Full text of Federal Reserve Bulletin : June 1919
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FEDERAL RESERVE BULLETIN ISSUED BY THE FEDERAL RESERVE BOARD AT WASHINGTON JUNE, 1919 WASHINGTON GOVERNMENT PRINTING OFFICE 1919 FEDERAL RESERVE BOARD. EX OFFICIO MEMBERS. CARTER GLASS, Secretary of the Treasury, Chairman. JOHN SKELTON WILLIAMS, W. P. G. HARDING, Governor. ALBERT STRAUSS, Vice Governor. ADOLPH 0. MILLER. CHARLES S. HAMLIN. Comptroller of the Currency. J. A. BRODEBICK, Secretary. GEORGE L. HARRISON, General Counsel. W. T. CHAPMAN, Assistant Secretary. H. PARKER WILLIS, W. M. IMLAY, Fiscal Agent. M. JACOBSON, Statistician. Director, Division of Analysis and Research. F. I. KENT, « Director, Division of ForeignJExchange. OFFICERS OF FEDERAL RESERVE BANKS. Federal Reserve Bank of— Chairman. Deputy governor. Governor. Boston...... ,o | Frederic H. Curtiss... Chas. A. Morss New York ! Pierre Jay Benj. Strong, jr Philadelphia Cleveland R. L. Austin D. C. Wills Richmond Caldwell Hardy : George J. Seay.. ; Joseph A. McCord Wm. A. Heath Atlanta... Chicago... St. Louis Minneapolis. Kansas City. Dallas. San Francisco E. P. Passmore. E. R. Fancher. M. B. Wellborn. j J. B. McDougal. Wm. McC. Martin John II. Rich Asa E. Ramsay | Wm. F. Ramsey i John Perrin 1 D. C. Biggs Theodore'Wold. J. Z. Miller, jr. R. L. Van Zandt. J. U. Calkins Assistant to governor. I Chas. E. Spencer, jr. 0. C. Bullen I R. II. Treman J. H. Cage L. F. Sailer J. F. Curtis Wm. II. Ilutt, 2jr M. J. Fleming Frank J. Zurlinden l. C. A. Peple. R. II. ~ ' L. C. Adelson C. R. McKav B. G. McCloud1 O. M. Attebery R. A. Young C. A. Worthington 1. Lynn P. Talley • Wm. A. Day ' 2 C. C. Bullen. L. H. Hendricks. W. A. Dyer. H. G. Davis. Geo. H. Keesee. M. W. Bell. S. B. Cramer. J. W. White. S. S. Cook. J. W. Helm.2 Lynn P. Talley. Ira Clerk. Acting cashier. MANAGERS OF BRANCHES OF FEDERAL RESERVE BANKS. Federal Reserve Bank of— Manager. New York: Buffalo branch Ray M. Gidney. Cleveland: Cincinnati branch Pittsburgh branch L. W. Manning. Geo. De Camp. Richmond: Baltimore branch Manager. St. Louis: Louisville branch Memphis branch Little Rock branch W. P. Kincheloe. J. J. Heflin. A. F. Bailev. Kansas City: Omaha branch Denver branch 0. T. Eastman. C. A. Burkhardt. Dallas: El Paso branch R. R. Gilbert. San Francisco: Salt Lake City branch.. Seattle branch Spokane branch Portland branch C. H. Stewart, C. J. Shepherd. C. A. McLean. C. L. Lamping. Morton M. Prentis. Atlanta: New Orleans branch Jacksonville branch Birmingham branch Marcus Walker. Geo. R. De Saussure. A. E. Walker. Chicago: Detroit branch R. B. Locke. Federal Reserve Bank of— SUBSCRIPTION PRICE OP BULLETIN. The Federal Reserve Bulletin is distributed without charge to member banks of the system and to the officers and directors of Federal Reserve Banks. In sending the Bulletin to others the Board feels that a subscription should be required. It has accordingly fixed a subscription price of S2 per annum. Single copies will be sold at 20 cents. Foreign postage should be added when it will be required. Remittances should be made to the Federal Reserve Board. Member banks desiring to have the Bulletin supplied to their officers and directors may have it sent to not less than 10 names at a subscription price of $1 per annum. No complete sets of the Bulletin for 1915, 1916, or 1917 are available. TABLE OF CONTENTS. Page. Beview of the month Business and financial conditions during May Special reports by Federal Reserve agents Price movements in the United States during the war Chart showing Index of collection conditions Banking and industry in Switzerland during the war Cotton export corporation organized Condition of accepting member banks on March 4, 1919 State banks and trust companies admitted to the system during the month Foreign branches of American banks Banks granted authority to accept up to 100 per cent of capital and surplus Charters issued to national banks during the month Commercial failures reported Fiduciary powers granted to national banks Rulings of the Federal Reserve Board Law department. Gold settlement fund transactions Bank transactions during April-May Wholesale prices in the United States Discount and interest rates prevailing in various cities Physical volume of trade Discount and open-market operations of the Federal Reserve Banks Resources and liabilities of the Federal Reserve Banks Federal Reserve note account of Federal Reserve Banks and agents Condition of selected member banks Imports and exports of gold and.silver Estimated stock of money in the United States Discount rates in effect Operation of Federal Reserve clearing system Subscriptions to certificates of indebtedness Earnings and dividends of member State banks and trust companies IV • _ 521 53.1 537 543 546 547 548 553 554 562 562 562 562 563 563 565 566 569 571 574 577 580 589 594 598 600 605 606 607 60S 609 610 SERVE BULLETIN VOL. JUNE 1, 1919. 5 REVIEW OF THE MONTH, Final returns for the Victory Liberty loan, as compiled by the Treasury Results of vie- -p. • . "i Ll , ,r" j Department, show that tne t aggregate subscriptions amounted to 85,249,908,300, while the total number of subscribers receiving notes of the new issue was approximately 12,000,000, The outcome of the fifth loan, as thus indicated, is therefore an appropriate conclusion to a great and probably unprecedented series of Government offerings, The actual loans placed by the Government since it became a belligerent, with the number of subscribers and amounts accepted, may be summarized thus: Estimated number of subscribers. Loans. First loan Second loan Third loan Fourth loan Fifth loan (preliminary estimate) • 4,000,000 9,400,000 .18,370,815 21,000,000 12,000,000 Amount allotted. §1,989,456,050 3,807,891,900 4,17(5,510,850 0,992,927,100 4,500,000,000 21,4(56,792,500 Total. The Treasury Department's final compilation of the results of the Victory Liberty loan by districts is as follows: District. New York Chicago Boston Philadelphia... Minneapolis... Cleveland St. Louis Richmond San Francisco. Kansas City... Atlanta Dallas Treasury Total Quota. Subscriptions. SI, 350,006,000 SI, 762,684,900 (152,500,000 772,046,550 375,000,000 425.159,950 375,000,000 422,756,100 157,500,000 176,114,850 450,000,000 496,750,650 195,000,000 210,431,950 210,000,000 225,146,850 301,500,000 319,120,800 195,000,000 197,989,100 144,000,000 143,002,050 94,500,000 87 504,250 11,140,300 4,500,000,000 5,249,908,300 Per cent. 130.57 118.32 113.38 112.73 111.82 110.39 107.91 107.21 105.84 101.53 99.34 92.00 116.66 The estimated number of subscribers to the Victory Liberty loan was approximately 12,000,000, as follows: Boston 817,822 New York 2,484, 532 Philadelphia.... 984,975 Cleveland 1,253,334 Richmond 500,000 Atlanta 320, 699 Chicago 2,267,411 St. Louis Minneapolis Kansas City Dallas.../. San Francisco... Treasury 367,444 931, 767 680, 967 200,000 994,944 185,000 No. 6 As already;: explained in previous issues of the BULLETIN, the Victory LibContemporary , , n. -, slm -, • r~* i 4. borrowing ^ P-v summed to fund the greater part of the outstanding certificates of indebtedness into bonds. It has therefore in no respect changed the problem of contemporary borrowing by which the Treasury is necessarily faced. Expenditures are now running at about the rate of $1,100,000,900 per month. On May 1 the Treasury Department placed another issue of certificates of indebtedness amounting to §591,300,000, and it is understood that further issues will necessarily have to be offered to the public from time to time in order to make up the difference between current receipts from ordinary sources of revenue and the outlays on the basis just sketched. The obvious method of obtaining these funds currently is that of continuing to place issues of certificates with the banks. Such issues, however, have in the past been based upon the plan of periodically selling an issue of Liberty bonds. Since this plan is now definitely terminated, the change in public finance thereby rendered necessary will be that of providing a new method of funding the certificates from time to time currently sold to the banks. This offers a problem somewhat' resembling that of successfully placing the war savings stamp issues. It requires effort designed to fix the attention of the investing public upon the needs of the Government and at the same time to oiler a security which furnishes a reasonable amount of remuneration and into which, therefore, the savings of the community may be expected to flow. Thus again is presented the necessity of enlarging the savings of the community and of devoting these savings to the absorption of Government securities, a duty which was strongly insisted upon during the continuance of hostilities, but which none the less to-day exists in as acute a form as it did then. Financially, the war is by no means over. 521 522 FEDERAL RESERVE BULLETIN. The economic problem now before the country of which these phases of w a r financing form a part construct^ involves two issues. One is the question how to proceed in meeting the needs of domestic growth. The other is that of establishing the proper balance between our own progress toward a new economic adjustment and that which we shall assist European countries to bring about through aid to be extended to them. A proper settlement of these two questions in their relation to one another involves a process whereby price levels in all countries will automatically work toward a new basis and implies also the establishment of a new rate of return to capital which may probably show a greater approach to uniformity than hitherto attained. Not to establish a working community of prices, values and rates of yield on investment would mean that interchange of goods and of investment funds among nations would meet with difficulty. The situation of the world to-day is such that for some time to come there will be-a marked reduction of the differences between the economic systems of the leading countries. It is certainly not to the interest of any nation that other nations with which it has close relations should be seriously retarded in the legitimate use of resources and in the proportionate employment of labor. The attention of the people of the United States has naturally been focused upon the further improvement and expansion of domestic industry, but the position of the country when considered from a world standpoint shows that such expansion involves for its fullest success expansion elsewhere, both in order that customary markets for sale and purchase may continue to exist for domestic products and in order that foreigners may be enabled to liquidate in due time their obligations to American creditors growing out of advances made to them in the past and those necessarily to be made to them in the future. The continuation of such advances accordingly implies that such foreign countries shall be helped to attain to a condition in which they may settle their JUNE: 1,1919. indebtedness by the shipment of goods, a means of liquidation which they can not successfully employ unless they are enabled to place themselves in a productive condition. Our banking and financial organization thus has a new and important function to perform— more important and responsible than any it has been called upon to perform in the past— that of determining the division of capital in the international field just as it has heretofore been one of its principal functions to determine the division of capital within our own territory and within different fields of industry. The banking system of no country has ever been confronted with a greater or more serious responsibility. For the disposition that is made of our financial resources will affect everyone in the country for better or for worse, either as a consumer or as a producer. Proper performance of this function will necessarily involve the development of an investment mechanism of the kind already outlined in recent numbers of the FEDERAL RESERVE BULLETIN. Apparently in consequence of the further ^ xu *u . progress toward peaceful conGrowth ofbusi- V . . ness activity. i , T-, ditions and a stable price outlook, as well as the elimination of the artificial conditions which existed during the war, there is evident a continuous growth toward the restoration of private business activity to a more normal level. Conditions during the month of May have more than ever favored this renewed trend toward activity and efficiency. The excellent agricultural outlook has undoubtedly contributed in no small degree to the development of an optimistic attitude on the part of business men and bankers, while a belief that further reductions in prices are not to be expected in the near future has had a considerable share in encouraging construction and manufacture. The reentry of the Eailroad Administration into the market as a large buyer of iron and steel is expected to have an important effect upon private demand for those-articles, while a rise in the price of copper and other basic metals is already observable. It still remains true that the steel industry as JUNE 1,1919. FEDERAL RESERVE BULLETIN. well as other fundamental lines of manufacture is far below the normal level of production. Building operations are, however, resuming in a number of important directions and there has been some increase in the volume of railway tonnage, which had been reduced to a relatively low level during the early months of the present calendar year. The strong foreign demand for American products has resulted in keeping up the activity in shipping, although vessels have had difficulty in obtaining return cargoes from European ports to the United States. This resumption of business activity necessarily means a considerable increase in demands for loans and discounts at banks of all classes, an increase in demand to which bankers have been making a ready response. Partly as a result of these conditions and partly, as will later be noted, in consequence of strong foreign demands for shipments of goods produced in the United States, the general trend of prices has been upward, thus continuing the movement noticed in the FEDERAL RESERVE BULLETIN for May. The Board's index number shows that there was an advance during the month of April of about three points and the reports of the Federal Reserve agents for the month of May indicate that this upward movement has not only not ceased but is on the increase. The month of May has seen significant developments in connection with the End of Govern. ,. . ,. „^ ment control. progressive elimination of Government control from business. Possibly the most important administrative development in this connection has been the abandonment of the attempt of the Government and the steel producers to find a working basis for price revision in this important industry with the presumed result'of establishing an open steel market. Another important step has been the removal of import restrictions by Great Britain, such removal restoring to a condition of unrestricted movement the long list of articles, whose importation had previously been barred. The peace treaty, when ratified, will of course take a long step toward the restoration of export and import business as well as of domes- 523 tic trade in the occupied regions, to a free basis. It is worthy of mention in this connection that the President's message presented to Congress on May 20 fixes a definite limit for the return of the railroads to their owners and indicates that the return of the telegraph and telephone systems will take place as soon as practicable. Numerous minor restrictions upon business have been eliminated during the month just past and it is probable that there is to-day a greater degree of freedom of movement and lack of restriction upon trade throughout the world than has existed for nearly five years past. The restoration of business to a competitive basis necessarily implies the restoration of our banking and financial mechanism to the exercise of its normal functions in connection with the development of trade. Among these are the restriction of undesirable or excessive borrowing and the application within reasonable periods of the test of liquidation to our foreign trade. It will probably be some time before the mechanism recovers its full effectiveness and is able in the same degree as formerly to adjust the relationships of demand and supply and to control undue fluctuations in prices. During this period of transition danger of maladjustment or inflation will necessarily exist in greater or less degree, and such safeguards as can reasonably be applied should be invoked. This places upon the banks of the country an exceptionally responsible task. One phase of the present situation which parallels conditions that have A speculative era. existed at the close of most former wars is the development of an active speculative situation in the securities market. During the past month operations on the New York Stock Exchange have been upon a basis practically unprecedented since the opening of the war and paralleled only by the active market operations which marked the advent of large munitions orders when the European contest had definitely established itself. A succession of u millionshare days" with abnormally high prices in many classes of goods, has indicated the scope of the speculative movement itself, while the 524 FEDERAL. RESERVE BULLETIN. TUNE 1, 1919. fact that much of the buying within recent several countries had become better recognized weeks is said to have come not from profes- and established. The past few months have sional traders but from prospective investors shown that their needs are far greater than throughout the country, indicates the hold had been supposed and that very great sums which the movement is already taking upon Could be used to advantage if they could be the population of the United States. One obtained on a satisfactory basis. European phenomenon which has presented itself as an. countries do not, of course, afford a virgin field incident to this speculative movement is the of investment, but the restoration of industry existence of high call money rates. These rates and trade in Europe is so important to the whole have at times gone as high as 7J per cent, world in an economic sense, and is so desirable although only for & short period in any instance. in other than commercial ways, that the field Such fluctuations of the call money rate have of investment now offered by Europe may in a promptly bees, followed by little more than practical sense for the time being be regarded very moderate curtailment of the volume of as tantamount to a new field. It must never hanking accommodation. There is here un- be forgotten that the economic scheme of the doubtedly an element of danger to the financial world will be out of balance and adjustment position of the country. Ordinarily a sharp until Europe's economic power is measurably check could be administered through the restored. The United States, however, like advancing of the rates of rediscount at Federal every other country, must carefully consider Reserve Banks. Such a check for the moment what is the maximum amount with which -encounters some difficulty so long as the policy it can reasonably part. An advance of of promoting the absorption of Government long-term credit means the taking of capital securities by favoring rates is maintained. and hence of goods from the American For the moment the avoidance of abnormally market. The attempt of our financial syshigh loan accounts must be effected by means tem to advance credit at a rate more rapid other than those which would ordinarily be than justified by the rate of saving would, applied under tile methods and principles of therefore, simply mean advance in the central banking. Eventually, when circum- '"'cost of living" to the average consumer stances will permit, and the Federal Reserve through a further aggravation of existing B anks assume their normal functions making ad- conditions of inflation in banking and vances chiefly against liquid commercial paper, credit, with harm not only to ourselves but reducing to small proportions advances against also to those who receive advances on an The United States Government collateral, a natural unreasonably high basis of valuation. and effective check to existing conditions in natural tendency of the present time is to the money market may be afforded through attempt to accomplish too much in a short changes in rates- at Federal Reserve Banks. time and to go beyond the natural limits As things stand the continuance of emergency set by available resources, thus overstraining conditions caused hj the war has caused and crippling the investment mechanism of this primary function of the Federal Reserve the country and opening at least the possibility of serious danger as a result. The diffisystem to be held more or less in abeyance. That the supply of capital for meeting the culty in the situation is rendered more commanifold requirements of re- plex by the fact that American investors Short viving business and toreign have in the past been so little used to judgit I trade is distinctly deficient is ing and absorbing foreignTsecurities. While, a fact which has already been widely accepted. as pointed out in the May issue of the Just how deficient this capital supply is has BULLETIN, this difficulty can be relieved fey not been, fully known; indeed, could not be appropriate fiinancial organization designed to until the necessities and requirements of the render easier the appeal to the community's 1,1919. FEDERAL RESERVE BULLETIN. resources, it will remain true that such appeal must be made through investmei)t houses and institutions and that there will be more or less danger at all times that American financial establishments may remain the holders of considerable volumes of foreign obligations whose disposal to the actual investor remains for the future and which in the meantime constitute an incubus upon the liquid banking resources of the community. Studies of financial and banking conditions in the principal European countries, published both in the current number of the BULLETIN and in the May issue, show that the currency and banking situation on the Continent is one of unusual difficulty, while it would appear that supplies of available capital have been reduced to a minimum basis. It does not seem probable that conditions in these foreign countries can be promptly restored to a normal footing without importing from abroad in very large measure the funds that are needed in the process of financial rehabilitation. In this connection the question is pertinentfy raised what will be the effects of the reparation which is to be made by the Central Powers as a result of the peace settlement. This reparation will of course operate to create a one-sided balance of trade in goods, ships, and forms of capital, as well as of securities, between the Central Powers and the countries with which they transact business. It will therefore tend to place the recipients of the reparation in possession of funds with which they may liquidate their obligations to their own citizens or to foreign countries. France, Belgium, and other continental nations are heavily indebted to Great Britain as well as to the United States, while Great Britain likewise is a heavy debtor of this country. The reparation payments, while passed through the countries which are their recipients, may thus in the last analysis furnish the basis for payments to the United States designed to liquidate the advances made by this country to cover the cost of the war, save in so far as American investors may prefer to leave their 119745—19 2 525 funds actually at work abroad. In the latter case the effect of the reparation payment will be merely that of converting-a Government obligation into private securities or other evidences of indebtedness. Belgium's share of the reparation has already been used as security for the advance made by a group of American banks under the so-called Belgian Industrial Credit, and it may be expected that other loans or accommodations of the same or similar kinds will take place in the near future. It will, however, be some time before the reparation thus paid will In fact amount to more than a fraction of the sums needed to reestablish industry abroad upon anything like its prewar basis, The problem of importing capital into practically all of the European countries will thua be a continuing one, and a successful basis for such importation can be.found only in 'the assurance to individual investors in this and in other countries which have a surplus of savings for current requirements that there is n better field for the use of such savings abroad than exists at home. It is a problem of continuous rather than of temporary financing, and has reference to the ability of foreign countries to •produceincome through investment rather than to produce immediately consumable goods for the purpose of reestablishing their merchandisebalanGe. During the month of May the foreign exForeign ex- c kange situation has continuedchange develop- to become more difficult than it ments appeared to be immediatelyafter the period of "pegging" which came to a close on April 8. An immediate indication of difficulty in this connection has hem afforded by a sharp decline in quotations for the principal foreign currencies, sterling going as low as $4.63, francs to 6.77 per dollar, and lire to 8.75. These figures constitute record: low quotations for francs and lire, and while the quotation for sterling is not so low as those made after the close of the "pegging," it is lower than the rates which prevailed at the close of April. At present figures, French currency is worth little more than thFee~qu&rtexs of its face value as expressed iu terms of American 526 FEDERAL RESERVE BULLETIN. dollars. The immediate causes of this condition of affairs are obvious. It is reasonably estimated that the trade balance of the United States during the fiscal year ending June 30, 1919, will be about $3,000,000,000, or practically the sum that has been annually recorded for the past three years. The interest due and payable on our holdings of foreign securities is now not much below $500,000,000 annually. While it is impossible to say what are the total amounts payable to American citizens who are owners of foreign securities, or who have advanced sums for use in foreign countries upon which they receive regular returns, it may be conservatively estimated at $100,000,000. Unofficial figures for the amount of foreign obligations maturing in the United States during the calendar year 1919 place that sum at possibly $600,000,000 to $750,000,000. If the figures thus given, partly for the calendar year and partly for the fiscal year now drawing to a close, be regarded, as they reasonably may, as being applicable to conditions for the calendar year, it is apparent that means must be found during 1919 for the financing of about $3,600,000,000 of new obligations and for the renewal of perhaps $600,000,000 of old ones. This makes a gigantic, probably an unprecedented, financial problem. The Treasury's ability to advance sums to foreign countries has been limited by Congress to the sum of $10,000,000,000, of which about $9,500,000,000 have now been taken up. The department has therefore at most a sum of $500,000,000 (most of it allocated) which can be used for this purpose, so that it would seem that probably much more than $3,000,000,000 of new funds must be provided by private initiative if we are to continue our export trade upon its present level. It should be recalled that, as already mentioned, Congress has provided an export credit of $1,000,000,000 which may be made available through the War Finance Corporation. The doubt whether our export trade can be continued upon its existing level without involving serious financial strain makes the question of our national policy in reference to such trade one of urgent concern for the whole^community. JUNE 1, 1919. The primary effect of the present great exportation of goods from the Export trade U n i t e d g t a t e s j twofold—that and prices. of keepmg fields, factories, and men employed, and disposing of their product, on the one hand; and, on the other, that of maintaining prices. A slackening of the export trade would mean an increased consumption of goods at home or else a lessened production of them. The constant assumption is that the latter of the two alternatives would be the one to be pursued and that accordingly a reduction of exports from the United States would mean a limitation of prices in this country. Shortened industry, less demand for labor and accordingly falling prices, would be the net result of such a change in the direction of our business. For this reason many business men and financiers to-day evidently regard the maintenance of our great export balance as practically essential, the chief modification which they seem to wish to make in it being that of substituting manufactures for a part of the agricultural products which we are now shipping abroad. It is for the attainment of this end, and incidentally that of selling these exports at practically the prices now prevailing, that much of the current theorizing and most of the practical expedients that are now suggested in prevailing discussion of our international position are intended. This leaves untouched, however, the possible alternative that even if our export trade should be less active there might be developed an equal demand for our goods in domestic trade which would result in employing our labor and capital at practically the same rate. The question is really reducible to this—whether we are to use all such new capital as may become available through savings above what is requisite to absorb undigested Liberty loan bonds for the purpose of developing our own natural resources and expanding our own industries, or whether «a considerable part of it is to be loaned for use in European fields of investment naturally less productive but for the time being offering large returns, because of the necessities in which the peoples of Europe find themselves at the close JUNE 1,1919. FEDERAL RESERVE BULLETIN. of a war of economic exhaustion. Should it be true that we could to greater advantage use all our capital at home, the only consideration in favor of an attempt to maintain export trade at its present level would be that such assistance to foreign countries has not only an economic bearing, but also a broader aspect. This aspect would be found in the view put forward by some Americans who have recently visited Europe that there is a motive of self-interest as well as of altruism underlying the idea of assisting foreign countries rapidly to restore their productive capacity and to get back into sound economic condition. Economically speaking, the question of maintaining our export trade at its Domestic in- present level by means of loans vestment field. and advances thus reduces itself to the problem whether there is a better field at home than abroad for the use of new capital. It is undoubtedly true that many industries in the United States are still retarded and are still feeling the effects of the war which has operated to reduce their access to capital. The building trades have suffered severely and both commercial and domestic construction have fallen far behind their natural ratio of advance during the past four years. Municipal utilities and public utilities generally have for some time past been feeling the difficulty of securing sufficient capital for adequate expansion, due to lack of confidence in their ability to earn at existing rates. New industrial opportunities have not presented themselves with their accustomed speed and only in a comparatively few industries whose work was largely contributory to the waging of the war can it be said that there has been a sufficient stimulus to development. This situation is evidenced by the high rates of interest which many industries stand ready to pay for the obtaining of capital in the present market. Assuming that foreign countries are in position to pay equally high rates, the question of the use of our available loan funds would be determined by the views entertained by business men and experts concerning the probable earning power of the industries of those countries. A reduc- 527 tion in our export trade would necessitate some readjustment of conditions or relationships such as that which followed the armistice, but the transition could undoubtedly be effected. Present exportations are unquestionably upon a basis which it would be difficult to maintain as a permanency, being as they are so far above the prewar level. Pending a decision of these large questions, P o s i t i o n of American banks are doubtless banks in foreign in a somewhat embarrassing financing. position. Their managers naturally do not care to place themselves in a situation in which they would own large balances abroad unless some definite provision is made for continuously financing the export balance. Accordingly, many conservative bankers are to-day "covering" or "hedging" their discounts and purchases of foreign bills, refusing to discount or buy until they have sold a corresponding amount of the foreign currency which is to result from the paper offered them when such paper has matured. The effect of this policy, of course, is to reduce or limit the holdings of foreign currency by American banks, or, in other words, to require such foreign countries in every case to provide for the liquidation of their purchases before they are actually able to finance them in the United States. In former times such a tendency would have afforded a sharp check to their purchases of American goods, but as things stand the disposition of foreign countries to buy upon long-term credit instead of providing themselves with means to liquidate this credit within an ordinary period through the exportation of their own goods or gold, must shortly reach a point at which the disparity of values between our own and foreign currencies will become so great as seriously to handicap further business. Alternative to this conclusion, or as an expedient which would probably be resorted to before any such final outcome had been arrived at, is the possibility that more gold might be shipped to the United States by debtor countries, thereby tending still further to raise prices here and to maintain them upon some basis of parity with the level existing abroad. 528 FEDERAL RESERVE BULLETIN. In this situation it is not unnatural that some important private infO G V terests have boen ernment aid ° " calling for Government aid in supporting exchange and in the extension of credits for export business. Congress has already declined to increase the powers of the Treasury Department with respect to direct loans to be made to foreign countries, and it remains to be seen how far the credit of $1,000,000,000 placed within the reach of the War Finance Corporation can be availed of in practice. Whatever may be determined on this score, it is not desirable that Government direction of private industry should be continued longer than is absolutely essential. When a foreign country obtains an advance from the Government of the United States and then spends the funds thus allotted, it in the purchase of American goods for exportation to its own citizens, there has been practically a joint Government guarantee of either private consumption or private manufacture, or of both, with the results wilich usually follow from such guarantees. These results may be considered embodied in a tendency to indiscriminate consumption and more or less uneconomic use of the funds or goods which are thus set apart for the promotion of national development. A time must inevitably arrive when the emergency is no longer such as to require national borrowing in behalf of private individuals, and when to continue this polic}7 of subsidy or public support practically results in the increase of an indebtedness which is passing beyond the power of the debtors to liquidate. Our present banking organization is capable of safeguarding the country against undue devotion of its funds to foreign development should such tendencies manifest themselves, and at the same time of avoiding unwise withholding of support which comes from a lack of vision or a failure to understand the ultimate results of the refusal of present accommodation. This, of course, still leaves open the question of the precise means by which our bankers and exporters can thus protect themselves. But it is understood that the problem is now fully under consideration and JUNE 1,1919. reasonable provision for thejieeds of the future may accordingly be expected. As has been stated, the overgrowth of our export trade has undoubtedly 6S a n d h a d a banking. P o w e r f u l e f f e c t i n Preventing a decline of prices. This is due not only to the actual subtraction of goods from the domestic market to the extent that our exports are sold on long-term credits, but also to the more subtle and less obvious influence which is produced through the general continuation of inflation. To this perhaps more than to any other current factor may be ascribed the fact that prices have again turned upward.' It has been supposed in some quarters that, as the demands of the Government for the financing of war expenditures grew less, and as the demands of private business men and bankers for the financing of industrial enterprises grew more, there would be a distinct check to inflation and a definite tendency toward restriction of prices. This would normally be true should bank credit be confined to a strictly banking (i. e., short-term) basis. When, however, advances on the part of banks take the form of wThat is practically longterm or investment credit, their influence is towithdraw commodities from the market and to permit the use of them either for consumption or for the creation of investment capital whose actual power to produce an income return is necessarily rather far in the future. Such advances on the part of banks inevitably tend to maintain prices; and when such loans are made for the purpose of facilitating or carrying on export trade which has produced a steady and "favorable" balance (that is to say, a condition showing far greater exports than imports of merchandise) the influence upon banking conditions is very similar to that created through the use of bank funds for the support of public credit. In the present circumstances, therefore, a continuous excess of exports over imports, paid for by the issue of long-term obligations more or less largely sustained by the banks, must be regarded as constituting a distinct factor in tending to maintain the present inflation and to keep things upon an unduly ex- panded basis. The foreign banking institutions are already feeling the same problem, and it is under discussion in a number of countries, notably Great Britain, where the continued large importation of commodities purely for purposes of personal consumption is being discouraged so far as practicable. Nevertheless, the reaction of feeling resulting from the close of the war has unquestionably tended to increase the disposition of individuals to buy and spend with comparatively little regard for the eventual results of their action. Possibly the most important immediate outcome of this condition of affairs is the overstimulation of retail trade in consumable commodities and especially in luxuries and the relative retardation of business in basic commodities and materials for manufacture. The existence of this state of things is very obvious, not only abroad, but in the United States. During the month of May Treasury operations have caused significant c h a n e s in the bankiQ s serve notes have been almost steadily declining, the figure on May 23 was 2,504.3 millions, or a trifle above the circulation reported on October 25, 1918. Reserve percentages of the banks, after having reached 51.1 per cent on May 16, rose to 52.3 per cent on the following Friday. Bills bought in the open market during April were about 141 millions, as against 164 millions the previous month. Purchased acceptances held on the last of the month (April) declined to 180 millions, as compared with 235 millions held at the close of March. During the month ending May 10 the net inward movement of gold was Gold move$2,144,000, as compared with ment. a net inward movement of $6,395,000 for the month ending April 10. The gain in the country's stock of gold since August 1, 1914, was $1,081,870,000, as may be seen from the following exhibit: (In thousands of dollars; i. e., 000 omitted.) g p° si - tion. The first two series of certificates issued in anticipation of the Victory loan fell due on May 6 and 20, while the tenth series of certificates, amounting to 591.3 millions, was issued on May 1. On May 20 the first installment of the Victory loan was received, the total effect of all these operations being a continuous increase in the holdings of war paper at Federal Reserve Banks between April 25 and May 16 from 1,760.7 to 1,863.5 millions, followed by a decline to 1,762.4 millions after the first payment had been made on account of the Victory notes. For the first time the total discounts were over two billion dollars, the percentage of war paper in the total being over 90, while an even larger percentage was held in Boston, Philadelphia, New York, Cleveland, and Chicago. There was an increase of total acceptances on hand of 193.2 millions. Gold resources of Federal Reserve Banks have increased from 2,169.2 to 2,178.7 millions, deposits moving parallel with discounts and increasing to 1,865.3 millions on May 16. Total earning assets were 2,359 millions on May 23. While Federal Re- 529 FEDERAL. RESERVE BULLETIN. JUNE 1, 1919. Imports. Aug. Jan. Jan. Jan. Jan Jan. I to Dec. 31, 1914 1 to Dec. 31,1915 1 to Dec. 31,1916 1 to Dec. 31,1917... 1 to Dec 31,1918 1 to May 10,1919 . Excess of Exports. imports over exports. 1 104,972 31,428 155,793 372,171 40,848 13,130 i 81.719 420,529 529,952 181,542 21,102 10,464 1,800,210 Total 23,253 451,955 685,745 553,713 01,950 23,594 718.340 1,081,870 Excess of exports over imports. Of the gold imports for the month, amounting to $4,111,000, receipts of $2,500,000 came from Hongkong, the remainder coming largely from Mexico and Dutch East Indies. Gold exports, amounting to $1,967,000, were consigned chiefly to Venezuela, Mexico, and Colombia. Early in May the Board issued to the public the final volume embodying its Board's annual complete annual report and report. those of Federal Reserve agents. Included in the document is a detailed review of the action taken by the Federal Advisory Council at meetings held from its first session up to and including the session held on November 19, 1918. There has thus been given to the public a complete, classified analysis of all 530 FEDERAL RESERVE BTJIiLETIN". of the work of each element in the management of the Federal Reserve system, with detailed statistics governing actual operations. Included in the volume are full accounts of expenses and salaries, also of total outlays on account of Liberty loan transactions. Full information is afforded not only with respect to each bank and governing body in the system, but also with respect to the principal branches of the internal activity of the several banks. The Board has from the beginning adopted the policy of publishing in detail, both in its annual report and in the FEDERAL RESERVE BULLETIN, the most complete available data regarding its own expenditures and those of the banks. In this report further progress has been made toward placing the reports of Federal Reserve agents, rendered on behalf of their respective banks, upon a substantially uniform basis. Complete uniformity has not yet been secured, but it is believed that in all principal respects detailed comparison of conditions in the several districts is rendered possible through a study of the reports which are now thus assembled in one volume. It is worthy of note in this connection that continuous effort is being made to bring about greater uniformity in the business conditions reporting service which now constitutes a part of the work of the FEDERAL RESERVE BULLETIN. As in former years, a copy of the complete report is being sent to each member of the Federal Reserve system. On May 21 there occurred at the Federal Meeting of ac- Reserve Bank of New York a ceptance commit- meeting of the acceptance corntee, mittee which had been appointed by the Federal Reserve Board to consider the question of regulations and literature relating to all branches of the acceptance business. Those in attendance on the meeting were Federal Reserve Agents Wills, Curtiss, Austin, and Jay, Deputy Governor Spencer (Boston), Mr. Kenzel (manager of investments, New York), Mr. Paul M. Warburg, and Mr. H. P. Willis. The question of preparing complete, detailed statements relating to typical operations in which acceptances of all kinds were employed was taken under advise- JUNE 1,1919. ment. The work of the committee is intended to result in a report to the Board, and this report when rendered will be duly taken under advisement and will be considered in connection with the formulation of new regulations governing the subject of acceptances, which the Board has had in contemplation for some time past. It has been the practice of the Board to issue an annual edition of its regulations, but the new issue is now long overdue, having been held back on account of the anomalous and unusual situation created by the war and the desire to embark upon the reconstruction period under a series of regulations adapted to the new conditions. It is the intention of the Board after gathering information from all available sources so to reshape its regulations as to repress unsound methods and to limit the acceptance business to the lines intended by the Federal Reserve Act. The Buffalo branch of the Federal Reserve Bank of New York was opened Branches and for business on May 15, with personnel. R. M. Gidney, formerly assistant Federal Reserve agent at New York, as manager. The directors of the branch are as follows : Appointed by the Federal Reserve Board: Clifford Hubbell, Buffalo; Charles M. Dow, Jamestown. Appointed by the Federal Reserve Bank of New Yorl^: Harry T. Ramsdell, Buffalo; Elliott C. McDougal, Buffalo; R. M. Gidney, New York City. The territory assigned to the Buffalo branch includes the 10 most westerly counties of New York State, as follows: Monroe, Livingston, Allegany, Orleans, Genesee, Wyoming, Cattaraugus, Niagara, Erie, and Chautauqua. During the month of May some changes in personnel have occurred in the Federal Reserve Banks. Owing to the death of Governor James K. Lynch, Which occurred on April 28, Mr. John U. Calkins has been elected as successor to Mr. Lynch and has taken office as of May 6. In the Second Federal Reserve District Mr. Sheppard Morgan has been appointed as assistant Federal Reserve agent in place of Mr. Ray M. Gidney, who has become manager of the Buffalo branch of the Federal Reserve Bank of New York. JUXE 1,1919. FEDERAL RESERVE BTJIiLETIH'. 531 BUSINESS AND FINANCIAL CONDITIONS DURING MAY, 1919. During the month of May there has been a noticeable upward trend in business, with evidences of great activity in certain lines, especially those closely related to the leading retail trades, which have felt the release of buying power held back during the war and in the first months after the armistice. Practically uniform reports from all Federal Reserve agents point to a summer and autumn of unusual activity, with many indications of "business prosperity," especially in agriculture and merchandise and to some degree in manufacturing. The country now seems to be passing through a period of free expenditure, a reaction from the enforced economy and business restrictions of the war period. If the present activity should prove to be based principal!}7 on these causes, a reaction therefrom may be looked for when these forces have spent themselves. From district No. 1 it is reported that " manufacturers and merchants in practically all lines are doing a large business, and buyers who withheld orders awaiting lower prices are now purchasing heavily before costs advance further." From district No. 2 it is reported that business readjustment has gone forward despite prices and that the pressure of the retail purchaser, working from the bottom, has forced activity into the branches of industoy where doubt as to the future and disinclination to go ahead had prevailed because of the high cost of materials and labor. District No. 3 reports that the business situation continues to show improvement in many lines and that further increases are expected as the year advances. District No. 4 reports that "we are no longer awaiting prosperity; it is already with us. Business is breathing easier." From the fifth district it is reported that " improving conditions in trade have developed rapidly. Few unfavorable comments are heard, and optimistic reports are so general as to excite caution as to accepting them without qualifications." In the sixth district "business in almost all lines has continued active, retail trade is still on the increase, and wholesale merchants also report an increased volume of trade." In the seventh district "the volume of business is sufficiently large to indicate the enormous buying power which high farm prices, wages, and the production of the war period has created." According to the eighth district, "the prevailing business sentiment is one of increasing optimism—reports received from the various industries of the district indicate that business generally is improving." The ninth district reports that, "industrially speaking, the outlook is for an active year. Wholesale business is active and retail trade is very satisfactory. Collections are good." ' In the tenth district correspondents of the Federal Reserve agent " are more optimistic than at any time this year" and there is "cheerfulness on the part of bankers, merchants, farmers, manufacturers, and wage earners." All correspondents regard conditions at this time as favorable to a continuance of prosperity for many months to come. In the eleventh district general and careful investigation tends to confirm earlier predictions that "business has reached a period of prosperity which was not only unexpected but, we believe, is not fully appreciated." The twelfth district states that "manufacturing and industry have been active in most of the centers of the district. Wholesale and retail trade are good and collections vary from good to fair. Labor is now almost fully employed in all sections of the district except Utah." The price and reconstruction situation throughout the country is practically a continuation of that already noted during the month of April. Prices in some districts are at "about the same level for corresponding months of last year," while elsewhere business men are reaching the conclusion that the return from war to normal conditions does not necessarily mean the pre-war level, but that "far-reaching and permanent economic changes" have been produced. Trade in some sections has "reached the conclusion 532 FEDERAL RESERVE BULLETIN. JUNE 1,1919. that -most ef Its fears have not been realized usual degree. Winter wheat still continues to and were without foundation," while "mer- warrant the forecast of a wholly unprecedented chants are in a condition of solvency which yield which has been made known by the Dethey h&ve wot enjoyed for many years." One partment of Agriculture. In the Kansas City Federal Reserve Bank finds that "the public district winter wheat is reported in excellent is slowly adjusting itself to the conviction that condition and growers are counting on the there is to be mo rapid post-war drop in prices largest yield in history. Weather conditions and is FeeoaciliBg Itself to the probability that during May have been beneficial in checking the old pre-war prices may never again be the too rank growth which was made by wheat reached." What would have been accepted in the early spring. The spring wheat acreage as a good pre-war volume of business is much probably will not be much increased, due to less likely to be acceptable as sufficient volume weather conditions, but the prospects for a large •for our recGostruetaon work. yield are said to be of the best. The Ninth The Board's index, based upon that of the District states that "soil and moisture condiDepartment of Labor,, shows that prices have tions have been generally favorable throughout exhibited m® teadeBey to retrograde, but on the month." In districts where crops have the whole aie moving slightly upward, the been poor for two years past the outlook is very figure rising from 200 to 203 in April. The satisfactory. In the corn-producing States the effect of this condition has been to bring about prospect is thus far very favorable and in the a state of greater confidence and to develop cotton region the outlook is for a "hopeful a -latent Swaying power which was appar- growing season." Diversification duo to organently only awaiting decision as to the prob- ized effort is making progress and the cash abilities of the coming months before making returns to farmers are expected to be unusual. itself felt The iBcrease is due entirely to the On the Pacific coast the staple crops have increase in Ilka prices of raw materials and "made satisfactory advancement and are in consumers7 goods, the Index numbers for the good condition" although rain is needed. groups in. question rising from 197 to 200 and Some losses of fruit crops have occurred but the from 206 'to. 2IOt respectively. On the other food outlook is promising. Grain movements hand, rfche index number for the group of pro- to primary markets have for the most part been ducers5 goods declined from 190 to 186, while slightly heavier in April than in February and among fee sobgroups included under the head March, but shipments have been more than, of raw materials the index number for the three times the volume of-receipts. Flour promineral products group likewise declined from duction during the month of April amounted to 171 to 16% which, however, did not serve to 11,274,000 barrels as compared with 10,498,000 offset eoBsideFable increases in the prices of during the previous month, though stocks at both farm and animal products, the index mills at the close of the month on the other hand numbers for the latter groups increasing from show a slight decrease. In consequence of the 235 *to 243 -and from 216 to 223, respectively. increases in the price of flour which recently Reports of Federal Reserve agents develop occurred, steps were taken by the Grain Corthe conspiflwus fact that this slight increase poration to check the rise, though the efforts in iin prices lue brought about a general belief certain localities at any rate appear as yet to that the 'tim& has come when business men have met with little success. As a result of may proceed actively with further commit- stimulated prices milling operations since ments without running the risk which they April 1 have been about double those of the had some months ago predicted of constantly same period last year, but this increased activity has "been experienced only by those mills shrinking values for raw material stocks. Agriculturally, the remarkable promise of the which were able to obtain allotments from -spuing-appears to be sustained in an un- Government wheat stocks. It is reported from FEDERAL RESERVE BULLETIN. JUNE 1,1919. certain centers that the mills have booked sufficient orders to absorb the present stocks of wheat which are available but are unwilling to iraake further commitments in view of the decrease in wheat stocks. It has been remarked that during the past year the United States raised insufficient corn to supply domestic requirements, due largely to the increased demand for feeding purposes. Speculative trading in the commodity has been exceedingly heavy of late with spectacular movements in prices and marked on the whole by a considerable increase. From Chicago it is reported that prices of cattle are considerably higher than a year ago, while prices of sheep are lower. Beef has therefore advanced, while mutton and lamb have slightly fallen. Smaller receipts of hogs at the principal markets have resulted in a decrease in the stocks of pork and lard. Kansas City, however, reports that the cattle trade has been rather dull with prices slightly weaker, although they still show a considerable margin over a year ago. Hogs, however, have continued to advance, speculators paying up to $21. In Kansas City there was a decrease during April of 34 per cent in the receipts of cattle, an increase of 34 per cent in receipts of calves, a decrease of 7-|- per cent in hogs, an increase of 29 per cent in sheep, and an increase of 58 per cent in horses and mules. Receipts of cattle during April at 15 principal markets were 1,255,379 head, as compared with 1,094,614 during March, the respective index numbers being 125 and 109, as compared with 1,533,147, corresponding to an index number of 152 a year ago. Receipts of hogs decreased from 2,842,663 head during March to 2,823,484 head during April, the respective index numbers being 129 and 128, while receipts during April, 1918, were 2,942,449 head, corresponding to an index number of 134. Receipts of sheep, on the other hand, increased from 847,842 to 970,070, with respective index numbers of 62 and 71, as compared with 733,709 a year ago, corresponding to an index number of 54. It is expected that the export movement will continue on a large scale for some time to come. 119745—19 3 533 In steel and iron the reports for the month show a reduction of output to what are said to be the lowest figures for a good while past. In spite of this fact prices of steel stocks as quoted on the exchanges have materially advanced. A notable development during the month has been the establishment of an open market for steel through the abandonment of the effort to stabilize values and prices, aided by the entrance of the Railway Administration into the market as a large buyer of rails and equipment. Bids for 400,000 tons of railway steel were requested by the Railway Adminisration on May 8, and 200,000 tons have been allotted. A much better tone in the steel and iron market is reported at various points, although the mill activity is said to be only about 70 per cent of normal in the establishments of the United States Steel Corporation and 50 per cent at independent mills. Pig iron production shows a continued decrease from 3,090,243 tons during March to 2,478,218 tons during April, the respective index numbers being 133 and 107. The latter is the lowest figure since February, 1918. Steel ingot production likewise shows a decrease from 2,662,265 tons during March to 2,239,711 tons during April, the index numbers, respectively, being 110 and 93. The unfilled orders of the United States Steel Corporation have also decreased from 5,430,572 tons at the close of March to 4,800,685 tons at the close of April, the index numbers, respectively, being 103 and 91, while the figure at the close of April, 1918, was 8,741,882 tons, corresponding to an index number of 166. The figure for the close of April, 1919, is the lowest since June, 1915, at the end of which month the total was 4,678,196 tons. Although pig iron trade in the Atlanta district is dull as it is elsewhere, the steel mills are active and rails are being rolled in preparation for a considerable trade. The high freight rates heretofore prevailing out of the Atlanta district have been a handicap, but a recent ruling by the Interstate Commerce Commission seems likely to give them access to trade in northern territory which has up to the present been impossible. While the bituminous coal industry is reported 534 FEDERAL RESERVE BULLETIN. to be at present depressed and unsatisfactory, with an output less than 70 per cent of that of a year ago, and while there has been a large accumulation of fuel, coal operators are optimistic for the future. The current use of fuel is in excess of production and stocks are being consumed, while an increase in the production of bituminous coal since the opening of May is noted. Shipments of anthracite for the month of April show a substantial recovery from the low figures for the two previous months, the tonnage for April being 5,224,715 as compared with 3,938,908 for March, the respective index numbers being 93 and 70. The production of beehive coke on the other hand continues to decline, the output for April being 1,316,960 tons as compared with 1,768,449 during March, the corresponding numbers being 50 and 68. It is reported from the New York metal market that after several weeks of almost no demand the copper market shows a slight improvement. Quotations have been reported as high as 16 cents, while producing companies are operating on a 50 per cent basis. Production of four large companies during the first four months of 1919 amounted to 122,541,610 tons as com-, pared with 180,425,458 tons during the last four months of 1918. In spite of the reduced domestic output, stocks have continued to increase due in considerable measure to continued heavy importations. The lead market is somewhat firmer than it has been for some time past and the tin market is dull. From Kansas City it is reported that considerable reductions have occurred in the prices paid for zinc and lead ores and there has been a decrease in their production. It is reported that production in the lead industry, however, is at a considerably higher level than in the copper zinc, and iron industries. During the month of April more than 1,000 new petroleum wells were completed, with new production of about 43,600 barrels daily in the Kansas City district. A substantial gain in production is now expected. General manufacturing is showing decided improvement. The wool market is strong, with prices in favor of the seller. Large orders JUNE 1, 1019. have been placed with the mills, both for yarns and finished goods. Weavers have operated freely in purchasing wool at Government auctions in the Philadelphia district. Woolen and worsted mills are going back to full time, with a large volume of orders. While fine wool is in considerable demand and commands high prices, low-grade wool, on the other hand, is in relatively little demand, and a lower trend in prices is indicated. Fall orders for woolen underwear and high-grade hosiery are appearing in good volume. Very decided improvement has occurred in cotton milling, and orders are being booked well into the fall. The demand is for the finer goods, and prices have been advanced until they even exceed winter levels. The new 48-hour schedule has, however, curtailed the output at mills, and a slight labor shortage is now in evidence. The percentage of idle woolen spindles on May 1 was 16.8 per cent, as compared with 28.4 on April 1. The percentage of idle worsted spindles on May 1 was 25.3 per cent, as compared with 36.1 per cent on April 1. There has been active buying from the new wool clip in the West. These conditions are reflected in the demand for dry goods and shoes, which is one of the most marked symptoms of trade recovery in the month under review. Foreigners who arc leaving the country in considerable numbers are reported to be carrying with them many pairs of shoes to meet needs abroad. Prices are being marked up for fall delivery, the outlook now being for an increase of 25 to 50 cents a pair for retailers. Retail trade practically throughout the country is assuming unprecedented volume, while prices continue abnormally high. Retailers in most sections have made little or no adjustment, but continue to demand prices based upon war conditions. In New York large establishments report a volume of business two-thirds greater than a year ago, and in Chicago returns range from 25 to 50 per cent in excess of 1918. The demand is largely for the highest class of goods, with prices a secondary consideration only. In the South there is said to be "no contraction in the JUNE 1, public buying power/'7 while a greater proportion of cash sales is reported. In the Richmond district there is an "active trade, consumers buying freely without question as to prices/7 The effect of this active purchasing throughout the country is being reflected in the activity of wholesale business, advance orders for goods for autumn being reported satisfactor}' in volume, although still less than a year ago. Prices for cotton and wool goods have again advanced and retail stocks have in many cases been reduced to a low point. Retailers in some sections are actively placing orders for immediate delivery. The high wages prevailing in most parts of the country and the increasing volume of employment creates a condition of remarkable strength in local business, both volume of sales and receipts of cash surpassing past records. Manufacturing is already feeling the impetus furnished by this continuation of strong purchasing power. In building there has been a distinct revival throughout the country and particularly in the principal population centers marked advancement is now noted. Chicago shows a gain in building permits of 169 per cent compared with a year ago, and similar or larger gains are reported in most of the large cities of the Middle West. In New York building has been retarded, although the need is very great, an obstacle being presented by the difficulty of obtaining satisfactory building loans, but the realty market is better than for the past 18 months. The value of building contracts awarded in the seventh district for the year thus far is about double those awarded in the same period of 1918. Advancement in building has been less noticeable in the far South, but such reports as are available point to a coming revival, while in some places the greater activity is already very encouraging. On the Pacific coast reports from 19 principal cities for April show an increase of 31 per cent over March and 47 per cent over April, 1918. In the States of the southern and eastern seaboard building is progressing rapidly. The fifth district reports that the housing question 535 FEDERAL RESERVE BULLETIN. is urgent and that there is considerable activity "in home sites and building, particularly apartment houses in cities.'7 Real-estate values are said to be hardening and in some places there is a decided boom, while sales of farm hands are on the increase. The following table shows the value of building permits issued in various cities during the first four months of 1919: January. February. Boston Buffalo New York Philadelphia Cleveland Pittsburgh Baltimore Washington.. Atlanta Chicago Detroit Indianapolis Milwaukee Memphis St. Louis Minneapolis St. Paul Kansas City, Mo. a n d Kans .' Denver Omaha Dallas Los Angeles Seattle San Francisco Total March. 8712,012 ! $016,782 51,777,234 206,000 320,000 962,000 4,860.758 8,144,358 10,277,999 084,505 1,140,865 2,662,290 927,900 1,135,605 2,456,450 281,571 379,951 982,715 276,178 943,702 1,004,599 208,720 505,334 829,585 269,585 401,233 750,290 1,781.710 1,954,400 5,438,680 l,O4O;71O 1,279,065 3,230,700 219,215 436,645 529,314 145,640 380,513 1,138,108 122,760 138,240 202,575 507.015 310,621 446,318 181' 320 369,705 627,130 179,272 ! 153,619 228,825 204,885 ! 78,200 169,015 109,820 818,827. 447,195 429,106 434,195 219,500 274,715 91,964 1,006,619 1,750,085 355; 377 April. 51,300,483 734,000 16,655,290 4,180,565 1,537,360 1,013,383 1,508,957 2,112,231 947,220 7,447,800 | 4,610,731 I 879,399 ! 1,804* 521 ! 725,000 ! 1,019,470 ! 1,780,100 ! 859,114 543,025 817,102 434,500 522,650 • 385,642 ' 512,815 i 340,225 j 235,050 , 1,122,415 ! 1,610,255 i 705,780 ! 1,341,415 '• 908,831 1,092,706 14,807,919 ;22,743,183 ! 37,9SJ,230 '55,247,617 Labor and employment conditions have made farther progress toward normal. In the principal manufacturing centers it appears for the most part to be true that labor is fairly well employed. Skilled labor is generally in demand throughout the country and at unpreccdentedly high wages. Notable advances of wages have occurred in the cotton textile mills of New England, the present wages of labor there being fully 100 per cent above prewar figures. There is an increasing shortage of laborers on farms and of skilled mechanics in shipyards, and, although the supply of farm labor in many sections now equals the demand, an increasing deficiency is expected within the next few weeks. Unemployment is most frequent at points of disembarkation, where returning soldiers are being mustered out of the military service, but even at these points good progress is being made in the process of ab- 536 FEDERAL RESERVE BULLETIN. sorbing the floating supply of labor. In the southwestern cotton region the past 90 days has witnessed almost a complete reversal of previous conditions, and there is a greater demand for common labor than heretofore. Few strikes are now in progress, although here and there labor difficulties have been reported. This is particularly noticeable in the New England district, where it is stated that the increased cost of living, as well as the higher scale of living to which workmen have become accustomed, has had the effect of rendering the new rates of remuneration less satisfactory than the old ones, and as a result some unrest is reported in that district. A remarkable feature of the business situation is the continuance of an enormous favorable export balance. This balance, according to official reports for the month of April, amounted to the unprecedented total of $442,000,000. While the shipments still consist largely of foodstuffs and raw materials, there are some indications of an advance in sales of manufactured goods, and these are expected to inorease from now on, granting that favorable provision is made for financing sales to foreign countries. Trade with the Scandinavian countries has shown special advancement, but business with South America, Japan, and China has been partially checked. From the New York district it is reported that 75 per cent of shipments now going forward represent orders placed and largely paid for some time ago. Shipping facilities have improved somewhat during the past month, but sailing dates of vessels are still very unreliable. Plans are in prospect for the development of methods of financing and facilitating the growth of export trade. The month of May has witnessed some important, not to say remarkable, financial developments. The stock market has been passing through a speculative era only comparable to that of three years ago. Transactions on the New York Exchange in the week ending May 17 were the largest for any week JUNE 1,1919. since 1901. The heavy purchases are attributed largely to the presence of out-of-town buyers who are in possession of large amounts of funds. In interest rates, however, despite this remarkable speculative activity, there has been a distinct downward trend during the month. This trend has been noticeable in almost all classes of paper, but particularly in the case of commercial paper sold in the open market, and also in the case of interbank loans, as well as a fractional decrease for indorsed bankers7 acceptances. Prevailing rates for customers' prime commercial paper on the whole show decrease, while collateral loans on the other hand remain relatively firm. In the call-money rate, however, there has been at times a distinct upward trend and on one occasion the rate reached a level of 7 4 per cent in New York. This figure, however, was maintained only for a few hours. The rate for paper collateraled by Liberty loan bonds has been slightly advanced in places, due to the desire'on the part of banks to encourage customers to liquidate their obligations for overdue subscription payments. Liberty loan bonds themselves have commanded decidedly better prices during the latter part of the month of May, this result being attributed to the popularity of the fifth Victory notes whose value was in a measure reflected upon other classes of Government securities. The banking position of the country is reported as on the whole sound, present circumstances considered, and reserve percentages of the Federal Reserve System have shown an ability to hold their own. Transactions at clearinghouse banks which report to the Board show essential stability with a slight tendency toward an increase in volume. A remarkable feature of financial developments during the month has been the sharp decline in quotations of most foreign currency. Lire and francs have established new low rates going, respectively, to 8.36 and 6.70 up to May 20, while sterling, which had shown some ability to reach higher levels, has again fallen off. JUNE 1, 1919. FEDERAL RESERVE BULLETIN. 537 SPECIAL REPORTS OF BUSINESS CONDITIONS REPORTED BY DISTRICT NO. 2. REPORTED BY DISTRICT NO. 1. Business readjustment has gone forward in the second district despite high prices. In fact, it appears that the pressure of the retail purchaser, working from the bottom, has forced activity into the branches of industry where doubt in the future and disinclination to go ahead had prevailed because of the high cost of materials and labor. In other words, the buying power and buying disposition of the people has been so great that stocks have been diminished and buildings of the better sort have been filled to capacity, with the result that producers in varying degrees are concluding that the market is ready to absorb newly manufactured goods, even at the high prevailing prices. The stock market has shown signs to the same effect—that the buying power of the country at this time is very great. Transactions on the New York Stock Exchange in the week ended May 17 were the largest in any week since 1901, and on every day except on Saturdays when the market is open for two hours only, over one million shares have been bought and sold. The opinion is generally expressed that the activity is in large part due to the operations of new buyers, with large amounts of money at their command. This activity has continued through the course of the Victory loan campaign, despite the fact that the district oversubscribed its quota by more than $400,000,000. The present speculative movement seems to be based on confidence in profits which may arise from more active manufacturing to meet the present increasing demands, from crops of unprecedented size and from an expectation of heavy exports to supply the needs of reconstruction abroad. This confidence has been reflected especially in the industrial shares, which have enjoyed tlie major increase in price. Of late the rise has extended to the railroad stocks on the prospect of an early return of the railroads and other public utilities to private control. The Annalist record of the average prices of 50 representative stocks was 83.50 on May 17, as compared with 77.03 on April 12. The long downward swing in bond prices, which began at the signing of the armistice, was halted in April and has been converted into a decided rise during the first three weeks of May. The bond market, like the stock market, shows a great buying power throughout the country. Buyers have been attracted especially by tax-exempt issues, notably municipal bonds. Bonds which have been re- A most decided improvement in the cotton market has occurred in the last month. More cotton is being used both in this country and Europe. Here in New England the demand is largely for long staple." Apparently mills working on Government contracts which required ordinary cotton had no supply of the higher grade and therefore had to buy heavily to cover orders when resuming their regular line of production. In addition, continued demand for goods made from fine cotton has tended to increase the price of the best grades quite materially. Mills which a month ago were reluctant about taking advance business at the then prevailing level, now that prices have advanced are booking orders well into the fall. The demand is for the finer-grade goods and mills have advanced the prices of these lines until in some cases they exceed the war levels. With the new schedules of a working week of 48 hours in effect the maximum output of mills in this district has been much curtailed. In some places there is beginning to be felt a slight labor shortage for the fancy weaves, which tends to make mills rather cautious about booking their entire capacity. With a strong continued demand for shoes, and increasing costs of materials, manufacturers are now in the process of marking up prices for fall deliveries. At present the outlook is for advances of 25 cents to 50 cents a pair to the retailers. The public will probably be faced with even larger increases, due to the fact that many dealers, fearing to curtail their sales, absorbed a large part of the last advance in the hope that it would be only temporary. Production continues on a full capacity basis, with plenty of future orders coining along to insure continued operation on the same basis. Reports of good collections are prevalent and manufacturers are having no difficulty in finding funds to carry their higher priced leather. Hides and leather have not stopped advancing and bring almost any price asked by the dealers. This state of affairs is likely* to last as long as both domestic manufacturers and foreign buyers are in the market for leather. All the world's hides that are known to exist are already purchased and such exporting nations as the Scandinavian countries are in this market for leather. Removal of shipping restrictions will not bring any substantial relief. 538 FEDERAL RESERVE BULLETIN". garded as conservative investments have notrisen in price in the same degree as bonds 3rielding higher rates of interest. The Annalist record of the average of 40 representative bonds was 78.22 on May 17, as compared with 76.81 on April 12. During the week following /the Victory loan campaign several new security issues were announced, of which the most important was the issue of $50,000,000 of cumulative 6 per cent debenture stock of the General Motors Corporation, offered at 90. REPORTED BY DISTRICT NO. 3. ,7uxi-: 1, 1910. thread, the latter having made a new high record price in May. There is a good demand for light-weight underwear, and some mills are so well sold up that they are declining business. This, however, is by no means general. For winter underwear, advance orders appear to be about 50 per cent of normal. The wool market is strong, with prices in sellers' favor. Large orders have been placed with the mills both for yarns an(3 finished goods during the past month. Due to the stimulus of large sales of their product, spinners and weavers alike have operated freely at the recent Government auction sales. Lower qualities showed some recession in values. This slump in the prke of the lower grades has in a measure recovered. Woolen and. worsted mills are getting back to full time with a good volume of orders on hand. The bituminous industr\r is at present in. a depressed and unsatisfactory condition, the aggregate output being less than 70 per cent of the corresponding period of 1918. Last year, owing to insistence emanating largely from governmental sources, consumers were urged to acquire a. supply in excess of their actual REPORTED BY DISTRICT NO. 4. necessities, either immediate or in the near future, resulting in a ve±2^ large accumulation The rise in commodity prices has been acof fuel, and the coal operators and miners were companied by a considerable increase in the urged to increase the output with greatly en- amount of money in circulation and an increase hanced cost, as would naturally happen under in bank deposits. The amount of money in such exceptional conditions. The weather circulation per capita during the past five during the past winter was abnormally mild, years has increased 59 per cent. During the and by reason of that, the consumption of fuel same time the bank deposits have increased was restricted. In addition, the recession of almost threefold. business, beginning after the armistice, tended Conditions generally have taken on a slow still further to reduce consumption. The result but substantial growth during the month of has been that consumers decided to use their May. A significant event in the business situasurplus stock and restrict the taking of addi- tion was the resignation of the Government's tional supply. The current use of fuel is in Industrial Board, which terminates the price excess of present production, and stocks are stabilization program and creates an open being consumed. As the year advances and market free for competition. This means that business revives the consumption of coal is ex- all lines of business, such as building, conpected to increase with greatly diminished struction, retail trades and manufacturing, stocks, and it may thgn be discovered that will proceed on their own readjustment plans present facilities for production will be much from a war to a peace basis. It is thought by strained to meet requirements. Anthracite the steel industry that the creation of an open coal of domestic sizes is in good demand. market will probably force greater activity. Steam sizes are dull and the smallest sizes can The realization that there is to be no probnot be moved in quantities at any price. able return to prewar prices has encouraged In silks, in mercerized and the better grades buyers to place orders with more confidence. of cotton goods and the hosiery trade, the de- As a result, business prospects have improved, mand has been brisk since early in May, when retail trade has increased, in volume, prices are jobbers and the larger retailers came into the becoming more stable, and business generally market with the same spirit that prevailed is on a firmer footing. prior to the signing of the armistice. There is Two important factors which, are sure to an acute shortage in the more expensive lines stimulate manufacturing in the district are the of silks, particularly for women's wear. Mills lifting by the administration of the embargo on making fine goods, which a few weeks ago were shipbuilding for foreign countries and the operating on short time, are now short of help definite adjustment of steci prices. and in some instances are running overtime. While manufacturers are awaiting developPrices are showing slight advances, in cadence ments, prospects are strong for changes for the with the higher quotations for yarns and silk better in trio near future. There is a feeling JCNK 1, 193 9. FEDEEAL RESERVE BULLETIN". that if natural competitive conditions are restored, a reasonable resumption of activity in this field, may be expected. While many of the mills in the Pittsburgh area are reported running only about three days a week, confidence is not lacking, and a satisfactory line of inquiries for new goods is being made. Manufacturers of automobile accessories report improvement, and while makers of automobiles, both trucks and pleasure cars, are working at full capacity, they are unable to keep up with the inflow of orders. The shoe manufacturers also report more orders than they can fill, with prices high and firm, and merchants placing large orders for fall trade. Clothing merchants are buying better grades at fancy prices. The machine tool business is less active, and little encouragement is held for the immediate future. Plants are endeavoring to hold their organizations together by working on stock. It is to be hoped that steel has turned the corner. Mills are running at from 50 to 75 per cent of capacity. The final declaration of open market for iron and steel products has caused an optimistic feeling among the manufacturers. There is no positive evidence of improvement by the placing of new orders, but it is thought that the turning point has been reached. Materials are plentiful and there is an abundance of labor. The principal demands are from the automobile and oil field trades, in the form of piping and sheets. The announcement of bids for a 400,000 tons order for steel rails to be placed by the Railway Administration will doubtless tend to stimulate further orders. The pig-iron market is practically void of new inquiries. Blast furnaces continue to close down, and only small lots of foundry iron are being delivered. It is thought that the output in iho Pittsburgh area for the past thirty days will prove to be the smallest for some time. The demand for semifinished steel is quiet. However, boiler tube makers report increased demands, with an encouraging future, while the makers of nuts, hoops, and bands arc able to keep their plants running at about 50 per cent of capacity. Efforts to keep the tinplate mills going at anything like full time have been abandoned. 539 but the extent of it has hardly been determined. The coastal trucking sections of South Carolina, North Carolina, and Virginia report exceptionally satisfactory returns from cabbages, strawberries, and lettuce, with prospects good for potatoes, snap beans, and cucumbers. The tobacco belt will make a large planting, and cotton planting is reported somewhat late. The demand for fertilizers has been good and higher grade goods have been bought this year than for the past two seasons. The price of cotton has improved and the crop continues to move slowly. Tobacco markets have been closed and the net result to farmers has been a larger volume of money and a higher average per pound than ever before. The demand for tobacco products has been somewhat slow for the past few weeks, but is showing improvement. Numerous inquiries from abroad are being received, and, with improved shipping facilities and the withdrawal of Government restrictions, an increase in the export business is anticipated. The peanut sections of Virginia and North Carolina report an improvement for peanuts and their products. REPORTED BY DISTRICT NO. 6. The weather has been favorable for crop planting, practically all cotton and other crops having been planted. Good stands are reported in the southern portion of these States. Excessive rainfall the second and third weeks of the month, however, with the cool nights following, caused injury to the growth of cotton, as well as other crops, but replanting where imperfect stands have shown up will place this crop in good condition. The price of cotton has increased since last report, and if this increase, although slight, continues, it is probable that a good deal of the cotton now held b}^ farmers and merchants will be disposed of, causing a release to other lines of business of the money now carried on cotton paper. Latest reports indicate a general reduction in the cotton acreage in all of the States of tl:o district except Alabama, where a 5 per cont increase is predicted. Reports state the acreage in Georgia will be cut 20.5 per cent, in Tennessee 18 per cent, in Mississippi 15 per cent, and in Louisiana from 15 to 20 per cent. Corn crops are reported in good shajje. REPORTED BY DISTRICT NO. 5. Fruits and vegetables appear not to have been Farm work is well advanced and reports on damaged by recent light frosts, and the outlook wheat are universally favorable. There has is encouraging for large yields. Strawberry been some damage to crops from cold and frost, crops are excellent and prices satisfactory. 540 FEDERAL RESERVE BULLETIN. The wheat and oats crops are reported fair, with prospects for large yields. It Is estimated that the total production in Alabama will be 2,000,000 bushels. The orange and grape fruit crops for this season have been practically all shipped. The citrus trees are in good condition, and there is no unusual sign of the small fruit shedding. The new crop is said to have never been finer and prospects are for a large yield another season. Tomato shipments from the east coast of Florida have practically closed, and the west coast has just started shipping in a small way. The market is about $4 to $4.50 for fancy stock. The potato market is firm at from $7 to $7.25. About 75 per cent of the Hastings crop has been moved and the next two weeks will probably see it completed. It is probable that a steady and possibly higher market will prevail. Potatoes from the Putnam district are now being harvested, and the yield is estimated at about one-third of that of last year, but the prices about four times as good. In the middle of the State the bean and cucumber crops are light and quality only fair. Peanuts, velvet beans, and sugar cane in this section are in good condition. Weather conditions on the whole have been very favorable to growing crops. REPORTED BY DISTRICT NO. 7. While selling conditions, owing to weather and other uncontrollable factors, are below normal throughout the Middle West, the volume of business being done is sufficiently large to indicate very clearly the enormous buying power which high farm prices, wages, and the production of the war period has created. Even during the Victory loan drive, in which the Seventh Federal Reserve District fully subscribed and fairly satisfactorily absorbed its quota of the notes, there was an investment demand for high-grade securities, a manifestation not experienced during the previous Liberty loan campaigns. Furthermore, business men gradually are reaching the conclusion that a return from war to normal conditions does not necessarily mean the prewar level. Evidence that the war has brought far-reaching and permanent economic changes is accumulating. An instance of this is found in the Middle West, where many farmers, who previous to the war had been persistent borrowers on their land, either have liquidated their mortgage loans or are in a position to do so, and many are now in the JUNE 1,1919. investment class as owners of bonds. Iowa especially is a notable example of this changed condition. Incidentally, this situation offers a tempting field for "wildcat" speculation, and it is a matter of regret that thus far our State legislatures, as a rale, seem to have been unable to enact legislation which satisfactorily curtails or eliminates this evil. Recently, through the Federal courts in Chicago, however, some of these fraudulent enterprises have been publicly exposed, but it is evident something more is needed in order to effectively check these "'wildcat" speculative operations. Scarcity of available mortgages in the market and the Government loan campaign have developed a new investment field in the Middle West. There are some indications in this district of an increasing activity in farm lands, as well as in city real estate. This, if persistent, naturally will lead to an increase of borrowings in the form of farm mortgages. Conditions are regarded as favorable to the development of rather active speculation in land. High prices for farm products necessarily means prosperity not only for farmers but for those in cities and communities dependent upon agriculture, while hard times usually bring the debt-paying period among farmers. Continuance of comparatively easy money, therefore, may provide the stimulus for speculative land activity. With upwards of $370,000,000 represented in the unprecedented winter wheat crop in Indiana, Illinois, Michigan, Wisconsin, and Iowa, now approaching maturity, and with other farm products coirmanding high prices, all contributing largely to the new wealth of the Seventh Federal Reserve District, there are indications that the buying power will be further greatly increased and that the amount of available funds will continue to accumulate rapidly during the latter part of the year. This in itself is a big factor in stimulating optimism and in dispelling uncertainty so widespread in the months immediately following the signing of the armistice. The noticeable improvement favorable to the increased. activity in construction, however, is the growing belief among business men that building materials and wages in the building trades will not change a great deal during the next year or two. The tremendous pressure for available space either for residential purposes or for offices in the industrial centers oi the district is stimulating courage and a decision to go ahead with building plans. FEDERAL RESERVE BULLETIN. JUNE 1,1919. 541 cotton is fast approaching normal. It is reported that the stock of cotton in Memphis is Manufacturers of boots and shoes report less than it was at this time last year or the that buyers are increasing their orders for year before. Some advance in price has refuture delivery. Domestic business seems cently occurred. nearly on a normal basis. Prices remain firm. Manufacturers of primary metal products REPORTED BT DISTRICT NO. 9. still report business below normal. There have been marked declines in the prices of raw maThe spring-wheat acreage of the Northterials ever since the signing of the armistice western States, contrary to previous expectaand a decline in the price of tin is said to be tions, will not be increased this year. Reports imminent. Manufacturers of miners' tools re- indicate about the same acreage as a year ago, port business very dull on account of the in- due to the fact that the spring has been cool activity of the mines. A manufacturer of and somewhat backward, and due to the interthrashing machinery, however, reports that ference of rains with the work of getting the he has all the orders he can fill up to July 1. seed into the ground. Over the southern A stove manufacturer reports a gain in his portion of the district wheat seeding is already March business over the same month last year. completed, and in South Dakota, southern The general line of hardware has nearly re- Minnesota, and Wisconsin the planting of sumed its normal basis. corn has commenced. In the southern half of Lumber is feeling the effect of the increased the district spring wheat is already above building activity. A large firm reports that ground, but, with the cool weather, is not makduring April its business increased 20 per cent ing very rapid growth. The weather is, over March. In the South stocks of lumber however, very favorable for the development are low and the woods are said to be so wet of strong roots and is giving the crop a good that sawing has been impossible. start. Winter wheat in the western part of the Cement, brick, and clay-pipe manufacturers, district is in excellent shape and the acreage is as a rule, report that business is improving, large. Rye is making a vigorous growth, and though the demand for brick and cement is the seeding of barley and oats is progressing still far below normal. Increased railroad rapidly. building, the demand for apartment and office buildings and the prospect of public improveREPORTED BY DISTRICT NO. 10. ments lend encouragement for the future in this line. Winter wheat is reported in excellent conIn the electrical line business is improving. dition in all States of this district, and growers Increases in the volume of business are re- are counting on the largest yield in history— ported over both April of last year and March and on the largest acreage. The cool and wet of this year. Heavier orders are being placed weather conditions continuing through the first for future delivery. half of May, while retarding general farm work A large chemical company reports an in- and other crops, is regarded as having been crease of over 50 per cent in its April business beneficial in checking the too rank growth as compared with the same month last year. which was made by wheat in the early spring. Some declines in prices have occurred" and Too much moisture in some localities was further declines are anticipated. Owing to the causing such a growth that there has been some fact that there was practically no natural ice lodging, particularly in Kansas and Missouri harvested in the country this year, firms antici- and in the bottom lands of Oklahoma. Red rust pate a large demand for chemicals from ice is reported in western Oklahoma and in southmanufacturers. eastern Kansas, but is causing little damage. A large candy manufacturer says so niany Slight damage by hail is reported in scattered firms and individuals are going into the candy localities, but nothing more than usual. Wheat business, in anticipation of a growing demand is heading in Oklahoma and southern Kansas for sweets, that there is overproduction. and unless delayed by unfavorable weather Reports from paper concerns show increases conditions the harvesting will begin about in the volume of business during April over on schedule time in the south and move March. Prices are declining. northward according to customary process of Considerable improvement is noted in the ripening. Corn is up and growing in Oklahoma, but is cotton situation in this district. Cotton mills are now spinning freely, and the demand for making a poor stand in some sections, while in REPORTED BY DISTRICT NO. 8. 119745—19 4 542 FEDERAL RESERVE BULLETIN. others the ravages of cutworms necessitated much replanting. Most of the corn in western Missouri and Kansas has been planted, but germination is slow. In eastern Nebraska and portions of northern Kansas wet soil has delayed corn planting. With the soil well saturated with moisture, however, farmers are counting on plenty of sunshine and growing weather to make a good crop. Seeding of spring wheat and oats was delayed, but where the grain is up it is making satisfactory advance. Alfalfa is doing exceptionally well and the first cutting in New Mexico, Colorado, and southern Kansas and Oklahoma shows a heavy yield. Conditions are favorable for winter rye and barley, while potatoes are reported as doing fine. Fruit prospects are good in nearly all sections, no material damage having been caused by April frost and cool weather. During the month of April, for which full returns are now in, 1,020 new wells were completed with new production of 43,628 barrels daily in the oil fields of this district. Compared with the March record, there was an increase of 146 new wells completed and an increased daily production amounting to 5,798 barrels. The summary follows: Comple- Productions. tions. Dry. Kansas Oklahoma. Wyoming.. 332 659 29 10,681 27,042 5,905 67 180 8 April total. March total 1,020 874 43,028 37,830 Gas. 255 233 Reports of new" developments show the number of rigs up and wells drilling at the close of April as 501 in Kansas, 1,510 in Oklahoma, and 332 in Wyoming, making a total of 2,343 for the three States. This is an increase of 125 over the report on new operations at the end of March. Better weather conditions in. the last half of May are giving impetus to operations and indications are that this month will show an unusual number of new wells completed with a decided increase of initial daily production. While several good wells have been brought in recently the decline of the older wells has about offset the new production in Kansas and Oklahoma, but prospects are for a substantial gain in production from increased new operations. Oklahoma is now credited with a daily output of 218,000 barrels and Kansas 78,500. Wyoming, with a daily average of close to JUNE 1,1919. 40,000 barrels production and increasing steadily, is attracting attention as a great producing section and is now the scene of operations on a larger scale than ever before, prospecting and new development extending into Colorado. Tho outstanding feature in the agricultural situation seems to be the excellent condition, of the small-grain crop which, on May 1, according to the Government report, was in better condition than in recent years. Weather has been favorable and, on the whole, the outlook for heavy yields in all growing crops is excellent. Corn, while late in the southern and eastern counties, has a good stand, and cotton faces a hopeful growing season. Rains have been general throughout the district, and while the precipitation record has been above normal in many counties, so far no considerable damage has resulted and beyond the delay in farm work on account of excessive moisture, no unfavorable results arc anticipated. The fruit crop has successfully passed the maturing stage, and prospects are excellent for a heavy yield. Diversification, due to organized efforts"toward reduction of cotton acreage, and the attractive prices obtainable for crops usually considered important, is very noticeable, and when the harvest season is reached the cash returns to farmers will undoubtedly be heavy and permit of some long-deferred liquidation. Shipments of all kinds throughout the cattle-growing regions are reported to be heavier than for this period last year, and prices obtained for all classes are ver}T satisfactory and much higher. While in some sections the adverse weather conditions of the past winter have contributed to reduce the supply of calves and lambs, most sections report a good increase in young stock, and it is pointed out that the lambing season this year finds good grass throughout the district, which is something unusual as compared with many years past. Cattle generally came through the past winter on a much better feeding basis as prosperous conditions of last fall made it possible for the average live-stock grower to supply himself with liberal quantities of feed. REPORTED BY DISTRICT NO. 12. Pacific coast exports during March were 52.3 per cent greater than during February and showed an increase of 42.5 per cent over March, 1918. Imports increased 5.1 per cent over the total for February, but were 20.9 per cent less than those for March, 1918. Detailed ! figures are as follows: FEDERAL RESERVE BULLETIN. JUA-J3 1, 1919. 543 United States and each foreign country, but not between one foreign country and another March. February, March, District. 1918. 1919. 1919. foreign country. The figures are all computed San Francisco $23,727,000 IS21,650,000 §15,097,000 on the basis of average actual prices in the 12 Southern California ! 1,032,000 I 639,000 358,000 months preceding the outbreak of the war, Oregon j 2,336,000 2,048,000 2,321,000 Washington ! 42,316,000 : 21,222,000 30,350,000 July, 1913, to June, 1914; that is, average prices in the prewar year are treated as 100, Total 69,411,000 j 45,559,000 48,126,000 and prices in every month from January, 1913, to December, 1918, are turned into relatives on Imports. that scale. The index numbers were calcuMarch, February, March, lated by reducing the monthly price quotations District. 1919. 1918. 1919. for each of the commodities included to relative m Francisco IS17,263,000 613,717,000 $26,601,000 1.331,000 Southern California 398,000 j figures with the prewar figure as a base, then ^.,........ ^ 2,023,000 Oregon '111,000 183', 000 I arranging them in descending order and taking 112,000 Washington 23,060,000 25,304,000 26,525,000 ! the xnedian as the index number. For examTotal 42,458,000 40,463,000 53,707,-000 ple, if there were 25 commodities included in a series, the relative price of the thirteenth numExports from the Oregon district consisted ber of the series wras taken as the index number; almost entirely of flour and lumber, and im- if there were 26 commodities a number halfwray ports of oriental, household, and miscellaneous between the figure for the thirteenth and the goods. The principal item of export from the fourteenth numbers was adopted. This use of Washington district was railway material medians, instead of the more customary averbound for Russia, it having been held in ages, was deemed desirable in order to eliminate Seattle since the fall of the Kerensky govern- the influence of extreme cases. The price of ment. Imports from the Washington district some commodities, and possibly not very imwere largely raw silks and vegetable oils. portant ones, might have risen to an extraordiPetroleum was produced in California dur- nary degree in some month, and in the arithing April at an average rate of 279,154 barrels metic average such extreme figures would raise per day, while daily shipments averaged the general average very materially, while the 277,244 barrels. Stored stocks on April 30 median would remain much lower and, it was were but 57,322 barrels greater than on March believed, would be much more representative 31. A comparison of petroleum figures for of the general trend. April, 1919, 1918, and 1917, follows: The chief conclusions from the comparison of English and American price movement are Average Average Stored stated as follows: daily pro- daily shipstocks duction. ments. Apr. 30. " 1 . The war-time rise began about a year Barrels. Barrels. earlier in England than in the United States. Barrels. 279,154 April, 1919.. 277,244 32,543,145 " 2. The earlier advance in England opened a April, 1918.. 276,471 287,423 30,502,447 April, 1917.. 309,001 39,976,386 wide margin between the English and American price levels, which wTas fairly constant in 1915 Price Movements During the War in the United and 1916. States and in Leading Foreign Countries. j " 3. The margin was cut down by the sudden upward spurt of prices in the United States The attached table of index numbers in the when this country entered the war. United States, England, France, Italy, and " 4. But the margin became wider again in the Sweden is based on figures taken, by permis- latter half of 1917, when English prices continsion, from a bulletin entitled " History of Prices ued to rise, while the American Government sucduring the War—International Price Compari- ceeded in keeping the price level nearly constant. sons, " prepared in cooperation by the Depart" 5 . The margin (betweeh prices in England ment of Commerce and the War Industries and in the United States during the war period) 1 Board. The figures are based in each case on is much wider than that which, prevailed before quotations for the same commodities in the the war. * * * United States and in the foreign country in- j "6. The maximum rise of prices exceeded volved; but since the list of commodities in- ! that in the United States by 3 0-40 points or,say, eluded is not the same in the several series, close 15-20 per cent of the American index numbers. comparisons can only be made between the "On passing from the results for all commodities taken together to the medians for dif1 The bulletin was prepared by W. C. Mitchell, assisted by Margaret ferent groups one finds remarkable differences L. Goldsmith and Florence K. Middaugh. Exports. j 544 JUNE 1, 1919. FEDERAL RESERVE BULLETIN "Food prices in England show much the of chemicals produced by war consumption and same contrast to food prices in America that is by cutting off imports from Germany. When shown by the general index numbers. the United States broke off diplomatic relations "In clothing, on the contrary, the two series with Germany chemical prices rose sharply keep close together, American prices showing again, but not quite back to the high point of the greater rise in 1917 and English prices the 1916. Nor did the level of the rather wide lesser fall in 1918. monthly fluctuations of July, 1917, to Decem"In metals the divergencies are very strik- ber, 1918, show any notable advance. Thus ing. The English rise in 1915 and 1916 was the margin between the relative prices of chemiearlier and more violent than the American, cals in the United States and in England, where though the latter was exceedingly rapid. In prices continued to rise until October, became 1917, however, the British practically subsi- very wide." dized the iron and steel trades as part of their A chart showing the course of prices in Engwar policy. Prices dropped suddenly, shot up land and in the United States of 150 commodiagain to their old level, then moved downward ties and of nine commodities included under by steps to a point well below the level for ' all "Iron and steel" is attached. Iron and steel commodities' in England. In the United prices were selected for plotting because they States, on the other hand, iron and steel prices represented the principal war material. made a spectacular upward rush in January The difference between price movements in to July, 1917. Then price control forced a France and in the United States is similar in drop almost as spectacular as the rise had been. character, but wider in degree than the differThe controlled prices established by November ence found between English and American and maintained through 1918 with few changes fluctuations. The level of prices rose distinctly were on a somewhat higher level than the higher in France during the war than in Engcorresponding British prices. land, but did not start so promptly in France "Still another tyj>e of difference appears as in England. between the fluctuations of chemicals in the Prices in Italy also show an earlier and a two countries. English prices rose earlier, as much greater rise than prices in the United 1 in most other cases, but, as in few other cases, a the American rise surpassed the British and took the lead in the spring of 1916. Then the Situated close to the field of war, and having two curves which had been racing upward commercial relationships with both sides in the together parted company. British chemical struggle, the Scandinavian market experienced prices continued to rise unsteadily until Octo- violent fluctuations. Swedish prices run deber, 1918. But in the United States chemicals cidedly ahead of American prices throughout fell heavily after June, 1916, and remained the period and apparently show a most extranearly constant in price for five months. * * * ordinary advance in 1918, but the figures rest The explanation of the drop is the success of on a very narrow basis, comparable data being American producers in mitigating the scarcity obtainable only for 12 commodities. Index numbers showing movementsof prices in the United States and in England, France,Italy, and Sweden, 1913-1918. * [Average prices in July, 1913-June, 1914=100.] France (44 Italy (36 Sweden (12 commodities). commodities). commodities). England. Month and year. and steel Total for 150 Food (34 com- Clothing (29 Ironcommodi- Chemicals (55 modities). commodities). (9 ties). commodities). commodities. Eng- United Eng- United Eng- United Eng- United Eng- United land. States. land. States. land. States. land. States. land. States. January February March. April 1913. Mav June July August September October November December . . . 101 102 101 101 101 101 101 100 101 101 100 100 101 101 101 101 100 100 100 101 101 101 100 100 102 103 105 105 103 103 102 102 102 101 100 100 94 99 99 100 98 97 100 99 101 101 100 99 99 99 99 99 100 101 101 100 100 101 100 98 105 105 105 102 99 99 98 98 100 103 102 99 113 113 112 112 112 111 109 105 106 101 99 98 114 115 115 113 111 111 111 109 103 103 100 97 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 France United Italy. United Swe- United States. States. den. States. 102 102 101 102 102 102 100 102 102 101 100 100 100 100 100 100 100 100 100 101 103 103 101 99 110 109 107 108 107 105 103 103 102 102 101 101 101 100 100 100 102 102 102 103 101 101 100 99 100 101 104 102 103 103 104 103 104 101 102 102 97 98 100 104 100 99 99 99 100 100 98 98 JUNE 1, 1919. 545 FEDERAL RESERVE BULLETIN. Index number showing movements of prices in the United States and in England, France, Italy, and Stveden, 19131918.—Continued. [Average prices in July, 1913-June, 1914=100.] France (44 Italy (36 Sweden (21 commodities.) commodities). commodities). England. Month and year. Total for 150 Food (34 com- Clothing (29 Iron and steel Chemic als (55 commodities. modities). commodities). (9 commodi- commo dities). ties). Eng- United Eng- United Eng- United Eng- United Eng- United land. States. land. States. land. States. land. States. land. States. 1914. January February March April May JUP6 . July August September October November December 100 100 100 99 99 89 98 100 100 102 102 105 99 99 100 99 99 99 99 100 J00 100 100 100 100 100 100 98 97 98 96 102 105 103 304 105 100 100 100 98 99 98 98 102 103 102 103 101 98 98 101 101 101 102 100 99 98 101 96 92 97 99 101 100 99 100 100 100 100 97 100 100 98 98 96 98 98 96 97 97 103 104 104 104 95 98 98 96 93 92 91 95 95 93 93 90 100 100 100 100 100 100 100 100 109 109 114 117 100 100 100 100 100 100 100 100 100 100 102 102 100 100 100 98 100 100 100 98 98 99 99 104 99 100 100 99 100 99 97 99 108 99 97 99 100 99 98 97 97 98 97 103 104 104 109 114 99 99 99 98 99 98 97 100 101 100 100 100 101 98 98 98 98 94 91 89 93 94 99 103 101 100 103 101 100 100 103 105 105 105 105 97 107 111 117 119 124 131 130 133 137 137 100 100 101 102 102 105 111 112 110 113 116 123 110 113 119 126 123 125 120 123 127 128 130 133 100 103 104 100 99 97 99 101 97 100 99 102 90 99 103 106 106 108 116 117 116 117 11* 114 103 107 112 104 108 110 115 116 117 118 119 120 104 112 117 127 127 140 143 145 141 140 152 180 89 90 91 91 91 92 93 99 103 110 120 129 121 123 126 130 137 145 150 155 158 168 187 201 102 103 103 111 112 113 127 131 142 147 160 167 105 106 113 111 107 106 114 118 127 130 141 153 100 100 103 101 99 •100 102 102 96 98 102 116 116 123 128 127 127 133 142 149 157 158 168 178 98 99 99 1.01 100 101 102 108 105 108 110 110 111 115 121 126 137 145 151 159 155 148 142 147 96 96 95 92 98 102 108 108 105 104 101 94 151 158 164 Kifi 171 172 107 107 173 177 186 198 128 132 139 145 146 115 144 149 148 139 137 141 150 155 153 l-'iS 151 U>5 157 158 166 108 113 111 115 114 113 115 117 123 124 129 127 124 126 127 128 130 139 130 138 148 153 161 167 123 126 132 134 136 141 142 142 143 147 160 175 189 198 210 219 231 225 225 225 225 225 227 234 147 158 165 167 167 167 171 171 171 171 188 218 204 207 226 230 235 255 255 261 261 255 264255 183 208 208 250 250 250 233 21(> 200 190 193 192 160 162 165 167 170 170 161 163 172 177 183 189 127 128 129 132 134 123 125 132 134 138 i 151 i 150 177 180 188 184. 181 181 185 183 187 185 216 216 121 122 130 119 121 121 123 127 133 141 141 135 148 152 158 165 177 185 198 207 208 198 185 185 101 100 110 106 108 116 117 113 118 120 112 121 1SS 198 206 206 21 A. 216 214 211 215 9 22 226 237 1915. January February March April Mav June July August September October November December . . . 181 187 19;% 202 172 186 188 193 203 202 198 197 197 iQ4 137 146 149 165 178 i' ; 9 157 ' 155 104 199 187 222 ??G 243 2(>1 2S9 325 357 357 349 289 250 250 235 2fi2 286 280 ?93 293 289 288 289 296 302 302 192 V)2 205 235 240 235 229 239 239 247 244 237 ISG 187 184 208 229 238 2ti5 250 255 ?27 227 245 3 50 150 173 170 185 189 187 19-1 210 216 212 209 ?18 240 246 240 240 210 206 218 C 2M 241 231 231 261 168 168 170 175 184 l(.-0 196 200 201 200 212 230 1S1 192 192 195 197 197 18S 187 194 203 202 238 130 130 155 143 145 149 149 143 157 157 187 154 °04 201 203 2?0 216 225 226 232 234 j 934 | 227 1 231 182 250 ??2 247 222 250 250 222 250 251 222 250 239 222 212 250 232 222 250 251 225 222 203 I 220 1 251 : 203 218 . 251 251 203 1 216 251 216 190 251 185 216 302 314 312 312 326 323 326 307 321 336 300 283 240 240 240 23K 247 2-17 213 228 230 250 251 233 238 238 247 2G5 261 257 255 293 297 297 266 297 264 297 359 456 172 160 153 175 191 197 202 213 J37 1-17 1916. January February March May . . June Ju'v August . SCDtOTi'lb^l" October November . December janvisrv Fnbrii&rv March . . . ] -"A 164 17G 1917. Api*il MaAT Juno Julv August SOP tcmber October November December Javuarv February March 1 France United Italy. United Swe- United States. den. States. States. 2C\P. 9(W 205 206 20G 20-1 207 209 17O 1918. A DP Vav June Jr,Iy Aii trust September October No vcmber 238 230 339 ?41 2-ii 241 242 239 24-5 249 245 245 2()Q 211 207 213 90S 1G9 202 209 209 210 210 207 1 195 ' l c »2 i 199 190 1 186 187 *>03 201 206 209 208 236 24?. 245 249 243 2^3 258 223 223 230 205 ! 205 2<v? 222 222 165 171 179 1 172 179 1.SG 174 j ! 192 195 200 I • I i 201 212 I • i 219 223 210 194 209 1 187 20G 1 17R 179 188 527 519 559 • i i i ! Ol INDEX NUMBERS Or WHOLESALE PRICES IN ENGLAND AND THE UNITED STATES, tSl4 TO IdlS. Curve I: Stgland, ~ ISO Commodities\. (hrvcZ: United States, ~/SO Commodities . Carve 3 f Cttgland, Iron and Steel, — 9 CommoditiesK Gtrve>4: United States, Iron and Steel,— 9 Commodities. 350 340 330 320 310 300 290 280 270 260 250 £40 230 220 2IQ 200 130 180 IPO 160 350 340 330 320 3IO 300 290 2$0 270 260 2S0 &0 230 220 BO ~20Q 190 WO 170 !60 ISO MO 130 (20 rso m 130 mo no no1 100 90 100 i ^ & tsi6 1917 i w i JUNE 1, 1919. FEDEKAL RESERVE BULLETIN. Index of Collection Conditions. 547 (1) In your judgment, how should data be selected for use in showing collection conditions in the truest form? Is it possible to obtain the percentage of payments actually made to your house by merchandise debtors during the month, as compared with the payments that should have been received during the month? Kindly indicate also the method which you at present employ in determining the condition of collections, and give example showing detailed computations made. (2) Is it possible to report figures differentiating between old accounts paid, current accounts settled when due, and prepayments? (3) Is it possible to obtain figures for separate localities from houses which cover a wide territory? Yours, very truly, The Federal Reserve Board, in cooperation with the National Association of Credit Men; has recently undertaken the development of a plan to obtain monthly statistics showing collection conditions in the more important industries. The principal features of the plan are outlined in the following letter and memorandum. Certain lines of business, namely, the wholesale grocery, dry goods, boot and shoe, men's clothing, automobile tire and accessory, hardware, and electrical supply lines, have been selected, to the development of the J. II. TREGOE, plan for which lines it is proposed to pay prinSecretary-Treasurer. cipal attention at the outset. The letter and [Federal licserve Board, Division of Analysis and Research.] memorandum have been sent to a small list of MEMORANDUM ON STATISTICS SHOWING COLLECTION CONcredit men in representative houses in these DITIONS. lines, and the plan will be developed for these It is well known that collections fluctuate in harmony lines largely on the basis of the replies received with general business conditions. When times are good, thereto. collections likewise will be good. Vice versa, in bad NATIONAL ASSOCIATION OF CREDIT MEN, New York, May 9, 1919.. DEAR STR: This letter is written for the purpose of securing your cooperation in an important progressive step in the department of credits. We believe we have gradually been getting greater definiteness in all that pertains to credits and are having to depend less and less upon mere guesses and general expressions. Now the association has been given, by an arrangement with the Federal Reserve Board, an unusual opportunity to develop a plan to obtain definite information with respect to collection conditions, our organization and the Board joining to secure data which will make possible the establishment of an actual collection index, applicable to each part of the country and to each of the more important trades in each locality. There is inclosed a copy of a memorandum prepared by the Division of Analysis and Research of the Board, which is intended to set forth the principal features of the investigation. Our immediate purpose is to get the benefit of the opinions of credit men in a number of highly informed and representative houses in various branches of business, in working out the plan in its application to each of these particular branches. It is felt that only by this means will it be possible to make the plan of maximum value, not only for the business world in general, but also for each particular line as well, for in order to achieve the best results it must be the plan of men familiar with conditions in each line of business, worked out to fit their own needs, in the manner which they believe best. It will be appreciated, therefore, if you will give this matter your careful attention and submit suggestions as to the actual working out of the plan. In particular, information is desired on the following points: times the weak debtor tends to be slow. Collections thus afford a guide to general business conditions. At the same time, they are of course valuable in themselves. Their value is enhanced, moreover, if conditions for particular sections are shown separately, inasmuch as the Southwest may be affected adversely by drought, whereas manufacturing New England, on the other hand, may be prosperous. Up to the present, however, such information has been chiefly descriptive in character. It may be stated, for example, that collections in the dry-goods trade in the Seventh Federal Reserve District have been excellent during the past month. The measurement is provided by such words as excellent, good, fair, and poor. It would appear highly desirable to place this information upon a more definite basis. In fact, this is done in certain lines of business at the present time, and in some cases figures are compared by various firms. By making each month a composite report based upon reports of individual firms, conditions in the trade as a whole would be more accurately depicted, and judgment of the general business situation would thus be rendered more definite. At the same time, the individual firm would be enabled to compare its collections, both in general and in the various localities, with those prevailing for the trade as a whole, and thus "see where it stands." Moreover, with active cooperation by various lines of business, an accurate picture of general collection conditions may be obtained. In the development of the plan, the principal problem at the outset concerns the selection of the data to be used to show collections. The ideal method would appear to be that of stating as a collection index the percentage of payments actually made during a certain month to amounts which fell due during the month in question. The prob- 548 FEDEBAL RESERVE BULLETIN. lem is that of working out this information from the ordinary records of the concern, or rather of effecting a balance between the data which is practically available and the ideal just indicated. In what manner should the items actually available be employed in showing collection conditions? In order to make the above discussion more concrete, the following example is given of a method which may be employed in determining collection conditions. Assume that the collections of a certain firm have been $150,000 during a given month, and the amount standing on its books at the close of the month which is overdue, say, one week or more, is $50,000. The total amount which should have been paid during the month in question is the sum of the two items, or $200,000. The collection percentage for the firm for the month accordingly is obtained by dividing 150,000 by 200,000, and is, therefore, 75. This is, of course, merely one of the methods in which a collection percentage may be calculated, and other items may be employed. The example given is merely for purposes of illustration. An effort will be made to obtain the participation of many firms throughout the country. It is desired to obtain monthly statements from these firms showing figures for certain items, such as sales for the month, collections during the month, etc. The exact data will be determined up®n when the plan is further developed. These returns will be compiled and expressed in percentage form, separate collection percentages being shown for various trades and localities. Thus, for example, in the dry goods trade in the Chicago district it will be shown that actual receipts during a given month were 93 per cent of the receivables falling due within that month. When the plan has been in operation for some time, comparison with figures for previous months will, of course, be possible. Later it may also be endeavored to express these figures in terms of a base taken as normal, as, for example, if the year 1918 were regarded as a normal or good collection year, and if in that year the percentage of receivables collected when due was 93 per cent, a percentage of 93 for April, 1919, would be represented as 100 per cent of normal. When the plan has been developed for a particular line of business, monthly reports will be obtained from firms in this line. These reports will be compiled in the manner indicated above, and collection percentages calculated each month for the line as a whole, as well as for particular localities. With the gradual extension of the plan to include the more important industries, it will be possible to obtain an accurate picture of the general trend of collection conditions each month, as well as to institute such further comparisons as may be desired. JUNE 1,1919. BANKING AND INDUSTRY IN SWITZERLAND DURING THE WAR. Financial and economic conditions in Switzerland during the war are described in the annual reports of the Swiss National Bank and in two 1special reports of the SociSte de Banque Suisse. The following discussion is based largely on these publications. Since the outbreak of the war the Swiss National Bank has played a leading part in providing for the needs of the Government of the confederation by purchasing and rediscounting its three-month treasury bills; by handling the nine Government mobilization loans; and by helping to finance the imports, largely of foodstuffs, effected by the Government. A table showing in averages for each month the asset and liability items of the National Bank for the years 1914-1918 is attached. When the war broke out, the Swiss National Bank chose the course pursued by all other European banks of issue, namely, took measures to gain and maintain control of as large a gold reserve as possible. To achieve this end the bank obtained legislation making its notes legal tender, and issued paper money in smaller denominations (5 to 25 francs) thaa had been the practice before the war, when 50 francs was the lowest denomination of the bank note. A law prohibiting the export of gold was also passed. In. August, 1914, the great demand for paper money in small denominations for purposes of trade, in view of the tendency to hoard gold and silver, made it necessary for the treasury to issue its own obligations, these notes being guaranteed by the National Bank and treated as part of its own circulation. Nearly all of these notes were soon retired. A steady growth of the gold reserve throughout the war period is indicated by the bank's average monthly figures, while the silver reserve shows a decline, followed by a quick recovery and further growth, due in part to the importation of French 5-franc pieces, which are legal tender in Switzerland. A great demand for funds by industrial establishments at the outbreak of the war resulted in an increase of the loans and discounts of the National Bank from an average of 145 million francs during July to 302 millions in August, 1914, in spite of a rise in the rate of interest from 3£ per cent to 5 per cent for discounts and 1 Oiuiemo rapport de la Banque Nationale Suisse, 1918. Publications of the Societe de Banque Suisse: Revue economique et fmanciere Suisse 1914-1917; Kevue eommerciale et industrielle Suisse 1914-1918. 1,1919. 549 FEDERAL EESBRVE BULLETIN. from 4J per cent to 6 per cent on advances. Metallic cover of notes issued by the Swiss National Banl: A partial moratorium was resorted to during the first few months of the war, but conditions Year. Average. 1 Maximum. Minimum. approaching normal were reestablished by the end of 1914. During the first three months of Percent. \ Per cent. Per cent. 76.98 71.09 i 55.32 1.915 the loans and discounts declined con- 19134 . . . 4fi 9S 191 63.33 78.02 1915 70.57 i 77.01 57.8S siderably, owing to the fact that Swiss com- 1 9 1 6 . . . 75. 63 83.45 85. 77 mercial banks were able to collect some of their 1917 74.15 : 83.32 58.30 58.98 j 69.38 45. IS foreign credits and that the public, having re- 1918.. covered from the panic, resumed its normal habit of depositing money at the banks. Later It will in in the year the loans and discounts rose again percentagebe noted that one 1918 the reserve had fallen at (November as a result of borrowings by the treasury of the 12) as low as 45.18 per cent. time view of this In confederation. Since then the loans of the condition the bank recommended National Bank continued to increase almost ernment that the clause in the lawto the Govprescribing without interruption. Obligations of the Gov- a 40 per cent metallic note reserve be so ernment and of the Federal railroads account amended as to permit a lowering of the perlargely for the increase, as commercial demand centage to 33-Junder "extraordinary for credit declined. At the end of 1917 the circumstances."per cent November, 1918, tile Since high figure of August, 1914, was surpassed, and reserve percentage has been rising, and on during 1918 the loans and discounts rose from February 28, 1919, 53.24 per cent, so an average of 314 millions for January to an that the bank hopes it wasbe obliged to resort average of 578 millions for December. Acting to a lowering of the not to percentage. reserve as the fiscal agent of the Government the National Bank took over the successive issues of three-month treasury bills, retained a por- DEVELOPMENTS IN THE INDUSTRIAL FIELD. tion of them in its own portfolio, and passed on Swiss commerce and industry had reached considerable amounts to the commercial banks, always at a rate of interest below the official its highest level of prosperity in 1912-13, and rate, thereby providing an investment for the the outbreak of the world war found the banks which were seriously inconvenienced by pendulum swinging in the opposite direction. the scarcity of commercial .paper. During the At no time before had Switzerland's geographic four and one-half years under review the bank location appeared so unenviable and never had her insufficient supply of raw materials and of handled 451 millions of these treasury bills. food stuffs produced difficulties so hard to As a counterpart of the great increase in overcome. loans and discounts a rapid growth of notes in In time depends on circulation is shown by the bank's figures. imports for of peace Switzerlandher food supabout two-thirds of Notes in circulation which averaged 274 mil- ply and three-fourths of the raw lions for January, 1914, rose to an average of materials for about to her industry, including essential 420 millions for December of that year, 430 coal, iron, country's1 millions for December, 1915, and 490 millions food supply and steel. While the. from the for December, 1916. During 1917 and 1918 entente allies, was obtained largely almost enSwitzerland depended the increase in note circulation was at a still tirely on the Central .Powers for her coal and higher rate owing to the growing demands of iron. In view of the great need of fuel and the Government and also to the hoarding of and Austria notes by the public. During December, 1917, metals by Germany great difficulty during the war, Switzerland had in securing1 the note circulation averaged 645 millions, and sufficient amounts for her requirements. The during December, 1918, 924 millions.1 of coal rose Sarre Valley As a result of the enormous increase in price which had soldenormously. a ton in 1914, coal, for 29 francs circulation the average percentage of metallic was bringing over 200 francs cover of the notes showed a marked decline as middle of 1918, and was hard atoton in the obtain in will be seen from the following figures: sufficient quantities at that price. The normal 1 In addition, the National Bank had charge of the loan banks estab demand of Switzerland was about 300,000 tons ished in August, 1914, whose outstanding certificates (Darlehnskassen- a month, while the amounts secured during the seheine) amounted to 55 millions in March. 1916. of which 33 millions wore in circulation. This amount soon declined, however, and in Janu- later years of the war did not aggregate 200,000 ary, 1918, the total circulation of loan bank certificates was less than 7 tons a month. Owing to her great need of million francs. ] ! 119745—19 5 550 FEDERAL RESERVE BULLETIN. Swiss manufactures, however, particularly cotton cloth and clothing, machinery, other metal products, and vehicles, Germany was obliged at least partially to satisfy the Swiss demand for coal. By an agreement reached on August 20, 1917, Germany permitted (but did not guarantee) the export of 200,000 tons of coal to Switzerland in return for credits of 20 million francs per month granted by a consortium of Swiss banks and industrial establishments. As a matter of fact, monthly coal imports from Germany averaged about 171,000 tons in 1917 and about 176,000 tons for the first nine months of 1918. The greatest sufferers from war conditions among Swiss industries were the railroads, especially the mountain roads, the hotels, and the building industry. The watchmaking industry had to make radical adjustments to the changed demand in foreign markets, while embroidery establishments were working on part time. Chemical and electro technical establishments, on the other hand, as well as those producing articles of food, including chocolate and condensed milk, also shoe and textile factories, benefited by the great demand for these products on the part of the belligerents, while the machine and automobile industries were receiving large orders to supply the needs of the Swiss army. In general it may be said that Switzerland emerged from the storm of the world war raging all around her in a fairly sound condition, owing in part to energetic action b^ her Government and her financial institutions. The enormous increase in the cost of living during the war, however, caused great hardships to her population. The following price increases may be mentioned as fairly typical: From June, 1917, to December, 1918, prices of bread went up 109 per cent, veal 122 per cent, beef 141 per cent, mutton 172 per cent, pork 255 per cent, and eggs 390 per cent. Switzerland's foreign trade underwent decided changes during the war, increasing at a rapid rate. Thus, imports and exports combined rose from 2.7 billion francs in 1914. to 3.4 billions in 1915, 4.8 billions in 1916, and 4.7 billions in 1917, the larger totals reflecting for the most part the rise in prices. At the same time her exports, which in prewar years were from 500 to 600 millions below her imports, grew out of proportion and in the single year 1916 actually exceeded her imports. This change in the balance of trade had a beneficial effect on the rates of Swiss exchange, as shown by the attached table. JUNE 1,1919. London and Paris exchange was quoted continuously below par from the spring of 1915; the New York rate fell below par in the winter of 1916, when America's entry into the war was clearly foreseen; Italian exchange was slightly beiow par in July, 1914, but fell to 52 per cent below par by December, 1917, recovering considerably since the allied victory became assured; Berlin exchange showed an almost uninterrupted decline throughout the war period, and the same is true to a still greater extent of Vienna exchange. On the other hand, Stockholm and Madrid exchanges were almost continuously above par, while Amsterdam exchange was above par since August, 1914, andin 1915 and 1916, fell belowpar in 1917, and rose above par only during the fall of 1918. To finance the large imports of food from belligerent countries, a consortium composed of the leading Swiss banks, the treasury of the confederation, and principal industrial establishments made various financial arrangements with these countries. An agreement was made on September 29, 1917, with France for a monthly credit to a consortium of French banks of 12-| million francs for three months on the books of Swiss banks. On January 29, 1918, this agreement was renewed, the monthly credit for the following 10 months to be in proportion to the value of goods shipped from France or through French ports to Switzerland.1 A similar agreement was made with Italy on December 14, 1918, the 2 monthly credit being fixed at 5 million francs. In the case of England, five of the leading London banks jointly arranged for credits not to exceed 100 million francs in the aggregate on the books of Swiss banks, these credits being guaranteed by the British treasury. The British banks wexe to draw1- on each other, have the drafts accepted, and then exchange them for credits on the books of Swiss banks to be used in payment for goods purchased in Switzerland.3 The total foreign credits carried by Swiss banks under these arrangements amounted in September, 1918, to 500 million francs, and the tying up of these funds in exchange operations caused at times considerable stringency in the domestic money market. On the other hand, these foreign credits are considered valuable in that they will help to maintain favorable foreign exchange rates for Switzerland when normal commercial relations are reestablished. 1 L'Economiste E u r o p t a , Oct. 5,1917, p. 223, and Jan. 4,1918, p. 14. 2 London Economist, Dec. 14,1918, p. 809. * London Economist, May 25. Iftl8, p. 913. J U N E ] , 191V). 551 FEDERAL RESERVE BULLETIN. Principal asset and liability items of the Swiss National Bank., [Monthly average in mill ions of francs.] Metallic reserve. Id. January... Fe bruary., March..'... April May Tune July. August September.. October November.. December.. January February... March April May June July August September.. October November.. December.. January February... March.."... April May June July August September.. October November.. December.. January February... March April May Juno. July August September.. October November.. December.. January February... March April May June July August September.. October November.. December.. Silver. Total. Loan Loans bank cer- and distificates. Securities. Due from correspondents. Capital Notes in and circulasurplus. tion. Current account and other deposits. 1914. 171 170 170 170 171 175 181 209 221 229 241 238 1915. 1916. 1917. 19 23 238 240 240 241 241 240 240 240 242 244 247 249 27 30 33 37 45 53 56 59 61 61 57 53 252 253 253 258 257 255 269 273 287 287 291 332 22 21 18 18 18 18 15 7 10 193 19.1 188 .188 189 193 J96 216 231 244 260 261 127 114 111 108 103 105 145 302 288 248 202 195 265i 270; 273 278 286 I 299 303 305 304 302 183 160 150 134 137 147 162 156 150 161 153 171 51 50 49 51 53 56 59 58 56 55 55 54 303 303 302 309 310 311 328 331 343 342 346 386 344 344 343 343 342 341 340 344 344 350 350 354 54 52 52 51 52 52 53 54 53 53 54 53 396 395 394 394 393 393 397 397 403 404 407 260 365 369 375 378 383 383 385 383 381 379 392 54 56 56 56 56 58 56 53 52 55 56 58 415 421 425 431 434 441 439 438 435 436 435 449 l> f 274 261 263 267 266 264 306 440 440 425 411 420 51 48 .49 41 39 43 54 81 85 79 72 77 26 26 27 27 27 27 27 27 27 27 27 27 415 400 400 399 409 407 405 397 413 428 428 430 71 63 59 57 58 72 93 79 69 87 182 174 158 189 181 193 179 202 200 204 195 196 10 10 12 ! 26 26 26 26 26 26 26 26 26 26 26 26 27 27 27 27 27 27 27 27 27 27 27 27 419 401 409 420 418 415 417 415 443 466 472 490 111 125 104 126 124 139 130 153 137 118 96 117 198 188 207 207 188 206 214 242 258 255 283 319 27 27 27 28 28 28 28 28 28 28 28 28 493 496 506 515 510 512 521 522 547 589 612 645 131 118 122 110 102 114 119 145 131 93 103 107 28 28 28 28 28 28 28 28 28 28 28 28 632 623 655 677 689 690 697 716 772 838 929 924 129 94 102 97 104 130 138 117 134 136 144 156 10 1918. 17 | 19 j 21 ! 21 j 20 20 ! 20 i 20 | 19 15 8 314 253 283 311 321 340 342 340 411 486 583 578 47 51 37 41 32 j 33 I 32 I 44 37 47 51 552 FEDERAL RESERVE BULLETIN. JUNE 1, 1919. Rates of exchange in Switzerland on 'principal financial centers during the period July, 1914, to December, 1918.a [From Revue Commerciale et Industrielle Suisse, 1914-1918, published by the SociCte do Banque Suisse.] B. Rates on centers in neutral countries. A.. Rates on centers in belligerent countries. Date. New York (5.1820=100).! Rates. 1914 July... Aug... Sept... Oct Nov... Dec... Fcfcrograd Rome (266.67- | (100=100). 100). Berlin i Vienna (123.457= ! (105.01= 100). ! 100). Per Rates. cent. j'er cent. Amsterdam , Madrid (208.3193= I 100). • (100-100). Stockholm (138.89=100). Per Per Rates. cent. ! Rates. cent. Rates. cent. I 5.14 99.181 5.00! 90.48 ! 5.07J 97.83! 5.17| 99.70! 5.20100.34 5.23100.911 250.59 93.97! Nom.! | 206.93i77.60| 219.05|82.14! 217.00j81.37i 217.50l81.56! 99.45199.45 98.50i98.50 95.00j95.00! 97.85197.85! 97.75J97.75j 98.65 98.65 j 122.6799.36; 103.92i98.96 207.55 99.63! 96.49 96.49 121.00!98.0l! 92.00 87.61 212.00 101.77! Nom. Norn. 116.00i93.96, 91.00(86.66 211.00101.29! 100.00100.00 115.12.93.2o! 92.50.88.09 213.00102.251 96.00 96.00 lll.25J90.llj 89.00!84.75 212.00101.77! 98.00 98.00 114.50:92.74 91.00!86.66 212.50 102.01 j 99.00 99.00 5.291102.07j 5.49J105.93! 5.371103.62| 5. 311102.46 5.29,102.07 5.39il04.00! 5.37 103.62,! 5.41104.39 5.30 102.27 5.37 103.62 5.37 103.62 5.25 101.30 222.50|83.441 225.00 84.371 228.00 85.50, 225.00 84.3? 210.00 78.75! 210.00 78.75, 190.00 71.25! 190.00 71.25i 190.00 71.25 190.00 71.25! 175.00 65.621 160.00 60.00! 97.55 97.55! 93.50193:50| 92.50:92.50j 91.12jGl.12] 90.00,90. OOi 88.87j88.87! 85.00i85. OOi 83.50183.50i 84.75l84.75i 83.35^3.35 82.45i82.451 79.50(79.501 115.22-93.33j 111. 62i90. 41! 110.22189. 28! 108.80'88. .13' 108.25 87.08: 109.40i88.61i 109.00'88.29! 10S.75i88.09i 109.55,88.74i 109.00,88.29i 105.85'85.74, 98.75j79.99; 90.00! 85.71 84.00J79.99 82.00178.09 81.50 77.61 80.25-76.42 81.00!77.14 80.50l76. 66 80.35i76.52 78.75:74.99 77. 40!73.71 74.37i70.82 67.00 j 63.80 212. 75 102.13J 220.00 105.61 i 211.75 1.01.65! 210.00 100.81 j 209.87|100.74 215.501103. 45! 216.001103.69). 215.50] 103. 45! 216.50ll03.93 222.75jJ0S.93 223. 75! 107.41 229.501110.17 155.00 58.12; 166.50 62.44! 164.50 61.69, 161.50l60.561 160.50IG0.191 162.50|60.94i 162.00j60.75: 173.50165.06! 171.00J64.12i H. 4» 161.00|60.37 5.16 99. '9.56J 153.00 57.371 5.07 97.83 151.50 56.81: 76.75 76.75, 78.30 78.30: 79.12 79.12! 82.00! 82.00| 82.80182.80! 82.95:82.95! 81.70|81.70; 81.75iSl.75; 82.50182.50 79.20l 79.20 76.75176.75| 73.90173.90; 95.3777.25! 94.6576.67i 92.80.75.17| 95.9577.72! 97.0078.57! 95.65.77.48 j 94.5776. dOi1 92.5074.92J 92. 4074.84 : 90.9073.63i 84.60i68.53| 84.62:68.54.; 63.85J60.80 65.00:61.90 64.1O!61.O4 66.35153. 07. 60j64.37 66.50.63.33 05.65'02.52j. 63.75i60.7ll 62.90.59.901 59.35'56.52 52.75i50.23 53.37150. S2j 222.00i 106.571 223.50| 107.291 223.00:107.05! 218.001104.651 217.50'104.4li 219.50il05.37J 219.371105.30! 218.001104. f>5; 217.20ll04.aii 214.50| 102.97 210.50:1.01.05! 205.871 98.82! 5.03 5.01 5.03 5.16 5.03 4.83 4.58 4.59 4.70 4.53 4.35 4.37 97.06! 144.25J54.09 96.67! 142. 75:53.53 97.06! 143.00'-53.62J 99.56; 146.00-54.751 97.06 135.00150. «2: 93.201: 110.00 41.25j 88.37] 99.00 37.121 88.57; W OO. <t I 1 93.50 35. OOl 78.00 29.24: 90.69! 7! 87.41 65.00i24.37l 83.93 55.00i20.62 84.32 70.00l2P.25 69-80:69.80; 67.00167.00 ! 65.00|65.00 73.25J73.25! 71.6071.60i 67.00167. OO' 62.90!62.90; 01.25161.251 60.05160.65i 56.00:56.00! 51.00J51.00! 52.50|52.50! 84.00|68.o3i 82. 25.60. f.2i 79.25iS4.l9i 79.25|64.19 75.10i60.83 08.50:55.48 63.50151.43 63.75,51.64 64.80 52. 49 63.00'51.03 65.00i52. 685.75ifJ9.46 54.40! 51.80j 204.60J 98.211 51.25 48. 80, 202.50; 97.21: 50.10:47.71' 204.001 97.93i 49.60"47.23 211.00:i01.29 48.40146.09' 206.90! 99.321 43.50,41.42' 199.001 95.53 40.75:38.81i 189.00 90.73 40.8()'38.85! 392.50! 92.41 41.50'39.52.' 198.50! 95.29,' 39.75,37.35: 200.00| 98.01 40. 25(38.33. 188.00 90. 25 52.50-'?0.00-:., 189.50j 90.97; I 4.49 4.4.1 4.30 4.20 4.03 3.97 3.94 4.30 4.60 4.97 4.95 86.63 85.86 82.90 81.03 77.73 76.59 76.01 82.96 88. 75 95.89 95.50 02. G 52.70152. 70: 50.80i50.80i 49.10i49.10l 46.75,46.75! 44.00! 4 4.00: '13.50;43.50! 44.25'44.25i 61.00 j 61.00; 71. O i 71.00! O 77.50177.50 "• 76. 75176.75) 74.40174. 40 138.02] 99.37 Nom. I Nom. 135.55! 134.00; 133.001 132.00] 97.60 96.48 95.76 95.04 102.00 102.00 106.50 106.50 106.00 106.00 106.00106.00 100.50100.50 100.00100.00 101.50 101.50! 101.00 101.001 100.50 100.50i n 1 0 1 . 0 n l i m n 0!! 100.00!l00. OO! O! 99.001 99.00J 132.25 134.50 135.00 136.00 95.22 99.00 99.00 99.75 99.75 101.25 101.25 101.75! 101.75! 104.50(104.50j 107. SO! 107.50! 106.75106.75 107.00il07.00! 107.001107. OOl 107.00:107.00i 106.75 106.75i 107.75;107.75i 142.50; 102.69 147.00! 105.84 150. 501108.36 157.25! 113.22 157.00:113.04 153.50! 110.52 151.50! 109.08 150.25 108.18 149.00 107.28 149.00J 107.28 146.001105.12 147.50jl06.20 96.84 97.20 97.92 139.00100.08 142.00102.24 139.00100.08 138. OOi 99.36 1** no 138.00 140.00100.80 147.00 105.84 144.45104.00 I Jan Feb Mar.. Apr.. May.. June.. July.. Aug.. Sept.. Oct Nov.. Dee. 24.80 25.02 24.86 24.77 24.99 25.22 25. 25. 25. 25.01 24.60 24.11 88.85 89.40 87.35 87.65 88.85 5.20 100.34 5.24 101.11 5.22 100.72 5.19J100.14 5.21101.11 5. 29 102.07 5.30J102.27 5.3l!lO2.46 5.33il02.84! 89.7o| 90.07 91.15 90.05 88.48 8(5.75 1917 Jan Feb.. Mar.. Anr.. Oct.... Nov... Dec.... 1918. Jan Fob... Mar Apr... May... June... Julv... Auo;... Sept... Oct. Nov... Dec... ! 79.00 .00 75.30 73.90 70.40 69.80 09. 20 78.75 84.00 SI. 00 90.60 3.50 79.00 78.00 75.30 73.90 70.40 09.80 69.20 78. 75 84.00 91.00 90.00 .50 77.00 28.87 75.00 28.01 75.00 28.01 70.00 26.25 65.00 24.37 60.00! 22.50 55.00|20.62 60.00 22.50 55.00 20.62 90.00133. 75 80.00129.99 70.00'2T>.25 , £ - J < 7 . «>< -LI/U. i ! 107.60 107.60 148.00 106.60 106. OO!. 106.00 148.50|106.92 108.75,108.75 •151.501109.08 112.50| 112.50| 155.25!111.78 114.50ill4.50! 152.00| 109.44 114.00H14. OOl 147.00! 105.80 105.50il05.50i 150. OOi 108.04 102.25il02.25l 153.2o! 110.34 lll.00lUl.0Ol 103.00ill7.36 106.75il06.75i 184.001132.48 103.50103.50 162.501117.00 106.251106.25 148.50! 106.92 i n n Er»l 82.75.07.03 52.50:49.09 196.5o| 94.28 109.50109.50 151.00! 108.71 80.75i70. ?A 57.50'54.75 200.75j 96.32 108.50108.50 143.001102.95 85.10-08.93 55.25;5!?.62 1S9.75! 95.881 109.25 109.25( 143.251103.13 82.10J66. 49 52.150150.09 202.001 96.01! 116.75 116.751 142.251102. 40 79.10.fi4.07 48. vo'140.42 201.00* 96.41J 115.50 115.501 137.001 98.63 69.00155.8' 40.0038. OiV 201.75| 96. Sit 111.75111.75! 140.50101.15 65.80,53.27 39.50137.62. 205. OOi 98.37! 107.00107.00 141.301101.73 6R. 40l55.40 33.00!3«>. 16" 218.50J104.85J 101.50101.50 150.50 108.35 G7.50 54.f>5 37.75135.94: 214. OO! 102.68; 104.50 104.50 149.00ll07.27 72. 00158. 29 42.{)0 40.00: 209.75| 100.64 102.00 102.00 143.00| 102.95 62. 75!50.81 32.75:3.1.16, 206.25 98.96 99.00 99.00 139.75100.61 00. OOi 48.58 39 '.001 204.50 98.12, 97.00 97.00) 140.50 101.15 Average of offer and demand quotations at the Basle bourse. JUNE .1, 1919. FEDERAL BESERVE BULLETIN". Cotton Export Corporation. Plans for organizing the American Cotton Export Financing Corporation were adopted at the night session on Thursday, May 15, at the Cotton Acreage Reduction Convention held in New Orleans. According to the proposed plan, the functions of the corporation will be largely of a foreign banking nature. The charter of the corporation is to provide the following powers: 1. To purchase and sell or discount and negotiate or pledge notes, drafts, checks, bills of exchange, acceptances, telegraph and cable transfers, or other evidences of debt. 2. To borrow money in aid of its proper contracts essential or incidental to carry out the broad purposes of the corporation. 3. To purchase, sell, pledge, or otherwise deal in (a) bonds, notes, and certificates of the United States; (b) bonds, notes, and obligations of foreign governments; and (c) obligations issued by foreign banks and syndicates, and to make loans on the security oi said foreign obligations. 4. To accept bills or drafts drawn upon it. 5. To purchase and sell exchange. 6. To borrow money in aid of its business, with or without security. 7. To lend money upon the security of shipping documents or upon the security of warehouse receipts conveying security title in cases where the commodities represented by such receipts are being assembled for the purpose of export. 8. To act in any State, Territory, or possession of the United States, or in any foreign country, as agent, trustee, broker, or consignee of others in buying, warehousing, selling, and procuring insurance upon, and otherwise dealing in, cotton of all grades, cotton yarns, and cotton goods, cotton seed, cottonseed oil and other vegetable oils and other manufactured productsof cotton seed, where such products are being exported or assembled for export. To act in any State, Territory, or possession of the United States, or in any foreign country, as financial or business agent or trustee for domestic and foreign corporations, both private and municipal, and for individuals, partnerships, associations, and governments, in transactions involving the shipment and sale of cotton, co('.ton yarns, and cotton goods and cottonseed products and vegetable oils abroad, and in the event it shall become necessary to foreclose loans made on cotton or the other 553 products enumerated herein the corporation shall have the power to buy such cotton or other products for its own account and to dispose of the same. 9. To perform any and all customhouse operations, and to create and give bonds and guaranties in connection with all acts and contracts which it may do or make in the exercise of the powers specifically conferred upon it by this paragraph numbered nine, or in the exercise of any other powers vested in it by this charter. 10. To acquire the good will, business, rights, property, and obligations of any individual, partnership, or corporation carrying on a business similar or cognate to the business which this corporation is authorized to conduct, and to pay therefor in cash, bonds, or other obligations of this corporation. 11. To negotiate contracts as agent or trustee for others for the sale of cotton, cotton yarns, and cotton goods and cottonseed products and vegetable oils abroad, and for the purchase of such commodities in this country for the purpose of filling such selling contracts. To establish such agencies or branch offices in the United States and in its Territories, dependencies, or insular possessions of the United States or in foreign countries as may be necessary to carry on its business; provided, however, that the corporation shall not be deemed to possess the power to receive deposits or to issue bills, notes, or other evidences of debt for circulation as money. 12. To buy, sell, mortgage, lease, or otherwise acquire or dispose of such real estate as may be necessary or convenient to said corporation in pursuance or in furtherance of its business. 13. To sue and be sued, complain, and defend in any court of law or equity as fully as natural persons. 14. Any or all of the above enumerated powers and privileges may be exercised by said corporation either directly or through the agency of local institutions in any of the States, Territories, districts, colonies, dependencies and possessions of the United States of America, and in any and all foreign countries and places, subject, however, to the laws of all such countries and places. 15. In general, to do an}^ and all things and to have and exercise any and all powers necessary or incidental to the complete exercise of any or all of the foregoing powers. The authorized capital stock of the corporation is fixed at $100,000,000, all common stock, of the par value of $50. 554 FEDERAL RESERVE BULLETIN. COTTON EXPORT CREDITS. A committee of experts in session at the State Department recently submitted a report reading in part as follows: It is believed that individual exporters of cotton will not assume in the near future the risk of accepting individual German and Austro-Hungarian credits. American exports for account of foreign Governments, which have constituted the great bulk of our exports to Europe, have been and still are financed by advances of the United States Government credit. These advances, as the law stands, will cease upon the proclamation of peace. Special arrangements will have to be made, and the problem is of such importance that the Government, through the War Finance Corporation, should assist to the extent of providing for credits which it may be impossible for the Federal Reserve Board and member banks to grant. One of the difficulties in establishing credits is to find the relative status of new debts incurred by Germany as compared with debts already incurred; i. e., what would be the priority of a draft against a cotton shipment. If it shall be considered in the light of receivers' certificates and the security be sound, the problem, then becomes one of the manner or means of obtaining credit. For this purpose Governor Harding has suggested the organization of a cotton export association, such as is described more fully in the succeeding section, which with the support of the War Finance Corporation might assist in financing cotton exports. In the case of "England, Japan, and some of the countries whose cotton industry is in working order, cotton drafts could be nan died by the member banks under the Federal Seservc Act, each for a six months' limit for acceptance on drafts arising out of export transactions. In the case of countries whoso textile industry has to be restored, longer terms may be necessary, and theso may be secured through the War Finance Corporation. To avoid the credit difficulties attendant upon transactions between individuals, and to assure sound security, it possibly would be best to handle the credits between groups of exporters and groups of importers. In this manner a group of German importers, for instance, could give a joint obligation to a group of American cotton exporters in a specific transaction. The American, group then UNI: 1, 191.9. could present the paper to the War Finance Corporation as security for a loan. In case cotton purchases and imports are effected by a foreign Government agency, the question of credit to be granted by our exporters would be more complicated, for the reason that a foreign Government obligation can not be rcdiscounted with Federal Reserve Banks. However, it probably would be possible for the member banks to take the Government paper and to rediscount with Federal Reserve Banks other paper not subject to the prohibitory clauses of the Federal Reserve Board regulations. CONDITION OF ACCEPTING MEMBER BANKS ON MAR. 4, 1919. In the following tabulation there are presented figures of total liabilities, capitalization, and acceptance liabilities of all member banks which reported acceptance transactions on March 4 of the present year. Out of a total of 8,725 reporting member banks only 362 banks were in the acceptance business. These 362 banks had a capitalization of $1,274,512,000, or about 47 per cent of the combined capital and surplus of all reporting member banks, and total liabilities of $14,395,478, or nearly 52 per cent of the total liabilities of all member banks reporting on that date. Total acceptance liabilities of the accepting institutions are given as $451,265,000, which is 35.4 per cent of their capitalization and 3.1 per cent of their aggregate liabilities, while the ratio of capital and surplus to total liabilities of these institutions works out at 8.9 per cent, compared with an average ratio of about 10 per cent obtaining for all member banks. Separate figures and ratios were compiled for national banks on the one hand and trust company and State bank members on the other, and for each class in turn like figures and ratios were computed for those institutions which arc authorized to accept up to 100 per cent of their capital and surplus and for the remainder which may accept only up to 50 per cent. It is seen that the ratio of acceptance to total liabilities, averages 44.4 per cent for institutions authorized to accept up to 100 per cent and 15.4 per cent for institutions permitted to accept only up to 50 per cent of their capital and surplus. For the 100 per cent national banks, this ratio is 39.8 per cent, while for the 100 per cent trust companies and State JUNE 1, 1919. 555 FEDERAL RESERVE BULLETIN. banks it is considerably larger, viz, 53.7 per cent. The largest ratio, viz, 72.6 per cent, is shown for the eight national banks in Boston authorized to accept up to 100 per cent of their capital and surplus. The next largest ratio, viz, 67.7 per cent, is shown for 13 trust companies and State banks in New York City authorized to accept up to 100 per cent. For the 18 national banks in New York City per- mitted to accept up to 100 per cent of their capitalization this ratio works out at 42.7 per cent. Tables arc also given showing the acceptance liabilities and the ratios of these liabilities to combined capital and surplus of the leading commercial banks in England, France, and Germany prior to the outbreak of the great war, also at the latest available date. Total liabilities, capital and surplus, and acceptance liabilities of member banks doing an acceptance business. [Figures as of Mar. 4,1919, in thousands of dollars; i. e., 000 omitted. 1. ALL ACCEPTING MEMBER BANKS. Total. Number of banks. District No. 1: Boston Allotlier District No. 2: New York CityAll other District No. 3: Philadelphia... Allother District No. 4: Cleveland Pittsburgh Allother District No. 5: Richmond Baltimore Allother District No. 6: Atlanta New Orleans... Allother District No. 7: Chicago All other District No. 8: St. Louis Allother District No. 9: Minneapolis All other District No. 10: Kansas City Allother District No. 11: Dallas All other District No. 12: San Francisco.. Allother Total Ratio of capital and Capital and I Acceptsurplus ance surplus. ! liabilities. to total liabilities (per cent;. Total liabilities. 82,766 i 26,996 j 802,224 231,179 56,779 3,274 ! 237,248 | 4,497 ' Ratio of Ratio of acceptance accei)tance liabilities liabilities to total to capital liabilities and surplus (per cent). (per cent). 10.3 11.7 7.1 1.4 68. 6 12.1 7.4 7.4 3.5 1.2 47.5 16.3 6,730,430 374,533 499,066 I 27,660 ! 677,009 43,601 74,650 ! 4,500 i 16,143 156 11.0 10.3 2.4 .4 21.6 3.5 411,132 610,487 162,578 35,400 I 83,300 i 19,465 | 11,307 6,918 2,944 13. 6 12.0 2.8 1.1 1.8 31.9 8.3 15.1 107,739 90,189 149,156 8,200 I 10,975 i 14,155 ! 4,430 1,688 6,267 7.6 12.2 9.5 4,1 1.9 4.2 54.0 15.4 44.3 7,400 ; 15,867 15,614 417 6,778 4,018 10.3 9.1 10.0 .6 3.9 2.6 5.6 42.7 25.7 2.7 4.8 1.2 40.0 13.2 2.0 1.7 16.4 17.7 i 71,843 i 173,981 155,924 1,424,787 443,423 j 134,300 39,190 38,467 4,516 371,307 169,327 44,960 15,513 17,980 2,043 9.4 8.8 12.1 9.2 81,372 111,493 10,000 10,475 1,636 1,850 12.3 9.4 82,676 127,831 6,500 8,213 595 7.9 6.4 77,248 70,747 7,000 7,267 1,325 1,151 9.1 10.3 1.7 i 1. 6 i 42,400 22,680 11,869 5,961 11.7 | 8.3 ! 3.3 2.2 18. 9 15.8 28.0 26.3 1,274,512 451,265 31 . 35.4 363,817 j 273,445 I 362 14,395,478 I | 28.6 11.5 9.2 12.3 556 FEDERAL RESERVE BULLETIN. JUNE 1,1919. Total liabilities, capital and surplus, and acceptance liabilities of member banks doing an acceptance business—Continued. [Figures as of Mar. 4,1919, in thousands of dollars; i. e., 000 omitted.] 1. ALL ACCEPTING MEMBER BANKS—Continued. Banks permitted to accept to 100 per cent of capital and surplus. Number of banks. District No. 1: Boston Allother District No. 2: New York City. Allother .\. District No. 3: Philadelphia.... All other District No. 4: Cleveland Pittsburgh Allother District No. 5: Richmond Baltimore Allother District No. 6: Atlanta New Orleans Another District No. T.Chicago Allother District No. 8: St. Louis All other District No. 9: Minneapolis Allother District No. 10: Kansas City Allother District No. 11: Dallas Allother District No. 12: San Francisco... All other Total.. Total liabilities. Ratio of Ratio of Ratio of capital and acceptance surplus liabilities liabilities to total to total to IliabiSties. liabilities liabilities and capital surplus (per cent). (per cent). (per cent). Capital and i l I 767,385 53,782 78,958 7,000 55,934 1,609 10.3 13.0 7.3 3.0 70.8 23.0 5,771,947 36,364 420,717 3,600 221,358 1,848 7.3 3.8 5.1 52.6 51.3 505,904 37,900 15,360 7.5 3.0 40.5 312,655 459,490 52,591 23,500 62,050 4,900 10,372 6,478 1,890 7.5 13.5 9.3 3.3 1.4 3.6 44.1 10.4 38.6 25,328 91,377 6,400 3,975 8,650 I 2,985 478 4,658 7.2 15.7 9.5 3.4 1.9 5.1 46.6 12.0 53.8 22,695 173,981 47,257 1,600 j 15,867 | 4,462 ' 150 6,778 2,014 7.1 9.1 9.4 .7 3.9 4.3 9.4 42.7 45.1 9.1 , 8.9 2.9 2.1 32.3 24.0 115.500 7; ooo 37,292 1,679 32,936 3,200 795 81,372 10,000 55,534 41,934 5,000 4,500 363,817 139,011 42,400 12,550 10,470,273 880,029 1,265,182 78,714 300 134 9.7 2.4 24.8 12.3 2.0 16.4 74 11.1 2.7 24.6 825 500 9.0 10.7 1.5 1.2 16.5 11.1 11.7 9.0 3.3 2.8 27.9 31.0 8.4 3.7 44.4. 390,476 All other banks. Number of banks. District No. 1: Boston Allother District No. 2: New York Citv Allother District No. 3: Philadelphia.. Allother District No. 4: Cleveland Pittsburgh AJ1 other , District No. 5: , Richmond Baltimore Allother District No. 6: Atlanta New Orleans.. All other Total liabilities. Capital and surplus. Ratio of Ratio of Ratio of Accept- capital and acceptance acceptance surplus liabilities liabilities ance to to total to total liabilities. liabilities liabilities and capital surplus (per cent). (per cent). (per cent). 34,839 177,397 845 1,665 10.9 11.3 2.4 .9 22.2 S.3 964,483 338,169 73,349 24,060 15,890 2,649 8.1 7.1 1.6 .8 20.3 11.0 171,105 43,601 38,750 4,500 .5 11,900 21,250 14,565 783 156 935 440 1,054 21.5 10.3 98,477 150,997 109,987 19,415 64,861 57,779 1,800 7,000 5,505 1,445 1,210 1,609 9.3 10.8 9.5 49,148 37 19,996 5,800 267 11,152 ""2,"664 ""168*667' 12.1 14.1 13.3 •'I 2.1 3.5 7.9 2.G 7.2 80.3 17,2 29.2 11.8 .3 1.0 I 7.4 1.9 2.8 .5 10.3 1.8 17.9 4,6 i, 1919. 557 XfiDERAL EESERVE BULLETIN. i, capital and surplus, and acceptance liabilities of member hanlcs doing an acceptance business—Continued. Total li\ [Figures as of Mar. 4,1919, in thousands of dollars; i. e., 000 omitted.] l.*ALL ACCEPTING MEMBER BANKS—Continued. All other banks. Number ; Total of banks. ; liabilities. District No. 7: Chicago Another Capital and surplus. Ratio of Ratio of Ratio of Accept- capital and acceptance acceptance surplus liabilities liabilities ance to to total to total liabilities. liabilities liabilities and capital surplus (percent). (per cent). (percent). 4' 13 I 159,605 ! 364,709 | 18,800 32,190 1,175 2,837 11.8 9i 18 371,307 i 136,391 44,960 12,313 17,980 1,248 12.1 9.0 111,493 10,475 1,850 9.4 1.7 ! 82,676 125,138 6,500 7,913 595 934 7.9 6.3 •7 i 21,714 28,813 , District No. 8: St. Louis , Aliother District No. 9: Minneapolis Aliother District No. 10: Kansas City.... Aliother District No. 11: Dallas Aliother District No. 12: San Francisco.. Allother 2,000 2,767 500 | 651 I 9.2 9.6 2.3 2.2 25,0 23.5 11 ! Total., 228 ' .7 .8 | 4.8 6.3 3.8 40.0 10.1 9.2 11. S 134,434 10,130 2,067 | 7.5 1.5 20.3 3,925,205 394,483 60,789 | 10.1 1.5 15.4 2. ACCEPTING NATIONAL BANKS. Total. Number of banks. District.; No. i: Boston.. Aliother.. District No. 2: New York Citv... Aliother District No. 3: Philadelphia.. Aliother District No. 4: Cleveland Pittsburgh Aliother . District No. 5: Richmond Baltimore. . Another District No. 6: Atlanta New Orleans Aliother. . . District No. 7: Chicago Aliother District No. 8: St. Louis Aliother District No. 9: Minneapolis Allother. . District No. 10: Kansas City... Ail other District No. 11: Dallas Aliother District No. 12: San Francisco. Aliother Capital and surplus. Eatio of Ratio of Eatio of Accept- capital and acceptance acceptance surplus liabilities liabilities ance to total to to total liabilities. liabilities liabilities and capital surplus (per cent). (percent). (per cent). 10.8 13.7 7.8 2.7 72.4 19.6 3,909,400 248,790 285,300 18,260 112,762 3,614 7.3 7.3 2.9 1.5 39.5 19.8 554,397 43,601 43,650 4,500 15.418 156 7.9 2.8 10.3 3.6 35. 3 185,106 406,407 152,886 13,500 41,400 18,515 6,654 4,291 2,844 7.3 10.2 12.1 3.6 1.1 3.9 49.3 10.4 15.4 4 6 30 107,739 85,229 138,726 8,200 10,375 12,674 4,430 1,638 5,644 12.2 9.1 4.1 1.9 4.1 54.0 15.8 44.5 3 3 35 67,861 67,953 124,609 5,400 6,400 11,710 1,982 2,822 8.0 9.4 9.4 2.9 2.3 31.0 24.0 8 10 943,245 284,984 79,000 28,800 21,032 3,849 10.1 2.2 1.4 £6.6 13.4 6 15 262,698 120,480 27,260 10,638 11,927 1,158 10.4 8.8 4.5 1.0 43.8 10.9 1 6 81,372 111.493 10,000 10,475 1,036 1,850 12.3 2.0 1.6 9.4 1.7 17.7 2 8 82.676 114,215 6,500 7,213 595 958 7.9 6.3 .7 o •O 13.3 3 77,248 67,859 7.000 6,917 1,325 1,101 9.0 9 10.2 1.7 1.6 18.9 15.9 6 363,817 216,392 42,400 17,980 11,869 4,874 11.7 3.3 15 8.3 2.3 28.0 27.1 268 6 41,780 2,647 3 9 7 119745—19 57,708 13,496 5 j. 535,442 98,441 9 . . 8 20 25 14 . Total Total liabilities. 9,453,066 805,271 269,173 8.5 2.8 33. 3 317 7.6 8.4 .5 3.5 5.9 9.2 558 FEDERAL RESERVE BULLETIN. JUNE 1,1919. Total liabilities, capital and surplus, and acceptance liabilities of member banks doing an acceptance business—Continued. [Figures as of Mar. 4,1919, in thousands of dollars; i. e., 000 omitted.] 2. ACCEPTING NATIONAL BANKS—Continued. Banks permitted to accept to 100 per cent of capital and surplus. i Number of banks. District No. 1: Boston.. Allother. District No. 2: New York City All other District No. 3: Philadelphia Total liabilities. Capital and surplus. Ratio of Ratio of Ratio of Accept- capital and acceptance acceptance surplus liabilities liabilities ance to total to total to liabilities. liabilities liabilities and capital surplus (per cent). (per cent.) (per cent). 7 6 534,020 53,782 57,500 7,000 41,723 1,609 10.8 13.0 7.8 3.0 72,6 23.0 18 3 3,503,404 36,364 254,100 3,600 108,510 1,848 7.3 9.9 3.1 5.1 42.7 51.3 7 505,904 37,900 15,360 7.5 3.0 40.5 2 4 1 172,042 271,889 47,918 11,000 23,050 4,500 6,479 3,951 1,830 6.0 8.5 9.4 3.8 1.5 3.8 58.9 37.1 40.6 3 3 7 88,324 25,328 83,361 6,400 3,975 7,550 2,985 478 4,238 7.2 15.7 9.1 3.4 1.9 5.1 46.6 12.0 56.1 1 3 5 22,695 67,953 38,787 1,600 6,400 3,132 150 1,982 1,019 7.1 9.4 8.1 .7 2.9 2.6 9.3 31.0 33.0 8 2 943,245 78,714 79,000 7,000 21,032 1,679 8.4 8.9 2.2 2.1 26.6 24.0 All nth or District No. 4: Cleveland. Pittsburgh Allothor District No. 5: Richmond Baltimore. Allother District No. 6: Atlanta... New Orleans All other District No. 7: Chicago Allother . . District No. 8: St. Louis.. Allother District No. 9: Minneapolis All other District No. 10: Kansas City... Allother DistrictNo.il: Dallas All other District No. 12: San Francisco. Allother . 1 7,632 900 345 11.8 4.5 38.3 1 81,372 10,000 1,636 12.3 2.0 16.3 1 74 ii.i 2.7 24.6 5,000 4,500 825 500 9.0 10.7 1.5 1.2 16.5 11.1 363,817 127,313 42,400 11,350 11,869 3,715 11.7 8.9 3.3 2.9 28.0 32.6 99 Total 300 55,534 41,934 6 6 . 2,693 2 2 7,154,025 588,157 233,837 8.2 3.3 39.8 All other national banks. Number of banks. District No. 1: Boston.. Allother District No. 2: New York Citv... . Allother ." District No. 3: Philadelphia All other District No. 4: Cleveland. Pittsburgh.. Allother District No. 5: Richmond . Baltimore. Allother . District No. 6: Atlanta New Orleans Allother Total liabilities. Capital and surplus. Ratio of Accept- capital and surplus ance to total liabilities. liabilities (per cent). Ratio of Ratio of acceptance acceptance liabilities liabilities to total to capital liabilities and surplus (percent). (per cent). 1 14 . . 14.6 14.5 4.0 2.3 27.5 15.9 405,996 212,426 31,200 14,660 4,252 1,766 7.7 6.9 1.0 .8 13.6 12.0 48,493 43,601 5,750 4,500 58 156 11.9 10.3 .1 .4 1.0 3.5 1 5 6 . 57 1,038 2 5 . 208 6,496 7 11 . 1,422 44,659 13,064 134,518 104,968 2,500 18,350 14,015 175 340 1,014 19.1 13.6 13. 4- 1.3 .3 1.0 7.0 1.9 7.2 1 3 • 23 19,415 59,901 55,365 3,800 6,400 5,124 1,445 1,160 1,406 9.3 10.7 9.3 7.4 1.9 2.5 80.3 18.1 27.4 2 45,166 3,800 167 8.4 .4 4.3 29 85,822 8,578 1,803 10.0 2.1 21.0 JUNE 1,1919, 559 FEDERAL RESERVE BULLETIN. Total liabilities, capital and surplus, and acceptance liabilities of member banks doing an acceptance business— Continued. [Figures as of Mar. 4,1919, in thousands of dollars; i. e., 0G0 omitted.] 2. ACCEPTING NATIONAL BANKS—Continued. AJI other national banks. dumber of banks. Total liabilities. Capital a n d surplus. Acceptance liabilities. Ratio of Ratio of Ratio of c a p i t a l and acceptance acceptance liabilities liabilities surplus to total to capital to total liabilities and surplus liabilities (percent). (per cent). (per cent). District No. 7: Chicago All other District No. 8: St. Louis.. Allothcr District No. 9: Minneapolis. All other District No. 10: Kansas City All other District No. 11: Dallas... Ali other District No. 12: San Francisco. All other Total 8 206,270 21,800 10.6 1.1 10.0 6 14 262.698 112;848 27,260 9,738 11,927 8.13 10.4 8.6, 4.5 .7 43.8 8.3 6 2,170 1 111,493 10,475 1,850 9.4 1.7 17.6 2 •* 5 82,676 111,522 6,500 6,913 595 884 7.9 6.2 .7 .8 9.1 12.8 1 7 21,714 25.925 2,000 2,417 500 601 9.2 9.3 2.3 2.3 25.0 24.9 9 .169 89,079 2,299,041 6.630 1,1.59 7.4 1.3 17.5 217. U 4 1 35.336 9.4 1.5 16.3 Ratio of Accept- capital and surplus ance to total liabilities. liabilities (per cent). Ratio of acceptance liabilities to total liabilities (per cent). Ratio of acceptance liabilities to capital and surplus (per cent). 3. ACCEPTING STATE BANKS AND TRUST COMPANIES. Total. Number of banks. District No. 1: Boston Allother. District No. 2: New York City Allother . * District No. 3: Philadelphia * 11 nth or District No. 4: Cleveland . . . . . . Pittsburgh All other District No. 5: Richmond Baltimore . . . . . All other District No. 6: \tlanta New Orleans Allother . District No. 7: Chicago ill other District No. 8: St Louis Ul other . . District No. 9: Minneapolis Total liabilities. Capital and surplus. 9.4 10.2 5.6 .5 59.9 4.6 7.6 7.5 25.3 4.4 .7 58.2 9.4 31,000 14,999 627 124,486 883 725 .6 2.3 226,026 204,080 9,692 21,900 41,900 950 4,653 2,627 100 20.5 9.8 9.7 2.1 1.3 1.0 21.2 6.3 10.5 1 3 4,960 10,430 600 1,481 50 623 12.1 14.0 ].() (i. 0 42.1 1 4 8 3,982 106.028 31,315 2,000 9,467 3,904 100 4,796 1,196 50.2 8.9 12.5 2. 5 4.5 3.8 5.0 50.7 30.6 8 5 481,542 158,439 55,300 10,390 17,435 667 11.5 6.6 3.6 .4 31.5 6.4 3 5 108,609 48,847 17.700 4.875 6.053 16.3 10.0 5.6 ' 88,0 1.8 34.2 18.2 1 13, 616 1,000 50 7.3 .4 5.0 1 2,888 350 50 12.1 1.7 14.3 6 2 266,782 132,738 25,058 13,500 22 8 2 2,827,030 125,743 213,766 9,400 122,612 4 2 8.3 •Vll o t h e r District No. 10: All other District No. 11: I) o lias Ml other District No. 12: All other 3 57,053 4,700 1,087 8.2 1.9 23.1 Total 94 4,9i2,412 469,241 182,092 9.5 3.7 38.8 560 FEDERAL RESERVE BULLETIN. JUNE 1, 1919. Total liabilities, capital and surplus, and acceptance liabilities of member banks doing an acceptance business—Continued. [Figures as of Mar. 4,1919, in thousands of dollars; i. e., 000 omitted.] 3. ACCEPTING STATE B A N K S AND T R U S T COMPANIES—Continued. i Banks permitted to accept to 100 per cent of capital and surplus. Number of banks. District No. 1: Boston Total liabilities. Capital and surplus. Ratio of Ratio of Ratio of capital and acceptance acceptance liabilities liabilities to total to capital to total liabilities. liabilities and surplus (per cent). (per cent). (percent). 4 District No. 2: New York Citv Ml other District No. 3: Philadelphia Ail other District No. 4: Cleveland Pittsburgh Allothcr District No. 5: Richmond Baltimore ill other District No. 6: Atlanta j^e^- Orleans All other District No. 7: Chicago < 1 other Y1 District No. 8: St Louis All other District No. 9: Minneapolis All other District No. 10: Kansas City All other District No. 11: Dallas All other District No. 12: San JKrancisco All other . . 21,458 14,211 9.2 6.1 66.2 13 . 233,365 2,268,543 166,617 112,848 7.3 5.0 67.7 140,613' 187,601 4,673 12,500 39,000 400 3,893 2,527 60 8.9 20.8 8.6 2.8 1.3 1.3 31.1 6.5 15.0 8,016 1,100 420 13.7 5.2 38.2 4 1 . . 3 2 1 1 . 166,028 8,470 9,467 1,330 4,796 995 8.9 15.7 4.5 11.7 50.7 74.8 321,937 36,500 16,260 11.3 5.1 44 5 25,304 2,300 450 9.0 1.8 19.6 4 . 1 1 1 i 1 i i , 698 1,200 179 10.3 1.5 14.9 35 Total 3,316,248 291,872 156,639 8.8 4.7 53.7 All other State bank and trust company members. Number of banks. District No. 1: Boston Allother District No. 2: New York Citv All other District No. 3: Philadelphia All other District No. 4: Cleveland Pittsburgh All other District No. 5: Richmond Baltimore Allothcr District No. 6: Atlanta . . New Orleans Allother Total liabilities. Capital and surplus. Ratio of Ratio of Ratio of Accept- capital and acceptance acceptance liabilities liabilities surplus ance to total to total liabilities. liabilities liabilities to capital and surplus (per cent). (per cent). (per cent). 2 2 10.8 10.2 2.4 .5 21.9 46 558,487 125,743 47,149 9,400 11,638 883 8.4 7.5 2.1 .7 24.7 9.4 122,612 31,000 725 25.3 .6 2.3 2 2 1 85,413 16,479 5,019 9,4.00 2,900 550 760 100 40 11.0 17.6 11.0 .9 .6 .8 8.0 3.4 7.2 2 . 788 627 2 . 3,600 13,500 9 8 . 33,417 132,738 4,980 2,414 600 381 50 203 12.1 15.7 8.3 53.2 3,982 2,000 100 50.2 1.0 8.4 2.5 22,845 2,574 201 11.3 * "l.O 7."8 i 7 5.0 JUNE 1, 1919. 561 FEDERAL RESERVE BULLETIN. Total liabilities, capital and surplus, and acceptance liabilities of member banks doing an acceptance business—Continued. [Figures as of Mar. 4,1919, in thousands of dollars; i. e., C O omitted.] O 3. ACCEPTING STATE BANKS AND TRUST COMPANIES—Continued. Ali other State bank and trust company members. | Number \ Total i of banks. | liabilities. District No. 7: Chicago Aliother District No. 8: St. Louis Aliother District No. 9: Minneapolis.. All other District No. 10: Kansas Citv. Aliother./... District No. 11: Dallas. Aliother District No. 12: San Francisco.. All other Capital and. surplus. R a t i o of Ratio of Ratio of Accept- capital and acoeptan-r-e | acceptance '' liabilities surplus liabilities ance to total to to total liabilities. liabilities liabilities and capital surplus (per cent). (per cent). (percent.). 159,605 158,439 18,800 10,390 | 1,175 108,609 23,543 17,700 2,575 6,053 ! 435 13,610 1,000 2,888 1 ! "2\ (567 50 50 350 I 6.3 6.4 5,6 ! 1.8 i 34.2 16.9 7.3 12.1 45>355 3,500 908 1,626,104 Total. 11.8 6.6 16.3 10.9 177,369 25,453 10.9 FRANCE, Acceptance liabilities of the three, leading commercial banks of France com/payed with their capital ana surplus before and after the war. Before the war Qlay 31, 1914). j After the war (Dec. 31, 1918). Ratio of acceptance liabilities to paid-in capital and surplus Bank. | Paid-in capi- ; Acceptance I Paid-in capijial and surplus.! liabilities. : tai and surplus. Soeiete Generale Comptoir National d'Escompte.. Credit Lyonnais Francs. 377,247,507 240,902,700 425,000,000 Total for three banks. 1,043,150,207 ; Acceptance liabilities. Before the war. After the war. Francs. 156,670,208 159,082,542 • 121,524.307 j Francs. 300,704,856 243,563,143 425,000,000 Francs. 18,746,093 24,123,451 10,879 Per cent. 41.5 66.0 28.6 Per cent. 6.2 437,277,057 969,267,999 42,880,423 42.0 4.5 i stadter Bank, Berliner Ilandelsgesellschaft, ENGLAND. Commerz-und-l)iskontobank,Nationalbank,and According to the London Economist, the |; MitteldeutscheKreditBank, figures of combined leading 18 joint stock banks in England on capital and surplus and of acceptance liabilities June 30, 1914, and Dec. 31, 1918, show the also the per cent ratios following amounts of capital and surplus com- 1 at the close of 1913-1917, to capital and surplus, of acceptance liabilities pared with their acceptance liabilities: were as follows: [Millions of marks.] June 30,1914. j Dec. 31,1918. Paid-in capital and surplus Acceptance liabilities Ratio of acceptance liabilities to paid-in capital and surplus, per cent i £08,007,000 j 35,782,000 j : 52.61 61.35 GERMANY. For the 8 largest German credit banks (Grossbanken), including the Deutsche Bank, Diskonto Gesellschaft, Dresdner Bank, Darm- 1 2 Ratio of Paid-in 2tol** capital and Acceptance (per cent). liabilities. surplus. £84,830,000 52,045,000 Dec. 31— 191'J 1914... 1915 1916 1917 1,465 1,711 1 711 1,715 1,896 1,308 1,015 611 384 397 I 36 22 21 562 FEDERAL RESERVE BULLETIN. JUNE 1,1919. State Banks and Trust Companies Admitted. | Foreign Branches. The following list shows the State banks and A list of foreign branches of banks doing trust companies which have been admitted to business under agreement with the Federal membership in the Federal Reserve System, Reserve Board, which opened for business durduring the month of May. ing May, 1919, is given below: One thousand and thirty-four State institu- | American Foreign Banking Corporation, New York City: tions are now members of the system, having I Brussels, Belgium, opened May 1, 1919. a total capital of $369,18G,87o/total surplus Asia Banking Corporation, New York City: Peking, China, opened May 1, 1919. of $419,934,583, and total resources of Tientsin, China, opened May 1, 1919. $7,942,384,320. International Banking Corporation, New York City: Haiigoon, Burma, British India, opened May 16, 1919. Capital. District No. 1. Gloucester Safe Deposit & Trust Co., Gloucester, Mass •The New Bedford Safe Deposit & Trust Co., Now Bedford, Mass Surplus. f( Total Acceptances to 100 Per Cent. §200,000 S200,000 84,943,687 200,000 300,000 4,463,468 District No. 2. The Bank of East Aurora, East Aurora, N. Y Geneva Trust Co., Geneva, N. Y 75,000 100,000 25,000 175,000 ],220,494 3,507,520 District No. 4. Firestone Park Trust & Savings Bank, Akron, Ohio Peoples Bank Co., Frazcysburg, Ohio. The Farmers Bank Co., Pandora, Ohio Security Trust Co., Wheeling, W. Va.. 200,000 25,000 25.000 300,000 75,000 35,000 7,500 200,000 3,490,189 482,650 223,127 2,827,915 50,000 50,000 554,526 250,000 200,000 3,237,256 200,000 17,122 1,784,461 25,000 5,000 503,866 50,000 10,000 I 424,880 50,000 13,250 314,424 100,000 10,000 465,912 100,000 50,000 50,000 40,000 ""6,"650" 901,561 50,000 473,097 JA.JS.I \JJ-L, V _ / 1 1 ± U . . . . . . . . . . . . . . . . . . . . . . . District No. 5. Merchants & Farmers Rank, Eraporia, Va Bank of Commerce & Trusts, Richmond, Va District No. ?. First Trust & Savings Bank, Des Moines, Iowa The First State Savings Barn:, Croswell, Mich District No. 8. Dardanelle Bank & Trust Co., Dardanelle, Ark Merchants & Farmers Bank, Dumas, Ark Citizens Bank & Trust Co., England, Ark Cotton Belt Savings & Trust Co., Pine Bluff, Ark Union Trust Co., Madison, 111 Bank of Maplcwood, Maplcwood, Mo. District No. 9. CitizensState Bank, Roundup, Mont. 50,000 35,000 721,714 District No. 10. Bank of Goltry, Goltry, Okla 25,000 2,500 209,599 2,500 lo,000 79,318 268,337 District No. 11. First State Bank, Rails, Tex 25,000 Guaranty State Bank, Troup, T e x . . . 25,000 District No. 12. j Bellevuc State Bank, Bellovue, Idaho.| 30,000 Cache Valley Banking Co., Logan, ! Utah ". • 100,000 Farmers & Merchants Savings Bank, '•• Logan, Utah 100,000 Tracy Loan & Trust Co., Salt Lake City, Utah 218,700 8,000 401,640 22,000 1,374,839 17,500 388,926 100,000 709,413 Consolidation. The Charleston Trust & Savings Monk and the Second National Bank, Charleston, III., have consolidated under the name National Trust Bank of Charleston. Since the issue of the May BULLETIN the following banks have been authorized by the Federal Reserve Board to accept drafts and bills of exchange up to 100 per cent of their capital and surplus: Edisto National Bank, Orangeburg, S. C ; Citizens National Bank, Hillsboro, Tex. New National Bank Charters. The Comptroller of the Currency reports the following increases and reductions in the number of national banks and the capital of national banks during the period from April 26, 1919, to May 30, 1919, inclusive: • Banks. New charters issued to 22 With capital of. $2,170,000 Increase of capital approved for 23 With new capital of 2, 380, 000 Aggregate number of new charters and banks increasing capital 45 With aggregate of new" capital authorized 4, 550,000 Number of banks liquidating (other than those consolidating with other national banks under the act of June 3, 1864) 8 Capital of same banks 2, 600, 000 Number of banks reducing capital 1 Reduction of capital 25, 000 Total number of banks going into liquidation or reducing capital (other than those consolidating with other national banks under the act of June 3, 1864) 9 Aggregate capital reduction 2, 625,000 Consolidation of national banks under the act of Nov. 7, 1918 3 Capital 850,000 The foregoing statement shows the aggregate of increased capital for the period of the banks embraced in statement was 4, 550,000 Against this there was a reduction of capital owing to liquidation (other than for consolidation with other national banks under the act of June 3, 1864) and reductions of capital of 2, 625, 000 Net increase 1, 925,000 563 FEDERAL RESERVE BULLETIN. JUNE 1, 1919. Errata. Fiduciary Powers Granted to National Banks. On page 477 of the BULLETIN for May, 1919, the following corrections should be made: London Economist index numbers for January; February, and March, 1919 (sixth column), should read '"217-215-213" in place of "266280-260.j; Corresponding Sauerbeck index numbers (seventh column) should read "226211-217" in place of "217-215-213." On page 505 the heading should read Condition of selected member banks.7" The applications of the following banks for permission to act under section ll(k) of the Federal lteserve Act have been approved by the Federal Reserve Board during May: Commercial Failures Reported, DISTRICT NO. 1. Trustee, executor, administrator, registrar of stocks and bonds, guardian of estates, assignee, and receiver: Citizens National Bank, Watorbury, Conn. Guardian of estates, assignee, and receiver: Greylock National Bank, Adams, Mass. Trustee, executor, administrator, registrar of stocks and bonds, guardian of estates, assignee, receiver, and committee of estates of lunatics: City National Bank, Belfast, Me. First National Bank, Adams, Mass. Continuing their remarkably favorable showDISTRICT No. 2. ing, commercial failures in the United States Trustee, executor, administrator, registrar of stocks and during three weeks of May, as reported to R. G. bonds, guardian of estates, assignee, receiver, and comDun & Co., numbered only 381—a 36.9 per mittee of estates of lunatics: Citizens National Bank, Long Branch, N. J. cent reduction from the 604 insolvencies of the First National Bank, South River, N. J. same period of 1918, when the business morFarmers National Bank, Hudson, N. Y. tality was comparatively moderate. The stateChatham. & Phcnix National Bank, New York City. ment for April, the latest month for which full Fallkill National Bank, Poughkeepsie, N. Y. Coal and Iron National Bank, New York City. returns are available, discloses but 543 defaults for §11,450,462 of liabilities—a numerical de- Guardian of estates, assignee, receiver, and committee of crease of 40 per cent from the 905 reverses of estates of lunatics: National State Bank, Newark, N. J. April, 1918, and a contraction of nearly 20 per Trustee, executor, administrator, registrar of stocks and cent in amount of indebtedness frpm the bonds, guardian of estates, receiver, and committee of $14,271,849 of last year. In point of number, estates of lunatics: Plattsburg National Bank, Plattsburg, N. in fact, the April failures are the smallest ever Trustee, executor, administrator, guardian Y. estates, of recorded since monthly statistics were first assignee, receiver, and committee of estates of lunatics: compiled a quarter of a century ago. ComFirst National Bank, Hempstead, N. Y. Bank of New York, N.B. A., New York City. paring the April exhibit by Federal Reserve Liberty National Bank, New York City. districts, it is seen that defaults were fewer in Chase National Bank, New York City." number than in April of 1918 in all of the 12 Tarrytown National Bank, Tarrytown, N. Y. districts, excepting the eighth district, where a DISTRICT NO. 3. small increase appears. In most instances the reductions are of considerable size, while only Trustee, executor, administrator, registrar of stocks and in the fifth and sixth districts are larger liabili- bonds, guardian of estates, assignee, receiver, and committee of estates of lunatics: ties shown. Failures during April. Number. Liabilities. Districts. 1919 First Second Third Fo'i r th Fifth Sixth Seventh ^iffhth Ninth Tenth Eleventh Twelfth Total 1918 1919 1918 63 107 28 41 27 29 61 44 23 20 24 76 136 172 29 87 54 44 129 39 43 49 32 91 S707,783 4,365,253 333,089 653,738 660,750 475,441 1,248,110 447,162 142,857 104,545 226,206 2,085,528 81,405,975 4,610,726 535,628 1,460,787 368,829 271,667 1,597,477 447,362 268,785 392,835 251,858 2,659,920 543 905 11,450,462 14,271,849 County National Bank, Clearfield, Pa. Keystone National Bank, Manheim, Pa. National Bank of Oxford, Oxford, Pa. Ninth National Bank, Philadelphia, Pa. DISTRICT NO. 4. Trustee, and registrar of stocks and bonds: Atlas National Bank, Cincinnati, Ohio. First National Bank, Zanesville, Ohio. First National Bank, Bucyrus, Ohio. Trustee, executor, administrator, registrar of stocks and bonds, guardian of estates, assignee, receiver, and committee of estates of lunatics: First National Bank, New Castle, Pa. First National Bank, Washington, Pa. Executor, administrator, registrar of stocks and bonds, guardian of estates, assignee, receiver, and committee of estates of lunatics: Second National Bank, Titus ville, Pa. 564 FEDERAL RESERVE BULLETIN. JUNE Guardian of estates, assignee, receiver, and committee of estates of lunatics: Bedford National Bank, Bedford, Ind. Guardian of estates, assignee, receiver, and committee of Trustee, executor, administrator, guardian of estates, estates of lunatics: assignee, receiver, and committee of estates of lunatics: Merchants-Mechanics-First National Bank, BaltiAnderson National Bank, Lawrenceburg, Ky. more, Md. Parkeraburg National Bank, Parkersburg, W. Va. DISTRICT NO. 9. Edisto National Bank, Orangeburg, S. G. Trustee, executor, administrator, registrar of stocks and bonds, guardian of estates, assignee, receiver, and com- Trustee, executor, administrator, registrar of stocks and bonds, guardian of estates, assignee, receiver,, and committee of estates of lunatics: mittee of estates of lunatics: National Loan & Exchange Bank. Columbia, S. C. Farmers National Bank, Waseca, Minn. Second National Bank, Cumberland, Md. First National Bank, Watertown, S. Dak. First National Bank, Richmond, Va. Registrar of stocks and bonds, guardian of estates, assignee, Trustee, executor, administrator, guardian of estates, assignee, receiver, and committee of estates of lunatics: receiver, and committee of estates of lunatics: National Farmers Bank, Owatonna, Minn. Peoples National Bank, Charlottesville, Va. DISTRICT NO. 5. DISTRICT No. 6. DISTRICT NO. 10. Guardian of estates, assignee, receiver, and committee of Trustee, executor, administrator, guardian of estate?: First National Bank, Coffeyville, Kans. estates of lunatics: Trustee, executor, administrator, and registrar of stocks First National Bank, Florence, Ala. and bonds: City National Bank, Selma, Ala. First National Bank, Omaha, Nebr. Trustee, executor, administrator, registrar of stocks and Guardian of estates, assignee, receiver, and committee of bonds, guardian of estates, assignee, receiver, and comestates of lunatics: mittee of estates of lunatics: Greeley National Bank, Greeley, Colo. Winder National Bank, Winder, Ga. New England National Bank, Kansas City, Mo. San Miguel National Bank, Las Vegas, N. Mex. DISTRICT NO. 7. First National Bank, Colorado Springs, Colo. Trustee, executor, administrator, registrar of stocks and bonds, guardian of estates, assignee, receiver, and comTrustee, executor, administrator, registrar of stocks and mittee of estates of lunatics: bonds, guardian of estates, assignee, receiver, and comNational Bank of Commerce, Pittsburg, Kans. mittee of estates of lunatics: First National Bank, Santa Fe, N. Mex. Canton National Bank, Canton, 111. First National Bank, Shoshoni, Wyo. Central National Bank, Peoria, 111. Lawrence National Bank, Lawrence, Kans. First National Bank, Greenfield, Iowa. Security National Bank, Oklahoma City, Okla. National Bank of Commerce, Detroit, Mich. Liberty National Bank, Oklahoma City, Okla. First National Bank, Muscatine, Iowa. Poudre Valley National Bank, Fort Collins, Colo. Trustee, executor, administrator, registrar of stocks and bonds, guardian of estates, assignee, and receiver: DISTRICT NO. 11. Fletcher American National Bank, Indianapolis, Ind. Trustee, executor, administrator, and registrar of stocks Trustee, executor, administrator, registrar of stocks and and bonds: bonds, guardian of estates, assignee, receiver, and comFirst National Bank, Hammond, Ind. mittee of estates of lunatics: Trustee, executor, and administrator: First National Bank, Wichita Falls, Tex. First National Bank, Milford, Iowa. Guardian of estates, assignee, receiver, and committee of estates of lunatics: DISTRICT NO. 12. First National Bank, Richmond, Ind. Howard National Bank, Kokomo, Ind. Trustee, executor, administrator, registrar of stocks and bonds, guardian of estates, assignee, receiver, and committee of estates of lunatics: DISTRICT NO. 8. Baker-Boyer National Bank, Walla Walla, Wash. Assignee and receiver: Trustee, executor, administrator, registrar of stocks and Seattle National Bank, Seattle, Wash. bonds, guardian of estates, assignee, receiver, and com- Trustee, executor, administrator, registrar of stocks and mittee of estates of lunatics: bonds, and guardian of estates: People's American National Bank, Princeton, Ind. First National Bank of Idaho, Boise, Idaho. Seymour National Bank, Seymour, Ind. First National Bank, Bellingham, Wash. First National Bank, Harrodsburg, Ky. Trustee, executor, administrator, registrar of stocks and Citizens National Bank, Kirksville, Mo. bonds^ guardian of estates, assignee, and receiver: Merchants National Bank, Fort Smith, Ark. National Bank of D. 0. Mills & Co., Sacramento. Calif. JDSE 1,1919. FEDERAL RESEBVE BULLETIN. 565 RULINGS OF THE FEDERAL RESERVE BOARD. Below are published rulings made by the tract under which the operations are being Federal Reserve Board which are believed to conducted. be of interest to Federal Reserve Banks and If the drawer of the draft has sold "goods" member banks. to the drawee, the drawee may properly accept, and the draft thus accepted would constitute a Trade acceptances covering building operations. The Federal Reserve Board has received trade acceptance if otherwise in conformity many inquiries with reference to the right of the with the Board's regulations, but it should be various parties concerned in building contracts noted that labor in itself is not considered to draw trade acceptances against each other "goods" within the meaning of these regulafor the purpose of financing the different steps tions. The Board has ruled, however, that a draft drawn to cover the purchase price of in the process of building. goods sold, plus the cost of installing those The Board finds it difficult, if not impossible, to answer any general hypothetical question goods, may be eligible for acceptance as a trade with reference to this subject because of the acceptance. (See FEDERAL RESERVE BULLEfact that the elements necessary to determine TIN of April, 1918, p. 310.) At this time, howthe eligibility of trade acceptances depend ever, the Board is not inclined to extend the largely not only upon the general nature of the scope of its definition of the word "goods" to business which they finance, but upon the include labor alone. It should be understood, of course, that technical terms of the contract covering the particular transaction out of which they grow. nothing in this ruling should be construed to There does not seem to be any doubt that a imply that a note or bill of exchange, the prodraft drawn by a manufacturer or material ceeds of which have been used or are to be man upon a builder to cover the cost of used for the payment of wages or for services materials sold to the builder is eligible for rendered, is not eligible for rediscount. It is rediscount as a trade acceptance when ac- merely intended to indicate that in order to cepted by the builder, for that comes clearly constitute a certain preferred class of eligible within the terms of the Board's definition bills of exchange specifically designated as trade of such an instrument. It is equally clear, acceptances, the transactions out of which the however, that if the nature of the contract acceptances grow must be ones involving the under which the building operations are being sale of "goods" within the meaning of the conducted is such that the contractor, for Board's regulations. This ruling is issued with the understanding instance, does not get title either to the materials furnished or to the building as it is that trade acceptances should not be used so as being erected, he can not properly make a to extend the usual and customary terms of trade acceptance of a draft drawn upon him by credit. the subcontractor or builder, it being apparent that he has not been the purchaser of goods sold Sight drafts accepted payable at a future date. A sight draft which is accepted by the within the meaning of the Board's regulations. drawee, payable at a future date, is a qualified Building contracts vary so greatly in different localities and are always so intricate in their acceptance which the holder may refuse to take, nature that it is impossible to promulgate any but if such an acceptance is taken by the.holder general ruling as to the possibility of the use of the drawer and indorsers are released unless the trade acceptance to finance structural work they have either expressly or impliedly auand other building operations in general. thorized the holder to take a qualified acceptEach case would have to be determined upon ance or unless they subsequently assent thereto. the facts as ascertained in the light of the con[See opinion of General Counsel in Law Department, p . 560.] 566 FEDERAL RESERVE BULLETIN. JUXK 1, 101.9. LAW DEPARTMENT. The following opinions of General Counsel is concerned. But section 142, quoted above, "have been authorized for publication by the specifies that if a drawer receives notice of a qualified acceptance he must within a reasonBoard since the last edition of the BULLETIN: able time express his dissent to the holder or he Sight drafts accepted payable at a future date. will be deemed to have assented thereto. In A sight draft which is accepted by the drawee, payable other words, the burden is upon the drawer to at a future date, is a qualified acceptance which the holder dissent within a reasonable time after he remay refuse to take, but if such an acceptance is taken by the holder, the drawer and indorsers are released unless ceives notice of a qualified acceptance. In the case under consideration the drawer they have either expressly or impliedly authorized the holder to take a qualified acceptance or unless they sub- not only failed to dissent, but may be presumed sequently assent thereto. actually to have assented to the qualification MAY 7, 1919. when he indorsed the acceptance without obAn opinion has been asked on the question jection. The acceptance, therefore, may propwhether a sight draft which is accepted by the erly be considered eligible for rediscount by drawee, .payable at a subsequent date, is eligible a Federal Reserve Bank as a negotiable trade for rediscount as a trade acceptance, provided acceptance, if otherwise in conformity with that the other requirements of the Board's the regulations of the Federal Reserve Board. regulations are complied with. Section 139 of the negotiable instruments Documentary stamps on promissory notes. law provides that— The following letter of the Commissioner of "An acceptance is either general or qualified. A general acceptance assents without quali- Internal Revenue relates to stamp tax upon fication to the order of the drawer. A qualified promissory notes secured by War Finance acceptance in express terms varies the effect of Corporation bonds or by certificates of indebtedness issued by the Director General of the bill as drawn/' Railroads. And section 141 of that law provides that— MAY 28, 1919. SIR: Answering your letter of May 14, "An acceptance is qualified, which is: that promissory notes given by one bank you are advised to another bank * * * 4. Qualified as to time." secured by War Finance Corporation bonds as collateral are subject to stamp tax under section 1107, subdivision Section 142 provides that— (6), Schedule A, revenue act of 1918. "The holder may refuse to take a qualified You are further advised that a promissory note secured acceptance, and if he does not obtain an un- by certificates of indebtedness issued by the Director is not tax. under qualified acceptance, he may treat the bill as General of Railroadsprovidedsubject to stamp certificates said subdivision (6), the par value dishonored b}~ nonacceptance. Where a quali- of indebtedness is not less than the amount of such note. of fied acceptance is taken, the drawer ancl inRespectfully, (Signed) DANIEL G. ROPER, dorsers are discharged from liability on the bill, Commissioner. unless they have expressly or impliedly authorized the holder to take a qualified acceptance, Amendments to State Banking Laws, or subsequently assent thereto. When the drawer or an indorser receives notice of a qualiThe following recent enactments of various fied acceptance, he must, within a reasonable time, express his dissent to the holder, or he State legislatures which amend the State bankwill be deemed to have assented thereto." ing laws are published for the information of From the provisions of these sections it the Federal Reserve Banks and member banks. appears that a sight draft accepted payable at a COLORADO. subsequent date is a qualified acceptance because The Colorado recently of the fact that the order of the drawer was not enactedGeneral Assembly of No. 501, approved an act (House bill accepted by the drawee in precisely the same April 4, 1919) which authorizes State"banks terms as drawn, in so far as the date of payment and trust companies to become members of the FEDERAL RESERVE BULLETIN". Federal Eeserve system and provides that those becoming members shall not be limited in borrowing or rediscounting with the Federal Reserve Bank. The act reads as follows: TTON"1."The words "Federal Reserve Act" herein used shall be held to mean and to include the act of Congress of the United States approved December 23,1.913, as heretofore and hereafter amended. The words "Federal Reserve Board" shall be held to mean the Federal Reserve "Board created and described in the Federal Reserve Act. The words "Federal Reserve Bank" shall be held to mean the Federal Reserve Banks created and organized under authority of the Federal Reserve Act. The words "member bank" shall be held to mean any national bank, State bank, or banking and trust company which has become or which becomes a member of one of the Federal Reserve Banks created by the Federal Reserve Act. SEC. 2. That any bank or trust company incorporated under the laws of this State shall have the power "to subscribe to the capital stock and become a member of a Federal Reserve Bank. SEC. 6. Any bank or trust company incorporated under the laws of this State which is or which becomes a member of the Federal Reserve Bank shall not be limited in its borrowing or rediscounting with the Federal Reserve Bank of which it is a member. SEC. 7. All acts and parts of acts inconsistent herewith are herebv repealed. IOWA, 567 created and organized under an act of Congress of the United States, approved December 23, 1913, and known as the Federal Reserve -Vet, and shall have power to assume such liabilities and to exorcise such powers as a member of such Federal Reserve Bank as are prescribed by the provisions of said act, or amendments thereto; and, so long as such bank shall remain a member of the Federal Reserve system created by said act of Congress, it shall be subject to examination by the legally constituted authorities, and to all provisions of said Federal Reserve Act and regulations made pursuant thereto by the Federal Reserve Board which are applicable to such banks as members of the Federal Reserve system; and the State authorities may, in their discretion, accept examination and audits made under the provisions of the Federal Reserve Act in lieu of examinations required of banks organized under the laws of this State. Any bank complying with the reserve requirements of the Federal Reserve Act, and its amendments, shall be relieved from compliance with the provisions of the laws of this State relating to the maintenance of reserves. The Nebraska Legislature, by an act approved April 7, 1919 (Senate File No. 59), also amended section 303, revised statutes of Nebraska for 1913, as amended by section 1, chapter 13, Session Laws of Nebraska for 1915, by changing the limitation on the aggregate amount of loans and investments permitted of a State bank from ten to fifteen times the amount of the bank's capital and surplus, and The General f Assembly of Iowa recently added a proviso reading as follows: passed an act (Senate File" No. 261) authorizing Provided, lwwcver], That any State bank becoming a the Federal Reserve system the State banks which join the Federal Reserve member of as to rediscounts and bills may have withsame privileges payable the system to carry only such reserves as are re- Federal Reserve Banks and may incur liabilities to such quired of national bank members. This act banks to the same extent as national banks. has been signed by the governor, and will NEW HAMPSHIRE, become effective July 4, 1919. It reads, in part, as follows: The Legislature of New Hampshire passed an SECTION 1. That any State bank, savings bank, or trust act to clarify the law relating to the trust powcompany incorporated under the laws of this State, which ers of national banks and" trust companies. is or hereafter may become a member of the Federal This act, which was approved March 28, 1919, Reserve Bank system of the United States of America, shall be required to carry during the period of such mem- reads as follows: bership only such cash reserve funds as may be required SECTION 1. Hereafter any trust company, loan and trust from time to time to bo maintained by national bank company, loan and banking company, and all other cormembers of said Federal Reserve Bank system. porations of similar character, incorporated under the laws of this State, and any national bank'being duly authorized and located within the State, may be appointed trustee NEBRASKA. in any case where an individual can be appointed, upon Section 1, chapter 175, of the Session Laws the same conditions and subject to the same control, requirements, and penalties; but no corporation shall be apof Nebraska for 1915, which authorizes State pointed in any other fiduciary capacity. Every corporabanks to become members of the Federal Re- tion when appointed by any court in such capacity shall serve system, was amended by an act approved give bond of an indemnity company licensed by the inMarch 17, 1919 (Senate File'No. 58), so as to surance commissioner to do business in this State. The exercise relieve from the reserve requirements of the specified of the powers granted herein is limited to the corporations located in this State. State law all State banks which join the SEC. 2. Any trust company or national bank exercising Federal Reserve system and comply with the any of the powers enumerated herein shall segregate all reserve requirements of the Federal Reserve assets hold in a fiduciary capacity from the other assets of company such Act. As so amended, the section reads as said trustbusiness as or'national* bank, conductingknown fiduciary a separate department, to be follows: as its trust department. "It shall keep a separate set of SECTION 1. That any bank incorporated under the laws books and records showing in detail all transactions enof this State shall have power to subscribe to the capital gaged in under the authority of this act. in such form as stock and become a member of a Federal Reserve Bank the bank commissioners approve. 568 FEDERAL RESERVE BULLETIN. JUNE 1? 1919. General Laws of Oregon for 1915) and section 25 ! of chapter 197, General Laws of Oregon for 1917, j which relate to the reserves required to be main! tained by State banks and trust companies, re| spectively, so as to make them inapplicable; to j State banks and trust companies which are mem| bers of the Federal Reserve system and comply | with the reserve requirements thereof. A proj vision that such institutions might maintain A new banking code was enacted by the j on deposit with the Federal Reserve Bank such Legislature of Ohio, and was approved by part of their total reserves as is required by the the governor on April 11, 1919. It will be- Federal Reserve Act was stricken from each of come effective July 1, 1919, Sections 4 and 5 j these sections, and the following was inserted thereof contain the substance of all the pro- ! in lieu thereof: visions of the act recommended by the Federal The pertaining to the Reserve Board to bring about greater coordina- reserveforegoing provisions of this section, State bank which requirements, shall not apply a tion in the powers of State and national banks j is a member of the Federal Reservetobanking system and and to promote uniformity in State and Fed- I duly complies with all of the reserve and other requireeral banking laws, except that the State au- i ments of that system. thorities are not authorized to accept examina- I By chapter 7 of the General Laws of Oregon tions made by Federal authorities in lieu of j for 1919, approved January 29, 1919, the folthose required by State law. Sections 4 and 5 i lowing proviso was inserted in section 4581 of read as follows: Lord's Oregon Laws, as amended by'section 22, SEC. 710-4. Wherever the term "Federal Reserve Act" chapter 171, General Laws of Oregon for 1911: SEC. 3. It, shall be unlawful for any trust^company or national bank to lend to any of its officers, directors or employees any of its funds held in trust. SEC* 4. Any violation of the provisions of this act shall be punished by a fine not exceeding $1,000 or by imprisonment for not more than one year, or both. SEC. 5. This act shall take effect upon its passage, and all acts and parts of acts inconsistent with this act are hereby repealed. OHIO. is used in this act the same shall be held to mean the act Provided, That the superintendent of banks may furnish of the Sixty-third Congress of the United States, entitled "An act to provide for the establishment of Federal Re- to the Federal Reserve Bank and its examiners, copies of serve Banks, to furnish an elastic currency, to afford means | all reports and information pertaining to the condition of of rediscounting commercial paper, to establish a more I State bank members of the Federal Reserve system. effective supervision of banking in the United States, and | Section 4576 of Lord's Oregon Laws, as for other purposes," approved by the President of the United States on December 23, 1913, and subsequent | amended by section 8 of chapter 285, General I Laws of Oregon for 1915, was amended by amendments thereto; * * *. SEC. 710-5. Every bank, in addition to the powers, j chapter 250 of the General Laws of Oregon for rights, and privileges possessed by it under the laws of I 1919 so as to authorize State banks which are Ohio shall have the right and power to become a member bank under the Federal Reserve Act upon the terms and I members of the Federal Reserve system and conditions set forth in said Federal Reserve Act, or here- have capital and surplus of $1,000,000 or more after provided by law. Every bank which becomes a to invest in the stock of corporations engaged member bank shall have the right and power to do every- I in foreign banking. The following proviso was thing required of or granted by said Federal Reserve Act to member banks which are organized under State laws; added to subsection d of section 4576: and compliance by banks with the reserve requirements of Provided, further, That any State bank possessing a capsaid Federal Reserve Act, shall be accepted m lieu of the ital and surplus of one million dollars ($1,000,000) or more reserve requirements provided by the laws of Ohio. Any and which is a member of the Federal Reserve system, may such bank or trust company shall continue to be subject file application with the State Banking Board "for permisto the supervision and examinations required by the laws sion to invest, upon such conditions and under such reguof this State, except that the Federal Reserve Board shall lations as may be prescribed by the said board, an amount have the right, if it deems necessary, to make examina- not exceeding in the aggregate 10 per centum of its paid tions; and the authorities of this State having supervision in capital stock and surplus in the stock of one or more over such bank or trust company may disclose to the banks or corporations chartered or incorporated under the Federal Reserve Board, or to examiners duly appointed laws of the United States or of any State thereof, and prinby it, all information in reference to the affairs of any bank cipally engaged in international or foreign banking, or or trust company which has become, or desires to become, banking in a dependency or insular possession of the a member of a Federal Reserve Bank. Nothing contained United States, either directly or through the agency, in this section shall in any way or manner affect or have ownership, or control of local institutions in foreign counreference to banks which do not become member banks tries or in such dependencies or insular possessions. under said Federal Reserve Act except as provided in this Such application shall specify the name and capital of act. the banking association filing it, the powers applied for, OREGON. and the place or places where the banking operations proposed are to be carried on. By two acts approved January 29 and March The State banking board shall have power to approve 4, 1919, respectively (General Laws of Oregon or to reject such application in whole or in part if for any of for 1919, chaps. 8 and 411), the Oregon Legis- reason the grantingalso such application is deemed inexpedient, shall have power from time to time to lature amended section 4579 of Lord's Oregon increase anddecrease the number of places where such or Laws (as amended by section 9 of chapter 285, banking operations may be carried on. JUNE 1, 1919. 569 EEDEBAL. RESERVE BULLETIN. GOLD SETTLEMENT FUND. Clearing and transfer operations through the gold settlement fund for the 13 weeks ending May 22 totaled $15,463,135,000, averaging $1,189,472,000 per week, as against an average of $1,177,324,000 for the 13 weeks immediately preceding. Operations through the fund were heaviest for the week ending May 22, when the banks made their first payment on account of the Victory notes, and for the week ending March 20, when income and excess war profit taxes were due. The New York bank reports a loss for the period of $798,018,000 through settlements and a gain of $925,859,000 through transfers. As the result of these operations the bank's balance in the fund shows a net gain of $127,841,000. Increased credit balances in the fund are shown also by the Richmond, Chicago, and Kansas City banks. Net deposits of gold in the banks' fund, i. e., total gold deposits less gold withdrawals, were $254,538,000, of. which/however, §143,920,000 net was transferred to the agents' fund, so that the net gain in the banks' fund for the period amounts" to $110,818,000. During the same period the agents- fund shows a loss of $47,350,000. On May 22 the two funds comprised $1,410,727,000, compared with $1,347,459,000 on February 20. f)f the larger total the amount standing to the credit of the banks was 8568,620,000 and the amount standing to the credit of the agents was 8842,107,000. Below are given figures showing operations of the two funds for the period from February 21 to May 22, inclusive: Changes in ownership of gold. [In thousands of dollars, i. e., 000 ommitted.] Total to Feb. 20,1919. Federal Reserve Bank. Decrease. Boston New York Philadelphia.. Cleveland Richmond Atlanta Chicago St. Louis Minneapolis... Kansas City... Dallas.....* San Francisco.. Increase. 13,579 Balance to credit Fob. 20, plus net deposits of gold since that date. Balance May 22, 1919. 30,376 134,303 20,748 51,145 206,264 73.617 38^ 719 53,879 27,2S9 93,587 49,393 42,547 55,155 45,855 35,322 26,864 138,719 28,945 37,380 50,330 11,918 46,192 37,915 170,38S 40.106 55; 446 27.845 13,466 107,784 22,180 15,002 44,604 1, 98!) 25,835 '43,506 568,620 568,620 743,506 Total. Total From Feb. 21,1919, to May 22,1919, both inclusive. Decrease. Increase. 11,478 ! ! 15,049 |. 7,477 23,398 30,935 6.765 22,318 5^726 3,029 20,357 ! . ! i j ... changes Decrease i 1-27.Sll i ! ' 9.591 • 137,432 j 137.432 j i : Increase. 2,101 615,665 15,327 143,894 13,271 37,7-17 175,329 66.852 i i 1 ! ! : ! ! from May 20,1915, to Mar 22,1919. 16', 401 48,153 23,360 73,230 615,665 j 615,065 Amounts of Clearings and Transfers through the gold settlement fund, by Federal Reserve Bvnhs, from Feb. 21, 1919, to May 22, 1919, both inclusive. [In thousands of dollars; i. e., 000 omitted.] Total clearings. Settlement o— f Feb. 21-27 Feb.28-Mar. 6 Mar. 7-13 Mar. 14-20 Mar. 21-27 Mar. 28-Apr.3 Apr. 4-10 Apr. 11-17 Apr. 18-24 Apr. 25-Mayl May 2-8 ! 1 I '. j ! 896,434 1,013,443 976,960 1,114,020 1,102,340 1,086,410 1,026,768 1,083,304 1,014,720 1,050,755 1,042,949 Settlement of— 79, 672 May 9-15... 92, 500 i May 16-22.. 150, 000 l i 216, 496 j i Total 201, 926 Previously reported for 1919. 214, 007 51, 000 Total since Jan. 1, 1919 150, 500 I1 103, 967 :i Total for 1918. 140, 014 :i Total for 1917. 131, 180 Total clearings. Transfers. 1,022,076 1,179,312 13,609,492 7,426,623 112,790 209,591 1,853,643 913,585 ! 21,036,115 i 2,767,228 45,439,487 4,812,105 24,319,200 2,835,504 570 FEDERAL RESERVE BULLETIN. JUNE 1,1919. Clearings and transfers combined. Total Total Total Total for for for for 1919, to date 1918 1917 1916 Total for 1915 S23,803,343 50,251,592 27,154,704 5,533,966 $1,052,649 Total clearing's and transfers from May 20, 1915, to May 22,1919 107,796,254 Gold settlement fund, Summon/ of transactions from Feb. 21, 1919, to May 22, 1919, both inclusive. [In thousands of dollars: i. o., 000 omitted.] i Federal Reserve Bank of— Aggre- to agent's fund. 1919. Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis Kansas City Dallas San Francisco Total. 42, 41, 56, 19 19, 103, 26, 22. 36; 11, 36, 458,002 75 ; 16,794 | 30,000 60,062 16,869 22,134 22,129 i 51,530 4,190 i 20,981 8,542 50 5 8,389 802 4,100 21,947 100 22,050 1,571 "" 96 28,939 I 283,477 9,075 30,000 46,100 27,050 6,571 14,596 76,400 40,690 18,050 5 3,302 44,000 Settlements from Feb. 21 to May 22, 1919, both inclusive. Transfers. Aggre- gate gate Balance withlast Gold drawals deposits Gold and statedeand ment, withtransfers Feb. 20, drawals. posits. transfers from agent's fund. Debit, 16.794 30,000 60,062 16,869 22,134 22,129 111,530 42,981 32,942 13,389 4,100 53,527 254,187 38,028 32,381 316,000 161,000 22,000 521,788 92,451 174,500 93,541 83, 767 64,000 Total debits. Net debits. j Credit. 27,077 963,887 254,000 20,000 183,000 4,000 121,140 4,500 45,000 19,926 187,113 24,000 798,018 236,668 29,477 107,275 Total credits. 1,074,078 4,407,682 1,619,194 998,784 717,118 390,988 1,635,305 1,025,657 285,098 674,915 388,077 392,596 1,289,710 3,609,664 1,382.526 1,304,375 687,641 395,590 2,005,018 1,106,843 392,280 742,804 280,802 412,239 315,839 i 426,457 1,853,643 i 1,853,643 1,171, 438 13,609,492 13,609,492 Balance in fund at close of business May 22, 1919. Net credits. 19,643 37,915 170,388 40,106 55,446 27,845 13,466 107,784 22,180 15,062 44,604 7,989 25,835 1,171, 438 568,620 215,632 305,591 4,602 369,713 81,186 107,182 67,889 Federal Reserve ag ems' fund—Summary of transactions from Feb. 21, 1919, to May 22, 1919, both inclusive. [In thousands of dollars; i. e., 000 omitted.] Balance Federal Reserve agent at— i last ! statement i Feb. 20, ! 1919. Gold withdrawals. ! Withdraw-1 als for j transfers j to bank, j Gold deposits. Deposits through transfers from bank. Total withdrawals. Total deposits. Balance at close of business May 22, 1919. -i— Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis Kansas City Dallas.....' San Francisco Total : ! i I I j I j ; • | j 40,000 70,000 56,889 95,000 48,000 36,270 290,944 66,431 39,000 . 44,360 I 4,684 ! 97,879 j 27,000 ! 10,000 I 40,000 I I 889,457 j 224,270 ! 1,500 27,000 15,770 45,000 20,500 7,000 10,000 6,500 14,000 | I | I I 30,000 9,000 30,000 46,000 5,000 5,000 14,500 76.400 36; 500 18,000 1,500 i i i i j ! I 1,500 ! 1 3.1,580 2,500 44,000 27,000 10,000 40,000 1,500 27,000 15,770 105,000 42,500 31,400 15,000 6,500 45,580 33,000 I 142,980 286,900 367,250 i i 60,000 22,000 24,400 5,000 39,000 30,000 46,000 6,500 5,000 14,500 76,400 36,500 18,000 4,000 44,000 52,000 90,000 62,889 100,000 26,000 35,000 262,344 60,431 25,600 29,360 2,184 96,299 319,900 842,107 1, 1919. 571 FEDERAL RESERVE BULLETIN. BANK TRANSACTIONS DURING APRIL-MAY. Debits to individual account reported by clearing-house banks in 154 leading cities for the four weeks ending May 21, averaged 8,239 millions, a figure decidedly in excess of the average of 7,392.8 millions for the preceding five weeks. Each of the four weeks under review witnessed an increase in bank debits to individual account, the aggregate for the week ending May 21 being over 9 billions, an amount only once exceeded since the beginning of the service in August, 1918. The launching and consummation of the Victory loan drive, large withdrawals of Government deposits in connection with loans to the Allies, and heavy trading on the New York Stock Exchange may be mentioned among the more important factors contributing to the large volume of bank business during the period. Debits to bank account also show increases during each of the four weeks from April 23 to May 21, the average for the four weeks,. 4,839.8 millions, being about 167 millions in excess of the average for the preceding five weeks. Weeklyfiguresof clearing-house bank debits to deposit account. [In thousands of dollars, i. c , 000 omitted.] Debits to individual account. .Debits to banks' and bankers' account. District. Apr. 30. | No. 1—Boston: Bangor Boston Pall River Hartford Holyoke Lowell New Bedford New Haven Providence Springfield Yv aterbury "Worcester No. 2—New York: Albany Binghamton Buffalo New York Passaic Rochester Syracuse No. 3—Philadelphia: Altoona Chester Harrisburg Johnstown Lancaster Philadelphia Reading Scranton Trenton "Wilkes-Barre Williamsport Wilmington York No. 4—Cleveland: Akron Cincinnati Cleveland Columbus Dayton Erie Grcensburg, Pa Lexington'. Oil City Pittsburgh Springfield Toledo Wheeling Yt 2.294 221,380 6,740 18,792 2,646 4,365 6,255 15,007 29,511 12,738 5,588 12,017 May 7. | May 14. 3,156 ! 245,267 ! 8,676 * 22,906 i 2,757 I 4,774 , 6,286 16,186 27,284! I 13,359 5,857 12,957 3,354 245,172 8,689 20,799 2,026 4,072 6,492 16,579 33,517 13,614 6,714 15,753 ! May 21. I ! ! I ! j j I ! j i 22,336 3,392 55,526 4,668,252 3,627 24,718 11,913 Apr. 30. May 21. M a y 14. 3,501 293,825 8,302 23,058 3,376 5,011 7,783 16,518 34,813 15,979 6,390 19,194 315 167,625 297 1,839 691 393 820 854 1,674 291 538 1,193 330 188,425 573 1,656 666 1,196 200 594 1,406 442 1 568 1,238 31,357 3,522 60,817 4,992,589 4,125 30,040 11,181 15,814 10,901 11,784 1,513,821 293 462 515 8,869 1,671,583 419 538 598 . i j ! ! 24 6 188 42 •8,547 32 5 156 62 328,180 ! i I I 2 12 160 195 337,842 1,830 173 76 1,932 309 79 1,070 33. 3 631 30 344,675 1 2,158 1,847 125 854 22,888 3,232 56,783 4,130,527 3,255 23,451 12;651 27,679 3,308 57,300 4,075,444 3,644 27,449 14,292 2,539 4,091 4,500 3,212 4,325 275,981 3,520 12,276 9,058 6,952 3,112 9,164 3,355 3,104 4,285 4,370 3,404 4,573 298,083 4,047 10,339 9,073 6,901 4,133 9,907 3,744 2,980 4,393 4,527 3,206 5,059 296,010 4,859 12,384 9,790 6,611 3,860 8,555 ! 3,299 i 2,855 4,813 4,386 3,714 5,260 301,608 4,372 11,854 10,603 6,418 3,356 11,110 4,088 18,056 51,968 139.576 24' 268 11,117 5,869 2,176 4,913 3,063 143,648 2,671 27,430 7,674 12,400 20,427 49,745 129,950 ! 24,694 I 10,814 6,252 2,575 4,930 3,028 150,524 2; 941 26,572 7,994 12,424 21,616 59,204 141,096 26,513 14,088 6,899 2,750 5,020 3,940 172,256 2,752 30,077 8,465 13,021 17,400 45,379 126,974 20,736 10,192 5,960 2; 110 4,410 2,390 171,517 3,041 23,314 7,381 ' 12,820 M a y 7. 731 I j j ! I ; i I i i I 323 36,297 94,022 4,848 64.7 57 2,107 2,210 277,458 1,923 8,118 5,84.0 218 641 217,238 566 1,927 914 1,243 399 596 7,932 432 755 1,78a 11,612 14,766 11,024 1,601,231 327 521 602 12,106 1,803,586 413 718 853 1,910 171 95 1,231 1,137 j • 166 I 39,615 108,400 I 5;167 i 731 I 73: ! 3,110 2,557 286,098 1,986 9.715 5,510 963 396 163,566 419 1,955 99 442 166 515 1,644 224 660 ! 1,308 | i ! ! ! ; ! 1 694 , 95 37,765 89,212 5,057 513 77 1,683- I i ! I j ! 85 46,230 122,199 5,415 674 51 2,900 j 2,753 270,893 1 2,112 i 8,917 ! 5,992 I 810 1 2,654 2,663 345,303 1,927 10,076 6,474 1,018 572 FEDERAL, RESERVE BULLETIN. JUNE 1,1919. Weeklyfiguresof clearing-house banh debits to deposit account.—Continued. [In thousands of dollars, i. e., 000 omitted.] Debits to banks' and bankers' account. Debits to individual account. district. j Apr. 30. No. 5.—Richmond: Baltimore Charleston Charlotte Columbia Norfolk Raleigh Richmond No. 6.—Atlanta: Atlanta Augusta Birmingham Ch-attanooga Jacksonville Knoxville Macon.. Mobile Montgomery Nashville New Orleans Pensacola Savannah Tampa Vicksburg No. 7.—Chicago: Bay City Bloomington Cedar Rapids Chicago Davenport D ecatur Des Moines Detroit Dubuque Flint Fort Wayne Grand Rapids Indianapolis Jackson Kalamazoo Lansing Milwaukee Peoria Rockford Sioux City South Bend Spriiigfi eld Waterloo, Iowa No. 8.—St. Louis: Evansviiie Little Rock Louisville Momuhis St. Louis No. 9.—Minneapolis: Aberdeen Billings D ulut h Fargo Grand Forks Great Falls Helena Minneapolis St.raul Superior Wihona No. 10.—Kansas City: Atchison '. Bartlesvillc, Okla Coloraclo Springs Denver...' Joplin Kansas City, Kans Kansas City, Mo Muskogee, f:kla Oklahoma City Omaha Pueblo St. Joseph Topeka Tul sa Wichita May 7. May 14. May 21. Apr. 30. May 7. May 14. May 21. 69,595 6,995 5,500 5,283 16,792 7,800 20,665 ! | ! 78,666 7,857 5,600 6,627 18,477 3,600 20,732 82,195 8,417 5,900 6,811 21,110 3,300 29,635 35,982 2,440 7,600 4,540 19,714 8,600 49,377 34,643 3,984 8,400 4,452 24,479 2,700 48,170 36,053 2,018 9,300 9,648 21,514 2,700 51,104 23.907 6| 276 10,031 7,205 10,111 4,966 5,654 6,129 4,066 18,743 55,861 1,919 11,099 4,160 1,718 | j j \ I j : 81,709 9,352 5,400 6,508 21,852 4,100 21,281 | 24,333 6,910 14,037 10,029 11,781 5,791 6,382 6,595 4,901 20,701 23,798 6,503 12,545 9,029 11,134 5,333 6,481 6,870 4,274 22,323 55,411 2,465 11,751 5,387 1,804 27,274 6,629 12,846 12,388 11,487 5,892 5,977 7,318 23,778 2,329 5,662 3,765 7,917 1,782 9,858 804 1,010 15,870 30,979 785 25,792 5,434 4,278 4.299 3,241 103 25,939 4,985 4,563 4,989 9,525 1,312 11,415 1,049 974 18,658 33,192 864 9,159 3,720 147 388 ' 626 8,546 595,082 2,693 586 36,848 46,352 1,260 22 2,767 4,274 27,206 83 511 122 33,875 1,774 192 15,442 1,905 1,046 1,480 450 846 10,122 634,625 2,124 3.051 32/746 55,274 1,912 26 2,187 5,466 29,078 559 578 3,391 32,202 2.338 195 15,424 2,214 2,495 1,321 2,817 7,013 33,683 23,325 124,683 1,724 6,383 44,367 27,069 139,394 2,149 12,483 5,710 1,733 4,390 23,751 68,505 1,984 13,378 4,685 1,752 9; 7 0 0 '•• 129 I 2,600 2,636 6,994 640,575 8,052 4,138 17,891 I 100,875 2,244 I 9,379 ! 5,677 14,395 24,941 3,686 3,427 5,126 58,072 12,205 5,240 12,181 3,854 5,So<) i 3,763 j 2,456 2,762 5,636 574,933 5,889 3,391 18,760 111,422 2,329 3,522 4,837 17,030 31,311 3,557 3,107 4,345 52,262 13,020 4,304 17,035 2,918 2,526 3,391 2,340 2,454 4,969 644,653 7,988 3,322 17,416 135,082 2,402 9,379 6,124 14,704 33,570 4,142 3,329 4,817 57,400 12,087 4,555 15,595 3,417 5,797 3,489 397 1,105 10,510 555,9S7 2,100 645 35,299 46,794 1,351 36 1,931 2,118 23,060 77 474 198 28,985 2,084 292 13,429 2,091 2,723 1,504 514 986 8,127 623,277 2,500 679 37,792 49.424 1,437 26 2,140 4,673 20,940 89 402 220 35,317 2,199 158 21,065 2,184 2,067 1,307 5,711 6,5-12 , 32,195 I 21,640 123,950 5,285 ! 8,902 I 33,575 ' 27,089 122,549 4,746 7,953 35,353 26,314 120,255 5,453 7,416 40,823 27,954 151,045 1,704 4,274 34,324 25,741 117,926 1,960 ' 5,952 ! 39,434j • 21.425 130,986 | 1,270 2,166 28,728 1,867 1,218 2,522 1,831 70,177 34,468 1,716 j 903 ' 1,823 ! 2,464 ! 19,693 i 1,392 i 1,814 I 3,336 ! 2,522 | 79,013 ! 29,919 2,272 1,038 , 1,926 2,360 22,517 2,614 1,817 2,871 2,561 75,751 35,401 2,048 1,145 1,616 2,331 21,721 3,307 1,631 2,597 2,169 77,637 41,142 2,063 892 973 3,894 1,387 1,093 3,287 3,149 68,603 40,302 196 1,050 948 988 4,010 1,325 1,123 6,616 2,865 76,411 41,858 188 934 1,085 2,601 2,309 30,074 2,605 3,461 87,312 3,224 11,059 46,758 2,827 19,960 4,742 20,209 8,799 1,168 i 2,339 ! 2,603 j 35,313 \ 2,772 ! 3,509 ! 105,666 I 2,833 i 13,287 ! 55,216 4,637 21,276 4,388: 17,470 11,868 i 1,055 2,890 3,291 34,313 2,964 3,034 88,625 3,116 11,740 59,147 5,192 21,495 4,766 20,621 9,792 1,166 2,841 4,032 35,642 3,214 3,556 95,147 3,124 ! 12,587 ! 680 450 821 21,100 530 5,654 174,805 2,065 8,864 62,289 875 15,413 1,719 9,041 13,092 590 266 878 23,970 533 5,429 159,707 1,804 9,245 64,646 715 17,055 1,664 8,594 11,819 20,742 5,178 , 19,928 ! 9,864 i ! I ! ! 1,599 i 11,634 1,141 808 17,337 34,774 887 ! 8,067 3,539 ! 2,175 3,062 3,345 584,085 6,992 3,424 17,118 103,144 2,342 5,615 5,140 17,630 27,470 3,457 2,974 4,182 45,314 10,793 4,209 15,438 3,174 5,614 3,425 64,965 4,473 45,811 3,110 9,500 11,162 19,960 2,600 57,610 I i I I I i i ! I ! ! | ! 1,167 , 1,306 j 4,757 ! 2,367 ! 1,049 ! 4,714 ' 3,331 I 68,936 44,121 180 970 26,575 622 4,768 174,635 2,460 9,590 66,380 847 16,481 1,819 8,594 12,770 : ! i ! I i I i I ! 30,899 6,602 4,781 9,686 9,339 1,762 11,405 943 925 20,366 40,126 1,386 8,191 3,700 141 1,720 975 14,618 2,184 1,403 4,118 3,327 85,591 49,039 1,279 1,093 71 1,424 26,088 474 5,701 189,712 2,343 9,300 69,474 1,028 18,025 6,371 9,790 14,111 573 FEDERAL RESERVE BULLETIN. JUNE 1,1919. Weekly figures of clearing-house bank debits to deposit account—Continued. [In thousands of dollars, i. c, 000 omitted.] Debits to banks' and bankers' account. Debits to individual account. District- i Apr. 30. No. 11.—Dallas: Albuquerque Austin Beaumont Dallas SI Paso Fort Worth Galveston Houston San Antonio Shreveport Texarkana Tucson Waco No. 12.—San Francisco: Berkeley Boise Fresno Long Beach Los Angeles Oakland Ogden Pasadena Portland Reno Sacramento Salt Lake City San Diego...'. San Francisco San Jose Seattle Spokane Stockton Tacorna Yakima ! ! May 7. : May 14. 919 i 2,890 | 4,141 i 30,599 ! 7,500 ; 16,009 i 6,032 ! 26,612 : 16,400 • " 5,203 '• 1,333 ; 1,909 ! 2,650 ; 1,952 I 2,401 ! 5,581 I 3,248 ! 67,070 . 11,967 i 4,115 • 3,059 j 37,136j 2,633 ! 12,000 ! 14,143 = 4,443 ! 144,082 i 3,589 37,892 i 8,380 • 3,801 j 9,392 ! 2,159 | 1 1,772 4,362 3,616 31,813 7,192 18,359 7,710 30,146 ! i : ; i i 17,854 5,700 1,291 1,787 2,345 : i j • 2,449 2,642 6,108 3,225 ' j ' i 75,656 ! 13,981 4,097 i 3,066 i 46,975 j 2,606 ! 12,609! j 14,845 6,515 ! 159,257 ' 3.8(58 i 37', 542 I 9', 891 ' 5,793 , 10,331 ! 2,163 j ~ ~ May 21. 1,491 3,863 3,631 29,534 7,447 18,948 5,571 j 26,420 I 1 7,196 j 5,672 ! 1,818 1,661 ; 2,750 I 2,216 2,774 6,809 3,527 64,340 13,481 4,002 5,094 41,314 2,368 12,423 15,049 5,309 165,587 1,676 4,507 4,011 33,665 7,639 22,595 6,502 29,395 1 7,170 6,086 1,920 1,728 2,941 : i : i 2,236 2,404 6,835 3,104 . 15,500 4,591 3,501 42,457 2,851 12,597 17,362 4,851 170,654 3,554 46,906 10,144 6,573 11,984 °2,239 ; j i i : : 3,501 i 47,212; : 11,597 6,090 | 12,314:; 2,170 Apr. 30. May 7. 3,770 I 3,620 341 1,457 2,044 325 ! 1,593 ! 1,569 [ 509 4,738 2,946 67 43,892 2,900 5,271 108 23,774 2,901 4,000 16,932 2,156 99,112 1,584 22,268 7,185 2,892 6,829 21 May 14. ; 3,900 May 21 1,361 1,638 5,130 535 1,446 2,165 502 5,384 3,365 46 ! 44,274 3,202 5.666 ' 154 22,595 2,352 5,750 17,225 422 114,539 1,672 23,121 8.152 4; 085 8,031 194 276 6,417 3,426 66 48,881 3,416 G, 346 196 29,413 2,532 5,176 19,314 1,156 135,795 2,129 25,12(5 8' 412 3,278 8,095 249 494 4.46 5,718 2,988 31 44,716 2,763 5,597 269 23,597 2,357 4,824 17,601 376 107,289 1,787 23,700 6,802 2,335 9.097 ' 316 Figures comprise debits to individual as well as to banks' and bankers' account. Recapitulation showing figures for clearing-house centers reporting for each of the four weeks. [In thousands of dollars, i. e., 0O0 omitted.] ! Federal Reserve district. Mo. No. No. No. No. No. No. No. No. No. No. No. 1—Boston 2—New York 3—Philadelphia 4—Cleveland 5—Richmond 6—Atlanta 7—Chicago 8—St. Louis 9—Minneapolis 10—Kansas Citv 11—Dallas 12—San Francisco Grand total Debits to individual account. i Number ' of centers I included. April 30. I May 7. j May 14. | May 21. Debits to banks' and bankers' account. April 30. j May 7. j May 14. May 21. ! ' i ; | | i i I : • \ .1 12 7 13 14 7 15 23 5 11 1 5 13 20 369.465 337,333 4,252,787 :. 4,209;116 365,963 312,085 : 454,829 453,624 . 150,202 132,630 , 196,617 171,845 ; 953,010 880,152 li 197,400 193,038 145,286 146,866 ' 28-1,345 217,025 ; 123,947 112;197 i 424,609 379,023 • i 154 7,648,605 1 7,874,789 I 8,303,208 I 9,069,507 j 4,473,781 I 4,S35,630 | 437,750 ! 376,781 176,530 5,133,631 I 1,542,719 4,789,764 374.437 36o,533 312.508 513;697 i 452,870 434; 068 157,368 141,559 128,253 208,256 185,108 114,569 999,031 890,743 733,190 232,691 ! 194,021 183,969 157,106 I 151,011 j 124,903 286,459 ! 272,041 ! 317,398 129,835 ; 116,002 155,589 439,246 ! 427,175 | 250,085 197,294 1,692,908 332.962 464'091 126,828 130,491 817,523 199,757 137,266 306,915 166,986 262,609 171,394 1,625,317 342,312 427,096 132,337 129,418 783,083 191,521 132,898 327,473 174,756 270,731 234,426 1.832,442 '352.040 o44; 769 149,756 150,252 838, 524 21.8,1)37 165,347 354,592 190.175 300;679 4,708,336 5,341,039 574 .FEDERAL RESERVE BULLETIN. JUNE 1, 1919. WHOLESALE PRICES. products, both billets, plates, rails, and strucural steel, bar iron, cast-iron pipe and tin In continuation of figures shown in the May BULLETIN there are presented below monthly | plate, wire nails, jute and rope, brick (Cincinindex numbers of wholesale prices for the | nati quotation), window glass, lubricating oil, period July, 1918, to April, 1919; compared | wood pulp and opium, may be mentioned. with like figures for April of previous years; j While Hie index number for the group of raw also for July, 1914, the month immediately materials has increased from 197 to 200, the preceding the outbreak of the great war. The index number for the mineral products subgeneral index number is that of the United group has again decreased, from 171 to 169, the States Bureau of Labor Statistics. In addition latter figure being the lowest since December, there are presented separate numbers for cer- 1917. While copper has increased slightly in tain particular classes of commodities in ac- price, considerable decreases occurred in the cordance with plans announced in previous prices of coke and pig iron, together with Lesser decreases in the prices of iron ore and certain issues of the BULLETIN. grades of bituminous coal. The index number Quotations for three commodities, namely, for the forest products subgroup has also defresh cabbage (Florida white, New York); creased, from 149 to 145, decreases in price canned corn (NewYork standard); and women's being noted for quartered white oak and North combed peeler cotton hose, have been omitted. Carolina pine surfaced boards, which were the On the other hand, quotations for shirtings only two commodities included in the group (bleached, Fruit of the Loom) and suitings to change in price. On the other hand, the (worsted, 12 ounce and 16 ounce), which had index numbers for both the farm products and been dropped temporarily, have been secured animal products subgroups have increased, for the month of April, and the commodities from 285 to 243 and from 216 to 223, respectwere again included in the calculation of the ively. Among the commodities included in index numbers for the latter month. Quota- the former group, a considerable decrease in the tions for flour in Kansas City are now for winter price of Burley tobacco was more than offset by patents and winter straights, the weight pre- increases in the prices of various grains, in viously assigned to new Administration stand- particular wheat, corn, oats, barley and rye, ard flour being divided between the two grades hay and cotton as quoted in New York, the just mentioned. Index numbers for April are New Orleans quotation for the latter comprovisional, due to the fact that certain data modity showing a slight decrease. The increase were not received in time to render them avail- in the index number for the animal products subgroup is due to increases in the prices of able for use in the calculations. During April the upward movement of whole- hogs, poultry, hides, wool, and silk, although sale prices noted in March has continued. The cattle decreased somewhat in price. general index number of the Bureau of Labor The index number for the group of conStatistics has increased from 200 to 203, the sumers' goods increased from. 206 to 210. highest figure attained since December, 1918. Increases vin price occurred principally in the Considerable diversity is again exhibited by the case of foodstuffs, among which butter and changes in the index numbers for the several eggs, flour, corn meal, various meats, in pargroups. The index number for the group of ticular bacon, hams, moss pork and poultry, producers' goods has again decreased, from 190 lard, coffee, potatoes and beans, peanuts) to 188, the lowest figure at which it has stood bananas, glucose, and illuminating oil, may be since February, 1918. Among the commod- noted. On the other hand, decreases in price ities included in the group, increases in price occurred for other foodstuffs, in particular occurred for cotton and worsted yarns, shingles, milk, apples, oranges, rice and veal, as well as linseed oil and turpentine, cement, tallow, and for soap and certain textile products, such as oleo oil. Decreases in price, however, were trouserings, cotton flannel, denims, gingham, much more numerous, occurring for an ex- hosiery, sheetings, and shirtings, although tended list of commodities, among which steel print cloths increased in price. JUNE 1, 575 FEDERAL RESERVE BULLETIN. 1910. Index numbers of wholesale"pricesin the United States for principal classes of commodities. [Average price for 1913=100.] All commodities Consumers' 'I (Bureau of Labor Stagoods. tistics index number). Raw materials. Year and month. Farm products. July, L91-1 April, 1915 April', 1910 April, 1917 April, 3918 Jiilv. 19 L8 August, 1918 September, 1918. October, 1918 No v ember, 1918.. December, 1918.. January. J'91.9 February. 1.9.1.9... March, 1919 ADril. 19.19 Forest ; Mineral products. j products. Animal. products. 102 120 114 198 243 237 246 255 210 234 237 232 222 235 243 97 94 97 105 137 140 143 143 143 150 150 1,17 148 149 145 106 95 115 103 193 209 215 21.9 209 208 20& 207 208 21C 223 In order to give a more concrete illustration of actual price movements there are also presented in the following table monthly actual and relative figures covering the same period ! Produce Total raw i goods. materials. 98 99 88 115 189 170 180 180 180 181 183 182 177 173 171 109 m 169 190 396 200 204 198 197 198 195 192 197 200 99 99 111) 171 191 198 202 207 204 200 " 206 202 197 200 203 303 102 114 172 193 202 205 209 210 2U 210 212 201 200 210 137 18 i. 1.80 ; 90 199 203 205 205 199 194 191 J90 180 I for certain commodities of a basic character, j The actual average monthly prices shown in | the table have been abstracted from the records | of the united States Bureau of Labor Statistics. Average monthly wholesale prices of commodities. [Average price for 1913=100.] Corn, No. 3, Chicago. New Orleans. Average Rclaprice per '. live Wheat, No. 2, rod winter, Chicago. lorthern spring, Minneapolis. Average I "Relapri.ee per !• tive bushel. price. Year and month. Average price per bushel. July, 1911 April, 1915 April, 1910 April, 1917 April, 1918 Julv, 1918 August, 1918 September, 1918 October, 1918 November, 1918 December, 1918 January, 1919 February, 1919 March, 1919 April, 1919: JJJSJ|>.MA;J.I.I.L/V.;I. y JL< | SO. 7041 7138 • 7525 .1. 3900 1 5S50 i 1 5900 i 1. (.225 j 1 5313 | 1. 3270 i 1. 2075 ' 1. 4290 ; !. 3750 ! 1. 2703 1. •15S8 1 5955 Relative price. 114 SO.1331 121 . 0947 . 1188 122 . 1950 22(5 . 3350 258 . 2945 258 . 3038 204 .3578 219 .. 3150 210 . 3007 200 ! . 2958 232; •. 2850 223 ! . 269-1 207 . 2081 237 ! . 2070 259 ! Hogs, light, Chicago. Year and month. July, 1914 April, 1915 Apri 1, .19.10 April, 1917 April, 1918 July, 1918 August, 1918 September, 1918 October, 1918 November, 1918 December, 1918 January, 1919 February, 1919 March, 1919 April, 1919 X>OUIK1. ! price. Average price per 100 pounds. Relative price. | S8.7563 7.2813 9.5438 15,2750 i 17.5100 18.0000 ! 19. 7750 1 20.0700 < 18.0938 ! 17. 7003 i 17.4400 j 17.4125 j 17.40S8 1 18.8550 j 20.3813 101 86 113 181 207 213 234 237 214 209 200 200 207 223 241 105 | 75 91 154 204 232 239 282 24 8 237 233 223 212 211 210 Wool, Ohio, H grades, scoured. 8971 ! 5107 ! 2109 ! 3814 I 1700 ; 1.700 i 2231 I 2169 ! 2155 ! 2200 | 2205 i 2225 i 2350 • 3275 i 5890 I Hemlock, New York. Average ! "Relaprice per j tive pound. price. Average price nor M feet. 94 118 140 212 309 305 305 305 305 305 305 255 232 255 232 S24.5000 21.5000 24.0000 25.5000 33.5000 34.5000 80.4444 . 5571 . 0857 1.0000 1. 45-15 1.4305 1.4305 1.4305 1.4305 1.4305 1.4305 1.1200 1.0909 1.2000 1.0909 103 1.70 139 273 24 8 248 255 254 254 254 251. 254 250 260 290 30.0000 ' 30.0000 30.0000 30.0000 ]?elati ve price. Cattle, steers, good to choice, Chicago. Hides, packers', heavy native steers," Chicago. : I Average Average Eola- j Average Keia- ! Average j Relanor price per tivc ; price O [ tive i price per j tive per ' L ' O pound bushel, i m-Lee. i pounds. : orice. ,; pound.. J j>rico. i : ' SO.8210 1.5916 1.2153 I 2.1072 ; 2.1700 2.2J70 : ! . 2.2325 " 2.2303 ! 2.2345 ; 2.2375 ; 2.3088 i 2.3788 2.3450 •' 2.3575 i 2.0300 ! 83 101 123 250 220 228 220 227 227 227 234 241 238 239 267 Yellow pine, flooring, New York. S9.2188 8.0313 9.1188 12.3100 15.1750 17.0250 17.8250 18.4100 17.8503 18.1503 18.3000 18. •1125 18.. 4088 18.5750 IS.3250 ! i : : : ; ; i : . ; ; i : • I 108 91 107 115 178 207 210 210 210 213 216 210 217 2.18 215 i SO. 1938 i .1875 : .2225 i .3050 ! .2719 | .3210 i .3000 I .3000 ! .3000 ! .2900 : .2900 ! .2800 i .2800 : .2703 i .2950 ! j I j i I | i 1.05 102 121 166 1.18 176 163 103 163 158 158 152 152 150 100 Coal, a n t h r a c i t e , ; Coal, b i t u m i n o u s , stove, N e w Y o r k ! r u n of m i n e , ! tidewater. Cincinnati. : Average i?ela- I Average .Kola- Average ; Eelaprice per : live ', price per : 1 iyc > price per I live "M ice!.. . 7>rice. long ion. price, .shortton.i price. 101 : 842.0000 " 89 •a.oooo { 99 40.0000 i 105 43.0000 ! 138 00.0000 ! 14.2 00.0000 : 03.0000 ! (53.0000 ! 03.0000 i 03.0000 : 03.0000 ' "'149 03.0000 149 04.0000 | 149 04.0000 ; 149 01.0000 94 j S-i.9726 ! •1.6804 ! 92; 90 ! 5.2870 i 90 j 5.1910 : " 135 ! 6.2000 { 6.5968 135 j 6.5992 " • 141 Ml ! 0.9000 !: 0.9000 141 • Ml ! 7.8071 j: 7.9500 141 I 7.9500 • 141 j 7.9500 7.S044 ; 144 j 7.9045 ; 144 i 98 93 104 103 124 130 130 13(5 130 154 157 157 157 156 150 S2.2000 2.2000 2.2000 5.0000 3.6000 4.1000 4.1000 •1.1000 4.1000 4.1000 1.1000 4.1000 4.0000 4.0000 4.0000 100 100 100 227 164 186 186 186 186 186 186 186 182 182 182 576 FEDERAL RESERVE BULLETIN. JUNE 1,1919. Average monthly wholesale prices of commodities—Continued. [Average price for 1913=100.] Coal, Pocahon tas, Norfolk. Coke, Connells ville. Copper, ingot, electrolytic, New York. Lead, desil New York. Petroleum, crude Pennsylvania, at wells. Year and month, Average j !kela- Average price per i tive price per long ton.! price. short ton. July, 1914.... April, 1915... April, 1916... April, 1917... April, 1918... July, 1918.... August, 1918.... September, 1918, October, 1918... November, 1918, December, 1918 January, 1919.. February, 1919. March, 1919. April, 1919, .0000 2.8500 3.0000 6.5000 4.2440 4.6320 4.6320 4.6320 4.6320 4.6320 4.6320 4.6320 4.6320 j 4.9000 | 4.9000 SI.8750 1.6250 2.8250 7.2500 6.0000 .0000 G.OOOO 6.0000 6.0000 6.0000 6.0000 5.7813 5.2188 4.4688 3.9000 Cotton yams, northern cones, 10/1. 3400 2350 2550 2600 2600 2600 2600 2540 2038 1731 1509 1530 Leather, sole, hemlock No. 1. Average Relaprice per i tive long ton. i price. Average price per barrel. Average ! Rela- I Average price per I tivo | price per S13.0000 12.5000 18.1300 38.7500 32.0000 32.0000 32.0000 32.0000 33.0000 33.0000 33.0000 30.0009 30.0000 28.9375 i 25.7500 , | j ! .0805 .0805 .0667 .0558 .0508 . 0524 .0507 i Steel, billets, Bessemer, Pittsburgh. Steel, plates, tank, "Pittsburgh. * i Worsted yarns, j 2-32\s crossbred. Year and month. i Average, ! licia- j Average price per , tive ! price per i pound. | price. | pound. J u l y , 1914 A p r i l , 1915 A p r i l , 1916 A p r i l , 1917 A p r i l , 1918 July,1918 A u g u s t , 1918 S e p t e m b e r , 1918. October, 1 9 1 8 . . . . Nove.rn.ber, 1918.. D e c e m b e r , 1918.. January, 1919.... F e b r u a r y , 1919... M a r c h , 1919 April, 1919 >.215O ! .1650 !. .2250 ! .3600 i .6162 ; .6412 .6400 : .6100 ! .6100 ! .5927 i .5500 , .5000 i .4164 ! . 4132 . 4300 97 75 102 163 278 290 289 276 276 268 249 226 188 187 194 i i ! ! j i i i ! | ! ! | I .3050 .3600 .5700 . 4550 .4900 .4900 .4900 . 4900 .4900 .4900 . 4900 .4900 .4900 .4900 Average price per ton. Relative price. 108 $19.0000 108 20.0000 128 45.0000 202 73.7500 161 j 47.5000 174 I 47.5000 174 ! 47.5000 47.5000 174 47.5000 174 47.5000 174 45.1000 174 43.5000 174 43.5000 174 174 , 42.2500 38.5000 174 Average • Rela- Average I Rela- Average price per tiyo price per j tive price per pound, price. long ton.! price. pound. 74 SO. 0113 .0113 78 174 .0325 286 . 0525 184 .0325 184 . 0325 184 .0325 184 .0325 184 . 0325 184 . 0325 175 . 0310 169 j .0300 169 i .0300 164 i .0291 i .0265 149 76 S30.0000 76 30.0000 220 30.0000 355 40.0000 220 57.0000 220 57.0000 220 57.0000 220 57.0000 220 57.0000 220 57.0000 209 57.0000 203 57.0000 203 57.0000 197 54.5000 179 47.0000 100 100 100 133 190 190 190 190 190 190 190 190 190 182 157 Relative price. SO.6500 .8200 .9500 1.3000 2.1500 2.1500 | 2.1500 2.1500 2.1500 2.1500 2.0000 1.7500 1.7000 1.5000 1.5000 106 122 167 277 277 277 277 277 277 257 225 219 193 198 i Beef carcass, good native steers. Chicago. Year and month. . Flour, wheat, 'standard patents, Hams, smoked, Coffee, Rio No. 7. ! 1914-1917, 1919, Chicago. '•• standard war, : 1918, Minneapolis. Average ! Itola- Average price per tivo price per pound. price. "pound. July, 1914 April, 1915 April, 1916 April, 1917 April, 1918 July, 1918 August, 1918 September, 191$. Octobor, 1918.... November, 191.8. December, 1918.. January, 1319.... February, 1919.. March. 1019 April, 1919 50.1350 . 1175 . 1375 . 1000 . 2050 . 2400 . 2420 . 2450 . 2450 . 2-150 .245 .2150 • .2450 i .2150 | .2450 ! 104 SO.0882 91 .0800 10t> . 0950 VIA .0950 158 . 0903 185 . 0855 187 . 0853 189 . 0959 189 .1040 189 . 1069 189 . 1725 189 ! .1547 189 i .1544 189 I . 1(502 189 ! . 1G95 Rola- i Average j Relative price per! tivo price. : barrel. • price. S4.5938 ! 72: 7.7063 i 85 : .. 0.2188 • 85 ; 11.0188 , 9.9850 ; 81 77 ! 10. 7020 : 10.2100 ! 77 80 : 10.2100 i 10.2100 ' 93 96 : 10.2100 | i 155 10.2100 I 139 i 10.2750 . 10.5500 139 144 : 11.2125 i 152 12.2150 : 100 168 136 253 218 233 223 223 223 223 223 224 230 245 260 Illuminating oil, 150° fire test, New York. Sugar, granulated, New York. Average Rela- Average Rela- Average ! Relaprice per tive price per tive price per! tive pound. price. gallon. price. pound. | priceSO. 1769 .1438 . 1S31 . 2450 .3075 .3025 .3225 .3281 .3361 .3541 . 3070 .3494 . 3338 .3381 .3595 106 87 110 147 185 182 194 197 202 213 221 210 201 203 216 $0.1200 . 1200 . 1200 . 1200 . 1675 .1710 . 1750 .1750 .1750 . 1750 . 1750 .1750 .1750 . 1810 . 1850 97 97 97 97 130 139 142 142 142 142 142 142 142 147 150 SO. 0420 ! .0578 ! .0700 i .0815 ; .0730 i .0735 i .0735 >• .0845 j .0882 ! .0882 . .0882 ! .0882 : .0882 ; .0882 i .0882 ; 135 165 191 171 172 172 198 207 207 207 207 207 207 207 JUNE 1, 1919. FEDERAL RESERVE BULLETIN. DISCOUNT AND INTEREST SATES. In the following tables are presented actual discount and interest rates prevailing in the various cities in which the several Federal Keserve Banks and their branches axe located during the 30-day periods ending April 15 and May 15, 1919. Quotations are given for prime commercial paper, both customers' and purchased in the open market, interbank loans, bankers' acceptances, and paper secured by prime stock exchange or other current collateral. Separate rates are quoted for paper of longer or shorter maturities in the first-named and last-named classes. In addition, quotations are given for commodity paper secured by warehouse receipts and for cattle loans, as reported from centers in which such paper is current. Quotations are also given of rates charged on ordinary loans to customers secured by Liberty bonds and certificates of indebtedness. Assistance to customers to enable them to purchase such Government obligations has generally been extended at lower rates, either at the rate borne by such obligations or at a rate slightly higher. The table also shows quotations in New York for demand paper secured by prime bankers' acceptances, a type of paper which made its appearance in the New York market several months ago. Quotations for 577 new types of paper will be added from time to time as deemed of interest. In contrast to the previous period, rates during the period under review on the whole have declined. This is marked in particular in the case of certain centers, among which may be mentioned New York, Pittsburgh, Chicago, and St. Louis, in which a decrease in rates is noted for the majority of the types of paper for which quotations arc given. Rates in certain centers on the other hand, remain practically unchanged, although no pronounced instances of general increase in rates are noted. The decrease in rates is most marked in the case of prime commercial paper purchased in the open market, also in the case of interbank loans. Rates for indorsed bankers' acceptances show a fractional decline, while changes in rates for such unindorsed acceptances afford a relatively equal number of instances of increase and decrease. Customary rates for customers' commercial paper show a marked decrease, although on the whole an increase in both the high and low rates for this type of paper is shown. Rates for collateral loans remain relatively unchanged. Kates on paper secured by Liberty bonds and. certificates of indebtedness show an opposite tendency to that remarked for the majority of the other types of paper, having increased somewhat on the whole during the period under review. Discount and interest rales prevailing in various centers. I 00 DURING 30-DAY PERIOD ENDING APR. 15, 1919. Bankers' acceptances, 60 to 90 days. District. Collateral loans—stock exchange or other current. City. Demand. No.]... No. 2... No. 3 . . . No. 4.,, No. 5.. No. 6.. No. 7.. No. 8.. No. 9... No. 10.. No. 11.. No. 12.. Boston New York >... Philadelphia.. Cleveland Pittsburgh Cincinnati Richmond.... Baltimore Atlanta Birmingham.. Jacksonville... New Orleans.. Chicago Detroit St. Louis Louisville Memphis Little R o c k . . . Minneapolis... Kansas City... Omaha........ Denver Dallas El Paso San Francisco. Portland Seattle.. Spokane... Salt Lake City 3 months. Secured by Liberty' Secured by warehouse bonds and receipts, certificates of indebtetc. edness. Cattle loans. 3 to 6 months. L. C. H. L. C. II. L. C. //. L. C. ft 6 :re" .1 6 5-4 6 6 . ? 6 54-6 i 6 4 54 6 6 5 6 6 6 (.) 54-6 6 6 6 6 7 6 6 8 6 8 6 8 10 6 8 9 6 6 8 7 64 6 6 6 6 6 6 51 5 5"J 04 6 7-8 6 6 8 54 6 6 6 A\ 44 4{ 4=|-o 5 6 6 6 6 4\ 43 4J 6 5 - 54 ft D U R I N G 30-DAY P E R I O D E N D I N G M A Y 15, 1919. Prime commprcial paper. District. O pen market. City. SO to 90 days. No. 2.. No. 3.. No. 4.. No. 5.. No. 6.. No. 7.. No. 8.. No.«... No. 10., No. 11. No. 12. Boston New York K. Philadelphia. Cleveland Pittsburgh... Cincinnati Richmond... Baltimore Atlanta. Birmingham.. Jacksonville... New Orleans.. Chicago Detroit St. Louis Louisville Memphis Little Rook... Minneapolis... Kansas City... Omaha Denver Dallas El Paso San Francisco. Portland Seattle Spokane Salt Lake City 4 to 6 months. 6 5 51 6 6 41 51 6 5^ 5 51 6 Indorsed. 54 51 5 51 51 51 51 51 54 51 5 51 5 5 5 51 5 51 5 6 6 6 5 6 5 3 6 6 51 6 51 51 54 51 6 51 51 6 6 51 6 6 6 5* 51 i 54 5 54 5 6 54 51 5 6 8 6 6 51 51 __ 51 51 6 51 51 oh 51 5 51 51 5 5 6 6 6 6 51 51 o\ 51 6 6 6 6 5 6 6 51 51 51 6 6 6 6 7 6 51 6 7 6 5 5i 7 6 6 6 6 7 5Jj b\b l - 5 : 5 54 6 o 54 Collateral loans—stock exchange or other current. ! Unindorsed. 4ft I 4ft 41 51 o-oh 6 6 5 51 f 43 51 51 5 5 6 6 6 Demand. 51 6 1 6 % 6 6 6 5 7 54 4ft 6 44 4ft 44 4l 71<r f 3 44 6 4$ 41 6 5* 6 7 6 6 44 4ft 41 \ 7 4ft 6 44 4ft 41 5 6 Cattle loans. j 4ft 5 41 4* 4} 6 | 4ft 4-i 4* 51 4J 41 41 51 5 51 51 5 51 6 51 6 6 6 6 51 51 5-1 51 51 51 6 8 6 6 51 6 Bankers' acceptances, 60 to 90 days. Interbank loans. i Secured b y Secured by Liberty " warehouse bonds and. receipts, certificates of indebtetc. edness. oj o-i 5 51-fi ti 51 6 6 5 6 6 51 6 61 6 6 6 51 6 6 51 6 6 51 6 8 6 6 8 6 6 6 6 51 i 6 6 . 6 !. 5 6 j. 51 6 !. 8 6 / 6i 6 6 j . . . 8- 5 6 8 6 6 51 6 i 8 51 8 51 6 I 8 6 6 6 6 jlO 6 8 6 6 6 5-: 5! 7 6 6 5 6 6 5 5 t M 51 I Rates for demand paper secured by prime bankers' acceptances, high 6, low 4J, customary 41-5. 6 (') 6 6 6 6 6 ok bh 6 51 5-f 6 6 6 8 6 6 (J 51 51 5 () b\ 6 7-8 ! 6 ! 6 6 8 !6 !6 6 6 51 o I-* o 4144 415 4*5 5 6 5 b\ 0 5^ 4-i 6 4$ 42-6 6 6 41 6 41 5 41 5 5 6 5 51 5 6 5 6 41 6 6" 6 5 7 5 6 6 6 41 6 41 6 6 7 i 7 CO 580 Juxa 1, 1019. FEDERAL, RESERVE BULLETIN. PHYSICAL VOLUME OF TRADE. contains a description of the methods employed in the compilation of the data and the conIn continuation of tables in the May FEDERAL RESEEYE BULLETIN there are presented in the j struction of the accompanying index numbers, following tables certain data relative to the I Additional material will be presented from time physical volume of trade. The January issue j to time as reliable figures are obtained. Live-stock movements. [Bureau of Markets.] Receipts. Shipments. Cattle and calves, 60 markets. April. g September. October November.. December.. 1919. Januarv February March April I | ! ! I Head. 3,717,853 2,110.835 2,009,744 2,799,913 2,832,022 2,625,381 2.132,491 July.. Shoep, 60 markets. Head. 2,037,118 1918. Hogs, 60 markets. 3,113,281 2,476,190 2.386,475 3', 421,641 4,605,158 5,569,356 Head. 1,144,338 I i 1,585,735 I 2,129,325 ! 3,303,955 3,234;026 i 2,535,115 ! 1,640,365 : 2,111,704 1,440,329 1,501,597 1,750,043 1 j | j 5,861,685 4,404,751 3,632,874 3,659,960 ! ; j j Horses and mules, 44 markets. Total, ail kinds. Cattle and calves, 54 markets. Hogs, 54 markets. Head. 41,850 Head. 6,941,189 Head. 763,696 Head. 1,284,747 Head. 539,886 51,393 80,122 124,201 146,072 135,344 72,471 6,861,244 6,695,381 8,614,544 9,633,761 9,900,998 9,414,683 665,800 850,363 1,219,333 1,300', 084 1,232,771 785,770 949,301 849,618 786;917 896,258 1,216,860 1,429,251 734,539 1,198,691 2,059,990 2,069,057 1,446,523 716,100 110,411 • 82,526 : 68,938 : 49,886 i 9,651,413 I 7,059,411 6,420,397 j 6,848,117 I 761,168 528,326 563,893 697,827 1,546,875 1.288,134 i;272,654 1,102,274 1,567,613 ; 1,131,805 1,216,988 ! 1,388,728 Sep 5 i ^ ^ f he, 4 Total, all kinds. Head. 42,382 45.549 76;653 114,023 140,845 131.308 7i;243 2,395,189 2,975,325 4,180,263 4,406,244 4.027,462 3;002.364 106,459 76,512 64,332 48,250 608,016 418,827 i 481,907 ! 575,138 I Head. 2,630,711 3,022,518 2;311,799 2,382,786 2,423,487 Receipts and shipments of live stock at 15 western markets. [Chicago, Kansas City, Oklahoma City, Omaha, St. Louis, St. Joseph, St. Paul, Sioux City, Cincinnati, Cleveland, "Denver, Fort Worth. Indianapolis, Louisville, Wichita.] RECEIPTS. [Monthly average, 1911-1913=100.] Cattle and calves. Head, i Relative. Hogs. Head. Sheep. Relative. Head. Total, all kinds. Horses and mules. , Relative. Head. Head. Relative. : Relative. April. 1,533,147 152 2,942,449 134 ! 733,709 j 54 26,406 July August September.. October November.. December.. 1,697.193 i 1,588; 553 2,249,017 i 2.287,534 ! 2,053,359 I 1,706,945 i 168 158 223 225 204 169 2,530,414 1,970,086 1,775,842 2,570,525 3,431.782 4,197; 313 115 !: 90 81 ! 117 ! 150 i 191 ' 1,141,488 i 1,424,677 I 2,408,609 ji 2,357,524 1,677,537 I 1,114,761 ! 84 104 176 173 123 82 36,782 54,271 82,856 83,574 64,482 36,153 57 ! ! 80 i 118 1 180 182 140 j 79 ! 5,235,711 1 1 5,405,877 j 5,037,587 I 6,516.124 ! 7,279,157 ; 7,227,160 • 7,055,172 ; 117 109 111 158 156 153 l,6i;i>,04S 1,096,118 1,094.014 i;2551379 164 116 109 125 4,603,335 3,451,894 2,842,663 1 2;823,484 209 ' 1,079,377 108 ; • 774,891 847,842 129 128 : 970,070 71 56,631 48,786 41,805 31,509 123 114 91 68 7,395,419 i 5,371.679 i 4,826,924 ! 5,080,442 • . 1G0 125 105 110 January... February.. March April , 1S19. i ' ! j 113 SHIPMENTS. 1913. April July August September October November December ! ! 1919. Januarv February March..". April 1 i : 1 j ' i 551,184 495,211 652,440 932,131 994.943 92lJ 831 588,425 589,362 404,296 423,819 500.835 898,485 ; 185 250,757 50 34,883 602,728 ' 593,577 • 488,298 : 480,460 • 659,432 787,401 I 137 124 101 100 136 163 483,151 751,886 1,426,120 1.479,774 '903,283 445,987 96 149 265 294 179 89 31,379 51,923 74,473 84,393 63,589 37,072 76 127 182 206 155 90 1,672,469 ! 2.055.827 I 2;92i;022 j 3,045.570 I 2,548'. 135 I 1,858!945 I i 116 143 197 212 177 129 988,035 • 881;507 925,802 i 204 195 191 154 357,386 240,815 289,742 319,625 71 51 58 63 56,282 47,829 41,837 29,974 138 125 102 73 1,991,065 1,574,447 1,681;200 1,604,871 139 118 117 112 748,437 121 So i 1,735,310 I ; I j 581 FEDERAL RESERVE BULLETIN. JUNE 1,1919. Exports of certain meat products, [Department of Commerce.] [Monthly average 1911-1913=100.] Beef, canned. Pounds. Beef, pickled and other cured. Beef, fresh. Relative. Pounds. Relative. Pounds. Ham and shoulders, cured. Bacon. Relative. Pounds. Relative. Lard. Pounds. Relative. Pickled pork. Relative. Pounds. Pounds. Relative. 1918. April 11,836,876 1..787 51,882,784 4,182 3,007,756 113 127,400,406 761 93,426,880 623 53,877,082 122 5,171,848 117 July August September. October... November. December. 13,526,800 17,129,337 7,349,591 9,999,121 13,313,420 7,776,239 2,042 2,585 1,109 1,509 2,009 1,174 32.056,016 2,584 45; 160,708 3.641 34,071,810 2',747 20,449,372 2,132 02,835,161 5,065 34,161,848 2,754 2,651,413 1,742,970 3,009,998 5,752,660 4,291,030 3,786,847 99 119,893,655 05 68,857,586 113 41,621,488 215 58,131,739 101 72,861,969 142 120,437,385 716 411 249 347 435 755 55,368,812 45,816,637 36,190,919 25,430,106 20,127,671 371 307 242 170 135 261 68,600,261 51,920,658 33,267,902 46,025,020 27,285,088 37,724,398 156 118 76 105 62 4,676,888 3,032,954 2,843,374 2,089,654 2,783,873 2,025,778 106 69 64 47 63 46 1919. January... February.. March April 12,636,000 1,907 8,151,723 1,318 8,997,973 1,358 2,896,759 437 17,436,495 13,729,993 14,651,276 21,639,915 6,030,937 3,635,120 3,749,394 2,673,681 I 603 54,840,433 735 49,283,053 902 85,712,426 847 109,569,968 307 354 574 734 2,273,683 68,972,779 168 1,950,362 97,239,435 | 221 2,141.508 86,555,951 197 2,494,454 51 47 48 56 1,406 1,186 1,181 1,744 226 146 140 100 101,000,122 114,842,525 151,086,397 141,814,255 Grain and flour. [U. S. Food Administration.] GRAIN MOVEMENT. [In thousands of bushels; i. e., 000 omitted.] Wheat. Receipts. '• Shipments. 196,060 287,652 280,200 241,260 155,605 178,916 j • ! 103,302 60,047 72,265 80,673 : . " I ! : Stocks at close of month. Receipts. 94,823 160,162 150,030 150,077 138,438 127,612 12,415 81,422 163.027 2-10,690 280,169 254,474 253,767 59,400 j 48,131 I 62,137 ! 59,437 ! 47,024 I 59,237 i 1919. January... February. March..!.. April 63,992 : 51,062 i 75,917; SS.222 : 245.083 2J9J30C 109.102 110,778 85,816 30,0(53 34,888 ' 40,009 Barley. Receipts, i Shipments. 1918. : Receipts, • Stocks at Shipments.! close of month. ! 54,792 i 42,909! 40,453 47,501 41,880 50,312 68,709 I 37,G01 40,982 I 45,327 37,794 31,919 25,559 28,522 25,727 21,046 23,427 30,448 27,365 19,794 19,745 86,917 57,599 58,008 01,773 I Receipts. 80,893 | 58,920 1 68,445 69,313 39,097 37,923 80,030 104,739 103,943 88,300 85,811 82,025 70,411 61,257 Total grains. Rye. Stocks at close of month. 87,893 124,597 102,510 107,093 95,008 ! 81,220 : 90,006 177,324 120,138 110,020 86,871 80,199 I Stocks at ; Shipments.! closoof | Receipts. i month. • I Stock? at Shipments.; close of month. 7,077 9,923 15,295 19,843 21,153 22,287 10,006: 10,984 ; 27,174 ! 37,782 ; 40.670 39;991 i 40.320 . 3,474 8,422 16,092 20 • 667 17,521 15,721 2,024 ! 4,449 ! 7,409 15,047 ; 13,552 ; 8.721 2,181 ! 2,912 i 6,128 ! 12,854 17,309 19,399 25,779 303.291 542', 809 517,509 455,873 329,778 357,328 246,609 j 342,130 ! 322.303 i 340;161 ! 310,037 ! 290,152 I 24,055 16,432 20,775 19,640 23,020 37,231 22,863 23,889 39,073! 38,880! 36,528 . 3i; 985 14,280 7,857 10,749 14,830 9,180 9,419 15,798 14,927 30,031 ; 27,606 : 23.362 22; 393 314,370 178,598 196,685 223,531 245,860 174.833 224;005 241,678 1919. Stocks at close of month. 14,285 21,340 27,002 23,8?9 22,697 23,255 June July August September. October November. December.. January... February. March April Shipments. " T ! 1918. .Tune July August September. October November. December.. Oats. Corn. 102.093 17i;160 307,918 430,587 473,818 423,610 426,656 i 431,646 395.548 319,257 240,158 582 FEDERAL RESERVE BULLETIN. JUNK 1, 1919. Grain and flour—Continued. WHEAT FLOUR PRODUCTION. (In thousands of barrels; i. e., 000 omitted.] Stocks at mills at closo of month. Production. 1918. Stocks at mills at close of month. 1919. January February March.." April 1,109 1,606 2,386 3,064 3,422 3,387 3,260 6,780 10,391 11,835 11,752 11,175 11,759 July August . . . September October November December Production. 3,341 3,544 3,419 3,145 10,593 7,736 10,498 11,274 Receipts of grain and flour at nine seaboard centers. [Boston, New York, Philadelphia, Baltimore, New Orleans, San Francisco, Portland (Oreg.), Seattle, Tacoma; receipts of flour not available for Seattle and Tacoma.] [Compiled from reports of trade organizations at these cities.] [Monthly average 1911-1913=100.] Wheat. Corn. Rela-I , Bushels. tive. ! J 19] 8. April. I Rye. Oats. Total grain. Barley. Total grain1 and flour. Flour. RelaRela, ! RelaRelaRelaRelaRelaBushels. tive. Bushels. tive. Barrels. tive. Bushels. tive. 1 tive. Bushels. tive. Bushels. _L 5 325,163 3,151,803 25|l,833,011 136 13,342,933 229:2,887,153 174 24,540,063 1081,690,165 162 32,145,806 117 July August September... October November... December... 3,515,673 23,930,107 23,786,074 18,778,538 9,854,356 24,221,863 28jl,128,285 1901,473,105 189 582,856 149 519,755 78 786,141 1921,273,489 7,122,372 2,970,341 412, 5,304,250 15 6,662,972 6, 5,253,154 36 9,817,268 9, 86,551 61 802,582 150 l: 63 170,847 714,103 307i 730,332 112 435,549 1 1,332,761 1,642; 887,396 140 2, 1111,332,239 653,880 2071,107,437 779j 1,915,831 2,655,463 4812,1 43 29,1 19,258,503 44 30,! 0,839,061 53 29,: 19,181,422 3917,! 7,879,770 115 38,335,888 561,266,706 129 589,303 136 783,902 129 1,,543,121 79 1,656,205 169 3,258,924 12118,355,640 L, 910,367 1,366,620 148 36,125,467 159 25,332,693 312 53,001,046 67 116 125 132 92 193 1919. January February March Aprils 9,768,801 7,805,811 13,789,851 781.,411,366 66 783,263 109 636,127 40 9,,275,187 24 4i,713,794 18 3!,254,914 195 566,191 398:1,738,326 106 2,299,664 1,7341 995,454 69 3,880,424 2,731(2,285,954 105 22,759,871 >, 597,986 138 23,847,270 J, 100 2, 026,246 781 ,302,061 1051 ,644,676 194 31,877,978 134 22,457,261 157 31,248,312 116 88 114 281 I i Flour reduced to its equivalent in wheat on basis of 4i bushels to barrel. 2 Figures not yet available. 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.] [Bushels.] Wheat. 1918. j April. July A ugust September October November • December 552,042 3,384,466 16,041,604 14,313,717 j 13,423,169 • . . . . . ; 13,904,426 \ 14,359,694 \ 15,365,491 ! 12,635,613 ! ! 12,732,472 | ! i Figures not yet available. NOTE.—Figures Cor San Francisco include also stocks at Port Costa and Stockton. Barley. 9,651,374 159,696 1,496,808 13,703,582 4,136,167 2,464,705 3,153,590 4,591,014 3,548,473 6,074,067 28,633 153,275 144,646 1,550,686 2,385,828 2,248,272 1,059,197 1,720,251 2,208,017 2,697,141 2,845,916 2,767,606 9,344,967 21,029,004 20,001,589 22,377,889 22,936,868 25,752,619 645,317 ! 5,495,937 | 1,972,696 417,520 ! 6,110,159 i 1,735,876 346,543 5,650,120 1,920,348 3,047,346 3,930,465 4,403,665 26,526,787 24,829,633 25,053,148 | 1,843,662 736,504 i 649,169 j 181,619 ! 115,879 i 252,225 . 302,980 | 1919. January February March Aprili Rye. Corn. Oats. Total grain. 583 FEDERAL, RESERVE BULLETIN. JUNE 1, 1919. California shipments of citrus and deciduous fruits. Lemons. Oranges. Carloads. Relative, i Carloads. Total deciduous fruits. Total citrus fruits. Relative. ; Carloads. Relative. \ Carloads. 1918. April 2,040 108 585 144 3,225 113 July August September October November December 914 767 549 485 1,125 3,565 37 31 22 20 46 146 561 732 275 639 676 722 I 139 ! 181; 68 i 158: 167 ! 178 1,475 1,499 824 1,124 1,801 4,287 52 53 29 39 63 150 3,758 9,126 5,879 7,143 1,044 267 3,120 3,180 5,113 5,450 128 139 209 223 531 658 897 1,038 3,651 3,838 6,010 128 144 211 228 109 198 67 36 1919. January February March April 131 174 221 256 I Sugar. [Data of International Sugar Committee for ports of Boston, New York, Philadelphia, Savannah, New Orleans, Galveston, San Francisco.] [Tons of 2,240 pounds.] Receipts. Raw stocks at close of month. Meltings. Receipts. 1918. Meltings. Raw stocks at close of month. 1919. April 365,763 324,200 92,128 July August September October November December 288,449 218,690 176,867 242,912 138,141 92,785 320,908 263,383 210,745 207, 566 172,528 123,091 135,061 100,392 56,978 77,233 50,989 13,774 243,806 389,815 355,710 450,938 January February March April 197,145 337,420 361,010 387,548 66,189 122,757 106,889 185,315 [Data for ports of New York, Boston, Philadelphia.] [Weekly Statistical Sugar Trade Journal.] [Tons of 2,240 pounds. Monthly average 1911-1913=100.] Raw stocks at close of month. Receipts. Tons. April 1918. ! | 242,958 July August September October November ! 186,225 : 159,252 i 145,555 ; 151,703 ! 139,343 Tons. 221,000 175,000 139,000 156,000 139,000 76 41, 228 55, 322 39, 375 46, 869 42. 522 43.112 Receipts. j Rela- i" ! live- " : Tons. I Raw stocks at j close of month. Meltings. Relative. Tons. Relative. Relative. 24 1918. December.. 58,751 32 92,000 50 11,490 32 23 27 25 25 1919. January February.. March April 172,054 283,172 232,471 318,492 93 165 126 173 147,000 229,000 261,000 ; 277,000 i 134 142 151 36,544 90,716 62,187 107,582 21 53 36 62 584 JUNE 1,1919, FEDERAL RESERVE BULLETIN. Lumber. [From reports of manufacturers' associations.] [Mfeet.] Douglas fir. Western pine. Southern pine. No. Produc- Shipof ments. mills. tion. No. Producof mills. tion. Eastern white pine. i INo. Produc- ShipShip- | No. | P r o ^ u c . Shipof ments. mills. tion. ments. - i mills. ! t i o n ' Ship- | No. Produc- | mills. tion. ments ments i April 1918. 187 385,033 445,207 41,45 129,123 126,592 132 304,800 412,002 391,648 346,069 321,214 312,126 310,068 453,786 437,776 350,628 353,266 353,810 322,831 42,45 44,47 45 42,47 38,46 27,46 147,533 151,156 130,029 121,850 90,078 63,315 112,915 109,402 80,859 79,701 74,103 63,823 123 130 106 115 121 127 269,100 292,200 316,000 356,487 261,189 222,3S9 266,300 275,000 248,000 324,080 240,986 221,720 i 319,600 ! 201 202 190 202 194 204 July August September October November December 24 i 56,636 52,822 28,319 26,817 i 86,658 26 ; 95,942 26 i 72,937 26 ! 27,21 32,787 | 16 j 23,529 | 799 59,412 51,327 38,711 26,152 23,828 14,176 31,517 24,118 31,908 27,912 32,596 26,728 34,815 34,377 34,963 36.478 36,012 21,570 15,172 17,081 17,525 14,020 •28,629 25,806 32.110 22;369 23,896 18,034 22,672 21,877 1 1 ! 1919. January February March April 200 195 198 203 330,137 328,069 378,752 397,005 325.241 309;494 361,125 397,677 21,49 24,48 27,48 43,49 68,910 71,103 81,328 97,679 40,354 46,037 71,426 124,341 ; I I i 122 122 120 114 North Carolina pine. i 1 3 I; 227,129 1 238,035 255,544 ! 266,308 I 225,688 228,031 254,650 264,623 7,565 6,802 15 11 ' 7,118 11,431 ii i RECEIPTS AND SHIPMENTS OF LUMBER AT CHICAGO. [Chicago Board of Trade.] [Monthly average 1911-1913=100.] M feet. April 1918. Rela- ! tive. ; 267,039 126 243,598 208,963 171,515 130,503 142,230 i July August September October November j Shipments. Receipts. 115 I 99 ! 81 : M feet. Shipments. Relative. 126,195 62 i 67 ! Receipts. 165 98,145 78,707 68,133 70,590 72,723 128 103 92 95 December. January... February.. March April , 1918. 1919. 134,604 97,5.11 124,040 114,253 Coal and coke. [Bituminous coal and coke, U. S. Geological Survey; anthracite coal, Anthracite Bureau of Information.] [Monthly average 1911-1913=100.] Bituminous coal, estimated monthly production. A n t h r a c i t e coal, shipments over 9 roads. Coke, estimated monthly production. Beehive. By-product. Total. Short tons, j Relative. • Long tons. Relative. Short tons. Relative. Short tons. Relative.! Short tons. Relative. 1918. April July August September.. October November.. December.. January... FebruaryMarch April , ! j ; 46,590,570 I 55,587,312 55,732,092 51,757,334 52,885,813 44,386,987 40,634,525 126 6,368,373 113 2,580,931 2,021,437 230 150 150 140 143 120 110 7,084,775 7,180,923 6,234,395 6,286,366 5,276,659 5,736,260 126 128 111 112 94 102 2,813,910 2,657,022 2,570,238 2,611.885 2,339,197 2,255,296 108 102 98 100 89 86 2,300,673 2,387,675 2,410.70S 2,563; 183 2,523, 746 2,562,048 261 I 5,114,583 271 J 5,044,747 274 i 4,981,036 291 5,175,068 287 4,862,943 291 4', 817,344 146 144 143 148 139 138 41,473,000 31,497,000 33,719,000 32,164,000 112 91 91 87 5,934,241 3,871,932 3,938,908 5,224,715 105 74 70 93 2,401,567 1,822,894 1,768,449 1,316,960 92 75 68 50 6,779,482 257 ! 12,772,392 122 1919. 4,602,368 JPUNH 1, 585 FEDERAL. RESERVE BULLETIN. 1919. Movement of crude petroleum in United States. [U, S. Geological Survey.] [Barrels of 42 gallons each.] Marketed. Barrels, April July August September October 1918, i Relative, i Stocks at end of month. Marketed. Barrels, Barrels. 1918. November December 28,849,000 144,798,000 30,361,000 29,211,000 28,674,000 30,592,000 141,475,000 139.472.000 135]880,000 January 134,838,000 1 February March April ! I l 1919. I i ' i j Relative. 28,347,000 28,071,000 131,295,000 128,311,000 29,869,000 26, oil, 000 30,412,000 29,310,000 129,558,000 128.910,000 131,110,000 132,694,00© Total output of oil refineries in United States. [Bureau of Mines.] | Crude oil run i (barrels). 1918. : Gasoline (gallons). Kerosene (gallons). Gas and fuel • Lubricating (gallons). ; (gallons). 26,239,602 29,170,718 28,534,275 28,390,431 29,237,767 27,411,636 26,958,157 1,627,968 ; 151,228,007 587,985,804 69,308,351 095 156,828,826 330,335, 046 149,678,850 314,595, 959 164,963,798 314,251, 318 i 164,928,640 312,968, 640 ! 169,278,105 291,744, 465 ! 161,742,713 658,439,682 671,113,871 653,085,050 661,780,441 604,403,494 587,873,987 79,303,107 72,892,879 70,593,079 72,244,633 72,178,602 64,987,842 26,967,332 25,232,876 27,866,775 303,710,556 | 158,501,260 283,518, 194 i 164,181.787 311,306,755 : 170,290,930 589,630,056 553,853,753 574,774,166 68,304,613 62,503,072 67,863,995 Mar. 31.. 13,122,241 526,382,386 j 356,580,540 483,447,727 146,572,398 July 3 1 . . Aug. 31. Sept. 30. Oct. 31.. Nov. 30. Dec. 31.. 14,026,525 13,946,595 14,462,100 15,438,576 15,222,401 15,749,771 349,928,604 ! 432,807,129 285,446,538 424,281,481 269,772, 723 436,628,907 250,328,369 419,409,944 270,072. 011 397,804,012 297,326, 380,117,829 519,012,839 569,016,413 583,407,769 596,116,351 583,777,918 659,001,357 136,460,207 137,496,986 147,425,556 135,196,542 132,923,478 138,853,574 15,380,185 14,«2O,6O1 15,106,361 383,212,692 i 332,393,181 45S,449, 187 i 303,062,436 546,862,429 I 294,677,623 646,411,414 692,816,000 749,067,806 158.370,431 152', 297,163 165,495,254 March July August September. October November. December.. January... February. March 1919. Stocks at the close of month. 1918. 1919. Jan. 31.. Feb. 28.. Mar. 31.. 586 FEDERAL RESERVE BULLETIN. JUNE 1, 1919. Iron and steel. [Pig iron production, Iron Age; steel ingot production, American Iron and Steel Institute.] [Monthly average, 1911-1913=100; iron ore, monthly average, May-Nov., 1911-1913=100.] Pig iron production. Gross tons. ; Steel ingot production. : Relative.'. Unfilled orders V. S. Steel Corporation at close of month. Gross tons. ! Relative. < Gross tons. ; "Relative. 1918, April 3,288,211 ; 142 i 3.103.-110 132 8,741,882 ; 106 July August September October November December 3,420,988 : 3,389,585 = ' 3,418,270 i 3,480,941 ! 3,354,074 ! 3,433,617 148 I 130 129 134 110 128 125 8,883,801 8,759,042 8,297,905 8,353,293 8,124,003 7,379,152 ! 146 ; 148 ; 151 • 145 : 3,113,035 3,083,080 3,197,058 3,352,190 3,060,760 2,992,300 109 100 157 158 154 140 3,302,200 2,940,168 : 3,090,243 I 2,478,218 j 143 136 133 107 3,082,427 2,088,011 2,062:205 2,239,711 130 120 110 93 6,084,208 6,010,787 ! 5,430,572 I 4,800,685 i 127 114 103 91 f% 1919. January February March April , : — Imports of pig tin. [Department of Commerce.] [Monthly average, 1911-1913=100.] Pounds. 1918. Relative. 1918. November December April 15,567,667 10,317,437 10,630,666 9,885,984 July August September October 10,734,179 5,887,063 118 65 8,461,444 6,271,977 8,284,970 540,903 93 74 91 1919. January February March April Textiles. [Silk, Department of Commerce; cotton, Bureau of the Census: wool, Bureau of Markets; idle machinery, Jan.-Sept., 1918, inclusive, National Asso. ciation of Wool Manufacturers.] [Cotton, monthly average crop years 1912-1914=100; silk, monthly average 1911-1913=100.] Cotton consumption. Bales. Percentage of idle woolen machinery on first of month to total reported." Cotton spindles active during month. Imports of raw silk. Wool consumption (pounds)., Looms. Spinning spind!es. Wider Under t h a n 50- 50-inch ineh reed reed space. space. Relative. Sots of cards. Combs. Woolen. Worsted. Pounds. Relative. 1918. 54.4,125 121 33,734,997 57,651,248 7.1 8.5 4.2 O. O 5.0 12.5 2,947,222 144 August September October November December 541,792 534.914 490J779 440,833 457,376 472'. 941 120 119 109 98 10? 105 •33,674,896 33:640.811 33', 524', 275 32,760,623 33.121,507 33,652,612 50,951,651 51.516,457 47' 048,413 • 48,092,509 38,282,723 32; 355,081 10.4 12.2 13.8 18.3 21.1 22.5 10.2 14.3 15.1 24.3 26.8 24.9 5.9 6.0 7.0 9.3 11.1 13.8 10.5 10.2 13.2 12.5 23.8 17.8 0.5 6.6 8.3 8.8 11.9 16.1 13.2 15.3 20.2 18.8 30.1 27.4 1,997,314 3,813.595 3'. 973:754 2:814,270 2,336,345 2,680,863 98 186 194 138 114 131 1919. January February March April Mav 556,721 433.516 433;720 475,753 124 103 96 106 33.856,472 33;282.593 32.042^376 33;213,026 32.573,970 23'186.818 29,320'. 063 39,159,945 40.3 . 52.3 58.1 48.4 36.6 32.0 41.5 42.4 38.9 32.9 32.2 38.7 39.1 20. 5 17.1 30.7 39.8 47.8 34.2 22.5 30.5 41.1 41.8 28.4 16.8 37. 5 48.6 52.7 30.1 25 3 1,401,827 lj742.812 1,784.412 2,988,838 71 91 87 146 •\ ori! Ji'iV 6 NOTE.—Figures of idle wool machinery for Nov. 1 and Dec. 1 are not entirely comparable with previous figures, due to fact that later figures are for number of machines running on single shift, while earlier figures count as two a machine running double time. The effect is, however, small. JUNE 1, 587 FEDERAL RESERVE BULLETIN. 1919. Production of wood 'pulp and paper. [Federal Trade Commission.] [Net tons.] ! Wood ! News ; pulp. | print. April July August September October November December Wrapping. Fine. 111,480 j 76,702 j 162,836 1918. *<«*• I &SS". 76,859 29,823 ! 69,458 ! 177.931 i 76,439 : 192'. 810 66:581 ' 168,381 60.743 143,373 67)262 152)321 64.501 134.103 70.526 71/249 6L,390 56,903 61,081 51.947 34.609 36,910 ! 103,348 113,826 99.528 88', 155 97)693 107,129 262,377 246,741 ! 237,624 ! 270,849 i 273,973 Book. Paper board. Wrapping. Fine. 283,270 116,154 ' 70,443 238.228 I 103)248 i 62,616 278,675 | 114,746 63.699 284,984 ! 116,278 67,628 140,859 125,208 136,175 138,802 50,490 45,480 48,069 48.158 27.675 24)600 23,514 22,470 Wood News pulp, j print. 1919. January February.. March..'... April 37,833 28;533 33,429 29,975 Tax-paid manufactured tobacco products in the United States (excluding Porto Rico and Philippine Islands.) [Commissioner of Internal Revenue.] Cigars. Large. Cigarettes. Small. Small. Cigars. Chewing and smoking tobacco. Large. ! Cigarettes. Small. ; Small. 1918. April Number. 616,372,314 Number. Number. 79,794,719 3,393,675,490 Pounds. : 1918. 35,229,106 1 December Number. 527,586,098 Number, i Number. 59,139,250 .2,788,379,210 July August... September October November 634,609,533 624,491,239 585,400,449 594,764,527 537,794,904 79,237,849 60,880,910 60,556,000 63,111, 160 63,177,200 36,607,578 40,764,853 37,893,818 39,440,893 32,618,009 1919. i ! January ' February March i 518,706,482 476,329,947 549,098,351 Chewing and smoking tobacco. 72,458,974 ;3,079,212,253 60,138,630 3,120,274,662 84,493,873 3,845,072,275 3,796,878,822 3,442,446,234 3,403,205,736 3,027,300,975 2,986,775,CJ3 j Pounds. 25,276,695 29,308,616 27,472,269 29,227,678 Output of locomotives and cars. [Locomotives, United States Railroad Administration; cars, Railway Car Manufacturers' Association.] Output of cars. Locomotives. Domestic! April.. 1918. Number. July August September October November 214 ! 267 | 295 ! 224 I Domestic. Foreign. Number. Number. 3,000 Number. 2,982 77 213 313 252 3,312 2,437 2,666 4,555 6,743 4,410 4,847 3,564 2,681 2,330 Output of cars. Locomotives. Domestic snipped. Total. Number, ij 1918. 5,982 1 December.. 1 7,722 7,284 6,230 7,236 9,093 II Domestic. pleted> Number. I Number. 281 177 1 1 1919. |! January |i Februarv... '• March..".... i April 282 ' 135 258 ! 197 j Foreign. Number. Number. 7,876 3,402 84 104 128 36 8,172 6,023 5,978 7,777 3,635 4,657 5,795 7,373 Total. Number. 11,278 11,807 11,280 11,773 15,150 Vessels built in United States, including those for foreign nations, and officially numbered by the Bureau of Navigation. [Monthly average 1911-1913=100.] Gross I Number. tonnage. 1918 April 165 163,050 July August September October November December 193 ! 177 ! 170 : 202 I 171 | 153 j 229,931 295,349 308,470 357,532 357,660 283,359 Gross Number, i tonnage. Relative. '• January Jr'cburary 951 !| March..: 1,222 j1 April 1,276 -i 1.479 i 1.480 ; ! 1,173 i 675 1919. 132 135 186 201 264,346 271,430 298,005 375,605 Relative. 1,094 1,203 1,233 1,554 588 FEDEKAL EESERVE BULLETIN. JUNE 1,1919. Tonnage of vessels cleared in the foreign trade. [Department of Commerce.] [Monthly average 1911-1913=100.3 ! Net tonnage. Foreign. Total. 1,251,114 1,730,823 2,981,937 77 42.0 166 2,093,310 i 2.332,577 : 2,009,194 1,875,947 1,770,935 1,141,319 i 2,941,171 \ 2,808,406 2,290,872 = 2,103,383 I 1,991,725 2,053,517 5,034,481 5,141,043 4,300,066 4,039,330 3,762,660 3,194,836 129 132 111 104 97 82 41.6 45.4 46.7 46.4 47.1 35.7 164 179 185 184 186 141 • American. i 1918. April July August September October November December ! ; Net tonnage. Percentage of RelaRela- Ameri- tive. can to tive. total. i American.! Foreign. 1919. Januarv February March April 1,166,391 1,262,487 1.161.416 1,744,753 1,896,123 1,671,070 1,737,171 2,058,220 Total. ! ! j ! ! 3,062,514 2,933,557 2,898,587 3,802,973 Percentage of RelaRela- Ameri- tive. can to tive. total. 78 75 75 98 38.1 43.0 40.1 45.9 151 170 158 181 j Net ton-miles, revenue and nonrevenue. [United States Railroad Administration.] April July August September October November December 1919, 1918. 37,992,810,000 38,761,291,000 38,469,847,000 38,592,137,000 39,548,562,000 35,533,026,000 33,659,507,000 January February March April 30,383,169,000 25,681,943,000 28,952,925,000 28,629,739,000 JUNE 1,1919. FEDERAL RESERVE BULLETIN. 589 DISCOUNT AND OPEN-MARKET OPERATIONS OF THE FEDERAL RESERVE BANKS. On the last Friday of the month the banks Discount operations during the month of April totaled $5,901,401,640, compared with held a total of $1,950,412,000 of discounted $5,473,564,174 for March of the present year paper, compared with $1,886,240,000 about the and $2,172,580,139 for April, 1918, the month close of March, and $901,743,000 on the correpreceding the placing of the third Liberty loan. sponding date in 1918. The total for the most Of the total discounts for the month under recent date includes §90,964,000 of war paper review the share of war paper was 95.2 per rediscounted for other Federal Reserve Banks cent, compared with 95.6 per cent the month by the New York. Cleveland, Chicago, and Minbefore and 83.2 per cent for the month of April neapolis banks. Of the total discounted paper of the past year. About 45 per cent of the held, 90.3 per cent was war paper, as against total bills and a slightly larger percentage of the 89.6 per cent about the close of March and 71.2 war paper discounted during the month are per cent on the last Friday in April, 1918. reported by the New York bank, compared Higher than average percentages of war-paper with about 70 per cent of the total bills and holdings are shown for the three eastern also about the same proportion of the war paper for the Cleveland and Chicago banks. discounted by that bank in April, 1918. Holdings of discounted trade acceptances Discounts of member banks' notes secured by totaled $8,561,000, compared with $19,171,000 eligible paper totaled $97,953,467, compared on the corresponding date in 1918. Of the with $50,175,825 for March, the bulk of this smaller total by far the larger portion is reprepaper being handled by the Boston bank. sented by domestic trade acceptances. HoldTrade acceptances discounted during the month ings of agricultural paper of all maturities totaled $8,071,368, compared with $11,120,947 totaled $34,088,000, as against $9,379,000 on for April, 1918. Of the smaller total, $2,463,007 the corresponding date in 1918, while holdings represents the amount of transactions in the of live-stock paper were $32,793,000, compared foreign trade handled by the New York bank with $30,148,000 reported about the close of and the remainder amounts of transactions in April last year. Over 95 per cent of the larger the domestic trade. In addition the banks re- total is credited to the Kansas City, Dallas, and port $419,576 of discounted bankers'acceptances San Francisco banks. and $174,043,809 of ordinary commercial and During the month under review the number agricultural paper discounted during the month. of member banks grew from 8,761 to 8,786, About 97 per cent of all discounts for the while the number of discounting members inmonth was 15-day paper, i. e., bills maturing creased from 3,575 in March to 3,875 in April, within 15 days from date of discount or redis- the largest number accommodated during any count with the Federal Reserve Bank. The month since the establishment of the system. next largest group, comprising slightly over 2 In the following exhibit are shown the number per cent of the total, is composed of 90-day of member banks in each Federal Reserve dispaper, largely war paper discounted at the priv- trict at the close of March and April, also the ileged rate. Discounts of six-month agricul- number of member banks in each district tural and live-stock paper totaled $12,639,627, accommodated during these two months: or slightly more than for April, 1918. Nearly three-fourths of the total is reported by the Number of member Number of member Kansas City and Dallas banks and another 20 banks accommobanks in district. dated. per cent by San Francisco and Chicago. Federal Reserve district. Of the total bills, 86.5 per cent were disMar. 31. A p r . 30. , M a r . 31. A p r . 30. counted at the 4 per cent rate and about 12 per cent at the 4|- per cent rate. The average rate 424 425 230 of discount for April works out at 4.17 per cent, Boston New York 723 727 426 665 665 346 Pb iladelphia compared with 4.15 per cent for the preceding Cleveland 821 821 177 195 2 months and 4.23 per cent for April of the Biciimond 263 568 570 281 214 424 425 223 Atlanta past year. The calculated average maturity Chicago 597 1.356 651 1,359 514 5J7 171 190 of the paper discounted during the month, St Louis 874 Minneapolis 872 142 1.80 10.92 days, is somewhat higher than for the Kansas City 996 1,002 366 400 741 421 737 465 immediately preceding months and differs but Dallas.. ' . . . San Francisco 662 272 288 659 little from the corresponding average of 11.25 8,761 Total 8.786 3,575 3,875 days for April of the past year. 590 JUNE 1,1019. FEDERAL RESERVE BULLETIN. Bills bought in open market during April, largely through the intermediary of the New York "bank, totaled $140,932,188, as against $183,740,709 the month before. Of th<fApril purchases 8137,164,938 were bankers7 acceptances, nearly two-thirds of which were based upon foreign-trade transactions. Purchase of trade acceptances are reported, by the New York, Cleveland, and San Francisco banks only, the total for the month being §3,204,531, as against $4,087,988 the month before. The average maturity of all bills purchased in the open market averaged 42 days, as against 42.69 days the month before, while the average rate of discount charged on these bills remains unchanged at 4.24 per cent. Holdings of purchased acceptances on the last of the month show a further decline to $180,319,000 from §235,614,000 held at the close of March. Of the smaller total all but $2,563,000 were bankers7 acceptances. Nearly 79 per cent of the latter, or $140,250,000, were member bank acceptances, compared with $185,207,000 on the last of March. Of the $2,563,000 of trade acceptances held on the last of April practically the entire amount was msde up of foreign-trade acceptances, reported largely by the New York and San Francisco banks. Toial investment operations of each Federal Reserve Bank during the months of April, 1919 and 1918. (Figures do not include rediscounts and sales of discounted and purchased paper between Federal Reseruo Banks.) Boston New York Philadelphia Cleveland Richmond.. '. Atlanta Chicago Minneapolis Kansas City Dallas San Francisco April, 1919 April, 1918 4 months ending Apr. 30, 19!9.. 4 months ending Apr. 30, 1918 . 5.901,401,640 2,172,580,139 ! 22.350.283.5;:" 1.593 i 4,558,187.9S ',989 .• Boston New York... Philadelphia. Cleveland Richmond Atlanta Chicago St. L o u i s . . . . Minneapolis.. Kansas City. ; . . San Francisco. Total, April, 1919 Total, April, 1918. Total, 4 months ending Apr. 30, 1919. Total, 4 months ending Apr. 30,1918 3£ per cent. ! 4 per cent. 4/j per cent, I. | . •. j ! i I '. i ! I Total United States securities. $2,945,300 62.263,000 2,660,000 3,322.000 500,000 000,000 500,000 450,500 924,000 500,000 778!500 . i ! : ' i . ! 944,000 263,000 660,000 322,000 : ....' ; ' ; ; 500.000 3,000;000 2,500,000 2,450;500 924,000 500,000 2, 778,500 i 83,842,000 I 321,326'. 300 • 1,327,309', 500 ; 2,440,292,160 83,843,300 324,565.850 1,328.637,225 2,482', 439,448 §1.300 '.... ! . I !. '. i. i. ! j. ;. ; 140.932,188 " , ~r ! 108,515,517 1 858.270 j 8745,100 : $2,494,450 j i;boo ' .1,000,000 i i 653.574,696 ! ' 1,000 ! 4,816,150 ! 37,301,138 I. I 526,406,496 I 1,545,685 United States certificates of indebtedness. Federal Reserve Bank. 1 United States bonds. Municipal warrants. 8505,241,408 817.230,328! 2,678,055,774 | 61,605,(556 j\ 1,918,792 916,038,257 224,701,226 i 14,529.666 ! 3,904,855 i 363,264,872 3,064,032 I . . 15L,937,979 350,861,112 14,497,266 j 197,i27,()o3 5.353,v;S3 i 72,958, r>-\o 5,386,625 \ 144,148,461 3,401,481 i 117,182.855 678,000 I 179,884', 028 11,352,504 ! St. LDUU Total, Total, Totalj Total, Bills bougl.t in open market. Bills discounted for members. Federal "Reserve Bank. 1,300 ' 326," 725 I Total investment operations. April, 1919. S525, 126,096 2,801.; 924,430 920| 617,049 242, 552,892 367, 169,727 155, 368, 204, 80, 1146, 118, 194, 502,011 358,378 981,046 795,670 473,942 360,855 015,032 6,126,177,128 2,605,661,506 24,332,496.514 7,567,033,933 April, 1918. $39,433,018 1,750,722,071 57,162,158 103,058,479 194,060,878 41,835,527 157,239,495 64,774,142 51,803,752 56,353,087 40,723,522 48,553,047 2,605,719,776 "Y, 568," 579* 618 Exclusive of 822.000 of War Finance Corporation bonds temporarily held pending payment by subscribing institutions. JUNE 1, 591 RESERVE 1910. Average, amount of earning assets held by each Federal Reserve Bard; during April, 1919, earnings from each class of earning assets, and annual rates of earnings on basis of Avril, 1919, returns. i Average balances for t h e m o n t h of t h e several c e s s e s of earning assets. Federal looserve J?&nk. Disco i n i t " c bills. Boston. N e w Yor'i: Philadotohia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis K a n s a s Citv Dallas ". S a n Francisco j i | ; ! ! ! • j T o t a l , ADril. 19.19 T o t a l . Ai;ri!', 1918 : ' 388,494 114,978 403.380 478,883 370,300 782:281 912,793 518;376 223,000 381.89(5 930:500 564:515 8157,130,903 i 095,702,071 : 188,689,15.1. i 130,431,335 96,059', 041 ! 8 j , 157,557 . 214,742:954 i 79,496:332 • 43,713:500 | 80,553,019 i 5 •. 0-17,393 '• 94 j 693.:840 i 1.919,400,726 j 769,259,187 , : ! j i ! | Boston. New York Philadelphia Cleveland Richmond.. Atlanta Chicago St. Louis Minneapolis Kansas Citv... Dallas ".... San Francisco. 1 PisI counted j bills. I S530,405 j 2,302,1!6 I 635,409 i 441,931 338,600 277,500 733,983 270,440 154,592 337,1 LI 196,269 348,378 Total, April, 1919 Total, April; 1918 6,566,734 2,615,679 SiO, 578,423 I 09, 637,757 ' 18. 347,500 : 051,217 596,700 93-1,530 388, (500 288.067 072'. 500 959:517 400:950 033;401 $700 • ! i | ! : | 213,358,162 155.588,487 208,905,396 311,984,205 E a r n i n g s from— F e d e r a l Reserve Bank. Municipal "warrants. : U n i t e d States ! securities. hills. 700 j 535,700 I ! • Per cent. Per 8586,733 4,11. 2,640,763 4.02 671,874 4.09 502,406 4,3 2 376,779 4.29 314,055 4.10 S3 881,250 •1.16 326,165 4.14 251,712 4.30 386,986 4.74 21.8.986 ' 4.67 495:761 i 1.48 S28,514 S27, 177,365 3.67, 3,603 32, 91,783 28, 26,853 21,672 108,046 33.881 75:1:09 21, 22'. 967 26, 15, 18, 726,626 I 420,110 1,071,232 ! 455,528 2,341,724,984 1,237,367,579 Calculated a n n u a l rates of earnings from— 1'urUnited j Pur- United : I)isehased 1 States se-ipalvar Total, counted chased Statesse= bills. bills. curities. bills. ' curilics. rants. i. 399 128,874 $182,077,820 8i.7'5.i,j,800 208,440,031 172,961,435 109,832.641 95,875:068 268,044:347 102,332; 775 75,009.000 107,899,462 0i,444,8J3 140', 289,750 3 i7,710,473 ; 1,815 4,14-1.251 | 4.16 4.14 Municipal warrants. cent. Per cent. Per cent. Ptr cent. 4.14 2.0! 3.92 4.08 2.92 . . : . : . : . 4.07 2,17 a <>.<> :•? •¥. 4 f)2 9 17 4.55 2.09 4.17 4.56 2.02 5.00 4.36 2.13 4A)() 4.32 2.00 3 88 4.14 2.88 4.08 4.38 2.19 4.30 4. C O 2.20 4.33 4.29 2. .19 4.30 4.23 4.3.8 2. 43 3.56 5.00 4.12 4.01 4.07 Bills discounted during the month of April, 1919, distributed by classes; also average rates and 'maturities of bills discounted. by each Federal Reserve Bank. Member banks'collateral i n ; es. F e d e r a l .Reserve B a n k . paper secured b y (JovoniTTL-p'-nt v.'i>r obliga-iions. Total .. ...I j warobligiJti-.Tis.! o + h .. J57.39S.194 5,4i53,545.220 Bankers' a (.'.septan cf.s. All o 1:1)or discounts. Total. ^l"-('- 8459, 100 i $73,012,000 i S359. ' 3.94-1'. 859 ' 2,581', 571 | J00.000 ' 1.97: ' 860', 603, 345,000 208', 500; 311,000 632, 345. 655 438'. 00.000 137: 350 i 327;082 328. 750.576 ! 84: 570 430'. 000 187, 473 | 510, 10. ()()()'. 000 02, 950 ! 29, na; ' I 8, 204;785 734; 330 ; 395:000 100, 72, 170, 275 | 3o-l, 105:000 Boston N e w Y:>rkPhiladelphia rui Atlanta Chicago St. Louis p K a n s a s Viiy Dallas ". San Yra'ic-l^ Secured b y T r a d e acceptances. 97,953.467 ' £143.692 143:934 S, 071.368 I:.!-]PS >2.-!<-3.0!}7 in LIIC fi'-r*-ii.rri 1 ! 32,883.077 i 27!j011585 i i2.591.225 i 7j 736'. 100 j 10.772,073 i 10;i0j;.905 j 13].950 ; 880:2?8 I 17.5HX253 ' 0!849.453 7,139; 090 8505.241. 468 2.678'. 055', 774 '9.16.038. 257 224'. 7011 226 303.' 261. 872 15.1.937. 979 350:801: 112 197.127: 063 72:958: 545 141.148: 401 11.7:i82: S^n 170:S84. 028 Average ma- Average rate (365- baturity, d a y pc-r iindays. sis), 111. CO 3 4.08 8.01 7. (;5 1 1.10 3 0. 96 17.50 1i).33 12.29 15. 28 23.29 21.70 10.25 174.0J3.S0i9 '. 5,901,401,040 ! 10.92 J 4.J8 4. 03 'i. 03 4.06 4.22 4.11 4. i l 4. 07 4. 1.7 4.7 i 4.41 4.40 4.17 592 FEDERAL RESERVE BULLETIN. Bankers' JUNE 1,1919, and trade acceptances in the foreign and domestic trade and finance hills purchased during the month of April, also average rates and maturities of total bills purchased by each Federal Reserve Bant. Trade acceptances. Federal Reserve Bank. Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis Kansas Citv Dallas....." San Francisco In the foreign trade. ,... i | i j 87,276,641 13,628,967 1,281,681 5,420,128 2,106,8o5 2,113,642 5,092,104 3,875,925 2,401,228 613,052 3,535,620 89,962,687 44,663,796 637,111 8,936,519 1,798,000 950,390 9,405,162 1,478,058 2,985,397 788,429 678,000 7,535,546 817,239.328 58,292', 763 I §73,780 1,918,792 14,356,647 173,019 3,904,855 3,064,032 14,497,266 5,353,983 5,386,625 1,401,481 678,000 11,071,166 47,345,843 \ 89,819,095 i 137,164,9 Total. 246,799 Total. 173,019 1 ....."....I. 281,338 Ayerage ; Averrate (365Total pur- • a g o ! matur- day chased bills. i ity, in basis), ! da vs. per cent. j Finance : bills. .12,676,394 . 82,750,174 j §562,719 281,338 i 1919; 817,:239,328 j 605,656 ! 656 918,792 | 792 14! 529,666 I 3! 904,855 : 3 064,032 497,266 5,:353,983 386,625 -i 5,: 401,481 678,000 I 11,352,504 34.22 : 35.18 41.47 45.91 ; 62.83 ; 60.40 i 56.07 ' 34.17 ' 47.22 i 47.96 ; 66.34 • 55.29 i 4.15 4.20 4.20 4.21 4.56 4.56 4.22 4.23 4.17 4.26 4.63 4.28 2,957,732 ; 3,204,531 ; 562,719 ! 140,932,188 j 42.00 j 4.24 Discounted bills, including member banks9 collateral notes, held by each Federal Reserve Bank on the last Friday in April, 1919, [In thousands of dollars; i. e., 000 omitted.] Federal Reserve Bank. Boston New York Philadelphia... Cleveland Richmond Atlanta Chicago St. Louis Minneapolis Kansas City.... Dallas San Francisco.. Total.., Per cent Total, April, 1918. Per cent Agricultural paper. 170 52 18 1,304 2,526 10,264 231 351 2,773 10,204 4,195 34,088 1.7 9,379 1.0 Livestock paper. Member banks' collateral notes. Customers' paper secured by Govern- Secured by | Government war Otherment war obligawise obligations. secured. tions. 134 263 224 1,020 18,840 8,627 88,792 I 52,285 19,507 10,057 I 12,986 | 2,889 i 5,781 | 2,353 42 ! 1,821 i 1,006 j 4,034 ! 68,276 632,737 162,662 112,045 78,152 67,793 190,091 69,421 37,663 40,548 25,344 74,387 360 50 722 20 2,105 430 7,750 8,375 724 10 Trade acceptances. 859 1,672 451 584 1,127 952 525 519 22 1,231 Bankers' All other | accept- discounts. ances. 253 132 20 568 619 T n f ni TotaL 3,904 22,071 8,978 5,149 6,539 7,713 3,616 7,102 409 11,630 9,036 6,624 162,444 709,067 191,670 128,037 102,830 82,156 212,382 80,848 47,257 85,224 54,941 93,556 32,793 ! 201,553 | 1,559,119 j 20,546 j 8,561 981 92,771 1,950,412 1.7 30,148 3.3 10.3 ! 147,631 i 16.4 1.1 19,641 2.2 0.4 19,171 2.1 O.i 4.8 1 84,552 20.5 100.0 901,743 100.0 79.9 I 491,221 54.5 i JUNE 1, 1919. 593 FEDEKAL RESERVE BULLETIN. Acceptances purchased and held by each Federal Reserve Bank on Apr. 30,1919, distributed by classes of accepting institutions. [In thousands of dollars; i. e., 000 omitted.] Bank acceptances. Federal Reserve Bank. Boston New York Philadelphia Clevaland Richmond Atlanta Chicago 8t. Louis Minneapolis Kansas City ©alias San Francisco •Total: Apr. 30,1919 Mar. 31,1919 Feb. 28,1919 Apr. 30,1918 Apr. 30,1917 Noni Member member trust ! banks. companies. i j I ! , ! ; 9,660 26,150 169 15,991 7,513 5,992 23,659 4,004 13,222 2,939 1,788 29,163 140,250 185,207 219,323 248,390 45,247 Nonmember State banks. Foreign bank Private branches banks. and 1,644 4,022 171 2,187 -25", "769";" 3,474 4,751 788 40 ' Total. Domestic. Total. Grand total. agencies. 580 5,920 351 737 5 13 181 192 473 395 225 i 1,128 i Trade acceptances. 441 41 719 4 2,425: 12,321 i 13,980 15,561 | 15,263 2,172 2,418 : 15,110 i 22,062 654 ! 2,907 i 25,921 327 | 17,096 13,531 I 12,260 39,417 691 947 20,650 7,518 6,005 24 I 24,305 500 i 4,777 1,513-! 15,927 3,463 100 : 1,788 ! 2,798 i 40,955 1,407 151 2,197 8,230 12,885 13,586 10,304 344 ! 177,756 i 231,088 I 272,499 ! 288,176 . 76,545 1,407 12,260 40,502 691 20,708 7,518 6,005 24,318 4,777 15,927 3,463 1,788 42,362 2,505 4,207 3,690 9,151 2,563 4,526 4,420 9,279 1,371 180,319 235,614 276,919 297,455 77,916 1,085 1,085 58 13 58 319 730 128 594 FEDERAL, RESERVE BULLETIN". JUNE 1, 1919. OPERATIONS OF THE FEDERAL RESERVE BANKS. Redemption by the Treasury of the first two series of certificates issued in anticipation of the Victory loan, issuance of the tenth series of 591.3 millions of certificates on May 1, and receipt on May 20 of the first payment on the Victory loan are the principal fiscal operations reflected in the weekly statements of the Federal Reserve Banks covering the period April 25 to May 23. The result of all these operations is seen in a continuous increase oi the holdings of war paper between April 25 and May 16 from 1,760.7 to 1,863.5 millions, and a decline to 1,762.5 millions following the first payment on account of Victory notes by the banks and other subscription agencies. Other discounts declined from 189.7 to 175.5 millions on May 16, when total discounts for the first time were in excess of 2 billions, and on May 23 stood at 176.4 millions. On both the initial and final dates the share of war paper in the total discounts was slightly in excess of 90 per cent, larger percentages obtaining for the three eastern, also the Cleveland and Chicago banks. War paper held under rediscount for other Federal Reserve Banks shows a decline in volume from 91 millions on April 25 to 85.7 millions on May 16, the total rising, however, to 109.3 on the following Friday. Interbank transactions include also purchases from other Federal Reserve Banks of bankers' acceptances with the sellers' indorsement or without such indorsement. During the month the holdings of acceptances purchased from the Boston bank with the bank's indorsement declined from 7.2 to 1.9 millions, while holdings of acceptances purchased from the New York bank without the selling bank's indorsement, increased from 26.4 to 28.5 millions. Total acceptances on hand went up from 185.8 to 193.2 millions, San Francisco showing the largest gain in acceptances on hand, bought largely from the New York bank. Treasury certificate holdings, chiefly of the one-year 2 per cent type to secure Federal Reserve note circulation, increased between April 25 and May 16 from 191.5 to 204.1 millions, this increase corresponding to an increase during the period from 158.8 to 168 millions in Federal Reserve bank-note circulation. On the following Friday the New York bank shows liquidation of over 7 millions of certificates temporarily purchased for the accommodation of nonmember banks, while total certificate holdings, as the result of additional purchases by other Federal Reserve Banks, show a decline for the week of only 4.3 millions, the May 23 holdings, 199.7 millions, being 8.2 millions in excess of the April 25 holdings. Total earning assets increased during the period by about 4 millions, and on May 23 stood at 2,359 millions. Largely as the result of further Government deposits the gold resources of the banks increased from 2,169.2 to 2,178.7 millions. Net deposits show a practically parallel movement with discounts and on May 16 stood at 1,865.3 millions. On May 25, in jkeeping with the considerable reductions in discounts, a decline of net deposits to 1,797.5 millions is noted, which is 45.4 millions in excess of the corresponding April 25 total. Figures of Federal Reserve note circulation, except for one week, show a continuous decline, the May 25 total of 2,504.3 millions being 45.3 millions below the total shown four weeks before, and even slightly below the total reported on October 25, 1918. As the result of these developments the reserve percentage of the banks, after a decline to 51.1 per cent on May 16, shows a rise to 52.3 per cent, which is 2 points higher than the April 25 percentage. During the period under review the paid-in capital of the Federal Reserve Banks, largely as the result of accession of new members, increased by over one-half million dollars, all the banks except Cleveland and Minneapolis reporting increases in their capital account. Apart from New York, which reports a gain of $246,000 in its capital account, substantial increases in paid-in capital are shown for the San Francisco, Boston, and Philadelphia banks JUNE 1,1919. 595 FEDERAL RESERVE BULLETIN. Resources and liabilities of each Federal Reserve Bank at close of business on Fridays, May 2 to May 23, 1919. RESOURCES, fin thousands of dollars; i. e., 000 omitted.] Phila- ! Cleve- Richdclphia. land. mond. Chicago. 2,226 2,298 2,161 2,166 8,102 8,160 7,795 7,876 23,111 23,164 23,046 3,967 2,065 3,974 3,921 8,347 8,411 8,347 8,345 128 161 104 135 7,172 7,210 7,204 7,245 8,744 8,847 9,083 9,140 346,707 345,797 335,224 346,997 21,658 24,527 22,028 34,185 7,168 10,945 12,400 12,633 126,186 124,955 120,431 111,062 33,248 34,975 18,493 27,893 36,537 30,954 13,961 27,890 34,271 39,829 6,081 4,206 5,147 6,513 31,292 41,928 36,002 27,438 600,989 569,082 548,954 572,001 j 1130,704 1132,239 !l42,853 J129,677 34,796 32,975 30,331 28,178 45,838 45,141 42,665 41,699 253,447 267,308 270,078 267,507 44,811 50,032 58,270 58,198 32,126 36,464 42,863 41,310 33,743 32,791 31,697 30,567 16,431 15,998 17,157 16,391 106,394 106,465 108,023 107,507 1,104,699 1,134,198 1,150,903 1,139,825 11,292 j 2,132 13,838 2,789 18,018 1,143 11,236 12,491 13,899 15,815 7,138 5,072 j 23,450 4 ofl n - o 4, <-T- 26,078 6,666 30,164 6,021 33,071 5,313 3,891 4,465 5,239 3,768 4,366 4,987 5,324 8,505 9,362 10,361 11,341 2,824 3,218 2,008 2,653 816 1,734 2,956 979 114,223 125,271 140,756 119,916 71,163 66,180 1425,978 82,351 73,699 I 69,021 441,452 89,236 • WJ VWV W J WMJ. 70,335 I 69,526 443,837 101,684 71,667 68229 71667 68,229 434,686 85,851 72,134 85,778 87,151 68,940 70,266 76,585 81,991 80,878 32,508 30,632 31,516 32,802 147,246 158,974 156,064 145,064 2,166,618 2,174,348 2,175,837 2,178,739 2,368 2,436 2,227 2,208 74 84 71 116 127 131 143 133 2,323 2,211 2,245 2,165 422 250 369 215 70,601 68,436 70,020 69,194 34,831 32,843 33,761 31,967 147,668 159,224 156,433 145,279 New York. 3,530 3,778 3,117 3,475 256,021 255,610 254,301 253,779 28,317 36,148 49,998 38,814 199,568 130,017 80,956 178,524 41,978 42,651 46,714 40,852 ; ! ! | 58,201 55,319 1 52,327 1 59,975 ! j 13,560 | 16,321 i 19,173 ' 11,282 276,095 290,073 289,339 287,679 72,113 69,393 65,300 71,137 103,608 111, 566 124,615 113,546 756,684 700,700 649,596 744,924 Gold coin and certificates: May2 May9 May 16 May 23 Gold settlement fund, Federal Reserve Board: May 2 May 9 May 16 May 28 Gold with Federal Reserve agents: May 2 May 9 May 16 May 23 Gold redemption fund: May 2 May 9 May 16 " — May 23 Total gold reserves: May 2 May 9 May 16 May 23 Legal tender notes, silver, etc.: "May 2 May 9 Mayl6 316 25,259 607 I 25,539 543 | 15; 431 606 ; 27,263 j 7,952 7,251 j 7,437 25,000 25,000 25,000 24,942 125,699 126,489 130,575 123,831 52,221 51,370 52,679 51,712 19,690 818,620 881,648 944,975 846,459 213,034 211,358 216,873 204,686 800 800 800 800 3,772 3,772 3,772 3,772 500 500 500 500 54,706 49,649 69,520 50,691 1212,801 1210,216 1228,947 '-208,321 823 | 1,191 418 ' 1,115 1,187 571 1,070 May 23 i 7,716 Total cash reserves: 111,560 May 2 118,817 May 9 ., May 16 1132,052 May 23 J121,262 Bills discounted: | Secured b y Government ! war obligations—1 i May 2." 158,981 May 9 il45,668 May 16 !l52,500 May 23 144,102 All other— | May 2 . . . ! 4,576 May 9 j 4,499 May 16 4,966 ! May 23 5,199 Bills bought in open market: 2 I May 2 ! 13,180 May 9 13,932 May 16 15,204 May 23 15,859 United States Government I bonds: I May 2 May 9 , May 16 539 May 23 ! 556 United States Victory notes: : May 16 ' May 23 | United States certificates of j indebtedness: i May 2 i 16,916 Ma v 9 i 16,916 May 16 i 16,916 May 23 ! 16,916 Total earning assets: ! May 2 J194,192 May 9 ,181,554 May 16 Il89,775 May 23... 182,632 Bank premises: May 2 May 9 May 16 May 23 San Francisco. Atlanta. Boston. 557 449 324 436 1,416 1,575 1,660 1,800 j 1,127 1,146 1,286 1,052 Minne- Kansas St. Louis. apolis. City. Dallas. Total. 808,905 752,070 702,275 796,636 126,522 126,907 130,967 124,402 :213,992 211,331 230,134 209,391 71,720 74,148 70,659 72,103 67,596 70,596 71,186 70,029 1427,105 84,719 (442,598 91,672 J445,128 103,911 1435,738 88,059 72,208 85,862 87,222 678,623 741,711 792,953 708,974 180,939 178,113 1182,468 170,315 135,096 86,677 il26,460 87,626 Ill5,743 85,677 ; 134,152 81,413 72,772 72,241 74,017 70,909 j209,305 200,037 1202,391 |201,723 68,052 59,592 56,384 61,625 41,835 36,688 43,191 47,345 53,836 54,083 54,572 51,720 20,923 81,029 20,478 73,038 2«;i35 77,795 19,354 70,855 1,788,068 1,795,735 1,863|476 1,762,487 11,436 j 14,473 11,681 14,266 11,636 13,184 13,479 14,882 9,680 8,003 8,241 8,726 5,059 6,795 4,088 8,094 39,363 34,700 29,588 31,339 28,198 14,904 28,128 15,622 26,951 14,314 26,986 14,478 178,715 172,568 175,464 176,379 22,028 20,174 32,618 23,422 47,311 43,737 42,691 44,424 1,305 1,304 1,303 1,303 l 11,759 12,240 13,408 12,378 5,229 5,223 4,923 5,206 12,010 11,237 11,547 12,190 70,393 76,716 82,134 (59,056 | 81,011 I 2,237,219 2,242,784 2,245,857 2,247,933 691 22,652 7,578 7,655 930 20,881 922 ! 20,464 7,740 918 21,562 7,083 6,034 6,101 5,611 5,151 26,306 28,952 24,412 28,332 4,263 3,806 3,668 4,443 15,066 12,278 10,417 8,469 3,153 2,827 1,762 1,061 1,688 1,498 1,073 1,063 47,362 45,036 50,723 54,822 195,284 182,036 184,717 193,187 1,234 1,234 1,234 1,234 377 377 376 377 4,476 4,476 4,476 4,476 1,153 1,153 1,153 1,153 115 128 116 116 8,867 8,867 3,966 3,966 3,966 3,966 2,632 2,632 2,632 2,632 27,132 27,144 27,131 27,149 1,385 I 1,385 1,385 1,385 1,083 1,083 1,083 1,083 11 10 69,353 18,260 !i 16,048 74, 722 18,690 16,048 75,410 18,690 16,004 16,442 5,360 5,460 5,460 5,860 8,974 9,024 9,634 9,509 i 180,108 1169,695 158,217 178,445 112,859 113,112 111,658 107,780 99,593 99,427 101,312 99,432 274,172 263,343 265,075 270,025 96,716 86, 744 84,128 90,629 875 875 875 875 312 312 312 312 217 217 218 218 2,936 2,936 2,936 2,936 541 541 541 541 19,612 13,568 20,612 14,190 20,612 14,682 20,612 14,682 8,883 9,335 9,279 9,028 70,958 65,224 67,102 73,062 19 17 6,444 6,532 6,495 6', 453 4,900 4,900 4,900 4,900 5,944 5/934 6,000 7,320 194,262 202,363 204,082 199,748 111,663 59,675 151,871 2,383,461 106,509 58,970 112,262 2,379,846 101,285 63,025 151,464 2,454,889 " 4 4 1 56,269 150,107 2,358,967 400 221 400 221 401 ! 221 401 i 221 400 400 400 400 10,974 10,974 10,976 10,976 596 FEDERAL, RESERVE BULLETIN. JUNE 1,1919: Resources and liabilities of each Federal Reserve Bank at close of business on Fridays, May 2 to 23, 1919—Contd. RESOURCES—Continued. [In thousands of dollars; i. e., 000 omitted.] ! Bos- Uncollected items and other deductions from gross deposits: May 2 May 9 May 16 May 23 5 per cent redemption fund against Federal Reserve bank notes: May 2 May9...r May 16 May 23 All other resources: May 2 May 9 May 16 May 23 Total resources: May 2 May 9 May 16 May 23 i Includes bills discounted for other Federal Reserve Banks: May 2 May 9 May 16 May 23 J Includes bankers' acceptances bought from other Federal Reserve Banks: With their indorsementMay 2 May 9 May 16 May 23 Without their indorsement— May 2 May 9 May 16 May 23 55,940 51,628 64, 726 57,948 lei?" I land." ! Cleve ^x- o New York. Richmond. 84,530 70,323 81,079 83,142 39,507 45,451 48,067 45,894 16,188 15,456 16,227 17,312 463 443 449 450 1,266 1,158 1,566 510 597 571 469 359 327 267 415 714 730 729 730 358 379 371 379 359 358 359 358 8,636 7,858 8,924 8,271 956 1,109 1,205 331 370 425 433 198 204 195 204 423 394 427 440 585 .,038 701 723 981 842 935 1,000 8,010 9,227 10,242 10,289 831 831 843 841 1,830 1,854 1,851 1,852 875 170 925 925 791 763 797 770 248 196 196 292 435 361 418 1,943 2,074 2,255 3,043 927 1,534 1,006 1,205 426 527 571 700 545 1,942 243 308 315 312 363,615 354,065 388,557 363,901 1,797,139 1,800,648 1,830,960 1,807,679 407,496 400,276 413,541 ;397,257 449,680 435,505 453,622 446,067 228,631 229,472 230,068 224,834 198,922 203,138 210,562 208,079 i I 49,560 25,711 27,823 ! 653,926 48,467 22,9145 27,959 i 626,034 54,413 24,354 35,976 709,355 56,968 26,581 33,136 679,798 t790,872 222,324 159,911 233,153 121,381 329,102 5,302,226 1781,314 225,375 167,073 233,216 115,596 331,045 5,276,723 '796,888 237,643 171,013 239,389 345,567 5,440,243 1793,932 226,025 160,049 238,991 119,140 330,280 5,316,234 60,242 63,854 60,688 54,788 28,500 19,985 !. 9,965 I. I 29,486 4,625 i 4,229 i 3,597 ; 18"~ Total. 30,810 32,147 37,082 37,638 65,638 I 53,488 42,662 159,230 59,807 52,314 41,107 175,832 63,270 I 63,028 45,301 155,917 65,539 ! 55,886 43,837 ! San Minne- Kansas Dallas. Franapolis. City. cisco. At- ! Chilanta. | cago. 10,000 10,000 10,000 15,000 15,000 98,742 93,839 85,653 109,274 150 4,812 4,229 3,597 1,860 -I* 5,042 3,139 1,617 70 356 254 23,062 22,767 28,413 31,084 26,262 27,493 28,483 LIABILITIES. Capital paid in: May 2 May9 Mayl6 May23 Surplus fund: I£ay2 May 9 May 16 May23 Government deposits: May2 May9 May 16 May23 Due to members—reserve account: May 2 May 9 May 16 May 23 Deferred availability items: May 2 May 9 May 16 Mav23 Other deposits, including foreign government credits: May2 May9 May 16 May23 ! 6,845 6,908 6,848 6,849 21,201 21,226 21 343 21,345 | 7,597 7,597 7,597 7,630 9,226 9,166 9,200 9,225 4,192 4,191 4,193 4,195 3,237 11,406 3,240 11,404 3,241 11,434 3,241 11,441 2,996 2,996 2,996 2,996 21,117 | 21,117 I 21 117 ; 21 117 2,608 2,608 2,608 2,608 3,552 3,552 3,552 3,552 2,196 2,196 2,196 2,196 1,510 1,510 1,510 1,510 12,814 7,557 29,687 9,605 102,484 99,578 104,562 103,744 41,403 40,795 52,245 50,875 1,272 1,318 1,457 1,045 27,912 19,753 21,581 7,215 : 11,835 20,070 i 6,100 i 18,040 17,155 I 11,194 9,032 115,335 113,039 113,626 114,524 I ' | j 885 682 679 742 42,684 42,226 50,338 47,704 871 778 265 863 3,751 3,749 3,778 3,784 3,235 3,235 3,235 3,235 4,703 4,703 4,708 4,770 82,198 82,228 82,397 82,553 1,603 1,603 1,603 1,603 1,415 1,415 1,415 1,415 2,421 2,421 2,421 2,421 1,184 1,184 1,184 1,184 2,448 2,448 2,448 2,448 49,466 49,466 49,466 49,466 10,341 3,519 5,848 4,259 12,184 12,217 6,864 2,845 7,311 2,109 8,472 4,237 5,440 1,511 8,809 1,677 9,392 9,875 17,466 3,399 143,273 89,761 185,841 99,999 57,776 47,583 58,066 50,654 63,175 ! 49,642 58,947 i 48,070 71,616 77,356 75,508 71,545 39,394 40,520 39,762 40,794 80,200 84,068 86,003 87,786 1,644,434 1,688,906 1,713,341 1,697,524 62,838 30,634 9,783 34,813 54,799 j 37,743 12,294 34,273 65,624 | 36,676 j 11,231 35,955 61,670 I 36,294 | 11,509 36,267 16,270 12,856 14,402 17,693 18,706 14,815 20,642 20,354 512,703 483,501 549,702 537,642 41 697 141 318 6,596 5,836 5,891 6,167 128,466 129,175 125,786 142,138 6,416 6,416 6,416 6,416 4,009 2,718 27,912 2,139 2,797 18,424 3,165 ! 10,055 27,010 7,518 7,386 29,027 691,492 I 96,718 128,188 j52,007 706,952 |107,433 125,356 | 54,409 731,494 96,420 130,508 i 52,847 733,225 88,967 133,287 I 51,291 132,628 64,278 120,475 51,993 131,688 : 62,571 126,889 | 63,801 3,838 3,861 2,977 2,980 2,982 2,977 i I i i 43,486 233,490 46,688 237,826 45,902 ;237,518 44,673 235,195 36,092 | 22,574 38,171 23,061 41,867 26,463 36,131 28,455 77 159 365 ' 170 61 ' 113 401 ; 293 ! 313I 2,071 i 3,259 | ; 285 714 ; 1,219 401 j 412 748 ; 1,510 561 1,098 2,111 10,919 597 FEDERAL RESERVE BULLETIN. JUNE 1,1919. Resources and liabilities of each Federal Reserve Bank at.close of business on Fridays, May2 to May 2$', 1919—Continued. LIABILITIES—Continued. [In thousands of dollars; l. e., 000 omitted.] Boston. Total gross deposits: Mav2 May 9 May 16 May 23 Federal Reserve notesi n actual circulation: May 2 Ma'v9 May 16 May 23 Federal Reserve Bank notes in circulation—net liability: May 2 .....I May 9 May 16 Mav23 All other liabilities: May 2 •May 9 May 16 May 23 Total liabilities: May 2 May 9 May 16 May 23 New York. Philadelphia. Cleve- land, AtRichrnond. lanta. 92,185 95,084 97,940 95,341 157,973 149,248 187,951 105,269 967,367 .73,716 191,813 960,219 .66,208 177,749 176,931 176,024 171,535 169,647 741,385 751,273 742,067 735,462 204,469 203,709 204,912 201,362 228,202 227,838 1225,171 |224,788 123,311 121,152 118,764 115,902 16,495 16,432 16,592 16,466 34,724 34,985 35,929 35,163 16,561 17.487 17;920 18,006 14,773 14,990 15,129 15,176 11,345 11,828 12,115 12,739 2,545 2,607 2.794 2,887 2,375 ! 2.457 2,575 2,674 363,615 1,797,139 407.496 354,065 1,800,648 ;276 388,557 1,830,900 413,541 363,901 jl, 807,879 397,257 1115,539 1115,854 ! 113,171 |112,264 ! 449,680 435,505 453,622 446,067 |228,631 1229,472 i230,068 1221.834 1,178 1,231 1.278 1,363 1198,922 1203,138 [210,562 208,079 61,145 114,894 55,584 114,594 63,114 130,002 122,968 422,296 1105,020 424,024 |l04,081 422,396 1105,491 419,554 103,365 117,706 2,428,876 2,391,343 2,574,670 2,477,303 87,980 97,668 47,935 198,304 87,791 97,037 47,605 200,361 86,505 95,835 46,841 j199,291 85,006 94,767 46,066 1196,070 2,549,040 2,556,749 2,532,039 2,504,253 11,693 12,326 13,094 13,103 5,505 5,570 5,671 5,703 13,262 13,346 13,465 13,101 6,695 6,745 6,798 6,862 6,571 6,667 6,724 6,774- 161,450 164,415 168,045 167,208 3,017 3,122 3,271 3,549 1,116 1,165 1,181 1,240 864 891 938 1,014 1,750 1,827 1,844 1,947 1,187 1,243 1,261 1,311 2,182 2,272 2,394 2,512 31,196 32,522 33,626 35,451 ; 790,872 781,314 1796,888 "93.932 j222,324 225,375 237,643 226,025 159,911 167,073 171,013 160,049 233,153 233:216 239,389 238,991 121,381 1115,596 1122,433 119,140 329,102 331,045 345,567 330,280 5,302,226 5,276,723 5,440,243 5,316,234 8.521 ! 21,426 8,587 i 22,040 8,829 22,590 8,894 22,472 2,114 1,523 2,210 I 1,609 2,304 ! 1,671 2,440 ! 1,775 Total. 61,170 114,301 68,426 114,836 73,502 122,046 68,937 326,311 99,064 72,716 102,371 82,533 330.781 112,436 330,500 102,853 80,807 5,224 5,240 5,304 5,425 .77,710 198,266 981,853 .64,704 190,886 San St. MinneLouis. apolis. City. Dallas. Francisco. Chicage. ! i I ] MEMORANDA. Contingent liability as indorser on™ Discounted paper rediseounted witb other Federal Reserve Banks— Mav2 MayS Mavl.6 May 23 Bankers' acceptances sold to other Federal Reserve BanksMay 2 MayS May 16 May 23 35,217 31,685 25,315 27,341 33,525 32,154 25,338 36,933 ; 30,000 : 30,000 S 35,000 ! 45,000 I 4,812 4,229 3,597 1,860 98,742 93,839 85,653 109,274 4,812 4,229 3,597 1,86© Maturities of bills discounted and bought, also of Treasury certificates of indebtedness. [In thousands of dollars, i. e., 000 omitted.] Within 15 days. Bills discounted: May 2 May 9 May W May 23 Bills bought: May 2 :... May 9 May 16 , May 23 United States certificates of indebtedness: May 2 MayS May 16 M23 16 to 30 days. 31 to 60 days. 61 to 90 days. 677,868 706,881 705,491 675,512 558,491 49,507 64,850 ! 42,344 S84,453 70,308 70,024 138,435 5120,066 123,761 119,99-1 60,492 64,790 62,919 57,255 57,635 40,955 42,458 40., 139 37,957 I 53,034 55,5S0 60, 7S7 65,7t>7 Over 90 days. 27,499 21,079 2d,536 31,828 29,234 33,827 34,655 30,746 ml 3.331 j 3:392 j '681 i 7,017 j 3,846 I 3.971 3,209 101! 270 i 109 I $25,905 17,846 18.584 22; 083 Total. 51,960,783 1,9c>8,308 2,038,940 1933866 195,2S4 182,036 184,717 193,187 157,842 ! 161,089 101,955 I(i3.015 ! 191,262 202,363 204.082 199'. 748 598 FEDERAL RESERVE BULLETIN. JUNE 1,1919. FEDERAL RESERVE NOTES. Federal Reserve note account of each Federal Reserve Bank at close of business on Fridays, May 2 to May 28, 1919. [In thousands of dollars, i. e., 000 omitted.1 Boston. Federal Reserve notes received from agents: May 2 May 9 May 16 May 23 Federal Reserve notes held by bank: May2 May9 May 16 May 23 Federal Reserve notes in actual circulation: May 2 May9 May 16 May 23 Gold deposited with or to credit of Federal Reserve agent: May2 May 9 May 16 May23 Paper delivered to Federal Reserve agent: May 2 May 9 May 16 May 23 NewYork. Philadelphia. 182,968 182,086 179,630 177,242 I 816,164 817,763 832,290 831,870 '213,581 j 214,301 :215,007 J2}3,644 6,037 6,062 8,035 7,595 74,779 66,490 90,223 96,408 176,931 176,024 171,595 169,647 741,385 751,273 742,067 735,462 58,201 55,319 52,327 59,975 176,737 164,099 172,320 165,160 Cleve- Richland. mond. Atlanta. Chi- San St. Minne- Kansas Louis. apolis. City. Dallas. Francisco. Total. 119,338 120,121 116,544 116,459 450,142 454,003 456,773 454,202 118,545 89,392 103,090 49,025 219,719 118,106 89,330 102,688 49,187 221,989 120,044 87,729 101,894 48,672 221,487 118,932 86,876 100,964 47,866 217,971 2,731,274 2,735,798 2,741,265 2,725,791 241,171 239,186 238,500 238,624 128,139 127,038 122,695 121,141 ! 9,112 12,969 i 10,592 11,348 ! 10,095 13,329 i 12,282 13,836 4,828 5,886 3,931 5,23;9 228,202 227,838 225,171 224,788 123,311 121,152 118,764 115,902 115,539 115,854 113,171 112,264 422,296 424,024 422,396 419,554 276,095 | 72,113 130,704 34,796 290,073 : 69,393 132,239 32,975 289,339 65,300 142,853 30,331 287,679 71,137 129,677 28,178 45,838 45,141 42,665 41^699 253,447 267/308 270,078 267,507 i 747,962 805,622 868,292 776,820 1204,469 1203,709 .204,912 ; 201,362 143,758 ; 146,508 150,542 144,864 3,799 27,846 13,525 4,267 29,979 14,025 3,373 34,377 14,553 4,195 34,648 15,567 1,412 1,539 1,224 1,870 5,422 5,651 6,059 6,197 1,090 1,582 1,831 1,800 21,415 21,628 22,196 21,90,1 182,234 179,049 209,226 221,538 105,020 87,980 97,668 47,935 104,081 87,791 97,037 47,605 105,491 88,505 95,835 46,841 103,365 85,006 94,767 46,066 198,304 1200,361 199,291 196,070 2,549,040 2,556,749 2,532,039 2,504,253 44,811 50,032 58,270 58,198 j 32,126 33,743 | 36,464 32,791 42,863 31,697 41,310 30,567 16,431 15,998 17,157 16,391 106,394 106,465 108,023 107,507 1,104,699 1,134,198 j 1,150,903 1,139,825 161,683 101,500 82,459 250,084 81,133 61,762 96,352 151,734 101>942 87,910 238,255 71,287 ! 54,927 91,110 140,041 96,144 80,535 239987 67,646 57,109 85,922 239,987 67646 57109 84,034 244,916 I 66,280 j 60,171 84,120 159,048 50,809 50,104 54,159 47,403 115,526 123,564 122,874 123,359 2,069,765 2,087,, 062 2,135,541 2,052,784 599 FEDERAL RESERVE BULLETIN. JUNE 1, 1919. Federal Reserve note account of each Federal Reserve agent at close of business on Fridays, May 2 to May 23,1919, [In thousands of dollars, i. e., 000 omitted.] f Philadelphia. Cleve- Richland. mond. Chi- Atlanta. San Francisco. St. M Minne- Kansas a Louis. apolis. Ci li City. Total. FEDERAL RESERVE NOTES. Received from Comptroller: May 2 k: May 9 / May 16 May 23 Returned to Comptroller: May 2 May 9 May 16 May 23 Chargeable to Federal Reserve agent: May 2 May 9 May 16 May 23 I n hands of Federal Reserve agent: May 2 May 9 May 16 May 23 304,680 i305,560 1306,400 307,200 1,493,380 1,513,480 1,533,380 1,546,780 93,212 i 96,094 ; 99,050 , 101,438 • j ; 211,468 1209,466 ; |207,350 \ -205,762 i | \ ; • 28,500 ! ! 27,380 [ 27,720 , 28,520 ; Iss ued to Federal Reserve B ank less amount returned to Fed- ; eral Reserve agent for re- ! 222,220 •221,000 -591,720 191,020 ^30,880 222,720 j222,000 •592,640 j 192,660 130,880 222,720 j222,000 602,280 |195;860 130,880 222,720 604,480 '196,220 130,880 271,320 273,320) 275,2601 276,260.' 4,390,120 4,419,140 4,455,660 4)484,140 29,830 30,263 30,603 31,369 47,401 48,331 50,773 52,289 1,241,901 1,279,342 1,311,640 1,347,634 72,130 71,697 71,357 71,791 223,919 224,989 1224,487 223,971 3,148,219 3,139,798 3,144,020 3,136,506 143,600 18,360 ! 31,920 143,600 14,920 : 32,420 143,600 9,120 ! 31,720 143,600 12,240 j 32,520 28,110 j 58,920 33,480 I 19,780 i 12,840 ! 14,130 23,105 ! 4,200 27,890 j 58,440 27,440 i 20,080 i 12,240 j 14,080 22,510 : 3,000 I 29,590 I 59,540 29,280 19,580 ! 13,140 13,780 22,685 i 3,000 28.990 ! 58,660 30*360 18,980 13,340 13,580 | 23,925 :! 6,000 416,945 404,000 402,755 410,715 816,164 817,763 832,290 831,870 128,139 127,038 122,695 121-141 347,320 348,800 349,800 353,400 533,616 552,117 557,490 571,310 120,879 J123.599 128,693 132.856 ; | 959,764 961,363 975,890 975,470 ,231,941 1229,221 J224,127 i225,884 156,249 154,928 152,285 150,131 178,258 !l78,561 176,084 175,119 483,622 481,443 '486,053 484,562 52,695 54,474 56,236 58,308 138,325 |138,186 il39,624 |l37,912 j101,960 101,960 101,960 103,160 44,580 45,532 46,626 47,756 117,220 116,768 115,674 114,544 |222,000 65,971 I 42,742 1108,098 67,792 I 43,439 111,197 70,435 i 45,916 116,227 72,589 I 46,881 119,918 74,229 77,194 79,580 82,256 J273,091 -271,606 \ 270,220 j271,144 161,800 162,300 162,300 162,300 28,648 i 29,310 ! 30,011 ! 30,664 ! 102,232 101,570 100,869 '100,216 i : demption: • ! May 2 182,968 ' May 9 182,086 i May 16 179,630 i May 23 177,242 Collateral held as security for , ( outstanding notes: : Gold coin and certificates i i on hand— May 2 May 9 May 16 ; ; May 23 i Gold redemption fund— I May 2 11,201 May-9 10,319 ! May 16 10,327 ! May 23 9,975 i ! Gold settlement fund, Fed: eral Reserve Board: May 2 47,000 , May 9 45,000 \ May 16 42,000 i May23 50,000 , Eligible paper minimum | required: l ! May 2 124.767 May 9 126' 767 May 16 127,303 May 23 117,207 1 352,820 352,820 352,820 358,740 213>581 214,301 215,007 213,644 183,740 183,740 183,740 183,740 17,355 16,333 15,599 13,939 |241,171 1239,186 1238,500 1238,624 17,625 ; , i i 11,079 12,614 13,228 12,052 75,000 : 61,889 100,000 90,000 j 56,889 100,000 90,000 i 52,889 1100,000 90,000 57,889 \ 100,000 540,069 527,690 542,951 544!191 141,468 144,908 149,707 142,507 1110,467 1106,947 I 95,647 108,947 450,142 454,003 456,773 454,202 ! 2,500 ! 2,500 j 2,500 ! 2,500 19,625 i 19,625 I 29,625 10,224 12,504 12,411 13,248 119,338 120,121 ! 116,544 ,116.459 j 89,392 I 89,330 j 87,729 | 86,876 |1O3,O9O 102,688 i 101,894 (100,964 I .j 13,052 : I I 2,0 ! 13,052 . 13,052 i ! .; 13,052 2,796 2,975 2,331 2,178 3,338 2,641 2,165 4,199 4,982 5,884 5,853 5,162 32,000 30,000 28,000 26,000 40,000 40,000 38,000 35,000 248,465 261,424 1264,225 1262,345 93,343 73,500 94,063 74,980 92,364 73,879 92,963 74,780 118,545 118,106 1120,044 118,932 2,380 2,601 2,840 2,767 = 42,431 45,431 55,430 55,431 1,674 ; 2,383 1,012 | 1,431 3,311 i 2,337 2,658 1,207 17,400 22,400 26,500 25,600 49,025 49,187 48,672 47,866 ;219,719 j 221,989 i i22l,487 | 1217,971 ! 11,581 11,581 11,581 11,581 230,498 232,498 240,498 2,666 14,016 2,733 13,086 2,892 11,790 2,626 11,208 j 31,360 I 2,184 ! 31,360 1,684 I 29,360 2,684 i 29,360 2,184 60,734 45,566 i 70,397 31,475 110,464 For actual amounts see "Paper delivered to Federal Reserve agent,""on p. 59; 84,094 84,133 85,094 81,219 790,107 92,378 817,567 93,379 96,233 j 825,321 830,108 96,299 196,695 73,734 57,266 69,347 32,594 113,325 [186,695 68,074 52,866 ! 69,897 33,189 115,524 ; 186,695 61,774 44,866 i 70,197 31,515 113,464 . , 186,695 2,731,274 2,735,798 2,741,265 2,725,791 1,626,575 1,601,600 1.590.362 i;585;966 600 FEDERAL RESERVE BULLETIN. JUNE 1,1019. CONDITION OF SELECTED MEMBER BANKS. Weekly condition reports of 773 member due to the inclusion by some of the banks of banks in about 100 leading cities of the five Vic tor}'notes under this head. Holdingsof these weeks between April 18 and May 23 indicate a notes will be segregated in the future and more net increase in United States securities (other accurate figures will then become available. than circulation bonds) from 2/716.8 to 2,904.8 During the five weeks under review aggremillions on Ma}' 16. and a decline to 2,642.7 gate holdings of United States war securities millions on May 23 following the first payment and war paper increased from 3,810.7 to by the banks on account of the Victory loan. 3,822.3 millions. Between October 25, 1918, Treasury certificates went up from 2,079.5 to the Friday following the issue of the fourth 2,328.1 on May 2, the day following the issue of war loan, and May 23 the combined amount of 591.2 millions of the tenth series of these certifi- United States war securities and war paper cates, in anticipation of the latest loan. Since held by all reporting banks shows an increase then as the result mainly of deliveries to the of about 690 millions. It should be noted, Federal Reserve Banks in payment or Victory though, that the October 25 total refers to 750 notes the total reported holdings have gone banks only, as against 773 banks reporting on down to 1,777.9 millions, or 301.6 millions the later date. Of the loans and investments below the total given for April 18. Other of all reporting banks the combined amount of United States securities, including probably the United States war securities and war paper bulk of Victory note holdings, but exclusive of constituted 26.2 per cent on May 23, compared circulation bonds, show small though con- with 26.6 per cent on April 18 and 22.3 per tinuous weekly additions to May 16 and an cent on October 25 of the past year. For the increase of 182.3 millions for the week ending member banks in New York City this percenMay 23, the net addition for the period amount- tage shows a rise between October, 1918, and April 18 of the present year from 24.7 to 31 per ing to about 234.5 millions. For the New York City banks liquidation of cent and since then a decline to 28.5 per cent. Government deposits fluctuated during the 186.8 millions of Treasury certificates and an increase of 41.2 millions in other United States weeks between 434.8 millions.on May 16 and securities are noted. For the banks in all 727.9 millions on May 2, the day following the twelve Federal Reserve Bank cities corre- issue of the tenth certificate series; the May sponding changes include a decrease of 249.4 23 total being 24.8 millions below the total millions in certificates and an increase of 124.3 reported five weeks earlier. Other demand deposits (net) show a steady growth between millions in other United States securities. Loans secured by United States war obliga- April 18 and May 16. The decrease of over tions (largely Liberty bonds and Victory notes) 200 millions noted for the following week show a slight decline up to May 16. For the apparently represents in part drafts of country following week an increase of nearly 100 millions banks on correspondents in the large cities in in these loans is seen, this increase apparently connection with Victory loan operations. No representing cutsomers' loans secured by newly appreciable differences appear in the total of issued Victory notes. Other loans and invest- time deposits. Cash in vault went up 9.2 ments, after a slight decline during the week millions, while reserve balances (with the ending April 25, show a steady increase to the Federal Reserve Banks) in keeping with the end of the period under review, the May 23 growth in demand, other than Government total, 10,515.1 millions, being 248.4 millions in deposits, show an increase of 22 millions. Over excess of the corresponding total for April 18. one-half of this increase is reported by the It is possible that a small part of the increase is | member banks in New York City. 601 FEDERAL RESERVE BULLETIN. JUNE 1,1919. Principal resources and liabilities of member banks in leading cities, including member batiks located in Federal Reserve Bank cities and in Federal Reserve branch cities as at close of business on Fridays, from Apr. 25 to May 23, 1919. 1. ALL REPORTING MEMBER BANKS. [In thousands of dollars; i. e., 000 omitted.) Bost»n. Number of reporting banks: Apr. 25.. May 2 May 9 May 16 May 23 United States bonds to secure circulation: Apr. 25 May 2 May9 May 16 May 23 Other United States bonds, including Liberty bonds: Apr. 25 May 2 May 9 May 16 May 23 United States certificates of indebtedness: Apr. 25 May 2 May 9 May 16 May23 Total United States securities owned: Apr. 25 May 2 May 9 Mavl6 May23 Loans secured by United States bonds and certificates: Apr. 25 May 2 May 9 May 1(5 May 23 Other loans and investments: Apr. 25 , May 2 May 9 -" May " 16. May 23. Total loans and investments: Apr. 25 Mav2 May 9 May 16 , May23 Reserve with Federal Reserve .Bank: Apr. 25 May 2 May 9 May 16 May 23 Cash in vault: Apr. 25 Mav2 May 9 Mavl6 May 23 Net demand deposits on which reserve is computed: Apr. 25 May 2 May 9 , May 23 New York. ! Phila- i Clevedelphia.! land. 101 101 101 101 101 loo 106 108 108 14,402 14,402 14,402 14,402 14,208 1 ! San i St. ' Minne- Kansas:! Dallas. FranTotal. • Louis. I apolis. City. ' cisco. I Rich- 1 Atmond. i lanta. 49,647 50.092 49,792 49,64(5 49,645 297,867 303.669 301', 565 300,795 346,683 34,314 35,018 35,188 34,595 51,895 j 937,002 11,061,810 11,036,036 11,0.14,446 772,903 131,858 147,606 142,982 142,781 125,165 40,960 40,961 40,961 40,9(50 40,960 11,597 11,597 11,597 11,597 11,597 25,270 ! 15,265 25,270 I 15', 265 25', 270 i 15,500 25,27* j 15,450 25,270 15,515 37 53 53 53 53 53 772 771 773 773 773 19,911 19,911 19,911 19,912 20,112 ! 16,908 16,906 16.956 17; 056 17,106 6,870 6,870 6,867 6, S70 6,870 56,147 55,805 59,250 56,947 107,194 17,959 20,017 19,219 i 18,068 ! 30,951 12,207 12,557 12,126 12,729 15,078 23.177 20,124 33,079 23;337 20,507 32,995 22,589 20,728 34,038 j 24,607 22,089 35,713 31,522 24,472 40,026 70,035 78,693 73,881 73,666 64,484 258,602 308,145 291,196 288,128 229,597 73,474 80,573 75,996 74,961 59,594 44,834 44,931 46,219 46,150 43,309 57,623 34,156 113,077 61,364 43,402 |121, •""* 68,724 40,157 121,730 68,035 37,841 116,439 53,553 36,532 94,717 116,670 128,810 128,067 130,774 128,024 334,660 383,861 370,357 364,987 356,903 108,341 117,496 112,171 110,685 107,651 36,799 23,408 38,533 22; 481 36,752 22,017 37,954 23,142 47,540 26,475 92,218 93,365 91,498 93,633 96,133 13,984 14,004 14,009 14.009 14,009 18,324 35,685 ! 268,823 18,324 35,685 ! 269,287 18,324 34.599 268,188 18,324 34,599 268,095 18,324 34,599 268,215 I 19,691 21,115 22,457 23.244 21.857 115,466 138,680 126,138 124,835 104,970 j ! j ! i 64,370 47,392 31,370 62,599 47,265 34,852 63,860 48,911 38,686 63,195 48,250 41,658 89,500 57,643 48,025 135,139 75,092 155,183 85.774 153,283 84', 090 .151,767 83;283 122,729 70,315 177,769 194,221 189,767 188,973 141,035 11,169,231 188,657 240,469 258,743 258,104 255,922 253,189 144,911 144,805 138,482 141,913 162,877 .100,072 100,237 '6,688 99,960 109,781 792,192 J792J452 791,296 798,615 791,306 4,021,840 614,232 '4,061,907 618,85.1 14,111,671 623,857 ! 4,134,789 624,097 hi, 176,382 634,230 991,584 990,109 99(5,947 994,052 998,503 374,142 i384,352 379,839 380,030 1381,301 302,730 300,277 294,31.6 300,116 301,856 1,394,866 1,410;656 1,411,524 1,428,926 1,441,176 >,912 1,022,111,5,848.525 1,041,30216,015; 793 1957,877 1,035,71116,027,634 952,106 1,034,160*6,023,043 954,983 1,027,78415,910,196 985,764 332,125 349.089 35i;739 349,934 361,473 558,695 579,194 574,8(52 574,787 582,069 442,808 451,5(58 444,400 454,032 456,355 74,363 I 72,777 | 69,736 j 71,933 i 72,693 | 657,301 67,363 644,271 67,135 662,042 68,281 678,82G 62,341 676,067 57,736 85,211 88,354 86,059 93,432 92,608 34,0(58 34,380 34,747 33,582 33,223 29,518 28,505 31,587 29,248 30,250 25,176 24;578 23,929 24,336 22,293 j 121,595 117,145 125,162 121,743 122,321 19.293 17! 789 18', 578 19; 300 18,927 31,609 33,885 32,206 34,7U 34,624 17,244 13,103 16,139 13,632 17,294 13,545 16,518 13.282 17,481 13,166 14,768,034 14:821,834 14,903,499 4,926.248 |4,894',958 654,734 656,935 660,875 661,559 1651,115 768.909 787; 541 789,326 802,557 794,537 149,559 174,197 162,997 162,481 il, 284,516 (1,415,571 ,1,387,393 jl, 364,887 81,246 74,913 80,262 80'.383 88,134 542,169 535,315 528,570 523,3S7 564,583 71o,746 724,766 738,462 74i; 332 |712,375 ! 147,754 158.309 158', 271 156,803 153,228 63,911 94,784 64,358 98,705 65,212 105,322 65,749 106,651 65,257 99,084 657,697 669,736 678,617 682,490 864,846 2,046,358 2,328,124 i 2,260,432 ! 2,222,332 1,777,868 72,604 181,841 82,233 1190,643 79,209 |19O,367 78,254 1186,751 79,328 169,342 ! 2,972,878 j 3,267,147 3,207,237 3,172,917 2,910,929 6,749 22,590 6,685 21,539 6,588 21,591 6,978 22,305 7,058 24,301 1,099,898 1,085,333 1,072,498 1,080,080 1,179,537 25,452 11,887 25,448 11,797 25,489 11,897 25,241 12,419 26,444 12,667 12,397 12.215 12; 664 12,785 13,544 391,674 386,252 385,533 381,565 386,744 239,291 237,196 234,450 234,294 234,078 447,557 445,759 447,661 456,381 461,898 179,606 176,689 175,323 179,318 179,231 515,179 519,611 516,299 523,647 521,082 10,264,007 110,326,851 110,369,872 110,428,511 il0,515,096 1,821,744 1,887,882 1,873,379 1,887,546 1,894,212 525,4(57 529,196 523,193 517,491 520,839 ;31o,089 1313,351 |311,559 1312,462 1312,002 554,738 556,679 565,647 1575,817 574,526 258,959 1265,607 j2(51,12O ,264,550 1265,617 719,610 731.793 728', 257 732,703 714,725 14,336,783 14,679,331 14,649,607 14,681,508 14,605,562 162,304 J65,536 168,617 167,814 160,816 39,379 37,665 37,468 42,455 39,899 i 22,623 I 21.526 22', 222 ! 22,365 ! 21,170 43,766 43,292 46,503 46,177 40,512 18.634 18;979 19,115 18,855 18,946 53,514 50,720 53,062 52,732 54,088 1,288,044 1,273,146 1,299.739 1,317; 760 1,298,008 61,901 9,516 i 9,095 62,937 9,713 j 8,572 64,988 10,382 : 9,572 66,263 9,581 ! 9,436 65,507 9,657 ! 9,485 15,738 14,981 15,045 15,137 15,615 320,851 1241,744 1,221,368 323,397 245,981 1,235,680 326,047 250,178 1,246,560 322,424 249,658 1 ,2 7 ,6 4 ,3 3 1,276,433 , , 297,449 299,990 301,914 \301914 nnn ., ,— 308,679 , 1248834 i289893 244', 069 1,248,834 i289,893 i213,107 1221,559 232,779 232779 ,— , „,.« .232,690 , ! ! 215126 215,126 i 9,040 19,863 8,769 19,180 9,768 20,805 9,477 ; 20,812 9,349 j 20,759 396.041 '162,072 !396;920 1163,394 ; , 407103 1 4 , 1 3 1169484 407,103 1169,484 : 4 1 8 1 3 2 : i 74)i 9 9 4 1 8 1 3 2 :i7 4 i99 396151 {165,272 396,151 { 1449,699 1444,635 14, j 457537 457,537 I457 636 :449581 :449,581 353,173 347,320 36O',887 360.596 359;184 10,209,754 10,322,632 10,486,764 10,571,547 10,370,747 602 FEDERAL RESERVE. BULLETIN. JUNE 1,1919. Principal resources and liabilities of member banks in leading cities, including memberlbanhs located in Federal Reserve Bank cities and in Federal Reserve branch cities as at close of business on Fridays, from Apr. 25 to\May 23, 1919—Cont'd. 1. ALL REPORTING MEMBER BANKS—Continued. [In thousands of dollars; i. e., 000 omitted.] Boston. Time deposits: Apr. 25 May 2 '.. May 9 May 16 May 23 Government deposits: Apr.25 May 2 May9 May 16 May 23 113,264 109', 700 114,823 109,458 109,490 35,617 60,430 41,696 35, 056 68,997 New York. Philadelphia, 277,055 22,016 282,323 21,889 288,698 21.254 279,189 21;214 287,193 20,769 288,537 379,484 254,587 188,890 170,826 i 27,276 41,782 34,575 27,166 67,697 San I St. Chicago. Louis. Minne- Kansas i Dallas. Franapolis. City. cisco. Cleveland. Richmond. Atlanta. 298,332 293,789 295,613 294,578 292,811 79,706 80,726 79,311 78,744 79,378 112,970 113,759 116,255 114,540 114,871 428,979 429,280 435.568 431,801 422,067 98,076 98,856 98,390 97,731 97,722 42,135 41,082 39,027 30,179 67,787 15,697 26,314 23,097 21,125 32,206 10,251 18,928 20.016 20.489 31,476 58,126 89,683 73,794 55.511 66', 547 18,123 26,129 20,145 18,281 Total. 28,893 28,718 28,770 28,796 28,801 136,642 137,350 137,011 135,865 136,646 1,717,842 1,720,352 1,742,095 1,718,894 1,715,542 8,696 10,008 • 11,269 ' 13,664 12,847 17,642 10,614 17.991 • 13,316 9,093 16;424 ; 8.780 18^ 433 29,162 16;933 2,241 3,854 19,565 525,735 727,905 551,099 434,848 627,897 53,393 68,516 I 69,366 i 55,204 71,198 i 55,64.1 71,337 • 54,860 70,934 j •54,596 2. MEMBER BANKS IN FEDERAL RESERVE BANK CITIES. Number of reporting banks: Apr.25 21 May 2 21 May 9 21 May 16 21 May 23 21 United States bonds to secure circulation: Apr.25 4,278 May 2 4,278 May 9 : 4; 278 May 16 4.27S May 23 4,178 Other United States bonds, including Liberty bonds: Apr. 25 10,239 May 2 10,899 May 9 12,000 May 10 13,419 May23 10,913 United States certificates of indebtedness: Apr.25 72,503 May 2 91,900 May9 79,888 May 16 78,907 May23 67,553 Total United States securities owned: Apr.25 87,020 Mav 2 107,137 May 9 96,772 Mav 16 96,604 May23....: 82,644 Loans secured by United States bonds and certificates: Apr.25 64,634 May 2 63,536 May 9 63,428 May 16 03,905 May 23 69,911 All oi tier loans and investments: Apr.25 561,290 May 2 564,699 May 9 564,061 May 16 501,447 May 23 570,304 Total loans and investments: Apr. 25 712,944 May 2 735,372 May 9 724,201 May 1 6 . . . . . 722,016 May 23 722,859 Reserve with Federal Reserve Bank: Apr.25 59,050 May 2 57,811 May 9 55.154 May 10 5(>; 058 May23 I 57,791 255 255 255 255 255 39,232 39,677 39,377 39,228 39,227 7,587 7,587 7,587 7,587 7,587 4,031 4,031 4,031 4.031 4,031 2,873 2,873 2,873 2,873 2,873 3,800 3,800 3,800 3,800 3,800 261,123 262,873 259,741 259,036 292,665 25,731 26,824 27,301 26,60-1 42,742 9,104 9,257 9,658 8,965 19,657 7,785 6,821 7.544 8', 036 8; 235 3,292 3,450 3,682 5,722 6,577 862,475 974,203 943,232 922.183 695,089 116.130 130;089 126.015 125;793 109,358 28,583 33,947 30,762 30,056 20,420 12,321 9,865 12,269 11,578 12,780 10,983 12,020 10,979 11,284 9,129 150.539 173,600 163,090 102,407 125.540 51,284 17,807 57,935 ! 19,327 54,080 18,745 53254 18,815 53,254 '" '"• 42,770 18,174 1,162,830 1,276,753 1,242,350 1,220,447 1,026,981 149,448 164,500 160,933 159,984 159,687 41,718 47,235 44,451 43,052 44,108 22.979 2i;963 23,197 23,529 22,392 16,957 18,828 18,465 20,501 19,506 174,104 197,502 188,804 180,821. 179,897 71,362 78,404 74,150 72,250 69,812 505,495 499,066 488,754. 484,063 515,806 138,990 138,917 132,504 135,251 154,899 28,0.18 28,718 27,835 28,099 33,425 14,378 13,827 13,671 13,603 19,933 5,676 5,001 5,235 5,477 6,721 68,037 68,090 67,092 69,004 70,092 18,680 18,569 1 18,473 18,478. i 19,195 I 3,607,373 3,638,939 3,657,201 3,684,806 3,724,912 540,459 515,839 550,467 550,134 |56i;055 282,930 283,912 289,334 285,724 287,028 66,325 71,651 66,232 65,806 64,231 5.275.698 (828,897 5,414,753 (849,256 5,388,305 (843,964 5,389,316 ! 1845,369 5.267.699 875,641 352,660 359,865 361,620 356,875 364,561 103,082 107,444 103,100 102,938 106,556 21,024 20,728 2i;685 22,741 23,298 5,305 5,849 5,930 6,080 5,953 621,398 609.123 622', 607 636,8-19 637 099 60,880 60,225 61,786 55,811 51,045 2,791 2,791 2,791 2,791 2,791 4,745 4,745 4,745 4,745 4,745 4,060 4,000 4,000 4,060 4,060 18,500 18,500 IS,500 18,500 18,500 103,619 104,002 103,762 103,013 103,712 22,396 ! 9,525 1,705 22,727 I 9,918 1,823 24,005 ! 9.519 1,849 23,185 8',445 1,947 52,982 16,491 I 4,162 7,095 7,119 6,066 7,634 9,675 4,952 5,415 5,452 5,426 7,150 13,253 13,332 14.290 13', 011 14,538 370,200 380,458 382,313 382,030 485,787 17,177 18,721 22,618 22,218 17,853 13,079 21,036 18,069 16,933 16,982 39,105 42,279 42,735 39,917 32,534 1,390,928 1,586,950 1,523,627 1,494,142 1,160,692 22,303 23,941 23,385 23,553 25,127 29,017 30,585 34,029 34,597 32,273 22,091 30,511 27,581 26,419 28,192 70,918 74,111 75,525 72,028 65,572 1,870,747 2,071,470 2,009,702 1,979,785 1,750.191 6,757 0,650 6,746 .. , 7,073 2,962 2,959 2,904 2,978 2,952 1,704 1,707 1,589 1,519 1,598 10,806 10,083 10,653 10,447 10,998 806,143 858,323 839,004 839,913 912,603 1264,814 j261,148 1260,077 '1257,093 1262,536 1111,579 111,774 109,287 107,777 106,103 158,428 158,458 100,657 165,693 167,367 40,409 44,132 44,509 45,208 45,451 198,281 199,387 194,993 197,013 197,717 0,755,371 6,805,317 0,826,023 6,802,038 6,939,724 1,099,115 1351,862 11,133,337 1358,121 1,126.868 1353,300 1,138; 238 ;347,821 !l,143,611 1351,543 140,639 142,305 139,418 138,299 138,303 190,407 1192,002 197.650 203,208 202,592 | 70,264 280,005 ! 76,350 284,181 i 73,739 281,171 j 73,140 279,488 75,241 274,287 9,492,261 9,735,110 9,075,329 9,681,736 9,608,518 5,747 I 112,164 28,760 5,457 113,701 26,789 7,034 117,407 26,977 "" — 5,661 115,678 31,858 0,735 111,600 29,563 11,021 10,008 10,084 11,012 10,225 12,502 13,678 18,359 13,900 11,380 4,976 19,011 5,21217,239 5,21318,812 4,746 19,399 5,553 19,984 962,498 945,880 971,048 980,393 970,826 1,169 1,169 1,169 1,169 1,369 60,449 i 856,974 58,230 1 867,145 58,233 ! 870,912 58,984 882,353 j 59; 398 893,622 83,082 82,059 81,933 84,962 85,625 ! ! i j 10;551 10,551 10,551 10,551 i i j ! 603 FEDERAL RESERVE BULLETIN'. JUNE 1,1919. Principal resources and liabilities of member banks in leading cities, including member banks located in Federal Reserve Bank cities and in Federal Reserve branch cities as at close of business on Fridays, from Apr. 25 to May 28, 1919—Cont'd. 2. MEMBER BANKS IN FEDERAL RESERVE BANK CITIES—Continued. [In thousands of dollars; i. e., 000 omitted.] Boston. New York. ! Cash in vault: Apr. 25 • 15,933 107,025 May 2 ! 15,441 103,498 108,216 May 9 14,604 May 16 > 14,372 106,461 106,721 May 23 , 13,043 Net demand deposits on ; which reserve is com- ; puted: i Apr.25 J547,117 4,351,058 May 2 1554,906 4,405,685 ! May 9 567,458 4,455,360 May 16 :567,884 4,476,790 : May23 545,428 4,457,409 Time deposits: 216,765 Apr. 25 33,024 221,535 May 2 38,141 223,858 May9 33,387 214,231 May 16 33,519 222,353 May 23 Government deposits: 27,099 270,597 Apr.25 47,736 349,948 May 2 33,006 223,272 May 9 26,738 161,749 May 16 54,023 132,548 May23 Philadelphia. Cleveland. San St. I Minne- Kansas ™ ca S°- Louis. ! apolis. City. Dallas. Francisco. Richmond. lanta. 1,625 1,639 1,537 | 1,521 1,628 2,219 2,467 2,504 2,385 2,391 37,049 37,388 38,739 39,581 39,411 43,704 44,501 45,755 46,205 46,432 823,923 833,854 851,708 863,891 842,406 131,344 14,216 19,218 126,266 14,155 19,801 129,429 14,265 21,441 127,994 14,102 19,824 127,946 14,638 20,008 164,187 163,693 164,599 162,566 164,556 65,508 65.797 65;413 65,244 65,189 18,190 18,637 18,737 18,886 18,939 7,970 8,258 9,077 9,122 9,118 34,063 49,370 41,805 31,988 47,188 13,475 18,846 14,348 12,349 28,422 2,817 4,635 3,464 2,724 7,954 3,219 4,238 7,700 7,193 16,125 15,729 14,284 15,214 15,468 15,553 7,136 7,589 7,522 8,234 7,895 569,750 571,478 576,145 575,833 567,892 I 13,541 13,347 13,047 12,831 12,582 173,006 180,634 180,807 183,681 190,392 i 49,885 j 50,749 " 53,416 " "" 53,459 49,881 14,533 2,706 16,718 3,555 13,015 ! 3,484 9,663 i 3,559 19,399 i 7,521 25,009 37,985 31,350 24,530 60,026 1,186 3,153 4,638 5,123 7,013 5,321 5,512 5,494 5,279 5,370 I i ; i I 2,690 2,314 2,938 2,656 3,257 3,833 3,741 3,653 3,954 4,138 Total. 5,186 4,909 5.213 5; 397 5,597 205,716 200,518 207,350 206,962 206,622 198,484 94,464 132,907 47,896 180,771 200,881 94,523 135,780 46,703 174,778 205,147 96,219 141,347 49,936 182,916 211,347 97,051 146,028 52,580 184,984 196,741 89,687 132,794 47,813 180,135 7,212,905 7,294,472 7,406,214 7,459,733 7,347,010 1,670 1,736 1,716 1,654 1,618 3,066 3,058 3,058 3,074 3,086 10,561 10,609 10,579 10,531 10,525 6,147 12,031 9,855 1,341 I 6,630 j 2,829 ! 10,423 ! 11,075 701,434 698.180 71l!044 691,792 702,459 400,851 548,215 387,278 295,075 401,717 3. MEMBER BANKS IN FEDERAL RESERVE BRANCH CITIES. New York Cleveland Richmond Atlanta Districts District.2 Districts District.* Number of reporting banks: Apr.25 : May2 May9 May 16 May 23 United States bonds to secure circulation: Apr.25 May2 May9 1,500 May 16 1,500 I May23 Other United States bonds, including Liberty bonds: Apr/25 • May2 May 9 3,330 May 16 11,000 May 23 United States certificates of indebtedness: Apr.25 May2 May9 13,256 May 16 10,970 May 23 Total United States securities owned: Apr.25 May 2 May9 18,08'6 May 16 23,470 ; May23 1 Buffalo. 2 Pittsburgh and Cincinnati. 3 Baltimore. 4 New Orleans, Jacksonville, and & Detroit. Chicago District.* St. Louis Districts Kansas City District.? Dallas San Francisco Districts District/J Total. 160 159 159 162 162 39 23.616 l 23,616 23.617 j 23,616 1 23,616 i 5,091 5,091 5.091 5', 091 5,091 5,085 5,085 5,085 5,085 5,085 1,805 1,805 1,805 1,805 1,805 5,005 5,005 5,055 5,155 5,205 4,487 4,487 4,487 4,487 4,487 1,255 1,255 1,255 1,255 1,255 8,485 8,495 8,485 8,485 8,485 54,829 54,829 54,880 56,479 56,529 44,400 42,149 42,794 , 43,101 ! 51,902 j 9,034 9,273 9,898 9.487 11,530 12,018 13,688 15,664 16,549 18,321 15,775 15,427 15,057 14,589 24,227 7,640 9,282 8,707 9,028 11,885 7,425 8,096 7.851 S;513 9,904 1,987 2,048 1,992 1,816 2,006 12,920 12,738 13,096 14,931 17,611 111,199 112,701 115,059 121,344 158,386 31,314 38,674 38,120 38,289 32,513 40,520 45,360 42,197 41,825 36,977 59,428 79,895 76.246 75; 690 65,589 19,631 19,922 19,213 19,193 15,261 21,084 22,253 24,907 24,589 19,073 5,774 5,993 6,163 5,917 5,835 53,966 57,586 58,346 56,043 45.549 309,462 358,965 356,359 365,697 310.591 45,439 53,038 53,109 52,867 49,134 57,623 i 64,133 ' 62,946 63,459 60,383 77,008 32,276 32,996 9,016 75,371 97,127 34,209 34,836 9,296 78,809 93,108 32,975 37,245 9,410 79,927 92,084 33,376 37,589 8,988 j 79,459 91,621 32,351 33,464 9,096 ! 71,645 | e Louisville, Memphis, and Little Rock. 7 Omaha and Denver. s El Paso. 9 Spokane, Portland, Seattle, and Salt Lake City. I 77,745 ! 89,282 91,167 90,895 78,821 145,761 155,047 157,578 157,612 154,342 Birmingham. 475.490 526!495 526.298 543:520 52o;506 604 FEDERAL RESERVE BULLETIN. JUNE 1,1919. Principal resources and liabilities of member banks in leading cities, including member banks located in Federal Reserve Bank cities and in Federal Reserve branch cities as at close of business on Fridays, from Apr. 25 to May 28, 1919—Cont'd. 3. MEMBER BANKS IN FEDERAL RESERVE BRANCH CITIES-Continucd. [In thousands of dollars; i. e., 000 omitted.] New York Cleveland Richmond Atlanta District. District. District. District. Loans secured by United States bonds and certificates: Apr. 25 May2 May 9 May 16 May23 All other loans and investments: Apr. 25 May 2 May 9 May 16 May 23 • Total loans and investments: Apr. 25 May 2 • May 9 . : May 16 May 23 Reserve with Federal Reserve Bank: Apr. 25 • May 2 May 9 May 10 • May 23 Cash in vault: Apr. 25 • May 2 May 9 • May 16 May 23 Net demand deposits on which reserve is computed: Apr.25 Mav2 Mav9 May 10 May 23 Time deposits: Apr.25 May 2 May 9 May 16 May 23 Government deposits: Apr.25 Mav2 May 9 May 16 May 23 5,554 7,483 61,868 61,328 58,51261,313 65,778 11,173 11,349 11,479 11,986 13,397 61,771 62,016 519,910 517,768 517,235 515,203 519,212 116,013 117,552 117,449 119,461 119,172 85,411 | 92,969 j 727,539 734,143 733,325 734.128 739; 332 172,625 lSi; 939 182,037 181,314 181,703 6,006 I 4,458 I 49,174 52,236 48,182 53,082 53,862 12,936 12,814 13,017 12,355 11,498 1,731 1,600 14,983 15,911 14,965 15,991 16,038 5,773 5,647 5,701 5,673 5,794 52,732 50,650 449,291 455,993 457,850 464,979 454,001 112,750 112,052 111,886 109,166 102,926 13,755 13,6G8 94,246 94,623 93,649 93,021 92,377 15,021 15,139 14,979 14,996 15,146 17,839 1 21,015 ' 16,969 39,799 7,881 15,045 12,962 11,014 11,539 2,437 8,287 Chicago District. St. Louis Kansas City District. District. Dallas District. San Francisco District. 376 6,660 6,406 6,332 113,429 112,743 109,247 120,178 130,548 Total, 9,867 9,897 9,577 9,714 5,316 5,433 5,484 5,593 6,006 5,971 5.928 6,140 6,072 6,806 159,426 159,925 154,529 161,554 162,384 257,986 261,702 258,575 260,489 111,405 109,726 109,753 108,920 108,303 151,540 150,761 147,223 150,752 152,097 14,179 14,113 14,120 14,220 14,339 209,726 211,088 213,000 216,565 211,582 1,540,185 1,542,635 1,531,884 1,608,935 1,612,203 229,240 236,084 228,818 236,614 235,840 344,861 383,726 361,260 362,287 364,688 148,997 149,368 148,212 147,889 146,660 190,507 191,525 190,608 194,413 192,367 23,578 23,785 23,910 23,586 23,789 291,757 298,303 299,259 303,992 290,989 2,129,104 2,181,873 2,167,428 2,272,634 2,268,257 16,114 15,622 16,601 • 16,032 ; 15,923 ; 23,163 23,837 24,500 24,747 22,870 9,588 9,837 8,954 9,607 16,001 15,197 13,339 16,773 • 15,260 1,726 1,447 1,267 1,421 1,702 22,865 22,049 22,402 21,665 22,080 151,567 153,039 148,262 161,688 156,861 6,361 i 6,592 6,037 6,126 6,327 11,410 11,942 12,206 12,357 11,542 3,494 3,385 4,226 3,572 3,525 5,872 5,733 5,607 5,261 5,614 536 569 613 709 542 7,441 7,651 7,642 7,608 7,734 55,870 135,577 138,661 139,245 139,990 136,898 165,626 167,441 171,538 182,384 173,110 88,766 88,854 86,424 82,371 133,391 134,072 134,321 139,665 132,772 11,066 11,423 11,461 11,731 11,239 171,418 171,375 176,719 176,075 171,930 1,267,763 1,279,783 1,291,874 1,363,152 1,315,957 59,960 59,974 60,742 60,831 j 00,630 168,407 169,061 170,247 172,474 171,517 25,285 25,828 25,817 25,387 25,133 37,072 36,635 37,186 37,160 37,300 5,846 5,856 5,837 5,874 5,851 93,713 94,401 94,082 92,996 93,674 499,496 501,515 502,519 517,094 515,596 6,171 11,735 10,910 11,510 17,745 14,409 28,999 22,991 16,593 10,083 4,-298 6,867 5,451 5,717 9,106 3,821 4,830 6,681 6,151 2,533 2,559 1,435 482 455 975 5,055 61,964 87,874 81,741 71,848 108,667 12,191 12,026 11,343 ! 11,601 13,073 378 354 56,997 59,028 58,716 JtTNE 1, 1919. 605 FEDERAL RESEEVE BULLETIN. IMPORTS AND EXPORTS OF GOLD AND SILVER. Gold imports into and exports from the United States. [In thousands of dollars; i. e., 000 omitted.] 10 days ending Apr. 20,1919. 10 days ; 10 days ending Apr. > ending May Jan?l, 1919. 30, 1919. i 10, 1919. 10, 1918.^ IMPORTS. 36 . . Total 413 :j 150 2,505 ; 309 30 24 6,107 7,277 10,210 3,8Srt 5,877 2,490 142 680 Ore and base bullion Bullion, refined United States coin Foreign coin 531 113 3,0(58 ! 363 23,594 12,395 30 3,374 11,961 EXPORTS. Domestic: Ore and base bullion United States mint or assay office bars Bullion, reQ^ied Coin i4! 6 32 466 1,051 450 1,051 13,089 15.397 '317 466 Total exports 303 i 466 Total Foreign coin 277 1 12,805 450 1,051 13,130 15,714 i ; Excess of gold imports over exports since January 1,1919, $10,464,000. Excess of gold imports over exports since August 1,1914, $1,081,870,000. Silver imports into and exports from, the United States. [In thousands of dollars; i. e., 000 omitted.! = 10 days end! ing Apr. 20, ; ' i9i9 Total Jan. 1 ; Total Jan. 1 10 days end- j Total to Apr. 30, to Apr. c ing May 10, since Jan. 1, 1919. 1919. 1919. ' 1918. IMPORTS. Ore and base bullion United States mint or assay office bars. Bullion, refined United States coin Foreign coin 1,635 3,822 237 2,284 126 18 118 3,948 255 2,402 1,917 i Total 23,251 443 26 377 9,381 21 11,904 275 2,461 1,997 135 I 16 j 131 i 2,774 27,597 24,042 2,259 | 29,856 57,323 i 37,759 ! 4 5,475 I 27,766 901 95,772 I 107 i 230 138 3,510 i 1,616 i 991 ] 368 ! 21,254 EXPORTS. Domestic: Ore and base bullion United States mint or assay office bars. Bullion, refined Coin Total. Foreign: Bullion, refined. Coin Total 5,454 72 5,526 Total exports. Excess of silver exports over imports since Januarv l, 1919, 892,748,000. Excess of silver exports over imports since August 1,1914, §372,508,000. 739 161 11,919 8,524 97 4 69,242 46,283 783 34,142 20,540 116,312 1,626 3,067 1,147 19 4,057 1,635 5,126 | 1,166 6,292 100,898 ! 21,706 322,604 606 JUNE 1, 1919. FEDERAL RESERVE BULLETIN. Estimated general stock of money, money held by Treasury and by the Federal Reserve system, and all other money in the United States, May 1, 1919. Held in the Held outside General stock United States Held by or for the Federal of money Treasury United States Reserve Banks in the" as assets Treasury and agents. United States. of the and Federal Government. 1 Reserve system, Gold coin 2 Gold certificates Standard silver dollars Silver certificates Subsidiary silver. Treasury notes of 1890 United States notes Federal Reserve notes Federal Reserve Bank notes., National bank notes Total: Mayl, 3919 Apr. 1,1919 Mar. 1, 1919 Feb. 1,1910 Jan. 1, 1919 Oct. 1, 1918 ......... J u l y l , 1918 J a n . l , 1918 Apr.l, 1917 S3,092,430,916 S363,82S,718 311,018,930 32,634,081 243,896,606 12,640,150 7,946,837 3.977,942 346,681,016 2,725.466,490 170;124,180 725,131,122 15.500,199 39,357,273 17,905,956 72,113,157 58,423,783 164,964,843 8,791,340 Hi 496,608 §405,132,797 363,892,177 81,306,958 187,364,788 227,278,514 1,766,266 272,757,031 2,521,144,374 143,426,884 641,521,357 7,614,749,260 7,586,752,855 7,566,399,924 7,611,628,810 7,780,793,606 7,391,008,277 6,742,225,784 0,256,198,271 5,312,109,272 553,979,534 550,628,454 545,695,945 489,831,726 454,948,160 380.246,203 356;124,750 277,043,358 258,198,442 2,215,178,577 2,195,151,766 2,169,183,676 2,252,757,560 2,220,705,767 2,084,774,897 2,018,361.825 1,723,570,291 952,934,705 4,845.591,149 4,840^72,635 4,851,420,303 4,869,039,524 5,105,139,679 4,925,987,177 4,367,739,209 4,255,584,622 4,100,976,125 Amounts per capita outsido the United States Treasury and the Federal Reserve system. : $1,511,800,454 447,776,770 $45.15 45.17 45.33 45.56 47.83 46.34 41.31 40.53 39.54 * Includes reserve funds against issues of United States notes and Treasury notes of 1890 and redemption funds held against issues of nationalbank notes, Federal Reserve notes, and Federal Reserve Bank notes. 2 Includes balances in gold settlement fund standing to the- credit of the Federal Reserve Banks and agents. s Includes standard silver dollars. 4 Includes Treasury notes of 1890. JUNE 1, 1910. 607 FEDERAL RESERVE BULLETIN. DISCOUNT RATES. Discount rates of each Federal Reserve Bank approved by the Federal Reserve Board up to May 31, 1919. Maturities. Discounts. Federal Reserve Bank. Boston New York 1... Philadelphia. Cleveland Richmond Atlanta Chicago St. Louis Minneapolis.. Kansas City.. Dallas San Francisco Within 15 days, including member banks' collateral notes. 16 to 60 days. 61 to 90 days. Agricultural and live-stock paper over 90 days. Trade acceptances. Secured by U. S. certificates of indebtedness or Liberty loan bonds. Within 15 days, including member banks' collateral notes. Ito60 days, inclusive. 16 to 90 days. 61 to 90 days, inclusive. 4 1 Rates for discounted bankers acceptances maturing within 15 days, 4 per cent; within 16 to 60 days, 4£ per cent; and within 61 to 90 days, 4$ per cent. 2 Rate of 4 per cent on paper secured by fourth Liberty loan bonds where paper rediscounted has been taken by discounting member banks at rate not exceeding interest rate on bonds. s Four per cent on paper secured by United States certificates of indebtedness. 4 Rate of 4 per cent on paper secured by fourth Liberty loan bonds where paper rediscounted has been taken by discounting member banks at rate not exceeding interest rate on bonds; also on paper secured by United States certificates of indebtedness. NOTE 1.—Acceptances purchased in open market, minimum rate 4 per cent. NOTE 2.—Rates on paper secured by War Finance Corporation bonds, 1 per cent higher than on commercial paper of corresponding maturities. NOTE 3.—In case the 60-day trade acceptance rate is higher than the 15-day discount rate, trade acceptances maturing within 15 days will be taken at the lower rate. NOTE 4.—Whenever application is made by member banks for renewal of 15-day paper, the Federal Reserve Banks may charge a rate not exceeding that for 90-day pauer of the same class. 608 FEDERAL EESEKVE BULLETIN. JUNE 1, 1019. OPERATION OF THE FEDERAL RESERVE CLEARING SYSTEM APS. 16 TO MAY 15, 1919. Items drawn on banks in Federal Reserve eity (daily average). Number. Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis. Kansas City Dallas San Francisco Total: Apr. 16 to May 15, 1919 Mar. 16 to Apr. 15, 1919 Feb. 16 to Mar. 15, 1919 Apr. 16 to May 15, 1918 ' • , : ! j ! i 129,378 138,817 109,083 49,569 Items drawn on banks in other districts(daily average). Number. Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis Kansas City Dallas San Francisco Total: Apr. 16 to May 15,1919. Mar. 16 to Apr. 15,1919 Feb. 16 to Mar. 15,1919 Apr. 16 to Mav 15, 1918. Amount. 11,136 30,422 22,520 3,212 6,304 2,991 5,805 809 1,590 5,968 3,583 1,201 95,541 101,329 100,963 54,888 §11,412,495 16,585,186 8,350,438 3,829,792 4,785,460 2,685,858 1,008,000 319,649 1,381,621 4,042.113 2,03S;086 1,419,560 I ; ! ! Amount. 16,562 19.759 42; 276 5,721 2,510 3,454 16,893 5,811 5,497 7,147 1,550 2,193 ! 57,858,264 59,610,264 55,760,559 58,513,363 Items drawn on banks in Total items drawn on district outside Federal banks in own Federal Reserve city (daily Reserve district (daily average). average). $21, 671,102 59, 828,940 25, 418.786 6, 337; 951 652,969 525,553 533,000 187,265 8, 762,583 580,561 196,041 012,378 k a 3, 176, 737,129 ! 197, 456,121; 168, 567,377 1 178, 372,385 i Number. Amount. Number. Amount. 87,918 122,888 48,006 71,294 50,163 29,049 68,337 40.666 25,SOS 61,482 24,415 35,445 $11,765,747 55,722,582 (>, 230,095 22,253,818 13,604,155 6,835,249 11,200,000 7,463,053 2,320,287 10,380,083 8,240,025 7,052,652 104,510 142,647 90.2S2 77', 015 52,673 32,503 85,280 40,477 31,395 68,629 25,965 37,643 §33,436,849 113,551,522 31,643,881 28,591,769 19,257,124 9,360,802 34,783,000 15,650,318 11,082,870 19,910,644 10,436,066 10,065,030 665,641 636,512 640,346 287,061 163,067,746 167,142,262 171,714,589 114,099,520 795,019 825,329 749,429 336,630 339,804,875 364,598,383 340,281,966 292,471,905 Items handled by both Items drawn on the parent banks and Treasurer of United Number branches (daily averStates (daily average). member banks in district. Number. Number. ! Amount. Amount. 81,694,435 23,947,341 2,982,917 2,028,755 544,275 1,122,169 1.351,676 '219,368 1,50.5,112 9,535 55,891 9,821 10,110 4.034 7,585 25,595 13,145 2,393 7,25S 6,103 6,350 7,613,957 9,029,805 9,774,269 15,141,604 157,820 137,228 114,563 60,771 1,555 ; SI, 559,606 426 ! 817,254 4,024 j 1,636,021 282 j 177,000 347,920 1,111 i 3,449 1,267 3,684 I 15,798 16,958 15,047 Number nonmember banks on par list. I I I I 1 j i 1,147,713 225,049 621,535 625,351 6,955,901 426 729 666 822 570 424 1,346 521 875 1,003 741 665 I 243 319 356 794 299 277 2,925 1,356 1,293 2,248 240 911 45,278,441 48,802,574 46,746,505 3O,928,1S5 8,788 8,765 8,729 8,113 j ! ! i 11,261 11,059 10,885 9,475 3,3S3,000 609 FEDERAL RESERVE BULLETIN. JUNE 1,1919. SUBSCRIPTIONS TO CERTIFICATES OF INDEBTEDNESS. Subscriptions, by classes of subscribers, to the 10 issues of certificates of indebtedness issued in anticipation of the Victory Liberty loan. State banks. National banks. Federal Reserve district. Boston New York Philadelphia... Cleveland Richmond Atlanta Chicago St. .Louis Minneapolis Kansas City.... Dallas San Francisco.. Total. Number Per cent subof total in scribing. district. Amount. Number Per cent j sub- ; of total in! | scribing. \ district, i 375 616 598 738 396 263 1,016 438 793 820 367 531 95.66 98.88 94.62 98.93 75.86 70.70 97.13 93.19 99.87 85.06 57.79 94.48 S295.396.000 1,278,026,000 272,140,000 312,923,000 121,440,500 98,292,500 428,287,000 111,985,500 125,856,500 126,837,500 72.123,500 239,742,000 6,951 89.60 3,483,050,000 j 222 133 j 834 | 416 ; 514 3,109 :! 1,598 : 2,188 : 1,974 352 863 • 12,203 i Other banks. Federal Reserve district. Boston New York Philadelphia.. Cleveland Richmond Atlanta Chicago St. Louis Minneapolis Kansas City... Dallas , San Francisco., Total. Number Per cent j of total in! subscribing. district, j Amount. ! Number Per cent i subof total in i scribing. district. $14,061,000 38,231,000 12,155,000 9,752,000 11,455,000 26.08 i 76.97 100.00 ! 100.00 i 65.21 ! 716 180 71.95 I 80.00 i 26,011,500 : 5,222,500 : 17.38 1,726,500 83.49 I 67.16 118,614,500 j Number | Per cent j i sub- ! of total of , • scribing, j district, j 3207,767,500 i 20,016,000 | 72,758,500 i 24,369,500 43,785,000 ; 495,842,000 :. 86,586,000 | 85,316,500 |. 44,753,500 i 12,651,000 -. 99,798,000 '•• 1,193,643,500 j Total banks. 108 137 24 204 15 1,412 98.23 i 78.70 100.00 33.22 30.32 90.32 73.33 75.34 63.24 31.79 69.48 Amount. Trust companies. Amount. 216 ! 192 i 200 | 218 : 87 j 5 I 82.12 87.46 86.58 94.37 44.15 50.00 Amount. $106,231,000 716,833,500 115,377,500 159,160,500 30,049,000 805,000 187 ! 85.77 41,309,500 52 *6i.'<J6" "io," 345," 666 74 j 67.88 49,518,500 79.94 1,294,629,500 1,231 j Individuals, corporations, etc. Number | subi Amount, scribing, j Total amount subscribed and allotted. 699 1,167 955 1,994 914 782 4,841 2,403 2,981 2,846 747 1,468 65.38 ! $475,688,000 95.34 ! 2,240,858,000 90.53 I 419,688,500 98.96 i 554,594,000 45.83 i 187,314,000 37.65 : 142,882,500 88.29 I 950,140,500 77.71 ! 245,103,500 80.61 ; 211,173,000 68.28 ;! 186,936,000 39.25 86,501,000 76.74 ^ 389,058,500 10 125 38 49 38 20 58 16 375 24 591 74 $104,500 14,287,000 646,000 167,500 183,000 429,000 3,275,000 184,500 : | 4,827,500 | 809,000 i 15,045,000 | 1,416,500 8475,792,500 2,255,145,000 420,334,500 554,761,500 187,497,000 143,311,500 953,415,500 2-45,288,000 1218,880,500 187,745,000 101,546,000 390,475,000 21,797 73.41 ; 6,089,937,500 1,418 41,374,500 6,134,192,000 i Includes §2,880,000 purchased by the Federal Reserve Bank of Minneapolis. NOTE.—Figures for State banks, trust companies, and other banks are only approximately correct, since in some States no distinction is made between the several classes of banks operating under State laws. 610 FEDERAL EESEEVE BULLETIN. JUNE 1,1919. EARNINGS AND DIVIDENDS OF MEMBER STATE BANKS AND TRUST COMPANIES. Abstract of reports of earnings and dividends of member State banks and trust companies of the Federal Reserve System for the last six months of 1918, arranged by districts. [In thousands of dollars; i. e., 000 omitted.] District District District District District District District District District District District District No. 1 No. 2 No. 3 No. 4 No. 5 No. 6 No. 7 No. 8 No. 9 No. 10 No. 11 No. 12 (31 (29 (44 (101 (66 (37 (288 (70 (27 (54 (97 (86 banks). banks). banks). banks). banks). banks). banks). banks). banks). banks). banks). banks). Total United States (930 banks). Capital stock oaid in Surplus 27,075 30,581 118,371 159,121 21,302 45,286 31,645 59,212 9,381 6,621 15,840 10,584 72,620 66,207 23,825 20,145 6,289 1,970 5,265 3,224 6,823 2,260 11,674 4,469 350,110 409,680 Total capital and surplus... Gross earnings: Interest and discount Exchange and collection charges Commissions Other earnings.. .• Total gross earnings 57,656 277,492 66,588 90,857 16,002 26,424 138,827 43,970 8,259 8,489 9,083 16,143 759,790 12,851 66,584 7,402 12,419 2,280 4,939 30,965 7,803 2,433 2,328 1,581 4,475 156,060 28 128 1,650 305 1,641 8,996 79 100 1,669 118 93 3,299 67 23 429 296 101 610 438 313 3,273 317 155 810 57 72 85 44 74 265 69 20 30 94 64 287 1,912 2,784 21,403 14,657 77,526 9,250 15,929 2,799 5,946 34,989 9,085 2,647 2,711 1,700 4,920 182,159 2,252 9,841 1,264 2,070 458 1,010 5,668 1,418 491 419 473 858 26,222 461 5,731 881 1,315 4,214 27,195 3 691 7,069 482 2,555 472 809 387 6,162 747 1,473 208 820 140 296 805 1,398 458 860 1,653 11,973 3,189 3,514 923 2,302 558 923 92 914 107 311 259 831 115 380 140 238 117 271 255 1,432 237 567 9,879 61,551 10,712 17,788 10,640 52,010 5,582 10,839 1,922 4,531 25,997 6,124 1,915 2,004 1,239 3,349 126,152 4.017 88 25,516 689 3,608 103 5,090 1,249 877 52 1,415 102 8,992 382 2,961 92 732 22 707 59 461 11 1,571 389 56,007 3,298 4,105 26,205 3,831 6,339 929 1,517 9,374 3,053 754 766 472 1,960 59,305 632 459 82 1,686 5,108 1,329 31 613 56 105 532 122 40 50 38 331 176 124 825 1,799 316 169 127 112 105 20 28 333 48 24 139 6 30 708 160 214 5,104 9,098 2,475 Expenses: Interest and discount on borrowed money Interest on deposits Taxes . . .. Other expenses Total expenses Net earnings since last report Recoveries on charged-off assets.. Total net earnings and recoveries Losses charged off: On loans and discounts On bonds, securities, etc Total losses charged off Net addition to profits Ratio of net profits to capital and surplus (annual basis) (per cent) Dividends paid . . 1,173 8,123 700 759 128 631 2,940 408 153 405 175 1,082 16,677 2,932 18.082 3,131 5,580 801 88(i 6,434 2,645 601 361 297 878 42,628 10.2 1,771 13.fi 11,819 9.4 2,085 12.3 2,843 10.0 702 6.7 981 9.3 4,682 12.0 1,773 14.5 254 8.5 353 6.5 383 10.9 554 11.2 28,230 INDEX. Acceptance liabilities: PageLeading commercial banks of France, England, and Germany before and after the war 561 Member banks in the United States on March 4, 1919 554-561 Acceptances: Banks granted authority to accept up to 100 per cent of capital and surplus T 562 Committee to consider question of regulations and literature on, meeting of 530 Condition of accepting member banks on March 4, 1919 554-561 Holdings on April 30, distributed by classes of accepting institutions 592 Purchases during April, also average rates and maturities 592 Sight drafts accepted payable at a future date, ruling on. 565, 566 Trade acceptances covering building operations, ruling on 565 Agricultural paper held on last Friday in April 592 Annual report of the Federal Reserve Board 529 Bank transactions—debits to deposit account 571-573 Banking situation on the Continent 525 Borrowing to meet future demands on Treasury 521 Branches, foreign, of American banks 562 Buffalo branch bank, opening of 530 Business and financial conditions: Growth toward the restoration of business activity 522 Special reports by Federal Reserve agents on. 531-543 Calkins, J. U., appointed governor of Federal Reserve Bank of San Francisco 530 Certificates of indebtedness: Further issues of, may be offered 521 Issue of, on May 1 521 Stamp tax on promissory notes secured by, ruling on 566 Subscriptions, by classes of subscribers, to the 10 issues in anticipation of the Victory loan.. 609 Chart showing index numbers of wholesale prices in England and the United States 546 Charters issued to national banks during May 562 Check clearing and collection system, operation of. 608 Clearing-house bank debits . 571-573 Collection statistics, plans to obtain index numbers of 547 Colorado, amendment to laws of, relative to State bank membership in system 566 Commercial failures reported 563 Commissioner of Internal Revenue, ruling relative to stamp tax on promissory notes secured by War Finance Corporation bonds or certificates of indebtedness 566 Cotton export corporation organized 553 Debits to deposit account, weekly figures of 571-573 Discount operations: April, by classes of paper 589-593 Member banks, number of, accommodated in April 589 Discount and interest rates prevailing in various cities ' 577-579 Discount rates in effect 607 Earning assets of Federal Reserve Banks, average amount of each class held during .April '.. 591 Earnings and dividends of member State banks and trust companies 610 England: Acceptance liabilities of 18 joint stock banks in, June 30. 1914, and December 31, 1918... 561 Price movements in, index members of 543T545 Chart showing 546 Errata, May Bulletin 563 Exchange rates in Switzerland during period July, 1914, to December, 1918 552 Export trade and prices 526,528 Failures, commercial, reported— 563 Federal Reserve agents' fund, summary of transactions, February 21 to May 22 570 Federal Reserve Banks, resources and liabilities of 594-597 Federal Reserve note account of Federal Reserve Banks and agents 598-599 Fiduciary powers granted to national banks 563,564 Financial conditions abroad 525 Foreign branches of American banks 562 Foreign countries: Acceptance liabilities of leading commercial banks of France, England, and Germany 561 Financial conditions 525 Price movements in certain, during the war.. 543-546 Reparation payments by the Central Powers.. 525 Foreign exchange: Decline in sterling, francs, and lire 525 Situation during May 525 Foreign securities, holdings of 526 France: Acceptance liabilities of the three leading commercial banks of, before and after the war... 561 Price movements in, index numbers showing. 543-54 5 Germany, acceptance liabilities of ei^ht largest credit banks in, December 31, 1913-1917 561 Gold, imports and exports of. 529, 605 Gold-settlement fund, summary of transactions, February 21 to May 22 \ 569-570 Government aid in post-war financing 528 Government control, elimination of, from business.. 523 Import restrictions, removal of, by Great Britain... 523 Imports and exports of gold and silver 605 Index of collection statistics, plan to obtain 547 Index numbers showing movement, of prices in the United States, England, France, Italy, and Sweden during the war 543-546 Interest and discount rates prevailing in various cities 577-579 Investment operations of the Federal Reserve Banks during April 590 Iowa, amendment to laws of, relative to State bank membership in system 567 Italy, price movements in, index numbers showing 543-545 Law department: Sight drafts payable at a future date 566 Ruling of Commissioner of Internal Revenue relative to stamp tax on promissory notes secured by War Finance Corporation bonds and certificates of indebtedness 566 Amendments to State banking laws. 566-568 Liberty loan: Amounts of subscriptions and number of subscribers to Victory loan 521 Amounts of subscriptions and number of subscribers to the five loans 521 Live-stock paper held on last Friday in April 592 II INDEX. Maturities: Page. Average of acceptances purch ased during April. 590 Average of bills discounted during April 591 Of the several classes of earning assets each Friday 596 Member banks: Condition of accepting member banks on March 4, 1919 554-561" . Number of, discounting during April 589 Number of, in each district 589 Resources and liabilities of, in selected cities. 600-604 Morgan, Sheppard, appointed assistant Federal Reserve agent at New York. . 530 Money: High rates on call money 524 Short supply of, for meeting requirements of reviving business 524 Stock of, in the United States 606 National Association of Credit Men, plan for obtaining collection statistics by 547 National banks: Charters issued to, during May 562 Condition of banks doing an* acceptance business on March 4, 1919 557-559 Fiduciary powers granted to. . 563,564 Nebraska, amendment of laws of, relative to State bank membership in system 567 New Hampshire, amendment to laws of, relative to State bank membership in system 567 New York Stock Exchange, operations on 523 Ohio, amendment to laws of, relative to State bank membership in system 568 Open-market operations—acceptances, U n i t e d States bonds, certificates of indebtedness, and municipal warrants purchased during April... 589-593 Oregon, amendment to laws of, relative to State bank membership in system 568 Physical volume of trade 580-588 Prices: Adjustment of price levels 522 Export trade, effect of, on 528 General trend upward 522 Index of wholesale, in the United States.... 574-576 Price movements during the war in the United States and leading foreign countries 543-545 Prices—Continued. PageChart showing 546 Rates on call monev 524 Reconstruction, period of 522 Resources and liabilities: Federal Reserve Banks 594-597 Members bank in selected cities 600-604 Rulings of the Federal Reserve Board: Trade acceptances covering building operations. 565 Sight drafts accepted payable at a future date.. 565 Silver, imports and exports of 605 Speculative situation in the securities market 523 State banking laws, amendments to, relative to State bank membership in system 566-568 State banks and trust companies: Earnings and dividends of member banks 610 Admitted to system during the month 562 Condition of banks doing an acceptance business on March 4, 1919 559-561 Sweden, price movements in, index numbers showing 543-545 Switzerland, banking and industry in, during the war 548-552 Tax, stamp, on promissory notes secured by War Finance Corporation bonds or certificates of indebtedness 566 Trade, physical volume of. 580-588 Trust companies. (See State banks and trust companies.) Trustee, executor, etc., powers granted. (See Fiduciary powers.) Victory loan: Certificates of indebtedness, 10 issues of, issued in anticipation of 609 Subscribers to, number of 521 Subscriptions to, amounts of 521 War Finance Corporation bonds, stamp tax on promissory notes secured by, ruling on 566 War paper: Amounts discounted during April 591 Amounts held on last Friday in April 592 Wholesale prices, index of: In the United States... 574-576 In the United States and leading foreign countries 543-546