Full text of Federal Reserve Bulletin : August 1919
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FEDERAL RESERVE
BULLETIN
ISSUED BY THE
FEDERAL RESERVE BOARD
AT WASHINGTON
AUGUST, 1919
WASHINGTON
GOVERNMENT PRINTING OFFICE
1919
FEDERAL RESERVE BOARD.
EX OFPTCIO MEMBERS.
W. P. G. HARDING, Governor.
ALBERT STRAUSS, Vice Governor.
CARTER GLASS,
Secretary of the Treasury, Chairman.
JOHN SKELTON WILLIAMS,
ADOLPH C. MILLER.
CHARLES S. HAMLIN.
Comptroller of the Currency*
J. A. BRODERICK, Secretary.
GEORGE L. HARRISON, General Counsel.
W. T. CHAPMAN, Assistant Secretary.
H. PARKER WILLIS,
W. M. IMLAY, Fiscal Agent.
M. JACOBSON,
Statistician.
Directory Division of Analysis and Research.
J. E. CRANE,
Acting Director, Division of Foreign Exchange.
OFFICERS OF FEDERAL RESERVE BANKS.
Federal Reserve Bank
of—
Deputy governor.
Governor.
Chairman.
Boston. . . .
Frederic H. Curtiss... Chas. A. Morss..
New York.
Pierre Jay
Benj. Strong, jr.
Philadelphia.
Cleveland
II. L. Austin.
D. C. Wills...
E. P. Passmore.
E. R. Fancher..
Richmond.
Caldwell Hardy.
George J. Seay.
Atlanta.
Chicago.
Joseph A. McCord
Wm. A. Heath
M. B. Wellborn..
I J. B. McDougal..
St. Louis
Minneapolis...
Kansas City...
Dallas
San Francisco.
Wm. McC. Martin. . . . 1). C. Biggs
JohnH. Rich
•. Theodore Wold
J. Z. Miller, jr
Asa E. Ramsay
R. L. VanZandt
Wm. F. Ramsey
J. U. Calkins
John Perrin.."
2
1 Assistant to governor.
Cashier.
Chas. E. Spencer, jr...
C. C. Bullen
R. H. Treman
J. H. Case
L. F. Sailer
J. F. Curtis
Wm. II. Hutt, jr
M. J. Fleming1
Frank J. Zurlinden 1 ..
C. A. Peple
R. II. Broaddus
L. C. Adelson
0. R. McKay 1
B. G. McCloud
O. M. Attebery
I R. A. Young
| C. A. Worthington1 . .
;
Lynn P. Talley
' Wm. A. Day
Ira Clerk 3.
Acting cashier.
W. Willett.
L. II. Hendricks.
W. A. Dyer.
H. G. Davis.
Geo. H. Keesee.
M. W. Bell.
S. B. Cramer.
J. W. White.
S. S. Cook.
J. W. Helm.2
Lynn P. Talley.
3 Assistant deputy governor.
MANAGERS OF BRANCHES OF FEDERAL RESERVE BANKS.
Federal Reserve Bank of—
Manager.
New York:
Buffalo branch
Ray M. Gidney.
Cleveland:
Cincinnati branch
Pittsburgh branch
L. W. Maiming.
Geo. De Camp.
Richmond:
Baltimore branch
Morton M. Prentis.
Atlanta:
New Orleans branch
Jacksonville branch
Birmingham branch
Marcus Walker.
Geo. R. De Saussure.
A. E. Walker.
Chicago:
Detroit branch
R. B. Locke.
Federal Reserve Bank of—
Manager.
St. Louis:
Louisville branch
Memphis branch
Little Rock branch
W. P. Kincheloe.
J. J. Heflin.
A. F. Bailey.
Kansas City:
Omaha branch
Denver branch
0. T. Eastman.
C. A. Burkhardt.
Dallas:
El Paso branch
Houston branch
R. R. Gilbert.
Sain R. Lawder.
San Francisco:
Salt Lake City branch
Seattle branch
Spokane branch
Portland branch
C. H. Stewart.
C. J. Shepherd.
C. A. McLean.
C. L. Lamping.
SUBSCRIPTION PRICE OF BULLETIN.
The FEDERAL RESERVE BULLETIN is distributed without charge to member banks of
the system and to the officers and directors of Federal Reserve Banks. In sending
the BULLETIN to others the Board feels that a subscription should be required. It has
accordingly fixed a subscription price of $2 per annum. Single copies will be sold at
20 cents. Foreign postage should be added when it will be required. Remittances
should be made to the Federal Reserve Board. Member banks desiring to have the
BULLETIN supplied to their officers and directors may have it sent to not less than 10
names at a subscription price of SI per annum.
No complete sets of the BULLETIN for 1915, 1916, or 1917 are available.
TABLE OF CONTENTS.
Page.
Federal Reserve notes and currency expansion...
Review of the month
Business and financial conditions: Summary...
Special reports of Federal Reserve agents..
Earnings and expenses of Federal Reserve Banks..
Banking and economic conditions in Japan, 19141919
Official:
Government financing—
Letter of the Secretary of the Treasury to
Chairman of Ways and Means Committee,
dated July 9
Letter of the Secretary of the Treasury to
banks and trust companies, dated July
25
Amendments to Federal Reserve Act pending
in Congress
State banks and trust companies admitted to
the system
Foreign branches of American banks
Banks granted authority to accept up to 100 per
cent of capital and surplus
Charters issued to national banks
Fiduciary powers granted to national banks
Law Department:
Legal opinions and decisions
Amendments to State banking laws
Miscellaneous:
Crop statistics, by Federal Reserve districts...
Commercial failures reported
Assets, liabilities, and earnings of the three leading German commercial banks, 1914-1918...
Statistical:
Statistical Review: 1914-1919
Classification of earning assets held by Federal Reserve Banks since organization of
system
Reserves, deposits, and note circulation of
Federal Reserve Banks since organization of system
Growth of the Federal Reserve clearing
system, 1916-1919
Transfers through the gold settlement fund,
1915-1919
Earnings and expenses of the Federal Reserve Banks, 1914-1919
IV
699 Statistical—Continued.
Statistical Review: 1914-1919—Continued.
703
Operations of Federal Reserve Branch
706
Banks during six months ending June
711
30, 1919
777
720
Number of employees of Federal Reserve
Board and Federal Reserve Banks,
731
1914-1919
778
Number of member banks of the Federal
Reserve System, 1914-1919....,
780
Loans, investments, and deposit liabilities
of national banks, 1914-1919
782
725
Abstract of reports of condition of all member banks, 1914-1919
783
Principal resources and liabilities of mem726
ber banks in leading cities
786
Stock of money in the United States
788
727
Allotments of Liberty bonds and treasury
certificates
787
738
Wholesale prices in the United States
747
738
Discount and interest rates in various centers.. 750
Physical volume of trade
753
737
Debits to individual account and to bank ac737
count, June-July
763
739
Discount and open market operations of the
Federal Reserve Banks
790
740
Resources and liabilities of the Federal Reserve
741
Banks
797
Federal Reserve note account
800
737
Interdistrict movement of Federal Reserve
736
notes
802
Operation of Federal Reserve clearing system.. 803
735
Condition of member banks in selected cities.. 804
Estimated stock of money in the United States.. 810
766
Imports and exports of gold and silver
809
Foreign exchange rates
81Z
Discount rates approved by the Federal Reserve
771
Board
810
Diagrams:
Earning assets of Federal Reserve Banks, 1914774
1919
772
Net deposits, Federal Reserve notes in circula775
tion and reserves of Federal Reserve Banks,
776
777
1914-1919
Investments of national banks, 1914-1919
Deposit liabilities of national banks, 19141919....
773
780
781
FEDERAL RESERVE
VOL. 5
BULLETIN
AUGUST 1, 1919.
No. 8
FEDERAL RESERVE NOTES AND CURRENCY EXPANSION.
On August 8 the following letter was sent
by the Governor of the Federal Reserve Board
to the Chairman of the Committee on Banking
and Currency of the United States Senate:
DEAR SIR: The Federal Reserve Board acknowledges receipt of 3'oiir letter of the 5th
instant asking for an expression of its views as
to the advisability of legislation providing for
the gradual reduction of the currency in circulation as proposed by Senate resolution 142.
The Board would suggest that in determining
whether or not legislation is necessary or desirable to regulate the volume of currency in circulation, consideration be given to the various
forms of money which make up the sum total
of our volume of currency. A distinction
should also be drawn between the stock of
money in the country and the amount actually
in circulation.
With respect to gold coin, gold certificates,
standard silver dollars, silver certificates, subsidiary silver, and Treasury notes of 1890, the
Board assumes that it is recognized that no
legislation is necessary.
The United States notes, or legal tenders,
which have remained at the fixed amount of
$346,681,016 since March 31, 1878, have not
been a disturbing factor since the passage of the
act of March 14, 1900. An adequate gold reserve of more than 45 per cent is now held
against these notes, most of which are in the
form of small bills of $1, $2, and $5, denominations. Notes of these denominations are
needed in the daily transactions of the public,
and were the United States notes to be retired,
the issue of an equal volume of small bills in
some other form of currency would be necessary. To effect the retirement of the United
States notes, funds would have to be withdrawn from the Treasury to be supplied either
by taxation or by the sale of interest-bearing
obligations, The Board does not believe that
any legislation with respect to United States
notes is necessary or desirable at this time.
The national bank notes outstanding on
August 1, 1919, amounted to $658,118,555, a
reduction of nearly $60,000,000 since July 1,
1914. The greater part of these notes is
secured by United States 2 per cent bonds,
and provision has already been made in section
18 of the Federal Reserve Act for their gradual
retirement.
Federal Reserve Bank notes, which are
secured by United States obligations and are
taxed just as national-bank notes are, have been
issued only to replace in part national-bank
notes retired and standard silver dollars melted
or broken up and sold as bullion under authority of the act of April 23, 1918, known as the
Pittman Act. The issue of these notes has,
therefore, brought about no increase in the
circulating medium.
The amount of Federal Reserve notes outstanding has increased from $357,239,000 on
April 1, 1917, to $2,504,753,000 on August 1,
1919. It appears, therefore, that those who
see in the larger volume of circulation in the
United States the prime cause of increased
costs of living and who seek a remedy by a
forced contraction of the currency must have
699
700
FEDERAL RESERVE BULLETIN.
in mind the Federal Eeserve note and section 16
of the Federal Reserve Act as amended June
21, 1917, which provides for its issue and
redemption.
In analyzing our present monetary situation,
and in considering the causes which have led
to the expansion of credits and note issues
during the war, we should not lose sight of some
of the developments of the prewar period and
of their effect upon credits and prices. Very
heavy purchases of supplies of all kinds were
made in this country by European belligerents
during the years 1915 and 1910, payment for
which involved the shipment to us of large
amounts of gold. The stock of gold in the
United States on July 1, 1914, was
$1,890,678,304. This amount increased steadily until April, 1917, the date of our own entry
into the war, when it reached $3,088,904,808,
an increase of about $1,200,000,000. Bank
deposits likewise show a large increase, the net
deposits of national banks having risen from
$7,495,149,000 on June 30, 1914, to $10,489,217,000 on March 5, 1917, while the net deposits of all banks in the United States increased from $17,996,150,000 in June, 1914, to
$24,891,218,000 in June, 1917. Net deposits
of national banks had further increased up to
May 12, 1919, to $11,718,095,000, and those
of all banks in June, 1918 (the latest date for
which figures are available), to $26,769,546,000.
Shortly after April 6, 1917, when the Congress
declared war, the Treasury began to sell bonds,
notes, and certificates in large amounts, resulting in a net increase in the public debt to
August 1, 1919, of $24,518,064,840.
On July 1, 1914, the total stock of money in
the United States, exclusive of that held by
the United States Treasury, was $3,419,168,368.
On April 1, 1917, the stock of money, estimated
on the same basis, was $4,702,130,941, an in-
AUGUST 1,1919.
crease of $1,282,962,573, of which increase
$883,481,028 was in gold.
On July 1, 1914, there were no Federal Reserve notes in existence, while on April 1, 1917,
there were outstanding $357,239,000.
The amendment to the Federal Reserve Act
approved June 21, 1917, changed substantially
the original reserve requirements for member
banks and provided that their entire lawful
reserve should be carried with the Federal
Reserve Banks. This same amendment authorized the Federal Reserve Banks to exchange
Federal Reserve notes for gold. The result of
these two changes in the law was to transfer
immediately large sums of gold from the vaults
of the member and nonmember banks and from
general circulation to the Federal Reserve
Banks, and this caused a change in the methods
of accounting for gold by the Federal Reserve
Banks and Federal Reserve agents.
In order to avoid confusion in determining
the volume of money in actual circulation, it is
necessary to distinguish between tables showing the total stock of money in the country
and tables showing the circulation outside of the
Treasury and Federal Reserve agents' vaults,
and to limit our view to amounts held by member and nonmember banks and the public,
which are exclusive of amounts on hand at
Federal Reserve Banks, held by Federal Reserve agents, and held in the Treasury.
The reserve money held by or for the Federal
Reserve Banks serves, of course, as a basis for
credit, but it forms no part of the currency in
circulation. Upon this basis the amount of
money in circulation on July 1, 1914 (there
being no Federal Reserve Banks in operation at
that time), was $3,419,168,368, made up as
follows: Gold coin and certificates, $1,649,775,803; silver dollars and silver certificates,
including Treasury notes of 1890, $552,203,610;
AUGUST 1, 1919.
FEDERAL, RESERVE BULLETIN.
all other currency, $1,217,188,955, being circulation per capita, $34.53.
The corresponding amounts of money in
circulation on April 1, 1917, December 1, 1918,
and August 1, 1919, are shown in the following
table:
701
especially in the case of ignorant foreigners,
are unwilling to deposit their savings in banks
or to invest in Government bonds; the amount
of money carried away by workmen returning
to their homes in foreign countries; and the
fact that the circulating media of the PhilipAmount of money outside the Treasury and Federal Reserve pine Islands, Hawaii, Cuba, Porto Rico, Santo
banks.
Domingo, Haiti, Honduras, Panama, and in
Apr. 1, 1017. Dec. 1, 1918. Aug. 1, 1919. part, Mexico, include United States paper
currency and subsidiary silver. The amounts
Gold coin and certificates...;S1,989,152,000 j $861,215,000 $728,040,000
required in these countries, most of which are
Silver dollars and silver cer|
tificates (including Treasury notes o/ 1890)
532,700,000 372,489,000
241,505,000 very prosperous, have greatly increased in
Federal Reserve notes
357,239,000 2,607,445,000 2,504,753,000
Federal Reserve bank notes, i
3,170,000
87,737,000
166,289,000
All other currency
| 1,218,715,000 1,201,069,000 1,156,297,000 the last few years.
Total
4,100,976,000 5,129,985,000 4,796,890,000
The total foreign circulation of United States
Amount per capita outside
the Treasury and the
currency cannot be stated accurately, but is
Federal Reserve b a n k s . . .
45.16
48.13
37.88
estimated to be at least $150,000,000.
Assuming that the date, December 1, 1918,
The difficulty, indeed the impossibility, of
marks the beginning of the postwar period, the keeping in circulation an excessive volume of
table shows changes during this period up to Federal Reserve notes should be understood.
August 1, 1919, as follows: Gold coin and cer- The issue of these notes has been carefully
tificates in circulation decreased $133,199,000; safeguarded by the Federal Reserve Act, and
silver dollars and silver certificates, including ample provision has been made for their reTreasury notes of 1890, decreased $130,984,000; demption. Federal Reserve notes are redeemFederal reserve notes decreased $102,692,000; able in gold; they cannot be forced into circuFederal reserve bank notes increased $78,- lation in payment of the expenses of the
552,000; all other currency decreased $44,- Government, or for any other purpose, as they
772,000, being a net decrease in circulation for can be issued only in exchange for gold or
the postwar period of $333,095,000, or $2.97 against a deposit of negotiable paper growing
per capita.
out of a legitimate commercial transaction,
plus the required gold reserve of not less than
In considering the question of currency in
circulation, there should be taken into account 40 per cent. Upon payment of commercial
the various factors which have entered into the paper which has been deposited to secure
demand for currency, among which are: The Federal reserve notes, there results either an
gradual enlargement of payrolls, both as to the immediate return of an equal amount of notes
number of workers and amount paid to each; to the bank, or an automatic increase in the
the effect of higher wages upon deposits in percentage of gold reserve available for their
banks and upon the amounts of money carried redemption. Federal Reserve notes are not
by shopkeepers in their tills and by individuals legal tender, nor do they count as reserve
in their pockets; the amounts of money locked money for member banks. They are issued
up or carried on their persons by workmen who only as a need for them develops, and as they
have been receiving high wages and who, become redundant in any locality they are
702
FEDERAL RESERVE BULLETIN".
returned to the Treasury at Washington, or to
a Federal Reserve bank for redemption. Thus
there cannot at any time be more Federal
Reserve notes in circulation than the needs of
the country at the present level of prices require, and as the need abates the volume of
notes outstanding will be correspondingly reduced through redemption. The increased
volume of Federal reserve notes in circulation
during the past three years, in so far as it is
not the result of direct exchanges for gold and
gold certificates which have been withdrawn
from circulation, is the effect of advancing
wages and prices, and not their cause.
There has undoubtedly taken place during
the last two years a certain amount of credit
expansion which, under the circumstances
connected with our war financing, was inevitable, but this will be corrected as the securities
issued by the United States Government for
war purposes are gradually absorbed by investors. This credit expansion is equal to the
difference between the total of the war expenditures of the Government on the one hand,
and on the other the total amounts raised by
the Government through taxation and by the
sale of its obligations so far as paid for out of
savings. No reliable estimate can be made of
this difference, which must be gradually
absorbed through future savings for the reason
that banks are lending and will always lend
freely on Government bonds as collateral.
The principal cause of the advance of prices
before and during the war was the urgent need
of the Governments of the allied world for goods
of all kinds for quick delivery in large volume,
and the competition of this buying by Governments with purchases by private individuals
who failed to contract their expenditures at a
rate commensurate with the growing expenditures of these Governments. In the post-war
AUGUST 1,1919.
period, through which we are now passing, the
country has experienced rising prices owing, in
part, to a general relaxation of the war-time
regime of personal economy, resulting in an
increased demand for commodities by individuals who restricted their purchases during
the war but who are now buying in competition
with export demand. In addition, accrued incomes and increased wages have led to heavy
demands for commodities not of prime necessity, which have resulted in diverting labor and
material from essentials to nonessontials.
The Federal Reserve Board believes that
any currency legislation at this time is unnecessary and undesirable, and would suggest that,
whether viewed from an economic or financial
standpoint, the remedy for the present situation is the same, namely, to work and to save;
to work regularly and efficiently in order to
produce and distribute the largest possible
volume of commodities; and to exercise reasonable economies in order that money, goods,
and services may be devoted primarily to the
liquidation of debt and to the satisfaction of
the demand for necessities, rather than to indulgence in extravagances or the gratification
of a desire for luxuries. The war is over—in a
military sense—-and while the bills have been
settled by loans to the Government, these
obligations, so far as they are carried by the
banks, must be absorbed before the war
chapter of the financial history of the country
can be closed.
Very truly, yours,
W.
P. G. HARDING,
Governor.
Hon.
GEO. P. MCLEAN,
Chairman Committee on
Banking and Currency,
United States Senate.
AUGUST 1,1019.
FEDEBAL RESERVE BULLETIN.
703
ate amounts, at convenient intervals, when
market conditions are favorable, and upon
Public debt operations during the month of
terms advantageous to the Government.77
Financial opera- July dealt mainly with the reDuring the early part of the month a further
tions during July, demption of outstanding balDecline in for- decline in the rates of exchange
ances of three series of Treasury certificate^
eign exchange on leading European markets
issued in anticipation of the Victory loan and rates
took place. On July 17 sterthe issuance of three tax certificate series, of
ling went as low as $4,275, francs to 7.22, and
which two are to be taken up on September 15
lire to 8.80 per dollar. Sterling quotations on
and December 15 of the present year, when
that date were the lowest recorded in the New
the last two installments on the income and
York market and compare with $4.50, the low
war profit taxes are due, and the third on
level reached in September, 1915, shortly beMarch 15, 1920, the expected date of the first
fore the flotation of the Anglo-French loan of
installment of next year's income taxes. On
$500,000,000. The general drop, moreover,
July 15 a 10 per cent installment payment of
affects also, though to a lesser extent, the
the Victory loan fell due and yielded approxineutral European exchanges, pesetas, for exmately 425 millions. These operations reample, for the first time since the war, quoting
sulted in a considerable reduction of the floatbelow par. Since the removal of the gold
ing debt as represented by the amount of
embargo there has been an almost steady imoutstanding Treasury certificates issued in anprovement in the exchange position of the
ticipation of the Victory loan. The amount of
American dollar. Our currency commands at
these certificates outstanding on July 22 is
present a premium in all European markets,
stated by the Secretary of the Treasury as
while some of the neutral currencies, notably
$1,394,777,500, to which should be added a
those of Denmark and Switzerland, are quoted
total of $1,875,437,500 of tax certificates issued
in New York at rates of discount almost as
since June.
great as the British pound. The following
On July 25 the announcement was made that table showing quotations of exchange on the
beginning August 1, 1919, the Treasury would leading European markets for the month gives
resume the issue, at semimonthly intervals, of some idea of the wide fluctuations which are
loan certificates of five months7 maturity. The characteristic of the exchange market during
minimum amounts for August and September the most recent period:
were to be 500 millions each, and during the
balance of the calendar year about half of that
High.
Low.
Cable rates.
Par.
amount. This would mean the issue during
the remaining five months of the present year Sterling
4.8665 4.59125
4.275
5.18
6.38
7.32
of certificates to the amount of about 3,500 Francs (Paris)
5.18
7.85
8.80
Lire
.402
.39
.37375
Florins
millions. During the same period the floating Pesetas
.193
. 1983
.19
5.18
5.395
5.76
Francs (Zurich)
debt is to be reduced by the redemption of Kronor (Stockholm)
.268
.2575
. 2415
.268
.2360
Kroner (Denmark)..
$2,997,540,500 of loan and tax certificates, so
that by the end of the calendar year the exSubstantial liquidation of Treasury certifipected increase of the public debt from these
cates and war paper, and more
operations would be $502,459,500. The Secremg
^ a n corresponding increases in
tary of the Treasury reiterates his former an- situation
other loans and investments,
nouncement that no further Liberty loans are
in contemplation, but that whatever funding account for some of the more important changes
operations might be found desirable would take in the condition of member banks in the larger
the form of short-term note issues, "in moder- cities between June 20 and July 18. A some-
REVIEW OF THE MONTH.
128746—19
2
704
FEDERAL RESERVE BULLETIN.
AUGUST 1,1019.
[In thousands of dollars; i. e., 000 omitted.]
what similar development is shown by the
Federal Reserve Banks, which report net
Excess of
liquidation for the same period of 42.2 millions
Imports. Exports. imports
over exports.
of war paper, as against net increases of 32.8
millions in other discounts and of 97.7 millions
Aug. 1 to Dec. 311914
23,253
104,972
181,719
in acceptances bought in the open market.
451,955
Jan. 1 to Dec. 31,1915...
31,42(1
420 529
Jan. 1 to Dec. 31,1916.. .
685;745
155'. 793
529,952
It is apparent that an increasing proportion Tan. 1 to Dec. 31,1917.....
553,713
372i171
181 542
61,950
40;848
21,102
Dec. 31,1918
of acceptances negotiated in the New York Jan. 1 to July 10,1919
112,843.
161,859
Jan. 1 to
market is finding its way into the portfolios of
Total
1,827,600
818,043
1,009,547
the Federal Reserve Banks. On July 25 the
1
Excess of exports over imports.
Federal Reserve Banks7 acceptance holdings
were in excess of 375 millions, which is the
Of the gold imports for the monthty period,
largest total shown during the present year and amounting to $6,981,314, 85,366,481 are
more than 100 millions above the June 18 total. credited to Canada, the remainder coming
On the same date their holdings of discounted largely from Mexico and the Dutch East Indies.
bills, other than war paper, stood at 251.4 Gold exports, following the removal of the gold
millions, making an increase of 36.9 millions embargo on June 7, proceeded on a large scale
over the June 20 total, while the amount of and for the monthly period ending July 10
war paper on hand, 1,616.2 millions, was amounted to $98,441,384. Of the total exslightly below the June 18 figure.
ports S32,460,000 was consigned to Argentina,
Gold reserves of the Federal Reserve Banks $25,850,000 to Spain, $17,024,000 to Japan,
on July 25 stood at 2,095.2 millions, or 106.6 and $7,405,000 to Uruguay, the remainder
millions less than on June 6, the Friday pre- being shipped principally to Venezuela, Hongceding the removal of the gold embargo. kong, Peru, and Bolivia.
Export withdrawals of gold from the Federal
During the past month various proposed
Reserve Banks were somewhat larger, as the P e n d i n g amendments to the Federal
banks gained some gold during the period, amendments to Reserve Act and the National
chiefly through Government deposits.
the banking laws. B a n k i n g A c t > w h i c h a r e o f in _
Net deposits of the Federal Reserve Banks terest to member banks, have been introduced
fluctuated within moderate limits and on July in either the Senate or the House of Repre25 stood at 1,796.5 millions, as against 1,771.3 sentatives and are now pending before Congress.
millions on June 20. The same is true of
On July 17, 1919, a bill to amend the proFederal Reserve note circulation, which on visions of sections 5200 and 5202 of the ReJuly 25 aggregated 2,504.5 millions, or 16.2 vised Statutes was introduced in the House
millions above the June 20 total. As a result (H. It. 7478) and that bill, which is printed on
largely of the reduction of gold holdings the re- page 730 of this BULLETIN, makes a partial
serve ratio of the Federal Reserve Banks shows definition of the term bills of exchange drawn
a decline during the period from 52.5 to 50.2 against actually existing values, so as specifiper cent.
cally to include in that term drafts, bills of
During the month ending July 10 the net exchange, and demand obligations secured by
outward movement of gold was shipping documents and all bankers' acceptances of the kinds described in section 13 of the
and °exi>orte?OTtS $91>472,000, a s compared with
a net inward movement of Federal Reserve Act. The amendment also
excepts from the limitations of section 5200,
$19,149,000 for the month ending June 10.
The gain in the country's stock of gold since- under certain circumstances, notes secured
August 1, 1914, was $1,009,547,000, as may be by shipping documents conveying or securing
title covering readily marketable nonperishseen from the following exhibit:
FEDERAL RESERVE BULLETIN.
AUGUST 1, 1919.
able staples, including live stock. It is provided, however, that the aggregate liability
to any one person, company, firm, or corporation for money borrowed, including the liability on notes of the kinds described above,
shall not exceed at any one time 25 per cent of
the banks7 paid-in capital and surplus. The
bill also amends section 5202 of the Revised
Statutes by providing that the "liability
created by the indorsement of accepted bills of
exchange payable abroad actually owned by
the indorsing bank and discounted at home or
abroad" shall not be included in the 100 per
cent limitation on the amount for which any
national banking association shall at any time
be indebted or in any way liable.
Senate bill 23951, which was passed by the
Senate on July 14, 1919, has, with certain
minor amendments, been favorably reported
by the House Committee on Banking and Currency. This bill authorizes any national bank,
until January 21, 1921, without regard to the
amount of its capital and surplus, to invest not
exceeding 5 per cent of its capital and surplus in
the stock of corporations chartered under the
laws of the United States or of any State
principally engaged in such phases of international or foreign financial operations as may
be necessary to facilitate exports from the
United States. Under the terms of section 25
of the Federal Reserve Act, as at present in
force, certain national banks may invest in the
capital stock of corporations engaged principally in international or foreign banking.
The purpose of the amendment under discussion is to enable national banks to invest
in the stock of corporations whose business is
more that of an investment company than
that of a commercial banking institution. It
is believed that this amendment will foster the
incorporation of institutions to engage principally in the making of long-term loans in
those countries which because of the extraordi-
1
See text on pages 729 and 730.
705
nary war conditions are unable at the present
time to finance the purchase of goods from
the United States by means of the ordinary
commercial credits.
In order to carry out more completely the
general purposes of section 25 of the Federal
Reserve Act, a bill (S. 2472) printed on pages 728
and 729 of this BULLETIN has been reported
favorably by the Senate Committee on Banking
and Currency. This bill amends section 25 of the
act by the addition of subsection (a) the purpose of which is to provide for the Federal incorporation of institutions to engage principally in
international or foreign banking or other
financial operations. This bill, in short, provides for the incorporation under Federal
statute of institutions to engage principally
either in international or foreign commercial
banking or in other international or foreign
financial operations. If enacted it will provide for the Federal incorporation of both
classes of institutions in which section 25, as it
is proposed to be amended, authorizes national
banks to invest.
The Federal Reserve Board on July 2 announced the resignation of Mr.
Ct
Of J a m e s E
?rinch banL
- Z u n t s a s chairman
and member of the board of
directors of the New Orleans branch of the
Federal Reserve Bank of Atlanta. Mr. P. H.
Saunders, president of the Commercial Trust
Savings Bank, New Orleans, who is a director
of the New Orleans branch, has been appointed
chairman of the board, and Mr. L. M. Pool,
president of the Marine Bank & Trust Co., has
been appointed a director to fill the vacancy in
the board caused by the resignation of Mr. Zunts.
On July 16 the Federal Reserve Board announced the appointment of Mr. Harrison
Nesbit, president of the Bank of Pittsburgh,
N. A., Pittsburgh, Pa., as a director of the
Pittsburgh branch of the Federal Reserve
Bank of Cleveland, to succeed Mr. T. Hart
Given, deceased.
706
FEDERAL KESERVE BULLETIN.
AUGUST 1,1919.
BUSINESS AND FINANCIAL CONDITIONS DURING JULY, 1919.
During the month of July confidence in the
continuation of business activity has been
maintained and a further expansion in many
lines of industry is noted. The volume of
trade, both wholesale and retail, has continued to grow, and there has been increased
activity in some of the basic industries. Complaints of a shortage of' raw materials are
heard, however, in different fields in which
activity is most pronounced and there is fear of
an impending shortage of labor. The labor
situation assumed particular prominence at the
close of the month, when the railway employees
drew attention to the increased cost of living,
and in connection therewith presented a plan
for the future operation of the railroads. The
agricultural outlook on the whole is favorable,
although indications point to a much shorter
cotton crop than forecast earlier in the summer.
Speculation, which had assumed large proportions during the month of June, abated somewhat toward the close of that month, but again
resumed its upward course in July and both
industrial and railroad shares attained higher
price levels. On the whole, the general industrial situation is favorable, and prospects are
bright for continued business activity in
leading lines.
It is stated in district No. 1 that " there is
apparently no abatement in the general industrial activity in the New England district.
The raw material market and the labor unrest
have made the problem which our manufacturers face increasingly difficult." In district No. 2 " commercial activity which commonly reaches its climax in May has been continued into the early summer/7 and a generally
favorable outlook is noted. In district No. 3
"the general business situation continues to
show an increasing demand for merchandise at
advancing prices, and fundamental industries
operating on a larger scale," but the abnormally high prices prevailing are viewed with
disquietude. In district No. 4 the continued
optimistic view is based upon favorable conditions prevailing in the steel industry and in
agriculture, although the present high price
level remains a disturbing element. From
district No. 5 it is reported that "the rising
tide of activity continues in all lines and confidence in the general stability of business
ma,y be regarded as reestablished." Reports
from all parts of district No. 6 indicate "practically all lines of business increasingly active,"
although it is stated that the agriculttiral
outlook, especially as regards cotton, is not
as encouraging as a month ago. In district
No. 7, while merchandising and manufacturing are active, there has developed "a rather
decided feeling of labor unrest, especially in
Chicago." In district No. 8 the business
situation continues excellent, "wholesalers and
retailers in most lines are doing an active, in
some cases a record, business. There are
complaints of difficulty in obtaining raw
materials and skilled labor." The whole situation in district No. 9 is summed up as "good,
although there are some discouraging spots in
the district." In district No. 10 "the business
and industrial activity", which prevailed in
the month of June is extending through July
and there is no indication of a slowing down of
this activity for many weeks or months to
come. In district No. 11 there has been
"practically no summer dullness in trade and
financial circles this year; this unusual condition being attributable largely to the petroleum
industry, which has exerted a very favorable
influence on trade." In district No. 12 July
estimates of agricultural production are slightly
below June figures, while "industrial activity
is increasing."
No recession in commodity prices from the
high price levels which had been reached the
previous month is noted, but instead further
increases in many lines have occurred. In
many districts the high prices now prevailing
have not served to check demand, but the pos-
AUGUST 1,
1919.
FEDERAL RESERVE BUUL.ETIN.
sibility of obtaining goods seems to be of greater
moment to the buyer than the price fixed. On
the other hand, the very great price increases
which have taken place in certain lines have
made buyers more cautious, care being taken
not to unduly increase stocks acquired at the
present price level for fear that a decline in
prices should occur. In general, however,
there is a disposition to accept present price
levels and to expect a continuation of the prevailing level for some time to come. The
general index of the Bureau of Labor Statistics
stands at 206 for the month of June, as compared with 207 for the month of May. The
index number for the group of producers7
goods has increased from 189 to 197, while
decreases are shown in both the index numbers for the groups of consumers7 goods and of
raw materials, from 215 to 212 and from 203 to
201, respectively. Among the subgroups included under the head of raw materials, the
index number for farm products has decreased
from 254 to 251, and for animal products from
223 to 213, while the index number for forest
products shows an increase from 146 to 154
and for mineral products from 169 to 170.
The agricultural outlook, on the whole, continues promising. There has been further
decrease in the earlier estimates of the wheat
crop, but the condition of corn has improved.
While the prospects for wheat in Montana and
western North and South Dakota are "discouraging," east of the Missouri River conditions are reported to be "just the reverse." In
district No. 10 "the condition of corn is still
above normal77 and great improvement has
been made since the earlier estimates, although
the acreage has been decreased from last year.
Wheat prices are slightly above the guaranteed
minimum. In district No. 7 corn is reported
in good condition, but a decreased yield of
wheat is indicated, due both to rust and
adverse weather conditions. Corn in district
No. 6 has suffered from an excess of rain, but
in Texas "the yield of small grains promises to
be the largest in the history of the district.77
On the Pacific coast unfavorable weather has
707
adversely affected the previous estimates for
wheat and barley, although oats are in good
condition throughout the section. From certain districts it is reported that wheat which
has been harvested shows an unusually low
yield per acre, due to the lack of matured
grain.
An increased acreage of tobacco is reported
both in Kentucky and elsewhere, and the outlook is promising. Fruit crops on the Pacific
coast are reported in good condition. Cotton
acreage is smaller than last year and the yield
which had promised to be extremely favorable
now appears to be below normal. Throughout
the cotton belt the crop has been damaged by
rains, and the boll weevil is reported active. A
lack of labor is also noted and considerable
acreage has been abandoned. This decreased
output is, however, offset from the point of
view of the grower by the material advance in
the price of cotton which has occurred, owing to
the fact that both domestic and foreign consumers to a large extent "have subordinated
the cost of the raw material to the question of
getting it.77 It is reported from the Kansas
City district that interest is being manifested
in flour made from the new crop, and good
business is expected, although purchasing is
somewhat delayed. Flour production during
June, as reported by the United States Grain
Corporation, was 7,130,000 barrels, as compared with 10,738,000 barrels during MayReceipts of cattle during June have decreased
from the May figures, being 1,122,782 head, as
compared with 1,262,065 during May and
1,292,505 during June, 1918, the respective
index numbers being 111, 125, and 128. Receipts of hogs continue about stable, being
3,061,838 during June, as compared with 3,049,223 during May, and 2,369,501 during June,
1918, the respective index numbers being 139,
139, and 108. Receipts of sheep show a considerable increase, being 1,116,003 during June,
corresponding to an index number of 82, as
compared with 934,613, corresponding to an
index number of 68, during May, and 889,040,
corresponding to an index number of 65, dur~
708
FEDERAL RESERVE BULLETIN.
ing June, 1918. While the price of cattle has
continued to decline, the price of hogs has
moved steadily upward. It is reported from
the Kansas City district that the price of hogs
has increased each month this year at the six
principal markets in the district, the price on
July 14 being $22.45, or $5.20 per hundredweight higher than a year ago.
In iron and steel it is felt that the tide has
now definitely turned. The well-known indices in the industry all point to better conditions. Pig-iron production has increased
from 2,108,056 tons during May to 2,114,863
tons during June, the index number for each
month being 91. Steel ingot production has
increased from 1,929,024 tons during May, corresponding to an index number of 80, to 2,219,219 tons during June, corresponding to an index number of 92, while the unfilled orders of
the United States Steel Corporation at the
close of June were 4,892,855 tons, as compared
with 4,282,310 tons at the close of May, the respective index numbers being 93 and 81. The
steel industry is now reported to be operating
at from 70 to 75 per cent of capacity. Reports
from the Pittsburgh district show that conditions are improving steadily and "it is an assured fact that a distinct gain has been made."
In the Birmingham district it is reported that
"inquiries are brisk in the pig-iron market."
Prices appear to have been stabilized, some inconspicuous concessions being reported only in
plates and sheets, although it is stated that the
independent producers favor increased prices.
The chief activity is in lapweld tubes, due to the
increased oil and gas field operations, sheets,
wire, bars, and tin plates. On the other hand,
some of the heavier lines are still lagging, plates,
rails, and shapes in particular, owing to small
railroad purchases and absence of demand from
shipyards. Demands from automobile and
agricultural implement manufacturers are stated to be heavy, while increased bookings of
structural steel are reported with the expansion in the building trade. Pig-iron sales in
June in the Pittsburgh district were the heaviest since the armistice. An increase in the export demand is noted, Japan being in the mar-
AUGUST 1,1919.
ket for considerable quantities of rails and ship
plates. Attention is being given in the Pittsburgh district to a possible shortage of labor,
due to continued heavy emigration of foreignborn workers.
Some improvement in the fuel situation is
noted. Production of bituminous coal during
June was 36,806,000 tons, as compared with
37,547,000 tons in May, the respective index
numbers being 99 and 101. While figures for
both months show an increase over the April
figures, they are still substantially below the
output a year ago, the figure for June, 1918,
having been 57,757,224 tons, corresponding to
an index number of 140. Warnings of an impending coal shortage have been issued repeatedly, and consumers are being urged to
"buy now." Several reasons have been assigned for the shortage. It is believed that the
emigration of foreign-born workers will continue, and added thereto is the possibility of a
car shortage. On the other hand, an increased
export demand is looked for, due to the expected shortage of coal production in England
and some of the other European countries. It
is reported from district No. 3 that "bituminous and anthracite coal have both been in
much larger demand during the past month
than for some time heretofore," and that "high
grade bituminous coal is very difficult to secure." Pi-ices of both bituminous and anthracite coal have risen to levels beyond the former
prices of the United States Fuel Administration. Anthracite coal production during June
w^as slightly less than during May, being
5,619,519 tons, as compared with 5,711,915
tons, the respective index numbers being 100
and 101. The output of beehive coke increased slightly, from 1,135,840 tons during
May to 1,170,752 tons during June. Greater
activity is anticipated for the second half .year,
and increases in the prices of certain grades
are noted.
The copper market has continued to improve,
prices moving steadily upward, although it is
stated that sales of copper by American producers during June were not quite so large as
during May. The greaterfpart^of the Govern-
AUGUST 1,
1919.
FEDERAL RESERVE BULLETIN.
ment surplus which had threatened to be a
drag on the market for many months has, however, been disposed of. Several large deals
have been reported in the Tenth Federal Reserve District, involving extensive silverproducing properties, which should result in an
increased production of that metal in a few
months. From now on greater productive
activity is anticipated as the result of prevailing high prices. Zinc ores in the Joplin
market rose appreciably in price during the
month of June, owing, it is reported, in part to
diminished output and increasing demand, also
to the fact that the surplus stock in the district
is held in strong hands. Lead ores have likewise
shown a decided improvement in price. A
shortage of production in the Joplin district is
reported, due to the large number of miners
working in the harvest at the high' wages which
farmers offer.
Manufacturing continues active. From New
England it is reported that the demand for
cotton goods is extremely heavy, especially for
the fancy linos, and marked advances in price
have occurred. Many mills are oversold and
are declining future business, owing to uncertainty regarding sufficient supply of long staple
cotton, also because of the shortage of skilled
labor. Export orders are reported to be large.
Many foreign customers have been unable to
obtain merchandise because manufacturers
have been obliged to allocate their shipments in
an effort to meet present requirements. From
Philadelphia it is reported that activity in the
cotton-yarn market is increasing and that
prices arc constantly rising.
Raw wool continues in very strong demand,
especially fine wools. Relief from present
high prices is not expected until the transportation situation is such as to render foreign
stocks available. The western clip has been
selling much earlier than usual, and prices
have been very high. A strong demand exists
for fine worsted yarns, and price increases are
noted. Woolen mills in district No. 1 are
operating to capacity. Manufacturers of men's
wear goods are largely oversold for the heavyweight season, and the lightweight season is
709
correspondingly shortened, some mills showing
no goods for that season. Heavy sales of
underwear at increased prices are reported,
and manufacturers of high-grade hosiery are
largely sold up, although the interest in lowend hosiery is still relatively small. Prices
of raw silk continue to rise and large sales of
finished goods are noted.
The demand for leather continues to increase, and prices likewise move upward.
With the removal of foreign import restrictions
an increased export is anticipated. Prices of
hides have continued to rise, the prices for
some classes at Chicago on July 11 being almost
double those prevailing in the beginning of
April. Shoe manufacturers in New England
are producing at capacity, and sales exceed
those of the same period last year. Factories
in district No. 3 are being offered more business than can be handled. In certain sections it is reported that there is not the
usual summer lull in production. Opinion
prevails in certain quarters that shoes for next
season will be sold at a considerable advance
over present prices.
Automobile production continues in many
plants at high levels, although it is stated in
district No. 4 that "comparatively few firms
have reached their prewar basis " of production.
The hardware and furniture industries are
reported to be active. Meltings of refined
sugar are considerably in excess of receipts of
raw sugar, and exportation of refined sugar has
been discontinued in order to remedy local
shortages which have developed at several
places.
Retail trade has continued active in spite of
present high prices, and one of the principal
complaints of merchants is their inability to
obtain goods from jobbers and manufacturers.
Demand for the better grades of merchandise
continues. In district No. 11, however, "it is
fully expected in some quarters that the
individual consumer will not buy freely this fall
until the prospect of price reduction is settled
one way or another. It has firmly become a
conviction that prices must come down."
In district No. 7 the labor unrest prevailing is
710
FEDEBAL BESEBVE BULLETIN.
declared to be "an outcropping of the effect
of the continued high cost of living."
The revival in building has continued. Expectation of lower costs, both for materials
and for labor, has disappeared and builders
are looking to higher rents to make up for the
increased costs. In several districts a shortage
of labor is faced. Considerable advances have
occurred in the prices of various classes of
lumber as the heavy demand has continued.
Shipments exceed production in many sections, and stocks are consequently decreasing.
An increase in the demand for paint and varnish is also noted. In several districts permits issued in June are less in number and
value than for May, but this is a customary
seasonal phenomenon and actual construction
is increasing. In New England, while building
has increased considerably for the first six
months of the year, the increase in construction apparently has not equaled that reported
for other sections. In New York the supply
of buildings is far short of requirements. In
Chicago the building industry has been hampered during the present month by labor
troubles. In the Kansas City district efforts
to meet the housing demands have barely
started, although great activity is reported in
the construction of commercial, school, and
public buildings. In the Southwest there is
"still plenty of room for improvement.77
Considerable sales of city real estate and of
farm lands are reported in various districts
and prices have advanced, in some sections
reaching the highest point ever recorded.
The unemployment specter which threatened
several months ago has disappeared. Instead
there are now indications of demand outrunning supply in certain sections and for certain
classes of labor. Farm hands are reported to
be scarce in several districts, although a surplus
is indicated in Minneapolis. A scarcity of
unskilled labor threatens in the building trades
and in the steel and coal industries, due in
considerable measure to the exodus of foreignborn workers. It is expected that 35,000 will
have departed from Cleveland alone before the
close of the year. A shortage of skilled labor
AUGUST 1,1919.
is also noted in some districts. At the close of
the month the problem of the high cost of living
attracted widespread attention, and governmental action with a view to lowering prices
is being considered. Wages in certain lines
continue to advance and a considerable number of labor disputes are reported centering
upon this issue. In Chicago " a rather pronounced feeling of labor unrest77 has developed,
involving both skilled and unskilled labor.
Strikes have occurred in some of the largest
plants in the city, and the traction employees
have recently struck in an effort to obtain
higher wages. The demands of the carpenters7 union resulted in a lockout operative July
18, which affected directly and indirectly upward of 100,000 men, and demands for increased pay have also been presented by
miners in tn© Indiana coal fields. "Eastern
Massachusetts has probably been more affected
by unsettled labor conditions than at any
previous time.77 In New York the chief difficulty was the recently settled seamen7s strike,
which threatened to tie up coastwise shipping,
and even to extend to the trans-Atlantic trade.
At the close of the month attention was centered upon the movement among the railway
employees, who pointed out the difficulties
arising from the high cost of living, and in
connection therewith presented a plan for the
future operation of the railroads.
Official figures for the month of June show
an export balance of $625,000,000, as compared with $277,000,000 for the month of May.
Export trade in many lines is reported to be
increasing and keen interest is displayed by
small as well as by large houses. The recently
demonstrated ability of American steel manufacturers to compete successfully for several
foreign contracts has afforded much encouragement. The removal of restrictions by the
War Trade Board, as well as by several of the
principal European countries, will pave the
way for a return to normal conditions. In
certain lines, such as machinery and tools,
foreign orders have served to tide over a period
in which there has been lack of domestic demand, while in others, notably cotton goods,
AUGUST 1,
FEDERAL RESERVE BULLETIN.
1919.
inability to supply current domestic needs has
resulted in some cases in a refusal of foreign
orders. Improvement in the shipping situation continues, although it appeared at one
time that the seamen's strike in New York
might seriously hamper foreign trade expansion. The shipping factor is of importance
also in connection with the shortage of raw
materials in certain lines, notably hides and
wool, and efforts are being made through the
allocation of shipping to remedy the situation
as far as possible.
After a temporary recession late in June,
speculation has again continued at- an extraordinarily high level,both in New York and elsewhere. An investment demand, however, has
revealed itself and an unusual amount of
stocks is reported to have been taken from the
market, the consequent decrease in supply resulting in further increase in prices in the face
of continued demand. Call money has continued to fluctuate greatly and has been quoted
as high as 20 per cent on mixed collateral, the
highest rates for such loans since November,
1912. The Board's figures of the volume of
check transactions continue at the high level
noted for the month of June. Interest rates
are reported firm in practically all centers.
Acceptances continue in light demand, the
holdings of dealers in New York showing increases. Several plans for the use of acceptances in moving certain crops have, however,
been proposed. In Cleveland it is noted that
"smaller country banks are beginning to buy
bank acceptances as an investment for temporary funds. In the middle of July rates
for sterling, francs, and lire broke sharply,
sterling being quoted on July 17 at 4.2675.
Bankers are watching the situation with
interest. The banking situation continues
to be regarded as'sound, credit and collection
conditions are very good, and failures continue to be unprecedentedly small and few.
711
mand for wool, however, is in excess of normal,
with mills buying all fine wool obtainable.
These heavy purchases of fine wool, which
seem to be for current needs only, have caused
prices to advance further and would indicate
an ever-growing shortage in this grade of wool.
Relief from these high prices can not be expected until the Australian markets are open
to the world and sufficient transportation becomes available. The medium grades of wool
are in somewhat greater demand with large
supplies available, which tends to prevent
such rapid advances in prices as occurred in the
case of the fine wool. The western clip has
been moved at prices considerably in advance
of those anticipated early this spring. This
clip probably will exceed by an appreciable
amount that of last year.
Woolen mills could not be in a better position. Without notable exception they are
operating to capacity, which is somewhat
limited on account of the difficulty in obtaining
skilled help. The mills are endeavoring to
make samples for next season's goods from
medium grades of wool which are more readily
available than fine wool. Government orders
have been reduced to a negligible percentage
of the total production. Even with the entire
capacity used for commercial needs, the demand is in excess of the output.
Cotton.—Cotton mills are oversold and many
are declining business for the future, owing
largely to the great uncertainty of not being
able to obtain sufficient long-staple cotton.
In general, the mills wait until they have actually purchased the cotton before accepting
orders. Production is also limited by a shortage of skilled labor. The difficulty in obtaining cotton of the desired quality, together with
the fact that mills have been buying only to
cover orders, has made the cotton market very
quiet. Advances are continually being made,
however, as sales occur.
The demand for cotton goods is extremely
heavy, especially for the more fancy lines made
from long-staple cotton. There have been
marked advances in prices for finished products,
wide sheets being about the only line which has
lagged behind all others. Even this is beginning; to show a decided improvement, indicating that an unusually healthy condition
exists. Distributors are loath to encourage
SPECIAL REPORTS.
speculation and as a rule are not buying largely
in excess of the demands of their normal trade.
UEPORTED BY DISTRICT NO. 1.
Leather and shoes.—Shoe manufacturers are
Wool.—Since the suspension of Government producing at capacity, with sales exceeding
wool auctions, methods of doing business in this those of last year at this time, in unit pairs as
line have returned to almost normal. The de- well as in value. The larger manufacturers
128740—19
3
712
FEDERAL RESERVE BULLETIN.
seem to have provided sufficient leather for
their requirements and are thus able to sell
shoes on the basis which existed when present
stocks were purchased. In some lines, however, the demand is greater than the supply,
and salesmen have had to be withdrawn. The
prospect is that both next season's goods and
those of the season after will be sold at a considerable advance over the present prices.
Hides continue to be very scarce and there is
no definite price at which a dealer may obtain
them. Most purchasers are only too glad to pay
any price asked in order to supply their needs.
While shipments from South America bid
fair to be more free, this fact does not seem
likely to promise reduction in prices, although
it may make it somewhat easier to obtain
deliveries, the hides having previously been
purchased and taken into account by dealers
in this country. Packers are obtaining almost
unheard-of prices for their hides and are not
overanxious to sell.
REPORTED BY DISTRICT NO. 2.
The stock market has been distinguished
first for the size of its daily exchanges and
second for the fact that investment buying has
revealed itself in a period of undoubted speculation. The long series of million-share days
of the preceding two months was broken late
in June, but only temporarily. Soon the
volume of sales returned to the former standard, and the average number of shares sold in
each full business day is running again above
1,500,000. Of itself the daily report of stock
sales, like the movements in more strictly
commercial lines, is evidence of the country's
immense power to buy.
No inconsiderable portion of the stocks
purchased has been taken out of the market.
Some of the shares so removed have been
purchased outright for investment. Others
have become outright purchases through the
force of market conditions. Heavy margins,
often as high as 33 per cent, have been required of purchasers of active stocks, and the
rising market lias intrenched the buyers still
further. Thus the}^ have not been forced to
sell by momentary recessions. Further, the
high rates for call money have made it expedient for borrowers to pay up their loans.
Along with this outright buying, the great
wave of speculation, of trading' for a rise in the
market, has continued.
The fact that an unusual amount of stock
has been taken from the market accounts in
AUGUST 1,1919.
part for the rise of prices. The floating supply
of listed shares has decreased and the demand
appears to have risen. As usual, the stocks
which attract the speculator have risen and
receded violently, and the banks have been
disposed to discriminate against them at times
in an extraordinary degree. Rates charged for
loans against which such stocks have been put
up as collateral have been much in excess of the
ruling rate, and heavy margins have been
required. The Annalist record of 25 representative industrials shows a rise from 101.47
on June 16 to 115.94 on July 18, and for 25
representative railroad shares a rise from
64.17 on June 16 to 67.24 on July 18.
High rates for call money and heavy payments incidental to semiannual settlements
have not been without their effect upon time
money. Dealings have been exceptionally
light, restricted mainly to loans of shorter
maturities, and offerings, most of which have
come from out of town, have been comparatively small. Nominally the rate now is 6
per cent for all maturities from 60 days to 6
months, as compared with 5£ to 5 | per cent a
month ago. In practice, however, all industrial money has been quoted at 6-|- per cent,
and at times has risen to 7 per cent. The
extra rate above 6 per cent has been taken as a
service charge by the lender.
Toward the end of June commercial paper
rates became a little firmer, advancing from
a 5i per cent basis to a 5 | to 6 per cent basis,
the reflection undoubtedly of heavy interest
and dividend payments and of high call-money
rates. Within the last 10 days or so rates have
eased off somewhat and the market is again
on a 5^ per cent basis, with 5£ occasionally
quoted for prime paper. Offerings continue
light, with the demand fairly good, chiefly
from out of town. Borrowers have shown a
disposition to seek accommodation at their
banks rather than to place their paper in the
market.
As far as dealings go, the acceptance market
shows little change from a month ago. Rates
remain unchanged at 4|- to 4^6- per cent for
90-day eligible bills, but there are few new
buyers coming into the market. Owing to the
general unsettled conditions and high rates in
the money market, dealers are having trouble
obtaining sufficient loans from banks at favorable rates to carry their portfolios, which have
materially increased during recent months.
Despite the dullness of the market, however,
there have been a number of developments,
particularly with respect to the use of accept-
AUGUST 1,
1919.
FEDERAL RESERVE BULLETIN.
ances in moving certain crops. A banking
syndicate has arranged an acceptance credit
for a number of California dried-fruit producers
which, when completed, may run up to
$20,000,000. The first block of these bills, it
is expected, will be ready for the New York
market about August 1. Southern bankers
are reported to be planning a similar credit for
cotton planters, and reports from the Northwest indicate the possibility of an acceptance
credit for the benefit of corn growers and other
raisers of cereals, except wheat. The remaining $40,000,000 of the $50,000,000 Belgian
credit was brought out on July 1, and while all
the acceptances were not absorbed a substantial volume was disposed of.
New financing is getting under way. Partly
because the Government's program which so
long put a stop to new financial projects now
permits them to be undertaken and partly
because the Government's immense demands
during the war revealed to the country its own
buying power, the new financing is at once
diverse and of great volume. It is to be observed that several of the new issues are forecasts of the part the United States intends to
play in international trade. Municipalities
have taken advantage of the present market
and of the fact that their issues are exempt
from Federal income taxes to put out bonds
at favorable rates. The prices at which they
have been sold give yields of one-fourth of 1
per cent to 1 per cent below the face interest.
The less-favored position of Canadian municipalities under our income-tax legislation is reflected in the yield of their newly issued
securities, .which is above the face interest.
For the last month close to $325,000,000 in
new issues of bonds and preferred stocks were
offered on the New York market.
Notwithstanding the great amount of new
financing, the bond market during the last
month was more active than for several months
past. Prices, however, did not follow the general advances of stock-market prices, but
rather in the early part of the month moved
downward. Since that time there has been a
fractional advance. The demand for municipal issues is continually increasing, with the
result that these bonds were the only class to
show a continuous advance in price. Traction
bonds, as a group, were weak. The ruling
of the public service commission for the metropolitan district granting a 2-cent transfer
charge to two of the surface lines in the city of
New York caused a temporary advance in
most of the traction securities. Prices of railroad bonds reflected poor earning statements.
718
REPORTED BY DISTRICT NO. 3.
Goal.—Bituminous and anthracite coal have
both been in much larger demand during the
past month than for some time heretofore*
High-grade bituminous coal is very difficult
to secure. Prices have risen to levels beyond
the old prices established by the United States
Fuel Administration, which makes the situation
difficult for those consumers who have been
deferring their purchases in the expectation of
lower prices and many will be forced to take
coal of lower grades.
The anthracite situation is also rather deplorable, because the diminished production
during the past half year has produced a
shortage which has been estimated at between
10,000,000 and 11,000,000 tons for that period.
The scarcity of laborers and difficulties in
securing cars will make it extremely difficult to
recover this loss in any great measure. Prices
of anthracite are from 50 cents to $1 above
the old prices of the Fuel Administration.
Production of bituminous coal during the
first six months of the year should have
reached 275,000,000 tons in order to avert later
difficulties, but, according to some experts,
the actual production was only slightly in
excess of 200.000,000 tons. A strong export
demand is expected because of the advanced
price of coal which goes into effect in England
on July 16.
Collections are very much improved and
large numbers of buyers are said to be willing
to deposit cash in advance for any orders
placed. The outlook for future business during the fall and winter is very good.
^Cotton.—The rather poor reports of the condition of the cotton crop have caused the
market to become much stronger, and this has
frightened a great many users of cotton yarns
into buying ahead, fearing that cotton may
become much higher than it is at present.
The cotton-yarn market is becoming more and
more active and prices are constantly rising,
attended with scarcity of certain varieties.
Sellers are apparently somewhat more conservative than buyers and are unwilling to
make their commitments too far ahead because
of their admitted inability to forecast what the
future will bring. The past five months have
witnessed a complete reversal of conditions in
the cotton fabric and garment lines. Prices
have regained their losses and the demand for
the present and future seems to be greater than
the supply. Collections are excellent.
I Hosiery.—There is a scarcity of the better
i grades of hosiery, and many lines are being
714
FEDERAL RESERVE BULLETIN".
withdrawn because manufacturers are booked
up three months ahead, which is as far as many
of them care to sell. Demand is so strong that
full prices can be obtained. Values continue
to advance, but there is some feeling that they
are becoming excessive. The outlook is for
continued good business. The employment
problem is making trouble, as demands for
higher wages are continuous. Collections are
excellent, and one large firm states that it has
not a single overdue account on its books.
Leather,—The raw material market for sole
leather and all upper leathers has attained
marked gains during the past month. Both
domestic and foreign demand for leather has
never been greater, and it is hoped that the
period will not be far distant when the output
of the tanners will be sufficiently increased
through added facilities for acquiring raw
material to fill the gap and make the market
steadier. Collections are coming in very
satisfactorily and dealers feel very optimistic
about the business future for some time to
come.
Shoes.—More business is being offered the
factories than can be handled. Raw materials
are advancing very rapidly in price and labor is
continually demanding increases in wagesPrices of the finished products are reaching
such high levels that some manufacturers
anticipate that the demand will suffer a setback at a later date, though good business is
expected for some time to come. The excellent state of collections indicates very active
business with rapidly moving stocks.
REPORTED BY DISTRICT NO. 4.
Evidence from all quarters shows that June
definitely turned the tide in the iron and steel
business. The best buying continues to be
done in the lapweld tubes (representing the
effect of vigorous oil and gas field operations),
in sheets, wire, bars, and in tin plate. Some of
the heavier lines still are lagging—such as
plates, rails ; and shapes—and this can be readily accounted for by the abnormally small
railroad baying and the absence of shipyard
requirements. The iron and steel industry
is making a surprising showing, in view of
the restricted buying in these major lines.
Farming implement manufacturers are buying
on an increasing scale.
Pigiron sales in June were by far the heaviest
since the armistice. A careful compilation
shows that the total sales were between 1,250,000 and 1,500,000 tons for last half shipment.
AUGUST 1,1919.
The June sales were made up largely of
malleable and foundry grades. Steel-making
iron transactions have remained singularly
few. With increased steel works operations,
however, these are expected to come along
more briskly. Some buying of iron for 1920
delivery is being done in scattered cases, but
furnaces generally are not disposed to encourage forward commitments at this time.
Reports from the Pittsburgh district show
that conditions are steadily improving and it is
an assured fact that a distinct gain has been
made. Mills in the district are operating at
approximately 70 per cent of capacity. The
pay roll of one of the large independent mills
has increased 33J per cent since our last
review and is now within 20 per cent of the
peak during the war period.
Collections for Jane were a happy surprise,
and a larger per cent was collected on the
same basis than for the month of May. It
must be taken into consideration that very
substantial accounts, representing material
furnished to the equipment companies for
railway cars, stood virtually at a standstill,
and due to the reduction ii) the dollar and cents
valuation of the shipments these outstandings
naturally represent a continuously increasing
percentage of the total. Confidence is expressed that when the majority of the Government claims are settled, the situation will be
a very satisfactory one.
Tin-plate industries report that their business is rounding out into something like normal
stride, and that mill operations are now on the
heaviest scale since early last fall. About 80
per cent capacity is claimed, which shows a
steady increase.
A large domestic demand for wire products,
including bolts, rivets, and chains, maintains
a comfortable position for the wire-rod market.
A good export demand is also present for all
classes of semifinished steel. Export orders
for wire nails are large. Demands for pipe
in connection with the oil boom are reported
enormous, and plants are daily falling behind.
Demand for 8-inch pipe is reported beyond all
precedent. Orders for new business are being
scaled down to 50 per cent.
Demand for structural steel continues to
improve. Some large bookings are reported,
but the trade is still somewhat spotty.
The industry, in general, is moving forward
under favorable conditions and shaping itself
for a very active market. There is a marked
increase of buying for export trade, as shipping
rates are now getting more in line; and there
AUGUST 1,
1919.
FEDERAL RESERVE BULLETIN.
is a steady improvement in the outlook for
necessary credit abroad.
In a special study of the ore tonnage carried by the Great Lakes fleet, it is found that
shipments of ore for the 1919 season will
show quite a drop compared with those of
1918. No matter how heavy the late grain
movement is, if furnace men put off placing
orders too long and try to get a supply of ore during the last two months, a car shortage is looked
for, and if it comes the movement will slow
up all along the line. The outlook, however,
is improving steadily and ore shippers figure
that with the demand for iron and steel in all
lines, furnace men will not take the chance of
going into the closed season with short supplies.
REPORTED BY DISTRICT NO. 5.
Crop conditions, while varying to a slight
extent in different States, are universally satisfactory. Production promises to reach an
average of fairly normal conditions, and when
prices are taken into consideration, it is anticipated that the returns will be highly satisfactory. Cotton has advanced to 35 cents per
pound for good grades, and as the growing
crop promises to be rather below normal in
volume, with the opening of foreign markets
high prices are anticipated.
Prices in real estate, both city and country,
have reached the highest point~ ever recorded
in this district. Sales of highly cultivated
orchard properties in the Valley of Virginia are
reported at fancy prices. The movement for
good roads is widespread and is stimulating
the price of farm property.
Wholesale jobbers are receiving orders in
large volume for immediate and future deliveries, particularly in shoes, dry goods, and
clothing. Retailers are busy in ail lines,
wearing apparel of all kinds being in demand
without question as to prices.
REPORTED BY DISTRICT NO. 6.
715
not being good and the production is estimated
at 100,000 bales less than last year. While an
effort was made to reduce acreage planted to
cotton in Tennessee, weather conditions have
aided greatly and high prices for tobacco
caused much land to be planted in tobacco instead of cotton. In Alabama, and also in
Mississippi and Louisiana, the crop has been
much damaged by continuous rains, and fields
are full of grass and weeds. Farmers, unable
to get labor, are in many instances compelled
to abandon cotton fields which are beyond
their control.
A large increase in tobacco acreage in southern Georgia is also indicated by the report of
the Cooperative Reporting Service, and this is
further emphasized by the recent opening of
several large tobacco warehouses in that part
of the State.
Cornfields are in many parts in bad shape,
having had too much rain, causing an abundance of grass. This condition is partially
offset, however, by the increased acreage in
the southern section, but the total production
is estimated at less than that of 1917. The
rains which have been so adverse to corn have
been excellent for sweet potatoes. Potatoes
in many cases followed winter grain in newly
plowed ground and grass has not interfered.
The report of the field agent for Tennessee,
of the Department of Agriculture, indicates a
decline in the condition of Tennessee's wheat
crop since June 1, brought about by continued
rains and the general prevalence of rust. Indications are for a yield of 7,600,000 bushels.
Numbers of fields which at one time looked
promising have been wholly abandoned as notworth cutting.
The corn acreage in Tennessee shows a considerable decline, due to long-continued rains
at planting time. In many instances crops
have been abandoned or plowed over and replanted, making much of the crop late. A
slight decline is noted in the acreage of white
potatoes, while there has been a decided increase in the sweet-potato crop. The acreage
of tobacco is increased in all parts of Tennessee.
Rains, the lateness of the season, and some
shortage of plants interfered with plantings to
some extent in the dark-tobacco counties in
the middle of the State. The condition of the
crop is fair, though much of it is late.
Reports from the Cooperative Crop Reporting Service, conducted jointly by the State and
Federal Departments of Agriculture, indicate
a decline of 9 per cent in cotton prospects in
Georgia during the month. Wet weather and
the boll weevil are the prominent factors in
this slump. Grass has taken many fields and
continuous rains are counteracting the measures taken for combating the weevil. Many
fields arc reported to have been abandoned,
REPORTED BY DISTRICT NO. 7.
while others have been plowed up and planted
to other crops. Georgia's cotton production for
There is in evidence in some of the principal
the year is estimated at 1,922,000 bales. The industrial centers of the Seventh Federal Recondition of the crop in Tennessee is reported as serve District a rather pronounced feeling of
716
FEDERAL RESERVE BULLETIN.
labor unrest; nor is this confined to skilled
labor; but apparently involves all classes. In
some instances it has resulted in strikes involving several thousand wage earners, or in
cessation of plant activity because of a refusal
to meet the labor demands for a higher wage
scale.
Chicago is just now the center of this unrest,
which appears to be an outcropping of the
effect ot the continued high cost of living.
Disappointment over the failure to decline of
prices of articles entering into the household
budget, and the actual advances in some
instances in retail prices, are contributing to
a decidedly disturbed labor situation.
In the industrial districts this unrest has
manifested itself in the usual form. Some of
the largest plants in the city have ceased operation because of labor troubles. One plant in
which there has not been a labor strike in
nearly three decades is closed down, while
demands for increased wages are pending in
other industrial plants.
Demands have been made by the employees
of the Chicago elevated and surface street
railway lines for a sharp increase in the wage
scale. This has met with opposition on the
part of the employers, who do not oppose the
increase in wages but take the position that
such an increase in wages without a corresponding increase in fares spells bankruptcy
for the elevated and the street railway companies which, because of the high costs of
operation, have been showing earnings insufficient to meet the usual normal time fixed
and dividend charges. The State Utilities
Commission has refused an increase in fare for
the surface lines, although an increase of 1
cent (to a 6-cent fare) was granted the elevated
companies about a year ago.
On the other hand, failure to appease the
street railway employees seriously menaces
Chicago's industries, because so large an element of the population is dependent upon this
class of transportation to reach their places
of business or employment. Furthermore,
the experience of a few years ago, when business in Chicago was practically paralyzed by
a three days' street railway strike, is sufficiently fresh in the business mind to stimulate
activity in bringing to bear every possible
effort to avoid an interruption in intramural
transportation at this time. The employeesunion has voted authority to call a strike, but
at the moment, indications point to an adjustment through arbitration.
The building industry, which has been progressing since the armistice, although in a
AUGUST 1,
±019.
hesitating manner, is menaced by the labor
situation. The high cost of materials and
high wages have been retarding factors since
the Government restrictions were removed
from building operations; but despite this,
these operations continue to show substantial
gains from month to month over the corresponding period of the previous year, until in
June Chicago's building permits showed an
increase of 180 per cent over June of 1918.
The requirements for housing, in consequence
of the long period of limited building, were
sufficient to insure active construction throughout the year, weather conditions permitting.
The same situation prevails in nearly all of
the important cities throughout the district.
During the last fortnight the building trades
in Chicago demanded an increase in wages
varying in percentages. The demand of the
carpenters and the offer of the employers of
92J cents an hour caused unrest elsewhere in
the building trades by throwing wage scales
out of line with each other. It is claimed that
consequently certain trades became more insistent in their demands for further increases,
running from 25 to 50 cents an hour.
Furthermore, lumber has advanced in price,
and the building situation therefore was very
much disturbed. Carpenter contractors, upon
the failure of the carpenters' union to accept
the 92 \ cents an hour minimum wage, decided
to shut down all operations, and the lockout
affecting directly and indirectly upward of
100,000 became effective Julv 18. It is reported that material men will make no effort
to make deliveries until the labor situation is
cleared up. The carpenters and other building trades, however, have asked for a conference with the building employers.
There is another feature in the labor situation which, has a bearing on the future industrial activities of the district. Miners in the
Indiana coal fields are demanding a $7 a day
minimum for a 6-hour day and 5-day week,
with price and a half for overtime and double
price for Saturdays, Sundays, and holidays.
It is reported that a similar demand will be
made in the Illinois coal fields.
Stocks of merchandise are comparatively
low, they being moved from merchants' shelves
about as rapidly as they can procure them.
There is a shortage especially in the finer
quality of materials and goods, for which
there is an immense demand. This demand
reflects itself in the rapid movement of inferior
goods, "seconds," and in substitutes which
can be used to fill the gap. The public continues to buy heavily, regardless of price, and
AUGUST 1,
1910.
FEDERAL RESERVE BULLETIN.
the demand seems to be for quality, notwithstanding that in many instances prices have
trebled compared with 1912 and 1913. Raw
materials are on hand in many plants, manufacturers being compelled to provide themselves with large stocks during the war, but
apparently there is not much overstocking and
there is a healthy demand for manufactured
products, which is rapidly assuming a prewar
basis. General business conditions are good
in this district and there is a marked activity
in all lines.
REPORTED BY DISTRICT XO. 8.
Wholesalers and retailers in most lines are
doing an active, in some instances a record,
business. There are complaints of difficulty
in obtaining raw materials and skilled labor.
Collections are reported excellent and the
amount of indebtedness unusually low. This
indicates very satisfactory merchandising conditions and promises continued activity.
Department stores and general stores
throughout the district again report increases
in business over last year. In some cases increases as high as 75 per cent are claimed for
June over the corresponding month last year.
Retail dry goods men state that they are not
only buying now for the present but that they
are buying liberally in advance. During the
early part of July retail purchasing was greatly
stimulated by the holidays. Jewelry is very
active.
REPORTED BY DISTRICT NO. 10.
Agriculture.—Warm weather, with plenty of
sunshine and light showers this month, has
been favorable to rapid growth of corn in the
"corn belt/ 7 In many places the fields were
in good condition for laying by, while in some
of the lowlands the growth was so vigorous
that with the wheat harvest on their hands and
demanding attention corn was laid by in
grassy shape. Reports show the condition of
corn at this time well above normal and great
improvement has been made since the June
estimates of the Federal and State crop
bureaus. Burlington Railroad crop experts
on July 12 estimated the condition of corn in
Nebraska at 95 per cent on two divisions, 97
per cent and 98 per cent on the other two, indicating a remarkable improvement over the
State and Federal estimates. In Kansas,
where the State estimate for June was 75.4
per cent, an improvement has been made,
717
while in Missouri and Oklahoma the condition
is said to be slightly better than the June estimates of 78 per cent in the former and 87 per
cent in the latter State. All reports at this
time indicate a good yield of corn this year
as compared with the scant crop of last year,
but with a greatly reduced acreage.
The wheat harvest has been practically completed and the harvesting of oats and rye is
well under way. Early reports on thrashing
are showing wheat yields considerably below
the Federal and State estimates made at the
beginning of the harvest. Rust and blight,
with excessive heat, causing a too quick
ripening, are said to be responsible in many
sections for reduced yields. In parts of the
Missouri Valley States considerable trouble
was caused by falling wheat, but in all but a few
cases the wheat was harvested without any
great loss from this source. While no new
estimates have been made public upon which
to base calculations as to the extent of the
1919 wheat yield, the reports which have come
in from many sections would indicate that the
high estimates of June, which placed the
probable yield of the district at 340,000,000 to
382,000,000 bushels, will not be realized.
However, it is safe to reserve a definite conclusion as to the yield of 1919 wheat until more
of the wheat has been thrashed and results are
definitely known.
The condition of oats at the beginning of
the harvest was generally excellent, with indications pointing to a greatly increased yield
over last year's record. The July weather is
regarded as very favorable to the ripening of
the grain. Rye and barley are also in good
condition for the harvest.
The new wheat is now flowing into the market channels, with receipts at terminal points
mounting daily. On account of the Government's guaranty, together with a transportation shortage, it is believed that there will be
a more even distribution of the 1919 crop and
less probability of a grain blockade, as with a
fixed minimum price assured many growers
will be disposed to hold their wheat in the hope
of getting a good premium. To the present
date in July wheat receipts at the markets of
this district have been considerably below those
of last year to this date in July. The demand
has been fairly good for all grades, with prices
slightly above the guaranteed minimum.
Milliilg operations were conducted at about
25 per cent of capacity in the first half of this
month, as compared with, about 40 per cent of
capacity in the same period last year. Millers
718
FEDERAL RESERVE BULLETIN.
are buying rather freely of red wheat, which is
practically on the Government minimum basis.
The red wheat thus far is of fair to good quality
and the flour is fine.
Mining.—The metal-mining situation in
Colorado shows little change so far as production is. concerned. Little new work has been
initiated except in the case of silver mining.
Several large deals have been reported involving extensive properties producing that metal
which should result in an increase in production in a few months. On the basis of present
prices of silver greater productive activity may
be looked for from now on. The lifting of the
ban on gold exports should also have an influence toward bringing back the old-time prosperity in mining. It is reported in Denver
that the large tungsten mines in Boulder County will be reopened if Congress passes the proposed protective tariff on this metal.
There was a decided change in the trend of
prices of zinc ores in the month of June at the
Joplin market. Blende ores in that month averaged $42.28 per ton as compared with $37.80
per ton for May. Calamine ores averaged
$26.56 per ton as compared with $24.80 in May.
The upward trend of prices is said to have been
due in part to the diminished output and increasing demand, and also to the fact that the
surplus stock in the district is held in strong
hands which have set a price on their product
at a level higher than the prevailing market.
The lead-ore market has shown a decided
improvement in price. From the level of $57
per ton for 80 per cent lead the market price
has risen to $60 per ton, which prevailed for
three weeks in June. Prices averaged $59.52
per ton in June as compared with $57.15 in
May.
Shipments in June averaged 8,500 tons per
week of zinc ores, 233 tons per week of calamine, and 1,191 tons per week of lead ores.
A shortage of production in the Joplin district
was due to large number of miners working
the harvest at the high wages offered by farmers. Operators in trying to open their plants
found it impossible to obtain laborers, while
other plants were operating with short forces.
A similar situation was reported in the coal
mines and also to some extent in the metal
mines of Colorado.
AUGUST 1,1919.
six weeks, and what appeared to be an exceedingly favorable outlook for the cotton crop
now seems to be below normal. It is also
learned from widely scattered sources that the
wheat yield was disappointing, and in some instances there was a noticeable lack of matured
grain, and a pretty general complaint of too
much rain for the cutting season. Notwithstanding this, the yield, at present prices, has
been quite satisfactory. The next 30 days is
going to have a noticeable effect on the cotton
crop, which has suffered severely from too
much rain and a lack of labor to keep the fields
clean; in fact, this is heard in many sections,
and has been the cause of a considerable acreage being abandoned. With few exceptions,
the reports now received from the entire belt
all show the appearance of the boll weevil,
which with further moisture would have a very
bad effect. The plant is not fruiting as well as
might be expected, but continued hot weather
for another 30 days will no doubt overcome
this. A large oat crop has been grown, and
with high prices this activity is in quite a favorable position. The corn crop also is considerably above the average, and there seems to
be a general agreement that it is past all danger
and will produce a bounteous return.
Live stock.—The live-stock situation remains
good, although there is much complaint about
decreased prices, and some comment is heard
regarding the depletion of stocker herds. The
movement now, however, is rather light, and in
some quarters prices for fall shipments are expected to be much firmer. Feed is plentiful for
the approaching winter, and the heavy rains of
the past six months have put all the ranges in
good condition. Sheep growers are, of course,
profiting by these favorable range conditions,
and in the hog-raising sections the excellent
outlook for the com crop adds considerable
tone to that industry.
Petroleum.—Petroleum prices are approximately the same as at this time last year, and
while the total yield for this district does not
represent an overproduction, inadequate pipeline facilities have virtually created an embargo
against certain fields. Development of new
fields goes on with no apparent let-up, and in
view of the attractive wages offered, the industry is not suffering from the lack of labor.
As a wealth producer petroleum holds a prominent place in the Eleventh Federal Reserve
REPORTED BY DISTRICT NO. 11.
District, and in north Texas, where the activAgriculture.—The agricultural position of the ities have been unusual this year, this industry
Eleventh Federal Reserve District has felt the has served to sustain trade throughout the
effects of climatic conditions during the past usual dull period.
AUGUST 1, 191.9.
FEDERAL RESERVE BULLETIN.
REPORTED BY DISTRICT NO. 12.
As the harvest time draws near, estimates of
agricultural production are being confirmed as
a whole, and a resulting tone of marked confidence prevails. Previous estimates will have
to be revised, however, in the case of wheat and
barley, which during the past month, always a
critical month, have been adversely affected by
unfavorable weather conditions. Late rains
have not fallen in time to benefit these crops
except in certain sections of eastern Oregon
and Washington, though the prevailing dry
condition has been partially offset by very
favorable, cool, growing weather. .Reports indicate that grains on the lighter soils of southern Oregon, Washington, and in large parts of
Idaho have suffered severely from high temperatures and drying winds; dry-farm crops
in Utah are practically a failure. In California the month has brought no material
change in conditions, which remain at about
85 per cent of normal. The effect upon spring
wheat has been particularly noticeable, and
this crop is practically a failure in large parts
of Idaho and Utah. In Washington the crop
is spotted and not heading well, though the
average condition may be said to be fair.
Alfalfa is reported to be in excellent condition throughout the district, with the exception
of Utah and certain restricted areas of Ixlaho
and California where the shortage of irrigation
water is reducing the crop. The Washington
and Oregon crop of hay is reported to be in
excellent condition.
Stock ranges in Utah and Arizona were materially improved, especially in the higher
areas, by recent rains. • Responding to excellent range conditions cattle are reported generally to be in good to excellent condition.
Sheep, however, do not show the same condition and are reported to be fair.
Weather conditions have been particularly
favorable for the maturing of deciduous fruits.
Earlier reports from Oregon and Washington
of a heavy crop of apples are not borne out by
present conditions, though the crop will be
above the average. The outlook for peaches,
table grapes, and raisins in California is very
favorable! A bumper crop of berries is assured
12874G—19
4
719
in all sections. Cantaloupe shipments from
Arizona and southern California are expected
to be about 70 per cent larger than last year,
and the quality is excellent, owing to favorable
growing conditions. June drop, which was
seriously threatening the navel orange and the
lemon crops in southern and central California,
is reported as lessening. Reliable estimates of
the extent to which these crops have been affected are not available. The harvest of Valencias is now beginning, and a heavy crop of fine
quality is expected. The large crop of lemons
is reported to be 89 per cent of normal, as compared with 90 per cent for 1918. While insects and blight are affecting sugar beets in
certain sections, the general condition of the
crop throughout the district is good and the
acreage considerably larger than last year.
Drought is affecting the crop somewhat in
parts of Idaho and Utah, The slicing of beets
is beginning in California. The California prune
crop is developing under exceptionally favorable conditions and reliable estimates place it
at 300,000,000 pounds. Unprecedented prices
are being offered by canners for fresh apricots.
The present condition of the California raisin
crop is a little above normal.
Strong activity in the coast lumber market
continues to prevail. Foreign demands are
heavy and shipments principally to the west
coast of South America, Australia, and the
United Kingdom. Mills are badly behind
orders and working on a selective-order basis.
During the half year just ended it is reported
that orders exceeded production by 250,000,000
feet, new business exceeded shipments by
155,000,000 feet, and shipments exceeded production by 100,000,000 feet. For the five
weeks ended July 5, an average of 122 mills in
the Pacific Northwest produced 350,848,000
feet, which was about 15J per cent less than
normal, and shipments were 11J per cent over
production. The depletion of stocks thus
indicated will be further increased by the midsummer close down for repairs which will be
longer than usual. On July 5 there was a
balance of unshipped rail orders of 10,062
cars and of unshipped cargo orders of 123,515.000 feet.
720
FEDERAL RESERVE BULLETIN.
EARNINGS AND EXPENSES OF THE
FEDERAL RESERVE RANKS.
Total earnings of the Federal Reserve Banks
for the six months ending June 30, 1919, were
$46,690,577, compared with $24,850,190 for the
corresponding period in 1918, while total
current expenses for the same period were
$9,061,746, compared with $4,152,028 in 1918.
Current expenses for the first half of the
present year include $6,552,484, expenses of
operation proper, $2,017,176, the cost of Federal Reserve notes and bank notes, and other
expenses incident to the issue, shipment, exchange, and redemption of Federal Reserve
currency, $447,876, the cost of office furniture
and equipment, and $44,210, the cost of alteration and repairs of bank premises in use.
Expenses shown are exclusive of the expenses
of the fiscal agent departments, incurred
mainly in floating the certificate and Victory
loan issues of the Government. The latter
are treated separately, being reimbursable by
the Treasury Department. During the six
months of the present year the banks, as fiscal
agents for the Government, disbursed a total
of $11,119,274, as against $6,425,102 during
the first six months in 1918. In addition,
there was outstanding at the beginning of the
year a reimbursable amount of $9,573,830 disbursed by the banks during the past year.
Reimbursements received from the Treasury
during the period totaled $13,010,430, leaving
thus a reimbursable balance on June 30 of
$7,682,674.
Net earnings of the banks, i. e., the excess of
earnings over current expenses, for the first
six months of the present year totaled $37,628,831, or at a yearly rate of 92 per cent on
an average paid-in capital of $81,788,000,
compared with 55.9 per cent for the first six
months in 1918, and 9.8 per cent in 1917.
The total amount available for dividends and
surplus was $37,584,319. Out of this total were
paid all dividends for the six months, $/
453,626, while of the remainder about 10 per
cent, or $3,512,450, was carried to a profit and
loss account, while $31,618,243, in accordance
AUGUST
1,
with amended section 7 of the Federal Reserve
Act, was carried to surplus.
If the latter amount is added to the amounts
of $1,134,234 and $21,605,901, carried to surplus at the close of the calendar years 1917
and 1918, also of $26,728,440 the amount
added to surplus after the adoption of the
amendment of March 3, 1919, we obtain a
total surplus of $81,086,818 as of June 30 of
the present year. This amount is about 49
per cent of the aggregate subscribed capital of
the Federal Reserve Banks. In the case of
the New York Bank the surplus constitutes
about 77 per cent of the subscribed capital,
and in the case of the Kansas City Bank—
about 53 per cent. Surplus funds of the other
banks are below 50 per cent of the subscribed
capital, or below 100 per cent of the banks'
paid-in capital.
Of the total earnings for the six months of
the present year, over 82 per cent, compared
with 59 per cent in 1918, came from bills,
largely war paper, discounted for member
banks. Earnings from bills purchased in the
open market, largely bankers7 acceptances,
were about $500,000 less than for the corresponding period in 1918 and constituted about
11 per cent of the total earnings, compared
with 22.6 per cent in 1918. Earnings from
United States securities, largely 2 per cent
Treasury certificates to secure Federal Reserve
bank note circulation, differed but little from
corresponding earnings in 1918, and comprised over 5 per cent of the total earnings,
as against 10 per cent for the first half of the
previous year. Combined earnings from the
three sources named account for about 98
per cent of the total earnings of the Federal
Reserve banks. The remainder is made up of
earnings from bank transfers, penalites, and
interest charges on deficient reserves, rent for
the temporary use of bank buildings and other
smaller miscellaneous profits.
Of the total expenses of operation for the
first half of the present year salaries account
for $4,146,947, or about 63.1 per cent, as against
$1,645,675, or 52.8 per cent, of the operating
AUGUST 1,
1919.
FEDERAL RESERVE BULLETIN.
expenses for the corresponding period in 1918.
The largest increase is shown by the figures
of compensation of the clerical staff, which
include, besides an amount of $3,080,897 thus
designated, also the bulk of the $302,329 reported under caption "All other salaries," and
composed chiefly of special remuneration
for* overtime work. Amounts received from
the Federal Reserve Banks for the support
of the Board totaled $305,843, as against
$185,116 in 1918, constituting 4.6 per cent
of the total operating expenses of the Federal Reserve Banks, compared with 5.9 per
cent for the first six months in 1918. Other
larger items of expense in the order of their
importance were postage, printing and sta-
721
tionery, rent, insurance, and repairs and alterations.
Rent paid during the present year was
$271,164, or about 66 per cent more than for
the corresponding period in 1918, the increase
being due largely to the opening of new
branches, also to the fact that some of the
banks while owning buildings do not occupy
them. Since the end of 1918 the banks increased their investments in bank premises by
$3,348,985. With the exception of Minneapolis, the banks either own all or part of
the premises occupied by them or else have
purchased ground on which they propose
to erect permanent bank buildings for their
own use.
Earnings and expenses of each Federal Reserve Bank and of the system as a ivhole for the 6 months ending June 30, 1919.
to
EARNINGS.
New York. Philadelphia.
Boston.
Cleveland. Richmond.
Atlanta.
Chicago.
Kansas
City.
Dallas.
San
Francisco.
Total.
$759,332
434,116
121,607
§1,847,767
184,554
163,707
$1,174,629
43,111
100,536
$1,978,084
946,411
112,040
22,831
105,813
77,766
66,721
$38,314,522
5j 141,776
2,457,157
85
361,305
11,817
2,158
42,665
1,502
44,061
32,125
271
316,263
99,469
1,351,861
2,346,008
1,440,103
3,135,652
46,690,577
Minneapolis.
Kansas
City.
Dallas.
San Francisco.
St. Louis. Minneapolis.
$2,96.1,736 $14,257,872 $3,803,670 82,447,188 81,998,113 SI, 665,566 84,042,278 §1,378,287
Discounted bills
275,684
1,169,749
34,807
784,389
163,117
171,030
Purchased bills.
197,782
737,026
140,268
182,208
173,907
69,621
88,350
United States securities
927,782
127,671
249,460
85
Municipal warrants..
8,356
16,244
62,157
1,417
Transfers, net earnings. .. - - Deficient reserve penalties
29,076
19,716
14,041
63,735
18,334
25,908
5,125
9,660
(including interest)
1,526
19,016
10,030
5,577
12,714
19,103
8,790
Sundry profits
.
18,782
3,410,511 16,370,558 4,049,361 3,456,381 2,307,300 1,954,629 5,128,358 1,739,855
Total earnings
CURRENT E X P E N S E S .
Boston.
Expense of operation:
Assessments, account expenses Federal Reserve
Board
Federal Advisory Council
(fees and traveling expenses)
Governors' conferences
(including traveling
expenses)
Federal Reserve agents'
conferences (including
traveling expenses)
SalariesBank officers
Clerical staff
Special officers and
watchmen
Allother
Directors' fees
Per diem allowance..
Traveling expenses..
Officers' and clerks' traveling expenses
Legal fees
Rent
Taxes and fire insurance.
Telephone
Telegraph
Postage
Expressage
Insurance and premium
on fidelity bonds
Light, heat, and power..
Printing and stationery..
Repairs and alterations..
All other expenses
Total expense of operation
I New York. Philadelphia.
I
Cleveland. Richmond.! Atlanta.
Chicago.
St. Louis.
$24,353 i
$86,216
826,245
$32,112
815,447
311,114
842,923
813,620
810,826
814,565
365 ;
560
304
761
671
240
642
325
827
327
83
282
225
216
44,129
242,191
47,707
197,095
3(5,036
119,481
49,536
109,424
76,992
320,273
17,871
46,746
2,059
310
647
6,613
33,693
1,260
420
974
2,272
6,320
1,650
370
3,432
5,901
1,443
1,805
1,567
2,876
1,190
6,000
2,851
570
4,304
11,322
1,229
3,232
28,942
21,567
3,328
1,941
6,285
1,450
8,350
26,978
3,353
817,332
$305,843
2,367
7,910
586
464
2,730
250
137
$11,090
83;
29
50,410
245,087
544
1,038
47,250
157,202
31,33?)
89,166
•13,602
170,565
37,914
143,334
62,755
224,714
667,233
3,080,897
25,086
39,894
2,630
310
663
5,149
9,680
3,240
1,180
1,842
3,455
1,246
1,920
540
1,070
5,397
5,191
3,005
2,865
3,198
1,858
6,097
1,210
450
746
6,209
2,888
2 464
648
90,488
302,329
34,106
9,358
15,187
11,062
2,500
44,967
63
3,845
12,350
53,'845
2,221
9,113
17,760
395
1,487
5,636
26,483
3,984
1,875
l,8S0
6,633
779
978
1,121
17,614
599
3,437
750
15, 592
453
1,501
4,059
38,591
564
4,735
1,200
1,702
921
1,358
7,972
19,240
8,510
5,791
1,609
2,197
2,363
1,903
10,598
24,846
2,028
71,301
15,280
271,164
26,026
43,403
81,493
411,339
80,565
3,680
1,687
16,228
1,927
11,299
16,784
3,052
37,151
8,476
26,974
169,089
37,162
373,210
133,525
315 808
281,500
464,157
6,552,484
204
107
151
139,566
1,062,365
244
1,022
8,200
1,520
460
1,970
18,124
136,473
11,705
3,486
1,890
27,863
1,512
5,447
3,372
41,463
2,693
16,747
1,750
118,412
14,190
14,347
63,101
30,917
8,100
7,091
4,169
32,403
3,100
25,449
118
2,924
6,284
37,833
1,029
1,871
7 955
17,729
14,791
40,807
73,230
1,908
109,672
63,380
71,095
17,423
9,101
36,118
15,122
62,317
15,081
1,875
19,6S0
4,961
12,016
1,383
2,592
19,537
2,250
7,825
6,238
2,082
20,279
470
21,001
2,843
4,143
53,750
11,369
32,485
9,442
669
17,296
2,761
6,775
10,586
3,011
4,455
20,250
2,098
15,184
5,001
18,729
504,378
2,035,266
579,649
454,393
290,930
286,534
745,081
341,612
193,689
375,295 I
1,508
Total.
H
CO
CO
Cost of Federal Reserve currency, including expressage, insurance, etc
Miscellaneous charges account note issues
Taxes on Federal Reserve
bank note circulation
Cost of currency shipments
to and from member and
nonmembor banks
Furniture and equipment—
Bank premises
Total current expenses.
125,136
299,248
68,925
68,418
397
21,682
21,908
45,422
75,000
44,821
39,894
43,590
32,525
47,462
125,286
16,899
52,484
31,310
14,019
27,052
751,448
2,603,944
815,990
616,840
82,323
209,199
88,453
34,797
84,743
53,724
75,291
2,586
35,323
10,136
8,900
11,482
2,723
11,775
139,976
14,923
3,642
61,862
26,000
10,641
29,047
23,347
14,189
388,788
26,873
15,580
25,793
342
25,695
49,705
18,925
44,187
3,245
6,742
10,904
16,469
60
11,646
12,059
21,650
28,701
12,498
229,615
447,876
44,210
13,064
Net earnings
2,659,063 13,766,614
19,595
Net debits to profit and loss..
Net amount available for
dividends, surplus, etc
2,659,063 13,747,019
203,886
630,579
Dividends paid
Carried to surplus
2,209,659 11,804,796
Carried to profit and loss
245,518 1,311,644
68,540
1,258,797
416,800 ! 1,126,865
529,313
258,014
528,000
384,999
628,261
9,061,746
4.nm.493
fiK4
1,210,542
1,093,847
1,818,008
i 149
1,055,104
20,673
2,507,391
37,628,831
44,512
1,906,034
1,534,586 1 4,000,839
1,210,542
1,093.847
1,818,157
1,034,431
2,507,391
37,584,319
124,060
1,603,777
178,197
96,384
1,295,000
143,202
114,782
986,184
109,576
89,006
904,357
100,484
111,812
1,535,711
170,634
90,142
844,460
93,829
141,422
2,129,372
236,597
2,453,626
31,618,243
3,512,450
401,266
3,233,305 ~2,839,54T
496
1,906,034
1,537,829
3 243
3,232,869
2,839,541
229,545
2.702,992
'300,332
275,541
2,307,600
256,400
340,467
3,294,335
366,037
i Credit.
FISCAL A G E N T D E P A R T M E N T DISBURSEMENTS OF EACH F E D E R A L R E S E R V E B A N K AND AMOUNTS R E I M B U R S E D FOR 6 MONTHS E N D I N G JUNE 30,
ALSO BALANCES R E I M B U R S A B L E BY T H E U N I T E D STATES T R E A S U R Y ON J U L Y 1, 1919.
Boston.
Total'disbursements during
the 6 months ending Juno
30, 1919
Amount reimbursable Jan.
1,1919
New York.
Philadelphia.
Cleveland. Richmond.
Atlanta.
Chicago.
St. Louis.
Minneapolis.
San Francisco.
Kansas
City.
Dallas.
S768.619
Total.
§713,793
§3,596,254
15223,258
8452,433
81,662,731
$638,840
$363,786
8504,607
|
i
8342,858 !
558,932
3,019,530
758,096
766,785
226,075
458,649
1,261,885
450,342
150,212
451,220
508,669
033.43K
9,573,830
8708,285 $1,143,810
$11,119,274
Total
R eimbursements r e c e i v e d
since Jan. 1,1919
1,272,725
6,645,784
1,466,381
1,910,595
449,333
911,082
2,924,616
1,089,182
513,998
955,827
851,527 ! 1.702.054
20,693,104
1,102,350
4,217,791
833,158
1,039,651
395,535
583,423
1,873,985
704,325
386,341
560,574
327,280
986,017
13,010,430
Balance reimbursable
July 1,1919
170,375
2,427,993
633,223
870,944
53,798
327,659
1,050,631
384,857
127,657
395,253
524,247
716,037
7,682,674
r
to
CO
Earnings and current expenses, by months, from January 1 to June 30, 1929, of each Federal Reserve Bank and of the system as a whole.
to
EARNINGS.
Boston.
New York.
Philadelphia.
Cleveland.
Richmond.
$385,481
354,977
394,719
396,212
398,218
377,693
January—
February..
March
April
May
June
S525,055
506,592
567,475
587,362
619,839
604,188
$2,806,299
2,576,420
2,843,565
2,648,937
2,908,549
2,586,788
8658,171
616,446
690,973
674,815
706,261
702,695
§579,072
542,338
597,250
570,417
590,570
576,734
Total
3,410,511
16,370,558
4,049,361
3,456,381
January...
February.
March
April
May
June 1
Total.
New York.
Philadelphia.
Chicago.
$349,756
288,668
324,003
318,467
338,776
334,959
$823,055
693,832
865,435
853,765
934,037
958,234
2,307,300 ; 1,954,629
5,128,358
CURRENT
Boston.
Atlanta.
Cleveland. Richmond.
Kansas
City.
Dallas.
$204,303
193,851
224,985
259,045
240,428
229,249
•1382,520
340.310
413;774
413.795
400.104
395; 505
$265,073
227,487
246,157
232,809
234,943
233,634
§509,295
466,167
577,361
508,416
566,630
507,783
$7,770,131
7,033,107
8,072,719
7,794,264
8,226,919
7,793,437
1,739,855 I 1,351,861
2,346,008
1,440,103
3,135,652
46,690,577
St. Louis. Minneapolis.
Kansas
City.
Dallas.
St. Louis$282,051-1
226,019
327,022
330,224
288,564
285,975
wa
San Francisco.
Total.
EXPENSES.
Atlanta.
Chicago.
San Francisco.
Total.
SI05,759
92,402
177,414
125,801
97,283
152,789
$345,502
306,935
411,008
354.288
531;778
654,433
$79,011
94,606
117,851
91,920
84,591
348,017
893,8(53
115,527
119,519
83,108
90,258
114,565
850,214
70,201
77,650
67,434
63,803
71,964
$57,207
75,445
74,446
76,463
69,099
64,140
8136,033
135,033
181,500
206,763
237,633|
229,9031
$73,798
63,199
97,658
75,704
68,598
150,356
$33,423
35,580
32,358
32,402
33,708
90,543
887,111
63,002
116,995
102,430
74,957
83,505
862,052
46.422
80,096
54,775
65,456
75,598
877,595
75,109
89,342
84,950
78,494
222,771
SI,202,168
1,173,461
1,575.837
1,356,038
1,495,658
2,258,584
751,448
2,603,944
815,996
616,840
401,266
416,800
1,126,865;
529,313
258,014
528,000
384,999
628,261
9,061,746
i Increases shown for some of the banks for the month of June are due principally to special charges against current expense at closing of books on June 30, account cost of Federal Reserve
currency and furniture and equipment.
I
AL'tilJST J, 1915).
FEDERAL RESERVE BULLETIN.
Government Financing.
The following letter has been sent by Secretary Glass to Congressman Fordney, chairman
of the Committee on Ways and Means:
JULY 9,
1919.
MY DEAR CONGRESSMAN: I take pleasure in handing
you herewith for your information and that of the Committee on Ways and Means the following statements:
(a) Preliminary financial statement of the United States
Government for the period from April 6, 1917, to June 30,
1919.
(6) Preliminary statement of the public debt on June 30,
1919.
(c) Statement showing classified receipts, exclusive of
the principal of the public debt, by months, from April 6,
1917, to June 30, 1919, as published in Daily Treasury
Statements.
(d) Statement showing classified disbursements, exclusive of the principal of the public debt, by months, from
April 6, 1917, to June 30, 1919, as published in Daily
Treasury Statements.
Expenditures in the month of June just ended amounted
in round figures to $809,000,000, or less than for any month
since September, 1917.
Expenditures for the fiscal year just ended amounted to
$18,514,000,000.
Expenditures for the war period amounted to
$32,427,000,000, and of these more than $9,384,000,000, or
about 29 per cent, were met out of tax receipts and other
revenues than borrowed money, although payment of
nearly half of the income and profits taxes for the fiscal
year 1919 has not yet been made, such payment being
deferred until the fiscal year 1920. In this calculation
no deduction is made of expenditures for loans to the
Allies, which on June 30 amounted to $9,102,000,000, or
for other investments, such as ships, stock of the War
Finance Corporation, bonds of the Federal land banks, etc.
If we assume that the expenditures of the Government on a peace basis would have been at the rate of
$1,000,000,000 a year, or for the period under discussion of
nearly 27 months would have equaled $2,250,000,000, then
we may estimate the gross cost of the war to June 30, 1919,
at $30,177,000,000.
The gross public debt (without any deduction for luans
to the Allies or other investments) amounted on June 30,
1919, to $25,484,000,000. Of this sum only $3,634,000,000
was in the form of Treasury certificates, or floating debt.
Of such certificates more than $608,000,000 matured or
were redeemed on July 1, 1919, and were paid out of the
net balance in the general fund on June 30, 1919, which
amounted to $1,251,000,000. Deducting the certificates
last referred to, the floating debt on June 30,1919, was little
more than $3,000,000,000, which is roughly the estimated
amount of the deferred installments of the income and
profits taxes for the fiscal year 1919 and of the deferred
installments of the Victory loan subscriptions.
725
In the announcement given to the press on April 14,1919,
of the terms of the Victory Liberty loan, I made the following statement with reference to financing the future
requirements of the Government:
"This will be the last Liberty loan. Although as the
remaining war bills are presented further borrowing must
be done, I anticipate that the requirements of the Government, in excess of the amount of taxes and other income
can, in view of the decreasing scale of expenditure, be
readily financed by the issue of the Treasury certificates
from time to time as heretofore, which may be ultimately
refunded by the i^sue of notes or bonds without the aid of
another great popular campaign such as has characterized
the Liberty loans."
I confirm the statement above quoted. The decision
then taken has been fully sustained by the experience of
the past three months. The successful flotation of the
Victory loan and the adjustment of the amount and terms
of the issue have resulted, as I hoped they would, in a
strong market at about par for these notes, without the
necessity of Government support, and in an improving
market for the bonds of the second, third, and fourth
Liberty loans, evidenced not only by the firm market
quotations, but by strong undercurrents of investment
buying, which give reason for the hope that, with the
continuance of favorable general conditions, there will be
consistent appreciation in the market prices of these bonds.
I do not now think it will be wise to make any further
issues of long-term bonds before the maturity or redemption
of the Victory notes, when there will have been such an
interval in Government offerings of all kinds as must
inevitably result in marked improvement of the market
prices of the existing issues, with corresponding decreases
in the interest bases at which they are selling, and consequent assurance that the Government will be able to
finance itself for a longer period upon better terms.
It is not possible at this time, when appropriations for
the coming year are under consideration by the Congress,
when contract claims by and against the United States are
still in process of settlement, when demobilization is still
incomplete, when the extent of the liability on the wheat
guaranty is unascertained, and when the business upon
which the income and profits tax receipts in the first half
of the calendar year 1920 are to be based is still only half
transacted, to make a formal estimate of the receipts and
expenditures of the United States during the fiscal year
1920. But so large a part of the war expenditures has been
paid or provided for out of taxes and the issue of bonds or
notes already sold and so small a part is unfunded that I
confidently expect that the Government will be able not
only to meet its further temporary requirements for the
decreasing scale of expenditure by the sale of Treasury
certificates of indebtedness bearing interest at the rate of
4-J per cent, or less, but also to fund as many of these as it
may be desirable to fund, by the issue of short-term notes,
in moderate amounts, at convenient intervals, when
market conditions are favorable, and upon terms advantageous to the Government. It will not be desirable
to fund all the certificates of indebtedness, for the issue of
certificates of indebtedness in anticipation of income and
726
FEDERAL RESERVE BULLETIN.
profits tax installments not only furnishes a means of
financing the requirements of the Government temporarily
upon easy terms, but constitutes an almost necesary
financial expedient, to enable the taxpayer to save and to
prepare gradually for the great tax payments, and to
relieve the banking machinery of the country of the great
strain which would be imposed upon it if these tax installments had to be paid on a single day without such
preparation.
I need scarcely to say to you that the realization of these
sanguine expectations is contingent upon the practice of
the most rigid economy by the Government and the continuance of ample revenues from taxation. Such a course,
accompanied by the practice of sober economy and wise
investment by our people and strict avoidance of waste
and speculation, will make it possible for the American
people to respond to the demands to be made upon them
privately for capital and credit by the nations and peoples
of Europe—demands which are reinforced by the strongest
and most vital ties of sympathy for the Allies, who fought
and won the war with us, as well as by the most obvious
dictates of self-interest.
I am writing a similar letter to the Hon. Boise Penrose,
chairman of the Committee on Finance.
It has seemed to rue only proper at the end of the last
fiscal year of the war period to lay these facts and opinions
before the Committee on Ways and Means, and the Finance
Committee, which bear so large a measure of responsibility
for the war-loan legislation; and to make them public also,
since they vitally concern the millions of Americans whose
purchases of Government securities, and tax payments,
made this record of war finance possible.
Very truly, yours,
(Signed)
CARTER GLASS.
Hon. JOSEPH W. FORDNEY,
Chairman Committee on Ways and Means,
Houve of Representatives, Washington, 1). C.
The Secretary of the Treasury on July 25
issued the following letter to banks and trust
companies of the United States:
I am writing the banking institutions of the country, in
pursuance of the plan followed by my predecessor during
the past year and a half, to inform them of the financial
plans for the remainder of the calendar year and the probable requirements of the Treasury during that period, and,
indeed, during the fiscal year ending June 30,1920, in so
far as they may now be foretold. I have only recently had
occasion to lay before the appropriate committees of Congress a report of the financing of the war to the end of the
fiscal year June 30,1919 (see p. 725). A copy of this report
may be bad upon application to any Federal Reserve
Bank or to the Treasury Department.
AUGUST 1,1919.
It is not possible at this time, when appropriations for
the coming year are under consideration by the Congress,
when contract claims by and against the United States
are still in process of settlement, when demobilization is
still incomplete, when the extent of the liability on the
wheat guaranty is unascertained, and when the business
upon which the income and profits tax receipts in the first
half of the calendar year 1920 are to be based is still only
hali transacted, to make a formal estimate of the receipts
and expenditures of the United States during the fiscal
year 1920 (ending June 30,1920). I do not hesitate to eay,
however, that I anticipate that the Government will be in
receipt of revenues under existing law and from the Victory
Liberty loan during the fiscal year 1920 to the amount of
at least $6,500,000,000, divided somewhat as follows:
Internal revenue
Customs
Sale of public lands
Miscellaneous
Total ordinary receipts
Victory Liberty loan installments
Total
§4, 940, 000,000
260,000,000
3,000,000
300,000,000
. - 5, 503.000, 000
1,032,000,000
6,535,000,000
In the absence of a budget system or of any Treasury
control of governmental expenditure, it is even more difficult to foretell the expenditures than the receipts of the
Government. Current expenditures, which reached the
maximum of $2,060,000,000 in December, 1918, fell in
June to $809,000,000, and, after deducting the amount of
the certificates of indebtedness of the Director General
of Railroads paid during the present month of July, should
show a still further decrease in this month. Allowing for
all the elements of uncertainty above referred to, I have
no present reason to believe that the expenditures of the
Government during the fiscal year 1920 will exceed the
amount of its receipts as above indicated, excluding transactions in the principal of the public debt other than the
Victory loan. If these expectations prove to be correct,
the gross public debt of the United States, which on June
30, 1919, amounted to $25,484,506,160.05, should be increased during the fiscal year 1920 by not more than the
amount of the deferred installments of the Victory Liberty
loan payable in the fiscal year 1920, $1,032,000,000, making
a total public debt on June 30, 1920, when presumably the
whole cost of the war will have been financed, of say
$26,516,506,160.05.
The realization of these sanguine expectations is contingent upon the practice of most rigid economy by the
Government and the continuance of ample revenues from
taxation.
The heaviest period of expenditure during the current
fiscal year will probably fall in the summer months ©
f
July, August, and September, because of the heavy disbursements of the Railroad Administration heretofore held
back for lack of an appropriation, the heavy payments in
settlement of Army contracts and on account of demobi-
AUGUST 1,
1919.
FEDERAL RESERVE BULLETIN".
lization, and the maturities of certificates issued in anticipation of the Victory loan. The amount of certificates
outstanding in anticipation of the Victory Liberty loan at
any one time (excluding certificates redeemed, tax certificates, etc.), which on May 5 had reached the peak at
$5,797,296,500, had up to July"22 been reduced by $4,402,519,000, leaving outstanding $1,394,777,500. During the
next few months, therefore, the actual cash requirements
of the Treasury can not be expected to show a heavy
further decrease, and, on the other hand, the proceeds of
the deferred installments of the income and profits taxes
for the year 1919 and the deferred installments on Victory
loan subscriptions will not have been fully received until
nearly the end of the calendar year 1919.
Three months have passed since the last offering of
Treasury certificates other than those issued in anticipation of taxes. This interval has been made possible by
the rapid decrease in the current expenditures of the
Government, the very large early payments on the Victory
loan, and the ready sale of tax certificates. Beginning
early in June, these have been issued up to July 22 to the
aggregate amount of $1,875,437,500, but in amounts less
than the income and profits tax receipts due at their
respective maturities. Having borrowed as much as it is
in the Treasury's judgment proper to borrow in anticipation of the income and profits tax installments payable
September 15 and December 15, and having already sold
up to July 22 Treasury certificates maturing March 15,
1920, to the amount of about $275,000,000, so that the
limit of that issue also would soon be reached, the time has
come when the issue of loan certificates should be resumed.
The Treasury has, accordingly, determined to issue loan
certificates of five months' maturity, and, with a view to
aiding the banking institutions of the country in the distribution of these certificates, will issue the certificates
on the 1st and 15th of each month, beginning August 1,
1919, thus making the issue semimonthly instead of biweekly as heretofore, and setting fixed dates in each
month on which the issues will open. Treasury certificates which, at the beginning of our participation in the
war, had little or no market outside of the banking institutions of the country, have come to be appreciated by a
great and steadily increasing class of investors. Banking
institutions, on the other hand, which at the outset were
loath to sell certificates to their customers fearing loss of
deposits, have come increasingly to realize the wisdom
and advantage of buying and distributing the certificates
Those incorporated banks and trust companies (numbering
some 9,500) which have availed themselves of the privilege
open to all, of becoming depositaries of the proceeds of the
certificates purchased,, have found ample compensation in
the resulting deposits.
The minimum amount of each semimonthly issue of the
certificates should not in any case exceed, say, 8500,000,000
and, after September and during the balance of the calendar year, should not on the average exceed half of that
amount, for then all the Victory loan certificates will have
been paid or provided for, and such progress should have
128746—19
5
727
been made in Army settlements and in demobilization
as greatly to reduce the requirements of the current program. That would mean the issue, during the remaining
five months of the calendar year, of certificates to the
amount of, say, 13,500,000,000. During the same period
there will mature and be paid loan and tax certificates to
the aggregate amount of 82,997,540,500, a net increase of
$502,459,500.
The figures which the Treasury is now able to present
seem fully to justify the announcement made in April
that the Victory loan would be the last Liberty loan, and
the statement, made in the report to the committees of
Congress above referred to, that the Treasury expects to
be able to meet its further temporary requirements by the
sale of Treasury certificates of indebtedness, bearing interest at the rate of 4-J per cent or less, and also to fund as
many of these as it may be desirable to fund by the issue
of short-term notes, in moderate amounts, at convenient
intervals, when market conditions are favorable, and upon
terms advantageous to the Government.
The Federal Reserve Banks will advise all national and
State banks and trust companies in their respective districts of the minimum amounts of certificates they are
expected to take from time to time in pursuance of this
program, which should be not less than 1.6 per cent of the
gross resources of each bank and trust company for each
semimonthly issue during August and September, and may
fall as low as, say, 0.8 per cent toward the end of the calendar year.
The program may be varied at opportune times by the
substitution of an issue of tax certificates or by an alternative offering of such certificates, to which no quota will be
applicable.
It is with confidence that I lay before the banking institutions of America, who did so much to make our successful record of war finances possible, the present program of
the Government's current requirements for the balance of
the calendar year, and ask each of them not only to subscribe its quota for each semimonthly issue of Treasury
certificates, but to use its best efforts to distribute these
certificates as widely as may be among investors.
Amendments to Banking Laws.
Federal incorporation of institutions to engage
principally in international or foreign hanking or other financial operations.
Senate bill 2472, to provide for the Federal
incorporation of institutions to engage principally in international or foreign banking or
other financial operations, was introduced in
the Senate on July 15, 1919, and, with slight
minor amendments, was reported favorably
by the Senate Committee on Banking and
Currency on July 25, 1919. The bill as
originally introduced and as favorably reported by the Senate is printed below, that
728
FEDERAL RESERVE BULLETIN.
AUGUST 1,1919.
part of the bill which was eliminated by the become forfeited by some violation of law; to make conto sue and be sued,
and defend in any
committee being struck through, and the ad- tracts;of law or equity; to complain,appoint directors, a
court
elect or
ditions made by the committee being in- majorityof whom shall be citizens of the United States;
serted in italics.
and, by its board of directors, to appoint such officers and
employees as may be deemed proper, define their authority
and duties, require bonds of them, and fix the penalty
A BILL To amend the act approved December 23,1913, known as the thereof; dismiss such officers or employees, or any thereof,
Federal Reserve Act.
at pleasure and appoint others to iill their places; to preBe it enacted by the Senate and House of Representatives scribe, by its board of directors, by-laws not inconsistent
with law or with the regulations of the Federal Reserve
of the United States of America in Congress assembled, That
the Act approved December 23, 1913, known as the Fed- Board regulating the manner in which its stock shall be
eral Reserve Act, as amended, be further amended by transferred, its directors elected or appointed, its officers
and employees appointed, its property transferred, and
adding a new section as follows:
the privileges granted to it by law exercised and enjoyed.
"BANKING CORPORATIONS AUTHORIZED TO DO FOREIGN
"Each corporation so organized shall have power,
[66th Cong., 1st sess. S. 2472.]
BANKING BUSINESS.
"SEC. 25 (a). Corporations to be organized for the purpose of engaging principally in international or foreign
banking or other financial operations, or in banking or
other financial operations in a dependency or insular possession of the United States, either directly or through the
agency, ownership, or control of local institutions in foreign
countries, or in such dependencies or insular possessions
as provided by this section, and to act when required as
fiscal agents of the United States, may be formed by any
number of natural persons, not less in any case than five.
"Such persons shall enter into articles of association
which shall specify in general terms the objects for which
the association is formed and may contain any other provisions not inconsistent with law which the association
may see fit to adopt for the regulation of its business and
the conduct pf its affairs.
"Such articles of association shall be signed by all of
the persons intending to participate in the organization of
the corporation and, thereafter, shall be forwarded to the
Federal Reserve Board and shall be filed and preserved in
its office. The persons signing the said articles of association shall, under their hands, make an organization certificate which shall specifically state:
"First. The name assumed by such corporation, which
shall be subject to the approval of the Federal Reserve
Board.
"Second. The place or places where its operations are
to be carried on.
"Third. The place in the United States where its home
office is to be located.
"Fourth. The amount of its capital stock and the number of shares into which the same shall be divided.
"Fifth. The names and places of business or residence
of the persons executing the certificate and the number of
shares to which each has subscribed.
"Sixth. The fact that the certificate is made to enable
the persons subscribing the same, and all other persons,
firms, companies, and corporations, who or which may thereafter subscribe to or purchase shares of the capital stock of
such corporation, to avail themselves of the advantages of
this section.
"The persons signing the organization certificate shall
duly acknowledge the execution thereof before a judge of
some court of record or notary public, who shall certify
thereto under the seal of such court or notary, and thereafter the certificate shall be forwarded to the Federal
Reserve Board to be filed and preserved in its office.
Upon duly making and filing articles of association and
an organization certificate the association shall become
and be a body corporate, and as such and in the name
designated therein shall have power under such conditions
and regulations as the federal Reserve Board may prescribe to adopt and use a corporate seal, which may be
changed at the pleasure of its board of directors; to have
succession for a period of twenty years unless sooner
dissolved by an Act of Congress or unless its franchises
under such rules and regulations
Board may prescribe:
as the Federal Reserve
"(a) To purchase, sell, discount, and negotiate notes,
drafts, checks, bills of exchange, acceptances, including
bankers' acceptances, cable transfers, and other evidences
of indebtedness; to purchase and sell securities, including
the obligations of the United States or of any State thereof;
to accept bills or drafts drawn upon it subject to such
limitations and restrictions as the Federal Reserve Board
may impose; to issue letters of credit; to purchase and
sell, exchange, coin and bullion; to borrow and to lend
money on real or personal security; to receive deposits;
and generally to exercise such powers as are incidental
to the powers conferred by this Act or as may be usual
in connection with the transaction of the business of
banking or other financial operations in the countries,
colonies, dependencies, or possessions in which it shall
transact business.
"(b) To establish and maintain for the transaction of
its business branches or agencies in foreign countries,
their dependencies or colonies, and in the dependencies
or insular possessions of the United States, at such places
as may be approved by the Federal Reserve Board
and under such rules and regulations as it may prescribe; and to establish and maintain such additional
branches or agencies as the Federal Reserve Board
may from time to time authorize even in countries or
dependencies not specified in the original organization
certificate.
"(c) With the consent of the Federal Reserve Board to
purchase and hold stock or other certificates of ownership
in any other corporation organized under the provisions of
this section, or under the laws of any foreign country or a
colony or dependency thereof, or under the laws of any
State, dependency, or insular possession of the United
States not transacting business in the United States, except
such as in the judgment of the Federal Reserve Board may
be incidental to its international or foreign business: Provided, hovjever, That without the consent of the Federal
Reserve Board, no corporation organized hereurfder shall
invest in any one corporation an amount in excess of 10
per centum of its own capital and surplus. The provisions
of section 7 of the Act approved October 15, 1914, entitled
' An Act to supplement existing laws against unlawful restraints and monopolies, and for other purposes/ shall not
apply to corporations or to officers, directors or employees
of corporations organized under this section.
m "(d) Corporations organized under authority of this section may be granted permission by the Federal Reserve
Board to exercise any or all of the powers specified in
section 11 (k) of the Federal Reserve Act in so far as the
exercise of said power may be necessary in the conduct of
the foreign or international business engaged in by such
corporations.
"No corporation organized under this section shall carry
on any part of its business in the United States except such
as, in the judgment of the Federal Reserve Board, shall be
AUGUST 1, 1919.
FEDERAL RESERVE BULLETIN.
729
incidental to its international or foreign business: And lution shall take away or impair any remedy against the
provided further ^ That except such as is incidental and corporation, its stockholders, or officers for any liability or
preliminary to its organization no such corporation shall penalty previously incurred.
exercise any of the powers conferred by this section until > "Any such corporation may go into voluntary liquidait has been duly authorized by the Federal Reserve Board tion and be closed by a vote of its shareholders owning
to commence business as a corporation organized under the two-thirds of its stock.
provisions of this section.
"Whenever the Federal Reserve Board shall become
'' No corporation shall be organized under the provisions satisfied of the insolvency of any such corporation, it may
of this section with a capital stock of less than $2,000,000, appoint a receiver who shall take possession of all of the
one-quarter of which must be paid in before the corpora- property and assets of the corporation and exercise the
tion may be authorized to begin business. The capital same rights, privileges, powers, and authority with respect
stock of any such corporation may be increased at any thereto as are now exercised by receivers of national banks
time, with the approval of the Federal Reserve Board, by appointed by the Comptroller of the Currency of the
a vote of two-thirds of its shareholders or by unanimous United. States: Provided, however, That the assets of the
consent in writing of the shareholders without a meeting corporation subject to the laws of other countries or jurisand without a formal vote; and may be reduced in like dictions shall be dealt with in accordance with the terms
manner, provided that in no event shall it be less than of such laws.
$2,000,000.
"Every corporation organized under the provisions of
"A majority of the shares of the capital stock of any this section shall hold a meeting of its stockholders ansuch corporation shall be held and owned by citizens of the nually upon a date fixed in its by-laws, such meeting to
United States, by corporations the controlling interest in be held at its home office in the United States. E-very
which is owned by citizens of the United Stales, chartered such corporation shall keep at its home office books conunder the laws of the United States or of a State of the taining the names of all .stockholders thereof, and the names
United States, or by firms or companies, the controlling and addresses of the members of its board of directors,
interest in which is owned by the citizens of the United together with copies of all reports made by it to the Federal
States or of a State thereof. The provisions of section 8 Reserve Board. Every such corporation shall make reof the Act approved October 35, 1914, entitled 'An Act to ports to the Federal Reserve Board at such times and in
supplement existing laws against unlawful restraints and such form as it may require; and shall be subject to examimonopolies, and for other purposes,' shall not be construed nations whenever deemed necessary by the Federal
to apply to the directors, other officers, agents, or em- Reserve Board by examiners appointed by the Federal
ployees of corporations organized under the provisions of Reserve Board, the cost of such examinations, including
this section.
the compensation of the examiners, to be fixed by the
"Shareholders in any corporation organized under the Federal Reserve Board and to be paid by the corporation
5
provisions of this section shall not be liable for the con- examined. '
tracts, debts, and engagements of such corporation except
to the e^rfeeafe of their unpaid 3tock Bubooriptions.—£
INVESTMENTS BY NATIONAL BANKS IN THE
member bank may act a3 agent for any corporation organCAPITAL STOCK OF CORPORATIONS ENGAGED
ized under the provioiono of thio ooefcion for the purpose of
IN CERTAIN PHASES OF FOREIGN FINANCIAL
dealing with any Federal roBef¥e-kank aad the Federal
OPERATIONS.
Reserve Board ahull establish and promu-lga4e-*ttleB-a&4
regulations—defining aad governing transactions which
ee^Borationo organised horcundcr mav have with Federal
Senate bill 2395, which amends section 25
fescr-vc-ba»fe3,- cithcf-feectly or through-^he-agcncy of-a of the Federal Reserve Act so as to enable
member banfe—No ouch extent of their unpaid stock subscriptions. Notwithstanding the provisions of section 19 oj national banks under certain circumstances to
the Federal Reserve Act, any member bank may act as a invest in the capital stock of corporations
medium or agent for any corporation organized under the chartered under the laws of the United States
provisions of this section in applying for or receiving discountsor
from a Federal reserve bank under rules and regulations to be of any State thereof and principally engaged
prescribed by the Federal Reserve Board. The Federal in certain phases of international or foreign
Reserve Board is authorized, under rules and regulations to financial operations, was passed by the Senate
be prescribed by it, to permit Federal reserve banks directly on July 14, 1919. The House Committee on
to
extend their facilities in the manner and to the extent defined Banking and Currency reported the bill
in such regulations to corporations organized under the provisions of this section. No such corporation, however, favorably on July 19, 1919, by striking out all
after the enacting clause and inserting the
shall become a member of any Federal reserve bank.
'•'Should any corporation organized hereunder fail to part printed below in italics.
comply with any of the provisions of the laws of the United
[66th Cong., 1st sess. S. 2395.]
States, all of its rights, "privileges, and franchises derived
herefrom may thereby be forfeited. Before any such corACT
the
approved December 23, 1913,
poration shall be declared dissolved, or its rights, privi- AN knownAmending section 25 of Act, Actamended bv the Act approved
as the Federal Reserve
as
leges, and franchises forfeited, any noncompliance with,
September 7,1916.
"
or violation of such laws shall, however, be determined
and adjudged by a court of the United States of competent
Be it enacted by the Senate and House of Representatives
jurisdiction, in a suit brought for that purpose in the of the United States of America in Congress assembled,
district or territory in which the home office of such cor- -Pfeftk-see&eft-go-e^ tho Act apffre^d-^eemfeeg^g-H^&fcgy
poration is located, which suit shall be brought by the known-as-the
United States at the instance of the Federal Reserve Board. approved:
pp
p
^
Upon adjudication of such noncompliance or violation, i
t th
each director and officer who participated in, or assented to, ing out tho period at th
thcroef4he-fo^e^Ting: " or
the illegal act or acts, shall be liable in his personal or indil,' 1921,
d t e tho
th
fi
vidual capacity for all damages which the said corporation
3, to invcot an-amount not exceeding in the aggregate
shall have sustained in consequence thereof. No disso- e -per contum-ef ito-paid-m-eapitel-and-et " ' '
'
730
FEDERAL RESERVE BULLETIN.
AUGUST 1,1919.
ef ono or moro corporations chartered or incorporated under amended by the Acts of June 22, 1906, and September 24,
the lawa of4he United States, or of any State-thereof, and 1918, be further amended to read as follows:
'' SEC. 5200. The total liabilities to any association of any
dlcas of ita location,- principally engaged in ouch
person or of any company, corporation, or firm for money
03 of intomational-ef-foroi
f k l t i
borrowed, including in the liabilities of a company or firm
taay -be noeeesary to faei&t&to the, expeft-ef-geeda
^ k f e f e H k
•Ufljbed Stales or any of ita do the liabilities of the several members thereof, shall at no
U i t d Stte
f
seaeteaoiqa or inaular po33oaaiaas-4e-any foreign -country : time exceed 10 per centum of the amount of the capital
•
PiwiSedj'hawever,- That4a-ae-evont 3feal3r4ae-^e^al invest- stock of such association, actually paid in and unimpaired,
and 10 per centum of its unimpaired surplus fund: Provided, however, That (1) the discount of bills of exchange
eseeedr-JrO-pef-contum of its capital and aurpl-as—
That section 25 of the Act approved December 23, 1913, drawn against actually existing values, including drafts
known as the Federal Reserve Act, as amended by the Art ap- and bills of exchange secured by shipping documents conproved September 7, 1916, be further amended by the addition veying or securing title to goods shipped, and including
of the following paragraph at the end of subparagraph 2 of demand obligations when secured by documents covering
commodities in actual process of shipment, and also inthe first paragraph, after the word "possessio7is":
" Until January 1, 1921, any national banking associa- cluding bankers' acceptances of the kinds described in
tion, without regard to the amount of its capital and surplus, section 13 of the Federal Reserve Act, (2) the discount of
may file application with the Federal Reserve Board for per- commercial or business paper actually owned by the
mission, upon such conditions and under such regulations as person, company, corporation, or firm negotiating the
may be prescribed by said board, to invest an amount not same, (3) the discount of notes secured by shipping docuexceeding in the aggregate 5 per centum of its paid-in capital ments, warehouse receipts, or other such documents conand surplus in the stock of one or more corporations chartered veying or securing title covering readily marketable nonor incorporated under the laws of the United States or of any perishable staples, including live stock', when the actual
States thereof and, regardless of its location, principally market value of the property securing the obligation is not
engaged in such phases of international or foreign financial at any time less than 110 per centum of the face amount of
operations as may be necessary to facilitate the export of goods, the notes secured by such documents and when such propwares, or merchandise from the United States or any of its erty is fully covered by insurance, and (4) the discount of
dependencies or insular possessions to any foreign country: any note or notes secured by not less than a like face
Provided, however, That in no event shall the total investments amount of bonds or notes of the United States issued since
authorized by this section by any one national bank exceed 10 April 24, 1917, or certificates of indebtedness of the United
States, shall not be considered as money borrowed within
per centum of its capital and surplus. "
the meaning of this section. The total liabilities to any
SEC. 2. That paragraph 2 of said section be amended by association, of any person or of any company, corporation,
adding after the word "banking," in line three, the ivords "or or firm upon any note or notes purchased or discounted by
finaMcial," so that the sentence will read: "Such application such association and secured by bonds, notes, or certificates
shall specify the name and capital of the banking association of indebtedness as described in (4) hereof shall not exceed
filing it, the powers applied for, and the place or places ivhere (except to the extent permitted by rules and regulations
the banking or financial operations proposed are to be carried prescribed by the Comptroller of the Currency, with the
on."
approval of the Secretary of the Treasury) 10 per centum
SEC. 3. That paragraph 3 of said section be amended by of such capital stock and surplus fund of such association
striking out the words "subparagraph 2 of the first para- and the total liabilities to any association of any person or
graph of this section" and inserting in lieu (hereof [lie vjord of any company, corporation, or firm for money borrowed,
"above," so that the paragraph will read:
including the liabilities upon notes secured in the manner
"Every national banking association operating foreign described under (3) hereof, shall not at any time exceed
branches shall be required to furnish information concerning 25 per centum of the amount of the association's paid-in
the condition of such branches to the Comptroller of the Cur- and unimpaired capital stock and surplus. The exception
rency upon demand, and every member bank investing in made under (3) hereof shall not apply to the notes of any
the capital stock of banks or corporations described above shall one person, company, corporation, or firm for more than
be required to furnish information concerning the condition six months in any consecutive twelve months."
of such banks or corporations to the Federal Reserve Board
SEC. 2. That section 5202 of the Revised Statutes of the
upon demand, and the Federal Reserve Board may order
special examinations of the said branches, banks? or corpora- United States as amended by section 20, Title I, of the
Act approved April 5, 1918, be further amended so as to
tions at such time or times as it may deem best.}}
read as follows:
'' SEC. 5202. No national banking association shall at any
SECTIONS 5200 AND 5202, K. S.
time be indebted, or in any way liable, to an amount exceeding the amount of its capital stock at such time acturemaining undiminished
House bill 7478, originally introduced on ally paid in and account of demands of the by losses or othernature following:
July 17, 1919, was favorably reported by the wise, except on of circulation.
"First. 'Notes
T
House Committee on Banking and Currency
" Second. Moneys deposited w ith or collected by the
on July 29, 1919, with certain amendments to association.
the bill as originally introduced, and was '' Third. Bills of exchange or drafts drawn against money
actually
passed by the House in the following form on thereto. on deposit to the credit of the association, or due
July 31, 1919:
"Fourth. Liabilities to the stockholders of the association for dividends and reserve profits.
A BILL To amond section 5200 of the Revised Statutes of the United
"Fifth. Liabilities incurred under the provisions of the
States as amended bv Acts of June 22,1906, and September 24,1918,
and section 5202 of the Revised Statutes of the United States, as Federal Reserve Act.
amended by the Act of April 5,1918.
"Sixth. Liabilities incurred under the provisions of the
War Finance Corporation Act.
Be it enacted by the Senate and Rouse of Representatives of
"Seventh. Liabilities created by the indorsement of
the United States of America in Congress assembled, That sec- accepted bills of exchange payable abroad actually owned
tion 5200 of the Revised Statutes of the United States as by the indorsing bank and discounted at home or abroad."
AUGUST 1,1919.
FEDERAL RESERVE BULLETIN.
731
1
BANKING AND ECONOMIC CONDITIONS of the Bank of Japan. A continuous increase
in the gold reserve with almost no interruption
IN JAPAN, 1914-1919.
throughout the entire period of the" war is
During the years preceding the World War indicated by the figures. By the end of June,
Japan was slowly recovering from the eco- 1919, it is reported that tne Bank of Japan
nomic depression which followed the termina- held 730 million yen in gold and gold credits,
tion of the Russo-Japanese war. During the and the Japanese Government 959 millions.
first part of 1914 industrial activity was not Of the combined gold reserves of the bank and
at its height in Japan, owing partly to a heavy the Government, amounting to 1,689 million
fall in the price of rice, a leading "money crop" yen, 445 millions are stated to be held in Japan
of a considerable part of the agricultural popu- and 1,244 millions abroad. The greater part
lation. The declaration of war resulted in a of the gold held abroad consists of gold credits
decided reduction in the export demand for in the United States and in England and
raw silk and for other important articles, and represents payments for goods purchased by
the business of the country suffered accord- those countries from Japan. The large excess
ingly. The Bank of Japan was called upon to of exports over imports and the resulting favorassist many firms that were in a serious con- able rates of foreign exchanges are responsible
for considerable gold imports into Japan
dition as a result of the decline in exports.
The attached table of imports and exports and for the large increase in the gold reserve of
of merchandise into Japan from 1910 to 1918 the bank. In .1916 the imports of gold to Japan
shows that in prewar years Japan's imports exceeded the exports by about 77 million yen
exceeded her exports, but that during the war and in 1917 by 236 million, while in 1918 'the
period the value of the merchandise exported excess was insignificant. A large part of the
was greater than the value of the merchandise gold imported into Japan came from the United
imported, the excess reaching a maximum of States, as will be seen from the following figures:
567 million yen in 1917. This reversal in the
Exports of
IQT?
gold from
foreign trade balance, together with a very
1917
'
United States
large increase in the total volume of foreign
to Japan.
business, is the most important factor in the January
$2, 047, 000
4, 442, 000
economic and financial history of Japan during February
3,468,000
the war. While a large part of the increase is March
April
6,199,000
due to the rise in prices, there was nevertheless May
30,356, 000
a decided increase in the quantity of goods June
38, 413, 000
July
36,561,000
exported as well as of goods imported.
Imports and exports of merchandise to and from
"1910-1919.
'•
Javan,
J
-
August
September
20, 481, 000
13, 500, 000
From the time the United States entered the
war in April, 1917, to the time when the gold
embargo was put into effect on September 7 of
that year about 140 million dollars in gold was
Excess of
Exports. imports (+) shipped from this country to Japan.
Imports.
There
Year.
or of exwere no further shipments until the embargo
ports (—).
was removed on June 9, 1919. Since that
1910
464
458
-!- 6 time over 17 millions of gold was sent to Japan.
1911
:
514
447
+ 67
1912
!
619
A great increase in note circulation, reach527
-f- 9 2
1913
729
632
+ 97 ing its maximum at the end of December,
1914
,
596
591
+ 5
1915
i
532
708
-176
1918, is reported by the bank. An important
1916
!
756
1, 127
-371
1917
1,035
1. 602
—567 item in the bank's statement is carried under
u
1918
"
1.668
-294
i ; 962
Advances on foreign bills.77
J a n u a r y - M a y , 1919
:
' 870
673
+ 197 the heading
These advances by the bank represent foreign
bills received by Japanese business men for
The principal asset and liability items of the sales of their goods abroad, the bills being disBank of Japan on June 30 and December 31, counted with the Bank of Japan. For the
1914, and at the end of each month beginning 1
Annual Reports
of Japan for
with 1915 to date are shown in the attached densed), Printed byof the BankTimes office. the years 1914-1918 (conthe Japan
See also: Financial and
table. These figures are taken from the Economic Annual of Japan, The Department of Finance, 1918, and
Economic and Financial Statistics 1914-1918, compiled by the Bank of
annual reports and weekly condition statements Japan.
[Hillions of yen.]
:
!
732
FEDERAL RESERVE BULLETIN.
AUGUST .1,1919.
most part this item measures the accommoda- is reported to have invested also in United
tion extended by the Bank of Japan to the States Treasury certificates.
foreign exchange banks. The Yokohama
Government deposits with the Bank of
Specie Bank alone was reported as having at Japan show a remarkable rise during the war
one time 500 million yen of foreign bills, 200 period—from 102 millions at the end of 1914
millions of which were discounted by the bank they advanced almost continuously to 1,100
of issue. From 21 million yen on the last day millions, on the latest day for which.figures are
of 1915 the advances on foreign bills by the available.
Bank of Japan rose to 121 millions at the end of
Another item of interest in the bank's state1916, to 199 millions at the end of 1917, and ment is the special Government deposit to
to 444 millions at the end of December, 1918. lecure fractional currency notes. These notes
The decline in Japan's export business since were issued to meet the steadily growing
the armistice is reflected in a decrease of demand for currency of the smaller denominaadvances on foreign bills, but in May and June, tions, occasioned by the large expansion of the
1919, tho amounts are larger than during the war industries, the increase in the number of
earlier months of the year. The Japanese industrial workers, and the rising price level.
Government viewed with, some misgiving, as The government apparently found it impossible
being conducive to inflation, the large amounts to purchase the required amount of silver at
of notes issued by the Bank of Japan against reasonable prices and decided, therefore, to
foreign exchange bills, and issued 100 million meet the demand by fractional currency notes
yen of bonds to obtain funds for financing put in circulation through the Bank of Japan.
foreign trade directly and thereby reducing The item appeared first in November, 1917,
the demands on the bank of issue.
as 4 million yen, rose to 20 millions by the end
Under the heading "Due from agencies and of December, to 91 millions by December,
7
banking houses' are included holdings of the 1918, and to 112 millions by June 14, 1919.
Bank of Japan in foreign countries. As a re- This is to be regarded as a temporary device.
sult of the growth of Japan's foreign commerce A more drastic measure was the reduction
during the war this item shows' an increase by the Japanese Government of the weight of
from 164 million yen at the close of 1914 to the 50-sen coin from 156.2490 to 104.1684 grains
335 millions at the end of 1915. During the and of the fine silver content from 124.9992 to
first few months of 1916 there was a decided 83.33472 grains.
decline in these figures, but beginning with
Great activity was manifested during the war
June of that year the figures went up again, by the metal industries, the cotton mills, and the
and in November stood at 424 millions. Dur- shipyards of Japan. The first was in response to
ing 1917 the tendency was upward, and at the the demand for war materials, the second was
close of tho year a total of 478 millions was due largely to the absence of European comreached, while during 1918 the total rose to petition in the Asiatic and South Sea markets,
833 millions. During the first half of 1919 the and the last was caused by an enormous
figures increased still further and on June 14, demand for space to transport merchandise
the latest date shown in the table, there were abroad and by the great scarcity of ships. The
937 million yen due to the Bank of Japan from close relation between the industrial prosperity
agencies and bankers.
of Japan and the war was indicated by serious
"During the war considerable investments financial disturbances both in 1916 and 1918
were made by the Japanese Government and when Germany made offers of peace to the
Japanese business men in foreign securities, Allies. With the termination of hostilities the
public and private. Japan made use of her shipbuilding industry suffered a serious setback
period of prosperity and of large foreign and some failures occurred. The newly debalances not only to reduce its foreign debt by veloped chemical and dye industries suffered
about 200 million yen, but also to extend credits severely. Many European contracts for war
to the Allies. According to a statement pre- supplies were also canceled, and some of
pared for presentation to the British Mission to the Oriental traders seeing in the cessation
Japan, the total credits extended to the Allies of hostilities a chance of lower prices, canup to April, 1918, amounted to 1,186 millions, celed some of their orders and. were slow to
742 of which went to Great Britain, 254 to accept new ones. A heavy drop in prices of
Russia, and 156 to France.1 The Japanese export goods and a serious economic visis
Government, through its New York agencies followed, accentuated in the field of labor by
the shortage and high price of rice, which from
1
Japanese Chronicle, vol. 107, p. 550.
AUGUST 1, 1919.
733
FEDERAL, RESERVE BULLETIN.
18.7 yen per koku (4.1 cents per pound) Rates of exchange in Japan on London, New York, and
Shanghai.
in January, 1914, went up to 23.5 yen (5
[High and low quotations for each month. Compiled by tho Bank of
cents per pound) in December, 1917, and
Japan.]
to 43.5 yen (9.4 cents per pound) in SeptemLondon (par New York (par
Shanghai
ber, 1918. The Government was obliged
of exchange:
(average for
of exchange:
100 yen=
1913:100 yen=
1 yen=
to suspend import duties on rice, in order
74.62 tacls).
$49.85).
d. 24.586).
to replenish the supply and to reduce the
Dollars.
Taels.
Pence.
price. When rice is cheap the agricultural July 1914.
49.625
80.000-87.000
20.375-20.437
classes of Japan suffer, since rice is their leading August
49.125-49.625
20.250-20.437
49.125
84.250-86.500
20.187-20.250
money crop. Excessive prices of rice, on the September
49.125
October
85.000-90.250
20.125
49.125
88.000-90.250
20.125
other hand, are indicative of scarcity and spell November
49.125
December
85.500-89.000
20.125
serious hardship for the industrial population Highest and lowest.
49.125-49. 625
80.000-90.250
whose principal article of food is affected.
1915.
49.125
24.125-24.138
88.500-89.750
Thus an acute economic crisis was brought January
48. 875-49.125
February
24.188-24.250
88.750-89.500
about in Japan after last November by the March
48.875
85.500-88.750
24.313
48. 875
April
86. 250-87.000
24.313-24.375
crisis in the shipbuilding industry, the set-back May
48.875
86.500-87. 750
24.375
48.875
87.750-89.500
24.438-24.500 I
to textile and other manufactures for export, Juno
48.875
July
89.750-91.250
24.500 I
and by the scarcity and high price of rice.
August
89.750-91.250
24.500-24.750 !| 4.8.125-48.875
FOREIGN EXCHANGE.
September
October
November
December
Highest and lowest.
1916.
January
February
March
April
May
June
July
August
,
September
October
November
,
December
,
Highest and lowest.
1917.
January
February
March
April
May
June
,
July
,
August
,
September
October
,
November
,
December
Highest and lowest..
1918.
January
February
March
April
May
June
July
August
September
October
November
December
Highest and lowest.
1919.1
January
February
March
April
May
June
A table of Japanese exchange rates on London, New York, and Shanghai is attached. It
will be noted that the rate of exchange on
London, which was unfavorable to Japan prior
to the war, showed a further drop immediately
after the war broke out, but rose rapidly a few
months later, went above par in August, 1915,
and has been continuously above par since
January, 1916. During the first three months
of 1919 the rate declined, but in April, May,
and June rates of sterling had gone up again to
the level prevailing just before the cessation of
hostilities in November, 1918.
Rates on New York were also unfavorable
to Japan in July, 1914, and showed a downward tendency during the first year of hostilities. After September, 1915, the rate rose,
however, and has been above par since January,
1916. During the current year New York high
rates on Yokohama were as follows: January
17, 512 cents per yen; February 15, 51f;
March 14, 51; April 16, 51J; May 16, 514;
June 13, 514; July 15, 50|-. Since the removal
of the American embargo on gold and the
resumption of gold exports from this country
to Japan, Japanese exchange shows a tendency
to decline.
Rates on Shanghai reflect largely the great
rise in the price of silver, the value of the
Japanese yen showing a steady decline, so that
at the end of 1918 a yen was worth only about
half as much in terms of the Shanghai tael as in
January, 1915.
24.750-24.938
24.938-25.188 !
25.188 !
25.313 i
24.125-25.313 i
48.125-48. 875
49.125
49.125-49.375
49.375-49. 875
48.125-49. 875
89.250-90.500
87.250-89.000
79.000-87.750
79. 000-83.750
79.000-91.250
25. 250-25.313
25.183-25.250
25.188
25.188
25.188-25.250
25.250-25.313
25.313
25.313-25.375
25.375-25.438
25.438-25.500
25.255-25.563
25.563
25.182-25.563
49. 875
49. 875
49.875
49.875
49.875-50.000
50.000-50.125
50.125-50.250
50.250-50.375
50.375
50.375-50.500
50.500
50.500
49.875-50.500
76.500-82.000
78. 750-80.000
73.750-79.500
68.500-74.250
63.250-70.000
70.000-73.750
71.000-78.000
71.000-73.250
67.500-70.250
67.750-68.500
60.250-60.750
59.000-60.500
60.250-82.000
25.563
25.563
25.563
25.563
25.563
25.563
25.563
25.563-25.625
25.625
25.625-25.687
25.687-25.750
25.750
25.563-25.750
50.500
50.500
50.500
50.500
50.500-50.625
50.625 i
50.625 !
50. 625-50. 750 j
50.750 I
50.750-50.875 j
50. 875-51.000 ;
51.000 !
50.500-51.000
59.000-61.500
57.500-60.500
60.000-64.000
59.750-61.500
59.250-60.250
55.250-59. 250
53.750-56.750
46.000-54.500
42.250-48.000
48.000-56.000
51.000-55.000
48.500-51.500
42.250-64.000
25.750
25.750
25.750
25.750
25.750
25.875-26.000
26.000-26.125
26.125-26.250
26.250
26.250-26.312
26.350
26.375
25.750-26.375
51.000
51.000
51.000
51.000
51.000-51.125
51.175-51.375
51.375-51.625
51.625-51.850
51. 850
51.850-52.000
52.125-52.250
52.250
51.000-52.250
47.750-50.250
48.750-50.000
47.750-49.250
47.750-49.750
47.500-48.750
46.250-47.500
45.500-46.250
42.500-45.500
38.500-42.500
41.000-44.500
43.000-45.000
41.000-43.000
41.000-50.250
25.750-24.125
25.625-24.125
25.375-23.875
26.500
26.250-24.500
26.250-24.750
11919figuresfrom London Economist.
734
AUGUST 1,1919.
FEDERAL RESERVE BULLETIN.
Principal asset and liability items of the Bank of Japan.
[In thousands of yen; par of exchange., 100 yen=S49.85.}
Date.
Gold.
1914.
Advances
on foreign
bills.
Due from
Other
Notes in
agencies
loans and and bank- circulaadvances. ing houses.
tion.
Government deposits.
78,306
73,834
191,061
163,723
362,271
385,589
139,077
102,398
11,438
15,441
1,695
8,355
13,365
73,420
72,325
72,396
71,845
69,572
68,373
66,916
79,888
71.247 !
67', 557 |
93,383 I
176,090
222,547
256,896
275,197
301,670
246,779
257,160
287,806
337,315
339,940
31S,040
335,478
340,641
323,889
295,967
283,861
299,679
315,740
323,491
331,438
310,616
343,460
330,185
396,384
120,793
162,134
216,981
239,683
239,339
181,462
186,060
208,404
222,810
218,628
251,756
253;627
15,128
33,404
28,741
28,129 i
34,072
22,768
22,001
22,430
72,538
46,675
259,217
261,788
264,447
283,986
270,832
271,826
276,544
298,920
310,499
317,385
327,737
413,702
22,592
13,411
13,578
23,461
12,340
24,935
21,803
30,793
45,702
39,171
50,604
122,066
94,217 j
72,271 !
68,216
77,260
73,015
74;089
73,429
72,555
78,179 •
75,715 !
88,153 I
156,350 !
316,752
310,977
265,802
282,914
299,438
365,586
358,871
365,046 '
370,804
396,934
424,310
340,265
396,699
344,265
331,109
357,782
335.788
394', 208
395,672
404,561
444,032
458,225
455.910
610;539
259,111
266,959
234,248
265.102
257; 921
289,147
274,472
305,735
303,699
314,871
377,639
360,948
9,054
34,389
25,508
16,747
34,318
36,708
28,284
22,727
21,148
20,894
18,497
29,210
403,697
400,309
404,812
408,773
429,626
514.477
547,223
588,045
624,201
622,760
625,818
655,931
82,708
62,685
97,557
67,439
74,249
120,309
122,977
141,824
133,564
92,665
139,780
209,007
122,317
95,284
109,527 I
87,175 !
92,590 !
116,174 !
97,712 !
102,466 j
101.285 I
92; 937 j
75,637 I
131,653 j
351,608
341,221
344,885
407,773
442,141
404,838
405,027
408,304
419,834
451,711
466.601
477'. 997
501,986
440,110 !
493,787
476,185 !
460,562 !
605,918
600,803
613,720
658,183
632,685
624,977
824,105
398,707
398,113
413,534
445,802
492,645
492,233
518,027
559,465
561,311
545,849
586,744
581,605
26,949
22,518
17,460
16,481
20,466
26,343
16,331
24,756
22,061
41,880
49,555
654,111
655,038
646,965
659,031
656,379
654,520
653,157
660,774
679,227
682,279
720,512
725,621
130,015
148,002
182,627
167,140
118,885
232,271
218,153
368,468
373,236
323,784
396,852
42®,846
102,617 !
111,991 i
171,122 ;
130,838 i
91,906 ;
165,531 j
108,782 :'
205,292
110,216 I
80,980 I
102,590 '
169,732
411,139
414,083
420,066
435,287
520,220
548,820
573,575
568,252
702,172
801.358
796', 809
833.319
539,415
613,848
641,663
678,324
666,017
713,327
745,723
855,154
941,973
966,324
981,989
956,819
24,540
27,072
34.170
24', 326
43,4.50
37,255
36;285
32.051
32,531
37,155
44,120
53.624
25,920
33,755
40,000
43,315
45,880
53,810
59,017
65,689
68.777
72;003
82,445
91,210
713,244
712,174
707,967
706,628
706,142
705,367
350,327
336,497
275,620
276,665
320,523
336,906
147,235
76.551
127;975
97,508
188,088
147,711
821.629 I
821', 110 j
908,017 i
903,039 I
931,257 !
936,605 !
1,016,830
1.026,911
i;064,638
1,083,058
1,128,437 j
1,099.749 '
89,122
54,834
41,270
33,562
32,407
43,073
95,060
100,175
105,000
106,845
110,095
112,395
221,263
219,561
33,920
46,682
222,108
22) 204
217,323
210,682
209,041
218,118
214,815
210,498
209,488
216,992
222,372
249,269
June 30
Dec 31
22,449
14,068
12,256
11,693
9,749
517
7,168
6,155
1915.
Jan 30
Feb 27
Mar 27 . . . .
Apr. 24
Ma-v 29
June 26
July 31
Aug 28 . . . .
Sept 25
Oct 30 . . .
Nov 27
De° 25
1916.
Jan 29
Feb 26
Mar 25
Apr 29 . .
Mav 27
June 24
July 29 . . . .
Aug 28
Sept' 30 . .
Oct 28
Nov 25
Dec 30 . . .
1917.
Jan 27
Feb 24
Mar 31
Apr 28
May 26
June 30
July 28
Aug 2,5
Sept 29
Oct. 27.
Nov 24
Dec 29
.. .
1918.
Jan. 26
Feb 23
Mar. 30
Apr 27
Mav 25
June 29
July 27
Aug. 31
Sept 28
Oct 26
Nov. 80 . . . .
Dec. 28
1919.
Jan 25
Feb 22. . .
Mar. 29
Apr 26
May 31
June 14
Fractional
currency
held on
deposit for
Other
the Govdeposits. ernment
against
which special notes
are issued.
j
!
!
I
I
i
i
697,804
646,954
708,165
649,988
628,511
809,311
728,144
848,904
865,125
839,954
937,936
1,090,910
931,400
817,393
865,728
813,914
927,112
951,121
42,792
25.564
4,341
19,825
AUGUST 1,
FEDERAL RESERVE BULLETIN.
1910.
735
Assets, Liabilities, and Earnings of the Three capital, all of which is fully paid, was necessary
Leading German Commercial Banks.1
owing to the nature of the business conducted
by the German banks. The German banks, as
The reports of the annual general meetings is well known, are the financial backers and
of the big Berlin banks and the balance sheets, often the silent partners of large industrial unwhich were drawn up at the close of last year, dertakings. Industrial conditions during the
are particularly interesting in view of the break- war were such that rapid increase in banking
down of Germany in the autumn and her pres- capital was not called for, the recorded inent debtor position.
creases being due in large part to the absorpThe directors of the Deutsche Bank, the tion of smaller banks. On the other side of
largest in Germany, dealt very briefly with the balance sheets it will be seen that no small
affairs outside the bank, but made a somewhat part of the capital of each bank is locked up in
feeble attempt to prove that German bankers participations in other concerns, which include
and financiers were in complete ignorance of the not only banks but industrial undertakings.
impending outbreak of war up to the end of It will be noted that the participations of the
July, 1914. They urged quite rightly that a Deutsche Bank, the greatest of the three, decountry should be prepared in currency matters clined from 136 million marks at the end of
for any emergency, and on this ground justified 1913 to 64 millions at the end of 1918, this
the peace-time preparations of the lieichsbank bank apparently devoting a larger part of its
and the Government for the establishment of resources to aiding the Government to finance
the loan banks throughout Germany immedi- the war. The other two banks show substanately after the outbreak of war.
tial increases in participations during the war,
Except for passing references to the changes showing that they were able even under the
in the political and military situation since stress of the great struggle to carry on the
their previous meetings, and the present needs work of financing new concerns and aiding esof Germany for credit, food, and raw materials, tablished ones. The increase in deposits since
the reports of the other banks are confined to 1913 in the case of the three leading banks has
domestic affairs. The staff question has pre- been due partly to the inclusion of the figures
sented serious difficulties—perhaps more so of the smaller banks taken over during the five
than in other countries—and it is contended years, but mainly to borrowing by the Governthat the point has now been reached beyond ment from the banks.
which further concessions in the matter of
Holdings of acceptances, which represent
bonus and salary can be made only at the ex- largely the German banks' foreign trade activpense of the banks' progress and prosperity.
ities, declined greatly during the war. For
Coming to the actual figures, the tables here- the three banks combined, acceptances on Dewith present the assets and liabilities of the cember 31, 1913, were about 839 million marks,
three principal joint-stock banks of Germany while on December 31, 1918, they were only
since the last year of peace. The figures need about 203 million marks, or less than onelittle comment and less by way of explanation. fourth of the prewar amount.
As in the case of all German joint-stock banks,
All banks, from the Keichsbank down to the
the proportion of capital was relatively large smallest credit institution, have participated
before the war, since when, owing to the ab- in the creation of credit against Government
normal increase in deposits, the ratio has been securities, and to judge from the balance sheets
very considerably reduced. A large amount of which are available, short-dated Treasury bills,
* Based on July Review of the London City and Midland Bank, included under caption "Bills," have been the
Limited; and Juno Bulletin of the Society de Banque Suisse.
favorite medium of investment.
128746—19
6
736
FEDERAL RESERVE BULLETIN.
Assets and liabilities of the three big German banks.
(In millions of marks.)
ASSETS.
Bank.
Dec. Cash and Investbank
31. balances. ments.
Bills
Loans Particiand ad- pations.
vances.
161.2
172.9
168.0
165.2
253.8
242.4
42.6
52.7
65.0
55.4
8.1.2
148.7
639.4
674.6
1,018.6
1,861.2
3,053.2
4,616.8
375.9
330.0
353.1
708.0
1,200.1
2,370.8
1,088.4
1,327.4
1,406.7
1,609.5
1,883.5
1,686.8
860.5
692.3
806.1
920.8
1,404.3
1,381.7
135.9
113.3
113.4
102.7
69.1
63.5
92.1
101.4
98.1
91.4
118.8
118.6
30.1
39.0
44.0
60.1
Deutsche B a n k . . . 1913
189.2
1914
357.1
1915
408.1
1916
498.2
1917 1,008.2
I 1918
751.1
130.0
Dresdner B a n k . . . . 1913
161.3
1914
205.8
I 1915
293.2
| 1916
532.2
1917
496.0
1918
Disconto-Gesell:
120.9
schaft
1913
142.5
1914
224.9
1915
284.6
1916
449.8
1917
612.0
1918
257.5
241.6
629.0
831.4
1,618.2
1,975.1
630.1
546.0
615.0
678.9
984.0
1,204.2
AUGUST 1,1919.
While the gross earnings of the banks nearly
doubled during the period 1913-1918, their expenses increased nearly threefold, and their
net earnings show an average increase of about
32 per cent. Dividend payments by the banks
continued throughout the war period and in
1917 were higher than in 1913 for two of the
three banks. Dividends paid in 1918, however, were lower than those paid in 1913 for
each of the three banks.
175.4
282.4
270.5
261.2
260.0
270.0
Commercial Failures Reported.
The establishment of new low records in
number of failures in the United States has
become a familiar feature, and during three
LIABILITIES.
weeks of July only 287 commercial defaults
Doc. Capital. Reserve. Deposits. Acceptwere reported to R. G. Dun & Co., against 546
Bank.
31.
ances.
in the corresponding period of 1918, when the
200.0
1913
112.5
1,580.0
300.7 showing was considered highly favorable.
Deutsche Bank
The
1914
250.0
178.5 2,042.1
162.6
1915
250.0
178.5 2,541.6
122.8 statement for June, the latest month for which
1916
250.0
180.0 3,503.4
69.6 complete statistics are available, discloses but
1917
275.0
225.0 5,669.3
65.5
1918
275.0
230.0 6,740.2
71.4 485 insolvencies for $9,482,721, the number
Dresdner Bank
1913
200.0
61.0
958.4
287.3 comparing with 804 in the same month last
146. a
1914
200.0
61.0
948.5
1915
200.0
61.8
1,192.8
92.3 year and being the lowest ever recorded for a
1916
200.0
62.0
1,759.8
68.9
1917
200.0
80.0
2,947.7
75.5 single month, while the liabilities are the
1918
260.0
80.0
4,150.8
63.6
Discon to- G esellschaf t 1913
200.0
81.3
074.0
250.9 smallest of any month since last August and
3914
300.0
119.0
805.7
152.7 more than $1,000,000 under those of June, 1918.
1915
300.0
119.0
1,202.8
100.8
1916
300.0
120.0
1,614.6
44.8 Separated according to Federal Eeserve dis1917
310.0
134.0 2,870.3
68.4 tricts, the June returns show fewer failures
191.8
31.0.0
134.0 3,049.3
68.3
than last year in all of the 12 districts, the
A table adapted from a bulletin of the decreases being marked in most instances, and
Societe de Banque Suisse for June, .1919, show- while the indebtedness is heavier in the second,
ing the results of operation of the three leading fourth, fifth, seventh, eighth, and twelfth disGerman commercial banks is shown below.
tricts, the increases are more than offset by the
Earnings, expenses, and dividends of three leading German reductions elsewhere.
77.4
96.4
commercial banks.
Failures during June.
In millions of m a r k s .
Bank.
Dec.
31.
Gross
earnings.
Not
Expenses. earnings.
Dividends.
Dividends
(per
cent).
Number.
Liabilities.
Districts.
Deutsche Bank
Dresdner B a n k . . .
DisooDto-Gosellschaft.
1913
1914
1915
1916
1917
1018
1913
1914
1915
1916
1917
1918
1913
1914
1915
1916
1917
1918
68.3
74.4
77.2
87.0
112.3
130.6
43.2
40.7
40.7
49.1
57.5
73.7
39.3
36.5
45.8
56.4
65.2
71.8
30.8
35.3
37.0
42.2
59.9
83.3
16.6
16. 9
16.2
18.7
21.9
39.9
14.8
15.7
16.9
20.8
26.0
40.1
35 7
41.1
49.6
50.0
62.3
49. 6
26.3
24.0
25.0
30.8
36.1
34.2
25.7
22.1
30.2
36.9
40.4
32.0
25.0
25.0
31.3
31.3
38.5
33.0
17 0
12.0
12.0
17.0
17.0
18.2
20.0
18.0
25.5
30.0
34.1
27.9
12 5
1919
10
12.5
12.5
14
12
8 5
6
6
8.6
8.5
7
10
8
8.5
10
11
9
First
Second
Third
Fourth
Fifth
Sixth
Seventh
Eighth
Ninth
Tenth
Eleventh..
Twelfth....
61
104
Total
1918
1919
1918
44
30
20
56
15
10
9
31
78
100
151
43
60
43
35
129
40
38
30
33
102
8765,929 ! §1 584,608
4,040,301 I 3 100,479
295,163 j
707,654
597,244
568,915
1,001,355
649,734
185,459
302,869
858,176
933,669
303,299
351,947
354,368
67,969
147,397
31,832
470,752
210,444
675,900
883,999
485
804
9,482,721
2?
10,606,741
AUGUST 1, 1919.
FEDERAL RESERVE BULLETIN.
New National Bank Charters.
The Comptroller of the Currency reports the
following increases and reductions^ in the number of national banks and the capital of national banks during the period from June 28,
1919, to July 25, 1919, inclusive:
737
Acceptances to 100 Per cent.
Since the issuance of the July 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: Canal National Bank,
Banks.
Portland, Me.; Northwestern National Bank,
26
Minneapolis, Minn.; First-Second National
§1.110,000 Bank, Akron, Ohio. First National Bank,
54
14, 310,000 Waco, Tex.
New charters issued to
With capital of.
increase of capital approved for
With new capital of
Aggregate number of new charters and
banks increasing capital
80
With aggregate of new capital authorized
15,420,000
Number of banks liquidating (other than
those consolidating with other national
banks under the act of June 3, 1864)
9
Capital of same banks
1, 785,000
Number of banks reducing capital
!
Reduction of capital
25, 000
Total number of banks going into liquidation or reducing capital (other than those
consolidating with other national banks
under the act of June 3, 1864)
10
Aggregate capital reduction
1. 810,000
Consolidation of national banks under the
act of Nov. 7, 1918
:
4
Capital.
16, 800? 000
:
The foregoing statement shows the aggregate
of increased capital for the period of "the
banks embraced in statement was
15, 420,000
Against this there was a reduction of capital
owing to liquidation (other than for consolidation with other national banks under the act of June 3, 1864) and reductions of capital of.
1, 810, 000
Crop Statistics, by Federal Reserve Districts.
At the request of the Federal Reserve Board
the Bureau of Crop Estimates of the Department of Agriculture has undertaken to secure
monthly estimates of acreage and prospective
production of leading crops by Federal Reserve
districts. Owing to the fact that many of the
boundary lines between Federal Reserve districts do not coincide with State lines, this
undertaking presented considerable difficulties,
but information by counties is obtained by the
correspondents of the Bureau of Crops Estimates in most cases and crop data for nine
Federal Reserve districts have been received as
of July 1, 19.19. It is hoped that districts Nos.
4, 10, and 11 will also soon be included in the
tabulation.
Figures for corn, wheat, oats, and hay were
reported for each of the nine districts and are
13, 610, 000 shown in the attached table.
Net increase
Acreage and production of corn, ivheat, oats, and hay in 9 Federal Reserve districts and in the United States, 1919 and 1918.
[In thousands of units of measurement.]
Total for - Total
United
for 9
States. districts.
COltN.
Acreage:
73,488
1919
102,977
85,788
1918
: . . . . 107,494
Production (bushels):
Forecast for 1919
2,815,430 2,075,612
Estimated production,1918. 2,582,814 2,081,963
District
1—
Boston.
District
2—New
York.
District District i District
3—Phila- 5—Rich- ! 6—
delphia. j mond. ; Atlanta.
188
202
951
967
9,187
9,273
39,287
35,604
42,934
38; 592
32
41
593
497
1,523
1,344
3,678
3,565
654,835
617,916
791
902
13,327
8,979
30,241
22,312
44,251
40,754
OATS.
Acreage:
31,757
1919
42,365
1918
44,400
33,231
Production (bushels):
Forecast for 1919
1,403,128 1,037,781
Estimated production,1918.1,538,35< 1,241,312
337
334
1,149
1,339
748
764
1,211
1,238
12,731
13,371
32,567
54,811
24,180
29,773
26,945
28,111
WHEAT.
Acreage:
1919
71,526
1918
59,110
Production (bushels):
Forecast for 1919
1,160,678
Estimated production,1918. 917,100
HAY.
Acreage:
1919
1918
Production (tons):
Forecast for 1919
Estimated nroduction.1918
1,533 I
1,545 I
8,803
8,745
63,304 i 205,188
59,805 ! 205)"""
71,224
55,971
54,494
54,643
3,700
3,631
4,658
4,657
2,226
2,226
3,288
3,287
115,701
76,069
85.369
69; 086
4,999
4,393
6,920
5,847
3,219
3,116
4,716
4,203
13,174
10,574
738
FEDERAL RESERVE BULLETIN.
AUGUST 1,1019.
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 July.
One thousand and eighty-five State institutions are now members of the system, having
a total capital of $380,809,375, total surplus
of $424,282,214, and total resources of
$8,138,460,111.
Capital.
Surplus.
Total
Capital.
Surplus.
Total
District No. 10.
American Bank, Sidney, Nebr
Saline County Bank," Western,
Nebr
Nebraska State Bank, Ord, Nebr..
Producers State Bank, Tulsa,
Okla
!
$100,000
$25,000
SI,220,067
30,000
35,000
30,000
12,000
334,881
476,727
250,000
25,000
3,517,551
50,000
5,000
269,282
50,000
3,000
257,967
District No. 11.
First Guaranty State Bank,
Denton, Tex
Commercial Guaranty State Bank,
San Augustine, Tex
District No. 12.
District No. 2.
Sussex County Trust Co., Franklin, N . J
Kingston Trust Co., Kingston,
N Y
$100,000
150,000
$20,000
60,000
$120,000
1,075,495
District No. S.
Bankers Trust Co., Atlantic City,
N.J
100,000
100,000
District No. 4Hubbard Banking Co., Hubbard,
Ohio
The Pemborville Savings Bank
Co., Pemberville, Ohio
Citizens Savings Bank, Upper
Sandusky, Ohio
Union Savings & Trust Co.,
Warren, Ohio.
25,000
920,618
25,000
5,000
585,124
50,000
30,000
785,393
300,000
300,000
The Inland Empire Bank, Pendleton, Oreg
Monticello State Bank, Monticello, Utah
The Pullman State Bank, Pullman, Wash
Central Bank of Toppenish, Toppenish, Wash
a
Bank of Italy, San Francisco,
Calif
.'.
The Marine Bank, Seattle, Wash..
342,279
250,000
25,000
2,500
97,378
37,500
10,000
605,401
50,000
18,000
437,095
5,000,000
200,000
1,250,000
50,000
103,866,960
250,000
NOTE.—The First State Bank, Wolfe Point, Mont., has decided not to
complete its membership by making payment on account of capital stock,
and it is, therefore, not a member of the Federal Reserve system.
The State Bank of Evanston, Evanston, 111., has changed its name to
State Bank & Trust Company, and has increased its capital to £300,000.
The Fidelity Trust Company, Kansas City, Mo., has converted into
Fidelity National Bank & Trust Co., Kansas City, Mo.
4,552,237
50,000
District No. 6.
Glynn County Bank, Brunswick,
Ga
'
Bank of Orange & Trust Co.,
Orlando, Fla
Union Savings Bank, Mobile, Ala.
Mercantile Bank & Trust Co.,
Savannah, Ga
Foreign Branches.
100,000
764,703
100,000
200,000
540,846
1,076,306
200,000
1,220,859
50,000
918,167
50,000
705,691
50,000
740,195
District No. 7.
State Savings Bank, Caro, Mich..
First State Savings Bank, Evart,
Mich
Chemical Stale Savings Bank,
Midland, Mich
State Savings Bank, Nashville,
Mich
Farmers State Bank, Lafoiitaine,
Ind
The Farmers Bank, Mason, Mich..
25,000
5,000
383,962
35,000
50,000
491
10,000
142, %2
543, SS5
100,000
100,000
1,134,163
75,000
9,000
879,276
100,000
75,000
21,000
20,000
796,388
495,019
District No. 8.
Desha Bank & Trust Co., Arkansas City, Ark
Union Bank & Trust Co., Batesville,Ark
Chieot Bank & Trust Co., Lake
Village, Ark
Warren Bank, Warren, Ark
Farmers Bank & Trust Co.,
Magnolia, Ark
Lincoln Savings Bank & Trust
Co., Louisville, ICv
State Bank of Lebanon, Lebanon,
111
Farmers & Commercial Savings
Bank, Clayton, Mo
Citizens Bank & Trust Co., Batesville,Ark
50,000
28,000
757,673
500,000
100,000
3,117,261
288,931
50,000
5,000
75,000
7,500
82,500
50,000
12,500
505,775
District No. 9.
Powder River County Bank,
Broadus, Mont
The American Bank of Laurel,
Laurel, Mont
25,000
25,000
101,746
2,500
27,500
A list of foreign branches of national banks
and international and foreign banks, doing
business under agreement with the Federal
Reserve Board, which have opened for business
recently, is given below:
National City Bank, New York City:
Rosario, Argentine.
Pernambuco, Brazil.
Artemisa, Cuba.
Caibarien, Cuba.
Ciego de Avila, Cuba.
Cuatro Caminos, Cuba.
Galiano, Cuba.
Guantanamo, Cuba,
Manzanillo, Cuba.
Pinar del Rio, Cuba.
Santa Clara, Cuba.
Union de Reyes, Cuba.
Remedios, Cuba.
Yaguajay, Cuba.
Port of Spain, Trinidad.
Maracaibo, Venezuela.
Park Union Foreign Banking Corporation, New York
City:
Yokohama, Japan.
Mercantile Bank of the Americas, New York City:
Affiliated institutions—
Banco Mercantil Americano de Colombia,
Armenia, Colombia.
Banco Mercantil Americano del Peru, Trujillo,
Peru.
AUGUST 1,
739
FEDERAL RESERVE BULLETIN".
1919.
Fiduciary Powers Granted to National Banks.
DISTRICT NO. 7.
Trustee, executor, administrator, registrar of stocks and
The applications of the following banks for bonds, guardian of estates, assignee, receiver, and compermission to act under section 11-k of the mittee of estates of lunatics:
Citizens National Bank, Decatur, 111.
Federal Reserve Act have been approved by
of estates,
the Federal Reserve Board during the month Guardianof lunatics: assignee, receiver, and committee of
estates
of July, 1919:
First National Bank, Dubuque, Iowa.
DISTRICT No.
1.
DISTRICT No. 8.
Trustee, executor, administrator, registrar of stocks and
bonds, guardian of estates, assignee, receiver, and comTrustee, executor, administrator, registrar of stocks and
mittee of estates of lunatics:
bonds, guardian of estates, assignee, receiver, and comFirst National Bank, Amherst, Mass.
mittee of estates of lunatics:
First National Bank, Jonesboro, Ark.
DISTRICT NO. 2.
First National Bank, Chillicothe, Mo.
Arkansas National Bank, Hot Springs, Ark.
Trustee, executor, administrator, registrar of stocks and
bonds, guardian of estates, assignee, receiver, and com- Trustee, executor, administrator, guardian of estates,
assignee, and receiver:
mittee of estates of lunatics:
First National Bank, Sparta, 111.
Passaic National Bank, Passaic, N. 3".
Fulton County National Bank, Gloversville, N. Y.
First National Bank, Mt. Vernon, N. Y.
DISTRICT No. 9.
Registrar of stocks and bonds:
Merchants National Bank, New York, N. Y.
Trustee, executor, administrator, registrar of stocks and
bonds, guardian of estates, assignee, receiver, and comDISTRICT No. 3.
mittee of estates of lunatics:
Sioux Falls National Bank, Sioux Falls, S. Dak.
Trustee, executor, administrator, registrar of stocks and
bonds, guardian of estates, assignee, receiver, and committee of estates of lunatics:
DISTRICT NO. 10.
Fulton National Bank, Lancaster, Pa.
Emaus National Bank, Emaus, Pa.
Trustee, executor, administrator, registrar of stocks and
Red lion First National Bank, Red Lion, Pa.
bonds, guardian of estates, assignee, receiver, and comTamaqua National Bank, Tamaqua, Pa.
mittee of estates of lunatics:
Rock Springs National Bank, Rock Springs, Wyo.
DISTRICT No. 4.
Trustee, executor, and administrator:
First National Bank, Laramie, Wyo.
Trustee, executor, administrator, registrar of stocks and
bonds, guardian of estates, receiver, and committee of
DISTRICT NO. 11.
estates of lunatics:
Farmers National Bank, Somerset, Ky.
Trustee, executor, administrator, registrar of stocks and
Trustee and registrar of stocks and bonds:
bonds, guardian of estates, assignee, receiver, and comFirst National Bank, Defiance, Ohio.
mittee of estates of lunatics:
Clinton County National Bank, Wilmington, Ohio.
Texarkana National Bank, Texarkana, Tex.
Trustee, executor, administrator, registrar of stocks and
First National Bank, Waco, Tex.
bonds, guardian of estates, assignee, receiver, and comCitizens National Bank, Brownwood, Tex.
mittee of estates of lunatics:
State National Bank, Denison, Tex.
The Oil City National Bank, Oil City, Pa.
Trustee, executor, administrator, registrar of stocks and
bonds, guardian of estates, assignee and receiver:
DISTRICT NO. 5.
National Bank of Commerce, Houston, Tex.
Trustee, executor, administrator, registrar of stocks and
bonds, guardian of estates, assignee, receiver, and comDISTRICT NO. 12.
mittee of estates of lunatics:
Salisbury National Bank, Salisbury, Md.
Trustee, executor, administrator, registrar of stocks and
bonds, guardian of estates, assignee, receiver, and comDISTRICT NO. 6.
mittee of estates of lunatics:
Exchange National Bank, Spokane, Wash.
Guardian of estates, assignee, receiver, and committee of
Farmers & Merchants National Bank, Los Angeles,
estates of lunatics:
Calif.
First National Bank, Birmingham, Ala.
Guardian of estates, assignee, receiver, committee of Guardian of estates, assignee, receiver, and committee or
estates of lunatics:
estates of lunatics, and registrar of stocks and bonds:
First National Bank, Walla Walla, Wash.
First National Bank, Quitman, Ga.
740
FEDERAL, RESERVE BULLETIN.
AUGUST 1,1019.
LAW DEPARTMENT.
The following opinions of General Counsel such as to make the draft eligible for accepthave been authorized for publication by the ance under (b) referred to above. The
Board since the last edition of the BULLETIN: only question for consideration, therefore, is
whether the draft may properly be accepted
Acceptance of drafts drawn abroad and secured by foreign
as a draft which is secured at the time of
warehouse receipts.
acceptance by a warehouse receipt conveying
A draft drawn abroad, payable in the United States in
dollars and secured by a warehouse receipt covering readily or securing title covering readily marketable
marketable staples stored in a warehouse located in a for- staples. By hypothesis, the drafts though
eign country,'is eligible for acceptance by a member bank drawn in a foreign country are made payable
and after acceptance is eligible for rediscount by a Federal in the United States in dollars. The ultimate
Reserve Bank under the provisions of section 13 of the question of eligibility for acceptance depends,
Federal Reserve Act, but, under the terms of the Board's
present regulations, is not eligible for purchase by a therefore, upon a proper determination of the
Federal Reserve Bank in the open market, under the pro- requirements of the law in reference to the
visions of section 14 of the Federal Reserve Act.
location of the warehouse in which the goods
are stored, that being the only other element
JULY 25, 1919.
about which any doubt has been suggested.
An opinion has been asked on the question
Section 13, as indicated above, authorizes
whether or not a bill of exchange drawn in a the acceptance of three distinct classes of
foreign country, payable in the United States drafts; one involving the international shipin dollars, and secured by a warehouse receipt ment of goods, another involving the domestic
or other such document covering readily shipment of goods, and the third involving the
marketable staples stored in a warehouse storage of goods. With reference to this third
located in the foreign country, is eligible for class of drafts, section 13 contains no express
acceptance by a member bank and if so, restriction whatever as to the locality of the
whether as an acceptance it is eligible for warehouse which issues the receipt against
rediscount or purchase by a Federal Reserve which the draft is drawn, the law providing
Bank under the provisions of sections 13 and merely that the draft be secured at the time
14, respectively.
of acceptance by a warehouse receipt conveyUnder the terms of section 13, any member ing or securing title covering readily marketbank may accept drafts or bills of exchange able staples. In view of the fact that the
drawn upon it (a) which grow out of trans- whole spirit of section 13 indicates that no
actions involving the importation or exporta- such limitation should be implied, there does
tion of goods; (b) which grow out of trans- not appear to be any reason that the law
actions involving the domestic shipments of should be construed so as to confine this class
goods; or (c) "which, are secured at the time of business to those drafts which are secured
of acceptance by a warehouse receipt or other by warehouse receipts issued by warehouses
such document conveying or securing title located within the United States.
covering readily marketable staples.'7
As an incident to obtaining the export or
There is nothing in the facts presented to import business of its customers, any member
indicate that the draft in question grows out bank may properly be called upon, under
of a transaction which involves the importa- certain conditions, to finance the storage of
tion or exportation of goods, so that it is not goods in foreign countries in which its
eligible for acceptance under the provisions of customers may be doing business. Even
(a) referred to above. So also, the facts do though the storage of goods in any particular
not evidence a domestic shipment of goods instance may not of itself be directly asso-
AUGUST 1,
1919.
ciated with an export or import transaction,
nevertheless conditions may require the member bank to accept drafts which are secured by
goods stored in a foreign country as an incidental part of its accommodation to a customer doing business in that country. It
seems, therefore, not only that Congress
did not expressly restrict, the warehouse
acceptance privilege to those drafts secured
by warehouse receipts covering goods stored
within the United States, but also that it
would be inconsistent with both the letter
and the spirit of the law to impute to Congress
an intention that this class of business be so
restricted.
This leaves for consideration the question
whether Federal Keserve Banks may rediscount acceptances of this sort under the provisions of section 13 and whether they may
purchase them in the open market under the
provisions of section 14.
The present regulations of the Federal
Reserve Board clearly authorize Federal Reserve Banks to rediscount for their member
banks acceptances of the kinds described herein,
but it should be noted that Regulation B,
Series of 1917, which relates to open market
purchases by Federal Reserve Banks under the
provisions of section 14, provides that an acceptance growing out of a transaction involving the storage of goods is eligible for purchase
in the open market only if those goods are
stored within the United States.
In conclusion, it is believed that any draft
drawn abroad, payable in the United States
in dollars, and secured by a warehouse receipt
covering readily marketable staples stored in
a warehouse located in a foreign country, is
eligible for acceptance by a member bank and
that siich a draft after acceptance is eligible
for rediscount by a Federal Reserve Bank
under the provisions of section 13 of the
Federal Reserve Act, but that under the terms
of the Board's present regulations such an
acceptance is not eligible for purchase in the
open market, under the provisions of section 14.
741
FEDERAL. RESERVE BULLETIN.
Amendments to State Banking Laws.
The following recent enactments of various
State legislatures which amend the State banking laws are published for the information of
the Federal Reserve Banks and member banks:
CALIFORNIA.
By an act approved May 16, 1919 (ch. 337,
Laws 1919), the California Legislature amended
the California bank act in many particulars.
The following are the amendments of especial
interest to the Federal Reserve Banks and
member banks.
Section 56, which heretofore merely authorized State banks to join the Federal Reserve
system and to exercise all powers conferred
on member banks which were not in conflict
with State law, is amended so as to render
such banks subject to the examinations required by the Federal Reserve Act, and to
authorize the superintendent of banks to
accept such examinations in lieu of those
required by State law, to furnish to the authorities of the Federal Reserve system copies of
reports of examinations made by the State
authorities, and to disclose to such authorities
information with reference to the condition of
State bank members. Section 56 now reads
as follows:
Sec. 56. Any bank is hereby authorized and empowered
to become a member of a federal reserve bank.
Nothing in this act shall prohibit any such bank from
becoming a member of a federal reserve bank, in the
manner provided in the federal reserve act, nor from
investing any part of its capital or surplus or reserve fund
in the capital stock of such federal reserve bank, in
accordance with the terms and provisions of such federal
reserve act; provided, that such investment shall in no
case exceed the minimum amount required to join or
associate itself with or maintain membership in such
federal reserve bank; provided, also, that such investment
may be carried in either the commercial, savings, or trust
department, or may be apportioned to any two or all three
of such departments of any departmental state bank
member.
Any bank joining or associating itself with such federal
reserve bank shall have and exercise all powers, not in
conflict with the laws of this state, which are conferred
upon any member bank in any such federal reserve bank,
by the provisions of the federal reserve act and the regulations of the federal reserve board. Such member bank and
its directors, officers and stockholders shall continue to
be subject, however, to all liabilities and duties imposed
upon them by the bank act and by any other law of this
state.
Any bank which shall have become a member of a
federal reserve bank shall be subject to the examinations
required under the terms of the federal reserve act, and
the superintendent of banks may, in his discretion, accept
such examination in lieu of the examination required
under the provisions of this act, and he, his agents and
742
FEDERAL RESERVE BULLETIN.
AUGUST 1,1919.
employees, may furnish to the federal reserve board, the
federal reserve oank, or to examiners duly appointed by
the federal reserve board or the federal reserve bank,
copies of all examinations made, and may disclose to
such federal reserve board, federal reserve bank, or
examiner, any information with reference to the condition or affairs of state bank members.
tendent of banks; provided, however, that any amount borrowed, except as otherwise provided in this section, in
excess of the amount of its capital and surplus, at such time
actually paid in and remaining undiminished by losses or
otherwise, must first be approved in writing by the superintendent of banks; provided, also, that no excess loan
made to any such bank shall be invalid or illegal as to the
lender, even though made without the consent of the suSection 20, which formerly authorized com- perintendent of banks; provided, also, that the rediscountmercial banks becoming members of the ing with or without guarantee or endorsement with a
Federal reserve system merely to maintain federal reserve bank, of notes, drafts, bills of exchange and
loans secured by obligations the United States, is
on deposit with the Federal Reserve Bank authorized and shall'not beoflimited by the terms hereby
of this
such portion of their total reserves as were act, and shall not be considered as borrowed money within
required by the Federal Reserve Act, was the meaning of this section.
*
-*
*
*
*
amended so as to require such banks to comply
with the reserve requirements of the Federal (5) To rediscount with and sell to a federal reserve bank
Reserve Act in lieu of compliance with the any and all such notes, drafts, bills of exchange, acceptother
other
State reserve requirements. Section 20 now ancesasand anyand to securities with noas this restrictions,
and
fully,
the same extent
privilege is
reads, in part, as follows:
given to national bank members under the terms of the
All or any part of the reserves may be deposited, subject federal reserve act, or by regulations of the federal reserve
to call, with a federal reserve bank in the district in which board made pursuant thereto.
such bank is located.
Section 62, which restricts borrowing by
If any bank shall have become a member of a federal savings banks, was amended so as to permit
reserve bank, it shall comply with the reserve requirements of the federal reserve act arid its amendments, and them to rediscount securities with Federal
its compliance therewith shall be in lieu of, and shall Reserve Banks. The following proviso was
relieve such bank from compliance with, the provisions inserted in the section:
of this section.
Provided, that any savings bank may, for the purpose of
As to savings banks, the requirement of performing its functions and transacting its business as
maintaining reserves equivalent to 5 per cent authorized by this act, rediscount, with or without guarwith the
its
of their deposits is retained, but the following antee or endorsement, any other federal reserve bank, for
acceptances, notes or
securities, available
provisions were inserted in section 68, which rediscount with a federal reserve bank, in any amount up
relates to the reserves of savings banks:
to but not exceeding its capital and surplus or reserve
consent of the superintendent of banks,
Provided, however, that all or any part of the reserves withoutconsidered as borrowed money within the and shall
meaning
may oe deposited, subject to call, with a federal reserve not be section.
of this
bank in. the district in which such bank is located.
*
#
*
-x-
-x-
If any bank shall have become a member of a federal
reserve bank, it shall at all times maintain the reserves
required by the federal reserve act for time deposits, aixt
in addition thereto shall be require.'! to maintain a reserve
of at least two per centum of its aggregate deposits, exclusive of United States, postal savings, state, county and
municipal, and other public money deposits, which are
secured as is required by law, which two per centum
shall consist of gold bullion, or any form of money or currency authorized by the laws of the United States.
Section 21a, which restricts borrowing by
banks, was amended so as to permit commercial
banks and commercial departments of departmental banks to rediscount with the Federal
Reserve Bank as freely as national banks.
The section now reads, in part, as follows:
Sec. 21a. No bank, banker, or bank officer, shall give
preference to any depositor or creditor except as otherwise
authorized by law; provided, that any commercial bank or
commercial department of a departmental bank, is authorized and empowered for temporary purposes, to borrow
money, or to borrow money and pledge or hypothecate as
collateral security therefor, its assets not exceeding fifty
per centum in excess of the amount borrowed, but only to
the extent and upon terms and conditions as follows:
(1) Any amount up to, but not exceeding the amount of
its capital and surplus, without consent of the superin-
Section 67 is amended so as to grant savings
banks greater latitude in discounting liquid
securities eligible for rediscount with Federal
Reserve Banks. Both the classes of securities
eligible for discount and the amounts which
savings banks are permitted to discount are
enlarged. Section 67 now reads, in part, as
follows:
Provided, that a savings bank may discount or purchase
bankers' or trade acceptances, notes, drafts and bills of exchange of the kind and character and maturities defined
and made eligible for rediscount with a federal reserve bank;
provided, also, that the same are accepted or endorsed without qualification by a bank or trust company, which bank
or trust company has a paid-in capital of at least one
million dollars.
*
*
#
*
«
No savings bank shall at any time acquire or hold,
directly or indirectly, by discount or purchase, a combined total amount of bankers' and trade acceptances,
drafts and bills of exchange and bills of the character defined and limited by this section, greater than twenty per
centum of the deposits of such bank, nor shall any savings
bank at any time acquire or hold, directly or indirectly,
by discount or purchase, an amount of bills, of the character defined and limited by this section, greater than twelve
and one-half per centum of the deposits of such bank.
No savings bank shall at any time acquire or hold, directly
::GI:KT 1,
1919.
743
FEDERAL RESERVE BULLETIN.
or indirectly, by discount or purchase, any such bankers'
or trade acceptances, drafts and bills of exchange from any
one acceptor in an amount which shall exceed five per
centum of the capital and surplus or reserve of such
savings bank nor shall any savings bank at any time acquire or hold directly or indirectly, by discount or purchase, any such bills of any one person, firm, copartnership or corporation in an amount v'hieh shall exceed five
per centum of the capital and surplus or reserve of such
savings bank.
and private trusts at the same ratio as is applied to the
capital and surplus of trust companies organized under
the laws of this state in determining the cost to them for
such services.
The cost of all special and extraordinary services shall
be the same as that provided for in section one hundred
I twenty-four of this act.
Section 43 was amended so as to permit
banks to make deposits in Federal Reserve
Banks without having such Federal Reserve
Banks designated as depositories by the superintendent of banks. It now reads as follows:
Any trust; company upon becoming a member of a federal reserve bank is authorized and empowered:
To continue to administer, execute, enjoy and exercise
all court and private trusts as defined in the bank act,
powers, rights, privileges, and other fiduciary relations,
appointments and business it may have at the time of
becoming such trust company member, and also to take,
execute and administer all new c«urt and private trusts
as defined in said bank act, including the right to the
appointment of all fiduciary capacities in which it may
be named in wills theretofore and thereafter executed and
probated, and other appointments, powers, privileges and
business, of every kind and nature, as may be then or
thereafter permitted to, but subject to the same requirements and limitations as may be imposed upon any corporation under all of the provisions of the bank act.
To hold, administer, execute, and in all respects generally handle, manage and dispose of, without charge,
restriction, limitation or impairment of any nature, all of
its investments, rights, interests, titles to property, contractual, legal and other rights, obligations or liabilities,
of every kind or nature, court and private trusts as defined
in the bank act, and other powers which it may be then
permitted to exercise by law.
Sec. 43. No bank shall deposit any of its funds in any
other bank, except a federal reserve bank, unless such
other bank has been nominated as a depositary for its
funds by the vote of a majority of the directors or trustees
of the bank making the deposit, and such other bank has
been designated by the superintendent of banks as such
depositary.
The superintendent of banks may in his discretion
revoke such a designation.
A new section (48a) is inserted in the act,
which makes it possible for national banks
authorized by the Federal Reserve Board to
act in fiduciary capacities under section 11(&)
of the Federal Reserve Act to transact such
business upon an equality with State trust
companies. Section 48a reads as follows:
Sec. 48a. Any national banking association, whose
principal place of business is in this state, is hereby authorized to act in fiduciary capacities in a]l respects as
provided by the acts of congress, approved December 23,
1913, and amendments thereof, commonly known as the
federal reserve act, and all acts herein provided to be
performed by the state treasurer, the superintendent of
banks or other public officials for or in respect of trust
companies, shall be performed for such national banking
association equally with trust companies. Every such
national banking association which shall be authorized
to exercise said fiduciary powers, and which has qualified
by making the deposit of securities required by the law
of this state, may act, or may be appointed by any court
to act in any such capacity in like manner as an individual. The superintendent of banks shall inspect and
examine the books, records and assets of the trust department of each national banking association which conducts
a trust department in this state to the same extent that the
said superintendent of banks exercises visitoiial supervision over trust companies organized and existing under
the laws of this state.
The charge by the state banking department for all
services rendered to any national banking association by
the superintendent of banks, in accordance with the provisions of this section, shall be paid by the national banking association requiring such services. Such charge for
services shall be determined by the superintendent of
banks, and shall be no higher than the charge for a similar
service to trust companies organized under the laws of
this state.
The cost of all regular and ordinary service shall be calculated upon the amount of the securities deposited by
each such national bank with the treasurer of the state
for the due execution and faithful performance of its court
128746—19
7
Three new paragraphs are inserted in section 90, as follows:
DELAWARE.
An act recently enacted by the General Assembly of Delaware (chapter 111'of the Session
Laws of 191.9) provides, inter alia, that the
State bank commissioner shall not require
State banks and trust companies which are
members of the Federal Reserve system to
maintain greater reserves than are required by
the Federal Reserve Act; that he shall furnish
a copy of the report of each examination of any
member bank made by him to the Federal
Reserve Bank; that upon the request of any
member bank, or bank applying for membership and the Federal .Reserve Bank, he shall
furnish to the Federal Reserve Bank all facts
and information in his possession concerning
such bank; and that member banks which are
examined by the Federal Reserve examiner
may be exempted from examination by the
State bank commissioner.
The pertinent portions of this act read as
follows:
Section 9. That the said State Bank Commissioner in
determining, in the course of his examination, the amount
of lawful money reserve required under any law of this
State to be maintained, at all times, by State Banks and
Trust Companies, shall not require such State Banks and
Trust Companies as may be members of the Federal Keserve Bank in the Federal Reserve District embracing the
744
FEDERAL RESERVE BULLETIN.
State of Delaware to maintain a greater reserve than that
required by the Federal Reserve Act.
Section 11. That the said State Bank Commissioner shall
make and file in his office a detailed report of each examination made by him, or by his Deputy, or Clerk, and shall
furnish a copy of said report to the Corporation examined;
and with respect to a State Bank or Trust Company that
may be a member of the Federal Reserve Bank in the
Federal Reserve District embracing the State of Delaware,
he shall also furnish a copy of his report of the examination
of such State Bank or Trust Company to such Federal Reserve Bank; * * * Provided, thajt upon the request of
any State Bank or Trust Company, which desires and has
made application for membership in the Federal Reserve
Bank in the Federal Reserve District embracing the State
of Delaware, or is a member of such Federal Reserve Bank,
together with the request of the said Federal Reserve Bank,
said Commissioner shall furnish to the said Federal Reserve Bank all the facts and information at any time in his
possession concerning such State Bank or Trust Company.
Section 12, That a State Bank or Trust Company which
may be a member of the Federal Reserve Bank in the Federal Reserve District embracing the State of Delaware, and
which shall be examined by a Federal Reserve Examiner,
may be exempted from examination by the said State
Bank Commissioner; and the examination by such Federal Reserve Examiner may be accepted by the said Commissioner as a sufficient compliance with the requirements
of this Act with respect to examinations; * * * provided, that, in every case, a certified report of the examination made by a Federal Reserve Examiner, * * *
shall be filed in the office of the said Commissioner.
IOWA.
An act (H. R. 294) to authorize State banks,
savings banks, and 7
trust companies "to make
and execute bankers acceptances of drafts and
bills of exchange, and to accept such drafts or
bills of exchange drawn upon" them was passed
by the General Assembly of Iowa, was approved
by the governor on March 17, and went into
effect on July 4. It reads as follows:
AUGUST 1,1919.
which shall apply to all banks alike regardless of the
amount of capital stock and surplus, may authorize any
state bank, savings bank or trust company to accept
such bills to an amount not exceeding at any time in the
aggregate one hundred per centum of its paid-up and
unimpaired capital stock and surplus. Provided further,
that the aggregate of acceptances growing out of domestic
transactions shall in no event exceed fifty per centum of
such capital stock and surplus.
MAINE,
Chapter 143 of the Public Laws of Maine for
1919 authorizes trust companies incorporated
under the laws of that State to accept drafts
and issue letters of credit. The act reads as
follows:
Any trust company incorporated under the laws of this
state shall have power, subject to such restrictions as may
be imposed by the bank commissioner, to accept for payment at a future date drafts and bills of exchange drawn
upon it, and to issue letters of credit authorizing holders
thereof to draw drafts upon it, or its correspondents, at
sight or on time; provided, that such acceptances or
drafts be based upon actual values, but no trust company
shall accept such bills or drafts to an aggregate amount
exceeding at any one time one-half of its paid up capital
and surplus, except with the approval of the bank commissioner, and in no case to an aggregate amount in excess
of its capital and surplus.
MISSOURI.
Senate bill No. 509, enacted by the General
Assembly of Missouri during its 1919 session,
amends section 8 of Article I of an act approved
March 25, 1915, by adding thereto the following
proviso:
Provided, however, that the bank commissioner, his
deputies and each examiner may furnish to the federal
reserve board, the federal reserve banks, or to examiners
duly appointed by the federal reserve board, or the federal
reserve banks, copies of all examinations made, and may
disclose to such federal reserve board, federal reserve
banks, or examiner, any information with reference to the
condition or affairs of state banks or trust companies
organized under the laws of this state which become
members of a federal reserve bank, or which apply for
membership in a federal reserve bank.
Section 1. That any state bank, savings bank or trust
company may accept drafts or bills or exchange drawn upon
it having not more than six months' sight to run, exclusive of days of grace, which grow out of transactions
involving the importation or exportation of goods; or domestic shipment of goods provided shipping documents
conveying or securing title are attached at the time of
acceptance; or which are secured at the time of acceptance
PENNSYLVANIA.
by a warehouse receipt or other such document conveying or securing title covering readily marketable staples.
By an act approved May 21, 1919 (No. 130),
No state bank, savings bank or trust company shall accept, the General Assembly of Pennsylvania prowhether in a foreign or domestic transaction, for any one
person, company, firm or corporation to an amount equal vided for the supervision of national banks
at any time in the aggregate to more than ten per centum acting in fiduciary capacities by the State
of its paid-up and unimpaired capital stock and surplus, banking department and for the furnishing by
unless the bank is secured by attached documents or by
some other actual security growing out of the same trans- such department to the Federal Reserve Board
action as the acceptance; nor shall the total . of bills and Federal Reserve Banks of copies of reports
accepted for and money borrowed by any one person, com- and other information relating to State banks
pany, firm or corporation exceed in the aggregate more and trust companies. The pertinent portions
than twenty per centum of its paid-up capital and surplus;
and no bank shall accept such bills to an amount equal at of such act read as follows:
any time in the aggregate to more than one-half of its
Section 4. There shall continue to be a separate and
paid-up and unimpaired capital stock and surplus. Pro- distinct department known as the Banking Department
vided, however, th'at the superintendent of banking charged with the supervision of all the corporations and
under such general regulations as he may prescribe, persons hereinafter described, and with the duty of taking
AUGUST 1,
care that the laws of this Commonwealth in relation thereto
shall be faithfully executed, and that the greatest safety
in depositors therein or therewith and to other interested
persons shall be afforded.
*
-X-
-X-
*
-><•
Said supervision, duties, and powers shall also extend
and apply to all national banking associations, located in
this State, now or hereafter incorporated under the laws of
the United States, which shall, in pursuance of federal law
or regulation, be granted a permit to act or shall act as
trustee, executor, administrator, registrar of stocks and.
bonds, guardian of estates, assignee, receiver, committee of
estates of lunatics, or in any other fiduciary capacity.
*
*
-x-
*
*
Section 12. Neither the Commissioner of Banking nor
any deputy, examiner, or employee of the Banking Department shall, directly or indirectly, wilfully exhibit,
publish, divulge, or make known, to any person or persons,
any record, report, statement, letter, or other matter, fact,
or thing, contained in said department, or ascertained from
any of the same, or from any examination made under the
provisions of this act, excepting in such manner as is
expressly authorized by this act, and excepting when the
production of such information in a proceeding in any
court is duly required by subpoena issued by special order
of the court, or other legal process; and any violation of the
provisions of this section shall be a misdemeanor, upon
conviction whereof the person so offending shall be sentenced to pay a fine not exceeding one thousand dollars,
and shall be dismissed from his employment in said department: Provided, however, That the Commissioner of
Banking, on the written request or consent of any corporation, authorized by resolution of its board of directors,
or on the written request or consent of any person, under the
supervision of the Banking Department, may discuss,
with an advisory committee selected by the commissioner,
such matters relating to the financial condition of such
corporation or person as the commissioner may deem
pertinent to the rehabilitation thereof: And provided
further, That the commissioner may, on like request or consent, furnish to the Federal Reserve Board or to the Federal
Reserve Bank of the district in ivhich the banking house or
other 'place of business of any corporation is located, copies of
any reports or parts thereof, or any information in his possession, relating to such corporation for the use of said board or
bank. [Italics ours.]
UTAH.
In addition to the amendments noted on
page 660 of the BULLETIN for July, 1919, the
Utah Legislature amended the banking law
so as to permit the bank commissioner and the
State bank examiners to disclose to Federal
bank examiners information obtained from
State banks and trust companies. Section
973x of the Compiled Laws of Utah, 1917,
title 19; chapter 6, as amended by Session
Laws of Utah, 1919, chapter 18, reads as follows:
Neither the Bank Commissioner, or any examiner or
other person connected with his office shall disclose any
information obtained from any bank or trust company to
any person not connected with the state banking department, except to federal, state or clearing house bank
examiners, or to proper officials legally empowered to
investigate criminal charges, or except as is otherwise
provided by law. Every person who shall violate any
provision of this section shall forfeit his office or employment, and shall also be guilty of a misdemeanor, and shall
be punished accordingly.
745
FEDERAL RESERVE BULLETIN.
1919.
VERMONT.
During its 1919 session, the General Assembly of Vermont enacted an act (Laws 1919,
No. 143) substantially the same as the act
recommended by the Federal Reserve Board
and the American Bankers' Association to
bring about greater coordination in the powers
of State and national banks and to promote
uniformity in State and Federal banking laws.
The Vermont act omits the suggested provision authorizing the State authorities to accept
examinations made by the Federal authorities in lieu of those required by State law.
The Vermont act reads as follows:
SECTION 1. Definitions. The words "Federal Reserve
Act," as herein used shall be held to mean and to include
the act of Congress of the United States approved December 23, 1913, as heretofore and hereafter amended. The
words "Federal Reserve Board " shall be held to mean the
Federal Reserve Board created and described in the
Federal Reserve Act. The words "Federal Reserve
Bank" shall be held to mean the Federal reserve banks
created and organized under authority of the Federal
Reserve Act. The words "member bank" shall be held
to mean any national bank, state bank or banking and trust
company which has become or which becomes a member
of one of the Federal reserve banks created by the Federal
Reserve Act.
SEC. 2. Subscription to slock. A bank or trust company
incorporated under the laws of this state shall have the
power to subscribe to the capital stock and become a
member of a Federal reserve bank.
SEC. 3. Powers of banks. A bank or trust company incorporated under the laws of this state which is, or which
becomes, a member of a Federal reserve bank is by this
act vested with all powers conferred upon member banks
of the Federal reserve banks by the terms of the Federal
Reserve Act as fully and completely as if such powers
were specifically enumerated and described herein, and
all such powers shall be exercised subject to all restrictions and limitations imposed by the Federal Reserve Act,
or by regulations of the Federal Reserve Board made pursuant thereto. The right, however, is expressly reserved
to revoke or to amend the powers herein conferred.
SEC. 4. Reserve requirements. A compliance on the part
of any such bank or trust company with the reserve requirements of the Federal Reserve Act shall be held to be
a full compliance with those provisions of the laws of this
state which require banks or trust companies to maintain
cash balances in their vaults or with other banks, and no
such bank or trust company shall be required to carry or
maintain reserve other than such as is required under the
terms of the Federal Reserve Act.
SEC. 5. Supervision and examination. A bank or trust
company shall continue to be subject to the supervision
and examinations required by the laws of this state, except that the Federal Reserve Board shall have the right,
if it deems necessary, to make examinations; and the authorities of this state having supervision over such bank
or trust company may disclose to the Federal Reserve
Board, or to examiners duly appointed by it, all information in reference to the affairs of any bank or trust company
which has become, or desires to become, a member of a
Federal reserve bank.
Another act (Laws 1919, No. 145) enacted
by the general assembly at its recent session
746
FEDERAL RESERVE BULLETIN.
AUGUST 1,1919.
amends section 5448 of the General Laws of and all the revenue from such guaranty fund may be
Vermont, which relates to guaranty funds held applied to general bank purposes.
by national banks acting in fiduciary capacities,
WASHINGTON.
as follows:
Sections 5 and 6 of chapter 209 of the 1919
SECTION 1. Section 5448 of the General Laws is hereby
Session Laws of Washington amend sections 19
amended so as to read as follows:
SEC. 5448. Security; bond; guaranty fund. The capital and 21, respectively, of the banking and trust
stock of the national bank so appointed, together with the company laws of Washington so as to authorize
liabilities of the stockholders of such bank, shall be held as
security for the faithful discharge of the duties undertaken the State bank commissioner to accept, in lieu
by virtue of the preceding section, as well as for the claims of examinations required by the State law, exof other creditors; and such national bank shall furnish to aminations required by the Federal Reserve
the authority making the appointment the bond of some Act for State member banks, and to disclose to
good surety company for the sum not less than twenty-five Federal Reserve Bank examiners information
per cent of the amount of the trust fund, conditioned for
the faithful discharge of the duties undertaken by virtue with reference to such banks.
of the preceding section, unless such bank shall set apart
The following sentence was inserted in seca guaranty fund, according to the conditions of the fol- tion 19:
lowing section of this act, of at least twenty-live per cent
of such trust fund.
SEC. 2. GuarantyJund; establishment; reduction. The directors of such national bank, may from time to time, set
apart as a guaranty fund such portion of the profits over and
above the necessary allotments for the twenty-five per cent
surplus fund as they deem expedient; and such trust guaranty fund shall be kept separate and invested like the
funds of banks, and shall be pledged solely as security for
the faithful discharge of the duties undertaken as executor, administrator, receiver, assignee, trustee or guardian
so long as obligation thereunder shall exist; but such guaranty fund may, at any time, on the written approval of
the judge of the probate court of the district in which such
bank is located be reduced to an amount not less than
twenty-five per cent of the total amount of fiduciary trust
funds held as executor, administrator, receiver, assignee,
trustee or guardian for the care of which a bank is liable;
The bank commissioner may, in his discretion, accept in
lieu of the examinations required in this section the examinations required under the terms of the federal reserve
act for banks which are, or may become, members of a federal reserve bank.
Section 21 was amended to read as follows:
Neither the bank commissioner nor any person connected with his office shall disclose any information obtained
from any bank or trust company to any person not connected with such office, except federal, federal reserve bank,
state or clearing house bank, examiners, or to proper officials
legally empowered to investigate criminal charges, or
except as is otherwise required by law. Every person
who shall violate any provision of this section shall forfeit
his office, or employment and shall also be guilty of a gross
misdemeanor. [Italics ours.]
AUGUST 1. 1019.
FEDERAL RESERVE BULLETIN.
WHOLESALE PRICES.
In continuation of figures shown in the July
there are presented below monthly
index numbers of wholesale prices for the
period July, 1918, to June, 1919, compared
with like figures for June of previous years;
also for July, 1914, the month immediately
preceding the outbreak of the great war. The
index
that of
§eneral Bureau number is Statistics.theInUnited
tates
of Labor
addition there are presented separate numbers for
certain particular classes of commodities in
accordance with plans announced in previous
issues of the BULLETIN.
Quotations for three commodities, namely,
malt (standard, keg beer, New York), tickings
(Amoskeag, 32-inch), and trouserings (11 to
111 ounce worsted), have been omitted. On
the other hand, quotations for butter (creamery, prime firsts,* San Francisco), which had
been dropped temporarily, have been secured
for the month of June, and the commodity was
again included in the calculation of the index
numbers for the latter month. Index numbers
for June are provisional, due to the fact that
certain data were not received in time to render
them available for use in the calculations.
BULLETIN
For June the upward movement of wholesale
prices which has continued since February
showed no further progress. The general index
number of the Bureau of Labor Statistics now
stands at 208, a decline of one point from the revised figure for the month of May, Considerable diversity is exhibitod in the fluctuations of
the index numbers for the several groups, the
index number for the group of producers'
goods alone showing an increase. The index
number for this group now stands at 197, the
highest figure since December, 1918. Cast-iron
pipe, lubricating oil, ami certain chemicals,
such as grain alcohol and nitrate of soda, have
decreased in price, but such decreases were
more than offset by increases in the prices of
an extended list of commodities, among which
may be noted leather, cotton yarns, silver,
copper wire, linseed oil, rosin, turpentine, and
red cedar shingles.
747
The index number for the group of raw materials has decreased from 203 to 201. Increases occurred in the index numbers for
both the forest products and mineral products
subgroups, from 146 to 154 and from 169 to
170, respectively, Among the commodities
included in the former subgroup, a decrease in
the price of maple was more than offset by
increases in the prices of oak, both plain and
quartered, yellow pine flooring, poplar, and
spruce. Increases in the prices of certain
sizes of anthracite coal, coke, copper, and lead
more than offset a decrease in tne price of one
of the grades of pig iron (foundry No. 2,
southern, Cincinnati). A considerable decrease from the record figure of 223 occurred
in the index number for the subgroup of animal products, as well as a lesser decrease in
the index number for the farm products subgroup. The numbers respectively now stand
at 213 and 251. Among the commodities included in the latter group, considerable increases in the prices of cotton and flax as well
as a lesser increase in the price of hops, were
more than offset by considerable decreases in
the prices of wheat, tobacco, and hay, as well
as slight decreases in the prices of several of
the other grains. The fall in the index number for the subgroup of animal products is due
largely to the "marked drop in the price of
cattle, as well as to lesser* decreases in the
prices of sheep and poultry, although considerable increases occurred in the prices of hides
and silk.
The index number for the group of consumers' goods has decreased from 215 to 212.
Changes in price occurred in the case of an
extended list of commodities, decreases being
noted chiefly for foodstuffs and increases
for clothing/ Prominent among the articles
which decreased in price were butter, cheese
and eggs, beef, mutton and poultry, potatoes,
rice and oranges, flour, and wrapping paper.
On the other hand, increases occurred in the
prices of certain textiles, such as print cloths,
sheetings, shirtings, drillings, denims, hosiery
and underwear, shoes, coffee, lemons and
raisins, peanuts, corn meal, lard, hams, mess
pork and veal, soap and illuminating oil.
748
FEDERAL RESERVE BULLETIN".
AUGUST 1,1919.
Index numbers of wholesale prices in the United States for principal classes of commodities.
[Average price for 1913>=100.]
All commodities
Raw materials.
Year and month.
Julv, 1914
June 1915
June, 1916
June 1917
June, 1918
Julv 1918
August, 1918
September, 1918
October, 1918
November 1918
December, 1918
Januarv 1919
Februarv, 1919
March, 1919
April 1919
May, 1919
June 1919
Farm
products.
Animal
products.
Forest
products.
Mineral
products.
Total raw
materials.
102
108
112
227
232
237
246
255
240
234
237
232
222
235
244
254
251
106
102
122
166
198
209
215
219
209
208
208
207
208
216
223
223
213
97
93
97
120
138
140
143
143
143
150
150
147
148
149
145
146
154
88
91
114
205
171
180
180
180
181
183
182
177
173
171
169
169
170
Producers' Consumer?" (Bureau of
goods.
goods.
Labor Sta-
98
99
112
185
189
196
200
204
198
197
198
195
1S2
197
200
203
201
"
In order to give a more concrete illustration
of actual price movements, there are also presented in the following table monthly actual
and relative figures covering the same period
tistics index
number).
92
97
142
199
194
196
199
203
205
205
199
194
191
190
186
189
197
103
100
117
178
197
202
205
209
210
214
216
212
201
206
211
215
212
99
99
118
184
193
198
202
207
204
206
206
202
197
200
203
207
206
for certain commodities of a basic character.
The actual average monthfy prices shown in
the table have been abstracted iTom the records
of the United States Bureau of Labor Statistics.
Average monthly wholesale prices of commodities.
[Average price for 1913=100.]
Corn, No. 3,
Chicago.
Wheat,
Cotton, middling. northern No. 1,
spring,
New Orleans.
Minneapolis.
Year and month.
Average
price p e r
bushel.
July, 1914
June, 1915
June, 1916
June, 1917
June, 1918
July, 1918
August, 1918
September, 1918.
October, 1918....
November. 1918.
December,'1918..
January, 1919
February, 1919..
March, 1919
April, 1919
May, 1919
June, 1919
SO. 7044
. 7355
.7341
1.7119
1.5125
1.5900
1.6225
1.5313
1.3270
1.2675
1.4290
1.3750
1.2763
1.4588
1.5955
1.7613
1.7563
Rela- | Average
tive price per
price, pound.
114
119
119
278
246
258
264
249
216
206
232
223
207
237
* 259 I
286 i
285 !
Hogs, light.
Chicago.
Year and month.
J u l y , 1914
J u n e , 1915
J u n e , 1916
J u n e , 1917
J u n e , 1918
J u l y , 1918
August, 1918....
S e p t e m b e r , 1918
October, 1 9 1 8 . . .
N o v e m b e r , 1918
December, 1918.
J a n u a r y , 1919...
F e b r u a r y , 1919.
March, 1919
April, 1919
May, 1919
J u n e , 1919
Average
price per
100
pounds.
158.7563
7.5781
9.3813
15.2125
15.5250
18.0000
19.7750
20.0700
18.0938
17.7063
17.4400
17.4125
17.4688
18.8550
20.3813
20.7000
20.7800
). 1331
.0911
.1280
.2421
. 3066
.2945
.3038
. 3578
.3150
.3007
.2958
.2850
.2694
. 2681
. 2670
.2947
. 3185
Wheat, No. 2,
red winter,
Chicago.
Cattle, steers.
good to choice.
Chicago.
Hides,, packers',
heavy native '
steers, Chicago.
Average
Rela- Ayerago Rela- Average ! Rela- price per Rela- Average
tive price per tive price per j tive
tive price per
100
price. b u s h e l . price. bushel. price. pound?. price. pound.
105
72
101
191
241
232
239
282
248
237
233
224
212
211
210
232
251
Wool, Ohio, : | - |
grades, scoured.
$0.8971
1.2869
1.1143
2.6935
2.1700
2,1700
2.2231
2.2169
2.2155
2.2206
2.2205
2.2225
2.2350
2.3275
2.5890
2.5725
2.4575
147
128
308
248
248
255
254
254
254
254
254
256
266
296
295
281
Hemlock,
New York.
SO. 8210
1.2265
1.0413
2.6388
2.1700
2.2470
2.2325
2.2363
2.2345
2.2375
2.3088
2.3788
2.3450
2.3575
2.6300
2.7800
2.3613
124
106
268
220
228
226
227
227
227
234
241
238
239
267
282
239
Yellow pine,
flooring,
New York.
j
!
i
|
'
i
i
|
$9.2188
8.9563
10.2625
12.5500
17.1750
17.6250
17.8250
18.4100
17.8563
18.1563
18.3600
18.4125
18.4688
18.5750
18.3250
17.7438
15.4600
108
105
121
148
202
207
210
216
210
213
216
216
217
218
215
209
182
1
i Coal, anthracite, Coal, bituminous,
1
stove, Now York.
run of mine,
tidewater.
Cincinnati.
Rela- Average Rela- Average Rela- Average Rela- | Average j Rela- Average Relative price per tive price per tive price per tive • price per j tive price per tive
Mfeet.
price. Mfeet.
price. pound. price
price, j long ton. price. short ton. price.
104
90
111
180
184
213
234
237
214
209
206
206
207
223
241
245
246
$0.4444
.5571
.6714
1.1000
1.4182
1.4365
1.4365
1.4365
1.4365
1.4365
1.4365
1.1200
1.0909
1.2000
1.0909
1.0727
1.1818
94
118
143
234
301
305
305
305
305
305
305
255
232
255
232
228
251
$24.5000
20.5000
23.7500
26.0000
34.5000
34. 5000
36.0000
36.0000
36.0000
36.0000
36.0000
36.0000
101 ?42.0000
40.0000
85
39.0000
98
50.0000
107
• 142 60.0000
60.0000
142
63.0000
63.0000
63.0000
63.0000
03.0000
68.0000
149
64.0000
149
64.0000
149
64.0000
149
65.0000
149
68.0000
149
87
112
135
135
141
141
141
141
141
141
144
144
144
146
152
]
i
j
i
:
j
i
i
j
!
\
i
!
I
«4.9726
4.8300
5.3713
5.7884
6.3212 |
6.5968 i
6.5992
6.9000
0.9000
7.8071
7.9500
7.9500
7.9500
7.9044
7.9045
7.9857
8.1174
98
95
106
114
125
130
130
136
136
154
157
157
157
156
156
158
160
S2.2000
2.2000
2.2000
6.0000
3.7500
4.1000
4.1000
4.1000
4.1000
4.1000
4.1000
4.1000
4.0000
4.0000
4.0000
4.0000
4.0000
100
100
100
273
170
186
186
186
186
186
186
186
182
182
182
182
182
749
FEDERAL, RESERVE BULLETIN.
AUGUST 1, 1019.
Average monthly wholesale prices of commodities—Continued.
i Coal, Pocahon: tas, Norfolk.
Coke, Connellsville.
Copper, ingot,
electrolvtic,
New York.
: Average | Relaprice per J tive
i long ton. j price.
Average Relaprice per
tive
short ton. price.
Average ; Relaprice per
tive
pound. . price.
Lead, pig,
desilverized,
New York.
Petroleum, crude,
Pennsylvania,
at wells.
Pig iron, basic.
Year and month.
Average | Relaprice per | tive
pound. I price.
Average
price per
barrel.
Relative
price.
! SI. 7500
! 1.3500
j 2. 6000
3.1000
4.0000
4.0000
:
- 4.0000
4.0000
4.0000
4.0000
4.0000
4.0000
! 4.0000
4.0000
4.0000
4.0000
4.0000
Average Relaprice per tive
long ton. Drice.
106
127
163
163
163
163
163
163
163
163
163
163
183
163
163
L,.
Jnlv, 1914
J u n e , 1915
J u n e , 1916
J u n e , 1917
J u n e . 1918
July,'1918
August, 1918
September, 1918.
October, 1918....
November, 1918..
December, 1918..
January, 1919
February,1919..
March, 1919
April, 1919
May, 19.19
J u n e , 191.9
S3.0000 '
2.8500 :
3.0000 !
7.0000 i
4.2320 i
4.6320 I
4. 6320
4. 6320
4. 6320
4.6320
4.6320
4.6320
4.6320
4.9000
4.9000
4. 9000
5.1400
100 ! Si. 8750
95 i
1.6250
2.6250
100 I
233 | 9. 5000
141 ! 6.0000
6.0000
154;
6.0000
154
6.0000
154 :
6. 0000
154 '
6.0000
154 I
6.0000
154 !
154 : 5.7813
5.2188
154 i
4.4688
163
3.9000
163 :.
3. 8437
163 ,
4.0000
171 i
77 ; JO. 1340
67 '
. 1875
108 .
. 2800
389 !
.3250 ,
246 i
.2350 :
246 j
. 2550
246 :
.2600 .
246 :
.2600 i
246 i
.2600 !
246 i
.2600
246 •
.2540 i
237 !
. 2038
214 " .3731 :
.
183 :
.1509 .
160 i
. 1530 :
.158 .
.1600 i
!
164
.1756 ,
j Cotton yarns,
I northern cones,
Year and month.
I
SO. 2150
. 1600
. 2500
. 3750
.6437
. 6412
. 6400
. 6100
. 6100
.5927
. 5500
. 5000
.4164
.4132 j
.4300 |
.4826
.5620
Year and month.
I
i Average
i price per
I pound,
i
!
i
:
'
SO. 3050
.2950
.3700
. 5800
. 4900
.4900
. 4900
. 4900
. 4900
. 4900
. 4900
. 4900
.4900
. 4900
. 4900
.4900
.5100
89
Ill
165
261
.165
182
183
183
183
183
152
127
115
119
115
115
120
SI3.0000
12. .5900
18. 0000
48.7500
32.0000
32.0000
32.0000
32.0000
33.0000
33.0000
33.0000
30.0000
30.0000
28. 9375
25. 7500
25. 7500
25. 7500
122
332
218
218
218
218
224
224
224
204
204
197
175
175
175
!
I Steel, rails, open
hearth, Pitts;
burgh.
Worsted yarns,
2-32's crossbred.
Average Rela- , Average j Relapricopor : tive
price per j tive
pound. : price. > pound, j price.
Average ! Relapriceper] tive
pound,
price.
Steel, plates,
rank, Pittsburgh.
!
108
105
131
206
174
174
174
174
174
174
174
174
174
174
174
174
181
S19.0000
20.5000
43.5000
98.7500
47. 5000
47. 5000
47. 5000
47. 5000
47. 5000
47. 5000
45.1000
43. 5000
43.5000 !
42.2500 i
38.5000 i
38.5000 !
38.5000 j
74
SO. 0113 '
79
.01.15;
169
.0345 .
383
.0700 '•
18-i i
.0325 •
184 |
.0325 i
184 i
.0325 :
184
.0325 ;
184
.0325 !
184
.0325 i
175
.0310 !
169
.0300 i
169
.0300 "
164
.0291 !
149
. 0265
149
.0265
149
.0265 :
76 ; S30.
0000
78
30. 0000
233
35. 0000
40. 0000
473
57. 0000
220
57. 0000
220
57. 0000
220
57. 0000
220
57. 0000
220
57. 0000
220
0000
209 ! 57.
!
0000
203 ' 57.
0000
203 i 57.
197 54. 5000
0000
179 i 47.
0000
179 i 47.
179 47.
i
I
j
'
!
j
oooo i
;
SO. 6500
. 820O
1.1000
1.5500
2.1500
2.1500
2.1500
2.1500
2.1500
2.1500
2.0000
1. 7500
1.7000
1. 5000
1. 5000
1. 5000
1.6000
100
100
117
133
190
190
190
190
190
190
190
190
190
182
157
157
157
! Flour, wheat,
• standard patents,
Hams, smoked, ! Illuminating oil,
Coffee, Rio No. 7. j 1914-1917,1919;
! 150° fire test,
Chicago.
j standard war,
!
New York.
i 1918, Minneapolis.
!
j Rela- Average
! tive price per
i price. pound.
SO. 1350 !
.1253 ;
.1415
. 1615 ;
.2338 ;
.2400 ;
.2420 |
.2450 j
.2450 ;
.2450 i
.2450 !
.2450 ;
.2450 :
.2450 !
.2450 !
.2430 !
.2025 |
Rela- Average I Relative , price per i tiyo
price. ' pound. I price.
50.0390
. 0490
. 0725
1.1500
. 0728
.0802
.0805
. 0805
. 0805
. 0805
. 0667
. 0558
. 0508
. 0524
. 0507
. 0508
. 0530
!
97
72
113
169
291
290
289
276
276
268
249
226
188
.187
194
218
254
Beef, carcass,
good native
steers, Chicago.
July, 1914
J u n e , 1915
J u n e , 1916
J u n e , 19i7
J u n e . 1918
July,'1918
August. 1918
September, 1918.
October, 1918....
November, 1918.,
December, 1918..
January, 1919
February, 1919...
March, 1919
April, 1919
May, 1919
J u n e , 1919
Steel, billets,
Bessemer,
Pittsburgh.
i
'
" "j
| Average Rela- j Average
| price per
tive ! price per
! 'pound. | price. ; pound.
J_l
July, 1914
J u n e , 1915
J u n e , 1916
J u n e , 1917
J u n e , 1918
Juiv, 1918
August, 1918
September, 1918.
October, 1918....
November, 1918..
December, 1918..
January, 1919
February, 1919..
March, 1919
April, 1919
May, 1919
J u n e , 1919
85
119
178
207
149
162
165
165
165
165
161
130
110
96
97
102
112
SO. 0882
104
.0700
97
.0988
109
. 1038
125
.0841
181
.0855
185
. 0853
187
. 0959
189 "
. 1040
189
. 1069
189
. 1725
. 1547
189 i
. 1544
. 1602
.1695
189 i
; 1931
188 j
. 2114
156 i
Rela- ! Average ! Relative . price per ! tive
price. ! barrel. : price.
79 ,
63 !
89 !
93 '
76 •
77 .
77 i
86 !
93 |
86 |
155 i
139 i
339 ;
144 j
152 j
173 I
190 i
S4. 5938 i
6.5950 '
5.7625 i
13.8938 :
9.8250 !
10. 7020 ;
10.2100 [
10.2100 i
10.2100 !
10.2!00 :
10.2100 :
10.2750 ;
10.5500 I
11.2125 i
12.2150 i
12.4188 !
12.0125
Average
price per
pound.
SO. 1.769
100
.1585
144
. 1850
126
. 2594
303
. 2994
214
. 3025
233
. 3225
223 !
. 3281
223 !
.3361
223 i
. 3541
223 i
. 3670
223 i
.3491
224 ;
. 3338
230 :
. 8381
215 .
. 3595
260 •
. 3769
27! !
. 3806
262 i
Eela- I Average I Relative [price per I tive
price, i gallon, j price.
106
SO. 1200
95 i
. 1.200 j
.1200 !
in !
. 1200 !
156 j
180 ! . 1700 !
. 1710 "
182 !
. 1750 .
194 j
. 1750 !
197
. 1.750 i
202 !
213 ! .1750 i
.1750 !
221
.1750 i
210
. 1750
201
.1810 I
203
216 I . 1850 !
227 i . 1850 j !
. 2000
220 !
84
106
142
200
277
277
277
277
277
277
257
225
219
193
193
193
206
Sugar, granulated,
New York.
Average
price per
pound.
97
97
138
139 ,
142 !
.142 i
142 j
342 I
142 !
142 I
142 I
147 :
150 :
150 j
). 0420
.0558
. 0736
. 0754
.0731
.0735
. 0735
.0845
. 0882
. 0882
. 0882
.0882 I
.0882 j
.0882 !
. 0882
i
Relative
price.
98
138
172
J77
171
172
172
198
207
207
207
207
207
207
207
207
?07
750
FEDERAL. RESERVE BULLETIN.
DISCOUNT AND INTEREST RATES.
In the following tables are presented actual
discount and interest rates prevailing in the
various cities in which the several Federal
Reserve Banks and their branches are located
during the 30-day periods ending June 15 and
July 15.1919. Quotations arc given for prime
commercial paper, both customers' and purchased ill tlie open market, interbank loans,
bankers' acceptances, and paper secured by
prime stock exchange or other current collateral. Separate rates are quoted for paper
of longer or shorter maturities in the firstnamed and last-named classes. In addition,
quotations are given for commodity paper
secured by warehouse receipts and for cattle
loans, as reported from centers in which such
paper is current.
(Quotations are also given of rates charged
on ordinary loans to customers secured by
Liberty bonds and certificates of indebtedness, Assistance to customers to enable thorn
to purchase such Government obligations has
generally "been extended at lower rates, either
at the rate borne by such obligations or at a
rate slightly higher. The table also shows
AUGUST 1,
quotations in New York for demand paper
secured by Drime bankers' acceptances, a type
of paper which made its appearance in the
New York market some months ago. Quotations for new types of paper will be added from
time to time as deemed of interest. .
Practically all centers report interest rates
firm during the period under review. Both
low and customary rates for commercial paper
purchased in the open market show an increase
over those prevailing during the period ending
June 15. The New York rate for demand
paper secured by prime stock exchange collateral reached a high level of 15 per cent during
the period ending July 15, and rates in other
cities for this type of paper, as well as for time
paper secured by such collateral, likewise show
an increase. No marked changes are exhibited by the rates for the other types of paper.
Comparison with rates prevailing during "the
period ending July 15, 1918, reveals decreases
in the majority of centers in the rates for commercial paper purchased in the open market.
as well as less marked decreases in the rates
for customers; commercial paper and for time
collateral loans.
Discount and interest rates prevailing in various centers.
DURING 30-DAY PERIOD ENDING JUNE 14,1919.
Prime commercial paper.
District.
City.
Bankers' acceptances,
60 to 90 days.
| Collateral loans—stock exchange
or other current.
14*
Indorsed,
T
No.
No.
No.
No.
1..
2..
3..
4..
No. 5...
No. 6...
No. 7...
No. 8...
No. 9....
No. 10...
No. 11...
No. 12...
.Boston
New Yorki...
Philadelphia..
Cleveland
Pittsburgh....
Cincinnati
Richmond
Baltimore
Atlanta
Birmingham..
Jacksonville...
New Orleans..
Chicago
Detroit
St. Louis
Louisville
Memphis
Little Rock...
Minneapolis...
Kansas City...
Omaha
Denver
Dallas
El Paso
San Francisco.
Portland
Seattle
Spokane
Salt Lake City
H. L. C.
6
6 5
6 5
5 6
5
6 6 6
6 5i 6
6 54 51
7 5" 6
8
51 7
6 5J 6
6 5 5-1-6
6 5 6
5-i 51
6 5 6
6 5\ 6
7 6 6
6 51- 5J
7 5 6
6 5-1 6
8
6
7
8
8
6
5
6
6
6
8
51-6
H. L.
C. ! //. L. C.
Secured by Liberty
warehouse bonds and
receipts, certificates
etc.
of indebt-
edness.
i Unindorsod. \
H. L.
51
6 5 5*
7
6 51 6
5 6
5 6
5 6 6 51 6
6 6
6 6
57, 6 6 51 6
6 51 6
6 5|
6 41 6 6 41 6
8 6 6
5£ 7
6 7
5 6 6 51 6
6 51
6 51 51-6
6 51 6 6 5
6 5 51 6 5 54
6 5 6 6 5 6 51 6 6 51 6
7 6 6 71 6' 64
6i 57; 6
5-1 6
8 5 6
4-J 6
8 5 6
6 6 6
8 8 8
6 5 6
6
7
1
Secured by
Cattle
loans.
Rates for demand paper secured by prime bankers' acceptances, high 6, low 41, customary 4-7>-5,
IT. L.
C.
II. L. C.
Discount and interest rates prevailing in various centers—Continued.
DURING 30-DAY PERIOD ENDING JULY 15, 1919.
Prime commercial paper.
District, i
JET.
Boston
NewYorki...
Buffalo
No. 3 . . . Philadelphia..
No. 4
Cleveland
Pittsburgh....!
Cincinnati
'
Richmond
No. 5..
Baltimore
No. 6... Atlanta
Birmingham..
Jackson ville...
New Orleans..
No. 7... Chicago
Detroit
No. 8... St. Louis
Louisville
Memphis
Little Rock....
No. 9..
Minneapolis.. .\
Kansas City... i
No. 10.
Omaha. 7
!
Denver
Dallas
No. 11.
El Paso
i
No. 12.
San Francisco.i
Portland
i
Seattle
:
Spokane
J
Salt Lake City \
Secured by
Secured by Liberty
warehouse bonds and
receipts, certificates
0/ indebtetc.
edness.
Collateral loans—stock exchange
or other current.
City.
No.2...
m
Bankers' acceptances,
60 to 90 days.
6
6
6
6
8
S.I
6"
6
6
6
6
7
51
1
151-51
5 6
51 51
5 "
5 6
5 6
6
L.
C.
5* 5 51
6 5 5*
5* 51 ^
6
51 6
6 7
ol 6
5} oi-6
5
5
6
5*
51 5* 5
5} ^
51 5J"51
5j 5J- 51
6 5-16
6
6
6
51
i6 6 .
|
i 51 5 5>-5jl
!
5 | 5 51 I
5J I
1
9
8
6
6
8 6 6
7 6 7
7 6 7
01 6 6
6 6
6 51 51-6 6 51 51-6
6 51 6"
6 ^
6 5i 6
5" 5
5
5 6
6 5 6
8 6 7
Kates for demand paper secured by prime bankers' acceptances, high 6, low 41, customary 41-5.
7
9
10
9
6
6
6
6
8
7-8
6
6
8
8
6 6
5 6
51 6
5 6
6 6
51 6
6" 6
6 7
5 6
51 51
AUGUST 1, 1919.
753
FEDERAL RESERVE BULLETIN.
PHYSICAL VOLUME OF TRADE.
In continuation of tables in the July FEDthere are presented
in the following tables certain data relative to
the physical volume of trade. The January
ERAL RESERVE BULLETIN
issue contains a description of the methods employed in the compilation of the data and the
construction of the accompanying index numbers. Additional material will be presented
from time to time as reliable figures are
obtained.
Live-stock movements.
[Bureau of Markets.]
Receipts.
Shipments.
1918.
June
July
August
September
October
November
December
Head.
1,807,341
2,110,835
2,009,744
2,799,913
2,832,022
2,025,381
2,132,491
1919.
January
February
March
April
May
Jime
2,111,704
5,801,085
1,440,329
4,404,751
1,501,597
3,032,874
1,751,943
3,068,210
1,822,410 i 3,803,735
1,580,250 ; 3,812,466
Head.
!
Head.
3,002,520
1,379.310
3,113,281
1,585,735
2,470,190
2,129,325
2,380,475
3,303;, 955
3,421,041
3,234,026
4,605,158
2,535,115
5,569,356
1,640,365
1,567,613
1,131,805
1,210,988
1,388,732
1,425,018
1,685,236
Total, all
kinds.
Cattle and
calves, 54
markets.
Hogs, 54
markets.
S h e e p , 54
markets.
Horses and
mules, 44
markets.
Head.
Head.
6,230,850
41,079
(.,861,244
51,393
('), 695,381
80,122
8,614,544
124,201
146.072 i 9,033,761
135,344
9,900,998
9,414,083
72;471
Head.
755,728
665,800
850,363
1,219,333
1,300,084
1,232,771
785,770
Head.
1,018,591
949,301
849,618
786,917
890,258
1,210,860
1,429,251
Head.
666,858
734,539
1,198,691
2,059,990
2,009,057
1,446,523
710,100
Head.
40.618
45;549
76,653
114,023
140,845
131,308
71,243
9,651,413
7,059,411
6,420,397
0, 859,055
7,145,190
7,118,025
701,108
528,326
503,893
698,599
788,086
709,637
1,546,875
1,288,134
1,272,654
1,107,411
1,181,745
1,373,824
008,016
418,827
481,907
575,136
614,375
828,046
Horses and
mules, 44.
markets.
I Sheep, 60
j markets.
_| _
_
_
110,411
82,526
08,938
50,770
33,977
40,067
Total, all
kinds.
106,459 i
76,512 I
64,332 i
49,634 I
34,658 I
36,889 I
Head.
2,481,795
2,395,189
2,975,325
4,180,263
4,406,244
4,027,402
3,002,364
3,022,518
2,311,799
2,382,7S6
2,430,780
2,613,764
2,048,396
'Receipts and shipments of live stock at 15 'western markets.
[Chicago, Kansas City, Oklahoma City, Omaha, St. Louis, St. Joseph, St. Paul, Sioux City, Cincinnati, Cleveland, Denver. Fort Worth,
Indianapolis, Louisville, Wichita.]
RECEIPTS.
[Monthly average, 1911-1913=100.]
Cattle and calves.
Head.
Relative.
Hogs.
Head,
Horses and mules. |
j 'Relative.
Relative.
Head.
1918.
January..,
February.
March
April
May
June
I
j
j
j
1,292,505
1,697,193
1,588,553
2,249,017
2,207,534
2,053,359
1,706,945
128
168
158
223
225
204
169
2,309,501
2,530,414
1,970,086
1,775,842
2,570,525
3,431,782 I
4,197,313 j
108
115
90
81
117
150
191
889,040
1,141,488
1,424,677
2,408,609
2,357,524
1,077,537
1,114,761
1,656,046
1,096,118
1,094,614
1,255,379
1,262,065
1,122,782
June
July
August
September
October
November
December
164
116
109
125
125
111
4,603,335
3,451,894
2,842,603
2,823,484
3,049,223
3,061,838
209
168
129
128
139
139
Relative.!
Total, all kinds.
Head.
Relative.
1,079,377
774,881
847.842
970J 070
934,013
1,116,003
1919.
28,400
30,782
54,271 \
82,056 !
83,574 !
64,482 1
36,153 !
62 ''
SO !
118 '
180 !
182 !
110
79 :
4,579,446
5,405,877
5,037,587
0,516,124
7.279,157
1,227,100
7,055,172
99
117
1.09
141
158
156
153
56,631
48,786
41,805
31,509
21,345
28,418
05
84
104
170
173
123
82
123
114
91
68
46
62
7,395,419
5,37i;679
4,820.924
5.080', 442
Si 207,246
5,329,041
160
125
105
110
114
115
SHIPMENTS.
1918.
June
July
August
September..
October
November..
December..
January
Februarv
March./.
April
May
June
501,169
495,211
652,440
932,131
994,943
921,831
588,425
1919.
,
j
i
'
!
!
I
123
122
160
229
245
227
145
687,218
602,728 .
599,577 !
488,298
486,460
659,432
787,461
589,302
404,290
423,819
506,835
530,153
503,354
145
107
104
125
130
124
988,035
881,507
925^ 802
748,437 !
787,009
1,005,505
204
195
191
154
162
208
357,289
483,151
751,886
1,426,120
1,479,774
903,283
445,987
142
137
124
101
100
136
163
I
!
!
i
1
i
71
96
149
283
294
179
89
26,615
31,379
51,923
74.473
84;393
63,589
37,072
65
76
127
182
206
155
90
1,572,291 j
1.672,469 j
2;055,826 i
2,921,022
3,045,570
2,548,135
1,858,045
110
116
143
203
212
177
129
357,386
240,815
289,742
319,625
290,803
405,776
71
51
58
63
58
93
56,282
47,829
41,837
29,974
18,865
25,322
137
125
102
73
46
62
1,991,065
1,574; 447 i
1,681,200 !
1,604,871 I
1,626,830
1,999,957
139
118
117
112
113
139
754
AUGUST 1,1919.
FEDERAL KESEKVE BULLETIN.
Exports of certain meat products.
[Department of Commerce.]
[Monthly average 1911-1913-100.]
Ham and shoulders, cured.
Bacon.
Pounds.
i Pounds.
1918.
Juno
July
Angus I
September..
October
November..
December..
17.938,816
13,526,800
j 17,129,337
I 7,349,591
i 9,999,121
| 13,313,420
! 7,776.239
1919.
Januarv
Februarv
March..'
April
May
Jane
j
j 12,636,060 1,907
" 8,151,723 1,318
.
• 8,997,973 1,358 j
! 2,890,759 437 j 21)639)915 ;1.)744 j 2)673)681
856 j 14,872,987 '1,199 i 2,957,163
, 5,009,232
i 6,574,766 992 15,212,094 ! 1,226 \ 4,768,308
Lard.
Relative.
Relative. Pounds.
Pounds.
47,465,506
55,368,812
45,816,637
36,190,919
25,430,106
20,127,671
38,939,508
29,248,133
68,600,261
51,920,658
33,267,902
46,025,020
27,285,088
37,724,398
101,000,122 603 54,846,433
114,842,525 735 49,283,053
151,086,397
902 85,712,426
141,814,255 847 109,569,908
68,957,405 412 49,707,874
172,441,100 1,030 96,854,552
2,651,413
1,742,970 I
3,009,998
5,752,660
4,291,030
37,850,338
68,972,779
97,239,435
86,555,951
55,807,234
114,328,804
87,319,477
.119,893,655
68,857,586
41,621,488
58,131,739
72,861,969
126,437,385
521
716
411
249
347
435
755
Pickled pork.
Relative. Pounds.
66
356
118
70
105
Relative.
2,293,329
4,676,888
3,032,954
2,843,374
2,089,654
2,7S3,873
86 i 2,025,778
52
106
69
64
47
63
46
2,273,683
1,956,362
2,141,508
2,494,454
2,095,072
3,131,639
51
47
48
56
47
71
108
221
197
127
280
Grain and flour.
[U. S. Food Administration.]
GRAIN MOVEMENT.
[In thousands of bushels; i. e., 000 omitted.]
Corn.
Wheat.
Receipts.
Juno
July
A ugust
September
October
Novem her
December
January
Februarv
March..:
April
Mnv
Shipments.
1918.
Stocks at
close of
month.
Receipts.
1919.
59,466
48,131
62,137
59,437
47,024
59) 237
54,792
42,999
40,453
47,501
41,886
50,312
63,992
51,0(32
75,917
88.222
84)990
46,467
245,683
219,306
169,102
110,778
64,326
37,553
85,816
36,663
34,888
40,009
38,142
37,238
OS,769
37,601
40,982
45,327
37,771
36,919
90,000
177,324
120,138
110,620
80,871
80,199
87,893
124,597
102,510
107,693
95,008
81,220
39,097
37,923
86,030
104,739
103,943
88,300
83,303
58,920
68,445
09,313
74,437
76,403
85,811
82,025
70,411
61,257
53,845
49,164
37,794
31,919
25,559 i
28,522
25,727 j
21,646
23,427
103,302 i
60,0-17 !
j
72.265
80)673 i
80,738 :
52,316 !
Shipments
86,917
57,599
58,008
61,773
69,461
74,446
12,415
81,422
163,027
246,090
28o, 109
254,474
253,767
30,448
27,365
19,794
19,745
18,313
17,088
1918.
Rye.
Stocks at
close of
month.
Receipts.
Shipments.
Total grains.
Stocks at
close of
month.
14,285
21,340
27,002
23, 889
22,697
23,255
7,077
9,023
15,295
19,843
21,153
22,287
10,600
16,984
27,174
37,782
40,070
39,991
40,320
3,474
8,422
10,092
20,007
17,521
15,721
2,024
4,449
7,409
15,047
13,552
8,721
24,055
16) 432
20,775
19,040
21,591
34,331
23,02G
17,231
22,863
23,889
27,603
34,612
39,673
38,886
36,528
31,985
25,522
24,913
14,280
7,857
10, 749
14,830
19,908
11,024
9,180
9,419
15,798
14.927
25) 426
13,903
30.021
27)900
23,302
22,393
15)520
11,705
Receipts.
2,181
2,912
6,128
12,854
17,309
19,199
25,779
1919.
Stocks at
close of
month.
Receipts.
94,823
100,162
150,636
150,077
138,438
127,012
! Receipts. Shipments,
January
February
March..'.
April
May
Julio
Stocks at
close of
month.
190.000
287,052
286,200
241,260
155,005 |
178,910 i
Barley.
Juno...
Julv
August
September
October
November
December
Shipments.
Oats.
Shipments.
Stocks at
close of
month.
303,291
542,809
517,509
455,873
.329, 778
357,328
I
j
!
i
i
j
240,009
342) 130
322,303
340,101
310,037
290,152
102,093
171,160
307,918
430,587
473,818
423,010
426,656
314,370
178,598
196,685
223,531
235.840
209,355
245,800
174,833
224,005
241,078
250,287
208,304
431,646
395,548
319,257
246,158
177,532
140,483
AUGUST 1,
755
FEDERAL, RESERVE BULLETIN.
1910.
Grain and flour—Continued.
WHEAT FLOUR PRODUCTION.
Production.
Tune.
July
August
September
October
November.
December..
Stocks at
mills at close
of month.
Production.
1918.
Stocks at
mills at close
of month.
1919.
1,109
1,606
2,386
3,064
3,422
3,387
3,260
6,780
10.391
11,835
11,752
11,175
11,759
January..
10,593
7,736
10,498
11.274
10,738
7,130
February...
March
ADril
May
j une
3,341
3,544
3,419
3 145
3^021
2,603
Receipts of grain andflourat 17 interior centers.
[Chicago, Cleveland, Detroit, Dululh, Indianapolis. Kansas City, Little Rock, Louisville, Memphis, Milwaukee, Minneapolis, Omaha, Peoria
St. Louis, Spokane, Toledo, Wichita; receipts of flour not available for Cleveland, Detroit, Indianapolis, Louisville, Omaha, Spokane, Toledo
and Wichita.]
[Compiled from reports of trade organizations at these cities.]
[Monthly average, 1911-1913=100.]
y
Total grain and
Oats.
I
Rye.
Wheat.
Corn.
Barley.
Total grain.
Flour.
flour.*
RelaRelaBushels. tive. Bushels. tive.
Bushels. Rela- Barrels. Rela- Bushels. Relative.
tive.
tive.
Bushels.
I
i
1918.
June
! 7,081,491j
AA, 169,603
July.
A u g u s t — ,91,448,672
September 77,091,253
October... 65,608,905
November. 1-10,199,988
December. 155,592,441
1919.
January...
February..
March
April
May
June
2,679,584
1,038,933
4,490,2011
7,773,073!
7,921,545!
9,193,786
8,792,752
1,800,632
2619,1
16-1 22,992,582
16,389,047
23,546,962
23,877,650
15,869,505
18,008,635
8819, i,181,252i
102 27,467,790
73 51,129,614
105 36,474,801
106 31,973,893
7128,768,648
80 30,773,422
477,913;
W|
136 482,247!
253 2,235,394!
1814,443,850
158 5,382,270
142 6,340,380
152 6,807,076
44
202
401
486
573
615
91 28, 731,387
034,852
431,797
42 18. 301,721
43 10,301,2001
30 2l',098,146|
128 22,945,659
62 15,961,423
6017,076,822|
82 20,063,078j
4019,206,4651
94 24,576,968
114 5,615,054
85 !2,406,029!
85|4,955,130:
9915,498,493
9514,280,911
12212,791,618
507 8,943,782
233 6,556,594
44811,723,691
9,634,405
8,416,141".
25212,878,517!
339
286
243
149
206
24,652, 641 i
14,049, 055!
13,768, 496
11,208, 305
11,625, 65;
8, 125, 034
1
37 49,220,872
14 96,151,155
63165,692,928
108149,329,939
110!l34,764,263
128100,372,307
123119,974,326
63 2,117,076
1231,695,506
213 2,238,913
"""2,583,888
192 2,
173 2,681,070!
2,
9
1292:2,485,352!
1541,935,524
108 58,747,714
87103,780,932
114 175,768,172
132160,957,435
137146,829,078
127111,556,391
99128,684,184
68
120
203
186
169
129
148
125!
98!
163|
134!
117|
180i
1171
[,396,888
721
[,032,368
1,485,320
781
L,
83 1 990,3491
>,
69 2 447,200
L,
89 I! 894,599
71
56
76
102
125
97
112
70
78
85
75
90
90,888,523
52,007,953!
60,955,936!
64,706.602!
53,830,374
69,470,283
97,174,519
56,653,609
67,639,876
73,663,173
64,842,774
77,995,979
Flour reduced to its equivalent in wheat on basis of 4J bushels to barrel.
Shipments of grain andflourat 14 interior centers.
[Chicago, Cleveland, Detroit, Duluth, Kansas City, Little Rock, Louisville, Milwaukee, Minneapolis, Omaha, Peoria, St. Louis, Toledo, Wichita;
shipments of flour not available for Cleveland, Detroit, Louisville, Omaha, Toledo, and Wichita.]
Wheat.
Bushels.
Corn.
Rye.
Oats.
Barley.
Total grain.
Total grain and
flour.i
Flour.
RelaRelaRelaRelaRelaRelaRelaRelative. Bushels. tive. Bushels. tive. Bushels. tive. Bushels. tive. Bushels. tive. Barrels. tive. Bushels. tive.
i
1918.
June
1,345,585
July
13,743,302
A u g u s t . . . . 138,853,6S9
September '28,676,514
October. ..28,532,293
November. 42,083,808
D e c e m b e r . 36,932,880
9,727,792
69; 11,289,096
74
9,692,841
252 9,131,678
186 9,507,098
185 11,684,762
27310,583,718
239 9,996,598
119
152
165
157
175
157
264,957
773,548
1,068,641
4,725,686
4,770,708
2,136,274
2,237,167;
414,957
68:18,056,944
64123,092,361
67 25,002,316
82 23,822,044
75126,564,983
7123,850,316
37
109
151
668
674
302
903,935!
807,119:
3,238,5861
5,298,740,
4,165,066!
4,300,906!
57 25,014,597
513,259,103
39,680,561
63
42,661,979
72,658,395
67,493,155
74,063,525
88,168,283
77,216,974
86 3,057,918
'"3,831,826
147 3,
13' 4,433,259
150 4,801,932
4!
178 4,597,360
156 4,241,406
90 56,422,610
113 89,901,612
131 87,442,821
142 95,672,219
136108,856,403
125 96,303,301
87
139
135
148
168
149
121 48,7G4,996
165 37,540,141
1551 48; 356,120
99 2,796,463
811,',932,258;
~
98 3; 039,0201
i,
1,532,772
156 3:
144 4!,320,146
913; 1,130,826
61
90
104
128
61,289,080
46,235,302
62,031,710
93,166,073
90,399,834
58,836,746
95
77
96
144
140
91
23
21
83
136
107
110
1919.
January...
9,934,531
February..! 8,876,844
March
|l4,857,872
April
130,764,328
May
131,901,327
June
| 8,751,872
64 13,,488,569
8,649,063
7,544,393
199 15,708, S42
207 7,784,931
53 8,629,052
794,028
9519,769,237 130
112 4,718,631^
404,365
61 6,006,17S!
6513,603,691
96
526 6,049,703!
53 16,183,222 107 3,720,930
1 1 16,019,086 105 8,143,580 1,150 6,632,763'
1
55 17,069,6171 112 7,525,794 1,063 6,677,5081
!
61:15,638,317 103 27,405,593
ins
387 9,588,195
170 77,268,599
171 70,959,177
246 44,748,029
i Flour reduced to its equivalent in wheat on basis of 4£ bushels to barrel.
756
AUGUST 1,1919.
FEDERAL RESERVE BULLETIN.
Receipts of grain and flour at nine seaboard centers.
[Boston, New York, Philadelphia, Baltimore, New Orleans, San Francisco, Portland (Oreg.), Seattle, Tacoma; receipts of Hour not available for
Seattle and Tacoma.]
[Compiled from reports of trade organizations at these cities.]
[Monthly average, 1911-1913=100.]
Wheat.
Corn.
Total grain.
Barley.
Rye.
Oats.
Rela- Bus]] els. Rela- Bushels. iRela- Barrels.
tive.
tive.
tive.
Bushels. Rela- Bushels. Rela- ; Bushels.
tive.
tive.
Total grain
and flour.1
Flour.
Bushels. Relative.
1918.
June
July
August
September..
October
November..
December..
415,873
3,515,673
23,930,107
23,786,074
18,778,538
9,854,356
24,221,863
3 2,452,334!
28 1,128,285
""',473,105
190 1
189 582,856;
149 519,755!
78 786.141J
1921,273,489
69
32
4l!
16
5,372,781
7,122,372
2,970,341
5,304,250
6,662,972
22 5,253,154
'\ 817,268
113 378,635 2661,541,046
150!
86,551
61 802,382
63: 170,817; 120 714,103
112i 435,549! 307 730,332
,„«
14.0:2,332,761! 1,642 887,396
938!
111 1,332,2391 """' 653,880
2071,107,4371 77911,915,831
93 10,160,669
4812,655,463
43129,258,503
44|30,839,061:
53i29,181,422ij
39il7,879,770
115138,335,888;
451,282,844
561,266,706
129 589,303
136 783,9021
1291,543,121!
79 1,656.2051
169 3,258; 924i
12115,843/467 i
121 18,355,640!
56 31,910,367
75134,366,620
148 36,125,467
159 25,332,693!
312 53,001,046!
58
67
116
125
132
w ,
92
"~
193
1919.
January
February...
March
April
Apri
May
May
Jane
9,768,801
7,805,811
.13; 789,851
112,581,074
11,157,852
10,260,075
781,411,366
6! 783,203
"'*
109 636,127
100 1,089.425
112:1,588,571
81-1,051,177
40 9,275,187
24!: 4,713,794
18 3,254,914
31! 4,604,521
45 5,642,176
3010,249,644
195 566,191
106 2!, 299,664
}
69 3,880,424i
3
97 5,069.529i
5!
7,06i; 018'
216 ",670,055
3
3981,738,326
"'*'
1,734 995,454
2,731 2,285; 954.
3,568jl,853,372
4,97013,561,412
2,583 6,564,620
105 22,759,871
64J16,597,986
138|23,847,270:
112125,197! 921!
215 32,011,059!
396 31,695,571;
100 2,026,246!
78 1,302.0611
105:1,644,676;
lli:2,549,370i
141:2,535,547'
140|2,340,158|
194131,877,978J
134 22,457,261!
157 31,248,312
244 36,670,086
243143,421,021'
224 42,326,282:
116
88
114
134
158
154
1 Flour reduced to its equivalent in wheat on basis of 4J bushels to barrel.
Stocks of grain at eight seaboard centers at close of month.
[Boston, New York, Philadelphia, Baltimore, New Orleans, Newport News, Gal vest-on, San Francisco.)
[Compiled from reports of trade organizations at these cities.]
[Bushels.]
Wheat.
1,746,166
736,504
649,169
181;619
115,879
252.225
302;980
7,333,002
4,136,167
2.464,705
3,153,590
4.591,014
3,518.473
6,074; 067
94,372
28,633
153,275
144,616
1,550,686
2,385,828
2,248,272
931,664
1,059,197
1,720,251
2,208,017
2,697,141
2,845,916
2,767,606
10,731,103
9,344,967
21,029,004
20,001,589
22,377,889
22.936.868
25;752;619
15 365 491
12,635,613
12 732 472
7 448 992
7; 913,162
4,180,160
1919.
January
February
March
April
May
June
Oats.
625,899
3 384,466
16 041,604
14 313,717
13.423;169
13 904,426
14,359,694
1918.
June
July
August
September
October
November
December
Corn.
645,317
417,520
346,543
464,503
418,020
214,079
5,495,937
6,110,159
5,650,120
5,335 971
4,047.059
5,475,856
1,972,696
1,735,876
1,920,348
3.434,873
l', 690,860
514,252
3,047,346
3,930,465
4,403,665
5,420,013
4,263,510
6,783,798
26,526,787
24,829,633
25,053,148
22,104,352
18,362,611
17,168,145
Rye
Barley.
Total grain.
NOTE.—Figures for San Francisco include also stocks at Port Costa and Stockton.
California shipments of citrus and deciduous fruits.
Total citrus fruits.
Lemons.
Oranges.
Total
deciduous
fruits.
Carloads.
June
July
August
September
October
November....
December
January
February...
March
April
May
June
Relative.
Carloads.
Relative.
Carloads.
Relative.
1,463
951
561
732
275
639
676
722
235
139
181
68
158
167
178
2,414
1,475
1,499
1 125
3 565
60
37
31
22
20
46
146
1.124
1,801
4,287
85
52
53
29
39
63
150
1,116
3,758
9,126
5,879
7,143
1,044
3 120
3 180
5'113
5 450
5' 888
3; 648
128
139
209
223
241
149
531
658
897
131
174
221
256
371
375
3,651
3 838
6,010
6 488
7,389
5,168
128
144
211
228
259
181
109
198
67
36
276
701
1918.
914
767
549
485
1919.
1 038
1 501
1,520
824
Carloads.
267
AUGUST 1, 1919.
757
FEDERAL RESERVE BULLETIN.
Sugar.
[Data of International Sugar Committee for ports of Boston, New York, Philadelphia, Savannah, New Orleans, Galveston, San Francisco.]
[Tons of 2,240 pounds.]
Receipts.
June
July
August
September
October
November
.December
1918.
I
i
|
!
:
j
j
i
Raw stocks
at close of
month.
Meltings.
357,363
288,449
218,690
170,807
242,912
138,141
92,785
167,259
135,001
100,392
50,978
"" mn
77,233
50,989
13,774
347,078
320,908
263,383
210,745
207,500
172,528
123,091
January.
| February.
March
April
May
June
1919.
Raw stocks
at close of
month.
Meltings.
Receipts.
243,800
389,815
355,710
450,938
471,205
429,617
00,189
122,757
100,889
185,315
201,301
151,092
197,145
337,420
361,010
387,548
440,085
493,293
I
[Data for ports of New York, Boston, Philadelphia.]
[Weekly Statistical Sugar Trade Journal.]
[Tons of 2,240 pounds. Monthly average 1911-1913=100.]
Receipts.
Tons.
Raw stocks at
close of month.
Meltings.
; Rela; tivo.
Tons.
Rela- i
tive. j
252,000
221,000
175,000
139,000
150,000
139,000
92,000
137
120
95
76
85
76
50
Receipts.
Relative.
Tons.
Tons.
Raw stocks at
close of month.
Meltings.
Relative.
Tons.
Relative.
Relative.
Tons.
1919.
1918
June
July
August
September.
October
November.
December.
255,704
180,225
159,252
145,555
151.703
139,343
58,751
139
101
87
79
82
76
!
I
I
i
i
j
January..
52
32 . February.
23! March.."..
90,097
55,322
39,375
40,869
42,522
43,112
11,490
S
2
?i
172,054
283,172
232,471
318,492
325,736
271,875
April
May
June
165
126
173
177
148
147,000
229,000
261,000
277,000
307,000
313,000
80
134
142
151
107
171
36,544
90,716
02,187
107,582
120,318
85,193
21
53
30
62
73
49
Naval stores.
[Data for Savannah, Jacksonville, and Pensacola.]
[Compiled from reports of trade organizations at these cities].
Spirits of turpentine.
Spirits of turpentine.
Rosin.
Stocks at
Stocks at
Receipts. close of Receipts. close of
month.
month.
Stocks at
Stocks at
Receipts. close of Receipts. close of
month.
month.
Tune
July
August
September
October
November
December
1918.
Barrels.
19,367
23,116
20,05-1
14,530
12,677
.13,003
11, 135
Barrels.
Barrels.
113,133
117,896
121,818
123,030
120, '115
124,471
127,888
01,682
73,220
69,308
52,181
48,858
55,508
53,196
Barrels.
287,325
287,482
257,685
212,9S1
213,175
255,037
280,182
Rosin.
1919
January
February
March./.
April
May
June
Barrels.
Barrels.
. 7, 015
5,583
4',220
8,379
26,358
22,050
Barrels.
.125,541
121,676
97,450
75,516
47,115
33,733
Barrels.
34,835
22,15-1
11,338
10.40:-}
50', -135
62,955
285, SOS
259,974
213,813
225,657
229.401
221,612
Lumber.
[From reports of manufacturers' associations.]
[SI leel;.]
Southern pine.
Western pine.
Douglas fir.
Eastern white pine.
"I"
1918.
June
July
August
September
October
November
December
1919.
January
February
March
April
May
June
:
|
! 187 !376,204
I
201 412,002
, 202 !391,648
:
190 !340,069
202 321,214
: .194 ;312,126
j 204 j310,068
I
I
! 200 •330,137
I 195 j328,069
j 198 j378,752
I 203 | 397,005
i 205 j 414,899
I 204 I360,084
408,044
453,786
437,776
350, 628
353,260
353,810
322,831
325,241
309,494
361,125
397,677
460,238
426,193
142,45
142,45
•-1-1,47
145,45
142,47
138,46
27,46
I
121,49
124,48
127,48
43,49
45,48
« 49
North Carolina pine.
No. i Pro-due-j Shipof !
ments.
mills. I tion.
! No. !
No. i
No. • ProducProduc- ShipShipShipof
I of j Produc- ments.
of
tion.
ments.
I mills.! tion.
mills. tion, j merits. mills.!
i 145,719
147,533
151,150
130,029
121,850
90,078
03,315
127,540 j 119 | 292,200 331,600
112,915 I 123 i 209,100 260,300
109,402 • 130 • 292,200 275,000
310,000
0,859
— — ! ioo !j ~ • """ 248,000
79' 701
115 ! 350,487 324,080
74,103
121 ; 261,189 240,980
63,823
127 ! 222,389 221,720
75,197
59,412
51.327
38', 711
26,152
23,828
14,. 176
27
36
31
41
42
42
43
24,416 i
31,517
24,118
31,008
27,912
32,59(5
20,728
27,851
34,815
34,377
34.963
36,478
36,012
21,570
40,354
46,037
7.1,126
I 12.1,341
I 140,037
122 225,088 227,129
68,910
122 228,031 238,035
71,103
120 254,650 255,544
81,328
*,,w,.,
97,679 , 114 • 204,623 ' 266,308
127,730 : 111 ! 345,984 388,803
139,923
115 i 300,410 ! 327,364
15,172
17,081
17,525
14,020
17,136
20.525
40
39
28,629
25,800
23,896
18,034
22,672
21,877
17,393
28,805
I 150,501
41 j 32,110 j
38 22,309 !
31 j 14,375 j
38
20,733 !
758
FEDERAL RESERVE BULLETIN.
AUGUST 1,1919.
Lumber—Continued.
R E C E I P T S AND S H I P M E N T S O F L U M B E R AT CHICAGO.
[Chicago Board of Trade.]
[Monthly average 1911-1913=100.]
Receipts.
Shipments.
Relative.
M feet.
Relative.
M feet.
1918,
230,854
213,598
208,963
171,515
130,503
142,230
163,908
June
July
August
September
October
November
December
145
128
103
89
92
95
79
111,160
98,145
78,707
68,133
70,590
72,723
60,831
109
115
99
81
62
67
77
1919.
January
February
March..:
April
May
Juno
134,604
97,511
124,010
144,253
162,365
i84,862
,
47,922
45,585
46,902
59,055
66,001
80,762
105
Coal and coke.
[Bituminous coal and ooko, U. S. Geological Survey; Anthracite coal, Anthracite Bureau of Information.]
[Monthly average, 1911-1913=100.]
Coke, estimate/! monthly production.
1
thly I Anthracite coal, ship' l}
ments over 9 roads.
By-product.
Beehive.
Total.
Short tons. Relative. Long tons. Relative. Short tons. Relative. Short tons. Relative. Short tons. Relative,
June.
July
August
September.,
October
November..
December..
January...
February.
March
April
May
June
,
1918.
1919.
51,757,214
55,587,312
55,732,092
51,757,334
52,885,813
44,386,987
40,634,525
140
150
150
140
143
120
110
6,867,669
7,084,775
7,180,923
6,234,395
6,286,366
5,276,659
5,736,260
122
126
128
111
112
94
102
2,712,726
2,813,910
2,657,022
2,570,238
2,611,885
2,339,197
2,255,296
41,473,000
31,497,000
33,719,000
32,164,000
37,547,000
112
91
91
87
101
5,93-1,241
3,871,932
3,938,908
5,224,715
5,711,915
5,619,591
105
74
70
93
101
100
2,101,567
1,822,894
1,768,449
1,316,960
1,135,840
1,170, 752
2,092,155
2,300,673
2,387,675
2,410, 798 .
2,563,183
2,523,746
2,562,048 !
238
261
271
274
291
287
291
4,80-1,881
5,114,583
5,0:14,747
1,981,036
5.175,068
i, 862,913
4,817,314
137
116
144
113
148
139
138
il 6,779,482 j
257
12,772,392
122
104
108
102
98
100
il
Movement of crude petroleum in United Slates.
[U.S. Geological Survey.]
[Barrels of 42 gallons each.]
Stocks at end
of month.
Marketed.
Barrels.
June
July
August
September.
October
November..
December..
1918.
29,583,000
30,361,000
29,211,000
28,674,000
30,592,000
28,347,000
28,071,000
Relative.
154
158
152
150
160
118
116
Barrels.
144,365,000
141,475,000
139,172,000
135,680,000
134,838,000 !
131,295,000 "'
128.311,000 1
1
Stocks at ond
of month.
Marketed.
Barrels.
January..,
February.
March./..
April
May
June
1919.
29,869,000
26,511,000.
30,412,000
29,310.000
29,339', 000
31,239,000
Relative.
1150
138
159
153
153
163
Barrels.
.129,558,000
.1.28,910,000
131.110,000
132!694,000
132,165,000
135,646,000
759
FEDERAL RESERVE BULLETIN.
AUGUST 1, 1919.
Total output of oil refineries in United Slates.
[Bureau of Mines.]
Kerosene
(gallons).
Crude oil run I Gasoline
(barrels). I (gallons).
Gas and fuel Lubricating
(gallons).
(gallons).
IMS.
May
July
August
September.
October
November..
December..
28,510,698 ! 319,391,202
29,170,718 332,022,095
330,335,046
28,534.275
314,595,959
28,390,431
29,237; 767 314,251,318
27,411.636 312,908,640
26,958;157 291,744,465
160,590,760
156,828,826
149,678,850
164,903.798
164,928; 640
169,278,105
161,742,713
631,586,209
658,4.39,682
671,113,871
653,085,050
661,780.441
604,403; 494
587,873,987 I
79,589,735
79,303,107
72,892,879
70,593,079
72,244,633
72,178,602
64,987,842
January...
February..
March
April
May
20,967,332 j 303,710,006
25,232,870
283,518,194
27,866,775
311,306;755
27.775,217
319.807,838
30,267,227 j 354;472,377
158,501,260
164,181.787
170,290! 930
183,453,728
190,345,026
589,630,056
553,853,753
574,774,156
588.808,408
652;166,738
68,304,613
62,503,072
67,063,995
70,954,128
76,442,252
343,311,945 i 515,020,224
519.012,839
432,807,129
424,281,4.81 569;016,413
430,628,907
583,407,769
419,409,944 596,116,351
397,804,012 583,777.918
380.117,829 659,00i; 357
161,009,729
136,460,207
137,496,98(5
147,425,556
135,196,542
132,923,478
138,853,574
ks 'i; the clo'-e r)f
May 31.
July 31
Aug. 31
Sept. 30
Oct. ?,\
Nov. 30
Dee. 31
!
i
I
!
j
:
Jan. 31
Feb. 28
Mar. 31
Apr, 30
Mil" 30
!
I
!
'
11,824,633
14,020,525
13,946,595
14,462,100
15,438,576
15,222,401 !
15,749,771 |
460,637,479
349,928,604
285,446.538
269,772', 723
250,328,369
270,072,011
297,326,983
15,380,185
14,820,601
15.106,361
loj 184,844
16.372,314
383,212,692 ; 332,393,181
458,449,187
303,062,436
546,052,429 . 294.077,623
593,616,170 : 276;356,837
594,035,688
244,635,631
646,411.414
692,810; 000
749,067,806 !
807,895,498 I
788.740,572 I
158,370,431
152,297,163
165,495,254
170,122,088
173,754,109
Iron and sled.
[Gv-aI L<k?s iror» ov: mevGmrets. Marine Review: pig iron production, Iron Ago; steel ingot production, .American Iron and Steel Institute.]
flcTitlily avc-rago, 1911-1913=100; iron ore, monthly average-, ?.fey-Nov., 1911-1913=100.]
Iron ore shipments
from
the
upper
Lakes.
; Gross tons. : Relative.
9.923,860 i
101659,203 :
9;725,331 :
8,995,014
8,541,593 I
4,333,828 i
0,836 '•.
Juno
Aujrirst
3eT>to.r«iI>er.
October
November..
164
170
161
148
141
72
Pig iron production. J Steel ingot production.
Unfilled orders U. S.
Steel Corporation at
close of month.
Gross tons. | Relative.! Gross tons.
Relative.
3,083,446
3,113.035
3,083j (580
3,197,658
3,352,196
3,060,760
2,992,306
129
130
129
134
140
128
125
8,918,866
8,883,801 I
8.759,012 !
8; 297,905 '
8,353,293
8,124,663
7;379,152
169
169
106
157
158
154.
140
3,082,427
2,688,011
2.662,265
2,239,711
1,929,024
2,219,219
130
120
110
93 !
80 !
92 1
6,684,268
6,010,787
5,430,572
4,800,685
4,282,310
4,892.855
127
114
103
91
81
93
3,323,791
3,420,088!
3,389,585
3,418,270
3,486.941
3,354', 074
3,433.617
143
148
146
148
151
145
148
3,302,260
2,940,168
3,090,243
2,478,218
2,108,056
2,114,863
143
136
133
107
91
1019.
January..
February
March
April
May
Juiio
;
I
i
1,412,239 ;.
6,615,341 |
7,980,839 !
109
132 j
91;
I
I
I
j
]
760
FEDERAL RESERVE BULLETIN.
AUGUST 1,1919.
Imports of pig tin.
[Department of Commerce.]
[Monthly average, 1911-1913=100.]
j
Pounds.
j
June
July
August
September...
October
November
December
Pounds.
i
j
15,130,205
15,567,667
16,317,437
10,630,666
9,885,984
_,___,___
10,734,179
5,887,063
1918.
_
_
1919.
January
February
March
April...
May
June
Olelative.
8,461,444
6,271,977
8,284,970
504,903
449,270
112,000
93
74
91
6
5
1
Textiles.
[Silk, Department of Commerce; cotton, Bureau of the Census; wool, Bureau of Markets; idle machinery, Jan.-Sept., 1918, inclusive. National Association of Wool Manufacturers.]
[Cotton, monthly average crop years 1912-1914=100; silk, monthly average 1911-1913=100.]
Percentage of idle woolen machinery on first of month
to total reported.
Cotton consumption.
I
Bales.
Imports oi raw silk.
Cotton
spindles
active
during
month.
Wool consumption
(pounds).
Relative.
1918.
June
July
August
September
October
November
December
515,823
541,792
534,914
490,779
440,833
457,376
472,941
115
120
119
109
98
102
105
33,675,285
33,674,896
33,646,811
33,524,275
32,760,623
33,121,507
33,652,612
1919.
January
February
March
April
May
June
556,721
433,516
433,720
475,753
487,998
474,407
124
103
96
106
109
105
32,573,970
33,856,472
23,186,818
33,282,593
29,320,063
32,642,376
33,213,026 ! 39,159,945
45,084,834
33,556,011
33,943,405 i 48,849,892
:
:
|
I
!
!
52,338,824
50,951,651
51,516,457
47,648,413
48,692,509
38,282,723
32,355,081
Spinning spindles.
Looms.
Wider ! Under Sets of Combs.
than 50- j 50-inch cards.
Woolen. | Worsted.
inch reed! reed
space. space.
8.6
10.4
12.2
13.8
18.3
21.1
22.5
11.9
10.2
14.3
15.1
24.3
26.8
24.9
5.5
5.9
6.0
7.0
9.3
11.1
15.0
10.5
10.2
13.2
12.5
23.8
17.8
40.3 j
32.6 i
41.5
42.4
38.9
32.9
26.6 !
32.2
38.7
39.1
26.5
17.1
15.4
30.7
39.8
47.8
34.2
22.5
12.8
52.3 !
58.1 !
48.4 i
36.6 !
29.6 j
Pouncs.
Kelalive.
11.9
16.1
14.0
13.2
15.3
20.2
18.8
30.1
27.4
2,937,744
1,997,314
3,813,595
3,973,754
2,814,270
2,336,345
2,680,863
144
98
186
194
138
114
131
36.5
41.1
41.8
28.4
16.8
15.2
37.5
48.6
52. 7
36.1
25.8
21.1
1,461,827
1,742,812
1,784,412
2,988,838
4,878,646
3,848,354
71
91
87
146
238
188
7.0
6.5
6.6
8.3
8.8
NOTE.—Figures of idle wool machinery for Nov. 1 and Dec. 1 arc not entirely comparable with previousfigures,due to fact that laterfiguresare
for number of machines running on single shift, while earlier figures count as two a machine running double time. The effect is, however, small.
Production of wood pulp and paper.
[Federal Trade Commission.]
[Net tons.]
Wood
pulp.
1918.
June
July
August
September
October
November
December
107,228
103,348
; 262,377 113,826
i 246,741 99,528
' 237,624 88.155
\ 270,849 97;693
• 273,973 107.129
Wood
pulp.
; 76,726
9,458
76.439
66'. 581
GO;743
67,262
64,501
: 170,209
177,931
192,810
168,384
143,373
152,321
134,103
! 65,262 i
70,526 j
71,249 i
"
01,390 i
34,381
34,609
38,910
37,833
56,903 I 28,533
61J681 i 33,429
51,947 : 29.975
1919.
January
February...
March
April
May
June
News
print.
283,270 116^154
238,228 103,248
278,675 114,746
284,984 116,278
294,067 105,819
277,142 114,896
Book.
!
70,443
"" "*"
62'. 616
63;699
67,028
76,821
71,938
Paper j Wrapboard. ! ping. Fine.
140,859
: 125,208
j 136,175
! 138,802
i 151,651
i 152.957
50,490
45,480
48,069
48,158
56,579
60,656
27,675
24,000
23,514
22,470
25.010
27', 122
761
FEDERAL RESERVE BULLETIN.
AUGUST 1,1919.
Tax-paid manufactured tobacco products in the United States (excluding Porto Rico and Philippine Islands).
[Commissioner of Internal Revenue.]
Cigarettes.
Cigars.
1918.
May
July
August
September
October
November
December
Small.
Small.
Large.
Number.
593,732,762
634,609,533
624,491,239
585,400,449
594,764,527
537,794,904
527,586,098
Cigars.
Chewing
and smoking tobacco.
Large.
Pounds.
31,729,197
36,607,578
40,764,853 !
37,893,818 j
39,440,893 '
32,618,009
25,276,695
Number.
Number.
82,294,279 3,361,426,426
79,237,849 3,796,878,822
60,880,910 3,442,446,234
60,556,000 3,403,205,736
63,111,160 3,027,300,975
63,177,200 2,986,775,643
59,139,250 2,788,379,210
1919.
January
February
March
,
April
May
Cigarettes.
Small.
Small.
Number.
Number.
518,706,482 72,458,974
476,329,947 60,138,630
549,098,351 84,493,873
510,357,494 73,314,273
551,659,749 57,611,547
Chewingand smoke
ing tobacco.
Number.
3,079,212,253
3,126,274,662
3,845,079,275
2,650,182,74-2
2,767,699,400
Pounds.
29,308,616
27,472,269
29,227,678
29,883,710
33,340,102
Output of locomotives and cars.
[Locomotives, United States Railroad Administration: cars, Railway Car Manufacturers 7 Association.]
Output of cars.
Locomotives.
!
Domestic!
shipped.
1918.
June
July
August
September...
October
November...
December...
Domes-
Number.
Number.
214
267
295
224
281
77
213
313
252
177
Foreign.
Locomotives.
Domesticj
shipped, j
Total.
Number, j Number.
3,644
4,660
3,312
4,410
2,437
4,847
3,564
2,666
2,681
4,555 ;
2,330
6,743
3,402
7,876 ;
Number.
8,304
7,722
7.284
G',230
7,236
9,093
11,278
|
1919.
! January
i February
; March
I April
' May
i June..
Output of cars.
Domes-
Foreign. | Total.
Number. Number. Number. Number. Number.
282
84
11,807
8,172
3,635
135
164
11,280
6,623
4,657
258
128
11,773
5,978
5,795
197
15,150
36 ! 7,777
7,373
207
13,106
31 i 4,573
8,533
160
7,092
44 !
1,785
5,307
Vessels built in United States, including thosefarforeign notions, and officially numbered by the Bureau of Navigation.
[Monthly average, 1911-1913=100.]
Gross
i Number. tonnage.
1918.
June
July
August
September
October
November
December
201,425 !
229,931 i
295,349 i
308,470 I
357,532 !
357,660
283,359
188
193
177
170
202
171
153
Gross
Number. tonnage. Relative.
Relative. '
834 ;i January...
951 j| February.
1,222 I; March
1,276 !; April
1.479 May
1.480 ; ; June
1,173
1919.
132 264,346
135 271,430
186 298,005
201 375,605
250 j 395', 408
272 I 422,889
Tonnage of vessels cleared in the foreign trade.
[Department of Commerce.]
[Monthly average 1911-1913=100.]
Net tonnage.
American. Foreign, j
1918.
June
July
August
September
October
November
December
j 1,881,771
• 2,093,310
2,332,577
2,009,194
1,875,947
i 1,770,935
; 1,141,319
Total.
Percentage
Relaof
Rela- Ameri- tive.
! tive. can to
total.
! 2,511,425 4,393,196 :
i 2,941,171 5,034,481 !
2,808,466 5,141,043 I
2,290,872 4,300,066 i
2,163,383 • 4,039,330 :
~ -"" n"n
1,991,725 3,762,660 :
2,053,517 3,194,836 '
42.8
41.6
45.4
46.7
46.4
47.1
35.7
169
164
179
185
184
186
141
1919.
January
February
March
April
May
June
1,166.391
: 1,262; 487
1,161,416
:
1,744,753
2,424,837
2.339,320
1,896,123
1,671,070
1,737,171
2,058,220
2,469,194
3,062,514 1
i 2,933,557 !
• 2,898,587 :
; 3,802,973 I
4,894,031 ;
1,094
1,203
1,233
1,554
1,636
1,750
762
FEDERAL RESERVE BULLETIN".
AUGUST 1,1919.
Net ton-miles, revenue and nonrevenue.
[United States Railroad Administration.]
1918.
June
July
August
September..
October
November..
December..
37,667,517,000
38,761.291,000
38,469', 847,000
38,592,137,000
39,548,562,000
35,533,026,000
33,659,507.000
1919.
January
February
March
April
May
June
30,383,169,000
25,681,943,000
28,952,925,000
28,629,739,000
32,440,708,000
31,953,366,000
Commerce of canals at Sault Ste. Marie.
[Monthly average May-November, 1911-1913=100.]
EASTBOUND.
Grain,, other than
wheat.
Wheat.
Iron ore.
Flour.
Total.
•j~"
Bushels.
|5SS*":
! tivo. ;
Bushels.
Rela-1
tive.
Barrels.
Rela- Short tons. Rela- Short tons. Relative.
tive.
tive.
_,j
June
1918.
737,502
1919.
'Vprii
4,176,041
Mav
.Time
8,694,901
8 ;
1,370,374
105 I
75 j
4,033,331
21
16,729,000 j .
29,096,116 | 151
6,402,051 • 33
1,286,660
910,524 j
1,031,630 |
Ill
9,876,913
166 j 10,254,473
78
89
6,622,227
8,004,897
1,139,326
!
112 I
135 ;
146
1,756,266 i
7,895,542 i 113
8,554,979 i 122
WESTBOUND.
Soft coal.
Hard coal.
Total.
ffotal freight.
iRela-l or, tons. RelaRelaRelaShort tons. \f^\
Short
tive. Short tons. tive. Short tons. tive.
1318.
June,.
268,947 •
April,
May,.
June..
142,864 !.
248,203 i 80 !
227,200
73 I
87
1,649,028
86
415,824 •
2,239,738 i 117
2,266,984 ; 118 |
2,167,546
816,897
2,670,784
2664437
2,664,437
87
12,422,019
131
107
2,373,163
10,566.32(5
11,219; 416
111
118
107
AUGUST 1, 1910.
763
FEDERAL RESERVE BULLETIN.
BANK TRANSACTIONS DURING JUNE-JULY.
Debits to individual account reported by
clearing-house banks in 153 leading cities for
the four weeks ending July 16 averaged 8,995
millions, or about 23 millions in excess of the
high average for the previous four weeks.
During the week ending June 25 debits to individual account were materially less than
during the previous week when the June 15
installments of the income and excess profits
taxes were paid; the week ending July 2 saw
an increase of about one billion in these debits
due largely to amounts payable at the end of
the fiscal year and the first half of the calendar
year. July 2-9 was a short week, on account
of the holiday on July 4. but the week ending
July 16 saw debits to individual account in
excess of 10 billions, payments of installments
on Victory notes and Liberty bonds of the
fourth loan due on July 15 being partly responsible for this large aggregate.
Debits to bank account followed about the
same course as debits to individual account
and reached the maximum reported aggregate during the week ending July 16. The
average of bank debits for the four weeks was
about 5,425 millions, or about 278 millions
more than the average for the four immediately preceding weeks.
Weekly figures of clearing-house hank debits to deposit account.
[In thousands of dollars; i. e., 000 omitted.]
Debits to banks' and bankers' account.
Debits to individual account.
Distritt.
June 25.
No. 1—Boston:
Bangor.
.
Boston
Fall River
Hartford
Hol^oke
Lowell
New Bedfo rrl
New T-Javer...
Providence...
SDrinfrfinlc'
Waterbury
Worcester
No. 2—New York:
Bin°"b&in.toii
Buffalo
New York
Passaic
Rochoslc r
S vracuse
No. 3— Philadelphia:
Chester
Harrisbu eg
Johnstown
Lancaster
Philadelphia
Reading
Scranton
Wilkes-Barre.
WilliamsDort
Whpplinir
Youngstown
July 16.
3,693
354,871
9.300
23,601
3,832
6,149
7,374
17.759
'67'. 063
15', 089
7,457
19;515
June 25.
1.932
208'. 665
2,409
324,184
9,707
20,781
3 192
5,184
6 469
14,489
35,478
8,040
6 880
16,697
..
..
. .-
2,983
370,280
9,194
25.314
4.042
5,378
6,814
16;860
34.883
7; 123
7,450
20,238
2,715
249,359
0.675
19; 364
2,926
4,273
5,323
14.151
25; 772
10.200
5; 998
14.290
3,065
59,702
4,643,899
3,430
27, 111
12,473
3,765
76,372
5,068,924
3,985
38,115
16.617
3,265
56.162
4.172', 793
3; 495
23,837
12,968
4,188
64;110
5.579,559
' 3,421
29,317
14,249
1,779,049
618
3 400
4,742
3,790
3,697
4,670
367,886
2 910
3,783
3,906
3,697
4,434
4,077
3,641
4,788
362,219
1,581
3' 602
276,611
A
. •.
.
--
Cincinnati
Snrinsrfield
July 9.
3 104
4,318
3,750
3,096
4,501
306.970
.
York
No. 4—Cleveland:
Erie
Greensburg, Pa
Oil City
July 2.
. .......
.
Axy
335
16.020
' 569
362
2,150
440
13,521
4,169
420
1,711
1,859
474
671
10
8
305
391,721
1
July 9.
July 2.
July 1G.
3,213
232,637
2,856
213,014
37S
19,231
1,761
891
1,718
480
15,144
4,113
665
1,439
2,367
182,904
2,181
57,145
2,093,919
469
573
769
1,787
34,557
1,692,346
454
372
2,108
44,552
2,022,080
547
686
727
22
3
65
5
1,904
72
440,481
50
4
1,708
50
364,075
523
292
14,130
1,272
19,198
2,295
2,489
2.819
'693
17,060
9,827
469
717
11,112
3,013
414
1,366
1,366
286
329,852
764
645
2,014
44S
•t
13,459
9,724
6,870
3,288
10 911
3*011
13,521
9,618
7,522
3,374
11 036
3,444
11,245
8,272
5,603
3,060
9 604
2,560
12,977
9,622
7,360
3,647
10,654
3,360
2,377
1,499
98
853
1,843
1,503
100
937
2,083
1,130
1,225
1,990
1,606
99
1,214
i,7ie
i,lU
1,480
1,897
23.866
51', 197
158,009
28,209
12,397
6,145
2,487
4,060
3,099
168,890
2,672
25,913
8.504
12', 766
21,119
62,606
194,161
29,978
13,728
6,642
18,972
54,136
142,914
24,249
12,255
5,836
22,933
60,657
200,880
32,476
12,122
6,876
122
59,845
127,331
5,942
5,092
894
99
57,447
125,733
6,012
5,971
795
82
56,985
96,854
5,324
5,062
826
111
64,607
123,911
6,759
5,617
1,110
5,369
2,762
220,161
3,486
25.939
10;778
15,988
3,893
2,233
143,073
2,954
23,155
8,188
14,577
2,340
2,665
259,735
2,182
8.799
7,268
622
2,345
2,112
291,180
2,131
7,969
7.321
1,006
2,135
1,746
248,724
2,321
7,686
6,980
1,263
2,798
2,090
255,025
2,515
9,671
7,982
1,257
0
A
r,n
A. 04.9
3,858
3,038
180,861
3,487
30,277
9,589
19,431
110
764
FEDERAL RESERVE BULLETIN.
Weekly figures of clearing-house bank debits to deposit
AUGUST 1,1919.
account—Continued.
[In thonsands of dollars; i.e., 000 omitted.]
Debits to banks' and bankers' account.
Debits to individual account.
District.
June 25.
No. 5.—Richmond:
Baltimore
Charleston
Charlotte
Columbia
Norfolk
Raleigh
Richmond
No. 6.—Atlanta:
Atlanta
Augusta
Birmingham
Chattanooga
Jacksonville
Knoxville
Macon
Mobile
Montgomery
Nashville
New Orleans
Pensacola
Savannah
Tampa
Vicksburg
No. 7.—Chicago:
Bay City
Bloomington
Cedar Rapids
Chicago
Davenport
Decatur
Des Monies
Detroit
Dubuque
Flint.
Fort Wayne
Grand Rapids
Indianapolis
Jackson
Kalamazoo
Lansing
Milwaukee
Peoria
Rockford
Sioux City
South Bend
Springfield
Waterloo. Towa
No. 8—St. Louis:
E vansville
Little Rock
Louisville
Memphis
St. Louis
No. 9—Minneapolis:
Aberdeen
Billings
Duluth
Fargo
Grand Forks
Great Falls
Helena
Minneapolis
St. Paul
Superior
Winona
No. 10—Kansas City:
Atchison
Bartlesville, Okla..
Colorado Springs...
Denver
Joplin
Kansas City, Kans.
Kansas City, M o . . .
Muskogee
Oklahoma City
Omaha
Pueblo.
St. Joseph
Topeka
Tulsa
Wichita
July 2.
'
Julv 0.
June 25. j July 2.
July 16.
July 9.
July 16.
121,070
10,217
4,100
7,966
20,922
3,600
22,007
93,966
7,102
4,900
6,464
17,028
3,500
19,831
117,865
8,987
6,200
7,170
22,451
3,999
25,040 i
42,816
3,726
9,500
9,711
20,184
2,292
55,892
47,348
3,956
9,500
12,082
21,129
2,600
47,026
37,098
3,370
12,100
9,139
19,029
2,300
43,134
42.427
3; 906
12,500
11,970
24,232
2,971
60,495
22,554
6,420
11,404
10,417
11,565
5,090
6,627
7,864
4,026
19,537
64,496
1,857
15,249
4,031
1,655
27,440
6,712
14,596
11,292
10,718
5,359
4,261
7,599
4,571
20,587
81*842
2,192
18?51
4,230
1,542
23,981
7,755
» 11,372
9,939
9,906
5,536
4,766
6,580
4,078
21,018
60,501
1,646
14,270
4,234
1.551
29,637
8,175
12,335
12,535
10,654
6,122
8.792
7/188
3,700
21,577
64,376
2,114
16, Sol
4,162
1,550
28,448
5,740
13,828
9,992
7,752
4,886
10,184
921
2,416
16,414
32,787
1,128
16,378
2,527
115
28,831
6,525
13,176
10,947
8,209
4,624
8,191
859
2,512
16,837
33,133
1,583
15,650
2,777
264
29,173
6,429
20,287
9,909
7,300
5,466
9,692
814
2,467
15,088
30,254
1,535
14,721
2.817
110
33,717
7,550
13,402
11,412
8,175
6,318
14,432
754
2,700
19,613
25,799
955
15,472
3,051
115
2,736
2,275
9,144
633,277
6,407
3,030
15,682
116,804
1,652
8,858
5,143
15,963
28,963
4,156
3,526
5,024
52,833
11,053
4,242
15,800
4,809
4,707
3,238
2,600
3,162
9,774
734,388
7,472
3,079
16,780
134,321
2,500
8,247
6,141
15,126
33,985
4,043
3,837
5,112
66,268
13,192
5,410 j
17,399
2,152
4,211
3,731
2,553
2,559
9,061
533,401
3,870
2,922
17,948
98,630
2,560
8,573
5,974
18,481
28,545
3,483
3,036
4,184
46,731
9,502
4,549
13,820
2,666
4,472
3,159
3,567
441
980
2,785
19,029
9,583
790,416
617,712
6,543
2,135
3,700
3,427
19,267
35,621
152,327
48,329
2,500
1,145
7,471
67
6,386
2,361
17,231
3,672
47,359
25,620
3,565
3,219
3,591
486
4,777
3,281
72,612
43,676
12,470
1,706
4,991
171
17,730
14,200
4,301
2,664
3,941
2,828
3,750 '< 1,348
364
974
19,3Q7
599,828
2,259
3,278
32,218
80,731
1,633
7
2,206
4,366
32,764
2,154
522
380
617
17,873
502,892
2,183
3,279
32,644
40,547
1,632
14
2,368
2,655
23,734
1,767
395
2,922
34,711
1,783
143
14,369
2,430
2,598
1,498
449
891
17,744
683,862
2,384
3,506
37,959
58,704
1,480
19
2,914
4,153
30,746
2,477
569
3,828
56.010
i;672
236
16,861
2,668
3,403
1,585
5,111
5,291
34,687
27i544
133,861
5,524
6,616
35,884
29,609
3,93-1
6,418
35,330
20,531
104,527
3,980 I
9,270 !
37,000! i
32,133
214,093 ;
1,872
4,745
36,560
19,818
120,669
3,082
6,832
31,391
26!631
190,308
3,108
961
13,608
4,918
893
2,181
7,117
73,157
38,274
1,818
766
3,099
1,060
17 531
5,309
i;i53
1,732
8,921
88,539
46,397
2,231
1,040
1,818
1,633
1,924
30,690
585
5,464
169,778
4,137
26,031
57,299
5,376
15,015
3,794
21,169
12,126
1,879
2,630
I
!
j
i
160,725 i
!
3,186
1,932
17,498
2,314
1,
1,796
2,265
66,216
40,478
1,397
1,168
1,655
1,574
2,264
83,663
31,887
1,244
1,400 i
1,587
2,133
18,626
2,641
1,503
1,774
2,495
00,421
29,979
1,115
1,440
2,378
3,901
24,320
2,703
2,877
87,475
3,726
13,615
54,551
3,785
16,545
4,585
20,702
11,003
3,595
4,101
35,877 I
2,821
3,687
97,116
3,950
15,063
59,898
6,109
18,088
4,827
25,212
11,385 I
377
2,404
3,634
24,688
2,811
3,189
79,623
3,958
18,409
49,756
5,636
12,646
4,949
27,582
13,932
1,530
1,847
27,193
2,056
2,079
28,573
3,168
1,716
1,448
2,457
83,553
40,804
1,146
1,173
;
;
i
:
I
i
'
i
!
I
:
2,916
4,192
33,820
20,800
126,522
3,527
841
16,384
1,911
1,351
2,188
7,376
71,904
45,833
1,592
1,005 j
1,814
3,007 !
1,604
4,323 I
1,800
27,689 !
37,054
3,003 I
598
2,654 I
5,278
104,687 ! 191,679
4 721 I
4,982
22,712 i
27,061
59,333 j
70,205
4,415 !
6,620
16,485 i
20,425
5,002
3,759
26,203 '• 20,415
14,457 i
13,331
41,576
2,208
494
21,040
1,647
1,486
1,570
1,411 I
4,220
30,257 1
21,414
119,138
2,858
1,157
17,554
1,177
1,996
7,262
74,284
34,053
2,215
954
!
j
j
i
!
i
2,116 !
3,626!
1,646 i
34,722 I
637 !
5,438
176,359
5,922
25,725
77,004 !
6,439 I
21,129 I
3,711 |
33,751 I
9,997 i
|
J
!
j
33,837
721
6,039
201,318
6,135
35,860
65,524
6,259
18,109
5,336
38,072
17,025
AUGUST 1, 1919.
765
FEDERAL RESERVE BULLETIN.
Weeklyfiguresof clearing-house bank debits to deposit account—Continued.
[In thousands of dollars; i.e., 000 omitted.]
Debits to banks' and bankers' account.
Dis-.ri?1;.
: Juno 25.
No. II—Dallas:
Albuquerque
Austin
Beaumont
Dallas
El Paso
Fort Worth
Galveston
Houston
San Antonio
Shreveport
Texarkana
Tucson
Waco
No. 12—San Francisco:
Berkeley
Boise
Fresno
Long Beach
Los Angeles
Oakland
Ogden
Pasadena
Portland
Reno
Sacramento
Salt Lake City
San Diego
San Francisco
San Jose
Seattle
Spokane
Stockton
Tacoma
Yakima
1,572
4,233
4,040 ;
33,188 !
7,037 !
21,825 I
6,892 i
34,273 i
3,894 i
6,104 !
1,344 j
1,361
2,818 |
1,728
2,322 !
6,029 !
2,513
69,222
13,790
2,838
4,306 :
35,717 :
2,311 '
10,271 I
15,287 !
4,883 j
150,361 I
3,119
49,187
9,558
4,321
10,147 ;|
2,198
July 2.
1,803
6,304
3,493
33,268
6,931
20,368
8,623
33,149
4,689
6,224
1,551
1,480
2,943
July 9.
|
i
!
I
'
''
|
i
1,682
2,978
5,044
1,881 I
78,665 j
12,402 !
2,484 !
5,561
45,138
1,336
10,295
17,699
5,537
173,867 |
3,745 |
51,561
10,903
5,980
10,943 :
i
2,572
j July 16
1.765 I
4;992 1
3,445 j
29,951 !
6,299 i
7,713 I
29,935
3,144
5,186
i;532
1,530
3,155
2,078
2,763
8,255
4,372
61,420 I
13,951 i
3,430 ;
4,092
30,279
1,980
11,190
13,540
4,844
157,477
5,752
37,750
10,223
6,361
8,132
1,900
4,437
10,317
585
75,041
8,927
35,765
11,121
43,300
2,391
3,554
281
957
1,541
5,802
6,290
331
66,074
9,044
35,950
10,020
43,824
2,812
3,528
443
1,187
2,066
2,431
4,943
8,603
3,480
79,369
14,298
3,523
4,167
43,691
2,433
12,273
19,163
6,106
210,320
4,167
54,031
11,339
6,453
11,941
2,514
17,883 I
1,807
3,311
3,945
38,308
6,641
21,757
8,375
36,781
3,991
7,938
2,581
1,402
3,415
447
6,134
3,859
33
46,595
2,799
4,652
1,948
25,668
2,068
4,991
16,750
3,207
118,452
2,034
32,047
8,158
2,655
8,110
232
259
5,884
2,811
34
48,033
2,499
4,573
2,226
31,229
1,590
4,677
17,149
2 473
112,774
2,422
31,306
7,568
3,189
8,686
270
I
I
I
!
!
I
!
i
j
J
I
i
!
!
I
i
]
!
|
!
!
!
!
!
4,562
9,074
361
62,389
7,332
26,206
10,426
33,244
2,427
3,696
377
1,716
2,203
4,161
6,941
423
86,973
7,701
42,807
12,633
41,598
2,256
3,825
544
1,077
2,140
429
6,575
5,102
88
49,047
2,075
4,993
2,429
20,893
1,657
6,523
16,213
2,745
117,476
3,035
21,568
7,352
3,567
6,214
168
470
9,243
5,640
97
62,451
4,419
6,131
2,604
36,095
1,859
9,540
17,786
3,312
143,653
2,935
30,236
9,342
3,308
8,246
267
Recapitulation showingfiguresfor clearing-house centers reporting for each of the four weeks.
Federal Reserve district.
No. 1.—Boston
No. 2.—New York
No. 3.—Philadelphia
No. 4.—Cleveland
No. 5.—Richmond
No. 6.—Atlanta
No. 7.—Chicago
No. 8.—St. Louis
No. 9.—Minneapolis
No. 10.—Kansas City
No. 11.—Dallas
*
.
No. 12.—San Francisco
Grand total
Number
of centers included.
Debits to individual account.
June 25. • July 2.
July 9.
_
510,569 !
453,510
361,016
12 j
5,207,778 i 4,272,520
6 ' 4,749,680
376,762 : 440,783 I 336,799
13 !
508,21-1 ' 615,961 i 459,894
14 !
157,455
189,888 ! 152,791
7:
192,792
221,192 I 187,133
15
959;322 : 1.102,930 ! 830,679
23 :
5 j
10 !
15 :
IS
20 '
206,494
137,828
253,151
129,181
400,108
'238,358 !
151,257
292,727
130,826 !
450,273 !
176.740
121,073
253,594
116,530
389,789
Debits to banks' and bankers' account.
I July 16.
i
June 25.
i 505,703
! 5,694,844
I 434,933
! 590,527
; 191,712
I 209,768
i 1,200,863
! 297,682
: 165,005
i 300,356
! 110,252
j 505,245
250,300
1,823,693
400,169
482,837
144,121
153,516
834,118
188,250
151,952
407', 225
198,217
290,839
261,690
2,155,056
371,985
510,121
143,641
154,118
856,095
176,440
143,510
408,232
187,371
289,652
5,325,237
5,557,911 i 4,824,797 ] 5,892,284
153 . 8,524,500 • 9,555,545 ; 7,658,588 I 10,236,890
•
July 2.
j July 9.
j July 16.
! 220,776
191,457
i 1,730,202 ' 2,070,462
!
I 337,557 '
449,333
I 435,988
483,453
! 126,170
158,501
i 156,062
163,465
693,434
934,120
183,664
258,244
141,943
171,703
358,839
440,833
i 164,013
213,079
i 278,149
357,634
766
FEDERAL RESERVE BULLETIN.
STATISTICAL REVIEW.
In this number of the FEDERAL RESERVE
it is intended to present a general
statistical review of the condition of the Federal
Reserve system. Figures have been published
weekly and monthly on all essential points from
the beginning, both in order that the public
might be informed of the operations of the system and in order that the Federal Reserve Banks
themselves might be kept in closer touch with
one another. It has been thought well, however,
to supply a critical analysis from the statistical
standpoint, covering some of the most conspicuous activities of the system, and the midsummer issue has been selected for that purpose. This is especially suitable at the present
time since the close of June practically marks
the formal termination of the war period and
coincides at the same time with the end of the
fiscal year. It is therefore possible to furnish
in connection with the regular half-yearly figures some important comparisons which throw
light upon the position attained by the Federal
Reserve Banks, as well as upon their problems
for the future.
Historically speaking, the Federal Reserve
History of the system may bo divided into four
Federal Reserve rather distinct periods. Of
system.
t k e s e the first extends from
November, 1914, when the new banks were
organized, to about the end of the year 1916,
or, roughly speaking, two years. This period
was essentially one of organization and preparation and during that time, as has been noted
in the past, the Federal Reserve Banks were
still really in process of developing their relationships to their members and of working out
and assuming their place in the financial community. A second period may be considered
to extend from the end of 1916 to the entry of
the United States into the European War in
April, 1917. It was during these few months
that Federal Reserve Banks began to exert an
important influence upon the rate of discount
and to make themselves felt in other directions.
A new era opened with the declaration of belligerency, and from that time on to the conBULLETIN
AUGUST 1,1919.
clusion of the armistice on November 11, 1918,
the system may be regarded as entirely upon a
war basis. Its problems therefore were those of
war and its guiding policies were necessarily
those of the Federal Government. The months
from the conclusion of the armistice to the
close of the fiscal year 1919, on June 30 last,may
be regarded as the beginning of the peace and
reconstruction era of the new banking system,
notwithstanding that financially the war can
not be said even as yet to be fully over. Yet,
during this intervening period new problems
have appeared and the beginnings of new solutions have been attempted. Statistically, too,
the chronological division which has just been
given has its value as enabling a more or less
accurate comparison between conditions at
different dates corresponding to the varying
prospects and problems by which the banks
were confronted. It has not been possible to
follow this chronological division in the following tabulations, yet it has been thought worth
while to present at least the prewar statistics
separately from those for the war and the afterwar periods as affording some means of interpretation applicable to the differences in the
conditions found to exist at varying times.
Superficially viewed, the Federal Reserve
system exhibits a marvelous
Growth in re- growth. From the inaugurasources.
tion of the banks, at which
time there was on hand capital of slightly over
18 millions, and aggregate resources of about
250 millions, to the end of June, 1919, when
the capital was about 83 millions and resources
in excess of 5,500 millions, is a space of little
more than four and a half years, yet during
that period the capital and surplus has been
enlarged by over 800 per cent, while total resources have been multiplied more than twentyfold. This immense growth is due to a variety of
factors and probably would not have taken place
in any such brief space of time had it not been
for the war and its attendant circumstances.
The growth in the capital and resources of the
Federal Reserve system has been due in part
to the coming in of many new banks under
the influence of the financial necessities of the
AUGUST 1,
1919.
FEDERAL RESERVE BULLETIN".
war and the patriotic impulse to strengthen
the system. Prior to this growth in membership and in funds resulting therefrom was the
influence due to the gradual transfer of reserves from the member banks to the Federal
Reserve Banks, which, continuing ever since
the opening of the new institutions, culminated
soon after June 21, 1917, when the final installment of reserves was paid in prior to the expiration of the time limit set by the original act
and when the system, so far as the members and
their reserve status was concerned, had attained
its full stature. The great growth in rediscounts would not have occurred within the
years in question had it not been for the war and
its effects, for most of the advance in the paper
holdings is an increase in war paper as such.
Nevertheless, there has been a distinct enlargement in strictly commercial paper operations, as shown by the fact that the holdings
of all discounts other than war paper have increased from $125,789,000 on July 27, 1917,
to $251,392,000 at the end of July, 1919. On
pages 771 and 774 is given an outline of the movement of the principal items in the Federal Reserve Bank statements.
The development of the Federal Reserve
note system is one of the most
Federal Re- striking features of the evoluserve notes.
tion of Federal Reserve Banks.
Starting with a small issue of notes which,
however, served an important purpose in assisting to retire the Aldrich-Vreeland emergency currency which had been issued during
the financial difficulties succeeding the outbreak of the European War, the note circulation has now grown to great proportions, aggregating at the end of July, 1919, $2,504,497,000. Federal Reserve notes have practically
displaced gold certificates in circulation, the
latter being drawn into the banks and used as reserves, while a corresponding amount of reserve
notes have been issued to take their place as
media of exchange. As has been frequently explained in the FEDERAL RESERVE BULLETIN, the
total of notes thus issued is not a net addition to
the currency of the country except in so far as
it exceeds the amount of other forms of cur-
767
rency that have been withdrawn or retired.
Whether as new currency or as substitutes for
the old circulating medium composed of gold
and gold certificates, the service of the Federal
Reserve note issue as a means of supplying an
actual medium of exchange remains conspicuously important. These notes have come to
circulate in increasing volume in Mexico, Central
America, and West Indian countries, as well
as to some extent in more distant regions. On
pages 788 and 789 are shown the growth in the
note circulation and the changes in the principal
elements of our circulating medium up to June
30,1919. These figures indicate that since oar
entrance into the war there has been a net
advance in the circulation outside the Treasury
and the Federal Reserve Banks of about $741,370,000. t
One of the principal purposes in mind in
Growth in ac- connection with the Federal
ceptances.
Reserve Act was the development of a discount market in the United
States for the purpose of providing a means
of investing bank funds in live commercial
paper and for the further purpose of assisting
in the financing of export trade. It was
recognized that the use of the bankers' acceptance would be of the utmost value in connection with such financing, and consequently
in assisting to create the desired discount
market. Accordingly, full provision was made
for the use of the bankers7 acceptance, and one
of the earliest actions of the Board was to
formulate and issue a set of regulations in
connection with the use of bankers' acceptances. The acceptance early became a
standard form of investment for Federal Reserve Banks and, together with other paper,
mainly war paper, has since then frequently
served as a useful means of effecting transfers
of resources between Federal Reserve Banks
through the interbank rediscounting process
directed by the Federal Reserve Board. The
growth of the acceptance market has been
unavoidably interfered with by the war and
has been checked by the unexpected and unexampled growth of war paper and credit demands
based thereon. Nevertheless, the use of the
768
FEDERAL RESERVE BULLETIN.
acceptance, especially in our foreign trade,
shows some increase, and this type of paper
has in various ways been adjusted to the requirements of the money market. It may be
expected that with the return of normal conditions and the restoration of peace there will
be a still wider use of bankers' acceptances and
a still larger investment in them by Federal
Reserve Banks. A statistical analysis of the
acceptance situation is therefore more than of
merely historical and analytical interest, since
it shows the degree of progress already attained
and the fluctuations that have occurred in the
process of introducing the new system. The
Board has regularly published in the FEDERAL
RESERVE BULLETIN data showing the growth
of the acceptance market, so far as they could
be obtained from member and other banks.
On pages 784 and 785 is shown the movement
of acceptance liabilities of member banks since
September 2, 1915, when for the first time
these liabilities were specified in the Comptroller's report.
Since the United States became a belligerent
the discount of war paper natural1
^ constituted a considerable
element in the business of Federal Reserve Banks. This war paper consists
of the notes of customers of member banks or
notes of the banks themselves, collateraled in
every case by Government war obligations of
some kind and presented to Federal Reserve
Banks for discount. Such notes received the
preferential rate of discount as determined by
the Board from time to time in behalf of war
paper and intended to correspond closely with
the coupon rate on the obligations. The purpose of adopting this rate has been that of permitting the public at large to buy Government
obligations to the full extent of their capacity
in the assurance that if unable to make payment in full they would be able to secure
accommodation by applying to their own banks,
which in turn would relieve themselves so far
as necessary by rediscounting with Federal
Reserve Banks. The technique and results of
this process have been so fully considered at
various times since the opening of the war that
AUGUST 1,1919.
no discussion of the general effects of the policy
is called for. In former issues of the BULLETIN
attention has been given to the circumstances
under which such war paper is created, the
effect of its accumulation in Federal Reserve
Banks, and the relative amounts of it that are
held or carried in Federal Reserve Banks and
in member banks.
In the table on page 771 are shown the holdings of this class of paper by the Federal
Reserve Banks since 1917. Corresponding
figures are shown on page 786 with regard to
member banks in leading cities for the present
year.
One of the most notable results of war banking and war finance has been
Gold reserves.
the enormous accumulation of
gold in the vaults of Federal Reserve Banks.
This would in any case have occurred as a
result of more centralization of reserves in the
hands of the new institutions, but it would not
have proceeded with anything like the speed
and thoroughness that has been characteristic
of actual development. Three factors may be
recognized as influential in bringing about this
centralization of gold, as follows: (1) The creation of the system itself, with its machinery for
cooperation and centralization; (2) the financial
effects of the war and of our great exports of
merchandise, resulting, as these necessarily
have, in increasing the volume of gold brought
into the country; (3) the steps taken to secure
the concentration of gold in the hands of member banks by withdrawing it from general circulation, and finally its transfer to Federal
Reserve Banks, substituting Federal Reserve
notes, both as till money and as current circulation for daily needs. The joint effect of these
influences has been literally unprecedented,
although the outcome has merely paralleled the
less conspicuous effects of gold concentration
policies pursued in European countries. In the
United States the effect has been to build up a
stock of gold surpassing anything ever before reported and thereby to create a visible
banking reserve of remarkable strength and
effectiveness. Tabular comparison of the gold
stock of Federal Reserve Banks at selected
AUGUST 1,
1919.
FEDERAL RESERVE BULLETIN.
dates (on p. 774) shows the stages by which this
accumulation has been advanced and indicates
in a general way the points at which definite
increases have taken place as the result of
changes of policy.
The earnings and expenses of the Federal
Reserve Banks have been regu<arnmgs an j ^ j y published at semiannual
expenses*
.
..
.
,
.
intervals since the organization of the system. In this connection it
should be noted that while at no time of their
existence Federal .Reserve Banks were operated
with profit as a prime object, the history of the
system thus far falls into two general divisions,
chronologically speaking, in so far as applies
to the subject in question. Up to the time
the United States became a belligerent, Federal
Reserve Banks were being operated with comparatively small profits, and while several
showed substantial net earnings, others were
still in the nondividend-paying stage. Since
the entry of the United States into the war
earnings have very greatly increased as a
result of the large amount of rediscounted
paper collateraled by Government obligations
which has been presented by member banks as
t h e result of the placing of public loans. The
banks should, however, even under normal conditions, be able to maintain a satisfactory level
of earnings. Meanwhile, the technical closing of
hostilities has brought with it no contraction in
general business at Federal Reserve Banks, so
that the system may from the earning standpoint be said to be still in the second or war
stage of its history. Expenses have naturally
increased along with earnings, although their
growth has not been in the same ratio as the
income. The table on page 777 has been compiled for the purpose of showing the development of the earnings and expenses of Federal
Reserve Banks, and includes the latest halfyearly dividend payments announced by the
various institutions.
The entry of the United States in the war
Fiscal agent has added materially to the
work of the re- W O rk of the Federal Reserve
serve banks.
Banks. Acting as fiscal agents
for the Government the Reserve banks handled
769
the sales, allotments, and redemptions of Treasury certificates, received subscriptions to the
several war loan issues, collected all bond and
certificate payments and redeposited the funds
with qualified depositary institutions, withdrawing them upon request of the Treasury,
and made deliveries of Government war bonds
and Treasury certificates to subscribers.
Table on page 787 shows in summary form
the amounts of Liberty bonds and Victory
notes placed, also amounts of Treasury certificates issued in anticipation of each of the
five war loans, also of tax payments due in
1918 and 1919.
Coincident with the great expansion in the
operations of Federal Reserve
Personnel.
Banks, there has naturally been
a very great enlargement of personnel. There
is herewith submitted on pages 778 and 779 a
tabulated view of the history of Federal Reserve Banks in regard to the personnel question,
showing total number of persons employed at
specified dates. On page 778 is also shown
the number of employees of the Federal Reserve Board at the end of each calendar year,
beginning with 1914, and the number about
the middle of the present year.
Expansion of the Federal Reserve system in
Branches of ^ l e matter of branches has been
Federal Reserve very marked during the past
Banks.
two years as a result of the
greater operations of Federal Reserve Banks,
the growth of the collection system and the increased appreciation of the service of the Federal Reserve system on the part of member
banks. On page 777 are shown for the first
time comparative figures of the volume of op! erations of the several branches, and, wherever
possible, the financial results of operation for
the first half of the present year.
Since the organization of the Federal Reserve
system the membership has in< f ased by over 1 000 through
the accession ol State banks
and trust companies. On the other hand, the
war caused an enormous expansion of the resources of all classes of banks. As regards
national banks, the Comptroller's abstracts
770
FEDERAL RESERVE BULLETIN.
give on a fairly uniform basis figures of the
principal assets and liabilities for the entire
period since the end of 1914. Data for the
remaining member banks are found for part of
the time in the Comptroller's abstracts and for
the more recent period in the abstracts issued
by the Board. On page 783 and following are
shown for the first time comparative data
showing condition of all member banks on all
call dates between December 31, 1914, and
AUGUST 1,1919.
March 4, 1919. In order to complete the
review of member bank development, tables
have been prepared showing monthly growth
in membership also changes in the condition
of member banks in leading cities during the
present year. The latter table (on p. 786) is of
special interest, as giving in some detail the
investments of the respective banks in government securities and their holdings of war
paper.
771
EEDEKAL EESERVE BULLETIN.
AUGUST 1,1919.
Classification of earning assets held by Federal Reserve Banks on the last Friday of each month since organization of system.
NOVEMBER, 1914, TO MARCH, 1917.
[In thousands of dollars; i. e., 000 omitted.]
United
States
securities.
Municipal warrants.
205
Bills
bought
Bills discounted.
Date.
734
7,383
10,848
23,094
11,509
16,107
25,808
24,945
25,014
27,308
12,220
27,135
37,886
53,262
62,055
63,992
55,485
64,757
77,483
78,704
79,586
89,200
83,398
Total
earning
1914.
7,383 j .
Nov. 27.
Dec. 31..
9,909
1915.
Jan. 2 9 . .
Feb. 26..
Mar. 26..
Apr. 30..
May 28..
June 25..
July 30..
Aug. 27.
Sept. 24.
Oct. 29..
Nov. 26.
Dec. 30..
13,955
20,469
31,683
30,586
33.951 :
25', 996 i
29,102
29,275 :
31,373 !
30,448 I
•32,794 •
32,368 I
10,379
11,625
13,564
13,058
13,619
16,179
23,013
;
!
i
!
i
'
13,955 ! 13,180
20,469 i 17,417
31,683 I 21,579
36,586
25,469
33,951
6,947
36,375
7,601
40,727
7,923
42,839
8,836
44,431
9,328
44,067
10,505
48,973
12,919
55,381
15,797
1916.
Jan. 28..
Feb. 25.
Mar. 31.
Apr. 28.
. 53,215
! 51,881
j 61,675
1 69,033
j 73,073
I 92,283
i 111,048
i 109,178
! 106,578
! 107,216
j 122,593
I 157,693
21,372
29,632
40,275
49,681
55,782
57,129
56,581
55,001
53,471
51,904
50,594
55,414
20,602
25,403
33,015
36,933
44,946
22,671
27,220
27,863
24,028
29,890
22,166
8,975
95,189
106,916
134,965
155,647
173,801
172,083
194,849
192,042
184,077
189,010
195,353
222,082
15,711 i 97,697 I 113,408
144,232
20,266 I 123,966 ..
20,106 I 84,473 j 104,579
55,769
48,118
47,700
12,249
17,124
15,715
181,426
209,474
167)994
26,901 i 26,314
22,827 i 29,054
21,267 I 40,408
21,448 | 47,585
20,365 . 52,708
21,188 ! 71,095
27,594 ! 83,454
27,032
82,146
25,953
80,625
21,131
86,085
20,501 102,092
30,196 I 127,497
June 30..
July 2 8 . .
Aug. 25.,
Sept. 29.
Oct. 27..
Nov. 24.
Dec. 29..
i
1917.
Jan. 26..
Feb. 23.
Mar. 30.
APRIL, 1917, TO JULY, 1919.
Discounts.
Bills
bought
in open
market.
Total
discounts.
Date.
War papor.ij
i
Other.
Total bills
on hand.
United
States
securities.
Total
Municipal | earning
warrants. 1 assets.
1917.
35,043
47,587
171,696
125, 789
135,448
167,616
187,864
350, 790
397,285
312,520
263,905
301,451
642,429
562,993
434,509
673,231
896,228
1,221,533
1,092,417
1,412,511
1,400,371
315,142
245,629
281,777
259,314
334,364
434,666
628,920
531.967
49i; 897
453, 747
402,684
302,567
627,662
509,534
583,228
901,743
897,357
869,175
1,302,151
1,428,195
1,713,430
1,546,164
1,815,195
1,702,938
1,357,571
1,667,965
1.691,010
I) 760,672
1,802,893
1,573,483
1,616,210
243,557
211,855
195,230
189,740
186,499
244,557
251,392
1,601,128
1,879,820
1,886,240
1,950,412
1,989,392
1,818,040
1,867,602
25,546
12,670
11,867
65,923
1918.
Jan. 25
Feb. 2 1 . . . .
Mar. 28-29.
Apr. 2 6 . . . .
May 3 1 . . . .
June 28
July 26
Aug. 30
Sept. 2 7 . . . .
Oct. 25
Nov. 2 9 . . . .
Dec. 27
71,400
107,377
202,270
195,097
154,591
176,169
177,590
205,454
275,366
35,043
47,587
197,242
138,459
147,315
233,539
397,094,
756.398
680; 706
209,230
405,608
283,421
Apr. 27..
May 25..
June 29..
July 2 7 . .
Aug. 31..
Sept. 28.
Oct. 2 6 . .
Nov. 30..
Dec. 28..
!
j
I
i
I
j
!
106,443
154,964
399,512
333,556
301,906
409, 708
574,684
961,952
955,072
273,912
296,170
304,065
302,844
256,373
216,848
205,274
232,603
288,391
398,623
375,341
303.673
901,574
805,704
887,293
1,204,587
1,153,780
1,086,023
1,50*, 425
I)660,798
2,001,821
1,944,787
2,190,536
2,006,611
123,194
222,657
310,769
78,853
146,924
259,066
57,012
56,122
78,643
350,311
121,798
311,546
281,293
276,919
248,107
185,822
183,650
304,558
375,556
1,882,421
2,156,739
2,134,347
2,136,234
2,173,042
2,122,598
2,243,158
294,784
182,782
200,935
218,636
229,014
231,569
239,400
117.818
117:658 i
70,728 j
76,953 !
77,927 i
95,005
110.042 I
89)096 I
107,233 !
14,999
14,675 !
2,446 t
1,469 !
1,230 i
224 j
233 :
239,260
287,297
494,536
411,978
381.063
504)937
1,429 I
1,005 i
1,052,377
1,064,310
2,137 j
612 I
529 i
554 j
501 i
11 :
66 j
67 !
71
24
27
13
1,029,670
1,031,797
1,201,585
1,286,162
1,301,390
1,345,112
1,564,540
1,716,987
2,080,566
2,295,122
2,312,359
2,318,170
1919.
Jan. 3 1 . .
Feb. 28.
Mar. 28.
Apr. 25.
May 29..
June 27.
July 25..
2,177,209
2,339,525
2,335,286
2,354,870
2,402,056
2,354,167
2,482,558
1 Figures to Nov. 30,1917, inclusive, represent only member banks' collateral notes secured by Government war obligations and are exclusive
g
ustomers'
of customers paper similarly secured, tho amount of which, however, was small.
to
&ARNIN6 ASSETS OFFCDCRAURCSHRVC BANKS, I9I4-I9/9.
Hipl
Skj
Jhrckassd Jfcceftfattoes.
I
WM& Other$)zscffiZMt$.
$$$M W.S.
I
a
2.3
22
2.1
23
2.O
1.9
2.1
20
7.S
La
/.<$
I.?
1.6
16
I
IS
t.3
/2
l
At
I.O
0.3
0.3
Q?
0.6
OS
Oe
0.P
0.6
as
O.s
0+
0.3
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0.4
0.3
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at
a
1914- \
/BIS
IB!€
I SIP
J3I8
NET DEPOSITS, ER.NOTES IN CIRCULATION,AND RESERVES
Of TEPERAL RESERVE BANKS. 1914-1919.
3\3i.JI[ohe$ tit CcrctUattotv.
w
oo
774
FEDERAL RESERVE
Reserves, deposits, and note circulation
BULLETIN.
AUGUST 1,1919.
of Federal Reserve Banks since organization
of system.
NOVEMBER, 1914, TO MARCH, 1917.
{In thousands of dollars; i. e., 000 omitted.]
Reserves.*
Federal
Reserve
Deposits, notes in
net.
circulation.
Date.
Gold.
Total
Total.net
deposit
and
! Reserve
Federal Required Excess .
reserve. |
Reserve
note liabilities.
Federal
Reserve
bank
notes.
1914.
251,968
272,045
88,324
96,017
174,146
171,882
104.2
289,774
322,502
338 717
350 227
375,527 j
384,232 j405,232 !
453,194
496,046
564,203
583,271
•102,305
109,256
114,869
121,219
125,860
135,059
138,738
146,593
164,401
180,917
205,736
213,596
169,883
189,582
181,366
185,812
204,460
236,972
230,737
232,450
263,923
289,377
323,639
342,342
93.9
96.9
91.9
90.8
94.3
99.1
96.2
620,887
607,161
608,394
602,107
663,688
690,485 i
688,138 !
687,211 i
725,898
763,325
860,576
920,018
226,272
221,075
221,091
218,892
240,260
249,282
248.748
248,341
263,891
277,894
313,224
337,874
344,465
322,816
303,368
280,148
296,967
320,910
295,647
300,145
328,687
349,563
406,251
415,900
91.9
89.6
86.2
82.9
80.9
82.6
79.1
79.8
81.6
82.2
83.6
81.4
259,768 I 948,276 i 344,885
303,171 | 980,207 I 358,231
357,610 11,064,515 | 390,461
463,939
460,342
556,867
86.4
83.5
89.0
227,840 | 262,470
241,321
267,899
Nov. 27.
Dec. 31..
249,268
256,018
2,700
16,027
251,306
269,753
273,137
280,543
298,331
324,183
347,383
359,165
405,404
433,236
492,163
542,413
272,188
298,838
296,235
307,061
330,320
372,031
369,475
379,043
428,324
470,294
529,375
555,938
272,095
282,248
282,644
285,364
284,615
337,532
350,021
398,899
394,245
17,679
26,172
39,858
53,353
65,612
72,489
85,127
95,233
115,662
146,025
165,304
189,026
555,241
526,213
514,521
487,029
515,255
542,744
527,536
536,221
584,767
617,481
701,501
736,236
570,737
543,891
524,459
499,040
537,227
570,192
544,125
548,486
592,578
627,457
719,475
753,774
441,663
435,793
445,328
439,013
504,299
538,241
535,548
530,866
529,360
548,703
620,128
650,665
179,224
171,368
163,066
163,094
159,389
152,244
152,590
156,345
196,538
214,622
240,448
275,353
808,824
818,573 |
947,328
688,508
677,036
706,905
1915.
Jan. 29
Feb. 26
Mar. 26
Apr. 30
May 28
June 25
July 30
Aug. 27
Sept. 24
Oct. 29
Nov. 26
Dec. 30
|
j
!
j
1
i
!
|
!
i
i
|
!
i
!
i
!
:
j
l
i
1916.
Jan. 28
Feb. 25
Mar. 31
Apr. 28
May 26
June 30
July 28
Aug. 25
Sept. 29
Oct. 27
Nov. 24
Dec. 29
299,105
94.5
94.8
93.8
95.3
964
1,669
1,732
1 721
1,692
1,690
3,033
1,031
1,028
1917.
Jan. 26
Feb. 23
Mar. 30
791,245
803,324.
| 938,046
i Amounts shown under this heading include gold and lawful money held by both the Federal Reserve Banks and agents, and differ from figures
of reserves shown in the weekly reports for the respective dates. Before June 21,1917, gold with Federal Reserve agents did not count as reserve.
APRIL, 1917, TO JULY, 1919.
Reserves.
Deposits.
Date.
Federal
Reserve
notes in
circulation.
Total net
deposit
and
Federal
Reserve
note
liability.
Required
reserve.
Free
gold.
428,441
434,170
645,131
644,876
632,040
697,945
800,581
981,222
1.008,893
547,040
580,093
689,221
769,176
774,068
759,614
752,361
€94,989
711,875
83.8
86.3
75.4
80.1
81.7
77.0
71.7
63.2
63.6
1,016,481
1,037,751
1,118,513
1,155,199
1,195,700
1,224,323
1,316,339
1", 387,597
1,523,218
1,606,531
1,611,369
1,617,600 I
I
1,561,102
1,617,781
1 618,209
1,633,054
1,648,539
1,612,415
1,630.595
766,278
794,773
755,550
735,746
780,009
781,876
712,990
679,365
548,958
491,638
509,002
528,609
65.4
66.0
62.7
61.3
62.0
61.7
58.1
56.4
51.6
49.6
50.0
50.6
10,390
11,084
20,687
35,819
58,859
86,003
117,122
618,544
570,942
592,315
607,098
606,567
603,S41
530,428
53.0
51.3
51.9
52.1
51.8
52.1
50.2
129,445
134,042
145,540
158,848
168,427
177,185
193,849
Gold.
1917.
Apr. 27
May 25
June 29
July 27
Aug. 31
Sept. 28
Oct. 26
Nov. 30
Dec. 28
1918.
Jan. 25
Feb. 21
Mar. 28-29
Apr. 26
May 31
June 28
July 26
Aug. 30
Sept. 27
Oct. 25
Nov.29
Dec. 27
1919.
Jan. 31
Feb. 28
Mar. 28
Apr. 25
May 29
June 27
July 25
Government.
Members'
reserve.
945,141
977,371
1,294,512
1.362,263
1,353,498
1,408,470
1,503,436
1,621,725
1,671,133
975,481
1,014,263
1,334,352
1,414,052
1,406.108
1,457,559
1,552,942
1,676,211
1,720,768
76,114
300,966
113,032
154,358
71,289
132,221
220,962
108,213
719,785
813,326
1,033,460
1,135,456
1,069,804
1,136,930
1,264,323
1,489,370
1,453.166
743,532
721,171
1,261,800
1,232,200
1,133,926
1,193,886
1,318,798
1,595,512 i
1,457,994 I
534,01o
587,915
700,212
817,506
3,056,983
1,246,488
1,164,041
1,175,573
1,770,553
1,766,215
1,721,841
1,894,098
2,166,304
2,652,495
2,704,482
1,726,507
1,772,395
1,815,704
1,827,000
1,917,826
1,949,021
1,974,200
2,013! 794
2,020,813
2,045,132
2,065; 213
2,090,274
|
Total.
1,782,759
1,832,524
1,874,063
1,890,945
1,975,709
2,006,199
2,029,329
2,066,962
2,072,176 I
2,098,169 i
2,120,371 I
2,146,219
135,691
56,165
104,086
130,668
166,191
84,535
233,040
104,729
191,623
278,218
207,157
63,397
1,480,743
1,459,720
1,499,400
1,497,416
1,440,413
1,557,587
1,435,196
1,478,639
1,535,490
1,683,499
1,488,893
1,587,318
1,492,878 I
1,462,627 !
1,535,367 !
1,556,303
1,586,608
1,529,819 I
1.622', 870 !
1,572,898 i
1,667,109 !
1,723,902 I
1,668,283
1,552,892 ;
1,234,934
1,314,581
1,452,838
1,526,232
1.600,968
I', 722,216
1,870.835
2,092.708
2,349,326
2,507,912
2,568,676
2,685,244
2,727,812
2,777,208
2,988', 205
3,082.535
3,187; 576
3,252,035
3,493,705
3,665,606
4,016,435
4,231,814
4,236,959
4,238,136
2,112,106
2,122,998
2,142,305
2,169,216
2,187,743
2,147,784
2,095,151
2,179,646
2,183,723
2,210,524
2,240,152
2,255,106
2,216,256
2,161,023
64,928
210,547
168,147
91,726
141,479
73,614
118,038
1,693,132
1,620,972
1,631,167
1,664,320
1,656,118
1,713,030
1,718,396
1,659,457
1,798,739
1,741,425
1,752,094
1,830,920
1,750,694
1,796,561 !
2 450,729
2,472,307
2,521,776
2,549,552
2,519,292
2,499,180
2,504,497
4,110.186
4,269,046
4,263,201
4,301,646
4,350,212
4,249,874
4,301,058
Net.
420,509
454,402
SOS, 753
Reserve
percentage.
Federal
Reserve
bank
notes.
934
2,459
6,023
8,000
8,000
8,000
8,000
8,000
7,999
7,978
7,895
775
FEDERAL RESERVE BULLETIN.
AUGUST 1, 1919.
Growth of the Federal Reserve Clearing System.—Average daily number and amount of items handled by monthly periods
from July, 1916, to July, 1919.
Average
daily
number of
items handled drawn
on banks,
Average
daily
amount of
items handied drawn
on banks.
Average j Average
daily
daily
Number of Number of
number of! amount of
nonmember
items han-1 items han- banks in
member
dled drawn j died drawn district.
banks on
onU.S.Gov-jonU.S. Govpar list.
ernment, i eminent.
1916.
July 15 t o Aug. 15.
Aug. 16 to Sept. 15.
Sept. 16 to Oct. 15.
Oct. 16 to Nov. 15.
Nov. 16 to Dec. 15.
133,113 859,301,696
177,397 78,559,704
204,891 97,666,107
227,489 115,001,224
230,038 125,003,732
I
!
1
!
!
!
1
I
;
i
i
:
7,032
7,449
7,459
8', 059
8,065
211,933
220,421
231,475
231, 777
238,288
250.211
255,039
243,625
251,001
293,742
325,690
343,787
1121,814,589
'110,188,028
'116,404,430
|127,648,503
'160,680,956
•174,236,737
'197,489,674
1170,410,219
1182,303,483
'220,732,251
1283,938,810
311,623,152
7,022
7,030
7,630
7, (525
7,63 4
7,651
7,0(56
7,(583
7,718
71747
7,820 ,
7,823 I
8,130
359,007
325.301
369;898
388,058
399,812
407,866
538,984
546,358
588,710
049,827
717,714
764,185
1917.
Dec. 16,1916, to Jan. 15
Jan. 16 to Feb. 15
Fe b. 161 o M ar. 15
Mar. 16 to Apr. 15
Apr. 16 to May 15
May 16 to June 15
June 16 to July 15
July 16 to Aug. 15
Aug. 16 to Sept. 15
S e p t. 16 t o O c t. 15
Oct. 16 to Nov. 15
Nov. 16 to Dec. 15
7,624 |
7,618 i
7,618
7,623
7,627
'292,585,856
1282,785,364
1321,805,317
1319,977,817
1360,126,872
j346,005,014
1427,741,091
1373,401,503
'397,327,936
1448,657,299
|490,142,831
:452,935,793
38,130 ; 21,116,293
48,224 ! 21,316,033
58,991 i 25,827,757
59,228 j 31,5(53,675
60,771 I 30,928,185
77, 750 ! 39,051,003
82,536 I 47,181,467
81,323 I 41,0(53,046
87,213 ! 45,095,043
106,539 I 51,048,149
98,168 ! 52,790,232
135,173 i 00,706,938
830,530
780,8G7
850,392
926,658
890,500
928,494
451,356,343
1413,727,713
1396,0.(2,525
|421,208,647
397,603,139
449,832,331
77,2S2
126,051
114,563
137,228
157,820
118,248
j §2,043, 408 ;
i 3.597,8
865 !
i 4:414,5 :
508
899
; 111 637,8
569
I 9,701,5
515
! 11,000,5
506
! 13,518,5
|1 7 4 9 0 9
17,490,974
27,179,053
8,007
8,789
S.805
8; 837
8,934
•9,052
9,210
9,321
j
1918.
Dec. 16,1917, t o Jan. 15.
Jan. 10 to Feb. 15
,
Feb. 16 to Mar. 15
Mar. 16 to Apr. 15
Apr. 16 to May 15
May 16 to June 15
June 16 to July 15
July 16 to Aug. 15
Aug. 16 to Sept. 15
Sept. 16 to Oct. 15
Oct. 16 to Nov. 15
Nov. 16 to Dec. 15
12,582
15,925
10,344
19,100
19,533
23,492
20,797
30,420
33,806
7,909 !
7,972
8,013
8,059
8,113
8,105
8,212
8,291
8,428 i
8,510 !
8,584
8,012
9,319
9,425
9.450
9; 475
9,710
9,761
10,200
10,219
10,409
1919.
Dec. 16,1918, to Jan. 15.
Jan.16 to Feb. 15
Feb. 16 to Mar. 1'5
Mar. 16 to Apr. 15
Apr. 16 to May 15
May 16 to June 15
37,753,800
63,221,002
46,746,505
48,802,574
45,278,411
48,316,599
8,692
8,717
8,729
8,758
8,788
8,825
10,595
10,622
10,885
11 000
11'.201
11 782
776
AUGUST 1,1919.
FEDERAL, RESERVE BULLETIN.
Gold Settlement Fund.—Average weekly clearings and transfers through the gold settlement fund, by months, from May, 1915,
the date of establishment of the fund, to July, 1919.
[In thousands of dollars; i. e., 000 omitted.]
Average
weekly
clearings
for period
ending
about the
middle of
each
month.
1915.
Average
weekly
transfers
for period
ending
about the
middle of
each
month.
132,522
22,610
18,450
29,370
45,340
54,480
62,890
54,120
69,240
77,730
7,100
15,200
33,380
48,930
18,450
29,370
45,340
54,480
69,990
69,320
102,620
126,660
51,109
48,028
55,241
52,592
64,800
72,528
74,339
87,888
119,815
167,288
200,955
219,291
80,180
78,970
75,820
77,650
102,510
118,490
110,750
126,170
123,510
139,480
178,290
57,680
55,850
48,660
49,760
48,580
45,770
42,750
38,670
44,530
67,830
81,790
102,280
146,110
136,030
127,630
125,580
126,230
148,280
161,240
149,420
170,700
191,340
221,270
280,570
6,650
6,885
3,960
7,031
70,502
43,997
50,608
56,780
72,280
35,075
108,228
110,525
249,388
279,376
274,160
303,724
459,255
487,977
506,637
576,021
564,484
542,718
870,526
904,917
213,350
213,310
211,270
207,230
189,860
269,680
396,469
399,153
382,248
377,257
375,899
301,524
94,010
96,560
113,330
147,810
161,400
178,830
182,730
191,941
227,-774
301,927
361,713
497,824
307,360
309,870
324,600
355,040
351,260
448,510
579,199
591,094
610,022
679,184
737,612
799,348
669,490
665,249
679,239
756,982
835,52o
807,690
932,22S
851,040
873,408
k006,598
1,107,845
1,054,453
75,600
95,380
42,083
89,465
110,825
110,360
126,270
53,611
55,040
37,091
108,472
181,125
745,090
760,629
721,322
84.6,447
946,350
918,050
1,058,498
904,651
928,448
1,043,689
1,216,317
1,235,578
348,622
377,674
380,205
405,619
420,614
488.026
544', 443
569,816
4G5,787
423,720
442,362
469,912
496,544
533,946
558,026
568,848
615,881
681,368
684,243
718,315
847,373
859,202
845,166
911,620
938,231
974,467
1,036,495
1,169,394
1,228,686
1,288,131
1,313.160
1,310; 113
1,311,917
1,329,114
j l 033,976
! l 013,303
1,000,214
l 074,705
1,061,963
i l 167,254
May 19..
June 17..
July 15..
Aug. 19..
Sept. 16..
Oct. 14..
Nov. 18..
Dec. 16..
135,578
123,632
134,667
154,358
139,508
184,039
1,169,554
1,136,935
1,134,881
1,229,063
1,201,471 .
1,351,293 !
402,296
458,002
536,437
616,859
568,620
589,560
939,830
889,457
824,197
769,777
842,107
822,652
1,342,126
1,347,459
1,360,634
1,386,636
1,410,727
1,412,212
23,003
20,211
21,047
27,266
42,082
48,312
472
1,865
984
1,876
152
2,154
48,625
46,950
52,942
50,599
61,719
69,207
71,906
86,062
116,494
164,052
197,638
212,309
2,484
1,078
2,299
1,993
3,081
3,321
2,433
1,826
3,321
3,236
3,317
242,738
272,491
270,200
296,693
388,753
443,980
455,939
519,241
492,204
507,643
762,298
794,392
1916.
Jan. 1 3 . .
Feb.17..
Mar. 16..
Apr. 13..
May 18..
June 15..
July 1 3 . .
Aug. 17..
Sept. 14.
Oct. 19..
Nov. 16.
Dec. 14..
32,522 i
22,610 "
j
23,475 i
22,076 !
22,031; •
29,142
42,234 i
50,466 i
1917.
Jan. 2 5 . .
Feb. 23..
Mar. 22..
Apr. 19..
May 17..
June 21..
July 19..
Aug. 23..
Sept. 20.
Oct. 18..
Nov. 22.
Dec. 20..
1918.
Jan. 17..
Feb. 21..
Mar. 21..
Apr. 18..
May 16..
.Tune 20..
July 18..
Aug. 22..
Sept. 19.
Oct. 17..
Nov. 21.
Dec. 19..
1919.
Jan. 16
Feb. 20
Mar. 20
Apr. 17
May 22
June 19
Total
Total
Banks'
average balance in Agents' balance in
balance in banks' and
clearings
gold
settlement gold fund.
and
transfers.
fund.
funds.
1
i
Figures of May 19 given at close offirst.settlement, hence are actual and not average.
777
FEDERAL RESERVE BULLETIN.
AUGUST 1,1919.
Earnings and expenses of the Federal Reserve Banks from Nov. 16, 1914, to June So, 1919; also fiscal agent department
disbursements reimbursable by the United States Treasury, 1917, 1918, and to June 30, 1919.
\ Nov. 16,
Jan. 1 to
11914, to Dec. Dec. 31,
i 31, 1915.
1916.
Earnings:
Discounted bills
Purchased bills
United States securities
Municipal warrants
Other
I
! $1,218,516
!
214,064
i
171,831
i
490,089
i
68,055
Total
! 2,193,755
Current expenses:
Operating
Cost of Federal reserve currency, including exprcssage, insurance, etc
Other
•
! 1,677,639
|
Total
Jan. 1 to
Dec. 31,
1917.
J a n . 1 to | Jan. 1 to
Dec. 31, ! J u n e 30,
1918.
! 1919.
SI,025,675 $6,971,479 $48,343,853
1,5t;0.918
4,951,729 11,939,788
3,828,802
1,1061 SCO 2,367,989
14,222
215,119
708,867
1,622,023 3,457,752
815,618
5,217,938
16,128,339
1,975,992
298,007
192,940
2,669,585
1,111,636
1,144,126
$38,314,522
5,141,776
2,457,157
85
777,037
67,584,417 I 46,690,577
8,463,957 j
2,423,540 !
1,249,941
6,552,484
1,813,256
696,006
1,677,639
Net earnings
Dividends paid
Fiscal agent department disbursements reimbursable by United States Treasury.
2,466,939
4", 925,347
12,137,438
9,061,746
516,116
217,463
2,750,999
1,495,843
11,202,992
6,801,726
3,094,750
55,446,979
5,540,684
16,256,689
37,628,831
2,453,626
11,119,274
;
Operations of Federal Reserve Branch Banlzs during the six months ending June So, 1919.
Opened for
business.
Operating expenses Average number
included in total
and amount of
current expenses
items handled
(monthly averdaily.
age).
Current expenses
(monthly average).
Salaries.
Cincinnati
Pittsburgh
Baltimore
New Orleans
Birmingham
Jacksonville
Detroit
Louisville
Memphis
Little Rock
Denver
Omaha
El Paso
Seattle
Portland
Spokane
Salt Lake City
! Jan. 10,1918
i Apr. 22,1918
Mar. 1,1918
• Sept. 10,1915
I Aug. 1,1918
i Aug. 5,1918
• Mar. 18,1918
"
; Dec. 311917
; Sept. 3,1918
Jan. 6,1919 i
' Jan. 14,1918 |
:
Sept. 4,1917 i
i June 17,1918
" Sept. 19,1917
Oct. 1,1917
• July 26,1917
; Apr. 1,1918
1.887
3.22S
Average monthly currency
receipts arid shipments.
Received.
Cincinnati
Pittsburgh
Baltimore
New Orleans...
Birmingham...
Jacksonville
Detroit
Louisville
Memphis
Little Rock
Denver
Omaha
El Paso
Seattle
Portland
Spokane
Salt Lake City.,
604,503
782.020
654,714
775,192
082.574
200,675
9101291
254;560
806,937
518,795
524,933
172,471
077,896
649,265
247.463
324;947
165,972
Shipped.
S3, 063,961
13, 089,274
4, 558,622
2, 150,979
1, 440,082
2, 079,741
12, 019,191
1, 522,1.75
1, 463,774
346,150
731,525
532,639
078,910
399,267
336,253
371,742
678,417
$11,126
13,255
13,581
14,515
6.203
; 034
11.096
12,739
Hi 694
8,252
10,021
7,379
7.523
6.544
6,913
11,370
Due to head
office (average of Friday night
figures).
Total.
Number. Amount
810,150
22,981 $7,601,700
$6,716
12,317 ; 28,548 14,24.0,111
7,963
12,074 ]i 21,147 9,808,498
6,807
9,175
8,141 3,776,928
5.292
3,852 !
6,132 2,204,890
21041
3.952 !
5,051 1,260,327
2.113
8,181 i
5,791 3,607,163
51451
51916 !
7,712 3,095,509
3; 4.02 !
8,837 I
4,557 1,317,320
5.446 !
4,822 1,044,168
31381 I 5.687 I
71163 1 11,100 2,914,797
4.075 !
9,937 i 13,554 4,054,788
6.590 I
7,074 :
6,973 1,473,449
41441 i
5,562 :
7,524 3,219,222
\,037 i
5.741 '
5,888 2,866,944
3.815 !
Si 079 :,
6,069 1,215,908
41326 I
14,204 3,418,865
6^841 ! 10,033
Other deposits, gross
(average of
Friday night
figures).'
Volume of
paper discounted and
bought
(monthly
average).
Average
daily bill
holdings.
!
$15,979,987
27,952.262
343;697
12,094,271
4,705; 490
3,619,182
3,864,478
7,078,310
18,400,571
826/339.495
20,456; 774
S27,979,516
553,799,542
14,846,225
6,951,789
4,526,184
14,724,294
20,583,450
5.512,812
16,719,208
15;057,889
6,821,362
12,856,367
15,989,340
4,611,271
11,136,624
4;463,477
6,108,279
17; 918,714
6,599.193
4,8131785
3,885;633
8,755,007
21,022,843
47,966,748
26,447,825
22,270,330
7,524,903
8,135,613
33,301,974
9,536,872
24,269,052
5,619,954
14,209,829
38,549; 477
778
FEDERAL RESERVE BULLETIN.
AUGUST 1,1919*
Employees of the Federal Reserve Board.
Dec. 31,
1914.
Dec. 31,
1917.
Dec. 31,
1918.
11
15
6
7
5
6
6
3
11
16
6
6
7
6
6
3
11
12
7
12
12
11
7
3
10
20
4
22
29
25
9
3
56
59
61
75
.
1
.
July 15,
1919.
U3
. . . .
9
28
9
26
32
49
9
3
1
10
135
,
Total
Statement
Dec. 31,
1916.
12
20
3
5
4
9
3
Members offices
Office of the s e c r e t a r y . . . .
Office of counsel
Audit and examination
Reports and statistics
Issue and redemption
Messengers.
Charwomen
Division of architecture
Division of analysis and research
Dec. 31,
1915.
176
Including six part-time employees.
showing the number of officers and employees of each Federal Reserxe Bank at the end of each year from 1915 to
1918 and on June 30, 1919.
New York (including Buffalo branch).
Boston.
Cleveland (including Pittsburgh and Cincinnati
branches).
Philadelphia.
Departments!.
QO
I
7
143
33
36
OS
:
i
\
i
8 i 8
A \ P
Chairman and Federal Reserve
agent
Governor
Deputy governor
Other officers
Banking department
General.
Bookkeeping department
Transit department:
Federal Reserve agent's department
Fiscal agency department;
Total.
1
1
1
1
1
; 8
j 160
!
30
29
126
1
1
2
8
212
24
31
169
4 I 15
112 : 214
17
203
5
55
23
17
30
20
:
71 248 - 585
Richmond
299
73
668
173
(including Baltimore
branch).
1
1
4
21
1,298
91
56
469
8
1,224 1,116
2,657
6 i
98 j
3,065
4o
89 I 192
Atlanta (including New Orloans,
Birmingham, and Jacksonville
branches).
Departments.
O
S
I
129
26
39
169
-10
203
86
423 ! 627
31
37
175
13
146
586
65 211
Chicago (including Detroit
branch).
I
S
12
135
n
10
270
50
24
177
i
S3
i
s !
ft
Chairman and Federal Reserve
agent
Governor
Deputy governor
Other officers.
Banking department
General
Bookkeeping department.
Transit department
Federal Reserve agent's department
Fiscal agency department
Total.
:
j
j
j
A
i
1
1
4
18
14
6
43
I -10
!
5
;
'
85
53
11
121
•30
63
40
10
40
109
254
331
65
132
317
361
50
110
18
155
189
24
124
5
166
3
51
2
20
;.
• 77
10
61
21
107
40
18
79
35
4
6
28
11
292
364
815
266
223
33
178
13
279
1,017
showing the number of officers and employees of each Federal Reserve Bank at the end of each year from 1915 to
1918 and on June
30,1919—Continued.
Chairman and Federal Reserve
agent
Governor
D eputy governor
Banking department .
General
"Bookkeeping department
Transit department
Federal Reserve agent's department
Fiscal agency department
Total
8
120
177
385
482
85
5
201
5
203
153
480
545
30
6
37
71
12
78
87
14
76
12
6
16
2
15
4
26
2
47
3
95
7
83
3
3
127
267
276
40
54
52
San Francisco (including Spokane,
Portland, Seattle, and Salt Lake
City branches).
»o
to
' i^
OS
s
s
Dec. 31,
OS
cs
cs
1
1 :
1
1
1
1
1
1
1
1
I
1
2
11
10
2
2
3
12
12
5 j
97 '
4
31
10
7
39
g
113
14
13
86
15
146
14
17
86
2
10
2
2
1
3
31 ;
4
5 :
15 ;
10
77
11 I
17
31
2
2
2
75
5
162
11
122
3
2
31
63
170
403
413
22
62
OS
»O
OS
1
1
•rs
1
1
1
1
12
12
K
41
27
64
23
178
36
32
76
158
91
44
72
12
12
1
34
254*
123"
81
3744
3
122
10
212
15
185
28
273
531
547
442
1
157
!
1
20
162
Total.
OS
1
1
June 30,
• 12
141
1
6
14
6
29
20
Dec. 31, L918
Dee. 31, ]
Dec. 31,] 915
Dec. 31,]L916
12
105
16
139
i
5
3
Dec. 31j 1918
Dec. 31,
June 30, ]L919
Dec. 31,1916
June 30,1
5
126
I
4
27
4
26
3
2
50
Dec. 31, 1917
o
OS
Dec. 31,
Departments.
!
1
13 . . . . . .
124
52 I 10
11 '
3
1
152
Dallas (including El Paso branch),
1
1
OS
Dee. 31, 1918
53
1
1
1
1
1
Dec. 31
5
13
117
51
14
60
59
8
5
1
I
Dec. 31,
3
2
1
1
1
Dec. 31, 1916
3
1
1
d
q
Dec. 31
8
43
6
]4
2
12
4
6
24
1
1
1
CO
June 30,
x
1
00
OS
Dec. 31,
1
1
1
Dec. 31,1917
cs
Dec. 31,1915
OS
Dec. 31,1
Dec. 31,1
Dec. 31,1915
CO
OS
Kansas City (including Omaha and
Denver branches).
Minneapolis.
6T61
Chairman and Federal Reserve
agent
Governor
!
Other oflicers
Banking department. ..
General..
Bookkeeping department
Transit department
Federal Reserve agent's department
Fiscal agency department
Total
9T6
Departments.
Dee. 31, ] 917
St. Louis (including Memphis, Louisville, and Little Rock branches).
Dec. 31,
Statement
779
FEDERAL, RESERVE BULLETIN.
AUGUST 1,1919.
3
i-s
12
12
2
66
671
258
127
660
12
12
6
137
2,085
594
276
1,537
12
12
7
173
2,908
790
304
1,920
28
45
1,132
87
2,960
120
2,672
920
2,985
7,706
8,918
Number of member banks of the Federal Reserve system at the end of each month from November, 1914, to July, 1919.
1915
1914
NattonaL
January
February..
March
April
May
June
July
August
September.
October
November.
December..
7,575
7,584
I
k
Total.
7,583
7,592
1916
National.
Nonnational.
7,596
7,602
7,599
7,605
7,606
7,607
7,606
7,016
7,622
7,625
7,625
7,614
14
15
15
17
17
17
17
24
27
30
30
32
Total.
7,610
7,617
7,614
7,622
7,623
7,624
7,623
7,640
7,649
7,655
7,655
7,646
National.
Nonnational.
7,602
7,600
7,586
7,580
7,589
7,581
7,581
7,590
7,597
7,60.1
7,597
7,590
32
33
33
34
34
34
36
36
37
38
38
38
Total.
7,634
7,633
7,619
7,614
7,623
7,615
7,617
7,626
7,634
7,639
7,635
7,G2S
00
I?
INVESTMENTS OfNATIONAL BANKS, 1914-1919.
o
JUgggf Scans and, discounts.
$S§M Government Securities.
Jill other Investments.
bd
>
DEPOSIT LIABILITIES OF NA TIONAL BANKS, 1314^-/9/3.
Individual $>e[wstts subject to checfc.
Otfier
\^%M Jtme 2)ejwsib$.
I
overnment 3)ep,osi£s\
ISIS
oo
782
FEDERAL RESERVE BULLETIN".
AUGUST 1,1919.
Number of member banks of the Federal Reserve system at the end of each month from November, 1914, to July,
1919—Continued.
1917
National.
January...
February..
March
April
May
June
July
August
September
October...
November
December.
7,586
7,595
7,593
7,600
7,612
7,631
7,637
7,656
7,659
7,666
7,671
7,683
Nonnational.
38
40
40
44
48
56
64
77
89
117 i
176
250 j
1919
1918
Total.
National.
7,682
7,683
7,691
7,698
7,702
7,713
7,725
7,740
7,759
7,760
7J771
7,776
7,624
7,635
7,633
7,644
7,660
7,687
7,701
7,733
7,748
7,783
7,847
7,933
National.
7,978
8,026
8,076
8,142
8,188
8,236
8,314
8,453
8,544
8,617
8,666
8,712
;
Nonnational.
7,776
7,772
7,780
7,787
7,798
7,819
7,829
Total.
960
973
987
1,007
1,034
1,047
1,085
Total.
8,736
8,745
8,767
8,794
8.832
8.886
8,914
.
!
j
I
Loans, investments, and deposit liabilities of national banks, 1914-1919.
[In millions of dollars.]
Loans and
Total
Govern- discounts, loans and Individual
Loans
deposits
and 1 ment
plus Govinvest- subject to
discounts. securities. ernment
ments.2
check.
securities.
Time
deposits.
4,200
1,371
4,336 (
4,576 i
4,518 !
4,6-12
5,241 !
5,381 I
|1 Individual
deposits
Bank
subject to
check,
deposits.
plus time
deposits.
1,199
1,254
1,285
1,336
1,376
1,417
Individual
Total
deposits
gross,
subject to including
check,
plus time Government
and bank deposits.
deposits.
1914.
6,363
795
7,158
6,507
6,650
6.6G5
6,762
7,241
7,364
781
784
783
782
778
775
7,288
7,434
7,448
7,544
8,019
8,139
8,507
8,642
8,680
8,802
9,402
9,554
7,496
7,613
7,685
7,868
8,355
8,351
754
739
731
730
724
717
8,250
8,352
8,416
8,598
9,079
9,068
9,754
9,918
9,984
10,261
10,827
10,832
5,392
5,590
5,578
5,841
6,351
6,255
8,720
8.760
8,828
9,065
9,551
9,406
715
768
1,076
1,159
2,354
1,625
9,435
9,528
9,904
10,224
11,905
11,031
11,244
11,424
11,786
12,130
13,854
12,943
9,153
9,272
9,633
9,508
10,114
9,931
Dec. 31.
2,127
2,663
2,129
2,466
3,166
2,956
11,230
11,935
11,762
11,974
13,280
12,887
13,128
13,729
13,533
13,701
14,979
14,612
9,705
9,917
3,687
4,028
13,392
13,945
15,135 |
15,735 :
1,870
7,241
8,235
5,535
•5,830
5,803
5,978
6,617
6,798
2,244
2,227
2,208
2,4(36
2,730
2,738
7,779
8,057
8,011
8,444
9.327
9; 536
8,593
8,891
8,821
9,229
10,157
10,402
1,495
1,586
1,670
1,737
1,816
1,855
6,887
7,182
7,248
7,578
8,167
8,110
3,074
2,995
2,713
2,916
3,349
3,261
9,961
10,177
9,961
10,494
11,516
11,371
10,792
11,135
10,877
11,363
12,489
12,266
6,628
•6,560
6,9.16
7,208
7,498
1,985
2,078
2,180
2,296
2,282
2,298
8,353
8,708
8,740
9,212
9,490
9,796
3,683
3,379 !
3.026
3; 045
3,103
3,191
12,036
3.2,085
11,706 I
12,257 !
12,593
12,987
12,958
13,080
12,772
13,230
14,794
14,442
7,282
7,310
7,161
7,466
7,803
8,370
2,371
2,343
2,344
2,397
2,373
2,474
9,653
9,653
9.505
9J863
10,176
10,844
3,298
2,8S3
2,797
2,880
2,891
3,10(3
12,951
12,536
12,302
12,743
13,067
14,010
11,135
14,380
14,016
13,880
15,0-11
15,41-1
7,951
8,508
2,053 I
2,729 |
10,004
11,237
3,192
3,085
13,796
14,322
15,292
15,897
1915
Mar. 4.
May 1 . . .
J u n e 23..
Sept. 2...
Nov. 10..
Dec. 3 1 . .
1916.
Mar. 7.
May I . . .
June 30..
Sept. 12.
Nov. 17..
Dec. 27.
1917.
Mar. 5.
May I . . .
Juiie 20..
Sept. 11..
Nov. 20..
Dec. 3 1 . .
-I
1918.
Mar. 4
May 10
J u n e 29
Aug. 31
Nov. 1
Dec. 31
I
1919.
Mar. 4.
May 12.
1 Beginning with Sept. 12, 1916, notes and bills rediscounted are not included among loans and discounts, as was the previous practice.
2 Exclusive of fixed investments,!, c., banking house, real estate, furniture and fixtures, also stock of Federal Reserve Banks.
A U G U S T 1, 1919.
783
FEDERAL. RESERVE BULLETIN.
Abstract of reports of condition of all member banks in each Federal Reserve district.
RESOURCES.
[In thousands of dollars.]
Dec. 31,
1914
(7,582
banks).
Mar. 4,
1915
(7,607
banks).
May 1. i June 23,
1915
1915
(7,614 ! (7,615
banks).
banks).
Sept. 2,
Nov. 10,
1915
j
1915
(7,630
(7,640
banks), j banks.)
Mar. 7,
1916
(7,612
banks).
Loans and discounts
i 6,403,266 6,556,234 6,699,216 6,714,524 6,907,228 ! 7,400,516 7,528,677
7,092
7,236
5,930
5,074
6,766
Overdrafts
15,805
5,191
74,933
52,403 I
87,031
Customers' liability under letters of credit
!.
37,642
16,487
40,832
Customers' liability account of acceptances
i.
!
783,157
773.807
Other U. S. securities
794,240 I 780,355
782,619
780,895 j 776,932
i
54,574
Stock of Federal Reserve Banks
j.
5< 768
Other bonds, stocks, and securities
\ 1,340,565 :I 1,271,435 1,260,047 1,303,681 : 1,342,381 I 1,415,880 i 1,447,526
253,817
274,422
271,409
279,797 j
251,301 '
256,071
Banking house
: 273,370
32,461
32,195 j
32,106
Furniture and equipment
j.
43,900
44,173
43,376 j
^49,607 j
44,535
45,736
Other real estate owned
;
44,727 j
737,987
832,712 ;
Due from approved reserve agents
; 583,399 ' 747,260
913,848 | 849,851
295,029
316,999
265,534 i
294,740
323,838 ': 375,754
414,323
Lawful reserve with Federal Reserve Banks
605,718
544,078
579,172 i
573,473
610,182 .
Due from banks and bankers
713,040
722,729
788,063
862,066
794,077
919,633 i 934,540
895,181
Cash in vault
j 738,540
Exchanges for clearing house, also checks on banks in I
380,138
230,593
311,157
375,176
495,057
' same place
| 296,207 ! 214,622
35,353
23,788
31,332
21,853
24,560 j
35,161
45,541
Outside checks and other cash items
<
44,076
43,364
41,766 !
42,806
46,452
56,419
44,217
Redemption fund and due from U. S. Treasurer
15,707 :
8,060
12,609
5,182
7,695
Other assets
Total.
11,443,855 ill, 657,317 11,935,899 11,886,925 12,512,054 13,506,427 13,740,825
May 1,
1916
(7,605
banks).
June 30,
1916
(7,606
banks).
Sept. 12,
i916
(7,618
banks).
Nov. 17,
1916
(7,614
Dec. 27,
1916
(7,614
banks),
Mar. 5,
1917
j (7,614
j banks).
M a y 1,
1917
(7,629
banks).
"
" " j
Loans and discounts
| 7, 790,237 7,874,054>: 8,119,950 8,618,545 I 8,610,740 9,006,839 9,117,198
6,207 •
7,874
7,019
9,374 j
7,703
8,169
Overdrafts
j
10,465
84,036
79,239
100,885
29,993 !
27,023
Customers' liability under letters of credit
33,058
21,559
70,364
82,535
106,700 I
Customers' liability account of acceptances
;
105,687
101,240
113,547
61,658
Liberty bonds
j...
730,374 ;
723,643 I 716,129
776,189
713,713
Other U. S. Securities
' 737,997
728,948
!
55,560 ! 55.546
54,789
54,745 i
56,554
Stock of Federal Reserve Banks
55,354
55,874
593,648 1,598,546 ! 1,715,495 1,798,492 jl,82i;445 1,867,291 1,977,580
Other bonds, stocks, and securities
'• 1,
269,774
277,966
Banking house
j 260,192
267,731
260,791 :
270,841
271,447
32,611
32,248 '
32,774
Furniture and equipment
I
32,438
32,936
32,102 !
32,394
49,145
48,417
48,553
48,973
48,400
Other real estate owned
i
48,371 :
19,298
946,212 1,048,313
957,016 1,095,044
969,213
Due from approved reserve agents
i 980,063 j 854,324
673,510
732,874
554,396
802,206
Lawful reserve with Federal Reserve Banks
j 438,217 I 489,767
778,159
917,314
802,098 1,008,432
927,787
Due from banks and bankers
j 786,991
709,326 !
961,044
886,597 ' 913,021
870,399
877,058
Cash in vault
j 859,223
833,505 |
933,887
Exchanges for clearing house, also checks on banks in I
487,970 i
570,116
450,814
437,210
471,119 i 668,105
same place
| 656,073
43,460
37,125
41,583
42,881
47,969
41,767 . 52,157
'
Outside checks and ©ther cash items
!
44,179
42,514
43,277 ! 48,724
41,082
41,502 i 39,730
Redemption fund and due from U. S. Treasurer
4,854
15,701
8,792
15,054 ! 21,805
25,942 • 27,124
Other assets
Total
(14,505,500 14,226,975 14,843,772 115,980,725 |15,790,269 [16,481,286 16,793,316
7,669,423
5,512
102,366
46,273
753,049
54,713
1,534,630
1258,883
31,491
47,300
1,021,209
431,195
816,110
919,031
8 347,354
30,001
41,833
7,760
14,118,133
June 20,
1917
(7,653
banks).
9,242,403
9,877
27,248
148,646
175,931
922,105
57,117
1,980,259
282,348
33,257
48,032
851,132
862,170
844,261
791,47S
516,997
40,502.
41,636
18,849
16,894,249
I
j
• I
!
:
'
1 Includes $5,980,000, banking house, furniture and fixtures and other real estate owned by 33 member state banks and trust companies.
2
Includes "Outside checks and other cash items" of Member State Banks and Trust Companies.
784
FEDERAL RESERVE BULLETIN.
AUGUST 1,1919.
Abstract of reports of condition of all member banks in each Federal Reserve district—Continued.
RESOURCES—Continued.
[In thousands of dollars.]
Mar. 4, 1919.
Dec. 31,
1917
(7,907
banks).
Loans and discounts
•Overdrafts
Customers' liability under letters of credit
Customers' liability account of acceptances
Liberty bonds
Other U. S. securities
War savings and thrift stamps actually owned
Stock of Federal Reserve Banks
Other bonds, stocks, and securities
Banking house
Furniture and equipment
Other real estate owned
Lawful reserve with Federal Reserve Banks
Items with Federal Reserve Bank in process of collection
"
Due from banks and bankers
Cash in vault
Exchanges for clearing house, also checks on banks in
same place
Outside'checks and other cash items
Redemption fund and due from U. S. Treasurer
Interest earned but not collected
Other assets
Total .
May 10,
1918
(8,132
banks).
Juno 29,
1918
(8,213
banks).
Nov. 1,
1918
(8,596
banks).
Dec. 31,
1918
banks).
All mem- National
banks
ber banks
(7,756
(8,725
banks).
banks).
NonNational
banks (969
banks).
12,142,099 12,661,759 13,758,061 13,545,960 13,420,315 9,688,342 3,731,973
15,166
20,163
14,465
16,991
16,349
13,871
3,120
44,361
10,688
26,163
2,336
8,352
1377,356
488,530
i 387,478
1419,815
432,072
460,215
263,108
168,964
1,588,425 1,340,082 1,028,658
311,424
i,"858,'O93' 3,274,697 2,552,729 3,807,561 2,060,609 3,476,676 2,651,117
825,559
6,423
14,315
12,080
6,243
8,209
5,098 I
1,145
70,743
75,020
76,699
79,744
81,376
80,645
58,393 I
22,983
2,783,621 2 760,177 2,761,817 2,775,709 2,827,547 2,880,868 1,748,073
1,132,795
340,322
361,928
366,037
382,707
388,908
386,860
106,510
282,398
35,191
37,693
38,428
41,733
42,785
41,901
34,925
7.860
59,531
62,633
68,894
68,324
07,058
65,587
45,240
23,084
1,656,300 1,536,296 1,565,147 1,519,651
1,654,742 1,632,526 1,149,100
483,426
11,806,512
l(i, 268
2,128,556
627,590
969,489
82,296
43,698
222,479
23,078,045
197,718
1,869,708
574,599
208,244
1,905,565
482,100
306,751
2,035,664
571,090
347,882
2,193,772
675,180
337,484
2,136,571
563,788
273,378
1,639,420
435,115
64,106
497,151
128,673
635,634
62,058
40,803
25,668
82,591
463,812
79,710
39,905
27,474
114,157
793,703
94,424
39,160
25,7(59
91,177
1,194,122
106,676
45,569
51,980
135,795
709,454
74.675
45.676
57,867
87,400
528,430
52,445
45,676
41,582
23,003
181,024
22,230
24,180,025 23,826,129 20,956,932 27,515,659 27,810,769 20,009,708
7,801,061
16,285
64,397
LIABILITIES.
Dec. 31,
1914
(7,582
banks).
! May 1, ! June 23,
Sept. 2,
1915
' 1915 ;
|
1915
1915
(7,607
(7,614
(7,615 ! (7,630
banks).
banks).
banks).
banks).
Mar. 4,
Capital stock paid in
1, 074,757 1,075,805
Surplus fund
734,528
731,978
Undivided profits, less expenses and taxes paid
283,421
290,061
Due to Federal Reserve Bank
49
6
Due to approved reserve agents
29,306
7,091
Net amount due to other banks, bankers, and trust
companies
i 1,
847,284 2,244,872
Demand deposits
; 5,
231,109 5,189,312
Time deposits
i 1,
197,692 1.225,141
United States bonds borrowed
I
34,586
33,603
:
Other bonds borrowed
26,309
11,550
Securities borrowed
\
774
318
Notes and bills rediscounted
j
36,002
38,685
Bills payable, other than with Federal Reserve Banks. i\ 96,900
57,258
Bills payable with Federal Reserve Banks
1
/
State-bank circulation outstanding
I..
Letters of credit and travelers' checks outstanding
;..
Acceptances
'.
National-bank notes outstanding
848,251
745,979
Other liabilities
2,887
5,658
Total.
Nov. 10,
1915
(7,640
banks).
Dec. 31,
1915
(7,631
banks).
1,075,258 1,077,885 1,087,289
727,039
738,276
729,799
316,404
295,157
303479
8
40
6,424
6,290
6,523
1,087,549
738,663
319,895
20
7,511
1,087,150
741,529
297.019
8
11,280
1,086,590
740,669
309,780
11
7,842
2,228,097 2,209,957 2,479,080
5,452,492 5,367,431 5,578,773
1,280,300 1,310,277 1,372,793
33,537
33,336
33.822
8,437
5,998
8,133
98
So
78
40,091
45,749
37,677
53,021 | 58,396
60,334
2,725,953
6,240,461
1,415,322
32,150
5,000
76
43.209
2,749,838
6,417,059
1,457,421
31,775
4,735
73
42,984
3,094,070
6,389,451
1,538,952
27,538
4,437
115
31,436
60,809
56,125
30,992
23
55,260
13,085
717,936
13,809
23
76,211
26,895
712,907
13,773
23
88,682
32,876
712,755
9,493
23
105,155
45,115
695,29/
10,660
11,886,925 12,512,054 13,506,427
13,740,825
14,118,133
727,243
11,435
11,443,855 11,657,317 11,935,899
i Includes letters of credit.
722,141
Mar. 7,
1916
(7,612
banks).
A U G U S T 1, 1919.
785
FEDERAL RESERVE BULLETIN.
Abstract of reports of condition of all member banks in each Federal Reserve
district—Continued.
LIABILITIES—Continued.
[In thousands of dollars.]
May 1,
1910
(7,(505
banks).
Capital stock paid in
Surplus iund
Undivided profits, less expenses and taxes paid
Amount reserved for taxes accrued
Amount reserved for interest accrued
Duo to Federal Reserve Bank
Duo to approved reserve agents
Net amount due to other banks, bankers, and trust
companies
Demand deposits
Time deposits
United Stales deposits
United States bonds borrowed
Other bonds borrowed
Securities borrowed
Notes and bills rediscounted
Bills payable other than with Federal Reserve Banks.
Bills payable with Federal Reserve Banks
State bank circulation outstanding
Letters of credit and travelers' checks outstanding
Acceptances
National-bank notes outstanding
Other liabilities
June 30,
1916
(7,606
banks).
1,086,807
740,727
320,661
1,085,375
747,431
309,769
Sept. 12,
1916
(7,618
banks).
Nov. 17,
1916
(7,614
banks).
Dec. 23,
1916
(7,614
banks).
Mar. 5,
1917
(7,614
banks).
May 1,
1917
(7,629
banks).
1,090,891 1.09:4.542 I 1,095,719 1,100,126 1,111,345
'762;134 I 767,450
778,239 i 791,368
754.202
336,399
323,483 ! 335,201
348,128
320,723
9,906
9,74.3
6,081 '••
8,173
9,684
10,551
10,197
9,481
11,863
8,455
5
2
3
8
12,708
9,342
9.134
9,005
7,145
10,182
8,171 ;
3,012,532 2,728,283 2,951,445 3,387,335 \ 3,290,314 3,725,388 ! I 3,428,731
6,751,887 6,679,968 6,994,787 7,634,029 I 7,456,028 7,623,581 8,038,592
1,629.743 1,714,860 1,783,593 1,862,121 1,902,232 2,038,728 ! 2,174,677
27,948
4,133
263
31,761
32,356
27,053
4,941
180
33,545
35.522
26,359
4.598
322
26,588
4,069
145
25,985
5,155
458
38,789
23
103,146
62,452
681,741
9,976
23
86,220
73.641
675,584
14,398
23
82,947
8,1.290
673.563
14.939
24,675
593
23
32,384
103,301
664,711
18,436
27,114
8,133
23
35,644
107,909
665,833
21,132
1,123,205
799,331
363,313
. 8,246
12,726
4-8
13,389
28,460
4,989
182
3,082,693
7,856,476
2,303,732
140,584
32,773
18.746
363
25,893
8,827
23
24,093
118,799
655,577
17,517
28,886 .
5,034 i
77 !
17,762
2,999
23
29,833
108,550
660,608
16,228
June 20,
1917
(7,653
banks).
49,738
186,280
23
29,862
157,870
659,903
54,948
Total
14,505,500 14,226,975 14.843,772 115,980,725 15,790,269 16,481,286 116,793,316 ! 16,894,249
Liabilities for rediscounts, including those with Fed- •
54,580 | 60,720
54,350 i
59,423
143,899
eral Reserve Banks
56,219
Mar. 4,1919.
Dec. 31,
1917
(7,907
banks).
Capital stock paid in
Surplus fund
Undivided profits, iess expenses and taxes paid
Interest and discount collected but not earned (approximate)
Amount reserved for taxes accrued
Amount reserved for interest accrued
Due to Federal Reserve Bank
Net amount due to other banks, bankers, and trust
companies
Certified and cashiers' or treasurers' checks outstanding.
Demand deposits.
Time deposits
United States deposits
United States bonds borrowed
Other bonds borrowed
Securities borrowed
Bills payable, other than with Federal Reserve banks.
Bills payable with Federal Reserve Bank
State-bank circulation outstanding
Letters of credit and travelers' checks outstanding
Acceptances
National-bank notes outstanding
Other liabilities
May 10,
1918
(8,132
banks).
June 29,
1918
(8,213
banks).
Nov. 1,
1918
(8,596
banks).
Dec. 31,
1918
All mem- National
(8,692
banks
banks). ber banks
(8,725
(7,756
banks).
banks?).
1,311,150 1,367,060 1,381,220 1,442,206 1,459,095 1,466,268 1,105,800 |
854,001
1.085,110 1.143,321 1,157,792 1,223,342 1,254,535 1,269,007
358,610 |
431,782 '458,601
482,217
371,533
431,455
415.. 883
21,834
17,431
3,190
33,197
31,042
31,724
4,746
36.282
27,891
19.738
5', 615
34,387
44,303
30/390
10,882
56.987
53,105
21,109
10,020
59,711
26,562
10,473
54.335
41,141
14,321
7,867
3,639,507 3,348,501 3,278,182 3,435,053 3,794,055 3,797,212 3,1.91,2.1.3 I
11,179,676 11,050,610 il0,753,727 12,016,310 13,309,303
3,156,241 3,346,828 3,395,381 3,650,943 3,834,320
471,632
649,413 1,459,274 1,521,403 1,707,627
184,829
228,301
77,765
102.520
98,695
12,279
15,138
33,591
29,781
27,578
534
347
2,014
1,953
111
108,644
102.661
80,527
85,258
71,071
372,417 1,081,956 1,159,273
229,598
487,203
19
19
19
17
19
42,608
38,021
521,823
480,624
1390,900 1441,756 1411.972
675,165
676,311
673,728 | 679,931
681.114
211,067
187,722
130,826
142,727
126,798
Non-national
banks
969
banks).
360,468
415,006
99,991
8,753
18.570
12;241
2,606
606,029
435,814
137,844
297,970
12,273,002 8,555,520 3,717,482
2,652,106 1,440,371
4,092,477
295,228
884,280
589,052
171,105
171,105
6,368
6,368
473
473
8,624
56,322
47,698
461,768
1,476,397 1,014,629
19
19 !
7,588
17,955
10,367 •
451,265
269,173 i 182,092
673,386
673,386 j
120,954
94,554 !
26,400
Total
23,078,045 24,180,025 23,826,129 26,956,932 27,515,659 27,810,769 20,009,708 j 7,801,061
Liabilities for rediscounts, including those with Fed527,750
388,896 I 138,854
847,938
730,051
eral Reserve Banks.
571,917 ! 576,685
625,380
1 Includes letters of credit.
786
AUGUST 1,1919.
FEDERAL RESERVE BULLETIN.
Principal resources and liabilities of member banks in leading cities as at close of business on the first and third Fridays in
each month since January, 1919.
[In thousands of dollars; i. e. 000 omitted.]
Jan. 3.
Number of reporting banks
United States bonds to secure circulation
Other United States bonds, including Liberty bonds
United States certificates of indebtedness
Total United States securities owned
Loans secured by United States bonds, etc
All other loans and investments
Total loans and investments
Reserve balances with Federal Reserve Bank
Cash in vault
Net demand deposits on which reserve is computed
Time deposits
Government deposits
Bills payable with Federal Reserve Bank
Bills rediscounted with Federal Reserve Bank
Ratio of United States war securities and war paper to
total loans and investments (per cent)
Jan. 17.
763
205,774
827,569
1,269,948
2,363,291
1,220,040 i
10,114,469 !
13,697,800 !
1,295,849 !
428,791 j
10,145,058 ;
!
1,552,301
431,604
972,220
466,163 i
24.2
•
Apr. 18.
Number of reporting banks
United States bonds to secure circulation
Other United States bonds, including Liberty bonds
United States Victory notes
United States certificates of indebtedness
Total United States securities owned
Loans secured by United States bonds, etc
All other loans and investments
Total loans and investments
Reserve balances with Federal Reserve Bank
Cash in vault
Net demand deposits on which reserve is computed
Time deposits
Government deposits
Bills payable with Federal Reserve Bank
Bills rediscounted with Federal Reserve Bank
Ratio of United States war securities and war paper to total
loans and investments (per cent)
773
268,779
637,264
Feb. 7.
Mar. 7.
Mar. 21.
770
768
772
771
772
263,214
262,742
262,760
264,375
267,081
825,595
739,108
698,676
675,632
665,441
1,467,026 1,463,955 1,729,178 1,994,256 2,022,018
2,555,363 2,466,277 2,690,614 2,934,263 2,954,540
1,182,721 1,198,353 1,158,500
1,133,193 1,123,551
10,135,468 10,006,011
9,975,131 10,067,975 10,233,563
13,873,552 13,670,641 13,824,245 14,135,431 14,311,654
1,298,874 1,225,219 1,225,462 1,262,249 1,236,335
386,621
336,514
353,177
346,035
347,755
10,080,102 9,786,907 9,945,267 10,035,620 10,058,842
1,605,064 1,616,452 1,633,657 1,646,620 ,1,674,992
552,634
658,956
581,969
546,190
690,045
1,078,992 1,188,026 1,131,300
811,749
933,753
323,153
402,730
372,888
292,831
293,717
25.1
May 2.
771
269,287
669,736
24.9 :
May 16.
773
268,095
682,490
2,079,489 2,328,124 ! 2,222,332
2,985,532 3,207,147 3,172,917
1,093,982 1,085,333 1,080,080
10,266,712 10,326,851 i 10,428,511
I 14,346,226 14,679.331 I 14,681,508
i 1,275.986 1,273', 146 j 1,317,760
347,320 j
i
349'. 952
360,596
!
10,186', 109 10,322,632 10,571,547
1,714,216 1,720,352 1,718,894
727,905
652,671
434,848
1,159,498 1,244,113 1,312,003
213,671
248,002
281,472
20.6
Feb. 21.
27.8
27.1
26.0
26.9
26.6
Apr. 4.
773
268,883
646,365
1,841,783
2,757,031
1,106,751
10,218,294
14,082,076
1,267,552
349,579
10,097,465
1,691,971
452,831
1,140,253
276,737
25.5
July 18.
June 6.
June 20.
July 3.
770
269,153
636,978
447,884
1,514,452
2,868,467
1,420,581
10,656,381
14,945,429
1,303,769
368,882
10,375,244
1,727,163
1,180,592
1,084,182
251,215
771
268,540
638,781
388,738
1,040,664
2,336,723
1,411,950
10,738,113
14,486,786
1,268,989
358,588
I 10,321,405
| 1,736,134
!
823,236
1,062,494
300,522 !
773
269,314
635,170
349,918
1,001,415
2,255,817
1,369,948
10,873,648
14,499,413
1,269,102
343,i85
10,511,628
1,758,103
601,481
1,113,102
335,750
269,001
650,083
368,189
930,124
2,217,397
1,382,145
10,891,032
14,490,574
1,300,919
364,823
10,710,098
1,766,815
412,925
1,008,817
349,978
23.1
23.0
26.9
24.0
787
FEDERAL RESERVE BULLETIN.
AUGUST 1,1919,
ALLOTMENTS OF LIBERTY BONDS AND TREASURY CERTIFICATES,
Allotments of Liberty bonds and Treasury certificates issued in anticipation of the jive Liberty loans.
Second loan.
First loan.
Third loan.
Federal Reserve district.
Certificates of
indebtedness.
Bonds.
• Certificates of
indebtedness. |
Bond s.
8265, 017,900
593, 987,000
165, 147,600
203, 300,050
85, 560,050
46, 283,150
271, 944,200
65, 469,600
49, 509,050
63, 481,850
36, 091,150
143, 665,050
§132,044,000
1,467,543,000
89,132,000
182,513,000
40,014,000
32,135,000
138,597,000
45,700,000
29,471,000
38,039.000
39,347,000
85,958,000
§408,530,000
8214,417,000
1,162,252,100 j 1,255,308,000
280,184.100
196,500,000
410,352; 450
238,033,500
182.715,350
75,829,500
83,065,600
79,573,000 I
527,479,350
325,355,000
150,169,250
133,584,500
131,763,950
89.350,000
136,474,900
128', 524,500
74,449,050
00,925,000
260.455,800
172,790,500
$354,537,250
1,115,243,650
361,963,500
405,051,150
186,259', 050
137,649,450
608,878,600
199,835,900
180,892,100
204,092,800
116,220,650
287,975,000
857,600,000
Total.
1,989,456,650
2,320,493,000
3,807,891,900
4,158,599,100
Fourth loan.
Federal Reserve district.
Total
Certificates of !
indebtedness.
857,367,000
460,462,000
43,400,000
58,900,000
13,703,000
13,305,000
77,693,000 !
32,745.000 I
14 600,000
30,300.000 ;:
18,225; 000
36,900,000
Boston
New York
Philadelphia..
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis...
Kansas City...
Dallas
San Francisco.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Bonds.
Certificates of !
indebtedness. !
Bonds.
3,000,190,500
Fifth loan.
Certificates of
indebtedness.
Notes.
Total.
Certificates of
indebtedness.
Bonds.
Notes.
S381,152.500
1,680,989; 000
316,020,000
440,569,000
117,983,500
114,857,000
663,204,000
186,963,000
127,560,000
176,866,000
83,320,000
305,020,000
8632,101,250
2,044,901,750
598,763,650
701,909,800
352,685,200
217,885,200
969;209,000
295,340.250
242,0-46; 050
295,951,450
145,997,950
462,250,000
S425, 159,950
8475,792,500 | $425,159,950 81,260,773.000 SI,660. 186,400
1,762,684,900
2,255,145,000 I 1,762,684,900 7,119,447', 000 4,916;384,500
422,756,100 1,065,386,500 1,406,058,850
422, 756,100
420,334,500
496,750,650 1,474,777.000 1,720,613,450
496,750,650
554,761,500
225,146,850
225, 146,850
187,497,000
435,027; 000
807,219;650
143,062,050 i 383,181,500
143,062,050
143,311,500
484,883,400
772,046,550 j 2,158,264,500 2,377,511,150
772,046,550
953,415,500
210,431,950
210,431,950
245,288,000
710, 815,000
644,280,500
176,114,850
176,114,850
218,880,500:
604. 211.150
479.861,500
197,989,100 ! 501',474.500
197,989,100
187,745,000
700. 001,000
87,504,250 j 333,363i000
87, 504,250
101,546,000 !
372; 758.800
319, 120,800
390.475,000 ' 319,120,800 ! 991,143,500 1,154;345; 850 j
4,594,504,000
6,959,041,550
6,134,192,000 i 5,238,768,000 16,906,979,500 16,914,989,200 | 1 5,238,768,000
I
1 Amount subscribed. Final allotments by Federal Reserve districts have not been made public by the Treasury Department.
Allotments of Treasury certificates issued in anticipation of taxes due during 1918 and 1919.
In anticipation of tax payments due in—
Total.
Federal Reserve district.
1913
Boston
New York
Philadelphia...
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis—
Kansas City....
Dallas..
San Francisco.
Total.
1919
8256,911,500 8340,171,500
831,473.000 1,451,852,000 2,283,325', 000
236,538,500
95,537:000
141,001,500
720,893,000
285,452'. 500 435.440,500
113,341,000
92', 519,000
20.822; 000
84,420,000
71,414,000
13;006,000
626,741,000
162,934.000 463,807,000
98,225,000
22,703,000
75,522,000
63,048,500
5J,650,500
11,398,000
63,021,000
21,036,500
41,984,500
61,940,000
90,890,500
28,950,500
47,831,000 166,156,500
213,987,500
883,260,000
1,624.403,500 3,310,199,000 4,934,602,500
788
FEDERAL RESERVE BULLETIN.
AUGUST 1,1919.
Estimated general stock of money held by the Treasury and by the Federal Reserve system, and all other money in the United
States.
[In thousands of dollars.]
Gold.
Silver.
Federal Reserve notes.
General
stock in
United
States.
Apr. 1
Mayl
Junel
July.l
Aug. 1
Sept. 1
Oct. 1
Nov. 1
Dec.l
1,099,753
1,173,455
1,150,515
1 403,734
1,475,903
1,453,383
1,521,557
1,625,647
1,715,509
1,989,152
1,948,432
1,938,196
1,686,874
1,610,324
1,609,231
1,513,833
1,415,902
1,324,962
764,587
766,085
766,262
767,103
767,740
769,107
772,314
778,134
782,735
40,688
29,629
25,795
30 301
40,673
39,519
37,921
30,152
33,829
721,902
736,456
740,467
734 832
725,108
727,642
739,917
746,060
748,906
383,147
451,744
496,269
547,408
584,170
644,912
758,869
928,244
1,126,345
25,908
30,569
32,759
39,331
49,338
49,254
57,776
69,947
82,861
357,239421,175
463,510
508,077
534,833
595,658
701,093
858,297
1,043,483
I
' 3,040,439
3,038,546
3,041,643
3,042,708
3,042,711
3,043,880
3,076,483
3,080,768
3,079,300
3,079,094
3,079,785
3,080,044
1,770,348
1,854,734
1,884,613
1,929,750
1,970,827
2,030,285
2,085,071
2,133,808
2,166,018
2,173,362
2,205,477
2,218,799
1,270,092 j
1,183,812
1,157,030
1,112,959 I
1,071,884 |
1,013,594
991,412
946,959
913,282
905,732
874,307
861,245
786,496
789,351
791,075
794,241
766,567
750,230
731,832
705,421
692,129
675,069
664,851
652,419
32,597
54,467
60,298
67,309
46,955
52,922
63,031
54,308
52,648
42,102
43,351
46,990
751,991
732,983
728,900
725,057
717,744
695,450
666,950
649,268
637,647
631,136
619,689
603,620
1,350,764
1,366,858
1,442,088
1,563,870
1,650,965
1,736,548
1,847,580
2,023,145
2,225,839
2,525,433
2,705,738
2,776,625
123,210
155,895
121,657
132,114
125,609
159,111
136,072
167,794
135,033
160,427
173,925
169,180
1,227,553
1,210,964
1,320,432
1,431,856
1,525,355
1,577,437
1,711,509
1,855,351
2,090,806
2,365,006
2,531,813
2,607,438
3,080,510
3,085,459
3,084,213
3,092,416
3,092,431
3,092,038
3,095,077
2,207,895
2,264,878
2,277,797
2,314,540
2,323,406
2,352,893
2,295,174
836,615
820,581
806,416
777,876
769,025
739,145
799)90'?
642,086
615,890
592,078
571,823
554,916
552,659
552,215 !
64,976
71,506
72,595
63,131
57,199
67,089
76,340
575,307
542,599
517,704
506,920
495,950
485,570
475,875
2,859,844
2,703,420
2,678,608
2,695,714
2,725,466
2,702,716
2,687,557
227,867 i
260,064
203,323
193,092
204,322
196,539 i
193,506
2,631,977
2,443,357
2,475,284
2,502,622
2,521,144
2,506,177
2,494,051
1
:
'
;
Jan. 1
Feb. 1.
Mar. 1
Apr. 1..
Mayl..
June 1..
Julyl..
Aug. 1.
Sept. 1.
Oct.l..
Nov. 1.
Dec.l..
3,088,905
3,121,887
3,088,711
3,090,608
3,086,219
3,062,614
3,035,391
3,041,549
3,040,472
1917.
1918.
Jan. 1..
Feb. 1.,
Mar. 1..
Apr. 1..
Mayl..
Junel.
Julyl..
In United
States
Treasury
as assets of
Government and
in Federal
Reserve
Banks. 1
1919.
Outside
United
States
Treasury
and
Federal
Reserve
Banks.*
2
General
stock in
United
States.
In United
States
Treasury
as assets of
Government and
in Federal
Reserve
Banks.*
Outside
United
States
Treasury
and
Federal
Reserve
Banks. 2
General
stock in
United
States.
Lir;l>.r.les silver certificates and Treasury notes of 1890.
In United
States
Treasury
as assets of
Government and
in Federal
Reserve
Banks.
Outside
United
Treasury
and
Federal
Reserve
Banks.
AUGUST 1,
789
FEDERAL RESERVE BULLETIN.
1910.
Estimated general stock of money held by the Treasury and by the Federal Reserve system, and all other money in the United
States—Continued.
States—Continued.
[In thousands of dollars.]
Federal Reserve bank notes.
General
stock in
United
States.
United States notes and national bank notes.
In United Outside |
States
United i
Treasury
States j General
as assetsoi" Treasury ! stock in
Governand
! United
ment and Federal
States.
in Federal Reserve
Reserve
Banks.
Banks.
In United Outside
States
United
Treasury
States
as assets of
Govern- Treasury
and
ment and Federal
in Federal Reserve
Reserve
Banks.
Banks.
Total, all money.
In United Outside
States
United
Treasury
States
t
S i r , i as assets fof Treasury
Govern
and
United !m c n t a n-d
unitea
States. in Federal Federal
Reserve
Reserve
Banks.
| Banks.
-j
ADI\ 1..
Mayl...
June 1-.
July 1..
Aug. 1..
Sept. 1.
Oct.l..
Nov. 1.
Dec. 1.
Jan. 1...
Feb. 1..
Mar. 1..
Apr. 1..
Mayl..
June 1..
Julyl..
Aug. 1..
Sept. 1.
Oct.l..
Nov. 1..
Dec. 1..
Jan. 1..
Feb. 1.
Mar. 1.
Apr. 1.
Mayl.
June 1.
Julyl.
1917.
1918.
1939.
Per capita
outside
United
States
Treasury
and
Federal
Reserve
Banks.
---
5,312,109 1,211,133 4,100,976
5,414,961 1,297,746 4,117,215
5,425,417 1,272,586 4,152,831
5,480,010 1,534,552 3,945,458
5,513,293 1,644,251 3,869,042 j
5,553,661 1,613,641 3,940,020 i
5,642,265 1,671,892 3,970,373 i
5,823,854 1,788,390 4,035,464 !
6,026,128 1,894,941 4,131,187 i
39.64
39.88
39.93
37.88
37.10
37.73
37.97
38.54
39.40
2,000,614
2,166,679
2,158,053
2,213,381
2,230,787
2,332,119
2,374,487
2,445,254
2,440,309
2,465,021
2,524,520
2,539,592
4,255,584 j
4,104,924 i
4,193,495 i
4,266,801 I
4,310,168 i
4,282,889 :
4,367,739 :
4,449,836 i
4,652,646 :
4,925,987 !
5,065,653 •
5,129,985
40.53.
39.04
39.83
40.47
40.82
40.51
41.31
41.97
•»5.»3
46.34
47.59
48.13
7,780,794 2,675,654 5,105,140 i
7,611,629 2,742,589 4,869,040 !
7,566,300 2,714,880 4,851,420 i
7,586,753 2,745,780 4,840,973 !
7,614,749 2,769,158 4,845,591 i
7,592,079 2,783,166 I 4,808,913
7,588,474 2,743,128 ! 4,842,346
47.83
45.56
45.33
45.17
45.15
4.4. 7S
11,226
11,073
10,910
12,790
12,699
12,609
12,407
12,970
12,843
8,056
8,040
8,040
9,081
7,465
4,105
2,074
2,798
2,819
3,170 1,064,244
3,033 1,064,172
2,870 1,063,265
3,709 1,062,101
5,235 1,062,465
8,504 1,064,419
10,333 1,063,284
10,179 1,062,957
10,024 1,063,733
36,728
56,053
55,477
52,105
70,882
67,380
60,024
59,852
59,922
1,029,513
1,008,119
1,007,788
1,011,966
993,542
998,985
1,005,197
1,005,026
1,005,723
12,605
12,334
12,021
11,662
11,743
13,681
15,444
15,347
24,688
42,798
71,647
96,955
2,802
2,847
2,871
2,821
3,079
4,481
4,379
3,656
3,597
5,182
8,027
9,218
9,803
9,487
9,149
8,841
8,664
9,201
11,065
11,691
21,091
37,616
63,621
87,737
1,065,894
1,064,514
1,064,721
1,067,601
1,068,969
1,070,669
1,070,887
1,070,409
1,070,999
1,068,614
1,068,152
1,063,534
71,657
98,736
88,614
81,387
84,316
85,320
85,934
85,688
83,013
83,948
93,740
99,405
996,145
967,678
977,984
988,088
986,521
987,207
986,803
986,567
989,820
986,497
976,223
6,256,198
6,271,603
6,351,548
6,480,182
6,540,955
6,615,008
6,742,226
6,895,090
7,092,955
7,391,008
7,590,173
7,669,577
128,144
138,250
142,840
155,632
170,124
175,220
187,667
9,731
10, .561
14,204
22,273
26,697
26,309
31,538
118,413
127,689
128,637
133,359
143,427
148,911
156,129
1,070,210
1,068,610
1,068,561
1,071,168
1,071,812
1,069,446
1,065,958
129,185
135,580
146,960
152,744
157,534
140,336
149,570
942,828
934,814
923,379
920,196
916,045
929,110
916,388
45. f.e
790
FEDERAL RESERVE BULLETIN".
AUGUST 1,1919.
DISCOUNT AND OPEN-MARKET OPERATIONS OF THE FEDERAL RESERVE BANKS.
Discount operations during the month of
June totaled $6,328,911,393, or about a billion
dollars less than the record figure of $7,385,835,256 for May, and $3,137,225,829 reported
for June, 1918. War paper constituted about
95 per cent of the paper discounted during
the month under review, compared with 97
per cent for the month before, and 83 per cent
for June of the preceding year. While all the
Federal Reserve Banks, except Philadelphia
and Eichmond, report smaller discount figures
than the month before, over 90 per cent of the
total decrease is shown for the New York
bank, whose share of the total discounts for
the month of June is about 49 per cent as
compared with 55 per cent for May, and 45
per cent for April. Total discounts for the
first half of the current year amounted to
36.1 billions, as against 10.7 billions for the
corresponding period in 1918.
Discounts of member banks' bills secured by
eligible paper increased from $17,737,787 in
May to $20,272,961 in June. Trade acceptances discounted during the month totaled
$7,941,707, compared with $7,121,222 for May,
1919, and $14,810,953 for June, 1918. More
than 85 per cent of the trade acceptances discounted during June of the present year cover
transactions in domestic trade, the total
amount of discounted foreign trade acceptances
being only $983,600, of which $933,053 were
reported by the New York bank and $50,547
by the Atlanta bank. Bankers' acceptances
discounted during the month totaled $496,352
and ordinary commercial and agricultural
paper $261,266,041.
Xboni 97 per cent, or $6,139,461,036, of the
total discounts for the month was 15-day
apor, i. e., bills maturing within 15 days from
ate of discount or rediscount with the
Federal Reserve Banks. Agricultural and livestock paper with a maturity of over 90 days
totaled $16,999,100, over 80 per cent of which
was reported by the Kansas City, Dallas, and
vSan Francisco banks.
Fifteen-day paper constituted a somewhat
smaller proportion of the discounts in June
than in May, and as a result the calculated
average maturity of all the paper discounted
during the month was greater than in May,
the June average being 9.81 days as against
9,13 the month before.
On the last Friday of the month the banks
held a total of $1,818,040,000 of discounted
paper, compared with $1,989,392,000 on the
S
last Friday in May, and $869,175,000 on the
corresponding date in 1918. The total for
the end of June, 1919, includes $122,607,000
of war paper held under rediscount for other
Federal Reserve Banks by the banks at
Cleveland, Chicago, St. Louis, and Minneapolis. War paper constituted about 87 per
cent of the total discounts held at the close of
June of this year, compared with 90.6 per cent
about the end of May, and 48.8 per cent on
the last Friday in June, 1918, larger percentages obtaining for the three eastern and the
Cleveland and Chicago banks.
Discounted trade acceptances held on the
last Friday in June totaled $7,803,000, or
about one-half million more than at the end
of May, though less than half the holdings
reported for the end of June, 1918, $16,509,000.
The most recent total consists to a very large
extent of domestic trade acceptances. Holdings of agricultural paper totaled $30,816,000,
as against $26,118,000 a year earlier, and holdings of live-stock paper were $37,420,000,
compared with $51,355,000 at the end of
June, 1918.
About 60 per cent of the total holdings of
agricultural paper are shown for the Dallas
and San Francisco banks, while the Kansas
City and Dallas banks held about 80 per cent
of the total live-stock paper.
During the month under review the number
of member banks increased by 21, the total at
the end of June being 8,838. Member banks
accommodated during June by the discount
of paper numbered 4,047 as against 4,035 for
the previous month. The number of member
banks in each Federal Eeserve district at the
end of May and at the end of June, together
with the number accommodated during each
month, are shown below:
Federal Reserve Bank.
Number of member banks in
district.
Number of member banks accommodated.
June 30.
429
733
608
825
571
425
1,362
521
887
1,002
745
670
Boston
Now York:
Philadelphia.
Cleveland.
Biclimond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas Citv
Dallas
San Francisco
Total
. .
May 31.
427
730
666
825
571
426
1,362
521
879
1,003
741
066
250
504
432
229
320
265
551
168
212
410
426
280
245
493
391
207
312
262
5(>0
191
235
418
508
283
8,838
8,817
4,047
4.035
June.
May.
791
FEDERAL RESERVE BULLETIN.
AUGUST 1,1919.
Bills bought in open market during June
largely by the New York bank for its own account and for account of other Federal Reserve
Banks, totaled $291,915,446, compared with
$147,650,192 bought in May and $89,580,022
in June, 1918, June purchases being heavier
than for any previous month of the present
year. Purchases of bankers' acceptances in
June totaled 8290,202,680, nearly four-fifths of
which were based on foreign trade transactions.
Purchases of trade acceptances are reported by
the New York, Cleveland, Chicago, and San
Francisco banks, the total for the month,
$1,645,209, marking a further decline from the
low figure shown for May. The average maturity of all bills purchased during the month
is given as 45.60 days, compared with 45.80
days for May, while the average rate of discount charged works out at 4.24 per cent, which
is identical with the averages shown for April
and for May.
On the last Friday in June holdings of purchased acceptances totaled $315,993,000, compared with $185,556,000 held on May 31, 1919,
and $217,360,000 on June 29, 1918. Of the
most recent total all but SI,586,000 were bankers' acceptances, and of these $234,036,000, or
over 74 per cent, were member bank acceptances, while of the remainder $29,630,000 were
bills accepted b}' private banks, $29,371,000 by
nonmember State banks, $12,145,000 by foreign
banks and their agencies, and $9,225,000 by
nonmember trust companies. Of the $1,586,000 of purchased trade acceptances on
hand at the end of June, over three-fourths
were based on transactions in foreign trade,
nearly all of this paper being reported b}~ the
New York and San Francisco banks.
Total investment operations of each Federal Reserve Bank during the months of June, 1919 and 1918.
I
Federal Reserve Bank.
8363,010,170
3,102,797,190
1,079,576,619
221,758,343
398,298,284
161,886,830
394,470,822
171,043,610
37,861,864
137,089.762
112,513' 122
148;604,777
Boston
New York
Philadelphia..
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City....
Dallas
.....
San Francisco..
Total, June, 1919
Total, June, 1918
j
Total, 6 months ending :
June, 1919
"..!
Total, 6 months ending
June, 1918
.'.
6,328,911,393
3,137,225,829
291,915,446
89,580,022
89,573
36.065,030,042
1,093,099,784
1,000
10,688,433,164
731,900,458
1,571,758
United States
Victory notes,
4 | per cent.
3£ per cent.
4 per cent.
4} per cent.
I
$13,500 \
Boston
New York.
Philadelphia...
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas C i t y . . .
Dallas
San Francisco..
3 per cent.
$31. 701,356 !
137; 454,889 !
134,911 |
127,647 j
567,752 I
620,163
299,097
684,572
604.013
I', 999
734,000
30, 985,047
Federal Reserve Bank.
Total,
Total,
Total,
Total,
United States bonds..
Bills discounted Bills bought in Municipal warfor members. open market.
rants.
June, 1919
June, 1918
6 months ending June, 1919
6 months ending June, 1918
2,000 ;
261,800 •
300 i
\
i
$455,000
$2,628,400
$3,297,350
1,000
1,000,000
326,725
455,000
7,500,400
43,109,088
20,012,375
United States
certificates of
indebtedness.
Total
United States
securities.
§1,000,000
114,359,000
8,579,500
1,271,000
3,500,000
1,050,000
3,000,000
5,122,000
800,500
5,019,000
796,000
6,311,500
$1,013,500
114,359,000
8,581,500
1,271,000
3,500,000
1,050,000
3,000,000
5,122,000
1,062,300
5,019,300
796,000
6,311,500
277,600 i
150,808,500
i
415,800,500
313,500 j 1,564,655,500
j 3,040,518,160
$6,717,000
Total investment operations.
June, 1919.
June, 1918.
$395,725,026
3,354,611,079
1,088,293,030
252,156,990
406,366,036
168,556,993
423,769,919
184,850,182 I
55,528,177 j
142,111,061
114,043,122 !
185,901,324 ;
$64,062,669
2,730,042,467
104,289,787
60,006,218
132,295,727
54,178,721
191,618,864
95,385,131
61,886,266
63,504,383
45,453,965
52,939,476
6,771,912,939 1.
151,086,100
3,655,663,674 | 3,655,663,674
428,848,250
1,566,296,725 38,724,427,551 .
3,111,545,023
"i4,"533,"450,"4O3
792
FEDERAL, RESERVE BULLETIN.
AUGUST 1,
1919.
Average amount of earning assets held by each Federal Reserve Bank during June, 1919, earnings from each class of earning
assetsj and annual rate of earnings on basis of June, 1919, returns.
j Average balances for the month of the several classes of
earning assets.
Federal Reserve Bank.
.Purchased
bills.
biils.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
$147,152,859 ! $18,152,972
652,929,328 I 71,793,847
i 192,524,439 !
940,800
I 126,757,331
28,890,183
! 92,134,519
7,211,167
| 84,557,609
6,379,012
222,734,967
35,491,156
! 65,693,621
6,210,571
j 46,051,000
12,707,000
! 86,591,646
88,948
i 50,720,031
779,500
74,264,601
57,512,633
235,722,335
97,695,600
Earnings from—
Total, June, 1919.
Total, June, 1S18-
Bills discounted.
Purchased
bills.
United
States
securities.
$504,462
2,184,019
646,815
437,936
324,255
289,407
775,067
229,149
161,238
336,936
198,910
274,246
$61,945
241,264
3,315
99,807
27,022
23,906
122,769
21,212
43,442
316
2,991
200,103
8182,894,214
793,309,973
216,680,799
173,873,814
107,186,553
101,751,841
285,784,390
89,746,459
67;416,000
103,103,134
60,774,281
141,470,617
Municipal
warrants.
451,324
240,556
S253,633
2,323,992,075
1,274,898,110
Calculated annual rates of earnings from—
$29,339
157,845
40,533
31,743
12,987
18,203
47,965
30,349
18,097
30,066
16,690
17,507
6,362,440 j 848,092
3,328,048
833,788
Federal Reserve Bank.
Total.
Municipal
warrants.
817,588,383
68,586,798
23,215,560
18,226,300
7,840,867
10,815,220
27,558,267
17,842,267
8,658,000
16,422,540
9,274,750
9,693,383
1,842,111,951 246,157,789
1 938,441,967 j 238,506,910
.-
Total, .Time, 1919
Total, Juno, 1918
Boston
New York
Philadelphia. .
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis...
Kansas City...
Dallas
San Francisco.
United
SI sates
securities.
Total.
Purchased
bills.
United
States
securities.
Municipal
warrants.
Total.
Per cent. Per cent. Per cent. Per cent, i Per cent.
4.17
4.22
2.03
3.96
4.07
4.09
2.80
3.96
4.08
4.28
2.12
3.87
4.20
4.20
2.12
3.99
4.28
4.56
2.02
4.13
4.16
4.56
2.05
3.96
4.23
4.21
2.12
4.03
4.24
4.16
2.07
3.81
4.26
4.16
2.54
4.02
4.73
4.32
2.23
4.33
4.77
4.66
2.18
4.37
4.49
4.23
2.20
4.23
3595,
2,583,
690,
569,
364,
331,
945,
280,
222,
367,
218,
491,
S868
Discounted
bills.
7,661,856
4,403,260
4.20
4.31
4.19
4.25
2.33
3.00
4.19 i
4.01
4.20
Bills discounted during the month of June, 1919, distributed by classes; also average rates and maturities of bills discounted
by each Federal Reserve Bank.
Federal Reserve Bank.
Member banks' collateral
notes.
Customers'
paper secured
by Government Secured by
war obligations. Government Otherwise
war obligations. secured.
Trade ac- Bankers'
acceptances.
Allother
discounts.
Total.
Boston
New York....
Philadelphia..
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis...
Kansas City...
Dallas
San Francisco.
$34,540,365
54,166,545
26,915,972
4,169,749
5,745,900
2,036,732
2,178,555
1,439,360
4,670
1,336,633
226,336
1,484,346
$315,892,288 $2,124,000
2,945,682874
1,015,119,754
63,000
207,002,150
26,200
378,907,595 2,894,500
143,179,659
1,221,613
363,861,538
1,414,500
156,768,528
185,000
35,443,125
1,200,000
101,286,496 10,623,005
104,749,760
521,143
136,795,402
$358,275 $51,798 $10,043,444
$363,010,170
99,436,131 3,102., 797,190
3,196,586 315,054
37,259,527
218,366
1,079,576,619
9,780,879 ! 221,758,343
779,365
934,404
9,815,885 ! 398,298,284
14,993,538 ! 161,886,830
2 455,288
26,851,613
164,616
394,470,822
12,262,428
258,794
171,043,610
129,500
1,203,273 !
10,796 .
37,861,864
!
22,358,918 i 137,089,702
1,484,710 |
30,612
6,985,271 I 112,513,122
49,895
10,275,134 ! 148,604,777
Total...
134,245,163
5,904,689,169
7,941,707
1
20,272,961
Includes $933,053 of trade acceptances in the foreign trade.
496,352
261,266,041
6,328,911,393
Aver- Average ma- age rate
(365turity
day
in days. basis).
12.06
7.31
6.94
13.99
10.29
16.35
17.10
10.91
17.13
27.09
19.23
16.42
Per ct.
4.18
4.04
4.07
4.13
4.26
4.22
4.26
4.20
4.40
4.82
4.45
4.51
9.79
4.19
2 Includes $50,547 of trade acceptances in the foreign trade.
AUGUST 1,1919.
793
FEDERAL RESERVE BULLETIN,
Bankers and trade acceptances in the foreign and domestic trade and finance bills purchased during the month of June, 1919,
also average rates and maturities of total bills purchased by each Federal Reserve Bank.
Trade acceptances.
Bankers' acceptances.
Federal Reserve Bank.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Total
In the
domestic
trade.
in the
foreign
trade.
$9,041,
25,692,
14,
7,369,
1,659,
4,600,
3,689,
986,
4,182,
822,859,470
110,916,265
120,022
21, 440,468
2,908,000
1,019,574
22,586,076
7,698,102
12.421,711
644',
6,062,
90,000
24,397,333
63,945,659
Finance
bills.
In the j In the
domestic I foreign
Total.
Total,
trade, i trade.
831, ~01, 356
136,609,156
134,911
2S.809.S31
4'. 567, 752
5i 620,163
26,275,097
8,684,572
16,604,013
1,999
734,000
30.460,030
226,257,021 i 290,202,680
I
.. ; . .
S570, 123
8S3S. 176 i
-•<:
!
! §31,701,356 I
or =s-
io-7 4-4 gag ;
10,000
29, 117,647
4,, 567,752 i
5.<
620,163 !
26,: 299,097 ;
134.911
20,000 ; 818.018 ;
298,016
14,000 i
Average
Total
Average
rate
purchased I maturity (365-day
bills.
i in days*.
basis).
14,000
95,200
379,817 j 475,017 ;
50,000
8,1684,572 I
16,1
604,013 I
1.999 !
734.000
30,! 985,047
661,269
983,940 ;1,645,209 •
•7,557
291,915,446 i
34.92
37.65
47.63
52.95
45.80
45.38
65.71
44.94
59.92
82.84
23.01
60.91
45.60
4.24
Amounts of bills discounted and acceptances bought by each Federal Reserve Bank during April, May, and June, 1919, dis
tributed by maturities.
15-day maturities.
Federal Reserve
Bank.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San F'rancisco
Total
30-day maturities.
Discounts.
Acceptances.
Total.
Discounts.
Acceptances.
Total.
$1,180,797,369
9,723,152,851
2,925,698,668
671,729,183
1,092,704,893
454,264,925
1,106,624,110
558,403,551
186,214,588
370,606,565
332,896,830
487,662,864
§28,065,059
91,984,482
590,000
4,898,231
876,049
640,749
6,195,588
8,341,372
14,862
120,000
526,720
$1,208,862,428
9,815,137,333
2,926,288,665
676,627,414
1,093,580,942
454,905,674
1,112,819,698
566,744,923
186,229,450
370,606,565
333,016,830
488,189,584
98,152,065
4,862,042
1,605,319
2,825,345
6,793,677
4,809,146
9,071,419
2,459,702
1,484,617
6,986,822
2,400,454
1,898,548
89,559,938
60,214,797
301,122
11,912.111
1,812; 197
3,314,512
6,539,219
1,002,418
1,904,862
349,416
719,000
1,974,104
$17,712,003
65,076,839
1,906,441
14,737,456
8,606,174
8,123,658
15,610,638
3,462,120
3,389,479
7,336,238
3,119,454
3,872,652
§23,024,964
24,294,878
2,069,123
5,050,312
10,437,840
7,344,968
16,764,787
4,877,012
813,123
13,464,316
6,180,639
4,095,774
§25,223,056
50,472,473
729,368
25,538,113
4,589,503
3,118,601
23,235,028
6,398,067
17,559,335
754,675
1,123,000
30,820,265
§48,248,020
74,767,351
2,798,491
30,588,425
15,027,343
30.463,569
39,999,815
11,275,079
18,372,458
14,218,991
7,303,639
34,916,039
19,090,756,394
142,253,112
19,233,009,506
53,349,156
99,603,996
152,953,152
118,417,736
189,561,484
307,979,220
90-day maturities.
Federal Reserve
Bank.
Discounts.
i
Boston
NewYork
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco..
Total.....
60-day maturities.
§100,205,^39
I 95,573,582
; 11,720,797
6,631,320
18,749,594 |
10,993,486
j 22,230,671
! 7,098,223
527,065
j 16,543,311
I o, tun, u 1 x
8,405,071
Acceptances.
Over 90-day maturities.
Total.
34,593,962 §104,799,501
57,110,426 152,684,008
12,688.522
967,725
23,371,794
16,740,474
22,735,394
3,985,800
15,392,497
4,399,011
49,082,910
26,852,239
10,941,570
3,843,347
7,635,424
7,108,359
16,852,295
308,984
8,685,071
280,000
31,693,703
22,846,293
8,847,410 I
307,526,069 j 149,036,620
Discounts. Acceptances.
I
Discounts, i
Acceptances.
Total.
Total.
Total.
Discounts.
Acceptances.
Total.
T
39,442
48,390 j
1,010,955 j
1,939,848
3,491,623 j
497,729 i
2,933,481
21,017,177
9,687,707
5,430,714
456,562,689 I 46,098,934
§1,868 i §1,312,181,805 §67,442,015 §1,379,623,820
39,442 ! 9,847,922,795 259,782,178 10,107,704,973
!
2,943,682,119
2,941,093,904
2,588,215
745,373,479
686,284,550
59,088,929
48,390
1,140,960,808
11,263,849
1,010,955 1,129,696,959
490,825,246
479,352,373
11,472,873
1,939,848
1,158,182,610
3,491,623
62,822,074
1,221,004,684
573,336,217
592,921,421
19,585,204
497,729
191,972,874
2,933,481
26,587, 418
218,560,292
428,618,191
430,031,266
21,017,177 I
1,413,075
9,687,707 ' 359,570,701
361,812,701
2,242,000
507,935,310
564,102,692
5,430,714
56,167,382
I 46,098,934 j 19,616,148,289 580,455,212 I 20,196,603,501
794
FEDERAL RESERVE BULLETIN.
AUGUST 1,1919.
Rediscounts and sales of discounted and purchased paper between Federal Reserve Banks from Apr. 1 to June SO, 1919.
[In thousands of dollars; i. e. 000 omitted.]
Rediscounted or sold by Federal Reserve Bank of—
Rediscounted or
purchased by
Federal Reserve
Bank of—
Kansas
City.
June. ! April.
May.
June.
April.
I 22,921 i 8,266
June.
April.
May.
June.
40,000
30,000
10,000
April.
10,000
45,000
36,000
, 10,048 I 5,062 I
25,000
81,000
30,000
15,000
30,000
30,000
45,000
35,000
50,000
20,000
40,000
70,000
18,508
5,062 | 22,921 ; 8,266
91,000
80,000 ,1140,000
Rediseo\mted or purchased by Federal
Reserve Bank of—
April.
50,048
65,000
128,000
20,000
j
May.
June.
30,000
5,000 |
62,000 63,200
55,775
4,000
65,000 115,000 155,000
91,000
:
April.
30,000
65,000 115,000 155,000
30,000 I 67,000
67,000
63,200
59,775
18,508
Purchased
bills.
Discounted
bills.
May.
June.
Total.
5,062
60,000
186,775
30,000
78,000
55,110
195,000
452,975
40,000
138,000
15,110
70,000
138,200
10,000
40,000
18,508
49,695
49,695
930,780
22,921
Total
I 285,969
266,466
378,345
Purchased bills
Discounted bills
I 32,969
i 253,000
8,266
258,200
23,570
354,775
59,775
Rediscounted or sold by all Federal
Reserve Banks since Jan. 1,1919.
Rediscounted or sold by all Federal Reserve Banks.
New York
Cleveland
Chicago
St. Louis
Minneapolis
Kansas City
San Francisco
Dallas.
18,508
10,048 | 5,062 | 22,921 ! 8,!
Purchased bills.... 10,048
Discounted bills...
Mav.
4,000
April.
New York
Cleveland
Chicago
St. Louis.
Minneapolis
San Francisco..
Total..
Richmond.
Philadelphia.
New York.
Boston.
Purchased Discounted
bills.
bills.
Total.
55,156
246,240
701,833
55,071
273,295
40,000
195,000
452,975
40,000
138,000
15,070
67,424
15,156
20,223
25,136
5,071
19,282
10,070
67,424
40,000
226,017
676,697
50,000
254,013
5,000
1,414,089
162,362
1,251,727
64,805
865,975
Discounted bills, including member banks' collateral notes^ held by each Federal Reserve Bank on the last Friday in
1919, distributed by classes.
June,
[In thousands of dollars; i. e., 000 omitted.]
Federal Reserve Bank.
Boston
New York
Philadelphia...
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas Citv....
Dallas
San Francisco..
Total.
Percent
Total, June, 1918.
Percent
Agricultural
paper.
Livestock
paper.
Member batiks'
Custocollateral notes.
mer's
paper
secured
by Gov- Secured by Otherernment
Governwise
war ob- ment war
ligations. obligations. secured.
92,218
83,404
17,950
6,691
14,707
4,506
6,366
1,801
45
52,502
484,228
156,007
113,077
58,642
67,313
194,061
54,604
39,065
42,726
27,654
50,786
40
3,076
2,788
2,376
504
539
2,978
12,324
5,810
255
2,797
24,854
5,825
2.907
30,836
37,420
232,818 ! 1,340,665
1.7
26,118
3.0
2.1
51,355
5.9
12.8
114,072
13.1
10
1,936
840
2,354
73.7
310,284
35.7
1,556
28
25
1,865
860
354
145
1,200
7,030
920
Trade
acceptances.
402
1,998
344
889
1,402
576
254
502
12
1,253
Banker's All other
acceptdisances.
counts.
257
113
577
51,069
16,184
6,158
8,473
11,864
18,840
8,121
360
12,870
5,291
5,933
155,174
621,117
191,186
126,969
88,175
88,590
222,251
66,098
44,018
93,647
52,854
67,961
1,113
153,402
1,818,040
.1
8.4
294,504
33.9
10.0
869,175
IOC
166
171
13,983
56,333
6.5
Total.
.4
16,509
1.9
AUGUST 1, 1919.
795
FEDERAL RESERVE BULLETIN.
Acceptances purchased and held by each Federal Reserve Bank on June SO, 1919, distributed by classes of accepting
institutions.
[In thousands of dollars: i. e., 000 omitted.J
Bank acceptances.
Federal Reserve Bank.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Totals:
June 30,1919.
Mav31,1919..
Apr. 30,1919..
June 29,1918.
June 25,1917.
Member
banks.
15,387
63,798
568
28,353
7,139
6,558
40,045
7340
7,340
17,273
8
945
46,105
233,519
136,741
140,034
173,698
113,786
Nonmember
trust
companies.
Nonmember
State
banks.
530
5,044
107
14,562
276
3,164
2,234 i
265 :
|
527
738 I
1,418 I
"i,i52*j
9,225
2,853
2,975
1,992
45,738
! 29,361
18,729
! 12,321
I
459
! 2,260
Private
banks
2,647
13,006
Trade acceptances.
Foreign |
bank |
branches', Total.
and |
agencies.!
8,471
29,648
14,628
14,196
21,478
31,215
12,654! i 314,407
10,612 183,563
8,230 j 177,756
12,315 209,942
3,165 ; 198,164
2,610
1,383
200
1,227
Foreign.
Total.
j
78 : 18,749
5,968; 102,378
980
32
1,802 I 38,163
7,139
6,558
100 i 42.055
48 ! 8^326
337 ! 20,520
8
945
68,586
4,289 ,
104
Domestic.
1,132 ,
101
20
13
320
382
136
58
1,204
1,857
2,505
7,418
121
1,586
1,993
2,563
7,418
4,129
Grand
total.
18,749
103,510
980
38,284
7,139
6,558
42,055
8,326
20,520
8
945
68,919
315,993
185,556
180,319
217,360
200,293
796
FEDERAL RESERVE BULLETIN.
AUGUST 1,1019.
OPERATIONS OF THE FEDERAL RESERVE BANKS.
Aggregate increases of 96.3 millions in investments, largely the result of open market purchases of bank acceptances and reduction of
53.6 millions in gold reserves, are the principal
changes in the status of the Federal Reserve
Banks between June 20 and July 18. In the
beginning of July the Government issued two
series of tax certificates aggregating 838
millions. This, in conjunction with large withdrawals of Government funds from depositary
institutions, accounts partly for the increase
in loan operations indicated in the July 3 and 11
bank statements. Following payment on July
15 of a 10 per cent installment on account of
the Victory loan, loan demands of member
banks apparently slackened and holdings of
both war paper and total discounts on the following Friday show a decline of over 100
millions. As compared with June 20 figures
the Federal Reserve Banks on July 18 show a
decrease of war paper held from 1,621.9 to
1,579.7 millions, while their holdings of other
discounts show a gain from 215.5 to 248.3
millions. As a result, the share of war paper
in the total discounts shows a decline from 88.3
to 86.4 per cent. For the New York Federal
Reserve Bank increases of 83.3 millions in the
total of war paper and of about 22 millions in
the amount of other discounts held are shown.
War paper on hand at the several banks includes
the amounts held under rediscount for other
Federal Reserve Banks. During the four weeks
under review the amount of such rediscounts
declined from 127.5 to 94.8 millions, the latter
figure representing the aggregate amounts taken
over by the Chicago, St. Louis, and Minneapolis banks from other Federal Reserve Banks.
Acceptances on hand show a continuous
increase from 274.7 to 372.3 millions, the latter
figure representing the maximum holdings for
the year. Acceptance holdings on July 18 of
the New York, Cleveland, and San Francisco
banks include 2.5 millions, 10 millions, and 40.2
millions, respectively, of bankers7 acceptances
acquired from other Federal Reserve Banks.
An increase from 201.9 to 209.9 millions in
certificates of indebtedness is due largely to
additional investments by the Reserve banks
in 1-year 2 per cent certificates to secure
Federal Reserve bank-note circulation, which
shows an expansion during the same period
from 173.8 to 186.9 millions. Total earning
assets of the Reserve banks increased by 96.3
millions and on July 18 stood at 2,437.8
millions.
Between June 20 and July 11 gold reserves
declined 53.9 millions; for the following week
a slight gain is shown, gold deposits by the
Treasury being more than enough to offset the
gold withdrawals for export. Net deposits,
except for the week ending July 11, show but
moderate fluctuations and on July 18 stood at
1,769.5 millions, or 1.8 millions below^ the June
20 total.
Federal Reserve notes in circulation increased during the first two weeks about 64
millions. During the next two weeks the circulation declined 40.3 millions and on July 18
stood at 2,512 millions. The reserve ratio of
the banks declined from 52.5 to 49.8 per cent
on July 11; on the following Friday, as the
result of considerable reductions in deposit and
note liabilities, the ratio shows a rise to 50.9
per cent.
AUGUST 1,
797
FEDERAL RESERVE BULLETIN.
1019.
Resources and liabilities of each Federal Reserve Bank at close of business on Fridays, June 27, to July 18, 19.19.
[In thousands of dollars; i.e.. 000 omitted.]
RESOURCES.
I
Boston.
Gold coin and certificates:
June 27
3,801
July 3
July 11
:
. 4,001
July 18
,i 4,295
Gold settlement fund. Federal !
Reserve Board:
j
June 27
1 33,536
July 3
1 28,326
July 11
i 52,093
July 18
! 43,697
Gold with Federal Reserve j
agents:
i
June 27
1 57,135
July 3
! 56,556
July 11
1 55,168
July 18
I 61,288
G old redemp t.ion fund:
i
June 27
14,236
July 3
16,742
July 11
18,852
July 18
12,622
Total gold reserves:
June 27
108,533
July3
105,428
July 11
130,114
121,902
July 18
Legal-tender notes, silver, etc.:
June 27
7,041
July3
6,525
July 11
6,282
July 18
6,531
Total cash reserves:
June 27
115,574
July3
111.953
July 11
136!396
July 18...
123', 433
Bills discou nted:
Secured by Government
war obligations T—
144, 720
June 27
143,591
Julys
138,677
July n
130,820
July 18
All other—
|
Juno 27
; 10,454
July 3
! 9,576
July n
! 7,545
July 18
| 6,910
1 Jills bought in open market: 2
Juno 27
| i s. i8o:
July 3
i 19,240!
22,720!.
July 11
23.445:
July 18
U. S. Government bonds:
539!
June 27
539|
July3
540 i
July 11
539
July 18
iIncludes bills discounted for
other Federal Reserve Banks:
June 27
July 3
July 11
July 18
2
Includes bankers' acceptances
bought from other Federal
Reserve Banks:
"With their indorsement-June 27
July 3
July 11
July 18
Without their indorsementJune 27
Julv3
July 11
July 18
INc.v ! Phila- ; OioveYork. jdelphia.- land.
Richmond.
Atlanta.
Chicago.
: San
Dallas.", J-'ran! oisco.
Minne- j Kansa
St.
Louis. apolis. 1 City.
Total.
f
210,322:
187,413
176,288
172,868
4191
306
472:
516
36,180
27,209
24,455
32,239
2,198
2,187
2,052
2,116
255,520
153,304
124,343
128,232
42,662!
45,772!
44,318!
61,910|
30,962
48,458
61,491
44,259
24,365
10,863
26,433
28,967
292,311
290,739
289,889
2SS,358
68,205!
73,345!
70,725!
74,594|
115,510
128,225
129,120
120.438!
24,829 13,3361 810!
24,639
8.069:
672j
24,8291 11,933;
1,233
24,710
7,494!
l,01l|
782,982
656,095
615,349
614,174
124,622; 183,462;
127,492 202,564!
127,448 216,3O5|
144,514 197,947!
7,420! 10,382:
7,339' 11,172
7,909 20,898:
8,043 10,494!
314,135
282,943
279,545
273,810
6,922 22,644:
11,295 91,909; 23,075 24,549 29,607
15,790 104,7111 24,867^ 34,020: 40,026! 5,330 52,823i
104.1391 26,720. 30,22o| 36,775 10,385 18,067
19,823
5,821: 27,154
17,613 144,091 21,912; 32,219: 35,315
597,046
584,290
554,812
591,190
7,939!
7,978|
8,035
7,906
23,367!
23,460!
23,406;
23,359!
3, 794!
3,580'i
3,535:
3,463
8,394;
8,381 ;
8,395:
8,357
94
114|
99
154|
53,729!
60,007j
wjwij
62,259;
62,788;
36,581;
36,03l!
uujuu*:
35,351"
34,394!
25,113
24,045
Aiiju^u
32,817
31,461
15,904
15,976:
17,271'
16,683,
112,901:
117,990:
124,889:
99.416;
1,113,824
1,155,278
1,163,068
1,134,173
27,140
30,202:
26,935;
32,643
4,258i
4,51.6!
3,363!
4,238!
3,781
4,390
4,917;
5,823
16,255
17,275
8,363
9,646
3,327!
3,689!
1,946s
2,443:
822:
1.6791
915;
1,965
122,775
126,479
114,339
112,992
67,215 67,325 404,093
66,527 75,690 421,900
65,592 79,129 422,788
68,905 79,870 462,999|
84,856!
92,970
95,877!
92,401
73,305j
82,822|
78.888!
80,793;
71,069
81,460!
78,054j
76,570
33,573
32,334
37,511
32,990
146,749!
183,664!
164,769
139,029
2,147,784
2,128,946
2,111,824
2,112,100
32,090 42,668 261,677;
43,677 47,160 A O O I O A / :
31,472 45,793 268,308:
32,268 49,579 262,906
8,562
9,800
5,635|
5,554!
5,423
4,762
5,478
4,772
51,541
50,095
51,879
48,500
251
248
365
241
799!
874>
910
452
443
495
503
1,528
1,532
1,583
1,350
1,109
855
764
975
3,050
3,263
3,561
3,822
103
92
77
87
237
320
296
229
1,997
1,937
1,906
1,883
225
298
305
344
68,472
66,407
68,387
65,381
834,523
706.190
667i 22S
662,674
124,873
127,740
127,813
144,7,"
184,400
203.363
21.7; 179
198,857
67,667
66,970
66,087
69,408
68,853
77,222
80,712
81,226
405,202
422)755
423,552
463,974
87,906
96,233
99;438
96,223
73,408
82,914
78,965
80,880
71,306
81,780
78,350
76,805
35,570
34,271
39,417
34,873
146,974
183,962
165,074
139,373
2,216,256
2,195,356
2,180,213
2,177,481
567,632
674',449|
742,9011
667,802
173,957
170,753
173,697
165,015
119,768
105,432
104,473
100,469
73,349
72,741
73,121
76,725
71,819
68,194
67.990
69; 080
200,427
208,412
188,205
183,427
56,405
42.634
47,711
46,636
39,110
35,144
34,012
32,087
44.662
36)126
38,604
38,770
28.494
31!20S
34', 774
30,831
53,140
43,955
40.781
38,'066
1,573,483
1,632,639
1,684,946
1,579,728
53,485
65,674
62,342
61,775
17,229
17,852
15,679
19,557
7,201
8,554
8,443
9,661
14,826
15,060
14.847
15; 106
16,771
14,165
13,547
11,907
21,824
30,199
32,323
29,228
11,159
10,490
11,602
4,819
4,223
4,261
48,985
48,698
46,994
44,958
24,360
22,947
22,482
22.038
14,821
1.3,686
12,452
11,344
244,557
262,389
251,367
248,347
100,822
113,047
119,363
91)563
860
711
631
"759
36,972i
40;316|
44,025j
55,649j
7, 744
7,194
6,987
6,711
7,173
6,589
6,726
6,885
40,463
45,802
50,887
53,524
7,396
8,505
8,973
8,823
1.8,786
21,254
22,473
23,280
8
8
2
2
1,302
1,301
1,301
1,257
1,385
1,385
1,385
l',083
1,083
1,083
1,234
1,234
1,234
1,234
376
376
376!
376
4,476
4,477
4,477
4,476
1,153
1,153
1,153
1,153
116
116
116
116
8,867
8,807
8,86"
64,122
62,983
61,875
64,845
9,735
25,000
25,000
25,000
25,000
1,385
23,750 : .
5,000
1.020 65,134
' S95 67,1.18
76,547
101,118
.,...
3.966
3,960
3,986
2,632
2,633
2,633
2.632
304,559
330,678
360,035
372,353
27.130
27,130
27.131
27,0S4
122,607
87,983
86,875
9-1,845
5,062
5,062
5,062
2,539
5,062j.
5,082!.
5,0621.
"10,012;!
27,456
24,307i
18,655
40,2331
27,456
24,307
18,655
50,245
798
AUGUST 1,1919.
FEDERAL RESERVE BULLETIN.
Resources and liabilities of each Federal Reserve Bank at close of business on Fridays, June 27, lo July
13,191.9—Continued.
[In thousands of dollars; i. e., 000 omitted.]
RESOURCES-Continued.
Boston.
XJ. S. Victory notes:
June 27
July 3
July 11
July 18
XJ . S. certificates of indebtedness:
June 27
July 3
July 11
,
July 18
Total earning assets:
June 27
:
July 3
July 11
July 18
Bank premises:
June 27
July 3
July 11
July 18
Uncolleeted items and other
deductions from gross deposits:
June 27
July 3
,
July 11
July 18
5 per cent redemption fund
against Federal Reserve bank
notes:
June 27
July 3
July 11
July 18
,
All other resources:
June 27
,
July 3
July 1.1
July 18
,
Total resources:
June 27
July 3
July 11
July 18
New
York.
Richmond.
Phila- Clevedelphia. land.
Atlanta.
Chicago.
St.
Louis.
i San
I Minne- Kansas Dallas. ! Fran- II Total.
apoiis. City.
! Cisco.
246
290
288
2SS
16,916
16,916
16,916
21,436
190,839
189,891
186,426
183,168
6,880
6,896
7,396
7,345
5,688
5,900
5,900
5,900
5,798|
5,798!
6,630!
6,640
204,104
200,068
200,054
209,941
91,715
80,519
85,395
85,282
70,090 109,403
68,537 100,595
68,031 101,863
66,987 99,942
63,528
64,916
67,823
63,329
141,525
133,190
139,043
159,800
2,354,167
2,453,282
2,529.907
2.437; 810
541
691
692
691
401
401
401
401
222
222
222
260
400
400
400
4001
11,257
11,684
11,699
11,737
24,612
25,612
25,612
26,612
17,068
17,068
17,068
17,068
787,192 215,294 182,521 103,513 106,745 291,802
911,854 213,552 172,931 102,889 99,906 314,502
984,977 215,238 177,337 103,049 99,221 301,504
210,509 185,437 107,136 98,733 297,267
63,901
57,333
59,020
57,779
21,861
22,850
23,845
23,792
6,360
17,497
17,546
19,313
18,575
er6,
7,360
10,599
10,575
10,575
10,479
335
377
374
363
6,924
6,914
6,919
6,955
800
800
800
800
3,972
4,006
3,999
3,999
500
500
500
500
875
875
875
875
392
395
416
416
218
458
458
459
2,936
2,r~"
62,642
69,891
67,769
77,329
175,776
191,617
182,828
214,095
62,180
69,536
71,779
77,302
55,322
61,736
55,346
68,449
54,036
59,899
61,642
66,410
26,953
32,976
31,420
43,023
76,149
82,686
91,731
99,319
43,555
54,239
50,004
54,410
15,026
11,844
15,333
18,277
55,172
56,891
55,748
68,941
19,997
23,095
17,842
39,255
28,114
39,552
40,810
686,063
742,527
740,994
857,194
1,844
1,854
1,900
2,038
1,075
1,125
1,175
1,175
448
448
448
448
509
508
508
520
1,626
1,626
1,622
1,482
659
812
803
314
314
314
294
730
730
728
730
396
856
897
408
40S
408
9,714
9,956
10.052
10,077
2,942
2,634
2,765
2,817
994
1,084
732
783
902!
1,003!
9591
973;
723
598
»866
645
371
586
625
412
1,612
1,344
1,384
1,432
552!
469!
4821
180
165
180
186
484
512
488
477
818
732
857
956
10,551
10,306
10,334
10,100
1,806,249
1,818,155
1,843,697
1,765,849:
404,916
413,537
417,237
435,024
424,879!
440,767j
452,552
455,488:
226,779
231,199
232,508
244,463
203,649
211,656
212,944
224,373
224,884:
233,0361
236,810
237,891 :
159,018
163,774
162,823
166,624
845
314
330
379
373
371,015
373,711
392,615
390,919
i
779,327
825,849
822,729:
866,4101
237,496
240,9121
237,578!
247,296^
436
436
703
630
564
120,416i 329,380 5,288,008
123,706 346,806! 5.423,108
126,370 345,334: 5', 483,197
128,291! 341,747; 5,504,405
LIABILITIES.
Capital paid in:
June 27
July 3
July 11
Julyl8
Surplus fund:
June 27
July 3
July 11
Julyl8
Government deposits:
June27
July 3
July 11
July 18
Due to members—reserve account:
June 27
July 3
Julvll
July 18
Doferred availability items:
Juno 27
July 3
July 11
July 18
Other deposits, including foreign Government credits:
June 27
July 3
July 11
July 18
$6,877!
6,877!
6,877|
6,877|
\
2,996!
5,2061
5,206!
5,206|
\
$21,4451 $7,651 $9,233 $4,205
21,470j 7,651 9,252 4,205
21,47l! 7,654 9,252 4,223
21,475 7,654 9,255 4,227
\
2,196
21,117! 2,608
32,922 5,311
3,800
32,922 5,311
3,800
32,922 5,311
3,800
11,332
14)658!
17,069!
13,643;
|
!
15,363: 10,680 5,387| 4,297
32,5021 5,315! 13,982! 5,983
39,387 10,073! 18,699!.
7,204 6,346i 14,597! 5,429
;
j
J
106,625i
9a, 020!
104,451i
! 106,635!
|
\
i 45,3301
50,345
59,292!
54,809!
1,793;
l,400j
232;
7,046!
730,278' 100,213
678,669! 102, i65
707,647 99,142
708,863 102,809
i
126,268 54,473
141,409 65,547
144,199 66,512
160,342 78,576
103,869
108,639
105,647
50,850
1,229
1,848
1,312
8,443
123,903!
126,741!
133.130!
126,924|
!
48,942
49,5971
47,755i
56,798'
253
877
247
8,319
S3.762
3,763
3,768
3,769
$3,240
3,239
3,242
.3,242
84,774
4,776
4,785
4,787
$82,764
82, 811
82 851
82, 958
2,421
3,957
3,957i
3,957j
1,184
2,029
2,029
2,029
2,448
4,578
4,578
4,578
49,466
81, 087
81 087
81,087
6,508
7,274:
6,166:
6,965
558
2,940
7,060
4,300
2,522
12,8o9i
6,176;
16,512!
73, 614
1361 328
15.1,170
137.090
236,012
257,9271
247,684
254,998
58,762: 51,051! 80,735 s
,•>», /iw
59,015 ' 55,191 80,268
64,915 52,929 76,664
59,951 51,599 75,418!
43,583
42,807
44,032
43,559
85,7151
90,620;
94,953!
83,410!
1.713,030
I',687,60S
1,726,329
1,712,796
46,935 21,828: 68,781
47,826 2513271 61.663
54,983! 25,151! 69)505
58,299 ; 30,384: 79,682
35,684: 10,6621 35,309!
37,6S9| 9,763! 36,946'
36,414! 12,512! 39,265.
40,749 33,4141 43,839!
15,613j
16,164J
13,611
16,423
24,595!
19,620
22,021
18,420
534,420
5611896
591,250
651)735
114
236
84
2,820
4,514
5,047
3,344
7,782
115,693
128,698
114,679
125,063
51,156
52,181
54,535
53,753
109
698
229!
4,7381
S3,247: $11,453 S3,L._ S3,011
3,247 11,453
3,866 3,012
3,250; 11,454
3,862 3,013
3,219 11,500
3,907 3,016
l,510:
2,805
2,805!
2,805':
6,416
1,6031,415
9,710 2,589! 2,320
9,710 2,589| 2,320
9,710 2,589; 2,320
4,912! 3,959
5,600 23,928
6,787 28,119
9,712 44,026
44,997 :
47,004
46,2^17
44,877!
107! 2,528
255! 5,437
348 1,619
3,757i 17,336
a Includes Government overdraft of $160,000.
4,8821
8.7811
8,474
3.755
3,184
2,506'
3,160;
4,601'
5-10"
3781
933; 2,318 j
482:
422.
4,950! 4,006;
259!
1,010!
712!
5,022;
799
FEDERAL RESERVE BULLETIN.
AUGUST 1,1919.
Resources and liabilities of each Federal Reserve Bank at close of business on Fridays, June 27, to July 18,1919—Continued.
[In thousands of dollars; l. e., 000 omitted.]
LIABILITIES—Continued.
I
Boston.
Total gross deposits:
June 27
JulyS
,
July 11
1
July 18
!
Federal Reserve notes in actual |
circulation:
j
June 27
j
July 3
July 11
July 18
Fedeial Reserve bank notes in
circulation—net liability:
June 27
i
July 3
July 11
July 18
All other liabilities:
June 27
July 3
July 11
July 18
Total liabilities:
June 27
July 3
July 11
Julvl8
Now
York.
Cleveland.
Richmond.
Atlanta.
102,497
106,688
109,747
122,219
Chicago.
San
Francisco.
St.
MinneLouis. apolis.
1.6.5,080
161,423
181,044:
182,133
975,778
961,219
996,880
927,259
166,595i
174,875!
177,039:
196,174;
178,485
191,197
199,831
206,638
176,159j
182,631:
181,787!
178,9611
737,437
762,915;
751,780|
n/ij iyv
742,980.
203,703
203,310;
204,046
u\j-*.y \/.I\J
201,957
!
214,663 109,6301 115,662; 421,672 102. S60| 82,032
217,567 109,6401 117,320j 429,248 104; 3501 82,203
220,1421 107,699|" 118,119: 427,211 103,883 i 81,634
ii^v/j x-i«i I U I ^ U * /
j.i;jj iJ.«y; iii.i^ «XA; 1U(,;^ oo'jj
OAJ V,"^
215,948: 106,877; 119,318 420,685j 105,629: 80,759
16,760
16,796
16,688
16,668
35,143;
35,901!
36,334!
36,492]
20,788
21,672
22,379
22,988
3,143
778
1,013
1,104
15,329|
7,328|
4,310;
4,72l|
371,015
373,711
392,615
390,949
1,806,249;
1,818,155j
1,843,697!
1,765,849
71,874:
78,186
78,5331
88,730
15,895!
16,1991
16,626|
16,774.|
6,148
6,329
6,502.;
6,720!
9,707
9,786
9,794
9,765
3,571
718,
808
940.
3,051 !
692^
8j
1,013!
2,103i
537:
537:
620|
1,
404,916'
413,537!
417,237:
435,024
424,879!
440,767!
452,552;
455,488
226,779!
231,199;
232,o08j
244,463
312;
443
506
203,649
211,656
212', 944
224,373
311,280 99,868
348,955 106,418
346,927 liO,285
396,042 109,405;
65,275
69,778
69,053
73,620
122,811
125,498!
122,807)
131,244|
59,S6S
62,147
64,787|
67,102
Total.
2,436,757
2,514,530
2,583,427
2,626,690
46,937! 194,748
47,908: 201,212
47,6831 201,062
47 112 197,736
93,677
94,044
93,081
94,086
117,346
128,146
126,444
126,124
2,499,180
2,552,348
2,538,127
2,512,048
24,461!
25,382!
26,062j
26,576|
15,196
15,433
15,691
15,808i
5,975
6.134
6,390
6,468
12,393
12,773
12,965!
13,225
7,1
7,826
7,953|
8,109]
!
7,024
7,339
7,422
7,318
177,185
181,570
184.806
186,911
4,04o!
1,101
1,365:
1,897
1,491:
380;
500
553i
1,310
327
413
2,432
877
1,000
1,015!
1,492J
3,040
755
993
1,204
42,656
10,762
12,899
14,711
779,327; 224,884!
825,849: 233,036
822,729; 236,810
866,410, 237,891
159,018
163,774
162,823
166,624
237,496;
240,912!
237,578!
247,296!
120,416 329,380
123,706 346,806
126,370; 345,334
128,291 341,747
5,288,008
5,423,108
5,483,197
5,504,405
557!
676
697
MEMORANDA.
Contingent liability as indorser
onDiscounted paper rediscounted with other Federal Reserve B a n k s June 27
July 3
July 11
July IS
Bankers' acceptances sold to
other
Federal
Reserve
BanksJuno 27
July 3
July 1 1 . . .
July 18
57,967!
35,9831
39,875j
38,845!
,
55,000;.
45,000!.
45,000|
50,000
9,640
7,000:
2,000!
6,000
122,607
87,983
86,875
94,845
5,062
5,062
5,062
2,539
5,062
5,062!
5,062!
2,539;
Maturities of bills discounted and bought, also of Treasury certificates of indebtedness.
[In thousands of dollars; i. e., 000 omitted.]
Within 15
days.
Bills discounted:
Juno 27
July3
July 11
July 18
Bills bought:
June 27
JulyS
July 11
July 18
U. S. certificates of indebtedness:
June 27
July 3
Julvll
July 18
16 to 30
days.
31 to 60
days.
61 to 90
days.
.,484,822
.,568,510
.,665,558
., 528,103
123,334
108,566
47,463
86,141
122,083
117,978
136,509
132,487
56,531
71,579
60,365
58,502
75,449
86,021
91,115
88,278
64,136
69,071
58,234
58,957
113,389
109,976
146,607
123,987
494
13
1,010
92
4,092
6,212
12,486
13,981
14,040
22,234
28,922
28,936
31,270
28,395
26,418
22,842
51,584
65,611
64,079
101,131
25,279
18,896
18,625
16,388
Total.
1,818,040
1,895,028
1,936,313
1,828,075
304,558
330,679
360,035
372,353
160,199
152,713
145,011
150,544
204,104
200,068
206,054
209,941
800
FEDERAL RESERVE BULLETIN.
AUGUST 1, 1919.
FEDERAL RESERVE NOTES.
Federal Reserve note account of each Federal Reserve Bank at close of business on Fridays,
June 27 to July 18, 1919.
[In thousands of dollars; i. e., 000 omitted.]
Boston.
Federal Reserve notes received
from agents:
Jane 27
July3
Julvll
July 18
Federal Reserve notes held by
banks:
June 27
July3
July 11
July 18
Federal Reserve notes in actual circulation:
June 27
July 3
July 11
July 18
Gold deposited with or to
credit of Federal Reserve
agent:
June 27
July3
Julvll
July 18
Paper delivered to Federal Reserve agent:
June 27
July 3
Julv 11
Julv 18
181,902
188,323
189,9351
187,055!
5,743!
5,6921
8, f48|
8,094|
New
York.
818,788
841,196
850,225|
832,814!
Philadelphia.
Cleve- Richland. mond.
Atlanta.
Chicago.
213,112!
216,352;
216,433!
216,903!
226,357
231,112
230,854
229,606
113,676
113,463
111,698
111,034
120,799
122,331
123,529
123,415
453,372
455,222
460,002
454,601
116,623
117,401
117,724
120,352
11,694
13,545
10,712
13,658
4,046
3,823
3,999
4,157
5,137
5,011
5,410
4,097
31,700
25,974
32,791
33,916
13,763
13,051
13,841
14,723
i
San
St.
Minne- Kansas
Louis. apolis. City. Dallas. Francisco.
81,351
9,409
78,2811 13,042
^8,445: 12,387
" " " ' 14,944
Total.
84,54' 100,490
84,377 99,971
83,797 99,544
83,240 100,007
48,529
49,571
49,935
49,257
216.445
22i;574
226,612
220,620
2,694,610
2,740,893
2,760,288
2,728,902
2,515
2,174
2,163
2,481
6,813
5,927
6,463
5,921
1,592
1,663
2,252
2,145
21,697
20,362
25,550
22,884
195,460
188,545
222,163
216,854
194,748
201,212
201,062
197,736
2,499,180
2,552,348
2,538,127
2,512,048
176,159
182,631!
181,787'
178,961,
737,437
762.915J
75i; 780
742,980,
203,703
203,310
204,046
201,957
214,663
217,567
220,142
215,948
109,630
109,640
107,699
106,877
115,6621
117,320
118,119
119,318
421,672
429,248
427,'211
420,685
102,860
104,350
103,883
105,629
82,032
82,203
81,634
80,759
93,677
94,044
93,081
94,086
46,937
47,908
47,683
47,112
61,288
292,3111
290,739!
289,889
288,358;
68,205
73,345
70,725
74,594
115,510
126,225
129,126
120,438
32,090
43,677
31,472
32,268
42,668
47,160i
45,793:
49,579
261,677
263,527
268,308
262,906
53,729
60,0071
62,259
62,788!
36,581
36,031
35,351
34,394
25,113:
24,045;
32,8.17!
31,461.!
15,904 112,901 1,113,824
15,976 117,990 1,155,27 £
•
17,271 124,889! l,163,06S
16,683 99,416; 1,134,173
173,354
172,407
168,942
161,175
721,939;
853,170;
924,606!
821,140
149,503
152,338
148,535
143.228
1.61,133
152,186
152,576
154,250
93,340
91,257
91,529
93,663
84,250 282,625
79,835 284,347
82,471! 271,359
79,762- 266,131
66,339
62,293
63,425
60,749
59,992
59,086
58,221
57,832
93,655
84,832
85,600
83,730
53,874
55,050
57,957
53,463
i
114,463103,897,
104,8571
137,594.
2,034,467
2,150,698
2,210,078
2,112,71V
AUGUST 1,
801
FEDERAL RESERVE BULLETIN.
1919.
Federal Reserve note account of each Federal Reserve agent at close of business on Fridays, June 27 to July 18, 1919.
[In thousands of dollars; i. c, 000 omitted.]
New
Boston. York.
Philadelphia.
Cleve- ! Rich- I
396,980
396,9801
408,780
408,780,1
357,100
362,300
363,480
367,660
St.
Louis.
At-
land. I mond. I lanta.
Total.
FEDERAL RESERVE NOTES.
Received from Comptroller:
June 27
July 3
July 11
July 18
Returned to Comptroller:
June 27
Julv3
July 11
July 18
Chargeable to Federal Reserve
agent:
June 27
July 3
July 11
July 18
In hands of Federal Reserve
agent:
June 27
July 3
July 11
July 18
Issued to Federal Reserve
Bank less amount returned
to Federal Reserve agent for
redemption:
June 27
July 3
July 11
July 18
Collateral held as security for
outstanding notes:
Gold coin and certificates—
June 27
July 3
July 11
July 18
Gold redemption fund—
June 27
July 3
July 11
July 18
Gold settlement fund,
Federal Reserve BoardJune 27
July 3
July 11
July 18
Eligible paper, minimum
required l—
June 27
July 3
July 11
July 18
321,080
322,080
330,880
334,880
1,601,980
1,608,680
1,638,680
1,660,1""
115,278
117,857
120,245
124,125
205,802
204,223
210J635
210,755
23,900
15,900
20,700
23,700
181,902
188,323
189,935
187,055
4,656,260
4,686,700
4,756,900
4,811,300
53,210J 33,856;
54,279i 34,284;
55,506 34,590|
56,863| 35,1781
63,895
64.806
68i908
71,380
1,548,848
1,582,475
1,626,124
1,670,622
70,104
70,076
70,170|
69,582
221,645
226,774
231,812
231,820
3,107,412
3,104,225
3,130', 776
3,140,678
13.8001
13,450i
12,650J
13,0501
21,575
20,505
20,235
20,325
5,200
5,200
5,200
11,200
412,772
363,332
370,487
411,776
100,490
99,971
99,544
100^007!
48,529
49,5711
49,935:
49,257|
216,445
221,574
226,612
220,620
2,694,640
2,740,893
2,760,289
2,728,902
625,200
633,200
638,360
650,680
202,920
203,320
205,040!
209,040!
134,380
134,380
134,380
134,380
642,192
656,684
671,055
688,466
155,788i 97,923! 82, 676
158,648j 100,208! 84, 589!
163,267| 104,306j
794!
166,3f" 106,9941
999
52,912
54,420
55,787
57,501
148,748
152,058
159,597
165,719
67,777|
69,499!
70,2461
72,218!
34,593
35,143
35,823
36,780
959,788
951,996
967,625!
972,414i
241,192
238,332
245,513
242,381
142,944
141,031
138,826
136,621
181,088
182,080
182,713
183,999
476,452
481,142
478,763
484,961
135,143
133,821
134,794
136.822!
99,787
99,237
98,557
97.600
114,290;
113,421
112,194
113,057
29,268
27,568
27,128!
25,587,
60,289
59,749
59,184
60,584
23,080
25,920
18,760
30,360
18,520
16,420
17,070
16,470
15,240
14,860
14,760
14.360
113,676
113,463
111,698
111,034
120,799
122,331
123,529
123,415
453,372
455,222
460,003
454,601
116,623
117,401
117,724
120,352
84,547
84; 377
83,797
83,240
141,000 •28,1
110,800 2 1 , ! . . .
117,400 29,080
139,600 25.480
818,788f
841,196!
850,2251
832,814
8,571'
16,999!
16,149!
14,618^
259,1771
262,092!
259,174!
260,666;
|
|
32,820|
30,980!
28,320i
31,060
213,112 226,357
216,352 231,112
216,433 230,854
216,901; 229,608
2,500
2,500
2,500
2; 500.
9,125!
18.125;
2i;i25!
13,125
11,385
13, ioo:
13,001
12,313
2,090
2,177
1,972;
126S ;
3,168|
3,660;
3,293
3,079J
30,000
41,500
29,500
31,000
37,000
41,000
40,000
44,000
253,344
255,505
260,825
254,544
81,586; 78,131! 191,695
69,7861 75,171! 191,695
80,22GJ 77,736 191,695
"
78,760! 73,836 191,695
57,889
60,889
57,426
59.889
95.000
95.0001
95,000|
95,000!
124,76:
131,767
131,767
12o, 76:
526.477:
550', 157j
560.336!
544,456!
144.907
143; 007
145.70S!
1421307;
110,847;
104,887
101,728!
109.168:
t-*P*fri
ni-*s*.
2,729
2,179
1,499
2,542
1,753
2,685
1,457
2,101
2,659
2,711
2,506
2,818
50,4311
56,431!
59,4301
57,931!
20,800
20.800
20^00
18,800
23,360
21,360!
31,360;
29,360
1,684
1,684
3,184
2,68-lj
62,894:
57,394:
55,46")
57.564 j
47,966
48.346
48', 446
48', 846
75,377
75,920
66.727
GS, 546!
32,62o!
33, 595
32,664
32,574
8,333
8,022
7,483
8,362
100,000
90,000
90,000
90,000
A J~%.
.n s^
n
.1 11,581
! 11,581!.
11,581:.
11,181;.
13,052
13,052
13,052
13,052
10,316
12,456
13,299
14,705
46,000
45,000
44,000
51.000
1
285,540
291,580
300,720
303,200
234,000
236,500
238,500
241,500
183,
13,7401...
183
!3,740|...
183;740;.
183,740
11,135
11,556
11,168
10,288
103,960j
104,360:
104,760;
104,760'
167,500
167,700!
167,700;
169,920;
225,
225;
225, 620;
225,620
I
I ' I
For actual amounts, see " Paper delivered to Federal Reserve agent," on p. 801.
219,998
228,998
231,998
223,598
15,607
14,696!
13,920!
12,794!
97,294
103,294
110,969
86,622
81,024
93,817
88,576
89,745
812,802
832,463
842,494
820,830
103,544! 1,580,816
103,584! 1,585,615
101,723! 1,597,221
121,204i 1,594,729
802
FEDERAL RESERVE BULLETIN.
AUGUST 1,1919.
Amounts of Federal Reserve notes received from and returned to other Federal Reserve Banks for redemption or credit during
the period Jan. 1 to June SO. 1919.
Boston.
Received.
Boston
New York
Philadelphia...
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis...
Kansas City. - Dallas
San Francisco.
Total.
§19,126,350 i!
1,968,500 j
791,250 '
1,230,250
781,930
1,371,500
449,205
180,000
175,600
154,350
453,090
26,682,025
Returned.
Richmond.
Received. Returned, Received. Returned, Received. Returned,
SI, 416,600 SI, 767,000 82,379,350 §750,600 82,432,650
18,193,200 31,888,500 16,069,700 11,614,650 17,621,100
5,645,000 5,202,000 5,188,870
3,659,100
4,304,500 4,606,000
3,193,250 4,349,500 5,802,000 3,376,350
961,500 1,532,500 2,464,280 1,258,900 3,569,270
1,186,000 2,652,000 8,632,000 9,045,800 2,754,000
703,500 2,932,045
842,350 1,390,370
335,680
523,500
528,000
753,050
142,000
266,000
729,000
688,500
750,250
432,750
137,850
265,000
260,100
480,350
299,250
164,700
480,050
901,060
257,165
452,350
638,530
SI,186,250
13,438,750
7,982,750
5,628,000
44,681,350 |119,395,210 1134,780,450 30,292,445 49,496,550 46,522,285 34,306,400 38,251,890
42,483,000
Received.
Total.
Returned
329,922,250 819,450,750
29,794,250
3,275,600 "3i,'768,"566' "35," 208," 850'
2,396,350 11,986,650 16,242,950
2,444,550 13,784,000 17,638,750
9,507,050
1,095,350 6,728,910
2,921,950 12,786,500 17,770,750
3,952,250
4,400,860
539,650
2,571,400
1,410,500
604,950
1,746,650 3,773,000
762,900
1,827,350
1,403,200
253,100
6,837,350
3,457,190
592,700
Atlanta.
Boston
New York
Philadelphia...
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis...
Kansas C i t y . . .
Dallas
*
San Francisco.
Received.
Cleveland.
Philadelphia.
New York.
Returned.
$1,070,450
9,287,550
1,674,000
1,330,450
4;483,750
$734,680
7,249,660
1,519,115
2,409,280
3,394,020
2,930,500
5,035,995
263,500
751,500
1,499,350
488,185
3,659,245
4,680,025
627,350
1,472,725
2,368,700
504,555
28,815,230
28,619,355
Chicago.
Received. ; Returned.
Kansas City.
!
Received. Returned. Received.. Returned. Received. Returned.
§1,557,000 j $538,650
12,922,500 3,927,200
2,735,000 j 771,500
8,764,500
910,700
2,799,000 1,543,500
2,957,500 4,755,525
6,300,500
12,252,875 ! 6,375,500
445,500
7,335,000 : 8,920,000
3,650,050 ; 7,937,500 3,469,850
1,637,000 1,435,300
1,232,000
5,149,500
3,718,000
652,815
$2,878,750 I
17,592,750 I
3,224,510 I
9,495,550
4,746,000 !
3,831,245 j
69,956,730
Minneapolis.
St. Louis.
4,334,750
4,684,000
1,508,000
1,461,250
1,401,500
475,000
382,750
$458,255
4,600,095
954,890
2,932,045
1,438,510
5,117,895
12,332,875
954,395
4,732,755
2,816,645
1,029,690
§625,050
2,549,700
579,500
810,550
1,484,250
647,230
8,948,500
955,995
$206,500
1,381,500
244,500
532,000
269,500
241,500
7,257,500
442,000
935,400
1,274,500
213,000
2,009,000
228,250
1,806,145
3768,950
3,750,150
784,000
817,850
1,409,000
1,254,825
7,801,000
4,684,300
1,289/500
§180,100
1,746,650
313,450
688,500
446,450
685,600
3,650,050
3,469,850
935,400
1,852,150
2,613,115
1,649,100
1,607,750
61,755,000 24,751,010 37,368,050 19,570,570 j 14,071,500 27,024,840 15,372,900
San Francisco.
Dallas.
Total.
Received.
Boston
New York
Philadelphia...
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis...
Kansas C i t y . . .
Dallas
San Francisco.
Total
Returned.
Received.
§247,200
1,819,550
293,000
284,700
458,750
2,227,700
1,580,000
2,762,955
177,500
1,619,600
$139,550
1,139,650
211,350
383,100
259,750
1,437,150
1,005,050
1,348,450
187,750
1,559,700
$572,900
6,600,000
532,000
480,950
382,750
523,505
5,009,500
1,034,115
2,055,500
1,588,250
1,014,200
$462,090
842,852,800
3,592,590 116,537,250
567,545 52,429,380
894,960 34,872,250
632,610 38,517,500
485,820 27,745,920
3,620,335 59,300,000
642,615 36,234,395
1,776,880 14,093,000
2,605,615 15,196,000
9,763,100
925,635
15,911,800
826,892,775
119,368,795
58,215,050
45,477,685
37,048,990
28,654,015
68,599,555
24,504,190
19,315,925
26,999,445
12,690,630
19,525,695
19,793,670
16,206,695 463,453,395
487,292,750
926,505
480,000
I 12,397,460
8,151,500
Returned.
Received.
Returned.
803
FEDEBAL RESEKVE BULLETIN.
AUGUST 1,1919.
OPERATION OF THE FEDERAL RESERVE CLEARING SYSTEM JUNE 16 TO JULY 15,
1919.
drawn
banks
drawn on
Items drawn on banks Items district onoutside Total items own Fedin
banks in
in Federal Reserve
Federal Reserve city
eral Reserve district
city (daily average).
(daily average).
(daily average).
Amount.
Number.
Amount.
22,821
25,499
45,512
6,786
2,857
4,000
20,790
6,445
5.101
5; 819
1.463
2; 809
827,346,637
80,541,508
29,771,440
8,486,027
6,545,108
3,477,413
27,698,000
9,563,192
9,025,772
10,457,877
2,054,928
3,769,434
93,821
137,426
51,096
76,997
54,824
29,943
84,585
45,381
26,342
69,951
25,198
41,443
$14,534,452
69,667,917
7,219,637
25,908,035
15,757,010
7,541,721
15.131,000
7:476,326
2,553,999
12,677,860
8,505,273
7,326,872
116,642
162,925
96,608
83,783
57,681
33,943
105,375
51,826
31,443
75,770
26,661
44,252
841,881,089
150,209,425
36,991,077
34,394,062
22,302,118
11,019,134
42,829,000
17,039,518
11,579,771
23,135,737
10,560,201
11,096,306
149,902
132,688
129,378
63,549
218,737,336
196,594,573
176,737,129
192,220,658
737,007
696,457
665,641
391,264
194,300,102
191,330,944
163,067,746
143,751,620
886,909
829,145
795,019
454,813
413,037,438
387,925,517
339,804,875
335,972,278
Number.
Boston
New York
Philadelphia
Cleveland
Kichmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Total:
June 16 to July 15,1919
May 16 to June 15,1919
Apr. 16 to May 15,1919
Juno 16 to July 15,1918
Items drawn on banks
in other districts
(daily average).
Number.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
\
Total:
June 16 to July 15,1919.
May 16 to June 15,1919.
Apr. 16 to May 15, 1919.
June 16 to July 15,1918.
Items handled by both
parent banks and
branches (daily average).
Number.
Amount.
12,260
33,366
23,417
3,339
7,763
3,426
6.864
907
1,635
6,971
3,703
1,346
S13,143,740
17,961,041
9,444,257
3,638,497
6,402,650
2,987,022
1,855,000
390,804
961,734
6,195,007
1,907,530
1,784,766
104,997
99,349
95,541
74,128
66,672,0-18
01,906,814
57,858,264
72,555,997
Amount.
Number.
Items drawn on the
IncorpoTreasurer of the
Number rated banks
United States (daily Number
other than
nonmember member
average).
banks in banks on mutual
savings
district. par list. banks not
on par list.
Number.
Amount.
1,975,818
220,498
1,834,887
7,146
37,694
6,555
6,503
2,663
4,037
11,771
5,877
1,115
4,321
3,220
5,084
$1,956,867
26,664,469
2,593,494
1,920,818
519,141
925,219
2,922,000
953,888
211,725
375,634
357,228
10,468,584
574
424
1,356
519
887
1,007
746
676
241
319
406
911
349
333
3,067
1)606
1,318
2,290
321
910
10,502,207
11,626,331
7,613,957
19,212,816
95,986
118,248
157,820
82,536
49,869,067
48,316,599
45,278,441
47,181,467
8,848
8,820
8,786
8,212
12,071
11,801
11,288
9,761
2,185
$1,353,405
2,119
471
4,006
525
816
1,446,338
1.106,656
I', 727,895
588,000
248,710
3,600
1,344
3,965
19,061
18,260
15,798
9,757
Amount.
429
735
154
1,081
1,241
1,098
1,055
1,548
953
883
154
8,167
8,309
8,762
804
FEDERAL RESERVE BULLETIN.
AUGUST 1,1919.
CONDITION OF SELECTED MEMBER BANKS.
For the four weeks between June 20 and
July 18 weekly reports from about 770 member
banks in leading cities indicate further moderate liquidation of Government war securities
and war paper, practically offset, however, by
an increase in other loans and investments.
While net withdrawals of Government deposits proceeded at a rate of over 100 millions
per week, more than corresponding gains are
shown in other deposits. Borrowings of the
reporting banks, as measured by the volume
of the banks own collateral notes discounted
and of their customers7 paper rediscounted
with the Federal Reserve Banks also show a
substantial increase.
Partial substitution by the Treasury of tax
certificates for certificates issued in anticipation
of the Victory loan has been followed by a
reduction of 110.6 millions in the banks'
holdings, notwithstanding' an increase of 5.4
millions shown under this head for the New
York City banks. Victory notes on hand
declined 20.5 millions, while holdings of
United States bonds, other than circulation
bonds, show an increase for the period of 11.3
millions, over three-fourths of which is reported by the New York City banks. Together
with the substantial decline in certificates shown
in the June 27 statement, the banks report
also some curtailment of war paper. Since
then these loans have shown but small changes,
the July 18 total of 1,382.1 millions being 29.9
millions below the total given four weeks
earlier. Other loans and investments show
their largest increase during the first two
weeks of the period. For t i e week ending;
July 18 a decline of over 54 millions in this
item is shown for the New York member
banks. Since June 20 the increase in this
item for all reporting banks was about 153
millions.
Aggregate holdings of United States war
securities and war paper show a decline for
the four weeks from 3,480.1 to 3,330.5 millions
and constituted 23 per cent of the aggregate
loans and investments of all reporting banks,
as against 24 per cent on June 20. For the
New York banks this ratio shows a decline
from 27.2 to 26.6 per cent.
Government deposits went down from 823.2
to 412.9 millions. Other demand deposits
(net), except for the first week, maintained
an upward movement, the net gain for the
four weeks, 394.7 millions, being only about
15 millions less than the loss in Government
deposits. Time deposits went up 30.7 millions, of which 21.7 millions represents the
share of the New York City banks. Cash in
vault increased 6.2 millions. Reserve balances
(all with the Federal Reserve Banks)
show some fluctuation, the net result of
developments during the period being an.
increase of 31.9 millions. Of the total member
bank reserve deposits, reported by the Federal'
Reserve Banks, the share of the selected
banks on both June 20 and July 18 was about
77 per cent.
AUGUST 1,
805
FEDERAL RESERVE BULLETIN.
1919.
Principal resources and UabilUies of member banks in leading cities, including member banks located in Federal Reserve Bank
cities and in Federal Reserve Branch cities, as at close of business on Fridays, from June 27 to July 18, 1919.
1. ALL REPORTING MEMBER BANKS.
[Tn.thousands of dollars; i. e. 000 omitted.]
\ Boston.
New
Phila- ; CleveYork. idelphiaJ land.
Rich- ! Atmond. i lanta.
Chicago.
St.
Louis.
Number of reporting banks:i
109
101
36
June 27
!
46
:
100
110
July3
46
82 j
100 I
34
110
July 11
46
34
109
100 !
July 18
46
United States bonds to sej!
cure circulat ion:
20,140"! 17,156
41,421 25,590 15,515
14,117
June 27
: 14,507 i 49,012 11.597
20,134 i 17,156
41,421 25,690 15,515
6,870 14,117
July 3
14,507 I 48; 979 11J597
20,134 ! 17,156
41,421 25,549 15,855
6,970 14,117
July 11.
14.507 ! 48.980 11,597 !
20,113 I 17,156
41,466 25,621 15,115
7,120 14,117
July 18
14.508 i 48; 860 11,597
Other United States bonds, i
including Liberty bonds: !
52,231 15,198
62,759 i 41,151 29,117
21,484
June 27
.'
16,000 293,905 36.175
56,452 15,421 10,047 21,848
61,811 ! 41,204 28,443
JulyS
| 16,104 298,021 33;356
52,699 12,524
63,185 ! 41,091 31,902
9,554 20,422
July 11
: 16,970 295,843 34,601
July 18
16,944 303,724 35,862 j 64,168 : 40,504 ! 29,549 59,668 15,795 10,201 22,031
United StatosViotory notes:;
56,781 15,887
5,576 10,429
June 27
."
! 10,865 168,736 17,677 ! 45,460 j 14,131 i 15,030
5,279 9,712
159,405 17,308 ^ 43,649 i 13,714 ! 14,942 i 45,506 16,544
July 3
! 10,744
8,604
July 11
j 10,123 162,172 17,001 | 39,905 ! .10,728 i 15,007 I 43,275 14,793 5,018
57,611 14,455
7,915 11,056
46,570 | 14,928 16,039
July 18
| 12,281 151,954 18,660
United States certificates j
of indebtedness:
74,818 I 63,608 49,376 I 170,391 34,925 22,879 31,799
June 27
42,510 291,528 59,616
81,937 1 58,805 51,108
193,985 30,931 23,287 30,827
JulyS
46,390 365,148 45,664
188,873 29,890 23,203 27,834
77,528 58,946 50,415
July 11
1 39,651 365,773 47,122
179,635 26,506 19,645 24,743
75,540 60,356 52,320
July 18
: 43,834 339,638 41,789
Total United States seeuri- j
ties owned:
I
803,181 1125,065 224,458 144,480 109,038 I 299,543 83,166 45,276 77,829
June 27
j 83,882
871,553 ! 107,925 228,818 1139,413 110,008 ! 316,077 80,052 45,483 76,504
JulyS
! 87,745
872,768 1110,321 222,039 .136,314 113,179 j 304,981 74,363 44,745 70,977
July 11
i 81,251
844,176 ! 107,908 227,744 i 141,409 113,023 l 317,027 73,912 44,881 71,947
July 18
\ 87,567
Loans secured by United j
States bonds, Victory I
!
notes, and certificates: * !
757,373 176,968 111, 138 43,288 29,968 j 105,113 27,170 13,164 16,470
June 27
. . . 70,116
Julv3
68,700 752,948 173,932 110,729 43,068 30,388 I 103,632 28,682 12,949 16,878
July 11
73,830 767,582 172,100 109,597 41,867 29,601 I 104,524 28,304 12,718 16,798
111,465 42,125 30,163 ! 100,567 28,664 15,895 17,889
July 18
74,432 757,413 174,834
All other loans and investments:
June 27
827,652 4,311,848 649,120 1,019,530 385,557 312,304 |1,459,994 390,144 235,667 i 464,666
July 3.."
1843,196 4,370,698 653,497 1,027,754 378,556 312,568 |l,471,407 390,064 239,838 1473,229
July 11
822,200 4,381,592 655,108 1,017,672 396,277 310,713 1,469,681 392,394 244,934 471,501
!
July 18
824,750 14,326,934 660,436 1,016,278 399,238 305,109 1,492,943 392.048 246,799 478,356
Total loans and -investloan:
"
I
ments:
981,650 jo, 872,402 951,153 1,355,126 573,325 451,310 1,864,650 500.4S0 294,107 1558,965
June 27
999,641 15,995,199 935,354 1,367,301 561,037 452,964 1,891,116 498^ 798 298,270 |566.611
July 3
977,281 16,021,942 937,529 1,349; 308 574,458 453,493 1,879.186 495,061 302,397 559;276
July 11
986,749 jo. 928,523 943,178 1,355,487 582,772 448,295 1,910.537 494'. 624 307,575 568,192
July 18
Reserve with Federal Tieserve Bank:
86,453 32,940 29,127 165,949 38,630 24,253 51,082
74,837 681,748 63,113
June 27
86,116 33,195 30,462 171,177 39,235 24,424 47,531
July 3
, 64,215 624,234 68,169
92,719 36,218 3i;406 172,499 43,809 25,371 49,816
71,136 663,156 68,818
July 11
84,345 34,948 27,659 175,809 40,835 21,892 44,935
73,652 657,340 65,983
July 18
Cash in vault:
66,009 10,637 ! 8,787 15,766
31,056 16,826 13,059
23,281 117,825 18,411
June 27
62,804
32,180 16,072 12,721
9,544 I 8,671 I 15,743
July 3
, 22,345 118,209 16,412
.
72,486 10,258 ' 9,479 I 16,104
131,749 19,549
33,281 18,279 13,473
July 11
1 26,106
66,076
36,010 16,825 13,415
July 18
1 23,612 125,101 17,225
9,793 10,338 15,151
Net demand deposits on j
which reserve is com- •
;
puted:
712,582 4,826,870 635,929 780,088 308,689 246,881 1,231.825 285,774 230,192 408,303
June 27,
737,628 4,892,966 659.112 803,359 322,314 249,623 1,258,820 300,388 237,635 '415,273
July 3 . .
July 11
1746,858 4,917,761 662,088 812,968 332,827 250,631 1,296,597 307,599 246,109 J420,671
July 18
1759,178 4,962,474 659,736 816,248 328,521 257,633 1,323,408 304,050 245,567 |417,732
Time deposits:
119.797 2S3,025 20.627 296,419 81,550 115,872 443,361 97,632 56,393 | 75,367
June 27
HO; 118 295,552 20,972 296,445 82.664 116;953 438,762 98.145 54,064 j 75,630
July3
July 11
110,433 296,753 21,187 293,759 83;286 117,695 439, 737 97,092 I 56,190 | 76,229
July 18
'110,403 303;549 2i;265 292,175 84,138 115,568 440,279 98,135 54,933 75,473
Government deposits:
!
95,304 23,208
4,649 13,488
74.60S 21,729 18,712
June 27
! 60,992 407,924 48,818
7,690 10,748
78,464 22,688
54,849 22.541 24.044
Julv 3
' 46.087 283,944 42,636
6,519 9,322
72,117 17,434
48,028 20; 184 19; 872
July 11
i 37; 538 ! 247,663 30.413
i34,507 23,012 I 9,697 12,823
41,113 19,100 21,254
Tilly 18
i 33,547 164,875 27,309
San
Francisco.
Kansas
City.
Total.
772
773
771
769
18,723
18,723
18,723
18,723
34,600
34,605
34,605
34,605
269,264
269,314
269,611
269,004
15,997
17,456
17,513
17,704
34,475
35,007
32,430
33,933
628,427
635.170
628,734
650,083
4,308
4,195
4,231
5,551
9,942
8,920
10,173
11,169
374,822
349,918
341,030
368,189
21,462
25,193
23,600
23,495
53,827
48,140
45,246
42,623
•916,739
1,001,415
978,081
930,124
60,490
65,567
64,067
65,473
132,844 2,189,252
j 126,672 ! | 2,255,817
122,454 2,217,459
122,330 \ 2,217,397
7,239
6,886
6,901
7,274
22,621
21,156
20,757
21,424
1,380,628
1,369,948
1,384,579
1,382,145
182,547
171,125
179,339
182,976
541,288
1541,716
1559,675
565,165
110,780,317
110,873,648
110,901,086
10,891,032
250,276
243,578
250,307
255,723
696,753
689,544
702,886
708,919
14,350.197
|14,499; 413
14,503,124
14,490,574
21.024
20,533
21,395
20; 347
54,177
59,811
58,790
53,174
1,323,333
1,269,102
1,335,133
1,300,919
10,069
9,933
10,582
10,629
19,873
18,551
22,462
20,648
351,599
343,185
383,808
364,823
171,721
177,881
179,818
177,801
447,552
456,629
472,700
463,750
il.0,286,406
110,511,628
10,646,627
10,716,098
29,521
30,015
30,772
30,708
137,399
138,783
140,074
140,189
1,756,963
1,758,103
1,763,207
1,766,815
8,457
2,599
1,315
11,788
7S2.610
601;481
516.420
412,925
4,721
5,191
6,015
13,900
:
806
FEDERAL RESERVE BULLETIN.
AUGUST 1,
1919.
Principal resources and liabilities of member banks in leading cities, including member banks located in Federal Reserve Bank
cities and in Federal Reserve Branch cities, as at close of business on Fridays, from June 27 to July 18, 1919—Contd.
1. ALL REPORTING MEMBER BANKS.—Continued.
[In thousands of dollars; i. e. 000 omitted.]
Boston.
Bills payable with Federal
Reserve Bank:
June 27
July 3 . . .
July 11
July 18.:
Bills rediscounted with
Federal Reserve Bank:
June 27
July 3
July 11
July 18
New
York.
Philadelphia.
26,974
27,801
19,958
18,005
398,021
509,019
560,956
504,381
164.284
146,419
1155,351
147,199
78,542
75,273
78,326
75,983
125,816
134,401
152,583
145,011
25,616
26,251
22,773
26,597
Cleveland.
San
St.
Minne- Kansas
Louis. apolis. City. Dallas. Francisco.
Richmond.
Atlanta.
Chicago.
81,490
71,363
76,567
84,052
45,878
43,736
44,248
43,298
91,697 32,349
112,681 29,136
97,033 34,206
89,349 27,623
10,275 15,872 11,295
12,250 17,469 9,422
14,687 17,470 8,539
18,879 15,959 7,150
11,300 8.975
12,395 10,859
14,526 9,373
14,928 12,353
80,263
88,569
85,354
79,901
Total.
9,310 42,662 18,964 33,952 1,025,844
5,455 33,064 18,660 27,199 1,113,102
5,045 33,920 17,236 24,467 1,154,341
3,470 34,149 14,252 23,138 1,068,817
115
1,338
837
878
26,126
26,178
26,832
24,954
3,495
3,542
2; 959
2,715
7,640
6,372
5,456
4,571
325,067
335,750
354,341
349,978
2. MEMBER BANKS IN FEDERAL RESERVE BANK CITIES.
Number of reporting banks:
June 27
22
July3
22
July 11
22
July 18
22
United States bonds to secure circulation:
39,315 7,587
June 27
4,377
39,282 7,587
July3...
4,377
39,283 7,587
July 11
4,377
39,163 7,587
JulylS
4,378
Other United States bonds, !
including liberty bonds: j
June27
. . . . ! 6,907 260,863 28,155
July 3
i 6,877 264,919 25,408
Julyll
i 7,946 265,696 26,786
JulylS
7,722 | 273,865 27,424
United States Victory
notes:
June27
4,932 147,448 15,070
July3
1 4,899 140,370 14,812
Julyll
I 4,502 143,502 14,464
Julyl8
| 3,795 133,123 15,548
United States certificates j
of indebtedness:
|
June27
24,393 255,247 49,402
July3
30,305 335,108 37,103
Julyll
25,344 336,345 38,764
JulylS
31,039 314,829 35,218
Total United States securities owned:
June27
40,609 702,873 100,214
July 3
46,458 779,679 84,910
Julyll
42,169 784,826 87,601
July 18
46,934 760,980 85,777
Loans secured by United
States bonds. Victory
notes and certificates:
June 27
,
j 51,744 711,737 169,729
July3
j 51,034 703,395 166,770
Julyll
! 56,016 719,240 165,416
JulylS
56,305 709,278 168,357
All other loans and investments:
June 27
595,543 3,928,738 573,349
July 3
610,908 3,951,239 577,395
July 11
592,844 3,967,707 578,942
July 18
!589,8G2 13,913,329 J582,491
Total loans and invest- I
ments:
j
June27
1667,896 5,343,348 843,292
July 3
1
708,400 5,434,313 j 829,075
Julyll
1691,029 5,471,773 831,959
July 18
,693,161 5,383,587 836,625
Reserve with Federal Reserve Bank:
650,919 56,026
June 27
61,167
July3
i 50,262
590,875 61,689
Julyll
56,686 629,538 62,289
July 18
j 59,502 624,445 59,080
262
200
259
4,081
4,081
4,081
4,081
2,873
2,873
2,832
2,832
3,800
3,800
3,800
3,800
1,369
1,370
1,370
1,369
10,551
10,551
10,551
10,551
2,791
2,791
2,791
2,79.1
4,753
4,753
4,753
4,753
4,000
4,000
4,000
4,000
18,500
18,500
18,500
18,500
104,057
104,025
103,985
103,805
9,357
9,585
9,181
10,664
6,506
6,601
6,343
6,556
1.511
1,432
1,326
1,805
23,070
23,960
23,466
23,069
6,980
8,257
5,012
8,382
1,(547
1,596
1,663
1,042
7,132
8,024
6,576
7,535
2,419
2,495
2,551
2,571
12,9^9
12,651
12,788
12,804
367,466
371,805
369,334
384,099
9,336
8,588
7,332.
11,659
2,217
2,195
1,790
2,091
2,761
2.542
2,410
2,392
28,495
26,043
24,114
20,064
9,472
9,645
8,206
0,877
4,133
4,010
3,586
5,259
4,466
4,005
3,511
4,341
1,937
1,877
1,923
1,944
2,721
2,590
2,544
3,940
221,642
217,884
217,033
13,620
19,349
17,893
16,701
9,824
7,032
6,920
5,980
10,377
14,798
14,708
10,395
89,183
106,751
105,962
97,902
24,056
23,626
23,767
20,690
7,908
7,378
7,608
7,013
13,048
9,750
14,770 10,850 11,283
12,396 11,321 9,151
12,984 10,001 10,143
515,789
018,359
010,179
578,895
36,394
41,603
38,487
43,105
21,420
18,701
17,885
17,459
18,449
22,572
22,244
24,452
142,117
158,124
154,9.12
148,404
of, 059
52,079
-17,536
40,500
16,479
15,775
15,648
16,705
29,399
31,612
27,236
29,613
33,316
32,523
31,222
31,664
16,377
16,574
16,018
16,270
8,816
9,891
9,475
9,977
76,193
75,351
76,399
73,152
19,183
20,569
19,790
20,142
7,180
7,235
7,085
7,390
5,851
0,014
6,365
7,131
1,404
1,275
.1,348
1,726
10,989
9,072
9,499
9,708
1,112,579
1,100,303
1,117,873
1,111,226
301,768
301,640
306,523
306,317
68,153
| 66,292
! 68,462
! 69,809
59,637
59,551
59,392
50,785
890,979
899,587
895,200
895,763
265,526
265,752
269,546
269,562
108,651
111,409
109,805
112,508
161,906
105,225
108,765
173,493
46,838
36,330
40,908
47,045
207,689
207,990
215,307
220,430
7,208,777
7,253,378
7,279,401
7,231,994
371,478
375,768
376,232
381,086
105,950
101,567
102,365
103,538
86,902
92,014
91,111
85,214
1,109,289 335,768
1,133,062 1338,400
1,126,511 1336,872
.1,117,319 336,204
132,310
134,479
132,538
.136,609
197,156
202,851
202,366
210,237
65,699 262,568
56,893 262,692
! 68,111 267,789
67,947 275,585
9,541,656
9,669,512
9,698,656
9,827,112
22,285 j 5,625
23,049 5,121
25,726 5,737
24,432 5,435
5,624
5,334
6,893
5,735
19,468 5,606 20,543
16,090 5,431 23,555
17,562 i 6,31722,543
14,276 I 6,126 18,448
1,002,406
941,545
996,112
979,114
i
17,397 43,890 1,220,300
19,288 45,030 1,315,831
19,855 12,983 1,301,382
18,570 45,387 1,283,892
I
114,592
118,292
118,061
121,813
28,322 12,229
29,622 12,225
32,141 12,619
30,531 9,318
807
FEDERAL, RESERVE BULLETIN.
AUGUST 1,1919.
Principal resources and liabilities of member banks in leading cities, including member banks located in Federal Reserve Bank
cities and in Federal Reserve Branch cities, as at close of business on Fridays, from June 27 to July 18, 1919—Contd.
2. MEMBER BANKS IN FEDERAL RESERVE BANK CITIES—Continued.
[In thousands of dollars; i. e., 000 omitted.]
Boston.
Cash in vault:
June 27
14,432
July 3
13,873
July 11
16,012
July 18
14,381
Net demand, deposits on j
which reserve is com- j
puted:
I
June 27
i553,566
Julv 3.
* ' "
572,255
576,978
July 11....
592,421
July 18....
Time deposits:
June 27
i 43,530
July3
j 34,235
July 11
j 33,733
July 18
! 33,510
Government deposits:
June 27
47,859
Julv 3.
July 11
Julv 18
22,057
Bills payable with Federal
Reserve Bank:
June 27
17,783
July3
19,741
13,453
July 11
12,655
July 18
Bills rediscounted with
Federal Reserve Bank:
62,786
June 27
59,852
Julv 3
July 11
63,071
Julv 18
61,074
New j PhilaYork. jdclphia.
106,701
106,104
117,694
112,525
14,761
13,384
15,933
13,555
Cleveland.
Rich- i Atmond. • lanta.
7,652
7,424
8,81.2
1,503
1,353
1,837
1,610
i
i
j
!
San
St.
Chicago. Louis. Minne- Kansas Dallas. Franapolis. City.
cisco.
2,383
2,501
2,890
2,606
39,339
38,752
43,268
38,956
:
I
j
i
5,362
5,122
5,866
5,229
Total.
5,637
5,149
5,396
4,983
2,645
2,637
2,940
2,771
4,372
4,466
4,283
3,949
2,098
1,729
1,849
1,709
202,970
|207,205
211,112
|209,775
101,939
104,534
105,376
104,099
146,474
119,372
149,441
145,925
49,644
53,361
54,140
53,917
i 64,663
! 64,673
I 63,130
i 63,119
19,660
19,630
19,667
19,573
8,959
9,034
8,897
8,822
3,203
3,160
3,442
3,204
10,194
9,777
9,812
9,770
720,742
722,167
719,532
724,143
1,781
3,327
2,977
3,623
6,873
5,371
4,465
7,476
3,052
2,988
3,691
9,051
4,490
1,460
800
8,709
610,393
464,410
403,300
298,390
2,625
530
270
280
19,837
17,375
19, 111
21,402
6,325
6,859
3,910
11,996
10,233
8,491
9,680
683.088
787,495
839,589
772,275
2,975
2,629
1,654
881
242,846
248,473
270,206
266,772
206,885
202,494
226,780
212,158
j
4,464,537
4,494,605
4,509;.608
4,556.520
;
i 49,858 44,757 j 821,328
!49,297 46,440 ' 848,534
i 51,566 49,012
865,443
!49836 !50246 | 879,311
49,836
50,246
i 552,705
1574,962
|578,316
575,000
195,838
200,826
205,040
200,255
222,041 !! 12,590
233,146 12,787
233,956 i 12,966
240,335 ! 13,011
131,430
133,165
131,151
129,978
14,940
15,472
15,946
16,926
3,053
2,457
1,891
3,103
390,041
274,816
242,432
157,274
45,363
40,400
28,773
25,343
18,908
17,083
15,502
14,507
345,117
454,774
507,293
453,209
153,710
137,966
146,788
1139,534
19,275
23,520
24,091
27,410
110,267 ! 24,454
117,998 i 25,157
138,089 I 21,511
131,126 i 25,229
2,565
2,786
6,361
9,720
21,034
20,51.8
20,475
19,741
168,498
166,570
166,357
166,154
6,776 I 64,042 j 18,155
50,854 j 18,155
9,015
7,425 ; 50,262 13,059
6,444 i 22,430 j 18,373
25,788 6,625
23,812 I 9,472
22,803 ! 9,511
22,384 I 10,070
54,930 j 19,437
.
64,310 19,437
55,630 25,289
51,530 20,211
4,826
3,804
8.760
6,655 i 1,877 9; 574
6,149 1 1,427 12,215
13,478
4,735 ! 953
4,864
4,864
3,940
5,239
16,855
16,433
15,557
14,159
690
232
178
180,312 7,363,928
187,803 7,489,194
1191,530 7.547,562
187,794 7; 605,099
3. MEMBER BANKS IN FEDERAL RESERVE BRANCH CITIES.
New
York.i
Cleveland.*
Number of reporting banks:
June 27
July 3
July 11
July 18
United States bonds to secure circulation:
1,599
24.027
Jime 27
1,599
24,027
Julv 3
1,599
24,027
Julv 11
1,599
24,072
July 18
Other United States bonds, including
Liberty bonds:
42,693
June 27
3,594
41,467
JulyS
!
4,542
JuJyll
I
4,077
43,130
3,867
41,919
Julv 18
1
United States Victory notes:
I
S, 643
28,194
Juno 27
!
7,140
27,031
July3
1
6,953
July 11
i
25,614
July 18
1
7,518
26,677
United States certificates of indebtedness:!
June 27
i
45,445
8,684
!
Julv 3
49,888
8,358
47,281
July 11
8,196
July 18
48,360
8,166
Total United States securities owned:
June 27
22,520
140,359
July 3
21,639
143,013
July 11
20,825
140,052
July 18
21,150
141,028
1 Buffalo.
2 Pittsburgh and Cincinnati,
s Baltimore.
* Now Orleans, Jacksonville, and Birmingham.
6 Detroit.
Richmond.3
Atlanta.4 Chicago.5
19
19
19
19
21
21
21
20
5,411
5,411
5,411
5,383
5,085
5,085
0,125
4,085
9,099 I
9,344 i
9,280 i
8,004 i
3,003 '•
2,899 !
2,715 ;
3,612 I
St.
Louis. 6
?
Dallas.*
San Francisco.9
Total.
» 163
165
165
164
17
17
17
17
17
17
17
17
1,805
1,805
1,805
1,805 I
5,255
5,255
5,255
5,255
4,487
4,487
4,487
4,487
1,255
1,255
1,255
1,255 i
8,480
8,485
8,485
8,485
57,404
57,409
57,749
57,026
9,032
8,956
12,882
10,361
14,773 j
16,764
15,705 j
18,244 !
7,198
6,232
6,659
6,560
6,010
5,380
5,396
5,513
2,109 i
2,069 I
2,082
1,933
14,770
14,638
13,164
14,285
109,278
109,392
112,375
110,686
8,812
8,490
8,144
9,050
17,334 I
10,221
10,302 !
17,888 j
5,556
6,105
5,740
6,874
2,682
2,506
2,107
2,540
85
84
CO
C6
5,238
5,038
6,388
4,913
79,547
70,114
68,023
79,138
32,970
36,705
37,582
39,740
26,200
21,384
20,837
18,421
57,445 I
63,939
62,185
62,208
10,094
6,445
5,323
5,300
6,303
0,540
5,670
3,945
5,170
4,666
4,175
3,670
31,316
26,912
27,061
23,775
223,717
224.837
218', 310
213,585
50,483
54,359
54,988
56,739
8,619
59,804
19,482
49,219
28,103
91,357
8,074
55,073
18,913
24,037
43,915
92,729
17,660
7,572
55,098
22,977
47,288
89,997
0,924
51,458
16,485
23,989
42,517
100,145
c Louisville, Memphis, and Little Rock.
7 Omaha and Denver.
8
El Paso.
9
Spokane, Portland, Seattle, and Salt Lake City.
469,946
461,752
456,457
460,435
12
12 i
12
12 !
808
FEDERAL, RESERVE BULLETIN.
AUGUST 1,
1019.
Principal resources and liabilities of member banks in leading cities, including member banks located in Federal Reserve Bank
cities and in Federal Reserve Branch cities, as at close of business on Fridays, from June 27 to July 18, 1919—Contd.
3. MEMBER BANKS IN FEDERAL RESERVE BRANCH CITIES—Continued.
[In thousands of dollars; i. e., 000 omitted.]
New
York.
Loans secured by United States bonds,
Victory notes, and certificates:
June 27
July3
July 11
July 18
All other loans and investments:
June 27
July 3
:
July 11
July 18
Tota loans and investments:
June 27
July3
July 11
July 18
Reserve with Federal Reserve Bank:
June 27
July 3
July 11
,
July 18
,
Cash in vault:
June27
...
July 3
July 11
July 18
,
Net demand deposits on which reserve
is computed:
June 27
July3
July ii
;.;..
July 18
Time deposits:
June 27
July 3
July ii
;
July 18
Government deposits:
June 27
,
July3
July 11
July 18
Bills payable with Federal Reserve Bank:
June 27
July3
July 11
July 18
Bills rediscounted with Federal Reserve
Bank:
June 27
July 3
July 11
July is
;;;;•;
Cleveland.
Richmond.
I
Atlanta.
Chicago.
St.
Louis.
Kansas
I DalIas-
6,799
6,942
6,613
6,831
727
615
621
681
San Francisco.
Total.
I
j
10,038
14,223
13,981
13,923
66,076
66,508
66,783
67,882
12,534.
12,235
11,786
12,323
13,252
12,625
12,464
12.363
13,029
12,524
12, 517
12,416
73,746
104,822
100,073
525,329
531,925
515,181
514,057
116,200
110,280
122,407
124,320
167,121
168,177
167,496
168,389
273,089
279,507
281,407
285,497
109,028 j
108,845 I
107,445 !
106,753 I
156,493
156,429
157,500
158,467
14,836
15,042
14,644
14,876
218,706
214,406
226,763
227,547
! 1,654,548
j 1,689,433
1,692,916
1,698,068
106,304
140,684
134,879
133,235
731,764
741,446
722,016
722,967
179,217
176,874
189,181
193,382
229,592
224,717
227,248
223,269
377,475
384,760
383,921
143,891
139,813
137,631
138,030
182,774
182,284
181,773
181,783
24,182
23,731
22,837
22,481
285,054
276,026
288,281
285,253
2,260,253
2,290,335
2,287,767
2,298,458
4,665
10,211
8,510
9,569
48,733
46,698
50,439
44,317
12,012
12,280
14,349
13,524
16,437
17,838
17,052
14,630
23,572
23,582
25,004
26,841
9,148
8,782
10,784
9,138
16,854
17,137
17,744
16,254
1,576
1,626
1,294
1,378
22,072
22,232
23,630
22,230
155,069
160,386
168,806
157,881
1,594
2,491
2,914
2,537
13,990
14,577
13,969
15,347
5,891
5,144
5,730
5,396
6,242
6,364
6,221
6,619
12,714
11,900
14,513
13,052
4,188
3,497
3,876
3,905
5,382
4,868
5,799
5,491
562
609
643
640
6,955
6,382
8,113
7,231
57,518
55,832
61,778
60,218
65,815
95,739
95,850
95,334
430.869
445;108
445,286
456,302
105,568
112,825
117,989
115,806
141,139 177,657
142,953 177,261
141,068 S 187,922
144,125 195,707
72,241
82,996
85,989
83,837
132,903
136,619
139,129
140,011
10,843
11,130
11,180
10,960
13,541
14,634
14,632
14,724
92,912
91,141
90,981
91,133
16,138
16,331
16,536
17,388
61,045
61,911
62,603
61,673
174,596
174,775
175,580
176,179
25,764
26,277
26,799
27,866
39,272
38,810
39,314
39,526
6,098
6,056
5,939
5,875
93,527
96,822
95,882
95,829
522,893
526,757
528,266
530,193
9,637
4,008
2,240
2,559
52,975
36,263
30,763
21,915
13,233
15,008
13,457
9,424
9,473
8,732
7,071
8,939
22,733
17,452
11,213
6,126
4,629
4,391
4,292
4,518
3,514
3,389
3,245
2,427
110
110
47
2,134
589
284
778
118,328
89,942
72,675
56,733
8,568
14,288
13,964
13,761
55,488
60,023
56,482
48,909
27,008
21,880
28,380
36,000
15,592
10,558
10,740
7,363
21,596
34,667
31,317
27,250
12,172
8,799
8,102
6,722
10,368
6,585
5,042
4,383
5,915
5,396
4,938
4,603
17,547
13,650
13,139
11,682
174,254
175,846
172,104
160,673
5,666
7,142
7,135
7,065
4,807
6,440
5,537
5,623
3,461
3,132
3,007
3,644
3,750
3,231
3,234
1,905
3,750
5,612
5,054
6,756
705
692
1,573
1,478
600
552
556
510
3,835
2,911
3,096
2,953
27,461
30,941
29,599
29,939
887
1,229 I
407 I
5 i
6,760
6,931
6,544 . 135,759
6,547
139,150
6,420
138,394
6,248
139,595
168,785 1,305,820
170,929 1,375,560
179,279 1,403,692
172,163 1,414,245
809
FEDERAL EESERVE BULLETIN.
AUGUST 1,1919.
IMPORTS AND EXPORTS OF GOLD AND SILVER.
Gold imports into and exports from the United States.
[Tn thousands of dollars; i. e., 000 omitted.]
10 days
ending
June 20,
1919.
10 days
ending
June 30,
1919.
10 days
ending
July 10,
1919.
Total,
since
Jan. l,
1919.
Total,
Jan. 1 to
July 10,
1918.
IMPORTS.
Ore and base bullion
Bullion refined.
United States coin
Foreign coin
283
86
142
90
4,927
601
368
60
110
8,730
26,764
10,472
5,018
6,793
37,125
6 773
5,842
539
50,984
50.S33
56
5,357
3,226
33,541
1,018
15
4,013
3,001
33,391
10,665
6,235
95,796
451
3,392
18,140
40,406
42,124
89
15,835
112,711
132
22,039
332
40,406
Total
802
113
42.213
15,835
112,843
22,371
142
EXPORTS.
Domestic:
Ore and base bullion
United States mint or assa}r office bars
Bullion, refined
Coin
I
•
.
Total
Foreign coin
Total exports
Excess of gold exports over imports since Jan. 1,1919, $61,859,000.
14,810
Excess of gold imports over exports since Aug. 1,1914, $1,009,547,000.
Silver imports into and exports from the United States.
[In thousands of dollars; i. e., 000 omitted.]
10 days
ending
June 20,
1919.
10 days
ending
June 30,
1919.
10 days
ending
Julv 10,
1919.
Total,
Jan. 1 to
Julv 10,
1918.
Total,
since
Jan. 1,
1919.
IMPORTS.
Total
1,395
-
2,153
1 706
35,768
15,563
336
97
147
70
31
45
105
22
18
5,039
462
3,171
17,423
422
3,046
1,975
Ore and base bullion
United States mint or assay office bars
Bullion, refined
....
..
United States coin
Foreign coin
2,299
1,851
44,440
36,501
1
1,936
245
29
7,200
189
118
367
117
69,747
62,499
2,025
21.699
66;389
1,335
2,182
7,418
602
134,275
89,431
54
421
309
26
39
6,167
2,330
3,243
3,866
47
EXPORTS.
Domestic:
Ore and base bullion
United States mint or assay office b£irs
Bullion, refined ..
Coin
Total
Foreign:
Bullion, refined
Coin
Total
Total exports
4
8
54
730
65
8,497
7,109
2,236
8,14S
667
142,772
96,540
Excess of silver exports over imports since Jan. 1, 1919, $98,332,000. Excess of silver exports over imports since Aug. 1, 1914, $378,092,000.
810
FEDERAL RESERVE BULLETIN.
AUGUST 1,1919.
Estimated general stock of money, money held by Treasury, and by the Federal Reserve system, andfall other money in the
United States, July 1, 1919.
General stock
of money in
the United
States.
Gold coin 2
Gold certificates
Standard silver dollars
Silver certificates
Subsidiar y silver
Treasury notes of 1890
United States notes
,
Federal Reserve notes
Federal Reserve bank notes..
National-bank notes
Amount per
Held outside
Held in the
capita outside
the United
United States Held by or for
the United
Federal
States
Treasury as
assets of the Reserve Banks Treasury and Treasury and
Federal
and agents.
Government.^
Reserve system. the Federal
! £3,095,077,467
I
|
308,978,930
243,235,661
'"""ii," 087," 825
5,206.082"
3 4,284,019
346,681,016
2,687,556,985
187,666.980
719,276;732
13,742,472
44,265,463
23,984,284
69,445;582
4 57,983,925
149,240,960
7.553,312
8,397,646
$448,005,250
351,897,778
81,576,350
164,688,921
227,863.817
1,745;230
274,954,619
2,494,050,562
156,129,384
641,433,504
7,
473,771
7,592',078,992
7,6.14,749;260
7,586,752,855
7,566,299.924
7,6.11,628.810
7.780. 793,606
7,391!008,277
6,742',225,784
6,480,181,525
6,256,198,271
5,642,264,856
5,480,009^884
5,312,109,272
5,045,213,347
Total:
Julv 1,1919..
June 1,1919.
May 1,1919.
Apr. 1,1919.
Mar. 1,1919.
Feb. 1,1919.
Jan. 1,1919..
Oct. 1,1918..
Julv 1,1918.
Apr. 1,1918.
Jan. 1,1918..
Oct. 1, 1917..
July 1,1917..
Apr. 1,1917.
Feb. 1,1917.
*"55,"7i8,'347
578,848,043
561,315,890
553,979;534
550;628,454
545,695,945
489,831,726
454,948,160
380,246.203
356,124.750
339,856,674
277,043,358
242,469,027
253,671,614
258;198,442
279,079,137
2,167,280,313
2,221,850,525
2.215,178,577
2;195,151,766
2,169,183,676
2,252,757,560
2,220,705,767
2,084,774', 897
2,018,361,825
1.873,524,132
1,723,570,291
1,429,422.432
1,280,880,714
952,934,705
849,661;792
4,842,345,415
4,808,912,577
4,845,591,149
4,840,972,635
4,851,420; 303
4,869,039,524
5,105,139,679
4,925,987,177
4,367,739,209
4;266,800,719
4,255.584,622
3,970,373,397
3,945,457,556
4,100,976,125
3.916,472,418
8360,604,070
81,538,831,139
395,739,230
$45.00
44.75
45.15
45.17
45.33
45.56
47.83
46.34
41.31
40.47
40.53
37.97
37.88
39.54
37.88
1 Includes reserve funds against issues of United States notes and Treasury notes of 1890 and redemption funds held against issues of nationalbank notes. Federal Reserve notes, and Federal Reserve Bank notes.
2 Includes balances in gold settlement fund standing to the credit of tho Federal Reserve Banks and agents,
s Includes standard silver dollars.
4 Includes Treasury notes of 1890.
DISCOUNT RATES.
Discount rates of each Federal Reserve Bank approved by the Federal Reserve Board up to July
31,1919.
Discounts other than trade acceptances.
Secured by U. S. Government
war obligations.
Federal Reserve Bank.
Secured by Secured by
IT. S. cerLiberty
tificates of : bonds and
indebted- • Victory
ness.
I notes.
Boston
New York 1...
Philadelphia..,
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas C i t y . . .
Dallas
San Francisco.
Otherwise secured, also unsecured,
maturing within—
Maturing within 15
days, including member
banks' collateral notes.
4
4
4
4
4
4
24
4
4
24
4
41
Maturing
within
16 to 90
15 days, including
member
banks'
collateral
notes.
Maturing within—
!
16 to 60
days.
61 to 90
91 to ISO
days (agricultural and
live-stock
paper).
15 days.
16 to 90
I
4
4
4
4
41
4
41
4
4
41
34
41
Rates for discounted bankers' acceptances maturing within 15 days, 4 per cent; within 16 to 60 days, 4 | per cent; within 61 to 90 days, 4£ per
cent. Applies only to member banks' collateral notes: rate of 4£ per cent on customers7 paper.
* Rate of 4J per cent on member banks' collateral notes.
NOTE 1.—Acceptances purchased in open market, minimum rate 4 per cent.
NOTE 2.—Rates on paper secured by War Finance Corporation bonds, 1 per cent higher than on commercial paper of corresponding maturity.
NOTE 3.—Whenever application is made by member banks for renewal of 15-day paper the Federal Reserve Banks may charge a rate not exceeding that for 90-day paper of the same class.
811
FEDEBAL BESEKVE BULLETIN.
AUGUST 1,1919.
FOREIGN EXCHANGE RATES.
Monthly ranges of exchange rates on leading foreign money centers, quoted in New York during the three months ending
July, 1919.
May.
July.
June.
Exchange
at par.
Low.
London:
60-day bankers' bills
dollars for £ . .
Sight drafts
do....
Paris
francs for 100 dollars..
Berlin
dollars for 100 marks..
Milan
lire for 100 dollars..
Prague
dollars for 100 kronen..
Vienna
do—
Jugo-Slavia
dollars for 100 kroner i..
Warsaw
dollars for 100 marks..
Brussels
francsfor 100 dollars..
Madrid
dollars for 100 pesetas..
Helsingfors
.dollars for 100 markka i..
Athens
dollars for 100 drachma i..
Sofia
dollars for 100 Lev i..
Bucharest
dollars for 100 lei i..
Belgrade
dollars for 100 dinar i..
Amsterdam
dollars for 100 florins..
Stockholm
dollars for 100 kroners..
Copenhagen
do
Christiania
do.
Zurich
francs for 100 dollars..
Canada
dollars for 100 Canadian dollars 2 ..
Mexico City
dollars for 100 pesos i..
Bogota
dollars for 100 Colombian dollars 1 ..
Montevideo
centavos to dollar *..
Buenos Aires
dollars for 100 gold pesos i..
Rio de Janeiro
dollars for 100 paper milreis*..
Valparaiso
dollars for 100 paper pesos 1..
Yokohama
dollars for 100 yen..
Hongkong
dollars for 100 Hongkong dollars..
Shanghai
dollars for 100 Shanghai taels..
Singapore
dollars for 100 Singapore dollars 1..
London average price of silver at nominal rate of £ (.14.8665)
New York average price of silver
1 Cable rates.
2
Checks (demand).
High.
4.8665 4.61
4.8665 4.62
518.1347 670.00
23.82
518.1347 869.00
20.26
20.26
High.
Low.
4.66
4.5700
4.6925
4.5875
607.00 i 650.00
4.6200
4.6350
627.00
750.00
809.00
785.00
634.00
20.25
670.00
19.75
641.00
20.06
20.26
23.82
518.1347
19.30
19.30
19.30
19.30
19.30
19.30
40.20
26.80
26.80
26.80
518.1347
100.00
49.85
97.33
96.69
96.48
3 54.62
•36.50
49.85
56.78
3
675.00
20.00
i
!
39.10
40.25
25.125
26.70
23.35
24.90
24.90
25.75
515.00
492.00
97.00
97.375
50.3125
51.25
87.00
86.00
85.50
88.40 '
100.25
102.25
27.00
28.25
19.60
20.50
51.75
51.375
87.00
80.25
118.00
125.50
51.625
56.75
1. 13527
1. 07111
Rate for a gold milreis.
38.6875 39.25
26.25
25.35
24.625
23.30
25.60
24.75
545.00
518.00
96.96875 97.25
50.875
50.25
91.50
87.00
89.00
94.70
100.375
98.25
28.25
27.625
21.10
20.576
51.75
50.50
84.00
81.75
123.50
127.50
55.25
56.75
1 18146
1.10430
4
Low.
4.305
4.31
732.0
6.25
872.0
5.50
3.00
3.50
6.25
755.0
19.05
8.50
18.65
6.00
6.75
12.00
37.0625
23.35
22.05
23.30
572.0
95.50
48.375
89.50
97.00
96.25
26.50
18.875
50.50
79.75
120.00
56.25
Rate for gold peso.
High,
4.56
4.57
649.5
8.00
787.00
5.75
3.50
3.875
7.50
671.5
19.72
9.00
19.25
6.00
9.26
12.50
38.75
25.50
23.50
24.85
524.00
97.00
50.125
97.00
94.50
98.50
28.00
20.00
51.25
83.00
125.00
56.25
1.18722
1.06394
INDEX.
Page.
Acceptances:
Banks granted authority to accept up to 100
per cent of capital and surplus
737
Growth in, since 1914
767
Holdings during July, distributed by classes
of accepting institutions
795
Purchases during May, also average rates and
maturities.....
".
793
Purchases during three months ending June,
distributed by maturities
793
Agricultural paper held on last Friday in June
794
Bank transactions, debits to deposit account
763
Banking laws:
Amendments to, pending in Congress
704, 727
State, amendments to
741
Banking situation
703
Branches of American concerns in foreign countries
".
738
Branches of Federal Reserve Banks:
Directors, changes in
705
Operations of, during six months ending June
30, 1919
777
Business and financial conditions during July
706
Special reports from Federal Reserve agents... 711
California, amendments to banking laws of
741
Charters issued to national banks during July
737
Charts:
Earning assets of Federal Reserve Banks, 19141919
772
Net deposits, Federal Reserve notes in circulation, and reserves of Federal Reserve Banks,
1914-1919
773
Investments of national banks, 1914-1919
780
Deposit liabilities of national banks, 1914-1919. 781
Check-clearing system:
Growth of, since organization
775
Operations during July
803
Clearing-house bank debits
763
Collateral notes held on last Friday in June
794
Commercial failures reported
736
Crop statistics, by Federal Reserve districts
737
Debits to deposit account, weekly figures of
763
Delaware, amendments to banking laws of
743
Directors of branch banks, changes in
705
Discount and interest rates prevailing in various
centers
750
Discount and open-market operations of the Federal
Reserve Banks
790
Discount operations:
June, by classes of paper
792
Three months ending June, distributed by
maturities
793
Member banks, number of, accommodated in
June
790
Discount rates in effect
810
Earning assets of the Federal Reserve Banks:
Held during June
792
Held on last Friday of each month since organization of system 1
!
771
Earnings and expenses of Federal Reserve Banks:
Nov. 16, 1914-June 30, 1919
777
Six months ending June 30, 1919
720
Pago.
Employees of the Federal Reserve Board and
Federal Reserve Banks, number of, 1914-1919.. 778
Exchange rates, foreign:
Quoted in New York
703,811
Rates in Japan on London, New York, and
Shanghai, 1914-1919
733
Federal Reserve Act, amendments to, pending in
Congress
, ..^
704,727
Federal Reserve Banks, resources and liabilities of..
797
Federal Reserve notes:
Development of, since organization of system.. 767
Interdistrict movement of, Jan. 1-June 30,
1919
802
Note account of Federal Reserve Banks and
agents
800
Note circulation of Federal Reserve Banks
since organization of system
774
Federal Reserve notes and currency expansion
699
Federal Reserve system, growth of, since organization
."
766
Fiduciary powers granted to national banks during
July
: 739
m.l
Foreign banking:
Germany, assets and liabilities of three leading
banksm, 1913-1919.
735
Japan, banking conditions in
731
Foreign branches of American banks
738
Foreign exchange rates:
Quoted in New York
811
Rates in. Japan on London, New York, and
Shanghai, 1914-1919
733
German banks, assets and liabilities of the three
largest. 1913-1918
735
Gold: '
Accumulation of, in Federal Reserve Banks,
since organization of system
768, 774
Imports and exports of
704,809
Gold settlement fund transactions, 1915-1919
776
Government financing, letter of Secretary of the
Treasury to chairman of Ways and Means Committee and to banks and trust companies relative to
725
Imports and exports:
Gold
704, 809
Merchandise, to and from Japan, 1910-1919
731
Silver
'.
809
Interest and discount rates prevailing in various
centers
750
Investment operations of the Federal Reserve Banks
during June
790
Iowa, amendments to banking laws of
744
Japan:
Banking conditions in, 1914-1919 %
731
Rates of exchange in. on London, New York,
and Shanghai,l914^1919
733
Law department:
Acceptance of drafts drawn abroad and secured
by foreign warehouse receipts
740
State banking laws, amendments to
741
liberty bonds, allotments of, in anticipation of the
live loans.
787
Live stock paper held on last Friday in June
794
i
II
INDEX.
Loans, investments, and deposit liabilities of national banks, 1914-1919
782
Maine, amendments to banking laws of
744
Maturities:
Average of acceptances purchased during June. 793
Average of bills discounted during June
792
Bills discounted and acceptances bought, three
months ending June
793
Of the several classes of, earning assets each
Friday
799
Member banks:
Abstract of reports of condition, 1914-1919
783
Number of, at end of each month, 1914-1919... 779
Number of, discounting during June
790
Number of, in each district
790,803
Resources and liabilities of, in selected cities:
June 27-July 18
805
1919
786
Missouri, amendments to banking laws of
744
Money, stock of, in United States:
July 1, 1919
810
1917-1919
788
National banks:
Charters issued to, during July
737
Fiduciary powers granted to, during July
739
Loans, investments, and deposit liabilities,
1914-1919
782
Par list, number of banks on
803
Pennsylvania, amendments to banking laws of
744
Physical volume of trade
."
753
Prices, wholesale, in the United States
747
Rediscounts, between Federal Reserve Banks,
April 1-June 30, 1919
794
Reserves, deposits, and note circulation of Federal
Reserve Banks since organization of system
774
Resources and liabilities:
Federal Reserve Banks
797
Member banks in selected cities
786,805
Review of the month
703
Revised Statutes, amendments to sections 5200 and
5202 pending in Congress
727
Secretary of the Treasury, letters of, to chairman of
Ways *and Means Committee and to banks and
trust companies relative to Government financing. .,
725
Silver, imports and exports of
809
State banking laws, amendments to
741
State banks and trust companies admitted to system during July
.\ . 738
Statistical review of condition of Federal Reserve
banks since organization of system
766
Trade, physical volume of
753
Treasurv certificates of indebtedness, allotments of,
in anticipation of the live loans
787
Trust companies. (See State banks and trust companies.)
Trust powers. (See Fiduciary powers.)
Utah, amendments to banking laws of
745
Vermont, amendments to banking laws of
745
War paper, holdings of, since 1917
771
Washington, amendments to banking laws of
746
Wholesale prices in the United States
747
@FedFRASER