Federal Reserve Bulletin, 1921-08

FEDERAL RESERVE BULLETIN (FINAL EDITION) ISSUED BY THE FEDERAL RESERVE BOARD AT WASHINGTON AUGUST, 1921 ,N GOVER NG OFFICE 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. II. PARKER WILLIS, Director, Division of Analysis and Research. J. F. HERSON, Chief, Division of Examination and Chief Federal M. JACOB SON, 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. n Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OFFICERS OF FEDERAL RESERVE BANKS. I Federal Reserve Bank of— \ Chairman. Governor. Deputy governor. Cashier. Boston Frederic H. Curtiss.. \ (-has. A. Morss C. C. Bullen...-. W. Willett. W. W. Paddock New York Pierre Jay ! Benj. Strong J. H. Case L. H. Hendricks.i L. F. Sailer J. D. Higgins.i G. L. Harrison , A. W. GilbarU 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, Wills E. R. Fancher ! M. J. Fleming H. G. Davis. Frank J. Zurlinden Richmond I Caldwell Hardy George J. Seay. C. A. Peple Geo. H. Keesee. R. H. Broaddus A. S. Johnstone * John S. Walden s Atlanta Joseph A. McCord. M. B. Wellborn... L. C. Adelson M. W. Bell. J. L. Campbell Chicago Win. A. Heath J. B. McDougal... C. R. McKay W. C. Bachman.1 j S. B. Cramer F. J. Carr.i K. C. Childs.i J. II. Dillard.i D. A. Jones.i O. J. Netterstrom.i A. H. Vogt. Clark Washburne.1 St. Louis Wm. McC. Martin.. J I). C, Biggs O. M. Attebery J. W. White. Minneapolis... John II. Rich .| R. A. Young W. B. Geery Frank C. Dunlop.1 S. S. Cook B. V. Moore. Kansas City -.. Asa E. Ramsay . J. Z. Miller, jr.... C. A. Worthington J. W. Helm. Dallas.. Wm. F. Ramsey... . II. L. VanZandt. Sam R. Lawder. San Francisco. John Perrin .... J. V. Calkins. Wm. A. Day; W. N. Ambrose. Ira Clerk 3 ; L. C. Pontious 3 ! 1 Controller. * Assistant to governor. 3 Assistant deputy governor. MANAGERS OF BRANCHES OF FEDERAL RESERVE BANKS. Federal Reserve Bank of— Manager. i! Federal Reserve Bank of— Manager. New York: ! "Minneapolis: Buffalo branch Ray M. Gidney. Helena branch O. A. Carlson. Cleveland: Kansas City: Cincinnati branch L. W. Manning. Omaha branch , L. II. Earhart. Pittsburgh branch Geo. De Camp. Denver branch C. A. Burkhardt. Richmond: Oklahoma City branch., C. E. Daniel. Baltimore branch Morton M. P rent is. Dallas: Atlanta: El Paso branch W. C, Weiss. New Orleans branch Marcus Walker. Houston branch .; E. F. Gossett. Jacksonville branch Geo. R. De Saussure. San Francisco: Birmingham branch A. E. Walker. Los Angeles branch .1 C. J. Shepherd. Nashville branch J. B. McNamara. Portland branch .J Frederick Greenwood. Chicago: Salt Lake City branch.. .! R. B. Motherwell. Detroit branch R. B. Locke. SeattLleie branch. .! C. R. Shaw. St. Louis: Spokane branch. .1 W. L. Partner. Louisville branch W. P. Kincheloe. Memphis branch J. J. Henm. 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. ni Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

TABLE OF CONTENTS. Page, Credit policy of the Federal Reserve System 895 General summary: Review of the month 900 Business, industry, and finance, July, 1921 909 The commercial paper business 920 The authority to purchase 926 Index number of ocean freight rates 931 The silver situation 934 Earnings and expenses of Federal Reserve Banks 939 Foreign loans placed in the United States 942 Business and financial conditions abroad: England, France, Italy, Germany, Sweden 952 Official: Rulings of the Federal Reserve Board 963 State banks admitted to system 961 Fiduciary powers granted to national banks 961 Banks granted authority to accept up to 100 per cent of capital and surplus 961 Charters issued to national banks 962 Price movement and volume of trade: Domestic— Wholesale prices in the United States 965 Foreign trade 968 Physical volume of trade 969 Retail trade 986 Wholesale trade 988 Commercial failures 962 August crop report 983 Foreign— Comparative wholesale prices in principal countries 988 Comparative retail prices in principal countries 993 Foreign trade—United Kingdom, France, Italy, Sweden, and Japan 993 Banking and financial statistics: Domestic— Discount and open-market operations of Federal Reserve Banks 995 Condition of Federal Reserve Banks 999,1002 Federal Reserve note account 1005 Condition of member banks in leading cities 999,1006 Bank debits 1009 Operations of the Federal Reserve clearing system 1013 Gold settlement fund 1012 Gold and silver imports and exports 1014 Money outside the Treasury and Federal Reserve System 1017 Discount and interest rates in various centers 1016 Discount rates approved by the Federal Reserve Board 1017 Foreign- England, France, Italy, Germany, Sweden, and Japan 1020 Foreign exchange index numbers 1018 Condition of leading foreign banks of issue 1023 Charts: Price of silver and melting points of silver currencies 937 Index number of wholesale prices in the United States—constructed by Federal Reserve Board for purposes of international comparisons 966 Physical volume of trade 971 Movement of principal assets and liabilities of Federal Reserve Banks. 999 Movement of principal assets and liabilities of member banks 999 Debits to individual accounts 1009 IV Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN VOL. 7 AUGUST, 1921. No. 8 CREDIT POLICY OF THE FEDERAL RESERVE SYSTEM. During the past month problems connected count with the Federal Reserve Banks at a with the credit situation, particularly as affect- very substantial profit. On or about Seping the agricultural sections of the country tember 15, 1919, the total amount of invested y have resulted in extensive discussion of the assets of the Federal Reserve Banks, including work actually done by the Federal Reserve bills rediscounted for member banks, accept- System and of the effect of its operations upon ances bought in the open market, and Governconditions in various branches of trade and ment obligations held, amounted to about industry. $2,350,000,000. An expansion of bank credits Gov. Harding in a letter to Senator Reed was going on all the time at a rate which has Smoot of Utah under date of July 11, con- never been equaled in the history of the 7 sidered some of the outstanding assertions country and far in excess of any war-time exregarding the Federal Reserve System and has pansion. Federal Reserve Bank rates were furnished a digest of the facts bearing upon advanced to 4| per cent early in December, them, as follows: 1919, but the advance was negligible and had "JULY 11, 1921. no effect. The latter part of January, 1920, •'MY DEAR SENATOR: Some of the charges rates were advanced to 6 per cent. On Janwhich have been made against the Federal uary 23, 1920, the total rediscounts and earn- Reserve Board and against its members per- ing assets of the Federal Reserve Banks sonally, which have appeared in certain papers amounted to about $3,030,000,000, an increase and in some public speeches, do not appear to since September 19, 1919, of $680,000,000. me to be susceptible to argumentative reply. The rate of expansion for that period was They are made without giving any facts to nearly 30 per cent. At the same time the support them and show either total ignorance reserves of the Federal Reserve Banks had of the subject on the part of the proponents declined to about $2,090,000,000, of which only or else wanton disregard of actual facts. about $2,030,000,000 were gold reserves. The "Owing to the exigencies of Treasury financpyramiding of credits was proceeding at an ing, the war-time Federal Reserve rate of 4 per alarming degree and it was evident that if cent was not advanced until November, 1919, expansion should continue to proceed at such although after the first of July, 1919, there a rapid rate, it would be merely a question of was a rapid advance in the market rate for time until the credit structure of the country money and the best grades of commercial paper would explode. sold in the open market at from 7 per cent "It should be noted that even after the rates to 8 per cent. The customers of the member were increased the expansion of loans and curbanks were willing to pay full rates for accomrency continued in a more moderate degree. modation and urged upon the banks as a reason On January 16, 1920, the total loans and earnfor easy credits that they were willing to pay ing assets of the Federal Reserve Banks high rates and the banks in turn could redis- 895 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

896 FEDERAL RESERVE BULLETIN. 1921. amounted to about $3,000,000,000. These ini July 9,1920. July 0, 1921. creased gradually and steadily until November 5, when they amounted to $3,400,000,000. On Secured by United States bonds and cer- i tiflcates i $544,229,000 | $212,999,000 January 16, 1920, the volume of Federal Re- Commercial paper, etc 303,454,000 236,970,000 Bills bought in open market \ 154,181,000 11,616,000 serve notes outstanding was about $2,800,- Total 1,001,864,000 4G1,585,000 000,000, and this note issue also increased "Some of those who have complained of the steadily until it reached the peak on December curtailment of credit live in the Richmond and 24, 1920, of $3,400,000,000. You will re- Atlanta districts, and it may be interesting, member that the great price reactions which therefore, to ascertain just what the Federal took place all occurred before November 5 or Reserve Banks in those districts are doing. December 24. Wholesale prices reached their On July 6, 1921, the Federal Reserve Bank of peak about the middle of May, 1920, being at Richmond had total bills on hand amounting that time about 272 as against 100 for the year to $105,974,000, against $110,052,000 on July 1913. After the middle of May wholesale 9, 1920, but there was a reduction between prices declined steadily, although the loans of these dates of $15,830,000 in the amount of the Federal Reserve Banks and Federal Renotes secured by Government obligations, serve note issues increased until November 5 which probably represents sales of bonds and and December 24, respectively. certificates, while loans on commercial and "Since the close of the year 1920 there has agricultural paper increased from $58,344,000 been a marked reduction in the loans and note on July 9, 1920, to $74,280,000 on July 6, 1921. issues of the Federal Reserve Banks combined, The Federal Reserve Bank of Atlanta shows although this reduction has been by no means between July 9, 1920, and July 6, 1921, an uniform at all the banks. As a matter of fact, apparent reduction in total loans of about the liquidation in the New York district has $17,000,000, but commercial and agricultural been about equal to that in all other districts paper increased from $61,611,000 on July 9, combined. The rediscounts and advances of 1920, to $65,754,000 on July 6, 1921. When the Federal Reserve Bank of New York, at the the difference in the value of cotton is considclose of business on June 30, 1921, were lower ered, it is evident that the real amount of acthan they had been since July 10, 1918. I commodation given is considerably greater would call your attention to the fact that on now than was the case a year ago. It should July 9, 1920, the Federal Reserve Bank of New be noted, however, that the decrease in the York had total bills discounted and bought total loans of the Federal Reserve Bank of amounting to $1,001,864,000, while on July 6, Atlanta is not as great as it appears, for the 1921, total bills held at the Federal Reserve bank on July 6, 1921, reports United States Bank of New York were $461,585,000, a reduc- bonds and notes owned amounting to $10,142,tion of $540,279,000. If comparison should 000, against $117,000 on July 9, 1920. This be made a week earlier in each case, it would increase represents bonds and notes purchased be seen that a reduction took place of $578,- under resale agreement from certain member 695,000. Bills held at the Federal Reserve banks which had previously been using the Bank of New York increased from June 29, bonds as collateral for loans with the Federal 1921, to July 6, 1921, from $423,169,000 to Reserve Bank of Atlanta, so the actual reduc- $461,585,000, a net increase for the week of tion in the amount of the bank's total loans is $38,416,000. The detail is as follows: only about $7,000,000 instead of $17,000,000, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUGUST, 1921. FEDERAL RESERVE BULLETIN. 897 "As your State is in the San Francisco district, "The Federal Reserve Board has made no some figures relating to the Federal Reserve suggestion whatever that any Federal Re- Bank of San Francisco may be of interest to serve Bank should undertake to force farmers you. The total loans of the Federal Reserve to sell their cotton before the new crop comes Bank of San Francisco on July 6, 1921, in and telegraphic inquiry made of the Fedamounted to $161,203,000, as against $199,- eral Reserve Banks in the cotton-producing 003,000 on July 9, 1920. This reduction, how- districts shows that no such restrictions have ever, is made up as follows: A decrease of been made by the Federal Reserve Banks. $4,446,000 in the amount of paper secured by "Recent correspondence between the Federal Government obligations and a decrease of Reserve Bank of Atlanta and one of its mem- $44,687,000 in the amount of bills and acceptber banks shows that the governor of the Fedances bought in the open market. Commereral Reserve Bank calls the attention of his corcial and agricultural paper under rediscount respondent bank, which writes that it has notifor member banks amounted on July 6, 1921, fied its customers who are borrowing on cotto $114,623,000, against $103,290,000 on July ton to sell it and pay their notes by July 1, 9, 1920, an increase in commercial, agricultural, to the fact that this is a matter which the and live-stock loans of $11,333,000. Federal Reserve Bank has nothing to do with and that it has made no such demands. "Let us now consider the figures for the system as a whole. On July 9, 1920, the total "The comptroller's abstract No. 130, made up bills on hand at all Federal Reserve Banks from reports rendered as of April 28, 1921, amounted to $2,934,184,000. On July 6, 1921, shows that the total rediscounts with the this total amounted to $1,832,499,000, a de- Federal Reserve Bank of Richmond by nacrease of $1,101,685,000. The detail of this tional banks in South Carolina on that date decrease is as follows: On paper secured by were $12,506,000, while total loans and dis- Government obligations, $621,973,000 (which counts of the South Carolina national banks on can be accounted for in part by Government the same date, exclusive of the amounts reredemptions of bonds and Treasury certifi- discounted, amounted to $75,208,000. Adding cates and private purchases for investment these two items together, we find that the account); in bills bought in the open market, South Carolina national banks had total loans $341,455,000. (While the volume of the ac- and discounts on April 28, 1921, of $87,714,000 ceptance business has declined during the past and of this amount they had rediscounted with twelve months, this decrease is accounted for the Federal Reserve Bank $12,506,000. They principally by the greater demand for first- had also borrowed $6,759,000 from the Federal class acceptances on the part of member and Reserve Bank on their own collateral notes. nonmember banks and trust companies.) The The total accommodation granted to national total of agricultural, commercial, and live- banks in South Carolina as of April 28, 1921, stock paper on hand, rediscounted for member was therefore $19,265,000, or 22 per cent of banks, on July 6, 1921, was $1,126,986,000, as their total loans. At the same time the total against a total of $1,265,243,000 on July 9, reserves carried by all national banks in South 1920, a decrease of only $138,257,000, which Carolina with the Federal Reserve Bank of is more than accounted for by the decrease Richmond amounted to $3,829,000. Deductin the holdings of paper of this kind by the ing the loans to State member banks, $2,285,- Federal Reserve Banks of Boston, New York, 000, the loans of the Federal Reserve Bank of and Chicago. Richmond to national banks in South Carolina Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

898 FEDERAL RESERVE BULLETIN. AU«T;ST, 1021. on June 30, 1921, amounted to $18,820,000, in making any new loans, regardless of the and the total loans to all member banks in disposition of the Federal Reserve Banks to South Carolina on June 30, 1921, by the Fed- rediscount the paper. They do not want eral Reserve Bank of Richmond amounted to their names on any more paper than they $21,105,000, against $17,316,000 on June 30, already have. They do not like the idea of 1920, and yet the Federal Reserve Bank of increasing their contingent liability. In view Richmond is charged with restricting loans in of the fact that the twelve Federal Reserve South Carolina. I may add that the Federal Banks are independent bodies corporate and Reserve Banks of Richmond and Atlanta were are controlled and directed each by its own both heavy borrowers during the latter half of board of directors, subject only to the general 1920 from other Federal Reserve Banks and supervision of the Federal Reserve Board, the Federal Reserve Bank of Richmond has whose authority with respect to discount is recently shown loans as high as $25,000,000 confined principally to defining eligible paper from the Federal Reserve Bank of New York. in accordance with the terms of section 13 It is worthy of note also that the Federal Reof the Federal Reserve Act, it seems to me that serve Bank of Richmond has never had the the statement which many, both in Congress progressive rate and has never had a higher and on the outside, urge be issued by the rate than 6 per cent. The legal rate of interest Federal Reserve Board, stating that the in South Carolina is 8 per cent. So you can Federal Reserve Banks will adopt certain see that there is a margin of profit to member policies in connection with the rediscounting banks in that State of two full points, or 33J of agricultural paper, would have to be made per cent, in their rediscount transactions with by the Federal Reserve Banks themselves. the Federal Reserve Bank. The Federal Reserve Board has no power to "In conclusion, I wish to say that the attitude interfere with the discretion given or the of the Federal Reserve Board toward agricul- responsibility imposed by law upon the directure has been greatly misunderstood and tors of a Federal Reserve Bank with respect grossly misrepresented. The Board has always to passing upon the merits of eligible paper advocated as liberal a policy as possible, con- offered for discount. sistent with the terms of the Federal Reserve "Congress did not establish a central bank Act and with reasonable banking prudence in this country. It established twelve banks toward agriculture, which it recognizes as the under the general supervision of the Federal basic industry of the country and the foun- Reserve Board, which does not exercise bankdation upon which all other industries necesing functions. These functions are exercised sarily rest. The trouble is that the loans exclusively by the Federal Reserve Banks. made by the member and nonmember banks The Board has taken up repeatedly with the throughout the country are not well distribuvarious Federal Reserve Banks complaints of ted and in a number of cases have not been a general nature regarding the restriction of judiciously made. Something over a third agricultural credits and the banks have always of all member banks are not borrowing from made a good showing of what they have done the Federal Reserve Banks at all, and of the for agriculture. Very few specific cases have two-thirds which are borrowing, more than been brought to the attention of the Board one-half are borrowing very large amounts. where eligible agricultural paper has been re- Many of these banks have extended themfused for rediscount, and in those cases it seems selves so far that they do not feel warranted Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUGUST, 1921. FEDERAL RESERVE BULLETIN. 899 that the management of the Federal Reserve live stock and having a maturity not exceeding Banks have justified themselves in the refusal. six months, exclusive of days of grace, may be "In some agricultural States there was two discounted in an amount to be limited to a years ago unfortunately great speculation in percentage of the assets of the Federal Reserve farm lands, and member and nonmember Bank, to be ascertained and fixed by the Fedbanks in those localities loaded themselves up eral Reserve Board." Had the Board been with a large volume of real-estate mortgages, unfriendly to agriculture, as many of its critics which paper is not eligible for discount under claim it has been, it could easily have limited the terms of the Federal Reserve Act, and the amount of six months' agricultural paper many of them have sustained losses in deposits. which could be discounted by a Federal Re- In the present circumstances, they are endeav- serve Bank to a very small percentage of its oring to work out from under the tremendous total assets. But in order to offer the fullest load which they ought never to have taken on, possible accommodations to agriculture, the and do not feel able or else are indisposed to ex- Board more than five years ago fixed this pertend accommodations for agricultural purposes centage at 99 per cent and has never changed it. which ordinarily they would be glad to do. In It has already been pointed out that the dealmost every State, however, there are a num- crease of more than $1,100,000,000 which has ber of ultraconservative banks which have taken place in the loans and earning assets of strong reserves which are not borrowing, and the Federal Reserve Banks is represented which ought to do their part in assisting agri- mainly by a reduction in loans secured by culture at the present time. Government obligations and by bills and "In the present condition of the country it acceptances bought in the open market. The seems to me that the strong position of the actual reduction in commercial, agricultural, Federal Reserve Banks should be a source of and live-stock paper, rediscounted for member comfort rather than the cause of so much reck- banks, from July 9, 1920, to July 6, 1921, was less criticism. The Federal Reserve Banks can $138,257,000. This reduction is more than not be expected to encourage their member accounted for by the decrease of paper redisbanks to make loans to the public on the basis counted by Federal Reserve Banks in Boston, of values which obtained 18 months ago. The New York, and Chicago. The bank liquidation inability of any banking system to maintain which has taken place has been mainly in finanvalues in the face of a world-wide decline is cial and industrial centers, and the figures of the evidenced by the plight of the banks in Cuba, Federal Reserve Banks do not indicate that which were heavily loaded up with loans on there has during the past 12 months been any desugar at high prices. Surely, the return of bet- crease in Federal Reserve accommodations to ter conditions in this country would not be banks in the agricultural and live-stock districts, expedited by having American banks in the but on the contrary there has been a considerasame condition that Cuban banks are to-day. ble increase, as you will see from the official "By way of summary, let me state that while statements inclosed herewith." the Federal Reserve Act imposes a general Very truly, yours, limitation upon the maturity of paper eligible W. P. G. HARDING, for discount of three months, it is provided in Governor. section 13 "that notes, drafts, and bills drawn Hon. REED SMOOT, or issued for agricultural purposes or based on United States Senate, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

900 FEDERAL RESERVE BULLETIN. AUGUST, 1021. REVIEW OF THE MONTH. tion to these is the growth of commercial restrictions of various kinds and the develop- Practically all observers of current business ment of systems of taxation whose general development agree that the Position of for- « . . -, ., ,. drift has been toward the limitation of the eten tr d foreign-trade situation is prommovement of goods. inent among the factors which Much discussion has been devoted to the have retarded the progress of American busiquestion what percentage of the ness toward a normal condition. Figures for Significance of r , , . j ^ , the June foreign trade of the United States foreign business. total trade °f a C0Untl7 1S represented by its export and show that the total exports of merchandise import business, or, in other words, what perwere $337,000,000, while the total imports centage of a nation's total business transacwere $186,000,000, the so-called favorable tions represents dealings with foreigners. This balance on the side of exports amounting to is a question as to which no statistical informa- $151,000,000. Taking the monthly average tion has ever been made available. The relavalues for the year 1913 as 100, with the effect tive importance of foreign and domestic trade of price changes eliminated, the Federal Revaries greatly from country to country. In serve Board's index of foreign trade for June some countries which produce raw materials was about 111.3 for exports and 119.7 for imto an almost exclusive extent and which rely ports. While, therefore, the falling off is great largely upon exporting them to others, receivas compared with the "peak" period of the ing from such others manufactures produced war, the volume of our total trade compares with these exports as a basis, the percentage favorably with that of 1913, our exports being relationship of foreign to domestic trade may 11.3 per cent above the figures for the former be tolerably large. In other countries, which year. The fact remains that there has been a themselves comprise a large area with great very material reduction in the total volume of diversification of products and which manufacexport business as compared with more recent years, and the unfavorable influences working ture extensively, besides producing large quanagainst the recovery of foreign trade are wide- tities of raw materials, the reverse may be the spread, including a variety of factors of domes- case. Thus, in a country like Great Britain, tic origin as well as a larger number that are which imports a very large proportion of raw due to conditions outside the control of any of materials, manufactures them, and ships the the exporting countries. Among the unfavor- product to foreigners, the percentage of foreign able factors may be enumerated the disturb- to domestic trade is unquestionably much ance of, and uncertainty in, costs of pro- larger than it is in the United States. In this duction since the conclusion of the war, the country census estimates place the aggregate consequent lack of a definite competitive basis value of all manufactured products for the upon which operations can be developed, Gov- year 1919 at $62,589,000,000 and the aggreernment interference and control of business in gate value of crops at $16,013,000,000, or a certain lines by various nations, the restriction total of $78,602,000,000. There is a certain of the movement of specie and of bank remit- amount of unavoidable duplication in this tances, and in many countries disturbance in total, when cotton, for example, is counted the relations between capital and labor due to both as raw material and finished cloth, but efforts to bring about a post-war readjustment the total as given is doubtless nearer the true more or less necessitated by changes in prices. figure than if manufactures were taken alone. There are certain additional factors affecting Compared with the statistics for domestic trade foreign trade which must be reckoned as dis- just quoted, our foreign business, represented tinctly outside the control of any country. by exports of $7,920,000,000 in 1919, is seen to Of these the most general and the most im- be about 10 per cent of the value of domestic portant is the lack of adjustment between cur- products. Such comparative figures for values rency values, which gives rise to what are do not, of course, indicate anything with respect called foreign exchange fluctuations. In addi- to the " turnover" in either branch of trade, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUGUST, 1921. FEDERAL RESERVE BULLETIN. 901 but merely suggest in an approximate way the comparing 1919 returns with those of 1914. relative values of the goods handled. Expressed in terms of physical units, however, The significance of foreign trade is not in the increase appears to have been by no means ; countries like the United States, found in the excessive in the majority of cases for which fact that it represents a large percentage of the satisfactory comparable data can be secured. output of any particular kind of goods, but is The table which follows, based on census refound in the fact that it affords a stabilizing turns, gives changes of output in percentages factor which influences both prices and amount of value and of physical units for a few typical of output. It enables concerns which mis- manufactures. calculated the strength of domestic demand to CHANGES IN OUTPUT, 1914-1919. find an outlet for products which would otherwise be unavoidably carried over, while, on the Per cent of j Per cent of other hand, it renders possible the filling of increase or \ increase or decrease | decrease domestic demand or of requirements that (value), j (quantity).1 might otherwise have to go unsatisfied. From Slaughtering and meat packing +157.0 j the price standpoint the effect of foreign trade N umber of beeves +52.1 Number of sheep, lambs, etc —15. ti is important because, as is well known, only a Number of hogs +29.4 Flour and grist milling +133.9 small surplus is necessary in any given line of Wheat Hour (bbls.) + 13.8 Cotton goods + 177.5 i goods to drive down prices of such articles, Cotton goods (sq. yds.)2 + 11.9 Footwear, exclusive of rubbers +129.6 I while, on the other hand, a relatively small Number of pairs + 12. G Pig iron i +151.3 i shortage as compared with supply exerts a Pig iron (gross tons) +30.9 much more than proportionate influence in 1 Figures used as a basis for computing percentual changes in physical advancing prices. production do not in all cases cover the totals used in computing changes in value for the several groups. The foreign-trade situation is of special inter- 2 Estimates furnished by Textile World. est to the United States at the It is thus seen that there has been not only Productive po- p t time because of the pro- an increase of output in standard lines as exresen sition of United , ,. , , . , ^ pressed in values, but also a substantial ad- States ductive changes which have vance in the number of units produced and taken place during and since hence a need for the retention of foreign marthe European war. These productive changes kets. Allowance should, of course, be made necessarily involved a "speeding up" of manufor population increase. The relation of the facturing and consequent increase of output. 1919 output to that of the prewar period (al- In addition to the mere speeding up of plants, lowing for the normal increase in consumptive however, there was also a considerable increase capacity due to a population increase of nearly in plant capacity, particularly in certain lines 15 per cent in the 10-year period) is illustrated of trade. This has a very direct relation to by computations published by the Harvard the question of export trade. There is unfor- Bureau of Economic Research, presenting intunately no definite way of measuring such dexes of the physical volume of production for changes in plant capacity except in terms of ten groups of manufacturing industries. This actual output either as given in terms of units composite index is 10 per cent below what or as measured in dollar values, but careful might have been expected on the basis of noranalysis of these data affords at least a reamal production in 1919, although the returns sonably accurate notion of the extent to which were 4 per cent and 1 per cent, respectively, foreign trade is essential as a means of furnishabove normal in 1917 and in 1918 and 9 per ing an outlet for goods which otherwise would cent above in 1916. On the whole the excess to some degree cause congestion in American production power of the nation as compared markets. with home consuming power has been at least Preliminary and as yet incomplete census maintained as shown even by output. figures on manufacturing output in 1919 show Our leading manufactures are suffering infor most of the leading industries an enormous directly to-day from the reduced foreign deincrease in the value of manufactured products, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

902 FEDERAL RESERVE BULLETIN. AUGUST, 1921. mand, although their difficulties are due not tuations in foreign exchange. These fluctuasolely to the loss of a foreign market for their tions do not permanently operate, as many own products, but also to the reduced foreign suppose, to impair our competitive power by buying of the products which have for so long giving to foreigners a "cost of production" been the basis of our export trade—primarily lower than is enjoyed by American producers. foodstuffs and raw materials. As a result of Production costs, like prices, are adjusted this situation the purchasing power of large through international competition in such a groups of domestic consumers is curtailed and way as to eliminate the effects of "low" or .manufacturing activities severely restricted in "high " exchange. There is no permanent proconsequence. The trade position to-day thus ductive advantage in either "high" or "low" inevitably leads to recognition of the neces- exchange. The present exchange situation is sary character of a sound foreign commerce, difficult for the American shipper because of even though it may not be true (as it ought not its uncertainty. Accepting payment, as he to be) that our plant capacity has on the aver- frequently must, in the currencies of foreign age grown out of proportion to population. countries, or agreeing to pay in those curren- The process of currently financing foreign cies, he can not calculate with any accuracy trade still presents difficulties over even a very brief space of time the amount Financing for- « ., . , in dollars which he will eventually receive, or . , , oi quite as serious a nature as be obliged to pay. This introduces an element eign trade. ,• -L + e \ into business which makes the conduct of at any time heretofore. Ameriforeign trade very much more uncertain than can institutions have been more and more withit would ordinarily be. During past years drawing from commitments in foreign trade. unfavorable movements of foreign exchange On the other hand foreign institutions with ; resulting in depreciation of balances left abroad agencies in the United States have placed very have induced many business men to carry stringent regulations upon the business which these balances in foreign countries, either borcan be done through these agencies. Refusal rowing upon them as collateral in the United to discount bills in trade with various coun- States, or, in other cases, borrowing on their tries seriously interferes with the continuance own direct notes and merely carrying the forof business in those directions, while foreign eign ^balances as an asset. The effect of this moratoria, or what is equivalent thereto, plan, as is well known, has been to develop a necessarily prevent American business men large unfunded balance abroad, one outcome from extending credit even in countries where of which has been to introduce an element of they would otherwise be disposed to provide great uncertainty into the foreign exchange for the necessities of desirable buyers or borsituation because of the fact that a favorable rowers. In a good many cases foreign estabmovement of exchange quotations has genlishments which during the war were pracerally brought part of these unfunded balances tically obliged to provide cash against docuupon the market. Another disturbing factor ments in New York or at some other shipping has been the development of the reparations point in the United States, are now specifying settlement with Germany, which has resulted in that they expect the usual period of credit and considerable operations in dollars and in other that without it they will be obliged to transfer currencies, which were not the outgrowth of their custom to exporters other than American. actual commercial transactions. Still a third While it is true that there are many products disturbing factor has been the accumulation of which can be obtained by foreign buyers in balances in New York for the purpose of sufficient quantity only in the United States, meeting the obligations of foreign Governments. it also is true that in a large range of manu- In the BULLETIN for September, 1920, it factured goods American sellers are now Our balance of was estimated that there was obliged to meet competition to an extent indebtedness. due us from abroad at the end greater than in their past experience. In this of July,|1920, an unfunded balance of indebtedcompetitive situation, some of the most serious obstacles to success on their part are the fluc- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUGUST, 1921. FEDERAL RESERVE BULLETIN. 903 ness, created since the armistice, amounting definite conclusions are exceedingly difficult to $3,000,000,000. During the fiscal year to reach, and one which is being subjected to ended June 30, 1921, exports of merchandise further study by the Division of Analysis and have been $6,519,000,000, which have been Research of the Federal Reserve Board. in part offset by imports amounting to In considering the future of the export trade $3,667,000,000, leaving an export balance of the United States, it is necoreign comof $2,852,000,000. During the same period y ^ ^ ke j^ account the petition. essar 0 a n0 the flow of gold has radically altered, and in- changes the war has made m stead of a net outgo the fiscal year shows a the productive power of our chief competitors net importation of $513,000,000 in gold. The in foreign markets. As regards the raw matenet importation of silver during the fiscal year rials which make up a large part of our export has amounted to $7,000,000. Deducting these trade (38 per cent of the value of our exported importations of specie from the merchandise merchandise in 1913, 35 per cent in 1920), balance leaves a " favorable balance/7 for the there is little question of competition. If the so-called visible items of our foreign trade, credit and exchange situation abroad could be amounting to $2,332,000,000 in the fiscal year adjusted, there would be no lack of demand just past. Foreign loans floated in the United for our wheat and cotton and the other raw States during this time have been between materials which we normally export. How- $500,000,000 and $600,000,000, according to ever, the manufactured and semimanufactured a compilation made by the Guaranty Trust Co. products of the United States come into comfor the Federal Reserve Board. Allowing for petition in foreign markets with those of Eurothis and the other invisible items which figure pean countries. During the war, in South in America's international balance on one side America, in Asia, and in Oceania there was a or the other, it seems clear that in the 12 months great demand for American goods because cusending with June the sum of $1,500,000,000, or tomary sources in Europe were no longer availa little less, has been added to our unfunded able. The United States could respond to this balance due from other countries. If this be demand only in part, however, because of the combined with the estimate of a year ago, we even more urgent need for American goods in arrive at a figure between $4,000,000,000 and Europe. Since the armistice there has been $4,500,000,000 as the amount now held in an effort on the part of all the European counsuspense. This is on the assumption that at tries to reenter their prewar markets. Without the time of the armistice the international trade doubt, the most important of these countries balance was practically even so far as unfunded from the point of view of the United States are obligations were concerned. That it was about the United Kingdom, France, and Germany. even, except for the unexpended balances of The following paragraphs will attempt to show Government credits, has been the opinion most the changes which have taken place in the widely held. Such unexpended advances by trade of these countries, as compared with the the United States count as an offset against changes in the trade of the United States since subsequent shipments of goods to foreign coun- the beginning of the war. tries, and are included in the foregoing estimate. The direction of the export trade of the Another factor which would tend to reduce the United States has not changed radically since international obligations now outstanding re- 1913. In 1920 Europe received a smaller prolates to certain losses which American exporters portion of our total exports than in 1913, behave sustained and written off their books. cause of the decrease in shipments to Germany These are represented by bad debts in some and Russia; the proportions going to South cases, but more especially by goods which America, Asia, and Africa were slightly larger foreign importers have refused and which have in 1920 than in 1913, while the shares received had to be sold abroad at a loss or placed in ware- by North American countries and Oceania rehouses pending their reshipment to the United mained the same. The table following shows States. The whole problem is one upon which the broad outlines of the trade in the two years. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

904 FEDERAL RESERVE BULLETIN. AUGUST, 1921. VALUE OP EXPORTS FROM THE UNITED STATES, BY The fact that all these figures are expressed CONTINENTS. in value units makes it im- [ In millions of dollars.] Relative vol- -r i , ,-i ume of business. Posslble to fe them' .m con" sidermg the changes which have Proportion of the c P e e n r t - - t c o o t n a t l ine to n t. each taken place in volume of trade since the be- 1913 1920 age of in- ginning of the war. Current statistics on the crease. 1913 1920 quantity of merchandise shipped, divided by countries of destination, are at present not Europe 1,500 4,467 198 60 54 North America.. 601 1,929 221 24 24 available for the United States, England, South America 147 624 326 6 8 Asia 126 772 512 5 Q France, or Germany. There are, however, Oceania 82 271 232 3 3 Africa... 29 166 473 2 figures for the total quantity of exports leaving Total 2,484 8,229 331 100 100 each country. The volume of shipments from the United States is estimated by taking 29 of Similar changes have taken place in the the most important exports of the country direction of British trade. There has been a (which formed 56.3 per cent of the total value large falling off in exports to Germany and of the export trade in 1913) and comparing Russia, and an increase in the share of the the quantities shipped in 1913 with those exports going to France, the Netherlands, and shipped in 1920, both calculated at 1913 Belgium, while the proportion of the trade to prices. A similar estimate has been made the United States, Brazil, China, and Italy has by the Board of Trade for the United Kingdom, remained the same. The increase in the total except that in this case the value of all comvalue of the export trade is, of course, accounted modities shipped in 1920 has been calculated for by the change in the price level. In the at 1913 prices. For France and for Germany, case of France (according to the figures now actual tonnage figures are compiled. In the available) the most striking changes in the following table these figures have been reduced apportionment of exports occur in the trade to relatives, using 1913 as 100. with England and Germany. England received 21 per cent of French exports in 1913 INDEX NUMBERS OF THE VOLUME OF EXPORT TRADE. and 16 per cent in 1920, while Germany received 13 per cent in 1913 and only 5 per cent in 1920. 1913 1920 The proportion of exports going to Brazil and United States 100 107.0 Argentina has also been reduced in the later United Kingdom., 100 70.9 France 100 56.6 period, but the reverse is the case with the Germany UOO 126.9 United States, which received 8 per cent of i First 11 months of the year. French exports in 1920 as compared with 6 per cent in 1913. The most recent complete It is clear if we consider exports as an evifigures available on the trade of Germany by dence of ability to produce, that none of the countries cover the period from January through European countries in question had returned August, 1920. They show that during that to its prewar level of productive capacity in period a larger proportion of German exports 1920. Changes in productive capacity which went to neutral countries in Europe than in may have occurred since that time can not be 1913, while a correspondingly smaller propor- ascertained from any of the available data, tion went to all of the belligerent countries. since the decreased export figures of 1921 The share of German exports received by the represent rather a slackening of foreign de- United States was about the same in these two mand than lack of productive power. Indeed, periods. No separate figures are given for if it had not been for this slackening of demand, South America, but the proportion of German which began to make itself felt in the late merchandise shipped to non-European coun- months of 1920, the index numbers shown tries other than the United States decreased above would probably have been slightly from 17 per cent in 1913 to 10 per cent in the larger, at least in the case of the United States, first eight months of 1920. France, and the United Kingdom. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUGUST, 1921. FEDERAL RESERVE BULLETIN. 905 The continued fluctuations in foreign ex- ary for a country bank to avail itself of the change adversely affected our services of its city correspondent. Because Effect of can- * , •• i • 1 non our experience in the field of overseas financing „ .. foreign trade early m 1920. has been of only recent origin, many of our cellations. & . J 7 country banks do not yet fully understand the and the collapse in commodity liabilities which they assume in requesting their prices later in the same year brought disaster city correspondents to open credits, and in conto many lines of international commerce, for a sequence grave issues have arisen. The diffideclining market is usually accompanied by culties of the past year have also placed a widespread repudiation of business obligations. severe strain upon the relations of city banks Exports from the United States to South to exporting and importing houses, and a diver- American countries in particular were affected gence of interests has at times resulted. Beby decrees ordering moratoria for a period of sides, there has often been no meeting of minds several months. These moratoria were both between American banks and their foreign partial and complete, but in general postponed correspondents on many subjects dealing with the payment of obligations arising from drafts foreign credits. and bills of exchange and from deposits in Although court decisions have, on the whole, banks. In some countries the demand for a accomplished little in the way of settling the general moratorium was denied by the govmany problems connected with relations among ernment, but nevertheless American goods on these various parties, nevertheless considerable a large scale were rejected and so have accumuprogress has been made in solving some of these lated in the warehouses of many South Ameriquestions through the action of the Bankers' can ports. It is estimated that at the begin- Commercial Credit Conference. This body ning of June the goods thus unsold represented confined its efforts at first to considering bills a market value of not less than $50,000,000 to of lading and other shipping documents. Late $60,000,000. This situation is now being re- in 1920 the conference appointed a committee lieved partly by withdrawal of the moratoria and to draft a uniform set of credit instruments for partly by the action of liquidating committees. use in financing foreign trade. This commit- Repudiation has by no means been confined tee has drawn up a tentative set of documents to American exports, but has also impaired which is being considered by organizations repthe import trade. In this country repudiation resenting American banking and mercantile has been in the direction of cancellation of interests. sales contracts and nullification of commercial The outlook is now promising for a set of uniletters of credit. While the breaking of com- form regulations and standardized documents mercial contracts injures the rating of the which will meet with the approval of American parties involved, the violation of bank credit banks. However, the success of this moveundertakings impairs the standing of the whole ment from the international viewpoint depends country before the rest of the world. largely on the cooperation of British and Con- Particularly serious are the difficulties experi- tinental banking institutions. Although they enced in connection with transactions financed have had the benefit of long experience in under the commercial letter of credit, which is financing overseas trade, nevertheless the abthe fundamental banking document in foreign normal conditions since 1914 have presented trade. As a result, a mass of litigation between credit problems in an entirely new light. The bankers and merchants has arisen both at home legal and banking literature of these countries and abroad and many cases are still pending. contains little mention of the subject, and it is therefore necessary to study the actual prac- These legal complications are concerned maintices and analyze the documents of the leading ly with the relations of large foreign banks in order to evolve definitive reg- Legal compli- ry American bankg with count ulations and instruments which will receive the cations. - . , i unqualified indorsement of institutions abroad correspondents, commercial as well as at home. houses, and foreign banking institutions. Comparatively few banks operate foreign departments of their own, and therefore it is custom- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

906 FEDEEAL RESERVE BULLETIN. AUGUST, 1921. Closely bound up with our foreign trade nied by sweeping reductions in ocean freight problem is the status of Ameri- rates in every trade. Just how much tonnage can shipping. Our changed has been forced to lie idle in ports all over position in the world's carrying trade may be the world will probably never be exactly made clearer by reference to the tonnage of known. In the early part of 1921 it was estiships operating under the American flag now mated that fully 10,000,000 tons of shipping and before the war. The Bureau of Naviga- were idle, and there have been periods since tion, Department of Commerce, reported the then for which that estimate should be contotal of American documented shipping on siderably increased. What the enforced idle- June 30, 1921, at 18,350,000 gross tons, com- ness of 20 per cent or more of the world's pared with 16,324,024 gross tons in 1920 and shipping means in the way of loss to business 7,928,688 gross tons in 1914. These figures in general can only be conjectured. Its signifiinclude coastwise ships as well as vessels on cance as a factor in the export trade situation inland waters of the United States. The which has just been outlined is, however, growth of American shipping since 1914 is evident. even more striking if ships registered for the The question of adjusting our international foreign trade are taken alone. Such vessels Adjustment of indebtedness, and thereby estotaled 1,076,152 gross tons in 1914, 9,928,595 international tablishing a definite basis for gross tons in 1920, and 10,620,717 gross tons debt- future financial relations with in 1921, showing that our overseas merchant foreign countries, has been before Congress durfleet is now tenfold that of 1914. For pur- ing the past month as the outcome of a request poses of comparison with the total world ton- from the Treasury Department for actibn grantnage, the figures of Lloyd's Register may be ing authority for the funding of these obligataken as probably the most reliable. That tions. Hearings have been held with respect publication gives the world's steam tonnage to the proposed bill in which the authority for on June 30,1914, as 45,403,877 gross tons, and as funding is conveyed to the Treasury Depart- 53,904,688 gross tons in 1920. The share of the ment, and testimony has been given by the United States in the total was 4,330,078 gross Secretary of the Treasury with respect to the tons, or 9.6 per cent, in 1914, and 14,574,375 whole matter. According to the showing made gross tons, or 27 per cent, in 1920. by the Treasury authorities before the com- During the war and even as late as a year mittee the total amount due to the United ago the opinion was frequently expressed that States Treasury from foreign countries is $10,to repair war losses and bring the world's 141,267,585, while the aggregate of accrued and shipping up to normal would require years of unpaid interest thereon up to and including the effort, and that for a long time to come ship- last interest period is $943,534,755. Durbuilding could not proceed too rapidly. But ing the hearings the committee was inthe world-wide industrial depression of 1920- formed that there is no intention to consider 21, accompanied by a severe fall of commodity the cancellation of the international indebtedprices coming at a time when the shipyards of ness, and accordingly future payment on acthe world were working to capacity and when count of principal or interest, or both, must be the belligerent powers were releasing requisi- taken into account. The large transfers which tioned ships to their owners, and when, more- must be made to the United States in order to over, large numbers of German and Austrian obtain a settlement of these obligations will steamers were being turned over to the allied unavoidably affect our balance of trade, since powers—all this could hardly fail to produce in the last analysis the transfers must be efa profound reaction in the shipping industry. fected by the shipment of goods. A steady The result was that within a few months of flow of goods into the United States must, in the time when steamship men and exporters other words, take place at some time in the alike were demanding more and more ships, future if the obligations of Europe on the score a surplus of shipping developed, accompa- of this indebtedness are to be provided for. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUGUST, 1921. FEDEKAL RESEKVE BULLETIN. 907 That such payment in any considerable amount As in former months, there is herewith subwill necessarily be only gradually made and Foreign ex- mitted a review of foreign exwill not, therefore, affect immediate taxation or change quota- change quotations during the international trade conditions, would seem to tions- month of July. The figures be clear. Existing problems of exchange rates furnished reflect in practically all cases a and foreign commerce must, therefore, be con- downward movement of exchanges during the sidered primarily on their own merits and with- greater part of the month. This downward out reckoning for the immediate present upon movement is decidedly less marked in some the disturbing influence of factors growing out cases than in others, but taking the figures as of the debt problem. In this connection our a group, points to a continuous appreciation commercial policy must necessarily have a very in the purchasing power of the dollar. Such considerable influence, and this is likewise true appreciation is naturally most marked in the of the commercial policies of foreign countries case of some of the European currencies. The which are our debtors. This factor brings into indications furnished by these quotations may a foreign situation, which in any case is com- be regarded as corroborating in a measure the plex, unusual elements of difficulty, although, conclusions already drawn from the tendencies as just remarked, they probably need not be indicated by our growing balance of internaconsidered as an immediate factor. tional indebtedness. As this balance increases In the following table are presented the the lack of correlation between supply of and Board's index Board's indexes of business con- demand for bills drawn upon those countries of business con- ditions, with figures computed which are most heavily in our debt becomes ditions. to the most recent available more and more evident. date. These, however, as usual represent a FOREIGN EXCHANGE, JULY 5 TO JULY 23, INCLUSIVE. period of about 30 days before publication. Examination of the indexes bears out the opin- Week i Week Week ended ended I ended July 23. ions of trade authorities concerning existing July 9. I July 16. conditions. In several industries operations i High.! Low. i High. LowH.igh. Low. Last. have increased somewhat as compared with the month of May. Steel production con- England 3,727513.6588|3.6550|3.6150 3.6063 3.5713 3.,5775 tinues to be more seriously depressed than France < .08011 .07811 07S8| .0771 .0780 .0770 .0773 Italy ! 0492| .0463! .0467 .0447 .0458 .0433 .0433 any other element in the industrial situation. Spam i ,1290i .12651 .1303 .1260 .1296 .1275 .1275 Germany i ,0136| .01311 .0137 .0127 .0131 .01281.0129 Switzerland ! .1684i .1660 .1659 .164' .1650 .1625 .1647 [000 omitted.] Sweden (Stockholm) I ,2180' .2150 .2120 . 2095 .2131 .2052 .2055 Holland ' .3284! .3215 3204 .3170 .3170 .3127 .3132 Belgium i .0795! .07681 0781 .0757 .0773 .0752!.0773 June, 1920. June, 1921. May, 1921. Argentina I 2949 .2922! .2908 .2835 .2867 .2792 .2867 China (Hongkong) 5063 .4913 .5038 .4963 . 5013.4913 .5013 Chin a (Shanghai). .6688 .6863 .6763 .6788 .6713 .6788 Total. \Rfie'tla - Total. R ti e v l e a . - Total. ; R t f i . v el e a . - C Ja a p n a a n d a (Yokohama) 4 8 7 3 8 2 8 5 . . 8 4 7 7 5 8 0 8 . . 4 8 7 8 8 0 8 0 i ; . . 4 7 8 8 7 8 2 J 5i . . 4 8 8 8 1 8 3 8 . .8 4 7 7 5 8 0 8|. . 4 8 8 8 1 8 3 8 Bar silver in New York....6150 .5963 .6150! .5950!.6113 .5975 .6025 j Receipts of live stock at 15 western markets During the month ending July 10 the net (head) 5,005 100 ! 4,928 I 98.4 4,574 ! 91.4 Receipts of grain at 17 Gold and sil- inward movement of gold was interior centers (bush- , ! | els) 77,940 100 I 93,405 1119.9 72,640 | 93.2 ver movements. $34,351,000, as compared with Sight receipts of cotton (bales) 266 100 ; 777 292.1 a net inward movement of $51,581,000 for the Shipments of lumber reported by three asso- month ending June 10. England, France, and ciations (million feet) 685,072 100 i679,027 99.1 J825,350 | 120.4 Bituminous coal pro- Canada combined furnished over 80 per cent, or duction (short tons) 45,114 100 33,852 ; 75.0 ! 33,330 73.8 Anthracite coal produc- $29,380,000, of the $36,294,000 of gold imported tion (short tons) 8,158 100 . 7,786 95.4 ! 7,497 91.8 Crude petroleum pro- during the monthly period ending July 10, Pi d g u i c r t o io n n p ( r b o a d r u r c e t l i s o ) n (long 36,946 100 | 40,405 1109.3 j 42.043 j 113. other countries of Europe, the Orient, and tons) 3,044 100 | 1,065 i 34.9 ! 1,221 j 40.1 Colombia furnishing most of the remainder. Steel ingot production (long tons) 2,981 100 ! 1,003 ; 33.6 | 1,266 | 42.4 Of the gold exports, amounting to $1,943,000, Cotton consumption (bales) 555 100 j 462 ! 83.2 | 440 | 79.2 almost three-fifths, or $1,124,000, was con- Wool consumption (pounds) 46,578 100 59,592 J127.8 j 56,929 I 122.2signed to vSweden and the remainder to Mexico and Canada. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

908 FEDERAL RESERVE BULLETIN. AUGUST, 1921. Net silver imports during the monthly clude further net liquidation of $67,800,000 period ending July 10 totaled $1,532,000, as of discounts for member banks, largely paper compared with net imports of $3,005,000 for secured by Government obligations. Federal the month ending June 10. Mexico furnished Reserve Bank holdings of acceptances show over 56 per cent, or $2,236,000 of the $3,983,000 a further decline of $15,600,000 and on July of silver imported during the monthly period 20 reached the low total of $23,900,000, Pittending July 10, the remainder coming princi- man certificates show a decrease of $6,500,000, pally from Peru, Canada, and Panama. Silver while a decrease of $30,000,000 in other Treasexports, amounting to $2,451,000, were con- ury certificates is due largely to the redempsigned principally to Hongkong, China, Eng- tion of temporary certificates held by the New land, and Mexico. York Federal Reserve Bank. Deposits moved Further progress toward the restoration of a within rather narrow limits, while Federal The banking more liquid condition of both Reserve note circulation, notwithstanding the situation. member banks and Federal large note issues before the July 4 holiday, Reserve Banks is indicated by the reports of shows a further decrease of $74,800,000, the these banks for the more recent weeks. In the amount in circulation on July 20—$2,564,absence of major loan operations by the Treas- 500,000—being about 25 per cent below the ury, credit liquidation proceeded unchecked, peak attained on December 23 of last year. the volume of loans and discounts of reporting Rediscounts of the Richmond, Minneapolis, member banks showing substantial reductions and Dallas banks with other Federal Refor the period under review. Larger reduc- serve Banks increased from $41,700,000 to tions are indicated in the member bank holdings $49,700,000. of Government securities, chiefly of Treasury The reserve banks report a further gain of certificates and the newly issued 3-year Treas- $57,800,000 of gold, while their total cash reury notes, for which apparently there exists serves, because of a loss of $18,400,000 of a good investment demand. Reductions in silver and legals, show an increase of only these two accounts between June 15 and July $39,400,000. It is this gain nearly as much as 13 aggregated over $180,000,000 out of a total the reduction in liabilities which is responsible reduction of $227,000,000 in investments and for the substantial rise in the reserve ratio of $379,000,000 in total loans and investments from 60.4 to 62.5 per cent. This rise was conof the reporting banks. The course of mem- tinuous, except for the first week in July, ber bank credit operations during the four when a temporary increase in note liabilities weeks between June 15 and July 13 is indi- caused a fall in the ratio from 60.8 to 60 per cated in a general way in the following exhibit: cent. In the following exhibit are shown the princi- REPORTING MEMBER BANKS. pal changes in the condition of the Federal [In millions of dollars.] Reserve Banks between June 22 and July 20: Date. N p b o o u a r f m n t i k r b n e s e - g . r i | a m a c L n n v o d e o d e u n a s n d t n i t s n t - i s s s . - 1 - a p B c n R F a w o d a y e . u n i d a b t n R k b i h i s t s l l . s - l e . s R a m ( c 3 a t c i o t + o o i d o 2 n m a ) o - . - f |I I | | d d e e N p m o e a s t n it d s. FEDER [I A n L m I i R B lli E i o ll S n s s E d R o is f V c d o E o u l n la t B e r A d s. . ] NKS. 2 3 4 F.R. Cash Secured Total notes in re- by de- actual Reserve June 15. 817 15,430 1,168 7.6 10,384 Date. serves. U.S. All posits. cir- ratio. J J u u n n e e 2 2 9 2 . . 8 81 1 7 7 1 1 5 5 , , 3 3 4 3 9 3 1 1, , 2 2 1 0 5 8 7 7 . . 9 9 1 9 0 , , 9 0 8 4 9 6 G m ov e e n r t n- other. c ti u o l n a- . July 6. 816 15,195 1,250 8.2 10,030 obliga- July 13., 816 15,051 1,154 7.7 10,086 tions. 1 Including rediscounts with F. R. Banks. June 22. 2,620 658 1,096 1,697 2,639 60.4 June 29. 2,625 648 1,124 1,686 2,634 60.8 Developments in the Federal Reserve field J Ju u l l y y 6 13 .. . 2 2 , , 6 6 3 4 1 8 6 61 7 9 4 1 1 , ,1 0 2 8 7 5 1 1 , , 7 6 1 9 3 4 2 2, , 6 6 0 7 4 2 6 61 0 . . 6 0 during the four-week period ending July 20 in- July 20. 2,659 610 1,076 1,693 2,565 62.5 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUGUST, 1921. FEDERAL RESERVE BULLETIN. 909 BUSINESS, INDUSTRY, AND FINANCE, JULY, 1921. Seasonal dullness in practically all lines of trade has prevented general business conditions from showing a material alteration during the month of July. Both in volume of business, extent of unemployment, and depression of production, the month still reflects a condition of business reaction in basic lines of industry. In this connection may be especially mentioned the position of two of the nonferrous metals, copper and zinc, which continue to suffer from lack of demand and extreme depression of prices. It should, however, be noted that in some basic lines of production, in which demand is subject to special conditions, there has been a noticeable improvement. This is true of cement production and structural steel, demand for which has been substantially increased as a result of the growth which has been noted in building operations. On the other hand, consumers7 demand, as reflected in the volume of retail trade (with due allowance for price declines), continues as good as or better than at this time last year. The improved conditions noted during the past month or two as affecting textiles, boots and shoes, and other lines of business producing immediately consumable commodities, have been maintained. Due to the shortage of stocks on the shelves, midsummer orders have been in some few directions better than usual. In a number of lines, such as knit goods, cotton textiles, and others, the forecasts for a satisfactory autumn business furnished by trade authorities are decidedly encouraging. Probably the most hopeful feature in the outlook is, however, the continuing prospect of excellent food crop returns. In cotton there has been little or no change from the prospect of former months, the outlook indicating about two-thirds of last year's production, due both to reduced acreage and to the poor condition of the crop. This reduced crop prospect holds true also for tobacco and in a lesser degree for other important money crops. Unusually poor returns from the deciduous fruit crop are reported from a number of important producing areas in the East and Middle West. Price changes have shown no pronounced tendencies. The Federal Reserve Board's index compiled for international comparisons shows a recession of 3 points during June, while conflicting movements are manifest during July. Greater stability is manifest in the textile and boot and shoe industries, while, on the other hand, important declines have taken place in other industries, as, e. g., in iron and steel. Automobile prices constitute a striking example of reduction among the highly manufactured commodities. Practically no change has occurred in the employment situation, and labor authorities report that the savings of men who have been for some time out of work, as well as unemployment funds of trade-unions, are becoming seriously depleted. The desire to see a resumption of full production has become very acute in not a few districts and has apparently led to some operation of plants on a nonprofit-making basis, but with wage scales correspondingly reduced or employees working on part time. In the financial field money rates have become distinctly easier. A reduction in the rediscount rates at several Federal Reserve Banks has placed the charge for all classes of paper at 5J per cent, while some softening of rates to direct borrowers of banks has been reported from the financial centers. Fairly satisfactory demand for commercial paper and for bankers' acceptances continues to make itself felt. Fluctuations in exchange and unstable financial conditions in foreign countries have prevented any material improvement in the financing of export products, and foreign trade conditions continue to show comparatively little advance from the position of recent months, although heavy seasonal exports of cotton and grain have slightly increased our trade balance, as shown by the most recent figures. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

910 FEDERAL RESERVE BULLETIN. AUGUST, 1921. AGRICULTURE. loads in May and 4,870 carloads in June, 1920. The hot weather has caused a large increase in The composite condition of all crops of the the demand for lemons, which has resulted in a United States on July 1 was 96.4 per cent of sharp rise in their price. Canners in district their average condition on that date during the No. 12 (San Francisco) are planning to curtail past 10 years. There was some decline in the their pack of canned fruit, as distributors have condition of all the leading grain crops during been placing few orders for future delivery. June, and the indicated production of wheat on July 1 was 809,412,000 bushels, as compared COTTON. with an estimated production of 829,631,000 bushels on June 1 and an actual production of The condition of the United States cotton 787,128,000 bushels in 1920. Harvesting of crop on June 25 was 69.2 per cent of a full winter wheat was completed early in July and normal, as compared with 70.7 per cent a the harvesting of spring wheat has commenced. year ago, and an average condition of 78.8 District No. 10 (Kansas City) states that the per cent for the past 10 years on that date. wheat yield was better than has been antici- The area of cotton under cultivation amounts pated, but the prolonged period of hot weather to 26,519,000 acres, as compared with 37,nas left the wheat and other small grain crops 043,000 acres a year ago, while the estimated of district No. 9 (Minneapolis) in a spotted con- total production for 1921 is 8,433,000 bales, dition. The acreage and condition of corn on as compared with an actual production of July 1 indicated a yield of 3,123,139,000 13,365,754 bales in 1920. The reduction in bushels for the 1921 crop, as compared with a acreage amounts to at least 25 per cent in yield of 3,232,367,000 bushels in 1920 and an each of the States where cotton is cultivated. average production of 2,797,625,000 bushels District No. 5 (Richmond) reports a generduring the previous five years. The heavy ally poor condition of the cotton crop due to rains in June and warm, dry weather in July late irosts, boll-weevil activity, and a reduchave combined to improve crop prospects tion of about one-third in the quantity of throughout most of the corn belt. District No. fertilizer used. In district No. 6 (Atlanta) 9 (Minneapolis) states that, unless unfavorable there has been considerable abandonment of conditions develop before the harvest, the acreage planted to cotton. Large numbers corn crop should be the largest that that dis- of boll weevils have appeared, but their actrict has ever produced. Reports indicate that tivities have been somewhat checked by the the acreage planted to corn in districts No. 6 hot, dry weather. Reports from Alabama (Atlanta) and No. 11 (Dallas) has been largely and Georgia indicate that the average quality increased as a result of the reduction in cotton of fertilizer used on the acreage planted to planting. The estimated production of sugar cotton was unusually poor. District No. 11 beets on July 1 was 8,012,000 tons, as com- (Dallas) states that the condition of Texas pared with 8,546,000 tons in 1920 and an cotton is "from about the average to very average production of 6,218,000 tons in the good," except in eastern Texas, although the previous five years. District No. 12 (San season has been too wet to secure the best Francisco) states that sugar beets in California, progress for the plant. Weather conditions Utah, Idaho, and Washington are well above have also hampered the growth of the crop the average condition, while the acreage is in district No. 8 (St. Louis) and it has been only slightly smaller than in 1920. seriously injured by the ravages of the boll weevil. FRUIT. TOBACCO. The deciduous fruit crops showed some The production of tobacco this year on the further deterioration during June, and the whole has been greatly reduced. The total indicated yield is very low in all sections of the acreage is reported as 70.6 per cent of that in United States. The indicated production of 1920, while the condition on July 1 was only apples on July 1 amounted to 102,190,000 71.9 per cent as compared with 84.3 per cent bushels, as compared with 240,442,000 bushels on July 1, 1920, and 82.1 per cent for the in 1920 and an average production of 182,706,- July 1 10-year average. Accordingly, the 000 bushels during the previous five years. estimated yield is 932,157,000 pounds, as On July 1 the condition of each of the citrus compared with the December, 1920, estimate fruit crops—oranges, grapefruit, lemons, and of 1,508,064,000 pounds last year. The relimes—was higher than the 10-year average duction is especially marked in the Southern condition on that date. Shipments of all citrus States which grow the manufactured and fruits from California during June amounted to export types. On the other hand, in the 7,858 carloads, as compared with 5,960 car- cigar-type States acreage in general has been Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUGUST, 1921. FEDERAL RESERVE BULLETIN. 911 but little reduced from last year, and the FLOUR. condition is much nearer the 10-year average, so that the falling off in estimated pro- Business of flour millers continues well duction has been much less than in the case under normal, but in district No. 8 (St. Louis) of the other types. In district No. 5 (Rich- 12 reporting firms give sales during the past mond) the South Carolina crop has been made, 30 days (up to about July 20) as the best and the markets open there this month. in several months. The domestic trade has Growth has been slow in district No. 8 (St. picked up, and export buying has been on a Louis), and the Burley crop in district No. 4 larger scale. Operations in that district have (Cleveland) has been "hit hard" by drought, been at 40-50 per cent of capacity. Increased while in district No. 3 (Philadelphia) the milling activity during the latter part of June Lancaster County crop is also not very far and the first half of July is also reported in advanced, as it was retarded by the June district No. 10 (Kansas City), where June drought, although it has been aided by re- output of reporting mills amounted to 1,433,804 cent rains. The cigar industry in district barrels. Flour mills in district No. 9 (Minne- No. 3 (Philadelphia) has recently experienced apolis), however, operated at about 39 per cent a general improvement, but, while operations ot capacity during the four weeks ending July have been increased in many factories, pro- 2, as compared with 41 per cent during the duction is being regulated by sales so that four weeks ending June 4. The output of mills stocks will not accumulate. representing about 75 per cent of the total production of the district, on the other hand, increased 1.7 per cent—from 1,626,830 barrels GRAIN MOVEMENTS. to 1,651,175 barrels. An increase in the per- Receipts of grain at primary markets centage of operations in district No. 12 (San increased considerably during June, as com- Francisco) from 34 per cent of capacity in May pared with May, and also showed an increase to 42 per cent of capacity in June was due over receipts in June, 1920. Wheat receipts entirely to increased activity by California at the four leading markets of district No. 10 millers. Seventy-six mills produced 623,134 (Kansas City), however, amounted to 11,034,- barrels during June, while 72 mills produced 400 bushels in June, as compared with 11,964,- 525,392 barrels during May. Flour prices re- 000 bushels in May and 7,570,100 bushels in ceded sharply during June, although they June, 1920. Receipts of wheat at Minneapolis showed a considerable advance again at the and Duluth totaled 12,599,842 bushels in June, middle of July. an increase of 57 per cent over the receipts for May and of 42 per cent over the receipts LIVE STOCK. for June, 1920. The June receipts of corn, oats, and barley at these two centers showed Range conditions continue good in praceven greater increases in comparison to the tically all sections except Arizona and southern receipts during May and during June, 1920. Utah, where there has been deficient rainfall In the four reporting centers of district No. 10 for some time. There is, however, a shortage (Kansas City), however, receipts of corn during of beef cattle in the range country of district June were appreciably lower than in June, No. 12 (San Francisco), as a larger proportion 1920. About 54,435,000 bushels, or 6.9 per than usual of the herds were sold last fall in cent, of the 1920 wheat crop still remained on order to meet maturing obligations. The the farms on July 1, as compared with 47,- spring lamb crop in the district is reported the 620,000 bushels on July 1, 1920, and average best in several years. stocks of 29,328,000 bushels for that date in June movement to markets of each of the the five preceding years. Stocks of grain in three principal classes of live stock has been terminal elevators at Minneapolis and Duluth heavier than in May, although less than during amounted to 21,869,196 bushels on June 30, June, 1920, except in the case of sheep. an increase of 19 per cent over the stocks on Receipts of cattle and calves at 15 western May 31. wStocks oi corn nearly doubled during markets during June were 1,117,111 head, as June, and there was an increase in stocks of compared with 1,062,988 head during May and all grains except rye. Comparisons with a 1,282,294 head during June, 1920. The respecyear ago at these centers show a particularly tive index numbers were 111, 105, and 127. large increase in stocks of oats from 516,513 June receipts of hogs were 2,671,462 head, bushels on June 30, 1920, to 15,016,996 bushels corresponding to an index number of 122, as on June 30, 1921. compared with 2,401,246 head during May ? Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

912 FEDERAL RESERVE BULLETIN". AUGUST, 1921. corresponding to an index number of 109, and 106,970 barrels daily new production in June, 2,695,660 head during June, 1920, correspond- 1920. In all districts there were further proing to an index number of 123. Receipts of nounced reductions during June in the prices sheep during June were 1,130,874 head, as of crude petroleum and its refined products, compared with 1,097,976 head during May and because of decreasing consumption and increas- 1,005,790 head during June, 1920. The respec- ing stored stocks. In the Texas, Kansas, tive index numbers were 83, 80, and 74. Oklahoma, and Wyoming fields crude oil is Prices of these three classes of live stock have quoted at $1 per barrel, while in the California been higher in July than in June, and the district $1.35 is the present price. advance has been particularly marked in the increase of hogs. Dressed hogs on July 15 COAL. likewise were 2 cents a pound higher at Chicago than on June 15, and similar increases were Demand for bituminous coal is very slack shown for the various pork products. These and movement of coal to the lake ports is are attributed to improved export demand, in sluggish. Railroads and public utilities are particular from England. Warm weather at placing the largest orders, but are not making the end of June hurt the beef trade in district future contracts. Production of bituminous No. 10 (Kansas City), which had slackened as coal in the United States during the first six far back as the latter part of May, although months of 1921 amounted to 196,000,000 tons, there was an excellent demand for lamb during which is smaller than in any similar period the first half of June. since 1915, and is 66,000,000 tons less than the production for the corresponding six months PETROLEUM. of 1920. June production was 33,852,000 tons, as compared with 33,330,000 tons for The petroleum industry during the month of May and with 45,114,000 tons for June, 1920. June was characterized by continued produc- The respective index numbers are 91, 90, and tion in excess of requirements, and by further 122. District No. 3 (Philadelphia) reports price cuts ranging from 2 per cent to 19 per output 60 per cent of normal. Operations are cent for all refined products. California showed declining and many mines are closing for the the greatest increase in production. The summer months. The mines of Colorado and average daily production was 337,625 bar- Wyoming were operated at approximately 50 rels, an increase of 64,556 barrels as comper cent of capacity as a result of the reduced pared with June, 1920, and of 524 barrels as demand. June production of anthracite coal compared with May, 1921. Production was totaled 7,786,000 tons, corresponding to an greater than consumption, and at the end of index number of 105, as compared with 7,497,- June the stored stocks of 29,768,643 barrels 000 tons, corresponding to an index number represented an increase of 1,713,933 barrels of 101, for the preceding month, and with over those at the close of May. Seventy-six 8,158,000 tons, corresponding to an index new wells were opened with a daily production number of 110, for the corresponding month of 19,965 barrels. In district No. 11 (Dallas) of 1920. A generally dull anthracite market the average daily output was 380,171 barrels, is reported. In district No. 3 (Philadelphia) as compared with 372,596 barrels for the preproduction continued at the same rate as nereceding month. A total of 264 new wells, which tofore, but greater amounts of domestic sizes had an initial production of 73,062 barrels, are being stored by dealers who are laying in were completed in June, as compared with 278 winter supplies. On the other hand, steam new wells, with an average daily production of sizes are being stored at the mines. Retail 75,574 barrels, for the month of May. Prelimprices were advanced the usual 10 cents per inary estimates of the production of crude oil ton on July 1, with an additional 15 cents per in the three States of Kansas, Oklahoma, and ton for the new Pennsylvania State tax. Bee- Wyoming indicate a total production of 14,850,hive coke production continued to decline dur- 000 barrels for the 30 days of June, as compared ing June, with present output in district No. 3 with 15,412,000 barrels for the 31 days of May. (Pniladelphia) only 11.7 per cent of that re- Reports for the first two weeks of July, howported a year ago. By-product coke is being ever, showed a considerable reduction in outproduced at less than 50 per cent of the normal put, with indications that fewer new wells will rate, but it remains practically unchanged in be completed in July than in any month since price. February, 1920. In this district 733 new wells were completed in June with 71,890 barrels IRON AND STEEL. daily new production, as compared with 714 wells with 87,461 barrels daily new production Operations in the iron and steel industry for the month of May, and 1,135 wells with continue at a low level. Pig-iron production Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUGUST, 1921. FEDERAL RESERVE BULLETIN. 913 during June was 1,064,833 tons, correspond- been some revival of sales in consequence, but ing to an index number of 46, compared with this is now subsiding, and it is stated from 1,221,221 tons during May, corresponding to district No. 3 (Philadelphia) that "the midan index number of 53. Daily average pro- summer season bids fair to be duller than duction was the lowest since January, 1908. usual." Greater economy in purchasing by Steel-ingot production declined similarly, from consumers is evidenced by the relatively better 1,265,850 tons during May to 1,003,406 tons demand for the lower-priced cars and for used during June. The respective index numbers cars of all types, as well as by an exceptionally were 54 and 43. The unfilled orders of the good demand for accessories and parts. A con- United States Steel Corporation likewise de- spicuous exception is afforded by a leading clined, from 5,482,487 tons at the close of May, make of low-priced car, which is stated to be corresponding to an index number of 104, to selling in record quantities. Manufacturers in 5,117,868 tons at the close of June, corre- general are keeping production close to existing sponding to an index number of 97. The demands in order to prevent accumulation of number of active blast furnaces decreased cars. Shipments of automobiles reflect the during June from 90 to 76. Present produc- situation just indicated. June shipments are tion is stated to be at a rate not more than estimated at 19,200 carloads, as compared with sufficient to meet current demands, and manu- 18,608 carloads during May, while driveaways facturers are not accumulating stocks, except during June were 18,000 cars, as compared when the operation of the by-product ovens with 15,193 in May, and June boat shipments makes it profitable to consume the coke pro- are estimated at 3,700 cars, as compared with duced in the manufacturing of pig iron. Con- 2,881 cars during May. sumers' stocks are stated to have been steadily decreasing during past months, but no at- METAL MANUFACTURING. tempt is being made to replenish them. The i large manufacturers, on the other hand, ap- The metal-working industry of New England pear to have in general adopted the policy of is operating at approximately one-third capacshutting down plants or curtailing operations ity, with rather more firms below this average rather than attempting to force their goods than above. Producers of machinery are conupon the market irrespective of price. New fronted with a considerable quantity of secondprice levels were established early in the month, hand machinery on the market that must be which represented a formal recognition of the absorbed before substantial orders can be levels previously reached through shading the expected. The quantity of orders on hand is schedule of prices announced on April 13, extremely small, and the firm with a volume of rather than a new development in themselves. advanced business equivalent to whole-time Some of the smaller companies, in fact, are operation for even a week or two is the excepalready stated to have shaded the new levels. tion. Companies have frequently been asked In spite of the reductions, the volume of new to suspend shipments of goods ordered until business on the whole continues small. Some business conditions improve. While jobbers' firms in district No. 3 (Philadelphia) report a and dealers' stocks are not considered large, few inquiries from automobile and on-tank buying continues on a hand-to-mouth basis. manufacturers, while in district No. 4 (Cleveland) there have been an increasing number of NONFERROUS METALS. requests from railroads for material for repairs, and some buying has resulted. A few Production of the nonferrous metals has been inquiries and purchases of new equipment very inactive during June and the early part have also developed. With increased build- of July, and there has been very little demand ing activity in recent months there has been for copper, lead, or zinc. It has been stated increased purchasing of structural steel. by authorities in the copper industry that June marked the slowest month since June, 1908, but toward the middle of July conditions AUTOMOBILES. became more encouraging. The output of re- Price reductions have been made by 72 out fined copper by reporting companies in district of about 90 large automobile manufacturers in No. 9 (Minneapolis) amounted to 5,790,145 the country, while four have increased their pounds, as compared with 5,927,881 pounds in prices. Reductions have been comparatively May, but was only 22.6 per cent of that profew on the higher-priced cars, and the per- duced during the same period last year. The centage reductions are also stated to have been quoted price of refined copper (New York) less. The reductions range from 5 to 34 per during this period ranged from 12.675 cents to cent, the average decrease announced by 45 12.25 cents per pound. The larger producers companies being 14.8 per cent. There has are doing practically no business, as they are Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

914 FEDERAL RESERVE BULLETIN. AUGUST, 1921. unwilling to sell, even to favored customers, for and are only taken as needed in small quanless than 13 cents delivered. Export demand tities. has continued weak. Production of zinc dur- Reports made to the Federal Reserve Bank ing June amounted to 19,443 tons, as compared of district No. 6 (Atlanta) by 20 mills engaged with 18,026 tons for May, and stocks increased in the manufacture of cotton cloth show an from 83,721 tons at the close of May to 89,889 increase of 14.4 per cent in yardage as comtons at the close of June. The zinc market pared wTith the preceding month and an inregistered still further price declines and in the crease of 14.5 per cent in shipments. Orders early part of July zinc was quoted at 4.20 cents on hand, however, had declined 16.7 per cent per pound. Due to the increased amount of as compared with the end of May and were stocks, producers are taking steps to curtail 76.2 per cent below the totals for a year ago. production in order to permit the disposal of The dullness prevailing in the market for cotton some of the accumulations. District No. 10 yarn in district No. 1 (Boston) and district (Kansas City) reports that stocks of zinc ores No. 3 (Philadelphia) also exists in district No. held in the bins of the ore producers and un- 6 (Atlanta), according to the reports received sold were estimated at 71,000 tons at the end from 28 mills, which show a reduction of 2.2 of June, 1921, as compared with 28,000 tons per cent in output as compared with the preat the end of June, 1920, while the average ceding month and 20.2 per cent as compared price for zinc blende ore this year showed a de- with a year ago. Orders on hand likewise crease of 54 per cent when compared with the decreased 10.2 per cent as compared with the same period last year. The price of lead fluc- end of May. tuated but little, the majority of the producers The reports furnished by the members of the asking 4.40 cents. The stiffening in lead prices National Association of Finishers of Cotton is reported to be due more to holding off on the Fabrics reflect with a high degree of accuracy Eart of the sellers than to increased demand, the conditions that have prevailed within the •istrict No. 12 (San Francisco) reports that cotton textile industry for a number of months. gold, silver, and lead mines are still operating There has been a steady increase in output of at 100 per cent capacity. finished goods as current orders have improved, and the average percentage of plant capacity COTTON TEXTILES. in operation advanced to 74 per cent in June, as compared with 66 per cent in April and 68 Increased activity in the market for cotton per cent in May. Notwithstanding this fact, textiles is evidenced in the larger consumption the total average number of days of work of raw cotton reported for the month of June. ahead at the end of the month has shown The total amount entering into consumption Sracticallv no change, indicating that the was greater by nearly 22,000 bales than dur- emand is of an immediate character. The ing the preceding month, but it was still 17 following figures present the situation in the per cent below the figure for the corresponding finishing industry in more detail: Thirty-four month a year ago. Prices for raw cotton had firms, representing approximately 72 per cent advanced somewhat at the date of writing, of the industry in the case of white goods, 62 principally because of the unfavorable crop per cent in the case of dyed goods, and 30 per reports. The greater part of the increase in cent for printed goods, state that the total consumption is no doubt to be traced to the number of finished yards billed during the enlargement of demand in the New England month of June amounted to 99,929,456 yards, districts. It is stated, however, in the report as compared with 91,033,535 yards in May. from district No. 1 (Boston) that " competition The total gray yardage of finishing orders is so keen that profits are not keeping pace with received in June was 96,828,994, as compared the volume of business and fear is felt that the with 86,754,055 in the preceding month. The lower wage scale maintained in southern mills total average percentage of capacity operated endangers the stability of that prevailing in was, as previously stated, 74 per cent and 68 New England." Reports both from district per cent, respectively. The total average No. 1 (Boston) and district No. 3 (Philadelphia) work ahead at the end of the month amounted indicate the prevalence of the demand for spe- to 9.1 days for June, as compared with 10 days cial kinds of dress fabrics, such as ginghams, for May. while the demand for fabrics needed primarily WOOLEN TEXTILES. for industrial uses, such as ducks and denims, is still weak. The activity in the cotton-goods The belief that the woolen and worsted market has not been paralleled by a similar re- industry has reached a fair degree of stability vival in the case of the yarn mills. Large received additional confirmation from the stocks of yarn are still held by manufacturers result of the opening of the spring lines by the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUGUST, 1921. FEDERAL RESERVE BULLETIN. 915 American Woolen Co. on July 26. There was maximum capacity is about 45 per cent, which a large attendance of buyers, and it is stated is somewhat below the estimates for a month that orders in some cases booked the entire ago. The drop can probably be attributed to production of certain mills. Most significant seasonal influences. Reports from district No. was the fact that the prices quoted on men's 3 (Philadelphia) are particularly encouraging, wear fabrics were either about the same or and it is stated that one important firm reports slightly higher than quotations for fall made a larger business for the first six months of last February, while there was as light advance 1921 than for any similar period in its history. on woolen goods for women's wear and practical- The trade reports generally note that Canton ly no change in the prices of worsteds. During prices are advancing, and that the Italian the month the mills have largely been working market has also received good advance orders. on past orders, as business for fall and winter had been previously placed and the spring season HOSIERY. openings were still in prospect. The activity of the industry is shown by the fact that woolen The conditions in the hosiery trade remained and worsted machinery has been employed substantially as they were a month ago. The from 74 per cent of capacity upward during long drawn-out strike in the full-fashioned silk June, and wool-combing machinery has run hosiery mills has persisted, with the result that at about 96 per cent of capacity. Notwith- the scarcity of goods has become so great as to standing the favorable outlook, it still remains encourage importations from abroad. There true that there is a very restricted market for has been a slight increase in demand for better raw wools and that prices both of wools and grades of lisle hosiery, and cotton hosiery has of tops have suffered further reductions. It also been taken in somewhat greater quantities is said that prices for raw wool are about the but only where price reductions have been same as they were during the first half of 1916, made. In district No. 3 (Philadelphia) 24 while tops are selling at about the same prices firms selling to the wholesale trade report an as those that prevailed during the last half of increase of 17.3 per cent in product manufac- 1916. The demand for finer counts of yarn tured during June as compared with May. is strong. The available supply is small and Orders booked, however, dropped 42.7 per cent the outlook promising for spinners able to and unfilled orders on hand on June 30 were 13.4 produce these better grades. Nevertheless, per cent less than during the preceding month. the market for woolen and worsted yarn On the other hand, 7 firms selling to the retail generally speaking is not very active. Orders trade not only showed an increase in product are in small quantities merely to fill in de- manufactured during June of 26.7 per cent, but pleted stocks. It is stated, however, from also in orders booked and unfilled orders on district No. 3 (Philadelphia) that the demand hand on June 30, with percentages of 65 and 40, from the knitting trade has " developed beyond respectively. expectations" and that there has been some UNDERWEAR. difficulty in securing suitable yarns. Slight improvement in the business in hosiery and There were indications of improvement in underwear yarns is also noted, although the market for knit goods during June. It dullness still prevails. The demand for carpet was reported from district No. 3 (Philadelphia) and rug yarns is somewhat greater. that a fair number of orders had been received for the late spring trade in underwear, and SILK TEXTILES. operations were at 75 per cent of capacity, and in some cases even more, for the majority of The prospects in the silk industry are fairly reporting firms. Production had also infavorable at the present time, as witnessed by creased as compared with May, and 20 firms the fact that the consumption of raw silk reporting to the Federal Reserve Bank of during June amounted to 33,846 bales, as com- Philadelphia showed an increase in the product pared with only 27,209 bales in May. In manufactured of 13.2 per cent as compared fact the total was as great as the amount con- with May, although the totals were 37.7 per sumed in any month of 1919. Imports during cent below those of a year ago. Orders booked the month of June amounted to 28,857- bales, during the month increased 43.9 per cent, a slight increase over the May totals. As a while unfilled orders on hand at the end of result of the increase in consumption, however, June had been reduced 22.9 per cent. Orders the amount in storage at the end of the month for the fall trade have been so slight, however, fell to 15,552 bales, as compared with 20,541 that unless the next few weeks show a very bales held at the end of May. The latest re- decided increase in demand it will not be posports from the district in and about Paterson sible for manufacturers to fill smy subsequent indicate that the percentage of operations to orders within the limited time available. It is Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

916 FEDERAL RESERVE BULLETIN. AUGUST, 1921. estimated by some firms that the production (Chicago) during June showed an increase of of woolen and cotton ribbed underwear has not 4.4 per cent as compared with June, 1920. amounted to more than 15 per cent of normal since last December. The improvement noted LUMBER. in the report from district No. 3 (Philadelphia) is also evidenced by the returns received from Demand for lumber declined somewhat dur- 62 mills reporting to the Knit Goods Manufac- ing June. District No. 12 (San Francisco) turers of America. Although the production reports "extreme quiet in lumber production/' of summer underwear during June amounted which is expected to change when new freight to only 60.3 per cent of normal as compared rates to eastern points become effective. with 63.6 per cent during the month of May, Seventy-five per cent of the logging camps are the production of winter underwear rose to reported closed and will remain so until the 67.9 per cent of normal as compared with only demand for lumber improves. The demand 48.5 per cent during the preceding month. for spruce, however, is greater, due to increasing orders from fruit growers and packers. The four lumber associations of the district SHOES AND LEATHER. report a June production of 377,605,000 feet, the highest figure reached during the current Prices of hides and skins have shown little year, and 4.8 per cent greater than the May change during July. District No. 3 (Philacut. During June, 1920, production was delphia) states that calfskins have held steady 525,630,000 feet. Neither shipments nor orat 18 cents and that considerable sales have ders increased in proportion to the increase in been made at that price. The price of goatcut, and both were less than in May, 1921, and skins has shown a slight increase, while the in June, 1920. Shipments were 318,697,000 price of cattle hides has tended to decline. feet, a 4.7 per cent decrease from the May Demand for upper leathers has been well mainfigure, and were 15.6 per cent less than the tained. There is a fair amount of business in June cut. Mill stocks have been increased calf leather and some export orders for suede accordingly. June orders show a decrease of calf have been booked. A considerable export 14.7 per cent when compared with May. The business in patent leather has developed, and large part of these orders call for mixed carload the foreign demand for glazed kid has recently lots, an indication that purchases are only being shown a marked growth. The output of glazed made to meet current needs. kid is increasing, but manufacturers are selling more than they are producing. District No. 3 Reports from 33 southern pine mills in dis- (Philadelphia) reports that sales of sole leather trict No. 11 (Dallas) show a decline in demand declined during July, but the prices showed for lumber during June as compared with May. little change. Sales of hat leather have Orders booked in June represented 66 per cent recently been very satisfactory, but trade in of normal monthly production, whereas orders belting leather and glove leather is very stag- booked in May represented 75 per cent. nant. Shoe production in New England Actual production of the 33 mills is reported showed a marked increase during June and as 29 per cent below normal and 5 per cent amounted to over 60 per cent of capacity, as above shipments. In the week ending July 1 compared with about 50 per cent in April and average production of 138 members of the May. The June output of eight representa- Southern Pine Association reporting in district tive shoe manufacturers in district No. 1 No. 6 (Atlanta) was greater than for the pre- (Boston) was about 24 per cent higher than ceding week, but less than for any other week that of May, and more than twice as great as since that ending April 22. Orders received that of November, 1920. District No. 3 (Phila- during the same week were 6.5 per cent greater delphia) states that manufacturers are for the than actual production, but 20.8 per cent less most part well supplied with business, and that than normal production. These same mills prices as a rule have been firmly maintained. report " a moderate volume of lumber moving Manufacturers of women7 s shoes in that dis- into construction channels/' with retailers buytrict report that high shoes are ordered in ing chiefly in mixed carload lots. Prices resmaller quantities than low shoes, and that mained fairly stable. In district No. 9 (Mincalf and kid leathers are in largest demand. neapolis) the June lumber cut was 5 per cent In district No. 8 (St. Louis) factory operation greater than in May, but 28 per cent less than has continued at from 90 to 100 per cent of in June, 1920. The stocks of lumber manucapacity, according to the reports received facturers increased 2 per cent over the close of from 11 firms, but new orders have shown a May and were 50 per cent greater than at the perceptible decline since July 1. Sales of re- close of June, 1920. Orders were reported to porting wholesale shoe dealers in district No. 7 be 3 per cent greater than in May, but 18 per Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUGUST, 1921. FEDEBAL RESERVE BULLETIN. 917 cent lower than in June, 1920. The total 1921, and 1,564 permits, valued at $5,993,491 orders for the first six months of 1921 were less for June, 1920. Nine cities in district No. than one-half of those during the same period 11 (Dallas) report 2,617 permits, valued at last year. Eetail lumber sales in the district $4,155,740, for June, as compared with 1,629 increased 20 per cent in June as compared with permits, valued at $2,781,222, for June, 1920. May, but were 12 per cent lower than in June, The value of building permits for 20 cities of 1920. district No. 12 (San Francisco) amounted to BUILDING. $15,450,694 in June, as compared with $16,- 101,689 last June. The building contract figures (compiled by the F. W. Dodge Co.) show a decrease in the LABOR. value of contracts awarded in June as compared with May. Both contract and permit Reports dealing with employment condifigures, however, indicate that building ac- tions in the several Federal Reserve districts tivity this June is greater than is normal for show that few changes of importance have this season of the year. Five of the seven occurred during the past month. This is not districts for which contract figures are avail- surprising in view of the fact that the industries able show a decrease in activity since May, which are now experiencing a fair degree of while districts No. 2 (New York) and No. 4 activity recruited their forces some months (Cleveland) show an increased activity. Con- ago. On the other hand, the demand for tracts awarded in district No. 1 (Boston) agricultural labor has already reached the amounted to $15,308,072, as compared with peak in certain parts of the country, so that it $17,954,234 during May. About $6,531,152 offers less opportunity for further absorption of of the June total was for residential purposes, excess labor. The building trades and metal as compared with $6,933,658 for May. In industries are offering even less opportunity for district No. 2 (New York) contracts awarded employment than during the preceding month. during June totaled $63,561,928, as compared In district No. 1 (Boston) reports from the with May contract figures of $58,816,766, and Massachusetts public employment offices indiresidential building amounted to $34,355,048 in cate that during the first half of July the June, as compared with $36,963,442 in May. demand for workers showed a decrease as Contracts for district No. 3 (Philadelphia) to- compared with the same period in June. taled $14,796,800 for June and $23,373,200 for Reports from individual cities, such as Worces- May. Of these, $3,543,700 in June were for resi- ter and Springfield, also indicated a prodences and $6,846,800inMay. In districtNo. 4 nounced drop in the demand for workers. (Cleveland) total contracts for June were $39,- Worcester, for example, showed a falling off 928,314, as compared with $33,915,207 in May, of about 10 per cent in applications from emwhile $8,198,377 of the June total were for resi- ployers as compared with the preceding month, dential purposes, as compared with$9,188,212 in and 30 per cent as compared with a year ago. May. Contracts for district No. 5 (Richmond) The Springfield office stated that during the totaled $20,428,761 for June and $23,023,500 period from June 16 to July 15, 10,086 persons for May. Of these there were residential con- applied for work, while only 1,078 requests for tracts to the amount of $4,090,859 in June and help came from employers. The New York $6,961,450 in May. The value of permits in State Industrial Commission reported a de- 15 cities of district No. 6 (Atlanta) indicates a crease of 2 per cent between May 15 and June decrease of about 20 per cent as compared 15 in the number of persons employed in with May and a decrease of about 27 per cent industrial establishments in that State. As in as compared with June, 1920. Contract fig- New England, the principal declines in numbers ures for district No. 7 (Chicago) totaled $45,- employed were in the iron and steel and metal 199,007 for June and $54,867,976 for May. working industries, while there were increases Residential contracts amounted to $9,880,273 in textile and clothing lines and in establishin June and $9,779,947 in May. In five report- ments engaged in the manufacture of food ing cities of district No. 8 (St. Louis) there was products. A special survey of labor conditions an increase of about 70 per cent in the value m district No. 3 (Philadelphia) furnishes a of permits over May and an increase of about 20 comprehensive picture of the existing state of per cent over June, 1920. In district No. 9 employment in that district. Returns from (Minneapolis) contracts which totaled $8,762,- 496 firms show that the total number of men 123 were awarded in June in comparison to on the pay rolls on June 30 of this year was $8,841,467 inMay. Of these, $2,554,420 in June 29.9 per cent less than the number employed were for residential purposes and $2,323,242 in on the same date in 1920 and 6.7 per cent less May. District No. 10 (Kansas City) reports than the number employed on January 1. 2,336 permits, valued at $5,809,297, for June, The decrease is stated to be accounted for Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

918 FEDERAL RESERVE BULLETIN. AUGUST, 1921. largely by the drop in activity since those dates district No. 10 (Kansas City) has inevitably in the iron and steel, printing and publishing, resulted in a high degree of unemployment, and tobacco industries. On the other hand, although it is stated that "the effect of these there has been an increase in the number of conditions upon the labor market is not as employees in the textile industries. Not only marked as would be anticipated." Much of did the metal trades show great decreases in the labor employed in mining has either gone numbers of workers, but the replies to question- into agricultural work or is seeking employnaires likewise indicated that only 36.2 per ment elsewhere, as there is no immediate cent of those employed were working at full likelihood of a resumption of activity in the time, while 42.7 per cent were working under a mining districts. In district No. 12 (San half-time arrangement and 21.1 per cent at Francisco) employment conditions in the less than half time. In the textile industries principal cities improved during the month. 94.2 per cent of the workers were on a full- In the cities of Los Angeles, Portland, and time basis and only a fraction of 1 per cent were Seattle there was a slight increase in numbers engaged at less than half time. The continu- employed as compared with May, and the large ance of a number of long drawn-out strikes in reduction of 25 per cent in San Francisco is the full-fashioned hosiery, carpet, and rug in- in great part accounted for by the strike in the dustries in district No. 3 (Philadelphia) is re- building trades. In the coastal regions of the ported, with no indications of a speedy settle- Pacific Northwest the curtailment of operations ment. In district No. 5 (Richmond) some in the fishing and lumbering industries and the slight improvement in the labor stiuation is closing down of shipyards has increased unnoted, and although the strike of textile work- employment, and in the mining sections there ers at Charlotte continues, it has not spread to has been no revival of activity. Some absorpmills in other sections. In district No. 7 tion of the unemployed has taken place in the (Chicago) the regular monthly inquiry into agricultural sections. employment conditions which is made by the Federal Reserve Bank resulted in the receipt WHOLESALE TRADE. of returns from 144 firms employing 91,826 persons on June 30, 1921. It appears that the It is difficult to generalize concerning the numbers employed had decreased slightly; that state of wholesale trade activity during the is, 1.7 per cent, as compared with a month ago, month of June on the basis of the reports reand 38.7 per cent, as compared with the same ceived, but on the whole it appears that in month a year ago. The amount of the pay view of the natural slackening in business roll showed still sharper reductions of 6 per activity, which is to be expected during the cent and 50.1 per cent, respectively. In some summer months, sales have held up fairly well. few industries increases in employment were In fact, in the case of reporting hardware firms shown, the most noticeable being in the con- in several districts, increases over May figures tracting and building trades, where it is said are recorded. For example, 25 reporting that, following a decline of 19 per cent in May, firms in district No. 3 (Philadelphia) show a an increase of 40 per cent took place in June. slight advance of 1.2 per cent in volume of There were also slight gains in numbers em- sales, while in district No. 10 (Kansas City), ployed in clothing, knit goods, and shoe manu- with 3 firms reporting, there has been an infacturing establishments. In district No. 8 crease of 15.1 per cent in the volume of sales, (St. Louis) there was likewise an increase in and in district No. 12 (San Francisco), 23 unemployment during the month, estimated firms reporting, an advance of 7.7 per cent. to amount to from 8 to 12 per cent. Al- In two other districts, namely, district No. 5 though there had been a continuous absorp- (Richmond), 9 firms reporting, and district No. tion of workers by the demand from the 6 (Atlanta), 14 firms reporting, changes from country districts, it was not sufficient to pre- the preceding month have been insignificant, vent the falling off in total numbers employed. while in district No. 11 (Dallas), 3 firms re- District No. 9 (Minneapolis) stated that lumber porting, there was a drop of 6 per cent. Hardmanufacturers were employing 1 per cent ware sales are, however, far "below the totals fewer men in June than in May and 34 per cent for June a year ago, and as price reductions fewer than in June of the preceding year. In have not been so far-reaching as in other lines the copper and iron mines only a small fraction of wholesale trade it is evident that the dullof those employed last year are working at the ness which' has been characteristic of the prepresent time. The Department of Labor re- ceding months still prevails. Several districts ports a^decrease of 2 per cent in the case of report a slight strengthening of the demand firms employing over 500 men. The con- for groceries, notably district No. 3 (Philadeltinued lack of activity in the mining sections of phia), with 50 firms reporting an average ad- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUGUST^ 1921. FEDERAL RESERVE BULLETIN. 919 vance of 4.7 per cent, and district No. 5 hold furnishings departments, as a result of (Richmond), with 9 firms reporting an average the shortage of residential building. Reports advance of 2.9 per cent. Elsewhere decreases from representative department stores show a have occurred amounting to 3.2 per cent in the decrease in all districts in net sales for June case of district No. 11 (Dallas), 12 firms re- from the same month a year ago. This porting; 3.9 per cent in the case of district No. amounted to 3.1 per cent in district No. 1 12 (San Francisco), 31 firms reporting; and (Boston), 7.1 per cent in district No. 2 (IJew 12.3 per cent in district No. 6 (Atlanta), 21 York), 7.3 per cent in district No. 3 (Philafirms reporting. On the whole, a greater delphia), 14.1 per cent in district No. 4 (Clevedegree of stability appears to exist in grocery land), 4.2 per cent in district No. 5 (Richlines, and expressions of optimism concerning mond), 17 per cent in district No. 6 (Atlanta), the future outlook are general. As might be 17.5 per cent in district No. 7 (Chicago), 7.9 expected at this season, with one exception per cent in district No. 8 (St. Louis), 16.8 per no important changes have occurred in the sales cent in district No. 9 (Minneapolis), 10.8 per of dry goods concerns during the month. In cent in district No. 10 (Kansas City), 17.4 per district No. 10 (Kansas City), however, 3 re- cent in district No. 11 (Dallas), and 7.8 per porting firms record a quite marked increase of cent in district No. 12 (San Francisco). Re- 14.9 per cent over the preceding month, and ports from all the districts show a large decrease this unusually pronounced advance is attrib- in stocks on hand as compared with those at uted to the fact that retail merchants waited the close of June, 1920, as well as slight deuntil the last possible moment to make their crease from the stocks at the close of May. purchases. Elsewhere minor declines are re- The rate of stock turnover has changed little corded except in the case of district No. 5 since last month, although it has shown a (Richmond), where 9 reporting firms showed slight tendency to become slower. Orders at an average increase of 1.3 per cent. In dis- the close of June show an increase as comtrict No, 5 (Richmond) and district No. 6 pared with a month ago, but merchants are (Atlanta) reporting shoe firms have shown still buying very conservatively. increases amounting to 15.2 per cent, 8 firms reporting, and 5.7 per cent, 6 firms reporting, PRICES. respectively. In district No. 12 (San Francisco), 15 firms reporting, a negligible decrease During June and July wholesale price reof 0.3 per cent was recorded. In all districts cessions have continued, but in the same undecreases in the sales of shoe firms were marked even fashion as heretofore. While comparative as compared with a year ago, except in the stability seems to have been obtained in cotton case of district No. 7 (Chicago), where 7shoe manufactures and the boot and shoe industry, firms reported an increase of 4.4 per cent. It the reverse is the case in the iron and steel inappears that the mark-downs that have occurred dustry, and irregularity marks agricultural in this district have resulted in unusually prices. In contrast with the situation in May, heavy sales for the season. In none of the but similar to the case in earlier months, the four lines covered do reports indicate any feel- recessions in June appear to have been greatest ing of certainty as to subsequent developments in raw materials and least in finished commodisufficient to induce retailers to place any sub- ties for personal consumption. Retail prices of stantial orders for future delivery. As has food continue to decline only very gradually, been the case for months past, buying is only the index number for May registering 145 (as in small lots for immediate delivery. compared with 1913 = 100) and that for June 144. No statistics are available showing the retail prices of other consumable goods, but RETAIL TRADE. various factors seem to indicate that in those Retail trade continues to be considerably lines also prices are declining very little, if at all. less in value than in the corresponding period The all-commodities index number of the of 1920, but in view of the fact that prices are Bureau of Labor Statistics, based upon the noticeably lower the present volume of trade prices of over 300 commodities at wholesale, is probably a little greater than in 1920. There stood at 148 in June as compared with 151 in seems to be a continuing demand for medium- May, while that of the Federal Reserve Board, priced goods, and several stores report that based upon 90 price quotations, stood at 139 high-priced goods sell very poorly. The volume and 142 during the same months. Dun's index of trade during June has been increased con- showed similar changes between June 1 and siderably by profitable "sales" of seasonable July 1, but Bradstreet's registered a slight merchandise, which sold readily because of the increase. extremely hot weather. There is a decided The individual price changes which profalling off of trade in the furniture and house- duced this relatively small decline in June may Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

920 FEDERAL, RESERVE BULLETIN. AUGUST, 1921. be summarized as follows: Agricultural com- Coincident with the decline in foreign trade, modities, such as cereals and cotton, after there has been a falling off in the proportion of advancing somewhat in May, declined quite our commerce transported in American vessels materially in June. At the same time live and a corresponding increase in the proportion stock continued to decline as well as the leading carried in foreign bottoms. minerals (excepting anthracite coal). Meanwhile a certain number of building materials, such as brick, cement, and some types of lum- THE COMMERCIAL PAPER BUSINESS.1 ber, remained unchanged in price, as did finished woolen goods. Cotton goods, raw The following is the first of two articles which silk, and commodities in the "provisions77 give the results of a study made by the Division category rose. of Analysis and Research of the more important During the first half of July the tendencies aspects of the commercial paper business. in agricultural prices appear to have shifted The endeavor has been to describe in turn curagain, live stock as well as leading cereals and rent practice with respect to the placement of cotton advancing. At the same time the trend paper with purchasers, its acquisition from in other commodities has not been materially borrowers, and the operation of the commercial changed. Yarns and cloth in the cotton and paper house. The study is based upon data woolen industry have continued relatively from 12 distributors, 10 of whom had paper stable, iron and steel products as well as the outstanding on June 30, 1921, amounting to nonferrous metals have tended to decline, $609,000,000, out of a total reported by 27 while lard, butter, cheese, etc., have increased. houses to the Federal Reserve Bank of New Bituminous coal continues to decline, while York of $707,000,000. anthracite advances. There are two central features of the commercial paper business which should be kept FOREIGN TRADE. in mind. These features are influential in Statistics for total imports and exports determining the organization of the business during June differ but little from the figures and the operating methods of the individual for May and disclose no new tendencies in the dealers. The first feature is the service of the general foreign trade situation. Imports were dealer in linking up the several sections of the valued at $198,000,000, which represents a country, so that a national commercial paper decline of 64 per cent from their peak value in market in effect tends to be established, to June, 1920. June exports amounted to which the individual borrower may have ac- $340,000,000, a drop of about 46 per cent from cess. By this means, too, a territorial distrithe total for the corresponding month in 1920 bution of funds is obtained under our system of and of 63 per cent from the peak value which many small independent banks, and surplus was reached in June, 1919. As a part of the funds in some sections are rendered available to decline must be attributed to the lower prices borrowers in other sections where an insuffinow prevailing, the Board's foreign trade ciency of local funds exists. The distribution index is significant, showing as it does trade changes from time to time as conditions in the movements with fluctuations due to prices several sections change. The commercial paper eliminated. dealer acts as a regulator of this process and Total imports for the fiscal year 1920-21 serves to connect the different sections. The amount to $3,667,000,000, while exports were second feature relates to the part played by the $6,519,000,000. These figures were lower than dealer in the credit system of the country. He the higher records of the previous fiscal year scrutinizes carefully the volume of credit to by 30 per cent and 20 per cent, respectively. be extended to the open-market borrower, and The declines would have been greater but for serves as a source of information as to the the influence of the earlier months before the standing of these borrowers, on whom he maincontraction of trade set in. However, unless tains an elaborate credit file. there is a marked revival of our foreign trade in the remaining months of the present calendar I. COMMERCIAL PAPER MARKETS. year, the calendar year 1921 will show a far greater falling off from 1920 than is indicated The commercial paper business is concenby the figures given above for the fiscal years. trated. About 15 large houses (counting one There is, however, a decrease of less than 1 group as a single house) do the great majority per cent in the commodity balance of trade, of the total business of the country. A few excess exports falling from $2,871,000,000 for houses confine their activities entirely to dealing the fiscal year 1919-20, to $2,853,000,000 for the fiscal year 1920-21. * Prepared under the direction of W. H. Steiner, Division of Analysis and Research, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUGUST, 1921. FEDERAL RESERVE BULLETIN. 921 in commercial paper, but the majority also by it as due to the fact that they have been deal in securities, and in certain cases are mem- found to be cheaper than salesmen in covering bers of stock exchanges in leading centers. the particular territories where they are Branches of commercial paper houses.—The employed. organization of the large house is highly cen- One group of houses, which does a considertralized, and the entire system of branches able business in the aggregate, is organized on which it maintains is directly under the con- the correspondent principle. That is to say, trol of the principal office. Of eight large about six firms located in as many of the houses which are among those who maintain leading commercial-paper markets, and each an elaborate system of branches, four have their confined to a limited territory, mutually act as head offices in New York, three in Boston, and correspondents and divide the profits on paper one in Chicago. Four of these houses have less sold, as is the general rule where correspondents than ten branch offices (namely, from five to are employed. The group then in effect nine), and cover the territory tributory to parallels one of the larger houses which covers these offices in large part through salesmen. the country as a whole through a system of The other four houses have ten or more branches of its own. Small dealers are also branches. Two of the latter make a distinct more or less associated in other markets with territorial division, and have branches in each local houses who act as their correspondents. section tributary to a head office for that sec- Some dealers report a considerable number of tion. The location of these sectional head them in New York and Chicago, but in general offices is as follows: Two houses each in Boston, it is stated that they are found more largely in NewYork, Chicago, St. Louis, and SanFrancisco, Philadelphia than elsewhere. One dealer states and one house each in Philadelphia and Seattle. that the development of these dealers in One of the two houses thus divides the Pacific Philadelphia was due to their old family concoast territory into two parts—north and south. nections, but that they are gradually decreasing A further indication of the scope of the in importance. Small dealers, it has been system of branches is afforded by the following stated, endeavor to originate paper for their table, which shows, for the eight large houses own account, although the majority of their business may result from having affiliations cited above, the number of houses having who supply them with more paper than they branches in each center: are able to originate themselves. They may use their personal connections, suggests one OFFICES OF EIGHT LARGE COMMERCIAL PAPER DEALERS. dealer, in obtaining local accounts, whose Boston... St. Louis. paper they will undertake to distribute in the Hartford. Dallas immediate territory in which the firm is located. NewYork 8 San Francisco 7 Philadelphia 6 Los Angeles 5 Sections of the country.—It is evident from Scranton 2 Portland 3 the above discussion that each house has its Seattle 3 own method of dividing the country into Richmond.. Atlanta Total 77 several sections. Aside from differences in the number of sections, the territory assigned Pittsburgh... to an office located in a certain center by any Cleveland... Detroit two houses by no means exactly coincides in Chicago all cases. In a broad way, however, certain Minneapolis. sections are generally distinguished, into which Omaha the country naturally divides itself from the Denver point of view of the commercial-paper business. This table serves to indicate the chief These are the New England, North Atlantic, commercial paper markets, as well as in a South Atlantic, Middle West, Southwest, and broad way which are the principal and which Pacific coast sections. wSome houses combine are the lesser markets. This of course does not the North and South Atlantic sections into imply that the volume of business done in each one, while others again further divide the of the principal or the lesser markets is by any North Atlantic section into two, covered, means the same. respectively, by New York and Philadelphia. Several of the houses have correspond- In general, the South Atlantic section is ents in certain sections, instead of branch regarded as more closely associated with the offices. One house states that "of the 11 or 12 North Atlantic section, but one house assoleading commercial paper houses in the country ciates it instead with the Southwest. Further at least 6 have no affiliations. Most of the division of the general sections is of course others have affiliations in one territory or possible, and thus, e. g., the Northwest may another.77 Another house explains their use be distinguished from Chicago territory, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

922 FEDERAL RESERVE BULLETIN. AUGUST, 1921. although this is not usually done. Each the entire country among several brokers, general section has a leading center. These thinking by this method they can place more correspond as a whole to the centers given paper on the open market, which is undoubtedly above, in which the head offices for particular a correct assumption, as some brokers are better territories shown by three houses are located. established in certain territories than others. The basis of this territorial division is Only the very largest users of money make an indicated by one dealer as follows: "The extensive division, although quite a number of divisional basis is from several viewpoints: well-known houses have an eastern broker and First as to the banking center which the banks a western broker.77 The packers afford the in that community use as their correspondent. conspicuous example to which reference is It has always seemed that this has been largely generally made when indicating firms w^ho governed by the flow of money in that district. regularly use several dealers. In this con- Second, the nature of the crops, as indicating nection another dealer mentions the existence at what time or periods of the year surplus in the past of a sharp divisional line east and funds are likely to occur in those sections. west through Effingham, 111., then along the The Southern States, as their largest com- southern boundary of Indiana east to the Pittsmodity crop is cotton, are periodical in the burgh line. Westward the line ran to Denver, buying of paper, and bank principally through with another divisional line north and south St. Louis and New York, very little of their through Denver, and the country was thus money naturally flowing to Chicago territory. divided into four parts, a different dealer being There is, however, a noticeable difference in used by very large borrowers in each section. the case of the southwest and southeast terri- One dealer states that he only divides territory tories, as the States comprising the southwest now with a local broker, e. g., in Chicago or territory use St. Louis and Chicago practically Indianapolis, and that he dislikes the practice, as much as New York.77 as it renders it difficult to follow the amounts Retracing our steps in point of time, it is borrowed. found that the several sections have only gradually developed and become differentiated. II. PLACEMENT OF PAPER. Thus it has been stated by a leading dealer Shift of paper between markets.—Aside from that St. Louis banks at first did not want to its relation to the organization of the individual purchase paper, but changed their attitude house, the importance of territorial division of after the financial strain in that center in 1897. the country lies in its relation to seasonal pur- The principal distinction for many years has chasing of paper. It is thus possible for the been between the East and the West, the individual house at certain seasons of the year dividing line between the two running north to shift paper originating in one section to buyand south through Pittsburgh. The line is ers in another section. In normal times relistated by some dealers to still be of considerable ance is regularly placed upon certain sections to importance, although others speak of it as take paper, although in the last few years con- "more or less done away with.77 One dealer ditions have been such as largely to vitiate the states that from time to time there has been normal seasonal trend. some discussion as to whether Pittsburgh The seasonal movement is found principally belongs to eastern or western territory, but in those agricultural sections in which reliance is that his house has always maintained that the placed upon one principal crop. The dealer entire State of Pennsylvania belongs to eastern will watch for easier money conditions in these territory, and in every case where it has the sections after the crops have been moved and eastern account, insists on obtaining the entire time his efforts accordingly. The exact time of State. He remarks that "some western course varies from year to year, according to the brokers have frequently made a fight on abundance and rapidity of movement of the Pittsburgh, but as far as our own experience crops. In a general wTay, the South, including is concerned, have always lost.77 These state- both Southeast and Southwest, normally should ments coincide with the remarks of another purchase paper from November or December dealer that "the Pittsburgh market is some- through to March, when cotton has moved. times handled from Chicago and sometimes This has not, of course, been true this season. from Philadelphia.77 The Northwest is also distinctly a seasonal mar- The Pittsburgh line, as just indicated, is im- ket, and is ordinarily especially active in the portant in connection with the division of an fall and winter months, when grain has moved. account among several dealers, each of whom The Central Western States, however, practice then handles the account in a certain section. diversified farming, and purchase more or less "Many large firms, which are very large bor- continuously throughout the year, heaviest rowers of money,77 states one dealer, "divide purchases perhaps following the wheat crop in Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUGUST, 1921. FEDERAL RESERVE BULLETIN. 923 July, August, and September. "It has long chase a large amount of paper for the account been a practice/7 states one dealer, "that the of correspondents, particularly in New York, farmer uses the proceeds of his wheat crop to Boston, Philadelphia, Chicago, and St. Louis, pay off his bank indebtedness, while the funds although the amount normally so purchased is received from the other crops are used either to stated to be less than for their own account. put in the new crop or to carry him over the During the last two years, however, these banks dull season.77 On the Pacific coast, and prin- have practically been out of the market on cipally in California, the savings banks provide their own account, although New York City a market throughout the year, although the institutions again commenced purchasing tomaximum purchasing occurs directly after the ward the end of June, 1921. Outlying banks in fruit crop is marketed. In the East and New these centers (small banks scattered through England, steady purchasing is the rule. the residential and suburban districts) have The seasonal movement will also be found bought some paper for their own account. with respect to the lesser crops. Thus a The great bulk of sales during the past two Philadelphia house states that it watches the years have thus been made direct to country tobacco situation in Pennsylvania, while a banks. High rates have proved attractive to Chicago office states that the Michigan fruit them, and the business is said to fall off usually district always purchases paper in September to a great extent when rates are under 5 per and October. cent. In fact, it is generally said that in times On the other hand, banks in the financial of "easy77 money large city banks are the chief centers are more steady purchasers throughout buyers, and in times of u tight77 money, smaller the year. In fact, one dealer states that country banks. Commercial-paper houses thus "country markets vary with crops; city mar- maintain a force of so-called country-bank kets vary with change in business and money salesmen, and also do a large volume of busimarket conditions.77 During the last few ness by circular letter. One dealer believes years conditions have been such as to empha- that " country banks are more and more pursize the latter factors. The opportunistic chasing paper on their own account, and are aspect of the business accordingly has been not depending upon the city institutions or stressed, and several leading dealers either their correspondents to supply their demands.77 state that there can not now be said to be a This factor may, he suggests, "more than anyseasonal shift of paper, or else emphasize thing else, have caused the opening of branch seasonal requirements for funds on the part of offices by the larger brokers in all the various certain sections rather than seasonal placesections.77 ments of paper. Some figures have been obtained as to normal Types of purchasers.—Sales are made to and recent percentages which sales to the several types of purchasers. Banks in the several types of purchases are of total sales. larger financial centers buy either for their One dealer estimates that in ordinary times own account or for the account of correspond- banks in the larger centers, such as New York, ents. Country banks also buy a considerable Boston, Philadelphia, Chicago, St. Louis, amount direct from the commercial-paper Kansas City, San Francisco, and Seattle, houses, while corporations and insurance com- absorb 60 per cent of all paper offered, but panies buy a small amount of paper. doubts whether they have been in a position Sales to corporations are very small in the during 1919 and 1920 to purchase 10 per cent aggregate. All data received, both actual per- of the total paper sold. Another dealer esticentages and estimates, do not place them at mates that at the opening of this year 90 per cent over 1 or 2 per cent of the total volume of sales. of his outstanding paper was in country banks. Their purchases, notes one dealer, are confined Actual figures supplied by one middle western to periods when their business is dull, although and one southwestern office show a range of another dealer states that, owing to the high percentages at present as follows: Sales to rates, quite a number of corporations have been local banks for own account, 35 to 45 per cent; buyers of paper during the last two years as an to local banks for account of correspondents, investment for surplus funds. His estimate of 21 to 25 per cent; to corporations, 0 to 2 per the total proportion of such sales, however, cent; and direct to country banks, 34 to 38 per agrees with the figures just given. Sales to cent. insurance companies are very rare, due to the Terms on which paper is sold.—Paper is fact, states one dealer, that most of them are sold on a varying option, the thought being to not permitted by charter to purchase paper. give the purchaser an opportunity properly to Normally, banks in the larger financial check the credit. The most frequent option is centers purchase a considerable volume of 10 days; that is to say, the purchaser may paper for their own account. They also pur- return the paper at any time within 10 days. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

924 FEDERAL RESERVE BULLETIN. AUGUST, 1921. City sales, however, may be made in certain vide the means of retiring the paper, and thus cases only on 5 days or weekly option. One render it liquid. These industries then have dealer usually allows only 7 days, and another an annual clean up, which frequently precedes has the " majority and average" of his sales at the period at which regular annual statements from 7 to 10 days, while a third has by far the are made for the particular industry in queslargest portion on 7 days' option. The last tion. The maturity of the paper thus depends named usually allows the 10 days to banks at a upon the quickness of turnover, and in the greater distance from the chief centers, because case, e. g., of wholesalers, also upon the length of the additional time required to receive replies of the terms which they themselves extend. to mail inquiries. For a similar reason the Southern jobbers thus usually sell on^ longer usual option given by many houses to Pacific time and make longer maturities than jobbers coast purchasers is 20 days. A small propor- in other sections, while department store and tion of the sales carry no option. One dealer grocery paper is usually short. As opposed to states that "firm" sales predominate in New the needs of borrowers, another factor which, England, while another states that no option is on the other hand, must also be considered, is required in the occasional cases when a bank the demand of banks for balanced maturities. repurchases the obligation of some concern on A great variety of illustrations of seasonal which they have an up-to-date file. borrowing have been given. Concerns in agri- Payment by the purchaser is generally made cultural sections dealing in certain commodeither by cashier's check in the case of local ities which can be purchased only when the banks or by exchange on the center in which the product comes to market usually have the dealer is located or on another leading center, peak of their indebtedness two or three months such as New York, Chicago, or St. Louis, in the after the first movement of the crop. Such case of out-of-town banks to whom paper is borrowers collect their money, states one dealer, sent. At times the purchaser's correspondent in the three or four months prior to the close in the dealer's center is instructed to pay the of their fiscal year, as they either sell for cash dealer. A great deal of paper, states one house, or on very short time the product which they is forwarded by the dealer to country banks have accumulated during the season when it through the latter's city correspondents, in moves to market. Cotton paper normally bewhich case the dealer receives cash on the day gins to appear in September and October and of the transaction, and the city bank charges the is paid off by March, April, and May. Southern country bank's account with the amount of cotton-mill paper usually runs from about Octhe paper. Another dealer thus states that he tober to July, and northern cotton-mill paper aims to secure New York, Chicago, or Boston chiefly from November to August. Grain delivery and payment wherever possible. dealers in general borrow, it is stated, from Several dealers complain that there has been September to January, and liquidate about a tendency in the past for country banks when July, generally making statements as of June making remittance to calculate the discount 30 or August 30. Tobacco manufacturers' from the day on which they receive the paper, paper, states one dealer, usually comes into the instead of from the day on which the dealer market in the late fall and early part of the receives the funds. When this is done the year, and matures in June and July, while wool dealer Joses the use of the funds for a period paper is outstanding from about June until equal to the mail time between the bank and February. Cottonseed oil crushers and refinhimself. Dealers who have commented on ers, packers of fruits and vegetables, manufacthe practice, however, agree that it is tending to turers of beverages from fruit juices, and crushdisappear. ers of flax seed and refiners of linseed oil also are seasonal borrowers. A similar situation prevails with respect to certain manufacturing III. OPEN-MARKET BORROWING. industries. Clothing manufacturers, shoe man- Seasonal appearance of paper.—While a con- ufacturers and jobbers, and glove manufactursiderable number of borrowers are more or less ers, e. g., sell on certain datings for the fall and continuously in the market, a , considerable spring seasons, and adjust their maturities acnumber of lines borrow only for seasonal needs. cordingly. Agricultural implement manufac- Their paper thus appears in the market at turers' paper appears from January to July, certain seasons of the year only. Manufac- and is retired in October, November, and turers, e. g., need to purchase raw material for December. next season's business. More or less regular Sectional popularity of paper.—Paper of cermaturity dates are also found. The under- tain industries is more popular in some sections lying theory is that maturities should be based of the country than in other sections. There upon anticipated collections, which then pro- are two conflicting forces at work in the case Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUGUST, 1921. FEDERAL RESERVE BULLETIN. 925 of the individual banker in determining the market to-day larger amounts of big corporaindustries whose paper he will purchase. On tion paper and comparatively little paper of the one hand, there is a desire for diversification the smaller borrowers." The minimum figure which impels him to purchase paper of indus- which is given naturally varies somewhat with tries other than those found locally. Banks the individual dealer. Some show a higher in the crop-moving sections may hold other amount, namely, $250,000 to $300,000 and paper at crop-moving time in order to spread $500,000 (with infrequent exceptions reported their risks. On the other hand, there is the by one in the case of local borrowers). One fact that he is acquainted with industries found dealer, however, places the figure for capital locally and thus in a better position to judge investment as a rule at $700,000, while several the paper of firms in these industries. The show an amount as small as $100,000. One latter is by far more potent, and it is therefore dealer observes that, while very little paper easier to place paper of certain industries in could probably be sold now for borrowers with localities where they are well known. less than $200,000, before money became firm, Perhaps the most conspicuous illustration is paper of borrowers of, "say, $125,000 or $150,afforded by lumber paper, which is not popular 000 quick in stable lines could be sold." It is in the East and has a very limited market interesting to observe that one dealer distinthere, but is found more largely in Chicago guishes between wholesalers and jobbers on and the Northwest, where it sells readily. the one hand and manufacturers on the other There is, however, some in New England. hand. While the $200,000 minimum holds in Similarly, cattle loan paper has a market in his opinion for the former, for the manufacthe West, but meets with little favor in the turer "the minimum must necessarily be a East. To a lesser extent this is true also of larger amount, as he always has a large portion grain paper, states one dealer. Again the of his capital tied up in plant and equipment." South likes cotton paper, which is not appre- Control oj the amount borrowed.—The stateciated by the East. Tobacco paper is espe- ment is often made that the commercial paper cially popular in the South, and, aasa matter dealer so facilitates borrowing in the open of fact/' states one dealer, "all over the coun- market in normal times as to render it possible try." On the other hand, paper of commission for many houses to borrow very heavily in merchants, textile manufacturers, etc., is far proportion to their capital. On the other better known in the East than the West. New hand, almost all commercial paper dealers in England mill pager is more popular in New the present study call attention to efforts which England, where it is a legal investment for they make to keep the volume of paper issued savings banks in Massachusetts. Certain buy- by the individual borrower within reasonable ers, states one dealer, do not like the paper of limits. They endeavor to see that the borcorporations located at too great a distance, rower has sufficient bank lines open to take and this tends to confine the sale of paper of care of his open-market borrowings. This, of medium-sized concerns to a great extent to course, has the effect of preserving the liquid the sections where they are located. Smaller character of the paper from the point of view names, in fact, generally sell better locally, of the individual purchasing bank, in the event although in the case of large firms no difference that new paper is not sold. "A good broker," is noted. At times also a firm may not wish states one dealer, however, "can always sell its paper offered in the immediate vicinity of some paper." These reserves of unused borthe city where it is located, due either to pride rowing power are of particular importance in on the part of a small firm in the fact that it the case of steady borrowers, as the borrower obtains its funds outside or to a desire to pre- can not depend upon anticipated collections to vent other local parties from obtaining data retire paper. One hundred per cent, of course, about its business. is ideal, and in certain cases the dealer may not The open-market borrower.—It is often stated be in a position to require it, but several dealthat the minimum capital of the firm which ers specify as much as 50 or 75 per cent. A borrows in the open market is about $200,000. dealer states that he has arranged additional At the present time, however, state several bank lines for clients whose own lines have dealers, it is very difficult to sell the paper been insufficient. of the smaller borrowers. One dealer whose One dealer, however states that "we very normal figure is the above remarks that at seldom have occasion to limit the borrowings present $500,000 would be about correct. on the open market or through banks, of any Another dealer observes that " generally speak- of our clients; however, we keep in close touch ing, we would say that the big corporations with them, and advise as to what we feel is the have liquidated more slowly than the smaller proper course to be pursued." The dealer, of firms and that we have outstanding in the course, follows closely the condition of his bor- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

926 FEDERAL RESERVE BULLETIN. AUGUST, 1921. rowers, which one dealer states that he does works on far eastern banking have given it through monthly statements or personal inter- slight consideration. The preceding studies views, and thus at all times knows the total of this series developed some expressions of indebtedness of his accounts through all opinion from American bankers and traders sources. on the nature of the authority to purchase, The effort to keep sufficient bank lines open but these responses indicated that it was little reflects a belief that, as one dealer expresses it known in the United States outside of New "the open market facility should be used col- York and San Francisco. It was therefore laterally and not in addition to the bank-line thought advisable to conduct a more intensive facility.77 As another dealer states, it is de- analysis of the document, especially because sired to have the open market used only when of its significance in oriental commerce, which the borrower is not using his bank; "in fact has always been a center of interest to trading the open market is to be used in order to clean nations. up his accommodation at his bank, and he is The data presented in the following study to stop using the open market when he starts was gathered from banks in New York City borrowing from his bank—in other words, to mainly through personal interview, and from alternate between these two borrowing chan- outside institutions largely through a questionnels. Of course, during the past year it has naire circulated by the Federal Reserve Agents. been impossible for the borrower to live up to While the earlier surveys have been confined this condition on account of the unforseen to American institutions, it was necessary to cancellations which necessitated carrying over extend this analysis to the New York agencies an abnormal amount of inventory.77 of foreign banks, which gave helpful cooperation in securing information on the subject. While the data regarding the authority was thus gathered largely through answers to a THE AUTHORITY TO PURCHASE.1 questionnaire as in previous studies, the results will be presented not in the form of tabu- I. INTRODUCTION. lations and excerpts from these responses, Previous studies, conducted by the Division but rather as a general exposition of the salient of Analysis and Research in methods of financcharacteristics of the instrument. This change ing foreign trade, have dealt mainly with the in treatment is due to the difference in the letter of credit. The results of these surveys purpose of the studies, for in analyzing the have appeared in the current issues of the letter of credit, the aim was to present views FEDERAL RESERVE BULLETIN for February, on problems more or less unsettled, while in April, and June, and have presented such examining the authority to purchase the obphases of the letter of credit as its legal aspects, ject is to set forth information on a subject forms used, and practices followed by Ameriwhose principles are not generally known to can banks and mercantile houses. The fol- American business and banking interests. lowing study examines the "authority to pur- This survey will explain the nature, classes, chase,77 an instrument which serves a purpose forms, and practices of the authority, and in foreign trade quite similar to that of the finally compare it with the letter of credit. letter of credit. In fact, these two documents are the means of shifting the burden of II. MEANING. financing an overseas transaction from exporter A shipment in foreign trade may be financed to importer. These instruments are thereeither by the exporter, the importer, or their fore of special significance to American foreign respective banks. If the obligation of suptrade, which to-day consists more largely of plying the credit is to be carried by the exexports than of imports. The letter of credit porter, he draws his drafts on the importer is of major importance since it is applied in and forwards them through his bank for colfinancing trade with all the world, while the lection. The exporter may transfer the burden authority to purchase has less significance, of furnishing the credit by selling the drafts for its use is confined mainly to commerce to his bank. A third method may also be with the Orient. In this field, however, it followed whereby the task of supplying the plays a commanding role, for exports to the credit is shared by both the exporter and his Far East are financed mainly by the authority banker. This occurs when the latter does not to purchase. Because of its specialized use, purchase the draft outright, but instead adthis instrument has received scant attention vances a certain percentage of the face amount from writers dealing with foreign trade, and to the exporter. The financing of an overseas transaction by i Prepared under the direction of George W. Edwards, Division of Analysis and Research. the importer rather than the exporter is per- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUGUST, 1921. FEDERAL RESERVE BULLETIN. 927 formed either through a letter of credit or an to draw drafts on the importer, and that the authority to purchase. In the Far East, where bank has been instructed to negotiate his banking facilities have until recent years been bills on the presentation of proper shipping limited, it has often been impossible for an documents. This "advice of authority to purimporter to secure bank credit for the financing chase" may of course be sent directly to the exof his business. To meet this need the au- porter by the bank in the Orient, but it is more thority to purchase or, as known in its abbre- customary to forward the communication indiviated form, the A/P, was developed. Its rectly through an agent, whether a branch or a operation may be illustrated by describing the correspondent, located in the exporter's city. financing of a shipment of goods from an As the "advice of authority to purchase" is American exporter to a Chinese importer. thus a communication from a bank to a As the transaction is not to be financed through beneficiary, it performs the same function a letter of credit, the exporter can not draw his as a letter of credit and so is frequently drafts on a bank, but must address them to the styled a "Chinese" or "oriental" letter of importer himself. It may, however, prove credit. Therefore in financing a shipment difficult to find a bank which cares to purchase under the so-called "authority to purchase" such trade bills, and hence the exporter nor- method, four separate documents are actually mally has no other choice but to forward his involved. The first is the communication by drafts for collection. This applies especially importer to exporter in which the latter is to a shipper whose credit is so limited or over- advised of the terms of sale and the right to burdened that he is unable to secure accommo- draw drafts on the former. This document dation from a bank in financing his transac- is known as an "authority to draw/' but it tions. To create a market for the shipper's is of no direct interest to the banks, for it is drafts, the importer is then called upon to merely part of the commercial contract between finance the transaction by an authority. This buyer and seller. Banks, however, are more he does first by informing a bank in his own concerned in the remaining documents, namely, country that he has authorized the exporter to the letter of guaranty addressed by the imdraw his drafts, and then requesting the bank porter to the far-eastern bank, the authority to arrange for the negotiation of these bills by to purchase forwarded by the far-eastern bank a branch or a correspondent located near to its American agent, the advice of authority the exporter. to purchase sent by the American agent to the beneficiary. The importer, of course, assures his bank that he will provide funds for the retirement III. CLASSIFICATION. of these drafts at maturity, also that he will reimburse the bank for its services and protect Authorities, the same as letters of credit, its interests with sufficient collateral. This may be classified along such principles as: (1) document which the importer thus addresses direction of shipment, (2) tenor of drafts, (3) to his bank is frequently confused with the form of currency, (4) privilege of cancellation, authority to purchase. It is, however, a and (5) right of recourse. Although the instruseparate instrument and may better be termed ment may be used to finance either an export a "letter of guaranty." It is quite similar to from or import to the United States, in actual the combined form of application and guaran- practice the authority is largely applied to the tee sometimes used in requesting a bank to movement of exports, and, in fact, most banks issue a letter of credit. If the far-eastern report that all the authorities which they handle bank acts favorably on the application of the cover only export transactions. Therefore, importer, it will then address to its American while American banks perform the duties of branch or its correspondent a communication notifiers of authorities and payers of drafts, instructing the latter to negotiate the drafts they rarely, if ever, act as issuers. While drawn by the shipper in the United States drafts instructed under an authority may be on the importer in the Orient. It is the drawn either at sight or on time, the latter practice immediately to cable this information, tenor is generally used. Banks report that and later to send a letter with complete details. about 85 per cent of these drafts are drawn on This letter constitutes the true authority, also a time basis which may run for 60, 90, or 120 known as the "authority to negotiate" or the days' sight. Moreover, these drafts are pay- "advice to purchase." It is entirely distinct able not in Oriental currency but in United from the "authority to draw" sent to the States money, and the exporter usually receives exporter. It is also different from the "advice the full amount of the bills. In short, drafts of authority to purchase" forwarded by the cor- made under authorities are ordinarily based respondent bank to the exporter for the purpose on export transactions drawn on a time basis of informing him that he has been authorized and^ayable in United States currency. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

928 FEDERAL RESERVE BULLETIN. AUGUST, 1921. It is, however, more difficult to classify the firmed by the notifying bank. This document authorities from the standpoint of the right of is quite similar in wording to the advice of an cancellation. It will be recalled from the previ- irrevocable unconfirmed authority. The bank ous studies of letters of credit that these in- naturally holds that the unconfirmed authority struments, grouped on the principle of whether may be revoked at any time prior to the paythey could be revoked, are classified as follows: ment of drafts drawn by the beneficiary. This (1) Irrevocable by issuer and confirmed view is usually expressed in the advice to the by notifier. recipient in a statement that the authority (2) Irrevocable by issuer and uncon- may be canceled upon notice to this effect. firmed by notifier. Nevertheless, this is a right which a bank (3) Revocable by issuer and uncon- should exercise with utmost care, especially firmed by notifier. in dealing with an exporter manufacturing or The same classification may also be applied, preparing goods not staple in character and with certain modifications, to the authority. therefore limited in marketability. As mentioned above, the authority is not ordi- It appears that, before the war, authorities narily sent by the issuing bank directly to the were generally revocable in form, but during beneficiary, but is more usually transmitted to the past seven years sellers of goods have been him through a second notifying bank, and in a position to demand irrevocable obligations. therefore the subject of confirmation is of some This was a natural result of the period of rising theoretical importance. However, this ques- prices and the sellers' control over market contion loses some of its importance, for an ditions, but in the present movement of falling authority is generally opened by a domestic prices, with the consequent return to power of agency of the foreign bank which has originally the buyers, it appears that eastern importers issued it. An authority may be irrevocable are insisting that American exporters accept by the issuing bank and further confirmed by revocable rather than irrevocable authorities. the notifying institution, in which case it In turning the discussion from the subject becomes practically a letter of credit, for it of cancellations to that of recourse, it must be constitutes the direct obligation of both issuing borne in mind that a relation does not necesand notifying banks to negotiate the bills and sarily exist between these two principles. can be rescinded only with the consent of the The question of cancellation affects the aubeneficiary. The form of authority transmit- thority before negotiation of the authorized ted by the notifying bank to the beneficiary drafts, while the subject of recourse enters into contains an address which unequivocally in- consideration only after the purchase of these forms him that the bank has been authorized bills. At this point it may be mentioned that to pay his drafts and that his right to draw the Law of Negotiable Instruments permits the these bills continues until a fixed date of drawer of a draft to add after his signature expiration. The notifying bank is not always the expression " without recourse " and in conrequested to confirm the authority, and in this sequence of this act he is relieved of the usual event it is unconfirmed as far as the notifier is liabilities of a drawer in the event that his concerned but still irrevocable by the issuer. bill is dishonored by the drawee. The sub- In this contingency the advice which the ject of recourse under letters of credit has notifier communicates to the beneficiary may already been discussed in the FEDERAL REassume the following form: SERVE BULLETIN for June, 1921, page 684. Although the letter of credit seldom contains We beg to advise that we are to-day in receipt of instrucany reference to recourse, by implication there tions from our correspondent, the Bank, authorizing us on behalf of to negotiate your documen- is no practical recourse on the drawer of drafts tary drafts. under an irrevocable form. But it is customary At the same time this advice specifies the to insert in the authority sent to the beneficiary expiration date for the authority, but is careful a sentence which reads somewhat as follows: to add a statement that it is subject to can- Please note that this advice is not to be considered as cellation. The form used by one bank states being a bank credit and does not relieve you from the definitely its relation to the entire transaction ordinary liability attaching to the drawer of the bill of exchange. in this manner: Even if this statement is omitted, it is usage We have no instructions to confirm this advice and among banks to regard drafts drawn under make no representation that we have funds in our possession applicable to the payment of said drafts and reserve authorities as carrying full recourse to the the right to cancel this notice or refuse to negotiate any drawers until the bills have been honored by drafts presented in accordance herewith at any time. the drawees. This implication naturally may The third form of the authority is that type be nullified by inserting in the notice to the which is revocable by the issuing and uncon- beneficiary an expression which permits him Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUGUST, 1921. FEDEKAL BESEKVE BULLETIN. 929 to specify on his draft that it has been drawn found, while the second is widely used. The without recourse to himself. third form, which assures the beneficiary that The question (rf recourse among the various his drafts will be negotiated until a certain parties to an authority will be more clearly time and that his bills may be drawn without understood bj tracing a complete transaction recourse to himself, is practically a confirmed financed under this method. In the first place, letter of credit and seldom appears under the the exporter draws his draft on the importer name of authority. However, the fourth form and presents this bill together with his docu- is of little service to the recipient, for although ments to the local bank which has notified him this authority may not be canceled, still there of the authority. This bank examines the is always recourse to him if his drafts are disdocuments, and if they are regular in form it honored by the drawee. gives him a check for the face amount of the In summary, most authorities are revocable draft. As the paying bank is acting in be- in form and call for drafts carrying full rehalf of its foreign branch or of a closely affili- course to drawers. ated institution, it then debits the account of this far-eastern bank and forwards drafts and IV. FORMS. documents for acceptance. Upon receipt of As explained above, the financing of a shipthese documents, the issuing bank presents ment under an authority involves the issuing of them to the importer for his acceptance and three separate bank instruments, the letter of at maturity for ultimate payment. If he guaranty to the issuing bank, the authority to meets these obligations the entire transacpurchase to the notifying agent, and the advice tion is closed, but if he dishonors the drafts of authority to purchase to the beneficiary. either at the time of their acceptance or pay- These communications may be sent as ordinary ment the question of recourse immediately letters, but it is customary for banks which arises. In the first place, if the far-eastern handle many of these transactions, to usejset bank has issued the authority directly to the forms such as those presented below: drawer, it reserves full recourse. However, it is more customary, as seen above, to transmit 1. LETTER OF GUARANTY. the authority to the beneficiary through an (Issuing bank) — . American notifying bank which takes the DEAR SIR: We beg to inform you that we have authorized position that it is merely an agent of the • (exporter) to draw on us with recourse to foreign issuer and therefore has the right of the extent of at ———• days ymonths' sight for action on the drawer. Lastly, as to the rela- invoice cost against the following documents: Bill of lading, Invoice, tions between negotiator and issuer, there is Insurance certificate, Consular invoice, entire agreement among banks that the former to cover shipment of fromhas full recourse upon the latter until final and indorsed in blank payment. The negotiating bank further pro- BlLL OP LADING TO ORDERof X Bank. tects itself by usually stamping upon the drafts Freight to be Marine insurance the declaration that it in no way holds itself by shipper responsible for the ultimate fate of the bills. covered here* The sole liability which the negotiating bank We agree, incurs is its obligation for the correctness of 1. To accept upon presentation all bills drawn purthe shipping documents. The question of re- suant hereto. course between issuer and notifier in actual 2. To hold the X Bank harmless because of any damage to merchandise shipped or deficiency practice is really of small importance, because or defect therein or in the documents above these two institutions usually stand in relation described. of home office to branch or agency. 3. That the said documents, or the merchandise covered thereby, and insurance shall be held Regarding relations between the right of as collateral security for due acceptance and recourse and the right of cancellation there payment of any drafts drawn hereunder, with appear to be two divergent views. One con- power to the pledgee to sell in case of nontention is that a revocable authority necessarily acceptance or nonpayment of the draft to them attached, without notice at public or gives rise to the drawing of drafts with recourse, private sale and after deducting all expenses, while an irrevocable instrument by implication including commissions connected herewith, permits the drawing of drafts without recourse. the net proceeds to be applied toward pay- However, as observed above, it is the general ment of said drafts. The receipt by you of other collateral, merchandise, or cash, now in opinion that there is no relation between these your hands, or hereafter deposited, shall not two subjects, and authorities theoretically may alter your power to sell the merchandise be issued in four types: (1) Revocable with- pledged and the proceeds may be applied on out recourse, (2) revocable with recourse, any indebtedness by us to the Bank due or to become due. (3) irrevocable without recourse, (4) irrevoc- 4. To pay your commission of % for negotiating able with recourse. The first type is rarely of drafts hereunder. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

930 FEDERAL RESERVE BULLETIN. AUGUST, 1921. This engagement to commence from date hereof and to within which the drafts are to be drawn. In the apply to all bills drawn within months. guaranty, the applicant usually agrees to accept Please advise bv TT- • the drafts on their presentation, to pay the com- " cable mission, to absolve the bank from all respon- Yours, faithfully,. sibility for the condition of documents or goods (Importer.) and to pledge the merchandise as collateral. 2. AUTHORITY TO PURCHASE. It is unnecessary at this point to enter into a detailed analysis of the forms of the authority A/P No. Expires on to purchase and the authority to draw, for To the Manager, The YBanh. their general characteristics have been studied DEAR SIR: YOU are hereby instructed to negotiate drafts above, and besides, these instruments have drawn by on at days'"sight to the features in common with the letter of credit as extent of against shipment of to within months from this date. described in the FEDERAL EESERVE BULLETIN Each draft must be accompanied by a full set of ship- for April, 1921 (pp. 410-415). It will therefore ping documents, consisting of invoice, bills of lading be sufficient to confine the examination of forms filled up to order, and blank indorsed. Certificate of to those phases which are peculiar to authori- Origin noT^equired' Inslirance (marine and war) ties. The letter of credit usually specifies that policy to accompany the drafts bills of lading must be indorsed directly in favor in China of the bank negotiating the drafts, but the This instruction not being a bank credit is revocable authority generally calls for the drawing of and does not release drawer from liability. these documents to order and indorsed in All drafts drawn under this A/P must be marked as drawn under A/P No. dated 19 . blank. Although the bills of lading are thus in Kindly advise the beneficiary of the above and oblige. negotiable form, the paying bank's title to all Yours faithfully, the documents is fully recognized by having For the X Bank, the shipper sign an hypothecation certificate. Manager. As the drawer of the drafts receives payment for their full amount without the deduc- 3. ADVICE OF AUTHORITY TO PURCHASE. tion of any discount, and as the paying bank , 19- immediately debits the account of the issuing Exporter. bank, the latter is therefore entitled to interest DEAR SIR: We beg to inform you that we have been authorized by — at — to negotiate your from the date of payment. Provision is made bills on (importer) to the extent of for for this charge by inserting on the bill the " far- - invoice cost of - shipped to - eastern interest clause" which reads as follows: The bills are to be drawn in duplicate at — sight and must be accompanied by full set of bills of lading, Payable at the collecting bank's rate for sight drafts or invoices, and marine insurance policies, all in duplicate, with interest from date of draft until date of approx- Shipping documents must be made out to ' 'order" oaind imate return of proceeds of the draft. blank indorsed. The above documents must be duly hypothecated to The authorities as a rule provide space on the bank against payment of the bills. the reverse side for entering details of drafts Please note that this advice is not to be considered as negotiated, but banks apparently do not insist being a l' bank credit" and does not relieve you from the upon these entries in case of " without reordinary liability attaching to the ' 'drawer" of a bill of exchange. course" authorities. In fact, the only purpose All drafts under this authority to purchase to be marked: of such records is to prevent a beneficiary from "Drawn under A/P No. " with interest added negotiating his drafts several times at different thereto at — per cent per annum, from date hereof banks and thus overdrawing the amount to approximate due date of remittance in New York. Payable at the current drawing rate for the X Bank's allowed him. However, this difficulty does drafts at sight on New York. not arise in the case of the authority, since the Kindly hand in this letter with your drafts in order advising bank alone is designated as the paythat the amount of same may be indorsed on the back ing agent, and therefore no other bank would hereof. This authority expires on , but is subject to be likely to negotiate the drafts. For the cancellation by our giving you notice to such effect. same reason it is also unnecessary for a bank Yours faithfully, to demand the return of an authority which has not been exhausted, since it can not very well (Notifying bank.) be misused after its expiration if irrevocable, It will be observed that the first instrument or after cancellation if revocable. consists of an application and a guaranty. In the application the importer stipulates the V. COMPARISON BETWEEN THE AUTHORITY conditions under which the authority shall be AND THE LETTER OF CREDIT. issued. These terms describe the form of drafts and the kind of documents. The expira- The above analysis has presented the meantion date is usually determined by the period ing, classification, and forms of the authority Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUGUST, 1921. FEDERAL RESERVE BULLETIN. 931 and it now remains to compare this document credit. Banks at times erroneously describe with the letter of credit. The function of their authorities as "credits," but the instruthese instruments is the same because they ment in no sense is the undertaking of the both transfer the burden of financing the trans- issuing institution. While the letter of credit action from the exporter to the importer or his imposes the burden of financing the transacbank. Both documents enable the exporter tion upon the bank, the authority places this to receive reimbursement for his goods on pre- obligation upon the importer himself. In the sentation of the proper documents, and there- first case, the accreditee is given the right to fore both the authority and the credit letter are draw upon the bank, and this leads to the in a way d/p or documents on payment instru- creation of bankers7 bills. On the other hand, ments. The underlying principle is the con- the authority instructs the beneficiary to draw ferring upon the exporter of the right to draw on the importer, and as time bills are usually drafts. In fact, the similarity between the made, these in consequence become trade two instruments has led a number of bankers acceptances. Because of the superior credit and exporters to term an unconfirmed letter standing of the drawees, bankers acceptances of credit an authority to purchase. In order under letters of credit may be freely sold in the to avoid confusion in terminology there is a open market. The holder of these bills is tendency among banks engaged in oriental able to dispose of them in any money center trade to issue only two instruments, an irrevo- which offers the lowest rate, and so the cost cable letter of credit and a revocable authority. of financing the entire enterprise may be mate- A further point in common may be noted in the rially lowered. The owner of bills drawn under documents ancillary to both the letter of an authority does not possess this freedom of credit and the authority. In financing a ship- action, since the drafts are made not on a bank ment under either of these two methods, it is but on a merchant. Therefore it is quite imnecessary to employ a letter of guaranty from possible to find a buyer outside of the bank the importer to the issuing bank, a communica- advising the authority, and so these bills are cartion between issuing and notifying bank, and ried by the far-eastern bank. Because of these an advice from the notifying bank to the bene- limitations, the discount rate on such trade ficiary. bills is far in excess of that carried on bankers' The letter of credit and the authority, how- acceptances. While the rate on bankers' bills ever, differ widely as to actual use, for in drawn under letters of credit is determined general the latter is far more specialized. As largely by market conditions and is more or mentioned above, the letter of credit is used to less variable, the charge for trade bills made finance trade to all countries and to cover under authorities must necessarily be fixed in import as well as export transactions. On the this document. This rate has recently run other hand, the authority is applied mainly to as high as 9 per cent, but since the 1st of July, far-eastern commerce and is used almost exclu- 1921, the maximum has been reduced to 8 sively to facilitate exports from the United per cent. States. Under letters of credit, drafts may be drawn either at sight or on time, in dollars or in sterling and other foreign currencies. How- Index Number of Ocean Freight Rates.1 ever, bills executed by virtue of authorities are usually made on the acceptance basis, and be- For some months past the Division of cause of the uncertain nature of most far- Analysis and Research of the Federal Reserve eastern currencies in the past, it has been the Board has been studying the trade balance of custom for exporters to insist upon payment the United States, with particular reference to in United States money. The letter of credit the invisible elements, which have not heretomay be handled through any correspondents, fore received adequate attention from investibut the authority is opened mainly with gators in the field of foreign trade. In the branch banks or other closely associated insti- April number of the BULLETIN the question of tutions. Comparing the two documents from the earnings of shipping in relation to the trade the viewpoint of cancellation and of recourse, balance of the United States was discussed and it was observed above that the letter of credit a tentative estimate of America's " shipping is usually irrevocable and allows the drawing of balance" in 1920 was submitted. The present drafts practically without recourse to the index number is the outgrowth of the data on beneficiary. However, the authority is usually ocean freight rates that were assembled and revocable in form, and the issuing bank gen- used in making that estimate. A twofold erally reserves the right of recourse to the object is expected to be served by this index. drawer. Lastly, the Fundamental distinction lies in the fact that the authority is not a bank 1 Prepared under the direction of H. W. Van Pelt, Division of Analysis and Research. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

932 FEDEKAL RESERVE BULLETIN. AUGUST, 1921. The primary object from the standpoint of the regions. This classification placed together work now being done by the Division of the various ports to which rates are fixed by a Analysis and Research is to serve as a basis for single steamship conference, or ports that keeping the estimates of the shipping earnings otherwise are naturally grouped together from of the United States up to date. The other a shipping point of view. Eliminating Hamobject of the index is to give a review of the burg because of long periods when no rates ocean freight market, and at the same time, of were quoted, the remaining 17 ports may be the condition of the shipping industry, which grouped under five trade regions, as follows: as a factor in developing American foreign trade must play a much larger part than before United Kingdom Liverpool. Manchester. the war. It is as an indication of the status of London. the shipping industry, that the index prob- Glasgow. ably will have its widest interest apart from Bristol. the primary object of the Board in publishing Hull. Newcastle. it. As such a barometer this index is alone in French Atlantic .Bordeaux. the field—nothing of the kind being published Havre. in the United States, so far at least as has come Netherlands and Belgium Rotterdam. to the attention of the Federal Reserve Board. Amsterdam. Antwerp. Scandinavia Christiania. NATURE OF THE DATA. Copenhagen. Mediterranean Marseilles. The chief source of the ocean freight rates Genoa. upon which the index is based is Cornish's Naples. Weekly Freight Circular. This publication The fluctuations in rates to different ports every week quotes current rates on grain, proviin the same trade region were found to be sions, cotton, cottonseed oil, sack flour, and very similar, and for the purpose of averaging measurement goods (i. e., general cargo) from to get an index number for the region, the New York to the principal European ports. different ports were regarded as of equal im- The index, so far as it is based on this source, portance. Had the fluctuations not been is therefore necessarily limited to outward similar, a method of weighting the different rates in the United States Atlantic-Europe ports would have had to be employed. trades. In time it may be possible to add to the European freight index other indexes of SELECTION OF THE BASE. rates in the South American and Far East trades as well. For some purposes a prewar base would have An examination of the rates quoted on the been the logical one, but in the present insix commodities above enumerated led to the stance it is tne recent changes in freight rates conclusion that the first five were suitable for that are of most interest, compared with the inclusion in this index. Since the success and situation shortly after the close of the war. A reliability of such an index must depend in good base, therefore, might have been the large measure upon how faithfully it marks calendar year 1919. The rate data for that fluctuations in rates, it must be reasonably year, however, are not altogether satisfactory, sensitive to changes of basic rates, and rates inasmuch as during part of the year the Govthat are purely nominal or not adjusted quickly ernment retained its war-time control over to the shiftings of the ocean freight market are rates, and it was not until the latter part of out of place in it. For this reason, rates on the year that the ocean freight market was measurement goods, or general cargo, were again freely competitive. Furthermore, many omitted, an added reason also being the diffi- rates were not regularly quoted over a sufficulty of assigning a proper weighting, in com- ciently long period of time. During 1920, on parison with the other commodities, to so in- the other nand, came the sudden and predefinite a category. The European ports to cipitate drop in freight rates which it was which these rates apply are 18 in number, and desired to measure. Any average of rates it would be possible to construct a series of over the months of 1920 would therefore weekly relatives on each commodity to each include rates so widely different as to lack port separately, thereby forming some 90 concrete meaning. In these circumstances, it different index series. The problem was ob- was deemed best to start with rates in the viously one of reducing that mass of data to single month of January, 1920, before any large usable proportions. The first step in the drop from the rates of 1919 had occurred. process of consolidation was to group the That month has therefore been used as a base various ports into a smaller number of trade with which to compare the average monthly Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUGUST, 1921. FEDERAL RESERVE BULLETIN. 933 rates of 1920 and 1921 to date. In arriving The final index numbers for the five Euroat monthly rates, the simple arithmetic aver- pean trade divisions, obtained from geometric ages of actual weekly quotations have been averages of the several commodity series, calculated for the different commodities and weighted as above, are believed to be indicative ports separately. of the fluctuations of ocean freight rates in those trades. In addition to this, it was de- METHODS OF WEIGHTING. sired to know as nearly as possible what have been the fluctuations in the rates to Europe as Since it was desired primarily to show rela- a whole. It has been thought legitimate to tive or percentage fluctuations in ocean freight average these five indexes to obtain a single rates, the type of index number that has been monthly index of the rate level to all Europe. adopted is a weighted geometric mean of the Here again, since percentages are being averseveral series of monthly relatives. To carry aged, a weighted geometric mean has been emout this method, the average monthly rates ployed. To gauge the proper relative importwere converted into separate series of relatives ance of each trade division in the final result, on the January, 1920, base with a separate two criteria were considered for the purpose of series for each commodity to each foreign weighting—(1) the total value of the export port. The different ports in each trade region trade of the United States with each European were then combined by use of unweighted division in 1920, and (2) the net tonnage of geometric averages to make a single series for vessels clearing American ports for each Euroeach commodity to each trade region. There pean division in 1920. Neither of these is an being five commodities each to five different entirely satisfactory basis for determining trade regions, the number of relative series index weights, and yet each has its advantages. was reduced to 25 instead of 90 at the begin- The second basis of weighting was, nevertheless, ning. adopted in the main with some modifications In order to have a single representative where the facts on the values of exports indiindex for each of the five trade regions, a cated the advisability. The weights finally logical method had to be found for averaging assigned to each of the five European index together the different commodity series in the series in arriving at the all-European index are same trade region. Not only did the commod- as follows: ities differ in importance, but the same com- Weight. modity was more important in the trade of United Kingdom 35 one region than another. Accordingly, a French Atlantic 18 Netherlands and Belgium 22 table of commodity weights was drawn up Scandinavia 10 for use in averaging together the different Mediterranean 15 commodity series. The starting point for determining this table of weights was the Total 100 number of pounds of the given commodity The table giving the five European index exported from the United States to the various series, together with the all-Europe index, trade regions in question during the calendar follows: year 1920. In converting these quantities into relative weights, however, some modifications INDEX NUMBERS OF OCEAN FREIGHT RATES. were deemed advisable to avoid overweight- United States Atlantic to— ing grain and underweighting the group of m A oi f l e s t n e r r t e s , m p r a e th k s i e e n n g t r e e t d l h a e t i s i n v e e t a h n e w d i e n i o d g t e h h x t e s r b n y a e s c c si e o g s t n t s o e a n d ry s e t e a o d d j o t u h i s l e t . - Month. U K d n o i i n m t g e . d - A F t r l e a n n c ti h c. B N l e a e a lg n t n h i d d u e s m r- . S n c a a v n i d a i . - n M te e r e a r d n a i - . - Eu A ro ll pe. various commodities are as follows: 1920. January 100.0 100.0 100.0 100.0 100.0 100.0 February 96.5 86.9 83.3 90.1 91.1 90.3 March 91.2 78.5 78.0 84.6 79.5 83.4 Trade regions. April 90.2 87.2 78.9 82.7 72.2 83.5 Mav 96.2 85.9 87.3 82.5 75.2 87.5 June... 101.2 87.1 89.5 82.1 76.5 90.0 Commodity. United French N la e n th d e s r- Scandi- Mediter- J A u u l g y ust 9 85 6 . . 7 0 8 7 5 7 . . 6 9 8 7 2 0. . 4 1 8 8 2 2. . 0 1 7 73 5 . . 2 3 8 78 6 . . 5 3 Kingdom.Atlantic. and Bel- navia. ranean. September 86.7 73.7 66.9 82.1 71.6 76.9 gium. October 84.9 68.9 70.9 75.3 69.6 75.4 November 77.8 51.6 ' 59.9 59.6 59.2 63.8 December 72.3 38.5 47.0 51.6 49.2 53.6 Grain 35 35 30 35 1921. Provisions 20 20 20 35 15 January 60.7 30.2 34.1 42.9 43.2 43.3 Cotton 20 20 20 25 20 February 54.7 27.7 29.2 30.9 43.8 38.5 Cottonseed oil 10 10 10 15 10 March 49.3 24.6 28.3 30.8 42.2 35.9 Sack flour 15 15 20 25 20 April 50.1 32.6 36.6 29.4 35.7 39.0 May 50.6 35.0 38.2 31.3 34.6 40.1 Total 100 100 100 100 100 June 42.7 34.7 38.3 31.3 34.0 37 6 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

934 FEDERAL RESERVE BULLETIN. AUGUST, 1921. These figures show that, while freight rates important cut recently has been on grain to the all around have been reduced enormously in United Kingdom, and on account of the basic the last year, rates to the United Kingdom character oi this rate in determining the level have fallen the least of any of the groups given of many other rates, the results that may be in the table. The general rally which took expected to follow are far-reaching. .place in May and June, 1920, was also particularly noticeable in United Kingdom rates. THE SILVER SITUATION. These facts reflect the strong position occupied by the North Atlantic-United Kingdom Con- Fluctuations in the price of silver are deterference, which has been able to maintain its mined by a large number of circumstances, rates more successfully than some of the others. among which may be mentioned especially: In June, however, this conference cut grain (1) Quantity produced, of which about tworates by about 30 per cent, the rate now being thirds originates in United States and Mexico; (2) 5 shillings per quarter (480 pounds) compared demand in the western world, i. e., in Europe with 7 shillings in May. and America, both for the arts and for coinage French Atlantic rates have experienced the purposes; (3) demand in the Orient, i. e., in most drastic cut of all. At the low level of China and India, depending mainly on the March, 1921, rates were about one-quarter of balance of payments of these countries and on those in January of last year. These extreme their general level of prosperity, but affected cuts were due largely to the rate war waged for also over short periods of time by speculation; some months between the French line (Com- (4) the general price level, or in other words, pagnie Generate Transatlantique) and the the purchasing power of gold. conference lines. The settlement between them is reflected in the index by a quick up- PRICE OF SILVER AND THE GENERAL PRICE turn of rates in April of this year. Rates in LEVEL. the Netherlands and Belgium trade have also Fluctuations in the price of silver, compared been affected by the rate war, although the with fluctuations in the wholesale price index declines have not been quite so drastic. compiled by the Bureau of Labor Statistics, The Scandinavian index shows a continuous are shown in the table below, and in the chart and progressive decline to the lowest point of on page 937. The price of silver is shown per any of the groups in the latest months of 1921. fine ounce in actual monthly averages for the The decline was arrested for several months New York market and in percentages of the in the middle of 1920, but the tendency has 1913 average of 61.241 cents. been steadily downward, except for a slight There is a striking similarity between the upturn in May, 1921, in sympathy with wholesale price curve and the silver price Netherlands and Belgium. curve. Silver, however, moved at a con- Rates to the Mediterranean indicate the disor- siderably lower level than general wholesale ganized state of the conferences after the war. prices, touching its peak in January, 1920, at Declines have been severe and the reductions 219 per cent of the 1913 price, while the came earlier in 1920 than in the case of United wholesale price index continued to rise until Kingdom rates for instance. It is noteworthy May of that year, when it reached 272 per cent. also that the rise in April and May of the present Although the price of silver has declined rapidly year, noticeable in rates in other directions, has since January, 1920, its downward course shows had no influence on the Mediterranean trade, three distinct breaks, one in July, 1920, one in where rates moved in the opposite direction. January, 1921, and the third in April. These The composite picture presented by the all- breaks are independent of the wholesale price Europe index number gives the broad move- movement, which shows an uninterrupted dements of rates as a whole without an undue cline, while since March, 1921, the general trend influence from disturbances in a single trade. of silver prices has been upward. The tempo- This shows a decline early in 1920 followed by rary increase in the price of silver in July, 1920, an increase in May and June. Thereafter occurred when the United States Treasury berates fell continuously and at times very gan to purchase American silver at a fixed price rapidly until the low point was reached in of 99i cents. These purchases were made under March of this year. In April and May moder- the terms of the Pittman Act,1 which provided ate gains are recorded, which have been for the breaking up and sale of silver dollars and brought about chiefly by the rise in French their repurchase when the price of silver should Atlantic and Netherlands rates. In June, not exceed $1 per ounce. The original sales however, the tendency has again been down- amounted to 208,000,000 ounces. The Treasward and some rates have gone to new low levels for the period after the war. The most i For text of this act, see FEDEBAL RESERVE BULLETIN for May, 1918 p. 395. ' Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUGUST, 1921. FEDERAL RESERVE BULLETIN. 935 ury proceeded to repurchase promptly as In spite of occasional discrepancies, the two soon as the legal purchase price was reached. curves clearly show that silver prices are to a The act provided that the silver purchased very large extent affected by tfye same ecoshould be of American origin and refined in the nomic forces as prices of other goods or com- United States. The Treasury, however, placed modities. Rising prices of other commodities a liberal interpretation on this clause to the increase the cost of producing silver and, thereaffect that individual silver need not be identified fore, tend to raise its price. Furthermore, so long as each producer should sell as Ameri- changes in the general purchasing power of gold can silver that portion of his silver product affect the price of silver in the western world, which corresponded to the silver mined and where the demand for industrial purposes at refined in this country. Total purchases of times exceeds Government purchases for coinsilver by the Treasury up to July 25, 1921,age. amounted to 63,600,000 ounces, or to almost PRODUCTION. one-third of the total amount sold. It is to From the table below it will be seen that the be expected, therefore, that the Government production of silver, which before the war will continue to purchase silver for two or totaled from 220,000,000 ounces to 226,000,000 three more years. The entry of the United ounces yearly, dropped to 211,000,000 ouncesin States into the silver market and the elimina- 1914, 179,000,000 ounces in 1915, and 157,000,tion from the world market of the American 000 ouncesin 1916. In this drop the chief factor domestic silver supply has had a steadying was the decline of production in Mexico, which influence on the price of silver. Soon after the was caused not by the World War but by the purchases began a rise of the price of "foreign" unsettled political conditions prevailing in that silver occurred from about 93 cents in June, country. Silver production increased in 1917 1920, to 97 cents in August. After that other to 174,000,000 ounces, and in 1918 to 197,factors in the situation overcame the steadying 000,000 ounces, but declined again in 1919 to influence of the Treasury purchases, so that 175,000,000 ounces, and in 1920 to somewhat silver continued to decline, though perhaps not less than that amount. Production in the so rapidly as would have been the case had the United States reached its maximum in 1916, Treasury not been buying silver. and from that time has steadily declined. This decline is due chiefly to the fact that in the PRICE OF SILVER AND WHOLESALE PRICE INDEX. United States silver is produced from different sources approximately in the following propor- Average Per cent New York of 1913 Whole- tions : Thirty per cent from siliceous silver ores price of average sale price silver per of index. and placer operations; 30 per cent from copper fine ounce. $0.61241. ores; 25 per cent from lead ores; and 15 per cent from complex ores, such as lead, zinc, 1918. November $1.01500 166 206 and copper ores. Less, therefore, than one- December 1.01587 166 206 third of the silver in the United States is pro- 1919. duced as an independent operation, and more January 1.01558 166 203 February 1.01500 166 197 than two-thirds is incidental to the production A M p a r r i c l h 1 1. . 0 0 1 1 5 4 0 9 0 5 1 1 6 6 6 6 2 20 0 3 1 of baser metals. Consequently, the prices of May 1.08020 176 207 lead, zinc, and copper are important factors in June 1.11402 182 207 July 1.07332 175 218 the amount of silver produced in the United August 1.12386 184 226 September 1.15636 189 220 States, and the large declines in its production October 1.20692 197 223 in 1918 and 1919, when the market for copper November 1.30446 213 230 December 1.33072 217 238 and lead was weak, are due primarily to this 1920. fact. In Canada production is declining,largely January 1.33899 219 248 because the cobalt fields are being exhausted. February 1.32665 217 249 March 1.27287 208 253 Mexican production, which in 1916 had dropped April 1.20576 197 265 May 1.03495 169 272 to only 23,000,000 ounces, has since greatly June .92789 152 269 increased because of the return of more normal July .92935 152 262 August . 96948 158 250 conditions. In the last two years silver pro- September .94510 154 242 October . 84187 137 225 duction on the whole has been on a level much November .78490 128 207 below the prewar amount, but higher than in December .65503 107 189 1916. With conditions in Mexico more settled, 1921. January .66388 108 178 there is no reason to expect a decline in her February . 59813 98 167 silver production. On the contrary, the amount March .56736 93 162 April .59830 98 154 in 1921 is likely, in spite of the prevailing lower May .60310 98 151 level of prices, to be greater than in 1920, for June .59125 97 148 July .60798 99 148 the cost of production in Mexico has greatly Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

936 FEDERAL RESERVE BULLETIN. AUGUST, 1021. decreased, so that silver can be marketed steady market at a dollar an ounce, is likely to profitably even at the existing price. Produc- remain constant at least for the next two or tion in the United States, which is assured a three years. SILVER PRODUCTION OF THE WORLD BY PRINCIPAL COUNTRIES. [In fine ounces.] Countries. 1910 1911 1912 1913 1914 1915 1916 1917 1918 1919 19201 United States 57,137.900 60,399,4001 63.766,800 66,801,500 72,455,100 74,961,075 74, 71,740,400 67,810,100 56,682,445 56,564,504 Canada 32.869' 32,740,748 31,625,451 31,524,708 27,300,667 26,625,960 25, 22,221,300 21,284,600 15,675,134 13,000,000 Mexico 71,372; 79,032,440! 74.640,300 70,703,828 70,703,828 39,570,151! 22, 35,000,000 62,517,000 62,681,987 63,656,100 South America 17,416'314| 14,433,9151 139,80,888 13,126,490 12,938,439 13,687,464| 11, 15,451,300 15,561,000 14, 713,16515,000,000 Europe 14;i52',061! 15; 693,366; 15992,082 15,248,216 15,317,155 10,107:556 511,900 6,871,700 4,899,618 5,000,000 British India 44,772| 104,323! 93,649 236,440 284, 628, 2', 068,700 2240,500 2165; 606 2,000,000 Australia 21,545,8281 16,578,421 14737,944 18,128,577 3,520,274 4,295, 1,863, 10,000,000 10,000,000 7;430,7701 8,000,000 Japan 4,646,160! 4,459,087 4 932,852 4,649,910 4,649,910 5,120, i, 120, 111,700 600,400 4;800,000 5,000,000 Allother 3,694,869i 2,751,223J 4 540,688 3,724,614 3,981,564 4,197, 1,870, 082,500 509,600! 5:468,689 5,000,000 Total 222,879,362 226,192,923i224,310,654J223,907,843 211,103,377 178,850,500|156,626,521J174,187,800 197,394,900:174,517,414 173,220,604 1 Preliminary. DEMAND IN EUROPE AND AMERICA. indicate the points at which the coins would be melted with exchange at the June, 1921, level. Silver consumption in the arts depends to a considerable extent on its price and on general MELTING POINTS OF SILVER CURRENCIES. prosperity. During the war period, and especially during the postwar boom, which was Melting point (price of silver per oz.). world wide in its scope, an increasing demand for silver in the arts was an element in Fine In U. S. money. i t t r s i es ri s c in o g n su p m ric in e g . s A il m ve o r n g is t t h h e e p r m in o c v i i p n a g l -p i i n c d tu u r s e - Coin. ( c g s o r i n a lv i t n e e n s r ) t . In local currency. A o t f p ex a - r A 19 t o 2 f 1 J , u e r x n a - e te , industry, which, because of its striking de- change. change. velopment, caused an increased demand in the Dollar 371.25 1.2929 dollars silver market. The demand for silver to be Subsidiary silver 34.722 1.3824 dollars used in the manufacture of ornaments and luxu- (dime). Shilling: ries, however, experienced a sharp decline, when Old 80.7263 5.946 shillings $1.447 $1.124 in June, 1920, the world-wide depression began New 43.6364 11 shillings 2.677 2.08 5-franc piece 374.22 7.234 francs 1.396 .584 to be felt. 1-franc piece 64.4286 7.45 francs 1.438 .602 Mark 11.16 6.221 marks 1.482 .09 More important in the recent history of silver Lira 64.4286 7.45 lire 1.438 .371 prices were the developments in connection with silver coinage. At the outbreak of the war It will be seen that with currencies at the there was a large increase in the demand for June, 1921, level, silver dollars and subsidiary silver coins, partly because the general disturbed silver are far removed from the danger of the condition encouraged people to hoard silver, melting pot. The price chart shows, however, partly because the higher price level necessi- that for four months, November, 1919, to Febtated the use of more silver coins as pocket ruary, 1921, the price of silver was above the money, but chiefly because the armies, espe- melting point of silver dollars, though below cially those operating in the Near East, were that of subsidiary silver. British silver is now drawing pay in silver and spending silver money also far below the melting point. At the Janof the smaller denominations. uary, 1920, price of silver, however, the old A very interesting development took place shilling was worth less than its silver content; when the price of silver began to rise at the same this caused a change in the British coinage act time that the currencies of the various coun- by which the silver content of the shilling was tries became increasingly depreciated. The reduced from 81 grains to 44 grains, or from a table below and the chart on page 937 show fineness of 925 per thousand to one of 500 per the silver contents of different silver currencies thousand. The new shilling is far removed and the melting points for these currencies, i.e., from any danger of melting either at par or at the price of silver per ounce at which the silver the present rate of sterling exchange. Other content of the coins is worth as much as their countries took similar measures to protect face value. The total bars in the chart indicate their silver coinage, notably Norway, Sweden, how high the price of silver must be before the and Holland. In France the melting point of currencies will reach the melting point, assum- the 1-franc piece at the present rate of exchange ing that the value of these currencies remains is very close to the current price of silver, at par. The black portions of these bars while that of the 5-franc piece is below, so that Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUGUST, 1921. FEDERAL RESERVE BULLETIN. 937 silver has practically ceased to circulate, some foreign obligations. In Italy the melting point of it being hoarded and much of it sold. This of the lira is 37 cents per ounce. situation has incidentally resulted in the virtual The passing of the melting point for several breaking up of the Latin Monetary Union, as of the important silver currencies brought from France could not afford to have her francs continental Europe into the London market a smuggled into Switzerland, where their pur- large supply of silver, which during 1920 is said chasing power was two or three times as great to have approximated 50,000,000 ounces. as at home. France has requested Switzer- Thus the total silver for sale in 1920, in spite land to return all French subsidiary coinage, of the production of only about 173,000,000 and recently also all the 5-franc pieces. To ounces, has been close to a record offering. this end Switzerland has declared this money Unquestionably this stream of silver to the no longer lawful money within her boundaries. London market from the vaults of central and In Germany and Italy the depreciation of the other banks, as well as from the holdings of PRICE OF SILVER MELTING POINTS AND WHOLESALE PRICE INDEX SILVER CURRENCIES 1918-1921 (PERCENT OF 1913 AVERAGES) PER PER CENT CENT 280 280 V 260 \ \ 260 \ 240 / V 240 A./ \ 220 1V1ELTriNG/pon E SILVEFl\D \ < LR 220 -• \ «- / \ v £00 \ \ 200 / \ \ 160 •Ma / \ Pom,esti Iver 180 160 160 140 1^0 120 120 % 100 100 80 80 • PRICE OF SILVER 60 «... WHOLESALE PRICE INDEX 60 *0 40 20 20 Q . • N.D,J.F.M.AM J J.A.S. O.N.DJ.F. M A.M.J. J. AS O.N.D.J F.M A.M.J r\ SILVERSUBSl!wRY 0LD "-• FRANC YEAR 1918 1919 1920 1921 YEAR DOLLAR COIN SHILLING SHILLING national currencies is so great that silver, at individuals, has been an important as well as a its present price, is far too expensive to circu- very unusual element in the silver situation late in the existing coins. In Germany the during the past year. silver content of the mark would be worth more than a mark at the present rate of exchange if INDIA. silver were worth as little as 9 cents per ounce. The German Government was obliged to de- More important factors, however, in the monetize silver, and the Reichsbank reports its silver situation than any of the developments considerable silver holdings not as part of its in the western countries are changes in demand metal reserve, but included in " all other assets." by the two great oriental silver using coun- This silver, amounting to about 30,000,000 tries—India and China. Following is a table ounces, is worth about 1,600,000,000 marks, showing the gold and silver imports and exand the Reichsbank has been reported as ne- ports, as well as the merchandise imports and gotiating for loans on the security of this silver, exports of India, for the fiscal years ending or for its sale, as a means of paying some of its March 31, 1914, to 1921. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

938 FEDERAL EESERVE BULLETIN". AUGUST, 1921. GOLD, SILVER, AND MERCHANDISE IMPORTS INTO ./LND EXPORTS PROM INDIA. (In thousands of standard ounces.) (In thousands of rupees.) Fiscal year ended Gold. Silver. Merchandise. Mar. 31. Imports. Exports. im Ex p c o e r s ts s . e E x x p c o e rt s s s . Imports. Exports. im Ex p c o e r s ts s . Imports. Exports. im Ex p c o e r s t s s , . e E x x p c o e r s ts s . 1914 4,593 844 3.749 79,835 8,723 71,107 1,832,479 2,488,788 656.309 1915. 1,705 527 1,178 64, lfiO 8,394 55,766 1,379,290 1,315,917 436,627 1916 833 1,094 26i 39,833 6,901 32,932 1,319,862 1,925,343 605,481 1917. . 2,283 ' 18 2,265 116,959 24,765 92,194 1,496,220 2,331,536 835,316 1918 88,814 14,283 74,531 1,498,850 2,222,651 723,801 1919. 390 1,346 956 241,748 4,719 237,029 1,690,341 2,538,814 848,473 1920 7,830 2,223 5,607 101.052 4,110 90,942 2,079.724 3,267,931 1,188,207 1921 . . 3,728 2,907 821 42' 550 20' 9S2 21,568 3,355,072 2,563,591 791,481 It will be seen that the merchandise trade- to obtain silver in order to convince the popubalance of India, which had always been favor- lation that the rupee was convertible. In the able, increased decidedly during the war as summer of 1919 the Indian demand for silver the result of the great demand for supplies by ceased, and in the fiscal year 1920 only 97,000,the belligerents, and of the inability of European 000 ounces and in the fiscal year 1921 only countries to export goods so long as their pro- 22,000,000 ounces of silver (net) were imported ductive energies were entirely devoted to the into India. During recent months, however, war. For the year ending March 31, 1920, there has been a new movement of silver to this favorable balance was nearly 1,200,000,000 India estimated at about 35,000,000 ounces rupees. During the year ending March 31, for the first half of the present year. The 1921, however, for the first time in a genera- reason for this is said to be the political unrest tion India reported an unfavorable trade bal- which generally results in the hoarding of hard ance, amounting to 791,000,000 rupees. This cash by the Indian population. At present was due to the decrease in the purchasing the political horizon seems to have cleared power of the world during the depression and somewhat, so that the silver movement is exto the poor crops caused by an unsatisfactory pected soon to discontinue. On the other hand, monsoon in that year. In April and May, gold has been sent from India to Japan and to 1921, also, India reported unfavorable balances, the United States, as a result of the unfavorable though in May the unfavorable balance was exchange value of the rupee. only 20,000,000 rupees, compared with 111,- The outstanding facts about India in connec- 000,000 rupees for the most unfavorable month tion with the study of silver in recent years are (November, 1920), and 69,000,000 rupees, the her insatiable demand for silver until the summer monthly average since June, 1920. of 1919, followed by her almost complete with- It will be seen from the table that the excess drawal from the silver market during 1919-20. of silver imports over exports into India was enormous during the war years, reaching its CHINA. maximum in the fiscal year 1919, when 237,000,- The other important factor is China. The 000 ounces were imported. A large part of this table below shows that the Chinese trade balsilver came from the United States in accord- ance, which is generally unfavorable, was ance with the provisions of the Pittman Act, much less so during the war years than before which authorized the United States Treasury or since, owing to the same causes that into sell to the British Government not to exceed fluenced the Indian trade balance. In addi- 350,000,000 ounces of silver at $1 an ounce. tion to this it will be noted that China was At that time the silver reserves of India were losing gold until 1916 and silver until 1918. very low; the Indian population was restive, The gold went largely to Japan and the silver so that it was imperative for the Government largely to India. GOLD, SILVER, AND MERCHANDISE IMPORTS INTO AND EXPORTS FROM CHINA. [In thousands of haikwan taels.] Gold. Silver. Merchandise. Calendar year ended Dec. 31. Imports. Exports. im Ex p c o e r s ts s . e E x x p c o e r s ts s . Imports. Exports. im Ex p c o e r s ts s . e E x x p c o e r s ts s . Imports. Exports. im Ex p c o e r s ts s . 1913 3,065 4,451 1,386 55,711 19,743 35,968 570,163 403,306 166,857 1914 861 13,862 13,001 16,499 30,122 i3,623 569,241 356,226 213,015 1915 819 18,211 17,392 20,718 39,100 18,382 454,476 418,861 35,615 1916 19,903 8,102 11,801 37,088 65,766 28,678 516,407 481,797 34,610 1917. -. 13,872 5,025 8,847 27,507 48,490 20,983 549,519 462,932 86,587 1918 1,229 2,282 1,053 36,124 12,629 23,495 554,893 485,883 69,010 1919 51,079 9,897 41,182 62,094 8,969 53,125 646,998 630,809 16,189 1920. 50,967 68,469 17,502 126,354 33,715 92,639 762,250 541,631 220,619 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUGUST, FEDERAL RESERVE BULLETIN. 939 By the middle of 1919 China found herself due from the Treasury a total of $939,309 extremely short of silver as a result of the war- expended by the banks during the previous time drain and of the hoarding due to the un- period. Reimbursements received by the settled times, while the lack of confidence in banks during the review period totaled bank notes also increased the demand for $2,500,824, leaving thus a reimbursable balance silver. Consequently, it was China that caused on June 30 of $798,994. such an insistent demand for silver in 1919, Current net earnings of the banks, i. e., the heightened perhaps by speculators, as to drive excess of earnings over current expenses, the price to its peak in January, 1920. By totaled $59,101,443, compared with $68,583,111 that time her demand was fairly well satisfied; for the corresponding period last year. After the trade balance, as may be seen from the deducting $3,526,756 from current net earnings, table, became much more unfavorable, rising mainly on account of depreciation of bank from 16,000,000 Haikwan taels to 221,000,000 premises, the banks paid the regular 3 per cent Haikwan taels, and China was no longer in the semiannual dividend of $3,033,276, carried market for silver. Recently hard times and $11,788,893 to surplus account, and set aside famine conditions have resulted in considerable $40,752,518 as reserve for the Government amounts of silver being taken from buried franchise tax. Of the total earnings for the hoards to be used in the purchase of food. six months of the present year, 89.5 per cent, It was this withdrawal of China from the silver as against 78.7 per cent in 1920, came from market that precipitated the final drop in the discounted paper; bills purchased in open price of silver, which in March, 1921, was market, largely bankers' acceptances, which worth about 57 cents an ounce compared with are credited with 15.6 per cent of the total $1.34 at the peak. Since that time the de- earnings for the first six months in 1920, conmand from India mentioned above has caused tributed less than 5 per cent of the earnings a slight reaction in the silver price. for the review period, while United States securities, largely Treasury certificates, yielded 4.3 per cent of the total earnings during both periods. Aggregate earnings from these three EARNINGS AND EXPENSES OF THE FEDsources account for about 98.7 per cent of the ERAL RESERVE BANKS. six months' earnings of the reserve banks, the Total earnings of the Federal Reserve Banks balance being composed of net earnings from for the six months ending June 30, 1921, were bank transfers, penalties on deficient reserves, $76,683,303, compared with $81,778,352 for collection charges, and sundry minor profits. the corresponding period in 1920, while total Of the total expenses of operation of the current expenses for the first six months of the banks proper, exclusive of their fiscal agency present year were $17,581,860, compared with departments, $7,130,008, or about 52 per cent, $13,195,241 in 1920. Current expenses for the as against $5,455,812, or 51 per cent, in 1920 first half of the present year include, besides went as salaries to the clerical staff; and $13,828,375 of expenses of operation proper, $1,154,942, or 8.4 per cent, as against $881,364, $2,561,034, the cost, including shipping charges, or 8.2 per cent in 1920, as salaries to bank insurance, and other expenses incident to the officers. Compensation of special officers, issuance and retirement of Federal Reserve watchmen, and other employees, extra help, currency; $435,803, taxes on Federal Reserve overtime pay, and supper money account for Bank note circulation, and $756,648, the cost $820,160, or about 5.9 per cent of the total of furniture and equipment acquired during expenses of operation for the six months under the period under review. review. Printing and stationery called for Current expenses shown are exclusive of an outlay of $590,458, or 4.3 per cent, as against expenses of the fiscal agency departments of the 5.7 per cent in 1920, and postage and express- Federal Reserve Banks. These expenses are age for $566,745, or 4.1 per cent, as against 4.6 treated separately, being reimbursable by the per cent for the corresponding period in 1920. Treasury. During the first six months of the Assessments of the reserve banks for the suppresent year the Federal Reserve Banks acting port of the Federal Reserve Board amounted as fiscal agents for the Government expended to $362,226, or 2.6 per cent, and rent (includa total of $2,360,509, compared with $3,397,148 ing light, heat, and power) to $503,357, or 3.6 during the corresponding period in 1920. At per cent of the total expenses of operation for the beginning of the present year there was also the first half of the present year. 61054—21 4 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EARNINGS AND EXPENSES OF EACH FEDERAL RESERVE BANK FOR THE SIX MONTHS ENDING JUNE 30, 1921. CO EARNINGS. O Boston. New York, d P el h p i h la i - a. Cleveland.Richmond.! Atlanta. Chicago. St. Louis. M ap in o n li e s - . K C a i n ty sa . s Dallas. Fran S c a i n sco. Total. Discounted bills $3,871,237 $22,453,328, $4,116,231 $4,347,278 $3,240,505 $3,676,548 112,054,084 $2,641,975 $2,483,785 !$2,959,118 $2,060,008 $4,744,622 $68,648,719 Purchased bills 367,900 1,189,894 390,764 679,072 96,744 56,506 292,531 29,179 13 18,373 4,020 664,993 | 3,789,989 U. S. securities 234,391 923,917 356,469 278,809 132,280 199,157 458,499 164,042 86,201 208,821 110,739 137,730 3 291,055 Transfers, net earnings 46,767 130,123 11,446 89,339 277,675 Deficient reserve penalties.. 7,611 30,941 20,429 29,766 85,102 42,941 63,424 40,533 76,930 46,310 66,631 594,444 Sundry profits 7,321 36,464 5,604 3,452 1,973 8,837 3,737 2,329 1,578 5,250 1,887 81,421 Total earnings.. 4, 488, 460 24,634,544 4, 889,497 5,385,144 3,557,620 i 3,977,125 13,007,498 2,879,466 2,660,704 3,234,200 2,335,987 5,633,058 76,683,303 CURRENT EXPENSES. Expenses of operation: Assessments for F. R. Board expenses $28,115 | $99,345 $30,594 137,209 $18,997 $14,876 $51, 471 $15,252 $12,529 $16,336 $12,157 $25,345 $362,226 Federal advisory council 200 ! 700 272 512 296 987 577 600 686 340 200 1,112 6,482 Governors' conferences 207 142 203 230 256 371 393 279 545 113 379 572 3,690 F. R. agents'conferences 111 677 788 Directors- Fees 2,870 12,540 2,040 1,620 1,955 3,260 2,425 3,245 2,125 3,605 1,158 5,740 42,583 Per diem allowance 850 1,460 280 570 380 5,870 630 1,150 1,810 4,525 1,260 354 19,139 Traveling expenses 1,299 2,549 631 1,024 963 5,3.72 2,445 2,381 1,665 5,339 1,164 405 25,237 Salaries- Bank officers 67,750 242,399 61,833 94,865 71,035 81,298 154,581 72,225 59,002 76,051 66,195 107,708 1,154,942 Clerical staff 415,540 1,875,483 463,102 551,241 368,176 254, 111 393,651 260,057 515,158 356,893 790,589 7,130,008 Special officers and watchmen 13,577 101,970 37,820 33,861 10,755 10,896 62,711 12,237 10,815 16,839 15,985 29,743 357,209 All other 4,011 151,259 42,097 64,815 18,378 16,907 62,571 17,053 10,002 17,799 27,506 30,553 462,951 Life insurance premiums (employees' group insurance) 17,461 8,393 38,440 3,842 2,982 13,865 3,843 904 8,422 13,899 112,539 Insurance and premiums on fidelity bonds 4,074 44,292 34,642 12,700 15,668 23,914 54,176 17,986 15,532 32,386 6,233 48,126 309.729 Officers' and clerks' traveling expenses 4,350 18,164 7,305 9,625 20,690 12,288 25,493 14,721 17,145 11,233 19,670 16,642 177,326 Legal fees 1,200 250 3,242 515 504 4,510 4,500 87 5,012 864 2,525 4,107 27,316 Banking house , 27,227 72,717 68,963 26,010 23,589 9,923 3,286 7,804 7,438 27,887 31,273 306,117 Rent (including light, heat, and power) , 41,932 152,954 9,582 60,582 7,986 13, 077 102,144 28,468 15,281 28,166 5,556 37,629 503,357 Fire insurance (furniture and equipment) , 904 559 28 1,612 1,237 117 6,623 557 107 836 21 1,717 14,318 Telephone 6,492 20,017 9,863 7,109 2,294 2,509 15,824 4,490 3,365 4,362 4,234 8,236 88, 795 Telegraph 3,475 30,767 6,534 17,414 17,610 29,989 37,390 19,691 12,076 35,805 32,397 45,582 288.730 Postage 35,587 72,076 35,589 42,760 39,932 29,501 65,534 40,316 35,676 62,209 31,328 45,644 536,152 Expressage 9 2,681 361 1,275 2,784 2,665 1,341 512 4,248 1,026 9,365 4,326 30,593 Office supplies 61,882 18,741 21,854 10,321 14,546 69,451 7,717 15,623 16,373 17,026 15,003 277,422 Printing and stationery 41,410 75,322 36,674 67,748 30,974 33,060 63,707 30,428 36,101 41,074 34,440 99,520 590,458 Currency and coin shipments 49,238 7^,999 47,306 33,100 23, 256 32,151 53,156 13,737 15,566 21,423 30,793 24,030 420,755 Allother 26,854 92,775 27,809 96,520 25,652 5,600 88,327 23,701 1,558 39,563 39,354 111,800 579,513 Total expenses of operation 786,056 3,226,763 953,904 1,223,211 717,530 610,891 I 1,825,342 727,613 545,234 967,285 744,214 1,500,332 13,828,375 Federal Reserve currency (original cost, including shipping charges) 147,235 647,322 167,966 122,056 164,082 147,375 499, 882 171,769 68,942 101,961 61,119 178,428 2,478,137 Miscellaneous charges account F. R. currency , 7,682 11,878 7,515 5,958 10,997 6,270 11,171 6,171 1,830 2,626 2,524 8,275 82,897 Taxes on F. R. Bank note circulation , 39,155 75,326 41,924 50,667 21,515 32,127 72,374 14,000 16,822 31,289 14,519 26,085 435,803 Furniture and equipment 9,781 59,857 221,428 70,019 27,424 25,030 83,998 41,573 32,219 22,933 41,666 120,720 756,648 Total current expenses. 989,909 4,021,146 1,392,737 | 1,471,911 941,548 821,693 2,492,767 961,126 665,047 1,126,094 864,042 1,833,840 17,581,860 Current net earnings 3,498,551 20,613,398 3,496,760 3,913,233 2,616,072 3,155,432 10,514,731 1,918,340 1,995,657 2,108,106 1,471,945 3,799,218 59,101,443 Net deductions from current net earnings 422,541 198,002 26,431 96,612 386,586 178,567 102,523 283,036 260,791 267,393 501,407 3,526,756 Net earnings. 3,076,010 20,415,396 3,470,329 3,816,621 2,229,486 2,976,865 9,711,864 1,815,817 1,712,621 1,847,315 1,204,552 3,297,811 55,574,687 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DISPOSITION OF NET EARNINGS. Dividends paid $235,218 i $797,474 $257,322 ! $327,124 $160,288 i $121,595 $424,025 | $133,383 \ $105,001 j $133,787 $124,619 $213,440 $3,033,276 Transferred to surplus fund 631,389 j 2,903,912 554,221 ; 1,958,838 464,500 ; 364,817 1,555,454 j 768,399 i 323,122 ! 171,353 1,079,933 1,012,957 11,788,893 Reserved for U.S. Government franchise tax 2,209,403 j 16, 714, 010 | 2,658, 786 ; 1, 530,601 ; 1,660044,669988 jj 2,490,453 7,732,385 i 914,035 I 1,284,498 j 1,542,175 2,071,414 40,752,518 Total 3,076,010 I 20,415,390 j 3,470,329 j 3,816.621 ; 2,229,486 j 2,976,865 9,711,864 I 1,815,817 I 1,712,621 | 1,847,3151,204,552 | 3,297,811 55,574,687 EXPENSES OF FISCAL AGENCY DEPARTMENT FOR THE SIX MONTHS ENDING JUNE 30, 1921, AMOUNTS REIMBURSED BY TREASURY DEPARTMENT, AND BALANCES REIMBURSABLE JULY 1, 1921. i : B to o n s- . Y N o e r w k . i d P el h p i h la i - a. C la le n v d e . - m R o ic n h d - . la A n t t - a. c C a h g i o - . Lo S u t. is. M ap i o n l n is e . - K C a i n ty sa . s Dallas. F c S i r s a a c n n o - . Total. Total expenses Jan. 1 to June 30,1921 j $194,648 $463,207 ! $109,516 $252, 000 $59,237 $89, S13 $353, 261 $130,433 $104,187 $226,134 $120,380 $247,693 $2,360,509 Amounts reimbursable Jan .1, 1921 86,989 224,647 | 37^855 82,020 23,888 39,920 84, 243 70,417 54,307 112,033 23,658 99,332 939,309 Total j 281 637 687 854 ! 147 371 334 020 93 125 129 733 437 504 200 S50 158 494 338 167 144 038 347 025 3,299,818 Reimbursements received during 1921 218', 805 553,381 126,170 245, 735 76,014 82.951 342,951 160,273 125,154 223,218 94,984 251,188 2,500,824 Bala i ices reimbursable July 1, 1921 62,832 134,473 21,201 88,285 17,111 46,782 94,553 40,577 33,340 114,949 49,054 95,837 798,994 CD Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

942 FEDERAL, RESERVE BULLETIN. AUGUST, 1921. FOREIGN LOANS PLACED IN THE UNITED STATES. The following statement of foreign Govern- It should be noted that the tabulation does ment, municipal, and corporate loans placed not include subscriptions in the United States in the United States and outstanding on June to foreign internal loans, as the amounts of 1, 1921, has been compiled by the Guaranty such subscriptions are not available, nor does Trust Co. of New York from the most accurate it include most foreign currency issues purand complete information available and haschased in the United States. The tables are been furnished to the Board upon request. also incomplete as to issues sold partly in The statement brings up to date figures pre- this country and partly in other countries. viously compiled by the same agency and It has been necessary in some cases to estipublished in the FEDERAL RESERVE BULLE- mate the amounts, using as bases the amounts TIN for July, 1920, on pages 687 and follow- at proximate previous dates. All such estimates are indicated in footnotes. SUMMARY BY COUNTRIES OF FOREIGN GOVERNMENT, STATE, MUNICIPAL, AND CORPORATION LOANS, AND LOANS OF INSULAR POSSESSIONS OF UNITED STATES FLOATED IN THE UNITED STATES, AND OUTSTANDING AS OF JUNE 1, 1921. Corporation. Total indebtedness of other Country. Government. m S u ta n t i e c i a p n a d l. Public Total. t G o m o th e v n e e t r G n o m o f v e t e n h r t e n s - Grand total. Railroad. utility. Industrial. United States, June 1, 1921. Canada and Newfoundland... $133, 500,000 $233,964,244 $176, 889,500 $88,988,500 $63,339, 546 $696,681,790 $696,681,790 Mexico 500,000 152,087,675 2,478,000 30,000,000 185,065,675 185,065,675 Cuba 9, 486,000 21,695,000 40,447,800 71,628, 800 $9,025,500 80,654,300 Panama 1,978,000 1,978,000 1,978,000 Santo Domingo 10,141,450 ;;;;;;; 10,141, 450 10,141, 450 Haiti 3,666,666 3,000,000 3,000,000 Argentina 15,000, 000 15,000,000 15,000,000 Bolivia 3," 857," 868* 3, 857, 868 3, 857,868 Brazil 25,000,000 28,242,000 53,242,000 53,242,000 Chile 23,769,000 425,000 :::::::::: 64,329,300 88,523,300 88,523,300 p eru 8,000,000 8,000,000 8,000,000 Great Britain 450,016,800 15,000, 000 465,016,800 4,166,318,358 4,631,335,158 France 197, 785,200 64,687,700 1,000,000 263,472,900 3,350,762,938 3,614,235,838 Belgium 96,225,000 10,800,000 107,025,000 375,280,147 482,305,147 Germany 2, 000,000 2,000,000 2,000,000 Austria 24,055,709 24,055,709 Norway 24,500,000 8,766,500 33,266,500 33,266,500 Sweden 25,000,000 25,000,000 25,000,000 Denmark 40,000,000 15,000,000 55,000,000 55,000,000 Finland 8,281,926 8,281,926 Esthonia 13 999 146 13 QQQ 1.1ft Latvia 5 132 287 i 5 132 287 Lithuania J 4 981 628 4 98l' 628 Poland 135,661,661 ! 135', 661^661 Hungary 1 685 836 1 fiS-^ ssft Russia 75,000,000 75,000,000 192,601,297 267', 601,' 297 Italy 10,000,000 10,000,000 1 648 034 051 1 658 03A 051 S witzerland 54,285,000 11,760,000 fifi rus nnn 66 045 000 Greece 15,000,000 15^000,'000 Rumania 36,128,496 36,128,496 Serbs, Croats, and Slovenes... 51,153,160 51,153,160 Czechoslovakia 1 91,179, 529 91,179,529 Armenia 1 11,959,917 11,959,917 China 17,000,000 17 000 000 17,000,000 Japan 102,552,000 5,250,000 107', 802,000 107,802,000 Australia i, 256,666 1,250,000 1,250,000 Liberia 26,000 26,000 Philippine Islands 16,000,000 11,765,000 27,765,000 27,765,000 Porto Rico 500,000 600, 000 3,000,000 4,100,000 4,100,000 Total 1,319,096,318 368,095,444 377,437,175 96,316, 500 235,916,646 2,396, 862,083 10,141, 267,586 12,538,129,669 NOTE.—Total indebtedness of other Governments to the Government of the United States, June 1,1921, is composed of the following: Under Liberty Loan Acts, $9,435,225,329; from sale of surplus war material, $565,048,414; from food relief, $84,093,964; from grain corporation, $56,899,879. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUGUST, 1921. FEDEKAL RESERVE BULLETIN. 943 FOREIGN LOANS, INCLUDING GOVERNMENT, STATE, MUNICIPAL, RAILROAD, PUBLIC UTILITIES, AND INDUSTRIAL LOANS AND LOANS OF INSULAR POSSESSIONS OF UNITED STATES FLOATED IN THE UNITED STATES AND OUTSTANDING JUNE 1, 1921. Inter- Original Amount Name of issue. r ( e p a s t e t e r Date of issue. Maturity. D U a n t i e t e o d f fe S r t e a d t e I s n . o a f U f m e n r o e it u d e n d i t n o S i u t n a t s t U e ta s n n i J d t u e in d n g e cent). States. 1, 1921. GOVERNMENT LOANS. NORTH AMERICA AND WEST INDIES. Canada: 10-year gold bonds., Apr. 1,1916 Apr. 1, 1926 i March, 1916 $25,000,000 ; 125,000,000 15-year gold bonds.. do Apr. 1,1931 1 do 25,000,000 25,000,000 10-year gold notes.., Aug. 1, 1919 Aug. 1, 1929 i July, 1919 60,000,000 60,000,000 2-year gold notes.... do A-"•Luigg. ,±f 1J.£,7 ^<17 .9.2.1. ... I O U1V . ;J .J7J.J7 ..d.o...... 15,000,000 15,000,000 Total Government loans, Canada. 125,000,000 Newfoundland: 20-year gold bonds., June 1,1919 July 1, 1939 i May, 1919 i 2,500,000 2,500,000 15-year gold bonds. June 1,1921 June 30, 1936 1 May, 1921 6,000,000 6,000,000 Total, Newfoundland loans. 8,500,000 Mexico: 10-year treasury notes of 19132. July 1,1913 July 1,1923 June, 1913 500,000 500,000 Cuba: External loan of 1914» Feb. 2, 1914 Feb. 1,1949 February, 1914 10,000,000 9,486,000 Panama: Secured serial gold bonds Dec. 1,1915 Dec. 1, 1921-1925.. January, 1916 1,200,000 160,000 Sinking fund 30-year gold bonds Nov. 2,1914 Nov. 1, 1944 Various 2,250,000 1,818,000 Santo Domingo: Custom administration gold bonds. 1908 1918-1958 January, 1908 20,000,000 8,324,450 Santo Domingo gold bonds Jan. 1,1918 Jan. 1,1938 Jan. 1,1918 5,000,000 1,817,000 Total Government loans, North America 155,605,450 and West Indies. SOUTH AMERICA. Bolivia: Republic of Bolivia sterling loan.. Jan. 1,1909 Jan. 1,1934 1909 '2,430,000 * 1,670,868 Gold loan of 1917 Apr. 1,1917 Oct. 1, 1940 June, 1917 2,400,000 2,187,000 Total Government loans, Bolivia. 3,857,868 Chile: Republic of Chile sinking fund gold bonds. Feb. 1,1921 Feb. 1,1941 February, 1921 24,000,000 23,769,000 Brazil: United States of Brazil June 1,1921.... Junel, 1941.... May, 1921 25,000,000 25,000,000 Total Government loans, South America.. 52,626,868 EUROPE. Great Britain: United Kingdom of Great Britain and Ire- Nov. 1,1916 Nov. 1,1921 October, 1916 150,000,000 93,713,000 land 5-year gold notes. 20-year gold bonds Feb. 1,1917 Feb. 1,1937 February, 1919 143,587,000 143,587,000 10-year convertible gold , Nov. 1, 1919 Aug. 1, 1929 October, 1919 122,572,600 3-year convertible gold notes do Nov. 1, 1922 do 90,144,200 Total Government loans, Great Britain 450,016,800 France: Government of the French Republic sinking Sept. 15,1920 Sept. 15, 1945 September, 1920...100,000,000 97,785,200 fund bonds. Government of the French Republic gold June 1,1921.... June 1,1941 May, 1921 100,000,000 100,000,000 bonds. Total Government loans, France.. 197,785,200 Belgium: 5-year gold notes Jan. 1,1920 Jan. 1,1925 January, 1920 18,600,000 18,600,000 25-year external sinking fund bonds. Junel, 1920 June 1, 1945 June, 1920. 50,000,000 48,000,000 20-year sinking fund bonds Feb. 1,1921 Feb. 1,1941 January, 1921 30,000,000 29,625,000 Total Government loans, Belgium 96,225,000 Germany: 1-year discount notes (in default).... Apr. 1,1916 Apr. 1,1917 June, 1916 10,000,000 6 2,000,000 Norway: 7-year gold bonds F O e c b t. . 1 1 , , 1 1 9 9 2 1 0 6 1 F O e c b t . . 1 1 , , 1 1 9 9 2 4 3 0 J S a e n p u te a m ry b , e 1 r, 9 1 1 6 920... 2 5 0 , , 0 0 0 0 0 0 , , 0 0 0 0 0 0 1 5 9 , ,5 0 0 0 0 0 , , 0 0 0 0 0 0 20-year sinking fund gold bonds 24,500,000 Total Government loans, Norway June 15,1919 June 15, 1939 June, 1919 25,000,000 25,000,000 Sweden: 20-year gold bonds 1 Approximate. 2 Tnere was also $25,000,000 (of a total issue of $40,000,000) United States of Mexico 4 per cent bonds, due 1954, offered for subscription in 1904. No figures showing amount placed here are available. 3 There were two other Cuoan Government loans: $35,000,000 gold 5's, dated March, 1904, and due Mar. 1, 1944, and $16,500,000 external gold 4^'s, dated Aug. 2, 1909, and due Aug. 1, 1949, placed partly in this country and partly abroad, but the amounts placed here are unavailable. * Amount of loan issued, £500,000; rate of conversion, $4.86 per £. Amount of loan outstanding, £.343,800; rate of conversion, $4.86 per £. s Amount outstanding estimated. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

944 FEDERAL RESERVE BULLETIN. AUGUST, 1921. FOREIGN LOANS, INCLUDING GOVERNMENT, STATE, MUNICIPAL, RAILROAD, PUBLIC UTILITIES, AND INDUSTRIAL LOANS AND LOANS OF INSULAR POSSESSIONS OF UNITED STATES FLOATED IN THE UNITED STATES AND OUTSTANDING JUNE 1, 1921—Continued. Inter- Original j Amount Name of issue. r ( e p a s t e t e r Date of issue. Maturity. D U a n t i e t e o d f fe S r t e a d t e i s n . o a f U f m e n r o i e t u d e n d i t n ; 1 1 o S i u t n a ts t U e ta s n n J i d t u e i n n d e g cent). States. I 1. 1921. GOVERNMENT LOANS—Continued. EUROPE—continued. Denmark: 25-year sinking fund gold bonds Oct. 15, 1920 Oct. 15,1945 October, 1920 |$25,000,000 i $25, 000,000 Danish consolidated municipal loan sinking Feb. 1, 1921 Feb. 1, 1946 ! January, 1921 1 15,000,000 | 15,000, 000 fund gold bonds. Total Government loans, Denmark. 40,000,000 Russia: Imperial Government 3-year credit (in de- I June 18,1916 June 18,1919 June, 1916 50,000,000 ; so, ooo, oo;) fault). 5-year gold treasury bonds (interest defaulted Dec. 1, 1916 Dec. 1, 1921 ! November, 1916... 25,000,000 | Dec. 1,1919). 25, 000, 000 Total Government loans, Russia ;. 75, 000, 000 Italy: Royal treasury bonds (Series A) Feb. 1,1920 Feb. 1,1925 \ February, 1920 e 25,000,000 110,000,000 I Switzerland: 10-year gold bonds 5-i Aug. 1,1919 Aug. 1,1929 .! July, 1919 30,000,000 30,000,000 20-year sinking-fund gold bonds 8 I July 1, 1920 July 1, 1940 ) July, 1920 25,000,000 24, 285,000 Total Government loans, Switzerland 54,285,000 Total Government loans, Europe 974, 812,000 ASIA. China: Chinese Government, Hukuang Ry. sink- June 15,1911 June 15,1951 June, 1911 7, 500,000 7, 500,000 ing-fund bonds. 2-year secured gold notes Nov. 1,1919 Nov. 1,1921 October, 1919 5, 500,000 5, 500, 000 China-Pacific Development Co. gold loan... Dec. 1, 1919 Dec. 1, 1921 Dec. 1,1919 5,500,000 4,000,000 Total Government loans, China.. 17,000, 000 Japan: Japanese Government sterling loan Mar. 26, 1905 Feb. 15,1925 March, 1905 75, 000,000 8 50,998, 000 Japanese Government sterling loan (second July 8, 1905 July 10,1925 July, 1905 50,000, 000 8 35, 690,000 series). Japanese Government sterling loan of 1905... 1905 Jan. 1,1931 j November, 1905... 16,250,000 8 15,864,000 Total Government loans, Japan... 102, 552,000 Total Government loans, Asia 119, 552,000 U. S. INSULAB POSSESSIONS. Philippine Government- Certificates of indebtedness Aug. 2, 1920 1 Aug. 2, 1921 August, 1920 10,000,000 j 10,000,000 Manila Port wks. & imp. bonds Sept. 1, 1920 Sept. 1,1950 October, 1920 6,000,000 ' 6,000,000 Total ^Philippine loans 16, 000,000 Porto Rico gold bonds Jan. 1,1920 Jan. 1,1941-1912... April, 1921 500,000 500,000 Total loans, U.S. insular possessions 16, 500,000 Total, all Government loans 1, 319,096,318 STATE LOANS. SOUTH AMERICA. Brazil: State of San Paulo Jan. 1,1921 Jan. 1,1936 March, 1921. 10,000,000 | 10,000,000 Total State loans 10,000,000 1 Approximate, e Authorized. 7 The Japanese Government has been in the market recently for its 4£ per cent sterling bonds due 1925. 8 Latest figures available on bonds originally placed here. A considerable amount of these securities, originally sold abroad, has been brought into our markets, but exact figures are unobtainable. ' B Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUGUST, 1921. FEDEKAL RESERVE BULLETIN. 945 FOREIGN LOANS, INCLUDING GOVERNMENT, STATE, MUNICIPAL, RAILROAD, PUBLIC UTILITIES, AND INDUSTRIAL LOANS AND LOANS OF INSULAR POSSESSIONS OF UNITED STATES FLOATED IN THE UNITED STATES AND OUTSTANDING JUNE 1,1921—Continued. Inter- Original Amount est Date offered in amount outstanding Name of issue. rate Date of issue. Maturity. United States. cf U fe n re it d e d in S i t n a t U es n i J t u e n d e ! cent). States. 1, 1921. MUNICIPAL LOANS. NORTH AMERICA. Canada: Manitoba, Province of, gold bonds..... Jan. 3,1921... Jan. 3, 1931....... January, 1921... $250,000 $250,000 Do ............... Mar. 1, 1921.. Mar. 1,1926 March, 1921 1,000,000 1,000,000 Ottawa (city), gold bonds July 1,1940-1945 . .do. 115,000 115,000 British Columbia, Province of, gold bonds... Apr. 25,1921. Apr. 25, 1926 April, 1921 3,000,000 3,000,000 Nova Scotia, Province of, gold bonds Apr. 1,1921.. Apr. 1,1926 do 1,500,000 1,500,000 Manitoba, Province of, gold bonds June 1,1921.. June 1,1931 May, 1921 2,000,000 2,000,000 Manitoba, Province of May 15,1920.. May 15,1925 May, 1920 2,000,000 2,000,000 Manitoba, Province of, gold bonds Jan. 2,1920... Jan. 2, 1925. January, 1920... 4,000,000 4,000,000 Nova Scotia, Province of, gold bonds9 May 15, 1920. May 15, 1925 May, 1920 3,000,000 3,000,000 Quebec, Province of9 Mar. 1, 1920.. Mar. 1,1925 April, 1920 7,000,000 7,000,000 Ontario, Province of9 Apr. 15, 1920. Apr. 15, 1925 do 6,800,000 6,800,000 Hamilton, Ontario 1920. .do. 596,768 596,768 Ontario, Province of Mar. 1,1920... Mar. 1,1925. March, 1920 5,000,000 5,000,000 Manitoba, Province of Apr. 1,1920... Apr. 1, 1925. do 2,850,000 2,850,000 Greater Vancouver, British Columbia Mar. 8,1920... Mar. 8, 1923. do 510,000 510,000 Manitoba, Province of Feb. 2,1920... Feb. 2, 1930. .do. 2,498,000 2,498,000 Greater Winnipeg water district Mar. 1,1920... Mar. 1,1930 f do 2,000,000 2,000,000 Manitoba, Province of 1920 1925 J May, 1920 3,000,000 3,000,000 Edmonton, Alberta, gold notes Sept. 1,1922-1924.. September, 1920.. 750,000 750,000 Alberta ((Uy niversity o)f), , ggold bonds Aug. 2, 1920... Aug. 2, 1925 August, 1920 750,000 750,000 AAllbbetr ta, PProiev incef of,e genb. loi blig. lgold bonds.. Aug. 16, 1920.. Aug. 16, 1930 do 2,000,000 2,000,000 AAlbbretrtaa, , Provviinncc e of,, tel. coontsutrutcotnion Nov. 1,1920... Nov. 1,1930 November, 1920.. 1,000,000 1,000,000 BBriittiishh CCollubmi bia,P iP rovince of,l gold bonds... July 27, 1920.. July 27, 1925 August, 1920 3,000,000 3,000,000 Do Oct. 1, 1920..., Oct. 1, 1925 October, 1920 1,000,000 1,000,000 Do.9 Junel, 1920... June 1, 1925 June, 1920 2,000,000 2,000,000 Manitoba, Province of, bonds Aug. 16, 1920.. Aug. 16, 1925 August, 1920 1,250,000 1,250,000 Manitoba, Province of, debentures Nov. 1, 1920... Nov. 1, 1930 November, 1920.. 750,000 750,000 Manitoba, Province of, gold bonds9 6 Oct. 1, 1920.... Oct. 1, 1925 October, 1920 750,000 750,000 Ottawa (Ontario), city of, bonds 6 July 1, 1920.... July 1, 1921-1950.. .do.. 2,285,000 2,285,000 Ottawa (Ontario), city of, debentures 5,5|,6 July 1, 1922-1927.. July, 1920 328,000 328,000 Ontario, Province of, gold bonds 9 Nov. 15, 1920. Nov. 15, 1927 November, 1920.. 5,000,000 5,000,000 Do.' Oct. 1,1920... Oct. 1, 1923.. October, 1920 3,000,000 3,000,000 Winnipeg, city of, gold bondi> 9 Dec. 1, 1920.. Dec. 1, 1930.. December, 1920.. 800,000 800,000 Winnipeg, city of, bonds9 Aug. 2, 1920.. Aug. 2, 1940.. August, 1920 600,000 600,000 Nova Scotia, Province of, impvt. bonds '•> 1920 April, 1928... 1920.. 500,000 500,000 Calgary, Alberta, gold treasury notes July 1, 1924.. October, 1920.... 200,000 200.000 Vancouver, British Columbia treasury notes. 1919 1922-1924 1919 2,600,000 2,000,000 Ontario, Province of 1919 1922 , January, 1919... 3,000,000 3,000, 000 Do 1919 1922 June, 1919 4,000,000 4,000,000 New Brunswick, Province of 1919 1922. do 1,000,000 1,000,000 Calgary, Alberta, treasury notes 1919 1924. do 1, 500,000 1,500,000 Ontario, Province of 1919 1924 August, 1919 3,000,000 3,000,000 Toronto, Ontario 1919 1924-1938. November, 1919. 2,632,000 2,632,000 Toronto Harbor Commission9 1918 1953 December, 1918.. 1,000,000 1,000,000 Greater Winnipeg water district 1918 1923 February, 1918.. 2,000,000 2,000,000 Manitoba, Province of 1917.. 1922 April, 1917 2, f 00,000 2,000,000 Saskatchewan, Province of9 1917 \" 1932 September, 1917. 850,000 850,000 Quebec, Quebec9 1917 1927 January, 1917... 780,000 780,000 North Vancouver, British Columbia 1917 1947 March, 1917. 47, 440 47,440 Do 1917 1967 ....do 73,000 73,000 Toronto Harbor Commission 1917 1957 April, 1917... 1,500,000 1, 500,000 Sault Ste. Marie, Ontario 1917 1932-1967. .do. 63,200 63,200 Trail, British Columbia •. 1917 1937 June, 1917 80,000 80,000 Greater Winnipeg water district 1917 1922 July, 1917 1,500,000 1,500,000 London, Ontario (city) 1917 1922 August, 1917 760,000 760,000 Prince George, British Columbia, water and light 1917 1932 November, 1917. 30, 000 30,000 Nova Scotia, Province of 1916 ;.".. 1926 January, 1916... 500,000 500,000 British Columbia, Province of 1916 1941. March/1916 1,000, 000 1,000,000 Saskatchewan, Province of 1916 1926 April, 1916. 1,000,000 500,000 Alberta, Province of 1916 1926 do 1,650,000 1, 650,000 Ontario, Province of 1916 1926. May, 1916. 4,000, 000 4, 000, 000 Quebec, Province of 1916 1926 June, 1916 4, 000,000 4,000, 000 Ontario, Province of 1916 1926 December, 1916.. 2,000,000 2,000,000 Saskatchewan, Province of 1916 1931. .do. 500,000 500,000 London, Ontario 1916 1922-1926 January, 1916.. 555,496 216, 541 Revelstoke, British Columbia 1916 1931 February, 1916. 51,500 51, 500 Do 1916 1936. .do. 13,000 13,000 Burnaby, British Columbia9 1916 1928-1936 March, 1916. 575,000 575,000 Maisonneuve, Quebec 1916 1926 do 355,000 355,000 Prince George, British Columbia 1916 1926-1931 .do. 140,000 140,000 Sault Ste. Marie, Ontario 5J-6 1916 1931-1946 April, 1916.. 83,306 83,306 Prince Rupert, British Columbia. - 6 1916 1946 do 1,600, 000 1,600,000 Montreal, Quebec9 5 1916 1936 May, 1916. 2,000,000 2,000,000 Toronto, Ontario 5 1916 July, 1921-1948. June, 1916.... 3,669,000 3,124,000 Westmount, Quebec 4i 1916 I960.. June, 1916... 107,500 107,500 Medicine Hat, Alberta 5 1916 1926-1942 March, 1916.. 100,000 100,000 Calgary, Alberta 5 1916 1936-1946 June, 1916... 1,568,806 1,568,806 Ottawa, Ontario 5 1916 1936-1946 do 1,032,517 1,032,517 Halifax, Nova Scotia9 5 1916 1950 do,,,,.. 460,420 460,420 s Amount outstanding estimated. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

946 FEDERAL RESERVE BULLETIN. AUGUST, 1921. FOREIGN LOANS, INCLUDING GOVERNMENT, STATE, MUNICIPAL, RAILROAD, PUBLIC UTILITIES, AND INDUSTRIAL LOANS AND LOANS OF INSULAR POSSESSIONS OF UNITED STATES FLOATED IN THE UNITED STATES AND OUTSTANDING JUNE 1, 1921—Continued. Inter- Original Amount Name of issue. r ( e p a s e t r t e - Date of issue. Maturity. D U a n t i e te o d f f S er t e a d te i s n . o a f U f m e n r o e it u d e n d i t n o S i u n ta t s t U e ta s n n i J d t u e i n n d e g cent). States. 1,1921. MUNICIPAL LOANS—Continued. NORTH AMERiCA—continued. Canada—Continued. Iroquois Falls, OOntario 1916. 1925-1931 July, 1917 $40,000 $40,000 Greater Winnipeg Water District» 1916. July,1921 August, 1916 1,500,000 1,500,000 Saskatchewan Drainage District 1946 do 91,200 91,200 Humboldt, Saskatchewan 6 1916.. 1946. .do 67,300 67,300 Nelson, British Columbia 1916.. 1936 do 30,000 30,000 Parish St. Pierre Claver, Manitoba 1916.. 1926 September, 1916.. 100,000 100,000 Toronto, Ontario 1916.. 1921-1936 November, 1916.. 2,594,000 1,469,000 Toronto Harbor Commission9 1916.. 1956 do 1,500,000 1,500,000 Montreal, Quebec 9 1916. 1956. .do. 3,800,000 3,800,000 Halifax, Nova Scotia 1916. 1951 !December, 1916.. 265,000 265,000 Alberta, Univ. guaranteed by Province 1915 1925 i January, 1915. 1,000,000 1,000,000 Ontario, Province of 1915 1925.. i May, 1915 3,000,000 3,000,000 Alberta, Province of 1915 1925 : do 4,000,000 4,000,000 Saskatchewan, Province of9 1915 October, 1921-1925.; October, 1915 840,000 600,000 British Columbia, Province of9 1915 1925. December, 1915 .. 3,130,000 3,130,000 New Brunswick, Province of9 1915 1925 November 700,000 700,000 Saskatchewan, Province of 1915 1925 do 1,000,000 1,000,000 New Brunswick, Province of 1915 1925. December, 1915.. 1,700,000 1,700,000 Nova Scotia, Province of 1915 January, 1926.. ....do 500,000 500,000 Regina, Saskatchewan i 1915 1. 1928-1929 January, 1915 340,000 340,000 Sault Ste. Marie | 1915 1945. February, 1915... 500,000 500,000 Toronto, Ontario 1915 1948 ....do 81,000 81,000 Port Coquitlan, British Columbia ; 1915 1945 do. 100,000 100,000 Calgary School Board I 1915 1955 March, 1915 175,000 175,000 Hochelaga School Commission, Quebec I 1915 1943 do 375,000 375,000 North Vancouver, British Columbia 1915 1925. April, 1915 19,825 19,825 Toronto, Ontario 1915 1945-1956 do. 2,500,000 2,500,000 Do 1915 1948 July, 1915 40,000 40,000 Do9 1915. 1925. September, 1915.. 3,655,000 3,655,000 Ottawa, Ontario 1915. July, 1921-1945. do 2,181,000 2,091,000 North Vancouver, British Columbia 1915 1935 do 30,000 30,000 Toronto Harbor Commission 1913. , 1953 October, 1915 1,000,000 1,000,000 Victoria, British Columbia 1915 , 1925 do 289,000 289,000 Saskatoon, Saskatchewan~. 1915 1925-1945 October 1,1915... 300,000 300,000 Montreal, Quebec9 1915 1930 November, 1915.. 1,000,000 1,000,000 Montreal Catholic Schools 1915 1945 December, 1915... 450,000 450,000 Alberta, Province of 1914 1924 February, 1914... 2,400,000 2,400,000 Edmonton, Alberta, school district 1914 1954. October, 1914 850,000 850,000 Edmonton, Alberta, electric light and power. 1914 1934 do 97,000 97,000 Alberta, Province of 1913 1923 November, 1913.. 3,600,000 3,600,000 Halifax, Novia Scotia, debentures 1913 1945 August, 1913 299,750 299,750 Toronto, Ontario (electric light and power).. 1908 and 1912 1948 do.. 4,506,500 4,506,500 Toronto, Ontario, harbor. 1913 1953 do 1,500,000 1,500,000 Bassane, Alberta, water and sewer 1912 1942 September, 1912.. 150,000 150,000 Scarborough Township, Ontario 1922-1951 January, 1921 130,000 130,000 Toronto, separate Catholic School 1941 March, 1921 350,000 350,000 Saskatchewan9 1936 January, 1921 3,000,000 3,000,000 Alberta9 May 1, 1920.. Mav 1,1923.. May, 1920 2,000,000 2,000,000 Calgary, Alberta, school district 1920. 1923 September, 1920.. 250,000 250,000 Selkirk, Manitoba, improvement 1920 1930 do 25,000 25,000 Manitoba, Province of 1920. 1930 December, 1920.. 1,000,000 1,000,000 New Brunswick9 1920. 1935 do 1,750,000 1,750,000 Sandwich, Ontario, improvement9 1920 April, 1920 144,933 144,933 Smiths Falls, Ontario, hydroelectric 1920 1930". *.*.!".""*. "...November, 1920.. 9,200 9,200 Toronto, Ontario, city9 1920 April, 1920 1,905,000 1,905,000 Toronto, Ontario, housing and public schools9 1920 "i932andi939'..'.'.". November, 1920.. 2, 853,000 2,853,000 Toronto, Ontario, city9 1920 1929 December, 1920... 1,055,000 1,055,000 Toronto Township, Ontario, Toronto Hamil- 1920 1930 August, 1920 74,675 74,675 ton Highway. Walkerville, dntario 1920.. 1945 April, 1920 75,000 75,000 Ottowa9 1920., 1928-1935. Septerr ber, 1920.. 2,300,231 2,300,231 Saskatchewan, Province of9 1920. 1924. May, 1920 | 1,000,000 1,000,000 Saskatoon, Saskatchewan, school district 1920. 1950 February, 1920... 210,000 210,000 Alberta February, 1924. do 2,400,000 2,400,000 Do 1923. June, 1920 1,000,000 1,000,000 Alberta9 Dec. 15,1929.. January, 1920 3,000,000 3,000,000 British Columbia 1925 September, 1920.. 3,000,000 3,000,000 Winnipeg, Manitoba9 1931 August, 1920 600,000 600,000 Manitoba 1965 May, 1920 i 3,000,000 3,000,000 New Brunswick9 1936. I December, 1920... 1, 750,000 1,750,000 Ontario 1950 i November, 1920.. 2,853,000 2,853,000 Sault Ste Marie, Ontario 1943 December, 1920... 775,000 775,000 Toronto, public school 1940 November, 1920.. : 1,058,000 1,058,000 Hamilton 1921-1940. March, 1920 46,768 46,768 Toronto, hydroelectric 1920-1933 May, 1920 1,473,000 1,473,000 Saskatchewan9 Jan. 15, 1925.. November, 1920.. 47,000 47,000 North Vancouver, British Columbia, improv- 1919.... 1922 December, 1919... 225,000 225,000 ment. Trail, British Columbia, improvement 1919. 1939 September, 1919.. 15, 500 I 15,000 Sherbrooke, Quebec, electric light 1919. I 1924,,,, Jgnuarv, 1919,.. „. 90,000 j 90,000 0 Issued in United States and Canada. Exact amount held here unavailable, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUGUST, 1921. FEDERAL RESERVE BULLETIN. 947 FOREIGN LOANS, INCLUDING GOVERNMENT, STATE, MUNICIPAL, RAILROAD, PUBLIC UTILITIES, AND INDUSTRIAL LOANS AND LOANS OF INSULAR POSSESSIONS OF UNITED STATES FLOATED IN THE UNITED STATES AND OUTSTANDING JUNE 1,1921—Continued. Inter- Original Amount Nam© of issue. | I I r e ( a p s t t e er Date of issue. Maturity. D U a n t i e te o d f f S er t e a d te i s n . o a f U f m e n r o e it u d e n d i t n o S i u t n a t s t U e ta s n n i J d t u e i n n d e g j cent). States. 1,1921. MUNICIPAL LOANS—Continued. NORTH AMERICA—continued. Canada—Continued. November, 1919. $162,000 $162,000 Winnipeg City .....do 24,000 24, 000 London, Ontario New Westminster, British Columbia, Ref. 1918. 1923. October, 1918 100,000 100,000 Tr. Cert. Do 1918 1923 December, 1918.. 230,000 i 230,000 Niagara Falls, Ontario, city improvement... 1918 1923 do 230,000 I 230, 000 Ontario 1926. March, 1918 1,000,000 ; 1,000,000 New Westminster, British Columbia July, 1923 July, 1918 170,000 ! 170,000 Manitoba 9 August, 1928. do 1,000,000 i 1,000,000 New Westminster, British Columbia, street 1967 March, 1917 35,000 improvement. 35,000 ; New Westminster, British Columbia, local Apr. 15, 1945. .....dO : 47,400 improvement. 47,400 New Westminster, British Columbia, water- May 1,1947.. April, 1917 1 95,000 works and street improvement. 85,000 Selkirk, Manitoba March, 1917 ! 75,000 75,000 Sarnia, Ontario 1940. April, 1917 i 63,200 63,200 Sutherland, Saskatchewan March, 1917 \ 32,725 32,725 Cardston, Alberta, school district 1946!. February, 1916 ! 35,000 35,000 North Vancouver, British Columbia, local do i 7,973 ' 7,973 improvement. Sault Ste. Marie, Ontario, pavement 1931. May, 1916 16,439 16,439 Do - 1931. June, 1916 22, 745 22, 745 Sault Ste. Marie, Ontario, concrete do.. 3,311 3,311 Sault Ste. Marie, Ontario, street extension... 1936. do 7,500 7,500 Sault Ste. Marie, Ontario, sewer 1946. May, 1916 19,509 19, 509 Sault Ste. Marie, Ontario, culvert 1936. June, 1916 7,500 7,500 Sault Ste. Marie, Ontario, fire hall 1936. do.. 6,500 6,500 Toronto, separate school district 1935. January, 1916... 100,000 100,000 Sutherland, Saskatchewan November, 1916. 36,000 36,000 St. Boniface, Manitoba, school district March, 1915 200,000 200,000 Vancouver, British Columbia, local improve- 1925. April, 1915 1,118,947 1,118,947 ment. Vancouver, British Columbia, Treasury notes July, 1915 850,000 850,000 Toronto, Ontario, harbor commission 1953. January, 1915... 1,000,000 1,000,000 Montreal, Quebec do.. 6,900,000 6,900,000 Port Moody, British Columbia 1944! July, 1914 80,000 80,000 Prince Rupert, British Columbia June, 1914 2,500 2,500 St. Andrews, British Columbia March, 1914 18,000 18,000 Transcona, Manitoba, school district 1934 November, 1914. 35,000 35,000 Hamilton, Ontario April, 1934... March, 1914 500,000 500,000 Toronto, Ontario, local improvement 1924. May, 1914 500,000 500,000 Toronto, Ontario, waterworks 1948 do 745,615 745,615 Westmount, Quebec 1928 do 275,000 275,000 Do 1958 do 110,000 110,000 Watrous, Saskatchewan, water and sewerage. 1944 April, 1914 70,000 70,000 Edmonton, Alberta, school district Apr. 15, 1953. October, 1913.... 1,250,000 1,250,000 Total provincial and muncipal loans, 233,964,244 Canada. MUNICIPALS, OTHER THAN CANADIAN. SOUTH AMERICA. Brazil: City of Rio de Janeiro May 1,1919.. May 1,1922-1931. May, 1919 10,000,000 10,000,000 City of Sao Paulo Nov. 1,1919.. Nov. 1,1943 , October, 1919.... 8,500,000 8,242,000 Total municipal loans, Brazil. 18,242,000 Chile: Water Co. of Valparaiso (water board loan Dec. 8,1915 Aug. 9,1939 October, 1916.... 471,000 425,000 guaranteed by Government of Chile) Total municipal loans, South America 18,667,000 EUROPE. France: City of Paris 5-year gold bonds , Oct. 16,1916.. Oct. 15,1921. October, 1916.... 50,000,000 42,467,000 City of Bordeaux 15-year gold bonds.. Nov. 1,1919.. Nov. 1,1934.. November, 1919. 15,000,000 7,039,000 City of Lyons 15-year gold bonds do do .....do 15,000,000 7,590,800 City of Marseilles 15-year gold bonds. do .....do .....do 15,000,000 7,590,900 Total municipal loans, France. 64,687,700 Norway: City of Christiania sinking fund gold bonds.. Oct. 1,1920.. Oct. 1,1945.. October, 1920.... 5,000,000 4,857,500 City of Bergen sinking fund gold bonds Nov. 1, 1920. Nov. 1,1945.. November, 1920. 4,000,000 3,909,000 Total municipal loans, Norway. 8,766,500 Denmark: City of Copenhagen sinking fund gold July 1,1919.. July 1,1944.. August, 1919..— 15,000,000 15,000,000 bonds. 1 Jssued in United States and Canada. Exact amount held here unavailable. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

948 FEDERAL RESERVE BULLETIN. AUGUST, 1921. FOREIGN LOANS, INCLUDING GOVERNMENT, STATE, MUNICIPAL, RAILROAD, PUBLIC UTILITIES, AND INDUSTRIAL LOANS AND LOANS OF INSULAR POSSESSIONS OF UNITED STATES FLOATED IN THE UNITED STATES AND OUTSTANDING JUNE 1, 1921—Continued Inter- Original Amount Name of issue. r ( e a p s t e t e r Date of issue. Maturity. D U a n t i e te o d f f S er t e a d te i s n . o a f U f m e n r o e it u d e n d i t n o S i u t n a t s t U e ta s n n i J d t u e in n d g e cent). States. 1, 1921. MUNICIPALS, OTHER THAN CANA- DIAN—Continued. EUROPE—-continued. Switzerland: City of Berne sinking fund gold bonds 8 Nov. 1, 1920.. Nov. 1,1945.. November, ly20 . $6,000,0O0 U, 880,000 8 Oct. 15, 1920.. Oct. 15, 1945.. October, 1920 | 6,000,000. i 5,880,000 City of Zurich sinking fund gold bonds Total municipal loans, Switzerland. 11,760,000 Total municipal loans, Europe 100,214,200 ASIA. Japan: City of Tokyo (Japan) loan of 1912 Feb. 22, 1912.... Sept. 1, 1952.. February, 1912.... | 10,000,000 j 5 5,250,000 Total municipal loans, Asia 5,250,000 Total municipal loans other than Canadian 124,131,200 Total, all municipal loans 358,095,444 Total, all State and municipal loans 368,095,444 RAILROAD LOANS. . NORTH AMERICA AND WEST INDIES. Canada: Canadian Northern Railway Equipment Trusts- Series C-l Apr. 1, 1912. 1915-1922 July, 1912 , 2,000,000 220,000 Series G-l Mar. 1,1913. 1915-1923 May, 1913 1,000,000 220,000 Series H-l Dec. 1,1913.. 1914-1923 December, 1913., 750,000 230,000 Series K-l Oct. 1,1914.. 1915-1924 January, 1915 2,000,000 740,000 Series L-l Aug. 1,1916. 1917-1926 August, 1916 1,250,000 722,000 Series A July 1,1918.. 1919-1928 July, 1918 5,000,000 3,500,000 Series B Jan. 1,1919.. 1919-1929. January, 1919 7,500,000 6,000,000 Series C May 1,1919.. 1919-1929. May, 1919. 7,500,000 6,009,000 Series D Dec. 1,1919. 1920-1929 Jan. 1920 7,500,000 6,375,000 Miscellaneous equipments (various) 5 3,132,500 2^-year notes Aug. 1,1919. Feb. 1,1922 5-year notes do Aug. 1,1924 } July, 1919 10,000,000 10,000,000 3-year notes Dec, 1,1919. Dec. 1, 1922 March, 1920 6,000,000 6,000,000 5-year notes do Dec. 1,1924 do 6,000,000 6,000,000 20-year debenture bonds Dec. 1, 1920.. Dec. 1,1940 November, 1920. 25,000,000 24,900,000 Canadian National Railways 15-year Mayl, 1920.. Mayl, 1935 May, 1920 15,000,000 14,300,000 equipment. Canadian National Ry. System Gr. Trunk Oct. 1,1920 Oct. 1,1940 October, 1920 25,000,000 24,900,000 Ry. debentures. Grand Trunk Ry. Co. of Canada- Equipment A May 1,1912... 1913-1922 June, 1912 3,940,000 394,000 Equipment B Nov. 1,1912.. 1913-1922 November, 1912. 3,360,000 510,000 Equipment C do 1914-1923 November. 1913. 2,250,000 553,000 Equipment D Aug. 1,1917.. 1918-1927 August, 1917 2,500,000 1,634,000 Equipment, penes F Feb. 1,1921... Feb. 1,1936 January, 1921... 12,000,000 12,000,000 Edmonton, Dunvegan & British Columbia Aug. 11,1916. July, 1916 2,420,000 Ry. Co. 30-year first mortgage. Oct. 22,1944 !o 2,420,000 Toronto, Hamilton & Buffalo Ry. first June 1,1896... March, 1899 3,280,000 mortgage. June 1,1946 3,280,000 Toronto, Hamilton & Buffalo Ry. cons., Aug. 1,1916.. 1916 2,000,000 series A. Aug. 1,1966 2,000,000 Toronto, Hamilton & Buffalo Ry. equipment Feb. 1,1913... January, 1913... 1,500,000 notes, series A. Feb. 1,1914-1923... 300,000 Canadian Pacific Ry. Co. equipment trust, Jan. 1,1915... January, 1915... 12,690,000 series T. 1915-1928 6 7,050,000 Canadian Pacific Ry. Co. equipment trust, Apr. 1,1920... Oct. 1,1920-Apr. March, 1920 12,000,000 certificates, 1920. 1,1932. 11,000,000 Canada Southern Railway Co. cons.mortgage Oct. 1,1912... Oct. 1,1962 December, 1912.. 22,500,000 22,500,000 Totalrailroad loans, Canada. 176,889,500 Cuba: United Railways of Havana equipment. Feb. 15,1921. Feb. 15,1936 February, 1921 6,000,000 21,695,000 trust gold certificates. Cuba Railroad Co., first 1902 , July, 1952 1908-1919 13,170,000 6,000,000 CCubb aR Raiillrdo adC Co., eqiuipments Nov. 1,1911.. Nov. 1, 1926 October, 1916 1,950,000 995,000 April, 1920... 1920-1930 March, 1920 1,700,000 1,530,000 Do 7 Total railroad loans, Cuba 21,695,000 Mexico: u Vera Cruz & Pacific R. R. first mortgage July 1,1904... July 1,1934 1904 , 7,000,000 7,000,000 Pan-American R. R. first mortgage ' June 1,1903... June 1,1934 1906 1,000,000 1,000,000 National R. R. Co. of Mexico prior lien j Mar. 15,1902.. Oct. 1,1926 1902 , 23,000,000 23,000,000 National Rys. of Mexico 2-year secured notes i June 2,1913... June 1,191512... June, 1913.. 26, r ;o, ooo 26,7o0,000 National Rys. of Mexico general mortgage j Oct. 1,1907... Oct. 1,1977 1908 50,747,925 50,747:925 National Rys. of Mexico 3-year notes ; Jan. 1,1914... Jan.1,191712 -•••|| 1914 1,653,750 1,653,750 5 Amount outstanding estimated. 11 All interest in default since 1914, io Amount outstanding March, 1821, w Principal in default. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUGUST, 1921. FEDERAL RESERVE BULLETIN. 949 FOREIGN LOANS, INCLUDING GOVERNMENT, STATE, MUNICIPAL, RAILROAD, PUBLIC UTILITIES, AND INDUSTRIAL LOANS AND LOANS OF INSULAR POSSESSIONS OF UNITED STATES FLOATED IN THE UNITED STATES AND OUTSTANDING JUNE 1, 1921—Continued. inter- Original Amount est Date offered in amount outstanding rate Date of issue. Maturity. United States. offered in in United (per United States June cent). States. 1, 1921. R AILROAD LO ANS—Continued. NORTH AMERICA AND WEST INDIES—Continued. Mexico—Continued. National Rys. of Mexico prior lien July 1,1907 i July 1,1957 1908-1909 $37,750,000 $37,750,000 Mexico International R. R. first con solidated. Aug. 6,1897 | Sept. 1,1977 1897 4,505,000 ' 4,206,000 Total railroad loans, Mexico 152,087,675 Total railroad loans, North America ond West Indies 173,782,675 SOUTH AMERICA. Argentine: Central Argentina Railway (Ltd.), Feb. 1,1917 1 Feb. 1,1927 March, 1917. 15,000,000 15,000,000 convertible notes. PHILIPPINES. Philippine Railway first ! July, 1907... July, 1937 1907.. 4,000,000 4,000,000 Manila Railroad Co., first : June, 1909... May, 1939 1910.. 2,000,000 2,000,000 Manila Electric R. R. and Lighting Corporation.! March, 1903.. Mar. 1,1953 1906., 4,265,000 4,265,000 Dc ! Sept. 1,1919. September, 1922 1919. 1,500,000 1,500,000 Total railroad loans, Philippines 11,765,000 Total, all railroad loans 377,437,175 INDUSTRIAL LOANS. NORTH AMERICA AND WEST INDIES. Canada: Abitibi Power & Paper (Ltd.), first mortgage Feb. 1,1914 i Feb. 1,1922-1934... Various 4,753,500 3,815,500 Lake Superior Corp. (Inc.), noncumulative 3,000,000 3,000,000 income bonds. Oct. 1,1904 1 Oct. 1,1924 1904 Sherwin-Williams Co. of Canada (Ltd.), first 1,200,000 6 1,100,000 and ref. mtg. July 1,1911 July 1,1941 February, 1912 Canadian Car & Foundry Co. (Ltd.), first 6,100,000 5,028,146 mortgage. Dec. 1,1909 ! Dec. 1,1939 January, 1910 Dominion Coal Co. (Ltd.), first mortgage 7,000,000 5,539,000 Canada West Coast Navigation Co. (Ltd.), May 1,1905 1 May 1,1940 April, 1905 600,000 5 165,000 first mortgage. Mar. 1,1917 j Aug. 1,1921-Oct. June, 1917 C Sm an a a r d t i W an o o N ds o r ( t L h t e d r . n ) , C fi o rs a t l m & o rt O g r a e g e D , o s c e k r ia C l o — . | | Aug. 1,1916 Au 1 g ,1 . 9 1 2 , 7 1 . 921-1931.. July, 1916 1, 5 75 0 0 0 , , 0 0 0 0 0 0 1,5 3 2 8 5 0 , , 0 0 0 00 0 (Ltd.). I ! Jan.1,1916 | Jan.1,1936 do Geo. Lane & Co. (Ltd.), Calgary first mortgage; 1916 1931 do 300,000 6 300,000 British Columbia Sulphite Fiber Co. first j Nov. 1,1916 Nov. 1,1921-1926.. October, 1916 650,000 390,000 mortgage. Granby Cons. M. S. & Pr. Co. (Ltd.), cons, j May 1,1913........ May 1,1928 1910-1915 3,500,000 1,491,400 first mortgage. Maple Leaf Shipping Co. (S. S. St. Mihiel) j Nov 1.1918 1 May 1,1921-Nov. November, 1918... 650,000 150,000 first mortgage ; 1,1921. Novia Scotia Transportation Co. (S. S. do Nov. 1,1921 do 650,000 13 250,000 Quesnoy) first mortgage. : Riordan Pulp & Paper Co. (Ltd.), gen. mort- Jan.1,1919 Jan. 1,1929 January, 1919 4,000,000 4,000,000 gage. Spanish River Pulp & Paper Mills (Ltd.), Sept. 1,1919 Sept. 1,1921-1929.. September, 1919... 2,309,500 2,309,500 notes. Acadia Sugar Ref. Co. (Ltd.), 10-year deben- j Jan. 1,1920 July 1,1921-1940... April, 1920 2,000,000 5 2,000,000 tures. *! Canadian Western Steamships (Ltd.), first Jan. 15,1920 Jan. 15,1922-1925.. do 850,000 5 722,000 marine bonds. Newfoundland Maritime Co. first mortgage July 1,1920 Oct. 1,1920-July September, 1920... 700,000 640,000 marine bonds. 1.1923. M No a r s t s h e e y r - n H a E r l r e is c tr C ic o . C ( o L . t ( d L .) t , d . C ), a f n ir a s d t a m ; o M rt a g s a se g y e - .. J O u c n t e . 1 1 5 ,1 ,1 9 9 1 2 4 0 J O u c n t e . 1 1 5 ,1 ,1 9 9 3 3 9 0 J o O u ix c k l y t y o , j b 1 I e 9 B r 1 J , . 4 1 1 . 92 . 0 ....... 3 4 , , 5 0 0 0 0 0, , 0 0 0 0 0 0 2 4, , 0 9 0 6 0 3 , , 0 0 0 0 0 0 Hariis Harvester Co. (Inc.), U. S.; sinking fund debenture bonds. Riordan Co. (Ltd.), mortgage and refunding, Dec. 1,1920 I Dec. 1,1940 December, 1920.... 6,500,000 6,500,000 series A. Acme Tire & Rubber Co. (Ltd.) I October, 1946 November, 1916... 100,000 100,000 Canadian Northwest S. S. Co Jan. 1,1920 | January, 1915-1922. November, 1913... 135,000 135,000 Dominion Glass Co. (Ltd.) June2,1913 June, 1933 1913 1,000,000 1,000,000 France & Canada S. S. Co., Swiftsure oil Apr. 1,1920 ! October, 1921-1923. June, 1920.. 4,421,000 4,421,000 transport notes. j Quebec-Saguenay Pulp Co., serial bonds June, 1918 300,000 300,000 St. Maurice Paper Co. (Ltd.), first Jan.'i," 1916.'!*"***! January," 19*46.".".. January, 1916 1,250,000 1,250,000 Simpson (Ribt.) Western (Ltd.), first July 1,1916 1 JulLyy, ,1 1991177--11!931.... September, 1916.. St. Law7rence Pulp & Lumber Co., first s. f.. February, 1913.... "F-e' lsbruary, 1"9n2n0n- April, 1913 , 3,000,000 3,000,000 1933. Canadian Puget Sound Lumber Co. Jan. 1,1920 Jan. 1,1925 500,000 500,000 Vancouver Dry Docks Co. (Ltd.) December, 1916.... 2,000,000 2,000,000 Vancouver Lumber Co. (Ltd.), first. 6 j Jan. 1,1912 j July, 1925. 1912 1,000,000 1,000,000 5 Amount outstanding estimated. 18 Amount outstanding November, 1920. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

950 FEDERAL RESERVE BULLETIN". AUGUST, 1921. FOREIGN LOANS, INCLUDING GOVERNMENT, STATE, MUNICIPAL, RAILROAD, PUBLIC UTILITIES, AND INDUSTRIAL LOANS AND LOANS OF INSULAR POSSESSIONS OF UNITED STATES FLOATED IN THE UNITED STATES AND OUTSTANDING JUNE 1, 1921—Continued. Inter- Original Amount Name of issue. r e a s t t e Dale of issue. Maturity. D U a n t i e t e o d f fe S r t e a d t e i s n . o a ff m er o e u d n i t n o i u n t s U ta n n i d te in d g (per United States June cent). States. 1, 1921. INDUSTRIAL LOANS—Continued. NORTH AMERICA AND WEST INDIES—continued. Canada—Continued. Western Canada Pulp & Paper Co. (Ltd.), 7 : Feb. 1, 1920 Feb. 1, 1940 November, 1920... $150,000 ! $150,000 first. W W h h a a l l e e n n P P u u l l p p & & P P a a p p e e r r M M i i l l l l s s ( ( L L t t d d . . ) ) , , f f i i r r s s t t ref.. 6 6 , i May d 1 o ,1 917 M M a a y y 1 1 ,1 ,1 9 9 3 2 1 0 -1 -1 9 9 3 3 4 0 .. . . .N Ju o ly v , e m 19 b 1 e 9 r, 1917... 1 1 , , 4 5 1 0 5 0, , 0 0 0 0 0 0 ; ! 1 1 , , 5 4 0 1 0 5 , , 0 0 0 0 0 0 Whalen Pulp & Paper Mills (Ltd.), s. f. notes.. 7 Jan. 15,1919 1919-1924 January, 1919 500,000 I 300,000 Total industrial loans, Canada. 63,339,546 Cuba: Cuban American Sugar Co -. 8 ! March, 1921... March, 1931. March, 1921. ! 10,000,000 i 10,000,000 Cuban Sugar Mills Corporation 6 ! January, 1917.. January, 1932.. 1916. 1,500,000 i 1,500,000 Cuba Cane Sugar Corporation 7 ! January, 1920.. January, 1923.. November, 1919. I 25,000,000 | 24,947,800 Cuban Mortgage Bank (Banco Territorial de 6 ! July 1,1915... i January, 1966.. 1916 | 4,000,000 ! 4,000,000 Cuba). Total industrial loans, Cuba. 40,447,800 Mexico: Institution for the Encouragement of Works 4* I Nov. 1,1908 November, 1943... 1908 20,000,000 | 20,000,000 and Development of Agriculture. Mexican Pretroleum Co. (Ltd.) 8 ; May 1,1921 ! May 1, 1936 April, 1921 10,000,000 j 10,000,000 Total industrial loans, Mexico I 30,000,000 Porto Rico: Porto Rican American Tobacco 8 | May 15,1921 May 15,1931 j May, 1921 3,000,000 | 3,000,000 Total industrials loan, Porto Rico 3,000,000 Total industrial loans, North America ' and Wes t Indies 136,787,346 SOUTH AMERICA. Chile: Braden Copper Mines Co Feb. 1,1916 i February, 1931.... i 1916 and 1918.... 20,000,000 i 14,202,000 Chile Copper Co May, 1913 ' May, 1923 i 1915 15,000,000 j 15,000,000 Do April, 1917 i April, 1932 ! 1917 35,000,000 I 35,000,000 Concepcion Electric Co July, 1911 1 July, 1934 ! 1913 127,300 ! 127,300 Total industrial loans, Chile. 64,329,300 Peru: Cerro de Pasco Copper Cor. Conv. January, 1921 Jan. 1,1931 December, 1920. 8,000,000 I 8,000,000 Total industrial loans, Peru I 8,000,000 Total industrial loans, South America... 72,329,300 EUROPE. Great Britain: Anglo-American Oil Co. (Ltd.), Apr. 1,1920 ] Apr. 1,1925 | March,1920. 15,000,000 15,000,000 5-year sinking-fund notes. Total industrial loans, Great Britain 15,000,000 Belgium: Minerva Motors serial notes 1920 1921-1925 •.. March, 1920 .. 1,000,000 ! 800,000 Solvay & Cie secured gold bonds Oct. 1,1920.. Oct. 1,1927 1 Ocober, 1920 . 10,000,000 j 10,000,000 Total industrial loans, Belgium. 10,800,000 France: Compagnie du Boleo, Societe* Anonyme Mar. 1,1921 j Mar. 1,1923-1930... April, 1921 1,000,000 1,000,000 serial debentures. Total industrial loans, Europe 26,800,000 Total, all industrial loans 235,916,646 PUBLIC-UTILITY LOANS. NORTH AMERICA AND WEST INDIES. Canada: Bell Telephone Co. of Canada, 5-year bonds.. Apr. 1,1920 ! Apr. 1,1925 March, 1920.. 5,500,000 5,500,000 Th c e o n S v h e a r w ti i b n l i e g a n n o t W es a . ter & Power Co., secured July.1920 | July 1,1926 June, 1920... 4,000,000 4,000,000 Brazilian Tr. Light & Power Co. (Ltd.), 3- Nov. 1, 1919 Nov. 1, 1922 November, 1919... 7,500,000 j 7,500,000 year notes. Montreal Tramways Co. first and refunding.. Julvl, 1911 July 1, 1941 1911-1913 17,335,000 ! "17,335,000 M s o e n c t u re re a d l b T o r n am ds w . ays & Power Co. (Ltd.), i j Mar. 1, 1919 | xWar. 1,1924 March, 1919 7,300,000 I & 7,300,000 New Brunswick Power, first mortgage i Mar. 1,1917 Mar. 1,1937 1 March, 1917. 1,750,000 I l,750,0QQ * Amount outstanding estimated. "Bonds held in New York, England, and Canada; exact amount tn United States unavailable. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUGUST, 1921. FEDERAL RESERVE BULLETIN. 951 FOREIGN LOANS, INCLUDING GOVERNMENT, STATE, MUNICIPAL, RAILROAD, PUBLIC UTILITIES, AND INDUSTRIAL LOANS AND LOANS OF INSULAR POSSESSIONS OF UNITED STATES FLOATED IN THE UNITED STATES AND OUTSTANDING JUNE 1,1921—Continued. Inter- Original Amount Name of issue. r ( e a p s t e t e r Date of issue. Maturity. D U a n t i e t e o d f f S er t e a d t e i s n . o a f U f m e n r o i e t u d e n d i t n o S i u t n a t s t U e ta s n n i J d t u e i n d n e g cent). States. 1, 1921. PUBLIC UTILITY LOANS—Continued. NORTH AMERICA AND WEST INDIES—Continued. Canada—Continued. Nova Scotia Tramways & Power Co. (Ltd.), Dec. 1,1916 Dec. 1, 1946 January, 1917... $2,250,000 $2,250,000 first mortgage. Cape Breton Electric Co. (Ltd.), first mort- Jan. 1, 1902 Jan. 1, 1932 January, 1913... 1,096,000 1,096,000 gage. Toronto Electric Light Co. (Ltd.), 3-year Julyl, 1919 Julyl, 1922 July, 1919 1,000,000 789,000 notes. Dominion Power & Transmission Co. (Ltd.), Apr. 1,1907 Apr. 1, 1922-1932.. 1,650,000 1,650,000 first mortgage. The Shawinigan Water & Power Co., first Jan. 1, 1904 Jan. 1, 1934 April, 1904 4,382,500 3,824,500 consolidated. Winnipeg Electric Ry., first refunding Jan. 2, 1905 Jan. 2, 1935 4,000,000 3,629,000 Bell Telephone Co. of Canada, first mortgage. Apr. 1, 1895 Apr. 1,1925 Various 7,650,000 5 7,650,000 Ontario Power Co. of Niagara Falls, first 1,000,000 5 895,000 mortgage. Feb. 2, 1903 Feb. 1, 1943 December, 1904.. Ontario Power Co. of Niagara Falls, deben- June 30, 1906 Julyl, 1921 , 2,300,000 * 2,300,000 ture. May, 1911 Ontario Transmission Co. (Ltd.), first-mort- Aug. 16,1905 May 1, 1945 1,805,000 •1,574,000 gage. November, 1906. Montreal Light, Heat & Power Co. (Ltd.), Jan. 1, 1902 Jan. 1, 1932 2,500,000 2,500,000 first and collateral trust. 1902..... Montreal (Lachine Power Co.), sinking-fund Apr. 1, 1903 Apr. 1,1933 1903 3,572,000 2,996,000 bonds. Cedar Rapids Manufacturing & Power Co., Jan. 17, 1913 Jan. 1, 1953 , February, 1916.. 800,000 6 800,000 first-mortgage bonds. Laurentide Power Co., 30-year first mortgage. Jan. 1, 1916 January, 1946 August, 1916 2,250,000 2,250,000 United Gas & Fuel Co. (Ltd.), 5-year first Julyl, 1918 Julyl, 1923 1,050,000 1,050,000 mortgage. July, 1918 Ottawa Light,Heat & Power Co., first mort- Oct. 1, 1920 Oct. 1, 1940 1,200,000 1,200,000 gage collateral trust bonds. October, 1920.... The Shawinigan Water & Power Co.,first and Jan. 1, 1921 Julyl, 1950 2,500,000 2,500,000 refunding sinking-fund bonds. March, 1921..... Maritime Telegraph & Telephone Co. (Ltd.), Dec. 1, 1945 Dec. 1,1920 500,000 500,000 ref. January, 1921... Glen Transportation Co. (Ltd.), first January, 1921 January, 1922-1926. February, 1921.. 150,000 150,000 Shawinigan Water & Power Co., first and ref. Dec. 1, 1919 January, 1950 November, 1950. 6,000,000 Total public-utility loans, Canada. 88,988,500 Mexico: Central Mexico Light & Power Co 6 January, 1910 January, 1940 1910. 1,800,000 1,778,000 Michoacan Power Co., first 6 ! Julyl, 1907 July, 1937 1907. 500,000 500,000 Mexican Telegraph & Telephone Co., first. 5 ! Feb. 1, 1910 February, 1930 1911. 200,000 200,000 Total public-utility loans, Mexico 2,478,000 Porto Rico: Porto Rico Telephone Co., first 6 • December, 1914... December, 1944... April, 1915 600,000 600,000 Total public-utility loans, Porto Rico.. 600,000 Haiti: Haitian American Corporation, notes 7 Julyl, 1919. July, 1922-1924. July, 1919 j 3,000,000 3,000,000 Total public-utility loans, Haiti 3,000,000 Total public-utility loans, North Americ 95,066,500 and West Indies. Melbourne Electric Supply Co. (Ltd.), Mel- Mar. 1,1917 | March, 1922 March, 1917. 1,250,000 1,250,000 bourne, Australia, 5-year. I Total public-utility loans, Australia. 1,250,000 Total, all public-utility loans 96,316,500 Total, all corporation loans 709,670,321 Grand total all loans 2,396,862,083 s Amount outstanding estimated. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

952 FEDERAL RESERVE BULLETIN. AUGUST, 1921* BUSINESS AND FINANCIAL CONDITIONS ABROAD. ENGLAND.1 Production (metric tons). Ship ton- British nage under railways During July business conditions in England Steelin- construc- (000,000's Coal. Pig iron, i gots and tion (gross tonappear to have become somewhat more satis- castings.1 tons). miles). factory than in recent months. With the cessation of the strike on July 4, coal produc- Mon 1 t 9 h 1 ly 3 average: 0 2 0 4, 0 ' 3 s 36 000' 8 s 69 ' i 000 6 's 49 2 2,002,699 tion was resumed, and although output was 1920 19,128 667 755 2 3,603,131 June 19, 048 726 ! 845 3, 578,000 1,430 not large during July, the fact that supplies July 3 22, 926 750 790 1,506 were being slowly accumulated served as a August 16, 970 752 : 709 1,347 September 18, 885 741 885 3, 731, 000 1,489 very material stimulus to domestic industries. October 314,044 533 i 544 November 15, 920 404 • 505 1,469 In the same way, the situation in the cotton December 20, 230 675 747 3, 709, 000 1,323 industry showed improvement. Sales of cot- 1921. January 21,805 642 493 1,440 ton in Liverpool during the first weeks of July February 17, 369 464 484 1,276 were larger than for some months past and in M Ap a r r i c l h 5 1 6 1 , , 9 4 5 3 0 7 3 6 8 0 6 35 7 9 1 4 3, 799, 000 1,2 5 7 9 3 7 the spinning section of the industry working May 14 6 498 June 6 179 1 2 7 3, 530,000 time was increased from 24 to 35 hours a week. The Statist index number of wholesale prices 1 Revised figures. 2 Average of 4 quarterly estimates. for July showed an increase of 3 points over 3 5 weeks. the June level. * Work suspended on all but 2,952,000 tons. 5 First week in April. The quarter ending June 30 was on the e Production from Apr. 4 to Julv 4. 7 Work suspended on all but 2,351,000 tons. whole a period of seriously curtailed produc- Prospects are distinctly brighter for the tion. Only something like 2,000,000 tons of wage-earning group of the population than for coal were produced, as compared with 56,000,several months past, because, although wage 000 tons in the preceding quarter. During the reductions have been made, they have been same period pig-iron production decreased considerably less drastic than was at first profrom 1,492,000 tons in the first quarter to posed, and employment conditions in certain 74,000 tons in the second, and ingot producleading industries are on the mend. In last tion frorn 1,336,000 tons to 77,000 tons. In view of the fact that production in the first month's issue of the BULLETIN a summary was made of the terms of the coal settlement. The quarter of the year in both these industries was agreement provided for a 2s. reduction in low, these figures would seem to indicate a wages of coal miners in July and 2s. 6d. in very significant reduction in supplies. The August. Under the terms of this agreement situation in the shipbuilding industry appears the miners returned to the pits on July 4. to be closely similar. Although ships of a The terms of the agreement are binding until total tonnage of 3,530,000 were under con- September, 1922, and can only be terminated struction in June, work was going forward on thereafter on three months' notice. Cotton only two-thirds (or 2,351,000 tons) of this operatives were on strike from June 6 until shipping. Of the 1,179,000 tons on which no June 27 as a protest against wage reductions. work was being done, 735,000 tons were ac- On the latter date they returned to the mills counted for by actual suspension of building under an agreement providing for an immediate and 444,000 tons by delay in construction. reduction in list rates of 60 per cent (3s. lOd. in The same situation is brought out by a comthe pound on current wages) and a further parison of the ratios of tonnage under condrop of 10 per cent in list rates (7d. in the struction to tonnage finished in 1913 and 1920. pound on present wages) in six months. This In 1913 over 23 per cent of the tonnage under amounts to a 19 per cent decrease at the construction was completed during a given present time and a further small reduction quarter, while in the first half of 1920 this ratio six months from now. The agreement is for fell to 8^ per cent. Statistics of output are six months, but in addition three months7 not available in the cotton and woolen indusnotice must be given if either side desires a try, but in view of the well-known reduction in change. In other words, wages in the cotton working time in these industries, it is likely industry are adjusted until March of next that production has been very materially year. On July 13 an agreement affecting decreased, although not to the same extent as about a million men in the engineering trades in the iron and steel industry. was reached between the employers and the various federations involved. According to i British price, trade, and financial statistics will be found on p. 1020. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUGUST, 1921. FEDERAL RESERVE BULLETIN". 953 the terms of the agreement time-workers' rates and southern Scotland have suffered drought for will be reduced twice by 3s. per week (July 15 several months, June of this year being the and August 15) and pieceworkers7 rates will be driest since 1813. The wheat crop seems to reduced 7-J- per cent. The 12J per cent bonus have fared rather better than oats, barley, on total earnings in case of time-workers and 7J beans, or potatoes. The estimated crop for per cent in case of pieceworkers provided by this year in all the latter cases is appreciably the ministry of munitions during the war is below the 10-year average. still effective, but will be taken into considera- On July 5 the chancellor of the exchequer tion in September, when another meeting will announced a new conversion scheme to provide take place between the employers and the for the funding of short-term obligations falling engineers. There is considerable uneasiness due in the course of the next two or three years. as regards the prospects of agricultural workers. The new loan will mature April 1, 1929, and is Under the provisions of the corn production offered at 5^ per cent, issue price 97. This is act of 1917, minimum wages were established the third attempt that has been made in Engfor agricultural workers and a national wages land since the armistice to fund the semifloating board set up. The corn production repeal bill debt. The first was made in 1919, with the now under consideration by the House of Com- long-term 4 per cent funding and victory loans, mons does away with these provisions, how- and the second a few months ago in the 3^ ever, and it is thought likely that farm wages per cent conversion loan falling due in 1961. will be materially reduced as a result. Both of these loans were arranged mainly to Unemployment reached its peak in June. attract the private investor. The new financ- 23.1 per cent of trade-union members were ing scheme, on the other hand, is expected to out of work, excluding coal miners, and 17.8interest the business and banking community, per cent of the 12,191,000 workers in insured which is, after all, the group which holds shorttrades. Registration at public employment term obligations. Being of relatively short offices totaled 2,178,000 on June 24. Mean- duration, and offered at attractive terms, it is while the cost of living was practically hoped that the loan will be more successful unchanged, the index of the Ministry of Labor than the 3i per cent conversion loan, which registering 119 the 1st of July, as compared has provided for the funding of only an insigwith 119 the 1st of June (with the cost of nificant portion of the debt. living in 1913 estimated as 100). The urgent need for this new loan is to be The agricultural situation in England is not found in the condition of the Government good, although the condition of the farmer finances. As a result of the more or less unthere seems better than here. Prices of leading expected drains which have been made upon agricultural commodities have decreased very the treasury by the coal strike and the large much less strikingly there than here. In the deficits in railroad operations, expenditures following table prices of representative grades have been considerably larger than anticipated, of home-produced live stock and cereals in the with the result that it has become necessary two countries are compared. Such comparisons to raise funds by the new treasury bonds or are valuable for showing the trend in prices resort to more extensive borrowing at the Bank only. The grades of the commodities are soof England or larger sales of treasury bills. different as to make comparison of actual In the course of the last few months borrowing values in the two countries worthless. at the bank has been consistently reduced, but treasury bill sales have been so large that the CHANGES ii\T MARKET PRICES OF FARM PRODUCTS. total floating debt was £80,000,000 greater at the end of June this year than last. According to a statement of the chancellor, England. United States something like £20,000,000 was spent by the Post- 1921, Post- 1921, Government as a direct result of the coal Unit. war peak June Unit. j peak June strike. Ten millions of this will provide the price. pri3e. ! price. price. subsidy for the industry, and £7,000,000 was spent for armed forces during the strike. Cereals: s. d. s. d. Wheat.. 504 lbs.. 98 0 94 6 Bu ! S3. 025 $1.47 Railroad deficits for which the Government is Barley.. 448 lbs.. 136 11 80 104 Bu ! 1.725 .64 responsible have been very large since trade Oats.... 336 lbs.. 75 3 56 0 Bu 1.13 .37 Live stock: depression became acute, amounting to C H a o t g tl s e .. . . . . . C St w o t ne... 1 2 0 8 5 6 8| 1 9 8 7 5 4 f 1 1 0 0 0 0 l l b b s s . . . . I i 2 1 2 8 . .6 3 2 4 5 5 8 7 . . 1 5 2 5 £18,638,000 in April and May, the first two Sheep... Lb 25| 100 lbs..1 12.65 4.75 months of the financial year. Another large sum will be required to meet the obligations of The crop situation in Great Britain is unf avor the Government with regard to the cereal able because of lack of rainfall. England, Wales, price guaranty for 1921. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

954 FEDERAL RESERVE BULLETIN. AUGUST, 1921. On July 21 the discount rate at the Bank of The arrangements are in the main the same England was reduced to 5^ per cent. This is for both groups of countries. Instead of makthe third reduction in the rate in the course of ing advances to exporters up to 100 per cent of the past three months, the first occurring on the cost of the goods (according to the former April 28, when the rate was reduced from 7 to arrangement) guaranties are to be given up to 6^ per cent, and the second on June 23, when 85 per cent of the selling value of the goods. it was further reduced to 6 per cent. This has Securities were formerly required of the imled to a reduction in bank deposit rates from porter covering the entire amount of the draft, 5 to 3^, while rates on three-months bankers' but under the new arrangement a more liberal bills have declined from 6J-| the 1st of April policy is being followed and in some cases no to 4f-f on July 21. In the case of bankers7 security whatever is required. If loss is bills reductions occurred prior to the reduc- incurred as a result of this, it is to be shared by tion in the discount rate at the Bank of Eng- the Government and the exporter. land; the rate was continually weakening dur- The following clauses of the bill are the same ing March and April, while the first reduction for exports to British or foreign territories: in the bank rate did not occur until the end (1) The guaranty will be given to an extent not exceedof April. To a small extent this may have ing 85 per cent of the total amount of the bill of exchange been due to the fact that changes in the bank drawn against the shipment. The export credit department will decide the proportion to be guaranteed in each rate were anticipated and their influence discase, taking into consideration relevant circumstances counted in the money market. More import- such as current market values, the amount included as net ant, however, was the weakening in the market profit, and the security offered by the importer. demand. After the first reduction in bank (2) The department will not require the bills to be acrate, the rate on three-months7 bills hardened cepted before guaranteeing them, but— (a) In cases where no security is to be deposited, the defor a few weeks and then for the second time partment will require that the bills should be accomweakened. The following table shows the re- panied by a letter of guaranty of the importer's bank, cent changes in the rate at the bank, the rate which must be an approved bank, or by other satisfactory on three-months bankers7 bills, and the bank evidence, to the effect that they will be accepted. (6) In cases where security is to be deposited, the departdeposit rate: ment will require a letter of guaranty as aforesaid from the importer's bank to the effect that the bills will be accepted BRITISH DISCOUNT RATES. and that the stipulated security will be deposited immediately upon the first presentation of the documents to the Bank of Rate on Bank importer. England 3-months deposit (3) Recourse in event of default by the importer.—The discount bankers' rate. Government will have a first charge on all proceeds of the rate. bills. bill, and— (a) In cases where the importer puts up security deemed si Apr. 1. 7 sufficient to cover the whole amount guaranteed, the Gov- Apr. 29 ernment will have no recourse against the exporter. May 20. 6J June 24. 6 (6) In cases where the importer puts up security less July 21. 51 than that deemed sufficient to cover the whole amount guaranteed, the Government will retain recourse against The amendment of the overseas trade act, the exporter to the extent of half the difference between the amount guaranteed on the one hand, and on the other 1920 (which provides for credit advances to hand such amount, if any, as may be paid by the importer exporters by the Government), referred to in plus the amount deemed to be covered by the security (or the BULLETIN for June, has been in effect now which the security eventually realizes, whichever is the greater). for some weeks and the details of the new (c) In cases where the importer puts up no security, the scheme have been published by the Board of Government will retain recourse against the exporter to the Trade. According to the original plan extent of half the difference between the amount guaran- £26,000,000 were made available for advances teed on the one hand, and, on the other hand, such amount, if any, as may be paid by the importer. to exporters of manufactured or semimanufactured goods to the following countries: Fin- The type of securities to be furnished by land, Latvia, Esthonia, Lithuania, Poland, importers is more specifically described in the Czechoslovakia, Serb-Croat-Slovene State, case of the foreign countries than for the Rumania, Georgia, Armenia, Bulgaria, Austria, British Empire. These are— Hungary. By the new plan the Board of Security.—The following classes of securities will be con- Trade may guarantee drafts drawn against ship- sidered for the purpose of the scheme: ments to all parts of the British Empire as well (a) Bonds issued in accordance with the international as to the countries enumerated above, although credits scheme for the League of Nations (so-called Ter Meulen bonds). for the time being no guaranties will be made (b) Deposits of currency coupled with an approved guarin the case of India, Ceylon, and other sections anty for the maintenance of the currency deposited to of the Far East, since these countries are more cover any decline in the rate of exchange. In certain than adequately supplied with goods. cases the deposit of fixed amounts of currency might be accepted. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUGUST, 1921. FEDERAL RESERVE BULLETIN. 955 (c) Deposit of approved produce, approved Government financial market in the last two or three securities, or an approved banker's guaranty insuring due months. In May loans were floated by the payment in sterling at maturity. city of Albert and by the "Coal Operators of the (d) An undertaking by an approved British bank or British accepting house that the purchaser will find at North and Pas de Calais districts." In June maturity currency of the buying country to an agreed loans to the cities of Verdun and Rheims were amount. announced, and to the " French Sugar Industry (e) First charges on railways controlled by British com- in Reconstruction" (Groupement de Findustrie panies and under repair, equipment, and reconstruction sucriere francaise en reconstitution). Verby them when the first charge is limited to the amount required to provide import of goods for those purposes. dun asks for 55,000,000 francs, Rheims for The export credits department will be prepared to con- 120,000,000 francs, and the sugar industry for sider other proposals as to security which may be put 200,000,000 francs. Each of these loans will before them. mature in 30 years and pay 6 per cent interest In addition to making guaranties to indi- on the face value of the 500-franc bonds, wThich vidual exporters, the Government is prepared are being marketed at 475. The French Govto participate in the losses incurred by banks ernment guarantees the interest and capital of in export transactions with the same group of the bonds, which will be repaid with the funds countries. To quote: "His Majesty's Gov- accruing from German indemnity payments. ernment in consideration of an agreed premium On June 17 the French Parliament authorized will take a share not exceeding 70 per cent of the flotation of a 1,800,000,000 franc loan for any loss incurred by banks, etc., in respect of the city of Paris. The loan appears in 500 and such transactions, provided that the transac- 100 franc 5.75 per cent bonds; interest from tions comply with the conditions as to nature of August 8, 1921, to January 16, 1922, is being goods and nationality of exporters" as de- deducted from the purchase price; and a furscribed above. ther deduction is granted to holders of the 1917 No change is made in the amount of funds to and 1919 bonds of the city of Paris. In addibe available for export credits according to tion, there will be quarterly drawings at which the new scheme, but the duration of the ar- prizes amounting to 5,625,000 francs annually rangement has been extended. Originally it will be distributed. The sum realized from was provided that credits might be made up this loan will be used to repair public works to September, 1922. Taking renewals into which were neglected during the war, to build consideration, the scheme now may continue cheap dwelling houses, and to improve the until September, 1925. In addition to manu- sanitary condition of the city. factured and semimanufactured goods, coal The abundant supply of tax-exempt securialso may be exported under this arrangement. ties bearing interest at a fixed rate has had The safeguarding of industries bill is still a depressing effect upon industrial stocks in under consideration by the House of Commons, the French market within the last two or as are the railway bill and the corn production three months. Supposing that the four loans repeal bill. All of these measures—the first mentioned above as being floated in July are regarding the tariff, the second for the reor- subscribed in full, there will have been an addiganization of the railways, and the third for tion of almost 8,000,000,000 francs to the the removal of Government assistance for agri- capital invested in tax-exempt bonds from May culturalists—are all of first-rate importance to to July. About 5,000,000,000 francs went to the community from an economic point of the issue of two-year Treasury bonds, view. Arrangements have been made by 1,800,000,000 francs will go to the city of Paris, House leaders to finish work on the railway bill and about 1,200,000,000^ francs to the towns before August 15, as on that date, regardless of and industries of the devastated regions. this bill, the railroads will be returned to pri- This addition to the number of tax-exempt vate management. Some of them are in such securities also farther complicates the fiscal a precarious financial condition that they will situation in France, which is not altogether face bankruptcy unless this bill has been made satisfactory. June receipts from indirect taxes effective by that time. It is probable that the and Government monopolies amounted to House of Commons will likewise report upon 1,030,000,000 francs, or 104,000,000 francs less the other two bills in the course of the next few than budget estimates. The deficit for the weeks. half year amounts to 461,000,000 francs. FRANCE. There had been rumors for several months of the unsoimdaess of the Banque Industrielle The financing of reconstruction by means of de Chine, when it was finally announced in loans to individual towns and industries has June that the bank would fail unless the Govbeen one of the chief features of the French ernment intervened. Toward the end of the month it was decided that the Government 2 French price, trade, and financials tatistics may be found on p. 1020* Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

956 FEDERAL RESERVE BULLETIN. AUGUST, 1921. could not wisely interfere in the affairs of the The definitive figures on the 1920 crop yields bank and its doors were closed in Paris, Pekin, were published in June, and are compared and Yokohama on July 1. The continuance with those for 1913 and 1919 in the following of the Banque Industrielle de Chine is very table: important to French interests in the Orient, FRENCH CROP RETURNS. and a recent cable dispatch says that the [Yield in thousands of quintaux.] shareholders have decided to reorganize with the aid of the Chinese Government. The 1920crops Societe Centrale des Banques de Province also as announced its financial difficulties in June. Its 1913 1919 19201 compared with announced deficit for 1920 amounts to 53,000,- 1913=100. 000 francs. Its capital is 200,000,000 francs. In the case of both of these banks their finan- Wheat.. 86,919 49,654 64,482 74 Rye 12, 715 7,299 8,761 69 cial difficulties are attributed more to misman- Barley.. 10,438 5,000 8,357 80 agement than to the general business situation. Oats 51, 826 24, 536 42,208 81 Corn 5,431 2,534 3,878 71 Beginning with the 1st of August, France Potatoes 135, 860 77,305 116, 378 enters upon a regime of free trade in cereals i Not including the production of Alsace-Lorraine except in the case of The importation of foreign grain and buying and potatoes. selling of French grain will not be supervised The number of farm animals in France is by the French Government from this time on. increasing. Deliveries of animals by Germany The general agricultural situation has not and the efforts of French farmers themselves been satisfactory in France this year. During have perceptibly increased their number during June and most of July the weather was exthe last year, although there are not yet as cessively dry, and when the drought broke, many as there were in 1913. The increases in in the third week of July, the storms were so cows and beeves and in mules are most noticeviolent that serious damage was inflicted upon able. The following table gives the figures the crops in southern France. According to cable reports the vineyards were most seri- published in the Journal Officiel of June 3: ously affected, and a part of this year's grape NUMBER OF FARM ANIMALS IN FRANCE ON DECEMBER 31. crop was destroyed. It is reported, however, that the grapes remaining are of an unusually [000 omitted.] good quality. Because of the continued dry weather in the early summer the condition of 1920 figures most French crops on June 1, 1921, was less 1913 1919 1920 compared favorable than on the same date last year. The with 1913=100 following table, made public by the Department of Agriculture on July 5, gives indexes of crop Cows and beeves 14, 788 12, 374 13,217 89 condition in the two years: Horses 3, 222 2,413 2,635 82 Mules 188 167 181 96 Asses 356 303 298 84 Sheep 16,131 8,991 9,406 58 CONDITION OP FRENCH CROPS.1 Hogs 7,036 4,080 4,942 70 June 1, June 1, On July 28 the Bank of France lowered its 1920. 1921. discount rate from 6 to 5J per cent. The discount rate was last changed on April 8, 1921, Meadows... when it was increased from 5 to 6 per cent. Sugar beets Corn The note circulation of the Bank of France Potatoes... Vineyards.. decreased slightly during July, while the advances of the bank to the Government in- 1 100, very good; 80, good; 60, fair; 50, passable. creased, but in neither case were the changes very material. There was an increase of There are no recent official estimates upon 758,000 francs in the gold reserve during the the condition of the cereal crops, but current month. reports say that the winter cereals have not The general price level rose in France during been as seriously affected by the drought, and July. According to the index number of the that the wheat crop looks especially well. This General Statistical Office, the increase amounted fact is particularly encouraging in view of the to 2 per cent. The most pronounced gain was poor condition of other crops, and the fact that registered in the case of the " sugar, coffee, and last year's wheat crop, although better than cocoa" group of the index, while further dethat for 1919, was well below that for 1913. creases occurred in the case of minerals. Pig- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUGUST, 1921. FEDERAL, RESERVE BULLETIN. 957 iron prices declined at the end of June, but been definitely solved yet. At a cabinet meetthe lowest price quoted (200 francs per ton) ing early in June it was decided in principle to is still more than twice the price in 1913. restore wheat to the list of free imports and The decline of retail prices continues, but to allow trading in domestic wheat after not at a rapid rate. According to the retail August 1. But the situation this summer in price index of the French General Statistical regard to the price of wheat and its regulation Office the decline amounted to about 2 per cent is the reverse of that of a few months ago. in Paris during July. The quarterly index Government regulation and the bread subsidy, of retail prices by districts shows that retail with the financial burden which it implied, prices have not declined as much in France as were then necessitated primarily by the high a whole as they have in Paris. Prices in the cost of imported wheat, which was much north continue to be higher than in other above the price paid for requisitioned domestic sections of the country, although those in grain. Now, however, as a result of the Alsace-Lorraine are not far behind them. changes in the international wheat market, the The following table summarizes the movement rise of the lira, and the decrease of freight of the retail price index since its inception: charges, the price of imported wheat has fallen below the domestic requisition price. At RETAIL PRICES IN FRANCE X BY DISTRICTS. the end of June the price of American wheat was 120 lire per quintal c. i. f. Genoa, with prospects of a further decrease. The requisi- France.North. East. S e o a u s t t h . - C te e r n . - West. A L ls o a r c - e- tion price for the 1921 Italian crop, on the raine. other hand, was fixed at an average of 145 lire, which would require the Government to 1913,1st quarter 1,020 1,043 1,036 1,038 sell the domestic wheat to the provincial grain 1914, 3d quarter. 1,004 1,089 1,018 942 1,084 1920: consortia at about 150 lire, including expenses. 2 1s d t q q u u a a r r t t e e r r . . . . 3 3 , , 2 8 0 0 4 2 3 3 , , 2 9 9 5 9 9 3 3 , , 8 1 0 5 0 5 3 3 , , 8 2 7 2 6 8 3 3 , , 2 7 2 4 3 4 3 3, , 5 0 3 8 3 5 3 3 , , 0 8 9 5 2 3 As the Government is unwilling to allow 3d quarter.. 3,898 4,117 3,859 3,884 3,777 3,648 3,992 foreign competition to depress the price of 4th quarter. 4,519 4,693 4,456 4,522 4,423 4,345 4,530 1921: domestic wheat below the figure originally 1st quarter. 4.303 4,450 4,218 4,266 4,203 4,180 4,424 fixed for requisition, it has had under consider- 2d quarter.. 3^642 3,766 3,621 3,654 3,544 3,475 3,740 ation two alternative methods of handling this 1 Based on the prices of eleven foods, kerosene, and alcohol. problem, namely, either to restore import duties on grain, at the rate of 7.50 gold ITALY.3 lire, or about 25 paper lire, per quintal, or to purchase the domestic crop, and to bear the In the course of the month of June further loss resulting from the difference between the steps have been taken by the Government for price paid to producers and the market price. gradual removal of war-time control oyer the From the latest reports it appears that the distribution and price of foods. Thus, the Government has chosen the latter solution. exportation of cheese and vegetables has been While the requisition of grain is to be abolished, authorized within certain limits. The ration- the producers will be given the opportunity, ing of a number of articles of general consump- until August 31, of selling their crop to special tion, such as bread, paste, and maize, has been Government commissions at the original discontinued, and a decree is in preparation requisition price. The latter will distribute abolishing the rationing of sugar. Restrictions them below cost to the provincial consortia, on the sale of meat on certain days of the week which will continue in operation until the end have been removed, as well as those regarding of the year. Thus, while freedom of trade the number of courses to be served at restau- would be restored as far as imported grain is rants, and the hours which public eating places concerned, the political price of bread would may be open. Prices charged in restaurants, be maintained, this time for the benefit of the however, are still subject to the control of the agricultural producers. municipal authorities. All restrictions as to foreign exchange trans- The Government was to withdraw its con- actions have been removed by a decree of trol over the distribution of rye, barley, maize, June 9, 1921. The National" Institute for and oats, and to reestablish import duties on Foreign Exchange, which originally had mothese products, according to a law becoming nopoly rights to deal in foreign exchange, and effective July 1. The great problem, however, which since May, 1919, has functioned as a which confronts the Government is that of the controlling and supervising agency, will be control of the wheat supply, and it has not maintained for the immediate future, but merely as an organ of the Treasury for pay- 3 Italian price, trade, and financial statistics maybe found on p. ments to be effected abroad. 1021. 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958 FEDERAL RESERVE BULLETIN. AUGUST, 1921. Payment of the first installment of taxes The extraordinary budget contains the folunder the law for the confiscation of war lowing items to be paid on reparations account: profits (which became effective on April 2) Marks. was due on June 10. The law provides for the For deliveries of living animals 3, 000, 000, 000 confiscation of all annual profits realized from Compensation for delivery of ships 1, 500, 000, 000 August 1, 1914, to June 30, 1920, in excess of Value of the railways in the former Ger- 20,000 lire a year, after deduction has been man territories 1, 500, 000, 000 Sundry reparations payments 8, 600, 000, 000 made for ordinary income (average of 1913 and 1914), or of 8 per cent in the investment Total 14, 600, 000, 000 capital, whichever sum is larger. Amounts It does not include, however, the amount of contributed for social insurance, employees7 2,000,000,000 gold marks due this year, nor welfare, or charity may also be deducted. the equivalent of 26 per cent of the export A single return may be made for the entire trade, two sums which will total, it has been period, with a deduction of losses incurred variously estimated, from 42,000,000,000 to in any year. The tax is payable in 12 bi- 53,000,000,000 paper marks. monthly installments, but the minister of The revenues which will be available to finance may extend the payment over a longer meet Government expenditures are placed period, not to exceed five years. In view of at 58,959,000,000 marks, which leaves a the crisis now prevailing, the minister has deficit of 49,180,000,000 marks, not includgiven the local officials board powers for the ing the two sums last mentioned. Of the granting of such extensions. almost 59,000,000,000 marks of revenue, about The first step toward the enforcement of 54,750,000,000 marks will proceed from taxes the law of September 24, 1920, for the com- already in force, and 4,250,000,000 marks from pulsory registration of bearer bonds was made new taxes. The deficit in the current budget in June with the publication of the regulations is still being taken care of by discounting regarding the registering of bonds of private treasury bills through the Reichsbank. The corporations. This must be effected within floating debt which amounted to 184,000,000,- 6 months if the securities are held in Italy, 000 marks on March 31, 1921, had increased to and within 9 or 12 months, respectively, if 199,000,000,000 marks on May 31.6 The they are held in other European countries or funded debt has, however, decreased within outside of Europe. The regulations regarding recent months because of the return to the the registration of Government bonds are still treasury of Government bonds in payment of in preparation. war taxes and the emergency levy. The funded GERMANY.4 debt amounted to 85,899,000,000 marks on September 30, 1920, and to 78,350,000,000 One of the chief problems before the German marks on May 31,1921. Therefore the total debt Government at present is that of increasing tax of the-German Government stood at 277,000,receipts in order to meet ordinary Government 000,000 marks at the last of May of this year. expenditures and payments on reparations The continued use of treasury bills to finance account. On July 6 the chancellor, Dr. Wirth, Government operations further increased the outlined to the Reichstag the Government's burden of the Reichsbank during June. The proposals for certain taxes to meet ordinary following table shows the changes in the num- Government expenditures, but he left the ber of discounted treasury bills during the problem of raising the revenue to meet reparamonth and in the note circulation: tions payments until the Reichstag meets in the fall. Estimates of expenditures for the [In millions of marks.] year have been increased since the budget was first presented to the Reichstag, and at present j Reichsbank they read as follows: j I d h i o s l c d o in u g n s te o d f No la t t e i o c n ir . cutreasury bills. GERMAN GOVERNMENT EXPENDITURES, FISCAL YEAR 1927.5 May 31,1921. 62,954 71,839 Marks. June 7,1921. 60,416 72,145 Ordinary budget 48, 459, 000, 000 June 14,1921 67,541 71,884 Extraordinary budget: June 21, 1921 64,434 71,98 June 30,1921 79,608 75,321 Railway deficit 14,368,000,000 Post and telegraph deficit 4, 515, 000, 000 Other extraordinary expenditures... 40, 797, 000, 000 During this same period the number of Darlehnskassenscheine in circulation decreased Total 108,139,000, 000 e These figures represent the total floating debt. The figures which < German price, trade, and financial statistics may be found on p. are published every 10 days by the German finance minister and which 1021. appear on page 1021 of this issue of the BULLETIN represent only the dis- 5 Estimates of June 27. counted treasury bills which form the major part of the floating debt. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUGUST, 1921. FEDERAL. RESERVE BULLETIN. 959 802,000,000 marks. There was therefore a figures supplied by the Disconto-Gesellschaft, net increase in the paper money in circulation Berlin: of about 2,680,000,000 marks. The effects of the inflation which went on Berlin exchange on— during 1920 are seen in the reports of the eight " great banks " for that year, which were New London. Switzer- York. land. published during June. During 1920 there were many absorptions of small banks by Marks to the... Dollar. s P te o r u li n n d g. f S r w an i c s . s these larger ones and the Deutsche Bank, the Disconto-Gesellschaft, the Commerz-und-Pri- Par 4.19 20.43 0.81 vat Bank (an amalgamation of the Commerz- 1921. May 31 63.25 244.50 11.00 und-Disconto Bank and the Mitteldeutsche June 7 66.30 251.00 11.31 Privatbank), the National Bank fur Deutsch- June 15 69.73 262. 50 11.67 June 23 71.57 268.50 12.01 land, and the Mitteldeutsche Creditbank all June 30 75.15 280.75 12.62 increased their capital. The increase in monetary values which took place throughout the The depreciation of the mark in terms of year tended to make profits large and increased foreign currencies had its usual effect upon the the dividends declared by the banks. The fol- prices of stocks and bonds, and the Bourse lowing table gives the rate of dividends declared index of the Frankfurter Zeitung rose perin 1919 and 1920 by each of these banks: ceptibly until it stood at 189 on July 9 or 11 ; per cent above its level a month earlier. DIVIDENDS OF THE GREAT GERMAN BANKS. The weekly cost of living for a family of four in Greater Berlin was estimated as 285 marks \ 1919 1920 at the end of May. At the end of June it was i 311 marks, and the index published for Frank- Per cent. Per cent. furt-am-Main shows a similar increase. Deutsche Bank . . 12.0 18.0 Disconto-Gesellschaft 10.0 16.0 The Reichswirtschaftsministerium, in coop- Dresdner Bank 9 0 12.5 Darmstader Bank .... 8.0 10.0 eration with some of the other Government Berliner Handels-Gesellschaft 10 0 12.5 departments, has prepared a complete report Comrn.erz-ixnd-Privat Bank 9.0 12.0 National Bank fiir Deutschland ! 7 0 10.0 upon the economic condition of Germany in Mitteldeutsche Credit Bank | 8. 0 10.0 1920 as compared with the period before the i 9.1 13.4 war. This report estimates that the population of Germany in 1920 was 61,000,000 per- Prices increased in Germany during June, sons, as compared with 64,930,000 in 1910. and the wholesale price index of the Frank- This decrease is due to the loss of territory, war furter Zeitung rose from 1,376 to 1,467. (It casualties, a decreased birth rate, and increased should be noted that at the 1st of June the death rate. The death rate from tuberculosis Frankfurter Zeitung revised its all-commodi- is particularly serious. It rose from 15.7 to ties index number for the middle of 1914 from 27.1 from 1913 to 1919. The description of the 9.10 to 9.23, using January 1, 1920, as a base. present population by age groups shows the This change is small in itself, but it alters the decline in the birth rate very strikingly. In subsequent index numbers when they are re- 1910, 14.3 per cent of the population were computed using the 1914 index as a base.) under 6 years of age; in 1920, only 8.5 per cent During March and April there seems to have of the population fall into that age group. been very little change in German prices. In the matter of agricultural production there The price index for March 5 was 1,419, that for have been marked reductions. The following April 2, 1,410, and for May 7, 1,428. In May table gives the area sown to various crops, and there was a pronounced drop, and the index the yield. The reduction in yield per hectare fell to 1,376 on June 4, while in June there was is due to the decreased use of fertilizer. a reversal of the movement and an increase to 1,467 on July 2. Among the commodities to CROPS IN GERMANY. increase in price were corn, peas, beans, linseed, Area Yield | Total yield copper, tin, zinc, lead, nickel, antimony, silver, (in thousands (in tons per (in thousands of hectares.) hectare). j of tons). coal, cotton, cotton yarn, cotton cloth, silk yarn (organzine), hides, and skins. Part of the 1913 1920 1913 1920 1913 1920 price increases were due to the decline in the exc p h a a y n m g e e n v ts a l t u o e t o h f e t a h l e li e m s a o r n k , r w ep h a ic ra h t i r o e n su s lt a e c d c o f u ro n m t. B Fo re ra a g d e g c r r a o in p s s 7 5, ;2 3 8 6 6 2 5 4 , , 8 4 6 4 5 2 1 1 . . 8 9 2 8 1 1 . . 2 5 6 0 ! ! 1 1 0 3 , , 6 2 0 0 0 0 7 6, , 7 4 0 0 0 0 Potatoes 2,863 2,460 14.1 12.0 ! 40,300 28,200 The following table, which shows the trend Sugar beets !468 329 30.6 24.5 ; 14,300 8,100 of exchange during the month, is taken from 1 1914. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

960 FEDEKAL EESERVE BULLETIN. AUGUST, 1321. A similar reduction has taken place in coal dustry is still handicapped by the competitive production, which has declined from 190,100,- exchange advantage of Finnish manufacturers. 000 tons in 1913 (including Alsace-Lorraine The effects of the economic depression are and the Saare) to 130,900,000 tons in 1920 (ex- reflected in the number of manufacturers and cluding Alsace-Lorraine and the Saare). Ex- exporters represented at the Fourth Annual ports of coal in 1920 amounted to only 21,- Industrial Fair which opened at Gothenburg 200,000 tons, as compared with 43,300,000 on July 4. Although this was the first offitons in 1913. On the other hand, lignite pro- cially recognized national fair, the registration duction has increased from 87,200,000 tons in of exhibitors, according to Dagens Nyheter, 1913 to 110,900,000 tons in 1920. amounted only to about 450 as compared with For the territories now included within Ger- an enrollment of 1,000 in 1920. Sweden's man boundaries iron production in 1913 islarge, internationally known producers showed estimated at 11,500,000 tons for the year, or a considerable falling off in representation, 960,000 tons per month, and in 1920 is placed while the small and medium sized industries between 400,000 tons and 500,000 tons month- were well represented. Although the attendly. The loss of Luxemburg and Lorraine has ance of buyers at the fair was below that of of course been very important in this connec- previous years, orders were placed on a reasontion, but production has also been retarded ably large scale. by lack of coal. Railway statistics indicate that distribution The German potash industry has also is slacker than at any time since the depression changed greatly because of the war. The fol- set in. According to a recent report of the lowing table gives production and sales of pot- State railways, the volume of freight traffic ash in Germany: moved during May dropped to 422,600 tons, the lowest figure for many years. The freight [In millions of tons-1 transported in the corresponding month of 1913 amounted to 803,100 tons and in April, p P r t o o io t d a n u s . c h - p S o al t e a s s h o . f 1920, to 923,700 tons. FREIGHT CARRIED ON STATE RAILROADS. 1913, including Alsace-Lorraine 1,326 1,110 [In thousands of tons.] 1913, excluding Alsace-Lorraine 1,285 1,069 1919 932 812 1920 1,297 924 1913 1920 1921 Since exports, upon which the industry January 733.5 894.5 608.0 largely depends for its profits, have greatly February 855.5 968.2 713.7 March. /. 832.8 1,140.7 667.3 fallen off, the report says that many of the .April 905.2 981.7 576.3 potash mines have restricted their production M Ju a n y e 8 7 0 8 3 7 . . 1 4 9 9 2 4 3 4 . . 7 8 422.6 this year. July 880.8 1,101. 9 A ugust 820.6 1,091.7 SWEDEN.7 September 822.0 993.7 October 964.8 1,042.8 Recent dispatches from Sweden indicate November 885.0 1,013.8 December 671.1 792.8 that no real advance in industrial or commercial activity has taken place during the past There is no improvement apparent in the month. Tne demand in the paper-pulp market labor situation. The Swedish Social Board has not improved in spite of drastic price cutting. estimated the total number of unemployed in Although a complete shutdown of the pulp mills May at 60,000. In April 20,000 received State has not occurred in Sweden as in Norway, the aid, as compared with 10,000 in February. reduction in output by the cellulose-pulp mills The number of trade-union members out of during the past five months is estimated at work in May amounted to 25.2 per cent of the about 185,000 tons, and the present lethargy total enrollment. of the market necessitates a continued cur- The latest crop reports, on the other hand, tailment of production throughout the sumindicate that the agricultural situation as a mer. In the case of the lumber industry, it is whole is promising. In certain sections crops anticipated that the settlement of the coal were menaced by drought, but a timely rainstrike will have a stimulating effect upon Britfall prevented serious damage, and a good harish demand. The recent improvement in vest is anticipated throughout most of Sweden. French and Belgian exchange is also looked upon as favoring a revival of demand in the During June the wholesale price index of the continental market, although the lumber in- Svensk Handelstidning remained unchanged. Group index numbers for building materials, metals, oils, and animal foods continued their ' Swedish price, trade^ and financial statistics may be found on p. 1022, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUGUST, 1921. FEDERAL, RESERVE BULLETIN. 961 steady decline. Prices for textiles and raw BANKS CLOSED. materials for agriculture again decreased after Scandinavian-American Bank, Seattle, Wash, a rise in the previous month. An upward Denison Bank & Trust Co., Denison, Tex. movement took place in June in the indexes CHANGE OF NAME. for vegetable foods, hides and leather, and coal. The Bridgeport Bank & Trust Co., Bridgeport, Ohio, to the Bridge- Following the same policy as that of other port Bank Co. central banks, the Riksbank lowered its rate on July 6 to 6 per cent. The gold holdings of Fiduciary Powers Granted to National Banks. the Riksbank during June remained unchanged, while the note circulation, which declined dur- The applications of the following banks for permission ing May to the lowest point since July, 1918, to act under section 11 (k) of the Federal Reserve Act increased by 27,000,000 kroner. The loans and have been approved by the Board during the month of July, 1921. discounts of the joint stock banks continued to contract. As a result of the appreciation DISTRICT NO. 1. in a majority of foreign currencies, the index Trustee, executor, administrator, registrar of stocks and bonds, guardian of estates, assignee, receiver, and committee of estates of lunatics: of the exchange value of the Swedish krona Fall River National Bank, Fall River, Mass. abroad during May registered 123.3, a decline DISTRICT NO. 2. of 2 points from the preceding month. Trustee, executor, administrator, registrar of stocks and bonds, guardian of estates, assignee, receiver, and committee of estates of lunatics: Ossining National Bank, Ossining, N. Y. State Banks and Trust Companies Admitted. DISTRICT NO. 3. The following list shows the State banks and trust Trustee, executor, administrator, registrar of stocks and bonds, guar: companies which have been admitted to membership in dian of estates, assignee, receiver, and committee of estates of lunatics- Monroe County National Bank, East Stroudsburg, Pa. the Federal Reserve System during the month of July, 1921. DISTRICT NO. 4. One thousand six hundred and three State institutions are now members of the system, having a total capital of Trustee, executor, administrator, registrar of stocks and bonds, guardian of estates, receiver, and committee of estates of lunatics: $582,622,205, total surplus of $529,548,526, and total Second National Bank, Ashland, Ky. resources of $9,915,848,720. Registrar of stocks and bonds: Farmers' Deposit National Bank, Pittsburgh, Pa. DISTRICT NO. 5. Trustee: Commercial National Bank, Charleston, S. C. Trustee, executor, administrator, registrar of stocks and bonds, guar- District No. 3. dian of estates, assignee, receiver, and committee of estates of lunatics: Peoples National Bank, Pulaski, Va. Carlisle Trust Co., Carlisle, Pa. ! $150,000 ! $150,000$2,246,786 Registrar of stocks and bonds: The Flat Top National Bank, Bluefield, W. Va. District No. /h DISTRICT NO. 7. Dollar Savings Bank Co., St. Clairsville, Ohio 50,000 32,000 705,023 Trustee, executor, administrator, registrar of stocks and bonds, guardian of estates, assignee, and receiver: District No. 7. Griswold National Bank, Griswold, Iowa. Trustee, executor, administrator, registrar of stocks and bonds, guar- Farmers & Merchants State Bank, Sebe- dian of estates, assignee, receiver, and committee of estates of lunatics: waing, Mich 25,000 6,250 348,632 Citizens National Bank, Grhmell, Iowa. The Blanchard State Bank, Blanchard, First National Bank, Darlington, Wis. Mich 25,000 5,000 212,905 South Side Trust & Savings Bank, Chicago, 111 300,000 100,000 6,653,905 DISTRICT NO. 8. Trustee: District No. S. First National Bank, Greenwood, Miss. I Citizens Bank of Cabool, Cabool, Mo I 25,000 25,000 500,040 DISTRICT NO. 10. District No. 9. ! Trustee, executor, administrator, registrar of stocks and bonds, guardian of estates, assignee, receiver, and committee of estates of lunatics: Kenyon State Bank, Kenyon, Minn j 50,000 12,000 740,013 First National Bank, Bartlesville, Okla. District No. 12. \ Hazelton State Bank, Hazelton, Idaho.. | 25,000 5,700 I 199,456 Steiwer & Carpenter Bank, Fossil, Oreg.j 100,000 5,000 506,733 Acceptances to 100 Per Cent. State Bank of Richmond, Richmond, ! Utah 25,000 12,500 214,169 Selah State Bank, Selah, Wash 30,000 6,000 356,171 Since the issuance of the July BULLETIN the following bank has been authorized by the Federal Reserve Board to accept drafts and bills of exchange up to 100 per cent LIQUIDATION. of its capital and surplus: The State Bank of Bloomington, 111. Bridgeport Trust Co., Bridgeport, Conn. McCornick & Co., Bankers, Salt Lake City, Utah. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

962 FEDERAL RESERVE BULLETIN. AUGUST, 1921. Commercial Failures Reported. New National Bank Charters. The wide margin of increase in failures over last year's The Comptroller of the Currency reports the following relatively low mortality continues in evidence, the 917 increases and reductions in the number and capital of commercial defaults reported to R. G. Dun & Co. during national banks during the period from June 25 to July 29, three weeks of July comparing with only 384 insolvencies 1921, inclusive: for the same period of 1920. The returns for June, the latest month for which complete statistics are available, disclose 1,320 failures, involving $34,639,375 of liabilities. Banks. Amount. In point of number there is a sharp contrast with the 674 defaults of June, 1920, but the liabilities then closely approximated $33,000,000. Excepting in April, insol- New charters issued to vencies have decreased in number in each month of the With capital of $4,185,000 Restored to solvency current year, but all of the 12 Federal Reserve districts With capital of 6 report more failures for June than for the corresponding Increase of capital approved forl month of 1920. In the second, eighth, and twelfth dis- With new capital of 1,785,000 Aggregate number of new charters, banks restored tricts, however, the liabilities are less than in June last to solvency, and banks increasing capital 29 year, and notably so in the second and twelfth districts. With aggregate of new capital authorized 5,970,000 Number of banks liquidating Failures during June. C N a u p m it b a e l r o f o f s a b m an e k b s a r n e k d s u cing capital2 v ***966,*666 Reduction of capital 100,000 Number. Liabilities. Total number of banks going into voluntary or in- Districts. 1921 1920 1921 1920 Agg v gg o rr l ee u gg n aa t tt a ee r y cc y aa l pp iqq iitt u aall i d rr a ee t dd io uu n cc tt o iioo r n n reducing capital 1, 060,000 Consolidation of national banks under the act of Nov. 7, 1918 First 136 55 $2,546, 879 783,684 Capital ""966," 666 Second 232 164 4, 736,685 218,230 Third 71 26 1,939,408 219,092 The foregoing statement shows the aggregate of in- Fourth 98 65 4,744, 487 975,973 creased capital for the period of the banks em- Fifth 82 37 1,478,512 314,156 braced in statement 5,970,000 Sixth 130 30 3, 522, 511 459, 562 Against this there was a reduction of capital owing Seventh 140 69 4,476,283 2,742, 755 to liquidations, etc 1,060,000 Eighth 102 34 1,974,278 2,283,002 Ninth 31 21 454,553 306,250 Net increase. 4,910,000 Tenth 73 22 4,764,647 281,255 Eleventh... 105 35 2,588, 787 278,668 Twelfth 120 116 1,412,345 128,338 1 Includes one increase in capital of $175,000 incident to consolidation under act of Nov. 7,1918. Total. 1,320 i 674 34,639,375 32,990,965 2 Includes one reduction in capital of $100,000 incident to a consolidation under act of Nov. 7, 1918. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUGUST, 1921. FEDERAL KESERVE BULLETIN. 963 RULINGS OF THE FEDERAL RESERVE BOARD. Permission granted to member banks to apply for discounts the association agrees to pay to each producer of eligible paper acquired from nonmember banks. the average price realized by the association upon the resale of the commodity in the pool Section 19 of the Federal Reserve act proto which the producer has contributed, less a vides in part that— proportionate part of the association's ex- No member bank shall act as the medium or agent of a penses. The commodities are to be stored in nonmember bank in applying for or receiving discounts warehouses independent of the association and from a Federal Reserve Bank under the provisions of this act, except by permission of the Federal Reserve Board. negotiable warehouse receipts issued therefor. The question upon which the Federal Reserve As announced in a letter sent by the Board Board was asked to rule is whether drafts to all Federal Reserve Banks, the Federal Redrawn by such associations against these wareserve Board has given general authority to house receipts will be eligible for acceptance member banks to apply to their respective by member banks and whether after accept- Federal Reserve Banks for discounts of eligible ance the drafts will be eligible for rediscount paper acquired by such member banks from by Federal Reserve Banks. nonmember banks, such authority to be Section 13 of the Federal Reserve act proeffective until withdrawn by the Federal Revides that— serve Board. The extent to which the respective Federal Reserve Banks will entertain Any Federal Reserve Bank may discount acceptances such application is, of course, a matter of of the kinds hereinafter described, which have a maturity at the time of discount of not more than three months' policy for the determination of the officers of sight, exclusive of days of grace, which are indorsed by each bank. at least one member bank. Any member bank may accept drafts or bills of exchange drawn upon it having not more than six months' sight to Bankers' acceptances drawn by cooperative marketing run, exclusive of days of grace, * * * which grow out associations against warehouse receipts covering agri- of transactions involving the domestic shipment of goods, cultural commodities. provided shipping documents conveying or securing title are attached at the time of acceptance; or which are se- The Federal Reserve Board was recently cured at the time of acceptance by a warehouse receipt requested to rule upon the eligibility of bank- or other such document conveying or securing title coverers' acceptances drawn by cooperative mar- ing readily marketable staples. keting associations against warehouse receipts The Federal Reserve Board is of the opinion covering nonperishable agricultural commodi- that a draft drawn by an association operating ties. The Board understood the facts upon under the plan described above is eligible for which the request for a ruling was predicated acceptance by member banks when secured at to be as follows: the time of acceptance by a warehouse receipt The associations are corporations organized of the kind referred to in the above statement without capital, and their members consist of facts, and that after acceptance such a draft exclusively of producers of the particular crop will be eligible for rediscount by Federal Rewhich that association is organized to market. serve Banks, provided it complies in all Each producer, as a condition of membership respects with the regulations of the Federal in the association, signs a standard form of Reserve Board. agreement under the terms of which he agrees The law requires that a warehouse receipt, to sell and deliver his crop to the association. in order to be the basis of an eligible banker's This agreement provides in substance that i acceptance, shall be a document "conveying title to the commodity so delivered shall pass or securing title covering readily marketable to the association at the time of delivery, that staples." There is no question but that the the transaction between the producer and the I warehouse receipts described in the above association is a sale, and that the association j statement of facts comply with this requireshall have absolute control over the com- I ment of the law, since, according to that statemodities delivered with the unqualified right ment, they are negotiable warehouse receipts to resell or hypothecate. The price at which covering readily marketable staples, the absothe commodity is sold by the producer to the lute and unqualified ownership of which has association is not fixed at the time of that been conveyed to the association. The Board sale, but the agreement provides that all of the has not, however, undertaken to examine the commodities delivered to the association shall forms of agreements entered into between the be pooled according to grades and resold, and associations and their members, but assumes Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

964 FEDEBAL KESEBVE BULLETIN. AUGUST, 1921. that these agreements have the legal effect acceptances for rediscount by Federal Reserve which they are stated to have. If, in a par- Banks and particularly to subdivision (b) (3) ticular case, any question should arise as to of that section. This subdivision relates to the proper construction of any such agreement, acceptances against warehouse receipts and that question would be primarily for the deter- other similar documents covering readily marmination of the banks against which the drafts ketable staples, and prescribes under what cirare drawn and the Federal Reserve Banks to cumstances it is proper for the accepting bank which the acceptances are offered for redis- to release the original documents. count. It should be understood, of course, that a In the letter presenting the question to the Federal Reserve Bank is under no obligation Board it was stated that "the acceptances will to rediscount an acceptance offered to it, even probably be 90-day acceptances, with an agree- though the acceptance is technically eligible ment for one or possibly two renewals, depend- for rediscount. It is the function of a Federal ing upon the commodity/7 In connection Reserve Bank, when eligible paper is offered with this statement the Board desires to point to it, to determine in the exercise of its sound out that a member bank can not accept an discretion whether the paper is desirable as an original or renewal draft unless it is drawn in investment for the bank. compliance with the terms of section 13 of the Federal Reserve Act, and consequently a member bank can not agree unconditionally to accept a renewal draft but can agree only to ac- Notes of irrigation companies are not agricultural paper. cept in the event that the renewal draft is eligible for acceptance under the terms of the As indicated in the ruling published on page law. 949 of the September, 1920, BULLETIN, the Furthermore, the Board has ruled that where Federal Reserve Board is of the opinion that it is known that a six months7 credit is required the business of an irrigation company in selling it is improper to draw two 90-day acceptances supplies of water to its customers is a " comin order to make them at all times eligible for mercial77 rather than an "agricultural77 busirediscount by Federal Reserve Banks, and that ness, as those terms are used in section 13 of in such a case the original acceptance should the Federal Reserve Act. The fact that the be drawn for the full six months7 period. If, irrigation company7s customers consist entirely however, at the time the original acceptance or for the most part of farmers does not make is drawn it is reasonable to anticipate that the the business of the company an agricultural transaction will be liquidated within a period business any more than the fact that a country of three months, a 90-day acceptance may be merchants customers are farmers makes that issued in the first instance, and a renewal merchants business an agricultural one. acceptance may be issued at the end of the A note of an irrigation company can not, 90-day period, if, because of abnormal or therefore, be classed as agricultural paper and unforeseen developments, liquidation has not can not be eligible for discount by Federal been completed at that time. The Board Reserve Banks with a maturity in excess of understands that it is reasonable to anticipate 90 days, but a farmer7s note given to an irrithat the sale and liquidation of the commodi- gation company in payment for a supply of ties held by the associations at any given time water which has been or is to be used for will be completed within 90 days from that current agricultural purposes is a note which time. If this is so, there is no objection to the has been issued by the farmer for an agricultural issuance of 90-day acceptances in the first purpose and may, therefore, be eligible for instance. discount with a maturity not in excess of six The Board desires to call attention to section months, provided, of course, it complies in B of the Board's Regulation A, series of 1920, other respects with the provisions of the law which deals with the eligibility of bankers7 ' and the regulations of the Board. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUGUST, 1921. FEDERAL RESERVE BULLETIN. 965 PRICE MOVEMENT AND VOLUME OF TRADE. WHODESALE PRICES IN THE UNITED STATES. During July wholesale prices in general changed very little, but the tendency appears to have been upward. The all-commodities index number of the Federal Reserve Board shifted from 139 in June to 141 in July. Raw materials as a whole were relatively stable. According to the recomputation of the index number of the Bureau of Labor Statistics, agricultural products declined from an index number of 125 in June to 122 in July. Animal products (including wool and hides) increased from an index of 102 to 109, forest products decreased from 204 to 203, and mineral products from 182 to 177. Producers' goods continued to decline in price because of reductions in metal products which are of particular importance in this group. Increases occurred in prices of consumers' goods. With the increase in the stability of the prices of our important raw materials, the index of "goods exported" remained unchanged. Imports showed a certain amount of stability also, the index shifting only from 102 in June to 103 in July. In the first table below is presented the compilation of the Federal Reserve Board, which contains index numbers for certain groups of commodities as well as for prices in general.1 The table following 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. [Average price for 1913=100.] Date. pr G od o u o c d e s d. im G p o o o r d te s d. ex G p o o o rt d e s d. ma R te a r w ials. Pr g o o d o u d c s e . rs' Co g n o s o u d m s e . rs'! m A o ll d c it o i m es - . 1919, average. 209 174 214 209 198 207 206 1920, average - 236 191 227 235 237 229 233 1920, July.... 253 208 248 249 251 250 250 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 July 144 103 122 134 136 152 141 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 producers' goods 29, and the consumers' goods 22. The "all commodities" index is obtained by combining the group indexes of domestic and foreign goods. It consists of 90 different quotations. The quotations are obtained from representative trade journals and private firms. About half of them are the same that are used by the Bureau of Labor Statistics in its larger compilation of prices and are furnished to the Board by that bureau. 8 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

966 FEDERAL RESERVE BULLETIN. AUGUST, 1921. ilsiDEX NUMBERS OF WHOLESALE PRICES IN THE UNITED STATEJ5 1919 — 1921 AVERAGE PRICE LEVEL OF 19K\ - 1OO I 1 i ........— .a ft I H MATERiALS 280 — — — PR DC ftArthC 280. GOODS EXPORTED CONSUMERS GOODS 260 'P M V 260 \V 240 1J /••*% \ \ • t• 240 220 i \ \ 220 / \ 200 \ \ \ \ *'y^ 200 i it \A 180 180 \ \ V 160 160 \ \ 140 \ 140 \ \ 120 120 V 100 100 80 80 60 I, ,i i t • i 1 I 60 J. A. S. 0. N. D J. F. MA.M.J.J. A.SO.N.DJ.FM A.M. J. J. A.S.O, N.D. J. AS0. N. D J. F. MA. M. J. J. A. S0. N. D. J. F. MA.M.J.J. A.S O.N.D YEAR 1919 1920 1921 1£M9 1920 1921 YEAR 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. AH commodities Year and month. Agricul- Animal Forest Mineral Total raw Pr g o o d o u d c s e . rs' Co g n o s o u d m s e . rs' L (B a u b r o e r a S u t o a f products. products. products. products. materials. ti n st u i m cs b i e n r d ) e . x 1920. July 287 184 359 256 258 251 272 262 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 July 122 109 203 177 145 131 153 148 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 the Age. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUGUST, 1921. FEDERAL, RESERVE BULLETIN. 967 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 e d an li s n . g, n W o M r h t i h n e e a n r t e n , a N p s o p o l r . i i s 1 n . , g, W r h e 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 i t c k i a e v g r e o s, . Year and month. p A b ri v u c e s e h r a p e g l e . e r p R t r e i i l v c a e e - . p A p r v i o c e u e r n a p d g e . e r R p t r e i i v l c a e e - . p A b ri u v c e s e h r a p e g l e . e r p R t r i e i v c la e e - . p A b ri v u c e s e h r a e p g l e , e r | p R t r i e i v c la e e - . p A p r o v ic u 1 e e 0 n r 0 a d p g s e e . r p R t r i e i v c l e a e - . p A p ri o v c e u e r n a p d g e . e r p R t r i e i v c la e e - . 1913. $0.6155 100 $0.1270 100 SO.8735 100 $0.9863 100 $8.5072 100 $0.1839 100 1919. 1.5S00 257 .3185 251 2.5660 294 2.5370 ! 239 17.4957 206 . 3931 214 1920. 1.3968 227 .3301 260 2. 5581 293 2.5225 ! 256 14.4856 170 .3122 170 1920. June.. 1.8390 299 .4030 317 2.9000 332 2.8950 294 15.0313 177 .3410 185 July.. 1.5388 250 .3950 311 2.8313 324 2.8050 284 15.3813 181 .2944 160 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 9.3.125 109 .1363 74 March...'.. .6180 100 .1105 87 1.6135 185 1.6798 170 9. 5625 112 .1150 63 April . 5547 90 . 1116 1.4059 161 1.3869 141 8. 7188 102 .1013 55 May .6090 99 .1178 1.4923 171 1. 5680 159 8.4250 99 .1188 65 June .6075 99 .1101 1.4994 172 1.4384 146 8.0938 95 . 1395 76 July .6019 .1147 1.4384 165 1.2291 125 8.4063 .1388 75 Ho C g h s i , c a l g ig o h . t, W gra o d o e l s , , O s h co io u , r e i- d f , Hem Y lo o c r k k , . New Ye f l l l o ow or i p n i g ne r C un o a o l f m b m it e u > m f • i n °- o b u - s, P C o s o p c a o l a , h t b o a i n t t u t m a m s i , i n f n e . o o s u . , b s . , eastern markets. New Yolk spot at mines, Columbus. j\ew lorjc. j Pittsburgh. Year and month. Average p A p r o v ic 1 u e e 0 n r 0 a d p g s e e . r p R t r e i i v l c a e 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 - . p A M ri v c e e f r e a p e g t e . e r p R t r i e i v c la e e - . m pr M t a i u n c r e u f e e f d p e a . e t c r - p R t r i e i v c la e e - , j s p A h r v i o c e r e r t a t p g o e e n r . p R t r i e i v c l e a e - . s p A h r v i o c e r e t r a t p o g e n e r . p R t r i e i v c l e a e - . 1913. $8.4541 100 $0.4710 100 $24.2273 100 $44.5909 100 i $1.3200 100 • $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. 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 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 June 8.2500 98 .4909 104 41.0000 169 91.0000 204 1.9000 144 3.4250 218 July 10.2000 121 .4909 104 37.5000 155 91.0000 204 2.075 157 3.2000 204 I s C to o v a t e l i , d , a e N n w e th a w r te a Y r c . i o t r e k , , v C il o l k e e , , a C t o fu n r n n e a ll c s e - . C e N o l p e e p c w e t r r o , Y l i y o n t r g i k c o . , t, d N L es e e i w a lv d e , Y r p i o z i r g e k , d . , Pe P t e ro n a l n t e s w u y m e lv l , l a s c n . r i u a d , e, S P h M e ig a a n t h a ir o n f o u n g n r o i , n n g a b V c a a a e s l . n i l c e d , y, Year and month. Rela- Average Rela- Average Rela- Average Rela- Average Rela- Average Relaprice per tive price per tive price per tive price per tive price per tive price per tive long ton. price. short ton. price. pound. price. pound. price. barrel. price. long ton. price. 1913 , $5.0613 100 $2.4396 100 $0.1573 100 $0.0440 100 $2.4500 100 $14.7058 100 1919 8.1639 161 4.7375 194 .1911 122 . 0578 131 4.1346 169 27.6971 188 1920 9.4265 186 10. 8153 443 .1797 114 184 5.9750 244 42.2692 287 1920. June 9.3672 185 14.3000 .1900 121 193 6.1000 249 44.0000 299 July 9.4580 187 14.3750 589 .1900 121 .0860 195 6.1000 249 45.7500 311 1921. January 10.6373 210 5.5313 227 .1288 .0497 113 5. 7750 236 30.0000 204 February 10.6382 210 5.1875 213 .1288 .0468 106 4.1875 171 27,5000 187 March 10.6382 210 5.0000 205 .1223 .0405 92 3.0000 122 24.2000 165 April 10.1380 200 3.7188 152 .1247 .0428 97 3.1875 130 22.8750 156 May 10. 2910 203 3.3250 136 .1283 .0495 113 3.3500 137 22.0000 150 June 10.3900 205 3.0938 127 .1284 .0451 103 2.6250 107 20.7500 141 July , 10.5048 208 2.9063 119 .1253 .0440 100 2.2500 92 19.3750 132 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

968 FEDERAL RESERVE BULLETIN. AUGUST, 1921. AVERAGE MONTHLY WHOLESALE PRICES OF COMMODITIES—Continued. 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 Rela- Average Rela- Average Rela- Average Rela- Average Relaprice per tive price per tive price per tive price per tive price per tive price per tive pound. price. pound. price. long ton. price. pound. price. long ton. price. pound. price. 1913 $0.2213 100 $0.2821 100 $25.7892 100 $0.0148 100 $30.0000 100 $0.7767 100 1919 .5340 241 .5283 187 40. 5385 157 .0271 183 49.2642 164 1.6274 210 1920 .6245 282 .5342 189 56.2596 218 .0328 222 53.8269 179 1.8250 235 1920. June .7299 330 .5700 202 60.0000 233 .0355 240 54.5000 182 2.0000 258 Julv .7009 317 .5700 202 62. 5000 242 .0338 228 54. 5000 182 1.7500 225 1921. January .2878 130 .4000 142 43. 5000 169 .0265 179 47.0000 157 1.1500 148 February . 2775 125 . 3S00 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 Mav .2491 113 .3700 131 37.0000 143 .0220 149 47.0000 157 1.2500 161 June .2545 115 .3700 131 37.0000 143 .0195 132 47.0000 157 1.2000 155 July .2411 109 .3500 124 32.2500 125 .0185 125 47.0000 157 1.1500 148 1 On Toledo market, average for last six months of 1913. Flour, wheat, st B e g e e o e r o s f d , , c C n a a h r t i c c i a v a s g e s o , . Cof N fe e e w ,R i Y o, o N rk o . . 7,st ( a 19 n 1 d 8 a w , r d s a t r p a ), n a d te a n r t d s Ham C s h , i c s a m go o . ked, Ill 1 u N 5 m 0 e ° i w n f a i Y r t e i o n t r g e k s o . t i , l, g N r e a S w n u u g Y l a a r o te , r d k , . Minneapolis. Year and month. Average Rela- Average Rela- Average Rela- Average Rela- Average Rela- Average Relaprice per tive price per tive price per tive price per tive price per tive price per tive pound. price. pound. price. barrel. price. pound. price. gallon. price. pound. price. 1913 $0.1295 100 $0.1113 100 $4.5837 100 $0.1662 100 $0.1233 100 $0.0427 100 1919 .2333 180 .1785 160 11.9982 262 .3433 207 . 2004 163 . 0894 209 1920 .2304 178 .1198 108 12.6750 277 .3340 201 .2629 213 .1267 297 1920. June .2225 172 .1498 135 14.1600 309 .3650 220 .2600 211 .2120 497 Julv .2550 197 .1306 117 13.6688 298 .3769 227 .2600 211 .1910 447 1921. January .1738 134 .0669 60 9.6250 210 .2488 150 .2900 235 .0757 177 February .1600 124 .0672 60 9.1813 200 .2600 156 .2750 223 .0709 166 March .1625 125 .0639 57 8. 7300 190 . 2725 164 .2625 213 .0784 184 April .1650 127 .0600 54 7. 9500 173 .2763 166 . 2510 206 .0725 170 May .1650 127 .0621 56 8. 7450 191 .2725 164 . 2100 195 .0632 148 j une .1600 124 .0666 60 9. 0063 196 .2822 170 .2200 178 . 0569 133 Julv .1490 115 .0647 58 8.9000 194 .3200 193 .2200 178 .0546 128 FOREIGN TRADE INDEX. A material increase was shown in the total exports during June, due to an increase in There is presented below a series of indexes volume of both consumers7 goods and raw designed to reflect movements in foreign trade materials exported. Exports of bituminous of the United States, with fluctuations due to coal were considerably larger than in May or price changes eliminated. The commodities the corresponding, month last year. The inchosen for these indexes are those for which crease of the total commodities exported is g rices are compiled by the Federal Reserve due rather to a moderate increase in each of oard in the preparation of its international the commodities included in the indexes of price index. The list includes 25 of the most raw materials and consumers7 goods than to important imports, the value of which in 1913 any violent increase in exports of any one formed 47.7 per cent of the total import values, article. Total exports of producers7 goods and 29 of the most important exports, the continued to show a downward trend for the value of which in 1913 formed 56.3 per cent of fifth successive month, despite considerable inthe total export values. The classification of creases in exports of both upper and sole the original list of commodities used was given leather. Decided decreases were shown in the in the July, 1920, BULLETIN. A classification exports of steel plates, copper wire, and of the 11 additional commodities of imports gasoline. was given in the April, 1921, BULLETIN. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUGUST, 1921. FEDEEAL, RESERVE BULLETIN. 969 There was an appreciable decrease in the parent in the imports of producers' goods, due total volume of imports. June imports of the largely to the increased volume of india rubber 25 commodities were only 62 per cent of the imported. Cane sugar continued to decline at amount imported during the same month last a rather precipitate rate, and consumers' goods year. Raw wool imports continued to de- showed a decided decrease due to a considercline, the figure now being only 6 per cent of able decrease in the volume of coffee imports, the amount imported in March, when the high which were smaller in June than in any month level was reached. A slight increase was ap- since May, 1920. INDEX OF VALUE OF FOREIGN TRADE IN SELECTED COMMODITIES AT 1913 PRICES. [Monthly average values, 1913=100.] Exports. Imports. R ( a 1 w 2 ri a c m l o s m at - e- P g r o o c o d o d u m s c ( - e 1 r 0 s' C g o o n c o s o u d m m s - ( e 7 rs' To c t o a m l - (29 R ( a 1 w r 0 i a c m l o s a m t - e- P g r o o c o d o d u m s c ( - e 1 r 2 s' C g o o n c o s o u d m m s - ( e 3 rs' To c t o a m l ( - 25 modities). 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—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 Mav 97.7 81.8 112.8 100.0 98.7 150.1 179.3 128.2 June. -. 107.9 74.3 135.1 111.3 94.5 152.5 126.7 119.7 PHYSICAL VOLUME OF TRADE. The volume of receipts of agricultural The July output of pig iron was lower than products at primary markets continued to in any month since December, 1903. Mining increase during June. Total receipts of live of nonferrous metals was also at a very low level stock at 59 markets were larger in June than during the second quarter of 1921. Copper in May, although receipts of sheep were some- production has declined steadily since March, what smaller. The movement of grain and and the output of blister copper in June was flour at interior centers showed a marked in- less than 21 per cent of that in March. The crease in volume during June, but receipts at quantities of zinc smelted and of tin imported seaboard centers continued to decline. Ship- have shown a slight increase since March, but ments of fruit from California showed a nota- the June figures were far below those of June, ble gain for June, as citrus shipments were 1920. considerably greater than in May and the new Both the total cut and total shipments of deciduous crop commenced moving in large five reporting lumber associations declined quantities. somewhat during June, but receipts and ship- The textile industry continued to increase its ments of lumber at Chicago and St. Louis conproduction during June. Wool consumption in tinued to increase. June was higher than in any month since April, Cement production has increased steadily 1920, while the percentage of idle machinery during 1921, and the production in June was continued to decline. Cotton consumption considerably higher than the average monthly also continued to increase, but there was a production in 1920. Automobile production slight decline in imports of raw silk. increased somewhat during June, while the The output of both bituminous and anthra- output of locomotives and cars showed a concite coal increased during June, but there was a siderable decline. further decline in production of beehive coke. The number of railroad ton-miles in May was The upward movement of daily average pro- greater than in any month since January, while duction of crude prtroleum, which has been in the average net tons carried per train was progress since February, was halted in June, greatei than in any month since December, although there was another slight increase in 1920. the number of producing oil wells completed. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

970 FEDERAL RESERVE BULLETIN. AUGUST, 1921. LIVE-STOCK MOVEMENTS. [Bureau of Markets.] Receipts. Shipments. C c m a a l t a v t r l e e k s e , a t 5 n s. 9 d m Ho a g rk s, e 5 ts 9 . S m h a e r e k p e , 5 ts 9 . H m m o u r a s l r e e k s s e , a t 4 s n 3 . d T k o i t n al d , s a . ll C c m a a t l a v t r l e e k s e , a t n s 5 . d 4 m Ho ar g k s e , t 5 s. 4 S m h a e r e k p e , t 5 s. 4 H m m o u r a s l r e e k s s e , a t 4 s n 3 . d T k o i t n a d l, s a . ll 1920. Head. Head. Head. Head. Head. Head. Head. Head. Head. Head. June... 1,867,325 3,697,836 1,595,572 32,051 7,192,784 794,172 1,301,351 790,475 33,328 2,919,326 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 I 3,951,971 1,501,902 41,212 I 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 I 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 6,743,299 591,770 1,037,466 915,116 16,610 2,560,962 June I 1,572,334 3,559,165 1,812,339 13,292 6,957,J30 605,822 1,136,269 763,577 13,214 2,518,882 RECEIPTS AND SHIPMENTS OF LIVE STOCK AT 15 WESTERN MARKETS. [Chicago, Kansas City, Oklahoma City, Omaha, East St. Louis, St. Joseph, St. Paul, Sioux Hty, Cincinnati, Cleveland, Denver, Fort Worth, Indianapolis, Louisville, Wichita. Monthly average, 1911-1913=100.] RECEIPTS. Cattle and calves. Hogs. Sheep. Horses and mules. Total, all kinds. Head. Relative. Head. Relative. Head. Relative. Head. Relative. Head. Relative. 1920. June 1,282,294 127 2,695,660 123 1,005,790 74 21,040 46 5,004,784 108 1921. Januarv 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 2,401,248 109 1,097,976 80 12,082 26 4,574,292 99 June 1,117,111 111 2,671,462 122 1,130,874 83 8,135 18 4,927,582 107 SHIPMENTS. 1920. June 528,848 130 798,180 165 402,114 80 22,363 55 1,751,505 122 1921. January 426,887 105 1,078,679 223 316,068 63 24,463 60 1,846,097 129 February 334,113 88 859,718 192 324,311 69 26,495 69 1 554,637 116 March 447 682 110 825,944 170 406 705 81 28 765 70 1 709 096 119 April 415,153 102 694,067 143 392., 061 78 14,396 35 1,515,677 106 May 424,558 104 644,788 133 415 569 83 11 137 27 1 496 052 104 June 414,814 102 703,724 145 403,748 80 8,199 20 1,530,485 107 SHIPMENTS OF STOCKERS AND FEEDERS FROM 34 MARKETS. Ca c t a t l l v e e a s n . d Hogs. Sheep. T k o i ta 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. 1921. Head. Head. Head. Head. June 267,084 41,697 226,626 535,407 March.. .... 233,477 72,536 88,292 394,305 April 234,331 50,320 106,476 391,127 1921. May 211,846 29,409 114,811 356,066 January 202,926 41,892 88,089 332,907 June 195,039 31,373 88,302 314,714 February 164,504 49,229 61,508 275,241 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUGUST, 1921. FEDERAL RESERVE BULLETIN. 971 MOVEMENT OF AGRICULTURAL PRODUCTS COAL AND PETROLEUM 1919 -1921 1919 - 1921 5 LIVE STOCK RECEIPTS ANTHRACITE COAL PRODUCTION — GRAIN AND FLOUR RECEIPTS " BITUMINOUS COAL PRODUCTION COTTON SIGHT RECEIPTS CRUDE PETROLEUM PRODUCTION INDEX NUMBERS. AVERAGE 1911-1913 = 100 INDEX NUMBERS. AVERAGE 1911-1913 = 100 220 22O 22O A 22 O 200 2OO 180 180 160 160 v n 4 14O i 14O 120 / 1 i h 1u \ 120 u v 10O 1OO /- \u 1 J 8O \ I 8O [1 V M 6O \l 6O AO 40 ,2O 2O -o 1919 1920 1921 YEAR IRON AND STEEL TEXTILES 1919 - 1921 1919 - 1921 - PIG IRON PRODUCTION - STEEL INGOT PRODUCTION —— COTTON CONSUMPTION •• UNFILLED ORDERS, U.S. STEEL CORPORATION WOOL CONSUMPTION INDEX NUMBERS. AVERAGE 1911-1913= 100 MILLIONS OF POUNDS 220 3OO 280 28O 200 2OO VN y • 26O \ 26O M 18O 18O 24O \ 240 \ / 16O 16O 22O 22.O / 14O V / A A 140 2 1 O 8O O \ 7 2 1 O 8O O * 12O A / V f" \\ v \ _ 12O 16O \ V 16O \ 100 A 1OO 14O 14O V \ 12O 12O 8O 8O 100 1OO 60 6O 8O 80 K 6O V \ 6O 4O 40 ••* 4O 4O 20 20 2O 20 YEAR 1919 1920 1921 YEAR YEAR 1919 1920 1921 YEAR Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

972 FEDERAL RESERVE BULLETIN. AUGUST, 1921. ANIMALS SLAUGHTERED UNDER FEDERAL INSPECTION. [Bureau of Animal Industry. Monthly average, 1911-1913=100.] Cattle. Calves. Hogs. Total. Rela- Rela- Rela- Rela- Rela- Head. tive. Head. tive. Head. tive. Head. tive. Head. tive. 1920. June 656,602 108 431,079 244 3,566,071 126 817,553 5,471,305 114 1921. January 689,506 114 282,043 160 4,347,300 154 1,068,346 6,387,201 133 Jb'ebraary 522,718 92 252,369 153 3,770,974 143 957, 751 85 5,503,812 123 March 624,3'^5 103 361,733 205 3,075,137 109 1,075,481 5,136,746 107 April 5°0,943 97 365,541 207 3,003,2'0 107 1,040,628 5,000,402 104 May 55Q,979 92 366,708 207 3,274,114 116 984,P03 5,185,794 108 June 640,164 105 3:9,696 209 3,618,174 128 1,116,069 93 5,744,103 117 EXPORTS OF CERTAIN MEAT PRODUCTS. [Department of Commerce. Monthly average, 1911-1913=100.] Beef, canned. Beef, fresh. an B d e e o !, t ii p e i i c k u le . d e , d. Bacon. sho H ul a d m er s s , a c n u d red. Lard. Pickled pork. Pounds. R ti e v l e a . Pounds. R ti e v l e a . Pounds. H ti o v l e d . Pounds. R ti e v l e a . - Pounds. R ti e v l e a . - Pounds. R tiv el e a . - Pounds. t R iv el e a . - 1920. June 6,787,622 1,024 12,526,669 1,010 2,563,702 96 63,730,935 363 21,277,089 143 45,069,517 102 3,962,649 89 1921. January 518,227 83 6,078,550 490 1,725,625 65 43,202,486 258 16,869,841 113 76,185,237 173 3,089,094 70 February 1,733,678 280 979,081 85 1,750,756 70 31,612,140 202 15,847,799 114 91,840,951 224 3,150,452 76 March 504, 356 76 508,230 41 2,216,547 84 35,350,774 211 19,102,633 128 82,616,583 188 2,024,334 46 Ap 11 366,682 55 21), 193 17 1,364,593 51 32,851,837 198 2 f, 925,807 167 53,275,457 121 2,005,851 45 May 326,459 49 191,366 15 1,822,383 68 38,464,256 230 15,508,520 104 48,604,395 110 2,558,043 58 June 186,647 28 167,318 13 2,004,136 75 35,011,966 209 18,536,898 124 67,655,776 154 3,337,759 75 RECEIPTS OF GRAIN AND FLOUR AT 17 INTERIOR CENTERS. [Chicago, Cleveland, Detroit, Duluth, Indianapolis, Kansas City, little Rork, louisviDe, Memphis, Milwaukee, Minreapolis, Ciraha, Peoria, St. Louis, Spokane, Toledo, Wichita; receipts of flour not available for Clev&ard, JJetioit, lndiar.Epolis, icuisAille, Cmaha, Spokane, loledo, and Wichita. Compiled from reports of trade organi. ations at these cities. Monthly average, 1£11-1613=1CO.] Total grain and Wheat. Corn. Oats. Rye. Barley. Total grain. Flour. flour.i Bushels. R ti e v l e a . - Bushels. R tiv el e a . - Bushels. R ti e v l e a . - Bushels. R ti e v l e a . - ttve." Bushels- ttve." Barrels. R ti e v l e a . - Bushels. t R iv e e la . - 1920. June 21,020,640 78 27,251,166 12214,260,053 713,177,770 288 2-, 717,367 38 68,426,966 88 2,113,979 10877,939,897 90 1921. January 32,229,218 119 42,036,812 188 18,508,986 92 2,202,705 200 3,,753,837 52 98,731,558 1271,430,904 73 105,170,626 121 February... 22,922,667 91 27,565,779 132 12,553,913 671,397,832 136 2,;074,908 31 66,515, C99 91 1,659,009 91 73,980,640 91 March 22,848,939 84|34,165,324 152 17,432,655 87 1,340,498 121 3,,111,127 43 78,898,543 1012,096,0301 107 88,330,678 102 April ;24,808,383 92112,180,933 .1,249,703 561,514,229 140 2,,138,512 30 51,899,760 67 1,967,255 100 60,752,408 70 May 25,514,527 9t|20,939,570 93 15,524,227 771,368,821 124 2,,551,087 36 65,898,232 851,498,212 76 72,640,186 84 June .30,342,592 112|35,816,899 160 21,921,817 1091,464,530 133 3,859,432 54 93,405,270 120: 865,219' 44 97,298,756 112 1 Flour reduced to its equivalent in wheat on basis of 4J bushels to barrel. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUGUST, 1921. FEDERAL, RESERVE BULLETIN. 973 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.] Total grain and Wheat. Corn. Oats. Rye. Barley. Total grain. Flour. flour.1 Bushels. t R iv el e a . - Bushels. t R iv el e a . - Bushels. R ti e v l e a . - Bushels. R tiv el e a . - Bushels. Rela- Bushels. R tiv el e a . - Barrels. R ti\ e l e a . - Bushels. R tiv el e a . - 1920. June.. 20,242,046 130 10,088,237 12,805,056 84 5,428,886 767 1,901,225 49 50,465,450 102 3,725,330 110 67,229,435 104 1921. January 20,187,379 13017,288,509 12111,523,642 76 2,380,797 336 22, 874,359 74 54,254,686 109 2,678,257 79 86,306, 843 102 February 15,134,115 104 12, 891,895 97 9,299,842 66 1,041,424 158 11,626,913 45 39,994,189 86 2,696,723 85 52,129,443 86 March 17,415,266 112 20,723,904 14512,435,262 82 1,116,943 158 1,685,989 43 53,377,364 107 3,156,299 93 67,580,710 104 April 21,482, 283 138:13,793 563 97)10,286,573 68 1, 518,559 214 2,029,838 52 49,110,816 99 3,178,254 94 d3,412,956 98 May. 18,675,009 12015,747,327 110'12,447,121 82 1,309,016 1"8"5 11,.682,948 43 49,861,419 100 2,533,847 7531,263, 73C 94 June ;21,550,026! 138,21,381,193 15011,656,507 771,427,796 202 22,224,652 57 58,240,174 117 2,113,649 62 67,751,594 104 1 Flour reduced to its equivalent in wheat on basis of i\ bushals to barrel. 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. Bushels. Bushels. Bushels. Bushels. Bushels. Bushels. June 10,698,325 2,843,334 2,901,391 2,395,941 1,669,346 20,508,337 1921. January 14,414,231 11,596, 518 29,435,153 478,125 2,057,434 57,981,461 February 12,883,444 17,294,569 30,039,057 600, 585 1,800,604 62,618,259 March 11,277,724 24,465,117 31,570,022 562, 754 1,673,037 69, 548,654 April 6,565,280 16,498,010 27, 717,326 494,356 1,333,323 52,608,295 May 3,787, 294 10, 539,233 24, 926, 743 363,170 1,079, 831 40,696 271 June 3,853,292 17,944,190 29,273,562 239,665 1,407,124 52,717,833 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. Rye. Barley. Total grain. Flour. Total f l g o r u a r i . n i and Bushels. | | R ti e v l e a . - Bushels. R ti e v l e a . - Bushels. R ti e v l e a . - Bushels. R ti e v l e a . - Bushels. R ti e v l e a . - Bushels. R ti e v l e a . - Barrels. R ti e v l e a . - Bushels. t R iv el e a . - 1920. June 13,374,721 106 1,878,334 3,194, 897 67 6,506,053 4,579 1,191,767 7226,145,772 1,365 142 32,834,415 1921. January 12,717,255 101 6,228,175 17-' 1,542,355 322,748, 1,934 1,970,931 119 207,240 Ill 493,908 111 February 10,315,852 88 1,845,915 237 1,039,537 231,059, 1,553 1,631,288 105 892,130 1081; 186;, 122 28; 231,673 110 March. /. 9,064,534 72 133,;933,057 392 1,433,069 30 1,034, 728 1,689,129 102 27;154,549 120 1,518,450 14- 987,574 124 April 17,958,534 143 2, 890,042 81 1,568,460 33 1, 617, 1,139 909,409 55 24^944,322 1101,831,404 175 185,640 121 May 15,0 2,060 119 4,807,533 135 1,221,630 26 1., 506, 1,0601,422,693 86 24:010,275 106 1,518,671 14 844,29 113 June 16,628,892 132 5,385,639 152 1,903,786 401, 180. 831 658,295 40 25756,731 1131,714,852 164 33,473,565 122 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. Bushels. Bushels. Bushels. June 8,492,819 459,568 901,751 2,035,334 1,193,082 13,082,559 1921, January 15,060,423 2,524,700 1,980,265 1,602,358 2,105,450 23,273,198 February 12,032,772 3,982,316 i; 775,563 1,332,441 1,909,706 21,032,798 March 6,782,584 6,353,250 1,286,275 1,069,220 1,454,547 16;945,876 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 June 3,486,041 2,136,128 1,058,652 157,397 1,664,674 8,502,892 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

974 FEDERAL RESERVE BULLETIN. AUGUST, 1921. WHEAT FLOUR PRODUCTION. [January, 1918, to June, 1920, U. S. Grain Corporation; July, 1920, on, estimated by Russell's Commercial News (Inc.), New York.] 1920. Barrels. 1921. Barrels. June 6,800,000 March 9,100,000 April 9,368,000 1921. May 8,406,000 January 8,924,000 June 8,087,000 February 7,066,000 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 n c d l t o h a s ) e t . R at e c m ei i v ll e s d . Crushed. m O of i n l m l h s o a ( n c n l t d o h s ) a e . t 1920. Tons. Tons. Tons. 1921—Continued. Tons. Tons. Tons. June. 25,8*2 36,915 36,044 March. 336,226 452.770 299,976 April. 133,832 242,282 191,526 1921. May.. 70,467 131,522 130,471 January... 418,846 527,521 484,832 June.. 77,484 109,309 February. 431,539 499,851 416,520 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 Lemons. Total citrus fruits. deciduous fruits. Carloads. Relative. Carloads. Relative. Carloads. Relativ< Carloads. 1920. June. 3,294 135 1,576 389 4,870 171 1,263 921. January... 3,429 140 627 155 2 4,077 143 February. 3,484 153 610 161 2 4,123 155 81 March 4,955 203 936 231 5,891 207 81 April 6,335 259 1,171 289 7,506 263 82 May 4,710 193 1,250 309 5,960 209 85 June 5,628 230 2,230 551 7,858 276 2,200 1 For previous sources, see April, 1921, Bulletin. 2 Includes grapefruit. SUGAR. [Data for ports of New York, Boston, Philadelphia. Weekly Statistical Sugar Trade Journal. Tons of 2,240 pounds. Monthly average, 1911- 1913=100.] Receipts. Meltings. c R lo a s w e o st f o m ck o s n a th t . Receipts. Meltings. c R lo a s w e o s f to m ck o s n a th t . Tons. R tiv el e a . - Tons. R ti e v l e a . - Tons. R ti e v l e a . - Tons. R tiv el e a . - Tons. R ti e v l e a . - Tons. R tiv el e a . - 1920. 1921—Con. June 301,318 164 319,000 174 42,699 25 March 306,914 167 310,000 169 87,466 51 April 345,654 188 232,000 126 187,796 109 1921. May 251,302 137 236,000 129 224,035 130 January 92,498 50 94,000 51 62,113 36 June 186,800 101 217,000 118 193,835 112 February 228,952 133 193,000 113 98,165 57 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUGUST, 1921. FEDERAL KESEKVE BULLETIN. 975 TOBACCO SALES AT LOOSE-LEAF WAREHOUSES. [Reports of State authorities.] Bright belt. Virginia dark. North South Burley. We d s a t r e k r . n Grand total. Virginia. Carolina. Carolina. Total. 1919-1920. Pounds. Pounds. Pounds. Pounds. Pounds. Pounds. Pounds. Pounds. July.... 1,195 1.260 6,640,451 20,346,842 32,989,748 452,355 249,085 33,692,383 August 1,444,438 22,392 9,953,447 47.330,533 57,450,810 1,391,250 407,395 59,393.803 September 1,877,576 6,538,377 79,220,071 12,607,374 98,305,822 1,280,455 337,705 101,807,558 October 3,997,818 26,984,456 102,635,197 37,305 129,650,958 6,310,087 1,006,255 140,977,118 November 7,577,009 15,541,662 49,826,437 65,308,099 5,077,395 571,710 79,194,X13 December 7,505,869 7,815,821 32,474,2y8 40,2yO,119 49,430,981 30.902.447 12S,129,416 January 5,803,496 2,189,676 9,947,959 12,137,635 88,533,908 31,215,791 137,'>9(i,830 Februai y 4,706,632 2,612,588 3,748,031 6,300,619 90,902,243 20,322,750 122,292,250 March 2,673,551 99,506 66,731 156,237 31,308,091 17,729,302 51,427,181 April 141.890 55,816 55,816 1,910,510 11,431,455 13.539,671 May 13,003 438,895 6,108,875 6,020,773 J une 5,069 491,480 3,830,470 4,333,019 1920-1921. July.... 1,240 3,208,994 9,671,324 12,880,318 751.610 2,111,470 15.744,638 August 109,200 12,659,567 51,377.614 64 037. 081 1,223,750 710,560 66,08'), 657 Se PI ember.. 1,893,344 2,421854 40.480,056 9 479,017 52, 3S2,927 2.907,586 771, 995 58 015,852 October.... 259,535 21,947'097 84,387,499 1,544,696 107,87J, 292 2,2S3,063 248.750 110. 070,037 November.. 1,517.152 25,645,083 79.8)5,408 1J5.450.551 1,774. 005 243, 375 108', 985. 083 December.. 5,900,923 20,240,3)1 53,520,080 73,70i)'. 441 2.221,075 5.558 4-.S 87,4M',9m January 7,861,812 IS. 0(K), 051 49,314,570 67,374,521 49)143,058 9,011,035 133,3.X>,420 February... 13,846,788 23,322,406 59,216,289 82,53S,755 90, 703,553 24.0^5.(8 212,072, (MM March 14.895,702 11,935.047 18.580,120 30,515.167 71,3.^0.837 22,477, W0 142.285.006 Apiil 5', 401. 074 103, V70 103,870 7,495,115 8,570.951 21. o77,010 May 1,313', 350 1,514 1,514 1,3)1,135 5,130'. 905 7,752,904 June 1,352,780 2,014', 291 3,307,071 NOTE.—Includes sales for groweis anl dealers, but exclu les I esates. SALE OF REVENUE STAMPS FOR MANUFACTURES OF TOBACCO IN THE UNITED STATES (EXCLUDING PORTO RICO AND PHILIPPINE ISLANDS). [Commissioner of Internal Revenue.] Cigars. Cigarettes. Cigars. Cigarettes. Manu- Manufactured factured Large. Small. Small. tobacco. Large. Small. Small. tobacco. 1920. Number. Number. Number. Pounds. 1921—Continued. Number. Numb r. Nu.nbrr. Pounds. June 708,112,284 52, 735,587 4,088,834,583 34,231,058 February 49o, 724, 482 64,461, 733 4,119,376,533 27,0.6,592 March 531,343,699 70, 245,500 4, 470, 292, 160 32,209, 842 1921. April 548,103,503 56,425,606 3,831,672,057 28,399,953 January 462,798,039 64,661,867 3,901,550,330 24,750,290 May 555,497,120 55,349,100 4,136,084,890 28,671,501 NAVAL STORES. [Data for Savannah, Jacksonville, and Pensacola. Compiled from reports of trade organizations at these cities.] Spirits of turpentine. Rosin. Spirits of turpentine. Rosin. Stocks Stocks Stocks I Stocks Receipts. at close of Receipts. at close of Receipts. at close of Receipts. I at close of month. month month. month. 1920. Barrels. Barrels. Barrels. Barrels. 1921—Continued. Barrels. Barrels. Barrels. Barrels. June 32,405 19,654 93,270 108,656 March 7,995 29,299 18,405 301,972 April 15,857 28,690 30,478 304,959 1921. May 25,364 38,650 61,213 312,293 January 8,919 51,563 36,333 310,905 June , 33,533 36,949 80,943 308,341 February 5,455 41,755 25,935 316,440 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

976 FEDEKAL KESEftVE BULLETIN. AUGUST, 1921. LUMBER. [From reports of manufacturers' associations.] Southern pin Western pine. Douglas fir. Eastern white pine. North Carolina pine. b m N e u r i m ll - o s f . t d P i u r o o c n - - . m S e h n ip t - s. b m N e u r i l m ls o - . f t d P i u r o o c n - - . m S e h n ip ts - . b m N e u r i l m ls - o . f t d P i u r o o c n - - . m S e h n ip t - s. b m N e u r i m ll o - s f . t d P i u r o o c n - - . m S e h n ip t - s. b m N e u r i l m l o s - . f t d P i u r o o c n - - . m S e h n ip t - s. 1920. Mfeet. Mfeet. Mfeet. Mfeet. Mfeet. Mfeet. Mfeet. Mfeet. Mfeet. Mfeet. June 204 385,293 287,487 52 197,461 125,770 127 343,801 271,815 20 25,771 41,557 12 14,259 10,481 1921. January— 193 289, 824 311,977 24,698 42, 793 116 153,157 170, 821 24,319 10,602 7,123 7,880 February... 189 330,680 335, 876 22,128 48,270 114 159,646 153,649 23,722 I 13,615 10,673 10,045 March...... 195 387,959 390,300 63,126 118 192,188 210, 842 26,396 15,298 12,778 8,915 April 194 370,321 405,317 93,665 75,433 114 204,698 232,351 25,748 21,099 14,871 12,953 May 191 389, 745 420,663 110,162 74,685 113 294, 762 330,002 32,708 22, 018 16,126 15,673 June 190 365,970 371,183 121,648 76,874 114 23,,407 233,970 42,171 23,536 15,342 18,243 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. M feet. Relative. M feet. Relative. M feet. Relative. 1920. 1921—Continued. July. . 399,615 86 184,767 73 March 349,426 75 215,760 85 April 345,798 74 213,359 84 1921. May,. . . 354,992 76 242,452 95 January 263,001 57 165,308 65 June . 372,453 80 253,848 100 February 269,632 62 169,843 72 July 328,129 n 216,908 85 COAL AND COKE. [U. S. Geological Survey. Monthly average, 1911-1913=100.] Bituminous coal, esti- Anthracite coal, estimated monthly pro- mated monthly pro- Beehive coke, estimated duction. duction. monthly production. Short tons. Relative. Short tons. Relative. Short tons. Relative. 1920. July 45,009,000 121 8,247,000 111 1,693,000 1921. January 40,270,000 109 7,410,000 100 1,074,833 41 February 30,851,000 89 7,701,000 106 863,834 35 March 30,392,000 82 7,406,000 100 587,333 22 April 27,553,000 74 7,703,000 104 325,000 12 May 33,330,000 90 7,497,000 101 290,000 11 June 33,852,000 91 7,786,000 105 247,000 9 July 30,394,000 82 7,050,000 95 181,000 7 CRUDE PETROLEUM. [Production and stocks, U. S. Geological Survey; wells completed, Oil and Gas Journal and Standard Oil Bulletin (California). Barrels of 42 gallons each. Monthly average, 1911-1913=100.] B P ar r r o e d l u s. ction R t . i e v l 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 o i e o n w d t m g e u e d - l c l . - s B P a r r o re d l u s. ction R t . i e v l e a . - S (b c m t l o 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 o i e o n w d t m g e u e d - l c l . - s 1920. 1921—Continued. June 36,946,000 193 126,763,000 2,250 March 40,965,000 214 142,093,000 1,450 April , 40,061, 000 209 147,862, 000 1,224 1921. May 42,043,000 219 156, 561,000 1,405 January 37,853,000 197 130,321,000 1,565 June 40,405,000 211 164, 837,000 1,471 February 35, 348,000 198 135, 092,000 1,564 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUGUST, 1921. FEDERAL RESERVE BULLETIN. 977 TOTAL OUTPUT OF OIL REFINERIES AND STOCKS OF OIL. [Bureau of Mines.] OUTPUT, BY MONTHS. Crude oil run Gasoline Kerosene Gas and fuel Lubricating (barrels). (gallons). (gallons). (gallons). (gallons). 1920. May 34,578,282 381,079,291 180, 877,089 707,198,355 89,252,410 1921. January 39,637,382 460, 432,439 205,374,611 836,684,040 85,908,641 i ebruary 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, 220 428, 215, 200 156,156, 565 813, 444,202 76, 456, 958 May 36,990, 478 448, 567, 873 145, 225, 023 817, 367, 590 70,000,194 STOCKS AT CLOSE OF MONTH. 1920. May 31 15,331,375 577,671,795 419,077,605 618,939,135 135, 882,485 1921. Jan. 31 21,084,124 571, 983, 793 418, 747, 781 921,028,127 183, 813,205 Ieb.28 22, 411, 819 680, 510,351 430,015,193 993,127, 328 201,627, 558 Mar.31 21,147,257 713, 043, 480 446, 357,188 1, 005,317,939 223,414,093 Apr.30 21,051,630 747,222, 900 458,636, 898 1, 056,484, 544 249, 593,330 May 31 20, 816,203 800, 495, 787 452, 437,995 1,163,388,695 261, 759, 797 IRON AND STEEL. [Pig-iron production, Iron Age; steel-ingot production, American Iron and Steel Institute. Monthly average, 1911-1913=100.] Iro fr n o - m o re th sh e ipm up e p n e ts r Pig-iron production. Steel-ingot produc- Un S f t i e ll e e l d o C r o d r e ? r s o r U at . i o S n . Lakes. tion. at close of month. Gross tons. Relative. Gross tons. Relative. Gross tons.! Relative. Gross tons. Relative. 1920. July. 9,638,606 159 3,067,043 132 2,802,818 120 11,118,468 211 1921. January.. 2,416,292 104 2, 203,186 7,573,164 144 I ebruary. 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 5,8^5,224 111 May 2, 594, 027 1,221,221 53 1, 265, 850 5, 482, 487 104 June 3,600,989 1, 064, 833 46 1, 003, 406 5,117, 868 97 July 864,655 37 803,376 4,830,324 92 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. Per cent Tonnage. shop Per cent Per cent capacity. Tonnage. shop Tonnage. shop capacity. capacity. 1920. June 90,400 50.0 33,790 47.0 49,397 67.0 1921. January 32,000 18.0 12,194 18.0 32,964 48.5 February 25,600 14.0 12,013 18.5 25,776 40.0 March 52, 300 29.0 26,398 38.0 30,011 43.0 April 55, 800 31.0 22,694 32.5 29,550 42.5 May 50, 800 28.0 25,763 37.5 27,987 41.0 June 66,900 37.0 25,247 35.5 27, 363 39.0 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

978 FEDERAL RESERVE BULLETIN. AUGUST, 1.921.. PROPUCTION OF BLISTER COPPER. [American Bureau of Metal Statistics. Monthly average, 1911-1913=100.] Pounds. Relative. Pounds. Relative. 1918 year . 1,937,900,719 1921—Continued. 1919, year 1,209,603,314 February 74,860,913 76 1920 year 1,270,841,670 March 87,429,789 89 April... 45,213,883 46 1921. May 22,653,328 23 Tamiarv 84,167,100 85 June 18,033,954 18 ZINC. [American Zinc Institute.] Stocks Stocks Produced. at end of Produced, at end of month. month. 1920. 1921—Continued. July 40,194 29,059 March. 15,741 80,990 April.. 16,550 79,581 1921. May... 83,721 January 25,916 75,953 June... 19,443 89,889 February 17,769 78,020 |l July. 15,495 92,408 IMPORTS OF PIG TIN. [Department of Commerce. Monthly average, 1911-1913=100.] Pounds. Relative. Pounds. Relative. 1920. 1921—Continued June. 11,232,325 124 March 3,028,356 33 April 2,483,655 27 1921. May 2, 021,762 22 January... 2,584,347 June 4,133,450 45 February. 5,269,969 62 TIN CONSUMPTION. [New York Metal Exchange's Official Market Report.] Gross tons. 1920. 1921, January 3,910 January 1,555 February 5,200 February 1,585 March 5,130 March 1,683 April 3,305 April 1,590 May 3,550 May 1,225 June 6,500 June 1,590 July 5,530 July 1,523 August 3,745 September 4,860 October 3,415 November 3,395 December , 2,580 RAW STOCKS OF HIDES AND SKINS.i [Bureau of Markets; July, 1920, on, Bureau of the Census.] Cattle Goat and Sheep and hides. Calfskins. Kipskins. kid. Cabretta. lamb. 1920. June 30 6,212,946 3,107,393 915,499 14. 623, 712 2,070,471 10,993,228 1921. Jar. 31 7,899,138 3,086,862 1,381,748 10,870,210 2,155,200 13,184,052 Feb. 28 7,940,359 3,157,723 1,375,110 9,798,311 1,941,832 12,489,855 Mar. 31 7,808,867 3,000,144 1,241,984 8,652,171 1.579,457 12,970,857 Apr. 30 7,407,862 3,454,470 1,107,310 7.740,147 1,277,321 12,992,299 May 31 7,441,619 3,715,602 1,021,039 8,789,123 1,244, 069 13,334,187 June 30 7,077,950 3,890,547 1,026,189 9,679,847 1,218,839 13,755,042 1 Includes hides and skins in transit. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUGUST, 1921. FEDERAL RESERVE BULLETIN. 979 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 l n es Imports of raw silk. Cotton t i c o o n n . sump- •s C p o in t d to l n es Imports of raw silk. active active during during Bales. Relative. month. Pounds. Relative. Bales. Relative. month. Pounds. Relative. 1920. 1921—Con. June 555,155 123 34,457,464 3,221,177 157 March 437,933 97 32,104,946 2,201,633 108 April 408,882 91 32,535,725 4,857,160 237 1921. May 439,884 98 32,631,051 4,437,080 217 January 366,270 81 31,509,021 708,897 35 Jane 461,656 103 32,665,315 3,871,327 189 February 395,563 32,458,528 2,327,949 122 94 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 en first of month to total total reported. reported. Consump- Looms. Spinning spindles, j Looms. j Spinning spindles. tion (pounds).i 5 W s 0 t r p h e - a i i e a d n c d n e c e r h . 5 o s 0 r r p e - l i a e e n c d s c e s h . S c e a t r s d o s. f Woolen.! ! i I i Worsted. 1 I i ! 5 s W 0 r t p - h e a i i e n a d c d n c e e h . r 5 o s 0 i r p e - l a i e e n c s d c e s h . S c e a t r s d o s. f Combs. Woolen, i Worsted. 1920. July. 37,097,077 42.5 32.3 42.0 32.7 ! 1921. Januaiy. 29,807,333 57.0 49.2 59.4 50.8 66.7 ! 71.2 66.1 62.9 68.4 65.2 February. 36,204,000 53.9 48.7 58.9 43.0 60.0 66.7 64.3 51.0 64.5 55.3 March 47,181,000 43.1 41.7 47.2 33.0 45.3 57.1 50.6 26.2 60.5 37.9 April 53,071,000 36.1 34.4 32.3 21.8 38.3 47.3 35.8 11.3 34.1 25.7 Maj 56,929,000 26.2 28.7 23.8 12.9 26.6 36.8 25.0 5.4 22.9 13.5 J une 59,592,000 20.6 25.2 20.6 10.1 19.9 30.1 19.8 1.4 18.6 10.4 July 18.7 25.2 20.5 9.8 17.5 26.3 17.9 4.1 18.2 6.6 i J 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 pi r n a g p . - Fine. W pu o l o p d . N pr e i w n s t. - - B D ononlkr ' 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 1920. tons. tons. tons. tons. tons. tons. 1921—Continued. tons. tons. tons. tons. tons. tons. June 337,115 130,380 94,957 215,131 72,987 34,121 March 262, 332 107,532 59,832 139,723 49,879 19,058 1921. April 268,806 115,408 51,380 128,186 51,713 15,631 January... 275,353 123,830 64,382 105,806 44,620 22,756 May 216,101 78,868 52,642 122,801 53,084 17,484 February.. 243, 797 103,040 56,687 123,832 46,352 19,242 June 189,389 87,724 53,934 130,177 50,332 17,511 SHIPMENTS OF AUTOMOBILES. [National Automobile Chamber of Commerce.] I Railroad Driveaways Boat (ma- • Railroad Driveaways Boat (ma- .(carloads), (machines). chines). (carloads). (machines). chines). 1920. 1921 January 25,057 January 6,485 3,185 93 February 25,505 C) February 9,986 7,507 99 March 29,326 C1) March 16,287 9,778 74 April 17,147 C1) April 20,087 14,197 1,619 May 21,977 C1) May 15,200 2,381 June 22,516 C1) June 19,200 18,000 3,700 July 23,082 C1) August 23,386 C1) September 20,804 C1) October 17,209 C1) November 13,253 C1) December , 11,802 C1) Total , 251,064 C1) 1 Complete figures are not available for 1920. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

980 FEDERAL RESERVE BULLETIN. AUGUST, 1921. OUTPUT OF LOCOMOTIVES AND CARS. [Locomotives, reports from individual producers; cars, Railway Car Manufacturers' Association.] Locomotives. . Output of cars. Locomotives. Output of cars. s D hi o p t m i p c e e s d - . F p o c le o re t m e ig d - n . Do t m ic. es- Foreign. Total. s D hi o t p m i p c e e s d - . F p o c le o re t m e ig d - n . Do ti m c. es- Foreign. Total. 1920. Number. Number. Number. Number. Number. 1921—Con. Number. Number. Number. Number. Number. June 99 72 2,780 731 3,511 March 112 49 6,041 705 6,746 April 138 44 4,652 874 5,526 1921. Mav 56 18 3,843 444 4,287 January 154 71 7,169 843 8,012 j une 43 36 2,540 417 2,957 February 108 70 6,482 518 7,000 VESSELS BUILT IN UNITED STATES, INCLUDING THOSE FOR FOREIGN NATIONS, AND OFFICIALLY NUMBERED EY THE BUREAU OF NAVIGATION. (Monthly average, 1911-1913=100.] Gross Gross Number. tonnage. Relative. Number. tonnage. Relative. 1920. 1921—Continued July 173 217,239 March 154,864 641 April 99 120,762 500 1921. May 116 132,622 549 January 216,280 June 160 173,885 720 February 121,404 538 July 107 90,636 375 TONNAGE OF VESSELS CLEARED IN THE FOREIGN TRADE. [Department of Commerce. Monthly average, 1911-1913=100.] Net tonnage. Per- Net tonnage. Percent- cent- Rela- age Rela- Rela- age Relative. Ameri- tive. tive. Ameri- tive. American. Foreign. Total can to American. Foreign. Total. can to total. total. 1920. 1921 June. 3,199,274 3,141,913 6,341,187 155 50.5 190 March... 2,097,843 2,396,309 4,494,152 110 46.7 176 April 2,535,956 2,473,587 5,009,543 122 50.6 191 1921. May 2,113,881 2,910,341 5,024,222 123 42.1 159 January.. 2,191,201 2,454,617 4,645,818 114 47.2 178 June 3,058,679 3,094,452 6,153,131 150 49.7 187 February. 2,017,303 2,149,300 4,166,603 109 48.4 183 RAILROAD OPERATING STATISTICS. [United States Railroad Administration; March, 1920, on, Interstate Commerce Commission.] N r n e e o v t n e t r o n e n u v - e e m n a i u n le e d s . , N t e r p t a e i t r n o . ns N lo e c a p t a d e t r e r o . d n . s N r n e e o v t n e t r o n e n u v - e e m n a i u n l e e d . s, N t e r p t a e i t n r o . ns N lo e c a p t a d e t r e r o . d n . s 1920. 1921—Continued. May... 37,892,000,000 746 28.3 March 26,831,000,000 626 27.2 April , 25,582,000,000 637 26.9 1921. May 28,721,000,000 674 27.8 January , 29,817,000,000 621 30.2 February 24,913,294,000 618 I 28.4 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUGUST., 1921. FEDERAL RESERVE BULLETIN. 981 PRODUCTION OF ELECTRIC POWER BY PUBLIC UTILITY POWER PLANTS. [U. S. Geological Survey.] Kilowatt hours. Kilowatt hours. P w r a o t d e u rp c o ed w e b r y . Prod fu u e c l e s d . by Total. P w r a o t d e u rp c o ed w e b r y . Prod fu u e c l e s d . by Total. 1920. 1920—Continued. January 1,280,321,000 2,575,526,000 3,855,847,000 October 1,342,642,000 2,408,678,000 3,751,320,000 February 1,163,285,000 2,317,046,000 3,480,331,000 November 1,388,465,000 2,317,042,000 3,705,507,000 March 1,421,406,000 2,324,276,000 3,745,682,000 December 1,399,825,000 2,320,712,000 3,720,537,000 April 1,477,184,000 2,097,015,000 3,574,199,000 May . 1,512,621,000 2,072,171,000 3,584,792,000 1921. June 1,417,276,000 2,148,681,000 3,565,957,000 January 1,342,689,000 2,198,804,000 3,541,493,000 July 1,417,276,000 2,196,451,000 3,608,804,000 February 1,196,616,000 1,982,008,000 3,178,624,000 August 1,410,831,000 2,294,353,000 3,705,184,000 March 1,336,893,000 2,068,178,000 3,405,071,000 September 1,315,642,000 2,307,640,000 3,623,282,000 April 1,301,547,000 1,938,002,000 3,239,549,000 COMMERCE OF CANALS AT SAULT STE. MARIE. [Monthly average, May-November, 1911-1913=100.] EASTBOUND. Grain other than Wheat. Flour. Iron ore. Total. wheat. Bushels. Relative. Bushels. Relative. Barrels. Relative. Short tons. Relative. Short" ons. Relative. 1920. July 3,133,419 35 7,838,470 41 1,171,250 101 9,235,086 156 9,749,701 139 1921. April . . 7,418,708 8,592,826 54,540 95,328 518 458 Mav 12,431,592 140 12,609,469 66 890,330 77 2,652,033 45 3,407,827 49 June . . 11,358,92 127 10,418,433 54 1,150,240 99 3,892,791 66 4,628,067 66 July 10,839,026 122 7,878,077 41 1,119,140 96 4,356,760 73 5,011,900 72 WESTBOUND. Hard coal. Soft coal. Total. Total freight. Short tons. Relative. Short tons. Relative. Short tons. Relative. Short tons Relative. 1920. July 300,150 97 1,294,162 67 1,827,978 73 11,577,679 122 1921. April . 109,719 259,288 438,673 957,131 May 214,776 69 2,303,369 120 2, 747, 236 110 6,155,063 65 June 247,048 80 3,027,177 158 3,451,409 139 8,079,476 85 July 445,754 144 2,486,990 129 3,126,683 126 8,.3 , 583 86 BUILDING STATISTICS. BUILDING PERMITS IN 166 SELECTED CITIES. [Collected by the 12 Federal Reserve Banks.] NUMBER OF PERMITS ISSUED. D c N i i t s ( i 1 o t e r 4 l s i . ) c . t D c N i i t s ( o i 2 t e . r 2 s i 2 ) c . t D c N i i t s ( o i 1 t e . r 4 s i 3 ) c . t D c N i i t ( s o i 1 t e . r 2 s i 4 ) c . t D c N i i t ( s o i 1 t e . r 5 s i 5 ) c . t D c N i i t ( s o i 1 t e . r 4 s i 6 ) c . t D c N i i t ( s o i 1 t e . r 9 s i 7 ) c . t D c N i i t s o ( i t e 4 . r s i 8 ) c . t D c N i i t s o i ( t e 9 . r s i 9 ) c . t D c N i i t o ( s i 1 t . e r 4 1 s i ) c 0 . t D c N i i t o s ( i . t e 9 r s 1 i ) c 1 . t D c N i i t ( o s i 2 t . e r 0 s 1 i ) c 2 . t c T i ( t o 1 i 6 e ta s 6 l ). 1920. June 2,127 5,929 2,414 4,235 3,132 1,904 5,749 1,476 1,622 1,522 1,629 5,864 37,603 1 1921. January 838 2,559 1,103 2,328 1,921 2,908 2,011 886 463 940 1,692 5,668 23,317 February 812 3,148 1,430 2,962 2,417 2,158 3,088 1,149 686 1,327 1,630 6,395 27,232 March 2,079 6,551 3,056 6,024 4,201 2,781 6,045 1,961 1,634 2,728 2,331 9,419 48,810 April 2,547 8,304 3,426 6,716 4,445 3,030 7,166 1,962 2,862 2,559 2,588 9,412 55,017 May 2,412 8,146 3,187 5,107 4,170 2,770 6,132 1,998 2,528 2,655 2,473 8,525 50,373 June 2,517 7,534 2,874 4,564 4,045 2,800 5,930 1,939 1,971 2,166 2,617 8,199 47,156 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

982 FEDERAL RESERVE BULLETIN. AUGUST, 1921. BUILDING PERMITS IN 166 SELECTED CITIES—Continued. 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 (14 cities). 4 (12 cities). 5 (15 cities). 6 (14 cities). 7 (19 cities). 1920. June . . .. 7,532,067 28,051,574 8,742,268 14,599,684 6,434,490 6,364,738 23,436,183 1921. January 3,770,704 15,193,961 2,236,448 5,480,412 3,870,330 2,755,210 11,064,860 February 5,564,539 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 20,185,084 April 4,451,365 37,953,360 6,489.214 15,972,461 14,838,770 4,194,494 28,034,632 May 5,850,526 55,493,186 6,244,792 10,451,771 8,332,123 5,674.822 14 914 403 June 6,602,647 48,312,504 7,875,639 15,658,897 8,779,653 4,723; 709 20,593,319 District No. District No. District No. District No. District No. Total (166 8 (4 cities). 9 (9 cities). 10 (14 cities). 11 (9 cities). 12 (20 cities). cities). 1920. 3,725,560 4,382,020 5,803,812 2,781,269 16,001,689 127,855,354 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 3,138,657 11,783,509 96,023,474 March 2,512,871 2,612 2Q1 6 147 626 5 190 191 18 542 835 126 472 031 April. 2,403.557 5,591,111 5,167,969 5,633,649 19,907,621 122 603 571 May 2,696,521 4,574,734 6,096,407 4,190,778 17,763,732 142,283,795 4,448,228 5,602,586 5,452,181 4,155,740 15,450,694 147,655,797 VALUE OF BUILDING CONTRACTS AWARDED, BY FEDERAL RESERVE DISTRICTS. [F. W. Dodge Co.] VALUE OF CONTRACTS FOR ALL CLASSES OF BUILDINGS. District District District District District District District No. 1. No. 2. No. 3. No. 4. No. 5.i No. 7. No. 9.2 1919. January $4,247,241 $10,817,499 $4,264,500 $7,436,001 $11,925,059 $10,422,462 $1,143,952 February.. 5.614,810 15,322,090 6,851,300 11,980,573 3,252,697 41,140,292 1,618,460 March 9,820,673 25,605,777 15,688,900 18,448.356 8,393,724 31,093,318 3,481,275 April 13,335,611 29,111,889 14,407,180 27,985,035 19,194,730 56,025,629 6,492,997 May 19,899,354 43,196,9^6 36,413,2<0 26,787,229 20,329,015 62,123,642 7,177,220 June 22,577,374 58,575,326 22,386,800 37,411,321 17,517,836 93,402,252 9,809,480 July 23,0l2,0'0 70,271,349 24,976,489 64,473,663 21,613,109 76,483,830 10,172,801 August 27,571,707 81,795.404 2 ',019,150 51,866,618 16,774,612 58,908,129 10,210,334 September. 18,528,521 68,589,706 18,493,318 38,013,899 18,132,844 44,161,220 9,579,923 October 29,879,082 55,724,372 32,325,350 53,349,455 19,285,312 78.312,826 12,938,255 November. 17,796,161 52,018,522 18,427,975 41,252,186 13,216,565 56,215,663 7,880,873 December.. 29,773,968 49,269,997 16,825,400 34,548,600 15,715,231 51,194,693 11,170,368 Total. 222,056,542 560,298,877 238,079,602 413,553,236 185,350,734 659,513,956 91,675,938 1920. January 16,471,108 73,693,667 16,165,000 40,750,575 11,705,068 46,644,909 8,347,013 February.. 19,883,509 35,657,991 20,224,600 35,924,326 12,3 8,808 50,496,358 9,121,773 March 37,291,7'8 61,705,112 25,289,000 57,889,553 25,692,902 63,706,280 13,221,891 April 27,058,720 80,474,480 28,315,900 43,307,412 23,930,129 62.808,149 12,655,989 May 34,341,664 54,976,836 16,756,400 39,586,068 11,204,648 60,103,427 12,100,865 June 31,011,113 70,503,^87 14,011,300 38,139,826 11,161,363 66,926,713 8,931,252 July 27,918,310 38,r8,590 14,998,100 31,138,966 10,946,893 52,977,928 10,480,758 August 21,668,221 39,683,789 12,805,600 24,410,816 10,822,174 64,072,802 7,300,579 September. 23,969,260 40,136,440 10,236.000 26,200,411 11,0^0,937 35,571,691 I 7,558,054 October 16,908,259 51,216,541 6,756,200 31,796,117 10,020,614 37,991,617 10,781,844 November. 16,562,889 31,415,111 5,547,400 14,855,121 8,882,352 29,898,998 4,169,120 December.. 12,413,838 17,830,062 5,8'0,700 17,920,546 6,905,657 24,901,314 5,309,156 Total. 285,528,639 595,442,106 176.966,200 401,919,737 154,661,515 595,290,186 109,988,294 1921. January... 7,540,479 22,041,321 5,379,900 22,973,474 9,987,300 27,159,030 4,890,640 February. 6,656,292 21,818,908 7,211,800 15,882,329 11,497,300 24,621,677 3,594.984 March 12,183,446 30,924,354 14,128,900 32,725,987 15,555,218 37,438,044 8,714,075 April 16,711,473 52,143,027 15,050,700 34,790,291 16,097,399 53,705,476 9,080,672 May 17,951,234 58,816,766 23,373,200 33,915,207 23,023,500 54,867,976 8,841,467 June 15,308,072 63,561,928 14,796,800 39,928,314 20,428,761 45,199,007 8,762,123 i North and South Carolina not included prior to May, 1921. 2 Montana not included. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUGUST, 1921. FEDERAL RESERVE BULLETIN. 983 VALUE OF BUILDING CONTRACTS AWARDED, BY FEDERAL RESERVE DISTRICTS-Continued. VALUE OF CONTRACTS FOR RESIDENTIAL BUILDINGS. District District District District District District District No. 1. No. 2. No. 3. No. 4. No. o.i No. 7. No. 9.a 1919. January $846,165 $3,955,235 $2,098,000 $371,049 $1,164,051 $2,688,624 $495,366 February.. 1,996,490 5,537,310 2,542,200 2,753,285 1,527,915 2,808,412 524,300 March 2,624,681 9,209,769 7,199,400 5,606,534 2,419,766 7,547,699 1,237,268 April 4,638,615 14,599,985 4,907,800 8,698,637 5,493,563 18,751,565 1,762,681 May 6,245,250 19,159,350 22,299,900 8,821,412 6,799,431 18,597,323 3,021,423 June 7,782,590 28,374,210 9,488,600 11,378,545 8,462,940 27,128,731 3,117,179 July 5,312,639 30,053,452 8,891,300 16,370,192 8,431,894 24,726,031 2,402,626 August 5,757,944 37,099,226 11,149,014 15,481,282 5,901,228 16,459,393 3,059,920 September. 6,065,824 26,858,359 6, S89,893 10,618,331 8,265,913 18,050,509 3,079,152 October 6,823,041 22,449,609 11,608,945 14,295,800 8,650,876 28,305,416 5,431,816 November 7,624,271 17,991,354 7,856,475 8,769,100 6,559,610 14,561,773 3,745,373 December 7,132,372 12,649,828 4,996,900 11,098,587 7,074,179 13,299,985 2,379,098 Total- 62,849,882 227,937,697 99,928,427 114,262,754 70,751,366 192,925,461 30,256,202 1920. January 4,252,076 10,678,049 5,291,400 5,215,364 5,181,726 10,549.559 3,722,223 February.. 2,575,269 6,625,831 1,916,500 5,656,819 6,529,103 8,408,094 3,532,209 March 10,743,688 9,001,772 6,564,500 15,166,977 4,592,423 10,-966,976 1,842,786 April 8,927,958 28,726,032 9,974,100 14,824,855 3,919,661 16,412,050 2,995,338 May 11,360,300 14,059,500 5,563,900 10,888,449 4,024,414 11,386,758 2,601,821 June 6,421,177 8,752,523 3,507,000 8,046,551 1,983,845 9,689,422 2,032,746 July 6,050,146 8,815,254 3,206,200 9,550,771 2,621,679 5,742,251 1,619,314 August 5,832,187 13,130,813 2,445,500 7,197,875 2,474,869 5,204,979 1,802,754 September. 5,036,000 10,089,200 1,824,500 6,641,593 1,978,676 6,414,742 1,468,584 October— 5,511,379 14,547,821 1,342,000 5,275,353 1,626,395 10,174,284 2,051,909 November. 3,723, 389 10,825,811 1,524,200 5,067,994 2,669, 461 4,908,178 945,910 December.. 2,981,510 4,734.290 1,809,900 5,478,018 1,467,376 4,721,345 741,910 Total 73,415,089 139,986,896 45,029,700 19,010,619 39,069,628 104,575,638 25,357,504 1921. January... 2,064,571 8,853,629 2,010,200 7,584,636 4,780,689 3,224,830 998,804 February. 2,429,904 10,514,996 4,266,300 4,884,794 4,954,084 5,674,654 558,645 March 4,283,570 18,070,530 6,012,600 11,370,703 5,226,414 9,34S,670 2,112,107 April 6,528,929 28,558,371 6,297,900 9,090,372 8,092,766 12,989,833 j 2,026,223 May 6,933,658 38,9^3,442 6,846,800 9,188,212 6,961,450 9,779,947 i 2,323,242 June 6,531,152 34,355,048 3,543,700 8,198,377 4,090,859 9,880,273 I 2,554,420 1 North and South Carolina not included prior to May, 1921. 2 Montana not included. AUGUST CROP REPORT BY FEDERAL RESERVE DISTRICTS. Forecasts of crop production issued by the in the expected crop of wheat is shown, the United States Department of Agriculture as of August forecast being 757,000,000 bushels, August 1, 1921, are shown in the table below, compared with 809,000,000 bushels estimated" together with forecasts made as of July 1, in July, and 787,000,000 bushels in 1920. and estimates of production in 1920. The The estimates are smaller both for winter corn crop, according to the estimate, will be wheat and spring wheat. Cotton production 3,032,000,000 bushels, or about 91,000,000 less is estimated at 8,203,000 bales, compared with than was estimated in July and 200,000,000 12,987,000 bales, the estimate for 1920. Smaller bushels less than in 1920. A decided decrease production is forecast also for oats and hay. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

984 FEDERAL, RESERVE BULLETIN. A.UGUST,- 1921. PRODUCTION OF CORN, WHEAT, COTTON, OATS AND HAY, BY FEDERAL RESERVE DISTRICTS—AUGUST 1, 1921, FORE- CAST OF THE DEPARTMENT OF AGRICULTURE. [In thousands of units of measurement.] CORN (bushels). TOTAL WHEAT (bushels). WINTER WHEAT SPRING WHEAT (bushels). (bushels). Federal Reserve District. f f o A o r r u e g c 1 . a 9 2 s 1 1 t . f f o o J r r u e l c 1 y a 9 l 2 s 1 t . E fo s r t im 19 a 2 t 0 e . f f o A o r r u e g c 1 . a 9 2 s 1 1 t . f f o o J r r u e l c 1 y a 9 l 2 s 1 t . F fo s r t im 19 a 2 t 0 e . f f o A o r r u e g c 1 a 9 . 2 s 1 1 t . f f o o J r r u e l c 1 y 9 a l 2 s 1 t . E fo s r t i 1 m 92 a 0 te . f f o A o r r u e g c 1 . 9 a 2 s 1 1 t . f f o o J r r u e l c 1 y 9 a l 2 s 1 t . F fo s r t im 19 a 2 t 0 e . Boston 5,403 5,044 4,535 338 323 368 338 323 368 New York 41,272 37,102 38,550 10,080 10,305 12,016 9,645 9,820 11,276 435 485 740 Philadelphia. 61,395 59,553 63,133 22,756 24,009 23,022 22,466 23,701 22,711 290 311 Cleveland 171,527 195,975 216,642 34,552 41,787 35,442 34,211 41,372 34,979 341 415 463 Richmond 193,088 182,064 202,850 27,542 29,942 36,871 27,542 29,942 36,871 Atlanta 330,117 278,398 266,055 7,130 7,147 6,363 7,130 7,147 6,363 Chicago 876,445 993,233 987,897 62,536 71,509 66,530 53,733 61,293 54,887 8,803 10,216 11,643 St. Louis 426,382 449,328 441,118 60,395 67,019 60,611 59,867 66,441 59,895 528 578 716 Minneapolis.. 271,350 292,195 259,126 146,499 168,386 145,521 5,803 7,076 6,659 140,696 161,310 138,862 Kansas City.. 469,500 427,011 542,699 250,052 252,909 282,060 234,881 237,396 268,685 15,171 15,513 13,375 Dallas 205,942 193,490 199,638 19,713 21,561 18,222 18,961 20,833 17,508 752 728 714 San Francisco 9,749 9,746 10,124 115,232 114,515 100,102 69,640 68,909 57,929 45,592 45,606 42,173 Total... 3,032,170 3,123,139 3,232,367 756,825 809,412 787,128 543,879 573,930 577,763 212,946 235,482 209,365 COTTON (bales). OATS (bushels). HAY, tame and wild (tons). Federal Reserve District. f f o A o r r u e g c 1 a . 9 2 s 1 1 t . f f o o J r r u e l c 1 y 9 a 2 l s 1 t . E fo s r t im 19 a 2 t 0 e . f f o A o r r u e g c 1 . 9 a 2 s 1 1 t . f f o o J r r u e l c 1 y 9 a l 2 s 1 t . E fo s r t im 19 a 2 t 0 e . f f o A o r r u e g c 1 . a 9 2 s 1 1 t . f f o o J r r u e l c 1 y a 92 s l 1 t . E fo s r t im 19 a 2 t 0 e . Boston 8,539 8,206 9,571 3,319 3,077 4,211 New York 33,527 37,036 46,797 4,643 4,486 6,005 Philadeipnia... 21,541 22,3/2 28,882 2,4/3 2,444 2,945 Cleveland , 54,659 66,250 92,711 5,706 5,858 6,209 Richmond. 1,476 1,416 2,389 25,406 25,471 25,626 4,246 4,417 4,751 Atlanta 1,827 1,841 2,435 32,058 31,965 28,090 4,490 4,371 4,594 Cnicago 398,975 505,905 587,706 15,043 15,442 17,129 St. Louis 1,531 1,517 2,085 60,091 68,714 77,814 7,296 7,559 8,183 Minneapolis 231,425 283,954 306,867 16,094 16,261 17,896 Kansas City... 519 555 1,164 178,848 187,627 229,297 18,127 17,813 20,301 Dallas 2,759 3,017 4,725 48,016 47,217 48,296 2,025 1,898 2,005 San Francisco.. 181 i 174 44,117 44,220 44,398 13,611 13,335 14,004 Total. 2 8,203 2 8,433 212,987 1,137,202 1,328,937 1,526,055 97,073 96,961 108,233 1 In addition the following amounts were estimated grown in Lower California (Mexico): Aug. 1, 1921, forecast—33,000 bales; July 1, 1921, forecast—33,000 bales; estimate for 1920—75,000 bales. 2 Cotton grown outside of cotton belt included as follows: Aug. 1 and July 1,1921, forecast—each 6,000 bales; estimate for 1920—15,000 bales. REPORT OF KNIT-GOODS MANUFAC- Per cent TURERS. Dozens. of normal production. The total production of winter and summer underwear for the six months ending June 30 Unfilled orders 1st of month 614,109 New orders received during month 398,509 6i.*6 was as follows: Total (A) 1,012,618 Shipments during month 375,376 58.1 Number Actual Cancellations during month 5,867 .9 of mills produc- Per cent report- tion ofnormal. Total (B) 381,243 ing. (dozens). Balance orders on hand July 1(A minus B).. 63 L, 376 Production 417,717 64*6 1921. January 148,023 16.4 February 248,431 28.0 Thirty-eight representative mills which re- March 421,140 50.1 ported for May and June furnish the data for April 401,938 49.6 May 505,347 55.4 the following table: June 559,591 65.5 Winter underwear (June)... 334,507 67.7 Summer underwear (June). 225,084 60.3 [In dozens.] May June Order and production report for month end- (38 mills).(38 mills). Gain. Loss. ing June 30, 1921, follows. The number of mills reporting was 42. Unfilled orders 1st of month.. 526,404 556,612 30,208 New orders 324,398 372,504 48,106 Shipments 280,469 330,904 50,435 Cancellations 6,155 5,591 564 Production 349,529 381,777 32,248 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUGUST, 1921. FEDERAL RESEBVE BULLETIN. 985 PRODUCTION AND SHIPMENTS OF FINISHED COTTON FABRICS.1 May, 1921. June, 1921. White Dyed Printed Total. White Dyed Printed Total. goods. goods. goods. goods. goods. goods. Total finished yards billed during month: District 1 13,597,719 18,228,509 8,953,232 44,823,357 14,965,739 21,291,494 10,753,011 51,493,767 2 8,165,972 2,579,998 4,275,135 22,987,037 8,616,920 2,956,985 4,804,170 24,637,109 3 7,531,433 5,501,772 14,077,886 7,007,279 5,365,709 13,695,095 5 6,193,501 174,107 6,367,608 6,822,176 105,428 6,927,604 6 84,600 794,319 878,919 363,210 904,900 1,268,110 8 1 898 728 1,907,771 Total 35,573,225 27,278,705 13,228,367 91,033, 535 37,775,324 30,624,516 15,557,181 99,929,456 Total finishing charges billed during month: District 1 $265,283 $720,100 $430,835 $1,575,091 $286,669 $826,927 $508,358 $1,772,085 2 139,614 79,040 166,551 590,368 149,423 97,066 195,259 644,511 3 227,335 212,945 459,476 251,596 206,237 481,626 5. 122,603 1,357 123,960 139,939 1,094 141,033 6 1,454 35,734 37,188 5,660 39,084 44,744 8... 28 947 28,321 Total $756,289 $1,049,176 $597,386 $2,815,030 $833,287 $1,170,408 $703,617 $3,112,320 Total average per cent of capacity operated: District 1 58 70 53 60 68 72 63 68 2. 76 66 78 74 88 67 63 84 3 97 66 79 72 73 72 5 101 101 102 102 6 54 91 8 77 80 Average for all districts 75 69 56 68 77 72 63 74 Total gray yardage of finishing orders received: District 1 14,005,609 18,791,868 9,695,441 46,389,650 15,192,129 17,815,075 11,356,794 50,645,197 9 8,022,763 3,383,903 3,912,887 19,392,069 7,578,109 3,688,752 7,717,946 23,211,173 5,126,361 5,965.152 12,201,014 6,579,498 5,935,952 13, 802,213 5,828,759 159,653 5,988,412 5,552,463 122,752 5,675,215 6 109,450 412, 809 522,259 395,000 743,311 1,138,311 8 2 260,651 2,356,885 Total . . 33,092,942 28,713,385 13,608,328 86,754,055 35,297,199 28,305,842 19,074,740 96,828,994 Number of cases of finished goods shipped to customers (case equals approximately 3,000 yards): District 1 5,689 5,702 2,597 23,547 5,149 6,567 2,483 24,878 2 4,632 68 10,530 4,425 75 11,143 3 3,749 2,199 6,393 3,159 1,694 5,340 5 1,730 3,648 2,021 3,788 6 8 771 847 Total 15,800 7,969 2,597 44,889 14,7/54 8,336 2,483 45,996 Number of cases of finished goods held in storage at end of month: District 1. ... 3,350 2,827 2,689 17,249 4,137 2,825 2,947 19,005 2 „ 1,952 147 7,733 2,780 223 8,803 3.:::::.:...:.:::::.:::.:::: : * 186 316 5,207 194 339 5,335 5. 316 1,231 319 1,609 6...: :.; ::::;::: ; 20 26 8 1,202 1,093 Total 5,804 3,290 2,689 32,642 7,430 3,387 2,947 35,871 Total average work ahead at end of month (expressed in days): District 1... ... 6.5 8.0 20.0 10.0 5.8 5.9 17.0 9.0 2 14.0 8.4 8.5 9.4 10 0 6.3 6.2 8.0 3... . • . . 11.0 9.3 10.0 11.0 12.0 11.0 5 . 16.0 16.0 11.0 11.0 8.3 4.5 8 9.0 12.0 Average for all districts 10.0 8.3 19.0 10.0 8.3 7.1 15.0 9.1 i 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 figures given represent reports from exactly the same finishers for the two months, both for the totals and for the subdivisions and, therefore, are strictly comparable. NOTE.—Many plants were unable to give details under the respective headings of white goods, dyed goods, and printed goods, and reported -their totals only, therefore the column headed "Total'' does not always represent the total of the subdivisions, but is a correct total for the district. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

986 FEDERAL RESERVE BULLETIN. AUGUST, 102-1. RETAIL TRADE. several months in 1920 by similar figures for the calendar year 1919. For the month of June In the following tables a summary is given the tables are based on reports from 24 stores of the data obtained from 319 representative in district No. 1, 57 stores in district No. 2, department stores in the 12 Federal Reserve 46 stores in district No. 3, 14 stores in district districts. In districts Nos. 1, 2, 5, 6, 7, 9, 11,No. 4, 25 stores in district No. 5, 22 stores in and 12 the data were received in (and averages district No. 6, 37 stores in district No. 7, computed from) actual amounts (dollars). 18 stores in district No. 8, 11 stores in district In districts Nos. 3, 4, 8, and 10 the material No. 9, 15 stores in district No. 10, 19 stores in was received in the form of percentages, the district No. 11, and 31 stores in district No. 12. 1921 averages for the cities and districts com- Figures for Atlanta, Nashville, and New puted from such percentages being weighted Orleans in district No. 6 are shown separately, according to volume of business done during commencing with those for June. the calendar year 1920 and the averages for the CONDITION OF RETAIL TRADE IN THE FEDERAL RESERVE DISTRICTS. [Minus sign denotes decrease.] Percentage of increase in net sales as compared with corresponding period Ratio of outstanding orders at close previous year. of month to total purchases during previous calendar year (per cent). District and city. Jan. 1,1921,to close of— Jan., Feb., Mar., Apr., May, June, Jan., Feb., Mar., Apr., May, June, 1921. 1921. 1921. 1921. 1921. 1921. Jan., Feb., Mar., Apr., May, June, 1921. 1921. 1921. 1921. 1921. 1921. 1921. 1921. 1921. 1921. 1921. 1921. District No. 1: | Boston i 5.4 10.8 2.1 -1.3 -2.4 -1.5 5.4 7.7 5.5 3.6 2.2 1.5 5.1 7.4 5.7 5.2 5.7 6.9 Outside -10.1 - 6.0- .9-3.8 -11.4 -8.5 -10.1 - 9.1- 6.2- 5.5 - 6.8- 7.1 4.5 8.6 11.2 9.6 8.8 5.5 District 1.5 6.5 1.5- 1.9-4.5 - 3.1 1.5 3.5 2.7 1.4 .1- .5 4.8 8.1 6.4 5.8 6.2 6.7 District No. 2: 1 New York City and Brooklyn -6.5 -1.1 -5.8 -2.8 -11.7 - 8.7- 6.5 - 4.6-4.5 _ 3.8 - 6.4- 8.8 5.5 7.3 7.1 6.7 6.6 5.4 Buffalo . -3.4 5.1 3.5 5.5 8 3 — 9.2-4.4 — 2.5— 2.8 4 5 5 5 -2.2 + 2.4 9.1 7.9 5.3 4 2 - 3.9-9.2 5.2 -3.3 3.7 Outside -1.5 9.5 - .3 5.8- 9.9- 7.7-1.5 1.6 •7 2.2 -4.6 -5.3 4.1 7.2 5.7 10.0 7.1 7.3 District -5.3 1.0 -4.6 - .5 -10.0 - 7.1- 5.3- 3.5-3.4 - 2.li- 4.3— 5.1 5.1 7.3 6.7 6.5 6.2 6.2 District No. 3: Philadelphia 2.9 3.4 .9!- 2.5 8.8 9.5 2.9 4.4 2.0 1.8— 1.9- 3.3 4.4 7.9 7.6 8 6 7 5 8 2 Outside - 3.31 4.7 4.6 5.8 — 4.8j— .8 3.3 1.7 2.1 3.7 .7! 1.9 4.8 6.2 6.1 4.9 5.0 5.4 District 3.1 3,8 1.8- .4-7.8 -7.3 3.1 3.6 2.0 2.3:— 1.2- 1.9 4.6 7.5 7.3 7.8 7.0 7.5 District No. 4: -17.9 -21.8 —in. i —11.8 5 5 5 3 Pittsburgh 1.3-9.9 5.7! 4.9 5 1 4 3 Outside .21-11.0 i 2.9 2.1 5.8 5.3 District 3.6| 6.4- .4 .8 - 5.5-14.1 3.6 4.3 2.3 - .3 1 1 7.1 7.0 7.7 5.3 To" 4.7 District No. 5: Baltimore 5.9 5.3- 2.21- 6.8-7.1 - 7.0 5.9 4.6 1.9- .6-2.0 -2.9 7.2 7.9 6.5 6.1 5.4 7.9 Richmond -4.2 14.2 6.3| 3.1- 3.0-4.1 -4.2 4.2 5.6 4.9 3.2 1.8 5.4 6.1 5.5 4.6 7.2 10.7 Washington .. 9.3 8.4 5.5i 5.3 4.3! 4.9 9.3 8.8 7.4 6.9 6.3! 4.9 3.9 4.8 4.2 4 8 6 8 7 7 Other cities 4.0 15.9 9. 4j 3. 7- 5.21- 3.1 4.0 9.4 10.8 8.7 5.4 3.7 5.4 6.9 4.4 5.1 6.6 8.9 District 5.4 8.6 2.7- .7 - 3.0J- 4.2 5.4 6.4 5.2 3.6 2.1 .9 6.0 6.6 5.4 5.4 5.6 8.3 District No. 6: i j 1 32 1 1 25 5 i 2 4 Nashville -19.0 !.. .. ! n.8 I 4 9 New Orleans o o - 4.9 1 8.5 -18.6 —15.8 1 3.1 District -S.0 1.4— 5.6-19.5 -16.8-17.0 -9.0 - 5.4-4.7 -8.7 -10. 7-12; 0 3.1 6.1 6.4 5.1 4.6 5.4 District No. 7 -10.5 -5.4 -3.2 - 3.1-12.5-17.3 -10.5- 4.7 i — 5.6-8.0 —11.6 10.8 11.0 5.3 5.8 4.0 5.4 District No. 8 — 3.8— 3.1- .7- 2.9-1.6- 7.9 -3.8 -3.7 - 1*7- 1 7 -1.8 3.4 8.9 4 1 7 1 5 1 5 6 District No. 9 —12.3-7.0 -11.2 -5.4 -14.9-16.8 -12.3 -10.9 -11.8 —10.7- 7.0-15.6 4.2 5.5 5.2 3.5 9 5 9 4 District No 10 . l—11.6 4.1— 6.1-2.8 — 5.3—10.8— 11.6— 1.8— 3.9— 1.8- 3 8-4.3 22.1 11.8 6 4 4 8 3 9 5 9 DistrictNo.il |- 8.9 -4.6 -16.0 -17.7 -17.4 -17.4 - 8.9- 8.4-11.4 -11.2 -13.0 -15.2 7.0 6.5 5.1 4.6 4.4 6.4 District No. 12: Los Angeles 17.1 14.6 9.9 3.4 8.8 2.9 17.1 13.3 11.9 9.7 9.5 8.0 6.9 11.5 10.2 9.8 9 2 11 1 San Francisco -12.1 .4- 3.1-9.6 - 2.4-5.7 -12.1 - 6.5- 4.3- 5.2- 4.5-4.1 4.4 8.2 6.9 7.5 9.1 10.3 Oakland .. .. -10.4 8.2 .9 1.4-2.1 - 3.9—10.4-2.2 9.8 2.0 1.5 . 5 4 8 5 0 Sacramento -16.8 - 6.2- 7.3 14.8-13.8 -16.8 - 4.2-5.1 14.0 - 9.2 Seattle -23.4 - 2.4-14.6 -16.1-16.8 -13.5 -23.4 -9.3 -15.6 -15.7 —13.51-15.6 2.7 6.0 5.6 6.7 5.2 6.2 Spokane -10.1 12.2 4.6- 6.4-17.9-23.4 -10.1 1.3- .9- 5.4-8.2 5.2 6.3 7.9 4.0 9.2 Salt Lake City - .6-5.2 1.7-8.7 -18.7-6.1 - .6'"{'.9 6.0 . 1- 3.5-7.3 4.9 6.0 4.0 District . —14.3- 2.4 .6-9.3 — 4.1- 7.8-14.3 - 5.9 1.6- 3.8— 6.9!— 6.6 5.4 8.6 7.8 8.7 6.7 8.4 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUGUST, 1921. FEDERAL RESERVE BULLETIN. 987 CONDITION OF RETAIL TRADE IN THE FEDERAL RESERVE DISTRICTS—Continued. [Minus sign (—) denotes decrease.] Ratio of average stocks at close of Percentage of increase in stocks at close of month compared with— each month to average monthly sales for same period (per cent). District and city. Same month previous year. Previous month. Jan. 1, 1921,to close of— 1 Jan., Feb., Mar., Apr., May, June, Jan., Feb., Mar., Apr., May, June, Jan., Feb., Mar., iApr., May, June, 1921. 1921. 1921. 1921. 1921. 1921. 1921. 1921. 1921. 1921. 1921. 1921. 1921. 1921. 1921. i1921. 1921. 1921. District No. 1: Boston -10.7 -3.7 -18.2 18.9 18.7' 16.6 14.5 15.5 6.6 3.5 -2.9 -3.4 270.2 325.3 300.7 295.5 289.8 283.0 Outside -10.6 3.7-10.3-17.5 —16.5—17.1- 8.2 15.4 -5.7 1.1 .2 -5.8 392.9 473.7 445.8 426.8 424.5 416.0 District -10.7 - 1.6J-16.0-18.5-18.1-16.8 -12.7 15.5 -6.4 2.8 -2.0 -4.1 297.2 358.1 332.5 324.7 319.5 312.0 District No. 2: New York City and Brooklyn — 9.5-16.5 -23.2 -22.0-16.8-17.6 - 8.1 6.3 8.3 5.1 -2.6 -5.9 315.8 323.3 310.1 322.5 309.5 329. C) Buffalo ..i—10.4— 12.2 .3 —8.4 352.6 396.4 Newark -25.8 -26.2 .2 -8.9 340.4 330.3 Rochester \ i i—29.2-31.0 -6.0 -2.7 392.4 387.0 Syracuse -12.6 -21.5 -2.1 - .8 446.5 411.7 Outside.. . -20.0 -23.0 -17.9 -20.7-10.0- 5.0 - 6.1 1.3 9.0 1.1 1.6 3.3 351.3 350.6 407.7 394.4 482.2 472.5 District . -12.0 -17.8 -22.0 21.6-17 3-11.5 -7.6 5.3 8.5 4.0 -2.1 -5.6 325.0 328.7 330.6 342.5 326.5 333.9 District No. 3: Philadelphia - .9— 11.7!—20.4-20.51—17.0—11.9-13.8 4.2 5.4 1.4 - .5 - .9 281.9 314.3 330.5 313.5 314.2 311.9 Outside -10.8 -12.4 -14.3 -13. Oj- 8.2-12.9 - 7.4 9.5 7.3 .8 2.7 -4.6 479.3 508.7 465.8 426.4 447.7 432.3 District -4.6 -11.9-19.0-18.7-14.9 -12.1 -11.5 5.6 5.9 1.3 .2 -1.7 357.6 365.6 361.9 340.4 346.1 341.0 District No. 4: Cleveland . -28.7 -28.0 — 1.0-2.6 328.7 363.1 Pittsburgh .. —14.1 —14.9 —4.9 —3.6 302.4 387.7 Outside — 9 8. Q O 2.7 1 "i 418.1 378.9 District - 4.0—13. 2i —17.1-17.8-18.2-19.1 -14.6 3.1 7.9 4.2 -3.1 -2.8 306.4 353.6 345.9 327.4 334.0 319.5 District No. 5: Baltimore -19.7 -24.0-28.2 —26.0i-25.3l—24.2-7.0 6.9 8.8 3.6 -3,1 -6.6 311.8 341.6 324.5 327.1 327.9 323.7 Richmond -9.8 -13.11-16.6 -13.6 — 14.6—14.2-15.2 7.7 7.8 4.3 2 -2.2 403.5 403.1 354.4 355.9 358.5 350. 8 Washington. -28.6 -29.9-26.2 -29.0 -29. 2 -27. 5 -18.7 9.8 7.] 5. 7 - !5 2 Q 351. 2 370.9 341.3 344.1 345.3 340. 6 Other cities —20.31-21.4'—22.6-23.3 -24.2J-21.0-32.1 13.9 10.1 3.0 -1.7 -1.2 407.1 434. 3 402.2 400.5 394. 6 391.7 District -22.2-24.8.-25.9 -25.8 -25.81-24.2 -16.2 8.9 8.4 4.2 -1.7 -4.1 344.5 368. 7 343.2 345.3 345.6 341.3 District No. 6: A-tlanta 21 8 0 6 499.1 Nashville -19.1 2 8 442.7 New Orleans .. ' — 6. 6 i -4.9 350.8 Outside !. . .. -26.4 —3.6 536.6 District - 8.3-13.9-12.7-11.61-11.5-17.4 - .8 6.0 4.4 .4 -2.7 -2.8 549.1 405.3 387. 3 428.7 417.8 425.3 District No. 7 -15.5 -13.1 -14.3 -21.3 -18.8 -20.6 -1.8 1.4 9.2 7 -3.1 -4.0 544.3 404.4 360.2 385.9 411.4 428.3 D D D D i i i i s s s s t t t t r r r r i i i i c c c c t t t t N N N N o o o o . . . 9 1 1 8 1 0 - - — 1 1 4 2 in 9 . . . 9 9 Q 9— - - - 2 1 1 3 5 8 1 . . . 1 1 5 2 .5— - - - 1 2 1 4 0 7 9 . . . 8 9 7 .8- — - - 1 1 2 8 2 1 1 . . 9 . 9 1 6 1 1 - — — - 1 2 9 1 2 1 . 4 1 . 8 0 .0 3 - - - - 2 2 1 9 7 2 7 .9 . . . 4 0 6 - - - - 8 7 3 . 1 . 8 9 . . 3 1 1 5 L 0 . . 2 0 1 a 9 6 9 6 . . . . 6 2 3 4 -2 1 . ' . 9 . . 7 2 5 - — - - 4 3 4 . . . 1 2 4 3 .7 - - 4 9 5 . . 6 0 7 3 4 35 3 8 7 6 0 . . . 5 8 6 4 3 4 0 9 5 7 5 0 . . . 9 7 3 3 3 3 5 8 6 9 8 3 . . . 6 6 2 3 3 3 8 6 4 8 9 6 . . . 1 6 9 3 3 4 2 5 0 9 9 7 . . . 2 5 6 3 3 3 3 4 8 7 8 4 3 8 6 . . . . 2 3 1 5 District No. 12: Los Angeles -4.9 -12.4 -12.8 -12.8 _ 9.4-17.6 3.6 .5 6.2 4.5 2.3 -9.1 354.1 355. 6 353.2 367.9 374.1 376.0 San Francisco -9.3 -16.5 21 9-13.8 -17.61-16.3- 9.0 6.1 3.1 4.4 -2.3 -8.6 424.2 444.6 401.5 402.6 383.8 394.4 Oakland . —21.1-27.8 -27^2 —23.5—16.5!—18.4— 10.9 4.2 7.7 2.4 6.8 -4.7 427.2 467.1 455.3 454.3 464.2 468.2 Sacramento -30.3 -30.5 -29.4J-32.6 6.8 3.0 -6.9 -6.8 382.6 422.0 Seattle —21." 4-27." 5-33.8 -28.7 —27.4|—28.3-1*1.3*"6.*6; 3.1 2.6 -3.0 -5.1 *463."6"468."i"438."6"399." i 423.4 410.1 Spokane — 3. ft— 14.0—20.9-17.7 —17. H—16.3 2.1 4.4 1.4 9.2 -2.5 —7.1 620.5 610.9 621.6 617.8 602.2 575.5 Salt Lake City -15.1 -11.9 -10.8-25.7 6.6 1.2 -3.2 -8.3 District . . .1 -7.6 — 21.fi-13.9 — 14.2—20.9- 4.1 2.2 4.5 3.0 -1.0 -7.6 | 502.4 448.2 404.7 477.9 466.6 469.7 i Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

988 FEDERAL RESERVE BULLETIN. AUGUST, 1921. WHOLESALE TRADE. PERCENTAGE OF INCREASE (OR DECREASE) IN NET SALES IN JUNE, 1921, AS COMPARED WITH THE PRECEDING MONTH (MAY, 1921). Groceries. Dry goods. Hardware. Bo s o h t o s e a s n . d Furniture. Drugs. supplies. Stationery. Auto tires. District. Num- Num- Num- Num- Num- Num- INum- Num- Num- Per ber Per ber Per ber Per ber Per ber Per ber Per ber | Per ber Per ber cent. of cent. of cent. of cent. of cent. of cent. of cent, i of cent, of cent. of firms. firms. firms. firms. firms. firms. j firms.l firms. firms No. 3 + 4.7 50 + 1.2 25 No 5 + 29 9 + 1.3 9 -0.9 9 + 15.2 g -2.5 4 No 6 —12.3 21 -5.3 12 + 0.1 14 + 5.7 6 No 10 +14.9 3 + 15.1 3 No 11 — 3.2 12 — 3.5 4 — 6.0 3 -6.5 3 i ; No. 12 -3.9 31 -0.8 11 + 7.7 23 -0.3 15 ] -0.5 15 +2.4 10 +6.6 i 19 +0.2 25 +32.7 13 1 i ^_ ! PERCENTAGE OF INCREASE (OR DECREASE) IN NET SALES IN JUNE, 192]L, ASCOMPARED WITI1 JUNE, 1920. Groceries. Dry goods. Hardware. Shoes. Furniture. Drugs. supplies. ; Stationery. Auto tires. District. Num- Num- Num- Num- Num- Num- •Num- Num- Num- Per ber Per ber Per ber Per ber Per ber Per ber Per ber Per ber Per ber cent. of cent. of cent. of cent. of cent. of cent. of cent. | of cent, of cent. of firms. firms. firms. firms. firms. firms. firms. firms. firms. No. 3. . . . . -46.9 50 -33.4 25 No.4 -49.8 10 -24.4 4 -32.9 3 -22.2 5 No. 5 —42.5 9 —46.0 9 —32.4 9 —31.3 8 —42.2 4 i i No. 6 -47.6 21 -34.6 12 -39.5 14 -43.5 6 i I ; No. 7 -56.4 18 -29.8 11 + 4.4 7 No. 10 . +12.3 3!—42.9 3 i j | No. 11 -35.4 12 -7.1 4 i—42.7 3 -27.9 3 i No 12 -26.4 31 -17.0 11 1 29.2 23 -18.1 15 -27.0 15 -17.8 -16.2 19 1—34.4 25 +2.5 13 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. 990 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

AUGUST, 1921. FEDERAL. RESERVE BULLETIN. 989 INDEX NUMBERS OF WHOLESALE PRICES (ALL COMMODITIES). j Aus- i R F U t S q B i e e o u t n o ( d a s n o 9 i e a t e t s 0 t e r r e r a ) v d s a d . - ; e 2 l o t B t U S i q S f i c o u u t t n s L a a n r o i t e a ( t t s t e 3 i e a b a ) s s 1 d u . - o - ; 2 5 r co U B T K i d m t ( n i r o o 1 i o e a m n i a 5 m t f s d g r e 0 ) o d e ; d - . d- ( U 4 S m t K d i 5 t n e o a i o i n s c m t d t ) i o g e i s . ; m d - - 3 t -G l ( t F e l 4 i m e t a s r t 5 i * B i a t e S o n n i s n c u q 6 t d ) o c a i r d . u i m - a * e - - e e l ; e - 1 i i j ! j : l j ( I 1 3 t B m t u 9 h P 8 a t 2 a n e o i r l 0 c e c o t r d y o , s i h e f i l ; m 7 - . - i 1 6 - ( Z F 7 m f m t e i u G 7 r e i a a o r t c e s t n n u d ) e r o y k n . - i r m ' - ' ; - g - H S t S t q i i a w d v o u n ( n e n e o 4 d n i d s t 7 e n a s ) e l . k g - n s 5 - ; N ( C O 9 R m t a m o i h 3 k n e e r o r o i v i s c w i s d a n s ) o u k i , . t a o m e 6 - i \ - - ; - ( F t 3 i m m t D i d 3 i n e a e o e c a s n r d n o ) n k d i . - m s 7 ; - e - - B ( J 5 T J m t a a i a 6 o e f p n o p o k s c a k d a r ) o y n n i . m o o 2 - ; f - a ( B C w 9 t t n m C r i 2 e u e d s a o n o r t a h c m i e s n S l o c a u a t - m t - s h ; u a s - - 1 i i i j j j ! 1 C m D t q L i a o u e e ( a 2 n p n n o b 7 a a s t t o 2 a d ) r o r . t - a 5 - f ; D m t S I c m i c c n e C e u t o s o a p d n t a m t d t a i t l ( i a a - 7 i r s - o - , ; t - 5 - f after). 3 modi- ties).* ties).2 ; ! 1 1913 100 100 100 100 100 i 100 8 100 100 100 1914 100 101 101 ' 95 9 100 116 IO H5 " i66 96 12100 ! 101 13 100 1915 101 126 137 133 145 159 138 97 141 ! 110 1916 124 159 187 i 202 185 233 164 117 132 135 1917 176 206 2H2 • 299 244 341 228 147 i* 155 ' 177 1918 . 196 226 339 409 339 345 293 192 170 i 206 1919 206 212 242 357 364 330 322 294 236 180 ; 217 1920 233 243 314 291 510 024 1,522 347 362 259 218 1 246 204 1920. June. 258 269 330 300 •A')3 • 632 1 473 366 382 248 233 \ 258 200 July 250 262 324 299 496 604 1 473 363 409 383 239 234 256 201) 1921. January 163 178 251 232 407 642 1,083 267 344 341 201 196 208 178 February... 154 167 230 215 377 613 1,473 250 319 290 195 192 : 199 174 March.. 150 162 215 208 360 604 1,419 237 312 280 191 181 194 April 143 154 209 199 347 584 1,410 229 297 270 190 171 •; 1S7 183 May 142 lol 205 191 329 547 1,428 218 204 257 191 166 i 183 184 June 139 148 202 183 325 509 1,376 218 294 254 192 162 ! 179 178 July 141 148 186 332 1,467 211 253 196 176 183 1 Index numbers for 1920 and thereafter based upon prices of 76 commodities. Computations arrived at by the method described on p. 465 of the BULLETIN for April, 1921. 2 Average for the month. !> Middle of 1914-100. s End of month. m Dec. 31,1913-June 30, 1914= 100. * Beginning of month but not always the first. » July 1,1912-June 30,1914= 100. 5 Middle of month. 12 jui'yj 1914= 100. e End of year and end of month. " End of July, 1914=100. 7 First of month. H Last six months of 1917. 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- I numbers are compiled by the Bank of Japan modities'7 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 i for food and one for " other commodities/7 GROUP INDEX NUMBERS—UNITED STATES—BUREAU OF LABOR STATISTICS. [1913=100.] Lumber Date. pr F od ar u m cts. | F e o t o c. d, C c l l o o t t h h s i n a g n . d F li u g e h l t i a n n g d . | 1 M p e r m t o a d l e s u t a c a l t n s d . m bu a a i t l n e d r d i i n a g l. i ! a C n h d e m dr i u ca g l s s . fur H g n o o i o s u h d s i s e n . g la M n i e s o ce u l s - . i 1913 . 100 ! 100 100 100 1 100 100 100 100 100 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 i 176 181 175 ; 208 124 198 144 155 1918 220 189 239 163 i 181 151 221 196 193 1919 234 i 210 261 173 161 192 179 236 217 1920 218 j 239 302 238 186 308 210 366 236 July, 1920 . 236 268 317 252 191 333 217 362 243 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 1 138 203 168 274 154 May ... 117 : 133 181 194 138 202 166 262 151 June - • 113 i 132 180 187 132 202 166 250 150 July 115 i 134 179 184 125 200 163 235 149 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

990 FEDERAL RESERVE BULLETIN. AUGUST, 1021. 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 f o o t od a . l Ir s o t n e e a l n . d me a t n a d ls Cotton. te O x t t h il e e r s. ar O t t i h cl e e r s. no T t o f t o a o l d. minerals. 1920 average 273 263 278 272 406 252 480 362 274 340 1920. June ... 285 244 302 277 443 260 556 388 275 362 July 281 269 282 278 439 261 519 357 272 352 1921. Januarv 245 285 251 257 359 213 224 220 221 248 February 212 266 227 234 320 201 195 201 216 228 March 205 251 229 228 283 192 173 179 205 209 Apiil 200 245 224 222 259 192 181 170 196 202 Mav 197 220 222 213 250 193 183 166 202 201 June 199 219 218 212 240 189 180 162 199 196 GROUP INDEX NUMBERS—UNITED KINGDOM—STATIST. [1913=100.] Date. V f t o a e o b g d l e s e - , ! i f A m oo n a d i l - s . | j ! F t o uf o f d s - .e M r i a n ls - .t T i e l x es - .d S r u i n e - s. M ria a l t s e . - . ; 1 | Date. ! f V o ta o e b g d l e s e , - i A fo m n o a i d - 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 r i a n ls - .t T il e e x s - . 1 I S d u ri n e - s .! M ri a a t l e s - . 1913 100 100 100 100 100 100 100 100 | 1921. 1914 110 100 107 105 90 97 105 98 ! January 234 283 192 251 225 198 230 219 1915 155 125 130 137 109 111 131 119 | February... 206 270 187 234 200 179 224 203 1916 193 152 161 169 140 152 163 153 |j March. .* 214 262 182 232 179 171 221 193 1917.. 252 192 213 218 152 228 212 198 I1 April 212 249 180 225 176 172 199 184 1918 24S 210 238 229 167 265 243 225 i: May 211 223 158 209 177 164 192 179 1919 252 215 275 238 190 271 26S 243 ! June 226 206 156 207 157 164 181 168 1920 321 264 366 301 269 299 290 2S5 !i July 222 212 123 167 183 174 hily, 1920 343 278 425 325 276 298 277 283 ;! GROUP INDEX NUMBERS—FRANCE—GENERAL STATISTICAL BUREAU. [1913-100.] 1 Date. f A o m o n d a i- l s. f V t o a o e b d g l s e e . - S co a u f g n fe a d e r ' j F ( o 20 o ) d . s | M era in ls - . t T i e l x es - . | ' j d S r u ie n s - . ' I I m r R i a a a t l w e s - Date. i f o A m o n a d i l s - .! f V t o a o e b g d l e e s - . c S oo a u ff n g ff d a d ee r ee , // j ! I j FF (( oo 22 oo 00 dd )). ss je MM rjla ii l nn s - . | j t TT il ee e xx s -- . | d SS r uu ie nn s -- . ! m R r i a a ( a t 2 w l 5 e - s ). 1913 100 100 100 100 100 100 100 100 1921. 1914 103 103 106 104 ! 98 109 99 i 101 January 483 ] 334 337 397 341 460 445 415 1915 126 126 151 131 i 164 132 145 i 145 February... 452 317 338 378 300 422 378 1916 162 170 164 167 I 232 180 199 ! 206 March 406 i 322 367 366 289 375 392 ! 355 1917 215 243 201 225 ! 271 303 302 ! 291 April 396 348 359 372 281 314 371 ! 328 1918 286 298 231 281 !283 460 420 ! 387 May... 379 346 317 356 266 282 355 ! 309 1919 392 313 253 336 |272 444 405 i 373 June 349 368 338 357 261 278 341 ! 300 1920 503 427 422 459 I 449 737 524 I 550 July 355 374 393 372 253 290 343 I 301 July/I 920 501 370 405 432 | 469 746 500 I 548 GROUP INDEX NUMBERS—ITALY -RICCARDO BACHI. [1920=100.] f V t o e a o g b d e l s - e .f A o m n o a d i l s - . C ic h a e l m s - . t T i e l x es - . M e m a a r i e l n a n s t d l - . - s B m r u i a i i a n t l l g e s d - . - O t v p u t a e c r h b g t o l e e s d e - . r -d S r u ie n s - . ! j ! 1 m c it o A i o r e l n d s l - - . I I iV f t o e a o g b d e l s e - .f A o m o n d a i- l s. C ic h a e l m s. -j I T ti e le x s - . m M e a a r n l e a i s d n l t . s - - B ri u a i l l s d . -! O v u p c e r t t h g o s e e d . - r -d S ri u e n s - . i I : ! i m c t A i o o e l i l d s n . - - July, 1920.. 97 100 100 88 96 108 90 105 98 1921. March. 108 117 87 64 113 | 123 104 97 1921. April.. 106 116 83 57 109 ! Ill 105 94 January.. 107 121 98 77 88 113 123 107 103 May... 102 112 76 47 107 I 110 95 88 February. 103 120 89 65 80 117 127 107 98 June.. 97 101 63 46 102 95 90 82 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUGUST, 1921. FEDERAL RESERVE BULLETIN. 991 GROUP INDEX NUMBERS—GERMANY—FRANKFURTER ZEITUNG. [Middle of 1914=100.] 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- tural Textiles, Minerals. Miscellaproducts. 1920. ;| 1921 Average for the year.. 3,175 1,733 1,440 i| Beginning of— Beginning of July 2,561 1,552 1,625 ! March 1,204 2,371 1,552 1,517 ;| April 1,195 2,153 1,608 1,500 1921. May 1,169 2,125 1,566 1,617 Beginning of— June 1,116 1,907 1,524 1,633 January 2,643 1,678 : 1,575 July 1,270 2,153 1,613 1,588 February 2,507 1,580 1,525 ;| I GROUP INDEX NUMBERS—SWEDEN—SVENSK HANDELSTIDNING. [July 1, 1913-June 30, 1914-100.] Date. Ve f g o e o t d a . ble A f n o i o m d. al I ! R ag r a i r w a i l c s u m f l o t a u r t r e e - . Coal. Metals. m Bu a i t l e d r i i n a g l. W pu o l o p d . ! H 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 19141 130 101 ' 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 LSI 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 j 312 1,007 278 371 675 215 324 294 July, 1920.... 252 277 I 312 1,252 293 388 767 202 336 303 1921. January 244 266 281 371 230 ; 320 520 131 169 328 February 231 241 248 362 204 ! 319 511 108 147 318 March 238 229 240 279 185 | 298 510 So 134 268 April 232 231 j 236 291 178 ! 236 510 84 125 264 May 221 217 j 245 369 153 j 237 286 106 132 238 June 237 206 j 236 371 149 I 224 286 108 129 207 July 236 230 j 216 315 149 I 192 197 112 133 191 i Average For 6 months ending Dec. 31, 1914. GROUP INDEX NUMBERS—CHRISTIANIA, NORWAY—0KONOMISK REVUE. [Dec. 31,1913-June 30,1914=100.] Fuel. I Date. A f n o i o m d. al e f g o e o t d a . bles fe tu r F t f i e l l s e i z d a e - n rs d . Iron. Metals. materials Textiles. I Paper. leather< benzine. r j End of— 1914 115 I 130 i 108 151 104 115 128 107 | 105 | 101 1915 149 i 150 150 224 132 158 289 131 I 121 137 1916 193 i 198 I 195 355 170 435 401 213 178 190 1917 260 ! 292 ! 231 1161 231 720 503 326 I 264 263 1918 324 ! 277 I 284 514 247 573 503 359 j 302 313 1919 329 ! 281 ! 277 767 162 442 187 358 356 322 1920 352 i 385 ! 340 647 407 482 200 416 402 472 June, 1920 300 j 324 I 306 257 696 232 429 I 406 425 1921. January 307 | 370 | 317 512 384 394 165 378 ! 374 217 472 February 294 | 324 292 358 364 340 167 362 ! 352 212 472 March 307 ! 315 i 287 289 357 328 169 339 350 203 472 April 283 I 304 \ 273 317 343 295 166 329 329 199 418 May 280 i 303 I 277 317 343 295 166 324 324 190 413 June 273 i 323 ! 275 345 336 296 167 308 324 197 413 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

992 FEDERAL RESERVE BULLETIN. AUGUST, 3921. GROUP INDEX NUMBERS—AUSTRALIAN COMMONWEALTH—BUREAU OF CENSUS AND STATISTICS. [July, 1914=100] Date. Met c a o l a s l . and Tex e t t i c l . es, p A r g o t r d u i u r c a c u t l l s - . pr D o a d i u r c y ts. G t r o o a b c n a e d c r c ie o s . Meat. m B a u t i e l r d i i al 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 June, 1920 214 260 261 187 195 208 307 297 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 June 195 105 160 171 1S8 134 250 223 GROUP INDEX NUMBERS—CANADA—DEPARTMENT OF LABORS [1913=100.] Date. G fo r a d a n d i d e n r s . A m n e a i a n m d t a s l . s pro D d a u i c r t y s. t F v a a r e b u n g l i d e e t - s s . f O o t o h d e s r . Textiles. l H e i a e d t t h c e e . s r , , Metals. m Im e p n l t e s - . m B a l u t u i e m l r b d i e a i r l n . s g ,F li u g e h l t i a n n g d . c D h c a r a e n u l m 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 % 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 July 1920 292 211 194 295 283 305 178 209 242 282 294 218 1921. January 186! 175 216 184 212 228i 131 174 257 248 247 196 February 171i 171 185 163 205 204! 126 167 257 239 234 188 March 168 171 174 175 203 1981 118 158i 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 147j 236 224 216 178 June ... 146 146 124 169 183 180 106 154! 236 218 212 175 Julv 146 143 133 157 174 179 106 147: 236| 217 207 175 1 Unimportant groups omitted. GROUP INDEX NUMBERS—CALCUTTA, INDIA—DEPARTMENT OF STATISTICS. [End of July, 1914=100.] Date. B m r u i a i i a n t l l e g d s - . - a M t r a f u t a i n r c c e u - l d - es Metals. H sk a i n i d n d e s s . C m tu f o a a r t c n e t - o u s n . - c R ot a to w n. m tu f J a o u r c e n t - s e ,, . . 1 ! uo t t i tt e h l n x e e s - r . m t O a u r i s s d - , . j R u a t w e. se O e i d l s. Tea. Sugar.Pulses.Cereals f O o t o h d e s r . End of July, 1914 100 100 100 100 100 100 i 100 100 100 100 100 100 100 100 100 100 Average for 1920. 138 231 238 147 354 153 149 I 162 I 128 104 173 78 407 166 154 184 July, 1920 139 235 249 100 364 132 I 151 | 1Q8 ! 119 169 74 503 159 151 188 1921. | | January 158 238 247 81 324 107 104 149 116 130 77 314 135 139 139 February 147 226 243 80 306 104 101 149 97 124 70 352 119 129 148 April 147 242 255 97 311 119 97 123 110 131 76 359 147 150 May 155 262 254 110 312 124 94 126 112 142 78 302 156 145 153 June 149 244 245 119 303 129 100 132 114 145 89 239 165 150 152 July 149 237 245 116 316 136 102 147 115 157 92 247 173 151 162 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUGUST, 1921. FEDERAL RESERVE BULLETIN. 993 COMPARATIVE RETAIL PRICES IN PRINCIPAL COUNTRIES. In the following table are presented statistics in this index are foods, and the other two are showing the trend of retail prices and the cost kerosene and alcohol. of living in the United States and important The Swedish index number consists of the European countries. Three of these index retail prices of foodstuffs, fuel, and lighting numbers—those for the United Kingdom, and is based upon the prices of 51 articles in Paris, and Sweden—are constructed on the 44 towns (in 1920, 50 articles in 49 towns), basis of prices in July, 1914 = 100. In the weighted according to the budget of a workingcase of the United States, the original base, man's family which before the war had a yearly that of the year 1913, has been shifted to the income of 2,000 kronor. July, 1914, base. The German index uses the The German index expresses upon a peryear ending July, 1914, as a base. centage basis figures compiled by Dr. R. R. The American index number, constructed by Kuczynski of the statistical office at Berlinthe Bureau of Labor Statistics, was based upon Schoneberg. Dr. Kuczynski bases his calcuthe retail prices of 22 articles of food, weighted lations upon the cost of living per week of a according to family consumption, until Janu- family of four in Greater Berlin. ary, 1921, when it was increased to 43 articles reported by dealers in 51 important cities. The RETAIL PRICES IN THE UNITED STATES, PARIS, AND SWEDEN; COST OF LIVING IN UNITED KINGDOM AND method of weighting continues the same, al- BERLIN. though the actual "weights" applied have [July, 1914*100.] been changed. The British index number of the cost of living d Paris' ! Sweden> Berlin, constructed by the Ministry of Labor consists cost of prices.* oflivingX living. 3 of the retail prices not only of foodstuffs but of other articles as well. Retail clothing prices, 1919. 182 216 2f>0 321 rents, and the cost of fuel, lighting, and mis- 1920. 199 249 371 < 1,080 cellaneous household items are also taken into 1920. consideration. The index number is weighted June.. 215 250 I 369 294 1,056 according to the importance of the items in the July.. 215 252 I 373 297 1,125 budgets of working-class families. 1921. January 169 265 i 410 ! 283 1,111 The retail price index for Paris, compiled by February 155 251 ; 382 i 262 1,087 March 153 241 I 358 ! 253 1,035 the French General Statistical Office, consists April 149 233 i 328 i 248 976 of retail prices of 13 different commodities, May 142 228 ! 317 ! 237 990 June 141 , 219 ! 312 ; 234 1,080 weighted according to the average annual con- July 145 219 ! 306 i 232 sumption of a workingman's family of four persons. Eleven of the commodities included 1 Average for the month. 2 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 the value Japanese figures for recent months are reof foreign trade is estimated not in terms of ceived by cable and subject to revision. 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

994 FEDERAL RESERVE BULLETIN. 1921. FOREIGN TRADE OF UNITED KINGDOM. Imports. Exports. In thousands of pounds sterling. In thousands of pounds sterling. to d F b a r o a i n o n c d c d k o , , . f r u a m a i n r a c R t a m l t i a s u i c w n a r l a n e l e n y u d s d - . f A m a w m c r a h t a t o i u i o n c r n r l l u l e l e y y - d s . l i a M p n p n a i c i e o n s r l o c s g c u e u t e d . l s l - - , Total. o s t f h a I o n t n o u d n - s s. to d F b a r o a i n o n c d c d k o , , . ! l ; j ' | f u r a m a n i c m R r a m a t t l a u i a i s c a w n t r l e n e a l e - y d u n s . - d f A m a w m c r h a t a t o u i i o n c r n r l u l e l l e y y - d s . j I | | I | j l i M p a n p n a i c i o e n r s l c s o c g u e t e u d . l l s - - , 1 I Monthly average: 1913 24,184 23,485 16,134 259 64,061 4,669 2,716 i 5,825 34,281 ! 949 1919 59,927 50,565 24,663 358 135,513 2,814 | 9,274 53,457 i 1,008 1920 63,948 59,292 37,902 254 161,395 *3*79o' 4,241 | 12,138 93,394 i 1,528 1920. Jane 67,341 57,919 44,681 325 170,266 4,150 I 4,313 11,447 99,081 ! July 69,571 51, 899 41,923 450 163,842 4,198 | 4,515 12,551 118,954 | 1921. January. 49,158 37,005 30,467 420 117,051 3,383 i 3,852 i 7, February 47,750 25,504 23,394 326 96,974 2,573 i 3,075 ! 5, March 50,888 17,739 24,930 184 93,742 2,697 : 2,897 j 5, April 52,908 16,547 20,374 167 89,996 2,668 ; 3,729 ! May 50,094 16,711 19,282 221 86,308 2,891 ; 2,101 ! June 51,915 18,389 17,600 278 88,182 2,439 i July 42,090 20,232 18,005 431 80,757 2,702 I ot Reexports. In In thou- In thou- sands thou- sands of sands Total. of tons.pounds of tons. sterling. 43,770 7,650 9,131 152 66, 553 . . . 13,729 111, 297 3,292 18,701 138 1,512 116,352 3,143 20,124 137 1,432 137,452 3,526 17,848 132 668 79,746 1,491 92,756 2,558 9,955 87 881 58,177 1,089 68,222 2,446 8,004 j 82 832 se;969 1,111 66,809 2,656 8,888 ! 127 936 52 019 1,184 59,868 1,279 8,524 j 126 1,437 38,'662 889 43,088 500 7,232 ! 90 1,125 33,658 930 38,152 7,083 2 775 36,705 991 43,172 9,362 FOREIGN TRADE OF FRANCE.* [In thousands of francs.] Imports. Exports. 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 . ! j j Total. Food. ma R te a r w ia ls.] j 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 69,908 151,841 i 301,420 47,182 573,351 1919 monthly average3.. 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 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 i 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 June 490,615 871,374 361,545 ! 1,723,534 148,237 540,722 977,129 84.376 1,750,464 1 Not including gold, silver, or the reexport trade. 2 Calculated in 1913 value units. 3 Calculated in 1919 value units. < Calculated in 1919 value units. French foreign trade figures are originally recorded in quantity units only, and the value of the trade is calculated by applying official value units to the quantities imported and exported. Normally the monthly statements of trade appear computed at the rates of the year previous, and only at the end of the year is the trade evaluated at the prices prevailing during that year. Because of the disturbed price conditions in France during the past two years, 1919 price units are being applied to the 1921 trade. FOREIGN TRADE OF ITALY, SWEDEN, AND JAPAN. Italy. Sweden. Japan. (In millions of (In millions of (In millions of li) kroner.) yen.) I Imports. Exports. Imports. I Exports. Imports, j 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. 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 1921. January 1,166 503 122 , 91 105 75 Febriuary. 1,320 566 116 89 119 77 March 1,503 569 99 | 75 137 94 April. 1,346 586 2 106 | a 69 139 115 May.. 194.9 | 149 105 June. 2 148 3 107 July.. 2109 2 98 11920 and 1921 figures based on 1919 value units. 3 Provisional. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUGUST, 1921. FEDERAL RESERVE BULLETIN. 995 DISCOUNT AND OPEN-MARKET OPERATIONS OF FEDERAL RESERVE BANKS. Following is a set of tables showing the vol- character of paper and by rate of discount. ume of bills discounted and of acceptances and Average maturity and average rate of discount Government securities purchased by the Fed- are also given, as is the number and pereral reserve banks during June, 1921. Bills centage of banks accommodated during the discounted and purchased are classified by month. VOLUME OF OPERATIONS DURING JUNE, 1921. U. S. securities purchased. Total. Federal Reserve Bank. co B m b u i e n a ll m n t s e k b d d s e i . s r f - or Bi m l i l n s a o r b k p o e e u n t g . ht Bo n n o d t s e s a . nd i C n e d r e ti b f t ic e a d t n e e s s o s f . June, 1921. June, 1920. Boston $257,451,992 $14,360,872 $1,070,000 $60,686,000 $333,568,864 $494,121,135 New York 1,282,758.515 24,409,834 5,509,000 754,209,500 2,066,886,849 4,348,461,420 Philadelphia 372,532,914 3,399,959 0,070,600 49,831,500 431,834,973 525,832,297 Cleveland 277,890,926 3,233,046 12,400 91,346,500 372,482,872 338,070 216 Richmond 243,032,356 2,154,300 2,000,000 247,186,656 290,865,000 Atlanta 125,805.516 868,349 1,587,800 4,012,000 132,273,665 168,730,145 Chicago 418,783.158 8,331,600 35,000 28,293,500 455,443,258 630,783,246 St. Louis 147,281,117 947; 230 226,400 28,714,000 177,168,747 208,560,026 Minneapolis 67,995,719 26"666" 71,000 595,000 68,661,719 121,503,542 Kansas City 77,147,034 243,000 77,410,034 153,691,623 Dallas 65,635,555 19,200 2,000,000 67,654,755 148,720,253 San Francisco 338,662,232 6,928,739 6,700 22,688,500 368,886,171 371,500,171 Total: June, 1921 3,674,977,034 64,673,129 15,188,900 1,044,619,500 4,799,458,563 June, 1920 6,336,641,955 285,752,619 1,178,444,500 7,800,839,074 6 months ending June 30,1921 36,588,371,463 767,764,912 23,681,761 | 2,474,154,557 39,'853,'972," 693" 6 months ending June 30, 1920 38,431,408,220 1,713,703,385 245,500 4,661,369,000 *44,"866,"726,*i65 VOLUME OF BILLS DISCOUNTED DURING JUNE, 1921, BY CLASSES OF PAPER; ALSO NUMBER OF MEMBER BANKS ACCOMMODATED. Member banks' collateral Customers' notes. Bankers' acceptances. paper secured by Commercial Agricultural Live-stock Federal Reserve Bank. m g G e a o n t v t i o e o n r b n s l . - i- G o S b o e l v c i u e g r r a e n t d i m o n b e s y n . t O s t e h c e u r r w ed is . e paper, n.e. s. paper. paper. Foreign. Domestic. ex D ch o a ll n a g r e. Boston i $11,287,155 $157,770,100 $87,489,454 $518,869 $8,535 New York I 37,585,152 463,867,874 764,140,975 14,381,840 10,107 j $1,737,539 Philadelphia ; 13,690,184 250,613,210 $300,000 107,439,825 303,323 Cleveland I 5,886,645 178,587,225 427,000 89,738,398 387,975 103,472 i 81,347 $30,000 Richmond I 1,729,338 197,734,769 2,522,500 35,019,086 5,190,683 20,166 Atlanta "2 ,7—59 ,4"4~2 64,618,933 498,150 51,575,327 5,013,896 929,595 Chicago 14,363,211 199,112,169 2,937,488 184,577,893 14,537,116 2,155,073 ! 167 315 St. Louis 2,300,109 82,336,633 55,392,594 5,049,851 612,010 | 882,208 • 388,443 $20,000 Minneapolis. 370,457 25,767,662 1,529,875 27,390,986 8,505,639 4,157,984 1 50,000 Kansas City. 2,185,889 49,273,281 14,803,708 2,567,795 7,979,201 Dallas.. 691,655 33,268,854 7,009,010 11,222,196 6,683,305 6,415,641 San Francisco 3,313,183 258,863,301 14,369,509 47,938,796 6,914,615 4,504^150 | 305,237 128,284 Total: June, 1921.. 96,162,420 1,961,814,011 29,593,562 1,476,729,238 70,054,907 26,895,934 ! 3,056,331 714,042 20,000 May, 1921.. | 137,042,168 2,574,246,609 23,153,375 1,427,085,834 48,159,112 27,845,702 i 5,823,401 709,555 30,000 i June, 1920.. 140,604,965 4,404,231,395 8,711,600 1,759,724,891 i 9,431,522 May, 1920.. 162,537,856 4,345,928,296 6,130,761 1,589,592,398 15,254,260 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

996 FEDERAL RESERVE BULLETIN. AUGUST, 1921. VOLUME OF BILLS DISCOUNTED DURING JUNE, 1921, BY CLASSES OF PAPER; ALSO NUMBER OF MEMBER BANKS ACCOMMODATED-Continued. | Total reduced to a com- Trade acceptances. mon maturity basis.1 Member banks. Federal Reserve Bank. T c o la ta ss l, e a s. ll N in u m d b is e - r [ | Accommodated, Per cent trict. ! Amount. of total. June 30. j Number. Per cent. 1 Boston $377,879 §257,451,992 j $159,505,793 ! 4.3 438 254 ! 57.9 New York .,035,028 1,282,758,515 i 818,210',351 ! 22.3 792 i 376 ! 47.5 Philadelphia.. 188,372 372,532,914 j 238,449^207 ; 6. 5 699 ! 399 ! 57.1 Cleveland :, 648,864 277,890,926 i 255,658!995 i 6.9 879 j 364 i 41.4 Richmond 815,814 243,032,356 ; 209,032i808 ' 5.7 : 621 ! 413 i 66.5 Atlanta 410,173 125,805,516 190,855!533 J 5.2 493 ! 359 i 72.8 Chicago 932,893 418,783,158 j 805,700;019 21.9 i 1,430 ! 947 i 66.2 St. Louis 299,269 ! 147,281,117 201,766,222 I 5.5 | 585 ! 323 55.2 Minneapolis.. 223,116 | 67,995,719 192,641,641 i 1,016 634 •• 62.4 Kansas City.. 337,160 77,147,034 i 150,922;470 i 4 1 I 1,092 605 ! 55.4 Dallas. 344,864 ; 65,635,555 141,573,657 3! 9 ' 869 603 69.4 San Francisco ! $100,000 ,225,157 338,662,232 I 310,660,338 ; 8.5 865 463 53.5 Total: June, 1921.. 100,000 3,674,977,034 I 3,674,977,034 | 100.0 9,779 5,740 I 58.7 May, 1921.. 4,253,863,654 9,770 5,616 I 57.5 June, 1920 ! 13,937,582 0,336,641,955 i 9,395 4,948 52.7 May, 1920 | 16,540,603 6,135,884,174 ! 9,329 4,642 49.8 1 Total discounts multiplied by ratio of average maturity of bills discounted by each bank to average maturity (19.29) for system. VOLUME OF BILLS DISCOUNTED DURING JUNE, 1921, BY NORMAL RATES OF DISCOUNT CHARGED; ALSO AVERAGE RATES AND MATURITIES. Average rate (365 Average Federal Reserve Bank. 5fc per cent. ! 5J per cent. 6 per cent. 6J per cent. 7 per cent. Total. day j maturity, basis). I Per cent. ! Days. Boston $257,451,992 $257,451,992 6.00 i 11.99 New York 838,362,378 j$444,396,137 1,282,758,515 6.15 ! 12.19 Philadelphia $256,729,095 $2,623,000 113,180,819 ; 372,532,914 5.67 12.38 Cleveland 277,890,926 i 277,890,926 6.00 17.80 Richmond 243,032,356 243,032,356 6.00 16.6,4 Atlanta 125,805,516 125,805,516 6.00 29.35 Chicago 215,205,199 203,577,959 418,783,158 6.38 37.22 St. Louis 1,096,709 146,184,408 147,281,117 6.17 26.50 Minneapolis 26,194,841 "*4i,"800,"878' 67,995,719 6.45 54.81 Kansas City 7,760,000 974,000 68,413,034 77,147,034 6.41 37.85 Dallas 39,615,590 "26*6i9,"965" 65,635,555 6.33 41.73 San Francisco 338,662,232 338,662,232 6.00 17.75 Total, June, 1921 265,585,804 3,597,000 2,689,999,291 715,794,939 3,674,977,034 6.13 19.29 May, 1921 318,960,359 5,889,500 2,900,004,902 883,524,302 $145,484,591 4,253,863,654 6.22 16.60 VOLUME OF BANKERS' AND TRADE ACCEPTANCES PURCHASED DURING JUNE, 1921, BY CLASSES. Total reduced to a Bankers' acceptances. Trade acceptances. common maturity basis.1 i Total bills Federal Reserve Bank. 1 purchased. Foreign. | Domestic. D c o h l a la n r g e e x . - Total. Foreign. Domestic. Total. Amount. P o e f r t o c t e a n l t . Boston $10,629,229 I $2,691,643 $1,040,000 $14,360,872 $14,360,872 $14,189,541 21.9 New York 17,363,752 4,414,557 2,566,512 24,344,821 $65,013 $65,013 I 24,409,834 15,372,173 23.8 Philadelphia 2,629,323 i 495,636 275,000 3,399,959 I 3,399,959 4,375,526 6.8 Cleveland 1,539,269 j 1,633,777 60,000 3,233,046 I 3,233,046 2,246,124 3.5 Richmond 552,800 i 1,601,500 2,154,300 2,154,300 2,496,951 3.8 Atlanta 673,469 I 194,880 868,349 868,349 1,719,416 2.7 Chicago 3,877,120 4,419,480 35,000 8,331,600 8,331,600 19,452,478 30.1 St. Louis 229,933 587,297 130,000 947,230 : 947,230 508,960 Minneapolis Kansas City 20,000 20,000 I 20,000 62,446 Dallas 19,200 19,200 j 19,200 9,367 San Francisco 5,503,821 1,187,318 228,000 6,919,139 1,600 % 600 6,928,739 4,240,147 65 Total, June, 1921. 42,998,716 17,265,288 4,334,512 64,598,516 | 74,613 j 74,613 64,673,129 64,673,129 100.0 May, 1921. 8 Z< 5 W , * 1 \JK 8 TK 7 JJ , 3 f 2 XV 3 2 f 7 J , 2 "U 4 U 4 i M ,4 KJ 8 KJ 9 25,547,853 137,979,665 \ 621,540 621,540 138,601,205 138,601,205 June, 1920.193,372,977 ! 62,810,535 5,149,705 261,333,217 22,872,328 $1,547,074 24,419,402 285,752,619 285,752,619 May, 1920..195,294,991 | 72,768,319 2,434,527 270,497,837 2,724,282 ' 1,014,578 3,738,860 274,236,697 274,236,697 1 Total purchases multiplied by ratio of average maturity of bills purchased by each bank to average maturity (28.83) for system. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUGUST, 1921. FEDERAL RESERVE BULLETIN. 997 VOLUME OF ACCEPTANCES PURCHASED DURING JUNE, 1921, BY RATES OF DISCOUNT CHARGED; ALSO AVERAGE RATES AND MATURITIES. i Average Feder B al a n R k e . serve | 5 c -J e n p t e . r 5 c | e p n e t. r c > e ? n p t. er > ce £ n p t. er 6 ce p n e t r . 6 c | e p n e t. r 6 c } e n p t e . r 6 c i e p n e t r . c 7 e p n e t. r Total. (3 b 6 a r 5 a s - i te d s) a . y A m r v i a e t t y r u a . - ge Per cent. Days. Boston $9, 236, 599 $3,262,297 'fi, 361,976 $500,000 $14,360,872 5. 84 28. 48 New York i $25,666 21,391,194 i 2,192,181 596,546 $90,000 $49,900 $65,013 24,409,834 5.87 18.15 C Ph le i v la e d la e n lp d h ia . . ! 480 000 2 1 3 3 0 5 ,0 3 0 7 0 3 1, 5 3 3 5 5 7 ,3 1 4 7 7 0 i s 1 0 7 0 4 2 9 ,9 9 3 2 8 3 5 1 6 5 9 1 ^ 5 4 0 9 7 3 335,000 72,715 13, 539 3 3, 2 3 3 9 3 9 , 0 9 4 5 6 9 5 5 . . 9 9 9 0 3 2 7 0 . . 1 0 0 3 Richmond 2,154,300 2,154,300 6.08 33.41 Atlanta ! 25 000 843 349 868 349 6.07 57.07 Chicago 1,467,292 505,000 2744,108 I 2,700,200 915,000 8,331,600 5.85 67.30 Ht Louis 1 10,000 50,000 5,000 335, 230 252,000 295,000 947,230 6.07 15.49 Minneapolis Kansas City $20,000 20, 000 7.10 90.00 Dallas 19,200 19, 200 6.08 14.06 San Francisco 6,002, 755 385, 220 538,664 1,300 800 6, 928, 739 5.88 17.64 Total: June, 1921. 2,007, 292 10,150,972 297, S71 727,008 6, 540,059 721, 300 123,415 78, 552 20,000 04, 673,129 5.88 28. 83 May, 1921.14, 719,411 11,962,515 701,302 :i4,772,502 5,114,040 528,677 255, 587; 627,141 865,000 U38,601,205 5.89 ; 23.14 1 Includes $55,000 of acceptances purchased at 6| per cent. HOLDINGS OF EARNING ASSETS, BY CLASSES. Following is a set of tables giving a detailed analysis of the different classes of earning assets held by the Federal Reserve Banks at the end of June, 1921. AVERAGE DAILY HOLDINGS OF EACH CLASS OF EARNING ASSETS, EARNINGS THEREON, AND ANNUAL RATES OF EARN- INGS, DURING JUNE, 1921. Average daily holdings of— Earnings on- Annual rate of earnings on- Federal Reserve All All Bank. All classes U. S. classes Dis- Pur- U.S. ! classes Dis- Pur- U. S. of earning Discounted securi- of earn- counted chased secun- jof earn-counted chased securiassets. Kilio ties. in g bills. bills. ties. ! ing bills. bills. ties. assets. assets. Per ct. Per ct. Per ct. Per ct Boston $130,991,068 $98,255,055$10,745,570$21,990,443 $582,089 $489,520 $51,297 $41,272 5.41 6.07 5.81 2.28 New York 563,294, 587 454,980,411 19,567,793 88,746,383 2,642,934 2,354,992 96,974 190,968 5.71 6.33 6.03 2.62 Philadelphia 180,669,119 141,471,661 7, 825,995 31,371,463 755,699 656,965 37,673 61,061 5.08 5.64 5.85 2.36 Cleveland .* 176,796,037 146,389,188 4,387, 826 26,019,023 793,047 721, 868 21,547 49,632 5. 45 6.00 5.97 2.32 Richmond 116,428,369 103, 396,976 2,604,393 10,427,000 535,494 505,092 13,023 17,379 5. 59 5.94 6.08 2.03 Atlanta 128,731,894 103,498,491 1,077,853 24,155,550 589,830 526,031 5,570 58,229 5.58 6.18 6.29 2.93 Chicago 357,787,472 312,109,999 3,980,276 41,697,197 1, 752,591 1,658,578 20,009 74,004 5.96 6.47 5.89 2.16 St. Louis 96,663,299 82,132,596 369, 549 14,161,154 450,422 421,955 1,820 26,647 5.66 6.25 5.99 2.29 Minneapolis 80,585 000 72 425 000 8,160,000 405,710 392,056 13,654 6.13 6.59 2.04 Kansas City 97,975, 558 80, 578, 458 23, 500 17, 373,600 440,391 409,441 137 30, 813 5.47 6.18 7.10 2.16 Dallas 70,560,798 63,225,957 172,258 7,162,5S3 360,753 347,100 936 12,717 6.22 6.68 6.51 2.16 San Francisco 174,682,863 159,275,973 3,960, 840 11,446,050 819, 554 778, 860 19,272 21,422 5.71 5.95 5.92 2.28 Total: June, 1921..2,175,166,0641,817,739,765 54,715,853302,710,44610,128, 514 9,262,458 268,258 597,798 5.67 6.20 5.97 2.40 May, 1921..2,353,794,3601,966,646,008 84,394,913302,753,43911,571, 36510,502,633 428,792 639,940 5.79 6.29 5.98 2.49 June, 1920..3,209,650,4872,461,021, 583401,183, 809347,445,09514, 493,43711,888,8861,967,604 636,947 5.51 5.89 5.98 2.24 May, 1920..3, 255,859,3932, 537, 550,923416, 519,623301,788,84714,776,15912,172,2902,036,403 567,466 5.36 5.66 5.77 2.22 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

998 FEDERAL RESERVE BULLETIN. HOLDINGS OF DISCOUNTED BILLS, BY CLASSES. [End of June figures. In thousands of dollars.] e C rs u ' s p to a m pe - r c M o e ll m at b e e r r a l b n a o n i k es s . ' Bankers' acceptances. Trad a e n c a e c s c . eptsecured Com- Agricul- I Live- Federal Reserve Bank. Total. ! ; G o m t o b i b v o l e i y e n n g r s t a n . - - I i j j I S m e G g c e a o u n l v r l t e o e d o n r ~ n b s — b . - l i y " - ! y ! 1 |se w cu is r e ed. m n p . e a r e p c . e i s r a . l p t a u p r e al r . | ' s p t a o p c e k r. e F i o g r n - . Do ti m c. es- change. I For- Do ti m c- es- Boston 97,348 ! 11,414 j 28,742 j 55, 890 907 387 New York 390,793 ! 22. 527 145,057 ! 214,156 821 6,746 j 886 Philadelphia. 140,595 i 18,102 76, 434 45,166 641 252 Cleveland 151,856 '• S, 651 46,124 115 93,661 763 ; 347 50 I 45 j 2,094 Richmond 99,138 ! 3, 536 21,909 1,358 59, 653 109 117 'E\ fl 1,456 Atlanta 99,980 ! 5,635 30,644 255 47, 201 238 2,688 1,119 Chicaggo ! 32211,993344 15, 259 89, 512 2,034 158, 304 867 2,956 M K St a . i n n L n s o a e s u a i p s C o i l t i y s. . . . 7 7 8 8 1 6 , , , 6 3 7 0 2 9 2 9 3 I ; | 3 3 , , 0 6 0 2 6 5 3 6 2 2 2 4 2 9 , , , 9 7 1 3 8 4 4 5 1 921 4 2 22 3 2 , , , 9 3 5 2 2 2 7 6 5 5 2 8 5 7 2 0 1 3 ; 2 1 2 7 1 , , , 1 7 8 8 4 3 4 6 2 46 5 9 0 ! ' 310 i | 4 2 48 4 5 8 6 5 Dallas 62,167 1,022 7, 484 3, 439 13,349 263 i 16,703 70 I. 837 San Francisco 150,815 i 5, 419 35,918 7,104 65, 934 622 14, 633 308 ; 200 !. 80 ! 2, 597 Total: Tune 30,1921. 1,751,350 ! 98,306 i 539,284 I 15,226 | 842, 092 157,875 70, 258 ',779 i 80 j 13, 773 May 31, 1921. 1,907,913 ; 159,563 I 627,681 | 12,006 ; S55, 60S 152.749 ! 76, 718 \ 804 i 1,638 j 30 ! 134 13,982 June 25,1920 I 2, 431, 794 | 315,835 ! 962,145 ; 2,923 i 937, 645 83,193 84, 845 25,174 20, 034 May 28, 1920.1 2,519,431 ! 326,473 | 1,121,489 I 3,154 | 803, 804 63,537 ; 41, 841 21,979 HOLDINGS OF BANKERS' AND TRADE ACCEPTANCES PURCHASED OR DISCOUNTED, BY CLASSES OF ACCEPTANCES. [End of June figures. In thousands of dollars.] All classes. Bankers' acceptances. Trade acceptances. Pur- Dis- Federal Reserve Bank. Total. c o h p i a n s e e n d m co e u f m o n r b te e d r Total. Foreign. Domestic. ex D ch o a ll n a g r e. Total. Foreign. Domestic market. banks. Boston 9, 035 8,648 387 8,648 5, 685 1, 894 1. 069 387 387 New York 23,181 15, 549 7, 632 22, 295 17, 714 3, 207 1, 374 886 886 Philadelnhia 4, 717 4, 465 252 4,465 3, 775 90 600 252 252 4, 551 2, 356 2,195 2, 457 1, 621 816 20 2, 094 2,094 3, 593 2,137 1,456 2,137 691 1,446 1, 456 1, 456 \tlanta 2,296 977 1,319 1,177 826 35 L 1,119 1 119 OhlPELCTO 6, 458 3, 500 2, 958 3,502 3,176 276 50 2, 956 2,956 m- TiOiiis 1,444 219 1,225 998 469 509 20 •446 446 305 305 50 50 25*) Kansas Citv 508 20 4S8 20 20 488 488 Dallas 1,057 150 907 220 150 70 837 837 San Francisco 5,387 2,202 3,185 2,617 2,092 490 35 2,770 173 2, 597 Total- Tune 30 1921 62,532 40, 223 22, 309 48, 586 36, 249 9,169 3,168 13,946 173 13, 773 May 31, 1921 99, 045 75, 457 23, 588 84,711 57, 766 16,343 10,602 14, 334 352* 13,982 Purchased in open market: Tune 30 1Q21 40, 223 40,130 28,470 8,492 3,168 93 93 May 31 1921 75, 457 75, 239 49,962 14,705 10,572 218 218 Discounted' for member banks: Fnno 30 1Q21 22,309 8,456 7,779 677 13, 853 80 13, 773 Mav 31 1921 23, 588 9,472 7,804 1,638 30 14,116 134 13,982 HOLDINGS OF BANKERS' ACCEPTANCES PURCHASED OR DISCOUNTED, BY CLASSES OF ACCEPTING INSTITUTIONS. [End of June figures. In thousands of dollars.] Member banks- m N em on b - e r i j Branches banks and i Private and Federal Reserve Bank. Total. National. na N ti o o n n - al. b co a t r n i p o k o n i r s n a . g - : j j bankers. ag b f e o a n r n c e i i k e g s s n . of Boston 8,648 ' 3,342 1,361 ' 130 New York 22,295 6,567 5,675 2.186 1,147 Philadelphia.. 4,465 602 341 ; 'S36 897 Cleveland 2,457 534 509 i 184 974 Richmond 2,137 30 Atlanta 1,177 456 Chicago 3,502 1,706 286 25 50 St. Louis 998 470 i 10 Minneapolis... 50 Kansas City... 20 Dallas 220 25 San Francisco.. 2,617 192 852 194 Total: June 30,1921 48,586 871 13,899 i 9,059 3,470 3,287 May 31, 1921 84,711 780 21,443 ! 12,318 i 9,651 ! 9,519 Purchased in open market: June 30, 1921 40,130 15,280 : 11,507 j 6,960 I 3,391 i 2,992 May 31, 1921 75,239 28,444 | 18,310 ! 10,053 I 9,517 j 8,915 Discounted for member banks: June 30, 1921 8,456 3,591 i 2,392 ! 2,099 79 I 295 May 31,1921 9,472 3,336 i 3,133 j 2,265 i 134 604 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUGUST, 1921. FEDERAL RESERVE BULLETIN. 999 BANKING CONDITIONS DURING JUNE AND JULY, 1921. Developments in the banking field between banks' reserve position. There were no major the middle of June and July, as indicated by credit operations of the Government during the weekly bank statements of both reporting the period, neither the redemption on July 15 member banks and Federal Reserve Banks, of the outstanding balance of some $130,000,000 differed but little in character from those of loan certificates issued five months before discussed last month. Both member banks nor the gradual withdrawal of Government bal- MOVEMENT OF MOVEMENT OF PRINCIPAL ASSETS AND LIABILIT ES PRINCIPAI- ASSETS AND LIABILITIES 01r THE FEDERAL RESERVE BANK[S OF REPORTING MEMBER BANKS 1920 - 1921 1920 -1921 I RESERVE RAT10 6 PURCHASED >VCCEPTANCt:s 1 ACCOMMODATION AT FEDERAL RESERVE.BANKS 2 TOTAL DEPOJ>ITS DISCOUNTS SECURED B\t 2 U.S. OBLIGATJONS AND LOANS SECUR ED THEREEY 3 CAI5K RESERVES U.S.GOVERNM:NT OBLIGATIONS 3 NET DEMAf<D DEPOSITS 4 F. F. NOTE GIFICULAT1ON 6 TOTAL DISCC5UNTS 4 TOTAL LO/>\HS 5 U.S. SECURITIES 9 TOTAL EARNING ASSETs 5 TOTAL LO/^NS AND INVESTMENTS MILLIONS MILLIONS BiLLlONS BILLIONS OF OF OF OF DOLLARS DOLLARS DOLLARS DOLLARS 3500 yAV 9 3500 V V 18 18 3000 2500 JL/ A- V / hf \ VV S V • V « \ _ - - 3 2 0 5 0 0 0 0 \ 1 7 6 <% f Si* \ 5 V \ 1 1 7 6 r J y V 2000 V 15 15 \ K 2000 1500 VI 14 14 V \ 1500 1000 ,v MM 7 13 Vs 13 \ \ 1000 12 12 500 ^, > ,4 > is \ n i 500 11 A /\ A A,A *\ % 3 N s 11 0 > **»•^, 10 "\ «\< *\ 10 MILLIONS ! RES0ERVE OF DOLLARS RATIO 9 9 3500 /- C P E E N R T 8 8 AM \ 3000 Ns 7 7 \ 3 100 6 6 2500 •• -1 80 5 5 "V 2000 """ 60 4 4 1500 \ ».-.—.* .. ... 40 3 •A s. 3 1000 2 K 2 V 2 20 1 '•» 1 1 500 - MONTH J. F. M.A.M.J.J.A.S.O. N.D.J.F. M.A.M.J.J.A.S.O. N.D MONTH MONTH J. F. M. A.M. J. J. A. S. 0. N. D.J. F. M. A. M. J. J. A. S. 0. N. D. MONTH YEAR 1920 1921 YEAR YEAR 1920 1921 YEAR and Federal Reserve Banks continue to show ances from depositary institutions affecting to substantial liquidation of loans and other any large extent the general trend toward earning assets. Commensurate reductions in greater liquidation of banking resources. liabilities, especially of the Federal Reserve Member banks report a total reduction of Banks, and continuous gains of the latter's $194,000,000 in their holdings of Government cash reserves, through purchase of imported securities, mainly of Treasury certificates and gold, resulted in further strengthening the of the recently issued three-year Treasury Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1000 FEDERAL RESERVE BULLETIN. Al GUST, 1921. notes, for which apparently there is consider- of paper discounted by the reserve banks, able investment demand. Their corporate increased during the first three weeks of the and other security holdings show a decline of period under review, but show a sharp decline $32,000,000, largely during the latter part of during the week ending July 13, apparently in the period. Loan liquidation proceeded on a connection with the large return movement of smaller scale, including reductions of $31,000- Federal Reserve notes to the reserve banks of 000 in loans secured by Government obligations, issue. These borrowings constituted 7.7 per of $41,000,000 in loans secured by corporate cent of the total loans and investments of the obligations, and of $81,000,000 in other, i. e., reporting banks, as against 12.5 per cent at mainly commercial, loans and discounts. As the close of last year, the percentages india consequence of these changes total loans and cating in a general way the progress made investments of the reporting banks show a during the present year toward greater liquisteady decline for the period, the July 13 total dation of the resources of both the member of $15,051,000,000 being $379,000,000 below banks and the Federal Reserve Banks. the corresponding June 15 total and $1,699,- In the following table are shown the principal 000,000, or about 10 per cent below the total changes in the condition of member banks shown on December 31 of last year. during the four weeks ending July 13, while the Borrowings by the reporting member banks accompanying chart illustrates these changes from the Federal Reserve Banks, which con- for the whole calendar year 1920 and the first stitute about 70 per cent of the total amounts half of the current year: MOVEMENT OF PRINCIPAL ASSETS AND LIABILITIES OF REPORTING MEMBER BANKS. [In millions of dollars.] June 15. June 22. i June 29. July 6. July 13. Number of reporting banks j 817 817; 817 j 816 816 Loans and discounts:1 Secured by United States Government obligations 669 673 672 i 647 638 Secured by stocks and bonds (other than United States Government obligations) 3,026 2,993 3,003 i 3,005 2,985 All other : 8,195 8,209 8,210 | 8,168 8,114 Total loans and discounts i 11,890 11,875 11.885 11,820 11,737 United States bonds 868 864 865 866 862 United States Victory notes i 178 175 172 172 171 United States Treasury notes 152 128 116 94 81 United States certificates of indebtedness 265 237 221 183 155 Other bonds, stocks, and securities 2,077 2,070 2.074 2,060 2,045 Total loans and discounts, and investments * 15,430 15,349 15,333 15,195 ; 15,051 Reserve with Federal Reserve Bank 1,443 1,255 1,241 i 1,251 1,247 Cash in vault 318 319 327 i 341 337 Net demand deposits 10,384 9,989 10,046 j 10,030 10,086 Time deposits 2,943 2,919 2,933 i 2:921 ! 2,903 Government deposits s 411 462 387 ! 325 I ' 278 Bills payable and rediscounts with Federal Reserve Bank, total 1,168 1,208 1,215 1,250 j 1,154 Secured by United States Government obligations 433 429 413 j 443 ! 396 All other 735 779 802 ! 807 i 758 Ratio of accommodation at Federal Reserve Banks to total loans and investments.. \ 7.6 7.9 7.9 8.2 j 7.7 1 Including bills rediscounted with Federal Reserve Bank. The Federal Reserve Banks show a contin- cates, on the other hand, show an increase of uous increase in discounts on hand between $13,500,000 for the period. The total of June 13 and July 6, substantial liquidation of Government paper held by the reserve banks discounted paper during the week ending July at the close of the period, $609,800,000, in- 13, and more moderate liquidation during the cludes aiso about $3,000,000 of paper secured following week, with the result that discounts by the newly issued three-year Treasury notes. on hand on July 20 were $67,900,000 less than Holdings of acceptances purchased in open four weeks earlier. Of the total decrease market show a continuous decline from shown, $48,200,000 represents the net amount $39,500,000 to $23,900,000. "Pittman" cerof Government paper redeemed during the tificates, on deposit with the Treasury to secure period. Reserve bank holdings of paper se- Federal Reserve Bank note circulation, show cured by United States bonds and Victory a reduction of $6,500,000, retirement of this notes show a decline of about $62,000,000, due amount by the Treasury being accompanied in part to Government purchases of these by a reduction of $7,100,000 in the reserve securities in connection with sinking-fund banks' liabilities on Federal Reserve Bank operations. Bills secured by Treasury certifi- notes outstanding. Changes in other certifi- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUGUST, 1921. FEDERAL RESERVE BULLETIN. 1001 cates reflect largely the redemption about the $1,964,200,000, or nearly 40 per cent below end of June of special certificates held by the the total shown at the close of the past year. New York Federal Reserve Bank to cover The following exhibit contains a summary temporary advances to the Government, and of the weekly changes in the principal assets to a smaller extent open-market transactions and liabilities of the Federal Reserve Banks in certificates by the New York bank under for the four weeks ending July 20, while the temporary purchase agreements. Total earn- accompanying chart gives a graphic picture ing assets of the reserve banks, in consequence of Federal Reserve development during 1920 of the above changes, show a decline for the and the first half of the present year: period of $118,200,000, and on July 20 stood at MOVEMENT OP PRINCIPAL ASSETS AND LIABILITIES OF THE 12 FEDERAL RESERVE BANKS COMBINED. [In millions of dollars.] June 22. June 29. i July 6. July 13. | July 20. Reserves: - Total 2,620.0 2,625.5 : 2,631.2 2.647.6 i 2,659.4 Gold 2,450.5 2,461.9 ! 2,477. 8 2.492.7 ! 2,508.3 Bills discounted: Total 1, 754.0 1,771.6 1, 801.4 1, 704.0 1 1,686.1 Secured by United States Government obligations 658.0 647.8 674.4 618.8 ! 609.8 All other 1,096.0 1,123.8 1,127. 0 1,085.2 | 1,076.3 Bills bought in open market 39.5 31.6 31.1 25.1 j 23.9 Certificates of indebtedness 255.2 222.8 ! 226.4 234.4 j 218.8 Total earning assets 2,082.4 2,060.5 ! 2, 095.5 1,999.6 I 1,964.2 Government deposits 18.0 15.4 I 34.0 10.9 ! 35.0 Members' reserve deposits 1,647.7 1,641.2 1.651.8 1,655.3 j 1,630.2 Total deposits 1,697.2 1,685.8 1, 713.2 1,694. 0 1,693.0 Federal Reserve notes in circulation 2,639. 3 2,634.5 2.671.9 2,603. 8 2,564.5 Federal Reserve Bank notes in circulation—net liability... 135.0 132.4 133.3 130.6 127.9 Reserve percentage 60.4 60.8 ! 60.0 61.6 62.5 Rediscounting operations by the Richmond, attained on December 23 of last year. During Minneapolis, and Dallas banks show a moder- the same period, i. e., since December 23, 1920, ate increase in volume, the amount of bills the Federal Reserve Banks reduced their held under discount for these banks by the liabilities on Federal Reserve Bank notes in Boston and New York banks at the close of circulation by over $90,000,000, or by nearly the period, $49,700,000, being .$8,000,000 42 per cent. larger than four weeks earlier. The Rich- A further gain of $57,800,000 of gold is mond bank reduced its accommodation at the shown by the Federal Reserve Banks between New York bank from $24,800,000 to $19,- June 22 and July 20, while their total cash 500,000; the Minneapolis bank shows a more reserves, because of a loss of $18,400,000 of moderate reduction of its rediscounts with the silver and legals, shows an increase of $39,400,- New York bank from $12,800,000 to about 000 only. Since the beginning of the year the $12,000,000, while the Dallas bank reports reserve banks' gold holdings increased by an increase in its bills rediscounted with the $445,500,000 and their aggregate cash re- Boston bank from $4,100,000 to $18,300,000. serves by $405,700,000. It is the gain in Aggregate contingent liabilities of the Federal reserves almost as much as the reduction in Reserve Banks on bills purchased for foreign liabilities which accounts for the substantial correspondents show a reduction from $61,- rise from 60.4 to 62.5 per cent in the reserve 700,000 to $59,200,000. ratio during the four week period under Total deposits at the Federal Reserve review. This rise was continuous, except for Banks fluctuated within the moderate limits the first week in July, when the temporary of $1,713,200,000 on July 6 and $1,685,- increase in note liabilities caused a decline in 800,000 on June 29. Federal Reserve note the ratio from 60.8 to about 60 per cent. circulation shows the customary increase im- In the following table are shown comparamediately before July 4, followed, however, tive figures of average daily cash reserves, by a much larger return flow of these notes deposits, Federal Reserve note circulation, during the subsequent two weeks, with the and reserve percentages of the Federal Reserve consequence that the July 20 total of $2,564,- Banks for the months of June and July of the 500,000 is $74,800,000 smaller than the June present and the two preceding years: 22 total and about 25 per cent below the peak Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1002 FEDERAL RESERVE BULLETIN AUGUST, 1021. CASH RESERVES, TOTAL DEPOSITS, FEDERAL RESERVE NOTE CIRCULATION, AND RESERVE PERCENTAGES FOR JULY AND JUNE, 1921. [Daily averages. Amounts in thousands of dollars.] Federal reserve notes Total cash reserves. Total deposits. in circulation. Reserve percentages. Federal Reserve Bank. July. June. July. June. I July. Boston 277, 849 258,416 112,581 110,087 248, 534 252,744 76.9 71.2 New York 919, 35S 901,852 661,375 684,594 I 663,119 691,244 69.4 65.5 Philadelphia... 207,192 184,750 104, 354 102,586 222,729 227,366 63.3 56.0 Cleveland 2.56,133 265,202 137,634 137,394 2,50,157 260,020 66. 0 I 66.7 Richmond 71, 881 75 640 54, 663 54,695 116,510 123,045 42.0 j 42.6 Atlanta 80,226 91,911 43, 947 44,435 144,284 155,057 42.6 I 46.1 Chicago 391,199 384,540 ! 240, 667 243,471 j 443,211 450,324 57.2 1 55.4 St. Louis 86, 628 89,000 | 62, 594 63,117 ! 102,297 104,481 52. 5 ! 53.1 Minneapolis... 39, 324 41,362 ! 43, 955 44,377 ! 57, 845 60,039 38. 6 | 39.6 Kansas City... 77, 235 76,659 I 72, 857 74,431 ! 77, 076 80,400 51. 5 J 49.5 Dallas 34, 843 36,766 i 44, 057 45,094 j 43, 791 48,027 39.7 | 39.5 San Francisco. 213,311 199,681 117,797 118,990 | 235,197 229,813 60.4 57.2 Total: 1921 j 2,655,179 j 2,605,779 1,696,481 ! 1,723,271 j 2,604,750 2,682,560 | 61.7 59.1 1920 ! 2,118,899 2,102,985 1,909,221 !1,974,537 i 3,143,465 3,113,949 M3.7 M3.3 1919 | 2; 176,779 2,248', 265 1,959,758 j1,940,647 I 2,523,960 2,500,969 150.4 52.6 i Calculated on the basis of net deposits and Federal Reserve notes in circulation. CONDITION OF FEDERAL RESERVE BANKS. RESOURCES AND LIABILITIES OF EACH FEDERAL RESERVE BANK ON WEDNESDAYS, JUNE 29 TO JULY 20, 1921. RESOURCES. [In thousands of dollars.] Total. Boston. I Y N o e r w k. Atlanta.! Chicago. Lo S u t. i s. ! j 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 29 323,900 7,784 239,251 1,752 i 5,984 j 2,688 4,816 20,187 ! 2,742 j 8,404 i 2,085 8,716 19,491 July 6 338,957 7,821 253,815 1,793 | 6,029 ! 2,703 4,586 20,578 I 2,798 I 8,377 ! 2,110 8,674 19,673 July 13 352,341 7,877 266,216 1,926 I 6.182 ! 2,721 4,621 20,865 j 2,831 8,462 ! 2,184 8,400 20,056 July 20 368,448 7,933 281,737 1,980 6.183 2,737 4,667 20,876 ; 2.862 8,501 i 2,144 8,576 20,252 Gold settlement fund—F.R. Board: June 29 407,234 36,017 87, 211 44,919 52,744 ! 25,103 10,191 j 61,113 13,699 i 9,485 32,946 2,416 31,390 July 6 403,146 55,552 32,943 57,397 58,446 20,046 9,471 i 71,395 17,192 i 7,734 35,693 3,312 33,965 July 13 402,248 46,744 35,332 54,231 56,555 20,224 5,812 90,178 16,552 7,676 32,326 4,090 32,528 July 20 404,005 38,921 53,212 46,013 54,714 18,282 7,340 !100,334 16,415 7,346 34,212 4,321 22,895 Gold with F. R. agents: June29 11,597,219 179,889 509,479 127,976 188,065 40,608 58,356 236,078 52,741 19,992 j 31,626 12,932 139,477 July 6 |1,598,265 181,044 509,298 134,428 185,604 38,023 59,832 230,213 48,572 20,031 33,607 14,751 142,862 July 13 1,623,321 190,824 508,950 144,876 183,545 35,223 59,007 231,869 51,233 21,105 33,330 12,799 150,560 July 20 '1,624,332 195,136 147,143 184,936 31,845 52,826 246,406 50,927 20,846 33,661 11,540 160,458 Gold redemption fund: June29 133,578 17,204 36,000 6,743 4,570 6,205 5,922 30,077 3,841 3,309 5,608 4,530 9,569 July 6 137,438 15,655 36,000 9,631 4,514 8,253 5,589 35,292 3,820 3,258 3,317 2,691 9,418 July 13 114,834 15,307 20,000 5,532 5,885 10,293 4,936 32,769 3,918 2,169 3,258 3,580 7,187 July 20 111,513 20,449 20,000 9,279 3,871 12,878 5,134 17,264 3,994 2,420 2,633 4,703 Total gold reserves: June 29 2,461,931 240,894 871,941 181,390 251,363 74,604 79,285 347,455 73,023 41,190 | 72,265 28,594 199,927 July6 2,477,806 260,072 832,056 203,249 254,593 69,025 79,478 357,478 72,382 39,400 74,727 29,428 205,918 July 13 12,492,744 260,752 830,498 206,565 252,167 68,461 74,376 375,681 74,534 39,412 71,098 28,869 210,331 July 20 2,508,298 262,439 843,557 204,415 249,704 65,742 69,967 384,880 74,198 39,113 | 72,650 29,140 212,493 Legal-tender notes, silver, etc.: June 29 163,527 I16,542 81,611 5,554 6,340 4,122 6,559 17,026 12,782 1,005 3,385 5,587 3,014 July 6 153,405 j16,525 72,921 3,118 6,233 4,424 7,008 16,803 12,699 903 3,967 5,772 ! 3,032 July 13 154,850 J15,575 74,102 3,019 6,108 4,454 7,142 16,868 12,752 760 4,227 6,471 ! 3,372 July 20 151,068 16,374 71,667 3,753 5,941 3,931 6,956 15,480 12,870 660 3,636 6,389 ; 3,411 Total reserves: June 29 2,625,458 j257,436 953,552 186,944 257,703 78,726 85,844 364,481 85,805 I42,195 75,650 34,181 202,941 July 6 2,631,211 276,597 904,977 206,367 260,826 73,449 86,486 374,281 85,081 I40,303 78,694 35,200 !208,950 July 13 2,647,594 276,327 904,600 209,584 258,275 72,915 81,518 392,549 87,286 !40,172 75,325 35,340 i213,703 July 20 2,659,366 278,813 915,224 208,168 255,645 69.673 76,923 400,360 87,068 j39,773 76,286 35,529 215,904 Bills discounted: Secured by U.S. Government obligations— June29 647,761 40,279 177, 817 94,815 53,102 25,573 36,454 107,019 31,782 ! 4,994 25,873 9,331 40,722 July6 674,377 I31,904 212,999 84,043 ! 54,259 29,658 35,063 106, 366 32,556 | 7,757 I 24,181 10,470 45,121 July 13 618,784 36,101 174,221 83,388 I 55,122 28,904 34,770 100,414 31,133 ! 7,415 ' 24,020 5,214 38,082 July 20 609,779 32,843 172,200 85,638 i 48,374 31,304 34,898 96,591 31,857 i 6,104 22,675 7,636 39,659 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUGUST, 1921. FEDERAL RESERVE BULLETIN. 1003 RESOURCES AND LIABILITIES OF EACH FEDERAL RESERVE BANK ON WEDNESDAYS, JUNE 29 TO JULY 20, 1921-Contd. RESOURCES—Continued. [In thousands of dollars.] San Total. Boston. Y N o ew rk - . 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 t s y a . s Dallas. F ci r s a c n o - . Bills discounted— Continued. All other- June 29 ,123,801 57,242 237,990 45,869 96,055 73,286 65,578 212,803 52,263 65,106 53,925 54,243 109,441 July6 ,126,986 53,935 236,970 39,317 98,005 74,280 65,754 218,535 54,597 65,977 55,319 49,674 114,623 July 13 , 085,196 43,808 250,179 33,055 94,136 72,136 65,103 197,398 50,339 63,233 54,326 52,631 108,852 July 20 ,076,370 41,891 250,135 33,197 95,834 73,026 i 66,761 190,487 51,035 66,095 54,077 50,888 102,944 Bills bought in open market: June 29 31,601 8,220 7,362 4,689 2,390 2,198 ! 1,037 3,223 219 150 2,093 July6... 31,136 7,905 11,616 3,390 1,228 2,036 962 2,306 104 110 1,459 July 13 25,135 6,809 7,708 2,538 1,304 1,389 948 1 918 136 136 2,229 July 20 23,907 5,750 5,747 1,492 1,196 1,613 1,247 2,842 85 110 2,866 U. S. bonds and notes: June 29 34,549 555 1,131 1,646 844 1,233 i 10,172 4,489 1,169 155 3,979 308 July6 36,610 555 3,270 1,627 843 1,233 I 10,142 4,490 1,153 145 3,979 305 July 13 36,098 555 2,722 1,574 843 1,233 10,140 4,490 1,353 133 3,979 208 July 20 35,407 555 2,021 1,595 844 1,233 ! 10,140 4,490 1,153 116 3,979 413 XI. S. certificates of indebtedness: One year certificates (Pittman Act)— June 29 215,875 18,936 | 52,776 26,780 21,799 7,260 14,564 36,112 11,568 5,480 8,320 2,400 9,880 July 6... . 215,875 18,936 I 52,776 26,780 21,799 7,260 14,564 36,112 11,568 i 5,480 8,320 2,400 9,880 July 13 215,875 18,936 ! 52,776 ! 26,780 21,799 7,260 14,564 36,112 ' 11,568 5,480 8,320 2,400 9,880 July 20 215,875 18,936 I 52,776 ! 26,780 21,799 7,260 14,564 36,112 i 11,568 5,480 8,320 2,400 All other- June 29 6,908 108 | 5,486 I 849 85 12 76 176 114 1 1 July6 10,551 36 ! 9,531 ! 612 13 1 55 , 225 51 26 1 July 13 18,534 262 | 17,741 | 103 28 1 109 288 1 1 July 20 2,892 2,664 4 27 1 37 73 37 45 Total earning assets: June 29 2,060,495 125,340 482,562 I174,648 174,275 109,550 127,817 363,722 ! 97,177 75,849 97,007 70,103 162,445 July6 2,095,535 113,271 527,162 !155,769 176,147 114,467 126,486 367,864 ' 100,203 79,410 96,734 66,633 171,389 July 13... . 1,999,622 106,471 ! 505,347 147,438 173,232 110,922 125,526 340,441 94,817 76,261 95,555 64,360 159,252 July 20 1,964,230 99,975 | 485,543 148,706 168,07'l 114,436 127,611 330,559 i 95,771 77,799 94,936 65,013 155,807 Bank premises: June 29 24,845 3,698 I 5,302 529 2,173 2,047 752 3,878 j 627 657 2,654 1,968 560 July6 24,861 3,716 ! 5,375 529 2,174 2,051 752 3,878 ! 627 657 2,659 1,883 560 July 13 25,519 3,792 ! 5,376 529 2,245 2,129 757 4.075 j 627 656 2,889 1,884 560 July 20 25,762 3,829 ! 5,376 529 2,326 2,220 757 4.076 : 627 654 2,889 1,919 560 Five per cent redemption fund against F. R. Banknotes: June 29 10,042 772 ! 1,875 700 1,239 363 704 1,820 523 275 916 i 361 494 July6 9,679 772 ! 1,864 700 1,239 363 511 1,786 523 275 916 | 236 494 July 13 10,033 772 ! 1,870 700 1,239 363 645 2,000 523 275 916 i 236 494 July 20 9,954 772 | 1,822 700 1,239 363 642 1,972 523 275 916 j 236 494 Uncollected items: June 29 506,454 42,035 117,751 42,864 47,650 40,325 18,750 63,876 25,509 13,978 36,971 20,344 36,401 July6 557,162 50,190 141,927 45,878 50,808 43,379 19,280 66,642 28,978 15,119 38,728 21,848 34,385 July 13 590,894 56,618 j 130,254 56,826 53,407 44,817 21,841 72,423 30,639 16,259 42,452 24,156 41,202 July 20 544,655 48,243 122,089 48,626 53,467 42,730 19,605 68,169 27,360 14,390 40,020 22,830 37,126 All other resources: June 29 14,747 533 3,389 757 933 444 865 2,204 671 224 606 1,446 2,675 July6 13,088 377 2,587 259 777 447 680 1,890 495 111 491 2,554 2,420 July 13 14,698 391 2,999 263 794 602 815 1,906 492 465 499 1,943 3,529 July 20 12, 712 378 2,508 273 794 563 683 1,908 587 540 529 1,531 2,418 Total resources: June 29 5,242,041 429,814 |1,564,431 406,442 483,973 231,455 234,732 799,981 210,312 133,178 213,804 128,403 405,516 July6 5,331,536 444,923 1,583,892 409,502 491,971 234,156 234,195 816,341 215,907 135,875 218,222 128,354 418,198 July 13 5,288,360 444,371 |l,550,446 415,340 489,192 231,748 231,102 813,394 214,384 134,088 217,636 127,919 418,740 July 20 5,216,679 432,010 |1,532,562 407,002 481,545 229,985 226,221 807,044 211,936 133,431 215,576 127,058 412,309 LIABILITIES. Capital paid in: June 29 102,184 7,911 8,616 11,047 5,412 4,097 14,261 4,506 3,551 4,347 4,222 7,318 July6 102,103 7,911 26,896 8,613 11,047 5,322 4,097 14,259 4,512 3,553 4,346 4,222 7,325 July 13 102,090 7,911 26,872 8,613 11,047 5,331 4,097 14,259 4,512 3,543 4,344 4,219 7,342 July 20 102,222 7,911 26,872 8,613 11,044 5,378 4,100 14,263 4,542 3,544 4,344 4,207 7,404 Surplus: June 29 202,036 15,711 56,414 17,010 20,305 10,561 8,343 8,346 6,980 9,159 6,033 14,194 July 6 213,824 16,342 59,318 17,564 22,263 11,026 8,708 30,536 9,114 7,303 9,330 7,113 15,207 July 13 213,824 16,342 59,318 17,564 22,263 11,026 8,708 30,536 9,114 7,303 9,330 7,113 15,207 July 20 213,824 16,342 59,318 17,564 22,263 11,026 8,708 30,536 9,114 7,303 9,330 7,113 15,207 Reserved for Government franchise tax: June 29 40,910 2,225 16,700 2,666 1,558 1,587 2,649 7,746 794 1,365 1,550 2,070 July 6 42,065 2,272 17,100 2,737 1,633 1,679 2,584 8,011 982 1,335 1,587 2,145 July 13 43,419 2,301 17,529 2,799 1,761 1,735 2,680 8,323 1,046 1,387 1,633 2,225 July 20 44,231 2,348 17,781 2,879 1,841 1,821 2,757 8,513 1,009 1,448 1,668 2,166 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1004 FEDERAL, RESERVE BULLETIN. AUGUST, 1923. RESOURCES AND LIABILITIES OF EACH FEDERAL RESERVE BANK ON WEDNESDAYS, JUNE 29 TO JULY 20, 1921—Contd. LIABILITIES—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 la le n v d e . - m R o ic n h d - . Atlanta. Chicago. Lo S u t. is. M ap i o n l n i e s. - K C a i n ty sa . s Dallas. F c S i r s a a c n n o - . Deposits: Government- June 29 15,352 1,602 1,311 2,571 204 525 1,006 868 1,082 1,162 2,015 2,122 July 6 34,024 2,006 7,4C9 1,923 3,652 856 1,873 6,622 1,623 1,844 2,615 1,867 1,734 July 13 10,942 538 276 1,200 1,347 378 1,026 945 1,316 878 1,026 601 1,411 July 20 34,967 2,479 12,970 3,674 1,705 1,717 1,572 3,427 1,359 1,919 1,410 2,109 626 Member-bank— reserve account— June 29 641,156 104,420 664,103 98,675 131,330 51,420 43,464 230,621 59,160 42,180 69,645 42,150 103,988 July 6. 651,757 109,740 651,727 100,065 136,991 54,176 43,807 229,515 60,952 41,929 71,455 42,312 109,088 July 13 655,303 110,389 650,310 101,613 137,403 52,027 43,696 236,681 58,792 42,703 67,946 42,960 110,783 July 20 630,196 106,387 637,422 99,208 134,907 51,813 42,929 236,793 59,654 42,154 68,069 41,930 All other- 29,280 1,174 12,149 1,112 938 485 334 2,880 819 481 582 7,928 June 29 27,371 1,122 11,907 1,230 775 469 355 2,253 783 605 529 378 6,965 July6 27,746 1,046 11,515 1,417 1,048 478 637 2,158 2,102 539 519 471 5,816 J J u u l l y y 2 1 0 3 27,856 1,081 11,893 1,388 797 482 402 3,572 761 503 663 453 5,861 Total deposits: 685,788 106,478 677,854 101,098 134,839 52,109 44,323 234,507 60,847 43,743 71,389 44,563 114,038 J J J J u u u u n l l l y y y e 6 2 1 2 0 3 9 6 6 7 9 9 1 3 3 3 , , , 0 9 1 1 5 9 9 2 1 1 1 1 1 0 1 1 9 2 , , , 9 9 8 7 4 6 3 7 8 6 6 6 6 6 7 2 2 1 , , , 1 0 2 0 4 8 1 3 5 1 1 1 0 0 0 4 4 3 , , , 2 2 2 3 7 1 0 0 8 1 1 13 3 4 7 9 1 , , , 4 7 4 0 9 1 9 8 8 5 5 5 5 2 4 , , , 5 8 0 0 8 1 1 3 2 4 4 4 5 4 6 , , , 3 9 0 5 0 3 9 3 5 2 2 2 3 3 4 9 8 3 , , , 7 3 7 8 9 9 4 0 2 6 6 6 2 1 3 , , , 2 7 3 1 7 5 0 4 8 4 4 4 4 4 4 , , , 1 5 3 2 7 7 0 6 8 6 7 7 9 4 0 , , , 4 5 1 9 9 4 1 9 2 4 4 4 4 4 4 , , , 0 4 5 3 9 5 2 2 7 1 1 1 1 1 1 5 7 8 , , , 4 7 0 1 8 1 7 7 0 F.R. notes in actual cir J J J c u u u u l n l l y y e a 6 t 1 2 i 3 o 9 n: 1 2 2 2 , , 6 , 6 6 3 0 7 4 3 1 , , , 4 8 9 7 1 3 5 6 3 2 2 2 5 5 4 4 1 9 , , , 1 1 7 4 6 8 1 9 4 6 6 6 7 8 5 1 4 4 , , , 5 6 2 2 1 6 3 5 0 2 2 2 2 2 2 4 3 6 , , , 5 6 3 1 5 5 3 3 2 2 2 2 5 5 5 4 4 2 , , , 8 8 0 4 5 8 1 4 4 1 1 1 1 1 2 9 6 0 , , , 5 8 2 0 6 0 1 4 2 1 1 1 4 5 4 0 0 3 , , , 6 9 6 3 0 7 6 5 0 4 4 44 5 4 4 4 3 , , , 3 3 8 6 7 0 3 9 2 1 1 1 0 0 0 2 4 1 , , , 6 7 7 6 3 5 9 9 0 5 5 5 8 9 8 , , , 1 6 8 5 1 3 2 3 3 7 7 7 8 7 8 , , , 4 6 3 3 5 4 3 9 7 4 4 43 5 5 , , , 3 3 5 3 9 5 1 8 7 2 2 2 4 3 3 1 2 7 , , , 1 2 2 6 4 1 5 9 8 J~u l' y 2~0~ - 564,512 245,906 645,313 219,130 246,526 114,881 141,341 438,846 101,257 57,301 76,363 43,470 234,178 F. R. Bank notes in circulation — net liability: June 29 132,400 9,837 25,522 10,137 16,555 5,791 17,945 6,373 5,360 13,992 4,321 6,738 July6 133,303 9,509 28,096 9,827 16,133 5,606 9,438 17,450 6,370 5,364 14,518 4,362 6,630 July 13 130,556 9,014 28,326 9,345 15,593 5,352 9,167 16,912 6,259 5,358 14,394 4,301 6,535 July 20 127,875 8,559 28,915 8,946 15,029 5,203 8,770 15,903 6,163 5,364 14,535 4,227 6,261 Deferred availability items: June 29 412,214 36,008 82,113 38,768 41,597 34,918 13,476 48,147 24,844 11,706 33,403 21,321 25,913 July 6 438,455 40,901 93,662 42,370 43,711 33,828 12,977 50,190 25,975 13,087 33,956 21,569 26,229 July 13 483,901 44, 771 98,693 I 48,487 45,711 37,572 16,709 56,213 28,648 13,000 39,884 23,705 30,508 July 20 453,543 40,058 88,384 44,883 46,502 36,606 14,876 52,256 27,130 12,654 37,980 22,335 29,879 All other liabilities: June 29 32,034 1,860 7,409 1,795 ! 3,231 1,576 1,110 4,593 1,933 1,640 1,505 2,386 2,996 July6 16,718 951 3,162 i 660 j 912 992 720 3,126 857 1,242 1,253 1,133 1,710 July 13 16,746 918 3,347 ! 649 I 935 985 712 3,004 845 1,225 1,213 1,218 1,695 July 20 17,453 939 3,694 I 717 j 931 1,058 766 2,935 947 1,241 1,214 1,214 1,797 Total liabilities: June 29 ,242,041 429,814 1,564,431 I 406,442 483,973 231,455 234,732 799,981 210,312 133,178 213,804 128,403 405,516 July6 ,331,536 444,923 1,583,892 I 409,502 491,971 234,156 234,195 816,341 215,907 135,875 218,222 128,354 418,198 July 13 , 288,360 444,371 1,550,446 415,340 489,192 231,748 231,102 813,394 214,384 134,088 217,636 127,919 418,740 July 20 ,216,679 432,010 1,532,562 407,002 481,545 229,085 226,221 807,044 211,936 133,431 215,576 127,058 412,309 MEMORANDA. Ratio of total reserves to deposit and F. R. note liabilities combined, er cent: June 29 60.8 72.3 70.7 57.1 66.1 45.9 44.0 53.7 52.5 41.1 50.5 37.9 58.6 July6 60.0 75.4 66.8 63.0 65.8 41.8 44.2 54.0 50.6 38.8 51.4 39.1 58.2 July 13 61.6 76.1 68.7 63.9 65.9 43.0 43.1 57.4 53.2 39.3 51.3 40.5 60.2 July 20 62.5 78.4 70.0 64.4 66.6 41.3 41.3 58.6 53.4 39.0 52.1 40.4 61.8 Contingent liability on bills purchased for foreign correspondents: June 29 61,705 2,336 41,449 2,560 2,624 1,568 1,152 3,808 1,504 864 1,536 i 832 1,472 July 6 60,914 2,336 40,658 2,560 I 2,624 1,568 1,152 3,808 1,504 864 1,536 ! 832 1,472 July 13 60,432 2,336 40,176 2,560 2,624 1,568 1,152 3,808 1,504 864 1,536 | 832 1,472 July 20 59,238 4,389 21,178 4,810 4,931 2,946 2,165 7,155 2,826 1,623 2,886 I 1,563 2,766 REDISCOUNTS OF BILLS BETWEEN FEDERAL RESERVE BANKS. [In thousands of dollars.] Paper rediscounted with other F. R. Banks and Paper discounted for other F. R. Banks and outstanding at close of business. held at close of business. Federal Reserve Bank. June 29. July 6. July 13. I July 20. June 29. July 6. July 13. July 20. 8,425 10,450 16,445 18,287 New York 39,450 31,015 30,485 31,414 Richmond 24,974 19,875 20,000 19,460 Minneapolis... . .. 14,476 11,140 10,485 11, 954 Dallas 8,425 10,450 16,445 18,287 Total 47,875 41,465 46,930 49, 701 47,875 41,465 46,930 49,701 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUGUST, 1921. FEDERAL RESERVE BULLETIN. 1005 MATURITY DISTRIBUTION OF BILLS AND CERTIFICATES OF INDEBTEDNESS HELD BY THE 12 FEDERAL RESERVE BANKS COMBINED. [In thousands of dollars.] Within 16 to 30 31 to 60 61 to 90 Over 90 Total. 15 days. days. days. days. days. Bills discounted: June 29 1,771,562 1,032, 489 165,256 271,088 213,178 89, 551 July6 1,801,363 1,049, 879 169,610 280,130 223, 550 78,194 July 13 1,703,980 984,521 160,140 265,996 215, 803 77,520 July 20 1,686,149 971,150 163, 545 286, 529 190, 922 74,003 Bills bought in open market: June 29 31,601 16,225 7,706 4,760 2,910 July6 31,136 19, 311 6,708 3,434 1,683 July 13 25,135 17,225 3,243 2,827 1,830 10 July 20 23,907 14,258 3,277 3,379 10 U. S. certificates of indebtedness: June 29 222, 783 2,600 6,528 17,669 34, 814 161,172 July 6 226,426 4,228 4,700 20, 959 39,482 157,057 July 13 234, 409 10,063 4,700 28, 002 44,376 147, 268 July20 218,767 3,700 6,595 29,742 35,092 143,638 FEDERAL RESERVE NOTES. FEDERAL RESERVE AGENTS' ACCOUNTS ON WEDNESDAYS, JUNE 29 TO JULY 20, 1921. [In thousands of dollars.] Y N o ew rk. d P el h p i h la i - a. Atlanta. Chicago. F c S i r s a a c n n o - . Net amount of F. R. notes received from Comptroller of Currency: June 29 3,803,365 360,276 1,100,131 263,263 320,702 147,462 230,076 666,493 151,165 74,203 90,742 76,151 322,701 July 6 3,784,499 356,431 1.095,137 263,715 318,941 146,937 228,551 662,788 150,976 73,242 89,724 74,971 323,086 July 13 3,785,977 359,211 1.093,772 265,164 316,962 146,596 225,726 665,764 148,938 72,996 90,447 74,018 323,383 July 20 3,781,176 359,923 1,074,318 266,431 317,053 144,219 227,045 672,740 151,891 73,737 88,778 72,759 332,282 F. R. notes on hand: June 29 807,340 93,630 266,200 21,420 43,420 22,429 72,924 174,100 28,320 13,665 I 4,780 I 27,612 38,840 July 6 769,675 88,030 261,200 21,420 43,120 20,189 69,974 171,140 25,920 11,850 ! 3,580 25,892 27,360 July 13 785,470 90,630 259,200 21,420 43,800 21,809 74,154 171,800 25,120 12,785 ! 5,180 26,212 33,360 July 20 811,510 95,350 259,200 21,420 45,000 21,809 78,304 184,160 29,080 13,835 j 4,380 i 25,612 33,360 F. R. notes outstanding: June 29 2,996,025 266,646 833,931 I 241,843 277,282 125,033 157,152 492,393 122,845 60,538 85,962 48,539 283,861 July 6 3,014,824 268,401 833,937 i 242,295 275,821 126,748 158,577 491,648 125,056 61,392 86,144 49,079 295,726 July 13 13,000,507 268,581 834,572 j 243,744 273,162 124,787 151,572 493,964 123,818 60,211 85,267 47,806 293,023 July 20 12,969,666 264,573 815,118 ! 245,011 272,053 122,410 148,741 488,580 122,811 59,902 84,398 47,147 298,922 Collateral security for F. R. notes outstanding: Gold and gold certificates— June 29 344.992 i 5,600 286.924 i 23,775 3,400 6,110 13,052 6,131 July 6 344.993 j 5,600 286.925 I 23,775 i 3,400 6,110 13,052 6,131 July 13 344,992 5,600 286.924 ! 23,775 3,400 6,110 13,052 6,131 July 20 344,993 5,600 286.925 ! 23,775 3,400 6,110 13,052 6,131 Gold redemption fund— June 29 127,264 i 24,289 21,555 16,587 14,290 4,608 4,956 15,433 3,400 1,740 3,266 i 3,567 13,573 July 6 126,558 ! 20,444 21,373 13,039 16,829 2,023 5,432 15,569 3,931 1,779 2,247 5,386 18,506 July 13 119,094 i 15,224 21,026 ! 16,487 14,770 2,223 4,607 15,224 3,292 2,853 2,970 4,434 15,984 July 20 118,896 i 14,536 20,683 11,754 16,161 4,845 3,426 14,762 3,686 2,594 3,301 ! 3,175 19,973 Gold settlement fund — F. R. Board- June 29 1,124,963 150,000 201,000 111,389 150,000 36,000 50,000 220,645 43,231 5,200 28,360 3,234 125,904 July 6 1,126,714 155,000 201,000 121,389 145,000 36,000 51,000 214,644 38,531 5,200 31,360 3,234 124,356 July 13 1,159,235 j 170,000 201,000 128,389 145,000 33,000 51,000 216,645 41,831 5,200 30,360 2,234 134,576 July 20 1,160,443 175,000 181,000 135,389 145,000 27,000 46,000 231,644 41,131 5,200 30,360 2,234 140,485 Eligible paper— Amount required- June 29.1,398,806 86,757 324,452 113,867 89,217 84,425 98,796 256,315 70,104 40,546 54,336 35,607 144,384 July 6.1,416,559 87,357 324,639 107,867 90,217 88,725 98,745 261,435 76,484 41,361 52,537 34,328 152,864 July 13.1,377,186 77,757 325,622 98,868 89,617 "9,564 92,565 262,095- 72,585 39,106 51,937 35,007 142,463 July 20.1,345,334 69,437 326,510 97,868 87,117 90,565 | 95,915 242,174 71,884 39,056 50,737 35,607 138,464 Excess amount held— June 29 346,184 18,984 63,983 13,633 62,303 14,699 4,253 66,704 14,022 28,595 25,442 27,816 5,750 July 6 356,446 6,387 100,072 3,173 63,275 15,920 3,017 65,404 10,625 31,460 26,943 25,109 5.061 July 13 299,676 8,960 77,188 1,968 60,945 11,139 8,242 37,615 8,824 31,037 26,423 22,808 4', 527 July 20 313,785 11,047 71,677 8,601 58,170 12,869 47,707 10,878 32,591 26,914 22,912 3,439 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1006 FEDERAL RESERVE BULLETIN. AUGUST, 1921. CONDITION OF MEMBER BANKS IN LEADING CITIES. PRINCIPAL RESOURCES AND LIABILITIES OF MEMBER BANKS IN LEADING CITIES ON WEDNESDAYS, FROM JUNE 22 TO JULY 13, 1921. ALL REPORTING MEMBER BANKS IN EACH FEDERAL RESERVE DISTRICT. [Amounts 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. i s. M ap i o n l n is e . -K C an it s y a . s F c S i r s a a c n n o - . Number of reporting banks: June 22 817 112 88 113 37 68 June 29 817 112! 113 37! 68 July6 816 112 113 37| 67 July 13 816 112 88 113 37 67 Loans and discounts, including bills rediscounted with F. R. Bank: Secured by U. S. Government obligations— June 22 673,123 39,064 277,861 73,214 60,413 25,251 19,140 83,622 12,781 21,145 10,689 29,255 June 29 672,296 38,866 277,199 72,228 62,138 25,376 19,312 86,499 20,420 12,565 21,954 6,877 28,862 July6 647,021 36,191 259,320 72,860 61,465 24,875 18,262 84,478 20,343 12,719 20,911 6,653 28,944 July 13 638,399 35,863 251,736 69,410 60,577 25,072 17,590 20,226 12,817 20,919 6,724 28,879 Secured by stocks and bonds (other than U. S. Government obligations)— June 22 2,992,486 193!,, 246 1,,249,963 194,695 337,769 110,616 52,111 442,015 119,187! 33,904 71,093 37,528 150,359 June 29 3,002,994 196.,,327 1., 258,119190,698 337,198 110,743 52,350 446,632 119,348 33,429 72,052 36,689 149,409 July6 3,005,334 196,0831,271,770 195,681 334,004 110,004 52,436 438,702 119,710 33,427 70,205 36,555 146,757 July 13 2,985,483 192,9211'., 252, 941092,948 334,510 110,553 54,830 442,881 118,682 33,376 70,260 37,369 144,213 All other- June 22 8,209,460 607',,616 2,764,796 374,175 674,175 333,211 307,7461,., 252,655 325,400 232,169 383,585 208,478 745,454 June 29 8,209,951 606,072 21!,764,163 379,171 672,696 332,834 310,8291,,246,007 324,836 233,145 378,759 210,280 751,159 July6 8,167,972 600,743 2~,737,888 373,349 676,849 332,381 313,0331,242,907 312,002 235,591 380,256 208,622 754,351 July 13 8,113,716 597,4622,730,284 370,144 674,876 325,190 306, 0—37 '1,234,352 310,422 231,426 376,279 209,217 748,027 Total loans and discounts, including bills rediscounted with F. R. Bank: June 22 ,11,875,069 839,926 4,292,620 642,0841.,072,357 469,078 378,9971,778,292 465,275 278,854 475,823 256,695 925,068 June 29 11,885,241 841,265 4:!, 299,481642,0971,072,032 468,953 338822,44991111],779,138 464,604 279,139 472,765 253,846 929,430 July6 11,820,327 833,01' 4,268,978 641, 890 1,072,318 467,260 383,773311"1,766,087 452,055 281,737 471,372 251,830 930,052 July 13 11, 737,598 826, 2~4'6 41,,234,960 632,5021,069,963 460,815 378,4571,765,819 449,330 277,619 467,458 253,310 921,119 U. S. bonds: June 22 861,191 34,710 307, 373 46,568 99,786 59,921 32,081 72,581 26,676 16,497 32,464 33,226 102,308 June 29 865,254 34,549 309,937 47, 725 100,989 59,960 30,707 73,047 25, 661 16,582 31,822 32,535 101,740 July6 865, 580 34,654 308, 217 46,831 101,690 59,697 30,660 74,355 25,446 16,414 33,535 31,711 102,370 July 13 862,208 34,74" 309,117 46,993 101,631 59,521 29,477 71,667 25,571 16,016 33,400 31,778 102,290 U. S. Victory notes: June 22 174,472 6,792 81,063 7,744 17,954 4, 2,848 30,939 2,041 832 2,963 1,229 15,104 June 29 171,501 5,875 81,233 6,355 17,171 5,064 2,726 30,585 2,004 837 3,026 1,241 15,384 July 6 171,507 5,882 82,913 6,167 17,116 5,090 2,691 30,767 1,992 817 3,114 1,212 13,746 July 13 170,476 5,890 82,726 6,330 15,67r 5,073 2,667 30,058 2,010 825 3,148 1,231 14,843 U.S. Treasury notes: June 22 128,030 3,593 80,704 14,666 4,855 1,895 537 9,851 1,801 1,571 3,163 1, June 29 115,341 3,454 77,357 12,582 4,572 1,364 461 7,942 1,211 342 1,079 2,i 2,891 July 6 -.. 94;310 2,640 63,577 9,996 3,698 1,— 293 6,334 932 309 932 2,093 2,417 July 13 80,634 2,435 53,323 9,271 3,043 280 5,361 511 290 760 2 2,285 U. S. certificates of indebtedness: June 22 , 237,393 6,876 136,566 17,595 15,551 4,822 1,770 26,153 2,689 2,026 6,847 1,816 14,682 June 29 221,025 4,842 133,811 11,174 13,779 4,945 1,332 22,821 2,161 613 8,426 2,194 14,927 July 6 183,023 4,487 105,291 8,255 11,750 4,254 1,157 21,628 1,894 396' 7,296 2,190 14,425 July 13 154,877 4,187 82,984 7,976 10,202 4,260( 1,097 19,526 1,237 309 7,383 2,119 13,597 Other bonds, stocks, and securities: June 22 2,069,898 131,063 734,875 157,860 285,310 50,122 36,956 355,222 66,978 21,944 46,788 10,641 172,139 June 29 2,074,305 131,332 734,829 161,199 283,695 55,001 36,677 350,168 67,405 21,614 46,310 10,555 175,520 July 6 2,060,239 131,122 731,640 158,730 284,031 52,911 36,166 345,214 67,871 21,677 47,303 10,472 173,102 July 13 2,045,474 135,458 721,932 157,711 281,348 52,944 36,038 344,408 67,175 21,627 46,446 10,702 169,685 Total loans and discounts and investments, including bills rediscounted with F. R. Bank: June 22 15,349,0531,022,9605,633,201 886,5171,495,813 590,801 453!,, 1891 ,2273,038 565,460 321,724 568,048 305,3931,232,909 June 29 ,15,332,6671,021,3175,636,648 881,1321,492,238 595,287 454,,394 2!:, 263,701563,046 319,127 563,428 302,4571,239,892 July 6 15,194,986 I!,011,8025,560,616 871,8691,490,603 590,301 454,6982,244,385 550,190 321,350 563,552 299,5081,236,112 July 13 ,15,051,2671,008,9635,485,042 860,7831,481,862 583,602 448,016 ^2,!236,839 545,834 316,686 558,595 301,2261,223,819 Reserve with F. R. Bank: June 22 , 1,254,660 70,999 611,477 59,160 91,501 30,417 27,119 170,545 35,669 21,374 40,958 21,182 74,259 June 29 , 1,241,465 70,377 608,834 60,342 86,951 30,614 27,197 170,832 37,704 17,950 41,023 20,240 69,401 July 6 , 1,251,237 74,969 595,689 62,037 93,569 33,582 27,697 169,908 39,347 18,274 42,496 20,438 73,231 July 13 1,247,211 74,694 591,721 63,335 92,657 31,753 27,231 175,764 37,618 18,654 38,300 21,196 74,288 Cash in vault: June 22 , 319,461 21,976 108,540 18,987 30,809 15,807 9,675 55,006 7,664 6,680 12,605 9,305 22,407 June 29 327,468 21,070 108,038 19,191 30,347 15,025 10,091 55,580 7,423 6,917 13,354 9,494 30,938 July 6 341,414 21,884 116,149 17,428! 31,135 15,807 10,246 60,311 8,233 7,019 13,773 9,981 29,448 July 13 336,685 21,924 115,213 18,1641 31,223 16,330 9,884 58,703 7,580 7,1911 14,030 10,106 26,337 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUGUST, 1921. FEDERAL RESERVE BULLETIN. 1007 PRINCIPAL RESOURCES AND LIABILITIES OF MEMBER BANKS IN LEADING CITIES ON WEDNESDAYS, FROM JUNE 22 TO JULY 13, 1921—Continued. ALL REPORTING MEMBER BANKS IN EACH FEDERAL RESERVE DISTRICT—Continued. [Amounts in thousands of dollars.] Total. Boston. | Y N o e r w k. P p d h h e i i l l a - a . - C la le n v d e . - m R o ic n h d - . la A n t t - a. Chicago. Lo S u t. is. M ap i o n l n is e . - K C an it s y a . s Dallas. F c S i r s a a c n n o - . Net demand deposits: June 22 ' 9,989,313! 703,688 4,566,206 604,484 784,689! 301,024 208,7561,248,670 287,080 167,845! 362,231 190,427 564,213 June 29 10,046,3981 702,384(4,635,931 604,716 779,440s 299,560 218,14811,239,107 285,818 171,720] 367,988 188,267 553,319 July 6 10,029,836! 720,462|4,561,732 622,702 791,717! 304,115 214,853 1,244,247 284,949 173,227! 370,701 187,542 553,589 July 13 10,085,866J 731,072|4,543,758 625,106 798,043 306,081 213,0531,286,045 286,941 176,654: 363,970 187,319 567,824 Time deposits: ! June 22 \ 2,919,332! 176,250J 424,363 41,173 429,340 119,685 147,215 657,371 142,294 73,729} 106,395! 61,260 540,257 June 29 1 29,33,118! 175,005 433,115 41,110 431,140 119,581 146,907 660,430 142,838 72,579 106,883! 61,360 542,170 July 6. 2,920,580! 174,940 425,116 41,254 429,445 120,761 147.239 655,360 144,480 70,761 104,946j 60,951 545,327 July 13 2,903,087| 175,265 419,032 41,316 426,836 120,341 145^ 521 654,678 142,236 69,786j 108,492 59,744 539,840 Government deposits: June 22 462,488! 32,316 258,332 49,680 39,734 10,434 3,269 26,963 12,849 7,5811 7,830 6,495 7,005 June 29 387,378; 26,977 214,445 38,026 32,940 8,576 2,744! 28,682 10,656| 6,298! 6" ; 506 5.704 5,824 July 6 325,468 22,332 178,248 36,123 27,257 7,211 2,170! 23,190 8,862 5,224j 5,413 4; 605 4,833 July 13 277,917 19,061 152,393 30,882 23,222 6,183 1,901 19,701 7,568 4,454 4,"~~ 3,917 4,009 Bills payable with F. R. Bank: Secured by U. S. Government obligations- June 22 324,558! 9,807 95,599 39,831 28,854 25,094 15,549 53,531 15,093 4,248| 10,276 4,044 22,632 June 29 319,001 10,181 97,418 39,314 26,411 24,728 13,4691 51,126 14,899 3,475! 12,289 4,190 21,501 July 6 355,074 6,105 147,434 26,073 30,138 24,503 12,535! 50,232 14,811 2,608i 10,895 4,495 25,245 July 13 310,849 6,256 110,573 28,761 32,071 23,781 12,440! 45,430 14,157 4,108 10,651 3,665 18,956 All other- June 22 35 1,737. 975 187 113 1, June 29 5,618 l,738j. 1,550 248 53 1,840 189 July 6 1,505 450 211 425 393 July 13 924 268 275 354 Bills rediscounted with F. R. Bank: Secured by U. S. Government obligations- June 22 104,154 7,838 34,280 22,832 6,203 2,700! 4,8431 13,774 2,; 790 3,368 321 4,319 June 29 93,920 8,645 24,423 20,463 7,152! 2,768! 4,855| 14,205 494 3,704 499 3,846 July 6 87,729 6,098 18,661 23,314 6,769 2,600 4,657! 14,314 3! 2171 563 3,043 505 3,988 July 13 85,118 7,394 17,889 20,787j 6,709 2,799! 4,465! 13,990 3,302| 568 3,116 538 3,561 All other- June 22 773,733 47,639 209,997 31,925 88,998 45,715 29,746 148,506 34,511 35,162 33,642 11,465 56,427 June 29 796,797 45,621 216,616 37,762 91,164 44,757 32,302 152,073 38,013 34,568 31,355 12,433 60,133 July 6 805,457 39,620 216,567 22,766 90,133 47,320 32,906 159,237 40,086 36, 111 33,121 14,676 62,914 July 13 757,572 29,302 231,171 26,956! 85,450 40,298 32,121! 138,109 35,632 30,986 32,334 17,828 57,385 MEMBER BANKS IN FEDERAL RESERVE BANK CITIES. [Amounts in thousands of dollars.] Total. Boston. Y N o e r w k. P p d h h e i i l l a - a . - C la le n v d e . - m R o ic n h d - . la A n t t - a. Chicago. Lo S u t. is. M ap i o n l n is e . - K C an it s y a . s Dallas. F ci r s a c n o - . Number of reporting banks: June 22 15 June 29 282 15 July 6 282 15 July 13 282 15 Loans and discounts, including bills rediscounted with F. R. Bank: Secured by U. S. Government obligations- June 22 484,705 32,517 253,351 70,075 16,198 6,251 3.082 61,159 12,535 8,276 L234 1,608 13,419 June 29 485,087 32,190 252,701 69,138 16,930 6,119 3,093 63,229 12,274 8,156 i,508 1,636 13,113 July 6 464,481 30,095 237,283 69,628 16,396 6,051 2,266 61,674 11,901 8,289 i,337 1,580 12,981 Jutyl3 452,771 29,871 229,498 66,174 15,915 6,070 2,235 62,041! 11,918 8,340 i,371 1,645 12,693 Secured by stocks and bonds (other than U. S. Government obligations)— June 22 2,089,736 146,6421,086,449 175,411 131,910 15,415 !,833 321,520 87,112 15,329 26,044 9,306 65,765 June 29 2,103,474 149,7991,096,144 171,248 132,626 15,598 !,618 325,796! 87,227 15,263 26,307 9,576 65,272 July 6 2,105,643 149,4141,102,220 176,276 130,905 15,771 !,737 318,7271 87,739 15,207 26,515 9,509 64,623 July 13 2,084,837 146,4931,085,988 173,603 129,566 15,721 321,283 87,638 15,632 26,533 9,325 63,962 All other- June 22 5,331,589 464,695 2,, 460,553 338,473 279,300 70,141 53,470 801,375 204,949 112,198 139,927 53,814 352,694 June 29 5,338,324 463,414 2,,461,256 344,651 278,400 70,544 54,981 797,851 205,300 111,843 136,584 54,123 359,377 July 6 5,296,262 459,428 2,;433,538 337,666 281,823 68,983 54,281 793,045 194,330 113,091 134,943 54,434 370,700 July 13 5,261,434 455122 2,:426,814 334,842 280,889 68,044 53,387 786,008 192.513 109,097 134,323 54,180 366,215 Total loans and discounts, including bills rediscounted with F. R. Bank: June 22 7,906,030 643,854 3,.800,353 583,959 427,408 91,807 65,385! 1,184,054 304,596 135,803 172.205 64,728 431,878 June 29 7,926,885 645,403 3,;810,101 585,037 427,956 92,261 66,692| 1,186,876 304,801 135,262 169', 399 65,335 437,762 July 6... ! 7,866,386 638,937 3,:773,041 583,570 429,124 90,805 65,2841.173,446 293,970 136,587 167,795 65,523 448,304 July 13 i7,799,042 631, ,742,300 574,619 426,370 64,715J1,169,332 292,069 133,069 167,227 65,150 442,870 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

L008 FEDERAL RESERVE BULLETIN. AUGUST, 1921. PRINCIPAL RESOURCES AND LIABILITIES OF MEMBER BANKS IN LEADING CITIES ON WEDNESDAYS, FROM JUNE 22 TO JULY 13, 1921—Continued. MEMBER BANKS IN FEDERAL RESERVE BANK CITIES—Continued. [Amounts in thousands of dollars.] Total. Boston. Y N o e r w k. pint m R o ic n h d - . j la A n t t - a. Lo S u t. is. M ap i o n l n is e . -K C a i n t s y a . s Dallas. I I j C F S i r s a a c n o n . - U. S. bonds: June 22 443,166 10,009 262,408 34,570l 8,497 7,264 4,362 20,370 11,620! 4,714 10,821 7,131 61,400 June 29 444,375 9,822 265,071 35,279i 8,520 7,263! 20,475 ll,067| 4,695 10,043 6,534 61,244 July 6 446,754 9,806 263,481 34,885! 8,539 7,264' 4*180 21,932 11,000: 4,534 11,786 6,485 62,862 July 13 446,074 9,r~~ 264,607 35,039! 8,461 7,262j 4,040 20,444 10,968i 4,722 11,684 6,374 62,504 U. S. Victory notes: June 22 101,329 1,474 72,731 4,744| 1,765! 182: 65 12,466 221 757 || 6,507 June 29 100,376 555 72,897 3,3631 1,764! 182! 65 12,559 376 i 221 919 31 7 444 July 6 101,450 561 74,557 3,166J l,749i 182! 225 12,733 388! 220 1,026 31 6,612 July 13 101,876 517 74,426 3,329! 1,750 182| 225 13,023 394; 220 1,081 31 6,698 U. S. Treasury notes: June 22 101,995 1,587 75,811 14,144! 296 118!. 3,291 1,485: 2,987 1,536! 647 June 29 93,609 1,421 72,965 12,087! 290 127|. 2,310 1,055! 860 1,636; 819 July6 76,024 805 59,582 9,528! 238 92!. 1,996 800| 747 l,643j 554 July 13 64,429 676 49,806 8,879; 2431 79!. 1,557 406' 593 1,63ft! 515 U. S. certificates of indebtedness: June 22 178,551 3,460 131,083| 15,835; 902 j 452! 13,314j 2,369 1,576 2,288 7741 6,468 June 29 166,801 1,838 128,851 9,409! 8181 427! 12,127 1,927 431 3,928 789! 6,206 July 6 133,544 1,520 100,598 6,724; 729! 236! 11,075 1,598' 257 3,955 815! 5,987 July 13 108,525 1,608 78,466 6,486j 7661 232; 9,280 868 150 3,915 766! 5,938 Other bonds, stocks, and j securities: I June 22 1,132,029 56,172 559,973 128,302| 71,854: 4,563! 3,283| 149,166 42,814 8,616 11,328 3,307j 92,651 June 29 1,132,339 56,375 559,691 131,469! 71,240 4,4241 3,275 143,363 42,923! 8,568 11,279 3,286! 96,446 July 6 1,127,338 56,630 555,884 128,752 71,422, 7,211! 3,233! 139,917 43,425! 8,589 11,840 3,372 97,063 July 13 1,117,459 60,871 548,011 127,672| 70,679- 7,176J 3,403i 138,981 42,984 8,661 11,918 3,423 93,680 Total loans and discounts and investments, including bills rediscounted with F. R. Bank: June 22 9,863,100 716»,, 556 L49,02,339 781,5541 510,722 10 i, 386! 73,145!l,382,661 363,270! 151,023 200,386 77,507! 599,551 June 29 9,864,385 715i,, 414 L49,09,576 776,644| 510,588 104,684J 74,4441,377,710 362,149J 149,216 196,428 77,611! 609,921 July 6 9,751,496 708,259 4t!, 827,143766,625) 511,801 105,790! 72,9721,361,099 351,181 150,226 197,149 77,869 621,382 July 13 9,637,405 705,127 £:, 757,616756,024| 508,269 104,766 72,4331,352,617 347,6891 146,"-" 196,418 77,380! 612,205 Reserve with F. R. Bank: June22 929,348 57,639 568,126 54,558! 28,006 4,618 4,835 123,552 26,168 10,218 14,120 5,123! 32,385 June 29 920,869 56,548 564,745 54,1881 27,652 4,725! 4,778 123,297 27,836 8,225 13,937 5,858, 29,080 July 6 912,420 59,366 548,567 56,361! 28,659 5,432 5,260 120,042 27,907 8,376 16,088 4,467 31,895 July 13 909,958 59,610 547,292 57,910| 27,783 5,096 4,795 121,036 27,340 9,252 12,645 5,158! 32,041 Cash in vault: June 22 184,450 12,834 95,467 14,945| 7,541 1,669 31,755 3,537 2,308 3,064 ,60l! 8,539 June 29 184,847 12,035 94,711 15,416; 7,602 1,1441 1,601 32,184 3,603! 2,269 3,141 1,697! 9,444 July 6 197,818 12,498 101,483 13,422! 8,486 1,079 1,651 35,233 4,193 2,561 3,169 1,667! 12,376 July 13 194,448 12,341 101,263 14,4791 8,916 1,142 1,358 33,574 3,562 2,537 3,488 l518j 10,270 Net demand deposits: I June 22 7,019,706 549,416 1:, 089,336525,809! 194,037 41,852 34,489 875,285 194,267 74,076 133,1801 49,942| 258,017 June 29 7,079,294 548,244 4:,, 159,849525,560 195,005 42,648 34,8521 864,895 194,862 76,868 134,906 51,142 250,463 July 6 7,036,093 560,155 4:, 074,754541,146 197,399 41,447) 34,714 869,527 193,196 78,665 139,423| 50,237 255,430 July 13 7,057,105 568,396 4=;,056,149 544,726; 198,439! 42,669 35,387 887,153 195,203 81,428 136,105| 50,9571 260,493 Time deposits: June 22 1,342,870 69,129 262,015 28,800l 232,902 23,477 22,292 315,483 82,115 30,291 15,508 7,294 253,564 June 29 1,354,289 69,073 270,496 28,715! 233,537 23,625j 22,326 318,288 82,241 29,419 15,494 7,318 253,757 July 6 1,358,128 69,618 263,608 28,752; 236,335 23,613 22,086 315,259 82,309 28,598 15,371 7,327; 265,252 July 13 1,345,417 69,781 257,362 28,774| 231,505 23,488 21,987 313,777 81,948 27,678 15,300 7,2721 266,565 Gov J J J J e u u u u r l l n n n y y m e e 6 1 2 2 e 3 9 2 nt deposits: 3 2 2 3 8 2 6 1 0 5 3 3 , , , , 7 5 0 7 7 3 8 8 3 1 0 0 2 1 1 1 3 3 9 5 , , , , 2 6 0 9 0 0 5 3 1 7 2 4 2 2 1 1 0 5 7 4 8 1 3 8 , , , , 4 1 2 1 4 6 0 3 3 1 2 2 4 3 3 2 7 6 4 9 , , , , 5 7 6 6 2 1 9 6 1 3 3 1 ; ! 6 3 4 5 , , , , 8 1 2 4 1 1 9 5 6 9 4 9 | ! 6 8 4 5 8 2 7 6 5 7 7 7 7 6 5 3 1 0 0 9 i 2 1 1 1 0 3 1 6 , , , , 2 2 0 4 9 6 5 3 6 9 4 7 1 6 9 7 1 , , , , 7 6 2 1 3 0 9 8 1 6 8 8 2 2 1 1 , , , 8 2 6 5 4 8 2 6 2 5 7 2 6 4 5 4 , , , , 6 8 0 7 6 1 2 1 7 8 9 3 5 4 3 5 , ^ , , 5 2 9 2 9 3 6 2 6 9 5 l! 4 2 4 3 , , , , 7 0 8 3 3 3 2 4 9 4 4 0 Bills payable with F. R. Bank: Secured by U. S. Gover J n J J u u u m n l n y e e e n 6 2 2 t 9 2 obligations- 2 1 1 1 7 7 4 9 5 , , , 4 0 5 0 8 3 5 8 5 7 7 3 , , , 3 3 3 0 9 3 2 0 4 1 7 7 2 3 3 4 , , , 1 2 2 5 8 7 3 6 5 3 3 2 6 2 5 , , , 4 7 7 0 6 9 5 4 0 4 3 4 , , , 6 2 7 6 4 4 7 3 3 6 7 7 , , , 9 5 5 1 5 5 4 9 1 5 5 8 8 0 0 J 2 1 2 1 9 0 , , , 4 1 0 4 8 8 8 4 6 1 9 0 , , 3 0 0 3 6 4 1,2 7 7 0 8 7 4 8 2 3 4 3 , , , 9 8 8 4 4 9 6 6 2| 1 1 1 3 2 7 , , , 9 5 0 6 6 9 3 5 5 July 13 176,295 3,711 90,926 25,460 4,943 6,580 5801 17,229 8,205 4,855 13,140 All other- June 22 2,395 975 1,420 June 29 2,870 1,550 1,320 July6 450 450 July 13 Bills rediscounted with F. R. Bank: Secured by U. S. Government obligations- June 22 78,784 7,247 32,677 22,731 310 8,975 1,553 528 l,030i 3,312 June 29 67,249 7,904 22,626 20,367 917 315 9,349 363 1,115j 2,778 July 6 61,432 5,902 17,272 23,087 370 209 8,920 l'482J 454 1,050! 2,647 July 13 59,114 7,198 16,648 20,527 545 167; 8,"~ 461 1,0 2,148 All other- June 22 527,341 45,169 181,070 29,875 62,528 13,199 4,313' 87,697 19,496 26,066 17,694! 2,217 38,017 June 29 543,713 42,783 187,262 37,028 61,338 12,579 4,162| 91,699 21,267 24,829 16,489; 2,197 42,080 July 6 540,537 37,097 185,162 30,975 62,766 12,559 5,343 94,046 23,753 24,859 16,574' 3,790 43,613 July 13 515,058 26,813 204,400 25,442 61,589 12,276 ' ~ 77,456 20,895 21,707 17,072 4,354 38,370 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUGUST, 1921. FEDEKAL. RESERVE BULLETIN. 1009 BANK DEBITS. For the four-week period ending July 20 of an increase in the physical volume of trade debits to individual accounts fluctuated be- or in the rapidity of the turnover. tween $6,891,000,000 for the week ending June 29 and $7,579,000,000 for the following week, DEBITS TO INDIVIDUAL ACCOUNTS which, in spite of having only five business AT BANKS IN days, showed larger totals of debits owing to REPORTING CLEARJHG HOUSE CENTERS the settlement on June 30 of end-of-month, DEBITS FOR 1920 end-of-quarter, and end-of-fiscal-year obligations. For the two following weeks somewhat lower figures are reported though the decline is relatively insignificant. The movement from week to week for the corresponding period in 1920 was different from that for the period under review, largely because the first week of the period in 1920 included June 30, with its heavy settlements, while the week ending July 7 saw a much smaller volume of debits owing to the inclusion of the Fourth of July holiday. The lag of the 1921 figures behind those for the same period 1 AND 2: BANKS IN NEW YORK CITY 3 AND 4= BANKS !N ALL REPORTING CENTERS in 1920 amounted to about 19 per cent. For New York City, where the decline in volume of debits set in much earlier last year, the lag was only about 13 per cent, while for the other centers it was about 25 per cent. In view of the fact that the price level in July of this year was more than 40 per cent lower than a year - BANKS OUTSIDE OF NEW YORK CITY ago, this 25 per cent lag in debits is indicative I I FEB. MAR. APR. MAY JUNE JULY AUG. SEPT. OCT. NOV. 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 29. July 6. July 13. July 20. June 30. j July 7. July 14. July 21. Boston 336,044 361,875 356,065 390,052 457,698 473,187 506,869 519,704 New York 3,742,943 ,217,547 3,874,472 3,946,421 4,611,442 4,228,726 4,721,074 4,551,657 Philadelphia.. 357,446 371,903 353,093 374,693 441,838 427,373 418,723 418,552 Cleveland 359,635 389,312 391,160 377,774 562,817 522,457 560,275 575,198 Richmond 152,929 165,727 165,345 156,473 195,786 189,733 193,534 191,689 Atlanta 155,526 180,540 167,774 181,486 225,665 234,282 237,762 241,636 Chicago 796,678 846,564 906,005 912,418 1,130,725 1,096,359 1,204,163 1,278,229 St. Louis 153,553 168,212 166,098 179,911 225,060 210,567 238,069 238,764 Minneapolis... 118,491 120,782 129,609 125,172 156,914 149,609 183,545 169,078 Kansas City... 208,554 220,620 234,656 240,032 295,014 284,539 307,088 290,283 Dallas 103,429 102,253 107,511 108,450 125,576 137,972 145,323 134,619 San Francisco. 406,109 433,595 460,642 551,530 563,294 593,175 593,793 Total... 152 6,891,337 7,578,930 7,312,430 7,391,851 8,980,065 8,518,098 9,309,600 9,203,202 NOTE.—Figures for the following centers, while shown in the body of the statement, are not included in the summary, complete data for the centers not being available for each week under review: Harrisburg, Pa.; Johnstown, Pa.; Reading, Pa.; Cincinnati, Ohio; Greenville, S. C; Washington, D. C; Wilmington, N. 0.; Moline, 111.; Springfield, 111.; East St. Louis and National Stock Yards, 111.; Quiney, 111.; Springfield, Mo.; Atchison, Kans.; Galveston, Tex.; and Tucson, Ariz. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1010 FEDERAL RESERVE BULLETIN. AUGUST, 1921. DEBITS TO INDIVIDUAL ACCOUNTS AT CLEARING-HOUSE BANKS—Continued. DATA FOR EACH REPORTING CENTER. [In thousands of dollars.] 1921 1920 Week ending— Week ending- June 29. July 6. July 13. July 20. ; June 30. July 7. July 14. July 21. District No. 1—Boston: Bangor 3,242 3,514 | 4,093 3,348 3,565 3,909 3,790 3,847 Boston 1215,689 1217,728 I 1219,384 1252,977 ! 189,517 295,064 322,284 333,990 Do 281,563 288,633 i 295,258 330,913 j Fall River 5,017 4,661 5,542 I 5,923 ! 9,785 9,528 9,837 8,926 Hartford 18,417 ! 27,791 I 22,276 ! 20,863 ! 22,121 28,528 27,206 25,863 Holyoke 2,819 I 2,887 | 2,931 ! 2,956 4,351 4,045 4,631 4,567 Lowell 3,846 i 3,853 i 4,496 j 4,743 5,612 5,778 6,530 6,273 Manchester 3,873 I 4,105 ! 4,559 I 4,382 : 5,233 5,904 6,284 5,940 New Bedford 4,947 5,085 I 5,987 ! 6,594 7,954 7,498 8,668 8,978 New Haven 13,727 ! 18,231 I 17,198 ! 18,178 . 19,137 21,130 22,011 21,795 Portland 5,239 ! 5,701 i 7,309 6,499 I 8,463 8,358 7,738 9,675 Providence 29,238 i 33,319 30,043 31,515 ; 38,655 39,964 39,287 42,243 Springfield 11,624 ! 13,851 12,800 11,590 | 17,258 17,363 18,471 19,046 Waterbury 5,239 i 6,313 5,188 5,639 | 7,286 7,814 7,978 7,463 "Worcester 13,127 : 14,836 14,259 14,845 | 18,761 18,304 21,554 21,098 District No. 2—New York: Albany 31,373 ; 37,006 23,673 18,563 ; 19,843 22,324 24,936 25,176 Binghamton 3,361 I 4,274 3,977 3,747 ! 4,598 4,799 4,789 4,984 Buffalo 49,498 ! 69,064 61,146 56,115 68,380 78,900 78,553 79,395 New York 3.617,372 j 4,050,119 3,737,133 3,821,102 4,463,000 4,060,377 4,556,620 4,382,556 Passaic 4,616 5,070 5,694 5,968 5,124 5,952 5,676 5,841 Rochester 24,599 I 35,991 28,580 27,700 32,169 34,920 30,911 33,412 Syracuse 12,124 ! 16,023 14,269 13,226 18,328 21,454 19,589 20,293 District No. 3—Philadelphia: Altoona 3,187 2,759 3,209 3,116 3,528 2,919 2,314 3,330 Chester 3,884 3,800 4,078 4,753 5,088 5,567 5,789 5,904 Harrisburg 6,541 6,835 6,853 7,115 Johnstown 5,102 I 4,765 4,962 4,913 Lancaster 4,277 4,391 4,390 4,217 5,496 5,437 6,274 6,563 Philadelphia 295,195 ! 311,122 289,668 312,507 372,189 359,956 347,789 349,136 Reading 8,486 | 8,630 8,134 Scranton 16,096 ! 14,213 17,474 11,959 15,486 15,148 17,074 13,863 Trenton 10,013 | 9,793 10,552 l 14,521 12,000 11,793 11,620 13,396 Wilkes-Barre 8,135 i 7,000 8,578 8,178 9,609 8,801 10,013 9,483 Williamsport 3,529 i 4,089 4,295 3,925 3,949 4,405 5,480 4,595 Wilmington 9 651 ! 11,019 7,132 7,378 9,818 8,230 7,732 8,072 York 3,479 | 3,717 3,717 4,139 4,675 5,117 4,638 4,210 District No. 4—Cleveland: Akron 12,976 14,700 13,662 15,216 30,579 25,605 20,690 26,969 Cincinnati 56,149 ) 58,132 59,871 63,294 Cleveland 102,281 117,554 122,935 112,857 171,634 182,243 201,537 205,989 Columbus 27,343 27,242 29,242 31,350 30,863 28,333 31,474 31,666 Dayton 11,196 13,568 12,952 13,137 11,998 13,152 13,124 12,375 Erie 5,449 5,892 6,405 5,536 8,355 7,435 8,372 8,324 Greensburg 3,881 3,882 4,924 5,109 6,915 5,211 5,923 8,263 Lexington 3,143 4,166 3,697 3,595 4,950 5,246 5,224 5,241 Oil City 2,161 2,453 1,992 1,934 3,409 2,833 3,901 3,330 Pittsburgh 145,776 152,123 139,406 141,526 232,481 191,768 202,371 209,546 Springfield 3,377 4,007 4,400 4,171 3,235 4,257 4,361 3,703 Toledo 23,838 24,029 32,748 26,977 33,732 30,784 34,719 35,175 Wheeling 7,544 7,273 7,305 6,521 9,045 8,051 9,509 9,798 Youngstown 10,670 12,423 11,492 9,845 15,621 17,539 19,070 14,819 District No. 5—Richmond: Baltimore 93,899 99,260 101,330 94,092 111,778 108,543 112,150 106,374 Charleston 5,000 7,019 6,742 5,220 9,400 9,875 9,400 9,933 Charlotte 5,750 5,865 4,994 4,555 7,872 7,340 8,867 8,856 Columbia 5,630 4,300 4,985 4,653 5,577 5,742 5,989 5,771 Greenville, S. C 2,543 3,640 2,574 2,472 Huntington 4,353 4,540 4,960 4,995 5,563 5,175 6,183 5,708 Norfolk 12,131 13,888 15,147 13,799 20,356 19,797 21,853 23,371 Raleigh 4,400 4,350 4,100 4,900 4,070 3,900 4,258 j 4,000 Richmond 21,766 26,505 23,087 24,259 31,170 29,361 24,834 27,676 Washington 41,548 41,357 37,830 37,621 Wilmington 4,640 5,039 5,547 4,396 District No. 6—Atlanta: Atlanta 20,473 24,697 23,577 23,652 31,579 28,668 30,995 31,896 Augusta 4,007 5,308 5,326 5,116 7,925 8,282 7,539 7,669 Birmingham 11,991 14,552 10,696 12,025 16,386 17,234 16,845 18,321 Chattanooga 6,839 7,906 8,222 8,205 10,330 12,605 12,319 12,906 Jacksonville 8,804 9,788 9,965 9,954 12,629 13,936 14,837 14,278 Knoxville 4,495 6,197 4,688 6,721 5,863 6,923 7,422 7,717 Macon 3,731 4,166 3,997 4,599 5,831 6,390 6,726 8,053 Mobile 5,097 5,709 5,820 5,733 7,817 8,013 8,203 Montgomery 2,602 2,400 2,171 2,547 5,590 4,636 5,364 4,880 Nashville 23,844 24,992 22,277 33,177 24,183 22,374 27,354 24,329 N V P S T e a a e ic n v m w k s a a p s n O b c a n o u r a l l r h e a g ans 4 4 1 8 1 8 , , , , , 0 1 2 2 9 4 7 3 3 5 2 7 6 4 4 5 1 4 1 6 0 1 , , , , , 3 9 4 8 3 1 0 0 2 7 0 8 6 9 2 5 4 4 1 8 1 , , , , , 9 2 7 6 4 3 6 7 0 6 3 1 6 1 4 5 9 5 1 1 2 , , , , , 1 1 1 4 8 8 1 6 0 8 6 0 6 7 8 7 1 2 4 1 5 4 , , , , , 3 0 2 3 5 8 4 8 1 0 3 4 4 7 4 7 1 6 9 2 5 1 , , , , , 2 1 7 9 0 7 9 5 0 9 9 3 2 0 7 7 1 6 2 1 5 4 , , , , , 2 9 4 1 3 1 1 8 8 6 6 0 6 2 4 7 1 6 2 5 1 5 , , , , , 5 5 7 9 8 3 5 4 6 8 5 8 3 3 6 1 Debits of banks which submitted reports in 1920. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUGUST, 1921. FEDERAL RESERVE BULLETIN. 1011 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 20. July 6. July 13. July 20. June 30. July 7. July 14. July 21. District No. 7—Chicago: Bay City 2,027 2,224 2,624 2,292 3,265 3,342 3,321 3,302 Bloomington 2,144 2,720 2,074 2,465 2,785 2,845 2,854 2,844 Cedar Rapids 8,403 9,613 10,347 9,025 6,282 8,600 13,975 11,621 Chicago 523,449 544,121 548,414 586,027 722,263 690,499 769,067 816,123 Davenport 5,562 7,151 6,056 5,957 7,577 9,789 8,355 7,482 Decatur 2,550 2,673 3,035 3,996 4,337 3,905 4,210 4,167 Des Moines 14,396 13,391 15,386 15,787 21,409 18,670 25,039 20,884 Detroit 89,665 104,800 160,515 122,774 152,731 141,300 159,382 179,234 Dubuque 2,379 3,212 2,581 2,603 2,726 4,193 4,153 2,712 Flint !". 4,876 5,639 5,074 7,465 10,007 17,762 11,231 9,816 Fort Wayne 6,159 7,279 6,800 6,567 7,860 7,733 8,688 8,104 Grand Rapids 17,063 17,390 14,868 17,273 20,830 20,523 21,601 26,158 Indianapolis 31,676 32,244 34,221 33,381 41,031 40,896 42,046 43,180 Jackson 4,038 3,182 3,275 4,082 3,522 4,829 2,496 4,625 Kalamazoo 3,279 3,807 3,650 3,929 5,474 5,461 5,120 5,609 Lansing 4,580 6,100 4,509 5,079 7,133 7,562 6,402 6,879 Milwaukee 45,307 50,956 50,688 54,421 65,662 65,633 71,692 77,722 Moline 1,405 1,948 1,673 1,938 2,849 Peoria 7,143 7,948 7,969 8,279 12,359 11,961 11,930 12,235 Roekford 4,144 5,811 4,994 5,103 6,315 7,277 6,882 6,311 Sioux City 9,384 8,162 9,062 8,053 16,020 14,166 16,036 18,611 South Bend... 5,705 5,372 6,707 5,131 5,879 5,361 5,139 5,937 Springfield, 111 4,697 6,957 6,193 6 071 Waterloo 2,749 2,769 3,156 2,729 5,258 4,052 4,544 4,673 District No. 8—St. Louis: East St. Louis and National Stock Yards. 8,356 6,971 8,816 8,462 Evansville 4,811 5,694 6,832 5,037 5,466 6,003 5,603 4,919 Little Rock 8,259 7,337 9,194 8,063 8,673 8,647 12,118 10,295 Louisville i 22,205 1 22,612 1 24,247 1 22,912 37,125 33,429 37,164 32,548 Do 28,821 29,307 31,397 28 698 Memphis 17,401 19,887 16,915 22^471 28,818 26,882 29,864 30,021 Quincy...; 1,789 2,093 2,286 2 628 St. Louis 1100,877 1 112,682 1 108,910 1121J428 144,978 135,606 153,320 160,981 Do '.'...'.'.'.'.'..'....'....'.'. 113,397 129 196 129,121 135 318 Springfield, Mo 2,324 2*875 2*638 2,498 District. No. 9—Minneapolis: Aberdeen 1,229 1,167 1,536 1,397 1,552 1,808 1,840 806 Billings 1,486 1,667 1,854 1,574 1,765 1,991 2,037 2,135 Duluth 16,301 15,498 17,559 15,381 18,818 16,351 23,866 23,806 Fargo 2,133 2,654 3,041 2,466 3,220 4,023 3,892 3,407 Grand Forks .. 905 1,146 1,216 1,219 1,395 1,971 1,845 1,602 Great Falls 1,514 1,352 1,526 1,636 2,042 2,293 1,982 1,822 Helena 2,136 2,657 2,481 2,287 2,081 2,553 2,369 2,368 Minneapolis... 58,837 60,946 65,153 64,686 81,711 74,967 97,397 87,490 St. Paul 26,693 26,069 27,682 27,533 35,606 34,636 38,64,8 35,996 Sioux Falls 4,587 4,602 4,149 3,957 5,734 5,571 6,126 6,057 Superior 1,794 1,797 2,007 1,863 1,987 2,036 2,036 2,180 Winona 876 1,227 1,405 1,173 1,003 1,409 1,507 1,409 District No. 10—Kansas City: Atchison 1 104 970 1 204 1 558 Bartlesville 1^965 2,219 2*073 2^645 4,686 3,792 3,462 3,403 Cheyenne 1,920 2,538 2,132 1,746 1,915 1,882 1,664 1,958 Colorado Springs 2,269 2,316 2,719 2,696 3,215 2,795 3,474 3,543 Denver 32,657 32,115 31,020 30,838 39,077 41,667 43,370 40,655 Joplin 1,750 1,673 2,042 2,028 3,155 3,086 3,837 3,249 Kansas City, Kans 3,582 3,339 3,012 3,719 4,121 4,507 3,275 4,099 Kansas City, Mo 60,689 63,567 72,010 76,533 82,353 79,030 92,198 75,889 Muskogee 3,050 3,825 3,202 2,859 5,919 5,868 5,005 5,297 Oklahoma City 16,465 21,058 20,570 19,466 22,560 22,759 23,672 24,222 Omaha 38,595 38,052 41,316 44,663 58,174 53,353 58,004 57,186 Pueblo 2,788 4,482 4,192 3,790 5,404 5,897 4,815 4,375 St. Joseph 12,887 13,551 16,453 16,971 16,635 16,906 12,842 14,056 Topeka 2,620 3,985 4,495 3,409 3,441 3,671 4,485 4,189 Tulsa 18,669 17,378 16,954 15,134 32,287 25,115 31,477 29,449 Wichita 8,648 10,522 12,466 13,535 12,072 14,211 15,508 18,713 District No. 11—Dallas: Albuquerque 1,357 1,891 2,124 1,744 1,523 2,114 1,972 1,977 Austin 2,268 2,541 3,265 2,271 2,732 3,098 3,285 2,342 Beaumont 2,649 2,908 3,350 3,133 3,821 4,509 5,060 4,779 Dallas 27,799 27,819 27,607 33,960 33,587 37,843 34,420 36,652 El Paso 7,405 7,750 7,093 6,343 8,617 8,279 8,700 8,592 Fort Worth 19,941 18,420 18,920 20,110 23,569 24,869; 24,897 25,841 Galveston 15 980 16 344 19 222 20,965 Houston 25'176 24^342 28'045 24'258 31,960 39,870 44,849 33,136 San Antonio 7,306 5,646 6,875 6,401 6,185 6,841 7,677 7,520 Shreveport 5,684 6,034 5,957 5,555 8,107 5,678 8,130 8,508 Texarkana, Tex 1,140 1,580 1,182 1,515 1,615 1,411 2,093 1,422 Tucson 1 782 1 089 2 038 1 852 1 782 1,888 1,910 Waco 2*, 704 3^322 3^093 3,' 160 3^860 3,460 4,240 3,850 1 Debits of banks which submitted reports in 1920. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1012 FEDERAL RESERVE BULLETIN. AUGUST, 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 29. July 6. July 13 I July 20 June 30 July 7 July 14 July 21. District No. 12—San Francisco: Berkeley 2,325 3,234 i 2,970 2,134 I 2,822 3,023 2,731 Boise 2,675 3.207 I 3,034 3,380 | 2,873 3,445 3,578 Fresno 6,865 9,170 I 8,300 8,605 i 10,832 10,738 10,019 Long Beach 4,924 6,042 i 5,866 4,317 I 6,861 5,498 4,942 Los Angeles 92,355 104,876 99,727 98,750 j 105,010 107,112 106,850 Oakland 16,629 18,682 I 18,109 32,386 j 36,388 38,578 37,271 Ogden 2,731 3.208 I 3,088 3,771 ! 4,474 3,984 3,844 Pasadena 4,390 5,303 I 5,195 4,954 ! 4,823 5,506 5,361 Portland 29,523 31,650 | 29,503 41,327 i 45,411 49,499 46,538 Reno 2,718 3,084 ; 2,170 3.309 I 3,366 2,992 3,228 Sacramento 11,231 13,705 ! 12,769 13,342 ! 15,977 14,770 15,112 Salt Lake City 11,468 13,937 I 13,181 17,788 I 18,362 18,579 18,309 San Diego 7,271 9,503 ! 7,841 7,392 j 8,795 9,843 8,593 San Francisco 158,310 169,216 j 126,400 232,759 I 215,598 229,798 239,562 San Jose 3,517 5,039 ! 4,169 4,905 | 7,695 6,785 5,856 Seattle 27,989 33,727 i 31,577 44,302 j 41,046 47,840 47,428 Spokane 8,984 11,259! 10,357 11,073 ; 12,174 13,332 12,527 Stockton 3,642 4,890 i 4,156 5,180 j 7,000 6,100 6,559 Tacoma 6,611 8,744 i 8,637 9,338 10,828 12,473 12,441 Yakima 1,951 2,166 ! 1,920 | 2,518 ! 2,959 3,280 3,044 GOLD SETTLEMENT FUND. INTER-FEDERAL RESERVE BANK TRANSACTIONS FROM JUNE 24 TO JULY 21, 1921, INCLUSIVE. [In thousands of dollars.] Changes in ownership Transfers. Daily settlements. of gold through trans- Balance fers and settlements. in bank's Federal Reserve Bank. fund at end of period. Debits. Credits. Debits. Credits. Decrease. | Increase. Boston 44,000 16,896 358,994 407,335 21,237 41,027 New York 100,200 128,244 1,339,738 1,238,528 73,166 57,643 Philadelphia... 17,000 455,983 497,361 24,378 43,842 Cleveland 16,000 355,260 379,360 8,100 55,551 Richmond 75,314 78,200 395,102 380,053 12,163 17,121 Atlanta 1,000 2,000 141,925 128,202 12,723 6,589 Chicago 10,500 7,700 590,934 633,015 39,281 96,150 St. Louis 1,000 2,500 293,951 292,198 253 15,197 Minneapolis.... 16,430 14,500 98,117 97,341 2,706 6,315 Kansas City... 1,200 5,500 252,927 252,129 ! 3,502 34,453 Dallas 18,396 32,000 146,140 135,996 3,460 4,433 San Francisco.. 4,000 17,500 172,940 160,493 I 1,053 26,408 Total four weeks ending- July 21,1921 305,040 305,040 4,602,011 4,602,011 101,011 101,011 404,729 June 23,1921 346,594 346,594 4,789,406 4,789,406 403,621 July 22, 1920 500,764 500,764 6,580,200 6,580,200 386,419 June 24,1920 542,271 542,271 6,499,262 6,499,262 404,869 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1013 AUGUST, 1921. FEDERAL RESERVE BULLETIN. FEDERAL RESERVE CLEARING SYSTEM. OPERATIONS FROM JUNE 16 TO JULY 15,1921. [All figures shown in thousands.] Items drawn on banks located in own district. Items for- Items for- ; Items drawn Total items han- warded to other warded to Total items hanon Treasurer dled, exclusive F. R. Banks parent bank or| died, including Federa o l r R b e ra s n er c v h e . Bank o In r b F r . a n R c . h B c a i n ty k . B O a u n t k s i o d r e b F r . a n R c . h of U. S. of duplications. b a r n a d n c th h e e i s r . s t a o m b e r a d n i c st h r i i c n t . \ duplications, city. Num- Num- Num- Num- Num- Number. Amount. ber. Amount. ber. Amount. ber. Amount. Amount. ber. Amount. ber. Amount. Boston 705 539,515 3,320 380,129 156 20,771 4,181 940,415 53,699 4,343 994,114 New York 1,372 1,652,507 4,457 938,490 1,199 160,325 7,028 2,751,322 437,158 5,9891 7,984 3,194,469 Buffalo 189 81,9471 389 50,761 15] 2,271 593 134,979 24,714 17,6491 778 177,342 Philadelphia 1,628 707,5911 2,114 228,082 171| 54,359 3,913 990,032 144,540! 4,608 1,134,572 Cleveland 374 188,4771 1,160 135,037 68 6,567 1,602 330,081 | 18,604 27 11,119! 1,660 359,804 Cincinnati 188 113,882 748 68,264 58 6,170 11,002 U89,432 llj 9,990 11 3,004| 1,024 202,426 Pittsburgh 425 247,164 811 95,305 55 7,021 1,291 349,490 64i 34,976 26 5,134! 1,381 389,600 Richmond 103 108,218 1,773 241,231 53 7,662 1,929 357, 111 147 65,551 39 11,382J 2,115 434,044 Baltimore 229 136,421 630 70,163 56 11,134 915 217,718! 57 28,6131 76 9,5891 1,048 255,920 Atlanta 116 48,711! 312 38,455 28 5,974 456 93,140i 21 9,365 26 4,390I 503 106,895 B irmingham 232 31,0541 124 6,686 9i 1,097 365 38,837 i 15 7,765; 27! 14,280i 407 60,882 Jacksonville 53 16,723 135 13,617 8 1,108 196 31,448! 19 6,602! 1,487! 219! 39,537 Nashville 50 22,410 210 16,214 14 2,188 274 40,8121 31 1,4911 855| 314! 43,158 New Orleans... 62 38,691 105 11,737 37 7,240 204 57,6681 38 11,700! 1,148| 2491 70,516 Chicago 830 568,531 3,444 312,042 453 70,464 4,727 951,037! 270 29,881j 4,423! 5,004! 985,341 Detroit 266 162,052 434 40,241 33 4,883 733 207,176i 8 4,547{ 2,5781 746! 214,301 St. Louis 239 184,974 1,239 74,735 123 11,975 1,601 271,684! 31 5,473! 91 9831 1,6411 278,140 Little Rock 42 18,819 245 14,005 7 1,861 294 34,685) 8 1,3311 211 2,2661 3231 38,282 Louisville 91 49,861 368 24,662 29 3,785 488 78,308! 11 2,074 2 3261 501! 80,708 Memphis 66 21,737 143] 7,435 9 755 218 29,927i 2 279 2! 289j 2221 30,495 Minneapolis 245 110,917 1,3921 78,218 53 3,691 1,690 192,826j 189 33,508 6 320| 1,885 226,654 Helena 24 8,281 196! 10,591 5 683 , 225 19,555! 5 1,892 2| 1,186 232 22,633 Kansas City 305 224,265 1,902! 94,266 91 10,610 2,298 329,1411 244 34,121 731 13,954 2,6151 377,216 Denver 100 41,735 317! 16,310 24 5,203 441 63,248) 70 13,433 41 j 8,649 85,330 Oklahoma City. 60 50,698 838 68,108 8 1,334 906 120,140! 44 8,221 15! 7,000 965! 135,361 Omaha 92 44,413 522 31,305 43 3,380 1657 179,4581 38 6,491 181 4,620 713 90,569 Dallas 114 45,211 1,334 151,003 26 4,367 1,474 200,581! 70 10,978 5311 7,0371 1,597 218,596 El Paso 40 9,729 121 9,818 18 3,045 179 22,592 9 2,186 5171 193 25,295 Houston 60 34,022 291 29,264 58 2,188 409 65,474 21 4,282 1,122j 435 70,878 San Francisco 192 99,336 434 33,214 75 86,069 701 218,619 23 3,066 5,455j 761 227,140 Los Angeles 291 102,974 840 67,501 36 11,733 1,167 182,208 81 11,628 12,214! 1,298 206,050 Portland 56 26,640 196 11,177 18 5,211 270 43,028 4 1,293 3,984| 305 48,305 Salt Lake City.. 43 22,635 373 23,429 15 2,738 431 48,802 13 11,611 7,630j 455 68,043 Seattle 110 31,289 194 13,345 24 10,298 328 54,932 15 3,162! 4,995! 378 63,089 Spokane 34 15,672 ifiC 9,823 9 1,187 211 26,682 12 1,545 2,928 236 31,155 Total: June 16 to July 15,1921 9,026 5,807,102 31,279 3,414,663 3,084 539,347143,39719,762,588 3,545 1,045,770 178,502 47,690 10,986,860 May 16 to June 15,1921 9,092 5,837,330 32,918 3,533,271 2,755 479,671144,775' 9,852,052 3,731 1,092,780 767 184,321 49,2' ,129,153 June 16 to July 15,1920 7,109 7,988,267 28,018 4,701,304 2,419 927,221137,553 3,381 1,649,417 736 265,407 41,"6"7015,533,689 1 Includes items drawn on banks in other Federal Reserve districts forwarded direct to drawee bank. NOTE.—Number of business days in period for Baltimore, Nashville, St. Louis, and Memphis was 24, and for other Federal Reserve Bank and branch cities 25 days. NUMBER OF MEMBER AND NONMEMBER BANKS IN EACH FEDERAL RESERVE DISTRICT, JULY 15, 1921 AND 1920 Nonmember banks. Member banks. Federal reserve district. On par list. Not on par list. 1921 1920 1921 1920 1921 1920 Boston ... 438 432 255 256 New York .... ... 792 774 328 324 Philadelphia 699 688 459 427 Cleveland 879 860 1,075 1,077 Richmond .... 620 606 1,019 762 559 781 Atlanta 494 440 401 433 1,168 1,181 Chicago 1,432 1,395 4,261 4,238 St Louis . 585 564 2,498 2,517 167 174 Minneapolis... .. .... ........ . ............. 1,016 976 2,760 2,903 83 Kansas Citv 1,092 1,065 3,337 3,388 63 Dallas 867 822 1,211 1,238 San Francisco 865 801 995 1,042 Total 9,769 9,423 18,599 18,605 2,040 2,136 * Incorporated banks other than mutual savings banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1014 FEDERAL RESERVE BULLETIN. AUGUST, 1921. IMPORTS AND EXPORTS OF GOLD AND SILVER. GOLD IMPORTS INTO AND EXPORTS FROM THE UNITED STATES, DISTRIBUTED BY COUNTRIES. Imports. Exports. Country. J 1 D e u 0 n 1 n u 9 d d r e 2 i i a 1 n n 2 y . g 0 g s , J 1 D e u 0 n 1 u n 9 d d r e 2 i i a 1 n n 3 y . g 0 g s , o m D f 1 u o J 9 r u n 3 i 1 n n t . h g e, J 1 D e u 0 n 1 u l 9 d y d r 2 i i a 1 1 n n y . 0 g g s , Ju J F 1 a l 9 r y t n 3 o o . 1 m 1 . 0 1 , Ju J F 1 a l r 9 y t n o o 2 . 1 m 0 1 0 . , J 1 D e u 0 n 1 n u 9 d d e r 2 i a i 1 n 2 n y . g 0 g s ,J D 1 e u 0 n 1 u n 9 d d e r 2 i i a 1 n 3 n y . g 0 g s , m D J 1 u u o 9 o r 3 n n f i 1 e n t . h , g J D 1 e u 0 n 1 u l 9 d y d r 2 i i a 1 n 1 n y 0 g g s , J F J u 1 a r 9 l t y o n 3 o m 1 1 1 . 0, J J F u 1 a l r 9 t y n o o 2 . m 0 1 1 . 0, I Austria $9,000 Belgium.. . . $140 39,831 $335,906 Denmark $232,891 75,000 3,236,497 France $1,150,564$2,897,345 7,482,146 4,279,404 77,617,847 710,940 Germany. . . .. 200,610 207,889 $10,000 Greece 715,745 110,000 912 Italy 102,285 40,107 241,263 Netherlands 2fi9 snn 110,546 449,907 440,984 16,156,923 1.161.428 1,532,100 3,324 20,892 25.364 Russia in Europe 85,000 Spain 2,763! 57,763 92,048 3,116,105 SWBCLGG 715,432 6,347,500 42,670,724 11,123,783$1,123,783 Switzerland 298,168 301,112 4,937 1,100 Turkey in Europe 2,772 256 503 United Kingdom- England 9,245,243 1.641.27118,509,346 5,912,271108,162,766 62,700,068 13,235 Total Europe...11,376,802 4,649,16233,079,55311,301,397254,231,219 65,092,074 1,123,783 1,123,7831 266,510 Bermuda 500 96.850 97,350 97,950 British Honduras 20 Canada 1,580,270 2,541,865 4,236,452 131,900 25,219,508 27,458,298 $44,655 $54,456 $158,430 29,480 1,170,445! 2,830,397 Costa Rica 35,000 186,624 36,583 520,115 377.RfU Guatemala 6,000 18,000 42,000 52,193 325,7011 14.879 1 Honduras 1,058 651 18,465 194,011 131,829 19,000 Nicaragua 10,021 30,795 59 160 19.955 388.fisn 699,510 Panama 52,761 88,642 181,9751 1.333.08fi 41,308 Salvador 3 000 3,000 10,000 429,751 148,487 20,000 Mexico 42* 053 80,108 308,278 77,124 2,873,893 2,335,678 347,050 240,620 600,473 83,690 4,101,265 15,398,041 Cuba 1*647 4,290 5,937 15,683 4,827 250,494 125,000 British West Indies... 579 61,654 63,812 4,692 343,451 87,249 Virgin Islands of U. S. 150,000 150,000 10,000 Dominican Republic.. 39,000 Dutch West Indies— 341,121 230,923 960,613 158,592 4,336,568 129,040 Total North America 2,039,010 3,188,778 6,313,666 491,039 36,228,397 31,428,672 391,705 295,076 758,903 113,170 5,522,204 18,441,438 Argentina - 1,549 1,549 812,317 57,718 89,995,000 Bolivia 516 150 2,204 6,172 235 15,018 24,585 24,300 280,666 Chile 91 9,9421 10,033 727 95,787 325,280 400,000 C E o cu lo a m do b r ia 430,136 137,891 764,580 652,502 7,0 3 8 2 6 2 , , 7 8 3 8 7 0 1,4 4 8 0 5 0 , , 3 6 1 3 2 2 7 1 0 3 0 0 , , 0 0 0 0 0 0 British Guiana 41,973 41,973 20,383 74.78fi 71,940 Dutch Guiana 1,608 1,859 44.Rfis Peru 47,567 30,479 78,118 65,624 682,575 515,366 ! Uruguay 1,287 5,280 6,567 2,969,997 12,850,000 Venezuela 20,612 16,061 36,673 7,938 88fi.RRfi 269,796 184 000 Total South America 500,209 243,325 941,767 749,2681 12,993,422 3,156,801 24,300104,539,000 China 454,186 454,186 267,130 14,453,405 1,260 16,286,750 British India 128,797 1,545,988 48.820 17,194,608 5,338,088 Straits Settlements... 6 683,454 Dutch East Indies 150,000 19,576 169,576 373.639 2,486,147 60 666 12 045,105 French East Indies... I fi. 005. 899 Greece in Asia 169,612 169,612 Hongkong ! 5,126,396 30,191,910 3,600 9,100 14,700 7 000 1 9m QQni 9^ 19H FM. Japan ' 2.208.234 16 330 658 Palestine and Syria... 25,200 ' 25^ 200 Turkey in Asia 8,502 155,844 522,456 l,658j 1,448,793 Total Asia 741,485 175,420 2,692,206 512,420 47,005,779 32,679,317 3,600 9,100 14,700 7,000 1,263,930; 81,809,557 New Zealand 94,241 94,241 1,080,327 1,036,454 1 Tahiti 300 Philippine Islands 1,497 536 111,994 12,463 590,655 486,217 i Abyssinia ! 21,665 British West Africa... 13,250 28,038 British South Africa.. 51,823 Portuguese Africa 212,501 338,249 504,577 206,107 Total, all countries 14,659,003 8,568,76343,576,47613,066,587*359,059,451134,085,642! 395,305 304,176 773,603 1,243,9532 7,934,517205,084,543 Excess imports or ex- 1 ports 14,263,698 8,264,58742,802,87311,822,634 351,124,934 70 998 901 1 Includes: Ore and base bullion, $22,625,000; United States mint or assay office bars, $428,000; other refined bullion, $254,438,000; United States coin, $22,409,000; foreign coin, $59,159,000. 2 Includes: Domestic exports—ore and base bullion, $27,000; United States mint or assay office bars, $515,000; other refined bullion, $89,000; com, $5,686,000. Foreign exports—ore and base bullion, $1,000; coin, $1,616,000. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUGUST, 1921. FEDERAL, RESERVE BULLETIN. 1015 SILVER IMPORTS INTO AND EXPORTS FROM THE UNITED STATES, DISTRIBUTED BY COUNTRIES. Imports. Exports. Country. J 1 D e u 0 n 1 n u 9 d d e r 2 i i a 1 n n 2 y . g 0 g s , J 1 D e u 0 n 1 u n 9 d d e r 2 i i a 1 n n 3 y . g g 0 s , o m D f 1 u J o 9 r u n 2 in n t 1 h . g e, J 1 D e u 0 n 1 u l 9 d y d r 2 i i a n 1 n 1 y . g g 0 s , J J u F 1 a l 9 r t y n o o 2 . m 1 1 1 0 . , J J u F 1 a l r 9 t y n o o 2 . m 0 1 1 . 0, J 1 e D u 0 n 1 n u 9 d d e r 2 i a i n 1 2 n y . g 0 g s ,J 1 e D u 0 n 1 n u 9 d d e r 2 i a i n 1 3 n y g . 0 g s , m D J 1 u u o 9 o r n n 2 f i 1 e t n h . , g J 1 D e u 0 n 1 u l 9 d y d r 2 i i a n 1 n 1 y . g g 0 s , J J F u 1 a l r 9 t y n o o 2 . m 1 1 1 0 . , J F J u 1 a r l 9 t o y n o 2 m . 0 1 1 0 . , i Belgium $16 Denmark 370 France $934 $3,634 $4,568 $485 89,958 $77,491 i $32,920 Germany 43,022 18,501 82,997 39,930 289,006 i Greece 15,435 15,435 225,234 1 Italy 24 026 1 Netherlands.. 805 30,820 Norway 14,453 P Sp o a rt i u n gal.. . 4,100 4,100 1 16 5 ,4 0 1 2 7 8 7,978 •" •"* •;* i Sweden « 5 250 i 42,260 9 103 i United Kingdom- i England 1,757 8,499 10,627 142 1,142,435 786,567$119,036 $87,623 $236,857 $148,603$6,175,763 2,308,931 Total Europe... 45,713 50,169 117,727 40,557 1,793,622 941,335 119,036 87,623 236,857 148,603 6,175,763 2,384, 111 Bermuda 200 British Honduras 63,367 Canada 72,785 249,493 506,118 66,980 2,311,033 2,095,276 46,454 65,301 167,943 33,119 1,331,881 5,624,213 Costa Rica 30,000 31,165 1,369 42,608 47 194 Guatemala 5 20 20 036 1 000 i.666 1,500 3,500 Honduras 33 63,077 776,033 1,540,131 800 371,505 Nicaragua '• 1,405 17,184 5,886 138,061 478 821 3,000 Panama 219 19 260 300,000 385,328 31,915 226,000 542,000 Salvador . . . 4 150 4 150 14,031 3,565,127 50,000 Mexico 315,961 1,117,897 2,261,534 801,660 18,613,725 36,236,218 13,873 10,070 33,269 221,778 1,417,945 2,434,436 Cuba 138 7,396 7,534 22,600 39,535 45,671 1,000 1,000 3,000 309,625 939,136 British West Indies... 1,744 6,949 1,200 1,800 97,352 17,680 Virgin Islands of U.S. 25,000 Dominican Republic. 44,000 14,000 58,000 53,200 111,200 84,800 197,000 Dutch West Indies 90 90 1 235 1 200 I French West Indies... ' 20 1 Haiti 4,000 Total North America 437,286 1,420,300 2,949,112 1,251,700 22,434,553 44,216,725 61,327 77,571 205,012 257,897 3,435,303 10,161,470 Argentina 886 886 12,812 20,876 1 ' ' 1 900 11,492 Bolivia .. . 38,453 12,462 51,205 219,636 739 364 Brazil 222 40,731 293 2,333 Chile 1,735 129,611 131,346 4,169 1,085,758 1,977,692 Colombia 1,991 4,375 8,715 6,596 92,262 254,606; ; ; ; •; 239,500 Ecuador 21,265 45,426 British Guiana 36 40 Dutch Guiana i 4 132 6,380 1,002 Peru 206 464 94,636 309,280 184,452 2,930,134 7,739,665 i Uruguay 2,763 2,763 2,763 Venezuela 23 2,034 2,057 4 2,514 68 10,000 • i Total South i i America 248,666 246,767 506,256 195,479 4,408,04: 10,784,370 i 1 240,400 24,827 China 183 1,000 1 183 142 6,680 289,974 147,825! 147,825 381,289 3,235,955 48,850,194 British India 188 224 650 60 298 60 298 1,677,743 223,211 Dutch East Indies 30,000 30,000 242,288 2,130,875 French East Indies.. "" 4," 058* 373 Hongkong 192 1,650 451,101 480,130 480,160 5,614,988 16,800,267 Japan 59,333 293,888 119,401 2,048,793 40 Russia in Asia .. 970 Turkey in Asia 960 38,511 .... Total Asia 30,371 1,000 31,407 142 250,770 2,461,010 60,298 658,259 982,1.41 980,85012,577,479 69,933,055 Australia 1,268 1,268 3,128 New Zealand 64 64i 358 11,216 Philippine Islands 1,281 8 2,019 47 10,349 10,026 Abyssinia 31 British South Africa.. 3,760 6,097 British West Africa... 5,480 Portuguese Africa 12,243 i9,4i9 33,670 86,657 Total, all countries 763,317 1,731,819 3,627,272 1,487,925128,938,288 58,517,436 240,661 823,4531,424,010 1,387,350222,428,945 82,508,943 Excess imports or exports 522,656 908,366 2,205,262 100,575 6,509,343 23,991,507 i Includes: Ore and base bullion, $22,480,000; other refined bullion, $3,160,000; United States coin, $1,324,000; foreign coin, $1,974,000. s Includes: Domestic exports—ore and base bullion, $2,000; United States mint or assay office bars, $152,000; other refined bullion, $11,908,000; coin, $827,000. Foreign exports—ore and base bullion, $2,000; bullion refined, $7,138,000; coin, $2,400,000. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DISCOUNT AND INTEREST RATES. In the following table are presented actual discount and interest rates Rates for almost all classes of paper, particularly prime commercial paper prevailing during the 30-day period ending July 15,1921, in the various cities purchased in the open market and bankers' acceptances, tended to decrease in which the several Federal Reserve Banks and their branches are located. in comparison with the rates prevailing during the period ending June 15,1921. A complete description of the several types of paper for which quotations With the exception of the rates on bankers' acceptances and prime commerare given will be found in the September, 1918, and October, 1918, FEDERAL cial paper purchased in the open market, present rates as a whole continued RESERVE BULLETINS. Quotations for new types of paper will be added higher for all types of paper than those prevailing during the same period of from time to time as deemed of interest. 1920. DISCOUNT AND INTEREST RATES PREVAILING IN VARIOUS CENTERS DURING 30-DAY PERIOD ENDING JULY 15, 1921. Prime commercial paper. Ordinary Bankers' acceptances, Collateral loans—stock exchange loans to 60 to 90 days. or other current. customers Customers. Open market. Interbank Cattle Secured by secured by District. City. loans. loans. warehouse Liberty receipts. bonds and certificates 30 d a t y o s 9 . 0 m 4 o t n o t h 6 s. 30 d a t y o s 9 . 0 m 4 o t n o t h 6 s. Indorsed. d U o n rs i e n d - . Demand. 3 months. m 3 o n to t h 6 s. of e d in n d es e s b . t- H.L. C. C. H. L. C. H. L. H.L. C. H. L. C. H.L. C. H.L. C. H. L. H. L. C. H. L. C. H. L. C. H. L. C. No. 1.. Boston 1 6£ 7 1 1\ 61 7 71 6J I ll 05 o\ O4 5| 51 5| 7 6 6 7 61 7 61 7 7 6 7 No. 2.. New York* 8 6 6-7 6-7 6f 61 61 8 51 6-7 7 5 51-5f 7 51 5f 7 41 5-7 7 41 7 4 6 616 6 Buffalo No. 3.. Philadelphia 6 6 6 6| 61 61 7 6 6 5 6 6 6 6 6 6 6 6 6 6 6 6 6 No. 4.. Cleveland 7 6 7 6 6 6 6 7 7 6 7 7 6 11 7 6 7 Pittsburgh 6 6 6 7 6 6f 6 6 6 r 54 6 6 6 6 6 6 6 6 6 6 6 I Cincinnati 7 6 6-6* 7 61 61 7 6 6 7 6161-7 7 61 7 7 7 7 61 7 7 6161 No. 5... Richmond 6 6 6 6 6 6 6 6 6 6 6 6 6 6 Baltimore 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 No. 6... Atlanta 8 6 7 8 6 7 8 6 7 8 61 YT 8 6 7 Birmingham 8 6 7 ? 8 6 51 5| 8 6 8 6 8 6 Jacksonville 8 6 7 71 6 7 8 8 8 I 8 8 8 8 6 7 8 6 7 8 6 7 New Orleans 8 6£7-7£-8 8 6 7-71-8 8 617-71-8! 8 7 8 8 6 7-71-8 8 6 7-8 8 6 7-71-8 Nashville 8 6 7 8 6 6 8 6 7 7 6 6 No. 7... Chicago 7 61 7 1 11 7 7 7 | 9 7 7 7 61 7 7 7 7 i ii 7 616*-7 Detroit 7 617 7 61 7 7 6 7 51 7 6 7 7 6 7 7 6 T No. 8... St. Louis 8 6 7 7 6 7 •5151 8 6 7 8 6 7 7 7 7 6 7 Louisville 7 6 6 7 6 7 7 6 7 7 6 6 6 6 6 7 6 6 6 6 6 6 Memphis 8 6 7 8 6 7 6 7 7 6 6 Little Rock 8 7 8 1 11 8 7 8 8 7 8 7 8 8 7 8 No. 9... Minneapolis 1 11 I 7 8 7 717 7 8 7171 7 71 7 6161 Helena 8 8 8 ! 8 8 8 8 8 8 71 8 8 718 No.10.. Kansas City 8 6 7 8 8 7 7-8 6 7 8 5-6 7 8 6 6 7-8 Omaha 81 7 8 U 71 6 9161 8 8 7 8 8 7 7 8 8§7 71 61 71 Denver 7 6 Oklahoma City 8 6 8 6 7J 7 T 1 7 7 8 6 7 10 6 8 10 6 6 10 7 8 10 6 7 No. 11.. Dallas 8 7 8 8 7 8 7 8 6 6| 6 71 6 6 8 8 8 8 6 8 El Paso 0 7 8 8 7 8 10 5| 8 10 8 8 10 8 9 10 6 8 Houston 8 6 7 1 7 6 7 1 11 8 6 7 8 6 6 8 7 71 8 6 7 No. 12.. San Francisco 7 6 61 f 1 11 1 11 7 6 61 61 6 61 6| 6 6 7 617 7 61 ? 8 7 7 7 6 61 Portland 8 6 7 71 61 7 71 6* 7 7 6 7 51 5f i5!" 8 5 7 S 6 81 7 8 8 6 7 S Sp ea o t k tl a e ne 8 8 6 7 1 7 7 1 7 6 7 p f ? 7 1 1 6 1 1 7 6 51 51 8 8 7 6 17 7 8 8 7 7 7 8 8 8 8 7 7 7 71 Salt Lake City 8 7 8 l 6 7 7 9 8 8 9 8 8 8 8 7 8 Los Angeles 8 6 7 l 8 6| 6J 7 5 6 51 5| •7"*5i"*5i' 7 5 7 8 6 7 7 8 6 7 l 1 Rates for demand paper secured by prime bankers' acceptances, high, 6; low, 5; customary, 5 to 6. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUGUST, 1921. FEDERAL RESERVE BULLETIN. 1017 FEDERAL RESERVE BANK DISCOUNT RATES. RATES ON PAPER DISCOUNTED FOR MEMBER BANKS IN EFFECT AUGUST 1, 1921. Paper maturing within 90 days. Agricultural Bankers' and live-stock Secured by- acceptances paper ma- Federal Reserve Bank. Commercial, ! maturing turing after ce n r T t o i r f t e e i a c s s a u a te n ry s d of bo L n ib d e s r a ty nd acc T ep r t a a d n e ces. a p a n a g d p r e i l c r i , u v l e n t - . u s r e t a o . l c s , k . i ! j w m i o t n h t i h n s 3 . 90 w m d i o a th n y t i s h n b s 6 . ut indebtedness. Victory notes. Boston 54 54 54 54 New York 54 54 54 54 54 6i Philadelphia.. 54 54 54 54 54 f Cleveland. 6 6 6 6 Richmond 6 6 6 6 6 Atlanta 6 6 6 6 6 Chicago 6 6 6 6 6 St. Louis 6 6 6 6 Minneapolis... 6 6 64 54 ? Kansas City... 6 6 6 6 Dallas 6 6 6 6 6 San Francisco- 54 54 54 54 6 6 54 MONEY HELD OUTSIDE THE UNITED STATES TREASURY AND THE FEDERAL RESERVE SYSTEM, JULY 1, 1921. U H . e S l . d T in re t a h s e ury Held outside c A ap m it o a u o n u t t s p i e d r e General stock. a G s o a v s e se rn ts m o e f n t t h .1 e and F. R. U. a S n . d T F r . e a R su . ry System. System. Gold coin (includingbullion in Treasury). 1,223,351,644 $416,043,542 $1,691,118,379 I $399,840,464 Gold certificates 515,056,937 I 201,292,322 ! Standard silver dollars. *288,"789,*326 * "ib'} 469 *64i" 3 35,525,511 i 39,683,777 I Sil ver certificates 41,983,120 | 159,551,093 j Subsidiary silver 271,108,323 9,671,247 261,437,076 I Treasury notes of 1890 1,576,184 I United States notes 346,681,016 4,031,479 4 82,324,948 260,324,589 Federal Reserve notes 1, 000,429,860 4,217,103 309,715,840 2,686,496,917 Federal Reserve Bank notes.. 150,772,400 2,422,848 16,914,261 131,435,291 National bank notes 743,290,374 13,739,861 4,914,901 724,635,612 Total: Julyl, 1921 ;, 024,422,943 460,595,721 2,697,553,897 4,866,273,325 $45.02 June 1,1921 ;, 073,737,233 499,236,987 2,562,692,917 5,011,807,329 46.43 May 1,1921 1,040,936,478 508,349,193 2,512,465,834 5,020,121,451 46.57 Apr. 1,1921 ,,082,773,866 496,945,969 2,534,743,843 5,051,084,054 46.91 Mar. 1,1921 1,084,936,396 493,976,120 2,385,101,578 5,205,858,698 48.41 Feb. 1,1921 1,171,237,897 499,358,809 2,438,773,422 5,233,105,666 48.73 Jan. 1,1921 372,970,904 494,296,257 2,377,972,494 5,500,702,153 51.29 Julyl, 1920 887,181,586 485,057,472 2,021,271,614 5,380,852,500 50.19 Jan. 1,1920 961,320,139 604,888,833 2,044,422,303 5,312,009,003 49.81 Julyl, 1919 588,473,771 578,848,043 2,167,280,313 4,842,345,415 45.00 Jan. 1,1919 780,793,606 454,948,160 2,220,705,767 5,105,139,679 47.83 Julyl, 1918 742,225,784 356,124,750 2,018,361,825 4,367,739,209 41.31 Jan. 1,1918 256,198,271 277,043,358 1,723,570,291 4,255,584,622 40.53 Julyl, 1917 480,009,884 253,671,614 1,280,880,714 3,945,457,556 37.88 1 Includes reserve funds held against issues of United States notes and Treasury notes of 1890 and redemption funds held against issues of national-bank notes, Federal Reserve notes, and Federal Reserve Bank notes, but excludes gold and silver coin and bullion held in trust for the redemption of outstanding gold and silver certificates and Treasury notes of 1890. 2 Exclusive of amounts held with United States Treasurer in gold redemption fund against Federal Reserve notes. 8 Includes subsidiary silver. < Includes Treasury notes of 1890. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1018 FEDERAL RESERVE BULLETIN. AUGUST, 1921. FOREIGN EXCHANGE. Below is printed a table showing high, low, as well as for other countries. The weights and average quotations on the principal foreign used in the computation are also shown, these countries for the month of July. The quota- weights representing the total value of trade tions used are those published daily by the with each foreign country in June. Treasury, in accordance with the emergency Following is a statement of the foreign extariff act of May 27, 1921, and represent noon change index for each month from November, buying rates for cable transfers in New York. 1918, to July, 1921. The accompanying chart Kates are shown for the 18 countries on which shows fluctuations in the foreign exchange the foreign exchange index, computed by the index, compared with fluctuations of the rates method described in the FEDERAL RESERVE on principal countries, for the entire period BULLETIN for July, 1921, page 798, is based, from the armistice to July of the present year. FOREIGN EXCHANGE INDEX NUMBERS. Foreign Foreign Foreign Foreign curren- Dollar— curren- Dollar— curren- Dollar— curren- Dollar— Date. cies— per cent Date. cies— per cent Date. cies— per cent Date. cies— per cent per eent of par. per cent of par. per cent of par. per cent of par. of par. of par. of par. of par. 1918. 1919—Contd 1920—Contd. 1921. November... 102 98 July 94 106 March 83 120 January 66 152 December... 102 98 August 95 105 April 84 119 February 66 152 September.. i 93 108 May 82 122 March 66 152 1919. October ! 94 106 June 81 123 April 68 147 January 102 98 November.. 93 108 July 82 122 May 73 137 February 100 100 December... 85 118 August 76 132 June 68 147 March 100 100 September.. 76 131 July 53 189 April 97 103 1920. October 71 141 May 94 106 January 88 114 November... 67 149 June 99 101 February 81 123 December... 65 154 FOR E1GN EXCHANGE INDEMi "<K 1918 - 1921 INDEX FRANCE rALY ^RGENTIN/ ENGLAND GERMANY ETHERI.ANDS JAPAN PERCENT PERCENT 110 11O 100 1OO ••-» N *** •"V * «-« 9O 9O -^* \ N < 8O 8O \ ^y ^~ \ ••••• 7O ' 70 N 6O 60 \ ^» •*^ 5O 5O \ •• 40 40 •^. •s.. -* 3O 30 y •** y 2O 20 ••*• 1O 1O * ... ••* MONTH N. D. J. F. M. A. M. J. J. A. S. 0. N. D.J. F. M. A. M. J. J. A. S. 0. N. D.J. F. M. A. M. J. J. A. S. 0. N. D. MONTH YEAR 1918 1919 1920 1921 YEAR Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUGUST, 1921. FEDERAL RESERVE BULLETIN. 1019 FOREIGN EXCHANGE FOR JULY, 1921. [Index for the month=53.] COUNTRIES INCLUDED IN COMPUTATION OF INDEX. Average quotation. Country. Monetary unit. ex P ch a a r n o g f e. quo L t o at w ion. quo H t i a g ti h on. Weight. Amount. P o e f r p c a e r n . t EUROPE. Belgium . Franc. $0.1930 $0.0733 $0.0797 $0.07637 39.57 11,540 Denmark ... . Krone .2680 .151 .1682 .1578 58.88 4 207 England Pound 4.8665 3.5615 3.7335 3.63213 74.64 97,791 France Franc. .. .1930 .0755 .0823 . 078131 40.48 31 014 Germany Reichsmarl .2382 . 01221 .013505 . 013025 5.47 37, 854 Italy- Lira... .1930 .0408 .0492 . 045264 23.45 27 689 Netherlands Florin .4020 .3068 .3288 . 31781 79.06 17,254 Norway Krone .2680 .1279 .1423 .1338 49.93 3,298 Spain Peseta .1930 .1262 .1294 .1282 66.42 4,407 Sweden. . Krona .2680 .201 .2194 .2104 78.50 10,341 Switzerland Franc .-, .1930 .1637 .1684 .16546 85.73 3,292 NORTH AMERICA. Canada Dollar 1.00 . 872917 . 8905208 .881973 88.20 77,477 SOUTH AMERICA. Argentina. Peso (gold) .9648 .637 .6806 .65799 68.20 11,453 Brazil Milreis.. .3244 .10173 .1114 .10449 32.20 8 381 Chile Peso (pape . 1953 .10125 .10875 . 10443 53.47 5,312 ASIA. China Shanghai Uiel... .6685 .65675 .68 .66925 100.11 20,009 India.... Rupee .4866 . 22458 .2403 . 230588 47.39 13,933 Japan Yen .4985 .4788 .4825 . 480114 96.31 37,619 OTHER COUNTRIES. Average quotation. Country. Monetary unit. ex P ch ar a n o g f e. q t u L i o o o t n w a . - q H t u io o ig t n a h . - Amount. P o e f r p c a e r n . t EUROPE. Krone... $0.2026 $0 001094 $0 00171 $0.001417 0.70 Bulgaria Lev .1930 .0085 .0109 .009548 4.95 Czechoslovakia ... Krone .2026 .01251 .0136 .0131248 6.48 Finland Markka .1930 .0151 .0171 .016414 8.50 Greece Drachma .1930 .0547 .0588 .055516 28.76 Hungary .. . Krone .2026 .002619 .0038 .003323 1.64 Poland .. • ... Polish mark .2382 .00045 .000588 .000516 .22 Portugal Escudo 1.0805 .1067 .1308 .12088 11.19 Rumania Leu .1930 .012556 .01511 .G13995 7.25 f Krone .2026 .0056 .0068 .006374 3.15 \Serbian dinar .1930 .0225 .0273 .025634 13.28 NORTH AMERICA. Cuba Peso 1.00 .9884 .99252 .9902319 99.02 Peso .4985 .4858 .491875 .489113 98.12 SOUTH AMERICA. Peso 1.0342 .5826 .6326 .60689 58.68 ASIA. H oncrkoiis Dollar .4777 .4838 .5006 .4932 103.24 Java Florin .4020 .3007 .32 .30841 76.72 Straits Settlements Singapore lollar .5678 .4142 .4325 .41984 73.94 Prices of silver per fine ounce: London, converted at average rate of exchange; $0.61324. New York, $0.60798. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1020 FEDERAL RESERVE BULLETIN. AUGUST, 1921. FINANCIAL STATISTICS FOR ENGLAND, FRANCE, ITALY, GERMANY, SWEDEN, AND JAPAN. A summary of banking and financial conditions abroad is presented statistically in the accompanying tables. Similar material will be published regularly each month in the BULLETIN. BRITISH FINANCIAL SITUATION. [Amounts in millions of pounds sterling.] Dep o o f s E it n a g n l d a n n d o t a e n a d c c T o r u e n a t s s u , r B y a . nk Governm de e b n t t . floating Nine Lo b n a d n o k n s . c 3 learing Discount rates. Cur- Statist n B o a te n s k .1 c s r n c t e e a o a o a r n n u t n t t i c e d e t f d - y s s i - - p p o o a u D th n s b e i e d l t - i r s c . , an l C i d o o n b i . n u 2 l T b u r i e r ll y a s s . - r T v a e a r m y n c p a e d o s - - . fl T d o e o a b t t i a t n . l g n M a s o t a h o t n c o i n 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. U C i d K s n a o s i o p u m i n t f i e g e t . s a d 4 - l m T b b o h a i n l r n l t e h s k e . s1m t b o r S i a n l i d l x t s h e . s' v f c i b n a o h n e l r e u a d u e x r m n i e e - g o g x - o n f e f ing. £. 1913, average of end of month Perct. Perct. figures 29 57 38 1920, end of— June 107 357 192 146 1,050 1,294 | 106.3 July 107 362 134 152 1,058 204 1,262 75- 100.2 1921, end of— January 109 342 129 157 1,145 242 1,387 1,207 341 1,810 122.4 February 108 336 127 157 1,110 189 1,299 1,172 340 1,754 P 120.9 March 110 344 138 157 1,121 155 1,275 1,145 336 1,715 123.0 April 109 338 141 157 1,100 190 1,290 1,127 334 1,710 120.0 May 108 333 128 157 1,152 163 1,315 1,144 307 1,729 i 119.1 June 110 324 147 157 1,222 152 1,374 1,162 312 1,768 117.8 July 109 325 122 157 1 Less notes in currency notes account. 3 Average weekly figures. 3 Held by the Bank of England and by the Treasury as note reserve. 4 Compilation of London City and Midland Bank. FRENCH FINANCIAL SITUATION. [Amounts in millions of francs.] Bank of France. Situation of the Government. Value of new stock Advances and bond Gold Silver D i e t p s. o i s- C t i i r o cu n l . a- p m G u t o e o o r f n p v t t o t e h h s r f e e n e o - s r r G e m v o e e v n n e u r t n 3 e - . P d u e b b l t i . c 3 p P e p r r r e e p i r n c e e t t c e u o e . a n f l t u m p F p i o s a l r s a e r n u k c n e e t e c h s d t h . e 4 war.2 1913, average 3,343 629 830 5,565 320 35,000 86.77 1920, end of July . 6 3,611 248 3,416 37,696 25,550 1,109 58.90 1921, end of— January e3,553 268 3,429 37,913 25,600 1,204 59.16 995 February 6 3,555 264 3,293 37,808 25,600 921 7 302,304 58.15 1,861 March e 3,556 267 3,103 38,435 26,200 972 58.17 344 April *3,566 271 3,018 38,211 26,000 1,248 56.92 1,085 May "3,570 272 3,041 38,233 26,200 1,004 57.50 492 June • 3,572 274 2,861 37,422 25,000 1,030 56.26 621 July 6 3,573 275 3,252 36,941 25,100 56.35 1 Includes Treasury and individual deposits. 2 Under the laws of Aug. 5 and Dec. 26,1914, July 10,1915, and Feb. 16,1917. * From indirect taxation and Government monopolies. 4 Figures of tha "Association Nationale des Porteurs Francais de Valeurs Mobilieres," Bonds issued by the Government and the railroad companies not included. s Not including about 1,978 million francs held abroad. 6 Not including about 1,948 million francs held abroad. i Foreign debt calculated at the exchange rates of Feb. 28,1921. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUGUST, 1921. FEDERAL RESERVE BULLETIN. 1021 ITALIAN FINANCIAL SITUATION. [In millions of lire.] Leading private banks.1 Banks of issue. Government finances. Loans, Princi- Cash. d c s u c p o a e d o o u n i r f s n n r d r - e d o t - s - m , i D s d t c p e s u e o n o D e r a t n r n s o e t d . s o d - - - c L o a d o u n i a s n d - n ts s . s G e r r o e v - l e d . s T er r o v e t - e a . l i l D m t i s t a e d i a b e p e a n i s - o n l d . i s d - - - l c a C m i c t r o i i e c o a m r u l n - - - . a C ti s c o o i t c r f a n c o t t u h u e f l o n e . a r t - n r S e c o t n u t a e r c t - s e y . m T s li e u r c e r e r t v r a y a e e s l - . - - S t b t r u h e i e l r r o a l m y r s s t . - - p T d u e o b b t l a t i . c l n p n t a a u d a o n > e u l p d s r o a r i e m f t l n r i i v o e o g o e s m n - ents. month.2 1913, end of December. 129 2,007 1,674 857 1,375 1,661 318 2,284 499 117 1920, end of— April 850 14,884 14,045 5,804 1,038 2,035 2,377 6,029 10,401 May 813 15,240 14,044 5,782 1,038 2,065 2,264 6,459 10,402 1921, end of— January 1,193 17,113 16,392 6,931 1,058 2,045 2,635 8,673 10,591 822 February 1,016 16,842 15,961 7.158 1,062 2,007 2,351 8,618 10,308 1,210 March 1,067 17,096 16,425 7,144 1,062 2,043 2,461 9,234 9,531 606 April 1,165 17,162 16,694 7,040 1,066 2,138 2,349 8,677 9,601 1,309 May 6,951 1,070 1,165 2,198 8,809- 9,219 2,546 106,721 607 1 Banca Commerciale Itaiiana, Banca Italiana di Sconto, Credito Italiano, Banco di Roma. 2 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 scheine placed of 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. cu in la c ti i o r- 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 n . g 3 im l p o e p a r e n c r . i e 1 a n l t 5 l p o w e a r a n c r . e 1 nt G u e t p r h m o e n an s p e r c i u c r e i s t . i 2 es kassen- market.3 scheine. 1913 average.. 1,068 32 1,958 668 75.90 1920, end of— June 1,092 17,252 53,975 23,414 13,633 1,718 141,987 62.90 98.30 5 117 July 1,092 17,874 55,969 17,282 13,328 1,995 60.64 98.50 6 140 1921, end of— 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 7 163 April 1,092 24,149 70,840 20,856 9,543 5,357 172,634 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 1,092 8,311 75,321 20,393 8,707 185,032 67.75 99.75 2,238 172 1 Quotations of the Berlin Bourse. a 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. 4 As of June 1. s As of Julyl. « As of Aug. 2. * As of Apr. 2. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1022 FEDERAL RESERVE BULLETIN. AUGUST, 1921. SWEDISH FINANCIAL SITUATION. [Values in millions of kronor.] Riksbank. Joint stock banks. Protested bills.i f B a u il s u i r n e e s s .^ s e F i x n o c d h re e a i x n g . g n 1 e Index Foreign number exchange of stock Bills value of prices— Gold coin Note cir- discounted Loans and the krona A list.i and bullion. culation. with discounts. Number. Value. Number. abroad Riksbank. (foreign currencies = 100). 1913, end of December. 102.1 234.5 138.9 2,286.9 4,314 1.9 309 258 1920, average 269.1 732.9 476.2 6,008.2 3,586 6.4 196 112.9 1920, end of— , May 261.0 708.3 470.4 5,998.6 3,273 5.2 201 111.8 178 June 261.1 736.5 527.6 5,982.9 3,531 4.7 179 113.3 179 1921, end of— January 281.9 672.5 429.2 6,172. 6 5,951 13.4 301 116.1 148 February 281.8 687.6 451.3 6,119.2 6,411 14.1 381 116.4 138 March 281.7 716.-9 442.2 6,093.6 8,521 20.1 390 121.7 133 April 281.8 680.5 400.9 6,065. 3 7,899 15.6 444 125.5 128 May 281.6 651.1 377.6 5,982.7 8,201 22.8 454 123.3 116 June 281.4 678.8 365.1 5,949.2 7,376 18.0 433 122.6 110 July 280.3 5,929.9 1 Source: Kommersiella Meddelanden. JAPANESE FINANCIAL SITUATION. [Amounts in millions of yen.] Bank of Japan. Tokyo banks. Tokyo a P n r d i v G a o te v- Loans Note Specie as T so o c k i y at o ed cle b a a r n in k gs d A is v c e o ra u g n e t d er e n p m os e it n s t . a c n o d u n d t i s s . - ci t r i c o u n l . a- reserve.2 b t a o n t k al s, w (t i o th ta in l (T r o a k te yo loans. the market). month). !0, end of- 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 1921, end of— January... 1,071 115 1,235 1,235 2,171 2,013 10.33 February. 1,126 103 1,141 1,141 2,188 2,143 9.71 March 1,190 1,178 1,178 2,219 2,502 9.23 April 1,058 1,848 2,442 May 1,873 2,506 June 1,053 1,980 2,670 i In case of Tokyo banks, and note circulation and specie reserve of Bank of Japan, last day of month. a It is generally understood that in recent years a certain portion of the reserve has been held abroad. Specie reserve figures do not include bank's own notes held in the bank. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUGUST, 1921. FEDERAL RESERVE BULLETIN. 1023 CONDITION OF LEADING FOREIGN BANES OF ISSUE, ABOUT END OF JUNE, 1914-1921. BANK OF ENGLAND. [Combined data for issue and banking departments. From the London Economist and weekly statements of the Bank of England.] [In thousands of dollars.] June 24, June 30, June 29, June 27, June 26, June 25, June 30, June 29, 1914. 1915. 1916. 1917. 1918. 1919. 1920. 1921. ASSETS. | Gold and silver. j 194,310 253,506 298,706 279,989 317,432 427,332 573,673 624,698 Government securities: j Held by the issue department i 89,787 89,787 89,787 89,787 ' 89,787 89,787 89,787 89,787 Held by the banking department ! 53,755 248,401 205,303 220,306 251,365 325,184 438,370 297,844 Other securities | 194,636 744,160 424,909 487.750 490,543 393,228 502,164 417,682 Total | 532,488 1,335,854 1,018,705 1,077,832 1,149,127 1,235,531 1,603,994 1,430,011 LIABILITIES. I Proprietors' capital ; 70,822 70,822 70,822 70,822 70,822 70,822 70,822 70,822 Rest (surplus) j 15,378 15,023 15,573 15, 626 15,884 15, 714 15,865 .15,787 Public deposits ! 87,958 396,693 239,816 ISO,587 174,119 97,544 76,638 74,443 Other deposits ! 218,584 684,492 517,655 608,931 627,044 670,336 856,344 641,112 Seven-day and other bills ! 63 268 136 131 49 63 63 39 Notes in circulation I 139,683 168,556 174, 703 191, 735 261,209 381,052 584,262 627,808 Total ! 532,488 1,385,854 1,018, 705 1,077,832 1,149,127 1,235,531 1,603,994 1,430,011 Ratio of metallic reserve to deposit and note j liabilities combined—per cent. I 43. 5 20.3 32.0 28.2 29.9 37.2 37.8 46.5 BANK OF FRANCE. [From L'Economiste Francais and weekly statements of the Bank of France.] [In thousands of dollars.] June 25, June 24, June 29, June 28, June 27, June 26, June 24, June 30, 1914. 1915. 1916. 1917. 1918. 1919. 1920. 1921. Gold in vault 767,309 757,944 866,995 627,877 648,816 689,516 696,651 689,386 Other metallic reserve. 123,200 71,947 66,383 50,157 50,050 58,607 46,486 52,945 Total metallic vault reserve 890,509 829,891 933,378 678,034 748,123 743,137 742,331 Gold held abroad 52,314 392,712 397,987 381,808 381,808 376,035 Foreign credits i49,665 136,920 139,860 267,234 327, 723 165,915 133,345 Government securities: Permanent investments 57,900 57,900 57,900 57,900 57,900 57,900 57,900 57,900 Advances to the Government since out- i break of war ,158,000 1,524,700 2,045,800 3,560,850 4,487,250 5,018,000 4,825,000 Treasury bills discounted (advances to foreign Governments) 44,390 220,020 503,730 662,955 702,520 745,945 783,966 A B B S L u o i a d l n n a v ls n d k O a s m r n t p y c h a a r e e e a n t s r u m s d s r o G i e e d n s t o d e i s s b v s c a e u o n r l n l u d i m n o e t n e x s , n t e s t p n s e d e c e c i d u e r , i s t e ie c s urities, etc.... 3 1 2 1 5 4 2 9 1 7 3 , , , , , 6 0 2 8 4 7 4 8 2 3 5 4 7 7 0 4 1 2 5 5 3 2 2 9 0 5 8 0 , , , , , , 3 0 5 7 5 6 6 6 8 6 4 7 3 9 4 2 7 7 2 2 2 3 8 8 6 6 8 1 2 3 7 , , , , , , 7 4 8 5 1 5 6 8 4 7 4 5 4 2 9 1 8 7 2 2 1 1 2 3 1 0 1 8 1 0 8 7 0 , , , , , , 9 5 6 5 7 4 1 2 4 6 2 4 8 9 5 6 2 7 2 2 1 1 2 0 6 8 8 8 1 7 2 3 7 , , , , , , 9 7 7 9 2 8 5 4 6 6 9 5 1 6 9 5 7 1 2 2 1 1 2 9 4 5 6 1 6 6 8 5 8 , , , , , , 5 8 9 9 8 9 5 4 5 5 1 9 8 2 0 8 2 0 3 3 3 1 4 1 5 9 0 8 4 9 9 3 0 , , , , , , 8 9 5 9 1 3 7 1 3 5 9 2 6 7 5 3 7 8 5 4 4 2 6 1 0 2 2 9 8 0 3 6 , , , , , , 1 0 6 2 2 1 6 6 3 8 4 6 0 1 6 5 9 5 Total. 1,492,672 2,936,188 3,625,603 4,515,863 6,518,371 7,604,434 8,339,511 8,358,133 LIABILITIES. Capital 35,223 35,223 35,223 35,223 35,223 35,223 35,223 35,223 Surplus, including special reserves 8,206 8,292 8,292 8,292 8,292 8,294 8,294 12,509 Amortization account (laws 1914, 1917, 1918). 108,859 166,304 272,938 Dividends unpaid 289 572 4,815 4,922 5,051 5,248 862 4,624 Government deposits 56,805 10,485 7,387 6,467 7,164 9,519 14,484 17,362 Other deposits. 196,226 439,061 438,620 527,559 775,716 648,872 690,557 534,938 Bank notes in circulation 1,129,493 2,336,201 3.050,492 3,825,859 5,510,232 6,647,306 7,245,974 7,222,463 Sundry liabilities 66,430 106,354 80,774 107,541 176,693 141,113 177,813 258,076 Total 1,492,672 2,936,188 3,625,603 4,515,863 6,518,371 7,604,434 8,339,511 8,358,133 Ratio of metallic reserve to deposit and note liabilities combined—per cent 64.4 29.8 26.7 15.6 11.1 10.2 9.3 9.5 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1024 FEDERAL RESERVE BULLETIN. AUGUST, 1921. GERMAN REICHSBANK. [From Die Bank, the Deutscher Oekonomist, and Weekly Statements of the Reichsbank.] [In thousands of dollars.] June 30, June 30, June 29, June 30, June 29, June 30, June 30, June 30, 1914. 1915. 1916. 1917. 1918. 1919. 1920. 1921. Gold 311,137 568,737 587,330 585,329 265,927 260,047 260,010 Other metallic reserve. 77,272 11,124 7,408 15,205 28,771 4,751 778 2,669 Total metallic vault reserve 388,409 579,861 594,738 600,534 587,637 270,678 260,825 262,679 Imperial treasury and loan bank certificates. 11,876 120,989 149,899 107,261 425,332 2,157,726 4,109,334 1,979,730 Notes of other banks 2,303 1,554 1,096 476 244 772 478 414 Bills, checks, and discounted treasury bills. 288,876 1,171,409 1,574,550 2,611,268 3,971,016 7,930,363 12,137,269 19,335,455 Advances on collateral 17,063 3,730 2,691 2,096 1,359 1,493 1,923 1,448 Securities 87,423 4,845 11,505 25,059 25,512 29,781 81,817 67,343 Sundry assets 51,977 46,477 91,326 291,652 443,709 625,762 2,786,968 1,441,165 Total. 847,927 1, 2,425,805 3,638,346 5,454,809 11,016,575 19,378,614 23,088,234 LIABILITIES. Capital paid in 42,876 42,876 42,876 42,876 42,876 42,876 42,876 42,876 Surplus 17,741 19,187 20,366 21,471 22,588 23,700 24,834 28,920 Notes in circulation 573,247 1,391,168 1,724,687 2,072,030 2,979,967 7,138,470 12,856,874 17,941,485 Government deposits 1,345,307 Other liabilities payable on demand. 204,446 428,592 564, 701 1,356,001 2,186,982 3,270,400 5,577,204 3,512,236 Sundry liabilities 9,617 47,042 73,175 145,968 222,396 541,129 876,826 217,410 Total 847,927 1,928,865 2,425,805 3,638,346 5,454,8 11,016,575 19,378,614 23,088,234 Ratio of metallic reserve to deposit and note liabilities combined (per cent) 49.9 31.9 26.0 17.5 11.4 2.6 1.4 1.2 BANK OF SPAIN. [From weekly statements of the Bank of Spain, and Espafla Econdmica y Financiera.] [In thousands of dollars.] June 27, June 26, June 24, June 30, June 28, June 28, June 26, June 25, 1914. 1915. 1916. 1917. 1918. 1919. 1920. 1921. ASSETS. Gold 102,599 133,086 199,168 303.837 405,533 438,349 473,344 480,133 Silver 141,085 144,193 148,034 145.838 135,916 126,711 119,765 120,153 Total metallic vault reserve 243,684 277,279 347,202 449,675 541,449 565,060 593,109 600,286 Credits abroad 34,614 23,829 18,847 17,729 19,434 17,094 9,936 6,363 Loans, discounts, and advances 133,021 132,416 114,184 146,891 166,301 316,163 293,122 318,534 Government securities: Charter 1891 28,950 28,950 28,950 28,950 28,950 28,950 28,950 28,950 Charter 1899 19,300 19,300 19,300 19,300 19,300 19,300 19,300 19,300 Other 66,475 66,475 66,475 66,477 66,477 66,484 66,484 66,484 Sundry assets 17,391 43,364 35,518 11,240 9,195 13,969 41,593 101,346 Total 543,435 591,613 630,476 740,262 | 851,106 1,027,020 1,052,494 1,141,263 LIABILITIES. Capital 28,950 28,950 28,950 28,950 28,950 28,950 28,950 28,950 Surplu s 3,860 4,246 4,632 5,018 11,194 11,580 11,966 15,054 Government deposits 32,382 24,024 11,260 41,953 8,947 87,043 9,869 22,977 Other deposits 93,675 131,989 149,046 153,797 213,918 189,799 223,860 243,019 Notes in circulation 365,186 380,596 415,298 478,147 561,819 678,685 747,324 805,008 Sundry liabilities , 19,382 21,808 21,290 32,397 26,278 30,963 30,525 26,255 Total 543,435 591,613 630,476 740,262 851,106 1,027,020 1,05.2,494 1,141,263 Ratio of metallic reserve to deposit and note liabilities combined—per cent 49.6 51.7 60.3 66.7 69.0 59.1 60.5 56.1 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUGUST, 1921. FEDERAL RESERVE BULLETIN. 1025 BANK OF THE NETHERLANDS. [From the Amsterdam Algemeen Handelsblad, and weekly statements of the Bank of the Netherlands.] [In thousands of dollars.] June 27, June 26, June 24, June 30, June 29, June 28, June 28, June 27. 1914. 1915. 1916. 1917. 1918. 1919. 1920. 1921. ASSETS. Gold coin and bullion 64,572 139,549 221,914 251,945 288,459 264,404 255,794 243,599 Silver 3,762 956 3,380 2,997 3,092 3,302 5,586 4,957 Total metallic vault reserve .. 68,334 140,505 225,294 254,942 291,551 267,706 261,380 248,556 Loans and discounts.. 26,709 29,553 17,010 21,163 17,614 43,794 47,135 88,487 Foreign bills 8,009 928 3,250 3,138 3,117 10,269 19,979 19,792 Advances 23,719 47, 856 32,198 31,817 49,079 90,525 119,385 62,251 Government securities.. 5,256 1,372 1,844 1,836 5,486 513 Other securities 3,616 3,614 3,680 3,670 3,640 3,440 3,043 3,643 Bank premises 723 643 563 589 712 1,332 1,445 1,506 Sundry assets 345 3,735 20,176 26,609 36,284 33,171 16,768 7,556 Total 136,711 228,206 302,171 343,772 403,833 450,237 474,621: 432,304 LIABILITIES. Capital 8 040 8,040 8,040 8,040 8,040 8,040 8,040 8,040 Surplus 2,011 2,010 2,072 2,104 2,042 2,010 2,010 2,166 N otes in circulation... 123,073 194,507 253,625 307,218 372,789 409,267 403,933 398,755 Interest-bearing certificates 870 621 1,004 1,503 '777 1,430 775 629 Government deposits 7,964 6,087 Other deposits... 2,046 22,073 28,776 24,094 19,543 22,003 57,774 20,356 Sundry liabilities 671 955 690 813 642 1,400 2,089 2,358 Total. 136,711 228,206 302,171 343,772 403,833 450,237 474,621 432,304 Ratio of metallic reserve to deposit and note liabilities combined (per cent) 54.6 64.9 77.6 76.9 74.3 61.2 56.6 59.4 BANK OF ITALY. [From 10-day statements of the Bank of Italy.] [In thousands of dollars.] June 30, June 30, June 30, June 30, June 30, May 31, 1916. 1917. 1918. 1919. 1920. 1921. Gold 188,594 160,901 157,904 155,377 155,320 160,210 18,002 12,763 14,870 14,317 14,425 14,473 Silver Total metallic reserve 206,596 173,664 172,774 169,694 169,745 174,683 Notes of Italian Government, and of other, including foreign, banks of issue 10,050 17,512 50,881 111, 717 72,438 100,060 Other cash and cash equivalents 504 486 410 796 915 898 Bills payable in Italy 86,647 102,543 151, 749 147,939 567,795 621,128 Bills payable in foreign countries, including foreign treasury bills 4,023 4,018 4,276 3,785 3,966 4,001 Bills payable, received for collection 735 601 1,097 1,320 1,497 1,837 Advances, ordinary ~ 40,636 81,705 126,885 180,191 466,662 411,089 Advances to the Government or for account of the Government 332,613 473,431 912,941 1,123,965 1,491,724 1,307,280 Securities 40,723 42,416 42,376 40,665 42,904 41,608 2,607 25,477 36,502 82,587 102,280 109, 225 Debtors in current account: In Italy In foreign countries 45,473 92,155 125,113 147,967 160,330 168,158 Bank premises 5,749 5,704 5,652 5,743 6,333 7,409 Due from the Government and provincial administrations 4,830 1,420 38,238 55,260 60,672 67,297 Sundry assets 130,965 688,352 758,766 346,777 210,862 276,192 Total 912,151 1,709,484 2,427,660 I 2,418,406 3,358,123 3,290,865 LIABILITIES. Capital 34,740 34,740 34,740 34,740 34,740 34,740 Surplus 9,264 9,264 9,264 9,264 9,264 9,264 Extraordinary and special reserves 5,312 5,488 8,810 12,617 15,349 17,963 Circulation: For account of commerce 319,546 388,655 601,879 717,028 1,177,003 1,349,062 For account of Government 332,613 473,431 912,941 1,123,965 1,491,724 1,307,280 Demand and time deposits 166,184 212,428 326,393 328,430 362,926 341,158 Due to the Government and provincial administrations 6,606 39,419 35,621 54,782 124,994 46,223 Sundry liabilities 37,886 546,059 498,012 137,580 142,123 185,175 Total 912,151 1,709,484 2,427,660 2,418,406 3,358,123 3,290,865 Ratio of metallic reserve to deposit and note liabilities combined—per cent 25.3 16.2 9.4 7.8 5.6 5.8 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX. Acceptances: Page. ' England: Bankers' acceptances drawn by cooperative marketing asso- Business and financial conditions 952,1020 ciations against warehouse receipts covering agricultural Condition of Bank of England 1023 commodities, ruling on 963 Foreign trade 994 Banks granted authority to accept up to 100 per cent of capital Wholesale price index 990 and surplus 961 Failures, commercial, reported 962 Held by Federal Reserve Banks 998 Federal Reserve Banks: Purchases by Federal Reserve Banks 996 Condition of 908,999 Australia, index of wholesale prices in 992 Discount and open-market operations of 995-998 Authority to purchase; meaning, classification, and forms 926 Earnings and expenses of, 6 months ending June 30 939 Bank debits 1009 Fiscal agency department expenses, 6 months ending June 30. 941 Bank of England, condition of 1023 Federal Reserve note account 1005 Bank of France, condition of 1023 Fiduciary powers granted to national banks 961 Bank of Italy, condition of 1025 Fiscal agency department expenses of Federal Reserve Banks, Bank of Netherlands, condition of 1025 6 months ending June 30 941 Bank of Spain, condition of 1024 Foreign countries, indebtedness of, to United States 90(i Banking situation, discussion of 908,999 Foreign exchange: Building statistics 981 Index of 1018 Business and financial conditions: Quotations 907 England 952,1020 Foreign loans placed in the United States and outstanding on June France 955,1020 1, 1921 942 Italy 957,1021 Foreign trade: Germany 958,1021 "Authority to purchase," in financing 926 Japan 1022 Index of 968 Sweden 960,1022 Review of 900-907 United States 909 United Kingdom, France, Italy, Sweden, and Japan 993 Canada, index of wholesale prices in 992 France: Charters issued to national banks 922 Business and financial conditions in 955,1020 Charts: Condition of Bank of France 1023 Assets and liabilities of Federal Reserve Banks and member Foreign trade 994 banks 999 Wholesale price index 990 Debits to individual account 1009 Freight rates, ocean, index number of 931 Foreign exchange index numbers 1018 Germany: Physical volume of trade 971 Business and financial conditions in 958,1021 Price of silver 937 Reichsbank, condition of 1024 Wholesale prices in the United States 966 Wholesale price index 991 Check clearing and collection: Gold imports and exports during month 907,1014 Operations of system during July 1013 Gold settlement fund transactions 1012 Number of banks on par list 1013 Imports and exports: China, imports and exports of gold, silver, and merchandise 938 Gold 907,1014 Clearing-house bank debits 1009 Silver 908,1015 Commercial failures 962 Indebtedness of foreign countries to United States 906 Commercial paper business, study of 920 Index numbers: Condition statements: Foreign exchange 1018 Bank of England 1023 Foreign trade 968 Bank of France 1023 Ocean freight rates 931 Bank of Italy . 1025 Physical volume of trade , . - 970 Bank of Netherlands , 1025 Retail prices in principal countries 993 Bank of Spain 1024 Wholesale prices abroad 988 German Reichsbank 1024 Wholesale prices in the United States 965 Federal Reserve Banks 908,999 India: Member banks 908,999,1006 Gold, silver, and merchandise imports and exports 938 Cotton fabrics, production, and shipments 985 Index of wholesale prices in 992 Credit policy of Federal Reserve System, letter of Governor Hard- Interest rates prevailing in various centers 1016 ing to a United States Senator 895 Irrigation companies, notes of, are not agricultural paper 964 Crop estimates 983 Italy: Debits to individual account 1009 Business and financial conditions in 957,1021 Discount and open-market operations of Federal Reserve Banks. 995-998 Condition of Bank of Italy - 1025 Acceptances held 998 Foreign trade - 994 Acceptances purchased 996 Wholesale price index 990 Bills discounted 995,996 Japan: Bills held 998 Financial conditions in 1022 Earning assets held 997 Foreign trade 994 Number of banks discounting during June 995 Knit goods production 984 Rediscounts of bills between Federal Reserve Banks 1004 Letters of credit, comparison between "authority to purchase ".. 930 Volume of, during June 995,996 Loans, foreign, placed in the United States and outstanding on Discount rates: June 1,1921 942 In effect Aug. 1 1017 Member banks: Prevailing in various centers 1016 Condition of 908,999,1006 Earning and expenses of Federal Reserve Banks, 6 months ending Number discounting during June 995 June 30 ! State banks admitted to system - 961 I Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

II INDEX. Page. Rulings of the Federal Reserve Board—Continued. Page. Money, stock of, in the United States 1017 Notes of irrigation companies are not agricultural paper 9t>4 National banks: Permission granted to member banks to apply for discounts of Charters issued to 962 eligible paper acquired from nonmember banks 963 Fiduciary powers granted to 961 Shipping, American, growth of 906 Norway, wholesale prices in 991 Ocean freight rates, index number of 931 Silver: Par list, number of banks on 1013 Imports and exports 908,1015 Physical volume of trade 970 In China 938 Prices: In India 938 Retail, in principal countries 993 Price of 934 Wholesale, abroad 988 Production of the world 935 Wholesale, in the United States 965 State banks admitted to system 961 Rates: Sweden: Discount, in effect August 1 1017 Discount, prevailing in various centers 1016 Business and financial conditions in 960,1022 Earning assets of Federal Reserve Banks 997 Foreign trade 994 Rediscounts of bills between Federal Reserve Banks 1004 Wholesale price index 991 Reserve ratio of Federal Reserve Banks 908 Trade: Resources and liabilities: Foreign. (See Foreign trade.) Federal Reserve Banks 1003 Physical volume of 970 Member banks in leading cities 1006 Retail, condition of. 986 Retail prices in principal countries 993 Wholesale, condition of 988 Retail trade, condition of 986 Rulings of the Federal Reserve Board: Wholasale prices: Bankers' acceptances drawn by cooperative marketing asso- Abroad 988 ciations against warehouse receipts covering agricultural In the United States 965 commodities 963 Wholesale trade, condition of 988 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE DISTRICTS 10WA CHICAGO 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