that there have The fact that the system has steadily inbeen in the majority of lines fairly extensive creased in numbers and in strength is in strikrealignments of relationships. In all this ing contrast with the decline in total resources process there has been nothing more note- which, although moderate, shows, as already worthy than the effect of readjustment upon remarked, the reaction from the peak level. our banking institutions. This decline in resources has been due to the Comparison between conditions existing dur- gradual reduction of the amount of reserve ing 1920 with those which bank advances and is best reflected in the sources. have been attained at . the change in the item of total earning assets, close oi June, 1921, exhibit the wThich was reported at the close of June, 1920, following results: as $3,183,275,000, a figure which must be compared with a figure at the present time of Reserves, earning assets, and total resources of Federal Reserve Banks. approximately $2,060,495,000. The decline of [In thousands of dollars.] approximately $1,120,000,000 thus reflected as the outgrowth of the year's operations in Percentage change. connection with earning assets should be compared with the increase in the same item Ju 1 n 9 e 2 0 2 . 5, O 1 c 9 t. 2 0 1 . 5, Ju 1 n 9 e 2 1 2 . 9, June 25- O 1 c 9 t 2 . 0 1 - 5, during the year ended June 30, 1920, amount- Oct. 15, 1920. Ju 1 n 9 c 2 1 2 . 9, ing to $829,000,000. The volume of earning assets is therefore now very little less than it T T o o t t a a l l re e s a e r r n v i e n s g .. 2,108,605 2,154, 911 2,625, 458 +2.2 +24.5 was at the close of June, 1919. It is an interassets 3,183,275 3,421, 97G 2,060, 495 + 7.5 Total resources. 6, 074, 713 6, 610, 250 5, 242, 041 + 8.8 -13. esting fact that the rate of reduction during the second half of the two-year period in ques- As stated a year ago, the capital of the Fed- tion has been so nearly identical with the rate eral Reserve Banks was figured as $94,500,000 of expansion during the first half of the period. and total resources as $6,075,000,000, whereas The position of the system has thus been Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY, 1921. FEDERAL RESERVE BULLETIN. 769 brought well back toward the point at which June 29, 1921. Since there has been but little it stood when the war restrictions upon finan- change in the volume of Government deposits cial and productive activity began to be elimi- during the year, the reduction which is thus nated, not long after the armistice. Of shown to have occurred has taken place prispecial interest in this connection is the fact marily in member bank reserve deposits and that the reduction in the amount of bills held may be regarded as amounting to about $191,by the Federal Reserve System has been so 000,000. The remainder of the decrease is noteworthy. Bill holdings at the close of partly due to the withdrawal of foreign Gov- June, 1920, were not far from $3,000,000,000, ernment deposits. This should be contrasted while the situation at the close of June, 1921, with a growth in deposits during the preceding showed slightly more than $1,800,000,000 in year amounting to about $14,000,000 and a bills on hand. A falling off in round numbers growth in notes of approximately $617,000,000. of over one-third, or $1,200,000,000, in bills Attention was called a year ago to the fact that the immense increase in the note circulation held represents the results of operations during during the year 1919-1920 was undoubtedly the past year. Included in this reduction, it due in some measure to the fact that a larger should be noted, has been a decline in the bills amount of circulating currency was required secured by Government obligations, which have because of the great advance in prices and the fallen from approximately $1,300,000,000 at the consequent necessity of carrying a larger supclose of June, 1920, to approximately $648,ply of money in pocket with which to meet 000,000 a year later. Other bills discounted ordinary requirements. The recession in the amount, at the present moment, to a little less total amount of notes in circulation may be than they did a year ago, the net conclusion ascribed to a movement exactly parallel but being, therefore, that to date the process of credit opposite in direction. As prices have fallen, the accommodation, so far as the Federal Reserve factors already referred to have lost in inten- Banks are concerned, has altered but little sity, while other factors which had tended to the amount of commercial paper discounted, enlarge the circulation of Federal Reserve but has taken effect primarily in the restriction notes—such as the process of substituting of the loans collateraled by Government war them for gold and silver and of exporting them obligations. in large amounts to Central American and West Of special interest to the general student of Indian countries—have ceased to operate. banking in connection with the Indeed, in some cases the reverse flow has Notes and deoperations of the Federal Redoubtless set in. The significance, therefore, posits. serve System during the past of the situation is found in the fact that the year are the changes in the volume of outstand- reduction in outstanding circulation which has ing Federal Reserve notes as contrasted with occurred represents a corresponding change in changes in the deposit liabilities of the Federal the actual use of notes by the public. The Reserve Banks. Comparing the figures given movement of the items "notes77 and " deposits" a year ago with those now compiled, it will may be followed to good advantage in the brief be found that whereas at the end of June, table which is herewith submitted. 1920, the volume of Federal Reserve notes in circulation was approximately $3,117,- [In thousands of dollars.] 000,000, the total now in actual circulation is A r a o p s u p n c ro d o x n n i t u m ra m a s t t b e e e l d r y s w , $ t i 2 h th , e 6 r 3 e t 4 h fo , i 0 s r 0 e r 0 , e , d o 0 f u 0 c 0 o t — v io e a r n $ f i 4 a n 8 l l 0 t i h n ,0 e g 0 c 0 o i , f r 0 f c 0 u i 0 n - . Dates. n R F c a o i e e t r c i t s d c o e t e u u e s n r r l a . v a a i l n e - l de R F B p T e e a o d s o n s e e t i k r a t r s v s l a . e l of d r m e d e b p e p e a o N m o m n s r e a i k t b t t i n s s e n d . r g of lating currency of the system is to be noted a fall in total deposits from approximately June 25, 1920 3,116,718 1,916,086 11,347,041 Oct. 22 1920 3,35G, 199 1,816,289 11,240,588 $1,916,000,000 a year ago to $1,686,000,000 on June 29, 1921 2,634,475 1,685,788 10,046,398 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

770 FEDERAL, RESERVE BULLETIN. JULY, 1921. As already observed, perhaps the most inter- 1919-20. At the close of June, 1919, the total esting element of change in the volume of paper secured by Government war ^countofwar portfolios of reserve banks obligations held by Federal Reserve Banks was pa during the past year has been about $1,573,000,000, and operations during the lessening of the volume of war paper, or, to the following year had reduced the amount by use the technical expression, " bills discounted only $300,000,000. Progress during the past secured:by United States Government obli- year has thus been more than twice as rapid. gations/7 These, as already seen, have fallen The situation is reflected in the following off to approximately $648,000,000. A gratify- table : ing feature of the post-war development of Holdings of bills discounted by Federal Reserve Banks. the Nation's investment and financial mechan- [In thousands of dollars.] ism has been the ability that has been shown on the part of the public to absorb the outstanding obligations of the Nation, both in short June 25, Sept 3, Dec. 3, June 29, P a e g r e c e d n e t - and long term form. The existence of sub- 1920. 1920. 1920. 1921. crease. stantial investment capacity has laid the foundation for the absorption of Government Secured by G overnment war obligabonds and certificates, while the policy of the tions 1,277,980 1,332,892 1,160,685 647,761 151.4 Allother 1,153,814 1,412,035 1,616,116 1,123,801 2 30.5 Treasury Department in meeting market rates of interest has enabled both member and * From September 3. 2 From December 3. reserve banks, which had become large holders Although tendencies in trade and prices in of "war paper," to reduce this element of their foreign countries have been in portfolios in very material degree. The situa- Banking situa- many respects parallel to those tion abroad. tion has been well illustrated by the statement which have been observed in the made by the Secretary of the Treasury on June United States, the situation has been widely 8 in which he showed that the amount of different in respect to banking and credit. Treasury certificates pledged with Federal Foreign banking institutions have not shown Reserve Banks was only $55,000,000, while of the reduction either in notes or in deposits a total of over $4,000,000,000 of Victory notes which has been observed in the United States, only $188,000,000 were in the hands of member and such changes as have occurred have apparbanks in leading cities. The wholesale transfer ently been sporadic and in a far less degree of the evidences of Government indebtedness governed by definite influences. This is probfrom the banks to the people has been aided ably due to the fact that in many European by the Federal Reserve System, which no countries it has been necessary for the Governlonger encourages the carrying of such paper ments to rely much more steadily and more by preferential treatment of loans collateraled largel}r on banking aid than has been true in by public obligations. During the year such the United States, so that the conditions prepreference, originally granted in aid of the vailing in the central banks of those countries placement of Liberty bonds, has practically have not, as in this country, directly reflected disappeared. the condition and needs of business. The two items which stand out in foreign bank reports The disposition of investors to absorb and as of special interest to observers in this coun- "digest" Government obligations, taken in try are those of notes and deposits. conjunction with the policy of the Federal Reserve System already referred tOj has tended The considerable reduction in the circulation strongly to curtail the large holdings of paper of bank notes (amounting to more than 15 per collateraled by Government obligations which cent in the case of Federal Reserve notes had been built up during the war and post-war between June 25, 1920, and June 29, 1921), expansion period in the Federal Reserve Banks. already observed, has not been paralleled The progress during the year 1920-21 may be abroad. In England, currency notes to the contrasted with changes during the year extent of some £15.000,000 have been with- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY, 1921. FEDERAL, RESERVE BULLETIN. 771 drawn in the course of the year, but bank As during the year 1919-20, so during the notes have been increased by £5,000,000, with „ past year, the primary changes a resulting net decrease of £10,000,000, or 2 Reserve changes, f J *\, / . f, per cent in the total paper circulation. In m the reserve situation of the France and Italy there has been an increase United States have been due to alterations in in the circulation during the year, amounting gold holdings. The striking feature of the year to 8 per cent in the first-named and 11 per has been the resumption of gold movement cent in the last-named country. In Germany into this country, with the result that the gold the total of Reichs und Darlehnskassenscheine reserves of Federal Reserve Banks have been in circulation amounted to 63,600,000,000 increased to the extent of about $493,000,000. marks at the end of May, 1920, and 80,900,- The following brief table shows the movement 000,000 marks on May 28, 1921, or an increase of reserves as between the close of June, 1921, of 27 per cent for the year. and the corresponding date a year earlier. (000 omitted.) Note circulation—England, France, Italy, Germany. June 25, June 29, Per cent of 1920. 1921. increase. England- France. Italy. Germany. Total gold reserves $1,969,375 $2,461,931 25.0 End of— a C n o n d u f l o a r E r B t n e e n d a n s g . n c - k y N B Fr o a a n t n e k s c e o o . f f b N a i t o s h n t s r k e u e s s e e . o o f f I u s e R c n h e s h d n e i e - c s n D i h k n - s a a e - s r . - - Leg C al h te a nd n e g r e no s t es i , n s ilv t e h r, e e tc gold po 13 s 9 i ,2 t 3 i 0 on o 16 f 3 ,5 t 2 h 7 e Unit 1 e 7. d 5 States were of such significant importance as 000,000 £ 000,000 000,000 000,000 to call for special review in the June, 1921, francs. lire. marks. issue of the BULLETIN, where they were fully May, 1920 452 37,915 16,861 63,584 set forth, and they need receive only brief May, 1921 442 38,233 U8,76o 80,882 treatment at this point. As was then exi End of March, 1921. plained, the specie history of the United States since the end of November, 1918, approxi- The note circulation is a more significant mately the date of the armistice, may be factor in the study of credit conditions on the divided into two periods, the first extending Continent than in England or the United from that date through August, 1920; the sec- States. During the past year deposits of ond from the close of August, 1920, to approximember banks reporting to the Federal Reserve mately the present time. During the first of Board have decreased almost 12 per cent and these periods gold was moving largely out of earning assets of the Federal Reserve Banks the United States, although from April to 35 per cent. In England no reduction is August, 1920, the movement was somewhat shown between the end of May, 1920, and May, irregular, while during the second of the periods 1921, in the deposits at the Bank of England, the movement has been reversed. Roughly while Government and other securities held speaking, therefore, the year now under conhave been increased by almost £11,000,000. sideration coincides with the dates within Deposits—England, France, Italy, Germany. which the reversal of this gold movement has occurred. The total net importations of gold l E an n d g . - * France.1 [ Italy. m G an er y - .1 from the close of June, 1920, to June 10, ! Deposits Deposits i Deposits Deposits 1921, may be stated as $483,607,213. 1 with with with 3 with the End of— I Bank of I Bank of banks of Reichs- I England.! France. issue. bank. Imports and exports of gold. 000,000 I 000,000 000,000 francs, j lire. marks. Excess of Imports. Exports. exports (—) or imports May, 1920. 118 3,751 2,264 17,024 May, 1921. 128 3,041 2 2,461 14,094 July 1,1919-June 30,1920... $150,540,200 $466,420,606 -$315,880,406 1 Includes Government and private deposits, July 1, 1920-June 10,1921... 616,445,634 132,838,421 +483,607,213 s End of March, 192L Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

772 FEDERAL RESERVE BULLETIN. JULY, 1921. Speaking of the entire period since the armi- brought to bear upon the reserve banks. In stice, the survey in the June issue of the BULLE- the following table are shown the average TIN stated the situation as follows: monthly reserve ratios during the last six For the period as a whole, the United States imported months of 1920 and the first six months of 1921, $744,000,000 of gold and exported $700,000,000, so that the with figures computed for purposes of comparinet addition to the country's stock of gold is $44,000,000. son and designed to show the movement of the It should be noted that this is a comparatively small ratio as it would have been had no increase in amount; that the gains in gold since the recent gold movereserves taken place since June 25, 1920. ment set in have not much more than offset the losses of gold between the removal of the gold embargo in June, Average monthly reserve ratio. 1919, and September, 1920. It should further be noted that imports of gold have come from one group of countries, while exports have gone to another group. From the Actual. th H e y ti p c o a - l.i armistice to August, 1920, $375,000,000 of gold (net) left the United States, going largely to Japan, Argentina, 1920. 1921. China, British India, Hongkong, Spain, and Mexico. July 43.7 43. 5 January 47.5 43.8 From September, 1920, to the present time, $419,000,000 August 43.7 43.3 February 49.6 44.6 September. 43.3 42.7 March 50.2 44.0 (net) was imported, largely from England, France, Sweden, October 43.1 42.0 April 53.8 45.6 November. 43.7 42,2 May 56.4 46.8 and Canada. December. 44.7 42.5 June 59.1 47.9 These figures require some modification, due 1 With reserves remaining unchanged at the June 25, 1920, total ol to the fact that two months have elapsed since $2,108,605,000. the final date to which they refer. Making During the past year emphasis has shifted this allowance, it may be said that the net from the productive to the disaddition to the country's stock of gold from bu P si r n o e d s u s e tion and , t ri .- b , ut , i . ve aspec , t s o£i - i n3d us , try. the armistice to June 10, 1921, is approxi- The period has essentially been mately $120,000,000. As will be seen from one of readjustment. In leading industries comparison with figures already given, the there has been a tendency toward lower price bulk of the importation of gold* during the levels, as well as to a new and more stable past year has been added to the reserves of the relationship between forces which affect con- Federal Keserve Banks, and, since there has ditions in marketing. In certain industries been but little demand for gold for actual this tendency has apparently gone further circulation, it has remained there. than in others. This is noticeable in textiles. The great shipments of gold to the United jThus there has been a marked increase in cot- States have been the result of the slackening ton consumption, in wool consumption, and in and disorganization of trade and the disturb- the importation of raw silk. Similarly, there ance of financial relationships. In conse- has been an improvement in boots and shoes quence of these influences it has been necessary during the present spring, in particular in the to find some means of making settlement for women's branch of the industry. On the the most necessary shipments of commodities, other hand, in some lines the situation conand gold shipments have proved to be the most tinues to have many elements of uncertainty. available method of liquidating a part at least In the iron and steel industry, pig-iron producof current obligations. How far the inward tion during April was the lowest since June, gold movement will go can not now be pre- 1908, while May production was but slightly dicted, but it should be noted that such impor- better. Steel-ingot production has shown a tations, even when entirely deposited in the similar tendency. The nonferrous metal in- Federal Reserve Banks, are by no means the dustries have experienced a radical decrease in sole measure of their increasing liquidity. The prices, together with great curtailment of proimprovement in the reserve ratio resulting duction schedules. from such deposits of gold shows a technical Varied tendencies are shown in the fuel inincrease in banking strength, since it results in dustries. Bituminous coal production reflects the enlargement of the supply of specie avail- the change in the industrial situation, and has able for meeting any demands that may be shown a steady decrease during the present Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY, 1921. FEDERAL RESERVE BULLETIN. 773 year, until in May it amounted to only 66 per During the present spring some revival in cent of the figure for December, 1920. On the general has been noted. The volume of retail other hand, crude petroleum production dur- trade, on the other hand, has been better susing the year has shown an equally steady in- tained, although measured in money values crease. Anthracite coal production on the it has been less to date this year than during whole has been well maintained. The con- the corresponding period last year, in parstruction industries have reported an increase ticular in the South and West. during the past spring, although this has been The figures of traffic movements also indue in a measure to seasonal influences. After dicate that industrial and commercial reada considerable decline in production and ship- justment is in progress. From March, 1920, ments during the past winter, which was likewise to March, 1921, net ton-miles decreased 29.1 partly seasonal, the lumber industry has also per cent. After some months of alternate inexperienced considerable increase in activity. crease and decrease, the decline commenced The agricultural situation has felt the same about last November. influences. In general, the yield of the vari- The situation relative to production which ous crops during the past year was large. The has been sketched above is indicated more cotton crop in particular was the largest on fully in the following table, giving the total record since 1914, the final estimate being figures for the first five months of the present 13,197,775 bales. Until recently prices have year, as compared with the same period a year tended to decline, and as a consequence there ago, and with the last five months of 1920. was a general disposition on the part of the growers to hold stocks in anticipation of more (000 omitted.) favorable marketing conditions, as well as in January- January- D A ec u e g m us b t- er, certain cases a tendency to leave the lower May, 1920. May, 1921 1920. grade portions of the crops ungathered. Grain stocks on the farms remain very large, Total. R tiv el e a . - Total. t R iv el e a . - Total. t R iv el e a . the Department of Agriculture reporting the Receipts of live stock at 15 western markets amount of wheat on farms on March 1 as 26.4 (head) 25,110 100 24,047 95.8 26,472 105.4 Receipts of grain at 17 per cent and the amount of corn as 48.6 per interior centers (bushcent of the 1920 crop. On March 1, 1920, Si e g l h s) t receipts of cotton 316, 647 100 361,943 114.3 446, 625 141.0 only 17.6 per cent of the wheat and 37.5 per Sh ( i b p a m le e s n ) ts of lumber re- 4, 345 100 3, 794 87.3 5, 931 136. 5 ported by three assocent of the corn crops of 1919 remained on ciations (million feet).. 4,246 100 3,266 76.9 3,308 77.9 Bituminous coal prothe farms. The receipts of grain at 17 interior duction (short tons)... 212, 634 100 162,390 78.4 253, 806 119.4 Anthracite coal produccenters during the present crop year were 5 tion (short tons) 36, 093 100 37,717 104.9 36,602 101.4 Crude petroleum proper cent greater than they were a year ago, duction (barrels) 174, 414 100 196,147 111.9 193, 839 111.1 Pig iron production while sight receipts of cotton were only 82 per (long tons). 15,095 100 8,363 55.4 15,208 100.7 Steel ingot production cent of those in 1919-1920. Marketing has (long tons) 14, 654 100 8, 003 54.6 13,995 95.5 Cotton consumption been somewhat delayed and the movements (bales) 2,792 100 2, 049 73.4 1,968 70.5 Wool consumption thus far have been heavier during the later (pounds) 329, 890 100 223,192 67.7 165, 264 50.0 months of the season than a year ago. The shipment of live stock to market has likewise been considerably lower than last year, al- It is impossible to trace in equal detail the though it should be noted that the movement situation as to the production and distribuduring the season 1919-1920 was extraordi- tion of commodities in foreign countries, as narily heavy. The live-stock industry has statistics on these subjects are very limited. also been seriously affected by the low levels Foreign trade figures, however, furnish a basis toward which prices have tended. for studying the changes which have occurred CorrespondiDg to the general industrial in the value of exports, and thus may be used situation, the volume of wholesale trade has (if due provision be made for the effect of price shown considerable decrease in various lines. changes on trade values) as an indication of Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

774 FEDERAL RESERVE BULLETIN. JULY, 1921. general trade conditions. The decline in the hindrances, had already produced a considervalue of foreign trade has been a general able measure of unemployment. During the world-wide phenomenon similar to the decline latter part of June and in July the decreasing in wholesale prices. In the case of the United demand for factory labor was the subject of States and European countries the reduction quite general comment. The New England in the value of exports did not become pro- textile mills and the leather and shoe indusnounced until late 1920 or January, 1921; in tries were among the first to be seriously fact the post war peak of the export trade of affected by cancellations of orders, leading to practically all leading countries except Japan a sharp curtailment of output. Despite price was reached in the summer or autumn of 1920. concessions in some lines, notably textiles, Since the beginning of the new year, however, there was little evidence of a revival of business there has been a serious shrinkage in the value activity during the fall months, and in conseof exports from the United States, Great quence the new year opened with a serious lack Britain, and Sweden. French trade has shown of employment still manifest in the eastern disless extreme depression and Japanese exports tricts of the United States. At the opening of have improved in the most recent months. the year these conditions became more pro- The following table contrasts the situation at nounced, although there was some resumption the present time as compared with a year ago. of activity in the industries which had been the first| to ^eel the effects of depression, and op- Value of exports of merchandise. portunities for employment in such industries [000,000 omitted.] increased as time went on. The iron and steel U S n ta i t t e e s d . G B ai r r n e i . t a 1 - t France. Italy. S d w en e . - Japan. b in e d g u a s n t r t y o a b n e d a t f r fe a c n t s e p d o r b t y at l i a o c n k in o t f e b re u s s t i s n , e h s o s. wever, A special inquiry into conditions of employ- Dollars.Pounds. Francs. Lire. Kronor. Yen. May,1920 746 140 21,539 662 227 193 ment and changes in rates of wages undertaken May, 1921 330 50 2 1,619 3 853 <89 5 115 by the twelve Federal Reserve Banks at the rei Reexports included. * February, 1921. quest of the Federal Reserve Board showed 21919 basis. 5 April, 1921. 3 December, 1920, on 1919 value units. that establishments having 1,737,000 persons Production of basic commodities in England on their pay rolls on April 1, 1920, were emhas been heavily curtailed in recent months, ploying only 1,303,000 on April 1, 1921. An partly as a result of trade depression and partly exceptionally high degree of unemployment exbecause of the strike of coal miners. No coal isted in reporting automobile lines (55.2 per was produced in May of this year. The pro-cent), in building construction (60.4 per cent), duction during May last year was about and in iron and steel (41.5 per cent). Although 22,000,000 tons. Pig-iron and steel-ingot pro- considerable decreases were shown in the averduction for May was less than half that of a age weekly earnings, a very considerable part year ago, and shipments of cotton yarn and of this loss was undoubtedly due to reductions cloth in the first quarter of 1921 were less than in working time. The reports indicated, howtwo-thirds as large as shipments during a simi- ever, that rates of pay had been reduced in the lar period in the preceding year. Coal is the textile mills among others, and that such reonly commodity for which production statis- ductions had been especially pronounced in the tics are available for France and Germany. In South. Common labor had everywhere had both cases the present situation appears to be its rates of pay sharply cut. Wage rates had more favorable than a year ago. also been revised downward by the independent A year ago complaints of a shortage of labor, steel mills, but the United States Steel Corporaespecially in the rural districts, tion did not follow this example until the mid- Labor and ^ n although the dle of May. At the date of the special inquiry dustry. were st . i co . m mon ' . to (April 1) the majority of the organized skilled alarming increase in cancellagroups had not yet been affected by rate retions of orders placed with manufacturers, together with fuel shortage and transportation ductions, but subsequently such reductions Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY, 1921. FEDERAL RESERVE BULLETIN. 775 were very extensively announced, with a re- Among important recent developments has sultant temporary increase in voluntary unem- been the announcement of a Live-stock Secretary ployment due to strikes. lan initiated b the financing. r J . J Changes in industrial and financial condi- oi the ireasury to assist the tions which have been general live-stock industry. The details of the plan Discount policy. throughout the world, have were developed at conferences held during the been reflected in Federal Reserve discount rates. past month. The essential feature is the Conditions in May, 1920, were such as to lead raising of a pool of $50,000,000, half to be supto the establishment of a general advance in plied by eastern and half by western banking discount rates throughout the Federal Reserve interests. The Bankers Live Stock Loan Cor- System coinciding with a more than equivalent poration will be formed with a nominal capadvance in the current value of capital. The ital to facilitate the handling of the business. 7 per cent rate on 90-day commercial paper Loans will be made by the corporation with which was put into effect by the Federal and without recourse on banks and established Reserve System in May, 1920, or practically at live-stock loan companies. It is contemplated the beginning of the year which is now under that each State in which the loans are to be consideration, continued to be maintained until made will have a committee of at least three April-May, 1921, when it was reduced by those who are to pass upon the applications, after banks which had applied it to 6 or 6J per cent, which they are to be forwarded to Chicago for according to choice. At the same time some final approval by the managing committee. of the banks raised the rates which they had Preliminary announcements indicate that loans been charging for paper collateraled by Gov- will be for 75 to 80 per cent of the present ernment obligations, thus eliminating the dif- market price of the live stock, and the notes ferential which had existed in favor of such will run for not more than six months, with paper. It has, of course, been obvious that provision for four renewals if necessary. It is also the high rates which have been charged in stated that the loans will be made at the current some quarters have not been due to the policy market rates plus 1 per cent bonus, but it is beof the Federal Reserve Banks, particularly as lieved that interest in no case will exceed 8 per such high rates have frequently been asked by cent. It is expected that the corporation will institutions which were in no way dependent commence operations not later than July 15. on Federal Reserve Banks for accommodation, The course of development during the year while on the other hand not a few which have 1920-21 with respect to bankbeen largely accommodated have seen fit in vel A o c c m ep e t n an t ce de- ers , accepta , nc^s ha i s be -L e n alm i ost x some cases to continue their old rates to cus- precisely the reverse of the extomers who were thus carried at a charge which perience of the preceding year. Not only has was distinctly less than that of the Federal the volume of acceptances offered in the mar- Reserve Banks themselves. The Board in a kets of the country fallen off very decidedly, recent statement (June 4) on the credit situa- but the amount held by the Federal Reserve tion expressed the following view of existing Banks has likewise receded. According to conditions: figures prepared by the Federal Reserve Board the total amount of bankers7 acceptances It is the opinion of the Federal Eeserve Board that the growing out of both domestic and foreign trade country is approaching a new crop season with underlying conditions far sounder than they were a year ago. While operations held at all Federal Reserve Banks there are still large amounts of staple products being car- was at the close of June, 1920, about $400,ried over, financed partly on bank credit, the reserves of 000,000; the total of trade acceptances held the twelve Federal Reserve Banks are nearly 40 per cent at the same time was $30,000,000; while, higher than they were at this time last year. The Federal according to the computations of the Board, Reserve Board is gratified to know that the Federal the total of member bank acceptance liabilities Reserve Banks are prepared to extend liberal credits to member banks and through them to nonmember banks outstanding on May 4, 1920, was approximately for productive requirements of their customers. $673,852,000. Corresponding computations Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

776 FEDERAL RESERVE BULLETIN. JULY, 1921. made for the end of May, 1921, show that the the total outstanding, but is rather due to the total amount of bankers7 acceptances held by fact that a much larger number of the indi- Federal Eeserve Banks was $84,732,000, while vidual banks now hold acceptances as an inof trade acceptances the amount was $14,332,- vestment. The Acceptance Council has found 000. As contrasted with the acceptance liabil- that whereas on April 1, 1920, 55 per cent of all ity figure which is given above, the total amount outstanding acceptances were held by Federal for the current year (April 28) is figured as Reserve Banks, only 19 per cent were so held on $504,169,000. With these figures prepared for the corresponding date in 1921. This must be the Federal Reserve Board there may be asso- accounted an encouraging development in the ciated, as offering an interesting comparison, discount market which in some measure offsets figures prepared by the American Acceptance the discouragement due to the reduction in Council. The council recently sent out in- total volume of acceptances outstanding. The quiries to a list of banks doing an acceptance latter reduction is by many ascribed not to a business, receiving, in reply to 482 inquiries, disinclination on the part of banks to employ 417 answers. This investigation revealed a this paper, but simply to the fact that the total of bankers7 acceptances outstanding on country's foreign trade has shrunk very greatly April 1, 1920, amounting to $799,000,000 while during the past year, so that the acceptances ; for April 1, 1921, the total was $664,000,000. required in financing it would naturally undergo The discrepancies between these figures and a somewhat similar or parallel decline. Of notathose already given as the result of the inquiry ble interest in connection with the development made by the Federal Reserve Board in 1920 of the acceptance is the action of the Federal Reserve Board recently taken in raising the matuare mainly due to the inclusion by the American rity of acceptances eligible foi: purchase from 90 Acceptance Council of nonmember banks and days to 6 months. This action may reasonably private bankers doing an acceptance business. be expected to increase the total holdings of But even allowing for this lack of identity in acceptances by Federal Reserve Banks in very the base of computation, the degree of harconsiderable degree, although thus far suffimony in the returns is decided. The Amercient time to demonstrate its effects has not ican Acceptance Council investigation thus been afforded. shows a decline of 18 per cent for the entire country as against 25 per cent exhibited by Wholesale prices in practically all countries the figures of the Federal Reserve Board. of the world were at their post- When the figures are divided as between New P<rt CeS d war Peak or nad Jus^ begun to York City and the remainder of the country, it recede from those levels at the appears that the total acceptances of New close of June, 1920. During the summer of York banks have shown but little reduction that year the decline was gradual (except in during this period, standing at about $446,- the case of Japan) and in the leading European 000,000. Outside of New York, however, a countries was followed by another upward decline from $352,000,000 to $218,000,000, or movement in the early autumn. In the United 41 per cent, was noted. States prices began to fall at an unprecedented rate in August and continued to decline rapidly It is worthy of comment also that even to throughout the remainder of the year, the maintain the acceptances outstanding at their decrease between July, 1920, and January, present figure it has been necessary to include 1921, amounting' to between 30 and 35 per a large volume of bills drawn to create dollar cent. Reductions prior to the close of 1920 exchange. If to these are added acceptances were greatest in the case of the United States, drawn for the purpose of carrying commodities Japan, the United Kingdom, and France, and such as sugar, it will be seen that the volume least in the case of Germany and Italy. Since of acceptances actually created to facilitate the beginning of 1921 the earlier recession has the movement of goods has very decidedly continued, although in Japan and India prices fallen off. The decline in the total amount of have recently moved slightly upward once acceptances held by Federal Reserve Banks is more. The uneven reduction in prices has not, however, primarily due to a falling off in resulted in a change in the price relationships Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

777 JULY, 1921. FEDERAL RESERVE BULLETIN. existing among countries as compared with a Victory notes are effected from time to time year ago. At present American prices are nearer pursuant to the Treasury's program, there their prewar level than those of other countries. should be important further reductions in the They are also lower as compared with those Victory loan maturity. The result of this and of other countries than they were a year ago. succeeding issues of short-term notes, and of the debt retirements which the Treasury ex- General level of wholesale prices in different countries in May, 1920, and May, 1921. pects to make from time to time out of its current surplus, should be to spread the 1\ bil- [1913-100.] lions of short-dated debt, which is now con- Country. May, May, Per a c g e e nt- centrated in relatively few maturities, into a 1920. 1921. decrease. progressively smaller aggregate amount of bet- United States (Federal Reserve Board). 264 142 46.2 ter diversified maturities extending over the England (Statist) 305 191 37.4 France 550 328 '10.4 period from 1923 to 1928." The effect of Italy 660 547 17.1 Germany i 2 1,473 2 1,407 4.5 Treasury operations upon banking and finan- Sweden 361 218 39. 6 Norway3 368 294 20.1 cial conditions during the year has been less Japan 272 191 29.8 Australial 225 166 26.2 pronounced than at any previous time since Canada 263 183 30.4 India i 210 184 12.4 the beginning of the war. This has been due 1 July, 1914= 100. 3 Dec. 31, 1913-June 30, 1914=100. to the fact that the Treasury has been praca Beginning of June. tically upon a basis of equality of revenue and The year 1920-21 has been, on the whole, a expenditure, while the offerings of securities favorable period in the man- which it has made in the market have not Movement of o'ement of public finance and a withdrawn a quantity of funds greater than public finance. . & * was necessary to meet outstanding maturities, indebtedness. A net surplus of income on debt account being thus approxiapproximately $509,000,000 was shown for the mately equal to outgo. Since the department, fiscal year ending June 30, accompanied by a under the Federal Reserve Act, is now operatnet reduction of outstanding indebtedness ing upon a bank credit basis as distinguished amounting to approximately $514,000,000. from the theoretical cash basis of the older Revenues for the year were $5,625,000,000 independent Treasury system, the transactions and disbursements (both on ordinary acof the Government are automatically carried count) were $5,116,000,000. The methods of through upon the books of the banks and result Treasury financing have continued subject to in but little disturbance to business and finanbut little change, issues of short-term certificial operations. Slight stringency or " tightcates being made from time to time for the ness " of the money market prior to the quarpurpose of taking up old issues and of providterly dates of income and excess-profits tax paying current funds for use in intervals between ments, with corresponding relaxation when the periods of tax receipts. The most striking funds so received are paid out, afford the chief event of the year in Treasury practice was the visible indication of the current consequences of announcement by the Secretary of the Treas- Government collections and disbursements. ury on June 8 of his plan for issuing three-year As in many other particulars, the past 12 notes whose proceeds should be used to meet months have witnessed a recurrent maturities, including the Victory notes Investment versal of the tendencies which as the latter fall due. As was then stated by had previously been in evidence the Secretary, " Through the operation of the with respect to the issue of new securities. bond-purchase fund and the cumulative sink- Total issues of securities for the year 1920 have ing fund, and the miscellaneous retirements of been unofficially estimated at $3,106,930,500, the public debt, the amount of Victory notes while those for the first half of 1921 aggregate outstanding on May 31, 1921, had been re- $1,442,252,100, as against $1,800,000,000 durduced to $4,022,116,555, according to the preing the first six months of 1920. The same liminary statement of the public debt for that factors which had begun to show themselves in date. This means a total reduction to date in a limited way comparatively early in 1920 conthe amount of the Victory loan of about half tinued during the latter part of that year and a billion dollars. As similar retirements of Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

778 FEDERAL, RESERVE BULLETIN. JULY, 1921, have been even more pronounced during the from the overlapping period covered by the first six months of 1921. Stringent conditions calendar year 1920. Measured on the basis of in the credit market and high rates for money volume, with price changes eliminated, the have been the dominating factors throughout showing is more satisfactory. But the outthe year. On the other hand, the relative standing fact remains that the reduction in both stagnation of industry during the past eight the value and volume of our export trade has months, the falling off in export trade, and been most marked in recent months, having the comparative limitation of domestic de- steadily declined in every month of the present mand have resulted in reduction or suspen- calendar year. Indeed, if our export trade for sion of dividends by many enterprises and the coming 12 months should continue at the have made it obviously unwise to attempt the rate reported for May, it would amount in value issue of securities which in other circumstances to less than one-half that of the fiscal year 1920 would probably have been offered and mar- and to but little more than one-half the figure keted. There has been no lessening of the for the fiscal year just past. A somewhat simineed for capital for the development of indus- lar tendency in our import trade to move try and for the bringing up to date of invest- toward lower levels may also be noted, with ment in enterprises which had been retarded this difference, that while for exports the tendby the war. Some increase in building within ency became strikingly evident in the figures recent months has been observed, but for the reported for February and March of this year, most part the conditions surrounding the a radical decline in imports started with Sepinvestment of capital have not been favorable. tember, 1920. This decline was checked about The year has been equally unproductive of the beginning of this year, and, considering recovery in the values of securities. On June price changes, the volume of imports has ex- 22,1920, quotations of 20listed industrial stocks panded noticeably since then. Our trade has on the New York Stock Exchange stood at thus in recent months readjusted itself on a 90.16. By December 21,1920, they had reached basis more nearly approaching an equilibrium the lowest level touched for several years pre- between exports and imports than was the case ceding, standing at 66.75; and although dur- a year ago. Notwithstanding the readjustment ing the early spring of 1921 some recovery which has taken place recently, another large was noted, recent reactions have restored the export balance has been added during the average level to a point near that of Decem- fiscal year to the amounts already due us from ber, 1920, or 67.63 on June 28, 1921. Prices, abroad. On merchandise account the excess of too, have continued irregular, being unavoid- exports over imports in the 11 months ending ably influenced by the depression in industry with May was $2,710,000,000, as against and also by the continued high market value $2,794,000,000 for the period ending May, 1920. of investment funds. The Government's own That balance has been offset in part by net imsecurities have varied comparatively little, portations of gold and silver in the last 11 showing an average increase of only 1.37 months to the amount of $475,000,000. Our points in the case of selected issues of Liberty u visible balance" with the rest of the world bonds between June 26, 1920, and June 27, has therefore been increased during these 1921, while the rate of interest paid by the Gov- months by $2,233,000,000. Just what sum ernment on short-term borrowings, although has been added during the fiscal year to our slightly reduced, has not been markedly differ- unfunded balance is difficult to say. Taking ent from that of a year ago. into account, however, the additions to the On the basis of estimates of our foreign visible balance that are due to such items as trade for the fiscal year end- shipping services, and, on the other hand, the Foreign trade. ing Jun ^ 1921j tQtal exportg deductions which must be made for the export for the 12 months are approximately $6,500,- of capital in various forms, a theoretical un- 000,000, compared with $8,109,000,000 for the funded balance of perhaps $1,500,000,000 is fiscal year 1920. Exports have thus fallen off found to have resulted during the fiscal year. in value about 20 per cent from the previous Notwithstanding the smaller volume of many fiscal year, and by about the same amount lines of our export trade compared with last Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY, 1921. FEDERAL RESERVE BULLETIN". 779 year, a number of commodities show significant During the month ending June 10 the net increases. Among these are corn and wheat, r, ,, , .. inward movement of gold was Gold and silver & as well as the whole group of "foodstuffs in imports and ex- $51,803,000, as compared with crude condition." Especially to be noted, also, ports* a net inward movement of is the position which the United States has $88,020,000 for the month ending May 10. assumed as the world's leading coal exporter, England, France, Sweden, and British India, taking the place held for so many years by the combined, furnished over 70 per cent, or United Kingdom. $37,192,570, of the $52,731,000 of gold im- These changes in foreign trade should be reported during the monthly period ending June garded as affording a basic 10, other countries of Europe and the Orient Foreign exfactor f th gtud of ch furnishing most of the remainder. Of the gold change. . J & exports, amounting to $928,000, over threem ioreign-exchange quotations. fifths, or $568,000, was consigned to Hongkong, During the year the general tendency of exand the remainder to Mexico and Canada. change rates has on the whole been less fav- Net imports of gold since August 1, 1914, orable. There was a sharp reduction in the were $1,191,943,000, as may be seen from the values of nearly all European currencies during following exhibit: the latter part of 1920, and although this was succeeded early in 1921 in many of them, par- [In thousands of dollars.] ticularly in sterling, francs, and lire, by a Excess of recovery, the progress made has not been suffi- Imports. Exports. imports. cient to carry the general level of values back Aug. 1, 1914, to Dec. 31, 1918 1,776,616 705,210 1,071,406 Jan. 1 to Dec. 31,1919 76,534 368,185 i 291,651 to the point it had reached at the middle of Jan. 1 to Dec. 31, 1920 117,181 322,091 95,090 Jan. 1 to June 10, 1921 323,089 5,991 317, 098 1920. Comparatively little improvement has Total 2,593,420 1,401,477 1,191,943 developed in any branch of foreign exchange during the year, while, with some parts of 1 Excess of exports. the world, trade has come almost to a stand- Since the beginning of the present year still on account of the extreme reduction of net gold imports totaled $317,725,000. The largest gains are shown through imports from demand for goods and the inability to pay the following countries: England, $91,364,000; under existing conditions. Moratoria have France, $69,290,000; and Sweden, $42,554,000. been established in not a few countries, while in others conditions similar to a moratorium Gold exports during the present year were have developed. This has greatly reduced the consigned chiefly to the following destinations: volume of remittances and banking business Mexico, $3,430,000; Hongkong, $1,184,000; Canada, $1,042,000. transacted with several of the South American Since the removal of the gold embargo on countries as well as with a considerable number June 7, 1919, total gold imports and exports of oriental nations. The following table furhave amounted to approximately $772,802,000 nishes a brief comparison between the exchange and $681,878,000, respectively, the net gain rates of representative European nations for being approximately $90,924,000. Of the 1920 and 1921: total exports, $195,414,000 was consigned to Week ended Week ended Japan, $146,555,000 to Argentina, $72,767,000 July 3,1920. July 1,1921. to Hongkong, $67,396,000 to China, and the High. Low. High. Low. remainder principally to British India, Spain, Mexico, and South American countries. England , 3.9675 3.9425 3.7625 3.7138 During the same monthly period the net France .0852 .0818 .0809 .0798 Italy .0618 .0589 . 0502 .0484 inward movement of silver was $3,005,000, as Spam .1668 .1640 .1320 .1284 Germany .0265 .0259 .0139 .0132 compared with a net inward movement of Switzerland , .1815 .1808 . 1696 . 1680 Sweden (Stockholm) .2208 .2190 .2245 .2185 $2,644,000 for the month ending May 10. Holland .3550 .3525 . 3314 .3270 Belgium , .0887 .0863 .0807 .0792 Mexico furnished over 76 per cent, or $3,971,000 Argentina , .4190 .4150 .2999 .2979 China (Hongkong) .7550 .7375 .5038 .4938 of the $5,208,000 of silver imported during the China (Shanghai) , 1.0550 1.0300 .6713 .6580 Japan (Yokohama) .5125 .5125 . 4788 .4788 monthly period ending June 10, the remainder Canada , . 8801 .8748 . 8854 . 8763 coming principally from Peru, Canada, and 55762—21 2 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

780 FEDERAL RESEKVE BTJLUETIN. JULY, 1921. Honduras. Silver exports, amounting to Developments in the Federal Reserve field $2,203,000, were consigned principally to during the 4-week period ending June 22 England, Hongkong, China, Japan, and Canada. include reductions of $136,000,000 in the hold- Net exports of silver since August 1, 1914,ings of paper secured by United States Govwere $449,951,000, as may be seen from the ernment obligations and of $47,600,000 in the following exhibit: amount of acceptances on hand, a gain of [In thousands of dollars.] $57,600,000 in gold and of $61,800,000 in total Imports. Exports. E e x x c p e o s r s t s o . f cash reserves, besides practically a continued reduction in Federal Reserve note circulation, Aug. 1,1914, to Dec. 31,1918 203,592 483,353 297,761 which at the close of the period stood at Jan. 1 to Dec. 31,1919 89,410 239,021 ' 149,611 J J a a n n . 1 1 t t o o J D u e n c e . 1 3 0 1 , , 1 1 9 9 2 2 1 0 2 8 4 8 , , 9 0 5 6 5 0 1 1 1 9 3 , ,6 9 1 7 6 8 1 2 5 4 , , 9 5 7 5 7 6 $2,639,300,000, or 22.5 per cent below the Total 406,017 855,968 449,951 maximum of $3,404,900,000 reached on De- 1 Excess of imports. cember 23 of last year. Rediscounting with Changes shown in the condition of reporting other Reserve Banks is reported by the Richmember banks for the four mond, Minneapolis, and Dallas banks, though weeks endinS June 15 are due the accommodation accorded is quite modmainly to the series of fiscal erate, $41,700,000 on June 22, compared with operations connected with the collection about about $125,000,000 on the corresponding date that date of the second installment of income last year. and excess-profits taxes. In connection with Although subject to some fluctuation, these operations, the reporting banks show a reflecting temporary increases in Federal Retotal investment on June 15 of $152,000,000 serve note circulation and in reserve deposits, (out of a total of $311,000,000 allotted) in the the reserve ratio shows a further rise for the newly issued 3-year Treasury notes, an increase period from 57.6 to 60.4 per cent. This induring the report period of over $60,000,000 in crease is due to almost exactly the same extheir holdings of Treasury certificates, and the tent to an increase of $61,800,000, or 2.4 further reduction by about $50,000,000 in their per cent, in reserves and to a decrease of loans to customers secured by Government obligations. "All other/7 i. e., largely com- $104,200,000, or also 2.4 per cent, in Federal Reserve note and deposit liabilities mercial, loans at the close of the period were about $170,000,000 less than on May 18, while combined. accommodation of reporting banks at the Principal changes in the condition of the Federal Reserve Banks decreased by about Federal Reserve Banks are shown in the $161,000,000, or from 8.7 to 7.6 per cent of the following exhibit: reporting banks7 total loans and investments. The main changes in the condition of the re- Federal ReserveBanks. porting member banks are shown in the fol- [In millions of dollars.] lowing exhibit: Bills discounted. Reporting member banks. [In millions of dollars.] Secured Federal N of u r m ep b o er rt- a c L n o d o u a n d n t i s s s - a p c n R a o d y e u a d n b b is i t l s l - e ls R ac a c ti o o m o - f Net Date. G U S m o n t b v a e i y e t t n e e r t s d n- ot A h l e l r. do T o )o ta s l its. n R c a o i t e r c i t c s o t e e u u n s r l a . v a i l n e - p R e r e r a s t e c io r e v , n e t. Date. ba in n g ks. m in a v e n n e d s ts t- . R Fe w e d s i e e t r h r v a e l m ( t 3 o io - d n 2 a ) - . d d e e p m o a si n t d s. o t b io li n g s a . banks. 1 2 3 4 5 May 18. 821 15,447 1,314 8.5 10,156 May 25. 794 1,076 1,706 2,735 57.3 J J J M u u u a n n n y e e e 2 8 1 l. 5 5 . . . . . 8 8 8 8 1 1 1 2 7 8 8 0 1 1 1 1 5 5 5 5 , , , , 4 1 3 2 1 7 4 8 8 9 6 7 1 1 1 1 , , , , 3 1 3 3 5 6 2 8 8 8 9 5 8 7 9 8 . . . . 9 6 7 1 1 1 1 1 0 0 0 0 , , , , 3 2 2 1 1 8 7 5 3 4 6 3 J J J J u u u u n n n n e e e e 1 8 2 1 i . . 5 - 6 6 7 7 6 5 4 7 4 8 7 4 1 1 1 1 , , , , 0 0 1 1 9 4 5 4 6 3 2 9 1 1 1 1 , , , , 6 9 7 7 9 2 3 2 7 9 5 0 2 2 2 2 , , , , 6 7 6 7 1 3 5 7 1 1 9 4 6 5 5 5 0 6 7 8 . . . . 4 4 8 3 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY, 1921. FEDERAL RESERVE BULLETIN. Y8l BUSINESS, INDUSTRY, AND FINANCE, JUNE, 1921. Conflicting economic tendencies have been at work during the month of June. Of these some have tended to lower the level of business activity, while others have tended to advance the movement of recovery which has set in during the past few months. The indications at the close of the month are accordingly not as conclusive with respect to probable future developments as would otherwise be the case. Good conditions have continued in several branches of domestic trade, and in these such recession as has occurred is evidently only seasonal. The month of June is usually a period of relative quiet and of temporary reaction marking the close of spring demands, while arrangements for the autumn trade have not yet been completed. This has been true during the past month. In some lines of business, however, it has become even more evident than heretofore that the close of the readjustment period has not yet been reached and in these the recession of business during June has been an actual decline and not merely a seasonal fluctuation. Prices, whose movement has been watched with special interest for some time past, had up to very recently given evidence of "stabilization.7' The downward movement during May was the smallest since the decline first began, the index number of the Bureau of Labor Statistics showing a falling off of less than 2 per cent. Bradstreet's index has declined only from 154 to 151. The index of the Federal Reserve Board, compiled for use in international comparisons, showed a decline of only one-half of 1 per cent during May. Current unofficial reports for the month of June, however, indicate that there has been a recent acceleration of the price decline. Such changes as have taken place during the past month have been due to falling off in the value of agricultural commodities and nonferrous metals, excepting copper. During June, price recessions in bituminous coal, cotton, wheat, and grain have been general, while somewhat the same has been true of corn, rubber, and oils, but hides and leather have shown a slight upward movement and the same is true of some other commodities. Unemployment continues practically unchanged, with slight tendencies to betterment in some industries, particularly in agriculture, and with tendencies to increase here and there, especially in basic industries such as iron and steel. In the farming regions there is at this season always a larger demand for labor and this demand is making itself felt on account of the good crop outlook, although hampered by the necessity of more economic production. The agricultural prospect is improving, the composite condition of all crops as of June 1 being 93.2, compared with 94.8 a year ago. Conditions in the Northwest have been especially encouraging, with the spring wheat crop probably larger than for four or five years past. The cotton crop outlook has been poor to date, while as is generally known a marked reduction in acreage has taken place. It continues to be true that there is hesitation in purchasing and consequent lack of speedy distribution, retailers tending to buy only from hand to mouth in order to avoid loss due to variation of prices. This prevents manufacturers from booking orders far in advance and tends to prevent them from buying heavily of raw materials, their indifference accordingly leaving the raw material market uncertain and depressed. Little improvement in export conditions has been observed. There has been no marked advance in demand, while foreign exchange has been as unsettled as heretofore, and practically no relief has been obtained from the disturbances which in South America and the East have prevented trade from going steadily forward. The situation may be summed up by saying that the month of June has been a period of transition, with seasonal recession in many industries and continued downward readjustment in others; while with productive prospects favorable and prices in some lines apparently reaching a condition of greater stability the outlook for the autumn trade appears to be reasonably encouraging. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

782 FEDERAL RESERVE BULLETIN. JULY, 1921. AGRICULTURE. growing vigorously as a result of excellent weather conditions prevailing since May 15. Agricultural conditions in all sections of the The Department of Agriculture estimates that country have shown marked improvement world stocks of cotton on May 1 amounted to during May and June. The estimated total 9,200,689 bales in the United States and 4,647,production of all wheat amounted to 830,000,- 304 bales in all other countries. Exports of 000 bushels, as compared to a production of raw cotton from the United States in May 787,000,000 bushels in 1920. A slight increase totaled 477,000 bales, as compared with in production of rye is also indicated, but the 320,000 bales in April and 365,000 bales in estimates of production of oats and barley are May, 1920. somewhat lower than the figures for 1920. District No. 10 (Kansas City) reports that TOBACCO. very heavy rains retarded farm work during June, but have supplied the moisture needed It was noted last month that in district No. to "make" the wheat, rye, barley, and oats 8 (St. Louis) and in district No. 5 (Richmond) crops. The total acreage of winter wheat in (with the exception of South Carolina) the that district is larger than in 1920, but the acreage has been reduced. A similar situation estimated production is considerably lower, as is now reported with respect to the Burley tothe crop has suffered from frost, rust, and in- bacco section of district No. 4 (Cleveland). sects. The condition of spring wheat, rye, and The Kentucky crop is backward, both in the corn is generally satisfactory. In district No. case of Burley and the western dark types. 9 (Minneapolis) agricultural conditions are Planting of Burley has been delayed because of more favorable than for a number of years. the absence of favorable weather conditions. Although spring wheat acreage in that district The farmers are making an effort to improve is 6 per cent less than in 1920, it is estimated the quality of the present crop. Planting of that the production will show an increase of the 1921 crop has begun in the Lancaster 36,000,000 bushels. A decided improvement County cigar type section of district No. 3 in agricultural conditions has occurred, in (Philadelphia), where the weather has been district No. 11 (Dallas), although crops in ideal and the soil in good condition. Practisouthern Arizona and New Mexico have been cally all manufacturers of cigars in district No. injured by drought. District No. 12 (San 3 (Philadelphia) report a slight improvement Francisco) states that the wheat crop of the in sales, although they are still much smaller Pacific Northwest promises to be the largest on than at the same period last year. Factories record. in that district which were closed are being reopened as sales increase and old stocks are COTTON. disposed of. Operations throughout the in- The condition of the cotton crop in the dustry average about 80 per cent of capacity. United States on May 25 was 66 per cent of a full normal, as compared with 62.4 per cent a FRUIT. year ago and a ten-year average of 76.6 per cent. A comparison by States shows that The condition of the various fruit crops on the May condition of the cotton crop was June 1 differed widely. Grapefruit, limes, lowest in Alabama and Louisiana and highest pineapples, cantaloupes, and oranges showed in Arizona. The generally poor condition of a condition higher than their ten-year average the crop is due principally to the scanty use of for that date; while the condition of cherries, fertilizers. Reports also indicate that boll peaches, pears, apricots, and apples was far weevils are already active in Texas. Complete below the ten-year average. District No. 3 estimates of cotton acreage are not yet avail- (Philadelphia) reports that the 1921 crops of able, but large reductions in acreage are cherries and plums were almost entirely dereported from many sections. District No. 8 stroyed by frosts, and that crops of apples and (St. Louis) states that " acreages are uni- peaches are only about 20 per cent as large as versally under those of 1920, recent reports in 1920. The strawberry crop matured early placing the decrease from 20 to 40 per cent.77 this year, and 890 carloads of strawberries were District No. 6 (Atlanta) reports that in shipped from Delaware and New Jersey during Georgia continuous cold weather in April and May, as compared with 68 carloads in 1920. May killed much of the young cotton and that The apple crop in district No. 2 (New York) is some of these fields are being planted with other only 35 per cent as large as in 1920. The comcrops. However, the Oklanoma crop is in mercial acreage of cantaloupes planted in 10 better condition than last year, and district early producing States amounts to 39,595 acres No. 11 (Dallas) reports that the Texas crop is in 1921, as compared with 43 191 acres in 1920, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY, 1921. FEDERAL RESERVE BULLETIN. 783 and an average of 32,926 acres in the years 1917, crop/' and while "there is a fair immediate 1918, and 1919. During May the Texas peach business, virtually nothing is being sold ahead." crop declined to 50 per cent of normal, indicat- Stocks in all hands are stated to be very light, ing a probable production of 1,421,000 bushels. and the present rate of production not such as to augment them rapidly. There is a fair ex- GRAIN MOVEMENTS. port business in clears, but the demand for the better grades of flour is slow, and foreign buyers Movement of wheat to market during May still show a preference for wheat instead of the in the country as a whole continued in about milled product. May exports of flour from the same volume as in the three preceding Minneapolis mills were 4 per cent greater than months, while receipts of corn and oats show in April, and for the first five months of 1921 an increase over the April figure. Receipts at fully 50 per cent larger than exports during the the four leading markets of district No. 10 corresponding period in 1920. The influence (Kansas City) were much heavier than in of a steady export demand in district No. 12 April, amounting to 11,964,000 bushels, and (San Francisco) has caused flour prices to show were 62 per cent above the receipts for May, a slight advance above eastern market quota- 1920. The large surplus of wheat on farms in tions. A decrease in stocks of wheat on hand, that district has been materially reduced, and reported by 19 of the largest mills in that diswith the continued liberal receipts reported trict, from 1,060,505 bushels on May 1 to during June, it is indicated that by the time the 818,314 bushels on June 1, as compared with new 1921 wheat begins to arrive, stocks of old 1,886,661 bushels on June 1, 1920, reflects the wheat will have been reduced to but little tendency to export wheat rather than flour. above the normal carry over. Receipts of Flour prices have shown an increase. The wheat at Minneapolis and Duluth during May May average was considerably above the April were, however, 20.6 per cent less than during average and the gain was further increased April and 12.4 per cent less than during May, during June, the average for the first three 1920. Receipts of corn, oats, and barley at weeks being considerably greater than that for these two centers during May increased over May. This is the case with lower grade flour the April figures, and, with the exception of such as clears, as well as with patents. oats, which shows a decrease of 5.8 per cent, were in excess of the May, 1920, figures. May LIVE STOCK. receipts of oats at the four leading markets in district No. 10 (Kansas City) totaled 1,152,000 Live stock in general continues in good conbushels, or 475,000 bushels less than in May, dition. Meadows and pastures in district No. 1920. Stocks of all grains in terminal eleva- 10 (Kansas City) are thriving, while as a result tors in Minneapolis and Duluth at the close of of rains in Texas early in June, ranges are now May were 18 per cent less than at the close of in fine condition in all sections of that State, April, but were 33 per cent larger than at the with grazing greatly improved and cattle taking end of May, 1920. This was due to the fact on weight. In New Mexico recent rains have that Duluth stocks were nearly three times as fiven grass a new start and improved the conlarge, although Minneapolis stocks were slightly ition of live stock, although drought has consmaller than in May, 1920. The May average tinued in Arizona. The loss of lambs, calves, price of wheat and oats was considerably higher and pigs had been small in district No. 10 than the April average, although there was a (Kansas City), while in district No. 12 (San recession during June. The average for the Francisco) exceptionally heavy yields of lambs first three weeks of June was lower than the are reported from all sections except Arizona. May figure, although still higher than the April Of interest in this general connection is the figure. In the case of corn, however, the aver- plan for a national pool of $50,000,000 to assist age for the first three weeks of June was in in financing the industry. It is hoped in this excess of the May average, which in turn was manner to care for the needs of the cattle and in excess of the April average. sheep raiser, and this in turn will aid the feeding districts, which finish the stock for the market. Receipts of each of the three prin- FLOUR. cipal classes of live stock during May show an Wheat flour production during May is esti- increase over receipts during April, but in the mated at 8,406,000 barrels, as compared with case of sheep alone are they greater than the 9,368,000 barrels in April, but was in excess of May, 1920, figures. Receipts of cattle and the figure of 8,244,000 barrels for May, 1920. calves at 15 western markets during May were Buyers in district No. 8 (St. Louis) "are dis- 1,062,988 head, corresponding to an index posed to hold off for arrival of the new wheat number of 105, as compared with 994,916 head Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

784 FEDERAL RESERVE BULLETIN. JULY, 1921. during April, corresponding to an index num- with an initial daily production of 21,130 barber of 99, and 1,209,656 head during March, rels, were completed in May, as compared with corresponding. to an index number of 120. 58 wells with a daily production of 18,470 Receipts of hogs during May were 2,401,246 barrels in April. In district No. 11 (Dallas), head, as compared with 2,279,495 head during on the other hand, only 192 wells, with an April and 3,128,249 head during May, 1920. initial daily production of 75,574 barrels, were The respective index numbers were 109, 104, completed in May, as compared with 256 wells, and 142. Receipts of sheep increased from with an initial daily output of 97,176 barrels, in 1,077,806 head in April to 1,097,976 head in April. There have been further reductions in May, as compared with 796,160 head in May, Tices of crude petroleum and of leading re- 1920. The respective index numbers were 79, nery products during May and the early part 80, and 58. The average prices of cattle and of June. Pennsylvania crude oil has declined hogs during the first three weeks of June were from $6.10 per barrel on January 1 to $2.75 lower than the average prices for May, which per barrel on June 14, and similar declines have in turn were lower than the averages for April. occurred in the other producing fields. Prices The May average price for sheep, however, was of fuel oil, kerosene, and lubricating oil have slightly greater than the April figure, but a con- also declined sharply in recent months, while siderable fall was shown in the average for the the price of gasoline has receded more slowly. first three weeks of June. Prices of hogs in the Pacific Northwest continue to range above the COAL. prevailing prices in large middle western mar- Demand for bituminous coal is still very rekets, but show a slight decline as compared stricted. Exports increased somewhat in May, with April. Prices at Fort Worth during May as a result of the British coal miners' strike, were more irregular than usual and at the close but this European demand slackened during of the month were under those at the opening, June. Production during May amounted to due to the falling off of outside buying, as well 32,919,000 tons, as compared with 27,553,000 as in the case of calves to the fact that receipts tons in April and 38,993,000 tons in May, 1920. were the heaviest for that month in any of the The respective index numbers are 89, 74, and past 18 years. Some improvement in May in 105. District No. 3 (Philadelphia) reports the packing industry in district No. 10 (Kansas that prices have weakened materially, and City) is reported. virtually all business is spot. " Public utilities have taken advantage of the present low prices to increase their supplies considerably, but PETROLEUM. industrial consumers and railroads are buying Production of petroleum in the country as a only for immediate requirements.77 District No. whole continued throughout May and the first 10 (Kansas City) states that the railroads show two weeks of June at the record rate attained no disposition to renew the contracts which in March and April. The average daily output expired on April 1, but are buying sufficient in district No. 12 (San Francisco) fell from coal for their needs in the open market. The 338,981 barrels in April to 337,101 barrels in demand for bituminous coal from Tennessee May, while the average daily output in district fields increased during May and resulted in an No. 11 (Dallas) declined from 386,249 barrels increase in the number of mines in operation in April to 372,596 barrels in May. These de- and in the number of coal cars loaded. Ancreases were more than offset by an increase in thracite production declined slightly in May the average daily production of the Kansas- and amounted to 7,668,000 tons, corresponding Oklahoma fields from about 378,000 barrels in to an index number of 103.6, as compared April to 402,000 barrels in May. Stocks of oil with 7,703,000 tons during April, correspondcontinue to increase and are necessitating the ing to an index number of 104.1, and 7,946,000 construction of additional storage facilities. tons during May, 1920, corresponding to an District No. 12 (San Francisco) reports that index number of 107. District No. 3 (Philastocks at the close of May amounted to delphia) reports that company mine prices of 28,054,710 barrels, as compared with 25,356,769 all sizes have remained stationary and that barrels at the close of April. Despite this most retail dealers have refrained from anapparent overproduction, there was an in- nouncing the usual monthly increase. Demand crease in drilling operations during May. Dis- for steam sizes is still very slack. The beehive trict No. 10 (Kansas City) reports 714 wells, coke industry has reached a state of almost with a daily new production of 87,461 barrels, complete paralysis, but the output of bycompleted in May, as compared with 588 wells product coke continues at a considerably with a daily output of 65,147 barrels com- higher rate than that of beehive, as a result of pleted in April. Fifty-nine new California wells, the demand for gas and other by-products. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY, 1921. FEDERAL RESERVE BULLETIN. 785 IRON AND STEEL. 14,197 machines in April to 15,200 machines in May. Thus far this year carload shipments During May operations in the iron and steel have been greater than last year only during industry were at not over 25 to 30 per cent of April, but driveaways have been much less in capacity, and during June they show a tend- every case and during May were only slightly ency to taper off still further. District No. 3 over 26 per cent of the May, 1920, figure. (Philadelphia) states that " June has been the Manufacturers of popular standard makes who dullest month ever experienced in the history build their own cars are able to make a fair of the industry." Pig-iron production during profit and do a good business at present prices, May amounted to 1,221,221 tons, corresponding but assemblers, as well as some of the smaller to an index number of 53, as compared with and weaker companies, find their overhead 1,193,041 tons during April, corresponding to increasing as competition to supply the rean index number of 51, although the average stricted demand becomes keener. The effect daily production showed a decrease. A similar of recent price reductions is being watched with situation was found in the case of steel ingots, interest. as production increased from 1,213,958 tons in April to 1,265,850 tons in May. The respective NONFERROUS METALS. index numbers were 52 and 54. There was a Copper production during May continued to net loss during May of six furnaces in blast, so be much curtailed, as the large mines which that 90 were active on June 1. The unfilled closed in March and April have not yet resumed orders of the United States Steel Corporation operations. The output of refined copper by showed a decrease for the tenth consecutive reporting companies in district No. 9 (Minnemonth, from 5,845,224 tons at the close of apolis) amounted to 4,685,641 pounds during April, corresponding to an index number of 111, May, as compared with 4,816,453 pounds in to 5,482,487 tons at the close of May, corre- April and 20,817,776 pounds in May, 1920. sponding to an index number of 104. Recent The price of copper (New York, net refinery) reductions in prices by the leading interest and rose to 13 cents in the latter part of May as a readjustments by the independent producers result of a number of foreign orders, but a have not stimulated purchasing, and as comdecline to 12.75 cents occurred in the early part petition has grown keener price concessions of June, due to a cessation of export demand. have been made by the individual manufac- Lead and zinc prices also declined during June turer. At present they are found in the case of and are at present quoted at about the same the larger as well as the smaller producers. level. Zinc production during May amounted Buyers, however, continue to confine their purto 18,026 tons, as compared with 16,550 tons in chases to small lots for immediate needs. On April and 45,415 tons in May, 1920. Stocks the other hand, stocks are not accumulating, of zinc on May 31 totaled 83,721 tons, as comand neither producers' nor consumers' reserves pared with 79,581 tons on April 30. District are large. Recently some minor expansion of No. 10 (Kansas City) reports that several proprailroad buying has taken place, and some erties which mine both zinc and lead were inquiries which have been made have raised the reopened during May. Some drilling is being question of the possibility of increased business done in that district to locate shallow deposits in connection with repair of equipment. Some of lead ore, which can be mined profitably at increase in inquiries from oil interests and for present prices. Gold, silver, and lead mines structural steel is also reported, though the in district No. 12 (San Francisco) report that actual volume of business is small. The Lake they are operating at from 90 to 100 per cent Superior iron-ore market opened for the season of capacity. on June 18 by initial sales at $1 per ton under the 1920 schedule. This was the latest date in COTTON TEXTILES. 20 years. Movement of ore from the docks to interior furnaces is very light and stocks at the The market for cotton textiles continues to lake front are much heavier than a year ago. display the characteristics that have been so generally commented upon during the past 'ew months. Certain kinds of goods, notably AUTOMOBILES. ginghams and print cloths, continue in active May shipments of automobiles by factories lemand and manufacturers of sheetings are producing three-fourths of the total output of refusing to promise deliveries before August. the country show a falling off from the April On the other hand, other gray goods, ducks, figures. May shipments amounted to 18,608 and drills are in very slight demand. The carloads, as compared with 20,087 carloads dur- market for yarns manifests no great activity ing April, although driveaways increased from and the demand for tire yarns is reported by Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

786 FEDERAL, RESERVE BULLETIN. JULY, 1921. district No. 1 (Boston) to be especially weak, due WOOLEN TEXTILES. to the failure of the automobile industry to sustain the increase in activity recently apparent. All reports indicate that the market for District No. 3 (Philadelphia) states that several woolen textiles has been well sustained during combing yarn mills have recently closed down the past month and that woolen and worsted because of a lack of sufficient orders, although, mills are operating at an increased percentage on the whole, the demand for combed yarns is of capacity. This is evidenced by Governgreater than that for carded yarns. In the ment statistics of activity based on reports of southern districts mill activity appears to be 917 manufacturers, which show that wide greater than in the northeastern sections of looms were operated at 80 per cent of capacity the country, although there have been some during May, narrow looms at 70 per cent, cards stoppages in district No. 5 (Richmond) due to at 80 per cent, combs at 98.6 per cent, woolen labor troubles. Otherwise, it is said, most of spindles at 81 per cent, and worsted spindles the Carolina mills are running nearly full time. at 90 per cent. District No. 3 (Philadelphia) Special reports from cotton-goods mills located states that orders placed for woolen and in district No. 6 (Atlanta) show a slight in- worsted yarns are extremely conservative and crease in the amount of cloth produced in May in many cases purchases are made only after as compared with April, namely, 7.8 per cent they have been covered by sales. Prices refor 18 concerns, and an increase of 18.9 per main stable, except in knitting yarns, which cent in orders on hand at the end of May. have fallen 10 to 15 per cent from contract Production was, however, 57.8 per cent below prices made earlier in the year. The result has that of May, 1920. Nine representative yarn been cancellation of orders in cases where spinmills produced 41.4 per cent more yarn in May ners have refused to make concessions. Inthan in April, with orders at the end of the creased manufacturing is reflected in the growth month practically the same as at the end of the in total wool consumption as reported by the preceding month. The output was only 11.6 Bureau of Markets for the first four months of per cent below that of a year ago. 1921. Each month has shown an increase, April Consumption of raw cotton during May consumption amounting to 53,071,000 pounds, amounted to 440,000 bales, as compared with as compared with 47,181,000 pounds in March. 409,000 bales in April, a total of 19 per cent During the latter part of May the Boston wool below that of a year ago and 22 per cent below market strengthened somewhat but by the the average of the last five years. Despite the middle of June a downward tendency was again steady though not pronounced increase in manifest. The mills have of late not bought consumption, the disturbed foreign situation, heavily and it is probable that uncertainty as uncertainty as to the size of the next crop, and to prospective tariff duties is a factor in limiting the large stock already on hand are factors pre- sales. District No. 12 (San Francisco) reports venting an upward price movement. In fact, that during May several sales of new clip wool the spot-cotton market registered sharp declines were made to buyers for eastern mills at prices during June, and New York spot cotton closed of 16 cents to 18 cents a pound in the grease, at 10.85 cents per pound on June 20, one-half a as compared with 11 cents a pound in the grease cent below the previous low record of the year. a month ago in the Yakima Valley. It is said that "reduced rates by water from Pacific to Atlantic ports through the Panama Canal have FINISHING OF COTTON FABRICS. stimulated wool shipments from points in Thirty-four of the 58 members of the Na- Utah and Idaho by rail to Los Angeles and tional Association of Finishers of Cotton thence by water to the Atlantic seaboard. Fabrics reported total finished yards billed One hundred and fifty carloads have been disduring the month at 91,033,535 yards, as com- patched at San Pedro since January 1, at a repared with 86,311,438 yards in April. The ported saving over railroad rates of $3 to $20 total average percentage of capacity operated per ton." was 68 per cent for all reporting districts, as MEN'S CLOTHING. compared with 66 per cent during the preceding month. The total gray yardage of finishing A special investigation of the men's clothing orders received amounted to 86,754,055 as industry in district No. 7 (Chicago) shows in compared with 92,920,824 in April. The total the case of 19 tailors-to-the-trade a reduction average work ahead at the end of the month in orders for suits as compared with the same amounted to 10 days for all reporting districts, month a year ago of 28.5 per cent. There the same as for the preceding month. was a reduction of 20.1 per cent in the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY, 1921. FEDERAL RESERVE BULLETIN. 787 number of suits made during the month and booked during May of 28.1 per cent, and an of 23.1 per cent in the number of suits increase in unfilled orders on hand of 16.1 per shipped. In the case of nine clothing manu- cent. facturers, the orders for suits for fall taken UNDERWEAR. since January, 1921, as compared with the Reports received from underwear mills same season of 1920, fell off 27 per cent. The located in district No. 3 (Philadelphia) indinumber of suits made during the month of cate that production averaged only about 40 May as compared with the same month a year or 50 per cent of capacity and that orders ago was 52 per cent less and the same percentreceived thus far are only about one-third the age holds for shipments. amount that would usually be on hand at this season. The demand for light-weight goods SILK. for immediate delivery has been active, but cancellations of orders have been frequent as a Silk mills in district No. 2 (New York) report result of delay in deliveries and unwillingness diminished activity in June, as operations only of jobbers to risk carrying such late deliveries averaged 54 per cent of capacity as compared until another season. The 21 firms which with 62 per cent in May. However, this remake regular reports to the Federal Reserve duction is no doubt due to the fact that the Bank of Philadelphia showed a negligible inpresent time is between seasons. Spring and crease in output during May of 1.7 per cent as summer business is about over and orders for compared with the month of April; finished the fall have not yet been placed in any conproducts on hand May 31 had increased by siderable quantity. According to the figures 3.3 per cent; raw materials, however, had been compiled by the Silk Association of America, reduced 39.9 per cent. Both orders booked the consumption of raw silk declined slightly during May and unfilled orders on hand May 31 from 28,900 bales in April to 27,200 bales in declined by 15.6 per cent and 11.7 per cent, May. Stocks in warehouses at the end of the respectively. month remained virtually unchanged. Prices of raw silk have advanced somewhat, and dis- The 62 mills making reports to the Knit, trict No. 3 (Philadelphia) reports that the Goods Manufacturers' Association of America thrown silk market has strengthened since had an output in May of 239,924 dozens of June 1. winter underwear, which was 48.5 per cent of normal. The production of summer under- HOSIERY. wear amounted to 265,423 dozens, or 63.6 per cent of normal. Thirty-three representative The hosiery industry exhibits marked con- mills which furnished data for both April and trasts, with practically no demand for certain May had a production of 317,385 dozens durlines, while in other cases, notably that of full ing the latter month, as compared with 292,274 fashioned silk hosiery, premiums have been dozens in April. Unfilled orders on the 1st offered for immediate delivery. The shortage in of May rose from 410,526 dozens to 533,057 this grade of goods is due to the long drawn-out dozens. New orders received during the month strike, and many of the mills still operating are of May fell from 364,364 to 283,313 dozens. booked to capacity until the first of the year. There was a slight increase in cancellations, There is a demand for seamless silk lines in con- which rose from 4,022 dozens to 5,812 dozens. sequence, although orders are placed in very restricted quantities for future delivery. Very SHOES AND LEATHER. slight interest is shown in staple cotton hosiery, however. Reports from 24 hosiery firms sell- Prices of leading classes of raw skins and ing to the wholesale trade in district No. 3 hides have increased somewhat further during (Philadelphia) show an increase in the product June, after a rather sharp advance in May. manufactured during May as compared with District No. 3 (Philadelphia) states that tanners April of 8.8 per cent. Finished product on are fearful that a further advance in raw stocks hand May 31 had fallen 10.9 per cent, while would force such an increase in leather prices orders booked during May increased 103.3 per as to retard trade. Stocks of goat, kid, and cent, and unfilled orders on hand May 31 were cabretta skins have shown a downward tend- 39.8 per cent above those for the end of the ency since September, 1919, and are now only preceding month. Similar information for about one-half as large as at that time. Deeight firms selling to the retail trade show an mand for all upper leathers was well mainincrease in the product manufactured of 19.5 tained during June. Export demand has not per cent, a decrease of finished product on kept pace with domestic business, but a few hand of 9.3 per cent, a diminution in orders foreign sales of patent side leather and glazed Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

788 FEDERAL RESERVE BULLETIN. JULY, 1921. kid have been made. Demand for sole leather 32 reporting mills belonging to the Southern has slackened somewhat during June, but the Pine Association likewise snowed an increase higher grades continue to be sold in con- in production, which was only 27 per cent siderable volume. Stocks of belting and har- below normal as compared with 39 per cent ness leathers are still large, and sales have been below normal for the month of April. In at a low level for many months. Trunk and district No. 9 (Minneapolis) the lumber cut of bag manufacturers in district No. 3 (Phila- 25 reporting companies was 29,576,000 feet delphia) report a steady improvement in vol- during the month of May, an increase of 40 ume of business, but at prices materially lower per cent as compared with April and of 20 than in 1920. The upward tendency of the per cent as compared with the same month shoe industry, w^hich was first noted in January, a year ago. Shipments amounted to 17,814,000 continued without interruption throughout feet as compared with 22,221,000 feet a year May and the early part of June. Shoe fac- ago, a decided improvement, as in recent tories in district No. 1 (Boston) continued to months shipments have not been more than operate at about 50 per cent of capacity during one-half those of the preceding year. The May for the fourth successive month, but, as four lumber associations in district No. 12 a rule, shipments from factories exceeded (San Francisco) reported an increase in the production, and orders on the books on June 1 May cut such as was to be expected at this were considerably higher than on May 1. season. Production during the four weeks District No. 3 (Philadelphia) reports that shoe ending May 28 totaled 360,075,000 board feet, manufacturers have been kept busy filling which was 23.6 per cent above the April late spring orders, as the volume of spring figures. Both orders and shipments also business proved much larger than was ex- increased in amount, but fell behind the cut pected. Many orders for the fall trade have for the first time this year, as shipments only been received" from retailers, but jobbers are totaled 335,805,000 feet as compared with hesitant on account of their stocks of staple 334,199,000 feet in April, while orders amounted goods. Both wholesale and retail trade is to 342,724,000 feet. The report says that reported good, and an increasing demand for although inland mills showed renewed activity, black shoes and patent leathers has been noted. " business was curtailed at tidewater and river Factory operation in district No. 8 (St. Louis) mills during the month, high water in the is at from 95 to 100 per cent of capacity, and Willamette and Columbia Rivers and enforced orders booked in May for immediate shipment inactivity due to strike conditions in the shipwere from 90 to 105 per cent of those in May, ping and building trades causing the closing 1920. Retail stocks in that district have of a.large percentage of river mills in the been greatly reduced, and the consumers' Pacific Northwest." demand is greater than at any time since last summer. In district No. 7 (Chicago) factories BUILDING. are operating at about 70 per cent of capacity Building operations during May show deand unfilled orders amount to about six weeks' creases from April in some districts, but in production. the majority of districts increases are shown. As a whole, building has continued about LUMBER. steady from April to May this year, in the face An increase in lumber output due to seasonal of a large drop last year, and has thus not been causes was quite generally reported during affected by seasonal developments. The value May, but orders had not in all cases kept pace of contracts awarded in district No. 1 during with the larger output. Since June 1 yellow- May1 was about $18,000,000, a slight increase pine sales have fallen below current produc- over the April figure. Of this, $6,900,000 tion, as the demand for lumber for structural represented residential construction. In dis- Surposes has steadily fallen off. In district trict No. 2 (New York) the value of contracts lo. 6 (Atlanta) the 139 mills belonging to awarded during May likewise increased to the Southern Pine Association reported an $58,800,000, of which $37,000,000 was for average production per mill for the week residential construction. In district No. 3 ending June 3 of 506,823 feet as compared (Philadelphia) an increase of over 50 per cent with 492,014 feet for the last week in April. was shown, and the May figure stood at $23,- Shipments, on the other hand, fell from an 400,000, of which $6,800,000 was for residential average of 571,946 feet for the last week in construction. District No. 4 (Cleveland), April to 537,327 feet for the week ending however, showed a slight decrease in the total June 3. Similarly, orders for the same dates value of contracts awarded, although those for dropped from an average of 697,049 feet to residential construction showed a small in- 456,538 feet. In district No. 11 (Dallas) the i As reported by F. W. Dodge Co. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY, 1921. FEDERAL RESERVE BULLETIN. 789 crease. The two figures for May were, respec- Connecticut, and tools and jewelry in Rhode tively, $33,900,000 and $9,200,000. District Island. In both States increased demand for No. 5 (Richmond) also shows a decrease in the labor in textile industries has to a certain value of contracts awarded, in particular in extent offset the unemployment occurring in the case of residential building. The value other lines. The New York State Industrial of building permits showed little change in Commission reports a decline of 2 per cent in district No. 6 (Atlanta), but large increases numbers employed in the factories of that were recorded in Atlanta and Birmingham. State. Iron, steel, machinery, and automobile Contracts awarded in district No. 7 (Chicago) plants reduced working forces because of a increased from $53,700,000 in April to $54,- lack of new orders, and the railroads also cut 900,000 in May, but the value of residential down forces somewhat. There were no serious contracts declined from $13,000,000 to $9,- labor troubles during the month. The end of 800,000. In four reporting cities of district the marine strike still left many seamen idle No. 8 (St. Louis) the value of building per- as a result of conditions in the shipping inmits increased from $2,403,557 in April, to dustry. Following the settlement of the $2,696,521 in May. In district No. 9 (Min- strike in the clothing industry, the number neapolis), excluding Montana, the value of employed in men's clothing establishments building contracts declined from $9,100,000 in increased. In the case of women's clothing April to $8,800,000 in May, but residential the usual seasonal decrease has set in. It is contracts increased from $2,000,000 to $2,- reported that there has been little change in 300,000. The value of permits in 14 cities of the numbers employed in the building trades. district No. 10 (Kansas City) increased from A slight increase has probably occurred in $5,167,969 in April to $6,096,407 in May. New York City, but in other parts of the State Nine cities of district No. 11 (Dallas) report activity is at a standstill. 2,473 permits, valued at $4,190,778, in May, The very restricted scale of operations in as compared with 2,588 permits, valued at the iron and steel industries would obviously $5,633,649, in April. The value of building result in widespread unemployment in certain permits in 20 cities of district No. 12 (San parts of districts No. 3 (Philadelphia) and No. Francisco) declined from $19,907,621 in April 4 (Cleveland). District No. 5 (Richmond) to $17,763,732 in May. This decline was due reports that there was an increase in conprincipally to a complete suspension of build- struction work, which decreased the number of ing operations in San Francisco which has unemployed, especially in the case of unbeen caused by a strike in the industry. skilled laborers. On the other hand, a strike centering in the textile mills around Charlotte EMPLOYMENT CONDITIONS. . and resulting from a proposed 22^ per cent re- Taking the country as a whole, unemploy- duction in wage rates led to an increase in ment increased slightly during May. Although numbers out of work in that section. The in district No. 12 (San Francisco) the reductions supply of farm labor likewise continued to be in numbers employed were attributed to excessive. District No. 7 (Chicago) obtained strikes in the marine and building trades, it returns from 177 concerns showing that the appears that elsewhere such reductions are total numbers employed at the end of May as the result of a further contraction of the scale compared with the end of the preceding of manufacturing operations. The Massa- month fell 4 per cent, from 114,490 to 109,967. chusetts Department of Labor and Industries, The reduction as compared with a year ago however, in its survey covering 192 represen- amounted to 33.3 per cent. The amount of tative manufacturing establishments, reported the May pay roll was 6.5 per cent below that a slight increase in numbers employed, the of April and 40.4 per cent below that of May, totals being 197,000 (May 27) as compared 1920. District No. 8 (St. Louis) says that with 192,000 on April 30. In May the only " labor conditions failed to show improvement increase in opportunities for employment was during the period under review." Strikes in afforded by a gradually enlarging activity of district No. 12 (San Francisco) in the marine the textile mills. In New Hampshire and and building trades and a slight reduction in Vermont conditions were similar. Granite numbers in manufacturing establishments, as and marble-working establishments in these recorded by the United States Employment States have greatly reduced their forces or Service, account for the increase in unemployhave closed down entirely. In Rhode Island ment in May. On the other hand, seasonal and Connecticut unemployment is most pro- activities in lumbering and in agriculture have nounced in the metal-working trades, especially taken off some surplus labor, although the in brass production, machinery, and tools in demand is below normal. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

790 FEDERAL RESERVE BULLETIN. JULY, 1921. WHOLESALE TRADE. less than the average decline in retail prices during the past year, which shows that the Conditions in the wholesale grocery business volume of trade has been well maintained. remained substantially unchanged during May, Reporting department stores show a dealthough the downward trend in sales was crease in net sales from the same month a arrested. In all reporting districts except year ago of 4.5 per cent in district No. 1 (Bosdistrict No. 5 (Richmond) slight advances ton), 10 per cent in district No. 2 (New York), were recorded from the preceding month, 7.8 per cent in district No. 3 (Philadelphia), rising from 0.6 per cent in district No. 11 (Dal- 5.5 per cent in district No. 4 (Cleveland), 3 per las) , with 11 firms reporting, to 4 per cent in cent in district No. 5 (Richmond), 16.8 per district No. 6 (Atlanta), with 27 firms re- cent in district No. 6 (Atlanta), 12.5 per cent Sorting. As compared with a year ago re- in district No. 7 (Chicago), 1.6 per cent in uctions ranged from 33.8 per cent in district district No. 8 (St. Louis), 14.9 per cent in No. 11 (Dallas), with 11 firms reporting, to district No. 9, (Minneapolis), 5.3 per cent in 43.4 per cent in district No. 3 (Philadelphia), district No. 10 (Kansas City), 17.4 per cent in with 50 firms reporting. In district No. 11 district No. 11 (Dallas), and 4.1 per cent in (Dallas) there was a negligible increase in the district No. 12 (San Francisco). In eleven amount of dry goods sales during May, and in districts there was a decline of stocks on hand district No. 7 (Chicago) an increase of 4 per during May. Stocks at the end of May were cent in the sales of 9 reporting shoe firms, but lower than a year ago for every district. otherwise all districts making returns showed These declines varied from 11 per cent in declines in dry goods, hardware, boots and district No. 8 (St. Louis) to 25.8 per cent in shoes, following upon very general sales re- district No. 5 (Richmond). Considering the ductions in April. In the case of dry goods decline in retail prices, it is doubtful whether these declines ranged from 12.6 per cent in there has been much change in the physical district No. 6 (Atlanta), 15 firms reporting, to volume of stocks. Stock turnover continued 17.4 per cent in district No. 12 (San Francisco), at about the same rate in May as in April. 9 firms reporting. In hardware lines the The percentage of outstanding orders of retail minimum sales decrease amounted to 6.3 per merchants at the end of May to total purchases cent in district No. 12 (San Francisco), 23 during the calendar year 1920 decreased in firms reporting, and reached a maximum eight districts. This indicates that retailers decrease of 14.7 per cent in district No. 3 are continuing the same purchasing policy as (Philadelphia), 24 firms reporting. In boots heretofore, preferring to purchase goods in and shoes declines varied from 6.5 per cent in smaller amounts as needed, rather than to the case of district No. 6 (Atlanta), with 7 make extensive future commitments. firms reporting, to 18.2 per cent in district No. 5 (Richmond), 8 firms reporting. As com- WHOLESALE PRICES. pared with May, 1920, reductions in all lines were pronounced, ranging from 13.6 per cent During May wholesale prices in general conin district No. 4 (Cleveland) to 38 per cent in tinued to fall, but according to all indications district No. 12 (San Francisco), for dry goods; at a less rapid rate than at any time since the from 22 per cent in district No. 4 (Cleveland) downward movement began. In June, howto 43.7 per cent in district No. 6 (Atlanta), ever, the decline seems to have become more for hardware; and from 7.3 per cent in dis- pronounced again. The index number of the trict No. 7 (Chicago) to 45.6 per cent in dis- Bureau of Labor Statistics for May shows a trict No. 5 (Richmond), for boots and shoes. reduction of about 2 per cent as compared with The fact that the shoe sales for district No. 7 5 per cent in the preceding month. That of (Chicago) are only 7.3 per cent below the totals the Federal Reserve Board, constructed prifor a year ago is attributed to the great in- marily for international comparison, declined crease in the number of orders, resulting from only one-half of 1 per cent during May as commark downs and also from the necessity of re- pared with a 5 per cent decrease in April, and plenishing retailers' stocks. Bradstreet's and Dun's show tendencies similar to these. RETAIL TRADE. The rise during May in the price of a large number of important agricultural commodities Retail trade as measured in dollar values such as cotton, wheat, corn, oats, etc., noncontinues to decline. The value of net sales ferrous metals, coal, and raw hides in part was lower in every district during May than neutralized the effect of declines in certain in the corresponding month a year ago. How- other raw materials and in manufactured goods. ever, these declines in total value appear to be As a result, the index numbers show raw ma- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY, 1921. FEDERAL RESERVE BULLETIN. 791 terials as a whole to have averaged the same The Acceptance Market. or somewhat higher than in the preceding month, while manufactured goods continued The following reports have been received to be reduced. from the Federal Reserve Banks concerning In June many of the important raw materials the condition of the acceptance market in their which had advanced in May declined again, respective districts: but in most cases not to the April level. Leading agricultural commodities except corn, bi- DISTRICT NO. 1 — (BOSTON). tuminous coal, nonferrous metals, with the exception of copper, as well as live stock, petro- The inactivity of the bill market which was leum, iron and steel products, and building ma- in effect during the week ending May 21 conterials continued to be reduced. A consid- tinued throughout the balance of May, but erable number of important food commodities, with a slight improvement during the last few such as dairy products, meats, etc., were ma- days of the month. The market in the last 1.0 terially reduced during May, but reductions in days of May was probably as poor in this disfinished textiles and boots and shoes were not trict as at any time for many weeks. Not many so general. bills were made which saved the market from being choked. SHIPPING. After the turn of the month a better market developed, but there was a hesitancy on the The outstanding events in American shippart of the investors, especially among the ping circles during June were the appointment banks, due to the fear of heavy withdrawals by President Harding of the new Shipping covering the quarterly tax payments. This Board and the settlement of the strike of the combined with the new issue of certificates of marine engineers which had been in progress indebtedness and the new three-year Treasury ever since the 1st of May. The terms of the notes, caused some cautiousness. agreement signed by the Shipping Board and Money rates on call were high and there the unions provide for a reduction of 15 per seemed to be a scarcity of funds for carrying cent in wages and the elimination of all overbills early in June which disappeared, together time pay at sea. The agreement, announced with the feeling of uncertainty regarding the June 16, runs until January 1, 1922, during certificate and note issues and tax payments, which time no further wage cuts are to be made. and by the 15 th the conditions were so The movements of ocean freight rates durimproved that most dealers marked their rates ing the month have been mixed. At the befor 1-90 day bills to 5J per cent. One of the ginning of June, with a reduction of about 30 large dealers in Boston took out all bills being per cent in grain rates to the United Kingdom, carried here on repurchase agreements and, in the general tendency was distinctly toward fact, all of the dealers found their portfolios lower levels. Toward the middle of the month, very much reduced and were in excellent pohowever, French Atlantic rates were raised sition to buy bills. The supply was not plentiabout 10 per cent to the level of rates to other ful and the period ending on June 20 found the continental ports, and a little later the extendealers with very few bills on hand, with rates sive chartering of coal boats to the United generally 5J per cent. Our own portfolio de- Kingdom brought about a decided advance in creased considerably and there was no volume charter quotations. Keports indicate that at offering of bills to us. that time many coal buyers abroad placed orders in this country to fill their immediate DISTRICT NO. 2—(NEW YORK). requirements regardless of the outcome of the British coal strike. The fundamental condi- Rates in the New York market for prime tions affecting the shipping and shipbuilding unindorsed 90-day bills increased in late May industries are, however, substantially the same in common with other money rates, reaching as reported for some months past. American 5J per cent. By the middle of June the rate shipyards continue merely to complete ton- fell gradually to 5f, and the demand quickly nage already on the ways, and no new orders reduced the dealers' portfolios, causing a of any size have been booked for months. shortage of prime bills. Subsequently rates There can obviously be no change in this situa- on 30, 60, and 90 day bills were at a common tion until world trade revives sufficiently to level of 5J per cent. absorb and put into profitable operation the A survey of the bill market recently made vast fleets of vessels now lying idle in ports all by the American Acceptance Council places over the world. the volume of bills outstanding in the United Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

792 FEDERAL RESERVE BULLETIN. JULY, 1921. States on April 1, 1921, at $664,000,000, as the sales by dealers, as stated above, show an compared with $799,000,000 on April 1, 1920, increase. a reduction of 18 per cent. A comparable The banks in this district apparently have figure for 4 to 6 months' commercial paper felt the falling off in our foreign trade more tabulated by this bank from the reports of acutely than those in other districts, but the 11 dealers shows a reduction of 28 per cent insufficiency in the supply of acceptances during the same period. In New York City seems to be general. the shrinkage in the volume of bills held was Purchases by the Federal Reserve Bank of less than 1 per cent, while outside this city Philadelphia for the first five months of the last it amounted to 41 per cent. A factor in the three years are: maintenance of the volume of bills here was the large amount of import bills received as 1919 1920 1921 well as the great increase in bills drawn to create dollar exchange. January $883,390 $3,723,290 $6,671,629 New bills coming into the New York market February.. 1,541,652 2,250,264 11,001,774 March 1,828,063 1,387,821 9,022,991 include those covering the importation of silk April 1,918,792 992,076 9,859,528 May 534,512 503,727 11,037,622 from the Far East, and bills drawn under several large sugar import credits recently Total 6,706,409 8,857,178 47,593,544 established. The minimum buying rates of the Federal After an advance in late May, selling rates Reserve Bank of New York have remained have declined, and are at the present writing unchanged at 5J to 6 per cent for indorsed as follows: prime bills ranging up to 90 days' maturity. 30 days. 60 days. 90 days. 6 months. DISTRICT NO. 3—(PHILADELPHIA). Eligible member bills 51-51 51-5| 5f-6 Reports received from five dealers in bankers' Eligible nonmembers bills 5--57 5f-6 acceptances show that sales in this district during May increased more than 11 per cent, DISTRICT NO. 4.—(CLEVELAND). as compared with sales in April. Not all of Bank acceptances for the month showed these dealers were handling acceptances in decided indications of following the New York May, 1920, but comparing the figures of those call money rates. During the early part of who were, the increase is in excess of 800 per the month, call money rates were around 7 cent. per cent, and there was little demand for bills The great majority of acceptances sold during with the exception of such orders as came from May arose from transactions involving the country localities. importation and exportation of merchandise, During the latter part of the month, with the principal articles covered being sugar, silk, the easing of call money, an active demand cotton, and grain. Transactions involving arose and prime bills were absorbed as readily warehousing of staple commodities account for as offered by the brokers. most of the others. In nearly all instances the commercial banks are the buyers. This is DISTRICT NO. 6.—(ATLANTA). partly because under the laws of Pennsylva- Out of approximately 35 inquiries sent to nia savings banks are not authorized to the principal accepting banks in the district, invest in this class of securities. reports were received from 14 member banks Reports of twelve Philadelphia district regarding acceptance conditions during May. member banks that execute acceptances may be summarized as follows: Eight of these reports showed no dealings of any kind in acceptances during the month. Four banks reported domestic acceptances 1921 p E m r d x e u e o c c r e n i u d n t t h i g e n . d g g O iv i u n e t g n st a d o n a n d te - . m ex a e t c e u ly te d 3 p d e u r r i c n e g n t M in a e y x c i e n s s a o m f o t u h n o t s s e e a x p e p c r u o t x e i d during April. Two of these reports showed no March 10 $5,325,000 $14,127,000 domestic acceptances executed during May, April 10. 4,558,000 13,234,000 1920, and figures shown in the other two in- May 10.., 5.611,000 12,892,000 June 10.. 2,795,000 10,798,000 dicated a decrease of a little more than 50 per cent compared with May of last year. Two The purposes of these acceptances are the banks reported foreign acceptances executed same as of those reported by dealers, but during May approximately 25 per cent less the total represents a reduction of 50 per cent, than in April, and 21 per cent less than during as compared with the previous month, whereas May, 1920. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY, 1921. FEDERAL RESERVE BULLETIN. 793 The amount of acceptances rediscounted with DISTRICT NO. 8 (ST. LOUIS). and purchased by the Federal Reserve Bank of Atlanta during May was larger than for Febru- Up to 30 days ago there was a fairly well susary and March, but about 61 per cent less than tained market for bankers7 acceptances in this for April, which was the highest since January district. The demand has fallen off, however, in the last two weeks and the market has been May, 1921. extremely quiet. There is little demand for Atlanta. New Orleans. bills and it is difficult to sell even prime names H. L. C. H. L. C. at present rates. Bankers' acceptances 60 to 90 days: Indorsed 8 6 7 6| St. Louis. Louisville. DISTRICT NO. 7.—(CHICAGO). H. L. C. H. L. C. Bankers' acceptances of 60 to 90 days: Comparative results of reports on acceptance Indorsed 6 5| 5| transactions received from dealers and banks Unindorsed 6 5f 6 8 6 6 for May and for April, as revised, are shown below: DISTRICT NO. 9—(MINNEAPOLIS). [In thousands of dollars.] The most interesting event in the local ac- May. ceptance market during May was the organiza- 29 banks. 3 dealers.29 banks. 3 dealers. tion of the Montana Wool Acceptance Company to finance the sale and shipment of wool which Bills bought 12,188 10,967 11,624 11,784 has been moving very slowly during the last Bills sold 16,579 14,108 9,622 9,285 year. Held at close of month. 3,270 3,402 2,455 2,076 Amount accepted 16,140 19,416 DISTRICT NO. 11—(DALLAS). Purchase rates. It is estimated that on May 31 the total amount of outstanding acceptances, created in High. Low. in this district, was $1,491,000, of which ac- 30-day maturity... ceptances aggregating $1,033,000 were drawn 60-day maturity... 90-day maturity... against domestic shipments and storage of 180-day maturity.. goods, the remainder being against import and export transactions, the average maturity pe- Returns showed about 75 per cent of the riod for the outstanding paper being estimated purchases of 90-day maturity and the balance at 60 days. equally divided between 30 and 60 days. The total amount of acceptances held by the A comparison of the composite of returns Federal Reserve Bank of Dallas on May 31 was from banks show increases in bills bought, bills only $170,906.70, all of which were based on sold, and bills held at the close of the month export transactions; $150,000 of our holdings of 5, 72, and 34 per cent, respectively, and a were executed by Eleventh District banks. decrease in bills accepted of 17 per cent. Reporting dealers show a decrease in bills DISTRICT NO. 12—(SAN FRANCISCO). bought of 7 per cent and increases in bills sold and in bills held at the close of the month of Demand for bankers' acceptances has con- 52 and 64 per cent, respectively. tinued to increase throughout the month. Country bankers, with few exceptions, have Comparative statistics for acceptances at been the principal buyers. Buying in Washthe Federal Reserve Bank of Chicago for April and May are as follows: ington and Oregon has been very spotty while in California, although in small volume, it has Per- been very evenly distributed. centage Due to general tightening of money in the change May. April. in May early part of June the rate on bankers' acceptfrom April. ances rose from 5| per cent to 5| per cent. It hung at that level for about a week and then 13 u ring month: Bankers' acceptances redis- dropped back to 5| and 5f and is to-day, June counted $60,000 $111,500 —46.2 16, at 5J per cent. This low rate is due to the Bankers' acceptances bought... 10,997,981 11,423,244 — 3.7 Bankers' acceptances sold from extreme ease of the call-money market which Held a h t o c ld lo in se g s of month: 2,331,162 3,624,680 —35.7 prevails at the present time, and also to the Bankers' acceptances redis- fact that there is an unusual scarcity of prime counted 6,500 81,500 —92.0 Bankers' acceptances bought 4,821,453 7,500,910 —35.7 bills. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

794 FEDERAL RESERVE BULLETIN. JULY, 1921. INDEX NUMBERS OF EXCHANGE VALUES countries is used as an external criterion of OF FOREIGN CURRENCY. weight. These exchange transactions include not only imports, exports, and reexports of The international interest manifested at the commodities of commerce but also the movepresent time in the restoration of normal ment of gold and silver and "invisible" exports, conditions in the exchange market has given such as freight, insurance, and interest earnrise to a new statistical inquiry abroad—the ings. The allocation of shipping earnings is construction of index numbers measuring the made in accordance with the proportion of general trend in exchange values of foreign British tonnage cleared with cargoes to the currencies. A number of European journals various countries, while the determining factor and economic publications including the Lon- in allocating interest earnings is the amount of don Statist, the Frankfurter Zeitung, the capital investments. Arbitrage and speculative Norwegian periodical Farm and, and the Swed- transactions, although an important element ish official organ Kommersiella Meddelanden in exchange operations, are omitted owing to recognized almost simultaneously the impor- the paucity or lack of reliable data. The tance of discerning the direction and amount weights thus assigned to the various exchanges of movement in their respective national cur- from the estimate of the total volume of transrencies as related to the collective currencies actions are changed by the Statist each quarter of other countries. In the midst of the daily according to the fluctuations in trade. Periodic fluctuations and disturbances ruling in the adjustment of weights, instead of the adoption exchange market, the difficulty heretofore of of a constant and uniformly fixed system, is ascertaining the general position abroad of the thought necessary in order to obtain a more currency of a country is apparent. Studied accurate measure of the comparatively rapid in conjunction with the index numbers for modifications which have occurred in the relawholesale prices of commodities the index of tive values of trade since the armistice, and foreign exchange rates affords comparison of which still are taking place. Finally, in comthe changes which occur both in the internal puting the index, the geometric mean is adopted and external value of a country's currency and in an effort to prevent the exertion of undue gives a perspective of its purchasing power influence on the final result by the German, both at home and abroad. Portuguese, and Turkish exchanges in which the pound sterling stands strikingly high. STATIST INDEX. VALUE OF STERLING. Of the European indexes, the index of the foreign exchange values of the pound sterling The accompanying table on page 796 shows abroad as calculated by the Statist is the most the movements favorable and adverse to the reliable and scientific from the standpoint of value of,sterling in the 28 exchange centers strict and careful computation. As explained during 1920 and the first five months of 1921. in the Statist of February 19, 1921, the index is The table below presents the index numbers of constructed on a basis of the " average of the the foreign exchange values of sterling for each daily cable quotations of 28 of the most impor- month since the armistice. tant countries taken for each month since the armistice and expressed as a percentage of the INDEX NUMBERS OP FOREIGN EXCHANGE VALUES OK old par value of the pound sterling in terms of THE POUND STERLING ABROAD. the foreign currency." Special cognizance is [Par value of the foreign currencies= 100.] taken of the question of weighting the various exchanges according to their relative influence 1918 1919 1920 1921 in denoting variation in the pound sterling. Obviously a rise in the exchange on a South January 98.9 98. 5 122.4 February 99.1 94.9 120.9 American or Oriental country would not indi- March.. 1 . . ... 99.2 102.9 123. 0 cate as important a shift in the pound sterling April 100.3 109.7 120.0 Mav 101.2 107.5 119.1 as a similar movement in the New York or Paris J une . . . 100.4 106. 3 lulv 101.7 100.2 exchange. To make the exchanges influential, August 101.6 100.1 therefore, according to their relative impor- September . 100.7 100.2 October 100.3 108.7 tance, the total volume of trade between the November 98.7 100.2 111.2 December .. . 98.7 98.3 114,5 United Kingdom and the different foreign Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY, 1921. FEDEKAL RESERVE BULLETIN. 795 As will be noted, the general value of the The results are indicated below: pound was below parity at the close of hostilities in 1918 and so continued until April, INDEX NUMBERS OF THE FOREIGN EXCHANGE VALUES OF THE SWEDISH KRONA. 1919, when it rose to par. In February, 1920, sterling dropped to the lowest value since the armistice, the pound E v x a c l h ue a n o g f e e F x o c r h e a ig n n ge being at a discount of 5.1 per cent. ; Recovery cu f r o r r e e n ig c n ies t v h a e lu k e r o o n f a to a position above par, however, immediately (Swedish abroad followed and, with the exception of a sharp kr 1 o 0 n 0 o ) r . = cu (f r o re re n i c g i n es decline in July, sterling since has shown rapid 100). and steady appreciation. 1920. January 90.9 110.0 February 94.0 106.4 SWEDISH INDEX. March 91.6 109.2 April 88.1 113.5 May 89.4 111.8 Their Swedish foreign exchange index is June 88.3 113.3 constructed on the same general principle July 86.4 115.8 August 86.6 115.4 with certain differences in details of technique. September 85.7 116.7 October , 86.8 115.3 In the first place, the Swedish index is based November 87.9 113.8 on the average of the daily rates of 12 ex- December 87.6 114.1 changes instead of 28. Secondly, a weighted 1921. January 86.2 116.1 arithmetic average is used on account of February 85.9 116.4 statistical convenience. The weighting, more- March 82.2 121.7 April 79.7 125.5 over, is constant and based on the volume of May 81.1 123.3 trade transactions for 1919, the latest year for which Swedish trade statistics, classified by NORWEGIAN INDEX. countries, are available in published form. The Norwegian index constructed by Far- For statistical reasons periodic adjustment of mand', like the Swedish index, is a weighted weights are possible only annually in the case arithmetic mean of the average quotations of of the Swedish index. 12 exchange centers expressed as a percentage The weights assigned to the various exof parity. The weights, however, are based changes including not only exports and imon trade transactions for the years 1910-1913 ports of commodities and precious metals, but plus an allowance for invisible exports. In also an estimate of invisible items is set forth view of the fact that the unsettled postwar in the following table: conditions have created very rapid and striking changes in the relative trade importance of the ESTIMATED VOLUME OF TRANSACTIONS BETWEEN SWEDEN various countries, these weights based on pre- AND 12 FOREIGN COUNTRIES, 1919. war trade are not truly indicative of the existing status of the exchanges. Million Million kronor. kronor. The monthly index obtained is shown in the subjoined table: Holland 150 Denmark. 425 Germany... 370 England.. 1,600 INDEX NUMBERS OF THE FOREIGN EXCHANGE VALUE OF Switzerland. 105 Spain. 65 THE NORWEGIAN KRONE. Belgium 40 United States. 750 Finland 105 France 260 [Par value of the foreign currencies= 100.] Norway 275 Italy 25 1920. 1920. January 118.2 November 97. 6 February 134.7 December 104.3 The two series of indexes computed by March 123.6 Kommersiella Meddelanden show (1) the ex- April 119.5 1921. change value of foreign currencies, Swedish May 102.8 January 113.3 June. 91.2 February 106.6 kronor— 100; (2) the foreign exchange value of July. 87.7 March 101.8 the Swedish krona abroad, foreign curren- August 87.7 April 100.3 cies =100. September 89.0 Mav 97.3 These figures show that the Swedish krona October 94.7 remained well above prewar parity throughout As indicated by the figures above, the Nor- 1920, and in May, 1921, stood 23.3 per cent wegian krone has exhibited extreme unevenhigher than the collective value of the 12 ness of movement in relation to the collective foreign currencies. value of the foreign currencies. 55762—21 3 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

796 FEDERAL RESERVE BULLETIN. JULY, 1921. GERMAN INDEX. INDEX NUMBERS OF THE EXCHANGE VALUE ABROAD The least reliable foreign exchange index is OF THE CURRENCIES OF ENGLAND, SWEDEN, NORWAY, AND GERMANY. that of the Frankfurter Zeitung. No attempt [Par value of the foreign currencies=100.] is made at weighting the exchanges owing to the lack of current foreign trade statistics. England. Sweden. Norway. Germany. The figures are presented below: 1920. January 98.5 110.0 118.2 13.4 INDEX NUMBERS OF THE EXCHANGE VALUE OF THE February 94.9 106.4 134.7 8.2 GERMAN MARK. March 102.9 109.2 123.6 April 109.7 113.5 119.5 10.1 E v x a c l h ue a n o g f e E v x a c l h u a e n o g f e M Ju a n y e 1 10 0 6 7 . . 3 5 1 1 1 1 1 3 . . 8 3 1 9 0 1 2 . . 2 8 1 7 8 . . 3 3 foreign the mark July 100.2 115.8 87.7 18.2 currency abroad August 100.1 115.4 87.7 17.2 (German (foreign September 100.2 116.7 89.0 15.5 mark= currencies October 108.7 115.3 94.7 13.1 100). 100). November 111.2 113.8 97.6 10.5 December 114.5 114.1 104.3 11.7 1920. 1921. January 744 13.4 January 122.4 116.1 113.3 11.1 February 1,229 8.2 February 120.9 116.4 106.6 11.6 April 990 10.1 March 123.0 121.7 101.8 12.2 May 780 7.3 April 120.0 125.5 100.3 11.9 June 547 18.3 May 119.1 123.3 97.3 10.8 July 549 18.2 August 579 17.2 September 647 15.5 LIMITATIONS OF THE INDEXES. October 780 13.1 November 952 10.5 The indexes should be considered with a cer- December 850 11.7 tain degree of reservation. It is impossible to 1921. January 900 11.1 weight such indexes with more than approxi- February 857 11.6 mate accuracy. In the first place, the diffi- March 820 12.2 April 840 11.9 culty of obtaining statistics on the invisible May 922 10.8 exports and imports, such as freight, insurance, The indexes constructed in England, Sweden, banking, and interest earnings, makes these Norway, and Germany are presented below in items in exchange transactions only rough esjuxtaposition. The four indexes, however, are timates. Moreover, the character of the internot comparable because of variations in method national balance of trade is only one of several of construction. The English index, because of important factors in the exchange situation at the use of the geometric average, is consider- the present time under the special conditions ably lower than would have been the case had the existing as a result of the war. The index arithmetic mean been employed. Calculated on numbers, nevertheless, are useful and of interthe basis of the arithmetic average, the English est in analyzing the effects of the present deindex number for February, 1921, would flation process on the purchasing power of lave given the result 161.5 instead of 120.9. currencies abroad. AVERAGE MONTHLY VALUES OF THE POUND STERLING ABROAD EXPRESSED AS A PERCENTAGE OF PARITY. [Par value of the foreign currencies= 100.] Country. J 1 a 9 n 20 ., . F 1 e 9 b 2 . 0 , . M 19 a 2 r 0 ., . A 19 p 2 r 0 ., . M 19 a 2 y 0. , [ 1 J 9 u 2 n 0 e . , J 1 u 9 l 2 y 0 , . A 1 u 92 g 0 . . ,S 1 e 9 p 2 t 0 . . , O 19 c 2 t 0 ., . N 19 o 2 v 0 . . , I 1 9 D 2 e 0 c . , J 1 a 92 n 1 ., . F 19 e 2 b 1 ., . M 19 a 2 r 1 . . , A 19 p 2 r 1 . . , M 19 a 2 y 1 , . United States 75.5 68.4 77.5! 80.6 79.2 81. 2 79.6 74.1 72.3 71.6 70.9 72.1 76.9 79.6 80.3 80.8 81.6 India 61.8 49.7 54.7i 57.7 62.3 67.7 70.8 70.5 71.7 79.3 81.5| 92.1 91.5 98.1 103.2 102.0 103.6 France 183.1 184.4 209. 7j 254.7 226.1 202.1 190.9 200.4 207.3 210.3 228. 2 i 232.8 233.6 214.5 219. 215.4 188.3 Australia 101.2 100.2 100. 21 100.2 100.2 100.2 100.2 100.2 100.2 100.3 100.3 101. 5 101.5 101.5 101.5 101.5 101.5 Argentina 75.2 69.6 75.9 79.3 79.1. 82. 0 83.4 83.4 83.1 92.7 89.5: 89.3 94.9 96.2 99.4 106.3 110.4 Netherlands 80.6 75. 5! 84.31 88.0 87.4' 90.1 91.3 90.9 92.7 92.9 93.8 93.2 93.9 93.6 93. 93.2 92.4 Canada 82.8 80.7| 86.11 88.0 87. 9 92.1 90.3 83.6 79.9 78.7 79.1; 83.8 87.8 90.4 91.5 90.7 90.8 Africa 99.1 77.8 96.0! 93.5 91.8 92.6 96.0 99.6 100. 5! 101.6 102. 8 104.2 102.6 101.2 101. 2! 101.2 100.8 Egypt 100.1 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0! 100.0 100. 0 100.0 100.2 99.9 100.0| 100.0 100.0 Belgium 170. 7 184. 5 200.6 238.5 220. 0 190.2 178.3 188.0 193.0| 200.2 215.4 220.9 222.2 204. 209. 9 209.4 188.8 Sweden , 97.9 100. 0 100.7 99.1 100.1 199. 97.5 96.9 96.0 97.3 99.4 98. 31 96. 95. 94. 71 92.0 93.2 Germany , 1,101.01,.622.0.1.,444.0:1, 136.0 881.1 768. 5 758.7 845.8 993.61, 163.0 1.314.01 241. Ojl, 184. 5:1, 158.0 1, 195.0 1, 197.0 1, 178.0 New Zealand 100.4 100.4 '100. 4 100.4 100.4 100.4 100.4 101.3 100.2! 100.4 100.81 101.2 101.31 101.3 101.3 101.3 101.3 China 33.6 32.4; 34.8 40.2 45.2 53. 51.5 45.5 45.5 49.3 52.6 65. 3! 68.8 80.8 88.31 82. 82.8 Denmark , 115.1 126. 5 119.1 121. 126.9 129.2 130.1 134.1 138.7 137. 141. 5! 129.8 115.4 115.3 124.7 119. 121.4 Spain 77.3 77.4! 84.8 89.8 92.4 94.6 96.1 95.1 94.6 96.1 105.7 106.6 110.2 109.7 111.2 111.9 116.5 I N ta o l r y way , 2 10 0 5 3 . .4 2 10 4 7 7 . . 9 li j 2 1 8 1 6 3 . . 7 5 3 1 5 0 7 9 . .4 9 2 1 9 1 5 5 ). . . 3 0 6 2 1 6 2 4 3 . . 4 9 2 1 6 2 8 9 . . 4 1 2 1 9 33 7 . . 1 7 3 13 1 9 8 . .9 5 ! ! 3 13 5 8 2 . .7 3 1 7 4 6 1. . 9 1 3 1 8 3 7 0 . . 3 8 4 1 1 1 8 7. . 9 5 4 1 1 1 8 9 . . 7 9 4 1 1 3 0 2. . 9 1 3 1 3 3 9 6 . . 0 1 2 1 9 38 9 . . 4 1 Japan 76.0 71.4 80.9 82.8: 76.8 79.0 77.7 72.6 70. 5! 70.1 69.6 70.9 80.0 82.1 83.0 83.2 84.8 Switzerland 81.6 82.3 87.9 86.61 i.4 86.0 87.4 86.2 85.7 86.7 87. 7| 90.3 94.1 93.7 91.2 89. 88.3 Straits Settlements 99.5 99.7 101.4 101. Oi100.9! 100.9100. 101.1 101.1 101.1 101.11 101.3 101.1 100.7 100. 100.2 100.9 Turkey 353.0 369.7 376.3 421.3 396.3 386. 371.3 373.0 379.6! 385.4 424.0 490.1 523.0 526.0 522.8 512.6 466.8 Brazil 90. 88.6 90.8 98.1 96.6 104.9 115.3 114.8124.31 132.0 134. 7 150.6! 163.4 162.0 166.3 184.2 186.7 Portugal , 306.1 305.4 335.3 361.0 433.6 460.6 481.9; 434.7 465. 5! 512.1 631.0 766.1! 819.2 869. 21,002.0 990.6 946.6 Chile , 136.5 116.6 137. 140. 149.2 156.5 150.3 150.0157.4 163.7 183.4! 184.6 196.7 205.0 198.6 234.1 254.6 Greece 102.5 116.7 146.. 139.3 134.3 131. 123.3 126.8131.3 138.7 152. 4 183. 8| 199.0 208. 51 204.7 228.9 283.1 Hongkong 39.0 34.0 37.6 41.1 46.7 52.2 52.3 46.4 46.6 48. 8 51. 6i 62.1 67.6 81.3| 84.6 79.3 78.7 Uruguay 75.2 72.4 75.3 84.1 82.0 85.5 90.4 89.3 88.3: 90.6! 94.8! 96.2! 103.1 105.4 109.2l 120.7 122.9 Index (weighted geometric average) 98.5 94.9 102.9 109.7 107.5 106.3 100.2 100.1 100.21 108.7 111.2 114.5 122.4 120.0 123.0 120.0 119.1 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY, 1921. RESERVE BULLETIN. 797 AVERAGE MONTHLY VALUES OP FOREIGN" CURRENCIES EXPRESSED AS A PERCENTAGE OF THE SWEDISH KRONA. [Par value of the Swedish krona=100.] Country. Jan., Feb., Mar., Apr., May, June, July, Aug., Sept., Oct., Nov., Dec, Jan. Feb., 1920. 1920. 1920. 1920. 1920. 1920. 1920. 1920. 1920. 1920. 1920. 1920. 1921. 1921. Netherlands 121.19 133.99 121.44 113. 46 115.38 110.99 106.99 106.97 103.63 104.79 105. 83 105. 71 103.18 102.05 Germany 9.60 6.41 7.00 8.49 11. 68 13.66 13.17 11.67 9.83 8.58 7.86 8.03 8.27 8.38 Switzerland 119. 43 122.60 116.94 114.10 116. 57 116. 47 112. 29 112. 56 112.14 112. 51 113.39 109. 75 102.67 102.35 Belgium 58.49 ! 54.60 52.21 42.89 47 38 53.40 55.75 52.35 50.13 49.21 46.90 44.92 44.40 47.58 Finland 24.56 31.21 36.35 35.33 34.44 29.93 25.51 21.81 21.75 18.36 15.81 17.49 20.85 20.42 Norway... 93.42 93.06 88.68 90.82 87.92 80.58 75.96 72.95 69.40 70.50 70.14 75.56 82.54 80.27 Denmark 85.98 80.44 84 07 82 45 79 17 77 43 75.26 72.89 69.41 71.03 70.32 76.19 84.22 83.49 England 98.13 100.33 100. 83 99.17 100.28 99.83 97.69 97.03 96.04 97.36 99.28 98.51 96.75 99.26 Spain 102.15 95.94 93.57 89.58 88.36 United States.. . 129. 49 144.72 133.51 123. 59 127.35 123. 86 122. 79 130. 56 133.24 136.46 141.29 137.27 127.08 120. 64 France 58.28 53.14 49.83 40.25 45.10 50.71 52.25 48.83 46.76 46.50 44.03 42.39 42.06 45.11 Italy 28.07 27.10 25.79 24.13 23.44 Index (weighted arithmethic average) 90.9 94.0 91.6 88.1 89.4 88.3 86.4 86.6 85.7 86.8 187.9 87.6 86.2 85.9 1110. 0 1106. 4 1109. 2 H13.5 '111.8 1113.3 1115. 8 U15.4 U15.3 i113.8 1114.1 1116.1 1116.4 1 Par value of the foreign currencies=100. AVERAGE MONTHLY VALUES OP THE NORWEGIAN KRONE ABROAD EXPRESSED AS A PERCENTAGE OF PARITY. [Par value of the foreign currencies=100.] Country. England 74.9 72.0 76.5 83.3 75.1 Germany 624, 7 706.6 940.6 861.0 889.7| France 149.4 148.4 177.5 177.7 164. 158. 0 Holland 67.9 66.7 71.0 77.9 70.3 .6 Belgium 139.1 139.4 161.3 169.4 156.6 153.0 United States 55.4 51. 54.8 .3 60.1 59.3 Switzerland 64.4, 61.71 68.3 77.9 68.2, 65.8 Sweden 72. 5! 69.0 75.0 82.7 79. 71.1 67.6 Denmark 100.0 99. 99.2 97. 5 95.9 .5 88.0 Finland 324.9 315.4 429.1 390. 0 .3 432.7 497.6 Spain 70.9 67. 80.8 92.3 90.9 .0 81.7 Italy 215.9 227.6 297.4 345. 5 340.8 301.4 246.3 Index (weighted arithmetic average) AVERAGE MONTHLY VALUES OF FOREIGN CURRENCIES EXPRESSED AS A PERCENTAGE OF THE GERMAN MARK. [Par value of the German mark=100.] Apr., July, Aug., Sept., I Oct., Nov., Jan., Feb., Mar., Apr., May, 1920. 1920. 1920. 1920. 1921. 1921. 1921. 1921. 1921. Belgium 584 832 429 454 531 638 580 577 563 674 France 565 830 397 427 507 602 554 551 541 680 Italy 457 683 280 287 325 358 296 281 316 416 Switzerland 1,099 1,922 1,007 1,216 1,498 1,299 1,275 1,340 1,454 Spain 1,160 1, 931 910 1,099 1, 333 1,133 1,055 1,086 1,138 Rumania 150 158 141 141 152 104 106 105 136 Holland 1,111 1,985 939 1,139 1,392 1,314 1,260 1,280 1,384 L ondon "124 1, 525 865 1,042 1, 303 1,224 1,191 1,201 1, 284 New York 1,169 2,124 1,188 1,465 1, 850 1,602 1,485 1,489 1,574 Sweden 948 1, 502 886 1,084 1,320 1,298 1,226 1,306 1,373 Austria 31. 6j 32. 7 27 30 28 19.' 15.5 19 19.6 Index (unweighted arithmetic average)... 744 1 22' 647 780 952 850 900 857 820 840 922 U3.4 ' 18.2 U5.5 U3.1 110.5111.7 ill.l 111.6 112.2 111.9 U0.8 1 Par value of foreign currencies=100. Sources: The London Statist; Kommersiella Meddelanden; Farmand; Frankfurter Zeitung. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

798 FEDERAL RESERVE BULLETIN". JULY,1921. FEDERAL RESERVE BOARD INDEX. FOREIGN EXCHANGE INDEX NUMBERS, NOVEMBER, 1918, AND JANUARY TO JUNE, 1921—Continued. A foreign-exchange index has also been [Monthly average percentage of par.J worked out by the Federal Keserve Board for the United States. The method of computa- 1918 1921 tion and nature of the Board's index number are discussed in the following paragraphs: Country. Nov.! Jan. Feb. Mar. Apr. May. 'June, Taking the average value of the daily quotations on 18 leading countries for each month, SOUTH AMERICA. the Board reduced these quotations to percentages of par and then weighted them by Argentina. 105.83J 82.28 83.32 81.06 76.66 74.47 72.41 Brazil 79.53 46.67 48.08 46.64 43.21 42.23 35.90 the total volume of merchandise and gold and Chile i 116.74 73.32 73.75 75.58 66.48 60.77 55.59 silver imports and exports from and to each NORTH AMERICA. respective country for the preceding month. Canada 87.64 88.07 87.81 89.06 89.65 88.76 The index represents the weighted geometric average of cable transfer rates on the different countries. Weighting the quotations on theChina8. 184.74115.03102.32 96.07100.67102.12 99.25 India... 110.20 58.81 56.94 53.34 54.06 54.41 50.45 basis of the previous month's commerce has the Japan.. 108.76 97.69 97.67 97.47 97.29 97.39 96.24 advantage of giving each country the relative INDEX NUMBERS. importance it possessed on the most recent Value of foreign currencies available date. The proportion of our total expressed in dollars foreign trade with each oi the principal coun- (per cent) 101.00 54.00 55.00 54.00 57.00 65.00 59.00 Value of dollars expressed tries does not change materially from month to in foreign currencies (percent) 99. 00 185.00 182.00 185.00 175.00 154.00 170.00 month, but in so far as gradual changes take place they will be reflected in the weights. On 1 Average value of peso for 1912 ($0.1953) is taken as par. account of the lack of definite information 2 Shanghai tael. Silver content at average price in 1913 ($0.6685) is taken as par. about invisible exports and imports no allowance is made for them in the weighting. It is It will be noted that the index iri^this^table believed that the final index would be modified is given in two ways: but slightly even if additional data regarding (1) The value of selected foreign currencies invisible items of the trade balance were availin terms of dollars, the index measuring the able and were included in the weights. composite rate of appreciation or depreciation In the following table are given rates for of these currencies with regard to the dollar, or November, 1918, and for January to June, 1921. to express it concretely, how many dollars and It is proposed to calculate the exchange index cents it will take at prevailing rates of exfor every month beginning with November, change to buy in New York what at par would be 1918, and to publish the figures in an early issue one hundred dollars' worth of foreign currencies. of the BULLETIN, together with a chart showing (2) The value of the dollar expressed in the fluctuations in the index as compared with terms of selected foreign currencies, the index fluctuations in rates on some of the leading measuring the composite rate of depreciation countries. or appreciation of the dollar with regard to these currencies, or speaking more concretely, FOREIGN EXCHANGE INDEX NUMBERS. NOVEMBER, 1918 how much foreign currency at prevailing rates AND JANUARY TO JUNE, 1921. one hundred dollars will buy in New York. [Monthly average percentage of par.] At the time of the armistice, the foreign exchange index w^as slightly above 100 per cent, 1918 1921 i. e., the dollar stood slightly below par. This comparatively high level of the foreign ex- Country. Nov. Jan. Feb. Mar. Apr. May. June. change rates was due to the "pegging'7 arrangements by which the foreign exchanges were maintained by the allied Governments, together with the premiums existing on the cur- Belgium 35.08 38.86 38.08 38.55 43.34 41.61 Denmark 100.37 67.39 69.19 64.59 67.50 67.43 64.22 rencies of neutral European countries and of England 97.93 76.89 79.64 80.37 80.74 81.69 77.70 France 95.23 33.33 37.17 36.45 37.52| 43.36 41.83 South American and oriental countries. Since Germany 6.72 6.88 6.70 6.60! 6.82 6.0G that time, rates on all of the countries show Italy 81.61 18.40 18.93 19.95 23.84] 27.44 25.79 Netherlands. 104.86 81.79 85.08 85.57 86.44 88.46 82.80 decided declines. In January, 1921, 54 cents Norway 102.61 65.78 66.34 60.41 59.59 58.84 54.51 Spain 104.15 70.00 72.64 72.38 72.28 70.41 67.77 would buy a dollar's worth of foreign curren- Sweden 105.22 79.85 83.05 85.19 87.95 87.65 84.18 cies at par rates of exchange, and it took Switzerland.. 104.25 81.24 84.77 88.50 89.95 92.54 88.13 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY, 1921. FEDEKAL BESERVE BULLETIN". 799 $1.85 of foreign currencies to buy one dollar. changes remained comparatively stationary. In February and March the exchange situation A general decline of exchanges in June is atdid not materially change, but in April, and tributable in part to the purchase by Germany especially in May, the value of the foreign cur- of large amounts of dollar exchange in connecrencies went up considerably and the value tion with the payment of the first installment of the dollar showed a corresponding decline, of the reparations and also to unsatisfactory this being due to the large gold shipments developments in the British miners' strike. to this country and to the settlement of Sterling exchange shows the largest decline in German reparations. It will be noted that June as compared with May. French, Belgian, and Italian exchanges showed The following table shows the average of the largest gains in May as compared with actual quotations for each month on which the April, while sterling exchange advanced less percentages of par are based and the weights than 1 per cent. South American exchanges used in calculating the foreign exchange index: lost ground during May, while oriental ex- AVERAGE MONTHLY EXCHANGE RATES ON SELECTED COUNTRIES AND WEIGHTS USED IN CALCULATING FOREIGN EXCHANGE INDEX. Weights (imports and exports of merchandise and precious Monthly average rates of exchange. metals). Country. 1918 1921 1918 1921. No b v e e r. m- J a a r n y u . - Fe a b ry r . u- March. April. May. June. No b v e e r. m- J a a r n y u . - F a e r b y ru . - March. April. May. June. EUROPE. Belgium .0677 .0750 .0735 .0744 .083653 28,412 20,343 14,803 13,910 8,430 9,423 Denmark .2690 .1806 .18543 .1731 . 1809 .1807 .1721 1,317 9,243 7,935 3,876 5,857 3,851 3,829 England 4.76580 3.74197 3.8758 3.911 3.9292 3.97538 . 7815 165,174 187,329 147,381 123,458 130,087 125,301 120,616 France .18376 .06433 .07173 .070345 . 072414 . 08074 86,684 58,364 50,574 45,614 60,765 36,071 31,424 Germany 0160 0164 015953 01572 .01625 . 01444 64,105 53,493 44,572 37,871 25,819 27,027 Italy .15748 .03552 .03654 .0385 . 04601 .052960 . 04977 44,061 36.633 32,692 30,260 22,207 19,039 29,687 Netherlands. . 42153 .3288 .34201 . 3440 .3475 . 3556 .33284 2,431 34,858 30,885 21,018 20,226 26,671 15,824 Norway .2750 .1763 .1778 . 1619 . 1597 .1577 .14610 4,446 7,204 7,719 3,337 3,502 3,073 5,034 Spain .2010 .1351 .1402 .1397 . 1395 .1359 .1308 4,170 20.248 17,456 9,418 5,487 8,375 5,695 Sweden .2820 .2140 .22257 . 2283 . 2357 .2349 .2256 2,703 13;059 9,846 3,924 8,529 28,409 12,150 Switzerland. . 20121 .1568 .16361 .1708 . 1735 . 1786 .1701 1,504 6,153 4,500 3,243 5,267 4,505 4,772 SOUTH AMERICA. Argentina. 1.0021 .79382 .8039 .78202 .73958 .71848 .69857 38,408 32,661 29,970 21,815 20,743 13,077 12,743 Brazil .2580 .15139 .15597 .15130 .14016 .1370 .11647 7,436 28,772 23,841 15,529 15,596 14,535 11,122 Chile .4260 .1432 .14403 .1476 .12984 .11869 . 10857 17,623 15,374 15,063 9,918 8,387 4,863 NORTH AMERICA. Canada .87805 .896473 122,001 .9,487 79,644 100,132 81,184 77,245 China. 1.2350 .7690 .6840 .64225 .67297 .6827 .6635 13,693 22,639 19,884 26,853 18,749 22,368 17,361 India.. .3575 .2861 .2770 .2595 .2630 i .2647 . 24549 45,263 13,874 20,233 21,442 15,623 13,264 15,306 Japan. . 54219 .4870 .4859 .4850 ; .48548 . 47974 41,459 45,124 34,145 34,748 27,365 35,869 35,057 Total. 476,372 746,053 615,447 513,472 518,755 478.226 439,178 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

800 FEDEBAL RESERVE BULLETIN. JULY, 1921. American Bank Acceptances. ACCEPTANCE LIABILITIES OF NATIONAL AND OTHER MEMBER BANKS. A reduction of over 25 per cent in the volume [In thousands of dollars.] of outstanding member bank acceptances between May 4, 1920, and April 28, 1921, is indicated by the condition reports of these banks re- Class of banks May June Sept. Nov. Dec. Feb. Apr. ceived by the Comptroller of the Currency and and city. 1920. 1 3 9 0 2 , 0. 1920. 19 15 20 , . 1 2 9 9 20 , . 1 2 9 1 2 , 1. 19 2 2 8 1 , . the Federal Reserve Board. This shrinkage commenced during the latter part of last year, NATIONAL BANKS. but became more accentuated during the present- New York 188,297 200,904 197, 501201, 854 193,309 191,918173,062 year. As may be seen from the tabular state- Boston 60^951 53,978 44, 83549,518 49,786 47,181 46,207 Philadelphia 25,028 24, 739 25,619 22,415 16,343 12,143 11, 862 ment below, aggregate acceptance liabilities of Pittsburgh 8,836 4,749 4,080 1, 882 1,471 1,240 1,244 all member banks on June 30, 1920, differed but Cleveland 6, 975 10,040 9,440 8,412 8,528 1, 924 1,137 Detroit 8,646 3,606 3,960 4,527 5,003 3,385 slightly from those shown on May 4 of the same lincinnati 3,014 2,592 1,312 1,222 1,202 742 681 Indianapolis 2,924 2,320 2,729 2,919 2,818 2,484 1,365 year, being in the neighborhood of $674,000,000 Richmond 3,739 1,823 2,675 1, 864 2,190 2,019 1,028 on both dates. On November 15 the total had Baltimore ! 4,059 3,651 7,113 5,165 4,273 3,100 1,446 Atlanta j 1,200 1,300 1,342 650 600 700 450 declined to about $647,800,000, and on Decem- New Orleans | 4,749 4,388 1,826 1,555 1,532 908 920 Charleston, S.C... 1,233 801 1,586 1, 702 2,166 1,927 1,441 ber 29 to $593,700,000. A much larger decline, Chicago ! 35,972 37,354 40, 82531,920 28, 81923, 89424, 280 to $504,100,000, is shown on April 28 of the pres- St. Louis I 5,825 5,315 3,987 4, 705 3,116 2,615 524 Minneapolis I 9,354 8,024 8,287 9, 590 8,208 5,888 1,819 ent year, the downward movement gaining in Dallas. 1,370 1,035 800 2, 875 1,750 890| 150 San Francisco 26,744 26,311 22,483 15,;""" 13,241 14,091 j 13,611 impetus beginning with the fall of the past year. Portland, Oreg 4,177 3,123 2,240 4,072 2,493 2,507' 2,772 As pointed out in an earlier issue of the BULLE- A Se H a t o tl t e her 3 ?6 7 ., , , V 3 0± 2 16 4 3 3 22 2, , 5 b57 7 {5 0 6i \ 1 3 1 0 1, , 1 8 11 2 7/ 6 29 1. , , 9 0 6 1 7 3 27 1, , 0 9 9 4 9 5 23 1, , 0 4 2 4 1 9 15 9 ,9 3 1 1 6 TIN (see p. 158 of the February, 1920, issue) this shrinkage affected at first only the accept- Total 438, 430:431,198|414, 583406,525375,416 345,644 304, 231 ance liabilities of the banks outside of New STATE BANK AND TRUST COMPANY York City, both national banks and trust com- MEMBERS. panies in New York City reporting increasing New York 130,798! 143,335 159,341 .48,296 138, 856 figures up to November 15 of last year. Buffalo 2,6801 3, 3,175 1,950 856 Boston 24, 812!24, 721 19, 89914,349 11, 857 Since then the combined acceptance liabilities Providence 1, 501 4,178 1,781 1,569 1,309 Philadelphia 1, 375 1,385 1,225 1,100 200 of the New York member banks declined from Pittsburgh 2,600 2, 287 450 198 $361,200,000 to $311,918,000, though the rate Cleveland 6,735 6,434 5,756 4,746 8,746 Detroit 1,525 1,394 1,006 900 400 of decline for the New York banks was con-Memphis 1,269 901 835 275 444 Richmond 45 50 50 100' siderably less than for member banks in other Baltimore 439 689 350 500 197 cities. Thus, member banks in Chicago report Savannah 158 674 67' 5621 475 Atlanta 550 385 32 197 162 a decrease in their acceptance liabilities between New Orleans 6, 600 7,259 6,091 7,442 6,569 Chicago 36,696 28, 790 25, 57523,681 21,273 November 15, 1920, and April 28, 1921, from St. Louis 9, 944 9,422 6,770 4,937 1,472 $60,495,000 to $45,553,000; member banks in San Francisco 1,042 527 1,134 1,122 726 Portland, Oreg 546 722 630 785 Philadelphia a decrease from $23,640,000 to Seattle-.. 40 4 3 All other 6,107 5,290 5,640 5,482 5,410 $12,062,000; member banks in Cleveland from $14,168,000 to $9,883,000; member banks in Total. 235,422 242,369 241,276 218,292 199,938 San Francisco from $16,999,000 to $14,337,000; Total national banks 438, 430 431,198 406,525 375,416 304,231 and member banks in Portland, Oreg., from Total State bank and trust com- $5,035,000 to $3,557,000. Even larger relative pany members.. 235,422242, 369 241,276 218,292 199, 938 shrinkages are shown for the St. Louis member Grand total..673, 852673, 567 647,801 593,708 504,169 banks, viz, from $11,475,000 to $1,996,000, and for member banks in Minneapolis from $9,590,000 to $1,819,000. As the result of Federal Reserve Bank holdings of bankers7 these developments, acceptance liabilities of the acceptances show an even larger shrinkage member banks in New York City on April 28 than acceptance liabilities of the member constituted 61.9 per cent of the acceptance banks. At the close of April total holdings of liabilities of all member banks, compared with member bank acceptances (both purchased in 55.8 per cent on November 15 and 47 per cent open market and discounted for member banks) on May 4 of the past year. were only $68,670,000, or less than 14 per cent In the following table are shown aggregate of the total member bank acceptances outacceptance liabilities separately for the national standing on April 28, the nearest call date, banKs and other member banks in the principal compared with about $275,000,000 of such centers on all call dates between May 4, 1920,paper held on May 4, 1920, and slightly over and April 28, 1921, in continuation of similar $250,000,000 held at the close of November of figures published on page 172 of the February last year. In addition, as shown in the sub- 1921, BULLETIN: joined exhibit, the Federal Reserve Banks Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY, 1921. FEDERAL RESERVE BULLETIN. 801 held $50,600,000 of bills accepted by non- New York member banks, including private banks and rates for London prime rate for agencies of foreign banks, also by discount eligible 3-month corporations. bank ac- bankers' ceptances, bills. 90 days. HOLDINGS OF BANKERS' ACCEPTANCES BY FEDERAL January. RESERVE BANKS. February March... April.... [In thousands of dollars.] May June Purcha a s c e c d e p in te o d p b e y n — market, cou H n e t l , d a c u c n e d p e te r d d i b s y - 1 No information is at hand of the total amount of nonmember bank acceptances outstanding and the proportion of such bills held by the Nonmem- I For- Federal Reserve Banks. But assuming that Bate. T h in o o g l t d s a . - l b M a b e n m e k - r s. b b a i a b a n n n n e g d r k k s - ba v P n a ri k t - e ?, i | b e b s r a e , a n i n a g k c n n s h d , Total. b M a b e n m e k r - s. b O an th k e s r . d 0 th 0 e e c 0 r e t t o a o t s a e l $ d 2 a 5 s m 0 in , o 0 c u 0 e n 0 t , t 0 h o 0 e f 0 n , s u i o n c n h a N b b i o o ll u v s t — e m t s h b a e e y r s $ a 1 2 m 5 0 , e 0 1 ,0 p 9 0 r 2 0 o 0 , - - , cor- agenpora- portion as the amount of member bank actions. ceptances, we may estimate roughly the amount of bank acceptances other than member bank 1920. acceptances outstanding at the end of April at Apr. 30... 396,859 270, 80846,292 48,549 31,210 48,2251 May 31.. 411,427 275, 59,141! 47, 448 29,4"69 41,841, about $150,000,000 to $200,000,000, and the June 30.. 372,541 255,564 56,474' 38,647 21,856 25i,, 174 July 31.. ~~ 646 234,368 47,112 36,087 22,079 9, 830 total amount of bank acceptances outstanding Aug. 31. 202, 86844,130 31, 225 21, 7379,013| on that date at $650,000,000 to $700,000,000, Sept. 30. 298', 223 200, 97641, 94S 29, 788 I;51-18,072| Oct. 31... 296, 0C70 194, 90839,636 33,662 864 11,5391 as against a total of $900,000,000 or over on D N e o c v . . 3 3 0 1. . . . . 2 2 3 58 8 , , 55 8£ 1 7 6 8 1 1 6 5 9 3 , , 3 3 8 0 7 2 3 38 3 , , 3 5 7 0 4 2 2 2 6 4 , , 9 0 0 1 5 0 25, 702 1 1 2 7, , 2 8 1 2 8 8! November 15 of last year. 26,212 This considerable decline in the volume of 1921. Jan. 31 162,385 32,372 18,055 22, 718.2,506 8,454 4,052 outstanding acceptances is not restricted to the Feb. 28 "1,048 96; 313 33,76818,458 20, 509.3,421 8,669 4,752 Mar. 31 119,054 65, 86820,653 15,878 16,655.3,052 9,181 3,871 United States, but reflects the general shrink- A M p a r y . 3 3 1 0 1 8 0 4 9 , , 7 1 1 4 1 2 6 5 2 3 , , 3 2 2 2 7 3 1 1 8 2 , , 3 3 4 1 1 8 1 9 3 , , 6 9 5 1 1 5 14 9 , , 5 5 1 5 9 9 9 0 , , 4 18 7 8 2 6 6, , 4 3 6 4 9 3 3 3, , 0 8 0 4 3 5 age in the volume and value of commercial dealings, largely of foreign trade transactions, 1 Figures for 1920 are as oflast Friday in each month; separate figures characteristic of the more recent period. Thus of member bank acceptances and ottier bank acceptances held unde^ acceptance liabilities of the English jointdiscount by the Federal Reserve Banks are not available prior to 1921. stock banks, according to the London Econo- Market rates for bank acceptances continued mist, declined during the calendar year 1920 fairly steady and at a relatively high level during from £151,138,000 to £102,920,000, or by the first quarter of the year. In April rates nearly one-third, while during the present year softened somewhat, and May rates are shown the average weekly acceptance liabilities of the slightly lower than for the preceding month, nine leading London clearing banks show the while in June, due to the general rise in money following changes: rates, the acceptance rates show a slightly January, 1921 £88, 213, 000 higher level. London rates on 90-day bankers7 February 77, 376, 000 bills continued higher, besides showing a wider March 69, 249, 000 spread than the American rates during the first April 63,033,000 six months of the present year as may be seen May 62, 957, 000 from the following table of monthly ranges indicating an additional reduction for the of rates, taken from the American Acceptance first five months of the present year of over Council's Monthly Bulletin: £25,000,000, or 28.6 per cent. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

802 FEDERAL RESERVE BULLETIN. JULY, 1921. BUSINESS AND FINANCIAL CONDITIONS ABROAD. In the Review of the Month for this issue of index for England shows a decline of less than the BULLETIN a statistical summary is pre- one-half of 1 per cent. The index numbers of sented of the condition of the Federal Reserve the United States Bureau of Labor Statistics, of System at the end of June, 1921, as compared the British Board of Trade, and of the Statist with the same date in 1920. It has been continue to show appreciable declines. thought desirable to make a somewhat simi- General production indexes are not availlar statistical comparison of the conditions in able currently for either country. Comparing, the various foreign countries which are regu- however, the trend of production in certain imlarly discussed in the BULLETIN. With the for- portant lines in which such figures are comeign countries it is impossible to cover the piled, it would seem that the coal strike had period June to June, however, as the statistics made more serious inroads upon British profor June, 1921, are in most cases not yet avail- duction than have resulted here from lack of able. Since the peak of the postwar boom industrial demand. The trend of iron and was reached by May, 1920, a comparison be- steel production in the two countries was simtween May, 1921, and one year previous is ilar throughout 1920. Early in 1921, however, equally informing. British production increased while American output continued to decline. The British in- ENGLAND. crease was of very brief duration, however, as the In England changes in business conditions strike of the coal miners occurred on April 1, have been very similar to those in the United and the iron industry was almost as seriously States, except that in recent months production affected by it as the coal industry itself. At has probably proceeded at a slower rate in Eng- present British steel production is at a comland than in this country because of greater plete standstill, while the American industry labor difficulties. So-called "deflation," or the is working at approximately 25 per cent of reduction in wholesale prices, has been more capacity. Conditions in the coal industry in the rapid in the United States than in England, two countries can scarcely be compared bebut has been so extreme in both countries cause of the entirely abnormal situation in that its general effects have been similar. England during the past year.. Although there Export trade in the case of both countries has has been a severe slump in the production of been greatly curtailed, considered in terms of bituminous coal in the United States during quantity as well as value, but the fluctuations 1921, this was preceded by a period of relain the American figures make it impossible to tively high production. In England, on the date the decline in foreign demand with any other hand, no coal was produced during 3^ exactitude. On the whole, the dates of the of the past 12 months and production was not changes in fundamental conditions have been at a high rate during the rest of the year. The remarkably similar in the two countries. In textile industries in both countries have been the United States official statistics show the seriously affected by the trade reaction. If peak of wholesale prices to have been reached wholesale prices have reached a point of relain May, 1920. Index numbers published by tive stability, it is certain that production will Bradstreet date the peak somewhat earlier, begin to increase again, as the curtailment has but Dun's index dates it in May also. In been in the main due to lack of orders. The England both the Statist and the Economist general price index wipes out variations in index numbers began to decline in April, and individual lines, however, and the improvethe new Board of Trade, or official index, ment in production will probably be irregular reached its highest level in May, 1920. In just as the price movement is irregular. other words, the peak of prices in both coun- The decline in production lias meant serious tries was probably reached in the second involuntary unemployment in both countries. quarter of 1920. The decline has been con- In England this type of unemployment has tinuous throughout the year, but there are been greatly increased by strikes due to wage indications now that it is proceeding at a conreductions, the most notable of which is the siderably less rapid rate than at any time coal strike, beginning April 1, 1921. A year since it began a year ago. The index number ago (in May, 1920), there was a high degree compiled by the Federal Reserve Board for the of industrial activity, the percentage of trade- United States shows a change in prices between union unemployment amounting to only 1.1 April and May, 1921, of only one-half of 1 per per cent and in the trades coming under the cent, while Bradstreet's shows a decline of less act providing insurance for workers during unthan 2 per cent during May, and the Economist employment amounting to 2.68 per cent. Dur- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY, 1921. FEDEKAL RESERVE BULLETIN. 803 ing the summer of 1920 there was no appreci- Partly as a result of this special drain of able change in employment conditions, but as expenditures, the floating debt has been ina result of the coal strike in October a large creasing during the new fiscal year. Treasury number of workmen in the iron and steel, the bills outstanding totaled £1,222,000,000 at engineering, and textile industries especially the end of June, 1921, as compared with were forced out of work or put on a part-time £1,050,000,000 at the same time a year ago, basis. Since that time unemployment has while temporary advances from the Bank of been steadily on the increase, the latest figures England have decreased £30,500,000. The showing 22.2 per cent of trade-union members total floating debt is £80,000,000 higher than (excluding coal miners) out of work and 17.6 per a year ago. cent of workers in the insured trades. Latest In spite of this increase there has been a returns from employment exchanges give a reduction in the total note issue. Currency registration of 2,122,000 on May 27, 1921. notes have been reduced by £33,472,000 and Bank of England notes increased by £2,898,- PERCENTAGE OF UNEMPLOYMENT. 000 between the end of June, 1920 and 1921. Statistics for the joint-stock banks are avail- ! m T u e r n m a i d o b e n e - rs. I t n ra s d ur e e s d . able for June 30 and December 31, 1920, and on an average monthly basis for the year 1921. Considering only the five largest banks it ap- End of May, 1920. 1.1 2.68 End of May, 1921. 122.2 17.6 pears that during the period from June 30, 1920, to May, 1921, total cash has been re- 1 Excluding coal miners. duced by £77,000,000, advances by £69,000,- Public financing in England continues to be 000, with a decline in deposits of £6,000,000. of considerable importance, although the em- Bills discounted have increased very materiphasis has rather shifted during the course of ally, probably because of the larger numthe past year. In proposing a budget for the ber of foreign bills that are now passing year beginning April 1, 1920, the chancellor of through London than was the case a year the exchequer increased the excess-profits duty ago. from 40 per cent to 60 per cent. It was thought at that time that industry was in a position to FIVE LARGEST JOINT STOCK BANKS. pay the increased tax. In contrast with the situation a year ago the budget for the year [In thousands of pounds sterling.] beginning April 1, 1921, contains no provision for excess-profits duty, and the losses of many June 30, Dec. 31, concerns during the past year were such as to 1920. 1920. May, 1921. require the Government to reimburse them (under the provision of the 1919 law, whereby C A a d s v h ances 2 83 6 1 3 , , 7 1 2 8 4 3 7 2 6 7 7 4 , , 5 13 8 7 6 7 1 6 8 2 5 , , 8 5 4 9 0 0 the Government is responsible for repayment Bills discounted 157,562 281,659 289,324 Deposits 1,585,206 1,628,375 1,578,521 of excess-profits duties in case of subsequent loss by the business enterprise taxed). During the past few weeks revenue has been so much The discount policy of the Bank of England less than was estimated when the 1921-22 during the past year has been similar to that of budget was voted, and expenditure on account the Federal Reserve Board. Rates of discount of the coal strike and unemployment so much at the bank were increased from 6 to 7 per cent more, that temporary borrowing has been re- in April, 1920, and were kept at this point until sorted to on a very large scale. In the brief April 28, 1921, when they were reduced to 6| table following figures are presented showing per cent. On June 23 they were further rethe condition of the treasury at the end of duced to 6 per cent. During the period of the 7 June, 1921, the first three months of the new per cent bank rate, rates on three-months bank fiscal year being thus covered. bills varied from 6i per cent to something over 6f per cent, and with the reduction in the bank [In thousands of pounds sterling.] rate to 6J per cent, commercial rates declined also. The extent of control exercised by the Expenditure rate at the Bank of England over general Revenue. ch a a b r l g e e- credit conditions is exceedingly difficult to against measure. As was pointed out above, the loans revenue. and advances of the joint-stock banks have been considerably reduced in recent months. Quarter ending— June 30 1921 204,168 271,420 To what extent this is due to a high bank rate, June 30, 1920 314,986 284,728 however, it is impossible to state. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

804 FEDERAL RESERVE BULLETIN. JULY, 1921. Although present sterling-dollar exchange by the independent chairman. Items of cost are to be rates do not differ widely (by present standards) decided by the national board or, failing agreement by July 31, by the independent chairman. from those of the end of June, 1920, in the During the temporary period of three months, the costs course of the past year there has been a very of production will be based on the first quarter of the year. heavy decline in the value of sterling, followed The reductions in wages during this period are not to exby an increase of approximately the same ceed 2s. per shift in July, 2s. 6d. in August, and 3s. in September, providing that the balance of the Government dimensions, followed in turn by another serious grant is sufficient. The Government will give a grant not weakening toward the end of May, 1921. The exceeding £10,000,000 in subvention of wages. quotation for sterling during the last week of It is agreed that every man shall be entitled to return June, 1920, averaged about $3.97. Very soon to his place when that place is available for him, and that men temporarily occupying places during the stoppage after that, however, it began to depreciate and shall give way to the men working in those places before was quoted at something above or below $3.50 the stoppage. It is agreed on the other hand, that for several months during the fall and early there shall be no victimization of men who have been winter of 1920. Between January and May, keeping the collieries open, not in the sense that they are to remain at the jobs they filled during the stoppage, 1921, there was more or less steady improvebut that they shall not be prevented from going back to ment, the quotation on May 21 averaging ap- their own jobs, or from working subsequently at the proximately $4. The heavy purchase of dol- collieries. lars on German account in connection with the The coal fields are to be divided into 13 districts for the purposes of this agreement. June 1 reparations payment had, however, The agreement is to last until September, 1922, and combined with the decline in British exports thereafter only to be terminated by three months' notice and the strike of the coal miners, a serious on either side. effect upon sterling, and consequently the The so-called antidumping or safeguarding quotation for June 30 averaged only $3.72. of industries bill is under consideration by The coal strike was not settled until the the House of Commons. The principles upon end of June. On the 28th of that month which the act is based were commented on in representatives of the mine owners and the the BULLETIN for May, 1921. The complete miners agreed upon terms of settlement, which list of articles to which the bill applies may be subsequently proved satisfactory to all the found in the Board of Trade Journal for March parties concerned. These terms represent con- 31, 1921. cessions by both sides; the mine owners agree FRANCE. to operate the mines upon a profit-sharing plan; the miners abandon their demand for a Of the problems which have confronted pooling of profits; the Government agrees to a France during the past 12 months those of a subsidy of £10,000,000 to tide the industry fiscal nature have been of prime importance. over the period of readjustment. The chief The 1920 budget was not passed until the last clauses of the new agreement may be summar- days in June of that year, and a whole series of ized as follows: new taxes went into effect upon July 1. When the Chamber of Deputies returned from its National and district wage boards are to be established with equal representation of both sides and independent summer recess the proposed budget for the chairmen. current year was placed before it, but ex- District wages are to be in the form of a percentage upon penditures for 1921, on account of the ordithe district basis rates, periodically adjusted, and deternary and extraordinary budgets, were not mined by the proceeds of the industry in each district finally decided upon until May 1, 1921, and the ascertained after a joint audit. The sum to be applied in each district to the payment of wages above the stand- expenditures for "the recoverable budget" ard wage shall be a sum equal to 83 per cent of the surplus were not authorized until June 1. of such proceeds remaining after deduction therefrom of The following table gives a survey of the exthe amounts of the following items during the period of penditures authorized in the two years. ascertainment: (a) The cost of the standard wages; (b) the costs of production other than wages; (c) standard profits equivalent to 17 per cent of the cost of the standard FRENCH GOVERNMENT BUDGET. wages. If in any period the ascertained proceeds, after deduc- [In millions of francs.] tion of costs other than wages and the cost of the standard wages, prove to have been insufficient to meet the stand- Calendar year. ard profits, the deficiency shall be carried forward as a first charge to be met out of any surplus (ascertained as above) in subsequent periods. 1920 1921 The minimum rate will be the standard wage plus 20 per cent. The standard wage will be the basis rate Ordinary budget .. . 21 761 23,263 existing in each district on March 31 last, plus district Extraordinary budget 5,420 3,236 percentages payable in July, 1914, or equivalents neces- Expenditures recoverable from Germany under sitated by subsequent adjustments. the peace treaty 20,751 15,913 A subsistence wage for low-paid day workers will be Total 47,932 42,412 decided by the district wage board or, failing agreement, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY, 1921. FEDERAL RESERVE BULLETIN. 805 As will be seen from these figures there is a On March 1, 1921, the total French public decrease of about 5,500,000,000 francs in the debt amounted to 302,304,000,000 francs, acexpenditures contemplated in 1921. This de- cording to a statement recently published by crease is, however, largely due to a revision the ministry of finance. Although the floatin the estimates of money to be spent on the ing foreign debt has been somewhat reduced reconstruction of the devastated regions, rather since March 1, the total debt has been inthan to any important curtailment of the ex- creased by the issue of a new series of 2-year penditures to be made on account of the ordi- Treasury bonds in France and the 20-year nary and extraordinary budgets, which totaled loan floated in the United States. The pro- 27,i81,000,000 francs in 1920 and 26,499,000,- ceeds from the latter loan amounted on June 000 francs in 1921. M. Doumer, the French 14 to almost $90,000,000, or about 720,000,000 finance minister, has already presented pro- francs at current exchange rates. Subscripposals for the 1922 budget to the Chamber of tions to the issue of internal bonds were closed Deputies, which contemplate more drastic re- June 21 (four days before the date originally visions in expenditures on ordinary account. announced), and according to cable reports It is anticipated that the Government will receipts amounted to 5,000,000,000 francs. draw upon the following sources for meeting No limit had been set for subscriptions to 1921 expenditures: these bonds. During the final stages of the debate on the FRENCH GOVERNMENT RECEIPTS ESTIMATED FOR 1921. 1921 budget, M. Loucheur, minister for the [In millions of francs.] devastated regions, outlined his plans for re- Normal receipts: construction. He wishes to leave the work to Taxes 13, 901 Government monopolies 2, 525 private initiative and enterprise as much as Other normal receipts 1,198 possible, and to that end favors regional and industrial loans, such as those floated by the Total 17, 624 city of Albert and by the ''Coal Operators of Exceptional receipts: War profits tax 4,028 the North and Pas de Calais Districts77 last Liquidation of stocks 1, 200 month. As to the employment of German Short-term bills 450 labor and materials in the devasted districts, Long-term loans 19,149 M. Loucheur speaks with reservations. He thinks that the employment of German labor Total 24,827 may in some instances be advisable, but he Grand total 42, 451 does not believe that those instances will be very frequent. On the other hand, he ad- The amount to be raised by long-term loans vises the use of German raw materials and of will be reduced by the amount of payments other payments in kind, because he thinks received from Germany during the year. It that Germany7s capacity to pay will be inis estimated that such payments will not creased and that the settlement of the war amount, however, to more than 750,000,000 gold marks, or about 2,025,000,000 francs, this debt will be facilitated by such payments. On year. June 12 and 13, M. Loucheur had a preliminary In his discussion of the " recoverable budget77 conference at Wiesbaden with Dr. Rathenau, for 1921, M. Henry Cheron, rapporteur general the German minister for reconstruction, in reon the budget for the French Senate, estimated gard to the method by which materials shall that the amount of money yet to be spent in be transferred from Germany to France, and rebuilding the northeast district of France is according to cable dispatches a satisfactory 79,000,000,000 francs, and payments yet to be working arrangement was agreed upon. made on pensions will amount to 48,000,000,000 French tax receipts for May amounted to francs. As 60,000,000,000 francs have already 1,004,000,000 francs, 121,000,000 francs less been spent on reconstruction and pensions, than budget estimates. Receipts from the tax the total cost of these two items was placed by on total business turnover reached 147,000,000 M. Cheron at 187,000,000,000 francs. Under francs, 11,000,000 francs less than in April, the reparations agreement, France is to receive and 95,000,000 francs less than budget esti- 68,640,000,000 marks gold in return for war mates. Early in June the Chamber of Depulosses (or at present exchange rates, about ties began to discuss a revision of this tax in 151,000,000,000 francs, according to M. Che- order to increase its yield. Two methods of ron's figures). It seems probable, therefore, revision were proposed, one to double the rate that unless the future cost of reconstruction can of tax, the other to subject to this tax sales of again be revised downward, part of the amount agricultural products. The sales of the agrito be spent will eventually have to be fur- cultural cooperative societies; which are very nished by the French themselves. important in France, are exempt from the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

806 FEDERAL RESERVE BULLETIN. JULY, 1921. total business turnover tax. The first pro- May, 1920, and it is the announced intention posal is very unpopular with business men and of the present government in France to] keep with the public generally, as it is felt that it it from further increases. fH would tend to increase the cost of living, which The change which has taken place in the has at last begun to decline. French foreign trade situation in the past year According to the figures of the French Gen- is well illustrated by the following table which eral Statistical Office the decline in retail prices reviews imports and exports for the first five in Paris during May amounted to 3 per cent. months of 1920 and 1921: However, the retail price index shows that prices are still 217 per cent above what they were in 1914. FOREIGN TRADE OF FRANCE. During the past year there has been a much more striking change in wholesale than in [Comparison of the first five months of 1920 and of 1921 in millions of francs and in 1919 value units.] retail prices. In April, 1920, the wholesale price index number of the French General Statistical Office reached its peak. On that date January through Change May. from 1920 it registered 588, as compared with 100 in 1913. (+in- In May, 1921, this index has fallen to 328. crease; — 1920 1921 decrease). In this connection it is interesting to compare prices for representative commodities in France last spring with the prices in May of this Food 4,092 1,998 -2,094 year, which have been recently cabled to the Raw materials 7,244 4,269 -2,975 Manufactured articles.. 4,386 2,417 -1,969 Federal Reserve Board by the American consul Total. 15,722 -7,038 in Paris. WHOLESALE PRICES IN FRANCE. Food 852 + 164 Raw materials 1,891 2,178 + 287 Per- Manufactured articles.. 4,890 5,507 + 617 m C o o d m it - y. Grade. Unit. Market. A 19 p 20 r . il, M 192 a 1 y . , a c g d e e e n - t o - f P E a x r c c e e s l s T p o o o f t s a t i l mports.. 7, 3 8 5 2 9 8 9,0 51 4 2 9 + + 1,2 1 2 5 1 3 crease. Excess of exports.. 365 Pigiron.. P. R. No. 3. Ton Meurthe et 505 270 46.5 Moselle. S t e e 1 I3m/m 100 kilos. La Place de 155 87.37 43.6 The figures in these tables are provisional, as plates, j Paris. the French department of customs has not yet Copper Suitable for 100 kilos.. do 717. 55 376. 38| 47.5 ingots. brass. revised its system of trade evaluation and is Pig tin...! English 100 kilos. do 1,791.15829. 5 53.7 Lead !Ordinary 100 kilos. .do. 185. 62 127. 31 55.4 still using 1919 value units in stating current Zinc | Good I100 kilos. do.... 328.12 141. 31 55.9 trade. The peak of French import trade was C r o a t w to . n,! j O L rd o i u n is a ia r n y a ,! . I 50 kilos.. Le Havre. 895 191.75 78.6 reached early in the spring of 1920. Since that Wool, raw Buenos Aires 100 kilos. do 1,560 512 67.2 Raw silk, iFrench 1 kilo... Lyon 461 152. 50 66.9 time there has been a more or less steady decline. |Ch to in n e s b e e , s C t. an- lkilo.... do 361.67131.25 64.0 The export trade was at its height in the mid- Beef Hind quarter lkilo... Paris 7.21 6.5 9.8 summer of 1920. It began to decline per- Coffee Santos 50 kilos.. Le Havre. 352 101. 5G 71.1 Butter... iNormandy.. lkilo.... Paris 13.7 9.00 34.3 ceptibly in November of that year, and nas Cheese Ca N m o e rm m a b n e d rt y , 100 do 157. 50 112. 50 28.6 reached its lowest point so far in May, 1921. It Wine Red Hecto- Beziers 117.1 67.4 exceeds at present, however, the import trade, liter. and this fact is especially significant for France. The falling off in foreign trade last summer is The change in the situation of the Bank of symptomatic of the general slowing down of France during this interval has been less strik- industrial activity in France at that time. The ing than the change in prices. A table on slowing down has not been as serious in France page 891 of this issue of the BULLETIN shows as in some of the other European countries, the gold reserve, the note circulation, and the however. The work to be done in the devasdeposits of the bank at the end of May in both tated regions, and the activities of the French years, and brings out the fact that the most army have prevented unemployment from beimportant change has been an addition to the coming as serious as it might otherwise have gold reserve. Although the note circulation been. A recentfdispatch from France reports has increased more strikingly at times during the number of those receivingfunemployment the interval, at the end of May, 1921, it was relief from municipal and departmental funds not quite 1 per cent larger than at the end of as less than at the same time last month. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY, 1921. FEDEKAL RESERVE BULLETIN. 807 ITALY. While no official^figures regarding unemployment are available for recent months, the num- The index number of wholesale prices in ber of unemployed at the end of March was Italy for all commodities in the month of May estimated on the basis of reports from labor of this year was 88, against 106 in May, 1920, exchanges, trade unions, and other sources, at the monthly average in 1920 being taken as a about 120,000, with an additional 300,000 basis. In other words, in the course of the working part time. The silk and woolen inyear there has been a decline of about 17 per dustries have been most seriously affected, cent. The largest decline took place in the many of the spinning mills having been comprices of textiles (from 105 to 47), of minerals pletely closed down, while the weaving plants and metals (from 113 to 62), and of chemicals nave been operating only four days in the (from 123 to 76). In the case of textiles week. In the cotton industry part-time work the peak of high prices was reached in the has likewise been introduced. In the metal midsummer of 1920, the textile industries trades, machine construction, and automobile having been the first to be affected by the inindustries the number of unemployed varied dustrial depression in foreign countries; in between 20 and 50 per cent, and most of the the other groups the downward movement of plants have been running on a part-time basis. prices did not definitely set in before the end Plants working on rolling stock for the railways of last year; it has been continuous since then and on electrical machinery are the only ones for nearly all groups, as may be seen from the that have not decreased production. Contable on page 844. siderable unemployment has been reported in Retail prices of the necessities of life conthe rubber and leather trades, as well as among tinued, however, to advance up to March, the seamen, workers on secondary railways and last month for which information is available. street railways, and in the luxury trades. The The following table gives the monthly index latter industries have been especially seriously numbers of the cost of living of an average affected because of the heavy taxation of workers family in the most important cities, luxury goods. the figures for July, 1920, being taken as the Provisional figures of Italy's foreign trade in basis: the months of January and February of the current year show an increase of imports from COST OF LIVING IN CERTAIN ITALIAN CITIES. 2,083,000,000 lire during a similar period last [July, 1920=100.] year to 2,486,000,000 lire this year, and a decrease of exports from 1,116,000,000 lire to Date. Rome. Milan. e F n lo c r e - . Venice. Genoa. Turin. 1,069,000,000 lire during the same period. As the figures for both years are based on 1919 value units, this difference represents a real 1920. July 100.00 100.00 100.00 100.00 100.00 100.00 change in the physical, volume of imports and December... 123.46 117.87 119.20 113.91 117.40 118.11 exports. The figures for imports do not in- 1921. clude the goods delivered by Germany on the January 121.70 124.43 121. 26 114.61 120.10 118.95 February... 123. 82 125.60 121.42 115.45 118.68 119.04 reparations account. The increase in imports March 125.74 126.91 118.23 122.26 is particularly pronounced for grain, cotton, coal, metals and metallic goods, colonial goods, The actual advance in the cost of living in drugs, and tobacco. The decrease in exports March was even larger, as the figures given was largest in silk and hemp. above do not take into account the rise in the An investigation of the condition of the price of bread due to the enactment of the Italian railways made in the month of March new law on the supply of grain. by the union of chambers of commerce showed It was likewise in the last months of 1920 that the main cause of the crisis in transportathat the first symptoms of the beginning of a tion was the shortage of locomotives. While general business depression appeared, which the number of cars available increased from became more pronounced early in the spring of about 90,000 in 1914 to over 120,000 at the this year. Thus, outstanding loans of the four time of the report, the number of locomotives leading private banks decreased from 1,560,- had decreased from 4,400 to 4,200. In the 000,000 lire on December 31, 1920, to 1,407,- meantime, the mileage of the railways had in- 000,000 lire on March 31, 1921, or nearly 10 creased by 1,500 kilometers, and railway per cent, reflecting the slackening of transac- traffic had become much heavier as a result of tions on the stock exchanges. Another symp- the decrease in coastwise shipping. At the tom of the contraction of business activities time of the investigation there were 1,675 may be seen in the diminished yield from stamp locomotives waiting for major repairs, and duties, which fell from 34,000,000 lire in Feborders for 540 new ones had not been executed ruary to 24,000,000 lire in April. owing to financial difficulties, lack of raw Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

808 FEDERAL RESERVE BULLETIN. JULY, 1921. materials, shortage of labor, disorganization The most important of the taxes already in of transports, etc. It was found, however, force in Germany and their yield during the that conditions were improving and that the past fiscal year are given in the following table. number of new and repaired locomotives that were daily turned out had increased in the pre- GERMAN TAX RECEIPTS, YEAR ENDING MARCH 31, 1921. ceding two months, following the enactment [In millions of marks.] of a law authorizing the railway administration to make advances to contractors. Increase over Tax. previous GERMANY. fiscal Among the statistics dealing with economic developments in Germany during the past Income tax 9,593 9,593 Emergency levy (Reichsnotopfer) 9,336 9,334 year not the least interesting are those Sales tax of December, 1919 3,554 3,554 on the tax receipts of the German Govern- War profits tax 3,094 3,092 Federal stamp taxes 1,726 1,054 ment for the year ending March 31, 1921.Tax on passenger and freight receipts.. 1,423 851 Germany's system of taxation was com-E Pr x e t m ra i o u r m di s nary war tax of 1919 1 1 , , 8 8 9 4 2 5 1 1 , , 8 20 8 6 4 pletely revised in 1919 and the early months Coal tax 4,670 3,316 Tobacco tax 1,908 1,202 of 1920, but it took some time for the newExport taxes 2,237 1,546 taxes to become effective, and tax receipts for Other taxes 4,824 1,075 March, 1921, were more than eight times as Total.. 46,102 37, 707 large as those for April, 1920. Total tax receipts for the year amounted to 46,100,000,000 In Germany's present situation, her export marks, as compared with 8,400,000,000 marks trade is not less important than her tax rein the fiscal year ending March 31, 1920. ceipts. It is impossible, however, to review Neither of these figures includes receipts from the foreign trade situation as accurately as the the postal, telegraph, or railway monopolies. tax situation. The official statistics published Tax receipts for the year 1920-2 i exceeded the at present assign no value to German imports anticipations of German Government officials beyond July, 1920. The most recently pubthemselves, and were more than 13 per cent lished statistics on the subject place the total larger than the revised (and enlarged) budget weight of German imports from January estimates. Part of this difference is probably through October, 1920, at 15,078,877 metric due to the increase in monetary values which tons, as compared with exports weighing took place during the year, largely as a result 16,283,114 metric tons in the same period. of continuous currency inflation. In spite of The value of exports from January through these unexpectedly large tax receipts, however, October, 1920, is given as 53,753,890,000 Government operations showed a deficit for marks. It is interesting to compare these the fiscal year, and the floating debt increased figures with the relative weight and value of 74,860,000,000 marks in the period from April German imports and exports in 1913. 1, 1920, to March 31, 1921. This fact, combined with the necessity for providing funds GERMAN FOREIGN TRADE, JANUARY THROUGH OCTOBER, for payments on reparations account, makes it 1913 AND 1920. evident that new taxes must be devised and tax receipts increased in the near future. Imports. Exports. Various schemes for accomplishing this end have been proposed, but no definite decision In thou- In In thou- In as to the method to be employed has yet been sands millions sands millions of metric of of metric of reached. One of the financial experts of the tons. marks. tons. marks. Reichstag has estimated that Germany's deficit for the current year will be as follows: 1913 60,686 9,185 61,168 8,409 1920 15,079 16, 283 53, 754 ESTIMATED GERMAN GOVERNMENT DEFICIT FOR YEAR ENDING MARCH 3], 1922. The trend of prices in Germany continued downward in May, and the Frankfurter Zeitung [In millions of marks.] index number for June 4, 1921, stands at Estimated deficit on extraordinary budget 33,000 1,376, marking the low point so far this year. Railway and postal deficits 12,500 Cost of the armies of occupation not already pro- The high point for this index was reached in vided for in the budget 9,000 the 1st of May last year, but it fell sharply Probable value in paper marks of payments on during the month, so that the June 4 index is reparations account 42,000 lower than any other in 1920, excepting Janu- Total 96,500 ary and February. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY, 1921. FEDERAL RESERVE BULLETIN". 809 The following table gives the group index FRANKFURT-AM-MAIN. numbers for the first of June this year and for May 1 last year: Index number of cost of FRANKFURTER ZEITUNG WHOLESALE PRICE INDEX living.2 NUMBER. 1920. [Middle of 1914= 100.] Jan.l Apr.l Julyl Aug.l Mayl, June 4, Sept.l 1920. 1921. Oct.l Nov. 1 Dec. 1 All commodities 1,690 1,376 Foods, etc 1,178 1,116 1921. Textiles and leather 3,243 1,907 Jan.1 Minerals.... 1,860 1, 524 Mar.l Sundries ... 1,417 1,633 Mayl 1 Compiled by the Frankfurter Zeitung. Eetail prices and the cost of living in Ger- 2 Compiled by Dr. Elsas. 3 Since the beginning of the year. many have not fluctuated as widely during the last 12 months as have wholesale prices, but It will be seen from the above table that the net change has been an important one. wages in Frankfurt have continued to rise The following table shows the cost of living in since the beginning of the year, while the cost of Greater Berlin, for a family of four, in May living in that city has fallen from the peak of this year and in the corresponding month last 186 in November to 164 at the 1st of May. year: It is also clear from these two compilations that wages rose faster in Frankfurt during 1920 COST OP LIVING IN GREATER BERLIN. than did the cost of living. It is not clear, however, whether wages have yet been in- [In marks.] creased enough to make up for the change which has taken place in the cost of living since May, 1920.May,1921. 1914. According to the index number of Dr. Elsas the cost of living in Frankfurt on January Food . 163 122 1, 1914, was 26.5, and in May, 1921, 280 (using Rent . 9 9 Heat and light 22 25 April 1, 1919, as 100); that is, living costs have Clothing 98 Sundries 73 66 increased not quite 11 times since before the war. The following table gives the index numbers for Total 365 285 wages in the industries for which the Frankfurter Zeitung could obtain 1914 rates: It is, in all countries, difficult to estimate the changes which have taken place in real wages RELATIVE WAGES PER HOUR IN FRANKFURT-AM-MAIN. since 1914. The Frankfurter Zeitung has recently added to its other indexes dealing [Jan. 1,1920=100.] with economic phenomena in Germany an Beginindex of wages per hour paid in Frankfurt. Industry. 1914 Jan. 1, July 1, ning of May 1, The statistics used in this index represent 23 1920. 1920. 1921. 1921. different trades. It was possible, however, to obtain comparable rates in 1914 for only Building 22 100 195 226 233 Metallurgical 22 100 206 230 230 nine of these trades, so that the index Soap 16 100 190 208 221 number uses January 1, 1920, as a base. It is F Sh o o o e d 2 1 2 6 1 1 0 0 0 0 1 1 5 6 7 9 2 17 1 4 1 2 2 5 2 7 2 computed by averaging the monthly relatives Decorating.. 22 100 203 242 265 Rubber 21 100 238 255 272 obtained for each industry. The figures do not Chemicals... 22 100 250 279 291 take into account unemployment in the various Mining 17 100 159 180 200 industries represented and do not therefore give any indication of the actual earnings of In the majority of these cases the increase wage workers in Frankfurt. in wages has been approximately the same as The following table presents the wage index the increase in the cost of living. In dealing of the Frankfurter Zeitung and the index with these figures, however, it should be rememnumber compiled by Dr. Elsas on the cost of bered that living costs have been kept as low as living in Frankfurt, computed upon the basis they are by the Government regulation of of January 1, 1920 = 100: rents and of the prices of some foodstuffs. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

810 FEDERAL KESEEVE BULLETIN. JULY, 1921. SWEDEN. and dependable markets for Swedish lumbe there was a falling off in demand. This was As compared with conditions existing a due not alone to the industrial slackness but year ago, the present economic situation in also to the competitive exchange advantage Sweden shows changes very similar to those enjoyed by Finland which permitted Finnish which have taken place in other countries. exporters to underbid on c. i. f. terms the f. o. b. Price recessions, greatly curtailed production, quotations of Swedish manufacturers. and a decreased foreign trade are outstanding The total export of lumber in 1920, however, features of the year. amounted to over a million standards, which The turning point in the boom period in compares satisfactorily with the figure for 1913 Sweden was reached in the summer and early and exceeds by substantial margins the total autumn of 1920. Wholesale prices reached exports in either 1918 or 1919. A real indicatheir peak in June, but the downward movetion of the decreased demand for lumber is ment did not gain any appreciable momentum furnished, however, in the export figures for until October. Since that month commodity 1921. The official export statistics for unvalues have fallen on an average of 5 per cent planed boards, deals, scantlings, battens, etc., per month, or about 40 per cent urj to June. are given below: An upward price trend was noted in several commodity lines during May of this year, but SWEDISH EXPORTS OF UNPLANED BOARDS, DEALS, as yet there are no significant indications of a PLANKS, SCANTLINGS, ETC. stabilization of values or convincing evidence that the price decline is drawing to a close. [In thousands of cubic meters.] The prices of hides and leather now stand very near their pre-war level. Textiles and metals 1913 1920 1921 have fallen until they are about 50 per cent above pre-war prices, but all other commodity January... 78.2 139.6 43.3 February.. 39.9 90.1 19.0 groups for which index numbers are computed March 44.1 164.6 22.0 April 154.3 214.3 15.7 are still more than twice as high in value as in May 040.0 347.1 43.6 1913. The price recessions which have occur- June 476.1 395.5 July 493.6 659.3 red in the various groups of commodities show August 428.9 509.7 September. 432.1 421.0 extreme irregularity. Comparing the prices October... 509.9 341.1 in May, 1921, with the peak prices of 1920, the November. 410.1 228.6 December. 230.6 155.8 most drastic drop is apparent in the case of Total 3,93£ 8 3,666.7 143.6 coal, which has declined nearly 80 per cent. According to the group indexes of the Svensk Handelstidning, textile prices have receded As the consumption in the lumber importing 65 per cent from the peak, wood pulp 64 per countries has not improved and as exchange cent, hides and leather 61 per cent, metals difficulties still remain, the present situation 53 per cent, building materials 39 per cent, is bringing an automatic reduction in producoils 30 per cent, animal foods 30 per cent, raw tion, which is estimated at more than 35 per materials for agriculture 23 per cent, and cent. vegetable foods 19 per cent. In the paper-pulp industry, the second larg- During the past year, production of lumber, set in Sweden, demand was unusually heavy the most important industry in Sweden, has in the first half of 1920, due to the great reflected the change in the general industrial international paper shortage. In August and situation. Due in a large measure to the brisk September, however, a setback occurred as foreign demand, general expectation of a great as it was sudden. In France and Engbuilding revival, and the favorable seasonal land, as well as in Scandinavia, paper producinfluences for timber-floating operations and tion by the close of 1920 had decreased to less early navigation, lumber production and trade than 50 per cent of normal capacity, and this were of considerable promise in the first half curtailment reacted seriously upon the pulp of 1920. In the latter half of the year, how- industry. Throughout the fall orders from the ever, continental demand almost completely United States maintained the market, but since ceased, particularly in France and Holland, the beginning of the year the industry has which were affected by adverse exchange come to almost a complete standstill. Prorates. Germany, which before the war ranked duction has been curtailed not only by the next to Great Britain and France as the largest voluntary closing of mills but also by a strike importer of Swedish wood products, practically of nearly two months' duration, involving 22 ceased to be a customer and became a com- mills with a combined yearly output of 360,000 petitor of Sweden. Even in England and the tons. Competition with Norwegian and Finnish pulp producers who are favored in the colonies which remained the only important Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY, 1921. FEDERAL RESERVE BULLETIN. 811 foreign markets by the low exchange rates has SWEDISH EXPORTS OF IRON ORE. also affected Swedish exports of pulp. The [In thousands of tons.] drop in pulp exports during the first five 1913 1920 1921 months of 1921 is apparent in the following January 338.3 136.0 244.1 table, which presents the monthly export February... 354.8 173.0 289.3 figures of 1913 and 1920 for comparison: March.. 314.3 241.7 356.4 April 418.3 296.9 427.9 May 527.5 257.6 391.2 June 545.1 399.7 SWEDISH EXPORTS OF PAPER PULP CALCULATED BY DRY July 785.3 394.7 WEIGHT. August... . 925.6 469.5 September 755 4 451.5 [In thousands of tons.] October.. . 698.1 442.0 November . 469.3 302.6 December 307.9 171.1 1913 1920 1921 Total. 6,439. 9 3,736.3 1,708.9 January 43.7 48.7 12.5 EXPORTS OP PIG IRON. February... 21.0 33.9 6.3 [In tons.] March 20.9 42.9 6.0 A M p a r y il 1 6 0 0 3 . . 1 7 1 6 1 2 2 . . 8 9 1 1 8 0 . . 2 1 1913 1920 1921 June 69.9 99.2 July 83.6 107.0 January 3,178 8,464 August 70.4 68.0 February... i, 533 5,541 7,510 September.. 76.3 94.0 March ;009 6,981 1,441 October 94.0 86.4 April 16,868 7,801 4,016 November.. 106.9 68.5 May 12,828 14,916 4,772 December.. 96.6 57.4 June 21,630 14,575 July 20,839 12,943 Total. 847.1 881.7 53.1 A Se u p g t u e s m t ber. 1 1 9 9 , , 4 44 1 1 5 1 9 0 , ,8 6 9 4 9 8 October 26,130 8,686 November.. 15,607 9,289 A considerable decline has also been experi- December.. 14,617 10,959 enced by the Swedish iron and steel industries Total 192,612 115,416 26,203 during the past year. The output was affected not only by the depression in the latter half of The total foreign trade of Sweden reached its 1920, but by the revival of peace-time produc- peak in July, 1920, and by May, 1921, had tion abroad, labor unrest, the installation of declined approximately 70 per cent. Imports the eight-hour day, heavy freights, taxes, and and exports in May were about 40 and 42 per the high prices and inferior quality of the fuel cent, respectively, of their value in the correavailable. Compared with the figures for 1913, sponding month last year. An improvement production in 1920 was exceptionally small. in the balance of trade was a noteworthy de- The following table indicates the decline in velopment of the past year. In the first output: quarter of 1920 the excess of imports amounted to 438,000,000 kronor, while in the first three months of 1921 the excess diminished to SWEDISH PRODUCTION OF IRON AND STEEL. 82,000,000 kronor. The following table shows [In thousands of tons.] Sweden's commodity balance of trade: 1913 1919 1920 SWEDEN'S BALANCE OF TRADE. [Excess imports (+) and exports (—). In millions of kronor.] I P r i o g n i r o o r n e ! 7,4 7 8 3 0 0 . . 0 2 4, 4 9 9 8 3 7 . . 7 0 452.3 1913 1920 1921 I B R n o l g o l o l o e t m s d s i ron I j 3 5 1 4 9 5 5 0 8 . . . 6 9 5 3 4 1 6 9 2 3 1 . . . 3 6 2 4 28 2 5 1 6 9 . . . 0 6 0 J M F a e a n b r u c r a h u r a y ry... + + + 1 1 1 7 3 5 . . . 4 9 8 + + + 1 1 1 5 7 1 0 6 1 . . . 6 2 1 + + + 2 3 2 1 3 7 . . . 1 7 5 April + 9.6 + 103.2 +36.7 May -10.8 + 87.1 Exports of pig iron and ingots in 1920 were June -11.3 + 59.7 July — 7.2 + 63.4 greater than in the nearest preceding years, August - 6.6 + 77.8 September. - 0.8 + 91.7 but below the prewar volume. Throughout October + 3.2 + 81.5 the present year iron-ore exports have ex- November.. + 5.0 + 51.7 December.. + 1.0 + 25.8 ceeded the amount exported in the corresponding period of 1920. Ore exports in March and From this table it can be seen that in a nor- April, 1921, also surpassed the prewar quanti- mal year an excess of exports usually occurs ties in the same months. On the other hand, during the summer months or the timberthe export of pig iron in May, 1921, was only shipping season. The excess imports take about 32 per cent of the exports in the same place in the first third, and the last quarter of month of the preceding year and only 35 per the year. In 1920 there was no period whatcent of the May, 1913, volume. The tables ever of excess exports. below present the monthly export statistics for An easier position in the money market is ore and pig iron: apparent from the Kiksbank returns for May. 55762—21 4 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

812 FEDERAL KESERVE BULLETIN. JULY, 1921. A contraction in the loans and discounts of the value of the florin has risen from the low point joint-stock banks has been in progress since of 29.25 cents in November, 1920, to 39.29 December, and up to June it amounts to about ;ents, the high point in May, an upward 4 per cent of the December figure. Aggregate movement which may be associated with the loans, discounts, and rediscounts at the end improved position of the bank with regard to of May, 1921, had declined about 2 per cent its note issue. from the figure for the corresponding period During the war the Netherlands Bank folof 1920. The total outstanding note circulation lowed a policy, which it has since continued, of of the Riksbank at the end of May amounted maintaining gold balances abroad, and of isto 651,000,000 kronor, which is the lowest since iuing bills against these balances whenever oc- July, 1918. It represents a falling off since a casion arose, an expedient which has enabled the year ago of about 8 per cent and a decline from bank to exercise a stabilizing influence on the the peak circulation of December, 1918, ofexchange value of the florin without resorting approximately 20 per cent. Gold holdings to the export of gold. As a consequence of have remained at practically the same level this policy, the bank's foreign balances have for the past six months, and in May were about gradually decreased to approximately 20,000,- 8 per cent higher than the corresponding period 000 florins. Recently, however, the bank has last year. decided to build up these balances once more, The business transacted on the stock ex- and to this end has begun the export of gold. change has declined heavily in the past year. The weekly statements show that during the The May volume of business was less than period from March 29 to May 2, inclusive, the one-half of the total transactions in the same bank's gold holdings decreased by 30,000,000 month in 1920. florins and that its "Sundry accounts," which include foreign credits, increased by an almost equivalent amount. NETHERLANDS. A reduction in silver holdings has also taken The crisis in industry, trade, and shipping place as a result of the decision of the Governthrough which the Netherlands has been passment to withdraw the silver notes of 2.50-florin ing continues. Every branch of industry, exand 1-florin denominations from circulation. cept special enterprises, such as ship repairing, The bank has accordingly effected a gradual reflects the depression which prevails likewise in reduction in the stock of silver which it holds as trade and in the securities market. Unemploycover for these notes. Holdings have dement continues, and in many instances is increased from 22,600,000 florins the first of Febcreasing. There is evidence, however, that the ruary, when the reduction began, to 13,000,000 economic structure of the Netherlands, supflorins on the last of May. ported as it is by a diversified international A table showing the principal asset and liatrade, enables it to withstand the crisis with bility items of the Netherlands Bank for 1920 less hardship than is the case in countries and the first five months of 1921 is attached. of more specialized production. Revenue returns for the first four months have been on PRINCIPAL ASSET AND LIABILITY ITEMS OF THE NETHERthe whole more satisfactory than was antici- LANDS BANK. pated and somewhat in advance of receipts for [In thousands of florins.] the corresponding period last year, so that the treasury has not suffered from the effects of the Metallic reserve. Addepression. Loans, vances ex T ch h a o n u g g e h v t a h lu e e g w ui e l l d l er i nt h o e ld 1 92 it 0 s , i i t n t n e e r c n e a s t s i a o r n i a ly l Date. Gold. Silver. Total. a v c n o a d d n u i s c n a - e t d s s , - . b to m e e a r e G r n n i o - n t v g - F b or il e l i s g . n in l N a c t o i i o r te c n s u . reacted to the cumulative effects of undue no in-' terest. expansion of currency and credits and of an 1920 increasingly adverse trade balance. The Jan. 31.. 631,845 8,229 640,0741446,687 12,087 48,904 1,039,062 excess of imports over exports rose from Feb. 28. 633,241 9,390 642,6311441,833 14,965 54,783 1,026,549 Mar. 27. 634,164 10,426 644,590l 397,052 13,342 56,192 1.013,315 145,000,000 florins in 1917 to 1,631,000,000 in Apr. 24. 635,161 11,323 646,484 423,404 8,045 53,882 1'045,948 1920, and was 254,000,000 for the first quarter May 29. 635,805 12,646 648,451 459,017 71,3561020,829 June 28. 636,304 13,894 650,198 414,230 13,647 49,698 I 004,808 of 1921. The increase in the note circulation July 26. 636,338 15,015 651,353 422,464 41,088 1017,208 of the Netherlands Bank for the last half of A Se u p g t . . 3 2 0 7 . . 6 6 3 3 6 6 , , 3 3 4 4 0 7 1 17 6 , , 7 5 3 3 2 0 6 6 5 5 2 4 , , 8 0 7 7 0 9 4 4 0 1 7 5 , , 2 8 5 5 9 9 3,2 4 0 7 5 8 3 4 9 6 , , 4 48 3 4 5 1 10 0 3 2 0 6 , , 3 0 1 3 0 3 1920 amounted to approximately 73,000,000 Oct. 25. 636,141 18,944 655,085 441,216 6,523 29,041 1057,317 Nov. 29. 636,141 20,171 656,312 447,066 14,951 44,4151 078,032 florins, and during this period the decline of Dec. 27. 636,141 21,190 657,331 444,428 13,832 52,754 I)072,145 the exchange value of the guilder followed 1921 more or less closely the rise in the note circu- J F a e n b . . 3 2 1 8 . . . 6 6 3 3 6 6 , , 1 1 4 4 1 1 2 2 2 0 , , 4 3 5 9 6 2 6 6 5 5 6 8 , , 5 5 3 9 3 74 4 4 0 4 7 , , 7 8 7 7 7 2 1 4 4 , , 9 5 3 73 0 0 99 17 2 1 I : . , , , !0 0 5 7 3 2 ,4 ,1 1 0 7 9 lation, together with the increase in the bank's Mar. 29. 621,034 16,687 637,721 408,336 14,740 7081,036,816 Apr. 25. 610,977 14,434 625,411 440,165 14,916 5021:, 043,276 bill holdings. In recent months the exchange May 30. 605,965 13,065 619,030 408,969 13,493 69511,029,565 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY, 1921. FEDERAL RESERVE BULLETIN. 813 Continuing the figures on wholesale prices In March the balance of trade for the month in the Netherlands, which appeared in the shows an excess of imports amounting to April BULLETIN, the following price index for 107,000,000 florins, in February there is a 49 general commodities and for 31 articles of similar excess of 49,000,000 florins, and in food (included in the 49), prepared by the January 98,000,000 florins, compared with an Dutch Central Bureau of Statistics, shows a average monthly balance of 136,000,000 florins decline of 20 points in prices in general from in 1920 and of 117,000,000 florins in 1919. December, 1920, to January, 1921, and a drop In the Dutch East Indies foreign trade is light, of 13 points in February. Retail prices on and the financial and economic situation shows the other hand show only a small and by no little improvement over past months. The flormeans proportionate reduction. in of the colony has been weak compared with that of the Netherlands, and a sharp fall in most commodity prices has been witnessed. WHOLESALE PRICES IN THE NETHERLANDS. Though the 1920 sugar crop was better than [On basis of 1913= 100.] expected and the yield per unit of cane for the year was very high, the world sugar crisis in- General Food General Food volved the Java market and forced sales sent Date. articles articles Date. articles articles (49). (31). (49). (31). prices down to 14 florins per picul (3 cents per pound), the high for the year having been Year 1919 304 293 1920. 51 florins per picul. The outlook for 1921 is not satisfactory. Of the estimated crop of 1920. October 283 259 November 261 253 1,600,000 tons, as compared with 1,500,000 in January 293 264 December 233 232 February 299 254 Year 1920 285 259 1920, less than one-third has been sold, the price March 290 253 being considerably less than that quoted for cur- April 296 260 1921. May 297 262 rent shipments of the 1920 crop. Numerous J Ju u l n y e 2 3 9 0 7 1 2 2 6 7 9 4 J F a e n b u r a u r a y ry 2 20 1 0 3 2 20 1 4 1 strikes at the sugar mills and of longshoremen August 289 265 March 192 191 have called for concessions from employers. September 287 261 The Netherlands Parliament has recently authorized a 250,000,000 florin loan to the The foreign trade of the Netherlands for the Dutch East Indies. Because of increasing defifirst quarter of the current year shows little cits in the colonial budget, additional taxes change from that of the corresponding quarter and duties have been imposed to balance the of 1920. There has been a decline in the revenue and expenditure, which in the past export of most raw materials and an increase nine years have increased 72 per cent and 143 in the export of some manufactures, especially per cent, respectively. in manufactures of cotton. The trade move- As a factor in its international trade, and ment for the quarter by groups of commodities especially in the economic status of the Nethermay be seen from the following table: lands, the position of its shipping is important. Shipping under the Netherlands flag was comparatively prosperous at the close of the war. FOREIGN TRADE OF THE NETHERLANDS FOR THE FIRST QUARTER OF 1921 COMPARED WITH THE CORRESPOND- Those lines whose ships were not chartered at ING QUARTER OF 1920. fixed rates to some one of the belligerents had reaped very large profits from the general [In thousands of guilders.] scarcity of shipping. The Dutch shipowners had a considerable amount of new tonnage Imports. Exports. ready to promote extension of service and the past two years have witnessed a steady gain January- January- January- January- March, March, March, March, in the establishment of regular lines. At pres- 1920. 1921. 1920. 1921. ent the volume of Dutch shipping is nearly back to normal, the total net tons leaving Live animals 897 1,771 3,449 10,500 Rotterdam being approximately five-sixths of Foodstuffs, fodder, and beverages 100,119 123,405 132,293 145,262 1914 figures, and at Amsterdam about four- Raw and semimanufactured products: fifths of the normal tonnage has been regis- (a) Of animal origin 34,241 18,327 17,169 6,724 tered. The Dutch Parliament has recently (6) Of vegetable origin... 156,517 92,993 37,542 29,784 (c) Of mineral origin 109,270 89,911 6,976 9,201 granted a subsidy of 1,000,000 florins annually Manufactured products 276,092 270,901 118,459 140,505 Other articles 579 1,154 1,595 2,171 for five years to a Netherlands South African line which is formed jointly by the Rotter- Total . 677,715 598,462 317,483 344,147 Gold and silver coin and bul- damsche Bank, the Netherlands Indian Bank, lion 5,540 8,456 7,567 22,688 the Netherlands Trading Co., the Twentsche Grand total 683,255 606,918 325,050 366,835 Bank, and two important shipping firms. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

814 FEDERAL RESERVE BULLETIN. JULY, 1921. State Banks and Trust Companies Admitted. New National Bank Charters. The Comptroller of the Currency reports the following The following list shows the State banks and trust comincreases and reductions in the number and capital of panies which have been admitted to membership in the national banks during the period from May 28 to June 24, Federal Reserve System during the month of June, 1921, 1921, inclusive: One thousand five hundred ninety-six State institutions are now members of the system, having a total capital of $554,364,645, total surplus of $527,696,294, and total Banks. Amount. resources of $10,236,149,929. New charters issued to With capital of $950,000 Capital. Surplus. Total W Re i s t t h o r c e a d p i t t o a l s o o l f vency "125*666 Increase of capital approved forl , With new capital of 2,740,000 District No. 2. Aggregate number of new charters, banks restored to solvency, and banks increasing capital , Claremont Bank of Jersey City, Jersey With aggregate of new capital authorized 3,815,000 City,N.J $200,000 $50,000 $5,517,836 C N a u p m it b a e l r o o f f s a b m an e k b s a l n iq k u s idating '2,075"666 District No. 6. Number of banks reducing capital2 Reduction of capital 700,000 B P R a a o L r n y i a k s s h t o o B n f a D B n a a k w n & k so , T n R , r o u D y s a s t w t C o s n o o , . n , G , O a G pe a iousas, 1 6 5 0 0 0 0 , , , 0 0 0 0 0 0 0 0 0 3 3 1 0 5 0 , , , 0 0 0 0 0 0 0 0 0 3 4 1 6 1 2 5 6 8 , , , 0 4 1 9 9 7 7 9 1 C A T o o g v N n t g o a o s r l l e o v u g n l . n i a u d 7 t t a m , a e 1 r t 9 i y b c o 1 a e l n 8 p r i q i o o t u a f f i l d b n r a a e a t n d t i i o k u o n s c n t g a o io o l r n i r b n e g a d n u i k n c s t i o n u g v n o c d a l e u p r n i t t t a a h l r e y a o c r t i o n f - , , , 2,775,000 District No. 7. Capital 'J6,'466,"666 The foregoing statement shows the aggregate of in- State Bank of Armstrong, Armstrong, creased capital for the period of the banks em- Iowa 25,000 5,000 270,123 braced in statement 3,815,000 Moorhead State Bank, Moorhead, Against this there was a reduction of capital owing Iowa 30,000 30,000 456,242 to liquidations, etc , 2,775,000 American State Bank, Highland Park, Mich 200,000 50,000 2,112,445 Net increase , 1,040,000 District No. 8. 1 Includes two increases in capital aggregating $250,000 incident to consolidations under act Nov. 7,1918. Farmers State Bank, Con way, Ark... 60,000 10,000 824,333 a Includes one reduction in capital of $700,000 incident to a consolida- Bank of Eastern Arkansas, Forrest tion under act of Nov. 7,1918. City, Ark 50,000 50,000 743,126 Pe P o i p n l e e s B S lu a f v f, i n A gs r k B ank & Trust Co., , 100,000 50,000 1,075,115 Fiduciary Powers Granted to National Banks. The applications of the following banks for permission to District No. 9. act under section 11 (k) of the Federal Reserve Act have Mercantile State Bank, Minneapolis, been approved by the Board during the month of June, Minn 300,000 80,000 2,847,398 1921: First State Bank of Clyde Park, Mont. 25,000 2,000 95,554 DISTRICT NO. 2. District No. 11. Trustee, executor, administrator, registrar of stocks and bonds, guardian of estates, assignee, receiver, and committee of estates of lunatics: Caddo Mills State Bank, Caddo Mills, National Trust Bank, Paterson, N. J. Tex 30,000 21,000 187,726 Nassau County National Bank, Rockville Center, N. Y. Wharton Bank & Trust Co., Wharton, First National Bank, Waverly, N. Y. Tex 50,000 150,000 741,724 First State Bank, Coahoma, Tex 25,000 128,997 DISTRICT NO. 3. Security State Bank, Cooper, Tex 100,000 909,449 Trustee, executor, administrator, guardian of estates, assignee, receiver, and committee of estates of lunatics: District No. IB. The Fourth Street National Bank, Philadelphia, Pa. Guardian of estates, assignee, receiver, and committee of estates of luna- Security Bank & Trust Co., San Fran- tics: cisco, Calif 500,000 325,000 First National Bank, Seaford, Del. Trustee, executor, administrator, registrar of stocks and bonds, guardian of estates, assignee, receiver, and committee of estates of lunatics: Second National Bank of Philadelphia, at Frankford, Philadelphia, LIQUIDATIONS. Pa. DISTRICT NO. 4. First Trust & Savings Bank, Des Moines, Iowa. Executor, administrator, guardian of estates, assignee, and receiver: Glynn County Bank, Brunswick, Ga. City National Bank, Columbus, Ohio. Burley State Bank, Burley, Idaho. DISTRICT NO. 5. Bank of Duchesne, Duchesne, Utah. Trustee, executor, administrator, registrar of stocks and bonds, guardian of estates, assignee, receiver, and committee of estates of lunatics: CONVERSION. First National Bank, Welch, W. Va. DISTRICT NO. 7. The Citizens Bank, Hohenwald, Tenn., has converted Trustee, executor, administrator, registrar of stocks and bonds, guardian into a national bank. of estates, assignee, receiver, and committee of estates of lunatics: First National Bank, Belvidere, 111. Will County National Bank, Joliet, 111. Farmers National Bank, Sparta, Wis. Acceptances to 100 Per Cent, DISTRICT NO. 8. Trustee, executor, administrator, registrar of stocks and bonds, guardian Since the issuance of the June BULLETIN the following of estates, assignee, receiver, and committee of estates of lunatics: banks have been authorized by the Federal Reserve Board First National Bank, Mayfield, Ky. to accept drafts and bills of exchange up to 100 per cent of DISTRICT NO. 9. their capital and surplus: Trustee, executor, administrator, registrar of stocks and bonds, guardian American Trust Co., Boston, Mass. of estates, assignee, receiver, and committee of estates of lunatics: First National Bank, Fargo, N. Dak. Ohio National Bank, Columbus, Ohio. The City National Bank, Columbus, Ohio. DISTRICT NO. 10. Brotherhood of Locomotive Engineers Cooperative Trustee, executor, administrator, registrar of stocks and bonds, guardian of estates, assignee, receiver, and committee of estates of lunatics: National Bank of Cleveland, Cleveland, Ohio. First National Bank in Wellington, Wellington, Kans. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY, 1921. FEDERAL RESERVE BULLETIN. 815 RULINGS OF THE FEDERAL RESERVE BOARD. Reserves against money paid by customer in anticipation that a balance due to a foreign branch of a of acceptances and against balance due to foreign branch. member bank from its parent bank, although shown as a liability on the books of the parent Inquiries have been received as to whether bank, does not constitute a deposit liability a member bank must maintain reserves within the meaning of section 19 against whicn against moneys paid to it by a customer in reserves must be maintained. anticipation of the maturity of an acceptance made for the account of the customer, and whether it is necessary for a member bank Acceptances against shipping documents covering cattle. to maintain reserves against balances due from it to one of its own foreign branches. The question has been presented as to As to the necessity for a member bank whether a plan whereby cattle feeders finance maintaining reserves against moneys paid in themselves by drawing bills of exchange on anticipation of the maturity of an acceptance, their local banks, which bills are accepted by the Board is of the opinion that the question those banks and then offered for discount to depends largely upon the relationship be- another bank, would be in accordance with the tween the bank and its customer. If upon rulings of the Federal Reserve Board. receiving the money the member bank credits Certain farmers buy cattle in the fall, feed it to the customer's general deposit account them for about three months, and then sell subject to check, or if the customer is permitted them in the market; and the custom of the to withdraw such money either by check or farmers is to borrow money from the banks after a certain length of time, i. e., if the de- to enable them to carry the cattle for three posit is treated as a demand or time deposit months' time. In other words, they draw subject to withdrawal, it would seem that the drafts on their local banks for three or four money deposited would constitute a deposit months' time secured by bills of lading liability against which the member bank would covering the shipment of the cattle to the be required to maintain reserves in accordance farmers. The local banks accept the drafts with the provisions of section 19 of the Federal and the farmers send those acceptances to an- Eeserve Act. On the other hand, if the other bank, which discounts them. It is anticimoney deposited is not subject to withdrawal pated that within the period for which the by check or otherwise but is received in full acceptances are drawn the cattle will be resold or part payment of the customer's obligation by the farmers, and with the proceeds the acto put the bank in funds at the maturity of ceptances are to be liquidated. the acceptance, or if the money is received as The Board has heretofore ruled that a a special deposit for the purpose of meeting national bank may accept a draft drawn upon the acceptance when it matures and the cus- it if secured at the time of acceptance by a bill tomer can not demand the return of the money of lading covering a shipment of cattle to a but can require only that the bank apply the cattle raiser who has purchased them with the money in payment of the acceptance at ma- intention of fattening and reselling them. The turity, it would seem that the deposit does not period covered by the acceptance, however, constitute a deposit liability within the pro- should not be in excess of the period of credit visions of section 19. which is usual and reasonably necessary to So far as the second question is concerned, finance transactions of this character. Such the Board is of the opinion that a member acceptances when discounted and indorsed by a bank is not required to maintain reserves member bank, other than the accepting bank, against balances due from it to one of its own are eligible for rediscount with a Federal Reforeign branches. The Board has consistently serve Bank, provided they have maturities at ruled that branch banks have no separate the time they are offered for rediscount not in existence distinct from the parent bank and excess of three months and comply in all other that the parent bank and its branches are one respects with the provisions of the Federal legal entity. (1915 BULLETIN, 125; 1917 Reserve Act and the regulations of the Federal BULLETIN, 198.) It seems evident, therefore,, Reserve Board. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

816 FEDERAL, RESERVE BULLETIN. JULY, 1921. Exercise of fiduciary powers by national banks outside of State or local law." The Board is of the of State where located. opinion that there is no other provision in the The Federal Reserve Board has received a Federal Reserve Act or the National Bank Act number of inquiries as to whether or not a which should be construed to restrict the exernational bank which has been granted fiduciary cise of trust powers in behalf of residents of powers, under the terms of section 11 (k) of other States. the Federal Reserve Act, may exercise those The Federal Reserve Board is of the opinion, powers in States other than that in which it therefore, that a national bank which has been is located. granted permission to exercise fiduciary powers A permit issued to a national bank by the under the provisions of section 11 (k) may, Federal Reserve Board under the terms of without other authority, exercise the powers section 11 (k) results in an extension of the granted not only in the State where the bank corporate powers of the bank to include the is located but also in any other State the laws power to act in the various fiduciary capacities of which do not expressly or by necessary mentioned in the permit. Whether or not the implication prohibit the exercise of those bank may exercise those powers in States other Eowers by national banks located in other than that in which it is located is a question tates. The Board is of the opinion, however, which depends upon the laws of each of those that in any such case the national bank would other States, since section 11 (k) expressly have to conform to those laws of any State in provides that the powers conferred by it may which it is acting which relate to the exercise be exercised only when not in contravention of fiduciary powers by foreign corporations. LAW DEPARTMENT. Limitations applicable to letters of credit. The Board is further of the opinion that the The Federal Reserve Board was recently liability incurred upon a commercial letter of asked for its opinion as to whether the lia- credit—that is, upon the agreement or letter bility incurred by a national bank upon a itself, as distinguished from the acceptances commercial letter of credit, as distinguished made thereunder—should not be classified as an from the liability upon the acceptances made acceptance liability within the limitation imunder the letter of credit, is subject to the posed upon the aggregate amount of acceptlimitations of section 5202 of the Revised ances outstanding at any one time under the Statutes, and whether such a liability should provisions of section 13 of the Federal Reserve be treated as subject to the limitations upon Act. The Board has ruled that the six months' the aggregate amount of acceptances which, a limitation upon acceptances in section 13 member bank may make under the provisions applies to the drafts drawn under a letter of of section 13 of the Federal Reserve Act. credit but should not be construed as applying The Board has ruled that the limitations to the agreement or letter of credit itself. imposed by section 5202 on the aggregate lia- (1915 BULLETIN, 269; 1920 BULLETIN, 66. bilities incurred by a national bank do not In other words, a member bank may issue a apply to the outstanding acceptances of such letter of credit by which it agrees within a banks, since such liabilities are incurred under specified time, which may be more than six the provisions of the Federal Reserve Act and months, to accept drafts aggregating certain so fall within the fifth exception to section amounts, although each individual draft drawn 5202 as amended. (1916 BULLETIN, 680.) In- under the credit must not have a maturity asmuch as a commercial letter of credit is of more than six months. Similarly, it would simply an agreement to make acceptances, and seem that a member bank may issue a letter the authority of national banks to issue such of credit the aggregate amount of which may letters of credit is incidental to the authority be in excess of the 50 per cent or 100 per cent expressly granted by section 13 of the Act to of the bank's capital and surplus, provided make acceptances in certain transactions, and that the aggregate amount of the acceptances such letters may properly be issued only in made under the letter of credit and outstanding connection with the kinds of transactions at any one time does not exceed, in addition specified in that section, it seems clear that the to the bank's other outstanding acceptances, liability of a member bank upon a commercial the aggregate limitation upon acceptances letter of credit is a liability incurred under the prescribed in section 13. provisions of the Federal Reserve Act within The Board does not mean to imply, however, the fifth exception to section 5202, and is not that a member bank may obligate itself upon subject to the limitations of that section. a letter of credit to accept drafts drawn there- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY, 1921. FEDERAL RESERVE BULLETIN. 817 under entirely without regard to the limitations ing two months from the time of the commencement of of section 13. Section 13 expressly prohibits its business operations until the whole of the capital stock shall be paid in: Provided, however, That whenever a member bank from having outstanding at $2,000,000 of the capital stock of any corporation is paid any one time acceptances in excess of 50 per in the remainder of the corporation's captial stock or any cent of its capital and surplus, except that unpaid part of such remainder may, with the consent of the Federal Reserve Board may authorize a the Federal Reserve Board and subject to such regulations and conditions as it may prescribe, be paid in upon call member bank to accept up to 100 per cent of from the board of directors; such unpaid subscriptions, its capital and surplus. While, in the Board's however, to be included in the maximum of 10 per centum opinion, the liability incurred upon a letter of of the national bank's capital and surplus which a national credit should not be treated as a liability sub- bank is permitted under the provisions of this Act to hold ject to the 50 per cent or 100 per cent limita- in stock of corporations engaged in business of the kind described in this section and in section 25 of the Federal tion, nevertheless a member bank should not Reserve Act as amended: Provided further. That no such obligate itself to accept drafts under a letter of corporation shall have liabilities outstanding at any one credit to such an amount that it is reasonable time upon its debentures, bonds, and promissory notes to anticipate that the aggregate amount of in excess of ten times its paid-in capital and surplus. Approved, June 14, 1921. acceptances issued under that letter and outstanding at any time, together with other acceptances which may be outstanding, will Commercial Failures Reported. exceed at any one time the limitation to which the member bank is subject. Some narrowing of the margin of increase over last year's failures is noted, but the 893 defaults reported to R. G. Dun & Co. during three weeks of June largely exceed the 431 insolvencies of the same period of 1920. The returns for May, the latest month for which complete statistics are Amendment to the Federal Reserve Act. available, disclose 1,356 commercial failures for $57,066,471 Senate bill 86, amending section 25 (a) of of liabilities, as compared with only 547 defaults for the Federal Reserve x\ct, was approved by the $10,826,277 in May, last year. With three exceptions, the insolvencies of May, this year, are the largest in number on President June 14, 1921. The text of the act, record for the month, but a single failure supplied nearly which is known as Public Act No. 17, 67th Con- one-third of the aggregate indebtedness. Separation of gress, is as follows: the May statement by Federal reserve districts shows that more defaults occurred in every instance than in that AN ACT To amend the Act approved December 23,1913, known as month of 1920, while only in the fourth district were the the Federal Reserve Act. liabilities smaller. Be it enacted by the Senate and House of Representatives of Failures duringMay. the United States of America in Congress assembled, That section 25 (a) of the Federal Reserve Act, being the section added to said Act by the Act approved December Numbei Liabilities. 24, 1919, be amended so that the first sentence of the District. paragraph prescribing the amount of capital stock a 1921 1920 1921 1920 corporation organized under that section is required to have and prescribing also the manner in which such capital stock must be paid in, said paragraph being the S F e ir c s o t nd- . . 22 9 2 7 13 5 3 2 $ 1 2 1 , , 7 1 8 7 3 2 , , 0 4 6 9 6 5 2 $ ,4 3 1 7 3 6 , , 5 5 9 8 1 6 fourth paragraph following subparagraph (c) of said Third 69 37 1,516,894 1,085,182 section, shall read as follows: Fourth 102 42 1,969,231 2,544,273 Fifth 99 41 2,657,764 1,577,684 "No corporation shall be organized under the provisions Sixth 148 44 4, 750,423 715,555 of this section with a capital stock oi less than $2,000,000, Seventh.. . 169 60 5,624,522 692,450 one-quarter of which must be paid in before the corpora- Eighth 101 13 20,612,058 61,243 Ninth 59 18 1,203,396 163,487 tion may be authorized to begin business, and the remain- Tenth 67 16 1,073,219 179,251 der of the capital stock of such corporation shall be paid Eleventh 92 15 1,851, 774 168,165 in installments of at. least 10 per centum on the whole Twelfth 131 76 1, 851,629 848,810 amount to which the corporation shall be limited as Total 1,356 547 57,066,471 10, 826,277 frequently as one installment at the end of each succeed- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

818 FEDERAL RESERVE BULLETIN. JULY, 1921. PRICE MOVEMENT AND VOLUME OF TRADE. WHOLESALE PRICES IN THE UNITED STATES. Prices in general continued to decline in May, but at a slower rate than at any time since the recession gained headway about a year ago. The index number of the Bureau of Labor Statistics, based upon approximately 315 quotations, decreased about 2 per cent during the month, while that of the Federal Reserve Board, based on 90 quotations, declined only onehalf of 1 per cent. The increase during the month in the prices of a considerable number of important raw materials accounts in the main for the small percentage of change. Manufactured goods for the most part continued to be reduced in price or else were stable. Slight increases were reported, however, in certain grades of cotton yarn and cloth. In June, prices fell perhaps slightly more than in May. The decline in the all-commodities index of both the Federal Reserve Board and the Bureau of Labor Statistics amounted to 2 per cent. Raw materials, with few important exceptions, declined again after showing considerable strength in May. Similarly the index of goods exported (including among other things important cereals and cotton) after showing a slight increase in May reacted downward in June. Manufactured goods as a whole were reduced rather less in June than in May. The index of the Federal Reserve Board for consumers' goods showed no change in June as compared with May, while that of the Bureau of Labor Statistics was lower by only 1 point. The second table below shows the index number of the Bureau of Labor Statistics as reclassified by the Federal Reserve Board.2 INDEX NUMBERS OF WHOLESALE PRICES IN UNITED STATES—CONSTRUCTED BY THE FEDERAL RESERVE BOARD FOR THE PURPOSE OF INTERNATIONAL COMPARISON.1 [Average price for 1913=100.] Date. pr G o o d o uc d e s d. im G p o o o rt d e s d. ex G p o o o rt d e s d. mat R er a i w als. Pr g o o d o u d c s e . rs'Con g s o u o m ds e . rs' m Al o l di c ti o e m s - . 1920. Average for the year 236 191 227 235 237 229 233 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 May 145 105 125 139 145 144 142 June 141 102 122 133 140 144 139 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, 7 producers' 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 producers1 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. * As the index number of the Bureau of Labor Statistics (which is based upon 315 quotations) has been 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. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY, 1921. FEDERAL RESERVE BULLETIN. 819 INDEX NUMBERS OF WHOLESALE PRICES IN THE UNITED STATES, I9I9-I32L AVERAGE PRICE LEVEL OF 1913 =100 — JIIL Commodities. JlawMaterials•.- — Goods imported jfoducers'Goods.- 300 ""Goods exported. Consumers'Goods.« 300 280 280 260 260 240 240 220 •fA 220 200 200 180 180 160 160 MO m 120 120 100 W 80 SO 60 60 40 20 0 ft:^ 1913 1920 192! 1919 1920 19ZI 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 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 i u m c a t l s. pr F o o d r u e c st ts. p M ro i d n u e c ra ts l . m To a t t a e l r i r a aw ls - . Pr g o o d o u d c s e . rs' Con go su o m ds e . rs; ti L ( n s B a t u i u b m c r o s e r b i a e n S u r d t ) o a e . - f x 1920. 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 155 132 278 224 186 175 189 1921. January 155 119 245 220 175 169 182 178 February 145 114 225 207 164 155 171 167 March 136 116 210 197 157 149 168 162 April 126 106 205 189 149 143 159 154 May 131 104 205 188 149 140 153 151 June 125 102 204 182 145 137 152 148 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

820 FEDERAL RESERVE BULLETIN. JULY, 1921. 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 obtained from the Coal a basic character. The prices shown in theAge. AVERAGE MONTHLY WHOLESALE PRICES OF COMMODITIES. [Average price for 1913=100.] Co C r h n i , c N ag o o . . 3, Co N tt e o w n , O m r i l d ea d n li s n . g, n W o M rt h i h n e e n a r e t n , a N p sp o o r li i s n 1 . g , , W re h C d e h a w i t c , i a n N g t o o e . . r , 2, g C o a o C t d t h l t e i o , c a s c g t h e o o e . i r c s e , , s H t h e i e d e a e r v s s , y , C p n a h a c ic t k i a v e g r e o s, . Year and month. p A b r u v ic s e e h r a e p g l e . e r p R t r i e i v c l e a e - . p A p ri v o c e u e r n a p d g e . e r p R t r i e i v c l e a e. p A b r u i v c s e e h r a e p g l e . e r p R t r i e i v c l e a e - . p A b ri u v c e s e h r a e p g l e . e r p R t r i e i v c l e a e - . p A p r o v ic 1 u e e 0 n r 0 a d p g s e e . r R p t r i e i v l c e a e - . p A p ri o v c e u e r n a p d g e . e r p R t r i e i v c l e a e - . 1913 $0.6155 100 $0.1270 100 $0.8735 100 $0.9863 100 $8.5072 100 $0.1839 100 1919 1.5800 257 .3185 251 2.5660 294 2.5370 239 17.4957 206 .3931 211 1920 1.3968 227 .3301 260 2.5581 293 2.5225 256 14.4856 170 .3122 170 1920 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 .29^4 160 August 1.5310 249 .33*80 266 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 88 1.4059 161 1.3869 141 8.7188 102 .1013 55 May .6090 99 .1178 93 1.4923 171 1.5680 159 8.4250 99 .1188 65 H C og h s i , c a li g g o h . t, E g W a r s a o t d o e e l r , s n , O m s h c a i o o r u , k r J e e - d t f s , . Hem Y lo o c r k k , . New Y N e f e l l l w o o o w r Y i n p o g i r n , k e . , r C u s o n p a P o l o i , t t f b t m a s i t b t i u u m n m e r i g , n i n h f e . o . s o u , . s b , .P C o s o c p a C a o l, h o t b o l a u i n t t m t u m a m b s i , u n i f n s e . . o s o u , . s b , . Year and month. Average p A p r o i v 1 c u e 0 e n r 0 a d p g s e e . r p R t r i e i v c l e a e - . p A p r v i o c e u e r n a p d g e . e r p R t r i e i v c la e e - . p A M ri v c e e f r e a p e g t e . r p R t r i e i v c la e e - . p m r M t a i u c n r f e u e e e d f p a t . e c r - p R t r i e i v c l e a e - . s p A h ri o v c r e e t r t a p o g e n e r . p R t r i e i v c l e a e - . s p A h ri o v c r e e t r t a p o g e n e r . p R t r i e i v c la e e - . 1913 $8.4541 100 $0.4710 100 $24.2273 100 $44.5909 100 $1.3200 100 i $1.5710 100 1919 18 3260 217 1 1894 248 39.7500 164 78.8333 177 1920 14.7106 174 .9712 203 56.6667 234 145.4167 326 6.0433 458 5.8891 375 1920. May 14.7550 175 1.1636 247 57.0000 235 160.0000 359 4.4200 335 6.4700 412 June 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 1921. 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 May 8.4550 100 .5091 108 41.0000 169 91.0000 204 2.1310 161 3.4940 222 1 On Toledo market, average for last six months of 1913. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY, 1921. FEDERAL RESERVE BULLETIN. 821 AVERAGE MONTHLY WHOLESALE PRICES OF COMMODITIES—Continued. [Average price for 1913=100.] s C to o v a t e l i , d , a N e n w e t w h at r e a Y r c . o it r e k , , v C il o l k e e , , a C t o fu n r n n e a l c ls e - . C e N o l p e e p c w e t r r o Y , l i o y n t r g i k c o . , t, d N e L e s e i w a lv d e Y , r p i o z i r g e k , d . , P P et e r n o a n l t e s w u y m e lv l , l a s c n . r i u a d , e, S P M h i e g a n h i a r o n o n g n i o , n g b V a a a s n l i l d c e , y, 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, i 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 .0808 184 5.9750 244 42.2692 287 1920, May 8.9964 178 12.0000 492 .1906 121 .0856 195 6.1000 249 43.2500 294 June 9.3672 185 14.3000 586 .1900 121 .0848 193 6.1000 249 44.0000 299 July 9.4580 187 14.3750 589 .1900 121 .0860 195 6.1000 249 45.7500 311 August 9.6087 190 15.5500 637 -1900 121 .0898 204 6.1000 249 48.1000 327 September 10.4363 206 15.3125 628 .1869 119 .0816 185 6.1000 249 48.5000 330 October 10.4732 207 14.3125 587 .1675 106 .0731 166 6.1000 249 43.7500 298 November 10.5417 208 8. 8500 363 .1455 92 .0628 143 6.1000 249 36.5000 248 December 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 82 .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 May 10.2910 203 ! 3.3250 136 .1283 .0495 113 3.3500 137 22.0000 150 Cotton yarns, Leather, sole, Steel billets, Steel plates, Steel rails, Worsted yarns, northern cones, hemlock, No. 1, Bessemer, tank, Pitts- open hearth, 2-32's crossbred, 10/1 Boston. Chicago. Pittsburgh. burgh. Pittsburgh. Philadelphia. Year and month. Average Rela- Average Average Rela- ! Average Rela- ; Average Rela- Average Relaprice per tive price per price per tive | price per tive | price per tive price per tive pound, price. pound. long ton. price, j pound. j price, long ton. price. pound. price. 1913 $0.2213 100 $0.2821 $25.7892 100 $0.0148 100 $30.0000 100 $0.7767 100 1919 .5340 241 .5283 40.5385 157 .0271 183 49.2642 164 1.6274 210 1920 .6245 282 .5342 58.2596 218 .0328 222 53. 8269 179 1. S250 235 1920, 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 .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 May .2491 113 .3700 131 37.0000 143 .0220 149 47.0000 157 1.2500 161 Flour, wheat, st B e g e e o e j o s f d , , c C n a h a r i t c c i a v a s e g s o , . Cof N fe e e w ,R i Y o, o r N k o . . 7, st (1 a 9 n 1 d 8 a w , r s d a t r a ) p , n a d t a e r n d ts Ham C s h , ic s a m g o o k . ed, Ill 1 u N 5 m 0 ew ' i f n i a r Y e t 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 . , Year and month. Minneapolis. 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 .2304 178 .1198 108 12.6750 277 .3340 201 .2629 213 .1267 297 1920, May .1950 151 .1559 140 15.0313 328 .3556 214 .2600 211 .2247 526 June .2225 172 .1498 135 14.1600 309 .3050 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 235 189 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 j .0600 54 7.9500 173 .2763 166 .2540 206 .0725 170 May .1650 127 ! .0621 56 8.7450 191 .2725 164 .2400 195 .0632 148 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

822 FEDERAL RESERVE BULLETIN. JULY,, 1921. FOREIGN TRADE INDEX. presumably to the strike of the English coal miners. Total exports of producers' goods de- There is presented below a series of indexes clined for the fourth consecutive month. Exdesigned to reflect movements in foreign trade ports of cottonseed oil and of steel products of the United States, with fluctuations due to have shown a continuous decline since January, price changes eliminated. The commodities and in May their volume was considerably less chosen for these indexes are those for which than 30 per cent of the volume in January. prices are compiled by the Federal Reserve Exports of consumers' goods also registered a Board in the preparation of its international considerable decrease during May, due prinprice index. The list includes 25 of the most cipally to the decline in the exports of wheat important imports, the value of which in 1913 flour and boots and shoes. formed 47.7 per cent of the total import values, The decline in total imports, which comand 29 of the most important exports, the menced in April, continued at a much accelervalue of which in 1913 formed 56.3 per cent of ated pace duringMay. There was a particularly the total export values. The classification of noticeable decline in imports of raw materials, the original list of commodities used was given due primarily to a continuance of the decline in the July, 1920, BULLETIN. A classification in wool imports from the high level reached of the 11 additional commodities of imports in March. Imports of raw wool in May were was given in the April, 1921, BULLETIN. only 15 per cent as large as in March. Im- Total exports showed a moderate increase ports of lumber showed an increase for the during May, after four successive months of fourth consecutive month. Imports of prodecline. This increase was entirely due to a ducers' goods declined considerably, due to considerable increase in the volume of raw the seasonal drop in the importation of cane materials exported. Exports of raw cotton sugar, and consumers' goods showed a similar and wheat showed a particularly large increase, decline, due to a marked decrease in the and there was a considerable increase in the volume of coffee imports as compared with exports of bituminous and anthracite coal, due the previous month. INDEX OF VALUE OF FOREIGN TRADE IN SELECTED COMMODITIES AT 1913 PRICES. [Monthly average values, 1913= 100.] ! Exports. Imports. Raw mate- Producers' Consumers' Total (29 Raw mate- Producers' Consumers' Total (25 rials goods (10 goods (7 rials goods (12 goods (3 (12 com- com- com- modities). (10 com- com- com- modities). modities). modities). modities). modities). modities) . modities). 1913—Year 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 1919—Year 88.9 154.7 188.5 118.6 157.5 193.0 161.4 171.1 1920. January 108.7 134.9 116.2 112.9 206.1 244.8 182.7 217.3 February 81.9 122.4 136.8 98.7 | 173.2 289.5 151.4 213.1 March 106.0 148.8 186.0 128.9 ! 192.7 339.0 197.4 247.1 April 79.4 147.1 169.1 107.0 173.9 262. 5 220.8 212.7 May 74.3 151.3 205.2 112.5 127.5 227.2 113.1 162.3 June 64.5 126.4 151.5 90.8 149.5 258. 5 163.0 191.8 July 78.1 165.0 142.4 101.3 121.0 253.7 186.5 178.1 A ugust 78.5 135.4 94.0 87.3 121.8 256.2 171.8 177.6 September 82.5 119.7 94.0 88.6 102.1 165.2 130.8 129.0 October 118.7 152.2 124.4 123.1 89.1 131.5 133.8 110.0 November 111.1 121.8 111.7 112.2 86.3 166.4 111.0 119.0 December 122.4 186.0 123.3 128.4 79.4 133.0 101.8 102.0 Year 92.2 142.6 137.9 107.7 135.2 227. 3 155. 3 171.7 1921. January 105.2 187.9 126.0 117.6 74.5 130.8 146.5 104.7 February 91.0 141.0 116.4 101.6 118.2 143. 5 160.8 133.1 March 78.2 104.4 122.4 91.1 160.7 177.4 209.3 173.2 April 76.6 102.7 122.5 89.9 153.4 177.7 206.3 169.3 May 97.7 85.1 112.8 100.1 98.7 150.1 179.3 128.2 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY, 1921. FEDERAL RESERVE BULLETIN. 823 PHYSICAL VOLUME OF TRADE. Movements of agricultural products showed Production of bituminous coal registered a a moderate increase during May, after three considerable increase in May, while anthrasuccessive months of decline. Total receipts cite production showed a slight decline. The and total shipments of live stock at 59 mar- output of crude petroleum reached a new kets during May showed an increase, which high level during May and stocks continue to was particularly pronounced in the case of accumulate. The production of pig iron in sheep. There were slight decreases in the June dropped to an even lower level than that number of cattle and sheep slaughtered under reached in April and May.. Federal inspection, but these were more than The lumber cut of all five reporting assooffset by an increase in the number of hogs ciations increased during May for the fourth slaughtered. The movement of grain and month in succession, and there was a further flour was larger in May than in April at in- increase in shipments of lumber. Receipts terior centers, but showed some falling off at of naval stores in May were larger than in seaboard centers. Stocks of wheat, corn, April or than in May, 1920. The volume of oats, barley, and rye at 11 interior centers sales of revenue stamps for manufactures of continued to decline during May. Cotton tobacco increased during May, except in the sight receipts, port receipts, and American case of little cigars. spinners' takings increased in Majr, while The May output of locomotives and cars there was some decline in the overland move- was considerably lower than that of April, ment of cotton. May shipments of citrus but was higher than the output in May, 1920. fruits from California were considerably smaller April figures for railroad ton-miles were conthan April shipments. siderably lower than those of March. The The activity of the textile industry con- tonnage of commerce through the Sault Ste. tinued to increase during May for the fifth Marie canals increased. during June, as comconsecutive month. The volume of cotton pared with May, due to increases in shipments consumption was greater than in any month of iron and coal. since September, and there was a slight in- The following tables are a continuation of crease in the number of active spindles. Wool tables in the June, 1921, FEDERAL RESERVE consumption has increased steadily from De- BULLETIN. The January, 1919, issue contains cember to May, and there have been corre- a description of the methods employed in the sponding decreases in the percentages of idle compilation of the data and the construction machinery. Imports of raw silk during May of the accompanying index numbers. New were smaller than in April but larger than in series of data will be presented from time to any other month since January, 1920. time as reliable figures are obtained. LIVE-STOCK MOVEMENTS. • [Bureau of Markets.] Receipts. Shipments. C c m a a l a t v t r l e k e s e , a t 5 n s. 9 d m Ho ar g k s, e 5 ts 9 . S m h a e r e k p e , t 5 s 9 . H m m o u a rs l r e e k s s e , a t 4 s n . 3 d C c m a a l a t v t r l e k e s e , a t 5 n s. 4 d m H a o r g k s e , t 5 s 4 . S mm h aa o rr p kk n ee ttss W . lH m ° m r u a s l r e e k s s > e a 4 ts 3 nd T k o i t n a d l, s a . ll Head. Head. Head. Head. Head. Head. Head. Head. Head. Head. May. 1, 765, 385 4, 203,253 1,427,179 41, 408 7, 437, 225 776,023 1, 389, 855 772,622 40, 528 2,979,028 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 S O e c p to te b m er ber. 2 2, , 1 2 9 7 6 9, , 9 3 3 45 9 2 2 , , 4 82 3 6 5 , , 2 5 7 8 7 9 2 2 , , 8 94 2 5 6 , , 6 7 9 0 3 9 3 5 8 7 , , 6 46 5 8 7 8 7 , , 0 5 0 9 7 9 , , 0 5 9 8 5 2 1 1, , 1 0 5 7 9 9 , , 1 4 7 5 0 9 1,0 9 6 31 4 , , 1 2 7 6 5 1 1 1 , , 9 5 3 8 2 1 , ,6 0 8 8 0 3 3 6 7 0 , , 4 9 1 9 4 4 3, 652, 525 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 4,193, 711 December.. 1, 382, 995 4,186, 261 1, 546, 876 16,118 7,132, 250 647, 801 1, 516, 893 704, 760 17,030 4, 040, 470 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 May 1,531,682 3, 311, 976 1, 886, 817 17, 824 6, 748, 299 591, 770 1,037,466 915,116 16,610 2, 560,962 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

824 FEDERAL RESERVE BULLETIN. JULY, 1921. MOVEMENT 01 COAL AttDPETROLEUM AGRICULTURAL PRO>LUCTJ 1913-1321 1919-1921 SiveStodCSieceipts —— JlnJkrdjcUe Gycdfwduuctwn, . • pis. ———JSitumuuxts' G)al3hdajCtU)n, ——— Cotiort SightSfeaupbs '•'O'ad^^lroleum^ShdiJutujJV INDEX NUMBERS. AVERA6E1311-J9ff=W INDEX'NUMBERS. AVERA6E1911-ISI3* 100. /• 200 200 200 A .. * • ISO 180 180 ••* /«? r 't / 160 fa 160 160 «7 V I MO MO MO f/f J'i 120 \ r T // & : ! \ I # i 120 120 / / i t J r -/ •' V K v 120 \ r ' > 100 W W \ 100 J I * / i T 1 / 80 yi V V I \ SO SO t I I f f / I y 1 80 60 \ »# • 60 60 If 60 i / \ 40 40 40 40 t 20 V 20 20 20 0 0 0 0 1919 lezo 1321 1920 1921 IRON AND STEEL TEXTILES 1919 -1921 1919-1921. —— Sig IwTv&oducdton ——— ittoTt Consumption $teelIngobJh)ductio7v~ ——-- - — —-} Vbol Consumptions- UTvfHLc&Qrd£r$,USSted,Corpowtiof•i INDEX NUMBERS. AVERA6E !d!H9!3 =100. ILUONS OFPOUNL j \ 280 KIV 280 200 200 \\ * 260 f V 260 NJ 180 ISO 240 \ 240 \ / 160 160 220 ty 220 \ A 200 200 140SI A HO \ / 180 180 % \ 120 I, / 'f \ 120 160 \l 160 \\ V \ W V / \ 100 MO 140 120 120 80 80 \ 100 W 60 \ 60 60 SO 40 40 60 A ^ ^ 4 V \ 60 40 / \ 40 20 20 V *\ 7 20 eo 0 0 0 0 1919 1920 192! 1319 1920 192! Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY, 1921. FEDERAL, RESERVE BULLETIN. 825 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 arid mules. Total, all kinds. Head. Relative. Head. Relative. Head. Relative. Head. Relative. Head. Relative. 1920, May 1,209,656 120 3,128,249 142 796,160 58 24,889 54 5,158,954 112 July 1,188,019 118 2,115,639 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 1,836,748 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 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 24,158 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 May 1,062,988 105 2,401,246 109 1,097,976 80 12,082 26 4,574,292 99 SHIPMENTS. 1920, May 515,062 127 822,907 170 316,002 63 24,037 59 1,678,008 117 July 508,199 125 737,923 152 644,557 128 27,728 68 1,914,087 134 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 24,463 1, 846,097 129 FebruaYy... 334,113 88 869,718 192 324,311 26,495 1,554,637 116 March 447,682 110 825,944 170 406,705 28,765 1,709,096 119 April 415,153 102 694,067 143 392,061 14,396 1,515,677 106 May 424,558 104 644; 7S8 133 415,569 11,137 1,496,052 104 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 ot i a n l d , s a . ll Ca c t a t l l v e e a s n . d Hogs. Sheep. T k o i t n al d , s a . ll 1920, Head. Head. Head. Head. 1920. Head. Head. Head. Heal. May 316,724 43,735 194,230 554,689 November.. 545,802 52,699 855,545 1,454,046 December... 277, 053 36,827 258,599 572,479 July 209,563 25,711 322,867 558,141 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 88,089 332,907 October 571,025 59,123 1, 055,237 1,6S5,3S5 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 May 211,846 29,409 114,811 356,066 ANIMALS SLAUGHTERED UNDER FEDERAL INSPECTION. [Bureau of Animal Industry. Monthly average, 1911-1913=100.] Cattle. Calves. Hogs. Sheep. Total. Head. R ti e v l e a . - Head. R t e i l ve a . - Head. R ti e v l e a . - Head. R ti e v l e a . - Head. R ti e v l e a . - 1920. May 626,304 103 368,614 3,584,781 127 670,674 5,250,373 109 July 661,172 109 342,765 194 2,643,772 94 1, 4,696,137 August 685,763 113 332,349 188 2,176,010 77 1,04i; 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 4,712,680 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 • 77 5,829,459 121 1921. January 689,508 114 282,043 160 4,347,306 154 1,068,346 6,387,201 133 February 522,718 92 252,369 153 3,770,974 143 957,751 85 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 May 559,979 92 366,798 207 3,274,114 116 984,903 5,185,794 108 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

826 FEDERAL RESERVE BULLETIN. JULY, 1921. EXPORTS OF CERTAIN MEAT PRODUCTS. [Department of Commerce. Monthly average, 1911-1913=100.] Beef, pickled, Hams and Beef; canned. Beef, fresh. and other cured. Bacon. shoulders, cured. Lard. Pickled pork. Pounds. t R iv e e la . - Pounds. t R iv e e la . - Pounds. t R iv e e la . - Pounds. t R iv el e a . - Pounds. t R iv e e la . - Pounds. t R iv el e a . - Pounds. R ti e v l e a . - 1920. May 5,965,197 900 4,304,038 347 3,056,449 114 50,412,388 301 17; 896,764 120 55,544,483 126 3,816,157 86 July 5,217,838 5,506,812 444 1,973,004 74 31,562,761 188 8,385,089 56 47,061,422 107 2,926,247 66 August 1,231,070 186 343,352 28 2,152,982 81 I 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 ~ 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 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 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.. 733,678 280 979,081 85 1,750,756 31,612,140 202 15,847,799 114 91,840,951 224 3,150,452 76 March 504,356 76 508,230 41 2,246,547 35,350,774 211 19,102,633 128 82,616,583 188 2,024,334 46 April 366,682 55 214,193 17 1,364,593 32,851,837 196 24,925,807 167j 53,275,457 121 2,005,851 45 May 326,459 49 191,366 15 1,822,383 38,464,256 230 15,508,520 104 48,604,395 110 2,558,043 58 RECEIPTS OF GRAIN AND FLOUR AT 17 INTERIOR CENTERS. [Chicago, Cleveland, Detroit, Duluth, Indianapolis, Kansas City, Little Rock, Louisville, Memphis, Milwaukee, Minneapolis, Omaha, Peoria, St. Louis, Spokane, Toledo, Wichita; receipts of flour not available for Cleveland, Detroit, Indianapolis, Louisville, Omaha, Spokane, Toledo, and Wichita. Compiled from reports of trade organizations at these cities. Monthly average, 1911-1913=100.] Wheat. Corn. Oats. Rye. Barley. Total grain. Flour. Total f l g o r u a r. i 1 n and Bushels. t R iv el e a . - Bushels. t R iv el e a . - Bushels. t R iv el e a . - Bushels. t R£ iv e e la . - Bushels. t R5 iv el e a . - Bushels. t R iv el e a . - Barrels. Rela- Bushels. t R i e v l e a . - 1920. May. 20,510,063 7612,107,950 5416,724,389 83 3,758,507 340 2,670,076! 37 55,770,985 721,913,075 97 64,379,823 July 29,714,399 110'20,824,268 93 18,734,180 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 30,728,748 153j3,191,103 2—89 33,!007,5081 42 89,806,700 1151,949,339 100 98,578,726 114 September. 46,181,275 170 20,696,955 92 3L031,569 15415,571,428 5056,630,0561 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 4045,795,028) 8195,954,502 123 2,137,639 109105,573,878 122 November. 39.272,827 14511,407,224 51 282:651 76 3,706,653 3366,616,362 92 76,285,717 98 2,054,262 85,529,896 99 December. 32,758,773 121! 19,390,714 8713,777,300 69 3,482,685 3165,057,808 7174,467,280 961,570,822 81,535,979 94 1921. January... 32,229,218 119i42,036,812 18818,508,986 92 2,202,705 200 31,753,837 52 98,731,558 127 1,430,904 73105,170,626 121 February.. 22, 922, 667 91127,565,779 132 12,553,913 671,397,832 136 2!, 074,908 31 66,515,099 911.,659,009 91 73,980,640 91 March 22,848,939 84 34,165,324 152 17,432,655 87 1,340,498 1213!1,111,127 43 78,898,543 1012;}, 096,030 107! 88,330,678 102 April 24,808,383 9212,160,933 541 11,,249,703 561,544,229 !,136,512 30 51,899,760 671[,967,255 100 60,752,408 70 May (25,514,527 94 20,939,570 93" 515,5, J24,227 771,368,821 124 21,551,087 36 65,898,232 851,498,212 77 72,640,186 84 1 Flour reduced to its equivalent in wheat on basis of 4.^ bushels to barrel. SHIPMENTS OF GRAIN AND FLOUR AT 14 INTERIOR CENTERS. [Chicago, Cleveland, Detroit, Duluth, Kansas City, Little Rock, Louisville, Milwaukee, Minneapolis, Omaha, Peoria, St. Louis, Toledo, Wichita; shipments of flour not available for Cleveland, Detroit, Louisville, Omaha, Toledo, and Wichita.] Wheat. Corn. Oats. Rye. Barley. Total grain. Flour. Total f l g o r u a r i n .1 and Bushels. t R iv el e a . - Bushels. R ti e v l e a . - Bushels. R tiv el e a . - Bushels. R tiv el e a . -Bushels. R tiv el e a . - Bushels. Barrels. t R iv el e a . -j Bushels. R tiv el e a . - 1920. May. 20,720,121 133 5,939,145 42 20,444,288 134 6,977,479 9851,468,387 38155,549,420 112 2,877,122 85 68,496,469 106 July 19, 002,099 122 9,100, 527 64 11,345,429 75 4, 476,238 6322,086,672 53 46,010,965 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 49,120, 881 99 3,605,105 106 65,343,854 101 September 28,700, 593 184 6,284,075 4412,690,866 83 4,339,057 613 3, 556,180 91 55, 570,771 112:3,187,454 94 69,914,314 108 October... 26,258, 795 169 10,336,378 7210,601,178 70!4,742, 380 670 4,529, 091 116:56,467, 822 114! 3, 758, 735 111 73,382,130 113 November. 24,950,771 160 7,890,500 5510,729,045 712,998,524 423 4,247,954 109|50, 816,794 102i3, 949,699 117 68, 590,440 106 December. 22,253,030 143 55 9,964,743 66 3,171,616 448 3,082,249 79 46,370,617 93 3,141,524 93 60,507,475 93 1921. January 20,187, 379 130|17,288,509 12111,523,642 76 2, 380, 797 336 2, 874,359 74 54,254,686 109|2,67S,257 66, 306, 843 102 February.., 15,134,115 104112, 891, 895 97 9,299,842 661,041,424 158 1,626,913 4539,994,189 8612,696,723 52,129,443 86 March 17,415, 266 112120,723,904 14512,435,262 82 1,116, 943 1581,685,989 43 53,377,364 107j 3,156, 299 67, 580, 710 104 April , 21,482, 283 138 13, 793, 563 9710,286,573 68 1, 518, 559 214 2,029, 838 52|49,110, 816 99 3,178, 254 63, 412,959 98 May 18,675,009 12015,747,327 11012,447,121 821,309,016 1851,682,946 43.49,861,419 1002,533,847 61,263,730 94 1 Flour reduced to its equivalent in wheat on basis of 4£ bushels to barrel. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY, 1921. FEDERAL RESERVE BULLETIN. 827 STOCKS OF GRAIN AT 11 INTERIOR CENTERS AT CLOSE OF MONTH. [Chicago, Detroit, Duluth, Indianapolis, Kansas City, Milwaukee, Minneapolis, Omaha, Peoria, St. Louis, and Toledo.] Wheat. Corn. Oats. Rye. Barley. Total grain. 1920. I Bushels. Bushels. Bushels. Bushels. Bushels. Bushels. May I 21,041,109 ! 1,982,296 5,225,293 4,942,485 2,264,906 35,456,089 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, 371,418 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 28,941,148 668, 084 2,0%, 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 j 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 6,333,323 52,608,295 May ' 3.787,294 10,539,233 24,926,743 363,170 1,079,831 40,696,271 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 from Seattle and Tacoma. Compiled from reports of trade organizations at these cities. Monthly average, 1911-1913=100.] Wheat. Corn. Oats. Rve. Barlev. Total grain. Flour. Tota f l lo g u ra r. i i n and | Bushels. Rela-| Bushels. I I t R iv e e la . - I Bushels. i ! ? U - vb e . l J" ! ! Bushels. ! Bushels.! Bushels. R ti e v l e a . -!; Barrels. R ti e v l e a . - • j Bushels. R tiv el e a . - 1920. i May |lO,621,723 84| 767,332; 22! 2,382,2711 50J5,117,806 3,602 556,764 3419,445,8 8611,301,211 1251 25,301,346 92 July ! 18,710,633 149' 3,305,542! 93 3,499,101 7415.018,019 3,553 2,098,083 12632,661,378! 14411,060,849 159! 40,135,198 146 August 128,098,022 223| 1,576,842! 44 2,671,3651 56 3; 407,799 2.398:2,289,791: 138 38,043, 819! 168:1,390,077 133i 44,299,166 162 September . |31,693,246 252i 1,456,958! 41! 3,069,700 65|4,133,465 2; 909:1, 815,2271 109|42,168,596 18611,422,872 136| 48,571,520 177 October 29,028,202 230 j 1,844,753: o2i 1,828,5151 3815,436.354 3,82612,558,276; 15440,696,100! 1791,463,830 140! 47,283,335 173 November.. 24,410,356 194j 2,401,181! 68! 1,874,271! 39|3,329,710 2,344.2,721,320' 164 34,736,838| 153-3,683,380 353 51,312,048 187 December.. 29,551,950 235 854,138 2-i| 1,911,861 i 40!3, 490,405 2,457 % 291', 639 138 38,099,993! 168-4) 1-167,180 418 57,752,303 211 1921. January '12,717,255 101; 6,228,175 175 1,542,355 i 32i2,748,524 1,9341,970,931- 119 25,207,240: 111 1.174,815 112: 30,493,908 111 February... 10,315,852 88 7,845,915 237 1,039,537! 2312,059,538 1,553,1,631,288- 105 22,892,130' 108 1,186,565 122 28,231,673! 110 March 9,064,534 7213,933,057 392 1,433,069 30 1,034,760 7281,689,129 102 27,154, 549; 120 1,518,450 145! 33,987,574 124 April 17,958,534 143: 2,890,012 81; 1,568,460 3311,617,877 1,139: 909,409 55 24,944,322! 1101,831,4041 175 33,185,640! 121 May 15,052,060 119 4,807,533 135 1,221,630 261,506,359 1,060 1,422,693 86 24,010,275' 108 1,518,671 145 30,844,295| 113 1 Flour reduced to its equivalent in wheat on the 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, j Bushels. Bushels. May j 10,781,927 437,521 819,790 I 1,889,965 ! 1,071,920 July . I 11,923,745 741,167 1,323,940 ! 1,275,554 3,187,611 18,455,017 August 13,915,892 1,097,945 ; 1,532,272 I 777,445 4,052,189 21,375,743 September 15,517,070 1,146,514 ! 2,398,157 j 2,414,910 ! 4,110,158 25,586,809 October 17,277,003 1,292,818 I 2,521,049 I 1,742,178 ! 3,577,450 26,410,498 November I 17,794,605 1,371,013 j 2,327,249 | 1,906,527 I 3,097,922 26,497,316 December j 18,263,476 510,142 I 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 1,089,220 ; 1,454,547 16,945,876 April 5,651,320 1,822,990 1,316,157 550,011 ! 1,326,460 10,666,938 May 3,788,898 1,185,753 1,107,518 534,574 ! 1,300,852 7,917,595 NOTE.—Figures for San Francisco include also stocks at Port Costa and Stockton. 55762—21 5 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

828 FEDERAL. RESERVE BULLETIN. JULY, 1921. WHEAT FLOUR PRODUCTION. [January, 1918, to June, 1920, TL S. Grain Corporation; July, 1920, on, estimated by Russell's Commercial News (Inc.), New York.] 1920. Barrels. 1921. Barrels. May 8,244,000 January 8,924,000 February 7,066,000 July 8,200,000 March 9,100,000 August 10,200,000 April 9,368,000 September 9,450,000 May 8,406,000 October 9,650,000 November «, 9,500,000 December 9,600,000 COTTON. [New Orleans Cotton Exchange. Monthly average crop years, 1911-1913-= 100.] Sight receipts. Port receiptfas. Overland move- American spinners' St i o n c t k e s ri a o t r p t o o r w ts n s a n a d t IS. ment takings. close of month. i "I 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 j 1,804,135 144 1,075,803 117 117,139 111 425,089 94 2,597,820 220 December. 1,579,751 126 797,350 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 May 777,011 595,346 65 84,594 80 288,411 63 2,869,165 244 COTTON SEED. [Bureau of the Census.] R at e c m ei i v ll e s d . Crushed. O m of n i l m l h s a o ( n c n d l t o h s a ) e t . R at e c m ei i v ll e s d . Crushed. O m 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. 1921. Tons. Tons. \ Tons. May 27,499 84,756 47,077 January 418,846 527.521 ! 484,832 February 431,539 499,851 I 416,520 July 7,259 13,219 30,084 March 336,226 452/770 I 299,976 August 24,979 20,317 36,760 April 133,832 242,282 I 191,526 September. 244,382 145,519 135,623 ; May 70,467 131.522 i 130,471 October 945,998 607,628 471,979 November.. 829,282 719,455 581,806 December.. 557,787 546,086 593,507 SHIPMENTS OF CITRUS AND DECIDUOUS FRUITS FROM CALIFORNIA. [March, 1921, on, Bureau of Markets and California Fruit News.1 Monthly average, 1911-1913=: 100.] Total Oranges. Lemons. Total citrus fruits. deciduous fruits. Carloads. Relative, j Carloads. I Relative. Carloads. Relative. Carloads. 1920. May 5,048 206 I 1,353 334 : 6,401 j 225 24 D A N J S O u e e u o c l p c t g y v o t e u e e b m s m m e t b r b b e e e r r r . . . . 2 3 1 1 1 , , , , , 7 7 8 4 6 7 7 0 0 0 5 2 4 9 2 2 7 2 1 1 7 3 6 5 5 1 0 5 1 6 4 8 | i ! ! 6 7 4 9 3 5 6 2 7 6 1 4 5 7 4 2 1 1 1 2 6 9 9 1 8 8 4 1 3 5 5 2 2 3 1 1 1 4 , , , , , , 6 4 9 8 4 1 7 7 7 5 8 6 9 7 3 8 6 7 1 1 8 6 5 6 4 2 6 6 9 9 6 2 1 3 7 2 9 1 , , , , 2 1 0 3 8 7 3 7 6 9 8 2 9 9 8 2 0 1 1921. J M A M F a e p n a a b r r y u i r c l a u h r a y r - y . . . 4 6 4 3 3 , , , , , 7 9 4 4 3 1 8 2 5 3 0 5 4 9 5 2 2 1 1 1 5 0 4 5 9 9 3 0 3 3 1 1 , , 2 1 9 6 6 5 7 1 3 2 0 1 0 6 7 2 2 3 1 1 8 0 3 5 6 9 9 1 5 1 2 2 5 5 7 4 4 , , , , , , 8 5 0 9 1 9 0 7 6 2 1 7 6 0 3 2 2 2 1 1 6 0 0 4 5 3 9 7 3 5 8 8 8 9 8 2 5 1 1 8 i For previous sources, see April, 1921, Bulletin. a Includes grapefruit. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY, 1921. FEDERAL RESERVE BULLETIN. 829 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. M Mp el l t ti i n n p g s s . c R lo a s w e o s f t o m ck o s n t a h t . ; | j j j RR ece j i ptts. Meltings. c R lo a s w e o s f t o m ck o s n a th t . ™£ ii j . Tons. R ti e v l e a . - Tons. 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. '! 1921. | May 254,616 138 286,000 156 60,381 35 ' January l 92,498 50 94.000 51 62,113 36 ! February 228,952 j 133 193.000 113 98,165 57 July 386,328 210 325,000 177 1 104,027 60 March.." 306,914 167 310'. 000 169 87,466 51 August 308,313 168 287,000 156 125,340 73 April 345,654 188 232.000 126 187,796 109 September 109,302 59 164,000 89 ! 70,642 4L May 251,302 ' 137 236'. 000 129 224,035 130 October 109,335 59 118,000 64 ! 61,977 November 186,274 101 179,000 98 ! 69,251 40 December 148,464 81 154,000 84 | 63,715 1 ii ; 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. — I 1920. Number. | Number. Number. 1921 Number. Number. Number. Pounds. May. 676,227,828 ! 59,943,280 3,953,345,380 January... 462,798,039 64,661,867 3,901,560,330 24,750,290 February. ' 496,724,482 64,461,733 4,119,376,533 27,096,592 July 678,751,956 51,766,100 3,053,336,563 • 30,9^8,6 Ii) ' Mari-h..:.. i 561,343,699 70,245,500 4,470,292,160 32,209,842 August 672,020,289 48,171,240 3,569,397,443 i 32,138,941 April ! 548,103,503 56,425,666 3,801,672,057 28,399,953 September 678,640,116 50,175,580 3,557,482,503 I 32,091,569 May 555,497,120 j 55,349,100 | 4,136,084,890 28,671,501 October 704,799,089 60,882,760 3,840,334,806 | 27,123,771 November 668,060,015 57,026,500 3,529,200,006 18,513,651 • December. 506,126,135 47,380,000 2,816,818,050 | 15,452,701 j NAVAL STORES. [Data for Savannah, Jacksonville, and Pensaeola. Compiled from reports of trade organizations at these cities.] Spirits of turpentine. Rosin. Spirits of turpentine. \ Rosin. Stocks Stocks Stocks | i Stocks Receipts. at close of Receipts. at close of Receipts. at close of | Receipts, j at close of month. month. month. I month. 1920. Barrels. Barrels. Barrels. Barrels. 1921. Barrels. <, Barrels. Barrels. Barrels. May 23,473 6,174 68,163 78,113 January. 9,419 ! 51,563 36,333 310,905 February. 7,404 i 41,755 26,736 316,440 July 39,158 30,906 117,088 135,979 March 7,995 i 28,838 18,906 319,347 August 33,997 27,963 111,497 144,109 April 15,857 i 28,690 30,478 304,959 September 32,162 44,396 97,797 176,612 May 26,364 38,650 61,213 312,293 October 30,260 49,885 88,766 195,837 November 23,893 49,209 83,177 247,253 December 21,174 53,356 76,848 300,315 LUMBER. [From reports of manufacturers' associations.] Southern pine. Western pine. Douglas fir. Eastern white pine, j North Carolina pine. I I ! m b N e i u r ll m o s f . - t d P i u o ro c n - - . Num- _m n ?e , £ . n $t:s . j b N m e u m r m s o > - f ; i ! t P d i( u r m o c > - - S!um- t d P i u o ro c n - - . m ^h e i n D t - s . m ^u il m l " s- t d P i u r o o c n - - . m S e h n ip ts - . 1920. ; Mfeet. Mfeet. Mfeet. I Mfeet. Mfeet. Mfeet. Mfeet. Mfeet. I Mfeet. Mfeet. May ! 205 430,271 347,404 j 51 183,621 I 132,181 424,687 383,346 20 12,731 26,323 j 14 15,992 18,657 July i 207 385,842 331,273 177,262 103,500 127 242,612 225,666 20 37,459 49,668 ! 20 20,756 15,217 August ! 204 383,540 337,677 171,143 123,344 123I 366,433 322 908 20 46,149 55,991 j 19 19,511 14,130 September 204 376,566 378,195 164,312 98,808 127 299,277 238,965 20 48,962 45,445 : 20 21,887 16,043 October : 206 344,427 ! 329,751 146,424 69,936 120I 355,614 299,704 19 40,724 30,928 : 24 19,487 14,877 November 203 315,343 j320,756 j 107,846 60,259 123 263,452 f 212,226 1 19 20,294 19,751 ! 24 14,617 12,929 December 199 264,504 I 281,326 I 45,578 46, 112 119 188,905 i 187,874 [ 19 19,056 10,587 21 8,091 14,716 1921. ; *** January 193 289,824 311,977 ! 24,698 42, 793 116 153,157 i170,821 ' 19 24,319 10,602 ! 16 7,123 7,880 February 189 330,680 335,876 i 22,128 48,270 114 159,646 I153,649 19 23,722 13,615 ! 18 10,673 10,045 March 195 387,959 390,300 ! 35,983 63 126 118 192,188 i210,842 19 26,396 15,298 ! 15 12,778 8,915 April 194 370,321 405,317 93,665 75 433 114 204,698 !232,351 19 25,748 21,099 i 20 14,871 12,953 May | 191 389,745 I 420,663 110,162 74 685 113 i 294,762 330,002 , 19 32,708 22,018 ! 14 16,126 15,673 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

830 FEDERAL RESERVE BULLETIN. JULY, 1921. 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. M feet. Relative. [feet. Relative. M feet. ive. M feet. Relative. 1920. 1921. June 393,738 85 212,339 84 January 263,001 57 165,308 65 February 269,632 62 169,843 72 July 399,615 86 184,767 73 March 349,426 75 215,760 85 August 370,352 80 220,368 87 j April 345,798 74 213,359 84 September 375,456 81 242,857 96 May 354,992 76 242,452 95 October 398,333 86 220,116 87 June 372,453 80 253,848 100 November 342,971 74 190,282 75 December 351,695 76 192,072 76 I 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. I Relative. Short tons. Relative. Short tons. Relative. 1920. May 45,114,000 ; 122 8,158,000 110 1,710,333 65 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 68 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 62 December 52,123,000 ' 141 8,454,000 114 1,515,000 1921. January 40,270,000 109 7,410,000 ! 100 1,074,833 41 February 30,851,000 I 89 7,701,000 ! 106 863,834 35 March 30,392,000 i 82 7,406,000 I 100 587,333 22 April 27,553,000 74 7,703,000 I 104 325,000 12 May 33,330,000 | 90 7,497,000 I 101 290,000 11 June 33,852,000 I 91 7,786,000 ; 105 247,000 9 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= 100.1 B P a r r o re d l u s. ction t R . iv el e a . - S (b c m to l a o o r c s r k n e e s t l o h s a f ) t . o P p i r c l l i e o o n w t d m g e e u d - l c . l - s B P a r r o re d l u s. ction t R i . v el e a . - S (b c m t l o a o o c r s r k n e e s t l o h s a f ) t . o P p i r c l l i o e o n w d t m g e e u d - l c l . - s 1920. 1921. May 36,503,000 190 2,237 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 40,061,000 209 147,862,000 1,224 September 37,532,000 196 122,852,000 2,185 May 41,920,000 219 156,409,000 1,405 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 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY, 1921. FEDERAL RESERVE BULLETIN. 831 TOTAL OUTPUT OF OIL REFINERIES AND STOCKS OF OIL. [Bureau of Mines.] OUTPUT, BY MONTHS. i Crude oil run Gasoline Kerosene Gas and fuel Lubricating i (barrels). (gallons). (gallons). (gallons). (gallons). 1920. April 32,852,040 355,597,451 \ 184,469,017 643,088,785 85,568,064 July i 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 I 199,140,024 836,700,086 86,230,371 October j 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 i 210,668,109 859,131,359 90,894,798 1921. January ! 39,637,382 460,432,439 i 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 April. 37,594,220 426,215,200 ! 156,156,565 813,444,202 76,456,958 STOCKS AT CLOSE OF MONTH. 1920. April... 15,145,691 643,552,644 376,358,123 | 590,687,009 140,355,972 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 j771,126,965 130,449,829 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 i 837,404,414 160,522,477 1921. Jan. 31.. 21,064,124 571,983,793 418,747,781 i 921,028,127 183,813,205 Feb. 28. 22,411,819 680,540,351 430,045,193 I 993,127,328 201,627,558 Mar. 31. 21,147,257 713,043,480 446,367,188 1,005,317,939 223,414,093 Apr. 30. 21,054,630 747, 222,900 458,666,896 11,056,484,544 249,593,330 IRON AND STEEL. [Pig-iron production, Iron Age; steel-ingot production, American Iron and Steel Institute. Monthly average, 1911-1913=100.] . | Iro f L r n o a - m k o e r e s. th s e h ip u m p e p n e t r s j j Pig-iron production. Steel-in i gg i oo o tt n p . piroduc- Un a S f t t i e l c l e l e o l d s e o C o r f d o e r m r p s o o r n U a t t . h i o . S n . rosstons. Relative Relative. Gross tons. Relative. 1920. : June j 9,233, 566 3,043, 540 131 2,980,690 127 10, 978,817 July I 9,638,606 3,067,043 132 2, 802, 818 120 11,118,468 211 August '• 9,270, 763 3,147, 402 • 136 3, 000, 432 128 10,805, 038 205 September I 8,923,482 3,129, 323 135 2, 999, 551 128 10, 374, 804 197 October ! 8,848,986 3, 292, 597 142 3,015, 982 129 9,836,852 187 November. j 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 69 1, 570,978 6, 284, 765 119 April 176,211 1,193,041 51 1, 213,958 5, 845,224 111 May 2,594,027 43 1,221,000 53 1,265, 850 5, 482, 487 104 June ! 3,600,989 1,064,833 46 1,003,406 5,117,868 97 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

832 FEDERAL RESERVE BULLETIN. JULY, 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. n T a o g n e - . c P a e p s r h a c o c e p i n ty t . n T a o g n e - . c P a e s p t h a o c c p e it n y t . | n T a o ge n * - c P a e s p r h a L i q c cc O e ii P tt n yy t 1920. May. 110,700 61.5 41, 759 58.0 ! 45, 317 63.0 July 90, 400 50.0 33,213 47.0 i 49,096 69.0 August 72, 000 40.0 36, 843 50.0 ; 51, 381 70.0 September.. 77, 400 43.*0 26, 755 37.0 i 53, 526 74.0 October 45,600 i 25. 5 14,161 I 20.0 ; 47,200 66.0 November.. 49,200 27.5 14,531 ! 16.0 1 41, 268 57.5 December.. 47,000 26.0 14,521 ! 20.0 | 42, 767 60.0 ' I 1921, January... 32,000 i 18.0 12,194 I 18.0 i 32, 964 48.5 February.. 25,600 14.0 12,013 I 18.5 '• 25,776 40.0 March 52,300 29.0 26,398 i 38.0 I 30, 011 43.0 April 55, 800 31.0 22,694 ! 32.5 ! 29, 550 42.5 May 50,800 : 28.0 25,763 | 37.5 ! 27, 987 41.0 ZINC. [American Zinc Institute.] Stocks Stocks Produced. at end of Produced. at end of month. month. 1920. Short tons. Short tons, j 1920. Short tons. Short tons. January 43,441 40,311 j November 33,318 64,390 February.. 43,921 37,095 i December 28, 459 71, 058 March 48,256 31,019 i April 45,399 32, 510 i 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 i June 19,443 89,889 IMPORTS OF PIG TIN. [Department of Commerce. Monthly average, 1911-1913 = 100.] Pounds, j Relative. Pounds. Relative. 1920. 1921. i May. 9,102,341 i 100 | January : 2, 584, 347 28 February i 5, 269, 969 62 July ! 17, 584,167 I 193 | March.." 3, 028, 356 33 August 11,195, 937 | 123 I April 2,483, 655 27 September 9,596,819 106 | May 2, 021, 762 22 October... 6,741,331 November 9, 550, 535 105 { December. 5,893,627 j 65 I I RAW STOCKS OF HIDES AND SKINS.* [Bureau of Markets; July, 1920, on, Bureau of the Census.] Cattle ! Goat and Sheep and hides. Calfskins. j Cabretta. ! lamb. 1920. i May 31 5,849,375 2,724,056 ' 924,042 I 14,922,480 2,253,785 j 9,004,621 Sept. 30 5,926,708 542,388 ! 083,193 ! 408,277 2,197,149 j 11,235,417 Oct. 31 6,770,509 i 850,183 [ 377,998 ! 147,070 2,104,133 | 13,626,406 Nov. 30 7,158,751 492,653 422,608 231,086 2,234,027 12,705,767 Dec. 31 7,793,762 | 271,905 ! 305,776 ; 721,505 2, 685,670 I 13,773,089 1921. ! Jan. 31 : 7,899,138 086,862 ,381,748 I 870,210 2,155, 13,184,052 Feb. 28 7,940,359 j 157,723 ,375,110 | 798,311 1,941, 12,489,855 Mar. 31 1 7,806,867 j 060,144 ,241,984 652,171 1,579, 12,970,857 Apr. 30 7,407,862 I 454,470 ,107,310 | 740,147 1,277, 12,992,299 May 31 i 7,441,619 715,602 ,021,039 i 789,123 1,244, 13,334,187 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

JULY, 1921. FEDERAL RESERVE BULLETIN. •833 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. S. active during Bales. Relative. P0Ullds- Bales. ! Relative. month. Pounds. Relative. 1920. :; 1921. May 541,377 120 ! 34,069,744 ! 2,505,798 122 | January... 366,270 ! 31,509,021 708,897 35 I i February.. 395,563 I 32,458,528 2,327,949 122 July 525,489 117 34,0fi6,794 2,581,920 126 March 437,933 i 32,104,946 2,201,633 108 August 483,193 107 34,471,515 2,690,690 132 April..;... 408,882 i 32,535,725 4,857,160 237 September... 457,647 102 34.040.806 1,968,801 96 May 439,884 i 32,631,051 4,437,080 217 October 399,837 89 33,669,804 1,531,850 November 332,057 74 31,654,126 1,319,995 j 65 December 294,851 66 29,879,402 972,011 ) 48 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 month to total total reported. reported. Consump- Looms. | Spinning spindles. Looms. Spinning spindle: I tion (pounds).1 I I Sets , | Wider ! Sets ! 150-inch j of Combs. than 50-;50-inch of ! Combs S r P eSede .!Io rs r Pl e ea e sce d s- i cards. Woolen. Worsted, s i r p n e a c e c h d e . I , | ' o s r r p e l a e e c d s e s. cards. ' Woolen.Worsted. 1920. June. 46,578,283 26.8 . 22.4 ! 21.1 15.9 j 23.1 14.2 July 37,097,077 42.5 ! 32.3 38.0 35.0 I 42.0 32.7 , August 38,054,708 49.5 j 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 j 38,443,688 ! 49.0 I 34.9 38.3 26.3 ! 43.2 26.0 November j 28,096,047 j 46.9 j 37.7 39.5 32.8 ! 42.8 34.8 54.1 47.7 45.9 38.4 46.7 38.5 December I 24,372,000 • 51.2 I 44.8 50. 3 41.4 51.7 42.7 59.7 60.4 57.1 I 51.0 53.9 53.4 1921. j i January j 29,807,333 57.0 I 49.2 58.1 52.9 59.4 50.8 66.7 71.2 66.1 62.9 68.4 65.2 February 36,204,000 53.9 I 48.7 56.5 43.8 58.9 43.0 60.0 66.7 64.3 51.0 64.5 55.3 March j 47,181,000 ; 43.1 I 41.7 46.2 28.3 47.2 33.0 45.3 57.1 50.6 i 26.2 50.5 37.9 April ! 53,071,000 j 36.1 i 34.4 33.0 18.7 32.3 21.8 38.3 47.3 35.8 i 11.3 34.1 25.7 May | | 26.2 28.7 25.3 14.2 23.8 12.9 26.6 36.8 25.0 ; 5.4 22.9 13.5 June I I 20.5 25.2 21.6 10.9 20.6 10.1 19.9 30.1 1.4 18.6 10.4 1 Converted to grease-equivalent basis. PRODUCTION OF WOOD PULP AND PAPER. [Federal Trade Commission.] W pu o l o p d . N pr e i w nt s . - Book. b P o a a p r e d r . W pu o l o p d . N pr e i w nt s . - Book. b P o a a p r e d r . W pi r n a g p . - Fine. Net Net Net Net Net | Net Net Net Net Net Net Net tons. tons. ton*. tons tons. I tons. 1921. tons. tons. tons. tons. tons. tons. May.. 363,815 129,230 92,856 213,475 70,511 S 31,575 ! January 275,353 123,830 64,382 105,806 44,620 22,756 ' February 243,797 103,040 56,687 123,832 46,352 19,242 July 312,334 129,853 95,526 218,771 73,487 34,078 March 262,332 107,532 59,832 139,723 49,879 19,058 August 305,965 128,818 94,424 215,633 75,228 33,122 April ! 268; 806 115,408 51,380 128,186 51,713 15,631 September. 293,913 121,005 94,142 218,743 70,917 34,207 May 216,101 78,868 52,642 122,801 53,084 17,484 October 319,877 124,818 93, 849 196,604 73,100 34, 528 November. 326,041 122,993 89,564 133,818 65,920 31,208 December.. 302,527 124,857 76,093 105,227 54,308 27,233 OUTPUT OF LOCOMOTIVES AND CARS. [Locomotives, reports from individual producers; cars, Railway Car Manufacturers' Association.] Locomotives. Output of cars. Locomotives. Output o fears. s D hi o p t m i p c e e s d - . F p o c le o r t e m e ig d - n . Do t m ic e . s- Foreign. Total. ' ] sh D i t o p i m c pe e d s- . F p o c le o re t m e ig d - n , j Do t m ic. es- Foreign. Total. 1920. Number. Number. Number. Number. Number. 1921. Number. Number. Number. Number. Number. May 83 112 2,792 1,402 4,194 January I 154 71 7,169 843 8,012 February ! 108 70 6,482 518 7,000 J A u u ly gust 1 11 2 4 2 1 5 2 4 5 2 3, ;7 4 3 0 1 9 1,2 4 1 3 0 4 3 4 , , 1 6 6 1 5 9 M Ap a r r i c l h i ! 1 1 1 3 2 8 4 4 9 4 6 4 , , 0 6 4 5 1 2 8 7 7 0 4 5 6 5, , 5 7 2 4 6 6 September... 126 69 3,955 1,103 5,058 May ! 56 18 3,843 444 4,287 October 198 106 6,309 684 6,993 November... 204 73 6,243 985 7,228 December... 198 93 7,551 1,420 8,971 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

834 FEDERAL RESERVE BULLETIN. JULY, 1921. VESSELS BUILT IN UNITED STATES, INCLUDING THOSE FOR FOREIGN NATIONS, AND OFFICIALLY NUMBERED BY [Monthly average, 1911-1913=100.] I Number. to G nn ro a s g s e. Relative. Number. to G nn ro a s g s e. Relative. 1920 1921. June 198 267,076 ! 1,105 January.. 94 216,280 895 February. 95 121,404 538 July 173 217.2 >9 i 899 March 86 154,864 641 August 178 259,210 i 1,073 April 99 120,762 500 September.. 135 251, 962 ! 1,084 May 116 132,622 549 October 120 227,162 | 940 Juiie 160 173,885 720 November.. 119 213, 98fi ! 885 December.. 87 176,903 : 732 TONNAGE OF VESSELS CLEARED IN THE FOREIGN TRADE. [Department of Commerce. Monthly average, 1911-1913=100.] Net tonnage. i I . Per- l^et tonnage Per- • cent- \ ;| cent- | Rela-j age | Rela-h Rela- age Rela- ! tive. ! Ameri-i tive. !| tive. Ameri- tive. American.! Foreign. Total. can to i Foreign. Total. can to total. total. 1920. 1921. May. 2,729,790 I 2,436,247 5,166,037 126 52.8 119999 !l January 2,191,201 2,454,617 4, 645,818 114 47.2 178 1 February 2,017,303 1 2,149,300 4, 166,603 109 48.4 183 July 3,302,538 3,616,052 6,918,590 i 169 47.7 180 March 2,097,843 | 2,396,309 4,494, 152 110 46.7 176 August 3,616,267 3,929,602 7,545,869 184 47.9 181 April i 2,535,956 !I 2,473,587 5, 009,543 122 50. 6 191 S O e c p to te b m er ber 3 3, , 5 4 0 2 0 1 , , 3 5 1 3 2 1 3 3 , , 5 7 1 5 3 6 , , 5 5 9 1 9 2 6 7 , , 9 2 3 5 5 6, , 8 1 2 3 4 0 j 1 1 1 7 7 7 0 4 4 8 9 . . 2 3 1 1 8 8 2 6 May ~2,113,881 1 2,910,341 {,024, 222 123 42.1 159 November 3,302,367 2,868,294 6,170,661 ! 151 53.5 202 December 2,785,615 2,949,416 5,735,031 ! 140 48.6 183 RAILROAD OPERATING STATISTICS. [United States Railroad Administration; March, 1920, on, Interstate Commerce Commission.] | Net ton-miles, Nettons Net tons I Net ton-miles, j Net tons Net tons I I r n e o v n e r n e u v e e n a u n e d . loaded j i r n e o v n e r n e u v e e n a u n e d . tr p a e i r n. lo p a e d r ed 1920. 1921. April 28,592,000,000 636 28. 6 January... 29,817,000,000 I 621 30.2 February.. 24,913,294,000 ' 618 28.4 July 40,450,094,000 769 29.7 March 26,831,000,000 626 27.2 August 42,706,838,000 788 30.1 April 25,582,000,000 .637 26.9 September 40,999,843,000 767 30.1 October 42,562,687,000 756 30.0 November 37,458,630,000 710 30.6 December 34,722,365,000 674 31.3 COMMERCE OF CANALS AT SAULT STE. MARIE. [Monthly average, May-November, 1911-1913=100.] , EASTBOUND. Grain other than I wheat. Wheat. Flour. Iron ore. Total. Bushels. Relative, i Bushels. Relative, j Barrels. !Relative. hort tons. Relative. Short tons. I Relative. 1920. June.. 3,076,986 35 5,976,125 31 1,082,521 8,707,358 9,153,884 I 131 1921. April. 7,418,708 1 8,592,826 54,540 95,328 518,458 , May.. 12,431,592 140 12,609,469 66 890,330 | 77 2,652,033 | 45 3,407,827 49 June.. 11,358,929 12" -10-', 4•18—,4 3•3 — 54 1,150,240 | 99 3,892,791 j 66 4,628,067 ; 66 , I i ! [ WESTBOUND. Hard coal. Soft coal. Total. Total freight. Short tons.! Relative, i Short tons, i Relative, i Short tons.! Relative.Short tons.' Relative. 1920. June. 271,020 87 50 1,493,935 \ 60 10,647,819 ! 112 1921. April 109,719 259,288 438,673 ; 957,131 ! May 214,776 69 2,303,369 120 2,747,236 j 110 6,155,063 65 June 247,048 80 , 3,027,177 158 3,451,409 139 8,079,476 85 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY, 1021. FEDERAL RESERVE BULLETIN. 835 BUILDING PERMITS IN 166 SELECTED CITIES. [Collected by the 12 Federal Reserve Banks.] NUMBER OF PERMITS ISSUED. D N is o t . r i 1 ct D N is o t . r i 2 c t I j D N is o t . r 3 ict D N is o t . r i 4 ct D N is o t . r i 5 ct D N is o t . ri 6 ct D N is o t . ri 7 c t D N is o t . r i 8 c t D N is o tr . i 9 c t i ! D N i o s . t r 1 ic 0 t D N is o t . r i 1 c 1 t D N i o s . t r 1 ic 2 t Total (14 (22 | (14 (12 (1.5 (14 (19 (4 (9 i (14 (9 (20 (166 cities). cities). ; cities). cities). cities). cities). cities), cities), cities). ! cities). cities). cities). cities). 1920. January 789 3,111 1,101 2,007 2,062 1,657 815 693 1,154 1,632 6,240 23,360 February 586 2,618 ! 954 1,828 2,129 1,640 2,296 895 766 1,729 1,834 5.846 23,121 March 2,263 4,942 ! 2,549 4,558 3,238 1,961 5,477 1,540 1,073 2, 215 2,313 6,809 38,938 April 2,375 7,172 ; 3,782 5,018 3; 907 2,155 9, 555 1,745 2,008 : 1,995 1,868 '6,318 47,898 May 2,301 6,606 ! 2,624 4,933 3, 248 1,977 6,819 1,513 1,776 1, 985 1, 513 5,896 41,171 June 2,127 I 5,929 : 2,414 4,235 3,132 1,901 5,749 1,476 1,622 ; 1,522 1,629 5,864 37,603 July 1,883 4,907 ; 2,051 3,719 2, 719 1,706 5,234 1,353 1,329 1,339 1,638 6,343 34,219 August 1, 765 I 5,071 , 1,879 3,602 2, 837 2,007 5,348 ; 1,302 1,356 i 1,724 1,548 7,562 35,999 September 1,715 ! 4,779 1,943 3,528 % 497 2,255 5,003 1,309 1,41.9 i; 559 1,864 9,224 37,095 October 1, 780 ! 4,585 ' 2,222 3,298 2,875 2,466 4, 773 1,342 : 1,485 1 1, 563 1,874 8,460 36,723 November 1,323 ! 4,072 1,707 2,562 2,170 1,995 2,997 1,061 986 ! 1,048 2,001 6,990 28,892 December 898 I 3,284 1 1,246 1,818 1,713 1,422 1.989 863 665 i 736 1,678 5,364 21,676 1921. January.. 2,559 1,103 2,328 1,921 2, 90S 2, 011 886 463 ! 940 I 1,692 5,668 23,317 February. 842 j 3,148 ; 1,430 2,962 2,417 2,158 3,088 1,149 686 i 1,327 j 1,630 6, 3% 27,232 March 2,079 6,551 I 3 056 6,024 4,201 2,781 6,045 1,961 • 1,634 | % 728 I 2,331 9,419 48,810 April 2, 547 S, 304 I 3, 426 6, 716 4,445 3,030 7,166 1,9(32 ' 2,862 i 2, 559 i 2, 588 9,412 55,017 May 2,396 8,146; 1,275 5,107 4,170 ?., 770 6,132 1,998 2, 528 ! 2,655 2,473 8,616 48,266 VALUE OF PERMITS ISSUED. District No. District No. District No. District No. District No. District No. District No. 1 (14 cities). 2 (22 cities). 3 (H cities). 4 (12 cities), j 5 (1.5 cities). 6 (14 cities). 7 (19 cities). 1920. January $8,374,287 j $34, 805,020 i So, 933,342 $17,919,378 1 $6, 80", 134 $5,013,074 $18,244,313 February... 4.520,520 i 28,215.809 • 8, 044,293 8,229.316 | 8, 361,377 3,120,296 22, 438,916 March 9,881,986 ! 40, 786;909 11,399,0o2 15, M4, 578 ! 10, 639, 494 4, 517,469 26, 873, 418 April 10,035,478 j 55,058,343 15 161,038 23,676,767 ! 10, 800, 847 4,423,309 33,262,777 May 14,496.911 36, 882,353 8 185,298 13, 766,757 ! 7,627,960 3,913, 300 19, 082,712 June 7, 532, 067 ! 28, 051,574 S, 742, 268 14,599,684 i 6,434,490 6, 364, 738 23,436,183 July 7,152,233 27, 588,503 7, 916, 204 14,912,782 6, 795,165 3, 592,076 18,389,732 August 6, 524, 855 35, 952,930 i 10, 763, 970 11,250,175 i 7, 788, 862 4,057,181 15,539,077 September.. 4, 86S, 873 22, 224,669 4, 936,379 9,554,303 | 5, 860,033 4,243,928 16,405, 747 October 10, 032,90S 19,057,215 4, 804, 735 7,714,688 ! 4,410,441 6,940,446 16.410,429 November.. 3,365, 537 IS, 194,119 3, 742, 956 5,901,026 I 4,167,779 3,171,368 12,076,354 December... 2,141,407 10, 099,894 2,186, 330 ' 8,976,700 i 2,682, 869 2,682,217 11,049,761 1921. January... 3,770,704 i 15,193,961 2, 236,448 5,480,412 3, 870, 330 2, 755,210 11,064,860 February. 5,564,539 j 28,649,271 2,153,152 6,099,516 6, 995,120 4,089,181 21,274,117 March. .*.. 5,087,162 ! 35, 517, 743 6,088,621 11,731,396 8,108, 832 4, 747,379 20,185,0S4 April 4,451,365 ! 37,953,360 6, 489, 214 15,972,461 14, 838, 770 4,194,494 28, 034,632 May 6,083,991 I 55, 493,186 6,149, 855 10,451,771 ! 8, 332.123 5,674,822 14,914,403 I District. No. District No. District No. District No. District No. I Total (166 i 8 (4 cities). 9 (Ocfties). I 10 (14 cities). 11(9 cities).! 12 (20 cities). cities). January 391,903 •12,861,102 $8, 71S, 305 $5, 576., 771 i$13,184,304 S129, 824,931 February... 536,213 2,444, 231 7,123, 212 6,796., 171 12, 858,092 118,288,446 March 477, 219 3, 272, 610 8, 600, 069 5, 589', 236 I14,607, 587 156,289,667 April 205,419 47 420, 601 8, 369, 045 6,452:517 I 15,633, 505 191,559 646 May 923,450 4, 430, 565 6, 541, 415 4. 552, 658 ' 15,17S, 408 138,581,787 June 725, 500 4, 382, 020 5, 803, 812 2, 781,269 ; ' 16,001,689 127,855,354 July 275,703 7,068, 552 4,182, 342 3,978,647 16,332,923 122,182,952 August 751, 877 3,303,129 3, 803, 405 2,950,691 15, 080, 735 119, 76*, 891 September. 165,442 2,312, 995 3,183,648 3,284,841 17,378,394 96,419,252 October 716,311 3,311,176 4,237,772 2.604,567 ; . 14,367,909 95,608,597 November.. 284, 999 2,215,110 3,031, 267 2, 916, 070 13,107,691 73,174,276 December.. 915, 471 2,671,237 2, 574, 831 2,706,634 13, 877,098 09,164,447 1921. January.. 1,488, 804 854,470 3,766,174 2,109, 969 8,931, 525 61,522,867 February. 1,608,789 1, 946,150 2,721,473 I 3,138, 657 11, 783, 509 96,023,474 March.... 2, 512,871 2, 612, 291 6,147,628 ! 5,190,191 18,542,835 126,472', 031 April 2' 403, 5r>7 5,591,111 5,167,969 5,633,649 19, 907,621 122,603,571 May- 2,696, 521 < 574, 734 6,096,407 4,190, 778 17, 783, 732 142, 422, 323 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

836 FEDERAL RESERVE BULLETIN. JULY, 1921. PRODUCTION AND SHIPMENTS OF FINISHED COTTON FABRICS.1 April 1921. May, 1921. W go h o i d t s e . g D o y o e d d s. P g r o in od te s d . ' Total. W go h o i d t 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 12,717,357 18, 662, 349 8, 015,175 42, 978, 935 13, 597,719 18, 228,509 8, 953,232 44, 823, 357 2 7, 449, 555 2, 612, 022 4, 704,128 22, 093, 746 8,165,972 2,579,998 4, 275,135 22,987,037 3 6, 305,140 5,115, 430 12,318, 961 7, 531, 433 5, 501, 772 14, 077, 886 5 6 629,313 98, 073 6 727,386 6,193, 501 174,107 6,367,608 6 118, 480 404, 988 521, 468 84, 600 794, 319 878, 919 8 1, 670, 942 1, 898,728 Total 33, 217, 845 26, 892,862 12, 719, 303 86, 311, 438 35, 573,225 27,278,705 13,228, 367 91, 033, 535 Total finishing charges billed during month^ District 1 $236,964 $750, 305 $128,945 SI, 571,113 $265, 283 $720,100 $430, 835 $1, 575,091 2 133, 278 91, 363 193, 824 604,942 139,614 79, 040 166, 551 590, 368 3 186, 572 204, 485 410,349 227,335 212, 945 459, 476 128, 948 859 129, 807 122,603 1, 357 123, 960 6 2,198 18, 389 20, 585 1, 454 35, 734 37,188 8 23, 032 28,947 Total $887,958 $1, 065, 401 $622, 769 $2, 759, 828 $756,289 $1, 049,176 $597, 386 $2, 815,030 Total average per cent of capacity operated: District 1 55 69 48 58 58 70 53 60 2 74 67 80 77 76 66 78 74 3 83 64 70 97 66 79 5 99 99 101 101 6 42 54 8 66 77 Average for all districts 70 68 52 66 75 69 56 68 Total gray yardage of finishing orders received: District 1 12, 735, 066 19, 846, 208 11,717,251 47, 682, 478 14, 005, 609 18, 791, 868 9, 695, 441 46, 389, 650 2 7,003,707 4,608,192 5, 779, 556 20, 731,920 8, 022,763 3, 383, 903 3, 912, 887 19, 392, 069 3 5,921,143 5, 955,652 12, 986, 854 5,126, 361 5, 965,152 12,201, 014 5 8,712, 871 199,602 8,912, 473 5, 828, 759 159, 653 5, 988, 412 6 100 785 1,145, 464 1, 246, 249 109, 450 412, 809 522, 259 8 1,380, 850 2,260,651 Total 34, 473, 572 31,755,118 17, 496, 807 92, 920, 824 33, 092,942 28, 713, 385 13,608, 328 86, 754, 055 Number of cases of finished goods shipped to customers (case equal approximately 3,000 yards): District 1 5,327 5, 324 2, 658 22, 237 5,689 5,702 2, 597 23,547 2 4,262 152 10, 891 4,632 68 10, 530 3 3, 724 2, 230 6,427 3,749 2,199 6,393 5 1, 580 3,415 1, 730 3,648 6 8 586 771 Total 14, 893 7, 705 2, 658 43, 556 15, 800 7, 969 2, 597 44, 8S9 Number of cases of finished goods held in storage at end of month: District 1 3,292 2, 906 2,837 17,108 3,350 2, 827 2,689 17, 249 2 1 845 274 6,687 1,952 147 7,733 3 172 ! 298 4, 988 186 316 5,207 5 329 1 229 316 1,231 6 14 20 8 1,331 1, 202 Total 5,638 ; 3,478 2,837 31,357 5,804 3,290 2,689 32,642 Total average work ahead at end of month (expressed in days): District 1 5.9 8.7 17.0 9.6 6.5 8.0 20.0 10.0 2 12.0 11.0 17.0 11.0 14.0 8.4 8.5 9.4 3 13 0 7 5 10 0 11 0 9 3 10 0 5 18.0 18.0 16. 0 16.0 6 13.0 8.3 8 . . . .. 7.9 9.0 Average for all districts : 10.0 8.8 17.0 10.0 10.0 8.3 19.0 10.0 i j 1 The National Association of Finishers of Cotton Fabrics, at the request of the Federal Reserve Board, has 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 figuresg iven 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

JULY, 1921. FEDERAL RESERVE BULLETIN. 837 KNIT-GOODS MANUFACTURES. The total production of winter and summer underwear for the 6 months ending May 31 Dozens. Per cent of normal. was as follows: Unfilled orders first of month 526,524 New orders received during month 311,327 52.4 I Number Actual I of mills produc- ! Percent Total (A) 837,851 ' report- tion of ing. (dozens). normal. Shipments daring month 288,625 48.6 Cancellations during month 6,155 1.0 Total (B) 294,780 1920. December 61 98,671 Balance orders on hand June 1 (A minus B) 543,071 Production 336,108 56." 6 1921. January 148,023 16.4 February 248,431 28.0 March 421,140 50.1 Thirty-three representative mills which re- April 401,938 49.6 ported for April and May furnish the data for May 505,347 55.4 the following table: [In dozens.] Order and production report for month endi m ng il ls M re a p y o r 3 ti 1 n , g 1 w 9 a 2 s 1 4 , 0 f . ollows. The number of 1 A m p i r l i l l s ( ) 3 . 3 M m a i y l ls (3 ). 3 Cain. Loss. Unfilled orders first of month... 410,526 533,057 122,531 New orders 364,361 283,313 8i,6oi Shipments 204,382 251,028 46,646 Cancellations 4,022 5,812 1,790 Production 292,274 317,385 25,111 RETAIL TRADE. In the following table is given a summary tributed as follows: 24 stores in district No. 1, of the data obtained from representative 58 in-district No. 2, 47 in district No. 3, 17 in department stores in each Federal Reserve district No. 4, 25 in district No. 5, 24 in district district, showing the activity of retail trade No. 6, 52 in district No. 7, 18 in district No. 8, during the past several months. In districts 13 in district No. 9, 15 in district No. 10, 19 in Nos. 1, 2, 5, 6, 7, 9, 11, and 12 the data were district No. 11, and 29 in district No. 12. The received in (and averages computed from) number of stores varies somewhat, due to the actual amounts (dollars). In districts Nos. inclusion of new stores from time to time in the 3, 4, 8, and 10 the material was received in reporting list. the form of percentages, the 1921 averages for Separate figures for Buffalo, Newark, Rochthe cities and districts computed from such ester, Syracuse, Pittsburgh, and Cleveland are percentages being weighted according to vol- shown for the first time this month. May ume of business done during the calendar year figures for "outside" stores in districts Nos. 2 1920, and the averages for the several months and 4 therefore include only stores in other cenin 1920 by similar figures for the calendar year ters than those for which separate figures are 1919. For the month of May the tables are given, and are not comparable with the figures based on reports from 341 stores in all, dis-for " outside" stores shown for earlier months Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

838 FEDERAL RESERVE BULLETIN. JULY, 1921. CONDITION OF RETAIL TRADE IN THE FEDERAL RESERVE DISTRICTS. [Minus sign denotes decrease.] Percentage of increase in net sales ascompared with corresponding perioc previous year July 1, 1920, to Jan. 1, 1921, to District and city. close of— close of— Oct., Nov., Dec, Jan., Feb., ; Mar., Apr., Mav.'i 1920. 1920. 1920. 1921. 1921. ; 1921. 1921. 1921. ': i Oct., Nov., Dec, Jan., Feb., Mar., Apr., May, 1920. 1920. 1920. 1921. 1921. 1921. 1921. 1921. District No. 1: Boston 0.1 15.0 1.4 5.4 10. 8 2.1 - 1.3 -2.4 9.7 11.0 8.5 5.4 7.7 5. 5 3.6 2.2 Outside 2.2 1.7 -6.4 -10.1 - 6.0 - .9 -3.8 -11.4 11.1 9.0 5.0 -10.1 - 9.1 -6.2 - 5.5 -6.8 District .6 11.4 - .4 1.5 6.5 1.5 - 1.9 4.5 10.1 10.4 7.7 1.5 3.5 2.7 1.4 .1 District No. 2: New York City and Brooklyn 1.7 7.6 -3.6 -6.5 - 1.1 - 5.8 -2.8 -11.7 5.2 3.0 3.2 -6.5 -4.6 -4.5 -3.8 - 6.4 Buffalo 4 5.1 9 2 i 2 5 Rochester 2.2 9 1 3 9 5 2 Outside 15.4 18.9 5.9 - 1.5 9.5 _ .3 5.8 - 9.9 ;i 19.6 22.8 14.3 -1.5 1.6 2.2 - 4.6 District 6.2 11.6 — 1.6- 5.3 1.0 - 4.6 - .5 -10.0 ! 10.0 10.0 5.5 -5.3 -3.5 -3.4 - 2.1 - 4.3 District No. 3: Philadelphia 8.5 2.9 2.9 3.4 .9 -2.5 - 8.8 '•• 12.0 9.1 2.9 4.4 2.0 1.8 — 1.9 Outside 8.5 10.8 3.3 4.7 4.6 5.8 -4.8 18.5 21.6 3.3 1.7 2.1 3.7 .7 District 15.8 8.5 6.1 3.1 3.8 1.8 - .4 - 7.8 I! 17.3 14.6 14.1 3.1 3.6 2.0 2.3 - 1.2 District No. 4: 17 9 ' 10 1 Pittsburgh 1 3 5.7 Outside .2 2.9 District 20.8 26.1 14.7 3.6 6.4 - .4 .8 -5.5 23.9 24.8 22.0 3.6 4.3 2.3 - .3 District No. 5: 5.9 5.3 2 2 — 6.8 7 1 ! 5.9 4.6 1 9 — .6 — 20 Richmond -4.2 14.2 6. 3 OQ . 11 - 3.0 ' -4.2 4.2 5.6 4.9 3.2 Washingt on 9.3 8.4* 5 5 5.3 4.3 i . 9.3 8.8 7.4 6.9 6 3 Other cities 4.0 15.9 9.4 3.7 -5-2! 4.0 9.4 10.8 8.7 5.4 District.. 12.4 13.1 4.9 5.4 8.6 i 2.7 - .7 - 3.0 j! 13.6 13.5 10.4 5.4 6.4 5.2 3.6 2.1 District No. 6.. 25.1 14.6 3.0 -9.0 1.4 - 5.6 -19.5 -16.8 li 19.7 18.8 15.3 - 9.0 - 5.4 -4.7 -8.7 — 10.7 District No. 7 8.3 17.6 9.6 -10.5 -5.4-3.2 - 3.1 -1?.5 32.6 24.2 18.1 — 10.5 - 4.7 13.3 -5.6 — 8.0 District No. 8 10.5 10.8 5.3 -3.8 - 3.1 - .7 — 2.9— 1.6 • 16.5 13.8 13.3 -3.8 - 3.7 -1.7 1.7 4 District No. 9 - 2.9 2.9 .5 -12.3 - 7.0 -11.2 -5.4 -14.9 3.8 7.6 -12.3 — 10.9 — 11.8 -10.7 - 7.0 District No. 10 . - 1.9 9.2 - 5.1 -11.6 4.1 — 6.1 -2.8 -5.3 '"b'.2~ 12.9 .7 — 11.6 — 1.8 — 3.9 — 1.8 - 3.8 District No. 11 16.0 12.7 -2.9 -8.9 - 4.6 -16.0 -17.7 -17.4 21.6 17.9 10.5 - 8.9 - 8.4 -11.4 -11.2 —13.0 District No. 12: Los Angeles 19. 3 31.2 13.7 17.1 14.6 9.9 3.4 8.8 33.9 33.7 28.5 17.1 13.3 11.9 9.7 9.5 San Francisco 11.5 9.9 -3.8 -12.1 .4 - 3.1 -9.6 -2.4 15.4 11.7 8.7 -12.1 - 6.5 -4.3 -5.2 - 4.5 Oakland 22.0 7.2 -10.4 8.2 .9 1.4 - 2.1 ! 21.3 18.2 —10.4 — 2.2 9.8 2.0 1.5 Sacramento 9.9 2.3 -16.8 ....-..- 6.2 -7.3 14.8 ! 16. 1 7.0 -16.8 -4.2 - 5.1 14.0 Seattle — 14.6 — 16.4— 18.7-23.4 _2.4 -14.6 -16.1 -16.8 - 7.3 -'9.2* — 11.1-23.4 -*9.3 -15.6 -15.7 — 13.5 Spokane 4.6 5.6 11.5 -10.1 12.2 4.6 -6.4 -17.9 :| 9.4 8.4 8.6 -10.1 1.3 - .9 - 5.4 Salt Lake City 8.9 14.7 9.1 - .6 -5.2 1.7 -8.7 -18.7 14.0 12.2 14.6 - -6 1.9 6.0 .1 - 3.5 District.. 8.2 11.3 -4.3 -14.3 - 2.4 ! .6 -9.3 -4.1 16.8 14.8 5.0 -14.3 - 5.9 1.6 -3.8 - 6.9 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY, 1921. FEDERAL RESERVE BULLETIN. 839 CONDITION OF RETAIL TRADE IN THE FEDERAL RESERVE DISTRICTS-Continued. [Minus sign denotes decrease.! Percentage of increase in stocks at close of month compared with— Same month previous year. Previous month District and city. Oct., Nov., Dec, Jan., Feb., Mar., Apr., May, Oct., Nov., Dec, Jan., Feb., Mar., Apr., May, 1920. 1920. 1920. 1921. 1921. 1921. 1921. 1921. 1920. 1920. 1920. 1921. 1921. 1921. 1921. 1921. District No. 1: Boston 9.5 7.1 — 1.7 10.7 -3.7 18.2 -18.9 -18.7 - 4.2 9.0 -18.2 -14.5 15.5 -6.6 3.5 —2 9 Outside 15.9 10.6 2.0 -10.6 3.7 -10.3 -17.5 -16.5 3.0 - 2.0 -20.5 -8.2 15.4 -5.7 1.1 .2 District 11.6 8.2 — .7 -10.7 — 1.6 -16.0 -18.5 -18.1 -1.8 4.9 -18.9 -12.7 15.5 -6.4 2.8 -2.0 district No. 2: New York City and Brooklyn 17.2 5.1 -2.3 -9.5 -16.5 -23.2 -22.0 16.8 1.0 -4.8 -20.4 -8.1 6.3 8.3 5 1 —2 6 Buffalo -10.4 3 Newark -25.8 1 2 29.2 6 0 12.6 -2.1 Outside 15.6 3.8 -12.7 -20.0 -23.6 -17.9 -20.7 -10.0 - .4 -7.0 -24.0 - 6.1 1.3 9.0 1.1 1.6 District 16.7 4.6 -4.5 -12.0 17.8 -22.0 -21.6 -17.3 .5 -5.6 —21.1 -7.6 5.3 8.5 4.0 -2.1 District No. 3: Philadelphia 5.7 2.2 - .9 -11.7 -20.4 -20.5 — 17.0 — 5.0 -15.5 —13 8 4 2 5 4 1 4 5 Outside 17.4 8.0 -10.8 -12.4 -14.3 -13.0 ~ 8.2 -4.1 -20.0 -7.4 9.5 7.3 .8 2.7 District 16.0 10.1 4.4 -4.6 -11.9 -19.0 -18.7 -14.9 .9 -4.7 -17.3 -11.5 5.6 5.9 1.3 .2 District No. 4: Cleveland 28.7 1 0 Pittsburgh -14.1 -4.9 Outside — 9.8 -2.7 District 34.9 22.5 11.6 -4.0 -13.2 -17.1 -17.8 -18.2 4.8 -6.4 -20.0 -14.6 3.1 7.9 4.2 -3.1 District No. 5: Baltimore -19.7 -24.0 -28.2 -26.0 -25.3 -7.0 6.9 8 8 3 6 —3 1 Richmond -9.8 -13.1 -16.6 -13.6 -14.6 -15.2 7.7 7.8 4.3 - .2 Washington -28.6 -29.9 -26.2 -29.0 -29.2 ....... -18.7 9.8 7.1 5.7 - .5 Other cities • • -"•• -20.3 -21.4 -22.6 -23.3 -24.2 -32.1 13.9 10.1 3.0 -1.7 District 15.1 5.3 4 2 -22.2 -24.8 -25.9 -25.8 -25.8 .1 -7.7 -25.5 -16.2 8.9 8.4 4.2 -1.7 District No. 6 30.1 16.3 2 -8.3 -13.9 -12.7 11.6 -11.5 .8 -6.7 -30.8 - .8 6.0 4.4 .4 -2.7 District No. 7 51.7 39.7 27^7 -15.5 -13.1 -14.3 -21.3 -18.8 1.0 -5.9 -24.0 -1.8 1.4 9.2 n -3.1 District No. 8 30.5 17.0 16.2 9.9 11.5 -9.8 -12.9 -11.0 1.8 -4.3 -18.8 -3.3 g 9.6 '.2 -1.7 D D i i s s t t r r i i c c t t N N o o . 1 9 0 2 1 5 2 . . 0 0 1 7 1 . . 1 8 9.4 - - 1 1 4 0 . . 9 9 - -1 2 8 3 . . 2 1 - - 2 1 0 4 . . 9 8 - - 2 1 1 9 . . 6 1 — 1 2 9 4 . . 8 3 i- 1 . . 5 9 — -5 . 4 0 .2 — 2 1 3 8 . 9 7 - 1.1 1 1 0 * .1 2 6 6 .4 2 2 1 .7 9 -4 4 . 3 2 DistrictNo.il 42.3 31.5 8.8 12.9 15.5 17.7 -18.1 -21.0 -3.0 -9.3 -28.8 -7.9 5.0 9.3 .5 -3.4 District No. 12: Los Angeles 21.6 16.4 -29.7 -4.9 -12.4 -12.8 -12.8 -9.4 . 2 -4.2 -45.4 3.6 .5 6.2 4.5 2.3 San Francisco 15.4 8.0 19.6 -9.3 -16.5 -21.9 -13.8 -17.6 15.4 - .8 -14.7 - 9.0 6.1 3.1 4.4 -2.3 S O a a c k r l a a m nd ento 1 8 7 . . 3 5 3.8 -"i'6*-21.1 -27.8 - - 2 3 7 0 . . 2 3 - - 2 3 3 0 . . 5 5 - -2 1 9 6 . . 4 5 . . 6 3 - 3.1 -23.T -10.9 4.2 7 6 . . 7 8 3 2 . . 0 4 -6 6 . . 9 8 Seattle .5 —'4.T -12.3 -2L4* -27." 5"-33.8 -28.7 -27.4 2.8 -"2*9" -22.5 -ii.Y """6."6" 3.1 2.6 -3.0 S S p a o lt k L an ak e e City 40.1 33.6 — 1 1 2 2 . . 7 2 -3.6 -14.0 - - 1 2 5 0. . 9 1 - - 1 1 1 7 . . 9 7 - - 1 1 0 7 . . 9 1 -2.7 -4.2 - - 2 3 2 .6 .4 2.1 4.4 6 1. . 4 6 9 1. . 2 2 - - 3 2 . . 2 5 District 15.6 20.1 .3 .4 - 7.6 -21.6 -13.9 -14.2 1.2 -3.4 -14.3 - 4.1 2.2 4.5 3.0 -1.0 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

840 FEDERAL EESERVE BULLETIN. JULY, 1921. CONDITION OF RETAIL TRADE IN THE FEDERAL RESERVE DISTRICTS-Continued. [Minus sign denotes decrease.] Ratio of average stccks at close cf each month to average Ratio of outstanding orders at close of month to total purmonthly sales for same period (per cent). chases during previous calendar year (per cent). July 1 1920, to close District and city. of— Jan. 1,1921, to close of— Oct., Nov., Dec, Jan., Feb., Mar , Apr., May, 1920. 1920. 1920. 1921 1921. 1921. 1921. 1921. Oct., Nov., Dec, Jan., Feb., Mar., Apr., May, 1920. 1920. 1920. 1921. 1921. 1921. 1921. 1921. District No. 1: Boston 388.4 368.4 329.9 270.2 325.3 300. 7 295. 5 289.8 7.5 5.4 3.6 5.1 7.4 5 7 5.2 5 7 Outside 482.6 456.6 452.0 392.9 473.7 445.8 426.8 424.5 | 10.8 10.4 4.5 8.6 11.2 9.6 8.8 District 415.6 398. 6 357.9 297.2 358.1 332.5 324.7 319.5 9.1 7.7 4.8 8.1 6.4 5.8 6.2 District No. 2: New York City and Brooklyn 479.4 464.1 361.1 315.8 323.3 310.1 322.5 309.5 9.2 6.9 5.3 5.5 7.3 7.1 6.7 6.6 Buffalo 352.6 5 5 Newark 340 4 4 5 Rochester i 392.4 5 3 Syracuse... . . . 446.5 Outside 441.3 430.6 347.7 ! 351.3 350.6 407.7 394.4 482.2 6.6 4.1 3.1 4.1 7.2 5.7 10.0 7.1 District 466.9 452.3 358.0 | 325.0 32S.7 330.6 342.5 326.5 | 8.1 5.5 4.5 5.1 7.3 6.7 6.5 6.2 District No. 3: Philadelphia 380.4 322.6 | 281.9 314.3 330.5 313 5 314 2 4 7 4 4 7.9 7 6 8 6 7 5 Outside 520. 5 458.6 ! 479.3 508. 7 465. 8 426.4 447. 7 | 2.9 4.1 4.8 6.2 6.1 4.9 5.0 District 437.2 418.0 371.1 | 357.6 365. 6 361.9 340.4 346.1 5.9 4.0 4.6 4.6 7.5 7.3 7.8 7.0 District No. 4: Cleveland 328. 7 5 5 Pittsburgh 302.4 5 1 Outside . . 418 1 5 8 District 466.8 452.1 398.5 306.4 353.6 345.9 3^7.4 334.0 | 7.6 5.9 4.7 7.1 7.0 7.7 5.3 5.0 District No. 5: Baltimore 311.8 341.6 394 5 327 1 327 9 7 ° 7 9 6 5 6 1 5 4 Richmond 403.5 403.1 354.4 355.9 358.5 5.4 6.1 5 5 4 6 7 2 Washington 351.2 370.9 341 3 344 1 345 3 ! 3 9 4 8 4 2 4 8 6 8 Other cities . 407.1 434.3 402.2 400.5 394.6 5.4 6.9 4.4 5.1 6.6 District 489.0 454.5 386.6 ; 344.5 36S. 7 343.2 345.3 345.6 7.1 3.0 2.7 6.0 6.6 5.4 5.4 5.6 District No. 6 403.9 381.6 307.8 i 549.1 405.3 387.3 428.7 417.8 6.9 5.8 4.9 3.1 6.1 6.4 5.1 4.6 District No. 7 371.0 431.7 391.0 : 544.3 404.4 360.2 385.9 411.4 5.1 6.5 5.6 10.8 11.0 12.7 5.8 4.0 District No 8 396. 8 324.4 245.1 336.5 407. 9 388.6 388.1 329.6 6.1 3.9 3.8 3.4 S.9 4.1 7.1 5.1 District No 9 12.4 11.9 18.7 4.2 5.5 5.2 3.5 9.5 District No 10 343.3 526.8 466.3 480.8 450. 3 359.2 346.9 359.2 3.1 1.9 2.3 22.1 11.8 6.4 4.8 3.9 District No. 11 454.0 416.7 383.7 ; 357.6 395. 7 363.6 369.6 407.5 . 4.1 3.2 2.7 7.0 6.5 5.1 4.6 4.4 District No. 12: Los Angeles 462.5 478.0 432.5 354.1 355. 6 353.2 367.9 374.1 9.3 7.6 10.6 6.9 11.5 10.2 9.8 9.2 San Francisco 511.9 515.8 434.3 424.2 444.6 401.5 402.6 383.8 ! 13.6 9.6 4.3 4.4 8.2 6.9 7.5 9.1 Oakland 732. 5 567.4 : 427.2 467.1 455.3 454.3 464.2 4 8 Sacramento . 387. 4 490. 5 382 6 Seattle 502.5 454. 5 413.7 463.0 •468.1 438.0 399.1 423.4 j 6.4 7.0 1 6 2 7 6 0 5 6 6 7 5 2 Spokane 579.0 544.3 458. 5 620.5 610.9 621.6 617.8 602.2 .1 5.2 6.3 7.9 4 0 Salt Lake City 601.4 2.6 4.9 6.0 District 467.3 488. 5. 490.7 ; 502.4 448.2 404.7 | 477.9 466.6 9.8 7.0 5.8 5.1 ; 8.6 7.8 8.7 0.7 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY, 1921. FEDEKAL RESERVE BULLETIN. 841 WHOLESALE TRADE. PERCENTAGE OF INCREASE (OR DECREASE) IN NET SALES IN MAY, 1921, AS COMPARED WITH THE PRECEDING MONTH (APRIL, 1921). Groceries. Dry goods. Hardware. Boots and shoes. Furniture. Drugs. | Stationery. Auto tires. District. c P en er t. b N fi e r u r m m o s - . f c P en er t. N b fi e r u r m m o s - . f p 3 b N er u m of - Per SHf! Per b N fi e r u r m m o s - . f c P e e n r t. b N fi e r u r m m o s - . f | • | c £ p e * nt' b N fi e r u r m m o s - . f c P e e n r t. b N fi e r u r m m o s - . f cent- : firms. No. 3 + 1.7 50 -14.7 24 No. 5 -3.4 ! 8 -14.1 ! 9 - 8.4 9 -18.2 8 : +6.4 5 1 No.6 + 4.0 27 -12.6 ! 15 - 7.3 13 — 6.5 7 i No 10 - 8.0 i 4 No. 11.... + 0.6 11 + 2.2 ! 4 -6.2 4 No. 12.... +2.5 32 -17.4 | 9 - 6.3 23 -17.6 , 17 +0.9 22 -6.9 11 ; -20.4 27 -11.3 | 15 PERCENTAGE OF INCREASE (OR DECREASE) IN NET SALES IN MAY, 1921, AS COMPARED WITH MAY, 1920. j Groceries. Dry goods. Hardware. ' Shoes. Furniture. Drugs. Auto supplies. Stationery. Auto tires. District. c P e e n r t. N b fi e r u r m m o s - f . c P e e n r t. N b fi e r u r m m o s - f . c P e e n r t. N fir u m m s - . I c p enl> N b fi e r u r m m o s - f . p | Num- cc p ee nntt ' i 1 ! f b i N e r r m u o s m f .; ! - i j cc ee p nnt t - i ' b f ; i e r r N m o u s f . m- 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 b fi e r u r m m o s - f . N N o o 4 3 . . !— — 3 4 5 3 .1 .4 50 8 -13.6 6 - - 2 3 2 3 . . 0 0 24 7 •] . . .. :.. -23.4 i 6 ...... No. 5 —35.8 8 -35.5 9 -28.7 9 -45.6 8 — 44.1 5 No. 6 -46.0 27 -34.7 15 -43.7 13 -41.3 No. 7 -47.2 21 !—21.5 13 — 10 1 11 No 10 -31.2 4 ; No. 11 -33.8 11 — 23.3 4 : — 2Q.7 1 4 ! No. 12 -39.1 32 -38.0 9 -36.8 23 :-24.3 17 -32.4 ! 22 -18.1 .11 -io.O 18 1-42.6 27 -20.6 15 1 i S 1 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. 843 according to methods described, in most cases, of this issue of the BULLETIN. It has been in the BULLETIN for January, 1920. A descrip- revised and now uses prices in 1913 as a base. tion of the method used in the construction of In the case of the two American index numbers, the Swedish index number appeared in the 1913 is used as the basis in the original compu- BULLETIN for February, 1921, for the new tations. In the other cases in which 1913 Italian index number in the April, 1921, issue appears as the basis for the computation, the of the BULLETIN, and the method used by the index numbers have been shifted from their Frankfurter Zeitung in the case of the German original bases. The computations in these index number was described in the BULLETINS cases are, therefore, only approximately corfor February and March, 1921. Complete rect. In a few cases July, 1914, or the year information regarding the computation of the immediately preceding that, is used as the United States Bureau of Labor Statistics ap- base. The figures are for the most part pears in the publications of that bureau, and a received by cable, and the latest ones are description of the index number of the Federal subject to revision. In cases where the index Reserve Board may be found in the BULLETIN numbers were available they have been pubfor May, 1920. Details as to the method used lished for the war years in various issues of the by the 0konomisk Revue in constructing its 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. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

84^ FEDERAL RESERVE BULLETIN JULY, 1921. INDEX NUMBERS OF WHOLESALE PRICES (ALL COMMODITIES). t ( R a F U 9 S B t e e 0 i t n o o d s a i a e q n t e t e r r u e r s d v s a ) d o ; e . l - 2 B S t ( a 3 U t u S L t a 1 r t i n a t 5 e a o i i b t a n s t q e o u e t s u s i r d ) ; o c o .2 s f - ( U S 4 K t m d i 5 t n e o i a o i n s m c t t d ) i g e o . s i ; - d 3 - m t - | d B t F i e t s u r i l t a e l a i l n s q S e ) c u t t . e i 3 a e n ; - c t B o i 1 a I e t a m 9 P t f s h c a 2 t r e m e h 0 l u o r y r i , f n o e ) ; ( . ^ 7 - d t 3 i i 6 i l 8 - ( Ge t r ie m s a ). n 4 y; ( H 4 S t t S 7 i i w a d v o n q e n e n d d u n i s e n e o ) s l . g k n t 5 s a ; - - N ( C O 9 R m t o a m 3 i h k e e r n o r i o w v s c i i s d ) n a s o u k a . i t , o m 6 e - y i - - ; - ( t F 3 i m m t d D i 3 i n e e a o e s c a r n d n ) o k n d . i - m 7 ; - s e - - T c J B o a o J t m a p a k ie p n a y m s n k a o ) o n . o f 2 ( d ; o 5 f i r 6 - A C c t a o i B C w o u n s t m i m s u t d e e e i t n m r c a s r m e S s s a l ) o a t u . l o t ( h 2 u d a i s 9 n a - i 2 - ; - C D m t q L i a o e u e ( a n 2 p n n o b 7 a a s t t o 2 d ) a r o r . a t - 5 - f ; C S ( D m 7 I t m t a n i 5 e a e e l o p d t n c s c i d a i t u s ) o a . r i t t o m 3 - ; i t t c - f a - s , 1913 100 100 100 100 100 8100 100 100 1914 . . 100 101 101 95 9100 116 w 115 11100 96 12100 101 13100 1915 101 126 137 133 145 159 138 97 141 110 1916 124 159 187 202 185 233 164 117 132 135 1917 170 206 262 299 244 341 228 147 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 1 522 347 362 259 218 246 204 1920. April 263 265 313 588 664 2,582 354 354 300 217 261 200 May.. 264 272 305 550 660 1,690 361 368 272 225 263 210 June 258 269 300 493 632 1,452 366 382 248 233 258 206 July 250 262 299 496 604 1,473 363 409 383 239 234 256 209 August 234 250 298 501 625 1, 528 365 417 385 235 236 244 209 September. 226 242 292 526 655 1, 560 362 425 394 230 230 241 208 October 208 225 282 502 659 1, 582 346 419 398 226 215 234 206 November.. 190 207 263 461 670 1,647 331 403 403 221 208 225 194 December.. 173 189 243 435 655 1,658 299 377 374 206 197 214 180 1921. January 163 178 232 407 642 1, 603 267 344 341 201 196 208 178 February .. 154 167 215 377 613 1,473 250 319 290 195 192 199 174 March 150 162 208 360 604 1,419 237 312 280 191 181 194 April 143 154 199 347 584 1, 410 229 297 270 190 171 187 183 Mav 142 151 191 329 547 1,428 218 294 257 191 166 183 184 June 139 148 183 324 509 1,376 218 254 192 179 178 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. a Average for the month. 9 Middle of 1914= 100. 3 End of month. w Dec. 31, 1913-June 30, 1914= 100. * Beginning of month but not always the first. u July 1, 1912-June 30, 1914= 100. 5 Middle of month. 12 July, 1914= 100. 6 End of year and cud of month. 13 End of July, 1914= 100. ^ First of month. u Last six months of 19 i7. s July 1, 1913, to June 30, 1914= 100. 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 the Danish index published by the Figroup index numbers, Prof. Bachi's new com- nanstidende has only two group indexes, one putations only are given. These can not be for food and one for "other commodities." GROUP INDEX NUMBERS—UNITED 3TATES, BUREAU OF LABOR STATISTICS. [1913-100.] Date. pr F o a d r u m cts. F e o t o c d . , C c l l o o t t h h s i n a g n . d F li u g e h l t i a n n g d . M pr e o ta d l u s c a t n s d . m b L u a u a i t m l n e d d r b i i n e a g r l. a C n h d e m d i r c u a g l s s . H go o o u d s s e . la M n i e s o c u el s - . 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. 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 115 141 186 197 138 203 168 274 154 May 117 134 181 194 138 202 166 262 151 June 113 132 180 187 132 202 166 250 150 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY, 1921. FEDERAL RESERVE BULLETIN. 843 GROUP INDEX NUMBERS—UNITED KINGDOM, STATIST. [1913=100.] Date. f V t o a e o b g d le e s - . f A o m o n a d i l - s. S t f u c e e o g e a f a - , . r, s F tu o f o f d s - , e M ra i l n s - . t T il e e x s - . d S r u i n e - s. M ria a l t s e . - ! | Date. f V t o a o e b d g l s e e . - f A o m o n a d i l s - . S t f c u e e o g e a f a - , . r, s F tu o f o f d s - , e M ra i l n s - . t T il e e x s - . d S r u ie n s - . M ria a l t s e . - 1913 100 100 100 100 100 100 100 100 1920. i 1914 110 100 107 105 90 97 105 98 ! September ...i 319 291 334 308 283 286 279 282 1915. 155 125 130 137 109 111 131 119 ! October. . 334 290 257 302 276 261 268 266 1916 193 152 161 169 140 152 163 153 November .. 308 293 238 291 265 212 253 245 1917. 252 192 213 218 152 228 212 198 December 257 262 212 253 254 205 248 237 1918.... 248 210 238 229 167 265 243 225 1919 252 215 275 238 190 271 268 243 I 1921. 1920 . 321 264 366 301 269 299 290 285 January. .. 234 283 192 251 225 198 230 219 February .. 200 270 187 234 200 179 224 203 1920. 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 359 244 496 325 269 308 282 285 May 211 223 158 209 177 164 192 179 July... 343 278 425 325 276 298 277 283 June 220 206 156 207 157 164 181 168 August 317 295 404 319 281 298 278 285 ALL COMMODITIES AND GROUP INDEX NUMBERS—UNITED KINGDOM—BOARD OF TRADE. [1913=100.] Other Cereals. an M d e f a i t sh. f O o t o h d e s r . T fo o o t d a . l Iro st n e e a l n . d m a e n ta d ls Cotton. te O x t t h il e e r s. a O rti t c h l e e r s. no T t o t f a o l o , d. art A ic l l l es. minerals. 1920. January. 242 260 264 256 336 233 540 423 272 333 303 February 241 242 282 256 364 245 610 447 286 357 317 March 265 233 297 265 390 243 612 448 294 365 320 April 278 247 301 275 407 239 614 444 297 368 332 Mav 282 241 297 273 428 257 595 422 286 370 333 June 285 244 302 277 443 260 556 388 275 362 330 July 281 269 282 278 439 261 519 357 272 352 324 August 279 279 268 275 434 264 506 342 270 348 320 September 282 282 262 275 434 266 462 342 276 345 318 October 292 287 271 283 424 263 379 304 272 324 309 November 290 293 263 281 403 257 316 271 257 300 293 December 262 292 257 269 381 236 254 239 236 270 269 Average for year 1920 273 263 278 272 406 252 480 362 274 340 314 1921. January 245 285 251 257 359 213 224 220 221 248 251 February 212 266 227 234 320 201 195 201 216 228 230 March 205 251 229 228 283 192 173 179 205 209 215 April . ... 200 245 224 222 259 192 181 170 196 202 209 May 197 220 219 212 250 193 183 166 202 201 205 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 ). Lss e r M als i . n- t T il e e x s - . d S r u ie n s - . m r R ( i 2 a a a 5 l w t s ) e . . - Date. f A o m o n a d i l s - . f t V o a o e b g d le e s - . c S co o a u f c n g f o d e a a e 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 w t l ) s e . - 1913 100 100 100 100 100 I 100 100 100 1920. 1914 103 103 106 104 98 109 99 101 September.. 531 412 544 487 468 715 540 558 1915 126 126 151 131 164 132 145 145 October 533 421 422 469 453 637 527 528 1916 162 170 164 167 232 180 199 206 November.. 519 390 377 442 424 510 498 476 1917 215 243 201 225 271 303 302 291 December... 515 360 355 424 385 475 471 444 1918 286 298 231 281 283 460 420 387 1919 392 313 253 336 272 444 405 373 1921. 1920 503 427 422 459 449 737 524 550 January 483 334 337 397 341 460 445 415 February.... 452 317 338 378 300 398 422 378 1920. March 406 322 367 366 289 375 392 355 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 379 346 317 356 266 282 355 309 August 515 359 399 432 475 737 524 558 June 348 362 338 354 261 278 341 3C0 55762—21 6 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

844 FEDERAL RESERVE BULLETIN. JULY,1921. GROUP INDEX NUMBERS—ITALY, RICCARDO BACHI. GROUP INDEX NUMBERS—GERMANY, FRANKFURTER ZEITUNG. [1920=100.1 [Middle of 1914=100.] t f V a o e b o 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 - . M m e a a r n l a e i s n d l t . s - - B m r i i u n a a i t l g l e s d . - - O v t p u a e r c t b g h o t l e s e d e . - r -d S r u ie n s - . m c it A o i o e m l d s l - - . 1920. p A r t g o u r d 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 ce u l s l . a- Average for the year. 1,232 3,175 1,733 1,440 Beginning of— June 1,125 2,670 1,538 1,642 102.2 92.9 122.6 104.9 113.2 101.8 97.2 107.8105. i.73 July 1,283 2,561 1,552 1,625 100.2 101.1 112.8 90.8 99.1 106.3 95.9 105.7101..18 August 1,309 2,643 1,566 1,617 95.8 100.3 100.0 88.3 95.5 108.4 90.2 104. 97.77 September 1,318 2,807 1,650 1,608 100.7 103.4 102.3 94.9 96.6 109.9 91.9 101.4100. M3 October 1,344 2,943 1,734 1,592 104.8 108.8 100.1 99.6 103.7 109.9 97. 5 102.1104. November 1,450 3,025 1,678 1,658 107.1 108.0 103.4 97.9 106.5 112.8 100.5! 105.4105. December 1,555 2,698 1,636 1,625 107.7 124.1 107.7 94.0 101.4 112.6 108.71 1052.107. 106.9 126.4 102.8 81.9 92.7 112.6 121.8 106.8104. 1921. Beginning of— January 1,353 2,643 1,678 1,575 106.7 120.7 98.1, 77.4 88.2 113.3 123.4 107.1 1021.89 February 1,265 2,507 1,580 1,525 103.4 119.5 89.21 65.4 79.5 117.0 127.3 106.7 1.23 March 1,204 2,371 1,552 1,517 107.8 117.4 86.9 63.5 72.0 112.9 123.2 103.9 96.66 April 1,195 2,153 1,608 1,500 105.9 115.9 82.9 56.5 69.0 109.1 111.3. 105.1 93.51 May 1,169 2,125 1,566 1,617 101.5 112.1 76.2 46.6 62.3 106.8 110.0 95.4 87.59 June 1,116 1,907 1,524 1,633 97.0 100.5 63.4 46.2 60.4 101.6 95.0, 90.4 81.54 I GROUP INDEX NUMBERS—SWEDEN, SVENSK HANDELSTIDNING. [July 1,1913-June 30, 1914=100.] Raw mate- Date. Ve f g o e o t d a . ble A f n o i o m d. al ag r r i i a c l u s l f t o u r re. 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 l i e d a e t s h e a r n . d Textiles. Oils. 1913-14 100 100 100 100 100 100 100 100 100 100 19141 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. 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 1,117 286 388 756 191 328 322 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... 247 283 301 602 247 362 156 206 328 1921. January 244 266 281 371 230 520 131 169 328 February 231 241 248 362 204 319 511 108 147 318 March 238 229 240 279 185 298 510 85 134 268 April 232 231 236 291 178 510 84 125 264 May 221 217 245 369 153 237 286 106 132 238 June 237 20G 236 371 149 224 286 108 129 207 1 Average for 6 months ending Dec. 31,1914. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY, 1921. FEDERAL RESERVE BULLETIN. 845 GROUP INDEX NUMBERS—CHRIS TIANI A, NORWAY, 0KONOMISK REVUE. [Dec. 31,1913-June 30,1914=100.] Fuel. Date. A f n o i o m d. al Ve f g o e o t d a . bles fe tu r F t f i f e l s e i z d a e - n rs d . Coal and leu P m et r a o n - d Iron. Metals. m B a u t i e ld ri i a n l g s. Textiles. le H a a i t n d h d e e s r. w P o u o l d p . Paper. coke. 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 324 277 284 514 247 573 503 359 302 286 283 313 1919 329 281 277 767 162 442 187 358 356 284 277 322 1920. May 293 317 292 225 621 229 410 396 274 295 425 June 300 324 306 986 257 696 232 429 406 274 323 425 July 337 376 328 1050 274 724 237 455 413 269 413 453 August 347 388 341 1050 328 703 240 468 418 271 444 4'53 September... 360 392 341 1190 369 682 240 470 418 271 446 482 October 353 390 343 1190 369 581 232 460 431 271 446 482 November... 372 389 343 1067 369 538 213 442 412 259 383 482 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 283 304 273 317 343 295 166 329 329 199 289 413 May 280 303 277 317 343 295 324 324 190 289 413 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 t o r u d i r u c a c u l t 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. 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 - 202 114 164 178 196 144 284 231 May . . . 194 108 161 175 195 140 279 224 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

846 FEDERAL RESERVE BULLETIN. JULY,1921. GROUP INDEX NUMBERS—CANADA, DEPARTMENT OF LABOR. 1 [1913= 100.] 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 t a s. ls pr D o a d i u r c y ts. t F v a a r b e n u g l d i e e t s - s . O fo 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 l a u u t m i e l r d b i i e a n r l g . s, 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. 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 254 202 202 190 261 296 161 207 259 273 296 217 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 186 175 216 184 212 228 131 174 257 248 247 196 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 150 158 126 162 189 187 114 147 236 224 216 178 June 146 146 124 169 183 180 106 154 230 218 212 175 1 Unimportant groups omitted. GROUP INDEX NUMBERS—CALCUTTA, INDIA, DEPARTMENT OF STATISTICS. [End of July, 1914= 100.] Date. B m r u i i a n a i t g l l e s d . - - a M t r u t f a i a r c c n e l - u d e - 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 - u s n . - co R t a t w on. m t J u f a u a r n c e te - u s. - O t t i e t l h e x s e - . r m t O a u r il d s s - . , R ju a t w e. se O e i d l 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 Average for 1920 138 231 238 147 354 153 149 162 128 104 173 78 407 166 154 184 1920. 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 2i2 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 April ... 147 242 255 97 311 119 97 123 110 85 131 76 359 147 141 150 May 151 262 254 110 312 124 94 126 112 75 142 78 302 156 145 153 June 149 244 245 119 303 129 100 132 114 76 145 89 239 165 150 152 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY, 1921. FEDERAL RESERVE BULLETIN. 847 COMPARATIVE RETAIL PRICES IN PRINCIPAL COUNTRIES. In the following table are presented statistics The Swedish index number consists of the showing the trend of retail prices and the cost retail prices of foodstuffs, fuel, and lighting of living in the United States and important and is based upon the prices of 51 articles in European countries. Three of these index 44 towns (in 1920, 50 articles in 49 towns), numbers—those for the United Kingdom, weighted according to the budget of a working- Paris, and Sweden—are constructed on the man's family which before the war had a yearly basis of prices in July, 1914 = 100. In the income of 2,000 kronor. case of the United States, the original base, The German index expresses upon a perthat of the year 1913, has been shifted to the centage basis figures compiled by Dr. R. R. July, 1914, base. The German index uses the Kuczynski of the statistical office at Berlinyear ending July, 1914, as a base. Schoneberg. Dr. Kuczynski bases his calcu- The American index number, constructed by lations upon the cost of living per week of a the Bureau of Labor Statistics, was based upon family of four in Greater Berlin. the retail prices of 22 articles of food, weighted according to family consumption, until Janu- RETAIL PRICES IN THE UNITED STATES, PARIS, AND ary, 1921, when it was increased to 43 articles SWEDEN; COST OF LIVING IN UNITED KINGDOM AND BERLIN. reported by dealers in 51 important cities. The [July, 1914=100.] method of weighting continues the same, although the actual "weights" applied have bee T n h e c B ha ri n t g is e h d . index number of the cost of living p U 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 n l m i i i , n v t g c i e o - n d s g. t 2 p P r r a e i t r c a e i i s s l . , 1 S p w r r e e i t d c a e e i s n l . , l B c iv o e i s r n t l i g o n . f 3 , constructed by the Ministry of Labor consists of the retail prices not only of foodstuffs but of 1919 182 216 260 321 other articles as well. Retail clothing prices, 1920 199 249 371 298 rents, and the cost of fuel, lighting, and mis- 1920. April 207 232 358 297 1,302 cellaneous household items are also taken into May 211 241 378 294 1,267 consideration. The index number is weighted J J u ul n y e 2 21 1 5 5 2 2 5 5 2 0 3 3 7 6 3 9 2 29 9 7 4 1 1 , , 0 1 5 2 6 5 according to the importance of the items in the August 203 255 373 308 1,069 September.. 199 261 407 307 1,038 budgets of working-class families. October 194 264 420 306 1,104 The retail price index for Paris, compiled by N D o ec v e e m m b b e e r r . . . . 1 1 7 8 5 9 2 2 7 6 6 9 4 4 2 2 6 4 3 2 0 9 3 4 1 1 , , 1 09 3 7 5 the French General Statistical Office, consists 1921. of retail prices of 13 different commodities, January 169 265 410 283 1,111 weighted according to the average annual con- M Fe a b rc r h uary... 1 1 5 5 5 3 2 24 5 1 1 3 35 8 8 2 2 25 6 3 2 1 1 , , 0 0 8 3 7 5 sumption of a workingman's family of four April 149 233 328 248 976 May 142 ! 228 317 237 990 persons. Eleven of the commodities included June 141 219 312 234 in this index are foods, and the other two are kerosene and alcohol. 1 Average for the month. i Beginning of month. 3 August, 1913-July, 1914=100. FOREIGN TRADE—UNITED KINGDOM, FRANCE, ITALY, SWEDEN, AND JAPAN. In the following table are presented figures None of the figures presented below include showing the monthly value of the foreign trade the import or export of gold and silver. In the of a group of important European countries case of England and France, group figures are and Japan. Similar statistics for Germany are given as well as total values, while in the case not available. Currencies have not been con- of the other countries, total values only are verted to a common unit, nor are methods of presented. This does not mean that group valuation the same in all countries. In Eng- figures are not obtainable, merely that they are land, imports are given current c. i. f. values in either delayed in publication or appear not to England; exports and reexports, current f. o. b. be of such general interest as the French and values. The same method is followed in Japan English material. and Sweden. In France and Italy, on the Japanese figures for recent months are reother hand, the value of foreign trade is esti- ceived by cable and subject to revision. mated not in terms of current prices but in terms of those of some earlier date, usually the preceding year. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

848 FEDERAL RESERVE BULLETIN. JULY,1921. FOREIGN TRADE OF UNITED KINGDOM. [In thousands of pounds sterling.] Imports. Exports. Raw Raw Food, materials Articles Miscella- Food, materials Articles Miscella- Reto d b a ri a n n c d k co , . u m a n r a m t a i n i c a n d l n e ly u s -f w a m m h c o a t a u i l n l n r y u e l y d - o . r in p n c p e a l o u o rc s d u t e i s . n l , g I i ! Total. to d b a r a i n n c d k co , . u m a n r a m a ti n i c a n d l n e ly u s - w fa m m h c o a t a u l i n l n r y e u l y d o - . r in n p c p e a l o o u rc s u d t e s i . n l , g Total. exports. factured. I ! factured. 1913 monthly average. 24,184 23,485 16,134 259 64,061 2,716 5,825 34,281 949 43,770 9,131 1919 monthly average. 59,927 50,565 24,663 358 135,513 2,814 9,274 53,457 1,008 66,553 13,729 1920 monthly average. 63,948 59,292 37,902 254 161,395 4,241 12,138 93,394 1,528 111,297 18,701 1920. May 65,074 60,509 40,580 252 166,414 4,020 13,211 100,727 1,361 119,319 20,260 June 67,566 57,919 44,681 325 170,491 4,313 11,447 99,081 1,512 116,352 20,124 July 69,571 51,899 41,923 450 163,842 4,515 12,551 118,954 1,432 137,452 17,848 August 61,785 51,268 40,016 185 153,255 3,503 10,467 99,645 1,288 114,903 13,368 September 67,269 44,557 40,573 293 152,692 4,311 9,515 102,216 1,415 117,456 13,351 October 69,168 44,299 36,267 156 149,889 4,678 9,632 95,701 2,285 112,295 16,134 November 61,499 46,560 35,955 246 144,260 4,723 9,399 103,694 1,548 119,365 13,115 December 59,378 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 50,094 16,711 19,282 221 86,308 2,101 1,437 38,662 43,088 7,232 June1 88,180 38.150 7,080 1 Subject to revision. 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 average2.. 151,465 412,144 138,169 701,778 69,908 154,841 301,420 47,182 573,351 1919, monthly average 3.. 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. August4 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 2,595,445 262,808 337,464 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 419,229 690,553 455,726 1,565,508 151,724 415,057 986,583 95,271 1,648,635 1 Not including gold, silver, oorr tthe reexport trade. » Calculated in 1913 value units. * Calculated in 1919 value units. < 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 appeaj 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. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY, 1921. FEDEBAL RESERVE BULLETIN. 849 FOREIGN TRADE OF ITALY, SWEDEN, AND JAPAN. Italy. Sweden. Japan. (In millions of (In millions of (In millions of lire.i) kronor.) yen.) Imports. Exports. Imports. Exports. Imports. Exports. 1913, monthly average. 304 210 71 68 61 53 1919, monthly average 1,385 506 211 131 181 175 1920, monthly average 1,322 650 281 191 195 162 1920. 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 1921. January 1,166 503 122 91 105 75 February. .. 1,320 566 116 89 119 77 March.. .... 1,503 569 99 75 137 94 April 1 346 586 2 106 2 69 139 115 May 149 105 June 2 148 2 107 11920 and 1921 figures based on 1919 value units. 2 Provisional. FEDERAL RESERVE AND MEMBER BANK DEVELOPMENT DURING YEAR ENDING JUNE 30, 1921. EARNING ASSETS HELD BY THE FEDERAL RESERVE BANKS. [In thousands of dollars.] Bills discounted. Bills b m ou a g r h k t e t i . n open United States securities. Member Total, Agricul- banks' Date. e a a s r s n e i t n s g . Total. S m e G g e c a o n u t v i r t o e e o d n r b n s l b - . i y - c C i n a o . l m p e m . a p s e . r e - r s t l a t u i o v n r c e d a k - l a B a c n e a c r c e n s e p ' k s t - . - a a T c n r c c a e e d p s e t . - s c n e o e c o r l u t l a e a r l e s t- d Total. B a a a c n n c c k e e p e s t r . - s' a a T c n r c c a e e d p s e t . - Total. c i e C n a d e d t n r e e t e s i b s f o t i s - - f . B n a o o n t n e d d s s . paper. by eligible paper. 1920. June 25... 3,183,275 2,431,794 1,277,980 937,645 168,038 25,174 20,034 2,923 399,185 388,237 10,948 352,296 325,434 26,862 July 30... 3,162,315 2,491,630 1,241,017 1,015,599 202,520 9,830 19,498 3,166 345,305 338,524 6,781 325,380 298,520 26,860 Aug. 27... 3,289,672 2,667,127 1,314,830 1,103,711 216,278 9,013 19,476 3,819 321,965 314,671 7,294 300,580 273,701 26,879 Sept. 24 .. 3,309,588 2,704,464 1,220,423 1,220,588 224,424 8,072 22,080 8,877 307,624 304,714 2,910 297,500 270,623 26,877 Oct. 29... 3,396,043 2,801,297 1,203,905 1,318,400 240,649 11,539 23,155 3,649 298,375 294,957 3,417 296,371 269,434 26,937 Nov. 26... 3,303,717 2,735,400 1,192,425 1,260,326 241,561 12,828 20,961 7,299 247,703 245,205 2,498 320,614 293,676 26,938 Dec. 30... 3,263,027 2,719,134 1,141,036 1,274,606 246,940 17,218 21,427 17,907 255,702 254,165 1,537 288,191 261,263 26,928 1921. Jan. 31.... 2,907,966 2,457,116 1,040,365 1,143,438 229,048 12,506 17,429 14,330 163,700 162,385 1,315 287,150 261,284 25,866 Feb. 28... 2,841,738 2,389,510 997,968 1,127,795 220,333 13,421 16,962 13,031 169,421 169,048 373 282,807 256,939 25,868 Mar. 31... 2,629,376 2,233,104 971,100 994,964 222,680 13,052 15,520 15,789 119,340 119,054 286 276,932 251,192 25,740 Apr. 30... 2,453,427 2,076,569 937,652 869,733 230,410 10,186 16,451 12,137 109,763 109,142 621 267,095 241,385 25,710 May 31... 2,249,851 1,907,913 787,244 855!, 608 229,467 9,472 14,116 12,006 75,457 75,239 218 266,481 233,513 32,938 June 30... 2,050,757 1,751,350 637,590 842,092 234,133 8,456 13,853 15,226 40,223 40,130 93 259,184 224,664 34,520 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

850 FEDERAL RESERVE BULLETIN. JULY, 1921. DEPOSITS, FEDERAL RESERVE NOTE CIRCULATION, RESERVES, AND RESERVE PERCENTAGES OF THE FEDERAL RESERVE BANKS. [Amounts in thousands of dollars.] Deposits. Total de- Reserves. Date. Total. I G m ov e e n r t n . - a M b r c e a c e s m o e n u r k b v n - e e t r . All other. F in . R c ti i . o r c n n u o . l t a e - s F p i t n i o . o b R s c n i i . n i t r s c n e c o d o u a m . t l n e a d - s - To A ta m l. ount he G ld o . ld. r A eq m u o ir u e n d t .1 g E ( o " x l f d c r e " e s ) e - s 1 p R e e a r s g c e e e r . n v ! t e - 1920. June 25 1,916.086 14,189 1,831,916 69,981 3,116,718 5,032,804 2,108.605 1,969,375 1,849,465 259,140 43.6 July 30 1,871', 619 12,167 1,808,156 51,296 3,120,138 4,991,757 2,128,640 1,977,704 1,842,093 286,547 44.2 Aug. 27 1,905,192 43,510 1,818,502 43,180 3,203,637 5,108,829 2,127,827 1,971,825 1,882,705 245,122 43.2 Sept. 24 1,882,080 46,493 1,800,677 34,910 3,279,996 5,162,076 2,151,594 1,989,835 1,892,460 259,134 43.6 Oct. 29 1,845,722 18,754 1,805,661 21,307 3,351,303 5,197,025 2,168,038 2,003,320 1,926,614 241,424 43.1 Nov. 26 1,750,610 15,909 1,711,774 22,927 3,325,538 5,076,148 2,195,310 2,023,946 1,898,489 298,821 44 4 Dec. 30 1,798,779 27,639 1,748,979 22,161 3,344,686 5,143,465 2,249,163 2,059,333 1,899,341 349,822 45.4 1921. Jan.31 1,776,454 2S,627 1,721,895 25,932 3,083,155 4,859,609 2,319,755 2,103,660 1,810,994 508,761 49.0 Feb. 28 1,782,622 50,828 1,705,253 26,541 3,048,554 4,831,176 2,363,475 2,148,085 1,803,925 559,550 50.1 Mar.31 1,784,394 91,617 1,658,625 34,152 2,904,948 4,689,342 2,436,741 2,221,569 1,786,517 650,224 52.0 Apr. 30 1,732,214 31,664 1,666,509 34,041 2,844,011 4,576,225 2,505,612 2,322,683 1,743,879 761,733 54.8 May 31 1,670,624 39,080 1,601,634 29,910 2,751,869 4,422,493 2,571,579 2,408,058 1,685,463 886,116 58.1 June 30 1,675,217 43,446 1,603,845 27,926 2,648,086 4,323,303 2,627,494 2,467,659 1,645,560 981,934 60.8 i Figures of required and excess reserves and reserve percentages for the period June 1920, to February, 1921, are calculated on the basis of 1 Net deposits." FEDERAL RESERVE CLEARING SYSTEM OPERATIONS FROM MAY 16, 1920, TO MAY 15, 1921. Number of it ems handled.1 Amount of items handled.1 I Number of banks on par list. Drawn on— Drawn on— Member banks. e M nd o in n g t — h Total. b i b n B a c r n i a a F t k i n n . e k c a s R h n s . . d i ! b b o B a c F r u n i a a t t . k i n n s R e i k c s d a . h s . n e c T U u r r . e e S a r . . s- Total. b i a b n B c n r i a a F k ti n n . e k c a s R h s n . . d b o a b B c n F u r i a a t k t . i s n n R e i k c a d s . h s n . e d T U u r r e . e S a r s . . - National. ba c n o S tr k m t u a s s p t e t a an - d m ba N e n m o k n b - s e . r nies. Thousands of items. Thousands of dollars. 1920. June 15... 36,459 7,011 27,483 1,965 12,843,671 i 7,679,173 4,654,667 509,831 9,366 8,009 1,357 18,614 July 15... 37,553 7,109 28,025 2,419 13,618,865 ! 7,988,267 4,703,377 927,221 9,421 8,031 1,390 18,605 Aug. 15... 37,052 7,094 27,958 2,000 12,303,370 ! 7,407,875 4,512,427 383,068 9,472 8,061 1,411 18,605 Sept. 15.. 38,541 7,304 29,244 1,993 12,880;327 ! 7,700,391 4,615,602 564,334 9,506 8,081 1,425 18,620 Oct. 15... 40,675 7,544 30,620 2,511 13,677, 8,213,121 5,036,579 427,398 9,544 8,102 1,442 18,675 Nov. 15... 41,399 7,614 30,795 2,990 13,090,293 7,923,690 4,752,307 414,296 9,574 8,120 1,454 19,188 Dec. 15... 41,765 7,591 31,499 2,675 12,093,079 : 7,174,087 4,432,949 486,043 9,612 8,133 1,479 19,172 1921. Jan. 15... 43,456 8,129 32,264 3,063 12,026,301 7,244,255 4,284,982 497,064 9,637 8,143 1,494 19,101 Feb. 14... 38,995 7,715 29,075 2,205 9,899,313 5,923,214 3,531,350 444,749 9,668 8,160 1,508 19,023 Mar. 15... 38,486 8,049 28,500 1,937 9,417,648 i 5,576,684 3,312,018 528,946 9,696 8,166 1,530 18,804 Apr. 15... 46,751 9,967 33,709 3,075 10,724,392 6,382,199 3,751,026 591,167 9,726 8,178 1,548 18,792 May 15... 41,804 8,378 30,188 3,238 9,319,057 j 5,545,255 3,284,194 489,608 9,747 8,179 1,568 18,781 1 Exclusive of duplications on account of items having been handled by more than one Federal Reserve Bank or branch. GOLD-SETTLEMENT FUNDr—AVERAGE WEEKLY CLEARINGS, TRANSFERS, DEPOSITS, AND WITHDRAWALS, FROM MAY, [In thousands of dollars.] Clearings and transfers. Deposits. Withdrawals. Monthly period ending- Total. Clearings. In tr t a e b n r a s - n f F e k . r s R . . Gold. F B f . e R y r . s t a r f g a r e o n n m s t - s Gold. fe B r a y g to e t r n F a t . n s ' s R - . f B o u f a n l d p a e n a r c t i e o e d i n n . d 1 fund. fund. 1920. June 17.. 1,726,327 1,590,632 135,695 21,117 1,038 4,579 18,300 402,642 July 15.. 1,773,630 1,643,128 130,502 17,041 7,153 9,009 15,600 400,981 Aug. 19.. 1,744,834 1,620,190 124,644 15,737 2,691 8,980 16,290 366,776 Sept. 16.. 1,759,677 1,581,528 178,149 24,618 | 9,155 11,773 28,375 341,276 Oct. 14.. 1,918,459 1,717,496 200,963 21,776 I 15,470 10,352 16,750 381,849 Nov. 18.. 1,919,229 1,725,094 194,135 29,813 ! 11,235 10,799 25,590 405,143 Dec. 16.. 1,667,555 1,513,555 154,000 32,301 8,636 11,423 40,200 362,398 1921. j Jan. 20.. 1,520,098 1,407,758 112,340 40,356 ! 11,619 14,283 30,600 397,858 Feb.17. 1,320,760 1,260,448 60,312 49,890 8,511 14,291 17,100 505,901 Mar. 17. 1,312,692 1,284,794 27,898 29,963 5,183 13,478 18,900 516,972 Apr. 14. 1,289,003 1,234,192 54,811 39,348 20,004 11,124 57,075 481,580 May 19., 1,291,702 1,255,466 36,236 37,836 12,024 13,582 41,200 456,967 June 16. 1,229,768 1,170,888 58,880 37,513 11,008 12,358 49,625 403,118 i Exelusive of amounts in Federal reserve agents' fund, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1921. FEDERAL RESERVE BULLETIN. 851 EARNINGS AND EXPENSES OF THE FEDERAL RESERVE BANKS* ALSO FISCAL AGENCY DEPARTMENT EXPENSES REIM- BURSABLE BY THE UNITED STATES TREASURY, FROM JAN. 1, 1920, TO JUNE 30, 1921. Jan. 1 to July 1 to Jan.1 to Jan. 1 to July 1 to Jan. 1 to Juno 30, Dec. 31, June 30, June 30, Dec. 31, June 30, 1920. 1920. 1921. 1920. 1920. 1921. Earnings: Current expenses: Discounted bills $64,329,370 $84,730,455 $68,648,719 Salaries $6,887,672 $8,495,863 $9,105,111 Purchased bills. 12,724,492 9,295,666 3,789,989 Cost of F. R. currency, in- U. S. securities. 3,519,091 3,621,524 3,291,238 cluding taxes on F. R. Other 1,205,399 1,871,341 953,357 Bank note circulation... 1,759,116 3,247,912 2,970,196 Other 4,548,453 4,950,291 5,506,553 Total 81,778,352 99,518,986 76,683,303 Total 13,195,241 | 16,694,066 17,581,860 Current net earnings 68,583,111 82,824,920 59,101,443 Dividends paid 2,734,959 2,919,059 3,035,657 Fiscal agency department expenses reimbursable by U. S. Treasury 3,397,148 2,818,208 8,994 ABSTRACT OF REPORTS OF CONDITION OF ALL MEMBER BANKS OF THE FEDERAL RESERVE SYSTEM. [In thousands of dollars.] Apr. 28,1921. June 30, Nov. 15, Dec. 29, ba ( 1 9 n 9 , k 2 3 s 9 0 ) 9 . b ( a 1 9 n 9 , k 2 5 s 6 0 ) 7 . ba ( 1 9 n 9 , k 2 6 s 0 0 ) 6 . b A e l ( r l 9 b , m 6 a 9 e n 8 m ks - N b ( a 8 a t , i n 1 o 4 k n 8 s al n b a ( N 1 t a i , o n 5 o n 5 k n - 0 s al banks). banks). banks). RESOURCES. Loans and discounts 18, 087,157 18, 022,660 17,731,760 17,176,493 11,363,797 5,812,696 Overdrafts 22, 5(30 24, 887 22,676 15, 302 10, 769 4,533 Customers' liability on account of acceptances 651, 997 619, 377 566,678 471,992 282,478 189, 514 U. S. Government securities owned 2, 941, 655 2, 786,109 2, 759, 428 2,627,073 1,999, 356 627,717 Other bonds, stocks, and securities 3, 219, 382 3, 266, 891 3, 360, 948 3, 410, 964 1, 990,442 1, 420, 522 Banking house, furniture, and fixtures 522, 397 557, 049 565, 567 593,428 398, 937 194,491 Other real estate owned 69, 066 72, 420 78, 901 82, 886 52, 376 30, 510 Cash in vault 621,817 611,067 677, 925 .564,022 401,499 162, 523 Lawful reserve with F. R. Bank 1, 838,648 1, 827,450 1, 763,424 1,654, 329 1,077,155 577,174 Items with F. R. Bank in process of collection 615,116 674, 005 544, 815 431, 378 313,385 117, 993 Due from banks, bankers, and trust companies 1, 824,041 1, 774, 326 1, 576, 622 1, 324, 986 970,276 354, 710 Exchanges for clearing house, also checks on other banks in same place. 1, 228, 799 1, 272, 584 963, 881 641, 528 427, 545 213,983 Outside checks and other cash items 126, 269 120, 864 91, 222 67, 586 39, 785 27, 801 Redemption fund and due from U.S. Treasurer 38, 505 39,433 38, 350 35, 575 35, 575 Other assets 386, 892 444, 311 447, 001 350,391 198, 703 151, € Total. 32,194, 301 32,113,433 31,184,198 29, 447,933 19, 562,078 9, 885, 855 LIABILITIES. Capital stock paid in 1, 717,014 1, 787,160 1, 799,061 1, 850,074 1,270,683 579,391 Surplus fund 1,480,456 1, 518, 953 1, 526, 901 1,552,418 1,024, 306 528,112 Undivided profits, less expenses and taxes paid 655, 590 779, 801 794, 245 753,169 520,946 232,223 Due to F. R. Bank 24, 682 28, 402 21, 953 21, 882 16, 511 5,371 Due to banks, bankers, and trust companies 3,461, 016 3, 201, 791 3,062,304 2,664, 847 2,088, 723 576,124 Certified and cashiers' or treasurers' checks outstanding 648,361 714, 709 593,389 435, 258 271,008 164,250 Demand deposits 15,067,172 14, 779,480 14,019, 901 13,074, 225 8, 598, 296 4,475, 929 Time deposits 5, 910,926 6,144,064 6,187, 921 6,343,443 3,697, 740 2,645,703 U.S. deposits 260,179 219, 831 316,191 272, 561 172, 936 99,625 Bills payable with F. R. Bank 1,122,067 1,063,748 1,026,492 828,798 585,023 243,775 Bills payable other than with F. R. Bank 155,443 212,232 208,440 188,459 136,923 51,536 Cash letters of credit and travelers' checks outstanding 28,896 18,365 17,901 18,001 5,315 12,686 Acceptances 673,565 647,801 593,708 Acceptances executed for customers 481,936 287,177 194,759 Acceptances executed by other banks for account of reporting bank 22,233 17,054 5,179 National bank notes outstanding 687,653 697,391 693,415 679,083 679,083 U. S. Government securities borrowed 130,860 131,209 140,451 130,685 130,685 Other bonds and securities borrowed 4,582 4,844 4,377 4,086 4,086 Other liabilities 165,839 163,652 177,548 126,775 55,583 71,192 Total. 32,194,301 32,113,433 31,184,198 29,447,933 19,562,078 9,885,855 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

852 FEDERAL RESERVE BULLETIN. JULY,1921. PRINCIPAL RESOURCES AND LIABILITIES OF MEMBER BANKS IN LEADING CITIES ON THE LAST REPORTING DATE IN EACH MONTH SINCE JUNE, 1920. [Amounts in thousands of dollars.] 1920 June 25. July 30. Aug. 27. Sept.24. Oct. 529. Nov. 26. Dec. 31. Number of reporting banks 814 814 820 818 823 824 821 Loans and discounts, including bills rediscounted with F. R. Bank: Secured by U S Government obligations .. 1,026,011 980,942 966,288 950,324 911,548 905,677 908,908 Secured by stocks and bonds (other than U. S. Government obligations) 3,107,025 3,060,319 3,037,144 3,055,942 3,141,976 3;054,789 3,175,906 Another ... C1) C1) C1) 0) 0) C1) 0) Total loans and discounts, including bills rediscounted with F. R. Bank.. 0) C1) C1) C1) C1) C1) C1) X U J .S S . V b i o c n to d r s y notes 8 1 7 9 9 8 , , 1 69 1 0 5 8 19 7 3 5 , ,3 6 9 8 8 3 8 1 7 9 5 6 , , 3 32 8 6 5 191,4 8 7 6 2 5 8 1 7 9 6 3, , 386 818944,,106801 9 20 1 9 0 , , 0 6 7 9 9 0 U S certificates of indebtedness . . . 483,124 433,958 429,771 383420 294,993 3*i3, i79 271,599 Other bonds, stocks, and securities 0) C1) C1)' 0) C1) C1) Total loans and discounts and investments, including bills rediscounted with F R Bank 16,932,448 16 8^9973 16 930 418 17^^o946 17,017,416 16,732,012 16,750,488 Reserve with F. R. Bank 1,393,709 1;368,659 1 372,075 1 361 800 365,999 286,946 1,357,669 C N a e s t h d i e n m v a a n u d l t deposits 11,3 3 4 5 7 8 , , 0 0 4 6 1 0 u 3 40 5 1 4 , ,7 05 4 2 9 11,2 3 5 5 2 7 , , 4 8 2 7 8 2 11, 3 1 5 60 8 , , 5 3 3 8 7 3 11. 3 1 6 7 6 2 , , 9 0 9 0 7 1 10, 3 89 8 2 8 , , 1 1 2 0 2 5 10,9 3 4 5 1 4 , , 8 5 4 3 7 5 T B G i i o m ll v s e e p r d n a e m y p a e o b n s l i t e t s d w ep it o h s i F ts . R. Bank: 2 '2 6 6 9 2 1 ; 8 8 6 8 1 0 97 1 0 1 5 5,2 8 8 5 7 2 2 7 1 4 2 5 3 ,8 2 7 3 8 1 9 3 78 1 6 5,3 8 6 1 4 1 98 8 0 0 5 , , 7 9 3 4 1 7 98 8 1 7 1 , , 7 1 9 2 9 3 2,8 2 5 6 2 2 , , 2 2 5 6 7 4 Secured by U S Government obligations 707,213 708,812 768,815 677935 672,669 659,770 629,410 Another 1,111 199 2,240 6 873 2,140 2,069 6,051 Bills rediscounted with F. R. Bank: Secured by U S Government obligations- 289,134 256,863 272,240 271,330 256,675 254,140 248,850 All other 948,519 1,005,237 1,085,104 1 194772 312,778 1,258,047 1,213,742 1921 Jan. 28. Feb. 25. Mar.25. Apr. 27. May 25. June 29. Number of reporting banks 829 826 823 821 820 817 Loans and discounts, including bills rediscounted with F.R. Bank: Secured by U. S. Government obligations 810,643 776,396 759,917 738,864 706,929 672,296 Secured by stocks and bonds (other than U. S. Government obligations) 064.302 3,068,590 3026,912 9.984.671 3020,089 3,002,994 Another 9 032 847 8,915,497 8 804 140 8,525 259 8 301,752 8,209,951 Total loans and discounts,including bills rediscounted with F. R. Bank 12;907792 12,760,483 12 590969 19248,794 12028,770 11,885,241 U. S bonds . . . 866 864 872,877 874 843 870 337 870,185 865,254 U S Victorv notes 204 725 195,320 192730 192006 188,234 171,501 U S Treasury notes 115,341 U S certificates of indebtedness 242.640 234,878 974 846 997 739 203,422 221,025 Other bonds, stocks, and securities 2,031754 2,035,461 2049 600 2,064 512 2 055,431 2,074,305 Total loans and discounts and investments, including bills rediscounted with F. R. Bank . . .. 16953775 16,099,019 15982.988 15,603 388 15.346.042 15,332,667 Reserve with F R Bank . 1 310 861 1 296,808 1259 573 1,245 389 1251,717 1,241,465 Cash in vault 337 133 327,399 314.764 330.015 326,340 327,468 Net demand deposits 10642599 10,494,629 10185727 10,138258 10153,356 10,046,398 Time deposits .. . . .. 9918 849 2,909,245 2932 479 938 468 3053,345 2,933,118 Government deposits 145905 121,856 328,613 251073 139,421 387,378 Bills payable with F. R. Bank: Secured by U.S Government obligations.. 582 440 563,422 573,124 488834 396,235 319,001 Another 1471 1,538 3,993 1 503 2,033 5,618 Bills rediscounted with F. R. Bank: Secured by U. S Government obligations 209 815 206,874 198,649 188323 163,726 93,920 Another 1 114266 1,118,861 988,420 844 315 767,307 796,797 1 Figures not available. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY, 1921. FEDERAL RESERVE BULLETIN. 853 UNITED STATES TREASURY CERTIFICATES AND TREASURY NOTES ALLOTTED THROUGH FEDERAL RESERVE BANKS FROM JULY 1, 1920, TO JUNE 30, 1921. Loan certificates matur- Certificates issued in anticipation of tax j)ay- Total ing in— ments due in— Short-term Federal Reserve Bank. certificates notes maturand notes. ing in 1924. 1921 1922 1921 1922 Boston $278,856,000 $92,606, $21,208,000 $99,001,000 $43,136,000 $22,905,000 New York 1,646,513,200 458,609, 99,954,000 669,382,000 261,343,000 157,225,200 Philadelphia 339,163,500 95,230, 25,757,500 106,987,000 65,679,500 45,509,500 Cleveland 370,662,200 107,143, 23,300,000 151,477,500 67,566,000 21,175,200 Richmond 110,027,000 33,431, 7,615,000 41,606,500 18,675,500 8,698,500 Atlanta 48,654,400 18,117, 3,572,500 18,558,500 6,236,500 2,169,900 Chicago 370,425,000 132,227, 29,989,000 133.247,500 54,311,000 20,650,200 St. Louis 130,572,600 45,330, 10,797,500 43,429,500 21,275,500 9,740,100 Minneapolis.. 66,153,100 23,006, 6,990,000 21,324,500 9,531,000 5,301,100 Kansas City.. 109,614,500 39,657, 8,375,000 37,608,500 18,627,000 5,346,500 Dallas 47,119,600 16,166, 4,071,500 15,719,500 7,104,000 4,058,600 San Francisco 221,040,800 77,122, 540,000 91,767,000 29,200,000 8,411,800 Total J3,738,802,100 11,138,646,500 256,170,000 1,430,109,000 602,685,000 311,191,600 GENERAL STOCK OF MONEY IN THE UNITED STATES, MONEY HELD BY THE TREASURY AND THE FEDERAL RESERVE SYSTEM AND ALL OTHER MONEY IN THE UNITED STATES. Total, all money. Gold. Silver. U. S. notes3. Outside XJ.S.Treas- In ury an^ "R1. T?._ In Outside In Outside In Outside U.S. Banks U.S. U.S. U.S. U.S. U.S. U.S. General Treasury General Treasury Treasury General Treasury Treasury General TreasuryTreasury of nn\r F. R. F. R. F. R. F.R. F.R F.R. F.R. Banks. Amount. capita. Banks. Banks. Banks. Banks. Banks. Banks. Million Million Million Million Million Million Million Million Million Million Million Million dollars. dollars. dollars. dollars. dollars. dollars. dollars. dollars. dollars. dollars. dollars. dollars. 1920. Junel 7,805 2,452 5,353 50.00 2,664 1,990 674 526 97 429 347 69 278 Julyl 7,887 2,506 5,381 50.19 2,687 2,012 675 527 102 425 347 67 280 Aug. 1 7,928 2,543 5,385 50.22 2,695 2,013 682 530 109 4.21 347 63 284 Sept. 1 7,997 2,517 5,480 51.06 2,689 2,017 672 529 114 415 347 64 283 Oct. 1 8,136 2,583 5,553 51.70 2,705 2,045 660 532 117 415 347 67 280 Nov. 1.... 8,255 2,638 5,617 52.26 2,739 2,086 653 534 121 413 347 69 278 Dec.l 8,282 2,698 5,584 52.13 2,761 2,110 651 537 126 411 347 74 273 1921. Jan.1 8,373 2,872 5,501 51.29 2,785 2,216 569 540 137 403 347 82 265 Feb.l 8,171 2,938 5,233 48.73 2,853 2,252 601 541 154 387 347 96 251 Mar. 1 8,085 2,879 5,206 48.41 2,917 2,312 605 541 157 384 347 91 256 Apr. 1 8,083 3,031 5,052 46.91 3,001 2,395 606 543 161 382 347 95 252 Mayl 8,041 3,021 5,020 46.57 3,090 2,479 611 547 126 421 347 98 249 Junel 8,074 3,063 5,011 46.43 3,175 2,508 667 555 113 442 347 94 253 Federal Reserve notes. Federal Reserve Bank notes. National bank notes. In Outside In Outside In Outside U.S. U.S. U.S. U.S. U.S. U.S. General TreasuryTreasury General Treasury Treasury General TreasuryTreasury Date. stock. and and stock. and and stock. and and F. R. F. R. F.R. F.R. F.R. F.R. Banks. Banks. Banks. Banks. Banks. Banks. Million Million Million Million Million Million Million Million Million dollars, dollars. dollars. dollars. dollars. dollars. dollars. dollars. dollars. 1920. 3,358 256 3,102 193 16 177 717 24 693 July 1 3,406 285 3,121 201 14 187 719 26 693 Aug. 1 3,423 315 3,108 207 17 190 726 26 700 Sept 1 3,485 283 3,202 221 17 204 726 22 704 Oct 1 3,594 316 3,278 232 20 212 726 18 708 Nov. 1 3,664 317 3,347 239 28 211 732 17 715 Dec 1 3,664 344 3,320 239 29 210 734 15 719 1921. Jan 1 3,736 387 3,349 242 29 21J 723 21 702 Feb 1 3,484 379 3,105 226 30 196 720 27 693 Mar 1 3,345 272 3,073 207 25 182 728 22 706 Apr. 1 .. 3,266 332 2,934 193 26 167 733 22 711 May 1 O ICQ 278 2,880 175 21 154 724 19 705 Junel 3,'084 300 2,784 172 27 145 741 21 720 NOTE.—Coin and bullion held by the United States Treasury against outstanding gold and silver certificates and Treasury notes of 1890 have been excluded from money held in the Treasury, while the certificates and notes issued against such coin and bullion have been included with money outside the United States Treasury. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

854 FEDERAL RESERVE BULLETIN. JULY, 1921. REDISCOUNTS AND SALES OF BILLS BETWEEN FEDERAL RESERVE BANKS. [End of month holdings. In thousands of dollars.] (Plus sign indicates net amount of bills acquired from, and minus sign net amount of bills rediscounted with or sold to, other Federal Reserve Banks.) San Date. Boston. Y N o e r w k. d P el h p i h la i - a. C la le n v d e . - m R o ic n h d - . Atlanta. 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. c F i r s a c n o - . Total. 1920. June 25... +17,130 +56,567 + 52,078 -24,904 - 7,960 -24,960 -26. 723 -23,672 -12,958 — 5,000 + 392 126,167 Julv30... +48,368 + 6,474 +10,014 + 64,756 -23,133 -21,607 -10,001 -30,607 -13, 738 —22,902 —26,716 + 19,092 148,704 Aug. 27... +66,911 -40,923 +11,812 +121,060 -25.000 -31,963 - 8,001 —32,434 -20,347 -22,247 -34,540 +15,672 215,455 Sept. 24.. +60,655 -13,404 +35,812 +145,620 -24,620 -45,533 -29,800 -36,996 -21,349 —41,175 -37,419 + 8,209 250,296 Oct. 29... +84,396 —61,302 +37,201 +138,750 -14,275 -36,122 - 7,050 -37,305 —26,603 -44, 895 -32,828 + 93 260,440 Nov. 26.. + 27,654 -24,502 +21,758 +112,106 -10,000 -40,216 -12, 793 -25, 860 -28,464 -26,600 + 6,917 168,435 Dec. 30... +16,575 - 6,917 +17,109 + 81,573 -10,000 -33,669 -14,801 -29,086 -27,711 + 6,917 122,174 1921. Jan. 31. +15,686 —51,827 + 4,554 + 55,062 —17,318 — 2,775 -19,445 +16,063 91,365 Feb. 28... + 1,082 -22,654 + 3,826 4- 23,326 - 1,000 + 1,000 -12,898 + 7,318 36,552 Mar. 31. . — 513 + 15,222 - 1,000 + 1,000 -14, 700 — 9 16,222 Apr. 30... + 4,992 +16,950 + 4,000 —i4,925 — 2,000 - 8,992 - 25 2o,942 May 31... + 5,500 +27,020 15 000 12 020 5 500 32 520 June 30... + 9,405 +38,025 —24,849 — 13,176 - 9,405 47,430 CURRENCY RECEIPTS AND PAYMENTS FROM JUNE, 1920, TO MAY, 1921. [In thousands of dollars.] Total. Boston. New York. Philadelphia. Cleveland. Atlanta. Month. Receipts. m P e a n y t - s. ce R ip e t - s. m P e a n y t - s. Receipts. m P e a n y t - s . I c R ei e p - t s. | r P n a e y n - ts. ce R ip e t - s. Pay- ce R ip e t - s. Pay- 1920. June 577,488 566,908 64,916 63,583 179,931 175,813 48,536 47,084 54,121 53,220! 16,014 19,957 27,214 18,517 July 615,209 569,952 64,221 60,149 205,987 164,702 51,624 53= 279 50,866 52,455| 14,754 21,186 27,547 21,780 August 546,511 598,553 61,088 73,509 187,350 155,665 48,801 60,712 43,016 64,3761 13,968 23,221 23,736 19,398 September 592,837 667,672 64,130 74,090 206,474 182,272 51,910 57,511 48,419 65,6111 13,256 26,902 23,351 24,7,3 October 601,229 659,368 68,030 55,688 188,844 181,530 53,258 64,210 52,161 60, 306; 15,048 27,677 53,031 November 651,263 578,610 62,671 55,530 221,590 172,926 53,670 55,338 54,735 54,778 18,511 23,541 30,726 19,501 December 781,553 722,729 74,776 66,602 260,017 213,422 59,640 67,444 72,193 67,450 23,255 26,738 31,509 31,952 1921. January 746,626 420,006 69,343 39,151 235,283 126,316 54,276 38,224 69,135 33,305 26,283 17,140 35,226 26,196 February 517,285 486,322 46,585 49,680 154,620 156,214 45,448| 51,453 47,319 40,655 17,039 21,462 26,604 17,469 March 690,397 520,714 62,671 60,329 209,907 166,381 63,570' 56,373 62,067 36,650 24,718 17,401 32,523 17,305 April 617,976 552,132 60,339 60,585 193,825 170,451 55,092 53,096 48,363 42,098! 22,244 19,999 30,611 30,153 May 631,168 511,509 60,346 60,666 199,210 140,213 55,375! 52,627 50,282 37,074 24,225 18,179 26,571 23,884 Total 7,569,542 6,854,475 759,116 719,562 2,443,038 2,005,905 641,200 657,351 652,677 607,978 229,315 263,912 343,295 303,959 Monthly average. 630,795 571,206 63,260 59,964 203,586 167,159 53,433 54,779 54,389 50,664 19,110 21,993 28,608 25,330 Chicago. St. Louis. Minneapolis. Kansas City. Dallas. San Francisco. Month. Receipts. m P e a n y t - s. Receipts. m P e a n y t - s. Receipts. Pay- Receipts. m P e a n y t - s. Receipts. m P e a n y t - s. Receipts. m P e a n y t - s. 1920. June 88,870 87,358 38,341 28,566i 4,611 6,184 16,087 12,544 10,914 9,811 27,933 44,271 July 91,847 89,494 36,945 32,284| 5,177 5,725 14,948 14,275 12,822 9,591 38,471 45,032 August 74,836 91,567 35,261 22,753! 4,527 6,606J 13,190 17,553 12,395 12,567 28,343 50,626 September 83,192 94,936 38,137 37,432! 4,900 11,355 16,445 17,373 11,724 17,500 30,899 57,917 October 86,204 89,562 40,083 40,642! 4,845 7,433 17,466 15,046 16,159 13,816 31,454 49,918 November 89,864 79,215 42,066 31,586 7,535 7,380 16,792 13,417 21,621 8,294 31,482 57,104 December 103,067 102,781 46,188 38,624 11,820 9,301 19,994 19,516 20,872 11,221 58,222 67,678 1921. January 102,461 53,474 44,756 25,888! 12,854 4,656 19,814 9,571 20,400 7,773 56,795 38,312 February 67,543 62,971 33,266 28,251 i 8,916 6,264 14,749 10,907 16,106 6,954 39,090 34,042 March 97,689 78,239 41,421 26,770 10,968 7,907 20,112 10,839 19,757 8,630 44,994 33,890 April 86,358 81,464 36,425 29,206 11,406 7,377 17,626 11,467 16,481 9,061 39,206 37,175 May 86,313 77,646 36,466 27,490 12,664 6,579 18,489 11,114 19,338 9,209 41,r"" 46,828 Total 1,058,244 988,707 469,355 369,492J 100,223 86,767 205,712 163,622 198,589 124,427 468,778 562,793 Monthly average. 88,187 82,392 39,113 30,791 8,352 7,231 17,143 13,635 16,549 10,369 39,065 46,899 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY, 1921. FEDERAL RESERVE BULLETIN. 855 RATES OF EARNINGS ON EARNING ASSETS OF THE FEDERAL RESERVE BANKS FROM JUNE, 1920, TO MAY, 1921. Total Dis- Pur- United Total Dis- Pur- United Date. earning counted chased States Date. earning counted chased States assets. bills. bills. securities. assets. bills. bills. securities. 1920 Per cent. Per cent. Per cent. Per cent. 1921. Per cent. Per cent. Per cent. Per cent. June 5.51 5.89 5.98 2.24 January 5.89 6.31 6.14 2.13 July 5.72 6.12 6.07 2.15 February 5.92 6.37 5.99 2.11 August 5.81 6.19 6.07 2.22 March 5.90 6.36 6.01 2.24 September 5.81 6.22 6.06 2.27 April 5.85 6.32 5.97 2.15 October 5.94 6.34 6.07 2.20 May 5.79 6.29 5.98 2.49 November 5.98 6.41 6.03 2.17 December 5.98 6.42 6.05 2.43 FEDERAL RESERVE NOTES ISSUED AND REDEEMED BY EACH FEDERAL RESERVE AGENT. [In thousands of dollars.] Total out- Total. Boston. New York. Philadelphia. Cleveland. Richmond. standing Month. at beginof n m in o g nth. Issued. de R em e- ed Issued. de R em e- ed. Issued- deemed. Issued. de R em e- ed. Issued. Re- Issued. de R em e- ed. 1920. May 3,326,188 146,710 115,110 18,200 10,784 34,160 15,126 8,200 7,254 12,630 10,124 6,860 13,284 June 3,357,788 179,290 131,201 24,600 13,862 36,760 16,700 11,080 9,786 17,500 12,427 16,360 11,294 July 3,405,877 158,525 141,102 15,300 12,845 26,560 28,429 14,500 8,882 16,450 12,866 15,800 13,467 August 3,423,300 195,835 133,870 23,300 11,242 12,800 j22,203 26,200 8,956 27,885 10,893 22,815 14,498 September 3,485,265 220,505 111,861 28,300 12,097 19,;280 16,965 12,200 9,330 27,865 8,452 20,500 13,405 October 3,593,909 195,825 126,217 6,000 1?> 593 31,260 19,303 9,600 10,127 12,700 10,685 18,100 13,549 November 3,663,517 155,875 155,862 17,400 22,460 35,000 17,746 13,800 10,442 12,300 12,677 13,700 14,222 December 3,663", 530 270,065 197,864 23,900 29,622 55,780 22,728 18,300 14,635 25,820 16,805 2(9,910 19,796 1921. January 3,735,731 78,060 329,477 10,600 32,155 13,600 48,570 7,990 27,709 2,300 42,468 13,370 17,753 February.... 3,484,314 128,470 267,660 22,750 23,929 ! 20,720 104,723 19,700 19,519 9,380 19,238 11,890 12,533 March. 3,345,124 135,972 215,525 12,580 20,177 I 26,960 25,240 12,800 19,733 7,510 20,447 18,340 25,681 April 3,265,571 156,195 263/562 13,120 14,570 ' 21,420 61,654 13,120 25,044 9,360 19,157 14,820 21,347 May. 3,158,234 202,818 277,341 30,560 27,816 37,100 59,358 16,200 24,435 7,770 24,395 8,960 18,996 2,466,652 246,610 249,152 I 371,400 458,745 183,690 195,852 189,470 220,634 211,425 209,825 Outstanding: May 31, 1921. 3,083,681 272,516 856,610 244,669 289,307 132,104 May 31,1920. 3,357,788 282,474 257,777 322,977 124,080 Atlanta. Chicago. St. Louis. Minneapolis. Kansas City. Dallas. San Francisco. Month. Re- Re- Re- Re- Re- Re- Issued. deemed. Issued. deemed Issued. deemed.Issued. deemed.Issued-!de?med, Issued. deemed. Issued. deemed. 1920. May 10,770 14,467 26,720 13,777 6,260 9,436 1,600 3,031 2,860 4,551 7,690 5,511 10,760 7,765 June 11,330 15,664 24,500 18,351 8,060 9,896 1,200 3,422 5,170 4,755 5,500 5,424 17,230 9,620 July 10,010 11,316 20,280 14,619 9,180 8,842 3,130 4,265 7,490 5,287 2,865 5,920 16,960 14,364 August 16,615 13,662 21,620 16,378 13,500 9,856 3,420 3,617 9,260 5,170 5,760 5,120 12,660 12,275 September 16,635 12,190 33,280 10,957 11,320 7,476 8,135 2,416 8,060 4,279 13,050 3,798 21,880 10,496 October 43,075 10,313 26,540 12,983 12,080 9,056 4,435 3,310 8,810 4,625 7,305 4,658 15,920 10,015 November 13,560 20,352 17,720 20,475 7,580 8,006 2,595 3,311 2,670 5,804 170 7,460 19,380 12,907 December 19,225 16,142 37,000 32,614 9,620 9,064 4,100 6,375 9,650 5,706 3,840 7,020 32,920 17,357 1921. January 11,090 16,582 6,980 81,980 3,100 14,315 1,320 7,722 7,563 490 9,192 7,220 23,468 February 6,242 10,075 16,440 41,935 9,060 8,653 1,925 3,643 3,330 6,032 353 6,496 6,680 10,884 March 7,045 19,330 27,380 40,134 4,820 10,199 1,975 4,984 2,360 7,318 2,102 8,155 12,100 14,127 April 35,040 29,148 26,920 42,892 4,120 10,379 2,705 5,417 2,660 7,302 2,010 7,739 10,900 18,913 May 25,274 23,713 29,420 38,219 5,600 2,165 5,802 1,720 2,849 8,213 35,200 28,432 Total. 225,911 212,954 314,800 385,314 104,300 125,042 38,705 57,315 64,040 76,490 53,^84 84,706 219,810 190,623 Outstanding: May 31, 1921... 165,603 496,216 128,681 63,908 91,883 52,763 289,421 May 31, 1920... 148,949 579,673 146,247 81,087 102,642 85,664 263,229 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

856 FEDERAL RESERVE BULLETIN. JULY, 1921. FEDERAL RESERVE BANK NOTES OUTSTANDING AND COLLATERAL PLEDGED WITH THE UNITED STATES TREASURER AS SECURITY THEREFOR. [In thousands of dollars.] Collateral pledged with United Collateral pledged with United Federal Out- States Treasury as security ! Federal Out- States Treasury as security Reserve standing for outstanding Federal Reserve standing for outstanding Federal Bank's (as Reserve Bank notes. Bank's (as Reserve Bank notes. net reported net reported Date. liabil- by Date. liabil- by ity on United Pittman Other ity on United Pittman Other in n c o i t r e c s u- T St r a e t a e s s - Total. ce A rt c if t i- U S n ta i t t e e s d in n c o i t r e c s u- T S r ta e t a e s s - Total. ce A rt c if t i- United lation. ury). cates. securities. lation. ury). cates. se S cu ta r t i e ti s es. 1920. 1921 June 25 185,604 199,670 276,525 259,375 17,150 Jan. 31.... 200,159 225,938 274,105 259,375 14,730 July 30 192,168 207,772 276,525 259,375 17,150 Feb. 28.... 187,633 207,446 269,105 254,375 14,730 Aug. 27 200,793 219,834 276,525 259,375 17,150 Mar. 31.... 169,885 192,991 262,105 247,375 14,730 Sept. 24 214,180 229,901 276,525 259,375 17,150 Apr. 30 154,944 175,014 254,105 239,375 14,730 Oct. 29 214,961 238,097 276,525 259,375 17,150 May 31.... 143,700 172,474 241,605 226,875 14,730 Nov. 26 214,610 238,682 276,525 259,375 17,150 June 30 132,568 150,772 230,605 215,875 14,730 Dec. 30 216,960 242,578 274,105 259,375 14,730 GOLD AND SILVER IMPORTS AND EXPORTS INTO AND FROM THE UNITED STATES JUNE 1, 1920, TO MAY 31, 1921, BY MONTHS AND BY PRINCIPAL COUNTRIES. [In thousands of dollars.] Gold. Silver. Gold. Silver. Months. p I o m rt - s. p E or x t - s. E p x i o m c r e t - s s . s p I o m rt - s. | ports. Months. p I o m rt - s. p E or x t - s. E p x i o m c r e t - s s . s p I o m rt - s. p E or x t - s. E p x i o m c r e t - s s . s 1920. 1921. June 15,320 5,320 10,000 6,562 4,415 January 33,634 2,725 30,909 4,835 6,691 U,856 July 19,818 21,873 12,055 6,496 5,495 February | 42,627 1,036 41,591 4,862 5,337 1475 Au..g„ ust , 15,378 24,986 i 9,608 4,421 4,489 March 87,372 710 86,662 3,872 2,918 954 September | 39,110 17,129 21,981 6,501 6,578 April | 80,662 384 80,278 3,298 2,319 979 October. 116,762 25,931 90,831 4,912 5,708 May 58,221 1,062 57,159 6,956 2,353 4,603 November 56,889 19,870 37,019 5,025 3,144 December. 44,773 17,058 27,715 4,626 6,081 Total | 610,566 138,084 472,482 62,366 55,528 6,838 Gold. Silver. Principal countries. Principal countries. Excess Excess j Imports. Exports. imports. Imports. Exports. imports. England ! 308,492 308,406 England.... 1,314 8,623 17,309 France ! 96,804 96,804 Mexico 38,263 2,461 35,802 Sweden 38,359 38,359 Peru 8,094 8,094 Canada | 36,005 4.052 31,953 China ,\'289 17,712 116,423 Japan 2,208 92,037 1 89,829 Hongkong.. 13,638 113,638 All other 128,698 41,909 86,789 Allother... 13,406 13,094 312 Total I 610,566 138,084 | 472,482 Total. 62,366 55,528 6,838 1 Excess exports. 8 Less than $500. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY, 1921. FEDERAL RESERVE BULLETIN. 857 FEDERAL RESERVE BANK DISCOUNT RATES IN EFFECT JULY 1, 1921 AND 1920. Paper maturing within 90 days. Bankers' Agricultural Federal Reserve Bank. Treasury S n e o c te u s red L b i y b — erty bonds acc T ep r t a a d n e ces. p C ap om er m ,n e . r c e i . a s l . ac m m w c a e i o t t p n u h t t a r in h i n n s c 3 g . es p a a a n f p b t 6 d e e u r r m t l i 9 m w v o 0 e n a i - d t t t s h h u a t i o s y r n . i c s n k , g and certificates and Victory of indebtedness. notes. 1921 1920 1921 1920 1921 1920 1921 1920 1921 1920 1921 1920 Boston 6 5* 6 6 6 7 6 7 6 7 New York 6 5* 6 6 7 6 7 6 6 6 7 Philadelphia. 6 1 5-6 5* 5J 6 6 6 6 6 5* 6 6 Cleveland 6 5* 6 6 5! 6 6 6 6 6 Richmond 6 5* 6 6 6 6 6 6 6 6 6 6 Atlanta 6 1 5-5J 6 5* 6 6 6 6 6 5* 6 6 Chicago 6 5* 6 6 64 7 6* 7 6 6 6^ 7 St. Louis 6 1 5-5* n 54 6 6 6 6 5* 5* 6 6 Minneapolis.. 6 5* 6 6 6* 6* 7 6 6 6* 7 Kansas City.. 6 5 6 5* 6 6 6 6 6 54 6 6 Dallas 6 1 5-5* 6 5* 6 6 6 6 6 51 6 6 San Francisco 6 5i 6 6 6 6 6 6 6 54 6 6 1 Discount rate corresponds to interest rate borne by certificates pledged as collateral, with maximum and minimum limits shown. NOTE.—On July 1,1920, progressive discount rates were in effect at the Federal Reserve Banks of Atlanta, St. Louis, Kansas City, and Dallas, and discounts in excess of a basic line fixed for each member bank by the Federal reserve bank were subject to a one-half per cent progressive increase for each 25 per cent by which the amount of accommodation extended exceeded the basic line. The Federal Reserve Banks of Atlanta, St. Louis, and Dallas abolished the progressive discount rates effective Nov. 1,1920, June 23,1921, and Feb. 15, 1921, respectively. Effective July 1, excess borrowings in the Kansas City district are subject to a 1 per cent increase for the first 100 per cent by which the amount of accommodation extended exceeds the basic line, and thereafter to an increase of 2 per cent. DISCOUNT AND OPEN-MARKET OPERATIONS AND CLASSIFIED HOLDINGS OF THE FEDERAL RESERVE BANKS. DISCOUNTS. Discount operations for the month of May Discount operations of the Federal Reserve show a further decrease in volume as com- Banks during May and April, 1921 and 1920, pared with April, the total for May being are shown in summary form for the entire $4,254,000,000 and for April $4,913,000,000. system in the table below. Detailed figures In 1920 also May figures were somewhat smaller for the most recent month are given on pages than April figures. May totals were smaller 859 to 861. than April totals for 7 of the 12 reserve banks, particularly heavy decreases being noted for VOLUME OF DISCOUNT OPERATIONS. the New York and Richmond banks, while the [In thousands of dollars.] Boston, Chicago, St. Louis, Minneapolis, and San Francisco banks report a larger volume of 1921 1920 business in May than in April, the increase May. April. May. April. being particularly marked for the San Fran- Total 4,253,864 4,912,652 6,135,984 6,229,741 cisco bank. The following table shows the volume of Secured by U. S. Government obligations 2,711,289 3,265,617 4,508,466 4,771,072 discounts reduced to a daily basis, according Otherwise secured and unsecured—total 1,542,575 1,647,035 1,627,518 1,458,669 to the method explained in the March BULLETIN, Commercial and in- page 350. It will be noted that the average dustrial paper, n. e. s. 1,450,239 1,556,368 1,595,723 1,415,201 Agricultural paper 48,159 50,803 maturity of paper discounted in April was T L r iv a e d - e s to a ck c c p e a p p t e a r nces- 27,846 21,600 somewhat higher than in May, and that consetotal 9,768 10,860 16,541 15,296 3uently the volume of operations reduced to a Foreign 45 729 222 Domestic 9,768 10,815 15,812 15,074 aily basis shows a smaller relative decline than Bankers'acceptances— the total volume. On the daily basis only two total 6,563 7,404 15,254 28,172 Foreign 5,823 4,982 of the Federal Reserve Banks show a larger Domestic 710 2,172 Dollar exchange... 30 250 volume of discount operations in May than in Average maturity (in April, namely, the Boston and Minneapolis days). . 16.76 15.66 14.74 15.08 Average rate (365-day banks. basis), per cent 6.20 6.32 5.74 5.67 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

858 FEDERAL RESERVE BULLETIN. JULY, 1921. VOLUME OF DISCOUNTS REDUCED TO DAILY BASIS. BANKS ACCOMMODATED. During the month of May 31 banks were Federal Reserve ( o V i d f n o i s d m l c u o o i m l l u l l e a i n o r t o s s n f ) s . ( m A in a v t d e u r a r a y i g t s e y ). Vo ( o l i f u n m d b m a o e i s l l o l i l s a n io r s d n ) a s . ily t a t o o d t d 9 a e , l 7 d 7 n 0 u t . o m b t T h e h r e e m o n f e u m m ba b b n e e k r r s s o h f i i p n b c a o r n e f k a s s t i h n a e c g c s o f y o m s r t m m em od , 9 a , t 7 t h e 3 e d 9 Bank. through the discount of paper in May was 5,616, May. April. May. April. Mav. April. and in April 5,559, so that the precentage of banks accommodated increased slightly from All banks... 4,254 4,913 16.76 15.66 2,300 2,565 57.1 to 57.5 per cent. Increases in the pro- Boston 372 367 11.61 8.78 139 107 portion oi banks accommodated are noted in all New York 1,861 2,470 10.87 9.59 653 789 Philadelphia 35S '360 14.13 15.48 163 186 the Federal Reserve districts, except those of C R l i e c v h e m la o n n d d 2 2 1 5 3 2 2 25 9 3 2 1 1 7 6 . . 8 0 5 3 2 1 0 3 . . 7 9 2 3 1 11 3 6 8 1 1 3 7 6 5 Boston, Chicago, and St. Louis: Atlanta 145 151 26.81 26. 55 125 133 Chicago 379 374 31.54 35.07 386 437 St. Louis 137 135 24.14 27.44 107 123 Minneapolis 68 65 50.05 43.10 109 94 Member banks Member banks ! Percentage Kansas City 72 91 41.73 34.90 97 106 in district. accommodated, accommodated. Dallas 60 65 40.06 36.05 78 78 Federal Reserve San Francisco 337 290 17.33 20.74 189 201 Bank. May 31. Apr. 30. May. April. May. April. Discounts of paper secured by Government All banks 9,770 9,739 5,616 5,559 57.5 57.1 obligations decreased from $3,266,000,000 in Boston 438 436 232 241 53.0 55.3 April to $2,711,000,000 in May, while other New York 790 790 365 351 46.2 44.4 discounts declined from $1,647,000,000 to C Ph le i v la e d la e n lp d hia 7 8 0 7 1 8 7 8 0 7 0 8 3 3 2 8 4 4 3 3 6 0 9 8 3 5 6 4 . . 9 8 3 5 5 2. . 7 1 $1,543,000,000. The volume of commercial Richmond 621 614 394 373 63.4 60.7 Atlanta 492 488 353 340 71.7 69.7 paper discounted was about $106,000,000 less Chicago | 1,428 1,431 937 1,027 65.6 71.8 in May than in April, and the volume of agri- M St. i n L n o e u ap is o lis | ! 1, 5 0 8 1 5 3 1, 5 01 7 1 9 3 6 2 4 1 5 3 60 1 8 5 6 5 3 3 . . 7 8 6 54 0 . . 4 1 cultural paper about $3,000,000 less, while the Kansas City 1,093 1,093 608 605 55.6 55.4 Dallas 867 860 570 545 65.7 63 4 volume of live-stock paper discounted increased San Francisco 864 859 483 477 63.8 55.5 by about $6,000,000. A smaller volume pf discounts of bankers' and trade acceptances is ACCEPTANCES. shown for May than for April, though the volume of bankers7 acceptances drawn in the for- A summary of the open-market operations of Federal Reserve Banks in May and in April, eign trade was larger by $1,000,000 during the 1921 and 1920, is shown in the following table. most recent month. The average rate of dis- Detailed statistics for each Federal Reserve count in May was 6.20 per cent, compared with Bank are given on pages 859 to 861. 6.32 per cent in April and 5.74 per cent in May of last year. VOLUME OP OPEN-MARKET PURCHASES OF ACCEPTANCES. Following is a summary of holdings of discounted bills at the end of May and of April, [In thousands of dollars.] 1921 and 1920: 1921 1920 HOLDINGS OF DISCOUNTED BILLS. May. April. May. April. [In thousands of dollars.] Total. 138,601 123, 511 274,237 247,594 1921 1920 Bankers' acceptances—total 137,980~ 121,412 270,498 240,704 Domestic 27,245 28, 335 72, 768 56,189 Foreign 85,187 75,560 195,295 182, 762 May 31. Apr. 30. May 28. Apr. 30. Dollar exchange 25, 548 17, 517 2,435 1, 753 Trade acceptances—total 621 2,099 3,739 6,890 Domestic 1,015 388 Total 1,907,913 2,076,569 2,519,431 2,535,071 Foreign 621 2, 099 2,724 6,502 Average maturity (in days) 23.20 26.60 44.22 51.59 Secured by U. S. Govern- Average rate (365-day basis), per ment obligations 787,244 937,652 1,447,962 1,465,320 cent 5.88 5.94 5.96 5.82 Otherwise secured and unsecured—total 1,120,669 1,138,917 1,071,469 1,069,751 Commercial and industrial paper, n. e. s. 867,614 881,870 866,958 891,181 Open-market purchases of acceptances in Agricultural paper— 152,749 149,223 63,537 44,389 Live-stock paper 76,718 81,187 77,154 61,993 May aggregated $139,000,000, compared with Trade acceptances- $124,000,000 the month before, and $274,total 14,116 16,451 21,979 23,937 Foreign 134 117 000,000 in May, 1920. Purchases of bankers' Domestic 13,982 16,334 Bankers' acceptances acceptances increased from $121,000,000 in —total 9,472 10,186 41,841 48,251 April to $138,000,000 in May, the increase being Foreign 7,803 7,665 Domestic 1,639 2,471 due to the larger volume of acceptances drawn Dollar exchange 30 50 in the foreign trade and of dollar exchange, the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY, 1921. FEDERAL RESERVE BULLETIN. 859 volume of acceptances in the domestic trade HOLDINGS OF PURCHASED AND DISCOUNTED ACCEPTANCES. being somewhat smaller than the month before. [In thousands of dollars.] The volume of trade acceptances purchased during May was only $621,000, compared with End of— about $2,000,000 the month before. The average rate on acceptances purchased in May was May. April. 5.88 per cent, compared with 5.94 the month before, and 5.96 in May, 1920. All classes 99,045 136,402 Following is a table showing the volume of open-market purchases in May and April re- P D u is r c c o h u a n se te d d i n fo o r p m en e m m b a e r r k e b t anks 2 7 3 5 , , 5 4 8 5 8 7 109,763 duced to a daily basis: Total, distributed by classes of acceptances: Bankers' acceptances—total 84,711 119,330 Foreign 57,766 84,378 Domestic 16,343 21,710 VOLUME OF OPEN-MARKET PURCHASES REDUCED TO Dollar exchange 10,602 13,242 DAILY BASIS. Trade acceptances—total 14,334 17,072 Foreign , 352 738 Domestic , 13,982 16,334 Bankers' acceptances, distributed by classes of Volume of Average Volume on acceptors: purchases maturity daily basis Member banks- Federal Reserve ( o in f d m o i l l l l a i r o s n ) s . (in days). ( o in f d m o i l l l l a io rs n ) s . N N o at n i n o a n t a i l onal , 2 3 1 1 , , 4 78 4 0 3 3 3 7 1 , , 6 0 3 6 5 0 Bank. Nonmember banks and banking corporations. 12,318 21,162 Private bankers 9,651 14,101 May. April. May. April. May. April. Branches and agencies of foreign banks 9,519 15,372 All banks 139 124 23.20 26.60 103 110 While the volume of open-market purchases Boston 25 13 18.82 14.60 16 i fi was larger in May than in April, the average New York 73 72 17.06 19.61 41 47 Philadelphia 11 10 36.88 46.64 13 16 maturity declined from 26.6 days in April to Cleveland 5 8 28.93 30.52 5 8 23.20 days in May, with the consequence that Richmond 1 1 38.81 62.36 1 2 Atlanta 1 1 52.34 66. 57 2 2 the volume reduced to a daily basis was C St h ic L a o g u o is 1 2 1 1 2 2 4 1 7 5 . . 6 0 2 2 5 1 3 5 . . 5 0 2 5 17 1 22 1 smaller in May than in April. The only Fed- Minneapolis eral Reserve Bank for which a larger volume Kansas City 1 C1) 31.15 86.20 1 Dallas 0) C1) 36.50 26.05 of acceptances purchased is reported in May San Francisco 9 5 20.19 37.10 6 i 6 than in April is the Boston bank, at which the average maturity of acceptances increased i Less than $500,000. from 14.6 days in April to 18.8 days in May. The next table gives a summary of the hold- For that bank the average daily volume of ings of purchased and discounted acceptances acceptances shows an increase from $6,000,000 at the end of April and of May, 1921: in April to $16,000,000 in May. VOLUME OF OPERATIONS. VOLUME OF DISCOUNT AND OPEN-MARKET OPERATIONS DURING MAY, 1921. United States securities purchased. Total. Bills dis- Bills bought Federal Eeserve Bank. counted for in open member banks market. Bonds and | Certificates of May, 1921. May, 1920. Victory notes. I indebtedness. I I Boston $372,318,342 $25,435,688 $48, 435, 500 $446,189, 530 $451, 324,944 New York 1,861, 355,624 72,685, 746 416,966, 500 2,351,007,870 3, 375,928,226 Philadelphia.. 357,917,060 11,037,622 31,319,000 400,273,682 461,996,684 Cleveland 251,956, 288 5, 299,304 104,055,500 361,311, 092 266, 230, 765 Richmond 212,391,752 725,900 213,117,652 296, 817,491 Atlanta 144,518,458 621,356 $7,961,061 500 153,101,375 177,268, 894 Chicago 379,303, 879 10,997,981 35, 723, 000 426,024, 860 541,478, 011 St. Louis 137,205,675 2,262, 822 383,500 139, 851, 997 208, 540,684 Minneapolis 67,366, 389 764, 500 68,130, 889 89,920, 895 Kansas City... 71,981, 845 815,000 298, 500 73, 095, 345 134, 583, 908 Dallas 60, 345, 342 150,000 60, 495, 342 111, 446,184 San Francisco. 337,203,000 "1,786 2,084, 500 347, 857,286 337,406, 835 Total: May, 1921 4,253, 863,654 138,601,205 7,961,061 I 640,031,000 5, 010, 456, 920 May, 1920 6,135, 984', 174 274, 236, 697 150 42,722,500 6,452,943, 521 5 months ending May 31, 1921. 32,913, 394, 429 703,091, 783 8,492,861 ! 1,429,535,057 "35,'054,*5i4,'i36' 5 months ending May 31, 1920. 32,094, 766,265 1,427,950, 766 245,500 ! 3,482,924,500 37, 005, 887, 03i 55762—21- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

860 FEDERAL RESERVE BULLETIN. JULY, 1921. VOLUME OF OPERATIONS—Continned. VOLUME OF BILLS DISCOUNTED DURING MAY, 1921, BY CLASSES OF PAPER; ALSO AVERAGE RATES AND MATURITIES. Member banks' collateral Customers' notes. paper Commercial Agricultural Live-stock Federal Reserve Bank. secured by paper, n. e. s. paper. paper. G ob o l v ig er a n ti m on e s n . t G o S b o e l c v i u g e r r a e n t d i m o b n e s y n . t O s t e h c e u r r w ed is . e Boston $13,394,617 $234,685, 200 $123,767,069 $282,928 $2,000 New York 69,909,942 990,998, 349 795,191,749 504,513 11,364 Philadelphia 20, 354,421 244,600,715 $40,000 92,568,244 245,251 5,000 Cleveland 1,024,150 179,469, 260 190,000 68,360,109 199,570 171,587 Richmond 1,890, 347 177,126,462 614,200 27,337, 076 4, 716, 623 38,112 Atlanta 4,025,288 82,391,120 383,500 50,295, 225 5,153,422 881,664 Chicago 18,587,179 205, 721,940 1,167,000 139,711,835 11,778,743 1,387, 835 St. Louis 2,180,385 82, 896,145 149,750 45,446,329 3,983,584 555,356 Minneapolis 857,153 28,024, 329 1,620,350 24, 236,023 6,997,127 5,381,196 Kansas City 2, 203,229 45,074,574 12, 956, 867 2,118,919 9,247,160 Dallas 512,645 33, 876,351 4, 885, 545 9, 539,170 5,055,431 6,039,027 San Francisco 2,102, 812 269,382,164 14,103,030 37,676,138 7,123,001 4,125,401 Total: May, 1921. 137,042,168 2, 574, 246,609 23,153, 375 1,427,085, 834 48,159,112 27, 845,702 April, 1921. 144, 883,232 3,120, 733, 713 23,741,690 1,532, 566, 358 50, 869,371 21, 593,438 May, 1920. 162,537, 856 4, 345,928, 296 6,130, 761 1, 589, 592,398 April, 1920. 212,792, 704 4, 558, 279,489 8,935,916 1,406, 264,752 Trade acceptances. Bankers' acceptances. Average Average Federal Reserve Bank. Foreign. Domestic. Foreign. Domestic. ex D ch o a ll n a g r e. T c o la ta s l s , e a s. ll m ri a t t y u . - (3 b 6 r a a 5 s t - i e d s) a . y Days. Per cent. Boston $186, 528 $372, 318, 342 11.61 6.00 New York 1, 216, 877 $3, 522, 830 1,861,355,624 10.87 6.26 Philadelphia .. . 103,429 357,917,060 14.13 5.62 Cleveland 1, 794,141 574, 997 $172,474 251, 956, 288 17.03 6.00 Richmond 668,932 212, 391,752 16.85 6.00 Atlanta 1, 388, 239 144, 518,458 26.81 6.12 Chicago 889,347 60, 000 379, 303, 879 31.54 6.41 St. Louis 143,148 1,436,181 384,797 $30,000 137,205,675 24.14 5.90 Minneapolis 250,211 67,366,389 50.05 6.54 Kansas City . 381,096 71,981, 845 41.73 6.00 Dallas.. 437,173 60 345,342 40.06 6.62 San Francisco 2, 308,777 289, 393| 92,284 337,203,000 17.33 6.00 Total: ] May, 1921 9,767, 898 5, 823,401 709,555 30,000 4,253, 863,654 16.76 6.20 April, 1921 $44,373 10, 815,225 4,982,343 i 2,172,104 250,000 4,912,651, 847 15.66 6.32 May, 1920 16, 540,603 15,254, 260 6,135,984,174 14.74 5.74 April, 1920.. 15,295,488 28,172,156 6,229, 740, 505 15.08 5.67 VOLUME OF BANKERS' AND TRADE ACCEPTANCES PURCHASED DURING MAY, 1921, BY CLASSES OF PAPER; ALSO AVERAGE RATES AND MATURITIES. Bankers' acceptances. Trade acceptances. Average Federal Reserve Bank. Total bills Average rate Foreign. Domestic. ex D ch o a ll n a g r e. Total. Foreign. Domestic. Total. purchased. maturity. (3 b 6 a 5 s - i d s a ). y Days. Per cent. Boston $14,868,247 $6,725,588 $3,841,853 $25,435,688 $25,435,688 18.82 5.74 New York 46,097,523 10,705,083 15,406,000 72,208,606 $477,140 $477,140 72,685,746 17.06 5.86 Philadelphia 5,399,255 1,513,367 4,125,000 11,037,622 11,037,622 36.88 5.87 Cleveland 2,772,135 2,157,169 370,000 5,299,304 5,299,304 28 Q3 5 QZ Richmond 192,500 533,400 725,900 725,900 38.81 1 6.08 Atlanta 234,756 386,600 621 356 621,356 52.34 I 6.07 Chicago 6,837,869 3,410,112 750,000 10,997,981 10,997,981 57.62 j 5.91 St. Louis 1,304,578 638,244 320,000 2,262,822 2,262,822 15.02 5. 83 Minneapolis Kansas City 815,000 815,000 815,000 31.15 ! 7.10 Dallas 150,000 150,000 150,000 65 64 fi &Q San Francisco 6,515,460 ""i," 174," 926"'""735," 666' 8,425,386 144,400 144,400 8,569,786 20.19 5.96 Total: May, 1921 85,187,323 27,244,489 25,547,853 137,979,665 621,540 621,540 138,601,205 23.20 5.88 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 May, 1920 195,294,991 72,768,319 2,434,527 270,497,837 2,724,282 $1,014,578 3,738,860 274,236,697 44.22 5.96 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 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY, 1921. FEDERAL RESERVE BULLETIN. 861 VOLUME OF OPERATIONS—Continued. VOLUME OF BILLS DISCOUNTED DURING 3 MONTHS ENDING MAY 31, 1921, BY RATES OF DISCOUNT CHARGED; ALSO AVERAGE RATES AND MATURITIES. 5 per cent. 5£ per cent. 5"! per cent. 6 per cent. Federal Reserve Bank. Amount. Discount. Amount. Discount. Amount. Discount. Amount. Discount B ostoQ $14 5, 718, 000 $123,117 $952,001, S74 $1, 381,635 New York ! 4, 332, 751, 760 6, 095, 758 Philadelphia | "724," 446,' 660" 1, 663,056 $13,419, 060 $20, 69(5 379,155, 263 722,141 Cleveland j 784, 208, 322 2, 243,687 Richmond | 803,495, 767 1, 890, 874 Atlanta j 205,180, 233 534, 516 131, 937, 350 544, 859 Chicago ! 20, 000 57 707, 586,149 2,061,294 St. Louis I 218, 917, 863 449, 095 207,681, 761 1,280,771 Minneapolis I 20,157, 220 44, 420 69, 606,622 180,358 Kansas City $275, 000 $392 2, 350, 500 5, 248 3, 302, 500 7, 080 267, 701, 698 1, 599,994 Dallas 126, 343, 689 313, 891 San Francisco. 926, 741, 729 3, 010,077 Total. 275, 000 392 1, 314, 770, 476 2, 819, 458 16, 741, 560 27, 833 9, 689, 211,484 21, 325,339 Qh per cent. 7 per cent. Super- Total. Average Average Federal Reserve Bank. Amount. Discount. Amount. Discoun — t. •; I di r s a c t o e u s nt. Amount. Discount. m i a t t y u . r- (3 b 6 r a a 5 s t - i e d s) a . y Per cent. Boston $375, 329, 035 $920, 825 j 471, 048,409 $2,425, 577 9.53 6.31 New York $714, 235, 923 $1,468, 247 3, 555, 902, 068 4, 982,674 j 602, 889, 751 12, 546,679 8.29 6.42 Philadelphia... 117,020,983 2,405, 893 13.93 5.64 Cleveland 784,208, 322 2, 243, 687 17.40 6.00 Richmond 803, 495, 767 1, 890, 874 14.32 6.0G Atlanta 121, 881, 794 1, 026, 527 458, 999,377 2,105, 902 26.61 6.29 Chicago 127, 962, 614 j 1,139, 280 437,199, 450 5, 274, 053 272, 768, 213 8,475,284 36.49 6.66 St. Louis $55, 596 426, 599, 624 1, 785,462 25. 25 6.05 Minneapolis " 29,"983,"497" j 383," 964 79, 306, 235 | 970, 99.1 199, 033, 574 1, 579, 739 43. 26 6.70 Kansas City.... " 128," 448' 273, 629, 698 1, 741,162 35.87 6.47 Dallas 12, 001, 932 143,161 *6{)," 002," 487"|" 852,'510 198, 348,108 1, 309, 562 36.09 6.68 San Francisco.. 926, 741, 729 3,010,077 19.76 6.00 .111 Total 884,163,966 3,134,652 4, 629, 621, 069 14, 028, 180 184, 044 16, 534, 783, 555 41, 519, £ 14.48 6.33 VOLUME OF ACCEPTANCES PURCHASED DURING 3 MONTHS ENDING MAY 31, 1921, BY RATES OF DISCOUNT CHARGE,; ALSO AVERAGE RATES AND MATURITIES. 5 per cent. 5v? per cent. 5| per cent. 52 per cent. 511 per cent. Federal Reserve Bank. Amount. Discount. Amount. Discount. Amount- Discount. Amount. Discount. Amount. Discount Boston $5, 648, 674 $16, 777 $11,575,855 $32, 089 $41,817, 508 $103, 857 New York 2, 022, 601 4,415 2,133 17 176, 969,167 438, 434 931, 496 2, 903 2, 876, 782 14, 537 18, 498, 813 90, 302 $20, 576 $38 106, 660 235 8, 532,166 29, 096 Richmond i Atlanta 135, 074 792 ! Chicago. 115,000 439 14, S42, 391 96, 052 $50, 000 $721 St Louis 32, 522 75 317,953 753 1, 939, 695 4,667 Minneapolis Dallas 9, 807, 016 | 27, 567 Total 20, 576 38 8, 770, 367 25, 022 14, 994, 383 48, 070 272, 406, 756 789. 975 50,000 727 5| percent. 6 per cent. ed percent. 6| per cent. 6| per cent. Federal Reserve Bank. 1imount. Discount. Amount. Discount. Amount. Discount. Amount. Discount. Amount. Discount. $2,114,638 $13,496 $1,139,677 $13, 201 $205,402 5Rv» 466 New York 22,003,036 156,011 14,174, 571 154, 522 2, 455, 244 28, 722 $1, 681, 378 $22, 018 Piiil3id.Glph.i3i 4, 882, 660 54, 741 2, 730, 390 35, 959 Cleveland 9, 886, 713 65, 334 4, 711, 518 46, 575 1,185, 225 ; 5, 067 39,006 553 4,619, 201 35,129 Atlanta 436, 282 4,183 Chicago 13, 340, 736 130,170 5,080, 326 58, 891 3,715,911 | 54,751 296, 100 4, 130 $3, 300 $44 St Louis 1,110, 264 3,383 1,355,439 4,377 150,000 | 383 770,000 2,005 Minncaoolis 38, 988 250 Kansas City Dallas 3,916 17 San Francisco 4, 094,166 31,981 5, 976,120 46, 327 1,129, 397 j 14, 552 80, 288 1,046 Total 57,471, 201 455, 366 40, 227, 440 399,181 8, 841,179 105, 941 2, 866, 772 29, 752 3,300 44 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

862 FEDERAL RESERVE BULLETIN. JULY, 1921. VOLUME OF OPERATIONS—Continued. VOLUME OF ACCEPTANCES PURCHASED DURING 3 MONTHS ENDING MAY 31, 1921, BY RATES OF DISCOUNT CHARGED; ALSO AVERAGE RATES AND MATURITIES—Continued. 6£ per cent. 6| per cent. 6| per cent. 7 per cent. Total. Average Federal Reserve Average rate Bank. maturity. (365-day Amount. Discount. Amount. Discount. Amount. Discount. Amount. Discount. Amount. Discount. basis). Days. Per cent. Boston $62, 501,754 $181,886 18.27 5.81 New York $540,766 $1,525 $55,000 $336 $2,451,420 $2,953 222, 355,316 808,953 22.39 5.93 Philadelphia 29, 920,141 198, 502 41.08 5.90 Cleveland $19,500 $60 24, 501, 364 146,958 36.61 5.98 Richmond 4, 619, 201 35,129 45,63 6.08 Atlanta .. 1,637, 732 21,306 2, 209, 088 26, 281 63.31 6.86 Chicago 37,443,764 345,204 56.23 5.98 St. Louis i 5,675, 873 15,643 16.79 5.99 Minneapolis 38, 988 250 39.29 5.96 Kansas City i 840, 000 5,355 840,000 5,355 32.79 7.10 Dallas 150,000 1,778 20,907 337 174, 823 2,132 66.83 6.66 i 21,086, 987 121,473 35.00 6.01 Total 690, 766 3,303 55,000 336 19, 500 60 4, 950,059 29, 951 411,367,299 1, 887, 766 28.14 5.95 HOLDINGS, BY CLASSES. AVERAGE DAILY HOLDINGS OF EACH CLASS OF EARNING ASSETS, EARNINGS THEREON, AND ANNUAL RATES OF EARNINGS, DURING MAY, 1921. Average daily holdings of— Earnings on— Annual rate of earnings on— Feder B al a 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 c b h P i a u l s l r s e - . d se U S cu n ta r i i t t t e e i s d e s, ! j ! \ | e c a a l s a r A o s n s e f s l i l t e n s s g . co b D u il n i l s s t - 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 e e r . i s d - e a a s A r s o n e l f i l t m s. co b D u il n i l s s t - 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 e r e . i s d - Per ct. Per ct. Per ct. Per ct. Boston $132,704,622 $100,310,076 $10,087,685 $22.306,261 $621,742 $529,879 $49,328 $42,535 5.52 6.22 5.76 2.24 New York 693,417,152 565,297,539 350,697| 88!768,916 3,503,399 3,056,521 202,165 244,713 5.95 6.37 6.05 3.25 Philadelphia 186,588,959 145,237,381 208,605! 31',142,993 805,783; 695,329 51,026 59,428 5. 5.63 5. 2.24 Cleveland 176,327,376 140,616,564 138,924^ 26!571,888 817,937! 718,220 46,451 53,266 5.46 6.01 5.98 2.36 Richmond 123,925,474 108,920,672 849,612^ 13]155,190 579,651 547,609 9,556 22,486 5.51 5.92 6.08 2.01 Atlanta 126,030,083 108,715,030 050,434 16,264,619 617,275j 581,999 6,104 29,172 5.77 6.30 6.84 2.11 Chicago 377,165,162 330,514,123 592,262' 42,058,777^1,981,040 1,881,134 22,685 77,221 6.18 6.70 5.82 2.16 St. Louis 90,481,672 75,792,768 565,520 14,123,384 434,22l! 406,325 2,817 25,079' 5.65 6.31 5.86 2.09 Minneapolis 81,128,000 72,408,000 i 87,20,000 426,000! 410,715 15,285! 6.18 6.68 2.06 Kansas City 104,253,693 85,078,773 51,290 19,123,630 484,8811 449,832 309 34,740! 5.48 6.23 7.10 2.14 DaUas 73,274,420 64,906,365 85,579, 8,282,470 384,107i 369,171 488 14,448i 6.17 6.70 6.62 2.05 San Francisco I 188,497,747 108,848,137 7,414,305! 122,35,305 915,329 855,899 37,863 21,567 5.72 5.97 6.01 2.08 Total: May, 1921... 2,353,794,360 1., 966,646,008 84,394,913 302,753,439 11,571,365110,502,633 428,792 639,940 5.79 6.29 5. 2.49 April, 1921.. 2,527,253,406 2!,, 139,981,742 110,372,481 270,899,183 12,154,787-11,124,586 541,685 488,516 5.85 6.32 5.97 2.15 May, 1920... 3,255,859,393 2,537,550,923 416,519,623 1 301,788,847,14,776,159i 12,172,290 2,036,403 567,466 5.36 5.66 5.77 2.22 April, 1920..3,191,945,384J2,440,375,416 419,745,831 331,824,137jl3,696,186111,162,212 1 \ 962^ 064 571^910 5.23 5.58 5.70 2.10 HOLDINGS OF DISCOUNTED BILLS, BY CLASSES. [End of May figures. In thousands of dollars.] e C rs u ' s p to a m pe - r M co e ll m at b e e r r a l b n a o n t k e s s ' . acc T ep r t a a d n e ces. Bankers' acceptances. Feder B al a n R k e . serve Total. G s o t e m o b i c o b v l e u i y n e g n r s r e a t . n d - - o S b e G c l m i o u g v r e a e e n t d r i t o n b n - y s. s O e w c t u h is r e e e r d - . C n o p . m c a e i p m a . e l s e r . r- A p t g a u r p r ic e a u l r. l- p s L a t i o p v c e e k r - . e F i o g r n - . Do ti m c. es- e F i o g r n - . Do ti m c. es- ex D ch o a ll n a g r e. Boston 112,951 11,699 32,964 67,665 441 4 178 New York 523,628 60,648 201,899 252,085 724 1,376 6,215 681 Philadelphia 156,491 34,086 82,096 40 39,441 606 5 217 Cleveland 134,976 7,519 42,261 95 82,177 630 341 1,665 170 118 Richmond 105,768 4,226 32,556 322 56,994 10,084 99 1,487 Atlanta 102,034 7,955 31,465 180 47,637 10,828 2,330 1,439 150 50 Chicago . . . 313,710 17,070 95,081 523 141,681 56,576 2,773 6 St. Louis 81,838 3,817 28,204 5 38,606 8,279 871 432 995 599 30 Minneapolis 66,483 1,196 5,293 835 20,147 21,796 16,820 396 Kansas City 81,869 4,183 19,997 57 24,972 7,761 24,336 563 Dallas 64,036 1,107 7,315 3,146 16,816 17,699 17,054 845 54 San Francisco 164,129 6,057 48,550 6,803 67,387 17,325 14,858 134 2,611 267 137 Total: May 31,1921 1,907,913 159,563 627,681 12,006 855,608 152,749 76,718 134 13,982 7,803 1,639 30 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 May 31, 1920 2,519,431 326,473 1,121,489 3,154 863,804 63,537 77,154 21,979 41,841 Apr. 30, 1920 2,535,071 351,845 1,113,475 4,130 887,051 44,389 61,993 23,937 48,251 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY, 1921. FEDERAL RESERVE BULLETIN. 863 HOLDINGS, BY CLASSES—Continued. HOLDINGS OF BANKERS' AND TRADE ACCEPTANCES PURCHASED OR DISCOUNTED, BY CLASSES OF ACCEPTANCES. [End of May figures. In thousands of dollars.] All classes 3ankers' acceptances Trade acceptances. Federal Reserve Bank. Pur- Dis- Total. i c n h a o s p e e d n f c o o r u b m n er t e e m d - Total. Foreign. Do ti m c. es- ex D ch o a ll n a g r e. Total. Foreign. Do ti m c. esmarket. banks. Boston .. 11,551 11,373 178 11,373 6,744 2,988 1,641 178 178 New York . 42 208 33 935 8 273 40 771 29 335 6,535 4 901 1 437 61 1,376 Philadelphia 11,247 11,030 217 11,030 7,160 1,130 2,740 217 217 Cleveland 8,029 6,077 1,952 6,364 4,386 1,570 408 1,665 1,665 Richmond.. 3 438 1 951 1 487 1 951 675 1 276 1 487 1,487 Atlanta 2 648 1,009 1,639 1,209 489 720 1,439 1,439 Chicago 7,600 4,821 2,779 4,827 3,865 427 535 2,773 2,773 St. Louis.. 2,273 217 2,056 1,841 1,085 636 120 432 432 Minneapolis... 396 396 396 396 Kansas City 588 25 563 25 25 563 563 Dallas 1,070 171 899 225 171 54 845 845 San Francisco 7,997 4,848 3,149 5,095 3,831 1,007 257 2,902 291 2,611 Total: May 31,1921 99,045 75,457 23,588 84,711 57,766 16,343 10,602 14,334 352 13,982 Apr. 30, 1921 . 136,402 109,763 26,639 119,330 84,378 21,710 13,242 17,072 738 16,334 Purchased in open market: May 31,1921 75 239 49 962 14,705 10,572 218 218 Apr. 30, 1921 109 763 109,142 76,712 19,238 13,192 621 621 Discounted for member banks: May 31,1921 23,588 9,472 7,804 1,638 30 14,116 134 13,982 Apr. 30, 1921 26,639 10,188 7,666 2,472 50 16,451 117 16,334 HOLDINGS OF BANKERS' ACCEPTANCES PURCHASED OR DISCOUNTED, BY CLASSES OF ACCEPTING INSTITUTIONS. [End of May figures. In thousands of dollars.] Member banks. Non- Branches member banks and Private and Federal Reserve Bank. Total. banking bankers. agencies of National. na N ti o o n n - al. co ti r o p n o s r . a- f b o a r n ei k g s n . Boston 5,921 4,459 584 384 25 New York 11,594 8,764 8,483 5,939 5,991 Philadelphia.. 5,254 2,110 644 1,971 1,051 Cleveland 1,040 1,542 1,107 994 1,681 Richmond 1,921 30 Atlanta 527 682 Chicago 2,068 2,427 332 St. Louis 775 1,066 Minneapolis... Kansas City... 25 | 25 Dallas 225 ! 204 12 9 San Francisco. i,095 2,451 363 1,168 351 762 Total: May 31,1921 84,711 31,780 21,443 12,318 9,651 9,519 Apr.30, 1921 119,330 37,635 31,060 21,162 14,101 15,372 Purchased in open market: May 31,1921 75,239 28,444 18,310 10,053 9,517 8,915 Apr. 30, 1921 109,142 33,981 28,346 18,341 13,915 14,559 Discounted for member banks: May 31,1921 9,472 3,336 3,133 2, 265 134 604 Apr.30,1921 10,188 3,654 2,689 2,851 186 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

864 FEDERAL RESERVE BULLETIN. JULY, 1921. CONDITION OF FEDERAL RESERVE BANKS. Moderate liquidation of bills discounted asset and liability items of the Federal Reserve and purchased in open market, and further Banks for the four weeks under review: strengthening of the reserve position of the banks through additions to gold reserves, are MOVEMENT OF PRINCIPAL ASSETS AND LIABILITIES OF THE the outstanding features of development in TWELVE FEDERAL RESERVE BANKS COMBINED. the Federal Reserve field during the period [In millions of dollars.] from May 25 to June 22. Federal Reserve Bank holdings of discounted bills during the May 25, June 1, ] June 8, June 15, June 22, 1921. 1921. 1921. 1921. 1921. first two weeks of the review period show, on the whole, a slight upward tendency. Re- Reserves: demption on June 15 of about $400,000,000 of Total 558. 2 2,568. 8 2,592. 5 2,615. 6 2,620. 0 tax certificates enabled member banks to Gold 392.9 2,408. 6 2,430.6 2,445. 5 2,450. 4 Bi s discounted: liquidate $188,700,000 of discounted paper, of Total. 1,870.2 1,926. 2 1,896. 3 1,707.6 1,753.9 Secured by which 44 per cent was paper secured by Gov- United States ernment obligations. During the following Government obligations... 793.9 773.8 747.0 664.2 657. 9 week, when checks and drafts in pa}rment of All other 1,076.3 1,152.3 1,149.3 Bills bought in open 1,043.3 1,095.9 the June 15 installment of income and excess- market 87.1 77.0 69.5 profits taxes began to be presented for collec- Certificates of indebted- 53.2 j 39.4 ness 280.1 233.4 227.0 tion, member banks resumed their borrowings Total earning as- 522.8 I 255.2 sets 2,263.1 2,269.7 2,225. 5 at the Reserve Banks, and total discounts held 2,318.8 | 2,082.4 by the latter on June 22 show an increase of G overnment deposit s... j 17. 3 32.3 14.5 17.9 Members' reserve de- | $46,300,000 for the week, though the total posits I 1,655.6 1,656.5 1,684.0 1, 6.4 1,647.7 Total deposits | 1,705.9 1,720.3 1,735.0 1,929.2 1,697.2 held, $1,754,000,000 is $116,300,000 below the F. R. notes in circulacorresponding total shown four weeks earlier. tion 2,734. 8 2,751. 2 2,710. 7 2,674. 4 2,639.3 F. R. Bank notes in cir- Net liquidation during these four weeks was re- culation—net liability. 144.8 143.4 141.0 | 135.0 135.0 stricted to paper secured by Government obli- Reserve percentage i 57.6 ' 57.4 58.3 56.8 60.4 gations only, other discounts showing an increase of $19,700,000. Aggregate holdings Some changes are shown in the distribution on June 22 of paper secured by Government of discounted paper by maturities. Thus 15obligations were about $658,000,000, a reduc- day paper shows the largest absolute and tion of over 50 per cent from the maximum relative reduction for the period, the share of holdings of last year, due largely to the elimi- the shortest-term paper declining from 59 to 57 nation from the Reserve Banks' portfolios of per cent of the total discounts held. As against paper secured by Treasury certificates. The a slight decrease in 30-day paper and a $55,per cent share of Government paper to total 000,000 decrease in 60-day paper, the weekly discounts held shows a decline to 37.5 per statements indicate a slow but steady increase cent from about 42 per cent on Ma}^ 25 and in the holdings of 90-day paper, while the from 52.6 per cent about a year before. amount of 6-month paper shows a further in- While member bank holdings of Treasury crease from $70,100,000 to $84,800,000. certificates increased substantially on June 15, Holdings of acceptances purchased in the Federal Reserve Bank holdings of paper open market declined steadily from $87,secured by certificates reached a low level of 100,000 to $39,500,000, this decline reflecting about $31,000,000 on that date, and on June both the lessened supply of'bankers7 bills, 22 stood at $35,400,000, a decrease of $18,- in consequence of the shrinkage in our foreign 000,000 since the last May report. There is trade, as well as the much larger proportion of also shown a reduction of $118,600,000 in the these bills absorbed by ultimate investors. Reholdings of paper secured by other Govern- duction of $11,000,000 from $233,400,000 to ment obligations, mainly Liberty bonds and $222,400,000 in the amount of "Pittman" cer- Victory notes, this reduction being continuous tificates held by the Reserve Banks with the and reflecting in part Government purchases Treasury to secure Federal Reserve Bank note in connection with sinking-fund operations. circulation is shown, this decrease being ac- The total of Government paper held by the companied by a decrease of $9,800,000 in the Reserve Banks at the close of the report period banks' aggregate liabilities on Federal Reserve includes also $2,700,000 of paper secured by the Bank notes outstanding. Changes in other cernewly issued three-year Treasury notes. tificates reflect largely the amount of special In the following exhibit there is given a certificates taken by the New York and other summary of the weekly changes in the principal Reserve Banks on June 15 to cover temporary Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY, 1921. FEDERAL RESERVE BULLETIN. 865 MOVEMENT OF PRINCIPAL ASSETS AND LIABILITIES OF THE FEDERAL RESERVE BANKS 1920 -1921 I: U.S.SECURITIES. 4: TOTAL DISCOUHTS. 2: PURCHASED ACCEPTANCES. 5; TOTAL EARNINGASSETS 3: DISCOUNTS SECURED BY U.S. GOVERNMENT OBLIGATIONS. 3 3500 3500 3000 3000 2500 2S00 2000 2000 1500 1500 1000 1000 500 500 0 0 FEB. MAR. APR! MATIJgllElJUir AUG. SEPT. OCT. JTO § w ifY) 80 63 40 20 0 SNOILL SRALLOD I: RESERVE RATIO. 3» CASH RESERVES. 2: DEPOSITS. 4: F.R.NOTECIRCULATIOn. AO i 3500 3500 *^— 30X) •^*«- 3000 2500 2500 — ——• "XYY\ 2UUU •A A oJJJ 1500 I . " ^^ —>y ISOO —•-— ~-~——-—^^--— r- ^ — •— "— 1000 1000 500 500 0 0 JAM.FEB.MARAPR.METjoriEJUUALJ6.SEPT.OCT. nor. DEC.JAN.FEB.MAR.APR. MATJUHEJUUAU6. 5EPT.OCT. ncv.PEC. 1920 1921 TNEC I inn oO 60 40 20 0 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

86G FEDERAL RESERVE BULLETIN. JULY, 1921. advances to the Government pending receipt of $2,734,800,000 to $2,639,300,000, or at an funds from depositary institutions. In con- average weekly rate of $23,900,000, as against sequence of the changes in the principal earning $24,400,000 for the previous five weeks. Beassets shown, total earning assets show a decline tween December 23, 1920, when the maximum for the period of $180,700,000 and on June 22 outstanding note circulation was shown, and stood at $2,082,400,000, or nearly 40 per cent June 22 of the present year, the reduction in below the peak figure reported on October 15 Federal Reserve note circulation totaled $765,of the past year. 600,000, or 22.5 per cent. During the same Rediscounting operations are reported by period the Reserve Banks reduced also their the Richmond, Minneapolis, and Dallas banks. liabilities on Federal Reserve Bank notes in During the period under review, the New York circulation by $83,800,000, or by nearly 38.3 Bank increased its accommodation to the first per cent. two banks from $25,300,000 to $37,600,000, A further gain of $57,500,000 in gold reserves while the Boston bank reports on June 22 is shown, while other cash reserves, i. e., silver among its discounted bills $4,100,000 dis- and legals, increased by $4,200,000. Since the counted for the Reserve Bank of Dallas, or beginning of the year the banks' gold holdings $500,000 less than the amount carried for Dal- have increased by $387,700,000, and the total las by the Boston and Cleveland banks four cash reserves by $366,300,000. The banks' reweeks before. Owing to investment operations serve ratio because of the considerable changes of the New York bank in connection with the in deposit liabilities, shows some fluctuations. reparation payments of the German Govern- On June 22, the ratio stood at 60.4 per cent, ment, aggregate contingent liabilities of the compared with 56.8 per cent the week before, Federal Reserve Banks on bills purchased for and 57.6 per cent four weeks earlier. foreign correspondents show an increase from In the following table are shown comparative $32,300,000 to $61,700,000. figures of average daily cash reserves, deposits, Total deposits fluctuated between $1,929,- Federal Reserve note circulation, and reserve 200,000 on June 15 and $1,697,200,000 a week percentages of the Federal Reserve Banks for later. Federal Reserve note circulation, ex- the months of May and June of the present and cept for one week, shows a steady decline from of the two preceding years: CASH RESERVES, TOTAL DEPOSITS, FEDERAL RESERVE NOTE CIRCULATION, AND RESERVE PERCENTAGES FOR MAY AND JUNE, 1921. [Daily averages. Amounts in thousands of dollars.] Total cash reserves. Total deposits. Fede in ra c l i R rc e u s l e a r t v io e n n . otes Reserve percentages. Federal Reserve Bank. June. May. June. May. June. May, June. May. Boston 258,416 263,364 110,087 Ill, 178 ; 252,744 255,820 71.2 71.8 New York 901,852 787,033 684,594 664,977 691,244 725,618 65.5 56.6 Philadelphia 184,750 184,850 102,586 103,408 ! 227.366 232,357 56.0 55.1 Cleveland 265,202 283,322 137,394 141,743 | 260;020 272,842 66.7 68.3 Richmond 75,640 78,731 54,695 56,563 | 123,045 130,975 42.6 42.0 Atlanta 91,911 99,826 44,435 46,332 I 155,057 158,279 46.1 48.8 Chicago 384,540 384,961 243,471 244,021 450,324 463, oil 55.4 54.4 St. Louis 89,000 102,906 63,117 65,512 104,481 109,129 53.1 58.9 Minneapolis 41,362 43,122 44,377 43,452 60,039 63,440 39.6 40.3 Kansas City 76,659 78,459 74,431 74,449 ! 80,400 85,766 49.5 49.0 Dallas 36,766 38,586 45,094 46,098 i 48,027 52,284 39.5 39.2 San Francisco... 199,681 196,480 118,990 119,690 j 229,813 237,358 57.2 55.0 Total, 1921 2,605,779 2,541,640 1,723,271 1,717,423 2,682,560 2,787,379 59.1 56.4 1920 2,102,985 2,078,822 1,974,537 1,987,323 3,113,949 3,089,737 1 43.3 M2.4 1919 2,248,265 2,246,087 1,940,647 1,944,547 2,500,909 % 534,112 i 52. 6 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

JULY, 1921. FEDERAL RESERVE BULLETIN. 867 RESOURCES AND LIABILITIES OF EACH FEDERAL RESERVE BANK ON WEDNESDAYS, JUNE 1 TO 22, 1921. RESOURCES. [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 - . Atlanta. Chicago. Lo S u t. is. M ap i o n l n is e . - K C a i n ty sa . s Dallas. F c S i r s a a c n n o - . Gold and gold certificates: June 1 281, 098 7, 789 198, 543 1,906 5,839 2,641 4,290 19, 712 2,696 8,265 1,952 9,009 18,456 June 8 297, 476 7, 651 215, 593 1, 880 5, 912 2,687 4, 323 19,763 2,703 8,301 1,965 8,047 18, 651 June 15 311,017 7, 782 227, 729 2,025 5, 985 2,710 4, 389 19,936 2,722 8, 344 2,038 8,427 18,930 June 22 315,472 7,845 231, 748 2, 054 6, 042 2, 658 4, 391 20,065 2, 763 8, 366 2,084 8, 637 18, 839 Gold settlement f u n d—F . R . Board: June I 501,740 30, 704 112,895 49, 392 75,4 18, 030 10,592 112, 550 14, 792 10, 577 33,642 4, 515 31, 211 June 8 521, 539 31, 582 147, 971 48, 081 57, 940 20, 869 11, 008 102,697 20, 430 9. 935 32, 363 2, 474 36,189 June 15... 456, 211 30, 584 99, 614 32,730 46,318 22,679 10, 284 108,615 16, 402 9'. 312 35, 882 3,731 42,060 June 22 400, 841 40, 739 71,043 49, 329 50, 538 21,370 12,006 61,667 13,902 10! 102 32,020 3,582 34, 543 Gold with F. E. Agents: June 1 1, 477, 665 171, 060 410, 892 [07, 758 194,y89 43, 894 69,115 228,001 59, 277 19, 897 31,147 11,345 130, 290 June 8 1, 460, 358165, 588 410, 521 117, 589 193, 504 40,6S0 67, J05 219, 982 52, 072 19. 814 33, 551 15, 627 124,325 June 15 1, 550, 817179, %7 460,152 128, 289 193,7"" 37, 030 66, 874 232, 097 53, 561 21'., 019 31, 074 14, 588 129,348 June 22 1, 598,128 182,843 509, 810 119, 437 188, 562 33, 818 60, 886 243,358 54, 237 20; 304 32,926 13, 070 138, 877 Gold redemption fund: Junel 145,144 28,798 36, 000 12,000 4,915 5,752 4,971 21,579 3,721 3,803 6,345 7, 286 9,974 JuneS 151, 299 33,300 38, 000 7,132 5, 917 8,294 5,262 28, 559 4,657 3! 624 3,781 4,065 10,708 June 15 127, 523 18, 262 36,000 13,191 5,022 11,294 4,943 15, 589 5,069 2', 383 3,229 3,924 8,617 June22 136, 047 14,745 36, 000 8,312 4,635 13,782 6,013 23, 561 4,367 3'., 010 4,336 5,421 11, 865 Total goldreserves: Junel 2, 408,653 238,351 758, 330 171,056 281, 589 70,3i7 88,968 381, 842 80, 486 42,542 73,086 32,155 189,931 June 8 2, 430, 672 238,121 810,085 174, 682 2o3, 273 72,530 87, 698 371,001 79,862 41', 674 71,660 30, 213 189, 873 June 15 2, 445, 568 236,625 823, 495 178, 235 251,083 73,713 86, 460 374,237 77,754 41,088 75,223 30,670 198,955 June 22 2, 450, 488 246,172 848,601 179,132 249,777 71,628 83,266 348, 651 75, 269 41,782 71, 316 30,710 204,124 Legal-tender notes, silver, etc: June 1 160,172 16,147 85,957 2,208 4, 828 3, 860 6, 404 16,631 11, 407 874 3, 285 6,005 2,566 Jane 8 161, 874 16, 420 86, 006 3,312 4, 871 4,027 6, 236 15, 783 12,573 726 3,302 5, 778 2,840 June 15 170, 056 18, 464 86, 826 5, 019 6,894 3, 568 6, 519 17, 536 12, 522 894 3,400 5,583 2,831 June 22 169,517 17, 819 85, 081 5,917 6, 633 4,140 6, 482 18,178 12, 549 891 3, 340 5,413 3,074 Total reserves: June 1 2,508.825 254,498 844,287 173,264 286,417 74,177 95,372 398,473 91,893 43,416 76,371 38,160 192,497 June 8 2,592,546 251,541 896,091 177,994 268,144 76,557 93,934 386,784 92,435 42 400 74,962 35,991 192,713 June 15 2,615,624 255,089 910,321 181,254 257,977 77,281 93,009 391,773 90,276 41,982 78,623 36,253 201,786 June22 2,620,005 263,991 933,682 185,049 256,410 75.768 89,778 366,829 87,818 42,673 74,686 36,123 207,198 Bills discounted:1 Secured by U. S. Government obligations- June 1 773,863 44,199 251,364 114,117 51,446 37,127 39,255 110,324 31,761 7,119 24,421 8,834 53,896 June 8 747,006 38,107 226,231 111,280 57,108 36,971 38,772 109,303 31,495 11,064 23,644 10,944 52,087 June 15 664,296 37,547 196,166 104,111 38,346 30,704 38,131 104,924 30,623 7,544 22,580 10,226 43,394 June 22 657,980 35,497 184,525 96,691 52,066 25,975 38,667 107,380 31,428 6,772 24,102 12,277 42,600 All other- June 1 1,152,370 66,914 293,341 41,574 86,S33 68,503 63,331 199,893 50, 4^9 58,872 58,072 53,961 110,587 June 8 1,149,353 66,123 281,449 38,289 90,485 69,151 63,522 202,598 49,252 62,177 57,173 55,782 113,352 June 15 1,043,383 53,934 217,935 34,969 93,127 68,788 62,605 191,655 46.385 61, 628 54,258 51,604 106,495 June 22.... 1,095,983 56,408 229,500 37,660 94,960 73,815 67,631 208,200 48,385 65,112 55,929 52,809 105,574 Bills bought in open market: '2 June 1 77,072 11,307 34,484 11,182 6,361 2,031 928 4,557 528 25 171 5,498 June 8 69,501 12,754 27,405 9,656 5,387 2.796 1,135 4,219 562 25 171 5 391 June 15 53,200 10,051 17,111 8,149 4,443 2; 993 1,108 4,924 372 25 171 3 853 June 22 39,488 9,146 10,600 6,089 3,231 2,038 1,225 3,590 272 25 1C9 2 503 U. S. bonds and notes: June 1 32,938 555 1,005 1,434 843 1,233 8,584 4,490 1,153 116 8,868 3,979 678 June 8 32,685 555 1,005 1,434 844 1,233 8,584 4,490 1,153 116 8,868 3,979 424 June 15 35, 066 555 3,130 1,734 844 1,233 8,739 4, 490 1,153 137 8,80S 3,979 204 June 22 33,729 555 1,848 844 1,233 8,747 4,490 1,164 122 8,868 3,979 809 U.S. certificates of indebtedness: One-year certificates (Pittman Act)—• June 1..... 226,875 18,936 55,276 26,780 21,799 9,260 14,564 36,112 12,068 8,480 9,320 3,400 10,880 June 8 225,375 18,936 55,276 26,780 21,799 9,260 14,564 36,112 12,068 8,480 8,320 3,400 10,380 June 15 222,375 18,936 54,276 26,780 21,799 9,260 14,564 36,112 11,568 7,980 8,320 2,900 9,880 June 22 222,375 18,936 54,276 26,780 21,799 9,260 14,564 36,112 11,568 7,980 8,320 2,900 9,880 All other- June 1 6,614 688 3,740 1,138 34 1 1 74 4 75 87 772 June 8 1,652 302 801 308 1 1 67 58 27 85 2 June 15 300, 513 18, 348 183, 000 19, 975 39,009 1,001 2,013 16, 915 10,139 32 79 2,000 8,002 June22 32,848 183 29,341 1,230 13 116 651 20 76 1 209 Total earning assets: Junel 2,269, 732 142, 599 639, 210 196,225 167, 316 118,155 126,663 355,450 96,003 74,662 100, 793 70,345 182,311 June 8 2, 225, 572 136, 777 591, 366 188, 240 175, 931 119,412 126, 578 356, 789 94, 588 81, 864 98,115 74,276 181.636 June 15 2, 318, 833 139, 371 671,618 195, 718 197, 568 113, 979 127,160 359,020 100,240 77, 321 94,130 70,880 171,828 June 22. ...,.,„ 2,082? 403 120, 725 509, 312 170,298 172, 909 112, 921 130,847 359, 888 93,468 80,006 97,320 72,134 162,575 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

868 FEDERAL RESERVE BULLETIN. JULY,1921. RESOURCES AND LIABILITIES OF EACH FEDERAL RESERVE BANK ON WEDNESDAYS, JUNE 1 TO 22, 1921— Continued. RESOURCES—Continued. [In thousands of dollars.] Total. Boston. Y N o e r w k. d P e h lp il h a i - a . C l l a e n v d e . - m R o ic n h d - . Atlanta. Chicago. Lo S u t. is. M ap i o n l n is e . - K C a i n ty sa . s Dallas. F c S i r s a a c n n o - . Bank premises: June 1 23,497 3,494 5,125 527 2,044 1,904 744 3,593 627 599 2,446 1,835 559 June 8 23, 842 3, 522 5,125 528 2,050 1,971 744 3,593 627 657 2,630 1,836 559 June 15 24,442 3,602 5,126 528 2,081 2,025 752 3,876 627 657 2,649 1,960 559 June 22 24, 717 3, 638 5, 252 529 2,170 2,046 752 3,876 627 657 2,649 1,962 559 5 per cent redemption fund against F. R. Banknotes: Junel 10, 427 772 2,108 700 1, 239 601 467 1,910 523 286 916 361 544 June8 10, 449 772 2,178 700 1,239 463 467 1,946 523 340 916 361 544 June 15 10,176 772 2,063 700 1,239 463 521 1,899 523 175 916 361 544 June 22 10,194 772 1, 983 700 1,239 463 593 1,825 523 275 916 361 544 Unconnected items: June 1 547, 094 46, 950 125, 047 48,200 49,178 41,192 17,965 75,914 29, 856 14,891 39, 831 23, 522 34, 548 June 8 541,495 47,084 116, 578 43,129 48,618 41,168 21, 976 68, 033 32, 584 15, 537 44, 520 27, 783 34, 485 JunelS 722, 766 59, 823 161,101 67, 426 68, 377 49,104 25,062 105, 849 34,138 18, 745 53, 024 25,353 54, 764 June22 564,105 48, 462 121,101 53,201 56, 761 46, 943 20, 303 76,110 27, 837 15, 219 41, 031 20, 587 36, 550 All other resources: June 1 15,114 569 3,135 648 862 1,151 722 2,301 641 213 514 2,086 2,272 Junes 13, 482 513 3,241 634 949 421 715 2,299 648 204 511 771 2, 576 JunelS 15, 338 574 4,406 831 999 547 748 2,496 645 229 542 649 2,672 June 22 14; 404 539 3,337 743 975 535 792 2,165 657 221 562 1,207 2,671 Total resources: June 1 5, 434, 689 448, 882 1,618. 912 419, 564 507, 056 237,180 241, 933 837,641 219, 543 134,067 220,871 136,309 412,731 June 8 5, 407, 386 443, 209 1, 614, 579 411,225 496, 931 239, 992 244, 414 819, 444 221, 405 141,002 221,654 141,018 412, 513 JunelS 5, 707,179 459, 231 1, 754,635 446, 457 528, 241 243, 399 247,252 864,913 226,449 139,109 229, 884 135,456 432,153 June 22 5, 315, 828 138,127 1, 574,667 410, 520 490, 464 238,676 243,065 810, 693 210, 930 139, 051 217,164 132, 374 410, 097 1 Includes bills discounted for other F. R. Banks: Junel 31, 848 5, 500 26, 348 June 8 25, 015 2, 500 22, 515 June 15 37, 458 7, 408 30, 050 June22 41, 737 4,125 37,612 1 1 LIABILITIES. Capital paid in: June 1 102,216 7,901 26,887 8,616 11,046 5,406 4,090 14,228 4,499 3,533 4,499 4,222 7,289 June8 102,066 7,901 26,894 8,616 11,046 5,403 4,094 14,230 4,500 3,533 4,349 4,222 7,278 June 15 102,156 7,911 26,894 8,616 11,047 5,413 4,095 14,249 4,498 3,550 4,355 4,218 7,310 June 22 102,177 7,911 26,896 8,616 11,047 5,412 4,097 14,261 4,503 3,551 4,347 4,218 7,318 Surplus: June 1 202,036 15,711 56,414 17,010 20,305 10,561 8,343 28,980 8,346 6,980 9,159 6,033 14,194 June 8 202,036 15,711 56,414 17,010 20,305 10,561 8,343 28,980 8,346 6,980 9,159 6,033 14,194 June 15 202,036 15,711 56,414 17,010 20,305 10,561 8,343 28,980 8,346 6,980 9,159 6,033 14,194 June22 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: June 1 36,283 1,977 15,351 2,310 1,089 1,352 2,294 6,891 1,224 i 1,334 1,863 June 8 38,057 2,061 15,908 2,389 1,215 1,440 2,396 7,197 672 1,286 1,481 2,012 June 15 39,057 2,115 16,358 2,497 1,294 1,461 2,450 7,397 717 1,299 1,494 1,975 June 22 40,400 2,201 16,665 2,602 1,435 1,547 2,549 7,605 787 1,369 1,557 2,083 Deposits: Government- June 1 32,353 2,463 4,635 911 4,660 2,608 1,510 6,367 2,332 1,527 1,712 234 3,394 June 8 20,261 717 1,552 3,892 1,091 1,355 1,157 3,121 1,482 1,681 | 1,645 804 1,764 June 15 14,597 107 209 1,303 165 1,078 870 717 1,371 1,183 I 6,012 1,070 512 June 22 17,957 476 950 427 1,098 1,406 3,630 1,386 1,108 1,900 i 946 2,901 1,729 Member bank— reserve account- June 1 1,656,581 107,933 664,213 98,131 135,647 51,083 44,931 237,048 58,831 39,540 69,707 44,843 104,674 June 8 1,684,075 107,757 682,686 96,724 137,054 53,216 42,922 233,958 60,919 45,758 70,010 44,585 108,486 June 15 1,866,455 117,907 789,073 105,406 155,958 52,545 45,161 258,537 64,985 42,459 72,281 44,230 117,913 June 22 1,647,709 105,156 665,765 96,690 130,810 SO,686 43,872 229,508 57,290 45,450 69,803 42,624 110,055 All other- June 1 31,456 1,039 14,332 1,299 735 431 371 2,280 791 496 482 373 8,827 June 8 30,721 782 13,799 1,183 765 437 344 2,456 658 657 693 379 8,568 June 15 48,175 1,483 23,728 1,954 1,746 543 449 4,828 1,292 798 1,301 558 9,495 June 22 31,581 927 13,616 1,303 980 480 381 2,631 798 497 808 399 8,761 Total deposits: June 1 1,720,390 111,435 683,180 100,341 141,042 54,122 47,812 245,695 61,954 41, 563 71, 901 45, 450 116,895 Junes 1, 735, 057 109,256 698,037 101, 799 138, 910 55, 008 44,423 239, 535 63, 059 48,096 72,348 45,768 118,818 June 15 1, 929,227 119,497 813, 010 108,663 157, 869 54,166 46, 480 264, 082 67,648 44,440 79, 594 45, 858 127,920 June 22 1,697, 247 106, 559 680,331 98,420 132, 888 52, 572 47,883 233,525 59,196 47,847 71, 557 45,924 120, 545 F. R. notes in actual circulation: June 1 2, 751,299 257, 700 715,951 230,413 267,955 126, 730 157,110 459, 808 107, 875 61, 230 82, 784 50,044 233,699 June 8 2, 710, 723 256, 525 696,928 228,216 263,451 125,345 157,318 454,846 104,963 60,677 81,532 49,191 231, 731 June 15 2,674,435 251,032 688,966 226,633 259, 509 122, 516 154,333 448, 997 104,272 59, 765 80,216 48, 213 229, 983 June 22 2,639,319 250,317 675,424 224,125 255,402 120,976 153,137 444, 851 102,499 59, 541 79,195 46, 642 227,210 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1921. FEDERAL RESERVE BULLETIN. 869 RESOURCES AND LIABILITIES OF EACH FEDERAL RESERVE BANK ON WEDNESDAYS, JUNE 1 TO 22, 1921 Continued. LIABILITIES—Continued. [In thousands of dollars.] i New Phila- Cleve- Rich- St. Kansas Total. | Boston. York. delphia. land. mond. Atlanta.1 Chicago. Louis. Citv. Dallas. ! i C F i r s a c n o - . F.R. Bank notes in circulation — Net liability: June 1 143,493 j 12,253 25, 093 11,968 18,294 6,173 10,422 i 21,197 ! G; 875 | 6,17912, 533 4,,898 7,608 June 8 141,054 ; 11,392 26,150 11,618 18, 021 6,186 10,439 I20,212 j 6,734 | 5,980 12,096 5,062 7,164 June 15 135,050 ! 10,856 24,335 11,078 17,477 6,172 10,442 19,356 I 6,242 i 5,31412,739 4,308 6,731 June 22 135,004 i 10,255 26,142 10, 522 17,070 6,021 10,208 18,594 ! 6,286 | 5,31613, 500 4,346 I 6, 744 Deferred availability items: i June 1 448,087 i 40,122 88,322 j 47,124 44,180 31,417 11,840 56,474 I 27,599 11, 990 37, 034 23,543 ! 28,442 June 8 447,357 ! 38, 558 86,878 i 39,744 40,787 34,611 16,349 49,938 ! 31,309 12,981 39,147 28, 527 j 28,528 June 15 594,207 | 50, 312 121,580 I 70,159 57, ,-)l5 41,623 20,048 77,197 i 32,914 16, 256 40, 818 24,608 1 41,177 June 22 467,928 43, 340 85,681 i 47,397 49,114 40, 030 15,731 ;57,970 I 27,474 12, 876 36,342 22,908 | 29, 065 All other liabilities: June 1 30,885 : 1,783 7,714 '• 1,7823,145 j 1,419 1,022 4,368 1,797 1, 368 1,627 2,119 I 2,741 June 8 31,036 1, 805 7,370 1,833 3,196 1,438 1,052 4,506 1, 822 1,469 1,542 2,215 I 2,788 June 15 31,011 1,797 7,078 : 1,8013,225 j 1,487 1,061 4, 655 1,812 1, 505 1, 509 2,218 ! 2, 863 June 22 31,717 1,833 7,114 1,828 3,203 i 1,557 1,117 4,907 1,839 1, 571 1,507 2 303 | 2, 938 Total liabilities: June 1 5, 434,689 448, 882 1,618,912 I 419,564 507,056 237,180 241,933 837,641 I 219,543 134,067 220, 871 136,309 ! 412,731 June 8 5', 407,386 443, 209 1,614,579 I 411,225 498,931 239,992 244,414 819,444 i 221,405 141,002 221,654 141,018 ! 412,513 June 15 5,707,179 459, 231 1,754,635 \ 446,457 528, 241 243,399 247, 252 864,913 j 226,449 139,109 229, 884 135,456 i 432,153 June 22 5, 315, 828 438,127 1,574,667 ! 410,520 490,4(54 238,676 243, 065 810,693 ! 210,930 139,051 217,164 132,374 I 410,097 MEMORANDA. Ratio of total reserves to deposit and F. R. note liabilities combined, percent: June 1 57.4 68.9 60.3 52.4 70.0 41.0 46.8 54.1 42.2 49.4 40.0 ! 54. 9 June 8 58.3 69.6 64.2 53.9 66.6 42.4 46.6 55.7 55.0 39.0 48.7 37.9 I 55. 0 June 15 56.8 68.8 60.6 54.1 61.8 43.7 46. 3 54.9 52.5 40.3 49.2 38.5 j 56.4 June 22 60.4 74.0 68. 9 57.4 66.0 43.7 44.7 54.1 54.3 39.7 49.5 39.0 I 59.6 Contingent liability as indorser on discounted paper rediscounted with other F. R. Banks: June 1. 31,848 I.. 11. 3 is 5,500 June 8 25,015 I... ,515 2.500 June 15 37,458 i.., 2:), 000 !... !,..., i 10,050 1 7.408 j June 22 41,737 21,775 j ,.,i I, ! 12,837 I j, 125; Contingent liability on bills purchased for foreign cor res p ondents: June 1 58,233 2 336 ',977 2,560 2,624 1,568 1,152 3,808 1,504 864 1,536 832 1,472 June 8 61, 718 2 336 ,462 2,560 2,624 1,568 1,152 3,808 1,504 864 1,536 832 1,472 June 15 61, 705 2,336 ,450 i 2,560 2,624 1, 568 1,152 3,808 1,504 884 1,536 832 1,472 Juno 22 61, 705 2,336 ,449 2,580 2,624 1, 568 1,152 3,808 1,504 864 1,536 832 1,472 MATURITY DISTRIBUTION OF BILLS AND CERTIFICATES OF INDEBTEDNESS HELD BY ALL FEDERAL RESERVE BANKS COMBINED. [In thousands of dollars.] Total. Wi d t a h y in s. 15 16 d a to y s 3 . 0 3 d 1 a t y o s 6 . 0 61 d a to y s 9 . 0 O d v a e y r s 9 . 0 Bills discounted: June 1 1,926,233 1,183,810 192,155 283,352 191,833 75,083 June 8 1,896,359 1,150,725 186,586 294,204 188,961 75,883 June 15. . 1,707,679 986,528 186,993 261 852 190 103 82 203 June 22 . 1,753,963 1,006,319 184,746 267,860 210,194 84,844 Bills bought in open market: June 1 . .. 77,071 47,069 15,279 12,806 1,917 June 8. 69,501 39,3.r3 15,317 11,060 3,771 June 15 53,200 28,520 10,781 10,237 3,662 June 2*?. 39,488 21,019 7'668 7 788 3 013 United States certificates of indebtedness: June1 233,489 6,430 4,500 10,629 22,118 189,812 June 8 227,026 2,955 5,400 11 340 22 547 184 784 June 15 522,888 301,500 3,947 13,120 25,736 178 585 J une 22 255,223 25,337 4,304 16,172 52,340 157,070 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

870 FEDERAL RESERVE BULLETIN. JULY, 1921. FEDERAL RESERVE NOTES. FEDERAL RESERVE AGENTS' ACCOUNTS ON WEDNESDAYS, JUNE 1 TO JUNE 22, 1921. Total. B to o n s- . Y N o e r w k - . d P el h p i h la ia - . 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 ty s . as Dallas. F c S i r s a a c n n o - . RESOURCES. F. R. notes on hand: June 1 798,873 92, 530 268,000 21,420 41,040 21,949 71,132 165,740 28,680 12,025 4,380 28,037 43,940 June 8 802,130 95,410 271,201 21,420 41,721 21,569 70,782 169,400 27,480 11,760 3,580 27,067 40,740 June 15 807,137 96, 830 271,200 21,420 42,640 22,168 70,237 169,960 27,480 12,815 4,580 27,067 40,740 June 22 804,533 95,030 271,200 21,420 42,640 21,209 72,247 170,600 28,320 12,760 4,180 27,187 37,740 F. R. notes outstanding: June 1 3, 080,993 272,517 853,459 243,625 289,306 131,599 165,603 501,216 128,680 63,723 91,: 52,768 286,614 June 8 3,073, 599 272, 565 852,154 248,457 287,121 131,765 164,942 497,697 128,376 62,405 91,088 52, 780 284,249 June 15 3,030,050 269, 554 836,448 245,156 283,615 128,515 162, 258 496,252 125, 765 61,865 89,611 51,741 279,272 June 22 3,002,088 264,200 829,765 241, 305280,919 127, 363 159,259 493,693 125,741 61,855 87,862 50,103 280,001 Collateral security for F. R. notes outstanding: Gold and gold certificates— June! 343,852 5,600 286.924 23,775 3,500 6,110 13,052 4,891 June 8 345,093 5,600 286.925 23,775 3,500 6,110 13,052 6,131 June 15 345,093 5,600 286,925 23,775 3,500 6,110 13,052 6,131 June 22 345,093 5,600 286,925 23,775 3,500 6,110 13; 052 6,131 Gold redemption fund— June 1 126,000 15,460 22,968 17 369 16,214 2, 4,615 15,357 3,136 1.645 2,787 4,220 19,335 June 8 116, 727 19,988 22,596 12! 200 14,729 2,680 4,605 13,338 2,631 1,562 3,191 3,262 15,945 June 15 121,141 14,397 22,227 12,900 14,983 2,030 4,374 17,452 2,020 2,797 3,714 4,223 20,024 June 22 128, 760 27,243 21,885 14, 04S 14,787 4,818 2,386 15,714 2,796 2,052 3,566 2,705 16,760 Gold settlement fund-F. R. Board- June 1 1, 007,813 150,000 101,000 90,389 155,000 41,000 61,000 212,644 50,031 5,200 28,360 2,234 110,955 JuneS 998, 538 140,000 101,000 105,389 155,000 38,000 59,000 206,644 43,331 5, 200 30,360 6,234 108,380 June 15 1,084, 583 160,000 151,000 115,389 155,000 35,000 59,000 214,645 45,431 5, 200 30,360 4,234 109,324 June 22 1,124,275 150,000 201,000 105,389 150,000 29,000 55,000 227,644 45, 331 5,200 29,360 4,234 122,117 Eligible paper— Amount required- June 1 1,603,328 101,457 442,567 135, 867 94,317 87,705 96,488 273,215 69,403 43,826 60,736 i 41,423 156,324 June 8 1,613,241 106,977 441,633 130,868 93,617 91,085 97,837 277,715 76,304 42,591 57,537i 37,153 159,924 June 15 1,479,233 89,557 376,296 116,867 89,857 91,485 95,382 264,155 72,204 40,816 55,537= 37,153 149,924 June 22 1,403,938 81,357 319,955 121, 868 92,357 93,545 98,373 250, 335 71, 504 41,551 54,936 37,033 141,124 Excess amount held— June 1 328, 398 20,963 99, 342 4,753 49,868 17,845 7,006 41,392 13,255 20,360 21,728 20,679 11,207 June 8 295,747 10,007 57,537 13,715 59,033 15,745 5,555 38,375 4,869 29,642 23,283 28,934 9,052 June 15 211,315 11,975 19,106 2,504 45,759 6,457 37,167 4,999 27,299 21,317 24,367 1,799 June 22 328,739 19,694 68,561 776 57,836 6,168 9,140 68,767 8,297 29,220 25,095 27,820 7,365 Total resources: June 1 7, 289,257 658, 5272,074,260 513,423 669,520 302,992 409, 3441,209, 564299,295 159,831 209, 874154,252 628,375 JuneS 7,245, 075 650, 5472,033,046 532,049 674,996 300,844 406,221 1,203,169 289,101 166,212 209,039 161, 561618,290 June 15 7,078,552 647,913 1,963,202 514, 236655,629 287,764 401,206 1,199,631 284,009 163,844 205,119 154,916 601,083 June 22 7,137,404 643,124 1,999,291 504, 808662,314 282,103 399,905 1,226,753 288,099 165,690 204,999 155, 213605,107 LIABILITIES. Net amount of F. R. notes received from Comptroller of Currency: June 1 3,879,866 365,047 1,121,459 265,045 330,346 153,548 236,735 666,956 157,360 75,748 96,263 330,554 June 8 3,875,729 367,975 1,123,355 269,877 328,842 153,334 235,724 667,097 155,856 74,165 79,847 324,989 June 15 3,837,187 366,384 1,107,648 266,576 326,255 150,683 232,493 666,212 153,245 74,680 94,191 78,808 320,012 June 22 3,806,599 359,230 1,100,965 262,725 323, 559148,572 231,506 664,293 154,061 74,615 92,042 77,290 317,741 Collateral received from F. R. Bank: Gold- June 1 1,477,665 171,060 410,892 107,758 194,989 43,894 69,115 228,001 59,277 19,897 31,147 11,345 130,290 June 8 1, 460,358 165,588 410, 521117,589 193,504 40,680 67,105 219,982 52,072 19,814 33, 551 15,627 124,325 June 15 1,550,817 179,997 460,152 128,289 193,758 37,030 66,874 232,097 53,561 21,049 34,074 14,588 129,348 June 22 1, 598,128 182, 843 509,810 119,437 188, 562 33,818 60,888 243,358 54,237 20,304 32,926 13,070 138, 877 Eligible paper- June 1 1,931,726 122,420 541,909 140,620 144,185 105,550 103,494 314,607 82,658 64,186 82,464 62,102 167, 531 June 8 l,908,98S 116,984 499,170 144, 583152,650 108,830 103,392 316,090 81,173 72,233 80,820 66,087 168,976 June 15 1,690,548 101, 532 395,402 119,371 135,616 100,051 101,839 301,322 77,203 68,115 76,854 61,520 151,723 June 22 1, 732,677 101,051 388,516 122,644 150,193 99,713 107, 513 319,102 79, 801 70, 771 80,031 64, 853148,489 Total liabilities: June 1 7,289,257 658,527 2,074,260 513,423 669, 520302,992 409, 344 1,209,564 299,295 159,831 209,874 154,252 628,375 June 8 7,245,075 650,547 2,033,046 532,049 674,996 300,844 408,221 1,203,169 289,101 166,212 209,039 161,561 618,290 June 15 7,078,552 647,913 1,963,202 514,236 655,629 287,764 401,206 1,199,631 284,009 163,844 205,119 154,916 601,083 June 22 7,137,404 643,124 1,999,291 504,806 662,314 282,103 399,905 1,226,753 288,099 165,690 204,999 155,213 605,107 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY, 1921. FEDERAL RESERVE BULLETIN". 871 CONDITION OF MEMBER BANKS IN LEADING CITIES. Loan liquidation at reporting member banks largely commercial and industrial paper, show continued during the four weeks ending June liquidation for the four weeks of about $170,- 15 at about the same rate as during the pre- 000,000, practically all of which occurred durceding five weeks, the total liquidation for the ing the first three weeks. No significant most recent period being about $219,000,000. changes are shown in member bank holdings Owing to the fact that June 15 was the date on of United States bonds and Victory notes, which extensive Government operations in connection with the redemption of tax certificates MOVEMENT OF and the issue of new Treasury certificates and PRINCIPAL ASSETS AND LIABILITIES three-year notes were effected, the developments OF REPORTING MEMBER BANKS for the last week of the review period are differ- 1920-1921 ent from the general trend during the preceding three weeks, and the discussion of the changes i ACCOMMGDATION AT FEDERAL RES*vRVEBANKS 2 U.S. OBLICJATIONS AND LOANS SECURED THERE*JY in the leading resources and liabilities may be 3 NET DEMAND DEPOSITS divided into two distinct periods: May 18 to A TOTAL LO>\NS AND DISCOUNTS 5 TOTAL LO>\NS AND INVESTMENTS June 8, and June 8 to June 15. BILLIONS BILLIONS Following is a table showing changes in the OF OF DOLLARS DOLLARS condition of member banks for the last four weeks, and a chart summarizing these changes 18 18 for 1920 and 1921 to date: 17 A" "A" A hr 17 MOVEMENT OP PRINCIPAL ASSETS AND LIABILITIES OP \ REPORTING MEMBER BANKS. 16 V 16 V [In millions of dollars.] S 15 15 May 18. May 25. June 1. June 8. June 15. 14 14 Number of reporting banks 821 820 818 818 817 13 13 Loans and discounts:* V Secured by U. S. S l a G e i n g c o u d a v r t e i e b o d r o n n n m s b d e y s n t s ( o to th o ck b er s - 715 707 704 666 657 1 1 1 2 A A* A% A•"* -A 3 _ r- 1 1 1 2 than TJ. S. Gov- •s e ti r o n n m s) ent obliga- 3,017 3,020 3,037 3,017 3,026 10 A* 10 Allother 8,365 8,302 8,244 8,195 8,195 Total loans and 9 9 discounts * 12,097 12,029 11,985 11,878 11,878 U.S. bonds 871 870 863 859 '868 U. S. Victory notes 188 188 187 185 178 8 8 U. S. Treasury notes 152 U. S. certificates of indebtedness 236 203 184 168 265 7 7 Other bonds, stocks, and securities 2,055 2,056 2,068 2,089 2,077 6 6 Total loans and discounts, and investments 1... 15,447 15,346 15,287 15,179 15,418 5 5 Reserve balance with F.R.Bank 1,254 1,252 1,258 1,281 1,443 4 4 Cash in vault 326 326 318 337 318 T N i e m t e d e d m ep a o n s d it s deposits... 1 3 0 , ,1 0 5 4 6 5 1 3 0 , , 0 15 5 3 3 1 2 0 , ,2 9 7 3 6 6 1 2 0 , , 9 2 3 1 1 3 1 2 0 , ,3 9 8 4 4 3 3 \ 3 Government deposits... 248 139 74 26 411 \.-A, v>- "-^ 2 Bi c ll o s u p n a ts y ab w le it h an d F r . e d R is . - 2 / \* •/• J 2 Bank, total 1,314 1,329 1,385 1,358 1,168 1 •\ Secured by U. S. 1 1 Government obligations 544 560 539 516 433 All other 770 769 846 842 735 n Ratio of accommoda- MONTH 4. f. M. A. M. J. J. A. S. ON D.J. F MA. M. J. J. A. S. O. N. D. MONTH tion at F.R.Bank to total loans and in- YEAR 1920 1921 YEAR vestments 8.5 8.7 9.1 8.9 7.6 while their holdings of Treasury certificates, 1 Including bills rediscounted with F. R. Bank. which had declined from $236,000,000 on May Loans secured by Government obligations 18 to $168,000,000 on June 8, increased to show a decline of about $58,000,000 for the $265,000,000 on June 15. At the same time four-week period, while loans secured by the June 15 statement shows holdings of corporate stocks and bonds increased by $152,000,000 of United States Treasury threeabout $9,000,000. All other loans, representing year notes, which were issued for the first time Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

872 FEDERAL RESERVE BULLETIN. JULY,1921. on that date, and are carried as a separate Government deposits were rapidly withitem in the reports. Member bank invest- drawn from depositary institutions during the ments in bonds, stocks, and securities other first three weeks of the period, and on June 8 than those of the United States Government stood at $26,000,000, but on June 15, as the show a moderate increase of $22,000,000 for the result of credit given the Crovernment on the four weeks. As a consequence of these changes, books of member banks for new issues of certotal loans and investments of the reporting tificates and notes allotted, the Government member banks showed a decrease of $268,- account shows an increase to $411,000,000. 000,000 for the first three weeks of the period Other demand deposits (net) show an increase under review, followed by an increase of $239,- of $57,000,000 for the first three weeks and an 000,000 for the most recent week. At the end increase of $171,000,000 for the week ending of the period total loans and investments of June 15, these increases largely representing member banks stood at $15,418,000,000, as balances built up by customers to meet their compared with $15,447,000,000 four weeks income and excess profits tax checks. Time earlier, and $16,921,000,000 on June 18 of the deposits show a decline of about $102,000,000 past year. Total liquidation for the year thus for the period, apparently following the withamounts to approximately $1,500,000,000, or drawal of a similar amount previously held about 9 per cent. among time deposits for the purpose of meeting Accommodation of member banks at the corporate obligations maturing early in June. Federal Reserve Banks showed increases for Reserve balances with the Federal Reserve the first two weeks of the period, followed by a Banks increased by about $27,000,000 during moderate reduction during the third week, and the first three weeks of the period, and showed a large decline during the latest week, when an increase of $162,000,000 for the most recent redemption by the Treasury of tax certificates week. This large increase represents credit enabled the member banks to reduce by $190,- given to member banks on the books of the 000,000 their borrowings from Federal Re- Federal Reverse Banks in connection with the serve Banks. The ratio of accommodation at redemption by the Treasury of June 15 tax Federal Reserve Banks to total loans and in- certificates, and withdrawn by the former only vestments of reporting members, which had during the following week.* Cash in vault, risen from 8.5 per cent on May 18 to 9.1 per-after increasing from $326,000,000 on May 18 cent on June 1, declined to 8.9 per cent on to $337,000,000 on June 8, showed a decline to June 8 and to 7.6 per cent on June 15. $318,000,000 on the latest report date. PRINCIPAL RESOURCES AND LIABILITIES OF MEMBER BANKS IN LEADING CITIES ON WEDNESDAYS, FROM MAY 25 TO JUNE 15, 1921. ALL REPORTING MEMBER BANKS IN EACH FEDERAL RESERVE DISTRICT. [In thousands of dollars.] Boston. la A n t t - a. Chicago. Lo S u t. is. n M o e l a i i n s p . - - | K C a i n ty sa . s] Dallas. c F S is r a a c n n o - . Number of reporting banks: May 25 820 11., 37: 52 68 June 1 818! 1131 37. 52 68 JuneS 81S| 113 37! 52 68 June 15 817 113 37 52 68 Loans and discounts, including bills rediscounted i with F. R. Bank: | Secured by U. S. Government obligations— May 25 706, 38,333 310,626 j 74,691 62,803 25,910 20,701 83,142! 19,938; 13,218! 22,009' 6,922 28,636 Junel 703, 37,598 308,669| 73,458 61,709 26,021 19,970 85,820 20,331: 12,960j 21,652! 6,954 28,639 JuneS 665, 38,595 274,0761 71,916 61,445 25,179 19,616 82,949 20,780: 12,773' 21,3261 6,738 30,336 June 15 i 656, 37,629 266,699! 72,861 60,878 25,162 19,459 83,341 20,296 12,458 21,358 6,861 29,545 Secured by stocks and j bonds (other than U. S. Government j obligations)— May 25 3,020,089 196,250 1,267,1571 194,385 335,646 112,994 55,421 446,555 117,633! 32,468! 73,117 38,140 150,323 Junel 3,036,969 193,820 1,290,325! 193,725 337,790| 113,137 55,594 440,675 117,804 35,717 71,879 37,727 148,776 June 8 3,017,433; 195,766 1,262,419| 190,586 341,050' 112,155 53,969 449,780 117,847 34,648 71,847 38,771 148,595 June 15 3,026,528J 196,225 1,272,414! 189,094 339,570 111,578 53,134 452,354 117,496! 34,081 71,276 38,606 150,700 All other- May 25 8,301,752' 620,848 2,822,036| 385,899 671,920; 330,336 307,865! 1,252,687! 318,252! 228,895' 382,633 219,340 761 041 Junel 8,244,381! 618,456 2,788,592: 386,740 666,590; 326,776 307,090' 1,253,966 314,345! 225,825: 384,707 216,6941 754,600 June8 8,194,531! 613,008] 2,764,133: 381,309! 665,8631 333,353 295,895: 1,249,885 312,872; 228,7661 381,620! 216,319 751 510 June 15 8,194,848i 611,656 2,745,209: 376,7521 670,663! 333,574 307,603! l,249,653j 315,857! 234,510 381,350; 213,013 755,008 Total loans and discounts, including bills rediscounted withF. R. Bank: May25 12,028, 855,431! 4,399,819 654,975! 1,070,369! 469,240 383,987 1,782,384 455,823i 274,581| 477,7591 264,402! 940,000 Junel 11,985, 849,874!4,387,586! 653,923; 1,066,089! 465,934 > 274,502 478,238] 261,375] 932,015 June 8 11,877, 847,367!4,300,628| 643,811 1,068,358! 470,687 ),441 June 15 111,877, 845,510!4,284,3221 638,7071 1,071,1111 470,314 ,253 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY, 1921. FEDERAL RESERVE BULLETIN. 873 PRINCIPAL RESOURCES AND LIABILITIES OF MEMBER BANKS IN LEADING CITIES ON WEDNESDAYS, FROM MAY 25 TO JUNE 15, 1921—Continued. ALL REPORTING MEMBER BANKS IN EACH FEDERAL RESERVE DISTRICT- 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 la le n v d e . - m R o ic n h d - . l • a A n t t - a. Chicago. Lo S u t. is. n M o e l a i i n s p . - - K C an it s y a . ." Dallas. F c S i r s a a c n n o. - U. S. bonds: May 25 870,185 33,224 308,844 46,143 98,842 60,669 39,693 72,101 27,587 16,309 32,654 32,677 101,442 June 1 863,217 33,071 308,303 46,573 98,994 60,537 34,085 72,629 25,832 16,299 31,876 33,017 101,971 June 8 859,401 34,478 306,194 46,611 99,141 59,320 31,462 72,360 26,431 16,216 32,503 32,851 101,834 June 15 867,561 34,665 306,671 46,533 101,723 59,294 32,159 73,053 26,715 16,602 32,61." 32,730 104,801 U. S. Victory notes: May25 188,234 6,053 84,259 8,572 21,086 6,657 3,027 33,886 2,145 1,380 2,98: 1,238 16,950 June 1 186,412 6,058 83,749 8,286 20,845 6,071 3,131 33,431 2,027 1,360 3,234 1,228 16,992 June 8 184,533 5,854 82,843 8,749 20,362 5,832 2,997 33,079 2,076 1,365 3,117 1,228 17,031 June 15 178,392 5,878 80,841 7,661 18,563 5,158 2,858 32,830 2,0611 729 2,931 1,231 17,651 U. S. Treasury notes: May 25 June 1 June 8 June 15 152,485 9,621 85,682 22,979 9,377 17,986 1,935 4,905 U. S. certificates of indebtedness: May25 203,422 8,360 92,175 17,732 14,578 5,2 2,238 29,820 1,975 2,825 7,237 1,888 19,295 Junel 184,086 7,383 85,250 16,138 13,873 3,773 1,899 26,270 720 1,046 6,462 1,885 19,387 JuneS 168,434 5,328 82,298 9,809 10,883 2,854 1,689 26,056 1,003 798 6,373 1,901 19,442 June 15 265,099 11,229 144,477 24,493 10, 809 6,631 2,303 24,826 3,305 6,548! 7,025 4,338 19,115 Other bonds, stocks, and securities: May 25 2,055,431 128,648 732,936156,824 282,788 50,025 36,584 349, 830 67,051 19, 502 47,968 9,959 173,316 Junel 2,067,791 128,692 744,410157,362 284,023 50,264! 35, 876 351,587 66,694 20,190 46,828 9,979 171,886 June 8 2,088,765 130,906 751,814159,863 285,576 50,810 36,296 354,312 67,555 20,478 47,355 10,778 173,022 June 15 2,076,908 130,825 743,261157,607 286,617 50,429j 37,060 354,453 67,311 20,925 48,""" 11,721 168,613 Total loans and discounts and investments, including bills rediscounted with F. R. Bank: May 25 15,346,0421,031,716 5,618,033 884,246 1,487,663 591, 890 465,529 2,268,021 554.581 314,597j 568,599 310,164 ,251,003 Junel 15,286,63177 1,025,0785,609,298 882,282 1,483,824 586,579 457,64512,264,378 547,753 813,397 566,638 307,514 ,242,251 June 8 15,178,82 ;; 5,523,777 868,843 1,484,320 589,503 441,924 2,268,421 548,564 815,044 564,141 308,58. ,241,770 June 15 15,418,3661,037,728 5,645,254 897,980 1,498,200 591, r~ 454,576 2,288,496 554,976 325,851 569,546 308,50& ,245,433 Reserve with F. R. Bank: May 25 1,251,717 74,542 599,418 58,170 89,777 32,457 27,036 178,968 40,33, 14,827 40, 22,655 72,657 Junel 1,257,617 74,902 609,944 60,748 90,756 30,252 28,480 176,614 37,242 16,696' 40,590 22,649 68,744 JuneS 1,281,294 74,076 627,446 58,458 93,094 32,272 26,045 173,674 39,309 21,531 40,944 21,711 72,734 June 15 1,442,890 79,986 729,7!" 67,569 105,044 31,324 25,637 197,204 42,687 18,113 42,507 21,687 81,410 Cash in vault: May 25 326,340 22,715 110, 833 19,123 30,953 16,544 9,661 54,70G 7,300 6,756 12,847 9,935 24,967 Junel 318,165 22,846 106,161 17,066 30,158 15,148 9,413 56,060 7,699 6,477j 12,496 9,649 24,992 June 8 336,725 23,068 115,050 19,351 31,535 16,544 10,300 57,552 8,211 7,000 12,581 10,392 25,141 June 15 318,117 22,™ 106,867 18,277 30,433 15,421 j 9,909 55,360 7,995 6,118 12,369 9,62f 23,657 Net demand deposits: May 25 10,153,356 730,446 4,570,871 627,875 828,443 302,150 219,224 1,287,108 299,108 165,443 370,911 197,744 554,033 June 1 10,276,490 732,921 4,703, 650621,630 817,618 305,337 217,378 1,300,378 286,393 176,2881 367,794 196,344 550,759 June 8 10,212,589 721,109 4,645,""* 621,181 818,890 302,343! 214,343 1,297,345 292,034 178,570; 370,453 195,628 555,612 June 15 10,383,""" 735,974 4,737,811 622,920 826,022 305,984 217,715 1,319,954 299,816 176,5001 369,409 195,361 576,522 Time deposits: May 25 3,053,345 177,660 539,017 41,417 453,600 120,885 146,016 656,642 143.582 71,463 104,330 61,359 537,374 J J u u n n e e 8 1 2 2 , , 9 93 3 5 1 ; , 3 5 1 7 0 8 1 1 7 7 6 7 , , 5 47 8 7 8 4 4 4 4 3 3 , , 1 2 9 2 6 4 4 4 1 1 , , 5 0 1 6 1 5 4 4 2 2 8 7 , , 9 8 1 9 0 9 1 1 2 2 0 0 , , 9 0 0 6 7 6 1 14 4 5 6 , , 1 8 3 8 7 1 6 6 5 5 6 7, , 2 0 3 4 9 8 1 14 4 3 3 , , 1 8 ' < 6T~7 73 1 , , 4 5 3 0 6 5 : 1 1 0 0 4 5 , , 4 9 9 5 4 5 ! 6 6 1 1 , ,6 5 7 9 7 4 5 5 4 3 1 3, , 9 5 8 3 3 0 June 15 2,942,901 176,689 446,994 41,468 430,102 119,926 146,014 658,526 142,997 73,448 106,324 61,022 539,391 Government deposits: May 25 139,421 11,447 61,554 13,912 14,037 3,593 1,206 15,128 4,516 4,1841 3,202 1,460 5,182 June 1 74,221 6,103 32, »36 7,406 7,628 1,939 550 7,977 2,516 2,23l! 1,711 649 2,705 June 8 25,526 2,131 11,425 2,582 2,603 682 174 2,559 84r 773 602 25E 897 June 15 410,608 34,642 267,841 54,889 5,473 11,297 2,323 2,797 7,042 8,355 4,839 4,160 6,950 Bills payable with F. R. Bank: Secured by U. S. Government obligations— May 25 396,235 14,330 139,209 43,510 25,072 28,918 23,256 56,093 15,547 4,139 10,233 4,028 31,900 June 1 400," " 14,090 148,465 40,869 29,858 27,0(i8 15,017 51,129 15,301 2,587 9,808 33,056 June 8 389,552 10,336 138,397 45,706 35,785 26,957 15,466 52,886 15,644 4,233 9,455 3^831 30,856 June 15 321,826 9,141 106,752 44,222 15,466 25,581 14,648 50,155 14,949 4,388 8,622 4;473| 23,129 All other- May 25 2,033 35 80 220 53 1,205 440 June 1 2,177 35! 75 248 53 1,318 448 June 8 2,311 35 100 75 53 1,930 118 June 15 2,882 35 500 375 53 1,850 Bills rediscount ed with F. R. Bank: Secured by IT. S. Government obligations— May 25....'. 163,726 79,576 33,243 6,566 2,611 5,844 14,061 3,467 596 4,449 Juiio 1 137,746 8,145 55,139 32,926 6,404 2,842 6,118 13,857 3,441 589 4,465 June 8 126,671 9,994 44,142 31,654 6,162 2,465 5,338 14,154 3,430 361 5,182 June 15 111,440 7,674 38,376 26,408 6,046 2,676 5,201 13,527 3,575 453 4,367 All other- May 25 767,307 45,845 234,743 28,933 71,209 44,612 27,874 140,454 31,403 35,511 13,686 62,330 Junel 843,847 60,015 275,698 36,533 79,736 41,141 31,377 141,604 37,352 35; 850 11,786 60,852 June 8 839,583 59,508 263,484 33,122 83,437 44,618 31,199 144,201 35,927 35,549 12,785 64,655 June 15 731,975 43,581 200,740 29,676 87,358 43, 874 27,357 132^ 986 32,392 32,333 11,967] 58,318 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

874 FEDERAL RESERVE BULLETIN. JULY, 1921. PRINCIPAL RESOURCES AND LIABILITIES OF MEMBER BANKS IN LEADING CITIES ON WEDNESDAYS, FROM MAY 25 TO JUNE 15, 1921—Continued. MEMBER BANKS IN FEDERAL RESERVE BANK CITIES. [In thousands of dollars.] New Phila- Cleve- Rich- St. Min- Kansas San Total. Boston. York. del- land. mond. Louis. neap- City. Dallas. Franphia. olis. cisco. Number of report ing banks: May 25 284 26 15 June 1 283 15 June 8 283 15 June 15 , 282 15 Loans and discounts including bills rediscounted withF.R. Bank: Secured by U. S. Government obligations— May25 518,107 31,997 286,275 71,632 17,998 6,318 3,126j 59,206 11,81' 8.531 6,476 1,695 13,034 June 1 515,350 31,168 284,144 70,41.8 16,841 6,275 2,982 62,0801 12,192 8,238 6,350 1,691 12,971 JuneS 479,013 31,993 249', 096 68, 781 16,747 6,253 3,02l! 59,723 12,466 8,398 6,547 1,617 14,371 June 15 470,945 31,353 242,266 69, 714 16,057 6,139 2,975! 60,686! 12,239 8,078 6,375 1,564 13,499 Secured by stocks and bonds (other than U. S. Government obligations)— May 25 2,112,326 150,406 1,104,443 175,426 129,929 15,247 9,289 324,370 86,188 15,912 26,792 9,430 64,894 June 1 2,127,847 147,455 1,126,611 174,797 129,867 15,519 9,273 320,281 86,009 17,036 26,619 9,234 65,146 June8 2,107,661 149,384 1,099,698 171,771 131,748 15,436 9,298! 327,749 86,298 14,926 27,000 9,436 64,917 June 15 2,118, 836 149,640 1,110,053 170,216 131,358 15,427 9,449! 330,260 86,676 14,551 26,208 9,249 65,749 All other- May 25 5,414,075 479,911 2,514,819 351,401 274,946 69,355 53,051i 799,509 200,573 106,839 137,126 58,393 368,152 June 1 5,375,749 477,923 2,483,340 351,755 275,032 69,101 52,943 S 801,318 195,992 105,992 138,994 57,753 365,606 June 8 5,335,941 471,541 2,458,860 346,885 277,283 69,611 52,7711 802,432 195,097 109,136 133,882 57,129 361,314 June 15 5,319,192 469,366 2,441,348 341,903 278,150 70, 753 53,344| 800,551 197,132 112,220 135,666 55,46f 363,297 Total loans and discounts including bills rediscounted with F. R. Bank: May 25 8,044,508 662,314 3,905,537 598,459 422,873 90,920 65,466: 1,183,085 298,580 131,282 170,394 69,518 446,080 Junel 8,018,946 656,541 3,894,095 596,970 421, 740 90, 895 65,19S| 1,183,679 294,19~ 131,266 171,903 68,678 443,723 JuneS 7,922,615 652,918 3,807,654 587,437 425,778 91,300 65,090 •' 1,189,904 293,861 132,460 167,429 68,182 440,602 June 15 7,908,973 650,359 3,793,66" 581,833 425,565 92,319 65,708; 1,191,497 290,047 134, 849 168,249 66,275 442,545 U. S. bonds: May 25 442,329 9,794 264,104 34.175 8,312 7.262 4,362; 20,089 12,957 4,442 10,717 6,426 60,689 June 1 441,007 9,758 263,269 34', 503 8,314 7,264 4,3f.2i 20,331 11,186 4,424 9,976 6,676 60,944 JuneS 440,180 9,790 261,445 34,622 8,403 7.263 4,357| 20,286 11,716 4, 384 10,651 6,426 60,837 June 15 443,917 10,017 261,721 34,539 8,521 7,264 4,3591 20,4(50 11,705 4,782 10,817 6,42f 63,306 U. S. Victory notes: Kay 25 105,897 546 74,633 5,277 2,069 181 65] 13,209 44; 603 31 8,288 June 1 104,737 552 74,125 4,991 1,995 181 65! 12,791 323 550 814 31 8,319 June 8 104,060 543 73,384 5,451 I,""" 182 70! 12,508 360 550 717 31 8,469 June 15 101,922 566 72,083 4,469 1,752 701 12,624 409 221 511 31 9,004 U. S. Treasury notes: May 25 June 1 June 8 June 15 126,824 6,171 82,706 22,421 28' 10,393 1,525 3,321 U.S. certificates of indebtedness: May 25 134,995 2,314 86, 862 15,914 937 453 2151 13,208 1,327 1, 731 1,677 819 9, 5381 Junel 121,082 1,843 79,865 14,389 915 404 2151 11,596 163 731 934 816 9,211 June 8 110, 803 1,465 77,163 7, "~~ 587 270 215 11,054 771 473 871 832 9,095 June 15 198,613! 7,263 138,589 22,874 823 614 65 10,324 2,853 2,252 2,581 3,038 7,337 Other bonds, stocks and securities: May 25 1,127,374 53,52: 559,78: 127,110 70,99S 4,260 3,215 147,065 42,338 8, 501 11,344 3,272 95,962 Junel 1,138,607 53,05' 570,053 127,657 71,39~ 4,223 3,275 147, 737 42,539 8,436 11,179 3,277 95,777 June 8 1,151,276 55,03! 575,994 130,092 70,56' 4,263 3,248 149,761 42,874 8,495 11,345 3,629 95,976 June 15 1,137,380 55,66' 567,581 127, 540 71,45' 4,504 3,280 148,974 43,122 8,723 1111,339999 4,529 90,604 Total loans and discounts and investments, including bills rediscounted with F. R. Bank: May 25 9,856,103 728,490 4,890,923 780, 935 505,189 103,076 73, 323 1,376,656 355,64' 146, 506 194,735 80,066 620,557 June 1 9,824,379 721, 7564, 881,407778,510 504,361 102,967 73,115 1,376,134 348,404 145,407 194,866 79,478 617,974 June8 9,728,934 719, 7484,795,640 765,599 507,130 103,278 72,980 1,383,523 349,582 146,362 191,013 79,100 614,979 June 15 9,917,629 730,043 4,916,347 793,676 508,405 104,883 73,542 1,394,272 355,66: 150, S27 196,;""" 80,299 612,796 Reserve with F. R. Bank: May 25 918,150 60,090 553,973 52,750 22,997 5,831 4,626 130,534 29,663 5,876 14,359 6,167 31,284 June 1 921,993 60,117 561,141 54,565 27,710 5,142 5,517 126,1S3 26,276 7,917 13,653 5,257 28,515 June 8 947,761 58,865 580,922 53,549 27,480 4,944 4,952 125,361 28, 587 11, 722 14,870 4,574| 31,935 June 15 1,075,819 63,465 680,880 60,401 30,272 4,783 4,608 132,863 31,407 8,010 14,617 6,007 38,506 Cash in vault: May 25 189,371 13,50' 97,721 14,973 8,008 1,131 1,664 31, 89; 3,530 2,102 3,213 1,628 9,997 June 1 183,515 13,72' 92, 804 13,410 8,262 l,0S3 1,649 32,252 3,894 2,086 3,228 1,494 9,626 June 8 194,045 13,77^ 100,829 15,179 7,9S6 1,070 1,846 32,907 4,006 2,322 3,170 1,655 9,298 June 15 184,299 12,829 94,493 14,873 8,376 1,091 1,731 31,520 4,159 2,093 2,999 1,468 Net demand deposits: May 25 7,117,434 569,826 4,086, 781547,530 205,065 45,247 34,889 905,302 205,225 75.410 134,764 53,741 253,654 June 1 7,230,452 571,414 4,216,969 541,119 200,948 44,868 35,577 913,941 190,749 77^ 825 132,145 53,879 251,018 June 8 7,167,499 560,700 4,161,712 540,725 199,501 44,020 35,647 908,260 195,257 81,054 132,709 52,160 255,754 June 15 7,300,302' 575,021 4,248,231 542,541 206, 703 44,402 37,070 910,202 204,562 78,745 134,993 52,083 265,749 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

, 1921. FEDERAL RESERVE BULLETIN. 875 PRINCIPAL RESOURCES AND LIABILITIES OF MEMBER BANKS IN LEADING CITIES ON WEDNESDAYS, FROM MAY 25 TO JUNE 15 1921—Continued. 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 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. n M o e l a i i n s p . - - K C a i n ty sa . s Dallas. F c S i r s a a c n n o - . Time deposits: May25 1,459,293 70,440 376,867 29,011 232,570 23,720 22,065 315,517 82,538 28,033 14,915 7,307 256,310 June 1 1,361,359 69,924 281,559 29,031 231,414 23,678 22,115 314,334 82.344 28,109 14,935 7,346 256,570 June 8 1,358,476 69,689 280,282 28,567 230,648 23,891 22,192 315,282 82.345 29,781 15,442 7,402 252,955 June 15 1,365,254 69,971 284,822 28,917 232,482 23,550 22,134 315,639 82,220 30,058 15,458 7,315 252,688 Government deposits: May25 107,824 9,768 59,403 13,266 2, 524 498 8,161 4,080 1,766 2,372 1,314 4,650 June 1 57,426 5,209 31,664 7,063 1,394 266 4,268 2,285 941 1,268 586 2,476 June 8 20,020 1,818 11,031 2,464 500 95 1,517 764 329 447 234 818 June 15 362, f" 24,901 260,216 52,69S 600 929 1,513 5,970 3,014 4,174 3,661 4,940 Bills payable with F. R. Secured by U. S. Government obligations- May 25 237,634 11,292 116,395 39, 773 4,285 7,006 730 20,969 10,059 1,114 4,397 21,614 June 1 245,442 10,406 121,287 43,262 4,,"" 6,701 730 20,639 9,804 798 4,117 22,895 June 8 230,025 6,537 114,190 41,850 4,588 6,674 730 19,466 10,622 1,094 3,772 20,502 June 15 191,767 6,190 84,54S 40,682 2,663 7,371 580 21,247 9,554 1,277 2,370 15,284 All other- May 25 955 80 875 June 1 1,050 75 975 June 8 1,500 75 1,425 June 15 1,720 375 1,345 Bills rediscounted with F. R. Bank: Secured by U. S. Government obligations- May 25 136,148 9,333 78,060 33,144 534 279 8,410 1,348 652 1,095 63 3,230 June 1 109,861 7,688 53,517 32,827 462 294 8,543 1,628 470 989 63 3,380 June 8 100,533 9,297 42,547 31,555 421 284 9,193 1,641 549 1,072 32 3,942 June 15 85,817 7,317 36,768 26,307 254 9,070 1,506 277 1,062 24 3,232 All other- May 25 532,262 43,785 210,883 28,161 51,011 10,205 4,687 79,326 18,245 21,256 18,091 4,370 42,242 June 1 609,576 57,315 248,302 35,677 59,998 10,146 5,269 79,344 25,223 22,196 19,911 4,146 42,049 Junes 603,943 56,760 236,404 31,872 64,677 11,069 4,560 83,219 24,014 22,253 20,138 4,081 44,896 June 15 494,385 41,271 172,240 27,621 60,891 10,634 3,716 74,435 19,437 22,908 16,662 3,873 40,697 MEMBER BANKS IN FEDERAL RESERVE BRANCH CITIES. [In thousands of dollars.] Total. Y N o e r w k.1 C l l a e n v d. e * - m R o i n ch d - .3 la A nt t a - .4 c C ag h o i- .5 Lo S u t i . s.6 a M p i o n l n is e .7 - K C a i n ty s . a 8 s Dallas .9 c F i S s r c a a o n n .1 - 0 Number of reporting banks: May 25 216 44 June 1 215 44 June 8 215 44 June 15 215 44 Loans and discounts, including bills rediscounted with F. R. Bank: Secured by U. S. Government obligations- May 25 , 105,325 8,453 34,577 7,161 12,311 9,687 7,087 9,660 1,819 14,500 Junel 104,649 8,450 34,561 6,990 11,850 9,487 7,113 9,706 1,830 14,592 June 8 103,437 8,369 34,757 6,256 11,324 9,040 7,280 9,579 1,857 14,904 June 15 103,509 8,357 34,846 6,479 11,324 7,020 9,871 1,864 14,968 Secured by stocks and bonds (other than U. S. Government obligations)— May25 485,479 57,063 150,957 35,729 61,724 28,850 554 29,281 15,700 76,661 June 1 , 484,432 57,504 153,115 28,798 35,565 60,897 29,180 557 28,132 15,720 74,964 June8 , 483,389 57,400 153,924 27,425 33,933 62,203 28,945 565 27,904 16,164 74,926 June 15 483,396 58,401 153,125 27,273 33,113 62,071 28,223 568 28,204 16,219 76,199 All other- May 25 1,487,903 105,500 256,366 97,291 180,932 163,250 105,583 9,815 143,175 63,991 362,000 Junel 1,475,597 105,468 250,086 94,518 180,116 164,747 106,236 9,448 142,914 63,639 358,425 June 8 , 1,463,264 105,849 248,855 99,032 167,919 159,705 105,617 9,435 144,933 62,997 358,922 June 15 , 1,484,556 105,598 252,388 98,770 182,796 161,141 106,430 9,417 143,310 63,816 360,890 Total loans and discounts, including bills rediscounted with F. R. Bank: May 25 2,078,707 171,016 441,900 133,412 228,972 234,661 141,520 10,439 182,116 81,510 453,161 Junel 2,064,678 171,422 437,762 130,306 227,531 235,131 142,529 10,075 180,752 81,189 447,981 June 8 2,050,090 171,618 437,536 132,713 213,176 230,948 141,842 10,071 182,416 81,018 448,752 June 15 , 2,071,461 172,356 440,359 132,522 227,233 231,900 141,673 10,077 181,385 81,899 452,057 U. S. bonds: May 25 , 217,874 15,954 66,548 14,746 28,043 21,791 12,715 714 11,828 11,614 33,921 June 1 , 212,917 16,245 66,660 14,573 22,502 21,820 12,721 714 11,837 11,548 34,297 June 8 , 208,856 15,988 66,557 13,492 19,945 21,822 12,748 70i 11,787 11,549 34,264 June 15 213,737 16,156 69,480 13,729 20,554 22,082 13,043 704 11,732 11,524 34,733 55762—21 8 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

876 FEDERAL RESERVE BULLETIN. JULY, 1921. PRINCIPAL RESOURCES AND LIABILITIES OF MEMBER BANKS IN LEADING CITIES ON WEDNESDAYS, FROM MAY 25 TO JUNE 15, 1921—Continued. MEMBER BANKS IN FEDERAL RESERVE BRANCH CITIES—Continued. [In thousands of dollars.] Total. Y N o e r w k.i C la l n e d v . e * - m R o ic n h d - .3 la A nt t a - .4 c C ag h o i- .5 Lo S u t i . s.6 a M p i o n l n is e . - ' K C a i n ty s . a * s Dallas .s c F i S s r c a a o n n .1 - 0 U. S. Victory notes: May 25 50,603 1,958 16,153 2,559 2,389 16,098 1,651 1,024 645 8,071 June 1 50,306 1,955 16,011 2,259 2,493 16,101 1,655 1,062 635 8,079 June 8 49,446 1,956 15,749 1,916 2,354 16,103 1,668 1,040 635 7,971 June 15 46,634 1,952 13,593 1,285 2,396 16,103 1,603 1,020 638 7,989 U. S. Treasury notes: May 25 June 1 June 8 June 15 14,961 1,559 7,234 4,288 358 1,522 U. S. certificates of indebtedness: May 25 40,996 1,366 10,723 2,423 1,841 9,217 648 10 4,313 731 9,724 June 1 37,535 1,238 10,491 1,209 1,502 7,847 557 10 4,302 731 9,648 June 8 34,608 1,107 7,877 427 1,386 8,231 232 10 4,278 731 10,329 June 15 39,513 2,164 7,916 1,864 2,150 8,847 449 10 3,404 991 11,718 Other bonds, stocks, and securities: May 25 583,981 77,565 177,095 22,676 29,110 154,505 21,394 749 26,587 3,099 71,201 June 1 582,761 77,726 178,412 22,591 28,357 155,271 20,800 751 25,598 3,204 70,051 June 8 588,314 78,261 180,348 22,800 28,719 155,659 21,362 786 26,076 3,309 70,994 June 15 589,646 78,386 180,050 22,623 29,244 156,005 20,858 753 26,365 3,423 71,939 Total loans and discounts and investments, including bills rediscounted with F. R. Bank: May 25 2,972,161 267,859 712,419 175,816 290,355 436,272 177,928 11,967 225,868 97,599 576,078 June 1 2,948,197 268,586 709,336 170,938 282,385 436,170 178,262 11,606 223,551 97,307 570,056 June 8 2,931,314 268,930 708,067 171,348 265,580 432,763 177,852 11,625 225,597 97,242 572,310 June 15 ]. ]. \ 2,975,952 272,573 718,632 172,023 281,577 439,225 177,984 11,599 225,428 98,475 578,436 Reserve with F. R. Bank: May 25 191,114 17,611 50,540 10,360 17,698 23,631 9,662 567 15,763 7,468 37,814 June 1 188,845 18,692 46,978 10,607 17,550 24,725 9,992 697 15,697 7,205 36,702 June 8 186,956 17,709 49,513 11,230 16,210 22,195 9,756 814 15,328 7,039 37,162 June 15 ] 215,569 19,145 57,446 10,701 18,196 36,026 10,135 607 16,820 7,025 39,468 Cash in vault: May 25 60,647 2,393 13,751 5,916 5,279 8,527 3,118 227 5,467 2,756 13,213 June 1 60,548 2,777 13,314 5,030 5,356 9,093 3,070 242 5,448 2,772 13,446 June 8 63,081 2,427 14,050 5,656 5,671 9,285 3,392 241 5,494 2,996 13,869 June 15 59,566 2,271 13,101 5,281 5,539 8,403 3^064 246 5,361 2,994 13,306 Net demand deposits: May 25 1,580,465 152,007 459,827 95,958 145,601 169,992 84,292 4,786 137,913 59,331 270,758 June 1 ] 1,578,993 151,822 452,231 99,485 143,351 172,805 86,112 4,985 138,097 59,809 270,296 June 8 1,577,490 152,199 454,737 94,757 140,309 173,592 86.953 5,282 138,902 60,415 270,344 June 15 '..'.'.'.'.'..'..'..'..'..'..'. 1,617,812 154,736 453,915 99,718 142,963 196,715 85,245 5,096 137,278 61,318 280,828 Time deposits: May 25 915,648 67,389 118,222 21,596 86,796 211,567 51,301 3,176 62,613 25,466 267,522 June 1 \ 918,341 66,311 118,537 20,946 86,503 212,046 51,279 3,241 62,650 25,525 271,303 June 8 916,165 66,210 118,581 20,823 86,726 212,413 51', 089 3,242 63,739 25,445 267,897 June 15 922,140 65,814 118,851 21,396 86,443 213,283 51,001 3,24* 63,684 24,973 273,451 Government deposits: May 25...... 22,034 983 10,233 2,434 911 5,733 436 693 143 468 June 1 11,811 522 5,614 1,352 404 3,056 231 370 67 195 June 8 3,807 180 1,899 474 137 820 79 130 20 68 June 15 19,746 3,655 4,622 4,672 2,126 1,069 1,022 176 494 1,910 Bills payable with F. R. Bank: Secured by U. S. Government obligations— May 25 109,010 16,734 19,168 10,039 19,833 25,286 5,103 122 2,307 1,164 9,254 June 1 103,765 18,157 22,996 9,025 11,590 24,112 5,112 122 2,172 1,395 9,084 June 8 , 108,288 17,651 29,238 8,290 12,119 24,222 4,637 72 2,053 729 9,277 June 15 84,793 16,987 11,333 6,797 11,601 21,607 5,160 122 2,908 1,385 All other- May 25 723 53 250 42 June 1 , 736 53 263 420 June 8 , 568 53 425 90 June 15 518 53 425 40 Bills rediscounted with F. R. Bank: Secured by U. S. Government obligations- May 25 18,482 901 5,610 1,691 3,755 3,170 1,361 734 158 1,102 June 1 18,449 892 5,507 1,686 3,995 2,979 1,377 868 152 993 June 8 17,092 865 5,591 1,354 3,217 2,605 1,371 784 152 1,153 June 15 16,657 5,467 1,574 3,229 2,126 1,157 1,044 128 1,043 All other- May 25 110,076 15,036 12,327 15,398 13,591 9,951 12,926 745 3,719 17,094 June 1 110,368 18,171 12,238 12,520 16,415 11,544 11,908 665 7,946 3,206 15,755 June 8 110,344 17,333 10,846 15,378 16,808 10,206 11,700 617 7,408 3,319 16,729 June 15 116,952 17,869 18,758 15,842 17,480 7,694 12,666 541 8,274 3,059 14,769 1 Buffalo. • Louisville, Memphis, and Little Rock. 3 Pittsburgh and Cincinnati. * Helena. * Baltimore. 8 Omaha, Denver, and Oklahoma City. 4 New Orleans, Jacksonville, Birmingham, and Nashville. 9 El Paso and Houston. * Detroit. i° Spokane, Portland, Seattle, Salt Lake City, and Los Angeles. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY, 1921. FEDERAL RESERVE BULLETIN. 877 BANK DEBITS. For the period ending June 22 debits to by a further increase for the third week, which individual accounts show an upward tendency, included mid-month payments, while the latest though the most recent week witnessed a slight week in the period showed a small decline. decline in volume. For the week ending The movement of debits for the four-week June 1 the aggregate amount of debits was period was closely parallel to the movement $6,997,000,000, a somewhat larger figure than for the corresponding period in 1920, though for the preceding week, in spite of the fact that this year's figures were at lower levels. The lag the later week included Decoration Day, a legal between the two years varied from 17 per holiday in most of the Federal Keserve districts. cent for the week ending June 1 to 14 per cent A larger figure for the second week was followed for the week ending June 22. DEBITS TO INDIVIDUAL ACCOUNTS AT BANKS IN REPORTING CLEARING HOUSE CENTERS •— DEBITS FOR 1920- - —— DEBITS FOR 1921 ——— 1AttD : BANKS-ir Hi::v\r YORK CITY 3A1HL 4: BANKS INALL. REPORTING CE TERo. i 1 j I | _ i._ V i 6.000 i 1 1 JJ I - i 1 1 i H - 6.000 5.000 k . _ - 5.000 \ 1 4.000 A s i i 4.000 / 1/ - - 11 3.000 - 1 _ i L 3.000 ! i - _ 2.000 1 1 i _ - - i I 2000 1.000 1 1 i \ \ I _ - —- _ i 1 1 LOCO - 0 _LJ_ = T 0 BANKS OUTSIDE OF NEW YORK CllY. ! i 11! 1 11MM 1TT Gil ! iJ ) j 1 [ | ! 1J_U I_LU 1TT™ T | 1 i ! J X 1920 7 14 212B4 II 18 253 10 17 24-317 14 2128 5 12 19 262 9 16 23 50 7 14 21 284 ii 18 25 18 15 22 29 6 13 20 273 i0 i? 24 8 15 22 29 1920 192! 5 12 1926 2 9 16 232 9 16 23 306 13 20 27 4 II 18 251 8 15 22 29 6 13 20 273 10 17 24 317 14 2128 5 12 19 262 9 16 23 Cso7 H- 21 28192! JAN | FEB. MAR. | APR | MAY | JUNE | JULY 1 AUG ISEPT. j OCT.| NOV. DEC. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

818 FEDERAL RESERVE BULLETIN. JULY, 1921. DEBITS TO INDIVIDUAL ACCOUNTS AT CLEARING-HOUSE BANKS. SUMMARY BY FEDERAL RESERVE DISTRICTS. [In thousands of dollars.] 1921 1920 Number Week ending- Week ending- Federal Reserve District. of centers included. June 1. June 8. June 15. June 22. June 2. June 9. June 16. June 23 Boston 324,677 385,086 382,986 375, 543 474, 451 456,651 527,465 482,308 New York 3,917,777 4, 343, 576 , 370,030 4,272,136 4, 322,604 4,642,474 4, 861,369 4, 651,999 Philadelphia.. 313, 454 358,128 370,967 398,886 398, 886 414,911 469, 812 424, 372 Cleveland 339, 282 383, 649 421, 353 441, 546 468, 363 490,819 602, 281 568,823 Richmond 144, 589 155,021 166, 335 162, 715 176, 240 189,642 194,467 190,645 Atlanta 156,746 161, 441 170, 476 173,813 225, 568 240,436 255,421 239,046 Chicago 805, 256 884, 748 909, 698 920,149 1,017, 575 1,084, 760 1, 258, 252 1,209, 272 St. Louis 169, 409 178, 439 185,857 182,069 227, 872 219, 356 248,495 227,680 Minneapolis... 113, 774 147,944 139,927 132,148 152,560 175,851 167,686 163,897 Kansas City... 198, 316 236,117 233,129 233, 649 275, 270 307,148 318, 284 313,891 Dallas 118, 628 130, 411 136, 487 136,057 141, 766 149,801 156,794 154, 327 San Francisco. 395,171 472, 230 463, 576 457, 279 503,924 535, 861 607, 216 562, 750 Total..., 153 j 6,997,079 7, 836, 790 7,950, 821 7,885,990 8, 335,990 8, 907, 710 9, 667,542 9,189,010 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; Greenvile, S. C; Washington, D. C; Wilmington, N. C; Moline, 111.; Springfield, 111.; East St. Louis and National Stock Yards, 111.; Quincy, 111.; Springfield, Mo.; Atchison, Kans.; and Pueblo, Colo. DATA FOR EACH REPORTING CENTER. [In thousands of dollars.] 1921 1920 Week ending- Week ending— June 1. June 8. June 15. June 22. June 2. June 9. June 16. June 23. District No. 1—Boston: Bangor 3,192 4,189 4,493 3,684 3,288 4,161 3,787 3,646 Boston .. 1206,970 1242,839 1239,510 1233,981 313,301 286,641 339,329 302,400 Do 269 Q18 323 516 310 723 307,921 Fall River . 4,543 5,030 5,806 6,183 9,331 9,262 10,027 10,458 Hartford 16,663 21,961 19,972 20,504 20,880 23,859 25,137 22,921 Hoiyoke 2,397 2,961 3,464 3,076 4,173 4,360 4,155 4,254 Lowell 3,634 4,805 4,629 5,149 5,114 5,894 7,108 6,879 Manchester. 4,168 5,299 4,460 4,467 4,812 5,393 5,364 5,404 New Bedford 5,418 5,685 7,307 5,932 8,083 8,632 10,757 9,540 New Haven 16 228 18,391 16,101 17,020 22,413 19,892 19,701 19,323 Portland 6,453 8,001 7,159 6,801 8,002 8,562 9,675 8,531 Providence. 25,936 30,784 34,118 32,401 39,647 38,200 43,352 42,991 Springfield 11,056 14,551 13,272 15,101 12,635 16,561 18,719 19,445 Water bury... 5,672 6,636 6,053 5,894 6,332 7,730 9,150 5,547 Worcester 12,347 13,954 16,642 15,350 16,440 17,504 21,204 20,969 District No. 2—New York: Albany. 22,673 26,535 23,246 26,548 19,740 26,653 21,693 30,305 Binghamton 3,473 4,025 3,802 3,791 4,282 4,722 4,913 4,997 Buffalo .. 48,837 55,351 57,467 60,692 61,130 65,558 75,966 68,473 New York 3,798,321 4,204,745 4,233,380 4,129,636 4,181,413 4,486,802 4,692,930 4,490,831 Passaic. 4 596 5 524 5,380 5,408 5,669 5,031 7,049 5,022 Rochester 27,044 33,180 34,053 32,351 33,883 36,615 39,907 333,188 Syracuse 12,833 14,216 12,702 13,710 16,487 17,093 18,911 19,183 District No. 3—Philadelphia: Altoona 2,763 3,242 3,190 2,767 2,580 2,823 3,556 3,466 Chester 3,847 4,095 4,459 4,696 5,139 5,320 6,371 5,585 Harrisburg. 5 374 7 210 7,056 6,479 Johnstown.. . 4 985 5 055 4,866 5,245 Lancaster 4,101 4,943 4,871 4,731 4,926 6,069 6,623 6,412 Philadelphia 261,125 295,273 307,859 334,377 332,532 347,442 399,673 350,376 Reading 7 345 8 635 7,267 8,352 Scranton 12'768 15 835 15,754 17,211 11,794 15,947 14,552 16,026 Trenton 8 800 10,7 )6 11,100 10,958 11,318 12,762 13,000 13,587 Wilkes-Barre 7,181 8,611 8,546 8,495 ' 7,702 8,451 9,434 8,217 Williamsport 3,258 3,663 3,644 4,435 3,713 4,095 4,662 4,677 Wilmington 6,297 7,919 7,621 7,412 9,931 7,138 7,340 10,896 York 3 314 3 841 3,923 3,804 4,301 4,864 4,601 5,130 District No. 4—Cleveland: Akron 10,107 13,981 14,321 14,445 30,439 32,112 33,577 32,297 Cincinnati 48 421 55 066 63,034 65,806 Cleveland 103^ 042 118,237 126,580 130,259 148,745 160,867 207,337 187,070 Columbus 23 497 25,649 28,397 30,369 26,892 29,018 35,546 33,589 Dayton 11,448 12,634 11.985 12,657 11,973 12,111 12,346 11,985 Erie 5 458 5 898 6,602 6,478 6,730 8,227 8,562 8,989 Greensburg 3,872 3,334 4,568 4,120 4,559 4,066 6,229 4,991 Lexington 3,173 3,541 3,595 3,655 4,537 5,254 4,847 4,309 Oil City 2,035 2,301 2,575 2,015 2,901 3,292 3,359 3,323 Pittsburgh 135,766 156,970 171,254 186,405 178,885 184,945 226,564 218,000 Springfield 3,126 3,889 3,479 3,642 2,845 4,045 3,700 3,800 Toledo 19 932 19 211 29,242 29,231 28,944 23,863 35,487 36,903 Wheeling 7,688 8,089 8,244 7,782 8,537 10,675 9,740 9,346 Youngstown 10,138 9,915 10,511 10,488 12,376 12,344 14,987 14,221 1 Debits of banks which submitted reports in 1920. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY, 1921. FEDERAL RESERVE BULLETIN. 879 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- June 1. June 8. June 15. June 22. June 2. June 9. June 16. June 23. District No. 5—Richmond: Baltimore 91,179 101,287 97, 513 98,961 106,658 109,626 109,541 Charleston 5,186 6,011 5,900 5,700 10,100 9,419 10,250 9,410 Charlotte 5, 043 5, 409 5, 525 7,331 8,155 7,640 10, 304 9,691 Columbia 3,958 3, 791 4,260 3,991 7,279 7,701 7,907 5,938 Greenville, S. C 2, 200 3,115 3,082 | 3, 548 Huntington 4,178 5,173 4,836 5,789 5,220 5,941 5,326 5,595 Norfolk 11, 463 14,146 15,701 15, 424 15,278 21,107 20,950 20,639 Raleigh 3, 700 4, 050 4,011 3,900 3,851 4,572 4,000 4,130 Richmond 22,123 25, 262 24,815 23,067 27,396 26, 604 26,104 25,701 Washington 36, 483 42,556 42,466 38, 530 Wilmington, N. C 4,376 4,728 4,794 4,530 District No. 6—Atlanta: Atlanta 22,622 24,160 22, 837 23r 298 29,043 30,660 34, 969 28,635 Augusta 4, 801 4, 923 4,572 5,184 8,794 8,727 8,989 8,506 Birmingham 12, 520 13, 226 13,572 13, 807 17, 479 16,341 18,276 17, 332 Chattanooga 6, 703 7, 670 8,144 12, 536 12, 320 14,107 11, 856 Jacksonville 10,323 10,024 10,366 9,515 13,935 13,580 14,980 15, 567 Knoxville 5,127 5,565 5,652 5,832 7,000 7,331 7,576 7,335 Macon 3,651 3,555 4,180 3,881 8,589 6,563 7,047 6,453 Mobile 5, 337 6, 073 5,177 5,562 7,319 8,944 9,045 8,405 Montgomery 2, 785 3, 011 2,220 2,349 4,830 5,706 5,914 5,907 Nashville 15,053 18, 828 27, 660 26, 714 23,530 27, 065 27, 716 25.429 New Orleans 51, 239 46, 756 48,651 52,604 65,337 76, 791 80, 952 78,432 Pensacola 1,505 1,626 1, 687 1,528 2,474 2,818 2,361 2,139 Savannah 8, 734 9, 581 9,647 17,063 15, 589 15,956 15,665 Tampa 5, 310 5, 098 5,565 4,997 6,268 6, 029 5,877 5,864 Vicksburg 1,036 1, 345 1,204 1,199 1,371 1,972 1,656 1,521 District No. 7—Chicago: Bay City 2,180 2, 244 2,255 2,297 3,569 3, 186 3,107 3,665 Bloomington 2, 061 2,371 2,021 2,132 2,757 3,064 3,163 2,771 Cedar Rapids 8,767 9,854 10, 755 9,252 6,322 11,900 11,797 8,839 Chicago 532,241 574,824 595, 536 588, 879 654, 231 682,780 792,053 753,134 Davenport 5,479 6, 915 5,562 6,090 6,941 9,424 7,871 8, 778 Decatur 3,024 3,197 3,171 2,831 4,103 4,372 4,628 4,458 Des Moines... „ 11, 560 18, 354 14,579 16, 866 17, 965 24,363 21,888 22,401 Detroit 102,150 108, 337 111, 189 122, 042 130, 395 140,020 190,789 176,866 Dubuque 2, 654 2,767 2,736 2,584 3,558 3, 921 3,929 2,694 Flint 4,874 5,079 4,997 4,283 9,295 10, 238 9,094 14.430 Fort Wayne 6, 215 6,028 7,643 7,543 6,666 8, 469 8,597 7,901 Grand Rapids 15,676 17, 750 18, 904 20,522 21,663 20,352 24,266 23,048 Indianapolis 26,392 33, 374 35, 273 32,556 35, 363 37, 934 42,999 43,071 Jackson 3,516 2,518 2,529 3,302 4,812 3, 731 4,424 3,495 Kalamazoo 3, 431 4,107 4,068 5,086 4,603 5, 305 5,242 5,473 Lansing 3,940 5,392 5,100 6,231 6,808 7, 208 7,053 7,520 Milwaukee 46,359 50,543 55,168 55,113 57,127 62,297 71,318 73,061 Moline 1, 718 2,511 1,835 2,204 Peoria 6,425 8, 334 6,507 7,653 10,426 12,901 11,127 12,533 Rockford 4,179 4, 842 4,351 4,669 5,725 6,874 6,318 6,311 Sioux City 6,732 8, 528 8,279 9,690 16, 805 16,416 18,158 18, 895 South Bend 5,237 6,522 6, 423 7,892 4,137 5,133 6,120 5,230 Springfield, 111 4,708 5, 093 5,533 5, 825 Waterloo 2,164 2,868 2,652 2,636 4,304 4, S72 4,311 District No. 8—St. Louis: East St. Louis and National Stock Yards. 7,143 9,398 10,266 7,387 Evansville 4,138 4,987 5,202 5,482 5,273 5,615 5,077 Little Rock 7,304 8,931 9,491 9,072 8,510 9,075 9,431 8,400 Louisville 119,721 123,756 125,204 i 23,331 34,420 32,717 38,391 34,387 Do 24,915 30,416 32,630 30,522 Memphis 15,373 18,855 20,878 18,487 27,977 30,202 35,607 28,867 Quincy 1,998 2,414 2,242 2,243 St. Louis 1122,873 1121,910 1125,082 1125,697 *i5i,"692 Do 133,993 136,964 140,175 139,434 Springfield, Mo 2,956 3,450 2,780 3,225 District No. 9—Minneapolis: Aberdeen 1,123 1,436 1,471 1,309 1,736 2,044 1,771 1,739 Billings 1,395 1,888 1,760 1,540 2,274 2,443 2,101 2,011 Duluth 19,803 18,917 18,444 15,879 26,155 23,131 23,936 19,075 Fargo 2,152 2,763 2,615 2,461 3,403 3,877 3,368 3,611 Grand Forks 972 1,199 1,096 1,172 1,698 1,959 1,992 1,681 Great Falls 1,662 2,234 1,927 1,826 1,871 1,975 2,001 2,312 Helena 1,715 3,362 2,115 2,142 2,214 2,528 2,715 2,436 Minneapolis 56,861 81,521 75,310 67,791 73,699 90,394 87,275 82,121 St. Paul i 22,215 28,053 27,716 30,632 30,349 35,843 32,508 39,049 Sioux Falls 3,517 4,111 4,495 3,928 6,093 8,042 6,820 6,635 Superior 1,464 1,487 1,926 2,347 2,039 2,365 1,956 2,060 Winona 973 1,052 1,121 1,029 1,250 1,243 1,267 District No. 10—Kansas City: Atchison 1,055 1,179 1,257 1,262 Bartlesville 1,971 1,956 2,092 1,971 4,012 3,915 3,850 3,769 Cheyenne 1,753 1,998 3,077 2,482 1,658 1,624 1,843 1,804 Colorado Springs 2,118 2,226 2,657 2,994 2,750 3,254 3,197 3,099 Denver 29,232 33,384 33,542 32,262 40,917 43,616 43,678 40,532 Joplin 1,955 2,262 2,298 2,105 3,357 4,430 4,382 3,057 Kansas City, Kans 3,039 3,501 3,466 3,604 3,199 3,221 2,989 3,495 i Debits of banks which submitted reports in 1020. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

880 FEDERAL RESERVE BULLETIN. JULY, 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— June 8. June 15. June 22. June 2. District No. 10—Kansas City—Continued. Kansas City, Mo 73,288 68,679 72,670 80,947 86,555 91,484 101,454 Muskogee 3,743 3,913 3,861 5,386 5,625 5,938 5,423 Oklahoma City 19,837 20,145 19,156 19,763 26,371 26,576 23,394 Omaha 45,478 42,537 43,037 49,935 60,503 63,233 62,839 Pueblo 2,508 2,636 3,365 3,975 4,939 * 4,602 St. Joseph 13,176 15,117 15,646 15,070 17,322 20,083 21,071 19,452 Topeka 2,818 4,077 3,833 3.615 5,487 7,572 3,900 3,721 Tulsa 15,670 17,183 21,934 20', 407 27,968 26,387 31,908 28,847 Wichita 10,376 12,067 9,310 10,415 12,569 13,992 14,235 13,005 District No. 11—Dallas: Albuquerque 1,355 2,243 1,65C 1,882 1,998 2,191 1,957 2,263 Austin 2,717 2,794 2,646 2,467 3,564 3,854 3,108 3,874 Beaumont 2,454 3,541 3,151 3,178 3,135 4,782 6,047 5,113 Dallas 27,325 31,066 31,754 31,791 38,678 38,107 42,639 40,857 El Paso 6,487 9,249 i 8,828 8,903 9,435 11,042 9,164 9,351 Ft. Worth 17,430 18,840 j 19,890 19,120 23,986 24,128 26,772 26,111 Galveston 20,639 18,774 23,517 19,839 8,140 6,802 8,114 8,546 Houston 20,740 23,376 23,497 28,504 30,459 29,305 31,479 33,927 San Antonio 8,459 8,071 8,170 6,549 7,589 10,314 8,746 7,406 Shreveport 5,779 6,371 6,394 6,239 8,637 10,715 9,936 8,755 Texarkana, Tex 1,113 1,098 2,157 I 1,786 1,419 1,917 i 3,080 1,967 Tucson 1,580 1,852 1,722 2,577 846 2,159 ! 1,952 2,102 Waco 2,550 3,136 3,105 I 3,222 3,880 4,485 | 3,800 4,055 District No. 12—San Francisco: ! Berkeley 1,933 3,217 I 2,726 I 2,851 3,016 3,140 | 3,275 2,635 Boise 1,690 2,200 I 2,286 ! 2,580 2,860 3,505 I 3,446 3,381 Fresno 6.795 8,802 I 8,660 8,927 10,292 10,606 I 11,130 9,704 Long Beach 4,347 6,112 ! 5,392 ! 5,459 4,699 5,340 ! 5,271 4,658 Los Angeles 89,482 104,294 ! 103,758 ; 103,830 90,426 98,774 103,406 98,652 Oakland 17,101 20,390 i 18,135 i 17,380 29,771 30,620 ! 31,827 30,573 Ogden 3,000 3,243 ! 3,410 ! 3,315 3,639 4,102 ! 3,554 3,921 Pasadena 3,908 5,545 5,529 i 5,082 4,745 .5,411 j 5,908 4,999 Portland 30,336 30,758 40,259 i 34,580 37,035 4.5,378 ! .50,664 40,665 Reno 2,199 2,611 2,669 2,612 2,473 3,132 ! 3,029 2,941 Sacramento 10,365 14,833 11,451 ! 11,877 11,836 13,065 ! 13,678 13,177 Salt Lake City 10,115 16.064 14,353 i 14,029 15,790 1.7,622 17,787 15,841 San Diego 5,823 8,220 8,386 ' 5,493 6,380 8,381 j 8,669 7,899 San Francisco 157,214 176,727 173,869 178,128 202,268 203,758 i 248,488 236,664 San Jose 3,370 4,035 4,130 I 3,536 4,679 4,909 | 5,523 4,647 Seattle 26,184 37,844 32,432 ! 30,973 43,487 45,120 56,018 50,036 Spokane 8,912 12,034 11,499 11,519 12,044 13,608 t 13,849 13,249 Stockton 3,226 4,184 4,371 5.100 4,978 4,760 ! 5,946 5,100 Tacoma 7,174 9,086 8,325 i 8', 239 10,763 11,544 12,387 10,812 Yakima 1,997 2,031 1,936 i 1,771 2,743 3,086 3,361 3,196 GOLD SETTLEMENT FUND. INTER FEDERAL RESERVE BANK TRANSACTIONS FROM MAY 20 TO JUNE 23, 1921, INCLUSIVE. [In thousands of dollars.] Changes in ownership Transfers. Daily settlements. of gold through transfers and settlements. Balance in banks' fund Federal Reserve Bank. at end of Total Total period. Debits. Credits. debits. credits. Decrease. Increase. Boston 50,500 18,637 I 456,821 495,862 7,178 42,330 New York 107,485 241,251 S 1,681, 991 1,642,015 93, 790 80, 593 Philadelphia. 17,000 500 j 595, 583 624,610 12,527 52,313 Cleveland 30,000 11, 225 I 489,019 478, 808 28,986 49,296 Richmond. 79, 60S 75,500 ! 547,030 544,292 6,846 20,295 Atlannttaa. 10,000 174,131 165,254 18, 877 9,469 Chicago j 47,000 786,694 803, 216 30,478 57,467 St. Louis j 5, 500 6, 403,070 388,635 13, 835 12, 749 Minneapolis I 36,143 31, 122,158 124,968 1,448 9,420 Kansas City 9,500 1, 335,433 342,839 1,094 31,990 D Sa a n l la F s r ancisco 20,862 ; 21 6 , , 2 1 1 9 5 8 , , 7 2 1 6 4 0 2 1 0 8 7 7 , , 9 48 2 2 3 1 1 0 , , 2 6 9 4 1 0 35 1 , , 8 8 8 1 1 8 Total five weeks ending- June 23, 1921 413,598 i 413,598 6,005,904 6,005,904 113,495 113,495 403,621 May 19, 1921 181,179 j 181,179 6,277, 332 6,277,332 456,967 June 24, 1920. 678,849 678,849 8,146, 829 8,146,829 404,869 May 20,1920., 714,372 714,372 8, 245,092 8,245,092 405,541 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY, 1921. FEDERAL RESERVE BULLETIN. 881 FEDERAL RESERVE CLEARING SYSTEM. OPERATIONS FROM MAY 16 TO JUNE 15, 1921. [All figures shown in thousands.] Items drawn on banks located in own district. Items drawn Total items I to te o m th s e f r o r F w e a d r e d r e a d l w It a e r m de s d f o t r o - Total items Federa o l r R b e r s a e n r c v h e . Bank o R r e I b n s r e a r F v n e e c d h e B r c a a i n l ty k . O o R u r e t b s s r e id a rv n e e c F h B e c d a i e n t r y k a . l ! j | on o S f T t U r a e t n a e i s s t u e . d rer d e u x h p c a l l n i u c d s a i l t v e i e d o , n o s f . Re b s a e r n r a d v n e c t h h B e e i a s r n . ks p s t a a o r m e b n e r t a d n b i c a st h n r k i i c n o t. r du i h n p a c li n l c u d a d l t e i i n d o g , ns. Num- Num- |Num- Num- i Amount. {Num-Amount. | Num.-Amount Num- Amount. ber. Amount ber. Amount.i ber. Amount. ber. I ber. ber. I ber. Boston 703 532,196 3,445 379, 946 162 22,980' 4,310! 935,122! 169 49,225 4,479 984,347 New York. 1,263 1,670,073 4,536| 1,004,528 1,014 121,368 6,812: 2,795,969j 1,047 475,216! 191 5,055 7,878 3,276,240 Buffalo."..! 199 82,780i 4021 51,431 12 2,068 614! 136,279! 153 27,669i 18,515 805 182,463 Philadelphia 1,733 718,278! 2,1701 230,098 174 38,480 4,077! 685 147,545| 4,762 1,134,401 Cleveland ." 358 187,900 1,114' 134,374| 94 7,133 1.566i 329,407 [ 33 12,631 7,252 1,627 349,290 Cincinnati 188 110,274 767j 69,102! 63 7,658 U,026 1188,433! 12 11,048 3,870 1,049 203,351 Pittsburgh 417| 238,397 841! 97,361 40| 6,131 1,298 341,889! 64 42,130 5,326 1,390 389,345 Richmond "/.* 110 109,576 1,858! 242,970 54 9,489 2,022 362,035; 160 59,243 13,764 2,226 435,042 Baltimore 235 142,260 660 71,075 63 8,631 958 221,966 56 26,072 8,067 1,092 256,105 Atlanta 122 50,870 329| 39,511 29| 3,556 480 93,937 28 6,093 6,977 536 107,007 Birmingham."!."... 267| 32, 577 136! 7,336 10! 1,140 413 41,053 15 7,869 17,589 456 66, 511 Jacksonville 19, 405 153! 15,782! 10| 829 215 36,016 33 7,911 1,464 254 45,391 Nashville 26,368 221! 18,560 14; 1,305 291 46,233i 34. 5,468 1,426 335 53,127 New Orleans 64| 41,342 mi 12,564 36; 9,095 211 63,001? 43 12,920 585 259 76,506 Chicago 779! 554, 376 3,604' 308, 851 358 62,136 4,741! 925,366 279 28,042 2,005 5,027 955,413 Detroit !!!!! 260 144,212 437 43,773 36 7,555 733 195,540 4,406 1,028 745 200,974 St. Louis 242 192, 010 1,313 78, 973 102 10, 029 1, 657 281,012 30 6,502 1,181 1,696 288,695 Little Rock....!'.'!! 44 20, 843 271! 15, 809 7 1,096 322! 37, 748! 1,273 2,442 351 41,463 Louisville 91 53,153 395 j 21, 581 26 2,756 512J 77,4901 1,784 265 525 79, 539 Memphis 69 23, 341 150! 8, 314 11 618 2301 32,2731 355 263 234 32, 891 Mini] eapolis 269! 109, 893 1,423! 78, 509| 42 3,956 1, 734 j 192, 358 188 34, 371 33: 1,928 227,066 Helena 31 8, 818 194| 11,296 5 570 2311 20, 684! 2,029 1,377 239 24, 090 Kansas City 282 222,520 2,362; 95,625 51 5,655 2,695 323,8001 255 36,902 15,374 3,025 376,076 Denver 7 41,198 308* 16,320 19! 6,216 404i 63,7341 67 14, 557 10,907 512 89,198 Oklahoma City 64 51,872 894! 73, 383 81 864 966 126,119! 46 8,390 7,965 1,028 142,474 Omaha 94 48,3171 561 34,569 32 2,550 1688: 185,817; 42 6,091 4,708 748 96,616 Dallas 150 51,432 1,529! 165,436 28 3,765J 1,707! 220,633! 75 12, 597 4,897 1,828 238,127 El Paso 34 10,118 124 9,384 24 2,330 182! 21,832 11 2,187 687 197 24,706 Houston 63 35,139 316 30,9021 44| 1,842 423! 67,883 23 6,764 1,422 453 76,069 San Francisco 206 105, 6861 438! 33, 696 78| 96, 498 722! 235, 880 24 3, 461 5, 831 787 245,172 Los Angeles 304 103, 904| 873! 71, 281 431 12, 578 1, 2201 187, 763 81 12,042 11, 878 1,350 211,683 Portland 58 28, 892 203! 11,167 19 6, 299 280! 46, 358 4 1,413 3,512 316 51, 283 Salt Lake City... 48 22, 298! 391: 26, 650 15 2,154 454: 51,102 15 12, 012 9, 355 479 72,469 S S p ea o t k tl a e ne 1 3 2 1 3 3 15 1 , , 7 2 3 7 7 5 ' 2 1 1 7 4 5 ! ! 13 9 , , 8 2 2 9 1 3 2 1 2 0 9 1 , , 1 1 6 7 5 3 2 3 2 5 2 9 ! i 2 5 5 4 , , 7 74 2 1 3 1 1 1 6 4 1 , ,8 7 2 3 6 6 3 5 , , 3 6 0 9 0 7 4 2 1 4 0 7 6 3 4 1, , 2 7 6 59 4 Total: May 16 to June 15,1921 9,092 5, S37, 33032, 918j 3, 533, 2712, 755 479,671 | 1 44, 775' 1 9, 852, 052 3, 731 1,092, 780 767 184,321 49, 273 1,129,153 Apr. 16 to May 15,1921....... 8,378 5,545,255 30,181; 3,282,519 3,238 489,608 1 41,804: 19,319,057 3,524 1,048,568 729 170,857 46,05710,538,482 May 16 to June 15,1920 7,011 7,679,173 27,477! 4,652,646j 1,965 509,831 1 36,459i 12,843,671 3,423 1,643,086 708 253,058 40,59014,739,815 1 Includes items drawn on banks in other Federal Reserve districts forwarded direct to drawee bank. NOTE.—Number of business days in period for Nashville, Memphis, Dallas, El Paso, Houston, and Portland was 25, for Louisville 27, and for other Federal Reserve Bank and branch cities, 26 days. NUMBER OF MEMBER AND NONMEMBER BANKS IN EACH FEDERAL RESERVE DISTRICT, JUNE 15, 1921, AND 1920. Nonmember banks. Member banks. Federal Reserve district. On par list. Not on par list.1 1921 1920 1921 1920 1921 1920 Boston . 438 432 255 254 New York . . . 791 771 328 322 Philadelphia 700 688 455 423 Cleveland 879 859 1,084 1,078 Richmond 620 601 1,030 766 554 776 Atlanta .. . ... 493 437 401 437 1,165 1,169 Chicago 1,430 1,391 4,263 4,239 St. Louis . . 583 563 2,507 2,511 167 174 Minneapolis . 1,015 967 2,770 2,906 79 Kansas City. 1,093 1,060 3,407 3,390 Dallas. 868 804 1,220 1,250 San Francisco... 865 793 996 1,038 Total 9,775 9,366 18,716 18,614 1,965 2,119 1 Incorporated banks other than mutual savings-banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

882 FEDERAL, RESERVE BULLETIN. JULY, 1921. GOLD AND SILVER IMPORTS AND EXPORTS. GOLD IMPORTS INTO AND EXPORTS FROM THE UNITED STATES, DISTRIBUTED BY COUNTRIES. Imports. Exports. Country. M D 1 e 0 n 1 u a 9 d y r d 2 i i a 1 n n 2 y . g g 0 s , M D 1 e 1 n 1 u a 9 d y r d 2 i i a n 1 n 3 y g . g 1 s , o D m f 1 u o 9 M r 2 n i 1 n t a h g . y, J D 1 e u 0 n 1 u n 9 d d e r 2 i i a 1 n 1 n y . g g 0 s , J J a u F 1 n n 9 r . e o 2 1 m 1 1 . t 0 o , J J a u F 1 n n r 9 e . o 2 1 m 0 1 . t 0 o , M D 1 e 0 n 1 u a 9 d d y r 2 i i a 1 n n 2 y . g g 0 s , M D 1 e 1 n 1 a u 9 y d d r 2 i i a 1 n 3 n y . g 1 g s , D m o 1 f u o 9 M r 2 n i 1 n a th g . y, J D 1 e u 0 n 1 u n d 9 d r e 2 i i a 1 n 1 n y . g g 0 s , J J a u F 1 n n 9 r . e o 2 1 m 1 1 . 0 to , J J a u F 1 n n r 9 . o e 2 1 0 m 1 . t 0 o , Austria $9, 000 Belgium $500 $800 $1, 300 39, 691 $335, 906 Denmark 1, 274, 260 382,16? 1, 656, 42? $232, 891 3,161,497 France 4, 691, 867 2, 264, 469 9, 725, 9293, 434, 237 69, 290, 534 357, 855 3 686 7,279 $10,000 Greece 715, 745 70,000 912 Italy 102, 285 40, 000 201,339 Netherlands 2, 217,676 233, 291 2,656, 899! 76, 561 15, 342, 593 1,161,428 Norwav 903, 803 903,803! 1, 532,100 3,324 Portugal 20, 892 25, 364 Russia in Europe... 85,000 Soain 62, 423 6 99, 322 55,000 3,121,117 192, 491 1, 229,027 7, 846, 305 5, 853, 746 42,176,970 S wit zerland 2,944 2,944 4, 9*37 1,100 Turkey in Europe.. 15 243 15, 24? 253, 731 1 United Kingdom- England 1,089,035 5,089, 36118, 806, 9457, 622, 832 91, 363, 981 56,102, 541 13,235 Total Europe. 9, 543, 49510,102, 92041, 718, 79917, 275,267 227, 225, 359 58,101, 355 226,586 600 British Honduras. - - 20 16,190 43, 362 140, 468 114,317 20, 965, 473 19, 238, 936 $39, 981 $65, 960 $169, 592 $59,319 $1,041, 854 2, 543,082 Costa Rica 36, 216 58, 229 94, 445 151,624 448, 532 285, 701 Guatemala 3,000 3, 402 11,402 18,000 249, 508 5,519 Honduras 1,500 1, 015 17, 745 16, 756 192, 302 127, 006 19,000 Nicaragua 16, 288 29, 518 101, 985 18,344 327, 909 595, 731 Panama 69,042 42,484 364, 572 40, 572 1,191,683 39, 970 Salvador 5, 000 34,150 93,695 416, 751 140, 591 20,000 Mexico 293, 824 151, 638 689, 323 186,117 2, 674, 608 2, 027,125 159,055 23, 695 231, 265 12, 80? 3,429,905 14, 442,786 Cuba 9,746 4,500 494 250,494 75,000 British West Indies. 36,000 19, 205 85, 932 1, 579 276, 526 77, 749 Virgin Islands of United States 150,000 150,000 10,000 Dominican Republic 16,000 Dutch West Indies. 296, 424 93, 732 746, 763 388, 569 3,605,932 96,000 Total North America 773,484 476, 735 2, 346, 330 1,085, 878 30, 509, 570 22, 638, 848 199,036 89,655 401, 351 72,122 4, 722,253 17,125,868 Argentina 18o7oOO 194,175 810, 768 30, 340 89,995,000 Bolivia 372 1,538 5,542 Brazil 14, 783 4,585 24,300 280,000 Chile 20 17, 441 17, 461 85, 027 263, 763 400,000 Colombia 411,172 222, 348 1,119, 060 196, 553 5, 866, 208 552,199 700,000 Ecuador 58, 032 112, 414 322, 880 355,192 130,000 British Guiana 1, 632 1,632 12, 430 58, 809 Dutch Guiana 9,512 5, 204 14, 716 1,608 42, 706 Peru 136, 705 6,827 143, 620 72 538, 905 377, 819 Uruguay 81,921 136, 500 218, 421 2,963,430 12,850,000 Venezuela 523, 380 1, 075 525, 375 841, 945 226, 591 184,000 Total South America 1, 342, 710 449,059 2, 347,246 198, 233 11, 500, 620 1, 874, 840 24,300104,539,000 China 1,186, 910 380, 209 1,690, 429 13, 732,089 1,260 16,286, 750 British India 4, 305,177 4, 305,252 1, 417,191 17,016,991 4,719,763 Straits Settlements. 6,683,454 Dutch East Indies.. 204,063 2, 387, 779 60,000 10,845,105 French East Indies. 1.845.892 6,005, 892 Hongkong 680,000 1 ' 680. 000 5,126,396 23, 615, 823 10,100 555,6201 661.170 2,000 1,184,230 22,902,482 Japan 2, 208, 234 8,762,187 Turkey in Asia 223, 339 18, 044 541, 016 358,110 1, 282, 789 Total Asia— 2,090,249 4, 703,430 9,062,589 1, 775, 301 45, 576,454 26,004, 862 10,100 555,620 661,170 2,000 1,244,230 70,199,741 Australia 2, 433, 250 2,433, 250 6, 333, 537 New Zealand 220,0001 9.160 239, 906 986, 086 494, 099 Tahiti 300 Philippine Islands 16, 290 73, 411 109, 961 576,159 283, 295 Abyssinia 21,665 British West Africa. 13, 250 28,038 British South Africa 51, 823 Portuguese Africa 125, 748 292,076 206,107 Total, all countries 16,403,18815,757,594 58, 221,53120, 570, 3881323,086,599 109,603,406 209,136 645,2751,062, 521 74,122 a 5, 991,083192,119,233 Excess of imports or imports 16,194, 05215,112, 31957,159,01020,496, 266 317,095, 516 82,515,827 iIncludes: Ore and base bullion, $20,839,000; United States mint or assay office bars, $428,000; other refined bullion, $227,863,000; United States coin, $17,253,000; foreign coin, $56,704,000. a Includes: Domestic exports—Ore and base bullion, $27,000;$United States mint or assay office bars, $466,000; other refined bullion, $68,000; coin, $4,982,000. Foreign exports—Ore and base bullion, $1,000; coin, $447,000. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY, 1921. FEDERAL RESERVE BULLETIN. 883 SILVER IMPORTS INTO AND EXPORTS FROM THE UNITED STATES, DISTRIBUTED BY COUNTRIES. Imports. Exports. Country. M D 1 e 0 n a u 1 d y d 9 r i i 2 a n n 2 1 y g 0 g . s , M 1 D e 1 n 1 u a 9 d d y r 2 i i a 1 n n 3 y . g 1 g s , o D m f 1 u 9 o M r 3 n i 1 n a t . h y g , J 1 D e u 0 1 n u n 9 d d r e 2 i i a 1 n n 1 y . g g 0 s , J J a u F 1 n n 9 r . e o 2 1 m 1 1 . t 0 o , J J a u F 1 n n r 9 . e o 2 1 0 m 1 . 0 to , M 1 D e 0 n 1 u a 9 d d y r 2 i i a 1 n n 2 y . g g 0 s , M D 1 e 1 n 1 a u 9 d d y r 2 i i a 1 n n 3 y . g 1 g s , D m o 1 f u o 9 M r 2 n i 1 n t a h . g y, 1 J D e u 0 n 1 u n 9 d d r e 2 i i a 1 n n 1 y . g g 0 s , J J a u F 1 n n 9 r . 2 o e 1 1 m 1 . t 0 o , J J u a F 1 n n r 9 . e o 2 0 m 1 1 . 0 t , o Belgium $16 $16 $16 Denmark $370 370 370 6,781 8,106 84,905 $64,960 $17,920 Germany 25,585 11,656 85,522 $21,474 187,553 209,799 805 30,520 Norway 14,453 11,317 7,978 470 128 758 16,028 Sweden 5,250 5,250 5,250 42,260 Turkey in Europe.. 9,103 9,103 9,103 United Kingdom- England 1,123 1,104,993 371 1,132,037 743,446 $354,663 $406,531$1,039,487 $30,198 $5,820,501 2,092,551 Total Europe. 47,559 12,923 1,214,118 21,845 1,657,183 861,357 354,663 406,531 1,039,487 30,198 5,820,501 2,152,731 Bermuda 200 39,170 Canada. . 95,371 ii, 052 171,877 183,840 1,921,775 1,962,155 64,059 35,548| 145,773 56,188 1,187,007 5,205,616 Costa Rica 1,743 377 2,120 1,165 11,239 39,534 15 20,005 500 2,000 Honduras 300 1,093 161,870 63,044 776,000 1,426,562 800 366,505 Nicaragua 19,684 1,865 31,549 15,779 130,770 452,490 Panama 13,530 3,028 77,733 22 85,090 30,449 226,000 541,000 Salvador 1,200 300 1,500 9,881 3,528,560 50,000 Mexico. . 2,155,085 988,302 4,523,439 827,676 16,378,207 32,234,116 7,914 13,511 53,610 9,326 1,172,224 2,028,747 Cuba 9,401 40,194 2,572 305,625 919,749 British West Indies. 1 598 1,744 6,949 1,160 1,160 600 96,152 17,255 VirginlslandsofU.S 25,000 Dominican Repub- 84,800 197,000 Dutch West Indies . 75 425 1,145 1,200 French West Indies. 20 Haiti 4,66|6 Total North America 2,286,913 1,006,092 4,972,111 1,091,526 19,325,267 39,866,204 71,973 50,219 203,115 66,114 3,038,508 9,306,266 Argentina 4,600 11,926 10,509 450 900 1,701 Bolivia 9,000 4,859 34,989 290 168,721 675,448 Brazil 40,509 293 2,333 Chile 4,571 55,028 59,599 950,243 1,754,611 Colombia 9,513 1,773 13,678 2,349 79,300 172,933 239 500 Ecuador 3,080 5,865 21,265 29,430 British Guiana 4 Dutch Guiana 74 12 86 4 132 6,380 1,002 Peru 571,478 61,792 648,114 8,180 2,444,582 6,662,804 Venezuela 38 3 41 453 33 10,000 Total South America 594,674 126,547 766,972 10,823 3,717,135 9,312,441 450 240,400 15,038 China 587 946 5,355 11,974 291,622 291,622 2,706,841 46,342,883 British India 116 217 386 36 462 1,460 1,460 1,617,445 223,211 Dutch East Indies 212,288 1,882,749 French East Indies. 4,058,373 "FTongkong 192 1,650 317,503 348,663 816,475 29,029 4,683,727 16,201,620 Japan 234,555 1,870,059 40 Russia in Asia 970 Turkey in Asia 645 960 960 38,511 Total Asia 761 804 2,292 36 219,257 1,934,884 318,963 640,2851,109,557 263,584 10,878,072 66,827,097 Australia 1,860 New Zealand 63 130 294 3,664 Philippine Islands 454 730 9,013 8 039? Abyssinia 31 British South Africa 3,760 6,097 British West Africa. 5,480 Portuguese Africa 7,176 21,427 86,657 Total, all countries 2,929,907 1,146,429 6,956,077 1,132,136 124,955,227 52,079,343 745,5991,097,0352,352,609 359,8962 19,977,481 78,306,610 Excess of imports or exports 2,184,308 49,394 4,603,468 772,240 4,977,746 26,227,267 1 Includes: Ore and base bullion, $19,818,000; refined bullion, $2,791,000; United States coin, $580,000; foreign coin, $1,766,000. * Includes: Domestic exports—Ore and base bullion, $2,000; United States mint or assay office bars, $152,000; other refined bullion, $10,917,000; coin, $819,000. Foreign exports—Ore and base bullion, $2,000; refined bullion, $6,028,000; coin, $2,058,000. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OO OO DISCOUNT AND INTEREST RATES. In the following table are presented actual discount and interest rates Rates for all classes of paper, on the whole, tended to decline from the levels prevailing during the 30-day period ending June 15, 1921, in the various prevailing in the period ending May 15, 1921. These declines have been cities in which the several Federal Reserve Banks and their branches are most general in the case of prime commercial paper purchased in the open located. A complete description of the several types of paper for which market. Present rates for all classes of paper, except bankers' acceptances quotations are given will be found in the September, 1918, and October, and prime commercial paper purchased in the open market, are higher in 1918, FEDERAL RESERVE BULLETINS. Quotations for new types of paper most reporting centers than rates during the same period of 1920. will be added from time to time as deemed of interest. DISCOUNT AND INTEREST RATES PREVAILING IN VARIOUS CENTERS DURING 30-DAY PERIOD ENDING JUNE 15, 1921. Prime commercial paper Customers. Open 1 District. City. 0to90 4 to 6 30 to 90 days. months. days. II. L. C. II X. C. II X. c. N N o o . . 2 1 . . . . . . . . B N o ew st o Y n orki 7 8 6 g i 6-7 7 81 6 7 ( 7\ 7\ 7 Buffalo 7 6 7 7 6 7 No.3.... Philadelphia 6 6 6 6 6 6 8 6i 7 No 4 Cleveland 7 g 7 7 g 7 Pittsburgh 6 6 6 6 6 6 716 7 Cincinnati 7 6 6-64 7 6 6| 7 No. 5.... Richmond 6 6 6 6 6 6 Baltimore. 6 6 6 g 6 6 No. 6. . Atlanta 8 7 8 6 7 Birmingham 8 6 7 8 6 7 8 7 7J-8 Jacksonville 8 6 7 8 7 7 8 7 New Orleans 8 6 7*-8 8 6 7\-8 Nashville 8 6 7 8 6 7 No. 7.... Chicago 7 6 7 7 61 7 7 7 Detroit 7 7 7 61 7 8 61 No. 8.... St. Louis 8 6 7 8 6 7 7+7A Louisville 7 6 6 7 6 6 7+7 Memphis . . 8 g 7 8 g 7 Little Roek 8 7 7* 8 7 74 No.9.... Minneapolis i Helena.... 8 8 8 «J 8 8 8 8 No. 10... Kansas City 8 6 7 8 6 7 8 7 Omaha... . . 8 61 8 8 61 8 Denver 8 K 7 « « 7 7-1fii Oklahoma City 9 6 8 9 6 8 8 6f No. 11... Dallas... . 8 7 8 8 7 8 8 8 El Paso 10 7 8 10 8 8 8 Houston 8 g 7 71-61 7 No. 12... San Francisco 7 6 7 6| 7 6i Portland 8 6 8 7" Seattle 8 7 8 6 7 71 Spokane . . 8 7" 7 7 7 Salt Lake City 8 7 8 7 8 Los Angeles 8 6 7 8 6 7 8 •CO Ordin Bankers' acceptances, Collateral loans—stock exchange loans narket. Int lo e a rb n a s. 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 b c e u o L c s n u i t b d r o e e s n r t etc. certific m 4 o n to th 6 s. Indorsed. ind U or n sed. Demand. 3months. m 3 o n to th 6 s. o e f d in n d e ( II X. C. II X C. ILL. C. II. X. C. n . X. C. ILL. C. IL X. <?. . X. n. X. H. 8 71 8 8 7 8 7 7 •V?-6-7 7 7 57- " s 1 i f 3 gi g g 5| 8 4 7 6-7 7 7 8 1 7 g 7 7 g 7 7 8 g 7 i 2 7 g 7 7 g 7 7 g 7 7 71 6i 7 6 6 6 61 -a g g g g g g g g g g g g g g g g g 7 7 g 7* 7 7 g 7 7 g 7 g 7 7 7 7 7 716 7 6 6 g g ^3 s* g g g g g g g g g g g g g 7 6 64 7 6 6 5154 5f-5-I 6 7 f 6J-7 7 S* 7 7 7 7 7 64 7 7 6 6 g g* g g g g g g g g g 6 6 g g g g g g g g g g g g g g g 8 6 7 8 7 7 8 7 7 8 g 7 8 g 7 8 g 7 8 g 7 8 8 7 73-8 8 6 6-7 8 8 g 7 8 g 7 8 g 7-8 8 g 7 8 6 7-8 8 8 8 7 8 7 6 7 8 8 8 8 8 8 g 7 8 g 7 8 7 8 7 g 8 8 6* 7 61 8 7 71-8 8 7 7 8 7 7i_8 8 g 8 8 6 2 8 g • 7 8 g 7 8 g 7 7 7 7 7 7 g 7 7 7 61 7 7 64 7 7 7 7 7 7 7 7 7 7 8 61 61 7 6 7 63 5- 5- 6a 5- 5| 7 7 7 7 7 7 7 6§ 7 7 7+ 7*7 7* 7 6 7 6*•53. f-8 8 6+ 7 7 8 61 7 7 7 7^V7 7 8 6 6 8 6 6 7 6" 6 7 g 6 7 g" g g g g g 8 6 7 8 g 7 7 747 7 8 7 8 7 8 8 7 8 8 7 8 8 8 7 u 8 8 8 7 7 87 '4 8 8 '4 6 6 / 1 7 7 8 6| b^ b* V 8 8 4V 6 6 8 V 8 7 48 8 8 8 V 6 g 8 7 8 8* 8 8 8 8 V g g 8 4 8 8 8 7 8 8 8 g 8 g 8 8 7 8* V 8 SV2 7 8 8 T 71 61 n 8 6 7 8 gi 7 8 61 7 8 61 7 8 7 8 7 8" 7" 7 8 6 7 8 8 8 8 8 8 10 6 8 10 6 8 10 g 8 10 7" 8 10 8 8 g 8 8 8 8 8 7 6 7 8 1 8 0 6 8 1 7 8 1 8 0 g 8 7 8 10 8 6 8 1 8 7 1 8 0 7 8 Q Q 1 8 0 7 8 7 c 3 4 1 8 0 7 g 7 7 7 7 0 g 7 8 g 7 8 g 7 <? 7 74 8 7 7 8 7 7 1 736 6| f 7 7 s*6 6 72 61 645f 61 8 6 6 7 7 7 8 g 6 7 7 8 7 7 7 8 64 8 7 64 7 7 8 7 7f61 7 7 7 7 7 7 7 7 7 7 55 55 8 64 7 8 7 7 8 7 61 7 6 6 g 8 7° 8 7* 8 8 7 g 8 8 7 7 8 7 8 8 7 6 8 6 6 8 6 7 6 51 6 7 51 64 7 6 7 8 6 8 6 7 OOOO ary to lers Iby a t n y,d ates jbt- 3S. X. C. 7 g g 7 g g g g sg* ? 6 g g 7 g 7 7 g g 3 g g 6* fi' 7 g g 7 7 8 64 64 g 6-7 ? 74 g 8 g g 7 f 7 7 6+ 8 7* 7 7 7 6 7 1 Rates for demand paper secured by prime bankers' acceptances, high 6, low 4J, customary 6. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

.JULY, 1921. FEDERAL RESERVE BULLETIN. 885 FEDERAL RESERVE BANK DISCOUNT RATES. RATES ON PAPER DISCOUNTED FOR MEMBER BANKS IN EFFECT JULY 1, 1921. Paper maturing within 90 days. Agricul- Bankers' tural and Secured by- accept- live-stock ances ma- paper ma- Federal reserve bank. c n o T e o f r r t t e i i e n f a s i d s c a u e a n r b te y d t s - bo V L n i i b d ct e s o r a r t y y nd c T e r p a t d an e c a e c s - . c C ia n o l . m p e m a . p s e e . r r - , w m tu i o t r h n i i n t n h g s 3 . 9 tu 0 m w r d i i o n a th n g y i t s n h a b s f 6 t . u e t r edness. notes. Boston 6 New York 6 6 6 Philadelphia.. 5J 6 6 Cleveland 6 6 Richmond 6 6 Atlanta 6 6 Chicago 61 61 6 St. Louis 6 6 51 6 Minneapolis... 61 61 6 61 Kansas City... 6 6 6 6 Dallas 6 6 6 6 San Francisco. 6 6 6 NOTE.—Rates shown for 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. Borrowings in excess of the basic line are subject to a 1 per cent increase for the first 100 per cent by which the amount of accommodation extended exceeds the basic line and thereafter to an increase of 2 per cent. MONEY HELD OUTSIDE THE UNITED STATES TREASURY AND THE FEDERAL RESERVE SYSTEM, JUNE 1, 1921. General stock. U G a T H n o s r s i e v e t e l e e a d t r d s s n u i o m n S r f y t e t a t h n a h t e e t s e . s 1 F H ed B el e a d a r n g a b k e l y R n s t e a o s s n . r e d f r o v r e F U T e H d n r e e e S i l a t r d y e a s d s u l o t r R e u S y m t e t s a a s i . e d t n e r e d v s e F c U T A a e r n p d m e S i i e a t t r o y e a s a u d s u l t n o r e R S y t u m e t t p a a s . e i s t n d e r e d s e rv e Gold coin (including bullion in Treasury) 3,175,037,198 $431,427,816 2 $1,603,915,245 $461,362,538 Gold certificates 472,680,447 205,651,152 Standard silver dollars 284,'i42,*326' i9,677,i2i 3 34,494,294 43,090,254 Silver certificates 47,727,010 137.576,063 Subsidiary silver. 271*128*299 9, 808671 261,319,628 Treasury notes of 1890 1,577,584 United States notes 346,681,016 12,256,294 4 81,299,927 253,124,795 Federal Reserve notes 3,053,680,635 4,280,418 295,815,530 2,783,584,687 Federal Reserve Bank notes 172,474,400 4,287,796 23,214,409 144,972,195 National-bank notes — 740,593,359 17,498,871 3,546,055 719,548,433 Total: June 1, 1921 8,073,737,233 499,236,987 2,562,692,917 5,011,807,329 $46.43 M ay 1,1921 8,040,936,478 508,349,193 2,512,465,834 5,020,121,451 46.57 Apr. 1,1921 8,082,773,866 496,945,969 2,534,743,843 5,051,084,054 46.91 Mar. 1,1921 8,084,936,396 493,976,120 2,385,101,578 5,205,858,698 48.41 Feb. 1,1921 8,171,237,897 499,358,809 2,438,773,422 5,233^105,666 48.73 j an. 1,1921 8,372,970,904 494,296,257 2,377,972,494 5,500:702,153 51.29 July 1,1920 7,887,181,586 485,057,472 2,021,271,614 5,380!852,500 50.19 Jan. 1,1920 7,961,320,139 604/888,833 2,044,422,303 5,312;009,003 49.81 July 1,1919 7,588,473,771 578,848,043 2,167,280,313 4,842^345,415 45.00 Jan. 1,1919 7,780;793,606 454,948,160 2,220,705:767 5,105,139,679 47.83 July 1,1918 6,742^225,784 356,124,750 2,018,361;825 4,367;739,209 41.31 Jan. 1,1918 6,256'198,271 277,043,358 1,723,570,291 4,255,584,622 40.53 J uly 1,1917 5,480!009 884 253,671,614 i2r~ """1,714 3,945,457,556 37.88 1 Includes reserve funds held against issues of United States notes and Treasury notes of 1890 and redemption funds held against issues of national-bank notes, Federal Reserve notes, and Federal Reserve Bank notes, but excludes gold and silver coin and bullion held in trust for the redemption of outstanding gold and silver certificates and Treasury notes of 1890. 2 Exclusive of amountslield with United States Treasurer in gold redemption fund against Federal Reserve notes, but inclusive of balances n gold settlement fund standing to the credit of the Federal Reserve Banks and agents, 3 Includes subsidiary silver. •Includes Treasury notes of 1890. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

886 FEDERAL RESERVE BULLETIN. JULY, 1921. CONDITION OF MEMBER BANKS. ABSTRACT OF CONDITION REPORTS OF STATE BANK AND TRUST COMPANY MEMBERS IN EACH FEDERAL RESERVE DISTRICT ON APRIL 28, 1921. [In thousands of dollars.] District District District District District District District DistrictDistrictDistrictDistrictDistrict U T n o i t t a e l d No. 1 No. 2 No. 3 No. 4 No. 5 No. 6 No. 7 No. 8 No. 9 No. 10 No. 11 No. 12 States ba ( n 4 k 0 s). ba ( n 13 k 4 s). ban ( k 4 s 7 ). ba ( n 11 k 3 s). ba ( n 5 k 7 s). ba ( n 11 k 0 s). ba ( n 36 k 2 s). ba ( n 9 k 5 s). ba ( n 1 k 2 s 8 ).ba ( n 6 k 0 s).ba ( n 1 k 9 s 2 ).ba (2 n 1 k 2 s). b ( a 1 n ,5 k 5 s 0 ). RESOURCES. Loans and discounts 452,144 2,085,502 187,721 625,351 101,990 '207,206 1,076,286 261,724 85,757 102,770 91,561 532,325 5,810,337 Overdrafts 145 81 175 119 643 507 167 229 419 979 4,533 Customers' liability on ac- 782 287 count of letters of credit... 2 1,491 62 111 2,359 Customers' liability on ac- 557 136 count of acceptances 12,691 409 9,679 1,014 7,055 22,696 10 1,833 189,514 Liberty bonds (exclusive of 130,185 2,380 Liberty bonds borrowed).. 18,351 16,769 31,410 4,715 11,420 55,445 10,231 3,501 3,895 43,712 387,906 Other U.S. bonds (exclusive 178,771 of U. S. bonds borrowed).. 53 7 787 2 22 6,988 23 120 427 37 3,372 13,163 U. S. Victory notes 5,482 1,325 5,217 9,075 1,536 1,856 26,679 1,936 459 1,048 459 10,620 102,851 U. S. certificates of indebt- 38,484 62,807 10,643 7,019 520 512 17,288 1,872 547 1,1.58 525 12,512 123,241 War savings and thrift stamps and Treasury savings certificates 31 36 18 58 43 228 15 1 39 72 556 Stock of F. R. Bank 2,225 11,162 2,212 4,262 725 1,308 5,537 1,542 421 498 656 2,386 32,934 OtheF bonds, stocks, and securities (exclusive of securities borrowed) 98,876 515,199 100,096 192,774 12,905 f 25,402 250,533 45,464 10,184 13,087 1,262 121,806 1,387,588 Banking house 10,681 60,005 9,079 23,284 2,543 8,446 24,328 8,450 1,985 2,798 3,004 18,142 172,745 Furniture and fixtures 1,028 3,417 701 1,875 1,470 1' ,~3~26~ 4,162 1,162 696 471 1,269 4,169 21,746 Other real estate owned 1,290 5,115 2,635 9,021 874 2,091 2,153 1,631 723 192 1,494 3,291 30,510 Gold coin and certificates 1,492 6,649 445 244 326 381 2,248 374 191 373 217 1,981 14,921 All other cash in vault 13,277 5,780 2,879 5,951 30,208 5,218 2,123 2,694 11,881 Lawful reserve with F. R. 49,812 15,409 2,370 147,602 Bank 39,598 19,247 6,033 14,586 89,701 22,777 4,788 5,749 36,433 Items with F. R. Bank in 282,351 47,897 8,014 577,174 process of collection 9,835 4,463 2,023 5,395 13,272 9,562 632 1,173 5,678 Due from banks, bankers, 42,885 15,052 8,023 117,993 and trust companies 19,737 9,931 9,171 24,566 80,747 22,087 7,865 11,296 46,639 Exchanges for clearing 69,321 34,489 18,861 354,710 house, also checks on other banks in same place 5,955 161,152 1,876 8,304 566 4,194 20,604 3,103 443 1,683 542 5,561 213,983 Outside checks and other cash items 1,271 8,421 336 2,304 151 750 7,914 772 375 587 271 4,649 27,801 Other assets 3,651 112,081 2,431 4,726 177 3,954 16,725 1,470 312 186 1,609 4,366 151,688 Total. 705,651 3,826,019380,0 1,044,686 149,745 327,107 1,754,311 402,216 121,308 174,024 128,171 872,518 9,885,855 LIABILITIES. Capital stock paid in 36,211 186,330 25,307 64,219 14,832 26,595 100,647 29,783 10,172 13,335 15,885 56,075 579,391 Surplus fund 189,411 48,634 9,669 17,070 84,984 21,879 3,757 4,259 6,252 24,181 528,112 Undivided profits, less ex- 38,888 79,128 penses and taxes paid 78,103 11,756 3,553 4,459 27,938 7,441 1,541 2,236 2,053 ! 11,301 184,483 Amount reserved for taxes 16,921 17,181 accrued 13,068 678 186 388 5,485 718 129 256 180 603 24,961 Amount reserved for interest 1,448 1,822 accrued 1,356 11,580 869 1,575 369 925 2,985 825 119 410 71 1,695 22,779 Due to F. R. Bank 451 1,508 451 2,014 512 138 9 13 5 4 248 18 5,371 Due to banks, bankers, and trust companies 19,350 291,481 8,225 46,268 8,512 32,164 74,620 28,774 6,832 30,437 7,602 21,859 576,124 Certified and cashiers' or treasurers' checks outstanding >,519 117,202 1,083 6,470 1,934 1,435 13,068 2,274 1,129 2,687 1,354 9,095 164,250 Demand deposits 401,816 2,155,141 194,732 379,382 53,312 126,066 600,256 163,697 35,991 72,724 69,283 223,529 4,475,929 Time deposits 157.102 425,843 50,063 404,108 45,545 88,715 756,776 119,024 53,388 32,968 18,516 493,655 2,645,703 U. S. deposits 6,226 51,662 17,459 7,691 539 1,237 8,827 2,266 157 1,081 28 2,452 99,625 Bills payable with F.R.Bank 4,110 105,917 17,311 17,641 5,812 10,720 40,558 9,652 2,430 9,762 2,434 17,428 243,775 Bills payable other than with F.R.Bank 325 4,353 385 1,797 ! 3,719 8,804 7,499 7,270 5,451 1,898 4,145 5,890 51,536 Cash letters of credit and travelers' checks outstanding 10,920 1 1,337 I | 11 201 6 204 12,686 Acceptances executed for customers 13,149 136,984 409 9,679 1,014 7,152 20,649 2,375 1,550 1,789 194,759 Acceptances executed by other banks for account of reporting banks 195 3,652 55 1,252 25 5,179 Other liabilities 1,584 42,864 2,736 4,374 j 237 1,173 8,557 6,219 417 114 2,719 71,192 Total. 705,651 3,826,019 380,099 1,044,686 |l49,745 J327,107 1,754,311402,216 121,308 174,024 128,171 872,518 9,885,855 Liability for rediscounts with F. R. Bank 21,650 79,864 13,147 56,803 ! 9,403 ' 31,762 48,471 22,607 5,054 9,262 9,737 20,404 328,164 Liability for rediscounts with other banks 4 1,127 47 554 1,220 ! 2,535 6,976 2,149 591 1,453 502 1,935 19,093 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

, 1921. FEDERAL BESERVE BULLETIN. 88? ABSTRACT OF CONDITION REPORTS OF STATE BANK AND TRUST COMPANY MEMBERS OF THE FEDERAL RESERVE SYSTEM ON APRIL 28, 1921, BY CLASSES OF BANKS. [In thousands of dollars.] Central reserve city banks. Total United States. Other reserve city Country banks banks Apr. 28, Dec. 29, ( N 31 e w ba Y nk o s r ) k . (1 C 4 h b ic a a n g k o s). (1 S 0 t . b L a o n u k i s s ). (55 T b o a t n a k l s). ba ( n 19 k 6 s). b ( a 1 n , k 29 s 9 ). ( 1 1 9 , 2 55 1 0 ( 1 1 9 ,4 2 8 0 1 banks). banks). RESOURCES. Loans and discounts 1,595,679 456,985 130,250 2,182,914 2,166,071 1,461,352 5,810,337 5,640,043 Overdrafts 678 40 85 803 1,948 1,782 4,533 5,708 Customers' liability on account of letters of credit 557 21 136 714 1,641 4 2,359 603 Customers' liability on account of acceptances. 128,405 21,938 1,472 151,815 33,644 4,055 189,514 212,494 Liberty bonds (exclusive of Liberty bonds borrowed) 132,895 7,354 2,946 143,195 138,040 106,671 387,906 381,453 Other U. S. bonds (exclusive of U. S. bonds borrowed) 1,230 6,710 7,940 4,659 564 13,163 6,731 U. S. Victory notes 25,622 2,827 349 28,798 41,661 32,392 102,851 105,774 U. S. certificates of indebtedness 56,701 1,045 882 58,628 45,112 19,501 123,241 135,232 War savings and thrift stamps and Treasury Savings certificates 13 16 29 175 352 556 765 Stock of F. R, Bank 8,603 2,413 839 11,855 13,098 7,981 32,934 30,887 Other bonds, stocks, and securities (exclusive of securities borrowed) 300,020 70,411 27,438 397,869 603,471 386,248 1,387,588 1,340,24? Banking house 43,808 3,051 2,948 49,807 76,730 46,208 172,745 161,070 Furniture and fixtures 1,753 108 413 2,274 7,746 11,726 21,746 16,882 Other real estate owned 2,389 85 427 2,901 18,741 8,868 30,510 26,957 Gold coin and certificates 5,976 1,001 51 7,028 4,139 3,754 14,921 13,858 All other cash in vault 33,559 9,746 1,964 45,269 55,003 47,330 147,602 170,682 Lawful reserve with F. R. Bank 234,705 47,846 12, 878 295,429 185,135 96,610 577,174 578,688 Items with F. R. Bank in process of collection. 29, 520 8,474 6,362 44,356 58,289 15,348 117,993 122,213 Due from banks, bankers, and trust companies. 44,940 39,014 5,499 89,453 164,580 100,677 354,710 381,113 Exchange for clearing house, also checks on other banks in same place 154,101 11,539 1,863 167,503 37,434 9,046 213,983 289,333 Outside checks and other cash items 7,094 4,436 179 11,709 11,464 4,628 27,801 34,368 Other assets 107,965 13'. 609 629 122,203 21,478 • 8,007 151,688 171,693 Total. 2,916,213 708.669 197,610 3,822,492 3,690,259 2,373,104 9,885,855 9,826,794 LIABILITIES. Capital stock paid in 133,400 37, 850 13,325 1S4,575 222,637 172,179 579,391 527,520 Surplus fund , 155,439 42', 577 14,708 212,724 218,547 96, 841 528,112 507,503 Undivided profits, less expenses and taxes paid 60,920 13, 077 3,767 77,764 59,001 47,718 184,483 183,445 Amount reserved for taxes accrued 11,476 4,291 310 • 16,077 6,333 2,551 24,961 25,118 Amount reserved for interest accrued 8,798 1,352 357 10,507 7,053 5,219 22,779 21,734 Due to F. R. Bank 1,930 3,441 5,371 4,053 Due to banks, bankers, and trust companies.. 265,189 49,375 12,954 327,518 199,011 49,595 576,124 534,767 Certified and cashiers' or treasurers' checks outstanding 112,841 6,514 1,091 120,446 31,010 12,794 164,250 210,728 Demand deposits 1,686,234 310,232 87,278 2,083,744 1,436,269 955,916 4,475,929 4,519,602 Time deposits 161,800 206,712 54,709 423,221 1,298,933 923,549 2,645,703 2,556,818 U. S. deposits 45,955 4,955 2,086 52,996 39,588 7,041 99,625 106,166 Bills payable with F. R. Bank 81,682 5,365 4,754 91,801 98,649 53,325 243,775 267,245 Bills payable other than with F. R. Bank.... 3,108 3,108 14,742 33,686 51,536 56,665 Cash letters of credit and travelers' checks outstanding , 10,865 53 6 10,924 1,747 15 12,686 12,339 Acceptances executed for customers 135,204 19,971 1,472 156,647 34,119 3,993 194,759 218,292 Acceptances executed by other banks for account of reporting banks 3,652 1,252 4,904 250 25 5,179 C1) Other liabilities 39,650 5,093 793 45,536 20,440 5,216 71,192 74,799 Total. 2,916,213 708,669 197,610 3,822,492 3,690,259 2,373,104 9,885,855 9,826,794 Liability for rediscounts with F. K. Bank 59,570 12,103 8,554 80,227 179,037 68,900 328,164 433,514 Liability for rediscounts with other banks 4,100 4,100 4,777 10,216 19,093 29,663 Ratio of reserve with F. R. Bank to net deposit liability (per cent) 12.4 13.2 12.4 12.6 9.9 7.1 10.3 10.4 1 Included in acceptances executed for customers. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

888 FEDERAL RESERVE BULLETIN. JULY, 1921. ABSTRACT OF CONDITION REPORTS OF ALL MEMBER BANKS IN EACH FEDERAL RESERVE DISTRICT ON APR. 28, 1921 (INCLUDING 8,148 NATIONAL BANKS AND 1,550 STATE BANKS AND TRUST COMPANIES). [In thousands of dollars.] D N i ( s 4 o t 3 . r 6 i 1 ct D b N a i ( s n 7 o t 9 k . r 1 i s 2 c ) t . D b N a i ( n s 7 o t 0 k . r 0 i s 3 c ) t . D b N a i ( n s 8 o t 7 . k r 7 i s 4 c ) t . D b N a i ( n s 6 o t 1 k . r 4 i s 5 c ) t . D b N a i ( s n 4 o t 8 k . r 7 i s 6 c ) t . D b ( N a i 1 s n o , t 4 k . r 2 i s 7 3 c ) t . D b N a i ( n s 5 o t 7 k . r 5 i s 8 c ) t . D b N ( a i 1 s n o , t 0 k . r 0 s i 9 8 c ) t . D b N ( a i 1 o s n , . 0 t k r 8 1 i s 7 c 0 ) t . D b N a i ( o s n 8 . t 4 k r 9 1 s ic 1 ) t . D b N a i ( o s n 8 . t 5 k r 1 1 i s c 2 ) t . b U S T ( a n t 9 o n i a , k t t t 6 s a 9 e e l ) 8 s d . RESOURCES. Loans and discounts. ,275,716 , 949,627 1,048,602J1,606,507| 808,018| 623,3092,640,251: 726,531 683,808 846,376 588,5611,379,187 17,176,493 C O u v s e t r o d m ra e ft r s s' liability 439 1,415 270 722J 1,304 2;268| 1,011 1,016 1,976 1,644 2,351 15,302 on account of acceptances 56,009 293,265 11,188 14,606 6,939! 9,017 52,487! 3,104 1,9 2,740 1,102 19,552 471,992 U. S. Government securities owned1.. 150,851 684,574 241,436 292,564 161,951j 114,423 334,837 108,393 81,814 116,014| 94,798 245,418 2,627,073 Other bonds, stocks, and securities2 253,362 ,072,796 426,632 494,0 104,775| 66,802 452,391; 117,475J 74,711 81,538 22,088 244,314 3,410,964 Banking house, furniture, and fixtures. 38,621 123,946 41,9961 72,849 35,760i 29,055 79,428i 25,513! 24,856 31,319 29,141! 60,944 593,428 Other real estate owned 6,187 9,914 6,121 14,136 3,775 4,558 9,427! 4,046 4,893 3,728 7,206 8,895 82, 886 Cash in vault 43,466 142,145 44,986 57,670 29,118 22,260 88,542; 19,906 19,843 28,379 22,287 45,420 564,022 Lawful reserve with Ite F m . s R .B w a it n h k F. R. 1,07,373 631,856 101,680 139,658 55,825 42,623 234,263 64,122I 43,019 73,854J 45,765 114,291 1,654,329 Bank in process of D c u o e l lec f t r i o o m n banks, 32,968 111,543 40,406 42,110 26,218 14,668 51,265 29,316 7,833 33,960, 18,812 22,279 431,378 bankers, and trust Ex c c o h m a p n a g n e i s e s for clear- 69,371 147,145 62,781 130,246 64,292 75,602 248,207 69,434 73,477 144,758 79,228 160,445 1,324,986 ing house; also checks on other banks in same place. 19,818 443,560 25,611 20,258 9,922 9,281 55,722 8,175 5,908 14,164 5,389 23,720 641,528 Outside checks and other cash it ems 4,351 16,891 3,123 4,271 3,018 2,684 12,674 1,714 3,790 3,260 3,542 8,268 67,586 Redemption fund and due from U.S. Treasurer 2,460 4,442 2,903 4,451 3,181 2,095 4,170 2,031 1,666 2,326 2,458 3,392 35,575 Other assets 17,569 251,736 9,706 8,005 1,640 4,980 26,955 2,""" 3,407 1,535 2,958 19,041 350,391 Total.. 2,078,561 884,8552,067,4412,902,1331,315,3181,022,661 4,292,887 1,183,630 1,032,024,1,385,927 924,9792,357,51'29,447,933 LIABILITIES. Capital stock paid in. 139,393 429,6871 113,736 186,095 103,673 81,30' 275,419 94,875 76,158 97,603 89,510 162,618 1,850,074 Surplus fund 124,384 465,497 173,357 182,877 76,175 54,553 198,615 54,122 41,032 52,581 49,721 79,504 1,552,418 Undivided profits, less expenses and taxes paid3 70,274 246,802 59,503 74,940 32,209 22,628 99,920 27,973 22,179 29,302 23,466 43,973 753,169 Due to F. R.Bank.. 2,679 4,890 2,227 3,24C 5,578 558 813 210 166 1,151 21,882 Due to banks, bankers, and trust com- 82 panies , 115,02(1,003,885 140,199 182,304 85,482 81,841 426,274 120,832 191,321 74,933 161,650 2,664,847 Certified and cashiers' or treasurers' 81,100 checks outstanding. 13,536 283,610 9,410 13,623 7,635 4,224 30,334 5,307 18,252 9,703 29,274 435,258 Demand deposits 1,049,254 4,,476,189 911,2531,201,572 499,696 403,2621,651,378 500,721 646,353 478,256 910,75713,074,225 Time deposits 390,8281,006,696 447,223 846,980 353,222 248, '~',277,500 269,518 10,350 242,756 105,184 786,670 6,343,443 U.S. deposits 23,262 121,168 28,178 23,138 9,316 4,380 26,219 7,160 345,534 7,156 3,595 11,619 272,561 Bills payable with 368,442 Bi F ll . s R p . a B y a a n b k le other 26,283 321,088 94,050 49,244 48,650 43,567 103,165 30,320 7,370 28,267 16,419 50,418 than with F. R. Ca B sh an l k etters of credit 5,112 8,958 4,589 8,125 17,292 20,738 28,261 12,312 17,327 16,199 22,253 24,796 188,459 and travelers' checks outstanding. 13,452 72 1,558 18 14 1,840 21 19,824 104 59 735 18,001 Acceptances executed for customers. 58,66S 304,051 12,068 i 9,072 49,551 3,080 26 2,740 1,052 18,938 481,936 A c c u c t e e p d tan b c y e s o e t x h e e r 14,586i 6,456 1,673 banks for account of reporting banks.. 12,236 339 21 483 397 2,433 74 2,193 22,233 National bank notes outstanding 47,44, 82,567 55,056 87,947 58,533 40,703 82,492 44,769 45,375 61,669 679,083 U. S. Government securities borrowed. 5,39C 32,519 10,391 18,736 9,154 3,965 22,454 5,633 2,082 5,005 130,685 Other bonds and securities borrowed.. 451 188 70 449 78 885 171 894 237 473 4,086 Other liabilities 2,86: 71,372 5,720 6,698 1,668 2,143 16,048 1,299 1,831 1,909 6,93' 126,775 Total.. 2,078,56: 8,884,855 2,067,44: 2,902,1321,315,3181,022,661 4,292,887 1,183,63011,032,024 1,385,927 924,9792,357,51'29,447,933 Liability for redisdiscounts, including those with F. R.Bank* 77,11 299,144 56,95£ 92,930 83,483 75,210 281,905 53,835 60,255 75,179 60,551 120,252 1,336,813 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY, 1921. FEDERAL RESERVE BULLETIN. 889 ABSTRACT OF CONDITION REPORTS OF ALL MEMBER BANKS OF THE FEDERAL RESERVE SYSTEM ON APR. 28, 1921, BY CLASSES OF BANKS (8,148 NATIONAL BANKS AND 1,550 STATE BANKS AND TRUST COMPANIES). [In thousands of dollars.] Central reserve city banks. Other Total United States. reserve Country city ba.nks New Chi- St. Louis Total banks (9,027 Apr. 28, Dec. 29, York (62 cago (24 (14. (100 (571 banks). 1921 (9,698 1920 (9,606 banks). banks). banks). banks). banks). banks). banks). RESOURCES. Loans and discounts 3,747,708 1,009,023 284,004 5,040, 735 5,437,603 6,698,155 17,176, 493 17,731,760 Overdrafts 1,017 266 94 1,377 3,813 10,112 15, 302 22,676 C U O . u t S h s . t e o r m G b o e o r v n s e d ' r s l n i , a m s b t e i o l n c i t t k y s s e , o c a n u n r a d it c i s c e e o s c u u o n w r t i t n i o e e f s d a 2 l cceptances 4 58 5 9 3 , , 8 5 0 0 6 1 1 4 3 0 5 6 6 , , , 4 7 9 9 2 31 8 2 4 1 1 4 9 , , , 9 4 1 9 3 6 6 9 1 3 5 7 3 2 0 6 0 9 , , , 7 8 3 4 5 8 3 5 4 1, 7 1 0 2 2 1 3 8 4 , , , 6 0 2 8 7 4 6 5 8 1 1 , , 6 3 1 7 8 1 5 9 , , , 8 5 9 3 6 2 5 11 2 3, , 4 4 6 7 2 1 1 7 , 0 , , 9 9 0 6 9 7 4 2 3 2 3, , 5 3 7 6 5 6 9 6 0 , , , 6 9 4 7 4 2 8 8 8 Banking house, furniture and fixtures 81, 016 15, 276 8,405 101, 697 196, 743 291, 988 593, 428 565,567 Other real estate owned 3,514 188 1,845 5, 547 35, 775 41, 564 73,901 Cash in vault 95, 885 28,154 3,992 128, 031 163,505 272, 486 564, 022 677,925 Lawful reserve with F. R. Bank 521, 917 118, 045 29, 919 669, 881 499, 954 484, 494 1,654, 329 1, 763,424 Items with F. R. Bank in process of collection 80,691 27, 962 18, 790 127,443 251,469 52, 466 431, 378 544, 815 Due from banks, bankers, and trust companies 77, 673 99, 225 17, 822 194, 720 505, 094 625,172 1, 324, 9S6 1, 576,622 Exchanges for clearing house, also checks on other banks in same place 431, 888 36, 365 4,868 473,121 132, 303 36,104 641, 528 963, 881 Outside checks and other cash items , 13, 515 5,600 377 19, 492 26, 710 21, 384 67, 586 91, 222 Redemption fund and due from U.S. Treasurer , 1,999 28 445 2,472 8,680 24, 423 35, 575 38,350 Other assets 245,122 19, 442 1,191 265, 755 60, 756 23, 880 350,391 447, 001 Total. 6,614,180 1, 548, 725 437, 348 8,600, 253 9,188,414 11,659,266 29, 447,933 31,184,198 LIABILITIES. Capital stock paid in. 300,000 92, 400 37,025 429, 425 567,034 853,615 1, 850, 074 1,799, 061 Surplus fund. 372, 877 85, 527 23, 608 482, 012 504, 504 565,902 1, 552,418 1, 526,901 Undivided profits, less expenses and taxes paid 3 189, 269 41, 531 11, 034 241, 834 220, 309 291,026 753,169 794,245 DDuuee ttoo bFa. nRk.sB, baannkkers, and trust companies. 938, 2 5 2 7 4 7 288,319 61,353 1, 288, 2 2 2 4 4 9 1,075 7 , , 1 4 3 6 0 7 30 14 1 , , 1 5 3 2 1 8 2, 6 2 6 1 4 , , 8 8 8 4 2 7 3, 0 2 6 1 2 , , 9 3 5 0 3 4 Certified and cashiers' or treasurers' checks outstanding. 273, 446 14, 757 2,200 290, 403 85, 250 59, 005 435, 258 593,389 Demand deposits 3, 398, 753 708, 510 188,114 4,295,377 3,955,169 4, 823, (57913,074, 225 14, 019,901 Time deposits 298, 814 228, 071 82, 571 609, 456 1, 948, 434 3, 780, 553 6, 343, 443 6,187, 921 U. S. deposits 109, 850 12,034 4,624 126, 508 111, 450 34, 603 272, 561 316,191 Bills payable with F. R. Bank 272, 458 18, 767 9, 858 301, 083 269, 705 258,010 828, "98 1,026,492 Bills payable other than with F. R. Bank 3, 775 3,775 50, 659 134, 025 188, 459 208, 440 Cash letters of credit and travelers' checks outstanding. 13,190 873 19 14, 082 2,693 1,226 18, 001 17, 901 Acceptances executed for customers 299, 778 43,174 1,996 344, 948 125,199 11, 789 481, 936 593, 708 Acceptances executed by other banks for account of reporting banks 12,140 2,329 14, 469 7, 541 223 22,233 () National bank notes outstanding 35,143 540 8,467 44,150 161, 868 473, 065 679, 083 693,415 U. S. Government securities borrowed 29,528 3,950 4, 599 38,077 59, 718 32, 890 130,685 140, 451 Other bonds and securities borrowed 59 59 2,282 1, 745 4, 086 4,377 Other liabilities 66,299 7, 943 1,880 76,122 34, 002 16, 651 126, 775 177, 548 Total. 6,614,180 1, 548, 725 437, 348 8, 600,253 9,188, 41411, 659, 266 29, 447, 933 31,184,198 Liability for rediscounts, including those with F. R. Bank 4 255, 385 122, 593 19, 938 397,916 559,606 379, 291 1, 336, 813 1, 894, 818 Ratio of reserve with F. R. Bank to net deposit liability (per cent) 12.7 13.0 12.8 12.8 10.1 7.4 10. 0 1 Includes U. S. Government securities borrowed by national banks. 2 Includes other bonds and securities borrowed by national banks. 8 Includes amounts reserved for taxes and interest accrued. * Includes acceptances of other banks and foreign bills of exchange sold with indorsement or other guaranty by national banks. 5 Included in acceptances executed for customers. CLASSIFICATION OF LOANS AND DISCOUNTS OF STATE BANK AND TRUST COMPANY MEMBERS OF THE FEDERAL RESERVE SYSTEM ON APRIL 28, 1921. [In thousands of dollars.] District District District District District District District District District District District District Total No. 1 No. 2 No. 3 No. 4 No. 5 No. 6 No. 7 No* No. 9 No. 10 No. 11 No. 12 United ba ( n 4 k 0 s). ba ( n 13 k 4 s). ba ( n 4 k 7 s). ba ( n 11 k 3 s). ba ( n 5 k 7 s). ba ( n 11 k 0 s). ba ( n 3 k 62 s). ba ( n 9 k 5 s). ba ( n 12 k 8 s). ba ( n 6 k 0 s). ba ( n 19 k 2 s). ba (2 n 1 k 2 s). b S ( a 1 t n , a 5 k t 5 e s 0 s ). On demand: Not secured by collateral.. 33,162 87,245 7,182 31,109 2,365 38,011 11,439 3,832 6,216 3,435 19,403 249,368 Secured by Government war obligations 2,751 29,353 5,250 8,190 851 765 3,937 1,938 293 11 145 1,915 55,399 Secured by other collateral. 63,269 571,133 96,308 114,336 12,338 30,839 149,349 38,565 4,691 6,527 7,083 23,572 1,118,010 On time: Not secured by collateral..226,904 962,772 48,078 268,995 56,344 103,183 492,138 110,934 34,281 44,428 31,059 164,822 2,543,938 Secured by Government war obligations 19,074 138,289 17,209 22,339 5,262 8,682 31,363 7,098 1,787 4,911 1,191 11,575 268,780 Secured by other collateral. 65,121 305,478 18,892 91,564 27,702 72,105 201,816 76,237 27,439 42,367 49,334 81,116 1,059,171 Secured by real estate deeds of trust or other real estate liens 61,167 60,993 7,918 142,096 7,546 18,586 213,601 37,338 18,337 9,025 9,478 238,057 824,142 Acceptances of other banks discounted 1,133 68,230 2,397 4,759 150 636 8,502 1,447 332 75 14,242 101,903 Acceptances of this bank purchased or discounted 1,677 7,138 704 55 740 708 1,888 58 14 12,982 Loans and discounts not class! > fied 650 133 352 1,082 2,217 Totalloans and discounts.. 474,258 2,230,631 203,234 684,092 112,613 241,505 1,140,075 287,017 91,402 113,485 101,800 555,798 6,235,910 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

890 FEDERAL BESERVE BULLETIN". JULY, 1921. FOREIGN EXCHANGE RATES. MONTHLY RANGES OF EXCHANGE RATES ON LEADING FOREIGN CENTERS QUOTED IN NEW YORK DURING THE THREE MONTHS ENDING JUNE, 1921. April. May. June. Exchange Dollars for— at par. Low. High. Low. High. Low. High. London: Demand bills 1 pound. $4. 8665 $3. 8825 $3.9650 $3.8875 $4,000 $3. 72625 $3.9O37.r Cable transfers ...do 4.8665 3.8900 3. 9725 3. 89375 4.00625 3.7300 3.91 Paris: Demand bills 100 francs 19.30 6. 9700 7. 7525 7. 8225 8. 7750 7.90 8.395 Cable transfers .do 19.30 6. 9800 7. 7600 7.83 8.78 7.905 8.40 Madrid 100 pesetas 19.30 13. 8400 14.00 12.50 13.98 12.84 13.34 Milan: Demand bills 100 lire. 19.30 4.090 4.890 4.82 5.605 4.75 5.30 Cable transfers .do... . 19. 30 4.095 4.895 4.825 5.61 4.755 5.305 Zurich.... 100 francs 19.30 17. 280 17. 570 17.50 18.00 16.75 17.62 Brussels do 19.30 7.270 7.730 7.82 8.765 7.885 8.385 Amsterdam 100 florins 40.20 34. 480 35.150 34. 33 36.27 32.76 34.56 Copenhagen 100 kroner.. . 26.80 17.80 18.25 17.70 18. 23 16.77 17,80 Christiania. .. ...do 26.80 15. 55 16.15 15. 30 16. 57 14. 20 15.30 Stockholm 100 kronor. 26.80 22.95 23.83 22.92 23. 68 22.00 22.98 Berlin 100 marks 23.82 1. 4000 1.6300 1.48 1. 7925 1.32 1. 5825 Vienna 100 kronen1 20.26 .2650 .3750 .18 .29 .173 .250 Yugoslavia / do 20.26 9 . 6 7 9 ^ 5 0 0 9 . 7 o 1 n 7 o 5 9 . 7 ^ 1 n 5 ^ o .8 f. 9 r\ 5 9 . 6 fi 7 9 5 .80 Athens 100 drachmae 19.30 6.000 7.700 4.83 6.18 5.75 6.30 Sofia 100 levax 19.30 1.250 1.350 1.28 1.35 1.08 1.30 Bucharest.. 100 lei1.. 19.30 1.350 1.710 1.58 1.83 1.506 1.67 Prague 100 kronen 20.26 1.320 1.410 1.37 1. 55 1.35 1.49 Warsaw 100 marks 1 23.82 .125 .135 .1075 .140 .058 .105 Helsingfors 100 markkaa 1 19.30 2.100 2.800 2.05 2.40 1.530 2.00 Calcutta 100 rupees 48.66 26. 000 26. 500 25.75 26. 50 24.75 25.25 Singapore 100 Singapore dollars.. 56.78 45.50 46. 25 46.00 46.25 44.00 46.25 Hongkong 100 Hongkong dollars.. 3 47. 77 47.00 52.00 48. 375 53. 50 49.00 50.75 Shanghai 100 Shanghai taels < 66. 85 64.00 68. 50 65.00 70. 00 66.50 67.50 Yokohama. 100 ven.. 49.85 48.25 48. 25 48.25 48. 375 48.00 50.00 Canada - 100 Canadian dollars 2 - 100. 00 88. 350 89.6875 89.125 90.25 87. 6875 89.50 Mexico City 100 pesos. 49.85 49.125 49.75 48. 3125 49. 50 47. 875 50.00 Bogota 100 Colombian dollarsl 97.33 79. 360 83. 33 83.33 86.20 86.20 88.88 Rio de Janeiro. 100 paper milreis 32. 44 13. 375 14. 375 13.25 13. 75 10.50 13. 375 Montevideo .. .. 100 pesos1 103.42 65. 680 71.42 62.30 70. 42 63.120 70.17 Buenos Aires 100 gold pesos 96.48 71. 590 76. 70 67.614 76. 42 63.75 73.58 Valparaiso 100 paper pesos & 19. 53 11.625 13. 750 11.00 12. 25 10.25 12.625 London average price of silver per fine ounce: Converted at par (1 pound= $4.8685) 0. 75045 0. 74896 0.76662 Converted at average rate of exchange. .(50521 .61041 6.59450 New York average price of foreign silver per fine ounce: Official.. . . .. 59337 59810 i .58510 Actual •59830 50310 5.59125 i 1 Cable rates. 2 Checks (demand). 3 Silver content at average price in 1913 ($0.4777) taken as par. * Silver content at average price in 1913 ($0.6685) taken as par. 5 Average value of paper peso for 1913 ($0.1953) taken as par. 6 Average rate of exchange for April, $3.92260. 7 Average rate of exchange for May, $3.96710. 8 Average rate of exchange for June, $3.77476. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY, 1921. FEDERAL RESERVE BULLETIN. 891 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 d ac c T o r u e n as ts 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 e d t e f - s s i- p p o o u a 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 v a a e r n m y c p a e o d s. - - fl T d o e a o t b t i a t n . l g M n a s o t a h o t n c o i n d c a r e e t l y l . a v c n a o D d n u i c s n a e - t d s s - . I m nv en es ts t- . po D s e i - ts. 3 m b b a i o l n l n s k t . hs'6 m t b r i o a l d n ls e t . hs' standing. 1913, average of end Per cent. Per cent. of month figures... 29 57 38 1920, end of— Mav 104 348 118 141 1,062 221 1,283 m 7* June 107 357 192 146 1,050 244 1,294 July .. 107 362 134 152 1,058 204 1,262 6H 17| 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 n November 109 349 123 153 1,097 231 1,328 December 113 368 190 157 1,102 306 1,408 7A 1921: January 109 342 129 157 1,145 242 1,387 99 1,207 341 1,810 7 February 108 336 127 157 1.110 189 1,299 88 1,172 340 1,754 March 110 344 138 157 1,121 155 1,275 83 1,145 336 1,715 1 April 109 338 141 157 1,100 190 1,290 92 1,127 331 1,710 Mav - 108 333 128 157 1,152 163 1.315 96 1,144 307 1,729 7 June 110 324 147 157 1,222 152 1,374 6 1 Less notes in currency notes account. 2 Held by the Bank of England and by the Treasury as note reserve. 3 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 res G e o rv ld es. re S s i e l r v v e e r s. Deposits.1 C t ir io cu n l . a- p m G u t o e o o r f n p v t t t o e h h r s f e e n o e - s r r G e m v o e e v n n e t u r n 3 e - . P d u e b b l t i . c 3 p P e p r r r e e i p n r c e e t c t e u o e . a f n l t u m F p p i a s r l o a r s e n k u c n e e e c t d s t h h .4 e war.2 1913, average 3,343 629 830 5,565 320 35,000 86.77 1920, end of— Mav 6 3,609 240 3,751 37,915 26,050 857 59.35 June 53,610 241 3,653 37,544 26 000 908 57.25 July . &3 611 248 3 416 37 696 25 550 1 109 58 90 August & 3,612 255 3 267 37,905 25 800 882 56.30 September.. 7 3 531 256 3 307 39 208 26 600 1 120 6 2S5 836 54 15 October 7 3 537 264 3,474 39 084 26 600 1 332 56 20 November... T 3,543 265 3 927 38 807 26 600 1 OSS 55.40 Decf/mber 7 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 37,808 25,600 921 s 302,304 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 Mav . 7 3,570 272 3,041 38,233 20,200 1,004 57.15 492 June 73,572 274 2,861 37,422 25,000 56.26 1 Includes Treasury and individual deposits. » Under the laws of Aug. 5 and Dec. 26,1914, July 10,1915, and Feb. 16, 1917. 3 From indirect taxation and Government monopolies. * Figures of the " Association Nationale des Porteurs Frangais de Valeurs Mobilieres." Bonds issued bv the Government and the railroad companies not included. ft Not including about 1,978 million francs held abroad. 6 Foreign debt calculated at the exchange rates of Sept. 30,1920. 7 Not including about 1,948 million francs held abroad. 8 Foreign debt calculated at the exchange rates of Feb. 28,1921. 55762—21 9 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

892 FEDERAL RESERVE BULLETIN. JULY, 1921. ITALIAN FINANCIAL SITUATION. [In millions of lire.] Leading private banks.1 Banks of issue. Government finances. Principal Loans, reve- Cash. c s c o e p a d o u n o n i r n s t n r d s - e t d ' s - - , c i D s t c r p e s o e e n o p r d 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 - t s s. s G e r r o e v l - d e. Total i D l m t i s t a e d i a b p e a e n i - o s 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 s c o i o t c r f n a c o t u t u h f e l o n e . a r t - n r S e c o t n u t a e r c t - e s y . m T s li e u r c e r e r t v y r a a e e s l - . - - S t t b r h u e e i r o l r a m l y r s s t . - - p T d u e o b b t l a t i . l c t f n t a a m r i o u n x o o m d e a n - ! debts. nopolies during month.3 End of December, 1913... 129 2,007 1,674 857 1,375 1,661 318 2,284 499 1920. March 818 14,421 13,397 5,322 2,053 I 2,296 5,478 10,454 April 850 14,884 14,045 5,804 2,035 2,377 6,029 10.401 May 813 15,240 14,044 5,782 2,065 2,264 6,459 10.402 June 874 14,996 14,060 6,784 2,110 2,379 7,484 10,333 2,538 343 9,300 95,000 July 864 14,924 14,131 6,576 2,113 2,196 7,615 10,284 9,800 561 August 872 15,177 14,457 6,233 2,172 2,276 7,413 10,524 2," 546' 349 10,200 878 September 942 15,653 14,824 6,628 2,217 2,494 8,231 10,6S2 10,300 461 October 1,035 15,700 14,909 7,083 2,082 2,337 8,361 10,940 2,546 ! 10,700 99,000 1,268 November 1,097 16,003 15,315 6,397 2,069 2,589 8,577 10,899 11,700 563 December 1,297 16,538 15,801 7,074 2,077 2,559 10,743 13,200 ioi,'6o6' 1,222 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 2,007 2,221 8,618 10,308 1,210 March 1,061 17,096 16,425 7,144 1,062 2,043 2,461 9,234 9,531 606 April 1,162 17,162 16,C94 1,3C9 I i 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 sales of sugar are not included. GERMAN FINANCIAL SITUATION. [Amounts in millions of marks.] Reichsbank statistics. Situation of the Government. Value of new stock Reserve. Darlehns- and bond Index kassen- issues number Gold. D R a u r e l n i e c d h h n s s- N cu o l t a e t i c o i n r- . Deposits. c s u i c n l h a e c ti i i o n r- e n. R t e f a r c x o e e m i s p . ts Fl d o e a b ti t. ng 3 im p lo e p a r e n r c . i 1 e a n l t 5 p lo w e a r a n r c .1 ent G p u e l t a p r h c m o e e n a d n s p e r c i u c o r e f i s t . i 2 es kassen- market.3 scheine. 1913 average-.. 1,068 32 1,958 668 75.90 1920, end of— May 1,092 15,907 50,017 17,024 13,567 1,080 67.50 98.70 < 109 1921, N J J A D S O u u e e o u c e n l n p t g c v y e d o t e u e . e b . m m s m o e t f r b b — b e e e r r r . . . . 1 1 1 1 1 1 1 , , , , , , , 0 0 0 0 0 0 0 9 9 9 9 9 9 9 2 2 2 2 2 2 2 2 2 2 1 1 1 1 3 0 1 8 7 7 9 , , , , , , , 4 3 6 2 3 8 8 1 8 5 6 7 4 6 7 6 2 3 4 1 1 6 6 6 6 5 5 5 3 8 1 4 8 5 3 , , , , , , , 5 8 4 7 9 2 9 0 9 0 6 3 7 8 1 6 6 9 5 5 4 2 2 2 1 1 1 1 3 0 2 5 7 7 7 , , , , , , , 4 0 3 3 7 2 9 1 5 4 2 7 8 4 4 4 0 7 2 2 5 1 1 1 1 1 1 1 3 3 3 3 2 2 3 , , , , , , , 6 2 3 0 3 3 0 3 5 3 2 7 2 4 3 6 3 8 0 4 8 2 3 4 1 7 1 1 , , , , , , , 4 2 9 7 4 1 9 4 1 8 1 9 5 3 1 1 3 8 5 0 4 1 1 1 1 1 1 5 4 4 6 6 5 6 1 8 1 5 2 , , , , , , 8 9 7 9 9 7 2 5 2 8 1 2 5 0 0 7 8 7 6 6 6 6 6 6 6 6 2 0 2 0 8 5 . . . . . . . 9 8 6 6 2 7 2 0 0 4 0 5 5 5 9 9 9 9 9 9 9 8 8 9 9 8 8 8 . . . . . . . 3 9 0 7 7 9 5 0 0 0 0 5 0 0 5 6 1 1 1 1 1 1 1 6 7 4 7 8 1 4 1 2 8 9 9 7 0 January 1,092 22,810 66,621 15,834 11,341 6,741 67.00 99.50 2,042 179 February.. 1,092 21,982 67,427 17,357 10,755 7,766 67.25 99.75 2,397 155 March 1,092 23,836 69,417 28,043 10,168 6,846 166, 329 67.60 99.70 894 i 163 April 1,092 24,149 70,840 20, 856 9,543 172,634 72.10 99.80 2,559 159 May 1,092 14,362 71,839 14,093 9,043 176,643 72.10 99.75 1,468 165 June 67.75 99.75 2,238 172 1 Quotations of the Berlin Bourse. 3 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 June 1. » As of July 1. • As of Aug. 2. i As of Apr. 2. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY, 1921. FEDERAL RESERVE BULLETIN". 893 SWEDISH FINANCIAL SITUATION. [In millions of kronor.] Riksbank. Joint-stock banks. Riksbank. Joint-stock banks. Bills Bills G b o u a l l d n li d o co n i . n ci N t r i c o o u n t l e . a- w co R it d u h i i n k s t s - t e - h d e a c L n o d o u a n d n t i s s s . - G b o u a l l d n 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 d n t i s s s . bank. bank. 1913, end of December 102.1 234.5 138.9 2,286.9 1920, end of—Continued 1920, end of: 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 281.8 680.5 400.9 6,065.3 September 279.8 779.8 544.7 6,068.7 Mayi 281.6 651.1 377.6 5,982.7 October 282.4 772.8 501.5 6,079.0 June 281.4 5,949.2 November 282.4 752.8 446.0 6,117. 8 1 Provisional. JAPANESE FINANCIAL SITUATION. [Amounts in millions of yen.] Bank of Japan. Tokyo banks. Tokyo Private Tokyo bank Average a d e n r e n d p m o G s e o i n t v s t . - a c L n o d o u a n d n 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 b s t o a o n c t i k a a l s te , d cl w e (t a i o t r h t in a in g l s d ( i T s r c o a o k te u y n o 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 Apprriil 1,058 1,848 2,442 May. 1,059 1,873 2,506 June.. 1,053 1,980 2,670 1 In case of Tokyo banks, and note circulation and specie reserve of Bank of Japan, last day of month. 2 It is generally understood that in recent years a certain portion of the reserve has been held abroad. Specie reserve figures do not includ* bank's own notes held in the bank. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX. Acceptances: *age> Page. Acceptance liabilities of member banks 800 Foreign exchange rates 779,890 Acceptance market, development of, during year 775 Foreign trade: Against shipping documents covering cattle, ruling on 815 Index of 822 Banks granted authority to accept up to 100 per cent of capital Review of, during year 778 and surplus 814 United Kingdom, France, Italy, Sweden, and Japan 847 Held by Federal Reserve Banks 863 France: Purchases by Federal Reserve Banks 860 Business and financial conditions in 804,891 Reserves against money paid by customer in anticipation of, Foreign trade 848 ruling on 815 Wholesale price index 843 Amendment to section 25 (a) of Federal Reserve Act 817 Germany: Australia, index of wholesale prices in 845 Business and financial conditions in 808,892 Bank debits 877 Wholesale price index 844 Bankers' Live Stock Loan Corporation formed to assist the live- Gold: stock industry 775 Imports and exports during month 779,882 Banking situation, discussion of: Imports and exports during year 771,856 Abroad 770 Gold settlement fund transactions: In the United States 780 During the month 880 Building permits 836 During the year 850 Business and financial conditions: England 802,891 Imports and exports: France 804,891 Gold- Italy 807,892 During the month 779,882 Germany 808,892 During the year 771,856 Sweden 810,893 Silver— Netherlands 812 During the month 779,883 United States 781 During the year 856 Canada, index of wholesale prices in 846 Index numbers: Charters issued to national banks 814 Exchange values of foreign currency 794 Charts: Foreign trade 822 Assets and liabilities of Federal Reserve Banks 865 Physical volume of trade 823 Assets and liabilities of member banks 871 Retail prices in principal countries 847 Debits to individual account 877 Wholesale prices abroad 841 Physical volume of trade 824 Wholesale prices in the United States 818 Wholesale prices in the United States 819 India, index of wholesale prices in 846 Check clearing and collection: Interest rates prevailing in various centers 884 Operations of system during June 881 Investment changes during the year 777 Operations of system daring the year 850 Italy: Clearing-house bank debits 878 Business and financial conditions in 87€,892 Commercial failures 817 Foreign trade 849 Condition statements: Wholesale price index 844 Abstract of condition reports of member banks 851,886 Japan: Federal Reserve Banks 780,864 Financial conditions in 893 Member banks 780,871,886 Foreign trade 849 Cotton fabrics, production and shipments 830 Knit goods production 837 Currency receipts and payments, June, 1920-May, 1921 854 Labor and employment situation 774 Debits to individual account 877 Law department: Deposits of Federal Reserve Banks during year 769,850 Limitations applicable to letters of credit 816 Discount and open-market operations of Federal Reserve Banks. 857-863 Amendment to section 25 (a) of Federal Reserve Act 817 Acceptances held 863 Letters of credit, limitations applicable to 816 Acceptances purchased— Live-stock industry, corporation formed to assist 775 During May 860 Member banks: During three months 861 Acceptance liabilities of 800 Bills discounted during May 859 Condition of 780,871 Bills discounted during three months 861 Abstract of 851,886 Bills held during May 862 Number discounting during May 858 Earning assets held during May 862 State banks admitted to system 814 Earning assets held during year 8-19 Money, stock of, in the United States 853,885 Number of banks discounting during May 858 National banks: Rediscounts and sales of bills between Federal Reserve Banks Acceptance liabilities of 800 during year 854 Charters issued to 814 Volume of, during May 859 Fiduciary powers granted to 814 War paper discounted during year 770 Netherlands, business and financial conditions in 812 Discount rates 775,857,884,885 Norway, wholesale prices in 845 Earnings and expenses of Federal Reserve Banks during year 851 Par list, number of banks on 881 England: Physical volume of trade 823 Business and financial conditions 802,891 Foreign trade 848 Prices: Wholesale price index 843 Discussion of 776 Exchange values of foreign currency, index of 794 Retail, in principal countries 847 Failures, commercial, reported 817 Wholesale, abroad 841 Federal Reserve Act, amendment to section 25 (a) 817 Wholesale, in the United States 818 Federal Reserve notes: Rates, discount: Circulation of, during year 769,850 During year 857 Federal Reserve Agents' accounts during month 870 Earning' assets of Federal Reserve Banks 855,862 Issued and redeemed during year 855 In effect July 1 885 Outstanding during year 856 Readjustment situation during year 767 Fiduciary powers: Reserve ratio of Federal Reserve Banks 772 Exercise of, by national banks outside of State where located, Reserves of Federal Reserve Banks 769, 771,850 ruling on 816 Reserves against money paid by customer in anticipation of Granted to national banks during month 814 acceptances and against balance due to foreign branch, ruling on. 815 I Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

II INDEX. Resources and liabilities: Page. Sweden: Federal Reserve Banks 8G7 Business and financial conditions in 810,893 Member banks 852 Foreign trade 849 Retail prices in principal countries 847 Wholesale price index 845 Retail trade, condition of 837 Trade: Rulings of the Federal Reserve Board: Foreign. (See Foreign trade.) Acceptances against shipping documents covering cattle 815 Physical volume of 773,823 Reserves against money paid by customer in anticipation of Retail, condition of 837 acceptances and against balance due to foreign branch 815 Wholesale, condition of • 841 Exercise of fiduciary powers by national banks outside of Treasury certificates of indebtedness allotted through Federal State where located 816 Reserve Banks during year 853 Silver imports and exports 779, 856,883 Treasury financing during year, review of 777 State banks and trust companies: Wholesale prices: Acceptance liabilities of 800 Abroad 841 Admitted to system during June 814 In the United States 818 Statistical review of condition of Federal Reserve System during Wholesale trade, condition of 841 year 767-779,849-856 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE DISTRICTS ——BOUNDARIES OF FEDERAL RESERVE DISTRICTS ----BOUNDARIES OF FEDERAL RESERVE B'RANCH TERRITORIES ® FEDERAL RESERVE BANK CITIES • FEDERAL RESERVE BRANCH CITIES O FEDERAL RESERVE BANK AGENCY Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis