Federal Reserve Bulletin, 1921-09

FEDERAL RESERVE BULLETIN (FINAL EDITION ISSUED BY THE FEDERAL RESERVE BOARD AT WASHINGTON SEPTEMBER, 1921 WASHINGTON GOVERNMENT PRINTING OFFICE 1921 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BOARD. EX OFF1CIO MEMBERS. W. P. G. HARDING, Governor. EDMUND PLATT, Vice Governor. 4.. W. MELLON, Secretary of the Treasury, Chairman. ADOLPH C. MILLER. CHARLES S. HAMLIN. D. R. CRISSINGER, Comptroller of the Currency. JOHN R. MITCHELL. W. W. HOXTON, Secretary. WALTER S. LOGAN, General Counsel. W. L. EDDY, Assistant Secretary. R. G. EMERSON, Assistant to Governor. W. M. IMLAY, Fiscal Agent. H. PARKER WILLIS, J. F. HERSON, . Director, Division of Analysis and Research. Chief, Division of Examination and Chief Federal M. JACOBSON, Statistician. Reserve Examiner. E. A. GOLDENWEISER, Associate Statistician. J. E. CRANE, E. L. SMEAD, Acting Director, Division of Foreign Exchange. Chief Division of Reports and Statistics. y Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OFFICERS OF FEDERAL RESERVE BANKS. Federal Reserve Bank of— Chairman. Governor. Deputy governor. Cashier. Boston Frederic H. Curtiss Chas. A. Morss C.O. Bullen W. Willett. New York.... Pierre Jay Benj. Strong J W . H " . W Ca s X e >aAAnn\r L. H. Hendricks.i L. F. Sailer J. D. Higgins.i G. L. Harrison A. W. Gilbart.1 E. R. Kenzel Leslie R. Rounds.1 J. W. Jones.1 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. Zorlinden Richmond Oaldwell Hardy George J. Seay C. A. Peple Geo. H. Keesee. ~AR. ST.T J oBhrnnsatroMnieia2 JohnS. Waldena Atlanta Joseph A. McCord M. B. Wellborn L. C. Adelson M. W. Bell. J. L.Campbell Chicago Wm. A. Heath J. B. McDougal C.R. McKay W. C. Bachman.1 S.B.Cramer F. J. Carr.i K. C. Childs.i J. H. Dillard.i D. A. Jones.1 0. J. Netterstrom.1 A. H. Vogt. Clark Washburne.1 St. Louis Wm. McC. Martin D. C. Biggs 0. M. Attebery J. W. White Minneapolis... JohnH. Rich R. A. Young W. B. Geery Frank C. Dunlop.1 S. S. Cook B. V Moore. Kansas City... Asa E. Ramsav J. Z. Miller, jr C. A. Worthington J. W. Helm. Dallas Wm. F. Ramsey R. L. Van Zandt Sam R. Lawder. San Francisco. J ohn Perrin J. U. Calkins Wm. A. Day W. N. Ambrose. Ira Clerk 3 L. C. Pontious3 1 Controller. 2 Assistant to governor. 8 Assistant deputy governor. MANAGERS OF BRANCHES OF FEDERAL RESERVE BANKS. Federal Reserve Bank of— Manager. Federal Reserve Bank of— Manager. New York: Minneapolis: Buffalo branch Ray M. Gidney. Helena branch 0. 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. Prentis. Dallas: Atlanta: El Paso branch W. C. Weiss. New Orleans branch Marcus Walker Houston branch E. F. Gossett. Jacksonville branch Geo. R. De Saussure. San Francisco: Birmingham branch A. E. Walker. Los Angeles branch C. J. Shepherd. Nashville branch J. B. McNamara. Portland branch Frederick Greenwood. Chicago: Salt Lake City branch R. B. Motherwell. Detroit branch R. B. Locke. Seattle branch C. R. Shaw. St. Louis: Spokane branch W. L. Partner. Louisville branch W. P. Kincheloe. Memphis branch J. J. HefHn. 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 copiea may be had at a subscription price of $1.50 per annum. The second edition contains detailed analyses of business conditions, special articles, review of foreign banking, and complete statistics showing the condition of Federal Reserve Banks. For this second edition the Board has fixed a subscription price of $4 per annum to cover the cost of paper and printing. Single copies will be sold at 40 cents. Foreign postage should be added when it will be required. Remittances should be made to the Federal Reserve Board. No complete sets of the BULLETIN for 1915, 1916, 1917, or 1918 are available. ill Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

TABLE OF CONTENTS. General summary: Page. Review of the month 1027 Business, industry, and finance, August, 1921 1036 Changes in agricultural and industrial loans, March 4, 1920-April 28, 1921 1049 Member bank acceptances 1050 The commercial paper business 1052 Financing of the tobacco industry 1057 Financing cotton for export • 1066 Business and financial conditions abroad—England, Germany, Sweden, France, Italy 1068 Official: Rulings of the Federal Reserve Board 1079 State banks admitted to system 1078 Fiduciary powers granted to national banks 1078 Banks granted authority to accept up to 100 per cent of capital and surplus 1078 Charters issued to national banks 1081 Price movement and volume of trade: Domestic— Wholesale prices in the United States 1082 Foreign trade 1085 Ocean freight rates 1086 Physical volume of trade 1087 Building statistics 1098 Crop estimates 1099 Retail trade 1102 Wholesale trade 1104 Commercial failures 1081 Foreign— Comparative wholesale prices in principal countries 1105 Comparative retail prices in principal countries 1109 Foreign trade—United Kingdom, France, Italy, Sweden, and Japan 1110 Banking and financial statistics: Domestic— Discount and open-market operations of Federal Reserve Banks " 1111 Condition of Federal Reserve Banks 1116,1119 Federal Reserve note account 1123 Condition of member banks in leading cities 1116,1124 Bank debits 1128 Operations of the Federal Reserve clearing system 1132 Gold settlement fund 1131 Gold and silver imports and exports 1133 Money outside the Treasury and Federal Reserve System 1136 Discount and interest rates in various centers 1135 Discount rates approved by the Federal Reserve Board 1136 Foreign exchange rates 1141 Abstract of condition reports of State bank and trust company members 1137 Foreign— England, France, Italy, Germany, Sweden, and Japan 1143 Charts: Index number of wholesale prices in the United States—comstructed by Federal Reserve Board for purposes of international comparisons 1083 Physical volume of trade 1089 Movement of principal assets and liabilities of Federal Reserve Banks 1116 Movement of principal assets and liabilities of member banks 1116 Debits to individual accounts 1128 Foreign exchange index 1142 IV Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN VOL. 7 SEPTEMBER, 1921. No. 9 REVIEW OF THE MONTH. as already noted, is to be found in the extent of the carry-over of products from a year ago. As in the summer of 1920, so during the past While this, of course, can not be precisely three months a leading concern estimated, the Department of Agriculture 1921°P moving in of the Federal Reserve System figures for the quantity of various kinds of has been that of providing for products on farms on March 1 of this year and the requirements of agriculture, and especially of the year 1920 will afford some notion of the for the movement of the crops to market. The relative requirements for the carrying of crop-moving problem is one which recurs anagricultural products: nually and its nature was briefly stated a year ago as being uthat of providing the farmer or UNITED STATES CROP SUMMARY FOR MARCH. producer with the means to pay expenses incurred in the harvesting and marketing, of his 1920 1921 1 A 9 v 13 e - r 1 a 9 g 1 e 7 , . crop, while yet retaining ownership of it if Wheat: desired up to the time that it moves to market. On farms, Mar. 1— Bushels 164,624,000 207, 591,000 161,253,000 Without such aid the producer would have Per cent of crop 17.6 26.4 19.9 Shipped outl— difficulty in settling obligations incurred in Bushels 563,687,000 459, 598,000 479, 456.000 Per cent of crop.. - . 60.3 58.4 59.2 producing the crop. Large quantities of prod- In country mills and eleucts, instead of being gradually marketed, va B to u r s s— hels 117, 950,000 81,946,000 108,436,000 might be hastily disposed of for cash, with the Per cent of crop 12.6 10.4 13.4 Price to producers Mar. result that undesirable depression of prices 1 (cents per bushel) 226.6 147.2 112.9 Corn*. might occur and serious hardship be visited On farms Mar. 1— Bushels 1,070,677,000 1, 572,397,000 993,350,000 upon individual producers. The problem would Ship P p e e r d c o en u t t 1 o — f crop 37.5 48.6 36.0 not be serious if it were not that it is common Bushels 466,615,000 691, 884,000 522, 518,000 Percent of crop 16.3 21.4 18.9 to many sections of the country and has to be Amount of crop merchantablemet simultaneously in them, with the result Bushels 2,486, 296,000 2,811,266,000 2, 231,634,000 Per cent of crop 87.0 87.0 80.8 that a 'peak7 of credit demand occurs each Price to producers Mar. 1 (cents per bushel) 148.5 64.5 73.1 year at the time when the bulk of our agri- Oats: On farms Mar. 1— cultural output is moving to market." v Bushels 418,983,000 689, 566,000 479,092,000 Per cent of crop 34.0 45.2 37.0 Shipped out1— During the past year the situation thus de- Bushels 320, 318,000 431,091,000 378,390,000 Per cent of crop 26.0 28.2 29.2 scribed has been aggravated, due to the Price to producers Mar. 1 (cents per bushel) 84.5 41.9 44.7 u carry-over;; of crops from the 1920 season. Barley: On farms Mar. 1— This carry-over has brought upon the banks Bushels 36, 848,000 69, 836,000 18,172, 000 Percent of crop 22.8 34.6 23.9 the necessity of providing for financing over a Shipped outl— Bushels 56, 514,000 73, 598,000 94,492,000 longer period than usual the very considerable Percent of crop 35.0 36.4 46.9 Price to producers Mar. 1 unmarketed portion of the 1920 crops as well (cents per bushel) 129.3 56.8 64.9 as the current production of 1921. During 1 Amount shipped out and to be shipped out of county where grown. the crop year which is now drawing to a close the financial problem, therefore, has been ren- According to the Bureau of the Census, of the dered more complex in some parts of the Department of Commerce, the amount of cotton country by this factor. on hand in public storage and compresses at the* close of February, 1920, was 3,530,654 bales, as scope of the problem can be better unagainst 5,497,019 bales a year later. The total derstood by contrasting the crop yield of 1920 was 12,987,000 bales and that lem f PFOb" killd and amount of d^mands for 1921 will be 7,037,000 * bales, a gross profor credit during the current year with those for past seasons. One factor, 1 Estimate Aug. 25, 1921. 1027 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1028 FEDERAL RESE1 VE BULLETIN. SEPTEMBER, 1921. duction for the two years of 20,024,000 bales, Total production (in millions Price per bushel or an average of 10,012,000 bales as against a of bushels). Aug. l. five-year average for 1915-1919 of 11,481,000 Crop. bales. Exports during the two years from July 1921, i 1920, De- 1915- August cember 1919, 1921 1920 1, 1919, to July 1, 1921, have amounted to forecast. estimate. average. 12,324,510 bales, or an average of 6,162,255 Cents. Cents. bales as against a five-year average for the pe- Winter wheat . 2 544 578 572 Spring wheat 213 209 258 • riod ending July 31, 1919, of 6,122,945 bales. All wheat .. 757 787 831 104.8 232.2 Corn... 3,032 3,232 2,798 61.7 163.7 As will be seen from comparison of these Oats 1,137 1,526 1,433 33.8 81.9 Barley... 171 202 208 49.4 121.0 figures, the gross amount of the carry-over Rye 2 64.3 69.3 69.2 98.1 168.6 Buckwheat.. 13.0 13.8 15.0 119.7 181.3 in cereals from the crop year 1920 has been White potatoes 316 428 371 136.9 302.9 Sweet potatoes 114 112 84.7 144.1 223.5 considerably in excess of the average or normal. Tobacco (pounds).. 889 1,508 1,272 Flax . 8.9 11.0 11.7 162.1 1 303.7 This is particularly true with respect to cotton Rice.. 33.5 53.7 37.2 Hay, tame (tons)... 81.6 91.2 85.8 $12. 47: $22.07 in which the carry-over has been large while the Hay, wild (tons) 15.5 17.0 17.6 3 7.67, 3 15.38 Cotton 4 5 j. o 6 13.4 6 11.5 9.8 36.8 export demand has declined during a part of Sugar beets (tons).. 8.0 8.55 6.22 Apples (total) 109 244 183 in. 2 198.4 the time, although not as compared with a five- Peaches . .. 31.3 43.7 46.6 3 250.3 Peanuts 37.6 36.0 3 245.6 year average. The agricultural credit problem Kafirs 130 144 86.1 3 51.0 3 135.2 growing out of the question of carry-over has 1 Interpreted from condition reports. thus been in some parts of the country that of 3 Preliminary estimate. 3 Price July 15. providing for the continuous financing of an 4 Total production, in millions of bales. b Sept. 1 estimate. unusually large amount of retained output or « Census. "surplus crop"; but in many other parts of the A further factor which should be considered country the problem has been quite different as an offsetting element in esin its nature and has been only to a limited ex- chfngel °f timating the amount of credit tent that of providing for the carrying of sur- required in this year's crop plus products. In such parts of the country— moving is the fall in agricultural prices. Total notably the grain-growing States—the most crop values, which are of primary significance serious phase of the agricultural question has from the point of view of banking accommodaprobably been found in the fact that the 1920 tions, have shrunk in unusual degree as commoney yields of the various classes of products pared with those of 1920, since prices paid to were insufficient to provide for the farmers' the producers of the principal crops of the requirements owing to shrinkage of prices, so country were estimated on August 1 to be that it was necessary to carry the surplus upon a about 59.4 per cent below those of last year, relatively long-term b asis until such time as a new 59.3 per cent lower than two years ago, and crop produced at lower cost would enable them 36.1 per cent below the average for the 10 to increase their financial strength. The phase years ending August 1. How much this reof the agricultural credit problem relating to duction has cut the total quantity of bank the deferred requirements of the year 1920 has accommodation needed in financing the curthus varied considerably between different por- rent crop movement is necessarily only a mattions of the country. ter of estimate. Some estimates place the The extent and character of current crop reduction at $250,000,000 to $500,000,000. financing, on the other hand, is indicated by In speaking of a similar situation a year ago, the comparative figures which show yields it was noted that " under the head of factors expected during the season as compared with offsetting the strain brought to bear upon the those of former years. The table which fol- credit resources of the country is to be included lows is based on data published by the Bureau the fact that a very much smaller amount of of Markets and Crop Estimates, showing esti- funds is to-day involved in speculative uses mated total production and prices as of August while, on the other hand, the amount of Gov- 1 of the principal crops of the country: ernment obligations retired from the banks has Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SEPTEMBER, 1921. FEDERAL RESERVE BULLETIN. 1029 also been a favoring circumstance. A decline agricultural districts have been almost stationin foreign trade and a lowered activity of ary since the beginning of June, while during business has contributed to the same result." July a negligible downward movement was re- All these elements have been at work during corded for the system as a whole. Total the current season in even more marked degree bills payable and rediscounts of all reporting than a year ago. This combined effect has member banks have likewise fallen since June been to reduce the credit strain that might 1, with a pronounced drop on June 15, folotherwise have made itself felt as incident lowed by an increase during the succeeding to the crop-moving process. three weeks that nevertheless still left the total In short, the statistics given would seem to bills payable and rediscounts $134,950,000 beindicate that in so far as our agricultural low June 1 figures. Until the middle of August credit requirements are dependent upon current the decline was uninterrupted, with the excepoutput, there is little reason to anticipate that tion of negligible advances in some of the agrithey will put any undue strain upon banking cultural districts. It is probable that the abaccommodation. The fact that substantial sence of loan expansion means that local seareductions in the amounts of all of the prin- sonal demands have been taken care of in part cipal crops of the country are occurring as by the liquidation of some of the so-called compared with a year ago, and that in most "frozen" loans through sales of products held instances the output will fall below the five- over from last year, while funds have also been year average (1915-1919), would in itself obtained in part no doubt by permitting heavpoint to a reduction in the gross amount of ier drafts upon deposits. Only in the changes credit strain even if there had been no decline in interreserve bank rediscounting is there in prices. positive evidence of the effect of the seasonal As a matter of fact, the continuous liquida- demand from agricultural sections. . Even these tion of loans which has occurred interdistrict rediscounts rose but moderately ^ in recent months in nonagricul- from a total of $37,400,000 on June 15 to $61,400,000 at the end of July, and the opentural sections of the country ing weeks in August recorded a reduction in has operated in conjunction with price declines the amount of these rediscounts to $54,421,000 to obscure and partly to offset the seasonal on August 17. demands for accommodation coming from the agricultural sections of the country where har- The effect of the demand for moving cotton, vesting is now in progress. The need for funds tobacco, and other late crops began to be felt in the Southwest at the end of is Jet to make itself fu% feltfinancing' June, but even the intensification of this demand As the crop movement becomes as it spread to the more northern sections of the more highly diversified the need for funds at the country affected but slightly the loans and harvesting season tends to become less highly discounts of the Federal Reserve System. concentrated. It is also true that the intensity Indeed, taking the system as a whole, there of demand for funds varies considerably as has been during the summer months a fairly products are directly sold or are held back from uninterrupted downward movement in the market. During the present year various facbill holdings of the Federal Reserve Banks, tors have worked in favor of early sale, with with the exception of a slight increase at the the result that the need for funds is not so highly end of'June and during the first week in July. concentrated as is sometimes the case, and al- The greater part of this increase is further- ready the demands from wheat-growing sections more assignable to district No. 2 (New York) are being satisfied with relatively slight eviand district No. 3 (Philadelphia) and can be dence of credit strain. In fact, there was an largely explained by the preparations made unprecedentedly heavy movement toward the by member banks to meet heavy midyear market of both winter wheat and oats at the payments. It is significant that the loans and end of July, which was accomplished without discounts of reporting member banks even in any break in prices. The^disposition to move Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1030 FEDERAL RESERVE BULLETIN. SEPTEMBER, 1921. these crops rapidly and to dispose of them Aside from the special exigencies which have speedily will facilitate the continuous liquidation given rise to the extension of the powers of the of loans in the grain-growing areas and put the War Finance Corporation as a remedial device, banking system in position to meet later sea- there is a growing body of opinion to the sonal demands with greater ease. Liquidation effect that systematic provision should be will be further aided by the absence of conges- made for more adequately meeting the normal tion on the'railroads, whereas a year ago trans- long-time credit needs of farmers for production portation difficulties hindered the movement of and marketing purposes. The chairman of the crops and played an important part in delaying Joint Commission of Agricultual Inquiry, resales of agricultural commodities which at other cently set up to study the agricultural situation times could have been disposed of at favorable and its needs, issued under date of September prices. A few complaints of car shortage and 1 the following statement outlining the views anticipation of difficulties to come have been entertained with respect to credit: received from some of the Middle West districts, "There is immediate, imperative, and conbut there is no evidence of extensive or serious clusive necessity of setting up permanent lack of necessary equipment. machinery to furnish credit for farmers' pro- In addition to the regular financing pro- duction and marketing purposes, running from six months to three years, to fill the gap bevided through ordinary bank- Special aid to m& channels as tllus set fortn> tween short-time credit furnished by the agriculture. national and State banking systems, and the provision has been made by long-time credit furnished by these systems, Congress through legislation adopted on August farm mortgage institutions, and the Federal 24 and intended to afford means for carrying Farm Loan System. "This credit must be of such character as to the longer period agricultural loans which grow conform to the farmers' turnover and of suffiout of the necessity of financing a large agricient flexibility to meet the varied requirecultural carry-over as well as of meeting the ments of different localities and different comexigencies of a peculiar, not to say unpre- modities. It must be extended for a time cedented, export situation. The act in ques- sufficient to enable payment to be made out of the earnings of the farm, without frequent tion provides that— renewals, which add to the expense of the bor- Whenever the board of directors of the [War Finance] rower in fees and commissions. Corporation shall be of the opinion that conditions arising "It is clear that machinery of sufficient scope out of the war, or out of the disruption of foreign trade can be established only by Federal legislation, created by the war, have resulted in or may result in an such as brought about the establishment of the abnormal surplus accumulation of any staple agricultural Federal Reserve System and the Federal Farm product of the United States or lack of a market for the Loan System. This machinery once estabsale of same, or that the ordinary banking facilities are lished should be self-sustaining; should not reinadequate to enable producers of or dealers in such prod- quire Government support, except possibly for ucts to carry them until they can be exported or sold for the initial capital required to put it into operaexport in an orderly manner, the corporation shall there- tion. A system established by such machinery upon be empowered to make advances, for periods not must be comprehensive enough to meet the exceeding one year from the respective dates of such ad- requirements not only of the large farm borvances, upon such terms, not inconsistent with this act rower, but the small farm borrower with as it may determine; limited assets. (a) To any person engaged in the United States in deal- "There are two essentials of such a credit ing in or marketing any such products, or to any associa- machine. The first essential is an agency to tion composed of persons engaged in producing such deal directly with the farmers. These agencies products, for the purpose of assisting such person or asso- should be sufficiently numerous to meet the ciation to carry such products until they can be exported- requirements of every locality, of every comor sold for export in an orderly manner. Any such ad- modity, and of every farmer. Two agencies now vance shall bear interest at a rate not exceeding 1J per exist which might be used as the point of concent in excess of the rate of discount for 90-day commercial tact of the system with the farmer borrower. paper prevailing at the Federal Reserve Bank of the dis- These agencies are the commercial State and trict in which the borrower is located at the time when national banks, and the farm loan associations such advance is made. as now established under the farm loan act. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SEPTEMBEK, 1921. FEDERAL RESERVE BULLETIN. 1031 A new agency might be created in the form of a diversity shown has been due to the fact that cooperative credit association, built upon lines in some districts the usual seasonal liquidation similar to the farm loan associations. which, results from recurrent sales of farm " The second essential is an agency which can products, realization of the proceeds, and appliconvert a large number of small obligations of the farmers into short-time debentures, or cation thereof to the payment of bank loans other credit obligations, which can be sold to has not been possible. It was therefore necthe investing public. In other words, it is essary that Federal Reserve Banks in those necessary to have an agency through which the districts where liquidation was slow and reinvesting public can be reached. tarded should assist their members, tiding "The character of both agencies is largely dependent upon whether it is proposed to have them over the period of strain by renewing the debentures or securities absorbed by the and extending their accommodation. In other deposit pool, represented by the deposits of districts of the East and North the liquidation the national and State banks and the liquid has been much more speedy and normal. assets of the country, or by the investment These differences may be better realized from pool, representing the credit ordinarily invested in long-time securities. There is, in my judg- a comparison of the actual and adjusted rement, no reason why both pools can not be serve percentages of the several banks as drawn upon for the proper credit requirements follows: of the farmer. "In setting up the agency to deal directly ACTUAL AND ADJUSTED KESERVE PERCENTAGES OF EACH with the farmer borrower, it is desirable to use FEDERAL RESERVE BANK ON AUG. 17, 1921. the primary credit agencies already existing, and there would seem to be no reason why it Adshould not be possible to use both the com- Federal Reserve Bank. Actual. justed.* mercial banks, State and national, and the farm loan associations. Boston 76.6 81.4 New York 72.2 74.8 " In like manner, in order to set up the agency Philadelphia.. 64.5 64.5 to distribute farm credits to the investing pub- Cleveland 69.2 70.4 Richmond 44,0 31.7 lic, whether in the form of the original obliga- Atlanta , 40.9 39.8 Chicago 69.1 69.1 tion or in the form of debentures or other St. Louis 58.5 58.5 securities, it may be .possible to use both the Minneapolis 39.6 26.8 Kansas City... 59.6 59.6 Farm Loan Banks and the Federal Reserve Dallas 40.5 16.6 San Francisco.. 64.5 64.5 Banks. "The Joint Commission of Agricultural In- System 65. i quiry has for some time been devoting itself 1 After increasing or reducing reserves held by the amount of accomto an intensive study, first, of the credit re- modation extended to or received from other Federal Reserve Banks. quirements of the farmer and, second, of the The situation is also disclosed by the relative merits of different methods of meeting variation in the movement of these requirements. Its report will, in my arymg ere I j j di ts which has judgment, recommend to Congress a definite oans an( SC0UI1 demands. concrete plan which will embody the most occurred in the New York diseffective of these methods. "Such a plan will complement the credit trict as compared with those in some of the facilities now offered through the Farm Loan southern agricultural districts. Thus the liqui- System and the Federal Reserve System and dation in the New York district has been about will give to the American farmer the most equal to that in all other districts combined. comprehensive and flexible credit system in the world.'7 The rediscounts and advances of the Federal Reserve Bank of New York at the close of The financing problem which has been debusiness on June 30, 1921, were lower than they picted above and its varying had been since July 10, 1918. On the other Relative reserve :importance in the several disstrength. hand, on July 6, 1921, the Federal Reserve tricts is reflected in the condi- Bank of Richmond had total bills on tion of the individual Federal Reserve Banks. hand amounting to $105,974,000, against In no other item is it perhaps more striking $110,052,000 on July 9, 1920, but there was a than in the reserve ratios, indicating the rereduction between these dates of $15,830,000 serve strength of the several banks. The in the amount of notes secured by Government Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1032 FEDERAL RESERVE BULLETIN. SEPTEMBER, 1921. obligations, which probably represents sales of way, those which have received accommodabonds and certificates, while loans on com- tion from others have been primarily agrimercial and agricultural paper increased from cultural districts. At the same time, the dis- $58,344,000 on July 9, 1920, to $74,280,000 on tinctly industrial districts have been those July 6, 1921. The Federal Reserve Bank of which have supplied the funds required. Atlanta shows between July 9, 1920, and July The following table shows the amount fur- 6, 1921, an apparent reduction in total loans nished and the amount received by each disof about $17,000,000, but commercial and agri- trict in rediscounting with others during the cultural paper increased from $61,611,000 on first seven months of the year 1921: July 9, 1920, to $65,754,000 on July 6, 1921. REDISCOUNTS AND SALES OF PAPER BETWEEN FEDERAL When the difference in the value of cotton is RESERVE BANKS, FIRST SEVEN MONTHS OF 1921. considered, it is evident that the real amount [In thousands of dollars .1 of accommodation given during the early cropmoving period was considerably greater this Amount received. Amount furnished. season than was the case a year ago. Federal Reserve Bank of— Redis- Dis- Pur- The amount of interdistrict shifting of credit- counted. Sold. counted. chased. can be seen from the following Interdistrict compilation, which gives the Boston.. 84,550 10,671 movement. New York 57,646 267,500 340 figures for each of the first Philadelphia . . 5,000 6,823 Cleveland.. 172,415 25,094 seven months of 1921: Richmond 220,000 Atlanta. 27,957 Chicago 1,315 St. Louis.. 1,000 REDISCOUNTS AND SALES OP DISCOUNTED AND PUR- Minneapolis 69,666 CHASED PAPER BETWEEN FEDERAL RESERVE BANKS. Kansas City 9,008 Dallas 203,500 [In thousands of dollars.] San Francisco 25 15,058 Total 529,465 58,986 529,465 58,986 | Dis- Pur- ! counted chased Total. i bills. bills. While the Federal Reserve System is in a strong position to meet re- 1921. ; January 98,458 51,138 149, 596 Distribution of • • , i - T ,i February 39, 500 7, 848 47,348 quirements, and while the ma- March i 33,000 33,000 redit April 47,000 47,000 chinery for distributing credit May ! 77, 000 77,000 June Ill, 000 111, 000 to the different sections of the country is even July 123, 507 123, 507 more perfect than heretofore, there have been some complaints of defects in the distribution During the present year the interdistrict of it. Whatever these defects may have been, movement of funds has been less complex in they have not been due to any lessening in the character than during the preceding year. The number of banks accommodated during the influence of war conditions has become more season, as may be seen from the following remote, while the peak of the readjustment table, which shows comparatively the total period, with its manifold reflections in the number of institutions accommodated during position of the banking system, has been the past few years. From this it appears that passed. The banking situation has become the aggregate number of banks receiving reeasier, and conditions during the present year discount credit is now greater than at any time in the past. more nearly reflect what may be considered to be the normal interdistrict movement of funds. NUMBER OF BANKS ACCOMMODATED THROUGH THE DIS- As would be expected, the volume of the COUNT OF PAPER DURING SPECIFIED MONTHS, 1917- 1921. movement is considerably less than a year ago. A smaller number of districts also have required aid. The movement this year has been Month. 1917 1918 1919 1920 1921 more distinctly seasonal in character. While March 315 1,568 4,758 3,670 5,332 a number of the agricultural districts have been June 900 3,021 4,047 4,948 5,740 September 953 3, 464 3,722 • 4,758 self-sufficient and self-dependent in a financial December 1,701 3,288 3,659 5,551 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SEPTEMBER,, 1921. FEDERAL RESERVE BULLETIN. 1033 As has been pointed out, however, in recent reasons often explained, may or may not in discussion, this distribution of credit can be given districts be represented by a correspondconsiderably furthered by a more general utili- ing reduction in rates to actual borrowers at zation on the part of the banks. The loans banks. Interest rates, it can not too carefully made by the member and nonrnember banks be remembered, are established by the lenders throughout the country are not in all cases and not by the Federal Reserve System, which well distributed, and in a number of cases have lends to banks but not to the public. It remains not been judiciously made. Something over a true, regardless of rates to borrowers made by third of all member banks have at times ap- banks in various sections of the country, that peared not to be borrowing from the Federal the Federal Reserve System has more available Reserve Banks at all, and of the two-thirds credit facilities for agricultural use under which were borrowing, more than one-half were proper banking conditions than at any time borrowing very large amounts. Many of these in its history, while the rates charged for such banks extended themselves so far that they accommodation have been materially reduced do not now feel warranted in making any new during the past year, as credit conditions have loans, regardless of the disposition of the Fed- eased. eral Reserve Banks to rediscount the paper. A study of production indexes is of special They do not want their names on any more pa- interest from the standpoint of Index of proper than they already have indorsed. They are agricultural conditions. The duction. indisposed to increase their contingent liability. trend of these indexes, as shown No doubt this situation will be corrected as by the Board's compilations during the past the season advances, through a broader par- few months, has pointed to the revival of ticipation on the part of the banks in redis- agricultural business and of trades directly counting, which is clearly evident in the statis- dependent upon agriculture at a rate much tics already cited. faster than that of any other branches of The changes, in discount rates on agricul- industry or manufacture. In the following tural paper which have become compilation of such indexes, it will be ob- , . " effective during the past two served that those which show the movement count rates. to \ of grain and cotton and the consumption of months have resulted in a rate wool are far above the figures of July, 1920, schedule which compares with that in effect a taken as a base or 100 per cent. year ago, as follows: FEDERAL RESERVE BANK DISCOUNT RATES ON AGRI- [000 omitted.] CULTURAL PAPER MATURING WITHIN SIX MONTHS, IN EFFECT SEPT. 1, 1920 AND 1921. July, 1920. July, 1921. June, 1921 Federal Reserve Bank. 1920 1921 Boston New York.... Receipts of live stock at Philadelphia.. 15 western markets Cleveland (head) Richmond Receipts of grain at 17 Atlanta interior centers (bush- Chicago els) , St. Louis Sight receipts of cotton Minneapolis... (bales) Kansas City... Shipments of lumber re- Dallas ported by three asso- San Francisco. ciations (million feet)... 660,439 Bituminous coal pro- ', duction (short tons) | 45, 100 30,394 67.5 , 33,852 I 75.2 Anthracite coal produc- From these figures it wdll be seen that a tion (short tons) 247 100 7,050 85.4 ; 7,786 94.4 Crude petroleum producreduction in discount rates applicable to tion (barrels) 203 100 40,228 105.3 | 40,405107-6 Pig iron production (long agricultural paper varying from one-half to tons) 067 i 100 865 18.2 ; 1,06534.7 Steel ingot production \\ per cent has taken place at many banks (long tons) 803 ! 100 28.6 1,003 I 35 7 Cotton consumption (bales 525 i100 410 78.0 462 i 88 0 during the past year, while at others the rate Wool consumption (pounds) ! 370,97 j 100 I 53,076 [143.0 | 59,592 | 160.7 was never above 6 per cent. This cut, for Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1034 FEDERAL RESERVE BULLETIN. SEPTEMBER, 1921. During the month ending August 10 the net [In thousands of dollars.] Gold and silver inward movement of gold was imports and ex- $81,468,000, as compared with Imports. Exports. Excess of exports. P°rts- a net inward movement of $34,351,000 for the month ending July 10. Au^j.l, 1914, to Dec. 31, 1918 203,592 483,353 297,761 Jan. 1 to Dec. 31,1919.. 89,410 239,021 149,611 England and France combined furnished over Tan. 1 to Dec. 31,1920 88,060 113,616 25,556 Ian .1 to Aug. 10,1921 34,535 27,058 i 7,477 77 per cent, or $65,013,000, of the $84,254,000 Total 415,597 863,048 447,451 of gold imported during the monthly period ending August 10, other countries of Europe, 1 Excess of imports. the Orient, and Australia furnishing most of Continued reduction of loans to customers the remainder. Of the gold exports, amount- and of accommodation obtained ing to $2,786,000, over one-half, or $1,519,000, The banking R Banks is from Federal eserye was consigned to Sweden and the remainder to situation. indicated by the reports of Mexico, Canada, and Hongkong. member banks for the five-week period ending Net imports of gold since August 1, 1914,August 17. Total loans and investments of rewere $1,307,438,000, as may be seen from the porting banks on that date were $14,844,000,000, following exhibit: the lowest level reached since the beginning of the rapid expansion witnessed during the sec- [In thousands of dollars.] ond half of 1919. Loans and discounts of the Imports. Exports. E im xc p e o s r s t s o . f reporting member banks show a decline of about $197,000,000 for the five-week period, Aug. 1,1914, to Dec. 31,1918 1,776,616 705,210 I 1,071,406 the largest share of this decline being reported Jan. 1 to Dec. 31,1919 76,534 368,185 1291,651 Jan. 1 to Dec. 31,1920 417,181 322,091 i 95,090 for commercial loans. Holdings of Govern- Jan. 1 to Aug. 10,1921 443,313 10,720 I 432,593 ment securities show an increase of about Total. 2,713,644 1,406,206 ! 1,307,438 $14,000,000 for the period, increases in United 1 Excess of exports. States bonds and in Treasury certificates, of Since the beginning of the present year net which two new series were allotted on August 1, gold imports totaled $432,593,000. The largest being partly offset by reductions in Victory gains are shown through imports from the notes, also in Treasury notes which continue following countries: England, $132,417,000; to be absorbed by private investors. Holdings France, $118,377,000; Sweden, $46,051,000. of other securities declined by $25,000,000, Gold exports during the present year were with the consequence that the total investment consigned chiefly to the following destinations: account is shown lower than five weeks earlier. Mexico, $5,042,000; Sweden, $2,643,000; Hong- The course of member bank credit operations kong, $1,353,000; and Canada, $1,347,000. during the five weeks between July 13 and During the month ending August 10 the net August 17 is indicated in a general way in the inward movement of silver was $968,000, as following exhibit: compared with a net inward movement of $1,532,000 for the month ending July 10. REPORTING MEMBER BANKS. Mexico furnished over three-fifths, or $3,444,- [In millions of dollars.] 000, of the $5,597,000 of silver imported during Redism P th e a e r i u n m , d o e a r n n d th c l C o y m a n p i a n e d g ri a o . d p ri e S n n i c l d v i i p e n a r g l l e y A x p u f o g r r u o t m s s t , a 1 G m 0, e o t r u h m n e a t i n n r y g e , - Date. N p b o o u a f r m n t r k i b e n s - e g . r a c a L n o n v d o u d e a s n i n d t t n - i s s s - , - a p c n a F w o d y . u i a R b t n b h i t . l l s l e s R a m ( c a 3 t c i o t - o i o d 2 o n m a ) o . - - f d N e m p e a t o n s d d i e ts - . ments. Bank. to $4,629,000, were consigned principally to 1 2 3 4 5 China, Hongkong, and other countries of the Orient. July 13. I 816 15,051 1,154 7.7 10,086 July 20. 814 14,951 1,151 7.7 10,029 Net exports of silver since August 1, 1914,July 27. 814 14,890 1,113 7.5 10,002 were $447,451,000, as may be seen from the A Au u g g . . 1 3 0 . 8 8 1 1 3 3 1 1 5 4 , , 0 9 5 4 1 9 1,0 9 7 9 9 7 6 7 . . 7 2 9 9, , 9 8 1 9 5 5 following exhibit: Aug. 17 812 14,844 979 6.6 9,938 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SEPTEMBEB, 1921. FEDERAL RESERVE BULLETIN. 1035 Developments in the Federal Reserve bank- tion in note liabilities and a decline of about ing field during the five weeks ending August 24 $19,000,000 in the deposit liabilities, and of the include a further liquidation of about simultaneous increase in reserves, the reserve $190,000,000 in discounts, while holdings of ratio of the banks rose from 62.5 on July 20 to acceptances show a moderate increase of 66.5 per cent on August 24. $11,000,000. In the following exhibit are shown the prin- Total earning assets of Federal Reserve cipal changes in the condition of the Federal Banks on August 24 stood at $1,769,000,000, or Reserve Banks between July 20 and August 24: about 48 per cent below the peak figure of $3,422,000,000 shown for October 15, 1920, and FEDERAL RESERVE BANKS. on about the same level as the total shown [In millions of dollars.] at the end of August, 1918. Federal Reserve note circulation continued to decline and on Bills discounted. August 24 stood at $2,486,000,000, the lowest _ F. R. f R ig e u se re rv s e in c b e a n th k e - n e o n t d e o c f i F rc e u b l r a u ti a o r n y , a 1 l 9 so 1 9 d . ec F re e a d s e e r d a , l Date. res C e a r s v h es. m b G S y e e o c n v U u t e r . r o e n S d b - . - ot A he ll r. de T p o o t s a it l s. n c c o i t t r C i t c e o L u t s n l l c . a i il - n R r e a s t e io rv . e the reduction amounting to about $15,000»,000. ligations. At the same time, gold reserves of the Federal July 20.. 2,659 610 1,076 1,693 2,565 62.5 Reserve Banks show a further increase of about Tuly 27.. 2,685 591 1,059 1,695 2,538 63.4 Aug. 3. . 2,704 573 1,045 1,705 2,537 63.7 $111,000,000 and total reserves an increase of Aug. 10.. 2,721 563 964 1,662 2,521 65.0 Aug. 17.. 2,745 560 952 1,671 2,504 65.8 about $107,000,000. As a result of the reduc- Aug. 24.. 2,766 542 954 1,674 2,486 66.5 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1036 FEDERAL, RESERVE BULLETIN". SEPTEMBBE, 1921. BUSINESS, INDUSTRY, AND FINANCE, AUGUST, 1921. Heavy movement of agricultural products to market has been the outstanding economic activity of the country during the month of August. There has been a tendency to unusually early marketing, and the revival of fair export demand in certain agricultural lines has operated to hasten the movement of crops away from the farms. Deterioration of some crops, notably cotton, has tended to modify the previously existing agricultural outlook. Readjustment of costs in many agricultural lines is approaching a point where it is probable that, even at present prices, some crops will show good returns. This early movement of crops to market has resulted in the liquidation of some outstanding indebtedness even in districts where the carry-over from last year's crop was greatest. As a result it has lessened the intensity of the credit demands which might otherwise be expected to occur during the marketing season. This has enabled member banks in not a few places to strengthen their position and to reduce their obligations to Federal Reserve Banks. These factors have on the whole been favorable to the general credit situation, and rates of interest have been moderate. The manufacturing outlook continues to be decidedly irregular and "spotty," due to the fact that there has been greater progress in some lines than in others. The decline in iron and steel activity continues, although some increase in orders has taken place since the end of July. In various textile and leather lines business continues to show indications of much greater activity, many mills being " booked up " further ahead than at any time for many months past. It is true that July production showed a falling off in some lines, especially certain branches of the textile industry, a factor attributed to seasonal dullness, but future orders are almost uniformly reported as very promising. Flour milling, as a result of heavy wheat movement, has likewise been exceptionally active. Little improvement has been noted in machine industries and in the engineering trades. Industries which consume nonferrous metals have been notably inactive. Price movements have been on the whole limited, but with a slight upward tendency in the case of some groups. The Federal Reserve Board index, prepared for international comparisons, shows an increase of 2 points to 141 in July. The index number of the Bureau of Labor Statistics for July was 148, the same as during June. The current price reports for the early part of August indicate, if anything, a strengthening of prices in some lines. A striking factor in the developments of the past month has been afforded by the shrinkage in retail trade. During most periods of business transition such shrinkage has been somewhat belated. Postponement of reduction in retail activity is due to the fact that a curtailment of consumption usually takes place only when accumulated purchasing power is reduced. During the past year the maintenance of the activity of retail trade has been noteworthy, and only during the past few weeks has a reduction paralleling the falling off previously noted in manufacturing been observed. The fact that advance orders are being undoubtedly placed owing to exhaustion of stocks is reflected in an improvement in the wholesale dry goods trade during July. A tendency toward closer adjustment of retail to wholesale prices is also noted, although there are still many outstanding discrepancies. Large figures for unemployment have been transmitted to Congress, but it should be remembered that these figures are based on comparisons with peak periods of employment in 1920. There are indications of increasing employment in various manufacturing industries, but taken as a whole the employment situation for the month of August appears to show but little change from the preceding month. Slight improvement in some branches of foreign trade, fairly good agricultural yields, and enlargement of manufacturing demand seem to point to a more favorable autumn season, but the situation is not such as to forecast any extensive or immediate revival of business in a large sense. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SEPTEMBER., 1921. FEDERAL RESERVE BULLETIN. 1037 AGRICULTURE. and encouraged the activities of the boll weevil. On August 25 the condition of the Weather conditions during July resulted in a United States cotton crop was 49.3 per cent serious deterioration of crops throughout the of a full normal, as compared with 64.7 per United States. The composite condition of cent on July 25, 1921, and 67.5 per cent on all crops on August 1 was 93 per cent of their August 25, 1920. The estimated total cotton average condition on that date during the last production, based on estimates of August 25, is 10 years, as compared with a composite condi- 7,037,000 bales, which is 5,950,000 bales less tion of 96.4 per cent on July 1. The indicated than the production in 1920 and is the production of wheat on August 1 amounted to smallest cotton outturn since 1892-93. District 757,000,000 bushels, which is 52,000,000 bush- No. 5 (Richmond) states that the cotton els less than the forecast on July 1 and crop in South Carolina, except in the Pied- 67,000,000 bushels less than the average pro- mont counties, has been seriously damaged duction for the past six years. The wheat by rain and the ravages of the boll weevil, crop is estimated to be unusually large through- whereas the crops of Virginia and North Caroout the Pacific Northwest and in the States of lina are in reasonably good condition. The Kansas and Nebraska, but is below the aver- boll weevil is active in practically every part age for the years 1915 to 1920 in all other of district No. 6 (Atlanta). The season is States. There was some deterioration of the about two weeks late in Georgia and Louisiana, corn crop during July, but the estimate of pro- and the crop is undersized wherever fertilizer duction on August 1 was 3,032,000,000 bushels, has not been used. In district No. 11 (Dallas) which is about 162,000,000 bushels greater there has been a rather serious deterioration in than the average production in the last six the cotton plant as a result of hot, dry weather years. The estimates of corn production in in certain sections and of extensive depredathe States of Iowa, Illinois, Indiana, Ohio, tions of the boll weevil in other localities. Kentucky, and Minnesota on August 1 were District No. 8 (St. Louis) reports that the cotconsiderably lower than on July 1, but this ton plant is fruiting, but in many sections is was partly counterbalanced by increases in the showing the lack of fertilizers on thin soils. estimates for Oklahoma, Kansas, and Mississippi. Reports from district No. 8 (St. Louis) TOBACCO. state that recent rains have been of incalculable benefit to the corn crop. The oats crop A further decrease in the condition of suffered more serious damage in July than any tobacco is reported, and consequently a lower other grain crop, and the estimated produc- indicated yield. The condition of the crop on tion on August 1 was only 1,137,000,000 bush- August 1 was 66.6 per cent, as compared with els, as compared with an actual production of 71.9 per cent on July 1 and 79.1 per cent for 1,526,000,000 bushels in 1920 and an average the August 1 ten-year average condition. The production of 1,433,000,000 bushels for the estimated yield has accordingly declined from years 1915 to 1919. The crop was much dam- 932,000,000 pounds to 889,000,000 pounds. aged by green bugs and by rains during the The Pennsylvania crop of cigar tobacco suffered period of thrashing. The production of sugar a material setback in July, as did also the Ohio beets was estimated on August 1 to amount to crop, the condition in the two sections declining, 8,000,000 tons, which is 550,000 tons lower respectively, from July 1 to August 1 from 84 than in 1920, but 1,780,000 tons greater than to 76 and from 76 to 57 per cent. In the case of the average production for the years 1915 to the manufactured and export types of tobacco, 1919. District No. 6 (Atlanta) states that the the Virginia crop has been seriously damaged sugar-cane crop is in good condition and esti- by dry weather, but tobacco in district No. 8 mates that 549,900 acres were planted to cane (St, Louis) uin the immediate past has rein 1921, as compared with 505,200 acres in sponded to the more favorable weather condi- 1920. The white-potato crop deteriorated tions. " The Burley crop has been severely seriously during July, and the production fore- damaged by drought, but there is still much casted on August 1 was only 316,000,000 of the crop that will make a fair yield if given bushels, as compared with a production of good weather. The South Carolina markets 428,000,000 bushels in 1920 and an average opened shortly after the middle of July, but production of 371,000,000 bushels during the most of tbte early offerings were of low grade previous five years. and prices were unsatisfactory to producers. The monthly average price paid was only 8 COTTON. cents per pound as against an average of 22.4 The cotton crop suffered pronounced dete- cents in July last year. It appears, however, rioration during July and August as a result that there is a fairly active demand for good of excessive moisture, whicu caused rust tobacco, and at satisfactory prices. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1038 FEDERAL, RESERVE BULLETIN. SEPTEMBER, 1921. In district No. 3 (Philadelphia) the demand only amounted to 11,261,947 bushels in July for cigars and cigarettes appears to be im- as compared with 12,599,842 bushels in June proving. The opinion seems to be quite and 9,817,057 bushels in July, 1920. The total general that there has been a further improve- receipts of corn, oats, and barley at these two ment in the industry in August. Operations, centers were considerably smaller in July than though less than at this time last year, are in June, but were almost twice as great as the steadily increasing. Finished stocks which receipts in July, 1920. In the four leading cenmanufacturers may have had some months ters of district No. 10 (Kansas City) corn ago have been largely disposed of, but there is receipts were materially larger in July, 1921, a determination in the industry to adjust than in July, 1920, but there was a slight decline operations so that any accumulation in the in the receipts of oats and barley. Stocks of future will be impossible. grain and flax in terminal elevators at Minneapolis and Duluth amounted to 21,098,788 bushels on July 31, a decrease of 3.6 per cent FRUIT. from the stocks on June 30, but an increase of There was some improvement in the condi- 366.3 per cent over the stocks on July 31, 1920, tion of both the citrus and deciduous fruit Stocks of oats in these elevators continued to crops during July. On August 1 the produc- increase during July and amounted to 15,919,084 tion of apples was estimated at 109,000,000 bushels on Julv 31, 1921, as compared with bushels, as compared with a forecast of 104,- 300,129 bushefs on July 31, 19?0. About 000,000 bushels on July 1 and an actual yield 166,199,000 bushels of oats, approximately 10.6 of 244,000,000 bushels in 1920. District No. 6 per cent of the 1920 crop, still remained on the (Atlanta) states that shipments of both farms on August 1, which compares with peaches and watermelons from Georgia during 56,128,000 bushels on August 1, 1920, and aver- 1921 have exceeded the records of all previous age stocks of 78,328,000 bushels for that date years. The Florida citrus crops are developing during the five preceding years. well, except on the lower east coast, which is suffering from drought. Reports indicate that FLOUR. crops of peaches and pears in district No. 12 (San Francisco) will be somewhat smaller in There has been an increase in flour produc- 1921 than in 1920, but that the apple crop will tion. In district No. 9 (Minneapolis) the July be larger. There has recently been an in- output of mills producing about 75 per cent of creased demand for canned fruit, but it is esti- the flour milled in the district increased 13 per mated that the 1921 pack of California fruit cent over June and 3 per cent over July, 1920. canneries will be 35 per cent less than that of The production during the four weeks ending 1920. Shipments of citrus fruits from Cali- July 30, 1921, amounted to 1,871,265 barrels. fornia amounted to 5,308 cars in July, as com- Mills operated at 47 per cent of capacity as pared with 7,858 cars in June, while shipments compared with 39 per cent in June, and 39 per of deciduous fruits from that State totaled cent a year ago. Production at milling centers 3,439 cars in July, as compared with 2,200 in district No. 10 (Kansas City) is "the largest cars in June. on record for this time of the year, due to an exceptionally large demand for immediate GRAIN MOVEMENTS. shipment." July output of reporting mills was 1,902,527 barrels, an increase of 76 per cent Receipts of grain at primary markets during over the July, 1920, figure, and operations were July were much higher than in June, and were at 92 per cent of capacity for the week ending in fact larger than in any month since Septem- August 6. Practically all local mills and many ber, 1919. This was chiefly due to the excep- of the country plants reporting in Missouri, tionally large wheat receipts at Kansas City, Kansas, Nebraska, and Oklahoma are sold up Chicago, St. Louis. Omaha, and Wichita. for August shipment and are booking orders for Wheat receipts at the four leading markets of September delivery, although little buying apdistrict No. 10 (Kansas City) in July were over pears for long-deferred shipment. The liberal 30 per cent greater than in the largest previous demand from nearly all sections of the country month on record, and amounted to 32,789,400 is believed to indicate that bakers' and dealers' bushels, in comparison with 11,034,400 bushels stocks of flour are low. Export trade is fairly received in June and 12,001,650 bushels re- active, but indicates no great revival of foreign ceived in July, 1920. Receipts of wheat at buying up to this time. In district No. 12 Chicago totaled 14,070,000 bushels in July, as (San Francisco), however, production of reportcompared with 2,511,000 bushels in June and ing mills was approximately the same during 2,562,000 bushels in July, 1920. Wheat re- July as during June, operations being at 41.2 ceipts at Minneapolis and Duluth, however, per cent of capacity, as compared with 41.7 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SEPTEMBEB, 1921. FEDERAL, RESERVE BULLETIN. 1039 per cent in June, and 38 per cent in July, 1920. far beyond expectations. The cooler August The July average price of flour was lower than weather has also improved domestic sales, both for June, and a further decrease occurred during wholesale and retail, which had been retarded August. by the extremely hot July weather. LIVE STOCK. COAL. Live stock on farms and ranges generally continues in good condition, and ranges and Production of bituminous coal has been pastures in general are excellent. While there steadily declining. The end of the British has been continued drought and hot weather strike has caused a noticeable slowing up of in southwestern Texas, ranges in New Mexico the export trade, as American coal is no longer and Arizona are now well supplied with mois- able to compete in European markets. Another ture as a result of rains during July. The factor has oeen the slackening of demand in July movement of live stock to market was the Duluth-Superior region. As a result, light. Receipts of cattle and calves at 15 July production amounted to only 30,394,000 western markets during the month were 940,- tons, as compared with a production of 33,- 173 head, corresponding to an index number of 852,000 tons in June and of 45,009,000 tons in 93, as compared with 1,117,111 head during July, 1920. The respective index numbers are June, corresponding to an index number of 111, 82, 91, and 121. The stocks of bituminous and 1,180,789 head during July, 1920, corre- coal are unusually large, and many small sponding to an index number of 117. Re- operators are reported to have been forced ceipts of hogs likewise declined from 2,671,462 to close down, due to lack of storage facilities. head during June to 2,021,268 head during District No. 3 (Philadelphia) reports that July, as compared with 2,007,332 head during there is a better sentiment in the trade, but July, 1920. The respective index numbers that orders seem to have remained practically were 122, 92, and 91. Sheep receipts showed the same, except in a few cases where they a smaller decrease from the June figure, being have declined. Most of the orders are for 1,035,674 head, as compared with 1,130,874 spot delivery or prompt shipment. In genhead during June and 1,300,881 head during eral, prices remain about the same. In dis- July, 1920. The respective index numbers trict No. 5 (Richmond) consumption about were 76, 83, and 95. August cattle receipts, equals production, while in district No. 6 however, have been especially heavy, and (Atlanta) recovery has not come as expected. Kansas City receipts for the week ending Prices in that district have been reduced as August 20 were the largest since the third week the result of a reduction in wages. Mines in of November, 1920. Considerable interest was district No. 10 (Kansas City) are operating at manifested in feeder cattle during July in some about 50 per cent of capacity, due chiefly to leading markets. A favorable factor in con- the fact that there is no market. nection with the industry has been the live- Anthracite production also shows a falling stock pool recently organized. Cattle prices off. July production was 7,050,000 tons, as commenced to increase at the close of July, compared with 7,786,000 tons in June and and the increase continued in the first half of 8,247,000 tons in July, 1920. The respective August. Hog prices, after advancing through- index numbers are 95, 105, and 111. These out July, declined continuously until the third figures indicate that anthracite production week in August. After the middle of the has not fallen as greatly as bituminous promonth, however, cattle prices declined sharply, duction. Domestic stove sizes move quite this being ascribed by district No. 7 (Chicago) readily. In district No. 3 (Philadelphia) the chiefly to market conditions in the East. demand for other sizes has slowed down until While good corn-fed cattle have been finding a it is now as small as for the steam sizes. Inready market, states that district, the spread dependent operators have reduced prices steadbetween corn-fed and grass-fed stock has in- ily until they now almost equal company creased, and there has been some difficulty in f>rices on domestic coal, and are somewhat finding a ready market for grass-fed stock. ower on steam sizest Beehive coke prices The latter has been especially affected by the have decreased considerably since June. Prorecent price declines, and common grass steers duction is at only 7 per cent of normal, alwere down to the season's lowest price at though the output of by-product coke is 146 Kansas City during the week ending August 20. per cent of normal. District No. 3 (Phila- Hog prices in general, however, showed a slight delphia) reports a slight improvement in the increase. The revival of the export trade in output of beehive coke. " Sentiment in the meat which set in a month ago has increased trade/' states that district, "is much more in volume. Business in pork and pork prod- buoyant than it was last month, and many ucts, states district No. 7 (Chicago), has been operators believe that production and prices Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1040 FEDERAL RESERVE BULLETIN. SEPTEMBER, 1921. have both passed the lowest point and will tive. In nearly all the oil fields the outstanding henceforth steadily improve." feature is the continued increase in stored stocks of petroleum. In California on July 31 PETROLEUM. the stored stocks amounted to 31,634,179 barrels, as compared with 24,406,753 barrels on While production of crude petroleum during the same date last year. This represents the the month of July continued in excess of con- largest amount of stocks of petroleum in storsumption, a slight but gradual decline was age in California since October, 1919. noticeable. This decrease in production, together with the halt in the tendency toward IRON AND STEEL. lower prices in the petroleum industry, are A further decrease in iron and steel output considered as encouraging factors by the prowas reported for July from the already low ducers. The fall in prices during July aver- June level. Pig-iron production declined from aged 12 per cent for crude petroleum and 5 1,064,833 tons, corresponding to an index per cent for leading refined petroleum products. number of 47, to 864,555 tons, corresponding Since the peak was reached last October, the to an index number of 38, while steel-ingot average price of crude petroleum in the United production declined from 1,003,406 tons, cor- States has receded 64 per cent. A very responding to an index number of 43, to favorable feature in the oil situation has been 803,376 tons, corresponding to an index numthe good demand for gasoline, which has been ber of 35. The pig-iron tonnage is the lowest running about 10 per cent in excess of the produced in any month since December, 1903. requirements during the corresponding period There was a further net loss of seven active last year. However, it must be remembered furnaces during July, only 69 being in blast on that this is the season for the greatest con- August 1. The unfilled orders of the United sumption of gasoline. Production figures com- States Steel Corporation also declined somepiled by the United States Geological Survey what during the month of July, from 5,117,868 show that production of crude petroleum in tons to 4,830,324 tons. The respective index the United States for the month of July is 105 numbers were 97 and 92. per cent of that for July a year ago, or 40,- 228,000 barrels as compared to 38,203,000 bar- Since the latter part of July, however, there rels. The number of oil wells completed in has been some increase in inquiries and in the July, however, showed a drop of 748 wells as volume of orders, although this has been accompared with July, 1920. The twelfth dis- companied by continued price cutting in nearly trict (San Francisco) reports that 76 new all lines. Sentiment has improved considerwells, with an initial daily production of 19,675 ably in the trade, in spite of the fact that barrels, were completed during the month of present business represents largely an accu- July, but 5 wells were abandoned. California mulation of orders, generally for small lots and reports an average daily output of 331,252 for immediate delivery, which had awaited the barrels of crude petroleum for July, as com- arrival of satisfactory prices. Pig iron, sheets, pared with 337,625 barrels in June and 279,169 and plates are stated to have perhaps been barrels in July, 1920. District No. 10 (Kansas most affected by price cutting. Railroads in City) states that production of crude oil in the the Central West have recently let a few large Kansas-Oklahoma and Wyoming regions showed contracts for car-repair work, although little or a daily average production of 419,250 barrels in no increase in their purchases is reported in July in comparison to 394,000 barrels daily district No. 3 (Philadelphia). Operations in production in July a year ago, while production that district have improved little, if any, but in Wyoming alone has been reduced to less conditions in district No. 4 (Cleveland) are than 50,000 barrels per day. The number of somewhat better, and increased demand has new wells completed in the district was only actually caused a number of mills to be reabout 56 per cent of those completed during opened. Accompanying the price reductions July, 1920. The midcontinent field exceeded and low scale of operations have been further all previous records, with a total production of reductions in wages. The leading interest has 25,594,982 barrels, although a decrease in announced a reduction in the wages of unskilled monthly yield and daily average was registered labor from 37 to 30 cents an hour, effective by all Texas fields with the exception of the August 29. north Texas group. In this district only 251 AUTOMOBILES. new wells were completed during the month, July shipments of automobiles by manufacin comparison with 868 wells in July, 1920. turers were somewhat less than in June. Car- With the price of oil at the present low point, load shipments were 19,470 carloads, as comthe cost of drilling deep wells, particularly pared with 20,269 in June and 23,082 in July, those of low productivity, is almost prohibi- 1920, while driveaways likewise declined from Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SEPTEMBER; 1921. FEDERAL RESERVE BULLETIN. 1041 18,834 machines in June to 15,320 in July, as (San Francisco) reports an increase in the compared with 52,342 in July, 1920. Price output of both gold and silver, with the mines reductions announced in July on cars selling at operating at maximum capacity. between $1,000 and $2,000 averaged 13. 7 per cent. Price reductions are reported to have COTTON AND TEXTILES. stimulated sales. Passenger cars sold during the second quarter of 1921 equaled 57 per Consumption of raw cotton showed a reduccent of those sold during the same period tion from 510,339 bales in June to 460,139 bales of 1920, while for the first quarter they were in July. This decrease occurred not only in only 28 per cent of the number a year ago. New England, but also in other parts of the country, and in district No. 6 (Atlanta) is reflected in the reports showing the production NOJSTFERROUS METALS. of specific mills which regularly report to the There was little change in the demand for Federal Reserve Bank. Notwithstanding the nonferrous metals during July. On account of facts noted the reports for July unite in stating the seasonal dullness and the desire on the that the industry is in a strong position and the part of small producers to dispose of part of presence of a good buying demand is evidenced their stocks, prices for all the important metals by price advances in a number of lines such as receded further toward the end of July and print cloths, drills, and brown sheetings. Disearly part of August. Although the price of trict No. 1 (Boston) says that u constructive copper was at a very low level, being offered features in the New England cotton goods situaat 11% c nts f. o. b. warehouse, consumers held tion during the first three weeks of August inoff in the hope that the market would go lower. cluded a considerable increase in the scale of In spite of this situation, domestic and foreign mill operation, larger sales of print cloth in Fall sales for July were estimated at about 70,000,- River, and an improvement in the demand for 000 pounds, which represented a gain of both combed and carded yarns, with higher 20,000,000 pounds over June, but was consid- quotations for the latter." This testimony erably below the figure reached in May. Export is further supported by expressions of opinion demand continued weak, although regular coming from district No. 3 (Philadelphia); contract shipments of copper were made to " different classes of goods vary in activity, it is European countries at prices equivalent to true, but generally speaking the entire market those here. It is very apparent that buyers is in better condition than it has been at any are providing merely for their immediate time during the current year. Reports emaneeds, since quantities as low as 25 tons are nating from both the retail and wholesale trade bought by those who formerly purchased 500 to are all to the effect that business is satisfac- 1,000 tons. District No. 12 (San Francisco) tory. This is particularly true in ginghams, reports that copper mines are operating at 66 some mills being sold up for six months in per cent of capacity. The output of 12 mines advance.77 The market for cotton yarns also reporting in that district show that production shows signs of greater activity in district No. 3 during June was considerably less than in (Philadelphia) as well as in district No. 1 May and in June, 1920. The reduction in (Boston), but uncertainty as to ultimate price freight rates on ore and bullion and the lower levels restricts sales to the present or the immewages for mine labor are favorable features in diate future as buyers are not willing to risk the present situation. Lead production for long-time commitments. District No. 5 (Rich- July amounted to 27,827 pounds as compared mond) says that practically all the mills are with 28,348 pounds in June. Lead continues running full time and that although their to hold the strongest position of all the metals, product is not sold far ahead, they are receiving although sales in general are limited to car- sufficient orders to take care of present output, load lots. District No. 10 (Kansas City) re- while new orders are steadily increasing. Manuports that shipments of lead ore in July aver- facturers of ginghams and denims are sold ahead aged 1,201 tons per week, with an average price for several months. The special reports on outfor the month of $43.44 per ton, in comparison put received from 26 manufacturers of cotton to shipments of 1,482 tons per week, with an cloth in district No. 6 (Atlanta) show a deaverage price of $94.10 per ton, in July, 1920. crease of 9.4 per cent in amounts produced in Producers of zinc are taking steps to dispose July as compared with June and a falling off in of the stocks on hand by curtailing production. orders on hand amounting* to 7.7 per cent. Production of this metal during July amounted However, although the average of unfilled to 15,495 tons, as compared to 40,194 tons in orders was lower than for the preceding month, July, 1920, while stocks at the close of the some of the individual mills report a larger month totaled 92,408 tons. District No. 12 volume of orders, while two of the mills report Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1042 FEDERAL RESERVE BULLETIN. SBPTEMBEB, 1921. their production sold to the beginning of next in the case of special grades, of which there is a year. Moreover, only two mills report a sur- relative scarcity. As regards the manufacplus of manufactured cloth on hand. In the turing end of the industry the outlook is excase of 28 cotton-yarn mills there was a de- ceedingly favorable. Many mills are operating crease in output in July as compared with the close to capacity, and the consumption of raw preceding month of 8.2 per cent, but orders on wool in June amounted to 59,592,000 pounds, hand at the end of the month were 8.1 per cent which was in excess of that of any month since in excess of those of the preceding month. April,* 1920. The reports published by the Department of Commerce showing the idle FINISHERS OF COTTON FABRICS. loom hours indicate that on August 1 woolen spindles were idle 20 per cent of the time, wor- The reports received from the Association of sted spindles 14.3 per cent, and combs 12.6 per Finishers of Cotton Fabrics show a reduction in cent. The percentages for looms wider than the total number of finished yards billed during 50 inches and 50 inches or less were 20.8 and the month of July, when the output amounted 29.6, respectively. Following the successful to 85,323,724 yards, as compared with 99,929,opening of spring lines by the American 456 yards in June. The average percentage of Woolen Co., several manufacturers have also capacity for all reporting districts dropped held openings. It is reported from disfrom 74 per cent to 62 per cent. The total gray trict No. 1 (Boston) that abundant orders yardage of finishing orders received fell from were received and that the production of 96,828,994 yards to 82,734,438 yards. The certain fabrics had to be alloted. District No. average number of days of work ahead at the 3 (Philadelphia) likewise reports sufficient end of the month dropped slightly, from 9.1 orders taken during the first week in August to to 8.9. insure extensive operations until the beginning WOOLEN TEXTILES. of the year for some mills. There have been The movement of the 1921 wool clip to mar- no new developments in the market for woolen ket has been surprisingly rapid and sales have and worsted yarns, although certain finer been unusually heavy. The reports from dis- counts are in good demand. The business done trict No. 12 (San Francisco) state that although is not on the whole of large amount and orders " final figures on the 1921 wool clip are not are being placed for delivery within a limited available, it is estimated that it amounted to period. In the case of the finer yarns, prices approximately 90 per cent of the 1920 clip of have advanced slightly. 81,000,000 pounds." Reports indicated that 75 per cent of the new product had been sold CLOTHING. outright to mill buyers and that wool dealers having purchased all the desirable wool that Special reports from seven manufacturers of growers were willing to offer had temporarily wholesale clothing in district No. 7 (Chicago) retired. At the beginning of the season about give evidence of the lateness of the season, as 75 per cent of the old clip remained unmarketed orders booked during the earlier months of the year were considerably below those of 1920, and is apparently still largely held. Small lots while by the end of July the difference for the have been sold from time to time, but manuseason was not more than 7.6 per cent. In facturers have been buying the new output. July alone orders were 14 per cent greater than Prices paid to producers have been about the in July of the preceding year. In the case of same as those ruling in 1915. To quote the the tailors-to-the-trade industry (14 firms rereport from this district " there have been porting) and the cut-trim-make industry (4 numerous sales at prices ranging between 12 firms reporting) orders, production, and shipand 18 cents a pound, depending upon the ments were all approximately 35 per cent begrade and fineness of the wool and the financial low those of last year. In district No. 8 (St. necessities of the seller. Because of the necessity of adjusting woolgrowers7 overdrafts on Louis), business improvement was noted by all but 3 of the 16 reporting clothing firms. their consignments of last year's clip, many Sales in July were from 4 per cent less to sales of this year's wool have resulted in actual 20 per cent heavier than in June; orders, payment to the grower of less than 15 cents per pound.77 Shipments of wool to the East have however, were mainly for immediate shipment, but there was a slight increase in future buybeen made in great part via the Panama ing about the middle of the month. Canal. Such price advances as have occurred in the raw-wool market have been confined to the higher grades. The Boston market showed SILK TEXTILES. a distinct improvement in August in volume of Optimistic expressions of opinion concernsales, but in view of the large holdover it is not ing the outlook in the silk industry have not surprising that prices have not advanced except been sustained by subsequent developments. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SEPTEMBER, 1921. FEDERAL RESERVE BULLETIN. 1043 As a matter of fact there has been a considerable capacity or better in some cases. One of the falling off both in wholesale and in retail buying largest mills, indeed, is now able to work on of silk goods, and district No. 3 (Philadelphia) almost normal basis, but the lack of suitable states that buying of broad silks is almost en- labor and the difficulties connected with teachtirely restricted to staples. No special im- ing new hands have been very great. In disprovement has been noted in the market for trict No. 6 (Atlanta) the cotton hosiery mills narrow silks, where dull conditions have been were operating at from 60 to 80 per cent of prevalent for a long period of time. capacity in July, but the amount manufac- Reports from Paterson, N. J., show that tured was stated by reporting mills to be slightduring the two weeks ending August 13 there ly less than during June and from 20 to 50 per was a reduction in the number of loom hours cent below the output for July, 1920. worked from 261,444 to 208,500. The percentage of loom activity dropped, therefore, UNDERWEAR. from 39.6 to 32.3. In North Hudson, N. Y., During July the business done by reporting reports covering 4,670 looms show that for the underwear manufacturers showed a reduction two weeks ending August 15 there was as compared with June, but the situation is an increase in activity, the percentages risperfectly understandable in view of the fact ing from 57.7 on July 30 to 61 per cent on that business is being done from hand to mouth, August 15. As the Paterson figures cover and while under ordinary conditions at the end 15,000 looms, however, it is evident that for the of the summer season contracts for the next district as a whole there was a fairly pronounced summer would normally be made, there are at drop in number of hours worked. In the rawpresent few forward business purchases. As a silk markets no particular changes have ocresult, the lessening in production in the sumcurred during the past month. Imports of raw mer underwear mills is inevitable for the three silk for July were 8,500 bales in excess of those months following July. It is probable, howfor June, and during the same period there ever, that there will be a strong and steady inwas an increase in consumption of 1,100 bales. crease in the production of winter underwear from now until the end of the year. The HOSIERY. reports received from 19 manufacturers in district No. 3 (Philadelphia) showed a falling off Twenty-nine firms manufacturing hosiery rein the product manufactured during July ported to the Federal Reserve Bank of Philaamounting to 21.9 per cent. Orders booked delphia for the month of July. The firms sellduring the month were 28.8 per cent below ing to the wholesale trade showed reductions in those of the preceding month and unfilled product manufactured during the month of 4.4 orders on hand July 31 were 3.9 per cent per cent as compared with June, orders booked less. The statistics received from reporting fell 37.4 per cent, and unfilled orders on hand members of the Association of Knit Goods July 31 were 4.8 per cent lower than at the end Manufacturers of America similarly indicate a of the preceding month. On the other hand, rather pronounced drop in output during the the firms selling to the retail trade increased month of July. Sixty-one mills reported that the scale of their operations during July, prothey were working on the average at 51.2 per ducing a 9.8 per cent larger output and having cent of normal capacity, whereas in June the unfilled orders on hand at the end of the month reporting firms (60 in number) were operating 18.5 per cent in excess of those at the end of the at 65.5 per cent of capacity. In the case of 38 preceding month. But, as in the case of the mills reporting for both June and July, producother firms, orders booked during the month tion dropped from 397,582 dozens to 323,745 dropped sharply as compared with June, the dozens, or a decrease of 18.6 per cent. Orders drop amounting to 33 per cent. As has been on hand on July 1 amounted to 626,895 dozens, frequently mentioned in many quarters, of late an increase of 5.4 per cent over the figure for months tne demand for cotton hosiery remains June 1. New orders received during the month very poor, although lately there has been a fell from 374,625 dozens to 267,362 dozens, a slight improvement in market conditions for decrease of 28.6 per cent. this class of goods. Silk hosiery, however, continues to be in demand, and the shortage, due to SHOES AND LEATHER. the long-drawn-out strike in the full-fashioned hosiery mills, has been a feature in creating ac- Prices of hides and skins increased considtive business for those mills able to operate. erably toward the end of July and were firmly The reports from district No. 3 (Philadelphia) maintained during the first three weeks of state that conditions in the mills where the August. District No. 3 (Philadelphia) reports strike has been in progress are improving and a particularly large demand for goatskins, that they are able to work at 25 per cent of whereas the prices of sheepskins have eased Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1044 FEDERAL RESERVE BULLETIN. SEPTEMBER, 1921. somewhat. Leather prices as a whole have 12.7 per cent less than the June cut, and estibeen well maintained during August, but they mate that mills are operating at approximately are still at approximately the lowest level 65 per cent of normal. In comparison with reached this year. Reports from district No. 7 last month, both orders and shipments show (Chicago) indicate that upper-leather plants are a decline, due to the fact that buying has been operating at 70 per cent and cut-stock plants at held in check awaiting the freight reductions 40 per cent of full capacity, while the operations announced on July 11, but not yet effective. of sole-leather tanneries are greatly curtailed. Orders during July, 1921, totaled 263,416,000 In district No. 3 (Philadelphia) calf and side feet, a decline of 9.5 per cent when compared leathers are being bought in large quantities, with the previous month, while shipments but sales of belting butts and of glove leather amounted to 286,727,000 feet in July, a deare still very small. The Boston leather market cline of 10 per cent. In district No. 11 (Dallas) continues to be quiet, despite the recent increase 35 mills reported a July production which was in the output of shoes. District No. 1 (Boston) 31 per cent below normal. Orders booked states that the New England boot and shoe during the month were 66 per cent of the industry is increasing production at a rapid normal monthly production—about the same rate. The July output of nine leading shoe percentage as in the preceding month. The manufacturers in that section was 92 per cent report of 134 mills of the Southern Pine Assoof their average monthly production during ciation in district No. 6 (Atlanta) showed 1920. Six of these concerns had more orders on lumber production for the week ending July their books on August 1, 1921, than on August 29 to be 22.4 per cent below normal, while 1, 1920. The plants of the largest shoe concern shipments and orders were both about 22.6 in district No. 2 (New York) are now operating per cent below normal. The lumber cut of at 100 per cent of capacity, and are being reporting mills in district No. 9 (Minneapolis) enlarged in order to permit of increased pro- totaled 15,319,816 feet, a 2 per cent decline duction. Business of shoe manufacturers in from the June cut and a 44 per cent decline district No. 3 (Philadelphia) is improving, and from the cut of July, 1920. The orders booked factories which make shoes for girls of school during the month show a 6 per cent increase age are particularly well supplied with orders. over June, but were only 77.2 per cent as Jobbers have increased the volume of their pur- large as the orders received during July, 1920. chases and are buying large quantities of low shoes. District No. 7 (Chicago) reports that BUILDING. shoe production in July was 11.2 per cent less than in June and 1.4 per cent less than in July, The building situation generally continued 1920. Unfilled orders increased 16 per cent dull during July, with few new enterprises over June and were nearly three times as large undertaken. The reports from all districts as in July, 1920. Shoe factories in district No. show that the construction of moderate 8 (St. Louis) continue to be operated at from priced homes and dwellings constitutes a 90 to 100 per cent of capacity, and shipments large part of present building activity, while are restricted by inability to obtain sufficient construction oi business and industrial strucgoods. tures is practically negligible. District No. 1 (Boston) and district No. 9 (Minneapolis) LUMBER. were the only districts which showed increases The output of lumber during July was in total building contracts awarded (statistics restricted, due to a continued decline in the of which are compiled for seven districts by demand. However, the sentiment in some the F. W. Dodge Co.). In district No. 1 sections of the country looks toward an im- (Boston) contracts awarded amounted to provement in market conditions in the near $19,298,334, as compared with $15,308,072 future. District No. 12 (San Francisco) re- during June. Of this total approximately ports a favorable outlook for the industry, $6,675,000 was for residential purposes, as due to several factors—the reduced freight compared with $6,530,000 in June. In disrate to markets east of the Mississippi; the trict No. 2 (New York) contracts awarded anticipated resumption of buying by the rail- during July totaled $54,500,566, in comparison roads; the low stocks of lumber now held by with $63,561,928 during June, and residential distributors; and the increasing demand for building for this district totaled $22,546,142, American lumber on the part of Japan, China, as compared with $34,355,048 during June. and Australia. The lumber production in Total contracts awarded in district No. 3 that district, which had been increasing steadily (Philadelphia) amounted to $13,563,100 in since January 1, declined slightly during July. July and $14,796,800 in June. Residential Four lumber associations in the district report contracts totaled $2,971,900 in July and a cut for July of 329,343,000 feet, which was $3,543,700 in June. In district No. 4 (Cleve- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SEPTEMBER., 1921. FEDERAL RESERVE BULLETIN. 1045 land) the total amount of building contracts States Employment Service shows that 1,428 awarded was $35,669,377, as compared with firms, usually employing 500 or more persons, $39,928,314 for June. Of these, $8,319,248 located in 65 principal industrial centers of the were for residential purposes, as compared United States, were employing only 1,510,210 with $8,198,377 during June. Contracts for workers on July 31, 1921, as compared with district No. 5 (Richmond) amounted to 1,527,124 on June 30, 1921, a decrease of 1.1 $16,026,969 in July, as compared with $20,- per cent. 428,761 in June, while $5,335,545 of the July In New England, for example, the leading total were for residential purposes, as compared industries which are fairly active at the present with $4,090,859 for June. In district No. 7 time are not taking on any more employees, (Chicago) building contracts totaled $41,119,866 and the metal trades continue to be as dull as during July as compared with $45,199,007 in during the preceding month. The Boston June. Public Employment Office reports that during Permits for new construction issued in 23 the first 12 working days in August 9 per cent of the larger cities of district No. 5 (Richmond) fewer persons were wanted by employers than during July totaled 1,442, as compared with during the corresponding period of the pre- 1,137 issued in July, 1920, a gain this year of vious month, while during the month of July 26.8 per cent. The total valuation for new 26 per cent fewer workers were called for than work in July, 1921, amounted to $4,529,261, in June. The demand for skilled workers has as compared with $5,799,171 for July, 1920. been largely confined to the building trades and Due to the decreases in costs of building opera- requests from those who wanted to do repair tions throughout the past year, the number of work. There have been practically no applipermits issued in any district is more indica- cations from persons looking for unskilled cative of the actual volume of construction labor. The Worcester Public Employment than are the dollar amounts. In district No. 6 Office noted no improvement in the demand (Atlanta) the total permits issued in Atlanta from the metal trades, and 14 per cent fewer during July exceeded those for that month in workers were wanted for the month ending all previous years. In Nashville the July August 15 than during the preceding month, total for permits was larger than for any pre- while 15 per cent fewer positions were filled. vious month. District No. 8 (St. Louis) re- In district No. 2 (New York) slight gains in ported that building permits issued in the five numbers employed in some districts were just principal cities during July showed a slight about counterbalanced by losses in the case of increase over the June total, but a decrease of others. In agricultural sections there was a $587,000 under the corresponding month last decided drop in the demand for farm labor in year. Nine cities of district No. 9 (Minne- the early part of August, and employment apolis) issued 1,753 permits during July, valued agencies throughout the State report that at $3,906,381, as compared with 1,971 permits, 11 there have been more applications for posivalued at $5,602,586, during June. This dis- tions and fewer requests for workers during trict reported that the permits granted during August than at any time since the recession in July were almost all for the smaller types of business set in." construction. Reports for 14 cities in district In district No. 3 (Philadelphia) there was a No. 10 (Kansas City) showed a total of 2,240 slight diminution of unemployment in the six permits issued in July, as compared with. 2,166 cities of Altoona, Harrisburg, Johnstown, Philin June. In district No. 12 (San Francisco) 20 adelphia, Scranton, and Williamsport during cities reported 7,925 permits granted, valued the first two weeks in August. The decrease at $15,298,705, in comparison with 8,199 per- in numbers of unemployed amounted to 1.6 per mits, valued at $15,450,694, in June. Building cent, as compared witn estimates for July 30. activities in San Francisco and vicinity are still Later reports from individual manufacturers curtailed, due to strike conditions in the build- indicate further improvement in the employing trades. ment situation, but in the iron and steel and allied industries there has been no particular EMPLOYMENT. change. As there have been no pronounced changes In district No. 5 (Richmond) there has been in industrial activity during the past month, some demand for unskilled workers for road it is not surprising that the employment situa- and street improvement, and increased activity tion should also have remained substantially in building trades has likewise provided work the same. On the whole there was probably a for a number of unemployed. It is stated that negligible decrease in numbers employed dur- the textile mills in the neighborhood of Charing July as compared with the preceding month, lotte, N. C, whose operatives have been on as the monthly industrial survey of the United strike from June 1, are now resuming opera- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1046 FEDERAL RESERVE BULLETIN. SEPTEMBER,, 1921. tions and that the textile mills in general are strikes are still in progress, there was a slight adding to their forces. On the other hand, improvement in employment conditions in many railroad employees and shipyard and dock the building trades of the large cities, and the workers remain idle. The demand for women monthly report of the United States Employworkers has fallen off greatly, and farm labor ment Service also shows that in the case of is in excess of demand. firms employing 500 men or over increases In district No. 6 (Atlanta) unemployment is were recorded for Seattle, Los Angeles, and especially pronounced in the iron and steel dis- Portland. These increases were negligible in trict and in coal-mining sections. In New the two former cases, but amounted to 14.7 Orleans unemployment is considerable in the per cent in the case of Portland. building and metal trades and sugar refineries. Statistics compiled by the United States WHOLESALE TRADE. Employment Service for June show a decrease of 2 per cent for New Orleans, while increases Sales of wholesale hardware and of boots and were recorded at Atlanta, Birmingham, and shoes show fairly pronounced declines in all Chattanooga amounting to 16.7 per cent, 1.1 reporting districts for the month of July as per cent, and 0.6 per cent, respectively. compared with June, following slight increases The results from the labor questionnaire, in the former month as compared with May. regularly issued by the Federal Reserve Bank The recession in hardware sales "ranges from 8.5 in district No. 7 (Chicago), show practically per cent in district No. 11 (Dallas),with 6 firms no change in numbers employed during July reporting, to 17.8 per cent in district No. 3 (Philas compared with the preceding month, as adelphia), with 25 firms reporting. In the mathe decrease was less than one-tenth of 1 per jority of districts represented, decreases are in cent in the case of 181 reporting firms employ- excess of 10 per cent, but as compared with the ing 113,668 persons. The steel and iron amount of total sales recorded a year ago are industries in the district are, however, still not so great as in other lines, chiefly, no doubt, reducing their forces. Forty-five concerns because price reductions have been less exemploying 25,970 men reported a decrease of tensive. However, decreases vary from 15.8 5.6 per cent in July as compared with June. per cent in district No. 10 (Kansas City), 4 Structural steel and iron concerns took on a firms reporting, to 49.8 per cent in district No. few more workers, and railway equipment 6 (Atlanta), 14 firms reporting. In the other shops increased the number of men employed five reporting districts the decreases are beby 8.8 per cent. Reports from the Em- tween 30 and 40 per cent. In district No. 3 ployers' Association of Detroit continue to (Philadelphia) hesitancy in placing orders for show a slight increase in numbers employed fall trade was commented upon. Demand for in the automobile industry. mill supplies and builders7 hardware was stated Reports from district No. 8 (St. Louis) show to be especially poor. Unstable prices and a further increase in unemployment estimated belief in further reductions have prevented the to be from 6£ to 10 per cent. The losses are placing of future contracts. District No. 10 attributable to the lack of demand for workers (Kansas City) notes that hardware sales imin steel and iron and building trades. A sur- proved toward the end of the month as returns plus of agricultural labor likewise exists. from crops began to come in. The decline in In district No. 9 (Minneapolis) employment midsummer demand for boots and shoes has conditions showed a seasonal improvement in been quite heavy, amounting to 16.9 per cent July as a result of harvesting requirements in the case of district No. 12 (San Francisco), and highway improvement work. In the 15 firms reporting, 22.2 per cent in district No. lumber industry 21 per cent more men were 5 (Richmond), 8 firms reporting, and 23.4 per employed in July than in June, but the totals cent in district No. 6 (Atlanta), 9 firms rewere 34 per cent below those for last year. porting. The reductions in sales as compared No particular change in the employment with a year ago are in all cases very heavy, situation was recorded in district No. 12 (San primarily, no doubt, as a result of the drastic Francisco) during July. It was stated that cuts in prices that have occurred in the interval. the increased demands for labor from agri- The range is from 34.2 per cent in the case of cultural areas were largely offset by the re- district No. 7 (Chicago), 9 firms reporting, to duced numbers employed in mining, lumbering, 69.9 per cent in the case of district No. 6 fishing, and shipbuilding industries. Although (Atlanta), 9 firms reporting. Dry goods sales, crops have been abundant, harvesting opera- on the contrary, have advanced in all sections tions have been carried on with the aid of from which reports have been received, except less labor than has usually been taken on in district No. 12 (San Francisco), 12 firms repast years. Outside of San Francisco, where porting. In this last-mentioned case it looks Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SEPTEMBER, 1921. FEDERAL, RESERVE BULLETIN. 1047 as if the drop were a somewhat belated re- district No. 3 (Philadelphia) sales decreased duction that brought the returns more in line 11.8 per cent, which was partly due to the conwith those for other districts, as sales com^ tinued widespread depression in the iron and pared with July, 1920, show a drop of 50.1 per steel industries. Sales decreased 21.4 per cent cent, while in five other districts the reduction in district No. 4 (Cleveland), 11.7 per cent in as compared with a year ago has been from district No. 5 (Richmond), 21.7 per cent in 52.3 per cent in district No. 7 (Chicago), 9 firms district No. 6 (Atlanta), and 14.7 per cent in reporting, to 57.5 per cent in district No. 11 district No. 7 (Chicago). District No. 7 (Chi- (Dallas), 9 firms reporting. In only one case, cago) reports that prices have been reduced district No. 4 (Cleveland), has the reduction further in order to liquidate stocks on hand. been under 50 per cent, namely, 35.5 per cent The decrease in sales in district No. 8 (St. for three reporting firms. The increases during Louis) amounted to 16.5 per cent, in district the current month are attributable to retan No. 9 (Minneapolis) 21.8 per cent, in district buying for the fall trade. Stocks are low and No. 10 (Kansas City) 10.9 per cent, in district in the agricultural sections of the country after- No. 11 (Dallas) 22.1 per cent, and in district harvesting demand has to be met. Grocery No. 12 (San Francisco) 12.9 per cent. There sales have held up fairly well, and in three out is a noticeable increase of the percentage of of six reporting districts increases occurred in stocks to sales due to the seasonal dullness. July as compared with June, amounting to 1.2 Outstanding orders increased during July, per cent, 13 firms reporting in district No. 11 especially in the latter part of the month. (Dallas); 12 per cent in district No. 12 (San These orders are for merchandise actually Francisco), 28 firms reporting; 17.6 per cent in needed in the stores and are principally for district No. 10 (Kansas City), 5 firms reporting. medium-priced goods. The increase in out- Losses as compared with a year ago vary standing orders seems to indicate that retailers unevenly from district to district, amounting anticipate a good demand for fall goods. to 13.6 per cent in district No. 10 (Kansas City; and rising to 44.9 per cent in district No. 3 PRICES. (Philadelphia). Decreases in sales are in part accounted for by the drop in the price of sugar As has been the case during the past six and the diminished tonnage of sugar sales fol- months, the August price situation shows conlowing the abnormally heavy distribution of a flicting tendencies. Prices of leading, agriculyear ago. District No. 3 (Philadelphia) reports tural commodities, such as wheat, corn, oats, prices firmer and a better feeling, although rye, and hogs, have consistently declined, cot- July sales are slightly below those for June, the ton has advanced, while cattle, after advancing average drop being 2.6 per cent for 48 reporting during the early portion of the month, showed firms. Negligible decreases were also found in price recessions at the end. In the metal and district No. 5 (Richmond), 9 firms reporting a mineral industries there were further price reloss of six-tenths of 1 per cent; and in district ductions, bituminous coal, petroleum, and the No. 6 (Atlanta), in which 24 firms reported a nonferrous metals all showing declines. Toward reduction of 5.9 per cent in July sales. the end of the month pig-iron prices were reported to be somewhat stronger than they had been for some time in the past. Hide and RETAIL TRADE. leather and cotton prices showed perhaps the The retail trade situation during the month greatest strength of any of the different lines, of July was very quiet and inactive. This is, although finished woolen goods were likewise however, the period of normal midsummer reported to be strong. On the whole it is imdullness, and fall purchases do not generally possible to forecast the general trend of prices begin until August. The summer clearance during the month. Manufactured goods have sales were inaugurated in June this year and probably held relatively firm, but, as has been the natural result was a lull in the July busi- indicated above, many important raw mateness. Many stores report intensive "shop- rials have declined. ping" in order to secure maximum values. Prices in general during the past three or four Reports from representative department stores months have become somewhat more stabilized show a decrease in all districts in net sales for than they were in the early spring, but whether July from the same month a year ago. This this period of relative stability will continue, amounted to 12.3 per cent in district No. 1 whether prices will rise appreciably or fall is a (Boston), where it is reported that sales of matter for speculation. A continuation of stores in larger cities are less than sales of relative stability in the price level as a whole stores in smaller cities. The decrease in dis- might be marked by more or less extreme varitrict No. 2 (New York) is 11.5 per cent. In ations in the prices of individual commodities Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1048 FEDERAL, RESERVE BULLETIN. SEPTEMBER, lO-'l. if the variations canceled one another. For 61,974,653 tons. The United Kingdom slightly instance, increases which might occur in the surpassed the United States, with a fleet of prices of commodities which have been " liqui- 19,571,554 tons, but France, which is third in dated " or reduced to approximately prewar rank, had only 3,652,249 tons. Japan, Italy, levels might be accompanied by reductions in Norway, and Holland follow in the order the prices of commodities which are still far named, with merchant fleets ranging from above the prewar level. This is closely related about 3,350,000 tons down to 2,225,000 tons. to the theory which seems to be held by a If sailing vessels are disregarded and only number of economists who emphasize the fact steamers and motor vessels are considered, the that the various elements of the price system United States on June 30 had a merchant are out of harmony one with another (some marine of 15 746,384 tons out of a world total ? being at twice the prewar level while others are of 58,846,325 tons, or 26.8 per cent of the below it) and that there is fair reason to expect world's steam and motor shipping. In 1914 commodity prices to bear approximately the the world's steam tonnage was 45,403,877 tons same ratio to one another as they did before the and the share of the United States was only war. At the same time, other students of the 4,330,078 tons, or 9.6 per cent of the total. price problem lay greater stress on the supply situation in the individual commodity lines FOREIGN TRADE. than upon the interrelationship of prices in different lines. Both factors probably play a The July foreign trade totals are slightly part in the making of prices. What is difficult lower than for June, continuing the declines to measure is the importance of the several which set in at the beginning of 1921 in the factors on the price level as a whole. case of exports and some months earlier in the During July the index numbers of wholesale case of imports. Exports were valued at prices compiled by the Federal Reserve Board, $321,000,000 and imports at $179,000,000, the Dun, and Bradstreet indicated a rise in prices, excess of exports being $142,000,000. At the while that of the Bureau of Labor Statistics same time foreign countries continued to send showed no change from the June level. The us gold in large volume, resulting in a net Federal Reserve Board index, constructed pri- inward movement for July of $60,000,000. marily for international comparisons, stood at The Bureau of Foreign and Domestic Com- 141 in July (with the 1913 level taken as 100), merce has made an analysis of our foreign as compared with 139 in June. The index of trade for the fiscal year 1921, which shows that the Bureau of Labor Statistics registered 148 lower prices rather than diminished quantities in both June and July on the same basis. The are responsible for the reduction in our trade important changes during the month were totals as compared with the preceding fiscal further reductions in the prices of producers' year. Commodities forming 69 per cent of the floods (in which the equipment materials figure value of domestic exports in the fiscal year argely) and the comparative strength of raw 1921 show a decrease in value of 19 per cent materials and consumers' goods. Retail prices but an increase in weight of 23 per cent over of foods increased for the first time since June, the fiscal year 1920. The group of raw mate- 1920. The increase between June and July, rials in the same compilation shows a weight 1921, amounted to a little under 3 per cent. increase of 34 per cent and the group of foodstuffs a weight increase of 37 per cent. A SHIPPING. limited group of partly or wholly manufac- Little change is to be noted in the shipping tured commodities shows a decrease in weight situation during August as compared with the of 4 per cent. These results are noteworthy as last few months. American ships continue to showing how the volume of our trade has been carry but little more than one-third of our maintained until recently and that the falling imports and exports measured in terms of off in the quantities of exports which has been value. This proportion is far below what observable in the earlier months of 1921 has would be expected of a fleet as large as that not offset the large movements of goods in the belonging to this country. The figures of previous months of the fiscal year. These Lloyd's Register of Shipping on the size of the facts are in agreement also with the showing merchant fleets of the different countries, of the Board's foreign trade index, which disrecently made public, show that on June 30, closed relatively small declines in the volume 1921, the United States had ships aggregating of exports in February, March, and April, and 17,026,002 gross tons out of a world total of a substantial recovery in May and June. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SEPTEMBBE, 1921. FEDERAL RESERVE BULLETIN. 1049 CHANGES IN AGRICULTURAL AND INDUSTRIAL LOANS, MARCH 4, 1920, TO APRIL 28 1921. The following tables give an analysis of Bureau of Soils, and all other available sources reports to the Comptroller of the Currency and was estimated to be not less than 80 per cent the Federal Reserve Board from about 9,500 agricultural; as semiagricultural when their banks throughout the country which are products were between 50 and 80 per cent members of the Federal Reserve System. agricultural; and as nonagricultural when their The purpose of the analysis was to ascertain products were less than 50 per cent agricultural. what changes took place during the year The summary table below shows that beended April 28, 1921, in the loans of banks in tween May 4, 1920, and April 28, 1921, the agricultural communities as compared with loans and discounts of banks in agricultural the loans of banks in nonagricultural communi- counties throughout the country declined ties. While loans by country banks are often $37,000,000, or slightly more than 1.2 per made for uses other than to finance farmers, cent; the loans and discounts of banks in and many loans by city banks are made to semiagricultural counties declined $19,000,000, move crops and for other purposes inti- or 1.3 per cent; and the loans and discounts mately connected with agriculture, it is felt of banks in nonagricultural counties declined that the figures compare with fair accuracy the $827,000,000, or 5.6 per cent. The borrowliquidation of industrial and agriculturalloans. ings from the Federal Reserve Banks by banks All counties in the country were grouped in agricultural counties increased $128,000,000, in three classes—agricultural, semiagricultural, or 56.5 per cent; borrowings by banks in and nonagricultural. Counties were classified semiagricultural counties remained practically as agricultural, when the value of their products stationary; and borrowings by banks in nonaccording to data obtained from the 1920 agricultural counties declined $629,000,000, Census reports, the. Geological Survey, the or 28.5 per cent. INCREASE OR DECREASE IN LOANS, BORROWINGS.1 AND DEPOSITS OF MEMBER BANKS (1920-21). [Amounts in millions of dollars.] A c g o ri u c n u t l i t e u s r . al Sem c i o a u g n ri t c ie u s l . tural Non c a o g u r n i t c i u e l s t . ural Total. Amount. Percent. Amount. Percent. Amount. Percent. Amount. Per cent. Loans and. discounts ...... - 36.5 - 1.2 -18.7 - 1.3 -827.1 - 5.6 - 882.3 - 4.5 Borrowings from Federal Reserve Banks + 127.6 + 56.5 - 0.3 - 0.2 -629.1 -28.5 - 501.8 -19.5 Borrowings from other banks + 45.2 +65.7 + 6.1 +19.0 + 0.5 + 0.6 + 51.8 +27.3 Total deposits -411.8 -11.1 -87.7 - 5.2 -665.7 - 4.4 -1,165.2 - 5.7 1 Bills payable and rediscounts. In partial explanation of the relatively year than a year ago. In the semiagricultural heavy demands upon the Federal Reserve counties, no important changes are reported System by banks in agricultural counties, it for any of the Federal Reserve districts. In appears that their loss in total deposits was the nonagricultural counties there appears 11.1 per cent, as against a loss of 4.4 per cent to be evidence of liquidation; the volume of by banks in nonagricultural counties. loan reduction has been material in every Between May 4, 1920, and April 28, 1921, Federal Reserve district except Cleveland, member banks show a total reduction of which reports a 10 per cent increase in loans. loans amounting to $882,000,000, of which The contrast between the banks in agri- $827,000,000, or 94 per cent, is shown for cultural and nonagricultural counties is even banks in nonagricultural counties, while the more pronounced when borrowings from the reduction in agricultural and semiagricultural Federal Reserve Banks are compared. These counties amounted to only about $55,000,000. borrowings increased for banks in agricultural An analysis of the changes in loans by Federal counties by about $128,000,000, or 57 per Reserve districts shows few important reduc- cent, particularly heavy relative increases tions for banks in agricultural counties, the being shown for the Atlanta, Dallas, and largest reduction being reported for banks in Minneapolis districts. In the semiagricultural the Kansas City district, where loans were counties the amount of loans from Federal reduced by about $53,000,000. On the other Reserve Banks shows practically no changes hand, banks in the Richmond and Atlanta for the year, substantial increases in the Richdistricts showed somewhat larger loans this mond and Atlanta districts being offset by Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1050 FEDERAL RESERVE BULLETIN. SEPTEMBER, 1921. a reduction of $10,000,000 in the Cleveland the districts, except Richmond and Atlanta, district. In nonagricultural counties the re- reported borrowings below the basic line. duction of borrowings from Federal Reserve Banks is universal for all the districts, except BORROWINGS X FROM FEDERAL RESERVE BANKS, COM- Cleveland. For the system as a whole the PARED WITH "BASIC LINE?' ON APRIL 28, 1921. reduction in borrowings from Federal Reserve [Amounts in millions of dollars.] Banks amounted to about $502,000,000; for banks in nonagricultural counties the reduc- Agricultural Semiagricultural Nonagricultural counties. counties. counties. tion was $629,000,000, which was offset in part by an increase of $128,000,000 in the borrowings of banks in agricultural counties. Federal Figures for the several Federal Reserve Reserve districts are shown in the table below: district. a INCREASE OR DECREASE IN LOANS AND IN BORROWINGS FROM FEDERAL RESERVE BANK, BY DISTRICTS (1920-21). [Amounts in millions of dollars.] 03,0 LOANS AND DISCOUNTS. Boston 2.5 53.5 1.5 50.0 95.1 184.1 51.7 New York 24 J 35.7 6.4 10.7 59.4 574.11,083.0| 53.0 Philadelphia.. 15. 54.8 3.6 6.3 56.7 136.2 171. o; 79.6 Agricultural Semiagri- Nonagricul- Cleveland 21.6 29.4 19.3 57.6 33.5 114.5 180.7! 63.3 counties. cultural tural Total. Richmond 24.3 9 122.3 22.1 12.7 173.9 78.2 68.8! 113. 7 counties. counties. Atlanta 29.7 9 186.8 19.4 12.4 156. 63.6 55.0 115.6 Federal Dallas 45.8 3116.4 11-2 15.7 71.6 15.7 28.7 54.7 Reserve Chicago 83.4 2115.5 33.1 31. 104.7 250.3 300.1 83.4 district. St. Louis 23.0 2 103.7 2.0 4.2 48.1 55.7 62.7 Minneapolis... 36.1 3108.6 4.7 7.7 61.7 34.5 87.0 Kansas City... 33.3 45.1 74.0 5.8 11.0 53.0 56.1 72.9 77.0 San Francisco. 51.2 41.4123.6 8.5 18.6 45.7 103.8 145.4 71.3 Total. 353.1355.8 99.2137.6 191.4 71.9 1,577.8 2,418.1 65.2 Boston -0.7 - 22..0 +1.6+ 7.7- 36.2 2.7- 35.3- 2.5 New York + 15.0+ 1100..2 +5.4+ 7.1-426.1- 7.8-405.7 - 7.1 C Ph le il v a e d l e a l n p d h . i . a .. . . .+ - 9 1 . . 6+ - 1111 11 . . . . 0 0 + +7 1. . 5 5 + + 2 4 . . 0 5 + — 1 0 2 0 7 . . 8 8 + - 9 2 . . 5 8 + - 10 1 6 6 . . 7 7 - + 1 6 .5 .7 1 Bills payable and rediscounts. Richmond + 4.7 + 2.4- 0.5- 0.3- 9.3-1.7 - 5.1- 0.6 Atlanta + 4.4+ 2.9+ 5.1 + 4.5- 58.7- 12.1- 49.2 Dallas - 22.8 6.3- 2.3-2.2 - 29. - 12.6- 55.0- 7.8 Chicago - 16.4 2.4-17.4 -6.0 -132.3 6.31-166.1 - 5.4 MEMBER BANK ACCEPTANCES IN 1921. St. Louis - 3.8 1.9 0.6- 1. - 73.7 11.8|— 78.1- 9.1 Minneapolis...- 19.1 4.8 4.6- 6.1- 40.7 12.0- 64.4 - 8.0 Kansas City...- 52.9- 13.0- 9.0-10.4 - 75.4 13.3—137.3-13.0 In continuation of figures shown on page 800 San Francisco.+ 47.1 +13.2- 5.4- 4.2- 17.7 1.8:+ 24.0 +1.6 of the July number of the BULLETIN, there are Total... - 36.5-1.1 -18.7- 1.3 -827.0- 5.6- - 4.5 given below figures of acceptance liabilities of national banks and other member banks for BORROWINGS FROM FEDERAL RESERVE BANKS.* all call dates, beginning with June 30, 1920, and ending with June 30, 1921. As pointed Boston 0.3+ 11.8+ 0.5+61.6- 29.3- 23.5- 28.5-22.3 out in the earlier number, the decline in the New York... "7+ 9.2+ 0.3 + 4.5 206.91- 26.5-205.9 -25.9 Philadelphia. 17.9 0.2 6.3- 73.31- 35.0- 75.4-33.7 amount of acceptances outstanding manifested C R l i e c v h e m la o nd nd... 6.9+ 3 13 9 . . 7 4+ • 1 44 0 .. . 7 0 + -3 2 34 6 4. . .0 + 15.0 3 | | + - 1 99 5 .. . 8 0 + + 3 4 . . 0 0 + + 2 2 . . 9 5 itself for the first time in the November 15 Atlanta 16.2+120.2+ 9.6 +96.6 - 29.9 31. -4.1 - 335.5 report, but, with the shrinkage in the value Dallas 22.0 + t.O -25.3 - 24.0 60.5- 5.8— 7.4 Chicago + 25.9 +45.1 0.2- 0.6 -117.9 32.0- 92.2-20.1 of our foreign trade, it assumed larger propor- M St. i n L n o e u a i p s olis.. + + 1 6 8. .8 3 + +. 10 4 2 2 . . 2 0 0 1. . 8 4 - - 4 7 6 . .9 4 - - 3 8 0 0 . . 5 5 5 4 9 6. . 9 1- - 7 1 5 2 . . 5 6 - - 4 1 8 4 . . 3 3 tions during 1921, the decrease during the six Kansas City.. + 11.3+ 51.4 1.8-23.9 - 41.6 42.6- 32.1-25.2 months of the present year being from $593,- San Francisco. 22.0+ 7755..3+ 2:8+50.0 - 1.6— 1.5+ 23.2+16.6 708,000 to $431,887,000, or over 27 per cent, Total...+127.5+ 56.5- 0.3- 0.2-629.1'- 28.5-501.9-19.5 compared with a decrease of 36 per cent for the 12-month period since June 30 of last year. 1 Bills payable and rediscounts. For the six months of the present year the A comparison of borrowings with the so-called New York City member banks show a decrease basic line is presented in the next table. On in their acceptance liabilities from $341,605,000 April 28, 1921, the borrowings of member to $264,164,000, or of 23 per cent; member banks from Federal Reserve Banks in agricul- banks in Boston a decrease from $64,135,000 tural counties were in excess of the so-called to $44,709,000, or of 30 per cent; those in basic line in the southern and middle and far Chicago a decrease from $52,500,000 to western districts, with the exception of Kansas $40,291,000, or of 23 per cent; and those of City. In semiagricultural counties borrowings Philadelphia a decrease from $17,443,000 to were below the basic line in all the districts $11,026,000, or of 37 per cent. Considerable except those of Richmond, Atlanta, and Chi-decreases are shown also for member banks in cago; while in the nonagricultural counties all St. Louis, San Francisco, Cleveland, New Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SEPTEMBER, 1921. FEDERAL RESERVE BULLETIN. 1051 Orleans, Detroit, and Kansas City, the rela- ACCEPTANCE LIABILITIES OF NATIONAL AND OTHER tive decreases for some of these cities being MEMBER BANKS—Continued. about as large as for the more important accept- [In thousands of dollars:] ance markets. Acceptance liabilities of member banks in New York City on June 30, 1921, Cla a s n s d o c f i b ty a . nks Ju 1 n 9 e 20 3 . 0, N 1 o 9 v 2 . 0 . 15,De 1 c 9 . 2 0 2 . 9, Ap 1 r 9 . 2 1 2 . 8, Ju 1 n 9 e 2 1 3 . 0, constituted 61 per cent of the aggregate acceptance liabilities of all member banks, com- STATE BANK AND TRUST COMPANY MEMBERS— pared with about 51 per cent a year before, continued. and 55.8 per cent on November 15 of the past Seattle 40 4 4 66 year. Allother 4,640 4,829 4,810 3,660 4,318 In the following table are shown aggregate Total. 242,369 241,276 218,292 199,9 180,962 acceptance liabilities separately for national ALL MEMBER BANKS. banks and other member banks, also for all New York 344,239 361,202 341,605 311,918 264,164 Buffalo 4,024 4,189 3,434 1,628 1,687 member banks in the principal centers on all Boston 69,417 64.135 58,064 44,709 Providence 5,129 2,461 2,620 2,084 1,158 call dates between June* 30, 1920 and 1921: Philadelphia 26,124 23,640 17,443 12,062 11,026 Pittsburgh 7,036 2,847 1,921 1,442 2,076 Cleveland 16,474 14,168 13,274 9,883 11,131 ACCEPTANCE LIABILITIES OF NATIONAL AND OTHER Detroit 5,000 5,366 5,427 3,785 4,008 Cincinnati 2,692 1,422 1,352 681 511 MEMBER BANKS. Memphis 1,556 1,185 375 444 280 Indianapolis 2,320 2,919 2,818 1,365 551 [In thousands of dollars.] Richmond 1,873 1,914 2,290 1,028 1,741 Baltimore 4,340 5,515 4,773 1,643 1,849 Atlanta 1,685 682 797 612 361 Class of banks Ju 30 n , e Se 8 p , t. N 1 o 5 v , . D 2 e 9 c , . F 2 e 1 b , . Apr. Ju 30 n , e N Sa e v w a n O n r a l h eans 11, 6 6 7 4 4 7 7, 6 64 77 6 8, 5 97 62 4 7,4 4 8 75 9 5, 4 3 1 7 0 8 and city. 1920. 1920. 1920. 1920. 1921. 1921. 1921. Charleston, S. C 801 1,702 2,166 1,441 778 Chicago 66,144 60,495 52,500 45,553 40,291 St. Louis 14,737 11,475 8,053 1,996 1,809 Minneapolis 8,024 9,590 8,208 1,819 1,422 NATIONAL BANKS. Kansas City, Mo 4,682 4,603 3,781 2,573 3,045 Dallas , 1,035 2,875 1,750 150 300 New York 200,904 197,501 201,854 193,309 191,918 173,062 142,620 San Francisco 26,838 16,999 14,363 14,337 11,636 Buffalo 138 338 1,014 1,484 1,194 772| 768 Los Angeles 2,349 2,247 2,206 1,177 2,447 Boston 53,978 44,835 49,518 4499,,7 78866 47,181 46,207 33,697 Portland 3, 845 5,035 3,123 3,557 2,137 Providence 870 1,051 775 404 Seattle 2,615 1,017 1,103 934 561 Philadelphia 25,619 415 16,343 11,862 10,402 Allother 28,985 26,513 24,655 16,029 16,411 Pittsburgh 4,080 882 1,471 1,244 1,700 Cleveland 9,440 412 8,528 1,137 2,123 Total I 673,567 647,801 593,708 504,169 431,887 Detroit 3,960 360 4,527 3,385 3,558 C M i e n m ci p n h n i a s ti 1, 8 3 0 1 5 2 2 3 2 5 2 0 1,2 1 0 0 2 0 681 511 RECAPITULATION. Indianapolis 2,729 919 2,818 1,365i 551 Total national banks... 431,198 406,525 375,416 304,231 250,925 Richmond 2,675 864 2,190 1,0281 1,741 Total State bank and Baltimore 7,113 165 4,273 1,446; 1,749 trust company mem- Atlanta 1,342 650 600 450! 250 bers 242,369 241,276 218,292 199,938 180,962 New Orleans 1,""" 555 1,532 920 911 Charleston, S. C... 1, 702 2,166 1,927 1,441 778 Grand total. 673,567 647,801 593,708 504,169 431,887 Chicago 40,825 920 28,819 23,89424.280 19,295 St. Louis 3,987 705 3,116 615 '524 657 M Ka in n n s e a a s p C ol i i t s y, Mo... 8 5 , , 287 5 4 9 8 0 2 8 3 , , 2 6 0 4 8 9 1 1 , , 8 0 1 2 9 3 1 1 , , 4 0 2 7 2 9 Owing to the decline in our foreign trade, the S L D A P S a o e o l a n l a s r l l t t o a A t l F t l a s e h r n n a e g d n r e c l i e s s co 2 2 2 2 1 , , , , 4 0 2 1 8 2 4 1 3 0 0 7 8 8 0 7 6 0 6 7 7 5 8 1 5 5 2 7 4 3 1 1 2 3 1 1 9 1 , , , , , ,8 2 4 7 8 0 4 4 1 9 5 9 5 1 6 3 0 9 14,091 1 1 2 3 2 , , , 9 6 7 1 9 3 7 1 5 3 7 6 7 1 0 1 9 2 1 1 0 1 2 1 , , , , 3 4 7 4 6 0 5 0 0 6 9 9 3 3 0 5 5 3 f v o in o p o r v e l u e n t s m h t m i o e s r a s r c o , k l a f b e s e t s b c h a a o a u n f s s k e p a e l a r s o s p o f ' e s t r b h h b i e r l u y l e s n a b k s o a , i n f n w f g k e h r s e o il d a f e n m t d f h o o e n c r o e d y r s e p a m r o l a e a r t a n e i t d s n e , Total 431,198 414,583 406,525 375,416 345,644 304,231 250,925 has been on the increase and at times in excess of the available supply. The result has been Class of banks, June 30, Nov. 15, Dec. 29,Apr. 28, June 30, a further decline in the offering of bills to the and city. 1920. 1920. 1920. 1921. 1921. Federal Reserve Banks by dealers and member banks. The following table shows the gradual STATE BANK AND TRUST elimination from among the reserve banks7 COMPANY MEMBERS. earning assets of bank acceptances, both pur- New York 143,335 159,348 148,296 138,856 121,554 Buffalo 3,886 3,175 1,950 856 919 chased in open market and discounted for Boston 24,721 19,899 14,349 11,857 11,012 member banks. Providence 4,178 1,781 1,569 1,309 754 Philadelphia 1,385 1,225 1,100 200 624 At the close of June, Federal Reserve Bank Pittsburgh 2,287 965 450 198 376 Cleveland 6,434 5,756 4,746 8,746 9,008 holdings of purchased and discounted bank Detroit 1,394 1,006 900 400 450 acceptances of all classes totaled $57,042,000, Cincinnati 100 200 150 Memphis 901 835 275 444 280 of which $38,753,000 only represented member- Richmond 50 50 100 Baltimore 689 350 500 197 100 bank acceptances. The latter amount is less Atlanta 385 32 197 162 111 than 9 per cent of the total member-bank Savannah 674 677 562 475 410 New Orleans 7,259 6,091 7,442 6,569 4,467 acceptances outstanding, and compares with Chicago 28,790 25,575 23,681 21,273 20,996 St. Louis 9,422 6,770 4,937 1,472 1,152 holdings of $255,564,000, or 38 per cent of the Kansas City, Mo. 121 132 1,550 1,966 total member-bank acceptances outstanding at San Francisco 527 1,134 1,122 726 971 Los Angeles 550 490 390 200 744 the close of June of last year. Portland 722 630 785 684 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1052 FEDERAL RESERVE BULLETIN. SEPTEMBER, 1921. HOLDINGS OF BANKERS' ACCEPTANCES BY FEDERAL RE- exceptional and changes in acceptance liabili- SERVE BANKS. ties of the German great banks are due prob- [In thousands of dollars.] ably as much, if not more, to the vicissitudes of the foreign exchanges as to the volume of Purchased in the open market. Held under discount foreign trade transactions. Accepted by— Accepted by Non- THE COMMERCIAL PAPER BUSINESS. Date. member Branches Total. b M a b n e e k m r s - . b b a a i a n n n n g d k k s - b v P a a r n t i k e - - a f g o a e r o e n n i f c d g i n es Total. b M a b n e e k m r s - .b O an th k e s r . w D h i T v ic i h s h e i o g n fo i v l o l e o f w t A h in n e g a r l e y i s s s u i s l t t h s a e n o d f s e R a c o e s n s t e d u a d r o y c f h m t o w a f d o e t h a b e r y t m i c t o l h e r e s e cor- banks. pora- important aspects of the commercial paper tions. business. The previous .article appeared in the August, 1921, issue. 1920. June 30 . 372,541255,564 56,474 38,647 21,856 25,174 (i) C1) 1921. IV. CHARACTER OF PAPER SOLD. Tan. 31. 162,385 89,240 32,372 18,055 22,718 12,506 8,454 4,052 Feb. 28. 169,048 96,313 33,768 18,458 20,509 13,421 8,669 4,752 Form of paper.—There are four classes of Mar. 31. 119.054 65.868 20,653 15,878 16,655 13,052 9,181 3,871 Apr. 30. 109,142 62,327 18,341 13,915 14,559 10,188 6,343 3,845 paper which appear in the open market. Un- May 31. 75,239 46,754 10,053 9,517 8,915 9,472 6,469 3,003 June 30 40,130 26,787 6,960 3,391 2,992 8,456 6,033 2,423 secured single-name paper is most frequent. July 31. 17,912 13,411 3,087 1,034 380 6,089 4,125 1,964 Double-name paper is of two kinds—either trade paper, i. e., promissory notes given in i No data. settlement for goods purchased and indorsed As pointed out in the July number, the by the seller, or nontrade paper bearing in- British banks show a shrinkage in their accept- dorsement. Some collateral notes are also ance business for the more recent period even used. Estimates differ as to the proportion larger than our own banks. For the calendar of the total volume of paper in each of these year 1920 this shrinkage, according to the forms. The proportions vary to some extent London Economist, was nearly one-third for with the character of the individual business. all the English joint-stock banks, while for the The question is complicated by the fact that first six months of the present year the ac- some dealers regard paper with the indorseceptance liabilities of the nine leading London ment of directors or officers as single-name clearing banks shows a continuous decline from paper, whereas others regard it as double- £88,213,000 to £57,610,000, or of nearly 35 per name nontrade paper. Thus, one broker esticent, as against a simultaneous decline of 27 per mated that " unsecured single-name paper cent shown for our own member banks. constitutes approximately one-half of the total Acceptance liabilities of the three great handled by brokers/' and two others placed French banks show an increase from the figure at 65 per cent, while, on the other 172,000,000 francs on December 31, 1919, to hand, two large dealers stated that 95 per cent 261,000,000 francs on December 31, 1920. But and two others that almost all their paper was since then a considerable decrease in these in this form. The general figure is probably figures may be noted. Thus the Comptoir somewhere between these two extremes, and National d'Escompte reports a decline in its one dealer has placed it at 75 per cent. acceptance liabilities during the first six The general consensus of opinion is that months of the present year from 113,000,000 to double-name trade paper does not constitute 67,360,000 francs, the Credit Lyonnais a de- over 5 per cent of the total volume. The crease for the five months of the present year highest estimate, which was given by two from about 35,000,000 to 20,770,000 francs, dealers, was 5 per cent, and most of the rewhile the decrease reported by the Societe porting houses stated that they either handle Generale for the first four months of the present none or almost none, or a very limited amount. year is from about 120,000,000 francs to One dealer adds that "we believe the com- 59,355,000 francs. A similar development is mercial paper market should be made available indicated by the reports of the large Italian only for strong borrowers who, by reason of commercial banks. For Germany fcnd-of-1920 their size and strength, enjoy a single-name figures for eight of the Grossbanken show credit." aggregate acceptance liabilities of 918,400,000 Estimates of the proportion of double-name marks, as against 805,800,000 marks at the nontrade paper differ somewhat. Two dealers close of 1919. But conditions in Germany are who showed lower figures for single-name paper Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SEPTEMBER, 1921. FEDERAL RESERVE BULLETIN. 1053 have a rather high figure, namely, 30 to 35 per of ourselves." The note is then indorsed in cent, but other estimates place it at 10 and 15 blank by the maker. This is the case both per cent, and several other dealers state that with single-name paper, double-name nontrade they themselves handle but little of such paper. paper, and collateral notes. By this means the "The only prominent class of indorsers of notes are rendered negotiable, and the dealer paper,'7 states one dealer, "are the commission avoids indorsing them. He guarantees only houses, who indorse or guarantee the paper of the genuineness of the signature. textile mills for whom they sell.77 He notes Registration of paper.—Following the panic that the commission houses, especially in New of 1907, registration of paper was often advo- England, make no financial statements. This cated as a means of safeguarding purchasers by paper is stated to be distributed somewhat giving definite knowledge as to the amount of differently than the other types of paper. paper outstanding. In 1911 one of the New Another dealer states that indorsement is York trust companies made arrangements for found largely in the .case of small closed cor- registering paper, and other prominent financial porations, where the officers or directors indi- institutions announced the inauguration of vidually will indorse. similar facilities, but the service has only been The use of collateral notes is stated by some availed of by a few borrowers. dealers to be very limited, while several esti- Denominations.—It is general^ agreed that mate the amount at about 5 per cent of the the greater part of the paper is in $5,000 detotal volume, and one places it at 10 per cent. nominations. The estimates of the percentage Savings banks in New England often purchase of the total paper outstanding in normal times collateral loans. One dealer states, however, which is in this denomination range from 50 to that he does not believe that on the whole a 75 per cent. The next most frequent units are great deal of collateral paper is sold in the $2,500 and $10,000. The percentage estimates East, but there is a large business in the South which have been received generally place the and West in cattle and cotton paper, and proportion of the former as considerably throughout the country considerable paper of greater than the latter, although two houses large cold-storage warehouses secured by ware- regard the normal percentage as approximately house receipts is sold, although such paper is equal in the two cases. Some houses state that usually distributed close to its source. The the proportion in denominations in excess of great majority of warehouse paper, however, $10,000 is very small, although several show will be placed direct with banks and not pass a considerable percentage, the units specified through the commercial-paper house, as it is being $25,000 and $50,000, and by some dealers necessary that the warehouse receipts be also $100,000 and $500,000. One dealer states readily available to the maker. In general, that "when we get large blocks of paper from collateral will consist of securities, stocks or any one concern, we often receive large debonds, either listed on one of the exchanges, nominations, running as high as $25,000 or or well known locally, although instances of $50,000/' while another notes that " the denomcotton warehouse receipts, chattel mortgages inations are to fit the case of a bank where it on cattle, and installment notes are also re- can only lend a certain percentage of capital ported. One dealer states that this paper is and surplus to any one name." largely of individuals, although some is of During about the last two years the normal stock exchange houses. The margin generally percentages have been very much altered. specified against listed security collateral is 20 This has been due to the fact that the great per cent, although 25 and 30 per cent are also bulk of sales during that period have been noted. Two dealers who refer to other classes made direct to country banks. The dealer of collateral state that the margin varies from adjusts the denominations according to the 10 per cent to 100 per cent, according to how current requirements of buyers, considering well known and marketable it is. The dealer whether the large city or the smaller country in almost all cases looks to the maintenance of banks are buying. A much larger proportion a satisfactory margin, although, states one of notes are therefore at present in $2,500 dedealer, he is not legally obligated to do so. nominations, while denominations larger than One dealer, however, states that in the case of $10,000 have correspondingly declined, and the collateral loans some banking institution has proportion of $10,000 pieces is also stated by generally been designated as trustee, and the some dealers to have declined. The greater use purchaser accordingly expects very little of of the $2,500 denominations has added conthe commercial-paper house in the way of siderably to the dealer's expense of doing watching the margin. business. In almost all cases, the maker is also the Maturities.—Reports received indicate that payee, and the note reads: "Pay to the order the majority of paper has a maturity of six Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1054 FEDERAL. RESERVE BULLETIN. SEPTEMBER, 1921. months. Some dealers, however, show a lesser V. RATES. average or customary maturity, in some cases four and in some cases five months, while others In the present study no effort has been made give the customary maturity as from three to to consider the relation between open-market four, four to six, and five to six months. The rates and rates charged customers by banks. shortest maturity shown was two months, this Instead, attention has been confined to differdealer also stating that in very easy money ences between commercial-paper rates themmarkets he has sometimes sold paper, in excep- selves and to the method followed by the dealer tional instances, as long as eight or ten months. in taking the paper from the borrower. Two dealers note a tendency toward shorter Differences between markets.—A number of maturities under present conditions. One dealers state that no considerable variation is states that the majority of his notes now run found, and point to the fact that they offer from four to six months and under normal con- their paper at the same rate in all markets. On ditions from five to six months, while the other the other hand, certain differences have been states that he takes a much larger percentage indicated by other dealers. These in general, of three months' notes than formerly and a however, do not exceed one-half of 1 per cent. smaller percentage of six months7 notes. " Vari- Some markets buy more freely at certain seaations in maturities are occasioned/7 states one sons of the year, and thus in the Middle West dealer, "by the nature of borrowing and by after crop moving time the dealer may be able interest rates. In an easy money market, to place paper at a trifle lower rate, but the six months' paper usually predominates, as the difference, states one dealer, will not exceed borrower has only to pay two commissions a one-fourth of 1 per cent. One dealer states year. In a tight money market, four months7 that at times in the past the coast market has paper predominates, for the reason that the been for quite sustained periods one-fourth to buyer needs only to carry the paper about 30 one-half per cent below the eastern markets, days before it is rediscountable at the Federal while at times the New York market has been Reserve Bank, and most buyers of paper, dur- for very brief periods substantially below other ing periods of tight money, wish to have markets, although this is exceptional. Another quickly realizable investments. Seasonal lines dealer observes that when rates are high New of business usually borrow for six months, with York as a rule is " at the top,77 while when rates a renewal of three or four months.77 If there is are low it is "at the bottom.77 Several dealers a tendency toward cheaper rates, however, note a tendency for changes in rates to move banks naturally buy as long maturities as pos- across the country in a regular wave from east sible, while the reverse is the case if there is a to west, the latter being affected two or three tendency toward higher rates. Most dealers weeks after the New York market has been, who have considered the matter state that there although one observes that this is not invariis little variation in length of maturities, able. according to the line of business of the maker. Difference between lines of business.—Some Paper is not renewed except in periods of differences in rates between different lines of stress. Savings banks, however, it is stated by business have been reported. Certain lines one dealer, will renew paper indefinitely. and short maturities, state several dealers, at Instead, new paper may be sold to replace times command a rate lower than the general current maturities, and thus the liquid charac- market rate, this being true of lines which can ter which such paper possesses for the indi- be quickly liquidated. One dealer believes vidual holder is preserved. In actual practice, that as a general proposition a few staple lines, however, the proportion of paper which is such as groceries, dry goods, and hardware, replaced by other paper appears to be high. probably sell at a somewhat lower rate. Sev- Two dealers estimate that about 50 per cent is eral dealers agree that certain New England replaced, while another places the figure at 75 mill paper, bearing commission house indorseper cent, but states that the number of replace- ment, commands a lower rate in markets where ments varies very greatly with different lines of it is sought after, while a middle western dealer business and different market conditions. The states that this is the case also with grain paper latter states that in the case of nonseasonal secured by registered terminal warehouse relines " there might, under ordinary market ceipts. On the other hand, states one dealer, conditions, be no limit to the number of 're- certain lines do not always command a ready newals7 granted, provided, of course, that the sale, in particular luxury lines, such as autoconcern in question keeps its affairs in a good mobiles, jewelry, and pianos. On the whole, liquid condition with a good proportion of quick however, dealers state that differences are assets to debt at all times.7' found rather with respect to the individual Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SEPTEMBER, 1921. FEDERAL RESERVE BULLETIN. 1055 borrower, or, as one dealer expresses it, the rather to cases in which the dealer makes no matter is " purely a question of credit combined advance at all to the borrower, instead of cases with supply and demand." The rate is then in which the rate merely is left open, but the determined by the strength of the borrower, paper paid for at once by the dealer. The usually, remarks one dealer, from the stand- volume of such business which is reported is, point of high indebtedness to total resources, however, small. One dealer states that "most and by the infrequency with which the name brokers occasionally take paper on consigncomes into the market. It is stated that "no ment—for instance, when a borrower may not general rule is possible applying to most single- be in immediate need of funds, but does desire name paper. Some of the very large and na- to take advantage of any sales that can be tionally known names frequently bear a lower effected on the open market, frequently for rate than others in the same line of business, the purpose of reducing borrowings at the borthe latter not being so strong or so well known. rower's own banks, or in a particularly slow When the market is broad and paper moving market, piling up money in advance of actual readily there is frequently a spread of one-half requirements." This dealer states that "in a of 1 per cent in rates, depending both on the steadily advancing market, or when the market class of paper offered and the excellence of the is very dull and very little paper is moving, concern's statement." Another dealer states we. sometimes make advances of a round that the "spread" has been greater during amount against a block of. paper, remitting recent months. the balance to the borrower as the paper is Outright purchase versus consignment busi- sold." In a few instances, where the maturiness.—It is generally stated that most com- ties are exceptionally short, he charges the mercial paper is purchased outright by dealers, borrower a net rate of interest without comwho then resell it as occasion offers. This is on mission, which sometimes brings the profit a the whole confirmed by the present study. The trifle under the customary one-fourth of 1 dealer then purchases the paper outright at a per cent. flat rate, less also his charge for handling or The dealer's commission.—The customary "commission," as it is called, and "takes his commission which the dealer receives for his chances" on being able to resell at a profit. If services has been one-fourth of 1 per cent for rates decline, he gains, but if they increase his many years, and is made irrespective of the margin decreases and may disappear. The maturity of the paper. This is still charged borrower receives payment at once from the by the majority of the houses. Last year, dealer when he delivers the paper to him. But however, the increased cost of doing business some exceptions to the practice are found, and attendant upon the increased distribution to these appear to be more frequent than has small country as against large city banks generally been believed. One large dealer caused several dealers to raise their charge to states that he "endeavors to avoid speculation one-half of 1 per cent. One dealer is stated in paper, and thus tries to buy so that the ac- to have done this only in the case of the poorer count will protect him against changes in rates." risks, the charge to the better risks remaining at He, however, places the funds to the credit of one-fourth of 1 per cent. One dealer states the maker at once, and merely makes an ad- that the same result has been achieved in some justment in case the rate changes. Another cases by insisting upon three months matularge dealer states that he purchases fully 90 rities, instead, as heretofore, taking four, five, per cent of his paper on an "open-rate" basis. or six months paper. Another dealer states The dealer then deducts an approximate that he has heard of cases during the past amount to cover interest, as well as the com- year where the dealer who has acted more or mission, and remits the net amount to the bor- less as a banker for a client, owing to his rower immediately on receipt of the paper. inability to dispose of the paper, has charged Be states that his customers are perfectly will- a larger amount to compensate him for tying ing for him to protect them in an advancing up his own money in order to take care of market, as he is to protect them in a declining his client. market, and cites the fact that about the opening of May, e. g., he saved his customers con- VI. OPERATION OF THE INDIVIDUAL COMsiderable money on unsold blocks of paper MERCIAL PAPER HOUSE. which he had on hand. One dealer states that some dealers may Buying and selling paper.—Paper is often retain, e. g., 10 per cent to be paid only when purchased only by the principal offices, in parthe paper is actually sold. Regular consign- ticular New York and Chicago, and Boston ment business, however, apparently relates in the case of houses whose head office is Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1056 FEDERAL RESERVE BULLETIN. SEPTEMBER, 1921. located there. Certain houses also permit capital used in the commercial paper end of his offices covering other sections, such as St. business). A third gave the figure as 100 times, Louis and San Francisco, to purchase paper, a fourth stated that it varied from 50 to 100 but such purchases are subject to the approval times, and a fifth placed it at about 150 times. of the head office as to amounts, names, and One dealer explained the range as probably rates. As a general rule the staff engaged in found in the case, on 'the one hand, of dealers purchasing or soliciting new accounts is small buying paper outright, who turned their capital as compared with that engaged in selling, and over 50 times, and, on the other hand, of dealmen are shifted from the one task to the ers taking paper on consignment, who turned other as occasion requires. When money is their capital over 100 times. easy, say about 4 per cent, states one dealer, An indication was also obtained from several he shifts men from selling to getting new dealers of the relative proportion which their accounts, while when money is tight the re- borrowings from banks bears to their own verse will be the case. capital. One stated that the greatest part of Stocks of paper are generally carried at the the funds used to carry paper was obtained principal offices, and in some cases also in San from his banks, while another smaller house, Francisco, although smaller stocks may be however, stated that fully half the time it carried at some of the lesser offices. The carries paper without obtaining loans. Two purpose is to provide the maximum service to dealers furnish more definite estimates, one buyers and to deliver paper with as little delay stating that his borrowings varied from three as possible. The centers in which stocks are to six times his own capital, depending upon carried correspond in a broad way to those market conditions, while another stated that which purchase paper. In one case, however, during the abnormal conditions prevailing it is stated that the Philadelphia stock is car- during the past year or so, his borrowings were ried in New York, owing to the small distance two to three times his own capital. One between the two centers. One dealer states dealer, who stated that conditions varied that some branches may sell local paper locally greatly from time to time, cited the fact that without passing it on to New York or Chicago. when he believed it advisable, he curtailed his Another dealer sometimes takes paper from purchases of paper and might loan on call or his affiliations and carries it himself in order buy bankers' acceptances. to render it immediately available for delivery The number of important bank accounts in his own market, while in other cases he carried and the number and location of centers takes it merely to fill orders as they are re- in which the dealer borrows depends in most ceived from his purchasing banks. cases upon the number of centers in which he Where houses employ correspondents to purchases and keeps stocks of paper. Thus, some extent, reciprocal arrangements for tak- some houses, states one dealer, may have 30 ing paper from each other exist, and the profit to 40 accounts. In general, these offices boris divided on paper sold through correspond- row the funds required from the local banks, ents. One dealer states that uone office may principal borrowings, of course, being in the buy outright from another office that originates larger centers. The balances which are kept the paper, take a block on consignment, or buy in the smaller centers in certain cases become as it sells the paper. In the last case, an mere working balances, remittance being made option is usually granted by one office to the from these centers for the paper bought. Some other " covering the option that by necessity dealers, however, borrow only in the center in is granted to the bank purchasing the paper." which their head office is located, while one Where several separate dealers are employed dealer who does this also at times arranges by an account, each generally has a clearly loans in another center through the head office. defined territory within which he will sell the The commercial paper house in most cases paper, and the borrower deals with each uses the paper which it holds, whether it owns entirely independently of the other. The the same or has merely made an advance dealer, however, is advised of the total borrow- against it, as collateral for the loans which it ings, both in the open market and from obtains. In some cases stocks and bonds are bankers. also used as collateral, but, except in the case Financing the business.—Most dealers state of one dealer, to a far lesser extent. One that the rate of turnover of their own capital dealer states that he may borrow on securities varies so greatly from time to time that no in the case of a time loan, in order to avoid estimate can be given. On the other hand, substitutions, or on commercial paper in the estimates were given by several dealers. One case of a demand loan. A small proportion of gave the figure as 40 to 50 times per annum, borrowings are unsecured in the case of several another as roughly 50 times (based upon the houses, " usually with the same banks who give Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SEPTEMBER, 1921. FEDERAL RESERVE BULLETIN. 1057 us lines against our paper/' states one dealer. Wisconsin, besides New York and Georgia- Some banks do not ask for any margin, while Florida. These districts are clearly shown on other banks request 10 per cent and to a lesser the accompanying map, prepared by the extent 5 per cent. One dealer, states that Bureau of the Census, as are also the several banks are now "overzealous in the matter of manufactured and export type districts. The margins.77 The margin on mixed collateral, latter include (1) Virginia dark; (2) the old states one dealer, is 20 per cent, and another bright belt in Virginia and western North dealer in general gives this margin on com- Carolina; (3) the new bright belt in eastern mercial paper also, although it is not required. North Carolina and South Carolina, extending It is stated that the banks do not request also into Georgia; (4) Burley, chiefly in central dealers to keep average balances, as in the case of ordinary commercial borrowers, although the dealers endeavor to keep fair balances. Several dealers, however, give required percentages as 10 and 20 per cent, and one from 10 to 25 per cent. "Loans made to a commercial paper broker," comments one dealer, "are generally of short duration, and are much sought after by banks. " Another dealer states that he borrows chiefly from banks in which he carries no deposits. TOBACCO FINANCE. The following is the first of a series of articles describing the financing methods which are employed in the tobacco industry. Data were obtained partly through the cooperation of the Federal Reserve Agents in the various districts and partly direct from banks and persons interested in the industry in various capacities, as well as from other Government organizations. To all of them acknowledgment is due. In order to provide a basis for the study of the financial aspects, which will be treated in subsequent articles, the present discussion is devoted to the general aspects of the leaftobacco industry. EXPLANATION OF SHADING. I. THE LEAF-TOBACCO INDUSTRY.1 1. Cigar leaf tobacco. 9. Paducah district. 2. New belt bright or flue-cured 10. Clarksyille and Hopkinsville Tobacco is of two principal types, according manufacturing. district. 3. Old belt bright or flue-cured 11. Stemming tobacco district. to its chief use: (1) Cigar types and (2) man- manufacturing. 12. Green River district. 4. Dark open-rire-cured shipping 13. Scattered burley. ufactured and export types. The latter enters tobacco. 14. Burley tobacco. into what are known as manufactured tobacco 6 5 . . S B u la n c k a n o d r ol a i i v r e c s u te re m d m i m ng a . nufac- 15. Ea to s b te a r c n c o O ) h b io u r e l x ey p . ort (spangled products, such as cigarettes, chewing and turing. 16. Southern Kentucky and Upper 7. Maryland tobacco. Cumberland and Southern smoking tobacco, and snuff, and is also ex- 8. Upper county or bay. Indiana (one-sucker type). ported in large measure. Kentucky; and (5) the western dark types in The two types are found in different geowestern Kentucky and Tennessee, including graphical sections and are also cured in differthe Paducah Black Patch, Henderson or stement ways. The principal cigar regions are (1) ming, one sucker (including Green River), and the Connecticut Valley in New England; (2) Clarksville-Hopkinsville districts. Minor types Pennsylvania, in particular, Lancaster County; include Virginia sun cured, Maryland and (3) the Ohio-Miami Valley; and (4) southwest eastern Ohio export, and perique (Louisiana). Several of the types are also grown to a much 1 In general, cf. E. H. Mathewson, The Export and Manufacturing Types of Tobacco of the United States, with Brief Reference to the smaller extent in other States than those Cigar Types, Bulletin No. 244, Bureau of Plant Industry, U. S. Department of Agriculture, issued November 23, 1912; and J. P. Killebrew, mentioned. In the present study attention Tobacco Districts and Types, U. S. Dept. of Agriculture, Bureau of will be confined to the major types listed. Statistics, Circular 18, issued November 24,1909. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1058 FEDERAL RESERVE BULLETIN. SEPTEMBER, 1921. There are further differences between the 1908 from a commercial standpoint. The use to which each of these types is put. Among acreage has been increased from 1,000 in 1910 the cigar types, wrappers are obtained from to 6,150 in 1918. The demand for the Con- New England (also New York and Georgia and necticut shade-grown cigar wrapper type has Florida), while the Ohio-Miami and Wisconsin kept pace with the increased acreage. It is districts produce both binders and fillers, and said to be not used as a substitute for the Pennsylvania produces chiefly fillers.1 Ap- Sumatra leaf, but for making a high-grade proximately 55 per cent of the cigar wrappers cigar which sells on its own merits. used in the United States are grown in the Connecticut Valley and only 29 per cent ACREAGE OF SHADE-GROWN TOBACCO IN THE CONNECTICUT elsewhere in the United States, while the VALLEY. remainder are imported. The division, of Acres. Acres. course, is only approximate, as all districts 1900.. . J 1910. 1 000 produce more or less of all three grades, and 1901 .... 41 1911 . . 1 995 1902 720 1912 1, 905 the relative proportions depend upon the grow- 1903. 645 1913 1 840 ing conditions prevailing. Moreover, the dis- 1904 33 1914. . . 2 574 tinctions between the grades, in particular ]905 40 1915 3 846 between wrappers and binders, are by no means 1906. 40 1916 4 300 1907 . . 70 1917... . 5 854 absolute. Certain amounts of tobacco in the 1908 200 1918 6 150 cigar regions are also not suitable for cigar 1909 400 purposes, and in many cases are exported. Turning to the manufactured and export Without emphasizing unduly the importance types, the first important difference relates to of the production of shade-grown tobacco for the relative extent to which the crop of each is cigar wrapper purposes, it may be desirable to exported. The greater part of the Virginia give a brief notice of the rise of the shadedark and the western dark types is exported, grown tobacco which has been one of the most and ordinarily more than half the bright interesting developments in the tobacco intobacco of both the old and new belts, but the dustry in recent years. The shade-grown proportion in the case of Burley is very small, industry dates back to the late nineties in and mostly of the lower grades. A large part Florida and to 1900 in Connecticut. The of the Maryland and eastern Ohio export type process consists in the growing of tobacco with is exported. Domestically, the Virginia dark diminished sunlight, high humidity, high soil and western dark types are also used in the moisture, and more uniform temperature. manufacture of plug, snuff, etc., the use vary- This condition is accomplished by shading the ing to some extent with the different types. field by slats or laths in the Florida-Georgia Bright tobacco is in wide use, and has been district, or by cloth in the Connecticut Valley. stated to be " unsurpassed in universal popu- The object is to produce a type of cigar leaf larity and general adaptibility to a variety of tobacco that has a fine texture, excellent uses; in fact, it is adapted to practically all burn, high yield, and desired colors. the regular forms in which tobacco is used, ex- Shade-grown tobacco is now being produced cept standard cigars and snuff." That proin Decatur County, Ga.; Gadsden and Pasco duced in the old belt is used in the manufacture Counties, Fla.; and parts of the Connecticut of chewing and pipe smoking tobacco and Valley. The development in the Connecticut cigarettes, while that from the new belt is used Valley has proved the most interesting and almost entirely for pipe smoking tobacco and important. The United States Department cigarettes. Burley, due to the loose texture of of Agriculture, in cooperation with the Conits leaf, is "in a class by itself" in "its remarknecticut Agricultural Experiment Station, has able capacity of absorbing liquid sweetening put forth much effort to establish the industry and flavoring materials/' which renders it a and place it on a permanent basis. The most economical tobacco for the manufacturer estimated acreage for the Connecticut Valley to use. Its lack of pungency, aroma, and shows remarkable changes, especially during fragrance operate to prevent its use as an the more recent years. In 1902 and 1903 the export type. Burley enters largely into the wet seasons almost ruined the industry. It manufacture of plug and smoking tobaccos, was saved, however, by the introduction of and to a considerably less extent into the Cuban seed, which was brought to the United output of cigarettes. States in 1903. After five years of experi- For the sake of convenience, we may dismentation at the agricultural experimental tinguish three stages in the tobacco industry: station, it has been cultivated since about (1) Growing, (2) marketing of leaf tobacco, and (3) manufacture of leaf into cigars, cigar- 1 It is stated, however, that about one-half the Wisconsin crop is now ettes, and other manufactured products. After used for scrap chewing tobacco purposes. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SEPTEMBER, 1921. FEDERAL RESERVE BULLETIN. 1059 a general survey of the production and market- The year 1915 was chosen because of the ing of leaf tobacco, the series of articles will fact that in general prices exhibited a declining treat, in succession, the financing methods tendency after 1912 and 1913, and were at the employed in each of these three stages. lowest level in most districts in that year. The approximate annual value of the tobacco A. PRODUCTION. crop in the United States is shown in the following table: The annual acreage, production, and yield per acre of each of the principal types of ANNUAL VALUE PER ACRE AND TOTAL ANNUAL FARM tobacco for 1919 is given in the following VALUE OP THE TOBACCO CROP, 1919 AND 1920, BASED table:1 UPON PRICE TO PRODUCER ON DECEMBER 1. TOBACCO ACREAGE, PRODUCTION, AND YIELD PER ACRE, I 1920 1919 BY TYPES, 1919. Acreage. | Production. Yield State. j | o V f a c l r u o e p Total value o V f a c l r u o e p Total value per acre. per of crop. per of crop. acre. acre. United States ! 1,910,800 1,454,725,000 761 Cigar types | 172,900 218,853,000 1,265 New England 35,000 54,400,000 1,554 United States $167. $318,201,504 '$296.79 $567,342,750 New York \ 2,700 3,483,000 1,290 Pennsylvania \ 41,000 54,120,000 1,320 Cigar type States: • Ohio-Miami Valley 40,000 40,000,000 1,000 Massachusetts 629.30 6,418,860 713. 02 7,130,200 Wisconsin ' 48,000 60,960,000 1,270 Connecticut 518.00 12,639,200 722.28 18,057,000 Georgia-Florida 6,200 5,890,000 950 Pennsylvania , 302.00 12,080,000 224.40 9,200,400 Manufactured and export types— j Ohioi 124.80 7,862,400 289. 82 22,026,320 Total ! 1,705,700 1,157,804,000 679 Wisconsin 323.23 16,161,600 281. 94 13,533,120 Burley ! 313,000 262,920,000 840 Manufactured and export Western dark ; 417,800 335,420,000 802 type States: Paducah 137,800 110,240,000 800 Virginia 175.20 42,573,600 270.18 59,709,780 Henderson ! 106,500 87,330,000 820 North Carolina 166.98 97,182,360 330.18 174,332,928 One-sucker j 47,500 37,050,000 South Carolina 97.50 10,042,500 164.62 18,436,992 Clarksville-Hopkinsville.; 126,000 100,800,000 Kentucky 127.50 70,125,000 317.06 190,236,000 Virginia sun-cured ! 13,000 8,320,000 640 Tennessee 146.00 17,082,000 203. 31 25,056,780 Virginia dark | 70,000 47,600,000 680 Bright—Total [ 858,000 559 Old—North Carolina and \ 479,250,000 * Includes some Burley tobacco. Virginia ! 395,000 510 New—North Carolina I 201,450,000 An important aspect in connection with the and South Carolina....; 463,000 600 Maryland and eastern Ohio j 277,800,000 question of financing is the extent to which export j 33,500 24,120,000 720 diversification of crops is practiced.1 This Peri que—Louisiana ' 400 174,000 434 varies considerably between the different In 1920, the total acreage was 1,894,400, the production 1,508,064,000 sections. Tobacco is the principal cash crop pounds, and the yield per acre 796 pounds. in Virginia, the old bright belt of western North The various tobaccos differ greatly in price, Carolina, most of western Kentucky and as is shown by the following table giving average Tennessee (dark sections), and to a considerable price per pound to the producer on December 1, extent also in the Burley regions, but a striking 1915, 1919, and 1920, by leading States. exception is found in the new bright belt, where cotton in most cases is of major im- AVERAGE PRICE PER POUND OF TOBACCO TO THE PRO- portance as a money crop, and where in a few DUCER ON DEC. 1, 1915, 1919, AND 1920, BY STATES. counties peanuts are of considerable importance. In practically all these southern tobacco Average price per pound December 1— districts, and on most individual farms, corn State. considerably exceeds tobacco in acreage, but is 1920 1919 1915 {tactically all consumed on the farm. To a Cents. Cents. Cents. esser degree, in particular in the west and in United States 21.1 39.0 9.1 Cigar-type States: the old bright belt of Virginia and North Massachusetts 40.6 46.3 14.5 Carolina, the same is true of grass, either for Connecticut 35.0 46.3 17.0 Pennsylvania 20.0 17.0 9.2 ha^ or grazing, and for some of the small O W h i i s o c * onsin 2 1 5 3 . . 9 0 2 3 2 3 . . 2 7 6 9 . . 0 0 grains, especially wheat. Particularly in the Georgia 37.0 21.5 23.0 dark tobacco sections of Virginia and the west Florida 48.0 54.5 23.0 Manufactured and export type States: wheat becomes a secondary source of cash Virginia 24.0 47.4 9.4 income in many instances. North Carolina 25.3 53.6 11.2 South Carolina 15.0 22.8 7.0 Certain typical practices with respect to crop Kentucky 15.0 38.2 7.8 Tennessee 20.0 25.1 6.3 rotation are found in each of these sections. In the dark sections, both in Virginia and the 1 Figures for the various types taken from Stocks of Leaf Tobacco, etc., west, the area actually under plow in any one 1919, Bureau of the Census, Bulletin No. 143, p. 27. The revised total for 1919, together with the 1920 figures given in the text, have been prepared by the Bureau of Crop Estimates, as have also the price and value sta- i This paragraph and the two following are based upon a memorandum tistics. kindly prepared by Mr. E. H. Mathewson, Crop Technologist, Bureau of 2 Includes some Burley tobacco. Plant Industry, United States Department of Agriculture. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1060 FEDERAL RESERVE BULLETIN. SEPTEMBER, 1921. year would consist largely of corn and tobacco, income. In the Miami Valley district of Ohio a large percentage being planted after harvest continuous cultivation of tobacco is quite gento small grains, principally wheat, which would eral, especially on the smaller farms. The be followed by grass or clover, or a mixture of most usual rotation practiced is one of tobacco, both, for two years before coming back in the wheat, and two years in grass. Corn is also intercultivated crops—corn and tobacco—in grown on the same system. Live stock is not the four-year rotation. Live stock and wheat as highly developed as in Pennsylvania, and are secondary and minor sources of income. In thus the soil is not maintained in as high a conthe case of Burley, the blue-grass pastures of dition of fertility. In Wisconsin tobacco is central Kentucky are plowed down at variable commonly grown continuously on the same intervals, and planted in tobacco, often two or soil. Where a rotation is followed, the best three years in succession, after which a crop or practice is to plant tobacco on clover or two of grain follows and the land goes back to timothy sod, followed by corn, oats, or barley, grass again. Live stock, in particular horses and grass in succession. In the rotation toand cattle, are an important, although in gen- bacco is often repeated several years in succeseral only secondary, source of cash income. In sion. Tobacco culture in the district, however, a large section of the Burley district, where the is carried on to a large extent in connection land is more rolling or distinctly hilly, blue- with dairying, and manure is used extensively grass pastures and live stock are of less im- on tobacco land. In the Connecticut Valley portance and the rotation is shorter and more tobacco culture is very highly specialized. like that prevailing in the dark-tobacco dis- Continuous cultivation of tobacco year after tricts. In the old bright belt, the cropping year on the same soil is the usual practice, and system is similar in many respects to that pre- on many farms it is practically the only crop vailing in the dark-tobacco districts. The grown in a commercial way. The other land usual custom is to follow tobacco with wheat, on the farm, perhaps not well suited to tobacco, the wheat stubble being left to grow up in may be devoted to grass, corn, or some truck weeds (the rested field system), and to come crop like potatoes or onions, but these are back in tobacco again the following year in a usually entirely secondary. two-year rotation. Corn and oats are also The system of land tenure differs greatly in grown, while grass or cowpeas or crimson the different sections. The tenant may be of clover may be grown in the two or three year three kinds—cash tenant, share tenant, or interval between corn crops. Live-stock prod- cropper. The distinction between the latter ucts and sweet potatoes are minor sources of two, however, is a minor one, and can not be cash income on some farms. In the new bright sharply drawn, nor is it of prime importance belt, tobacco in most cases ranks secondary to for the present study. In a general way the cotton both in acreage and cash income. Ro- share tenant is master of the land or premises tation practice is less well defined. Cotton is conveyed to him, the same as a cash tenant, often grown continuously on the same land, except that he pays in produce or in cash rebut an interval of two or three years between ceived from the sale of produce on a share succeeding tobacco crops is the general rule. basis. The Fourteenth Census of the United Much tobacco is planted after cotton, while States, 1920, defines croppers as share tenants small grain, usually oats or hay, is grown gen- who do not furnish their work animals. The erally to be succeeded in the same year by cow- cropper is more like a hired man. He works peas, sweet potatoes, or even corn. Addi- his crop under the direction of the landlord, tional cash income aside from cotton is fre- but instead of a fixed cash payment pays a quently derived from sweet potatoes, peanuts, share of the proceeds of the crop. The owner watermelons, or other truck crops, and live controls the sale of the cropper's tobacco, but stock, particularly hogs. not that of the share tenant, although he may Conditions in the cigar tobacco districts call for a division of the crop before sale. In differ somewhat from those in the manufac- some sections the term "cropper" is not tured and export districts. In Lancaster employed. Share tenancy is stated to be County, Pa., the most intensive and well- usually upon the basis of an equal division of defined rotation practice has been developed. the crop when the owner furnishes live stock Tobacco is the principal money crop, but live and tools, as well as the land. The arrangestock (chiefly beef cattle), grass, and grain are ment might also stipulate that the owner also highly developed. The large quantities furnish certain seeds or a portion or all of the of manure obtained make for very rich land fertilizer. In western Kentucky half the fertiland large yields of wheat, corn, grass (includ- izer is also furnished when the crop is equally ing clover), and tobacco, which are generally divided. Where no equipment of any kind is grown in a four-year rotation. Irish potatoes furnished with the land, the customary rental to some extent furnish an additional source of is one-fourth or one-third, but here again the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SEPTEMBER, 1921. FEDERAL RESERVE BULLETIN. 1061 landlord might agree to furnish all or part of day laborers. About one-third of the tobacco grown on the fertilizer. In western Kentucky, where these farms is done by what we call the cropping or share method The farmer*furnishes the land, the fertilizer, and one-third of the fertilizer is furnished in addithe sheds, and prepares the ground for planting, The tion to land, team, and tools, one-third of the cropper, who is generally a ('ay laborer, then plants from crop is received, but in central Kentucky the 2 to 6 acres, tends to it during the growing season, and cropper furnishes team and tools and receives when cured prepares it for market. When it is sold he receives one-half of the proceeds. We have very few cash one-half the crop. The terms usually vary tenants and the rest of the farms (about 25 per cent of the with the character of the land, the owner, total number) have share tenants. In that case the tenwhere it is very productive, receiving a larger ant farms the tobacco, or at least part of it, on shares, and share. the balance is farmed as above by day laborers. The tenant is paid by the landlord for preparing the ground. The system of tenure in use has a very important influence upon the source from Great differences are likewise found between which the grower's funds are obtained, as the several manufactured and export tvpe well as upon the form in which his bank bor- districts. The outstanding difference to wliich rowing takes place. In a general way, owners reference is frequently made is between the tend to borrow more largely direct from the Virginia dark and old bright belts, on the one banks, while, on the other hand, share tenants hand, and the new bright belt, on the other and croppers rely more largely in most sections hand. In the former the smaller landowner upon the local store or supply merchant, and is found rather than the tenant, while in the may have the landlord vouch for them and latter there are a considerable number of large waive his crop rights. The data used have landowners who live in town, renting their been taken primarily from the census of 1920, farms. This difference is borne out to some relating to all farms in the section covered.1 extent by a consideration of the census data. Certain leading producing counties in each Thus in the Virginia dark section roughly 70 district have been selected, and these figures per cent of the farms are operated by owners have been supplemented by estimates ob- (although it has been estimated recently that tained directly, relating specifically to tobacco they produce only about one-third of the growing. tobacco grown for the market in the district). In each of the several cigar-type districts In the Virginia old bright belt the percentage ownership is more prevalent than tenancy. falls to about 55, and the two counties which There is, however, considerable variation be- are the largest producers of tobacco both show tween the several districts. In the Connecti- only about 50 per cent of owners. In the cut Valley only 5 to 10 per cent of the total North Carolina old bright belt the percentage of area under cultivation is farmed by tenants, owners in general is about 45, and appears on the percentage of tenancy in Connecticut be- the whole to decline to some extent as one goes ing somewhat greater than in Massachusetts. from west to east. In the heavier tobacco- For leading counties, the percentage of the producing counties of the new bright belt of number of farms operated by tenants ranges eastern North Carolina the average percentage from about 5 to 8.5 per cent. Furthermore, by is somewhat under 40, the general range being far the larger proportion of tenants are cash from about 21 per cent to 66 per cent. Five tenants rather than share tenants, and it is of the seven largest tobacco-producing counties stated that the latter as a whole probably do have percentages under 30. In South Carolina not grow more than 1 or 2 per cent of the crop. about one-third of the farms are operated by There is a tendency for the larger grower- owners. It has been very roughly estimated dealer companies to rent the land on a cash by a leading authority that in the eastern basis to grow the shade-grown variety, for districts perhaps 30 per cent of the tobacco is which large capital is required. In Pennsyl- raised for the market by owners, 10 per cent vania the proportion of the total number of by cash tenants, and 60 per cent by share farms cultivated by owners drops to, roughly, tenants and croppers. about 60, and in the Ohio-Miami Valley it is Turning to the western districts, in the Bursomewhat over one-half, while in Wisconsin it ley region of Kentucky the percentage of farms rises to about three-fourths. In each of these operated by owners averages about 55. A districts, too, share tenancy far exceeds cash recent study, however, states that hundreds of tenancy, in particular in the Ohio-Miami Valley. large farms in central Kentuck}^ have been sub- Of interest in this connection is the following divided and sold in recent years as a result of statement of a Pennsylvania grower: the high price of tobacco.1 Information obtained directly states that little is raised in the About 75 per cent of our farms are owned by farmers who do their own farming with help hired by the month and Burley district by landowners. In the Lexingi Cf. also the maps in the Thirteenth Census, 1910, Volume V, follow- 1 W. D. Nicholls, An Enterprise Cost Study in Kentucky, Journal of ing pp. 98 and 100. Farm Economics, January, 1920, p. 32. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1062 FEDERAL EESERVE BULLETIN. SEPTEMBER, 1921. ton district the great bulk of the tobacco is with figures of from 450 to 700 pounds in leadraised by share tenants, who move about from ing counties in the old bright belt of that farm to farm at the close of each season, but in State. In Virginia some variation is noted the vicinity of Maysville, while much of the among the individual counties, with the avertobacco is raised by share tenants, the latter age for the State about 600 pounds. In the make an effort to acquire some land them- western dark districts of Kentucky and Tenselves. In the dark districts of western Ken- nessee about one-third of the reporting growers tucky the percentage of ownership is roughly did not use commercial fertilizer, and the about 65, although it is only 55 in the Clarks- average shown for the section was thus very ville-Hopkinsville district (including Tennes- low, being about 135 pounds for Kentucky and see). Information obtained directly indicates 250 pounds for Tennessee. that in Tennessee in general not over one-third The tobacco is transplanted in the spring. the crop is raised by owners, and the remainder The young plants are first raised in a seed bed, very largely by share tenants and croppers. In which in the manufactured and export regions all the manufactured and export type districts generally is a plot of freshly cleared land in the share tenants and croppers in general far woods, burnt over to destroy weed seeds and exceed cash tenants in number. insects. After four or six weeks in the case of A principal expense in raising the crop will be hotbeds, six to eight weeks in the case of cold the fertilizer. This again varies greatly be- frames, or eight to ten weeks under cloth, tween the different districts, and is directly transplanting occurs. This is generally done related to both the yield per acre and the value by machine. Transplanting of cigar types in of the crop. It w~as noted above that in cer- the northern States begins in Connecticut tain of the cigar States dairying is extensively about May 15 and 10 or 15 days later in practiced, as in Wisconsin, or live stock are fed Pennsylvania, Ohio, and Wisconsin. Pracduring the winter, as in Pennsylvania, so that tically all plants have been transplanted by in these districts little commercial fertilizer is June 25. In Georgia and Florida the plants used. In the Connecticut Valley, however, the are transplanted from March 15 to May 15. amount used is very large. Data obtained With one exception, the manufactured and from certain leading counties in each district export types are largely transplanted from through the census of 1910, which are stated May 10 to June 20. This exception is in the to be substantially representative of present case of the southern part of the new bright conditions, show an average of about 2,600 belt of eastern North Carolina and South pounds per acre in that district, whereas in Carolina, where the plants are usually trans- Pennsylvania the average was only 400 pounds planted between April 10 and May 15. Cultiand in the Ohio-Miami Valley 250 pounds. vation requires considerable labor, especially In Lancaster County, Pa., it is reported that in view of the three necessary operations of about 300 pounds per acre are now used. In worming, topping (pinching off seed heads), both the Pennsylvania and Ohio districts over and suckering (removing the suckers which one-third the growers in 1910 used no commer- appear after topping). Shade-grown tobacco, cial fertilizer, while in Wisconsin only one- however, is neither topped nor suckered. tenth of the growers used it. The amount of The crop ma}^ be harvested in one of two fertilizer used by the growers of shade-grown ways—by cutting the stalk or by priming, i. e., tobacco in the Connecticut Valley is greatly in picking the leaves as they ripen, the field thus excess of the quantity used for the sun-grown being gone over several times. The latter varieties. The high value of the shade- method, while requiring greater labor, has the grown tobacco makes this practice profitable. advantage of giving a more uniform leaf. A further factor limiting the use of fertilizer With the exception of Connecticut, the cigar is, of course, the composition of the soil. This types in the northern States are harvested by is seen particularly in considering several of the cutting the stalk, and the plant is then hung manufactured and export type districts, in on laths and placed in sheds to cure. In which practically all reporting growers in the Georgia, Florida, and Connecticut shadeeastern districts used it. The grower can not grown is largely primed, and the leaves strung fertilize as heavily on the heavier clay soils of on a long string and placed in the shed to cure. the old bright belt of western North Carolina In the case of the manufactured and export as on the lighter sandy soils of the new bright types, tobacco is primed in the new bright belt, belt in the coastal plain, if the color of the leaf but practically all other manufactured and is to be satisfactory. Thus the State average export types are harvested by cutting the in South Carolina is about 980 pounds, and in stalk. The harvest season usually begins eastern North Carolina the county figures are about July 25 in Connecticut and August 15 also high, being over 800 pounds, as compared in Pennsylvania, Ohio, and Wisconsin, and Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SEPTBMBBE3 1921. FEDERAL RESERVE BULLETIN. 1063 closes about September 15 (the Georgia-Florida acres of a certain kind of tobacco, to be deseason is much earlier). The time of harvest- livered at a specified price in good merchanting in the manufactured and export sections able condition, or (2) while the crop is growing, ranges from July 1 to October 1. In South in particular in July and August, may sell it at Carolina the season usually ends by August 1, a fixed price per pound, to be delivered on or while the crop in the remainder of the new before a certain date, at a specified warehouse bright belt is harvested during July and or shipping point, in specified condition. The August. Henderson (stemming) and Virginia buyer makes a payment on the crop when the sun cured are largely harvested in September. contract is made. This method is very com- The season in the old bright belt lasts from mon, in particular when the crop looks promis- August 15 to the middle of September, and in ing and the tobacco outlook is satisfactory, Virginia dark Burley, and the other western especially after a year when both yield and ; dark types from August 20 to October 1. quality is poor. The percentage of the crop The tobacco may be either air cured, flue so contracted for the past several years has cured, or fired. In air curing the tobacco is been estimated by some leading dealers and simply hung up in barns, with natural ventila- growers as high as 75 per cent. The following tion subject to more or less artificial control. is a specimen of a grower's contract:1 The cigar types have been largely air cured, as Noare also Burley, Green River, one sucker, and 19—. Maryland and eastern Ohio export, and in This certifies to the sale to of my 1916 crop of recent years Henderson. The process usually —• , consisting of about acres, to be delivered, requires six to eight weeks in the case of Bur- free from water, damage, and rubbish, when instructed by purchaser. ley. In flue curing, artificial heat is applied by Price, at —• cents per pound: means of flues, the mouth of the furnace being Wrappers, cents. on the outside of the barn, and the smoke is Long seconds, cents. carried off in pipes and not allowed to come into Short seconds, cents. contact with the tobacco. It requires four or Tops, • • cents. Broken, seconds, cents. five days to cure a barn of tobacco by this Fillers, cents. method. It is used in the old and new bright Received — dollars on account. belts. In the case of fired tobacco, open wood Name fires are made under the tobacco hanging in the Post office barn, the smoke and heat passing through the The grower usually ties the tobacco in tobacco and out through the roof. The to- bundles weighing about 40 pounds, which bacco receives a peculiar flavor, which is very are wrapped in heavy paper before delivery popular in some European countries. The to the packer. Virginia dark, Henderson (in the past), and Less use of the contract method is reported Clarksville-Hopkinsville types are cured in this in some of the other cigar districts. A small manner. Artificial heat is sometimes applied part, estimated by one authority at not over to air-cured tobacco in excessively warm rainy 10 per cent, is sold while growing in Pennsylweather in order to prevent damage. It is vania. While tobacco is sometimes contracted stated that in recent years the majority of for in that State when the demand is good, it Connecticut Valley growers have employed is usually bought after it is cured at the shed. charcoal fires. In Pennsylvania the leaves are generally delivered to the packer after being cured, B. MARKETING. stripped from the stalk, and packed in bales There is a marked difference in the methods of 70 to 80 pounds. The tobacco is delivered employed in marketing the cigar types as com- during January and February. In the case ?ared with the manufactured and export types, of the Ohio-Miami Valley district the crop he markets in the former case are unorganized, is generally sold during December and Januand the outstanding method is that of private ary and delivered during February and sale. In the manufacturing and export dis- March. A small part of the crop, consisting tricts, on the other hand, by far the larger mainly of the lower grades, was formerly portion of the crop is sold by the loose-leaf sold at • Cincinnati at auction from samples. auction system. Otherwise it is generally delivered hj the In the Connecticut Valley practically all the growers to the packers after being stripped sun-grown tobacco is sold by the grower on the and put in cases. In Wisconsin the leaves farm. While the tobacco may be sold either are stripped from the stalks, put in bundles before or after harvest, the former, or con tract method, is by far the most frequent. The i Reproduced from page 201 of the Massachusetts Agricultural Experiment Station Bulletin, No. 193, October, 1919, on The Supply and Dismethod may be of two kinds—-either the grower tribution of Connecticut Valley Cigar Leaf Tobacco, by Samuel D. De Vault, under Direction of Alexander E. Cance, upon which the dis- (1) may contract to grow a certain number of cussion which follows is largely based. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1064 FEDERAL RESERVE BULLETIN. SEPTEMBER, 1921. of about 40 pounds each, wrapped in heavy respectively, should they so desire. In some marg aper, and delivered to the packers, as in the kets removal of tobacco to the redrying plants of onnecticut Valley. The crop in that dis- the buyers commences soon after the opening trict has been bought in the field for several of the sale, and in the larger markets the seller years past, delivery generally being in Janu- may often be paid long before the sale is finished. ary and February. In many of the larger markets the members of In Connecticut (and the same is true of the tobacco trade have a trade organization, Florida) there are a few large growers, some which has established rules or regulations coverof them corporations, who act also as dealers, ing the conduct of business in that market. and grow, cure, sort, grade, and sweat a large The loose-leaf auction system just described amount of tobacco, in addition to acting as had its origin in the eastern districts, and from regular dealers in leaf tobacco. This practice there spread gradually during the present cenis especially true as regards the production tury to the western districts. In the latter, it of shade-grown tobacco. In the Connecti- supplanted the hogshead system, which had cut Valley there are only a few dealers who previously been employed, and which will be do not raise some tobacco themselves. Dur- described presently. In the western districts ing recent years there has been a tendency the loose-leaf auction system is not now in as among certain growers, especially in that universal use as in the eastern, and some variasection, to organize growers' associations, tions are found. In certain markets, e. g., which take over to a certain extent the mar- Owensboro and Henderson, loose tobacco was keting of members' crops. The association sold in the past at auction by samples. The sells to the leaf dealer or in some cases to the inspector drew a sample of each grade, usually manufacturer direct. three (leaf, lugs, and trash), and took these into The outstanding characteristic in the mar- the sales warehouse, where they were displayed keting of the manufactured and export types is on a table, and at an appointed time the load the use of the loose-leaf auction system.1 Sales was sold at auction to the highest bidder. The are conducted at so-called "sales warehouses." grower then drove to the leaf warehouse of the These are located in nearly all the centers of any purchaser and delivered the tobacco. The importance in the tobacco growing sections of method now has been entirely superseded by Virginia, North Carolina, and South Carolina, the loose-leaf system. In Mayfield, in the and most of the larger towns have several ware- Black Patch of western Kentucky, there is no houses. In Lexington, Ky., there were 13 sales warehouse, but the auction system in use warehouses during the 1919-20 season, but the is known as "chute sales," farmers' wagons largest number in any North Carolina market loaded with tobacco passing through a shed or that season was only 7. The warehouse is passage with suitable platforms for buyers, a large flat-roofed structure with a great ex- sales attendants, and auctioneer, and the topanse of floor space, and with the roof so con- bacco is sold at auction from the wagon. It is structed as to admit the greatest possible stated that usually farmers who have not had amount of light. In some sections, e. g., in a buyer to sell to at the barn or who thought eastern North Carolina, there are basements for the offer made there was too low, sell at the grading and tying tobacco, but generally farm- chute, and by far the greater part of the crop ers themselves grade and tie up the tobacco in does not pass through the chute. The major small hands at home. After weighing and at- part of the Clarksville-Hopkinsville district crop taching a ticket, the tobacco is placed in shallow is apparently sold at the barn. About 1912 the baskets, which are arranged in rows on the common practice in the case of tobacco which warehouse floor. The baskets often contain was not pooled was for the grower to grade his less than 50 pounds of tobacco, but sometimes tobacco, load it on the wagon loose, and haul it reach 1,000 pounds or more, the usual average to some convenient receiving point. Instead of being 150 to 200 pounds each. The auctioneer unloading at an auction warehouse, however, and the group of buyers pass down the row from he bargained privately in the street with buyers basket to basket, and buyers often bid silently without official inspection, sampling, or selling by a nod or wink. The sale proceeds rapidly, charges. After the sale he delivered the tothe auctioneer being required by rule in Winston- bacco to the plant of the buyer. This method Sal em, N. C, e. g., to sell 240 baskets per hour, of private street sale in town is still employed and in Lexington, Ky., 200. Both the seller to some extent in the western districts, estiand buyer are allowed a certain time within mates placing the present proportion at not which to reject the bid or the tobacco purchased, over 10 per cent. The movement for pooling the crop in the 1 Cf. also E. H. Mathewson, Tobacco Marketing in the United States, Bulletin No. 268, Bureau of riant Industry, U. S. Department of Agri- western districts during the first decade of the culture, issued Jan. 24, 1913, from which the historical material included present century led to a radical change for some in the following paragraphs is taken. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SEPTEMBER, 1921. FEDERAL RESERVE BULLETIN. 1065 years in the method of marketing. Nearly all handling Burley and cigar leaf, have been the the pooled tobacco was sold direct to final pur- two leading hogshead markets. The custom chasers without passing through the regular at first was to hold public auction sales of trade channels, the common method being to hogshead tobacco, based upon samples offirehandle and prize into hogsheads in shipping cially drawn, which were placed on the top of condition before offering it for sale from samples each hogshead. There has been a steadily drawn for the purpose. Prior to this move- growing tendency to substitute private sale of ment country buying was general in the west. inspected hogshead tobacco for public auction. Buyers rode through the country from farm to Already by 1912 the public auction might be farm and purchased the tobacco at the barn said to be almost a thing of the past, except in by grades or at a round price. Some crops of the two markets named above, and in Clarks- Burley are still purchased in the barns by ville, Tenn., in the latter of which the amount speculators, and the same is true of the western so handled was almost nominal. Auction sales dark districts, in particular the Paducah and at Cincinnati have been discontinued for several Hopkinsville districts. Leading growers in years, at first for the cigar types, but later for Tennessee estimate that from 50 to 70 per cent Burley also. Maryland tobacco, it should be of the crop is sold at the barn door, as against noted, is also marketed through a hogshead from 25 to 50 per cent through the sales ware- system. The grower conditions his tobacco for houses. In vSouth Carolina alone among the shipment abroad, and thus a large part of the eastern districts is any amount of tobacco crop is not marketed until nearly a year after marketed by the grower other than through it is grown. He usually consigns it to a Baltithe loose-leaf auction system. The tobacco more commission merchant, who, after State there is stated to be but little graded and inspection and sampling, sells it at private sale. is not tied into hands. The movement of the crop to market varies The only other important system of market- with the district in question. Thus in the case ing the manufactured and export types of of the manufactured and export type districts tobacco is the hogshead system, which, how- the markets in the east have their principal ever, is rather a survival of diminishing im- seasons earlier than the markets in the west, portance, of a former custom, than itself of buyers being shifted from east to west toward major importance to-day. It reached its the opening of the year. The movement for the zenith in the eighties, when a tendency arose manufactured and export types is shown in the for the great manufacturing interests to pur- following table, giving warehouse sales in these chase direct from the farmers, and was further districts (with the exception of Tennessee, for affected after 1905 by the farmers' pooling which no data are available) for the sales seasons organization. Louisville, handling both Bur- of 1919 and 1920. The figures are compiled from ley and the western dark types, and Cincinnati, the reports of the several State authorities. PRODUCERS' SALES OP TOBACCO AT LEAP SALES WAREHOUSES IN LEADING STATES, SEASONS OF 1919-20 AND 1920-21. Bright belt. Burley—Kentucky. Western dark—Kentucky. Virginia dark. Virginia. C N ar o o r li th na. Ca S r o o u li th na. Las c t r o y p e . a r's I I Th c is r o y p e . ar's Las c t r o y p e . ar's Thi c s r o y p e . ar's Pounds. Pounds. Pounds. Pounds. Pounds. Pounds. Pounds. Pounds. July 1,195 1,260 6,640,457 24,959,252 145,875 25,975 August 144,438 22,392 9,953,447 44,346,927 332,555 68,390 September.. 1,877,576 6,538,377 79, 220,071 11,823, 768 449,115 44,610 October 3.997,818 26,984,456 102,635,197 27, 523 1,895,012 98,155 November.. 7,577,609 15, 541,662 49,826,437 1,404,835 70,650 8,065 December.. 7,505,869 7,815,821 32,474,298 1,257,642 42,471,765 647,020 29,348,259 January 5,803,496 2,189,676 9,522| 959 8,143,419 72,894,455 1,519,398 28,475,760 February... 4, 706,632 2,612,588 3, 748,031 2,756,400 82, 767,176 1,270,340 18,590,041 March 2,673,551 99,506 56, 731 1,117,476 27,283,368 512,700 16,670,348 April... 141,890 55,816 25,290 845,560 21,010 10,270,658 May 13,003 137,605 5,518,645 June 3,650 101,220 3,462,020 1920-21 July.... 1,240 3,208,994 8,943,729 6,095 89,350 1,290,905 August 109,266 12,659,567 47,203,796 16,585 178,065 556,365 September.. 1,893,314 2,423,854 48, 520,056 8, 713,961 30,405 626,455 398,525 October 259,535 21,917,097 84,587,499 1,481,123 1,885 490,360 46,345 November.. 1,517,152 25,645,083 79,805,468 369,280 47,045 36,050 3,000 December.. 5,908,923 20,240,361 53,626,080 253,735 479,790 1,301,205 4,021,665 January 7,861,812 18,060,051 49,314.570 1,991,150 45,022,028 1,343,760 7,170,545 February... 13,846, 78S 23,322,463 59,216,289 1,613,470 85,904,859 1,950,855 22,340,143 March 14,895,702 11,935,047 18,647,120 239,760 70,494,169 1,315,910 20,413,286 April 5,401,074 103,870 361,405 5,923,225 3,290 8,045,966 May 1,313,350 1,514 5,460 737,310 448,910 4,238,895 June 7,690 159,180 284,125 1,498, 815 NOTE.—Excludes sales for dealers as well as resales. 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1066 FEDERAL RESERVE BULLETIN. SEPTEMBER, 1921. A supplement to these data is also afforded were, however, frequent. French, German and by the quarterly figures of sales by farmers for Austrian, Spanish, Swiss, and Italian mills supthe year ending June 30, 1919, prepared by plied credits through continental banks, which the Bureau of Crop Estimates from data col- were drawn upon in francs and'reichsmarks^or lected by the Bureau of Internal Revenue. in pounds sterling, payable in Condon. Occa- The latter figures likewise afford an indication sionally bills were drawn on Russia, but a of the movement to market of the cigar types. great deal of cotton sold for Russian account Data for 1920 are not available. was financed by German banks, which made their acceptances payable in London. The TOBACCO SALES BY FARMERS, AS REPORTED TO THE great bulk of our cotton exports, however, UNITED STATES COMMISSIONER OP INTERNAL REVENUE, was financed under London credits, except in FOR THE FISCAL YEAR ENDTNG JUNE 30, 1919. case of large, old-established houses in Liverpool, whose American representatives drew Quarter ending— upon them at 60 days, with documents attached, to be held for payment. This meant Sept. 30, Dec. 31, Mar. 31, June 30, 1918. 1918. 1919. 1919. that the cotton would be stored for account of the holder of the bill, if drawee did not desire i Pounds. Pounds. Pounds. Pounds. to take up the bill before maturity. At ma- Massachusetts ! 1,089,377 6,913,753 15,004,658 6,953,506 turity the English banker assumed charge of Connecticut | 7,923 1,393,498 2,472,376 621,206 Pennsylvania ; 1,687,881 719,201 28,699,138 29,182,543 the financing by making advances to pay the Ohio 1,354,404 2,142,377 16,132,158 17,157,933 Wisconsin j 115,205 1,317,982 39,388,205 17,657,488 American bill of exchange for account of the Virginia j 16,042,943 75,579,141 72,657,598 4,001,074 English spinner, who was in some cases also North Carolina 1102,283,634 159,944,215 44,070,163 502,906 South Carolina ! 71,246,362 13,890 107,355 drawn on directly. Many of the old English T K e e n n n t e u s c s k e y e | 1 1 3 8 , , 9 3 9 63 9 , , 8 1 8 1 9 5 5 5 6 , , 0 9 7 08 6 , , 8 9 2 5 0 9 5 i7 7 , , 1 2 0 8 4 7, , 8 5 9 5 1 i 3 1 0 2 , , 5 8 9 2 6 7 , ,0 3 3 5 6 4 and continental houses with American representatives had built up a reputation for deliv- Total United States. .1246,625,147 ;325;512,860 1736,653,380 132,187,962 eries up to sample, type, or description, and cotton sold through them found its way year FINANCING COTTON FOR EXPORT.1 after year to the same spinners. This condition exists to-day, though in a lesser degree The total product of the Southern States of than in former years. this country for the last 12 years was approxi- Financing up to the time of the Great War mately 150,000,000 bales of raw cotton, of was arranged, generally speaking, upon the which about 50 per cent was exported, leaving basis of the pound sterling, but during the war the balance to be manufactured at home. Of France found it necessary to purchase large the proportion exported about 44 per cent quantities of our cotton, and, as the pound went to England, 12 per cent to France, and sterling had become unstable, an arrangement the balance to the continent of Europe, etc. was made with the French commission in The average cotton acreage for the last 26 charge of the purchases for reimbursement in years has been 29,681,000 acres and the aver- United States gold dollars, and this plan of reage yield per year 11,224,000 bales. The averimbursement has been generally adopted by age return of lint per acre was 183.06 pounds, continental countries since the war. Gerthe average price received 11.53 cents per many is at the present time buying steadily pound, and the average return per acre for lint and paying cash in New York exchange on arproduced $20.29. rival of the cotton at Bremen. The reason The method of financing cotton for export for this is that the German brokers and spinhas undergone a change with the years, just as ners prefer to cover their exchange at once by has that of financing the production of cotton. purchasing coyer on New York for their cotton Formerly the factor advanced the cotton and run the risk of improvement in exchange grower money for his mules, supplies, and imduring the period of manufacture and distribuplements, pending delivery of the cotton, tion of the resulting goods. As much as posagainst which were charged various commissible of these goods will then be exported and sions in favor of the factor. The factor who paid for in exchange which can be easily transreceived the cotton made arrangements for lated into New York funds, and they would sale at home or abroad, either to local buyers thus provide means for new transactions. for the mills in New England or elsewhere in These conditions apply in varying degree also the United States, or to local representatives to Czechoslovakia, Austria, Italy, and France. of European cotton dealers and spinners, who furnished a London bankers7 credit at 60 or 90 During the war new houses arose and became largely concerned in the distribution of days. Exceptions to this general procedure cotton on the Continent and in Japan. They have displaced many of the old-fashioned i Prepared by Archibald/Kains, president offthe Federal International .Banking Corporation, New Orleans, upon,request. shippers, and their operations appear to be on Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SEPTEMBER, 1921. FEDEKAL KESEBVE BULLETIN. 1067 the whole more scientifically carried out than the various conditions described above. Very was the case in respect of the many small ship- often cotton sales are covered by sales on the pers whose bills would regularly flood the New exchanges of cotton for future delivery. This, York market in bygone years.. They often however, does not in this country constitute deal directly with the spinners, and for very a complete cover for actual sales, as the exlarge quantities. This has been a distinctive- changes only recognize a certain grade of cotly new departure, and, presumably, the new ton and make no due allowance for character methods have not been free from those disad- and staple. In other words, the spot market vantages that attend the blazing of a new trail. is not on all fours with the future market. This It is very likely that the new methods have condition obtains in New Orleans and New proved somewhat costly, but the exigencies of York, the chief cotton exchanges in America. war and post-war conditions made a change of On the Liverpool Cotton Exchange a somewhat conditions in their opinion advisable. Former different state of affairs obtains, which affords drawing posts were no longer available, and the dealer in futures more protection, and direct dealings with continental spinners with cotton shipped from here is generally protected or without bank guarantees became necessary. by dealings on the future exchange in Liver- A country which has been using our cotton pool. in increasing amounts for many years is Japan. Under present conditions considerable anxi- The cotton shipped there has been financed, ety is felt as to the ability of European mergenerally speaking, by the principal banks chants and spinners to pay for the cotton they supplying New York exchange in payment for would like to import upon ordinary terms. It the cotton at due date. There have, however, is thought that, failing the extension of credit been signs recently of a desire on the part of on a large scale, for a number of years more the consuming mills for direct transactions, liberal terms in respect of duration of credit and there is no doubt that after we become must be granted covering exports of raw matebetter acquainted with our foreign customers rials. Various plans have been proposed, one there will be less need for a multiplicity of of which allows cotton to be exported and middlemen to intervene between the producer manufactured in approved channels, payment and the cotton spinner. therefor to be made when the manufactured Turning to present methods of financing, the product is sold. This will necessitate a credit cotton is produced by four classes—the cropper, of from six months to one year, and it is likely the renter, the large renter, and the owner. that a good deal of cotton will be exported to The first three classes, who produce the bulk of be handled on these lines. Up to the present the crop, were formerly financed largely by the time, however, the English are, generally storekeeper and factor, who supplied them with speaking, taking care of their purchases in the land, seed, implements, and means of subsis- old way, but the continental countries, due to tence, and received a varying share of the yield, instability of their exchanges, are buying a bearing a proper relation to the amount and kinds great deal of their requirements and paying of advances. Thus the cropper who was sup- cash therefor on arrival of the cotton, trusting plied with practically everything, on producing to their ability to refinance the sale in Europe. the crop, was entitled to one-third thereof, while So far all obligations of this nature appear to the renter, who had his own mules, received one- have been met promptly, although we underhalf, etc. These conditions and commissions stand that on shipments direct to spinners a varied in different States. The storekeeper and great many large American shippers nave had factor made various commission charges, which to take long-time obligations m liquidation were more or less heavy, and, generally speak- thereof. ing, their place in financing has to a consider- The War Finance Corporation, with due apable extent been taken by the country bank, preciation of the necessity at present existing which does the bulk of the small financing. tor assistance to growers and others in order to The plantation owners produce cotton on their prevent American produce from being sacriown account and finance themselves on their ficed, has in every way shown its willingness to own credit. Their operations, while consider- cooperate with banks and exporters to the end able, are not important as compared with the that proper market prices may be obtained, first three classes mentioned. and it is thought that the Corporation will be The cotton, when produced, finds its way no small factor in safely benefiting all classes into the hands of the small dealer, large dealer, of exporters by timely help, and that by making domestic shipper, and exporter. The latter possible longer terms of credit than usual it will has, as indicated before, generally speaking, also greatly benefit the foreign consumer, and drawn his drafts on England and the Continent promote healthy activity in all lines of proat 60 and 90 days' sight for his shipments under ductive industry. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1068 FEDEKAL RESEKVE BULLETIN. SEPTEMBER, 1921. BUSINESS AND FINANCIAL CONDITIONS ABROAD. The erratic movements of the foreign ex- of importance in this connection, since they changes, together with the serious contraction indicate in a general way the advantages of the in the foreign trade of the leading industrial different countries as producers. countries, have brought the question of compe- Coal mining, cotton and wool manufacture, tition among countries very much to the fore in iron and steel production, and shipbuilding are the course of recent months. The importance leading British industries. It is the commodiof exchange fluctuations in the calculations of ties produced by these industries that make up individual business men engaged in foreign the bulk of the export trade. Before the war trade is obvious. All international transactions England's export trade in coal was greater than are speculative as long as the instability of that of Germany and the United States comthe currencies continues. But not so obvious, bined. Since the war there has been an enorin fact exceedingly elusive, are the interrela- mous decrease in British exports (from 75tions between internal and external prices of 000,000 tons in 1913 to 27,000,000 tons in the various countries—in other words, domestic 1920), and a smaller reduction in total exports as compared with international prices—which from Germany, which fell from 37,000,000 tons are closely linked up with the foreign exchange in the first 11 months of 1913 to over 21,000,000 problem, and all questions involved in interna- tons in the similar months of 1920. During tional competition. the same period the American export trade has very nearly doubled. It amounted to ENGLAND.1 40,700,000 tons in 1920, as compared with England's 27,000,000 tons. The British, how- General prices in England appear to be relaever, still have the advantage over the United tively higher than in other western European States in the cost of production and over the countries except Sweden. This was probably Germans in quantity of output. It seems true before the war, but the difference in price clear, therefore, that so long as production is levels appears to have been accentuated since maintained in England her international posithen. Too much emphasis should not be put tion is assured. Her problem here is much upon this difference in general price levels, more that of maintaining production than of however, when competition between countries obtaining foreign markets. is being studied. After all, the general level is merely an average of the prices of all the COAL PRODUCTION AND EXPORT, ENGLAND, FRANCE, AND different commodities that are being mar- GERMANY, 1913 AND 1920. keted; and especially at the present time con- [In thousands of metric tons.] sists of prices which may be relatively cheap or dear when judged from an international Production. Export. standpoint. However, measuring international price levels by the best methods at our com- Per Per mand—namely, by expressing European prices 1913 1920 cent of 1913 1920 cent of in terms of dollars—we obtain the following change. change. estimates of the comparative levels in June, 1921:2 Sweden, 183; England, 157; France, E Fr n a g n l c a e n 1 d 2 4 9 0 2 , , 0 0 5 4 1 5 23 2 3 1 , , 2 1 1 2 8 8 - - 2 4 0 7 7 1 4 , , 7 6 6 3 5 5 26,6 4 0 7 5 2 - - 6 7 4 3 136; Italy, 131; Germany, 84. These estimates Lorraine 3,817 3,175 -17 Germany 2173,620 2 131,347 -24 37, 497 3 21,584 -42 would seem to show that in trade between Saar 12,223 9,410 —23 England and the Continent, the Continent has United States 517,065 585, 687 + 13 *23,'392' '40," 679*"'"+74 the selling advantage since it can produce at 1 Not including Lorraine or the Saar. home at comparatively low prices and sell to 2 Not including Alsace-Lorraine, the Saar, and the Palatinate. 3 Eleven months of the year. Coal delivered to allies included. England at relatively high ones. Conversely, they show that England is at a disadvantage The British encounter more serious compein placing her goods on European markets. tition from the Continent in the textile and Of as great importance as the trading of iron and steel industries. At the present time England with the Continent is the question of the British obtain their American cotton at a the competitive position of all Europe with the premium over the price paid by continental outside world. The comparative price levels buyers, because of their relatively favorable existing in the various European countries are exchange position. In addition, they have a measure of control in the production of the 1 British price, trade, and financial statistics may be found on p. 1143. Egyptian and Indian staple. The cost of 2 These estimates were obtained by multiplying the index numbers showing the depreciation of foreign currencies m terms of the dollar by labor in England, however, is higher than on the respective wholesale price indexes of those countries and dividing the Continent (and especially in Germany), by 100. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SEPTEMBER, 1921. FEDERAL RESERVE BULLETIN. 1069 and as a result continental Europeans can here, as in the case of the other leading indusdoubtless undercut the British in prices of tries, present output of continental countries is cotton goods for export to India and other ports so far under the British output that if business of the Far East. Production on the Continent conditions were better, competition would not has been so seriously reduced, however, that it now be as serious as it was before the war. seems improbable that competition is now asThis applies especially to the case of Germany serious as before the war in spite of the price because of the transfer of Lorraine to France advantage. Undoubtedly the Germans have a under the terms of the peace treaty. greater advantage as to prices now than then, but their quantity and rate of production have PIG-IRON PRODUCTION AND EXPORTS, UNITED STATES, greatly deteriorated. German exports of cot- ENGLAND, FRANCE, AND GERMANY. ton goods in 1920 were only about one-tenth of fin thousands of metric tons.] those in 1913, as the accompanying table shows. Production. Exports. EXPORTS OF COTTON MANUFACTURES FROM GERMANY, j Per Per FIRST 11 MONTHS, 1913 AND 1920. 1913 1920 I cent of 1913 1920 cent of change. change. [In 100 kilograms.] England 10,428 8,136 -22 1,142 589 -48 1913 1920 France j 5,207 1,962 -62 127 297 +133 Lorraine I 3,870 1,355 -65 Germany ii 11,500 i5,400 -53 2 799 1116 -85 Tissues, unblsaehed 40,623 9,968 United States \ 31,463 37,519 + 19 282 220 -22 Tissues, bleached. ... 39, 422 5,916 Tissues, dyed 288,580 16, 786 1 Estimate of production within present boundaries. Total 368,625 32,670 2 Eleven months. So far as shipping goes, Germany can not Germany can likewise compete with England be considered a serious competitor of England on a limited scale in the matter of wool manu- at the present time because of her lack of factures, although the exchange in the case of tonnage. It is reported, however, that British the raw material obtained from Australia at rates to India have been considerably reduced least works rather in favor of England than to meet German rates over the same routes. Germany. The Argentine, however, furnishes Relatively high labor costs account in part Germany an additional source of supply, and for high prices in England. It was estimated she obtains a certain amount of the rawby the Minister of Labor that by December, material at home. It is commonly reported 1920, weekly rates of wages had increased on that Germany is an active buyer of Australian an average 170-180 per cent over the level and New Zealand wools at the London auc- existing in July, 1914. During the same time tions. These wools are undoubtedly bought commodity prices had increased 169 per cent at very high prices by the Germans (when and the cost of living approximately the same compared with their internal prices), but amount. In the building trades there had are probably manufactured at relatively low occurred the following percentage increases in cost and exported again perhaps at less than hourly wage rates between August, 1914, and British prices, but nevertheless at figures far in December, 1920, according to a report of the excess of German internal prices. The follow- Ministry of Labor. ing table contains the exports of woolen cloth of the United Kingdom, Germany, and France Bricklayers 178 Masons 181 in 1913 and 1920: Carpenters and joiners 182 Plumbers 189 EXPORTS OF WOOLEN CLOTH, UNITED KINGDOM, Plasterers 182 GERMANY, AND FRANCE. Painters 208 Laborers 265 [In 100 kilograms.] In the engineering, shipbuilding, and other metal trades the increases do not appear so great, partly because they are given on a weekly instead of an hourly basis and the United Kingdom.. Germany hours of work have been reduced in the course France of the period. 1 Thousands of yards. J11 months. Engineering: 2 Thousands of square yards. Fitters and turners. 129 Continental competition is a more serious Iron molders 121 Pattern makers 1.22 factor in the iron and steel industries. But Laborers 209 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1070 FEDERAL RESERVE BULLETIN. SEPTEMBER, 1921. Shipbuilding: Commodity prices as a whole continued to Platers 123 move toward lower levels, the wholesale price Riveters. 131 index of the Statist shifting from 186 in July Shipwrights 121 Laborers 204 to 183 in August. By the first of August the index of the cost of living had increased During the same period standard piece rates from 119 to 122 per cent above the level of cotton operatives had been increased about of July, 1914, after having remained the 170 per cent, while time workers in the woolen same during June and July. There was imindustry had had an increase amounting provement in the employment situation during roughly to 200 per cent, male pieceworkers one July, as the coal miners returned to work, but of 166 per cent, and female pieceworkers one of even so, 16.7 per cent of trade-union members 175 per cent. An unofficial estimate of the were without work at the end of July as comincrease in the wages of. coal miners gives 163 pared with 23.1 at the end of June. The per cent between July, 1914, and March, 1921. percentage of unemployed among those people Since last December material reductions have who are insured under the unemployment been made in the wage rates of all of these insurance act decreased from 17.8 on June 24 workers. These reductions in rates, however, to 14.8 on July 29. There were 1,780,000 probably do not average as high as the reducpeople registered at employment offices on tion in the cost of living or in wholesale com- July 29. modity prices. This takes no account, how- GERMANY.1 ever, of the reduction in earnings. During July and August British industries The economic situation in Germany has been have been working on a very limited basis. rendered complex in the last two months by Production of coal during July was at a violent fluctuations of exchange rates. The monthly rate somewhat better than that of value of the mark in New York reached a low last October (at the time of the first strike), level for the year, when it stood at 1.10 but August production was at a higher rate. cents on August 17, and the average quotation Industrial demand for coal has been so light for the month was 1.19 cents. The downward that stocks are accumulating and prices de- movement was caused in the main by payclining. Iron and steel production was also ments on reparations account and seasonal very small during July but increased in August. buying in United States markets. In the cotton industry, although organized This has reacted on prices of commodities short-time work was no longer enforced, curtail- and stocks. The latter, being extremely sensiment of operations continued very generally. tive to exchange fluctuations, rose violently, and speculation on the Bourse was unprece- VOLUME OP BRITISH COMMODITY PRODUCTION, SHIP dented, forcing that institution to close in TONNAGE UNDER CONSTRUCTION, AND TONNAGE order to record all the orders placed. By MOVED ON BRITISH RAILWAYS. August 19 the Bourse index of the Frank- Production (long furter Zeitung had risen to 214, 20 points tons). Ship ton- British higher than at the time of the speculation in nage under railways Coal. ir P o ig n. i S c n a t a g n e s o d e t t l - s t c io o t n n o s n ( t s g ru ) r . o c s - s (0 m 0 t 0 i o l , n e 0 - s 0 ) 0 . 's l J e a v n e u l ar w y a o s f r t e h a is c h y e e d a . r, C w o h m en m o th d e it y p re p v r i i o c u es s h a i l g s h o ings.* soared to levels not reached since May, 1920. The all-commodities index of the Frankfurter Monthly average: 000's. 000's. 000's. 1913 24,336 855 639 2 2,002,699 Zeitung advanced from 1,467 on July 2 (as 1920 19,128 667 755 2 3,603,131 July 22,926 751 790 1,506 compared with 100 in July, 1914) to 1,690 on August , 16,970 752 709 1,347 August 6, an increase of 15 per cent. September 18,885 741 885 3,731,000 1,489 October 14,044 533 544 This depreciation of the mark in foreign N D o ec v e e m m b b e e r r.- 2 1 0 5 , , 2 9 3 2 0 0 4 6 0 8 3 3 5 7 0 4 5 7 3,709,000 1 1 , , 3 46 2 9 3 markets seems to have been accompanied by 1921. increased foreign orders for German manufac- January. 21,803 642 493 1,400 turers and an accelerated industrial activity February. 17,369 464 484 1,276 March 16,437 386 359 <3,799,000 1,273 in Germany. It also further accentuates what- April 5 1,950 60 71 597 May 14 6 49 ever advantage the German manufacturer has June . U79 1 2 73,530,000 in competition with foreigners in the com- July 15,214 10 117 August..., 16,590 modity markets of the world. His advantage is greatest, of course, in the case of commodi- 2 1 A R v e e v r i a s g e e d o fi f g 4 u q re u s a . rterly estimates. ties which can be bought in Germany or in 3 5 weeks. countries where the mark is at a premium, and * Work suspended on all but 2,952,000 tons. 6 First week in April. 6 Production from Apr. 4-July 4. 1 German price, trade, and financial statistics will be found » Work suspended on all but 2,351,000 tons. on p. 1145. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SEPTEMBER, 1921. FEDERAL RESERVE BULLETItf. 1071 sold in countries where the mark is depre- remembered that according to the reparations ciated. His advantage disappears altogether agreement a 26 per cent tax is being levied on when he is forced to become a buyer of mate- German exports. When the German manurials in countries where his own currency is facturer sells in foreign countries, he must depreciated. This depreciation in exchange receive a price high enough to allow for this also tends to accentuate the disparity between tax. His advantage in competition, therefore, German internal and external prices. It is not is not so great as it appears in the above table easy to explain the fact that the German and differs from country to country and from internal price level has not adjusted itself industry to industry. more nearly to international prices. Although The initial reason for the relatively low price a whole series of factors are involved, probably level in Germany is the low cost of producthe most important is the fact that German tion there. Before the war, in spite of the foreign commerce since the war has not been of fact that the cost of production was lower sufficiently large proportions to have had a there than in the other leading industrial material influence on prices. In July, 1921, countries, prices tended to harmonize with the dollar was worth in Berlin about 76 marks; those of other countries. This was because that is, it stood at 1,815, using the par value of buyers freely sought the cheapest markets and the dollar in marks as 100. If we multiply by their demands more or less equalized all this figure by 141, the index number of whole- market prices. Since the war various wellsale prices in the United States for July and known factors have prevented trade on any divide by 100, we arrive at 2,559, as an index considerable scale between Germany and the of German external prices in the United States; Allies, with the result that German prices are that is, prices in the United States expressed entirely out of harmony with international in marks are about 26 times higher than they prices. were in 1913, while (according to the index One of the chief reasons that the cost of number of the Frankfurther Zeitung) German production in Germany is so relatively low is internal prices are about 15 times what they that the Government has regulated rents, were in 1913. subsidized breadstuffs, and has not covered The following table shows the manner in even its ordinary expenditures by taxation. which German external prices have fluctuated It is obvious that this procedure can not conwith the fluctuation of exchange rates and tinue indefinitely. The Reichschancellor has prices in the United States, France, and promised a tax program in the fall which will England: balance the year s budget, and the grain subsidy has already been greauy altered and curtailed. GERMAN PRICES. Another reason for low production costs, [Prewar prices= 100.] which is probably of more permanent importance than the Government's fiscal policy, is the External prices. Inter- lowered standard of living of the German worknal prices ingman. There seems little doubt that this de- ( S U p In t r n a i c i t t t e h e e s e d i i n m ( I p n l a a r i r n E c k d e n s g a i o n - f ( F p r r a i I n c n e c e in 3 ( b n in e u r d m e o - x f w cr a e g a e se a h n a d s c t o a s k t- e o n f -l p iv la i c n e g , d a a lt t h a o u d g o h n o co t m br p i a n r g a t o iv u e t c m o S U t m a i t n e a r m s i k t t e s i e o n s d o d ). f i- m l c E o a o d n i n n m i d g ti ) - - e . s m F o m r o f a a d i c n n r o i c t k m i e s e ) - s . t F f u u r Z t n a h r e g t n e i e - ) k r . - 4 s t t h h ta e e t i J f s u a ti c l c y t s i v s c s e o u r l y e le c o c t l f e e d a t h r b l e y y . B t U h I L e t L F w E r T a a I n s N k p f t o u h i r n a te t t e r d th Z e o e u i w t t u a n i g n g e seemed to show that increases in wages in Frank- 1921. furt had progressed at about the same rate as January 2,426.7 3,021.8 2,125.4 1,603 February 2,236.7 2,667.8 2,066.7 1,473 the increase in the cost of living in that city. March 2,239.7 2,572.3 1,993.3 1,419 A study of wages in the chemical industry, April 2,166.9 2,526.8 1,971.0 1,410 May 2,081.4 2,478.7 2,124.0 1,428 which has recently been made by the Statis- June 2,292.9 2,576.7 2,261.4 1,376 July 2,578.6 2,704.6 2,482.0 1,467 tisches Reichsamt, furnishes more information on this subject. As the manufacture of chem- 1 Cost of the dollar in marks (parity=100) X F. R. B. index number icals in Germany is very largely concentrated, 100 wages in four important cities were considered » Cost of the pound sterling in marks (parity=100) X Board of Trade index number. as typical for the industry. It was necessary 100 to consider the wages of single and married 3 Cost of franc in marks (parity=100) X Statistique G6ne*rale index workers separately, as the chemical industry number. 100 gives extra compensation to workers with fam- * First of the month figures. ily responsibilities. The following table shows In considering the difference between|Ger- the change which has taken place in wages in man internal and external prices it should be this industry. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1072 FEDEKAL RESERVE SEPTEMBER, 1921. INCREASES IN WAGES IN THE CHEMICAL INDUSTRY, 1914- The Government statistical office, in esti- 1920.1 mating the purchasing power of wages in the [1914=100.] chemical industry, applies Dr. Kuczynski's figures to the wages received in that industry Unskilled workers. Skilled workers in 1914 and at tne end of 1920, with the fol- Hourly Weekly Hourly Weekly lowing results. Hourly wages wages Hourly wages City. w w si a n o g g r e k l s e - , w of o r i r m e k d e a r r s - w of o r i r m e k d a er r s - w s w i a n o g g r e k l s e - , w of o r i r m e k d a er r s - w o o f r i r e m k d e a r r s - RELATION OF C H M E I M N I I C M A U L M IN L D IV U I S N T G R Y C O I S N T S B E T R O L W IN A . GES IN THE ers. no w c i h th il- no w c it h h il- ers. no w c it h h il- n w o i c t h h il- [Minimum living costs=»100.] dren. dren. dren. dren. For unskilled For skilled Berlin 1,150 1,210 1,076 861 903 workers. laborers. Diisseldorf. 1,444 1,500 1,200 1,255 1,300 1,040 Elberfeld.. 1,432 1,523 1,354 1,300 1,380 1,227 Breslau 1,147 1,191 953 1,143 1,179 943 1914 1920 1914 1920 1 Working hours: 1914—Berlin and Elberfeld, 9 hours a day; Diisseldorf and Breslau, 10 hours a day; 1920—8 hours for all four cities. For one person 161 175 232 188 For a married couple 121 122 174 131 For a family with one child 106 107 152 115 There seems to be no doubt that the cost of For a family with two children. 94 97 135 103 living in Germany has increased more than 702 per cent (the lowest wage increase shown in According to this table, an unskilled worker's the above table). There is, however, no wages in 1914 were 61 per cent larger than the general agreement between the cost of living amount absolutely required for his support, indexes in Germany. In July the Govern- while in 1920 they were 75 per cent larger than ment's index for the average cost of food, rent, this amount, but still not large enough to supheat, and light in 46 German cities shows an port a family of four. Skilled workers seem to increase of 863 per cent over the prewar be better off, although their wages have inperiod, while Dr. Kuczynski's index of the creased less in the interval. cost of food, rent, heat, light, and clothing in There are other figures on wages and cost of Greater Berlin places the increase at 1,025 per living in Germany which present a different cent. Dr. Moritz Elsas, in computing in- phase of the situation. In a memorandum creases in cost of living in Frankfurt-am-Main which was presented to the Reichsarbeitsmini- (including the same items as in the index for sterium (Government Department of Labor) in Greater Berlin), arrives at an increase of 1,006 February and published in the Reichsarbeitsper cent-, and in previous months the differences blatt for June 30, there is an account of the have been even greater. situation of wage earners in Bremen at the end of 1920. This memorandum shows that while COST OF LIVING IN GERMANY. the cost of living in Bremen had increased more [1913-14=100.1 than eleven times since 1913-14, wages had only increased about nine times in that period. Index Index number of number of the Berlin- Index SWEDEN.1 theStatis- Schoneberg number of tisches Statists Dr. Moritz Keichsamt sches Amt Elsas for As a result of economic maladjustments G f e o r r m 4 a 6 n z ( y D n r s . k K i) u f c o - r F am ra - n M kf a u in rt . - 3 which have disturbed international price levels, cities.1 Greater wages, cost of living, and the foreign exchanges, Berlin.* wide divergencies exist in the relative purchas- 1920. ing power of different countries. As has January 764 February... 623 882 already been shown, this altered buying capac- March...... 741 1,118 ity changes the competitive ability of nations April 836 1,302 May 876 1,267 by either reducing or increasing their pecuniary June 842 1,056 July 842 1,125 1,046 advantage in the world markets. A method August 795 1,069 of studying this problem is to compare the September.. 777 1,038 1,060 October 827 1,104 domestic price level with the international November.. 872 1,097 *i,"i92 December.. 916 1,135 level or to measure the purchasing power of one currency in terms of another. This 1921. January.., 924 1,111 1,736 method of analyzing price and exchange M Fe a b rc ru h ary., 9 9 0 0 1 1 1 1 , , 0 0 3 8 5 7 1,121 movements has been applied in the case of April 976 Sweden. May 990 "i,"057 June 1,080 To ascertain Sweden's external purchasing July 963 1,125 *i,*io6 power involved firstly the measurement of the 1 Includes food, rent, heat, and light. depreciation or appreciation of foreign cur- 1 Includes food, clothing, rent, heat, light, and miscellaneous. •Includes foods, clothing, rent, heat, and light. Jan. 1, 1914=-100. Index represents first of month costs. 1 Swedish price, trade, and financial statistics may be found on p. 1144 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SEPTEMBER, 1921. FEDERAL RESERVE BULLETIN. 1073 rencies in terms of the Swedish krona; in krona in relation to the dollar that^the cost of other words, the cost of foreign money in commodities imported from America would be kronor. For this purpose the series of indexes relatively dear and would place the importer published b^ Kommersiella Meddelanden in from this marketfat a disadvantage. But, due connection with its foreign exchange index was to the fact that domestic prices in Sweden used. (See FEDERAL EESERVE BULLETIN for are higher than the prices of commodities in July, 1921, p. 797.) The cost in kronor of America expressed in kronor, it appears that commodities in the various countries was then the pecuniary disadvantage of buying in the obtained by multiplying the index of whole- American market under adverse exchange sale prices in each country by the cost of the conditions is practically eliminated by the respective currencies in kronor, expressed as a higher price level in Sweden. In a similar way percentage of parity. The results, tabulated the selling advantage affected by the stimulus below, indicate in a general though by no of adverse exchange rates on Swedish exports means a precise manner the price in kronor of to America is offset by the high domestic price commodities purchased abroad. In juxtaposi- level. tion are presented the internal prices in the The purchasing power of Sweden is, on the domestic market. whole, less in her two sister countries than in the other countries of Europe, since Swedish SWEDISH EXTERNAL PRICES—COST IN KRONOR OF COM- external prices in neighboring Scandinavia MODITIES IN THE FOLLOWING COUNTRIES. approach more nearly the domestic price level [Prewar prices= 100.] in Sweden. In January, 1921, the purchasing power of the Swedish krona was greater at January, June, January, June, home than in Norway or Denmark. Sweden 1920. 1920. 1921. 1921. then had a selling advantage in Norway and Denmark by virtue of her lower internal prices. N G o er r m wa an y y 3 1 1 0 0 8 3 2 0 0 9 3 2 1 8 28 6 1 9 9 6 1 In June, 1921, however, this situation had been 286 196 reversed. 297 330 243 188 United States . 312 319 207 167 One of the most important factors responsi- France 282 251 170 162 Italy 154 163 ble for the divergence betweeii Swedish internal and external prices is the high wage scale prevailing in Sweden. According to a recent SWEDISH INTERNAL PRICES—COST IN KRONOR OF COMofficial investigation of the Royal Social Board, MODITIES IN SWEDEN. daily wages for workers in all industrial occu- [Prewar prices=100.] pations averaged 13.23 kronor in 1920, an January, 1920 319 January, 1921 267 increase of 206 per cent as compared with June, 1920 366 June, 1921 218 1913. The average yearly wage amounted to A comparison of these figures shows that 3,607 kronor in 1920, an increase of 191 per the general level of domestic prices in Sweden cent over the prewar figure. For all industrial has been higher in nearly all instances than the workers, including women and minors, daily prices in kronor of commodities in foreign and yearly wages rose 212 and 197 per cent, markets. This situation gives Sweden a buy- respectively, as indicated in the following ing rather than a selling advantage and en- table: courages the import ratner than the export side of Swedish trade, since her purchasing AVERAGE WAGES FOR WORKERS IN SWEDISH INDUSTRIES. power abroad is greater than at home. This conclusion coincides with the facts drawn from Average Percentage increase p a os c it o i n o s n i d o er f a t t i h o e n Sw o e f d i t s h h e k f r a o v n o a r . ab I le n J e u x n c e h a t n h g is e N of u e m n b te e r r - Nu e m m b - er p w e k r a r g o w e n s o o i r r n k- w A a d v g a e e i r s l a y g (i e n o co v m er e s p . rewar inprises. ployed. man per kronor). stood at a premium of 22.6 per cent in relation year. Yearly. Daily. to the aggregate value of all foreign currencies and at a discount only in the case of the Swiss 1913 2,140 197,804 1,091 3.82 and American exchanges. Consideration of the 1917 2,140 218,812 1,569 5.65 44 48 1918 2,718 264,057 2,236 8.16 105 114 exchange situation alone, however, hinders a 1919 3,092 276,076 2,838 10.30 160 170 1920 3,249 282,576 3,237 11.91 197 212 clear understanding of the competitive position of the various countries, and it is in this connection that the comparison of purchasing power Interesting data to show a comparison of parities is of value in showing the real status wages and the cost of living in Sweden have of the exchanges. For example, it might be also been compiled by the Social Board. assumed because of the depreciation of theThese figures are shown m the subjoined table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1074 FEDERAL RESEBVE BULLETIN. SEPTEMBER, 192JL. INDEX NUMBERS OF WAGES AND THE COST OF LIVING IN cise information is lacking for a comparison SWEDEN, 1913-1920. with Germany, it appears that, when calculated in Swedish currency, German wages in Wages both the textile and mechanical industries in Cost of Wages per work- Year. living. per day. man per 1913 were 10 per cent lower than the Swedish year. scale and 75 per cent lower in 1920. In England, wages in the mechanical industry were 20 1913 100 100 100 to 25 per cent higher than the Swedish level 1914. 102 102 100 1915 115 108 107 before the war, but at the close of 1920 were 1916 . 130 120 120 1917.. 162 146 143 lower by about the same amount. The Ameri- 1918 225 207 200 can wage scale before the war was nearly three 1919.. 261 266 256 1920 269 309 294 times as great as in Sweden. In 1920 it was about twice as high, calculated in Swedish As indicated by these figures, the cost of liv- currency. ing increased only 3 per cent from 1919 to 1920, The Swedish industrial wage level has been while daily wages in the same year rose 17 per raised not only by the direct increases, but also cent and yearly wages 15 per cent, thus exceed- indirectly by the enactment within recent years ing the level of living costs by substantial mar- of protective labor laws, such as pension and gins. compensation insurance and the eight-hour day. Statistics have also been gathered by the It is generally admitted in industrial circles Royal Social Board in an attempt to compare in Sweden that these social reforms have inthe wages and cost of living in Scandinavia, creased the cost of production without mate- England, and the United States. While these rially bettering the standards of efficiency. figures are heterogeneous in character and This is especially true of the law for the eighttherefore not absolutely comparable, they indi- hour day, which became nationally effective in cate the general trend. It appears from these 1920. Under the operation of this law thus far data that real as well as money wages in Swe- there appears to have been a lowering of outden in 1920 were higher than in the United put in direct proportion to the decrease in hours States and England, but lower than in the of labor. The Government is now investigating neighboring Scandinavian countries. Living this problem with a view to modifying certain expenses, on the other hand, were less in Swe- of its provisions. den than in Norway, but higher than in Denmark, England, and the United States. FRANCE.1 The fiscal situation of the French Govern- INDEXES SHOWING WAGES AND COST OF LIVING, 1920. ment continues to be of great importance in [1914=100.] the French business situation. M. Paul Doumer, the French Minister of Finance, has Sweden. w N a o y r- . m D a e r n k - . l E a n n g d - . U St n a i t t e e s d . prepared for the consideration of the Chamber of Deputies his proposals for the 1922 budget, Cost of living 269 314 256 250 205 which contemplates an entire revision of the Average daily wages 304 364 308 275 216 Government's fiscal methods in dealing with Real wages 113 116 120 110 105 reconstruction. If his proposals are carried out the expenditures of the ordinary77 budget International comparisons betweenfwages in only will be met by the Government direct. It the mechanical and textile industries have also is expected that by the end of this year pracbeen made in Sweden, with the object of ascertically all governmental expenditures arising taining in a general way the relative production out of the war will have been made with pencosts m the different countries. In the comsions and with the exception of those conparison, figures for foreign wages were converted cerned with the reconstruction of the devasto Swedish currency. The results, though tated regions. M. Doumer proposes to transprobably subject to a large margin of error, fer the financing of these items from the yield general conclusions as to the trend of Government's budget to the Credit National, wages. According to this study, Danish wages the bank which was formed in 1919 to handle in 1913 in both the textile and mechanical intransactions in the northeast. The money dustries were 10 to 20 per cent higher than which is needed for reconstruction next year Swedish wages. In 1920, if Danish currency is will either be raised in the form of bonds converted to Swedish, wages in the mechanical floated by the Credit National, by towns and industry in Denmark were practically equal to industries in the devastated regions, or by the those in Sweden, while in the textile industry they were still somewhat higher. Though pre- * French price, trade, and financial statistics will be found on p. 1143. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SEPTEMBER, 1921. FEDERAL RESERVE BULLETIN. 1075 sale in neutral countries of German obligations ment against further increases in the Governdelivered to the Separations Commission. ment's debt. It is highly probable, however, The expenses included in M. Doumer's that there will be at least one consolidation tentative draft of the 1922 budget total loan in the next year to fund the large out- 24,932,000,000 francs, or 1,570,000,000 francs standing floating debt. The sentiment against less than the "ordinary" budget of the current increasing the Government's debt applies also year. To meet these expenditures M. Ejoumer to the advances of the Bank of France to the estimates that there will be receipts amounting Government. On December 31, 1920, these to 25,019,000,000 francs, of which 2,500,000,000 advances amounted to 26,600,000,000 francs. francs must come from taxes to be enacted During the year the amount has fluctuated, this fall. The balance will result from taxes and on August 25 it stood at 24,900,000,000 already in force and the further sale of war francs. The note circulation of the bank has materials. The Finance Minister proposes that also declined during this interval. On Decemthe rate of the total business turnover tax shall ber 31, 1920, the notes in circulation totaled be doubled, in order to provide part of the 37,901,599,000 francs, while on August 25 the revenue needed for next year. This proposal amount had declined to 36,783,000,000 francs. has already evoked a variety of protests, as A similar decrease has taken place in the dis- French business men feel that in the present counts and advances of the bank, which have state of their markets they can not support fallen from 5,901,781,000 francs on December an increase in the rate of this tax. 31, 1920, to 4,683,468,000 francs on Auguat 25, Of the expenses which the French Govern- 1921. ment will have to meet in 1922, the most im- Wheat was released from Government conportant single item is the interest upon the pub- trol the first of August, and the advanced lic debt, which will amount to 12,526,000,000 condition of the crop and the need of funds by francs, or about one-half of the total expendi- producers has resulted in a reduction of the tures contemplated for next year. In his price from 100 francs to 72 or 75 francs per analysis of the Government's situation, M. quintal. Prices of flour have similarly de- Doumer gave out on July 28 the following clined. The French wheat crop is of espestatement of the public debt cially good quality this year. French wheat normally weighs about 77 kilograms per hectoliter. This year the average weight is 79 kilo- FRENCH PUBLIC DEBT, JULY, 1921. grams per hectoliter, and it is estimated that Internal debt: Francs. the crop will amount to about 78,000,000 Perpetual 100, 041, 000, 000 quintals, as contrasted with 64,500,000 quin- Short term 38, 571, 000, 000 Floating 90,443, 000, 000 tals last year. The stock of wheat on hand in France at present is placed at 5,000,000 229, 055, 000, 000 quintals and about 2,000,000 quintals will External debt: probably be available from Algeria, Tunis, Total (par value) 35,286, 000, 000 and Morocco. It will be necessary, however, 264, 341, 000, 000 for France to purchase at least 7,000,000 quintals of wheat abroad during the coming On March 1, 1921, the last date for which year. This amount is much less than she has figures on the internal debt were published been obliged to import during each year before M. Doumer's announcement of July since 1914. 28, the perpetual and short-term debt totaled French foreign trade figures for June show 132,985,000,000 francs. There has been, there- a slight improvement over those for the month fore, an increase of 5,627,000,000 francs in previous. The total value of the raw materials the five months' interval. A similar increase exported in June was 125,700,000 francs greater has taken place in the floating debt, which than the value of those exported in May. has risen from 87,358,600,700 francs on March Exports of food and manufactured articles, 1 to 90,443,000,000 francs in July. The net on the other hand, were slightly smaller than increase in the foreign debt since April 30, in the month previous, making the total ex- 1921, has been 553,000,000 francs. It is port figure in June only about 100,000,000 impossible to say how the total of the foreign francs larger than the export figure for May. debt is divided between bonds and treasury The increase in imports was more striking, as bills, since published summaries of M. Dou- the total value rose from 1,565,508,000 francs mer's report do not give complete details. in May to 1,723,534,000 francs in June. The Comments of French business and banking excess of exports over imports for the first six authorities upon the budget proposals are in months of 1921 amounts to 392,000,000 francs general favorable, as there is a strong senti- and for June to 27,000,000 francs. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1076 FEDERAL RESERVE BULLETIN. SEPTEMBER, 1921. In estimating the changes which have oc- over 11,000,000,000 lire in the fiscal year ending curred in French trade since last year it is June 30, 1921, as compared with 7,680,000,000 more convenient to use figures expressed in lire during the same period in 1919-20. terms of weight than in terms of value, because Inf November, 1920, the Minister of the of the change which has occurred in the price Treasury estimated that there would be a level during the interval. The following table deficiency of 10,370,000,000 lire in the budget sets forth the volume of French imports and for the.fiscal year 1921-22 (i. e., the year just exports in the first half of 1913, 1920, and 1921: beginning). Great improvement has been brought about, however, by the provision THE VOLUME OF FRENCH FOREIGN TRADE. enacted last February for the financing of the [In thousands of metric tons.] grain supply and by the fall in the prices of imported wheat. It was originally estimated that the food administration would cost the • January through June. state something like 6,300,000,000 lire, but it is now thought that this item will be reduced to 1913 1920 1921 about 1,000,000,000 lire. Another hopeful Imports: sign is that this charge will be completely Foods 2,621 3,327 1,636 eliminated from future budgets, as Govern- Raw materias 18,406 17,584 13,618 Manufactured articles. 819 1,220 803 ment control of the grain supply will cease this Total 21,846 22,131 16,057 year. The total revenue from all sources for 1921-22 is estimated at 17,000,000,000 lire, the Exports: Foods 590 480 667 expenditures at 22,000,000,000 lire, leaving a M Ra a w nu m fa a c t t e u r r i e a d ls articles. 8 1, , 0 3 9 4 7 5 4,2 8 1 2 0 4 5 1 , ,0 6 1 2 9 8 deficit of about 5,000,000,000 lire. Among the Parcels post 18 9 12 expenditures the main items are the public Total 10,050 5,523 7,326 debt charge of about 4,500,000,000 lire; salaries and pensions of civil servants, over 5,000,000,- 000 lire; and war pensions and compensations It is evident from these figures that the for war damages nearly 3,500,000,000 lire. French population has within the last half Also as a result1 of the improved grain year greatly reduced its consumption of foreign situation, the treasury has been able to refund products, since imports in the first six months to the banks of issue a considerable proportion of 1921 weighed about 6,000,000 tons less than of the advances obtained from them. The those for the corresponding periods in 1913 bank-note circulation on account of advances and 1920. Part of this reduction from the to the treasury was reduced from 10,333,prewar year is due, of course, to the inclusion 000,000 lire on June 30, 1920, to 8,982,000,000 of Alsace-Lorraine within French % customs lire on June 20, 1921. On the other hand, the boundaries. The gain in the volume of shippublic debt as a whole increased during the ments from France in the past six months is fiscal year 1920-21 from 96,000,000,000 lire to quite remarkable. nearly 107,000,000,000 lire. This was entirely Exports of merchandise from January accounted for by the expansion of the floating through June, 1921, were still 27 per cent less debt; the circulation of short-term treasury than in the corresponding period of 1913, but, bills increased about 10,000,000,000 lire, and in spite of the admitted slackness of foreign about 2,000,000,000 lire of treasury bonds have demand this year, they were 33 per cent larger been issued to run for several years. The than in the first six months of 1920. total floating debt amounts to over 25,500,- ITALY.1 000,000 lire. No funding operations are under consideration at the present time because of the unfavorable condition of the financial market, The deficit in the Italian budget for the fiscal due in the main to uncertainty as to whether year 1920-21 (i. e., the year just closed) was or how the new law requiring the registration estimated at about 10,300,000,000 lire in a of securities will be enforced. The 5 per cent statement on Italy's financial situation preconsolidated loan was quoted at slightly over sented by Minister of the Treasury De Nava to 76 in the middle of July. the Chamber of Deputies on July 26. The The effects of the industrial depression upon original estimate, which was made a year ago, the stock market are illustrated by the followanticipated a deficit of 14,200,000,000 lire. ing index numbers of quotations of shares of The improvement shown by the new estimate 125 corporations with an aggregate capital of is duetto the increased revenues from taxation, 6,382,000,000 lire, computed by Prof. Biccardo which are estimated to have amounted to Bachi, with December 31, 1918, as a basis of 1 Italian price, trade, and financial statistics will be found on p. 1145. 100: Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SEPTEMBER, 1921. FEDERAL RESERVE BULLETIN. 1077 INDEX NUMBERS OF QUOTATIONS OF SHARES OF 125 During the past few months the first effects CORPORATIONS. of the crisis upon the movement of postal [Dec. 31, 1918=100.] savings deposits has been apparent. While in the first four months of this year the monthly 1920 1921 rate of increase in deposits averaged about 200,000,000 lire, during May and June the January 102.23 75.08 February.. 106.27 78.42 rate of increase was at only about 100,000,000 March 106.42 73.15 lire, while in the first half of July the increase April 105.95 72.11 May 105.04 68.39 amounted to about 30,000,000 lire only. June 94.39 64.34 July 87.12 On April 30 the total number of the un- August 86.42 employed was estimated at over 250,000, ac- September. 79.92 October— 73.24 cording to a survey made by the National November. 79.79 December.. 79.67 Placement Offices. The greatest number of unemployed were found in the building trades, The June, 1921, index shows a decrease of agriculture, and the metal and textile indusabout 30 points when compared with that of tries. In addition to those who were totally June, 1920, and of over 35 points when com- unemployed, it was estimated that from pared with December, 1918. The shares that 300,000 to 350,000 were working on a shorthave declined most seriously since May, 1920, time basis. The 36-hour week had become a are those of the textile trades, the metal and rule in the silk and automobile trades. Since mining industries, and the merchant marine. April 30 there has been a steady increase in The index numbers of these groups in May, the number of unemployed reported by the 1920, and June, 1921, were as follows, the exchanges and placement offices in the indiquotations of December 31, 1918, being taken vidual districts. At the end of July several as a base: bills were introduced by the Government to provide employment for those out of work. INDEX NUMBERS OF QUOTATIONS OF SHARES OF SPECIAL These included bills to provide for railroad INDUSTRIES. construction, irrigation projects, and the con- [Dec. 31,1918=100.] struction of dwelling houses. It was planned that this work should be carried on in part May, June, 1920. 1921. under the direction of the Government and in part by concessionaires financed by the Gov- Silk .... 250.89 102.63 ernment. A total amount of 1,000,000,000 Linen and hemp. 215.15 82.90 Cotton 191.02 93.97 lire is to be appropriated for these purposes. Jute 172.52 96.07 Iron and steel. . . . 84.32 23.12 Mining 122.13 45.37 Automobiles 122.77 46.55 Merchant marine. 124.92 50.19 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1078 FEDERAL RESERVE BULLETIN. SEPTEMBER, 1921. State Banks and Trust Companies Admitted. Acceptances to 100 Per Cent. The following list shows the State banks and trust com- Since the issuance of the August BULLETIN the following panies which have been admitted to membership in the bank has been authorized by the Federal Reserve Board Federal Reserve System during the month of August, 1921. to accept drafts and bills of exchange up to 100 per cent of One thousand six hundred and eleven State institutions its capital and surplus: are now members of the system, having a total capital of The Southwest National Bank of Dallas, Dallas, Tex. $584,195,000, total surplus of $531,867,400 and total resources of $9,995,904,950. Capital. Surplus. Total Fiduciary Powers Granted to National Banks. The applications of the following banks for permission District No. 6. to act under section 11-k of the Federal Reserve Act have been approved by the board during the month of August, Marion County Banking Co., Guin, Ala. $25,000 $35,000 $229,518 1921: Central Bank & Trust Co., Jasper, Ala.. 50,000 10,000 686,412 Bank of Henry County, McDonough, Ga 50,000 30,000 263,716 Algiers Trust & Savings Bank, New DISTRICT NO. 2. Orleans, La 200,000 50,000 250,000 Trustee, executor, administrator, registrar of stocks and bonds, guardian District No. 7. of estates, assignee, receiver, and committee of estates of lunatics: First National Bank, Binghamton, N. Y. Reliance State Bank, Chicago, 111 200,000 50,000 5,928,955 Hinckley State Bank, Hinckley, 111 50,000 25,000 459,704 Fanners Trust & Savings Bank, Seneca, DISTRICT No. 5. 111 25,000 5,000 144,131 State Bank of Seneca, Seneca, 111 , 50,000 25,000 493,959 Trustee, executor, administrator, registrar of stocks and bonds, guardian of estates, assignee, receiver^ and committee of estates of lunatics: District No. 9. Drovers & Mechanics National Bank, Baltimore, Md. Farmers State Bank of Rockham, Rockham, S. Dak 25,000 10,000 503,069 DISTRICT NO. 6. 25,000 3,500 231,820 Security State Bank, Wolf Point, Mont. Trustee, executor, administrator, registrar of stocks and bonds, guardian District No. 11. of estates, and receiver: Commercial National Bank, Anniston, Ala. Hamilton Bank & Trust Co., Hamilton, Tex 50,000 50,000 362,046 Penelope State Bank, Penelope, Tex... 25,000 56,290 DISTRICT NO. 7. District No. 12. Trustee, executor, administrator, registrar of stocks and bonds, guardian of estates, assignee, receiver, and committee of estates of lunatics: The Community Bank, Whittier, Calif. 125,000 12,500 569,816 National Bank of Sidney, Sidney, Iowa. Largilliere Company Bankers, Soda Springs, Idaho 25,000 12,000 391,363 DISTRICT NO. 8. Grants Pass and Josephine Bank, Grants Pass, Oreg 75,000 20,000 1,131,391 Trustee, executor, administrator, registrar of stocks and bonds, guardian of estates, assignee, receiver, and committee of estates of lunatics: First National Bank, Breese, 111. WITHDRAWALS. # Peoples Bank of Floyd County, Floyd, Va. DISTRICT NO. 9. The Bixby State Bank, Bixby, Okla. Trustee, executor, administrator, registrar of stocks and bonds, guardian CONVERSION. of estates, assignee, receiver, and committee of estates of lunatics: The Dexter-Horton Trust & Savings Bank, Seattle, Wash., to The Welcome National Bank, Welcome, Minn. Horton National Trust & Savings Bank of Seattle. DISTRICT NO. 11. LIQUIDATION. Guaranty Bank & Trust Co., Seattle, Wash. Trustee, executor, administrator, registrar of stocks and bonds, guardian of estates, assignee, receiver, and committee of estates of BANKS CLOSED. lunatics: Citizens' National Bank, Cameron, Tex. Union Central Bank, May, Idaho. Trustee: Guaranty State Bank, Troup, Tex. Merchants National Bank, Brownsville, Tex. CONSOLIDATION. The American State Bank, Lincoln, Nebr., has consolidated with a DISTRICT NO. 12. nonmember bank. Trustee, executor, administrator, registrar of stocks and bonds, guardian CHANGE OF NAME. of estates, assignee, receiver, and committee of estates of lunatics: The Union Trust & Savings Bank, East St. Louis, 111., to Union First National Bank, Chico, Calif. Trust Co. of East St. Louis. Horton National Trust & Savings Bank, Seattle, Wash. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SEPTEMBBK, 1921. FEDERAL RESERVE BULLETIN. 1079 RULINGS OF THE FEDERAL RESERVE BOARD. Note not eligible as commercial paper unless made or paper generally known as " commercial paper," indorsed by a party to the commercial transaction out which usually is "liquid" and upon which at of which it arises. least one of the parties to the commercial The Federal Keserve Board was recently transaction out of which it arises is obligated asked to rule upon the eligibility of certain either as maker, drawer, acceptor, or indorser. notes issued by a company engaged in financing The expectation that the proceeds of a comthe business of merchants and manufacturers. mercial transaction will be available for the A merchant or manufacturer, who desires purpose of liquidating paper arising out of money for use in his business for the purpose the transaction is based upon the assumption of paying for or carrying goods, enters into an that such proceeds will ultimately come into agreement with the company that if the com- the hands of a person who is liable as a party pany will issue to him its promissory note for to the paper. The funds necessarily will come the amount which he wishes to borrow, he will into the hands of a party to the commercial place the company in funds to meet the note transaction and if he is obligated upon the at maturity and in the meantime pledges his paper it will be available to liquidate the merchandise to the company as security for paper; but where no party to the commercial his undertaking. The company then exe- transaction is obligated upon the paper there cutes its own negotiable note, payable to the is no assurance that the proceeds of the comorder of its own treasurer, who indorses it in mercial transaction will be used to liquidate blank and delivers it to the customer, the the paper. The purpose of the requirement merchant, or manufacturer. The question upon that in order to be eligible for rediscount a which the Federal Reserve Board was asked note must arise out of an actual commercial to rule is whether these notes are eligible for transaction would not, therefore, be met if rediscount by Federal Reserve Banks from the Federal Reserve Banks were permitted the member banks which have discounted the to rediscount paper upon which none of the notes for the company's customers without parties to the commercial transaction out of the indorsement of those customers. After which it arose is obligated. giving the matter careful consideration the In view of these considerations, the Board is Board ruled that these unindorsed notes could of the opinion that, while the law does not spenot be eligible. cifically so state, yet when the terms of the law The only notes, other than those drawn for are read in the light of its purpose it is clear that the purpose of trading in or carrying bonds Congress intended by the provision under conand notes of the United States, which are sideration to authorize Federal Reserve Banks eligible for rediscount by Federal Reserve to rediscount only such paper as arises out of Banks under the terms of section 13 of the an actual commercial transaction and bears the Federal Reserve Act are notes " arising out of obligation of at least one of the parties to that actual commercial transactions.'7 Following particular transaction. This is just another the general statement to this effect, section 13 way of saying what the Board has frequently further indicates what this phrase means by said in its past rulings, that the proceeds must stating in effect that notes arise out of actual be used in the first instance for a commercial commercial transactions when they have been purpose by the borrower, it being understood " issued or drawn for agricultural, industrial, that no one can be a borrower unless he is or commercial purposes," or when the pro- liable on the paper. ceeds "have been used, or are to be used, for It is true that in the specific case which is such purposes." The purpose of this require- presented to the Board, the company has a lien ment is to limit the class of paper which Fed- on the commodity which presumably is the eral Reserve Banks may rediscount to that subject matter of the commercial transaction, which is "liquid"—that is, paper which is and that the party to that transaction is obliissued or drawn under such circumstances that gated by a collateral agreement with the comin the normal course of business there will pany to put that company in funds to meet the automatically come into existence a fund avail- notes in question. These facts, together with able to liquidate each piece of paper, that fund the further facts that the company and its being the final proceeds of the transaction out officers are stated to be reliable and responsible of which the paper arose. When Congress and the officers state and are willing to certify authorized Federal Reserve Banks to redis- that in each case the proceeds of the notes are count paper " arising out of actual commercial used by its customers for commercial purposes, transactions" it had in mind a definite class of make a strong case from the practical stand- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1080 FEDERAL. RESERVE BULLETIN. SEPTEMBER 1921. point for admitting the notes in question to dis- in all events within 90 days from the date of count by Federal Reserve Banks without the discount, in the case of commercial paper, and indorsement of the company's customers. It within 6 months, in the case of agricultural is obvious, however, that the proper construc- paper, are eligible for discount. tion of the Federal Reserve Act can not be de- It is essential that a Federal Reserve Bank termined by the credit standing of the parties receive eligible paper in return for funds which to any particular transaction, and, furthermore, it loans to member banks, for it is the clear it is a fundamental principle which has been intent of the Federal Reserve Act that the consistently followed by the Federal Reserve loans made by a Federal Reserve Bank shall Board that the eligibility of paper does not de- be of such character that they may properly pend upon the existence or character of the be made the basis for the issue of Federal collateral. Reserve notes, and to carry out this intent the As heretofore stated, the Board is of the law provides that a Federal Reserve Bank can opinion that section 13 of the Federal Reserve obtain Federal Reserve notes only by pledging Act, construed in the light of its general pur- with its Federal Reserve Agent eligible paper pose and intent, requires that paper in order to acquired under the provisions of section 13 or be eligible for discount must represent the obli- section 14, or gold or gold certificates. If a gation of a party to the commercial transaction Federal Reserve Bank should give immediate out of which the paper arose. In the Board's credit for bill-of-lading drafts it would be loanjudgment, the spirit of the express requirement ing funds upon ineligible paper which could that paper to be eligible must arise out of a not be used as collateral for Federal Reserve commercial transaction is not complied with in notes. Consequently, such transactions would the cases where the sole party liable upon the exhaust the bank's loanable funds by the f>aper is the person who has obligated himself amount of such credit, without giving the bank or the accommodation of the party to the com- the means of supplying itself with a like mercial transaction, even though the accom- amount of Federal Reserve notes as is the case modating party is adequately secured and has a when a Federal Reserve Bank discounts elispecific contract requiring the party to the com- gible paper. mercial transaction to provide funds to meet In this connection it should be noted that the paper at maturity. the Federal Reserve Banks do not give immediate credit even for checks drawn against available bank deposits when the checks are drawn upon banks located at distant points. Collection of demand bill-of-lading drafts. Each Federal Reserve Bank has a time sched- When a bank receives from a customer a ule, according to which it gives credit for demand bill-of-lading draft which requires checks deposited with it. The periods for several days for collection, and gives imme- which credits are deferred upon such checks diate credit therefor, the bank is in effect are based upon the average time required for granting a loan to its customer for the amount the collection of checks drawn on banks in of the draft for the period of time required for the vicinity of the drawee banks, so that with collection. There does not appear to be any slight variations on account of delays in the objection to this practice on tne part of a com- mail, etc., Federal Reserve Banks give credit mercial bank, for so far as the Board is aware for checks simultaneously with the receipt of neither national banks nor State banks are actual funds in payment of the checks. subject to any legal restrictions which are con- There is a further reason why it is important travened by the practice. that Federal Reserve Banks should not give With respect to Federal Reserve Banks the credit in advance of actual payment for items situation is different, however, for the Federal deposited with them for collection. One of the Reserve Act specifies the manner in which main purposes of the Federal Reserve Act was those banks are to make loans to their member to centralize the reserves of member banks in banks, the act providing that Federal Reserve the 12 FederaFReserve Banks^so that those Banks may discount, upon the indorsement of reserves*1 would Tbe available to" meet the seatheir member banks, paper which is made sonal and emergency demands"" of particular eligible for discount under the terms of sec- member banks and of particular districts, tion 13 of the Federal Reserve Act. Demand without embarrassment to other banks such drafts^ which have no definite maturity, are as%lways resulted from^these demands prior not eligible for discount by Federal Reserve to" the^enactment^of Fthe'Federal Reserve Act Banks because section 13 provides in effect when a large^part of |the^ banking reservevof that only those notes and drafts which mature the'country consisted of deposits in commer- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SEPTEMBER, 1921. FEDERAL RESERVE BULLETIN. 1081 cial banks. One of the great evils of the old FAILURES DURING JULY. system was that banks counted as part of their reserve deposits items which had been Number. Liabilities. District. sent to their reserve agents but which were 1921 1920 1921 1920 still in the process of collection. To this extent First 94 48 $2,124,077 $470, 259 the so-called reserves were not available for Second 230 172 18,342,752 11,438,511 any purpose but were merely part of the T Fo hi u r r d th 1 7 6 2 7 2 5 9 4 1 4 , , 2 2 5 0 4 0 , , 3 3 6 4 1 0 9 7 2 55 1 , , 7 9 1 8 1 8 intangible float. If Federal Reserve Banks Fifth 124 39 1,565,856 1,995,634 Sixth 138 32 1,968,097 443,135 credited the reserve accounts of their member Seventh 222 70 4,565,389 2,417,401 banks immediately upon receipt of the items, N Ei i g n h th th 9 2 4 7 2 1 8 4 1, 4 5 2 4 5 5 , , 0 8 4 7 2 4 2 9 38 6 , , 4 0 7 4 1 0 without regard to the time required for col- Tenth 48 34 1,056,534 548,910 Eleventh 114 41 3,778,098 1,148,614 lection, this evil would be perpetuated and to Twelfth 114 120 1,947; 733 1,431,738 that extent the purpose of the Federal Reserve Total. 1,444 681 42, 774,153 21,906,412 Act would be defeated. For the reasons above stated Federal Reserve New National Bank Charters. Banks do not give credit for demand bill-of- The Comptroller of the Currency reports the following lading drafts until the proceeds have been increases and reductions in the number and' capital of collected. national banks during the period from July 30 to August 26, 1921. inclusive: Banks. Amount. Commercial Failures Reported. New charters issued to With capital of SI, 270,000 Restored to solvency While some narrowing of the margin of increase has With capital of 0 recently occurred, commercial failures still largely exceed Increase of capital approved for those of last year, when the business mortality was un- W Ag i g th re n g e a w te n ca u p m it b a e l r o o f f new charters, banks restored ' "295,'666 usually moderate. For three weeks of August, reports to solvency, and banks increasing capital to R. G. Dun & Co. show 1,047 defaults in the United With aggregate of new capital authorized 1,565,000 States, as compared with 459 during the corresponding N Ca u p m it b a e l r o o f f s a b m an e k b s a l n iq k u s idating l "'356,* 666 period of 1920. The returns for July, the latest month for Number of banks reducing capital which complete statistics are available, disclose 1,444 Reduction of capital 0 insolvencies, involving $42,774,153 of liabilities. In Total number of banks going into voluntary or involuntary liquidation or reducing capital point of number, the July failures are 763, or 112 per Aggregate capital reduction 350,000 cent, larger than the 681 defaults of that month last year, Consolidation of national banks under the act of while the indebtedness is greater by $20,800,000, or 95.3 Ca N p o i v t . a l 7,1918 '6bb',bb"v per cent. Separation of the July statement by Federal reserve districts shows more insolvencies in every instance The foregoing statement shows the aggregate of inthan in July, 1920, and only in the fifth district are the creased capital for the period of the banks em- •V braced in statement 1, 565,000 liabilities less than those of the earlier year. The most Against this there was a reduction of capital owing pronounced increase in amount involved is in the second to liquidations, etc 350, 000 district, although relatively large gains appear in the first, fourth, sixth, seventh, eighth, and eleventh dis- Net increase.., 1,215,000 tricts. 1 Includes one'expiration of charter. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1082 FEDERAL RESERVE BULLETIN. SEPTEMBER 1921. PRICE MOVEMENT AND VOLUME OF TRADE. WHOLESALE PRICES IN THE UNITED STATES. Diverse tendencies were evident in wholesale prices in the United States during August, but prices in general moved upward. The wholesale price index number of the Federal Reserve Board rose from 141 to 143, while the index number of the Bureau of Labor Statistics rose from 148 to 152. Increases were most noticeable in the case of agricultural products. Foods in particular were sold at distinctly higher prices during August than during July, and the unfavorable condition of this year's cotton crop was reflected in increased prices for raw cotton, cotton yarn, and cotton cloth. According to the recomputed index number of the Bureau of Labor Statistics there was an increase of 1 point in the price of agricultural products during the month and of 3 points in the price of animal products. On the other hand, the indexes for mineral and forest products declined 2 and 3 points, respectively. Producers7 goods in general declined in price during August. This was largely due to decreased prices for steel and copper products, although the index for the group was also influenced by the decreases in paper and rubber prices and in the prices of some important chemicals. The constimers7 goods group of both the Federal Reserve Board and the recomputed Bureau of Labor Statistics indexes showed the more pronounced increases—5 points in the former and 9 points in the latter case. The indexes for u goods imported" and " goods exported" moved in harmony in August, both showing an increase of 1 point. 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 commodities in general.1 The table following shows the index 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.] Goods Goods Goods Raw Producers' Consumers' All com- Date. produced. imported. exported. materials. goods. goods. modities. 1919, average 209 174 214 If 209 198 207 206 1920, average 236 191 227 2351 237 229 233 1920, August 238 182 229 237| 235 229 234 1921. January 36 114 142 164 166 159 163 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 August 145 104 123 133 133 157 143 i 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 cloths, boots and shoes, and kerosene among the consumers' goods. Australian materials; 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. * 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 materi;als 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

SEPTEMBER, 1921. RESERVE BULLETIN. 1083 INDEX NUMBERS OF WHOLESALE PRICES IN THE UNITED STATES FOR PRINCIPAL CLASSES OF COMMODITIES—BUREAU OF LABOR STATISTICS. [Average price for 1913= 100.] Raw materials. All commodities Year and month. Producers' Consumers' (Bureau of A t g u r r ic a u l l- Animal Forest Mineral Total raw goods. goods. t L is a ti b c o s r i n S d ta e - x products. products. products. products. materials. number). 1920. August 259 181 351 265 251 238 250 250 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 122 109 203 177 145 134 153 148 August 123 112 200 175 145 132 162 152 INDEX NUMBERS OF WHOLESALE PRICES IN THE UNITED STATES 1919-1921 CONSTRUCTED BY THE FEDERAL RESERVE BOARD FOR THE PURPOSE OF INTERNATIONAL COMPARISON AVERAGE PRICE LEVEL OF 1913 = 1OO ^nn i i r 1 280 ALL COWMODITIES ,, R/^W MATERIALS 280 _ . .— —GOODS MPORTED - --PF ODUCERS GOODS 260 .• / J ..• CONSUMERS GOODS 260 240 i \ \ >y \ 240 I - \ ... 220 220 200 / \ :.\ ^— / \ \ 200 V \\ \ —* \ 180^ \\ \ \\ *. \ * 160^ \ t\ V A \ O \ SJ \ . 120 120 V 100 *• 100 80 80 J. A. S. 0. N. 6 J. F. M. A. M.f J. A. S. O. N. D. J. F. M. A.M. J. J. A.S. 0J. . NA.. DS.. O. N. D J. F. M. A. M. J. J. A. S. O. N. D J. F. M. A. M. J. J. A S. O. N. D YEAR 1919 1920 1921 1919 1920 1921 YEAR In order to give a more concrete illustration table have been obtained from the records of of actual price movements, there are also pre- the United States Bureau of Labor Statistics, sented 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

1084 FEDERAL RESERVE BULLETIN. SEPTEMBER, 1921. 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, no W M rt h i h n e e n a r e t n , a N p sp o o r l . i i s n 1 . , g, W re h C d e h a w i t c , i a n N g t o o e . . r , 2, g C o a o C t d t h l t e i o , c a s c g t h e o o e . i r c s e , , H st h e id e e a e rs s v , , y C p 'n a h a c ic t 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 e p g l e . e r p R t r i e i v c l e a e - . p A p r v i o c e u e r n a p d g e . e r p R t r i e i v c l e a e - . p A b r v u ic e s e h r a e p g l e . e r p R t r i e i v c l e a e - . p A b r v u ic e s e h r a e p g l e . e r p R t r i e i v c l e a e - . p A p r o v ic u 1 e e 0 n r 0 a d p g s e e . r p R t r i e i v c l e a e - . p A p ri o v c e u e r n a p d g e . e r p R t r i e i v c l e a e - . 1913 $0.6155 100 $0.1270 100 $0. 8735 100 $0.9863 100 $8.5072 100 $0.1839 100 1919 1.5800 257 .3185 251 2.5660 294 2.5370 239 17.4957 206 .3931 210 1920 1.3968 227 .3301 260 2.5581 293 2.5225 256 14.4856 170 .3122 174 1920, August 1.5310 249 .3380 266 2.5500 292 2.4735 251 15.3500 180 .2850 155 1921, January .6553 106 .1450 114 1.7884 205 1.9613 199 9.8400 116 .1675 91 February .6350 103 .1322 104 1.6713 191 1.9194 195 9.3125 109 .1363 74 March .6180 100 . 1105 87 1.6135 185 1.6798 170 9.5625 112 .1150 63 April .5547 90 .1116 88 1.4059 161 1.3869 141 8.7188 102 . 1013 55 May .6090 .1178 93 1.4923 171 1.5680 159 8.4250 99 .1188 65 June .6075 .1101 87 1.4994 172 1.4384 146 8.0938 95 .1395 76 July .6019 .1147 90 1.4384 165 1.2291 125 8.4063 9!) ,ia88 75 August .5578 91 .1290 102 1.3953 160 1.2373 125 8.7750 103 .1405 76 H C og h s i , c a li g g o h . t e g W a r s a t o d e o e r l n s , , m O sc h a o i r u o k r , e e i t d s - , . | Hem Y lo o c r k k , . New Y N e f e l l w l o o o w r Y i n p o g i r , n k e . , r C u o s n p a l o o , f t b m a i t t i u n m m e i , i n f n e . o s o u , . s b , .P C o s o e p a a l o , h t b o a i n t t u t m a m s i . i n n f e . o s o , u . s b , . Pittsburgh. Columbus. Year and month. Average p A p r o v ic u 1 e e 0 n r 0 a d p g s e e . r p R t r i e i v c l e a e - . p A p r v i o c e u e r n a p d g e . e r p R t r i e i v c l e a e - . p " A M ri v c f e e e r e a p t g e . e r p R t r i e i v c l e a o - . m pr t M 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 l e a e - . s p A h r v o ic e r e t r a t p o g e e n r . p R t r i e i v c l e a e - . s p A h r v i o c e r e t r a t p o g e e n r . p R t r i e i v c l e a e - . 1913 $8.4541 100 $0. 4710 100 $24.2273 100 $44.5909 100 $1.3200 100 $1.5710 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. August 15.7350 186 .8727 185 57.0000 235 157.0000 352 10.6300 805 8.6300 549 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 10S 41.0000 169 91.0000 20-1 2.1310 161 3.4940 222 June 8.2500 98 .4909 104 41.0000 169 91.0000 204 1.9000 144 3.4250 213 July 10.2000 121 .4909 104 37.5000 155 91.0000 201 2.0750 157 3.2000 204 August 10.3950 123 .4727 100 37.2500 154 92.0000 206 2.1300 161 3.0600 195 s C to o v a t e l i , d , a N e n w e t w a h t r e a Y r c . o it r e k , , v C il o l k e, e , a t C D fu n r n n e a l c ls e - . C e o N l p e e p c w t e r r o Y , l i y o n t r g i k c o . , t, d N e L s e e i w a lv d e Y , r p i o z i r g e k , d . , P P et e r n o a n t l e s w u y m e lv l , l a s c n . r i u a d , e, S P h M i e g a n h a ir o n o n g n i o , n g b V a a a s l n i l c d e , y, at furnace. Year and montii. Average Rela- Average Rela- Average Rela- Average Rela- Average Rela- Average Relaprice per tive price per tive price per tive price per tive price per tive price per tive long ton. price. short ton. price. pound. price. pound. price. barrel. price. long ton. price. 1913 100 $2.4396 100 $0.1573 100 $0.0440 100 $2.4500 100 $14. 7058 100 1919 , 161 4.7375 194 .1911 122 . 0578 131 4.1346 169 27.6971 188 1920 186 10. 8153 443 .1797 114 .0808 184 5.9750 244 42.2692 287 1920. August 9.6087 190 15.5500 637 .1900 121 204 6.1000 249 48.1000 327 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 19.37oO 132 August. 10.6036 210 2.8000 115 .1173 .0440 100 2.2500 92 18.2000 124 1 On Toledo market, average for last six months of 1913. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SEPTEMBER, 1921. FEDERAL EESERVE BULLETIN. 1085 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, August .6310 285 .5500 195 61.0000 237 .0325 220 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 .3800 135 42.2500 164 .0233 157 47.0000 157 1.1500 148 March .2447 111 .3700 131 38.4000 149 .0204 138 47.0000 157 1.2000 155 April .2388 108 .3700 131 37.5000 145 . 0210 142 47.0000 157 1.2000 155 May .2491 113 .3700 131 37.0000 143 .0220 149 47.0000 157 1.2500 161 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 August .2586 117 .3400 121 29.6000 115 .0178 120 47.0000 157 1.1500 148 Flour, wheat, st B e g e e o e r o f s d , , c C n a a h r t i c i c a v a s e g s o , . Cof N fe e e w , R Y io o , r N k. o. 7,st ( a 1 n 91 d 8 a w , r s a d t r a ) p , n a d te a n rd ts Ham C s h , ic s a m g o o. ked, Ill 1 u N 5 m 0 e ° w i n l i a r Y t e i o n t r g e k s . o t, il, g N r e a w S n u u Y g la a o t r e r , k d . , Minneapolis. Year and month. Average Rela- Average Rela- 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 1.1295 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, August .2550 197 84 12.2350 267 .3725 224 .2600 211 .1490 349 1921. January .1738 134 9.6250 210 .2488 150 .2900 235 .0757 177 February .1600 124 .0672 9.1813 200 .2600 156 .2750 223 .0709 166 March .1625 125 .0639 8.7300 190 .2725 164 .2625 213 .0784 184 April .1650 127 .0600 7.9500 173 .2763 166 .2540 206 .0725 170 May .1650 127 .0621 8.7450 191 .2725 164 .2400 195 .0632 148 June .1600 124 .0666 9.0063 196 .2822 170 .2200 178 .0569 133 July .1490 115 .0647 8.9000 194 .3200 193 .2200 178 .0546 128 August .1600 124 .0703 8.1200 177 .3248 195 .2200 178 .0583 137 FOREIGN TRADE INDEX. The volume of total exports remained at almost the same figure as for June. There There is presented below a series of indexes was a slight increase in total volume of raw designed to reflect movements in foreign trade materials exported, which was due largely to of the United States, with fluctuations due to increased exportation of agricultural products price changes eliminated. The commodities such as grains, leaf tobacco, and cotton. This, chosen for these indexes are those for which however, was partly counterbalanced by the prices are compiled by the Federal Keserve decrease in the amount of bituminous coal Board in the preparation of its international exported. Exports of illuminating oil, which price index. The list includes 25 of the most have been declining since last October, also important imports the value of which in 1913 showed a marked decrease. Total exports of formed 47.7 per cent of the total import values, producers' goods again registered a decline, as and 29 of the most important exports the value a result of decreases in the amounts of strucof which in 1913 formed 56.3 per cent of the tural steel, steel plates, copper wire, and gasototal export values. The classification of the line, all of which items have shown considerable original list of commodities used was given in decreases since the first of the year. Exports the July, 1920, BULLETIN. The classification of upper leather increased. of the 11 additional commodities of imports The total volume of goods imported again was given in the April, 1921, BULLETIN. decreased. Wool imports showed a slight re- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1086 FEDERAL RESERVE BULLETIN. SEPTEMBEE, 1921. vival and silk again advanced considerably in declined rather precipitously during July. amount. For the most part, however, im- Imports of commodities denoted as producers' ports of raw materials continued their down- goods declined with the exception of quebracho, ward trend. The volume of cocoa imported paper (newsprint), glycerine, and wood pulp. INDEX OF VALUE OF FOREIGN TRADE IN SELECTED COMMODITIES AT 1913 PRICES. [Monthly average values, 1913= 100.] Exports. Imports. R m ( a 1 o w r 2 d i i a c t m l i o s e m a s t ) e - . - P m g r o o o c o d d o d i u m t s c i e ( - e 1 s r 0 ) s . ' C m g o o o n c d o s o i u d m t s m ie - ( e s 7 ) r . s' m T o o c d t o a i m t l i ( e - 2 s 9 ). R m ( a 1 o w r 0 d i a i c m t l i o s e m a s t ) e - . - P m g r o o o c o d d o d i u m t s c i e ( - e 1 s r 2 ) s . ' C m g o o o n c d o s o i u d m t s m ie - ( e s 3 ) r . s' m T o o c d t o a i m t l i ( e - 2 s 5 ). 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.T 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 May 97.7 81.8 112.8 100.0 98.7 150.1 179.3 128.2 June 107.9 74.4 135.1 111.3 94.5 152.5 126.7 119.7 July 111.6 68.3 131.8 112.5 99.3 126.5 114.9 111.4 INDEX NUMBER OF OCEAN FREIGHT RELATIVE OCEAN FREIGHT RATES IN UNITED STATES AND RATES. EUROPE TRADE. [January, 1920, rates=100.] The accompanying table shows the monthly fluctuations in ocean freight rates prevailing United States Atlantic ports tobetween United States Atlantic ports and the p ar r e in d c e ip ri a v l e E d u f r ro o m pe a t n h e t r a a c d tu e a r l e r g a i t o e n s s . q uo T t h e e d f o ig n u t r h e e s Month. U K d n o in i m t g e . - d A F t r la e n n t c i h c. B N e la e a lg n n th 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 a n i - - . Eu A ro l p l e. following commodities: Grain, provisions, cotton, cottonseed oil, and sack flour. For the 1920. January 100.0 100.0 100.0 100.0 100.0 100.0 methods used in constructing the index, see 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 August, 1921, BULLETIN, pages 931-934. April 90.2 87.2 78.9 82.7 72.2 83.5 Little change in the level of freight rates is to J M u a n y e 1 9 0 6 1 . . 2 2 8 8 5 7 . . 9 1 8 8 9 7 . . 5 3 8 8 2 2 . . 1 5 7 7 6 5 . . 5 2 8 90 7 . . 0 5 be noted in any of the trades since last June, July 96.0 85.6 82.1 82.0 75.3 86.3 August 85.7 77.9 70.4 82.1 73.2 78.5 although the tendency has been slightly down- September 86.7 73.7 66.9 82.1 71.6 76.9 ward. After the precipitate declines during N O o ct v o e b m er ber 8 7 4 7 . . 9 8 6 5 8 1 . . 9 6 7 5 0 9 . . 9 9 7 59 5 . . 6 3 6 5 9 9 . . 6 2 7 6 5 3 . . 4 8 1920, extending also into the early months of December 72.3 38.5 47.0 51.6 49.2 53.6 1921, the relatively stable level of rates which 1921. January 60.7 30.2 34.1 42.9 43.2 43.3 has been maintained for the last three months February 54.7 27.7 29.2 30.9 43.8 38.5 March 49.3 24.6 28.3 30.8 42.2 35.9 stands out in striking contrast. Rates on some April 50.1 32.6 36.6 29.4 35.7 39.0 commodities, cotton for example, are now less May 50.6 35.0 38.2 31.3 34.6 40.1 June 42.7 34.7 38.3 31.3 34.0 37.6 than prewar quotations, but the general average July 42.5 33.2 37.0 29.0 34.7 36.8 August 42.9 33.4 36.7 28.4 34.3 36.7 is still slightly above the prewar level. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SEPTEMBER, 1921. FEDERAL RESERVE BULLETIN. 1087 PHYSICAL VOLUME OF TRADE. Grain movements, receipts of naval stores, while operations of anthracite and bituminous and shipments of deciduous fruit were larger coal mines were more moderately curtailed. in July than in June, but the physical volume The petroleum output in July was slightly less of business declined in practically all other than during June, but the number of producing lines. Receipts of wheat at 17 interior markets oil wells completed was less than in any month were the largest ever recorded, while other in the last two years. grain receipts continued at about the same rate A slight reduction in cotton consumption as in June. Stocks of grain at both interior and a moderate increase in the amount oi idle and seaboard centers were somewhat aug- wool machinery indicate that there was some mented during July, due to large increases in decrease in the activity of textile factories the stocks of wheat. Receipts and shipments during July. The volume of raw-silk imports, of all kinds of live stock at 59 markets declined however, was appreciably larger in July than during July, the drop in hog movements being in June. particularly marked. Shipments of California The cut of five reporting lumber associations citrus fruits during July were less than in during July was somewhat less than in June, June, while deciduous fruit shipments increased and there was a considerable reduction in due to the marketing of the new crops. Re- receipts and shipments of lumber from Chicago ceipts of rosin and turpentine continued their and St. Louis. Production of wood pulp and upward movement, and stocks at the close of July paper also fell off during June, but there was were somewhat greater than at the close of June. some increase in the manufacture of news- The output of pig iron and of steel ingots print. Cement production continued to induring July was at approximately the lowest crease, while both shipments and stocks of level for two decades. Iron-ore shipments cement declined. The output of automobiles, from the upper Lakes were larger in July than of locomotives, and of ships decreased during in June, but were considerably smaller than in June, but there was a moderate increase in the July, 1920. July production of blister copper production of railroad freight cars. and pig zinc was at the lowest level for the The tonnage of vessels cleared in foreign present year, and tin deliveries at xeporting trade was considerably less in July than in factories showed a moderate decline. June, whereas the number of railroad net ton- There was a further considerable reduction miles registered only a very slight decline. in production of by-product and beehive coke, LIVE-STOCK MOVEMENTS. [Bureau of Markets.] Receipts. Shipments. C c m a a l a t v t r l e k e s e , a t 5 n s. 9 d m H a o r g k s e , t 5 s 9 . S m h a e r e k p e , t 5 s. 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 l a t v t r l e k e s e , a t 5 n s. 4 d m H a o r g k s e , t 5 s 4 . S m h a e r e k p e , t 5 s. 4 H m m o u a rs l r e e k s s e , a t 4 s n . 3 d T k o i t n al d , s a . ll 1920. Head. Head. Head. Head. Head. Head. Head. Head. Head. Head. July 1,652,244 2,802,147 2,000,678 35,265 6,490,334 722,220 1,096,139 1,019,058 36,391 2,873,808 1921. April 1,477,720 3,203,016 1,648,950 6,353,666 600,996 1,116,890 696,229 22,533 2,436,648 May 1,531,682 3,311,976 1,886,817 17,824 6,748,299 591,770 1,037,466 915,116 16,610 2,560,962 June 1,572,334 3,559,165 1,812,339 13,292 6,957,130 605,822 1,136,269 763,577 13,214 2,518,882 July 1,335,548 2,717,247 1,738,957 10,696 5,802,448 490,751 915,998 760,172 10,036 2,176,957 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1088 FEDERAL RESERVE BULLETIN. SEPTEMBER,, 1921. RECEIPTS AND SHIPMENTS OF LIVE STOCK AT 15 WESTERN MARKETS. [Chicago, Kansas City, Oklahoma City, Omaha, East St. Louis, St. Joseph, St. Paul, Sioux City, Cincinnati, Cleveland, Denver, Fort Worth, Indianapolis, Louisville, Wichita. Monthly average, 1911-1913=100.] RECEIPTS. Cattle and calves. Hogs. Sheep. Horses and mules. Total, all kinds. Head. Relative. Head. Relative. Head. Relative. Head. Relative. Head. Relative. 1920. Julv.. 1, 180,789 117 2,007,332 91 1,300,881 95 26,697 58 4,515,699 98 1921. April 994,916 99 2,279,495 104 1077,806 79 15,221 33 4367,438 Mav. 1, 082,988 105 2,401,246 109 1,097,976 80 12,082 26 4,574,292 June 1117,111 111 2,671,462 122 1130,874 83 8,135 18 4,927 582 107 July 940,173 93 2,021,268 92 1,035,674 76 6,952 15 4,004,067 87 SHIPMENTS. 1920. July 508,567 125 737,954 152 647,893 129 27,728 1,922,142 134 1921. April 415,153 102 694,067 143 392,061 14,396 1,515,677 106 May 424,558 104 644.788 133 415,569 11,137 1,496,052 104 June 414,814 102 703,724 145 403,748 8,199 1,530,485 107 July 338,306 83 619,854 128 408,088 6,439 1,372,687 96 SHIPMENTS OF STOCKERS AND FEEDERS FROM 34 MARKETS. Ca c t a t l l v e e a s. nd Hogs. Sheep. T k o i t n al 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. July. 209,563 25,711 322,867 558,141 April 234,331 50,320 106,476 391,127 May 211,846 29,409 114,811 356,066 June 195,039 31,373 88,302 314,714 July 120,429 15,493 138,414 . 274,336 ANIMALS SLAUGHTERED UNDER FEDERAL INSPECTION. [Bureau of Animal Industry. Monthly average, 1911-1913=100.] Cattle. Calves. Hogs. Sheep. Total Head. R ti e v l e a . - Head. R ti e v l e a . - Head. R ti e v l e a . - Head. R ti e v l e a . - Head. R ti e v l e a . - 1920. July i 661,172 109 342,765 194 2,643,772 1,084,428 4,696,137 98 1921. April 590,943 97 365,541 207 3,003,290 107 1,040,628 5,000,402 104 May 559,979 92 366,798 207 3,274,114 116 984,903 5,185,794 108 June 640,164 105 369,696 209 3,618,174 128 1,116,069 5,744,103 117 July 579,028 95 324,046 183 2,820,616 100 1,050,902 4,783,592 100 EXPORTS OF CERTAIN MEAT PRODUCTS. [Department of Commerce. Monthly average, 1911-1913=100.] Beef, canned. Beef, fr.esh. an B d e e o f t , h p e i r c k cu le r d e , d. Bacon. sho H ul a d m er s s , a c n u d red. Lard. Pickled pork. Pounds. R tiv e e la . - Pounds. R tiv e e la . - Pounds. R tiv el e a . - Pounds. R tiv e e la . - Pounds. R tiv e e la . - Pounds. R tiv e e la . - Pounds. R tiv e e la . - 1920. July 5,217,838 788 5,506,812 444 1,973,004 74 31,562,761 188 8,385,089 56 47,061,422 107 2,926,247 1921. April 366,682 55 214,193 17 1,364,593 51 32,851,837 196 24,925,807 167 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 July 351,566 53 918,476 74 2,418,262 91 48,171,465 288 27,786,271 186 83,329,134 189 3,368,482 76 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SEPTEMBER, 1921. FEDERAL RESERVE BULLETIN. 1089 MOVEMENT OF AGRICULTURAL PRODUCTS COAL AND PETROLEILJM 1919 -1921 1919 - 1921 LIVE STOCK RECEIPTS ANTHRACITE CO.A..L. .PRO.DUCnoN GRAIN AND FLOUR RECEIPTS BITUMINOUS COAL PRODUCT ON ••• COTTON SIGHT RECEIPTS CRUDE PETROLEUM PRODUCTION INDEX NUMBERS. AVERAGE 1911-1913 = 100 INDEXNUMBERS. AVERAGE 1911-1913 = 100 22O| 1 ! 1 1 1 1 1 , 1 , , , 22O 22O • 2OO 2OO 2OO 2OO 18O 18O 180 18O 16O A i 16O 160 V" 4 \ 16O If 140 i A 14-O 14O • 1 \ 1AO 120 \ f\jA • J 12O 12O / I V T1 j r 120 i ! 1 8 6 O O O O T •. \ V 1 1 I .* ; \ * • i' \ / . • • : *. V 1 1 6 8 O O O O 1 G 8 O O O O r^ ^\ | I I I I f f f f / V V 1 V 1 6 8 0 O O 0 : 1 *. If *. : •.• AO AO AO AO V. 2O 20 2O 2O — O -O — YEAR 1919 1920 1921 YEAR YEAR 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 | 1 1 1 1 1 1 1 1 r——\ 1 1 22O 30O 300 |A \ 28O 280 A j \l\A 26O f 26O \ 24O 2A0 'A \ 22O LJ 7 / \ 22O \ 2OO 2OO 18O \V 18O 16O 16O V 14O 140 12O 12O 1OO 1OO 8O 8O 6O A, j4 A j \ 6O \ AO AO V / 2O 20 — o- - O — YEAR 1919 T920 1921 YEAR Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1090 FEDERAL RESERVE BULLETIN. SEPTEMBER, 1921. RECEIPTS OF GRAIN AND FLOUR AT 17 INTERIOR CENTERS. [Chicago; Cleveland, Detroit, Duluth, Indianapolis, Kansas City, Little Rock, Louisville, Memphis, Milwaukee, Minneapolis, Omaha, Peoria, St. Louis, Spokane, Toledo, Wichita; receipts of flour not available for Cleveland, Detroit, Indianapolis, Louisville, Omaha, Spokane, Toledo, and Wichita. Compiled from reports of trade organizations at these cities. Monthly average, 1911-1913=100.] Total grain and Wheat. Corn. Oats. Rye. Barley. Total grain. Flour. flour.i Rela- Rela- Rela- Rela- Rela- Rela- Rela- Rela- Bushels. tive. Bushels. tive. Bushels. tive. Bushels. tive. Bushels. tive. Bushels. tive. Barrels. tive. Bushels. tive. 1920. July.... 29,714,399 110 20,824,268 9318,734,180 93 3,096,026 281 2,653,921 37 75,022,794 96 2,052,110 105 84,257,289 97 1921. April 24,808,383 " 92122,160,933 54111,249,703 561.,544,229 140 2,136,512 30 51,899,760 671,967,255 100 60,752,408 70 May.... 25,514,527 94 200,:939,570 93155,,,524,227 771,368,821 124 2,551,087 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 July.... 71,422,624 26319,713,672 88 25,527,442 1272:5,557,053 232 3,073,358 43122,294,149 157 2,705,340 138134,468,179 155 1 Flour reduced to its equivalent in wheat on basis of 4| bushels to barrel. SHIPMENTS OF GRAIN AND FLOUR AT 14 INTERIOR CENTERS. [Chicago, Cleveland, Dett]roit, Duluth, Kansas City, Little Rock, Louisville, Milwaukee, Minneapolis, Omaha, Peoria, St. L'.ouis, 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.i Rela- Rela- Rela- Rela- Rela- Rela- Rela- Rela- Bushels. tive. Bushels. tive. Bushels. tive. Bushels. tive. Bushels. tive. Bushels. tive. Barrels. tive. Bushels. tive. 1920. July 19,002,099 122 9,100,527 6411,345,429 75 4,476,238 632 2,086,672 53 46,010,965 93 3,767,678 11162,965,516 97 1921. April 21,482,283 13813,793,563 9710,286,573 681,518,559 214 2,029,838 52 491,110,816 99 3,178,254 94 631,412,959 98 May 18,675,009 12015,747,327 11012,447,121 821,309,016 1851 ,682,946 43 491,861,419 100 2,:533,847 75 61,263,730 94 June 21,550,026 138 21,381,193 15011,656,507 771,427,796 202 2!\, 224,652 57 58\,, 240,174 117 2,;113,649 62 67r,! 751,594 104 July 31,373,871 20120,154,143 14110,051,024 66 878,751 124 2!, 313,726 59 64;,771,515 130 3,842,046 113 82,060,722 126 1 Flour reduced to its equivalent in wheat on basis of 4£ bushels 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. July 5,492,026 4,959,314 2,059,842 670,563 1,336,553 14,518,298 1921. 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 July 13,541,547 10,392,384 32,845,591 625,975 1,406,742 58,812,239 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.] Total grain and Wheat. Corn. Oats. Rye. Barley. Total grain. Flour. flour.i Rela- Rela- Rela- Rela- Rela- Rela- Rela- Rela- Bushels. tive. Bushels. tive. Bushels. tive. Bushels.tive. Bushels.tive. Bushels. tive. Barrels. tive. Bushels. tive. 1920. July. 18,710,633 149 3,305,542 93 3,499,101 74 5,048,019 3,553 2,098,083 12632,661,378 1441,660,849 159 40,135,198 146 1921. April 17,958,534 143 2,890,042 81 1,568,460 331 ,617,877 1,139 909,409 55 24;, 944,322 1101,831,404 175 33,185,640 121 May 15,052,060 119 4,807,533 135 1,221,630 261 ,506,359 1,0601,422,693 86 24L'010,275 1061,518,671 145 30,844,295 113 June 16,628,892 132 5,385,639 152 1,903,786 401 ,180,119 831 658,295 40 25>, 756,731 1131 ,714,852 164 33,473,565 122 July 34,142,124 271 9,343,697 7,002,155 147 3:,143,438 2,212 4=,626,343 279 58,257,757 257 7r,: 210,521 690 90,705,102 331 1 Flour reduced to its equivalent in wheat on the basis of 4J bushels per barrel. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SEPTEMBER, 1921. FEDERAL RESERVE BULLETIN. 1091 , 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. July 11,923,745 744,167 1,323,940 1,275,554 3,187,611 18,455,017 1921. 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 July 9,972,506 1,113,767 981,942 386,710 3,738,401 16,193,326 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. July. . 8,200,000 April 9,368,000 May 8,406,000 June 8,087,000 July 10,720,000 COTTON. [New Orleans cotton exchange. Monthly average crop years, 1911-1913=100.] Stocks at TDorts Sight receipts. Port receipts. Overl m an e d n t m . ove- Amer t i a c k an in s g p s i . nners a to n w d n s i a n t t c e lo r s i e o o r f month. Bales. R ti e v l e a . - Bales. R ti e v l e a . - Bales. R ti e v l e a . - Bales. R ti e v l e a . - Bales. R t e iv la e - . 1920-21. August 308,262 25 159,586 17 25,322 24 251,841 55 1,365,397 116 September 771,590 62 443,149 48 17,324 16 254,460 56 1,607,602 136 October 1,466,874 117 971,334 106 87,215 83 395,165 87 2,101,839 178 November 1,804,135 144 1,075,803 117 117,139 111 425,089 94 2,597,820 220 December 1,579,751 126 797,350 87 134,455 128 672,477 148 2,815,934 239 January 1,153,825 92 636,260 69 157,012 149 526,718 116 2,863,377 243 February 744,682 64 446,399 52 206,554 210 576,260 136 2,820,403 239 March 553,518 44 401,464 44 134,085 127 253,368 56 2,757,715 234 April 564,521 45 477,672 52 101,906 97 211,415 47 2,775,391 236 May 777,011 62 595,346 65 84,594 80 288,411 63 2,869,165 244 June 659,900 53 482,944 53 112,955 107 410,734 90 2,659,826 226 July 607,788 48 465,143 51 78,106 74 469,715 103 2,311,696 196 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 O n n d l t o h a s ) e t . R at e c m e i iv ll e s d . Crushed. o O m f n i m l l h s o a ( n n c d t l h o s a ). e t 1920. Tons. Tons. Tons. 1921. Tons. Tons. Tons. July. 7 259 13,219 30,084 April 133,832 242,282 191,526 May 70,467 131,522 130,471 June 77,484 98,646 109,309 July 54,241 27,466 94,543 SHIPMENTS OF CITRUS AND DECIDUOUS FRUITS FROM CALIFORNIA. [March, 1921, on, Bureau of Markets and California Fruit News. Monthly average, 1911-1913=100.] Total Oranges. Lemons. Total citrus fruits. deciduous fruits. Carloads. Relative. Carloads. Relative. Carloads. Relative. Carloads. 1920. July 2,822 115 664 164 3,486 122 3,179 1921. 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 July 3,465 142 1,843 455 5,308 186 3,439 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1092 FEDERAL RESERVE BULLETIN. SEPTEMBER, 1921. SUGAR. I Data for ports of New York, Boston, Philadelphia. Weekly Statistical Sugar Trade Journal. Tons of 2,240 pounds. Monthly average 1911— 1913=100.1 Raw stocks at j Raw stocks at Receipts. Meltings. close of month, i Receipts. Meltings. close of month. Rela- Rela- Rela- I Rela- Rela- Rela- Tons. tive. Tons. tive. Tons. Tons. tive. Tons. tive. Tons. tive. tive. ! 4" 1920. 1921. •My. 386,328 210 325,000 177 104,027 ! 60 i April J 345,654 j 188 232,000 126 I 187,796 109 May 251,302 ! 137 236,000 129 | 224,035 130 June 186,800 | 101 217,000 118 j 193,835 July.. 148,045 ! 80 221,000 120 ; 96,603 TOBACCO SALES AT LOOSE-LEAF WAREHOUSES. [Reports of State authorities.] Bright belt. Virginia dark." North ! South Burley. W d e a s r t k e . rn Grand total. Virginia. Carolina. ! Carolina. Total. 1920. July. 1,240 3,208,994 I 9,671,324 12,880,318 751,610 I 2,111,470 15,744,638 1921. April. 5,401,074 103,870 103,870 7,495,115 8, 576,951 21,577,010 May.. 1,313,350 1,514 1,514 1,301,135 5,136,905 7,752,904 June.. 1,352,780 2,014,291 3,367,071 July.. 2,200,905 !. 2,200,905 1,521,247 573,650 4,295,802 NOTE.—Includes sales for growers and dealers, but excludes resales. 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. Number. Number. Number. Pounds. July. 678,751,956 51,766,100 3,053,336,563 31,011,335 April.. 548,103,503 56,425,666 3,801,672,057 28,399,953 May.. 555,497,120 55,349,100 4,136,084,890 28,671,501 June. 618, 495,102 50,175,400 4,219,727,623 31,737,525 July | 564,604,797 47,383,113 4,189,790,267 28,752,659 NAVAL STORES. [Data for Savannah, Jacksonville, and Pensacola. Compiled from reports of trade organizations at these cities.] pirits of turpentine. Rosin. Spirits of turpentine. Rosin. Stocks Stocks Stocks Stocks Receipts. at close of Receipts. at close of Receipts. at close of Receipts. at close of month. month. month. month. 1920. Barrels. Barrels. Barrett. Barrels. 1921. Barrels. Barrels. Barrels. Barrels. July. 38,407 30,906 113,747 135,979 | April.. 15,857 28,690 30,478 304,959 I May 26,364 38,650 61,213 312,293 June 33,533 36,949 80,943 308,341 I July 36,435 47,580 90,382 328,224 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SEPTEMBER, 1921. FEDERAL RESERVE BULLETIN. 1093 LUMBER. [From reports of manufacturers' associations.] Southern pine. Western pine. Douglas fir. Eastern white pine. North Carolina pine. T b N m e u r i l m l o s f - . t d P i u o ro c n - - . m S e h n ip ts - . b N m e u r i l m o ls f - . t d P i u o r c o n - - . m S e h n ip ts - . b N m e u r i l m o ls f - . t d P i u o ro c n - - . m S e h n ip ts - . b N m e u i r l m o ls f - . t d P i u o ro c n - - . m S e h n ip ts - . b N m e u i r l m o ls f - . t d P i u o ro c n - - . m S e h n ip ts - . 1920. Mfeet. Mfeet. Mfeet. Mfeet. Mfeet. Mfeet. Mfeet. Mfeet. Mfeet. Mfeet. July 207 385,842 331,273 177,262 103,500 127 242,612 225,666 20 37,459 49,668 20 20,756 15,217 1921. April 194 370,321 405,317 93,665 75,433 114 204,698 232,351 25,748 21,099 20 14,871 12,953 May 191 389,745 420,663 110,162 74,685 113 294,762 330,002 32,708 22,018 14 16,126 15,673 June 190 365,970 371,183 121,648 76,874 114 232,407 230,970 42,171 23,536 12 15,342 18,243 July 187 366,057 346,300 110,588 77,243 107 191,257 187,165 43,843 21,991 11 15,267 14,864 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. August. 370,352 80 220,368 87 April 345,798 213,359 84 May 354,992 ! 242,452 95 June 372,453 i 253,848 100 July 328,129 ! 216,908 85 August 356,730 I 235,736 93 CEMENT. [U. S. Geological Survey.] Stocks at Stocks at Production. Shipments. close of Production. Shipments. close of month. month. Barrels. Barrels. Barrels. Barrels. Barrels. Barrels. Year 1919 0,769,378 85,596,616 5,852,497 February. 4,379,000 3,331,000 11,400,000 Year 1920 100,302,000 96,329,000 8,290,000 A M p a r r i c l h 6 8, , 6 7 5 6 1 3 , , 0 0 0 0 0 0 6 7 , , 2 9 2 1 1 9, , 0 0 0 0 0 0 1 12 2 , , 6 0 0 0 0 0 , , 0 0 0 0 0 0 1921 May 9,281,000 9,488,000 12,450,000 January 4,098,000 2,539,000 10,300,000 June 9,296,000 10,577,000 11,150,000 July 9,568,000 10,301,000 10,414,000 COAL AND COKE. [U. S. Geological Survey. Monthly average, 1911-1913=100.] Bituminous coal, esti- Anthracite coal, esti- Beehive coke, estimated mated monthly pro- mated monthly pro- monthly production. duction. duction. Short tons. Relative. Short tons. Relative. Short tons. Relative. 1920. August - - 48,910,000 132 8,013.000 108 1,776,000 68 1921. 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 34,538,000 93 7,196,000 97 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1094 FEDERAL RESERVE BULLETIN. SEPTEMBER, 1921. CRUDE PETROLEUM. [Production and stocks, U. S. Geological Survey; wells completed, Oil and Gas Journal and Standard Oil Bulletin (California). Barrels of 42 gallons each. Monthly average, 1911-1913=100.] B P a r r o re d l u s c . tio R n ti . e v l e a . - S ( c b m t l o a o o c r s r k n e e s t l o h s a f ) t . o P p i r c l l i o e o n w d t m g e u e d - l c l . - s B P a r r o re d l u s. ctio R n ti . e v l e a . - S (b c m to l a o o c r s r k n e e s t l o h s a f ) t . o P p i r c l l i o e o n w d t m g e u e d - l c l . - s 1920. 1921. July. 38,203,000 199 128,168,000 1,910 April.. 40,061,000 209 147,862,000 1,224 May... 42,043,000 219 156,561,000 1,405 June.. 40,405,000 211 164,837,000 1,471 July... 40,228,000 210 172,359,000 1,162 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. June. 34,906,078 415,158,911 173,581,000 I 689,878,061 94,964,222 1921. April., 37,594,220 426,215,200 156,156,565 813,444,202 76,456,958 May... 36,990,478 448,567,873 145,225,023 817,367,590 70,000,194 June.. 36,940,821 430,344,393 141,637,081 826,355,262 63,088,609 STOCKS AT CLOSE OF MONTH. 1920. June 30. 16,172,280 504,055,601 421,343,353 641,968,363 133,212,551 1921. Apr. 30.. 21,054,630 747,222,900 458,666,896 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 June 31.. 21,008,986 750,644,450 435,056,713 1,248,664,088 260,883,121 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 or e th s e h ipm up e p n e t r s Pig-iron production. Steel-iinn t gg i o o ott n . pp]roduc- Un S f t i e ll e e l d o C rd o e rp rs o r U at . io S n . Lakes. at close of month. Gross tons. Relative. Gross tons. Relative. Gross tons. Relative. Gross tons. Relative. 1920. August. 9,270,763 153 3,147,402 136 3,000,432 128 10,805,038 205 1921. April... 176,211 1,193,041 1,213,958 5,845,224" 111 May.... 2,594,027 1,221,221 1,265,850 5,482,487 104 June 3,600,989 1,064,833 1,003,406 5,117,868 97 July.... 4,047,687 864,555 803.376 4,830,324 92 August. 954,193 1,138,071 4,531,926 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. July. 90,400 50.0 33,213 47.0 49, C 69.0 1921. 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 July... 60,200 33.5 21,847 32.0 22,186 32.5 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SEPTEMBER, 1921. FEDERAL BESEBVE BULLETIN. 1095 PRODUCTION OF BLISTER COPPER. [American Bureau of Metal Statistics. Monthly average, 1911-1913= 100.] Pounds. Relative. Pounds. Relative. April 49,106,606 50 June 18,033,954 18 May 22,835,328 23 Julv 16,390,107 17 ZINC. [American Zinc Institute.] Stocks Stocks Produced. at end of Produced. at end of month. month. 1920. 1921 August. 38,226 29,578 April.... 16,550 79,581 May 18,026 83,721 June 19,443 89,889 July 15,495 92,408 August 14,621 86,549 LEAD PRODUCTION. [American Bureau of Metal Statistics. Tons of 2,000 pounds.] Production. Relative. Production. Relative. 1918—Year. 510,230 1921. 1919—Year. 454,920 January.. 30,149 86 1920—Year. 476,585 February. 27,812 80 March 29,037 83 April 26,172 75 May 27,650 79 June 28,348 81 July 27,827 80 TIN. [Imports, Department of Commerce. Deliveries, New York Metal Exchange. Monthly average, 1911-1913=100.] Deliveries Deliveries Imports. Relative. to factories. Imports. Relative. to factories. 1920. Pounds. Pounds. 1921. Pounds. Pounds. July.. 17,584,167 193 12,387,200 May 2,021, 762 2,744,000 June 4,133, 450 3,561,600 1921. July.... 3,565,767 3,411,520 April. 2,483,655 27 3,561,600 August.. 7,436,800 LEATHER PRODUCTION. [Tanner's Council.] Oak and Oak and l ( e s S a id o th e le s e ) r . (d S o k z iv e e n r s s ). h ( l s u e a t a n r u n t i f h o f e e e n s d r s ( l s e S i a d o t e h le s e ) r . (d S o k z iv e e n r s s ). h ( l s u e a t a n r u t n i f h o f e e e n s d r s sides). sides). 1920 March 1,351,140 16,867 i 70,194 July 1,513,844 12,563 9,748 April- 1,422,727 13,484 ! 69,922 May.. 1,561,220 14,499 | 57,480 1921. June.. 1,521,521 14,753 i 57,196 January 1,190 950 14,234 42,236 July.- 1,431,373 12,321 44,971 February 1,177,888 13,987 56,971 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1096 FEDERAL RESERVE BULLETIN. SEPTEMBER, 1921. RAW STOCKS OF HIDES AND SKINS.1 [Bureau of Markets; July, 1920, on, Bureau of the Census.] C hi a d t e tl s e . Calfskins. Kipskins. Go k a i t d a . nd Cabretta. Sh l e a e m p b a . nd 1920. July 31. 4,966,081 554,516 17,554,772 2,767,694 6,815,160 1921. Apr. 30. 7,407, 862 3, 454, 470 1,107,310 7,740,147 1,277,321 12,992,299 M^-y 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 July 31. 6,448,869 3,639,871 980,762 9,784,714 1,109,005 13,761,905 1 Includes hides and skins in transit. 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 pi o n t d to le n s Imports of raw silk. active active during during Bales. Relative. month. Pounds. Relative. Bales. Relative. month. Pounds. Relative. 1920. 1921. July 525,489 117 34,666,794 2,581,920 126 April 408,882 ! 91 32,535, 725 4,857,160 237 May 439,884 ! 98 32,631,051 4, 437,080 217 June 461,656 I 103 32,665,315 3,871,327 189 July 410,120 i 91 32, 446,281 4,867,985 238 TEXTILES—WOOL. [Wool consumption. Bureau of Markets; idle wool machinery, Bureau of the Census.] Percentage of idle machinery on first of month to Percentage of idle hours on first of month to total total reported. reported. Consump- Looms. Spinning spindles. Looms. Spinning spindles. tion (pounds).1 5 W s t 0 r p h e - a i i e a d n c d n e c e r b . 5 o s 0 r p - l a i e n c s c e s h . S ca et r s d o s. f Combs. Woolen. Worsted, 5 W s t 0 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 a i e e n c d s c e s h . S ca et r s d o s. f Combs. Woolen.Worsted. August. 38,054, 708 49.5 29.9 39. e 33.4 45.5 April... 53,071,000 36.1 34.4 33.0 18.7 32.3 21.8 38.3 47.3 35.8 11.3 34.1 25.7 May.... 56,929,000 26.2 28.7 25.3 14.2 23.8 12.9 26.6 36.8 25.0 5.4 22.9 13.5 June 59,592,000 20.5 25.2 21.6 10.9 20.6 10.1 19.9 30.1 19.8 1.4 18.6 10.4 July.... 53,076,000 18.7 25.2 21.3 11.0 20.5 9.8 17.5 26.3 17.9 4.1 18.2 6.6 August. 20.4 26.4 22.9 12.7 21.9 13.3 20.8 29.6 20.6 12.6 20.0 14.3 1 Converted to grease-equivalent basis. PRODUCTION OF WOOD PULP AND PAPER. [Federal Trade Commission.] Wood News- Paper Wrap- Wood News- Paper Wrappulp. print. Book. board. ping. Fine. pulp. print. Book. board. ping. Fine. Net Net Net Net Net Net ! Net Net Net Net Net Net 1920. tons. tons. tons. tons. tons. tons. 1921. | tons. tons. tons. tons. tons. tons. July. 312,334 129,853 95,526 218,771 73,487 34,078 April I 268,806 115,408 51,380 128,186 51,713 15,631 May I 216,101 78,868 52,642 122,801 53,084 17,484 June 189,389 87, 724 53,934 130,177 50,332 17,511 July 178,173 94,247 48,527 112,265 45,090 16,327 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SEPTEMBER, 1921. FEDERAL RESERVE BULLETIN. 1097 SHIPMENTS OF AUTOMOBILES. [National Automobile Chamber of Commerce.] Railroad Driveaways Boat (ma- Railroad Driveaways Boat (ma- (.carloads). (machines). chines). (carloads). (machines). chines). 1920. 1921. August. 23,386 34,060 7,095 April 20,187 14,197 1,619 May 18,608 15,193 2,381 June 20,269 18,834 3,947 July 19,470 15,320 3,725 August. 20,350 14,290 3,565 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 t p m i p c e e s d - . F p o c le o re t m e ig d - n . Do ti m c. es- Foreign. Total. s D hi o 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. Number. Number. Number. Number. Number. July. 122 54 2,731 434 3,165 April.. 138 44 4,652 874 5,526 May.. 56 18 3,843 444 4,287 June. 43 2,540 417 2,957 July.. 31 4,140 441 4,581 VESSELS BUILT IN UNITED STATES, INCLUDING THOSE FOR FOREIGN NATIONS, AND OFFICIALLY NUMBERED BY THE BUREAU OF NAVIGATION. [Monthly average, 1911-1913=100.] Gross Gross Number. tonnage. Relative. Number. tonnage. Relative, 1920. 1921. August. 178 259,210 1,073 April.... 120,762 500 May 132,622 549 June 160 173,885 720 July 107 90,636 375 August.. 106 84,918 351 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. July. 3,302,538 3,616,052 6,918,590 169 47.7 180 April. 2,535,956 2,473,587 5,009,543 122 50.6 191 May... 2,113,881 2,910,341 5,024,222 123 42.1 159 June.. 3,058,679 3,094,452 6,153,131 150 49.7 187 July... 2,512,712 3,362,443 5,875,155 144 42.8 161 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 u i n l e e d . s, N t e r p t a e i t r n o . ns N lo e c p a t a e d t r r e o . d ns N r n e e o v t n e t r o n e n u v - e e m n a u i n l e e d . s, N t e r p t a e i t r n o . ns N lo e c p a t a e d t r r o e . d ns 1920. 1921. Fune... 38,243,277,000 758 29.1 April 25,582,000,000 637 26.9 Miay 28,221,000,000 674 27.8 June 28,140,661,000 671 27.7 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1098 FEDERAL RESERVE BULLETIN. SEPTEMBER, 1921. PRODUCTION OF ELECTRIC POWER BY PUBLIC UTILITY POWER PLANTS. [U. S. Geological Survey.) Kilowatt hours. Kilowatt hours. Produced by Produced by Produced by Produced by waterpower. fuels. Total. waterpower. fuels. Total. 1920. 1921 June. 1,417,276,000 2,148,681,000 3,565,957,000 April 1,308,272.000 1,931,199,000 3,239,471,000 May 1,327,497,000 1,941,563,000 3,269,060,000 June 1,209,335,000 2,027,474,000 3,236,809,000 COMMERCE OF CANALS AT SAULT STE. MARIE. [Monthly average, May-November, 1911-1913=100.] EASTBOUND. Grain other than wheat. Wheat. Flour. Iron ore. Total. Bushels. Relative. Bushels. Relative. Barrels. Relative. Short tons. Relative. Short tons. Relative. r 1920. August. 2,315,909 26 7,512,510 39 1,038,221 8,784,821 148 9,278,071 132 1921. April... 7,418,708 8,592,826 54,540 95,328 518,458 May.... 12,431,592 140 12,609,469 890,330 77 2,652,033 45 3,407,827 49 June 11,358,929 127 10,418,433 1,150,240 99 3,892,791 4,628,067 66 July.... | 10,839,026 122 7,878,077 1,119,140 96 4,356,760 5,011,900 72 August. 10,298,759 116 10,132,267 1,232,250 106 4,384,949 5,128,043 73 WESTBOUND. Hard coal. Soft coal. Total. Total freight. Short tons. Relative. Short tons. Relative. Short tons. Relative. Short tons. Relative. 1920. August 341,690 110 2,533,614 132 3,147,219 127 12,425,290 131 1921. April 109,719 259,288 438,673 957,131 May 214,776 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 8,138,583 86 August 489,142 158 1,698,068 88 2,369,833 95 7,497,876 79 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 ( o i 1 t . e r 4 s i 1 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 r s i 9 ) c . t D N ci o i t ( s . i 1 t e r 4 1 s i 0 ) c . t D c N i i o t s ( . i t 9 e r s 1 i ) c 1 . t D c N i i o t ( s i . 2 t e r 0 s 1 i ) c 2 . t c T i ( t 1 o i 6 e ta s 6 l ). 1920. July 1,883 4,907 2,051 3,719 2,719 1,706 5,234 1,353 1,329 1,339 1,636 6,343 34,219 1921. 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 July 2,209 7,501 2,599 3,678 3,278 2,564 5,392 1,815 1,753 2,240 2,475 7,925 43,429 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SEPTEMBER, 1921. FEDERAL RESERVE BULLETIN. 1099 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. July 7,152,233 27,586,503 7,916,294 14,912,782 6,795,165 3,592,076 18,389,732 1921. 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 July 6,289,448 64,146,117 5,875,671 9,342,411 5,606,030 5,772,478 29,933,415 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. July 4,275,703 7,068,552 4,182;, 342 3,978,647 16,332,923 122,182,952 1921. 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 June 4,448,228 5,602,586 5,452,181 4,155,740 15,450,694 147,655,797 July 3,485,150 3,906,381 5,496,947 4,133,026 15,298,705 159,285,779 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 1920. July 27,948,310 38,148,590 14,998,100 31,138,966 10,946,893 52,977,928 10,480,758 1921. April 16,711,473 52,143,027 15,050,700 34,790,291 16,097,399 53,705,476 9,080,672 May 17,954,234 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 July 19,298,334 54,500,566 13,563,100 35,669,377 16,026,969 41,119,866 12,651,007 VALUE OF CONTRACTS FOR RESIDENTIAL BUILDINGS. District District District District District District District No. 1. No. 2. No. 3. No. 4. No. 5.1 No. 7. No. 9.2 1920. July 6,050,146 8,815,254 3,206,200 9,550,771 2,621,679 ,5,742,251 1,619,314 1921. April 6,528,929 28,558,371 6,297,900 >, 090,372 8,092,766 12,989,833 2,026,223 May 6,933,658 36,963,442 6,846,800 ), 188,212 6,961,450 9,779,947 2,323,242 June 6,531,152 34,355,048 3,543,700 5,198,377 4,090,859 9,880,273 2,554,420 July 6,672,758 22,546,142 2,971,900 5,319,248 5,335,545 7,382,427 3,758, f 04 1 North and South Carolina not included prior to May, 1921. 2 Montana not included. SEPTEMBER CROP REPORT BY FEDERAL latest forecast, largely because of the reduced RESERVE DISTRICTS. forecast for spring wheat in the Minneapolis district, is stated as 754,000,000 bushels, or Forecasts of crop production issued by the about 3,000,000 bushels less than the month United States Department of Agriculture as before and 23,000,000 bushels below the estiof September 1, 1921, are shown in the table mated 1920 crop. Smaller production totals following, in comparison with forecasts made as are likewise forecast for oats and hay. The of August 1, and with estimates of production largest reduction is shown, however, in the for the past crop year. expected cotton crop, the August 25 forecast Corn production is expected to total 3,186,indicating a decline of about 1,166,000 bales, 000,000 bushels, or 154,000,000 bushels more or of over 14 per cent from the July 25 forecast than the August forecast and but 46,000,000 of 8,200,000 bales, and presaging the smallest bushels less than last year's record crop. Total crop for over a quarter of a century. expected wheat production, according to the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1100 FEDERAL RESERVE BULLETIN. SEPTEMBER, 1921. PRODUCTION OF CORN, WHEAT, COTTON, OATS, AND HAY, BY FEDERAL RESERVE DISTRICTS—SEPT. 1, 1921, FORECAST OF THE DEPARTMENT OF AGRICULTURE. [In thousands of units of measurement.] Winter wheat Corn (bushels). Total wheat (bushels). (bushels). Spring wheat (bushels). Federal Reserve district. Prelimif f S o o r e r e p 1 c t 9 a . 2 s 1 1 t . f f o A o r r u e 1 g c 9 . a 2 s 1 1 t . E fo s r t im 19 a 20 te . f f S o o r e r e p 1 c t 9 . a 2 s 1 1 t . f f A o or r u e 1 g c 9 a . 2 s 1 1 t . E f s o t r i m 19 a 20 te . n I a m r 1 y 9 a 2 t e 1 e s . t f i o - r E fo st r i m 19 a 2 t 0 e . f f S o o e r r e p 1 c t 9 . a 2 s 1 1 t . f f o A o r r u e 1 g c 9 a . 2 s 1 1 t . E fo s r t im 19 a 20 te . Boston 5,533 5,403 4,535 339 338 368 I 339 338 368 New York.... 43,143 41,272 38,550 10,105 10,080 12,016 j 9,645 11,276 460 435 740 Philadelphia.. 63,328 61,395 63,133 22,745 22,756 23,022 22,466 22,711 279 290 311 Cleveland 197,826 171,527 216,642 34,551 34,552 35,442 34,211 34,979 340 341 463 Richmond 178,246 193,088 202,850 27,542 27,542 36,871 27,542 36,871 Atlanta 308,081 300,117 266,055 7,130 7,130 6,363 7,130 6,363 Chicago 941,815 876,445 987,897 62,788 62,536 66,530 I 53,733 54,887 9,055 8,803 11,643 St. Louis 471,864 426,382 441,118 60,433 60,395 60,611 i 59,867 59,895 566 528 716 Minneapolis... 274,187 271,350 259,126 142,861 146,499 145,521 I 5,803 6,659 137,058 140,696 138,862 Kansas City... 487,283 469,500 542,699 249,950 250,052 282,060 !234,881 268,685 15,069 15,171 13,375 Dallas 205,237 205,942 199,638 19,675 19,713 18,222 | 18,961 17,508 714 752 714 San Francisco. 9,333 9,749 10,124 115,739 115,232 100,102 j 69,640 57,929 46,099 45,592 42,173 Total.... 3,185,876 3,032,170 3,232,367 753,858 756,825 787,128 i 543,879 577,763 209,979 i 212,946 209,365 Cotton (bales). Oats (bushels). Hay, tame and wild (tons). Federal Reserve district. f f S o o r r e e p 1 c 9 t a 2 . 1 s 1 . t i f f A o o r r u e g 1 c 9 . a 2 1 s 1 t . E fo s r t i 1 m 92 a 0 te . f f o o S r r e e p 1 c t 9 a . 2 s 1 1 t . f fo A o r r u e 1 g c 9 . a 2 s 1 1 t . E fo s r t i 1 m 92 a 0 te . f f S o o r e r e p 1 c t 9 a . 2 s 1 1 t . f f o A o r r u e 1 g c 9 a . 2 s 1 1 t . E fo s r t im 192 a 0 te . Boston 8,162 8,539 9,571 3,552 3,319 4,211 New York 30,199 33,527 46,797 4,649 4,643 6,005 Philadelphia... 20,408 21,541 28,882 2,466 2,473 2,945 Cleveland 51,069 54,659 92,711 5,596 5,706 6,209 Richmond 1,278 1,476 2,570 24,869 25,406 25,626 4,205 4,246 4,751 Atlanta 1,578 1,827 2,459 32,591 32,058 28,090 4,686 4,490 4,594 Chicago 381,767 398,975 587,706 14,747 15,043 17,129 St. Louis 1,436 1,531 | 2,161 59,400 60,091 77,814 7,280 7,296 8,183 Minneapolis— 213,820 231,425 306,867 15,492 16,094 17,896 Kansas City.... 443 519 1,188 177,144 178,848 229,297 16,048 18,127 20,301 Dallas "..... 2,212 2,759 4,881 47,233 48,016 48,296 2,008 2,025 2,005 San Francisco.. 185 1168 43,620 44,117 44,398 13,890 13,611 14,004 Total.. 2 7,037 2 8,203 213,440 1,090,282 1,137,202 1,526,055 94,619 97,073 108,233 iln addition the following amounts were estimated grown in Lower California (Mexico): Sept. 1, 1921, forecast—34,000 bales; Aug. 1, 1921, forecast—33,000 bales; estimate for 1920, 75,000 bales. 2 Cotton grown outside of cotton belt included as follows: Sept. 1, 1921, forecast—7.000 bales; Aug. 1, 1921, forecast—6,000 bales: estimate for 1920, 13,000 bales. REPORT OF KNIT-GOODS MANUFAC- Per cent TURERS OF AMERICA. of normal Dozens. production. The total production of winter and summer underwear for the six months ending July 31 Unfilled orders first of month 734,229 New orders received during month 316,853 47.7 was as follows: Total (A) 1,051,082 Shipments during month 346,532 Cancellations during month 8,470 l'.3 Number Actual Total (B) 355,002 of mills produc- Per cent report- tion of normal. Balance orders on hand Aug. 1 (A minus B) ing. (dozens). Production 378^ 516 57.0 Thirty-eight representative mills which re- 1921. February 248,431 28.0 ported for June and July furnish the data for March 421,140 50.1 April 401,938 49.6 the following table: May 505,347 55.4 J Ju u l n y e 5 4 5 9 9 0 , , 5 6 9 4 1 0 6 5 5 1 . . 5 2 [In dozens.] Winter underwear (July)... 341,425 60.1 Summer underwear (July).. 149,215 42.2 J m un i e ll s ( ) 3 . 8 J m ul i y ll s (3 ). 8 Gain. Loss. Unfilled orders first of month. 595,002 626,895 31,893 Order and production report for month end- New orders 374,625 267,362 107,263 ing July 31, 1921, follows. The number of Shipments 342,211 298,764 43,447 Cancellations 5,648 3,865 1,783 mills reporting was 49. Production 397,582 323,745 73,837 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SEPTEMBER, 1921. FEDERAL RESERVE BULLETIN. 1101 PRODUCTION AND SHIPMENTS OF FINISHED COTTON FABRICS.1 June, 1921. July, 1921. g W oo h d it s e . g D o y o e d d s. P g r o in o t d e s d . Total. g W oo h d it s e . g D o y o e d d s. P g r o in od te s d . Total. Total finished yards billed during month: District 1. 14,965,739 21,291,494 10,753,011 51,493,767 11,598,255 18,643,683 10,529,836 45,559,624 2 8,616,920 2,956,985 4,804,170 24,637,109 7,405,056 2,122,166 4,004,107 19,999,113 3 7,007,279 5,365,709 13,695 095 4 867 583 4,742,474 10,863,158 5. . 6,822,176 105,428 6,927,604 5,936,236 193,126 6,129,362 6 363,210 904,900 1,268,110 235,913 758,103 994,016 8. 1,907,771 1,778,451 Total 37,775,324 30,624,516 15,557,181 99,929,456 30,043,043 26,459,552 14,533,943 85,323,724 Total finishing charges billed during month: District 1 $286,669 $826,927 $508,358 $1,772,085 $229,505 $745,184 $487,599 $1,620,223 2 149,423 97,066 195,259 644,511 124,276 66,351 165,663 511,361 3. . 251,596 206,237 481,626 155,345 192,334 370,037 5 139,939 1,094 141,033 120,954 497 121,451 6. 5,660 39,084 44,744 3,988 31,341 35,329 8 28,321 25,600 Total- $833,287 $1,170,408 $703,617 $3,112,320 $634,068 $1,035,707 $653,262 $2,684,001 Total average per cent of capacity operated: • District 1. 68 72 63 68 57 62 65 60 2 88 67 63 84 66 51 39 60 3. 72 73 72 67 59 64 5 102 102 87 87 6 91 54 8. 80 73 Average for all districts 77 72 63 74 65 60 61 62 Total gray yardage of finishing orders received: District 1 15,192,129 17,815,075 11,356,794 50,645,197 12,724,194 16,820,005 9,855,208 45,211,150 2 7,578,109 3,688,752 7,717,946 23,211,173 6,195,653 2,586,383 4,692,734 15,849,082 3 6,579,498 5,935,952 13,802,213 5,558,733 6,424,959 13,656,773 5 5,552,463 122,752 5,675,215 4,900,160 139,803 5,039,963 6 395,000 743,311 1,138,311 130,569 1,323,597 1,454,166 8 2,356,885 1,523,304 Total. . . 35,297,199 28,305,842 19,074,740 96,828,994 29,509,309 27,294,747 14,547,942 82,734,438 Number of cases of finished goods shipped to customers (case equals approximately 3,000 yards): District 1 5,149 6,567 2,483 24,878 4,952 5,800 2,809 23,481 2 4,425 75 11,143 3,795 100 10,624 3 3,159 1,694 5,340 3,145 1,665 5,264 5. 2,021 3,788 1.461 3,312 6 8 847 969 Total. 14,754 8,336 2,483 45,996 ! 13,353 7,565 2,809 43,650 Number of cases of finished goods held in storage at end of month: District 1 4,137 2,825 2,947 19,005 3.930 3,137 3,032 20,107 2. 2,780 223 8,803 1 2.746 208 • 7,974 3 194 339 5,335 192 325 5,409 5 319 1,609 257 1,344 6 26 44 8 1,093 553 Total 7,430 3,387 2,947 35,871 7,125 3,670 3,032 35,431 Total average work ahead at end of month (expressed in days): District 1. 5.8 5.9 17.0 9.0 6.1 5.8 14.0 8.9 2 10.0 6.3 6.2 8.0 7.8 4.9 10.0 6.6 3. 11.0 12.0 11.0 9.9 16.0 13.0 5 - - 11.0 11.0 8.8 8.8 6 4.5 15.0 8 12.0 6.5 Average for all districts 8.3 7.1 15.0 9.1 7.5 7.6 14.0 8.9 1 The National Association of Finishers of Cotton Fabrics, at the request of the Federal Reserve Board, has arranged for a monthly survey within the industry. The results of the inquiries are herewith presented in tabular form. The secretary of the association makes the following statement concerning the tabluation: 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 fgoods, and reported heir totals only, therefore the column headed"" Total" do >s 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

1102 FEDERAL RESERVE BULLETIN. SEPTEMBER, 1921. RETAIL TRADE. The following tables are a summary of the No. 3, 13 stores in district No. 4, 25 stores in data obtained from 345 representative depart- district No. 5, 26 stores in district No. 6, 46 ment stores in the 12 Federal Reserve districts. stores in district No. 7, 21 stores in district In districts Nos. 1, 2, 5, 6, 7, 9, 11, and 12 theNo." 8, 16 stores in district No. 9, 17 stores in data were received in (and averages computed district No. 10, 20 stores in district No. 11, from) actual dollar amounts. In districts Nos. and 36 stores in district No. 12. Separate 3, 4, 8, and 10 the material was received in the figures for St. Louis, Louisville, and Memphis form of percentages, and the averages for the are shown for the first time this month. cities and districts computed from such per- Changes in retail trade for the United States as centages were weighted according to volume of a whole are shown for the first time in this issue. business done during the calendar year 1920. These figures were obtained by combining the The tables for the month of July are based on district percentages, after multiplying them by a reports from 24 stores in district No. 1, 54 series of weights which were based partly on stores in district No. 2, 47 stores in district population and partly on banking resources. CONDITION OI1 RETAIL TRADE IN THE FEDERAL RESERVE DISTRICTS. [Minus sign (—) denotes decrease.] Ratio of outstanding orders at Percentage of increase in net sales as compared with corresponding close of month to total purperiod previous year. chases during previous calendar year (per cent). District and city. Jan. 1,1921, to close of— July 1, A 19 p 2 r 1 ., . M 19 a 2 y 1 , . J 1 u 9 n 2 e 1 , . J 1 u 92 ly 1 , . Apr., May, June, 1 c 9 l J o 2 u 1 s l e , y , t o o f M 19 a 2 y 1 , . J 1 u 9 n 21 e, . J 1 u 92 ly 1 , . 1921. 1921. 1921. 1921. District No. 1: - 1.3 - 2.4 - 1.5 -11.5 3.6 2.2 1.5 -11.5 5.2 5.7 6.9 6.1 Outside - 3.8 -11.4 - 8.5 -14.1 - 5.5 - 6.8 - 7.1 -14.1 9.6 8.8 5.5 7.5 District - 1.9 - 4.5 - 3.1 -12.3 1.4 .1 - .5 -12.3 5.8 6.2 6.7 6.3 District No. 2: New York City and Brooklyn - 2.8 -11.7 - 8.7 -12.0 - 3.8 - 6.4 - 8.8 -12.0 6.7 6.6 5.4 6.9 .4 - 3.4 - 9.1 5.1 3.5 - 9.1 5.5 8.3 9.2 Newark - 9.2 - 4.4 -13.8 - 2.5 - 2.8 -13.8 4.5 5.5 6.0 Rochester - 2.2 2.4 - 6.0 9.1 7.9 - 6.0 5.3 4.2 7.5 S O y u r t a s c id u e se ""*5.'8" - - 9 3 . . 9 9 - - 7 9 . . 7 2 - -1 1 4 4 . . 9 3 ""%¥ - 5 4 . . 2 6 - - 3 5 . . 3 3 - - 1 1 4 4 . . 9 3 ""io.'o* ....... 3 7 . . 7 3 8.6 District - .5 10.0 - 7.1 -11.5 - 2.1 - 4.3 - 5.1 -11.5 6.5 6.2 6.2 8.0 District No. 3: Philadelphia . - 2.5 - 8.8 - 9.5 -13.8 1.8 - 1.9 - 3.3 -13.8 8.6 7.5 8.2 8.1 Outside 5.8 - 4.8 - .8 - 6.4 3.7 .7 1.9 - 6.4 4.9 5.0 5.4 7.5 District - .4 - 7.8 - 7.3 -11.8 2.3 - 1.2 - 1.9 -11.8 7.8 7.0 7.5 7.9 District No. 4: Cleveland -17.9 -21.8 -29.2 -10.1 -11.8 -29.2 5.5 5.3 8.6 1.3 9.9 16.3 5.7 4.9 -16.3 5.1 4.3 5.8 Outside .2 -11.0 -17.0 2.9 2.1 -17.0 5.8 5.3 9.4 District .8 5.5 -14.1 -21.4 2.3 Q 1.1 -21.4 5.3 5.0 4.7 7.2 District No. 5: Baltimore . . - 6.8 - 7.1 - 7.0 -16.9 - .6 - 2.0 - 2.9 — 16.9 6.1 5.4 7.9 9.5 Richmond 3.1 - 3.0 - 4.1 -15.9 4.9 3.2 1.8 -15.9 4.6 7.2 10.7 12.5 Washington 5.3 4.3 4.9 - 4.2 6.9 6.3 4.9 — 4.2 4.8 6.8 7.7 7.6 Other cities 3.7 - 5.2 — 3.1 -10.1 8.7 5.4 3.7 -10.1 5.1 6.6 8.9 9.6 District .7 - 3.0 - 4.2 -11.7 3.6 2.1 .9 -11.7 5.4 5.6 8.3 9.2 District No. 6: Atlanta 32 1 25 5 2.4 Nashville -19.0 -22.3 -11.8 -22.3 4.9 9.3 8 3 8.6 4 9 8 6 8.5 10.1 Outside -18.6 -30.0 -15.8 -30.0 3.1 6.3 District -19.5 -16.8 -17.0 -21.2 ---877- -10.7 -12.0 -21.2 5.1 4.6 5.4 7.5 District No. 7... . . . . . 3.1 -12.5 -17.3 -14.7 - 5.6 - 8.0 -11.6 14.7 5.8 4.0 5.4 8.9 District No. 8: St. Louis 13.2 13 2 8.2 20 9 20 9 5.7 Memphis 26.6 26 6 i K Q Outside 12.9 -12.9 6.6 District - 2.9 - 1.6 - 7.9 -16.5 - 1.7 - .4 - 1.8 -16.5 7.1 __ _ _ 5.6 7.4 District No 9 . 5.4 -14.9 -16.8 -21.8 -10.7 — 7.0 -15.6 21 8 ! Q * 9.5 9.4 10.5 District No. 10... - 2.8 - 5.3 -10.8 -10.9 - 1.8 - 3.8 - 4.3 10 9 ± « 3.9 5.9 9.9 District No. 11 -17.7 -17.4 -17.4 -22.1 — 11.2 -13.0 -15.2 -22.1 | 4.6 4.4 6.4 10.4 District No. 12: Los Angeles. 3.4 8.8 2.9 - 1.5 9.7 9.5 8.0 — 1.5 9.8 9.2 11.1 11.9 San Francisco . .. - 9.6 - 2.4 - 5.7 -11.6 - 5.2 - 4.5 - 4.1 -11.6 7.5 9.1 10.3 12.1 Oakland 1.4 - 2.1 - 3.9 - 7.9 2.0 1.5 .5 - 7.9 4.8 5.0 11.0 Sacramento - 7.3 14.8 -13.8 -11.4 - 5.1 14.0 - 9.2 -11.4 Seattle .. -16.1 -16.8 -13.5 -18.6 -15.7 -13.5 -15.6 -18.6 6.7 5.2 6.2 7.0 Spokane - 6.4 -17.9 —23.4 —22.0 — .9 — 5 4 - 8.2 -22.0 7.9 4.0 9.2 9.5 Salt Lake City - 8.7 -18.7 - 6.1 16.2 .1 - 3.5 - 7.3 -16.2 4.9 6.0 4.0 9.6 District - 9.3 -.4.1 - 7.8 12.9 - 3.5 - 6.9 6.6 -12.9 8.7 6.7 8.4 10.0 United States - 4.2 - 8.6 -10.7 -15.1 - 2. - 4.3^ - 6.0 -15.1 6.0 5.5 6.4 8.4 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SEPTEMBER, 1921. FEDERAL RESERVE BULLETIN. 1103 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). Julyl, District and city. Same month previous year. Previous month. IJan. 1,1921, to close of— 1921,to lose of- Apr., May, June, July, Apr., May, June, July, Apr., May, June, July, 1921. 1921. 1921. 1921. 1921. 1921. 1921. 1921. 1921. 1921. 1921. 1921. District No. 1: Boston ... . -18.9 -18.7 -16.6 -15.6 3.5 -2.9 -3.4 - 3.4 295.5 289.8 283.0 422.1 Outside -17.5 -16.5 17.1 -16.7 1.1 .2 -5.8 .6 426.8 424.5 416.0 432.6 District -18.5 -18.1 -16.8 -15.9 2.8 2.0 4.1 - 2.6 324.7 319.5 312.0 425.1 District No. 2: New York City and Brooklyn -22.0 -16.8 -17.6 -20.6 5.1 -2.6 -5.9 - 3.9 322.5. 309.5 329.6 443.6 Buffalo -10.4 -12.2 -18.3 .3 -8.4 - 3.1 352.6 396.4 470.9 Newark —25.8 —26.2 —24.6 .2 -8.9 4.5 340.4 330.3 451.9 Rochester. -29.2 -31.0 —30.2 -6.0 -2.7 — 2.8 392.4 387.0 433.8 Syracuse — 12.6 —21.5 26 1 -2.1 — .8 7 6 446.5 411.7 469.4 Outside . . .. -20.7 -10.0 - 5.0 - 8.3 1.1 1.6 3.3 - 6.8 394.4 482.2 472.5 487.3 District -21.6 -17.3 11.5 -20.6 4.0 2.1 -5.6 - 4.2 342.5 326.5 333.9 431.6 District No. 3: Philadelphia . . -20.5 -17.0 11.9 -13.6 1.4 - .5 - .9 - 4.9 313.5 314.2 311.9 469.2 Outside.... -13.0 - 8.2 -12.9 15.2 .8 2.7 -4.6 - 4.3 426.4 447.7 432.3 479.0 District -18.7 -14.9 -12.1 -14.0 1.3 . 2 -1.7 - 4.7 340.4 346.1 341.0 471.9 District No. 4: Cleveland -28.7 -28.0 —27.9 -1.0 -2.6 - 6.0 328.7 363.1 476.3 Pittsburgh —14.1 —14.9 14 9 -4.9 —3.6 5 4 302.4 387.7 362.7 Outside.. . 9.8 - 9.0 - 9.1 -2.7 1.7 -10.4 418.1 378.9 483.1 District 17.8 -18.2 -19.1 -19.6 4.2 3.1 -2.8 - 6.1 327.4 334.0 319.5 416.9 District No. 5: Baltimore -26.0 -25.3 -24.2 -27.8 3.6 -3.1 -6.6 - 4.2 327.1 327.9 323.7 463.2 Richmond... -13.6 -14.6 -14.2 -16.9 4.3 — .2 -2.2 — 1.9 355.9 358.5 350.8 429.5 Washington -29.0 -29.2 -27.5 -23.9 5.7 - .5 -2.8 - 2.3 344.1 345.3 340.6 434.8 Other cities -23.3 -24.2 21.0 -18.2 3.0 -1.7 -1.2 2.3 400.5 394.6 391.7 480.5 District 25.8 -25.8 -24.2 -24.1 4.2 1.7 -4.1 - 2.2 345.3 345.6 341.3 453.3 District No. 6: Atlanta 21.8 .6 499.1 Nashville — 19.1 22 9 —2.8 2 5 ! 442.7 633 3 New Orleans - 6.6 — 15.2 -4.9 2.4 350.8 510.9 Outside... -26.4 -26.4 —3.6 — 2.6 536.6 644.3 District -11.6 -11.5 17.4 -21.6 .4 -2.7 -2.8 - .4 428.7 417.8 425.3 571. 6 District No. 7 21.3 -18.8 -20.6 -20.0 .7 -3.1 -4.0 - 1.2 385.9 411.4 428.3 500.4 District No. 8: St. Louis 6.8 3.4 410.3 Louisville 18.4 3.4 455.6 Memphis - 7.4 — 6.9 475.7 Outside 15.6 9.6 337.7 District -12.9 -11.0 - 9.9 - 9.3 .2 -1.7 - .5 - 3.7 388.1 329.6 344.2 426.1 District No. 9 -19.1 -24.3 -27.4 -21.6 -2.9 -4.2 -5.7 - .6 1 District No. 10 -21.6 —19.8 -17.0 — 15.0 1.7 -4.3 -9.0 6.8 ""346.* 9*" *359.*2*"*378."i """497.*i DistrictNo.il 18.1 -21.0 -22.6 27.6 .5 -3.4 -4.6 - 2.2 369.6 407.5 386.5 543.2 District No. 12: Los Angeles . —12.8 — 9.4 —17.6 — 3.6 4.5 2.3 -9.1 7.5 367.9 374.1 376. 0 393.7 San Francisco -13.8 -17.6 -16.3 — 14.6 4.4 —2.3 -8.6 — .6 402.6 i 383.8 394.4 406. 0 Oakland -23.5 -16.5 -18.4 —16.6 2.4 6.8 4.7 — .7 454.3 1 464.2 468.2 490.7 Sacramento —30.5 -29.4 —32.6 -32.4 3.0 -6.9 -6.8 - 2.6 382.6 422.0 424.3 Seattle -28.7 -27.4 -28.3 -37.0 2.6 -3.0 -5.1 - 6.8 399.1 423.4 410.1 410.8 Spokane -17.7 -17.1 -16.3 -17.2 9.2 -2.5 -7.1 -13.5 617.8 i 602.2 575.5 575.5 Salt Lake City -11.9 -10.8 -25.7 -30.2 1.2 -3.2 -8.3 - 7.6 District -13.9 -14.2 -20.9 -18.3 3.0 -1.0 -7.6 - .7 477.9 466.6 469.7 478.3 United States -19.0 -17.7 -17.4 -19.1 8.7 -2.4 -4.4 - 2.0 367.8 366.0 1 369.3 468.0 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1104 FEDERAL RESERVE BULLETIN. SEPTEMBER, 1921. WHOLESALE TRADE. PERCENTAGE OF INCREASE (OR DECREASE) IN NET SALES IN JULY, 1921, AS COMPARED WITH THE PRECEDING MONTH (JUNE, 1921). Groceries. Dry goods. Hardware. Bo s o ho ts e a s. nd Furniture. Drugs. su A pp u l t i o es. Stationery. p F l a e r m m e n im ts - . Auto tires. District. c P e e n r t. N be u r m of - c P e e n r t. N be u r m of - c P e e n r t.b N e u r m of - c P e e n r t. N be u r m o - f c P e e n r t. N be u r m of - c P en er t. N be u r m of - c P e e n r t. N be u r m o - f cent. N be u r m of - c P e e n r t. N be u r m of - c P e e n r t. N be u r m o - f firms. firms. firms. firms. firms - firms. firms. firms. firms. firms. No. 3 -2.6 48 -17.8 25 No 5 -0.6 9 +3.1 9-13.3 8-22.2 8-22.3 3 No. 6 -5.9 24+10.1 17-12.8 14-23.4 9 No 10 +17.6 5+11.9 3 -9.2 4 -37.8 3 -5.2 3 -15.5 3 No 11 +1.2 13 +8.1 9 -8.5 6 -7.4 3 2.1 5 No. 12 +12.0 28-14.7 12-13.5 24-16.9 15-11.8 13 -2.9 9 +1.6 16 -3.4 25 -2.7 20+11.2 13 PERCENTAGE OF INCREASE (OR DECREASE) IN NET SALES IN JULY, 1921, AS COMPARED WITH JULY, 1920. Groceries. Dry goods. Hardware. Shoes. Furniture. Drugs. su A pp u l t i o es. Stationery. p F l a e r m m e n im ts - . Auto tires. District. Per Num- Per Num- Per Num- Per Num- Per Num- Per Num- Per Num- Per Num- Per Num- Per Numcent. f b ir e m r o s. f cent. f b ir e m r o s. f cent. f b ir e m r o s. f cent.f b ir e m r o s. f cent. f b ir e m r o s. f cent. f b ir e m r o s. f cent.f b ir e m r o s. f cent. f b ir e m r o s. f cent. b fi e rm r o s. f cent.b fi e rm r o s. f No. 3 -44.9 48 -38.2 25 No 4 -43.6 8-35.5 3-38.5 4 15.0 4 No. 5 -33.1 9-55.5 9-34.9 8-56.0 8-47.7 3 No.6 -41.8 24-53.7 17-49.8 14-69.6 9 No 7 -49.1 18-52.3 9 -34.2 9 No. 10 -13.6 5-53.9 3-15.8 4 -49.8 3-20.0 3 60.0 3 No 11 -34.7 13-57.5 9-31.0 6 -31.9 3-33.3 5 No. 12 -20.7 28-50.1 12-35.4 24-36.7 15-26.2 15-17.1 9-17.4 18-39.1 29-46.0 20 +6.1 15 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SEPTEMBER, 1921. FEDERAL EESEUVE BULLETIN. 1105 COMPARATIVE WHOLESALE PRICE LEVELS IN PRINCIPAL COUNTRIES. The foreign index numbers published here- 1921. Complete information regarding the computation of the United States Bureau of Labor Statistics appears in the publications of that with are constructed by various statistical bureau, and a description of the index number of the Federal Reserve offices according to methods described, in most Board may be found in the BULLETIN for May, 1920. Details as to the method used by the 0konomisk Revue in constructing its index of cases, in the BULLETIN for January, 1920.1 wholesale prices in Christiania are not available in this country. The Danish index has been constructed only recently, is based upon the In the following table the all-commodities prices of 33 commodities, and is roughly weighted according to conindex numbers for the whole series of countries sumption. The new British index number, compiled by the Board of Trade, will be found on p. — of this issue of the BULLETIN. It has been appear together to facilitate the study of revised and now uses prices in 1913 as a base. In the case of the two American index numbers, 1913 is used as the basis in the original comcomparative price levels. putations. In the other cases in which 1913 appears at the basis for the computation, the index numbers have been shifted from their original bases. The computations in these cases are, therefore, only approxi- 1 A description of the method used in the construction of the Swedish mately correct. In a few cases July, 1914, or the year immediately pre- Index number appeared in the BULLETIN for February, 1921, for the new ceding that, is used as the base. The figures are for the most part re- Italian index number in the April, 1921, issue of the BULLETIN, and the ceived by cable, and the latest ones are subject to revision. In cases method used by the Frankfurter Zeitung in the case of the German where the index numbers were available they have been published for index number was described in the BULLETINS for February and March, the war years in various issues of the BULLETIN in 1920. INDEX NUMBERS OF WHOLESALE PRICES (ALL COMMODITIES). Aus- R F t U S q B i e e o u t n o ( s a d n 9 o i e a t e t s 0 t e r r e r ) a v d s a d . - ; 2 e l o t B U t S i S q f i c o u t u n t L s a a n r o i t a ( e t t s e 3 t i e b a ) a s s 1 . d u o - - * ; 5 r c U o B T i K d m t ( n i o r o 1 i o e a m i n 5 a m t s f d r g e 0 ) o d e ; d . - d- ( U 4 S m t K d i 5 t n o e a i o i s n m c t d t ) o i g e . i s ; m 3 d - - t - ( G t l 4 F l i e m t 5 a s e r B i t a e t n i o c i S n u n s e q o d ) t l c r d u m a - . i a e 3 - - e e l ; - e ( 1 a 3 I m B t 9 P u f t 8 h 2 t a t a n o r i e e 0 l e o c c d t r r y , s o h i f ) e i ; l 7 m . . - - i 1 3 6 - ( Z 7 F m f t m e 7 i u r G e i a a r o s t e t c n n u d ) e r o . y n k r i - ' m ' - ; g - - H t S t S i q i a o w d v u n n ( n e o 4 e d s n i d 7 t . e n a ) s e l . g - k n * s- ; N ( C 0 9 R t m a m o 3 i k h n e e r o o r i s v c w i s i d ) n a o u s k . a , i o t * m e - i y - - - ; ( t 3 F i m m 3 d D t i i n e e o a c e a s n r d o n ) k n d m i . - - ? ; s e - -( B 5 J T m t J 6 a i a a e o f p o n c s p o k d a k ) o a r y . n i m 2 n o - o ; f - a ( B w 9 C t t n m r m C i 2 u d e e a s o o n r a t o l c i i e m S d s l o n c a t a u i t m s h - n - - u a s ; - - C m D t q L i a o e ( e u n a 2 n p n o b 7 a s a t t d o 2 ) a r o a r t . - f - 5 ; t D m I m i S c t c n c i e C e u t e s o o d a p n a t s m d t i t a l ( t ) i a a - i 7 . r s - - ; 3 o , t - 5 - f ties).2 1913 100 100 100 100 100 100 8 100 100 100 1914 100 101 101 95 9 ioo 116 10 H5 n ioo 96 12 ioo 101 13100 1915... 101 126 137 133 145 159 138 97 141 110 1916 124 159 187 202 185 233 164 117 132 135 1917... 176 206 262 299 244 341 228 147 14155 177 1918 196 226 339 409 339 345 293 192 170 206 1919 20S 212 242 357 364 330 322 294 236 180 217 1920... 233 243 314 291 510 624 1,522 347 377 382 259 218 246 204 1920. July 250 262 324 299 496 604 1 473 363 409 383 239 234 256 209 August 234 250 320 298 501 625 1,528 365 417 385 235 236 244 209 1921. January 163 178 251 232 407 642 1,603 267 344 341 201 196 208 178 February... 154 167 230 215 377 613 1,473 250 319 290 195 192 199 174 March. 150 162 215 208 360 604 1 419 237 312 280 191 181 194 175 April.. 143 154 209 199 347 584 1,410 229 297 270 190 171 187 1S3 May 142 151 205 191 329 547 1 428 218 294 257 191 166 183 184 June 139 148 202 183 325 509 1,387 218 294 254 192 162 179 178 July 141 148 199 186 330 520 1 467 211 300 253 196 159 176 183 August 143 152 183 333 542 1,690 198 256 174 1 Index numbers for 1920 and thereafter based upon prices of 76 commodities. Computations arrived at by the method described on p. 465 of tlcBuLLETiN for April, 1921. 2 Average for the month. 3 End of month. 4 Beginning of month but not always the first. 5 Middle of month. e End of year and end of month. * First of month. s July 1,1913, to June 30,1914-100. » Middle of 1914=100. w Dec. 31,1913-June 30,1914=100. 11 July 1, 1912-June 30, 1914=100. 12 July, 1914=100. "End of July, 1914=100. » Last six months of 1917. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1106 FEDERAL RESERVE BULLETIN. SEPTEMBER, 1921. In the following tables the index numbers for referred back to the 1913 base and it is thereindividual groups of commodities are given for fore impossible to compare present levels with each country separately. Reference should be prewar levels in these cases. No group index made to the preceding table for the "all com- numbers are compiled by the Bank of Japan modities" indexes. In the case of the Italian and the Danish index published by the Figroup index numbers, Prof. Bachi's new com- nanstidende has only two group indexes, one putations only are given. These can not be for food and one for " other commodities.17 GROUP INDEX NUMBERS—UNITED STATES—BUREAU OF LABOR STATISTICS. [1913=100.] Date. pr F od a u r c m ts. F e o t o c d . , C c l l o o t t h h s i n a g n . d l F i u g e h l t i a n n g d . M p e r t m o a e d l t u s a c t l a s n . d m b L a u u t i a e m l n r d b d i i e a n r l g . a C n h d e m d i r c u a g l s s . fu H g r o o n o i u d s s s h e . ing la Mi n s e c o e u l s - . co . m A t m l i o l e d s i . - 1913 100 100 100 100 100 100 100 100 100 100 1914 103 103 98 96 87 97 101 99 99 100 1915 105 104 100 93 97 94 114 99 99 101 1916 122 126 128 119 148 101 159 115 120 124 1917 189 176 181 175 208 124 198 144 155 176 1918 220 189 239 163 181 151 221 196 193 196 1919. 234 210 261 173 161 192 179 236 217 212 1920 218 239 302 238 186 308 210 366 236 243 August 1920 222 235 299 268 193 328 316 363 240 250 1921. January 136 162 205 234 152 239 182 283 190 178 February 129 150 198 218 146 222 178 277 180 167 March. 125 150 192 206 139 208 171 275 167 162 April 115 141 186 197 138 203 168 274 154 154 May 117 133 181 194 138 202 166 262 151 151 June 113 132 180 187 132 202 166 250 150 148 July 115 134 179 184 125 200 163 235 149 148 August 118 152 179 182 120 198 161 230 147 152 GROUP INDEX NUMBERS—UNITED KINGDOM—BOARD OF TRADE. [1913=100.] Other Cereals. an M d e a f t ish. 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. nd 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. m A o ll d c it o i m es - . minerals. 1920 average 273 263 278 •272 406 252 480 362 274 340 314 August, 1920 279 279 268 275 434 264 506 342 270 348 320 1921. January 245 285 251 257 359 213 224 220 221 248 251 February 212 266 227 234 320 201 195 201 216 228 230 March 205 251 229 228 283 192 173 179 205 209 215 April 200 245 224 222 259 192 181 170 196 202 209 May 197 220 222 213 250 193 183 166 202 201 205 June 199 219 218 212 240 189 180 162 199 196 202 July 200 212 222 212 229 185 180 161 193 192 199 GROUP INDEX NUMBERS—UNITED KINGDOM—STATIST. [1913=100.] Date. f V t o a e o b g d l e s e - .f A m o n o a i d l s - . Su t f c g e o e f a e a - r , . , s F t o u o ff d s - .e M r i a n l - s.t T i e l x es - .d S r u i n e - s. M ri a a t l e s - . m i c t A o o i l d m es l - - . Date. f V t o a e o b g d l e s e - .f A m o n o a i d l s - . Su t f c g e o e f a e a - r , . , s F t o u o ff d s - .e M r i a n l - s.t T i e l x es - .d S r u i n e - s. M r a ia t l e s - .m i c t A o o i l m d es l - - . 1913... 100 100 100 100 100 100 100 100 100 1921. 1914 no 100 107 105 90 97 105 98 101 January 234 283 192 251 225 198 230 219 232 1915 155 125 130 137 109 111 131 119 126 February 206 270 187 234 200 179 224 203 215 1 1 9 91 1 6 7 2 1 5 93 2 1 1 9 52 2 2 1 1 61 3 2 1 1 69 8 1 15 40 2 2 1 2 52 8 2 1 1 63 2 1 1 9 53 8 2 1 0 59 6 A M p a r r i c l h. . . 2 2 1 14 2 2 2 4 62 9 1 1 8 82 0 2 22 32 5 1 1 7 79 6 1 1 7 7 1 2 2 1 2 9 1 9 1 1 9 8 3 4 2 1 0 9 8 9 1918... . 248 210 238 229 167 265 243 225 226 May. 211 223 158 209 177 164 192 179 191 1919 252 215 275 238 190 271 268 243 242 June 226 206 156 207 157 164 181 168 183 1920 321 264 366 301 269 299 290 285 291 July 222 212 144 206 168 167 183 174 186 August, 1920 317 295 404 319 281 298 278 286 298 August 221 213 159 208 156 160 180 168 183 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SEPTEMBER, 1921. FEDERAL RESERVE BULLETIN. 1107 GROUP INDEX NUMBERS—FRANCE—GENERAL STATISTICAL BUREAU. [1913=100.] Date. f A o m o n a d i l s - f V t o a o e b g d l e s e . - ! and F ( o 2 o 0) d . s erals. t T i e l x es - .d S r u i n e - s. m R r (2 i a a a 5 t w l e ) s . - m i c t A o i o e m l d s l - - . Date. f A o m o n a d i l s - .f V o e o g d e s - . c c S o o a u f c n g f o e d a e a r , . , F ( o 2 o 0 d ). s e M ra i l n s - . t T il e e x s - . d S r u ie n s - . m R r (2 i a a a 5 t l w ) e s . - m i c t A o i o e m l d s l - . - 1913 100 100 100 100 100 100 100 100 100 1921. 1914 103 103 106 104 98 109 99 101 101 January 483 334 337 397 341 460 445 415 407 1915 126 126 151 131 164 132 145 145 137 February— 452 317 338 378 300 398 422 378 377 1916 162 170 164 167 232 180 199 206 187 March 406 322 367 366 289 375 392 355 360 1917 215 243 201 225 271 303 302 291 262 April 396 348 359 372 281 314 371 328 347 1918 286 298 231 281 283 460 420 387 339 May 379 346 317 356 266 282 355 309 329 1919 392 313 253 336 272 444 405 373 357 June 349 368 338 357 261 278 341 300 325 1920 503 427 422 459 449 737 524 550 510 July 353 364 393 366 253 290 343 301 330 August, 1920 515 359 432 475 737 524 558 501 August 338 336 352 360 245 321 356 312 333 GROUP INDEX NUMBERS—ITALY—RICCARDO BACHI. [1920-100.] f V t o a e o b g d l e e s. - f A o m o n a d i l s - . C ic h a e l m s. - t T il e e x s - . M e m a a r n l a e i s n d t l . - s - B m ri i u n a a i l g t l s e d . - -O v t p u a e r c t b g o h t l s e d e e . - r -d S r u ie n s - . m i c t A o i o e m l d l s - - . f V t o a e o b g d l e e s - .f A o m o n a d i l s - . C ic h a e l m s. - t T il e e x s - . M e m a a r n l e a i s n d t l . - s - B m r i i u n a a i l g t l s d e . - - O v t p u a e r c t b g o h t l e s d e e . - r - d S r u i n es - .m i c t A o i o e m l d l s - - . August, 1920. 101 103 102 95 97 110 92 101 100 1921. April 106 116 83 57 69 109 Ill 105 94 1921. May 102 112 76 47 62 107 110 95 88 January. 107 121 98 77 88 113 123 107 103 June .... 97 101 63 46 60 102 95 90 81 February.. . 103 120 89 65 80 117 127 107 98 July 100 109 65 54 60 95 92 87 83 March 108 117 87 64 72 113 123 104 97 August 107 113 68 62 60 92 96 86 87 GROUP INDEX NUMBERS—GERMANY—FRANKFURTER ZEITUNG. [Middle of 1914= 100.] A p t u g u r r c o r i t c a d s u l . - l- le t T a il e t e h x s e - , r. M a i l n s e . r- l M an i e s o ce u l s - . m c t A i o o e m l d s l . i - - A p t u g u r r c o r i t c a d s u l . - l- le t T a il e t e h x s e - , r. M a i l n s e . r- l M an i e s o ce u l s - . m c t o i A o e d m l s l i . - - 1920. 1921. Average for the year.. 1,232 3,175 1,733 1,440 1,522 Beginning of— Beginning of August.. 1,309 2,643 1,566 1,617 1,528 March 1,204 2,371 1,552 1,517 1,419 April 1,195 2,153 1,608 1,500 1,410 1921. May 1,169 2,125 1,566 1,617 1,428 Beginning of— June 1,116 1,907 1,524 1,633 1,387 January 1,353 2,643 1,678 1,575 1,603 July 1,270 2,153 1,613 1,588 1,467 February 1,265 2,507 1,580 1,525 1,473 August 1,784 2,289 1,636 1,550 1,690 GROUP INDEX NUMBERS—SWEDEN—SVENSK HANDELSTIDNING. [July 1,1913-June 30,1914-100.] Date. V f t o a e b o g d l e e . - A f n o i o m d. al R f c o t u a e r w l r t i a u a g m r l r e s i a . - - Coal. Metals. B m u r i i a l a d t l e i . n - g W pu o l o p d . le H a a i t n d h d e e s r. Textiles. Oils. A m l o l d c i o ti m es - . 1913-14 100 100 100 100 100 100 100 100 100 100 100 19141 136 101 114 123 109 104 118 103 111 116 1915 151 140 161 177 166 118 116 158 116 120 145 1916 152 182 180 266 272 165 233 229 166 149 185 1917 181 205 198 551 405 215 267 206 247 212 244 1918 221 419 304 856 398 275 300 195 33S 1919 261 409 340 804 258 286 308 211 330 1920 . . . 262 296 312 1,007 278 371 675 215 324 294 347 August, 1920 271 307 310 1,117 286 388 756 191 328 322 365 1921. January 244 266 281 371 230 320 520 131 169 328 267 February . . . 231 241 248 362 204 319 511 108 147 318 250 March 238 229 240 279 185 298 510 85 134 268 237 \pril 232 231 236 291 178 236 510 84 125 264 229 May 221 217 245 369 153 237 286 106 132 238 218 June 237 206 236 371 149 224 286 108 129 207 218 July 236 227 216 315 149 199 197 112 133 191 211 August 217 230 214 250 130 198 183 107 132 191 198 i Average for 6 months ending Dec. 31,1914. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1108 FEDERAL RESEBVE BULLETIN. SEPTEMBER, 1921. GROUP INDEX NUMBERS—CHRISTIANIA, NORWAY— 0KONOMISK REVUE. {Dec. 31,1913-June 30,1914=100.] I Fuel. Date. A f n o i o m d. al V t f a o e b o g l d e e . - t a i F s n l t i e d u z e f e f f d r e s - s r . - c C a o n o k d a e l . b P e le a e n u n t z r m d i o n - e. Iron. Metals. i t n B e g r u i i a m l l d s a - . - t T il e e x s - . le H a a i t n d h d e e s r. w P o u o lp d. Paper. m c t A i o o e m l d s l . i - - End of— 1914... 115 130 108 151 104 115 128 107 105 158 103 101 115 1915... 149 150 150 224 132 158 289 131 121 193 124 137 159 1916... 193 198 195 355 170 435 401 213 178 251 171 190 233 1917... 260 292 231 1,161 231 720 503 326 264 296 217 263 341 1918... 324 277 284 514 247 573 503 359 302 286 283 313 345 1919... 329 281 277 767 162 442 187 358 356 284 277 322 322 1920... 352 385 340 647 407 482 200 416 402 255 321 472 377 July, 1920. 337 376 328 1,050 274 724 237 455 413 269 413 453 417 1921. January., 307 370 317 512 384 394 165 378 374 217 321 472 344 February. 294 324 292 358 364 340 167 362 352 212 289 472 319 March 307 315 287 289 357 328 169 339 350 203 289 472 312 April 283 304 273 317 343 295 166 329 329 199 289 413 297 May 280 303 277 317 343 295 166 324 324 190 289 413 294 June 273 323 275 345 336 296 167 308 324 197 289 413 294 July 301 408 254 303 307 190 309 319 197 276 392 300 GROUP INDEX NUMBERS—AUSTRALIAN COMMONWEALTH—BUREAU OF CENSUS AND STATISTICS. [July, 1914=100.] Date. coal. md T l e e x a e t t t i h c l e . e r s , , p A ro t g u d r r i u c a c u l t l s - . . pr D od a u ir c y ts. G to r b o a a c n e c d r c i o e . s Meat. m B a u t i e l r d ia i l n s g . Chemicals. m Al o l d c it o i m es - . July, 1914 100 100 100 100 100 100 100 100 100 1915 117 93 202 127 110 150 116 149 141 1916 154 131 113 124 127 155 136 172 132 1917 213 207 110 110 131 1.55 194 243 155 1918 220 232 135 121 138 147 245 315 170 1919. .' 193 217 186 137 147 145 261 282 180 1920 209 243 229 184 186 201 295 277 218 July, 1920 211 252 244 188 193 261 307 283 234 1921. Janivdiy , 215 145 197 208 197 191 279 244 196 February 214 132 192 206 197 184 303 242 192 March 203 107 176 207 198 178 303 234 181 April 202 114 164 178 196 144 284 231 171 May 194 108 161 175 195 140 279 224 166 Jure 195 105 160 171 1S8 134 250 233 162 July 195 111 158 166 188 119 23S 220 159 GROUP INDEX NUMBERS—CANADA—DEPARTMENT OF LABOR.i [1913=100.1 Date. f G o a d r n a d d i e n r s . A m n a i e n m a d t a s l . s D p u a r c i o t r d s y - . t F v a r a e b n u g l d i e e t s - s . f O o t o h d e s r . Textiles.l H ea e i t t d c h . e e s r , , Metals. m Im e p n l t e s - . l i t u n B e m g r u i i a b m l l d e s a r - , - . F l u ig e h l t i a n n g d . c D c h a r a e n u l d m s g i . s - Al m l t o i d es i c . - om- 1913 100 100 100 100 100 100 100 100 100 100 100 100 100 1914 114 107 100 99 104 102 105 96 101 100 94 106 101 1915 136 104 105 93 121 114 110 12S 106 97 92 160 110 1916 142 121 119 130 136 148 143 167 128 100 113 222 135 1917. 206 161 149 233 180 201 168 217 174 118 163 236 177 1918 231 197 168 214 213 273 169 229 213 147 188 250 206 1919. 227 199 192 206 222 285 213 173 228 171 201 205 217 1920 263 198 204 261 258 303 192 203 245 268 255 204 246 August, 1920. 271 204 198 216 277 300 173 209 243 285 298 218 244 1921. January 186 175 216 184 212 22S 131 174 257 248 247 196 208 February 171 171 185 163 205 204 126 167 257 239 234 188 199 March..; 168 171 174 175 203 198 118 158 243 231 233 181 194 April 154 169 161 162 189 191 115 145 241 229 226 180 187 May 150 158 126 162 189 187 114 147 236 224 216 178 183 June 146 146 124 169 183 ISO 106 154 236 21? 212 175 179 July 143 143 133 157 174 17'J 106 147 236 217 207 175 176 August 152 143 142 182 173 181 101 145 237 192 206 176 174 * Unimportant groups omitted. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SEPTEMBEB, 1921. FEDERAL RESERVE BULLETIN. 1109 GROUP INDEX NUMBERS—CALCUTTA, INDIA—DEPARTMENT OF STATISTICS. [End of July, 1914=100.] Date. B m r u a i i i a n t l l g e s d - . - a M t r f t u a a i r n c c e - l u d e - s Metals. s H a k i i n d n d e s s . C m t o u f a t a r n t c e u o s - - . n co R t a to w n. m t J u f a u r a n t c e u s e - - . O t t t i e l h x e e s - r . t m O a u i r l s d s - . , 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 . m c t o A i o d l e m s i l - . - End of July, 1914.. 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 Average for 1920... 138 231 238 147 354 153 149 162 128 104 173 78 407 166 154 184 204 August, 1920. 142 235 257 99 360 139 163 168 115 91 167 72 477 160 154 185 209 1921. January... 158 238 247 81 324 107 104 149 116 85 130 77 314 135 139 139 178 February 147 226 243 80 305 104 101 149 97 80 124 70 352 119 129 148 174 March. 153 239 255 86 301 98 91 143 90 81 122 71 369 122 128 136 175 April 117 242 255 97 311 119 97 123 110 85 131 76 359 147. 141 150 183 May 151 262 254 110 312 124 94 126 112 75 142 78 302 156 145 153 184 June.. 149 244 245 119 303 129 100 132 114 76 145 89 239 165 150 152 178 Tuly 149 237 245 116 316 136 102 147 115 80 157 92 247 173 151 162 183 COMPARATIVE RETAIL PRICES IN PRINCIPAL COUNTRIES. In the following table are presented statistics berg. Dr. Kuczynski bases his calculations upon the cost of living per week of a family of four in Greater Berlin. showing the trend of retail prices and the cost of living in the United States and important RETAIL PRICES IN THE UNITED STATES, PARIS, AND European countries:1 SWEDEN; COST OF LIVING IN UNITED KINGDOM AND BERLIN. 1 Three of these index numbers—those for the United Kingdom* [July, 1914=100.] Paris, and Sweden—are constructed on the basis of prices in July. 1914= 100. In the case of the United States, the original base, that of the year t 1 S h 9 t e 1 T a 3 t h y , i s e e h t a i a A r c s s m e , b n w e e d r e a i i n n s c g a b s n a h J s i u i f e n l t d e y d d , u e 1 x p t 9 o o 1 n n 4 t u h , t m e h a s e b J a e r u e r l b , t y a a , c i s l o 1 e p 9 . n r 1 s i 4 t c r , e u b s c a o t s e f e d 2 . 2 b a T y r h t t i e c h l e G e s e B o r u m f r f e a o n a o u d i , n o d w f e e x L i g a u h b s t o e e s r d U p S r r n t e i a i t c t t a e e i s e s . l d , 1 o d U f o K n l i m i i , n v t g i c e - n o d g s . t 2 p P r r a i e r t c a e i i s s . l , 1 S p w r r e e i t d c a e e i s n l . , l B c i o v e s i r t n l i g o n s f , according to family consumption, until January, 1921, when it was increased to 43 articles reported by dealers in 51 important cities. The method of weighting continues the same, although the actual "weights" 1919 182 216 260 321 applied have been changed. 1920 199 249 371 298 The British index number of the cost of living constructed by the Ministry of Labor consists of the retail prices not only of foodstuffs but 1920. of other articles as well. Retail clothing prices, rents, and the cost of July 215 252 373 297 1,125 fuel, lighting, and miscellaneous household items are also taken into August 203 255 373 308 1,069 consideration. The index number is weighted according to the importance of the items in the budgets of working-class families. 1921. The retail price index for Paris, compiled by the French General January 169 265 410 283 1,111 Statistical Office, consists of retail prices of 13 different commodities, February... 155 251 382 262 1,087 weighted according to the average annual consumption of a working- March 153 241 358 253 1,035 man's family of four persons. Eleven of the commodities included in April 149 233 328 248 976 this index are foods, and the other two are kerosene and alcohol. May 142 228 317 237 990 The Swedish index number consists of the retail prices of foodstuffs, June 141 219 312 234 1,080 fuel, and lighting and is based upon the prices of 51 articles in 44 towns July... 145 219 306 232 1,125 (in 1920, 50 articles in 49 towns), weighted according to the budget of August 152 222 317 234 a workingman's family which before the war had a yearly income of 2,000 kronor. The German index expresses upon a percentage basis figures com- 1 Average for the month. 2 Beginning of month. piled by Dr. R. R. Kuczynski of the statistical office at Berlin-Schone- 3 August, 1913-July, 1914=100. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1110 FEDERAL RESERVE BULLETIN. SEPTEMBER 1921. FOREIGN TRADE—UNITED KINGDOM, FRANCE, ITALY, SWEDEN, AND JAPAN. In the following table are presented figures current f. o. b. values. The same method is followed in Japan and Sweden. In France and Italy the value of foreign trade is estimated showing the monthly value of the foreign trade not in terms of current prices but in terms of those of some earlier date, of a group of important European countries usually the preceding year. None of the figures presented below include the import or export and Japan. Similar statistics for Germany are of gold and silver. In the case of England and France, group figures not available.1 a to re ta g l i v v a e l n u e a s s o w n e l l y l a a s r e t o p t r a e l s v en al t u ed es . , w T h h i i l s e d in oe t s h e n o c t a s m e e o a f n t h th e a o t th g e ro r u c p o u fi n g t u ri r e e s s , are not obtainable, merely that they are either delayed in publication or appear not to be of such general interest as the French and English >• Currencies have not been converted to a common unit, nor arematerial. methods of valuation the same in all countries. In England imports Japanese figures for recent months are received by cable and subare given current c. i. f. values in England; exports and reexports, ject to revision. FOREIGN TRADE OF THE UNITED KINGDOM. Imports. Exports. Reexports. In thousands of pounds stealing. In thousands of pounds sterling. In to d F b a r o i a n o n c d d k co , , . riband A w r h ti o c l l l e y s l i M a p n p n a i c i o n e s r l o s u c c g t e u e d . l l s - - , Total. o s t f h a I t n o n o d u n s - s. to d F b a r o a i n n o c d k d co , , . u f r m a a i n m a r R c m t a l i a s t a i c a o n t a w l e n r e l n - y u e s d d - . A l m w m ac r h a t a t o u i i o n c r r n e u l l l l c e - y y L s l i M a p n p n a i c o i n e r s l c s o u c g t e e u d . l l s - - , Total. o s t f h a I t o n o n u d n - s s. s p t s t o e h a u r o o n l n i f u d n d - s g s . o t s h f a I o t n n o u d n - s s. Monthly average: 1913 24,184 23,485 16,134 259 64,061 2,716 5,825 34,281 949 43,770 7,650 9,131 152 1919 59,927 50,565 24,663 358 135,513 2,814 9,274 53,457 1,008 66,553 13,729 1920 63,948 59,292 37,902 254 161,395 3,795 4,241 12,138 93,394 1,528 111,297 3,292 18,701 "i39 1920. August. 61,785 51,268 40,016 185 153,255 4,302 3,503 10,467 99,645 114,903 3,066 13,368 118 1921. January 49,158 37,005 30,467 420 117,051 3,383 3,852 7,668 79,746 1,491 92,756 2,558 9,955 87 February 47,750 25,504 23,394 326 96,974 2,573 3,075 5,881 58,177 1,089 68,222 2,446 8,004 82 March 50,888 17,739 24,930 184 93,742 2,697 2,897 5,832 56,969 1,111 66,809 2,656 8,888 127 April 52,908 16,547 20,374 167 89,996 2,668 2,729 2,936 52,019 1,184 59,868 1,279 8,524 126 May 50,094 16,711 19,282 221 86,308 2,891 2,101 1,437 38,662 889 43,088 500 7,232 90 June 51,915 18,389 17,600 278 88,182 2,439 1,125 33,658 930 38,152 7,083 July 42,090 20,232 18,005 431 80,757 2,702 2,775 36,705 991 43,172 9,362 August1 88,581 51,340 9,989 i 1 Subject to revision. FOREIGN TRADE OF FRANCES [In thousands of francs.] Imports. Exports. Food. ma R te a r w ials. f a a M r c ti t a c u n l r e u e s d - . Total. Food. mat R er aw ials. f a a M r c ti t a c u n l r e u e s - d . P p a o r s c t e . l Total. Monthly average: 1913 2 151,465 412,144 138,169 701,778 69,908 154,841 301,420 47,182 573,351 19193 892,040 1,229,435 861,797 2,983,272 99,201 203,691 615,630 71,444 989,966 19203 718,179 1,400,046 832,187 2,950,413 184,277 397,677 1,187,742 1,869,563 1920. July 4 794,318 2,119,687 1,137,424 4,051,429 197,705 456,739 1,3 74,167 2,097,416 1921.5 January... 346,703 1,101,267 534,498 1,982,468 188546 436,069 1,142,398 115,605 1,882,618 February. 386,169 803,231 424,531 1,613,931 172992 478,561 1,162,817 85,074 1,899,444 March 455,545 786,352 501,011 1,742,908 162901 379,281 1,035,826 108,418 1,686,426 April 390,345 887,151 501,593 1,779,089 176333 468453 1,179,683 107,799 1,932,268 May 419,229 690,553 455,726 1,565,508 151724 415057 986,583 95,271 1,648,635 June 490,615 871,374 361,545 1,723,534 148237 540722 977,129 84,375 1,750,464 July 434,001 704,069 331,047 1,469,117 123303 439 534 925,868 74,350 1,563,055 1 Not including gold, silver, or the reexport trade. 2 Calculated in 1913 value units. 3 Calculated in 1919 value units. 4 Calculated in 1920 value units. 5 Calculated in 1919 value units culated Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SEPTEMBEK, 1921. FEDERAL RESERVE BULLETIN. 1111 FOREIGN TRADE OF ITALY, SWEDEN, AND JAPAN. Italy. Sweden. Japan. (In millions of (In millions of (In millions of lire.)1 kronor.) yen.) Imports. Exports. Imports. Exports. Imports. Exports. Monthly average: 1913 304 210 71 68 61 53 1919 1,385 506 211 131 181 175 1920 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 February 1,320 566 116 89 119 77 March 1,503 569 99 75 337 94 April 1,346 586 106 69 139 115 May 95 82 149 105 June 2 93 2 69 148 107 July 2 109 2 98 U920 and 1921 figures based on 1919 value units. 2 Provisional. DISCOUNT AND OPEN-MARKET OPERATIONS OF FEDERAL RESERVE BANKS. Following is a set of tables showing the by character of paper and by rates of discount volume of bills discounted and of acceptances charged. Average maturities and average rates and Government securities purchased by the are also given, as is the number and percentage Federal 'Reserve Banks during July, 1921. of banks accommodated during the month: Bills discounted and purchased are classified VOLUME OF OPERATIONS DURING JULY, 1921. U. S. securities purchased. Total. disc B o i u ll n s ted Bills Federal Keserve Bank. for b m an e k m s b . er op b e o n u g m h a t r i k n et. an B d o n n o d t s es. i C n e d r e ti b fi t c e a d t n e e s s o s f . July, 1921. July, 1920. Boston $196,235,134 $11,032,686 $190,000 $1,606,500 $209,064,320 $371,815,589 New York 1,797,400,548 14,415,568 3,012,600 56,384,000 1,871,212,716 4,543,008,141 Philadelphia.. 282,489,271 1,402,927 272,600 52,500 284,217,298 551,629,711 Cleveland 265,745,531 2,279,462 1,000 34,500 268,060,493 231,865,953 Richmond 209,408,678 1,650,100 211,058,778 262,499,955 Atlanta 121,232,212 885,619 122,117,831 185,616,963 Chicago 323,184,218 7,855,709 827,000 331,866,927 527,060,085 St. Louis 134,078,290 755,839 306,000 221,500 135,361,629 195,462,178 Minneapolis 51,520,289 196,100 672,000 52,388,389 76,081,701 Kansas City... 68,022,874 938,800 147,500 69,109,174 151,737,414 Dallas 59,114,721 60,000 59,174,721 115,487,072 San Francisco. 226,646,646 5,392,829 597,600 735,500 233,372,575 306,642,224 Total: July, 1921 3,735,078,412 46,669,539 4,575,900 60,681,000 3,847,004,851 July, 1920 6,714,923,809 219,463,677 584,519,500 7,518,906,986 7 months ending July 31,1921. 40,323,449, 875 814,434,451 28,257,661 2,534,835,557 43,700,977,544 7 months ending July 31,1920.. 45,146,332,029 1,933,167,062 245,500 5,245,888,500 ' 52^325," 633," 09*i Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1112 FEDERAL RESERVE BULLETIN. SEPTEMBEB, 1921. VOLUME OF BILLS DISCOUNTED DURING JULY, 1921, BY CLASSES OF PAPER; ALSO NUMBER OF MEMBER BANKS ACCOMMODATED. Member banks' collateral Customers' notes. Bankers' acceptances. paper Federal Reserve secured by Commercial Agricultural Live-stock Bank. Government Secured by paper, n. e. s. paper. paper. obligations. G ob o l v i e g r a n ti m on en s. t O s t e h c e u r r w ed is . e Foreign. Domestic. ex D ch o a ll n a g r e. Boston $9,824,245 $89,280,200 $96,482,902 $556,499 $11. New York 11,216,226 945,034,807 839,300,160 486,601 4' $79,550 $100,000 Philadelphia 16,552,359 185,593,370 80,034,607 199,152 o, Cleveland 4,635,951 159,502,730 $160,000 98,438,422 365,910 5, Richmond 2,509,614 168,998,902 534,000 31,540,177 4,994,047 14, Atlanta 3,462,021 58,754,224 415,500 52,280,434 5,063,842 597; Chicago 10,234,113 172,230,490 903,100 128,048,949 10,778,127 625; St. Louis 2,835,110 89,121,234 75,000 36,357,156 3,444,639 676, 954,532 191,487 $50,000 Minneapolis 605,747 24,641,133 1,682,100 16,159,206 6,683,251 1,563! Kansas City 1,917,326 43,527,833 14,701,689 1,444,624 6,126; 162/766 Dallas 836,813 26,817,215 3,911,210 15,879,340 6,158,763 5,188, San Francisco 5,169,449 150,860,974 14,735,135 45;031,038 5,929,107 2,708. 382, 986 * "80," §73" Total: July, 1921. 69,798,974 2,114,363,112 22,416,045 1,454,254,080 46,104,562 17,526,512 1,417,068 474,560 50,000 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 Ju^y, 1920. 149,726,351 4,383,779,883 8,297,166 2,152,594,118 7,068,782 June, 1920. 140,604,965 4,404,231,395 8,711,600 1,759,724,891 9,431,522 Total reduced to com- Trade acceptances. mon maturity basis.1 Member banks. Federal Reserve Bank. Total all classes. Accommodated. Number, Foreign. Domestic. Amount. I | P o e f r t c o e ta n l t . in district July 31. Number< Per cent# Boston $80,108 $196,235,134 $154,083,871 4.5 438 229 52.3 New York $45,000 1,133,526 1,797,400,548 917,532,309 24.5 793 326 41.1 Philadelphia... 104,7S3 282,489,271 252,277,453 6.7 700 393 56.1 Cleveland 2,636,638 265;745,531 279,053,685 7.4 879 349 39.7 Richmond 817,932 209.408,678 228,152,688 6.1 621 415 66.8 Atlanta 659,110 121,232,212 234,918,508 6.3 495 346 69.9 Chicago 363,673 323.184,218 712,317,508 19.1 1,432 934 65.2 M St. i n L n o e u a i p s olis... 3 1 7 8 2 5 , , 8 80 8 4 5 13 51 4 , ; 0 5 7 2 8 0, , 2 2 8 9 9 0 1 1 8 4 3 7 , , 9 1 0 6 7 5 , , 1 5 6 5 7 7 3 4 . . 9 9 1, 5 0 8 1 4 6 6 32 2 6 0 6 5 1 5 . . 0 8 Kansas City... 202,387 68.022,874 155,882,074 4.1 1,091 563 51.6 Dallas... 322,967 59,114,721 158,137,830 4.2 873 630 72.1 San Francisco. 1,748,686 226,646,646 311,649,763 8.3 867 471 54.3 Total: July, 1921.. 45,000 8,628,499 3, 735,078,412 3,735,078,413 | 100.0 9,789 5,602 57.2 June, 1921. 100,000 9,836,589 3,674,977,034 9,779 5,740 58.7 July, 1920.. 13,457,509 6,714,923,809 9,458 4,858 51.4 June, 1920. 13,937,582 6,336,641,955 9,395 4,948 52.7 1 Total discounts multiplied by ratio of average maturity of bills discounted by each bank to average maturity (16.18) for system. VOLUME OF BILLS DISCOUNTED DURING JULY, 1921, BY NORMAL RATES OF DISCOUNT CHARGED; ALSO AVERAGE RATES AND MATURITIES. Average Federal Reserve Bank. 5| per cent. 6 per cent. 61 per cent. Total. (36 ra 5- te day m A a v t e u r r a i g ty e . basis). Per cent. Days. Boston $101,950,474 ,194,284,660 $196,235,134 5.82 12.70 New York 501,181,356 1,296,219,192 1,797,400,548 5.84 8.26 Philadelphia... 220,961,034 61,528,237 282,489,271 5.60 14.45 Cleveland 265,745,531 265,745,531 6.00 16.99 Richmond 209.408,678 209,408,678 6.00 17.63 Atlanta 121,232,212 121,232,212 6.00 31.35 Chicago 184,845,626 $138,338,592 323,184,218 6.35 35.66 St. Louis 1,104,532 132,973,758 134,078,290 6.17 22.19 Minneapolis 25,281,741 26,238,548 520,289 6.42 46.22 Kansas City.... 68,022,874 68,'022,874 16.42 37.08 Dallas 59,114,721 59,114,721 6.00 43.28 San Francisco.. 50, 774,967 175.871,679 226,646,646 5.87 22.25 Total: July, 1921.. 875,972,363 2, 694,528,909 164,577,140 3,735, 078, 412 6.02 16.18 June, 1921. 265,585,804 2,689,999,291 715, 794,939 2 3,674,977,034 6.14 19.29 1 Including charges under progressive rates. 2 Includes $3,597,000 of bills discounted at 5f per cent. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SEPTEMBER,, 1921. FEDERAL RESERVE BULLETIN. 1113 VOLUME OF BANKERS AND TRADE ACCEPTANCES PURCHASED DURING JULY, 1921, BY CLASSES. Total reduced to a Bankers' acceptances. Trade acceptances. common maturity basis.1 Total Federal Reserve Bank. bills purchased. Foreign. Domestic. ex D c o h l a l n a g r e. Total. Foreign. Domestic. Total. Amount. P o e f r t o ce ta n l t . Boston $7,211,469 $2,951,217 $870,000 $11,032,686 $11,032,686 $5,093,807 10.9 New York 11, 678,604 2,376,964 360,000 14,415.568 14,415,568 8,188,702 17.5 Philadelphia 787,388 615,539 1 402 927 1,402,927 1,230,814 2.6 Cleveland 336,642 1, 942,820 2,279,462 2,279,462 1,348,207 2.9 Richmond 365,000 1 285 100 1 650 100 1,650,100 2,293,708 4.9 Atlanta . 660,519 225,100 885,619 885,619 1,383,008 2.9 Chicago 3,409,542 4,446,167 7,855, 709 7,855, 709 21,717,347 46.5 St Louis 165,524 550,315 40,000 755,839 755,839 347,014 .7 Minneapolis . ... 938,800 938 800 938,800 1,491,691 3.2 Dallas 60 000 60 000 60,000 96,141 .2 San Francisco. 3,523,212 1, 747, 773 75,000 5,345,985 $46,844 $46,844 5,392,829 3,479,100 7.7 Total: July, 1921 29,136,700 16,140,995 1,345,000 46,622,695 46,844 46,844 46,669,539 46,669,539 100.0 June, 1921 42,998, 716 17,265,288 4,334,512 64,598,516 74, 613 74,613 64,673,129 July/1920 158,499,195 48,772,794 2,023,747 209,295, 736 9,953,648 $214,293 10,167,941 219,463,677 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 1 Total purchases multiplied by ratio of average mi iurity of bills purchased by each bank to average maturity (31.26) for system. VOLUME OF ACCEPTANCES PURCHASED DURING JULY, 1921, BY RATES OF DISCOUNT CHARGED; ALSO AVERAGE RATES AND MATURITIES. Federal Reserve Bank. 5 per cent. 5J per cent.5i per cent. 5| per cent. 5£ per cent.5f per cent.5| per cent. 5| per cent. Boston $1,317,271 $433,194 $2,370,137 $12,583 $4,054,155 $2,756,518 $88,828 New York 109,296 150,136 25,000 55,442 412,558 13,207,520 $130,287 Philadelphia 240,015 364,682 788,230 10,000 Cleveland 175,000 35,000 373,384 388,398 878,059 305,000 Richmond . Atlanta 210,481 Chicago 100,000 1,065,000 3,487,917 2,459 532 138,260 605,000 St Louis 125,843 160,000 369,663 33,333 Minneapolis Kansas City Dallas 49,840 San Francisco . 8,120 61,121 806,860 31,545 4,275,555 Total: July, 1921.. 1,317,271 650,610 4,126,131 4,146,303 9,167,587 3,599,019 18,621,555 1,040,287 June, 1921 2,007,292 10,156,972 36,297,871 8,727,668 Federal Reserve Bank. 6 per cent. 6J per cent.6J per cent. 7 per cent. Total. r A at v e er ( a 3 g 65 e - m A a v t e u r r a i g ty e . day basis). Per cent. Days. Boston $11,032,686 5.47 14.43 New York $316,964 $5,035 $3.330 14,415,568 5.80 17.76 Philadelphia i 1,402,927 5.46 27.42 Cleveland 124,621 1 2,279,462 5.81 18.49 Richmond . .. .. ... 1,650,100 1,650,100 6.08 43.45 Atlanta 675,138 885,619 5.97 48.81 Chicago 7,855,709 5.55 86.41 St. Louis . 67 000 755,839 5.54 14.35 Minneapolis Kansas City $938,800 938,800 7.10 49.67 Dallas . 10 160 60,000 5.61 50.08 San Francisco 199,628 10,000 5,392,829 5.77 20.16 Total- July, 1921 3,043,611 5,035 13,330 938,800 46,669,539 5.70 31.26 June, 1921 ... 6,540,059 721,300 123,415 20,000 164,673,129 5.88 28.83 i Includes $78,552 of acceptances purchased at 6J per cent. NOTE.—All Federal Reserve Banks use 360 days to the year in calculating interest on Dills bought in open market. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1114 FEDERAL RESERVE BULLETIN. SEPTEMBER, 1921. 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 July, 1921. AVERAGE DAILY HOLDINGS OF EACH CLASS OF EARNING ASSETS, EARNINGS THEREON, AND ANNUAL RATES OF EARNINGS, DURING JULY, 1921. Average daily holdings of— Earnings on- Annual rate of earnings on— Federal Reserve All All Bank. All classes Dis- Pur- U.S. classes Dis- Pur- U.S. classes Dis- Pur- U.S. of earning counted chased secu- of counted chased secu- of counted chased secuassets. bills. bills. rities. earning biUs. bills. rities. earning bills. bills. rities. assets. assets. Percent. Per cent. Per cent. Per ant. Boston $106, 835,278 $80,462,457 $6,724, 566 $19i,, 64% 255 $477,063 $409,613 $33,086 $34, 364 5.26 5.99 5.79 2.06 New York 497,904,104 425,564,982 7,686,419 64,652, 703 2,335,904 2,151,342 40,658 140, 904 5.52 5.96 6.23 2.57 Philadelphia 152,437,665 121,760, 597 2,108,713 28, 568,355 645,638 583,129 10, 846 51,663 4. 5.63 6.05 2.12 Cleveland 173,437,629 149,453,712 1,320,190 22,663, 727 808,077 761,645 6,672 39,760 5.49 6.00 5.95 2.07 Richmond 112, 936, 840 102,682,669 1, 825,287 8,428, 884 546,940 523,079 9,431 14,430 5.70 6.00 6.08 2.02 Atlanta 127, 096,199 101,672, 945 1,105,387 24,317, 867 575,336 507,412 5,497 62,427 5.47 6.07 6.05 3.02 Chicago 343,334,419 300,118, 735 2, 831,174 40,384, 510 1, 713,1441,627,801 13,242 72,101 5.87 6.39 5.51 2.10 St. Louis 96, 853, 581 83, 764,231 170,018 12,919,332 461,900 440,255 833 23, 812 5.65 6.19 5.77 2.17 Minneapolis 78,228,000 72,508, 000 5,720,000 412, 853 402,650 10,203 6.21 6.54 2.12 Kansas City 95, 893,455 78,285,344 395,464 17,212,647 442,797 408,941 31,471 5.44 6.15 7.10 2.15 Dallas 66,116,938 59,623,396 114,292 6,379,250 337,358 324,900 11,861 6.01 6.42 6.06 2.19 San Francisco 161,625,3S4 149,265,238 2,114,311 10,245, 835 785,601 756,802 18, 318 5.72 5.97 5.84 2.11 Total: July, 1921.2,012,699,492 1, 725,162,30626,395,821 261,141,365 9,545, 6118, 900, 569 133,728 511,314 5.58 6.07 5.97 2.31 June, 1921 2,175,166,064 1, 817,739, 76554,715,853 302,710,446 10,128, 5149,262,458 268,258 597,798 5.67 6.20 5.97 2.40 July, 1920.3,200,972,7772, 519,043,471 363,620, 679 318,308,627 15, 543,678 13,087,226 1, 870,735585, 717 5.72 6. IS 6.07 2.15 June, 1920 3,209,650,487 2,461,021,583 401,183,809 347^ 445,095 14,493,43711, ., 957, 604630, 947 5.51 5.S9 2.24 HOLDINGS OF DISCOUNTED BILLS, BY CLASSES. [End of July figures. In thousands of dollars.] Custom- c M o e ll m at b e e ra r l b n a o n t k e s s ' . Bankers' acceptances. Trade acceptances ers' paper secured Commer- Agri- Live- Federal Reserve Bank. Total. by Gov- Secured cial paper cultural stock e o r t n i b o m li n g e s a n . - t e b o r y n b m l G ig e o a n v - t - s O e w c t u h is r e e e r d - . n. e. s. paper. paper. Foreign. Do ti m c. es- c D h o e a x l n l - g ar e. Foreign. Do ti m c. estions. Boston 81,410 6,885 22,559 50,806 817 18 325 New York 388,229 18,816 135,362 227,613 737 4,584 95 35 987 Philadelphia 122,284 21,035 67,054 33,409 557 5 224 Cleveland 144,229 8,300 41,720 80 90,136 806 292 25 15 2,855 Richmond 101,532 4,605 21,746 299 60,991 12,228 116 1,547 Atlanta 104,712 6,240 28,996 190 52,249 13,243 2,909 885 Chicago. ... 269,640 15,915 72,520 413 124,811 53,213 2 2,766 St. Louis 82,592 4,181 26,522 30 39,443 9,958 1,302 411 261 484 Minneapolis 72,648 824 6,741 925 27,842 20,221 15, 818 277 Kansas City 74,433 3,167 17,707 22,979 6,981 23,075 103 421 Dallas 56,551 794 6,164 2,296 11,243 19,900 15,286 25 843 San Francisco 143,352 5,51.5 34,406 7,871 59,967 18,795 14,062 456 112 50 2,118 Total: July 30,1921... 1,641,612 96,277 481,497 12,104 801,489 157,456 72,883 5,476 613 85 13,732 June 30,1921... 1,751,350 113,803 523,787 15,226 842,092 157, 875 76,258 7,779 677 80 13,773 July 30, 1920... 2,491,630 281, 766 959,251 3,166 1,015, 599 106,611 95,909 9,830 19,498 June 25,1920... 2,431,794 315,835 962,145 2,923 937,645 83,193 84,845 25,174 20,034 ERRATUM.—Figures as of June 30, appearing in the second and third columns of the table corresponding to the above on page 998 of the August BULLETIN, should be changed as follows: Boston. Y N o e r w k. P p d h h e i l i l - a a . - C la le n v d e . - m R o ic n h d - . la A n t t - a. c C a h g i o - . Lo S u t. is. M ap i o n l n i e s. -K C a i n ty sa . s Dallas. F c S i r s a a c n n o - . Total. Customers' paper secured by Government obligations. 11,763 24,726 24,933 8,651 4,135 6,874 16,891 4,191 811 3,888 1,129 5,811 113,803 Vlember banks' collateral notes secured by Government obligations 28,393 143,458 69,603 46,124 21,310 29,405 87,880 28,595 4,797 21,319 7,377 35,526 523,787 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SEPTEMBER, 1921. FEDERAL RESERVE BULLETIN. 1115 HOLDINGS OF BANKERS' AND TRADE ACCEPTANCES PURCHASED OR DISCOUNTED, BY CLASSES OF ACCEPTANCES. [End of July figures. In thousands of dollars.] ill classes. Bankers' acceptances Trade acceptances. Federal Reserve Bank. Total. m i c n h P a o a r u p s k r e e e - d n t. m co e D u f m o n is r t b - e e d r Total. Foreign. Do ti m c. es- c D h e o a x n ll - g a e r . Total. Foreign. Do ti m c. esbanks. Boston 5,459 5,134 325 5,134 3,028 1,246 860 325 325 New York 7,824 2,123 5,701 6,802 6,281 486 35 1,022 35 987 Philadelphia 360 136 224 136 136 224 224 Cleveland 3,821 926 2,895 966 474 492 2,855 2,855 Richmond 3 505 1 958 1 547 1,958 445 1,513 1,547 1,547 Atlanta. . . 2 152 1 267 885 1,267 924 343 885 885 Chicago ... 5,083 2,315 2,768 2,317 2,259 58 2,766 2,766 St. Louis 1,506 350 1,156 1,022 447 515 60 484 484 Minneapolis 277 277 277 277 Kansas City 1 483 959 524 i 062 939 123 421 421 Dallas 968 100 868 125 100 25 843 843 San Francisco 5,445 2,709 2,736 3,212 2,485 667 60 2,233 115 2,118 Total: July 30, U21 37,883 17,977 19,906 24,001 17,518 5,468 1,015 13,882 150 13,732 June 30,1921 . 62,532 40,223 22,309 48,586 36,249 9,169 3,168 13,946 173 13,773 Purchased in open market: July 30, 1921 17,977 17,912 12,042 4,855 1,015 65 65 June 30,1921. . . 40 223 40,130 28,470 8,492 3,168 93 93 Discounted for member banks: July 30 1921 19,906 6,089 5,476 613 13, 817 85 13,732 June 30,1921 22,309 8,456 7,779 677 13,853 80 13,773 HOLDINGS OF BANKERS' ACCEPTANCES PURCHASED OR DISCOUNTED, BY CLASSES OF ACCEPTING INSTITUTIONS. [End of July figures. In thousands of dollars.] Member banks. Nonmember Branches Federal Reserve Bank. Total. b b a a n n k k s i a n n g d b P a r n i k v e a r te s. ag a en n c d ies National. na N ti o o n n - al. co ti r o p n o s r . a- of b a fo n r k e s ig . n Boston 5,134 1,970 2,147 916 13 New York 6,802 2,018 1,497 2,303 326 Philadelphia.. 136 16 120 Cleveland 966 202 453 250 23 Richmond 1,958 1,778 180 Atlanta 1,267 273 619 375 Chicago 2,317 877 1,311 129 St. Louis 1,022 641 381 Minneapolis... Kansas City... 1,062 123 Dallas 125 50 75 San Francisco. 3,212 1,570 491 768 332 51 Total: July 30,1921 24,001 9,502 8,034 4,936 1,116 413 June 30, 1921 48,586 18,871 13,949 9,009 3,470 3,287 Purchased in open market: July 30, 1921 , 17,912 6,990 6,421 3,087 1,034 380 June 30,1921 40,130 15,280 11,507 6,960 3,391 2,992 Discounted for member banks: July 30,1921 6,089 2,512 1,613 1,849 82 33 June 30,1921 8,456 3,591 2,442 2,049 79 295 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1116 FEDERAL RESERVE BULLETIN". SEPTEMBER, 1921. BANKING CONDITIONS DURING JULY AND AUGUST, 1921. Further reduction in the volume of credit heretofore, are traceable primarily to Governoperations is indicated by the weekly state- ment credit operations, i. e., the issuance and ments of condition of both reporting member the retirement of Treasury certificates, the banks and Federal Reserve Banks covering the gradual disposal of the recently acquired Treasfive-week period ending August 17 and 24,ury notes, and to a much smaller extent to respectively. During the latter part of July changes in their holdings of corporate and other and early in August the four eastern and the private securities. Thus investments of re- San Francisco Federal Reserve Banks reduced porting member banks reached a high total of their discount rates from 6 to 5J per cent, $3,378,000,000 on August 3, following the issuand while these reductions corresponded in ance on the first of the month of $376,000,000 a way with similar reductions in the open of loan and tax certificates, while the low market rates, they do not seem to have figure of $3,303,000,000 is reported on August stimulated borrowings either at the member 17, the day following the redemption of about banks or at the reserve banks. Changes in the $150,000,000 of loan certificates. figures of investments of member banks, as WEEKLY CHAN6ES IN PRINCIPAL ASSET! AND LIABILITIES 31 FEDERAL RESERVE BANKS REPORTING MEMBER BANKS r RESERVE RATIO 6 PURCHASED ACCEPTANCES I ACCOMMODATION AT FEDERAL RESERVE BANKS 2 TOTAL DEPOSITS DISCOUNTS SECURED BY 2 U.S. OBLIGATIONS AND LOANS SECURED THEREBY 3 CASH RESERVES U.S.GOVERNMENT OBLIGATIONS 3 NET DEMAND DEPOSITS 4 F. R. NOTE CIRCULATION 8 TOTAL DISCOUNTS 4 TOTAL LOANS 5 U.S. SECURITIES 9 TOTAL EARNING ASSETS 5 TOTAL LOANS AND INVESTMENTS MILLIONS i MILLIONS BILLIONS BILLIONS OF OF OF OF DOLLARS ! 1 DOLLARS DOLLARS DOLLARS 3500 9~ 3500 3000 r / \ —1 3000 18 18 V \7 fA 17 \ VX 2500 1*V A' \ A./ V V 2500 16 V 16 H Hf -V \ V 2000 I \ 2000 15 \ 15 \ \ \ 1500 A V*** 1500 14 A 14 \ 13 V. 13 1000 1000 ^««A \ \, 500 •*• \ 4 5 •A /4 500 1 1 1 2 A A% A A \ 3 V. \ 1 1 1 2 0 6 0 10 A. 10 MILLIONS RESERVE DOL O L F ARS RATIO 9 9 4 PER 3500 "V CENT 8 8 /**A* / Sj 7 7 3000 ,,. 3 •** \: 100 % 6 2500 to Sr -. r -* ~ - •- """ 80 5 5 2000 1 n -s.\ 4 4 60 1500 >** „»•« #•.*" .*-,#• li -• 40 3 \ -A 2 3 1000 2 2 1 •••'•* 20 1 t 500 0 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. KL DJ.. F. MiA/k J.'j.AiSi'a.NiDt' MO^TH YEAR 1920 1921 YEAR YEAR 1920 1921 YEAR Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SEPTEMBER, 1921. FEDEEAL RESERVE BULLETIN. 1117 Loans and discounts of the reporting member MOVEMENT OF PRINCIPAL ASSETS AND LIABILITIES OF REPORTING MEMBER BANKS—Continued. banks show a practically continuous decline from $11,738,000,000 to $11,541,000,000, all [Inmillions of dollars.] classes of loans snaring in the decline. Thus July July July Aug. Aug. loans secured by Government obligations show 13. 20. 27. 3. 10. a reduction between July 13 and August 17 from $638,000,000 to $620,000,000, loans se- Bills payable and rediscounts with Federal cured by corporate obligations from $2,986,- Reserve Bank, total.. .. 1,154 1,151 1,113 1,079 997 790 000,000 to $2,939,000,000, and other loans and Se e c r u n r m ed e n b t y o I b T l . i g S a . G tio o n v s - . 396 395 375 348 351 325 discounts, i. e., mainly commercial loans and All other 758 756 738 731 646 699 Ratio of accommodation discounts, from $8,114,000,000 to $7,982,000,- at Fed eral Reserve B ank 000. Total loans and investments of the re- to total loans and investments 7.7 7.7 7.5 7.2 6.7 6.6 porting banks, in consequence of the changes noted, declined to $14,844,000,000, a reduction Federal Reserve Bank data which coyer the of $207,000,000 for the five-week period and of period of July 20 to August 24 indicate a $1,906,000,000, or 11.4 per cent, since the steady reduction in the holdings of discounted beginning of the present year. paper from $1,686,100,000 to $1,495,400,000, Borrowings of the reporting member banks the lowest total made public during the last from the Federal Reserve Banks, which constitwo years. Of the total August 24 holdings tute over 70 per cent of the total amounts of discounted paper, $541,800,000, or about 36 discounted by the reserve banks, show a steady per cent, as against nearly 50 per cent a year decline for the period under review from before, was represented by Government paper. $1,154,000,000 to $979,000,000, or from 7.7 to Federal Reserve Bank holdings of paper se- 6.6 per cent of the total loans and investments cured by United States bonds and Victory of the reporting banks, compared with $2,086,notes show a decline for the five weeks of 000,000 of aggregate borrowings from the Fed- $45,400,000 due in part to Treasury purchases eral Reserve Banks and a ratio of accommodaof these securities in connection with sinking tion of 12.4 per cent on August 20 of last year. fund operations. Bills secured by Treasury In the following table are shown the principal certificates, notwithstanding the large August changes in the condition of member banks during 1 issues, continued to decline, the August 24 the 5 weeks ending August 17. Corresponding holdings of $24,000,000 being $24,900,000 changes for the whole calendar year 1920 and below the corresponding total of five weeks the first 7i months of the present year are before. traced in the chart on page 1116. Holdings of acceptances purchased in open MOVEMENT OF PRINCIPAL ASSETS AND LIABIL1 IES OF market fluctuated between $19,400,000 on REPORTING MEMBER BANKS. July 27 and about $45,000,000 two weeks later, [In millions of dollars.] these fluctuations reflecting to a large extent the amounts of bills purchased under " repur- J 1 u 3 ly . J 2 u 0 l . y J 2 u 7 l . y Aug. A 1 u 0 g . . A 1 u 7 g . . chase agreements;? by the New York Reserve Bank. "Pittman" certificates on deposit with Number of reporting banks 816; 814 814 813 813 812 the Treasury to secure Federal Reserve Bank Lonas and discounts:1 note circulation show a decrease of $14,000,000, Secured by U. S. Gov- corresponding to a reduction of $15,100,000 in ernment obligations. 638 635 638 615 620 Secured by stocks and the reserve banks7 aggregate net liabilities on bonds (other than U. S. Government Federal Reserve Bank notes in circulation. obligations) 3,005 2.975; 2,979 2,955 2,939 Changes in the amounts of other Treasury cer- Allother 8,114 8,038 8,049, 8,079 8,023 7,982 tificates held reflect largely differences in the Total loans and discounts l 11,738 11,678 11,66211,673 11,593 11,541 amounts of these securities held under repur- U. S. bonds 862 866 867 863 868 868 chase agreements by the New York and Chi- U. S. Victory notes 170 167 165 165 166 165 U. S. Treasury notes 81 58 63 59 57 cago Reserve Banks. Total earning assets, in U. S. certificates of indeb- 70 edness 155 99 263 240 193 consequence of the changes above noted, show Other bonds, stocks, and 123 a further decline for the period of $194,900,000 securities... 2,015 2,024 2,023 2,020 2,047 and on August 24 stood at $1,769,300,000, or Total loans and discounts, and in- about 45 per cent below the total shown at the vestments l 15,051 14,951 14,890 15,051 14,949 14,844 close of the past year. Reserve balance with Fed- The following exhibit contains summary Ca e s r h a l i n R v es a e u r l v t e Bank 1, 3 2 3 4 7 7 1, 3 2 1 2 9 7 1, 3 : 16 1, 3 2 0 1 5 9 1, 3 2 1 0 0 0 1,2 2 1 99 6 data of the changes in the principal assets and Net demand deposits 10,086 10,029 10,002 9,915 9,895 liabilities of the Federal Reserve Banks for the Time deposits 2,903 2,905 2,905 2,897 2,899 2,900 Government deposits 278 124 95 390 242 five weeks ending August 24, while the chart on page 1116 gives a graphic picture of like i Including bills rediscounts witH Federal Reserve Bank. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1118 FEDERAL, RESERVE BULLETIN. SEPTEMBER, 1921. changes for the past calendar year and the period, had under rediscount with the Boston first 8 months of the present year. bank about $8,000,000 on August 24; Minneapolis increased its accommodation at the New MOVEMENT OF PRINCIPAL ASSETS AND LIABILITIES OF York bank from $12,000,000 to about $18,000,- THE 12 FEDERAL RESERVE BANKS COMBINED. 000, while Dallas shows an increase from [In millions of dollars.] $18,300,000 to $21,700,000 in the amount of July July Aug. Aug. Aug. paper rediscounted with the Boston and 20. 10. 24. Cleveland Reserve banks. Aggregate contingent liabilities of the Federal Reserve banks Rese T rv o e ta s G l : old. 2 2, , 5 6 0 5 8 9 . . 3 4 1 2 2 , , 6 5 8 31 5 . . 2 3 2 2 ,5 ,7 5 0 2 3 . . ! 1, , , 7 5 2 7 0 5 . . 8 9 2 2 , , 7 6 4 0 5 0 . . 5 3 2 2 ! ! J, ,, 7 6 6 1 6 9 .2 .1 s o h n o w bi lls a p ur d c e h c a r s e e a d s e f or fr f o o m re ign $ 5 c 9 o , r 2 r 0 e 0 s , p 0 o 0 n 0 d en t t o s 8 2, Bills discounted: $37, 500, 000. Total 1,686.11,650.5 1,617.61,526.61,512.11,495.4 Secured by U. S. Aggregate deposits of the reserve banks Government ob- fluctuated between a high total of $1,705,100,ligations 609.8 591.2 572.9 562.9 559.7 541.8 Another 1,076.31,059.31,044.7 963.7 952.4 953.6 000 on August 3 and a low of $1,662,500,000 a Bills bought in open market 23.9 19.4 30.0 45.0 41.9 35.2 week later. Federal Reserve note circulation Certificates of indebted- shows a continuous decline from $2,564,500,000 ness i 218.8 215.3 2._2 1.4 225.6 211.3 204.7 Total earning assets. 1,964.2 1,919.41,903.11,831.41,799.31,769.3 to $2,485,900,000, a decrease of 27 per cent Government deposits 35.0 31.71 56.7 35.6 19.0 31.5 from the peak figure of $3,404,931,000 at- Members' reserve deposits. 1,630. .,638.61,619.91,601.61.,621. ,617.0 tained on December 23 of the past year. Total deposits 1,693. .,695.31,705.11,662.51,671. ,673.6 Federal Reserve notes in Gold reserves show a further gain during the circulation 2,564.5 2,537.6 2,536.7 2,520.8 2,503.6 2,485.9 Federal Reserve Bank five weeks of $110,800,000, while other cash notes in circulation— reserves, composed of legals and silver, show net liability 127.9 125.1 122.4 118.3 114.5i 112.8 Reserve percentage 62.5 63.4 63.7 65.0 65.8 66.5 a loss of about $4,000,000. Since the beginning of the year the reserve banks7 gold holdings Rediscounting operations are reported by have increased by $556,300,000, while other the Atlanta, Richmond, Minneapolis, and cash reserves have declined by $43,800,000. Dallas Federal Reserve banks, the amount of Owing largely to this continuous gain in gold Eaper held under rediscount with other reserve the banks' reserve ratio shows an uninteranks by these four banks at the close of the rupted rise during the five weeks from 62.5 to period being $67,600,000, compared with 66.5 per cent. $49,700,000 held under rediscount for the last In the following table are shown comparative three banks five weeks before. Richmond figures of average daily cash reserves, deposits, reports an increase in accommodation at the Federal reserve note circulation, and reserve New York bank from $19,500,000 to about percentages of the Federal Reserve banks for $20,000,000; Atlanta, which showed no redis- the months of July and August of the present counting operations at the beginning of the and the two preceding years: CASH RESERVES, TOTAL DEPOSITS, FEDERAL RESERVE NOTE CIRCULATION, AND RESERVE PERCENTAGES FOR AUGUST AND JULY, 1921. [Daily averages. Amounts in thousands of dollars.] Total cash reserves. Total deposits. Federal Reserve notes Reserve percentin circulation. Federal Keserve Bank. August. July. August. July, August. July. August. July. Boston 269,837 277,849 110,867 112,581 242,919 248,534 76.3 76.9 New York 923,104 919,358 651,457 661,375 640,906 663,119 71.4 69.4 Philadelphia.... 207,039 207,192 101,915 104,354 217,506 222,729 64.8 63.3 Cleveland 261,381 256,133 138,671 137,634 238,449 250,157 69.3 66.0 Richmond....... 70,820 71,881 55,124 54,663 109,979 116,510 42.9 42.0 Atlanta 72,332 80,226 43,980 43.947 132,457 144,284 41,0 42.6 Chicago..... 461,279 391,199 246,837 240,667 433,557 443,211 67.8 57.2 St. Louis 94,569 86,628 62,828 62,594 99,219 102,297 58.4 52.5 Minneapolis 38,591 39,324 43,377 43,955 55,668 57,845 39.0 38.6 Kansas City 77,235 74,704 72,857 75,233 77,076 59.1 51.5 Dallas... 33,55i 34,843 42,761 44,057 40,233 43,791 40.4 39.7 San Francisco... 219,341 213,311 118,616 117,797 226,222 235,197 60.4 Total: 1921 2,740,388 2,655,179 1,691,137 1,696,481 2,512,348 2,604,750 65.2 61.7 1920 2,127,305 2,118,899 1,885,062 1,909,221 3,165,222 3,143,465 143.7 M3.7 1919 2,146,003 2,176,779 1,911*769 1,959,758 2,544,357 2,523,960 i 50.4 i Calculated on the basis of net deposits &nd Federal Reserve notes in circulation. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SEPTEMBER, 1921. FEDERAL RESERVE BULLETIN. 1119 CONDITION OF FEDERAL RESERVE BANKS. RESOURCES AND LIABILITIES OF EACH FEDERAL RESERVE BANK ON WEDNESDAYS, JULY 27 TO AUG. 24, 1921. RESOURCES. [In thousands of dollars.] Total. Boston. Y N o e r w k. d P e h lp i h la i - a. C la le n v d e . - m R o ic n h d - . Atlanta. Chicago.St. Louis. M ap i o n l n is e . - K C a i n t s y a . s Dallas. F c S i r s a a c n n o - . Gold and gold certificates: July 27 389,665 7,996 301,637 2,052 6,340 2,689 4,739 21,171 2,893 8,529 2,185 8,908 20,526 Aug. 3 412,836 8,040 323,674 2,098 6,472 2,720 4,783 21,300 2,915 8,569 2,118 9,226 20,921 Aug. 10 423,005 8,092 334,493 2,249 6,543 2,748 4,758 21,432 2,970 8,589 2,155 8,287 20,689 Aug.17 407,452 8,150 318,093 2,295 6,608 2,725 4,809 21,549 2,981 8,634 2,177 8,646 20,785 Aug. 24 425,699 8,196 335,972 2,015 6,536 2,743 4,844 21,735 2,988 8,667 2,194 8,951 20,858 Gold settlement fund—F.R. Board: July 27 419,741 35,265 66,335 49,104 49,146 22,795 7,038 100, 389 16,969 8,319 35,867 2,568 25,946 Aug. 3 425,766 42,948 20,363 50,554 57,595 26,298 5,269 114, 685 22,133 7,257 44, 918 3,659 30,087 Aug. 10 408,756 40,501 23,858 43,475 58,984 24,781 6,013 106,328 20,343 6,873 39,540 5,217 32,843 Aug.17 418,738 31,295 39,771 48,627 • 58 200 22,471 5,660 107,773 18,338 7,986 44,093 4,602 29,922 Aug. 24 426,454 32,210 61,718 46,119 65,399 18,100 4,069 ,737 18,738 8,638 42,774 3,000 35,952 Gold with F. R. agents: July 27 1,616,287 190,686 488,336 142,322 183, 861 37,708 51,683 246,153 51,160 19,620 32,847 13,366 158,545 Aug. 3 1,615,482 195,374 463,002 144,044 182, 914 35,285 51,226 279,047 50,694 18,663 32,564 11,162 151,507 Aug. 10 1,640,626 191,100 442,746 151,550 182, 289 32,600 50,165 312,734 57,967 19,510 36,801 11,065 152,099 Aug.17 1,660,062 186,874 472,526 147,512 181 565 30,220 49,294 306,521 57,392 19,239 37,669 10,281 160,969 Aug. 24 1,646,109 182,252 472,291 146,352 1.83445 27,251 47,286 307,324 56,822 18,354 36,229 9,359 159,144 Gold redemption fund: July 27 105,538 24,416 20,000 8,171 4,420 6,399 5,427 17,182 3,545 2,128 3,141 2,703 8,008 Aug. 3 98,729 19,211 20,000 5,487 4 736 8,205 5,008 14,123 3,789 2,965 3,103 2,774 9,328 Aug. 10 103,514 23,082 20,000 9,186 4,896 10,213 5,168 10,293 3,327 2,019 3,556 2,711 9,063 Aug.17 114,043 23,98] 20,000 6,395 8 520 12,0.8 4,653 16,348 3,672 2,065 2,348 3,340 7,703 Aug. 24 120,816 21,548 20,000 6,040 6 554 14,507 5,394 25,061 4,022 2,895 3,455 4,059 7,281 Total gold reserves: July 27 2,531,231 258,363 876,308 201,649 243 767 69,591 384,895 74,567 38,596 74 040 27,545 213,023 Aug. 3 2,552,813 265,573 827,039 202,183 251 717 72,508 66,286 429,155 79,531 37,454 82, 703 26,821 211,843 Aug. 10 2,575,901 262,775 821,097 206,460 252 712 70,342 66,104 450,787 84,607 36,991 82,052 27,280 214,694 Aug.17 2.600,295 253,300 850,3S0 204,829 254 893 67,434 64,416 452,191 82,383 37,924 86,287 26,869 219,379 Aug. 24 i', 619,078244,206 889,981 200,526 261 934 62,601 61,593 443,857 82,570 38,554 84,652 25,369 223,235 Legal-tender notes, silver, etc: July 27 154,065 17,307 71,199 4,568 5 775 3,834 7,330 16,365 13,035 780 3,579 6,871 3,422 Aug. 3 151,030 17,033 67,462 5,201 5 446 4,090 7,286 16,426 13,032 664 3,937 6,940 3,463 Aug. 10 144,947 15,747 63,299 2,969 5 533 4,400 7,984 17,201 13,039 786 3,699 6,994 3,296 Aug.17 145,173 16,548 61,969 3,010 5 816 4,136 7,762 17, £23 13,130 928 3, 949 6,598 3,404 Aug. 24 147,078 16,961 61,775 3,348 5 917 4,318 7,886 18,129 13,304 857 4,459 6,531 3,5^3 Total reserves: July 27 2,685,296 275,670 947,507 206,217 249 542 73,425 76,217 401,260 87,602 39,376 77 619 34,<416 216,445 Aug. 3 2,70'.,843 2S2,656 894,501 207,384 257 163 76,598 73,572 445,581 92,563 33,118 86 640 33 761 215,306 Aug. 10 2,720,848 278,522 884,396 209,429 25S 245 74, 742 74,088 467,988 97,646 37,777 85 751 34 274 217,9S0 Aug.17 2,745,468 269,848 912,359 207,839 260 709 71,570 72,178 470,114 95,513 38,852 90 236 33 467 222,783 Aug. 24 2,766,156 261,167 951,756 203,874 267 851 66,919 69,479 461,986 95,874 39,411 89 111 31 950 226,778 Bills discounted: Secured by U. S Government obligations— July 27 591,215 33,409 171,262 85,709 47 291 25,366 34,913 90,469 30,901 6,410 21 962 6 071 37,452 Aug.3 572,867 27,690 166,125 87, 503 46^415 22,750 35,651 83,986 29,366 6,411 21 019 7 271 38,680 Aug. 10 562,918 36,319 174,369 82,031 44 830 23,162 34,459 74,089 26,091 7,387 16 960 6 174 37,047 Aug. 17 559,689 38,095 167,961 85,949 38 406 28,546 35,023 71,198 28,100 4,252 18 056 6; 086 38,017 Aug. 24 541,754 32,486 155,554 78,073 42 921 30,413 35,612 72,084 27,174 4,169 17 470 7 894 37,904 All other- July 27 1,059,281 44,818 232,754 33,389 97 180 73,866 64,930 189,143 50,404 64,289 53 112 51 549 103,,847 Aug.3 1,044,751 45,398 251,180 34,617 96 395 74,351 69,290 157,951 50,054 64,204 50 191 48 117 103,003 Aug. 10 963,741 40,123 213,600 30,101 93 489 73,726 65,721 145,301 44,304 61,783 49 234 49 070 97,289 Aug.17 952,428 42,658 200,175 29,371 95 177 71,800 67,308 146,806 45,714 65,400 48 139 48 166 91,714 Aug. 24 953,597 58,372 205,097 29,508 86 705 72,152 65,036 146,306 43,592 63,708 46^ 660 47 077 89,384 Bills bought in open market: July 27 19,424 4,926 2,018 1,105 1 225 2,014 1,317 3,280 230 959 100 2,250 Aug.3 29,961 5,286 12,733 681 1,343 1,590 964 2,713 340 959 100 3,252 Aug. 10 44,978 6,023 25,507 1,081 1 648 1,716 1,066 3,656 123 1 001 100 3,057 Aug.17 41,910 6,634 20,269 1,887 1 830 2,409 1,140 2,985 357 1 018 70 3,311 Aug. 24 35,209 4,997 13,879 3,245 1 323 2,341 1,054 3,313 139 1 018 70 3,830 U. S. bonds and notes: July 27 34,175 555 1,005 1,547 844 1,233 10,138 4,490 1,185 116 8 868 3 979 215 Aug.3 34,114 555 1,005 1,537 844 1,233 10,130 4,490 1,153 116 8 868 3 979 204 Aug. 10 34,152 644 1,005 1,516 844 1,233 10,100 4,490 1,153 116 8 868 3 979 204 Aug.17 34,028 555 1,005 1,481 844 1,233 10,099 4,490 1,153 117 8 868 3 979 204 A ug. 24 34,099 557 1,005 1,449 844 1,233 10,098 4,490 1,153 219 8 868 3 979 204 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1120 FEDERAL RESERVE BULLETIN, SEPTEMBER, 1921. RESOURCES AND LIABILITIES OF EACH FEDERAL RESERVE BANK ON WEDNESDAYS, JULY 27 TO AUG. 24,1921-€ontinued. RESOURCES—Continued. [In thousands of dollars.] Total. Boston. Y N o e r w k. d P e h lp il h a i - a. C la le n v d e . - m R o ic n h d - . Atlanta. Chicago.St.Louis. M ap i o n l n is e . - K C a i n t s y a . s Dallas. F c S i r s a a c n n o - . U. S. certificates of indebtedness: One-year certificates (Pittman Act)— July 27 214,375 18,936 52,276 26,780 21, 799 7,230 14,564 35,112 U, 568 5,480 8,320 2,400 Aug.3 207,875 18,936 52,276 26, 780 21,799 6,260 10,564 33,612 11,568 5,480 8,320 2,400 Aug. 10 206,375 18,936 52,276 26, 780 20,299 6,260 10, 564 33, 612 11,568 5,480 8,320 2,400 Aug. 17 203,375 17,436 52, 276 25,780 19,799 6,260 10, 564 33,612 11,568 5,480 8,320 2,400 Aug. 24 201,875 17,436 52,276 25,280 19,799 5,260 10,564 33,612 11,568 5,480 8,320 2,400 9,880 All other- July 27 938 605 4 26 1 87 91 109 15 Aug. 3 13,541 701 9,857 181 28 1 1,707 548 223 32 263 Aug. 10 19,215 176 14,807 149 334 1 2,749 572 144 14 269 Aug. 17 7,876 479 5,522 116 1 1 1,133 430 51 143 Aug. 24 2,800 151 150 1 1 2,219 212 64 2 Total earning assets: July 27 1,919,408 103,249 459, 315 148,534 168, 365 109, 739 125,863 322,581 94,379 76,404 93,236 64,099 153,644 Aug. 3 1,903,109 98,566 493,176 151,299 166,824 106,184 126,600 284,459 93,029 76,434 89, 389 61, 867 155,282 Aug. 10 1,831,379 102,221 481,564 141,658 161,444 106,097 121,911 263,897 83,811 74, 910 84, 397 61, 723 147, 746 Aug. 17, 1,799,306 105,857 447,208 144, 584 156,057 110,248 124,135 260, 224 87,322 75,300 84,401 60, 701 143,269 Aug.24 ,769,334 113,999 427,811 137, 705 151,593 111,399 122,365 262,024 83,838 73,640 82, 336 61,420 141, 204 Bank premises: July 27 25,846 3,849 5,381 529 2,326 2,220 738 4,124 627 655 2,890 1,921 Aug. 3 25,892 3,876 5,387 529 2,335 2,220 738 4,125 627 655 2,893 1,921 586 Aug. 10 26,720 3,942 5,464 529 2,344 2,330 753 4,395 627 655 3,155 1,939 587 Aug.17 26, 952 3,990 5,515 529 2,383 2,351 753 4,429 627 658 3,155 1,970 592 Aug.24 27,256 4,020 5,515 529 2,541 2,351 844 4,429 627 658 3,155 1,975 612 Five per cent redemption fund against F. R. Bank notes: July 27 9,666 772 1,770 700 1,239 363 569 1,665 523 419 916 236 494 Aug.3 9,614 772 1,751 700 1,239 363 608 1,665 523 347 916 236 494 Aug. 10 9,516 772 1,713 700 1,239 363 630 1,665 523 265 916 236 494 Aug.17 9,471 772 1,659 700 1,239 363 608 1,665 523 296 916 236 494 Aug.24 9,583 772 1,684 700 1,239 263 609 1,968 523 229 916 494 Uncollected items: July27 494,948 41,282 112, 713 44,998 48,245 38, 731 17, 551 60,838 25, 675 13,488 37, 394 23,403 30,630 Aug.3 493,700 43, 373 111, 827 43,830 46,106 40,189 18,630 64, 342 26,627 12, 880 37,465 18, 594 29, 837 Aug. 10 483,486 40,628 103,894 44,982 42,268 39, 555 17, 927 58,619 26, 694 13,213 40, 524 20, 722 34,460 Aug.17 531,871 43, 729 120,167 49,263 50,042 43,161 19, 390 65, 875 29,021 13, 579 41,633 23,013 32,998 Aug.24 463, 592 37, 341 99, 720 44,283 41, 048 36, 915 16,417 60,999 26,341 12,938 39,119 21,147 27,324 All other resources: July 27 15,046 422 2,798 287 847 348 791 1,936 604 536 535 1,972 3,970 Aug.3 17,176 439 3,456 309 852 248 728 1,925 640 523 489 1,854 5,713 Aug. 10 16,787 426 2,815 347 835 364 761 1,918 694 546 473 1,801 5,807 Aug.17 17, 302 538 2,615 383 913 283 761 1,917 736 561 496 2,309 5,790 Aug.24 17,253 441 2,828 395 944 288 1,958 749 528 449 2,079 5,765 Total resources: July 27 5,150,210 425,244 1,529,484 401,265 470,564 224,826 221,729 792,404 209,410 130, 878 212, 590 126,047 405,769 Aug. 3 5,153, 334 429, 6821, 510,098 404,051 474, 519 225, 802 220, 876 802, 097 214, 009 128, 957 217, 792 118, 233 407,218 Aug.10 5,088,736 426,511 1,479,846 397,645 436, 375 223,451 216,070 798,482 209,995 127, 366 215,216 120.695 407,084 Aug.17 5,130,370 424,734 1,489,523 403,298 471, 343 227,976 217, 825 804,224 213, 742 129,246 220, 837 121.696 405, 926 Aug.24 5,053,174 417,740 1,489,314 387,486 465,216 218,135 210,543 793, 364 207,952 127,404 215,086 118,757 402,177 LIABILITIES. Capital paid in: July 27 102,263 7,911 26,874 8,622 11,045 5,378 4,101 14,263 4,542 3,548 4,340 4,221 7,418 Aug.3 , 102,372 7,911 26,874 8,622 11,044 5,378 4,109 14,291 4,541 3,548 4,341 4,313 7,400 Aug.10 , 102,600 7,920 26, 968 8,622 11,135 5,384 4,112 14, 307 4,541 3,549 4,343 4,315 7,404 Aug.17 102,896 7,935 26,983 8,656 11,139 5,391 4,122 14, 312 4,541 3,549 4,536 4,318 7,414 Aug.24 103,030 7,935 27,067 8,676 11,151 5,389 4,123 14,316 4,555 3,550 4,537 4,318 7,413 Surplus: July 27 213,824 16, 342 59,318 17,564 22,263 11,026 8,708 30,536 9,114 7,303 9,330 7,113 15,207 Aug.3 , 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 Aug.10 213,824 16, 342 59,318 17,564 22,263 11,026 8,708 30, 536 9,114 7,303 9,330 7,113 15,207 Aug.17 213,824 16, 342 59, 318 17, 564 22,263 11,026 8,708 30,536 9,114 7,303 9, 330 7,113 15,207 Aug.24 213,824 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: July 27 45,503 2,377 18,181 2,932 1,976 1,879 2,858 8,736 1,085 1,486 1,736 2,257 Aug.3 45,826 2,392 18,233 3,007 2,012 1,914 2,892 8,765 1,062 1,537 1,734 2,278 Aug.10 46,608 2,362 18,484 3,060 1,967 1,987 1,125 1,567 1,781 2,390 Aug.17 47,006 2,395 18,677 3,068 2,022 2,043 3,04.7 1*143 1,633 1,635 2,401 Aug.24 47,824 2,423 18,880 3,087 2,111 2,129 3,147 l'l73 1,697 1,689 2,490 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SBPTBMBBE, 1921. FEDERAL RESERVE BULLETIN. 1121 RESOURCES AND LIABILITIES OF EACH FEDERAL RESERVE BANK ON WEDNESDAYS, JULY 27 TO AUG. 24,1921—Continued. LIABILITIES-Continued. [In thousands of dollars.] Total. Boston. Y N o e r w k. d P e h lp i h la ia - . C la le n v d e . - m R o ic n h d - . Atlanta. Chicago. it.Louis 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 - . Deposits: Government— July 27 31,709 2,188 8,065 3,856 1,164 2,052 1,731 1,717 1,642 2,091 1,520 2,815 Aug. 3 56,747 1,735 11,969 4,313 2,812 767 2,662 10,906 3,922 2,319 6,882 1,807 6,653 Aug. 10 35,595 3,531 5,478 944 3,286 611 2,205 8 264 2,192 2,090 1,846 1,296 3,852 Aug. 17 19,014 583 283 847 514 895 1,254 5,728 2,122 1,357 2,087 1,442 1,902 Aug. 24 31,479 1,881 7,944 1,088 1,377 3,649 2,319 3,783 1,914 1,188 1,604 1,981 2,751 Member bankreserve account- July 27 L, 638,637108,748 649,184 97,819 133,071 52,216 41,996 234,906 60,672 42,225 67,090 40,935 109,775 Aug. 3 L, 619,920107,970 620,916 102,995 141,336 54,578 42,699 234,377 61,104 39,772 67,909 107,397 Aug. 10 L, 601,583108, 898 610,661 99,199 134,705 52,606 41,002 236,160 59,702 39,160 67,165 111,434 Aug. 17 L, 621,570109,354 610,152 103,337 138,495 51,603 42,929 237,957 61,164 40,445 72,529 40,727 112, 878 Aug. 24 L, 616,964107,503 621,420 95,965 138,255 50,795 41,271 237,605 40,664 40,318 113, 941 All other- July 27 24,928 11,291 1,016 718 426 379 2,552 750 499 587 470 5,412 Aug. 3 28,399 1,027 12,394 1,324 795 764 384 3,240 777 500 559 610 6,025 Aug. 10 25,294 865 11,742 1,100 861 467 379 2,584 707 519 625 428 5,017 Aug. 17 30,665 887 15,133 1,320 1,073 476 393 3,507 820 577 1,170 539 4,770 Aug. 24 25,188 856 11,949 972 807 430 415 2,706 764 554 667 464 4,604 Total deposits: July 27 1,695,274 111, 764 668,540 102,691 134,953 54,694 44,106 240, 326 63,139 44,366 69,768 42,925 118,002 Aug.3 1, 705,066 110,732 645,279 108,632 144,943 56,109 45,745 248,523 65, 803 42,591 75,350 41,284 120, 075 Aug. 10 1,662,472 113, 294 627,881 101,243 138,852 53,684 43,586 247, 008 62,601 41,769 69,636 42,615 120,303 Aug. 17 1,671,249 110,824 625,568 105,504 140,082 52,974 44,576 247,192 64,106 42,379 75,786 42, 708 119,550 Aug. 24 1,673,631 110,240 641,313 98,025 140,439 54,874 44,005 244, 094 62,281 42,406 71, 895 42,763 121,296 F. R. notes in actual circulation: July27 2,537,617 242,464 643, 875 219,341 243, 527 113,254 138,670 433,613 99,274 56,382 75,431 42,323 229,463 Aug.3 ~ 536,673 246,082 647,346 217,307 239,795 112,044 135,723 435,339 99, 980 56,062 75,600 41, 769 229,626 Aug. 10 520, 784 244, 520 638,045 219, 778 240,430 111, 705 133,805 433,830 98, 748 55, 577 75,698 40,827 227, 821 Aug.17 21503,642 241,611 637,645 216,543 236,790 109,675 131,745 433, 247 99,298 55,617 75,581 39,946 225,944 Aug.24 " 485,914 241,022 634,018 214,334 236,969 107,915 129, 250 430,920 97,771 55,470 74,637 39,059 224,549 F.R. Bank notes in circulation—net liability: July27 125,143 8,153 29,752 8,598 14,600 5,315 8,694 14,247 6,095 4,998 14,459 4,084 6,148 Aug.3 122,379 7,722 29,822 8,201 14,445 5,276 8,725 12,901 6,070 4,842 14,542 3,934 5,899 Aug.10 118, 301 6,580 29,361 7,872 12,881 5,223 8,542 13,166 6,032 4,659 14,384 3,892 5,709 Aug.17 114,502 6,046 28,492 7,320 12,379 5,201 8,221 13,173 5,994 4,475 14, 075 3,707 5,419 Aug.24 112,811 6/191 28,571 7,019 12,417 4,280 8,213 13,142 5,915 4,255 13,921 3,631 5,256 Deferred availability items: July 27 413,037 35,281 79,375 40,750 41,275 32,268 13, 812 47,652 25,207 11, 562 36,308 24,098 25,449 Aug.3 409,227 37,483 79,492 39,963 39,001 32,982 14,128 48,801 26,423 11, 832 35,682 18,535 24,905 Aug.10 405,696 34,442 75,683 37,688 33,349 13,489 47,784 26,849 11,720 38,952 20,621 26,424 Aug.17 " 458,120 38,471 43,762 45,385 40,542 16,502 53,780 28, 531 13,044 38, 653 22,609 28,178 Aug.24 397,011 76,085 37,834 38,583 31,402 12,196 48,249 26,121 11,515 37,940 20,520 24,178 All other liabilities: July 27 17,549 952 3,569 767 925 1,012 780 3,031 954 1,233 1,218 1,283 1,825 Aug.3 ] 17,967 1,018 3,734 755 1,016 1,073 846 2,941 1,016 1,242 1,213 1,285 1,828 Aug 10 18,451 1,051 4*106 811 1,159 1,093 839 2,955 985 1,222 1,092 1,312 1,826 Aug.17 19,131 1,110 4,177 881 1,283 1,124 904 3,042 1,015 1,246 1,241 1,295 1,813 Aug.24 [ 19,129 1,199 4,062 947 1,283 1,120 901 3,109 1,022 1,208 1,137 1,353 1,788 Total liabilities: July 27 5,150,210 425,244 1,529,484 401,265 470,564 224, 826 221,729 792,404 209,410 130,878 212,590 126,047 405,769 Aug.3 5,153,334 429,682 1,510,098 404,051 474,519 225, 802 220,876 214,009 128,957 217,792 118,233 407,218 Aug.10 5,088,736 426,511 1,479,846 397,645 466,375 223,451 216,070 798,482 209,995 127,366 215,216 120.695 407,084 Aug.17 5,130,370 424,734 1,489,523 403,298 471,343 227,976 217,825 804,224 213,742 129,246 220,837 121.696 405,926 Aug.24 5,053,174 417,740 1,489,314 387,486 465,216 218,135 210,543 793,364 207,952 127,404 215,086 118,757 402,177 MEMORANDA. Ratio of total reserves to deposit and F.R. note liabilities combined, i per cent: L- ^ly 27 63.4 77.8 72.2 64.0 65.9 43.7 41.7 59.5 53.9 39.1 53.5 40.4 62.3 Aug.3 63.7 79.2 69.2 63.6 66.8 45.6 40.5 65.2 55.8 38.6 57.4 40.6 61.6 mm Agio 6 6 5 5 . . 0 8 7 76 7 . . 6 8 72.2 6 64 5 . . 5 2 6 68 9 . . 1 2 4 4 5 4 . . 2 0 4 40 1 . . 9 8 6 6 9 8 . . 1 7 6 5 0 8 . . 5 5 39.6 5 59 9 . . 6 0 4 4 0 1 . . 5 1 6 64 2 . . 5 6 &a Aug.17 66.5 74.4 74.6 65.3 71.0 41.1 40.1 68.4 59.9 40.3 39.0 65.6 Aug.24 Contingent liability on bills purchased for foreign correspondents: 56,557 4,109 20,926 4,503 4,616 2,758 2,026 2,646 1,520 2,702 1,464 2,589 July 27 53,987 4,109 18,356 4,503 4,616 2,758 2,026 2,646 1,520 2,702 1,464 2,589 Aug.3 51,020 4,109 15,389 4,503 4,616 2,758 2,026 6,698 2,646 1,520 2,702 1,464 2,589 A A A u u u g g g . . . 1 2 1 0 4 7 3 4 7 3 , , 5 73 4 1 6 3 2 , , 2 8 7 5 9 1 1 1 5 2 , , 2 8 9 2 8 7 3 3, , 1 5 2 9 4 4 3 3 , , 6 2 8 0 3 2 2 1 , , 2 9 0 1 1 4 1 1 , , 6 4 1 0 7 6 5 4, , 6 3 4 4 7 5 2 1 , , 1 8 1 3 1 5 1 1 , , 2 0 1 5 3 4 2 1 , , 1 8 5 7 6 5 1 1, , 1 0 6 1 8 5 2 1, , 7 0 9 6 6 6 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1122 FEDERAL RESERVE BULLETIN. SEPTEMBER, 1921. REDISCOUNTS OF BILLS BETWEEN FEDERAL RESERVE BANKS. [In thousands of dollars.] Paper rediscounted with other F. R. banks. Paper discounted for other F. R. banks. Federal Reserve Bank. July 27. Aug. 3. Aug. 10. Aug. 17. Aug. 24. July 27. Aug. 3. Aug. 10. Aug. 17. Aug. 24. Boston . 16,136 12,645 13,991 17,061 25,618 New York 38,284 37,885 34,038 32,597 37,872 Cleveland 7,007 8,326 5,265 4,763 4,079 Richmond... 24,435 24,950 24,002 20,000 19, 950 Atlanta 4,007 1,751 1,521 2,071 7,971 Minneapolis 13,849 12,935 10,036 12,597 17,922 Dallas 19,136 19,220 17,735 19,753 21,726 Total 61,427 58,856 53,294 54,421 67,569 61,427 58,856 53,294 54,421 67,569 MATURITY DISTRIBUTION OF BILLS AND CERTIFICATES OF INDEBTEDNESS HELD BY THE 12 FEDERAL RESERVE BANKS COMBINED. [In thousands of dollars.] Total. Within 15 16 to 30 31 to 60 61 to 90 Over 90 days. days. days. days. days. Bills discounted: July27 1,650,496 943,796 156,985 281,629 198,559 69,527 Aug. 3 1,617,618 947,421 149,629 270,797 198,782 50,989 Aug. 10 1, 526,659 877,117 146,977 268,905 185,668 47,992 Aug. 17 1,512,117 860,478 157,136 273,237 181,320 39,946 Aug. 24 1,495,351 854,606 149,549 291,860 162,983 36,353 Bills bought in open market: July 27 19, 424 9,675 2,951 3,259 3,536 3 Aug. 3 29, 961 19,028 3,053 4,271 3,606 3 Aug. 10. 44,978 30,069 5,548 4,931 4,267 163 Aug. 17 41,910 24,264 8,472 4,813 4,358 3 Aug. 24 35,209 18,351 7,375 5,892 3,588 3 U. S. certificates of indebtedness: July 27 215,313 4,700 10,245 34,317 25,742 140,309 Aug. 3 221, 416 15,265 12,500 36,450 29,456 127,745 Aug. 10 225,590 23,895 15,010 38,929 20,425 127,331 Aug.17 211,251 19,026 12,397 32,663 13,659 133,506 Aug. 24 204,675 9,000 17,333 30,690 14,701 132,951 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SEPTEMBER,, 1921. FEDERAL RESERVE BULLETIN. 1123 FEDERAL RESERVE NOTES. FEDERAL RESERVE AGENTS* ACCOUNTS ON WEDNESDAYS, JULY 27 TO AUG. 24, 1921. [In thousands of dollars.] Total. Boston. Y N o e r w k. d P e h lp i h la i - a. C la le n v d e . - m R o ic n h d - . Atlanta. Chicago.St.Louis. M ap i o n l n is e . - K C a i n ty sa . s Dallas. F S r a a n n- Net amount of F. R. notes received from Comptroller of the Currency: July 27 ,742,072 355,472 1,068,147 265,610 313,678 141,082 224,402 150,224 72,011 89,004 71, 585 328,369 Aug.3 , 720,177 354,161 1,068,024 268,332 309,032 143,059 222,945 655,381 148,758 71,054 87,720 I 70,381 321,330 Aug. 10 ,717,657 355,087 1,079,345 267,837 308,266 141,174 219,384 650,988 147,411 71,801 87,157 69.284 319,923 Aug.17 .,714,561 355,161 1,086,389 263,800 305,782 141,194 217,334 651,016 145,636 72,570 88,026 68,500 319,153 Aug. 24 3,694,122 355,138 1,084, 310 261,639 302,742 141,085 215,126 648,219 143,567 71,685 87,786 67,578 315,247 F. R. notes on hand: July 27 808, SSI- 96,730 259,200 21,420 45,200 20,289 76,795 180,140 29,080 13,435 5,220 25,562 35,760 Aug. 3 SOS, 054 90,430 272,260 20,620 44,100 23,789 76,803 174,180 27, 580 11,880 4,620 25,032 31,760 Aug. 10 817,334 96,310 290,540 20,620 43,760 21,129 79,003 165,540 26,060 12,760 2,640 24,812 34,160 Aug.17 829,344 94,010 303,120 20,620 43,320 22,929 78,183 167,720 24,540 14,090 3,840 25,012 31,960 Aug. 24 839,499 98,610 309,600 20,620 42,900 24,089 78,953 167,940 24,540 13,115 4,840 24,632 29,660 F. R. notes outstanding: July 27 933,241 258,742 808,947 244,190 268,478 120,793 147,607 482,348 121,144 58,576 83,784 46,023 292,609 Aug. 3 917,123 263,731 795,764 247,712 264,932 119,270 146,142 481,201 121,178 59,174 83,100 45,349 289,570 Aug. 10 900,323 258', 777 788,805 247,217 264,506 120,045 140,381 485,448 121,351 59,041 84,517 44,472 285,763 Aug.17 885,217 261,151 783,269 243,180 262,462 118,265 139,151 483,296 121,096 58,480 84,186 43,488 287,193 Aug. 24 854,623 256,528 774,710 241,019 259,842 116,996 136,173 480,279 119,027 58,570 82,946 42,946 285,587 Collateral security for F. R. notes outstanding: Gold and gold certificates— July 27 344,993 5,600 286,924 23,775 3,400 6,110 13,052 6,132 Aug. 3 344,992 5,600 286,924 23,775 3,400 6,110 13,052 6,131 Aug. 10 344,992 5,600 286,924 23,77f 3,400 6,110 13,052 6,131 Aug.17 373,992 5,600 316,924 23,775 3,400 6,110 13,052 5,131 Aug. 24 371,992 5,600 316.924 23,775 3,400 6,110 13,052 3,131 Gold redemption fund- July 27 117,047 15,086 20,412 14,933 15,086 1,708 3,283 15,509 3,019 2,368 3,487 5,000 17,156 Aug.3 119,176 19,774 20,078 19,655 14,139 2,285 3,826 15,402 3,554 1,411 2,204 2,797 14,051 Aug. 10 107,104 15.500 19,822 15,160 13,514 2,600 2,265 15,089 3,226 2,258 2,441 3,700 11,529 Aug.17 125,550 21', 274 19,602 19,123 12,790 3,220 5,894 15,876 3,451 1,987 3,309 2,915 16,109 Aug. 24 109,417 16,652 19,367 12,963 14,670 3,251 3,686 15,680 3,381 1,102 1,869 3,994 12,802 Gold settlement fund — F. R. Board— July 27.. 154,247 170,000 181,000 127.389 145,000 36,000 45,000 230.644 42,031 4,200 29,360 2,234 141,389 Aug.3... 151,314 170,000 156,000 124;389 145,000 33,000 44,000 263,645 41,030 4,200 30,360 2,234 137,456 Aug. 10.. 188,530 170,000 136,000 136,390 145,000 30,000 44,500 297.645 48,631 4,200 34,360 1,234 140,570 Aug. 17. 160,520 160,000 136,000 128,389 145,000 27,000 40,000 290,645 47,831 4,200 34,360 2,235 141,860 Aug. 24.. 164,700 160,000 136,000 133,389 145,000 24,000 40,200 291,644 47,331 4,200 34,360 2,234 146,342 Eligible paper- Amount required- July 27.. ,316,954 68,056 320,611 101,868 84,617 83,085 95,924 236,195 69,984 38,956 50,937 32,657 134,064 Aug.3... ,301,641 68,357 332,762 103,668 82,018 83,985 94,916 202,154 70,484 40,511 50,536 34,187 138,063 Aug. 10.. ,259;697 67,677 346,059 95,667 82,217 87,445 90,216 172,714 63,384 39,531 47,716 33,407 133,664 Aug.17.. ,225,155 74,277 310,743 95,668 80,897 88,045 89,857 176,775 63,704 39,241 46,517 33,207 126,224 Aug. 24.. ,208,514 74,276 302,419 94,667 76,397 89,745 88,887 172,955 62,205 40,216 46,717 33,587 126,443 Excess amount held— July 27. 309,765 15,097 55,337 9,914 61,079 16,090 5,211 46,639 11,448 31,388 25,089 25,063 7,410 Aug.3. 306,152 10,017 69,664 8,275 61,796 14,509 10,972 42,458 9,211 29,721 21,624 21,219 6,686 Aug. 10. 269,079 14,788 40,816 4,106 57,488 9,587 11,026 50,328 6,970 29,162 19,479 21,822 3,507 Aug. 17. 281,188 13,110 49,798 5,144 54,173 12,460 13,601 44,211 10,420 30,030 20,635 21,051 6,555 Aug. 24. 282,033 21,579 45,981 4,849 54,413 13,517 12,805 48.657 8.640 27,244 18,409 21,464 4,475 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1124 FEDERAL RESERVE BULLETIN. SEPTEMBER, 1921. CONDITION OF MEMBER BANKS IN LEADING CITIES. PRINCIPAL RESOURCES AND LIABILITIES OF MEMBER BANKS IN LEADING CITIES ON WEDNESDAYS, FROM JULY 20 TO AUG. 17, 1921. ALL REPORTING MEMBER BANKS IN EACH FEDERAL RESERVE DISTRICT. [Amounts in thousands of dollars.] Total. Boston. Y N o e r w k. d P el h p i h la i - a. C la le n v d e . - m R o ic n h d - . Atlanta. Chicago. Lo S u t. is. M ap i o n l n is e . - K C a i n t s y a . s Dallas. F S r a a n ncisco. Number of reporting banks: July 20 814 112 112 67 July 27 814 112 112 67 Aug.3 813 112 112 67 Aug. 10 813 112 112 67 Aug. 17 812 112 112 Loans and discounts, including bills rediscounted with F. R. Bank: Secured by Government obligations— July 20.... 634,830 36,001 248,152 70,347 61,376 24,707 19,255 87,903 20,004 13,051 20,351 6,693 26,^90 July 27.... 637,550 34,754 250,595 71,845 60,645 25,252 18,021 87,068 21,343 12,569 19,952 6,818 28,688 Aug.3 615,080 34,199 240,543 72,524 53,413 25,070 17,905 84,000 20,901 12,788 19,742 6,771 27,224 Aug. 10 615,211 34,886 242,272 71,059 55,997 24,911 20,443 80,437 19,103 12,991 19,225 6,850 27,037 Aug. 17 619,865 34,991 252,391 69,193 55,799 24,822 17,124 80,924 18,836 13,081 19,44r 6,734 26,527 Securedby stocks and bonds (other than U. S. Government obligations)— July 20 3,004,416 190,6551,262,393 187,404 335,390 117,169 53,812 445,469 128,223 33,029 70,003 37,320 143,549 July 27 2,975,522 187,324 ,240,961 187,355 340,727 109,685 53,439 440,422 128,531 32,818 71,468 37,716 145,076 Aug.3 2,978,926 186,287 ,265,917 179,565 333,445 109,577 53,358 445,405 118,789 32,238 70,408 37,479 146,458 Aug. 10 2,954,916 183,8151,241,708 180,597 333,641 107,635 52,874 449,413 118,512 32,729 70,125 37,155 146,712 Aug. 17... 2,939,168 185,3""3"91:, 213,530 174,170 335,092 109,451 52,075 457,123 125,294 32,335 70,922 37,315 146,522 All other- July 20.... 8,038,344 595,3332,693,521 368,110 672,260 322,628 301,4811,221,891 301,561 230,182 375,612 208,722 747,043 July 27 8,048,742 596, 5~8~9 ^2,' 715,242 365,713 658,375 329,935 304,7671,216,384 299,468 231,056 379,071 208,477 743,665 Aug.3 8,078,576 597,454 2!,, 733,159 368,034 676,764 331,331 3057-"551\ 199,553 307,725 231,854 375,368 205,811 745,768 Aug. 10 8,023,222 601,4152,702,310 355,383 674,420 332,345 304,6211,184,794 304,598 236,038 371,397 203,651 742,252 Aug. 17 7,982,079 596,8302,703,949 363,964 660,164 328,577 302,0191,179,272 297,454 234,530 369,806 204,225 741,289 Total loans and discounts including bills rediscounted with F. R. Bank: J J u u l l y y 2 2 7 0 1 1 1 1 , , 6 6 7 6 7 1 , ,8 5 1 9 4 0 8 8 2 1 1 8 , ,6 9 6 8 7 9 4 4:, , . 2 2 0 0 6 4 , , 7 0 9 6 8 6 6 62 2 4 5 , , 9 8 1 6 3 11 1 , , 0 0 6 5 9 9 , , 0 7 2 4 6 7 4 4 6 6 4 4 , , 8 50 7 4 2 3 37 7 6 4 ' , , 5 22 4 : 81 1 , , 7 7 5 4 5 3 , , 2 8 6 7 3 4 4 4 4 4 9 9 , , 3 7 4 8 2 8 2 27 7 6 6 , , 4 2 4 6 3 2 4 4 6 7 5 0 , , 9 4 6 9 6 1 2 25 5 3 2 , , 0 7 1 3 1 5 9 9 1 1 7 7 , , 5 42 8 9 2 Aug.3 11,672,582 817,9"4'"0 4':!, 239,619 620,1231,063,622 465,978 377,"" :,728,958 447,415 276,880 465,518 250,061 919,450 A Au u g g . . 1 1 7 0 1 1 1 1 , , 5 5 9 4 3 1 , , 3 1 4 1 9 2 8 8 1 2 7 0 , , 1 1 6 1 0 6 4 4 : :, ,, ! 1 1 6 8 9 6 , , 8 2 7 9 0 0 6 6 0 1 7 7 , , 3 00 2 33 7 991 1 1 , , 0 0 5 6 1 4 , , 0 0 5 5 5 8 4 4 6 6 2 4 , , 8 8 5 9 0 1 3 37 7 7 1 , , 9 21 3 8 8 1 1 , , 7 7 1 1 7 4 , , 3 6 1 4 9 4 4 4 4 42 1 , , 2 5 1 8 1 4 2 2 7 8 9 1 , , 9 7 4 5 6 8 4 4 6 6 0 0 , , 7 1 4 7 7 1 2 2 4 4 8 7, , 6 2 5 7 6 4 9 9 1 1 6 4 , , 0 3 0 3 1 8 U. S. bonds: July 20 865,720 34,910 309,351 46,521 103,932 60,133 72,152 25,939 15,661 32,301 32,399 102,591 July27 866,979 35,213 312,470 46,871 104,431 62,320 30,468 70,901 25,636 16,012 31,820 32,410 98,427 Aug.3 863,435 34,752 312,702 46,216 104,651 59,713 30,671 71,400 25,568 15,834 32,043 32,334 97,551 Aug. 10.... 868,072 36,214 313,386 46,212 103,724 60,390 31,114 70,794 25,580 16,004 32,742 34,391 97,521 Aug. 17 868,285 311,128 48,197 104,876 59,703 30,680 71,791 25,587 15,865 32,641 34,533 96,296 U. S. Victory notes: July 20 167,506 5,939 80,286 6,200 14,824 4,909 2,516 29,392 2,270 816 3,045 1,227 16,082 July 27 165,594 5,980 79,542 6,135 14,962 5,472 2,408 27,727 2,289 808 3,103 1,229 15,939 Aug.3 165,104 5,998 79,509 6,147 15,985 4,926 2,314 27,902 1,957 817 3,057 1,211 15,281 Aug. 10 165,513 5,986 78,482 6,208 16,490 4,938 2,302 28,409 1,949 769 2,947 1,232 15,801 Aug. 17 164,699 5,830 78,869 5,675 16,520 4,925 2,200 27,849 1,897 766 3,082 1,188 15,898 U. S. Treasury notes: July 20 69,711 2,123 44,831 10,04: 2,042 767 273 387 282 676 1,576 2,025 July 27 58,361 1,944 34,555 9,565 1,813 870 272 4^505 314 259 670 1,526 2,068 Aug.3 63,171 2,134 34,897 9,550 1,609 1,212 122 7,217 797 259 456 726 4,192 Aug. 10 58,804 2,050 33,356 8,964 1,641 706 6,617 226 254 460 726 3,804 Aug. 17 56,411 1,752 32,720 8,245 1,537 466 97 254 364 726 3,361 U. S. certificates of indebtedness: July 20 122,650 3,392 63,078 5,075 7,850 2,521 804 17,905 549 188 6,800 1,985 12,503 July 27 98,765 2,773 42,170 4,103 7,776 2,453 804 16,857 564 210 6,849 1,915 12,291 Aug.3 262,640 14,544 101.347 33,165 22,251 9,114 3,384 30,330 5,292 6,840 11,684 5,630 19,059 Aug. 10 240,371 8,243 99,897 29,307 19,694 8,356 3,377 26,947 4,568 2,062 10,868 3,816 23,236 Aug. 17 193,037 5,836 82,014 23,350 12,797 4,872 2,574 22,410 2,717 1,147 9,791 3,653 21,876 Other bonds, stocks, and securities: July 20 2,047,617 137,436 725,204 157,946 280,670 53,387 37,167 342,954 66,774 21,590 45,901 10,922 167,666 July 27 2,038,963 138,574 718,336 157,567 280,551 53,598 36,662 342,696 66,570 19,767 45,801 10,989 167,852 Aug.3 2,024,094 136,874 713,783 156,257 277,406 54,263 36,682 339,300 66,193 19,740 44,453 11,060 168,083 Aug. 10 2,022,935 137,292 714,672 155,509 278,163 53,536 37,182 339,184 66,144 19,744 44,745 9,573 167,191 Aug.17 2,020,223 137,138 712,291 154,126 276,684 53,850 37,208 337,273 66,782 19,921 45,849 9,526 169,575 Total loans and discounts and investments, including bills rediscounted with F. R. Bank: July 20 L4,950,7941,005,789 i, 426,816 851,650.,478,344 586,221 445,1382,222,348 545,707 314,799 554,689 300,8441, 218,449 July 27 L4,890,4761,003,151 i, 393,871 849,154.,469,280 589,585 446,8412,206,560 544,715 313,499 558,734 301,0801,214,006 Aug.3 L5,051,0261,012,242 1,481,857 871,458 ,485,524 595,206 450,11991122,,205,107 547,222 320,370 557,211 3010221,223,616 Aug. 10 L4,949,0441,009,901 i, 426,083 863,239 ,483,770 592,817 451,9132,186,595 540,678 320,591 552,509 297,3941,223,554 Aug.17 14,843,7671,004,704 846,920,463,469 443,8802,183,531' 538,664 317,8Q& $M98 9001,221,344 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SEPTEMBER, 1921. FEDEKAL RESERVE BULLETIN". 1125 PRINCIPAL RESOURCES AND LIABILITIES OF MEMBER BANKS IN LEADING CITIES ON WEDNESDAYS, FROM JULY 20 TO AUG. 17, 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. d P el h p i h la i - a. C la le n v d e . - m R o ic n h d - . Atlanta. Chicago. Lo S u t. is. M ap i o n l n is e . - K C a i n ty sa . s Dallas. F S r a a n ncisco. Reserve with F. R. Bank: July 20 1,227,249 71,140 579,354 61,000 90,210 30,925 26,955 177,937 37,832 18,760 38,923 20,373 73,840 July 27 1,237,555 74,778 589,843 59,503 88,608 31,705 26,678 175,516 38,873 19,098 37,587 20,292 75,074 Aug.3 1,218,537 73,910 562,119 63,754 97,597 33,772 26,897 174,263 39,944 16,826 38,572 18,753 72,130 Aug. 10 1,199,941 75,090 552,645 61,348 90,711 31,476 25,338 175,932 37,474 16,033 37,836 20,357 75,701 Aug. 17 1,215,663 74,420 551,422 64,189 93,078 31,036 26,935 176,295 39,729 17,666 43,302 20,322 77,269 Cash in vault: July 20 319.302 21,230 105,256 17,430 30,509 15,184 9,792 56,648 7,313 6,545 12,751 9,574 27,070 July 27 315,554 20,297 106,266 16,810 29,875 15,282 9,650 55,052 6,996 6,949 13,286 10,291 24,800 Aug.3 304,778 20,510 103,306 17,156 27,991 14,245 9,181 53,938 6,998 6,108 12,199 9,728 23,418 Aug. 10 310,480 21,164 105,559 17,137 28,246 14,774 9,550 54,922 6,842 6,455 12,954 10,149 22,728 Aug.17 298,914 21,297 99,875 17,036 26,882 13,925 9,195 54,495 6,429 5.922 11,936 9,242 22,680 Net demand deposits: J J u u l l y y 2 2 7 0 1 1 0 0, , 0 0 0 2 2 9 , , 0 1 6 9 1 8 7 7 3 2 3 6 , , 3 2 0 5 2 0 4 4: - ,, ,5 5 04 2 , 0 7 , 9 7 5 016 62 2 1 2 , , 1 3 2 3 4 2 8 80 0 0 4 , , 2 2 5 6 5 0 3 2 0 96 1 , , 9 8 1 6 6 7 2 2 0 1 6 2 , , 8 2 3 0 5 9 1 1, , 2 2 6 7 7 2 , , 4 4 0 8 5 8 2 2 8 8 6 5, , 3 9 0 1 1 5 1 1 7 7 2 6 , , 7 1 8 7 6 8 3 3 6 6 5 5 , , 2 9 8 9 6 4 1 18 8 4 5 , , 0 0 5 5 3 0 5 5 5 6 8 0 , ,5 4 4 0 9 8 Aug.3 9,915,337 717,648 4,426,299 610,197 798,623 303,725 207,9771,284,055 285,042 173,959 372,286 181,398 554,128 Aug. 10 9,895,403 712,987 4,388,796 611,082 791,276 297,563 209,4841,298,200 285,862 174,489 377,205 183,323 565.136 Aug. 17 9,937,999 713,459 4:, 413,513609,298 790,069 298,142 209,442 1,309,121 284,045 172,788 380,813 184,435 572,874 Time deposits: July 20 2,905,378 175,976 418,554 41,439 425,010 121,485 144,753 653,690 142,487 69,811 107,799 60,583 543,791 July 27 2,905,293 176,423 415,994 41,687 429,271 121,321 343,986 653,296 142,558 70,664 106,916 60,466 542,711 Aug. 3 2,897,136 177,554 415,233 41,476 429,454 120,847 143,517 652,095 142,489 69,023 101,861 60,450 543.137 Aug. 10 2,898,858 178,451 418,304 41,470 429,954 121,432 143,185 651,137 142,372 68,823 101,873 60,207 541,650 Aug. 17 2,899,713 179,436 418,416 40,878 429,485 121,747 112,938 650,058 143,891 68,728 102,471 59,958 541,707 Government deposits: July 20 124,469 8,562 68,560 13,880 10,881 2,672 841 7, 3,417 2,003 2,082 2,001 1,881 July 27 95,460 6,540 52,443 10,596 8,265 1,970 616 6,846 2,607 1,181 1,592 1,367 1,437 Aug. 3 389,763 29,171 180,640 41,674 31,422 10,939 5,405 37.615 10,892 10,352 8,874 7,348 15,431 Aug. 10 381,144 28,197 175,911 40,703 31,526 10,930 5,349 37,260 10,632 9,349 8,727 7,234 15,326 . Aug.17 242,463 18,675 106,749 25,670 19,977 7,309 4,554 22,161 6,814 7,371 5,950 5,785 11,448 Bills payable with F.R. Bank: Secured by U. S. Government obligations- July 20 309,216 6,804 108,973 29,944 24,852 25,029 12,883 43,897 15,322 4,233 10,213 4,290 22,776 July 27 289,459 10,058 102,964 28,266 20,925 23,429 12,335 39,212 14,575 4,031 9,870 5,196 18,598 Aug. 3 274,311 7,226 98,491 32,434 19,632 21,433 12,724 33,755 11,311 3,645 9,278 4,426 19,956 Aug. 10 272,933 9,424 112,543 27,430 19,906 21,279 12,303 27,100 11,372 3,457 5,521 3,851 18,747 Aug.17 279,601 11,320 107,659 34,298 17,449 22,468 12,278 26,848 13,095 3,340 7,117 3,961 19,768 All other- July 20 506 27 25 325 129 July 27 619 27 243 220 129 Aug. 3 1,032 277 264 350 141 Aug. 10 1,183 27 580 25 410 141 tAus. 17 428 27 25 235 141 Bills rediscounted with F. R. Bank: Secured bv U. S. Government obligations- July 20 85,866 5,819 19,029 22,421 7,624 2,778 5,687 13,566 3,294 803 2,493 412 1.940 July 27 85,390 5,472 18,554 23,771 6,658 3,035 4,792 12,744 3,335 496 2,377 497 3,629 Aug. 3 73,872 5,399 17,003 21,457 2,244 3,010 4,441 10,756 2,673 734 2,237 451 3,437 Aug. 10 78,660 6,940 14,792 21,452 7,228 2,877 7,113 9,210 2,358 1,040 2,273 376 3,001 Aug.17 70,015 7,100 14,505 19,595 5,069 2,748 3,862 8,022 2,398 1,121 2,216 360 3,019 All other— July 20 755,316 24,476 232,080 27,711 92,192 44,954 31,076 134,101 36,025 32,456 31,799 18,207 50,239 July 27 737,047 27,314 211,897 27,790 85,376 45,834 35,701 133,456 35,444 32,922 30,840 18,440 52,033 Aug.3 729,858 28,318 231,379 29,340 87,550 46,390 38,015 103,033 37,211 31,397 28,655 15,027 53,543 Aug. 10 644,558 26,745 195,552 25,140 81,495 44,937 33,092 90,943 30,591 27,123 28,118 13,634 47,188 Aug. 17 629,130 27,558 183,643 23,563 80,2091 44,380 31,619 93,902 30,979 30,283 27,44r 14,645 40,907 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1126 FEDERAL RESERVE BULLETIN. SEPTEMBER,, 1921. PRINCIPAL RESOURCES AND LIABILITIES OF MEMBER BANKS IN LEADING CITIES ON WEDNESDAYS, FROM JULY 20 TO AUG. 17, 1921—Continued. MEMBER BANKS IN FEDERAL RESERVE BANK CITIES. [Amounts in thousands of dollars.] Total. Boston. Y N o e r w k. d P el h p i h la ia - . C la le n v d e . - m R o ic n h d - . Atlanta. Chicago. Lo S u t. is. M ap i o n l n is e . - K C a i n ty sa . s Dallas. F S r a a n ncisco. Number of reporting banks: July 20 281 15 July 27 281 15 Aug. 3 280 15 Aug. 10 280 15 Aug. 17 15 Loans and discounts, including bills rediscounted with F. R. Bank: Secured by XT. S. Government obligations— July 20 449,139 29,836 225,750 67,163 16,768 5,988 2,114 61,931 11,666 8,347 6,615 1, 11,281 July 27 456,885 28,561 228,405 68,657 16,723 6,047 2,060 63,811 12,970 8,203 6,810 1,650 12,988 Aug. 3 440,113 27,840 218,647 69,605 15,150 5,992 2,081 60,395 12,469 8,128 6,516; 1,630 11,660 Aug. 10 434,467 28,487 219,940 67,577 15,098 6,012 2,071 57,021 10,759 8,128 6,204 1,664 11,506 Aug. 17 444,004 28,581 229,842 65,64^ 16,331 5,946 2,059 57,917 10,613 8,106 6,160 1,634 11,168 Secured by stocks and bond s (other than U. S. Government obligations)— July 20 2,113,687 144,0151,101,531 168,339 131,226 22,843 9,229 324,485 96,953 15,471 26,130 9,398 64,067 July 27 2,085,271 "14"0;« 6"45' 1,079,550 168,201 137,325 15,907 9,014 320,799 97,057 15,064 26,834 9,396 65,479 Aug. 3 2,093,475 139,8351,109,350 160,357 131,329 15,838 8,745 326,342 87,442 14,321 26,441 9,485 63,990 Aug. 10 2,070,800 138,0031,085,209 161,256 131,464 15,810 8,735 327,319 87,133 14,509 26,340 9,428 65,594 Aug. 17 2,050,278 139,427 1,054,795 155,597 132,546 15,529 333,427 93,877 14,758 26,091 9,534 65,831 All other- July 20 5,200,140 456,038 2!,, 390,395333,564 277,574 60,925 52,433 778,738 183,692 108,546 134,510 54,436 369,289 July 27 5,225,272 457,954 2!,, 417,662331,478 270,106 67,641 52,609 778,590 183,316 109,256 137,228 53,722 365,710 Aug.3 5,244,327 458,923 2!!, 434,980332,783 277,364 67,960 52,786 765,081 192,253 110,033 134,424 52,440 365,300 Aug. 10 5,199,356 462,417 2!\, 403,991331,024 279,466 67,206 52,313 754', 058 189,296 110,423 132,890 51,166 365,106 Aug. 17.. v- 5,180,798 457,765 21,,404,605329,468 276,278i 66,163 52,254 753,599 183,030 108,970 131,780 51,826 365,060 Total loans and discounts, including bills rediscounted with F.R. Bank: July 20 7,762,966 629,889 3,717,676 569,066 425,568 89,756 63,7761, 165,154 292,311 132,364 167,255 65,514 444,637 July 27 7,767,428 627,16013,725,617 568,336 424.154 89,595. 63,6831,163,200 293,343 132,523 170,872 64,768 444,177 Aug.3 7,777,915 626,598|3,762,977 562,745 423,843 89,790 63,612 1,151,818 292,164 132,482 167,381 63,555 440,950 Aug. 10 7,704,623 628,907'3,709,140 559,85^ 426,028 89,028 63,1191,138,398 287,188 133,060 165,434 62,258 442,206 Aug.17 7,675,"-" 625,773 3,689,242 550,712 425.155 87,638 63,1791,144,943 287,520 131,834 164,031 62,994 442,059 XJ. S. bonds: July 20 --- 445,170 9,911 264,47i 34,96: 8,433 7,261 4,330 20,339 11, 582 4,674 10,782 6,374 62,053 July 27 439,931 9,956 266,02C 34,819 8,383 7,262 18,941 11,021 4,625 10,531 6,37- 57,660 Aug.3 440,273 10,010 266,43£ 34,774 8,426| 7,26T 4^409 18,93f 10,988 4,558 10,670 6,374 57,426 Aug. 10 442,758 10,385 266,98? 34,669 8,5311 7,26: 4,339 18,66' 10,893 4,555 10,756 8,405 57,308 Aug.17.... 442,495 10,679 264,64^ 35,806 9,536 7,257 4,406 18,883 10,930 4,568 10,728 8,469 56,592 XJ. S. Victory notes: July 20 100,126 565 72,01. 1,750 182 74 12,533 658 218 1,017 31 7,888 July 27 99,351 556 71,68 3,12' 1,810 182 65 12,076 67' 218 1,077 3 7,851 Aug.3 98,387 568 71,684 3,13 1,770 182 65 12,300 393 218 3 7,128 Aug. 10 98,434 554 70,653 3,196 1,771 182 65 12,721 384 218 31 7,726 Aug.17 98,516 559 70,98' 3,13' 1,771 181 5 12,329 370 218 1,074 31 7,866 XJ. S. Treasury notes: July 20 55,906 457 41,39: 9,783 258 32 1,486 292 32 53, 1,136 502 July 27 45,013 397 31,27: 9,318 233 31 1,341 169 10 532 1,136 575 Aug 3 45.392 648 31,73! 9,312 233 16 1,264 647 10 320 636 574 Aug. 10 42,894 616 30,267 8,728 233 16 1,411 78 10 325 636 574 Aug.17 40,975 329 29,62f 8,009 232 16 1,295 19 10 229 636 574 XJ. S. certificates of indebtedness: Julv20 83,128 1,236 58,949 3,772 163 50 7,658 424 53 3,362 777 5,878 July 27 59,725 720 38,085 2,803 792 160 50 6,607 338 104 3,265 75' 6,044 Aug. 3 178,843 9,327 93,626 31,112 1,612 834 762 16,050 3,847 2,263 6,115 4,077 9,218 Aug. 10 164,977 3,732 92,440 27,319 1,279 787 762 13,695 3,343 277 5,803 2,138 13,402 Aug. 17 135,085 1,979 76,16- 21,804 1,020 211 762 11,415 2,438 171 4,462 2,006 12,650 Other bonds, stocks, and securities: July 20 1,118,278 62,141 551,457 127,816 70,714 7,157 3,463 136,390 42,560 8,842 11,815 3,424 92,499 July 27 1,109,975 62,925 545,064 127,503 70,105 7,169 3,444 133,933 42,606 8,576 11,747 3,421 93,482 Aug. 3 1,098,571 62,370 537,29C 125,992 70,047 7,202 3,439 131,353 42,617 8,464 11,696 3,589 94,512 Aug. 10 1,097,305 63,744 538,201 125,137 70,688 7,069 3,409 130,687 42,504 8,569 11,840 1,608 93,849 Aug. 17 1,099,414 63,104 537,936' 123,787 71,801 7,069 3,438 128,389 43,467 8,504 11,778 98,454 Total loans and discounts and investments, including bills rediscounted with F. R. Bank: July 20 9,565,574 704,1994,705,960 748,593 507,529 104,551 71,693 1,343,560 347,827 146,183 194,766 77,256 613,457 July 27 9,521,423 701,7144,677,738 745,906 505,477| 104,399 71,581 1,336,098 348,154 146,056 198,024 76,487 609,789 Aug.3 9,639,381 709,5214,763,748 767,074 505,9311 105,285 72,287 1,331,723 350,656 147,995 197,091 78,262 609,808 Aug. 10 9,550,991 707,9384,707,690 758,906 508,530i 104,343 71,694 1,315,579 344,390 146,689 195,091 75,07i 615,065 Aug.17 9,491,565 702,4234,668,593 743,249 509,515] 102,372 71,790 1,317,254 344,744 145,305 192,302' 75,823 618,195 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SEPTEMBER, 1921. FEDERAL RESERVE BULLETIN. 1127 PRINCIPAL RESOURCES AND LIABILITIES OF MEMBER BANKS IN LEADING CITIES ON WEDNESDAYS, FROM JULY 20 TO AUG. 17, 1921—Continued. MEMBER BANKS IN FEDERAL RESERVE BANK CITIES—Continued. [Amounts in thousands of dollars.] Total. Boston. Y N o e r w k. d P el h p i h la ia - . C la le n v d e . - m R o ic n h d - . Atlanta. Chicago. Lo S u t. is. M ap i o n l n is e . - K C a i n ty sa . s Dallas. F S r a a n ncisco. Reserve with F. R. Bank: July 20 897, 884 56,544 537,517 55,065 27, 832 4,760 4,922 123,501 27,518 7,738 13,481 5,049 33,957 July 27 908,301 59,732 545,612 53,808 26,871 5,232 4,895 122,629 28,072 9,100 12, 689 4,962 34,699 Aug.3 886,016 58,737 517,848 57,136 31,633 5,463 4,743 123,342 29, 382 6, '^84 14,061 4,767 32, 220 Aug. 10 876,252 60,323 508,748 55, 776 27,106 4,403 4,466 125, 842 28,113 7,127 12,827 5,499 36,022 Aug. 17 881,702 59,630 507, 588 57,318 29,498 4,888 3, r~" 127,225 28,752 6,750 15,302 5,495 35,396 Cash in vault: July 20 179,713 11,96' 92,018 13,767 8,140 1, 035 1, 599 32, 209 3,431 2,232 2,928 1,521 8, 866 July 27 179,362 11,373 93, 299 13,532 7,817 1,073 1, 580 31, 205 3,416 2,259 3,258 1,503 9,047 Aug.3 174,774 11,668 90,615 13,568 6,999 937 1, 461 31,080 3,398 1,971 3,023 1,299 8,755 Aug. 10 178,262 11,939 92, 557 13, 532 6,802 1,071 1,675 32,434 3, 293 2,114 3,052 1,466 8,327 Aug. 17 170,455 11, 810 87, 273 13,602 6,833 947 1,440 30,768 3,201 1, 855 3,039 1,387 8,300 Net demand deposits: July 20 7,030,718 572,3774,047,793 541,535 199,014 40, 363 27,' 875,768 194,370 79,619 138,158 50,133 263,679 July 27 7,017,314 566,0064,033, 505 540,526 199, 772 43,318 34, 507 874,403 196,251 78, 552 136,608 48,917 264,949 Aug.3 6,928, 571 557, 8653,961, 567 529,625 199,984 43,982 34,005 880,626 195,648 79,676 138,935 48,740 257,918 Aug. 10 6.908,394 554,5453,925,140 531,093 199,923 40, 429 35,318 888,381 196,265 80,187 141,167 49,315 266,631 Aug. 17 6; 954,747 553,9283,945,065 529,315 200,725 43,724 35,099 902, 777 195,952 80,060 142,913 51, 353 273, 836 Time deposits: July 20 1,340, 822| 70, 489 255,0521 28, 880 228,719 23,542 21, 803 314,040 82,297 27, 824 15,300 7,304 265,572 July 27 .... 1,339,662 70,787 251, 8241 29,097 231,614 23,591 21,702 312, 588 82,07" 28,407 15,162 7,24' 265, 569 Aug.3 1, 333,173 71, 491 247, 999 28, 830 232, 981 23,472 21, 698j310,491 82,135 27,391 14,174 7,223 265,288 Aug. 10 1, 335,999 72,221 250, 571 28, 837 232, 571 23,439 21,627 310, 82 82, 845 27,364 14,123 7, 245 264,332 Aug. 17 1,339,028 72,928 250,383 28,195 232,912 23,439 21, 570 311,089 83,316 27,345 15,060 7,279 265,512 Government deposits: July 20 101,178 6,122 66, 647 13, 338 1,897 203 14 4,31 2,974 704 1,813 1,844 1,308 July 27 77,687 4,673 50,982 10,182 1,413 165 13 3, 859 2,275 481 1,387 1, 258 999 Aug.3 307,083 22, 768 174, 478 39,048 5,050 l,063| 965 27, 252 8,754 3,307 7, 255 6,453 10, 690 Aug. 10 298, 774 21, 959 169, 883 38,124 4,816 1, 0631 963 27,032 8, 551 2, 304 7,128 6,347 10,604 Aug. 17 188, 234 14,— 102, 872 23, 874 2,942 744 762 16,850 5,365 2,300 4, 804 5,017 7,837 Bills payable with F. R. Bank: Secured by U. S. G o v e rnment obligations- July 20 , 176,954 4,264 89, 773 26,654 1, 543 7,117 580 16,647 9,007 616 4,692 20C 15, 861 July 27 160,687 7,438 81, 898 24, 100 5, 522 605 14,215 8,655 566 4,792 550 11, 468 Aug.3 155,403 4,45f 76,965 28, 856 2,600 4, 242 605 16,416 5,706 530 2,777 200 12, 050 Aug. 10 162, 083 6,749 90, 821 23,'" 3,800 4,1281 605 12,327 7,071 6101 710 11,295 Aug. 17 167,833 8,578 85,768 31,25C 3, 594 4,670; 605 10, 873 7,626 670 2,304 11, 895 All other— 1 July 20 July 27 Aug.3 Aug. 10 Aug.17 Bills rediscounted with F.R. Bank: Secured by U.S. G o v ernment obligations- July 20 59, 714 5,468 17, 557 22,16C 1, 428 87 9,352 1,424 441 996 747 July 27 61, 333 5,135 17,242 23, 51: 693 254 9,260 1,346 396 89' 2, 545 Aug.3 56,493 5,062 15,827 21, 34! 1,471 250 1, 056 372 845 1,746 Aug. 10 53, 896 6,468 13,659 21,19! 1,406 209 7,112 915 465 733 1,710 Aug. 17 49, 715 6,628 13^ —' 19, 351 844 152 5,954 868 453 66; 1,749 All other- July 20 515,912 22,441 205, 340 26,40: 65,711 12,934 4, 650 i 80,134 20,445 21,606 17,12: 4,562 34,566 July 27 499, 762 25, 301 185, 405 26, 85C 63, 575 12, 755 4,2861 80, 044 19,708 23,159 17,230 4, 822 36,627 Aug.3 490,904 26, 528 205, 865 28,04i 61,975 13,272! 5,099 52,414 21,016 20,902 17,096 2,748 35,949 Aug. 10 417,728 24, 819 168,943 23, m 58, 721 12, 767J 4,191 41, 264 13, 897 18,191 16,983 1,849 32, 278 Aug.17 405,307 25, 843 156, 748 22,34 62, 403 10, 985i 3, 059' 44, 073 15,700 19,119 16,27f 2,248 26, 517 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1128 FEDEEAL RESERVE BULLETIN. SEPTEMBER, 1921. BANK DEBITS. I JITS 1"0 INDIVIDUAL ACXOUNTS For the five-week period ending August 24, AT BANKS IN RE:PORTINGf CLEARING HOUSII CENTEfIS volume of business, as measured by debits to individual accounts at banks in leading clear- DEBITS FOR 1920 - DEBITS FOR 921 ing-house centers, was about 6 per cent smaller MILLIONS MILLIONS on the average than for the preceding four OF DOLLARS h weeks and marked the lowest ebb recorded DOLLARS * A K A 1OOOO v d o u l r u in m g e th o e f p b re u s s e in n e t s y s ea re r. f lec T ts h is i n r e t la h t e i v m ely ai n s m t a h l e l 1 9 O O O O O O O Mr n "^ A A, 1 \ >Hv \\ u 1 J ^ / l\ ' 9 8 O O O O O O midsummer dullness of trade and industry. 8OO6 N\ w f 7OOO Fluctuations from week to week were moderate y v 70 QO • - 6OOO e a x n p d an f s o i l o lo n w d e u d r in t g h e e n w d- e o ll f - - e m st o a n b t l h is h a e n d d m co id u m rse o n o th f \6 5 o 0 6 O o O ; , y A \ , i \ A / \ rA 5OOO periods, with corresponding contractions for \i * 4OOO 4OO<3 f V V intermediate weeks. Debits in New York City 3OOO 3000" and in other centers followed a substantially 2OOO parallel course. 2OOO' 1AND 2: BANKS IN NEW YORK C1TY 1000 Debits for the corresponding period in 1920 1OOC 3 AND 4' BANKS IN ALL REPORTIN5 CENTERs 1 — O — moved in general accord with those for the , M — IL L 0 IO N — S MILLIONS period under review, but were on the average DOLLARS \ A ^% * \ A DOLLARS 22 per cent larger. The decrease in the volume 4OOO 4OOO of debits for the year, it should be noted, is 3000 r\ r\ *~\ 3OOO only about one-half as large as the decline in 2OOO 2OOO the price level and does not, therefore, indicate 1OOO BANKS OUTSDEOFNEWY<)RK<:iTY 1OOO a reduction in the physical volume of trade. 1 MONTH JAN. FEB. MAR. APR. MAY JUNE JULY AUG. SEPT. OCT. NOV. DEC. MONTH DEBITS TO INDIVIDUAL ACCOUNTS AT CLEARING-HOUSE BANKS. SUMMARY BY FEDERAL RESERVE DISTRICTS. [In thousands of dollars.] Num- 1921 1920 ber of Week ending- Week endingcenters included. July 27. Aug. 3. Aug. 10. Aug. 17. Aug. 24July 28. Aug. 4. Aug. 11. Aug. 18. Aug. 25, Boston 314,287 357,160 331,560 326,920 289,582 415,086 466,410 390,874 448,830 402,617 New York 3,592,910 4,239,881 3,632,719 3,549,906 3,121,621 4,047,015 4,485,785 4,204,494 4,120,502 3,863,549 Philadelphia. 318,960 358,057 297,958 328,428 299,225 391,443 401,822 391,366 395,117 427,573 Cleveland 359,427 362,352 335,383 359,195 320,550 537,108 526,474 489,720 502,811 490,082 Richmond 139,826 172,262 163,263 168,307 138,715 174,869 197,391 179,453 185,117 165,293 Atlanta 156,621 169,662 158,678 161,685 148,538 223,508 232,576 220,341 223,089 219,439 Chicago 838,298 931,941 811,616 965,805 839,748 1,114,058 1,132,836 1,087,307 1,186,166 1,047,095 St. Louis 153,638 173,791 154,263 167,041 147,079 198,340 203,375 213,189 224,920 202,086 Minneapolis.. 119,536 119,695 119,250 133,607 130,377 152,363 158,499 144,779 168,332 152,108 Kansas City.. 231,063 241,922 237,301 235,935 227,766 297.241 305,161 315,694 315,016 298,257 Dallas , 94,760 107,222 104,748 105,680 102,858 120,078 137,636 132.590 14o, 251 130,676 San Francisco. 398,092 447,321 372,456 458,760 418,066 522,973 536,335 517,263 570,807 534,488 Total... 154 6,717,418 7,681,266 6,719,195 6,961,209 6,184,125 8,194,082 8,784,300 8,287,070 8,485,958 7 933,263 NOTE.—Figures for the following centers, while shown in the body of the statement, are not included in the summary, complete data for these centers not being available for each week under review: Harrisburg, Pa.; Johnstown, Pa.; Reading, Pa.; Cincinnati, Ohio; Greenville, S. C * Washington, D. C; Wilmington, N. C; Springfield, 111.; East St. Louis and National Stock Yards, 111.; Quincy, 111.; Springfield, Mo.; Atchison' Kans.; and Galveston, Tex. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SEPTEMBER, 1921. FEDERAL RESERVE BULLETIN. 1129 DEBITS TO INDIVIDUAL ACCOUNTS AT CLEARING-HOUSE BANKS-Continued. DATA FOR EACH REPORTING CENTER. (In thousands of dollars.] 1921 1920 Week ending- Week ending- July 27. Aug. 3. Aug. 10. Aug. 17. Aug. 24. July 28. Aug. 4. Aug. 11. Aug. 18. Aug. 25. District No. 1—Boston: Bangor 3,184 4,654 3,515 3,440 2,982 3,362 4,076 3,115 4,107 3,201 Boston 1197,239 1220,614 1209,622 1205,652 i 180,990 255,729 286,430 241,886 283,931 254,446 Do 257,183 293,386 272,869 269,953 240,458 Fall River 5,729 5,985 5,487 5,540 4,720 7,018 10,075 8,389 9,091 7,258 Hartford 18,221 23,402 19,188 17,660 15,414 20,960 29,511 22,095 21,106 18,801 Holyoke 2,507 2,583 2,324 2,305 2,249 4,448 5,105 3,959 3,756 4,095 Lowell 4,001 4,106 4,003 4,427 3,929 5,581 5,739 5,991 5,839 5,822 Manchester 4,512 5,090 4,738 4,302 3,959 4,677 5,727 5,760 4,752 4,045 New Bedford 5,138 5,507 5,566 6,672 5,152 8,066 10,130 7,564 9,280 7,228 New Haven 15,094 16,022 15,762 16,698 13,254 19,813 19,579 19,501 19,038 16,675 Portland 6,792 7,571 6,835 7,739 5,992 8,027 9,598 8,968 8,299 7,955 Providence 25,664 29,732 27,327 23,728 24,472 36,732 36,767 25,010 37,332 32,622 Springfield 10,222 13,204 9,928 11,780 11,291 16,039 17,526 14,927 16,010 15,836 Wat erbury 4,366 5,491 4,421 4,575 3,825 6,501 7,014 6,647 7,776 6,220 Worcester...- 11,618 13,199 12,844 12,402 11,353 18,133 19,133 17,062 18,513 18,413 District No. 2—New York: Albany 18,264 20,978 15,527 15,583 16,463 27,464 21,187 20,129 22,069 20,827 Binghamton 3,447 4,169 3,590 3,888 3,279 4,333 4,560 4,381 3,438 3,789 Buffalo 49,708 54,398 48,042 53,923 45,538 63,806 71,883 66,549 68,021 63,772 New York 5,483,112 4,116,486 3,527,996 3,434,428 3,018,227 3,898,013 4,331,074 4,063,612 3,968,469 3,722,078 Passaic 4,514 4,720 4,661 5,240 4,253 5,171 5,292 5,178 5,964 5,142 Rochester 23,050 27,360 22,252 25,554 23,397 30,715 33,415 27,523 32,234 31,794 Syracuse 10,815 11,770 10,651 11,290 10,464 17,513 18,374 17,122 20,307 16,147 District No. 3—Philadelphia: Altoona 2,895 3,554 2,918 2,872 2,691 3,166 2,461 3,029 2,631 2,471 Chester 3,914 4,038 3,564 4,060 3,708 5,166 5,340 4,963 5,950 5,182 Harrisburg 5,919 5,262 5,900 6,700 6,075 Johnstown 4,068 4,696 4,108 4,267 4,021 Lancaster 3,966 4,757 3,974 4,173 3,859 5,296 5,971 5,484 5,522 4,200 Philadelphia 259,427 295,616 237,452 273,046 244,058 328,868 335,488 323,706 330,977 364,101 Reading 6,147 6,810 6,589 7,150 5,850 Scranton 17,145 12,579 16,313 12,598 14,232 15,636 13,343 16,784 12,238 16,074 Trenton 10,254 12,448 11,395 9,975 10,068 12,052 12,890 11,960 11,936 11,942 Wilkes-Barre 8,182 8,794 8,078 7,991 7,115 5,748 10,282 9,200 8,879 8,275 Williamsport 3,388 4,661 3,937 3,737 3,599 4,304 3,960 4,459 4,675 3,807 Wilmington 6,362 7,734 7,209 6,653 6,756 7,088 7,602 7,455 8,060 6,892 York 3,427 3,876 3,118 3,323 3,139 4,119 4,485 4,326 4,249 4,629 District No. 4—Cleveland: Akron 13,683 12,501 12,860 13,353 11,800 25,802 23,160 21,083 27,988 22,192 Cincinnati 55,021 54,582 54,142 57,615 50,191 Cleveland 104,438 103,626 99,651 114,165 88,410 176,734 175,468 163,831- 180,501 160,470 Columbus 26,401 24,964 24,628 25,440 22,139 28,310 29,636 31,927 29,486 27,583 Dayton 12,839 13,275 12,925 12,857 10,954 11,768 11,198 11,964 11,734 10,958 Erie 5,606 5,722 5,455 5,354 5,315 7,670 8,177 8,048 8,517 7,814 Greensburg 3,919 4,272 4,461 3,349 3,487 6,791 6,710 4,569 6,538 7,191 Lexington 3,134 3,375 3,576 3,755 3,118 4,422 4,865 4,400 5,803 4,336 Oil City 2,033 1,644 1,902 1,958 1,727 3,216 3,177 3,527 3,589 3,156 Pittsburgh 136,825 151,714 128,279 136,527 129,857 213,353 206,072 181,489 170,715 192,498 Springfield 3,344 3,162 3,088 3,211 2,888 3,750 3,506 3,262 3,446 3,246 Toledo 30,175 24,093 23,253 23,194 26,418 31,652 29,700 30,810 31,249 29,900 Wheeling 7,214 5,852 6,381 6,575 5,941 9,300 10,428 8,788 9,440 7,517 Youngstown 9,816 8,152 8,924 9,457 8,496 14,340 14,377 16,022 13,805 13,221 District No. 5—Richmond: Baltimore 87,814 111,732 108,060 105,826 84,516 99,489 119,433 104,674 109,118 94,988 Charleston 6,149 4,906 4,337 5,684 4,756 7,638 8,975 7,895 6,113 5,170 Charlotte 4,433 5,021 4,802 5,189 4,560 6,344 7,275 6,882 7,412 6,405 Columbia 3,713 4,271 4,100 3,955 3,783 5,087 5,258 4,915 4,972 4,228 Greenville, S. C 2,390 2,558 2,517 2,724 2,579 Huntington 4,229 4,637 4,527 4,594 4,271 5,310 6,014 5,662 6,199 6,091 Norfolk 11,582 14,152 11,852 12,638 10,558 21,574 22,606 22,557 20,372 19,821 Raleigh 3,870 3,840 3,700 3,600 3,980 4,100 3,441 4,100 4,898 3,379 Richmond 19,036 23,703 21,885 26,821 22,291 25,327 24,389 22,768 26,033 25,211 Washington 30,443 34,408 33,362 32,995 28,993 32,983 33,090 30,751 Wilmington 4,252 3,636 4,261 4,521 4,170 District No. 6—Atlanta: Atlanta 20,230 22,380 19,562 22,635 19,356 25,702 28,898 27,947 30,283 25,965 Augusta 4,408 4,886 4,181 4,612 3,654 7,050 7,829 7,022 7,498 6,987 Birmingham 10,595 12,237 12,510 12,394 10,759 16,028 16,184 16,604 15,258 16,191 Chattanooga 6,460 7,303 7,633 7,694 6,685 10,560 10,722 11,938 12,510 10,221 Jacksonville 7,887 8,884 8,562 8,411 8,258 12,812 14,460 14,549 12,935 12,416 Knoxville 4,570 5,353 4,955 6,100 4,901 5,754 6,743 6,991 7,015 6,325 Macon 3,519 3,542 3,644 4,118 3,406 5,594 6,765 5,711 6,651 5,299 Mobile 4,702 5,269 4,827 4,803 4,720 7,206 8,633 8,410 8,137 7,429 Montgomery 2,390 2,999 2,733 3,675 3,200 4,334 4,537 4,242 4,083 3,836 Nashville 26,821 24,789 24,925 24,251 23,271 32,308 22,668 23,057 24,787 22,656 New Orleans 50,027 55,846 48,467 46,667 45,343 72,434 79,386 70,105 73,414 80,461 Pensacola 1,382 1,363 1,428 1,642 1,297 2,224 2,703 2,572 2,611 2,051 Savannah 8,453 9,088 9,380 8,601 8,329 14,023 14,989 13,535 11,202 12,746 Tampa 4,238 4,676 4,727 4,978 4,440 5,879 6,305 5,958 5,275 5,486 Vicksburg 939 1,047 1,144 1,104 919 1,600 1,754 1,700 1,430 1,370 1 Debits of banks which submitted reports in 1920. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1130 FEDERAL RESERVE BULLETIN. SEPTEMBER, 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- July 27. Aug. 3. Aug. 10. Aug. 17. Aug. 24. July 28. Aug. 4. Aug. 11. Aug. 18. Aug. 25. District No. 7—Chicago: Bay City 2,044 2,353 2,120 2,331 2,147 3,590 3,258 3,397 3,253 Bloomington 2,054 2,335 1,970 2,348 1,918 2,374 2,956 2,672 2,754 2,379 Cedar Rapids 8,253 9,557 9,313 9,285 . 7,683 10,953 10,190 11,232 10,762 10,602 Chicago 546,417 616,802 524,409 635,338 542,320 712,635 725,094 684,020 740,387 639,908 Davenport 6,034 5,915 6,107 5,403 5,711 7,289 8,501 8,898 6,906 6,785 Decatur 3,436 3,079 2,999 3,262 2,862 4,087 4,496 4,52] 4,631 3,949 Des Moines 14,237 14,331 16,093 13,611 13,909 18,043 18,356 19,832 18,400 18,872 Detroit 106,407 124,069 99,122 134,524 113,050 148,982 152,459 145,618 183,873 164,542 Dubuque 2,499 2,846 2,229 2,441 2,516 3,506 3,199 3,736 3,450 3,202 Flint 4,994 5,312 5,462 5,887 6,534 8,427 12,380 10,503 9,654 9,403 Fort Wayne 5,839 6,167 6,258 6,045 5,796 8,865 9,490 7,411 8,390 7,248 Grand Rapids 17,310 17,397 18,794 18,407 18,598 23,495 22,283 22,976 22,914 21,878 Indianapolis 31,544 28,603 28,752 29,880 26,127 41,506 38,572 40,791 41,082 37,191 Jackson 4,250 4,073 3,316 3,309 3,642 5,843 5,352 5,352 4,740 4,616 Kalamazoo 3.471 3,745 3,619 4,515 3,389 5,016 5,558 5,255 6,552 5,273 Lansing 4,567 5,129 4,179 4,923 5,116 5,983 6,253 5,871 7,132 6,479 Milwaukee 46,834 51,001 49,822 53,825 49.118 61,404 62,846 61,756 66.841 60,393 Moline 1,462 1.726 1,364 1,574 1,760 2,329 2.588 2,402 2,505 2,596 Peoria 6,670 7] 230 6,768 7,502 6,686 10,870 11,026 11,065 11,058 9,388 Rockford 4,520 4,182 4,301 4,641 4,066 5,621 4,899 6,269 6,053 5,719 Sioux City 7,820 7,961 8,230 8 447 7,485 14,880 13,770 14,278 14,515 13,400 South Bend 5,288 5,566 3,907 5,658 6,650 5,131 5,402 5,866 5,776 5,712 Springfield. Til 5,779 5,934 5,336 5,482 4,613 Waterloo 2,348 2,562 2,482 2,649 2,665 3,733 3,576 3,725 4,394 4,307 District No. 8—St. Louis: East St. Louis and National Stock Yards 8,248 8,559 8,632 7,586 Evansville 4,885 5,205 4,497 4,719 4,434 4,933 4,793 4,972 5,470 4,274 Little Rock 7,710 8,764 8,666 8,558 6,935 6,326 8,076 7,479 7,454 6,716 Louisville 119,308 i 22,115 119,694 i 22,171 i 19,378 25, 300 29, 940 33,485 28,763 28, 702 Do 25,330 27,962 25, 541 28, 478 24, 737 Memphis 16,158 18,911 17, 485 18, 024 16, 762 24,001 25,739 24, 287 27,265 28,110 Quincy 2,016 2,170 2,133 1,811 1,733 St. Louis 1105, 577 i 118, 796 i 103, 921 i 113, 569 i 99, 570 *i37,780 *i34,*827 *i42,"966 155,968 i34,'284 Do 116, 855 131,412 115,939 126, 455 110,188 Springfield, Mo 2,346 2,855 2,647 2,447 2,363 District No. 9—Minneapolis: Aberdeen 1,024 1,237 1,427 1,429 1,129 1,533 1,651 1,801 1,713 1,752 Billings 1,573 1,623 1,626 1,624 1,552 1,780 1,887 2,005 1,963 1,725 Duluth 13, 780 14,102 14,826 17,083 16,494 20,449 22,596 19,499 20,080 19,622 Fargo 2,387 2,575 2,435 2,717 2,601 3,235 2,875 3,506 3,266 3,307 Grand Forks 1,034 1,141 1,120 1,208 1,028 1,568 1,574 1, 557 1,482 1,600 Great Falls 1,568 1,642 1,591 1,685 1,396 1,638 1,723 2,107 1,963 1,986 Helena 1,845 2,263 2,115 2,465 2,357 2,049 2,446 2,485 2,246 2,174 Minneapolis 58, 582 60,680 62,295 74,242 69,982 74,148 83, 553 74, 295 89, 918 79,164 St.Paul 31,227 27, 532 25,219 25, 057 27,931 36,891 31,942 28,931 36,784 32,557 Sioux Falls 3,728 4,112 3,940 3,583 3,639 5,870 5,216 5,193 5,675 5,421 Superior 1,996 1,823 1,741 1,495 1,320 1,947 1,950 2,227 2,067 1,811 Winona 792 965 915 1,019 948 1,255 1,086 1,173 1,175 District No. 10—Kansas City: Atchison 1,126 1,252 1,273 1,364 1,201 Bartlesville 1,812 2,153 1,496 1,444 1,269 3,748 4,048 3,330 3,411 2,831 Cheyenne 1,382 2,601 2,044 1,667 1,441 1,919 1,984 1,929 1,795 2,282 Colorado Springs 2,645 2,801 2,796 4,019 2,613 3,000 3,227 3,615 3,783 3,389 Denver 30, 216 35,003 32, 271 29, 503 34, 841 42,956 42,288 41, 408 39,464 38,383 Joplin 1,681 1,760 1,341 1,932 1,562 2,713 2,934 3,651 3,611 2,969 Kansas City, Kans 2,896 2,994 3,032 3,132 3,021 3,972 4,182 4,318 4,307 4,282 Kansas City, Mo 74,037 77,827 77, 782 80,149 73, 591 88,157 87, 409 97,904 94,497 88,631 Muskogee 2,823 2,368 2,662 2,683 2,509 4,505 4,850 5,095 4,945 4,795 Oklahoma City 17,763 19, 365 21,126 18,146 16, 485 20, 789 23,863 27,663 30, 591 26, 785 Omaha 45, 073 43,971 42,597 43,488 45,138 55,861 56,857 54,196 57,073 56,914 Pueblo 3,923 4,788 4,810 4,556 4,357 3,641 3,651 4,942 5,071 3,832 St. Joseph 17,372 15,669 17,511 15,324 15,411 14, 353 17,008 20,225 14,384 Topeka 2,773 3,836 3,722 3,355 2,991 3,755 5,275 4,982 4,429 3,993 Tulsa.... 14,954 14,337 13,147 15,333 11,711 30,022 29, 314 26, 821 31,467 24,816 Wichita 11, 713 12,449 10,964 11, 204 10, 826 117, 850 18,271 15,615 16,188 15, 525 District No. 11—Dallas: Albuquerque 1,398 1,747 1,506 1,493 1,396 1,052 1,808 1,570 1,901 1,452 Austin 2,163 2,347 2,473 2,250 2,133 2,493 2,894 2,822 3,026 2,882 Beaumont 2,482 2,594 2,824 2,909 2,609 4,614 4,721 4,820 5,277 4,292 Dallas 25,022 29,957 26,878 28,675 28,457 30,902 36,222 34,654 36,089 33,636 El Paso 5,695 6,800 6,743 7,037 5,981 8,773 8,799 7,266 7,402 7,735 Fort Worth 21,420 21,940 20,490 21,410 21,110 26,181 26,897 26,483 27,015 26,185 Galveston 17,474 19,840 19,330 19,291 21,265 Houston 20,500 23,804 26,112 23,787 24,809 30,943 35,373 35,690 41,741 33,126 San Antonio 5,559 6,250 5,283 7,600 6,773 5,810 7,466 7,501 7,135 8,222 Shreveport 5,299 5,740 6,368 5,089 4,747 3,547 6,581 4,783 9,110 7,077 Texarkana, Tex 975 1,223 1,598 1,124 1,059 1,291 1,567 1,786 1,839 1,222 Tucson 1,462 1,848 1,504 1,242 1,305 1,498 1,629 1,650 1,391 1,400 Waco 2,785 2,972 2,969 3,064 2,479 2,974 3,679 3, 565 3,325 3,447 1 Debits of banks which submitted reports in 1920. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SEPTEMBEK., 1921. FEDERAL RESERVE BULLETIN. 1131 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- July 27. Aug. 3. Aug. 10. Aug. 17. Aug. 24. July 28. Aug. 4. Aug. 11. Aug. 18. Aug. 25. District No. 12—San Francisco: Berkeley 2,391 3,302 3,357 3,302 3,351 2,496 2,601 2,808 3,212 3,089 Boise 2,705 2,715 2,852 2,368 2,386 2,961 3,049 3,257 3,251 3,537 Fresno 7,599 7,600 9,230 8,785 8,161 9,789 9,921 11,864 11,474 10,751 Long Beach 5,137 5,821 5,240 5,865 5,069 4,832 5,383 5,358 5,365 4,805 Los Angeles 93,122 97,219 91,511 105,502 100,651 94,288 95,568 91,059 102,331 96,535 Oakland 16,111 18,063 17,894 17,504 16,640 33,108 30,518 20,052 20,677 19,851 Ogden 1,938 3,278 2,035 3,074 2,759 2,757 3,169 3,334 3,788 3,872 Pasadena 3,965 4,786 4,551 4,680 3,598 4,344 4,960 5,174 5,957 4,938 Portland 28,179 33,415 29,032 36,026 33,319 37,070 41,155 43,966 45,865 40,344 Reno 2,323 2,317 2,495 2,781 2,557 2,658 2,843 2,666 2,830 2,559 Sacramento 11,810 13,580 13,343 13,864 8,117 14,513 15,540 16,046 17,425 15,769 Salt Lake City 11,357 12,105 11,380 12,421 13,160 16,170 17,392 15,196 16,988 15,810 San Diego 6,636 6,896 7,566 7,961 6,710 7,569 7,465 7,804 8,833 6,505 San Francisco 152,789 176,778 117,424 171,841 153,907 215,119 219,539 206,729 235,725 226,598 San Jose 3,910 4,431 3,753 4,792 4,642 5,396 6,017 6,056 6,665 6,040 Seattle , 26,763 31,148 26,957 32,373 29,682 42,823 41,078 44,044 46,883 41,933 Spokane 9,000 10,187 9,800 10,356 9,509 9,094 10,779 11,679 13,350 11,626 Stockton 3,965 4,487 4,662 4,580 4,521 5,559 6,416 5,937 5,932 5,629 Tacqma 6,749 7,427 7,353 8,566 7,342 10,195 10,405 11,607 11,797 11,719 Yakima 1,643 1,766 2,021 2,119 1,985 2,232 2,537 2,627 2,459 2,578 GOLD SETTLEMENT FUND. INTERBANK TRANSACTIONS FROM JULY 22 TO AUG. 25, 1921, INCLUSIVE. [In thousands of dollars.] Changes in ownership Transfers. Daily settlements. of gold through trans- Balance in fers and settlements. bank's fund Federal Reserve Bank. at end of period. Debits. Credits. Debits. Credits. Decrease. Increase. Boston 51,600 30,208 447,172 451, 16,804 29,414 New York 137,000 143,569 1,645,320 1,562, 76,722 60,172 Philadelphia... 9,500 1,000 564,113 580, 8,058 51,272 Cleveland 21,507 9,422 440,754 . 470, 17,183 64,750 Richmond 96,509 99,000 % 487,770 476, 8,972 16,888 Atlanta.... 4,126 16,607 177,161 155, 9,561 4,881 Chicago 5,000 4,000 791,473 864, 72,321 92,557 St. Louis 3,000 373,331 380, 9,806 18,779 Minneapolis 28,560 29,000 127,183 129, 2,826 8,764 Kansas City.... 2,500 339,973 349, 11,609 42,574 Dallas *35,'504 39,000 178,783 170, 4,639 3,274 San Francisco.. 12,000 214,584 197, 5,105 35,750 Total five weeks ending— Aug. 25, 1921 389,306 389,306 5,787,617 5,787,617 121,803 121,803 429,075 July 21, 1921 483,119 483,119 5,924,362 5,924,362 404,729 Aug. 26,1920 647,567 647,567 7,926,134 7,926,134 369,021 July 22, 1920 636,834 636,834 8,364,499 8,364,499 386,419 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1132 FEDEBAL BESEBVE BULLETIN. SEPTEMBEB, 1921. FEDERAL RESERVE CLEARING SYSTEM. OPERATIONS FROM JULY 16 TO AUG. 15, 1921. [All figures shown in thousands.] I Items drawn on banks located in own district. Items for- Items for- Items drawn Total items han- warded to other warded to Total items on Treasurer of dled, exclusive Federal reserve parent bank or handled, in- In Federal re- Outside Federal United States. of duplication. banks and their to branch in cluding dupli- Federal reserve bank serve bank or reserve bank or branches. same district. cations. or branch. branch city. branch city. Num- Num- Num- Num- Num- Num- Number. ber. Amount. ber. Amount. ber. Amount. ber. Amount. ber. Amount. ber. Amount. Boston 695 508,546 3,178 356,790 124 17,058 3,997 882,394 45,891 4,151 928,285 New York 1,365 1,468,4084,330 956,902 960 123,159 6,655 2,548,469 411,340 5,8277,5562,965,636 Buffalo 156 '77,099 386 44,868 9 1,832 551 123,799 151 24,375 17,526 739 165,700 Philadelphia 1,578 669,176 2,092 218,925 162 26,150 3,832 914,251 666 133,849 4,4981,048,100 Cleveland 347 172,210 1,151 128,361 49 5,099 1,547 305,670 30 19,399 25 7,103 1,602 332,172 Cincinnati 183 111,737 734 66,610 50 6,044 1975 1185,627 10 5,417 10 3,757 995 194,801 Pittsburgh 386 209,548 760 82,499 28 5,246 1,174 297,293 61 28,987 27 4,880 1,262 331,160 Richmond 100 104,251 1,716 229,966 50 6,405 ir~ 340,622 145 56,605 37 11,091 2,048 408,318 Baltimore 221 140,772 610 67,260 50 7,633 215,665 51 25,192 76 7,906 1,008 248,763 Atlanta 1131 46,293 297 36,202 29 4,045 439 86,540 20 8,512 24 3,704 483 98,756 Birmingham 232 28,551 123 6,988 9 1,092 364 36,631 14 8,575 24 13,918 402 59,124 Jacksonville 55 15,265 130 10,995 8 1,043 193 27,303 16 4,953 4 1,530 213 33,786 Nashville 46 23,817 187 16,241 15 1,623 248 41,681 22 2,452 8 812 278 44,945 New Orleans 63 37,809 104 10,073 42 9,537 209 57,419 36 10,567 5 375 250 68,361 Chicago 763 538,2603,: 291,888 281 41,127 4,433 871,275 260 26,952 6 2,897 901,124 Detroit 231 139,091 453 41,966 31 3,551 715 184,608 7 5,178 5 943 727 190,729 St. Louis 226 185,340 1,269 77,110 106 11,092 1,601 273,542 38 5,566 10 950 1,649 280,058 Little Rock 41 18,799 238 13,785 8 1,291 287 33,875 9 1,079 22 1,786 318 36,740 Louisville 87 49,692 364 20,587 31 3,297 482 73,576 2 211 492 74,735 Memphis 63 20,622 72 7,285 10 1,068 145 28,975 2 312 148 29,573 Minneapolis 246 109,860 1,306 73,489 34 3,910 1,586 187,259 17,429 4 326 1,679 205,014 Helena 20 8,623 179 11,366 6 646 205 20,635 1,561 2 1,133 213 23.329 Kansas City 310 247,004 1,560 100,880 79 9,315 1,949 357,199 248 45,380 70 15,044 2,267 417,623 Denver 126 39,590 324 17,933 23 5,383 473 62,906 84 15,788 43 10,795 600 89,489 Oklahoma City 61 55,054 902 70,677 9 967 972 126,698 43 8,292 16 7,761 1,031 142,751 Omaha 92 46,959 519 32,725 20 2,356 1632 i 82,453 36 6,392 19 5,559 687 94,404 Dallas 121 44,993 1,229 157,085 29 3,343 1,379 205,421 57 10,042 50 4,314 1,486 219,777 El Paso 39 8,647 117 8,845 16 1,842 172 19,334 9 1,727 4 525 185 21,586 Houston 60 30,794 28,233 32 1,963 378 60,990 16 2,909 6 1,365 400| 65,264 San Francisco 215 95,067 34,910 66 68,233 689 198,210 23 3,513 38 4,771 7501 206,494 Los Angeles., 308 96,447 853 65,269 34 8,894 1,195 170,610 79 10,281 48 10,884 1,322| 191,775 Portland 55 27,466 193 11,576 17 2,964 265 42,006 4 1,130 31 3,803 3001 46,939 Salt Lake City.... 47 21,264 345 24,027 13 2,317 405 47,608 16 10,209 10 6,780 431 64,597 Seattle 103 30,596 196 13,270 46 7,145 345 51,011 15 4,410 33 4,009 393 59,430 Spokane 37 16,516 168 9,549 1,350 213 27,415 10 1,691 13 3,629 236 32,735 Total: July 16 to Aug. 15,19218,791 5,444,166 30,168 3,345,135.2,484 398,020 41,452 9,188,970 3,318 966,877 728 166,226 45,498 10,322,073 June 16 to July 15,19219,026 5,807,102 31,279 3,414,663 3,084 539,347 43,397 i 9,762,588 3,545 1,045,770 748 178,502J47,690 10,986,860 July 16 to Aug. 15,19207,094 7,407,875 27,952 4,510,46f 2,000 383,068 37,052112,303,370 3r~ 1,577,250 758 272,339 41,179 14,152,959 1 Includes items drawn on banks in other Federal reserve districts forwarded direct to drawee banks. NOTE.—Number of business days in period for Denver, Dallas, El Paso, Houston, and Salt Lake City was 25 and for other Federal Reserve Bank and branch cities 26 days. NUMBER OF MEMBER AND NONMEMBER BANKS IN EACH FEDERAL RESERVE DISTRICT AUG. 15, 1921, AND 1920. Nonmember banks. Member banks. Federal Reserve district. On par list. Not on par list.1 1921 1920 1921 1920 1921 1920 437 432 255 257 New York 794 775 OOQ 324 Philadelphia... 700 691 462 432 Cleveland 879 864 1,080 1,077 Richmond 621 608 1,013 764 563 782 Atlanta 500 444 400 433 1,172 1,182 Chicago 1,436 1,396 4,262 4,241 St. Louis 584 567 2,498 2,512 i67 174 1,017 985 2,754 2,901 85 Kansas City - . . .. 1,089 1,071 3,308 3,388 91 Dallas. 866 831 1,203 1,239 San Francisco 868 808 988 1,037 Total 9,791 9,472 18,551 18,605 2,078 2,138 1 Incorporated banks other than mutual savings banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SEPTEMBER, 1921. FEDERAL RESERVE BULLETIN. 1133 GOLD AND SILVER IMPORTS AND EXPORTS. GOLD IMPORTS INTO AND EXPORTS FROM THE UNITED STATES, DISTRIBUTED BY COUNTRIES. Imports. Exports. Country. J D 1 e u 0 1 n u l 9 d y d r 2 i i a 2 1 n n y . 0 g g s , J D 1 e u 1 1 n u l 9 y d d r 2 i i a 3 1 n n y . 1 g g s , o m D 1 f u 9 o J r 2 n u i 1 n t l . h y g , A D 1 e 0 u 1 n u 9 g d d r 2 . i i a 1 n n 1 y . g g 0 s , J A a F 1 u n 9 r g . 2 o . 1 1 m 1 . t 0 o , J A a F 1 u n r 9 g . o 2 . 1 0 m 1 . 0 to , J D 1 e u 0 1 n u l 9 d y d r 2 i i a 1 2 n n y . 0 g g s , J 1 D e u 1 n 1 u l 9 d y d r 2 i i a 3 1 n n y . 1 g g s , m o D 1 f u o 9 J 2 r n u 1 i t n l . h y g , A 1 D e 0 u 1 n u 9 g d d r 2 . i i a 1 n n 1 y . g 0 g s , A Ja F 1 u n 9 r g . 2 o . 1 1 m 1 . t 0 o , J A a F u 1 n 9 r g . 2 o . 1 0 m 1 . 0 to , Austria $9,000 Belgium $140 39,831 $335,906 Denmark 75 000 3,236 497 France $16,283,377$7,410,54627,973,327$17,065,201118,376,971 1,420,584 Germany 115 200,725 208,004 $10,000 Greece 715,745 120,000 Iceland 912 Italy 10,302 10,302 702 113,289 40,107 241,263 Netherlands 348,097 296,559 1,085,640 297,692 17,099,271 1,161,428 1,532,100 3,324 N Po o r r t w u a g y al. . 20,892 25,364 Russia in Europe 85 000 Spain 100,691 192,739 1,939 3,218,735 Sweden 41,433 41,433 3,338,436 46,050,593 $1,519,23012,643,013 $2,643,013 Switzerland i5,*635 313,803 239,774 556,521 4,937 1,100 Turkey in Europe 44,263 18,473 65,508 45,970 365,209 United Kingdom- England 7,744,171 7,998,89221,655,334 8,510,976132,416,805 76,783,923 13,235 Scotland 45 Total Europe 24,572,33415,740,22051,613,951 29,500,690324,044,463 79,895,618 1,519,2302,643,013 2,643,013 266,510 Bermuda 295 295 98,245 British Honduras 20 Canada 62,917 112 194,929 61,915 25,344,452 28,733,863 $33,367 60,439 123,286 $82,864 1,347,115 3,233,825 Costa Rica 21,000 38,611 96,194 23,897 603,623 428,160 H G o u n at d e u m ra a s la 179 52,000 104,1 1 9 7 3 9 27,0 5 0 9 0 9 4 1 0 9 4 4 , ,7 7 8 0 9 1 1 1 7 4 4 , , 8 6 7 3 2 2 19,000 Nicaragua 2,097 6,073 28,125 32,523 429,373 799,316 Panama 87,510 56,848 144,358 122.416 1,599,860 84,325 Salvador 131,000 141,000 16,455 577,206 160,104 20,000 Mexico 217,387 44,734 339,245 185,930 3,321,944 2,675,281 437,495 323,085 844,270 180,295 5,042,14015,948,747 Cuba 23,296 63,494 86,790 102,473 5,680 250,494 275,000 British West Indies.... 9,800 3,854 18,346 357,105 87,249 Virgin Islands of United States 150,000 10,000 Dominican Republic.. 39,000 Dutch West Indies.... 63,103 221,695 127,600 4,527,271 147,930 Total North America 487,289 397,021 1,375,349 598,335 37,711,042 33,311,432 470,862 383,524 967,556 263,159 6,639,74919,545,572 Argentina 10,077 10,077 822,394 76,692 89,995,000 Bolivia 2,204 6,878 Brazil 77,904 200 78,339 93,122 24,585 24,300 280,000 Chile 31 20,077 20,835 952 116,847 329,868 400,000 Colombia 316,712 123,204 1,092,418 337,417 7,864,070 2,602,315 700,000 Ecuador 57,920 57,920 380,800 400,632 .. 156,000 British Guiana 20,383 8,785 83,571 71,940 Dutch Guiana 6,541 1,539 9,939 52 645 2 387 6,300 Peru . 21,104 21,474 108,202 87,814 812^967 581,715 Urusruav 92,962 338,304 431,266 264.989 3,666,252 12,850,000 Venezuela 1,455 30,776 40,169 508 919,295 314,839 184,000 Total South America 584,706 535,574 1,869,548 700,465 14,814,167 4,411,851 24,300104,571,300 China 458,257 279,441 1,004,828 825,068 16,016,171 1,260 16,286,750 British India 1,746,804 298,108 2,093,732 1,034,424 20,273,944 6,088,088 Straits Settlements 6,683,454 Dutch East Indies 250,000 250,000 623,639 2,589,066 60,00012,065,105 French East Indies 6 005 892 2,100,000 Greece in Asia 304,387 267,065 741,064 76,285 817,349 Hongkong 200,000 200,000 254,429 5,580,825 30,191,910 40,900 76,460 124,360 31,650 1,352,94025,998,577 2 208 234 31,913,185 Palestine and Syria 230,042 228,943 484,185 40,585 524,770 Turkevin Asia 1,658 1,448,793 Total Asia 2,739,490 1,523,557 4,775,467 2,230,791 53,499,617 32,782,236 40,900 76,460 124,360 31,650 1,412,940101,135,159 Australia 3,405,550 3,405,550 9 743 887 New Zealand 883,180 883,180 1,963,507 1,101,276 :*" Tahiti 300 Philippine Islands 116,061 21,237 149,761 42,494 770,447 557,219 Abyssinia 21,665 British West Africa.... 13,250 28.038 British South Africa .. 51,823 Egypt 139,561 15 139,576 139,576 Portuguese Africa 35,097 35,097 539,674 280,358 Total all countries 32,044,99119,135,90164,247,479 33,072,775'443,313,118152,339,990 511,7621,979,2143,734,929 294,809210,720,302225,546,579 Excess of imports or exports 31,533,22917,156,68760,512,550 32,777,966432,592,816 73,206,589 1 Includes: Ore and base bullion, $25,845,000; United States mint or assay office bars, $428,000; other refined bullion, $325,316,000; United States coin, $24,293,000; foreign coin, $67,431,000. »Includes: Domestic exports—Ore and base bullion, $52,000; United States mint or assay office bars, $533,000; other refined bullion, $94,000; coin, $6,677,000. Foreign exports—Ore and base bullion, $1,000; refined bullion, $1,529,000; coin, $1,843,000. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1134 FEDERAL RESERVE BULLETIN. SEPTEMBER, 1921. SILVER IMPORTS INTO AND EXPORTS FROM THE UNITED STATES, DISTRIBUTED BY COUNTRIES. Imports. Exports. Country. D 10 u d ri a n y g s D 11 u d ri a n y g s D m u o r n in th g D 10 u d ri a n y g s J F a ro n m .l F Ja ro n m .l D 10 u d ri a n y g s 1 D 1 u d ri a n y g s m Du o r n in th g D 10 u r d i a n y g s J F a r n o . m 1 J F a r n o . m 1 ending ending of ending to to ending ending of ending to to July 20, July 31, July, Aug. 10, Aug. 10, Aug. 10, July 20, July 31, July, Aug. 10,Aug. 10, Aug. 10, 1921. 1921. 1921. 1921. 1921. 1920. 1921. 1921. 1931. 1921. 1921. 1920. Belgium $16 Denmark 370 France $7,221 $7,706 $1,144 98,323 $80,836 $32,920 Germany ""§87,' 853 127,783 894,102 1,270,961 Greece 225,234 Italy 11,351 11,351 11,351 24,026 Netherlands 805 30,820 Norway 14,453 Poland and Danzig 1,000 1,000 Portugal 15,417 7,978 Spain 63 191 254 16,282 Sweden 5,250 54,960 Turkey in Europe 1,054 1,054 10,157 United Kingdom — England .. 413 44 599 198 1,143,090 787,917$143,542 $156,207 $448,352 $60,038$6,535,550 3,966,402 Total Europe 19,048 89,142 148,747 896,444 2,798,256 946,030 143,542 156,207 448,352 60,038 6,535,550 4,054,282 Bermuda I 200 British Honduras 63,367 Canada . . 192,811 69,140 328,93i 51, OU\ 2,624,6662,400,703 72,484 75,189 180,792 33,404 1,512,958 6,033,598 Costa Rica 826 2,195 935 44 369 51,718 Guatemala 500 520 21.734 ijbbol i.ooo 2,500 4,500 Honduras 991 49,223 50,214 9 826,256j 1,684,501 1,000 1,800 371,505 Nicaragua 560 96 6,542 138,717 490,724 3,000 Panama 200 142 300,342 14 385 684 37 326 226,000 542,000 Salvador 2,600 2,600 1,589 18 220 3 637 724 50,000 Mexico 1,437,205 711,194 2,950,059 1,295,88422,058,008 38.289.065 16,916 13,932 252,626 28,863 1,477,656 2,597,916 Cuba 23,855 7,341 53,796 70,731 62,550 3 000 309,625 939,953 British West Indies. 74 74 1,818 6,949 600 600 97,952 18,080 Virgin Islands of U S 25,000 Dominican Republic... 6,800 6*6,666 118 000l £4 800 231,500 Dutch West Indies 1,235 1,200 20 Haiti 9,000 Total North America 1,662,422 840,636 3,754,758 1,349,94726,287,55846,832,381 89,400 90,721 438,018 63,267 3,678,69110,776,052 Argentina 1,393 1 393 14,205 23.3S0 900 11,492 Bolivia 39,500 39,500 259,136 922,503 Brazil 29 251 40,760 293 2,333 Chile 1,523 104,225 109,917 15,291 1,206,797 2,148,956 Colombia 2,357 513 9,466 7,015 102,147 577,112 239,500 Ecuador 3,135 3,135 24,400 47,026 British Guiana 36 3 43 Dutch Guiana 3 3 135 6 390 1,402 Peru 102,768 54,117 341,337 291,780 3,378,799 8,763,316 XJniEfuav 85 85 5 2,853 17 21 2 531 68 10,000 i Total South America 150,764 158,901 505,144 314,094 5,031,806 12,489,044 240,400 25,227 China 221 31 394 220 7,152 1,289,974 1,590,028 1,971,317 420,386 5,246,36949,915,419 British India 40 40 10,037 10,727 108,000 62,310 170,310 1,848,053 223,211 Dutch East Indies 100,000 100,000 342,288 2,290,213 French East Indies 528,000 528,000 528,000 4,058,373 Hongkong 204 396 1,650 896,689 1,376,849 249,984 6,761,66118,698,886 Japan 60,595 179,996 110,380 2,219,768 713,763 Russia in Asia 970 Turkey in Asia 960 38 511 Total Asia 261 100,031 100,434 10,461 361,523| 3,620,348 636,000 2,609,622 4,226,472 780,75016,603,85173,610,622 Australia 3,128 New Zfialand 671 671 1,029 11,407 Philippine Islands 1,459 151 1,657 998 12,957 12,883 Abyssinia 31 British South Africa 3,760 6,097 British West Africa 5,480 PortnsnifiSfi Afrioa 1,868 1,868 35,538 93,321 Total, all countries 1,833,954 1,191,400 4,513,279 2,571,944134,535,58664,011,511 868,942 2,856,550 5,112,842 904,055227,058,49288,471,663 Excess of imports or exports 965,012 1,667,889 7,477,094 1,665,150 599,563 24,460,152 i Includes: Ore and base bullion, $25,836,000; refined bullion, $3,961,000; United States coin, $1,899,000; foreign coin, $2,839,000. «Includes: Domestic exports—Ore and base bullion, $8,000; United States mint or assay office bars, $152,000; other refined bullion, $13,667,000: coin, $831,000. Foreign exports—Ore and base bullion, $2,000; refined bullion, $9,276,000; coin, $3,122,000. 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 During the month under review rates for all classes of paper, on the whole, prevailing during the 30-day period ending August 15, 1921, in the various tended to decline from the levels prevailing in the period ending July 15, cities in which the several Federal Reserve Banks and their branches are 1921. These declines have been most general in the case of prime commercial located. A complete description of the several types of paper for which paper purchased in the open market. Present rates for most classes of paper, quotations are given will be found in the September, 1918, and October, 1918, particularly prime commercial paper purchased in the open market and FEDERAL RESERVE BULLETINS. Quotations for new types of paper will be bankers' acceptances, are lower in most reporting centers than rates during added from time to time as deemed of interest. the corresponding period of 1920. DISCOUNT AND INTEREST RATES PREVAILING IN VARIOUS CENTERS DURING 30-DAY PERIOD ENDING AUG. 15, 1921. Prime commercial paper. Ordinary Bankers' acceptances, Collateral loans—stock exchange loans to 60 to 90 days. or other current. customers District. City. Customers. Open market. Int lo er a b n a s. nk C lo a a t n tl s e . S w r e a e c r c u e e r h i e p o d t u s b s . y e b s o e L c n i u b d r s e e r a d t n y b d y certificates 3 d 0 a t y o s 6 . 0 m 4 o n to t h 6 s. 3 d 0 a t y o s 9 . 0 m 4 o n to t h 6 s. Indorsed. d U or n s 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- L. a L. a H.L. C. H.L. C. H.L. c. H.L. C. H. L. C. H. L. C. H. L. C. L. C. H. L. C. H. L. a H. L. C. N N N N o o o o . . . . 3 2 4 1 . . . . . . . . . . B N B C P P h i u l o e e t f i w s t v l f t s a a e o b l Y d l n o u a e o n r l r g p d k h h i ia 6 6 6 6 6 6 6 6 6 6 7 7 - 4 64 6 6 6 6 6 6 6 7 6 7 4 4 6 7 6 6 4 4 6 6 6 6 6 6 6 6 i | 6 7 6 64 4 6 6 6 6 6 6 6 6 J J 6 6 7 8 8 4 6 6 6 7 5 4 6 6 6 7 6 4 -7 5 2 1 f 6 5 5 & 7 5 6 8 5 5 4 4 1 5 6 5 64 7 5 5 5 J i-5| 6 6 7 6 7 6 4 6 6 5 6 7 6 6 6 54-7 6 6 6 7 7 4 5 6 6 6 6 f 6 6 6 6 7 1 6 6 6 6 6 6 6 6 7 6 6 7 4 6 7 7 6 6 6 7 6 7 6 6 8 6 6 7 6 6 7 6 6 7 6 7 6 1 4 6 6 6 6 5 5 } 4 6 6 7 6 6 6 Cincinnati 6 6-64 6 6 7 64 64 7 6 64 6 6 6 7 6J 64-7 7 64 7 7 7 7 64 7 7 64 7 No. 5.. B R a ic lt h i m m o o n re d 6 6 6 6 6 " 6 6 4 6 6 6 6 6 6 7 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 No. 6.. Atlanta 6 7 64'6 8 6§ 7 8 7 7 8 7 7 7 7 8 7 7 7 7 7 7 7 8 7 7 8 6 7 be Birmingham 6 7 6 7 74 64 74 74 64 n 716 61 64 6 6 7 6 7 6 7 8 61 71 6 7 8 64 71 716 7 Jacksonville 6 8 6 8 8 7 8 7 6 7 8 7 8 8 7 8 6 8 8 6 8 7 8 8 7 8 8 6 7 New Orleans 8 6 7-74-8 6 7-8 8 6 7 8 7 7 8 7 7 64 7-74 8 6 7-74-8 6 74-8 8 7 7-74-8 8 6 64-7 Nashville 6 7 6 7 8 6 6 8 6 7 6 7 8 6 7 7 6 6 No. 7... Chicago. 6 6-7 6 6-7 8 6J 64-7 51 5 5-51 51 5 5-51 7 64 64-7 7 6* 64-7 4 644-7 7 7 7 7 7 7 7 f 64-7 Detroit 6 64 64 7 7 6 6 51 5 5 51 5 5 7 6 7 7 6" 7 6 77 7 6 7 7 64 No. 8-- St. Louis 6 7 6 7 7| 7 74 7 6 7 7 5 6 8 6 7 8 64 7 64 7 8 7 7 6 7 Louisville 6 6 6 6 6|64 64 6 6 6 7 6 6 7 6 6 6 6 6 6 6 6 6 6 6 6" 6 6 6 6 Memphis 6 7 6 8 8 6 7 8 6 7 6 7 6 7 8 6 7 7 6 6 Little Rock 7 8 7 8 8 7 7 8 7 8 7 8 7 8 8 7 8 8 7 8 8 7 8 No. 9... Minneapolis 7 7 7 74 64 6J 64 716f7 74 7 7 8 7 74 7 74 7 74 74 74 74 74 7 74 7 6464 N N N o o o . . . 1 1 1 0 1 2 - . . . . H D D K O O E H P S S S S L a a p e o l o a e e k a m o n l a o s r l l n n P l u t l e t t a a k v s a A s t a l F n L h h l a a a s e t s e a r n a o o s n a n r o a g n m e k d n C e e c a l i e i t C s y C s c i i t o y ty 8 6 7 6 6 6 6 7 6 6 6 7 7 6 4 4 6 7 6 7 7 7 7 7 7 8 8 8 8 7 4 4 4 -7 (6 6 6 6 6 6 6 7 6 8 8 7 7 4 4 7 6 6 7 7 7 7 7 7 8 8 8 8 4 J 4 4 -7 7 6 6 8 7 7 8 8 7 7 7 7 4 | f * 6 6 6 6 6 6 6 7 6 7 7 8 i ^ 4 4 i ^ 6 6 7 7 7 6 8 8 6 8 6 6 4 4 4 | f 4 6 8 7 7 8 6 7 7 7 f 4 | 4 6 6 6 6 6 6 8 7 6 4 4 1 1 1 6 7 8 8 6 6 6 6 7 4 * J f 4 7 8 6 7 7 8 8 8 7 8 8 8 8 7 4 4 4 6 6 6 6 6 7 6 6 6 7 7 7 7 7 4 6 7 6 7 7 7 7 7 7 7 7 8 8 7 4 4 4 4 5| 5| 5| 7 515f 1 1 8 7 8 8 ~ 0 0 f 6 6 6 7 7 6 7 7 6 6 5 4 1 t 7 7 7 7 8 8 8 8 8 8 8 1 1 7 7 8 8 8 8 7 0 0 4 6 7 6 6 6 6 6 7 7 7 6 6 8 6 7 7 7 7 7 8 8 7 7 8 8 8 7 4 J 7 6 6 6 7 6 7 6 8 6 6 7 7 6 4 4 J 6 7 7 7 7 7 7 7 8 8 8 8 8 4 1 1 1 6 8 8 8 8 8 9 8 0 0 0 4 4 6 7 7 6 7 8 6 6 7 6 7 8 7 J 4 4 4 7 7 9 8 7 8 8 8 8 8 7 7 6 4 4 4 4 1 1 1 7 8 8 8 8 8 0 0 0 7 8 6 6 7 8 6 7 8 7 6 7 7 8 7 8 8 8 8 8 8 7 1 1 8 8 8 8 7 8 8 8 8 8 8 8 0 0 6 6 6 6 6 6 6 8 6 6 6 6 7 7 7 8 7 7 8 6 8 8 7 7 8 7 7 8 4 1 Rates for demand paper secured by prime banker's acceptances: High, 6; low, 34; customary, 6. CO C Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1136 FEDERAL RESERVE BULLETIN. SEPTEMBER, 1921. FEDERAL RESERVE BANK DISCOUNT RATES. RATES ON PAPER DISCOUNTED FOR MEMBER BANKS IN EFFECT SEPT. 1, 1921. Paper maturing within 90 days. Agricultural Bankers' and live- Secured by- acceptances stock paper Federal Reserve Bank. n T o r t e e a s s u an ry d bo L n ib d e s r a ty nd acc T ep r t a a d n e ces. C a st g o o a r m c n ic k d m u p l l e i t a v u r p c e r i e a - a r l l , , , m m w a i o t t h u n i r t n h in s 3 g . m 9 a 0 m t w u d i r o a t i h n n y i t g s n h s b a 6 . u ft t er certificates of Victory indebtedness. notes. Boston... 54 54 54 54 54 New York 54 54 54 54 54 54 Philadelphia. 54 54 54 54 54 54 Cleveland 54 54 54 54 54 54 Richmond 6 6 6 6 6 Atlanta 6 6 6 6 6 Chicago 6 6 6 6 6 St. Louis. 6 6 54 6 Minneapolis.. 64 6J 64 Kansas City.. 6 6 6 6 Dallas 6 6 San Francisco 5J 54 6 54 6 54 MONEY HELD OUTSIDE THE UNITED STATES TREASURY AND THE FEDERAL RESERVE SYSTEM, AUGUST 1, 1921. General stock. U a G s H . o a S e v s l . s e d e T r n t i r s m n e o a e t s f h n u t e t r h . y 1 e H F a e . n l d d R a . b g B y e a n o n t r s k f . s o 2 r U F H . . e S R l . d . a T S n o r y d u e s t a s t s e i u d m r e y . U c A a . p m S it . o a a T u n o r n d e u t a t p s s i u e d r r e y F. R. System. Gold coin (including bullion in Treasury). $3,288,608,408 $383,114,510 $1,757,011,130 $378,943,159 Gold certificates 574,637,540 194,902,069 Standard silver dollars "'291," 869," 326 9,"203,"i6i" 8 39,434,435 35,452,782 Silver certificates 33,137,262 173,072,802 Subsidiary silver *272* 023," 79*8* 9,909,123 262,114,675 Treasury notes of 1890 1,568,884 United States notes 346,681,016 3,966,029 4 81,420,668 261,294,319 Federal Reserve notes ... 2,920.595,060 3,986,327 317,867,748 2,598,740,985 Federal Reserve Bank notes 136,200,400 2,627,129 11,073,536 122,499,735 Nationai-»bank notes 732,419,179 19,664,830 4,217,705 708,536,644 Total: Aug. 1,1921. 397,187 432,471,109 2,818,800,024 4,737,126,053 $43.77 July 1,1921. 8,024'422,943 460,595,721 2,697,553,897 4,866,273,325 45.02 June 1,1921. 8,073,737,233 499,236,987 2,562,692,917 5,011,807,329 46.43 May 1,1921. 8,040:936,478 508,349,193 2,512,465,834 5,020,121,451 46.57 Apr. 1,1921. 8,082'773,866 496,945,969 2,534,743,843 5,051,084,054 46.91 Mar. 1, 1921. 8,084;936,396 493,976,120 2,385,101,578 5,205,858,698 48.41 Feb. 1,1921. 8,171,237,897 499,358,809 2,438,773,422 5,233,105,666 48.73 Jan. 1,1921.. 8,372,970,904 494,296,257 2,377,972,494 5,500,702,153 51.29 July 1, 1920.. 7,887,181,586 485,057,472 2,021.271,614 5,380,852,500 50.19 Jan. 1,1920.. 7,961,320,139 604,888,833 2,044,422,303 5,312,009,003 4.9. 81 July 1,1919.. 7,588,473,771 578,848,043 2,167.280,313 4,842,345,415 45.00 Jan. 1,1919.. 7,780,793,606 454,948,160 2,220'705,767 5,105,139,679 47.83 July 1,1918. 6,742,225,784 356,124,750 2,018;361,825 4,367,739,209 41.31 Jan. 1,1918.. 6,256.198,271 277,043,358 1,723,570,291 4,255,584,622 40.53 July 1,1917.. 5,480,009,884 253,671,614 1,280;880,714 3,945,457,556 37.88 i Includes reserve funds held against issues of United States notes and Treasury notes of 1890 and redemption funds held against issues of national-bank notes, Federal Reserve notes, and Federal Reserve Bank notes, but excludes gold and silver coin and bullion held in trust for the redemption of outstanding gold and silver certificates and Treasury notes of 1890. « 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

SEPTEMBER, 1921. FEDERAL RESERVE BULLETIN. 113? CONDITION OF MEMBER BANKS. ABSTRACT OF CONDITION REPORTS OF STATE BANK AND TRUST COMPANY MEMBERS IN EACH FEDERAL RESERVE DISTRICT ON JUNE 30, 1921. [In thousands of dollars.] b N t a D r ( n o 4 i i c . k s 1 - t s 1 ) D ba N i ( n s 1 o t k 3 . r s 4 i 2 c ). t b D N t a r ( n o i 4 i s c k . 8 t t s 3 - ) D b N a i ( n s 1 o t k 1 . r 3 s i 4 c ). t b N t a D r ( n o 6 i i c k . s 2 t - 5 s)b N t a D ( r 1 n o i i 1 c k . s 6 t - s 6 ) D b N a i ( n s 3 o t 6 k . r 4 s i 7 c ). t b N t a D ( r 1 n o i i 0 c . k s 2 t - s $ )b N t a D ( r 1 o n i i . 3 c k s 3 t - s 9 ) b N t a D r ( o n 6 i i . c k s 0 1 t - s 0 )b N t a D ( r o 2 n i i . 0 c k s 1 5 t - s 1 ) b N a t D ( o r 2 n . i 1 i c k s 7 t - 1 s 2 ) U b S T ( a 1 n t o n , a 5 i t k t t 9 a e e s l 5 s d ). RESOURCES. Loans and discounts., 451,154 ,046,946 .81,951 617,474104,402 206,498 1,066,378 260,155 89,295103,407 93,073 549,4895,770,222 C O u v s e t r o d m ra e f r ts s' liability on account of let- 201 934 126 237 -1.«3.1. 7—02 4,_5_7 398 160 354 337 582 4,619 ters of credit 1,11$ 1,2 27 121 175 2,737 Customers' liability on account of acceptances 11,592 117,459 930 10,360 730 4,817 22,253 1,598 8 1, 2,571 174,284 U St . o c S k . G of o v F e . r R nm . B en an t k securities owned 3 2 1 , , 2 13 4 3 5 29 1 6 1 , ,2 4 7 6 6 5 3 2 9 , , 2 3 2 04 0 4 4 8 , , 2 5 9 88 3 5,8 7 8 4 8 4 1 1 2 , , 3 2 3 3 1 4 106,017 14 1 , , 8 56 89 7 4, 4 5 4 05 7 13, 3 7 4 8 7 2 66 2 , , 7 46 39 3 64 3 4 3 , , 0 1 4 9 3 6 Other bonds, stocks, and securities 5,579 (exclusive of securities borrowed) 103,275 510,830101,,364 196,374 13,603 25,527 255,559 46,646 10,734 13,603 1363126,422 1,405,300 Banking house 10,145 61,375 9,370 23,519 3,757 8,578 24,866 8,343 2,038 2,757 3; 32919,419 177,496 Furniture and fixtures 2,026 1,82; 626 1,879 500 1,424 4,490 1,334 728 502 1,331 4,357 21,022 Other real estate owned 1,058 4,818 2,222 8,964 775 2,040 1,847 1,857 779 254 1,299 3,147 29,060 Gold coin and certificates 1,511 4,920 436 362 291 361 .„ 293 181 408 214 1,679 13,125 All other cash in vault 12,634 48,197 5,032 14,133 2,650 5,531 29,562 5,485 2,044 2,360 2,840 12,595 143,063 I L te aw m f s u l w r i e t s h e r F ve . w R i . t h B a F n . k R . i n B a p n ro k cess of 37,903 290,005 23,198 48,270 6,014 13,450 88,870 21,116 5,023 8,932 56" 35,988 • 584,457 collection 10, 45,072 5,614 5,037 8,695 659 5,068 Due from banks, bankers, and trust 16,821 2,607 13,623 5,613 120,763 companies 17,529 73,043 12,111 23,571 21,404 8,352 9,62243,428 Exchanges for clearing house, also checks 30,268 8,713 71,698 18,412 338,151 Ou o t n s i o d t e h e c r h e b c a k n s k a s n i d n o sa th m e e r c p a la s c h e items.. 8 1 , ,6 5 7 1 2 3 28 10 4 , , 7 0 1 1 2 1 3,3 4 4 8 4 7 10,719 2 8 9 5 0 9 7 2 , , 1 0 8 2 7 4 3 1 0 1 , , 7 1 8 1 6 5 4 1 , , 4 14 5 1 7 6 39 7 6 8 2,679 7 3 1 4 4 2 1 5 4 , , 5 9 4 47 6 36 3 8 9 , , 8 3 9 7 4 7 Other assets 6,435 94,408 2,562 4,'546 317 3,616 17,438 1,310 342 2,363 1,8 6,196 139,326 Total. 709,8903,903,409 390,902 1,041,392 152,271 323,928 1,753,034 400,809 126,369 178,0 2 3 9 2 3 128,288 900,81110,009,135 LIABILITIES. Capital stock paid in 36,411 187,255 25,821 64,436 15,160 27,025 101,012 30,203 10,747 13,33^ 16,500 57,625 585,530 Surplus fund 38,951 190,561 48,738 79,344 9,798 17,271 85,092 22,081 3,994 4,272 6,598 25,218 531,918 Undivided profits, less expenses and taxes paid 15,290 70,179 16,886 3,546 4,51 27,232 6,871 1,531 2,147 2,050 8,257 170,389 Amount reserved for taxes accrued 2,130 22,184 824 1,575 171 51 6,695 861 141 359 217 738 36,408 A D D m u u e e o t t u o o n b t F a r . e n R s k e . s r B , v b e a a d n n f k k o . e r .. r i s n , t a e n re d s t t r a u c s c t r u co e m d- - . 1,9 5 2 6 6 7 6 1 , , 6 7 4 0 " 1 617 1,0 6 1 8 0 3 2 9 1 9 0 3 27 1,787 7 3 2 0 8 7 1 9 8 3 3 7 9 7 27 1 1 4 1 5 3 , , 9 3 1 4 5 2 panies 17,801 291,354 1,123 42,841 7,499 28,213 65,418 or "o 6,931 30,973 6,734 22,849 556,184 Certified and cashiers' or treasurers 9,680 checks outstanding 177,886 6,587 ,838 12, 2, 1,6 2,408 1,060 10,991 226,934 Demand deposits 2,245,174 20U11,,; 1 5509974 375,989 54', 116 124,950 608'453 157, 37,103 77,612 68,335566 2"312;,702 t, 585,885 Time deposits , ,500 49,763 405,447 47,422 95,20: 761,801 120, 55,824 33,404 19,089514,054 }, 671,593 U. S. deposits 68:,882 27,136 14,508 630 542 8, 4, 184 3,818 9 1,124 142,457 Bills payable with F. R. Bank 51,975 10,435 14,118 5,400 36, 11, 2,209 3,873 2,524 14,769 164,189 Bills payable other than with F. R. Bank 1,97' 363 2,609 4,528 9,590 7,826 7,520 5,733 3,630 4,592 5,136 55,489 Cash letters of credit and travelers' checks outstanding 17, 8 1,284 26 219 39 256 18,998 A A c c c c e e p p t t a a n n c c e e s s e e x x e e c c u u t t e e d d f b o y r c o u t s h t e o r m b e a r n s k .. s . 11,921 121, 930 10,346 730 ,991 .,858 1,598 1,966 2,553 178,483 for account of reporting banks 2,143 14 322 2,479 Other liabilities 2,,787 34,255 876 3,715 266 1,206 ',604 7,504 200 138 137 4,254 62,942 Total. 709,890 3,903,409 390,902 1,041,392 152,271 323,928 1,753,034400,809126,369178,032128,288 900,81110,009,135 Liability for rediscounts with F. R. Bank 28,995 79,703 9,413 64,244 8,909 30,699 51,943 25,367 6,277 6,756 11,222 21,043 344,571 Liability for rediscounts with other banks 133 250 1,202 1,003 11,675 1,906 566 1,444 643 1,935 20,849 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1138 FEDERAL RESERVE BULLETIN. SEPTEMBER, 1921. ABSTRACT OF CONDITION REPORTS OF STATE BANK AND TRUST COMPANY MEMBERS OF THE FEDERAL RESERVE SYSTEM ON JUNE 30, 1921, BY CLASSES OF BANKS. [In thousands of dollars.] Central reserve city banks Total United States. Other Country reserve banks New York Chicago St. Louis Total city banks (1,342 June 30, Apr. 28, (31 banks). (14 banks).(10 banks).(55 banks).(198 banks). banks). 19 b 2 a 1 n ( k 1 s ,5 ). 95 19 b 2 a 1 n ( k 1 s ,5 ). 50 RESOURCES. Loans and discounts 1,548,983 449,664 125,134 2,123,781 2,173,139 1,473,302 5,770,222 5,810,337 Overdrafts . 831 57 122 1,010 1,969 1,640 4,619 4,533 Customers' liability on account of letters of credit.. < .. .. 1,113 27 121 1,261 1,471 5 2,737 2,359 Customers' liability on account of acceptances. 115,288 20,844 1,152 137,284 32,748 4,252 174,284 189,514 U.S. Government securities owned 229,926 19,331 4,691 253,948 231,328 158,767 644,043 627,717 Stock of F R Bank 8,708 2,413 841 11,962 13,061 8,173 33,196 32 934 Other bonds, stocks, and securities (exclusive of securities borrowed) 289,640 72,139 27,686 389,465 623,71-9 392,106 1,405,300 1,387,588 Banking house 44,655 3,069 2,970 50,694 78,152 48,650 177,496 172,745 Furniture and fixtures 210 105 430 745 8,751 11,526 21,022 21 746 Other real estate owned . 2,399 80 603 3,082 17,627 8,351 29,060 30,510 G old coin and certificates 4,280 1,376 49 5,705 3,497 3,923 13,125 14,921 All other cash in vault 31,438 9,360 2,018 42,816 54,527 45,720 143,063 147,602 Lawful reserve with F. R. Bank 241,081 46,602 12,040 299,723 185,621 99,113 584,457 577,174 Items with F. R. Bank in process of collection. 30,217 8,070 5,835 44,122 58,200 18,441 120,763 117,993 Due from banks, bankers, and trust companies 45,987 31,301 6,498 83,786 157,033 97,332 338,151 354,710 Exchanges for clearing houses, also checks on other banks in same place 273,579 19,377 3,007 295,963 60,593 12,338 368,894 213,983 Outside checks and other cash items 9,241 6,517 468 16,226 18,375 4,776 39,377 27,801 Other assets 89,165 14,643 741 104,549 23,756 11,021 139,326 151,688 Total 2,966,741 704,975 194,406 3,866,122 3,743,577 2,399,436 10,009,135 9,885,855 LIABILITIES. Capital stock paid in 133,400 37,850 13,325 184,575 225,101 175,854 585,530 579,391 Surplus fund . 155,678 42,590 14,713 212,981 220,343 98,594 531,918 528,112 Undivided profits, less expenses and taxes paid . 52,797 13,231 3,401 69,429 56,444 44,516 170,389 184,483 Amount reserved for ta^es accrued 20,664 5,052 446 26,162 7,273 2,973 36,408 24,961 Amount reserved for interest accrued 5,770 1,110 427 7,307 3,127 2,908 13,342 22,779 Due to F. R. Bank 1,418 4,497 5,915 5,371 Due to banks, bankers, and trust companies.. 263,791 42,334 10,983 317,108 191,811 47,265 556,184 576,124 Certified and cashiers' or treasurers' checks outstanding. 171,516 6,454 964 178,934 33,854 14,146 226,934 164,250 Demand deposits 1,758,864 313,685 80,492 2,153,041 1,467,496 965,348 4,585,885 4,475,929 Time deposits 143,682 209,435 54,381 407,498 1,329,316 934,779 2,671,593 2,645,703 U.S. deposits 58 819 2,774 4,446 66,039 64,144 12 274 142,457 99 625 Bills payable with F. R. Bank 30,013 4,889 6,784 41,686 72,960 49,543 164,189 243,775 Bills payable other than with F. R. Bank 831 800 1,631 17,326 36,532 55,489 51,536 Cash letters of credit and travelers' checks outstanding 17,081 105 34 17,220 1,742 36 18,998 12,686 Acceptances executed for customers 119,411 20,474 1,152 141,037 33,183 4,263 178,483 194,759 Acceptances executed by other banks for account of reporting banks 2,143 322 2,465 14 2,479 5,179 Other liabilities... 32,281 4,670 2,058 39,009 18,025 5,908 62,942 71,192 Total 2,966,741 704,975 194,406 3,866,122 3, 743,577 2,399,436 10,009,135 9,885,855 Liability for rediscounts with F. R. Bank 56,733 20,043 10,657 87,433 177,472 79,666 344,571 328,164 Liability for rediscounts with other banks 9,195 9,195 3,078 8,576 20,849 19,093 Ratio of reserve with F. R. Bank to net deposit liability (percent) 12.6 12.7 12.6 12.6 9.8 7.2 10.4 10.3 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SEPTEMBER, 1921. FEDERAL, RESERVE BULLETIN. 1139 ABSTRACT OF CONDITION REPORTS OF ALL MEMBER BANKS IN EACH FEDERAL RESERVE DISTRICT ON JUNE 30, 1921 (INCLUDING 8,150 NATIONAL BANKS AND 1,595 STATE BANKS AND TRUST COMPANIES). [In thousands of dollars.] D b N a i ( s n o 4 t . 3 k r 8 i s 1 c ) t . D b N a i ( s n o 7 t . k 9 r 3 i s 2 c ) t . D b N a i ( n s o 6 t . 9 k r 9 i s 3 c ) t . D b N a i ( n s o 8 t . 7 k r 9 i s 4 c ) t . b D a N i ( n s o 6 t . 1 k r 9 i s 5 c ) t . D b N a i ( n s 4 o 9 t . k r 4 i s 6 c ) t . D b N ( a i 1 n s o , t 4 . k r 2 i s 7 7 c ) t . b D N a i ( n s o 5 t . k 8 r 0 s i 8 c ) t . b D a N ( i 1 n s o , t 0 . k r 1 s i 9 4 c ) t . b D N a ( i 1 o n s . , 0 t k r 8 1 s i 7 c 0 ) t . b D N a i o ( n s 8 . t k 6 r 1 2 s ic 1 ). t b D N a i ( o n s 8 . t k 5 r 1 3 s ic ) 2 . t b U S ( a T 9 n t n o , a i 7 k t t t 4 a e e s 5 l s d ). RESOURCES. Loans and discounts.. 1,265,603 4,842,252 1,026,5421,571,535 798,516 611,2522,610,142 711,503 680,679 837,394 576,828 1,362,539 16,894,785 Overdrafts 652 1,745 311 787 787 1,199 1,970 1,030 1,009 1,919 1,412 1,767 14,588 Customers' liability on account of acceptances 46,012 253,209 11,180 16,743 6,312 6,255 46,540 2,386 1,936 3,170 1,283 17,545 412,571 U. S. Government securities owned 150,518 761,892 246,239 288,970 157,829 110,186 318,56' 108,160 78,914 115,400 93,085 231,318 2,661,078 Other bonds, stocks, and securities 260,9531,069,866 432,467 497,537 106,015 66,497 456,811 117,537 78,478 82,060 24,258 251,098 3,443,577 Banking house, furniture and fixtures. 39,375 126,244 42,517 73,836 36,153 29,943 86,176 25,414 25,163 32,208 29,791 61,992 608,812 Other real estate own d 6,413 9,834 5, 14,181 3,996 4,290 6,997 5,173 5,197 3,841 6,332 8,663 80,786 Cash in vault 40,852 134,940 40,022 53,130 25,706 20,609 85,762 18,481 18,184 27,467 20,502 44,109 529,764 Lawful reserve with F. R. Bank 103,919 620,510 Items with F. R. 105,724 135,317 55,571 42,654 234,130 59,377 43,630 71,781 43,687 108,362 1,624,662 Bank in process of collection 38,136 125,106 Due from banks, 45,146 44,016 28,846 13,109 51,619 26,815 7,410 29,437 17,287 21,838 448,765 bankers, and trust companies 72,345 189,756 Exchanges for clear- 82,496 120,335 62,107 70,555 231,480 67,482 78,241 146,997 72,391 159,429 1,353,614 ing house, also checks on other banks in same place. 27,732 803,217 36,795 27,264 18,248 13,964 76,014 11,368 8,487 18,434 6,475 37,377 1,085,375 Outside checks and other cash items 7,029 25,564 6,291 5,797 4,626 4,359 18,163 2,382 5, 5,730 4,360 10,612 100,607 Redemption fund and due from U. S. Treasurer 2,4 4,525 2,914 4,634 3,301 2,231 4,278 2,052 1,696 2,380 2,494 3,279 36,264 Other assets 18,549 240,833 11,314 8,425 1,630 4,502 25,643 2,719 3,871 1,759 3,754 21,012 344,011 Total 2,080,568 9,209,4932,095,827 2,862,507 1,309,643 1,001,605 4,254,292 1,161,879 1,038,589 1,379,977903,9392,340,940 29,639,259 LIABILITIES. Capital stock paid in. 139,843 430,635 114,460 187,030 104,382 81,801 276,184 95,870 76,793 97,918 90,330 163,464 1,858,710 Surplus fund 124,499 467,436 173,900 184,021 75,201 54,952 199,234 54,480 41,304 52,473 50,224 79,995 1,557,719 Undivided profits, less expenses and taxes paid.. ... 68,568 238,513 55,094 68,934 29,382 20,605 100,100 25,468 22,157 25,948 21,672 39,635 716,076 Due to F. R. Banks.. 2,637 7,078 2,705 2,421 6,561 426 912 205 41 22 1,347 238 24,593 Due to banks, bankers, and trust companies 109,5641,086,218 160,300 165,078 80,001 71,670 402,999 113,611 78,596 191,767 64,402 163,890 2,688,096 Certified and cashiers' or treasurers' checks outstanding. 16,489 401,948 14,472 4,913 30,260 5,526 11,451 18,564 9,032 29,727 563,443 D Ti e m m e a d n e d p d o e s p it o s sits 3 0 9 5 3 8 , ,9 4 6 9 3 2 4L;, 9 7 8 9 1 2 ,1 ,7 6 2 8 2 9 4 0 4 8 9 ' , , 6 0 3 9 7 0 1, 8 1 4 6 6 9 , , 7 8 7 0 9 8 3 4 5 9 6 1, , 5 2 9 5 1 8 3 25 8 7 9 , , 0 7 0 2 1 0 1 1, , 6 2 5 8 6 1 , , 5 8 4 4 6 5 4 2 7 7 9 1 , , 3 8 7 1 1 9 3 3 5 7 1 2 , , 2 9 2 3 6 7 6 2 3 4 7 7 , , 8 6 9 3 3 3 4 1 5 0 9 8 , , 6 7 6 0 1 0 7 8 9 9 9 6 , , 3 58 6 6 3 L 6 3 , , 3 2 6 9 6 2 , , 6 1 3 7 2 7 U. S. deposits 30,223 196,591 41,043 34,357 10,313 4,788 29,688 11,524 7,551 9,222 6,124 389,910 Bills payable with F. R. Bank 23,037 156,159 92,320 46,190 47,952 39,718 89,069 28,760 12,278 21,625 16,952 42,497 616,557 Bills payable other than with F. R. Bank 7,8 6,249 4,238 10,174 18,968 20,913 28,127 12,233 21,671 20,316 22,277 22,622 195,684 Cash letters of credit and travelers' checks outstanding. 170 20,303 182 1,670 292 68 1,351 62 36 129 184 738 25,185 Acceptances executed for customers 46,734 259,060 10,583 16,733 6,304 6,549 45,839 2,379 1,766 3,170 1,260 17,788 418,165 Acceptances executed by other banks for account of reporting banks 1,037 9,540 1,036 47 178 1,259 25 271 67 254 13,722 National bank notes outstanding 48,653 86,764 56,310 92,229 60,410 42,316 84,750 41,182 33,224 46,554 47,408 63,854 703,654 U. S. Government securities borrowed. 4,479 14,496 10,937 16,076 10,187 3,720 12,253 9,096 6,097 4,941 2,691 5,351 100,324 Other bonds and securities borrowed.. 178 363 5 466 27 477 31 459 10 485 43 286 2,830 Other liabilities 4,106 54,250 3,556 6,022 2,176 1,790 13,845 1,180 1,317 1,565 6,166 105,782 Total. 1,568 9,209,4932,095,8272,862,507 1,309,643 1,001,605 4,254,292 1,161,8791,038,5891,379,977| 903,9392,340,940 29,639,259 Liability for rediscounts, including those with F. R. Bank 68,797 219,635 52,006 109,841 84,743 74,374 256,798 61,378 75,954 68,130 59,660 112,448 1,243,764 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1140 FEDERAL, RESERVE BULLETIN. SEPTEMBER, 1921. ABSTRACT OF CONDITION REPORTS OF ALL MEMBER BANKS OF THE FEDERAL RESERVE SYSTEM ON JUNE 30, 1921, BY CLASSES OF BANKS (INCLUDING 8,150 NATIONAL BANKS AND 1,595 STATE BANKS AND TRUST COMPANIES). [In thousands of dollars.] Central reserve cities. Total United States. Other re- Country New York Chicago St. Louis Total se b rv a e n k c s ity b (9 a , n 07 k 2 s 19 J 2 u 1 n e ( 9 3 , 0 74 , 5 19 A 2 p 1 r . ( 9 2 , 8 6 , 98 (61 banks). (25 banks). (15 banks). (101 banks). 572 banks). banks). banks). banks). RESOURCES. Loans and discounts 3,636,950 998,374 272,043 4,907,367 5,348,144 6,639,274 16,894,785 17,176,493 Overdrafts 1,217 249 194 1,660 3,929 8,999 14,588 15,302 C as torn ers'liability on account of acceptances. 248.789 39,531 1,809 290,129 111,177 11,265 412, 571 471,992 U. S. Government securities owned 527',355 37,580 19,120 584,055 704,826 1,372,197 2,661,078 2,627,073 Other bonds, stocks, and securities 550,555 105,837 44,527 700,919 l,0i9,159 1,693,499 3,443,577 3,410,964 Banking house, furniture, and fixtures 81,706 15,354 8.199 105,259 205.593 297, 960 608,812 593,428 Other real estate owned 3,491 183 2,810 6,484 3i;311 42,991 80,786 82,886 Cash in vault 88,811 27,053 3,832 119,696 152,639 257,429 529.764 564,022 Lavvfulreserve with F. R. Bank 508,884 118,487 27,294 651,665 490,128 479,869 1,624,662 1,654.329 Items with F. R. Bankin process of collection. 91,002 26,758 17,496 135, 256 252,967 60,542 448.765 43i;378 Dueirom banks, bankers, and trust companies 109,264 92,362 18,335 219,961 523,412 610, 241 1,353,614 1,324,986 Exchanges for clearing house, also checks on other banksin same place 782,051 51,058 7,132 840,241 194,719 50,415 1,085,375 641,528 Outside checks and other cash items 18,230 8,662 813 27,705 46,420 26,482 100,607 67,586 Redemption fund and due from U.S. Treasurer , 1,992 27 445 2,464 8,790 25,010 36,264 35,575 Other assets 232,889 18, 755 • 1,372 253,016 64,336 26,659 344,011 350,391 Total. 6,883,186 1,540,270 425,421 8,848,877 9,187,550 11,602,832 29,639,259 29,447,933 LIABILITIES. Capital stock paid in. 299,500 92, 550 37,625 429.675 570,738 858,297 1,858,710 1,850,074 Surplus fund. 373,009 85,579 23,733 482,321 504,895 570,503 1,557,719 1,552,418 Undivided profits,less expenses and taxes paid 186,444 44,277 10,170 240,891 212,560 262,625 716,076 753,169 Due to F. R. Banks 118 118 7,787 16,688 24,593 21,882 Due to banks, bankers, and trust companies.. 1,018,789 268,186 57,641 1,344,616 1,055,356 288,124 2,688,096 2,664,847 Certified and cashiers' or treasurers'"checks outstanding 388,861 15,445 2,089 406,395 93,827 63,221 563,443 435,258 Demand deposits 3,684,924 717,201 173,133 4,575,258 3,967,202 4,749,717 13,292,177 13,074,225 Time deposits 259,486 232,079 83,459 575,024 1,986,162 3,805,446 6,366,632 6,343,443 U. S. deposits , 178,236 13,800 8,307 200,343 141,406 48,161 389,910 272,561 Bills payable with F. R. Bank 107,652 20,741 10,014 138,407 224,350 253,800 616,557 828,798 Bills payable other than with F. R. Bank 1,095 800 1,895 53,370 140,419 195,684 188,459 Cash letters of credit and travelers' checks outstanding 20,209 1,132 55 21,396 3,432 357 25,185 18,001 Acceptances executed for customers , 254,833 39,014 295,656 111,552 10,957 418,165 481,936 Acceptances executed by other banks for account of reporting banks 9,341 1,077 10,418 . 2,769 535 13,722 22,233 National bank notes outstanding 37,626 545 8,774 46,915 168,722 487,9S7 703,654 679,083 U.S. Government securities borrowed 12,510 2,650 4,457 19,617 52,427 28, 280 100,324 130,685 Other bonds and securities borrowed 59 59 999 1,772 2,830 4,086 Other liabilities .• 50,494 5,994 3,355 59,843 29,996 15,943 105,782 126,775 Total. 6,883,186 j 1,540,270 I 425,421 j 8,848,877 9,187,550 11,602,832 29,639,259 | 29,447,933 Liability for rediscounts, including those with F. R. Bank 172,144 113,711 24,794 310,649 530,194 402,921 1,243,764 1,336,813 Ratio of reserve with F. R. Bank to net deposit liability (per cent) 12.1 13.2 12.7 12.3 10.1 7.4 9.8 9.9 SYSTEM ON JUNE 30, 1921. [In thousands of dollars.] Dis- Dis- Dis- Dis- Dis- Dis- Dis- Dis- Dis- Dis- Total trict District trict trict trict trict > District trict trict trict trict trict United No. 1 No. 2 (134 No. 3 No. 4 No. 5 No. 6 No.7 (364 No. 8 No. 9 No. 10 No. 11 No. 12 States (41 banks). (48 (113 (62 (116 banks). (102 (133 (60 (205 (217 (1,595 banks). banks). banks).banks). banks). banks). banks.) banks). banks). banks). banks). On demand: Not secured by collateral. 34,216 81,570 7,300 31,166 2,298 6,154 33,040 12,653 4,622 6,091 3,218 17,923 240,251 Secured b Government war obligations 3,107 27,848 5,473 6,290 870 632 4,188 1,627 305 55 111 2,349 52,855 Secured by other collateral 71,805 610,982 89,196 119,131 12,590 33,168 148,643 40,151 5,159 5,406 7,589 22,711 1,166,531 On time: Not secured by collateral.219,320 894,262 46,750 261,171 56,515 100,916 476,717 110,973 36,048 44,831 30,458 165,259 2,443,220 Secured by Government war obligations 19,496 125,482 15,551 23,296 3,999 7,383 29,791 6,844 1,260 5,327 2,565 10,270 251,264 Secured by other collateral 67,119 315,056 18,029 90,463 30,139 71,121 214,187 72,447 28,561 40,816 50,814 81,690 1,080,442 Secured by real estate deeds of trust or other real estate liens 65,014 62,044 8,926 145,612 18,239 217,363 39,986 19,800 9,081 10,117 250,685 854,939 Acceptances of other banks 8,072 discounted 1,404 42,373 828 5,313 153 6,112 1,153 7 12,948 70,291 Acceptances of this bank purchased or discounted... 83 13,077 477 504 965 1,372 27 18 16,553 Loans and discounts not 30 classified 99 606 3 187 574 356 59 9,214 11,098 Total loans and discounts 481,564 2,172,694 192,152 683,525 114,513 238,273 1,131,193 287,780 96,138 111,607 104,938 573,067 6,187,444 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SEPTEMBER, 1921. FEDERAL RESERVE BULLETIN. 1141 FOREIGN EXCHANGE. 1918, to August, 1921, are shown in the exhibit below and are to be substituted for the figures Below is printed a table showing high, low, printed in the August FEDERAL RESERVE BULand average exchange quotations on the LETIN, as the latter contained an error in principal foreign countries for the month of computation. This change, however, does not August. The quotations used are those pub- affect the general index curve in the August lished daily by the Treasury, in accordance BULLETIN, which was based upon the current with the emergency tariff act of May 27, 1921, figures. For the month of August the foreign and represent noon-buying rates for cable exchange index works out at 52, compared transfers in New York. Rates are shown for with 53 for the month of July and 59 for the the 18 countries on which the foreign exchange month of June, these percentages indicating index, computed by the method described in the decline of the general average level of quothe FEDERAL RESERVE BULLETIN for July, tations of foreign currencies in the New York 1921, page 798, is based, as well as for other market during the months in question. Incountries. The weights used in the computa- versely, the American dollar shows a rise in tion are also shown, these rates representing value in terms of foreign currencies, the Authe total value of trade with each foreign gust index being 192, compared with 189 for country in July. July and 170 for June. Index numbers of the general foreign exchange level for the period from November, FOREIGN EXCHANGE INDEX NUMBERS. Foreign Foreign Foreign Foreign curren- Dollar curren- Dollar curren- Dollar curren- Dollar Date. cies (per(per cent Date. cies (per(per cent Date. cies (per (ppeerr cceennt Date. 3ies (per ppeerr cceenntt cent of of par). cent of of par). cent of of par). cent of o*f par). par). par). par). par). 1918. 1919. 1920. 1921 November. 101 99 July , 92 109 March 139 January.. 185 December. 101 99 August 92 109 April 137 February. 182 September. 88 114 May.."..... 139 March 185 1919. October 88 114 June 135 April 175 January... 101 99 November. 84 119 July 135 May 154 February.. 100 100 December.. 77 130 August 152 June 170 March 99 101 September, 149 July 189 April 96 104 1920. October.... 164 August... 192 May 93 108 January 78 128 November. 172 June 97 103 February.., 70 143 December. 182 FOREIGN EXCHANGE RATES.1 [General index for August, 52; for July, 53.] COUNTRIES INCLUDED IN COMPUTATION OF INDEX. Par of Low. High. Average. Perce p n a t r a . ge of Weight. Countries, Monetary unit. exchange. August. July. August. July. August. July. August. July. August. July. Belgium Franc $0.1930 $0.07321 $0.0733 $0.0764 $0.0797 $0.075270 $0.07637 39.00 39.57 12,312 11,540 Denmark.. .. Krone .2680 .151 151 .1785 • .1682 .1619 . 15779 60.41 58.88 3,100 4,207 England . Pound 4 8665 3.56475 3. 5615 3.7313 3.7335 3.653632 3.63213 75.08 74.64 107, 549 97,791 France Franc . 1930 . 07619 .0755 .0793 . 0823 . 077581 . 078131 40.20 40.48 52,378 31,014 Germany.. Reichsmark .2382 . 01093 .01221 . 012485 . 013505 .011896 . 013025 4.99 5.47 43, 352 37, 854 Italy Lira .1930 .0419 . 0408 .0444 .0492 . 043156 . 045264 22.36 23. 45 18,711 27,689 Netherlands Florin . . . 4020 . 3052 .3068 .3176 . 3288 .310 . 31781 77.11 79.06 20,228 17,254 Norway.. Krone . 2680 .1262 .1279 . 1381 .1423 .1307 .1338 48.77 49.93 2,739 3,29* Spain Peseta .1930 .1202 .1262 . 1307 .1294 .1289 .1282 66.79 66.24 5,624 4,407 Sweden Krona . 2680 . 20273 .201 . 2173 .2194 .21112 .2104 78.78 78.50 5,823 10,341 Switzerland Franc . . . .1930 .1638 .1637 .1706 .1684 .16817 .16546 87.13 85.73 4,246 3,292 Canada Dollar 1.00 . 89125 .872917 .90208 . 8905208 . 8978194 . 881973 89.78 88.20 76,453 77,477 Argentina. Peso (gold) .9648 .6468 .637 .6808 .6806 . 66555 . 65799 68.98 68.20 11,900 11,453 Brazil Milreis .3244 .1144 . 10173 .1219 . 1114 .1176 . 10449 36.25 32.20 7,493 8,381 Chile Peso (patter) . 1953 . 09750 .10125 . 10625 .10875 .1024 . 10443 52. 43 53.47 3,959 5,312 China Shanghai tael . 6685 . 668 . 65675 .685 .68 .67858 . 66925 101. 51 100.11 18, 829 20, 009 India Rapee .4866 . 2283 .22458 .2563 .2403 .24224 . 230588 49.78 47.39 9,377 13,933 Japan fc Yen .4985 .48188 .4788 . 4850 . 4825 .48369 .480114 97.03 96.31 38, 831 37,619 i Noon buying rates for cable transfers in New York as published by Treasury in accordance with act of May 27,1921. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1142 FEDERAL RESERVE BULLETIN. SEPTEMBER, 1921. FOREIGN EXCHANGE RATES—Continued. OTHER COUNTRIES. Low. High. Average. Percentage of par. Par of Monetary unit. exchange. August. July. August. July. August. July. August. July. Austria. Krone $0.2026 $0.001125 $0.001094 $0.001319 $0.00171 $0.001193 $0.001417 0.59 0.70 Bulgaria Lev .1930 .0085 .0085 .0091 .0109 . 008801 . 009548 4.56 4.95 Czechoslovakia Krone .2026 .0117 . 01251 .0129 .0136 . 012247 .0131248 6.04 6.48 Finland Markka .1930 . 014675 .0151 .0155 .0171 . 015106 .016414 7.83 8.50 Greece Drachma .1930 .0547 .0547 .0561 .0588 .05546 . 055516 28.74 28.76 Hungary... Krone .2026 .0025 . 002619 . 00289 .0038 . 002629 . 003323 1.30 1.64 Poland Polish mark .2382 . 000392 .00045 . 000563 . 000588 . 000489 . 000516 .21 .22 Portugal Escudo..: 1.0805 .0921 .1067 .1293 .1308 .1007 . 12088 9.32 11.19 Rumania Leu .1930 . 01163 . 012556 .0131 . 01511 . 012383 . 013995 6.42 7.25 Jugoslavia f Krone .2026 . 005575 .0056 . 006231 .0068 . 005808 . 006374 2.87 3.15 \Serbian dinar .1930 . 02245 .0225 .025 .0273 .0233 . 025634 12.07 13.28 Cuba... Peso... 1.00 . 991067 .9884 .9946 . 99252 . 993225 . 9902319 99 32 99.02 Mexico Peso .4985 . 48125 .4858 . 489375 . 491875 . 484954 . 489113 97.28 98.12 Uruguay Peso... 1. 0342 .5898 .5826 .6791 .6326 . 63905 .60689 61.79 58.68 Hongkong Dollar .4777 .4935 * . 4838 .5040 .5006 .5007 .4932 104. 81 103.24 Java Florin .. .4020 .30 .3007 .3115 .32 .3053 . 30841 75.95 76.72 Straits Settlements Singapore dollar .5678 .4108 .4142 .4217 .4325 . 41809 . 41984 73.63 73.94 Average price of silver per fine ounce: In London (converted at average rate of exchange), $0.6269; in New York, $0.6207. FOREIGN EXCHANGE IINDE K 1918 - 1921 GENERAL INDEX i—• —— FRANCE - ITALY " « ^VRGENTIN/ ENGLAND GERMANY - NETHERI-ANDS JAPAN PERCENT PER CENT 11O 11O —^, &** PAR- — N\ *** 9O 9O \» **Si '•% \ N ^S\ 8O 8O \ ^^ *-• \ <*-^s ^^ 7O 70 \. N /\ 60 60 *\\ *•* J 50 50 s \ f 40 40 *\ y' # 30 3O "N y \ \X y 20 i 20 1O 1O **•• •..• •*' ••* *••*•• MONTH N. D. J.1 F.' M.1 A. M. J.' J. A. S. O. N.' D.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 YEAR 1918 1919 1920 1921 YEAR Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SEPTEMBER, 1921. FEDERAL, RESERVE BULLETIN. 1143 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.] Deposit and note accounts, Bank Government floating Nine London clearing of England and Treasury. debt. banks.3 Discount rates. Statist index Cur- Capital numrency issues ber of n B o a te n s k .1 c n c e a o o a r n u t t t i d e e t f - s s i- p p o o a u D th n s b e i e d l - t i r s c . , an l C i d o o b n i u n .2 l - T b u r i r e l y l a s s . - r T v a a e r n m y c a p e d o s. - - fl d T o e o a b t t a i t. n l g ! | M a n s t o a h o n t o c n i d c r a 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 n e v n e t s s t . - po D s e it - s. U K d n o i o i m n t f g e . - d 4 m T b b o h a i n l n r l t e s h k e . s1m t b o r S i a n l i d l t x s h e . s: v c f a o h l r e a £ u e x n . i e - g g o n e f standing. 1913, average of end of month Per ct. Per ct. figures 29 15 1920, end of— July 107 362 134 152 1,058 204 1,262 43 100.2 August 106 356 116 152 1,067 183 1,250 100.1 1921, end of— January 109 342 129 157 1,145 242 1,387 341 1,810 122.4 February 108 336 127 157 1,110 189 1, 299 340 1,754 120.9 March 110 344 138 157 1,121 155 1,275 83 336 1,715 i 123.0 April 109 338 141 157 1,100 190 1,290 92 334 1,710 120.0 May 108 333 128 157 1,152 163 1,315 96 307 1,729 119.1 June 110 324 147 157 1,222 152 1,374 98 312 1,768 117.8 July 109 325 122 157 1,202 150 1,355 104 312 1,785 112.9 August 107 319 137 157 1,166 180 1,347 113.0 1 Less notes in currency notes account. 3 Average weekly figures. 2 Held by the Bank of England and by the Treasury as note reserve. < Compilation of London Joint City and Midland Bank. FRENCH FINANCIAL SITUATION. [Amounts in millions of francs.] Bank of France.1 Situation of the Government. Value se G r r o e v - l e d s. s S e i r r l e v v - e e s r . po D si e t - s.2 c t C i u o i l r n a - . - f v t o m p o G a e A r o n r e o t s d n p c h n v e - - e u e t s - s r- m r n G e e u r e o v e n n v e . - * - t - t d e I e r n n b - a t. l t d e e E r b x n t. - a & l r p P e c p e o p n r e t e f e i u t n c r r e 3 - a t e d l F o p i s b u m s r f l a t t o a s p e o h n n a u c n n o c e d e r e e c d n k - w d s h p S a o b e d o w l a x s a s r f v i o c a i n t i t d e ( r w s n k h s e - ( g s - s - - + ) , s . ) b i c n d P a A l t g a a e n h ! s v r a k e l i - r o y s s - f . o w f a t r h .8 e ket.' 1913, average. 3,343 629 830 5,565 320 35,000 86.77 - 6 59 1920, average- 8 3,586 253 3,527 38,066 26,042 1,005 57.34 + 48 io 554 1921— March 9 3,556 267 3,103 38,435 26,200 972 n220,344 58.17 344 + 111 556 April 9 3,566 271 3,018 38,211 26,000 1,248 32,523 56.92 1,085 + 66 600 May 9 3,570 272 3,041 38,233 26,200 1,004 57.15 H892 + 63 666 June 9 3,572 274 2,861 37,422 25,000 1,030 56.26 621 + 45 582 July 93,573 275 3,252 36,941 25,100 1,242 229,055 35,268 56.35 + 52 438 August... 9 3,574 277 2,749 36,783 24,900 1 End of month figures. 2 Includes Treasury and individual deposits. s Under the laws of Aug. 5 and Dec. 26,1914, July 10, 1915, and Feb. 16, 1917. < From indirect taxation and Government monopolies. 5 Foreign debt converted to francs at par. e Last Wednesday in the month. 7 Figures of the "Assooiation Nationale des Porteurs Francais de Valeurs Mobilieres." Bonds issued by the Government and the railroad companies not included. 8 Not including 1 978,000,000 francs held abroad from January through August and 1,918,030,000 francs from September through December. jp Not including about 1,948,000,000 francs held abroad. 10 Average for 11 months. 11 Revised figure. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1144 FEDERAL RESERVE BULLETIN". SEPTEMBER, 1921. SWEDISH FINANCIAL SITUATION. [Values in millions of kronor.] Foreign Riksbank. Joint-stock banks. Protested bills.i B fa u il s u i r n e e s s . s 1 ex in c d h e a x n . g 1 e Index Foreign number exchange of stock j Bills value of prices— m G d o l b d u c ll o io in n. N di o la te t io ci n r . - ! dis w co i u th n ted j L di o s a c n o s u a n n ts d . Number. Value. Number. th a e b r k o r a o d na A list.1 Riksbank. (foreign currencies =100). 1913, end of December 102.1 234.5 138.9 2,286.9 4,314 1.9 258 1920, average 269.1 732. 9 476.2 6,008. 2 3,586 6.4 196 112.9 1920, end of— June 261.1 736.5 527. 6 5,982.9 3,531 4.7 179 113.3 179 Jul7- 201.3 724,8 511.8 6,028.9 3,803 6.2 182 115.8 176 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. 3 629. 4 362.6 5,929.9 7,383 16.8 413 119.3 125 August 285.0 632.4 5,937.1 i Source: Kommersiella Meddelanden. JAPANESE FINANCIAL SITUATION. [Amounts in millions of yen.] Bank of Japan. Tokyo banks. Tokyo Private Tokyo bank Average and Gov- an L d o a d n i s s- ci N rc o u t l e a- Specie as b s a o n ci k a s te , d cl ( e t a o r t i a n l gs dis r c a o te unt ernment counts. tion. reserve.^ total within (Tokyo deposits. loans. the market). month). 1920, end of— i Per cent. March 1,181 364 1,368 921 1,982 4,135 10.15 April 1,2(51 432 1,367 917 1,982 3,168 10.62 1,209 445 1,328 930 2,089 2,922 10.95 JJuune. 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..... 1,090 88 1,178 1,178* 2,219 2,502 9.23 April 1,098 79 1,058 1,058 1,848 2,442 9.16 May.. 1,172 76 1,059 1,059 1,873 2,506 9.05 June. 1,119 74 1,053 1,053 1,980 2,670 8.91 July., 1,987 2,341 8.36 1 In case of Tokyo banks, and note circulation and specie reserve of Bank of Japan, last day of month. 2 It is generally understood that in recent years a certain portion of the reserve has been held abroad. Specie reserve figures do not include bank's own notes held in the bank. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SEPTEMBER, 1921. FEDERAL RESERVE BULLETIN. 1145 ITALIAN FINANCIAL SITUATION. [In millions of lire.] Leading private banks.1 Banks of issue. Government finances. Loans, Princi- Cash. d c s u c o p e a d o u o i n r s f n n r d - r e t d o s - - m , i s D d t c p e s u o e n o e p r a t n r o s n t e d o . s 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 - ld e. s T e r o r e v t - a e l . i D l m t i s t a e d i a b e p e a n i - s o n l . d s i 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 o s c o i t c f r n a c o t t u u h e f l o n e . a r t - n r S e c o t n u t a e c r t - s y e . m T s li e u c r e r e r v t r y a a e e s l - . - - • S t t r b u e h e i r r o a l m y l r s s t - . - p d T u e o b b t l a t i . c l n p t a n u a d n a o x e u l d p s a r r o i t e m f l n i v r i o o g o e e n m s - 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— May 813 15,240 14,044 5,782 1,038 2,065 2,264 6,459 10,402 June 874 14,996 14,060 6,784 1,038 2,110 2,379 7,484 10,333 2,538 343 9,300 95,000 1921, end of— January 1,193 17,113 16,392 6,931 1,058 2,046 2,635 8,673 10,591 822 February. 1,016 16,842 15,961 7,158 1,062 2,007 2,351 8,619 10,308 1,210 March 1,067 17,096 16,425 7,144 1,062 2,043 2,461 9,233 9,532 606 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 2,165 2,198 8,809 9,219 2,546 106,721 607 June 7,438 1,073 1,989 2; 366 9,437 8,722 19,000 1 Banca Commerciale Italiana, 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 e rl i n e c d h h n s s - - c N u o la te ti 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 p lo e p a r e n c r . i e 1 a n l t 5 p lo 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 ti .2 es kassen- market.3 scheine. 1'J13 average 1,068 32 1,958 1920, end of— June 1,092 17,252 53,175 23,414 13,633 1,718 141,987 62.90 98.30 5117 July 1,092 17,874 55,969 17,282 13,328 1,995 60.64 9S. 50 6140 1921, end of— January „ 1,092 22,810 66,621 ] 5,834 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 7 161 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 6,108 176,643 72.10 99.75 1,468 166 June 1,092 8,311 75,321 20,393 8,241 5,735 185,032 67. 75 99.75 2,238 178 July 1,092 5,398 77,391 15,814 8,358 190,675 77.00 99.80 195 1 Quotations of the Berlin Bourse. 2 Calculated by the Frankfurter Zeitung with the prices of 10 bonds and 25 stocks. Prices as of Jan. 1,1920=100. 8 Compilation of the Frankfurter Zeitung. 4 As of June 1. 5 As of July 1. 6 As of Aug. 2. 7 As of Apr. 2. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX. Acceptances: Discount rates: Acceptance liabilities of member banks 1050 Agricultural paper 1033 Banks granted authority to accept up to 100 In effect Sept. 1 1136 per cent of capital and surplus 1078 Prevailing in various centers 1135 Held by Federal Reserve Banks 1115 England: Purchased by Federal Reserve Banks 1113 Business and financial conditions 1068,1143 Agricultural credits 1027 Foreign trade 1110 War Finance Corporation permitted to grant... 1030 Wholesale price index 1106 Joint Commission of Agricultural Inquiry, Failures, commercial, reported 1081 statement regarding 1030 Federal Reserve Banks: Agricultural loans by Federal Reserve Banks, Mar. Condition of 1116,1119 4, 1920-Apr. 28, 1921 1049 Discount and open-market operations of.. 1111-1115 Australia, wholesale prices in 1108 Federal Reserve note account 1123 Bank debits 1128 Fiduciary powers granted to national banks.... 1078 Banking situation, discussion of 1034,1116 Foreign exchange, index of 1141 Building statistics 1098 Foreign trade: Business and financial conditions: Index of 1085 Enalgnd 1068,1143 United Kingdom, France, Italy, Sweden, and France 1074,1143 Japan 1110 Germany 1070,1145 France: Italy 1076,1145 Business and financial conditions in 1074,1143 Japan 1144 Foreign trade 1110 Sweden 1072,1143 Wholesale prices in 1107 United States 1036 Freight rates, ocean, index of 1086 Canada, wholesale prices in 1108 Germany: Charters issued to national banks 1081 Business and financial conditions in 1070,1145 Charts: Cost of living in 1072 Assets and liabilities of Federal Reserve Banks Wages in 1072 and member banks 1116 Wholesale price index 1107 Debits to individual account 1128 Gold imports and exports 1034,1133 Foreign exchange index 1142 Gold settlement fund transactions 1131 Physical volume of trade 1089 Imports and exports: Wholesale prices in the United States 1083 Gold 1034,-1133 Clearing and collection: Silver 1034,1134 Collection of demand bill-of-lading drafts, Index numbers: ruling on 1080 Foreign exchange 1141 Gold settlement fund transactions 1131 Foreign trade 1086 Operations of the system during August 1132 Ocean freight rates 1085 Number of banks on par list 1132 Physical volume of trade 1087 Clearing-house bank debits 1128 Retail prices in principal countries 1109 Commercial failures reported 1081 Wholesale prices abroad 1105 Commercial paper business, study of 1052 Wholesale prices in the United States 1082 Condition statements: India, wholesale prices in 1109 Federal Reserve Banks 1034,1116,1119 Interest rates prevailing in various centers 1135 Member banks 1034,1116,1124 Italy: Abstract of 1137 Business and financial conditions in 1076,1145 Cotton fabrics, production and shipments 1101 Foreign trade 1110 Cotton, financing of 1066 Wholesale price index 1107 Credit for moving crops 1027 War Finance Corporation permitted to grant.. 1030 Japan: Joint Commission of Agricultural Inquiry, Business and financial conditions in 1144 statement regarding 1030 Foreign trade 1111 Crop estimates 1099 Kains, Archibald, on cotton financing 1066 Crop-moving problem 1027 Knit goods production 1100 Currency, stock of, in the United States 1136 Loans, agricultural, by Federal Reserve Banks, Debits to individual account 1128 Mar. 4, 1920-Apr. 28, 1921 1049 Discount and open-market operations of Federal Maturities: Reserve Banks 1111-1115 Acceptances purchased 1113 Acceptances held -. 1115 Bills discounted and bought 1112,1122 Acceptances purchased 1113 Certificates of indebtedness 1122 Bills discounted 1112 Member banks: Bills held 1114 Acceptance liabilities of 1050 Earning assets held 1114 Condition of 1116,1124 Number of banks discounting 1112 Abstract of 1137 Rediscounts of bills between Federal Reserve Number discounting during July 1112 Banks 1122 Number in each district 1112 Volume of, during month 1112 State banks admitted to system 1078 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

II INDEX. Page. Money, stock of, in the United States. 1136 Rulings of the Federal Reserve Board: National banks: Notes not eligible as commercial paper unless Acceptance liabilities of 1051 made or indorsed by a party to the com- Charters issued to 1081 mercial transaction out of which it arises 1079 Fiduciary powers granted to 1078 Collection of demand bill-of-lading drafts 1080 Norway, wholesale prices in 1108 Silver imports and exports 1034,1134 Ocean freight rates, index of 1086 State bank and trust company members: Par list, number of banks on 1132 Acceptance liabilities of 1050 Physical volume of trade 1087 Admissions to system 1078 Prices: Condition of, abstract of 1137 Retail, in principal countries 1109 Sweden: Wholesale, abroad 1105 Business and financial conditions in 1072,1143 Wholesale, in the United States 1082 Cost of living 1074 Rates: Foreign trade 1111 Discount— Wages in 1073 In effect Sept. 1 1136 Wholesale price index 1107 Prevailing in various centers 1135 Tobacco industry, financing of 1057 Earning assets of Federal Reserve Banks 1114 Trade-: Foreign exchange 1141 Foreign. (See Foreign trade.) Rediscounts of bills between Federal Reserve Physical volume of 1087 Banks 1122 Retail, condition of 1102 Reserve ratio of Federal Reserve Banks 1031,1035 Wholesale, condition of 1104 Resources and liabilities: War Finance Corporation, agricultural loans by 1030 Federal Reserve Banks 1119 Wholesale prices: Member banks in leading cities 1124 Abroad 1105 Retail prices in principal countries 1109 In the United States 1082 Retail trade, condition of 1102 Wholesale trade condition of 1104 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE DISTRICTS MINN, j MINNEAPOLIS^ S.DAK. — BOUNDARIES OF FEDERAL RESERVE DISTRICTS BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES ® FEDERAL RESERVE BANK CITIES • FEDERAL RESERVE BRANCH CITIES O FEDERAL RESERVE BANK AGENCY O Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis