Full text of Federal Reserve Bulletin : April 1921
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FEDERAL RESERVE
BULLETIN
(FINAL EDITION)
ISSUED BY THE
FEDERAL RESERVE BOARD
AT WASHINGTON
APRIL, 1921
WASHINGTON
GOVERNMENT PRINTING OFFICE
1921
FEDERAL RESERVE BOARD.
EX OFFICIO MEMBERS.
A. W. MELLON,
Secretary of the Treasury, Chairman.
D. R. CRISSINGER,
W. P. G. HARDING, Governor.
EDMUND PLATT, Vice Governor.
ADOLPH C. MILLER.
CHARLES S. HAMLIN.
Comptroller of the Currency.
W. W. HOXTON, Secretary.
WALTER S. LOGAN, General Counsel.
W. L. EDDY, Assistant Secretary.
W. M. IMLAY, Fiscal Agent.
H. PARKER WILLIS,
J. F. HERSON,
Chief, Division of Examination and Chief Federal
Reserve Examiner.
J". E. CRANE,
Acting Director, Division of Foreign Exchange.
R. G. EMERSON, Assistant to Governor.
Director, Division of Analysis and Research.
M. JACOBSON, Statistician.
E. A. GOLDENWEISER, Associate Statistician.
E. L. SMEAD,
Chief, Division of Reports and Statistics.
OFFICERS OF FEDERAL RESERVE BANKS.
Federal Reserve Bank of—
Chairman.
Frederic H. Curtiss..
Chas. A. Morss
Benj. Strong
C. C. Bullen
W. W. Paddock
J.-H. Case
L. F. Sailer
G. L. Harrison
E. R. Kenzel
George W. Norris.
E. R. Fancher....
Wm. H. Hutt,jr
M. J. Fleming
Frank J. Zurlinden
C. A. Peple
R. H. Broaddus
A. S. Johnstone2
John S. Walden 2
L. C. Adelson
J. L. Campbell
C. R. McKay
S. B. Cramer
Boston
New York..
Pierre Jay
Philadelphia
Cleveland
Richmond
R. L. Austin
D.C.Wills
Caldwell Hardy...
Atlanta
Chicago
Joseph A. McCord.
M. B. Wellborn.
Wm. A. Heath
J. B. McDougal.
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Wm. McC. Martin..
JohnH. Rich
D. C. Biggs
R. A. Young
J.Z. Miller, jr
R. L. VanZandt..
J. U. Calkins
George J. Seay
AsaE. Ramsay..
Wm. F. Ramsey.
John Perrin
1
Controller.
Deputy governor.
Governor.
2
O. M. Attebery
W. B. Geery
S.S.Cook
C. A. Worthington
Lynn P. Talley
Wm.A.Day
Ira Clerks
L. C. Pontiouss
3
Assistant to governor.
Cashier.
W. Willett.
L. H. Hendricks.i
J. D. Higgins.i
A. W. Gilbart.i 1
Leslie R. Rounds.
J. W. Jones.i
W. A. Dyer.
H. G. Davis.
Geo. H. Keesee.
M. W. Bell.
| W. C. Bachman.i
i F. J. Carr.i
K. C. Childs.i
J. H. Dillard.i
D. A. Jones.1
O. J. Netterstrom.1
A. H. Vogt.
Clark Washburne.1
J. W. White.
Frank C. Dunlop.1
B. V. Moore.
J. W. Helm.
Sam R. Lawder.
W. N. Ambrose.
Assistant deputy governor.
MANAGERS OF BRANCHES OF FEDERAL RESERVE BANKS.
Federal Reserve Bank of—
New York:
Buffalo branch
Cleveland:
Cincinnati branch
Pittsburgh branch
Richmond:
Baltimore branch
Atlanta:
New Orleans branch
Jacksonville branch
Birmingham branch
Nashville branch
Chicago:
Detroit branch
St. Louis:
Louisville branch
Memphis branch
Little Rock branch
Manager.
Ray M. Gidney.
L. W. Manning.
Geo. De Camp.
Morton M. Prentis.
Marcus Walker.
Geo. R. De Saussure.
A.E.Walker.
J. B. McNamara.
R. B. Locke.
W. P. Kincheloe.
.* J. J. Heflin.
A. F. Bailey.
Federal Reserve Bank of—
Minneapolis:
Helena branch
Kansas City:
Omaha branch
Denver branch
Oklahoma City branch
Dallas:
El Paso branch
Houston branch
San Francisco:
Los Angeles branch
Portland branch
Salt Lake City branch
Seattle branch
Spokane branch
Manager.
0. A. Carlson.
L. H. Earhart.
C. A. Burkhardt.
C. E. Daniel.
W. C. Weiss.
E. F. Gossett.
C. J. Shepherd.
Frederick Greenwood.
R. B. Motherwell.
C. R. Shaw.
W. L. Partner.
SUBSCRIPTION PRICE OF BULLETIN.
The FEDERAL RESERVE BULLETIN is the Board's medium of communication with
member banks of the Federal Reserve System and is the only official organ or periodical publication of the Board. It is printed in two editions, of which the first
contains the regular official announcements, the national review of business conditions, and other general matter, and is distributed without charge to the member
banks of the Federal Reserve System. Additional copies may be had at a subscription price of $1.50 per annum.
The second edition contains detailed analyses of business conditions, special
articles, review of foreign banking, and complete statistics showing the condition of
Federal Reserve Banks. For this second edition the Board has fixed a subscription
price of $4 per annum to cover the cost of paper and printing. Single copies will
be sold at 40 cents. Foreign postage should be added when it will be required.
Remittances should be made to the Federal Reserve Board.
No complete sets of the BULLETIN for 1915, 1916, 1917, or 1918 are available.
TABLE OF CONTENTS.
General summary:
p age.
Review of the month
-%
373
Business, industry, and finance, March, 1021
:
384
Condition of the acceptance market
394
The value of work on business conditions to the economic advisers of banks
396
American shipping earnings and the balance of trade
400
Forms of commercial letters of credit
410
Official:
Rulings of the Federal Reserve Board
418
State banks and trust companies admitted to the system
415
Charters issued to national banks
417
Banks granted authority to accept up to 100 per cent of capital and surplus
417
Fiduciary powers granted to national banks
416
Business and financial conditions abroad:
England, France, Italy, Germany, Sweden, Netherlands
420
Annual report of the Bank of France
434
Business and finance in Italy, by Riccardo Bachi
437
Price movement and volume of trade:
Domestic—
Wholesale prices in the United States
442
Foreign trade
445
Physical volume of trade
446
Retail trade
460
Wholesale trade
462
Commercial failures
417
Foreign—
Comparative wholesale price levels: United States, England, France, Italy, Germany, Sweden,
Japan, Australia, Canada, and India
463
Wholesale prices of groups of commodities: United States, Australia, Canada, India
464
New index number of wholesale prices for Italy
465
Monetary and banking statistics:
Discount and open-market operations of Federal Reserve Banks
466
Condition of Federal Reserve Banks
473
Federal Reserve note account
479
Condition of member banks in leading cities
480
Abstract of condition reports of member banks.
497
Bank debits
486
Operations of the Federal Reserve clearing system
491
Gold and silver imports and exports
492
Money outside the Treasury and Federal Reserve system
496
Foreign exchange rates
494
Discount and interest rates in various centers
495
Discount rates approved by the Federal Reserve Board
496
Charts:
Index number of wholesale prices in the United States—constructed by Federal Reserve Board for
purposes of international comparisons
447
Physical volume of trade
'
448
Movement of principal assets and liabilities of Federal Reserve Banks
475
Movement of principal assets and liabilities of member banks
481
Debits to individual accounts
487
IV
FEDERAL RESERVE BULLETIN
VOL.
7
APRIL, 1921.
REVIEW OF THE MONTH.
Fiscal operations during the month of March
have, as usual, been greatly
S U y affected by the payment of the
finance * *
first installment of the income
and excess-profits taxes which was received on
March 15. Ordinary receipts are officially
reported on March 31 for the month as
$921,627,602.72 and ordinary disbursements as
$536,476,360.91, leaving a surplus of $385,151,241.81. This showing may well be contrasted with that of 1920, for which year the
operations of the month of March showed on
ordinary account a surplus of $561,500,064.36.
The same phenomenon that has been observed
on former occasions was noted in connection
with this latest installment of the income and
excess-profits taxes. Money tended to become
less abundant and interest rates firmer during
the few days prior to the payment of the
tax, while for a few days after March 15
there was an easing of the rates. In the
securities markets there was some evidence
from time to time that bonds and stocks were
being sold by holders in order to obtain funds
with which to liquidate their obligations to the
Government. Either for this cause, or owing
to it in combination with other factors, there
was considerable liquidation during the days
shortly before March 15 and a corresponding
tendency to depression of securities prices.
Receipts on income and excess-profits tax
accounts were officially announced by the
Secretary of the Treasury in a statement
issued on March 31 as "slightly over $700,000,000."
The Secretary of the Treasury finding that
about $500,000,000 of Treasury certificates
matured on March 15, with about $118,000,000
additional on April 15 (while semiannual interest on the third Liberty loan was also falling due
on March 15), decided to offer a new issue of certificates of indebtedness amounting to $400,-
No. 4
000,000 in two series, both dated March 15, the
one running six months and bearing 5J per cent
interest, the other twelve months and bearing
5 | per cent interest. This issue was largely
oversubscribed, the total subscriptions received
in the various districts being $503,436,500, while
allotments finally made were $481,803,000.
The general debt situation up to the 1st
of March was reviewed by the
Debt condiSecretary
of the Treasury in a
tion.
statement issued on March 9,
in which he showed that there was a net current surplus for the first eight months of the
fiscal year, closing February 28, 1921, of
$186,115,000. Commenting upon this situation, the Secretary of the Treasury said:
"This showing is particularly encouraging in
view of the fact that during these eight months
there have been extraordinarily heavy expenditures, but only two quarterly payments of
income and profits taxes. Ordinary receipts
up to February 28, 1921, have amounted to
$3,433,411,141.36, as against ordinary disbursements during the same period of $3,247,295,635.83 (or at the rate of almost $5,000,000,000
a year). Of these disbursements about $750,000,000 have represented expenditures of the
War Department, about $450,000,000 expenditures of the Navy Department, about $475,000,000 payments to the railroads under the
transportation act, 1920, and about $550,000,000 payments of interest on the public debt—
a total of about $2,225,000,000 under these four
main headings. In the four months which remain of the fiscal year there will be two further
quarterly payments of income and profits taxes,
both based on the business of the calendar year
1920. While it is impossible to estimate these
tax payments with accuracy, and the prospects
are that expenditures will continue heavy for
sometime to come, the Treasury expects that
the operations of the first three quarters of the
year, through March 31, 1921, as well as the
completed year's operations, will show some
surplus of receipts over expenditures.
" The gross debt of the Government on February 28, 1921, amounted to $24,051,684,728.28,
on the basis of Treasury daily statements, while
373
374
FEDERAL RESERVE BULLETIN.
on the same date the floating debt (loan and
tax certificates unmatured) amounted to
$2,484,032,000. These figures contrast with a
gross debt on December 31, 1920, of $23,982,224,168.16, and a floating debt on the same
date of $2,300,656,000. As a result of the
Treasury's operations on March 15, 1921, these
increases in gross debt and floating debt (which
are to be expected in the odd months when no
quarterly income and profits-tax payments are
made) should be largely offset and perhaps
overcome. The progress to be made during
the balance of the current year in the retirement of gross debt and floating debt will depend, of course, upon the extent of the demands
made upon the Treasury and the volume of its
receipts from taxes and salvage. This progress
is likely to be seriously limited by reason of the
heavy railroad payments to be expected during
the next two or three months.
" These figures as to the public debt and the
current operations of the Treasury show that
the country's finances are sound, but that the
situation calls for the utmost economy. The
Nation can not afford extravagance, and so far
as possible it must avoid entering upon new
fields of expenditure/'
Of considerable significance, both in public
and private finance, as noted by
Distribution of t h e Secretary
of the Treasury in
J
APRIL, 1921.
proved April 23, 1918. Pittman Act certificates to the amount of $5,000,000 were retired
on February 28, 1921, out of the general fund
and $5,000,000 additional were similarly retired
on March 29. The Treasury expects to continue to retire Pittman Act certificates not
required to secure issues of Federal Reserve
Bank notes at the rate of about $5,000,000 per
month. Pursuant to the terms of the Pittman
Act, the Treasury is also coining into standard
silver dollars the silver bullion purchased under
the act. Silver certificates will be issued in
regular course against the standard silver dollars so coined, and Federal Reserve Bank notes
and Pittman Act certificates pledged to secure
them will be retired in corresponding amounts.
Pittman Act certificates to the amount of $2,000,000 have been retired up to March 31,
1921, as the result of the coinage of standard
silver dollars. This means that the total
amount of Pittman Act certificates outstanding has been reduced from $259,375,000 on
December 31, 1920, to $247,375,000 on March
31, 1921."
A development of some importance which
has taken place during the past
Costs of borrow- month was the announcement
ing.
on March 12 of a reduction in
the British treasury bill rate
Treasury certifi*
cates.
the statement already quoted, of one-half of 1 per cent, making the
is the fact that on March 4, new rate 6 per cent. This corresponds to
1921, reports to the Federal Reserve Board the rates of 5£ per cent and 5J per cent set
showed that there were pledged with the Fed- by the Secretary of the Treasury on the
eral Eeserve Banks only about $110,000,000 new $400,000,000 offering, to which reference
of Treasury certificates, or less than 5 per cent of has just been made. I t had been supposed
the aggregate amount of loan and tax certificates by some that this reduction in the treasthen outstanding. Further information shows ury bill rate foreshadowed a reduction in the
that the banks which regularly report to the Fed- Bank of England's discount rate, but to date
eral Reserve Board were at the close of Febru- the existing rate of 7 per cent has been mainary holders of only about $235,000,000 of certifi- tained. The action of the British treasury apcates as compared with some $673,000,000 a pears to be due to an improvement in the inyear earlier. The success in reducing the vestment market for treasury bills sufficient to
amount of certificates held by the banks enable the treasury to effect a saving in the
has thus been very great, and the distribution cost of money to the treasury for current borof them among investors who hold them for rowings—a saving which is of considerable
the sake of their income yield tends to relieve importance in view of the large volume of
the banks in a corresponding degree.
treasury bills outstanding. Such saving is esThe following statement was issued by the timated at approximately 6,000,000 pounds
Secretary of the Treasury on April 1:
sterling per annum. On February 26, 1921,
.
" The Treasury has begun the the treasury had outstanding in bills some
Retirement of vpfirprnpnt of the Q-nppial Trpq<aFederal Reserve r e t i r e m f ™ °} tne special lreas- 1,110,000,000 pounds sterling. While there is
Bank notes*
^J certificates oi indebtedness
issued to secure Federal Re- no definite knowledge as to the division of this
serve Bank notes under the Pittman Act ap- issue of bills between the banks and the public,
APRIL, 1921.
FEDERAL RESERVE BULLETIN.
it is supposed that an increasing amount of
them has been transferred to investors as a
result of the same factors which have been at
work in the United States. According to a recent writer on English public finance, "it is
probable that some of the banks treat treasury
bills as equivalent to cash, while others treat
them as investments or as discounted paper.
It is interesting to note that most of the debt
of the Government must be held outside of the
banks, as the entire increase in the assets of the
banks, outside of plant, from the close of 1913
to the close of 1919, amounting to around
1,200,000,000 pounds sterling, was only about
one-sixth the increase of the debt." There
has been a tendency to a reduction in investment rates in Great Britain, while in the
United States little change in the position of
the market has thus far occurred. At the
present time there is every reason to think that
the demand for capital is and will be likely to
continue strong for a good while to come, every
additional increment of new funds being apparently rapidly taken up by borrowers to satisfy
some purpose either of capital investment or
new financing.
Money rates have remained steady during
the month of March, there
Money rates.
being practically no fluctuation in the charge for commercial paper of
ordinary maturities. In the stock market
the usual slight pressure for funds, due, it is
currently supposed, to the effort of taxpayers
to prepare for the payment regularly made
to the Government on that date, was perceptible
prior to the 15th of the month. Immediately
following there was the usual relaxation paralleling that which was noticeable immediately
after the last quarterly tax payment on
December 15, 1920. Call-money rates were
reduced in the New York and other markets
from 7 per cent to 6 per cent on several successive dates following the liquidation of the tax
payments, although the "ruling rate" for the
period remained at 6^ to 7 per cent. Outside
of regular stock exchange transactions, however, call money was lent after March 15 as
low as 5 per cent in considerable sums by
private arrangement. The demand for in-
375
vestment funds as well as for bank loans has
continued urgent and accumulations of such
funds when made from time to time have
been promptly swept off the market without
satisfying the demand. Not only is there
a great amount of domestic developmental
work requiring capital to be done, but
European conditions have been such as to open
a large field for spare or surplus resources of
every description when available in this
market. Many foreign enterprises have shaped
their affairs with a view to arranging their
financing in the United States whenever circumstances appeared to warrant it. All this
creates a situation in which the most careful
conservation of funds and the avoidance of any
policy which would result in speculative uses
for such funds is imperative. The Secretary
of the Treasury in his first statement to the
banks expressed this point of view with reference to public finance when he said that " the
Nation can not afford extravagance, and, so
far as is possible, it must avoid entering upon
newfieldsof expenditure. * * * The people
generally must become more interested in
saving the Government's money than in
spending it.77 This is a view of the situation
which applies also to the use of savings funds
by private investors and to the policy to be
adopted by banks in regard to the use of resources intrusted to them by depositors and
others.
Owing to the importance of the acceptance
market as a means of employAcceptance
ing spare funds of member
market.
banks, as well as in other ways,
the Federal Reserve Board has requested each
Federal Reserve Agent to transmit to it each
month as an element in his monthly report a
brief summary of acceptance market conditions in the district as they exist at the
time the report is rendered. This report of
acceptance conditions will be made public
immediately after the compilation of the
Board's own statement of business conditions
and will be issued in connection therewith as
a press statement. Such a review of acceptance market conditions throughout the country
is published in this issue of the BULLETIN for
the first time.
376
FEDERAL RESERVE BULLETIN.
APRIL, 1921.
In speaking of the development of the ac- The following table continues the figures furceptance market in the New York district nished from month to month in former issues:
during the past year, the Federal Reserve
Federal Reserve Banks.
Bank of New York^ in its annual report, says:
Especially effective has been the work * * * in
educating country member banks to avail themselves
much more freely than heretofore of the services of this
bank in purchasing bankers' acceptances. This service
was opened to out-of-town member banks in 1919. During that year 873 acceptances, aggregating $8,199,947,
were bought for 38 member banks. In 1920, 4,825 acceptances, aggregating $42,424,017, were bought for 230
member banks, mainly the smaller of the country institutions.
Purchases for member banks are made on their order,
either of particular bills or of an approximate amount of
given maturities of such names as this bank buys for its
own account. Such bills always bear a banking indorsement other than that of the acceptor, thereby becoming
three-name paper of the class to which this bank's own
purchases are confined. Paper bought for member
banks is held, if desired, for their account, for collection,
or such other disposition as they may direct. No charge
is made for this service.
These purchases were of substantial benefit in developing a broader discount market.
The striking features during the month in connection with the Federal Re*"* s e r v e Bank position have been
the continued tendency to moderate reduction in note circulation and the
continuing reduction of discounts. The bills
secured by Government obligations have continued at practically the same level during
the month, although showing a very slight
increase during the second and third weeks of
the period. Reduction in the total amount
of inter-Federal Reserve Bank discounts,
which have reached the lowest level for a good
many months past with a figure of $12,400,000
on March 4, indicates the continuous liquidation of the advances which had been made
for seasonal accommodation and for the carrying of operations growing out of the crop
movement of last autumn. Federal Reserve
Agents report an improving condition of
liquidity and of reserve position, which has
continued steadily throughout the month and
which has been reflected in the increasing
strength of the combined reserve ratio for the
entire system. This figure on the last report
date of the month (March 25) stood at 50.8
per cent (calculated in the revised manner).
[In millions of dollars.]
Bills discounted.
Secured
Date.
United
States
Government obligations.
982
1,006
1,000
1,010
Mar.4
Mar.ll
Mar. 18. .
Mar.25
AH
other.
Federal
Reserve
Total
notes in
deposits. actual
circulation.
1,360
1,362
1,225
1,276
1,786
1,844
1,775
1,841
3,043
3,006
2,963
2,931
Conditions at the member banks reflect
tendencies parallel to those
m e m L e r t X which have exhibited themselves in the portfolios of
Federal Reserve Banks. Slow but steady
reduction in the amount of loans to customers
has been characteristic of the month, demand
deposits showing an even larger decrease for
the period. The amount of accommodation
extended to reporting member banks by Federal Reserve Banks has maintained substantially the same level up to March 18, the
figures varying slightly about an average of
some $1,850,000,000. On the latter date,
owing to the extensive loan liquidation by
member banks in connection with redemption of tax certificates on March 15, total
accommodation of ureporting77 member banks
shows a reduction to $1,719,000,000, followed by an increase to $1,764,000,000 on the
following Friday. This situation is briefly presented in the following table:
Reporting member banks.
[In millions of dollars.!
Date.
Mar.4
Mar.ll
Mar. 18
Mar.25
Number
of banks
reporting.
Loans (including rediscounts) and
investments
(including
United States
securities).
Rediscounts
and bills
payable with
Federal Reserve Banks.
824
824
824
823
16,052
15,975
16,076
15,983
1,832
1,854
1,719
1,764
Net
demand
deposits.
10,518
10,535
10,376
10,186
APEIL, 1921.
Member bank portfolios in some parts of the
country still contain a considerable amount of
nonliquid paper representing the carry-over
of crops from last autumn, but the fact that
the position of city institutions has eased
considerably during the period shows that
there has been a process of interbank settlement growing out of the continued movement
of agricultural products to market. On the
other hand, the reduction of business activity,
especially in manufacturing districts, has in
some measure curtailed the pressure of demand originating with business institutions for
accommodation to be furnished by their own
banks and has in appropriate degree diminished
the necessity of member banks for reliance
upon additional rediscounts. Agricultural reports from all parts of the country are favorable, one element in them being the probability
of a materially reduced cost of production
during the coming season. This reduction in
cost is believed likely to result from a lower
expense for labor, as well as to some extent
from the lowering in the cost of supplies needed
by the farmer. Complaint is made that this
reduction in cost of supplies has not proceeded
as rapidly as the reduction in the cost of the
farmer's own products, a situation which has
inflicted hardship upon the agricultural community in some regions. The outlook for more
economical production during the coming
season, however, should materially improve
the credit situation in the farming regions.
As a whole, no pronounced change is evident
in the general business situaBusiness situ- tion. There has, however, been
ation.
improvement in some leading
industries, such as textiles, footwear, and
automobiles, which has been based in large
part on orders for immediate delivery. The
Board's business condition indexes continue
to show decreases in the majority of cases, but,
as is well known, they apply to a period which
is a month old at date of publication. . The
usual table, reflecting conditions up to the end
of February, is herewith furnished.
377
FEDERAL, RESERVE BULLETIN.
January,
1921.
February,
1921.
February,
1920.
Rela- Total. Rela- Total. RelaTotal. tive.
tive.
tive.
Receipts of live stock at 15
western markets (in thousands of head)
5,667
Receipts of grain at 17 interior
centers (in thousands of
bushels)
98,732
Sight receipts of cotton (in
1,154
thousands of bales)
Shipments of lumber reported
by three associations (in
millions of feet)
526
Bituminous coal production
(in thousands of short tons). 40,270
Anthracite coal production
(in thousands of short tons). 1,419
Crude petroleum production
(in thousands of barrels) — 37,853
Pig iron production (in thou2,416
sands of long tons)
Steel-ingot production (in
2,203
thousands of long tons)
Cotton consumption (in thou366
sands of bales)
4,738
105.7 4,481
100
140.1 66,515
94.4 70,477
100
109.8
66.5
100
126.5
64.8
538
100.2 30,770
144.4
66.3
1,051
812
100
76.6 40,181
100
7,845 120.2
6,525
100
115.7 35,112 107.3 32,723
100
81.1
1,937
65.0
2,979
100
76.9
1,749
61.0
2,865
100
76.7
516
100
70.9
Employment conditions reflect the industrial
situation just indicated. While figures compiled by the Bureau of Labor Statistics for
various leading industries show a falling off
for the month of February as compared with
January in some lines, notably car building and
repairing, an increase of employment in others
is indicated, such as the textiles and boots and
shoes and automobile industries. Some shifting of labor to the agricultural regions has
occurred in consequence of conditions in the
industrial centers. Better domestic buying
power has been exhibited during March than
during the preceding month.
Interesting figures have been compiled by the
Department of Agriculture with
'
r e s e c t to the reserve stock
f
?
°
agricultural products which are
still held on the farms. The department shows
that on March 1 there was on the farms, taking
the country as a whole, a greater carry-over
of grains and of cotton than ever before, the
total amount of wheat, for example, on farms
at the date specified being 207,591,000 bushels.
According to the Bureau of Markets, Canada
and the United States together, on February
12, had a wheat surplus available for carryover purposes and for exports of 165,000,000
378
FEDERAL RESERVE BULLETIN.
bushels, after taking into account the various
requirements, both domestic and foreign, from
the beginning of the crop year to February 12,
1921. The figure was reached after taking
from the total crop of 1,163,000,000 bushels
estimated requirements for the two countries,
720,000,000 bushels, leaving 442,000,000 bushels as the surplus for export and carry-over, out
of which 278,000,000 bushels have already been
shipped. In cotton the carry-over is relatively larger, the total for the world being
estimated by the Department of Agriculture
as about 9,870,000 bales, while for the United
States it is 6,750,000 bales. Banking reports
from the agricultural States show that, although considerable liquidation has taken place
in the wheat and cotton raising regions, it is
still necessary for the banks to extend a substantial amount of loans for the purpose of
enabling farmers and owners of grain and
other products to carry them, pending actual
liquidation through sale in the market. In the
cotton-raising States, particularly, the process
of liquidation has been slow, although the
increasing consumptive power of the textile
mill regions is helping the situation to some
extent. Some 396,000 bales of cotton were
consumed in February as compared with
366,000 bales in January, but spinners7
takings amounted to 339,119 bales for the
month of February as against 526,718 bales
in the preceding month.
Notwithstanding the belief that the downward movement of prices had
Price changes.
c Q m e p r a c t i c a l l y t o a s t o p ^ ex_
perience during February and March has
pointed to a still further reduction. The
Board's index number for February shows a
shrinkage of 9 points as compared with the
figure for January, while since the opening of
March the figures of commercial agencies and
others show a steady reduction in prices.
Practically all price indexes are now agreed as
to the downward tendency in current values,
while retail price indexes are beginning to fall
definitely into line with the trend in wholesale
values. This has been shown during the past
month by the figures reported by the Bureau
of Labor Statistics, which reflect a falling in
retail food prices during February amounting
APRIL, 1921.
to 8 per cent. In England and France the decline in retail prices during February was about
the same as in the United States; in other foreign countries it has been less marked, but reports show that wholesale prices in practically
every country show a decisive and generally
parallel cut. While it still remains true that
in the United States wholesale prices are declining somewhat less rapidly now than was
the case during the latter part of 1920, the rate
at which reduction is proceeding is still such as
to show that the movement has not exhausted
itself as had been supposed by some when discussing the subject earlier in the year. This
process of readjustment in prices complicates
other elements in the industrial problem and
has an important bearing upon the loan policy
of the banks. Bankers who have thought it
possible to adopt a nonconstructive attitude,
merely awaiting the arrival of conditions which
would enable them to select their own course
with a view to greater safety, are recognizing
that this is practically out of the question in the
present circumstances. One thing which has
attracted unusual attention is the evidently
more or less close relationship between commodity prices and foreign exchange quotations.
As prices have declined there has naturally been
some tendency toward the restoration of more
normal values for foreign currencies. The variations in the course taken by the domestic
price levels of some countries have, however,
tended to make the exchange values of their
currencies on the New York market correspondingly variable. Changes in international price
levels have thus become a significant and important element in the establishment of exchange relationships between different nations.
Latest reports for foreign trade point to a
new trend in the general direcForeign trade.
,.
„.
tion ot business,
^ . .
lnis is seen in
the decrease of exports and the relative increase of imports. For February, exports
amounted to $489,000,000 and imports to
$215,000,000, whereas in January exports were
$655,000,000 and imports $209,000,000. There
was thus an increase of imports of $6,000,000,
or a little less than 3 per cent over January,
while exports fell off by about 25 per cent,
As a result our favorable export balance
APRIL, 1921.
FEDERAL RESERVE BULLETIN.
for the month was $274,000,000, as against
$446,000,000 in January. It remains true,
however, that for the eight months ending
February we are still about $375,000,000
ahead of the eight months ending February,
1920, our export balance being $2,370,000,000
for the period, as against $1,995,000,000 for the
preceding period. These excess shipments
have been made to those countries which were
still in position to open credits here. With
some other countries, where moratoria or
practical suspension of credits has occurred,
the indisposition of banks to finance movements of goods has practically set a limit to
the quantity of export goods which can be
shipped. In this connection, too, it is worthy
of note that our export and import figures
have during the past year tended to fall behind, so that the compilations announced for
any given month represented a condition of
trade at some earlier date and were merely the
compilations completed during the month for
which they were made public. How far this
may have vitiated the figures would be difficult
to say, but it may account for the fact that
the falling off in our export trade has so slowly
been reflected in Government figures, the
latter continuing to increase for a good while
after the date when it had been generally
realized through idle tonnage and in other
ways that a great shrinkage of foreign shipments had occurred.
The Secretary of Commerce, who has carefully reviewed the present situForeign credits.
ation in our agricultural industry both as affected by domestic and
foreign demand, has expressed the opinion
that in addition to various commercial measures which have been taken under advisement
it is desirable that the organization of Edge
Act corporations should proceed actively.
Such organization would be intended to permit
the movement of goods upon long-term credits
for the purpose of supplying temporary working funds to European industries which are
suffering from depression. Within the last
month or more there has been a considerable
379
movement of raw staples from Canada, South
America, and other parts of the world to the
United States, partly due to the fact that the
business depression in those countries was more
serious than in our own markets, while, on the
other hand, European demands for such goods
when offered for cash had partly fallen away.
The theory has been that in order to relieve
markets from the surplus of such articles as
wool, cereals, cotton, and the like, it would be
necessary to finance consumers who were
disposed to pay in long-term obligations and
thereby to reduce the supplies of such articles
pressing upon the markets not only in the
United States but in other countries. In
furtherance of this idea it has been suggested
that goods coming from outside sources should
be refused admission into the United States
in order that our financing might be employed
only for the placing of goods of domestic
origin, thus relieving our own markets at the
same time that the reorganization of European
markets was furthered by financial assistance.
The whole subject remains in abeyance pending the adoption of a national policy on the
subject.
Notwithstanding unsettled conditions in
Europe and the lack of any
Exchange
approximate
adjustment of
quotations.
questions relating to the settlement of the claims of the Allies upon Germany,
British and continental exchange quotations
have held their own at or near the levels which
prevailed at the opening of the month of March.
The stability which has thus been exhibited
has been the occasion of some surprise among
observers who had been of the opinion that
the great overhanging obligations growing
out of past unfavorable balances of trade
would inevitably tend to drag down quotations
much below their existing levels. No such
influence has been experienced, and during
most of the month the amount of exchange
offering upon the market has been very limited.
In the following table is set forth the comparative data relative to the movement of exchange
quotations during the month.
380
FEDERAL, RESERVE BULLETIN.
Foreign exchange rates, Mar. 5-Mar. 26, inclusive.
Week ended
Mar. 5.
High.
Week ended
Mar. 12.
Low.
High.
Low.
S3.9063 $3.8588 $3.9088 $3.8475
.0699
.0723 .0709 .0727
.0365
.0368 .0363 .0370
.1382
.1395
.1380 .1399
.0150
.0164 .0158 .0167
.1691
.1666
.1670 .1651
.2230
.2235 .2215 .2260
.3402
.3430 .3400 .3438
.0730
.0756 .0740 .0761
.3452
.3431
.3475 .3451
.4438
.4738 .4413 .4600
.5963
.6300 .5838 .6138
.4838
.4838 .4838 .4838
.8738
.8775 .8750 .8775
England
France
Italy
Spam
Germany
Switzerland
Sweden (Stockholm)
Holland
Belgium
Argentina
China (Hongkong)..
China (Shanghai)...
Japan (Yokohama)..
Canada
Week ended
Mar. 19.
High.
Week ended
Mar. 26.
Low.
High.
$3.9125 $3.8825 $3.9175
.0697
.0705
.0404
.0411
.0368
.1402
.1399
.1380
.0166
.0161
.0157
.1741
.1742
.1689
.2305
. 2255 .2338
.3444
.3440
.3420
.0729
.0738
.0718
.3378
.3416
.3359
.4875
.4713
.4588
.6550
.6325
.6050
.4825
.4838
.4825
.8813
.8769
.8713
England
France
Italy
Spam
Germany
Switzerland
Sweden (Stockholm).
Holland
Belgium
Argentina
China (Hongkong)...
China (Shanghai)
Japan (Yokohama)...
Canada
Low.
$3.9025
.0690
.0383
.1392
.0157
.1700
.2312
.3435
.0722
.3369
.4788
.6388
.4825
.8738
Except for the influence of the reparations
discussion, the elements entering into the price
of exchange during the month have been of a
familiar character. There has been on the
whole no further decline in the price of silver,
as evidenced by the following quotations furnished in continuation of those supplied in
former months:
Prices of bar silver in New York during March.
Week ended—
Mar. 5 . .
Mar.12
Mar. 19
Mar. 26
.
.
High.
Low
$0.5700
.5700
.5825
.5925
$0.5288
.5400
.5550
.5700
The shifting value of silver furnishes, however,
explanation of the changes in the value of
oriental exchange. In trade with South American countries and in some few others which
are in much the same position exchange quo-
APEIL, 1921.
tations have been fluctuating and weak, Argentina exchange at one time reaching a low-record
point. This has been caused by the great congestion of American goods in the ports of those
countries, due to cancellation of orders or inability to sell. In part it is the result of a falling
off in demand for goods in the United States,
which has reduced the volume of imports shipped
here except upon consignment or to await orders. In part it has grown out of the indisposition of the New York market to accept the
duty of financing foreign trade beyond a very
easily reached limit. In trade relations with
European countries more or less support for
the exchange situation has undoubtedly been
supplied through the use of credits already
established in past months and through the
fact that a substantial and increasing volume
of business has developed between the United
States and most of the European nations, while
the process of investing American capital
abroad is proceeding, even though slowly.
Holders of European balances have been in
many cases of the opinion that the tentative settlement of issues now open between the United
States and these foreign countries would result
in making much more satisfactory provision for
the furtherance of business and investment on an
international basis, and they have accordingly
been disposed, whenever possible, to hold off,
rather than to throw their holdings of foreign
currency upon the market. This, as already
seen, has tended to keep down the total volume of dealings, but it has also tended sharply
to restrict the competitive character of the
market, leaving the rates, therefore, to be established upon a somewhat technical basis in
a range of transactions which was at times
decidedly limited.
During the month ending March 10 the net
Gold and silver i n w a r d movement of gold was
imports and ex- $61,768,000, as compared with
por s
'
a net inward movement of
$33,664,000 for the month ending February 10.
Net imports of gold since August 1, 1914, were
$975,137,000, as may be seen from the following
exhibit:
FEDERAL, RESERVE BULLETIN.
APRIL, 1921.
[In thousands of dollars.]
Imports.
Aug. 1 to Dec. 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 Dec. 31,1919
Jan. 1 to Dec. 31,1920
Jan. 1 to Mar. 10,1921
Total
Exports.
Excess of
imports
over
exports.
23,253
451,955
685,745
553,713
61,950
76,534
417,181
104,304
104,972
31,426
155,793
372,171
40,848
368,185
322,091
4,012
181,719
420,529
529,952
181,542
21,102
1291,651
95,090
100,292
2,374,635
1,399,498
975,137
England furnished $15,190,000 and France
$11,967,000, or about 24 and 19 per cent,
respectively, of the $62,671,000 of gold imported during the monthly period ending
March 10, Canada, China, British India,
Sweden, Colombia, and Hongkong furnishing
most of the remainder. Of the gold exports,
amounting to $903,000, over one-half, or
$489,000, was consigned to Mexico and the
remainder to Canada, Hongkong, and Cuba.
Since the removal of the gold embargo on
June 7, 1919, total gold exports amounted to
approximately $679,899,000. Of this total
$195,414,000 was consigned to Japan, $146,555,000 to Argentina, $71,953,000 to Hongkong,
$67,396,000 to China, $41,052,000 to British
India, $29,778,000 to Spain, and the remainder
principally to Mexico, Uruguay, the Dutch
East Indies, Canada, the Straits Settlements,
and Venezuela. Net exports of gold since the
removal of the embargo have amounted to approximately $125,882,000 to March 10.
During the same monthly period the net
inward movement of silver was $1,275,000, as
compared with a net outward movement of
$634,000 for the month ending February 10.
Net exports of silver since August 1, 1914,
were $456,460,000, as may be seen from the
following exhibit:
[In thousands of dollars.]
Imports.
Total
Mexico furnished over 69 per cent, or
$2,755,000 of the $3,986,000 of silver imported
during the monthly period ending March 10,
the remainder coming principally from Canada,
Peru, Honduras, and Chile. Silver exports,
amounting to $2,711,000, were consigned
principally to England, Japan, British India,
and Panama.
Moderate
loan
liquidation,
totaling
$158,100,000 and commensuThe banking r a ^ e reduction in individual
situation.
i Excess of exports over imports.
Aug. 1 to Dec. 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 Dec. 31,1919
Jan. 1 to Dec. 31,1920
Jan. 1 to Mar. 10,1921
381
Exports.
Excess of
exports
over
imports.
12,129
34,484
32,263
53,340
71,376
89,410
88,060
10,905
22,182
53,599
70,595
84,131
252,846
239,021
113,616
12,437
10,053
19,115
38,332
30,791
181,470
149,611
25,556
1,532
391,967
848,427
456,460
deposits, are the outstanding
features of developments in the banking field
during the four weeks between February 18
and March 18, as indicated by the weekly
statement of condition of about 825 member
banks in leading cities. All classes of loans of
the reporting banks show reductions for the
period—loans secured by Government obligations, by about $21,400,000; loans secured by
corporate obligations, by $17,800,000; and
other loans and discounts, largely of a commercial character, by nearly $118,900,000.
Changes in the investment block include reductions during the four weeks of about
$7,000,000 in the holdings of United States
bonds and notes and of $44,000,000 in the
holdings of Treasury certificates during the
first three weeks of the period as against an
increase of $136,800,000 in these holdings during the succeeding week following the extensive loan operations of the Government.
Accommodation of all reporting banks at
the Federal Reserve Banks shows a further
reduction for the period from $1,846,700,000
to $1,719,210,000, or from 11.5 to 10.7 per
cent of the banks' aggregate loans and investments, this reduction occurring largely during
the last week under review, following the considerable loan liquidation by member banks.
For the member banks in New York City, a
reduction of accommodation at the local
Federal Reserve Bank from $791,500,000 to
$650,800,000, and a decline in the " ratio of
accommodation" from 15 to 12.4 per cent are
noted.
For the four weeks between February 25 and
March 25 Federal Reserve Bank reports show
further liquidation of about $109,600,000 of
discounted bills, of $47,500,000 of purchased
acceptances, and of over $4,000,000 of Treasury
382
FEDERAL RESERVE BULLETIN".
certificates. Holdings of bills secured by
Government obligations show some fluctuations and on March 25 were $6,400,000 in
excess of the February 25 holdings. Acceptance holdings show a continuous decline,
partly in consequence of the reduced supply
of foreign trade bills, partly also in response
to the greater investment demand for prime
bankers' bills by country banks in the
interior. Changes in the Treasury certificates account reflect the redemption by
the Government on February 28 of $5,000,000
of so-called "Pittman" certificates from the
St. Louis and Kansas City Reserve Banks,
also fluctuations in the holdings of special
certificates held by the Federal Reserve
Banks to cover temporary advances to
the Government. Total earning assets, in
consequence of the changes above shown,
show a decline of $161,700,000 for the four
weeks under review, and on March 25 stood at
$2,692,400,000, or $729,500,000 below the
peak figure reported on October 15 of last year.
Rediscounting operations are reported only
by the Dallas Federal Reserve Bank. On
March 25 this bank had outstanding with the
Cleveland bank a total of $14,700,000 of its
discounted bills, compared with $13,600,000
four weeks earlier. On the date mentioned, the
Cleveland and three other Federal Reserve
Banks report also among their acceptance
holdings $3,300,000 of bank acceptances taken
over from the New York Federal Reserve
Bank, compared with about $24,000,000 of
such bills held four weeks earlier.
In the weekly bank statement of March 18,
for the first time, both "uncollected items"
among the assets and "deferred availability
items" among the liabilities were disregarded
in calculating deposit liabilities and reserve
ratios. This necessitated a slight recasting of
the form of the statement, affecting mainly the
deposit block. The change, as explained on a
previous occasion (see p. 3 of the January, 1920,
BULLETIN) , tends to apply a somewhat stricter
standard of reserve computation, especially in
the case of those banks which carry a relatively
large "float." Total deposits when calculated
on the new basis, i. e., disregarding the "float,"
reached a high figure of $1,843,700,000 on
APKID, 1921.
March 11. On the following Friday, in connection with large Government operations and
substantial loan reductions, a decline of
$69,100,000 in deposits is shown, followed,
however, by an increase of $66,300,000 during
the last week under review. Weekly figures of
Federal Reserve note circulation show a further
continuous decline from $3,051,700,000 to
$2,930,700,000, or at an average weekly rate
of over $30,000,000. Since December 23, 1920,
when the seasonal return flow of currency set
in, the reduction in Federal Reserve note circulation totaled $474,200,000, with the result that
the March 25 total is $117,300,000 below the
total reported on the corresponding date last
year. There is also noted a continuous reduction in the circulation of Federal Reserve Bank
notes from $189,300,000 on February 25 to
$175,500,000 on March 25, compared with
$201,400,000 about a year ago.
Gold reserves show a further gain for the four
weeks of $70,500,000, while total cash reserves
increased about $65,000,000. Notwithstanding
the more conservative method of computing
reserves, the reserve ratio on March 18 shows a
rise to 51 per cent. On the following Friday,
because of the large increase in Government
deposits, the ratio declined to 50.8 per cent.
The Board has called a conference of the
governors of the Federal ReGovernors'
-r> -,
-i • •
.••
A
conference.
serve Banks, beginning April
12 and extending, perhaps,
through the 15th. A considerable part of this
conference will be devoted to discussion of
matters pertaining to the operation of the
Federal Reserve Banks, including fiscal agency
functions, but on Thursday, April 14, the
Board wishes to have a discussion of general
credit conditions and the best methods of providing for the needs of business and industry.
During the conference held on May 18, 1920,
the Class " A " or banker directors of the several
banks were present. This year the Board has
deemed it advisable that each Reserve Bank
be represented at the discussion on April 14 by
one of its own directors actively identified with
business, in order that there may be brought
out to best advantage the view of those who
are actual users of credit. I t has been deemed
best to limit the invitations to one director
APRIL, 1921.
FEDERAL RESERVE BULLETIN.
from each bank, and, in order that there may
be present representatives of various lines of
business and industry, the Board has endeavored to make up a selected list from among the
nonbank directors of the several Federal
Reserve Banks, with a view to securing a satisfactory representation for the different lines of
business.
On March 4 Hon. Andrew W. Mellon was
confirmed by the Senate as SecPersonnel,
retary of the Treasury, becoming thereby the Chairman of the
Federal Eeserve Board.
OnMarch 10 the name of Hon. D. M. Crissinger
was sent by the President to the Senate as
Comptroller of the Currency and was confirmed.
Accordingly, Mr. Crissinger assumed office on
March 17.
Mr. D. C. Wills, who had been commissioned
by the President a member of the Federal
Reserve Board ad interim, his term of office
ending at the expiration of the session of the
Senate which closed on March 4, reassumed
duty as Chairman of the Board and Federal
383
Reserve Agent at the Federal Reserve Bank of
Cleveland on March 5.
Index-Digest of Federal Reserve Bulletin.
The Federal Reserve Board will publish
shortly, primarily for its use and that of Federal Reserve Banks, an index-digest of the
FEDERAL RESERVE BULLETIN, prepared by Mr.
C. S. Hamlin, one of its members. The digest
covers the first six volumes of the BULLETIN,
from the years 1915 to 1920, inclusive, and
contains an abstract of all published decisions
and rulings of the Federal Reserve Board and
of the other matter contained in the BULLETIN.
The Board will print a sufficient number of
copies to supply the demand of banks and
others who may desire to purchase it.
The price will be $2 per volume, bound in
cloth in the same manner as the BULLETIN.
Subscriptions should be addressed to the Federal Reserve Board, Washington. As the edition is to be a limited one, those desiring copies
should send in their orders promptly.
384
FEDERAL RESERVE BULLETIN.
APRIL, 1921.
BUSINESS, INDUSTRY, AND FINANCE, MARCH, 1921.
The month of March shows little change from
conditions noted for the preceding month. The
uncertainties which characterized the month of
February have continued. Except in certain
special lines of industry, a waiting attitude on
the part of producers is still in evidence. The
month has therefore not shown much advance
toward the restoration of normal conditions.
There has been an increase in activity in certain important industries, notably automobiles,
textiles, and footwear. The question now
chiefly at issue is whether this increase is merely
a temporary seasonal advance or whether it represents a turn toward a higher level of general
business activity. As to this point no definite
statement can be made. In some staple lines
of industry, such as metals, improvement is
either not in evidence or, where noted, is incidental to local conditions. Better demand for
labor is apparently only a reflection of the increase in business activity in special industries,
to which reference has been made. Its significance as an economic indication is therefore
not certain. Consumptive demand on the part
of the public at large continues strong, in view
of the fact that employment still remains at a
lower level than heretofore. Keduction of
wholesale prices, as shown by the Board's index number, amounts to 9 points (or 6 per
cent) for the month of February, and current
price quotations indicate a continuation of this
reduction during the month of March at approximately the same rate. This shows that
readjustment in wholesale prices is still in progress, with, however, no clear indication as to
how long the movement will continue. In the
retail field price adjustment is, as is a matter of
common observation, slower than in the wholesale. In banking and credit, liquidation has
continued, but with very little general reduction in the total amount of credit outstanding.
Interest rates have shown little change during
the month. An attitude of greater hopefulness
on the part of the business community, and the
expression of opinion on the part of commercial
leaders that distinct improvement in domestic
conditions is in sight, represents a forecast
rather than an analysis of actual facts. The
extent to which these expectations are warranted can not be determined. In foreign
trade the continuation of some foreign moratoria and practical suspension of business with
a number of countries is reflected in a reduced
volume of trade, but this reduction is far greater
when measured in terms of value than when
measured in units of physical volume.
Agriculture.—General agricultural conditions
during the month have been characterized as
unusually favorable throughout every section
of the country. The temperature has been
fairly uniform, with but few exceptions, and no
serious damage has been done in these cases.
The abundant rainfall and snow in most
sections have given sufficient moisture for the
winter grain crops and for preparation of the
soil and the planting of the spring crops.
Winter wheat continues in excellent condition
and is somewhat earlier than usual. The
damage from winterkilling has been very small,
due to the mild weather, and practically no
reseeding will be necessary. Every district,
however, reports ravages from insect pests,
chiefly green bugs and Hessian flies. While
these ravages were checked in some sections by
cold weather, it is too early to estimate the
extent to which damage has been done. The
uneasiness felt a month ago in regard to the
fruit crop has been somewhat overcome, and
there is expectation of large yields. Reports
from district No. 11 (Dallas) indicate that
" there are good prospects that the southwestern fruit crop will escape frost damages,
and that an unusually large production of fruit
will be realized, unless the last killing frost
of the season occurs77much later this spring
than it usually does.
District No. 12 (San
Francisco) states: "Opportune rains and warm
weather have caused deciduous fruit trees to
bud and blossom profusely and, if unseasonable
frosts do not occur, their yields should be
record ones." In districts Nos. 8 (St. Louis)
and 10 (Kansas City), while the fruit crop
prospects are exceptionally good, there is still
some apprehension lest the April frosts will do
considerable damage.
Cotton.—The cotton situation during the
month has shown some interesting developments. Favorable weather conditions have
made possible the gathering of the remainder
of the cotton crop, and the latest report of the
Department of Agriculture placed the 1920
crop at about a million bales above the estimates in the previous reports. In district No.
6 (Atlanta) "the campaign for a reduction in
cotton acreage is being actively prosecuted."
There seems, however, to be a diversity of
opinion as to the extent to which reduction will
be effected. The situation is summed up in a
statement from district No. 11 (Dallas), which
says that " while the consensus of opinion
seems to indicate a reduction of about 25 per
cent in Texas, no definite and reliable information is yet available as to the State's 1921
cotton acreage." A new factor in this district's cotton acreage is a successful experiment
in cotton growing last year in the Roswell
APEIL, 1921.
FEDERAL RESERVE BULLETIN.
385
region of New Mexico, where it is reported that for oats. Receipts of wheat at Minneapolis
a large acreage will be grown this }^ear. In the and Duluth reflected the same tendency as at
sections where fertilizer is used, it is apparent the four markets in district No. 10 (Kansas
that the farmer, in an effort to reduce cost of City), but an opposite tendency in the receipts
production, will restrict the use of fertilizer. of oats and corn. Total stocks of grain at
District No. 5 (Richmond) states that "less Minneapolis and Duluth terminals were about
than 50 per cent of the usual amount of 4 per cent higher at the close of February than
fertilizer has been bought for this season of the at the close of January, and were practically
year, and farmers are
showing little interest in the same as at the close of February, 1920.
making contracts/7 while in district No. 6 The price of grains generally ruled lower during
(Atlanta) "the amount of fertilizer purchased February than during the month previous.
by farmers so far this season is stated to be not The median price for cash wheat No. 1 Dark
more than one-fourth of the amount usually Northern at Minneapolis was $1.75f during
bought by this time of the year." The port February as against $1.84 for the month before.
receipts of cotton during February reflected the The median price quotations at Minneapolis for
usual seasonal decline, but were considerably the several grains were all lower for February
smaller than February a year ago. This than for January. The same is true of St.
season's total for the United States, both for Louis as regards the closing price on March 15
receipts and exports, has shown a large decline when compared with February 15.
over last season.
Flour.—It is stated from district No. 10
Tobacco.—The leaf-tobacco situation during (Kansas City) that " considerable strength dethe month in general has continued to show im- veloped in the milling situation in the Southprovement. It is reported from district No. 5 west during the latter part of February." Al(Richmond) that "tobacco prices improved though there were no large bookings, and buysomewhat for the better grades, but off-color ing was in small lots for immediate needs, the7
and damaged goods have been sold for a few trade showed signs of "healthy improvement/
cents per pound." Reports from district No. 8 which continued in March. Orders for imme(St. Louis) indicate similar tendencies, stating diate delivery increased slightly in district No.
that "tobacco is being sold in large volume, 8 (St. Louis) after February 15, but the busiwith prices about steady. Better grades are ness in that district on the whole continues
firm; medium grades bringing better prices; "dull and unsatisfactory." Further cancellaand common grades stronger." Reports from tions have occurred as a result of the decline
the tobacco sections indicate a material reduc- in wheat futures. Export trade in clears and
tion in the 1921 acreage. The condition in the low-grade flours is holding up well in district
manufacturing industry has also shown some No. 10 (Kansas City), but in district No. 8 (St.
improvement. Many plants continue to run Louis) the export trade is described as "the
far below capacity, but in general have shown a slowest in more than a decade." The demand
slight increase over the operations of last for flour in district No. 12 (San Francisco) "has
month. A few price reductions Jiave been been light, buyers conservative, and prices
made in the manufactured products, but stationary." Competition with middle westchiefly in cigars of the cheaper grades.
ern millers has been keen, and export demand
Grain movements.—The February movement has been negligible. Trade reports indicate unof grain to market reflected the seasonal de- settlement about the middle of March, as a recline, but ranged considerably higher than a sult of the general weakness in wheat which
{rear ago. Receipts of all grains at Minneapo- followed the appearance of the Government esis during February decreased 26.5 per cent timate of wheat stocks on March 1. Flour outfrom the January figures, while at Duluth the put of mills representing about 75 per cent of
decrease was only 7.1 per cent. However, the total production in district No. 9 (Minnewhen the two cities were combined, the de- apolis), which were operating at about 38 per
crease was 22.9 per cent, but when compared cent of capacity, was 1,854/209 barrels during
with February, 1920, there was an increase of the four weeks ending February 26 as com17.4 per cent. The marketing of wheat at the pared with 1,886,608 barrels during the four
four principal markets in district No. 10 (Kan- weeks ending January 29, and 1,630,195 barrels
sas City) was on a much larger scale than during the four weeks ending February 28,
during February a year ago, the increase being 1920. The February output of reporting mills
62.7 per cent. Each of the four markets in in district No. 10 (Kansas City) was 1,192,730
the district shared in the increase to about the barrels, as compared with 1,535,078 barrels
same extent. The receipts of both corn and during February, 1920. The output of 82 of
oats at the same markets showed decreases of the principal millers in district No. 12 (San
7.8 per cent in the case of corn and 64 per cent Francisco) was 573,420 barrels during Feb-
386
FEDERAL RESERVE BULLETIN.
ruary, as compared with 594,787 barrels reported by 80 mills during January. Operations were at 44.8 per cent capacity as compared with 40.3 per cent in January and 71.8
per cent in February, 1920. As a result of the
lack of demand for flour, and in part of unwillingness of farmers to sell grain at prevailing prices, wheat stocks, reported by 21 of the
large mills in the district, were only 1,762,953
bushels on March 1 as compared with 4,350,059
bushels on the same date last year, while flour
stocks were slightly less than a year ago.
Stocks of both wheat and flour in millers' hands
in district No. 8 (St. Louis) are light.
Live stock,—Live stock on farms and ranges
in general continues in healthy condition, due
both to "the mild open winter and a plentiful
supply of feed." Only in certain sections,
such as in parts of Arizona and New Mexico,
has pasturage been scanty as a result of dry
weather, and the stock suffered in consequence. Losses from disease have been light
in district No. 10 (Kansas City), while feeding in district No. 11 (Dallas) has been the
lightest in the past several years. Conditions
generally are very favorable for the lambing
season, and the spring calf crop is also expected to be high. While February hog and
sheep receipts have been in excess of those of
last year and receipts of cattle and calves
have been less, February receipts for all
three classes of live stock were less than in
January. Receipts of cattle and calves at 15
western markets were 835,686 head during
February, corresponding to an index number
of 89, as compared with 1,191,814 head
during January, corresponding to an index
number of 118, and 1,062,381 head during
February, 1920, corresponding to an index
number of 109. Receipts of hogs likewise decreased from 3,339,419 head during January to
2,902,107 head during February, as compared
with 2,394,978 head during February, 1920.
The respective index numbers are 152, 141, and
113. February receipts of sheep amounted to
972,647 head, as compared with 1,112,024
head during January and 947,733 head during
February, 1920, corresponding respectively to
index numbers of 76, 81, and 72. February
receipts at Fort Worth were the smallest in
that month during the past 17 years, and hog
receipts the lightest since 1912. It is stated
that shippers were even more reluctant to
test the market than in January. Receipts
of all classes of live stock except hogs decreased from the first of the year until the
early part of March, when prices reacted somewhat and encouraged a larger supply on that
market. Slightly higher prices prevailed during the second week of March for most classes
of cattle and hogs in district No. 10 (Kansas
APEIL, 1921.
City) after a decline in February. Stockers
and feeders were in very active demand, with
prices approaching levels very near those for
ted cattle. Demand for stockers and feeders
in district No. 12 (San Francisco), however,
has been light. Hog prices in that district
were higher on March 1 than on February 1.
Active demand from eastern and Pacific coast
shippers at leading western markets combined
to decrease to a considerable extent the supply
of hogs available in district No. 10 (Kansas
City) for local slaughter. The wholesale meat
trade, it is stated from that district, "suffered
stagnation" during February, following price
declines in mid-January, but the market took
on a firmer tone at the close of February.
Sheep prices in Chicago touched the lowest
point in five years during the month of February. On the other hand, in St. Louis the
general trend of live-stock prices has been
upward.
Nonferrous metals.—Prices of nonferrous
metals registered further declines during February and the early part of March. The
price of lead ore in district No. 10 (Kansas
City) reached $32 per ton in the last week of
February, having decreased $13 during the
month, while the price of refined lead (on the
New York basis) quoted by the leading interest was further reduced from 4.4 cents to
4 cents per pound at the close of February.
Further declines in the prices of electrolytic
copper and zinc have occurred. Production
in the lead and zinc mining and smelting industries in district No. 12 (San Francisco) is
estimated to be "only 30 to 42 per cent of
capacity." An illustration of the present
situation in the zinc industry is afforded by
the fact tljat in district No. 10 (Kansas City)
only 38 zinc mills were operating in February, 1921, as compared with 200 mills in
February, 1920. Companies producing about
75 per cent of the refined copper in district
No. 9 (Minneapolis) show an output of 20,845,422 pounds of copper in February, in
comparison with a January production of
20,815,822 pounds. The increase in Michigan
production offsets the decrease in Montana
production. The output of the same companies was 31,982,628 pounds in February, 1920.
Mines reporting in district No. 12 (San Francisco) show a production of 16,144,980 pounds
of blister copper in January, as compared with
18,688,511 pounds in December.
Coal.—Reduction in demand for bituminous
coal has resulted in a considerable curtailment
of production. Production during February
was 30,770,000 tons, as compared with 40,270,000 tons during January and 40,181,000
tons during February, 1920. The respective
index numbers were 89, 109, and 112. De-
APRIL, 1921.
FEDERAL RESERVE BULLETIN.
mand for steam coal is somewhat better in district No. 8 (St. Louis), but is very small in district No. 6 (Atlanta). District No. 5 (Richmond) reports that "for the first time in many
months there has been some unemployment in
the coal fields" of West Virginia. Mine prices
have continued to decline, but retail prices have
shown only slight reductions. In district No.
3 (Philadelphia) there have been few wage
cuts, but " employment time is considerably
less than half of normal.'7 There has been a
marked decline in foreign demand, and exports
in February were only 712,000 tons, as compared with 2,248,448 in January. There has
been a distinct slackening in demand for both
steam and domestic grades of anthracite coal.
The decline in domestic demand is attributed to
the mild winter and the expectation of the usual
spring price cut. On March 15 two leading
railroad coal companies made new prices 50
cents to 75 cents lower than those previously
prevailing.
Competition with bituminous
grades has led to special reductions in the
prices of steam sizes of anthracite. February
production of anthracite was 7,845,000 tons,
as compared with 9,419,000 tons during January and 6,525,000 tons during February, 1920.
The respective index numbers were 114, 127,
and 91. Coke prices and production have further declined in sympathy with the situation in
the iron and steel industry.
Iron and steel.—The iron and steel industry
continues in an unsettled condition. Output
has further declined. Pig-iron production in
February amounted to 1,937,257 tons, corresponding to an index number of 90, as compared with 2,416,292 tons in January, corresponding to an index number of 104. Steelingot production has followed a similar course,
decreasing from 2,203,186 tons in January to
1,749,477 tons in February. The respective inspective index numbers are 94 and 80. The
decrease in activity is also reflected in the reduction in the number of blast furnaces in operation, from 184 on February 1 to 153 on
March 1. The operations of the United States
Steel Corporation have decreased until they are
now variously estimated at from 45 to 60 per
cent of capacity. Inroads have been made
upon its order book, and unfilled orders at the
end of February had fallen to 6,933,867 tons,
as compared with 7,573,164 tons at the close
of January and 11,118,468 tons, the peak figure
recorded, at the close of July, 1920. The respective index numbers are 132, 144, and 211.
These orders, it is stated, are not evenly distributed among its various plants. In spite of
the decrease, no reductions have been made in
its prices. In the case of the independent pro-
387
ducers, on the other hand, further cuts in prices
are reported, and it is stated that they are
now on the average 15 per cent below the prices
of the corporation. District No. 3 (Philadelphia) reports that these efforts to stimulate demand on the whole have proved ineffectual,
but in district No. 4 (Cleveland) a larger proportion of current business has been diverted
to the independent producers, and " indications
point to a moderate renewal of interest among
buyers." Some resumption of activity on the
part of the automobile industry is reflected by
the release of suspended orders to mills, as well
as by some new buying, but the automobile
output during the present year is not expected
to exceed 40 per cent of capacity. In the industry as a whole, it is stated from district
No. 2 (New York) that new orders are being
received at the rate of slightly more than 25
per cent of capacity and that several independent companies have received a fair volume of
business. The demand for tin plate, pipe, and
wire products in particular increased. Pig iron,
however, has been weak. In the furnace yards
of district No. 6 (Atlanta) a large amount has
accumulated, and consumers have held over
purchases until conditions in their own industries improved. Stocks of pig iron in the country as a whole are reported to be approximately
870,000 tons. Little contract and no spot business is being transacted in district No. 3 (Philadelphia). Many firms in that district report
reductions in wages amounting to from 10 to
20 per cent since the first of the year, and decreases by independent plants in other districts are likewise reported.
Petroleum.—Production of petroleum in general has shown a decrease, following the recent
decreases in prices in the industry. February
daily average production of crude petroleum
in California was 327,864 barrels, as compared
with 331,181 barrels in January, while in district No. 11 (Dallas) daily average production
was 403,243 barrels, as compared with 411,171
barrels in January. In contrast with this situation, however, there has been a practically
continuous increase in the weekly output in the
Kansas-Oklahoma fields since the beginning of
the year. The daily average output for the
week ending March 11 was 366,500 barrels in
that field, as compared with 334,000 barrels for
the week ending January 7. This occurred in
spite of the noticeable falling off in the completion of new wells and in new production in
district No. 10 (Kansas City), following the
break in prices which occurred in the month of
February. Many operators in that district
are pursuing a policy of confining their development operations to "offsets" in view of the
388
FEDERAL RESERVE BULLETIN.
present situation in the industry. The decreased output shown in district No. 11 (Dallas)
reflects the decrease in drilling operations.
While the falling off in such operations had
already commenced in January, February
completions, amounting to 420 wells, were 147
less than in January, and new production was
only half as large. In district No. 12 (San
Francisco) 60 new wells were completed in
February, as compared with 64 in January,
while the initial new daily production was
cut nearly in half. After the drastic price
reduction in January and early February, prices
subsequently remained unchanged, the prevailing price in central-west and north Texas being
$1.75 a barrel. During the first half of March
prices held steady at the same figure in the
mid-continent field. It is reported, however,
that the second week of March brought marked
improvement in that field, and every purchasing company in every field in Oklahoma and
Kansas, with one exception, was buying crude
oil on a 100 per cent basis. It is reported that
fuel oil in the district "is showing an appreciable increase in demand, while refined petroleum is beginning to move in slightly larger
quantities, and gasoline is fairly steady, though
the demand 7 has not come up to seasonal
expectations. '
Cotton textiles.—Continuing uncertainty in
the market for raw cotton is a dominant factor
in retarding the activity of the cotton textile
industry. The supply of cotton in the United
States on April 1 will, it is estimated, be about
36 per cent above the five-year average for that
date, while prices are as low as the average for
the period 1900-1914. Consumption of cotton
in New England increased slightly for February, amounting to 126,319 bales, as compared
with 114,710 bales in January. The decline in
prices of raw cotton has made it impossible so
far to stabilize the market for cotton goods.
Standard gray goods are reported by district
No. 1 (Boston) to be selling nearly 25 per cent
below the figure quoted during the first week in
February. But even so, demand is only for
small lots for immediate delivery, and the
activity of New England mills is largely confined to disposing of stock or finishing materials
in process. At the same time there is an increased demand from jobbers for finished goods,
but again buying is cautious because the difference in price between finished goods and gray
goods has increased, and it is felt that if the
price of gray goods continues to fall the prices
of finished fabrics must also eventually be
reduced. Prices for napped cotton goods for
the fall season have been cut to one-third the
1920 quotations. District No. 3 (Philadelphia)
reports a reaction in the market for cotton
1921.
textiles in February and irregular market conditions in the early part of March. Such materials as ginghams and percales are said to be
in demand, and several manufacturers are reported to have sold their entire output until
May 1 as a result of heavy demand from
jobbers. On the other hand, the fine-goods
mills, after completing orders placed in Januray, are again reducing the scale of their
operations. The market for heavy cotton
fabrics is also poor, and orders placed are for
immediate delivery. The cotton-yarn mills in
the district have not received sufficient orders
to continue operations on the somewhat enlarged scale initiated in January and February.
A number of the mills have again reduced their
output and others are manufacturing for stock.
In district No. 5 (Richmond), as elsewhere, the
promise of increased activity based upon orders
received early in February was subsequently
not sustained and there was again a tendency
to curtail operations.
Finishing of cotton fabrics.—Thirty-four of
the 58 members of the National Association of
the Finishers of Cotton Fabrics reported total
finished yards billed during the month at
55,436,871 yards, as compared with 34,315,924
yards in January. The total average percentage of capacity operated was 51 per cent for
ail reporting districts, as compared with 33
per cent during the preceding month. The
total gray yardage of finishing orders received
amounted to 76^201,806, as compared with
72,541,858 in January. The total average
work ahead at the end of the month amounted
to 8.5 days for all reporting districts, as compared with 9 days during the preceding month.
Hosiery.—District No. 3 (Philadelphia) reports a partial stabilization of the prices of
seamless hosiery, but quotations are not sufficiently firm to produce a relaxation of caution
on the part of jobbers. In general, manufacturers state that there has been a rather limited
demand for their product in March, with orders
for immediate shipment. The mills producing full-fashioned hosiery are largely idle as the
result of a general strike due to an attempt of
manufacturers to reduce wages 15 per cent.
Finished stocks of goods are depleted, and a
concern unaffected by the strike states that it
was forced to reject more orders than it accepted because of its inability to deliver goods
within the time limit.
Twenty-five hosiery firms in district No. 3
(Philadelphia) which sell to the wholesale trade
reported an increase of 29 per cent in the value
of the product manufactured during February
as compared with January, but there was a reduction in output of 67.1 per cent as compared
with a year ago. The value of finished prod-
APRIL, 1921.
FEDERAL RESERVE BULLETIN.
ucts on hand at the end of the month (selling
price) was 11.8 per cent less than during the
preceding month, but 18.3 per cent greater as
compared with the same month a year ago.
Unfilled orders on hand at the end of the month
had increased 81.5 per cent as compared with
the preceding month, but were 67.6 per cent
below the figures for the same month last year.
Ten reporting firms which sell to the retail trade
showed an increase in the value of the product
manufactured of 65.6 per cent as compared with
January and. a reduction of 89.5 per cent as
compared with the same month a year ago.
Unfilled orders on hand at the end of the month
(selling price) were 108.8 per cent greater than
during the previous month, but 89.8 per cent
less than in February, 1920.
Underwear.—Orders received for light-weight
underwear by mills in district No. 3 (Philadelphia) are so far only about 50 per cent of
normal. A few manufacturers obtained orders
in January which were sufficient to keep their
mills running from three to four months.
Demand fell off during the latter part of February, however, and although there has been
some improvement in March, few orders are
being received except for delivery within three
weeks. On the average, operations are between 65 and 70 per cent of normal, although
some manufacturers are running full time and
others are operating at only 30 to 40 per cent
of capacity. Twenty firms which report to the
Federal Reserve Bank of Philadelphia showed
an average increase in the value of products
manufactured during February of 85.1 per cent
as compared with January, but a reduction of
41.3 per cent as compared with February a
year ago. Orders booked during the month,
however, declined 22.2 per cent; unfilled orders
on hand February 28 were 27.3 per cent in
excess of those on hand at the end of January.
The 63 mills reporting to the Knit Goods
Manufacturers of America state that their
actual production (in dozens) of winter and
summer underwear for the month ending February 28 amounted to 248,431 dozens, which
was 28 per cent of normal production. Sixtyone mills which reported for the month of
January had then a production of only 16.4 per
cent of normal. Of the 46 mills which reported
unfilled orders at the first of the month and
new orders received during the month, totals of
unfilled orders amounted to 341,233 dozens and
new orders received during the month to
240,024 dozens. Shipments of these 46 mills
were 197,181 dozens and production 181,028
dozens, or 25.1 per cent of normal production.
The 33 representative mills furnishing data for
both January and February reported unfilled
orders on hand at the 1st of February amount-
389
ing to 307,507 dozens, a gain of 150,854 dozens
over the preceding month. New orders received by these mills during the month
amounted to 239,919 dozens, a decrease of
21,585 dozens, as compared with January;
shipments were 184,901 dozens, an increase of
95,398 dozens; production rose to 171,892
dozens, an increase of 61,859 dozens.
Wool.—Raw wool prices continue to decline
and, as stated in the Boston report, "the wool
trade of Boston is fully aware of the fact that
there are 45,000,000 sheep in this country
which will soon be sheared, and that each
animal will yield between 6 and 7 pounds of
wool.'7 Owners are still in possession of a
good part of last }^ear's clip, and it is likely that
buyers will prefer to purchase from the new
clip. Receipts of foreign wool in Boston have
been about twice as large since the beginning
of the year as during the corresponding period
last year. Notwithstanding the uncertain
condition of the market for raw wool, there has
been during the month considerable buying of
goods for the fall, and a resultant increase has
occurred in the activity of woolen and worsted
mills. On February 1 the Census Bureau reported 60 per cent of all machinery idle, as
compared with 68 per cent on January 1.
Reports for the months of February and March
will no doubt show further decreases in these
percentages. Present indications are that the
American Woolen Co.'s recent offering of fall
goods was satisfactory. In district No. 3
(Philadelphia) increased demand from the
hosiery industry has stimulated the demand
for worsted yarns, and a revival of activity is
evidenced by the fact that some mills previously closed have reopened and are now
running at from 33 J to 60 per cent of capacity.
The enlarged demand has not, however, been
experienced by all manufacturers, and some
report a falling off of orders in March.
Silk.—The improvement in the condition
of the silk industry, noticeable in February,
has continued and the operating capacity
of 18,500 looms in Paterson and near-by towns
increased from 37 per cent in February to 46
per cent in March. During the latter month
some of the smaller plants, closed since fall,
began to manufacture goods chiefly for immediate shipment, while the larger mills which
were already in operation increased their
output. In district No. 3 (Philadelphia),
where many of the larger mills are located,
production is now estimated to be from 65 to
75 per cent of capacity. Buying continues
to be cautious and unfilled orders are as a rule
small and for speedy delivery. District No. 3
(Philadelphia) states that the total volume of
orders is estimated to be about 75 per cent of
390
FEDERAL RESERVE BULLETIN.
that of a so-called normal year. There was
a slight advance in the price of raw silk during
the month. Imports of raw silk rose from
9,499 bales in January to 14,361 bales in
February, while the stocks in New York
warehouses at the end of the month fell from
31,859 bales
in January to 27,928 bales in
Februar}r.
Shoes and leather.—Prices for hides and
skins have tended to remain stationary during
February, but prices for certain finer qualities
of skins increased as a result of a shortage of
supply of such skins. Calfskins, which are
used for upper leather, have remained stationary at about 15 cents per pound. Heavy
native steer hides, however, continued to
decline during February, reaching a price level
of 11 to 13 cents per pound. As the present
rate of slaughter of cattle is very much less than
that maintained a year ago, any considerable
increase in activity of the shoe industry should
reduce the supply of hides and skins in the
United States to reasonable proportions. District No. 3 (Philadelphia) reports that " the
tanning industry has recovered somewhat
from the almost complete apathy which
characterized it during the latter half of 1920,
but it is still far from a normal operating
basis." There has been a considerable demand for some grades of novelty leathers by
shoe manufacturers engaged on rush orders
for the latest style shoes for the Easter trade,
but manufacturers of staple leathers have not
participated to any appreciable extent in this
activity. District No. 1 (Boston) reports that
"boot and shoe manufacturers have not yet
seen fit to provide themselves with very
large stocks of leathers, and the United States
Government leather census of February 1,
1921, shows that the tanners hold by far the
larger part of the supply of the same." The
export trade has continued slack. Exports of
sole leather in January, 1921, were only 86
per cent, exports of goat and kid leather 27
per cent, and exports of calf and kip leather
49 per cent of those in January, 1920. The
shoe industry continued to show increased
activity throughout February and the early
part of March. This demand was confined
largely to new styles of shoes, so manufacturers were unable to reduce their stocks.
In district No. 1 (Boston) there has been a
perceptible increase "in the production of
women's shoes, but the shoe factories of New
England as a whole are still running at only
about 50 per cent capacity. Stocks of shoes
were reported as somewhat smaller on March
1, 1921, than on the same date last year, and
total sales for February were larger than in
February, 1920. In district No. 3 (Phila-
APRIL, 1921.
delphia) the volume of orders booked by
concerns manufacturing shoes designed for
the Easter and early spring trade was so large
as to tax the capacity of those firms. "Thus
far during the current year little if any attention has been given to fall shipment, and
considerable business is still to be booked for
summer delivery." District No. 8 (St. Louis)
reports indications of "gains of from 6 to 12
per cent in volume of March business over the
February totals." Demand was particularly
strong for fancy lines of women's wear, but
movement of staple lines of men's shoes was
also fairly satisfactory. On an average, prices
on March 15 were estimated to be about 10
per cent lower than those prevailing in January.
Lumher.—Accompanving a further reduction in prices, demand for lumber showed a
slight improvement in most sections of the
country. With the approach of spring, a
gradual increase of output is noted in district
No. 12 (San Francisco), but output is still
only 50 per cent of normal. The four lumber
manufacturers associations of district No. 12
report production during the four weeks ending February 26, 26.8 per cent higher than
for the preceding four weeks. Orders for
lumber received during the same period increased 21.2 per cent and shipments 20 per
cent. Due to active competition for business,
increase in the volume of business was accompanied by a continuance of price declines.
One hundred and eighteen mills belonging to
the West Coast Lumbermen's Association reported for the four weeks ending February 26
a cut of 162,648,000 board feet, shipments of
157,970,000 feet, and orders of 167,483,000
feet. Corresponding figures for the preceding
four weeks, with 114 mills reporting, were as
follows: 130,865,000 feet, 133,645,000 feet,
and 140,221,000 feet. District No. 5 (Richmond) and district No. 6 (Atlanta) report some
increase in the demand for lumber, but only
at "bargain" prices. Production of 129 mills
belonging to the Southern Pine Association
was 27.68 per cent below normal during the
week ending March 4, while shipments w^ere
31.45 per cent and orders received 35.13 per
cent below normal production. "No material
change in the lumber price situation" is reported from district No. 11 (Dallas). Southern pine mills reporting in the district showed
a marked decline in the volume of orders.
Orders booked by 30 mills during the four
weeks ending February 25 were equivalent to
56 per cent of their normal production, whereas
the 28 mills which reported in January booked
orders equivalent to 72 per cent of their normal
output. The average weekly production during the period was equal to 5Q per cent of
APRIL, 1921.
FEDERAL RESERVE BULLETIN.
391
normal. District No. 8 (St. Louis) reports! than 53 per cent from the total value for
further declines in demand for softwoods, but February, 1920. Building permits issued in 20
a slight increase in the demand for hardwoods. cities of district No. 12 (San Francisco) during
The February cut of 13 manufacturers in February show an increase of 31.6 per cent in
district No. 9 (Minneapolis) was 48 per cent j value and 12.8 per cent in number, as comgreater than in January, and shipments were pared with January. Portland, Oakland, San
16 per cent greater, but stocks at the close of Francisco, Los Angeles, and Pasadena report
the month increased 4 per cent. As compared a marked increase" of building activity, with
with February, 19207 cut was 25 per cent downward movement of the cost of materials
less, shipments 65 per cent less, and stocks at and labor.
the close of the month 41 per cent greater.
Employment—Employment conditions have
Price declines are reported by the majority not shown much change during the past month,
of manufacturers, as well as by retailers.
but have improved slightly in those sections
Building operations.—Building operations in- where unemployed labor has been absorbed to
creased both in volume and value during the a certain extent by the demand from the
past month in all districts except one. The country districts and where there has been a
increase was most marked in the territory west seasonal increase in industrial activity. Reof the Mississippi River. The value of new ports to the United States Bureau of Labor
construction was, however, decidedly lower Statistics from 65 industrial centers showed
than in February, 1921. Considerable in- that 1 per cent fewer workers were employed
crease of activity is evidenced in the building on February 28 than on January 31. The
of residences. District No. 2 (New York) re-* greatest decrease in numbers employed wTas
ports that 48 per cent of the value of building found in the iron and steel industry and in
contracts in February was for residential pur- railroad repair shops, while the largest increase
poses, as compared with 40 per cent in January. occurred in the automobile and textile indusIn district No. 4 (Cleveland) reports from i3 tries. In district No. 2 (New York) a reduccities show 1,335 permits for new construction, tion of unemployment occurred during March,
with a total value of $4,843,916, in February, and it is estimated that about 5 per cent more
as compared with 872 permits, with value of are now employed than a month ago. A sea$4,631,924, in January. Reports from 23 sonal increase in the demand for farm labor
cities of district No. 5 (Richmond) show 894 is noted, and in the Mohawk Valley many
permits issued for new construction during persons from the city are now rinding
February, in comparison with 624 permits employment on the farms. There is also
issued in January. District No. 7 (Chicago) greater opportunity for employment in texreports an increase in number of building per- tile mills in the up-State section. There
mits. Of 311 permits issued during February has been an increase in the number ^ of
in the city of Chicago, 181 were for residence employees in the Rochester shoe and clothing
construction. Five leading
cities in district industries, but few changes have occurred in
No. 8 (St. Louis) report a a further heavy fall- miscellaneous manufactures and there has been
ing off in7 number and dollar value of building no increase in the metal trades. In New York
permits. ' The nine largest cities of district City unemployment has become more serious
No. 9 (Minneapolis) report 783 contracts, with among seamen, dock workers, freight handlers,
a total value of $2,179,784, for February. drivers, and longshoremen, while conditions in
This was an increase in number of 34 per cent the building trade show no special improveand in value of 152 per cent as compared with ment. In district No. 3 (Philadelphia) ^ a
January; and an increase in number of 9 per reduction in the number of employees during
cent, but decrease in value of 3 per cent, as the month was reported for nearly all sections,
compared with February, 1920. In district although the textile mills have added to their
No. 10 (Kansas City) reports from 16 cities working forces. Local bureaus of the Pennsylshow 1,352 building permits issued, which w^as vania Bureau of Employment estimate that
526 more than the number of permits for Janu- 147,115'men were unemployed on March 15, as
ary, and 7S permits less than were issued in compared with 140,785 on February 15, in the
February, 1920. The fact that the total value five cities, Philadelphia, Altoona, Harrisburg,
of permits was less than in January is believed Johnstown, and Scranton. Of this total it is
to indicate that more attention was given to estimated that 24 per cent were common
the building of residences and fewer permits laborers. The increased demand for farm
were issued for larger buildings. Total value labor is relieving the situation somewhat.
of building permits issued in district No. 11 Unemployment seems to be widespread in the
(Dallas) show^s an increase of approximately 50 iron and steel industry, as independent plants
per cent over January, but a decrease of mora iri the district are not operating at more than
392
FEDERAL RESERVE BULLETIN.
APRIL, 1921.
25 per cent of capacity, with many concerns indicate that there has been an increase in the
totally closed. In district No. 5 (Richmond) sales of dry goods and of boot and shoe firms
it is stated that unemployment has not materi- as compared with January, although the total
ally increased during the month. The farm value of sales was much below that for February
labor supply is reported to be ample, although of the preceding }^ear, when prices were on a
the return movement from the cities has not higher level. The increase in buying is to be
been as pronounced as expected in view of the expected at this season of the year, especially
existing industrial depression. District No. 6 with the warm weather forcing retailers to fill
(Atlanta) reports that unemployment still spring requirements. In groceries and hardexists to an appreciable degree in the cities and ware, increases in sales during the month have
towns. In district No. 7 (Chicago) there either been slight or else actual declines have
appears to have been no especial change in been registered. In district No. 3 (Philaemployment during the past month. Records delphia) there has been a reduction of 4.2 per
of the free employment bureaus of Illinois cent in the sales of 50 wholesale grocery firms,
show a reduction in the number of applicants as compared with January, while the decrease
for agricultural positions, for building and con- was 24.9 per cent as compared with February,
struction work, and for miscellaneous unskilled 1920. Demand for all except staple goods fell
positions. On the other hand, metal and off slightly, but the further declines in prices
machinery workers and clerical help were probably account for the reduction in sales
applying in greater numbers. In district values. Sales of 25 hardware firms fell off 4.4
No. 8 (St. Louis) there has been further cur- per cent as compared with January and were
tailment of activity during the month and a 12.7 per cent below sales for February, 1920.
consequent reduction in employment. Official Concerns with a large business in southern
reports from Federal and State authorities farming districts noted an improvement in
show reductions in numbers employed in Feb- demand, but there was practically no market
ruary as compared with January ranging from for mill supplies. Business is generally being
10 to 15 per cent in the States of Kentucky, done on a spot basis and orders are promptly
Missouri, Indiana, and Arkansas. The unem- filled.
ployed were more numerous in the building
In district No. 4 (Cleveland) the decreases
trades and metal industries, and farm labor was in average sales as compared with the same
reported to be abundant. In district No. 9 month a year ago amounted to 22.3 per cent
(Minneapolis) the employment situation was for 3 wholesale dry goods firms, a decrease of
less favorable in February. The applications 27.1 per cent for 15 grocery firms, 19 per cent
for help at the employment agencies declined for 8 hardware firms, and 31.2 per cent for 4
75 per cent for men and 60 per cent for women drug firms. In district No. 5 (Richmond)
as compared with a year ago. Local relief slight decreases of 2.2 per cent for 8 reporting
agencies reported more unemployment than wholesale grocery firms and of 6.9 per cent for
at any time since February, 1915. In dis- 8 reporting hardware firms as compared with
trict No. 10 (Kansas City), although there have the preceding month are more than accounted
been recent rjeductions of forces by railroads for by the fact that February is a shorter
and by some of the manufacturing plants and month. Marked increases were reported by
business houses, stimulation of spring trade in 8 dry goods firms, 8 boot and shoe firms, and
many lines and early farm activities have 4 furniture firms. The increases in these three
absorbed a considerable number of unem- lines amounted to 14.4 per cent, 77 per cent,
ployed workers. In district No. 12 (San and 246.4 per cent, respectively. As compared
Francisco) the reopening of lumber mills and with a year ago, however, decreases ranged
resumption of agricultural activities have from 14.5 per cent in the case of groceries to
brought about a diminution of unemploy- 52.3 per cent in the case of furniture. In
ment in the Pacific Northwest. Seattle and district No. 6 (Atlanta) increases in grocery
Portland report conditions slightly improved sales during the month, 13 firms reporting,
as compared with last month, while in Spokane were negligible, while an average decrease of
they are unchanged. In Idaho, Utah, and 8.8 per cent is shown in the case of 9 reporting
Nevada the principal unemployment is in hardware firms. In this district also, dry
mining and construction and building trades. goods, with 14 firms reporting, and boots and
California reports a reduction in numbers un- shoes, with 7 firms reporting, showed increases
employed during February as a result of the of 33.5 per cent and 19.4 per cent, respectively,
demand for laborers in the country districts.
as compared with January. The declines as
Wholesale trade.—The returns from the ma- compared with February, 1920, for all reporting
jority of the eight districts which report sales lines varied from 29.7 per cent in the case of
of wholesale firms in leading lines of trade groceries to 59.9 per cent in the case of shoes.
APRIL, 1921.
FEDERAL RESERVE BULLETIN.
In district No. 7 (Chicago) decreases as compared with a year ago amounted to 24.1 per
cent in the case of 20 reporting grocery firms,
46.4 per cent in the case of 13 reporting dry
goods firms, and 53 per cent in the case of 8
reporting shoe firms. In district No. 8 (St.
Louis) wholesale dry goods concerns reported
an increase of 18 per cent as compared with
January and a decrease of 43.3 per cent as
compared with February of last year. Grocery
sales, 6 firms reporting, registered a minor
increase of 0.25 per cent but were 17.3 per
cent below the level of last year. Mention is
made, however, of the fact that the tonnage
sales of one of the largest grocery firms in the
district were 5 per cent more than in February,
1920, although the value of sales was 22 per
cent less. Hardware sales, 5 firms reporting,
advanced 27 per cent, but were 41.3 per cent
below the level of last year. It is stated that
retailers in the smaller cities and country
towns are buying in only limited quantities,
as the sales of hardware to the farm trade are
light. Furniture sales, 3 firms reporting,
increased 72.9 per cent during the month, but
were 52.8 per cent below the level of last year.
In district No. 11 (Dallas) a more marked
increase in the case of dry goods sales has
occurred than in any other district, as 4 reporting firms showed an average increase of 44
per cent as compared with January. It is
stated that the increase is only partially
seasonal, as it is believed to be due to a certain
extent to an accumulation of orders which
would formerly have been placed in January
but were deferred in the hope that a greater
stability in prices would be reached. Increases
in sales of groceries, 6 firms reporting, were 9.8
per cent, but the increase was larger than in
other districts. Furniture, 3 firms reporting,
recorded sales 18.1 per cent below the January
average, although districts No. 5 (Richmond),
No. 10 (Kansas City), and No. 12 (San Francisco) all reported marked increases. Sales of
farm implements and of drugs, 2 firms reporting for each line, showed decreases of 31.4 per
cent and 12.9 per cent, respectively. In all
cases heavy decreases were reported as compared with a year ago, ranging from 26.4 per
cent in the case of auto supplies to 83.9 per
cent in the case of farm implements. In
district No. 12 (San Francisco) dry goods (10
firms reporting), groceries (28 firms reporting),
boots and shoes (14 firms reporting), and furniture (15 firms reporting) snowed increases in
average sales as compared with January
amounting to 9.1, 4.9, 35, and 41.5 per cent,
respectively. Sales of automobile tires, 14
firms reporting, also advanced 30.4 per cent.
All reporting lines recorded decreases as com-
393
pared with a year ago ranging from 4.7 per
cent in the case of groceries to 55.6 per cent
in the case of auto tires. It is said that in
the auto tire and grocery trade the majority
of reports received indicate that retailers have
liquidated their high-priced merchandise and
are now buying for stock at new wholesale
prices. In the other six lines of business the
tendency is not defined, as some firms report
that liquidation is still going on or that present
buying is merely undertaken to fill in depleted
stocks. Current unfilled orders are reported as
considerably smaller than usual.
Retail trade.—The retail trade situation for
February was characterized by continued irregularity, but with a tendency toward increased
buying by the public. The general condition
is summed up in a statement from district No.
10 (Kansas City), where it is reported that
^improvement is somewhat spotty, since the
slowing down of industries in some sections has
a tendency to restrict the purchasing power of
the people, and country buying in other sections
has not yet attained a high state of activity."
Special sales have continued to be conducted in
most sections, though confined largely to
specialties. In the eastern districts, where an
increase was noted last month in the volume of
sales, an even larger increase is noted this
month. Thus in district No. 1 (Boston) the
increase was 6.5 per cent, in district No. 3
(Philadelphia) it was 3.7 per cent, and in district No. 5 (Richmond) it was 8.6 per cent. In
some districts where large decreases were shown
for January, only small decreases were shown
in February. Thus in district No. 11 (Dallas)
the decrease was 4.6 per cent, and in district
No. 12 (San Francisco) it was 2.4 per cent. In
most districts stocks on hand are mounting and
beginning in some cases to approximate stocks
of a year ago. In practically every district
stocks on hand at the end of February showed
an increase over stocks on hand at the end of
January. While merchants are buying carefully and are depending on week to week buying and road orders, the percentage of outstanding orders is steadily rising. '
Prices.—By February practically every commodity of importance in domestic consumption
had been reduced in price from earlier levels.
The only important exception to this was anthracite coal. In several lines, notably boots
and shoes, certain types of chemicals, coffee,
silk, and to a less degree in the woolen industry,
reductions were no longer of large proportions
and quotations gave some semblance of stability. In still other lines, however, such as iron
and steel, bituminous coal, coke and oil, reductions were large and changes in quotations
frequent. Although complete statistics are not
394
FEDERAL RESERVE BULLETIN.
yet available for March, conditions seem on
the whole not very different from those of February. Anthracite coal prices have been
slightly reduced by a few producers, and crudeoil prices have been for the most part unchanged. Live-stock prices have also been
somewhat firmer than in February. Otherwise
the trend of prices in March seems to have been
generally similar to that of February.
The rate of decline in February was approximately the same as in January, according to
the index numbers of the Bureau of Labor Statistics and of the Federal Reserve Board. Both
show a 6 per cent decline for February. Retail
prices in February were also reduced. According to the index number of the Bureau of Labor
Statistics the decrease amounted to 8 per cent
for the month.
Foreign trade.—For the month of March
district No. 2 (New York) reports a slight
increase in export demand for American
products as compared with the extremely
dull period at the end of 1920. An illustration is afforded by the steel trade, in which
cancellations are reported practically to have
ceased, with a moderate amount of new business appearing. "Demand is chiefly for railroad supplies, with a somewhat increased inquiry also for construction materials and most
standard materials with the exception of plates.
Orders are widely scattered as to source/'
With the recent recession in the price of American wheat to levels under those prevailing in
the Argentine, the export demand has expanded
somewhat. Total merchandise exports during February amotmted to $489,000,000, compared with $655,000,000 in January and with
$645,000,000 in February a year ago. Merchandise imports in February, 1921, amounted
to $215,000,000, as against $209,000,000 in January and $467,000,000 for February of last year.
Although the reduction in exports shown in
these figures, together with the slight increase
of imports, is viewed with concern in some
quarters, it still remains true that exports were
more than double the value of imports. Furthermore, owing to price reductions, the contraction in the total volume of our foreign trade
that has occurred in the past two months is less
than the values, if taken alone, would indicate.
These facts have made it difficult to reconcile
the foreign trade figures of recent months with
the slump in shipping and the widespread cancellation of orders that began last fall. Two
explanations have been advanced as to why the
official export statistics have kept to a high
level so long. One reason, which has been surmised before but which may now be stated
authoritatively, is that delays in making the
monthly statistical compilations have neces-
APRIL, 1921,
sitated part of the official returns of former
months being included in the figures of subsequent months. The other reason is that
numerous shipments of goods which were reported as usual in the official statistics have
been refused abroad either through inability of the importer to pay or because he was
unwilling to face losses due to price declines.
Such of this merchandise as has to be returned
to this country or sold abroad at a sacrifice is
therefore a factor in unduly swelling the official
trade figures.
Shipping.—The number of idle ships in
American ports continued to increase during
March, although there was some reduction in
the weekly rate of increase as compared with
January and February. It was reported on
March 14 that 536 steel vessels of the Shipping
Board were idle and withdrawn from commercial operations. In addition, 286 wooden vessels were tied up with caretakers. The tonnage
of these 822 vessels is more than 30 per cent of
the Government-owned merchant fleet. When
the policy of laying up ships had been inaugurated last fall for lack of remunerative cargoes,
the smaller "Lake type" was the first class of
vessels to be withdrawn. More recently many
of the largest freighters have been unable to
secure full cargoes on the outward voyage,
while the homeward trip would have to be made
in ballast. Consequently the vessels still in
service are for the most part the medium or
" handy-sized" freighters and combination
freight and passenger liners.
The charter market continues inactive and
freight rates in practically every trade have
reached a point so low that many ship operators are no longer interested in doing business.
The regular liners are carrying most of the
traffic with curtailed sailing schedules only
sufficient to maintain trade routes. These conditions are not peculiar to the United States and
are indicative of what is going on in shipping
circles in more or less marked degree throughout the world.
Condition of the Acceptance Market.
The following reports have been received
from the Federal Reserve Banks concerning the
condition of the acceptance market in their
respective districts:
District No. 1 (Boston).—The acceptance
market during the month has been somewhat
spotty. In the latter part of February there
was a fair demand, which, however, subsided
as the date for payment of the first installment of the Federal income tax approached,
This caused rates to strengthen to 6 per cent,
APRIL, 1921.
thereby developing a fair volume of buying,
the demand coming largely from savings banks
and corporations. The heavy demand from
commercial banks, both out-of-town and in
Boston, is rather surprising in view of provision
which these institutions had to make for tax
payments. At the present time the bill market
is improving, a rate of 5 | per cent for prime
bills becoming more common. The Federal
Reserve Bank is holding very few bills as direct
purchases in its own portfolio, nearly 50 per
cent of its present total holdings being carried
for bill brokers on short-term agreements.
District No. 2 {New York).—In the last week
of February a comparatively light supply of
bills, particularly of the 90-day maturities,
coupled with a broad demand, caused dealers
to lower their rates. Rates on New York
member bank 90-day bills, which had been
offered at 6 per cent, declined to 5 | or 5 | per
cent. This action resulted in 7 a reduction of
sales and an increase in dealers bill portfolios.
Subsequently most of the dealers restored their
rates to 6 per cent.
Fluctuations in buying occurred chiefly in
New York City, as demand from interior banks
was generally well maintained, and the market
continued to broaden to include new buyers.
The reduced volume of New York City purchases led to a slight reduction in aggregate
sales as compared with a total for the 30 days
prior to February 20.
During the past month some few import
bills from the Orient have again been seen in
the market, but the principal volume of new
paper has been drawn against imports of sugar,
silk, coffee, wool, and burlaps, and exports of
cotton, grain, packers' products, other foodstuffs, and tobacco. Also finance bills for
providing dollar exchange for South America
have been offered in rather substantial volume.
The minimum buying rate of the Federal
Reserve Bank remained unchanged at 5 | to
6 per cent, according to maturity, for indorsed
New York member bank bills.
District No. 4 {Cleveland).—Although there
were outward indications of improved conditions in the district, the acceptance market for
the month was weak and erratic. The volume
of acceptance transactions decreased to a level
as low as that of December of last year. In
spite of this inactivity, the rates fluctuated
back and forth one-eighth of 1 per cent in an
endeavor to bring about a balanced market.
The changing of rates, however, had^ no
noticeable effect in bringing more bills into
the market or increasing the demand. In the
early part of the month the weak demand for
prime paper exceeded the supply. It indicated that transactions culminating in the
creation of bankers' acceptances seemed al-
395
FEDEKAL RESERVE BULLETIN".
most at a standstill, but as the month progressed more bills came into the market.
However, the demand fell off, due to the
anticipated withdrawals of Federal incometax payments and to the issuing of another
block of United States certificates of indebtedness. Thus, for the first time in several
months, the acceptance market felt the pressure of Government borrowing.
The increased supply of bankers' acceptances
during the latter part of the month gives encouraging indications of renewal of business.
During the first six weeks of this year the supply of bills came from the completion of expiring acceptance agreements, and the lull in the
market which we have just passed through
during this month seems to have marked the
bottom, for already new names are appearing
on the bills against domestic shipments, warehouse receipts, and foreign transactions.
Although the volume is not as great, it
indicates new business is developing. The
present rates for prime bills are as follows:
Under 30 days, 5f to 5f per cent; 30 to 60
days, 51 to 6 per cent; 60 to 90 days, 6 to 6 |
per cent.
District No. 7 {Chicago).—The market for
acceptances has widened considerably. Reports from one large firm show an increase of
200 per cent in the number of customers over
February, 1920. The range of rates reported
for -February were 5 | to 6 per cent. Confidential inquiry in Chicago regarding volume
and rates on bankers' acceptances shows that
five leading banks and one dealer handled during February the following:
Total bankers' acceptances bought during
month
$25, 887, 409
Total bankers' acceptances sold during
month
24, 763, 067
Total bankers' acceptances held during
month
4,142, 013
Selling rates of prime bills.
High.
30-day maturity
60-day maturity
90-day maturity
Low.
I Per cent. Per cent.
j
5f
5i
j
5J
j
G
Trade acceptances have not as yet developed as an open-market factor. They are
mostly discounted by the holder's banker and
retained by the bank.
District No. 8 {St. Louis).—The market for
bankers' acceptances, which had been very
limited until toward the end of February and
the first week of March, developed a change
for the better, a brisk demand appearing.
This demand came from St. Louis financial
institutions, scattering country banks, and
396
FEDERAL RESERVE BULLETIN.
APRIL, 1921.
corporations having surplus funds to invest. farm products have moved so slowly during
The market continued active for two or three past fall and winter that ordinary forms of
weeks, but during the past 10 days lost its bank credit have generally been preferred as a
spontaneity. Rates for unindorsed prime bills means of financing commodity movements.
range from 5J to 6J per cent, according to
maturity.
District No. 10 (Kansas City).—Consider- VALUE OF WORK ON BUSINESS CONDIable interest is being awakened among bankTIONS TO THE ECONOMIC ADVISERS
ers of the Southwest in trade financing, with
OF BANKS.1
particular reference to promoting foreign demand for the products of this district. There
Before it can be made clear why so many
are also some evidences of interest displayed banks, particularly those situated in metroby bankers in bankers' acceptances, but the politan centers, devote such a large portion of
heavy demands on this district for a large their energies to the collection and dissemiproduction and marketing of necessities nation of trade information, it is necessary to
are absorbing their available funds, and thus understand the modern bank's point of view
at present their institutions are not in position and the nature of its contact with the business
to invest heavily in the acceptance market. world. It will simplify matters considerably,
The Federal Reserve Bank at this time has too, if it is realized at the beginning that it is
only comparatively small holdings of bills, a commercial bank of which we are speaking,
due mainly to the fact that member banks' as it is this class of institution which is most
requirements are heavy.
active in the field of trade information.
District
No. 11 {Dallas).—Offerings of bank- First of all, the bank of to-day, due to
7
ers acceptances on the local market have been various causes, finds itself well removed from
very limited for some time. At the close of its former established position of professional
February our investment in this type of paper exclusiveness. It still exercises the profesamounted to only $38,924.43, which compares sional function, still is conceded a leading
with a total of $1,754,000 at the close of Feb- position as diagnostician of the ills of money
ruary, 1920. On account of the fact that the and investments and credit. In recent years,
banks in this district have found it necessary however, it has added to its list of responsibilito carry over a large proportion of the indebt- ties that of diagnosing and treating the ills of
edness of their customers maturing last fall, business itself. The circle seems complete.
which, but for the depression in demand for Production, manufacture, distribution, have
farm and ranch products, would probably have followed investment, financing, and credit,
been retired at that time, there has been no and the banker at last finds himself out in the
surplus of funds available for investment in open field of business, directing an institution
the open acceptance market. The same con- which, in the greater part of its activities,
dition is true with respect to commercial reflects not the professional but the business
paper. A year ago conditions were just the characteristic.
reverse of this situation. The sale of 1919
Just how this has been brought about would
farm products at high prices had enabled the be difficult to say. It may be the perfectly
farmers to retire their indebtedness, and, in natural result of an awakening which was
addition, to build up substantial deposits with sure to come at some point in the business
their banks. A part of the excess funds thus development of the Nation. Let us say that
accumulated in banks found an investment this is the case. Business men may have
outlet in the form of acceptances and bills discovered
that standing away from their
bought in open market. A large proportion banks in normal
periods and approaching them
of this paper, of course, originated in the North only in times of great
necessity is poor business.
and East. When the restoration of normal Bankers, too, have come
to see more clearly
conditions in the Southwest is accomplished, a
facts
of
their
situation
which
long ago should
resumption of investment operations in the
have
been
recognized
as
fundamentals
in the
acceptance market by banks in the eleventh
district as a medium of financing the movement banking-business relationship. In any event
of commodities within and into this district (a a getting together has been accomplished. The
practice which heretofore has been locally business man has discovered that a running
followed in only a very limited way) will check on business, and even an occasional
steadily increase as our banks become better audit of his affairs by his banker, may repreacquainted with the advantages of this type of sent substantial possibilities of helpfulness.
paper as an instrument of credit. The number The banker has discovered that a thorough
of accepting banks in this district is smaller 1 A paper read by Robert M. Falkenau, foreign trade representative
the Irving National Bank, New York City, at the Conference on
just now thanjusual, due largely to the fact that ofBusiness
Conditions Reporting, Washington, February 21-22,1921.
APRIL, 1921.
FEDERAL, RESERVE BULLETIN.
familiarity with the developments and difficulties and points of view of his customer's
affairs and close acquaintance with the operations of business generally may help wonderfully in managing the affairs of a bank.
It is rather clear, too, that the new relationship has come to stay. It is hardly imaginable
that either the banker or business man will
ever be satisfied to go back to his former
position of illogical isolation from the other
and deny himself and his interests the benefit
so clearly to be found in the more intimate
contact which has been established. Almost
certainly the bank will remain in the open
field of business and will continue to exercise
the business functions and bear the business
responsibilities which have been conceded to
it by business under the new dispensation.
The business man, too, will look forward
instead of back and realize, as he does at
present, that a large percentage of the kinks
and twists which from time to time occur in
his business are entirely proper for consideration by his banker.
In a situation like this is it not most natural
that commercial banks should be deeply
interested in trade information, should be
willing to expend effort and money in the
interest of securing this information, and that
after the information is put in proper shape
should be interested in its intelligent spread
throughout at least the area in which the
bank's immediate interests lie ? Trade information to the bank of to-day is not developed
as a special institution, nor is it used as a special
expedient. It is simply one detail, a necessary
detail, if you please, in the newly discovered or
newly developed relationship which both banks
and business houses have come to recognize
so fully.
But is it all worth while, this gratuitous
information service to business ? The banks
believe that it is very well worth while. The
customer and the public, the latter always a
possible customer, remember, have come to
expect this information, have come to depend
upon the banks for it, have come to treat this
bank contribution as something to be taken
seriously, something that can be used, indeed,
something in the continued production of
which by the banks, business has vested rights.
To a considerable extent, business has gracefully handed a necessary information responsibility over to banking, and banking has just
as gracefully accepted it.
But how about the cost ? Is not the enterprise rather expensive when considered in connection with results realized? Not particularly. If the bank of which we speak operates
upon a fairly large scale, is enterprising, has its
397
functions properly departmentalized, has developed correspondent relations, domestic and
foreign, which are well established and active,
then the task of securing, analyzing, and giving
out information covering the business of this
country, or even of the world, need not be
nearly so difficult or expensive as might appear
at first glance. In a situation like this the
question is largely one of utilizing existing facilities and material, the inflow of which has
already been provided for.
Such a bank probably would have impressed
upon its correspondents everywhere the fact
that it would always be in a position to give to
them at least as much in the way of information
as it would ever expect to receive from them.
This puts the matter upon a basis of worth
whileness, a fairly good argument at any time
and particularly good just now, when war and
attendant influences have given American
metropolitan centers such a greatly increased
importance in the world. Then, too, such a
bank must have a vast supply of trade information anyway, needs it for the ordinary purposes
of daily operations and without necessary
reference to any outside purpose. This information enters into credit operations, forms the
basis of correspondence, is indispensable in the
preparation of publications upon all sorts of
business subjects, provides service departments
with working material, and keeps bank thought
in line with the business thought of the country
and world. It should be easy to understand
why it need not be difficult to select from this
great mass of business information the particular portions which ordinarily enter into trade
reviews or reports.
Of course, the getting together of this mass of
business information if attempted apart from
the departmental organization of the bank
would be rather difficult and expensive. Fortunately, existing bank machinery is well suited
to this purpose. Take, for instance, the credit
department. This department is constantly
in touch with business and particularly with its
current features. It must have a force of highly
trained investigators, who spend most of their
time interviewing representative men in different lines. These investigators are well up in
the art of approach. They know how to get information, how to check one form of information against another, how to get at information
values, and how to express conclusions in definite and tangible terms.
True, the credit information with which the
investigator is concerned primarily may not be
just what the bank would need in its trade information service.- A reasonably clever credit
investigator, however, need experience no particular difficulty in inducing the business man
398
FEDERAL RESERVE BULLETIN.
he interviews to go somewhat outside the cold
credit facts of the case and discuss conditions in
his own particular line. It is a way business
men have, and not infrequently the investigator
will find that a question concerning business
conditions will form an excellent opener for a
credit interview.
The new business and business extension departments of modern commercial banks also can
serve importantly in the collection of trade information and with but slight effort in addition
to what is required in the ordinary solicitation
of accounts. The men in these departments
also know how to approach and open up business men, how to secure and evaluate information, and how to classify it with reference to the
different uses to be made of it. The businessgetting machinery of the modern bank is
rapidly assuming a highly specialized form, and
bank representatives in the work of this department are not apt to overlook the sales value of a
brief discussion of their prospect's chief hobby,
namely, his own business.
But it is within the bank itself and in the
channels of ordinary departmental activity that
we will find the most valuable sources of current trade information. In a never-ending
stream there is running in varying measures of
volume through the different departments of
the bank facts which if properly collated and
nterpreted tell the story of current business
trends in an unmistakable manner. In import, in export, in foreign exchange, in foreign
trade, in the commercial and bill of lading departments, in securities and stocks and bonds,
in loans and discounts is to be found a richness
of material which covers not only business in the
United States but business pretty generally
throughout the world as well.
It is entirely practicable for a well-organized
bank to make arrangements within the different
departments whereby this information is taken
up regularly and turned over to a business research department, where it is classified, digested, checked against generally similar information coming from credit, business extension
and other sources, and finally shaped up and
sent back again to the world of business in a
variety of forms, principally the trade reviews
of which we are speaking.
This, then, is the simple story of the modern
commercial bank's relation to business and of
its interest in trade information. The condition described in all probability will remain.
The service, quite naturally, will expand and
improve. Bank machinery has become adjusted to it. Business expects it and would
object if it were to be discontinued. Bank
trade information may not represent in itself
a vital necessity to business. It does, how-
APRIL, 1921.
ever, represent a logical detail in a bankbusiness service which has come to be recognized as almost vitally necessary.
Good judgment, therefore, would seem to
suggest that the situation be accepted and
carried on and the service made the best possible. Banks, business concerns, publications,
trade, industrial and commercial bodies, special information organizations, will continue
to play their part in providing this service.
The question which naturally arises and
which forms the basis of this discussion is
"What may be expected of government." It
has done much already. Is it prepared to go
on, and how much further? Will it get together with business and banking institutions
similarly interested and participate in the reorganization of its trade information machinery and theirs, to the end that a better, more
comprehensive, and possibly less expensive
service may result. This conference strongly
suggests something of the sort.
Thus far there has been shown but slight
evidence of cooperation between the different
institutions engaged in trade information
work. It may be that the situation has not
yet developed to the point where cooperation
is the natural or even the best thing. Quite
frequently, in the earlier stages of the development of an institution, competition serves
more importantly. At present each institution seems to be trying to do a little better
than the next regardless of expense and regardless, too, of the uniformity in results
which is always desirable. May it not be
that we have had about enough of the experimental thing and have reached the point where
good sense would suggest a getting together in
the interest of review, analysis, criticism, suggestions, and possibly standardization of effort.
If we might proceed along this line we would
reach, first of all, the Federal Reserve Board.
It puts out a great deal of excellent trade information. But, then, the Board should be
able to do this without any particular trouble.
It should have a distinct advantage over almost any other organization in securing trade
information. It is better and more widely
organized. Its sources of information are
official. Those of banks and business concerns ordinarily are volunteer. The Board's
sources of information can be put under a
definite obligation to get trade information
and get it right and send it in promptly.
Volunteer sources may be interested in giving
prompt service, but, then, again, they may
not. They may not feel that this sort of
activity is included in their regular function.
The Federal Reserve sources suffer from no
such difficulty.
APRIL, 1921.
FEDERAL RESERVE BULLETIN.
Still it is believed that the Federal Reserve
trade reviews can be materially improved.
First of all, they might be standardized, this
referring particularly to the form in which
information from different districts is expressed, also possibly to the means employed
in the different districts for the collecting of
information. It may be that effort has already been made along this line, but there is
nothing in the appearance of the reviews which
indicates anything conclusive upon this point.
Then these reviews might be made to express considerably more helpfulness to business if their date of actual issue and the end
of the period they cover were brought a bit
closer together in point of time. Business
information even 15 days old may be interesting to the business man or banker, but chiefly
as a matter of history, not as something possessing current value. It would help, too, if
the present system of mailing the FEDERAL
RESERVE BULLETIN could be revised so that
all of the copies ordered by a particular institution would arrive at about the same time.
It is realized that difficulties must be overcome in covering so large a situation as that
covered by the Board in its BULLETIN, but we
are discussing the question of an improvement
in the service and the points indicated are exceedingly important in that connection.
But need the Federal Reserve Board's possibilities of helpfulness in improving the general
trade information situation be confined to its
own reviews ? Is it not possible that such an
organization would be w^ell suited to the purpose of developing in government generally a
more effective business point of view? Practically every department of the National Government, in one form or another and at regular
intervals, issues reports having more jor less
definite bearing upon business conditions.
The Department of Commerce appears to be
best equipped as regards organization. It is
unfortunate, however, that the legislative attitude toward appropriations for that department has not been more liberal in the past.
We know that the most scientifically planned
organization must depend for its effectiveness
upon men. We know, too, that the Department of Commerce, as its salary appropriations run, can not expect to retain the services
of the type of man who is indispensable in a
really effective carrying out of the plans and
purposes of that department. Men of this
type are in strong demand in business circles
and their work is such as to bring them rather
conspicuously before the business public. The
best the department can hope for under existing conditions is to retain them through a brief
period of apprenticeship and then pass them
899
on to the field of private business, where more
reasonable recognition of their merit is possible.
The Department of State, too, furnishes a
considerable volume of trade information, but
here, again, Government service falls far short
of its greatest possible effectiveness. In this
case the difficulty is one of time. The information, when it reaches the business public,
usually is too old to be of value for current
purposes. This may be unavoidable, but if so
that only makes it the more unfortunate. The
Departments of the Interior, Agriculture, and
Labor, the Treasury •Department, all are in a
position to contribute liberally to the total of
trade information which nowadays is assuming
so much importance in business and hence in
national prosperity.
Of course it may be said that criticism of this
sort is easy and the improvements suggested
exceedingly difficult. We might grant both
points. There still would remain the wellestablished fact that there is a deplorable lack
of understanding and cooperation between the
different Government units which are working
to the common end that business may be better
supplied with the trade information it needs.
This point is not in the least new, and from
what we learn it seems clear that there is being
developed at the Government's capital an attitude which will ultimately place the entire
trade information situation upon a basis more
reasonable and more agreeable to the spirit
and purpose of business generally.
What must be done is to impress more
definitely upon government the viewpoint of
business, the interest of business in trade information, the obligation of government to
cooperate fully in the production and giving
out of this information as business needs and
wants it, not necessarily as the traditions and
convenience of Government departments suggest.
It may be that the Federal Reserve Board is
not the particular body to undertake this work
of bringing Government and business points
of view together. Possibly some other Government institution is as well or even better
qualified for the task. It happens, however,
that we are discussing the Federal Reserve
Board and its relation to trade information
service. It happens also that business men
and bankers appear disposed to concede to the
Federal Reserve trade review a very high place
among its fellows. Another fact which would
seem to suggest Federal Reserve leadership in
this connection is that the Board's contact
with both business and banking is an unusually
intimate one. It meets them upon a basis of
business and, of greatest importance, seems
able to leave politics entirely out of the case.
400
FEDEBAL RESERVE BULLETIN.
AMERICAN SHIPPING EARNINGS
THE BALANCE OF TRADE.1
1921.
AND essentially that of finding the amount of freight
INTRODUCTION.
The present article is intended to give some
preliminary results of a study of the trade
balance of the United States now being made
by the Division of Analysis and Research. A
previous article has appeared in the February
7
BULLETIN on "The world's shipping/ whicii
was intended as an introductory survey of the
field of shipping.
All payments between nations, of whatever
kind, have a bearing upon international
balances. Some of these payments, such as
exports of merchandise and specie, are regularly reported 7 in official trade statistics.
These "visible' items, however, do not tell
the whole story. Other international payments, the so-called "invisible" items, must
also be taken into account. More important
than any, except capital investments abroad,
are the earnings and payments for ocean transportation which it is proposed now to consider. Nevertheless, the question of freight
payments has been much neglected by other
investigators in the field of international balances and has often been dismissed with more
or less haphazard guesses. Such helpful studies
as have been made will be considered presently.
The reason for this neglect is not far to seek.
The readily available statistical material is
scanty and fragmentary. Furthermore, no
regularly issued reports throw any direct light
on the problem, and the whole question must be
led from a number of indirect avenues.
Consequently, absolute accuracy is impossible,
and the net result must be an estimate approaching as near as may be to accuracy, with
as many pitfalls allowed for as is possible.
So far as the balance of trade of the United
States is concerned, we are interested in the
gross rather than net earnings of shipping, and
more particularly in the portion of these earnings derived from freight services performed
by American concerns for foreigners and by
the latter for Americans. Since as a rule the
importer has to pay the freight,2 the problem is
1 Prepared under the direction of Henry W. Van Pelt, Division of
Analysis
and Research.
2
Throughout this article the word freight, or freights, if not otherwise
qualified, is to be understood as meaning the charges for ocean transportation.
APRIL,
receivable on exports carried in American
vessels and the amount of freight payable on
imports carried in foreign vessels. The difference between these two we shall call the
" shipping balance" of the United States.
After allowing for the expense of vessels in
foreign ports and for other necessary adjustments this
may be termed the "net shipping
balance.77
CHANGES IN THE BALANCE OF SHIPPING PAYMENTS.
The shipping balance had been unfavorable
to the United States for many years up to
the end of the Great War. Our merchant marine was small and we were carrying in our
own vessels an almost insignificant portion of
our overseas trade. Thus for the fiscal year
1914 the value of exports in American vessels
was 8.3 per cent of the total sea-borne exports
from the United States, while at the same time
the value of imports in foreign vessels amounted
to 88.6 per cent of the total sea-borne imports
into the United States. The situation contrasted very strongly with that existing before
the Civil War when we were carrying from
two-thirds to nine-tenths of our water-borne
commerce in American-owned vessels. Tables
1 and 2 show the growth of the American merchant fleet engaged in foreign trade and the
imports and exports by years in American and
foreign vessels.
TABLE 1.—Number and gross tonnage of American
merchant vessels, registered for foreign trade, at 5-year
intervals, 1860-1910; yearly, 1910-1920.
[Source: Bureau of Foreign and Domestic Commerce.]
June 30—
1850
1885
1870
1875
1880
1885
1890
1895
1900
1905
1910
Number.
2,643
2,816
2,204
2,006
1,451
. .. 1.193
1,288
1,333
1,490
Gross
tonnage.
2,379,396
1,518,350
i;448,846
1,515,598
1,314,402
1,262,814
' 928,062
822,347
816,795
943,750
June 30—
;!
|j
;!
H
ji
I
i
i
!
!
j|
782,517 !
1911
1912
1913
1914
1015
1916
If .17
1918
1919
1920
Num- j Gross
ber. tonnage.
i 1,
1 1,
! 2,
|| 2,
! '
! 3j 453
1 3,986
! 5,000
| 5,932
!
863,495
923,225
019,165
066,288
862,714
,185,008
2' 440,776
3' .599,113
I 6! 665,376
j 9' ,924,694
!'
APRIL, 1921.
401
FEDERAL, RESERVE BULLETIN.
TABLE 2.— Value of water-borne imports and exports in the foreign carrying trade of the United States at 5-year intervals,
1860-1910; yearly, 1910-1920.
[Source: Bureau of Foreign and Domestic Commerce.]
Imports.
Fiscal year—
In American
vessels.
In foreign
vessels.
Total imports and exports.
Exports.
Per cent
in Ameri- In American
can
vessels.
vessels.
In foreign
vessels.
Per cent
in Ameri- 1 In American
can i
vessels.
vessels.
In foreign
vessels.
Per cent
in American
vessels.
i
1860
1865
1870
1875
1880
1885
1890
1895
1900
1905
1910
1911
1912
1913
1914
1915
1916
1917
1918
1919
1920
$228,164,855
74,385,116
153,237,077
157,872,726
149,317,368
112,864,052
124,948,948
108,229,615
104,304,940
160,649,571
147,100,976
146,640,912
170,849,680
193,094,242
198,923,666
281,334,841
449,872,543
648,256,478
710,777,017
875,602,857
1,835,757,405
$134,001,399
174,170,536
309,140,510
382,949,568
503,494,913
443,513,801
623,740,100
590,538,362
701,223,735
878,138,230
1,319,438,085
1,289,510,573
1,380,228,170
1,504,567,867
1,538,784,987
1,244,934,571
1,550,102,577
1,706,482,324
1,849,650,228
1,741,432,980
2,870,930,209
63.0
29.9
33.1
29.2
22.9
20.3
16.7
15.5
12.9
15.5
10.0
10.2
11.0
11.4
11.4
18.4
22.5
27.5
27.8
33.5
39.0
$279,082,902
93,017,756
199,732,324
156,385,066
109,029,209
82,001,691
77,502,138
62,277,581
90,779,252
129,958,375
113,736,171
133,565,552
151,601,885
187,938,254
169,436,090
290,597,071
499,035,673
803,829,990
977,718,929
1,617,900,599
3,235,865,822
Throughout the years of the war the proportion of our commerce carried in American
vessels steadily rose until for 1918 American
receipts and payments on shipping account are
estimated about to have offset each other,
with probably a small balance of a few million
dollars in favor of the United States. During
1918 and 1919 the merchant fleet of the United
States was largely augmented by the launching
respectively of over three and four million gross
tons of shipping. In June, 1919, Lloyd's
Register of Shipping reported the seagoing
steam tonnage of the United States at 9,823,562
gross tons, compared with 2,069,637 gross tons
in 1914. As a result the proportion of seaborne exports carried in American bottoms rose
to 36.6 per cent of the total value, and the proportion of sea-borne imports in foreign bottoms
decreased to 64 per cent in the calendar year
1919. Exports, moreover, largely exceeded
imports in that year, so that the shipping balance of the United States was definitely on the
credit side for the first time since the sixties.
The amount of this credit item has elsewhere*
been estimated at $73,000,000 in 1919. Investigations of the Division of Analysis and
Research, however, point to a far higher figure.
On a conservative basis, allowing for port
expenses and other deductions, the net shipping balance for 1919 is placed at $175,000,000
as a minimum, with the most probable figure
lying between $200,000,000 and $250,000,000.
iVanderlip and Williams: "The future of our foreign trade; a study
of our international balance in 1919."
41018—21
3
$121,039,394
262,839,588
329,786,978
501,838,449
720,770,521
636,004,765
747,376,644
695,357,830
1,193,220,689
1,225,063,232
1,402,524,390
1,640,925,933
1,728,790,688
1,887,460,562
1,878,323,769
2,175,758,992
3,327,030,418
4,660,926,341
4,165,554,282
4,725,161,958
3,932,444,373
69.7 ! $507,247,757
26.1 i
167,402,872
37.7
352,969,401
23.8 '
314,257,792
13.1
258,346,577
11.4
194,865,743
9.4
202,451,086
8.2
170,507,196
7.1
195,084,192
9.6
290,607,946
7.5
260,837,147
7.5
280,206,464
8.1
322,451,565
9.1
381,032,496
8.3
368,359,756
11.8
571,931,912
13.0
948,908,216
14.7
1,452,086,468
19.0
1,688,495,946
25.5 2,493,503,456
45.1
5,071,623,227
$255,040,793
437,010,124
638,927,488
884,788,517
1,224,265,434
1,079,518,566
1,371,116,744
1,285,896,192
1,894,444,424
2,103,201,462
2,721,962,475
2,930,436,506
3,109,018,858
3,392,028,429
3,417,108,756
3,420,693,563
4,877,132,995
6,367,408,665
6,015,204,510
6,466,594,938
6,803,374,582
66.5
27.7
35.6
26.2
17.4
15.3
12.9
11.7
9.3
12.1
8.7
•
8.7
9.4
10.1
9.7
14.3
16.3
18.6
21.9
27.8
42.7
PROBLEMS INVOLVED.
Two difficulties have to be faced at the outset of any analysis of shipping earnings:
(1) the almost complete absence of statistical
data bearing directly upon shipping charges
and the ultimate disposition of ship earnings;
and (2) the extremely variable character of the
ocean freight market, changing as it does all
the time.
Owing perhaps] to the absence of governmental supervision over steamship operations,
the earnings or even the gross receipts of individual steamship companies are seldom made
public. It is therefore obvious that a complete
survey or census of the shipping industry with
the idea of ascertaining earnings, would be
impossible. Moreover the ground would have
to be gone over frequently if the information
were to be^ kept up to date. It would be still
further out of the range of possibility to procure
from ships' manifests and ocean bills of lading
the amounts of freight paid on all cargoes.
The inherent nature and organization of the
steamship business may be mentioned as
accounting for the condition referred to under
the second head. Ocean freights are determined on a basis of free competition
tempered by rate agreements (the so-called
"conferences") between companies operating
on the same trade routes. These conferences
are. in many cases so loosely held together that
rate wars between rival interests may break out
at any time. The result is that ocean rates
402
FEDERAL KESEKVE BULLETIN.
are highlyjuncertain and variable, sometimes
dropping in a short time from highly profitable levels to a plane where losses result. The
calculation of earnings in these circumstances
is far from a simple matter.
As has been stated the problem is essentially
that of finding the amount of freight receivable
by American vessels in carrying exports, and
the amount of freight payable to foreign shipowners for carrying imports to the United
States. From a consideration of the monthly
statistics of the Department of Commerce, in
which the value of goods carried in American
vessels is distinguished from that carried in
foreign vessels, it becomes evident that our
problem would for the most part be solved if
a percentage relationship could be established
between the amount of freights and the value
of the goods carried. One word of caution is
necessary in connection with the use of such a
ratio between freights and the value of goods
transported. Any relationship between freights
and the value of cargo is essentially fortuitous
and. variable, but in the absence of other statistical data such a ratio is perhaps the most
readily usable means of calculation and by revising it monthly all objection to low correlation can be overcome. Stated in another
Y^ay, such a ratio is a convenient mathematical
tiool for purposes of computation, but it has
no logical justification from the point of view
of the shipping man, and is not at all a basis
of rate making. Nevertheless, this method of
approach, in view of the nature of the statistical data available, seems to be the one most
productive of results.
METHODS OF PROCEDURE.
Two ways may be mentioned of arriving at
the "freight-to-value" ratio just referred to.
One is by an original investigation into the
level of freight rates on all the important commodities for all the principal trade routes of
the world, applying average rates to the quantities transported. The second method is to
adjust to current conditions previous reliable
estimates of freight-to-value ratios that apply
to some recent period. The latter of these
two methods will be adopted in the present
article, though an investigation is in progress along the lines indicated by the former
method.
Probably the most reliable estimate of this
kind, and in fact the only one of recent estimates on an original basis, is that made by
Mr. C. S. Duncan for the United States
Shipping Board, in cooperation with the War
Trade Board. This was a study of ocean
freight rates in the United States trade with
13 neutral nations for the period of Janu-
APBIL, 1921.
ary to June, 1918. Average rates were obtained on different commodities and these were
multiplied by the actual quantities of the
goods carried to get the total freights. When
these total freight charges were added by countries, the total so obtained was related to the
values of the goods carried, and thus a percentage relationship arrived at. For the six
months' period in question the percentages
were found to be 31.2 per cent of the value of
exports from the United States and 13.6 per
cent of the value of imports to the United
States. After earnings have once been accurately estimated for some recent period, they
can be kept up to date by a series of index numbers reflecting changes both in the level of
freight rates and in the prices of the goods
transported, these being the two variable factors in an estimate of shipping earnings based
upon a freight-to-value ratio. By keeping
these index numbers current, the approximate
freight charges payable and receivable each
month by the United States can be computed
from the foreign trade figures of the Department of Commerce. Whenever changes in the
freight market or other shipping conditions are
of sufficient magnitude to render the method of
indexes too uncertain, a new estimate should
be made, taking into account all of the necessary factors.
PRICE INDEXES.
To measure changes in one of the two
variable factors in our estimate, namely, in
prices as affecting the official foreign trade
statistics, separate index numbers applying to
goods imported and exported have been computed for the present study. Monthly average
import and export prices (or valuations) for
the index numbers were compiled from quotations in the Monthly Summaries of the Bureau of Foreign and Domestic Commerce.
The quotations on exports are " based on the
actual cost, or the value of articles at the time of
exportation at the ports from which shipped.77
Import quotations are " based on the wholesale
price of articles in the markets of the countries
from which imported.77 These average export
and import prices are derived by dividing the
total declared value of each commodity in a
given month by the quantity exported or
imported.
For the construction of index numbers measuring domestic price changes, average prices
derived in such a manner are obviously not so
satisfactory as market prices. In the present
case, however, because of the difficulty of
obtaining foreign prices on goods imported
into this country from all parts of the world,
it became necessary to make use of the monthly
import price averages of the Bureau of Foreign
APEIL, 1921.
403
FEDERAL RESERVE BULLETIN.
and Domestic Commerce.
To render the
method of index construction consistent and
the same for both import and export prices,
and to make the results more strictly applicable
to the official foreign trade figures, the same
source is used for the export index also.
The choice of commodities to be included
in the indexes was largely determined by the
relative importance of the different commodities in our 1920 foreign trade. By setting a
total value of $10,000,000 for the year as the
minimum for the inclusion|of any commodity,
and by further classifying and eliminating
commodities in order to give balanced representation to the three groups—raw materials,
producers' goods, and consumers' goods—a
final selection is arrived at, numbering 30
import commodities and 40 export commodities. The actual index numbers are relatives
of aggregate monthly values of the commodities employed, so that the commodities are
weighted essentially according to their importance in the foreign trade of 1920. The base
is taken as the monthly average for the first
half of 1918, since it is desired primarily to
adjust the results of Duncan's investigation
covering that period.
The indexes for the 12 months of 1920 are
given in Table 3. It is important to emphasize
that these price indexes are intended merely for
use in adjusting Mr. Duncan's 1918 study, and
make no claim of applicability to other purposes. The precise method of using price,
indexes in the present estimate of shipping
earnings will be discussed later.
It is the intention to develop such an estimate
more fully in a subsequent article.
Prior to the outbreak of the European war,
the ratio of freights to the value of the goods
carried was small, as all estimates agree. Mr.
W. W. Bates in his book, The American Marine,
published in 1893, gives freight percentages
for the United States as 15 per cent of the value
of exports and 10 per cent of the value of imports. The Review of Economic Statistics,
however, in a study published in July, 1919, regards these percentages as somewhat too high
for the nineties—although true at an earlier
date—and as entirely inapplicable to the
period just preceding the European war.
The British Board of Trade made a study of
the carrying charges on exports in the four
years 1901, 1906, 1909, and 1912. The method
was to subtract the aggregate value of exports
of the principal countries of the world from
the aggregate value of imports, the difference
representing the freight charges. In explanation of this, it should be stated that the foreign
trade statistics of most countries, the United
States being the principal exception, give both
exports and imports at their values in the
country reporting them. That is, exports are
usually valued f. o. b. port of shipment, while1
imports are valued c. i. f. port of destination.
Import values, therefore, in addition to cost,
include also freight and insurance charges;
whereas export values represent cost only.
By taking the exports and imports of all the
major countries of the world, making proper
allowance for countries like the United States
and France, whose foreign-trade statistics do
TABLE 3.—Indexes of average monthly import and export not, for one reason or another, reflect the
prices (valuations) of goods in the foreign trade of the
amounts of freight charges, all goods will have
United States.
been valued twice—first, without, and then
[January-June, 1918, monthly average= 100.]
with the inclusion of freight charges. The
difference between the two values for the years
Import Export
Import Export
Month.
Month.
stated
is shown in the following table:
prices.
prices.
prices. prices.
1918.
January - J u n e
average
100.0
100.0
1920.
January
February
March
April
145.0
150.1
145.5
150.1
116.7
117.5
120.6
121.9
1920—Contd.
May
June
July
August
September
October
November
December
162.5
176.4
174.2
176.7
159.4
148.8
133.3
121.8
PREVIOUS ESTIMATES OF FREIGHTS.
124.9
130.6
128.1
124.8
123.8
116.9
111.3
101.5
Year.
1901
1906
1909
1912
Value of
imports.
Value of
exports.
Excess value
of imports
over exports
representing
gross carrying charges.
£2,516,000,000 £2,292,000,000 £224,000,000
3,051,000,000
201,000,000
3,253,000,000
3,376,000,000
234,000,000
3,611,000,000
4,061,000,000
342.000,000
4,403,000,000
Carrying
charges
as percentage
of value
of exports.
9.8
6.6
6.0
8.4
The other variable factor to be taken into
average percentage for these four years
account is that of the level of freight rates is The
7.8,
represents the average ratio of
which is more uncertain than that of prices. freight which
charges
to the total value of exports
Further studies along this line are now in pro- throughout the world
in those years.
gress. In the following paragraphs such data
as have been obtained so far in the present in- 1 F. o. b. (free on board) prices are quoted when goods are to be made
for shipment and delivered to carrier at a stated point, freight
vestigation are brought together and a tenta- ready
charges from that point on not included. C. i. f. (cost, insurance, freight)
tive estimate of earnings in 1920 is presented. prices include insurance and freight charges to port of destination.
404
FEDERAL RESERVE BULLETIN.
The Manchester Guardian, in its issue of
February 10, 1911, estimated the world's imports for 1907 at £3,737,200,000 and the
world's|exports at £3,383,600,000, the difference of £353,600,000 measuring the world's
shipping earnings. This amounts to approximately 10.5 per cent of the value of the exports
in 1907. The New York Journal of Commerce
in the issue of July 8, 1895, gives the freight-tovalue ratio on imports to the United States as
3.6 per cent of the value.
The United States Government, injlthe
course of its suit against the lines composing the
Brazil conference, put in evidence data compiled by an expert analyzing from outward
manifests the traffic from New York to all
Brazilian ports served by the conference lines.
These tables show among other things the
amount of freight paid during the period.
Comparing these figures with the declared value
of exports from the United States to Brazil
during the period will show the following
results: 1
Year.
1908
1909
1910
1911
1912
Amount of
freight.
$707,876
855,779
1,239,201
1,797,041
2,646,269
Value of
exports.
$19,364,238
17,444,759
22,764,183
27,150,672
34,587,050
Percentage
of freight.
3.1
4.9
5.4
6.6
7.6
Owing to the nature ofjthe Brazilian trade,
the percentages given in the last column are
probably too high, if anything, for our export
trade as a whole in those years.
In a study compiled by the National Foreign
Trade Council in 1916, entitled " Ocean Shipping, " it is stated that in the years immediately prior to the war 5 per cent of the value
of United States exports is a fair estimate of
the maximum average freight charge which
the^character of our exports would bear. At
the same time it was stated that a similar
percentage on imports would not exceed 3 per
cent of the value, and on many of the higher
priced commodities would be considerably less.
Putting all these statements together, the
figures last (juoted^seem to be a reasonable
and fair estimate, as well as the only ones
applicable to the period immediately before
the war. It is generally agreed that the percentage on exports from the United States
was considerably higher than on imports, the
relation being about two to one. On the
other hand, for the later war period the
Shipping Board investigation already referred
to is undoubtedly the most reliable. Aecord1
National Foreign Trade Council: "Ocean shipping," 2nd edition,
1917, p. 21.
APRIL, 1921.
inglyjwe may adopt the percentages of 5 and
3 for the period immediately preceding the
war, and of 31.2 and 13.6 for 1918. The percentages applicable to 1920 are quite evidently
between these rather wide extremes. If 5
per cent and 3 per cent be taken as the prewar
ngures it is evident that freights mounted
proportionally several times higher than prices;
that is, export freights in the first six months
of 1918 had increased since 1914 over six times
as much as export prices, while inward freights
had increased between four and five times as
much as import prices. Price declines on exports did not begin to show until the middle of
1920, and on imports not until the end of the
year. Freights we know had fallen off at least
to some extent since 1918. Hence Duncan's
figures may certainly be regarded as an outside
upper limit for 1920, and as a matter of fact
they are much too high for that year. On the
other hand, freights had not fallen to anything
like prewar levels until December, 1920, and
many freights even after a continuous and progressive decline had not reached prewar levels
by March, 1921. Hence it is safe to say that
the freight-to-value ratio remained above the
prewar figures that have been given.
RELATION BETWEEN IMPORT AND EXPORT
FREIGHT-TO-VALUE RATIOS.
There is nothing to indicate that there has
been any marked departure from the previously
•stated relation that the export ratio is about
twice the import. On the contrary, three
factors would indicate that if anything there
has been a widening of the spread between
the two: (1) an increased export of coal from
the United States; (2) a smaller import trade
into the United States; and (3) the continuing
high prices on imports. The first of these is
of consequence inasmuch as the ocean freights
payable on coal have recently much exceeded
the value of the coal at port of shipment. In
other words, the freight may be 100, 200, or
more per cent of the value of the coal as given
in the trade figures. It is at once evident that
the effect of increased exports of such commodities as coal would be to raise the general
average ratio of freights to value. The small
volume of the import trade of the United States
as compared with the export trade has had the
tendency furthermore to make vessels return
to this country in ballast, and consequently to
soften inward rates to the United States somewhat more than export rates. Finally, the fact
that import prices held their high levels longer
than export prices means that, assuming
freights were falling at a given rate, the freightto-value ratio would become relatively higher
on exports than before.
POSSIBLE MINIMUM AND MAXIMUM
IN 1920.
EARNINGS
Before proceeding to discuss the ocean freight
market and to submit an estimate of earnings
in 1920, it may be well to observe what extreme limits to shipping earnings are set by the
previously mentioned high and low estimates
of freight-to-value ratios, if these are applied
to the official trade statistics of 1920. The total
value of exports in American vessels in 1920 as
given by the Department of Commerce was
$3,165,297,082, and of imports in foreign vessels $2,743,252,061. Applying the prewar and
1918 freight-to-value ratios (5 and 3 per cent;
31.2 and 13.6 per cent) to these figures we obtain $75,000,000 as a minimum and $600,000,000 as a maximum favorable shipping balance
in 1920. The actual shipping balance we shall
find to be much less than this maximum and
closer to the minimum.
THE CHARTER MARKET.
The best single index of the course of the
ocean freight market during 1920 is afforded
by charter quotations on coal (see Table 4).
The rates on other commodities are believed
to have fluctuated in approximately the same
proportion and injjthe same direction. This
is true because of the large and steady movements of coal during that year. The same
would not be the case to the same degree in
prewar years or at the present time.
TABLE 4-—Average monthly cool charters in four different
trade routes in 1920,
[Data from graph in "Nauticus," Jan. 22,1921, p. 1
average=100.]
January
United States Atlantic t o Months.
West Coast
Italy.
French At- Rotterdam.
lantic.
Buenos
Aires.
Aver- Rela- Aver- Rela- Aver- Rela- Aver- Relaage. tive. age. tive. age. tive. age. tive.
1920.
January
February
March
April
Mav
June
July ...
August
September
October
November
December
405
FEDERAL RESERVE BULLETIN.
APEIL, 1921.
$25.75
24.50
23.00
23.75
22.75
20.25
17.50
14.75
14.25
14.00
1L75
8.00
100 $22.50
95 21.50
89 21.25
92 21.25
88 19.75
79 18.50
68 16.00
57 11.75
55 13.25
54 12.25
46 10.25
31
6.25
100 $21.00
96 21.00
94 19.75
94 19.50
88 19.25
82 18.00
71 14.00
52 11.00
59 12.50
54 11.00
9.50
46
5.50
28
100 $12.00
100 13.00
94 14.00
93 13.50
92 13.50
86 13.75
67 12.00
52 11.75
60 15.00
52 13.75
45 12.00
7.25
26
100
108
117
112
112
115
100
98
125
115
100
60
The time-charter market is under ordinary
circumstances a particularly good indication of
the level of rates over a period of time, especially if it is kept in mind that the bulk of such
rates in effect on a given date are those fixed
several months earlier. The Daily Freight
Register in its annual survey gives the range of
one year general time charters as from 45s. to
11s. per ton dead-weight per month for 1920.
The average quotations by months are as follows:
January
February.
March.
April..
May...
June..
s.
25
25
22
20
17
18
d.
0
0
6
0
6
9
July
August
September
October
November
December
s.
15
13
13
14
13
10
d.
9
6
0
0
6
0
BERTH RATES.
In addition to charter quotations, the whole
question of berth rates must be considered,
perth rates refer to quotations on commodities
in less than full shipload quantities. The expression arises because a freight vessel is said
to be " berthed" or " placed on berth" when
general cargo and small consignments are being
advertised and contracted for. Although it is
true that berth charges fluctuate in the long
run in the same direction as charter rates, it is,
nevertheless, a fact that these berth or commodity quotations are subject to violent temporary fluctuations far more so than charter
rates. On account of the erratic nature of
berth rates and the wide variations from time
to time upon which it is difficult to secure
authentic statistical information, the compilation of an index of such quotations is not easy.
Furthermore, the wide range of commodities
carried in berthed ships involves large spreads
between charges on the different commodities.
Even on the same commodities different companies may charge different rates at the same
time. The opinion of a number of shipping
men who were consulted was that to secure a
general level of freight rates through berth
quotations involves such serious statistical difficulties as to render such an inquiry inadvisable.
Considerable light is thrown on the subject,
nevertheless, by the average monthly rates on
cottonseed oil, grain, provisions, and sack
flour, shown in Tables 5 to 8, inclusive.
406
FEDERAL RESERVE BULLETIN.
APRIL, 1921.
TABLE 5.—Average and relative monthly berth rates per 100 pounds on cottonseed oil from New
European trade divisions in 1920.
York to the principal
[Compiled from Cornish's Weekly Freight Circular. Average January rate=100.]
United Kingdom.
NetherlandsBelgium.
French Atlantic.
Mediterranean.
Germany.
Scandinavia.
Month.
Average. Relative. Average. Kelative. Average. Relative. Average. Relative. Average. Relative. Average. Relative.
1920.
January
February
March
April
May
June
July
August
September...
October
November...
December...
$1.035
1. 035
1.035
1.035
1.017
1.017
1.017
1.017
1.017
1.043
1.15
1.00
100
100
100
100
98
98
98
98
98
101
111 |
9" !
$1.113
1.00
1.00
.975
.90
.90
.90
.843
.75
.595
.396
.195
$1.123 !
.91 i
.91
.835 ;
.76 i
.76 i
.76 !
.71 !
.66 !
.598 !
.495 !
.338 j
100
90
90
88
81
81
81
76
67
53
36
18
100
81
81
74
68
68
68
63
59
53
44
30
$1,474
1.233
1.099
1.067
1.083
1.083
1.083
1.083
1,083
1.056
1.033
1.013
100
84
75
72
73
73
73
73
73
72
70
69
$1.725
1.40
1.325
1.25
1.25
1.25
1.25
1.25
1.25
1.09
.90
.77
100
81
77
72
72
72
72
72
72
63
52
45
$1.00
1.00
1.00
.887
.85
.67
.462
.277
i
TABLE 6.—Average and relative monthly berth rates per 100 pounds on grain from New York to the principal European
trade divisions in 1920.
[Compiled from Cornish's Weekly Freight Circular. Average January rate=100.]
United Kingdom.
NetherlandsBelgium.
French Atlantic.
Mediterranean.
Scandinavia.
Germany.
Month.
Average. Relative. Average. Relative. Average. Relative. Average. Relative. Average. Relative. Average. Relative.
1920.
January
F©bruarv
March
April
May
June
July
August
September... .
October
November .
December
$0.425
.400
.400
.425
.518
.600
.520
.358
.353
.360
.356
.342
100
94
94
100
122
141
122
84
83
85
84
80
$0.613
.569
.475
.675
.735
.750
.710
.600
.625
.600
.494
.370
100
93
77
110
120
122
116
98
102
98
81
60
$0.456
.413
.400
.519
.720
.565
.540
.394
.381
.410
.356
.270
100
91
88
114
158
124
118
86
84
90
78
59
$0,763
.788
.575
.681
.740
.750
.561
.633
.592
.587
.488
.383
100
103
75
89
97
98
74
83
78
77
64
50
$6.70 i
.53
.40
.363
.43
35
.28
$0.50
.35
TABLE 7.—Average and relative monthly berth rates per 100 pounds on provisions from New York to the principal
European trade divisions in 1920.
[Compiled from Cornish's Weekly Freight Circular. Average January rate=100.]
United Kingdom.
French Atlantic.
%
NetherlandsBelgium.
Mediterranean.
Scandinavia.
Germany.
Month.
Average. Relative. Average. Relative. Average. Relative. Average. Relative. Average. Relative. Average. Relative.
1920.
January
February
March
April
Mav
June
July
August
September
October
November
December
$1.035
1.035
.973
.911
.911
.925
.911
.911
.911
.975
1.017
1.017
100
100
94
88
88
89
88
88
88
94
98
98
$1.113
1.00
1.00
,975
.90
90
.90
.825
.744
635
.388
.300
100
90
90
88
81
81
81
74
67
57
35
27
$1.123
.910
.881
.810
.760
760
760
.685
.660
612
463
.373
100
81
78
72
68
68
68
61
59
54
41
33
$1.433
1.233
1.100
1.067
1.083
1 083
1 083
1.083
1.083
1 056
1 033
1.066
100
86
77
74
76
76
76
76
76
74
72
74
$1.594
1.40
1.25
1.25
1.25
1 25
1.25
1.25
1.25
1.09
.90
.70
100
88
78
78
78
78
78
78
78
68
56
44
$1,000
1 000
1.000
.888
.850
660
.425
.370
407
FEDERAL RESERVE BULLETIN.
APRIL, 1921.
TABLE 8.—Average and relative monthly berth rotes per 100 pounds on sack flour from New York to the principal
European trade divisions in 1920.
[Compiled from Cornish's Weekly Freight Circular. Average January rate=100.]
United Kingdom.
French Atlantic.
NetherlandsBelgium.
Mediterranean.
Scandinavia.
Germany.
Month.
Average. Relative. Average. Relative. Average. Relative. Average. Relative. Average. Relative. Average. Relative.
1920.
January
February
March
April
May
June. . .
July
August
September
October
November
December.
$ 1. 026
1.00
.738
.65
.65
.65
.65
.65
.65
.65
.45
.45
100
97
72
63
63
63
63
63
63
63
44
44
COURSE OF THE FREIGHT
100
95
90
83
72
72
72
69
56
52
3'6
29
$1.25
1.187
1.125
1.038
.90
.90
.90
.863
.70
.65
.45
.36
$1.01
1.01
.823
.677
.757
,742
.717
572
.472
.53
.41
.38
100
100
81
67
75
73
71
57
47
52
41
38
$1.533
1.517
1.35
1.049
1.083
1 083
1 083
1 083
1.083
1.083
.724
.683
MARKET IN 1920.
The facts that have been given all show that
rates were comparatively steady during the
first six months of the year and that the declines came in the latter months. During the
first six months ocean freight rates remained firm
with a slight downward tendency. In certain
trades, notably to River Plate ports, rates
tended upward, but in the latter half of the
year the bottom dropped out of the market
and rates for all destinations fell very suddenly.
The biggest drop came in December, when
shipping charges were fixed at from one-half
down to one-quarter of the rates obtaining the
previous June. For the purposes of the present
article, therefore, we shall divide the year in
half and submit tentative estimates for each
six months separately.
100
99
88
68
71
71
71
71
71
71
47
45
$1.313
1.20
1.125
1.063
1.05
1 05
1.05
1 025
1.00
1.00
.60
.57
100
91
86
81
80
80
80
78
76
76
46
43
$6.80
875
.86
70
.65
.56
.40
.39
FREIGHT INDEXES.
When it comes to comparing rates in 1920
with those in 1918, for which year we have the
estimates of the Shipping Board on the ratio of
freights to commodity values, the data is very
unsatisfactory. In that war period all rates
were under the control of the Shipping Board
and the freight market practically disappeared,
making it difficult to obtain comparable
quotations between 1918 and 1920^ In r order, however, to arrive at preliminary freight indexes
for 1920, pending more complete information
which is now being gathered, the following
data may be presented. The most reliable
freight indexes available at this stage of the
investigation, comparing the months of 1920
with the first six months of 1918, are shown in
Table 9.
TABLE 9.—Average and relative monthly ocean freight rates on flour and cotton from New York to designated ports in 1920.
[Rates quoted per 100 pounds. Average rate January-June, 1918=100. Compiled from Cornish's Weekly Freight Circular.]
Flour.
Month.
1918.
January-June i
January
April
May
June
July
Au a ust
September
October
November
December
. . . .
Genoa.
Christiania.
Index.
Average
rate.
$2.775
100.0
$6.625
100.0
16.00
100.0
$9.105
100.0
1.20
1.20
1.087
1.05
1.05
1.05
1.05
1.025
1.00
1.00
.60
.60
43.2
43.2
39.1
37.8
37.8
37.8
37.8
36.9
36.0
36.0
21.6
21.6
1.50
1.50
1.312
1.00
1.00
1.00
1.00
1.00
1.00
22.6
22.6
19.8
14.3
15.0
15.0
15.0
15.0
15.0
15.0
.65
.65
9.8
9.8
2.125
2.162
2.175
2.175
2.175
2.137
2.125
2.25
2.375
2.568
1.90
1.90
35.4
36.0
36.2
36.2
36.2
35.6
35.4
37.5
39.5
42.0
31.6
31.6
1.875
1.687
1.25
1.125
1.125
1.20
1.225
1.225
1.225
1.431
1.125
1.068
20.5
18.5
13.7
12.3
12.3
13.1
13.4
13.4
13.4
15.7
12.3
11.7
.95
Index.
Average
rate.
Index.
Average
rate.
Havre.
Liverpool.
Genoa.
Average
rate.
1920.
February
March
L
Christiania.
Cotton.
Index.
Average
rate.
$5.73
1.625
1.662
1.675
1.675
1.675
1.625
1.675
1.80
3.925
1.917
1.212
1.218
Index.
100.0
28.3
29.0
29.2
29.2
29.2
28.3
29.2
31.4
33.5
33.4
21.1
21.2
Average
rate.
$6.19
Index.
100.0
1.625
1.156
1.00
1.00
1.00
1.037
1.05
1.025
1.00
1.325
.875
.675
Rates for 1918 are taken from Emory R. Johnson's report to the United States Shipping Board," Ocean rates and terminal charges," 1919.
26.2
18.6
16.1
16.1
16.1
16.7
16.9
16.5
16.1
21.4
14.1
10.9
408
FEDERAL RESERVE BULLETIN.
Taking into consideration the available facts
on both charters and berth rates, the outward
freight index for the first six months of 1920
may be placed at 37.5, putting rates in the first
half of 1918 equal to 100. Balancing those
trade routes, such as to South America, in which
rates remained comparatively firm, against the
European routes, for exanrple, where declines
were drastic, we may estimate that ocean
freight rates in the latter half of 1920 averaged
between 65 and 70 per cent of mean freights
in the first half of the year. Using the 1918
base as before, the outward freight index for
the last six months of 1920 becomes 25.
Owing to the incompleteness of inward quotations, separate compilations of such rates,
however desirable, are not possible with the
data now at hand, and for the purposes of computation the fluctuations will be considered to
have been in the same proportion as outward
freights. This assumption is certainly on the
conservative side so far as computing the shipping balance of the United States is concerned.
TENTATIVE ESTIMATE OF EARNINGS.
APRIL, 1921.
/Freight index\
\ Price index )
If K represents the known freight-*to-value
ratio at a given time, and F and P represent,
respectively, freight and price indexes with
the given time as the base period, the freightto-value ratio at some other time will be
F
KXp- Letting V represent the aggregate
value of goods transported at that time, the
freight charges payable on such goods will be
~xVApplying this result to the problem at hand,
we may express the freight charges on exports
TT"WV
in American vessels as e p ee e? and the freight
charges on imports in foreign vessels as
Pi
The shipping balance of the United States
is the difference between the two, or
/KtFiVA
V Pi ) '
Substituting for Ee and Ki their values in
1918, as given by the Shipping Board study,
we have :
Shipping balance of the United States
.312 FeVe\ /.136 Fi
)
It should be noted that this method can be
used in estimating the shipping balance of the
United States monthly, semiannually, yearly,
or for any other period for which data are
available. Moreover, other and more up-todate values for Ke and Ki may be substituted
whenever a better estimate of freight-to-value
ratios is made on an original basis, and the
freight and price indexes can then be shifted
to the new base.
Coming now to an estimate for the first hah0
of 1920, we may substitute the following values
in the formula:
To summarize the data up to this point, we
have seen that the freight-to-value ratios applicable to 1920 lie between the prewar and
1918 freight-to-value ratios; and that consequently the shipping balance of the United
States in 1920 can not be less than $75,000,000
nor more than $600,000,000. In order to submit a definite estimate of shipping earnings in
1920, we have presented data measuring
changes in the two variable factors entering
into the freight-to-value ratios of the Shipping
Board study of 1918. The two factors nave
been measured by price indexes (see Table 3)
and by freight indexes (see preceding topic).
We come now to the application of tnese
indexes to our estimate.
The freight-to-value ratio varies directly
with changes in the level of freight rates; it
varies inversely with changes in price levels.
Thus, other things being equal, the higher freights
go, the higher will be the freight-to-value ratio;
and the lower freights go, the lower will be the Freight index {Fe and Ft)= 37.5.
price index (P e )= 122.0.
ratio. On the other hand, the higher the prices Export
price index (Pi)= 154.9.
of goods go, the lower will be the freight-to-yalue Import
Exports in American vessels (F e )= $1,737,689,569.
ratio; and the lower prices go, the higher will be Imports in foreign vessels (Fi)= $1,552,123,895.
the ratio. We may, therefore, adjust a known
The results for the first six months, 1920, are:
freight-to-value ratio in a period of changing
$166,800,000
prices and freight rates by multiplying the Freights receivable
51,200,000
known ratio by the following fraction, numer- Freights payable
ically expressed:
Shipping balance
115,600,000
409
FEDERAL RESERVE BULLETIN.
APRIL, 1921.
The values in the second half of 1920 are:
Freight index (Fe and Ft)= 25.0.
Export price index (P e )= 117.7.
Import price index (Pi)= 152.4.
Exports in American vessels (Ve)= $1,427,607,513.
Imports in foreign vessels (F t )= $1,191,128,166.
The results for the last six months, 1920,
are:
Freights receivable
Freights payable
$94, 600,000
26,600,000
Shipping balance
68,000,000
Taking the year as a whole, we have:
Freights receivable
Freights payable
$261,400,000
77,800,000
Shipping balance, 1920
183, 600, 000
If these results are related to the total values
of imports in foreign vessels and of exports in
American vessels for 1920 (see Table 10), the
average ratios of freights to value in the entire
year are found to be about 3 per cent for imports and 8 per cent for exports—not far from
the prewar freight-to-value ratios.
TABLE 10.— Value of water-borne imports and exports in the foreign-carrying
trade of the United States, by montJis} 1920.
[Source: Bureau of Foreign and Domestic Commerce.]
Imports.
Months.
In American
1920.
January
February
March
April
May
June
July
August
September
October
November
D ecember
Total (except in land vehicles)
ULTIMATE
DISPOSITION
OF
EARNINGS.
Assuming the possibility of obtaining an
accurate index of the level of freight rates from
time to time and of estimating gross shipping
earnings, the objection may be raised that the
next step of apportioning earnings according
to ultimate expenditures between the United
States and foreign countries would be impossible. Among the difficulties that may be
mentioned are those resulting from foreign
time charters to American steamship operators. The revenue might be credited to foreign ship owners, whereas in reality a considerable revenue from these same time charters
would accrue to the American charterers, who
would dispose of the ships at trip charter rates,
thereby obtaining perhaps double the amount
in profit received by the foreign shipowner.
In the next place the whole question of what
portion of the receipts of shipowners is expended abroad remains to be solved. Thus,
after the gross earnings of shipping have been
obtained, a number of refinements would be
necessary before such figures could accurately
be included in a statement showing the balance
of international payments. Among these refinements is the item of port charges incurred by
In foreign
vessels.
Exports.
In American
vessels.
In foreign
$140,083,428
166,680,440
195,500,197
184,611,159
194,061,336
250,097,814
230,777,851
194,790,406
134,443,006
108,165,469
100,735,476
87,915,104
$287,072,178
259,072,316
285,378,178
270,204,923
193,900,014
256,496,286
265,979,570
263,094,279
180,781,729
172,165,869
173,303,373
135,803,346
$303, 099,761
285i 919,454
320; 110,629
293. 491,946
294; 290,215
240. 777,564
252, 295,984
200. 349,015
212; 912,491
245, 476,229
270! 764,927
245; 808,867
$334,529,297
285, 853,350
413, 219,031
321,744,154
372,311,275
291, 384,974
309, 123,438
300, 729,502
298,338,172
421, 477,182
335, 315,592
402,727,456
1,987,861,686
2,743,252,061
3,165,297,082
4,086,753,423
vessels in foreign ports, which is generally admitted to take from one-quarter to one-third
of gross freights. The exact calculation of this
figure is practically impossible and an estimate
of the proportion of gross freights so expended
is about all that can be given. Another difficulty is that no statistical data of any kind are
available showing exactly what is done by shipowners with the freights that they receive.
Some of it goes into coal and stores and a large
portion of it goes into the wages of the seamen.
Just how much of these earnings, therefore, is
expended abroad it is difficult if not impossible
to decide. Nevertheless, these payments to
some extent balance each other, in that American seamen spend part of their wages abroad
and foreign seamen spend part of their wages
in the United States.
OTHER ELEMENTS IN THE BALANCE OP TRADE.
The remaining factors in our international
balance will also have to be analyzed with the
same care as shipping earnings. They are
believed to be certainly no more complex than
the latter item. Some of these other elements
that may be mentioned are foreign loans and
bond issues, the export of capital in other forms,
410
FEDERAL RESERVE BULLETIN.
interest payments, etc. When all of these have
been either computed or estimated as nearly as
possible, it is the intention to incorporate them
periodically with the official published foreign
trade statistics for merchandise and gold into
an international balance sheet of the United
States. The subject is believed to be of particular interest at the present time as showing
the amounts being added to our already enormous balance due from abroad and as revealing the underlying conditions which banks and
business men are facing in financing our foreign
trade.
FORMS OF COMMERCIAL LETTERS
CREDIT.1
A. IMPORT LETTERS OF CREDIT.
In most import credits, the undertaking of
the bank is expressed first, in an authorization
to the beneficiary to draw drafts to a certain
amount and, second, in a general promise to
holders of such bills that they will be duly
honored. The credit also describes the required documents and states the time within
i Prepared under the direction of G. W. Edwards, Division of
Analysis
and Research.
3
FEDERAL RESERVE BULLETIN, February, 1921, pp. 158-171.
which the conditions must be fulfilled. An
analysis of the import letter of credit must,
therefore, cover the following phases :
(1) Heading.
(2) Address to the beneficiary.
(3) Promise to honor drafts.
(4) Description of documents.
(5) Date of expiration.
(6) Supplementary expressions.
(7) Reverse side of credit.
(1)
(2)
(3)
OF (4)
A preceding article has set forth the legal
aspects of the commercial letter of credit and
also the practice of a number of American
banks.2 In connection with this survey, the
credit letters used by American banks were
gathered and the following is a study of the
features of difference and similarity among
these letters, with a view of deriving principles
which will be of advantage in standardizing
the forms. This study will include a presentation of the various expressions found in
64 import and 56 export letters of credit and
then a comparative analysis.
In its general form, the commercial letter of
credit possesses all the characteristics of the
ordinary business letter. The name of the
beneficiary to whom the letter is directed
appears in the usual place of the addressee.
The date, name, and location of the issuing
bank are all written above, and the signature
of one or more officers appears below. While
letters of credit vary extensively, the content
depends upon whether the letter covers an
import or export transaction, and hence it is
necessary to study these documents on this
basis of division. They all, however, contain
an expressed or implied agreement on the part
of a bank to honor the drafts of the seller of
the goods and also a statement of the conditions which he must observe.
APRIL, 1921.
(1) HEADING.
" Credit''
"Letter of credit''
"Commercial letter of credit''
'' Commercial credit''
5
34
17
1
Most import forms bear a caption which
states definitely
that the document is a " letter
77
of credit
or
in
full a "commercial letter of
credit77 to 7distinguish it beyond doubt from
the traveler s letter. Few letters contain the
words "irrevocable77 or "confirmed77 or in
fact any single word which definitely expresses
the particular class of the credit, since it is
generally irrevocable (see FEDERAL RESERVE
BULLETIN, February, 1921, p. 164, answers to
question 1).
(2) ADDRESS TO THE BENEFICIARY.
(1)
(2)
(3)
(4)
(5)
(6)
(7)
(8)
(9)
"We hereby authorize you to draw on
."
"We hereby authorize your drafts on
.''
"You are hereby authorized to draw on
."
"You are hereby authorized to value on
."
"We hereby authorize you or any parties whom you
may direct by written order.''
"We hereby authorize you or your assigns."
"We hereby authorize you or order."
"We hereby establish our documentary credit."
"We hereby open a credit."
As most import letters of credit confer a
direct authorization to draw drafts upon a
bank, the addresses made to the beneficiaries
differ only in minor detail. No. 1 is a definite
mandate from the issuing bank; No. 2 is more
liberal toward the beneficiary, for his right to
draw drafts under partial shipments is given
some recognition. The mandate in No. 3 is
slightly weakened by not mentioning explicitly
the party, whether issuing or paying banker,
who has authorized the drawing of the drafts.
Many British and a few American77 credits contain the expression "to value on (see No. 4),
but its legal and economic connotation
is not
as definite as the word "draw,77 which needs
little explanation. A few banks frame their
address so that the beneficiary may freely
assign the credit to anyone whom he may
choose (see Nos. 5, 6, 7; also FEDERAL RESERVE
BULLETIN, February, 1921, p. 169, answers to
question 23). In letters used by a few western
banks, the address to the beneficiary assumes
FEDERAL RESERVE BULLETIN.
APRIL, 1921.
forms exemplified in Nos. 8 and 9. Such
statements of establishing or opening credits
are generally found in export letters, but are
ill-suited to the import credit which should
give the addressee an unqualified authority to
draw drafts on the bank.
The tenor and amount of the drafts may be
described thus: "By your drafts at (30, 60,
90 days, sight) for not exceeding
dollars
United States currency ($
)." This expression, by implication at least, permits the
drawing of the sum not only in one but also
in several drafts if the beneficiary is so disposed. This is of decided advantage to him,
ior he is then enabled to draw several drafts
of smaller amounts whenever it becomes
difficult to negotiate a large single bill, and
also his right to effect partial shipments is
recognized. As the addressee must know the
name of the importer for whom the bank is
acting, it is customary to state that the drafts
are authorized "for the account of
."
This expression may also read "by order of
" or "at the instance of
."
Since bills are not always drawn to the full
amount of the invoice but at times only to a
certain percentage of the value of the merchandise, the letter of credit contains an expression
which then reads "for
% invoice cost
of —:
."
(FEDERAL RESERVE BULLETIN,
February, 1921, p. 170, answers to question 28.)
(3) PROMISE TO HONOR DRAFTS.
(1) a We hereby agree with the drawers, indorsers, and
bone fide holders of drafts drawn under and in compliance
with the terms of this credit that the same shall be duly
honored upon presentation at the office of —
Bank,
New York."
(2) "We hereby agree that such bills as you may draw
by virtue of this credit shall meet with due honor upon the
presentation at the office of
Bank."
(3) "We hereby engage that drafts in compliance with
the terms of the credit will be duly honored."
(4) "We hereby request our correspondents and others,
to negotiate drafts under this credit, and we engage that
all such drafts will meet with due honor upon presentation
upon us."
(5) "
Bank engages that bills so drawn, shall be
accepted on presentation and paid at maturity."
As one purpose of the letter of credit is to
aid the exporter in negotiating his drafts, the
issuing banker addresses to all holders of these
bills a general promise that they will be honored
on presentation (FEDERAL RESERVE BULLETIN,
February, 1921, p. 166, answers to question 9). This engagement on the part of the
issuer appears as the closing statement of the
credit and assumes one of the expressions
presented above. These forms convey essentially the same thought and differ only as to
the number of the addressees. No. 1 includes
"drawers, indorsers, and holders;" 2 limits its
411
promise to "drawers" only; while 3 and 4
omit all reference to parties. In 4 the bank
requests only its "correspondents to negotiate
drafts" of the beneficiary and assures them
that they will be reimbursed. No. 5 is more
specific than the others in defining the obligation of the bank by stating that it will both
accept and pay the drafts.
(4) DESCRIPTION OF DOCUMENTS.
The survey thus far indicates that the letter
of credit is an undertaking in which a bank
authorizes an exporter to draw drafts and
promises to pay them at maturity. On the
other hand, the exporter, as the second party,
agrees to draw his drafts only in accordance
with certain conditions which are specified
with greater detail in documentary than in
clean credits. In formulating such letters of
credit, the bank must seek to eliminate responsibility for the merchandise and participation in the commercial risk. The bank
can not be expected to guarantee facts relating to time of shipment and quality of goods,
but can only be held accountable for the regularity of the documents evidencing the fulfillment of the terms prescribed in the credit.
Letters of credit enumerate the usual shipping
documents such as bills of lading, policies or
certificates of insurance, commercial and consular invoices. As the bill of lading must be
negotiable in form, it is filled out to the order
either of the bank or of the shipper and indorsed by him in blank. Sometimes "on
board" bills of lading are demanded and then
the credit includes expressions which read
"that payment under this credit will only be
made provided the goods are actually on
board, or loading on the vessel named in the
bills of lading." Insurance in most cases is
made payable to the bank and the credit
ordinarily stipulates whether the insurance is
to be effected by importer or exporter. Policies, of course, must be issued oy reputable
companies and be sufficient in amount to
cover all losses. Commercial invoices are
always demanded and at times must be in
triplicate. All these documents should be in
strict conformity with the terms of the credit
and satisfactory to the issuing bank. A few
American banks have adopted a British practice which requests negotiators to certify that
the conditions have been observed and in one
instance this guaranty reads as follows: "Your
negotiation of any draft or drafts under this
letter of credit will be considered a guarantee to
Bank that the terms and conditions expressed therein have been fulfilled." A requirement of this nature charges
412
FEDERAL RESERVE BULLETIN.
the negotiator with a very definite responsibility and may render it difficult for the beneficiary to secure a buyer for the drafts. One
far-eastern bank exacts a guaranty not from
the negotiator but from the beneficiary himself who is called upon to sign the following
statement:
We beg to hand you the undermentioned drafts with
shipping documents attached, for negotiation. We herewith declare that these drafts and documents have been
made out in strict conformity with terms concerned and
agree to hold ourselves responsible therefore.
The disposition of the various documents
required under a letter of credit is indicated by
the following table:
! Negotiator to To send
send
with
• direct to drafts.
i issuer.
Bill of lading
Consular invoice.,
Commercial invoice
Insurance certificate or policy.
APRIL, 1921.
either of the negotiating or the credit-issuing
bank. The exact termination of a credit is
fixed by the close of the business, usually at
3 o 'clock on week days or 12 on Saturdays.
If the expiration date falls on a Sunday or a
holiday, it is the practice to consider the
credit still available on the next business day.
No. B-l does not fully protect the interest
of the issuer, since it is possible for a beneficiary
to postdate his drafts. B-2 overcomes this
defect by compelling the beneficiary not alone
to draw but to present his drafts for negotiation before a fixed date. Type D has the advantage of determining one date for both the
expiration of the credit and the presentation
of the drafts. E in similar manner joins
the date of shipment with the drawing of the
drafts, while F binds together the dates of
the bills of lading and of the drafts.
(6) SUPPLEMENTARY EXPRESSIONS.
(a) Description of the draft.
(1) "All drafts drawn under this credit must be marked
'drawn under
Bank, credit No.
dated New
York
.' "
(2) "Drafts against this credit may be marked 'payable
if desired at maturity at the
Bank, New York.' "
It is evident from the above that the negotiator forwards directly to the issuer the bill
of lading and a consular invoice, while the
In order to simplify their records, it is cuscommercial invoice and remaining documents,
including duplicates, are later transmitted with tomary for banks to have the beneficiary note
upon his draft that it has been drawn under a
the drafts drawn by the exporter.
particular letter of credit. (See No. A-l.)
(5) DATE OF EXPIBATION.
Occasionally a beneficiary finds difficulty in
negotiating drafts drawn under a letter of
(a) Date of credit.
credit issued by an interior American bank.
1. "Expiration date."
This institution in order to expedite the dis2. "Available until •
.."
3. "This credit becomes void if not used on or counting of its drafts abroad then induces its
before — — . "
New York correspondent with an international
(b) Date of draft.
1. "Drafts under this commercial letter of credit reputation to permit an inscription similar to
must be drawn prior to - * » ."
No. A-2.
2. "Drafts drawn under this credit must be drawn
(6) Return of the letter of credit.
and negotiated prior to • * • ."
3. "•
if negotiated prior to * • • .''
'' This credit is to be attached to the last bill drawn under
(c) Date of bill of lading.
it or returned when its currency has expired."
1. "Bills of lading must be dated on or before — — . "
An expression similar to the above appears
(d) Date of credit and draft
on many letters of credit, but responses to
1. "This credit expires on — — . - Your draft question 3 (FEDERAL RESERVE BULLETIN, Febmust be presented on or before this date."
ruary, 1921, p. 165) indicate that the originals
(e) Date of shipment and draft.
1. "The shipments must be completed and drafts seldom find their way back to the issuers.
drawn on or before * - •—.''
2. "Shipments must be completed and the drafts
(7) REVERSE SIDE.
negotiated on or before — — . "
(/) Bill of lading and draft.
Space is usually allowed on the reverse side
1. "Bills of lading'must be dated not later
than •——— and drafts must be drawn not of credit letters for negotiators to indorse the
later than < - • ."
particulars of the drafts which they have
Date of credit
9 purchased. As foreign banks do not make it
Date of draft
25 a practice of marking off the details of bills
Date of draft and bill of lading
4 thus discounted (FEDERAL RESERVE BULLEDate of draft and shipment
23
TIN, February, 1921, p. 165, see question
Type A is not widely used, as there^is always 4), one American bank safeguards itself
doubt whether the credit expires at the office against such omission by inserting the state-
413
FEDERAL RESERVE BULLETIN.
APRIL, 1921.
ment on its letter of credit that "the amount the phraseology of the notice which the bank
must be indorsed hereon and the negotiation addresses to the beneficiary of the export
of any draft is considered a guaranty that such credit.
indorsement has been made." In general
the opposite side of the credit may call for
(2) NOTICE TO THE BENEFICIARY.
the following details: (a) date of payment;
(b) name of negotiator; (c) name of town where (a) Actual authorization to draw upon
negotiated; id) amount in words; (e) amount notifying bank.
in figures. To prevent overpayment one bank (1) " We hereby authorize you to draw upon us."
adds the clause that "the amount drawn
(2) " You are hereby authorized to draw on us."
against this credit is not to exceed
. ;7
(6) Potential authorization to draw upon
notifying bank.
B. EXPORT LETTERS OF CREDIT.
Pursuing the same general method of presentation as used above, export letters may be
analyzed according to the following characteristics :
(1) Heading.
(2) Address to beneficiary.
(3) Description of documents.
(4) Date of expiration.
(5) Supplementay expressions.
As confirmed and unconfirmed credits are
quite similar in content, the former will be
analyzed in detail and features peculiar to the
latter will then be viewed.
(l) HEADING.
Terms used in heading.
"Credit"
ci
Letter of credit" .
'Advice of credit' 7 ..
Confirmed.
14
2
4
Unconfirmed.
10
3
5
From the above table it appears that banks
have no
settled usage 77as to the terms "irrevocable77 or "revocable
and "confirmed77 or
7
"unconfirmed/ and consequently a bank is
ofttimes at a loss how to interpret the cable
instructions of foreign correspondents requesting the opening of credits. To avoid this confusion, it may
be advisable to adopt the words
"revocable77 and "irrevocable77 when referring to77import credits and
the terms "unconfirmed and "confirmed77 in mentioning export credits.
The above table indicates that the term
"letter 77 is seldom applied to77 export credits,
but instead the word
"credit or the phrase
"advice of credit77 is generally applied. This
is most likely due to the thought that banks,
apprising beneficiaries of the opening of export credits, are not assuming actual, primary
obligations of their own, but rather secondary
responsibilities contingent only upon the default of their correspondents abroad. The
security of this belief depends entirely upon
(1) "We beg to inform you that we have been authorized by
to negotiate your drafts on us."
(2) "We are instructed by
to pay you to the
extent of (3) "We are informed by
that you will draw
U^pon us at
.''
(c) Advice of an actual credit opened by
notifying bank.
(1) "We herewith open a confirmed credit in your
favor."
(2) "We have opened a confirmed and irrevocable
credit."
(3) "Please note that a confirmed credit has been
opened with us in your favor, for account of • —•."
(4) "We are informed by •
• that they have established a credit with us in your favor."
(5) "Please note that under instructions from our principals we hereby open a confirmed credit in favor of
(6) "We hereby confirm the following credit opened at
the request of
—."
(d) Advice of potential credit opened by
notifying bank.
(1) "We are pleased to inform you that we have been
requested to open a credit in your favor.
(2) "We beg to intimate that we have issued a commercial letter of credit.''
(e) Advice of actual credit opened by issuing
bank.
(1) "We are to-day in receipt of (cable) advices from
- that they have issued an irrevocable credit."
(2) "We advise you that said bank has opened a confirmed credit."
(3) "
• have requested us to advise you that they
have opened a credit."
Types of notifications in American letters of credit.
ConUnconfirmed. firmed.
d \ctual authorization
6 Potential authorization.
c. Actual credit opened by notifier
d. Potential credit opened by notifier
e. Actual credit opened by issuer
3
3
8
3
3
1
9
9
6
6
A. The direct authorization as seen in forms
1 and 2 constitutes a definite mandate from the
bank to the beneficiary. No. 1 is the most
forceful expression of a bank's obligation under
an export letter of credit, while No. 2 is some-
414
FEDEKAL RESEKVE BULLETIN.
APRIL, 1021.
what weaker^in^thatpt leaves the^jbeneficiary whatsoever. Even the insertion of the word
in doubt whether the authorization to draw "confirmed" fails to transform this statement
emanates from the issuing or the notifying into a credit domiciled with the notifying bank.
bank. These forms are well adapted to the These forms are therefore not adapted to
import credit letter which is the direct, pri- describe the obligations of the informing bank
mary obligation of the issuer but they fail to under a confirmed letter of credit. A certain
express the true position of a bank which is bank draws a nice distinction between types
merely acting as the representative of its for- C and E by describing the former as a "coneign correspondent. Af ew banks issue the same firmed letter of credit" and the latter as an
form for both import and export credits, and "advice of confirmed credit established."
in fact one bank uses a single document for all
In conclusion, some form of type C, an
credits by merely adding the expression " un- advice of an actual credit opened by the notiless previously canceled" to its revocable and fying bank, best expresses the actual principle
unconfirmed letters.
of a confirmed export letter of credit, while
B. In order to retain the thought of direct type E, an advice of an actual credit opened by
authorization and at the same time not to bind another bank, conforms to the true theory of
the notifying bank too closely, export letters an unconfirmed credit.
frequently contain the second type, which is
(3) DOCUMENTS.
merely a potential authorization to the beneficiary. He is notified that the bank has been
Export letters of credit call for delivery of
instructed to pay him or informed that he will
the
usual commercial set of documents which
draw, but in no case does the bank admit that
it will heed the instruction or honor the drafts have been described above in the analysis of
when drawn. These expressions extend to the import credits. These must be complete,
beneficiary only the possibility of payment, which may mean duplicate or triplicate sets.
is generally added that documents must be of
and hence may be described not as actual but- It
a
character
satisfactory or acceptable to the
only potential authorizations. In fact, No. 3 bank effecting
Such phrases offer
follows the language of the document known as wide latitude topayment.
banks
in
rejecting
documents
the "authority to purchase" rather than the not in conformity with the conditions
of the
letter of credit.
credits.
C. Group C conveys the true function of a
(4) EXPIRATION DATE.
notifying bank which is expected to add its
confirmation to a credit already opened by a
(a) Date of credit:
foreign bank. As a matter of fact, there is
1.
"This credit will remain in force until
."
little to choose between actual authorizations
"Available until
."
and these expressions, since they all indicate 2.
3. "Expires."
in no uncertain terms that the credit is domi- 4. "Expiring in New York."
ciled with the notifying bank. The recipient
(6) Date of draft:
is fully assured that he has an undisputed
1.
"Drafts drawn under this credit must be presented
claim upon the bank which has advised him not later
than
."
of the credit. It is, therefore, well adapted
(c)
Date
of
credit
and draft:
to a confirmed credit but ill suited as an un1. "This credit expires on
. Your draft must be
confirmed form.
on or before that date."
D. Form D is not a direct notice of credit presented
-, which must be
2. "Available by drafts on us, at
opened by the notifying bank and in fact is presented
on or before the expiration date of this credit."
nothing more than a mere advice of a potential
credit. The bank issuing D—1 would probably id) Date of shipment and draft:
contend that it has assumed no undertaking, 1. "All shipments must be completed, and drafts with
sets of documents must be presented for payment not
since it has not agreed to accede to the request full
than
"
of its correspondent for the opening of a credit. later
2. "(Drafts) should be presented to our foreign departIn D-2 the bank, using the guarded term "inti- ment on or before
, the date this credit expires."
mate," rather cautiously imparts to the beneficiary the knowledge of a credit opened in his
ConUnconfirmed, firmed.
behalf.
E. Type E includes advices of actual credits
22
Date of credit
opened by another bank. The notifying bank (a)
(6) Date of draft
(c)
Date
of
credit
and
draft
simply transmits certain information to the (d) Date of draft and shipment,
beneficiary and undertakes no engagement
APRIL, 1921.
415
FEDERAL RESERVE BULLETIN.
The objection raised above, that type A does
not define the exact place of the expiration
of the credit is partly overcome by one bank
which describes
the credit as " expiring in
New York77 on a certain day andjthis implies
that both drafts and documents must be presented at the counter of the negotiating bank
before the fixed date (see a-4). Type B is
seldom used, but is often combined with A to
form type C which fixes one date for both the
expiration of the credit and the presentation
of the drafts to the negotiating bank. Some
banks insist that shipments be completed and
drafts drawn before a certain date matures.
Where a credit reads "December shipment"
the negotiating bank generally allows presentment of documents until January 5.
(5) SUPPLEMENTARY EXPRESSIONS.
The export credit is usually concluded by an
explanation of the notifying bank's relation to
the issuing bank and the beneficiary. The
statement is made that, as the advising bank is
merely acting as representative of its foreign
correspondent, it must therefore insist upon
strict conformity with the terms of the credit.
If the conditions are unsatisfactory to the
beneficiary, he is told to communicate before
making shipment, either with the bank notifying him of the credit or with the party importing the goods, in order to secure the necessary
modifications. A typical instruction reads thus:
As our foreign correspondents are inclined to be extremely technical in connection with payments against
shipping documents, we must insist upon the conditions
stated herein being complied with to the letter. If the
terms of this credit are incorrect or unsatisfactory, please
communicate directly with your principals abroad and
ask them to have our correspondents send us amended
instructions.
It will be observed that several features common to import letters are lacking in export
credits. Banks do not indorse particulars of
negotiated drafts on the reverse side, nor do
they request the beneficiary to return the
credit. These practices are not essential in the
case of export credits, since they are usually
payable only at the bank establishing them
(FEDERAL RESERVE BULLETIN, February, 1921,
, 165, answers to questions 3 and 4).
t was observed above that most import
credits contain a concluding declaration in
which the issuing bank affirms to all holders of
the drafts that they will be duly honored.
Such a statement is rarely found in the export
credit and, in fact, is unnecessary, as the letter
serves merely to inform the beneficiary of the
opening of the credit and not to aid him in the
selling of his drafts.
(6)
EXPRESSIONS
INDICATING
CREDITS.
1. In advising you that this credit has been opened we
are acting as the representatives of our foreign correspondents and do not assume any responsibility for its continuance.
2. Please note that this is an unconfirmed credit and is
consequently subject to modification or cancellation.
3. As this is an unconfirmed credit, it is subject to cancellation at any time, with or without notice to you.
4. We have no authority from our clients to confirm this
credit or to guarantee the acceptance (payment of drafts
drawn against it). The credit is therefore subject to cancellation without notice.
5. Kindly note that this is not a confirmed credit, and is
consequently revocable at any time, either by the parties
granting the credit, or by ourselves under certain conditions.
6. In the absence of any statement to the contrary,
assumes no obligation whatsoever, even if all the
conditions of the credit have been complied with.
An unconfirmed credit usually bears either
a caption or a statement in the body of the
letter using the terms "unconfirmed" or
"revocable." Some banks define their position under an unconfirmed credit by stating
that they are acting as agents of their foreign
correspondents and in extending the credit
have incurred no obligation to the beneficiary
(see No. 1). It is customary also to express
the right to nullify the credit (see No. 2).
Some banks transform their confirmed credits
into unconfirmed forms simply by adding the
statement that the credit expires on a certain
date "unless previously canceled." By inference the beneficiary is entitled to notice of
such cancellation, but many banks inform
him that the right of cancellation may be
exercised either "with or without notice"
(see Nos. 3 and 4).
State Banks and Trust Companies Admitted.
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 March, 1921.
One thousand five hundred and forty-one State institutions are now members of the system, having a total
capital of $548,000,940, total surplus of $526,235,642, and
total resources of $10,201,523,977.
f
UNCONFIRMED
Capital.
Surplus.
Total
District No. 2.
The Bank of Depew, Depew, N. Y.
The Liberty Bank of New York,
New York, N. Y
$50,000
$15,000
$650,499
5,000,000
5,000,000
119,544,027
200,000
50,000
250,000
District No. 4.
The Reliance Trust Co., Cleveland, Ohio
416
FEDERAL RESERVE BULLETIN.
Capital.
Surplus.
Total
resources.
District No. 6.
Bank of Boston, Boston, Ga..
Bank of Bowman, Bowman, Ga..
Bank of Cartersville, Cartersville,
Ga
Southern Exchange Bank, Dublin, Ga
The Exchange Bank? Cordele, Ga.
The Bank of Lavonia, Lavonia,
Ga
Brand Banking Co., Lawrenceville, Ga
Citizens Bank & Trust Co., Jefferson, Ga
Bank of Statesboro, Statesboro,
Ga
The Bank of Toccoa, Toccoa, Ga..
$25,000
35,000
$5,000
10,000
$182,979
246,260
100,000
50,000
650,946
100,000
100,000
1,000
100,000
387,553
860,730
40,000
10,000
214,215
50,000
50,000
469,911
89,540
75,000
50,000
231,683
75,000
10,000
40,000
60,000
532,387
25,000
30,000
10,000
3,000
863,364
75,422
25,000
25,000
11,250
2,000
DISTRICT N O . 1.
Trustee, executor, administrator, guardian of estates, and assignee:
The First National Bank of Damariscotta, Damariscotta, Maine.
DISTRICT N O . 2.
Trustee, executor, administrator, registrar of stocks and bonds, guardian
of estates, assignee, receiver, and committee of estates of lunatics:
The Merchants National Bank of Jersey City, Jersey City,. N. J.
The Farmers National Bank of Amsterdam, Amsterdam, N. Y.
Peninsula National Bank of Cedarhurst, Cedarhurst, N. Y.
DISTRICT N O . 3.
District No. 9.
The State Bank of Ewen, Ewen,
Mich
Ihlen State Bank, Ihlen, Minn....
Ballantine State Bank, Ballantine,Mont
First State Bank, Philipsburg,
Mont
Commercial State Bank, Gregory,
S. Dak
I
Bank of Philip, Philip, S. Dak...
The applications of the following banks for permission to
act under section 11 (k) of the Federal Reserve Act have
been approved by the Board during the month of March,
1921:
Trustee, executor, administrator, registrar of stocks and bonds, guardian
of estates, assignee, receiver, and committee of estates of lunatics:
The Farmers National Bank of Boyertown, Boyertown, Pa.
The Manheim National Bank, Manheim, Pa.
The Cement National Bank of Siegfried, Northampton, Pa.
Registrar of stocks and bonds, guardian of estates, assignee, receiver,
and committee of estates of lunatics:
The Farmers National Bank of Ephrata, Ephrata, Pa.
District No. 8.
Lemay Ferry Bank, Luxemburg,
Mo
Pine Lawn Bank, Pine Lawn, Mo.
Fiduciary Powers Granted to National Banks.
655,037
307,735
District No. 7.
State Bank of Fremont, Fremont,
Iowa
APEID, 1&21.
400,095
208,001
DISTRICT NO. 4.
Trustee, executor, administrator, registrar of stocks and bonds, guardian
of estates, assignee, and receiver:
The Citizens National Bank of New Philadelphia, Ohio.
Trustee, executor, administrator, registrar of stocks and bonds, guardian
of estates, assignee, receiver, and committee of estates of lunatics:
The Merchants National Bank of Butler, Butler, Pa.
25,000
3,500
137,384
25,000
35,000
595,412
50,000
40,000
6,020
5,000
549,182
376,745
20,000
746,300
206,406
Trustee, executor, administrator, registrar of stocks and bonds, guardian
of estates, assignee, receiver, and committee of estates of lunatics:
The Tennessee National Bank of Johnson City, Johnson City, Tenn.
29,662
2,500
32,488,907
182,525
25,000
608,083
Trustee, executor, administrator, registrar of stocks and bonds, guardian
of estates, assignee, receiver, and committee ol estates of lunatics:
The First National Bank of Graettinger, Graettinger, Iowa.
The First National Bank of Sioux City, Sioux City, Iowa.
The National Bank of Commerce, Milwaukee, Wis.
Registrar of stocks and bonds:
The First National Bank of Racine, Racine, Wis.
DISTRICT NO. 5.
Trustee, executor, administrator, registrar of stocks and bonds, guardian
of estates, assignee, receiver, and committee of estates of lunatics:
The First National Bank of Spartanburg, Spartanburg, S. C.
The American National Bank of Asheville, Asheville, N. C.
District No. 11.
City Guaranty State Bank, Childress, Tex
Como State Bank, Como, Tex
DISTRICT NO. 6.
100,000
35,000 |
District No. IS.
Sacramento-San Joaquin Bank,
Sacramento, Calif
3,000,000
Eden State Bank, Eden, Idaho...
25,000
Bank of Jordan Valley, Jordan j
Valley, Oreg
50,000
First State Bank of Salina, Salina,
Utah
25,000
Monterey County Bank, Salinas,
Calif
275,800
Citizens State Bank, San Luis
Obispo, Calif
125,000
DISTRICT NO. 7.
42,500
689,248
57,900
3,256,038
15,000
156,250
WITHDRAWALS.
The Fair view State Bank, Fair view, Kans.
The State Bank of Shortsville, Shortsville, N. Y.
CONVERSION.
The Commerce Bank & Trust Co., Charlottesville, Va., has converted
into a national bank.
MERGER.
The Liberty Bank of New York has merged with the New York
Trust Co., New York, N. Y.
VOLUNTARY LIQUIDATION.
The Hibernia Bank of Savannah, Savannah, Ga.
The American Bank of Commerce, Scranton, Pa.
CHANGE OF NAME.
1 he Commercial Savings Bank, Mason City, Iowa, to City-Commercial
Savings Bank.
The Commercial Savings Bank, Fenton, Mich., to The Commercial
State Savings Bank.
DISTRICT NO. 8.
Trustee, executor, administrator, registrar of stocks and bonds, guardian
of estates, assignee, receiver, and committee of estates of lunatics:
The First National Bank of Fort Smith, Fort Smith, Ark.
Guardian of estates, assignee, receiver, and committee of estates of
lunatics:
The Henderson National Bank, Henderson, Ky.
DISTRICT NO. 9.
Trustee, executor, administrator, registrar of stocks and bonds, guardian
of estates, assignee, receiver, and committee of estates of lunatics:
The Minnesota National Bank of Duluth, Duluth, Minn.
Commercial National Bank of Miles City, Miles City, Mont.
DISTRICT NO. 10.
Trustee, administrator, registrar of stocks and bonds, guardian of estates
assignee, and receiver:
The First National Bank of Pender, Pender, Nebr.
Trustee, executor, administrator, guardian of estates, assignee, receiver,
and committee of estates of lunatics:
The First National Bank of Belden, Belden, Nebr.
Trustee, executor, administrator, registrar of stocks and bonds, guardian
of estates, assignee, receiver, and committee of estates of lunatics:
The First National Bank of Great Bend, Great Bend, Kans.
APEIL, 1921.
New National Bank Charters.
The Comptroller of the Currency reports the
following increases and reductions in the number and capital of national banks during the
period from February 26 to March 25, 1921,
inclusive:
I Banks. I Amount.
New charters issued to
With capital of.
Increase of capital approved
for 1
With new capital ofl
Aggregate number of new charters and banks
increasing capital
With aggregate of new capital authorized
Number of banks liquidating
Capital of same banks
Number of banks reducing capital
Reduction of capital
Total number of banks going into voluntary
or involuntary liquidation or reducing capital.
Aggregate capital reduction
Consolidation of national banks und,«r 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
Against this there was a reduction of capital
owing to liquidations, etc.;
Net decrease.
reported to R. G. Dun & Co., number 881, whereas in the
corresponding weeks of last year the number was only 368.
The returns for February, tlie latest month for which complete statistics are available, disclose 1,641 failures for
$60,852,449 of liabilities, the number being the largest on
record for the month, excepting February of 1916 and 1915,
and the indebtedness representing a new high monthly
total. During February, 1920, there were only 492 commercial defaults, involving less than $10,000,000 of liabilities.
Failures during February.
Number.
$685,000
*i,*545*o66
2,230,000
"7,'no* 666
so," 666
7,760,000
6*66*666
2,230,000
7,760,000
5,530,000
* Includes one increase in capital of $150,000 incident to consolidation under act of Nov. 7, 1918.
Commercial Failures Reported.
While a tendency toward reduction in number of commercial failures has recently developed, the defaults still
largely exceed those of this period of 1920, when the
business mortality was unusually moderate. For three
weeks of March the insolvencies in the United States, as
417
FEDEKAL RESERVE BULLETIN.
Liabilities.
District.
1921
First
Second..
Third
Fourth
Fifth
Sixth
Seventh ..
Eighth
Ninth
Tenth....
Eleventh
Twelfth
Total
.
1920
1921
1920
139
222
71
144
144
175
211
129
53
85
137
131
42
75
23
48
40
41
66
28
15
29
31
54
$1,942,285
26 836,505
3,701,526
3,613,291
3,170,347
2,920,497
5 442 207
2,936,144
1,690,771
3 993,889
2,117,068
2,487,919
$557,283
1 062,322
361,236
697,775
1,335,730
381,891
1 876,499
340,110
195,198
484,025
1,830,522
640,551
1,641
492
60,852,449
9,763,142
Acceptances to 100 Per Cent.
Since the issuance of the March BULLETIN
the following banks have been authorized by
the Federal Reserve Board to accept drafts
and bills of exchange up to 100 per cent of
their capital and surplus:
Central National Bank Savings & Trust Co.,
Cleveland, Ohio.
The Liberty Bank of New York, New York,
N. Y.
418
FEDERAL RESERVE BULLETIN.
APBIL* 1921.
RULINGS OF THE FEDERAL RESERVE BOARD.
Security for accepting banks.
The Federal Reserve Board has been asked
to rule upon the following facts:
A national bank with a capital and surplus
of $200,000 has accepted drafts aggregating
$50,000 drawn by the A Bank in Colombia,
which is a subsidiary of the B Bank in the
United States. These drafts are part of a
large acceptance credit granted by a syndicate of American banks under an arrangement
with the B Bank, which latter institution executed the acceptance agreement with the
accepting banks and guaranteed the entire
credit. The credit is to finance the importation
of coffee from Central America to the United
States, and of the coffee covered by the credit
part has already arrived in the United States,
art is en route, and part is warehoused in
entral America awaiting shipment. As and
when shipments are actually made the shipping documents are forwarded to the B Bank,
and such documents and any documents covering the coffee after arrival are held by that
bank as the agent for the accepting banks.
The facts presented are not sufficient to
enable the Board to determine whether the
drafts "grow out of transactions involving the
importation or exportation of goods" within
the meaning of section 13 of the Federal
Reserve Act and the regulations of the Federal
Reserve Board. The Board understands, however, that its ruling is desired upon the sole
question of whether the accepting banks are
secured "by attached documents or by some
other actual security growing out of the same
transaction as the acceptance" within the
meaning of the provision of section 13 of the
Federal Reserve Act which limits the acceptances which a member bank may make for
any one customer to 10 per cent of the bank's
capital and surplus unless the bank is secured
in the manner indicated. In other words,
the Board assumes that acceptances drawn
under this credit are eligible wnen not in excess of 10 per cent of the accepting bank's
capital and surplus and that the inquiry is for
the purpose of determining the eligibility of
acceptances in excess of this amount.
One of the questions material to this inquiry
is whether the accepting banks are secured
within the meaning of this provision when the
documents are held by the B Bank, which
arranged the credit, executed the acceptance
agreement, and guaranteed the credit, and of
which the drawer of the acceptances is a subsidiary.
S
While it is not necessary, in order to comply
with the requirements of the statutory provision in question, that the attached documents
or other security be in the physical possession
of the accepting bank, since possession by an
agent is in law possession by the principal,
the Board is of the opinion, and has heretofore
ruled, that the accepting bank is not secured
in compliance with this provision when documents are held by the drawer of the drafts for
account of the acceptor. So, also, the Board
is of the opinion that the provision is not complied
with if documents are held by the acceptor ?s customer; that is, by a party upon whose
credit the acceptor relied in accepting the drafts.
The fact that the drawer of the drafts is a
subsidiary of the B Bank does not of itself
prevent the latter bank from being a proper
arty to hold security for the accepting banks,
ut the fact that the B Bank arranged and
guaranteed the credit indicates that that bank
is the customer or one of the customers
whose credit the accepting banks relied upon
in making the acceptances.
The Board is of opinion, therefore, that upon
the facts stated the accepting banks are not
secured within the meaning of the provision of
section 13 when the documents arelield by the
B Bank for account of the accepting banks,
and, consequently, that no member bank should
have outstanding acceptances drawn under
this credit in excess of 10 per cent of its capital
and surplus, unless some arrangement is made
whereby the documents are to be held by some
other party.
The question is also raised as to whether the
fact that part of the coffee, the exportation of
which is being financed by the credit, is held in
Central America awaiting shipment and that
the warehouse receipts covering such coffee are
presumably in the possession of or under the
control of the drawer would prevent the acceptors from being secured within the meaning
of the provision. As already stated, the
Board has ruled that an acceptor is not secured
within the meaning of the provision by documents held by the drawer for the acceptor's
account. The fact that documents covering
the unshipped part of the coffee are held by the
drawer would not of itself, however, preclude
the possibility of the accepting banks being
secured as the law requires, if documents covering a sufficient amount of coffee actually
shipped are held for account of such banks by
some party independent of both the A Bank
and the B Bank.
E
APRIL, 1921.
FEDERAL RESERVE BULLETIN.
419
Acceptances Against Goods Shipped on Consignment.
Warehouse receipts covering sacramental wine in boiu
The Federal Reserve Board recently received an inquiry as to whether acceptances
drawn against commodities shipped to foreign
countries, to be held on consignment by the
shippers' agents until sales have been effected,
are eligible for purchase in the open market by
a Federal Reserve Bank, when it is anticipated
that, although the goods are not actually sold
at the time the acceptances are drawn, they will
be sold before the maturity of the acceptances.
The Board has ruled that under Regulation
A, Series of 1920, section B, subdivision (b) (1),
a draft drawn by an American exporter covering cotton consigned to his European agent
may be eligible for rediscount when shipping
documents covering goods actually shipped for
export are attached at the time the draft is presented for acceptance, although the goods covered by the documents have not been sold but
are merely shipped on consignment to the exporter's agent abroad. Similarly, the Board
is of the opinion that acceptances drawn under
the circumstances presented are technically
eligible for purchase in the open market, provided that the goods are actually shipped for
export and shipping documents covering such
goods are attached to the draft at the time it
is presented for acceptance, and provided that
in other respects the drafts comply with the
law and the Board's regulations governing
open-market operations.
Although such acceptances are technically
eligible for purchase, the Federal Reserve
Bank, before purchasing the acceptances,
should be reasonably sure that the goods will
be sold before the maturity of such acceptances, for, as stated, the use of acceptances is
proper only where it is anticipated at the time
the acceptances are drawn that they will be
liquidated out of the proceeds derived from the
sale of the goods under the acceptance.
The Federal Reserve Board has received*
inquiry with reference to the eligibility fo
rediscount by Federal Reserve Banks of draft
secured by warehouse receipts covering sao
ramental wine in storage. The Board assumes
that the warehouse receipts in question cover
wine held in bond subject to payment of tax
and subject to the regulations of the Bureau of
Internal Revenue before removal.
The Board in its regulations defined a readily
marketable staple as "an article of commerce,
agriculture, or industry of such uses as to make
it the subject of constant dealings in ready
markets with such frequent quotations of price
as to make (a) the staple itself easy to realize
upon by sale at any time."
The Board does not believe that wine held in
a bonded warehouse, which can be removed
only for specific purposes and after complying
with the requirements of the Volstead Act and
the regulations of the Bureau of Internal
Revenue issued thereunder, can be said to be
an article of commerce subject to constant
dealings in ready markets, with such frequent
quotations of prices as to make the price easily
ascertainable, or to make the staple easy to
realize upon at any time by lawful sale.
The Board, therefore, is* of the opinion that a
warehouse receipt covering wine in bond,
whether intended for sacramental or other purposes, can not be considered a receipt conveying or securing title to " readily marketable
staples" within the meaning of section 13 of
the Federal Reserve Act, and consequently
that drafts secured by warehouse receipts covering such wine are not eligible for rediscount
by Federal Reserve Banks. This ruling, however, does not affect the legal right of a bank
to make a loan upon the note of a borrower
secured by a warehouse receipt covering wine
in bond.
420
FEDERAL RESERVE BULLETIN.
APEIL, 1921.
BUSINESS AND FINANCIAL CONDITIONS ABROAD.
ENGLAND.
The factor of outstanding interest in the
financial field in England in the course of the
past month is the lowering of the rate of interest on treasury bills from 6J to 6 per cent on
March 11. Since early in 1915, the interest
rate on treasury bills has been the controlling
factor in the British money market because of
war and postwar conditions. For that reason
the lowering of the rate on treasury bills is a
matter of considerable importance. There is
difference of opinion as to whether it indicates
merely a desire on the part of the treasury to
reduce its outlay on interest payments, or
whether it is the first move in the direction of
lower rates in general.
There has been very little change in commercial rates since the lowering of the treasury
bill rate, due to the fact that funds are needed,
especially at this time of year, to meet income-
tax payments. No change has been made in
the rate of discount at the Bank of England.
Tax receipts during the past two months
have been coming in at a far more rapid rate
than during the first nine months of the financial year. Estimates of total revenue for the
financial year ending March 31, 1921, amounted
to £1,418,300,000. Of this sum, £1,197,000,000 had been received by February 26, indicating, according to experts, that the estimates would probably be fulfilled. Meanwhile the condition of the Bank of England
continues to improve. Deposits at the end
of February were slightly lower than at the
end of January and very strikingly lower than
at the end of February a year ago. Bank and
currency note circulation were also lower than
at the end of January, although considerably
higher than a year go. At the same time gold
holdings of the bank were £18,000,000 greater
than a year ago.
[Amounts in millions of pounds sterling.]
Deposit and note accounts, Bank of
England and treasury.
Currency
notes
and
certificates
outstanding.
Deposits,
public
and
other.
£92
99
101
104
107
107
106
109
109
109
113
£325
£190
£139
137
140
118
192
134
116
127
137
123
190
140
141
141
146
152
152
152
152
153
157
£1,070
1,107
1,048
1,062
1,050
1,058
1,067
1,139
1,028
1,097
1,102
£188
335
337
348
357
362
356
354
356
349
368
205
249
221
244
204
183
143
241
231
306
£1,258
1,312
1,297
1,283
1,294
1,262
1,250
1,282
1,269
1,328
1,408
109
108
342
336
129
127
157
157
1,145
1,110
242
189
1,387
1,299
Bank
notes. 1
1920, end of—
February
Maroh
April
May
June
July
August
September
October
November
December
1921:
January
February
Governmentfloatingdebt.
1 Less notes in currency note account.
2
Coin
and
bullion. 2
Nine London clearing banks. 3
Discount rates.
Total Money
DisTreas- Tempo- floating at call counts Invest6 months'
De- 3 months'
ury rary ad- debt.
and
and ad- ments. posits.
bank
trade
bills.
short
vances.
vances.
bills.
bills.
notice.
Per cent. Per cent.
64
g|
?!
74
71
6f
6H
£99
88
£1,207
1,172
£317
340
Held by the Bank of England and by the treasury as note reserve.
£1,810
1,754
oil
7i
7£
7£
71
6*1
71
6$
7*
6f
7
7*
* Average weekly figures.
Both wholesale and retail prices in England all groups of commodities, foods declining percontinued to decline during February. The haps a little more than other materials. Foldecrease for the month amounted to 7 per cent, j lowing are given the usual tables showing the
according to the Statist index number, and to j fluctuations of the Statist index number, and
8 per cent, according to the new index number I the new computations of the Board of Trade,
of the Board of Trade. Decreases occurred in I described in the March BULLETIN.
APRIL,
Statist index number of wholesale prices.
[1913=100.1
Vege- Ani- Sugar,
cofFood- Min- Tex- Sun- Matetable mal
stuffs. erals. tiles. dries. rials.
foods. foods. fee,
tea.
Date.
1913
1914
1915
1916
1917
1918
1919
100
110
155
193
252
248
252
100
100
125
152
192
210
215
100
107
130
161
213
238
275
100
105
137
169
218
229
238
100
90
109
140
152
167
190
100
97
111
152
228
265
271
100
105
131
163
212
243
268
100
98
119
153
198
225
243
March
April
May .
June
July
August
September
October
November
December
297
342
346
351
359
343
317
319
334
308
257
237
237
265
244
244
278
295
291
290
293
262
415
393
392
473
496
425
404
334
257
238
212
286
300
315
318
325
325
319
308
302
291
253
267
263
263
273
269
276
281
283
276
265
254
362
360
354
308
308
298
298
286
261
212
205
329
318
321
311
282
277
278
279
268
253
248
318
312
311
298
285
283
285
282
266
245
237
1921.
January
February
234
206
283
270
192
187
251
234
225
200
198
179
230
224
219
203
.. .
1920.
February
mate of the ministry of labor weekly full-time
rates of wages of adult workers in industries
for which information is available had increased
in December, 1920, about 170 to 180 per cent
above the prewar rates. As hours of labor
had been very generally reduced from 48-60
hours a week to 44-48, this meant that the
hourly rates of wages had increased even more
rapidly than the weekly rates. A wide diversity was found in the rates of increase received
by different classes of workmen. Among the
higher-paid
workmen in industries where "flat
rate ; ; advances had been applied, the increases
had not exceeded 120-130 per cent in December, 1920. Among the unskilled or less wellpaid workmen, often in the same industries,
the rate of increase was found to be 200 per
cent during the same period and in exceptional cases 300 per cent.
Per cent of
Average trade-union
percentage members
unemincrease
ployed
in cost of
(memberliving, 1
ship
base, July,
1,533,973 at
1914.
end of 2
New Board of Trade index number.
[Based upon the prices of 150 commodities.]
Cereals.
February, 1920
January, 1921
February, 1921
February, 1920
January, 1921
February, 1921
100.0
101.7
88.0
Meat
and
fish.
Other
foods.
Total
food.
Iron
and
steel.
100.0
118.8
110.5
100.0
86.7
80.4
100.0
100.6
91.3
100.0
98.2
87.6
Cotton.
Other
textiles.
Other
articles.
Total
not
food.
100.0
36.8
32 0
100.0
50.7
46.1
100.0
78.4
76.7
100.0
69.4
63.9
Other
metals
and
minerals.
100.0
83.4
78.7
All
articles.
100.0
78.9
72.3
All indications point to a continued decline
in prices during March also. Important revisions were made early in the month in iron
and steel prices, export coal continued to decline, and values established at wool auctions
this month were lower than in January or February. Although a slight improvement in demand was reported in the cotton industry toward' the end of the month, prices in manufactured lines as well as the raw material continued downward. In the case of domestic
coal, an increase in price is reported from one
district, but it is not known how general the
tendency toward higher levels is. This increase
is due to the fact that Government control of
domestic prices ceased on March 1.
Although comparable statistics are not
available, it would seem from a recent statement of the British labor ministry that wage
increases between 1914 and the end of 1920
had been somewhat greater in England than
in the United States. According to the esti-
421
FEDERAL RESERVE BULLETIN.
1921,
February ).
1920.
130
130
132
141
150
152
155
161
164
176
169
February...
March
April
May
June
July
August
September... .
October
November... .
December
1.6
1.1
.9
1.1
1.2
1.4
1.6
2.2
5.3
3.7
6.0
1921.
January
February.
March
165
151
141
6.9
8.5
iFood,
rent, clothing, fuel, light, etc.
2
Short tims and broken time are not reflected in the figures. In tho
mining and textile industries a contraction in tho demand for labor is
generally met by short-time working.
Figures applying to increase in cost of living are for the beginning of
month, and those for trade-union unemployment are for the end of
month.
Reduction of wage rates in recent months
likewise appears to have been less general in
England than in the United States, although,
again, comparable statistics are not available
to prove this statement. Coal miners' wages
are 2s. less a shift than at the end of last
December. Wages of cotton, woolen, and
worsted operators have also been reduced, as
well as those of blast-furnace and other metal
workers. In addition, unemployment and
short-time work have been so widespread that
earnings are far lower than might be supposed
from a study of weekly wage rates. Approximately 8.5 per cent of trade-union members
were without work at the end of February and
many more, especially in the textile and mining
422
FEDERAL RESERVE BULLETIN.
industries, were on short-time schedules. Statistics showing the numbers of workmen claiming unemployment insurance indicate that a
somewhat larger number of people are unemployed thanfis shown by the trade-union percentages. At the end of February 1,145,710,
or 9.5 per] cent! of: the 12,000,000 workmen
insured, reported total unemployment.
The ministry of labor has published the
following table showing the effect of unemployment [upon wages. A comparison is
made between weekly earnings in July, 1920,
when full-time employment was general, and
December, 1920, when there was considerable
unemployment, although not as much as at
present:
Percentage increase in
average weekly earnings over the level of
July, 1914, so far as
indicated by returns
received for the undermentioned dates.
Trade.
July, 1920. December,
1920.
Cotton
Woolen and worsted
Linen
Jute
Other textilesl
Bleaching, dyeing, etc
Boot and shoe
Shirt and collar
Ready-made tailoring
Paper, printing, and bookbinding
Pottery
Glass
Brick
Cement
Food preparations
All.......
1
a
Per cent.
205
208
146
144
150
188
2
149
2 125
2 141
152
173
149
179
174
180
175
Per cad.
117
175
111
63
114
147
87
100
76
161
174
162
197
187
177
135
Including the hosiery, lace, silk, and carpet trades.
The percentage quoted relates to May, 1920.
APRIL, 1921.
A study of this table shows that except in
the case of the woolen and worsted, the pottery,
brick, cement, and food-preparation trades, the
percentage of increase in weekly earnings in
December, 1920, over July, 1914, was not as
great as the increase in the cost of living which
is shown in the table above. In the case of
the jute, boot and shoe, and ready-made tailoring trades, increases in earnings are apparently
far less than increases in the cost of living.
The very striking decline in the value of
both import and export trade in February as
compared with January of this year and February a year ago is in part accounted for by
the fall in wholesale prices, in part by the fact
that February is a short month. The figures
also indicate, however, that there has been a
material decline in the actual volume of trade
as well. Practically no change occurred in
the volume of coal exports between the two
months, but the value declined from £5,556,000
to £4,241,000. Cotton manufactures exported
declined from a value of £23,973,000 in
January to £20,137,000 in February, wool
manufactures from a value of £7,902,000 to
£5,854,000, iron and steel and their manufactures from a value of £10,692,000 in
January to £7,223,000 in February. Total
exports fell from a value of £92,756,000 to
£68,222,000, while reexports declined from a
value of £9,955,000 to £8,004,000.
Quite as noteworthy is the continued decline
in the value of imports. These were valued
at £117,051,000 in January, but fell to a value
of £96,974,000 in February, most of the shift
occurring in the group of raw materials other
than foods. The value of food imports changed
very little in the two months.
Value of foreign trade.
Monthly average, 1913
1920.
February
March
April
May
June
July
August
September
October
November
December
ReImports. Exports. exports.
Coal.
000's.
£39,061
000's.
£43,771
000's.
£9,131
000's.
24,336
170,514
176,648
167,154
166,816
170,491
163,342
153,255
152,692
149,889
144,260
142,785
85,964
103,699
106,252
119,319
116,352
137,452
114,903
117,456
112,295
119,365
96,631
22,604
27,031
20,407
20,260
20,124
17,848
13,368
13,351
16,134
13,115
12,699
117,051
96,974
92,756
68,222
9,955
8,004
Ship
tonnage
under
Steel in- construcPig iron. gots and tion (gross
castings.
tons).
000's.
000's.
869
649
19,435
19,505
17,131
2 22,131
19,048
2 22,926
16,970
18,885
2 14,044
15,920
20,230
656
710
655
738
726
750
752
741
533
404
675
811
854
779
848
745
800
709
884
544
504
474
2 21,805
17,368
642
463
493
484
1921.
January
February
Production (metric tons).
1
Average of four quarterly estimates.
2 Five weeks in the month.
12,002,699
3,578, 666
"3,"73i,"666
"3," 709," 666
APBIL, 1921.
Schemes for financing exports on other than
a strictly commercial basis continue very much
under discussion. The Government is giving
aid to exporters on a small scale through the
Board of Trade, as has been described in earlier
issues of the BULLETIN, but some more comprehensive scheme is still desired. Meanwhile, Sir
Drummond Fraser, of Manchester, has been
appointed organizer of the export credit scheme
of the League of Nations, popularly known as
the Ter Meulen scheme for export credits. It
is understood that he will visit and study the
countries in need of credits before any working
arrangements are made. He will act under the
direction of a committee appointed by the
League of Nations, including M. Ter Meulen,
M. Avenel, and Sir Henry Strakosch.
On March 16 the Eussian trade agreement
was finally signed. How important a factor
this will be in the international trade situation
remains to be seen.
On March 8 a bill was passed by the House
of Commons which freed the coal industry from
all Government control on March 31, 1921.
According to the provisions of the coal mines
emergency act, 1920, Government control was
to continue in the industry until August 31
next. Although control was distasteful to both
miners and operators last year, decontrol is now
opposed by both groups, since it means the
removal of the Government subsidy which
during recent months has made possible the
payment of guaranteed wages and profits.
From the point of view of the Government,
decontrol is necessary to avoid further subsidization of the industry with public funds. At
the same time, the decline in export demand
has removed the ostensible need for control
which was originally instituted for the protection of the home consumer.
The bill which frees the industry from control
also provides for a method of pooling profits
so that the Government and the operators will
share the losses of the past few months. During 1920 the price of coal to the domestic consumer in England was subsidized from the
profits obtained from the sale of coal abroad at
international market prices. As a result of the
decline in foreign demand, however, profits
from this source became insufficient to provide
the necessary funds for subsidizing the domestic
price in the last quarter of 1920. The actual
deficiency was even greater in January, 1921,
and there is a large estimated deficiency for
February and March. Under the terms of the
coal mines emergency act, 1920, the operators
were guaranteed a standard rate of profit, and
since the strike of last October the miners have
received, in addition to their ordinary rates, a
bonus based upon the output and the financial
423
FEDERAL RESERVE BULLETIN.
position of the industry. The new bill makes7
the following provisions regarding operators
profits:
(b) For the purpose of the pooling of profits set up by
the coal mines (emergency) act, 1920, to divide the period
of operation of that act into two periods, namely, from
April 1, 1919, to December 31, 1920, and from January 1,
1921, to March 31, 1921.
(c) As regards the first pooling period to limit the profits
which the owners may keep to the amount of their prewar
profit standards. Any surplus profits which are earned in
this period above the standards will be available to make
good the deficit which is anticipated in the second pooling
period.
(d) As regards the second pooling period, to revise the
method of calculating coal levy and coal award in such a
way that the owners pay the surplus above, or receive
the deficit below, nine-tenths of their prewar standards
instead of the whole. In the unlikely event of profits
being earned in the aggregate in excess of nine-tenths of
the standards, owners will be entitled to retain them up
to a maximum of the whole of the standards.
This means, apparently, that the surplus
profits of the first period are to be used to
meet the deficits of the second period. During
this second period, owners are to be guaranteed nine-tenths of their prewar standard rates
instead of the whole. At the same time the
increases in wages gained by the miners in
November last have been entirely wiped out.
These advances amounted to 2s. a shift
through November and December, 3s. 6d.
during January, Is. 6d. during February, but
ceased on February 27.
The current financial condition of the industry is well summarized in the following tables
which are taken from the official reports of the
Board of Trade.
Wages
Net costs
Commercial
disposals.
Debits 1
Quarter
ending
December,
1920.
Month of
January,
1921.
£65,022,070
87.751,451
86,615,127
1,136,324
£27,046,305
34,468,733
29,579,402
4,889,331
1
In addition to the deficit shown in these items, provision must be
made for depreciation, interest on debentures and other loans, capital
adjustments under the finance acts, and the profit to which the owners
,re entitled under the coal mines (emergency) act, 1920.
FRANCE.
During the last month the French Government has taken several important steps toward
reestablishing freedom of trade in France.
It has been actuated by two motives in relaxing
war-time regulations, first, that of satisfying the
business community, and second, that of reducing the expenses of the Government itself.
The only vestige of state control which now
remains in the coal industry is the fixed price
of coal produced in France. Beginning with
the 1st of February the national coal office
424
FEDERAL RESERVE BULLETIN.
ceased to grant any drawbacks or rebates to
importers of coal from abroad, and on the 1st
of March the rationing of coal by the Government and the surtax on French coal were
abolished. According to the announcement of
the minister of public works, the price of French
coal is still fixed in order to avoid an increase
in its price. The abolition of the surtax will
reduce its price from 25 to 30 francs per ton.
On March 8 the minister of agriculture
announced that farmers will now be permitted
to have their wheat ground at any mill they
choose and that bakers may choose the mills
from which they buy flour. Up to this time
a rigid system of districting the milling of
wheat and the supplying of bakeries has been
in force. Regulations as to the price of wheat
flour and bread and the amount of wheat
substitutes to be used in bread will not be
abandoned until August, 1921.
The minister of commerce has decided to
discontinue supplying special classes of persons
with sugar at fixed prices. The decree of
August 18, 1920, which established free trade
in sugar, provided that children, invalids, and
old people were under certain circumstances to
be supplied with rations of sugar at a low price.
The price in the open market has now declined
and the Government therefore feels justified in
abandoning this service.
Various restrictions in regard to exports
from France still remain in force, but they are
gradually being removed. During February a
general export license was granted for the
export of hides and skins, and it was announced
that special licenses would be granted upon
application for exports of oats, bran, beans,
and potatoes.
Other relaxations are predicted. A recent
cable says that the Government has decided to
give up its petroleum monopoly. Private firms
will be allowed to import and sell petroleum and
petroleum products, provided that they obtain
an import permit from the Government, that
they declare stocks on hand monthly, and
promise eventually to participate in an institution to develop oil production in France.
It is anticipated that the suspension of coal
control and the reduction of the price of French
coal will have a beneficial effect on French
industry. This step has been expected since
the first of the year, and manufacturers have
hesitated to make contracts until they were
sure of the conditions under which they could
obtain coal.
Wholesale prices continued to decline in
France during February. The wholesale price
index number of the Bureau de la Statistique
Ge*nerale registered a decline of about 8 per
cent in February as compared with a decline
APRIL, 1921.
of about 6 per cent in January. Among the
group index numbers that for textiles shows
the greatest decrease, but the minerals index
also dropped sharply.
Group index numbers—France.
[Bulletin de la Statistique Generate.]
[1913=100.]
Date.
Ani- Vege- Sugar,
m a l table coffee, Foods Min(20). erals.
food. foods. a n d
Textiles.
cocoa.
1913
1914
1915
1916
1917
1918
1919
1920:
February
March
April
May
June
July
August
September.
October
November.
December..
1921:
January
February...
Raw
Sun- matedries. rials
(25).
100
103
126
162
215
286
392
100
103
126
170
243
298
313
100
106
151
164
201
231
253
100
104
131
167
225
281
336
100
98
164
232
271
283
272
100
109
132
180
303
460
444
484
500
522
480
482
501
515
531
533
519
515
474
516
511
480
400
370
359
412
421
390
360
436
439
447
424
392
405
399
544
422
377
355
474
498
506
472
434
432
432
487
469
442
424
444
460
507
459
428
469
475
468
453
424
385
828 j 503
884 • 548
953 I 598
841 I 601
734 !I 517 !
746 500 |
737 ; 524 j
715 540
637 j 527 !
510 498
475 471
561
600
653
614
540
548
558
558
528
476
444
483
452
334
317
337
338
397
378
341
305
460 445
398 i 415
415
374
100
100
101
145
206
291
387
373
99
145
199
302
420
405
Both the flax and hemp crops in France were
much larger in 1920 than in 1919, the increase
being 135 per cent in the case of flax and 99
per cent in the case of hemp. However, the
finance minister has refused to include a
bounty for flax grown in France in the 1921
budget, and the amount of the next crop is
therefore very doubtful. Imports of flax and
hemp during 1920 were slightly smaller than
in 1919, but exports show great increases and
testify to the extent to which the industry has
recovered from its war-time difficulties. The
following table gives a summary of imports and
exports of cotton, flax, and hemp:
Imports and exports of cotton and flax in raw and manufactured state.
[In quintals.]
Imports.
Cotton and cotton waste..
Flax and hemp
Cotton yarn, ecru
Linen yarn
Cotton cloth
Linen cioth
Exports.
1919
1920
1919
2,185,471
268,735
263,143
66,633
153,725
43,991
2,349,098
233,103
138,910
69, 721
59,020
27,648
177,997
156,306
36,829
4,192
271,886
4,586
1920
326,671
434,509
38,465
33,675
315,944
13,538
At the present time most of the textile centers
in France report a continuance of the inactivity
which marked last month. Letters from Lyon
report a slight improvement in the silk market,
APRIL,
425
FEDERAL RESERVE BULLETIN.
1921.
because of sales to England and America during
February. In Alsace, trade with Germany has
provided an outlet for cotton manufactures,
but in general the cotton and flax industries
show very little improvement in the sale of
manufactured goods. Unemployment is widespread, as many mills are working only three
or four days a week. In the Vosges the majority of the factories are operating for 40 hours a
week. Those which only work 36 hours are
paying their employees 50 per cent of the salary
lost. On February 1 the Chamber of Deputies
voted a credit of 4,582,000 francs to aid the unemployed in all industries.
Lack of demand was evident in the iron and
steel industry and in the nonferrous metal
market during February. The metal market
* was very unstable, a few days of rising prices
being followed by sharp declines, until all metals sold at the end of the month at the lowest
prices in several years. Copper particularly
has felt the effects of German competition.
The iron and steel situation has been complicated during the last month by the dissolution of the Comptoir Longwy, a syndicate of
20 of the important pig-iron producers of
Longwy, Briey, and Nancy w'hich has regulated
output and fixed prices of pig iron for the last
45 years. In its announcement to its clientele
the council of administration of the Comptoir
says that they decided to dissolve because of
the " impossibility in which they find themselves of exercising the stabilizing and regulating effect upon the market, which has always
been considered77 the reason for the organization's existence. The decline in pig-iron prices
during the last few months has been very
striking. On January 1 the Longwy price per
ton for pig iron P. L. No. 3 was 500 francs. On
March 12 the same grade sold in Meurthe-etMoselle for 345-350 francs, and foreign competition is still being felt.
Retail prices in Paris declined almost 7 per
cent during February, according to the retailprice index of the Bureau de la Statistique
Generale. Evidently retail prices are following in general the trend of wholesale prices in
France. The following table gives the retailprice index to date:
Retail prices in Paris.
[July, 1914=100.]
Month.
1914
January .
February
March
April
Mav
June
July
August..
September
October
November
December
1915
1916
1917
1918
1919
1920
122
137
139
191
lie
1.35
147
218
248
226
248
257
268
263
261
238
259
283
280
285
290
297
339
358
378
369
373
373
407
420
426
424
•
166
;
:
:
:
122
132
183
206
120
138
184
237
1 921
410
38?
.
..
.
..
..
..
..
..
I
The Bank of France report for March 10
shows a slight increase in note circulation and
an increase in advances to the Government.
The variation in note circulation since January 1 has been comparatively slight, the average being about 38,200,000,000 francs, or about
160,000,000 francs less than note circulation on
March 10.
French financial situation.
[Amounts in millions of francs.]
Situation of the Government.
Bank of France.
Silver
Gold
reserves. reserves.
1913 average
1920, end of—
February
March
April
May
June .
July
August
September
October
November
December
1921:
January
February.
March 10
1
i
.
.
...
. .
. . .
.
.
.
.
Public
debt.
Price of
3 per cent
perpetual
rente.
3 343
629
830
5 565
35,000
86.77
4
3 603
4
3,606
4
3,608
*3 609
4
3,610
*4 3,611
3,612
6 3,531
« 3,537
«3,543
6 3,552
251
247
244
240
241
248
255
256
264
265
266
3 277
4,039
3 469
3 751
3 653
3,416
3,267
3 307
3,474
3,927
3,575
37 889
37,569
37,688
37 915
37 544
37,696
37,905
39 208
39,084
38,807
37,902
25 800
26,300
25,300
26 050
26 000
25,550
25,800
26,600
26,600
26,600
26,600
794
859
1,057
857
908
1,109 5 233,729
882
1,120
1,332
1,088
1,168 5 245,129
57.60
58.82
57.40
59.35
57.25
58.90
56.30
54.15
56.20
55.40
57.95
6 3,553
6 3,555
6 3,555
268
264
266
3 429
3,293
3,364
37,913
37,808
38,366
25,600
25,600
26,100
1,204
921
59.16
58.15
58.40
Includes Treasury and individual deposits.
Under the laws of Aug. 5 and Dec. 26, 1914, July 10, 1915, and Feb. 16,1917.
* From indirect taxation and Government monopolies.
Deposits.i
Advances
to the
Govern- GovernCircula- ment
for ment 3
tion.
purposes revenue.
of the
war.2]
4
320
Not including about 1,978 million francs held abroad.
& Foreign debt calculated at par.
• Not including about 1,948 million francs held abroad.
426
FEDERAL RESERVE BULLETIN.
APEIL, 1921.
The following table gives a summary of French foreign trade for the past year:
Foreign trade of France.1
[In thousands of francs.]
Imports.
1913 average 2 .
1919 average 3 .
February..
March
April
May
June *
Julys
August
September.
October
November.,
December..
January8.
1920.
1921.
Exports.
Food.
Raw
materials.
Manufactured
articles.
Total.
151,465
892,040
412,144
1,229,434
138,169
861,797
701,778
2,983,272
69,908
99,201
653,630
871,857
675,799
547,825
558,951
336,987
478,987
398,592
193,960
302,867
651,299
772,007
813,216
644,911
726,856
2,641,916
3,122,851
2,887,607
2,386,696
2,588,674
723,749
608,822
667,709
549,834
672,861
171,091
294,160
243,294
389,928
548,681
905,613
724,894
684,442
732,416
726,715
346,703
1,101,267
534,498
Food.
Raw
materials.
Manufactured
articles.
Parcel
post.
Total.
301,420
615,630
47,182
71,444
573,351
989,966
150,060
114,223
125,678
103,355
216,849
347,480
767,423
349,521 I
834,031
353,344 i
844,901
348,361 |
726,654
421,735 I 1,100, 931
58,866
39,884
52,987
31,658
69,862
1,323,829
1,337,659
1,376,910
1,210,028
1,809,377
2,800,453
2,627,876
2,595,445
2,672,178
2,948,257
210,888
229,892
262,808
200,388
218,626
440,482
446,131
337,464
405,858
366,981
1, 631,883
1,363,469
1,597,808
1,136,356
929,222
116,255
112,081
134,472
140,996
146,067
2,399,508
2,151,573
2,332,552
1,883,598
1,660,896
1,902,468
188,546
436,069 | 1,342,398
115,605
1,822.618
154,841
203, 691
1 Not including gold, silver, or the reexport trade.
28 Calculated in 1913 value units.
Calculated in 1919 value units.
* February-June, 1920, figures are calculated in 1918 value units. French foreign trade figures are originally recorded in quantity units only,
and the value of the trade is calculated by applying official value units to the quantities imported and exported. Normally the monthly statements of trade appear computed at the rates of the year previous, and only at the end of the year is the trade evaluated at the prices prevailing
during that year. Because of the disturbed price conditions in France this year, however, it was not until July that the 1919 price units were
decided upon and applied.
6 Monthly French foreign trade figures are published only in cumulative for:m, and as the value rates used were changed in July it is impossible
to give
separate figures for that month.
6
August, 1920, through January, 1921, figures calculated in 1919 value units.
7
Figures subject to revision.
Italian revenue.
ITALY.
The prospects with regard to Italy's fiscal
situation have considerably improved. At the
end of February, Parliament enacted a new
law for the financing of the grain supply, which
provides both for an increase in the price of
bread and for an advance in a number of tax
rates. The deficit on account of the bread
subsidy, which was originally estimated at over
6,000,000,000 lire, will now be very materially
reduced. Furthermore, even before the enactment of the new fiscal provisions the progress
of Government revenues had been very encouraging. Kevenues from the principal taxes and
monopolies in the first six months of the current fiscal year (July 1 to Dec. 31, 1920) totaled
4,952,000,000 lire, which shows an increase of
1,676,000,000 lire over the revenues from the
same sources in the corresponding period in
1919. The comparative yield, in millions of
lire, from the several sources, is shown by the
following table:
JulyJulyDecem- December, 1920. ber, 1919.
Direct taxes
Taxes on business (inheritance tax, stamp, and
registry duties, luxury taxes, etc.)
Taxes on consumption
Industrial monopolies
Commercial monopolies
Total
1,684
1,112
833
856
1,374
205
585
560
886
133
4,952
3,276
In the budgetary provisions for this year the
total revenues from all sources other than loans
were estimated at 11,000,000,000 lire, as compared with 14,000,000,000 lire in the fiscal year
1919-20, and a deficit of about 14,000,000,000
lire was anticipated. Statements have now
been made in the press, on the authority of the
minister of the treasury, to the effect that the
deficit may be expected to amount to not more
than 4,000,000,000 or 5,000,000,000 lire.
APRIL,
1921.
427
FEDERAL RESERVE BULLETIN.
Aggregate circulation, deposits, and reserves of the Banca d'Italia, Banco di Napoli, and Banco di Sicilia.
[In millions of lire.]
Circulation.
For
For
account account
of State. of trade.
Dec. 31,1914.
Dec. 31,1919.
Jan.31,1920.
Feb. 29,1920.
Mar. 31,1920.
Apr. 30, 1920.
May 31,1920.
June 30,1920.
July 31,1920.
Aug. 31, 1920.
Sept. 30, 1920
Oct. 31, 1920.
Nov. 30, 1920.
Dec. 31,1920.
1
735
10,630
10,714
10,599
10,454
10.401
10.402
10,333
10,284
10,524
10,682
10,940
10,899
10,743
1
2,936
16,282
15,634
15,447
15,932
16,430
16,861
17,817
17,899
17,955
18,913
19,301
19,476
19,731
712
2,629
2,376
2,224
2,296
2,377
2,264
2,379
2,196
2,276
2,494
2,337
2,589
2,599
Silver.
1,397
1,037
1,038
1,038
1,028
1,038
1,038
1,039
1,039
1,039
1,039
1,058
1,058
1,059
131
115
115
115
115
115
115
115
115
115
115
115
115
115
Foreign
holdings.
211
893
868
894
910
882
912
957
959
1,018
1,063
909
896
904
Total.
1,739
2,045
2,021
2,047
2,053
2,035
2,065
2,110
2,113
2,172
2,217
2,082
2,069
2,078
Revised figure.
The aggregate note circulation of the three
banks of issue amounted on December 31, 1920,
to 19,733,000,000 lire, as compared with
16,282,000,000lireonDecember31,1919. During the years 1915-1919 the expansion of note
circulation has been due, to the extent of almost
75 per cent, to the issuing of notes for the account of the State. In 1920, on the contrary,
as may be seen from the accompanying table,
the circulation of bank notes for the account of
the State increased but slightly. It decreased
between January 31 and July 31 some 400,000,000 lire, but following this was increased again
in order to finance the grain subsidy. The circulation for the account of trade, on the other
hand, showed an almost steady increase, particularly beginning with the month of March.
There have been charged to the account of commercial circulation 900,000,000 lire, which were
issued to pay for treasury bills directly acquired
by the banks of issue. But, even allowing for
this amount, there took place, from the end of
February to the end of December, an increase
of 3,200,000,000 lire, or 67 per cent, in commercial circulation. This increase was accompanied by an even larger expansion of the credit
operations of the banks of issue, due to the floating of the sixth national loan. Total loans and
discounts of the banks of issue are shown in the
next table.
In the course of the year the official discount
rate was twice advanced, from 5 per cent to 5J
per cent in April to 6 per cent in May. But this
had no other effect than that of temporarily
checking, in the month of May, the expansion
of loans.
2,201
5,652
4,920
4,848
5,478
6,029
6,459
7,484
7,615
7.431
8,231
8,361
8;577
Total.
Reserve.
Deposits
and
demand
liabilities.
Aggregate loans and discounts of the Banca d)Italia, the
Banco di Napoli, and the Banco di Sicilia.
[In millions of lire.]
Domestic
Combined
bills dis- Loans. loans and
counted.
discounts.
Dec. 31, 1919.
Jan. 31,1920.
Feb. 29, 1920.
Mar. 31,1920.
Apr. 30,1920.
May 31, 1920.
June 30, 1920.
July 31, 1920.
Aug. 31, 1920.
Sept. 30, 1920
Oct. 31,1920.
Nov. 30, 1920.
Dec. 31, 1920.
2,044
2,238
2,445
2,674
2,990
3,204
3,931
3,972
3,698
3,808
4,099
4,063
4,256
1,575
1,935
2,226
2,648
2,814
2,578
2,853
2,604
2,535
2,820
2,984
2,334
2,818
3,619
4,173
4,671
5,322
5,804
5,782
6,784
6,576
6,233
6,628
7,083
6,397
7,074
The monthly movement of the credit operations of the four leading private banks is shown
by the following table:
Aggregate discounts and loans of the Banca Commerciale
Italiana, Banca Italiana di Sconto, Credito Italiano, and
Banco di Roma.
[In millions of lire.]
Bills dis-
counted,
including
treasury
bills.'
Dec. 31, 1919.
Jan. 31,1920.
Feb. 29,1920.
Mar. 31,1920.
Apr. 30,1920.
May 31,1920.
June 30, 1920.
July 31, 1920.
Aug. 31,1920.
Sept 30,1920.
Oct. 31,1920.
Nov. 30,1920
Dec. 31, 1920
7,335
6,622
6,383
6,717
6,652
6,727
6,795
6,861
7,087
7,231
7,404
7,753
9,034
Com-
bined
Loans. discounts
and
loans.
667
1,114
1,298
1,486
1,462
1,505
1,541
1,501
1,419
1,507
1,440
1,681
1,559
8,002
7,736
7,681
7,203
8,114
8,232
8,336
8,362
8,506
8,738
8,844
9,434
10,593
428
FEDEKAL KESERVE BULLETIN.
GERMANY.
In spite of the difficulties of the financial
and industrial situation in Germany, German
banks and corporations continue to declare
dividends ranging from 7 to 50 per cent. In
February, among the conspicuous examples
were the Eisenhuttenwerk Thale, which declared a dividend of 50 per cent, the Deutsche
Petroleum A. G. and the Flensburger Dampfer
Kompanie A. G., which declared dividends of
30 per cent, and the Bremer Linoleumwerke
A. G., which declared a 30 per cent dividend
and a 10 per cent bonus. These dividends
are, of course, accounted for by the rise in
prices due to the inflation of the currency
during 1920. Now that prices have begun
to decline, it is doubtful that such high profits
will continue.
The decline of prices of stocks and bonds
upon the German stock exchanges was not so
rapid in the four weeks ending March 5 as in
the month previous. The Frankfurter Zeitung's index number of prices of 10 typical
bonds and 25 typical stocks declined less than
4 per cent from February 5 to March 5 in
comparison with a decline of 18 per cent from
January 8 (which marks the index's highest
point) to February 5. The January decline
in stock and bond prices is explained by the
rise in the value of the mark in terms of dollars and pounds sterling during that month,
and the consequent falling off in foreign purchases. In February the fluctuations of foreign exchange were less violent, and they seem
to have had a relatively insignificant effect on
stock exchange prices. The following table
gives the Frankfurter Zeitung's bourse index
number:
Frankfurter
Zeitung
bourse index
number.
[Based upon the prices of 10 bonds and 25 stocks.]
January 1, 1920
February 1
March 1
April 15
May 3
Junel
Julyl
August 2
September 4
October 2
November 6
100 December 4
136 December 31
155 January 8, 1921
139 January 15
133 January 29
109 February 5
117 February 12
140 February 19
149 February 26
160 March5
177
178
189
194
187
179
159
157
157
155
153
The uncertainty of the political situation,
lack of coal, and the falling off of foreign demand contributed to the difficulties of tne industrial situation in Germany during February. Unemployment increased, and the necessity for dealing with it had become very
urgent by the middle of the month. The
APHID, 1921.
latest official figures on the actual number of
the unemployed are those for the end of
January. They place the number of unemployed receiving support from the State on
that date at 432,000, over 5 per cent more
than those receiving State aid on January 1.
Of this number, 357,000 were men and 75,000
women, and the number of their dependents
was 459,000. The labor minister estimated
that the number of those who had no employment or only part-time employment was
about twice the number of those who were
receiving support from the State. The subcommittee of the Reichswirtschaftsrat, dealing with constructive relief for the unemployed, has formulated plans for beginning
necessary public works in Saxony and near
Berlin and Hamburg, where the unemployed
are most numerous.
The level of wholesale prices in Germany
seems to have declined very slightly during
February. The wholesale price index number
of the Frankfurter Zeitung (which has been
again revised) shows a decrease of only about
4 per cent. The most marked declines occurred
in prices of oats, straw, wheat, hay, cocoa,
margarine, machine oil, and leather. The
Eisenwirtschaftsbund met during the month
and decided not to revise its prices, and the
Government has maintained its decision not
to allow any increase in the price of coal.
The decline in wholesale prices which has
been going on since December had begun to
make an impression upon the cost of living by
the end of January. According to figures
prepared by Dr. Silbergleit, of the statistical
department of the city of Berlin, the weekly
cost of food for one growing person dropped
from 61.49 marks in December to 61.23 marks
in January. Dr. Silbergleit carries his computations of food costs back to the summer of
1919, and his figures show that the highest
point was reached in April, 1920, when the
minimum food costs per person were 169 per
cent higher than they had been in July and
August of the previous summer. The table
setting forth these facts is as follows:
Weekly cost of food per person %nBerlin.
In
marks.
Per cent
of
increase
over
JulyAugust,
1919.
1919.
Middle of July to middle of August
November
December
26.55
52 31
58.35
97 02
119.77
APRIL,
429
FEDERAL RESERVE BULLETIN.
1921.
Weekly cost of food per person in Berlin—Continued.
Germanfinancialsituation.
[Amounts in millions of marks.]
In
marks.
Per cent
of
increase,
over
JulyAugust,
1919.
Reiehsbank statistics.
Reserve.
Reichsund
Darlehnskassenscheine.
1920.
January
February..
March
April
Mav
June
July
August
September
October...
November
Pecember.
62 80
63.04
67 74
71.43
70 12
67.76
62.35
57 20
57.48
59 90
60.25
61.49
136 53
137.44
155.14
169.04
164.11
155.22
134.84
115.44
116.50
125.61
126.93
131.60
61.23
130.62
1921.
January
According to figures recently published,
German coal production was almost 12 per
cent larger in 1920 than in 1919, but it remained almost 25 per cent less than in 1913,
leaving the Saare, the Palatinate, and AlsaceLorraine out of the matter entirely. The following table illustrates the trend of production
in the last three years as compared with 1913.
German coal production.
[Without the Saare, Palatinate, or Alsace-Lorraine.]
In
millions
of
tons.
1913
1917
1918
1919
1920
173.62
154.41
148.19
117.69
131.35
Per cent
of the
1913 production.
100
88.9
85.4
67.8
75.7
Gold.
1913 average
1920, end of—
April
May
Juiie
July
August
September...
October
November...
December...
1921, end of—
January
February
1,068
32
1,958
668
1,092
1,092
1,092
1,092
1,092
1,092
1,092
1,092
1,092
15,193
15,907
17,252
17,874
18,686
19,861
21,340
20,363
23,417
47,940
50,017
53,975
55,969
58,401
61,735
63,596
64,284
68,806
16,499
17,024
23,414
17,282
15,772
20,054
17,945
17,340
22,327
13,776
13,567
13,633
13,328
13,266
13,348
13,024
12,370
12,033
1,092
1,092
22,810
21,982
66,621
67,427
15,834
17,357
11,341
110,755
Situation of the Government.
Receipts
from
taxes andj Floating 3 per cent 5 per cent
Governwar
imperial
debt
ment
loan.2
loan.2
monopolies.
1913 average
1920, end of—
April
May
June
July
August
September.
October
November.
December..
1921, end of—
January
February..
i Provisional.
Coal production of the Ruhr in 1920
amounted to 88,000,000 tons, and of Upper
Silesia to almost 32,000,000 tons. The latter
figure illustrates the importance to Germany
of the ultimate decision in regard to that
territory.
The lieichsbank statement for February 28
shows an increase in the holdings of " other
metal" from 6,377,000 marks at the end of
January to 7,974,000 marks at the end of
February. Deposits also increased during the
month, and the note circulation of the bank,
after declining in the first two weeks of the
month, reached a high level for the year. The
most important decrease in the end of February
statement is that in the Loan Bank notes held
as reserve which declined almost 1,000,000,000
marks. The following table gives a brief
survey of the situation.
Note
circulation.
Darlehnskassenscheine in
circulaDeposits.
tion.
75.90
265
2,072
2,599
3,227
3,739
3,635
4,126
5,121
6,130
9,103
8,721
141,987
148,750
156,825
161,920
165,918
74.50
67.50
62.90
60.64
60.80
62.25
66.25
68.60
65.75
98.75
98.70
98.30
98.50
98.70
99.90
99.00
98.75
98.90
67.00
67.25
99.50
99.75
2 Quotations of the Berlin Bourse.
SWEDEN.
During February wholesale prices dropped
approximately 6^ per cent and were nearly
one-third less than the peak prices of June,
1920. The greatest downward shifts occurred
in raw materials for agriculture, metals, animal
food, hides, and textiles. Although coal
showed only a slight falling off in February, it
exhibited the most drastic drop during the
preceding months, having declined 71 per cent
from its highest level in July. The textile
index has receded about 61 per cent from its
peak; hides and leather, 60 per cent; metals,
37 per cent; wood pulp, 35 per cent; animal
foods and raw agricultural materials, 23 per
cent; building materials, 18 per cent; vegetable
foods; 15 per cent; and the oil group, only about
6 | per cent.
430
FEDERAL RESERVE BULLETIN.
APRIL, 1921.
Group index numbers—Sweden, SvensJc Handelstidning.
[1913=100.]
Date.
Vegetable
food.
Animal
food.
R a w materials for
agriculture.
Coal.
Metals.
Building
material.
Wood
pulp.
Hides and
leather.
Textiles.
Oils.
1913-14......
19141
1915
1916...
1917
1918
1919
100
136
151
152
181
221
261
100
101
140
182
205
419
409
100
114
161
180
198
304
340
100
123
177
266
551
856
804
100
109
166
272
405
398
258
100
104
118
165
215
275
286
116
233
267
300
308
100
118
158
229
206
195
211
100
103
116
166
247
1920.
February
March
April
May
June
July
August
September...
October
November..,
December..
273
270
265
269
250
252
271
273
258
264
247
305
304
284
283
273
277
307
312
306
290
283
319
318
320
320
311
312
310
308
309
303
301
936
960
1,008
1,069
1,252
1,252
1,117
1,085
1,026
910
602
259
291
283
324
318
293
286
273
256
253
247
371
367
367
367
381
388
388
388
390
387
362
476
682
767
788
778
767
756
753
740
609
598
269
268
263
252
212
202
191
180
166
161
156
380
374
368
336
328
310
250
233
206
275
275
275
303
303
322
340
340
332
328
1921.
January
February
244
231
266
241
281
248
371
362
230
204
320
319
520
511
131
108
169
147
328
318
1
Official index number of retail prices of foodstuffs, fuel, and
lighting, 1920.
[July, 1914-100.]
293
295
297
308
307
306
303
294
283
262
Exports from Sweden in January were
valued at 91,200,000 kronor, a drop of about
47 per cent from the December figure. Moreover, January exports were only about 72 per
cent of the total for the corresponding month
in 1920. Imports suffered a similar reduction,
dropping 38 per cent from the December level,
and were only slightly more than one-half of
the figure for January, 1920.
Particularly striking is the fact that the
majority of the principal commodities in both
export and import trade declined in quantity
far below the normal prewar figure for the
corresponding month in 1913. Exports of
iron ore in January, 1913, were 338,300 metric
100
111
120
149
212
Average for 6 months ending Dec. 31,1914.
Retail prices of fuel, lighting, and foodstuffs
declined in February more materially than at
any time since the break in the price level
began. The total drop from the peak in the
retail price index is about 15 per cent, one-half
of this drop taking place in February alone.
1920:
First quarter
Second quarter
July
August
September
October
November
December
1921:
January
February
100
tons; in January, 1921, the figure was 244,100
tons, or 72 per cent of the quantity exported in
the same month in 1913. Pig iron declined
from 9,695 to 8,464 tons, a drop of 13 per cent.
Wood pulp, reduced to dry measure, was exported in January, 1921, to the amount of
12,500 tons, as compared with 43,700 tons in
the same month of 1913. Unplaned planks,
boards, etc., dropped in volume of export to
43,300 cubic meters from the corresponding
prewar figure of 78,200 cubic meters. The
only important export commodity to exceed
its prewar 1913 volume was newsprint paper.
Among the principal imports, woolen textiles,
corn, coffee, rails, and potassium salts alone
registered quantitative gains over the prewar
figure. The two last named made phenomenal
increases, the importation of rails being 22
times as great and that of the potassium salts
almost 13 times larger than in January, 1913.
Such an industrially important commodity as
cotton was only 48 per cent of the prewar
volume, wool 20 per cent, coal and coke 32 and
33 per cent, and copper 38 per cent.
Official production statistics for 1919 are now
available for the principal industrial groups.
During 1919, conditions in industry assumed
a more normal aspect. Government regulations
were largely lifted, giving free scope to production. Through the improvement in marine
transportation and the extension of commercial relations many industries which had curtailed production because of a dearth of raw
materials were again supplied. Industry during 1919, however, struggled under many
handicaps. Fuel shortages, labor troubles,
APRIL, 1921.
431
FEDEKAL RESERVE BULLETIN.
heavy production and transportation expenses output of shoes dwindled from approximately
and marketing difficulties due to the exchange 5,276,000 pairs to 4,455,200 pairs.
situation, all exerted an influence.
The chemical industries decreased the production of war-time emergency commodities
Value of imports and expor Is.
and made an active resumption in other lines,
[Million kronor.]
notably linseed oil. This was manufactured
only to the amount of 283,682 kilograms in
Excess of
1918, but increased to no less than 5,591,032
Imports. Exports. imports
kilograms in 1919.
over
exports.
The labor market continues to show an increasingly large percentage of unemployment.
70.6
Monthly average, 19] 3 . .
68.1
2.5
In January, 1921, there were 246 workers for
1920.
every 100 occupational openings, as against
126.8
January
238.0
111.2
The following table shows
282.1
106.0
176.1 153 in December.
February.
March.
150. 5
150.6 the number of workmen per 100 vacancies:
301.1
April
163.7
103.2
266.9
Mav
June
July
August.
September
October
N ovember...
December
January1
1
Provisional.
314. 2
283.3
331.1
307.6
324.5
299.3
228.2
197.1
227.1
223.6
267.7
229.8
232. 8
217.8
176.5
171.3
87.1
59.7
63.4
77.8
91.7
81.5
51.7
25.8
122.3
91.25
31.05
1921.
1920:
January
February
March
April
May
June
July
125
112
91
80
84
92
94
1920—Continued.
August
September
October
November
December
1921, January
95
98
110
155
153
246
The following table continues the banking
statistics for February:
The mining and metal industries as a whole
[Million kronor.]
were particularly depressed. Their output
was considerably smaller in 1919 than at any
Joint stock banks.
Riksbank.
time in the previous six years and far below the
1913 production.
Bills
disGold coin
Note
Iron-ore production in 1919 reached the unLoans
counted
circula- with the and disand
usually low figure of 4,981,110 tons, against
tion.
counts.
bullion.
Riks6,623,661 tons in 1918. Pig iron decreased to
bank.
495,980 tons as compared with 764,022 tons
the preceding year. The depression was due 1920,end of:
265.2
685.5
February..
360.6
5,914.4
in a large measure to the accumulation of un- March
261.1
741.6
5,877.4
507.4
718.3
5,969.
4
261.0
April
497.7
consumed stocks both at home and abroad.
708.3
5,998.6
261.0
473.5
May
Electrical machinery and cream-separator
736.5
5,982.9
261.1
531.1
June
724.8
6,028.9
261.3
514.2
July
production were greater in 1919 than in any August
742.2
6,007.4
261.4
567.8
779.8
279.8
547.0
6.068.7
September
previous year.
772.8
282.4
503.4
6,079.0
October...
752.8
The lumber industry was characterized by
282.4
447.2
6.117.8
November.
759.9
281.8
6,211.3
451.3
December.
brisk production, due to an active demand for 1921—January.
672.5
281.9
6,172.6
431.2
687.6
6,119.2
281.8
452.7
February x
Swedish wood in the foreign market. The
output of unplaned planks, battens, scantlings,
1
Provisional.
and boards amounted to 4,717,613 cubic meters
in 1918 as against 5,525,417 in 1919.
NETHERLANDS.
Wood-pulp production showed an improveDuring the early part of 1920 industry was
ment, increasing from 920,253 tons, dry weight,
in 1918, to 949,359 tons in 1919, while paper active in the Netherlands; large amounts of
production, on the other hand, fell from 242,324 investment funds were available, partly as the
result of the flight of capital from Germany;
tons to 229,227 tons.
Margarine production, which was at a com- money was cheap and abundant, especially
plete standstill in 1918, revived in 1919 and for short terms; prices were high and business
amounted to 12,202,740 kilograms.
in general was satisfactory. In the late fall,
The increased importation of raw textile however, the effects of the world-wide depresfibers stimulated the textile industry to a re- sion were beginning to be felt; most of the leadnewed activity and caused a considerable rise ing industries, except the building trades, began
in the production of cloths and yarns.
to show signs of depression, which were parThe leather industry curtailed production to ticularly pronounced in the coal trade, in iron
prevent overproduction, and as a result the and steel, and in textiles. Unemployment be-
432
FEDERAL, RESERVE BULLETIN.
came more prevalent, as indicated by the fact
that the ratio of applications for positions with
the public employment offices to the number of
places to be filled was much larger at the end of
the year than at the beginning. The following
table, quoted from the Algemeen Handelsblad
for January 5, shows the extent of unemployment in the organized trades in Amsterdam for
the months of October and November, 1920,
compared with November, 1919:
Percentage of unemployment.
;
November, October, November,
1920.
1919.
1920.
i
I
Building trade
Metal workers
Factory hands
Transport workers
Cigarmakers
Cabinetmakers
Bakers
Butchers
Printing trade
Diamond workers
Commercial clerks
Other categories
!
!
•
I
.
!
\
1
All groups
8.1
2.6
3.8
5.0
26.4
4.9
.5
4.2
.7
60.4
1.4
.8
3.5
2.6
2.8
5.5
28.6
3.7
1.1
3.5
.6
49.3
1.2
12.3
1.5
.8
3.1
32.3
1.5
1.5
7.1
1.2
11.7
1.4
.9
15.6
12.8
6.6
It will be seen that for all industries included,
the percentage of unemployment was about 16,
compared with 13 in October and 7 in November, 1919. The largest percentages of unemployment are shown for cigarmakers, for
whom, however, an improvement is noted as
compared with the past year, and for diamond
workers, among whom 60.4 per cent were out
of employment last November.
The official wholesale price index for 49 general commodities and for 31 articles of food
commodities (included in the 49) by months,
published by the Dutch^Central Bureau of
Statistics and recomputed on the basis of 1913
prices taken as 100, is as follows:
Wholesale prices.
[On basis of 1913=100.]
General
articles
(49).
January
February
March. .
April
Mav
June..
. .
July
August ,
September..
October
November
December
Year 1920...
Year 1919...
1920.
293
299
290
296
297
297
301
289
287
283
261
233
285
304
Food
articles
(31).
254
253
260
262
269
274
265
261
259
253
232
259
293
It is to be noted that prices were rising up
to July, when a decline set in, which, however,
APEIL, 1921.
did not become pronounced until November.
Between October and December the drop in
prices for general articles was from 283 to
233 and for food articles from 259 to 232. It
is worth noting that the index number for the
Netherlands is very close to the Statist index
number for the United Kingdom, the British
index number dropping from. 288 in January,
1920, to 243 in December, while the Dutch
index number dropped from. 293 in January
to 233 in December.
Total imports into the Netherlands for 1920
were valued at 3,332,000,000 florins and total
exports at 1,701,000,000 florins, compared with
2,826,000,000 florins of imports and 1,411000,000 florins of exports for 1919. Imports
and exports were thus materially larger in
1920 than in 1919, but the unfavorable balance
was larger for the more recent year.
A table of foreign exchange rates in Amsterdam on principal centers, in continuation of a
similar table published in the FEDERAL R E SERVE BULLETIN for 1919, page 646, appears at
head of next page.
While the florin is at a premium as compared
with other European currencies, the American
dollar is far above par in Amsterdam, the
quotation for the end of February being 2.93|
florins per dollar, as against a par of 2.48|
florins. Sterling is quoted at Amsterdam at a
discount of about 7 per cent. The reason for
the depreciation of the Dutch florin as compared with the dollar is that, while Holland
has as usual an unfavorable trade balance
with the United States, she is not able to offset
this unfavorable balance by her favorable
balances with other countries, since these other
countries are not able to pay cash in settlement of their balances. Germany, for example, obtained last May a 10-year credit of
200,000,000 florins, 60,000,000 of which are
to be used for the purchase of food and 140,000,000 for the purchase of raw materials in
Holland. As a consequence of these conditions, together with the gold embargo that is
still in force, Dutch merchants having payments to make in New York must compete for
dollar exchange in the general world exchange
market, where the dollar commands a large
premium. Early in 1920 the dollar was below
par in Amsterdam, but since April of that year
it has been at a premium, which increased
until the end of September, when the dollar
was quoted at 3.27f florins. Since that time
an improvement in the exchange position is
noted. This improvement is due in part to
the general decline in the price level, which
results in a reduction of the amount of exchange required to cover unfavorable trade
balances.
433
FEDERAL RESERVE BULLETIN.
APRIL, 1921.
Foreign exchange quotations at Amsterdam.
[End of month figures, from the Economisch Statistische Berichten.J
Date.
1919.
Jan. 3 1 . . .
Feb. 28
Mar. 29
Apr. 30
May 31
June 30..
July 31
Aug. 28
Sept. 30
Oct. 31 . .
Nov. 29
Dec. 30
London
(£=
12.1075
fl.).
NewYork
($2.4875
fl.).
2.42
2.43
2.504
2.48|
24.85
20.00
19.20
18.10
16.55
20.55
23. 25
22.20
21.30
21. 324
20. 824
19. 82^
18.85
41.67
40.00
37.71
34.48
42.81
48.44
46.25
44.38
44.43
44.39
41.30
39.27
2.61
2.73|
2.72
2.74J
2.74
2.81
2.93
3.11
11. 25 4
75.82
76.44
86.55
87.67
88.08
91.96
89.86
91.92
92.09
93.70
94.36
92.96
11.38
11. 33f
93.98
93.64
20. 75
20. 974
43.23
43.70
95.02
95.60
94.90
96.22
98.08
97.75
95.70
93.49
92.42
91.08
87.34
83.87
44.30 •
44.35
41.75
41.44
41.00
9.18
9. 25i
10.48
10.614
10.66*
11.134
10.88
11.13
11.15
11.344
11.42i
1921.
Jan. 31
Feb. 26.. .
Per cent
of par.
92.29
92.40
86.98
86.25
85.42
83.28
75.21
69.79
70.31
61.88
56.30
51.77
11. 50|
11.57|
11.49
11.65
11.87£
11. 83^
11. 58|
11.32
11.19
11.02f
10.57J
10.15*
1920.
Jan. 31
Feb. 28
Mar. 31
Apr. 30
May 29.
June 30
July 30 .
Aug. 27
Sept. 30 . .
Oct. 30
Nov. 30
Dec. 30. .
Paris
Per cent
(100
of par. francs=
48 fl.).
39. 974
36.10
33.50
33.75
29.70
27. 02£
97.29
97.69
100.70
99.85
102.71
103.52
106.48
108.14
105 13
106.23
106.03
107.34
28.15
24.274
22.50
21.974
18.40
18.50
14.45
12.40
11.80
8.45
6.10
5.424
47.50
40.96
37.97
37.08
31.05
31.22
24.38
20.92
19.91
14.26
10.29
9.15
68.20
68.40
67.25
66.30
65.10
65.50
65.75
65.75
65.60
63.10
59.10
57.50
102.29
102.59
100.87
99.44
97.65
98.25
98.62
98.62
98.40
94.65
88.65
86.25
63.20
63.35
62.70
62.00
60.00
60.30
59.10
58.30
57.80
56.20
52.95
51.60
94.80
95.02
94.05
93.00
90.00
90.45
88.65
87.45
86.73
84.30
84.42
77.40
3.27|
3.27|
3.19J
104.92
110.05
109.35
110. 25
110.15
112.96
117. 79
125.03
129. 20
131. 76
131. 51
128. 29
3.124
2.724
3.72|
4.85
6.95
7.40
6.80
6.324
5.10
4.324
4.674
4.40
5.27
4.60
6.29
8.18
11.73
12.49
11.47
10.67
8.61
7.30
7.89
7.42
51.00
50.75
58.00
59.00
59.25
62.50
61.65
63.40
63.80
63.55
63.25
63.35
76.50
76.12
87.00
88.50
88.87
93.75
92.47
95.10
95.70
95.32
94.87
95.02
40.75
40.50
49.60
47.25
45.75
46.00
45.80
43.90
45.25
44.50
44.40
50.10
61.12
60.75
74.40
70.87
68.62
69.00
68.70
65.85
67 87
66.75
66.60
75.15
2.93f
2.933
118.09
118.09
4.20
4.724
7.09
7.97
65.00
65.50
97.50
98.25
57.25
52.90
85.87
79.35
2.574
2.641
2.69
2.614
2.64J
2.67*
3. 21f
Following are figures showing the value of
United States merchandise imports from and
exports to the Netherlands by months from
January, 1919, to February, 1921, together
with the monthly excess of exports. These
figures are probably too large, in so far as
actual movement of goods to the Netherlands
for domestic consumption is concerned, owing
to the fact that a portion of the exports are
merely transshipments through the Netherlands to Germany and other European countries. It will be seen from the figures that the
excess of exports from the United States to
the Netherlands was unusually heavy in the
latter months of 1920 and the early months of
1921.
In continuation of figures published in the
BULLETIN for February, 1919, page 644, there
is also attached a table showing the principal
asset and liability items for the Bank of Netherlands. It will be noted that for the year 1920
there is comparatively little change recorded
in the gold holdings of the Bank of Netherlands,
while silver holdings increased from 8,000,000
florins in January, 1920, to 22,000,000 florins in
January, 1921, probably as the result of silver
exports from Germany. Comparing loans and
discounts of 1920 with those of 1919, it is seen
that 1920 was a year of considerable activity
and that no decline in loans is shown except
for the month of February, 1920, February
being generally a month of slackened activity.
CopenStockBerlin
holm
(100
Per cent
Per cent hagen
Per cent
Per cent
(100
(100
of par.
of par. marks=
of par.
of par.
kroner
kronor
59.26 fl.).
66.67 fl.).
66.67 fl.).
There is a marked decline in the holdings of
foreign bills and also a reduction of 42,000,000
florins in note circulation. In general, however, fluctuations in note circulation have been
comparatively slight.
United States merchandise imports from and exports to the
Netherlands.
[In thousands of dollars.]
Year and month.
January
February...
March
/pril
May
June
July
-A ugust
September..
October
November..
December..
January
February
March
/pril
May
June
July
A ugust
September
October
November
December
January..,
February..
1920.
1921.
Imports.
E xcess
Exports. exports.
800
1,659
5,036
4,340
7,036
8,131
7,520
7,647
9,922
9,180
6,701
7,534
10,770
11, 953
10,926
21,578
8,713
29,398
24,535
27,164
31,854
20,358
24,196
33,652
9,970
10, 295
5,891
17,238
1,678
21,208
17,014
19,516
21,932
.11,178
17,495
26,119
10,062
11,546
8,932
5,516
5,659
10,415
9,245
7,571
8,914
6,817
6,791
3,758
22,712
17,153
18,265
8,386
9,361
16,834
15,518
19,521
20,880
33,494
33,846
30,508
12,650
5,608
9,334
2,870
3,702
6,419
6,273
11,950
11,966
26,677
27,054
26,750
3,484
2,912
27,007
17,881
23,523
14,969
434
APRIL, 1921.
FEDERAL RESEKVE BULLETIN.
In connection with the situation in the through a very serious crisis caused by the
Netherlands, it may be noted that advices from drop in the price of sugar and the collapse of
Java indicate that the island has been going the Japanese market for Java's products.
Principal asset and liability items of the Netherlands Bank.
[In thousands of florins.]
Metallic reserve.
Loans,
discounts,
Date.
Gold.
1919.
Jan. 25
Feb. 22
Mar.29
Apr. 26
May 31..
June 28
July 26
Aug. 30
Sept. 27
Oct. 25
Nov.29
Dec. 27
1920.
Jan. 31
Feb. 28
Mar.27
Apr. 24
May29
June 28
July 26
Aug. 30
Sept. 27
Oct. 25
Nov.29
Dec. 27
1921.
Jan. 31
Feb. 21
Total.
and
advances.
684,369
677,319
669,334
663,34S
661,969
657,722
651,403
635,593
631,763
632,167
632,156
637,323
8,791
9,105
9,750
8,114
7,938
8,214
6,417
5,822
5,008
4,907
6,325
6,103
693,160
686,424
679,084
671,462
669,907
665,936
657,820
641,415
636,771
637,074
638,481
643,426
357,018
274,749
315,436
365,692
351,521
334,126
320,694
348,297
340,252
380,111
409,001
418,277
631,845
633,241
634,164
635,171
635,805
636,304
636,338
636,340
636,347
636,141
636,141
636,141
8,229
9,390
10,426
11,323
12,646
13,894
15,015
16,530
17,732
18,944
20,171
21,190
640,074
642,631
644,590
646,494
648,451
650,198
651,353
652,870
654,079
655,085
656,312
657,331
446,687
441,833
397,052
423,404
459,017
414,230
422,464
407,259
415,859
441,216
447,066
444,428
12,087
14,965
13,342
8,045
636,141
636,141
22,456
21,339
658,597
657,480
444,777
383,635
REPORT OF THE BANK OF FRANCE
FOR 1920.
Following is a translation of the salient features of the Annual Report of the Bank of
France for 1920:
During the year 1920 occurred one of those
general crises which even in normal times appear to be almost inevitable and which put a
severe strain on financial institutions all over
the world. The present crisis, coming as it did
when commerce and industry were still going
through a period of readjustment after the war,
was unusually widespread and severe.
In the autumn of 1919 premonitory symptoms were seen abroad. In the United States
the Federal Reserve Banks, in order to check
post-war speculation, raised their discount rate
three times—in November, in December, and
in January. In Japan the national bank of
issue redoubled its appeals for caution, and
successively raised the discount rate from 6.57
per cent to 7.30 in October and to 8.03 per cent
in December.
These vigorous and continued preventive
measures did not, however, check the develop-
Silver.
Advances
to Government
bearing
no
interest.
14,544
14,932
14,921
14,904
Foreign
bills.
Notes in
circulation.
8,567
8,546
8,765
27,080
27,582
25,546
25,476
44,126
47,390
48,273
48,556
48,354
,053,508
,000,194
,011,223
,034,638
,025,962
,018,076
,003,290
,002,879
,000,138
,010,411
,048,397
,032,732
6,523
14,951
13,832
48,904
54,783
56,192
53,882
71,356
49,698
41,088
46,484
39,435
29,041
44,415
52,754
,039,062
,026,549
,013,315
,045,948
,020,829
1,004,808
1,017,208
1,026,033
1,030,310
1,057,317
1,078,032
1,072,145
4,930
14,957
43,017
31,969
1,072,109
1,030,688
13,503
9,283
14,471
7,265
14,630
12,241
13,647
3,205
478
ment of the crisis jior prevent it from spreading
over the world. It was not long in reaching
Europe, where England was first to feel its
effects. The rise of the money rate in America
affected unfavorably the exchange value of the
pound sterling. During the early days of
April a further increase in the Bank of England
rate, which had already been raised to 6 per
cent at the end of November, seemed inevitable.
We could not ignore these serious symptoms,
nor let the crisis reach us without giving the
French market timely warning. On April 8
the board of directors decided to raise the discount rate from 5 to 6 per cent and the rate
for loans on securities from 6 to 6^ per cent.
A few days later the Bank of England raised
its official rate to 7 per cent.
In France the significance of these measures
was well understood. Beginning with the
month of April commercial banks made efforts
to increase their loaning capacity by additions
to their paid-in capital amounting in the aggregate to 1,500,000,000 francs.
Manufacturers and merchants, who up to
that time had been led by the great consumption demand to speed up production, though
at a constantly rising cost, began to appreciate
APKIL, 1921.
FEDERAL RESERVE BULLETIN.
the need for liquidating stocks and restricting
purchases and production. This policy placed
them in a better condition to meet the most
severe phase of the crisis. During this critical
period it was the duty of the bank to give to
business all the support at its disposal, and in
this duty the bank has not failed.
In spite of the great strain on our resources
we have been able to discount all paper negotiated for the legitimate needs of commerce or
industry. The extent of credits thus granted
is attested by the increase in our discounts and
our advances on securities. In one year our
commercial portfolio has grown by about 2,000,
000,000 francs, increasing from 1,268,000,000
francs on December 24, 1919, to 3,276,000,000
francs at the end of 1920, while our advances
on securities have increased during the same
time from 1,451,000,000 francs to 2,205,000,000
francs.
By this liberal policy, which we shall continue to maintain, we hope to assist to the
utmost of our power the forces in France which
are tending to alleviate the severity of the
crisis. Serious though it still is, we must nevertheless realize that in France it has not been
so severe as abroad. The relative smallness of
our stocks of raw materials, the prospect for our
producers of replenishing these stocks at less
burdensome costs, owing to the decline in the
price level in the countries of origin, the insufficiency of production to provide for the needs
of the country, in spite of temporarily reduced
consumption, help to keep our market from extreme demoralization.
The difficulties of the present moment should
not make us lose sight of the progress which
France has made during the past year toward
a more normal economic condition. This progress is shown by a very substantial increase in
agricultural production, by a marked improvement in our trade balance, and by the important steps taken in the direction of fiscal reform.
Our harvests of grain have increased from
93,000,000 quintals in 1919 to 130,000,000 quintals in 1920. Our transportation system, the
disorganization of which since the war has handicapped trade and industry, is now once more
capable of rendering satisfactory service.
Our supply of coal has greatly increased, as
much through the resumption of national production as through the deliveries from Germany and through other imports. The lower
prices resulting from this have reduced production costs of our industries and have tended to
lower the general price level.
Energetic efforts at restoration in the north
and east, which were described at some length in
our preceding report, have been continued this
435
year and considerably extended. The number
of factories that have resumed operations has
risen from 1,805 at the end of January, 1920,
to 3,392 on November 1; on that date these factories were employing about 356,000 workmen.
This work of reconstruction in the devastated
districts, it is true, calls for a considerable
amount of raw materials and of manufactured
products, part of which we have been forced
to import from abroad. This is one of the
principal reasons why the amount of our
imports has remained so large, its total for 1920
of 35,500,000,000 francs being practically the
same as that for the preceding year. It is
worthy of note, however, that the increase of
2,000,000,000 francs in our imports of raw
materials is balanced by an almost equal reduction in our imports of food, made possible by
the increase in our crops, while our imports of
manufactured goods were slightly lower than
in 1919.
Our exports, fortunately, have shown a
notable increase from 11,900,000,000 francs in
1919 to 22,500,000,000 francs in 1920. A systematic development of our foreign markets
should enable us in the future to expand our
exports still further. Our unfavorable trade
balance, which last year was 25,000,000,000
francs, has been reduced to 13,000,000,000
francs, an amount still too high, but indicative
of development in the right direction.
This improvement in our trade balance has
not yet had much influence on the value of
the franc, except to check its further fall.
After a sudden but short reaction in the spring,
foreign exchanges resumed their upward movement during the summer, and their level on
December 31 was considerably higher than at
the beginning of the year.
This aggravation of a condition already
serious is due to the large volume of extraordinary demands which the exchange market is
still called upon to meet. The settlement of
our purely commercial accounts does not demand such large amounts of exchange bills as
formerly, but the debts which France was
obliged to contract abroad during the war and
since the armistice continue to keep down the
international value of the franc.
Certain loans placed in foreign markets have
fixed maturities and must be paid as they fall
due. Thus, last October, the treasury had to
provide for the repayment in New York of
$250,000,000, the amount of the French
share of the joint Anglo-French loan. The
settlement was made by a new bond issue of
$100,000,000 in the United States, by the transfer of $20,000,000 in gold, which the bank
placed at the disposal of the Government, and
436
FEDERAL RESERVE BULLETIN.
by purchases of exchange. This has had a
depressing effect on our rate of exchange.
This transaction, however, would have had
only a passing influence if there had not been
added the more lasting effect of another factor.
As was explained in the previous report, the
balances carried by our banks for foreign interests are in effect a floating debt and have a profound influence on the exchange market. These
balances are responsive to foreign conditions
and are subject to expansion and rapid contraction, their fluctuations being responsible
in large measure for the violent changes in the
value of our currency. A permanent improvement in the purchasing power of the franc
abroad can come only from the gradual restoration of our resources for making international
payments and from the growth of confidence
inspired by our willingness to work and by our
fiscal policy.
Along these lines, France during the past
year has made decided progress. By submitting during one year to 8,000,000,000 francs
of new taxes, she has proved her unflinching
determination to make all the sacrifices necessary for the restoration of a normal budget.
By subscribing during the same year to
33,000,000,000 francs of Government securities, she has shown her desire for reconstruction and her confidence in herself.
The bank, during 1920, as heretofore, has
actively cooperated with the Government in
the flotation of the loans. The subscriptions
received by the bank directly or collected by
its agents represent for each of the last two national loans a proportion of over 40 per cent
of the total subscriptions.
Though the funds placed at the disposal of
the treasury in 1920 through taxation and
through savings have been large, they have
not been sufficient to enable it to reduce its
debt to the bank at the expiration of the period
fixed by our agreement of April 24, 1919.
This agreement raised from 24,000,000,000 to
27,000,000,000 francs the amount of the advances made by the bank to the Government;
it emphasized the temporary character of this
new advance of 3,000,000,000 francs, and obligated the treasury to set aside from the proceeds
of the next loan a sum sufficient to wipe out
the amount and to reduce the debt to the
maximum fixed by the former agreement on
February 13, 1919; that is, to 24,000,000,000
francs.
The first liquidation loan, floated last February, did not leave an available surplus large
enough to make the payment without seriously
embarrassing the treasury. Our board of
APRIL, 1921.
directors was, therefore, induced on April 14,
not, however, without registering a most earnest
protest, to extend the date previously agreed
upon for thefinalpayment to the time of the next
loan, but in no case beyond December 31, 1920.
At the expiration of this new time limit,
exceptionally heavy demands on the treasury
made it impossible to carry out this agreement. So on December 29 the bank was
obliged to give its consent to a new postponement. According to the terms of this
latest agreement the maximum of 27,000,000,000 francs of advances to the Government may
be maintained until December 31, 1921.
The Government has undertaken to reduce
the debt to 25,000,000,000 francs by January
1, 1922, and thereafter to amortize it at a rate
of not less than 2,000,000,000 francs a year.
The total of the war advances will thus be
reduced by 2,000,000,000 francs on the 31st
of next December, and again by the same
amount on December 31 of each succeeding
year. It was not, however, without grave
misgivings that the board was forced for the
second time to yield to the inevitable. It
seemed to the board that the success of the
two great loans and the steady additions of
large amounts to the funds raised by the
national defense "bons" should have made it
possible for the Government to set aside an
amount sufficient to cover the first repayment
of the advances of the bank.
The board had hoped, as it has said many
times before, to reestablish a margin of note
circulation below the authorized maximum,
not for the purpose of retiring these notes and
thus bringing about a deflation more rapid
than circumstances warrant, but for the purpose of using them to supply the needs of the
country's commerce and industry.
The board is aware of the difficulties confronting the treasury in trying to provide for
the heavy expenses of reconstruction, while
waiting for the indemnities which the treaty of
Versailles solemnly guaranteed to France, and
for the assistance from our allies which the
sacrifices made by our country for the common
victory have given her the right to expect.
The board nevertheless holds to the opinion
that these difficulties could be lessened by a
firm policy of retrenchment in public expenditures, the imperative and immediate need of
which it has recently urged once more upon the
Government.
So long as the prices of commodities continue to be influenced by a large volume of
notes in circulation which were not issued to
meet the needs of commerce there can be no
437
FEDERAL RESERVE BULLETIN.
APEIL, 1921.
stability in our monetary system, and the
business of the country will continue to suffer
from an uncertainty which neutralizes all
efforts to improve the situation. As we have
had occasion to state in a letter to the minister
of finance, no single act would be more important for the economic rehabilitation of
France and for the improvement of her credit
than a first payment by the Government on
account of the advances by the bank. This
would have the effect of an official declaration
that it will henceforth be safe to make longterm or short-term contracts in terms of francs,
because the value of the franc would at lastbe definitely divorced from the extraneous
influence of fiscal requirements.
BUSINESS AND FINANCE IN ITALY.1
ROME, February 15, 1921.
In Italy commodity prices continued slowly
to decline during January. According to the
new index number computed by Prof. Bachi,
the recession amounted to about 2 per cent for
the month. Decreases occurred in the textile,
metal, chemical, vegetable, and animal food
groups, and slight increases in the building
materials, sundry vegetable products, and miscellaneous groups. The accompanying table
shows the fluctuations of these groups in 1920
and in January, 1921.
iThis article is a digest of material transmitted by Prof. Riccardo
Bachi, of Rome, Italy.
Index numbers for Italy.
[Basis, 1920=100.]
Vegetable
foods
(19 commodities).
January
February
March
April
May....
June
July
August
September
October
N ov ember
December
January
1920.
Animal Chemicals Textiles Minerals
and
foods
com- (9 com- metals
(10 com- (8modimodi(12 commodities).
ties).
modities).
ties).
86.2
91.6
93.1
102.7
102.2
100.2
96.8
100.7
104.8
107.1
107.7
108.9
81.2
79.5
82.7
83.6
92.9
101.1
100.3
103.4
108. 8
108. 0
124.1
126.4
64.2
76.8
96.8
110.4
122.6
112.8
100.0
102.3
100.1
103.4
107.7
102.8
95.3
106.0
115. 6
130. 8
104. 9
90.8
88.3
94.9
99.6
97.9
94.0
81.9
106. 7
120.7
98.1
77.4
75.9
92.7
104.8
115.8
113. 2
99.1
95.5
96.6
103. 7
106.5
101.4
92.7
i Other I
, I vegetable i
'
(5 com- pproducts |
(4 commodimodities).
ties).
72.0
75.4
82.2
96.4
101.8
106.3
108.4
109.9
109.9
112.8
112.6
112.6
New
Old
series
General
series
Sundries in,lex
referred
basis,
(9 com- number 1901-1905 to the old
(76 com- (38 com- basis,
modimodities).
modi- 1901-1905
ties).
(76 comties). modities).
93.5
100.9
102.4
99.8
97.2
95.9
90.2
91.9
97.5
100.5
108.7
121.8
78.2
85.8
92.8
104.2
107.8
105. 7
104.9
101.4
102.1
105.4
105.2
106.8
81.25
89.13
96.41
106.30
105.73
101.18
97.77
100.13
104.98
105.47
107.33
104.97
123.4
107.1 !
102.89 !
634.7
701.0
780.0
855.7
830.3
774.7
772.4
795.9
832.3
834.3
829.1
800.6
639.23
701.22
758.50
836.30
831.82
796.02
761.33
787 76
825.92
829. 77
844.41
825.84
1921.
809.48
During January important price changes handicap of heavily depreciated foreign exoccurred in the following commodities:
change rates. Prices of goods produced and
consumed at home are still maintained at
their former high levels because fundamental
Increase.
Decrease,
conditions causing these high prices have not
changed. Prices of textiles, coal, metals, and
Vegetable foods
I Potatoes; cocoa; con- Linseed oil.
served tomatoes.
other raw materials affected by international
Eggs.
Honey; beef
Animal foods..
Sulphate of copper; ni- market conditions, on the other hand, are deChemicals
trate of soda; sulphate
The rate of decrease is slow, howof ammonia; caustic creasing.
soda; citric and tar- ever, because of adverse exchange rates.
taric acid.
Cotton, cotton yarns;
The measure which is now under discussion
Textiles
wool; hemp; silk.
Minerals and metals Tin.
Coal; iron; zinc; copper; in the Chamber of Deputies regarding increase
load; antimony.
in the prices of wheat, flour, and bread will
Chalk.
Building materials.
be passed in a few days in spite of the obstrucSundry vegetables. Hay; straw
Rawhides.
Miscellaneous
tive efforts of the Socialists. This measure
Petroleum; paper; soap.
will cause something of an increase in the price
Italian prices probably reached their peak of certain vegetable foods, but will decrease the
in the last months of 1920, and the decline Government deficit on account of food and will
which has set in recently has not been so substantially improve the condition of the
marked as in America, Great Britain, France, State finances. It is also to be hoped that the
and other countries, partly because of the passage of the bread act will have a favorable
438
FEDERAL RESERVE BULLETIN.
APRIL, 1921.
effect upon the course of the foreign exchanges and at 74.66 at the end. These prices comand the prices of many commodities.
pare very unfavorably, however, with 80 and
Foreign exchange rates continued adverse to 86, which were the prevailing prices a year ago.
Italy during January, the lira being further Among other factors at work during 1920 to
depreciated in terms of the French and Swiss reduce the prices offixedinterest-bearing bonds
francs and sterling (although the latest quota- and debentures, the rise in the rate of interest
tions are not the most unfavorable) and im- is of special importance.
proved in terms of the dollar. The following
Prices of dividend-bearing shares have also
table shows the trend during the last few continued to decline during January, as is
months for the leading foreign exchange rates: shown by Prof. Bachi's index number of
securities prices. This index number is calcuForeign exchange rates.
lated from the end-of-month quotations of
securities of joint-stock companies and is given
in the form of percentages of the prices at the
United
France. England. Switzerland.
States.
end of the preceding December. Group and
general index numbers are weighted according
100
25.22
5.18
100
Parity
172.07
93.24
26.71 to the amount of the nominal capital of each
422.76
Oct.30,1920
164.58
94.90
27.18 company at the end of the preceding December
425. 24
Nov. 30, 1920
169.61
100.31
28.22
413.43
Dec. 31, 1920
171.87
105.11
28.74 (in millions of lire).
Coefficients of correction
444.03
Jan. 8, 1921
177.53
109.26
29.12
453.00
Jan 15,1921
188.15
106.07
27.83 are adopted when the amount of capital and
438.50
Jan. 22, 1921
188.72
105.83
27.29 value of shares is changed by the issue of new
437. 86
Jan. 29, 1921
193. 76
104.46
26.75
432.50
Jan. 31, 1921
shares by the company. A ratio is computed
when the dividends on the shares of the comPrices on the stock exchange have been on pany are paid, and the price of the shares is
the whole very low during the month. This thus lowered.
Following are the general index numbers
was especially true during the first half, but
there was some recovery in the last 10 days computed for the years 1919, 1920, and Janof the month. State bonds have been com- uary, 1921. The indexes for 1919 relate to 81
paratively firm, 3^ per cent consols being companies with a capital of 3,971,000,000 lire,
quoted at about 72.80 at the beginning of the those for 1920 to 113 companies with a capital
month and at 73.25 at the end, 5 per cent of 5,049,000,000 lire, and those for 1921 to 125
consols at 74 at the beginning of the month companies with a capital of 6,382,000,000 lire.
Index numbers of securities prices.
December of
preceding
year.
1919
1920
100
Ratio
Ratio
100
.
1921.
Ratio
100
January.
February.
99.10
0.21
102.75
0.22
94.24
0.25
105.53
0.06
106.81
0.05
March.
April.
106.96
101.91
1 22
3 10
106.97 1 106.49
1.00
2.99
May.
June.
July.
108.11
0.15
105. 58
0.07
110.02
0.12
94.87
0.23
105.19
0.28
87.57
0.57
Thesefiguresfixvery definitely the beginning
of the decline in securities prices as May of last
year and show that the fall in values continues
with certain oscillations. Contributing factors
in this situation are the general crisis being
suffered by many industries, the serious labor
strikes last summer, credit restrictions, difficulties in the financial markets, and last but not
least the measure which requires the registration
of shares and other securities by the owner for
the purpose of tax payments. By the adjustment of the chain index numbers (i. e.; by
SepAugust. tember.
October.
100.34
0.06
80.33
0.11
96.02
0.32
73.62
0.18
100.97
86.86
0.09
Novem- December.
ber.
96.43
99.49
80.20
0.02
80.08
0.004
8O08 . 94. 24
taking the product of 99.49
1QQ „ 1QQ ^ 1QQ
it is apparent that prices of shares have been
reduced by about 25 per cent between December, 1918, and January, 1921.
It may be of some interest to show the variation of the price level of shares of different
groups of companies. In the next table are
shown the index numbers for each group in
December, 1919, December, 1920, and January, 192L
APRIL, 1921.
Index numbers of groups of securities prices.
Decem- Decem- January,
ber, 1919 ber, 1920
1921
(percent- (percent- (percentage of
age of
age of
Decem- Decem- December,
ber,
ber,
1918).
1919).
1920).
Banks
Companies which formerly managed
railways
."
109. 36
94.34
98.39
92.09
67.55
Transport by land.
Transport by sea..
Cotton
*
Jute
Wool
85. 28
103.64
119. 84
95.00
104. 06
83.09
80.67
114.95
124.40
97. 51
88.52
1 (2.37)
99.82
86.92
96.90
95.71
100.92
i (0. 23)
84. 74
i (5. 76)
89.64
96.22
i (0.16)
87.26
i (0.60)
91.27
81. 27
i (0. 32)
100. 59
93.86
94.55
1
(0.37)
99.58
100.13
i (0.13)
100. 88
95. 58
i (0.26)
94.24
1
(0. 25)
Linen and hemp.
121.76
122. 53
Silk
Mining companies.
Iron companies
1.47.95
104.46
87.93
116.47
71.36
1(1.40)
53.96
Machinery
Automobile factories..
Electric companies..
Chemical companies.
Sugar companies
Other foodstuffs..
Water companies.
90.23
112.91
61.09
64.40
93.95
93.54
107. 23
72.04
85. 80
101.57
112. 76
100.28
94.36
Building and land societies.
Miscellaneous
105.07
104. 64
95.77
124. 71
99.49
80.08
i (0. 004)
General index number..
i Ratio.
If the index numbers are adjusted, it is
apparent that in the case of textile and miscellaneous companies alone, prices in January,
1921, were higher than in December, 1918.
Bank, sugar, food, water, and building securities are practically unchanged—while in the
case of iron, mining, automobile, railway, maritime, electrical, machinery, and chemical securities prices are greatly depreciated. The
losses have been most serious in the machinery,
iron, and automobile industries where the effects
of the business depression have been most severe.
During January, securities in these lines and
also in the textile industry have depreciated
heavily.
During 1920 clearing-house returns have been
constantly on the increase as a result of the
money and credit inflation. The following
figures give the aggregate transactions in
millions of lire:
Clearing-house returns.
[In millions of lire.J
1913
1917
1918
1919
1920—
January
February
March
April
May
439
FEDERAL RESERVE BULLETIN.
65,622 1920—Continued.
June
56,920
165,181
July
53, 338
200,561
August
52,046
297,964
September.... 48,317
October
57, 368
30,376
November
52,750
37,067
December
53,476
42, 370
49,162
Total, 1920.... 580,576
47,386
The extent of the monetary inflation is also
clearly shown in the figures for banking operations. In the next table are presented data
showing the condition of the three banks of
issue at the end of last month as compared
with earlier dates. The increase in the note
circulation is due chiefly to the needs of the
treasury. Bills discounted have increased in
spite of efforts to restrict credit. Treasury
bills are also irregularly included in this item
and account for part of the increase as they do
in the case if ordinary advances also. Checks
and other titles at sight have increased along
with the increase in the note circulation. The
following table shows the trend of these items
during the past year:
Condition of three banks of issue.
[In millions of lire.]
Total
circu- Dis- Ordilation counts
nary
(exclu- on ad
van
sive of Italy. ces.
State
notes).
Dec. 31, 1919..
June 30, 1920..
July 31, 1920...
Aug. 31,1920..
Sept. 30, 1920.
Oct. 31, 1920..
Nov. 30, 1920..
Dec. 31,19201.
16,281 2,044
17,817 3,931
17,899 3,972
17,955 3,698
18,912 3,808
19,301 4,099
19,476 4,063
19,698 4,207
1,575
2,853
2,604
2,535
2,820
2,983
2,334
2,813
Discounts
Sun- Checks
and
and
dry other
Secredits curicredits
on for- ties.
titles
on
eign
at
Italy. sight.
countries.
908
985
997
1,047
1,119
994
930
349
368
365
361
364
365
386
315
654
559
884
1,031
720
981
1,202
1,903
1,621
1,410
1,531
1,754
1,572
1,658
1,558
1
For the Banco di Napoli are adopted thefiguresof the account of
December 20, that of December 31 not being yet available.
Of perhaps greater value, however, are the
figures showing the condition of the four big
joint-stock banks, which control the whole
banking situation. Banca Italiana de Sconto,
the Banca Commerciale, the Credito Italiano,
and the Banco di Roma have a combined
capitalization of 1,077,000,000 lire and reserve
funds of about 300,000,000 lire. Their influence was greatly increased during the last
years of the war and since, and they now have
very close connections with industries concerned with foreign as well as domestic trade.
Since the war they have developed their
foreign affiliations, especially in England,
United States, France, and also in the Levant
and Central Europe. In the next table items
from the statements of the different banks
have been combined.
The recent figures for bills of exchange and
treasury bills discounted and debits of correspondents show that there has been a certain
restriction of credit as a result of the economic
crisis and the less speculative condition of
the market. The gradual growth in the item
"credits of correspondents or deposits shows
440
FEDEKAL RESERVE BULLETIN".
APRIL, 1921.
A very substantial improvement was made
in the balance of trade during the first nine
months of 1920. In 1919 the excess of imports
over exports reached a value of 8,724,500,000
lire, while in 1920 this was reduced to
6,392,000,000 lire. Exports in August and
Condition of four large joint-stock banks.
September, 1920, however, were less than in
[In millions of lire.]
the same months of the previous year because
of
the crisis existing on the later date in many
DisDebts
Credits countries to which Italian commodities are
counts
of
Adand
DeSecuritreas- vances. ties. spond- posits. corre- sent.
Luxury goods, of which Italy exports
ury
spondents.
large quantities, are especially responsive to
bills.
ents.
bad business conditions. As compared with
imports of cereals, meats, and metals
9,466 1919,
Dec. 31,1919.
7,335
279
4,910 2,561
667
June 30, 1920.
449
6,795 1,541
6,660 2,767 11,293 were greatly reduced in 1920, while imports
11,257
July 31,1920..
1,501
458
6,861
6,562 2,874
Aug.-31, 1920.
1,419
433
7,087
6,671 2,954 11,503 of oils, wool, silk, timber, vehicles, etc.,
Sept. 30, 1920.
7,231
1,507
6,915 2,969 11,855
518
In the export trade the greatest
11,870 increased.
Oct. 31, 1920..
511
7,401 1,440
6,856 3,039
Nov. 30, 1920.
1,681
499
7,753
6,569 3,130 12,185 advance was made in hemp, cotton, silk,
chemicals, metals and metal products, autoSavings deposits have continually increased, mobiles, rubber products, vegetable products,
partly because of monetary inflation, partly etc. Italy imports more goods from the
also because of the persistent economic fore- United States than from any other country;
sight of the Italian population. The follow- Great Britain, Argentina, and France are
ing figures refer to the various types of deposits next in importance, but are far behind the
in the different institutions (banks of issue, United States. Her exports go mainly to
ordinary banks, peoples' and cooperative France, and to a less extent to Great Britain,
banks, ordinary and post-office savings banks, Switzerland, and the United States. At
present imports from Germany, Austria, and
etc.) and are given in millions of lire:
Czechoslovakia exceed exports to them.
Miscellaneous bank deposits.
No statistical data are yet available showing
[In millions of lire.]
maritime movement in 1920, but the data for
June 30, 1914
7,595
June 30, 1915
7,056
the trade of the port of Genoa (the first harbor
June 30, 1916
7, 902
of Italy) show a slight decrease as compared
June 30, 1917
9, 539
with
1919. This decrease is due in part to
June 30, 1918
12, 232
labor conflicts in many industries and to
June 30, 1919
17, 436
June 30, 1920
20, 659
difficulties with maritime and dock workers.
Foreign trade figures are available only The volume of goods unloaded during 1920
through September, 1920. The following data amounted to 4,415,904 metric tons; loaded,
are the preliminary figures for 1920 and are 600,359 tons. This shows a decrease as combased on prices in 1919. They do not include pared with 1919 of 789,321 tons unloaded and
precious metals nor the reexport trade and an increase of 166,025 tons loaded, or a net
decrease in total trade of 623,296 metric tons.
are given in thousands of lire:
Of the goods unloaded, 1,667,953 tons were
Foreign trade of Italy.
coal (341,006 less than in 1919) and 2,747,851
[In thousands of lire.]
were other goods (448,315 less than in 1919).
Data showing industrial production in 1920
Exports.
Imports.
are scarce. The table following gives preliminary figures for the chief mineral products
1920
1920
1919
1919
(excluding the new territories annexed to the
Kingdom after the war) for 1920 as compared
January
497,165
260,190
1,001,501
1,060,993
February..
616,019
301,326
1,140, 532
1,367,680 with 1919 and 1913.
March
683, 401
366,529
1,431,443
1,656,059
In almost all cases these figures show a
April
678,682
349,696
1,362,923
1,650,611
662, 234
May
357, 748
1, 401,144
1,363, 586 decrease in production in 1920 as compared
752,154
June
483,729
2,076,303
1,431,173
521,490
July
431,643
1, 040,358
1,554,782 with 1919 and especially as compared with
531, 940
August
548, 458
1,249, 376
872,056 1913.
Great reductions, not yet known statis570,174
September.
662,473
1,201,625
1,529,383
tically,
have occurred also in the production
Total to SepThese poor results
tember. . . . . . 5,513,259 3,761,793 11,905,200 12,486,325 of metal manufactures.
are due to the frequent disturbances in the
that customers and correspondents are intrusting larger and larger funds to the care of
the banks. In studying the table, account
should be taken of the fact that in the autumn
there is a special pressure for funds.
APRIL,
FEDERAL, RESERVE BULLETIN.
1921.
works, the coal famine, the general crisis, the
decrease in the per capita production, and
chiefly to the great strike in the metal and
machinery works last summer. At that time
the factories were occupied for several weeks
by the workmen. Certain of the iron works
and machinery establishments have been
closed during the latter part of the year in
spite of the large demand for goods from the
State railways. In many factories part-time
work has prevailed or workmen have been dismissed altogether. It would appear that the
plant capacity in the iron industry had been
increased during the war to a point which is in
excess of post-war needs. Although the automobile industry did a large export business in
the early part of the year, this did not continue
through the later months. The Fiat Motor
Car Co. has had considerable difficulty with
labor.
Mineral production in Italy.
[Metric tons.]
1920
Iron ore
Manganese ore
Copper ore
Lead ore
Zinc ore
Pyrites of iron and copper
Mercury metallic
Coal and brown coal
Sulphur
Petroleum
Graphite
423,300
29, U0
6,360
34,425
73,180
320,900
800
1, 590,060
293,000
4,750
4,190
1919
465,655
30,841
16,653
32,130
65,629
372,474
548
1,158,541
255,316
4,851
7,626
1913
603,116
1,622
89,487
44,654
158,278
317,334
1,004
701,079
406,406
6,572
11,145
The wool industry was active during the first
part of the year, but in the second half was
affected by the well-known phenomenon, the
" buyer's strike," which caused a large reduction
in sales and prices. The cotton industry has
been active, reopening trade in many prewar
markets in the Balkans, the Levant, Egypt,
and certain colonies. The silk industry was
very active during the first half of the year
as a result of large foreign" as well as domestic demand. Silk dresses were bought by
all classes of the population in spite of the high
prices. Sales were easily made and prices
very high. As a result, 1920 production of
cocoons was 30,000,000 kilograms greater than
1919 production. In May and June the
industry was adversely affected by the Japanese
crisis, but in July the industrial and commercial situation improved, and sales were made
in France and Switzerland at high prices. As
441
the general crisis set in, sales decreased and
prices and production declined. The retail
trade was seriously affected. In the spinning
branch of the silk industry there are now 40,000
active basins (i. e., two-thirds the number
active before the war). The adoption of the
8-hour day has also further reduced total production in the industry.
In the chemical industry, factories producing
fertilizer have been very active, although there
has been a shortage of certain raw materials.
The chief producers in the industry have combined into a single powerful organization,
which deals also in sulphur and pyrites.
The paper industry has also been very
active but suffers for want of cellulose and
other raw materials. The distribution of
paper is controlled by the Government, but
the supply is small and prices high.
During the year surplus stocks of hides accumulated during the war were disposed of,
and imports of both hides and shoes decreased
as compared with war years. One section of
the industry has been engaged in producing
so-called "national boots"; i. e., standard shoes
to be sold at cheap prices to the working classes.
Technically, the boot and shoe industry has
been entirely reorganized as a result of the
war; handmade boots are a thing of the past
and machine-made ones have taken their place.
The rubber industry (and chiefly the branch
of it manufacturing pneumatics for motor cars
and cycles) was very active during the first
part of the year because of the activity of the
automobile industry. Since then, however, it
has suffered seriously; sales have been reduced
and serious strikes have occurred. American
competition in this line is resented by Italian
producers because of its effect upon the
domestic market.
There has been a certain amount of activity
in the building industry, because of the serious
shortage of houses, but costs are very high and
the shortage persists in spite of the fact that
various privileges have been granted by the
Government to encourage building.
The hat industry (a characteristic Italian
trade) was active during 1920, although there
was a shortage of certain raw materials. The
export trade has greatly increased both for felt
and straw hats, recovering its prewar position.
The activity of many industries has been
seriously affected by the lack of coal, the
imports of which have been very irregular.
442
FEDERAL RESERVE BULLETIN.
APRIL,
1921.
PRICE MOVEMENT AND VOLUME OF TRADE—DOMESTIC AND
FOREIGN.
WHOLESALE PRICES IN THE UNITED
STATES.
Wholesale prices continued to decline in practically all important lines during February.
The rate of decline for the month was 6 per
cent, or approximately the same as in January,
according to the index numbers of the Bureau
of Labor Statistics and of the Federal Reserve
Board. This is a somewhat less rapid rate of
decline than was registered in the last few
months of 1920.
According to the computation of the Bureau
of Labor Statistics, based upon approximately
325 quotations, prices in February were 67 per
cent above prewar, while the index number of
the Federal Reserve Board, based upon the
prices of 88 commodities, shows the level at
that time as only 54 per cent above prewar.
As was stated above, both indexes agree as to the
rate of decline during January and February.
The heaviest declines during February occurred in the raw materials group, practically
all important commodities included in this
group being affected, crude oil more drastically
than any other single commodity.
The slight improvement noted last month in
the index number of goods imported did not
continue in February. The decline for the
month, however, was very slight, and on the
whole there appears to be greater stability in
the prices of this group of goods than of any
other.
During the month revisions were received
for two commodities. The price quoted for
woolen cloth in January was revised and quoted
at a lower figure. Plug tobacco, climax
smooth, 14J ounces, has been permanently
substituted for plug tobacco, climax, 12 pieces
to the pound.
INDEX NUMBERS OF WHOLESALE PRICES IN UNITED STATES-CONSTRUCTED BY THE FEDERAL RESERVE BOARD FOR
THE PURPOSE OF INTERNATIONAL COMPARISON.
[Average price for 1913=100.]
Date.
Average for the year
Average for the year
February
March
April
May
June
July
August
September
October
November
December
Raw
Goods
Goods
Producers' Consumers' All comexported. consumed. materials.
goods.
goods.
modities.
Goods
produced.
Goods
imported.
100
100
100
100
100
100
100
100
209
174
214
206
209
198
207
206
244
250
265
266
260
253
238
231
213
195
178
216
218
242
246
226
208
182
164
142
127
112
252
256
264
262
256
248
229
211
181
163
146
242
247
263
264
257
249
234
227
211
193
176
242
246
263
263
258
249
237
233
211
192
176
247
263
274
274
265
251
235
225
209
190
171
240
241
257
261
255
250
229
218
203
187
171
242
248
263
264
258
250
234
226
208
190
173
166
156
114
113
142
135
165
155
164
152
166
158
159
152
163
154
1913.
1919.
1920.
,
1921.
January
February
443
FEDERAL, RESERVE BULLETIN.
APRIL, 1921.
INDEXNUMBERS OFWHOLESALE PRICES IN THE UNITED STATESJ9I9-I32I.
AVERA6E PRICE LEVEL OF 1913^100
Jill Commodities.
Ooods imported
300
280
260
240
220
200
180
160
140
120
100
80
60
40
20
/
'
\
J
*•
\\ \ \
%
\
\
\ **•
—
—
1
1913
6
,,,
1
1 i i I I1 y 1
1920
i
1921
ISI9
i
i
1
1
I
1
1 i 11
1
1
0
1
i
JAN.
1
l
APR.
l
JAM.
1
OCT.
i
FEB.
i
SEPT.
11
i
OCT.
300
280
260
240
220
200
180
160
140
120
100
80
60
40
20
0
JtawMatericds.
ffoducers'&oods.
Consumers'Ooods.
*
1920
/s
INDEX NUMBERS OF WHOLESALE PRICES IN THE UNITED STATES FOR PRINCIPAL CLASSES OF COMMODITIES-BUREAU
OF LABOR STATISTICS:
[Average price for 1913=100.]
Raw materials.
Year and month.
July, 1914
February, 1915..
February, 1916..
February, 1917..
February, 1918..
February, 1919..
February, 1920..
July, 1920
August, 1920....
September, 1920
October, 1920...
November, 1920.
December, 1920.
January, 1921...
February, 1921..
Farm
products.
102
116
115
159
243
224
278
287
259
232
191
170
155
155
145
Animal
products.
106
95
106
145
177
210
206
184
181
186
172
159
132
119
114
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 July,
1920, to February, 1921, compared with like
Forest
products.
97
94
96
100
131
148
315
359
351
344
339
289
278
245
227
Mineral
products.
91
92
114
191
172
175
194
256
265
277
272
246
224
220
207
All commodities
Producers' Consumers' (Bureau of
Labor Stagoods.
goods.
Total raw
tistics index
materials.
number).
99
100
109
153
185
194
240
258
251
248
230
205
186
175
165
93
96
125
168
184
192
246
251
238
224
209
193
175
169
161
103
104
111
154
194
205
256
272
250
240
224
214
196
182
171
100
101
112
156
187
197
248
263
250
242
225
207
189
178
167
figures for February of previous years. The
actual average monthly prices shown in the
table have been abstracted from the records
of the United States Bureau of Labor Statistics.
444
FEDERAL RESERVE BULLETIN.
APRIL, 1921.
AVERAGE MONTHLY WHOLESALE PRICES OF COMMODITIES.
[Average price for 1913—100.]
Wheat, No. 2,
red winter,
Chicago.
Cotton, middling,
New Orleans. |
Corn, No. 3,
Chicago.
Year and month.
Average
price per
bushel.
July, 1914
February, 1915...
February, 1916...
February, 1917...
February, 1918...
February, 1919...
February, 1920...
July. 1920
August. 1920
September, 1920.
October, 1920....
November, 1920..
December, 1920..
January, 1921
February, 1921...
$0.7044
.7460 i
.7385 I
1.0053 j
1.6375 |
1.2763 ;
1.4125 i
1.5388 I
1.5310 i
1.2938 '
.8778
.8003 !
.7341 I
.6553 !
.6350 i
114
121
120
163
266
207
229
250
249
210
143
130
119
106
103
Hogs, light,
Chicago.
Year and month.
July, 1914
February, 1915...
February, 1916...
February, 1917...
February, 1918...
February, 1919...
February, 1920...
July, 1920
August, 1920
September, 1920.
October, 1920
November, 1920..
December, 1920..
January, 1921
February, 1921...
Average
price per
pound.
Relative
price.
I
!
i
|
$0.1331
. 0S04
.1142
. 170X.
.3097
.2694
.3944
. 3950
. 3380
.2706
.2088
.1780
.1444
. 1450
.1332
Average
price per
pound.
104
80
96
144
197
207
177
188
185
202
175
144
114
114
115
$0.4444
. 5429
.6571
.8286
1.4545
1.0909
I
1.2364
|
.9091
!
. 8727
!
.8364
.7273
.6909
.5455
.5455
. 5455
Coal, Pocahontas, Norfolk.
105
63
90
134
244
212
311
311
266
213
164
140
114
114
105
Wool, Ohio, £-f
grades, scoured, in
eastern markets.
Average
price per Relative
100
pounds. price.
$8.7563
6.7281
8.1375
12.2063 I
16.6938
17. 4688
14.9813
15. 8875
15. 7350
17.0688
14.7875
12.1400
9. 6625
9.6700
9.7063
Rela- x\yerage
tive j price per
price. bushel.
Relative
price.
SO. 8971
1. 5135
1.2825
1.8080
2.1700
2.2350
2.6875
2. 8313
2. 5500
2.4903
2.1063
1.7528
1.6809
1. 7884
1.6713
Average
price per
bushel.
103
173
147
207
248
256
308
324
292
285
241
201
192
205
191
$0.8210
1.6091
1.25*5
1. 7969
2.1700
2.3450
2.4900
2.8050
2.4735
2.4919
2. 2047
2.0570
2.0125
1.9613
1.9194
Hemlock, New
York.
Average
price per
Mfeet.
94 $24. 5000
115 24. 2500
140 22. 2500
176 25. 5000
309 30. 5000
232 36. 0000
263 57. 0000
193 57. 0000
185 57. 0000
178 57. 0000
154 57. 0000
147 57. 0000
116 57. 0000
0000
116
0000
116
Coke, Connellsville.
Relative
price.
Relative
price.
Cattle, steers,
good to choice,
Chicago.
Average
price per
100
pounds.
83 $9.2188
163
8.1750
128
8. 4688
182 i 11.1313
220 13.0750
238 18.4688
252 14.9688
284 15. 3813
251
15.3500
253
15.2500
224 14. 6875
209 14.5750
204 12.0938
199
9. 8400
195
9.3125
Yellow pine,
flooring,
New York.
Copper, ingot,
electrolytic,
New York.
94
92
90
93
128
144
312
359
352
352
341
279
279
247
213
Lead, pig,
desilverized,
New York.
Rela- Average Relative price per tive
price. pound. price.
108
96
100
131
154
217
176
181
180
179
173
171
142
116
109
$0.1938
.2350
.2375
.3175
.2925
.2800
. 4025
.2944
.2850
.2840
. 2550
.2325
.1900
.1675
.1363
105
128
129
173
159
152
219
160
155
154
139
126
103
91
74
Coal, anthracite, Coal, bituminous,
stove, New York,
run of mine,
tidewater.
Cincinnati.
Rela- Average Rela- Average
tive price per tive price per
price. M feet. price. long ton.
101 $42.0000
100 41.0000
92 40. 0000
105 41.5000
126 57.0000
149 64. 0000
235 139.0000
235 160.0000
235 157. 0000
235 157. 0000
235 152. 0000
235 124. 5000
235 124. 5000
198 110. 0000
198 95.0000
Hides, packers,
heavy native
steers, Chicago.
$4.9726
5.1866
5.2588
5.6826
6. 5000
7.9500
8.4118
'9.4580
"9.6087
10. 4363
10.4732
10.5417
10.5479
10.6373
10.6382
Relative
price.
102
104
112
128
157
166
187
190
206
207
210
210
Petroleum, crude,
Pennsylvania,
at wells.
Average
price per Relative
short
price.
ton.
$2.2000
2.2000
2.2000
5.0000
3.6000
4.0000
4.1000
6.0000
6.0000
7.1000
7.1000
7.1000
7.1000
5.6000
5.1000
100
100
100
227
164
182
186
273
273
323
323
323
323
255
232
Pig iron, basic,
at furnaces.
Year and month.
Average Rela- Average Relaprice per tive price per tive
long ton. price. short ton. price.
July, 1914
February, 1915..
February, 1916..
February, 1917..
February, 1918..
February, 1919..
February, 1920..
July, 1920
August, 1920
September, 1920.
October, 1920
November, 1920.
December, 1920..
January, 1921
February, 1921..
S3.0000
2. 8500
3. 0000
6.5000
4. 4120
4.6320
4. 6320
6.4800
6.
7.
7.
7.
7.
7.
7.
4800
2800
2800
2800
2800
2800
2800
100
95
100
217
147
154
154
216
216
243
243
243
243
243
243
$1. 8750
1. 5750
2.6250
7. 5000
6. 0000
5.2188
6.0000
14.3750
15. 5500
15. 3125
14. 3125
8. 8500
6.2375
5. 5313
5.1875
77
65
108
307
246
214
216
589
637
628
587
363
256
227
213
Average Rela- Average
price per tive price per
pound. price. pound.
Relative
price.
Average
price per
barrel.
SO. 0390
.0380
.0610
. 0850
.0706
.0508
.0881
.0860
.0898
.0816
.0731
.0628
.0478
.0497
.0468
86
139
193
160
115
200
195
204
185
1G6
143
109
113
106
SI. 7500
1. 5000
2.3500
3.0500
3.9375
4.0000
5.5125
6.1000
6.1000
6.1000
6.1000
6.1000
6.1000
5.7750
4.1875
$0.1340
.1475
. 2538
.3300
.2350
.1731
.1906
.1900
.1900
.1869
.1675
.1455
.1369
.1288
.1288
85
94
161
210
149
110
121
121
121
119
106
92
87
82
82
Relative
price.
Average Relaprice per tive
long ton. price.
71 $13.0000
12.5000
61
17.6900
96
124 30. 0000
161 33. 0000
163 30.0000
225 42.2500
249 45. 7500
249 48.1000
249 48. 5000
43. 7500
249
249 36. 5000
249 33.0000
236 30.0000
171 27.5000
85
120
204
224
204
287
311
327
330
298
248
224
204
187
APRIL,
1921.
445
FEDERAL, RESERVE BULLETIN.
AVERAGE MONTHLY WHOLESALE PRICES OF COMMODITIES—Continued.
[Average price for 1913=100.]
Cotton yarns,
northern cones,
171.
Year and month.
July, 1914
February, 1915.
February, 1916.
February, 1917.
February, 1918.
February, 1919.
February, 1920.
July, 1920
August, 1920....
September, 1920
October, 1920...
November, 1920.
December, 1920.
January, 1921...
February, 1921.
Average
price per
pound.
SO. 2150
.1650
. 2250
.3200
. 5536
. 4164
.7465
. 7009
.6310
.5429
.4343
. 3695
.3108
.2878
.2775
Relative
price.
97
75
102
149
250
188
337
317
285
245
196
167
140
130
125
Beef, carcass,
good native
steers, Chicago.
Year and month.
Leather, sole,
hemlock, No. 1, in
general market.
Average
price per
pound.
$0.3050
. 3250
.5800
.4900
.4900
.5700
.5700
.5500
.5100
.4900
.4700
.4100
.4000
.3800
Steel billets,
Bessemer,
Pittsburgh.
Rela- Average j Relative price per I tive
price. long ton. price.
108 $19.0000
115
206
174
174
202
202
195
181
174
167
145
142
135
19.5000
33.5000
65.0000
47. 5000
43. 5000
55. 2500
62.5000
61.0000
58. 7500
55.0000
49. 7000
43. 5000
43.5000 j
42. 2500
74
76
130
252
184
169
214
242
237
228
213
193
169
169
164 I
Flour, wheat,
patents
Coffee, Rio, No. 7,standard
(1918, standard
N e w York.
war),
Minneapolis.
| Average j Rela- Average Rela- Average RelaI price per j tive price per tive priee per
tive
! pound,
price. pound. price. barrel, i price.
July, 1914
February, 1915..
February, 1916..
February, 1917..
February, 1918..
February, 1919..
February, 1920..
July, 1920
August, 1920....
September, 1920
October, 1920...
November, 1920.
December, 1920.
January, 1921...
February, 1921..
$0.0882
.0825
.0825
.1000
.0833
.1544
.1478
.1306
. 0936
. 0819
.0759
.0746
. 0656
.0669
.0672
79
74
74
90
75
139
133
117
84
74
68
67
59
60
60
$4.5938
7. 7063
6. 4400
9.0688
10.3000
10. 5500
13. 5375
13.6688
12. 2350
12.5938
11.2063
9. 2950
8. 9438
9.6250
9.1813
100
168
140
198
225
230
295
298
267
275
244
203
195
210
200
Steel plates,
tank, Pittsburgh.
Steel rails,
open hearth,
Pittsburgh.
Worsted yarns,
2-32's crossbred.
Average Rela- Average Rela- Average Relaprice per tive price per tive price per tive
price. long ton. price. pound. price.
pound.
$0.0113
.0110
.0225
.0438
. 0325
.0300
. 0350
. 0338
. 0325
.0325
.0309
.0281
. 0265
.0265
. 0233
76 $30.0000
74 30.0000
152 30. 00 0
293 40.0000
57.0000
220
203 57.0000
54. 5000
236
228 54. 5000
54. 5000
220
54. 5000
220
54. 5000
209
54.5000
190
179 50. 5000
47.0000
179
47.0000
157
Hams, smoked,
Chicago.
100
100
100
133
190
190
182
182
182
182
182
182
108
157
157
Illuminating oil,
150° fire test,
N e w York.
$0.6500
.6200
.8800
1.2500
2.0071
1.7000
2.2500
1.7500
1. 7500
i.eooo
1. 5000
1.3000
1.1000
1.1500
1.1500
84
80
115
161
258
219
290
225
225
206
193
167
142
148
148
Sugar,
granulated,
N e w York.
Average Rela- Average Rela- Average ) Relaprice per tive price per tive price per tive
pound, price. gallon. price, pound, price.
$0.1769
. 1525
.1675
.2113
.2984
. 3338
. 3056
.3769
. 3725
.3634
.3575
.3065
. 2575
.2488
.2600
106
92
101
127
180
201
184
227
224
219
215
184
155
150
156
$0.1200
.1200
.1300
.1200
.1600
.1750
. 2400
.2600
.2600
. 2750
. 2900
.2900
.2900
.2900
.2750
97
97
105
97
130
142
195
211
211
223
235
235
235
235
223
$0.0420
.0554
.0597
.0686
.0730
.0882
.1495
.1910
.1490
.1426
.1078
.0962
.0809
.0757
,0709
130
140
161
171
207
350
447
349
334
252
225
189
177
166
crude; wood pulp: (a) mechanically ground,
(6) chemically treated—(1) bleached, (2) unThere is presented below a series of indexes bleached.
designed to reflect movements in foreign trade
Consumers' goods.—Cocoa, crude.
of the United States, with fluctuations due to
Total imports, after a slight increase during
price changes eliminated. The commodities
chosen for these indexes are those for which January, showed a very large increase during
prices are compiled by the Federal Reserve February, 1921. This increase was noted in
Board in the preparation of its international every class of imports, the increase in raw maprice index. The list includes 25 of the most terials being the most noticeable. The imports
important imports, the value of which in 1913 of raw wool showed the most decided increase.
formed 47.7 per cent of the total import They were more than twice the amount imvalues, and 29 of the most important exports, ported during January, which was in turn conthe value of which in 1913 formed 56.3 per siderably greater than the amount imported
cent of the total export values. The classifi- during December, 1920. The increase in the
cation of the original list of commodities used imports of producers' goods was influenced conwas given in the July, 1920, BULLETIN. The siderably by the large increase in the imports
following is the classification of the 11 addi- of cane sugar, which showed such a decided fall
tional commodities of imports given in the during January but a remarkable recovery in
February. Total exports on the other hand
October, 1920, BULLETIN:
Raw materials.—Flaxseed; copper; pulp showed a decrease, each class of exports sharing
in the decrease, with the largest portion falling
wood; total 1leaf tobacco.
Producers goods.—Manila; jute and jute upon producers' goods.
butts; paper; extract of quebracho; glycerin,
FOREIGN TRADE INDEX.
446
FEDERAL RESERVE BULLETIN.
APRIL, 1921.
VALUE OF EXPORTS AND IMPORTS OF SELECTED COMMODITIES AT 1913 PRICES.
[In thousands of dollars; i. e., 000 omitted.]
[Monthly average values, 1913=100.]
Imports.
Exports.
Grand total
Consumers'
Raw materials Producers'
Grand total Raw materials Producers'
Consumers'
(12 commodi- goods (10 com- goods (7 com- exports (29 com- (10 commodi- goods (12 com- goods (3 com- imports 25 commodities).
modities).
modities).
modities).
modities).
ties).
ties).
modities).
Value.
Index
Index
Index
Index
Index
Index
Index
Index
num- Value. num- Value. num- Value. num- Value. num- Value. num- Value. num- Value. number.
ber.
ber.
ber.
ber.
ber.
ber.
ber.
100,027
71,074
61,631
71,446
6VS56
46,963
51,325
74,869
103,614
137,772
126,836
113,326
116.8
83.0
72.0
83.0
80.4
54.8
59.9
87.4
120.9
160.9
148.1
132.3
1913.
January
February...
March
April
May
June
July
August
September..
October
No member..
December..
Year.. 1,027,789
1919.
January
February...
March
April
May
June
July
August
September..
October
November..
December..
84,066
58,488
57,659
65,112
67,595
93,335
71,917
81,250
70,2*5
70,322
99,552
89,584
Year..
914,165
1920.
January
February.. .
March
April
May
June
July...
A ugust
September..
October
November..
December..
Year..
1921.
Janu ry
Feoruary...
93,142
70,150
90,805
6 *, 048
63,650
55,230
6Q, 924
67,225
70,699
101,708
95,148
104,823
947,527
90,063
77,922
11,762
12.266
11,836
14,128
11,661
11,612
11,109
11,547
10,622
12,608
9,987
10,053
101.4 30,715
105.8 30,790
102.1 2S,693
121.8 23,708
100.6 29,923
100.1 28,242
95.8 27,686
99.5 29,370
91.6 32,190
108.7 34,612
86.1 31,246
86.7 33,089
100.9
101.2
94.3
94.3
93.3
92.8
91.0
96.5
105.8
113.8
102.7
108.7
100.0 139,191
100.0 365,269
100.0 1,532,249
98.2
68.3
67.3
76.0
78.9
114.8
84.0
94.9
82.1
82.1
116.2
104.6
18.444
14,598
16,161
19,356
15,972
23,618
17,150
19,574
19,359
17,182
15,735
13,208
88.9 215,357
108.7
81.9
106.0
79.4
74.3
64.5
78.1
78.5
82.5
118.7
111.1
122.4
15,647
14,201
17,279
17,063
17,546
14.663
19,138
15,708
13,383
17,649
14,123
21,577
92.2 198,477
105.2
91.0
21,797
16,349
121.9 40,107
110.0 41,060
110.4 45,753
103.9 42,346
99.5 3 i, 409
81.1 38,606
80.1 35,990
84.4 37,385
104.6 41,184
88.2 22,721
95.6 23,788
121.0 31,929
108.3
110.9
123.6
114.4
103.7
104.3
97.2
101.0
111.2
61.4
77.8
86.2
100.0 604,261
100.0 444,278
100.0 158,021
159,258
126,424
135,405
165,107
142,298
223,041
141,620
150,018
132,986
133,348
162,016
146,363
124.7 44,552
99.0 47,774
106.1 54,947
129.3 63,385
111.4 81,274
174.7 86,256
110.9 86,443
117.5 85,571
104.1 123,524
104.4 99,114
126.9 98,690
114.6 79,965
88.5
94.9
109.2
125.9
161.4
171.4
171.7
169.9
245.3
196.8
196.1
158.9
188.5 1,817,884
118.6 951,495
157.5 857,504
116.2
136.8
185.4
169.8
205.2
151.5
142.4
94.0
94.0
124.4
111.7
123.3
144,166
125,996
164,512
136,800
143,653
115,976
129,387
111,527
113,181
157,216
143,267
163,941
112.9 103,782
98.7 87,210
128.9 97,039
107.1 87,588
112.5 64,177
90.8 75,225
101.3 60,942
87.3 61,321
83.6 51,388
123.1 44,866
112.2 43,436
128.4 39,963
206.1 90,633 244.8
173.2 107,162 289.5
192.8 125,496 339.0
174.0 97,187 262.5
127.5 84,134 227.2
149.5 95,699 258.5
121.0 93,910 253.7
121.8 94,866 256.2
102.1 61,163 165.2
89.1 48,683 131.5
86.3 61,590 166.4
79.4 49,239 133.0
137.9 1,649,622
107.7 816,937
135.2 1,009,762 227.3 245,459
117.6
101.6
74.5
118.2
56,748 186.4
53,338 175.2
6^,585 202.3
80,639 264.9
58,731 192.9
98; 088 315.1
52,553 172.7
49,194 161.6
43,342 142.4
45,844 150.6
46,729 153.5
43,571 143.1
159.0
125.9
139.3
166.9
137.7
247.1
147.9
168.8
166.9
148.1
135.7
113.9
154.7 688,362
35,3 7
41,645
56,428
51,639
62,457
46,113
43,325
23,594
23,599
37,859
33,996
37,536
134.9
122.4
149.0
147.1
151.3
126.4
165.0
135.4
119.7
152.2
121.8
186.0
142.6 503,618
33,356
35,433
187.9
141.0
14,219
14,335
13,378
10,896
7,718
8,382
9,698
11,078
15,883
15,929
15,059
21,446
61,347
55,332
55,555
52,271
50,039
40,822
40,298
42,470
52,659
44,407
48,107
60,904
126.0
116.4
142,504
114,130
102,215
114,282
110,440
86,817
90,120
115,786
146,426
184,992
168,069
156,468
150,216
129,704
111.6
89.4
80.1
89.5
86.5
68.0
70.6
90.7
114.7
144.9
131.6
122.5
37,523
59,514
53,071 143.3 14,434
66,708 180.2 14,230
82,546 223.0 25,223
88,017 237.7 18,869
89,890 242.8 24,861
61,886 167.2 18,512
77,401 209.1 29,492
42,132 113.8 2), 953
70,033 189.2 25,240
74,736 201.9 20,386
79,198 213.9 21,254
71,886 194.2 21,521
48,442
53,111
193.0 254,975
130.8
143.5
24,062
19,936
25,999
29,076
14,887
21,463
24,562
22,624
17,226
17,613
14,610
13,401
19,288
21,179
115,'673
110,727
114,686
105,513
96,216
87,810
85,986
90,933
109,726
83.057
91,954
114,279
115.1
110.1
114.1
104.9
95.7
87.3
85.4
90.4
109.2
82.6
91.5
113.7
100.0 1,206,560
100.0
112,057
128,712
162,716
170,271
196,025
166,654
193,336
148,656
218,797
194,236
199,142
173,372
111.4
128.0
161.8
169.3
195.0
165.7
192.3
147.8
217.6
193.2
198.1
172.4
161.4 2,063,974
171.1
218,477
214,308
248,534
213,851
163,198
192,387
179,414
178,811
129,777
111,162
119,636
102,603
217.3
213.1
247.2
212.7
162.3
191.8
178.1
177.6
129.0
110.0
119.0
102.0
155.3 2,072,158
171.7
108.0
108.9
101.6
82.7
58.6
63.7
73.6
84.1
120.6
121.0
114.4
162.9
108.1
109.6
191.6
143.3
188.8
140.6
224.0
159.1
191.7
154.8
161.4
163.4
182.7
151.4
197.4
220.8
113.1
163.0
186.5
171.8
130.8
133.8
111.0
101.8
146.5
160.8
105,253
133,804
104.7
133. 1
PHYSICAL VOLUME OF TRADE.
In continuation of tables in the March, 1921,
there are presented in the following tables certain data
relative to the physical volume of trade. The
January, 1919, issue contains a description of
the methods employed in the compilation of the
data and the construction of the accompanying index numbers. In this issue a series is
included covering animals slaughtered under
Federal inspection.
February receipts of live stock at 15 western
markets declined from the January figure, but
were slightly above the figure for February,
FEDERAL RESERVE BULLETIN
1920. While receipts of horses and mules during February, 1921, showed a slight increase
over January, a decline was noted in the case
of cattle and calves, hogs, and sheep. February, 1921, receipts of hogs and sheep were
slightly greater than during February, 1920.
Shipments of stockers and feeders from 34
markets during February continued to decline, being considerably smaller than for
both January, 1921, and February, 1920.
Receipts of grain at 17 interior centers showed
a very large seasonal decline during February,
and were somewhat smaller than the receipts
APRIL, 1921.
FEDERAL RESERVE BULLETIN.
during February, 1920. Receipts of flour increased over the low figure of January, 1921,
but were considerably less than the figure for
February, 1920. When grain and flour were
combined a considerable decrease from January, 1921, and a slight decrease from February, 1920, was noted. Stocks of grain at 11
interior centers at the close of February showed
a considerable increase over January, 1921,
but were still under the figure for February,
1920. The largest increase is noted in the
case of corn. February wheat flour production was considerably lower than both January,
1921, and February, 1920. February cotton
sight receipts registered a very large drop
from the January receipts, and the seasonal
decrease was considerably greater than a year
ago. While stocks at ports and interior towns
at the close of February decreased very slightly
from January, the increase over Feoruary a
year ago indicates the light exports of this
season. The February takings of the American
spinners showed a large decrease from the
January figure and a slight decrease from the
figure for February, 1920.
The production of bituminous coal during
February again showed a very large decrease
from January, 1921, and February, 1920.
While the production of anthracite coal for
this month showed a very large decrease from
January, 1921, the figure was considerably
larger than the production during February,
1920. Although crude petroleum production during February, 1921, was considerably
greater than the production during February,
1920, it fell off considerably from the production during January, 1921. Pig-iron production during March continued its decline, being
only about 50 per cent of the amount produced
during March, 1920. The average daily production of pig iron for March was the smallest
figure reported since 1914 shortly after the
outbreak of the war. The March average
daily production figure of 51,468 tons declined
from 69,187 tons during February and 108,900
tons during March, 1920. The decline in pigiron production has been followed very closely
by tne decline in steel-ingot production, which
was only about 50 per cent of the March,
1920, production. The further decrease in
the unfilled orders of the United States Steel
Corporation at the close of March, 1921,
paralleled steel-ingot and pig-iron production,
being slightly less than 50 per cent of the unfilled orders at the close of March, 1920.
447
The textile industry showed some favorable
signs of recovery from the depression which
had been noticeable during the past few
months. Cotton consumption during February again showed a large increase over January,
1921, but was still considerably under the consumption for February, 1920. The number of
cotton spindles active during the month also
showed a noticeable increase, but was likewise
considerably smaller than the number active
during February, 1920. The increased activity in the woolen industry was noted from the
fact that both the percentage of idle wool
machinery on the first of the month to the
total reported, and the percentage of idle
hours on the first of the month to the total
reported, in every class of machinery showed a
considerable decrease from the previous month.
Imports of raw silk during February, 1921,
showed an exceedingly large increase, being
more than three times the amount imported
during January, but were still considerably
less than the amount imported during February, 1920.
Both receipts and shipments of lumber at
Chicago and St. Louis during March showed a
slight decrease from February, 1921, and were
considerably smaller than the receipts and
shipments during March, 1920. February production of southern pine, Douglas fir, and
North Carolina pine showed increases over
January, 1921, but in each case the production
was less than during February, 1920. The
production of western pine and eastern white
pine showed a very slight decrease from January, 1921, but was considerably less than
during February, 1920. Receipts and meltings of raw sugar at North Atlantic ports during February, 1921, were considerably larger
than during January, 1921, but were less than
during February, 1920. Raw stocks of sugar
at the close of February at these ports were
considerably larger than during January, 1921,
and slightly larger than during February, 1920.
California shipments of citrus fruits showed a
very slight increase over January, 1921, and a
very large increase over February, 1920.
Shipments of deciduous fruits showed a slight
decline from January, 1921, and a considerable decline from February, 1920.
The tonnage of vessels cleared during FebTUSLTJ decreased from the January, 1921, figure,
but was considerably above the figure for February, 1920.
448
FEDERAL RESERVE BULLETIN.
MOVEMENT 01sr
AGRICULTURAL PROL
>ucvs
1919-1921
COAL AND PETROLEUM
1919-192!
&veStodC Siec&pts
—. — - Grain a/ulSlcHzrJiecetipts
— — Jtnthracttt CbalSrodebction,
•
——^JBitumincmsCbatfhductwn,———
CradeSktroUumSkxljuctMns
IIWEXJWMBERS. AV£RA6E M-1313 =100.
—•
Cotton, SightReceipts
INDEXNUMBEFS. AVERA6E fill
200
h
ISO
160
MO
120
100
80
60
r
I u
l
i
hi
t
;i
»\
v
1 P.
1?
§
t
/
180
A
y
-
1919
192/
1920
160
V
MO
HO
120
120
W
fOO \-
60
-I
T •
0
180
SO
X
;
y
20
200
160
\i\r I n
t v'
40
200
••*
160
MO
I
1i
/ t
/
U
ti
20
20
0
0
%
'
V
/
80
40
180
4
hf I!s; J
60 XI
40
200
•' V
V
i
fj k
APRIL, 1921.
1
VI
I
I2G
100
SO
60
40
20
1919
IROn AND STEEL
1919-1321
1320
1921
0
TEXTILES
1919-f921.
——»S%g Iwn&oductiorv •
SteelLngotfrcdtictijon/——— >
—*-
Wool Consumption——
••"•UnfiUedOrderSjUSSt^CorpdTutMfi
MDEXNUMBERS. AVERA6E!91hI9I3 =100.
/
200
180
160
140
120
W
SO
60
JCC/
\
V
00
y
/-4
s /
V
1
MILLIONS OF POUNDS
\
y ,
f
A
£0
#0
\
120
L_
100
80
60
40
40
20
20
0
1919
1920
1921
0
260
260
240
220
200
180
160
(40
720
100
SO
60
40
20
0
A l y\A {
L
f
Vj
f
\
\I
1
\^ \
/
\
1919
1920
V
\
1921
^(50
£»0
240
220
200
180
160
140
-120
W
dO
60
40
20
0
449
FEDERAL RESERVE BULLETIN.
A P R I L , 1921.
LIVE-STOCK MOVEMENTS.
[Bureau of Markets.]
Receipts.
i Cattle and
! calves, 59
I markets.
Hogs, 59
markets.
Sheep,59
markets.
1920.
February
Head.
1,462,659
Head.
3,378,816
1,386,728
July
August
September..
October
November..
December..
1,657,743
1,952,086
2,279,345
2,196,939
2,403,990
1,382,995
2,837,685
2,516,240
2,435,589
2,826,277
3,862,243
4,186,261
1921.
January
February
1,629,994
1,174,611
4,654,560
3,951,971
Shipments.
Horses and Total, all
mules, 43
kinds.
markets.
Cattle and
calves, 54
markets.
Hogs, 54
markets.
Head.
108,056
Head.
6,336,259
Head.
592,159
Head.
1,287,529
2,000,758
2,561,661
2,826,693
2,945,709
2,419,596
1,546,876
35,668
73,423
57,468
38,657
22,477
16,118
6,531,854
7,103,410
7,599,095
8,007,582
8,708,306
7,132,250
721,328
869,849
1,079,170
1,159,459
1,148,861
647,801
1,769,155
1,501,902
34,712
41,212
8,088,421
602,320
456,471
Head.
and
all
Sheep, 54 Horses
mules, 43 Total,
kinds.
markets.
markets.
577,712
Head.
110,827
Head.
2,568,227
1,095,470
953,088
931,261
1,064,175
1,394,347
1,516,893
1,015,612
1,459,150
1,581,680
1,932,083
1,474,299
704,760
37,152
69,971
60,414
37,994
22,963
17,030
2,869,562
3,352,058
3,652,525
4,193,711
4,040,470
2,886,484
1,637,902
1,346,092
681,987
590,487
34,572
40,611
2,956,781
2,433,661
Head.
RECEIPTS AND SHIPMENTS OF LIVE STOCK AT 15 WESTERN MARKETS.
[Chicago, Kansas City, Oklahoma City, Omaha, East St. Louis, St. Joseph, St. Paul, Sioux City, Cincinnati, Cleveland, Denver, Fort Worth
Indianapolis, Louisville, Wichita. Monthly average, 1911-1913=100.]
RECEIPTS.
Cattle and calves.
Head.
Relative.
Hogs.
Relative.
Head.
Horses and mules.
Sheep.
Head.
Relative.
Head.
Relative.
Total, all kinds.
Head.
Relative.
1920.
February
1,062,381
109
2,394,978
113
947,733
72
75,488
170
4,480,580
100
July
August
September
October
November
December
1,188,019
1,459,565
1,736,009
1,628,564
1,781,261
984,309
118
145
172
162
177
98
2,115,639
1,818,245
1,597,622
1,836,748
2,624,185
2,932,052
96
83
73
84
119
133
1,301,458
1,688,719
1,893,312
1,865,330
1,542,477
942,858
95
124
139
136
113
69
26,257
55,371
38,950
24,716
12,149
9,290
57
120
85
54
26
20
4,631,373
5,021,900
5,265,893
5,355,358
5,960,072
4,868,509
100
109
114
116
129
105
1921.
January
February
1,191,814
835,686
118
89
3,339,419
2,902,107
152
141
1,112,024
972,647
81
76
24,158
27,111
52
63
5,667,415
4,737,551
123
110
SHIPMENTS.
1920.
February
428,076
109
814,613
174
339,090
70
78,540
198
1,660,319
120
July
August
September...
October
November...
December...
508,199
640,295
819,371
866,327
810,284
472,748
125
157
202
213
199
116
737,923
627,670
540,812
584,742
784,468
943,515
152
130
112
121
162
195
644,557
899,342
1,027,510
1,192,912
952,159
384,646
128
179
204
237
189
76
27,728
52,163
40,890
24,051
12,782
10,201
68
127
100
59
31
25
1,918,407
2,219,470
2,428,583
2,668,032
2,559,693
1,811,110
134
155
169
186
178
126
1921.
January
February
426,887
334,113
105
88
1,078,679
869,718
223
192
316,068
324,311
63
69
24,463
26,495
60
69
1,846,097
1,554,637
129
116
SHIPMENTS OF STOCKERS AND FEEDERS FROM 34 MARKETS.
I Cattle and
calves
February
July
August
September
October
1920.
Head.
237,225
Head.
79,479
209,563
273,512
473,652
571,025
25,711 322,867 i
34,415 567,429 i
789,387
44,340
59,123 1,055,237
Head.
I
140,138
Head.
456,842
558,141
875,356
1,307,379
1,685,385
Total, all
kinds.
Cattle and
calves.
Total, all
kinds.
Sheep.
1920,
November...
December
January
February
1921
Head.
545,802
277,053
Head.
52,699
36,827
Head.
855,545
258,599
Head.
1,454,046
572,479
202,926
164,504
41,892
49,229
61,508
332,907
275,241
450
FEDERAL RESERVE BULLETIN.
APRIL,
1921.
ANIMALS SLAUGHTERED UNDER FEDERAL INSPECTION.
[Bureau of Animal Industry. Monthly average, 1911-1913=100.]
Head.
January
February...
March
April
May
June
July
August
September..
October
N ovemebr..
December..
Relative.
Head.
Relative.
Head.
Relative.
895,275
784,834
828,216
914,899
781,755
829,690
1,019,982
987,237
1,142,754
1.251,Oil
I!233,081
1,159,785
148
139
136
151
129
137
168
163
188
206
203
191
210,444
192,769
259,854
351,387
357,353
312,171 i
354,721
273,597
316,816 i
306,096 j
272,066
249,109
11,828,549
162
3,456,383 j
1,119,200
701,353
640,288
622,123
720,684
644,463
854,797
859,409
855,192
1,073,220
l,0i0,074
960,181
184
124
105
103
119
106
141
142
141
177
171
158
294,812 i
209,834
295,388
383,414
391,304
327,060
399,966
318,769
317,984
374,619
344,238
311.639
10,090,984
139
779,934
655,015
735,595
613,814
659,063
737,298
869,403
936,683
1,028,615
1,194,208
1,139,292
970,927
5,846,545
5,630,702
5,749,651
5,170,589
4,890,496
4,661,951
5,184,597
4,480,600
i; 468,223
5,769,429
6,924,565
8,041,711
122
126
120
108
102
97
108
93
93
120
144
167
163 | 41,214,250
122 10,319,877
66,819,059
116
167
127
167
217
221
185
226
180
180
212
195
176
208
162
122
114
133
132
102
69
71
95
116
170
8,263,588
5,931,444
5,116,842
5,020,974
5,7*9,775
5,631,219
5,299,558
4,361,474
4,462,304
5,547,355
5,881,675
7,296,750
172
132
106
104
120
117
110
91
93
115
122
152
68,562,958
119
954,607
828,426
787,867
713,796
670,644
817,515
1,018,428
1,041,580
1,150,776
1,067,821
968,235
932,417
7,170,484
4,846,003
5,342,739
4,323,999
5,250,373
5,465,148
4,696,137
4,235,702
4,302,440
4,712,686
5,471,785
5,829,459
149
104
111
90
109
114
98
88
112 10,980,526
76 61,633,578
107
154
143
85
6,387,201
5,503,812
133
123
119
117
147
199
202
177
201
155
179
173
154
141
960,892
998,084
925,986
290,489
092,325
782,792
910,491
283,083
980,008
018,084
280,126
661,890
141
152
139
117
110
99
104
81
70
107
152
201
5,845,696
4,266,317
3,443,330
3,207,671
3,7^3,463
3,728,230
2,884,325
1,949,413
1,997,149
2,685,711
3,270,172
4,790,353
3,969,027 | 187 41,811,830
1,003,880
753,940
737,836
807,766
894,324
931,466
1,160,470
1,233,883
1,291,979
1,413,805
1,227,191
1,231,577
83
67
61
67
74
77
96
102
107
117
102
102
124 12,691,117
1920.
832,231
630,995
683,139
637,575
626,304
656,191
661,172
685,763
825,484
843,136
858,946
667,344
Year
January..
February.
Head.
1919.
Year.
January
February...
March
April
May
June
July
August
September..
October
November..
December..
Relative.
Head.
Total.
1918.
Year..
January
February...
March
April
May
June
July
August
September.,
October
November..
December..
Relative.
Sheep.
Hogs.
Calves.
Cattle.
137
108
113
105
103
108
109
113
136
139
U2
110
; 8,607,455
305,125
283,052
390,053
382,420
368,644
430,654
3^2,765
332,349
3i7,578
314,789
315,971
244,573
173
166
221
216
209
244
194
188
197
178
179
138
5,078,521
3,103,530
3,481,680
2,590,208
3,584,781
3,560,788
2,63,772
2,176,010
1,978,602
2,486,940
3,328,633
3,985,125
4,059,522
191
37,986,075
282,043
252,369
160
153
4,347,306
3,770,974
180
114
124
92
127
126
94
77
70
88
118
142
114
121
1921.
689,506
522,718
114
92
1,068,346
957,751
EXPORTS OF CERTAIN MEAT PRODUCTS.
[Department of Commerce.
Beef, canned.
Pounds.
Beef, fresh.
Relative. Pounds.
Monthly average, 1911-1913=100.]
Beef, pickled,
and other cured.
Rela- Pounds.
tive.
Hams and
shoulders, cured.
Bacon.
Relative.
Pounds.
Relative.
Pounds.
Pounds.
Rela- Pounds.
tive.
Relative.
•
1920.
February
Relative.
Pickled pork.
Lard.
735,132
115 13,010,793 1,085
1,631,457
63
75,891,195
469
24,217,706
168
36,644,906
86
3,710,308
87
July...
August
September
October
November
December
5,217,838
1,231,070
244,261
207,503
282,761
399,916
788
186
37
31
43
60
5,506,812
343,352
1,964,543
522,251
3,091,895
1,583,434
444
28
158
42
249
128
1,973,004
2,152,982
1,613,657
1,995,039
1,678,091
3,053,993
74
81
60
75
63
114
31,562,761
23,333,156
41,371,561
49,838,768
57,934,259
68,784,322
188
139
247
298
346
411
8,385,089
9,360,469
8,997,124
8,787,853
11,197,880
14,491,763
56
63
60
59
75
97
47,061,422
31,020,802
46,326,353
54,173,979
57,316,309
90,080,092
107
71
105
123
130
205
2,926,247
2,257,511
3,279,902
3,549,456
2,605,431
2,691,452
66
51
74
80
59
61
1921.
January
February
548,227
1,733,678
83
280
6,078,550
979,081
490
85
1,725,625
1,750,756
65
70
43,202,486
31,612,140
258
202
16,869,841
15,847,799
113
114
76,185,237
91,840,951
173
224
3,089,094
3,150,452
.
70
76
451
FEDERAL RESERVE BULLETIN.
APRIL, 1921.
RECEIPTS OF GRAIN AND FLOUR AT 17 INTERIOR CENTERS.
Chicago, Cleveland, Detroit, Duluth, Indianapolis, Kansas City, Little Rock, Louisville, Memphis, Milwaukee, Minneapolis, Omaha, Peoria,
St. Louis, Spokane, Toledo, Wichita; receipts offlournot 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.
Bushels.
Relative.
1920.
February... 18,115,324
July
29,714,399
43,039,021
August
September. 46,181,275
45,403,825
October
November.. 39,272,827
December.. 32,758,773
1921.
January
32,229,218
Februarv... 22,922,667
1
Corn.
Rye.
Oats.
Barley.
Total grain.
Total grain and
flour.i
Flour.
RelaRela- Bncu s, hp]c
n e l s, Rela- Barrels. Rela- Bushels. RelaBushels. Rela-! tive.
tive.
tive.
tive. Bushels, a c - Bushels. tive. Bushels. tive. | ^
70 26,051,855
120 20,575,654!
105 3,263,686
305 2,470,622
36 70,477,141!
94 2,059,421
109 79,744,536
95
110 20,824,268
160 9,840,320
17120,696,955
16819,064,508
14611,407,224
122 19,390,714
9318, 734,180!
44 30, 728,748}
92 31, 031,569
85 21, 235,162!
51115, 282,651!
8613, 777,300i
93 3,096,026
"~ 3,
3,191,103
152
154 5,571,
5,
428
105 4,455,979
4:
:
76 3,706,653
68 3,482,685
280 2,659,921
28S|3,007,508
503 6,630,056
403!5,795,028
335 6,618,362
315!5,058,808
37 75
5,028,794
89,806,700
422 89,
92 110,111,283
"' 15,954,502
8195,
'6,287,717
92 76
'4,468,280
96 2,052,110
1151,949,339
1411,843,954
123 2,137,639
98 2,054,262
96 1,570,822
105 84,263,289
98,578,726
94118,409,076
109105,573,878
" " 85,531,896
105
80 81,536,979
97
114
137
122
99
94
120 42,036,812
9127,565,779
18718,508,9861
13212,553,9131
92 2,202,705
67 1,397,83f~
199 3,753,837
135 2,074,908
52 98,1,731,558
3166,», 515,099
127 1,430,904
921,659,009
73105,170,626
91 73,980,640
121
91
Flour reduced to its equivalent in wheat on basis of 4J bushels to barrel.
SHIPMENTS OF GRAIN AND FLOUR AT 14 INTERIOR CENTERS.
[Chicago, Cleveland, Detroit, Duluth, Kansas City, Little Rock, Louisville, Milwaukee, Minneapolis, Omaha, Peoria, St. Louis, Toledo, Wichita;
shipments offlournot available for Cleveland, Detroit, Louisville, Omaha, Toledo, and Wichita.]
Wheat.
Corn.
Rye.
Oats.
RelaRelaRelaBushels. tive. Bushels. tive. Bushels. tive. Bushels.
1920.
February...
Barley.
Relative.
Bushels.
Total grain.
Relative.
Bushels. Relative. Barrels.
Relative.
14,114,215
9511,977,640
8713,073,089
89 2,113,505
3091,306,340
35:42,584,789
89 3,157,037
19,002,099
July
24,934,816
August
September . 28,700,593
26,258,795
October
November.. 24,950,771
December.. 22,253,030
1921.
January
20,187,379
February... 15,134,115
123 9,100,527
162 6,260,144
186 6,284,075
17010,336,378
162 7,890,500
144 7,898,979
64^1,345,429
4412,814,067
44 12,690,866
7310,601,1781
56 10,729,045
561 9,964,743
75 4,476,238
84 2,880,003
84 4,339,057
70 4,742,380
712,998,524
66 3,171,616
!, 092,672
632 2,
407 2:
5,231,851
613 3:
>, 556,180
670 4:
:, 529,091
424 4:
,,249,954
448 3,083,249
3:
54 46,016,965
57 49,120,881
91!55,570,771
116 56,467,822
109:50,818,794
79 46,371,617
93 3,767,678
99 3,605,105
112:3,187,454
114!3,758,735
103^,949,699
94 3,141,524
13117,288,509
105 12,891,895
12211,523,642
98! 9,299,842
76 2,380,797
661,041,424
336 2,874,359
158 1,626,913
74)54,254,686
45J39,994,189
110 2,678,257
87i2,696,723
1
Total grain and
flour.i
Flour.
111
106
94
111
117
Bushels.
Relative.
56,791,456
91
62,971,516
65,343,854
69,914,314
73,382,130
68,592,440
60,508,475
97
101
108
114
106
66,306,843
52/129,443
103
Flour reduced to its equivalent in wheat on basis of 4£ bushels to barrel.
STOCKS OF GRAIN AT 11 INTERIOR CENTERS AT CLOSE OF MONTH.
[Chicago, Detroit, Duluth, Indianapolis, Kansas City, Milwaukee, Minneapolis, Omaha, Peoria, St. Louis, and Toledo.]
Wheat.
February.
July
August
September.
October
November.
1920.
,
i
December
1921.
January
February
|
I
Corn.
Oats.
I
Rye.
Barley.
Total grain.
Bushels.
36,287,715
Bushels.
4,045,698
Bushels.
8,567,984
Bushels.
14,488,665
Bushels.
1,980,286
Bushels.
65,370,348
5,492,026
5,460,879
9,134,621
14,627,524
16,058,407
15,525,114
4,959,314
1,414,708
5,669,580
7,823,807
3,461,911
4,793,299
2,059,842
7,447,762
23,322,910
28,941,148
28,697,974
27,358,948
670,563
338,600
1,303,475
668,084
1,082,195
1,007,591
1,336,553
709,469
2,114,369
2,096,517
1,874,366
2,378,548
14,518,298
15,371,418
41,544,955
54,157,080
51,174,853
51,063,500
14,414,231
12,883,444
11,596,518
17,294,569
29,435,153
30,039,057
478,125
600,585
2,057,434
1,800,604
57,981,461
62,618,259
452
FEDERAL, RESERVE BULLETIN.
APRIL, 1921.
RECEIPTS OF GRAIN AND FLOUR AT NINE SEABOARD CENTERS.
[Boston, New York, Philadelphia, Baltimore, New Orleans, San Francisco, Portland (Oreg.), Seattle, Tacoma; receipts of flour not available for
Seattle and Tacoma. Compiled from reports of trade organizations at these cities. Monthly average, 1911-1913=100.]
Wheat.
Barley.
Rye.
Oats.
Corn.
Total grain.
Total grain and
flour.i
Flour.
RelaRelaRelaRelaRelaRelaRela| RelaBushels. tive. Bushels. tive. Bushels. tive. Bushels. tive. Bushels. tive. Bushels. tive. Barrels. tive. Bushels. tive.
1920.
February... 4,898,690
July
August
September .
October
November..
December..
18,710,633
28,098,022
31,693,246
29,028,202
24,410,356
29,551,r~
!
1921.
;
January
|12,717,255
February... HO, 315,852
1
40 1,244,393
36 2,331,246
8213,001,288
591,102,606
3,305,542
1,576,842
1,456,958
1,844,753
2,401,181
854,138
3,499,101
2,671,365
3,069,700
1,828,515
1,874,271
1,911,861
74 5,048,019
56 3,407,799
65 4,133,465
38 5,436,354
"9 3,329,710
13,490,405
3,553 2, 098,083
2,398 2, 289,791
2,9091, 815,227
3,826 2j 558,276
2,344 2, 721,320
2,457 2; 291,639
126|32,661,378
138 38,043,819
109 42,168,596
154 40,696,100
164 34,736,838
138 38,099,9931
1441 ,660,849
1681[, 390,077
1861'.,422,872
179 I.,463,830
153 31,683,380
168 41,367,180
159
133
136
140
353
418|
40,135,198
44,299,166
48,571,520
47,283,335
51,312,048
57,752,303
146
162
177
173
187
211
101 6,228,175
175 1,542,355
237 1,039,537
32 2,748,524
23 2,059,538
9341,970,931
5531 ,631,288
119 25,207,240!
105 22,892,130!
1111,174,815
1081,186,565
112! 30,493,908
122 28,231,673
111
110
149
223
252
230
194
235
7,845,915
513,211,668 2,3381,315,291
109 17,963,015
Flour reduced to its equivalent in wheat on basis of 4* bushels to barrel.
STOCKS OF GRAIN AT EIGHT SEABOARD CENTERS AT CLOSE OF MONTH.
[Boston, New York, Philadelphia, Baltimore, New Orleans, Newport News, Galveston, San Francisco. Compiled from reports of trade organizations at these cities.]
Wheat.
Corn.
Rye.
Oats.
Barley.
Total grain.
February.
Bushels.
6,634,682
Bushels.
948,239
Bushels.
1,571,209 I
Bushels.
2,671,743 !
Bushels.
2,340,787 j
Bushels.
14,166,660
July
August
September..
October.
November..
December..
11,923,745
13,915,892
15,517,070
17,277,003
17,794,605
18,263,476
744,167
1,097,945
1,146,514
1,292,818
1,371,013
510,142
1,323,940 j
1,532,272
2,398,157
2,521,049
2,327,249
2,205,936 I
1,275,554
777,445
2,414,910
1,742,178
1,906,527
2,196,380
3,187,611
4,052,189
4,110,158
3,577,450
3,097,922
3,322,050
18,455,017
21,375,743
25,586,809
26,410,498
26,497,316
26,497,984
15,060,423
12,032,772
2,524,700
3,982,316
1,980,265 I
1,775,563 1
1,602,358
1,332,441
2,105,450
1,909,706
23,273,196
21,032,798
1920.
1921.
January
February
NOTE.—Figures for San Francisco include also stocks at Port Costa and Stockton.
WHEAT FLOUR PRODUCTION. 1
[January, 1918, to June, 1920, U . S. Grain Corporation; July, 1920, on, estimated b y Russell's Commercial News (Inc.), New York.]
1918
January..
February
March....
April
May
June
July
1
Barrels.
11,357,000
8,813,000
7,697,000
7,638,000
6,987,000
5,512,000
6,710,000
1919
1920
Barrels.
10,593,000
7,736,000
10,498,000
11,274,000
10,463,000
7,405,000
7,899,000
1921
Barrels.
12,572,000
9,252,000
9,036,000
7,375,000
8,244,000
6,800,000
8,200,000
Barrels.
8,924,000
7,066,000
1918
Barrels.
9,857,000
12,542,000
11,873,000
11,104,000
10,901,000
August
September
October
November
December
Year
110,991,000
1919
1921
Barrels.
11,739,000
14,088,000
15,008,000
13,518,000
12,113,000
Barrels.
10,200,000
9,450,000
9,650,000
9,500,000
9,600,000
Barrels.
132,334,000 ! 109,879,000
Owing to revision, figures since January, 1918, are given.
[New Orleans Cotton Exchange.
Sight receipts.
Bales.
August
September
October
November
December
January
February
Relative.
COTTON.
Monthly average, crop years 1911-1913=100.]
Port receipts.
Bales.
Relative.
Overland move- j American spinners' Stocks at ports and
interior towns at
ment.
i
—
close of month.
Bales.
Rela- i
tive.
Bales.
Relative.
Bales.
Relative.
1920-21.
,
308,262
771,590
1,466,874
1,804,135
1,579,751
1,153,825
699,464
25
62
117
144
126
92
56
159,586
443,149
971,334
1,075,803
797,350
636,260
446,399
17
48
106
117
87
69
49
25,322
17,324
87,215
117,139
134,455
157,012
157,425
24
16
83
111
128
149
150
251,841
254,460
395,165
425,089
672,477
526,718
339,119
55
56
87
94
148
116
75
1,365,397
1,607,602
2,101,839
2,597,820
2,815,934
2,863,377
2,820,403
116
136
178
220
239
243
239
APRIL, 1921.
453
FEDERAL RESERVE BULLETIN.
COTTON SEED.
[Bureau of the Census.]
Received
at mills.
February
1920.
July
August
September
October
On hand at
mills (close
of month).
Crushed.
Tons.
280,751 I
404,109 I
Tons.
Tons.
354,120
7.259 !
24,979 i
244,382 I
945,998 !
13,219 !
20,317 |
145,519 !
607,628 i
30,084
36,760
135,623
471,979
Received
at mills.
1920
November
December
1921,
January
February
Crushed.
On hand at
mills (close
of month).
Tons.
829,282
557,787
Tons.
719,455
546,086
Tons.
581,806
593,507
418,846
431,539
527,521
499,851
484,832
416,502
CALIFORNIA SHIPMENTS OF CITRUS AND DECIDUOUS FRUITS.
[California Fruit News, October, 1920, to January, 1921, inclusive, and Bureau of Markets; February, 1921, on, Bureau of Markets. Monthly
average, 1911-1913=100.]
Oranges.
Carloads.
Carloads.
Relative.
Carloads.
Relative.
Carloads.
1920.
February
July
August
September
October
November
December
1921.
.1 anuary
February
1
Relative.
Total
deciduous
fruits.
Total citrus fruits.
Lemons.
2,683
114
852 j
218
3,535
128
139
2,822
1,707
1,409
752
1,602
3,774
115
70
58
31
66
154
664
751
464
925
377
368
164
185
115
228
93
91
3,486
2,458
1,873
1,677
1,979
i 4,167
122
86
66
59
69
146
3,179
7,239
9,021
11,880
2,792
3,429
3,484
140
153
627
610
155
161
14,077
1
4,123
143
155
98
81
368
Includes grapefruit.
SUGAR.
[Data for ports of New York, Boston, Philadelphia. Weekly Statistical Sugar Trade Journal. Tons of 2,240 pounds. Monthly average, 19111913=100.]
Relative.
Tons.
Raw stocks at
close of month.
Meltings.
Receipts.
Tons.
Relative.
Relative.
Tons.
Relative.
Tons.
Raw stocks at
close of month.
Meltings.
Receipts.
Tons.
Relative.
Relative.
Tons.
1920.
February
316,667
178
269, 000
152
85,653
50
1920.
November.
December
186,274
148,464
98
84
69,251
63,715
40
37
386, 328
308,313
109,302
109,335
210
168
59
59
325,000
287,000
164,000
118,000
177
156
89
64
104,027
125,340
70,642
61, 977
60
73
41
36
101
81
179,000
154,000
July
Ausust
September
October
1921.
January
February
92,498
228,952
50
133
94,000
193,000
51
113
62,113
98,165
36
57
NAVAL STORES.
[Data for Savannah, Jacksonville, and Pensacola. Compiled from reports of trade organizations at these cities.]
Spirits of turpentine.
1920.
February
July
August
.
September
October
. . .
Spirits of turpentine.
Rosin.
Receipts.
Stocks at
close of
month.
Receipts.
Stocks at
close of
month.
Barrels.
3,762
Barrels.
17,900
Barrels.
29,303
Barrels.
140,559
39,158
33,997
32,162
30,260
30,906
27,963
44,396
49,885
117,088
111, 497
97,797
88,766
135,979
144,109
176,612
195,837
Rosin.
Stocks at
close of
month.
Receipts.
Stocks at
close of
month.
Receipts.
1920.
November
December
Barrels.
23,893
21,174
Barrels.
49,209
53,356
Barrels.
83,177
76,848
Barrels.
247,253
300,315
1921.
January
February
9,419
7,404
51,563
41,75o
36,333
26,736
310,905
316,440
454
FEDERAL RESERVE BULLETIN.
APRIL, 1921.
LUMBER.
[From reports of manufacturers' associations.]
Southern pine.
Number of
mills.
Western pine.
Production.
Production.
Mfeet.
Eastern white pine.
Douglas fir.
Number of
mills.
Shipments.
Mfeet.
Production.
duction.
1920.
February..
Mfeet.
383,239
Mfeet.
203
369,047
85, 583
147,180
124
July
August
September.
October
November.
December..
207
204
204
206
203
199
385, 842
383, 540
376, 566
344,427
315,343
264, 504
331,273
337,677
378,195
329, 751
320, 756
281, 326
177,262
171,143
164, 312
146,424
107, 846
45, 578
103,500
123,344
98, 808
69,936
00,259
46,112
127 242,612 225,666
123 366,433 322, 908
127 299,277 238, 965
120 355,614 299, 704
123 263,452 212,226
119 188,905 187,874
1921.
January—
February..
193
189
289,824
330,680
311,977
335, 876
24,698
22,128
Mfeet.
Mfeet.
42,793
116
48,270 j 114
North Carolina pine.
295,934 !
332,511
153,157
159,646
Mfeet.
32,551
37,459
46,149
48,962
40, 724
20,294
19,056
170,821 i
153,649
49,668
55,991
45,415
30,928
19,751 |
10, 587 i
24,319 ! 10,602
23,722 j 13,615
Produc-
Shipments.
Mfeet.
15,534
Mfeet.
15,202
21, 887
19,487
14,617
8, 091
15,217
14,130
16,043
14,877
12,929
14, 716
7,123
10,673
7,880
10,045
20,756
19,511
RECEIPTS AND SHIPMENTS OF LUMBER AT CHICAGO AND ST. LOUIS.
[Chicago Board of Trade and Merchants' Exchange of St. Louis. Monthly average, 1911-1913=100.]
Receipts.
M feet.
March
Relative.
M feet.
Relative.
1920.
July
August
September
October
N ovember
Shipments.
Receipts.
Shipments.
Relative.
M feet.
Relative.
M feet.
1920.
December
500,230
108
296,047
117
399,615
370,352
375,456
398, 333
342, 971
86
80
81
86
74
184,767
220, 368
242,857
220,116
190,282
73
87
96
87
75
351,695
76
192,072
76
263,001
269,632
349.426
57
62
75
165,308
169, 843
215,760
65
72
85
1921.
January
Februarv
March
COAL AND COKE.
[U. S. Geological Survey. Monthly average, 1911-1913=100.]
Bituminous coal, estimated monthly production.
Short tons.
Relative.
Anthracite coal, estimated monthly production.
Short tons.
Relative.
Beehive coke, estimated
monthly production.
Short tons.
Relative.
!
1920.
July
August
September
October
November
December
1921.
January
February
1,731,000
40,181,000
112
6,525,000
I
'\
!
j
J
\
45,0G9,000
48,910,000
49,172,000
52,144,000
51,457,000
52,123,000
121
132
133
141
139
141
8,261,000
8,025,000
4,646,000
8,069,000
7,453,000
8,321,000
112
108
63
109
101
112
1,693,000
1,776,000
1,820,000
2,065,000
1,622,000
1,515,000
65
I
i
I
40,270,000
30,851,000
109
89
9,419,000
7,845,000
127
114
1,074,833
863,834
41
35
February
70
79
58
CRUDE PETROLEUM.
[U. S. Geological Survey. Barrels of 42 gallons each. Monthly average, 1911-1913=100.]
Stocks at close of month
(barrels) .i
February
1920.
July
August
September..
October
32,723,000
177 I
38,203,000
39,055,000
37,532,000
39,592,000
199
204 i
196 !
207 !
), 355,000
\. 155,000
1,584,000
22,149,000
21,874,000
21,265,000
Production.
Stocks at close of month
(barrels) .i
Barrels.
Relative.
East of
California.
1920.
November
December
38,699,000
38,961,000
202
203
92,015,000
94,919,000
21,272,000
20,930,000
1921.
January.,
February.
37,853,000
35,112,000
197 j 95,838,000
196 100,454,000
21,261,000
21,566,000
California.
1
Figures for stocks east of California are for net pipe-line and tank-farm stocks; those for California are for gross pipe-line, tank-farm, and producers' stocks.
NOTE.—Method of computing stocks has been revised. Figures calculated on the former basis are given for purposes of comparison as follows:
August, 129,043,000; September, 128,788,000; October, 129,451,000; November, 131,325,000; December, 133,690,000,
455
FEDERAL RESERVE BULLETIN.
APRIL, 1921.
TOTAL OUTPUT OF OIL REFINERIES IN UNITED STATES.
[Bureau of Mines.]
Crude oil run
(barrels).
Lubricating
(gallons).
Gasoline
(gallons).
Kerosene
(gallons).
Gas and fuel
(gallons).
30,815,160
336,719,157
195,956,392
617,555,156
75,878,635
!
I
I
!
|
37,024,052
39,757,770
40,549,316
40,687,250
39,458,945
40,485,409
423,419,770
444,141,422
453,881,096
465,787,745
452,642,125
464,393,356
172,213,511
189,010,459
199,140,024
213,742,156
214,804,177
210,668,109
751,193,898
834,322,503
836,700,086
823,114,603
822,638,305
859,131,359
92,369,504
91,078,569
86,230,371
93,229,723
91,180,007
90,894,798
\
39,637,382
460,432,439
205,374,611
836,684,040
85,908,641
1920.
January.,
July
August
September
October
November
December
;
1921.
January
STOCKS AT CLOSE OF MONTH.
1920.
Jan. 31
13,200,727
515,934,364
327,548,646
652,080,901 I 141,690,177
July 31
Aug. 31
Sept. 30
Oct. 31
Nov. 30
Dec. 31
17,086,253
17,960,558
18,830,079
19,237,730
21,373,945
21,260,580
413,279,319
323,239,991
288,195,394
301,283,731
354,835,764
462,381,837
410,853,047
378,548,791
379,300,705
383,828,239
398,991,592
393,070,923
655,152,293
708,608,472
771,126,965
799,024,084
808,802,516
837,404,414
21,064,124
571,983,793
418,747,781 j 921,028,127 j 183,813,205
131,866,455
130,797,810
130,449,829
136,194,914
142,180,775
160,522,477
1921.
Jan. 31
IRON AND STEEL.
[Pig-iron production, Iron Age; steel-ingot production, American Iron and Steel Institute. Monthly average, 1911-1913=100.]
Steel-ingot production.
Pig-iron production.
Unfilled orders U. S.
Steel Corporation
at close of month.
Gross tons. Relative. Gross tons. Relative. Gross tons. Relative.
March.
July
August
September..
October
November..
December..
1920.
3,375,907
067,043
147, 402
129,323
292,597 |
934,908 I
703,855 i
January..
February.
March
2,416,292
1,937,257
1,595,522
146
3,299,049
141
9,892,075
132
136
135
142
127
117
2,802,818
3,000,432 i
2,999,551
3,015,982
2,638,670 I
2,340,365 I
120
128
128
129
113
100
11,118,468
10,805,038
10,374,804
9,836,852
9,021,481
8,148,122
211
205
197
187
171
155
104
90
2,203,186
1,749,477
1,570,978
7,573,164
6,933, 867
6,284,765
144
132
119
STRUCTURAL-STEEL ORDERS AND SHIPMENTS.
[Bridge Builders and Structural Society.]
Fabricated struc- structaral-steel orders and shipments of
tracteifofthroueh' tahned membership of Bridge Builders
out country"
Structural Society.
Tonnage.
February.
July
August
September..
October
November..
December.,
January..
February.
Per cent
shop
capacity.
1920.
Shipments.
Orders.
Tonnage.
Per cent
shop
capacity.
Tonnage.
Per cent
shop
capacity.
171,000
95.0
96,150 |
132.0
37, 896
52.0
90,400
72,000
77,400
45,600
49,200
47,000
50.0
40.0
43.0
25.5
27.5
26.0
33,213
36,843
26, 755
11, 531
14,521
47.0
50.0
37.0
20.0
16.0
20.0
49,096
51,381
53, 526
47,200
41,268
42, 767
69.0
70.0
74.0
66.0
57.5
60.0
32,000
25,600
18.0
14.0
12,194
12,013
18.0
18.5
32, 964
25,776
48.5
40.0
1921.
14,161
456
FEDERAL RESERVE BULLETIN.
A P B I L , 1921.
IMPORTS OF PIG TIN.
{Department of Commerce. Monthly average, 1911-1913= 100.]
Pounds.
February..
I Relative, j
Pounds.
1920.
July
August
September
October
13,925, 843
158
17,584,167
11,195,937
9,596,819
6,741,331
193
123
106
74
1920.
November.
December..
1921.
January...
February.
Relative.
9,550,535
5,893,627
105
65
2,584,347
5,269,969
28
62
RAW STOCKS OF HIDES AND SKINS.i
[Bureau of Markets; July, 1920, on, Bureau of the Census.]
1930.
|
|
!
1
!
Jan. 31
Sept. 30
Oct. 31
Nov. 30
Dec. 31
Jan. 31,1921
Cattle
hides.
Calfskins.
KipsMns.
Goat and
kid.
pieces.
6,773,360
5,926,708
6,770,509
7,158,751
6,232,852
6,499,479
Pieces.
1,920,184
Pieces.
1,036,372
Pieces.
14,401,965
3,542,388
3,850,183
3,492,653
3,271,905
3,086,862
1,083,193 13,408,277
1,377,998 12,147,070
1,422,608 11,231,086
1,305,776 11,721, 505
1,381,748 10,870,210
and
Cabretta. !| Sheep
lamb.
Pieces.
1,8
Pieces.
8,902,067
2,197,149
2,104,133 I
2,234,027 I
2,685,670 I
2,155,200
11,235,417
13,626,406
12,705,767
13,773,089
13,184,052
* The number of firms reporting has increased as follows: Sept., 1,307; Oct., 1,915; Nov., 2,027; Dec, 2,059; Jan., 2,089.
TEXTILES—COTTON AND SILK.
[Cotton, Bureau of the Census; silk, Department of Commerce. Cotton, monthly average, crop years 1912-1914=100; silk, monthly average
1911-1913=100.]
Cotton consumption.
Bales.
Relative.
Cotton
spindles
active
during
month.
Imports of raw silk.
Cotton consumption.
Pounds.
Bales.
Relative.
1920.
February
515,699
119 34,655,677
3,696,121
187
July
August
September
October
525,489
483,193
457,647
399,837
117
107
102
89
2,581,920
2,690,690
1,968, 801
1, 531,850
126
132
%
75
34,666,794
34,471,515
34,040,806
33,669,804
Relative.
Cotton
spindles
active
during
month.
Imports of raw silk.
Pounds.
1920.
November
December
332,057'
294,851
74 31,654,126
66 29, 879,402
1,319,995
972,011
1921.
January
February
366,270
395,563
81 31,509,021
94 32.458,528
708,897
2,327,949
Relative.
65
48
35
122
i
TEXTILES—WOOL.
[Wool consumption, Bureau of Markets; idle wool machinery, Bureau of the Census.]
Percentage of idle machinery on first of month to
total reported.
Consumption
(pounds). 1
Looms.
Wider
than 50inch
reed
space.
Spinning spindles.
Percentage of idle hours on first of month to total
reported.
Looms.
Spinning spindles.
Sets
Wider
Sets Combs.
50-inch
of
Combs.
than 50- 50-inch
of
reed
cards.
reed
Woolen. Worsted. inch
cards.
Woolen. Worsted.
space
space
reed
or less.
space. or less.
...
February
1920.
Tuly
August
September
October
November
December
January
February
March
63,738,060
12.2
17.6
7.6
6.9
7.1
7.9
37,097,077
38,054,708
36,297,221
38,443,688
28,096,047
42.5
49.5
51.8
49.0
46.9
51.2
32.3
29.9
34.8
34.9
37.7
44.8
38.0
39.6
39.6
38.3
39.5
50.3
35.0
33.4
37.3
26.3
32.8
41.4
42.0
45.5
44.6
43.2
42.8
51.7
32.7
37.6
38.0
26.0
34.8
42.7
54.1
59.7
47.7
60.4
45.9
57.1
38.4
51.0
46.7
53.9
38.5
53.4
57.0
53.9
43.1
49.2
48.7
41.7
58.1
56.5
46.2
52.9
43.8
28.3
59.4
58.9
47.2
50.8
43.0
33.0
66.7
60.0
45.3
71.2
66.7
57.1
66.1
64.3
50.6
62.9
51.0
26.2
68.4
64.5
50.5
65.2
55.3
37.9
1921.
»Converted to grease equivalent basis.
457
FEDERAL RESERVE BULLETIN.
APBIL, 1921.
PRODUCTION OF WOOD PULP AND PAPER.
[Federal Trade Commission.]
Wood
pulp.
Newsprint.
Paper ! Wrap- |
board. | ping. | Fine.
Book.
1920.
February
Net
Net
Net
Net
Net
Net
tons.
tons.
tons.
tons.
tons, i tons.
266,191 114 ,235 85,532 176,855 | 61,574 29,202
July
August
September..
October
312,334
305,965
293,913
319,877
129,853
128,818
121,005
124,818
218,771
215,633
218,743
196,604
95,526
94,424
94,142
93,849
j 73,487 34,078
! 75,226 33,122
j 70,917 34,207
! 73,100 34,526
| Paper
Book. ! board. Wrapping.
Newsprint.
Wood
pulp.
Fine.
Net
\ Net
tons.
\ tons.
j 133,818 65,920
105,227 54,308
Net
tons,
31,208
27,233
64,382 ,105,806 44,620
56,687 |123,832 46,352
22,756
19,242
1920.
November...
December
Net
Net
Net
tons.
tons.
tons.
326,041 122,993 89,564
302,527 124, 857 76,093
1921.
January
February
275,353 123,830
1243,797 103,040
SALE OF REVENUE STAMPS FOR MANUFACTURES OF TOBACCO IN THE UNITED STATES (EXCLUDING PORTO RICO
AND PHILIPPINE ISLANDS).
[Commissioner of Internal Revenue.]
Cigars.
Cigarettes.
Large.
Small.
Cigars.
Manuf ac tured
tobacco
'
—
Small.
I Cigarettes.
Large.
Small.
Small.
Manufactured
tobacco.
1920.
February
Number.
Number.
593,832,200 j 43,358,500
Number.
I Pounds.
3,536,117,847 31,531,460
July
August
September
October
678,751,956 51,766,100
672,020,289 48,171,240
678,640,116 50,175,580
704,799,089 60,882,760
1920.
November..
December...
Number.
668,060,015
506,126,135
Number.
57,026,500
47,380,000
Pounds.
18,513,654
15,452,701
3,053,336,563
3,569,397,443
3,557,482,503
3,840,334,806
Number.
3,529,200,006
2,816,818,050
1921.
January
February
J462,798,039
496,724,482
64,661,867 3,901,560,330
64,461,733 4,119,376,533
24,750,290
27,096,592
30,988,646
32,138,941
32,094,569
27,123,774
OUTPUT OF LOCOMOTIVES AND CARS.
[Locomotives, United States Railroad Administration; February, 1920, on, reports from individual producers; cars, Railway Car Manufacturers
Association.]
Locomotives.
i Domes!
tic
| shipped.
1920.
February
July
August
September
October
pleted.
Output of cars.
uc
Foreign.
*
Domestic
shipped.
Total.
Number. Number. Number.
Number. Number.
85 !
3,960
1,066
5,026
43 :
122 |
54
2,731
434
3,165
i
114 |
125
3,409
1,210
4,619
126 J
3,955
69
1,203
5,058
198
6,309
106
6,993
684
Output of cars.
Locomotives.
1920.
November.
December..
Foreign
completed.
Domestic.
Foreign.
Total.
Number. Number. Number. Number. Number,
985
204
73
6,243
7,228
198
1,420
93
7,551
8,971
1921.
January
February..
154
108
71
7,169
6,482
843
518
8,012
7,000
VESSELS BUILT IN UNITED STATES, INCLUDING THOSE FOR FOREIGN NATIONS, AND OFFICIALLY NUMBERED BY
THE BUREAU OF NAVIGATION.
[Monthly average, 1911-1913=100.]
Gross Relative.
Number. tonnage.
Gross
Number. tonnage.
February..
July
August
September..
October
1920.
140
267,231
173
178
135
120
217,239
259,210
261,962
227,162
November
December
January
February
1920.
1921.
119
87
213,966
176,903
885
732
94
95
216,280
121,404
895
538
458
FEDERAL RESERVE BULLETIN.
APRIL,
TONNAGE OF VESSELS CLEARED IN THE FOREIGN
[Department of Commerce.
Net tonnage.
American.
1920.
February..
July
August
September.
October...
Foreign.
Total.
TRADE.
Monthly average, 1911-1913=100.]
Net tonnage.
PercentRela- age Relative. Ameri- tive.
! canto
! total.
American. Foreign.
Total.
PercentRela- age Relative. Ameri- tive.
can to
total.
1920.
1,702,407 | 1,628,212
3,302,538
3,616,267
3,421,531
3^500^312
3,616,052
3,929,602
3,513,599
,
,
,
3,756,512
1921.
84 |
51.1
193
November.
December..
6,170,661
5,735,031
151
140
53.5
48.6
202
183
47.7
47.9
49.3
48.2
180 ;
181 !
186
182
3,302,367
2,785,615
2,868,294
2,949,416
! 6,918,590 j 169
| 7,545,869 I 184
| 6,935,130
170 j
,
j 7,256,824 I 177 \
1921.
January
February..
; 2,191,201
2,017,303
2,454,617
2,149,300
4,645,818
4,166,603
114
109
47.2
48.4
178
183
3,330,619 |
NET TON-MILES, REVENUE AND NONREVENUE.
[United States Railroad Administration; March, 1920, on, Interstate Commerce Commission.]
1920.
1920.
January
July
August
September.
. 40,450,094,000
. 42,706,838,000
. 40,999,843,000
October
November
December
42,562,687,000
37,458,630,000
34,722,365,000
Thirty-three representative mills which reported for January and February furnish the
The total production of winter and summer data for the following tables:
underwear for the 6 months ending February
[In dozens.]
28 was as follows:
REPORT OF KNIT GOODS MANUFACTURES.
Number
of mills
report-
ing.
September
October
November
December
Actual Per cent
producof
tion
normal.
(dozens').
1920.
,
63
61
63
61
606,257
393,422
191,831
98,671
74.2
50.4
23.2
11.0
Unfilled orders 1st of
month
New orders
Shipments
Cancellations
Production
January
(33 mills).
February
(33 mills).
156 653
261,504
89,503
2,337
110,033
307,507
239,919
184,901
1,789
171,892
Gain.
Loss.
150 854
21 585
95,398
548
61,859
FINISHED COTTON FABRICS.
The National Association of Finishers of
Cotton Fabrics, at the request of the Federal
Reserve Board, have arranged for a monthly
survey within the industry. The results of the
Order and production report for month end- inquiries are herewith presented in tabular form.
ing February 28, 1921; follows. The number The secretary of the association makes the following statement concerning the tabulation :
of mills reporting was 46.
January
February
1921.
61
63
148,023
248,431
16.4
28.0
Per cent
of
Dozens. normal
production.
Unfilled orders 1st of month
New orders received during month
Total (A)
341,233
240,024
Shipments during month
Cancellations during month
Total (B)
197,181
1,874
Balance orders on hand March 1 (A minus B)
Production
382,202
181,028
33." 2
581,257
27.3
0.2
199,055
25." i
The accompanying figures are compiled from statistics
furnished by 34 out of 58 member firms of this association.
It is probably fair to state that in the absence of having
specific detail at hand, but according to our best estimate,
it is probably well within the fact that the figures given
for the various classes of work would coyer, approximately,
the following percentages of the entire industry: White
goods, 72 per cent; dyed goods, 62 per cent; printed goods,
32 per cent. The figures given represent reports from
exactly the same finishers for the two months, both for
the totals and for the subdivisions, and, therefore, are
strictly comparable.
NOTE.—Many plants were unable to give details under
the respective headings of white goods, dyed goods, and
printed goods, and reported their totals only. Therefore
the column headed " Total" does not always represent the
total of the subdivisions, but is a correct total for the district.
APRIL,
459
FEDERAL RESERVE BULLETIN.
1921.
PRODUCTION AND SHIPMENTS OF FINISHED COTTON FABRICS.
January ', 1921.
Total finished yards billed during
month:
District 1
2
3
5 .
6
8
Total
Total finishing charges billed during
month:
District 1
2
3
5
6 .
8
Total
Total average per cent of capacity
operated:
District 1
3
5
6
8
Average for all districts
Total gray yardage of finishing orders
received:
District 1
2
3 .
5
6
8
Total
Number of cases of finished goods
shipped to customers (case equals
approximately 3,000 yards):
District 1
2
3
5
February, 1921.
White
goods.
DyedL
goods
Printed
goods.
5,002,988
3,403,981
2,463,224
3,699,382
23,130
7,969,975
752,885
1,554,046
28,483
202,126
4,237, 263
156, 605
17, 835, 323
14,592,705
10,507, 515
4,393, 868
34,
$114,215
67,089
91,430
68,613
478
$341, 337
25, 883
53, 943
225
8, 633
$235, 549
8, 230
$341,825
$430, 021
$243, 779
42
47
48
33
16
19
16
18
Number of case^ of finished goods held
in storage at end of month:
District 1
2
3 .
5
65
Total average work ahead at end of
month (expressed in days):
District 1
;
2 . . . .
3
5
6
8
Average for all districts
9,201,380
5,553,700
4,520,032
4,698,536
125 265
12,009,687
1,070,187
3,231,582
24,034
389 241
5,145, 619
359, 555
28,279,941
12,415,909
8,291,903
4,722,570
506.506
1, 220,042
315, 924
24,099,913
16,715,731
5,505, 174
55
436,871
$722, 831
165, 296
152, 606
68, 838
9, 111
18, 246
$182,214
110,950
143,350
96,080
2,360
$502,706
36,629
123,713
347
16,973
$239, 014
9, 225
$1,
015,721
288,014
277,460
96,427
19,333
15,961
136,928
$534,954
$680,368
$248
$1
712,916
30
36
32
65
17
50
73
66
57
34
41
30
54
964, 043
374, 204
727 865
??5J 9.S6
t:
$1,
239
46
58
51
73
34
73
55
46
51
47
28
16
33
61
50
34
12,987,722
5,581,626
4,954,744
4,783,349
111,120
15,418,651
2,114,808
4,277,198
51,054
205,249
6,167,917
5,090,072
38,827,146
19,221,310
10,042,625
4,834,403
316,369
1,300,005
10,745,070
6,396,320
7,365,939
4,689,469
65,706
16,816,715
2,976,397
5,036,959
45,178
328,072
7,084 145
5,162 723
28,418,561
22,066
989
72 541 858
29,262,504
25,233,321
1 764
13 236
7 727
4 933
4,662
4,079
3 576
1,464
3,399
94
1 956
1 818
16,650
9,455
5 777
2,685
960
11,257
12,246
868
37
19
13
4
372,981
212,796
205,870
734,647
393,778
1 281,734
76
201,806
4,018
3,765
2 834
1,476
2 854
126
1 766
12,093
4 746
1 764
29 ,020
13,781
5,449
1 ,818
34,943
614
291
2,905
18,198
7 fUl
3,879
2 309
'216
3,198
145
3 196
18,506
6 354
5 059
l|560
2 726
376
398
3,923
2 764
3
309
439
358
207
1 ^621
8
Total
Total.
l , 189 ?33
8
Total
Printed
goods.
Dyed
goods.
White
goods.
Tota
310
457
1,309
1 ,413
7,435
4 263
2 ,905
34 ,080
6,861
3,653
3 ,196
32,788
8.4
4.0
8.1
7.0
12.0
7.7
13.0
9.3
87
7.3
12.0
11.0
6.1
6.8
6.8
6.3
7.8
16.0
7.2
13.0
8.4
6.1
I
7.7
14.0
11.0
8.7
2.2
8.1
4.4
6.2
9.8
7.7
7.7
9.0
j
8.8
I|
6.7
9.1
8.5
460
APRIL, 1921.
FEDEKAL RESERVE BULLETIN.
RETAIL TRADE.
In the following tables is given a summary
of the data obtained from representative department stores in each Federal Reserve district, showing the activity of retail trade during
the past several months. In districts Nos. 1,
5, 7, 9, 11, and 12 the data were received in
(and averages computed from) actual amounts
(dollars). In districts Nos. 2, 3, 4, 6, 8, and
10 the material was received in the form of
percentages, the February, 1921, averages for
the cities and districts computed from such
percentages being weighted according to vol-
ume of business done during the calendar
year 1920, and the averages for the several
months in 1920 by similar figures for the
calendar year 1919. For the month of February the tables are based on reports from 24
stores in district No. 1, 26 in district No. 2,
46 in district No. 3, 14 in district No. 4, 25 in
district No. 5, 12 in district No. 6, 7 in district
No. 7, 9 in district No. 8, 11 in district No. 9,
17 in district No. 10, 18 in district No. 11, and
25 in district No. 12. The number of stores
varies somewhat, due to the inclusion of new
stores from time to time in the reporting list.
CONDITION OF RETAIL TRADE IN THE TWELVE FEDERAL RESERVE DISTRICTS.
Percentage of increase in net sales compared with corresponding period previous year-
Julv, Aug., Sept., Oct., Nov., Tec, Jan., Feb.,
1920. 1920. 1920. 1920. 1920. 1920. 1921. 1921.
District No. 1:
Boston
Outside
Dstrict
D strict No. 2:
Outside
District
District No. 3:
Philadelphia
Outside
District
District No 4
District No. 5:
16 3
27 2
16.0
14.7
0.1
2.2
19 9 10 9 15.4
.6
11.6
9.1
22.4
26.9
10.9 13.2
26.4 16.9
24.4
15.9
3.6
1.7
15.4
6.2
23 8
16.3
27.2
24.1
18.1
15.9
16.9
9.7
11.1
11.0
9.0
8 5 5.4
5.0 110.1
11.4
19 9 15.1
15.2
10.1
10.4
7.7
22.4
26.9
13.0
27.1
3.6
23.4
5.2
19.6
3.0
22.8
24.4
17.5
10.2
10.0
10.0
1.4
1.5
11.6 U . 6
15.3
1.0
2.9
10.8
2.9
3.3
3.4
4.7
5.5
15.3
13.5
12.0
18.5
9.1
21.6
2.9
3.3
4.4
1.7
3.6
8.5
6.1
3.1
3.8
23.8
24.9
19.6
17.3
14.6
14.1
3.1
26.1
14.7
3.6
6.4
29.9
27.3
25.9
23.9
24.8
22.0
3.6
59 53
14 2 14 2
9 3 8.4
4.0 15.9
7.5
12.4
13.1
il 6
14.1
25.9
27.6
33 2
20.8
88
9.9
25.6
12.6
28 6
11.8
3
7.8
12.4
25.1
83
10.5
I 2 9
il.9
16.0
14.6
3.0 1 9.0
17 6 9 6 110 5
10.8
5.3 1 3.8
2 9
5 112 3
9.2 15.1 111.6
12.7 i 2.9 1 8.9
District No. 12:
Los Angeles
San Francisco
Oakland
Sacramento
Seattle
Spokane
Salt Lake City
35.1
21.0
16.9
20.1
.2
22.7
! 20.6
48.9
18.6
15.3
3.1
i 8.0
12.7
11.6
29.1
10.4
19.3 31.2 13.7
11.5
9.9 i 3 8
7.2
22.0
"2.3
9.9
U4.6 ii(3.4 118.7
4.6
5.6 11.5
8.9 14.7
9.1
District
21.2
21.7
14 6
1.6
15.8
20.9
1 Decrease.
3.2 16.5
14.3 11.5
20.8
i
"i"4.*5"
14.5
8.2
4.9
5.4
8.6
15.7
21.1
14.1
13.6
13.5
10.4
1.4
15 4
13.1
17 0
4.1
14.6
11.6
41.2
19.6
29.6
18.0
li 6
14.1
25.9
16.9 19.7
35 5 32.6
16.8 16.5
14.2
25.2
11.1
20.9
18.8
24.2
13.8
38
12.9
17.9
15.3
18.1
13.3
76
.7
10.5
17.1 14.6
.4
112 1
8.2
U0.4
U6.8
123 4 12*4"
no.i 12.2
15.2
1 .6
11.3 14.3 U4.3 92.4
5.2
21.6
35.1 42.4 37.9 33.9 33.7
21.0 19.6 17.3 15.4 11 7
16.9 14.7
21.3 18.2
20.1 13.3
16.1
.2 1 4.4 '14.' 2 17.3 '19'. 2
22.7 16.8
9.4
8.4
20.6 16.1
14.0 12.2
21.2
21A
19.8
16.8
7.7
19.1
3.5
24.6
1
Feb.,
1921.
1.5
22 6 15.2
29 9 25.7
11.6
41.2
No 6
No. 7
No 8
No 9
No. 10
No. 11
6.5
7.6 13.6 !6.5 i l . l
9.5
18-9
5.9 11.5
15.7
District
Julv, Aug., Sept., Oct., Nov., Tec., Jan.,
1920. 1920. 1920. 1920. 1920. 1920 1921.
1 4 5.4 10.8
15.0
1.7 16.4 U0.1 16.0
8.5
8.5
Richmond
Washington
Other cities
District
District
District
District
District
District
Jan.1,1921,
to close of—
July ] , 1920, to close of—
District and city.
14.8
5.9
14.2
9.3
4.0
46
42
8.8
9.4
5.4
6.4
19.O 15.4
U0.5 1 4 7
13.8 13.7
112 3 1 10 9
111.6 11.8
1 8.9 18.4
28.5 17.1
13.3
8 7 U2.1 1 6 5
110.4 12.2
"Y.o U6.8
U l . l 123.4 1*9 3
8.6 110.1
14.6 1-.6 "*i"9
5.0 U4.3
15.9
APEIL,
461
FEDERAL RESERVE BULLETIN.
1921.
CONDITION OF RETAIL TRADE IN THE TWELVE FEDERAL RESERVE DISTRICTS—Continued.
Percentage of increase in stocks at close of month compared with—
Previous month.
Same month previous year.
District and city.
July, Aug., Sept., Oct., Nov., Dec, Jan., Feb., July, Aug., Sept., Oct., Nov., Dec, Jan., Feb.,
1920. 1920. 1920. 1920. 1920. 1920. 1921. 1921. 1920. 1920. 1920. 1920. 1920. 1920. 1921. 1921.
District No. 1:
Boston
Outside
District
District No. 2:
N. Y. City and Brooklyn.
Outside
District
32.1
30.4
26.3
26.4
20.7
21.7
9.5
7.1
15.9
10.6
31.5
26.4
21.0
11.6
8.2
46.2
30.9
30.7
26.3
18.0
20.2
39.5
29.3
18.7
District No. 12:
Los Angeles
San Francisco
Oakland...
Sacramento
Seattle
Spokane
Salt Lake City
:
District
4.6
14.5 112.0 117.8
6.8
6.9
17.4
2.2
8.0
1 9 ill. 7
110.8 U2.4
4.4
14.6 111.9
48.3
34.9
22.5
29.6
21.1
15.1
39.8
64.1
24.2
"12. 6 17.7
43.6 39.1
69.5 59.5
37.2
55.5
35.4
22.6
29.1
52.8
30.1
51.7
30.5
12.0
25.0
42.3
5.3
20.1
J u l y ! , 1920, to close of—
.3
1
8.3
115.5
9.9
110.9
114.9
112.9
113.9
113.1
111.5
123.1
118.2
115.5
14.9 112.4
19.3 116.5
121 1
District
District No. 2:
New York City and Brooklyn
Outside
District
District No. 3:
Philadelphia
Outside
4.9
6.2
8.4
.9
14.7 117.3 111.5
5.6
9.4
9.2
4.8
16.4 120.0 U4.6
3.1
17.0
U5.2
118.7
132.1
69
7.7
9.8
13.9
2.5
2.3
10.2
.1
17.7 125.5 116.2
8.9
5.6
5.4
.8
14.6
5.6
2.9
16.7
15.9
14.3
14.2
15.0
19.3
130.8
124.0
118.8
118.7
123.9
128.8
6.0
8.4
13.1
4.8
11.6
6.9
14.* 7*
8.9
8.3
1.8
1.5
12 9
9.8
22.3
4.6
6.6
12.5
13.7
7.4
4.9
121.4
13.6
X
27. 5
114.0
14.2
1.8
1.4
2.3
9.8
1.9
9.1
.4
17.6
1.8
.7
6.3
1.0
1.8
.5
1 1.9
13.0
1.8
11.8
13.3
18.8
U.1
17.9
14.2 145.4 3.6
1.8 114.7 19.O
110.9
1 3.1
123.1
12.9 122.5 111.3
2.1
12.7 14.2 13.6
122.4
.2
15.4
.6
.3
2.8
1.2
13.4 114.3 14.1
1.4
1.8
1.2
10.1
5.0
.5
6.1
4.2
6.6
4.4
2.2
Ratio of outstanding orders at close of [month
to total purchases during previous calendar
year (percent).
Jan. 1,1921,
to close of—
July, Aug., Sept., Oct., Nov., Dec, Jan., Feb..
1920. 1920. 1920. 1920. 1920. 1920. 1921. 1921.'
District No. 1:
Boston
Outside
3.3
3.0
124 0
113.1
129.9
121.4
14.2 122.2 124.8
16.3 1.2
39.7 27.7
17.0 16.2
7.1 1 3.5
11.8 9.4
31.5 8.8
21.6 16.4 !29.7
15.4 8.0 19.6
83 38
17.5 1
136
4.4 112.3
.5
40.1 33.6 U2.2
12.7
15.6
1.5
11.6 14.0 113.2 11.4
Ratio of average stocks at close of each month
to average monthly sales for same period
(per cent).
District and city.
4.2
9.5
16.7
10.1
20.6
15.O 115.5 113.8
14.1 120.0 17.4
5.7
9.3
16.0
25.3
5.3
7.3
5.6
34.0
40.1
15.6 121.1 17.6
5.1 12.3 19.5
14.3
4.6
3.8 112.7 120.0 123! 0
20.6
31.2 33.4
27.1 16.2
22 5
11.4
23.4 18.4
3.9
45.8 45. 5
.5
17.2
15.6
40.4
47.5
43.1
27.7
6.3
1.3
11.8
31.0
51.6
70.1
14.8 !20.4 18.1
17.O 124.0 16.1
9.5
28.4
44.6
No. 6
No. 7
No. 8
No. 9
No. 10
No. 11
1.0
1.4
4.3
110.7 i l . 6
119 7
19.8
128.6
120.3
District
15.5
14.7
1.7
District No. 5:
Baltimore
Richmond
Washington
Other cities
District
District
District
District
District
District
118.9 112.7
14.2
5.7
District
15.5
15.4
9.5
9.7
District No. 3:
Philadelphia
Outside
District No. 4
9.0 118.2 114.5
12.0 120.5 18.2
4.9
3.2
11 7 110.7 1 3.7 1 7.0
.2
3.7
2.0 110.6
July, Aug., Sept., Oct., Nov., Dec, Jan., Feb.,
1920. 1920. 1920. 1920. 1920. 1920. 1921. 1921.
5.1
4.5
7.4
8.6
4.8
8.1
5.3
3.1
5.5
4.1
7.3
7.2
5.5
4.5
5.1
7.3
4.7
2.9
4.9
4.1
4.4
4.8
7.9
6.2
419.2 447.1 412.7 388.4 368.4 329.9 270.2 325.3
436.4 472.1 485.9 482.6 456.6 452.0 392.9 473.7
18.5
9.1
13.7
14.2
11.4
14.7
7.5
10.8
5.4
10.4
425.1 455.1 433.5 415.6 398.6 357.9 297.2 358.1
12.0
14.0
13.1
9.1
7.7
390.0 489.3 613.7 479.4 464.1 361.1 315.8 323.3
485.8 506.3 492.1 441.3 430.6 347.7 351.3 350.6
15.7
18.9
16.8
14.3
14.7
12.0
9.2
6.6
6.9
4.1
440.1 496.7 573.9 466.9 452.3 358.0 325.0 328.7
17.4
15.9
13.6
8.1
360 4 322 6 281 9 314 3
520.5 458.6 479.3 508.7
3.6
District
399.8 471.2 500.3 437.2 418.0 371.1 357.6 365.6
19.8
14.2
10.1
5.9
4.0
4.6
4.6
7.5
District No. 4
403.6 412.7 468.8 466.8 452.1 398.5 306.4 353.6
18.9
17.0
13.3
7.6
5.9
4.7
7.1
7.0
1
Decrease.
462
FEDERAL RESERVE BULLETIN.
APEIL, 1921.
CONDITION OF RETAIL TRADE IN THE TWELVE FEDERAL RESERVE DISTRICTS—Continued.
Ratio of average stocks at close of each month
to average monthly sales for same period
(per cent).
District and city.
Ratio of outstanding orders at close of month
to total purchases during previous calendar
year (per cent).
J a n . 1,1921,
July 1, 1920, to close of—
to close of—
July, Aug., Sept., Oct., Nov., Dec, Jan., Feb.,
1920. 1920. 1920. 1920. 1920. 1920. 1921. 1921.
July, Aug., Sept., Oct., Nov., Dec, Jan., F e b . ,
1920. 1920. 1920. 1920. 1920. 1920. 1921. 1921.
District No. 5:
Baltimore
Richmond
Washington
Other cities
311.8
403.5
351.2
407.1
District
District
District
District
District
No 6
No 7
No. 8
No 9
....
District N o 10
District N o . 11
.
.
341.6
403.1
370.9
434.3
District N o . 12:
6.6
16.1
14.8
8.4
7.1
3.0
2.7
6.0
17.4
19.3
15.6
23.2
17.2
11.0
15.7
6.9
5.1
6.1
5.8
6.5
3.9
11.9
1.9
3.2
4.9
5.6
3.8
3.1
6.1
10.8
11.0
18.7
42
22.1
11.8
7.0
6.5
6.9
4.4
11.5
4.3
1.6
.1
2.7
6.0
5.2
5.4
8.6
478.0 432.5 354.1 355.6
515.8 434.3 424.2 444.6
427.2 467.1
567.4
"490." 5
454.5 413.7 463.0 468.1
544.3 458.5 620.5 610.9
601.4
Salt Lake City
536.5 489.6 504.0 467.3 488.5 490.7 502.4 448.2
District
4.8
6.9
403.9 381.6 307.8 549.1 405.3
432.7 427.9 410.7 371.0 431.7 391.0 544.3 404.4
432.6 377'. 0 396.8 324.4 245.1 336.5 407.9
522. 5 454.2 486.0 462.5
539.9 512.8 511.5 511.9
732.5
625.1 598.3
423.3
387.4
470.2 532.7 508.0 502.5
652.6 675.5
579.0
Los AIISGIGS
San Francisco...
Oakland
Sacramento
Seattle
7.9
6.1
3.9
5.4
505.9 560.7 512.9 489.0 454.5 386.6 344.5 368.7
384.1 334.0 340.4 343.3 526.8 466.3 480.8 450.3
425.5 523.9 454.0 416.7 383.7 357.6 395.7
.
7.2
5.4
9.2
13.7
15.6
18.6
9.1
9.7
8.8
12.7
10.0
3.1
4.1
22.8
25.9
15.5
21.1
12.0
10.8
13.6
7.6
9.6
16.3
29.9
18.7
12.2
8.6
6.4
7.0
22.3
14.2
12.4
9.3
3.4
2.3
2.7
10.6
?, 6
9.5
9.8
7.0
5.8
8.9
5.5
8.2
WHOLESALE TRADE.
PERCENTAGE OF INCREASE (OR DECREASE) IN NET SALES IN FEBRUARY, 1921, AS COMPARED WITH THE PRECEDING
MONTH.
Groceries.
District.
No.
No
No.
No
No
No.
No
and
Hardware. Boots
shoes.
Furniture.
Auto supplies.
Drugs.
Stationery.
Farm implements.
Auto tires.
Ppr Num- Per Num- Per Num- Per Num- Per Num- Per Num- Per Num- Per Num- Per NumPer Number of
ber of
ber of
ber of
ber of
ber of
ber of
ber of
ber of
ber of
cent. firms. cent. firms. cent. firms. cent. firms. cent. firms. cent. firms. cent. firms. cent. firms. cent. firms. cent. firms.
-4.2
-2.2
+0.6
3
5
6
8
10
11
12
Dry goods.
+0.3
+9.8
+4.9
50
8 + 14.4
13 +33.5
+ 18.0
6
6 +44.6
28 +9.1
-4.4
8 -6.9
14 - 8 . 8
25
8 +77.0
9 + 19.4
18
+27.0
4 + 1.0
10 -10.0
5
2
22 +35.0
8 +246.4
7
+72.9
-18.1
14 +41. 5
4
3 +3.8
3 -12.9
15 —4.4
3
2 +25.8
10
-31.4
2
—12.2
2
24
+30.4
14
PERCENTAGE OF INCREASE (OR DECREASE) IN NET SALES IN FEBRUARY, 1921, AS COMPARED WITH FEBRUARY, 1920
Groceries.
District.
No.3
No. 4
No. 5
No.6
No. 7
No. 8
No. 10
No. 11
No. 12
.
Dry goods. Hardware.
Shoes.
Furniture.
Auto supplies.
Drugs.
Stationery.
Farm implements.
Auto tires.
NumNumNumNumNumNumNumNumNumPer Number of Per ber of Per ber of Per ber of Per ber of Per ber of Per ber of Per ber of Per ber of Per ber of
cent. firms. cent. firms. cent. firms. cent. firms. cent. firms. cent. firms. cent. firms. cent. firms. cent. firms. cent. firms.
-24.9
-27.1
. -14.5
-29.7
-24.1
-17.3
-34.3
-4 7
50
15 - 2 2 . 3
8 -50.4
13 - 4 6 . 9
20 -46.4
-43.3
6
6 -58.0
28 - 3 3 . 8
-12.7
3 -19.0
8 -37.4
14 -30.7
13
18
-41.3
4 -28.4
10 -35.6
25
8
8 -42.6
9 -59.9
-31.2
-53.0
8 -52.3
7
8
5
2
22 - 3 9 . 8
14 -35.7
-52.8
-54.9
4
4
3 -32.3
3 -33.4
15 -13.6
3
2 -26.4
10
2
-8.2
-83.9
24
2
-56.6
14
APRIL,
463
FEDERAL RESERVE BULLETIN.
1921.
COMPARATIVE WHOLESALE PRICE LEVELS IN PRINCIPAL COUNTRIES.
The foreign index numbers published below
are constructed by various statistical offices
according to methods described in most cases
in the BULLETIN for January, 1920. A description of the method used in the construction of
the Swedish index number appeared in the
BULLETIN for February, 1921, for the new
Italian index number in the present issue of
the BULLETIN, and the method used by the
Frankfurter Zeitung in the case of the German
index number was described in the BULLETINS
for February and March, 1921. Complete
information regarding the computation of the
United States Bureau of Labor Statistics appears in the publications of that bureau, and a
description of the index number of the Federal
Reserve Board may be found in the BULLETIN
for May, 1920. In the case of the two Ameri-
can index numbers, 1913 is used as the basis
in the original computations. In the other
cases in which 1913 appears as the basis for
the computation the index numbers have
been shifted from their original bases. The
computations in these cases are, therefore,
only approximately correct. In a few cases
July, 1914, or the year immediately preceding
that, is used as the base. The figures are for
the most part received by cable, and the latest
ones are subject to revision. In cases where
the index numbers were available they have
been published for the war years in various
issues of the BULLETIN in 1920.
In the following table the all-commodities
index numbers for the whole series of countries
appear together to facilitate the study of
comparative price levels.
INDEX NUMBERS OF WHOLESALE PRICES (ALL COMMODITIES).
United
States;
Federal
Reserve
Board
(88 commodities)."
1913
1914
1915
1916
1917
1918
1919
January...
February
France;
Bulletin
de la Statistique
Generate
(45 commodities)^
Italy; 1
Prof.
Bachi (38
commodities until
1920, 76
thereafter)^
Australia;
Calcutta,
Sweden; Japan; Common Canada;
India:
Svensk Bank of Bureau Depart- Department of ment, of
Ilandels- Japan for
tidning Tokyo (56
Statistics
(272
(47 quota- commodi- O/Ilvl O [jCb quota(75 comtions). <• ties)." tistics(92 tions), c modicommodities). t>
ties)."
206
100
100
101
* 124
174
197
215
100
101
126
159
206
226
242
100
101
137
187
262
339
357
100
95
133
202
299
409
364
2 100
116
145
185
244
339
330
100
96
97
117
149
193
235
-100
141
132
&155
170
180
100
101
110
135
177
206
217
242
248
263
264
258
250
234
226
208
190
173
249
253
265
272
269
262
250
242
225
207
189
306
307
313
305
300
299
298
292
282
263
243
522
555
588
550
493
496
501
526
502
461
435
557
602
664
660
632
604
625
655
659
670
655
342
354
354
361
366
363
365
362
346
331
299
313
321
300
271
247
239
235
230
226
221
206
206
209
217
225
233
234
236
230
215
208
197
254
258
261
263
258
256
244
241
234
225
214
209
198
200
210
206
209
209
208
206
194
180
163
154
178
167
232
215
407
376
642
267
250
201
195
196
208
199
178
174
100
February..
March.
April
May
June
July..
. .
August
September...
October
November.
December
United
United
States;
KingBureau of dom;
Labor
Statist
Statistics (45 com(328 quo- moditations), a ties). &
<100
1920.
1921.
a Average for the month.
b End of month.
« Middle of month.
1 Index numbers for 1920 and thereafter based upon prices of 76 commodities. Computations arrived at by the method described on p. 465 of
thfs BULLETIN.
2 July 1, 1913, to June 30, 1914=100.
3 July, 1914=100.
< End of July, 1914=100.
5 Last six months of 1917.
464
FEDERAL RESERVE BULLETIN.
APRIL,
1921.
GROUP INDEX NUMBERS-UNITED STATES, BUREAU OF LABOR STATISTICS.
(In the tables below the index numbers for individual groups of commodities are given separately for certain countries. The index number
for the United Kingdom will be found on p. 421, for France on p. 424, for Italy on p. 437 and for Sweden on p. 430.)
[1913=100.]
Farm
products.
Date.
1913
1914
1915
1916
1917
1918
1919
. . . .
Food,
etc.
and Lumber
House
Cloths and Fuel and Metals
and
Chemicals
metal
building and drugs. furnishing
clothing. lighting. products.
goods.
material.
Miscellaneous.
100
103
106
119
189
219
234
100
102
105
124
178
191
214
100
98
99
123
181
240
270
100
96
92
114
175
163
173
100
88
94
142
208
181
161
100
98
94
100
124
152
195
100
101
109
157
198
221
178
100
99
99
115
145
195
246
100
98
99
117
153
192
217
237
239
246
244
243
236
222
210
182
165
144
244
246
270
287
279
268
235
223
204
195
172
356
356
353
347
335
317
299
278
257
234
220
187
192
213
235
246
252
268
284
282
258
236
189
192
195
193
190
191
193
192
184
170
157
300
325
341
341
337
333
328
318
313
274
266
197
205
212
215
218
217
216
222
216
207
188
329
329
331
339
362
362
363
371
371
369
346
227
230
238
246
247
243
240
239
229
220
205
136
129
162
150
205
198
234
218
152
146
239
222
182
178
283
277
190
180
1920.
February
March
.
. . . .
April
May
June
July
August
September
October
November
December
.
...
.
. .
1921.
January
February
GROUP INDEX NUMBERS—AUSTRALIAN COMMONWEALTH—BUREAU OF CENSUS AND STATISTCS.
[July, 1914=100.]
Metals and
coal.
Date.
July, 1914
1915...
1916
1917
1918
1919
.
February
March
April.
May
July
September
October
November
December
January
...
. .
1920.
1921.
Textiles,
leather,
etc.
Agricultural
products.
Dairy
products.
Groceries
and
tobacco.
Meat.
Building
materials. Chemicals.
100
117
154
213
220
193
100
93
131
207
232
217
100
202
113
110
135
186
100
* 127
124
116
121
137
100
110
127
131
138
147
100
150
155
155
147
145
100
116
136
194
245
261
100
149
172
243
315
282
192
205
205
214
214
211
209
211
222
222
216
283
281
277
265
260
252
251
222
220
180
156
226
226
234
252
261
244
238
231
208
206
193
149
162
169
177
187
188
189
209
214
212
210
161
160
192
197
195
193
193
196
196
195
198
149
126
160
170
208
261
284
273
226
211
193
287
298
298
307
307
307
312
295
289
281
271
272
280
280
297
297
283
282
276
276
255
252
215
145
197
208
197
191
279
244
465
FEDERAL RESERVE BULLETIN.
APBIL, 1921.
GROUP INDEX NUMBERS—CANADIAN DEPARTMENT OF LABOR.*
[1913=100.]
Grains
and
fodder.
Date.
1913
1914
1915
1916
1917
1918
1919
Fruits
Animals Dairy
and
and
vegeproducts.
meats.
tables.
Other
foods.
Hides,
Textiles. leather,
etc.
Imple- Building Fuel and
ments. materials,
lumber. lighting.
Metals.
Drugs
and
chemicals.
100
114
136
142
206
231
226
100
107
104
121
161
197
199
100
100
105
119
149
168
192
100
99
93
130
233
214
206
100
104
121
136
180
213
222
100
102
114
148
201
273
285
100
105
110
143
168
169
213
100
96
128
167
217
229
173
100
101
106
128
174
213
228
100
100
97
100
118
147
171
100
94
92
113
163
188
201
100
106
160
222
236
250
205
275
280
291
301
302
292
271
254
229
201
190
195
198
200
207
211
211
204
202
194
184
179
216
206
196
189
183
194
198
202
207
209
221
290
295
316
358
338
295
142
190
177
203
189
251
254
264
275
274
283
277
261
249
236
222
321
322
366
323
314
305
300
296
292
273
251
245
222
239
215
186
183
173
161
156
153
141
199
210
214
213
207
209
209
207
203
195
178
231
237
237
237
238
242
243
259
259
259
259
243
268
268
294
294
282
285
273
265
265
252
215
215
245
257
279
294
298
296
295
270
269
189
194
201
203
206
218
218
217
211
205
201
186
171
175
171
216
185
184
163
212
205
228
204
131
126
174
167
257
257
248
239
247
234
196
188
1920,
February...
March
April
May
June
July
August
September..
October
November..
December..
1921.
January
February...
1
•
Unimportant groups omitted.
GROUP INDEX NUMBERS—CALCUTTA INDIA DEPARTMENT OF STATISTICS.
[End of July, 1914=100.]
Date.
Build- ManuJute
Hides Cotton
ing
manu- Raw manufacand
mate- tured Metals. skins.
fac- cotton. facrials. articles.
tures.
tures.
End of July, 1914...
1920.
February
March
April
Mav
June
July
August
September
October . .
November
"PflCf^mbPT
1921.
January
February
..-
Other
textiles.
Raw
Oil Tea. Sugar. Pulses. Cereals. Other
Oils. jute.
foods.
seeds.
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
118
127
114
128
131
139
142
158
154
161
161
217
218
201
215
233
235
235
237
282
246
229
215
222
219
248
244
249
257
245
245
243
242
233
211
209
160
116
100
99
105
96
89
90
364
351
357
365
364
364
360
347
343
341
185
179
158
135
144
132
139
154
142
133
116
164
150
170
142
147
151
163
163
136
118
107
158
159
161
164
164
168
168
164
164
164
156
155
135
116
123
119
119
115
115
132
118
124
123
118
119
120
83
89
91
105
104
90
83
190
166
163
169
171
169
167
179
184
163
152
92
87
90
90
73
74
72
65
64
62
69
363
321
377
511
482
503
477
456
392
348
273
191
160
159
150
149
159
160
170
169
168
149
158
151
156
157
156
151
154
154
155
150
139
192
199
185
183
180
188
185
186
178
173
160
158
147
238
226
247
243
81
80
324
306
107
104
104
101
149
149
116
97
85
80
130
124
77
70
314
352
135
119
139
129
139
148
NEW ITALIAN INDEX NUMBER OF WHOLESALE
PRICES.
Prof. Riccardo Bachi has constructed a new index number of wholesale prices in Italy to take
the place of the old one, which has been compiled
by him for a number of years. The new index
number is based upon the prices of 76 commodities, just double the number of commodities in
the old index. It is constructed by obtaining the
unweighted arithmetic average of the ratios of
the individual prices expressed in terms of the
base period. The average end of month prices
in 1920 serve as the basis for the calculation.
In the case of important commodities two or
three quotations are included in the index number, otherwise no weighting is used. As the new
index number agrees fairly well with the old one
for the year 1920, Prof. Bachihas recomputed the
new series on the base of the old index number
and thus carries on the original series without
a break. These figures will be found on page
463 of this issue of the BULLETIN.
Index numbers for Italy.
[Prof. Bachi's New Series. Basis, 1920=100.]
Vege- Ani- Chem- Textable mal
foods. foods. icals. tiles.
Commodities
Minerals
and
metals.
GenBuild- Other
vege- Sun- eral
ing table
index
mate- prod- dries. numrials. ucts.
ber.
76
12
19
10
1920.
January
February
March
April
May
June
July
August
September.
October
November.
December.
86.2
91.6
93.1
102.7
102.2
100.2
96.8
100.7
104.8
107.1
107.7
106.9
81.2
79.5
82.7
83.6
S2.9
101.1
100.3
103.4
108.8
108.0
124.1
126.4
64.2
76.8
96.
110.4
122.6
112.8
100.0
102.3
100.1
103.4
107.7
102.8
95.3
106.0
115.6
130.8
104.9
90.8
88.3
94.9
99.6
97.9
1921.
January
106.7 120.7
98.1
77.4
75.9
92.7
104.8
115.8
113.2
99.1
95.5
96.6
103.7
106.5
94.0 101.4
81.9 92.7
72.0
75.4
82.2
96.4
101.8
106.3
108.4
109.9
109.9
112.8
112.
112.6
93.5
100.9
102.4
99.8
97.2
95.9
90.2
91.9
97.5
100.5
108.7
121.8
78.2 81.25
85.8 89.13
92.8 96.41
104.2106.30
107.8105.73
105.7101.18
104.9 97.77
101.4 100.13
102.1104.98
105.4105.47
105.2107.33
106.8 104.97
88.2 113.3 123.4 107.1102.89
466
FEDERAL RESERVE BULLETIN.
APRIL, 1921.
DISCOUNT AND OPEN-MARKET OPERATIONS OF THE FEDERAL RESERVE BANKS
DURING FEBRUARY, 1921.
DISCOUNTS.
For each Federal Reserve Bank the volume
Discount operations of the Federal Keserve of discounts has been multiplied by the average
Banks during February and January, 1921 maturity and the total divided by the number
and 1920, are shown in summary form for the of|days in the month. It may be noted that
entire system in the table below. Detailed the figures shown in the third column are not
figures for each Federal Reserve Bank for the exactly the products of the figures in the
most recent month are given on pages 469 preceding two columns, for the reason that,
in the computation, average maturity was
to 471.
carried out four decimal points beyond those
Summary of volume of discount operations.
shown in the table. As explained in the
March BULLETIN, page 350, this method
[In thousands of dollars.]
affords a basis for a fairer comparison as
between banks than do volume figures taken
1920
1921
by themselves. By further reducing the
February. January. February. January. monthly figures to a daily basis, two objects
are served. In the first place, the figures are
8,120,849 8,257,762 6,517,439 6,241,272 reduced from an excessively large total that
Discounts—Total
Secured by Government
is hard to grasp to a figure which, if it were
3,856,306 4,141,555 5,544,279 5,456,304
obligations
Otherwise secured and
perfect, would give the average daily amount
4,264,543 4,116,207
784,968
unsecured— T o t a l . ,
973,160
of funds needed by each Federal Reserve
Commercial paper,
751,272 Bank in its discount department in order
4,187,059 4,015,773
n. e. s
933,557
56,714
46,263
Agricultural p a p e r . . .
15,119
Live-stock paper
11,806
to carry on the business actually done during
Trade acceptancesThe other object
20,171
13,256
Total
10,992
16,470 the month under review.
Domestic
12,799
20,095
served
by
this
calculation
is
the elimination
Foreign
457
76
B a n k e r s ' acceptof the inequalities in the length of the months.
8,430
ances—Total
6,159
17,226
28,611
In subsequent numbers of the BULLETIN
Domestic
2,907
3,005
3,752
Foreign
5,425
figures in this table will be shown on a daily
Average maturity (in
9.53
10.18
days)
12.26
13.21 basis only, with comparisons between the difAverage rate (365-day
6.41
basis), per cent
6.37
5.52
4.90 ferent banks and between the different months
of the year.
January figures of discounts are smaller
Discount operations during February aggre- for paper secured by Government obligations
gated $8,121,000,000, a decrease of $137,000,000 but larger for all other paper. Discounts
from the total of $8,258,000,000 reported for of paper secured by Government obligations
January and an increase of $1,603,000,000 from declined from $4,142,000,000 in January to
the total reported for February, 1920.
$3,856,000,000 in February, while all other
In order to present a fair comparison of the paper increased from $4,116,000,000 to
discount operations of the different Federal $4,265,000,000.
Of the different classes of
Reserve Banks, a computation has been made paper not secured by Government obliwhich reduces the volume of discounts to a gations, the only class that shows an
daily basis. The table below shows the method increase for the month is commercial
of operation:
paper, which increased from $4,016,000,000
in January to $4,187,000,000 in February.
Volume of discounts reduced to daily basis.
Smaller totals are shown for agricultural and
live-stock paper, as well as for discounted
Volume times average
Avermaturity. .
age
trade and bankers7 acceptances. The decrease
Federal Reserve
maVolume.
Bank.
turity
in discounted trade acceptances is particularly
Reduced to
Total.
(days).
daily basis.
notable, the amount for February being
in
All b a n k s . -. $8,120,848,629
9.53 $77,406,483,799 $2,764,517,209 $13,000,000, compared with $20,000,000
7
January.
The
decrease
in
bankers
acceptBoston
523,827,359
7.89
4,130,918,151
147,532,793
New York ..
5,631,398,234
5.51 31,044,911,124
1,108,746,821 ances was from $8,500,000 to about $6,500,000.
Philadelphia—
309,687,078 12.70
3,932,345,286
140,440,900
Average maturity of paper discounted in
Cleveland
380,693,798
9.40
3,579,985,713
127,856,632
Richmond
225,299,436 12.99
2,927,249,840
104,544,631 February was 9.53 days, compared with 10.18
Atlanta
149,510,033 25. 81. 3,859,178,727
137,827,811
Chicago
386,882,136 33.50 12,959,960,264
462,855,714 days the month before, and 12.26 days in
St. Louis
121,650,136 26.43
3,214,745,794
114,812,350 February, 1920. The average rate of interest
Minneapolis
69,309,518 32.66
2,263,350,601
80,833,950
Kansas City
91,428,751 30.79 2,814,723,145
100,525,821 charged on discounted paper in February was
Dallas
67,374,398 31.62
2,130,314,820
76,082,670
San Francisco...
163,787,752 27.77
4,548,800,331
162,457,150 6.41 per cent, marking a slight increase from
the 6.37 per cent shown for the preceding
month and comparable with 5.52 per cent for
February, 1920.
Following is a summary of holdings of discounted bSls at the end of February and
January, 1921 and 1920. Detailed figures for
each Federal Reserve Bank are shown on
pages 471 to 473:
1921
1920
1921
Jan. 31.
Feb. 27.
Jan. 30.
2,389,510 2,457,116 2,453,511 2,174,357
Total
Secured by United States
Government obligations
997,968 1,040,365 1,572,980 1,457,892
Otherwise secured and unsecured—Total
716,465
1,391,542 1,416,751 880,531
Commercial and industrial paper, n. e. s
614,710
1,140,826 1,157,768 755,750
Agricultural paper
23,212
30,125
140,815
136,679
Live-stock paper
33,693
37,070
88,233
83,654
Trade acceptances—Total
18,508
17,429
2i,886
16,962
Foreign trade
115
540
Domestic trade
17,314
16,422
Bankers' acceptancesTotal
19,964
13,421
39,078
12,506
10,335
Foreign trade
8,419
3,086
Domestic trade
3,912
Dollar exchange
175
ADDITIONS
Member banks Member banks
Percentage
in district.
accommodated. accommodated.
Feb.
28.
Bills purchased—Total
Bankers' acceptancesTotal
In the domestic trade.
In the foreign trade..
Dollar exchange
Trade acceptances—Total
In the domestic trade.
In the foreign t r a d e . .
Average maturity (in
days)
Average rate (365-day
basis), per cent
United States securities purchased:
Bonds
Certificates of indebtedness
1920
February.
January.
169,456
122,268
300,308
302,452
167,362
37,074
115,638
14,650
2,094
15
2,079
121,134
32,275
78,001
10,858
1,134
70
296,959
65,918
228,091
2,950
3,349
29
299,746
60,785
236,180
2,781
2,707
303
1,064
3,320
2,404
38.47
50.50
47.05
6.05
5.53
5.10
304,296
642,375
6.01
February.
200
12
18,879
274,172
January.
TO MEMBERSHIP.
During the month of February 22 banks
were added to the membership of the system,
the total number of banks increasing from 9,659
to 9,681. The number of banks accommodated in January was 5,291 and in February
5,107, so that the percentage of banks accommodated declined from 54.8 to 52.8 per cent,
this decline being general throughout the system. The number of member banks in each
district at the end of February and of January
and the number and percentage accommodated
during each of the two months are shown in the
following statement:
Federal Reserve
Bank.
A summary of the open-market operations
of the Federal Reserve Banks in February and
January, 1921 and 1920, is shown in the following table. Detailed statistics for each Federal
Reserve Bank are shown on page 470.
[In thousands of dollars.]
[In thousands of dollars.]
Feb. 28.
ACCEPTANCES.
Summary of open-market operations.
Summary of holdings of discounted bills.
Jan. 31. February.
Janu- Febru- January. ary.
ary.
Boston
New York
Philadelphia..
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis-..
Kansas City..
Dallas
San Francisco.
439
788
701
874
611
472
1,425
575
1,005
1,093
851
847
439
786
698
870
611
468
1,427
574
1,007
1,092
849
838
225
316
318
237
335
340
908
299
589
561
550
429
226
329
324
217
352
339
943
309
611
609
566
433
51.3
40.6
45.4
27.1
54.8
72.0
63.7
52.0
58.6
51.4
64.6
50.6
51.5
41.9
46.4
28.4
57.6
72.4
66.1
53.8
61.0
55.8
66.7
51.7
Total...
9,681
9,659
5,107
5,291
52.8
54.8
467
FEDERAL RESERVE BULLETIN.
APBIL, 1921.
Bills purchased in February totaled
$169,000,000, or decidedly more thanvthe total
of $122,000,000 purchased in January. In
February, 1920, the amount purchased was
$300,000,000. Of the bills purchased in February, $167,000,000 were bankers7 acceptances
and about $2,000,000
trade acceptances. Of
the bankers7 acceptances purchased over 70
per cent were acceptances in the foreign trade,
and of the trade acceptances all but $15,000
were in the foreign trade. The average
maturity of acceptances purchased in February was 36.98 days, compared with 38.47
days for the month before and 50.50 days a
year earlier. The average rate of interest on
acceptances was 6.01 per cent, compared with
6.05 in January, 1921, and 5.53 in February,
1920.
The following table shows the total volume
of acceptances purchased by each of the
Federal Reserve Banks, the average maturity,
the total volume times the average maturity,
and this amount reduced to a daily basis.
This table is prepared on the same principle
and for the same purpose as the similar table
shown for discounts and brings out more
clearly than other figures the relative volume
of acceptance business done by the different
banks:
468
FEDERAL RESERVE BULLETIN.
Volume of open-market purchases reduced to daily basis.
Federal Reserve
Bank.
All banks
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City . . . .
Dallas
San Francisco
Average
maturity
(days).
Volume.
Volume times average
maturity.
Total.
Reduced
to daily
basis.
36.98
23,063,895
58,060,970
11,001,774
27,592,833
1,695,100
503,944
16,200,212
1,572,409
19.46
25.31
49.80
49.50
37.88
47.14
58.01
32.28
448,824,840
1,469,379,494
547,872,992
1,365,763,787
64,206,000
23,755,055
939,743,141
50,764,521
16,029,458
52,477,837
19,566,892
48,777,275
2,293,072
848,394
33,562,255
1,813,018
29,764,859
45.54
1,355,481,109
48,410,039
RESERVES,
the end of February were distributed, by
classes of accepting institutions, as follows:
35.4 per cent were accepted by national banks;
22.1 per cent by nonnational member banks;
20.6 per cent by nonmember banks and banking corporations; 10.3 per cent by private
bankers; and 11.6 per cent by branches and
agencies of foreign banks.
$6,265,790,939 $223,778,248
$169,455,996
Summary
of holdings of purchased and discounted acceptances.
[Tn thousands of dollars.]
E n d of—
February. January.
Following is a summary of the holdings of
purchased and discounted acceptances at the
end of January and at the end of February,
1921. It will be noted that of the $200,000,000
of acceptances held by the Federal Reserve
Banks at the end of February about
$170,000,000 were purchased acceptances and
about $30,000,000 discounted acceptances. Of
the acceptances held, about $182,000,000 were
bankers' acceptances 7 and $17,000,000 trade
acceptances. Bankers acceptances held at
CASH
APKIL, 1921.
TOTAL
All classes
Purchased in open market
Discounted for member banks
Total, distributed by class of acceptances:
Bankers' acceptances—Total
Foreign
Domestic
Dollar exchange
Trade acceptances—Total
Foreign
Domestic
Bankers' acceptances, distributed by classes of
accepting institutions:
Member banksNational
Nonnational
Nonmember banks and banking corporations.
Private bankers
Branches and agencies of foreign banks
DEPOSITS, FEDERAL RESERVE NOTE CIRCULATION, AND
FEBRUARY AND MARCH, 1921.
RESERVE
199,804
193,635
169,420
30,384
163,700
29,935
182,469
134,885
37,072
10,512
17,335
1,222
16,113
174,891
128,389
38,494
8,008
18,744
1,011
17,733
64,652
40,330
37,561
18,729
21,197
61,399
36,295
35,421
18,442
23,334
PERCENTAGES
FOR
[Daily averages. In thousands of dollars.]
Total cash reserves.
Total deposits.
Federal Reserve notes
in actual circulation.
Reserve percentages.
Federal Reserve Bank.
March.
Boston
New York
February.
March.
February.
March.
February.
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San F r a n c i s c o . . .
228.977
661,950
192,265
308,282
95,992
89,847
351,637
101,513
55,826
82,306
44,141
190,734
244,201
564,119
192,950
309,037
97,381
87, 703
381,128
103,427
46,451
79,538
44,775
192,827
114,174
678,428
109,383
153,948
62,004
54,161
258,126
69,555
48,234
83, 599
53,998
122,919
117,451
688,163
107,889
155,719
60,213
49,285
252,573
70,552
46,156
81,615
52,876
121,984
263,028
789,258
247,776
296,596
149,234
159,336
487,105
119,181
70,073
97,446
62,931
237,522
263,744
791,813
256,344
311,618
149,399
167,932
516,326
122,992
71,839
100,903
68,553
247,115
Total, 1921.
1920.
1919.
3,403,470
2,058,293
2,202,368
2,343,537
2,053,422
2,183,641
1,808,529
2, 032,787
1,951,752
1,804,476
2,002,503
1,855,124
2,979,486
3,040,440
2,503,350
3,068,578
2,946,863
2,462,941
1
Calculated on basis of net deposits and Federal Reserve notes in circulation.
March. I February.
60.7
45.1
53.8
68.4
45.4
42.1
47.2
53.8
47.2
45.5
37.8
52.9
1
1
50.2 I
42. 7
51.6
64.1
38.1
53.0
66.1
46.5
40.4
49.6
53.4
39.4
43.6
36.9
52.2
48.1
143.3
52.5
1
APRIL, 1921.
469
FEDERAL RESERVE BULLETIN.
VOLUME OF DISCOUNT AND OPEN-MARKET OPERATIONS DURING FEBRUARY, 1921.
United States
securities purchased.
Federal Reserye Bank.
Boston
New York
Philadelphia...
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis...
Kansas City...
Dallas
San Francisco.
Total, February, 1921....
February, 1920
2 months ending:
Feb. 28,1921
Feb. 29,1920
Bills
discounted
for member
banks.
Bills
bought in
$523, 827,359
5,631,398,234
309,687,078
380,693,798
225,299,436
149, 510,033
386, 882,136
121,650,136
69,309,518
91,428,751
$23,063,895
58,060,670
11,001,774
27,592,833
1,695,100
503,944
16,200,212
1,572,409
Bonds
and
Victory
notes.
open
market.
Total.
Certificates
of indebtedness.
$1,698,500
2,774,000
7, 544,000
$100
500
2,211,500
1,394,500
17,000
200,000
February,
1920.
February,
1921. *
$548,589,754
5,692,233,204
328,232,852
408,286,631
226,994,636
150,014,477
405,293,848
124,617,045
69,326,518
91,628,751
67,374,398
196,592, 111
67,374,398
163,787,752
29,764, 859
8,120,848,629
6,517,439,082
169,455,996
300,307,768
100
4,900
18, 879,500
304,296,000
S, 309,184,225
16,378,610,874
12,758,710,609
291,724,484
602,760,152
11,800
222,400
293,051,500
946,671,500
16,963,398,658
3,039,500
$489,234,820
4,072,538,898
571,916,991
329,990,398
277,406,601
148,445,102
562,065,305
177,182,816
68,294,167
135,647,440
85,350,062
203,975,150
7,122,047,750
i4,"308,"364,"66i
VOLUME OF BILLS DISCOUNTED DURING FEBRUARY, 1921, BY CLASSES OF PAPER; ALSO AVERAGE RATES AND
MATURITIES.
Federal Reserve Bank.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Customers'
paper secured by
Government
obligations.
Member banks' collateral
notes.
Secured by
Government
obligations.
Otherwise
secured.
Commercial
paper, n. e. s.
$157,000
10,000
580,900
1,285,700
15,000
10,225,381
100,000
2,370,400
7,827,181
$241,753,122
3,420,132,754
105,479,588
52,922,569
24,695,412
40,158,301
151,278,047
49,897,362
14,743,105
15,020,136
7,578,116
40,819,313
$61,839
200,776
179,281
106,244
3,986,606
4,332,241
12,617,496
2,684,428
5,975,572
7,134,996
4,543,250
4,440,108
438,387
880,974
146,526
2,677,754
784,669
3,492,200
3,334,592
3,727,518,681
3,993,001,700
22,571,562
29,671,038
4,164,477,825
3,986,102,310
46,262,837
56,714,276
11,806,039
15,118,429
5,344,979,056
5,245,055,169
7,148,484
14,562,097
$16,254,769
66,254,295
11,148,557
1,353,614
2,345,793
7,129,930
11,880,221
4.230,950
796,950
3,001,561
239,702
4,151,202
$265, 539,000
2,134, 870,132
192, 387,850
323, 701,282
193, 302,692
96, 109,500
208, 097,922
63, 722,749
34, 556,675
64, 644,635
48, 952,586
101, 633,658
Total: February, 1921
January, 1921..
128,787,544
148,553,318
February, 1920.
January, 1920..
199,299,992
211,248,641
Trade acceptances.
Boston
New York
Philadelphia...
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City....
Dallas
San Francisco..
Total: February, 1921.
January, 1921..
February, 1920.
January, 1920..
i Includes $100,000 of dollar exchange bills.
$82,369
6,834,286
104,802
1,206,179
958,933
583,954
841,776
164,835
111, 081
742,754
198,144
979,194
12,808,307
20,095,501
Foreign. Domestic.
$34,720
3,450
12,767
926,408,815
736,710,309
Bankers' acceptances.
Total, all
classes.
Federal Reserve Bank.
Domestic.
Agricultural Live-stock
paper.
paper.
Foreign.
Average Average
rate
maturity. (365-day
basis).
Days.
Per cent.
7.89
6.46
5.51
6.55
12.70
5.67
9.40
5.96
12.99
6.00
25.81
6.29
33.50
6.70
26.43
6.16
32.66
6.73
30.79
6.47
31.62
6.12
27.77
6.00
455,788
332,498
223,000
347,781
254,723
$523, 827,359
5,631, 398,234
309, 687,078
380, 693,798
225, 299,436
149, 510,033
386; 882,136
121, 650,136
69, 309,518
91. 428,751
67; 374,398
163, 787,752
456,920
76,111
2,406,877
3,005,057
3,752,037
5,424,505
8,120,848,629
8,257,762,245
9.53
10.18
6.41
6.36
6,517,439,082
6,241,271,527
12.26
13.21
5.52
4.90
$1,132
$101,540
528,238
387,000
310,000
$2,573,171
924,143
176,820
10,991,506
16,469,420
28,611,229
17,225,891
470
FEDEKAL RESERVE BULLETIN.
APRIL,
1921.
VOLUME OF BANKERS' AND TRADE ACCEPTANCES PURCHASED DURING FEBRUARY, 1921, BY CLASSES OF PAPER
ALSO AVERAGE RATES AND MATURITIES.
Trade acceptances.
Bankers' acceptances.
Federal Reserve Bank.
Foreign.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
.
Kansas City
Dallas
San Francisco
Dollar
exchange
bills.
Domestic.
Total.
Foreign. Domestic.
$15,942,469 $5,831,426 $1,290,000 $23,063,895
38,042,696 11,305,855 6,759,130 56,107,681 $1,948,289
8,451,656 1,500,118 1,050,000 11,001,774
18,724,047
6,481,810 2,332,000 27,537,857
44,976
1,365,000
330,100
1,695,100
97,484
406,460
503,944
9,884,557 4,979,089 1,336,566 16,200,212
. . ....
859,795
712,614
1,572,409
. . .
Average
rate
Total bills Average
purchased. maturity. (365-day
basis).
Total.
54,976
$23,063,895
58,060,970
11,001,774
27,592,833
1,695,100
503,944
16,200,212
1,572,409
85,277
$5,000 $1,953,289
10,000
Per cent.
Days.
5.94
19.46
5.96
25.31
5.99
49.80
6.02
49.50
6.08
37.88
7.10
47.14
6.08
58.01
6.04
32.28
j
22,269,851
Total: February, 1921.. 115,637,555
January, 1921... 78,001,421
February, 1920.. 228,091,255
January, 1920... 236,179,622
5,527,030
29,679,582 i
1,882,701
85,277
29,764,859
45.54
6.03
37,074,502 14,650,397
32,275,174 10,858,001
167,362,454
121,134,596
2,078,542
1,064,091
15,000 2,093,542 169,455,996
69,801 1,133,892 122,268,488
36.98
38.34
6.01
6.05
65,917,632
60,785,060
296,958,887 3,319,569
299,745,782 2,404,281
29,312 3,348,881 300,307,768
302,321 2,706,602 302,452,384
50.50
47.05
5.53
5.10
2,950,000
2,781,100
VOLUME OF BILLS DISCOUNTED DURING THREE MONTHS ENDING FEB. 28, 1921, BY RATES OF DISCOUNT CHARGED; ALSO
AVERAGE RATES AND MATURITIES.
5 per cent.
5£ per cent.
5f per cent.
6 per cent.
Federal Reserve Bank.
Amount.
Boston
New York
Philadelphia...
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis...
Kansas City...
Dallas
San Francisco.
Total.
Discount,
$10,509,500
$15,549
6,439,500
9,996
"5*88i,*566"
*9,"i74
3,561,500
9,619,850
6,061
17,691
36,011,850
58,471
6J per cent.
Amount.
Discount.
$243,465,500
2,629,816,897
671,709,777
11,375,000
8,206,000
321,168,451
42,307,000
231,882,730
29,767,700
1,050,000
145,495,596
11,512,000
$255,147
1,111,408
1,524,204
17,588
11,842
862,283
72,529
559,047
63,055
1,786
343,842
17,294
4,347,756,651
4,840,025
7 per cent.
Amount.
Discount
25,004
7,153
44,931
$873,021
5,632.961
717,281
1,270,423
1,684,542
14,539
2,034,709
1,290,574
211,962
1,867,090
993,375
2,715,215
938,676
8,940,105,481
9,305,692
$27,293
708,211
10,521
5,599
109.959
5
11,408,000
3,029,200
20,992,000
911,088,394
Total.
Federal Reserve Bank.
Amount.
Discount
Boston
New York....
Philadelphia.
Cleveland —
Richmond
Atlanta
St. Louis
Minneapolis
Kansas City....
Dallas
San Francisco..
Total..
$558,507
558,507
$3,911
3,911
Amount.
Discount.
$554,522,010
10,089,018,855
$1,723,892
10,511,882
228,809,962
588,848,929
1,690,838
6,740,249
135,754,063
1,237,695
"*7,"793,"85i"
* "105*833'
11,604,747,670
22,010,389
Discount.
Discount,
$771,086,178
4,685,608,863
349,827,433
371,327,743
728,992,823
4,047,930
688,922,008
196,423,590
81,099,509
313,696,830
103,988,873
645,083,701
$14,800,500 I
803,584,108
8,129,500
2,575,900
46,566,500
2,686
Super-rates.
Amount.
Amount.
Average
Average
rate
maturity, (365-day
basis).
Discount.
$1,569,073,688
17,404,444,615
1,046,847,210
1,186,286,851
745,328,323
563,041,743
1,366,644,437
434,190,506
$199,470
247,179,779
273,531
329,716,330
31,300
269,927,370
677,587,701
$2,852,060
17,256,251
2,284,327
1,996,222
1,706,905
2,583,255
8,957,446
2,058,270
1,516,623
2,173,472
1,499,194
2,777,440
Days.
10.19
5.54
14.10
10.32
13.94
26.17
35.64
26.78
33.11
35.10
33.53
24.97
Per cent.
6.51
6.53
5.65
5.90
5.99
6.40
6.71
6.46
6.76
6.85
6.05
5.99
504,301 25,840,268,553
47,661,465
10.48
6.42
471
FEDERAL RESERVE BULLETIN.
APRIL, 1921.
VOLUME OF ACCEPTANCES PURCHASED DURING THREE MONTHS ENDING FEB. 28, 1921, BY RATES OF DISCOUNT CHARGED;
ALSO AVERAGE RATES AND MATURITIES.
Federal
Reserve
Bank.
Boston
New York
Philadelphia..
Cleveland
Richmond..
Atlanta
Chicago .
St. Louis
Minneapolis..
Kansas City..
Dallas
SanFrancisco.
Total...
5§ per cent.
5§ per cent.
$800,395
|
.
10,0 30
118
30,000
18
11
6 ^ per cent.
Discount. Amount. Discount.
$59,644 $13,427,775
446,632 46,496,845
7,548,379
43,184
34,671 24,467,825
$70,881
349,147
63,856
188,999
$5,841,143
27,735,614
11,913,232
15,352,112
8,425,126
$43,860
281,877
152,972
179,533
61,900
22,737,639
746,854
197,281
4,404
11,684,436
1,306,858
981,019
142,724
9,801
11,563
9,426,718
257,864
38,127
687
71,673
773
48,505 20,971,457
166,878 19,423,652
192,470
671,450 136, 396,774 1,041,376 102,734,865 1,077,473
13,460,523
2,394 231,426,967
812,695
6 per cent.
Discount. Amount. Discount. Amount.
$2,369 $21,606,986
169,371,006
7,641,700
14
9,662,170
2,300
$30,000
5| per cent.
5f per cent.
Amount. Discount. Amount. Discount. Amount.
$345,000
$5,229
345,000
5,229
6£ per cent.
6J per cent.
6 | per cent.
6J per cent.
6| per cent.
1
6 | per cent.
Federal Reserve
Bank.
Amount. Discount. Ainount. Discount. Amount. Discount. Amount. Discount. Amount. Discount. Amount. Discount.
$20,191 $2, 946,243
74,975 | 4, 352,386
2,332 1
50,000
25,919
387,585
Boston
$5,405,827
New York
6,997,041
Philadelphia
177,347
4,046,352
Cleveland
Richmond
Atlanta
Chicago
5,479,869
St. Louis..
Minneapolis
40,000
Kansas City
Dallas. . .
San Francisco... 6,893,991
Total
29,040,427
$7,723 $6,601,738
52,317
718,100
477
6,330 1,663,555
85,902 1,537,367
270,246 13,608,674
4,885
$3,045
3,789
17,844
280
6,178,134
644,750
50,000
96,076
7,300
1,845 1,240,668
797
106
3,409
21,553
i87,452
126,230 16,043,729
2,706
3,400
129,039 2,523,696
35,369
2,461
60,730 j 2, 791, 758
943,335
197 j . . .
$14,019 $1,007,702
246,782
8,711
6| per cent.
7 per cent.
$405,900
$1,984
26,666
74
432,566
2,058
Boston
New York
Philadelphia..
Cleveland
Richmond
Atlanta ..
Chicago
St Louis
Minneapolis
Kansas City
Dallas
San Francisco
Total
Amount.
$4,012,420
$15,000
Discount. Amount. Discount.
31,346
270
4,782,399
53,112
3,127,798
34,269
11,953,963
98,297
$43
$60,000
$603
60,000
603
15,000
43
128,000
807
Total.
7J per cent.
$10,646
$85
722
52
10,681
Average
Federal Reserve Bank.
Amount. Discount.
$78,000
50,000
Amount.
$58, 121,709
260, 040,194
27, 330,658
56, 253,789
8, 425,126
4, 782,399
58, 653,154
5, 196,995
1, 071,019
3, 127,798
71,673
62, 477,842
545,552,356
Discount.
$223,801
1,229,419
262,821
440,944
61,900
53,112
575,653
22,699
12,557
134,269
"* 773
518,066
3,436,014
Average
rate
maturity. (365-day
basis).
Days.
Per cent.
23.34
6.02
28. 85
5.98
58.39
6.01
47.50
6.02
44.08
6.08
57.12
7.10
58.63
6.11
25.80
6.18
70.06
6.11
56.35
7.10
64.71
6.08
50.03
6.05
6.05
37.99
AVERAGE DAILY HOLDINGS OF EACH CLASS OF EARNING ASSETS, EARNINGS THEREFROM, AND ANNUAL RATES OF EARNINGS, DURING FEBRUARY, 1921.
Average daily holdings of—
Federal Reserve
Bank.
All classes
of earning
assets.
Discounted
bills.
Purchased
bills.
All
Disof counted
States classes
earning
securities. assets.
bills.
United
Purchased
bills.
229 $18,03S, 179 $22,100,421 $753,917 $636,971 $82,312
Boston
| $167,783,829 $127,645, **v
New York
987,115,479 907,565,752 18,611,399 60,938,328 4,737,190 4,553,816 84,397
99,976
803,647
649,720
Philadelphia
203,981,027 149,774,875 21,840,334 32,365,818
858, 400
220, 503
Cleveland
201,376,596 128,605,325 48,127,621 24,643,650
538,230
496,223 21,139
Richmond
125,766,230 107,750,411 4, 520,451 13, 495,368
660,103 621,312
12,879
Atlanta
145,424,884 126,281,701 2,361,013 16, 782,170
53,248
Chicago
! 425,603,101 369,747,580 11,697,814 44,157,707 2,010,346 1,885,207
467,013
435,413
2,868
91,388,995
555,3ir 17,197,061
St. Louis
| 109,141,369
427,430
414,148
80,677,000
8,596,000
Minneapolis
89,273,000
531,897
492,367
4,323
793,599 21,687,546
Kansas City
j 125,836,809| 103,355,664
324,268
303,951
301
67,904 12,279,250
69,275,9831
Dallas
81,623,137
909, 717 674,140 213,849
San Francisco
206,308,028 146, 723,408 46,468,759 13,115,861
Total:
I
i
57,359, *<* !, 022,15811,762,106 795,795
February, 1921. 2,869,233,489J2,408,791,923 173,082,386 287,359,18013,022,15811,762,106
17,637,76: 15,167,40813,576,7321,052,822
J a n u a r y , 1921. .13,034,655,353 2,535,238,916 201,778,670 297,
"
~~
9,487,2012,191,536
February, 1920-' 3,154,053,873 2,298,976,613
976,613 546,457,974 308,619,28612,210,019
ouo, via, *ou
8,554,400
2,335,809
J a n u a r y , 1920.. 3,043,951,9192,142, 787,600 575,667,262 325,497,057
~~" "•
711,491,688
Annual rates of earnings on—
E a r n i n g s on—
All
United classes
DisPur- United
States
States
:ounted chased securiof
securi- earning
ties. assets. bills. bills. ties.
$34,634
98,977
53,951
39,059
20,868
25,912
71,891
28,732
13,282
35,207
20,016
21,728
464,257
537,854
531,282
601,479
Perct. Per a. Perct. Perct.
5.86
6.26
5.13
5.56
5.58
5.92
6.16
5.58
6.24
5.51
5.18
5.7;
6.51
6.54
5.65
6.07'
6.00
6.41
6.65
6.21
6.69
6.21
5.72
5.99
5.95
5.91
5.96
5.97
6.10
7.11
5.93
6.73
7.10
5.77
6.00
2.04
2.12
2.17
2.07
2.02
2.01
2.12
2.18
2.01
2.12
2.12
2.16
5.92
5.89
4.88
4.46
6.37
6.31
5.20
4.71
5.99
6.14
5.06
4,79
2.11
2.13
2.17
2.13
472
FEDERAL RESERVE BULLETIN.
APRIL, 1921.
HOLDINGS OF DISCOUNTED BILLS ON FEB. 28, 1921, DISTRIBUTED BY CLASSES.
[In thousands of dollars.]
Federal Reserve Bank.
Boston .
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago. . .
St Louis
Minneapolis
Kansas City
Dallas
San Francisco
Total.
Member banks' colCuslateral notes.
tomers'
paper secured by
Secured
GovernOtherment ob- by Govern- wise seligations. ment obli- cured.
gations.
Trade acceptances.
Commercial paper
n. e. s.
Agricultural
paper.
Livestock
paper.
193
354
363
599
8,898
12,879
49,973
6,003
17,816
11,074
16,210
12,317
55
463
22,182
26,724
18,277
14,095
307
540
115
140,414
890,264
148,706
126,793
109,459
128,010
368,617
90,832
73,100
98 372
68,960
145,983
21,103
102,630
35,887
8,561
4,674
12,547
20,932
5,449
1,642
4,632
1,150
5,400
38,308
283,442
70,762
54,019
46,069
46,962
104,770
29,755
13,415
32,360
12,358
41,141
297
899
10
5,920
205
1,582
4,068
80,668
490,002
41,466
61,407
47,993
52,083
188,477
47,269
11, 767
22,209
18,766
65,688
Total:
Feb. 28, 1921...
J a n . 31,1921...
2,389,510
2,457,116
224,607
230,188
773,361
810,177
13,031
14,330
1,127, 795
1,143,438
136,679
140,815
83,654
88,233
February, 1920.
January, 1920..
2,453,511
2,174,357
353,504
317,688
1,219,476
1,140,204
3,744
6,427
752,006
608,283
30,125
23,212
37,070
33,693
50
Foreign.
Domestic.
27
211
29
1,618
Bankers' acceptances.
189
17
87
3,165
101
1,586
1 796
1,190
3,551
641
153
1 168
537
2,447
16,422
17,314
Foreign.
8,991
350
145
15
Domes- Dollar
exchange.
tic.
1,653
127
10
ioo
200
935
5
80
554
256
10,335
8,419
3,086
3,912
18,508
24,886
175
39,078
19,964
HOLDINGS ON FEB. 28, 1921, OF BANKERS' AND TRADE ACCEPTANCES PURCHASED OR DISCOUNTED, DISTRIBUTED BY
CLASSES OF ACCEPTANCES.
[In thousands of dollars.1
Federal Reserve Bank.
Total.
Boston
New York
Philadelphia.
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis...
Kansas City...
Dallas
San Francisco.
Total:
Feb. 28,1921
J a n . 31,1921
Purchased i n open m a r k e t :
F e b . 28,1921
J a n . 31,1921
Discounted for member b a n k s :
Feb. 28,1921
Jan. 31,1921
16,447
47,498
19,892
41,817
5 032
3,053
13,930
3,822
358
1,701
656
45,598
199,804
193,635
Trade acceptances.1
Bankers' acceptances.
All classes.
Purchased
in open
market.
Discounted
for
member
banks.
16,360
16,360
44,212
19,791
40,080
3,236
1,673
10,379
2,874
205
533
119
43,007
11,416
34,057
16,016
30,603
2,277
641
4,955
1,075
200
322
80
33,243
3,904
5,960
2,525
7,781
959
1,032
5,147
1,799
5
211
39
7,710
1,040
4,195
1,250
1,696
533
39
42,324
87
13,836
228
1,946
1,796
1,625
3,566
1,883
358
1,168
617
3,274
2,054
87
3,286
101
1,737
1,796
1,380
3,551
948
153
1,168
537
2,591
169,420
163,700
30,384
29,935
182,469
174,891
134,885
128,389
37,072
38,494
10,512
8,008
169,048
162,385
124,550
119,971
33,986
34,581
10,512
7,833
13,421
12,506
10 335
8,418
3,913
175
19,664
39,871
3,236
1,428
10,364
1,939
169,420
163,700
29,935
Total.
Foreign.
Dollar
Domestic.
exchange.
Total.
Foreign.
Domestic.
144
87
3,170
101
1,606
1,796
1,190
3,551
307
153
1,168
537
2,447
17,335 1
18,744 I
1,222
1,011
16,113
17,733
372 j
1,315
347
25
419
875
115
16,088
17,341
16,963
17,429
116
i9o
641
1 Please correct March BULLETIN (page 355) to show that trade acceptances in column headed "Foreign" were domestic acceptances, and those
in column headed "Domestic" were foreign acceptances.
473
FEDEKAL RESERVE BULLETIN.
APRIL, 1921.
HOLDINGS ON FEB. 28, 1921, OF BANKERS' ACCEPTANCES PURCHASED OR DISCOUNTED, DISTRIBUTED BY CLASSES OF
ACCEPTING INSTITUTIONS.
[In thousands of dollars.]
Nonmember
Branches
banks
and
Private agencies
and
bankers. of foreign
Nonbanking
National. national. corporabanks.
tions.
Member banks.
Federal Reserve Bank.
Boston
New York
Philadelphia
Cleveland.
Richmond...
Atlanta
Chicago
St. Louis
Minneapolis.
Kansas City.
Dallas..
San Francisco
Total:
Feb. 28,1921
Jan. 31,1921
Purchased in open market:
Feb. 28,1921
J an. 31,1921
Discounted for member banks:
Feb. 28,1921
J a n . 31,1921
Total.
i
I
j
16,360
44,212
19,791
40,080
3,236
1,673
10, 379
2,874
205
533
119
j 43,007
!—
1 182,469
i 174,891
I
1 169,048
1 162,385
!
j
i
13,421
12,506
10, 501
17,911
4,348
9,951
3,166
664
5,284
867
5
382
3,515
10,649
5,059
9,506
70
865
3, 862
1,537
200
151
1,795
9,281
4,452
8,806
246
2,779
2,172
5,994
303
3,592
3,760
5,823
144
566
300
492
10
175
160
11,573
4,916
12, 217
64,652
61, 399
40,330
36, 295
37, 561
35,421
18,729
18,442
21,197
23,334
59,258
55,914
37,055
33,326
33,768
32,372
18,458
18,055
20,509
22,718
5,394
5,485
3,275
2,969
271
387
616
3,793 |
3,049 j
119
7,265
CHANGES IN CONDITION OF FEDERAL RESERVE BANKS.
Credit operations of Federal Reserve Banks
during the four weeks between February 25
and March 25, as measured by the amounts of
discounted bills held at the close of each
week, show further reduction, the March 25
total of $2,286,700,000 being $109,600,000 below the total shown at the earlier date, notwithstanding a slight increase shown in the
holdings of paper secured by Government
obligations. In connection with the redemption by the Government on March 15 of about
$500,000,000 of tax certificates, the Federal Reserve Banks report a reduction of $143,600,000
of discounted paper, followed, however, by an
increase of $61,800,000 in these holdings at the
close of the review period.
In the following exhibit there is given a
summary of the weekly changes of the principal asset and liability items of the Federal Reserve Banks for the four weeks under review.
Of the total discounted bills held by the
Federal Reserve Banks, the proportion of paper
secured by Government obligation was about
41.9 per cent on February 25, 42 per cent on the
following Friday, and over 44 per cent on March
25, compared with over 60 per cent about a
year ago. Considerable fluctuations are shown
in the holdings of Treasury certificates, which
declined from $134,800,000 on February 25 to
$108,800,000 on March 11, and increased to
$158,900,000 on March 18, after the allotment
of the two new certificate issues, and declined
again to $94,500,000 on the following Friday.
Bills secured by Liberty and other United
States bonds show a different movement, the
maximum holdings of $650,100,000 coinciding
with the minimum holdings of bills secured by
Treasury certificates. Bills secured by Victory
notes show small fluctuations, the March 25
holdings of $265,800,000 being $25,900,000
less than four weeks previous. During the
period under review the average maturity of
the paper held by Federal Reserve Banks shows
but little change, the share of 15-day paper
remaining fairly constant in the neighborhood
of 60 per cent.
Principal
asset and liability items of the twelve Federal Reserve Banks combined.
[In millions of dollars.]
Feb. 25.1 Mar. 4. Mar. 11. Mar. 18. Mar. 25.
Reserves:
Total
2,357.0 2,375.8 2,397.9
Gold
2,140.3 2,163.1 2,187.9
Bills discounted:
Total
2,396.3 2,341.5 2,368.5
Secured by Government war
j
obligations
1,004.0 ! 981.8 1,006.0
Allother
1,392.3 j 1,359.7 1,362.5
Bills bought in open
|
146.6
market
| 170.5 i 164.0
Certificates of indebted- !
!
ness:
j
j
One year, 2 per cent, i
!
254.4
Pittman Act
i 259.4 , 254.4
1.3
Allother
j
2.1 I
3.3
Total earning assets
j 2,854.1 I 2,789.1 2,796.6
81.5
Government deposits.... I
63.0 j 56.9
Members' reserve de- I
posits
i 1,722.9 1,705.4 1,731.4
Net deposits
1,671.6 1,636." 1,705.2
Total deposits
Federal Reserve notes in i
circulation
i 3,051.7 3,042.6 3,005.8
Federal Reserve Bank j
182.1
185.1
notes in circulation
j 189.3
150.9
i 50.8
Reserve percentages
i * 49.9
2,414.8
2,205.5
2,422.0
2,210.8
2,224.9
2,286.6
1,000.4
1,224.5
1,010.4
1,276.2
122.8
123.1
254.4
30.6
2,658.5
58.8
254.4
2.5
2,692.4
114.7
1,677.8
1,674.5
1,774.6
1,840.9
2,962.9
2,930.7
179.3
51.0
175.5
50.8
i Calculated on basis of net deposits and Federal Reserve notes
in circulation.
474
FEDERAL RESERVE BULLETIN.
Acceptance holdings show a continuous
decline from $170,500,000 to $123,000,000.
This decline reflects in part the reduced supply
of foreign trade bills in the open market, and
apparently also the increased investment demand for prime bankers' acceptances by
country banks in the interior, following the
adoption of higher selling rates for this class of
paper. Changes in the Treasury certificate
account reflect the redemption by the Government on February 28 of $5,000,000 of so-called
Pittman certificate^ from the St. Louis and
Kansas City Federal Reserve Banks; also
fluctuations in the amounts of special certificates held by the Federal Reserve Banks to
cover temporary advances to the Government.
Total earning assets, in consequence of the
changes above shown, show a decline of
$161,700,000 for the four weeks under review,
and on March 25 stood at $2,692,400,000, or
$729,500,000 below the peak figure reported
on October 15 of last year.
Rediscounting operations are reported only
by the Dallas Federal Reserve Bank. On
March 25 this bank had outstanding with the
Cleveland bank a total of $14,700,000 of its
discounted bills compared with $13,600,000
four weeks earlier. At the close of the review
period the Cleveland and three other Federal
Reserve Banks report also among their acceptance holdings $3,300,000 of bank acceptances purchased from the New York Federal
Reserve Bank, compared with about $24,000,000 of such bills four weeks earlier. Aggregate contingent liabilities of the Federal
Reserve Banks on bills purchased for foreign
correspondents show an increase for the period
from $18,200,000 to $32,400,000.
In the weekly bank statement of March 18,
for the first time "uncollected items" among
the assets and "deferred availibility items"
among the liabilities were disregarded in
calculating deposit liabilities and reserve ratios,
though both of these items are continued as part
of the statement. This change as explained
on page 3 of the January, 1920, BULLETIN tends
to apply a somewhat stricter standard reserve
computation, especially in the case of those
Federal Reserve Banks which carry a relatively
large "float," as this float, i. e., the excess of
uncollected items over deferred availability
items, is no longer treated as a deduction in
computing deposits.
APRIL, 1921.
In the following exhibit are shown fi gures o
total deposits of each Federal Reserve Bank
on successive Fridays for the period under
review computed uniformly on the basis
adopted on March 18:
Total deposits.
[In thousands of dollars.]
Mar. 4.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Pallas
San Francisco
Total deposits
Mar. 11.
Mar. 18.
Mar. 25.
113,083
670;132
112,167
150,805
59,809
48,318
261,795
69,633
48,735
83,-153
50,865
117,574
113,861
710,330
111,647
154,538
61,676
50,424
263,874
70,418
47,335
85,647
53,874
120,102
112,576
654,376
104,286
148,788
59,309
58,644
248,285
73,264
49,372
86,308
56,123
123,304
118,619
688,853
114,671
155,000
64,204
58,208
253,898
67,684
48,652
83,652
56,436
131,010
1,786,369
1,843,726
1,774,635
1,840,887
Total deposits calculated on the new basis
reached a maximum for the period of $1,843,700,000 on March 11. On the following
Friday, in connection with large Government
operations and substantial loan reductions, a
decline of $69,100,000 in the deposit account
is shown, which is followed, however, by an
increase of $66,200,000 for the last week under
review.
Weekly figures of Federal Reserve note circulation show a further continuous decline
from $3,051,700,000 to $2,930,700,000, or at
an average weekly rate of over $30,000,000.
Since December 23, 1920, when the seasonal
return flow of currency set in, the reduction in
Federal Reserve note circulation totaled $474,200,000, the March 25 total being $117,300,000
below the total reported on the corresponding
week last year. In addition, there is shown a
reduction for the period of $13,800,000 in the
circulation of Federal Reserve Bank notes.
Gold reserves show a further gain for the
period of $70,500,000, while total cash reserves
increased about $65,000,000. Owing to this
gain and to the reduction in note liabilities,
the reserve ratio shows a rise for the period,
the highest ratio, 51 per cent, being shown for
March 18, following the substantial loan liquidation in connection with the March 15 Government operations. On the following Friday,
mainly because of the large increase in Government deposits, the ratio receded to 50.8 per cent.
475
FEDERAL RESERVE BULLETIN.
APRIL, 1921.
MILLIONS
OF DOLLARS
MOVEMENT OF PRINCIPAL ASSETS AND LIABILITIES
OF THE FEDERAL RESERVE BANKS
1920-1921
4 : TOTAL DISCOUNTS.
I: U.S.SECURITIES.
2: PURCHASED ACCEPTANCES.
5. TOTAL EARNING ASSETS.
3 : DISCOUNTS SECURED BY U.S.GOVERNMENT OBLIGATIONS.
3500
3000
2500.
C3Q
3500
/ ^ •\-
u
\5
V
V
y y
V
ft
3000
V
2500
T
2000
2000
1500
1500
V
—»^_ /
1000
1000
—
—
'
500
0
500
X
IP
5*u,j.
JAN. FEB. MAR APR. MAT JONE JUDT AU6. 5EPT. OCT. NOV. DEC. JAN. FEB. MAR. APR MAT JUNE JUDf AU6. SEPT. OCT. NOV. DEC.
I: RESERVE RATIO.
2: DEPOSITS.
3S00
y
2003
0
1921
1920
••«•
3 • CASH RESERVES.
4 = F.R.NOTE CIRCULATIOH.
3500
-^—
^ ^
*
3000
S*
1002500
2SC0KX)
80 2000
<^
——-
200080
^V
60 1500
1500 60
1
^
«—-— ——.
_--—
JOCD
1000 40
20 500
500 20
0
0
JAN. FEB MAR APR. MAY JUNE JULT AUG. SEPT. OCT. NO^ DEC. JAN. FEB. MAR APR. MATJUNE JULT AUG. SEPT. OCT. NOV. DtC.
1920
1921
476
FEDERAL RESERVE BULLETIN.
A P R I L , 1921.
RESOURCES AND LIABILITIES OF EACH FEDERAL RESERVE BANK ON FRIDAYS, MAR. 4 TO MAR. 25, INCLUSIVE.
RESOURCES.
[In thousands of dollars.]
Total.
Boston.
New
York.
Philadelphia.
Cleve- RichAtland. mond. lanta.
Chicago.
Gold and gold certificates:
148, 996 3,623 7,139
4,931 21,120
Mar. 4
234,353 6,962
167,672 3,636 7,198
3,833
4,990 21, 210
Mar. 11
254,276 7,097
181, 772 3,183
6,796
3,526
4,827 21, 267
Mar.18
266,431 7,250
3,395 4,846 21, 288
Mar. 25
291,960 7,308 208,695 3,228 6,590
Gold settlement fund—Federal
Reserve Board:
54, 542 45, 736 104, 829 32,625 13, 817 117, 817
Mar. 4
526, 499 32, 436
48, 200 48, 715 107, 770 31, 948 17, 692 113, 628
Mar. 11
528,216 29, 428
88, 200 43, 963 93, 872 28, 883 17, 206 94, 900
Mar. 18
513, 572 32, 545
112,
298 51, 861
29,
338
25, 819 17, 099 81, 845
Mar. 25
509,913
Gold with Federal Reserve
agents:
58, 470 195, 501
Mar. 4
1,236, 560 153,128 204,624 132,577 179, 997
Mar. 11
1, 240, 570 148, 905 204,152 130,116 181, 707 52, 440 58, 768 197, 870
Mar. 18
1,257,807 142, 762 203, 839 128, 221 197,073 51, 302 57,152 190, 780
Mar. 25
1, 245, 507 138, 516 233, 300 117, 209 194, 934 47, 903 56, 085 184, 767
Gold redemption fund:
36,000 I 12,286 13, 042 6,804 7,777 32, 337
Mar. 4
165,678 25, 598
36,000 15,215 10, 434 7,125 6,896 28, 549
Mar. 11
164,844 29,188
36, 000 9, 373 12,116 7,413
34, 329
Mar. 18
167,729 34, 245
36,000 12,659 13, 397 9,720 7,592 17,244
Mar.25
163,385 37,696
Total gold reserves:
Mar. 4
2,163,090 218,124 444,162 194, 222 305,007 94,198 84, 995 366, 775
361,257
Mar. 11
2,187,906 214,618 456,024 197,682 307,109 95, 346
Mar. 18
2,205,539 216, 802 509,811 184, 740 309,857 91,124 86,067 341, 276
Mar. 25
2,210,765 212, 858 588, 293 184, 957 303, 410 86, 837 85,622 305,144
Legal-tender notes, silver, etc.:
4,392 8,214
5,772
4,194
Mar. 4
212,673 13, 203 156,321 3,511
4,205 7,722
6,006
Mar. 11
210,018 13, 295 154,097 3,276 3,540
4,335 7,737
5,710
Mar. 18
209,250 13, 529 152,087 3,783 3,119
5,122
4,394 10, 755
3,595
Mar. 25
211,212 12, 933 151,624 3,175
Total reserves:
Mar. 4
2,375,763 231,327 600, 483 197, 733 309, 201 99, 970 89, 387 374, 989
Mar. 11
2,397,924 227, 913 610,121 200, 958 310,649 101, 352 92, 551 368, 979
Mar. 18
2,414, 789 230, 331 661, 898 188, 523 312, 976 96,834 90,402 349,013
Mar. 25
2,421,
977 225, 791 739, 917 188,132 307, 005 91, 959 90, 016 315, 899
Bills discounted: 1
Secured by United States
Government obligationsMar. 4
981,840 59,062 373,704 107,205 59,473 48,825 58,482 128,470
Mar. 11
1,005,977 60,455 389,519 110,213 64,444 50,201 58,035 128,921
Mar.18
1,000,386 68,936 385,730 109,403 54.121 50,663 58,596 127,680
Mar. 25
1,010,373 69,248 377,173 111,967 61, 835 49,980 57,762 129, 745
All o t h e r Mar. 4
1,359,665 81,784 472,502 45,057 65,773 59,141 66,580 240,981
Mar. 11
1,362,473 85,066 486,061 36,696 66.122 58,450 61,659 249,792
Mar. 18
1,224,533 72,481 351,324 41,440 62,531 58,008 64,453 251,817
Mar. 25
1,276,275 80,444 318,651 46,795 76,395 62,173 65,995 285, 495
2
Bills bought in open market:
37,132 16,485 38,533 3,270
1,199 10,535
Mar. 4
164,004 15,432
37,829 16,181 33,145 3,207
1,027 9,490
Mar. 11
148,608 13,010
34,957 13,482 25,670 3,245
968 10,309
Mar. 18
122,780 11,431
39,386 14,077 24,012 3,133
744 10,294
Mar. 25
123,056 10,221
United
States
Government
bonds:
550
1,257
1,434
113 4,490
834 1,233
Mar. 4
25,848
550
1,255
1,434
114 4,490
834 1,233
Mar. 11
25,847
550
113 4,490
1,255
1,434
833 1,233
Mar. 18
25, 845
550
113 4,490
1,255
1,435
834 1,233
Mar. 25
25,847
United States Victory notes:
5
3
10
Mar. 4
19
5
3
10
Mar. 11
19
3
10
Mar.18
19
3
10
Mar.25
19
United States certificates of indebtedness.
61,571 j 30,730 23,800 12,262 16,666 39,664
Mar. 4
257,693 21.473
59,614 30,464 23,805 12,262 16,665 39,615
Mar. 11
255,687 21.474
21,471
j
83,277 32, 208 25,805 13,262 j 16,665 40,492
Mar.18
284,951
One-year certificates (Pitt21,436
I
59,276
! 30,280 ; 23,799 12,260 ! 16,664 39,612
m a n Act), Mar. 25.
! 254,375
| 1,860
30
All other, Mar. 25
j
2,490
2 j
1
19
j
Total earning assets:
!
Mar. 4
12,789,069 178,306 946,166 200,911 j 188,423 124,731 143,043 424,140
Mar. 11
% 796,611 180,560 974,278 194,988 188,360 125,353 1137,503 432,308
Mar.18
|2,658,514 174,874 856,543 197,967 1168,970 126,411 1140,798 434,788
Mar.25
|2,692,435 181,923 795,741 206,414 i 186,915 128,781 141,282 469,636
Bank premises:
4,466
503 | 1,6451,498
723
2,707
Mar. 4
i 19,733 3,183
4,627 I 506 j 1,670 1,499
723
2,707
Mar. 11
! 20,193 3,212
1,628
i
726
2,804
3,217
4,627
I
506
|
1,691
Mar.18
! 20,465
2,827
4,640 ! 506 | 1,704 1,628 !
726
Mar.25
! 20,522 3,220
Uncollected items and other de- I
ductions from gross deposits:
631,957 I 42,257 127,190 54,165 I 55,892 46,492 | 24,648 97,744
Mar. 4
120,964 52,736 1 54,047 46,227 I 25,984 82,575
Mar.ll
' 605,758 l 42,824
San
St.
Minne- Kansas Dallas. FranCity.
Louis.
cisco.
3,544
3,570
3,305
3,350
8,422
8,447
8,294
8,306
2,607
2,750
2,502
2,584
5,443
5,886
5,788
6, 844
17,663
17,987
17, 921
17, 526
26,177
26, 304
21, 412
18, 402
21,101 38, 589
20, 585 38, 915
21, 656 30, 866
19,185 27,154
6,520
6,223
8,623
9,333
32, 310
38, 808
31,446
29,090
62, 832
64,118
65, 295
58,697
24,651
24, 807
25, 922
25,156
3,144
3,779
2,646
3,196
5,222
5,606
4,167
4,464
97, 775
99, 598
94,179
84, 913
36,147
38,246
38.156
38,064
5,318
4,772
4,449
4,136
17,
16,
19,
16,
300
584
826
683
120, 467
122, 857
137,479
134,193
8,425
9,725
8,437
10, 790
5,319
7,160
10,121
57, 318 82,661 37,688
57,618 84,683 37, 536
58, 518 75, 973 39, 556
55, 843 71, 938 40,020
180,165
188,089
197,636
190, 930
466
440
443
490
2,895
3,112
3,201
3,219
4,877
4,732
4,832
5,008
2,026
2,009
2,145
2,217
784
058
961
333
85,556
87, 795
79,174
75.157
42, 565
42,268
44, 388
45,028
182,191
190,098
199, 781
193,147
35,079
34,753
35,889
37,204
14,295
14,368
14,744
14,106
36,784
33,611
35,178
36,665
15,785
13,646
11,631
11,091
44,676
47,811
47,815
53,597
54,363
49,956
58,910
55,440
55,693
51,549
53,473
55,113
62,088
63,276
64,541
67,960
52.314
52,409
51,243
52.315
103,389
101,437
96,312
109,499
6, 802
7,584
8,329
104, 577
107,182
102, 508
93, 593
57,
58,
58,
56,
2,170
2,111
2,330
2,030
456
332
239
205
38,792
30,276
20,149
18,954
1,153
1,153
1,153
1,153
116
116
116
116
8,867
3,979
3,979
3,979
3,979
1,822
1,822
1,822
1,822
13,544
13,663
13,354
8,480
8,480
10,320
10,320
10,673
8,300
8,300
8,300
10,883
11,025
10,964
13,068
277
8,480 10,320
141
8,300
10,880
160
106,309
101,636
109,636
109,172
78,584
74,513
76,813
77,815
118,516
116,407
119,499
124,159
80,378
78,334
75,153
75,685
199, 562
192,371
177,062
194,912
626
626
626
626
599
599
1,615
1,742
1,742
1,742
1,769
1,769
1,770
1,775
400
514
529
33,359
34,390
18,630
18,158
54,640
48,632
38,175 38,765
35,963 43,258
, 1921.
477
FEDERAL RESERVE BULLETIN.
RESOURCES AND LIABILITIES OF EACH FEDERAL RESERVE BANK ON FRIDAYS, MAR. 4, TO MAR. 25, INCLUSIVE—Continued.
RESOURCES—Continued.
[In thousands of dollars.]
Total.
5 per cent redemption fund
against Federal Reserve Bank
notes:
Mar. 4
12,199
Mar. 11
12,728
Mar. 18 .
12,428
Mar.25..
12 068
Gold abroad in custody or in
transit:
Mar. 4
3,300
Mar. 11
3,300
Mar. 18... .
3,300
Mar.25
3,300
Uncollected items:
Mar. 18... .
716,882
Mar.25
592,950
All other resources:
Mar. 4
8,580
Mar. 11
9,195
Mar. 18 .
9 891
Mar.25
9,915
Total resources:
Mar. 4
5,840 601
Mar. 11
5,845,709
Mar. 18...
5 836,269
Mar 25
5,753,167
1
Includes bills discounted for
other Federal Reserve Banks:
12 399
Mar. 4
Mar. 11...
13,455
Mar.18
13,437
Mar.25...
14 663
2
Includes bankers' acceptances bought from other Federal
Reserve Banks without their
indorsement:
Mar. 4
19, 879
Mar. 11
14, 702
Mar.18....
6,912
Mar.25
. ..
4,336
New
York.
Boston.
Philadelphia.
AtCleve- Richland. mond. lanta.
1^072
1 072
2,380
2,308
2,271
2 148
1,300
1,300
1,300
1 300
1,239
1,240
1,240
1 240
602
601
601
601
509
675
675
616
241
241
241
241
1,211
1,211
1,211
1,211
264
264
264
264
270
270
270
270
16?
162
162
16?
48,327
41,209
154,007
133,521
58,941
47,314
71,683
53,933
516
541
545
524
2,278
2,454
3 216
3,202
479
468
537
565
684,174
715,963
683,773
680,380
455 355
451,220
448 038
444,495
1071
456,901
456,363
158 607
453,980
1
1,
1
1,
Chicago.
1, 930
San
St.
Minne- Kansas
Louis. apolis. City. Dallas. Francisco.
2; 183
936
523
523
523
523
478
590
396
465
916
916
916
916
586
586
586
586
665
665
665
665
119
119
119
119
393
393
393
393
155
155
155
155
89
89
89
89
158
158
158
158
86
86
86
86
152
152
152
152
59, 895
49, 690
30,292
27,070
97 ; 957
79, 688
36,737
32,203
20, 859
16, 301
53,112
41,355
36 728
789
48,344
38,877
481
558
540
547
470
437
481
286
440
478
539
1 630
1, 676
1 673
7?0
509
526
536
526
141
118
13?
474
500
525
554
911
1 016
744
664
405
461
484
494
557,151
556,794
557 370
551,614
?73, 9? 5
275, 631
*>86, 01*?
273, 274
258,715
257,995
263 490
260,368
246,058 156, 304 261,875
245,038 152, 124 256,150
250,721
849
236,798 151, 729 244,'041
164 470
160,022
159;455
155, 613
422,140
427,519
427 017
428,776
903,
890,
888
872,
533
890
811
099
12 399
13 455
13,437
14 663
906
831
833
258
25
25
25
25
3,213
2,796
1,547
1,206
8, 883
5,656
1,058
537
1,000
1 000
1,000
1,000
5,852
4,394
2,451
1,310
LIABILITIES.
Capital paid in:
Mar. 4
Mar.ll
Mar.18
Mar.25
Surplus fund:
Mar. 4
Mar.ll
Mar.18
Mar.25
Government deposits:
Mar.4
Mar.ll
Mar.18
Mar.25
Due to members—reserve account:
Mar. 4
Mar.ll
Mar.18
Mar.25
Deferred availability items:
Mar. 4
Mar.ll
Other deposits, including foreign
government credits:
Mar.4
Mar.ll
Mar.18
Mar.25
Total gross deposits:
Mar. 4 . . . .
Mar. 11
Total deposits:
Mar. 18
Mar.25
Federal Reserve notes in actual
circulation:
Mar. 4
Mar.ll
Mar.18
Mar.25
100,865
101.003
101,058
101,113
14,112
14,119
14,124
14,139
4,431
4,433
4,433
•1.433
3,485
3,495
3,497
3,498
4,490
4,486
4,488
4,488
4,127
4.127
4,131
4,134
7,074
7,169
7,186
7,216
8,343
8,313
8, 343
8,343
28,980
28,980
28, 980
28, 980
8,346
8,346
8,346
8,346
6,980
6,980
6,980
6,980
9,159
9,159
9,159
9,159
6,033
6, 033
6,033
6,033
14,194
14,194
14,194
14,194
1,437 10, 922
4,036 11, 592
13, 518 9,681
9,715 11.918
4,175
4,288
8,158
4,229
4,194
2,191
3,498
4,531
5,781
6,932
12,243
7,562
2,631
3,699
5,519
8, 612
3, 527
3,067
587
5,386
64, 9S4
65) 377
64,042
61, 949
4.4,122
44,658
45,036
43,608
77, 344
78,228
72, 765
75,071
47, 873
49,830
50,057
46.761
108,014
108,079
110,616
114,351
26,460
26,489
26,488
26,488
8,609
8,609
8,609
8, 599
10, 894
10, 870
10,880
10, 880
202,036 15,711
202,036 15,711
202,036 15, 711
202,036 15, 711
58,414
56,414
56, 414
56,414
17,010
17,010
17, 010
17,010
20,305
20, 305
20,305
20, 305
56,941
81, 521
58, 789
114,6S5
3,736
4,930
3,272
9,472
7,233
23,341
410
25, 245
6,756
7,250
1,132
11,698
4, 210
6,365
64
7,758
2,339
3, 830
705
8, 559
1,705, 364 108,676
1, 731, 429 107, 935
1,677,774 108,407
1,674, 536 106,379
650,418
672, 966
639, 356
639, 486
104, 527
103,315
101,939
102,023
146,226
147,444
147, 890
145,164
57, 227
57, 416
57, 953
55,179
46,692
46,010
44, 710
47,459
482, 385 34,310
467,221 35, 548
78,331
80, 530
40, 841
42,053
49,417
45,126
35,420
35, 575
20,366 65, 544 31,653 17,610 50,214 29,435 29,244
19,422 57,217 32,906 15,442 44,092 24, 807 34, 503
12,481
14,023
14,610
24,122
884
1,082
1,215
950
369
729
834
2,078
24.3
430
651
466
2,268,754 147,393
2,310,947 149,409
748,463 153,008 200,222
790,860 153,700 199,664
95,229
97,251
68,684 j327,339 101,286
69,846 321,091 103,324
1,774,635 112,576
1,840,887 118,619
654,376 104,286 148,788
688,853 114,671 155,000
59,309
64,204
58,644 248,285
58,208 253,898
3,042,611
3,005,840
2,962,880
2,930,729
801,916
791,404
789,920
780,740
302,311
302,374
291,710
293,082
152,154
151,877
150,182
145,499
24,064
30,776
38,072
51,666
671
996
897
2,768
267,478
265,207
261,596
259,837
255,895
251,623
241,622
242,344
5,305
5,305
5,321
5, 325
4,022
4,045
4,063
4? 075
7,856
7, 856
7, 838
7,838
10,
10,
10,
10,
561
561
561
561
189
378
416
1,034
162,929
160,527
158,270
156,026
249, 261
250,171
235,003
237,106
1,612
2,111
3,601
4,874
495,914
|489,484
485,349
1480,345
474
753
1,084
1, 508
419
486
838
513
328
361 6,033
487
345 8, 956
1,298 547 12,101
1,019 1,063 11,273
66,345 133,667 80,300 146,818
62,777 129,739 78,681 154,605
73,264 49,372
67,684 48,652
123,237
120,351
119,283
115,944
I
|
I
!
71,341
,
70487
70,487
69,943
69,303
56,123 123,304
83,652 56,436 131,010
100,352
,
98578
98,578
96,977
1 95,130
66,763
64,119
61,848
59,947
242,321
239,809
236,180
232,532
478
FEDERAL RESERVE BULLETIN.
APKIL, 1921.
RESOURCES AND LIABILITIES OP EACH FEDERAL RESERVE BANK ON FRIDAYS, MAR. 4 TO MAR. 25, INCLUSIVE—Continued.
LIABTLITIES-Continued.
[In thousands of dollars.]
Total.
Boston.
Phila- Cleve- Rich- Atdelphia. land. mond. lanta.
New
York.
Federal Reserve Bank notes in
circulation—net liability:
35,619 18,642
Mar.4
185,109 16,327
34,605 17,963
182,087 15,825
Mar.ll
33,838 17,889
179,250 15,317
Mar. 18
31,300 17,387
175,490
15,253
Mar. 25
Deferred availability items:
570,347
43,067
105,932
56,146
Mar. 18
79,446 41,869
454,279 33,988
Mar. 25
All other liabilities:
15,302 2,191
41,226 2,136
Mar.4
16,191 2,315
43,796 2,355
Mar.ll
46,063 2,502
16,805 2,476
Mar. 18
48,633
2,734
17,139 2,615
Mar. 25..
Total liabilities:
5,840,601
456,901
1,684,174 455,355
Mar.4
5,845,709 456,363 1,715,963 451,220
Mar.ll
5,836,269 458,607 1,683,773 448,038
Mar. 18
5,753,167 453,980
444,495
Mar. 25
Chicago.
San
St. Minne- Kansas
FranLouis. apolis. City. Dallas. cisco.
I
20,935
20,973
20,939
21,158
9,282 12,852
9,126 13,283
9,105 13,282
8,859 13,420
62,072 49,905
48,301 37,084
2,484
1,394
2,608 ! 1,511
2,676
1,629
2,888
1,742
30,583
29,981
29 004
28,557
7,279
7,046
6,998
6,960
6,685
6,889
6,891
6,968
12,043
11,956
11,747
11,667
5,823
5,539
5,506
5,350
9,039
8,901
8,734
8,611
18,803 75,183
18,098 57,502
1,885
1,951
2,085
2,198
36,744 19,578 44,113 24,270 34,534
31,701 14,649 37,478 22,128 32,035
6,605 1,479
1,468 2,164
1,424
2,694
7,235 1,538
1,496 2,232
1,523
2,841
7,886 1,653
2,885
1,544
1,588 2,334
8,678 1,730
3,178
1,585
1,679 2,467
557,151
556,794
557,370
551,614
273,925
275,631
286,012
273,274
258,715
257,995
263,490
260,368
903,533
890,890
888,811
872,099
246,058
245,038
250,721
236,798
156,304
152,124
157,849
151,729
261,875
256,150
255,126
244,041
164,470
160,022
159,455
155,613
422,140
427,519
427,017
428,776
MEMORANDA.
Ratio of total reserves to net
deposit and Federal Reserve
note liabilities combined, per
cent:
Mar.4
Mar.ll
Ratio of total reserves to deposit
and Federal Reserve note liabilities combined, per cent:
Mar.18
Mar.25
Contingent liability as indorser
on discounted paper rediscounted with other Federal |
Reserve Banks:
i
Mar.4
Mar.ll
•
Mar.18
i
Mar.25
|
Bankers' acceptances sold to !
other Federal Reserve Banks
without indorsement:
|
Mar.4
!
Mar.ll
!
Mar.18
Mar.25
Contingent liability on bills purchased for foreign correspondents:
j
Mar.4
Mar.ll
Mar.18
Mar.25
50.8
50.9
62.1
61.3
42.2
41.8
55.7
57.0
69.2
49.8
50.0
43.2
45.3
51.7
50.7
54.7
56.6
48.5
50.4
47.7
48.9
39.1
39.6
52.0
54.1
51.0
50.8
61.6
59.7
45.8
50.3
54.5
52.7
71.1
68.5
46.2
43.9
41.7
42.0
47.6
43.0
53.2
51.0
49.4
47.8
43.2
42.0
37.6
38.7
55.7
53.1
12,399
13,455
13,437
14,663
12,399
13,455
13,437
14,663
19,879
14,702
6,912
4,336
18,854
13, 677
5,887
3,311
18,233
34,402
34,403
32,381
8,105
14,146
14,147
12,125
1,000
1,000
1.000
1,000
1,280
2,560
2,560
2,560
1,312
2,624
2,624
2,624
784
1,568
1,568
1,568
576
1,152
1,152
1,152
1,904
3,808
3,808
3,808
25
25
25
25
752
1,504
1,504
1,504
432
864
864
864
768
1,536
1,536
1,536
416
832
832
832
736
1,472
1,472
1,472
MATURITY DISTRIBUTION OF BILLS AND CERTIFICATES OF INDEBTEDNESS HELD BY ALL FEDERAL RESERVE BANKS
COMBINED.
[In thousands of dollars.]
Bills discounted:
Mar.4
Mar. 11
Mar 18
Mar. 25
Bill bought in open market:
Mar. 4
Mar.ll
Mar. 18
Mar. 25
United States certificates of indebtedness:
Mar.4
Mar.ll
Mar. 18
Mar. 25
Total.
Within 15
days.
16 to 30
days.
2,341,505
2,368,450
2,224,919
2,286,648
1,444,440
1,448,142
1,355,122
1,362,700
248,885
227,479
234,427
375,018
381,720
359,303
369,200
255,707
247,096
242,118
278,264
164,004
146,608
122,780
123, 056
72, 745
65,097
49,120
47,033
31, 769
33,486
24,977
25,264
43,302
34,805
35,343
36,510
16,188
13,220
13, 340
14,249
257,693
255,687
284,951
256,865
11,971
7,646
31,424
6,424
3,100
3,500
4,627
4,621
9,518
9,518
6,576
6,555
4,513
5,602
4,640
7,255
31 to 60
days.
61 to 90
days.
Over 90
43,642
42,607
40,897
42, 057
228,591
229,421
237,684
232,010
APRIL, 1921.
479
FEDERAL RESERVE BULLETIN.
FEDERAL RESERVE NOTES.
FEDERAL RESERVE AGENTS* ACCOUNTS ON FRIDAYS, MAR. 4 TO 25, 1921, INCLUSIVE.
[In thousands of dollars.]
New
Boston. York.
Phila- Cleve- Rich- AtSan
St. Minne- Kansas
delChicago. Louis.
apolis. City. Dallas. Franphia. land. mond. lanta.
cisco.
RESOURCES.
Federal Reserve notes on hand:
Mar. 4
Mar.ll
Mar. 18
Mar.25
Federal Reserve notes outstanding:
Mar. 4
Mar.ll
Mar.18
Mar.25
Collateral security for Federal
Reserve notes outstanding:
Gold and gold certificatesMar. 4
Mar.ll
Mar.18
Mar.25
Gold redemption f u n d Mar. 4
Mar.ll
Mar.18
Mar.25
Gold settlement f u n d Federal Reserve B o a r d Mar. 4
Mar.ll
Mar.18
Mar.25
Eligible p a p e r Amount requiredMar. 4
Mar.ll
Mar.18
Mar.25
Excess amount held—
Mar. 4
Mar.ll
Mar.18
Mar.25
Total resources:
Mar.4
Mar.ll
Mar.18
Mar.25
[05,150
L05,650
[02,650
: 06,930
268,000
268,000
268,000
268,000
22,140
26,140
26,140
31,140
3,346,989
3 337,009
3 310,900
3^294,876
280,965
279,242
276,099
273,573
913,584
920,219
921,947
921,846
276,524
274,064
270,168
266,157
227,386
227,386
226,386
5,600
5,600
5,600
5,600
169,608
169,608
169,608
169,608
109,120
115,694
116,071
104,511
22,528
18,305
22,162
17,916
9,016
8,544
8,231
7,692
16,188
16,727
17,832
12,820
16,222
17,932
18,298
16,159
2,866
2,440
1,802
4,403
2,970
4,268
3,652
2,585
13,357
14,726
14,636
14,623
3,441
3,227
3,404
4,906
900,054 125,000
125,000
914,350 115,000
914,610 115,000
26,000
26,000
26,000
56,000
116,389
113,389
110,389
104,389
140,000
140,000
155,000
155,000
48,000
50,000
49,500
43,500
52,000
51,000
50,000
50,000
182,144
183,144
176,144
170,144
53,431
54,931
55,931
47,831
10,200 | 33,360 7,234 106,296
10,200 ! 35,360 5,234 103,232
10,200 35,360 10,235 120,591
10,200 34,360 8,234 119,952
127,837
130,337
133,337
135,057
708,960
716,067
718,108
688,546
143,947
143,948
141,947
148,948
147,477
142,978
124,397
123,187
107,626
106,225
106,145
104,695
109,814
107,309
105,754
105,675
337,535
332,635
336,396
312,115
SI, 214
79,214
76,214
81,874
48,706 i 72,076
48,001 ! 68,757
45,871 [ 66,957
46,181 66,157
340,114 28,441
366,278 28,194
242,085 19,511
310,354 24,856
140,795
166,783
23,196
14,476
9,329 15,643
3,732 20,026
8,405 17,137
11,826 38,021
1,478
2,639
1,707
8,781
16,430
13,403
18,248
18,812
42,147
55,427
53,384
83,195
788,894
794,415
794,519
802,442
46,740 25,088
46,040 25,189
45,020 I 25,428
43,830 i 26,878
327,474
324,685
321,470
318,121
158,492
158,665
1157,447
|152,598
23,775
23,775
23,775
23,775
75,605
76,110
77,666
78,945
143,540
143,320
141,559
141,000
23,280
23,280
27,440
26,840
11,625
12,690
12,820
12,510
3,400
3,800
3,600
3,400
16,826
16,696
16,696
22,669
47,500
47,500
47,500
40,300
168,284
166,077
162,906
161,760
533,036
530,505
527,176
526,882
144,046
143,332
141,509
140,571
73,357
72,808
71,793
71,337
108,223
107,003
105,113
104,221
70,313
69,728
67,969
63,393
292,691
290,681
287,303
294,417
5,960
5,960
5,960
5,960
3,500
3,500
3,500
3,500
5,891
5,891
5,891
4,891
13,052
13,052
13,052
13,052 |
1,399
1,555
2,670
1,904
!
i
|
!
2,787
2,886
2,796
3,704
4,175
5,459
3,700
3,558
14,171
19,625
16,888
14,241
j
2,110,429
2 096,439
2 053,093
2,049,369
53,013
53,144
48,143
46,710
172,224
167,824
149,824
160,224
10,388
7,571
18,904
12,769
! 19,936 , 27,20914,801
16,914 | 28,399 12,655
21,271 ; 32,949 14,112
21,948 38,628 16,438
13,517
10,535
13,261
20,604
7,822,986
7,834,711
7,658,404
7,702,548
695,521
692,328
674,359
678,932
2,235,963
2,275,221
2,135,090
2,126,168
343,550
345,158
342,029
340,855
428,603
421,667
421,726
421,277
1,251,759
1,259,757
1,249,295
1,277,959
321,760
317,515
329,362
320,751
178,275 247,055 172,253
175,220 246,205 168,807
j 177,677 1246,775 166,746
i 177,132 250,470 165,893
646,399
639,397
635,367
649,738
4,135,883
4,131,424
4,105,419
4,097,318
386,115
384,892
378,749
380,503
1,181,584
374,214 183,580
1,188,219 300,204 370,725 183,854
1,189,947 296,308 366,490 182,875
1 189,846 297,297 361,951 179,476
243,889
242,187
240,572
240,705
676,576
673,825
668,735
667,882
167,326
166,612
168,949
167,411
i 84,982
85,498
84,613
83,847
87,139
86,424
84,665
86,062
340,191
338,181
334,803
334,717
1,236,560
1,240,570
1,257,807
1,245,507
153,128
148,905
142,762
138,516
204,624
204,152
203,839
233,300
132,577
130,116
128,221
117,209
179,997
181,707
197,073
194,934
50,866
52,440
51,302
47,903
58,470
58', 768
57,152
56,085
195,501 62,832 24,651 36,147
197,870 64,118 24,807 38,246
190,780 65,295 25,922 38,156
184,767 58,697 25,156 38,064
17,300
16,584
19,826
16,683
120,467
122,857
137,479
134,193
2,450,543
2,462,717
2,295,178
2,359,723
156,278
158,531
152,848
159,913
849,755
882,850
741,304
703,022
153,276
147,680
150,352
160,774
163,120
163,004
141,534
161,208
109,104
108,864
107,852
113,476
126,244
120,712
124,002
124,487
379,682
388,062
389,780
425,310
91,602
86,785
95,118
94,643
68,642
64,915
67,142
68,129
99,285
97,156
99,906
104,785
67,814
65,799
62,255
63,148
185,741
178,359
163,085
180,828
7,822,986
7,834,711
7,658,404
7,702,548
695,521
692,328
674,359
678,932
2,235,963
2,275,221
2,135,090
2,126,168
584,517
578,000
574,881
575,280
717,331
715,436
705,097
718,093
343,550
345,158
342,029
340,855
428,603
421,687
421,7267
421,27
1,251,759
1,259,757
1,249,295
1,277,959
321,760
317,515
329,362
320,751
178,275
175,220
177,677
177,132
247,055
246,205
246,775
250,470
172,253
168,807
166,746
165,893
646,399
639,397
635,367
649,738
584,517
578,000
574,881
575,280
717,331
715,436
705,097
718,093
LIABILITIES.
Net amount of Federal Reserve
notes received from Comptroller of Currency:
Mar.4
1
Mar.ll
Mar.18
Mar.25
Collateral received from Federal Reserve Bank:
GoldMar. 4
Mar.ll
Mar.18
Mar.255
Eligible paper—
Mar.18
Mar.25
Total liabilities:
Mar.4
Mar.ll
Mar.18
March 25
!Ill, 623
110,803
"~ ~~"
108,713
107,621
480
FEDEBAL RESERVE BULLETIN.
APRIL,
1921.
CONDITION OF MEMBER BANKS IN LEADING CITIES.
Liquidation of loans by reporting member
banks continued, though at a less rapid rate,
during the four weeks ending March 18, when
total loans and discounts of these banks
amounted to $12,630,000,000, compared with
$12,788,000,000 four weeks earlier. The net
liquidation for the four weeks was thus about
$158,000,000, compared with a liquidation of
$264,000,000 for the preceding four weeks.
During the same period, net demand deposits
of the member banks declined by $177,000,000,
or from $10,553,000,000 on February 18, to
$10,376,000,000 on March 18, and accommodation at the Federal Reserve Banks was reduced from $1,847,000,000 to $1,719,000,000.
As a consequence, the ratio of accommodation
at the Federal Reserve Banks to total loans and
investments declined from 11.5 per cent on
February 18 to 10.7 per cent on March 18.
Following is a summary of the changes in
principal asset and liability items of reporting
member banks on each Friday from February
• 3 8 to March 18:
Summary of changes in resources and liabilities of reporting
member banks.
[In millions of dollars.]
Feb. 18. Feb. 25. Mar. 4. Mar. 11.Mar. 18.
Number of reporting banks..
Loans and discounts:
Loans secured by United
States Government obligations i
Loans secured by stocks
and bonds (other than
United States securities)
All otherl loans and discounts
Total loans
and discounts l
United States bonds
United States Victory notes..
United States certificates of
indebtedness
Other bonds, stocks, and
securities
Total loans and discounts, and investments 1
Reserve b a l a n c e with
Federal Reserve Banks
Cash in vault
Net demand deposits
Time deposits
Government deposits
Bills payable and rediscounts with Federal Reserve Banks, total
Secured by United
States Government
obligations
Allother
Ratio of accommodation at
Federal Reserve Banks to
total loans and discounts,
per cent
1
826
826
824
824 I
770
3,033
3,053
3,054
3,032
3,015
8,972
8,966 I 8,954
8,905
8,854
12,788
866
199
12,795
873
195
2,794 ! 12,707
866
866
194 I 192
12,630
866
192
208
202
339
2,001 i 1,990
2,008
2,049
16,096
16,099 j 16,052 | 15,975
16,076
1,294
324
10,553
2,907
142
1,297 | 1,279
328
327
10,495 10,518
2,920
2,909
122
91
1,302
330
10,535
2,910
1,252
321
10,376
2,926
348
1,832
1,854
1,719
246
1,997
235
1,847
1,890 I
755
1,092
770
1,120
748
764
1,090
769
950
11.5
11.7
11.4
11.6
10.7
Including bills rediscounted with Federal Reserve Bank.
824
Loans secured by United States Government
obligations show a reduction of $22,000,000 for
the period under review, loans secured by
stocks and bonds, a reduction of $18,000,000,
and all other loans and discounts, representing
largely commercial paper, a decrease of
$118,000,000. For member banks in New York
City reductions for the four weeks were as
follows: Loans secured by Government obligations, $11,000,000, loans secured by stocks
and bonds, $27,000,000, and other loans and
discounts, $57,000,000, making a total reduction in loans and discounts of $95,000,000.
Member bank holdings of United States
bonds and Victory notes show a reduction of
$7,000,000 for the four weeks, while Treasury
certificate holdings, after declining from
$246,000,000 on February 18 to $202,000,000
on March 11, increased to $339,000,000 on
March 18 as a result of the allotment of new
issues on March 15. An increase of about
$52,000,000 is shown in the holdings of other
bonds, stocks, and securities, so that the aggregate of investments shows an increase of
$138,000,000 and the total of loans and investments, in spite of the substantial decrease in
loans, a decrease of only $20,000,000. It
should be noted, however, that the considerable
increase in the holdings of Treasury certificates
is likely to be reduced as soon as the member
banks transfer title to a large part of these
certificates to private investors.
Accommodation of the member banks at the
Federal Reserve Banks shows a reduction from
$1,847,000,000 to $1,719,000,000 for the four
weeks, the latter figure being a low, due to
Treasury transactions in connection with the
redemption of certificates during the week of
March 15. As a consequence of this reduction
in accommodation, the ratio of accommodation
to total loans and investments shows a reduction from 11.5 to 10.7 per cent for the period
under review. On March 11, however, preceding the Treasury operations of the most
recent week, the ratio oi accommodation stood
at 11.6 per cent, or slightly above the percentage
for February 18. For New York City members the amount of accommodation at the local
Federal Reserve Bank shows a decrease from
$791,000,000 on February 18 to $651,000,000
on March 18, and the ratio of accommodation
shows a corresponding decline from 15 to 12.4
per cent.
Government
deposits
declined
from
$142,000,000 on February 18 to $41,000,000
on March 11, but increased to $348,000,000
on March 18, following the Treasury operations
of March 15. Other demand deposits (net)
APRIL, 1921.
481
FEDERAL RESERVE BULLETIN".
show moderate fluctuations for the four weeks
and stood on March 18 at $10,376,000,000,
compared with $10,553,000,000 four weeks
earlier. Time deposits increased
from
$2,907,000,000 on March 18 to $2,926,000,000
on the most recent Friday.
vault fluctuated but little during the period
and stood at $321,000,000 on March 18, as
against $324,000,000 four weeks earlier.
The accompanying chart shows the movement of loans and discounts, of total loans and
investments, of deposits and of accommodation
MOVEMENT OF PRINCIPAL ASSETS AND LIABILITIES
OF REPORTING MEMBER BANKS
1920-1921
BILLIONS
OF DOLLARS
I:
2:
3:
4:
5:
ACCOMMODATION AT FEDERAL RESERVE BANKS.
U.S. OBLIGATIONS AND LOANS SECURED THEREBY
NET DEMAND DEPOSITS.
TOTAL LOANS AND DISCOUNTS.
TOTAL LOANS AND INVESTMENTS.
18
18
17
— •
• ^
••I
r
'• 1
II
c
^*—-
17
16
16
15
IS
13
12
14
4
13
"^
-^
II
12
3
^ <
II
—^ - N .
10
10
9
9
8
8
7
7
6
6
5
S
4
4
3
3
, —*
2
—Isi
I
U
I
JAN. FEB. MAR APR. MAT JUKE JULY AUG. SEPTJOCIV H07. DEC. JATI FEB. MAR APR. MAY JUNE JUDT AU6. SEPT OCT.
1920
In keeping with the decline in net deposits
and in Federal Reserve accommodations,
reserve balances of the member banks show
a reduction from $1,294,000,000 on February
18 to $1,252,000,000 on March 18. Cash in
2
1
1921
m
DfC.
0
at Federal Reserve Banks for each week of
1920 and up to March 18 of the current year.
This chart will be brought up to date and will
appear each month in the Federal Reserve
Bulletin.
482
FEDERAL, RESERVE BULLETIN.
APRIL, 1921.
PRINCIPAL RESOURCE AND LIABILITY ITEMS OF MEMBER BANKS IN LEADING CITIES, ON FRIDAYS FROM FEB. 25 TO
MAR.
18, 1921.
1. ALL REPORTING MEMBER BANKS IN EACH FEDERAL RESERVE DISTRICT.
[In thousands of dollars.]
Boston.
Number of reporting banks:
Feb. 25
Mar.4
Mar. 11
Mar. 18
Loan ssecured by UnitedStates
Government obligations, including bills rediscounted
with Federal Reserve Bank:
Feb. 25
Mar.4
Mar. 11
Mar. 18
Loans secured by stocks and
bonds (other than United
States securities):
Feb. 25
Mar.4
Mar. 11
Mar.18
All other loans and discounts,
including bills rediscounted
with Federal Reserve Bank:
Feb. 25
Mar.4
Mar. 11
Mar.18
Total loans and discounts,
including bills rediscounted,
with Federal Reserve Bank:
Feb. 25
Mar.4
Mar. 11
Mar. 18
United States bonds:
Feb. 25
Mar.4
Mar. 11
Mar. 18
United States Victory notes:
Feb. 25
Mar.4
* ....
Mar. 11
Mar. 18
United States certificates of
indebtedness:
Feb. 25
Mar. 4
Mar. 11
' *....
Mar. 18
Other bonds, stocks, and securities:
Feb. 25
Mar.4
" ..."
Mar. 11
Mar.18
Total loans and discounts, and
investments, including bills
rediscounted with Federal
Reserve Bank:
Feb.25
Mar.4
Mar. 11
Mar.18
'..'.'.'..'....
Reserve balance with Federal
Reserve Bank:
Feb.25
Mar.4
'.'.
Mar. 11
Mar. 18
Cash in vault:
Feb.25..
Mar.4
.'".
Mar. 11
Mar.18
Net demand deposits:
Feb.25
Mar.4
.""
Mar. 11
i
*
Mar.18
Time deposits:
Feb.25
Mar.4
Mar.ll
Mar.18
St. Minne- Kansas
New
Phila- Cleve- Rich- AtYork. delphia. land. mond. lanta. Chicago. Louis. apolis. City. Dallas.
113
113
113
113
52
52
52
52
114
114
114
114
58
58
58
58
90,342 23,303
93,005 23,643
90,718 22,416
43,351 354,678 70,807
41,935 361,066 71,511
41,349 357,085 70,542
43,228 341,520 71,084
64,180
63,916
61,774
62,648
26,787
29,118
26,900
28,409
25,688
25,870
24,695
25,338
,279,889
,282,066
,247,949
,232,917
343,775
345,553
348,351
348,935
11,800
11,178
11,945
13,559
57,034 441,607 .21,015
60,031 440,412 .20,977
58,219 445,665 L21,119
56,776 438,612 L22,856
190,603
187,850
191,812
191,478
195,739
193,999
194,274
198,630
San
Francisco.
22,263
13,746 24,322
13,796 22,839
13,606 22,615
13,309 22,383
Total.
824
824
824
8,487
8,080
8,270
8,073
30,705
31,213
29,998
29,186
776,396
785,992
769,968
761,430
42,509 76,905 38,759
43,027 76,936 38,665
44,370 76,949 38,372
45,892 74,023 38,140
152,861
153,049
152,681
152,922
3,052,496
3,053,749
3,031,706
3,014,740
8,966,288
8,954,236
8,878,215
8,853,644
663,094 3,151,141
669,302 3,168,025
664,602 3,133,630
665,342 3,113,422
417,755 712,912 336,561 337,157 ,372,238 349,995
414,757 704,377 335,779 325,272 ,367,662 346,612
407,884 703,491 337,209 321,180 ,350,805 339,220
410,798 699,475 334,204 322,289 ,341,293 339,564
226,407
228,255
229,160
225,725
400,948
402,504
397,435
403,039
224,596
225,164
223,629
222,032
773,481
766,527
769,970
776,461
897,048 4,785,711
899,093 4,811,157
897,763 4,738,664
900,048 4,687,859
684,301 ,120,867 475,148 419,879 ,904.187 494,313
680,267 1,113,846 476,07f 411,173 ,90],079 491,232
',188 "~!,755
482;
672,700 1,113,616 476,
6; 054
"" 404,091 ,887,188
680,512 1,111; 058 476,
6,172 404,403 .,873,894 481,683
282,662
285,078
287,136
284,926
502,175
502,279
496,999
499,445
271,842
271,909
270,271
268,245
957,04: 12,795,180
950,789 12,793,977
952,649 12,679,889
958,"~
^,629,814
569 12
33,493 304,166 43,995
33,006 300,546 43,928
33,031 300,461 43,702
33,030 297,960 43,971
6,021
6,020
6,020
6,038
12,573
10,639
9,249
21,291
84,407
83,986
84,013
83,612
11,130
10,345
10,305
10,144
123,125 16,139
107,216 13,617
100,680 13,180
184,309 33,354
21,428 7,558
22,432 7,580
20,321 7,679
20,698 7,691
3,623
3,043
2,995
3,316
33,720 2,385
33,930 2,372
34,175 2,197
34,115 2,236
1,352
1,330
1,366
1,245
3,628
3,577
3,752
3,676
4,119
3,990
5,117
8,077
2,296
2,175
2,326
2,163
27,044 2,
26,972 2,979
27,963 2,522
35,29- 3,975
976
883
1,100
3,343
123,865 724,767 155,285 280,662 47,099 35,543 313,526
124,069 714,102 156,138 281,892 47,634 34,380 313,727
124,894 733,162 155,496 282,482 46,778 34,38C 336,810
122,095 741,881 155,842 283,841 48,545 33,85: 341,338
>,022,17<
1,073,000 6,
1,072,827 6:,017,007
1,070,95^ 5,956,980
1,082,502 5,995,62:
102,871
105,286
105,816
103,467
743,774 4,623,462
738,024
024 4,648,303
4!
735,971 4,624,759
',588,614
723,"""
659 4!
65,255
66,016
65,936
66,082
95,268
93,166
93,985
97,468
872,890
865,808
865,783
866,134
2,763
2,763
2,107
2,058
17,262
17,048
17,125
17,390
195,277
194,426
192,055
192,219
7,457
5,495
4,964
5,950
4,266
2,304
2,346
1,989
15,669
15,191
16,373
18,860
234,878
207,679
202,058
338,844
19,727 54,83'
19,828 53,208
19,688 53,397
19,625 53,242
10,364
10,210
10,300
10,271
169,864
169,08:
171,56:
172,511
2,000,794
1,990,285
2,034,884
2,049,121
910,850 1,539,856 593;, 988 502,22S 2,357,342 593,495
2,
591,194
~ " 1,352,273
904,295 1,533,056 595!i, 432 491, 255
!,, 364,052582,165
895,383 1,530,059 595; 851
2412,2,362,386 -.,692
585
923,823 1,533,378 600,367 484,385
321,26:
323,64'
325,665
325,838
604,19601,05£
594,96S
597,13C
41,801
42,716
44,000
41,904
18,786
19,465
19,808
20,030
46,940
45,446
46,913
22,783
21,413
23,396
23,83:
75,01 1,296,808
71,494 1,279,101
70,308 1,302,232
72,484 1,252,032
57,656 8,9154,621 9,425
56,040 9,203
54,177 9,197
7,536
7,084
7,224
6,698
13,5&
13,6K
13,696
13,225
10,709
10,804
10,881
10,154
26,005
25,998
27,627
25,5K
638,028 889,822
822 324:,365 240,05! 1,317, 378 325,i,242
639,734 891,267 327,276 236,114 1,323,69£ 325,391
204 328,85C
328,
330; 238,938 1,338,204
646,040 891,586 ""1,662
1,299,447 314,657
233
630,66C 879,046 325,283 233,003
186,142
190,950
196,352
190,523
405,91.
401,67:
403,817
389,324
209,337
207,480
210,136
209,67f
659,254144,23:
659,916 144,47f
658,371 142,965
656,470143,802
68,127
68,798
68,582
68,882
101,529
101,132
100,654
101,268
62,00?
60,318
60,003
59,797
75,736 600,473 67,960
74,549 595,744 64,829
73,417 618,130 63,845
73,812 584,974 63,076
23,
22,59?
22,94:
23,82:
16,544 36,097 36,289
16,528 36,496 37,673
16,375 35,850 37,637
16,701 34,817 37,650
40,882
40,484
40,446
40,652
18,345
16,218
16,238
20,239
78,865
76,565
77,916
77,745
28,673
28,595
28,755
28,716
60,064
60,153
60,223
59,882
98,554
98,668
97,402
97,542
17,981
16,709
16,390
16,25G
100,695
97,750
97,193
98,622
33,054
33,624
33,922
34,320
26,30
27,937
25,652
26,95C
31,213
35,577
33,100
32,30£
15,593
14,978
15,445
15,43"
12,127
11,772
11,675
10,935
39,096 432,956 116,341 144,16'
441,105 38,660 434,139 116,886 144,03C
438,783 39, 111 432,638115,514 145,44'
460,655 38,905 432,959116,428143,880
187,263
184,134
185,648
171,133
325,5241,255,1H 16,099,019
324,859 1,245,275 16,052,175
322,661 1,251,693 15,974,669
320,233 1,264,79716'
".,076,132
327,399
328,471
330,038
321,189
591,11; 10,494,629
587,571 10,518,374
589,786 10,535,101
591,834 10;
"1,375,720
538,857
542,683
539,592
635,225
2,909,245
2,919,818
2,910,392
2,926,448
483
FEDERAL RESERVE BULLETIN.
APRIL, 1921.
PRINCIPAL RESOURCE AND LIABILITY ITEMS OF MEMBER BANKS IN LEADING CITIES, ON FRIDAYS FROM FEB. 25 TO
MAR. 18, 1921—Continued.
1. ALL REPORTING MEMBER BANKS IN EACH FEDERAL RESERVE DISTRICT—Continued.
[In thousands of dollars.]
San
New
St. Minne- Kansas
Phila- Cleve- Rich- AtBoston. York. delphia land. mond lanta. Chicago. Louis. apolis. City. Dallas. Francisco.
Government deposits:
Feb.25
Mar. 4
Mar.ll
Mar.18
Bills payable with Federal
Reserve Bank:
Secured by United States
Governmentobligations—
Feb.25
Mar. 4
,
Mar.ll
Mar.18
,
All other—
Feb.25
Mar.4
,
Mar.ll
,
Mar.18
Billsrediscounted with Federal
Reserve Bank:
Secured by United States
G o vernment obligations—
Feb.25
Mar.4
Mar.ll
Mar.18
All other—
Feb.25
Mar4
Mar.ll
Mar.18
10,618
7,571
3,414
26,418
55, 510 10,479
40,461 7,723
17,972 3,434
179,801 38,775
22, 781 270,382
23,745 245, 369
24,459 263,198
35,019 265, 546
44,058
41, 569
43,880
45,138
Total.
9,725 2,655 1,363
7,392 2,108
989
3,403
918
460
29,956 8,695 2,499
13,980 3,248
10,866 2,428
4,829 1,068
28,531
2,381
1,741
773
4,542
2,321
1,726
767
4,247
2,125
1,784
789
2,226
7,451
6,254
2,780
14,946
121,856
91,043
40,607
347,624
31, 315
34,790
39,225
28, 836
27,470
26, 851
23, 574
27,892
67,171
65, 059
66, 518
67,282
15,919
16,490
17,496
18, 705
5,392
4,157
2,762
5,716
20,044
10,281
9,663
8,487
8,045
21, 899
23,199
25, 718
25,971
563,422
534, 545
558,428
573,167
85
378
105
380
150
1,790
1,790
59
110
100
100
100
605
605
285
480
1,538
1,676
2,757
140
552
407
441
397
2,529 8,732
5,100 8,939
2,866 7,750
4,074
18,391
19,649
18,944
18,986
3,389
4,327
3,283
3,151
995
1,060
1,052
771
3,971
3,881
3,747
3,882
717
625
645
617
4,172
3,461
4,022
3,663
206,874
213,117
205, 582
195,773
42, 568
33, 561
27, 771
30, 533
200,058
184,128
191, 541
192,949
42, 818
41,753
37, 917
44, 523
26,255
24, 849
23, 503
24, 786
36, 761
37, 723
39,357
40, 795
18,055
18, 726
18, 375
16, 764
26, 710
25,010
26,620
26, 569
18,144
17,600
18,055
15,601
98, 627
103, 813
101,221
95,160
37,116
36, 856
37,387
34, 467
10, 091
7,806
6,610
6,753
73,011
77,484
81, 484
68,144
479,604
463,314
476,176
341,275
43,352
41,286
33,190
37, 917
55,661 37, 281
37,242
57, 329 36,112
53,414 35, 702
186&3
16,491
18, 448
150
63, 437 1,118, 861
65, 794 1,082,746
64,313 1, 087,068
59,086 946,888
2. MEMBER BANKS IN FEDERAL RESERVE BANK CITIES.
[In thousands of dollars.]
Number of reporting banks:
Feb.25
Mar.4
Mar.ll
Mar. 18
Loans secured by United States
Government obligations, including bills rediscounted
with Federal Reserve Bank:
Feb.25
Mar.4
Mar.ll
Mar.18
Loans secured by stocks and
bonds (other than United
States securities):
Feb.25
Mar.4
Mar.ll
Mar.18
All other loans and discounts,
including bills rediscounted
with Federal Reserve Bank:
Feb.25
Mar.4
Mar.ll
Mar.18
Total loans and discounts, including bills rediscounted
with Federal Reserve Bank:
Feb.25
Mar.4
Mar.ll
Mar.18
United States bonds:
Feb.25
Mar.4
Mar.ll
Mar.18
United States Victory notes:
Feb.25
Mar.4
Mar.ll
Mar.18
287
19
19
19
19
37,156
35, 757
35,338
37, 082
286
8,484
8,490
8,261
8,112
7,348
7,252
7,275
7,160
2,317
2,123
2,247
2,222
13,187
13, 959
13,026
12, 512
569,649
579, 727
569,896
558,909
87, 456 25, 575
87, 831 26,422
88, 409
89, 708 28,754
31, 534
31,489
31,254
28, 507
9,750
9,170
9,132
9,337
70,145
68,860
67,851
68,264
2,140,209
2,138,350
2,116,361
2,100,058
63,206 12, 988
65, 979 13,964
12,927
67,141 13,226
328,621
335,090
331,187
315, 542
67, 681
68, 373
67,452
67,993
18,159
18,162]
17,657!
17, 6451
145,>, 613 1,,116,612
143,i, 742 1,, 119, 400
146,067 1,086; 668
146,1711,073,148
176,966
175, 581
175, 798
179, 721
133,694
134,101
135,315
135,029
15,515 9,233
15,509 8,971
15,552 9,216
15,609
522, 396 2, 839, 565
526, 842 2, 853, 874
523,642 2, 818, 323
524,984 2,798,296
380,611
377,555
371,043
374,747
279,311
278,166
278, 518
278,652
70, 505
69,485
69, 827
69,063
56,907
59,068
56,675
56, 931
705,165 4, 284, 798
706, 341 4,308, 364
705, 047 4, 236,178
708, 237 4,186, 988
625, 258
621,509
614,293
622, 461
431,164
430, 429
431,490
431, 326
92, 527
91,455
91, 872
91,150
70,135 1, 239,197 325, 568137, 745
72,156 1,238, 024 323,919 139, 882
69,944 1, 249,946 316,005 138,361
70,015 1,234,487 317,928 138,931
177, 805
178,787
173,699
176,293
72,927
71, 559
70, 550
69,639
453,801
445,142
450,469
456,816
8,616,090
8,627,567
8,547,854
8,504,269
9,704
9,703
9, 734
9,729
533
531
531
547
261, 504
257, 788
257, 424
254,662
32, 079
32, 095
32, 269
32, 555
74,343
74,050
74,092
73,695
7,849
7,101
7,034
6,872
6, 507
6,461
6,493
6, 478
3,995
4,117
4,053
3,796
318,116
317, 274
323,411
316, 522
857,875 225,124 103,686
854, 771 222,124 104,970
862, 555214,669 102, 412
850,824 214,994 102,065
370,469 5,906,232
138,923
140,046 60,266 362,323 5,909,490
135,170 59,171 369, 592 5,861,597
140,626 58,080 376,040 5, 845,302
8, 710| 7,334 4,364
8,714| 7,333 4,364
8,761 7,335 4,365
7,263 4,353
19, 712
17,943
19, 282
19, 260
13, 698
13, 751
13, 742
13,688!
4,506
4,476
4,372
4,441
12,688
13, 388
12, 755
11,613
8,182
8,191
8,173
54, 551
52, 582
53,447
55,462
437,032
430,328
431,659
429,896
2,172
2,172
2,194
2,194
12,635
12,711
12,990
12,964
370|
486
461
491
461
1,194
1,193
1,221
1,223
733
733
76
311
8,330
•8,153
8,320
8,443
108,891
107,737
107,596
107,111
181
181
181
181
401
435|
484
FEDERAL RESERVE BULLETIN.
APRIL, 1921.
PRINCIPAL RESOURCE AND LIABILITY ITEMS OF MEMBER BANKS IN LEADING CITIES, ON FRIDAYS FROM FEB. 25 TO
MAR.
18, 1921—Continued.
2. MEMBER BANKS IN FEDERAL RESERVE BANK CITIES—Continued.
[In thousands of dollars.]
Boston.
United States certificates of indebtedness:
Feb. 25
Mar.4
Mar.ll
Mar.18
Other bonds, stocks, and securities:
Feb.25
Mar.4
Mar.ll
Mar.18
Total loans and discounts, and
investments, including bills
rediscounted with Federal
Reserve Bank:
Feb.25
Mar.4
Mar.ll
Mar.18
Reserve balance with Federal
Reserve Bank:
Feb.25
Mar.4
Mar.ll
Mar.18
Cash in vault:
Feb.25
Mar.4
Mar.ll
Mar.18
Net demand deposits:
Feb.25
Mar.4
Mar.ll
Mar.18
Time deposits:
Feb.25
Mar.4
Mar.ll
Mar.18
Government deposits:
Feb.25
Mar.4
Mar.ll
Mar.18
Bills payable with Federal Reserve Bank:
Secured by United States
Government obligations—
Feb.25
Mar.4
Mar.ll
Mar.18
All other—
Feb.25
Mar.4
Mar.ll
Mar.18
Billsrediscounted with Federal
Reserve Bank:
Secured by United States
Government obligations—
Feb.25
Mar.4
Mar.ll
Mar.18
All other—
Feb.25
Mar.4
Mar.ll
Mar.18
New
St. Minne- Kansas
Phila- Cleve- Rich- AtYork. delphia. land. mond. lanta. Chicago. Louis. apolis. City. Dallas.
117,589
101,921
96,351
177,463
San
Franciseo.
Total.
14,579
12,071
11,635
31,566
1,878
1,890
1,881
1,875
249
245
245
333
415
420
425
225
7,203
8,408
8,599
14,455
2,242
2,347
1,942
2,709
514
420
552
1,861
3,762
2,338
1,833
1,987
2,073
1,371
1,378
1,305
8,675
8,415
9,053
9,996
164,879
143,938
136,598
255,168
49,379 550,445 125,551
49,834 540,377 126,038
50,293 558,686 125,400
47,544 567,434 125,611
68,156
67,019
66,544
67,149
3,941
3,935
4,017
4,101
3,296
3,247
3,249
3,201
147,250
147,616
144,051
147,818
40,832
41,994
41,844
42,058
8,383
8,396
8,437
8,476
17,317
*7,103
17,289
17,563
4,139
4,139
4,155
4,156
93,210
91,521
93,344
93,594
1,111,899
1,101,219
1,117,309
1,128,705
78,275 1,425,997 382,1,710
80,252 1,424,702 382:!, 397
78,048 1,434,868 373!:,934
77,859 1,428,984 376,818
151,634
153,635
152,213
154,170
212,766
212,809
206,797
208,679
88,054
85,993
84,332
83,215
5,700
4,092
2,704
11,393
770, 4815, 1,288,679
770, 5015, ',282,500
768, 309
Wo 5,,222,731
777,450 5,260,240
805,316
798,814
790,631
819,065
512,080104.,232
510,224103,1,149
510,870 103,650
511,330 103,028
618,567 10,438,791
605, S13 *10;1,410,789
614,63310,), 341,016
624.31110;1,425,149
558,493 62,155
547,547 58,391
575,254 58,106
539,173 56,730
29,578
26', 908
26,109
28,127
6,134
5,859
6,100
6,353
3,619
4,764
3,531
4,273
135,057
133,107
133,418
124,394
30,437
30,944
32,245
31,258
7,081
9,030
8,913
15,767
16,598
16,058
13,782
6,451
4,879
5,719
6,669
33,749
30,201
28,801
32,839
948,502
927,^84
953,047
911,356
14,334
13,381
13,497
13,150
7,782
10,374
8,255
7,531
2,076
1,976
2,069
1,901
34,442
32,148
32,705
31,592
4,310
4 471
4,365
4,333
2,348
2,373
2,419
2,095
3,315
3,491
3,299
3,654
1,813
1,950
1,768
1,671
10,098
9,925
9,646
9,803
186,922
1,236
1,185
1,173
577,649 4,139,351 553,762
444 4,
573,4"
1,157,876 555,309
268 41,133,646 562,545
569,2i
559J 816
~ 4.
g03,132 547,749
215,530
214,443
215,172
214,153
54,388
53,323
52,3581
52,417
37,351
36,353
38,961
36,285
931,4811223,903
935,019|224,525
935,7931227,459
918,938! 216,032
86,760
89,369
91,404
87,913
148,379 57,137
146,182 56,208
146,754 56,561
140,741 57,556
276,564
271,560
267,646
272,637
7,302,255
7.313,611
7,297,567
7,207,369
61,667 269,229 27,128
63,084 278,040 27,122
63,350 275,638 27,188
63,656 297,820 27,062
233,416
234,018
233,411
234,145
23,105
23,4391
23,395!
23,337
21,625
21,640
21,750
21,698
309,843
311,181
310,337!
311,021|
82,871
83,226
83,223
82,912
26,875
27,256
27,263
27,559
10,997
11,070
11,274!
11,476
254,387
255,780
256,108
251,234
1,328,527
1,343,301
1,340,423
1,359,485
10,006
7,318
3,254
37,527
314
231
114
5,241
510
43!
192
1,387
221
190
85
343
6,287 2,475
4,918 1,765
784
2,186
15,243 5,346
1,690
1,250
555
2,416
1,915
1,394
619
3,436
6,294
5,248
2,333
12,158
92,983
68,585
30,492
280,022
20,896 247,370 41,464
21,007 220,127 39,101
21,161 239,121 41,432
31,788 242,154 42,340
2,980
3,480
2,900
2,799
5,445
5,676
6,285
5,369
700
750
550
550
18,143
20,280
20,963
21,392
925
950
2,068
10,455
10,327
8,304
9,904
11,507
13,619!
16,283j
16,873!
371,934
346,630
368,950
388,208
59,981
59,756
58,793
58,759
14,649
13,884
13,938
14,744
8,393
5,775
2,566
21,183
90,516
92,999
93,738
91,692
53,001
38,501
17,109
173,939
9,852
10,105
10,921
12,571
V7,445
7,486
7,565
1,877
1,563
695
h
2,133
1,233
80
400
150
1,790;
1,790
17,825
17,281
17,679
15,225
96,736
101,811 36',738|
99,088 37,269
93,013
72,365
77,030
81,141
67,888
455,452
436,410
450,858
315,629
41,096
39,305
31,275
36,257
2,199
2,112
1,619
1,490
825
893
827
780
48,900 6,296 3,634
47,270 6,389 5,042
47,989 6,771 3,269
46,162 6,310 4r~~
126,442
111,952^
122,879
125,043
150
1,790
1,849
59
11,806 1,328
12,842 2,639
12,607 1,604
11,640 1,463
26,417
25,863
23,099
28,083
186,884
183,339
593
683
621
494
1,560
1,526
1,406
1,171
144
140
105
101
2,759j
1,955'
2,486
2,113
172,773
178,620
175,311
161,889
18,413
17,922
15,657
18,134
16,868
18,933
19,241
18,936
7,112
6,721
7,036
5,492
40,653
41,392^
42,105'
36,376!
863,648
834,229
851,320
709,205
485
FEDERAL RESERVE BULLETIN.
APRIL, 1921.
PRINCIPAL RESOURCE AND LIABILITY ITEMS OF MEMBER BANKS IN LEADING CITIES, ON FRIDAYS FROM FEB. 25 TO
MAR. 18, 1921—Continued.
3. MEMBER BANKS IN F E D E R A L RESERVE BRANCH CITIES.
[In thousands of dollars.]
New
CleveYork
land
district .i district. 2
Number of reporting banks:
Feb. 25
Mar. 4
Mar. 11
Mar. 18
Loans secured by United
States Government obligations, including bills rediscounted with Federal Reserve Bank:
Feb. 25
Mar. 4
Mar. 11
,
Mar. 18
Loans secured by stocks and
bonds (other than United
States securities):
Feb. 25
Mar. 4
Mar. 11
Mar. 18
All other loans and discounts,
including bills rediscounted
with Federal Reserve Bank:
Feb. 25
Mar. 4
Mar. 11
Mar. 18
Total loans and discounts, including bills rediscounted
with Federal Reserve Bank:
Feb. 25
Mar. 4
Mar. 11
Mar. 18
United States bonds:
Feb. 25
Mar. 4
Mar. 11
Mar.lS
United States Victory notes:
Feb. 25
Mar. 4
Mar. 11
Mar. 18
United States certificates of
indebtedness:
Feb. 25
Mar. 4
Mar. 11
Mar. 18
Other bonds, stocks, and securities:
Feb. 25
Mar. 4
Mar. 11
Mar. 18
Total loans and discounts and
investments, including bills
rediscounted with Federal
Reserve Bank:
Feb. 25
Mar. 4
Mar. 11
Mar. 18
Reserve balance with Federal
Reserve Bank:
Feb. 25
Mar. 4
Mar. 11
Mar. 18
Cash in vault:
Feb. 25
Mar. 4
Mar. 11
Mar. 18
Net demand deposits:
Feb. 25
Mar. 4
,
Mar. 11
Mar. 18
,
,
Rich-
18
18
18
18
Atlanta
Kansas Dallas San FranChicago St. Louis Minnecisco
9
City
apolis
district. 5 district. 6 district.? districts district. district.1"
13
13
13
13
20
20
20
20
14,675
14, 804
13, 511
14,486
12, 313
12,188
11,690
11,708
8,965
8,429
8, 304
7,997
'
I
!
!
Total.
216
216
216
216
11,386
10,239
10,026
9,785
2,297
2, 270
2,355
2,302
16,356
16,128
15,834
15,489
117,761
114,681
111, 392
113,018
494
499
498
507
28,104
28,435
28,385
27,925
16,005
15,841
15,722
15,421
74,653
76,119
76,052
75, 545
487,225
488,251
489, 524
488,083
112, 832
112,263
111, 901
111, 932
9,298
9,260
9, 505
9,248
155,155
156,039
155, 865
156,364
66,981
67,671
66,656
66,741
370,174
371, 239
367,924
367,818
1,634, 590
1,614,707
1,577,643
1,575,725
287,187
283, 967
256,984
258,634
152, 702
151, 202
150, 292
150,480
9,851
9,819
10,062
9,817
194,645
194, 713
194,276
194,074
85,283
85,782
84,733
84,464
461,183
463,486
459, 810
458,852
2, 239, 576
2, 217,639
2,178,559
2,176,826
28, 264
28,166
28,098
28,006
22,711
22,699
22,716
22,730
13,046
12,918
13,097
13,103
714
714
714
715
12, 869
12,610
12, 550
12, 842
13,795
13, 906
13,909
13,947
34,325
34,178
34,153
34,930
220,795
220,434
219,268
220,732
3,103
3,107
3,188
3,185
2,359
2,363
2,314
2,371
15,038
15,040
15,019
15,015
1,966
1,937
1,747
1,752
58
58
58
58
974
953
1,075
1,033
828
828
829
8,175
8,138
8,166
50,928
51,719
49,420
49,998
13,536
11,374
10,879
14,179
971
950
933
2,613
1,832
1,706
1,834
1,869 !
12,687
11,392
11,366
12,638
548
511 I
501
1,187
10 I
10 !
10 j
10
2,313
2,307
2,282
2,595
527
532
557
523
6,981
6,767
7,311
8,777
41,203
37,096
36,353
46,820
74,919
75,118
75,252
75,583
177,405
179,256
180,654
182,094
20,648
20,984
21,004
21,211
27,815
26,732
26,906
26,174
119,443
119,306
146,338
146,230
21,226 I
20,829
20,879
20,775
744
789
787
782
27,265
25,933
25,906
25,635
3,325
3,163
3,192
3,156
71,217
72,018
72,944
73,311
544,007
544,128
573,862
574,951
271,025
270,226
269,653
271,814
752,549
747,952
742,195
745,820
174,193
173,320
173,881
176,316
317,106
303,013
299,470
298,176
457,066
452,404
452,423
455,247
189,488
187,397
186,516
187,297
11,377
11,390
11,631
11,382
238,066
236,516
236,089
236,179
103,758
104,211
103,220
102,918
581,881
584,587
582,384
584,178
3,096,509
3,071,016
3,057,462
3,069,327
15,654
19,335
17,042
15,756
52,987
53,476
53,840
52,263
11,080
11,460
11,208
11,281
17,829
17,684
18,280
17,658
21,896
23,252
24,385
20,536
10,284
10,987
10,803
586
844
642
518
18,033
16,517
18,534
15,240
7,074
7,229
7,926
7,169
37,590
37,560
36,332
193,013
198,344
200,641
186,581
2,705
2,570
2,480
2,419
14,046
15,070
14,261
15,014
4,245
4,195
4,296
4,355
6,906
6,992
6,520
6,122
8,985
8,529
8,605
8,319
3,875
4,081
3,995
4,041
249
256
276
251
6,244
6,277
6,222
5,666
2,928
2,976
3,230
3,036
14,120
14,141
16,083
14,002
64,303
65,087
65,968
63,225
155,688
158,287
158,344
155,265
500,533
500,972
499,718
492,346
104,321
104,285
106,488
102,580
159,647
157,681
158,124
155,117
157,914
163,778
173,164
159,911
91,289
90,988
91,903
89,380
4,949
5,221
5,196
4,889
149,505
149,095
150,405
144,901
65,074
64,572
65,732
65,834
9,836
9,852
9,594
9,675
35,249
33,740
33,137
34,186
59,313
56, 432
56, 393
56,642
150,686
153,473
154,185
155,251
28,797
28, 866
29,131
29, 211
36,044
35, 585
37, 264
35,623
62,224
62,491
61,807
61,407
30,905
30, 510
30,087
30, 551
108,605
110,789
110,940
110, 547
293,496
286, 938
283, 891
279,930
99, 282
97, 563
97,931
97,979
206,117
193,657
189, 543
189,647
212,650
209,288
183,487
185,519
177, 754
177,073
176,927
176, 864
479,431
474,151
471, 213
469, 367
134, 704
133, 400
133,944
134, 518
256,836
244,046
240, 318
239, 756
14,424
14,488
14, 823
14,971
65, 880
65, 876
64,396
64, 699
767
879
812
789
2,130
2,000
1,971
1,967
16,297
17,295
15,053
15,481
1,798
1,547
680
2,429
6,625 |
6,971
6,882
7,328
14,
14,
14,
14,
I
282,728 1,671,648
283,756 1,678,635
289,791 1,698,865
285,828 1,656,051
486
FEDEKAL RESERVE BULLETIN.
APRIL, 1921.
PRINCIPAL RESOURCE AND LIABILITY ITEMS OF MEMBER BANKS IN LEADING CITIES, ON FRIDAYS FROM FEB. 25 TO
MAR. 18, 1921—Continued.
3. M E M B E R B A N K S I N F E D E R A L R E S E R V E B R A N C H
CITIES-Continned.
[In thousands of dollars.]
New
CleveRichKansas
FranAtlanta4 Chicago St. Louis MinneDallas 9 San
land
York
mond
apolis
City
cisco
district.1 district.2 district.3 district. districts district.* district.? district.8 district. district.10
Time deposits:
Feb. 25
Mar. 4
Mar. 11
Mar. 18
Government deposits:
Feb. 25
Mar. 4
Mar. 11
Mar. 18
Bills payable with Federal
Reserve Bank:
Secured by United States
Government obliga.
tions—
Feb. 25
Mar. 4
Mar. 11
Mar. 18
All other—
Feb. 25
Mar. 4
Mar. 11
Mar. 18
Bills rediscounted with Federal Reserve Bank:
Secured b y United States
G o v e r n m e n t obligations—
Feb. 25
Mar. 4
Mar. 11
Mar. 18
All other—
Feb. 25
Mar. 4
Mar. 11
Mar. 18
115,859
116,200
116,076
116,000
20,522
20,502
20,314
20,249
84,157
83,994
85,185
83,802
219,096
218,308
217,845
215,887
51,646
51,528
50,004
51,168
1,277
8,736
984
6,599
429 | 3,064
3,276
21,530
910
712
305
2,745
1,111
790
371
1,683
3,618
2,700
1,200
5,700
773
663
284
1,642
9,863
8,319
9,261
10,100
22,634
22,230
19,153
23,521
33,152
29,939
30,241
31,929
5,602
5,950
6,055
5,656
50
122
122
72
140
147
75
75
75
74,887
70,046
70,022
69,699
14,702
17,152
16,314
14,931
27,516
30,536
35,476
24,953
85
• 378
105
380
1,115
1,136
1,177
1,170
7,477
5,275
4,740
5,059
1,442
1,753
1,576
2,014
5,774
5,908
4,798
5,685
4,830
4,951
4,446
4,967
2,059
1,687
1,678
1,687
12,427
14,804
13,024
14,574
3,520
6,180
5,443
3,789
12,903
12,741
11,699
13,368
29,797
17,939
14,799
14,961
22,933
19,541
18,538
16,405
16,018
15,559
14,138
15,757
i Buffalo.
8
Cincinnati and Pittsburgh.
3
Baltimore.
4
New Orleans, Jacksonville, Nashville, and Birmingham.
6 Detroit.
6
3,270
3,196
3,183
3,184
321
373
603
437
Total.
63,317
62,797
62,115
62,130
24,998
25,044
24,653
24,353
270,931
273,377
270,041
270,826
924,992
919,438
917,296
293
245
109
178
143
123
55
350
1,108
967
430
2,155
17,969
13,783
6,247
39,259
5,253
5,092
4,394
5,123
3,586
3,373
3,593
3,393
8,724
7,743
7,758
7,327
131,082
130,456
132,367
127,005
110
100
100
100
585
585
265
460
927
1,138
545
1,155
946
884
854
1,178
238
283
342
1,319
1,433
1,461
1,439
25,200
23,310
21,072
23,519
10,985
9,999
11,545
12,600
5,507
6,577
6,052
5,571
19,735
21,795
19,913
19,984
134,146
125,508
115,754
117,446
Louisville, Memphis, and Little Rock.
7 Helena.
Omaha, Denver, and Oklahoma City.
El Paso and Houston.
x
° Spokane, Portland, Seattle, Salt Lake City, and Los Angeles.
8
9
APEIL, 1921.
the figures are smaller than for the preceding
week. On the whole, a slight upward trend
in the volume of business in March, as compared with February, may be noted, this trend
manifesting itself both in New York City and
outside.
A chart showing weekly changes in volume
of debits for 1920 and for 1921 up to March 23
is presented below. This chart will be brought
up to date and printed each month in the BULLETIN. It brings out clearly that, while in
1921 the volume of business is smaller than
in 1920, the trends for the two years are closely
parallel and appear both in the curves for New
York City and in those for outside centers.
BANK DEBITS.
For the four weeks ending March 23, the
volume of business, as measured by debits to
individual accounts, shows considerable fluctuations. For the week ending February 23
a relatively small amount of debits is reported
owing to the inclusion of Washington's Birthday, a legal holiday in all the districts. The
following week saw a material increase in volume of business, due in part to end-of-month
payments, while the next week again witnessed
a reaction followed by a large increase for the
mid-March week, when income-tax checks
swelled bank debits. For the most recent week,
487
FEDERAL RESERVE BULLETIN.
DEBITS TO nr D i v i D a AL AC(:OUNTS
ATB ANKS IN RElPORTIIsfG CLEARING II0USE CENTERS
DEBITS FOR 1921
DEBITS FOR 1920
to to
§3
°5
^2
s&
=!§
11.000
4
10.000
\
9.000
11.000
\
\
'3 \
/
i
i
/
\
8.000
! i
\
\
7.000
^ /
7
I
/
f
1
1
/
6.000
\\ /
\
\ %1 \
\
\ /\
/ /
I
3000
\
/
/
z
\
\
/
\
/
\
1
1
\
aooo
8.000
7.000
6000
/
\
10.000
\
\
/
s v \s 1\ \
4.000
\
/
\
2
5.000
/
/ V
1
/ V
1
I
1
I
\
1
\ 1
//
i
/
,r*
/ \
**•
\
\
>
1
5.000
/
/
\ 1
f'
\
\
4000
/
aooo
2.000
2.000
1.000
1.000
0
0
I AND 2 : BANKS IN NEW YORK CITY.
3 AND A\: BANKS IN ALL REPORTING CENTERS.
6.000
6.000
5000
4.000
3.000
s
i
\
>
\
\
h
/
{
\ //
s
N
.nmm
>
/
V\
'*,
•••
«•«
,*'
N
0.
5.000
,+*
\
4.000
aooo
2.000
2000
1.000
1.000
0
0
BANKS OUTSIDE 0 fl\LW
1920
I92J
1
\
1
YORK CITY.
11
I1
I
\
8 15 2 2 2 9 6 13 2 0 2 7 3 10 17 2 4 1 8 1 5 2 2 2 9
7 14 21 28 4 1 18 25 3 10 17 24 31 7 14 21 28 5 12 19 26 L 9 !6 23 30 7 M 21 28 4 II 18 25
5 12 19 26 2 9 16 23 2 9 16 23 30 6 13 20 27 4 1 18 25 1 8 15 22 29 6 13 20 27 3 10 17 24 31 7 !4 21 28 5 12 19 26 2 9 16 23 30 7 14 21 28
AUG.
DEC.
JULY
SEPT.
OCT.
1 NOV.
APR.
1 MAT | JUNE
MAR.
JAN.
FEB.
1920
192!
488
FEDERAL RESERVE BULLETIN.
APHID, 1921.
DEBITS TO INDIVIDUAL ACCOUNTS AT CLEARING-HOUSE BANKS.
SUMMARY BY FEDERAL RESERVE DISTRICTS.
[In thousands of dollars.]
1920
Week ending-
1921
Week endingFederal Reserve district.
Number
ofcenters
included.
Boston
New York
Philadelphia..
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis..
Kansas City..
Dallas
San Francisco
Total...
157
Mar. 2.
Mar. 9.
Mar. 16.
Mar. 23.
Mar. 3.
Mar. 10.
Mar. 17.
391,368
4,597,594
426,440
519,153
164,078
212,916
1,025,033
196,949
142,144
262,110
124,239
503,857
346,116
3,887,516
353,494
445,058
148,892
186,665
894,335
176,930
121,999
244,419
147,558
497,225
413,471
4,612,068
406,337
515,088
160,486
192,257
991,507
191,006
131,991
262,460
126,875
548,733
341,573
3,971,849
364,705
491,200
149,069
174,083
875,216
172,628
124,730
236,777
130,015
506,477
493,258
5,348,941
451,959
623,785
212,846
286,575
1,297,871
268,130
186,912
391,456
145,632
638,933
434,857
4,597,233
381,354
549,741
175,090
254,717
1,114,303
230,410
156,438
316,075
147,608
509,375
500,906
5,410,731
459,545
619,960
197,217
265,135
1,317,493
270,313
176,032
323,936
154,109
630,768
486,747
5,040,402
428,566
574,488
176,653
252,851
1,154,282
253,317
161,822
304,105
148,087
518,982
8,565,881
7,450,207 I 8,552,279
>,322
10,346,298
8,867,201
10,326,145
9,500,302
Mar. 24.
NOTE.—Figures for the following centers, while shown in the body of the statement, are not included in the summary, complete data for these
centers not being available for each week under review: Reading, Pa.; Greenville, S. C; Huntingtcn, W. Va.; Washington, D. C; Wilmington,
N. C; Moline, 111.; East St. Louis and National Stock Yards, 111.; Quincy, 111.; Springfield, Mo.; Shreveport, La.
DATA FOR EACH REPORTING CENTER.
[In thousands of dollars.]
1920
Week ending-
1921
Week ending-
District No. 1—Boston:
Bangor
Boston
Do
Fall River
Hartford
Holyoke
Lowell
Manchester
New Bedford
New Haven
Portland
Providence
Springfield
Waterbury
Worcester
District No. 2—New York:
Albany
Binghamton
Buffalo
New York
Passaic
Rochester
Syracuse
District No. 3—Philadelphia:
Altoona
Chester
Harrisburg
Johnstown...
Lancaster
Philadelphia
Reading
Scranton
Trenton
Wilkes-Barre
Williamsport
Wilmington.
York
District No. 4—Cleveland:
Akron
Cincinnati
Cleveland
Columbus
Dayton
Erie
Greensburg
Lexington
Oil City
,
Pittsburgh
1
Mar. 2.
Mar. 9.
Mar. 16.
Mar. 23.
3,725
1 244,089
317,830
6,154
24,078
3,478
4,124
4,410
5,634
19,617
7,730
32,626
14,422
5,613
15,668
3,538
1 218,720
283,528
5,215
20,399
2,715
2,832
3,906
4,830
16,118
7,627
27,619
13,273
5,558
13,766
3,638
1 272,468
345,945
5,929
22,185
2,974
4,279
4,962
5,751
17,314
8,179
31,592
14,434
5,415
14,351
3,165
1 207,194
274,459
5,464
18,602
3,193
4,244
5,337
5,346
17,622
7,602
29,630
13,635
5,578
14,961
27,881
3,912
67,136
1,446,818
4,510
32,969
14,368
29,772
3,844
50,966
3,759,943
4,046
26,500
12,445
28,129
4,079
57,297
4,471,938
5,225
30,370
15,030
24,166
3,542
53,284
3,844,641
4,825
28,130
13,261
3,551
4,589
7,150
5,847
5,035
348,095
5,881
16,194
11,367
8,275
4,454
8,386
3,497
2,840
4,424
6,103
4,985
4,824
281,081
6,281
15,113
10,500
8,294
4,191
7,476
3,663
3,538
5,187
6,240
4,855
5,529
331,786
6,308
13,351
10,500
8,442
4,061
8,463
4,385
2,965
5,014
6,119
5,215
5,695
290,036
7,957
15,098
10,500
8,041
4,500
7,153
4,369
14,040
63,769
129,013
28,606
13,175
6,600
5,063
7,173
3,284
196,478
12,487
58,675
113,168
26,485
13,427
6,120
3,930
6,201
2,486
157,977
13,485
73,783
131,769
25,053
12,875
6,364
4,685
6,322
2,625
188,488
Mar. 3.
2,873
318,885
Mar. 10.
2,462
278,910
9,014
8,923
26,923
27,099
3,081^
3,639
4,129
5,258
4,243
4,921
7,608
8,413
16,624
20,791
6,292
7,687
36,943
38,998
16,374
20,623
5,806
6,560 I
16,448
18,588 I
I
15,778
25,140 I
3,960
3,953 I
71,309 I
57,694
5,190,718 4,473,374
5,788
5,411
35,098
26,521
16,935
14,495
Mar. 17.
Mar. 24
2,971
328,296
2,967
319,596
10,123
23,740
3,683
5,676
4,642
10,001
18,606
8,658
40,873
17,548
5,551
20,538
10,228
22,030
3,729
5,764
4,075
9,295
'21,638
7,302
40,371
17,448
4,206
18,098
18,955
4,773
68,861
5,258,759
5,221
39,682
14,480
24,249
4,281
63,369
4,897,299
5,471
29,496
16,237
3,342
5,453
4,550
4,391
5,885
376,931
3,125
4,736
1,722
3,309
4,907
314,912
3,457
5,271
4,240
3,423
5,926
385,555
3,034
4,881
3,680
2,999
6,026
357,147
13,860
11,741
8,936
4,160
8,699
4,011
14,300
11,578
7,545
2,765
8,516
3,939
12,442
11,713
8,358
4,501
10,326
4,333
13,528
12,000
7,591
4,230
9,071
4,379
29,345
12,797
74,867
65,949
185,425
124,764
29,880
28,356
12,158
14,657
7,690
6,497
5,121
4,809
15,022
5,820
2,919
2,831
195,414
173,251
Debits of banks which submitted reports in 1920.
26,351
58,898
144,981
27,368
12,462
6,806
4,145
12,684
2,673
196,018
22,036
72,797
187,730
27,720
12,436
8,008
4,466
9,100
3,421
210,694
22,219
59,633
158, 861
28,561
12,148
7,634
4,060
7,822
3,418
209,898
APRIL, 1921.
489
FEDERAL RESERVE BULLETIN.
DEBITS TO INDIVIDUAL ACCOUNTS AT CLEARING-HOUSE BANKS—Continued.
DATA FOR EACH REPORTING CENTER—Continued.
[In thousands of dollars.]
1921
1920
Week ending—
Week e n d i n g Mar. 2.
Mar. 9.
Mar. 16.
District No. 4—Cleveland—Continued.
4,649
4,844
4,619
Springfield
25,063
21,840
25,341
Toledo
9,109
7,908
7,484
Wheeling
13,131
9,510
12,195
Youngstown
District No. 5—Richmond:
100,436
88,959
96,543
Baltimore
6,789
4,906
6,058
Charleston
5,600
5,550
5,502
Charlotte
5,302
4,511
4,686
Columbia
3,501
3,014
3,130
Greenville, S. C
5,655
5,394
6,519
Huntington
14,679
14,234
Norfolk
14,554
3,900
4,400
4,600
Raleigh
27,372
25,812
Richmond
29,063
36,8G8
Washington
33,255
37,985
4,961
Wilmington
5,300
4,950
District No. 6—Atlanta:
25,661
23,678
Atlanta
27,093
5,825
Augusta
5,018
5,113
17,750
Birmingham
16,363
15,436
9,742
Chattanooga
9,707
11,107
11,352
12,001
Jacksonville
12,814
6,529
6, 397
Knoxville
5,350
4,163
4,227
Macon
3,774
8,224
5,715
6,410
Mobile
3,396
3,917
3,315
Montgomery
25,614
24,847
21,342
Nashville
74,519
58,780
58,185
New Orleans
1,385
1,473
Pensacola
2,251
10,806 i
9,555
9,730
Savannah
!
6,440 !
6,264
6,182
Tampa
j
1,510 !
1,465
Vicksburg
i
1,383
District No. 7—Chicago:
!
2,597 I
2,358
Bay City
|
2,315
4,475 i
2,962
3,193
Bloomington
|
13,589
13,503
Cedar Rapids
j
15,523
662,912
636,662
566,583
Chicago
j
10,651
8,737
6,619
Davenport
|
3,392
3,625
Decatur
!
3,359
20,299
20,788
Des Moines
j
27,043
122,557
119,045
94,865
Detroit
\
3,697
3,463
3,805
Dubuque
j
4,714
3,728
4,238
Flint
|
7,966
7,953
6,714
Fort Wayne
\
17,651
17,478
17,276
Grand Rapids
j
39,035
34,181
31,731
Indianapolis
!
3,914
3,512
3,086
Jackson
!
4,601
5,049
3,918
Kalamazoo
i
4,917
4,859
4,993
Lansing
j
58,170
56,218
31,675
Milwaukee
'
2,591
3,150
'2,056
Moline
!
9,089
10,108
9,399
Peoria
!
5,311
5,750
5,303
Rockford
j
14,170
14,830
15,055
Sioux City
j
5.895
5,458
5,066
South Bend
6' 635
6,560
6,469 I
Springfield, 111
I
2,802
3,179
3,602 I
Waterloo
i
District No. 8—St. Louis:
9,158
9,005 |
8,677
East St. Louis andNational Stock Yards. |
5,572
3,884
4,865
Evansville
!
9,151 !
9,846
9,105
Little Rock
122,804 I
125,829
124,701
Louisville
29,570 |
33,840
31,491
Do
22,962
23,092
22,588
Memphis
3,231
3,206
2,546
Quincy
1
118,129
1132,610
1129,747
St. Louis
132,056 !
144,427
146,193
Do
2,758
2,780
Springfield, Mo
District Isio. 9—Minneapolis:
1,685
1,276
1,400
Aberdeen
1,644
1,841
1,594
Billings
12,942
15,523
16,991
Duluth
2,577
2,553
2,806
Fargo
1,180
1,240
1,306
Grand Forks
1,674
1,634
2,246
Great Falls
3,022
2,515
1,884
Helena
73,222
63,000
68,932
Minneapolis
32,612
26,242
28,443
St. Paul
4,800
5,000
5,000
Sioux Falls
1,944
2,213
2,099
Superior
1,032
1,051
1,011
Wmona
,
,
Mar. 23.
Mar. 3.
Mar. 10.
Mar. 17.
Mar. 24.
4,027
26.417
8,023
13,889 |
5,905
33,777
9,431
15,944
3,702
30,697
8,064
14,892
4,296
33,896
8,889
14,471
3,569
33,180
8,176
15,309
91,916
5,871 |
5,365 |
4,568
3,132 I
5,509 I
13,039
3,800 !
24,510 !
35,040 !
4,727 !
120,559
10,874
11,726
9,184
96,260
9,690
9,825
8,246
111,687
9,914
10,089
10,667
95,329
10,133
9,467
8,123
23,115
5,500
31,888
20,777
4,600
25,692
21,527
5,036
28,297
20.789
4; 300
28,512
24,082 !
4,896 !
15.039 i
8,707 I
10,825 !
6,426 I
3,861
5,805 |
3,173 I
18,950 I
53,466 I
1,307 I
9,843 i
6,430 !
1,273 ;
37,637
11,551
19,327
14,399
15,254
7,289
7,501
10,886
6,128
30,919
92,392
2,460
21,660
7,497
1,675
31,437
12,103
15,912
13,048
13,604
6,438
7,856
9,722
5,414
24,043
85,272
2,281
19,101
6,709
1,777
36,271
13,284
17,767
13,503
14,896
7,638
8,036
9,261
5,236
27,946
78,680
27175
21,432
7,249
1,761
31,426
11,271
16,211
12,607
13,083
7,145
7,515
10,316
5,700
27,442
80,158
2,190
19,428
6,769
1,590
2,638 !
2,480 |
10,685 i
562,019 !
7,658
3,068 !
16.418 |
100,898 i
3,082 |
4,439
6,610
17,645 |
30,414
3,062 !
4,805 !
5,790 I
54,929 |
2,229
8,203
4,719 i
12,974
4,266
5,507
2,907
3,158
8,644
15,902
817,140
15,641
6,642
35,516
155,011
4,466
10,700
9,688
22,860
45,747
5.196
4,98?
5,995
69,917
3,414
5,080
12,753
663,009
10,252
4,907
58,014
138,918
5,227
9,000
8,281
19,111
38,112
4,568
4,454
6,444
67,800
4,331
4,078
8,917
821,322
8,671
4,805
36,040
197,457
3,982
10,600
8,206
23,324
40,193
3,086
5,535
6,575
79,166
3,651
3.563
9,439
714,504
8,443
4,950
27,346
157,691
4,292
10,800
7,736
23,072
38,008
5,197
4,637
6,115
77,007
13> 438
7,750
19,745
5,349
6,833
7,551
11,095
6,842
18,944
5,173
5,836
7,069
12,167
7,262
18,874
1,523
5,843
5,536
11,010
6,810
18,151
2,006
4,685
5,169
6,126
10,278
42,197
5,906
9,973
35,415
5,574
10,529
41,266
5,759
10,654
36,031
7,466
4,413
7,483
124,366
30,683
20,800
2,510
i 115,566
128,575
2,602
1,473
1,508
12.040
2,611
1,039
1,548
1,958
65,990
29,409
4,500
1,717
937
1 Debits of banks which submitted reports in 1920,
40,158
36,424
37,054
38,391
169,371
142,692
175, 890
162,482
1,872
2,629
19,611
3,052
2,058
2,217
2,634
94,692
44,552
10,134
2,162
1,299
1,774
2,437
14,429
3,366
2,220
2,406
3,352
75,879
38,088
9,450
1,856
1,181
1,966
2,683
17,066
2,940
1,685
1,987
2,384
86,597
45,319
9,726
2,072
1,607
15,191
3,237
1,690
2,044
2,501
79,104
42,974
8,049
2,107
1,037
1,863
2,025
490
FEDERAL RESERVE BULLETIN.
APRIL, 1921.
DEBITS TO INDIVIDUAL ACCOUNTS AT CLEARING-HOUSE BANKS—Continued.
DATA FOR EACH REPORTING CENTER—Continued.
[In thousands of dollars.]
1921
Week e n d i n g Mar. 2.
District No. 10—Kansas City:
Atchison
Bartlesville
Cheyenne
Colorado Springs
D enyer
Joplin
Kansas City, Kans
K a n s a s City, Mo
Muskogee
Oklahoma City
Omaha
Pueblo
St. Joseph
Topeka
Tulsa
Wichita
District No. 11—Dallas:
Albuquerque
Austin
Beaumont
Dallas
El Paso
Fort Worth
Galveston
Houston
San Antonio
Shreveport
Texarkana, Tex
Tucson
Waco
District No. 12—San Francisco:
Berkeley
Boise
Fresno
,
Long Beach
Los Angeles
Oakland
Ogden
Pasadena
Portland
Reno
Sacramento
Salt Lake City
San Diego
San Francisco
San Jose
Seattle
Spokane
Stockton
Tacoma
Yakima
Mar. 9.
Mar. 16.
1920
Week e n d i n g Mar. 23.
1,400
3,530
2,482
2,796
38,599
2,286
3,666
74,204
6,742
20,888
44,750
3,743
16,885
3,575
25,314
11,250
1,500
2,218
2,073
2,681
32,771
2,274
3,777
58,754
5,176
26,664
48,438
3,969
18,634
4,598
20,923
9,969
1,500
2,596
2,318
2,718
35, 111
2,375
3,695
77,834
5,715
21,686
47,254
4,551
16,582
3,602
24,511
10,412
1,300
2,697
1,202
2,992
31,670
1,999
3,712
71,281
5,818
18,882
42,869
4,742
14,957
3,426
20,370
2,093
2,620
3,065
31,699
6,970
23,850
16,085
24,826
5,820
8,202
1,750
1,648
3,813
1,212
3,560
4,360
40,246
9,366
19,472
20,810
32,660
8,462
7,669
1,429
1,645
4,336
1,612
2,815
3,775
32,646
7,534
17,023
19,460
27,935
6,803
2,115
1,548
3,609
1,563
3,105
3,593
34,151
7,559
23,100
16,396
27,934
6,498
6,991
1,354
1,455
3,307
2,935
2,337
9,934
5,852
111,225
19,691
3,330
6,571
41,175
2,760
12,072
14,938
8,299
199,142
4,283
33,269
10,919
5,221
7,668
2,236
3,283
2,137
10,350
6,891
115,386
19,356
3,108
7,448
35,787
2,616
13,574
12,791
7,423
199,695
4,216
27,449
10,441
4,749
8,051
2,474
3,130
2,370
10,515
5,855
114,254
20,252
3,111
6,228
39,745
2,482
13,200
13,233
7,998
235,659
4,322
36,069
12,513
5,336
10,111
2,350
2,923
2,427
9,998
5,436
105,800
18,332
3,217
6,113
34,868
2,567
12,350
15,208
8,025
213,338
3,804
32,403
11,902
4,770
10,755
2,241
Mar. 3.
826
4,430
2,508
3,936
52,718
4,103
4,123
100,852
6,818
19,891
103,754
Mar. 10.
547
3,044
1,888
3,445
43,597
3,374
4,546
Mar. 17.
681
Mar. 24.
493
17,036
5,876
21,398
66,206
4,256
20,838
6,815
27,343
14,233
3,535
2,213
3,949
46,053
4,131
4,169
95,620
6,870
20,751
56,002
3,606
25,335
5,608
32,014
13,399
3,049
1,886
3,440
46,079
3,639
3,859
91,670
7,175
20,633
52,515
3,444
22,696
3,656
27,015
12,856
2,035
3,463
4,472
43,280
9,984
23,162
9,810
33,116
7,627
9,186
2,825
1,381
4,477
2,310
3,607
4,627
45,813
9,575
23,486
8,901
31,197
9,361
9,530
2,569
1,520
4,642
1,996
3,371
4,609
44,538
9,709
25,025
11,527
35,575
8,601
9,250
3,370
1,383
4,405
1,674
3,419
5,386
45,899
9,431
22,377
8,903
33,874
8,330
8,820
3,130
1,313
4,351
3,148
3,269
10,933
6,281
121,208
22,510
4,972
7,943
51,427
2,971
15,898
20,458
8,433
265,522
6,286
50,555
13,679
6,024
13,725
3,691
3,199
3,187
9,590
5,514
108,092
18,690
4,527
5,549
47,714
2,742
14,934
17,849
8,575
175,763
4,918
44,569
12,858
6,001
11,441
3,663
2,745
3,275
9,992
6,368
115,568
20,840
4,486
7,491
55,721
3,182
14,867
20,576
9,412
242,648
4,934
67,663
15,361
5,779
15,860
4,000
2,508
2,896
8,654
5,269
95,360
19,380
3,943
6,882
43,622
3,154
12,289
16,846
7,523
200,203
4,444
46,381
14,309
5,611
16,213
3,495
4,009
24,590
8,512
33,350
491
FEDERAL RESERVE BULLETIN.
APRIL, 1921.
OPERATIONS OF THE FEDERAL RESERVE CLEARING SYSTEM FROM FEB. 16 TO MAR.
15, 1921.
[All figures shown in thousands.]
Items drawn on banks located
in own district.
Federal Reserve
Bank or branch.
Total items handled, exclusive of
duplications.
Items forItems forwarded to other warded
to parFederal Reent
bank or
serve Banks
to
branch
in
and their
same district.
branches.
Number.
NumNum-j
Number. Amount. ber. Amount. ber. Amount.
Items drawn
on Treasurer of
In Federal Re- Outside Federal United States.
serve Bank or Reserve Bank or
branch city.
branch city.
NumNum-i
Number. Amount. ber. Amount. ber. | Amount.
Boston
659
451,319 2,750
New York
1,101 1,565,535 3,717
340
Buffalo
178
75,194
1,445
Philadelphia
669,294 1,817
330
Cleveland
170,217 1,058
182
Cincinnati
117,418
709
439
Pittsburgh
786
245,541
106
Richmond
115,028 1,643
213
Baltimore
134,050
595
98
Atlanta
50,385
287
46
125
14,736
Birmingham
43
155
21,557
Jacksonville
52
188
Nashville
27,327
62
108
New Orleans...
43,359
880
3,237
Chicago
570. 500
237
343
Detroit
110', 309
280
St. Louis
202,034 1,204
43
257
Little Rock
20,387
89
357
Louisville
52,198
66
143
Memphis
23,145
244
Minneapolis
105,818 1,265
31
Helena
148
9,160
201
Kansas City
249,132 1,765
70
Denver
39,176
318
59
Oklahoma City.
831
51,199
Omaha
| ill
530
52,293
Dallas
55,710 1,372
El Paso
120 i
9,659
Houston
290 !
36,514
400 I
San Francisco
99,201
784 !
92,746
Los Angeles
191
32,486
Portland
313
Salt Lake City..
20,555
195
Seattle
*...
28,949
152
Spokane
14,553
312,344
883,840
40,787
197,295
133,209
76,111
87,585
231,209
62,331
38,465
8,243
18,849
20,435
12,310
337,142
35,308
78,634
15.277
21^849
8,451
79,492
10,444
85,256
18,255
69,378
42,408
187,723
9,985
34' 588
32,278
62,882
10,620
25,349
13,224
9,028
3,522
5,539
524
3,415
1,444
1943
1,252
1,787
857
409
181
205
251
200
4,310
605
1,548
305
465
21(3
1,533
182
2,013
404
896
i 655
1,528
174
386
646
S64
265
379
293
190
25,014
134,040
2,377
69,355
6,564
7,876
8,462
6,878
10,154
4,719
1,203
944
1,485
5,746
68,315
4,521
9,131
1,103
2,740
1,888
5,828
134
2I
47 ' 8,601
2,713
16
894
6
2,175
14
3,162
23
2,728
15
2,003
38
68
96,020
25
10,173
15
9,753
10
2,604
23
8,601
1,042
6
113
721
6
153
56
47
27
38
49
24
10
7
11
30
193
25
64
5
19
7
24
Total:
|
Feb. 16 to Mar. I
15, 1921
|8,049 5,576,684 128,493 3,310,584 1,937
Jan. 16 to Feb. j
15,1921
17,715 5,923,214 29,068 3,529,757 2,205
Feb. 16 to Mar.
15, 1920
6,972 7,509,756 25,025 5,135,263 1,566
Amount.
• 788,677
2,583,415
118,358
935,944
309,990
i 202,409
341,588
353,115
206,535
93,569
24,182
41,350
49,247
61,415
975,957
150,138
289,799
36,767
76,787
33,474
191,138
19,739
342,990
60,144
121,471
i 97,314
246,595
22,372
73,105
227,499
165,801
52,859
48,508
50,774
24,623
43,514
148
418,832
876
20,238
114
160,423
670
28,384
43
13,001
12 I
65 | 33,494
140 ! 54,376
52 | 25,418
17,421
49 |
10,363
17 i
8,721
28
6,995
38 |
44
10,955
315
28,930
8
6,730
22
4,747
7!
1,317
20 :
2,824
2
435
170
37,810
1
1,846
272
51,875
67
13,772
37
7,312
40
6,822
69
19,038
14
4,441
21
2,783
23
4,156
15,894
103
4
1,768
11
10,434
15
3,895
8
1,872
20 |
36 j
5,232
17,932
35 !
10,381
3,821
5,624
9,370
6,920
6,193
33,052
1,382
1,345
863
2,195
772
907
2,817
253
416
476
1,887
12,989
12,301
9,690
6,500
5,380
1,320
1,401
6,469
12,490
3,057
7,189
5,275
4,532
11 i
27
46
64
39
11
6
6
5 !
i\
3
3
8
2
77
48
15
18
57
6
50
25
11
35
16
Total items
handled, including duplications.
832,191
3,670
6,435 3,007,479
674
156,528
4,085 1,096,367
1,522
348,755
966
219,231
380,706
1,344
1,973
416,861
973
238,873
497
117,183
225
67,597
238
51,453
300
57,588
250
73,233
4,631 1,007,082
157,640
618
295,454
1,576
337
40,901
488
79,864
221
34.325
1,711
229,424
188
23,471
2,362
407,854
519
86,217
948
138,473
713
110,636
1,654
271.013
194
28', 132
414
77,289
708
238,124
1,117
194,185
294
57,684
401
66,131
343
59,944
214
31,027
528,946
138,486
19,417,648 3,528 1, 080,836
789
200,431 42,803 10,698,915
444,749
138,995
19,899,313 3,585 | l , 157,163
794
220,487 43,374 11,276,963
511,566
1
33,569 "13,158,411 3,462 1, 609,575
275,337 37,779 15,043,323
1
Includes items drawn on banks in other Federal Reserve districts forwarded direct to drawee bank.
NOTE.—Number of business days in period was 23 in all Federal Reserve bank and branch cities, except Dallas, where the number was 22
days.
NUMBER OF MEMBER AND NONMEMBER BANKS IN EACH FEDERAL RESERVE DISTRICT, MAR. 15, 1921 AND 1920.
Member banks.
Federal Reserve district.
Nonmember banks.
On par list.
1921
1921
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St.Louis
Minneapolis
Kansas City.
Dallas
San Francisco...
Total
1
Incorporated banks other than mutual savings banks.
.
Not on par list.1
1920
1920
436
790
702
874
611
484
1,426
575
1,008
1,092
854
844
432
767
682
855
594
433
1,381
547
930
1,050
761
764
256
325
444
1,083
1,046
403
4,262
2,510
2,816
3,392
1,257
1,010
248
322
419
1,077
563
453
4,194
2,574
2,925
3,363
1,243
927
9,696
9,196
18,804
18,308
1921
558
1 161
1920
939
1 122
174
110
1,893
2,274
103
492
FEDERAL RESERVE BULLETIN.
APRIL, 1921.
GOLD AND SILVER IMPORTS AND EXPORTS.
GOLD IMPORTS INTO AND EXPORTS PROM THE UNITED STATES, DISTRIBUTED BY COUNTRIES.
Imports.
Country.
During
10 days
ending
Feb. 20,
1921.
During
8 days
ending
Feb. 28,
1921.
During
month
of February,
1921.
Exports.
During
10 days
ending
Mar. 10,
1921.
From
Jan. 1
to
Mar. 10,
1921.
From
Jan. 1
to
Mar. 10,
1920.
During
10 days
ending
Feb. 20,
1921.
During
8 days
ending
Feb. 28,
1921.
During
month
of February,
1921.
During From
From
10 days Jan. 1
Jan. 1
ending
to
to
Mar. 10, Mar. 10, Mar. 10,
1921.
1921.
1920.
$4,000
Austria
38,391
Belgium
$38,391
89,922
Denmark
$35,704!
$245
35, 949
$53,437
France
5,560,704! 6,399,929 13, 583,374
$19,804
6,159 18, 285,024
61
Germany
797,712
250,666
Greece
345,622
9,536
11,265
Italy
6,265
40,000
810,309 1,161,238
Netherlands
88
224,090
112,665
191,932
7. fiQI
7,691
Portugal
7 691
85,000
85,0001
85.000
Russia in Europe
284,301
Spain
23,160
235,678
9,343
Sweden
3 850,000 3,850,000
Turkey in Europe
1,000
221,000
i.666
United Kingdom—Eng3, 251,868 1 964 0381 0 393 093 Q Q74 0 7 7 37,061,847 1,587,421
land
Total Europe
Canada
Costa Rica
Guatemala
Honduras
Nicaragua
Panama
Salvador
Mexico
Cuba
British West Indies
Virgin Islands of United
States
Dominican Republic...
Dutch West Indies
Total North America
Argentina
Bolivia
Brazil
Chile
Ecuador
British Guiana
Dutch Guiana
Peru
Uruguay
Venezuela
9,122, 524 8, 569, 568 23. 886.083 14,094,484
230,486;
161,853
35, 000
25,000
18 244
29 922
15,910
538 459 Q ^ a RQO
21 385
28, 524
124,106
59 244
11, 584
44, 802
34,182
58,144
325,443
44 240
51,768
495,016
193,034
552
97 980
71,800
4 118
13,228
13,415
104,600
135,845
22,630
i 950
272,428
237,3731
695, 905
626,097 2,201, 367 10,269,037
725
6,889
1,136, 342
62, 835
47,410
17,462
Total South America
1,271,663
11,157
180,473
61, 546,523 2, 808,463
10 265 274 R 147 0Q7 $139 387
£874 «907 830 *8fi fi14 $474,621
79,182
160, 779
124,106
39,802
97, 278
228,151
155, 578
30,160
465,447
59,881
223, 368
753,106 346 600 K7 Qi sifiOfiZQK84,730 2,882,528
1,193, 882
1,925
6,674
100,000 50,000 200,000
170
102,988
1.340.848
12,000
8,398,096
10,000
16,000
782.139
14,010
1,279, 949
14,075,323 19,339,474|
^ c ^ R1
OK Ann
i,473
8,362
6,536
9,650
319,849 1,701,560
78 505
2,789
808,241
l i ' 587
55* 444
469,332
32, 801
949 Qfi8
710 Qf»n
1OO 8 8 8
15,152]
228, 275
49 077
535!
7 408
2,555
469,332
64 446
1 KO W 1
1 095
8,552
26, 760
3,485,126
143,262
7,408
21,104
207,169
8,063,992
7,161,525
1,803, 545
155,019
8,053
75,449 1,666,974
2, 845, 545
2,208,234
8,053
6,300, 800 5, 809, 011 12,662,353 2, 204,195
20,362, 798 1,666,974
Australia
New Zealand
Tahiti
Philippine Islands
Portuguese Africa
1, 223, 712
2 683 662
305,446
24,300
95, 755
35,409
221,152
115,015
312,777
....
24,300 60,594,000
...
96,900
17,080
121,580
29,240
96,900
17,080
121,580
29,240
150,614
14,416,700
2,435,453
4,995,000
60,000 4, 542,149
370,120 15,360,182
6,706,301
430,120 48,455,785
300
185, 236
37, 727
Total, all countries
18,628,142 16,251,479 42,878,913 27,799,611 1 104,303,491 24, 501,265
Excess of imports or exports
18,052,255 16,175,610 41,842,908 27,539,727 100,291,622
130,000
400,000
700,000
30,000
6,500,000
184,000
300
28, 089
9,776,944
52,650,000
22,060
4, 993, 572
1,223, 712
305,446
305,446
914,425 221,344 3,557,149
ihl, 383
2, 504,197 1,187,486
1, 803, 545
155,019
58,789
79,293
11,710
3,179,199 9 178 QOQ 5,695, 989 1,056,442
1,163,037 3,630,102 5,007,800 1,139,700
Q12 9A8
478,987
12,823
5,508
China
British India
Straits Settlements
Dutch East Indies
Hongkong .
Japan
Turkey in Asia
Total Asia
13, 538
$169,316
575,887
75,869 1,036,005 250,884 24,011,869 119,007,202
94,505,937
1
Includes: Ore and base bullion, $12,692,000; United States mint or assay office bars, $428,000; other refined bullion, $73,938,000; United States
coin, $3,881,000; foreign coin, $13,365,000.
a Includes: Domestic exports—Ore and base bullion, $12,000; United States mint or assay office bars, $164,000; other refined bullion, $30,000;
com, $3,564,000. Foreign exports—Coin, $242,000.
493
FEDERAL RESERVE BULLETIN.
APRIL, 1921.
SILVER IMPORTS INTO AND EXPORTS FROM THE UNITED STATES, DISTRIBUTED BY COUNTRIES.
Exports.
Imports.
Country.
Franco
Germany
Greece..
Netherlands
Portugal . .
Spain
United Kingdom—England
Total Europe
British Honduras
Canada.
Costa Rica
Guatemala
Honduras
Nicaragua
Panama..
Salvador
Mexico
Cuba...
Virgin Islands of United
States ..
Dominican Republic
British West Indies
Dutch West Indies
Haiti
During During
10 days 8 days
ending ending
Feb. 20, Feb. 28,
1921.
1921.
$15 263
15,911
805
31,979
$620
805
Q 907
14^282
1,393
18,893
8,812
74, 593
339 31.8
25
542
131,101
5,754
1,140
967,491
$20 795
is; 911
3 907
2,892
87 845
384
During
month
of February,
1921.
883,112
611, 108
1 571
15
133, 096
23, 335
1 739
1, 79?
3,237,383
4,500
Total South
America
China
British India
Dutch East Indies
French East Indies
Hongkong
Japan
Total Asia .
Australia
New Zealand
Philippine Islands
British South Africa
British West Africa ..
Portuguese Africa
From
Jan. 1
to
Mar. 10,
1921.
141
$66 069
23, 416
203, 6?0
805
3, 907
975
20,015
337, 175
$3 641
268
15,965
69,717
1 613
16
18
4
3,000
904,719
1?9
290
D u r i n g During1 D u r i n g
From
8 d a y s month 10 d a y s Jan. 1
ending of Feb- ending
to
Feb. 28, ruary, Mar. 10, Mar. 10,
1921.
1921.
1921.
1921.
From
Jan. 1
to
Mar. 10,
1920.
149
°34
3, 655 $843,643 $32,330 $1,606,470 $144,799 $3,121, 414
$182,841
32,330 1,606,470 144,799 3,121, 414
182,841
574, 98?
3,060,291
800
500
154,900
226, 000
50, 000
653, 225
289,
1,146,849
33,000
87 250
10,000
113,000
2 435
843,643
16, 031
?4 360
923, 179 1 076. 895
5 793
Q
10 080
15
237, 18?
545, 500
50,372
189, 821
91 85?
4,080
185. 003
5, 159
7,532 756 14, 892, 403
50?
4, 500
990
290
From
During
Jan. 1 10 days
to
ending
Mar. 10, Feb. 20,
1920.
1921.
24, 390
199
75,954
25,343
234,091
80 900
800
225,000
105,971
225,000
13,650
5,892
50,000
18,494
184,933
6,575
208
401,000
4,666
Total North
1,056,577 1,360,425 4,015,041
America
Argentina
Bolivia
Brazil
Chile
Colombia.
Ecuador..
Dutch Guiana
Peru
Venezuela
During
10 d a y s
ending
Mar. 10,
1921.
1.375
10 600
317
3 191
6 077
2,474
713
104
105 271
2 367
4 518
16
421
463 344
6 991
6 077
979*, 087
15 580
39,850
11 676
25 071
98
142,926
119
39,606
24
268 025
148
115,651
31
164,605
150,559
766 ,375
207,859
1,373
1 481
1,014
192
199
406,925
8,763 378 19 993 113
374|
7261
271
3751
225
196
42
913 430 2
311
5
66
40
611
51
12
820 4QQ
85 687
2,666
1 673
1 860
1 S60
1,304
577
2 ,579
1,014
86
489
891
239 500
97,000
I
2,000
11 974
97,000
450
1,133,191
125,795
139,101 155,985 295,086
1 650
551,267
1,565
4,925,975
450
537 070
83 461 1 047 4S?
19?
651,399 149,394 1,881 278
450
1,700,950 3 982 609
2.596
44,885
6 907
58? 446
239 950
891
2,029 454 31,854,810
962 899
700,269 114,825 3,113 156
853,465
1,088 945
1 347,794
7,258,901
816,163 155,985 2,982,011 114,825 7,194 454 40,461,505
86 ,249 1 061 106
1
1 860
86
4 371
480
983
4 ,522
16,997
4 ,785
1
I
3,080
Total, all coun1,257,890 1,520,373 4,862 ,121 1,208,550 i 10,905,546 25 06? 449 2,068,731 233,200 5,336,880 409,468 212,437,096 45,574,292
tries
Excess of imports or exports .
1,287,173
799,082
810,841
474,759
1,531 ,550 20,511,843
1 Includes: Ore and base bullion, $9,264,000; other refined bullion, $1,096,000; United States coin, $213,000; foreign coin, $332,000.
2 Includes: Domestic exports—Ore and base bullion, $1,000; United States Mint or assay office bars, $152,000; other refined bullion, $7,219,000;
coin, $661,000. Foreign exports—Ore and base bullion, $2,000; bullion refined, $3,149,000; coin, $1,253,000.
494
FEDERAL RESERVE BULLETIN.
APRIL, 1921.
FOREIGN EXCHANGE RATES.
ENDING MARCH, 1921.
Dollars for—
London:
Demand bills
Cable transfers
Paris:
Demand bills..
Cable transfers
Madrid .
Milan:
Demand bills
Cable transfers
Zurich
Brussels..
Amsterdam . .
Copenhagen
Christiania
Stockholm ..
Berlin
Vienna .
Jugoslavia. .
Belgrade
Athens...
Sofia
Bucharest
Prague
"Warsaw...
Helsingfors
Calcutta
Singapore
Hongkong
Shanghai
Yokohama....
Canada
Mexico City
Bogota
Rio de Janeiro..
Montevideo
Buenos Aires
Valparaiso
£1
_ .do
100 francs
do
100 pesetas.
.
100 lire..
do
100 francs
.do
100 florins
100 kroner..
do
100 kronor.
100 marks 1
100 kronen .
.do
100 dinars x
100 drachmae
1
lOOleva
100 l e i 1 . . . .
100 kronen1 l
100 marks . x
100 markkaa
100 rupees.
100 Singapore dollars..
100 Hongkong dollars .
100 Shanghai taels
100 yen .
100 Canadian
dollars 2
100 pesos 1 ...
100 Colombian dollars l
100 paper milreis.
100 pesos x
100 gold pesos...
100 paper pesos
...
. . . .
.
. . . .
Exchange
at par.
Low.
$4.8665
4.8665
$3.5375
3.5450
19.30
19.30
19.30
19 30
19.30
19.30
19.30
40 20
26.80
26.80
26 80
23.82
20.26
20.26
19.30
19.30
19.30
19 30
20 26
23.82
19 30
48.665
56.78
49 85
100.00
49 85
97 33
3 54.62
103 42
96.48
4
36.50
London average price of silver per ("Converted at par (£=$4.8665)
fine ounce.
\Converted at average rate of exchange...
New York average price of silver per
fine ounce:
Official
Actual ..
1
Cable rates.
2
Checks (demand).
8
Rate for a gold milreis.
4
5
January.
Rate for a gold peso.
Average rate of exchange for January, $3.73690.
« Average rate of exchange for February, $3.86727.
February.
March*
High.
Low.
High.
$3.8850 S3.8275
3.8925 3.8350
$3.91375
3.92125
$3,860
3.8675
$3.9325
3.940
5.8250
5.835
13.110
7.400
7.410
13.970
6.960
6.970
13. 820
7.480
7.490
14.200
6.90
6.91
13.81
7.19
7.20
14.04
3.40
3.41
15.22
6.13
31 28
15.60
15.60
20.05
1.325
.200
.680
2.680
7.20
1.07
1.22
1 10
.125
2 900
26.00
40.50
52.00
70.00
48.25
85.25
49.25
78 43
14.375
74 07
76.42
13.50
3 78
3.79
16.00
7.71
34 05
20.10
19.30
22.00
1.810
.340
.740
3.050
7.65
1.50
1.55
1 50
.165
3 750
29.00
45.00
58 50
80.00
48 75
90.75
54 00
86 20
15.75
76 92
80.97
14.625
3.615
3.625
16.00
7.31
33.80
17.85
17.10
21.85
1.57
.215
.685
2.750
6.950
1.25
1.33
1.23
.125
2 950
25.00
44.75
48.50
65.00
46.00
86.625
50.00
79 36
14.75
76 33
78.69
13.50
3.720
3.730
16.62
7.79
34.52
19.30
18.50
22.57
1.73
.290
.740
3.00
7.930
1.40
1.45
1.35
.135
3 60
28.50
45.00
51.00
71.00
48.75
89.50
50.50
84 03
16.25
79 20
80.97
15.00
3.65
3.655
16.57
7.22
34.08
16.15
15.75
22.25
1.525
.205
.585
2.75
7.45
1.25
1.34
1.2475
.120
2.60
25.00
44.75
45.25
62.00
48.25
87.25
49.75
80.64
13.875
71 42
76.70
13.625
4.135
4.140
17.43
7.52
34.58
18.10
16.75
23.52
1.625
.315
.740
2.90
7.78
1.35
1.41
1.365
.1425
3.00
26.50
45.50
49.00
66.00
48.50
88.75
51.00
84 03
15. 875
78 95
79.55
15.125
High.
Low.
$0.87652
5.67255
$0. 76085
)0947
.71197
7.57126
. 66388
. 65950
39813
39233
.56736
.56120
7 Average rate of exchange for March, $3.90278.
DISCOUNT AND INTEREST RATES.
2
Comparison with rates prevailing for the period ending February 15, 1921,
shows a slight tendency to decrease in the rates for prime commercial paper
purchased in the open market and for bankers' acceptances, both indorsed
and unindorsed. Such other increases and decreases as have occurred are
scattered, pertaining to no particular center or type of paper. Present rates
continue higher in almost all centers than rates during the same period of 1920.
In the following table are presented actual discount and interest rates prevailing during the 30-day period ending March 15, 1921, in the various cities
in which the several Federal Reserve Banks and their branches are located.
A complete description of the several types of paper for which quotations are
given will be found in the September, 1918, and October, 1918, FEDERAL
RESERVE BULLETINS. Quotations for new types of paper will be added from
time to time as deemed of interest.
DISCOUNT AND INTEREST RATES PREVAILING IN VARIOUS CENTERS DURING 30-DAY PERIOD ENDING MAR. 15, 1921.
Prime commercial paper.
Dis trict.
Customers.
City.
Interbank
loans.
Open market.
4 to 6
months.
JO to 90
days.
Bankers' acceptances,
60 to 90 days.
4 to 6
months.
30 to 90
days.
Collateral loans—stock exchange
or other current.
Unindorsed.
Indorsed.
3 months.
Demand.
]
Cattle
loans.
Secured by
warehouse
receipts,
etc.
3 to 6
months.
Ordina ry
loans 1to
custom ers
secured by
Libert
bonds and
certiflca tes
ofindel 3tednes 3.
i
No. 7
No 8 . . . .
No. 9 . . . .
No 10...
ft ft 6
Richmond
ft ft 6
Baltimore
8 ft 8
Atlanta
8 ft 7
Birmingham
8 ft 8
Jacksonville..
New Orleans.. 8 7
8 6
7*
Nashville
7
7
Chicago
7
7
Detroit...
St. Louis
74 61 7
. / 6" 6
Louisville
Memphis2
Little Rock... 8 7 8
Minneapolis...
Kansas City...
8
Omaha
7
Denver
Oklahoma City 8 ft 8
8 7
71
Dallas
8
10 7
El Paso .
8 ft 7
Houston
San Francisco. 7 6
Seattle.... .
8 6 7
Spokane..
8 7 71
Salt Lake City. 8 7
Los Angeles
10 51
No. 11...
No. 12...
?*
MOO"
f ?
1
H. L C.
71 6 7
8
7
6
6
6
6
7
7
6
6
6
6
ft
ft
8
8
8
8
8
ft
ft
ft
ft
7
01
7
7"
8
8
8
8
8
10
71
7*
8
8
8
8
ft
8
7
8
7 74-8
6 7~
7 7
61 7
7
6 6
7
P
?
?*?t
n
71 71 71 71 71
Z* 8
8
8
H. L . C.
8 71 71
71 71 71
8
3
71
f*
71
64/-7
7 8
s
ft
7 8
8
8
8
8
71 71
8
71 71
7
8
7
71
7!
8
73
8
71-8
8
8
8
8
8
83
71 71 8
7f
8 8
8
7* 7f-8 8
71
8
8
7*
ft
8
8
8
8
8
8
ft' 8
8 8
8 8
8
7
71 8
71 71
7
8
71
8
8
1
71 8
71
81
7*
71
81 7*
iy
7*
7 74
8 8"
fi4 7
8*
. C.
7 7
7
51
s
71
71
H. L.
8
6
7
6
ft
ft
8
8
8
8
8
8
7
8
7
71
8
"8
9
8
6
6
ft
6
6
H. L . C. H. L . C.
C.
7 61 51 51
651
7 7 51 6-61
6-7
6
6
61
6*
ft
ft
6
6 6 | 5f 55 6*
5f-6
ft
ft
ft 6
7
7 8
Q
6 76
ft 7 8
7-8 '8
6* 6
V 7V
7
6" 6
6
7
7
ft
7
ft
8
7
7
7
ft
8
7
7
10
61
7
8
6
7
6
7
8
8
7
8
71
8
8
7
7*
71
8
i?
8
7
6
51
?51
8
8
7
8
6f 6f 61
8
7
s
7
7
7
7
7
ft
8
fi
8
8
7
7
a
51 6
6
ft
ft
Q
61
51
71 61 61 6 |
8
7
?
7
4
ft
7
6
6
6
8
7
8
i
8
8
7
6
8
6
7
?*$*
7
6
7
61 7
71 51 6
8
61
6
6
51
7
51
6
7
7
8
7
8
8
8
8
8
10
8
10
8
7
8
8
8
8
7
8
71
7
71
ft 10
7
71
8*
8
ft 7
6
6
7
8
6
Rates for demand paper secured by prime bankers' acceptances, high 7, low 6, customary 6.
8
7
8
7
'i
6
ft
6
ft
ft
ft
§
Q
8
ft
7
6
61 71-8 8
61 7
7
6
6
.a
ft
ft
8
8
61 61 6
5
ft4 6
6
8
6
H. L
7
8
7
6
9
6
7
71
7' 6
8
8
8
9
8
10
8
10
8
7
8
oooo
No 6
L C.
6
7
6 7
6 7
6
6
ft
7
6
6
MOO
No 5 .
Boston
MOO
H.
71
New York i . . . 8
. 7
Buffalo
No. 3 . . . . Philadelphia.. . 6
Cleveland... . 7
No. *
Pittsburgh.... . 6
No 1....
No. 2 . . . .
7
7
6
8
6
fi
6
6
6
7
6
6
6
6
6
7
6
6
8
7
8
7
ft
ft
8
8
8
8
8
7
7
6
7
8
7
61 7
8
8
8
8
9
8
10
8
10
8
7
6
7
6
6
6
8
7
7
71 71
ft
7
8
61 7
8" 0
ft 74
8"
8
6
7
6
7
6
7
8
6
a
ff. L
8 71
7 6
7
8
8
7
7
6
7
6
7
8
8
8
8
C.
7
7
6
6
£7
ft
ft
8
8
8
8
8
ft
7
7
6
8
7-8
7
8
7
H. L. C.
6
7
7
6
7
6
7
6
ft
ft
8
8
8
8
7
7
7
7
6
6
6
8
?*
8
7
8
8
8
7
7
8
?
10
8
10
8
7
7
7
8
64 7
7" 8
74
7
8 q
7
74
7
8
6
H. L.
7
6
7"
61
6*
7
64
8"
7
8
ft
6
H. L.
7
1
No report.
8
8
X* ?* ?
8
7
74
8
7
7
8
8
10
8
10
8
?5"
6
fl
ft
ft
ft
ft
7
6
7
6
a
ft
ft
8
7
7
fil 7-8
6* 6
61 7
?
7
6
7
8
7
ft-7
8
6
7
ft
?
7
7
ft
ft
ft
ft
6
7
8
9
8
8
7
6
8
8
8
7
8
8
7
r
496
FEDERAL RESERVE BULLETIN.
APRIL, 1921.
MONEY HELD OUTSIDE THE UNITED STATES TREASURY AND THE FEDERAL RESERVE
SYSTEM, MAR. 1, 1921.
General stock.
Gold coin (including bullion in Treasury)
Gold certificates
Standard silver dollars
Silver certificates
#.
Subsidiary silver
Treasury notes of 189'J
United States notes
Federal Reserve notes
Federal Reserve Bank notes
National-bank notes
Total:
March 1,1921
Feb. 1,1921
Jan. 1,1921
July 1,1920
Jan. 1,1020
July 1,1919
Jan. 1,1919
July 1,1918
Jan. J, 1918
July 1,1917
Held in the
United States
Treasury as
assets of the
Government.1
Held by or for
Federal Reserve
Banks and
agents.
Held outside
United States
Treasury and
Federal Iteserve
System.
» $1,589,319,647
289,671,
546
8
29,511,074
98,454,060
271,204,125
8,175,739
346,681,016
3,345,123, 895
207,446,400
727,793,864
3,235,019
5,240,817
5,088,625
18,122, 587
«87,424,468
267,147,650
20,230.133
3,343', 000
$387,728,469
216,640,424
50,713,237
68,932,753
263,028,386
1' 602, 553
256,021, 529
3,072,735,428
182,127,642
706,328,277
8,084,936,396
8,171,237, 897
8,372,970,904
7,887,181,586
7,961,320,139
7,588,473,771
7,780,793,606
6,742,225, 784
6,256,198,271
5,480,009, 884
493,976,120
499,358,809
494,298,257
485,057,472
604, 888,833
578,848,043
454,948,160
356,124,750
277,043,358
253,671,614
2,385, 101,578
2, 438,773,422
2,377,972,494
2,021,271,614
2,044, 422,303
2,167, 280,313
2.220; 705,767
2,018,361, 825
1,723, 570,291
1,2S0, 880, 714
5,205,858,698
5,233,105,666
5,500,702,153
5,380,852,500
5,312,009,003
4, 842,345,415
5,105,139,679
4,367,739,209
4,255,584,622
3,945,457, 556
$2,916,884,770
269,'802," 326*
$433,524,684
""26,*588,*649'
Amount per
capita outside
United States
Treasury and
Federal Reserve
System.
$48.41
48.73
51.29
50.19
49.81
45.00
47.83
41.31
40.53
37.88
1 Includes reserve funds held against issues of United States notes and Treasury notes of 1S90 and redemption funds held against issues of
national-bank notes, Federal Reserve notes, and Federal Reserve Bank notes, but excludes gold and silver coin and bullion held in trust for the
redemption
of outstanding gold and silver certificates and Treasury notes of 1890.
2
Exclusive of amounts held with United States Treasurer in gold redemption fund against Federal Reserve notes, and of gold held with foreign
agencies
but
inclusive of balances in gold settlement fund standing to the credit of the Federal Reserve Banks and agents.
3
Includes subsidiary silver.
4
Includes Treasury notes of l?P0
DISCOUNT RATES OF THE FEDERAL RESERVE BANKS.
DISCOUNT RATES APPROVED BY THE FEDERAL RESERVE BOARD UP TO APR. 1, 1921.
Paper maturing within 90 days.
Secured b y Federal Reserve Bank.
Treasury
certificates of
indebtedness.
Boston
New York
Philadelphia.
Cleveland
"Richmond
Atlanta
Chicago
St. Louis
Minneapolis..
Kansas City..
Dallas.....'...
San Francisco
5J
6
6
6
6
6
6
6
5J
Liberty bonds
and Victory
notes.
i
6
5J
6
6
Trade
acceptances.
7
7
6
6
6
7
7
6
6J
6
7
6
Commercial
paper n. e. s.
Bankers'
acceptances
maturing
within
3 months.
Agricultural
and live-stock
paper maturing
after 90 days,
but within 6
months.
6
6
6
6
6
6
51
6
51
6
i Discount rate corresponds to interest rate borne by certificates pledged as collateral, with minimum of 5 per cent in the case of Kansas City
and 5 | per cent in the case of Philadelphia.
NOTE.—Rates shown for St. Louis and Kansas City are normal rates, applying to discounts not in excess of a basic line fixed for each member
bank by the Federal Reserve Bank. Rates on discounts in excess of the basic line are subject to a £ per cent progressive increase for each 25 per
cent by which the amount of accommodation extended exceeds the basic line, except that the maximum rate charged by the Kansas City bank
does not exceed 12 per cent.
497
FEDERAL RESERVE BULLETIN.
APKIL, 1921.
CONDITION OF MEMBER BANKS.
ABSTRACT OF CONDITION REPORTS OF STATE BANK AND TRUST COPvf PANY MEMBERS IN EACH FEDERAL RESERVE DISTRICT ON DEC. 29, 1920.
[In thousands of dollars.]
District District District District Dist];rict District
No. 1
District Total
District District District District District
No. 8 No.
No. 10 No. 11 2 No. 12 United
States
(198
(116
(63
(185
(91
(1,481
banks). banks). banks). banks) banks) banks).
No. 3 No. 4 No. 5 No. 6
No. 7
No. 2
(56
(84
(358
(134
(46
(111
banks). banks). banks), banks). banks). banks). banks).
(39
RESOURCES.
Loans and discounts
Overdrafts
Customers' liability on account of letters of credit
Customers' liability on 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
War savings and thrift stamps
and Treasury savings certificates actually owned
Stock of Federal Reserve Bank
Other bonds, stocks, etc. (exclusive of securities borrowed)
Banking house
Furniture and fixtures
Other real estate owned
Lawful reserve with Federal
Reserve Bank
Gold coin and certificates
All other cash in vault
Items with Federal Reserve
Bank in process of collection
Due from banks, bankers, and
trust companies
Exchanges for clearing house,
also checks on other banks
in same place
Outside checks and other cash
items
Approximate interest earned
but not collected
Other assets
Total..
0,900 2,081,859 187,203 507,261 108,420 213,457 1,086,151 240,429
251
449
261
721
233
823
767
85
345
2
So,271
219
78,762 95,577 503,753 5,640,043
525 1,105
269
5,708
55
12
189
5,635
1,709
8,035
25,225
5,739
46
147
2,407
212,494
28,934
5,383
12,890
59,389
12,179
3,421
7,391
5,460 40,243
381,453
98
7,744
1,705
81
2,460
634
27,637
25
2,614
61
1,856
38
672
5,315
11,220
6,731
105,774
8,156
642
824
21,494
1,482
141
468
417
805
1,375
9,087
135,232
56
3,323
13
726
61
1,248
341
5,341
1,473
11
400
6
368
51
630
2,182
765
30,8
98,308
10,294
1,160
942
495,275 99,329 180,246 12,102 26,900
59,162 8,391 18,775 3,662 9,348
347
992
1,615
666
1,600
607 2,026^
6,232
6,477 1,991
242,538
22,895
3,574
2,080
42,716
1,373
17,393
292, 529 17,376
392
6,099
58,454
37,305
184
15,654
5,535
133
3,826
16,801
477
7,035
89,789
2,390
34,290
22,210
609
5,407
3,905
215
2,682
6,443
139
2,551
5,235
6,822
2,739
8,055
14,444
10,102
513
5,511
16,177
146,128
1,246
17,902
171,573
16,688
55
5,342
277
38,397
1
5,659
11,071
70,910
27
2,140
10,874
11,682
49,113
21
2,182
43,862 10,174 13,323
855
7,740 1,802
486
1,124
623
162
1,265
645
1,376 116,814 1,340,247
2,961 15,185
161,070
1,126
3,569
16,882
1,239
3,291
26,957
6,394 37,685
114 1,733
3,537 13,565
1,731
578,688
13,858
170,682
6,266
122,213
11,632 47,177
381,113
9,559 30,237
79,222
21,684
7,077
1,026
7,116
27,130
4,698
486
2,007
971
7,249
2,791
248
873
9,455
1,004
401
694
645
4,874
34,368
128
171
024
2,117
2,253
17,748
937
1,301
300
102
165
291
163
1,313
2,711
6,354
26,219
145,474
21,844
86,011
13,141
10,773
217,957
2,843
1,410
11,454
519
674
1,619
16,414
107,888
1,099
2,975
751
3,595
37,134
), 543 13,929
289,333
724,063 3,929,629 382,301 879,621 158,937 352,480 1,774,753 386,546 122,785 136,221 137,530 841,928 9,826,794
LIABILITIES.
35,255 175,368 24,835 41,884 14,758
Capital stock paid in
Surplus fund
38,282 187,442 48,216 69,596 9,523
Undivided profits less ex17,427
68,550 10,471 21,213 3,910
penses and taxes paid
Approximate interest and discount collected but not
958
1,730
11,971
267
372
earned
Amount reserved for taxes 1,230
1,587
14,331
721
121
accrued
Amount reserved for interest 1,512
1,087
733
11,320
409
accrued
302
542
489
617
588
Due to Federal Reserve Bank .
Due to banks, bankers, and
17,691 289,540 9,124 18,148 9,914
trust companies.
Certified and cashiers' or treas- 6,916 160,679 1,098 7,705 1,536
urers' checks outstanding
419,815 2,243,834 203,667 300,945 61,489
Demand deposits
145,147 402,211 48,668 376,247 41,796
Time deposits
11,581 13,686
7,758
818
United States deposits
56,136
Bills payable with Federal
16,176
19,978
13,776
6,281
Reserve Bank
108,200
Bills payable other than with
483 1,894 5,790
450
Federal Reserve Bank
2,649
Cash letters of credit and
travelers' checks outstand14
93
12,040
ing
16,455 151,405 1,246 5,628 1,709
Acceptances
63
33,336
910 2,186
22
Other liabilities
724,083 3,929,629 382,301 879,621 158,937
Total..
Liability for rediscounts with
Federal Reserve Bank
50,299 163,076 13,495 14,334 11,728
Liability for rediscounts with
246
other banks
717
162
385 1,396
1
One bank not reporting.
25,050
16,339
98,331
81,401
27,675
21,571
9,957
3,402
8,695
3,308
5,087
29,775
6,953
2,133
1,229
1,019
2,780
1,224
155
651
5,207
277
116
587
129
3,119
116
708
12
108
2
31,428
73,789
26,790
2,649
134,839
90,853
1,646
22,374
10,829
12
8,280
708
352,480
14,221
597,664
778,801
10,534
43,960
5,342
82
25,246
4,385
4
A 664
,774,753 386,546
527,520
507,503
2,391
14,306
246
179
1,505
22,406
134
166
577
25,118
199
105
990
1,847
266
21,734
4,053
7,505 25,436
534,767
18,313
2,715 1,521
152,158 36,374
110,313 52,297
1,959
91
10,894
3,321
11,906
6,086
15,186 50,526
5,924 22,499
183,445
2,888 1,560 7,240
210,722
62,395 75,351 231,071 1,519,608
28,954 19,638 *61,893 2,556,818
7
1,048
106,166
902
4,447 11,594
267,245
6,244
3,710
5,108
56,665
2,418
3
132
161
:2,785 136,221 137,530
77
2,430
4,505
12,339
218,292
52,393
3,826,794
40,946
71,131
28,219
3,473
7,533
10,442
18,838
433,514
9,101
7,165
3,534
942
2,214
856
2,945
29,663
2
Two banks not reporting.
498
FEDERAL RESERVE BULLETIN.
APRIL, 1921.
ON DEC. 29, 1920, BY CLASSES OF BANKS.
[In thousands of dollars.]
Central reserve city banks.
Total United States.
New York Chicago St. Louis ; Total
(32 banks). (14 banks). (10 banks); (56 banks).
Other
reserve
city banks
(192 banks).
Country
banks'
(1,233
2,058,198
2,521
74
36,226
! 1,431,954
i
2,393
|
7
j
4,699
banks).2
Dec. 29,
1920 (1,481
banks).
Nov. 15,
1920 (1,449
banks).
5,640,043
5,708
603
212,494
5,713,301
5,695
1,933
234,758
EESOURCES.
Loans and discounts
Overdrafts
Customers' liability on account of letters of credit
Customers' liability on account of acceptances..
Liberty bonds (exclusive of Liberty bonds borrowed)
Other United States bonds (exclusive of U. S.
bonds borrowed)
United States Victory notes
United States certificates of indebtedness
War savings and thrift stamps and Treasury
savings certificates actually owned
Stock of Federal Reserve Bank
Other bonds, stocks, etc. (exclusive of securities
borrowed)
Banking house
Furniture and fixtures
Other real estate owned
Lawful reserve with Federal Reserve Bank
Gold coin and certificates
All other cash in vault
Items with Federal Reserve Bank in process of
collection
Due from banks, bankers, and trust companies..
Exchanges for clearing house, also checks on
other banks in same place.
Outside checks and other cash items
Approximate interest earned b u t not collected..
Other assets
Total.
1,606,234
665
322
143,019
431,896
76
12
23,614
130,719
8,002
3,743 !
142,464
132,454 I
106,535
381,453
360,198
95
25,186
59,925
304
4,837
1,644
3 !
405 j
497 |
402
30,428
62,066
5,748 I
40,812 I
48,510 |
581
34,534
24,656
6,731
105, 774
135,232
7,598
101,997
164,861
2,356
794 j
54
11,570
234 !
11,882 I
477
7,435
765
30, 887
955
30,471
43,493
232
3,761
245,296
5,604
39,449
79,768
3,248
103
89
45,397
1,283
11,296
26,922 !
2,680
416
138
12,480 i
376 !
1,487 |
395,349
49,421
751
3,988
303,173
7,263
52,232
579,543 !
68,593 |
6, 727 !
15,430 |
178,028 I
3,489
61,763 I
365,355
43,056
9,404
7,539
97,487
3,106
56,687
1,340, 247
161,070
16, 882
26,957
578,688
13, 858
170,682
1, 283,226
157,676
18,051
26,520
609,443
15,306
148,412
33,130
57,844
9,607
33,936
5,682 i
5,483 !
48,419
97,263
57,589 !
176,294 !
16,205
107, 556
122,213
381,113
143,515
401,221
776
9,603
12,438
104,141
18,380
4,821
1,193
14,353
2,682 !
295
611 !
223 I
230,838
14,719
14,242
118,717
47,540 ;
14,350 I
7,206
17,899
10,955
5,299
4,771
8,858
289,333
34,368
26,219
145,474
398, 516
44,426
24,343
148,787
3,028,038
696,241
3,571,110 | 2,349,549
9,826,794
10,041,209
125,100
154,726
53,037
37,850
41,827
12,189
9,962
13,299
7,868
2,097
4,202
1,633
258,459 I
46,564
8,420 I
209,
111,761
53
188
4,936
• 2,149,891
!
794
|
522
;
171,569
181,856
3,906,135
LIABILITIES.
Capital stock paid in
Surplus fund
Undivided profits, less expenses a n d taxes paid..
Approximate interest and discount collected
b u t not earned
Amount reserved for taxes accrued
Amount reserved for interest accrued
Due to Federal Reserve B a n k
Due to banks, bankers, and trust companies
Certified and cashiers' or treasurers' checks outstanding
Demand deposits
Time deposits
United States deposits
,
Bills payable with Federal Reserve B a n k
Bills payable other t h a n with Federal Reserve
Bank
Cash letters of credit and travelers' checks outstanding
Acceptances
Other liabilities
Total.,
Liability for rediscounts with Federal Reserve
Bank
Liability for rediscounts with other banks
Ratio of reserve with Federal Reserve Bank to
net deposit liability (per cent)
1
155,900
1,775,039
152,339
52,161
77,525
8,415
301,727
205, 764
4,473
4,235
11, 825
14,705
3,433 |
640 j
137 I
261 !
8, 549
174,775
211,258
68,659
192,538 i
204,510
65,652 i
160,207
91,735
49,134
527,520
507,503
183,445
517,980
502,961
175,918
12,699
17,638
9,762
6,443 f
5,815 |
6,922 i
940 i
166,178 |
3,264
1,665
5,050
3,113
55,017
22,406
25,118
21,734
4,053
534,767
21,898
23,617
23,453
4,316
577,575
58,342
86,155
32,016
1,395,768j I
1,266,909
39,505 i
115,501 |
13,219
968,848
880,940
8,319
65,589
210,728
4,519,602
2, 556, 818
106,166
267,245
20,192 |
34,997
56,665
58,048
11
4,664
3,777
12,339
218,292
52,393
12,002
241,276
49,413
3,571,110 | 2,349,549
9,826,794
10,041,209
313,572
1,178 j
165,493
78,220 I 2,154,986
1,708
4,395 !
876
268,840
4,685,330
2, 523,695
74,381
280,506
600
1,476
11,988
148,296
31,463
45
23,651
1,569
12
4,937
390
12,045
176,884
33,422
3,028,038
696,241
181,856
3,906,135
144,527
41,954
9,712
180
196,193
180
165,061
17,333 |
72,260
12,150
433,514
29,663
436,092
28,690
12.6
12.8
13.8
12.7
9.9 I
7.2
10.4
10.7
Eight banks transferred to " Other reserve city banks,"
283 I
36,744
15,194
2
Three banks not reporting.
499
FEDERAL RESERVE BULLETIN.
APRIL, 1921.
SYSTEM ON DEC. 29, 1920.
[In thousands of dollars.]
Total
DisDisDisDisDisDisDisDisDisDisDisDisUnited
trict
trict
trict
trict
trict
trict
trict
trict
trict
trict
trict
trict
States
No. 1
No. 3 No. 4 No. 5 No. 6
No.
9
No.
10
No.
11
No.
12
No. 2
No. 7
No. 8
(1,481
(111
(56
(39
(46
(116
(63
(185
(198
(134
(84
(358
(91
banks). banks). banks). banks). banks). banks). banks). banks). banks) 1 banks). banks) 2 banks). banks).
On demand:
Not secured by collateral.. 33,108
Secured by Government
war obligations
2,940
Secured by other collateral 68,508
On time:
Not secured by collateral.. 249,687
Secured by Government
'war obligations
22,497
Secured by other collateral 67,138
Secured by real estate mortgages or other real estate
liens or deeds
56,469
Acceptances of other banks
2,721
discounted
Acceptances of this bank pur962
chased or discounted
Loans and discounts not
7,498 27,672
7,076
32,429
10,795
4,566
4,090
3,464
5,482 4,770
92,265 97,794
852
813
14,082 36, 713
8,396
139,365
2,235
34,871
252
5,169
19
6,406
61,022
160 2,035
7,380 21,909 1,136,073
955,724
50, 841 166,319
58,528 119,162
513,635 104,585
34,399
34,699
32,637 175,385 2,495,601
162,255
322,693
18,523 18,237
19,101 79,781
5,055 9,396
32, 743 74,990
965 4,318
31, 316 7,038
207, 308 77,469 27,978 30,534
59,653
7,032 123,756
106,492
17, 744
693
35
3,012
767
2,409
7,562
25
327
13,984
549
228,176
17, 586
551
1,032
1,731
1,237
One bank not reporting.
2
1,322
52,551
17,737
10,003 290,925
82,411 1, 074,697
8,372
9,032 204, 087
768,667
48
48
12, 358
145,296
15
50
111
22, 831
1,149
2,259
33, 250 17,294
168
95
551
I
Total loans and discounts 504, 030 2,342, 344 201,470 522,108 121, 544 264, 305 1,178,930 273, 306 90,686
1
223,948
73,104
33,068
611,611
33
296
88,536 106,875 527,185 6,221,319
Two banks not reporting.
ABSTRACT OF CONDITION REPORTS OF ALL MEMBER BANKS IN EACH FEDERAL RESERVE DISTRICT ON DEC. 29, 1920 (INCLUDING 8,125 NATIONAL BANKS AND
1,481 STATE BANKS AND TRUST COMPANIES).
[In thousands of dollars.]
District
District
No. 2
(784
banks).
District
No. 3
(698
banks).
1,298,605
616
67,582
163,316
7,719
242,835
36,024
3,465
3,430
116,407
53,971
5,206,599
3,248
1,057,287 1,640,150
384
1,080
15,927
18,258
236,211
299,139
8,484
10,421
404,906
471,961
62,883
35,920
4,367
5,757
5,501
13,086
107,250 I
150, 899
75,212
53,610 I
38,494
82,938
134,440
181,351
No. 1
(437
banks).
District
No. 4
(873
banks).
District District
No. 5
No. 6
(609
! (460
banks), j banks).
District
No. 7
(1,419
banks).
District
No. 8
(571
banks).
District
No. 9
(999
banks).1
District
No. 10
(1,086
banks).
District
No. 11
(840
banks). 3
District
No. 12
(830
banks).
O
O
Total
United
States
banks).
KESOUBCES.
Loans and discounts8
Overdrafts
Customers' liability on account of acceptances..
Doited States Government securities owned 4 ...
Stock of Federal Reserve Bank
Other bonds, stocks, and securities 5
Banking house
Furniture and fixtures
Other real estate owned
Lawful reserve with Federal Reserve Bank
Cash in vault
Items with Federal Reserve Bank in process of
collection
Due from banks, bankers, and trust companies..
Exchanges for clearing house; also checks on
other banks in same place
Outside checks and other cash items
Redemption fund and due from United States
Treasurer
Approximate interest earned but not collected..
Other assets
Total
735,155
26,374
1,017,102
110,957
6,635
10,627
6S7,808
168,046
52,471
83,295
60,740
177,122
i
32,415
6,579
835,202
1,542
13,460
164,962
5,259
93,842
30,945
3,774
3,368
59, 888
37,864
34,067
80,872
15,062
4,317
648,749 2,666,233
2,695
1,917
63,082
11,735
358,082
120,343
4,014
13,901
437,839
65,206
24,302
65,472
4,280
9,306
4,578
6,633
51,706
237,636
27,221
104,403
733,734
1,314
9,387
114,915
4,363
106,788
20,793
3,500
3,800
66,505
22,891
712,949
1,491
9,259
84,093
3,432
73,157
19,713
4,383
4,781
44,185
23,292
888,323
2,970
4,569
130,486
4,441
86,423
23,269
5,485
2,865
72,987
33,215
633,494 1,410,435
2,981
2,438
21,246
3,504
112,335
240,391
6,906
4,078
21,667
239,830
45,601
22,003
10,641
6,092
9,073
6,159
119,418
48,735
52,235
25,965
17,731,760
22,676
566,678
2,759,428
99,392
3,261,556
497,882
67,685
73,901
1,763,424
677,925
19,178
87,661
57,531
267,696
38,426
83,514
8,878
86,208
45,563
170,940
26,576
87,231
28,451
187,794
544,815
1,576,622
14,971
3,725
74,517
14,835
14,052
2,249
9,559
4,770
19,331
4,933
7,134
5,492
33,187
10,241
963,881
91,222
3,190
2,437
7,640
2,021
22,766
1,560
2,452,026
1,018,921
38,350
77,449
369,552
31,184,198
35,908
5,403
666,176
24,365
2,416
3,664
17,844
2,180,637
6,133
29,796
273,452
9,616,933
138,061
123,242
62,208
416,379
462,286
206,538
112,156
171,419
50,038
171,981
177,361
74,755
102,006
73,679
28,831
79,348
54,349
20,462
272,493
193,596
83,310
92,841
53,159
26,053
75,384
40,049
24,236
96,102
51,868
27,385
86,943
49,335
24,19-1
155,367
76,558
50,923
1,799,061
1,526,901
678,933
9,111
35,175
3,118
37,383
2,191
17,203
3,030
4,216
125,116 1,154,478
5,600
3,003
3,248
2,058
164,223
4,907
6,788
1,188
3,527
2,390
3,172
5,605
1,887 !
109,425
253,938
3,561
1,218
1,583
507
86,566
11,882
13,205
5,708
969
447,974
4,272
1,039
1,480
133
139,372
2,729
2,775
1,502
31
88,684
4,124
1,360
1,249
30
211,947
3,425
1,452
490
2,720
84,427
3,889
2,366
3,462
767
196,154
95,472
71,634
43,678
21,953
3,062,304
5,895
32,018
445,059 1,691,847
248,826 1,310,866
5,693
25,890
59,711
123,963
6,719
518,955
255,017
8,417
37,658
12,742
373,056
371,802
5,650
27,301
21,071
710,056
243,203
7,578
36,270
14,425
537,638
104,026
3,388
32,417
37,067
992,968
755,996
12,930
45,034
593,389
14,019,901
6,187,921
316,191
1,026,492
41,569 !
4,313 |
5,582
2,904 j
5,595
3,941 I
11,725
6,201
2,130,065 3,043,080
2,106
3,287
4,180
2,054
1,834
1,692
9,962
2,713
1,521
2,717
27,256
1,718
1,391,066 1,096,101 4,421,259 1,232,716
1,638
2,423
5,419
3,172
1,617
1,175
1,098,824 1,502,570
O
LIABILITIES.
Capital stock paid in
Surplus fund
Undivided profits, less expenses and taxes paid.
Approximate interest and discount collected
but not earned
Amount reserved for taxes accrued
Amount reserved for interest accrued
Due to Federal Reserve Bank
Due to banks, bankers, and trust companies
Certified and cashiers' or treasurers' checks outstanding
Demand deposits
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 Government securities borrowed.
Other bonds and securities borrowed
Other liabilities
Total.
Liability for rediscounts,6 including those with
Federal Reserve Bank
404,645
4,804,087
965,107
143,538
426,230
11,896
981,096
422,221
24,482
91,255
20,545
1,287,039
809,628
40,396
48,227
8,382
552,864
336,121
9,806
52,340
5,581
8,426
3,298
9,055
21,848
24,164
26,239
19,020
23,842
24,230
20,169
22,568
208,440
137
70,945
47,177
7,112
183
618
14,750
348,985
84,648
32,552
198
50,109
17,705
55,081
8,671 I
233
2,284
290
18,321
91,S77
19,ill
575
4,607
47
13,530
59.028
8; 423
13
633
516
12,129
41,175
3,950
498
891
1,207
63,392
83,706
23,183
737
9,044
33
9,465
41,394
11,205
246
6,238
26
9,271
32,327
7,086
72
259
106
4,554
48,654
11,289
836
658
140
3,516
46,183
2,323
471
1,239
560
21,895
62,165
5,546
315
5,496
17,901
593,708
693,415
140,451
4,377
82,076
2,180,637
9,616,933
2,130,065 3,043,080 1,391,066 1,096,101 4,421,259
1,232,716
1,018,921
2,452,026
31,184,198
139,943
537,010
76,640
115,311
73,260
132,651
1,894,818
17,954
1,125,236
365,108
28,423
46,086
1
One bank not reporting.
* Two banks not reporting.
* Includes customers1 liability on account of letters of credit.
77,211
4
6 Includes
6 Includes
77,
85,003
125,460
372,870
82,361
United States Government securities borrowed by national banks.
other bonds and securities borrowed by national banks.
Includes acceptances of other banks and foreign bills of exchange sold with indorsement or other guaranty by national banks.
r
501
FEDERAL RESERVE BULLETIN.
APRIL, 1921.
ABSTRACT OF CONDITION REPORTS OF ALL MEMBER BANKS OF THE FEDERAL RESERVE SYSTEM ON DEC. 29, 1920, BY
CLASSES OF BANKS.—(INCLUDING 8,125 NATIONAL BANKS AND 1,481 STATE BANKS AND TRUST COMPANIES.)
[In thousands of dollars.]
Central reserve city banks.
•• New York Chicago
i (63 banks). (24 banks).
St. Louis
(15
banks).1
Total United States.
Total
(102
banks).
Other
Country
reserve city Jbanks
banks
(8,933
(571 banks).! banks).*
Dec. 29,
i Nov. 15,
I 1920 (9,606 1920 (9,567
1
banks).
banks).
RESOURCES.
Loans and discounts 3
j 4,020,428 !
2,795 i
Overdrafts
;
321,489 I
Customers' liability on account of acceptances..!
502,296
United States Government securities owned *..'
19,905
Stock of Federal Reserve Bank
i!
539,796 !
Other bonds, stocks, and securities 5
75,111 i
Banking house
j
1,419 !
Furniture and fixtures
4,785 !
Other real estate owned
571,719
Lawful reserve with Federal Reserve Bank
112,037 I
Cash in vault
;
Items with Federal Reserve Bank in process of j
97,786
collection
\
Due from banks, bankers, and trust companies.!
91,535
Exchanges for clearing house, also checks ou '
651,805
other banks in same place
j
Outside checks and other cash items
i
Redemption fund and due from United States !
3,721
Treasurer
j
22,271
Approximateinterest earned but not collected.. I
Other assets
!
268,36S
Total
7,326,262
LIABILITIES.
286,614
82
8,051
26,047
1,808
40,908
7,210
822
1,764
31,004
4,973
5,287,301
3,088
381, 759
562,245
26,964
696. 508
94, 867
2,361
6,740
720,209
153,370
34,042 |
108,990 |
25, 907
24, 597
157, 735
225,122
327, 422 i
61i; 140 •
59,658
740,360
544,815 i
1,576,622 I
674,005
1,774,326
54,017 I
8,920
552
714, 742
25,198
203, 229 I
38,112 I
45,910
27,912
983,881 I
91,222 '
1,272, 584
120,864
4,240
25,364
289,939
9,541 '
18,585 :
64,300;
24, 569
33, 500
15,313
38,350
77,449
369,552
39,433
72,576
371,735
9, 747,259 | 12,059,187
31,184,198
32,113,433
5,650 |
22 I
2,283 i
21,060 i
1,580,413
497 ;
810
511 i
471,077 j 9,377,752
6, 858, S78
5,585,581
14,106
5,482
167,258
17,661
766,221
1,430,962
31,231
41,197
977, 568
1, 587,480
174,982 !
228,033
15,089 j
50,235
29,036 I
38,125
524,059 !
519,156
198,423 I
326,132
17,731,760
22,676
566,678
2,759,428
99,392
3,261, 556
497,882
67,685
73,901
1,763,424
677,925
7,326,262
92,400 |
84,777 I
25,640 |
36, 525 i
23,805 i
10,022
7,072 I
10,167!
1,711 !
1,940 !
283 i
548
302,362
19,025
725,186
221,280
10,533
19,944
71,609
419,225
480,006
193,469 |
540,978
496, 702
193,841
832, 858
550,193
291,623
1, 799,061
1, 526,901
678,933
1,787,160
1,518,953
659,515
30,412
38,313 |
18,692
45,819 |
12,686
13,308 I
5,097
92 I
1,447, 834 1,276,565
26,747
7,123
17,684
16,764
337,905
95,472
71,634
43,678
21,953
3,062,304
96,450
74,683
45,603
28,402
3,201,791
106, 551
70,135
593,389
4,201,981 | 5,199,662 14,019,901
1,906,763 3,685, 533 6,1S7,921
43,072
316,191
122, 744
298, 736 1,026,492
328,322
714, 709
14,779,480
6,144,064
219,831
1,063,748
3,434 ! 416, 703
194,932 ' 4,618,258
595,625
82,240
150, 375
6,172
399,434
13,480;
600 i
1,068
52,470
446 :
2,904
28 i
8,053 !
9,643
7,127 i
3,428 I
636 j
4,160
62,976
141,304
208,440
212,232
15,791
402,128
47,698
38,692
59
50, 763
1,739
173,585
169,585
69,191
1,739
21,110
371
17,995
476,132
32, 568
2,579
10,203
17,901
593, 708
693,415
140,451
4,377
82,076
18,365
647,801
697,391
131,209
4,844
67,202
9,747,259 | 12,059,187
31,184,198
32,113,433
1,894,818
1,917,989
10.0
10.1
1, 580,413 ! 471,077 i 9,377,752
484,259
196,876
35,665
716,800
774,423 ;
12.9
12.9
13.2
12.9
10.1 I
403, 595
7.6
12 Eight banks transferred to " Other reserve city banks."
Three banks not reporting.
34 Includes Customers' liability on account of letters of credit.
5 Includes U. S. Goverament'seeurities borrowed by national banks.
Includes other bonds and securities borrowed by national banks.
• Includes acceptances of other banks and foreign bills of exchange sold with indorsement or other guaranty by national banks.
18,022,660
24,887
619,377
2,786,109
98,744
3,168,147
489, 770
67,279
72,420
1,827,450
611,067
!
Capital stock paid in
j 290,300
Surplus fund
j 371,424
Undivided profits, less expenses and taxes paid.! 157, 807
Approximate interest and discount collected !
but not earned
j
29,301
Amount reserved for taxes accrued
;
35,369
Amount reserved for interest accrued
!
11,049
Due to Federal Reserve Bank
|
92
Due to banks, bankers, and trust companies...! 1, 073, 863
Certified and cashiers' or treasurers' checks \
394,244
outstanding
3,698,140
Demand deposits
292,105
Time deposits
133.670
United States deposits
Bills payable with Federal Reserve Bank
366,010
Bills payable other than with Federal Reserve
Bank
3, 560
Cash letters of credit and travelers' checks outstanding
14,695
341,605
Acceptances
37,609
National bank notes outstanding
28,661
United States Government securities borrowed.
59
Other bonds and securities borrowed
46,699
Other liabilities
Total.
Liability for rediscounts,6including those with
Federal Reserve Bank
Ratio of reserve with Federal Reserve Bank to
net deposit liability (per cent)
980,259
211
52,219
33,902
5,251
115,804
12,546 !
120 !
191 I
117,486 !
36,360 I
INDEX
Acceptances:
Page,
Acceptances against goods shipped on consignment
419
Banks granted authority to accept up to 100 per cent of capital
and surplus
417
Condition of the acceptance market
375,394
Held by Federal Reserve Banks
472,473
Purchased by Federal Reserve Banks—
During February
470
During 3 months ending February
471
Security for accepting banks
418
Agricultural products held on farms
377
American shipping earnings and the balance of trade
400
Australia, index of wholesale prices in
464
Bachi, Riccardo, article by, on business and financial conditions
in Italy
*
434
Bank debits
487-490
Bank of France, report of, for year 1920
434
Banking situation, discussion of
381
Business and financial conditions:
Abroad
420-441
Article by Prof. Bachi on conditions in Italy
437
In the United States, reports on
384-394
Paper read by Robert M. Falkenau on method of reporting.. 396
Canada, index of wholesale prices in
465
Certificates of indebtedness issued
373
Charters issued to national banks
* 417
Charts:
Assets and liabilities of Federal Reserve Banks
475
Assets and liabilities of member banks
481
Debits to individual account
487
Physical volume of trade
448
Wholesale prices in the United States
443
Clearing and collection system, operations of
491
Clearing-house bank debits
487-490
Commercial failures
417
Comptroller 0f the Currency, Crissinger, D. R., appointed - . . . . . . . 383
Condition statements:
Federal Reserve Banks
473-478
Member banks in leading cities
" 480-486
Abstract of
497-501
Netherlands Bank
434
Conference of governors of Federal Reserve Banks
382
Cotton fabrics, production and shipments
458
Credit, letters of, use in financing foreign trade
410
Crissinger, D. R., appointed Comptroller of the C u r r e n c y . . . . . .
383
Currency circulation in the United States
*
496
Debits to individual account
487-490
Discount and open-market operations of Federal Reserve Banks. 466-473
Acceptances held
472,473
Acceptances purchased—
During February
.
470
During 3 months ending February
471
Bills discounted—
During February
469
During 3 months ending February
* *" 470
Bills held
472
Earning assets held
[ 471
Number of banks discounting during February
467
Reserves, deposits, note circulation, and reserve percentages.. 468
Volume of, during February
469
Discount rates:
In effect Apr. 1
496
Prevailing in various centers
495
England:
Business and financial conditions in
420
Foreign trade
422
Failures, commercial, reported
417
Falkenau, Robert M., paper by, on business condition reporting.. 396
Federal Reserve bank notes, retirement of
374
Federal Reserve Banks:
Condition of
473-478
Discount and open-market operations of
466-473
Federal Reserve Bulletin, index-digest of
383
Federal Reserve note account
479
Fiduciary powers granted to national banks
416
Foreign exchange rates:
Amsterdam
433
Discussion of
379
Quoted in New York
494
Foreign trade:
Discussion of
378
Index of
445
Letters of credit, use of, in
financing
410
France:
Bank of, report for year 1920
434
Business and financial conditions in
423
Foreign trade
426
Germany, business and financial conditions in
428
Gold imports and exports
380,492
Governors of Federal Reserve Banks, conference of
382
Imports and exports:
Gold
380,492
Silver
381,493
Index-digest of Federal Reserve Bulletin
383
Index numbers:
Foreign trade
445
Physical volume of trade
446
Retail trade
460
Index numbers—Continued.
Page.
Wholesale prices—
Abroad
463
New, for Italy
_
465
In the United States
442
India, wholesale prices in
465
Interest rates prevailing in various centers
495
Italy:
Business and financial conditions in
426
Article by Prof. Riccardo Bachi on
437
New index number of wholesale prices in
465
Knit goods production
458
Letters of credit, use of, in financing foreign trade
410
Maturities:
Acceptances purchased—
During February
470
During 3 months ending February
471
Bills discounted—
During February
469
During 3 months ending February
470
Certificates of indebtedness
478
Mellon, A. W., appointed Secretary of the Treasury
383
Member banks:
Condition of
480-486
Abstract of
497-501
Number discounting during February
467
Number in each district
467
State banks admitted to system
415
Money:
Rates
375
Stock of, in the United States
496
National banks:
Charters issued to
417
Fiduciary powers granted to
416
Netherlands:
Business and financial conditions in
431
Condition of the Netherlands Bank
434
Foreign exchange quotations at Amsterdam
433
Par list, number of banks on
491
Physical volume of trade
446
Prices:
Discussion of
378
New index number for Italy
465
Wholesale, abroad
420-434,463
Wholesale, in the United States
442,464
Rates:
Acceptances purchased by Federal Reserve Banks—
During February
470
During 3 months ending February
471
Bills discounted by Federal Reserve Banks—
During February
469
During 3 months ending February
470
Earning assets held by Federal Reserve Banks
471
DiscountIn effect April 1
496
Prevailing in various centers
495
Foreign exchange
494
Reserve ratios of Federal Reserve Banks
376
Resources and liabilities:
Federal Reserve banks
473-478
Member banks in leading cities
480-486
Retail trade index
460
Review of the month
373
Rulings of the Federal Reserve Board:
Acceptances against goods shipped on consignment
419
Security for accepting banks
418
Warehouse receipts covering sacramental wine in bond
419
Secretary of the Treasury:
Mellon, A. W., appointed
383
Statement of—
On Treasury
financing
373
On retirement of Federal Reserve Bank notes
374
Shipping earnings and the balance of trade
400
Silver:
Imports and exports of
381,493
Prices of, in New York
380
State banks and trust companies admitted to system
415
Sweden, business and financial conditions in
429
Trade:
Foieign—
Discussion of
378
Index of
445
Physical volume of
446
Retail, index of
460
Wholesale, condition of
462
Treasury certificates of indebtedness issued
373
Treasury, condition of
373
Vessels:
American, tonnage of
400
Berth rates
405
Ocean freight rates
407
Water-borne imports and exports in the foreign-carrying trade
of the United States
401
Wills, D. C , assumes duty as Federal Reserve Agent at Cleveland. 383
Wine, sacramental, in bond, warehouse receipts covering
419
Wholesale prices*
Abroad.
•
420-434,463
In the United States
442
Wholesale trade, condition of
462
I
FEDERAL RESERVE DISTRICTS
* FEDERAL RESERVE BANK CITIES
O FEDERAL RESERVE BRANCH CITIES
@FedFRASER