Full text of Federal Reserve Bulletin : September 1919
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FEDERAL RESERVE BULLETIN ISSUED BY THE FEDERAL RESERVE BOARD AT WASHINGTON SEPTEMBER, 1919 WASHINGTON GOVERNMENT PRINTING OFFICE 1919 FEDERAL RESERVE BOARD, EX OFFIOIO MEMBERS. CARTER GLASS, Secretary of the Treasury, Chairman. JOHN SXELTON WILLIAMS, Comptroller of the Currency,. W. P* G. HARDING, Governor. ALBERT STEAUSS, Vice Governor, ADOLPH 0. MILLER. CHARLES S. HAMLIN, GEORGE L. HARRISON, General Counsel. W. To CHAPMAN, Assistant Secretary, W. M, IMLAY, ^«cal il^cnf. M. JAOOBSON, Statistician* II H. PARKER WILLIS, Director, Division of Analysis and Research, J. E. CRANE, Acting Director, Division of Foreign Exchange* OFFICERS OF FEDERAL RESERVE BANKS. Federal Reserve Bank Governor. Chairman. of.™ Boston Frederic H. Curtiss... Chas. A. Morss New York Pierre Jay Beni, Strong, ir Philadelphia Cleveland R. L. Austin D.C.Wills... E. P. Passmore E. R. Fancher Richmond Caldwell Hardv George J, Seay Atlanta Chicago Joseph A. McCord Wml A. Heath M. B. Wellborn J. B. McDougal St. Louis Minneapolis Kansas Citv Dallas....*... San Francisco Wm. McC. Martin John II. Rich Asa E. Ramsay Wm. F. Ramsey John Perrin D.C. Biggs Theodore Wold J. Z. Miller, jr R. L. YanZandt J. U. Calkins 1 Assistant to governor. Cashier. Deputy governor. Chas. E. Spencer, jr.. C. C. Bullen R. H. Treman J . I L Case L. F. Sailer. J. F. Curtis Wm. II. Hutt, jr M. J. Fleming 1 Frank J. Zurlinden 1.. C. A. Peple R. H. Broaddus L. 0. Adelson.. C. R. McKay 1 B. G. McCloud 0. M. Attebery R. A. Young C. A. Worihington 1 .. Lvnn P. Tallev. Wm. A. Dav.J Ira Clerk.3 " 2 Acting cashier. W. Willett. L. IL Ilendricks. W. A. Dver. H. G. Davis. Geo. EC. Keesee. M. W. Bell. S. B. Cramer. J. W. White. S. S. Cook, J. W. Helm.3 Lvnn P. Talley. « Assistant deputy governor. MANAGERS OP BRANCHES OF FEDERAL RESERVE BANKS. Federal Reserve Bank of— New York: Buffalo branch Manager. Rav M. Gidney. Cleveland: Cincinnati b r a n c h . . . . . L. W. Manning. Pittsburgh branch Geo. Do Camp. Richmond: Baltimore branch.. Manager. St. Louis: Louisville branch Memphis branch Little Rock branch W. P. Kincheloe. J. J. Heflin. A. F. Bailey. Kansas City: Omaha branch Denver branch 0. T. Eastman. C. A. Brukhardt, Dallas: Ej Paso branch Houston branch R. R. Gilbert. Sam R. Lawder. San Francisco: Salt Lake Citv branch... Seattle branch Spokane branch Portland branch C. II. Stewart. C. J. Shepherd, C. A. McLean. 0. L. Lamping. Morton M. Prentis. Atlanta: New Orleans branch Marcus Walker. Jacksonville branch Geo. R. De Saussure. Birmingham branch.... A. E. Walker, Chicago: Detroit branch.., Federal Reserve Bank of— It. B. Locke. SUBSCRIPTION PRICE OF 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 82 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 SI per annum. No complete sets of the BULLETIN for 1915, 1916, or 1917 are available. TABLE OF CONTENTS. Page. Review of the month Business and financial conditions: Summary Special reports by Federal Reserve Agents Changes in the general price levels compared with the movement of gold, Federal Reserve Bank reserve, and Federal Reserve note circulation, 1914-1919 Banking and economic conditions in Italy, 1914-1919 Quantities and values of principal exports, 1914-1919 Official: Prohibitions relating to foreign exchange transactions Foreign branches of American banks State banks and trust companies admitted to the system Banks granted authority to accept up to 100 per cent of capital and surplus Charters issued to national banks Fiduciary powers granted to national banks Rulings of the Federal Reserve Board Law Department: Amendments to Georgia banking laws Miscellaneous: Changes in the German Reichsbank's gold reserve Comparative statement of principal banks of issue Acceptance liabilities of member banks Crop statistics, by Federal Reserve districts Commercial failures reported Statistical: Wholesale prices in the United States Discount and interest rates prevailing in various centers Physical volume of trade Gold settlement fund transactions, May 22-August 1 Debits to individual account, July-August Discount and open-market operations of the Federal Reserve Banks Operation of the Federal Reserve clearing system Growth of the par list Resources and liabilities of the Federal Reserve Banks Federal Reserve note account Condition of member banks in selected cities Imports and exports of gold and silver Estimated stock of money in the United States Abstract of reports of condition of member State banks and trust companies Discount rates approved by the Federal Reserve Board. Diagrams: Note circulation in Italy, 1914-1919 Par point map IV 813 822 827 838 840 849 853 854 855 856 855 856 858 859 847 848 852 852 856 860 864 867 876 878 882 886 886 889 894 896 901 902 903 902 844 888 FEDERAL RESERVE VOL. 5 SEPTEMBER 1, 1919. BULLETIN No. 9 3. The Secretary of the Treasury has auREVIEW OF THE MONTH. In accordance with the general plan an- thorized the Federal Reserve Banks on and after Tuesday, September 2, to redeem in cash nounced by the Treasury about before maturity at the holder's option, at par The Treasury t h e e n d o f J u l t w o series of and accrued interest to the date of such opprogram. ?• . tional redemption, Treasury certificates of Ireasury certificates ot in- indebtedness of Series V J, dated April 10, debtedness were placed during the past month, 1919, and maturing September 9, 1919. on August 1 and 15, respectively. Both High prices and the advancing cost of living issues were oversubscribed, the first realizing become the occasion of $533,801,500 and the second $532,152,000. Cost of living. have ., -, . , . ,, The certificates issued mature after five months, widespread anxiety m the i. e., in January, 1920. On August 12 a 20 United States, and recently have become the per cent installment on Victory loan subscrip- subject of legislative attention. The Presitions fell due and on the same date the Treas- dent in an address to Congress on August 8, ury redeemed the outstanding balance of 378 declared that "the prices the people of this millions of Treasury certificates issued on country are paying for everything that it is March 13 in anticipation of the Victory loan. necessary for them to use in order to live are Two other series of certificates, totaling about not justified by a shortage in supply, either 1,237 millions, issued in anticipation of this present or prospective.'' The Federal Reloan are still outstanding and, unless previously serve Board in a letter of the same date to the called for redemption, are to be retired on Sep- Senate Committee on Finance and Banking tember 9 and October 7, when further install- (published in the August BULLETIN), rejected ments on the Victory loan are payable. The net the idea that "excessive" volume of currency result of these operations is an increase of the was the cause of prevalent high prices. This floating debt of the United States by about 688 is the view which has been consistently mainmillions, which, according to previous announce- tained by the Board, the letter being merely a ment, will either be paid off on or prior to restatement with amplified detail of the posimaturity or be funded by the issue of short- tion taken by the Board on previous occasion, term notes. notably in the October. 1918, BULLETIN (p. As the result of the successful placing of the 927), where the conclusions were expressed first two issues of loan certificates the Treasury that "the increase in the circulation of the announced on August 25 a slightly modified Federal Reserve note has been in the main in financial program for the immediate future, as response to actual needs, and that whatever follows: inilation of prices may be said to exist can not 1. There will be no fixed minimum amount properly be said to have been induced by for the issue of loan certificates dated September 2 and maturing February 2 (Series C overissue of Federal Reserve notes." In its 1920). The issue will not remain open for any recent letter, particular occasion is taken by stated period, but will be closed without notice. the Board to point out "the difficulty, indeed Federal Reserve Banks will not assign quota the impossibility, of keeping in circulation an in respect to this issue to the banking instituexcessive volume of Federal Reserve notes. tions of their districts. 2. There will be no issue of loan certificates They are issued only as a need for them deupon September 15. An issue or issues of tax velops, and as they become redundant in any certificates of longer maturity may be sub- locality they are returned to the Treasury at stituted. Washington, or to a Federal Reserve Bank for 813 814 FEDERAL RESERVE BULLETIN. redemption. Thus there can not at any time be more Federal Reserve notes in circulation than the needs of the country at the present level of prices require, and as the need abates the volume of notes outstanding will be correspondingly reduced through redemption. The increased volume of Federal Reserve notes in circulation during the past three years, in so far as it is not the result of direct exchanges for gold and gold certificates which have been withdrawn from circulation, is the effect of advancing wages and prices, and not their cause." Under the elastic note-issue system provided by the Federal Reserve Act, the Federal Reserve note possesses a self-regulating qualit}7 quite automatic in its operation. While it is technically a true statement to say that the Federal Reserve note when issued is issued by the Federal Reserve Bank, the greater truth in understanding our present monetary machinery is missed unless it is perceived that the occasion of the issue of a Federal Reserve note is determined not by the bank for itself but for the bank by the community. The question whether or not a Federal Reserve note shall be issued is decided by the business and general community in accordance with its circulation needs. It is its needs rather than the bank's desire which determines the question of issue. Thus, then, the Federal Reserve note when issued is issued at the instance of the community, not at the instance of the bank. That this must inevitably be so is clear from an appreciation of the fact that there is no method by which the Federal Reserve Banks, even should they so desire, can put out and keep out a greater quantity of notes than the convenience of the community requires, so long as the facilities for the redemption and retirement of the reserve notes provided by the Federal Reserve Act are maintained, as they have been since the organization of the Federal Reserve System, in a state of effective operation. SEPTEMBER 1,1919. While thus disposing of the currency as the cause of rising prices, the Board °X" doeS not overlook the ^ portant influence exerted by credit expansion. That the expansion of credit has been a considerable factor in our financial and price situation is clear; that it is still a factor and one which still calls for correction by the process of increasing production and savings.and by the investment of the proceeds of savings in the absorption of Government bonds is equally clear. The most recent data available show that for the year ending June 30, 1919, total deposit liabilities in national banks increased by the amount of $1,903,256,000, or from $14,021,609,000 to $15,924,865,000, and that loans and discounts increased by the amount of $954,436,000, or from $9,620,402,000 to $10,574,838,000. The increase in deposits, therefore, exceeded the increase in loans and discounts by the amount of $948,920,000. or close to 100 per cent. The rate of increase in deposits for the year was 13.6 per cent, as against 9.92 per cent for loans and discounts. A substantial portion of the increase in deposits, it appears, must therefore be accounted otherwise than by an increase in the commercial loan account of the banks. The significant change in their resources is found in their investments in Government bonds and Treasury certificates. These increased by an amount of $1,055,127,000, or from $2,116,785,000 to $3,171,912,000, an increase of 49.8 per cent. It thus appears that the increase of deposits noted above is to a considerable extent to be regarded as a pure credit expansion not called for by increased industrial activity, but occasioned by the use of the banks' credit for Government financing. It shows once more how much care and discrimination must be used in interpreting increases in bank "deposits" and bank "resources" in times like the present and the recent past, when conditions in the financial world have been so highly abnormal. SEPTEMBER 1, 1919. FEDERAL RESERVE BULLETIN. The naive idea that a bank deposit normally originates by the bank's customer making a deposit of cash in the bank does not reveal the substance of the situation in countries like the United States, with a highly developed system of bank credit and its utilization through the form of the deposit account. The most usual form in which bank deposits originate is by borrowers going to a bank to seek accommodation and offering their notes for discount, the bank making the loan sought by the customer by opening a credit or "deposit*' on its books in the borrower's favor. Normally, therefore, what are called deposits increase as loans and discounts do; in other words, as borrowings from banks increase. When such is not the case and the loans and discounts do not grow in correspondence with the deposits, the cause of expansion will usually be found in an increase in the investment account of the banks. Such, in fact, has been the trend of our banking operations during recent years, notably since our entry into the European war. It is a mistake, therefore, to deduce from the rapid increase of bank deposits inferences as to the growth in wealth or prosperity of the country at large. Were the growth of bank liabilities to be invariably taken as an index of the growth of real wealth, it would have to be admitted that some of the recent European belligerents, an inspection of whose banking situation reveals a very much more rapid growth in bank liabilities and resources than does the situation of our banks, were experiencing greater prosperity and a more rapid growth of wealth than the United States. Such has, however, only too obviously not been the case. Europe's economic and financial condition is serious and worst in those countries where the credit and banking situation is most extended. The gravity of the economic and financial situation left Europe by the war h a s l a t t e r l b e e n t h e 8ub ect of y * frequent comment from statesmen and business leaders there. The British Chancellor of the Exchequer (Mr. Austen Chamberlain) in presenting his budget last spring called attention to "hard 815 and inexorable economic facts obscured by a fictitious appearance of wealth." "There is," said the chancellor, "between two and three times as much legal-tender money in circulation as there was before the war. The deposits at the joint-stock banks have more than doubled. The position of these banks, judged by every approved criterion of sound banking, is stronger than it ever was before, but the securities— British Government securities standing behind the deposits, standing behind the legal-tender money—represent to a large extent not existing wealth, but wealth consumed in the operations of the war, which it must be our business to replace out of the exertions of the present. Both are drafts of future labor on the future creation of wealth. Pending their payment they are an immense reservoir of artificial purchasing power, and therefore diminishing in effect with each new increased issue. "Look behind the counter and you see a different picture. We have sold one thousand million of our foreign investments, losing the equivalent power to draw on the wealth created in foreign countries. We have incurred debt to the extent of £1,300,000,000, but the position of our debtors forbids us to count upon their claims for large immediate relief. Ultimately and gradually that relief will, we hope, mature, but we can not count upon it for immediate purposes. In years to come a considerable part of our production must be devoted to paying our foreign creditors a part, and a large part, making good the wastage and arrears of war. Our roads, our railways, and in a lesser degree— still, in some degree—our machinery suffer from the absence during these past years of the ordinary upkeep and development. Houses, which were short before the war, are now hopelessly in arrears. A large part of the production of the next—I don't know whether I should say few years—a large part of the production of the coming year—both the production of labor and of capital—will be needed to make good those losses and to pay the new liabilities that we have incurred. " I ask the committee therefore to be under no misapprehension as to the magnitude of the 816 FEDERAL RESERVE BULLETIN, task which lies before us. Again I repeat that there is urgent need for national and individual economy. Nothing but the unity of all classes, comparable to that which we have seen in the years of war, will enable us to face the years of difficulty which must follow at the conclusion of so great a crisis." More recently the British Premier (Mr. Lloyd-George), in an address to the House of Commons on August 19, in speaking about the financial situation, laid particular stress on the serious magnitude of England's adverse trade balance. "Our adverse balance before the war/' said he, "was 150 millions (pounds sterling) ; our adverse balance at the present date is nearly 800 millions. "How did you reach that 150 millions before the war ? We had invisible exports of 350 millions, a balance on that account of 200 millions in our favor. What happened to that? We reinvested it nearly every year, with the result that the indebtedness of the world to us was increasing rapidly every year, more especially for the last seven or eight years before the war. "What has happened since the war? We have sold 1,000 millions of our foreign securities to pay for war material. We borrowed probably another 1,200 millions from America * * *. "As far as receipts are concerned, from our foreign commitments we are down 100 millions. We have got to pay an adverse balance of 800 millions. We must bridge that chasm, for at the bottom of it is ruin—ruin. We are building a temporary bridge now by borrowing—not by State borrowing, but by trade borrowing— by running into debt for raw material and for goods. That will only add to the catastrophe— for you are advancing farther on a bridge which is a shaky one, and you are advancing with increasing weight along it. That is the position in regard to international trade. * * * "To meet this condition of things * * * there is but one resource—that is, increased production. What are the facts? There is almost a sensational decrease in output. That is true of every branch of production except agriculture, where you have had an increase since the war. We are spending more, we are SEPTEMBER 1,1919, earning less. We are consuming more, we are producing less. It can not last.7' Mr. Asquith, former British Premier, discussing the economic situation in a speech delivered before the Free Trade Union recently, asked: "What is the real remedy against high prices and of the individual hardships which the war has brought? First and foremost, public economy * * *. The next thing is increased and better production * * *. The prime economic need at this moment of mankind is that production should be increased until the maximum output is obtained. What is true at home in the domestic sphere is not only equally true but more significantly true in the international sphere." The "adverse" trade balance complained of in England is most manifest Trade balances, in her relations with the United States. On our side it has given rise to a situation which is conventionally described as a "favorable" balance of trade because of the large excess of goods exported above those imported, leaving a resulting balance of indebtedness to be met. Looking at the matter from the point of view of the ordinary American consumer, however, the effect of such a "favorable" balance of trade is far from favorable for him. Whatever economic and financial justification there may be for the vast quantities of merchandise the United States has been sending to Europe, payment for which, looking at the transaction from the point of view of the nation as a whole. is to be made sometime in the future when the economic and financial circumstances of the importing nations of Europe are more satisfactory, the immediate present effect of it in many lines of industry is to curtail the supplies available for the American consumer and thereby to become a factor of considerable importance in our price level. To the extent that the American consumer, or a sufficient percentage of American consumers, do not voluntarily reduce consumption by amounts sufficient to release for the use of the European consumer the great quantities of goods which are being sent oversea, there results in the American SEPTEMBER 1, 1919. FEDERAL RESERVE BULLETIN. market competition between the European demand and the American demand, the inevitable effect of which is to drive up prices and to induce the speculation which rising prices usually occasion. "Buying in competition with export demand" undoubtedly has been a major cause of rising prices in the postwar period in the United States. For the fiscal year ending June 30, 1919, the exports from the United States amounted to $7,225,100,000, and imports amounted to $3,095,900,000, leaving therefore an excess of exports amounting to $4,129,200,000, as against $2,974,000,000 for the fiscal year 1918, and $3,630,700,000 for the fiscal year 1917. It is noteworthy not only that the figures of our exports and our net exports for the year 1919 are the highest ever attained, but also that the volume of our exports showed with little interruption an increase through the fiscal year, attaining its highest point in June, the last month of the fiscal year, when our total exports amounted to $918,300,000. Elsewhere in the current number of the BULLETIN are presented details of our export trade, showing its composition by leading groups of commodities and their volume by quantity as well as by value. It appears that the greatest increase in our exports for the fiscal year 1919, as compared with the preceding year, was in the groups '' Foodstuffs "—prepared and unprepared. Exports in these groups showed an increase in value of over 63 per cent. Bacon, hams, and lard showed an increase in value of about 85 per cent compared with the preceding 3rear, and an increase of more than 60 per cent in quantity. The group "Manufactures ready for consumption/' which constitutes the largest single group for both years 1918 and 1919, shows an increase for the latter year of 9.1 per cent, notwithstanding that the item "Explosives7* showed a decrease of over $250,000,000 in 1919 as compared with 1918. Whether our export trade will keep up anything like the 1919 volume during the current fiscal year (July, the first month of the year? shows a falling off of exports by $348,169,900) seems doubtful, but it seems highly probable 817 that it will maintain a volume so far in excess of the normal ratio of our exports to total production in prewar days that it will be a factor of moment in the domestic price situation and in living costs. As long as circumstances make it necessary or advisable for the United States to sell a large volume of merchandise to Europe on credit, there must be shortages of supply in the domestic market unless industry is kept in a state of high activity and all hands are at work to increase output. Unless this is done resulting shortages will mean reduced consumption to be met either by voluntary saving on the part of the consumers, or compulsory saving through the process of high or even perhaps rising prices. The whole situation is one that can be met, as pointed out by the Board a month ago, only if the doctrine "work and save" is taken to heart by every class in the Nation and made its guiding principle until the trying conditions left by the war are finally surmounted. " Only by keeping the cost of production on its present level, by increasing production and by rigid economy and saving on the part of the people can we hope for large decreases in the burdensome cost of living which now weighs us down," &aid the President in his address to the country on August 25. Closely associated with the movement of our export trade noted above, have chang^siiuation." b e e n t l i e further and considerable declines in the values of foreign currencies in terms of the dollar, which have given rise to considerable discussion of the probable effects of such declines. These declines are primarily due to the fact that foreign countries have large payments to make in dollars to the United States at a time when they are not sending us commodity exports of corresponding value to their imports from us to provide the exchange requisite to pay for their American purchases. Otherwise stated, the decline in the value of foreign currencies, when exchanged for dollars, makes more expensive payments in dollars by countries having available for such purpose only their own currencies. Current discussion of these condi- 818 FEDEBALi RESERVE BULLETIiN'. SEPTEMBER 1,1919. fcions too frequently treats the problem of the the intensified stimulus of war conditions. foreign exchanges and our export trade sepa- Such a condition can be averted through timely rately from the problem of domestic trade. It action by the industries involved, which should is too frequently assumed by those complain- be considering the steps necessary to correct ing of the fall of foreign exchanges that trade such a situation in case it should arise. The on the scale of our recent exports is a thing fact remains, however, that the present reladesirable in itself and to be kept up by keeping tionship of exports to imports—the volume of up the value of foreign currencies in the one being very large and the other comparaAmerican market. But when the export trade tively small—is unhealthy and seriously disis considered in connection with the domestic advantageous to this country, looking at the trade it becomes clear, as already pointed out, situation purely from our domestic point of that the source of much of the difficulty pre- view. sented by the existing situation is the continued Looking at the matter from another angle, competition of the export demand and the it is evident that European countries find it home demand. The state of the foreign ex- difficult in the present circumstances to make changes merely reflects the state of inter- purchases in this country, but the outstanding national trade. The correction of the ex- fact is that these countries have not seen fit so change situation, so much complained of by far to adopt any effective measures for the those who look at the matter from the exclusive correction of existing rates of exchange. standpoint of the export interest, will, there- Ministers of several of these countries have fore, only find its natural and permanent solu- looked with complacency upon the decline in tion through a reduction of our exports and an exchange which tends to limit purchases here. increase of our imports until they reach a point This decline makes it possible "for the countries of approximate equilibrium. affected to leave their commerce unrestricted without danger of having their nationals overIt should be understood that a decline in buy in our markets. Corrective effect exchange operates as a corof falling ex- rective to the situation which There are many factors constantly at work change. h a g ^n^gM about the decline, which can not be fully enumerated or even by checking exports and stimulating imports. traced, which tend to correct the decline of Viewed, therefore, purely from our own do- exchange, and some are already operating to mestic standpoint, the falling exchange rates that end and they will tend to operate more are beginning already to relieve the present effectively with every successive decline, but abnormal and difficult situation. The large it should be borne in mind that while declining volume of exports during the past few months exchange operates to set in motion certain has been rendered possible by advances from corrective factors, after an exchange rate has the United States Treasury to the governments had its decline and is oscillating moderately associated with us in the war. These advances around a lower stabilized base the tendency have amounted, from the date of the armistice is for all factors to adjust themselves about the to August 31, to $2,177,096,212. There is some new base. In other words, a declining rate danger also that the present abnormal situa- of exchange tends to produce certain effects, tion may undergo a more violent change in while a rate of exchange which has expethe future when European countries shall rienced a decline and is more or less stable have stocked up on commodities and our at a lower level produces these effects in a domestic consumers have gratified the mood of much smaller degree. The tendency of a reaction from war economy, and we may then declining rate of exchange for the currency of experience an abrupt falling off in exports so any country is to stimulate exports from that great as to embarass some of our industries country and to curtail imports; a declining which anticipated their natural growth under rate offers residents of the country involved a SEPTEMBER 1,1919. FEDEKAL KESERVE BULLETIN. heavy premium on the sale of their foreign securities in countries in whose favor the exchange rate is running. This premium is in many countries a more powerful argument with the private holder of foreign securities than any government requisition can be; it tends to make foreign creditors to whom money is due in currency of the debtor country leave the funds on deposit pending a more favorable time for their transfer to the creditor country; it stimulates the nationals of the debtor country to borrow abroad and remit the proceeds home for domestic use, as any improvement in exchange will afford a profit at the time of repayment. These are a few of the corrective factors. From the best information available it appears that the probable deProviding for dg f f { n a t i O ns upon foreign demands. 1 . , , this country ior reconstruction purposes have been greatly overestimated in the public prints. It is perhaps not unnatural in a situation where distressed peoples feel they must draw for their needs on a limited fund of capital that they should estimate their requirements very liberally for fear that they might not be sufficiently supplied. For many reasons it appears that the needs of Europe should be supplied through the private initiative of foreign manufacturers, merchants, and bankers dealing with similar American groups and not through the concerted efforts of the governments concerned. From the standpoint of the borrowing country already burdened with an enormous public debt, money borrowed by private individuals for use in their own business will be expended more carefully and judiciously and better provision will be made for its repayment than would be the case if the money should be borrowed by government, where other than purely economic conditions may influence the expenditure. It has been well said that where money is borrowed for reconstruction purposes by governments the tendency has been to establish bread lines instead of wood yards; in other words, to subsidize unemployment rather than to create employ- 819 ment. From the viewpoint of the lending country, i. e., the United States: after completing its own war financing the ability of our Government to assist foreign Governments without vast inflation and consequent danger to our own credit is problematic. The American people have subscribed liberally to war loans, but there is nothing to indicate that when they shall have closed the account by doing their part in such financing as remains to be done to liquidate the war bills they will be inclined to buy any considerable amounts of bonds of this Government for the purpose of further financing Europe. The complete stabilization of foreign exchange could be effected only through unlimited advances to foreign countries, advances against which those countries will draw as their needs require. As drafts are drawn and sold abroad, the proceeds in foreign currency would go to the Governments concerned and become available for the purposes of those Governments. This process would give those Governments power to draw on this country indefinite amounts for unspecified or undisclosed purposes, and to meet these drafts our Government would have to sell additional obligations to its own citizens. Thus, to the extent of the credits extended, the burden of foreign war debts would be transferred to the shoulders of the American people, offset, of course, by such repayments on account of in-' terest or principal as the foreign Governments might make from time to time; but even if ultimately fully offset, our own Government obligations must still in the first instance be marketed. There is no reason to doubt that private initiative, supplemented by such Existing ma- f i l i t i e s a s governmental agen& chmery. . ° . cies are authorized to make under existing law, can deal effectively with the present situation. Facilities are provided by the Webb-Pomerene Act and by the War Finance Corporation Act as amended. Manufacturers can combine to form export companies, putting in as capital such sums as they are severally willing to devote to the export busi- 820 FEDERAL RESERVE BULLETIN. ness, and these corporations can borrow from the War Finance Corporation sums based upon their financial standing. The responsibility of the interest directly concerned is essential to prevent reckless business, and unless we propose to burden our people generally for the purpose of subsidizing exports, those whose products are to be sold and who reap the advantage of such sales ought, with the aid above outlined, to be prepared to finance their own sales. Such are the fundamentals of the situaPendlng legis- t i o R a n d t h e Purposes to be lation and safe- achieved. As for providing the guards. machinery for achieving those aims, certain things remain to be done, and legislation covering these points is now pending in Congress, notably the Edge bill, which provides Federal charters for corporations principally engaged in foreign transactions and financing, and another bill, amendatory of section 25 of the Federal Reserve Act, which permits national banks to invest 5 per cent of their capital and surplus in the stock of such corporations, Credits extended abroad and foreign securities purchased must in nearly all cases run for periods beyond the limitations of ordinary banking credits, and banking resources can be safely utilized to a limited extent only in giving the accommodations now needed abroad. Appeal must be made to those who are in. a position, to purchase securities for investment and pay for them with funds accumulated to their credit in bank. Such purchases reduce bank deposits and as the proceeds are, under present circumstances, most likely to be applied directly or indirectly to the reduction of bank loans, the}7 tend to strengthen the percentage of bank reserves. The fact that many banks and trust companies have investment departments and deal in securities through these departments tends to obscure this distinction. Some confusion results also from the difference between the British and American use of the term '"trust company/' In Great Britain a trust company is an investment corporation issuing its debentures to the investing public and holding in trust for the debenture holders the securities which it pur- SEPTEMBER 1,1919. chases. With us a trust company is practically a banking institution holding deposits which must be paid on demand or on reasonable notice. Looking to the soundness of the American banking system, which is at all times concerned in preserving the liquidity of the banks, it is of first importance that present conditions and their bearing on the banking situation should be fully understood by the public and that our banking institutions be not loaded with slow credits and with investment securities of limited marketability. It must not be forgotten that any issue of United States Government securities beyond the ability or willingness of the investing public to absorb will mean that the obligations will go, not into the hands of investors, but must be carried by the banks either as investments or as loans, thus expanding still further an already expanded volume of credit, which it should be the aim of the banking community to reduce gradually to more normal limits. Changes in the condition of member banks and of Federal Reserve Banks situaUon.baiSkmS during the month are traceable chiefly to the loan operations of the Government. The net result of these operations was to cause an increase in the certificate holdings of the member banks in the large cities from 930.1 millions on July 18 to 1,200.7 millions on August 15. For the same period the reporting member banks show, however, a decrease in their holdings of Victory notes from 368.2 to 329.4 millions, a slight reduction in the amounts of United States bonds on hand and a reduction in their war paper holdings from 1,382.1 to 1,320.3 millions. Aggregate amounts of United States war securities and war paper held by selected member banks on August 15 were 3,494.7 millions, or about 164.2 millions in excess of the corresponding total four weeks earlier. Other loans and investments of these banks show a further growth, the August 15 total standing at 11,202.2 millions, or 311.2 millions in excess of the corresponding July 18 total. Of the larger total, 26.4 per cent are loans secured by stocks and bonds other than Government securities. FEDERAL RESERVE BULLETIN. SEPTEMBER 1,1919. For the five-week period between July 18 and August 22 the Federal Reserve Banks' holdings of war paper declined slightly, from 1,579.7 to 1,563 millions, their other discounts from 248.3 to 211.3 millions, and their acceptance holdings from 372.4 to 362.9 millions. Owing to the continued export withdrawals of gold the Federal Reserve Banks report a loss for the five weeks under review of 37.8 millions in their gold reserves. On the other hand, these reserves are bound to be replenished in due course by the amount carried for the time being under the caption of "Gold in transit or in custody in foreign countries" which represents the amount of gold paid to the United States Grain Corporation for food supplied to the German Government. This item stood at 102.7 millions on August 22 and will grow larger before final settlement is made. Net deposits of the Federal Reserve Banks show considerable fluctuation, and on August 22 stood at 1,621.1 millions, a decline of 148.4 millions since July 18. As against this substantial decline in deposit liabilities the Federal Reserve note circulation shows an increase for the five weeks from 2,512 to 2,553.5 millions. As a result, the reserve ratio of the Federal Reserve Banks shows a rise during the period from 50.9 to 51.3 per cent. During the month ending August 10 the net outward movement of gold was $49,959,000, as compared with a net outward movement of $91,472,000 for the month ending July 10. The gain in the country's stock of gold since August 1, 1914, was $959,587,000, as may be seen from the following exhibit: [In thousands of dollars; i. e., 000 omitted.] Imports. Aug. 1 to Dee. 31,1914 Jan. 1 to Dec. 31,1915 Jan 1 to Dec 31 1916 . Jan 1 to Dec 31 1917 . Jan. 1 to Dec. 31,1918 Jan. 1 to Aug. 10,1919 Total - 23,253 451,955 685,745 553,713 61,950 53,105 1,829,721 i Excess of exports over imports. Exports. Excess of imports over exports. 104,972 • SI, 719 31,426 420,529 155,793 529,952 372,171 181,542 40,848 21,102 164,924 i 111,819 870,134 959,587 821 Gold imports for the monthly period ending August 10, amounting to $2,122,000, were received principally from Dutch East Indies, Canada, and Mexico. Of the gold exports, amounting to $52,081,000, $19,016,000 were consigned to Japan, $11,151,000 to Hongkong, $8,798,000 to China, and $2,475,000 to Canada, the remainder going principally to Venezuela, Spain, Bolivia, and Peru. Since the removal of the gold embargo on June 7 total gold exports have amounted approximately to $150,500,000. Of this total about $36,000,000 was shipped to Japan, $33,000,000 to Argentina, $27,000,000 to Spain, $15,000,000 to Hongkong, and the remainder largely to China, Uruguay, Venezuela, Canada, Bolivia, and Peru. The Federal Reserve Board on August 7 announced the resignation, efgaSzaSol '" °F" f e c t i ^ e September 1, of Mr. J. A. Broderick, who has been chief of the division of audit and examination since the organization of the Board in 1914, and who has, since September 1, 1918, been secretary of the Federal Reserve Board. Mr. Broderick resigns in order to become a vice president of the National Bank of Commerce in New York. Mr. W. T. Chapman, assistant secretary, will be acting secretary pending further action by the Board. The President on August 12 redesignated Hon. W. P. G. Harding as Governor of the Federal Reserve Board for the period of one year. The establishment of a branch of the Federal Reserve Bank of San directors.68 *" Francisco, to be located at Los Angeles, Calif., and a branch of the Federal Reserve Bank of Atlanta, to be located at Nashville, Tenn., was approved by the Federal Reserve Board on August 13 and 21, respectively. Mr. C. Harry Benedict, of Lake Linden, Mich., has been elected Class C director of the Federal Reserve Bank of Minneapolis to fill the unexpired term of Mr. John W. Black, resigned. 822 FEDERAL RESERVE BULLETIN. SBPTBMBBB 1,1919. BUSINESS AND FINANCIAL CONDITIONS DURING AUGUST. During the month of August factors, which had not hitherto attracted much attention as business problems, exercised great influence on the business situation. Reference is made, of course, to the problem of commodity prices, in particular those entering into the cost of living, and to the consequent condition of labor unrest. Whereas previously emphasis had been placed upon the great activity displayed by business, and the two problems mentioned appeared merely as disturbing elements in a general situation, which was considered satisfactory in the main, the problem of price readjustment and the difficulties connected with it are now of the greatest importance. Discussion in connection with this readjustment is particularly centered upon the problem of the relation of wages and prices, A movement toward lower prices appears to be in process in certain directions, prices of certain foodstuffs are declining, and a feeling of conservatism is noticeable in certain lines, such as the textile and shoe industries, in which price advances had previously been most marked, "resales" at some concession in price being latterly reported, Reports received from the Federal Reserve agents generally indicate a feeling of confidence that a satisfactory solution of the price and wage problems will be reached." The actual volume of business transacted continues at an extremely high level for the present season of the year, although transportation difficulties and shortage of labor have been hampering factors in certain lines. Increased activity is in fact reported in certain of the basic industries. The agricultural outlook on the whole is distinctly less favorable than a month ago, although the large acreage sown in certain cases will compensate for decreased yield per acre. Cotton in particular is in poor condition. Reflecting the feeling of uncertainty which prevails, the volume of speculation has abated, and declines in the price of securities have occurred. The general business situation, while presenting some disquieting features, is, however, at bottom strong. Barring industrial conflicts, the customary swell in the volume of business during the fall months is probable. It is stated in district No. 1 that "the industrial unrest has overshadowed all other factors, and the interference with transportation facilities has caused for the most part a general slowing down, due largely, however, thus far, to apprehension of the manufacturer rather than to any direct slackening up of business demand." In district No. 2 ''business has continued in great volume and labor has been fully employed," while the situation, in spite of the disturbing elements which have appeared, continues favorable on the whole. In district No. 3, "while the volume of business transacted is very satisfactory, the business community is disturbed over the outlook, owing to the continuance of labor agitation and efforts to reduce the cost of living." In district No, 4, although the same disturbing factors are noted, there is "continued improvement in all manufacturing lines." In district No. 5 " trade and commerce continue highly active, without apparent pause and without any material recession as yet in prices, but there is rather a suppressed feeling of uncertainty pending the eventual solution of present problems." In district No. 6 the agricultural situation is poor, but there has been "little of the usual slackening of commercial activity, although the agitation of the high cost of living has caused some merchants to exercise caution in buying." In district No. 7 "for the moment matters seem to be in a more reassuring state. The labor crisis, which was giving general alarm a fortnight ago, appears to have passed, and business is going forward on 'high gear.'" In district No. 8, although "no marked decrease in the volume of business is apparent/'' business in some lines has tended to become unsettled, and "there is evidence of uneasiness in some quarters." In district No. 9 "the general situation is very good" and should continue so for some time "if the feeling of unrest among the laboring people can bo quieted by a reduction in the SEPTEMBER 1,1919. FEDEKAL RESEEVE BULLETIN. price of food products and other necessaries." Reports from all sections of district No. 10 " indicate that business is moving forward with amazing strides under difficulties, and an unmistakable feeling of confidence in the continuation of busy and prosperous times " prevails. In district No. 11 general business conditions have apparently not been affected to any great extent by unfavorable factors. In district No. 12 conditions are generally favorable, and the outlook is very good. During the present month the commodity price situation has attracted widespread attention. A sharp increase in prices occurred during the month of July. The general index number of the Bureau of Labor Statistics for that month stands at 219, the highest level ever reached, as compared with 207 for the month of June, an increase of 5,4 per cent. The increase in prices, while general, has been greatest in the case of the group of consumers7 goods, being 6.1 per cent for that group, as compared with 4.6 per cent for the producers' goods group, and 5.4 per cent for the group of raw materials. The index numbers for each of the subgroups included under the head of raw materials have also increased. The number for the animal products subgroup shows an increase of 8.4 per cent, while that for the mineral products subgroup shows an increase of 2.1 per cent, and those for the farm products and forest products subgroups show increases, respectively, of 4.1 and 6.6 per cent. Practically all the index numbers for the various groups given above represent the highest levels reached, and the vast majority of the individual commodities included in the construction of the index number increased in price. The general feeling of unrest which is noted has found one of its chief expressions in discontent with the high levels which prices have reached. Measures for controlling the situation and keeping the prices of necessaries at least within reasonable limits were taken by the Government, following the message of the President read before Congress on August 8. As far as the Federal Government was concerned these measures took the form of more drastic use of existing legislation. 823 including the application of the provisions of the food control act to profiteering and hoarding. Congress has also under advisement the enactment of additional legislation extending to a number of articles other than foodstuffs the penal provisions of the existing act, and providing for greater publicity regarding wholesale prices of the principal articles of domestic consumption. Furthermore, sundry measures were undertaken, such as the disposal of surplus army supplies and the elimination, where practicable, of the middleman in the marketing of necessaries, etc. A much more conservative feeling now prevails in certain lines, such as the textile and leather and shoe industries, in which price advances have been most marked, and resales at some concessions in price are reported. The prices of some commodities; in particular certain foodstuffs, have shown a downward tendency since the opening of the month. As corollary to the price problem and the high cost of living there is the feeling of labor unrest which is marked at the present time and which has given impetus to the agitation concerning prices. Reports from the majority of districts designate the labor situation as "unsettled," although from Chicago it is stated that "the labor crisis, which was giving general alarm a fortnight ago, appears to have passed/' while several other districts report such conditions as fairly satisfactory. New wage demands and strikes, actual or threatened, are frequent in certain districts, although in Philadelphia it is stated that inquiry revealed "that actual difficulties were few." Labor conditions in the iron and steel industry have been unsettled, and the efforts to effect the unionization of the workers will be watched with interest. Traction strikes are reported from various centers. The strike of the railroad shopmen has been far reaching in its effects, and has resulted in material embarrassment to trade. The transportation situation is again in the foreground of public discussion, both in consequence of this strike and of the announcement by the railroad brotherhoods of their plan for the future operation of the railroads. In certain districts a decreasing effi- 824 FEDERAL, RESERVE BULLETIN. ciency of labor is remarked, which is ascribed to relaxation from war time pressure for maximum production. At the same time additional demands made by the workers have been granted, in large part due to the general shortage of labor, skilled and unskilled and city and farm, which exists in many sections. In many districts it is reported that no one who wishes to work need be idle, and actual surpluses of labor reported are few and scattered. The agricultural outlook is in many ways less satisfactory than a month ago, in particular with respect to the grain crops. Excessive moisture at a critical stage has resulted in increased growth of straw and a reduced yield per acre of winter wheat, although, owing to the large acreage sown, it is expected that the country's crop will be the second largest ever produced. The outlook for spring wheat is also less favorable, the estimated yield on August 1 being only 225,000,000 bushels,-as compared with 322,000,000 bushels on July 1. In district No. 9 " small grain reports are still very discouraging, showing a much lower yield per acre than was expected/' but "the corn crop is in excellent condition/' In district No. 10 "a good crop is assured/7 the corn being benefited by the August rains, while " conditions have been highly favorable to oats, rye, and barley." "The outlook for corn continues very favorable" in district No. 11. Reports from the Pacific coast indicate that less damage to grain has resulted from the "unfavorable conditions7' reported lastmonth than was anticipated. The outlook for tobacco in Kentucky and Connecticut is promising, but excessive rain has caused damage in the Carolinas. Good fruit crops are reported on the Pacific coast. The condition of the cotton crop on July 25 was 67.1, the lowest on record at this date, and the yield was estimated at approximately 1,000,000 bales under that of last j^ear. As a result of excessive rains, cotton has not fruited well, and the boll weevil has been active. There is a considerable "carry-over" of low grade, very short staple cotton, which is SEPTEMBER 1, 1919. ordinarily exported. Spot prices of cotton in the South are reported to have been steady, although violent price declines occurred in both spot cotton and futures in New York during the month. In New England sales of the shorter staple show real declines in price, while long staple has not ceased to advance. It is reported from the Kansas City district that milling operations have been heavy since new wheat commenced to arrive, but buyers of flour are not placing orders far in advance. Flour prices have declined only slightly, in about the same proportion as have wheat prices, while the price of corn futures has had a sudden drop from the former high level. Trade reports from various centers indicate that the demand for flour has decreased noticeably during the month. Flour production during July, as reported by the United States Grain Corporation, was 8,339,000 bushels, as compared with 7,130,000 bushels during June. Meltings of refined sugar continue considerably in excess of the decreased receipts of raw sugar, and care is being used in the distribution of existing supplies. Receipts of cattle at 15 primary markets increased from 1,122,782 head during June to 1,527,881 head during July, as compared with 1,697,193 head during July, 1918, the respective index numbers being 111, 152, and 168. Receipts of hogs show a falling off from 3,061,838 head during June to 2,411,539 head during July, and 2,530,414 head during July, 1918, the respective index numbers being 139, 110, and 115. Receipts of sheep again show a considerable increase, being 1,558,767 head during July, corresponding to an index number of 114, as compared with 1,116,003 head during June, corresponding to an index number of 82, and 1,148,488 head during July, 1918, corresponding to an index number of 84. It is reported from the Kansas City district that the price of cattle has advanced from the lower level prevailing in June, while sharp breaks occurred from the record hog prices prevailing during July, hogs on August 15 being down to $22.25 per hundredweight, as compared with the top price of $23.40 reached during July. SSPTHMBEB 1, FEDERAL RESERVE BULLETIN. 1919. In iron and steel further increase of activity is noted, Pig-iron production has increased from 2,114,863 tons during June to 2,428,541 tons during July, the respective index numbers being 91 and 105. Steel-ingot production has increased from 2,219,219 tons during June, corresponding to an index number of 92, to 2,508,176 tons during July, corresponding to an index number of 104, while the unfilled orders of the United States Steel Corporation at the close of July were 5,578,661 tons, as compared with 4,892,855 tons at the close of June, the respective index numbers being 106 and 93. The steel industry at the close of July was reported to be operating at from 70 to 80 per cent of capacity. Price increases are reported in certain cases, but leading producers favor continuance of the established levels. Brisk purchasing of pig iron has continued, with prices tending upward, but producers are reluctant to book orders for delivery beyond January. The demand is still chiefly for the products noted in last month's report. Manufacturers of lapweld pipe, wire., sheets, bars, and tin plate have sufficient business booked to enable them to operate for a considerable period. Among the lines which have lagged, improvement is noted in the demand for plates and shapes, while the railroad purchases for maintenance account have given much encouragement to the industry. Slight improvement is noted in the demand for structural steel. It is reported from district No. 3 that the increase in the tonnage ordered is represented by a large number of moderate sized orders, and indicates a better promise than if a few large tonnages had been closed. Active export inquiries are noted. Trades allied with the iron and steel industry, such as machine tools and hardware, are very active. The industry has been hampered by the labor situation. Operations in some centers, notably Chicago, were hindered by the strike of the railroad shopmen which, in conjunction with a strike of dock workers at upper lake ports, interfered with iron-ore shipments. The principal question, however, is that of the unioniza- 134551—19 2 825 tion of the industry, which is at present engaging the efforts of labor leaders. Consumers have taken heed of the warnings as to a possible coal shortage, and heavy purchasing is reported. A rush of buying by consumers of anthracite coal appeared as. a result of the publicity campaign of the bituminous producers, and the anthracite producers are now seeking to reassure the public of the sufficiency of prospective supplies of anthracite. Production of bituminous coal during July amounted to 42,946,000 tons, as compared with 36,806,000 tons during June, the respective index numbers being 116 and 99. Anthracite coal shipments during July also increased, being 6,052,334 tons, corresponding to an index number of 108, as compared with 5,619,519 tons during June, corresponding to an index number of 100. Coal production is being impeded in certain sections by labor difficulties and by car shortage, and the output of bituminous shows a considerable decrease during the present month. The output of beehive coke during July was 1,512,178 tons, as compared with 1,170,752 tons during June. Increased demand for coke is reported in districtNo. 7 as the result of the opening of additional blast furnaces. The activity in the copper market noted for the month of July has subsided. Sales by producers during that month, amounting to 225,000,000 pounds, were the largest for any month during the present year, the figure for May, the next highest, being 208,000,000 pounds. It is stated that producers of copper and zinc have booked sufficient business for the months of August and September and are now opening their books for October. Stocks of refined copper and lead are diminishing. During the month of July higher prices continued to be paid for both lead and zinc ores in the Joplin district, which had a somewhat stimulating effect upon production. Lead likewise increased in price. During August transactions in copper, lead, and zinc have consisted largely of resale by speculators, and shading of prices has occurred. A factor in the zinc situation at 826 FEDERAL RESERVE BULLETIN. the opening of August was the decision of the Government to throw its surplus stocks upon the market. The tin market has been quiet and prices have declined, with the expectation of still further decline now that free importation is permitted. General manufacturing continues active. The "feverish activity" which characterized the textile and dry goods industries for several months has abated somewhat, but business is still unusually heavy for this period of the year. A spirit of greater conservatism on the part of buyers, however, is noticeable. These conditions are seen particularly in the case of cotton goods. While mills have plenty of business booked, and hence show no disposition to make price concessions, holders of goods for resale feel less secure than they did previously and are willing to make concessions in order to dispose of their holdings. Despite this feeling of conservatism, however, the market readily absorbed, at prices in most cases closely approximating current market prices, the large Government-owned stocks of cotton cloth offered at auction on July 30. Trading in cotton yarns is reported to be relatively small. The raw-wool market is quieter than a month ago, but prices are firm. Most of the mills have sufficient wool with which to complete present contracts. Worsted spinners are unwilling to offer goods for delivery after the first of the year. Woolen mills are still busy on orders for fall delivery. It has been evident for some time that offerings of goods for the spring season of 1920 will be restricted. Such lines of men's wear goods as have been opened are selling up rapidly, and an allotment system prevails, as is largely the case also in other branches of the textile industry. Manufacturers of men's and women's clothing report a very large business. Textile and garment manufacturers, because of subsequent increases in the cost of production, are reported in many cases to be seeking to obtain a higher price for goods delivered on contracts made in the opening months of the year. Heavy purchases of cotton underwear are reported, in particular for the current fall season. The demand for silk hosiery con- SEPTEMBER 1,1919. tinues. A feeling of caution prevails on the part of the majority of buyers of cotton hosiery, which is not the case with buyers of silk hosiery and underwear. The raw-silk market is dull. A more conservative feeling is evident in the hide, leather, and shoe industries. Tanners are cautious in their hide purchases and in the acceptance of orders for future delivery. It is reported from Boston that " leather is not in quite as great demand as a few weeks ago, but, while prices have become steadier, they are still high with further increase anticipated." Upper leather continues to display the greatest strength. The volume of shoe sales continues large, and demand is still for the better grades. The high prices prevailing for materials, however, enforce caution, in particular with respect to orders for future delivery. Automobile manufacturers report an extraordinary demand, coupled with a steady increase in production. Manufacturers of auto accessories in the Cleveland district report similar conditions, while manufacturers of electrical supplies in that district have booked a large number of orders. Retail trade continues exceedingly active, and in many sections little of the usual midsummer lull is noted. The demand for watches and jewelry continues very heavy, while in some districts a lessening of the demand for shoes and clothing is perceptible. Heavy purchases by retailers in many lines are reported, a considerable volume of orders being placed for future delivery, although in Kansas City it is stated that some merchants are now placing more frequent but smaller orders. Complaints continue to be heard in the western districts of the inability of jobbers to get merchandise to meet the retailer's requirements. In Cleveland it is stated that "most merchants have accepted the fact that merchandise is very scarce and that prices are going to remain high for some time," and in New York it is stated that "the consensus of opinion seems to be that retail prices are likely to be fairly steady for the next six months." The increase in building activity continues. Permits issued during July were the largest for SEPTEMBER 1,1919. any month during the present year, and actual construction likewise shows an increase. The activity, however, in many sections is still distinctly below normal. In New York City construction is considered to be at about 50 per cent of the normal prewar activity. The shortage of dwellings is expected to continue for some time to come, and large manufacturers in certain districts are engaging in home-building projects in the interest of their employees. Construction is being hindered by the high cost and shortage of both labor and materials. Further advances in the prices of various classes of lumber have occurred, but it is reported that there is considerable feeling in the industry in favor of stabilization of prices. Orders and shipments of lumber in general continue to exceed production, and stocks are being further depleted. The building trades lockout in Chicago continues and all construction is held up. In certain districts the activity in real estate continues and prices are rising, while in Iowa and Illinois options are now employed in dealing in farm lands. Official figures for the month of July show an export balance of $225,000,000, as compared with $620,000,000 for the month of June. The decline in exports, while general, has been relatively greater for foodstuffs and for finished manufactures than for crude materials and semimanufactured products. Part of this decline is probably to be ascribed to the harbor strike in New York, and no hasty conclusions as to the future course of our foreign trade should be drawn from the month's development. The expected resumption of a large cotton exportation has not occurred, the July figures of raw cotton exports showing considerable decline from those for June. Active inquiries are reported by the iron and steel industry. Following the settlement of the New York strike, improvement in the shipping situation is noted, and a lower level of ocean freight rates to Great Britain and the Argentine prevails. For some time after the opening of the month, speculation continued at an extraordinarily high level, but was succeeded by a period of relative quiet in the stock market, Public 827 FEDERAL RESERVE BULLETIN". participation in the market has become noticeably absent, as the influence of the various deterrent factors has been felt. Large and sudden declines in the prices of stocks have caused an unprecedented volume of liquidation. Bond prices have also declined. There has, however, been heavy absorption of new issues of securities, and the volume of incorporations during July reached a record figure. Fluctuations in the call-money rate have been confined within relatively narrow limits, and call money on the whole has become easier. On August 6 a rate of 3 per cent for loans on mixed collateral was recorded, which is a new low record for the year, while the highest rate for such loans during the month was 8 per cent, attained on August 22. The Board's figures of the volume of check transactions continue at the high level noted for the month of July. Interest rates are firm, and on the whole exhibit no marked changes. A strong demand for funds is reported in certain districts, although liquidation is noted in other districts as returns from the sale of crops are received. Coincident with the decline in call-money rates since the middle of the month a good demand for acceptances is reported by dealers. Foreign-exchange rates showed a practically continuous decline during the earlier part of the month, sterling, francs, and lire among the more important exchanges being quoted on August 20 at the very low rates of 4.1625, 8.16, and 9.57, respectively. Many of the older as well as practically all of the newer European nations are seeking American credit, and credits have been granted to several. The banking situation continues to be regarded as sound, credit and collection conditions are good, and failures continue unprecedentedly small and few. SPECIAL REPORTS. REPORTED BY DISTRICT NO. 1. The wool market is somewhat quieter than a month ago. Prices continue extremely firm. Most of the mills have sufficient wool with which to complete present contracts but have no surplus supplies. Dealers feel that they are not warranted in buying much wool at the present price level, and they are not expected to be 828 FEDERAL RESERVE BULLETIN. purchasers at the London auctions even should the quality be such as is needed here. Some mills may take advantage of the opportunity to get certain grades of wool. The needs of European mills are so great, however, that it does not seem likely that prices will fall sufficiently to make it profitable to import wool here. Woolen mills would ordinarily be at this time between seasons and rather inactive. This year's contracts for fall delivery are still in process of completion and many customers have already placed orders for next season. This has kept mills going at about their normal capacity. Kecent offerings of the American Woolen Co. for next spring were so small that many buyers got less than 10 per cent of their usual needs. Uncertainty is again in evidence among the cotton mills. Some resales of goods have been made at cut prices. Most mills refrain from meeting these cuts, as they have plenty of business booked. On the other hand, sales for spot delivery have taken place at much higher prices. Although mills would like to operate night and day, it is impossible to obtain help for this purpose, owing to the higher wages being earned by employees who do not feel the need of working nights for additional pay. The cotton market continues about the same. Sales of the shorter staple show real declines in price, while long staple has not ceased to advance. Some holders of cotton are now accepting offers which were turned down onh7 a short while ago. An unusually large amount of dry goods is being sold. The usual midsummer jet-up has scarcely been noticeable. If anything it has been more pronounced in the highest priced luxury goods, such as furs. Distributors could handle much more business were the goods obtainable. Those who earlier sold for fall delivery are finding it very difficult to make these deliveries on time. Manufacturers have, in some cases, actually demanded and received more than their contract price, due to unexpected wage increases. This has caused considerable advances in the cost to the consumer. On the whole, prices may be said to be somewhat more steady and the larger buyers, although still making contracts for later deliveries, are keeping a sharp outlook for indications of a change. The volume of shoe sales is only limited by manufacturing capacity, but manufacturers hesitate to make expensive additions to plant, owing to the uncertainty of future conditions affecting business. So much of the present call is for the better grades of shoes that one SEPTEMBER 1,1919. manufacturer reports that parts of leather left over are being sold to Europe rather than being used in cheap shoes which do not have a ready market. An interesting sidelight on the psychology of the current attitude of the public on the high cost of living is furnished by an instance cited of a lot of shoes which were moving slowly being cleaned up at once when the price was raised | l . Leather is not in quite as great demand as a few weeks ago, but while prices have become steadier they are still high, with further increase anticipated. European buyers of leather are not so active. Hides are scarce, with European buyers outbidding Americans in foreign markets. REPORTED BY DISTRICT NO. 2. This month witnessed further demoralization of the foreign exchange market. On August 19 sterling broke to 4.19 after holding from July 19 at 4.32 to 4.34. After a continuous decline throughout the period covered by this review, francs dropped to 8.08 on the same day, while lire followed a similar course, declining to 9.45. One of the principal causes for this general decline was the volume of commercial bill offerings, which came chiefly from the cotton and packing interests, as well as a considerable number of grain bills. Doubtless this volume of offerings resulted from an accumulation of bills. The last break in sterling is attributed in part to the announcement by Lloyd-George that the restrictions will shortly be lifted, which may result in a great increase in the balance of trade in favor of this country. The whole foreign exchange condition is a natural one, in view of past and present events. One of the suggestions for solving the situation which has to some degree been acted upon is to organize corporations which will finance export and import business exclusively. Several leading New York banks have organized a foreignfinance corporation which is expected to commence business shortly. Nevertheless bankers do not appear optimistic of improvement in rates in the near future; in fact, the opinion is quite general that an even lower rate on francs, sterling, and lire will prevail within a short time. Many of the older as well as nearly all the newer European nations are seeking American credit, and to several credits have been granted. Others are awaiting Government action. Neutral countries with a fairly normal exchange rate are seeking large credits, but bankers feel some reluctance in SEPTEMBER 1, 1919. FEDEKAL EESERVE BULLETIN. arranging these credits, feeling that the needs of the smaller nations, who were our allies during the war, should be first met in order to permit them to import the raw materials necessary to the rehabilitation of their commerce and trade. The same fundamental influences which dominated the market during the previous three or four months appeared to continue during the last month. Next to the railway situation, chief among these was the expectation of a larger export business to carry us through the domestic readjustment period. Events of the past month f airly show that this expectation was based upon hopes rather than actualities. Deterring features appeared during the last few weeks which the market failed to take into consideration at the time, but which of late are being realized. These may be summarized as follows: (1) The unstable credit positions of foreign countries and the consequent decline in exchange rates which makes selling abroad unprofitable; (2) our domestic high prices which nave brought forth suggestions of legislation limiting our exports; (3) foreign labor conditions which, with shorter working days, decreased efficiency, and a series of strikes are retarding output, thereby decreasing the demand for our raw materials by foreign manufacturers. Other questions closely allied to the above, but not bearing directly upon foreign commerce, have been reflected in the stock market. The most important of these is the American labor problem, especially as it has developed in the railway situation during the last month. Another factor which has continuously drawn the attention of the dealers in securities is the probability of increased demands for money for agricultural and industrial purposes. During the last month there were enough funds available to keep money for stock-market purposes down to a comparatively low rate. These are among the factors which the stock market has realized and which have caused unsettlement and hesitation as to new commitments. Large and sudden declines have caused an unprecedented volume of forced selling of accounts with depreciated margins. Unlike the previous month there was little evidence of any new investment buying. Professional operations were perhaps more vigorous during July than at any time since the beginning of the present stock market activity. The total sales from July 18 to August 9 were 30,898,097, as against a total of 28,344,744 for the previous 829 four weeks. The Annalist's report shows that between July 18 and August 9, 25 representative industrial shares declined from 115.95 to 109.05, while 25 representative railway shares declined from 67.24 to 60.88. The factor primarily responsible for the decline in the rails was the plan presented by labor leaders for the Government ownership of railways. The listed bond issues declined during the past month, the utility issues being the most seriously affected. An analysis of price averages of the listed issues shows that utility bonds are at present lower in price than they were a year ago. The railroad issues have declined to an even greater extent. Although the industrial issues lost heavily during the last month, they did not reach the low figures ruling at this time last year. In general, present prices are nearly a point below the average of prices for the same period of 1918. The railroad issues, formerly among the leaders of the investment securities, have been influenced by the uncertainties of the railroad situation. The utilities are suffering from labor difficulties and the increased cost ^of operating supplies and equipment. The speculative tendencies of the public have made themselves apparent in the bond market. Several issues, especially those of some of the foreign Governments, have become the objects of speculative trading. The recent activity of the stock market diverted from the bond market a considerable volume of funds normally used for investment purposes. The absorption of new issues is entirely out of normal proportion with the business transacted in the listed bonds. The public appears to be constantly on the lookout for new offerings. From July 18 to August 13 these totaled approximately $180,000,000, exclusive of common stock issues. This is a decrease of about 100 per cent from June 15 to July 18. Another item of interest is the record volume of new incorporations in the United States during July, which totaled about $1,420,000,000, representing 1,000 corporations of every type. The fact that 160 of these, with a capitalization of $586,216,500, were oil companies throws further light upon the inclinations of the public. Call money during the last month fluctuated within a comparatively narrow range. Rates on only two occasions rose above 7 per cent, although the stock market activity during the last month was the heaviest on "record. On July 29 industrial collateral rates rose to 9 per cent, although the mixed rate remained at 6 830 FEDERAL RESERVE BULLETIN. per cent. This was due to some extent to the call on that date for repayment of $39,800,000 in Government deposits to this bank. Again on July 31 the mixed rate advanced to 18 per cent and the industrial rate to 20 per cent. This was due to the readjustment of loans by banks to meet an unusually heavy amount of foreign Government maturities on the next day, August 1. Chief among these were the $100,000,000 Canadian loan and the American Foreign Securities Corporation loan of nearly $100,000,000. A large part of the proceeds of the new $75,000,000 Canadian loan had been placed on call between July 21, the due date for subscriptions, and August 1. This was also called on July 31. The ruling rates for the first three weeks of the past month were 6 per cent for mixed collateral and 6J per cent for industrials. On August 6 rates fell to 3 per cent for mixed and 4 per cent for industrials, which were new low records for the year. During the past week rates have ruled at between 3 J and 4J per cent. On several days rates for both classes of collateral were the same. Our calls for repayments by depositary banks from July 18 to August 13 approximated $298,400,000, as against $598,800,000 for the previous month. This diminution doubtless had a material bearing upon the narrower range of fluctuations for the last month. Another development of the month was the abandonment by several banks of the discriminatory rates between mixed and industrial collateral. During the early part of the month time money continued scarce. Borrowers were offering 7 per cent, but a higher rate was asked by lenders. It was reported that as high as 8 per cent was paid for 60-day loans on mixed collateral. During the latter part of the month money was more freely offered and at somewhat lower rates. This concurred with the decline of call-money rates to a lower level. The narrrow fluctuations of call money at from 5J per cent to 6J per cent diverted to the timemoney market a certain volume of money which had been out on call. The actual amount of business, however, was comparatively small and chiefly confined to renewals. In* view of the present unsettled conditions, especially with reference to future prices, business men in many trades are not borrowing heavily. Some merchants are reported as selling goods on hand without replenishing, fearing declines in prices of products and are anticipating their borrowings. SEPTEMBER 1,1919. Commercial-paper rates have remained practically unchanged. The h\ per cent rate has been generally accepted as firmly established on the local market. Transactions at o\ per cent are comparatively few and confined largely to local banks desiring to obtain the very best paper. But New York City banks in general are out of the market and out-of-town banks continue to be the chief purchasers at the 5J per cent rate. The acceptance market within the last few days has shown a decided change from conditions which prevailed for several months previous. Up to August 13 or thereabouts funds which ordinarily would have been employed in the acceptance market were diverted to the callmoney market because of the attractive rates. Consequently the demand both from local and out-of-town institutions was very light. Almost immediately following the distribution of the Grain Corporation funds and the decline of the call-money rates to 3J per cent on August 15, the acceptance rates eased off. Bills began to move freely and at this writing (Aug. 19) dealers report a very good demand for bills of all maturities. The demand is not confined to New York City, but is equally strong from out of town. Several of the more prominent dealers are said to have lowered their renewal rates from 4 J per cent to 4 per cent. REPORTED BY DISTRICT NO. 3. Retail trade is reported very active, some furnishing stores doing double the amount of business compared with last year. Some stores are making preparations for an abnormal business in expectation of a good fall and winter season. Retail business for the past month has shown a slight increase over the corresponding time a year ago, and the outlook for the fall is considered promising. A leading store says, "We have experienced no special labor troubles directly, but we understand the manufacturers from whom we buy are laboring under very great difficulties through labor demands which have very materially increased the cost of production, which makes our prices seem to bear a rather false value. The workmanship is rather inferior and has shown a steady increase in this respect for the past two years. This condition in a measure has been made possible through the merchants generally all over the country placing orders for a greater amount and in many instances double the amount of SEPTEMBER 1, 1919. FEDERAL RESERVE BULLETIN, their requirements in the belief that only onehalf of the amount will be shipped owing to the shortage of materials and labor difficulties, and this has a tendency to make speculation among the mills and producers which alwaj^s tends to make a false condition." Manufacturers of shirt waists and women's dresses are sold up so far ahead that they have had to discontinue the production of their full lines of silk waists, due to the fact that the prices of materials are so high that they do not care to speculate on goods for delivery in November and December. The principal trouble is in getting the proper number of experienced operators to turn out the work. REPORTED BY DISTRICT NO. 4. All along the line the improvement in the iron and steel trade situation, which first appeared in substantial form in June, was speededup in July, Steelworks activities have kept on expanding in a degree corresponding to the gain in pig iron. It is probable that 70 to 80 per cent of capacity would be a fair expression of steelworks operations at the end of July. In some lines, notably sheets, wire, tubular goods, bars, and tinplate, the outgo has been considerably above this level, but the average has been brought down by the more backward markets in plates, shapes, rails, etc., or the so-called heavier materials. The volume of plate and shape business, however, has been growing, and this betterment has been more pronounced in plates, especially during the past few weeks. A significant fact in this improvement is the appearance of a number of orders for material for car repairs, heretofore an absent factor. More new tonnage also is being called for by shipbuilding, somewhat as the result of new contracts, but principally because of the further release of deferred contracts by the Emergency Fleet Corporation. Deliveries on the more active lines of finished steel have been falling back steadily. In wire the makers have sufficient business booked to keep them engaged for three months at least. The largest producer of lapweld pipe is sold up five to six months. Mill tonnage entered in sheets in July was close to the high record for that product. The shortage of semifinished steel is reflected by the fact that the Steel Corporation is shipping sheet bars from Chicago into the Pittsburgh district despite the disadvantageous freight rate. Altogether the month has added materially to the unfilled tonnage on mill books, inasmuch 831 as specifications from buyers against their contracts have been in excess of shipments in many lines. Furthermore, labor disturbances have been having some curtailing effect upon production here and there. At Cleveland the operations of a large wire producer have been interfered with by a strike of the trainmen from the company's subsidiary railroad which carries hot metal to its steei works. At Chicago, a shortage of cars and motive power, resulting from the railway shopmen's strike, has forced the banking of some blast furnaces. A strike of the dockmen at upper lake ports caused difficulty to the vessels in taking on ore cargoes and in carrying back coal. Some boats temporarily have been held in port. While a number of price advances have been made in individual lines during July, notably in wire, tubes, rivets, rerolled bars, bolts, and other miscellaneous lines, producers take the attitude that regardless of the strength of underlying conditions, further additions are inadvisable at this time. Pig-iron buying in July continued in large volume, although it was not equal to the unusually heavy movement in June. Many consumers now are covered to the end of the year, and, as the furnaces have liberal order books, they are not inclined to seek new business very aggressively. Consumers in an increasing way, now, are seeking to cover on their requirements through the first quarter and half of 1920, and while some business has been booked for that portion for advances up to $2 in some cases, the general attitude of producers is against encouraging the placing of contracts so far ahead. Advances ranging from 50 cents to $1.75 per ton for this year's delivery have been made by individual producers at Cleveland, Buffalo, eastern Pennsylvania, and in the South. Automobile manufacturers report a steady gain in production and are naturally optimistic concerning business in the near future and 1920. Manufacturers of auto accessories and storage batteries, 90 per cent of whose business is done with auto manufacturers and the auto-buying public, report conditions identical with those of the auto manufacturer. One manufacturer of storage oatteries reports, however, that their present output exceeds that of prewar times by 25 per cent. The electric manufacturers report that business is holding up in a magnificient way, and a large number of orders are booked. July was a particularly good month. Electric goods are being received from public service corporations, 832 FEDERAL RESERVE BULLETIN. and inquiries for new apparatus are being made in large numbers. Collections are very good, and the amount of paper offered is the smallest amount of any recent month. REPORTED BY DISTRICT NO. 5. Crop conditions have declined in the last month, rains having been excessive, and on much of the lowlands crops have been entirely ruined. Extreme moisture has forced extreme growth of cotton plants, but they have not fruited well. The final yield will be below normal, Dut may be improved by good weather during the picking season. The impossibility of exporting more than a limited quantity of cotton during the past season has left on hand an unusual "carry-over." This stock of old cotton is largely low grade and very short staple, for which the demand in this country is limited. Until it can be exported to foreign markets, where there is a demand for it, it must be sacrificed or carried; there is little likelihood of the former and a strong determination to pursue the latter course. The new crop coming on top of these conditions emphasizes the urgent necessity for the extension of credits to would-be-purchasers abroad to enable them to purchase our much-needed cotton, again operate their mills and resume production, the chief factor in a restoration of normal trade and normal rates of exchange. There have been erratic fluctuations in the prices of cotton contracts on the New York Stock Exchange of late, but prices of actual cotton in the South have been steady. Spinners are making large profits and purchase freely at good prices the higher grades suitable for their purposes. The damage to tobacco in South Carolina from excessive rain is estimated to be 50 per cent of a normal yield, but increased acreage and prices higher than ever before will make the return satisfactory. Trash tobacco is selling lower than last year, but average grades are selling at from 30 to 50 cents per pound and high grades from 50 cents up. The South Carolina markets have been closed for a week on account of freight embargoes due to the trouble with shopmen, but it is anticipated that they will reopen Monday, August 18. The damage in North Carolina is estimated at 33 J per cent. The opening of the North Carolina markets has been postponed from August 20 to probably September I, owing to delay in the sale of the South Carolina crop; the same representative buyers usually attending in rotation the markets of both States, the Vir- SEPTEMBER 1,1919. ginia markets opening somewhat later than those in North Carolina. Other agricultural conditions in the district are about normal, except the result in wheat has been disappointing. The stock raising sections report a good grass season, cattle and sheep in fine condition and bringing good prices. REPORTED BY DISTRICT NO. 6. Heavy rains have continued in a large part of this district during the month. In south Georgia, south Alabama, and south Mississippi and Florida excessive rains have resulted in considerable injury to crops and prevented their cultivation. The excessive wet weather has been extremely favorable to the rapid multiplication of the boll weevil, and in the territory mentioned the damage from this insect promises to be greater than ever before over such a large area. The rains have also resulted in an unusually large amount of leaching of the soils, and reports indicate that practically no crops are fruiting as well proportionately as their general appearance would indicate. In some counties in southeast Georgia it is reported there will be less than half a crop of cotton, the condition in some instances being indicated as low as 25 per cent. Information taken from the reports of the Cooperative Crop Reporting Service indicates that the quality of wheat raised in Georgia is below the average, but the yield per acre is about the same as last season. The condition of the oat crop at harvest was very poor. Irish potatoes are not very promising. Tobacco has suffered greatly from rains and unsatisfactory curing conditions. Reports now indicate that the crop will be only about 50 per cent of normal in some sections, and between 50 and 75 per cent of normal in other parts of the district. In Georgia, Alabama, and Mississippi the grades are very poor, and tobacco warehousemen and buyers have found it difficult in many cases to deliver the tobacco from the warehouse to redrying plants before molding or damaging because of the excessive wet weather. Tennessee reports indicate that the wheat crop of that State has proved a disappointment, this crop being one of the poorest on record as to yield and quality. Unlike other States of the district, a general drought has prevailed over the entire State of Tennessee during the latter part of July and early August, from which all crops have suffered. The tobacco crop, one of the largest in point of acreage, was badly SEPTEMBER 1, 1919. FEDEBAL RESERVE BULLETIN. handicapped in May and June by rains, but is now clean; it has made slow growth and shows a tendency to button out too soon. Potatoes of both kinds are in fair condition, but show the need of more moisture. The condition of oats and barley at harvest was fair, but below the average. Vegetables of all kinds are below normal, and gardens depleted. Fruits of all kinds are short, except blackberries, the production of which is above normal. The corn crop in north Georgia, Alabama, and Mississippi is fairly promising and has suffered but little from rains. Most fields, however, contain more or less weeds and grass, which are sapping the soil fertility. Peanuts, velvet beans, soy beans, etc., are making splendid growth and, while late, promise good yields. Ribbon cane and sorghum for sirup have been poorly cultivated, though where weeds and grass are not interfering too seriously the crop promises fair yields. Pastures are splendid and live stock on pasture are doing better than usual. The Florida citrus crop is reported to be in very good condition and development somewhat advanced. Buyers are now offering about $1.75 to $2.25 on the trees for fruit, which is an unusual price at this season, and indicates that the crop will bring record prices this fall and winter. The unusually rainy weather has been detrimental to most of the staple crops, especially corn. In some sections the damage has been serious, and will result in high prices. Turpentine has advanced very sharply since last report, and during the week ending August 15 the highest prices on record were reached, the Jacksonville quotation on August 8 being $L61|. Rosin has declined within the past two weeks, but the dec-Jine is considered to be only temporary and that after strike conditions are adjusted the price will be as high as before the decline: The unfavorable weather still prevails and it is felt that this year's croD will be no larger than that of 1918. REPORTED BY DISTRICT NO. 7. For the moment matters seem to be in a more reassuring state. The labor crisis which was giving general alarm a fortnight ago appears to have passed, and business is going forward on higli gear. The traction strike in Chicago, unable to make headway against popular indifference, was abandoned for a 65 to 67 cents per hour compromise. The strike 883 at the stockyards, which looked most menacing for a day or two, was averted by withdrawing armed guards. The racial quarrels, under stern suppression, died out and have been followed by rather good-humored tolerance on both sides. With the Chicago building trades lockout virtually in full force, all construction is held up and a discouraged feeling exists in all lines of business allied with the building industry. The one dark cloud now visible overhangs the steel and iron industry. Upward of 18,000 steel workers at South Chicago cast their ballot in favor of a walkout. In view of the great difficulty now attending foreigntrade operations, any interruption in the operation of steel plants would be of more than ordinary moment. Strikes have taken place at Peoria and some of the smaller cities. Efforts have been fairly successful to cause labor to assume a more contented attitude and cooperate in increasing production. A very large part of the answers to our current questionnaire, covering the Seventh Federal Reserve district and including ail the great branches of industry, make particular complaint about the decreased efficiency of workers, not merely because of shorter hours, but because of the marked letting down of interest in work and a growing desire to live for amusement, self-indulgence, and luxury. Business, according to all reports, is going forward on "high gear." Jobbers can not get goods fast enough to supply their retailers, and store shelves are sadly depleted. There, however, is a noticeable increase in the tendency to "wait awhile before buying." This is noted in shoes and clothing especially; but it is not noted in luxury lines. Piano and musical instrument makers report the demand at a premium of 45 to 55 per cent over production. The heavy buying is in the farming regions. But for labor and material shortage business would be enormous, The same is true of watches, jewelry, and other luxury classes. Pearls are very scarce and high, therefore the demand is insatiable at the advanced prices. Diamonds are in the famine class; there is a real scarcity of the "first waters" and "cuttings." Advanced prices make no difference. Silk hosiery and' silk shirts are selling at prices so high that even the jobbers are stupefied by the demand. All classes of workers insist on costly and elegant apparel regardless of wearing quality and are reckless of prices. 834 FEDERAL RESERVE BULLETIN. Mercantile stocks are admittedly very low. This is partly due to the efforts of jobbers to protect their customers against possible "slumps," partly due to the shortage of freight cars and partly to the desire of the people to spend their money as fast as possible. Retail conditions are described as healthy, but there is complaint on account of the large amount of money needed to do business. The automobile industry reports a demand far in excess of anything before known. Purchasing power seems to be unlimited and prices make very little difference with buyers. Production is being seriously hampered by the unrest and general inefficiency of labor. Workers of all classes are cocksure of their value and so independent "on the job" that top production is impossible to attain. One good effect of the "war industry" regime remains, namely, augmented machine capacity in many lines, whereby it is possible to "speed u p " output without as much hand labor as was reguired before the war. Reports continue of increased activity in the transfer of land and the rise in acre value from all parts of the district. In Iowa and in some parts of Illinois, where this movement manifested itself first, values are now so high and available farms so scarce that the buying and selling of farm lands has given way to speculation by means of "optioning." Instances are cited where farms have changed hands seven times in a few months. The ease by which "options" can be transferred seems to facilitate the movement and stimulates the upward course of prices. It also involves an element of "paper profits" which, should they not be realized, may prove somewhat embarrassing later on. REPORTED BY DISTRICT NO. 8. General trade has continued good in this district, although labor troubles in other sections of the country and freight delays have interfered considerably with deliveries in some lines. Inquiries among jobbers reveal that one of their biggest problems is keeping in stock goods called for by the trade. Collections continue good. Drug concerns report increases in business as high as 25 per cent over July last year. One concern says it has larger orders on hand for future delivery than are usual at this time of the year. It attributes this fact largely to the expected return of the influenza epidemic this fall. Stocks in the hands of retailers are said to be larger and more complete than formerly. Wholesale dry goods houses continue to report SEPTEMBER 1,1919. the demand above normal, and expect trade to continue good through the fall and winter. Wholesale shoe dealers are beginning to book spring orders in larger volume than heretofore. They look for unusually good business from fill-in orders during the early fall months. One wholesale grocery concern reports an increase of 85 per' cent in business during July as compared with the corresponding month last year. It says its business is steadily improving, but complains that there is a scarcity of offerings of western coast products. There is the usual mid summer dullness in retail trade, but this is somewhat offset by numerous bargain sales which bring out the buyers. One large retail store reports a decrease of 40 per cent in business from June, but an increase of 30 per cent over July last year. Retailers generally look for a good fall business beginning in September and have laid in heavy stocks in anticipation' of a record-breaking demand. The extraordinary demand for automobiles and for high-priced jewelry continues. Jewelers say there is increaing difficulty in obtaining fine goods. REPORTED BY DISTRICT NO. 9. The agricultural situation in the Northwest for the month of July does not show a material change over the conditions reported in June other than the fact that all the grain crops are farther along. In 'fact, most of the harvesting has been completed and in many sections thrashing crews are beginning work. Small grain reports are still very discouraging, showing a much lower yield than was expected, the yield running in many cases as low as 7 or 8 bushels in sections where bumper crops were expected. On the other hand, the corn crop is in excellent shape. Practically all of the corn will be out of the way of frost within the next two or three weeks, and much of it is far enough along at the present time to withstand serious injury from frost. Hay is unusually, good, and the farmers, with the aid of many of the men from the drought * districts, have put up an unusual quantity of it. The entire Northwest is optimistic, including the farmers and stock raisers in the drought districts west of the Missouri River. Many of these farmers are pooling their herds; that is, leaving them in the care of one farmer in the neighborhood, and coming into Minnesota, Wisconsin, Iowa, and Illinois with the idea of wintering and earning at least living expenses, with the hope that by next year Montana and North and South Dakota will show a good crop. SEPTEMBER 1,1919. FEDERAL RESERVE BULLETIN". REPORTED BY DISTRICT NO. 10. Corn made improvement this month, though the August rains were a little too late to much more than check the deterioration resulting from the hot and dry weather prevailing through July. A good crop is assured. While the yield is expected to fall short of the early season estimates, it will be close around or a little above the August 1 forecast, which gave Kansas 80,655,000 bushels, Nebraska 173,830,000 bushels, Oklahoma 65,713,000 bushels, and Missouri 151,200,000 bushels, 19 of the corn growing counties of that State being in the Tenth Federal Reserve District. On the basis of these estimates the corn yield should be about 44 per cent larger than last year's poor yield. Thrashing wheat is not showing up anything near the .large preharvest estimates. Still)" the yield for 1919 is said to be the second largest ever produced in this part of the United States. Late estimates on 1919 wheat give Kansas a total of 144,807,000 bushels, Nebraska 56,246,000 bushels, and Oklahoma 50,204,000 bushels, a total of 251,253,000 bushels for the three States. The same per cent of increase is shown in the returns from Missouri's 19 counties in this district. Northern New Mexico will bring up a large increase of wheat over last year's crop, while Colorado and Wyoming returns are expected to show a good crop, though somewhat affected by dry weather in the latter State. Conditions have been highly favorable to oats, rye, and barley. Close to 200,000,000 bushels of oats are expected from the States of this district, or 22 per cent more than the total in 1918. Kansas reports the largest crop of barley ever grown in that State, the estimates at this month placing the yield at 16,945,000 bushels, as compared with 6,040,000 bushels last year. Movement of new wheat started off in July with a great rush, and, notwithstanding the harvest was late, the receipts for that month at the markets of the district almost reached the enormous total of the corresponding month last year. A threatened railroad tie-up and the reestablishing of the shipping by permits the first week in August, however, brought a check to the extraordinary movement of wheat into market channels. Transportation conditions improved substantially in the second week of this month, but were still under normal, with receipts for the month 20 per cent to 40 835 per cent below the high August record of last year at the different markets. The demand, which was surprisingly heavy in July because of depleted stocks of old wheat, became somewhat irregular this month, but mills and elevators were taking liberal quantities. Hard wheat on July 21 sold as high as $2.68, or 48 cents above the guaranteed level, at the Missouri River, but later weakened under increasing receipts with premiums up to 18 cents on hard and on red wheat 1\ cents to 3 \ cents. Arrivals of corn at the markets showed a marked decline as compared with this time last year, but agitation against higher prices, favorable crop reports, and other influences this month caused a sudden drop from the previous high levels for futures. August 16 December corn was down to $1.42-f, while May corn was quoted at $1,374. September corn sold at $1.80}, a slump of 12 cents .to 14 cents from the week previous and 22 f cents below the high price reached in July, which was $2.03. Receipts of oats this month are running at about 60 per cent of the volume of a year ago, with a slight weakening of prices, which have been somewhat in sympathy with the high prices for corn. September oats sold at 73} cents to 761 cents on August 16. Milling operations at Kansas City, Omaha, Wichita, and several other interior points in the district have been heavy since new wheat began to arrive. Buyers are reported as ordering supplies to fill delayed orders, and orders for the future are for short periods only as, with all the agitation for cheaper flour, dealers are not particularly anxious to be caught with a surplus of high-price flour on their hands. Flour prices thus far have shown only slight reductions—in about the same proportion as wheat prices have been lowered—since millers have been grinding new grain. Patents on August 15 were quoted at $10.20 to $10.75 per barrel, straights at $9.75 to $10.20. Transportation troubles, together with unsettled conditions of the live-stock and meat industry, are reflected in a largely diminished August supply of cattle and hogs at the markets of the district. The July receipts were considerably below those of the same month last year, but unless there is a decided improvement in the last days of the month August receipts will be far short. Sheep have been coming to the markets in increasingly large numbers, while calves are in better supply. 836 FEDERAL RESERVE BULLETIN". Sensational breaks from the high-record hog prices this month have been features of the market situation. The top reached by hogs in July was $23.40 per hundred pounds. From this high figure there was a sudden drop of $1 to $1.25 early in August, followed by a week of slowly advancing prices. Then on the 15th another sharp decline came and this time ranging from $1 to $1.50. Hogs on that date were down to $22.25, with an average of $21.37 for packers' droves. Cattle prices advanced from the lower level of June, with a tendency to get back to higher prices of the early months of the year. The top price paid for native steers in July was $18.50, while top steers for the week ending August 16 reached $19, load lots of yearlings reaching $18,10. Best beef steers ruled strong and canners showed strength. Other grades of steers were weak and slightly lower. The sheep market was steady at mid-August, with best Iambs selling at $16 to $17, which compares favorably with the top price paid in July. Fat sheep gained 50 cents when prime droves of 7j^earlings sold for $12.50. Packers purchases of live stock for slaughter in July .were heavier on calves and sheep and lighter on cattle and hogs. Reports from over the district are that ranges are in splendid condition, summer rains having followed the hot and dry weather, and to this fact is attributed something of the falling off in cattle receipts. REPORTED BY DISTRICT NO. 11. There is considerable liquidation from the small grain crop, and this is having a very favorable effect on business. The outlook for fall crops is not as good as a month ago, as cotton has deteriorated within that time; nevertheless we look for unusually large yields in the principal commodities and see no reason why earlier predictions of a satisfactory fall business should not fully materialize. The condition of the cotton crop varies to a considerable extent; insects have done considerable damage in the past 30 days. In the Mack land belts of north, east, and central Texas the crop is fairly good and shows excellent foliage and fruitage. There is much complaint at boll weevil and worms. In south and southwest Texas excessive rainfall has done great damage and much of the staple has already been destroyed by boll weevils and worms. Weeds are very rank in those sections on ac- SEPTEMBEB 1,1919c count of excessive moisture and inability to work the fields and the crop will be very disappointing as the result. As this is written the crop in the more favored sections shows much improvement with the hot weather. Authorities report that if the weather continues hot and dry for the next few weeks the crop will be greatly benefited. Ordinarily at this season there is an active movement of cotton in south Texas, but the crop is quite late this year and we do not anticipate any activity before September 1 or later. The outlook for corn continues very favorable. The crop has not been materially affected during the past 30 days. We anticipate an unusually large crop, and it is practically already made. The increased acreage will be from 10 to 25 per cent. ilice is being harvested in south Texas, and the crop promises to be very good. There is a shortage in acreage, and the labor situation is not favorable. Range conditions are generally good and the outlook in the live-stock industry continues encouraging. There is some complaint of poor ranges in parts of the West, but on the whole there is ample pasturage and water, and cattle are in excellent condition. Ail classes have brought excellent prices; and if stockmen are able to finance themselves, which seems to be the present problem, the cattle business should continue prosperous. There is much complaint of inability of cow men to obtain loans to restock their herds. Most of the banks are carrying large loans to cattle paper and are notseeking new loans. It is also impossible for cattle "raisers to obtain the needed assistance from the commission companies. This is forcing heavy shipments. The effects of the long drought are still very noticeable. Reports as to sheep and hogs are favorable and prices received are high. The supply of feed is ample, and we expect very prosperous times for dealers in these animals. REPORTED BY DISTRICT NO. 12. The harvesting of grain is practically completed in the southern part of the district but in full swing in the northern part, so far under favorable weather conditions. More recent information indicates that less damage to grain on the whole has resulted from the unfavorable conditions reported last month than was anticipated, although there are admittedly SEPTEMBER 1, 1919. FEDERAL. RESERVE BULLETIN. serious losses in Utah and the dry-farm areas of southern Idaho. The growth of rice has been somewhat retarded, but not injured, by cool weather. Preliminary estimates of this year's crop in California Vary from 3,825,000 bags of ^ 100 pounds each to 5,000,000 bags, as compared with 3,155,000 bags in 1918. The anticipated shortage of rice in the export centers of the Orient is stiffening prices, and the new crop is expected to open at about $6 per hundredweight for paddy rice, The California crop of dried peaches is estimated at 35,000 tons, as compared with 20,000 tons for 1918. Orders now in the hands of the California Peach Growers' Association will exceed the total production and are being prorated. Prices range from 14J cents to 20-| cents per pound, with a premium of 2 cents for peeled stock. The crop of navel oranges and lemons apparently will not exceed that of 1918. 837 A heavy crop of hay is being cut in Oregon and Washington and a very light one in Utah. The fourth cutting of alfalfa is in progress in California, and the second and third cuttings have been made in other States, with generally favorable results. Further cuttings in parts of California, Idaho, and Utah will be seriously curtailed by a shortage of irrigation water. Ranges have been materially improved in Arizona, Utah, and parts of Nevada by summer rains. Arizona reports better range feed than for years past. The necessitj^ for removing stock to distant ranges is reported from a few sections only. The gathering of deciduous fruits, with the exception of prunes and apples, is at its height through the entire district. Pears are of excellent quality, but peaches a little under normal both as to size and quality. The apple crop shows a marked increase over that of 1918 and the quality is unusually good. 838 SEPTEMBER 1,1918. FEDERAL, RESERVE BULLETIN. MONETARY AND Changes in the general price level compared with the movement of gold, Federal Reserve Bank reserves, and Federal [Amounts in thousand Index number of who1 e- Stock of sale in the prices gold United (Bureau States.* of Labor Statistics). 1914. June July August September October November.... December 99 100 103 104 Member banks in selected cities (monthly Amount of average). out- (monthly averages). all kinds of Money of the money in side Treasury circulation Federal and outside Net Reserve Number Total loans GovernFederal cash notes United demand in report- and investment deReserve1 Total reserves.* States ments. deposits. actual ciring. posits. system. Treasury.^ culation. 1,890,657 1,887,271 1,844,603 1,861,838 1,835,416 1,817,122 1,815,976 3,419,168 3,367,369 3,478,604 3,694,748 3,715,522 3,630,218 3,545,166 251,939 265,120 298,022 295,195 304,184 327,437 355,444 365,030 374,921 405,389 446,639 504,244 544,324 1,960 9,335 ' 1915. January February March April May June July August September October November.... December 99 101 100 100 101 100 101 101 99 102 103 106 1,823,747 1,832,429 1,876,327 1,889,142 1,914,786 1,985,539 2,006,400 2,056,732 2,141,782 2,198,114 2,260,688 2,312,444 3,484,130 3,461,153 3,484,578 3,493,039 3,527,388 3,569,220 3,563,705 3,625,433 3,730,305 3,799,471 3,859,061 3,909,184 1916. January February March April May , June July August September October November.... December 111 112 115 117 119 119 120 124 128 134 144 147 2,328,422 2,318,973 2,316,948 2,319,548 2,331,495 2,449,706 2,500,230 2,548,241 2,636,010 2,700,137 2,741,669 2,864,842 3,933,679 3,925,802 3,917,481 3,910,281 3,923,588 4,024,098 4,000,002 4,066,859 4,178,521 4,241,162 4,303,995 4,440,933 151 156 161 173 182 185 187 186 183 181 183 183 2,912,465 2,968,355 3,088,905 3,121,887 3,088,711 3,019,147 3,086,218 3,062,614 3,035,391 3,041,549 3,040,472 3,040.439 4,498,061 4,583,696 4,702,131 4,736,842 4,731,327 4,763,576 4,852,084 4,799,324 4,820,546 4,924,928 5,085,370 5,120,425 3,916,472 4,100,976 4,117,215 4,152,831 3,945,458 3,869,042 3,940,020 3,970,373 4,035,464 4,131,187 4,255,584 265,944 785,830 283,391 803,026 336,269 903,172 403,296 973,096 441,906 1,024,242 489,285 1,140,479 532,052 1,400,327 561,955 '., 420,761 659,081 .,437,809 795,879 ,513,932 971,795 ,638,846 ,699,532 1,184,513 185 187 187 190 191 193 198 203 207 205 206 207 3,038,546 3,041,643 3,042,708 3,042,711 3,043,880 3,075,789 3.080,768 3', 079,300 3,079,094 3,079,785 3,080,043 3,080,510 4,965,879 5,092,531 5,240,262 5,318,547 5,246,662 5,379,427 5,559,397 5,621,311 5,790,018 5,943,801 5,993,628 5,951,368 4,104,924 4,193,495 4,266,801 4,310,168 4,282,889 4,367,739 4,449,836 4,652,646 4,925.987 5,065', 653 5,129,985 5,105,140 ,762,032 .,809,953 ,854,857 ,890,420 ,949,392 .,992,574 2,022,893 2,049,438 2,074,110 2,086,646 2,110,594 2,133,868 1,241,784 1,273,237 1,404,731 1,504,954 1,575,062 1,672,812 1,826,219 1,994,541 2,267,616 2,479,946 2,552,022 2,634,512 197 201 203 207 207 219 3,085,459 3,084,213 3,092,416 3,092,431 3,092,038 3,095,077 2,989,548 5,726,261 5,753,048 5,847,364 5,863,288 5,834,268 5,841,027 5,778,505 4,869,040 4,851,420 4,840,973 4,845,591 2,166,450 2.185,297 2; 205,325 2,225,407 2,245,780 2,245,762 2,178,517 2,533,732 2,465,277 , 2,506,024 j 2,547,379 2,532,275 2,498,434 2,526,755 1917. January February March April May June July August September October November December 1918. January February March April May June July August September October November December 1919. January February March ft?!:::::::::: June July 566,456 553,380 530,318 507,980 512,706 552,338 561,416 544,905 572,582 614,722 720,809 4,842,346 4,794,115 17,030 22,403 35,119 48,018 60,608 71,485 81,109 91,462 106,822 135,193 158,824 180,752 184,152 177,539 164,077 164,991 159,471 154,491 154,723 154.201 183,185 208,789 231,667 264,243 618 11,310,934 8,506,706 638,642 658 677 717 732 740 749 752 758 11,267,336 11,672,541 12,011,301 12,275,184 12,524,483 12,480,217 12,540,733 12,896,000 13;135,161 13.654,774 13,826,506 13,667,221 8,922,283 9,037,085 9,083,138 9,188,344 9,004,569 9,103,350 8,906,801 9,074,519 9,432,427 9,623,497 9,550,560 9,843,761 452,319 628,416 697,005 644,460 931,028 933,113 791,166 811,436 532,967 623,041 877,543 769 771 772 773 773 770 770 13,772,605 13,909,665 14,288,140 14,284,619 14,655,740 14,676,925 14,456,036 10,047,972 9,908,076 10,115,084 10,135,108 10,437,923 10,388,163 10,596,566 554,542 614,811 682 588,753 585,437 932,980 483,997 1 End of month figures. 2 Total gold and lawful money held by both Federal Reserve banks and agents. Prior to June 21,1917, gold and lawful money with Federal Reserve agents was not counted as part of the bank's legal reserves. 839 FEDERAL RESERVE BULLETIN". SBPTEMBEB 1,1919. BANKING STATISTICS. Reserve note circulation, also changes in investments and deposits of the several classes of banks, 1914-1919. of dollars.) National banks. Date of report. Total loans and investments. 9 All banks in the United States. Individual deposits subject to check. Net deposits on which reserve is computed. June 30,1914 8,356,385 5,077,626 7,495,149 Sept. 12,1914 Oct. 31,1914 8,658,122 8,657,246 5,043,531 4,773,897 7,292,909 * 7,167,429 Dec. 31,1914 8,469,338 4,199,844 6,668,325 Mar. 4,1915 8,506,733 4,335,742 7,065,721 May 1,1915 June 23,1915 8,641,953 8,679,796 4,576,405 4,517,697 7,197,971 7,283,300 Sept. 2,1915 8,801,533 4,641,543 7,522,978 Nov. 10,1915 Dec. 31,1915 9,402,000 9,554,265 5,240,799 5,380,681 8,256,662 8,365,814 Mar. 7,1916 9,754,183 5,392,222 8,782,505 May 1,1916 June 30,1916 9,917,894 9,983,644 5,595,897 5,577,629 8,781,505 8,701,512 Sept. 12,1916 10,261,446 5,840,927 9,202,321 Nov. i7,i9"i6 Dec. 27,1916 10,827,368 10,832,480 6,350,751 6,254,549 9,976,980 9,929,039 Mar. 5,1917 11,244,316 6,368,293 10,489,217 May 1,1917 June 20,1917 11,423,919 11,786,172 6,627,833 6,560,268 10,283,474 10,084,198 Sept. 11,1917 12,129,592 6,915,933 10,082,779 Nov. 20, nil Dec. 31,1917 13,854,373 12,943,135 7,208,406 7,497,821 10,348,806 10,556,545 Mar. 4,1918 13,128,013 7,281,753 10,462,409 May 10,1918 June 29,1918 13,729,226 13,533,189 7,309,765 7,161,368 10,310,417 10,127,916 Aug. 31,1918 13,701,221 7,465,681 10,456,659 ! Nov. 1,1918 Dec. 31,1918 14,978,708 14,611,672 7,803,496 8,370,122 10,767,510 11,562,483 4,1919 15,135,314 7,950,804 11,283,710 May 12,1919 15,955,267 8,508,400 11,718,095 June 30,1919 15,924,865 8,479,747 11,576,140 Mar. Date of report. Number of banks. Total loans and investments. Net deposits. June 30,1914 26,765 20,924,403 17,966,150 June" 23,191*5 27,062 21,640,604 18,420,852 June 30,1916 27,513 24,646,385 21,574,008 June 20,1917 27,923 28,645,247 24,891,218 June 29,1918 28,880 32,316,590 26,769,546 »Exclusive of fixed investments, i. e., banking house, real estate, furniture and fixtures; also stocks of Federal Reserve Banks. Beginning with Sept. 32,1916, notes and bills rediscounted are not included among loans and discounts, as was the previous practice. * 840 FEDERAL RESERVE BULLETIN. BANKING AND ECONOMIC CONDITIONS IN ITALY, 1914-1919.1 Italy was not a participant in the great war during 1914, did not in fact become a belligerent until May, 1915, but nevertheless she was greatly affected by the hostilities from the start." Italy is dependent on foreign countries for her coal, copper, manganese, tin, and rubber, and a great part of her requirements of iron, wool, and hides. She has no adequate merchant marine and does not produce enough wheat to supply her domestic demands. Furthermore, Italy's engineering and chemical industries were not greatly developed before the war and were largely controlled by German capital. As an immediate result of the outbreak of the war Italy experienced difficulty in obtaining an adequate supply of the raw materials on which she depends and at the same time lost a large part of her foreign market for silk, her principal export product. For the five months August-December, 1914, Italy's imports were 785 million lire as compared with 1,508 millions for the same period of 1913, a decrease of 721 millions; while her exports declined from 1,119 millions during August-December, 1913, to 753 millions during the same months of 1914. These figures indicate the effect that the outbreak of the war had on Italian foreign commerce. Shortage of raw materials, industrial depression, unfavorable rates of foreign ex* Sources: Banque do L'ltalie, Rapports a 1'assemble des actionnaires (1913-1917) and the Bank's weekly statements of condition. Also: Annuario Statistic© Italiaho: 1914,1915, 1916. Bolletino della Direzione generale per la vigilanza sugli Istituti di amissione—Publicazione mensile del Ministero del tesoro. Cenni Statistic! sul movimento econoniico delFItalia, 1917 and 1918, published by the Banca Commerciale Italiana. Expose" Financier de M. Francesco Nitti, Ministre du Tr<5sor (November 26,1918), published in Bulletin de Statistique efc de legislation Compared, February, 19.19. SEPTEMBER 1,1919. change, and increasing Government expenditures caused by military preparations in view of the inevitable entry of Italy into the war characterized the country's economic condition during the period immediately preceding her becoming a belligerent. Italian banks were called upon to come to the assistance of commerce and industry, and leadership was assumed by the country's three banks of issue, the Bank of Italy, the Bank of Naples, and the Bank of Sicily. These three central banks are of different historic origin but are now operated under central government supervision, and in reality constitute one system of central banking institutions. When a consortium of banks was organized in the fall of 1914 to come to the aid of industry by discounting bills secured by industrial obligations, the banks of issue agreed to accept for rediscount such bills, the share to be taken up by the Bank of Italy being fixed at 75 per cent of the total amount, the share of the Bank of Naples at 20 per cent, and the share of the Bank of Sicily at 5 per cent. Provincial syndicates for the purchase and distribution of cereals were also organized at that time, and the banks of issue jointly came to their assistance by discounting paper secured by stocks of cereals. A table is here presented showing the principal asset and liability items of the Bank of Italy at the end of each year, 1913-1918, and on July 20, 1919. The movement of the different items is so similar for the three banks of issue that it was not considered necessary to show figures for the other two banks. In connection with gold holdings, however, figures are given below for the total held in the treasury and in the central banks combined, in the banks alone, and in the Bank of Italy. Bank of Italy. [In thousands of lire.] Dec. 31, 1913. Gold... Silver. Total metallic reserve. Notes of Italian Government and of other, including foreign, banks of issue Other cash and cash equivalents Bills payable in Italy Bills payable in foreign countries, including foreign treasury bills Bills payable, received for collection Advances ordinary Advances to the Government or for account of the Government , Securities Dec. 31, 1914. Dec. 31, 1915. Dec. 31, 1916. Dec. 31, 1917. Dec. 31, 1918. July 20 1919. 1,107,633 94,607 ,118,188 107,890 1,077,364 104,803 899,686 72,655 835,852 87,410 817,759 77,148 1,202,240 1,226,078 1,182,167 972,341 923,262 894,907 11,169 57,774 17,032 705,839 104,204 14,112 473,728 142,509 25,756 539,828 179,229 31,985 757,136 338,457 42,494 470.500 10^358 800,801 126,063 87,068 24,083 151,195 20,901 25,354 192,582 20,810 20,448 307,013 22,125 3,524 436,380 315.391 10,914 762,704 22,996 6,204 919,857 "218," hhi 518,812 204,591 1,608,534 204,916 1,830,749 219,760 4,327,128 223,121 5,244,870 204,884 5,744,320 215,581 505,968 72,736 805,073 74,4.38 S79;511 SEPTEMBER 1, 841 FEDERAL RESERVE BULLETIN. 1919. Bank of Italy—Continued. Dec. 31, 1913. ASSETS—continued. '.Debtors in current account: In Italy In fr reign countries 'Bank premises In fiscal account with the Govommont and provincial administration Sundries 82,032 26,757 Total. Dec. 31, 1914. ! i i Dec. 31, i 1915. j D e c . 31, i 1916. D e c . 31, 1917. Dec. 31, 1918. J u l y 20, 1919. 40,025 42, AfiO 27,794 10,975 148,458 28,408 11,08? 386,488 29,259 12,454 467,9:M 28; 303 381,772 775,363 29,239 425,190 781.855 29,760 5,122 175,496 8,822 427,183 7.250 733; G95 95,952 4,011) 591 257,358 2,344,626 775.021 1,814,137 3,283,369 4,450,434 5,247,288 11,519,414 12,484,813 12,896.100 180,000 •18.000 12^ 025 180.000 48,000 12,025 180,000 48,000 17,525 180,000 48,000 28;946 1.80.000 48' 000 40!023 ISO.000 JSi 000 P5!.371 2,102,449 549,923 1,431,600 1,608.600 745,888 2,045,993 1,830,749 865,934 2,212,067 4,327,128 1,449,077 3,978,488 5,244,870 1,596,656 4,252 8~1 5,744,320 1.508,470 208,912 122J060 112,226 312,0°5 172,829 290,327 2,983,869 265,954 1,124,222 .'01 8~0 £95 218 3,283,369 4,450,434 5,247,288 11,510,414 12,481,813 12.896,100 LIABILITIES. 180,000 Capita! 48,000 i Surplus 12,025 E x t r a o r d i n a r y a n d special reserves Circulation: 1,764,433 For account of commerce For account of Government Demand a n d t i m e deposits j 207,885 I n fiscaJ account w i t h t h e G o v e r n m e n t a n d proiincia? ad- I ministrati on ! Sundries I Total. GOLD HOLDINGS. [In millions of lire.] Date. Dec. 31,1913 1914 1915 1916 1917 1918 Apr.30,1919 Total Government 1 and banks. Government.1 1,492 1.553 1,520 1,325 1,238 1,213 1,213 117 156 156 168 187 164 163 Banks of issue. 1,375 1,397 1,364 1,157 1,071 15O49 1,050 Bank of Italy. 1,108 1,118 1,077 900 836 818 818 1 Total specie reserve held by the Treasury against Treasury notes issued. A total loss of 279 million lire in gold held by the Treasury and the banks combined is shown for the period December 31,1913TApril30; 1919. The Government gained 46 millions, while the banks lost 325 millions, the Bank of Italy alone showing a decline in gold holdings of 290 millions. The greatest loss of gold occurred during the year 1916, when Italy exported gold to allied and neutral countries in an effort to offset her unfavorable balance of trade in merchandise and to steady her rates of exchange. During the following years a continued loss of gold is shown, the lowest figure (1,213 millions) being reported at the end of 1918 and remaining unchanged on April 30, 1919. It will be noted that Government gold holdings increased considerably during 1914 and show a further slight increase since that date, while substantial losses of gold were sustained by the banks of issue. t h e Bank of Italy's holdings of bills payable in Italy were much'lower in 1915 than m 1914, 134551-19 3 owing to industrial depression, but rising prices and the development of war industries increased the commercial demand for credit, and the holdings of domestic bills increased from 474 millions at the end of 1915 to 540 millions at the end of 1916, 757 millions at the end of 1917, and 887 millions at the end of 1918. During 1919 these holdings declined, and on July 20 stood at 801 millions. Ordinary advances increased steadily during the war period, rising from 151 millions on December 31, 1914, to 763 millions at the end of 1918, and further to 920 millions by July 20, 1919. Advances to the Government and for account of the Government show great increases, standing at 519 millions at the end of 1914 and at 5,744 millions on July 20, 1919. The bank's^ deposits, including all obligations payable at sight and current accounts, increased from 208 millions at the end of the prewar year 1913 to 550 millions at the end of 1914, and to 1,597 millions at the end of 1918. On July 20 last the total amount of demand and time deposits was 1,508 million lire. The Bank of Italy paid the maximum dividends allowable to its stockholders. 8 per cent, each year during the period under review, the remainder of its net earnings being divided between the Government and a special reserve fund. This special reserve grew from 12 million lire on December 31, 1913, to 65 millions on July 20, 1919. During 1918 the bank's net earnings were 55,880,000 lire, of which about 23 millions were turned over to the Government, about 18 millions were placed in the 842 FEDERAL EESERVE BULLETIN. special reserve, and about 14 millions were distributed as dividends. During the period January 31, 1914, to May 31, 1919, the total note circulation of Italy increased from 2,678 millions to 14,243 million lire.1 The rapid increase in note circulation began about the time of the outbreak of the World War, and continued almost uninterruptedly throughout the period under review. A notable feature of the Italian currency situation is that the great increase in paper money was not accompanied by withdrawals of gold from circulation, practically all the gold having been in the vaults of the Treasury and the banks of issue at the beginning of the war. Since the gold reserves in the possession of the Government and the banks declined during the war period, the rercentage of metallic reserve declined steadily with the increase in circulation. Of the total growth in the volume of circulation the greater part was due to additions to banknote circulation; Government notes increased from 499 millions on January 31, 1914, to 2,171 millions on May 31, 1919, an increase of 1,672 millions, while bank-note circulation increased at the same time from 2,179 millions to 12,072 millions, an increase of 9,893, million lire. Owing to differences in normal reserve requirements, which are 40 per cent for notes issued for commercial purposes and 33 J per cent for notes issued for Government needs, the banks of issue show separately their circulation for Government and for commercial uses. It is notable that bank-note circulation for commercial purposes less than doubled during the * See Table on page 843 and curves on page 844, Sl5PTl<3MBEK 1, 1 9 1 9 . period under review, while total circulation increased nearly sixfold. On the latest date for which figures are shown in the table the total bank-note circulation was composed as follows: Notes of the Bank of Italy, 9,309 millions; notes of the Bank of Naples-, 2,229 millions; notes of the Bank of Sicily, 534 millions. Considerable portions of the bank notes issued by the three central banks for the needs of the Government were used to make payments to private individuals for Government contracts and other Government outlays and were secured by Government obligations. Thus, as early as 1914, 300 millions of notes were issued to assist savings banks and loan banks, this, amount being increased to, 600 millions in 1915. The banks of issue were also authorized by the Government in 1915 to discount 6-month paper for agricultural credit institutions. The consortium for the purchase of breadstuffs was also financed by the banks of issue on authority and by direction of the Government. On December 31, 1918, the bank-note circulation on Government account, amounting to 6,883 millions, was distributed as follows: Millions, Ordinary advances 485 Extraordinary advances secured by Treasury certificates 4,230 Advances to the National Savings Bank (Cassa di Deposit! e Prestiti) for its own purposes and for use in assisting provincial and municipal governments 700 Advances on Government account to credit institutions, to railroad contractors, and other third parties 1,468 Total 6,883, ii 1, lOl\i. 843 FEDEKAZ, RESERVE BULLETIN. CimihtiuiL of Government notes and of'bank notes 'in Italy, January, 1914-May, 1919. [In millions ;>!' !ire; value at par, i lira=-9.3 cents.] Bank note circulation. GovTotal ernnote ment circunote lation. circulation. End of month. 1914. January February.. March April May Juno July August September. October November.. December.. 1915. January .February March./ April May June July August September October November December 1916. January February March April ' " May... June... July... August September October November December i 678 j 615 ! 621 • 575 i 554 ! 698 j 764 ! 269 j 375 i 470 ! Of 3 banks of issue. Of bank of Italy. IS auk note circulation. End of month. ComCom1 Total. mercial. Total. mercial 2,179 2,116 2,122 2,076 2,055 2,199 2,265 2,612 2,484 2,396 2,777 2,201 1,677 1,617 1,614 1,578 1,557 1,683 1,730 2,115 2,152 2,146 2,131 2,162 1,677 1,617 1,614 1,578 1,557 1,683 1,730 2,028 1,905 1,803 1,619 1,644 June July August September October November December 2,993 2,927 3,212 3,200 3,772 3,856 3,726 3,741 3,815 3,845 3,862 3,968 2,256 2,164 2,285 2j 377 2,652 2,243 1,989 2,030 2,139 2,102 1,954 1,899 2,205 2,119 2,248 2,332 2,855 2,927 2,797 2,775 2,848 2,898 2,922 3,040 1,686 1.584 l',661 1,744 1,969 1,753 1,540 1,547 1,634 1,612 1,472 1,432 January February March April May June July August September October November.. December 1 4,954 * 1,080 i 3,874 114,914 * 1,080 ! 3,834 ! 4,990 1.097 ! 3,893 5,014 1,096 i 3,918 5,125 1.098 ' 4,027 5,450 1,135 4,315 5,525 1,168 4,357 5,541 1,194 . 4,347 } 5,792 1,230 4,502 1,267 i 5,960 4,693 6,112 1,293 4,819 1,317 6,330 5,013 1,696 1,667 1,790 1,915 2,044 2,158 2,187 2,198 2,274 2,221 2,397 2,458 2,917 2,856 2,902 2,960 3,089 3,379 3,419 3,415 3,621 3,692 3,752 3,877 1,254 1,196 1,293 1,428 1,543 1,656 1,674 1,691 1,759 1,842 1,927 2,046 January... February. March.... April May ; ! i : ! ...; i i ! j Of 3 banks of issue. OI bank of Italy. ComTotal. inftrcia! ComTotal. mercial. 1917. 2,179 2,116 2,122 2,076 ! 2,055 2,199 2,265 2,745 2 } 820 2,877 2,901 2,936 I 13,686 i ! GovernTotal ment note note •circulation. circulation. 499 499 499 499 499 499 499 524 555 593 2 650 January February March April 6,443 6,446 6,621 M),706 6.859 7,'276 7,464 7,635 8,063 8,634 9,803 10,17a l •May 1,346 1,379 1,440 '1,440 1,446 1,460 1,504 1,552 1,590 1,635 1,684 1,749 8 a, 097 2,221 2,231 5,067 5,181 2 2,400 2,509 5,266 5,413 2 2,560 2,521 5,816 2,655 5,960 3,116 6,083 2,431 6,473 G,<)99 2,730 2,997 8,119 8,424 2,592 3,908 3,866 3,931 4,006 4,115 4,467 4,595 4,693 4,985 5,389 6,338 6,539 1,812 1,772 1,892 2,025 2,077 2,014 2,103 2,664 1,923 2,328 2,560 2,212 1918. 3,661 j 668 3,595 j 668 3,885 I 673 3,878 \ 678 4,469 i 697 4,622 : 766 4,561 i 835 4,640 | 899 4,779 ! 964 4,845 \ 2 1,000 4,917 •, 1,055 5,050] 1,082 | 10,320 10,509 10,898 11,227 11,487 12,043 12,273 12,387 12,918 13,332 13,586 13,874 1,805 1,842 1,864 1,909 1,937 1,972 2,002 2,018 2,034 2,046 2,089 2,124 8j 515 8,667 9,034 9,318 9,550 10,071 10,271 10,369 10,884 11,286 11,497 11.750 2,735 2,914 3,378 3,526 3,430 3,590 3,508 3,692 3,976 4,192 4,357 4,586 6,563 6,681 7,014 7,253 7,440 7,849 7,989 8,052 8,555 8,961 9,111 9,223 2,282 2,389 2,i 780 2,953 2y903 3,112 2,942 3,028 3,255 3,385 3 677 3,978 13,619 !' 13,538 ! 13,907 ! 14,504 i 14,243 ; 2,124 2,164 2,191 2,268 2,171 11,405 11,374 11,716 12,236 12,072 4,303 3,966 3,943 3,006 3,922 9,022 9,162 9,389 3,753 3,435 3,361 3,421 3,419 1919. ! Partly estimated. a •Estimated. 00 i NOTE CIRCULA TION IN ~1TA LYf I'9/4 -1919, , JoCal Circulation.- ^«^««»M>-O«S» SanK Jfote Circulation: Mtbes ofOie JBcvwfCoflGaltf: 3vr Commercial Jhrfioses: ««e<D>~..o.. ] T~ I 1 I § „.._ _ j | SEPTEMBER 1, 1919. FEDERAL, RESERVE BULLETIN. GOVERNMENT FINANCE. 845 FOREIGN EXCHANGE. The total cost of the war for Italy was recently placed at over 90 billion lire by the Italian Secretary of the Treasury. The total debt of the nation was 77,788 at'the end of May, 1919, of which 20,303 represent Treasury certificates held by the banks, 7,814 bank notes issued on Government account, 19,008 millions the foreign debt, and the remaining 30,643 the aggregate amount of outstanding bonded indebtedness. Borrowings by the Italian Government from the United States are shown in the figures below: As a result of an excess of imports over exports, an excess which increased greatly during the war and exceeded 8 billions in 1917, Italian foreign exchanges on neutral and even on belligerent countries were unfavorable to Italy throughout the war, and the rate of discount increased constantly. The table below shows monthly high and low exchange quotations on Paris, Switzerland, London, and New York, and the percentage of appreciation of the gold lira. Paris exchange varied from 100.32 to 106.75 lire to 100 francs in July, 1914. Not much Italy's account ivith the United States. change in this situation occurred during the remainder of that year, but a decided rise in Cumulative Credits Advances balances undei the cost of Paris exchange began in February, Month and fiscal year. established. made. established 1915, and continued with fluctuation until credits. June, 1918, when it stood at 160. During the following months the rate declined, under the 1917. May, 1917. 8100,000,000 3100,000,000 influence of the Institute for Foreign Exchange (discussed below), and stood at 116.25 from 1918. 30,000,000 July, 1917 530,000,000 October, 60,000,000 1918, to February, 1919. When 40,000,000 30,000,000 August, 1917 40,000,000 30,000,000 September, 1917. 10,000,000 official support of the lira was withdrawn last 65,000,000 October, 1.917 300,000,000 245,000,000 40,000.000 November, 1917.. 205,000,000 March, the exchange rate again became less 105,000,000 December, 1917.. 100,000,000 favorable to Italy and stood at 123.03 lire per 50,000,000 January, 1918... 50,000,000 20,000,000 February, 19i8.. 80', 000,000 100 francs on June 30 last. London exchange .TO, 000,000 10.000,000 March, 1918 70,000,000 40^000,000 30,000,000 followed a course similar to that pursued by April, 1918 30,000,000 May, 1918 100,000,000 Paris exchange. Exchange on Switzerland was 30,000,000 June, 1918 70.000,000 more heavily against Italy than exchange on 550,000, (XX) I 480,000,000 Total. any other country, Switzerland's position in 1919. foreign commerce being exceptionally strong 120,000,000 00,000,000 110,000,000 | July, 1918 30,000.000 30,000.000 owing to her neutrality and favorable balance August, 1918 45, OOO', 000 85, OOO', 000 100,000, 000 i September, 1918 In June, 1918, 100 Swiss francs cost 59,000,000 of trade. 22(3,000,000 200,000! 001) ! October, 1918 119,000,000 230.25 lire, declined to 130 during the monop90,000,000 000 i November, 1918 i5oooo 13-1,000.000 85,000,000 December; 1918 looiooojooo i 14,000,000 oly regime, but went up again to 146.91 on 120,000,000 January, L919 10,000.000 79,000,000 .February. L919 75,000. 53,000;000 June 30, 1919. New York exchange was close 83,500,000 130,500J March, I9i9 08,000,000 to par in Italy just before the war broke out, 40,000,000 50,000, April, J9L9 20,000,000 42,000,000 May, 1919 June, 1919 20.000,000 ;;•>, ooo, ooo but' began to' rise immediately after, reaching io;ooo,ooo the figure of 7.89-1 lire per dollar just before Total Oil, 500,000 975,500,000 America entered the war. A temporary deRECAPITULATION. cline followed America.'s declaration of war, 100,000,000 Fiscal year 1917 ! 100,000,000 Fiscal year 1918 ! 550,000,000 480,000,000 70,000,000 but the upward course of the exchange rate Fiscal year 1919 j 9-H, 500,000 975,500,000 30,000,000 was soon resumed and in May, 1918, a dollar G rand total 1,591,500,000 30,000,000 was worth 9.085 lire 1,555,500,000 Italy. During the It will be noted that the aggregate credits established by Italy with the United States Treasury were 81,591,500,000, of which $1,555,500,000 were actually drawn, leaving a balance on 'June 30, 1919/ of $36,000,000. Italy's borrowings from America during the year ending June 30,1917, were 100 millions, during the next year 480 millions, and during the roost recent fiscal year 975.5 millions. exchange was quoted in New York at 9.51. lire per'dollar on August 23, The premium on the gold lira in Italy rose from 5.78f per cent in January, 1915, to 73.81 per cent in June, 1918, then declined to the "pegged" rate of 20.18 per cent, but rose again to 45.51 per cent bv June 30, 1919. 846 FEDERAL RESERVE BULLETIN. SEPTEMBER 1, .1919. Rales of exchange in Italy on Paris, Switzerland, London, and New York. [High and low figures for each month.] Quotations for July, 1914, from annual report, of the Bank of Italy j for September, 1914-Dccember, 1917, from Conni Stafcistici sul Movii SSconomico doll'Italia, issued by the Banea Commerciale Italian a; i'or Jan nary. 1018-May, 191.9. fi'oni 'die Giomalo c.'egli Economisti.] vvitzerlnnd (par=100). London (par=25.22). 106.... 106.81 104.87 105.34 104.77 100.32 104.19 102.83 104.53 102.24 105 104.78 104.97 103.58 102.68 100. 20 101.25 101.70 102.73 100.55 25.70 27.25 26.69 26.41 26.19 25.53 26. 88 25.77 26.22 25.68 January. February March April May. June July August, September October November December, 104.76 110.49 112.51 110.91 111. 59 109. 66 112.70 111. 47 108.68 109.54 113.00 112.75 J 103.22 • 104.57 107.39 108.49 106.48 108.74 108.34 108.64 106.61 107.66 108.23 111. 102.645 105.705 108.395 110.805 112.12 112.46 118.78 120.89 120.375 120.4.9 121.55 125.43A 101.455 101.925 105.43 107.32 109.06 110.64 112. 79 116.99 117.225 117.665 120.22 121.40 26.30 27.95 28. 64 28.25 28.55 29.39 30.47 30.38 30.07 25.895 26.275 27.205 27.69 27.68 28.365 29.145 29. 29.29 29.335 29.81 .72 January., February March.. April. May June July August, September October November December, 116.28 114.76 114.11 111.35} 107.37 108.31 110.01 110.00?2 110. 42 114.08 115. 118.77 112.02 113.78 110. 106.1 105.12 107.48} 107.i 108.64 109.00.} 110.49?2 114.28 115.56 131.514 129.34 128.12 127.42 123.96 121.73 122.51 122.33* 125.803; 127. 126.57 121.23?, 119.02" 119.917; 120. 27 121.20J 119.98 121.31 i127.55 130.45 32.347; 32.28 31.99 31.72* 30.39} 30.51 30.97 30.914 30.86 31.92 32.14J 33.02 July September October November December I | i j | January February March, April, May. June July August. September October November December. 127.60.} 130.71 139.18 144.59 150. 64 156. ho\ 152.34* 139.67" 150.42 158.46 1(38.75 166.45 172.21 204.43? 191.90' January, February March 2o-30 V April 29-30 May 27-311 June 28-301 July 27-31' August 30-31 September 23-30 October 21-311. November 1-30 December 1-31: January 1-31 K February 1-28 i March 29-311. April 28-30 i, May 2?i2 May 31 June 302. 116. 25 116. 25 120. 50 125.50 130.85 129.60 123.03 130 130 143 15B 170 161.71 146.91 34.66: 36.034 37.60} 36.54 33.57 35. 17* 34.69* 35.70} 37.201 37.39?" 42.91 40.071 Nro\v York (par=5.18) 5.15* 5.22 5.21 5.37 5.26 5.43 5.85 5.96 5.91 j 5.95 I 6.06 i 6.42} 6.50 6.50 6.484 6.70" 6.75* 6.954 32.75} 34.13 36.10 32.86* 33. 33" 33.49 34.23 34.43 35.77 36.71 Average percentage of appreciation of the gold lira. 7.30 7. 57-? 7. 7.69 7.06?, 7.39* 7.27 4 7.50 7.81 7.85J 9.007, 8.42 5.33 5.41 5.66 5.77 5.81 5.93 6.12 6.25 6.24 6.225 6.445 6.52 6.58} 6.70 6.61 6.28 6.20 6.36 6.374 6.43i 6.41J 6.46 6.68 6.75 6.884 7.09.} 7.611 I 6.90i 7.00* 28.76 38.68 40.85 33.45 31.25 40. 80 41. 77 41.195 42.625 43.475 43.46 42.70 30.725 30.375 30.375 30.375 30.375 8.58 8.74 8.6475 8.95 9.085 8.9875 8.64 6.345 6.345 6.345 6.345 6.345 64.63 63. 08 68.79 72.12 73.61 69.05 41.99 20.1 20.18 20.18 20.18 30.375 30.375 33.125 35.125 40.50 38.60 36.78 6.345 6.345 7.00 7.395 8.71 8.30 7.97 20.18 20.18 26.63 39.01 42.38 42.38 45.51 1 Quotations for March, 1918, to May, 1919, arc those fixeri by National Institute for Foreign Exchange for checks sold, 2 Average official rate. SKPTKMBKJI 1, 1919. FEDERAL RESERVE BULLETIN. In order to regulate the exchanges the Government established a National Institute for Foreign Exchanges, which was given a complete monopoly of foreign exchange operations. The institute was established with the cooperation of a financial syndicate, including the three banks of issue, the four leading commercial banks, and a number of other banking institutions. The institute's central administration is in Rome under the supervision of the secretary of the treasury, and the director general of the Bank of Italy is its director. Branches of the institute were established in all the allied countries. The institute was granted, for the duration of the war and for six months after the cessation of hostilities, a complete monopoly of the exchange business. It had the exclusive right to purchase exchange and to sell abroad securities issued in foreign countries and to cash foreign coupons; to sell exchange in payment for authorized exports; to discharge unavoidable obligations incurred abroad before the institute's organization, and to provide for the necessary needs of persons with property in Italy but residing abroad. All purchases and sales of foreign exchange were "to be made at rates fixed by the institute on March 11, 1918. The institute's capital of 10 million lire was supplied by the financial syndicate, 3.4 millions being the share of the Bank of Italy. The treasury turned over to the institute all the foreign' exchange in its possession as a result of sales of Italian goods or of credits established with foreign governments, and all Italian holders of foreign exchange were directed to turn their holdings over to the institute. All the banks entering into the consortium and their branches act as agencies of the institute, their foreign exchange transactions being kept entirely separate"from their other business and directly under the control of the institute. Out of the earnings of the institute a 5 per cent dividend is paid to the contributors of its capital, while the remainder constitutes a reserve against losses. When the affairs of the institute are liquidated, the reserve is to be divided equally between the treasury and the members of the consortium. In case the entire reserve is wiped out by losses and inroads are made into the capital, the Government is to make good the deficiency. During the institute's monopoly of exchanges the rates were fixed as follows: 116.25 for Paris, 130 for Switzerland, 30.375 for London, and 6.345 for New York. When in March, 1919, the support of English and French exchanges was withdrawn by the 847 respective governments, the Italian Government pursued the same course, and the institute's monopoly was discontinued, though it still exercises supervision over all exchange operations of Italian banks. CHANGES IN THE GERMAN EEICMSBANK'S GOLD RESERVE. A table is presented below showing the amount of gold in the German Ileichsbank on April 30 and May 31, 1917, when the maximum was reached, and at the end of each month subsequent to that date. For the same dates are shown the notes in circulation; of the lieichsbank and of the loan banks also deposits, and the ratio of gold to notes and to notes and deposits combined. The Darlehnskassenscheine included do not represent the total of these notes issued, but only those in actual circulation, large amounts being held by the Ileiehsbank as cover for its own notes, in addition to 120 million marks to secure an equal amount of Treasury notes (out of a total of 360 million marks issued). The Darlehnskassenscheine are not a direct liability of the lieichsbank, but are issued by special loan banks working under the general direction and supervision of the lieichsbank and are supported by Government war securities or by industrial obligations, also by stocks of goods, so that the gold in the vaults of the Ileichsbank is the only gold reserve in existence against the aggregate circulation of both lieichsbank notes and loan bank notes. Gold reserves of the lieichsbank declined from May 31, 1917, at first as the result of exports of gold to the Netherlands for the purpose of improving the exchange position of the mark. A temporary increase is noted in September and October, 1918, when some of the gold paid over by Russia under the treaty ^ of Brest Litovsk reached Berlin. From the time of the signing of the armistice gold has been withdrawn from the Iloichsbank in large amounts, partly in payment of immediate allied claims, but mostly in payment for food supplies. From 2,308 millions on November 30, 1918, the stock of gold declined to 1,116 millions on June 30, 1918, and to 1,112 millions on July 23, 1919, representing a loss of 1,196 million marks, or at par nearly §300,000,000. At the same time note circulation increased on a large scale,, the combined total of 42 billions on June 30 being three and one-half times as great as the corresponding figure 26 months 848 FEDERAL. RESERVE BULLETIN. earlier (12 billions). The increase in note circulation during the 18 months previous to the signing of the armistice was about 14 billions and during the 8 months following the cessation of hostilities about 16 billions. Deposits also increased greatly during the period, reaching their highest point on September 30, 1918. Since then they have fluctuated without exceeding the amount shown for that date. SEPTEMBER 1,1919. The ratio of gold reserve to note circulation declined from 20.74 per cent on April 30, 1917, to 9.77 per cent on October 31,1918, and to 2.65 per cent on June 30, 1919, while the ratio of gold to notes and deposits combined, which was 15.64 per cent on April 30, 1917, was only 6.92 per cent on October 31, 1918, and fell to but 2 per cent on June 30, 1919. Gold held by German Reichsbarik, compared with note circulation and deposits. [In millions of marks.] Eeichsbank notes and Darlehnskassenseheine Gold. Date. Combined. Apni 30 . May 31 June 30.. . . July 31 Aug. 31 Sept 29 Oct. 23 Nov. 30 Dec. 31 . . 1917. 1918. Jan.31.. Feb 28 Mar. 30. . . . .Apr 30 Mav 31 June 29 Julv 31 . . . . . Sept. 30 Oct. 3 ! N o r 30 Deo. 3 1 . . . . . . . . . - . .. . . Darlehnskassenscheine. Deposits. Notes. Notes and deposits combined. 2,532.6 2,567.1 2,457.3 2,402.2 2,403.0 2,404.0 2,404.5 2,405.3 2,405.6 12,213.4 12,395.2 13,220.7 13,576.7 14,421.1 15,634.9 15,744. 7 16,482.3 17,733.7 8,315.4 8,285.2 8,698.7 8,852.7 9,337.1 10,204.9 10,138. 7 10,622.3 11,467.7 3,898 4,110 4,522 4,724 5,084 5,430 5,606 5,860 6,266 3,981.0 4,538. 2 5,692.7 5,848.0 5,890.6 9,540.9 5,735.4 6,045.3 8,050.3 20.74 20.70 18.59 17.69 16.66 15.38 15.27 14.59 13.56 15.64 15.16 12.99 12.37 11.83 9.55 11.19 7.39 9.33 2,406.1 2.407.8 2,408.5 2,344.0 2,315.7 2,346.2 2,347. 3 2 348.1 2,447. 4 2,550.0 2,308. 4 2,262.0 17,426.9 17,8-12. 8 18,6-47.8 18,758.8 19,172.7 20,092.4 20,440.5 21,875.1 24,080.4 26,091.6 28,5S9.9 32,296.0 11,138.9 11,310.8 11,977.8 11,820.8 12,002. 7 12,510.4 12,704.5 13,639.1 15.334.4 16,661.6 18,609.9 22,188.0 6,288 6,532 6,670 6.938 7,170 7,582 7,736 8,236 8,746 9,430 9,990 10,108 6,676. 2 6,490.1 9,029.6 8,831.6 7,634.7 9.181.2 S, 504. 8 9,432.0 14,538.0 10,738.7 10,682.9 13,280.0 13.81 13.49 12.92 12.50 12.23 11.68 11.48 10.73 10.16 9.77 8.07 7.00 9.98 9.90 8.70 8.50 8.75 8.01 8.11 7 50 6.34 6.92 5.88 4.96 2,253.7 2,245.7 1,015.9 1,755.8 1,516.1 1,116.4 33,817.6 34,778.8 36,638.4 37,918.1 39,331.9 42,115. 4 23,647,6 24,102.8 25,490.4 26.628.1 28,244.9 29.968.4 10,170 10.676 11,148 11,290 11,087 12,147 12,522.7 11,830.6 14,503.0 14,537.3 1 9,987.9 13,729.6 1919. J a n . 31 F e b . 28 Mar. 31 A p r . 30 Mav 31 . J u n e 30 Julv 31.. Ileicnsbank notes. Ratio of gold to— 6.66 6. 46 5. 23 ! 4.63 i 3. 85 i 2.65 ! 4. 86 4.82 3.75 3.35 3.07 2.0C COMPARATIVE STATEMENT OF LEADING gold and silver holdings show increases in each BANKS OF ISSUE, of the allied and neutral countries, except France and Italy, while the central European There is presented below for leading banks countries lost large portions of their metallic of issue a comparative statement of note and reserves. Ratios of gold and silver to note deposit liabilities, of metallic reserves, and of and deposit liabilities combined were lower the ratio of the latter to the former, at the this year than at the outbreak of the war for outbreak of the war and about midsummer ail of the belligerent countries and for all the of 1919. neutrals, except Netherlands and Spain. For Note circulation increased greatly during the all the allied powers combined, exclusive of the period in all of the countries included in the United States, the ratio declined from 49 to table, the aggregate outstanding note circula- 14.6 per cent; for central Europe, i. e., Germany tion in the allied countries, exclusive of the and Austria-Hungary combined, from 45.4 to United States, being about 11 billions in 1919 1.5 per cent, and for the neutral countries from. as against 2.3 billions in 1914. Combined 63.1 to 55.1 per cent. Comparative 849 EEDEKAL RESERVE BULLETIN. SEPTEMBER 1, 1919. table showing to Lai note circulation, deposits, and gold and $U/ocr holdings of principal outbreak of the war and about June-July, 1919. About June-July, 1919= At outbreak of the war. Ratio of gold and Total silver I Total Total Gold Silver gold and to total | note cirnote I eolation. ieposits. holdings, -holdings. sil ver holdings. and deposit Jiabili- Total note circulation. Ratio of gold and silver Total Total Silver gold and to total Gold deposits. holdings. holdings. silver note holdings. and deposit liabilities. i A. ALLIED POWERS. Belgium. France... 311,665 20,409 1,289,855 256,716 326,699 1-14,566 180,411 74,944 417,352 158,355 56,619 799,279 185,567 110,189 215,810 56,619 919,968 185,567 332 i 110,521 20,823 j 236,633 120,689 Great Britain Japan Italy 6 Total 2,313,849 I 837,123 L, 367,464 141,844 jl, 509,308 United States (Federal Reserve Banks) 900,406 17.1 6,741,799 59.5 / * 383,943 39.4 1*1,659,316 43.3 495,413 64.3 1,796,512 49.0 484,129 591,685 550,373 287,343 51,343 5,980 692,513 58,043 !429,863\; '138,695/1 353,771 j 156,162 ! 14,348 Total 57,323 750,556 568,558 353,771 170,510 4.1 10.2 20.8 33.8 8.2 11,076,983 1,571,101 1,771,004 72,391 1,843,395 14.6 2,506,820 1,766,181 2,088,475 10,374 2,098,849 c 49.1 | B. CENTRAL POWERS. Austria-Hungary Germany banks of issue, at the 431,489 692,442 59,012 299,515 250,794 298,261 59,031 65,409 303,825 363.670 63.2 7 8,498,744 1,295,697 53,130 I 11,545 8 7,102,521\ 2,178,161 j 265,481 ! 4,750 36. 7 »2,896,822/ 64,675 270,231 .76 2.2 ;1,123,931 358,527 549,055 124,440 673,495 45.4 334,906 1.5 j 349,485 39,525 | 124,796 : 32,859 373,557 54,367 \ 51,708 5,496 1,904 3,859 96,931 18,440 9,777 313, 24, 68, 14, 248, 26, 38, 54.2 54.0 39.2 52.9 35.9 62.5 494, 116, 406, 116, 693, 195, 170, 331 505 67.0 32.4 61.1 29.7 59.0 33.2 51 3 734,183 63.1 2,192,8 18,498,117 3,473,858 | 318,611 ! 16,2 C. NEUTRAL POWERS. Argentina Denmark Netherlands Norway Spain.". Sweden Switzerland Total 313,497 24,410 65,140 3,307 14,405 105', 798 143,063 24', 746 1,408 34,753 3,656 |l,026,297 ; 136,407 • 582,749 151,434 331,505 40,435 ! 50,326 26,858 , 261,864 17,284 ! 39,760 262,592 j 438,535 38,873 j 77,433 20,539 i 90,338 2,667 125,161 233 13,409 51 020 264 ,531 760 563 ,696 77, ,668 j 103 i ,747 • 406,581 11,289,761 ; 142,164 1,431,925 ; 53.1 1 'Bank of England notes. s Held by the Ban!; of Kngland. 34 Currency notes of the Exchequer. Held bv the Exchequer. e These figures refer to tbc Bank of Italy. On April 30,1919. there were also in circulation notes of the Bank of Sicily, 544,000,000 lire: notes of the Bank of Naples, 2,303,000,000 lire; also Treasury notes, 2,268,000,000 lire, a total of 5,115,000,000 lire, or §987,195,000, as against 8197,053,400 on July 20. 1914. • This percentage is somewhat lower than the figures published in the weekly statement for August. 1, because it; is based on only gold and silver holdings, exclusive of lcgals. i8 Notes of the Austro-Hungarian Bank only: " s c r i p " figures not available. Notes of the Reichsbank. 9 Noses of tlie War Loan Banks. QUANTITIES AND VALUES OF PRINCIPAL as against 5,838.7 millions for the fiscal year EXPORTS, 1914-1919. 1918. A more detailed analysis of these totals by principal groups, according to use and degree Imports into the United States during the of manufacture of the articles, follows: fiscal 3'ear ended June 307 1939, aggregated 1919 3,095.9 millions, while exports for the same 1918 period were 7,225.1. The favorable trade For Millions Mi I lions ! Per of dollars.! cent. of dollars. cont. balance of the country for the fiscal year as measured by the excess of total exports over Crude materials for use in manufacturing 1,215.9 17.2 897.3 15.4 general imports was 4,129.2 millions, as Foodstuffs in crude condition, against 2,974 millions for the immediately and food animals 375.0 710.7 10.2 6.4 partly or wholly manpreceding fiscal year, and 3,630.7 millions for Foodstuffs 1,755.2 ufactured 25.2 1,153.7 19.8 for further use in the fiscal year 1917. For the period July 1, Manufactures 952.8 manufacturing 1,201.4 13.o 20.6 1915, to June 30, 1919, the total excess of mer- Manufactures ready for consump37.4 2.384.8 2,185.4 tion ." 33.7 chandise exports over imports totaled 13,964 Miscellaneous ' 15.6 A 25.8 millions. Exports of domestic merchandise for 100.0 7,074.0 Total domestic ox-ports j 5,838. (> 100.0 the latest fiscal year were about 7,074 millions, 850 FEDERAL, RESERVE BULLETIN. It is seen that the largest absolute and relative increases occurred in the exports of the first three groups, viz, crude materials, foodstuffs unprepared, and foodstuffs prepared. Semimanufactures are the only group which show both an absolute and relative decline in exports for the year, the reduction in the amount of iron and copper shipments, also those of the crude chemicals, accounting for a large portion of the total decline. Exports of manufactures ready for consumption, while about 200 millions larger in value, constitute, however, a smaller percentage of the total exports for the year. The largest decline under this general head is shown for explosives, SEPTEMBER 1, 1919. the exports of which for the fiscal year 1919 are given as 122.7 millions, as against 373.9 millions the year before. The largest increase in exports, both relative and absolute, is shown for prepared foodstuffs, which include such important articles as flour, sugar, meats, and dairy products, the exports of which show particularly large increases during the more recent period, as may be seen from the following table, showing for a number of important export items both the quantities and values exported during the fiscal year 1914, the last year before the war, and during the latest five war years, including the fiscal year just ended. Quantities and values of principal domestic exports, 1914 to 1919. Y e a r e n d i n g Tune 30— Total bread-siniTs Wheat flour. Oats. Corn Rye •• Barley Total meat and dairy products. Beef, canned Beef, fresh Beef, pic'klod and other cured Bacon Hams and shoulders, cured Lard compounds, and other substitutes for lard Butter Cheese Condensed, milk Salmon, canned Apples, green or ripe Cottonseed oil Sugar, refined Tobacco, leaf Automobiles, commercial. Freight and other cars 1916 1917 1918 1919 165, oO:-; 573,821 435,67! 589,235 633, 240 054,780 92.394 8?;9o3 11,821 54,454 1,860 758 9,381 7,008 2,223 1,555 (5, 645 4.253 259,643 333,552 16,182 94,869 96,810 57,470 48,786 39,339 32,515 14,733 26,755 18,184 .173,274 215,533 15,520 87,338 95,919 47,986 38,21.7 30,781 1-1,532 15,374 27,473 20.664 149,837 298,180 11,943 93.202 88,944 55,035 64,721 72,497 13,260 21,695 16,381 19,027 34,119 80,803 21,879 244,861 105,837 86,125 40,998 75,306 11,990 23,903 26,285 41,651 178,583 424,543 24,190 268.063 96,361 79,493 18,688 26,706 27,540 53,654 20 458 27,687 thousands of dollars. 1-16,228 210,052 290,900 I 403,192 679,836 1,167,851 75,243 i ' 11,974 170,441 21.732 3lJ875 3,383 80,482 9,311 5,252 617 20,240 1J386 346,718 47,326 203,701 29,050 1 475,532 I 52,440 j 69:981 j 50,801 ! 9,130 ! 231,214 28,8X6 38,115 4,034 102,646 12,469 5,426 (M0 16,289 I 1,326 I 579,809 j 78,616 I 282,209 I 40,803 j 427,011 ! 47,634 52,843 5,147 13,487 3,590 41,394 I 7,430 I 159,578 I 12,713 I 67,536 16,946 197,177 277 054 6', 728 67.110 11,065 5,651 902 15.209 l',801 667,152 117,222 206,657 49', 574 4-14,770 77,009 56.359 8; 270 26,835 8,749 66,050 15,240 259,141 25,137 97.343 30,035 370,033 07,383 54,468 7,703 56,603 12,153 6,310 1,631 5,015 932 815,29 -1 221,474 419,572 108,107 392,500 98,217 31,278 6.634 17,736 6,853 44,303 10,785 528,7.39 68,046 108.489 44;320 332,205 79,228 45,068 9,087 59;092 15,721 18,570 5,179 16,211 2,328 1,239,541 '378,729 667,849 204,668 725,578 210,418 131,751 32,037 33,740 15;844 18,795 5,733 728,741 99,971 110,060 16,571 635 2,813 100', 780 18,310 576,483 38,762 288,782 69,675 12,200 31,874 10,303 12,822 130,106 18,862 1,577 12,034 378,710 36,821 1,115,866 81.570 625;305 189,897 12,905 33,195 14,434 30,257 of pounds of dollars, of pounds, of dollars, of pounds, of dollars, of pounds, of dollars. 3,465 462 6,394 789 23,266 2,290 97,017 10.157 2; 533 thousand3 of pounds thousands of dollars, thousands of pounds thousands of dollars, thousands of pounds Thousands of dollars, ihousands of pounds thousands of dollars, thousands of pounds thousands of dollars, ihousands of pounds thousands of dollars, ihousands of pounds ihousands of dollars, •thousands of pounds thousands of dollars. 15,812 1,002 193,964 25,879 165,882 23,767 481,458 54,403 58,304 5,489 3,694 877 2,427 414 16,209 1,341 'thousands of pounds thousands of dollars, thousands of barrels, thousands of dollars, thousands of gallons, thousands of dollars, thousands of pounds Ihousands of dollars, thousands of pounds, ihousands of dollars... 87,751 7,999 1,507 6,090 192,963 13,8.13 50, S96 1,840 446,944 53,903 784 1,182 thousands thousands thousands thousands thousands thousands thousands thousands "Oleomargarino, imitation butter Tallow 1915 thousands of bushels, thousands of dollars, thousands of barrels. Thousands of dollars.! thousands of bushels thousands of dollars, thousands of bushels thousands of dollars, thousands of bushels thousands of dollars, 'thousands of bushels, thousands of dollars. thousands of dollars... Wheat 1914 263 ar*:! I 5,391 6,016 9.851 2; 392 55,363 8,4(53 37,236 3,067 83,4-16 9,072 2,351 8,087 318',367 21,873 549,007 25,615 347,997 44,480 13,996 39,141 1,199 152,944 15,032 1,466 5,519 266,512 22,659 1,630,151 79,391 436,467 53,015 21,265 56,806 23,299 I t 117,963 12,963 1,740 7,979 158,912 19;878 1,248,908 77,094 406,431 59,788 15,977 42,344 26,770 SEPTEMBER 1, 1919. 851 FEDERAL RESERVE BULLETIN. Year ending Tune 30— Copper, pigs, insote, etc {SSf^S /-,_,.,.„...., v >ollon Cotton cloths... /thousands of bales... (thousands of dollars. /thousands of y a r d s . . < thousands of dollars. Cotton hosiery.. 5 of dollars. Explosives Fertilizers Engines, gasoline Engines, steam thousands thousands thousands number thousands 'number thousands off dollars.., dl of tons of dollars.. of dollars.. of dollars.. q+««i woiicj /tons. ateuraus Iron and steel plates and sheets (thousands of dollars.. {SsS of IS!! Sole leather. thousands of pounds. thousands of dollars.. thousands of pairs.... thousands of dollars. thousands of pounds thousands of dollars, thousands of pounds thousands of dollars, thousands of gallons, thousands of dollars, thousands of gallons, thousands of dollars., thousands of gallons thousands of dollars, thousands of gallons, thousands of dollars, thousands of gallons, thousands of gallons. dollars. /thousands (thousands of dollars. ndsof dollars!.. Hor+s inri shn^s .*iocts ana snoes Cottonseed cake and meal. Linseed cake and meal •Oil. mineral, crude. Gas and fuel oil Gasoline . Illuminating Lubricating and heavy paraffin Tr+il n ^ p r n i oMs 1 ctai n^xcrai ous Lumber, boards, planks, scantlings, etc Comparison of both quantities and values is essential to obtain a clear picture of the increasing share of our national production which has been going abroad, largely to Europe, during the war period and. the period immediately following. Wheat exports, for example, were largest in 1.915, when, over 259 million bushels" were exported, although the value of these exports. 333 millions, are 91 million dollars less than the value of the 173 million bushels exported in 1919. Exports during 1919 of bacon, hams, and. lard, show a more than 50 per cent increase in quantity over 1.91.8, while the corresponding values are nearly double those for the earlier year. ."Raw cotton exports during 1919 are shown about 40 per cent less in quantity than in 1914, though the value of the smaller quantity is stated over 40 per cent higher than for the year preceding the war. While average export prices for the most recent year are without exception higher than for the earlier years, the rise in prices is seen to have been particularly great for articles of food, for which apparently the present demand is most pressing. i 1014 1915 .1910 974,792 144,890 9,165 610,475 414,860 28.845 677,154 96,239 8,426 376,218 396,944 28,683 711,342 159,486 5,956 374,188 550,572 46,381 1,021,194 i 292,434 i 5,947 I 543,075 | 690,194 72, (508 716 6,272 1,539 11,979 35,581 6,739 1.569 5,208 338,613 10,259 834,314 17,130 29,191 7,476 9,902 17,867 799,974 11,007 662,869 9,650 146,477 6,813 475,143 1,866 41,476 359 3,870 29,822 4,339 773 2,711 159,587 4,538 637,193 12,553 71,881 21,351 12,403 24,697 1,470,065 18,906 524,794 9,048 152,514 4,912 672,932 18;544 156,861 17,603 886,317 53,607 214,429 28,500 2,187,341 133,693 1,135,212 25,225 5,276 467,082 425 5,3-13 59,621 11,915 1,486 13,472 537,918 17,632 1,100,782 25,020 78,014 27,187 20,358 47,225 1,057,222 15,919 640,916 11,935 163,733 5,754 897,859 24,769 100,149 16,298 823,143 52,283 250,,395 37,452 2,443,448 166,417 1,177,331 27,969 5,196 i 802,789 I 416 6,980 ! 73,185 18,882 2,554 20,751 594,389 25,405 1,551,062 61,476 89,542 39,026 15,895 33,311 1,150,160 20,281 536,984 10,253 177,749 7,310 1,039,324 32,330 , 226.155 ! 46,'«33 I 833,969 ! 54,642 I 271,033 | 48,666 ! 2,748,328 ! 230,969 1,041,848 27,088 13,748 151,612 21,699 1,157,283 74,500 196,885 27,853 2,281,611 152,174 2,417,439 57,781 1917 1918 931,671 ! 263,727 j 4,529 i 865,025 I 684,927 |. 103,416 | 5,66-1,101 ; 11,578 15,122 7,571 373,891 253 5,840 94,174 33,852 4,144 i 40,442 430,347 22,817 1,773,268 ! 118,975 | 22,766 I 12,248 15,012 36,550 44,681 984 151,400 I 3,895 j 185,070 ! 9,289 ! 1,223,284 ! 61,138 ! 260,880 61,613 528,218 47,262 269,674 66,162 2.677,036 '298,329 1,067,709 44,308 549,872 138,518 5,298 863,161 570,303 131,393 7.454,203 20,387 19,218 13,887 122,731 347 9,407 81,349 34,000 3,218 29,430 621,728 37,640 2,349,645 116,167 82,961 36,826 16,687 50,507 311,626 8,915 202,788 5,918 183,782 9,905 902,202 50,682 322,883 78,080 722,130 80,965 274,780 86,312 2,531,261 344,613 1.077,973 ' 52,046 Exports for July of the present year, 8570,083,475, were $348,010,800 less than in June, the published figures of the Department of Commerce indicating considerable declines in both, quantities and values of leading foodstuffs, also of raw cotton and mineral oils exported, as may be seen from a comparison of the respective June and. July figuies: jjun8,1919. July, 1919. .Flour. Oafs.. I?ye.. Beef, ( Hams and shoulders. Lard Milk, condensed. Cottonseed oil Cotton, raw A n „ ™.n I «; i „ M m e i a l oils (thousands of bushels. •\thousands of dollars.. thousands of barrels.. thousands of dollars.. thousands of bushels.. thousands of dollars.. thousands of bushels. thousands of dollars. thousands of pounds. thousands of dollars, /thousands of pounds, "(thousands of "dollars. /thousands of pounds, ^thousands of dollars, /thousands of pounds, •(thousands of dollars. thousands of pounds.. thousands of dollars.. thousands of pounds.. thousands of dollars.. thousand of pounds.. thousands of dollars.. ( t h o ^ d s ' 6 f dollars!! If>, 390 4f},4(\~> 3, 614 29. IMS 6,165 4,885 7,122 18.200 6,575 2,571 15,212 3.580 172:441 5?;392 96,855 32.112 1U; 329 158,971 m ; 83G i 16,517 30,695 6,357 631,985 101.416 (thousand s of gallons.. 245; 975 ( t h o u s a n d s of d o l l a r s . . 33,460 5,8>i IS)978 1,731 19,188 4,334 3,480 2,000 3,771 5,892 2,050 8. H81 2', 008 117,679 40,295 47,453 15,845 68.164 24', 248 6J,512 9,317 10.645 2,274 528,902 80,975 .169,182 23,135 852 FEDERAL RESERVE BULLETIN. This decline in exports is coincident with a considerable fall in* the leading foreign exchanges, also with an unexampled rise of domestic prices of leading foodstuffs. Some of the decline in exports may be due also to the harbor strike in New York, which continued during the greater part of July and was settled only about the end of the month. Acceptance Liabilities of Member Banks. In continuation of data printed on page 441 of the May, 1919, BULLETIN there are presented below figures showing changes in acceptance liabilities of national banks and other member banks of the Federal Reserve system up to June 30 of the present year. On the whole the mid-year figures are somwehat below those for the end of 1918, acceptance liabilities of the national banks showing a decline of 35.1 millions, while the other member banks, especially the trust companies in New York City, report substantial increases. Of the $466,586,000 of total acceptance liabilities shown for the entire membership of the Federal Reserve system, $233,381,000, or 50 per cent, are those of the member banks in New York City and $68,348,000, or 14.6 per cent, those of the member banks in Boston. It is thus seen that about two-thirds of the acceptance business of the country is handled at present by the banks in these two cities. SEPTEMBER 1,1919. On the corresponding four dates the Federal Reserve Banks report the following holdings of paper bought in the open market: Nov.l, 1918 Dec. 31, 1918 Mar. 4, 1919 June 30, 1919 $377,066,000 292,196,000 266,176,000 315, 993,000 Of the $315,993,000 of acceptances held by the Federal Reserve Banks, $314,407,000 were bank acceptances, and of this amount $233,519,000, or 50 per cent of the total outstanding on that date or about the same ratio as on December 31, 1918, were member bank acceptances. On the more recent date the Federal Reserve Banks held in addition $38,586,000 of nonmember bank acceptances, $29,648,000 of private bank acceptances, and $12,654,000 of acceptances of foreign bank branches and agencies. Errata. The following changes should be made in the August BULLETIN: On page 701, change amount per capita outside the Treasury and the Federal Reserve Banks for April 1, 1917, as shown in the first column of the tabular statement, to read "$39.54." On page 777, add the words "Monthly 7average" after the caption "Gross earnings/ in the second column of the table showing operations of the Federal Acceptance liabilities of national and other member banks. Reserve branch banks during the six months [In thousands of dollars; 1. e., 000 omitted.) ending June 30, 1919. Nov. 1, I Dec. 31, IQIR. laia. Mar. 4. laio.' Now York Boston Philadelphia Pittsburgh Cleveland Detroit Cincinnati Indianapolis Hichznond Baltimore Atlanta New Orleans Charleston, S. C Chicago St.-Louis Minneapolis Dallas San Francisco Portland, Oreg Seattle Allather 136,742 120,897 49,133 44,170 25;633 19,995 5,484 4,604 0,999 i! 8,168 l'.C99 2,700 ' 563 659 1,830 1,718 4,270 4,815 1,135 1,086 739 984 2,393 2,734 1,511 1,505 28,859 29,677 9,535 11,837 8,536 3,374 3,075 2, 9-10 9,969 9.027 5,493 3; 323 1,109 1,301 29,952 28,947 112,762 41,723 15,418 4,290 6,651 1,629 2,494 1,510 4,430 1,038 .317 1,982 1,353 21,032 11,928 1,635 1,325 11,870 2,864 1,089 21,233 107,005 49,429 18,050 5,267 7,279 3,098 3,487 1,396 2.509 2; 930 731 1,841 821 25,283 6,889 1,763 1,700 10,613 1,710 1,582 18,592 All national banks other member banks 332,719 i 305,101 189,104 j 175,023 269,173 182,091 272,035 194,551 521,823 j 480,624 451,264 466,586 Total member banks...; June 30, iftio. Crop Statistics,, by Federal Reserve Districts. In continuation of the table on crop statistics by Federal Reserve districts shown in the August BULLETIN a similar table is here presented, the forecast for 1919 being based on condition of crops on August 1. It will be noted that reports are now included for every district except the Kansas City and the Dallas districts. Forecasts on August 1 are below those made on July 1 for each of the four principal crops, the wheat forecast for the country as a whole being 220 million bushels and for the Minneapolis district 76 million bushels lower on August 1 than on July 1. 853 FEDERAL RESERVE BULLETIN. SEPTEMBER 1, 1019. Acreage and production of corn, wheat, oats, and hay in 10 Federal Reserve districts and in theUnited States, 19:19 and 1918. [In thousands of units of measurement.] Dis1 District District trie! 9—Min^2 8—St. neapSan i Louis. olis. Francisco. Total for United States. CORN. I Acreage: ! 1919 ! 102,977 1918 ! 107,494 Production (bushels): Forecast as of A ug. 1,1919.... 2,788,378 Estimated, 1918 '2,582,814 15,366 16.726 270 255 6,811 369,857 233,060 j 8.533 372,977 241,402 j 8J581 i WHEAT. Acreage: 1919 1918 .Production (bushels): Forecast as of Aug. 1,1919 Estimated, 1918 71,526 59,110 7,357 5,680 940,881 j 917,100 10*5,537 101,837 i j OATS. Acreage: 1919 1918 Production (bushels): Forecast as of Aug. 1,1919 Estimated. 1918 I ! 42.365 1 44; 400 j 985, 1,266,401 |l, 538,359 1,342, 69,600 ! 25,747 j 2(5,450 101,356 I 28,111 I 30,800 14,118 14,923 2,438 2,597 453,249 640,005 70,474 -77,486 HAY. Acreage: 1919 1918 Production (bushels): Forecast as of Aug. 1,1919 Estimated, 1918 i : 1 i i 1 i 235,753 i 40,473 329,045 I 37,850 54,494 58,951 12,618 12,735 5,626 5,672 12,285 12,394 6,370 6,207 110,876 90,443 87,353 75;208 18,841 10,344 7,443 0,500 18,704 14, 304 12,352 10,574 Relating to Foreign Transactions. No figures included for district No. 4. Exchange! On August 8 the Federal Reserve Board approved the following general license relating to foreign exchange transactions: By the proclamation of the President, dated June 26, 1919, all previous proclamations prohibiting the exportation of coin, bullion, or currency and the power and authority vested in the Secretary of the Treasury and in the Federal Reserve Board, and all orders, rules, and regulations issued or prescribed in connection therewith were revoked and canceled, except that such proclamations, orders, rules, and regulations were continued in force and effect in so far as they were necessary to enable the Secretary of the Treasury and the Federal Reserve Board effectively to "control— (1) All exportations of coin, bullion, and currency to that part of Russia now under the control of the so-called Bolshevik Government; (2) Any and all dealings or exchange transactions in Russian rubles; (3) Transfer of credit or exchange transactions with that part of Russia now under the control of the so-called Bolshevik Government; 9.285 j 1,154 9'333 i 1,200 69,719 7i; 254 1 Prohibitions 17,477 5,840 17,551 ! 4,980 146,980 I 105,178 281,025 I 75.812 (4) Any and all transfers of credit or exchange transactions with territories in respect of which such transactions were then permitted only through the American relief administration. This proclamation did not authorize remittances to enemy territory which were thereafter, as theretofore, permitted only under special or general license of the War Trade Board. Under the general enemy trade licenses issued up to the present time by the War Trade Board, however, such trade is permitted, except in certain specified articles and commodities, with all persons with whom trade is prohibited by the trading with the enemy act, except trade with Hungary and that portion of Russia under the control of the Bolshevik authorities. On June 30, 1919, the Federal Reserve Board announced that remittances to the countries referred to in the fourth exception mentioned above were not thereafter subject to any restrictions. The Federal Reserve Board has just announced the issue of a general license permitting the exportation from the United States of Russian rubles, provided that notice of such exportations be given to the Customs Division 854 FEDERAL RESERVE BULLETIN. of the Treasury Department and to the Division of Foreign Exchange of the Federal Reserve Board" This regulation does not authorize the importation *into the United States of Russian rubles. The present situation is, therefore, that all restrictions have been removed from the export of coin, bullion, and currency and from transactions in foreign exchange except as to (I) transactions with or for persons in that part of Russia now under the control of the socalled Bolshevik Government; (2) the importation of, or exchange transactions in, Russian rubles. It should be noted that the War Trade Board has not authorized transactions with or for persons in Hungary. FOREIGN BRANCHES. There is given below a list of foreign branches of national banks and banks doing business under agreement with the Federal Reserve Board, which were open for business on September 1, 1919. NATIONAL BANKS. I. National City Bank, 55 Wall Street, New York City: Buenos Aires, Argentina. Once, Buenos Aires, Argentina. Rosario, Argentina. Bahia, Brazil. Pernambuco, Brazil. Porto Alcgre, Brazil. Rio de Janeiro, Brazil. Santos, Brazil. Sao Paulo, Brazil. Santiago, Chile. Valparaiso, Chile. Artemisa, Cuba. . Bayamo, Cuba. ! Caibarien, Cuba. ! Camaguey, Cuba. Cardenas, Cuba. Ciego de Avila, Cuba, Cienfuegos, Cuba. Cuatro Caminos, Cuba, Cruces, Cuba. Galiano, Cuba. Guantanamo, Cuba. Habana, Cuba. Manzanillo, Cuba. Matanzas, Cuba. Pinar del Rio, Cuba. Remedios, Cuba. Sagua la Grande, Cuba. Sancti Spiritus, Cuba. Santa Clara, Cuba. Santiago, Cuba. Union de Reyes, Cuba. Yaguajay, Cuba. Genoa, Italy. San Juan, Porto Rico. Vladivostok, Siberia. Port of Spain. Trinidad, SEPTEMBEB 1, 1. National City Bank, 55 Wall Street New York: City—Continued. Montevideo, Uruguay. Caracas, Venezuela. Maracaibo, Venezuela. Temporarily closed— Moscow, Russia. Petrograd, Russia. 2. First National Bank, 70 Federal Street, Boston, Mass.:: Buenos Aires, Argentina. BANKS DOING BUSINESS UNDER AGREEMENT1 WITH FEDERAL RESERVE BOARD. 1. American Foreign Banking Corporation,. 56 Waif' Street, New York City: Brussels, Belgium. Cali, Colombia. Cristobal, Canal Zone. ITabana, Cuba. Harbin, Manchuria. Panama, Republic of Panama. Port au Prince, Haiti. Rio de Janeiro, Brazil. 2. Mercantile Bank of the Americas, 44 Pine Street. New York City: Paris, France. Barcelona, Spain. Affiliated institutions— Banco Mercantil Americano de Cuba: Habana, Cuba. Banco Mercantil Americano de Colombia: Armenia, Bogota, Barranquiila, Cali, Cartagena, Giradot, Honda, Manizales, Medellin, Colombia. Banco Mercantil Americano del Peru: Lima, Arequipa, Callao, Chiclayo, Trujillo, Peru. Banco Mercantil Americano de Caracas: Caracas, La Guayra, Venezuela. American Mercantile Bank of Brazil: Para, Parahyba, Pernambuco, Brazil. National Bank of Nicaragua: Bluefields; Granada, Leon, Managua, Nicaragua. Banco Atlantida: Amapala, La Ceiba, Puerto Cortez, San Pedro Sula, Tegucigalpa, Tela, Honduras. 3. Asia Banking Corporation, 66 Liberty Street, New York City: Hankow, China. Hongkong, China. Peking, China. Shanghai, China. Tientsin, China. Manila, Philippine Islands. 4. International Banking Corporation, 55 Wall Street^ New York City: Batavia, Java. Bombay, India. Calcutta, India. Canton, China. Cebu, Philippine Islands. Colon, Republic of Panama. Hankow, China. Harbin, Manchuria. Hongkong, China. Kobe, Japan. London, England. Manila, Philippine Islands. Mcdellin, Colombia, SEPTEMBER 1, 1919. FEDERAL RESERVE BULLETIN. 4. International Banking Corporation, 55 Wall Street, New York City—Continued. Panama, Republic of Panama. Peking, China. Rangoon, Burma. Puerto Plata, Dominican Republic. San Pedro de Macoris, Dominican Republic. Santo Domingo, Dominican Republic. Santiago, Dominican Republic." Shanghai, China. Singapore, Straits Settlements. Soerabaya, Java. Tientsin, China. Yokohama, Japan. (A branch office is also maintained by the International Banking Corporation in San Francisco, Calif.) 5. Park-Union Foreign Banking Corporation, 56 Wall Street, New York City: Shanghai, China. Yokohama, Japan. (Branch offices are also maintained in San Francisco, Calif., and Seattle, Wash., by the ParkUnion Banking Corporation.) The First National Corporation, 70 Federal Street, Boston. Mass., has opened no foreign branches. A branch, office of the corporation is maintained at 14 Wall Street, New York City. The Shawmut Corporation of Boston, Mass., and the French American Banking Corporation of New York City have opened no foreign branches. 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 July 26, 1919, to August 29, 1919, inclusive: Banks* New charters issued to With capital of Increase of capital approved for With new capital of. /. Aggregate number of ^ new charters and banks increasing capital With aggregate of new capital authorized Number of banks liquidating (other than those consolidating with other national banks under the act of June 3, 1864) Capital of same banks Number of banks reducing capital Reduction of capital 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) Aggregate capital reduction Consolidation of national banks under the act of Nov. 7,1918 Capital The foregoing statement shows the aggregate of increased capital for the period of the banks embraced in statement was 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. Net increase 4 0 The following list shows the State banks and trust companies which have been, admitted to membership in the Federal Reserve system during the month of August. One thousand one hundred and two State, institutions are now members of the system. having a total capital of $388,492,159, total; surplus of $425,643,610, and total resources of* $8,659,734,800. Capita]. District No. 2. 0 Total resources. j Liberty Bank of Buffalo, Buffalo, ' N. Y i 81,500,000 Oloan Trust Co., Olean, N. Y \ 100,000 Citizens Trust Co., Adams, N. Y .' 150,000 Bank of United States, 1'cw York 1,000,000 .000,000 ' 20,000 75,000 830,976,680 1,281,837 1,351,304 250.000 20,643,918 District No. 4. Wakeman Bank Co., Wakeman, Ohio Rittman Savings Bank, Rittman, Ohio ;: Middlefield Banking Co., Middlefield, Ohio Apple Creek Hanking Co., Apple Creek, Ohio 10,000 304,164 25,000 8,500 366,938 25,000 I 25,000 25,000 371,034 25,000 15,000 387,957 1,000,000 200,000 25.000 25; 000 100,000 200,000 12,500 25,000 2,107,970 3,772,825 105,596 178,138 60,000 15,000 940,860 25,000 5,000 412,633 40,000 3,000,000 15,000 600,000 944,253 3,600,000 25,000 10,000 313,031 30,000 30,000 190,398 District No. 6. Atlanta Trust Co., Atlanta, Ga... Hibornia Bank, Savannah, Ga The Canon Bank, Canon, Ga Bank of Sasser, Sasser, Ga 6, 680,000 200,000 0 State Bank of Kewaunee, Kewaunce, "Wis St. Charles State Bank, St.Charles, Mich First State Savings Bank, Birmingham, Mich. Great Lakes Trust Co., Chicago,IH District No. 9. Park City State Bank, Park Citv, Mont :.. State Bank of Revere, Revere, Minn District No. 10. Farmers Stato Bank, Genoa, Nebr The Home State Bank, Anthony, Kans 4 Surplus... District No. 7. 34 .S3, 375,000 31 3,305, 000 65 State Banks and Trust Gonapantes Admitted, 200,000 0 242,690 25,000 25,000 1,500 27,500 District No. 11. Guaranty State Bank, Prairie, Tex Grand 77,797 25,000 District No. 12. Carbon County Bank, Price, Utah. 50,000 5,000 55,000 6,680,000 200,000 6,480,000 XOTE.—The City Sayings Bank & Trust Co.. Alliance, Ohio, has changed its name to Citizens Savings Bank & Trust Co. The Commercial Trust & Savings Bank and the Canal Bank & Trust Co., member banks, and the United States Trust & Savings Bank, a nonmember bank, all of " e w Orleans, La., have consolidated under the title Canal-Commercial Trust & Savings Bank as a member bank. The Kellerton State Bank, Kellerton, Iowa, Farmers & Merchants Bank, Hickman, Ky.; Cherokee County Bank. Centre, Ala.; and Hillsboro State Bank, Plant City, Fla., have withdrawn from membership. 856 FEDERAL, RESERVE BULLETIN. SEPTEMBER 1,1919, Fiduciary Powers Granted to National Banks. Commercial Failures Reported. No departure from the remarkably gratify-1 The application of the following banks for ing failure exhibits has been witnessed, com- j permission to act under section 11-k of the mercial insolvencies during three weeks of Federal Reserve act have been approved by August, as reported to R. G. Dun & Co., num- the Federal Eeserve Board during the month, bering only 333, against 456 in the correspond- of August, 1919: ing period" last year, when the business mortality was relatively moderate. Exclusive of DISTRICT NO. 1. banking and other fiduciary suspensions and executor, administrator, registrar of stocks and personal "bankruptcies, the statement for July, Trustee, bonds, guardian of estates, assignee, receiver, and comthe latest month for which complete statistics mittee of estates of lunatics: are available, discloses but 452 defaults, inMerchants National Bank, New Bedford, Mass. volving $5,507,010 of liabilities. In point of Trustee and registrar of stocks and bonds: Merchants National Bank, Manchester, N. H. number; the July showing is unmatched by Trustee: the record of any previous month whatever for j Manchester National Bank, Manchester, N. H. more than a quarter of a century, or since j monthly returns were first compiled, and the ' DISTRICT NO. 2. indebtedness is below that of any preceding executor, administrator, registrar of stocks and month in two decades. When the July fail- Trustee, bonds, guardian of estates, assignee, receiver, and comTires are separated according to Federal Re- mittee of estates of lunatics: serve districts, it is seen that the number is Rondout National Bank, Kingston, N. Y. First National Bank, Southampton, N. Y. smaller than last year, in every district except First National Bank, Walton, N. Y. the eighth, while the liabilities are less in Belvidere National Bank, Belvidere, N. J. every instance, aside from the fifth and eighth Trustee, executor, administrator, guardian of estates, districts. assignee, receiver, and committee of estates of lunatics: Cayuga County National Bank, Auburn, N. Y. Failures during July. Number. Liabilities. Districts. 1919 1918 $320,069 1,83(5,523 315,061 247,384 316,282 480,668 375,494 240,812 67,687 201,188 261,727 838,115 457,330 188,145 728,336 464,255 126,420 855,044 1, 355,346 173,202 187,90-1 858,034 311,032 1, 084,524 5,507,010 9,789,572 DISTRICT NO. 3. Trustee, executor, administrator, registrar of stocks and bonds, guardian of estates, assignee, receiver, and committee of estates of lunatics: First National Bank, Greencastle, Pa. DISTRICT NO. 4. Trustee, executor, administrator, registrar of stocks and bonds, guardian of estates, assignee, receiver, and committee of estates of lunatics: Duquesne National Bank, Pittsburgh, Pa. DISTRICT NO. 5. Guardian of estates, assignee, receiver, and committee of estates of lunatics: Acceptances to 100 Per Cent. National Metropolitan Bank, Washington, D. C. Fauquier National Bank, Warrenton, Va. Since the issue of the August BULLETIN the First National Bank, Grafton, W. Va. following banks have been authorized by the DISTRICT No. 6. Federal Reserve Board to accept drafts and bills of exchange up to 100 per cent of their Trustee, executor, administrator, and registrar of stocks capital and surplus: and bonds: City National Bank, Bridgeport, Conn. Lamar State Bank & Trust Co., Paris, Tex. Thames National Bank, Norwich, Conn. Lumbermans National Bank, Houston, Tex. First National Bank, San Angelo, Tex.' Commerce Trust Co., Kansas City, Mo. Bank of Commerce & Trusts, Richmond, Va. Hamilton Trust Co., Paterson, N. J. National Bank of Commerce, Houston, Tex. Hibernia Bank, Savannah, Ga. National Marine Bank, Baltimore, Md. Cumberland Valley National Bank, Nashville, Tenn. DISTRICT No. 7. Trustee, executor, administrator, registrar of stocks and bonds, guardian of estates, assignee, receiver, and committee of estates of lunatics: First National Bank, Newell, Iowa. Trustee, executor, administrator, registrar ©f stocks and bonds, guardian of estates, assignee, and receiver. Continental National Bank, Sioux City, Iowa. SEPTEMBER 1, 1019. 857 FEDERAL RESERVE BULLETIN. Trustee, executor, administrator, registrar of stocks and bonds, guardian of estates, assignee, and receiver: First National Bank, Raton, N. Mex. Trustee, executor, administrator, registrar of stocks and bonds, guardian of estates, assignee, receiver, and comFirst National Bank. Ada, Okla. mittee of estates of lunatics: Farmers National Bank, Danville, Ky. DISTRICT NO, 11. Trustee, executor, administrator, guardian of estates, assignee, and receiver: Trustee, executor, administrator, registrar of stocks and Farmers National Bank, Princeton, Ind. bonds, guardian of estates, assignee, and committee of estates of lunatics: Silver City National Bank, Silver City, N. Mex. DISTRICT NO. 9, Guardian of estates, assignee, receiver, and committee of estates of lunatics: Trustee, executor, administrator, registrar of stocks and First National Bank, Carlsbad, N. Mex, bonds, guardian of estates, assignee, and receiver: First National Bank, Rapid City, S. Dak. DISTRICT NO, 8. DISTRICT NO. DISTRICT NO. 10. 12. Executor, administrator, registrar of stocks and bonds, guardian of estates, assignee, receiver, and committee Trustee, executor, administrator, registrar of stocks and of estates of lunatics: bonds, guardian of estates, assignee, receiver, and comFirst National Bank, Ashland, Oreg. mittee of estates of lunatics: Trustee: First National Bank, Sheridan, Wyo. First National Bank, Eagerman, Idaho. First National Bank, Rock Springs, Wyo. 134551—19 4 858 FEDEBAL RESERVE BULLETIN". SEPTEMBER 1,1919. RULINGS OF THE FEDERAL RESERVE BOARD. Below are published rulings made by the which in their nature are merely finance bills. After four years of war many industries Federal Reserve Board which are believed to be of interest to Federal Reserve Banks and abroad require not only current commercial accommodation but also what is in effect member banks. replenishment of permanent working capital, Renewal Acceptances. and efforts to replenish permanent working The Federal Reserve Board fully realizes capital by means of bills which are in form that conditions abroad are still far from normal self-liquidating but which actually represent and that allowance for this fact must be made in substance a permanent investment, can not in estimating the duration of any transaction be encouraged by the Federal Reserve Board. involving the exportation of goods on account Any parties interested in transactions of this of which an original draft is drawn, and con- kind should finance themselves through the sideration will be given to these abnormal investment market. conditions by the Board in ruling upon the Subject to the limitations above outlined, eligibility of renewal drafts. the Board is prepared to take full account of It is clear, however, that no renewal draft the extraordinary conditions now prevailing can be held to be eligible if at the time of its and to make rulings accordingly. acceptance the period required for the conclusion of the transaction out of which the original draft was drawn shall have elapsed. Acceptance of Drafts Secured by Warehouse Receipts. In cases where it is practicable at the time the The Federal Reserve Board is of the opinion original draft is drawn to foretell with sub- that no draft which is secured by a warehouse stantial certainty the conditions which will receipt should properly be considered eligible exist at the time the renewal draft is to be for acceptance under the terms of section 13 of drawn, the Board may be able to rule in the Federal Reserve Act unless the goods advance as to the eligibility of such renewal covered by the warehouse receipt are being drafts; but in cases where it is not possible, the held in storage pending a reasonably immediate question of the eligibility of renewal drafts sale, shipment, or distribution into the procmust necessarily depend upon the stage of the ess of manufacture. Any draft therefore transaction that may have been reached when which is drawn to carry goods for speculative such renewal drafts are drawn. purposes or for any indefinite period of time In cases where transactions have been fully without the purpose to sell, ship, or manufacconcluded but where the vendor in this country ture within a reasonable time, should not be deems it inadvisable, or his customer abroad considered eligible for acceptance under the finds it inexpedient to remit the proceeds of provisions of section 13. Such a draft would the sale, owing to adverse exchange rate or to be merely a cloak to evade the restrictions of other circumstances, it would follow that to section 5200 of the Revised Statutes and is not permit the renewal of bills based on such a one of the kinds which Congress intended to state of facts would be to render eligible bills make eligible for acceptance. SBPTEUIBEB 1,1919. 859 I-EDEEAL RESERVE BTJLIxEXIN. LAW DEPARTMENT. New Georgia Banking Laws. The General Assembly of Georgia recentlyenacted a new codification of the banking laws of that State which was approved by the governor on August 16, 1919. The following portions of the new banking law which relate to the membership of State banks in the Federal Reserve system are published for the information of the Federal Reserve Banks and member banks: SEC. 38. Membership in Federal Reserve Bank.—Banks 1 superintendent shall be authorized to furnish to said bank a copy of the report and other information concerning the condition and affairs of any bank which shall be a member of the Federal Reserve system. (Art. I l l , sec. 9.) $£ SEC. 20. Foreign and Domestic Acceptances.—A bank may accept drafts or bills of exchange drawn upon it having not more than six months' sight to run, which grow put of transactions involving the importation or exportation of goods; or which grow out of transactions involving the domestic shipment of goods, provided shipping documents conveying or securing title are attached at the time of acceptance; or which are secured at the time of acceptance by a warehouse receipt or other such document conveying or securing title covering readily marketable staples. No bank shall accept, whether in a foreign or domestic transaction, for any one person, company, firm, or corporation to an amount equal at any time in the aggregate to more than 10 per cent of its paid-up and unimpaired capital stock and surplus unless the bank is secured either by attached documents or by some other actual security growing out of the same transaction as the acceptance and no bank shall accept such bills to an amount equal at any time in the aggregate to more than one-half of its paid-up and unimpaired capital stock and surplus. Provided, however, that any bank which is a member of the Federal Reserve system may, when so authorized by the Federal Reserve Board, and under the regulations prescribed by it, accept such bills to an amount not exceeding 100 per cent of its paid-up and unimpaired capital stock and surplus, but the aggregate of acceptances growing out of domestic transactions shall in no event exceed 50 per cent of such capital and surplus. (Art. XIX, sec. 20.) are authorized and empowered to subscribe for stock and become members of the Federal Reserve Bank of the district to which they properly may be assigned by the Federal Reserve Board, in accordance with the acts of Congress regulating Federal Reserve Banks, and any bank becoming such member shall he authorized to conform to the requirements and regulations of such Federal Reserve Bank and of the Federal Reserve Board. (Art. XIX, sec. 38.) SEC. 27. Reserve.—* * * Provided that any bank which is a member of the Federal Reserve system may in lieu of the reserve herein required keep and maintain such reserve as is required under the acts of Congress relating to Federal Reserve Banks. * * * (Art. XIX, sec. 27.) SEC . 9. Information Kept Secret. —The inform ation which shall be obtained by the superintendent of banks or any examiner in making examinations into the affairs of any bank shall be for the purpose of ascertaining the true condition of said bank, and shall not be disclosed by the person 1 The word "bank" as defined in Article I, sec. 1, includes "incorpo making the examination, * * * Provided, however, rated banks, savings banks, banking companies, trust companies, and that upon the request of the Federal Reserve Bank the other corporations doing a banking business in this State. 860 FEDERAL RESERVE BULLETIN. 1, 1919, WHOLESALE PRICES. There are presented in the table below Several of the usual minor monthly changes monthly indexnumbers of wholesale prices for in the list of commodities have been necessary the period January, 1914, to July, 1919r inclu- in the calculation of the index numbers for the sive. The general index number is that of the month of July. Quotations for malt, the United States Bureau of Labor Statistics as various grades of whisky, all wool blankets, recently revised in the manner indicated below and men's seamless cashmere hosiery have been in order to include a number of important com- omitted. On the other hand, quotations for modities which had not been previously em- cottonseed oil, which had been dropped temporployed in the construction of the number. In arily, have been secured for the months of addition, there are presented separate numbers June and July, and the commodity was again for certain particular classes of commodities in included in the calculation of the index numbers accordance with plans announced in previous for the latter month. Index numbers for the issues of the BULLETIN, as modified in the month of July are provisional, due to the fact manner indicated below. that certain data were not received in time In the group of raw materials, alfalfa has to render them available for use in the calbeen added to the list of commodities included culations. in the subgroup of farm products, the weight During Juty there was a sharp increase in previously assigned to timothy being divided wholesale prices. The general index number of between the two classes of hay, while in the the Bureau of Labor Statistics now stands at mineral products subgroup phosphate rock the record figure of 219, an increase of 12 (Florida land pebble, 68 per cent) has been points, or 5.5 per cent, from the revised figure added, likewise crude petroleum produced in for the month of June. The increase is general, the Mid-Continent and California fields, the the index number for each of the several groups weight previously assigned to crude petroleum of commodities showing an increase, and the produced in the Pennsylvania field now being vast majority of the individual commodities divided among the three grades, and a slight included in the construction of the index revision of the weighting factor for anthracite number, have increased in price. The increase coal has been made. In the group of producers' has been greatest in the case of the group of goods, net prices for bar iron (best refined) have consumers' goods, being 6.1 per cent for that been employed, grade A window glass hag been group, as compared with 4.4 per cent for the substituted for grade AA, and bran has been producers' goods group and 5.4 per cent for the added, likewise acetic and nitric acid, anhydrous group of raw materials. The index number for ammonia, caustic soda, carbonate and nitrate the group of consumers' goods now stands at of soda, soda ash and copper sulphate, which the record figure of 230. Decreases in price had not been employed in* the construction of occurred only in the case of a few commodities, the index numbers covering the earlier years. among which may be mentioned wheat flour In the group of consumers' goods, Blue Nose (Kansas City and Toledo quotations), oranges, rice has been included, commencing with and lamb. On the other hand, almost all the Janua^, 1915, the weight previously assigned remaining commodities included in the group to Honduras rice now being divided between increased in price, in particular boots and shoes, the two grades; cabbage has been omitted, net various cotton textiles, such as print cloths, prices have been employed in the case of cotton flannel, denims, drillings, sheetings, womens combed peeler yarn hosiery. Fruit of shirtings, hosiery and underwear, bedroom Loom, Lonsdale and Rough Rider shirtings furniture, milk, cheese, and eggs, wheat flour and French serge, while bedroom sets of furni- (Minneapolis and St. Louis quotations), corn ture, rocking chairs, kitchen chairs, kitchen meal, potatoes, rice, coffee, vinegar, beef and tables, carving knives, table knives and forks, veal, and cottonseed oil. wooden pails and wooden tubs have been added. The index number for the group of proUnless otherwise specified, the above changes ducers' goods has increased from 196 to 205, have been made for the entire period com- the latter being 1 point higher than the premencing with January, 1914. in addition, vious record of 204, reached in October, commencing with January, 1919, both soft 1918. Silver and several chemicals decreased patent and soft 100 per cent wheat flour at in price, while a considerable number of St. Louis have again been employed, while commodities remained unchanged in price. two additional classes of cotton yarns, namely On the other hand, increases occurred in the 20-2 and 40-2, carded, ordinary, for weaving case of a considerable list of articles, among have also been included. which may be noted cotton and worsted yarns. SEFTEMBKR I, 1919. 861 FEDERAL RESERVE BULLETIN. leather, rosin, turpentine and linseed oil, redcedar shingles, tallow, and cottonseed meal. The index number for the group of raw materials has increased from 203 to 214, the latter being a new record. The relative increases in the case of the various subgroups differ considerably, the index number for the mineral products subgroup showing an increase of only 2.1 per cent, while that for the animal products subgroup shows an increase of 8.4 per cent, and those for the farm products and forest products subgroups show increases, respectively, of 4.1 and 6.6 per cent. The index number for the mineral products subgroup now stands at 177, the highest figure since January, 1919. Increases in price occurred in the case of copper, zinc, and lead, coke, semibituminous coal (Cincinnati quotation), and various sizes of anthracite, while pig tin decreased in price. The index number for the farm products subgroup now stands at the record figure of 261. Decreases in the prices of winter wheat and hay were more than offset by increases in the prices of spring wheat, corn, oats, barley and rye, cotton, and flax. The increase in the index number for the subgroup of forest products to the record figure of 166 is due to increases in the prices of Douglas fir, plain and quartered white oak, yellow-pine flooring, and hemlock. None of the commodities included in this subgroup decreased in price, nor did any of the commodities included in the subgroup of animal products. The increase in the index number for the latter group to the record figure of 233 is due to considerable increases in the prices of steers, hogs, poultry, and hides, and I lesser increases in the prices of sheep, silk, and I wool. Movement of wholesale prices in the United States since January, 1914, by principal classes of commodities. (Average for 1913=100.) All commodities H a w materials. Year arid month. 1914. Average for year.. January February March April May June July August September October November December Average for year. January February March April May June July August September October November December Average for year.. January February March April May June July August September October November "December 1915 Producers' Consumers' (Bureau l"\ "• O DOT "V w \ V VI FLAI goods. goods. Total raw Statistics materials. index number). Farm products. Animal products. Forest products. Mineral products. 103 102 102 103 103 10t> 106 102 109 104 100 98 98 100 101 102 102 103 102 101 106 110 110 105 103 99 97 99 99 99 99 98 98 97 97 96 96 96 94 93 98 98 98 '96 92 82 91 91 92 90 89 91 99 100 100 100 100 100 99 99 102 101 98 97 96 96 96 95 95 93 93 100 101 95 92 93 101 102 100 99 98 98 101 103 106 108 103 103 102 110 108 116 115 120 119 107 111 110 101 105 104 110 100 97 95 96 95 99 102 104 104 104 105 101 97 93 94 94 94 94 93 93 93 92 92 92 92 93 96 90 92 92 91 94 96 97 97 97 98 100 104 100 98 100 100 100 102 100 102 101 99 101 100 102 100 95 96 96 97 97 98 99 99 99 102 109 116 102 102 104 101 101 102 100 101 100 99 102 105 107 101 128 116 115 110 114 115 111 114 130 138 152 166 155 119 102 106 114 115 118 122 122 123 125 122 127 131 96 95 96 96 97 98 97 96 95 95 96 98 99 127 112 114 117 118 117 117 115 115 121 137 157 180 119 107 109 111 112 113 113 113 118 122 129 139 144 141 120 125 132 138 142 142 140 141 143 149 156 123 111 111 112 114 114 117 119 124 129 135 143 142 124 111 112 1916. 95 95 •164 100 100 99 99 98 98 99 100 103 104 99 98 98 99 101 100 100 101 100 101 101 99 102 103 106 •115 117 119 119 120 124 128 134 144 147 862 SEPTEMBER 1,1919. FEDERAL RESERVE BULLETIN. Movement of wholesale prices in the United States since January, 1914, by principal classes of commodities—Gontd. Raw materials. Year and month. Average for year January February March April May June July August September October November December Average for year January February March April May June July August September October November December January February March April May June July Farm products. Animal products. Forest j Mineral products, i products, Total raw materials. All commodities (Bureau Producers' Consumers' of Labor goods. goods. Statistics index number). 1917. 211 163 159 171 200 227 234 216 228 239 235 169 136 145 156 163 168 166 168 181 195 190 187 178 118 99 100 103 105 108 120 126 128 129 129 129 130 184 181 191 197 194 202 212 205 181 171 153 160 162 175 148 153 161 171 182 187 187 185 182 179 183 180 186 170 168 171 183 187 196 210 209 201 184 181 181 173 147 154 155 171 178 178 175 175 175 178 182 ! 185 | 176 151 156 161 173 182 185 187 186 183 181 183 183 241 242 243 249 243 227 234 240 246 256 240 234 237 201 176 177 179 194 202 203 210 216 220 211 210 210 140 130 131 135 137 138 138 140 | 143 143 143 150 150 178 172 172 173 171 174 173 182 182 183 184 185 185 195 184 185 188 191 190 192 198 202 206 199 199 200 196 181 184 187 190 192 195 196 198 201 204 203 199 208 193 194 190 195 195 199 203 208 213 214 219 221 196 185 187 187 190 191 193 198 203 207 205 206 207 234 224 237 246 255 250 261 208 210 217 224 225 217 147 348 149 145 146 156 166 179 175 173 170 170 173 177 196 194 199 202 205 203 214 196 192 190 186 189 196 205 216 205 210 214 219 217 230 203 197 201 203 207 207 219; 1918. 1919. 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 for certain commodities of a basic character, covering the period Januasy, 1919, to July, 1919, compared with Wke figures for July of previous year; also for July, 1914, the month immediately preceding the outbreak of the Great War. The actual average monthly prices shown in the table have been abstracted from the records of the United States Bureau of Labor Statistics. ^Average prieefor 1913=100.] Corn, No. 3, Chicago. Wheat, No. 1, Cotton middling, northern spring, New Orleans. Minneapolis. Wheat, >.o. 2, red winter, Chicago. Cattle, steers, good to choice, Chicago. 'Year and month. Average prise per pound. July, 1914 July, W15 July,19l6 July, 1917 July, 1918 January, 1919 February, 1919... March, 1919 April, 1919 May,1919 June, 1919 July, 1919 ----- *>. 7044 ! 7806 8041 0393 5G00 3750 .2703 .4588 . 5955 .7613 . 7563 .9075 114 127 131 331 , 258 223 207 237 259 286 285 310 .1303 .2525 .2945 .2850 .2681 .2670 .2947 . 3185 . 3377 Average price per bushel. $0.8971 1.3901 1.1703 2.5815 2.1700 2.2225 2.2350 2.3275 2.5890 2.59?5 2.4575 2.6800 Average price per bushol. S9.2188 9.2125 9..9850 12..5600 17.0250 18.4125 18.4688 18.5750 18.3250 17.7438 15.4000 16.8688 Hides, packers' heavy native steers, Chicago SEPTEMBER 1, 1919. Average monthly wholesale prices of Ho s, light, C icago. Year and month. Average price per pound. Relative price. Average price per M feet. «8.7563 7.5750 9.7650 15.3750 18.0000 17.4125 17.4688 18.8550 20.3813 20.7000 20.7800 22.3875 104 90 116 182 213 206 207 223 241 245 246 265 $0.4444 .5571 .6857 1.2143 1.4365 1.1200 1.0909 1.2000 1.0909 1.0727 1.1818 1.2364 94 118 146 258 305 255 232 255 232 228 251 263 $24.5000 Average price per long ton. July, 1914 July, 1915 July, 1916 Jury, 1917 July, 1918 January, 1919.. February, 1919 March, 1919.... April, 1919 May, 1919 June, 1919 July, 1919 S3. 0000 2.8500 3.0000 5.1400 4.6320 4.6320 4.0320 4.9000 4.9000 4.9000 5.1400 5.1400 100 SI. 8750 95 1.7500 100 2.6250 171 12.2500 154 6.0000 154 5.7813 154 5.2188 163 4.4688 163 ! 3.9000 163 i 3. 8437 171 4.0000 171 4.0950 77 72 108 502 246 237 214 183 160 158 164 168 Leather, sole, hemlock No. 1. Yellow pine, flooring, New York. Average price per Mfeet. Relative price. 101 $42,0000 38.5000 38.0000 57.0000 116 60.0000 142 63.0000 149 149 64.0000 ' 149 64, 0000 149 64.0000 149 65.0000 149 68.0000 169 73.0000 23.7500 28.0000 34.5000 36.0000 36.0000 36.0000 36.0000 36.0000 36.0000 41.0000 Copper, ingot, elcctrolitic, New York. Rela- Average Rela- Averago tive price per tive price per price. short ton. price. pound. Cotton yarns, northern cones, 10/1. July, 1914 July, 1915 July, 1916 July, 1917 July, 1918 January, 1919 February, 1919 March, 1919 April, 1919 M a y , 1919 June, 1919 July, 1919 Coke, Connellsvillo. commodities—Continued. Hemlock, New York. Relative price. Coal, Pocahontas, Norfolk. Year and month. Wool, Ohio, 4 - | grades, scoured. Average price per 100 pounds. July, 1914 July, 1915 July, 1916 July, 1917 July, 1918 January, 1919.. Febmary, 1919 March, 1919.... April, 1919 May, 1919 June, 1919 July, 1919 Year and month. 863 FEDERAL RESERVE BULLETIN. 94 86 85 128 135 141 144 144 144 146 152 164 desilverized, N e w York. Rela- Average tive price per price. pound. $0.1340 .1988 .2650 .3175 .2550 .2038 .1731 . 1509 .1530 .1600 . 1756 .. 2150 Relative price. 85 126 168 202 162 130 110 96 97 102 112 137 . 0575 .0685 .1138 .0802 . 0558 . 0508 . 0524 . 0507 . 0508 . 0530 . 0561 Steel, billets, Bessemer, Pittsburgh. Coal, anthracite, Coal, bituminous, stove, New York, run of mine, tidewater. Cincinnati. Average Rela- Average Relaprice per tive price per tive long ton. price. short ton. price. S4.9726 4.9571 5.4495 5.8859 6.5968 7.9500 7.9500 7.9044 7.9045 7.9857 8.1174 8.1881 98 98 108 116 130 157 157 156 156 158 160 162 Petroleum, crude, Pennsylvania, at wells. §2.2000 2.2000 2.2000 5.0000 4.1000 4.1000 4.0000 4.0000 4.0000 4.0000 4.0000 4.0000 Pig iron, basic. Rela- Average tive price per price. barrel. Relative price. Average price per long ton. $1.7500 1.3500 2.6000 3.1000 4.0000 4.0000 4.0000 4.0000 4.0000 4.0000 4.0000 4.0000 71 55 106 127 163 163 163 163 163 163 163 163 S13.0000 12.7400 18.0009 52.5000 32.0000 30.0000 30.0000 28.9375 25.7500. 25.7500 25.7500 25.7500 131 156 259 182 127 115 119 115 115 120 128 Steel, plates, tank, Pittsburgh. ' Steel, rails, open i hearth, PittsS burgh. ! ! i i 1 j ! i ! i ! S0.2150 .1600 .2525 .4500 .6412 .5000 .4104 .4132 .4300 . 4826 .5608 .5912 97 72 114 203 290 L-26 188 187 194 218 253 SO. 3050 .3050 .3700 .5400 .4900 . 4900 .4900 .4900 .4900 . 4900 .5100 .5300 108 108 131 191 174 174 174 174 171 174 181 188 $19.0000 21.3800 41.0000 ! 100.0000 ! 47.5000 ! 43.5000 j 43.5000 I 42.2500 i 38.5000 i 38.5000 38.5000 ! ! 38.5000 I 74 $0.0113 .0120 83 .0345 159 .0900 388 .0325 184 .0300 169 .0300 169 .0291 164 149 i .0265 .0265 149 149 I .0265 .0265 149 j 76 $30.0000 30.0000 81 233 , 35.0000 608 I 40.0000 220 57.0000 203 57.0000 57.0000 203 197 54.5000 47.0000 179 47.0000 179 47.0000 179 47.0000 179 Flour, wheat CorTee, Rio No. 7. Year and month. 87 122 357 218 204 204 197 175 175 175 175 Worsted yarns, 2 -32's crossbred. smoked, 1814-1917, 1919; I Hams, Chicago. standard war, 1913, Minneapolis. 100 100 117 133 190 190 190 182 157 157 157 157 Illuminating oil, 150° fire test, New York. SO.6500 .8500 1.1000 1.6000 2.1500 1.7500 1.7000 1.5000 1.5000 1.5000 1.6000 1.6000 SO.1350 .1315 .1413 .1638 .2400 .2450 .2450 .2450 .2450 . 2430 .2025 .2075 104 SO. 0882 102 .0738 109 .0900 126 .0950 185 ! .0855 189 ! .1547 . 1514 189 . 1602 189 .1695 189 .1931 188 .2114 156 .2303 160 79 66 81 85 77 139 139 144 152 173 190 207 84.5938 7.0313 6.1000 12.7500 10.7020 10.2750 10.5500 11.2125 12.2150 12.4188 12.0125 12.1550 100 153 133 278 233 224 230 245 266 271 262 265 $0.1769 .1610 .1900 .2395 .3025 .3494 .3338 .3381 .3595 .3769 .3806 .3835 106 97 114 144 182 210 201 203 216 227 229 230 1.1200 .1200 .1200 .1200 . 1710 .1750 .1750 .1810 .1550 .1850 .2000 . 2050 97 97 97 97 139 142 142 147 150 150 162 166 84 119 142 206 277 225 219 193 193 193 206 206 Sugar, granulated, New York. Average Rela- Averago | Rela- Average Rela- Average Rela- Average Rela- ! Average prioe per tive price per j tive price per tive price per tive price per tive j price per pound. price. pound, price. barrel. price. pound. price. gallon. price. I pound. Relative price. Average Rela- Average Rela- Average Rela- Average Rela- Average Rela- Average Relapriceper tive price per tive price per tive price per tive price per tive price per tive pound. ! price. pound. price. pound, j price. pound. price. pound. price. pound. price. Beef, carcass, good native steers, Chicago. July, 1914 July, 1915 July, 1916 July, 1917 July, 1918 January, 1919.. February, 1919. March, 1919.... April, 1919 May, 3919 June, 1919 July, 1919 100 100 100 227 186 186 182 182 182 1.82 182 182 $0.0120 .0582 . 0750 .0745 .0735 .0882 .0882 .0882 .0882 .0882 .0882 .0882 Relative price. 98 136 176 174 172 207 207 207 207 207 207 207 864 FEDERAL. BESERVE BULLETIN. SEPTEMBER 1,1919. DISCOUNT AND INTEREST RATES. In the following tables are presented actual discount and interest rates prevailing in the various cities in which the several Federal Reserve Banks and their branches are located during the period ending July 15 and August 3 5, 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 tables also show 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 some months ago. Quotations for new types of paper will be added from time to time as deemed of interest. No marked changes in rates are noted during the period under review. Low rates for commercial paper, both customers' and purchased in the open market, show an increase in a number of centers over those prevailing during the period ending July 15, as do likewise the high rates for both classes of bankers' acceptances. The range within which fluctuations in the New York rate for demand paper secured by prime stock exchange collateral occurred widened during the period ending August 15, upper and lower limits being, respectively, 18 and 4 per cent. No marked changes are exhibited by the rates for other types of paper. Comparison with rates prevailing during the period ending August 15,1918, reveals decreases in the majority of centers in the rates for commercial paper purchased in the open market, as well as less marked decreases in the rates for customers' commercial paper and for time collateral loans, also in the low rates for demand collateral loans. Discount and interest rates prevailing in various centers. S DURING 30-DAY P E R I O D ENDING JULY 15,1919. Prime commercial paper. Bankers' acceptances, 60 to 90 days. District. i Indorsed. No. 1... No. 2... No. 3 . . . No. 4... No. 5... No. 6... No. 7... No. 8... No. 9... No. 10.. No. 11.. No. 12.. Collateral loans—stock exchange or other current. City. Boston New York i . . . Buffalo Philadelphia.. Cleveland Pittsburgh Cincinnati Richmond Baltimore Atlanta Birmingham.. Jacksonville... Now Orleans.. Chicag icago. Detroit St.stroit.. Louis Louisville Memphis Little Rock... Minneapolis... Kansas City... Omaha Denver Dallas El Paso San Francisco. Portland Seattle... Spokane. Salt Lake City. 54 5 54 I 4J 4ft 4ft 6 44 5 5 4i- 41 I 3 to 6 3 months. ! months. Unindorsed. 4ft 41 4W • 5 41 4£-4£ 6 54 6 8 51 6 7 51 6 5 5J 5 6 51 5 54 5 5 54 5 6 54 6 I» IT. 6 6 6 6 6 6 6 6 6 L. C. 54 5? 5J 545 6 51 54 5 6 54 6 5 6 54 6 5 m 7 6 6 6 6 6 6 Vi 6 8 7 8 6 6 7 6 6 54 54-6 54 6 5 54 5 6 5 6 6 64 54 6 5 6 5 6 54 6 6 6 Secured by Secured by Liberty warehouse bonds and ! receipts, certificates of indebtetc. edness. 1 Cattle loans. 6 6 6 6 54 6 5 6 5 6 54 6 6 6 6 6 6 5 4; 6 5 54-6 6 8 4-} 7 6 44 5 6 8 6 4* 4-} 6 6 8 6 6 6 ,8 6 7 7 6 7 1 Rates for demand paper secured by prime bankers' acceptances, high 6, low 44, customary 44-5- f P J* f 00 Discount and interest rates prevailing in various centers—Continued. OS DURING 30-DAY P E R I O D ENDING AUG. 15,1919. Bankers' acceptances, 60 to 90 days. District. City. Indorsed. II. L. No. 1... No. 2... Boston | New York l... Buffalo No. 3 . . . Philadelphia.. No. 4... Cleveland Pittsburgh Cincinnati Richmond No. 5.. Baltimore Atlanta No. 6.. Birmingham.. Jacksonville... New Orleans.. No. 7... Chicago Detroit No. 8... St. Louis Louisville Memphis Little R o c k . . . No. 9... Minneapolis... No. 10.. Kansas City... Omaha Denver No. 11.. Dallas El Paso No. 12.. San Francisco. Portland Seattle Spokane Salt Lake City •' Collateral loans—stock exchange or other current. C. Unindorsed. | Demand. II. L. 4ft 4ft 4ft 5 4ft 4MA 5 4*4 6 54 5 6 4W 6 4£ 4-J 44 4 & 4 ?8* I!!1 1 6 6 C. 5£ 6 5 6 ,6 18 6 6 6 64 6 6 8 7 6 6 6 6 6 6 7 6 8 7 8 6 8 6 41 4|-6 6 6 "4ft "4J" "4ft" 8 8 8 J* 54 4 5 4 5 5 6 5 6 6 6 54 6 6 6 6 6 6 51 6 5?, 6 54 5J-6 6 6 5 54 5 6 5 6 6 7 51 6 5 6 54 6 5i6 6" 6 6 8 5 51-6 6 6 5 6 5-1 51 6 7 3 months. 3 to 6 months. II. L. C. H. L,. C. 6 54 5J 6 5 51-6 6 5 6 6 54 6 5 6 6 6 6 6 6 6 6 6 5h 6 7 51 6 8 6 6 7 6 6 6 6 6 6 54 6 51-6 6 6 6 5 6 6 6 6 8 6 7 H 6 6 8 5 6 8 51 6 6 6 6 8 8 6 6 51 8 7 6 6 8 51 6 8 6 7 8 6 8 7 6 5^ 5^6 6 5 6 6 54 5-J 6 6 6 66 8 7 6 6 6 6 6 6 n 6 Q 8 8 6 8 6 7 8 8 8 6 5 5 5J 54 6" 6 51 6 6 6 6 6 6 6 6 62 5I 51 5 6 5 6 6 61 6 0 6 6 6 8 8 54 6 5 6 51 7 6 7 6 7 f 3? Rates for demand paper secured by prime bankers' acceptances, high 6, low 44, eustomarj7-, 4£-6. ? Cattle v^aum, loans, //. L. C. Secured by Secured by liberty warehouse i warenousi bonds ana j receipts, certificates of indebtetc. edness. H. L. C. 6 6 6 6 6 6 7 8 64 6 54 54-6 6 ?! 6 6 8 7 8 10 6 6 6 6 7-8 6 6 8 6 6 54 5 54 54 6 6 6 54 6 6 6 6 6 6 6 7 6 54-6 5 6 54 6 H. L. C. SEPTEMBER 1,1919. 867 FEDEKAL RESEBVE BULLETIN. PHYSICAL VOLUME OF TRADE. In continuation of tables in the July FEDthere are presented in the following tables certain data relative to the physical volume of trade. The January ERAL RESERVE BULLETIN issue contains a description of the methods employed in the compilation of the data and the construction of the accompanying index numbers. Additional material will be presented from time to time as reliable figures are obtained. Live-stock movements. [Bureau of Markets.] Receipts. July 1918. Shipments. Cattle and calves, 60 markets. Hogs, 60 markets. and Sheep, 60 Horses 44 markets. mules, markets. Total, all Head. 2,110,835 Head. 3,113,281 Head. 1,585,735 Head. 51,393 Head. 6,861,244 Cattle and ! Hogs, 54 calves, 54 ! markets. markets. ! Sheep, 54 markets. Horses and mules, 44 markets. Head. 949,301 Head. 734,539 Head. 45,549 Head. 2,395,189 1,546,875 1,288,134 1,272,654 1,107,411 1,181,745 1,373,824 963,662 608,016 418,827 481,907 575,136 614,375 828,046 997,338 106,459 76,512 64,332 49,634 34,658 36,889 43,738 3,022,518 2,311,799 2,382,786 2,430,780 2,613,764 2,048,396 2,711,581 Head. \ 665,800 I Total, all kinds. i 1919. January February March. April May June July 2,111,704 1,440,329 1,501,597 1,751,943 1,822,410 1,580,256 2,007,266 5,861,685 4,404,751 3,632,874 3,668,210 3,863,735 3,812,466 3,998,836 1,567,613 I 1,131,805 ! 1,216,988 ! 1,388,732 1,425,018 1,685,236 2,177,940 110,411 82,526 68,938 50,770 33,977 40,067 48,691 9,651,413 7,059,411 6,420,397 6,859,655 7,145,190 7; 118,025 7,232,735 761,168 528,326 563,893 698,599 788,086 709,637 706,843 ; i i i I j j Receipts and shipments of live slock at 15 ivestern 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=100.1 Cattle and calves. Head, July January February March April May June July j Relative. 1918. 1,697,1*93 j 1919. 1,656,046 1,096,118 1,094,614 1,255,379 1,262,065 1,122,782 1,527,881 j ! • i ! I ! Sheep. Hogs. Head. Relative. 1 Head. 1,141,488 168 2,530,414 | 115 164 116 109 125 125 111 152 4,603,335 ! 3,451,894! 2,842,663 ' 2,823,484 ; 3,049,223 : 3,061,838 i 2,411,539 I 209 :I 1,079,377 """ 774,881 168 847,842 129 970,070 128 139 934,613 139 1,116,003 110 1,558,767 Horses and mules. Relative. Head. \ Relative. Total, all kinds. Head. | Relative. 84 36,782 80 5,405,877 117 114 56,631 48,786 41,805 31,509 21,345 28,418 37,866 123 114 91 68 46 62 82 7,395,419 5,371,679 4,826,924 5,080,442 5,267,246 5,329,041 5,536,053 160 125 105 110 114 115 120 SHIPMENTS. July. January February March April May June July 1918. 1919. j ; i I i ! j 495,211 122 662,728 137 483,151 96 31,379 76 1,672,469 116 589,362 404,296 423,819 506,835 530,153 503,354 515,071 145 107 104 125 130 124 127 988,035 881,507 925,802 748,437 787,009 1,005,505 691,283 204 195 191 154 162 208 143 357,386 240,815 289,742 319,625 290,803 465,776 694,492 71 51 58 63 58 93 138 56,282 47,829 41,837 29,974 18,865 25,322 32,836 137 125 102 73 46 62 80 1,991,065 1,574,447 1,681,200 1,604,871 1,626,830 1,999,957 1,934,132 139 118 117 112 113 139 135 868 FEDERAL RESERVE BULLETIN. SEPTEMBER 1, Exports of certain meat products. [Department of Commerce.] [Monthly average, 1911-1913=100.1 Beef,' p i c k l e d d t h d canned. ; Hams and shoul- j I ders, cured. | i | Bacon. ; Pickled pork. Lard. ! RelaFounds. I tivo. Pounds. 1018. 13,528,800 : 2,042 July. 1919. January... February.. March April May June July 32,056,018 j 2,584 2,651,413 ! 09 ! 119,893,655 I 7i6 55,368,812 226 i 101,000,122 603 735 146 | 114.842,525 , 140 15i;086397 15i;086,397 902 100 141,811,255 847 68,957,165 412 111 178 172,441,100 1,030 117,679,193 125 703 54,840,433 49,283,053 85, 712,426 109,569,968 49, 707,874 96,854,552 47,452.834 371 68,600,261 i 156 I 4,676,888 106 i 12,636,060 > 1,907 8,151,723 i 1,318 8,997,973 i 1,358 2,890.759 :! 437 5,669|232 856 0,574,760 992 5,392,104 814 17,436,495 13,729,993 14,651,276 21,639,915 14,872,987 15,212,094 8,680,524 ! 1.406 6,030,937 | l\ 186 3,635,120 j 1.181 3, 749,394 | 1^744 2,673,681 1,199 2,957,163 l',226 4,768,308 '700 3,320,564 367 354 574 734 333. 649 320 37,850,338 68,972,779 97,239,435 86,555,951 55,807,234 114,328,804 68,163,734 2,273,683 168 1,956,362 221 2,141,508 197 2,494,454 127 2,095,072 260 3,131,639 155 2,392,515 51 47 48 56 47 71 54 Receipts of grain and flour at 17 interior centers. [Chicago, Cleveland, Detroit, Duluth. Indianapolis, Kansas City, Little Rock, Louisville, Memphis, Milwaukee, Minneapolis, Omaha, Pcoria, bt. Louis, Spokane, Toledo, Wichita; receipts of flour not available for Cleveland, Detroit, Indianapolis, Louisville, Omaha, Spokane. Toledo'. and Wichita.] [Compiled from reports of trade organizations at these cities.] [Monthly average, 1911-1913== 100.] Wheat. 1918. July 1919. January... February.. March April May June JulV Corn. RelaBushels. tive. Bushels. Bushels. 164 22,992,582 102 27,467,790 44,169,003 Rye. Oats. * Bushels. 136! Barlov. 48,247 Total grain. Total grain and flour.* Flour. » Bushels. Bushels. Barrels. 44 1,038,933 14 96,151,155 1231,695,501 87 103,780,932 120 507 8,943,782 233 6,556,594 44811,723,691 497 9,034.405 387 8,4l6i141 252 12,878,517 281 8,627,090 125 90,888,523 98 52,007,953 163 60,955,936 134 64,700,602 117 53,830,374 180 09,470,283 120 99,126,019 1171L, 396,888 72 LL, 032,368 7 8 1•,485,320 831:1,990,349 69 2.J, 447,200 891,L, 894,599 127 1L, 572,420 7197,174,519! 56 50,653,609| 70 67,639,8761 102 73,663,173i 125 64,842,7741 97 77,995,9791 80 106,201,909; 112 70 78 85 75 90 122 Bushels. I 24,652,641 14,049,055 13,768,4961 11,208,3051 11,625,0571 8.125,034! 149,612.115 91128,731, 387 56 i 13,034,852| 51113,431, 797! 42 18,301, 721 i 43 10,301, 200 j 30 21,098, 146 18212,548, 219 128 22,945,659 62" ' 515!, 9 6 1 , 4 2 3 7,076,822 60 17! 10,063,678 82 20: I 19,206,465 94 14,575,968 24! 5,233,109 56 25] 5,615,054 2,406,029 4,955,130 5,498,493 4,280,911 2,791,618 3,105,486 114 85 85 99 95 122 125 ' Flour reduced to its equivalent in wheat on basis of 4} bushels to barrel. Shipments of grain and flour at 14 interior centers. troit, Duluth, Kansas City, Little Rock, Louisville, Milwaukee, Minneapolis, Omaha, Peoria, St. Louis, Toledo, Wichita, [Chicago, Cleveland, Detroit. shipments of flour not available for Cleveland, Detroit, Louisville, Omaha, Toledo, and Wichita.] Wheat. Corn. Oats. j Total grain, j Flour. Total grain and flour.i RelaRela- Barrels. Rela- Bushels. Bushels. Relative. Bushels. tive. Bushels. «g tive. RelaRelaBushels. tive. Bushe.s. tive. Bushels. ^ • i 1918. July 1919. January.. February. March.... April May June July Barley. Rye. | 13,743,302 9,934,531 8,876,844 14,857,872 30,764,328 31,901,327 8,751,872 10,963,422 64 62 90 199 207 53 71 9,692,841 6818,056,944 119 13.1,488,569 8,649,063 7,544,393 1,.5,708,842 7,784,931 8,029,052 8,102,275 95 19. .9,769,237 .3,603,691 6513,1 .6,183,222 53 16. 11110,019,086 )17,009,017 L 15,638,317 130 96 107 105 112 103 103 1 5715,628,503 37 903,935 23 42,661,979 86 3,025,183 794,028 112 4,718,631 404,365 61 6,006,178 3,720,930 520 6,049,703 8,143,580 1,150 0,032,763 i n«Q 0,677,508 7,525,794 LOGS! 2,740,593 3871 9,588,195 1,546,100 218 9,133,004 12148,704,996 165 37,540,141 155 48,350,120 170 77,268,599 70,959,177 24fi44,748,029i 234 45,373,304 99 2,1,796,463 264,957 1,932,258 "1,039,020 156 3,;, 532,772 14:4: 4!:, 320,146 913:1,130,820 92 2\1,589,176 Flour reduced to its equivalent in wheat on basis of U bushels to barn-]. 90 50,422,610 87 8 3 <>1.,289,080 95 77 96. 144 140 91 61 40,.,235,302 90 92;1,031,710 104 )3,166,073 128 H), 399,834 92 58,830,740 76 "",024,596 57 869 FEDERAL RESERVE BULLETIN. SEPTEMBER 1, 1910. Receipts of grain and flour at nine seaboard comers. [Boston, New York, Philadelphia, Baltimore, Now Orleans, San Francisco, Portland (Orcg.), Seattle, Tacoma; receipts of flour not available Seattle and Tacoina.] [Compiled from reports of trade organizations at those cities.] [Monthly average, 1911-1913=100.] Corn. Wheat. Barley. Rye. Oats. ] Total grain. RelaRelai Bushels. Relative. B u s h e l : , ^ - Bushels. tive. Bushels. tive. Bushels. 1918. July.,... 1919. January... February.. March April May Juno July Flour. Barrels, j | Bushels. I i 3,515,673 9,768,801 7,805,811 13,780,851 12,581,074 14,157,852 10,280,070 5,796,227 28 1,128,285 78 66 109 100 112 81 1,411,366 783,2B3| 636,127J 1,089)425! 1,588,5711 1,051,1771 901,8421 32 7,122,372 •50 80,551 9,275,187 4,713,794 3,254.914 4,604;521 5,642,176 3010,0,249,044 25 6,959.186 195 106 69 97 119 216 146 566,191 299)664 880,424 069,529 061,048 670,05* 479,995 802,582! 398 1,734 2,731 3,568 4,970 2,583 1,042 l,738,326i 995,454i 2,285,954i 1,853,372i 3,561,412: 6,564,620| 9,723,852; 4S| 12,655, 463; 5(5 1,266,706 12118,355,640! 105:22, 759,871! 64'l6, 597,986| 138:23, 847,270 j 11225, 197,921 i 215132, 011.059! 396:31, fi95) 571! 58624 861,058; 100 2,026,246 78 1,302,0(53 105 1,(544, (W> 111 2.549,370 141 2)535,547 140 2,340,158 109il,514,135| 194131, 877,978; 134|22, 457,261! 157131, 248,31 244136, 6 7 0 , 0 8 , 243143, 421,021 i 224J42, 326,282j 145131, 764,666 i Flour reduced to its equivalent in wheat on basis of 4\ bushels to barrel. Slocks of grain at eight seaboard centers at close of month. [Boston, New York, .Philadelphia, Baltimore, New Orleans, Newport Mows, Galveston, San Francisco.] [Compiled from reports of trade organizations at these cities.] [Bushels.] Corn. Wheat. 1918. July. 3,384,466 ] 1919. January February March..*: April May Juno..... July j J 5,305,491 ! 12, (535,613 '[ 12,732)472 j 7,448,992 \ 7,913,102 ! 4,180,160 ! 5,557,644 i j ! i Oats. 730,504 4,136,167 645,317 417,520 34(5,543 4(54,503 448,020 214,079 265,196 5,495,937 j « 1 in i r.f\ 6,110,15! 5,650,120 I 5,335,971 I 4,047,059 i 5,475,856 j 3,760,063 | Rye. Barley. Total grain. 28,633 1,059,197 9,344,987 1,972,(590 i TO: c?a 1,735,876 1,920.348 3,434) 873 1,090,860 514,252 867,491 3,047,346 3,930,4(>5 4,403.6(55 5,420) 013 4,263.510 0,783)798 5,528,176 26,526,787 24,829,633 25,Go3,148 22.104.352 18) 3G2) (ill 17, IBS, 145 15,978,570 NOTE.—Figures for San Francisco include- also stocks at Port Costa and Stockton. California shipments of citrus and deciduous fruits. Lemons. Oranges. 1018. Julv -January February March April Mav June July 1919. . Total citrus fruits. Carloads. Relative. Carloads. Relative. Carloads. Relative. 914 37 561 139 3,475 52 3.120 3)180 5,113 5,450 5,888 3, (518 2,568 128 139 200 223 241 149 105 531 658 8K7 1,038 1,501 1.520 1)038 131 174 221 25(5 371 375 256 3, (551 3,838 6,0 i 0 6,488 7,389 5,1(58 3,606 128 144 211 228 259 181 127 Total deciduous fruits. Carioads. 3,758 109 198 67 36 276 896 4,199 870 FEDERAL RESERVE BULLETIN. SEPTEMBER 1,1910. Sugar. [Data of International Sugar Committee for ports of Boston, New York, Philadelphia, Savannah, New Orleans, Galvcston, San Francisco.] [Tons of 2,240 pounds.] Receipts. 1918. July 1919. January February Raw stocks at close of months. Meltings. Receipts. Raw stocks at close of month. Meltings 1919, 288,4-19 320,908 135,061 243,80u 389,815 197,145 337,120 66,189 122,757 March April May June July , 355,710 450,938 471,205 429,617 394)557 361,010 387,548 446,685 493,293 435,247 106,889 185,315 201,301 151,692 115,341 Sugar. [Data for ports of New York, Boston, Philadelphia.] [Weekly Statistical Sugar Trade Journal.] [Tons of 2,240 pounds. Monthly average 1911-1913=100.] Tons. July Raw stocks at close of month. Meltings. Receipts. Relative. Tons. Relative. 1919. January... February.. Relative. Tons. 1918. 186,225 101 221,000 120 55,322 172,054 283,172 93 165 147,000 229,000 134 36,544 90,716 Receipts. March April May June July 32 Relative. Tons. 1919. 232,471 318,492 I 325,736 ! 271,875 i 264,782 j Raw stocks at close of month. Meltings. 126 173 177 148 144 Tons. Relative. 261,000 277,000 307,000 313,000 292,000 142 151 167 171 159 Relative. Tons. 62,187 107,582 126,318 85,193 57,975 36 62 73 49 34 I Naval stores. [Data for Savannah, Jacksonville, and Pensacola.] [In barrels.] [Compiled from reports of trade organizations at these cities.] Spirits of turpentine. Rosin. "li Spirits of turpentine. Stocks at I Stocks at Receipts, close of Receipts.] close of ' month. | month. 1918. July January February 1919. 23,146 r 117,896 73,220 287,482 7,645 5,583 125,541 121,676 34,835 22,154 285,808 259,974 Rosin. Stocks at Stocks at Receipts. close of Receipts. close of month. month. March April May June July 1919. 4,226 8,379 26,358 31,904 27,747 97,450 75,546 47,115 33,733 30,656 14,338 19,493 50,435 63,456 77,062 243,813 225,657 229,404 221,612 235,707 871 FEDERAL, RESERVE BULLETIN". SEPTEMBER 1,1919. Lumber. [From reports of manufacturers' associations.] [M feet.] Southern pine. Douglas fir. Western pine. No. ProducNo. Produc- ShipNo. Produc- ShipNo. Produc- Shipof of of of ments. mills. tion. ments. mills. tion. tion. ments. mills. mills. tion. July 1918. , 1919. January February.. March April May June July 201 412,002 453,786 42,45 200 195 198 203 205 204 206 325,241 309,494 361,125 397,677 460,238 426,193 466,786 330,137 328,069 378,752 397,005 414,899 360,084 401,939 21,49 24,48 27,48 43,49 45,48 49 48 147,533 112,915 40,354 68,910 46,037 71,103 71,426 81,328 124,341 97,679 140,037 127,730 156,561 139,923 114,853 140,680 123 269,100 266,300 122 122 120 114 111 115 114 225,688 228,031 254,650 264,623 345,984 300,410 268,634 North Carolina pine. Eastern white pine. 26 227,129 238,035 255,544 266,308 388,803 327,364 301,050 ShipProduc- Shipp tion. ments. i - ! mills. ments 86,658 »9,412 I 36 15,172 17,081 17,525 14,020 17,136 26,525 22,470 7,565 6,802 7,118 11,431 24,548 29,741 27,382 31,517 34,815 28,629 25,806 32,110 22,369 14,375 20,733 22,326 23,896 18,034 22,672 21,877 17,39a 28,865 34,191 RECEIPTS AND SHIPMENTS OF LUMBER AT CHICAGO. [Chicago Board of Trade.] [Monthly average 1911-1913=100.1 Relative. July. January.. February. 1918. 1919. .; .1 Receipts. Shipments. Receipts. M feet. 243,598 115 ! 98,145 134,604 97,511 63 j 49 I 47,922 45,585 Relative. 128 M feet. March April May June July Shipments. Relative. M feet. Relative. 1919. 124,040 144,253 162,365 184,862 200,148 46,902 59,055 66,001. 80,762 90,134 61 105 118 Coal and coJce. [Bituminous coal and coke, U. S. Geological Survey; Anthracite coal, Anthracite Bureau of Information.] [Monthly average, 1911-1913=100.] Bituminous coal, es- Anthracite coal, shiptimated monthly ments over 9 roads. production. Short tons. Relative. July January February March April May June July 1918. Coke, estimated monthly production. By-product. B eehive. Total. Short tons. Relative. Short tons. Relative. Short tons. Relative. 55,587,312 2,813,910 41,473,000 31,497,000 33,719,000 32,164,000 37,547,000 36,806,000 42,946,000 2,401,567 1,822,894 1,768,449 1,316,960 1,135,840 1,170,752 1,512,178 108 2,300,673 261 5,114,583 146 I 6,779,482 257 12,772,392 122 1919. 5,224,715 5,711,915 5,619,591 6,052,334 872 SEPTEMBER 1, 1919. FEDERAL RESERVE BULLETIN. Movement of crude petroleum in United Stales. [U. S. Geological Survey.] [Barrels of 42 gallons each. J Stocks at end of month. Marketed. Barrels. July Relative. Barrels. Barrels. 1" 1918. 1919. January February 1919. | 30,361,000 158 141,475,000 i I I 29,869,000 28,511,000 156 138 129,558,000 128,910,000 Stock at end of month. Marketed. Relative. 30,412,000 29,310,000 i 29,339,000 ' 31,239,000 ; 33,521,000 j March April May June July 159 153 153 163 175 Barrels. 131,110,000 132,694,000 132,165,000 135,646,000 141,742,000 I Total output of oil refineries in United Slates. [Bureau of Mines.] 1918. June July August September. October November. December.. 1919. January... February. March April May June Gas and fuel Lubricating (gallons). (gallons). G asoline (gallons). Kerosene (gallons). 28,140,479 29,170,718 28,534,275 28,390,431 29,237,767 27,411,636 26,958,157 315,023,445 332,022,095 i 330,335,046 314,595,959 314,251,318 312,968,640 291,744,465 151,840,252 158,828,826 149,678,850 164,963,798 164,928,640 169,278,105 181,742,713 628,842,033 658,439,682 671,113,871 653,085,050 661,780,441 604,403,494 587,873,987 74,420,996 79,303,107 72,892,879 70,593,079 72,244,633 72,178,602 64,987,842 967.332 25; 232', 876 27, 866;775 27, 775,217 30, 267,227 28, 920;764 710.556 158.501,260 283, 518', 194 ! 164', 181.787 311, 306,755 i 170,290,930 319, 807,838 I 183,453,728 354, 472,377 ! 190,345,026 338, 330,985 178,974,224 589,630,056 553,853,753 574,774,156 588,808,408 652,166,738 632.205,805 68,304,613 62,503,072 67,063,995 70,954,128 76,442,252 64,636,153 11,956,151 14,026,525 13,946,595 14,462,100 15,438,576 15, 222,401 15,749,771 418,440,353 349,928,604 285,446,538 269,772,723 250,328,369 270,072,011 297,326,983 426,255,676 432.807,129 424/281,481 436,628,907 419,409,944 397,804,012 380,117,829 550,704,759 519,012,839 569,016,413 583,407,769 596,116,351 583,777,918 659,001,357 158,316,257 136,460,207 137,496,986 147,425,556 135,196,542 132,923,478 138,853,574 15,380,185 14,820.601 15,106;361 15,184,844 16,372,314 16,775,723 383,212,692 458,449,187 546,062,429 593,616,170 594,035,688 593,896,610 332,393,181 303,062,436 294,677,623 276,356,837 244,635,631 252,542,434 646,411,414 692,816,000 749,087,806 807,895,498 788,740,572 811,790,037 158,370,431 152,297,163 105,495,254 170,122,088 173,754,109 175,384,775 Crude oil run (barrels). Slocks at the close of month, 1918. June 30.. July 3 1 . . Aug. 31.. Sept. 30. Oct. 31.. Nov. 30. Dee. 31.. 1919. Jan. 31.. Feb. 28.. Mar. 31.. Apr. 30.. May 30.. June 30.. Iron and steel. [Great Lakes iron ore movements, Marine Review; pig iron production, Iron Ago; steel ingot production, American Ircn vri- Sled Institute] [Monthly average, 1911-1913=100; iron ore, monthly average, May-rov., 1911-1913=100.] Iron ore shipments from t h e u p p e r Lakes. Pig iron production. Steel ingot production. Unfilled orders U . S. Steel Corporation at close of month. Gross tons. Relative. Gross tons. Relative. Gross tons. ' Relative. Gross tons, j Relative. July. January February.... March April May June July 1918. 10,859,203 176 3,420,988 I 148 3,113,635 130 8,883,801 169 143 136 133 107 91 91 105 3,082,427 2,688.011 2,662,265 2,239,711 1,929,024 2,219,219 2,508,176 j 130 120 110 93 80 92 104 6,684,268 6,010,787 5,430,572 4,800,685 4,282,310 I 4,892,855 5,578,661 127 114 109 132 151 3,302,260 !; 2,940,168 3,090,243 ! 2,478,218 j 2,108,056 : 2,114,863 i 2; 428,541 i 1919. 1,412,239 6,615,341 7,980,839 9,173,429 91 81 106 SEPTEMBER 1,1919. 873 FEDERAL, RESERVE BULLETIN". Imports of pig tin, [Department of Commerce.] [Monthly average, 1911-1913=100.] Pounds. Relative. 1918. July Relative. Pounds. 1919. 15,567,667 171 8,461,444 6,271,977 93 74 1919, January February March April May... June* July 91 1 5 6 1 8,284,970 604,903 449,270 112,000 113,120 Raw stocks of hides and shins. [Bureau of Markets.] [In pieces.] Cattle Jan. 31 Feb. 28 Mar.31 Apr.30 May 31 J u n e 30 July 31 1919: Calfskins. 5,601,700 5,584,730 4,949,791 5,009,961 4,549,004 4,696,332 4,777,844 : 1,253,642 1,244,720 1.026,482 1,606,570 2,273,368 2,285,015 1,741,744 KipsMns. Goat. Kid. 492,353 4,238,026 418,339 5,670,216 366,817 7,831,595 367,528 11,976,556 386,244 15,121,868 16,691,195 529,584 15,547,286 Cabretta. 241,554 226,760 181,951 634,482 1,246,075 2,521,016 1,846,506 Sheep and lamb. 601,686 843,341 559,576 1,520,350 2,044,524 I 1,697,754 2,358,690 6,835,383 7,863,313 8,970,912 8,039,531 8,118,702 5,426,430 Textiles. [Silk, Department of Commerce; cotton, Bureau of the Census; wool, Bureau of Markets; idle machinery, Jan.-Sept., 1918, inclusive, National Association of Wool Manufacturers.] [Cotton, monthly average crop years 1912-1914=100; silk, monthly average 1911-1913=100.] Cotton consumption. Bales. July. 1918. 1919. January February March April May June July August Percentage of idle woolen machinery on first of month to total reported. Cotton spindles active during month. Relative. Imports of raw silk. Wool consumption (pounds). Spinning spindles. Looms. of I Wider | Under Sets I than 50- j 50-inch cards. Combs. Woolen. Worsted. 'inchreed! reed I space, j space. Pounds. Relative. "I" 541,792 120 33,674,896 50,951,651 | 10.4 556,721 433,516 433,720 475,753 487,998 474,407 509,793 124 103 96 106 109 105 113 33,856,472 33,282,593 32,642,376 33,213,026 33,556,011 33,943,405 34,184,407 32,573,970 i 23,186,818 ! 29,320,063 i 39,159,945 ! 45,084,834 I 48,849,892 i 54,973,093 ! 40.3 52.3 58.1 48.4 36.6 29.6 22.0 22.1 ! 10.2 5.9 10.5 6.5 13.2 1,997,314 32,6 41.5 42.4 38.9 32.9 26.6 26.0 24.9 32.2 38.7 39.1 26.5 17.1 15.4 9.7 9.4 30.7 39.8 47.8 34.2 22.5 12.8 7.6 6.9 36.5 41.1 41.8 28.4 16.8 15.2 8.9 8.9 37.5 48.6 52.7 36.1 25.8 21.1 13.5 10.9 1,461,827 1,742,812 1,784,412 2,988,838 4,878,646 3,848,354 5,202,407 71 91 87 146 238 188 254 NOTE.—Figures of idle wool machinery for Nov. 1 and Dec. 1 arc not entirely comparable with previous figures, due to the fact that later figures are for number of machines running on single shift, while earlier figures count as two to a machine running double time. The effect is, however, small. 134551—19 5 874 FEDERAL RESERVE BULLETIN. SEPTEMBER!, 1919. Production of wood pulp and paper. [ Federal Trade Commission.] [Net tons.] Book. Paper board. Wrapping. Fine. 108,523 66,177 175,550 67,211 30,994 116,154 70,443 103,248 62,616 140,859 50,490 125,208 45,480 27,675 24,600 Wood pulp. July. News print. 1918. 1919. January February 283,270 238,228 1919. March April May June July Wood pulp. News print. Book. Paper board. Wrapping. 278,675 284,984 294,067 277,142 260,685 114,746 116,278 105,819 114,896 113,929 63,699 67,628 76,821 71,938 75,613 136,175 48,069 138,802 48,158 151,651 56,579 152,957 60,656 63,769 Fine. 23,514 22,470 25,010 27,122 Sale of revenue stamps for manufactures of tobacco in the United States (excluding Porto Rico and Philippine Islands). [Commissioner of Internal Revenue.] Cigarettes. Cigars. 1918. June. July August September October November December....... Large. Small. Small. Number. 569,267,335 634,609,533 624,491,239 585,400,449 594,764,527 537,794,904 527,586,098 Number. 76,568,347 79,237,849 60,880,910 60,556,000 63,111,160 63,177,200 59,139,250 Number. 3,273,158,852 3,796,878,822 3,442,446,234 3,403,205,736 3,027,300,975 2,986,775,643 2,788,379,210 Pounds. 33,018,297 36,607,578 40,764,853 37,893,818 39,440,893 32,618,009 25,276,695 Cigarettes. Cigars. Chewing and smoking tobacco. 1919. January February March April May June Large. Small. Small. Number. 518,706,482 476,329,947 549,098,351 510,357,494 551,659,749 576,976,572 Number. 72,458,974 60,138,630 84,493,873 73,314,273 57,611,547 48,855,070 Number. 3,079,212,253 3,126,274,662 3,845,079,275 2,650,182,7422,767,699,400 3,140,393,217 Chewing and smoking tobacco. Pounds. 29,308,616 27,472,269 29,227,678 29,883,710 33,340,102 31,312,150 Output of locomotives and cars. [Locomotives, United States Railroad Administration; cars, Railway Car Manufacturers' Association.] Locomotives. Locomotives. Output of cars. Domestic Foreign comshipped. pleted. Domestic. Foreign. Total. 1918. Number. Number. Number. 3,312 Number. 4,410 Number. 7,722 1919. January February 282 135 84 164 8,172 6,623 3,635 4,657 11,807 11,280 July.. Domestic Foreign comshipped. pleted. March April May June July 1919. , Output of cars. Domestic. Foreign. Total. Number. Number. Number. Number. Number. 258 128 5,978 5,795 11,773 197 7,373 36 7,777 15,150 207 8,533 31 4,573 13,106 160 5,307 44 1,785 7,092 121 6,936 73 2,777 9,713 i Vessels built in United States, including those forforeign nations, and officially numbered by the Bureau of Navigation. [Monthly average. 1911-1913=100.] Gross Number. tonnage. Relative. August January February March 1918. 177 1919. 132 136 180 295,849 1,224 1,094 1,203 1,233 Gross Relative. Number. tonnage. • April May June July August 1919. 201 250 272 245 375,605 395,408 422,889 397,628 455,338 1,554 1,636 1,750 1,645 1,884 SEPTEMBER 1,1919. 875 FEDERAL RESERVE BULLETIN. Tonnage of vessels cleared in the foreign trade. [Department of Commerce.] [Monthly average 1911-1913=100.] Net tonnage. American. Foreign. July 1918. 2,093,310 1919. January... February.. 2,941,171 Net tonnage. Percentage Rela- i of Rela- Ameri- tive. tive. can to total. Total. 5,034,481 129 1,896,123 3,062,514 i 1,'262', 487 1,671,070 2,933,557 | 41.6 164 38.1 43.0 151 170 American. Foreign. 1919. March April May. June. July.. j 1,161,416 1,744,753 2,424,837 2,339,320 2,362,751 1,737,171 2,058,220 2,469,194 2,511,501 2,920,247 Total. 2,898,587 3,802,973 4,894,031 4,850,821 5,282,998 Percentage Relaof Rela- Ameri- tive. can to tive. total. 75 98 126 125 136 158 181 40.1 45.9 49.5 48.2 44.7 191 177 Net ton-miles, revenue and nonrevenue. [United States Railroad Administration.] 1918. July 38,761,291,000 1919. January February 30,383,169,000 25,681,943,000 1919. March April May June July 28,952,925,000 28,629,739,000 32,440,708,000 31,953,366,000 34,914,294,000 Commerce of canals at Sault Ste. Marie. [Monthly average May-November, 1911-1913=100.] EASTBOUND. Grain, other than wheat. | July April MayJune.. July- 1918. 1919. Bushels. Relative. Wheat. Bushels. Flour. RelaI tive. Barrels. I 2,481,626 28 1,138,342 | 4,176,041 9,370,374 6,694,901 7,100,008 105 75 16,729,000 29,096,116 6,402,051 i 2,391,840 ; Iron ore. 1,379,584 151 33 12 Total. Relative. Short tons. Relative. Short tons. 119 10,410,857 175 10,746,246 153 1,139,326 6,622,227 8,004,897 8,912,609 112 135 150 1,756,266 7,895,542 8,554,979 9,343,396 113 122 128 910,524 1,031,630 915,420 Relative. WESTBOUND. Hard coal. July 1918. 1919. July Soft coal. Total. Total freight. Short tons. Relative. Short tons. Relative. Short tons. Kelative. Short tons. Relative. 233,764 75 2,121,603 110 2,616,098 105 13,362,344 141 142,864 248,263 227,200 344,462 80 73 111 415,824 2,239,738 2,266,984 2,037,265 117 118 106 616,897 2,670,784 2,664,437 2,572,756 107 107 103 2,373,163 10,566,326 11,219,416 11,916,152 iii 118 125 876 FEDERAL RESERVE BULLETIN. SEPTEMBER 1,1919. GOLD SETTLEMENT FUND. a,te clearings and transfers through the golcf settlement fund during the three month period ending August 21, 1919, reached a total of $19,237,163,000, an increase of 24.4 per cent over the total of $15,463,135,000 reported for the three months immediately preceding. Transactions through the fund were heaviest during the week ending June 19 when the Treasury redeemed the outstanding balances of the January 16 and March 15 issues of tax certificates, also the balance of the January 16 issue of certificates issued in anticipation of the Victory loan. The New York bank snows a loss through daily settlements of $609,561,000 and a gam through transfers of $494,204,000. As a result of these operations the bank shows a net loss of gold through the fund of $115,357,000 for the three months, compared with a net loss of $137,872,000 for the 12 months ending August 21, 1919. The net movement of funds away from New York was largely in favor of the Boston and San Francisco banks, which report net gains through transfers and settlements of $43,404,000 and $47,708,000, respectively. During the period under review the banks deposited $235,276,000 (net) of gold in the fund and transferred $223,121,000 to the Federal Reserve agents. This resulted in increasing the balance in the banks' fund from $568,620,000 on May 22 to $580,775,000 on August 21, 1919. The agents' fund was charged with net gold withdrawals of $257,000,000 and credited with net transfers from the banks' fund of $223,121,000, resulting in a decrease in the agents' balances in the fund of $33,879,000. On August 22 the aggregate balances standing to the credit of the Federal Reserve Banks and agents amounted to $1,389,004,000, compared with $1,410,728,00 on May 22, 1919. Below are given figures showing operations of the two funds for the period from May 23 to August 22, 1919, inclusive: Changes in ovmership of gold. [In thousands of dollars; i. e., 000 omitted.] Total to May 21, 1919. Federal Reserve Bank. Decrease. 2,101 Boston New York Philadelphia. Cleveland Richmond.... Atlanta Chicago St. Louis Minneapolis.. Kansas City.. Dallas. San Francisco. 615,665 Total.... Increase. 615,665 1 From May 22,1919, to Aug. 21,1919, inclusive. Balance to credit May 21. plus not deposits of gold since that date. Balance Aug. 21, 1919. 15,327 143,894 13,271 37,747 175,329 66,852 16,401 48,153 23,360 73,230 22,337 220,378 50,308 58,158 23,656 10,149 120,950 25,011 23,154 41,487 2,912 1-17,725 65,741 105,021 40,053 45,864 27,370 13,556 132,576 28,502 32,832 54,757 4,520 29,983 615,665 580,775 »,775 Decrease. Total changes from May 20, 1915, to Aug. 21, 1919. Increase. 115,357 10,255 12,294 Decrease. 43,404 731,022 i 13,270 1. "~~ 47,708 Excess of withdrawals over balance May 21, and deposits since that date. 137,906 45,505 ""5,"072 131,600 16,985 41,154 186,955 70,343 26,079 61,423 24,968 3,714 3,407 11,626 3,491 137,906 Increase. 731,022 731,022 877 FEDERAL RESERVE BULLETIN. SEPTEMBER 1, 1919. Amounts of clearings and transfers through the gold-settlementfiindby Federal Reserve Banks from May 23,1919, to Aug. t2, 1919, both inclusive. [En thousands of dollars: i. c , 000 omitted.] Total clearings. Settlement of— May 23-29 May 30-June 5, June 6-12 June 13-19 June 20-26 June 27-July 3 July 5-10 July 11-17 July 18-24 July 25-31 1,879,781 1,010,089 1,145,978 1,433,166 1,359,793 1,324,223 1,025,728 1,411,078 1,400,774 1,213,926 Transfers. Total clearings. Settlement of— 191,964 ! Aug. 1-7 180,320 i Aug. 8-14 100,131 'Aug. 15-21 263,741 285,722 Total 361,192 Previously reported for 1919. 119,493 239,556 Total since Jan. 1,1919 176,282 Total for 1918 272,020 Total for 1917 Transfers. 1,310,594 1,328,100 1,434,295 160,114 223,925 185,178 16,477,525 21,036,115 2,759,638 2,767,228 37,513,646 45,439,487 24,319,200 5,526,866 4,812,105 2,835,504 Clearings and transfers. Total Total Total Total Total for 1919 to date for 1918 for 1917 for 1916 for 1915 : $43,040,506 50,251,592 27,154,704 5,533,966 1,052,649 Total clearings and transfers from May 20,1915, to Aug. 22,1919 127,033,417 Combined statement from May 28, 1919, to Aug. 22,1919, inclusive, [In thousands of dollars; i. e., 000 omitted.] GOLD SETTLEMENT FUND. Transfers. Balance withlast Gold Gold drawals posits stateand withand deFederal Reserve Bank of— ment, transfers May 22, drawals. posits. transfers from to 1919. agent's agent's fund. fund. Debit. Credit. Settlements from May 23 to Aug. 22, 1919, both inclusive. Balance in fund at close of business Total j Total Net Net Aug. 21, debits. debits. I credits. credits. 1919. i Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis Kansas City Dallas San Francisco Total 37, 170, 40, 55, 27, 13, 107, 22, 15i 568,620 2,422 2,422 18,000 60,000 10,010 60,000 70,402 60,200 70,402 15,712 5,712 13,000 20,171 34,360 30,171 18,222 32,539 29,222 83,246 105,080 118,246 24,267 43,936 46,767 11,292 5,500 13,592 1,986 1,986 5,103 098 698 5,775 15,781 121,500 77,940 10 200 13,000 360 1,039 103 1,775 56,500 314,199 1,312,850 5,008,700 1,740,169 1,180,979 1,697,311 427,151 1,919,050 1,173,878 306,558 774,821 393,008 543,050 1,484,105 171,255 4,399,139 1,557,491 1,314,995 134,016 1,724,488 27,177 454,725 27,574 2,161,618 242,568 1,255,347 81,469 326,123 19,565 831,793 56,972 442,202 49,194 525,499 65,741 105,021 40,053 45,864 27,370 13,556 132,576 28,502 32,832 54,757 4 520 29,983 455,003 I 467,158 2,759,638 2,759,638 809,790 16,477,525 16,477,525 809,790 580,~77S 168,934 233,777 223,985 223,903 500,000 • 40,500 734,590 138,330 •245,382 62,147 167,090 21,000 41,083 727,981 609,561 396,408 182,678 77,593 476,537 16,333 503,648 60,352 235,495 18,445 119,504 86,259 17,551 FEDERAL RESERVE AGENTS' FUND. Balance last statement, May Federal Reserve agent at— 52,000 90,000 62,889 100,000 26,000 35,000 262,345 60,431 25,600 29,360 2,184 96,299 Boston New York Philadelphia... Cleveland Richmond Atlanta Chicago St. Louis Minneapolis... Kansas City... Dallas San Francisco. Total | 842,108 Gold withdrawals. 42,000 20,000 55,000 Gold deposits. 314,000 18,000 10,000 60,000 62,159 31,500 105,080 38,000 5,500 5,000 4,000 65,000 152,959 376,080 466,959 I 10,000 10,000 11,000 35,000 22,500 2,300 21,000 6,000 57,000 Total withdrawals. 42,000 20,000 55,000 10,000 35,500 26,500 112,000 46,500 12,300 18,000 7,000 82,159 30,000 "25,"566" 15,500 77,000 24,000 10,000 18,000 7,000 20,000 Withdraw- Deposits als for through transfers transfers to bank. from bank. ""34"666' Balance atTotal close of busideposits ness Aug. 21,1919. 48,000 10,000 60,000 ""34"666" 31,500 105,080 38,000 5,500 2(5,000 10,000 65,000 433,080 58,000 80,000 90,000 24,500 40,000 255,425 51,931 18,800 37,360 5,184 79,140 878 SEPTEMBER 1,1919. FEDERAL RESERVE BULLETIN. BANK TRANSACTIONS DURING JULY-AUGUST. In the table below are shown debits to indi- value as indicating changes in the volume of vidual account for five weeks ending August 20, interbank transactions, it is thought that a as reported by 15.5 of the country's most im- picture of the relative volume of commercial portant clearing houses. In addition, for the transactions handled through the banks of the two weeks ending August 13 and August 20, country is adequately reflected in the figures debits to individual account are compared with of debits to individual account. Comparisons figures for corresponding weeks in 1918, the of figures of debits to bank account as reported centers included being those from which re- by different centers brought out the fact that ports were available for both years. Allowance because of difference in methods of handling should be made for the fact that the reports for items in the various centers the figures were August 15 and 21, 1918, are probably incom- not strictly comparable and moreover that a plete for the reason that the service had then large amount of duplication and reduplication just been started and the reports did not inevitably results whenever a check or draft include figures for all members of the clearing- on its way to the drawee bank is handled house associations in the respective cities, by one or more intermediary institutions. while at the same time some of the reporting Furthermore, since debits to Federal Keserve banks were not entirely familiar with the Banks were not included in debits to bank scope of the inquiry and may have turned in account, these figures had a tendency to reports not strictly "comparable with figures for decline as new banks joined the Federal" Reserve system and availed themselves of the later dates. facilities offered for clearing checks through It has been decided to omit from the weekly statements and monthly recapitulations fig- Federal Reserve Banks, thereby decreasing ures showing debits to bank account, and to the amount of checks sent to their city correlimit the comparisons to debits to individual spondents. account. While the former figures are of Debits to individual account at clearing-house banks during each of the Jive 'weeks ending Aug. 20, 1919, and the two weeks ending Aug. 21, 1918. [In thousands of dollars.] No. 1—Boston: Bangor. Boston Fall River Hartford * Holyoke Lowell New Bedford New Haven Providence Springfield Waterbury Worcester. No. 2—New York: Albany Bingnamton Buffalo New York Passaic Rochester Syracuse No. 3—Philadelphia: Altoona Chester Harrisburg Johnstown Lancaster Philadelphia Reading Scranton Trenton Wilkes-Barro Williams] >ort Wilmington York 1918 Week ending— 1919 Week ending— Federal Reserve district. Aug. 21. Aug. 15, Aug. 20.. Aug. 13. 2,835 271,720 7,721 16,344 3,287 5,022 7,834 16,982 32,045 14,955 6,900 16,371 2,798 284,219 8,021 21,349 3,383 5,099 7,321 17,617 31,404 13,291 7,726 16,476 2,710 317,584 8,693 23,921 3,190 4,969 6,333 16,221 34,221 14,924 6,138 15,679 2,618 293,466 7,419 19,956 3,597 4,852 5,922 14,119 30,313 13,720 5,833 12,686 2,848 319,780 8,207 24,672 3,657 4,765 6,927 18,071 35,752 15,369 7,596 14,167 2,703 201,271 7,691 2,910 5,447 5,600 16,330 26,756 11,916 7,426 14,894 5,429 16,975 29,551 11,954 3,349 65,106 4,4G3,547 3,929 28,847 15.309 19,887 3,391 61,331 5,088,079 4,083 26,660 12,770 17,841 3,672 65,078 5,256,018 3,933 26,857 13,689 16,407 3,337 52,851 4,675,40.1 3,573 23,483 12,562 16,553 3,203 61,589 5,433,175 3,847 31,437 14,078 17,312 2,702 54,697 2,788,004 3,214 21,621 16,091 2,719 53,907 2,702,736 4,787 23,747 3,667 4,779 3,800 3,512 4,629 312,379 4,145 10,390 9,732 7,504 3.422 9,511 3,559 3,357 4,526 3,969 3,343 4,636 312,192 4,136 12,341 9,446 7,372 2,880 10,005 3,054 2,994 4,361 3,972 3*595 4,531 334,588 3,120 11,318 8,855 7,438 3,141 9,857 3,775 3,010 3,857 4,000 3,559 4,255 291,987 3,132 12,112 8,458 7,179 3,073 8,496 2,938 2,148 4,058 3,800 2,919 4,649 358,851 3,734 11,861 9,853 6,617 3,091 11,024 3,580 1,993 4,681 2,468 4,183 227,922 6,335 10,963 4,013 246,881 5,937 2,957 6,019 2,730 2,817 2,617 : I ! ! I • • Aug. 6. July 30. July 23. 227,842 2,686 14,883 12,881 SEPTEMBER 1, 1919. 879 FEDERAL RESERVE BULLETIN. Debits to individual account at clearing-house banks during each of the five lueeks ending Aug. 20, 1919, and the two vjeehs ending Aug. 21, 1918—Continued. [In thousands of dollars.] 1919 Week c'nding- Federal Reserve district. Aug. 20. No. I—Cleveland: Akron Cincinnati Cleveland Columbus Davton Erie Greensburg, I'a.. Lexington!! . OilCif Pittsburgh Springfield Toledo Wheeling Youngstown No. 5—Richmond: Baltimore Charleston Charlotte Columbia Norfolk Ralciirh, Richmond No. 6—/ tlanta: Atlanta Augusta Birmingham Chattanooga Jacksonville Knoxville Maeon Mobile Montgomery Nashville New Orl°ans Pensacola Savannah Tampa Vicksburg No. 7—Chicago: Bay City Bloomineton Cedar Rapids Chicago.. Davenport Docatur DesMoines Detroit Dubuque Flint Fort Wa<*ne Grand Rapids... Indianapolis Jackson Kalamazoo Lansiiv Milwaukee Peoria Rockford Sioux City South Bend Springfield Waterloo. Iowa.. No. 8—St. Louis: Evansville Little Rock Louisville Memphis St. Louis No. 9—Minneapolis: Aberdeen , Billings Duliith Fargo Grand Forks Great Falls , Helena , Minneapolis St. Paul Superior Winona ! Aug. 13. Aug. 6. 1918 Week ending— Julv 30. Aug. 15. .Tulv 23. I 23. 847 55,788 154,314 27,519 12,125 6,422 4,008 4,402 2, ()i>o 142,074 3,585 29,053 0,618 13,962 19,812 55,025 155,039 28,816 13,398 6,609 7,776 5,384 3,238 172,564 2,998 32,371 6,944 19,246 23,009 51,113 144,328 30, 200 12,429 7,785 2,908 5,272 2,595 189,769 3,214 28,400 7,315 12,821 22,489 54,373 156,435 27,360 12,376 5,470 4,754 4,218 2,632 156,691 3,372 28,047 8,869 15,831 23,023 ! 58,062 j 182,210 32,884 13,102 6,540 2,842 3,901 2,740 196,839 3,291 28,353 8,747 14,186 110,080 5,929 5,900 5,572 17,169 3,260 22,571 108,829 7,457 3,800 5,402 18,477 3,900 27,251 117,784 5,750 6,400 5,567 20,655 3,490 29,403 101,848 7,029 5,500 5,470 16,567 3,697 21,214 112,315 6,969 5,500 5,527 19,100 3,500 24,918 24,318 6,450 12,414 11,278 10,425 6,220 5,541 6,992 3,749 19,980 62,526 2,500 13,348 3,860 1,367 23,212 5,899 12,880 11,566 10,352 5,672 6,231 7,198 3,716 20,968 72,333 2,180 13,896 4,248 1,467 28,548 7,152 12,825 10,861 10,957 5,711 4,889 7,045 4,493 21,494 71,448 2,124 15,648 3,875 1,418 22,130 7,989 11,429 11,067 10,554 4,676 5,329 6,893 3,657 18,169 61,898 1,952 13,871 4,071 1,419 26,386 6,940 12,466 11,632 11,015 5,919 5,715 7,310 4,038 22,684 67,129 2,142 17,541 3,982 1,254 2,880 2,588 10,638 684,519 6,057 3,732 19,471 161,446 2,510 7,847 5.932 21]294 33, 930 5,337 4,099 4*. 958 56,013 9,513 4,581 12,294 3,421 5,791 2,826 2,809 2,566 8,729 685,735 6,468 3,614 19,224 121,083 2,239 8,035 5,656 23,306 32,636 3,951 3,906 5,799 55,840 10,411 4,700 2,505 2,504 7,749 645,441 5,208 3,756 17,594 95,759 1,950 10,961 4,268 6,162 3,158 2,941 2,822 9,132 695,655 7,638 4,361 17,947 107,832 2,453 8,582 5,971 21,613 33,126 5,621 3,668 5,591 58,464 10,925 4,763 15,311 3,618 4,020 3,363 5,276 18,288 32,400 3,746 3,385 4,695 49,616 10,249 4,257 21,763 2,197 3,594 2,983 2,622 2,415 7,281 694,491 6,153 3,497 18,020 129,364 2,223 9,044 5,139 17,152 35,546 7,073 3,491 5,162 41,327 11,238 4,450 14,695 4,151 3,994 3,552 3,889 6,580 35,702 25,463 156,707 5,080 7,786 32,497 23,900 150,219 5,365 9,091 32,642 28,402 156,276 5,258 7,257 28,923 24,086 146,178 4,018 6,417 38,091 27,708 151,400 1,806 2,212 19,046 3,869 1,578 2,165 2,674 75,766 39,263 1 445 1,048 1,476 1,837 19,566 3,018 1,526 1,582 2,001 67,902 34,292 1,124 974 2,498 2,114 21,015 5,673 1,628 1,621 2,052 69,200 39,772 1,256 1,089 1,875 2,026 17,922 7,809 1,644 1,793 2,579 83,730 37,962 1,819 879 1,897 1,017 18,221 3,600 1,562 1,914 2,711 78,309 34,965 1,993 740 54,619 52,79(5 22,423 10,133 5,250 6,113 5,827 19,677 19,690 "ii,"406 "i3,*99i 79,850 75,720 23,399 24,652 20,748 5,970 12,878 7,732 8,205 3,891 6,029 4,943 3,173 17,558 1,574 10,597 3,196 1,039 2,147 5,481 10,895 7,591 9,302 13,341 40,187 3,450 2,239 525,567 4,070 3,363 112,125 "iO7*532 29,780 31,609 3,250 45,511 9,188 4,365 46,975 9,292 3,848 2,867 3,662 4,576 22,785 4,300 3 125 26,431 128,537 123,873 1,614 903 14,207 28,352 1,688 76,602 27,525 880 FEDERAL, RESERVE BULLETIN. SEPTEMBER 1,1919. Debits to individual account at clearing-house banks during each of the five weeks ending Aug. 20, 1919, and the two weeks ending Aug. 21, 1918—Continued. [In thousands of dollars.] 1919 Week ending— Federal Reserve district. Aug. 20. No. 10—Kansas City: Atchison Bartlesville Colorado Springs Denver Joplin Kansas City, Kans. Kansas City, Mo... Muskogee Oklahoma City Omaha Pueblo St. Joseph Topeka Tulsa Wichita No. 11—Dallas: Albuquerque Austin Beaumont Dallas El Paso... Fort Worth Galveston Houston San Antonio Shreveport Texarkana Tucson Waco No. 12—San Francisco: Berkeley Boise Fresno Long Beach Los Angeles Oakland Ogden. Portland. Reno.. Sacramento Salt Lake City. San Diego San Francisco.. San Joso Seattle i... Spokane Stockton Tacoma Yakima Aug. 13. 1918 Week ending- Aug. 6. | July 30. July 23. 2,240 4,725 31,702 2,917 3,789 114,907 3,286 16,156 71,725 5,112 19,554 5,128 21,724 12,523 2,569 4 147 29,501 3,255 3,922 118,337 4,084 17,174 65,433 3,766 17,437 5,607 21,397 14,494 3,200 4,100 33,448 3,253 3,441 125,052 3,933 18,922 67,024 3,685 20,114 6,498 j 21,242 ! 16,740 j 2,385 3,285 29,836 2,739 3,406 112,684 3,750 16,374 63,864 4,489 18,851 4,858 21,787 14,145 957 2,247 4,638 28,500 2,758 2,376 114,643 5,380 24,275 61,971 4,080 18,112 5,281 21,728 14,224 1,756 3,220 3,448 7,150 22,018 11,137 36,140 3,858 5,928 1,710 1,083 3,145 1,682 3,286 3,092 35,323 7,040 21,899 9,370 34,188 4,299 7,001 2,193 1,306 3,012 1,620 2,877 | 3,375 30,800 7,093 21,898 12,586 33,873 3,514 6,345 1,647 1,322 3,580 1,415 1,930 3,236 31,338 6,090 22,211 8,763 32,007 3,305 6,077 1,485 1,159 2,805 1,802 2,722 4,450 34,134 6,354 24,860 8,830 36,171 3,576 6,288 ' 1,678 1,524 3,719 2,764 2,728 7,526 3,505 77,372 14,894 3,681 3,633 48,730 2,290 13,500 15,985 5,321 193,207 5,839 54,694 10,988 5,222 12,874 2,804 2,413 3,208 7,521 3,506 75,935 12,485 i 3,041 3,782 ! 45,345 ' 2,246 i 13,268 : 16,111 I 5,318: 187,638 !j 5,744 57,012 : 10,965 | 3,994 ! 11,041 j 2,804 ; 33,177 2,154 2,650 6 800 ! 4,124 ! 76,496 I 14,362 ! 3,039 ! 4,859 i 39,349 i 2,457 ! 13,033 ! 14,980 I 5,233 ; 200,028 I 5,115 i 51,682 j 10,933 5,705 9,314 2,035 1,633 2,253 2,931 3,072 5,826 7,395 3,052 3,338 68,377 85,830 12,414 : 13,417 3,106 • 2,756 3,375 i 3,915 33,448 32,860 ! 1,901 2,436 10,587 10,487 13,077 16,058 4,320 6,726 171,149 188,687 3,982 4,195 46; 519 44,919 8,548 10,970 5,750 0,015 9,941 11,341 1,776 2,061 Aug. 21. 1,688 2,524 2,514 22,378 3,857 3,516 98,458 2,255 12,046 56,320 2,320 13,288 3,674 3,737 32,104 4,030 12,795 8,833 22,741 Aug. 15. 2,430 21,194 3,821 3,685 102,978 2,800 12,085 56,636 3,120 3,295 17,239 4,506 19,955 3,822 1,741 1,417 2,842 3,242 4,372 1,908 44,548 10,559 4,994 2,000 1,856 35,146 2,024 35,816 11,638 4,100 171,851 13,613 5,473 157,006 48,774 8,631 40,934 9,191 10,801 1,555 1,379 881 FEDERAL, RESERVE BULLETIN. SEPTBMBEK 1, 1919. Recapitulation showing figures for clearing-house centers reporting for each of the five weeks ending Aug. 20, 1919. [In thousands of dollars.] Federal Reserve District. Number of centers included. 1919 Week endingAug. 20. Aug. 13. Aug. 6. July 30. July 23, No. I—Boston No. 2—New York No.3-Philadelphia... No. 4—Cleveland No. 5—Richmond No. 6—Atlanta No. 7—Chicago No. 8—St. Louis No. 9—Minneapolis No. 10—Kansas C i t y . . . No. 11—Dallas No. 12—San Francisco.. 13 14 7 15 23 5 11 15 13 20 402,016 4,622,041 381,029 486,382 170,481 190,968 1,071,677 228,341 160,038 316,720 133,770 487.fft5 418,704 5,216,201 381,267 529,220 175,116 201,818 1,031,256 219,482 144,929 312,059 133,691 473,377 454,583 5,387,088 401,545 521,218 189,049 208,488 1,035,417 231,776 150,872 331,648 130,530 474,348 414,501 4,787,614 366,056 502,917 161,325 185,104 952,201 211,700 135,298 303,375 121,821 411,271 461,811 5,563,882 426,785 557,320 177,829 206,153 1,032,080 227,634 147,898 311,170 136,108 458,978 Grand total 155 8,651,018 9,237,120 9,516,562 8,543,183 9,707,648 12 Recapitulation showing figures for clearing-house centers reporting for each of the two weeks ending Aug. 20, 1919, and the two weeks ending Aug. 21, 1918. [In thousands of dollars.] Federal Reserve District. Number of centers included. No. 1—Boston No. 2—New York No. 3—Philadelphia... No. 4—Cleveland No. 5—Richmond No. 6—Atlanta No. 7—Chicago No. 8—St. Louis No. 9—Minneapolis No.lO-KansasCity... No. 11—Dallas No. 12—San Francisco. Grand total 72 1919 Week ending— Aug. 13. 1918 Week ending— Aug. 21. Aug. 15. 355,960 4,606,732 '345,550 117,350 132,651 126,933 207,222 202,878 123,567 251,834 88,757 346,391 368,441 5,203,431 345,842 126,649 136,080 138,246 226,150 195,582 I 113,171 i 248,041 87,178 340,002 275,452 2,887,550 256,772 101,085 103,249 103,325 202,113 159,500 118,354 203,674 71,998 290,131 305,049 2,803,987 277,609" 98,417 100,372 90,247 201,010 157,729 105,030 208,749 49,654 272,430 6,965,825 7,528,813 4,773,263 j 4,670,283 882 FEDERAL RESERVE BULLETIN. SEPTEMBER 1, 1919. DISCOUNT AND OPEN-MARKET OPERATIONS OF THE FEDERAL RESERVE BANKS. Discount operations during the month of July totaled $7,183,435,073, or about $850,000,000 more than the corresponding figure for June and only about $200,000,000 less than the record figure reported for May, while in July, 1918, discounts totaled $3,343,458,151. War paper constituted about 95 per cent of the paper discounted during July, the percentage being the same as for June, while in July, 1918, it was about 74 per cent. All the Federal Reserve Banks in the East and South report larger discount figures than the months before, while the banks in the West report decreases. The increase for the New York bank alone is greater than the total increase for the entire system, and this bank's discounts constituted about 55 per cent of the total, compared with 49 per cent for June, 55 per cent for May, and 45 per cent for April. Discounts of member banks' bills secured by eligible paper increased from $20,272,961 in June to $20,983,025 in July. Trade acceptances discounted in July totaled $8,504,928, compared with $7,941,707 for June and $13,.822,069 for July, 1918. Over 95 per cent of the trade acceptances discounted during July of the present year cover transactions in domestic trade, the total amount of discounted foreign trade acceptances being only $949,540, all of which were reported by the New York bank. Bankers7 acceptances discounted during the month totaled $360,677 and ordinary commercial and agricultural paper $328,645,879. About 97 per cent, or $6,962,415,208, of the total discounts for the month was 15-day paper, i. e., bills maturing within 15 days from date of discount or rediscount with the Federal Reserve Banks. Agricultural and live-stock paper with a maturity of over 90 days totaled $9,345,071, of which about 38 per cent was reported by Kansas City, 22 per cent by Dallas, 14 per cent by San Francisco, and 11 per cent by the Atlanta bank, these four banks reporting about 85 per cent of the total amount of paper of this class discounted during the month. A slight increase in the proportion which 15day paper constituted of the discounts in July, as compared with June, resulted in a decrease from 9.79 to 9.39 in the calculated average maturity of all the paper discounted during the month. On the last Friday in July the banks held a total of $1,867,602,000 of discounted paper, compared with $1,818,040,000 on the last Friday in June and $1,302,151,000 on the last Friday in July, 1918. The total on the last statement day of the month under review includes $84,900,000 of war paper held under rediscount for other Federal Reserve Banks by the banks at Chicago, St. Louis, and Minneapolis. War paper constituted about 87 per cent of all the discounted paper held at the close of July of this year, compared with 52 per cent on the last Friday in June, 1918, the percentages being higher for the banks in the East and Middle West, and lower for those in the South and West. Discounted trade acceptances held on the last Friday in July totaled $9,600,000, or about $1,800,000 more than at the end of June, though about 45 per cent less than the holdings reported for the end of July, 1918 ($17,379,000). Domestic trade acceptances held constitute the bulk of the most recent total. Holdings of agricultural paper totaled $28,639,000, as against $36,456,000 a year earlier, and holdings of live-stock paper were $34,965,000, compared with $61,618,000 at the end of July of last year. About 60 per cent of the total holdings of agricultural paper are shown for the Dallas and San Francisco banks, while the Kansas City bank alone held 65 per cent and the Dallas bank 15 per cent of the total live-stock paper. During the month under review the number of member banks increased by 38, the total at the end of July being 8,876. Member banks accommodated during July by the discount of paper numbered 3,685 as against 4,047 for the previous month. The number of member banks in each Federal Reserve district at the end of June and at the end of July, together with the number accommodated during each month, are shown below: of member Number of member Number banks accommobanks in district. dated. Federal Reserve Bank. July 31. June 30. Boston New York Philadelphia.. Cleveland Richmond Atlanta , Chicago St. Louis Minneapolis.. Kansas Cicy.. Dallas San Francisco. 429 736 669 830 572 427 1,359 528 894 1,010 745 677 733 668 825 571 425 1,362 521 887 1,002 745 670 250 402 413 199 321 233 497 190 151 381 398 250 250 504 432 229 320 265 551 168 212 410 426 280 Total... 8,876 8,838 3,685 4,047 July. June 883 FEDERAL RESERVE BULLETIN. SEPTEMBER 1, 1919. Bills bought in open market during July, rate of discount charged works out at 4.25 per largely by the New York bank for its own ac- cent as against 4.24 per cent for May and June. On July 31 holdings of purchased acceptances count and for account of other Federal Reserve Banks, totaled $276,484,330, compared with totaled 8373,240,000 compared with $315,993,$291,915,446 bought in June and $123,573,644 000 held on June 30, §185,556,000 on May in July, 1918. Total purchases of bills for the 31, 1919, and $197,883,000 on July 31, 1918. first seven months of this year amounted to Of the most recent total ail but $1,249,000 were $1,369,582,550, as against §855,474,102 for the bankers' acceptances, and of these $269,827,corresponding period of 1918. Purchases of 000, or 72 per cent, were member bank acceptbankers' acceptances in July amounted to ances, while of the remainder, $43,198,000 were $273,974,595, over three-fourths of which were bills accepted by private banks, $31,738,000 by based on foreign trade transactions. Purchases nonmemher State banks $18,556,000 by forof trade acceptances are reported by the New eign banks and their agencies, and $8,672,000 York, Cleveland, and San Francisco banks, the by nonmember trust companies. Of the $1,total for the month, 81,668,908, being slightly 249,000 of purchased trade acceptances on hand larger than the amount purchased during June. at the end of July, about 54 per cent were based The average maturtiy of bills purchased during on transactions in foreign trade, nearly all this the month is given as 51.21 days, compared paper being reported by the New York and San with 45.60 days for June, while the average Francisco banks. Total investment Federal reserve bank. Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis Kansas City Dallas San Francisco operations of each Federal Reserve Bank during the -Months of July, 19.19 and 1918. Bills discounted for member banks. Bills bought in open market. Municipal warrants. United States bonds. $106,000, 347 $2-1,972,481 3,989,474, 707 129,118,992 1,032,074, 221 278,963 285,964, 302 ! 30,233,112 5,538.112 419,908, 215 178,184, 975 4,802;064 303,054, 559 30,434,:! 72 146,827, 157 7,445.974 23,553, 476 10,776; 667 109,922, 797 99,585, 777 627,822 123,224, 510 32,256,491 Total, July, 1919.. Total, July, 1918.. Total, 7 months ending July 31, 1919 Total, 7 months ending July 31, 1918 7,183,435,073 3,343,458,151 276,484,830 123,573,644 43,248,465,115 1,369,582,550 14,031,891,315 United I United States Total United To tal in res tment operations. States of States seVictory |certificates curities. notes. indebtedness. July, 1919. July,19J8. 50,000 150 718,000 580,500 500,000 912,000 S4, 520,000 S-135.552,808 $155,084,743 204. 727,000 4,323,320,699 2,017,371,038 140.269,124 % .152.000 1,034, 505,184 319, 387,014 146; 472,056 3, 189.600 426. 996,327 1,550,000 108,879,372 6,000 182; 993,039 64,873,511 14, 000,000 408. 088,731 383,856,725 151 273,131 106,057,277 768,000 40! 098,143 01,044,132 580,650 503,477 83,383,186 500,000 100: 713,599 52,244,194 912,000 156! 393,031 104,902,258 60,250 232,845,000 21,797;000 232,905,250 7,692,825,153 22,938,700 3,490,037,616 84,520,000 204', 727.000 2,152'. 000 3,179;500 1,550,000 ' 6,000 14,000,000 S10,100 SG7,121 §1,141,700 1,000 1,327,725 no; 373,750 1,797,500,500 L, 799,201,975 46,417,250,640 3,062,315,160 3,131,483,723 855,474,102 1,638,879 72,218,563 18,023,488,019 i Average amount of earning assets held by each Federal Reserve Bank during July, 1919, earnings from each class of earning assets, and annual rate of earnings on basis of July. 1919, returns. Average balances for the month of the several classes of earning assets. Federal Reserve Bank. Total. .Discounted bills. Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis Kansas City Dallas San Francisco Total July, 1919. Total July, 1918. Purchased bills. United States securities. 8144,812,282 739,789,808 188,589,796 112,873,258 89,912,879 83.313,601 216.904,077 57; 095,404 37,856,400 84,358,300 55,498,471 56.918,081 $22,993,852 102,082,282 702,572 49,232,378 7,288,388 6,747,947 50,734,327 8,682,165 22,981,000 3,840 604,150 90,284,978 319,496,340 73,290,114 25,307,774 19,662,097 8,381,297 10,908,702 30,991,826 18,221,400 7,332,900 16,120,733 9,866,000 9,065,210 1,867,920,337 1,165,649,422 362,297,879 209,174,231 248,644,993 64,401,616 fe1 Municipal warrants. $187, 302,474 915, 142,204 214, 600,142 181, 105, 562,564 100, 970,250 298, 630,230 83, 998,969 68, 170,300 100, 482,873 65, 966,621 156, 268,249 861,183 2,478,863,209 1,439,288,452 884 FEDERAL RESERVE BULLETIN. SEPTEMBER 1,1919. Average amount of earning assets held by each Federal Reserve Bank during July, 1919, earnings from each class of earning assets, and annual rate of earnings on basis of July, 1919, returns—Continued. Earnings from— Federal Reserve Bank. Boston New York Philadelphia Cleveland Richmead Atlanta Chicago St. Louis Minneapolis Kansas City Dallas San Francisco Total July, 1919 Total July, 1918 Calculated annual rates of earnings from— Discounted Purchased United Municipal States bills. bills. securities. warrants. $514,752 2,527,136 647,165 396,069 327,523 294,949 768,161 210,733 333,162 212,032 216,119 6,586,435 4,360,021 881,700 366,497 2,546 176,267 28,014 26,148 , 187,859 j 32,158 ! 83,618 ' 16 | 2,367 ! 328,092-! 333,573 160,310 45,438 36,939 14,442 18,856 55,077 33,071 13,359 28,689 18,092 15,660 1,315,282 ; 754,729 j 473,506 150,922 $630,025 3,053,943 695,149 609,275 369,979 339,953 1,011,097 275,962 235,611 361,867 232,491 559,871 $198 Purchased bills. Discounted bills. Total. United Munici- I States pal j Total. securities. warrants. Per cent. Per cent. Per cent. Per cent. Per cent. 4.19 4.18 2.03 3.96 4.02 4.17 2.58 3.93 4.04 4.26 2.06 3.81 4.13 4.21 2.21 3.95 4.29 4.53 2.03 4.13 4.17 4.58 2.04 3.96 4.17 4.36 2.69 3.99 4.35 4.36 2.14 3.87 4.31 4.28 2.15 4.07 4.65 4.87 2.10 4.24 4.49 4.61 2.16 4.15 4.47 4.28 2.03 4.22 4.15 ; 4.40 ! 8,375,223 5,265,870 4.27 4.24 2.24 2.76 3,81 4.31 Bills discounted during the month of July, 1919, distributed by classes, also average rates and maturities of bills discounted by each Federal Reserve Bank. Federal Reserve Bank. Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis Kansas City Dallas San Francisco Total Customers' paper secured by Government war obligations. Member banks' collateral notes. Secured by Government war obligations. Otherwise secured. Trade ac- Bankers'acceptances. ceptances. AHother discounts. $196,564 114,113 $7,352,696 179,161,646 44;678,760 16,934,643 9,698,917 9,604,f»34 20,504,012 10,485,959 2,147,129 11,185,385 6,715,063 10,177,035 $406,060,347 3,989,474,707 1,032,074,221 285,964,302 419,908,215 178,184,975 363,654,559 146,827,157 28,553,476 109,922,797 99,585,777 123,224,540 360,677 328,645,879 7,183,435,073 $346,164,950 3,700,756,910 958,011,339 258,371,450 399,783,756 163,735,433 336,348,458 131,851.909 20,323,275 86,499,064 91,245,130 110,906,890 $1,311,500 i , $50,728,823 105,340,085 28,931,497 9,589,447 7,434,791 2,905,538 2,395,150 3,947,165 75,572 1,841,375 258,473 1,494,084 9,532,565 1,317,137 130,000 8305,814 M,101,953 139,625 1,068,762 540,651 310,647 306,939 292,124 7,500 864,408 49,974 516,531 ! 214,942,000 6,609,998,564 20,983,025 8,504,928 ! ! ! I | I i ; 313,000 " 2," 450," 100" 1,628,723 4,100,000 200,000 50,000 Total. Average Average rate maturity (365-day in days. 13.87 7.05 7.10 13.14 11.30 16.91 16.82 13.52 18.07 22.41 19.43 14.89 Per cent. 4.20 4.06 4.01 4.08 4.20 4.13 4.18 4.15 4.29 4.57 4.38 4.90 4.15 1 Includes $949,540 of trade acceptances in the foreign trade. Bankers' and trade acceptances in the foreign and domestic trade and finance bills purchased during the month of July, 1919, also average rates and maturities of total bills purchased by each Federal Reserve Bank. Bankers' acceptances. Federal Reserve Bank. Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis Kansas City Dallas. San Francisco Total In the domestic trade. In the foreign trade. $6,954,345 23,022,659 62,403 7,244,547 2,571,612 3,242,164 6,840,940 1,737,602 3,076,196 $18,018,116 104,960,450 216,560 22,520,512 2,966,500 1,559,900 23,593,232 5,708,372 7,615,471 387,822 5,239,260 240,666 60,379,550 Trade acceptances. Total. In the domestic trade. $24,972,461 127,983,109 $336,611 278,963 29,765,059 268,053 5,538,112 4,802,004 30,434,172 7,445,974 10,691,667 Finance bills. In the foreign trade. Total. $232,945 $569,556 $566,327 100,000 368,053 100,000 Average Total pur- Average rate chased bills. maturity in days. (365-day basis). 85,000 $24,972,461 129,118,992 278,963 30,233,112 5,538,112 4,802,064 30,434,172 7,445,974 10,776,667 34.47 45.46 67.02 57.12 46.62 55.80 67.27 44.51 64.96 Per cent. 4.22 4.25 4.23 4.23 4.56 4.56 4.21 4.23 4.24 26,195,932 627,822 31,435,192 123,794 607,505 731,299 90,000 627,822 32,250,491 41.20 63.61 4.65 4.25 213,595,045 273,974,595 728,458 940,450 1,668,908 841,327 276,484,830 51.21 4.25 SEPTEMBER 1, 1919. Discounted bills, including 885 FEDERAL RESERVE BTJUL.ETIN. member banks' collateral notes, held by each Federal Reserve Bank on the last Friday in 1919, distributed by classes. July, [In thousands of dollars; i. e., 000 omitted.] Agricultural paper. Federal Reserve Bank. Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis Kansas City Dallas San Francisco Member banks' collatCustomers3 eral notes. paper seLive-stock cured by Govern- Secured by paper. ment war Govern-* Otherwise obligations. ment war i secured, obligations. I ! ! i | ! ! j j 2 288 266 34 2,790 2,975 1,499 564 513 2,914 10,687 6,107 Total. 86,327 93,110 12,820 I 8,943 ! 12,779 i 4,216 3,383 3,985 41 1,773 566 2,275 861 242 2,819 23,625 5,193 2,118 47,674 ', 556,037 ;. 157,546 j 94,120 '. 69,274 ; 74,700 | 188,249'j 45,873 : 35,127 I. 37,120 | 37,029 I 43,243 . 230,218 I 1,3S5,992 j 34,965 Trade acceptances. 250 21 1,121 1,104 ^ 4 6 4,824 915 12,959 Bankers' acceptances. 435 3,401 266 1,190 974 448 362 643 13 1,342 294 101 9,600 473 All other discounts. 78 Total. 5,589 64,956 19,328 10,168 8,995 7,191 17,808 9,343 750 12,225 4,183 4,220 140,571 717,893 190,247 114,526 95,969 91,495 215,945 60,808 39,263 83,823 58,573 58,489 164,756 1,867,602 Acceptances purchased and held by each Federal Reserve Bank on July SI, 1919, distributed by classes of accepting institutions. [In thousands of dollars; i. e., 000 omitted.] Bank acceptances. Nonmember trust companies. Nonmember State banks. Private banks. Foreignbank branches and agencies. 20,902 50,119 552 41,713 8 429 6,791 48,386 9,316 22,012 2 332 60,984 732 4,120 2,497 2-iO 15,519 58 3,952 4,304 16,892 18 6,353 729 8,049 32 2,371 250 279 91 1,138 1,595 200 923 66 152 423 1,336 10,648 12,308 7,145 26,907 94,699 660 56,886 8,429 6,791 50,326 9,762 21,776 2 332 92,421 269,568 233,519 136, 741 154,614 112,433 8,935 9,225 2,853 1,129 43,107 31,928 29,361 18,729 7,302 2,504 42,593 29,648 14,628 18,082 20,782 18,9G7 12,654 10,612 8,975 1,087 371,991 314,407 183,563 190,102 179,073 Federal Reserve Bank. Member banks. Boston . . New York PhiladslDhia Cleveland Richmond Atlanta . Chicago St. Louis Minneaoolis Kansas Citv Dallas San Francisco Totals: July 31 1919 June 30,1919 Mav 31, 1919 July 31 1918 July 31, 1917 . . . . Trade acceptances. Total. Grand total. Domestic. Foreign, 450 279 729 126 16 142 378 378 26,907 95,428 660 57,028 8,429 6,791 50,326 9,762 24,776 2 332 92,799 673 1,204 1,857 1,249 1,580 1,993 7,781 4,242 373,240 315,993 185,556 197,883 184,215 576 382 136 Total. 886 FEDEBAL EESEEVE BULLETIN. SEPTEMBER 1,1919. OPERATION OF THE FEDERAL RESERVE CLEARING SYSTEM JULY 16 TO AUG. 15, 1919. Items drawn on banks in Federal Reserve city (daily average). Items drawn on banks in district outside Federal Reserve city (daily average). Total items drawn on banks in own Federal Reserve district (daily average). Number. Number. Number. Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis • Minneapolis Kansas City Dallas San Francisco Total: July 16 to Aug. 15, 1919. June 16 to Juiy 15,1919. May 16 to June 15,1919. July 16 to Aug. 15,1918 Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis Kansas City Dallas San Francisco. Total: July 16 to Aug. 15, 1919 June 16 to July 15,1919 May 16 to June 15,1919 July 16 to Aug. 15,1918 Amount. Amount. 19,860 23/764 43,709 5,802 2,665 3,701 19,522 6,030 5,867 5,466 1,121 2,171 823,228,241 65,677,735 27,941,716 7,571,959 6,153,015 3,222,034 25,546,000 8,940,746 9,332,611 11,576,868 1,849,530 89,675 146,222 49,864 79,464 50,425 28,736 81,572 46,340 23,971 70,666 26,896 37,849 313,134,288 56,127,949 7,149,299 25,234,553 14,514,441 6,940,516 14,203,000 7,639,101 2,380,032 13,353,398 8,626,363 7,309,194 109,535 169,986 98,573 85,266 53,090 32,437 101,094 52,370 29,838 76,132 28,017 40,020 836,362,529 121,805,684 35,091,015 32,806,512 20,667,456 10,162,550 39,749,000 16,579,847 11,712,643 21,930,266 10,475,893 11,002,357 139,678 149,902 132,688 50,229 194,733,618 218,737,336 196,594,573 172,600,132 731,6R0 737,007 696,457 406,330 176,612,134 194,300,102 191,330,944 131,047,263 871,358 886,909 829,145 456,559 371,345,752 413,037,438 387,925,517 303,647,395 Items drawn on banks in other districts (daily aver- Items handled by Items drawn on both parent banks the Treasurer of Number and branches (daily the United States of memaverage). (daily average). ber banks in district. Number. Number. | Amount. Amount. 12,058 812,311,658 41,487 19,354,634 23,184 9,262,236 3,338 3,123,783 7,056 5,566,315 2,879 2,898,592 6,226 2,754,000 972 420,965 1,578 937,670 6,866 6,478,454 3,885 1,743,528 1,288 1,701,205 110,817 66,552,940 104,997 66,672,048 99,349 61,906,814 76,404 58,502,291 GROWTH OF THE PAR LIST. P? At the close of the calendar year 1918 the par list of the Federal Reserve system, i. e., the number of banks remitting at par for checks and drafts drawn on them, comprised 8,692 member banks and 10,305 nonmexnber banks. During the present year up to August 31 additions to the list include 2,672 banks, of which 2,460 represents the net increase in the number of nonmember banks remitting at par. It is estimated that of the total of 20,264 nonmember banks in the country slightly over 60 per cent at present remit at par, though these banks represent probably more than 90 per cent of the banking resources of the country. Amount. Number. 5,582 r 34,548 Amount. Incorporated Number banks of non- other than member mutual banJcs on par list. banks not on par list. S6.257,045 33,217,121 3,772,829 1,390,916 426,382 761,447 1,886,000 872,586 163,522 426,505 314,914 8,379,502 429 740 670 832 572 428 1,364 527 893 1,013 748 678 241 317 406 956 395 351 3,192 1,653 1,463 2,371 320 913 20,787 9,119,203 83,659 57,868,769 19,061 10,502; 207 95,986 49,867,067 18,260 11,626,331 I 118,248 48,316,599 13,395 11,254,817 I 81,323 41,063,646 8,894 8,848 8,820 8,294 12,578 12,071 11,801 10,206 1,849 &86b,465 2 2f)2 '468 3,712 491 981 1,430,196 922,963 1,531,396 44i,000 227,522 i, 507, 641 603,896 1,586,724 6,087 5,070 2,115 3,833 8,364 5,825 681 4,192 3,066 4,296 119 1,038 1,218 964 962 1,401 876 891 152 7,621 8,167 8,309 The following tables show the growth of the par list by Federal Reserve districts since May 1 of the present year, when, in connection with a more intensive campaign to increase the par list, more detailed figures regarding the progress of this movement began to be collected. I t is seen that during the last four months the par list shows a net increase of 1,611 banks through accession of new members and through the increase in the number of parremi tting no nmemb ers. A table has also been compiled giving the estimated number of nonmember banks in each State not yet on the par list. In figuring the number of banks outside the par-collection system, account is taken of incorporated institutions only, exclusive of mutual savings banks, which, as a rule, do not carry checking deposits. In the New England States, also in the States of New York, Pennsylvania, in the East, and Nevada, Utah, and Idaho, in the West, all nonmember banks appear on the par list. As may be seen from the last table and accompanying map, the largest number of banks outside the par-collection system are found in the South and Northwest, the States of Texas, Minnesota, and Georgia showing the largest number of banks not on the par list. In the East and Middle West, also on the Pacific slope, better progress in enlarging the par list has been made. Thus in Maryland only five banks are not yet on the par list, in Ohio 64, and in Illinois 117, while all the banks in California, except 15, have been remitting at par for some time past. Additions to par list of nonmember banhs. Federal Reserve district. Number of Federal Reserve d is- member May. trict. banks, Apr. 30, 1919. Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis. Kansas City Dallas San Francisco 1,344 512 873 1,002 741 662 Total 8,769 425 727 666 821 569 427 umber of memJuly. August. ber J. June. 243 322 349 803 295 288 2,883 1,341 1,294 2,279 281 911 Total 11,289 4 1 12 4 8 7 1 34 J Decrease. 12 2 7 8 3 4 2 4 16 47 1,364 528 896 1,014 748 June. 13 8 5 4 8 130 82 13 50 25 40 33 22 137 17 13 22 1 1 20" 251 358 Fonmember banks July. August. on par list Aug. 31,1919. 12 1 1 12 75 35 8 124 57 40 80 410 3 45 21 9 9 89 133 129 15 5 241 317 408 953 395 346 3,168 1,706 1,481 2,501 334 915 457 12,765 1 1 1 Decrease. Number of member and nonmember banhs on par list. Federal R distric Aug. 31, 1919. 429 741 670 835 572 427 Nonmember banks on par May. list Apr. 30,1919. Boston yew York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis.. Minneapolis Kansas City Dallas San Francisco Admissions to membership. 887 FEDERAL RESERVE BULLETIN. SEPTEMBER 1,1919. Estimated number of non30, July F erv c Apr. Apr. 30, 30, May May31, 31, June June30, July 31, 31, Aug. Aug. 31, 31, member . 1919. 1919. 1919. 1919. 1919. banks 1919. 1919. 1919. 1919. 1919. not on par list Aug. 31, 1919.1 Boston New York Philadelphia.. Cleveland Richmond Atlanta Chicago St. Louis...... Minneapolis... Kansas City... Dallas San Francisco. 668 1,049 1,015 1,624 864 715 4,227 1,853 2,167 3,281 1,022 1,573 670 1,051 1,023 1,633 869 721 4,361 1,943 2,171 3,282 1,042 1,577 670 1,051 1,075 1,658 911 753 4,387 2,080 2,194 3,294 l,0fi4 1,580 670 1,056 1,074 1,737 948 762 4,516 2,137 2,241 3,382 1,065 1,586 670 1,058 1,078 1,788 967 773 4,532 2,234 2,377 3,515 1,082 1,595 Total.... 20,058 20,343 20,717 21,174 21,669 8,904 1 7,499 Exclusive of unincorporated banks and mutual savings banks. 888 FEDERAL RESERVE BULLETIN. SEPTEMBER 1,1919. Number of nonmember banks not on par list Aug. 31, 1919. I Boston New York Philadelphia.. Cleveland Richmond Atlanta Chicago St. Louis Minneapolis... Kansas C i t y . . . Dallas San Francisco. Total.... 75 64 206 123 409 295 209 139 509 102 101 185 117 141 192 45 208 189 282 "i7* "iii" 206 423 240 95 216 64 409 123 295 139 509 I 197 254 272 117 237 208 247 "78 240 325 a 1 Bostoa New York Philadelphia... Cleveland Richmond Atlanta Chicag© St. Louis , Minneapolis... Kansas C i t y . . . Dallas San Francisco. Total.... 139 1,038 576 45 304 302 64 576 45 ! 304 302 64 121 350 121 15 121 350 136 13 757 15 757 35 15 62 54 913 1,385 755 885 151 15 62 54 7,499 FEDERAL EESERVE BTJIXETIN. SEPTEMBER 1,1919. 889 OPERATIONS OF THE FEDERAL RESERVE BANKS. Aggregate decreases of 53.7 millions in total discounts held and a continued, though, on the whole, moderate, decline of gold reserves amounting to 37.8 millions are the principal changes in condition of the Federal Reserve Banks during the five weeks between July 18 and August 22. Following the issue by the Treasury on July 15 of 323 millions of 1920 tax certificates, the Federal Reserve Banks' holdings of war paper increased by 287.9 during the week ending July 25, while redemption on July 29 by the Treasury of the outstanding balance of certificates issued on February 27 m anticipation of the Victory loan, resulted in a decline of about 255 millions in the Federal Reserve Banks' holdings of war paper on the following Friday. On August 1 the Treasury issued about 534 millions of 1920 loan certificates and on August 12 redeemed the balance of the March 13 series of certificates issued in anticipation of the Victory loan. As a result the banks show a decline for the second week in August of 85.6 millions in war paper on hand. The increase under this head reported for the week ending August 22 is due mainly to heavy withdrawals by the Government of funds from depositary institutions. Taking the 5-week period as a whole, only slight liquidation of war paper is seen, holdings on August 22 being about 16.7 millions less than on July 18. Other discounts on hand declined from 248.3 millions on July 18 to 211.3 millions on August 22. Acceptance holdings continued their upward course for the first three weeks of the period under review, but as a result largely of the decline in call-money rates and the consequent demand for this class of paper by member banks in New York and elsewhere, acceptances on hand fell off 18.3 millions during the last two weeks and stood on August 22 at 362.9 millions or 9.4 millions below the July 18 total. War paper on hand at the several Federal Reserve Bajiks includes the amounts held under rediscount for other Federal Reserve Banks. During the five weeks under review the amount of such rediscounts declined from 94.8 millions to about 69 millions, the latter figure representing the aggregate amount taken over by the Chicago, St. Louis and Minneapolis banks from other Federal Reserve Banks. Acceptance holdings of the Cleveland and San Francisco banks on August 22 include 41.4 millions of bankers' acceptances purchased from other Federal Reserve Banks. Holdings of certificates of indebtedness increased from 209.9 millions on July 18 to 237.8 millions on August 22, largely as a result of 134551—19 0 additional investments by Federal Reserve Banks in 1-year 2 per cent certificates to secure Federal Reserve bank note circulation, which shows an expansion during the same period from 186.9 millions to 215.8 millions. The increase of 66 millions in certificates of indebtedness on hand reported on August 15 represents largely the amount of temporary certificates issuecf by the Treasury to the Chicago andNew York banks to cover advances to the Government pending the collection of funds from depositary institutions. Total earning assets were largest on July 25, when the maximum holdings of war paper are shown. Since then there has been a practically continuous decrease, the August 22 total, 2,402.4 millions, being 35.4 millions below the corresponding figure for July 18. Government deposits show a decrease for the period of 33.8 millions, members' reserve deposits—a decrease of about 33 millions, and other deposits, including foreign government credits—a decrease of about 27 millions. Net deposits increased from 1,769.5 millions on July 18 to 1,820.8 millions on August 8, but declined to 1,621.1 millions on August 22. In figuring net deposits account was taken of the item "gold in transit or in custody in foreign countries" which is shown first on August 8 as 85.3 millions and increased since to 102.7 millions on August 22. This gold is for the most part held for account of the Federal Reserve Bank of New York by the Bank of Netherland and the National Bank of Belgium. It was acquired from the United States Grain Corporation, which had received it in part payment for food supplied to the German Government. This gold is treated for the present as a deduction from gross deposits. It is proposed to deposit this gold with the Bank of England, and as soon as this is done and the value of the gold definitely ascertained it will be apportioned among the 12 Federal Reserve Banks and will be counted as part of their gold reserves under the caption "Gold with foreign agencies." Federal Reserve note circulation declined during the first week of the period, but increased steadily for the remaining four weeks, the total amount on August 22 being 41.5 millions greater than the corresponding figure for July 18. Reported gold reserves declined during the period by 37.8 millions, larger gold withdrawals for export being offset by gold deposits of the Treasury. As a result mainly of the decrease in deposit liabilities the reserve ratio of the banks shows a rise from 50.9 to 51.3 per cent during the period under review. 890 FEDERAL RESERVE BTJIXiETIK. SEPTEMBER 1,1919. Resources and liabilities of each Federal Reserve Bank at close of business on Fridays, July 25 to August 22, 1919. RESOURCES. [In thousands of dollars; i. e. 000 omitted.] Gold coin and certificates: July 25 Aug. 1 Aug. 8 Aug. 15 Aug. 22 Gold settlement fund, Federal Reserve Board: July 25 Aug.l Aug. 8 Aug. 15 Aug. 22 Gold with Federal Reserve agent: July 25 Aug.l Aug. 8 Aug. 15 Aug. 22 Gold redemption fund: July25.t Aug.l Aug. 8 Aug. 15 Aug. 22 Total gold reserves: July 25 Aug.l Aug. 8 Aug. 15 Aug. 22 Legal tender notes, silver, etc.: July 25 Aug.l Aug. 8 Aug. 15 Aug. 22 Total cash reserves: July 25 , Aug.l Aug. 8 Aug. 15 Aug. 22 Bills discounted: Secured by Government war obligations—* July 25 Aug.l Aug. 8 Aug. 15 Aug. 22 All o t h e r July 25 Aug.l Aug. 8 Aug. 15 Aug. 22 Bills bought in open market: 2 July 25 Aug.l Aug. 8 Aug. 15 Aug. 22 U. S. Government bonds: July 25 Aug.l Aug. 8 Aug. 15 .". Aug. 22 U. S. Victory notes: July 25 Aug.l Aug. 8 Aug. 15 Aug. 22 U. S. Certificates of indebtedness: July25 Aug.l Aug.8 Aug. 15 Aug. 22 Phila- Cleve- RichAtdelphia. land . mond. lanta. Chicago. 2,239 2,278 2,308 284 2,365 7,903 7,828 7,828 7,864 7,910 23,911 23,603 23,604 23,614 24,082 3,106 2,937 2,760 2,686 2,524 52,212 49,965 54,754 67,212 67,162 160,932 48,527 46,878 25,550 224,828 41,165 38,027 26,067 177,225 42,500 30,060 119,693 46,351 43,315 87,585 42,304 52,566 16,998 9,132 11,641 13,723 10,930 101,590 118,516 121,951 94,091 131,176 25,153 21,523 24,175 32,.030 30,169 59,163 56,896 56,448 73,771 70,252 287,952 287,017 285,578 284,387 283,279 70,576 74,332 74,548 71,742 77,566 119,522 114,786 116,876 121,096 120,662 30,863 28,742 26,646 27,805 25,852 44,199 43,285 45,447 44,109 44,006 266,031 249,235 248,572 261,547 265,462 14,481 16,560 20,840 13,353 16,735 24,829 24,829 24,588 24,829 24,908 11,578 8,835 8,517 12,783 7,219 2,137 531 2,205 275 6,664 8,204 6,710 6,286 7,678 5,600 6,958 4,844 6,669 5,273 35,296 24,055 32,441 36,336 26,279 3.971 3; 911 6,474 5,181 5,910 642,194 131,305 201,873 696,744 124,870 186,879 126,123 189,150 582,503 131,430 192,026 557,162 127,717 201,491 65,316 65,291 65,724 66,933 65,294 74,700 67,203 69,760 72,365 68,119 426,828 415,409 426,568 415,588 446,999 82,340 84,769 96,787 92,494 1,027 1,005 965 858 524 523 510 484 434 1,324 1,291 1,276 1,183 1,309 953 896 874 1,629 1,155 4,218 4,494 4,536 4,542 4,520 76,024 68,494 71,036 73,548 69,428 Boston. New York. 4,480 4,695 4,848 4,990 5,432 168,481 160,070 158,539 153,594 161,390 130,336 128,116 136,890 159,326 159,581 624 538 558 554 628 33,535 31,211 27,840 27,465 San St. Minne- Kansas FranLorais. apolis. City. Dallas. cisco. 8,359 8,360 8,384 168 162 129 87 140 9,312 9,438 9,508 9,608 10,676 8,637 9,817 13,093 9,670 9,511 270,601 263,275 262,745 250,651 260,507 29,696 34,578 28,923 35,646 34,150 38,973 35,904 43,978 60,614 53,127 9,840 6,343 5,710 5,117 4,744 35,183 35,848 42,8,56 36,168 591,532 641,896 618,636 591,206 579,480 61,069 33,660 30,770 53,969 32,100 29,668 51,360 35,614 35,102 56,890 34,818 33,340 53,891 34,261 41,120 15,780 16,269 16,885 16,498 16,488 88,466 85,008 90,971 92,891 94,189 1,108,051 1,071,307 1,084,047 1,118,894 1,127,028 2,926 2,344 2,137 2,492 2,452 2,687 1,574 2,217 957 124,967 111,997 119,328 121,836 107,270 78,163 80,113 37,858 133,166 76,973 34,394 133,360 76,231 84,872 34,240 144,499 82,924 101,356 33,715 147,634 81,384 34,360 140,825 2,095,151 2,088,475 2,084.756 2,082,587 2,074,285 8,404 j 8,374 6,403 1,921 3,335 4,100 4,589 10,202 11,162 5,663 7,315 4,472 8,724 8,820 8,163 47,691 48,557 47,589 48,568 49,108 156 322 234 190 137,841 136,378 145,614 168,146 167,744 689,885 745,301 693,519 631,071 606,270 131,461 125,192 126,357 131,620 127,986 202,771 187,906 190,155 192,991 202,349 65,840 65,814 66,234 67,417 65,728 427,781 416,305 427,442 417,217 448,154 97,517 86,834 89,305 101,329 97,014 134,001 137,720 128,138 111,748 107,163 649,147 644,096 641,566 615,433 619,361 170,366 175,349 180,934 176,779 180,285 103,063 101,826 100,989 110,082^. 100,181 82,053 78,916 191,632 76,296 75,778 193,391 77,448 79,530 186,386 78,939 72,794 158,584 73,373 78,167 188,450 49,858 63,507 59,490 53,513 60,095 6,570 8,276 8,433 8,517 68,746 58,120 53,625 49,853 46,978 13,916 12,579 24,313 13,595 12,441 26,223 12,353 11,648 26,477 12,585 14,641 24,576 14,272 13,374 20,025 10,950 10,732 10,271 9,224 9,458 26,971 26,725 26,862 25,184 35,756 91,497 98,002 106,980 111,654 105,843 719 660 623 673 812 56,139 56,916 57,047 54,573 7,868 8,290 7,978 7,473 7,425 6,992 6,568 6,035 5,432 4,861 56,016 50,800 52,452 49,943 45,722 8,873 9,842 9,612 9,817 8,500 24,058 24,748 ! 26,177 I 22,644: ! 21,195 539 539 539 539 1,257 1,257 1,257 1,257 1,257 1,385 1,385 1,385 1,395 1,385 1,083 1,093 1,093 1,094 1,094 1,234 1,234 1,234 1,234 1,234 376 376 376 376 376 4,477 4,476 4,476 4 477 4,477 1,153 1,153 1,153 1,153 1,153 116 116 116 116 116 50 50 50 50 50 1 1 1 59,002 61,580 63,191 76,644 65,170 24,812 24,812 25,862 25,805 25,902 7,505 21,436 21,436 21,536 21,436 21,436 19,881 11,463 15,830 10,517 14,715 10,710 16,044 10,810 17,192 11,110 304 171 214 184 124 1,892 1,920 2,049 2,254 2,145 297 267 262 259 78,224 80,417 77,065 77,067 76,315 101,540 81,456 39,750 36,314 36,289 35,969 36,505 133,512 133,657 144,766 147,896 141,084 2,161,023 2,156,327 2,152,118 2,151,723 2,142,701 35,168 25,617 29,031 27,496 30,664 37,595 40,707 32,110 41,725 35,326 32 362 35,704 38,712 45,518 46,242 49,260 1,616,210 1,612,639 1,608,583 1,522,992 1,563,048 4,095 3,927 3,317 3,548 44,930 20,978 41,730 21,007 38,565 20,445 33,719 20,150 29,253 20,348 12,971 14,192 15,133 16,764 251,392 235,300 225,535 220,347 211,262 61 i 92 84 55 72 50,893 7,410 7,895 8,495 8,495 8,405 10,479 10,479 1ft /I7O 10,979 11,479 11,979 I 26,612 ! 28,612 OQ ftiO 29,612 81,612 32,612 I I 17,068 17 QQg 17j 068 17,068 17,068 7,027 7,445 7,450 65,872 67,852 69,136 68,416 2 2 2 23 23 332 332 671 811 96,039 91,906 87,141 86,288 85,303 375,556 374,791 381,241 374,375 362,911 8,867 8,867 8,867 8,868 8,868 3,966 3,966 3,966 3,966 2,633 2,632 2,633 2,633 2,633 27,086 27,094 27,095 27,098 27,098 211 205 205 204 140 18,358 18,875 20,475 19,959 21,923 Total. 280 280 274 209 7,342 7,343 12,489 12,814 12,772 5,900 6,300 6,300 6,300 6,300 6,640 6,690 6,690 6,670 6,740 212,028 229,724 295,727 237.847 891 FEDERAL RESERVE BULLETIN. SEPTEMBER 1,1919. Resources and liabilities of each Federal Reserve Bank at close of business on Fridays, July 25 to August 22,1919—Continued. RESOURCES-Continued. [In thousands of dollars; i. e., 000 omitted.] Boston. New York. Total earning assets: i July 25 |189,535 869,699 Aug. 1 193,424 863,105 Aug. 8 jl85,367 866,669 Aug. 15 |l67354 854,891 Aug. 22 1173,425 Bank premises: I July 25 1 800 3,999 Aug.l ! 800 3,999 Aug.8... i 800 3,994 Aug. 15 1 800 3,994 Aug. 22 ! 800 3,994 Gold in transit or in custody in ; foreign countries: " ; Aug.8 ! 85,258 Aug. 15 89,631 Aug. 22 102,748 Uncollected items and other • deductions from gross deposits: July 25 57,171 171,899 Aug.l 53.217 171,038 Aug.8 62;102 159,345 Aug. 15 70,341 214,339 Aug.22 59,291 186,543 5 per cent redemption fund against Federal Reserve B auk notes: July 25 1,015 2,038 Aug.l 1,072 2,091 Aug.8 1,072 2,135 Aug. 15 1,072 2,220 Aug.22 1,072 2,249 All other resources: July 25 341 2,351 Aug.l 384 Aug.8 329 2,114 Aug. 15 412 2,187 Aug.22 341 2,306 Total resources: July 25 386,703 739,871 Aug.l 385,275 III 787,922 Aug.8 395.284 ll,813,034 Aug. 15 408; 125 1,798,333 Aug.22 402,673 742,769 i Includes bills discounted for other Federal Reserve Banks: July 25 Aug.l Aug.8 Aug.15 Aug.22 * Includes banks' acceptances brought from other Federal Reserve Banks, without their indorsement: July 25 Aug.l. Aug.8 , Aug.15 , Aug.22 , Philadelphia. Cleve- Richland. mond. Atlanta. Chicago. San St. Minne- Kansas FranLouis. apolis. City. Dallas. cisco. 217,164 218,037 223,520 220,686 225,576 190.106 189,227 190,314 196,518 180,968 112,481 107,310 107,508 108,726 104,799 109,348 105,648 108,574 104,728 108,762 303,050 303,502 299,403 319,192 291,286 87,902 102,302 500 500 500 500 500 875 875 875 875 875 416 416 437 437 437 459 459 463 463 463 2,936 2,936 2,936 2,936 691 708 691 691 691 90,775 96,274 70.617 61,505 65,873 61,453 63,401 Total. 100,034 68,821 163,801 2,452,558 63,715 161,662 2,468,086 101,648 65,131 160,857 2,472,458 90,750 63,449 162,291 2,440,813 86,620 70,137 162,468 2,402,375 401 401 401 402 402 307 307 400 400 400 400 400 11,784 11,801 11,805 11,806 11,806 85,258 89,631 102,748 51,781 71,800 58,726 76,243 62,417 30,944 32,210 29,498 33.729 29; 454 81,749 85,542 88,329 98,114 85,299 48,046 49,280 51,784 51,030 47,776 12,885 17,058 13,862 18,714 15,970 59,888 64,054 65,561 68,362 67,539 19,726 29,017 30,080 33,617 877 927 448 448 448 448 448 520 520 528 578 579 1,682 1,679 1,799 1,799 1,799 803 795 658 840 840 394 394 374 374 374 730 729 729 852 852 755 768 1,067 856 752 950 989 992 997 1,025 513 987 693 1,052 379 373 334 366 1,455 1,462 1,472 1,520 1,547 501 536 510 490 196 165 93 104 93 411,582 412,055 413,429 428,538 427,776 451,565 442,594 437,850 460,286 1452,991 231,991 246,301 234,340 253,964 234,881 217,674 207,704 210,433 213,412 209,015 818,653 811,426 821,381 840,778 831,021 235,460 240,455 240,542 245,155 243,204 162,316 158,187 156,517 163,624 161,294 60,502 66,333 60,712 73,583 71,669 1,200 1,225 1,273 1,293 1,293 62,740 54,640 67,993 66,836 897 54,900 62,250 48,150 39.970 38; 990 39,924 37,328 33,404 32,334 41,562 690,495 739,617 708,043 436 460 460 460 450 450 450 450 450 10,613 10,735 10,803 11,313 11,382 447 472 515 490 543 583 553 599 524 929 822 807 889 850 9,816 9 503 9,905 241,917 241,372 253,940 262,396 254,939 129,623 130,342 132,867 134,327 136,719 339,016 334,319 340,684 344,240 348,814 763,179 5,366,371 5,450,301 5,553,178 5,444,096 84,900 99,250 85,150 71,433 68,990 5,000 25,000 20,000 17,000 20,000 17,000 15,000 16,463 15,000 15,000 10,012 10,012 10,012 10,012 5,484 38,567 37,317 34,388 32,508 35,879 48,579 47,329 44,400 42,520 41,363 LIABILITIES. Capital paid in: July 25 Aug.l Aug.8 Aug. 15 Aug.22 Surplus fund: July 25 Aug.l Aug. 8 Aug.15 Aug.22 Government deposits: July 25 Aug. 1 Aug. 8 Aug.15 Aug. 22 6,877 6.936 6', 935 6,937 6,941 21,477 21,460 21,535 22,013 22,019 7,653 7,653 7,653 7,655 7,752 9,255 9,258 9,260 9,336 9,339 4,227 4,224 4,224 4,224 4,224 3,257 3,277 3,319 3,278 3,331 11,561 111 673 11,828 11,901 11,905 3,930 3,945 3,945 3,943 4,000 3,020 3; 023 3,023 3,023 3; 023 3,802 3,804 3.806 3,809 3,893 3,277 3,297 3,297 3,299 3,292 4,981 4,982 4,982 4,982 5,011 83,317 83,532 83,807 84,400 84,730 5,206 5,206 5,207 5,207 5,207 32,922 32,922 32,922 32,922 32,922 5,311 5,311 5,311 5,311 5,311 5,860 5,860 5,860 5,860 5,860 3,800 3,800 3,800 3,800 3,800 2,805 2,805 2,805 2,805 2,805 9,710 9,710 9,710 9,710 9,710 2,589 2,589 2,589 2,589 2,589 2,320 2,320 2,320 2,320 2,320 3,957 3,957 3,957 3,957 3,957 2,029 2,029 2; 029 2,029 2,029 4,578 4,578 4,577 4,577 4,577 81,087 81,087 81,087 81,087 81,087 7,190 6,619 6,967 5,542 9,698 28,S72 10,541 54,660 4,845 28,812 8,902 2,133 6,333 3,596 7,514 7,530 6,339 5,518 5,749 7,883 6,270 837 136 4,289 1,864 10,023 2,774 3,318 4,532 6,073 17,792 9,429 8,445 6,543 10,302 ' 4,788 5,945 5,124 6,205 6,184 4,212 5,996 492 4,161 4,579 6,606 7,389 7,198 2,301 1,831 1,456 3,140 6,655 8,054 8,201 5,012 12,237 116,038 68,357 108,686 58,590 103,330 6,660 5,044 892 FEDERAL RESERVE BULLETIN. SEPTEMBER 1,1919. Resources and liabilities of each Federal Reserve Bank at close of business on Fridays, July 25 to August 22,1919—Oo ntinued. LI ABILTTIE S—Continued. [In thousands of dollars: i . e . 000 omitted.] Due to members—reserve account: July25 Aug.l Aug. 8 Aug. 15 Aug. 22 Deferred availability items: July 25 Aug. 1 Aug. 8 Aug. 15 Aug. 22 Other deposits, including foreign Government credits: July 25 Aug.l Aug. 8 Aug. 15 Aug. 22 Total gross deposits: July 25 Aug.l Aug. 8 Aug. 15 Aug. 22 Federal Reserve notes in actual circulation: July 25 Aug.l Aug.8 Aug. 15 Aug. 22 Federal Reserve bank notes in circulation—net liability: July 25 Aug.l Aug.8 Aug. 15 Aug. 22 All other liabilities: July 25 Aug.l.... Aug. 8 Aug. 15 Aug. 22 Total liabilities: July 25 Aug.l Aug.8 Aug. 15 Aug. 22 Boston. New York. Philadelphia. 107,394 106,819 694,244 741,754 732,343 734,666 105,027 101,330 101,215 103,028 108,605 102,338 52,859 48,310 49,407 61,725 51,181 53,964 140,053 59,199 130,986 53,420 159,692 62,239 149,359 7,070 6,657 6,069 6,146 5,833 50,412 49,534 174,513 168,405 170,909 181,936 171,739 180,481 183,544 189,597 191,077 195,600 18,209 19,769 21,151 21,376 21,436 Clove- Richland. mond. 133,510 127,716 123,639 129,203 124,153 54,682 54,329 54,635 56,110 55,397 50,378 45,049 51,313 65,323 47,537 53,268 59,907 68,391 53,308 52,434 City. San Dallas. Francisco. Total. 52,763 45,545 51,841 52,336 51,813 78,072 75,988 82,965 45,023 43,133 81,417 91,232 88,534 92,287 45,053 96,746 45,745 91,928 1,718,396 1,742,478 1,756,807 1,778,365 1,679,834 10,444 10,597 11,139 43,257 13,419 39,696 12,407 37,965 38,974 43,713 52,359 46,671 14,003 21,181 20,122 24,146 23,934 19,598 15,966 19,045 19,066 19,319 535,178 581,232 555,485 670,539 605,812 2,848 2,605 2,396 3,361 2,301 4,623 4,495 4,295 4,679 3,819 2,520 2,411 2,210 2,257 2,123 7,799 8,087 6,916 5,960 5,485 117,444 113,731 107,882 109,210 Atlanta. Chicago. MinneSt. Louis. apolis. 48,346 45,610 47,227 46,309 44,752 247,905 250,295 250,635 257,390 63,895 61,540 62,752 61,361 63,292 22,285 65,791 23,386 67,050 23,132 64,728 25,854 80,484 24,201 34,214 39,880 8,179 7,781 7,507 7,047 7,304 7,964 8,403 6,935 7,711 6,702 4,563 4,407 4,078 4,061 3,797 3,773 3,483 3,146 3,523 2,941 12,860 11,271 11,493 11,828 10,381 4,842 4,597 4.143 4; 366 3,928 902,156 941,882 966,683 947,474 172,366 170,328 170,288 181,487 179,565 199,382 193,771 183,629 202,570 192,046 110,564 124,896 112,117 132,851 113,492 84,427 75,253 76,823 80,218 77,967 344,348 338,045 335,301 356,245 339,165 107,739 111,962 111,007 115,189 113,100 70,267 127,266 68,744 64,743 126,846 69,026 138,634 71,152 73,277 145,761 72,912 71,100 136,951 74,942 125,284 120,641 126,449 126,784 128,969 2,487,056 2,505,798 2,528,860 2,616,704 2,487,074 739,165 745,918 745,723 748,166 749,975 201,693 203,665 204,697 208,136 208,527 218,794 215,039 220,064 222,903 225,448 105,735 105,425 105,897 104,489 104,455 116,835 115,933 116,613 115,742 112,991 423,393 420,314 431,735 429,140 434,786 104,729 105,109 106,004 106,387 106,260 79,639 78,889 77,972 77,582 77,231 92,148 91,498 91,646 92,356 92,966 46,557 46,742 46,929 46,585 46,807 195,328 194,744 195,180 198,341 198,488 2,504,497 2,506,820 2,532,057 2,540)904 2,553,534 38,536 23,476 39,529 39,405 24,149 40,453 24,515 42,056 25,046 17,147 17,467 17,744 18,223 18,807 6,936 7,188 7,430 7,687 7,907 9,760 9,785 10,156 10,605 11,091 27,833 15,874 29,714 16,185 30,662 16,298 31,536 16,305 33,001 16,449 6,582 6,678 6,783 6,836 6,990 13,669 14,179 14,774 15,395 16,050 8,278 8,491 8,683 8,702 8,812 7,549 8,038 8,083 8,076 8,150 193,849 200,945 205,318 209,709 215,795 534 551 586 630 1,075 1,088 1,123 1,118 1,122 738 757 777 860 837 1,296 1,336 1,413 1,480 1,619 16,565 17,770 19,172 20,384 21,876 162,316 156,187 156,517 163,624 161,294 241,917 241,372 253,940 262,396 254,939 129,623 130,342 132,867 134,327 136,719 339,016 334,319 340,684 344,240 346,814 5,366,371 5,395,952 5,450,301 5,553,188 5,444 096 48,271 43,484 1,417 1,415 1,485 1,592 1,750 5,615 6,211 6,766 7,305 7,759 1,083 1,176 1,331 1,434 1,575 1,127 1,199 1,293 1,404 1,491 729 768 872 913 1,003 590 651 717 764 1,808' 1,970 2,145 2,246 2,454 599 665 699 742 386,703 385,275 395,284 408,125 402,673 1,739,871 1,787,922 1,813,034 1,798,333 1,742,769 411,582 412,055 413,429 428,538 427,776 451,565 442,594 437,850 460,296 452,991 231,991 246,301 234,340 253,964 234,881 217,674 !207,704 1210,433 |213,412 1209,015 818,653 811,426 821,381 840,778 831,021 235,460 240,455 240,542 245,155 243,204 MEMORANDA. Contingent liability as indorser on discounted paper rediscounted with other Federal Reserve banks: July 25 Aug.l Aug.8 Aug. 15 Aug. 22 34,900 38,250 24,750 17,970 16,990 50,000 55,000 55,000 50,000 50,000 ! ! I I j 6,000 5,400 3,463 2,000 84,900 99,250 85,150 71,433 68,990 SEPTEMBER 1, 1919. 893 FEDERAL RESERVE BULLETIN. 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: July 25 Aug.l Aug. 8 Aug. 15 Aug. 22 Bills bought: July 25 Aug.l Aug. 8 Aug. 15 Aug. 22 United States certificates of indebtedness: July 25 Aug.l Aug. 8 Aug. 15 Aug. 22 16 to 30 days. 31 to 60 days. 61 to 90 days. 1,532,918 1,521,353 1,541,882 1,439,073 1,488,314 103,924 88,439 53,405 63,535 47,316 99,788 103,937 97,738 99,241 144,035 109,773 115,283 127,428 129,709 84,993 74 463 74,344 93,019 93,764 94,915 81,152 85,446 91,369 87,549 72,696 146,190 165,047 152,212 154 529 145,246 73,751 49 954 44,641 38 533 50,054 16,601 19,229 23,628 87,338 22,839 4,111 6,015 5,000 6,146 11,751 13,801 28,233 22,713 23,497 19,875 20,103 36,314 22,484 23,606 24,606 Over 90 days. 21,199 18,927 13,665 11,781 9,652 1 OXttl. 1,867,602 1,847,939 1,834,118 1,743,339 1,774,310 375,556 374,791 381,241 374,375 362,911 157,412 128,191 155,899 155,140 158,776 212,028 217,982 229,724 295,727 237,847 894 FEDERAL BESERVE BUIiLETIST. SEPTEMBER 1,1919. FEDERAL RESERVE NOTES. Federal Reserve note account of each Federal Reserve Bank at close of business on Fridays, July 25 to Aug. 22, 1919. [In thousands of dollars; i. e., 000 omitted.] Federal Reserve notes received from agents: July 25 Aug.l Aug. 8 Aug. 15 Aug. 22 Federal Reserve notes held by banks: July 25 Aug.l Aug.8 Aug. 15 Aug. 22 FederalReserve notes in actual circulation: July 25 Aug.l Aug.8 Aug. 15 Aug. 22 Gold aoposited with or to credit of Federal Reserve agent: July 25 Aug.l Aug. 8 Aug. 15 Aug. 22 Paper delivered to Federal Reserve agent: July 25 Aug.l Aug.8 Aug. 15 Aug. 22 Boston. NewYork. Philadelphia. 188,950 192,283 196,735 200,058 202,139 823,649 820,392 820,273 822,123 215,884 217,340 217,355 217,150 216,973 8,469 8,739 7,138 8,981 6,539 84,484 74,474 74,550 73,957 180,481 183,544 189,597 191,077 195,600 San St. Minne- Kansas Louis. apolis. City. Pallas. Fran- Cleve- Richland. mond. Atlanta. Chicago. 230,189 227,834 232,743 234,364 237,569 110,429 110,668 110,642 108,601 109,288 122,334 120,813 121,085 120,229 113,316 457,726 455,930 455,267 458,242 462,157 121,293 122,273 122,265 123,595 124,295 82,806 81,546 80,360 80,164 80,107 100,017 99,115 98,409 98,557 99,657 14,191 13,675 12,658 9,014 8,446 11,395 12,795 12,679 11,461 12,121 4,694 5,243 4,745 4,112 4,833 5,499 4,880 4,472 4,487 5,325 34,333 35,616 23,532 29,102 27,371 16,564 17,164 16,261 17,208 18,035 3,167 2,657 2,388 2,582 2,876 7,869 7,617 6,763 6,201 739,165 745,918 745,723 748,166 749,975 201,693 203,665 204,697 208,136 208,527 218,794 215,039 220,064 222,903 225,448 105,735 105,425 105,897 104,489 104,455 116,835 115,933 116,613 115,742 112,991 423,393 420,314 431,735 429,140 434,786 104,729 79,639 105,109 78,889 106,004 77,972 106,387 77,582 106,260 77,231 92,148 91,498 91,646 92,356 92,966 46,557 46,742 46,929 46,585 46,807 195,328 194,744 195,180 198,341 2,504,497 2,506,820 2,532,057 2,540,904 2,553,534 59,163 56,896 56,448 73,771 70,252 287,952 287,017 285,578 284,387 283,279 70,576 74,332 74,548 71,742 77,566 119,522 114,786 116,876 121,096 120,662 30,863 28,742 26,646 27,805 25,852 44,199 43,285 45,447 44,109 44,006 33,660 32,100 35,614 34,818 34,261 30,770 29,668 35,102 33,340 41,120 15,780 16,269 16,885 16,498 16,488 85,008 90,971 92,891 91,189 1,108,051 1,071,307 1,084,047 1,118,894 1,127,028 167,542 171,431 163,274 145,365 151,436 809,390 800,218 802,171 776,940 771,993 147,127 145,245 159,394 156,955 141,724 168,720 168,284 167,397 173,944 156,981 51,683 55,057 51,765 50,908 83,824 82.439 80)292 69,068 64,980 58,955 53,449 54,865 53,183 59,871 144,017 137,682 142,892 135,605 130,925 2,171,374 2,140,965 2,150,291 2,037,453 2,039,265 266,031 61,069 249,235 248,572 51,360 261,547 56,890 265,462 53,891 100,549 95,073 271,855 ! 65,433 94,768 86,747 270,067 I 78,952 94,219 90,928 90928 265259 265,259 ! 74543 74,543 81,831 87,419 1233,040 i 72,338 91,111 88,819 1254,188 I 76 329 48,854 49,168 50,654 50,417 49,518 Total. 221,470 218,012 219,475 220,754 219,753 2,723,601 2,715,374 2,725,263 2,734,254 2,748,740 2,297 26,142 2,426 23,268 3,725 24,295 3,832 22,413 2,711 21,265 219,104 208,554 193,206 193,350 195,206 895 FEDERAL RESERVE BTJULrETIN. SEPT3MBBE 1, 1919. Federal Reserve note account of each Federal Reserve agent at close of business on Fridays, July 25 to Aug. 22, 1919. [In thousands of dollars; L e., 000 omitted.J Philadelphia. Cleveland. 408,780 420,780 426,780 432,780 432,780 370,000 372,480 374,160 383)580 387,440 227,120 227,120 232,680 236,680 Boston. Rich- Atmond. lanta. San FranCisco. Chicago. St. Louis. 241,500 241,500 243,000 243,000 244,000 655,320 659,960 665,160 669,600 680,840 210,440 218,020 218,920 222,120 224,120 134,380 134,380 134,380 137,380 137,380 170,920 170,920 170,920 171,920 172,720 104,760 104,760 104,760 104,760 105,160 304,400 304,400 306,000 309,860 312,060 4,829,860 4,864,540 4,912,140 4,972,780 5,019,920 169,154 173,670 73,937 76,037 78,645 80,115 83,115 37,514 38,074 39,560 40,356 40,913 57,553 58,655 60,221 61,983 63,203 35,731 36,242 37,126 37,513 38,522 72,330 75,788 78,825 81,906 85,607 1,700,712 1,741 197 1,787,679 1,831,709 1,872,902 69,029 232,070 68,518 228,612 227,175 67,247 227,954 66,638 226,453 3,129,148 3;123,343 3,124,461 3,141,071 3,147,018 Minne-1 Kansas apolis. City. Dallas. Total. FEDERAL RESERVE NOTES. Received from comptroller: July 25 Aug.l Aug.8 Aug. 15 Aug. 22 Returned to comptroller: ^j ^25.. vJuly Aug. 1 Aug. 8 Aug. 15 Aug. 22 Chargeable to FederaL Reserve agent: July 25 Aug.l Aug.8 Aug. 15 Aug. 22 In hands of Federal Reserve agent: July25 Aug.l Aug.8 Aug. 15 Aug. 22 Issued to Federal Reserve Bank less amount returned to Federal Reserve agent for redemption: July 25 Aug. 1 Aug. 8 Aug. 15 Aug. 22 Collateral held as security for outstanding notes: Gold coin and certificatesJuly 25 Aug. 1 Aug.8 Aug. 15 Aug. 22 Gold redemption f u n d July 251 Aug.l Aug.8 Aug. 15 Aug. 22 Gold settlement fund, Federal Reserve Board— July 25 Aug.l Aug. 8 Aug. 15 Aug. 22 Eligible paper—minimi, un required i— .My 25 Aug. i Aug.8 Aug. 15 An?. :22 341,360 342,640 354,400 362,720 1, 1,667; 580 1,680,980 1 698,380 1,717,420 126,250 128,517 132,965 135,642 139,161 697,631 713,588 727,107 742,657 753,452 171,416 174,660 178,445 183,250 186,427 109,911 113,646 115,557 120,836 124,271 90,403 92,524 94,621 96,962 98,914 58,882 59,796 61,634 62,971 65,074 215.110 214; 123 221,435 !227,078 |230,159 963,249 237,364 246,120 953,873 248,335 955,723 249,530 246,353 258,834 258,603 262,744 263,169 136,717 134,596 138,059 139,718 137,766 182,618 181,704 181,368 180,029 178,926 26,160 21,840 | 24,700 1 27,020 j 28,020 139,600 133,600 133,600 133,600 135,000 21,480 28,780 30,980 32,380 29,900 31,000 25,860 28,380 25,600 23,928 27,417 31,117 28,478 60,284 60,891 60,281 59,800 60,610 823,6-19 215,884 217,340 820,273 217,355 822,123 217,150 216,973 230,189 227,834 232,743 234,364 110,429 110,668 110,642 108,601 109,288 122,334 120,813 121,085 120,229 118,316 188,950 192,283 196,735 200,058 202,139 183,740 183,740 183,740 183,740 183,740 12,125 12,125 14,125 18,125 18,125 14,212 13,277 11,838 10,647 19,539 14,687 11,443 12,659 12,853 19,677 12,397 12,661 12,751 12,971 12,537 49,000 45,000 45,000 58,000 58,000 90,000 90,000 90,000 90,000 80,000 61,889 58,889 57,889 95,000 29,000 90,000 27,000 90,000 25,000 90,000 ! 26,500 90,000 j 24,500 1129,787 1135,387 j 140,287 126,287 j 131.887 535,697 533,375 534,695 537,730 r 110,667 113,048 115,867 113,268 116,907 486,166 136,503 486,290 141,983 482,187 140,275 142,005 486i597 141,005 28,440 30,360 26,920 23,840 24,440 15,210 19,710 18,010 18,410 16,710 457,726 121,293 122,273 455,267 122,265 458,242 123,595 462,157 124,295 1,863 1,742 1,646 1,305 1,352 : 79,566 ! 81,926 i 83,996 i 80,796 ; 83,436 . 113,367 96,306 112,265 94,820 110,699 97,024 109,937 109,517 14,060 14,760 14,460 16,860 81,546 80,360 80,164 80,107 13,350 13,150 12,290 11,380 20,175 19,350 16,980 16,830 17,120 10,600 10,600 7,700 7,200 6,700 405,547 407,969 399,198 406,817 398,278 100,017 99,115 48,854 49,168 50,654 50,417 49,518 221,470 218,012 219,475 220,754 219,753 2,723,601 2,715,374 2,725,263 2,734,254 2,748,740 98,557 99,657 9,831 9,831 9,831 9,831 8,831 13,052 13,052 13,052 13,052 13,052 2,500 2,500 2,500 2,500 2,500 10,163 11,896 11,448 15,771 12,252 145,308 1143,008 1142,807 ! 145,408 1139,407 187,518 194,243 221,248 221,248 223,248 227,248 226,248 1,699 2,785 2,947 3,609 4,506 8,926 8,411 8 108 8,562 8,837 3,138 3,038 2,430 2,960 1,960 1,808 1,248 1,762 966 2,409 1,410 2,308 2,742 2,980 3,760 2,765 2,754 2,870 2,483 2,473 11,844 9,986 13,563 12,855 15,048 84,912 81,549 84,764 87,962 104,350 40,000 38,000 40,000 38,000 37,000 257,105 240,824 240,464 252,985 256,625 57,931 50,931 48,930 53,930 51,931 18,800 17,800 20,800 20,800 18,800 29,360 27,360 32,360 30,360 37; 360 3,184 3,684 4,184 4,184 5,184 76,622 75,022 77,408 80,036 79,141 801,891 768,510 776,035 803,684 796,430 78,135 77,528 75,638 76,120 74,310 191,695 206,695 206,695 196,695 ! 196,695 60,224 68,304 70,905 66,705 70,404 49,146 49,446 44,746 45,346 45,846 69,247 ?33,074 133,004 69,447 •(32,899 133,004 63,307 ;33,769 128,504 65,217 33,919 127,863 58,537 33,030 125,564 1,615,550 1,644,067 1,641,216 1,615,360 1,621,712 i For actual amounts see "Paper delivered to Federal Reserve 896 FEDERAL RESERVE BULLETIN. SEPTEMBER 1,1919. CONDITION OF SELECTED MEMBER BANKS. During the four-week period, July 18 to August 15, weekly reports from about 770 banks in leading centers indicate moderate liquidation of war paper, more than offset, however, by increases in the holdings of Treasury certificates. The amount of United States bonds, including Liberty bonds, held by the banks showed but little change during the period, while Victory notes held declined from 368.2 to 329.4 millions, largely as a result of installments paid by customers purchasing on the deferred-payment plan. Redemption by the Treasury of two series of certificates issued in anticipation of the Victory loan and the issue on August 15 of 323 millions of tax certificates ancl on August 1 of 534 millions of loan certificates had the net result of increasing the reporting banks' holdings of this class of United States obligations from 930.1 to about 1,200.7 millions. Continuous liquidation of war paper is shown by the weekly reports., amounting to 61.8 millions for the period. Aggregate amounts of United States securities and war paper held by all reporting banks showed a decline during the week ending July 25, but a later increase, the amount on August 15 being 3,494.7 millions, or 23.4 per cent of total loans and investments, as against 23 per cent four weeks earlier. For the New York City banks the corresponding percentage increased between July 18 and August 15 from 26.6 to 27.7 per cent! Other loans and investments of the reporting banks, which were about 10,891 millions on July 18, showed a decline during the first week of the period under discussion, but increased since July 25, and on August 15 stood at 11,202.3 millions, the corresponding item for the New York City banks following a similar course. On August 15 the reports segregated, for the first time, loans secured by stocks and bonds other than United States securities. The new item amounted to about 2,926.9 millions for all reporting banks, of which 1,288.6 millions were held by New York City members. Demand deposits (net) of the reporting banks fluctuated during the four weeks in harmony with loans and investments and show an aggregate increase of 163 millions for the four weeks, while time deposits were 130 millions greater at the end than at the beginning of the period. Government deposits increased every week except the first, the final figure being 211.8 millions higher than four weeks earlier. Members7 reserve balances with the Federal Reserve Banks increased by 59.6 millions, while the total accommodation extended by the Federal Reserve Banks to reporting member banks by the discount of their collateral notes and customers' paper was less by 91.3 millions on August 15 than on July 18. Cash in the vaults of the member banks shows a decline for the period of 17.7 millions. 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 July 25 to Aug 15, 1919. 1. ALL REPORTING MEMBER BANKS, fin thousands of dollars; i. e. 000 omitted.] Boston. Number of reporting banks: July 25 Philadelphia. Cleveland. Richmond. Atlanta. 109 109 109 110 4 u s-! Aug. 8 Aug. 15 United States bonds to secure circulation: July 25 Aug.l Aug. 8 Aug. 15 Other United States bonds. Including Liberty bonds: July 25 Aug.l Aug. 8 Aug. 15 United "States Victory notes: July 25 Aug.l Aug. 8 Aug. 15 NewYork. Chicago. St. Minne- Kansas Louis. apolis. City. Dallas. 100 100 100 100 San Francisco. Total. 56 769 770 770 773 14,508 14,508 14,507 14,607 48,860 49,360 49,860 48,060 11,597 11,597 11,597 11,598 41,858 25,744 43,858 25,744 41,858 25,744 41,858 25,744 15,115 14,715 J4,715 14,715 20,119 20,136 20,126 20,583 17,156 17,156 17,]55 17.155 7,120 7,120 7,120 7,120 14,217 14,217 14,217 14,216 18,723 18,727 18,727 18,727 34,605 34,605 34,605 34,605 269,622 269,743 270,231 268,988 17,628 17,569 17,187 17,379 299,239 300,085 294,445 296,576 34,727 34,975 35,537 35,011 63,285 62,576 64,457 63,638 38,403 37,868 24,801 27,665 27,515 28,394 56,155 53,820 54,169 54,213 16,550 16,562 17,184 16,167 10,140 10.085 10,607 11,115 22,102 22,275 21,652 23,202 38,419 18,567 18,418 18,740 33,860 42,298 41,741 41,892 636,510 645,116 641,315 644,195 11,877 11,448 11,427 11,088 143,187 136,696 134,540 131,494 17,690 16,849 16,320 16,913 45,795 44,506 42,124 40,137 15,472 14,8-17 14,426 16,046 19,526 14,826 14,567 16,319 53,261 51,831 50,124 51,041 13,453 12,751 12,143 11,681 7,540 7,146 6,856 7,092 10,517 10,617 10,829 11,639 5,573 4,707 4,289 4,757 9,860 11,015 10,726 11,235 353,751 337,239 328,671 329,442 39,604 897 FEDERAL, BESERVE BULLETIN. SEPTEMBKE 1, 1919. Principal resources and liabilities of member banks in leading cities, including member banks located in Federal Reserve bank cities and in Federal Reservebranch cities, as at close of business on Fridays from July 25 to Aug. 15,1919—Continued. I. ALL REPORTING MEMBER BANKS-Continued. [In thousands of dollars; i. e., 000 omitted.] Boston. New York. Philadelphia. United States certificates of indebtedness: 41,087 37,856 314,862 July 25 435,233 53,039 57,794 Aug.l 424,922 54,969 69,404 Aug. 8 55,635 57,116 Aug. 15 Total United States securitievS owned: 81,869 806,148 105,101 July 25 116,460 101,319 921,374 Aug. 1 118,423 112,525 903,767 Aug. 8 119,157 100,190 965,110 Aug. ]5 Loans secured by United States bonds, Victory notes and certificates: 172,910 750,443 74,226 July 25 169,295 70,598 744,639 Aug.l 168,714 717,317 70,707 Aug. 8 167,298 725,156 59,832 Aug. 15 L o a n s s e c u r e d by stocks and bonds, other than United States securities: 188,028 209,871 1,402,420 Aug. 15 AH other loans and investments: 645,401 819,866 ,274,558 July 25 632,909 832,384 ,318,299 Aug.l 644,069 819,103 ,305,692 Aug. 8 439,259 637,236 2,977,945 Aug. 151 Total loans and investments: 923,816 975,961 5,831,149 July 25 919,114 1,004,301 5,981,312 Aug.l 931,635 1,002,335 5,926,776 Aug. 8 1,007,129 6,070,631 914,183 Aue:. 15 Reserve with Federal Reserve Bank: 647,909 65,187 74,655 July 25 67,384 76,896 691,692 Aug.l 66,407 74,982 681,889 Aug. 8 685,529 69,188 76,256 Aug. 15 Cash in vault: 121,977 22,593 17,184 July 25 114,795 21,731 16,625 Aug.l 120,111 17,068 23,690 Aug. 8 16,138 119,167 22,899 Aug. 15 Net demand deposits on which reserve is computed: 737,970 4,844,699 646,191 July 25 758,118 4,963,709 618,952 Aug. 1 751,613 4,894,881 660,913 Aug. 8 752,957 4,946,663 666,540 Amr. 15 Time deposits: 110,805 319,855 j 21,303 July 25 112,250 323,352 ! 21,484 Aug.l 111,557 334,738 i 25,981 Aug. 8 d44,953 111,822 Aug. 15 Government deposits: 30,193 142,230 26,564 July 25 35,183 248,952 34,755 Aug.l 41,869 241,754 33,139 Aug. 8 -.-56,237 322,574 41,157 Aug. 15 Bills payable with Federal Reserve Bank: 26,460 490,666 148,336 July 25 28,532 468,497 154,848 Aug.l 22,717 467,494 146,302 Aug. 8 14,035 439,987 136,331 Aug. 15 Customers' paper rediscounted with Federal Reserve Bank: 70,394 152,707 26,677 July 25 154,921 71,171 24,385 Aug.l 23,185 69,859 156,894 Aug.8 25,775 62,400 148,622 Aug. 15 Minne- Kansas Dallas. City. San Francisco. Richmond. lanta. 75,348 60,425 88,198 66,943 93,570 66,281 91,041 61,181 52,663 60,093 61,150 60,483 178,441 25,946 199,718 33,626 204,693 35,199 35,050 20,502 26,986 27,584 29,702 24,927 30,832 35,542 34,711 307,976 73,105 325,505 80,095 329,112 81,681 324,226 80,053 45,302 51,337 52,167 55,029 71,763 66,039 119,629 2,156,568 77,941 73,301 139,362 2,386,304 82,240 73,269 142,225 2,400,519 83,768 73,934 144,470 2,443,361 Cleveland. At- Chica St. e°- Louis. apolis. 226,286 237,138 242,309 236,674 141,245 145,173 144,854 140,839 112,105 117,299 117,947 119,911 109,457 109,256 108,971 104,794 42,740 42,436 42,392 43,841 30,116 30,475 29,432 31,245 99,636 100,423 100,181 97,743 283,050 102,748 42,874 326,248 137,257 3^,491 1,022,943 1,025,839 1,034,653 777,839 400,094 399,603 402,623 300,768 312,558 319,944 319,737 278,242 1,491,685 1,519,855 1,521,055 1,206,592 26,628 25,153 26,366 26,183 13,081 16,977 12,730 17,637 12,624 17,479 12,814 17,826 35,398 34,855 36,008 36,286 33,746 30,936 30,901 30,405 32,084 32, OSS 31,621 30,770 17,156 15,969 16,594 10,199 13,568 12,574 12,884 12,897 64,607 62,134 63,207 63,799 809,409 817,122 815,526 821,362 325,603 327,859 340,133 335,649 253,144 262,520 255,429 260,956 292,345 292,793 292,386 292,616 87,677 89,968 90,372 91,941 114,766 112,772 113,966 116,054 42,498 16,142 33,483 17,366 47,949 14,571 35,496 lo,950 16,245 19,408 21,087 19,607 85,450 89,154 53,388 85,987 88,047 50,251 80,461 87,978 53,774 91,356 71,564 52,815 16,862 15,429 18,340 17,400 14,448 14,424 14,112 14,348 6,781 5,602 5,498 6,768 6,841 6,98-1 6,855 75,037 22,546 41,304 51,444 1,134,206 55,153 1,160,302 56,738 1,200,736 20,782 23,626 25,119 26,753 258,304 264,986 268,294 268,370 1,363,764 1,353,109 1,326,286 1,320,340 99,372 2,926,942 398,944 253,620 484,424 185,497 569,657 406,444 254,393 491,079 184,844 672,069 410,288 252,901 499,907 188,041 642,885 271,859 426,709 165,035 570,575 584,079 454,779 .1,899,297 312,003 573,164 1,372', 233 587,622 467,713 1,945,783 511,692 318,460 586,657 1,385,933 589,769 467,116 1,950,348 518,335 317,692 599,626 1,402,357 588,196 472,272 1,954,809 515,352 328,154 603,340 94,613 90,752 87,652 89,761 23,324 31,300 31,835 31,710 Total. 710,008 835,057 810,229 841,170 10,859,247 11,057,662 11,040,854 8,274,879 14,379,983 14,797,935 14,768,088 14,965,963 46,499 21,171. 54,771 1,318,281 42,071 20,526 59,798 1,353,542 49,121 21,630 59,810 1,353,345 50,411 22,065 60,734 1,360,554 175,245 43,095 173,514 41,304 177,429 42,118 176,502 39,482 25,992 20,784 25,398 23,935 11,679 9,656 11,707 9,309 9,430 8,930 7,952 15,622 14,862 14,814 15,054 9,853 10,293 10,299 9,665 20,278 19,903 22,316 20,898 351,220 347,145 1,303,903 1,326,273 1,326,233 1,373,773 309,047 316,111 320,<53 318,502 244,342 242,604 246,036 257,073 423,618 428,685 443,326 441,652 180,902 185,688 191,134 192,654 464,228 499,004 498,<45 511,298 10,543,056 10,776,645 10,744,722 10,879,079 440,151 441,274 443,305 444,476 98,653 98,702 99,780 99,911 56,582 76,370 57,685 76,751 56,746 77,558 56,907 77,999 30,386 30,479 30,431 30,204 59,658 19,777 50,555 23,779 78,250 23,771 47,534 22,464 9,113 13,079 13,309 17,606 11,530 18,481 16,516 24,718 16,517 14,594 14,554 14,144 13,145 8,159 4,451 8.347 405,161 517,149 551,406 62-4,744 34,577 37,235 40,729 34,165 14,092 12,076 16,509 14,113 29,835 29,631 32,311 34,086 1,100,684 1,092,941 1,088,510 1,506,902 24,329 470 21,639 274 17,432 271 13,571 2,685 2,150 2,872 2,549 5,353 6,749 7,386 9,145 340,096 337,123 338,810 320,560 91,912 104,956 108,455 90,613 29,694 28,171 23,975 22,032 6,243 6,855 10,903 10,318 12,422 12,149 11,951 10,663 7,120 4,710 7,805 5,805 355,910 140,881 1,789,774 204,009 1,861,519 205,874 1,882,694 207,942 1,896,770 i Exclusive of loans secured by stocks and bonds other than United States securities shown under immediately preceding caption. 898 FEDERAL. RESERVE BULLETIN. SEPTEMBER 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 Fridaysfrom July 25 to Aug. 15,1919—Continued. 2. MEMBER BANKS IN FEDERAL RESERVE BANK CITIES. (In thousands of dollars, i. e., 000 omitted.] Boston. New York. Philadel- Cleveland. Richmond. Number of reporting banks: July25 Aug.l Aug. 8 22 Aug. 15 United States bonds to secure circulation: 4,378 2,832 39,163 7,587 4,288 July 25 4,378 2,832 39,663 7,587 4,288 Aug.l 4,377 2,832 40,163 7,587 4,288 Aug.8 4,477 7,588 • 4,288 2,832 Aug. 15 Other United States bonds, including Liberty bonds: 8,324 267,610 9,727 6,492 July 25 27,036 8,206 270,676 9,421 6,118 27,284 Aug. 1 8,122 265,392 11,860 6,109 27,977 Aug.8 8,219 267,103 9,879 Aug. 15 6,106 United States Victory notes: 3,570 124,790 14,771 11,325 July 25 1,490 3,269 118,573 13,824 11,148 1,541 Aug.l 3,308 115,890 13,405 10,743 1,519 Aug.8 , 3,299 111,872 13,933 10,205 1,488 Aug. 15 United States certificates of indebtedness: 24,850 290,159 34,498 16,906 5,980 July 25 42,943 405,212 45,000 18,975 5,980 Aug. 1 51,910 394,738 46,596 20,330 5,980 Aug.8 39,723 455,468 47,332 19,507 Aug. 15 746 Total United States securities owned: 41,122 721,722 83,892 42,246 16,794 July 25 93,695 834,124 43,832 16,471 Aug. 1 67,717 816,183 95,565 47,221 16,440 Aug.8 96,219 55,718 872,806 43,879 11,172 Aug. 15 Loans secured by United States bonds, Victory notes, and certificates: 56,787 703,757 166,612 July 25 31,826 15,996 53,869 697,421 163,328 33,087 15,834 Aug.l 52,723 672,703 162,656 33,381 15,806 Aug.8 43,091 681,693 160,901 30,766 16,152 Aug. 15 Loans secured by stocks and bonds other than United States securities: 185,869 1,288,600 170,566 100,029 13,941 Aug. 15 Aliother loans and investments: 584,578 3,857,820 569,603 315,344 70,605 July 25 596,184 3,900,276 557,571 311,335 70,486 Aug.l 580,506 3,890,975 308,614 71,834 568,056 Aug.8 449.752 2,633,688 378,658 217,226 56,328 Aug. 15* Total loans and investments: 682,487 5,283,299 820,511 389,416 103,395 July 25 708,829 5,431,821 815,044 388,254 102,791 Aug.l 700,946 826,706 389,216 104,080 5,379,861 Aug. 8 714,430 806,785 5,476,787 391,900 97,593 Aug. 15 Reserve with Federal Reserve Bank: 60,575 611,784 59,115 26,381 5,452 July 25 63,086 662,794 60,743 24,928 6,001 Aug.l 59,623 647,334 60,114 23,203 5,985 Aug.8 61,742 62,244 5,861 Aug. 15 Cash in vault: 13,714 110,245 13,605 1,650 7,990 July 25 13,878 103,476 13,331 1,618 7,833 Aug.l 14,354 107,884 13,651 1,630 7,807 Aug.8 106,976 13,869 12,961 1,687 Aug. 15 Net demand deposits on which reserve is computed: 571,503 4,448,311 201,695 48,910 July 25 585,862 4,563,947 566,653 206,989 53,797 Aug.l 580,356 1,500,260 578,488 208,354 53,085 Aug.8 577,325 4,531,300 583,673 208,140 53,988 Aug. 15 1 Exclusive of loans secured by stocks and bonds other than United t lanta. MinneSt. Chicago. Louis. apolis. City. Dallas. Francisco. Total. 259 260 261 3,800 3,800 3,800 3,800 1,370 10,551 1,371 10,551 1,369 10,550 1,419 10,550 2,791 2,791 2,791 2,791 4,753 4,753 4,753 4,753 4,060 4,060 4,060 4,060 18,500 18,500 18,500 18,500 104,073 104,574 105,070 103,421 1,358 1,197 1,212 1,140 23,429 20,814 21,501 21,930 8,797 8,674 8,575 7,982 1,688 1,816 1,862 1,852 7,485 7,271 6,928 7,934 3,065 3,320 3,118 3,485 12,665 21,223 20,209 20,376 377,676 386,020 382,865 383,372 2,133 1,878 1,823 1,886 24,934 24,729 23,952 24,954 6,440 6,293 5,924 5,924 5,057 4,980 4,765 4,124 4,218 4,132 4,324 5,030 1,878 1,827 1,491 1,499 2,831 3,376 3,467 3,485 203,437 195,570 190,611 187,699 18,897 22,287 22,289 25,113 89,377 20,259 108,231 25,597 113,939 26,492 113,921 26,824 8,627 9,127 10,593 13,132 15,399 17,374 17,136 9,880 16,066 16,576 17,035 14,618 15,772 15,914 550,039 728,935 741,123 789,312 26,188 29,162 29,124 31,939 149,110 155,145 160,761 162,224 46,047 51,115 51,541 51,280 16,399 18,214 18,545 19,360 29,588 31,555 33,379 34,853 18,883 25,273 25,245 26,079 43,234 57,717 57,948 58,275 1,235,225 1,415,099 1,419,669 1,463,804 10,030 10,418 10,020 10,106 72,666 73,753 72,822 70,731 18,067 17,956 18,727 18,261 7,225 6,945 6,874 7,205 0,762 6,862 6,981 10,800 256,351 110,597 13,830 27,257 58,198 58,418 58,310 46,797 892,202 920,187 016,422 669,274 276,373 282,098 283,994 170,419 94,416 97,998 97,454 99,642 1,113,978 1,149,085 1,150,005 1,158,580 8,820 6,555 6,428 5,025 2,639 2,6L7 2,688 2,528 1,381 9,657 1,100,670 1,467 12,584 1,093,424 1,335 12,415 1,066,324 1,407 13,965 1,061,259 4,754 51,771 2,214,365 112,899 114,956 114,563 104,226 176,094 47,076 221,719 181,322 47,338 316,308 186,236 296,990 157,597 43,273 259,779 7,182,508 7,356,505 7,325,469 5,185,811 340,487 351,169 354,262 350,557 136,523 140,115 139,982 144,621 212,348 67,340 274,610 219,639 74,078 386,609 226,477 75,549 367,353 226,688 75,513 383,790 9,518,810 9,865,432 9,811,891 9,926,886 121,187 31,521 120,850 30,361 120,433 32,402 118,193 13,289 8,385 12,931 11,012 16,445 12,260 17,226 16,223 6,282 5,082 6,499 6,713 25,950 25,988 27,042 2,963 2,895 2,856 2,558 3,814 3,752 3,626 4,043 1,810 1,723 1,830 1,554 5,191 7,059 7,351 7,087 37,519 35 454 37,201 36,935 4,693 4,516 5,048 4,762 981,159 1,026,995 1,018,166 1,015,185 205,833 198,153 205,926 49,525 864,434 215,008 102,415 150,384 54,550 1S5,O45 7,454,762 50,389 885,534 222,061 101,445 150,936 55,486 221,804 7^64,903 48,777 880,209 225,887 104,605 158,688 58,085 221,721 7,618,515 52,040 914,692 226,284 109,669 150,030 59,015 227,501 7,693,657 States securities, shown under immediately preceding caption. 899 FEDERAL RESERVE BULLETUN". SEPTEMBER 1, 1919. Pnncipalresources andliabilities of member banks in leading cities, including member banks located in Federal Reserve bank citie8andin Federal Reserve branch cities, as at close of business on Fridays from July 25 to Aug. 15,1919—Continued. 2. MEMBER BANKS IN FEDERAL RESERVE BANK CITIES—Continued. [In thousands of dollars, i. e., 000 omitted.] Boston. Time deposits: July 25 Aug.l Aug. 8 Aug. 15 Government deposits: July 25 Aug.l Aug. 8 Aug. 15 Bills payable with Federal Reserve Bank: July 25 :. Aug. 1 Aug. 8 J Aug. 15 Customers' paper rediscounted with Federal Reserve Bank: July 25 Aug. 1 Aug. 8 Aug. 15 New York. Philadelphia. Cleveland. San Rich- AtSt. Minne- Kansas Franmond. lanta. Chicago. Louis. apolis. City. Dallas. cisco. 33,656 34,377 33,548 33,525 256,574 259,643 271,106 267,938 13,034 13,149 13,095 13,431 130,287 130,962 130,605 130,536 17,383 17,983 18,211 18,226 19,703 19,625 19,788 19,851 19,574 135,009 238,777 231,717 304,768 24,450 31,593 30,020 13,532 8,971 11,550 10,139 2,987 1,269 6,447 9,425 9,298 6,712 30,894 27,182 49,173 33,698 15,941 18,481 18,453 17,407 3,433 5,135 4,622 5,260 438,719 418,507 416,977 140,710 147,137 138,001 129,046 32,925 24,092 30,560 19,944 26,135 22,282 27,652 15,518 14,060 10,515 12,747 15,007 49,078 55,400 50,761 36,585 20,664 18,576 16,046 14,765 138,684 141,166 143,113 137,199 25,859 23,573 22,531 24,686 676 561 497 581 4,667 4,505 6,491 5,831 6,156 5,220 5,279 4,159 31,749 43,640 22,407 15,657 5,955 56,653 59,179 58,021 51,228 7,139 7,792 10,124 9,051 1,819 937 3,968 4,008 3,860 4,136 166,424 63,234 19,740 166,845 63,201 20,458 167,851 63,421 19,611 168,140 63,510 19,590 Total. 8,844 8,850 8,945 8,998 3,200 3,127 3,165 3,170 10,007 72,301 72,499 74,401 742,086 810,521 821,845 821,316 7,672 9,346 9,735 12,463 10,620 10,696 11,542 10,835 9,229 5,635 3,076 6,002 279,788 392,423 411 872 489,111 3,440 22,038 1,430 23,355 3,675 26,909 230 23,347 4,050 3,500 5,000 2,550 13,351 13,434 14,294 15,595 783,957 764,765 748,484 677 249 13,778 12,422 9,615 6,341 28 58 127 26 1,706 2,140 2,438 4,023 259,314 260,809 262,129 247,261 185 3. MEMBER BANKS IN FEDERAL RESERVE BRANCH CITIES. New York.i Cleve- Rich- | At- 4 laiid.a mond.s! lanla. Number of reporting banks: July25 : (J 38 Aug.l | 6 38 Aug. 8 i 6 38 Aug. 15 i 7 38 United States bonds to secure circulation: July 25 1,599 24,257 Aug.l 1,599 24,257 Aug. 8. : 1,599 24,257 Aug. 15 1.599 24,257 Other United States bonds, including Liberty bonds: ! July 25 1 6,011 42,074 Aug.l ! 3,650 41,525 Aug. 8 1 3,997 41,207 Aug. 15 i 5,055 41,891 United States Victory notes: ' July 25 ! (5,889 26,551 Aug. 1 ! 7,042 25,695 Aug. 8 i 7,573 24,305 Aug. 15 | , 703 22,445 United States certificates of indebtedness: \ July 25 ! 8,149 46,865 Aug. 1 9,234 55,274 Aug. 8 8,680 58,801 Aug. 15 11,280 57,291 Total United States securities owned: ! July 25 i 22,048 1139,747 Aug.l ! 21,525 146,751 Aug. 8 i 21,849 148,570 Aug. 15 , • 26,637 145,884 Loans secured by United States bonds, Victory notes, and! certificates: I July 25 i 13,120 (35,088 Aug.l j 12,872 63,966 Aug. 8 i 12,518 63,806 Aug. 15 ! 13,241 62,830 Loans secured hy stocks and bonds, other than United | States securities: ; Aug. 15 29,441 133,801 Chi- | St. cago.3 i Louis. 6 City.? San .Francisco.9 " Total. 19 19 19 19 20 20 20 19 12 12 12 12 17 17 17 17 17 17 17 17 12 12 29 30 30 30 164 165 171 171 5,506 5,506 5,508 5,506 4,685 4,685 4,685 4,685 1,805 1,805 1,805 1,805 5,255 5,255 5,255 5,255 4,487 4,487 4,487 4,487 1,255 1,255 6,758 6,758 8,485 8/485 8,485 8,485 67,334 57,334 62,837 62,837 8,642 8,722 8,925 8,739 6,023 9,332 9,218 8,743 17,879 16,787 17,271 17,247 6,973 7,172 7,619 7,231 5,788 5,988 6,102 6,282 2,057 13,834 2,085 13,979 7,462 14,560 7,545 14,821 109,261 109,240 116,36!. 117,554 3,806 3,702 3,710 4,051 12,952 10,465 17,497 17,602 17,343 16,736 6,417 5,024 5,689 5,202 ! 2,397 i 2,371 j 2,618 ! 2,637 94 43 1,159 1,385 4,962 5,035 4,864 5,026 81,565 76.400 76)157 76, 050 39,925 42,715 42,930 44,225 18,659 21,350 22,010 21,3(54 59,531 88,583 68,480 61,691 5,063 7,368 8,138 7,567 i I i I 3,620 3,740 9,500 8,920 23,396 27,110 28,785 29,846 208,978 241,574 255,398 250,396 57,879 60,645 61,071 62,521 42.319 44,353 44,809 45,257 96,712 104,777 104,899 97,479 23,708 25,719 26,701 25,255 50,677 54,609 56,694 58,178 457,138 481,548 510,753 507,437 12, S59 12,635 12,584 12,869 12,347 12,136 12,075 12,112 11,893 12.795 12,264 12,325 j 16,422 \ 7,026 i 19,046 ; 7,123 i 21,281 ! 24,879 I 21,618 j 24,608 ! j 7,303 | 6,400 i 5,924 j 6,851 j 8,255 ! 6,743 | 2,661 6,599 ! 2,326 6,524 5,871 5,844 6,485 6,796 135,739 132,914 135,740 135,774 35,104 23,861 26,979 23,878 ; 26,361 ; 11,065 32,001 342, 491 3,770 6,200 8,074 8,212 900 FEDERAL RESERVE BULLETIN. SEPTBMBBB 1,1919. Principal resources and liabilities of member banks in leadiny cities, including member banks located in Federal Reservebank cities, and Federal Reserve branch cities, as at close of business on Fridays from July 25 to Aug. 15,1919—Continued. 3. MEMBER BANKS IN F E D E R A L R E S E R V E BRANCH CITIES—Continued. [In thousands of dollars, i. e., 000 omitted.] New York.i All other loans and investments: July 25 Aug. 1 Aug. 8 Aug. 15 io Total loans and investments: July 25 Aug.] Aug. 8 Aug. 15 Reserve with Federal Reserve Bank: July 25 Aug. 1 Aug. 8 Aug. 15 Cash in vault: July 25 Aug. 1 Aug. 8. Aug. 15 Net demand deposits on which reserve is computed: July 25 Aug.l ; Aug. 8 Aug. 15 Time deposits: July 2 5 . . Aug.l Aug. 8 , Aug. 15 Government deposits: Julv25 Aug.l Aug. 8 Aug. 15 Bills payable with Federal Reserve Bank: July 25 Aug.l Aug. 8. Aug. 15 Customers paper rediscounted with Federal Reserve Bank: July 25 Aug.l Aug. 8 Aug. 15 San ChiCleve- RichAtSt. Kansas 8 land.* mond .3 lanta. 4 cago.6 Louis.* City.7 Dallas. Francisco.* 98,817 512,026 124,559 166,655 99,400 513,864 124,165 170,759 99,193 519,409 125,535 1169,705 400,799 92,444 151,272 134,585 133,797 133,560 167,913 291,853 295,368 297,514 268,672 13,945 12,976 13,818 14,384 5,789 5,858 5,972 12,945 13,178 12,528 13,380 95,591 97,050 97,922 112,792 449,135 446,872 442,207 448,122 113,716 114,090 119.600 116,904 141,858 150,202 144,687 117,121 191,812 192,736 196,861 211,922 23,049 19,014 29,069 18,469 19,217 60,738 175,157 18,367 60,003 175,708 18,352 60,809 175,887 18,566 62,042 176,488 6,732 8,412 7,503 6,797 14,458 48,982 11,649 51,159 40,119 11,227 49,377 38,242 11,614 59,017 29,129 6,594 5,194 4,981 5,167 4,006 3,976 4,219 4,614 2,296,727 2,336,780 2,418,192 2,479,815 14,733 14,453 16,143 18,833 1,664 1,608 6,725 6,640 21,748 21,082 21,559 21,515 169,078 160,334 170,311 178,701 5,700 5,595 5,759 568 572 3,140 7,738 6,999 7,632 6,829 60,579 57,095 59,905 61,861 140,168 11,293 83,425 140,917 11,200 84,150 143,200 56,608 81,333 148,301 56,038 167,515 171,879 172,725 178,440 1,394,614 1,408,371 1,457,960 1,500,973 5,886 96,084 5,944 96,673 16,862 97,807 16,810 530,535 530,881 545,141 560,939 3,383 3,873 6,191 5,066 5,016 4,958 4,838 14,647 90,906 14,728 91,271 14,859 91,026 28,040 91,374 285,517 290,753 288,505 302,915 10,650 10,009 8.845 9,144 13,712 14,332 13,720 13,699 14,918 1,703,850 15,023 230,300 1,718,908 62,383 225,326 1,771 699 50,011 205,940 1,494,113 22,579 22,781 89,923 88,010 17,510 25,644 16,335 24,444 16,890 27.621 17,424 29i 307 2,373 2,231 2,437 2,658 6,610 6,451 6,299 5,873 159,911 162,120 162,947 139,311 716,841 195,297 221,321 400,701 137,153 182,733 724,581 197,855 227,187 412,257 139,552 188,017 731,785 199,190 226,407 415,208 142,643 190,971 7 43,314 232,654 405,455 142,727 11,190 51,994 9,340 50,087 10,011 48,699 11,903 49,551 2,434 2,875 2,131 4,701 106,142 107,909 109,687 87,070 Total. 28,264 28,324 29,156 29,179 40,383 40,457 20,915 17,110 17,726 5,373 3,675 5,219 5,121 4,827 2,526 4,471 5,019 7,461 94 139 1,420 1,440 1,615 1,144 754 1,276 67,399 64,499 77,031 58,776 11,943 33,049 10,535 37,674 10,976 48,590 44,804 8,160 8,905 7,219 6,557 4,089 5,686 6,256 5,188 4,403 4,768 7,146 7,110 15,259 14,248 14,768 14,722 178,827 184,743 193,801 187,475 5,974 6,381 5,960 1,131 806 290 269 528 537 1,232 1,238 3,190 3,810 4,299 4,508 30,044 30,126 29,958 29,129 6,115 8,288 8,432 2,011 2,087 1,604 973 884 1,074 924 6 1 Buffalo. Louisville, Memphis, and Little Rock. Pittsburgh and Cincinnati. *8 Omaha and Denver. »4 Baltimore. El Paso for July 25 and Aug. 1 and El Paso and Houston for Aug. 8 and 15. New Orleans, Jacksonville, and Birmingham. » Spokane, Portland, Seattle, and Salt Lake City. * Detroit. •• Exclusive of loans secured by stocks and bonds other than United States securities shown under immediately preceding caption. 2 SEPTEMBBR 1,1919. 901 FEDERAL RESERVE 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 Julv 20, 1919. 11 days ending July 31, 1919. 10 days Jan. ending Total since Total, to Aug. Aug. 10, Jan. 1,1919. 110,1918. 1919. IMPORTS. Oro and base bullion United States mint or assay office bars Bullion, refined United States coin Foreign coin Total 217 1,055 598 10,600 8 862 1 9 24 2 93 1 121 26,867 10,497 5,141 37,496 6,773 169 218 1,090 813 53,105 53,306 5,717 io,4ii 4,793 2,070 6,372 15 31,586 8,311 124,868 100 674 6,812 21,350 13,235 164,780 144 28,936 333 13,242 164,924 29,269 EXPORTS. Domestic: Ore and base bullion United States mint or assay office b a r s . . Bullion, refined Coin 13,904 Total Foreigneoin . Total exports . 19,625 19,625 . 2 8,796 19,209 5 19,214 Execss of gold exports over imports since Jan. 1,1919, $111,819,000. Excess of gold imports over exports since Aug. 1, 1914, $959,587,000. Silver imports into and exports from the United States. [In thousands of dollars; i. e., 000 omitted.] 10 days ending Julv 20, 1919. 11 days ending Julv 31, 1919. 10 days ending Aug. 10, 1919. Jan. Total since Total, to Aug. Jan. 1,1919. 110,1918. IMPORTS. Ore and base bullion Bullion, refined United States coin .. Total 1,115 2,091 2,632 41,606 23 29 81 165 26 148 60 15 41 5,287 532 3,441 21,115 50 18,148 503 3,279 1,248 2,430 2,748 50,866 43,095 656 3,496 19 2,622 33 688 2,639 26 4 71,091 71,256 2,103 21,700 104,052 1,929 4,171 2,655 3,353 144,454 127,692 534 33 104 99 843 33 7,648 2,495 3,324 4,706 EXPORTS. Domestic: United States mint or assav office bars Bullion r e f i n e d . . . . Coin Total Foreign: *" Bullion refined.. Coin Total . . . 11 567 203 876 10,143 8,030 4,738 2,858 4,229 154,597 135,722 Excess of silver exports over imports since Jan. 1,1919, 8103,731,000. Excess of silver exports over imports since Aug. 1,1914, 5383,491,000. 902 FEDERAL RESERVE BULLETIN. SEPTEMBER 1,1919. Estimated general stock of money, money held by Treasury, and by the Federal Reserve system, and all other money in the United States Aug. 1, 1919. General stock of money in the United States. Gold coins 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: AUK. 1,1919 J u l y l , 1919 June 1, 1919 May 1,1919 Apr. 1, 1919 Mar. 1, 1919 Feb. 1, 1919 Jan. 1,1919 JOct. u l y l1,1918 , 1918., Apr. 1,1918. Jan. 1,1918.. Oct. 1,1917.. J u l y l , 1917.. Apr. 1,1917. Feb. 1, 1917. j ; I $2,989,548,109 | Held in the United States Treasury as assets of the Government.1 $363,400,976 308,978,930 61,330,154 242,876,099 10,622,687 6,234,565 3 4,745,498 346,681,016 2,705,423,645 210,699,800 15,764,258 40,685,806 33,933,735 62,789,207 <57,161,038 161,166,880 10,582,863 3,037,498 $387,802,001 338,799,847 81,660,697 158,023,956 227,507,914 1,729,558 273,755,720 2,503,570,959 166,183,202 655,081,057 588,526,823 578,848,043 561,315,890 553,979,534 550,628,454 545,695,945 489,831,726 454,948,160 380,246,203 356,124,750 339,856,674 277,043,358 242,469,027 253,671,614 258,198,442 279,079,137 2,142,473,627 2,167,280,313 2,221,850,525 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 1,873,524,132 1,723,570,291 1,429,422,432 1,280,880,714 952,934,705 849,661,792 4,794,114,911 4,842,345,415 4,808,912,577 4,845,591,149 4,840,972,635 4,851,420,303 4,869,039,524 5,105,139,679 4,925,987,177 4,367,739,209 4,266,800,719 4,255,581,622 3,970,373,397 3,945,457,556 4,100,976,125 3,916,472,418 720.907,762 i i ,' j 1 ! | .....! Amount per outside the capita outside Held by or for Held United States the United Federal Reserve Treasury and States Treasbanks and ury and the Federal Reserve agents. Federal Re-, system. serve system 7,525,115,361 7,588,473,771 7,592,078,992 7,614,749,260 7,586,752,855 7,566,299,924 7,611,628,810 7,780,793,606 7,391,008,277 6,742,225,784 6,480,181,525 6,256,198,271 5,642,264,856 5,312,109,272 5,045,213,347 §1,534,190,495 365,354,790 $45.13 45.00 44.75 45.15 45.17 45.33 45.56 47.83 46.34 41.31 40.47 40.53 37.97 37.88 39.54 37.88 1 Includes reserve fluids 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. 3 Includes standard silver dollars. * Includes Treasury notes of 1890. DISCOUNT RATES. Discount rates of each Federal Reserve Banlc approved by the Federal Reserve Board up to August SO, 1919. Discounts other than trade acceptances. Trade acceptances. Secured by U. S. Government war obligations. Federal Reserve Bank. Secured by j Secured by U. S. cer- j Liberty tiflcatcs of i bonds and indebted- | Victory ness. | notes. Boston New York 1 ... Philadelphia.. Cleveland Richmond Atlanta Chicago St. Louis..^— Minneapolis.. Kansas "City... Dallas........ San Francisco 1 cent.2 Otherwise secured, also unsecured, maturing within— Maturing within 15 days, including member banks' collateral notes. 4 4 4 4 4J 4 41 4 4 4* 4} 4 Maturing within 16 to 90 days. 4} 4i 4} 41 4i 4i 41: 41- 4} 15 days, including member banks' collateral notes. 16 to 60 days. 4J 4! 4* 4| 4| i 4J 4 44 44 44 4i 4f 4f 4f 5 4f 5 61 to 90 days. 4f 4* 4| 4| 4* 4f 4f 5 5 5 5 Maturing within— 91 to 180 days (agricultural and live-stock paper). 5 5 o 15 days. 16 to 90 days. 41 f 5 6* 5J 5* } 44 4| Rates for discounted bankers' acceptances maturing within 15 days, 4 per cent; within 16 to 60 days, 4£ per cent; within 61 to 90 days, 4£ per Applies only to member banks' collateral notes; rate of 4J per cent on customers' paper. 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 maturity. NOTE 3.—Whenever application is made by member banks for renewal of 15-day paper the F deral Reserve Banks may charge a rate not exceeding that for 90-day paper of the same class. 908 FEDERAL RESEB.VE BULLETIN. SEPTEMBER 1,1919. CONDITION OF MEMBER BANKS. Abstract of reports of condition of all Tnember banks in each Federal Reserve district on June -30, 1919 (including 7,780 national banks and 1,042 State banks and trust companies). [In thousands of dollars; i. e., 000 omitted.] District District District District District District District No. 2 No. 1 No. 3 No. 4 No. 5 No. 6 N o . 7 (1,351 (734 banks), (668 banks). [824 banks). (572 banks). (422 banks). banks). (429 banks). ! RESOURCES. 1,112,780 ! 4,840,702 566 ; 1,619 2 ! 12,389 70,803 215,989 88,227 633,728 117,554 493,165 301 497 6,878 21,436 244,228 1,003,870 29,983 91,846 2,063 4,155 1,860 11,818 109,541 747,185 28,191 113,188 116,026 391,016 44,109 144,738 335 3 18,713 222,350 163,186 400 7,649 392,827 31,744 3,431 6,358 93,913 39,395 105,713 40,953 1,271,775 1 039 19 22,100 200,597 199,432 589 9,238 419,129 54,336 4,202 9,556 124,981 34,599 181,351 57,022 678,388 1,342 12 11,936 109,428 129,328 324 4,202 93,618 25,694 . 2,838 3,021 55,654 24,921 98,674 27,767 512,895 1,469 920 10,939 82,481 117,879 353 3,242 50,373 19,421 3,278 5,520 48,279 10,232 43,443 7,288 2,685 3,686 9,564 854,262 28,912 5,447 27,361 86,335 39,569 5,911 3,147 3,723 7,820 27,652 5,895 5,716 5,235 2,741 27,655 4,718 3,031 1,647 274 17,727 6,431 2,109 1.374 87,398 19,784 4,537 7,070 4,165 j 2,039,778 9,729,658 2,155,728 2,637,204 1,304,472 1,015,811 4,244,808 Capital stock paid in Surplus fund Undivided profits, less expenses and taxes paid Interest and discount collected but not earned(approximate) Amount reserved for taxes accrued Amount reserved for interest accrued Due to Federal Reserve Bank Due to banks and bankers Demand deposits Certified and cashiers' or treasurers' checks outstanding... Time deposits United States deposits Bills payable with Federal Reserve Bank Bills payable other than with Federal Reserve Bank Cash letters of credit and travelers' checks outstanding Acceptances National bank notes outstanding United States bonds borrowed Other bonds and securities borrowed Other liabilities.. 122,256 107,765 47,363 6,542 5,395 2,319 1,533 136,192 1,080,805 23,457 247,012 70,743 49,727 2,860 426 73,221 49,757 5,922 485 5,998 325,627 390,228 157,189 19,606 30,285 9.009 2,194 1,448,943 4,757,737 526,969 637,772 452,158 474,998 5,240 20,489 238,336 86,536 98,044 1,731 46,567 100,678 155,949 39,466 4,256 2.677 1J515 175 169,669 909,370 12,319 308,174 56,708 235,775 2,627 687 18,789 54,149 63,748 27 18,970 154,990 153,431 54,662 4,757 3,319 1,794 453 221,328 1,111,819 15,607 605,038 78,889 87,665 2,707 134 22,167 89,120 19,008 817 9,499 84,360 57,280 18,320 4,322 1,256 1,591 2,243 110,408 514,480 11,515 257,302 35,308 114,819 9,803 30 11,985 52,756 8,869 310 7,517 65,763 43,287 13,768 2,035 1,136 941 3,982 105,188 425,153 6,664 189,436 29,185 67,832 3,758 524 11,383 39,833 1,905 185 3,253 227,413 162,941 57,321 8,813 9,001 2,409 240 595,809 1.672,250 36,345 1,043,910 82,083 142,044 4,106 1,057 56,239 78.892 8,032 416 Total Liability for rediscounts, including those with Federal Reserve Bank '. 2.039,778 9,729,658 2,155,728 2,637,204 1.304,472 1,015,811 ; 139,985 212,290 18,831 21,658 34,234 22,005 i Loans and discounts O verdrafts Customers' liability under letters of credit Customers' liability account of acceptances Liberty bonds and Victory notes l Other tJnited States securities i War savings and thrift stamps actually owned Stock of Federal Reserve Bank Other bonds, stocks, and securitiesl Banking house Furniture and fixtures Other real estate owned Lawful reserve with Federal Reserve Bank Items with Federal Reserve Bank in process of collection.. Due from banks and bankers Cash in vault Exchanges for clearing house, also checks on hanks in same place Outside checks and other cash items Due from United States Treasurer Interest earned but not collected (approximate) Other assets Total i Exclusive of securities borrowed by State bank and trust company members. 21,070 2,207,002 2,393 244 56,227 269,065 353,727 1,107 11,447 377,826 51,782 6,920 6,705 281,407 44,526 399,673 101,803 55,487 4,244,808 47,940 904 FEDERAL RESERVE BULLETIN. SEPTEMBER 1, 1919. Abstract of reports of condition of all member banks in each Federal Reserve district on June SO, 1919 {induing 7,780 national banks and 1,042 State banks and trust companies)—Continued. [In thousands of dollars; i. e., 000 omitted.] District District No. 9 No. 8 (519 banks). (885 banks). District No. 10 (1,003 banks). District District No. 12 No. 11 (746 banks). (669 banks). Total United States (S,S22 banks). RESOURCES. Loans and discounts Overdrafts Customers' liability under letters of credit Customers' liability account of acceptances Liberty bonds and Victory notes * Other United States securitiesl War savings and thrift stamps actually owned Stock of Federal Reserve Bank Other bonds, stocks, and securities : Banking house Furniture and fixtures Other real estate owned Lawful reserve with Federal Reserve Bank Items with Federal Reserve Bank in process of collection Due from banks and bankers Cash in vault. Exchanges for clearing house, also checks on banks in same place. Outside checks and other cash items Due from United States Treasurer. Interest earned but not collected (approximate)., Other assets Total. 586,624 1,141 592 14,269 77,196 96,228 270 3,862 598,743 1,451 18,907 2,368 3,963 58,178 25,196 99,376 19,062 15 943 4,224 2,027 2,126 871 458 3,008 59,551 16,616 3,085 3,600 50,256 3,663 143,050 20,997 12,370 5,495 1,795 5,364 284 810,453 2,545 62 130 69,213 95,339 356 3,756 74,126 18,923 3,430 3,595 75,638 20,722 188,128 30,400 20,925 7 282 2,351 3,094 347 466,500 1,917 28 2,182 49,206 90,253 355 3,238 16,060 17,897 3,625 4,435 43,527 15,009 104,206 19.976 8)743 5,592 2,444 1,821 799 836,021 2,176 518 15,260 90,490 148,394 353 4,773 120,033 25,577 6,007 8,344 85,215 9,970 198,872 31,536 32,414 7,514 3,195 4,861 651 14,890,471 17,993 14,789 440,411 1,934,068 2,097,468 5,363 82,729 2,947,967 402,726 45,402 68,775 1,723,774 369,612 2,125,074 559,433 1,188,101 109,046 38,484 67,362 114,681 1,128,749 1,066,719 1,430,815 857,813 1,632,174 29,243,729 81,597 50,007 17,544 3,392 1,564 715 66,149 34,515 16,164 2,517 1,467 1,633 559 159,593 392,611 11,329 319,167 9,804 13,587 2,243 10 2,035 30,218 2,371 133 614 71,554 40,003 15,929 3,066 1,107 328 225 92,902 434,798 9,405 65,400 13,359 38,103" 15,548 111 2,057 45,106 7,047 267 1,498 107,833 52,505 26,442 1,835 1,678 954 176 202,643 758,997 22,121 284,648 22,602 50,215 5,848 637 15,524 62,159 6,524 982 7,851 1,489,792 1,292,716 482,889 66,306 60,227 24,302 11,876 3,650,502 13,195,072 704,349 4,343,382 902,339 1,368,112 68,136 24,875 1,632,174 19,634 29,243,729 612; 505 96,326 1,863 42,087 LIABILITIES. Capital stock paid in Surplus fund Undivided profits, less expenses and taxes paid Interest and discount collected but not earned (approximate). Amount reserved for taxes accrued Amount reserved for interest accrued.. Due to Federal Reserve Bank Due to banks and bankers Demand deposits Certified and cashiers' or treasurers' checks outstanding Time deposits United States deposits Bills payable with Federal Reserve Bank Bills payable other than with Federal Reserve Bank Cash letters of credit and travelers' checks outstanding Acceptances National bank notes outstanding United States bonds borrowed Other bonds and securities borrowed Other liabilities Total Liability for rediscounts, including those with Federal Reserve Bank. 1 162,744 463,314 6,438 182,826 29,889 45,785 3! 637 611 14,700 40,896 8,617 ! 95 i 14,378 I 1,128,749 j 1,066,719 17,327 | 5,597 81,572 44,805 18,721 4,565 1,342 1,094 96 ! 245,083 ! 673,738 ' 22,180 202,697 21,613 47,562 9,759 159 150 47,235 3,551 1,249 3,644 1,430,815 47,654 Exclusive of securities borrowed by State bank and trust company members. 857,813 25,290 676,657 233,638 6,697 175,276 905 FEDERAL RESERVE BtTLLETIH. SEFTEMBEB 1,1919. CONDITION OF MEMBER BANKS—Continued. Abstract reports of condition of member Stale banks and trust companies of the Federal Reserve System on thine 30, 1919, arranged by classes. [In thousands of dollars; i. e., 000 omitted.] Central reserve city banks. Total Other central reserve Country reserve citicity banks banks banks (833 banks). .New York Chicago (53 banks). (155 banks). (33 banks). (11 banks) Total United States (1,012 banks), June 30, 1919. Total United States (969 banks), March 4, 1919. RESOURCES. Loans and discounts Overdrafts Customers' liability under letters of credit Customers' liability account of acceptances liberty bonds (exclusive of Liberty bonds borrowed) I Other United States bonds (exclusive of United States | bonds borrowed) i United States Victory notes j United States certificates of indebtedness I War savings and thrift stamps actually owned Stock of Federal Reserve Bank Other bonds, stocks, etc. (exclusive of securities borrowed). Banking house j Furniture and fixtures | Other real estate owned j Lawful reserve with Federal Reserve Hank • Items with Federal Reserve Bankin process of collection. ..j Due from banks and bankers '.' Gold coin and certificates All other cash in vault Exchanges for clearing house, also checks on banks in same place Outside checks and other cash items Interest earned but not collected (approximate) Other assets Total.. 1,659,490 •186 10,989 112,490 120,960 360,631 i 2,118,138 59 | 580 55 ! 31,078 24,538 I 142,018 9,243 133,373 1,280,745 1,916 688 35,000 75,295 919,839 1,448 2 2,307 84,880 4,318,722 3,944 11,768 179,925 293,548 3,731,973 3,120 8,352 168,964 311,424 2,825 64,014 82,271 09 7,443 303,754 37,981 253 5,343 268,219 34,188 215,654 8,459 30,631 10,036 15,808 23,318 13 2,079 73,519 2.725 ' 68 63 35,506 7,132 50,972 2,200 9,880 12,861 85,745 119,592 89 10,276 461,729 42,941 867 5,624 313,526 45,061 I 272,647 11,038 41,942 2,072 53,496 149,054 327 8,293 394,063 44,083 3,440 12,070 129,314 28,295 150,877 3,608 38,701 964 52,392 91,040 559 5,092 276,196 28,195 4,956 5,2-13 71;965 8,841 122,314 4; 309 36,137 15,897 191,633 360,286 975 23,661 1,131,988 115,219 9,263 22,937 514,805 82,197 545,838 18,955 116,780 819,012 1,145 22,983 1,132,795 106,510 7,860 23,084 483,426 64,106 497,151 17,091 111,582 283,718 | 10,529 12,383 56,582 18,572 6,892 543 361 304,991 | 18,316 13,205 57,088 49,045 13,005 4,518 9,312 10,882 4,831 3,386 5,602 364,918 36,152 21,169 72,002 181.024 22', 230 16,285 64,397 3,388,731 i 654,213 4,223,385 2,487,217 1,741.980 8,452,582 7,801,061 102,450 145,324 34,459 4,612 10,157 5,197 29,500 39,800 6,813 983 2,844 321 143,550 199,174 43,842 0,011 13,373 5,713 411,401 1,931,334 177,595 114,394 177,716 123,091 90 i. 7,o(K> j 126,376 ! 16,975 I 49,565 274,965 7,159 177,232 23,415 15,920 121,490 150,235 39,061 3,451 4,416 2,351 54 151,825 1,072,037 27,381 629,161 99,915 130,345 3,950 172 36,019 9,348 106,899 65,563 27,447 1,732 1,780 2,448 910 54,131 746,461 9,139 595,398 27,197 92,889 5,806 5 2,132 2,045 371,939 420,972 110,350 11,194 19,569 10,512 964 676,852 4,092,481 222,423 1,558,940 337,432 376,995 9,852 7,824 194,551 29,732 300,468 415,006 99,991 8,753 18.570 12)241 2,606 606,029 3,717,482 137,844 1,440,371 295,228 461,768 8,624 7,588 182,092 26,400 3,388,731 | 054,213 j 4,223,385 ! 2,487,217 1,741,980 8,452,582 7,801,061 6,547 LIABILITIES. Capital stock paid in Surplus fund Undivided profi ts, less expenses and taxes paid Interest and discount collected but not earned (approximate) Amount reserved for taxes accrued Amount reserved for interest accrued Due to Federal Reserve Bank Due to banks and bankers Demand deposits Certified and cashier's or treasurer's checks outstanding Time deposits United States deposits Bills payable with Federal Reserve Bank Bills payable other than with Federal Reserve Bank Cash letters of credit and travelers' checks outstanding Acceptances Other liabilities Total. Liability for rediscounts, including those with Federal Reserve Bank Ratio of reserve with Federal Reserve Bank to net deposit liability (per cent) 134551—19 470,896 I 2,273,983 | 185,903 i 334,383 | 210,320 j 153,761 • 90 i 42 | 7,647 i 24,434 I 156,400 ; 18,339 i 1,220 , 603 17,363 13.1 11.1 ! 55,246 34,919 175,934 138,854 12.8 I 10.0 7.1 10.8 11.0 85,769 906 SEPTEMBER 1,1919. FEDERAL RESERVE BULLETIN. CONDITION OF MEMBER BANKS—Continued. Abstract of reports of condition of member State banks and trust companies in each Federal Reserve district, on June 80 >1919. [In thousands of dollars, i. e., 000 omitted.] I District District District District District District District No. 7 No. 2 No. 1 No. 4 No. 6 No. 3 No. 5 (36 banks). 110 banks). (36 banks). (80 banks). (42 banks). | (57 banks). (305 banks). RESOURCES, Loans and discounts O verd rafts Customers' liability under letters of credit Customers' liability account of acceptances Liberty bonds (exclusive of liberty bonds borrowed) , Other United States bonds (exclusive of United States bonds borrowed) United States Victory notes United States certificates of indebtedness Wa r sa vi njrs and thri ft stamps actually owned Stock of Federal Reserve Bank I Othor bonds, stocks, etc. (exclusive of securities borrowed).-! Banking house I Furnituro and fixtures j Other real estate owned Lawful reserve with Federal Reserve Bank Items with Federal Reserve Bank in process of collection Due from banks and bankers Gold coinar d certificates All other ca h in vault Exchanges or clearing house, also checks on banks in same place Outside checks and other cash items I Interest earned but not collected (approximate) Other assets Total... 375,772 166 18,955 13,065 1,956,182 559 11,116 114,632 153,188 170,268 I 135 i 15,736 i 91 i 171 7,534 21,515 99 1,823 90,855 9,131 475 337 43,120 8,559 33,219 1,796 12,346 2,931 90,447 119,592 165 8,896 499,167 i 48,173 1,128 | 7,119 i 297,381 | 41,722 242,568 9,606 41,126 6,553 18,170 20 2,048 96,757 7,316 427 2,775 17,162 4,311 17,800 533 ! 4,770 13,895 1,621 936 1,617 291,794 11,987 15,076 57,104 2,992 486 820 7,128 657,007 4,021,687 376,861 29,275 31,633 10,583 1,323 2,078 1,603 605 20,582 398,443 10,560 100,126 21,187 8,798 135 131,913 166,086 43,674 5,548 10,764 5,813 277 435,475 2,252,896 181,287 254,735 , 192,518 | 184,800 i 2,221 ! 7,567 I 128,633 I 17,420 j 335,195 246 5,867 24,282 78,096 146 3 697 4,936 139,938 640 401 5,329 10,144 830,618 495 184 25,914 45,352 771 15,920 37,401 103 2,795 149,950 14,137 1,160 4,231 28,017 5,554 32,112 590 i 10,604 | 25 1,935 7,778 25 505 12,268 1,951 228 632 5,055 1,048 12,523 120 2,184 567 7,203 10,140 59 819 18,547 6,583 995 2,410 13,776 2,365 28,291 356 4,615 11.205 44;946 102,471 302 4,247 196,741 16,646 2,415 1,609 72,815 9,284 111,389 4,404 29,609 7,476 | 1,798 897 ! 2,518 226 195 119 7,631 3,113 354 30,158 12,411 1,480 1,524 681,624 131,663 264,638 1,556,249 563 1,523 60,182 13,987 570 1,038 410 1 14,456 230,243 5,164 264,176 39,871 10,740 213 2 5,867 1,718 7,041 2,448 351 125 148 16 7,270 48,967 1,443 36,507 2,023 13,793 741 3 697 230 16,540 10,856 2,827 437 410 445 10 32,393 112,442 2,641 60,211 6,940 12,296 132 1 5,728 329 74,780 6S,183 18,196 1,448 3,608 923 54 84,130 554,805 13,005 609,179 40,20i 58,956 776 175 25.824 2,003 4,021,687 376,861 681,624 131,663 75,455 2,959 LIABILITIES. Capital stock paid in Surplus fund „ Undivided profits, less expenses and taxes paid Interest and discount collected, but not earned (approximate). A mount reserved for taxes accrued Amount reserved for interest accrued Due to Federal Reserve Bank Due to banks and bankers Demand deposits Certified and cashiers' or treasurers' checks outstanding Time deposits I United States deposits 13ills payable with Federal Reserve Bank Bills payable other than with Federal Reserve Bank Cash letters of credit and travelers' checks outstanding Acceptances Other liabilities Total , Liability for rediscounts, including those with Federal Reserve Bank ""19*288 788 657,007 40,863 22,250 46,129 9,024 114 702 407 7,343 190,874 1,003 33,176 19,011 43,816 1,936 i 3,195 264,638 1,556,249 8,889 27,294 907 FEDERAL RESERVE BULLETIN". SEPTEMBEB 1,1919. CONDITION OF MEMBER BANKS—Continued. Abstract of reports of condition of member State banks and trust companies in each Federal Reserve district, on June 30, 1919—Continued, [In thousands of dollars, i. e., 000 omitted.] District District District District District No. 9 N-.ll No. 10 N'\ 12 N->. 8 (52 banks). (75 banks). (31 banks). (115 banks). (103 banks). Total United Sinios (1.042 banks). KESOUJICES. Loans f*nd discounts . Overdrafts Customers' liabi itv under letters of credit Customers' liability account of acceptances Libortv b^nd-s (exclusive of liberty "bonds borrowed) Other tJnited States bonds (exclusive of United States bonds borrowed) United States Victory notes United States certificates of indebtedness War savings and thrift stomps actually owned Stock of Federal Reserve Bank Other bonds, stocks, etc. (exclusive of securities borrowed) Banking house Furnilnre and fixtures Other real estate owned 43,879 221 97,316 580 175 3,504 28 4-22 2 (P0 ' 53 298 842 1,385 513 eo3 757 7,474 65 ? 53'> 12 089 01 500 13,712 2,331 674 1,950 8,3V0 1,341 15,044 504 2,870 2,122 1,28"? 607 329 4,318,722 3 944 11,708 179 9?5 293.548 15,897 191 f!33 300 "86 ' 975 23,P61 1,131,988 115,219 9 203 22,937 514,805 82,197 545,838 18. ('55 116,7*0 364,918 30,152 21,109 72,002 70.231 173,081 8,452,582 12.280 C 680 2; 433 224 171 173 29 7,857 2.681 ' 950 108 25 36 1 4,763 39,662 569 7,415 761 3,202 1,968 .2 50 121 12.233 60,642 2,010 60,505 520 9,741 819 25 898 321 371,939 420', 972 110,350 11,194 19,509 10.512 '964 676,852 4,092,481 222,423 1,558,940 337;432 £70,995 9,852 7.824 194', 551 29,732 94,574 1,038 70.231 3; 830 173,681 3,956 8,4f>?,582 175,934 180.836 '^73 34 7 000 9,745 18 11,860 19 743 39 1,?45 38,079 5,9C9 778 1,045 16,435 5,927 22,071 659 3, ('86 4,770 1,037 558 488 56,154 121 54,408 156 2,625 25 1,256 A 937 32 270 5,88.1 1,036 318 215 3,757 28S 10.431 ' 193 1,556 833 509 129 105 3,497 1 025 3' 230 17 209 8.589 ' 561 150 190 5.357 1,308 11,323 142 1,648 1.724 '737 69 105 333,696 90,671 94,574 22,750 18,868 4,333 774 459 352 6,823 2,289 1,011 53 115 85 4,625 2,344 S84 244 74 87 12,969 27,067 902 25,857 1,174 1,890 336 12,589 46,780 1,878 21,352 791 2,740 150 1 Other liabilities 32,649 123,660 1,901 75,701 12.390 26;157 1,435 48 7,003 5,210 40 Total Liability for rediscounts, including those with Federal Reserve Bank... 333,636 5,409 90,671 1,090 Items with Federal Reserve Bank in process of collection Due from banks and bankers Gold coir and certificates All other ensh in vault Exchanges for clearing house, also chocks on banks in same place Outside chocks and other cash items ". Interest earned but not collected (approximate) Other assets Total 494 3.610 '430 8,467 52 1,757 555 345 48 LIABILITIES. Capital stock paid in Surplus fund " . Undivided profits, less expenses and taxes paid Interest and discount collected but not earned (approximate) Amount reserved for taxes accrued ~. Amount reserved for interest accrued Due to Federal Reserve Bank Due to banks and bankers . . Certified and cash'ers' or treasurers' checks outstanding Time deposits United States deposits Bills payable other than with Federal Reserve Bank Cash letters of credits and travelers' checks outstanding 908 FEDERAL RESEEVE BULLETIN. SEPTEMBER 1,1919. CONDITION OP MEMBER BANKS—Continued. Abstract of reports of condition of all member banks of the Federal Reserve System on June 30, 1919, arranged by classes (including 7,780 national banks and 1,042 State banks and trust companies). [In thousands of dollars; i. e., 000 omitted.] Central reserve citybanks. New York Chicago (64 banks). (20 banks). Other Total central reserve reserve city banks city banks (100 banks). (519 banks). Country banks (8,203 banks). Total United States banks), June 30, 1919. Total United States (8,725 banks), Mar. 4, 1919. RESOURCES. 112,721 28,200 160,050 37,997 5,101,076 1,657 12,869 272,917 524,573 462,873 164 22,403 778,354 84,085 1,438 9,136 799,934 138,571 485,808 147,005 4,535,413 5,250 1,769 151,175 548,774 674,214 1,107 25,411 833,779 137,582 9,142 25,324 474,673 197,595 763,288 155,128 832,979 24,035 2,973 22,018 85,275 60,004 8,792 396 728 1,493 902,896 35,294 3,928 23,349 87,141 227,144 44,061 11,136 15,098 18,504 7,795,376 1,626,259 9,895,471 228,050 Capital stock paid in 315,574 Surplus fund 121,289 Undivided profits,less expenses and taxes paid 15,798 Interest and discount collected but not eamed(approximate) 29,002 Amount reserved for taxes accrued 7,341 Amount reserved for interest accrued | Due to Federal Reserve Bank [ Due to banks and bankers f 1,372,314 Demand deposits \ 3,828,003 515,878 Certified and cashiers' or treasurers' checks outstanding.. .1 213,462 Time deposits ! 409,684 United States deposits ' 327,791 Bills payable with Federal Reserve Bank 90 Bills payable other than with Federal Reserve Bank 20,467 Cash letters of credit and traveler's checks outstanding — 233,381 Acceptances 39,953 National bank notes outstanding 87,973 United States bonds borrowed 1.590 Other bonds and securities borrowed 27', 736 Other liabilities 73,750 75,400 17,238 5,255 6,969 322 335,600 416,584 145,486 22,542 36,893 7,875 Loans and discounts Overdrafts Customers'liability under letters of credit Customers' liability account of acceptances Liberty bonds and Victory notes * Other tJnited States securities1 War savings and thrift stamps actually owned Stock of Federal Reserve Bank Other bonds,stocks, andsecuritiesL Banking house Furniture and fixtures Other real estate owned Lawfulreserve with Federal Reserve Bank Items with Federal Reserve Bank in process of collection.... Due from banks and bankers Cash in vault Exchanges forclearing house, also checks on banks in same place Outside checks and other cash items Due from United States Treasurer Interest earned but not collected (approximate) Other assets : Total 3,972,106 1,241 12,193 211,149 441,875 328,925 125 16,326 626,064 65,234 606 6,910 659,414 91,740 290,255 103,933 883,439 359 84 49,689 59,961 96,044 27 4,355 110,761 10,705 85 369 5,253,982 14,890,471 17,993 11,086 14,789 151 440,411 16,319 860,721 1,934,068 960,381 2,097,468 4,092 82,729 34,915 1,335,834 2,947,967 402,726 181,059 45,402 34,822 68,775 34,315 1,723,774 449,167 369,612 33,446 875,978 2,125,074 559,433 257,300 13,420,315 16,991 10,688 432,072' 1,340,082 3,476,676 6,243 81,376 2,880,868 388,908 42,785 68,324 1,632,526 337,484 2,136,571 563,788 1,188,101 109,046 38,484 67,362 114,681 709,454 74,675 45,676 57,867 87,400 8,855,567 10,492,691 29,243,729 27,810,769 441,943 410,257 129,196 22,223 15,955 5,660 5,602 1,418,335 3,812,573 105,091 1,118,924 307,272 552,399 17,457 2,752 154,389 171,249 98,883 2,800 62,607 712,249 1,489,792 465,875 1,292,716 482,889 208,207 66,306 21,541 60,227 7,379 24,302 10,767 11,876 6', 274 398,816 3,650,502 4,690,507 13,195,072 704,349 59,414 2,754,192 4,343,382 902,339 122,794 405,333 1,368,112 68,136 50,289 24,875 294 486,586 16,620 676,657 454,347 40,712 233,638 2,307 6,697 64,774 175,276 1,466,268 1,269,007 458,601 63,088 59,711 26,562 10,473 3,797,242 12,273,002 435,834 4,092,477 884,280 1,476,397 56,322 17,955 451,265 673,386 171,105 6,841 120,973 58,061 29,691 23,420 28,915 LIABILITIES. Total... Liability for rediscounts, including those with Federal Reserve Bank | Ratio of reserve with Federal Reserve Bank to net deposit liability (percent) 1,833,351 4,691.992 539', 844 470,266 472,273 410,380 390 21,829 295,577 51,061 94,043 1,590 47,895 13,489 ' 375,486 689,472 20,852 191,099 43,977 61,830 300 756 49,717 347 7,795,376 1,626,259 9,895,471 8,855,567 10,492,691 29,243,729 27,810,769 178,705 27,650 215,608 221,619 175,278 612,505 527,750 14.3 12.4 14.0 10.2 7.8 10.6 1 Exclusive of securities borrowed by State bank and trust company members. INDEX. Acceptance liabilities of^member banks 852 Acceptances: Banks granted authority to accept up to 100 per cent of capital and surplus 856 Drafts secured by warehouse receipts, ruling by Board on 858 Holdings during July, distributed by classes.. 885 Purchases during July, also average rates and maturities 884 Renewal of, ruling by Board on 858 Agricultural paper held by Federal Reserve Banks during July. ."\ 885 Bank of Italy, assets and liability items, 1913-1919.. 840 Bank transactions, debits to individual account.. 878-881 Banking situation, discussion of 820 Branches of Federal Reserve Banks established at Los Angeles and Nashville 821 Branches, foreign, of American banks, list of 854 Broderick, J. A., resignation of, as secretary to the Board ." 821 Business and financial conditions during August... 822 Special reports by Federal Reserve agents 827 Certificates of indebtedness 813 Charters issued to national banks during August 855 Charts: Map showing States in which banks remit at par. 888 Note circulation in Italy, 1914-1919 844 Check-clearing system: Growth of par list 586 Map showing States in which banks remit at par. 888 Number of nonmember banks on par list 886 Operations during August 886 Par list, number of banks on.. 886 Clearing-house bank debits 87S-881 Collateral notes held by Federal Reserve Bank3 during July 885 Commercial failures reported 856 Cost of living, discussion of 813 Credit expansion 814 Crop statistics, by Federal Reserve districts 852 Debits to individual account 878-881 Director of Federal Reserve Bank of Minneapolis, 0. II. Benedict elected as Class C 821 Discount and interest rates prevailing in various centers 864-866 Discount operations of Federal Reserve Banks: July, by classes of paper 882 Member banks, number of, accommodated in July 882 Discount rates in effect 902 Earning assets of Federal Reserve Banks held during July 883 England's adverse trade balance, statement by Lloyd-George regarding 816 Errata, August Bulletin 852 Europe's economic situation, statement of the British Chancellor of the Exchequer regarding... 815 Exports. (See Imports and exports.) Federal Reserve agent's fund, transactions through. 877 Federal Reserve Banks, resources and liabilities of. 889-893 Federal Reserve notes: Circulation compared with changes in the general price level 838 Increase in circulation of, not cause of inflation of prices 813 Note accounts of Federal Reserve Banks and agents 894 Fiduciary powers granted to national banks 856 Foreign banking: Banking and economic conditions in Italy 840 Changes in the German Reichsbank's gold reserve 847 Comparative table showing note circulation, deposits, and gold and silver holdings of principal banks of issue at outbreak of war 848 Foreign branches of American banks, list of, to date. 854 Foreign credits, discussion of 819 Foreign exchange: Discussion of situation 817 Rates in Italy on Paris, Switzerland, London, and New York 846 Restrictions regarding exchange transactions in Russian rubles *" 853 Georgia banking laws, amendments to 859 German Reichsbank, gold reserves of, compared with note circulation and deposits 847 Gold: Held by the German Reichsbank compared with note circulation and deposits 848 Imports and exports 821, 901 Movement of, compared with changes in the general price level 1 838 Gold settlement fund transactions 876 Governor of Board, Hon. W. P. G. Harding redesignated for ensuing year 821 Imports and exports: Quantities and values of principal exports, 1914-1919 849-852 Gold 821, 901 Silver 901 Index numbers of wholesale prices 860,863 Inflation of currency 813 Interest and discount rates prevailing in various cities 864-^866 Investment operations of the Federal Reserve Banks during July 883 Italy: Banking and economic conditions in, 19141919 840-847 Exchange rates in, on Paris, Switzerland, London, and New York 846 Gold holdings, note circulation, etc 841 War debt of .* 845 Law department: Amendments to Georgia banking laws 859 Live-stock paper held by Federal Reserve Banks during July 885 Loans to foreign Governments, discussion of 819 Maturities: Acceptances purchased during July 884 Bills discounted during July '. 884 Bills discounted and bought, also Treasury certificates 893 Member banks: Abstract of reports of condition of 903 Number of, discounting during July 882 Number of, in each district.. „' 882 Resources and liabilities of, in selected cities. 896-900 Money, stock of, in the United States 902 National banks: Charters issued to, during August 855 Fiduciary powers granted to, during August... 856 Open-market" operations of the Federal Reserve Banks 882 i II INDEX. Par list. (See Check clearing.) Page. Physical volume of trade 867-875 Prices: Changes in price level compared with movement of gold, reserves, and note circulation of Federal Reserve Banks 838 In England, statement by former British Premier regarding :. 816 Wholesale, in the United States, monthly index numbers of 860-863 Rates: Acceptances purchased during July 884 Bills discounted by Federal Reserve B a n k s . . . 884 Discount, in effect 902 Earning assets of Federal Reserve Banks....... 884 Interest and discount rates prevailing in various centers 864-866 Reserves of Federal Reserve Banks compared with changes in price level 838 Resources and liabilities: Page. Member banks, in selected cities 890-900 Federal Reserve Banks 889-893 Review of the month 813 Rulings of the Federal Reserve Board: Renewal acceptances 858 Acceptance of drafts secured by warehouse receipts * 858 Russian rubles, restrictions regarding importation of or exchange transactions in 853 Silver, imports and exports of 901 State banks and trust companies admitted to system during August 855 Trade balances, discussion of 816 Trade, physical volume of 867-875 Treasury certificates of indebtedness 813 Trust companies. (See State banks and trust companies.) Wholesale prices in the United States, monthly index numbers of 860-863 o FEDERAL RESERVE DISTRICTS * O 1919 FEDERAL RESERVE BANK CITreS FEDERAL/RESERVE BRANCH CITIES The branches at Helena, Mont., Los Angeles, Cal., and Nashville, Tenn., have been authorized by the Federal Reserve Board but are not yet open for business.