Full text of Federal Reserve Bulletin : August 1921
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FEDERAL RESERVE
BULLETIN
(FINAL EDITION)
ISSUED BY THE
FEDERAL RESERVE BOARD
AT WASHINGTON
AUGUST, 1921
GOVER
,N
NG OFFICE
FEDERAL RESERVE BOARD.
EX OFFICIO MEMBERS.
A. W. MELLON,
Secretary of the Treasury, Chairman.
D. R. CRISSINGER,
Comptroller of the Currency.
W. P. G. HARDING, Governor.
EDMUND PLATT, Vice Governor.
ADOLPH C. MILLER.
CHARLES S. HAMLIN.
JOHN R. MITCHELL.
W. W. HOXTON, Secretary.
WALTER S. LOGAN, General Counsel.
W. L. EDDY, Assistant Secretary,
W. M. IMLAY, Fiscal Agent.
R. G. EMERSON, Assistant to Governor.
J. F. HERSON,
Chief, Division of Examination and Chief Federal
Reserve Examiner.
J. E. CRANE,
Acting Director, Division of Foreign Exchange.
n
II. PARKER WILLIS,
Director, Division of Analysis and Research.
M. JACOB SON, Statistician.
E. A. GOLDENWEISER, Associate Statistician.
E. L. SMEAD.
Chief, Division of Reports and Statistics.
OFFICERS OF FEDERAL RESERVE BANKS.
I Federal Reserve Bank of— \
Chairman.
Governor.
Boston
Frederic H. Curtiss..
\ (-has. A. Morss
New York
Pierre Jay
! Benj. Strong
Philadelphia..
Cleveland
George W. Norris.
E. R. Fancher
R. L. Austin
D. C, Wills
I Caldwell Hardy
Richmond
George J. Seay.
Atlanta
Joseph A. McCord.
M. B. Wellborn...
Chicago
Win. A. Heath
J. B. McDougal...
St. Louis
Minneapolis...
Kansas City -..
Dallas..
San Francisco.
Wm. McC. Martin..
John II. Rich
1
J
.|
.
.
Asa E. Ramsay
Wm. F. Ramsey...
John Perrin
....
I). C, Biggs
R. A. Young
J. Z. Miller, j r . . . .
II. L. VanZandt.
J. V. Calkins.
Deputy governor.
C. C. Bullen...-.
W. W. Paddock
J. H. Case
L. F. Sailer
G. L. Harrison
E. R. Kenzel
W. Willett.
! Wm. H. Hutt, jr
! M. J. Fleming
Frank J. Zurlinden
C. A. Peple
R. H. Broaddus
A. S. Johnstone *
John S. Walden s
L. C. Adelson
J. L. Campbell
C. R. McKay
j S. B. Cramer
L. H. Hendricks.i
J. D. Higgins.i
, A. W. GilbarU
Leslie R. Rounds. 1
J. W. Jones.i
W. A. Dyer.
H. G. Davis.
Geo. H. Keesee.
M. W. Bell.
O. M. Attebery
W. B. Geery
S. S. Cook
C. A. Worthington
Wm. A. Day;
Ira Clerk 3
L. C. Pontious 3
;
!
3
* Assistant to governor.
Controller.
Cashier.
W. C. Bachman. 1
F. J. Carr.i
K. C. Childs.i
J. II. Dillard.i
D. A. Jones.i
O. J. Netterstrom.i
A. H. Vogt.
Clark Washburne. 1
J. W. White.
Frank C. Dunlop. 1
B. V. Moore.
J. W. Helm.
Sam R. Lawder.
W. N. Ambrose.
Assistant deputy governor.
MANAGERS OF BRANCHES OF FEDERAL RESERVE BANKS.
Federal Reserve Bank of—
New York:
Buffalo branch
Cleveland:
Cincinnati branch
Pittsburgh branch
Richmond:
Baltimore branch
Atlanta:
New Orleans branch
Jacksonville branch
Birmingham branch
Nashville branch
Chicago:
Detroit branch
St. Louis:
Louisville branch
Memphis branch
Little Rock branch
Manager.
Ray M. Gidney.
L. W. Manning.
Geo. De Camp.
Morton M. P rent is.
Marcus Walker.
Geo. R. De Saussure.
A. E. Walker.
J. B. McNamara.
R. B. Locke.
W. P. Kincheloe.
J. J. Henm.
A. F. Bailey.
i!
Federal Reserve Bank of—
! "Minneapolis:
Helena branch
Kansas City:
Omaha branch
,
Denver branch
Oklahoma City branch.,
Dallas:
El Paso branch
Houston branch
San Francisco:
Los Angeles branch
Portland branch
Salt Lake City branch..
Seattle
Lie branch.
Spokane branch.
Manager.
O. A. Carlson.
L. II. Earhart.
C. A. Burkhardt.
C. E. Daniel.
W. C, Weiss.
.; E. F. Gossett.
.1 C. J. Shepherd.
.J Frederick Greenwood.
.! R. B. Motherwell.
.! C. R. Shaw.
.1 W. L. Partner.
SUBSCRIPTION PRICE OF BULLETIN.
The FEDERAL RESERVE BULLETIN is the Board's medium of communication with
member banks of the Federal Reserve System and is the only official organ or periodical
publication of the Board. It is printed in two editions, of which the first contains the
regular official announcements, the national review of business conditions, and other
general matter, and is distributed without charge to the member banks of the Federal
Reserve System. Additional copies may be had at a subscription price of $1.50 per
annum.
The second edition contains detailed analyses of business conditions, special articles,
review of foreign banking, and complete statistics showing the condition of Federal
Reserve Banks. For this second edition the Board has fixed a subscription price of
$4 per annum to cover the cost of paper and printing. Single copies will be sold at
40 cents. Foreign postage should be added when it will be required. Remittances
should be made to the Federal Reserve Board.
No complete sets of the BULLETIN for 1915, 1916, 1917, or 1918 are available.
ni
TABLE OF CONTENTS.
Page,
Credit policy of the Federal Reserve System
895
General summary:
Review of the month
900
Business, industry, and finance, July, 1921
909
The commercial paper business
920
The authority to purchase
926
Index number of ocean freight rates
931
The silver situation
934
Earnings and expenses of Federal Reserve Banks
939
Foreign loans placed in the United States
942
Business and financial conditions abroad: England, France, Italy, Germany, Sweden
952
Official:
Rulings of the Federal Reserve Board
963
State banks admitted to system
961
Fiduciary powers granted to national banks
961
Banks granted authority to accept up to 100 per cent of capital and surplus
961
Charters issued to national banks
962
Price movement and volume of trade:
Domestic—
Wholesale prices in the United States
965
Foreign trade
968
Physical volume of trade
969
Retail trade
986
Wholesale trade
988
Commercial failures
962
August crop report
983
Foreign—
Comparative wholesale prices in principal countries
988
Comparative retail prices in principal countries
993
Foreign trade—United Kingdom, France, Italy, Sweden, and Japan
993
Banking and financial statistics:
Domestic—
Discount and open-market operations of Federal Reserve Banks
995
Condition of Federal Reserve Banks
999,1002
Federal Reserve note account
1005
Condition of member banks in leading cities
999,1006
Bank debits
1009
Operations of the Federal Reserve clearing system
1013
Gold settlement fund
1012
Gold and silver imports and exports
1014
Money outside the Treasury and Federal Reserve System
1017
Discount and interest rates in various centers
1016
Discount rates approved by the Federal Reserve Board
1017
ForeignEngland, France, Italy, Germany, Sweden, and Japan
1020
Foreign exchange index numbers
1018
Condition of leading foreign banks of issue
1023
Charts:
Price of silver and melting points of silver currencies
937
Index number of wholesale prices in the United States—constructed by Federal Reserve Board for purposes
of international comparisons
966
Physical volume of trade
971
Movement of principal assets and liabilities of Federal Reserve Banks.
999
Movement of principal assets and liabilities of member banks
999
Debits to individual accounts
1009
IV
FEDERAL RESERVE BULLETIN
VOL.
7
AUGUST, 1921.
No. 8
CREDIT POLICY OF THE FEDERAL RESERVE SYSTEM.
During the past month problems connected
with the credit situation, particularly as affecting the agricultural sections of the countryy
have resulted in extensive discussion of the
work actually done by the Federal Reserve
System and of the effect of its operations upon
conditions in various branches of trade and
industry.
Gov. Harding in a letter to Senator Reed
Smoot of Utah7 under date of July 11, considered some of the outstanding assertions
regarding the Federal Reserve System and has
furnished a digest of the facts bearing upon
them, as follows:
"JULY 11,
1921.
Some of the charges
which have been made against the Federal
Reserve Board and against its members personally, which have appeared in certain papers
and in some public speeches, do not appear to
me to be susceptible to argumentative reply.
They are made without giving any facts to
support them and show either total ignorance
of the subject on the part of the proponents
or else wanton disregard of actual facts.
"Owing to the exigencies of Treasury financing, the war-time Federal Reserve rate of 4 per
cent was not advanced until November, 1919,
although after the first of July, 1919, there
was a rapid advance in the market rate for
money and the best grades of commercial paper
sold in the open market at from 7 per cent
to 8 per cent. The customers of the member
banks were willing to pay full rates for accommodation and urged upon the banks as a reason
for easy credits that they were willing to pay
high rates and the banks in turn could redis•'MY DEAR SENATOR:
count with the Federal Reserve Banks at a
very substantial profit. On or about September 15, 1919, the total amount of invested
assets of the Federal Reserve Banks, including
bills rediscounted for member banks, acceptances bought in the open market, and Government obligations held, amounted to about
$2,350,000,000. An expansion of bank credits
was going on all the time at a rate which has
never been equaled in the history of the
country and far in excess of any war-time expansion. Federal Reserve Bank rates were
advanced to 4 | per cent early in December,
1919, but the advance was negligible and had
no effect. The latter part of January, 1920,
rates were advanced to 6 per cent. On January 23, 1920, the total rediscounts and earning assets of the Federal Reserve Banks
amounted to about $3,030,000,000, an increase
since September 19, 1919, of $680,000,000.
The rate of expansion for that period was
nearly 30 per cent. At the same time the
reserves of the Federal Reserve Banks had
declined to about $2,090,000,000, of which only
about $2,030,000,000 were gold reserves. The
pyramiding of credits was proceeding at an
alarming degree and it was evident that if
expansion should continue to proceed at such
a rapid rate, it would be merely a question of
time until the credit structure of the country
would explode.
"It should be noted that even after the rates
were increased the expansion of loans and currency continued in a more moderate degree.
On January 16, 1920, the total loans and earning assets of the Federal Reserve Banks
895
896
FEDERAL RESERVE BULLETIN.
amounted to about $3,000,000,000. These increased gradually and steadily until November
5, when they amounted to $3,400,000,000. On
January 16, 1920, the volume of Federal Reserve notes outstanding was about $2,800,000,000, and this note issue also increased
steadily until it reached the peak on December
24, 1920, of $3,400,000,000. You will remember that the great price reactions which
took place all occurred before November 5 or
December 24. Wholesale prices reached their
peak about the middle of May, 1920, being at
that time about 272 as against 100 for the year
1913. After the middle of May wholesale
prices declined steadily, although the loans of
the Federal Reserve Banks and Federal Reserve note issues increased until November 5
and December 24, respectively.
1921.
i July 9,1920.
July 0, 1921.
Secured by United States bonds and ceri
tiflcates
i $544,229,000 | $212,999,000
236,970,000
Commercial paper, etc
303,454,000
11,616,000
Bills bought in open market
\ 154,181,000
Total
1,001,864,000
4G1,585,000
"Some of those who have complained of the
curtailment of credit live in the Richmond and
Atlanta districts, and it may be interesting,
therefore, to ascertain just what the Federal
Reserve Banks in those districts are doing.
On July 6, 1921, the Federal Reserve Bank of
Richmond had total bills on hand amounting
to $105,974,000, against $110,052,000 on July
9, 1920, but there was a reduction between
these dates of $15,830,000 in the amount of
notes secured by Government obligations,
which probably represents sales of bonds and
certificates, while loans on commercial and
"Since the close of the year 1920 there has agricultural paper increased from $58,344,000
been a marked reduction in the loans and note on July 9, 1920, to $74,280,000 on July 6, 1921.
issues of the Federal Reserve Banks combined,
The Federal Reserve Bank of Atlanta shows
although this reduction has been by no means between July 9, 1920, and July 6, 1921, an
uniform at all the banks. As a matter of fact, apparent reduction in total loans of about
the liquidation in the New York district has $17,000,000, but commercial and agricultural
been about equal to that in all other districts paper increased from $61,611,000 on July 9,
combined. The rediscounts and advances of 1920, to $65,754,000 on July 6, 1921. When
the Federal Reserve Bank of New York, at the the difference in the value of cotton is considclose of business on June 30, 1921, were lower ered, it is evident that the real amount of acthan they had been since July 10, 1918. I commodation given is considerably greater
would call your attention to the fact that on now than was the case a year ago. It should
July 9, 1920, the Federal Reserve Bank of New be noted, however, that the decrease in the
York had total bills discounted and bought total loans of the Federal Reserve Bank of
amounting to $1,001,864,000, while on July 6, Atlanta is not as great as it appears, for the
1921, total bills held at the Federal Reserve bank on July 6, 1921, reports United States
Bank of New York were $461,585,000, a reduc- bonds and notes owned amounting to $10,142,tion of $540,279,000. If comparison should 000, against $117,000 on July 9, 1920. This
be made a week earlier in each case, it would increase represents bonds and notes purchased
be seen that a reduction took place of $578,- under resale agreement from certain member
695,000. Bills held at the Federal Reserve banks which had previously been using the
Bank of New York increased from June 29, bonds as collateral for loans with the Federal
1921, to July 6, 1921, from $423,169,000 to Reserve Bank of Atlanta, so the actual reduc$461,585,000, a net increase for the week of tion in the amount of the bank's total loans is
$38,416,000. The detail is as follows:
only about $7,000,000 instead of $17,000,000,
AUGUST,
1921.
FEDERAL RESERVE BULLETIN.
"As your State is in the San Francisco district,
some figures relating to the Federal Reserve
Bank of San Francisco may be of interest to
you. The total loans of the Federal Reserve
Bank of San Francisco on July 6, 1921,
amounted to $161,203,000, as against $199,003,000 on July 9, 1920. This reduction, however, is made up as follows: A decrease of
$4,446,000 in the amount of paper secured by
Government obligations and a decrease of
$44,687,000 in the amount of bills and acceptances bought in the open market. Commercial and agricultural paper under rediscount
for member banks amounted on July 6, 1921,
to $114,623,000, against $103,290,000 on July
9, 1920, an increase in commercial, agricultural,
and live-stock loans of $11,333,000.
897
"The Federal Reserve Board has made no
suggestion whatever that any Federal Reserve Bank should undertake to force farmers
to sell their cotton before the new crop comes
in and telegraphic inquiry made of the Federal Reserve Banks in the cotton-producing
districts shows that no such restrictions have
been made by the Federal Reserve Banks.
"Recent correspondence between the Federal
Reserve Bank of Atlanta and one of its member banks shows that the governor of the Federal Reserve Bank calls the attention of his correspondent bank, which writes that it has notified its customers who are borrowing on cotton to sell it and pay their notes by July 1,
to the fact that this is a matter which the
Federal Reserve Bank has nothing to do with
"Let us now consider the figures for the sys- and that it has made no such demands.
tem as a whole. On July 9, 1920, the total
"The comptroller's abstract No. 130, made up
bills on hand at all Federal Reserve Banks from reports rendered as of April 28, 1921,
amounted to $2,934,184,000. On July 6, 1921, shows that the total rediscounts with the
this total amounted to $1,832,499,000, a de- Federal Reserve Bank of Richmond by nacrease of $1,101,685,000. The detail of this tional banks in South Carolina on that date
decrease is as follows: On paper secured by were $12,506,000, while total loans and disGovernment obligations, $621,973,000 (which counts of the South Carolina national banks on
can be accounted for in part by Government the same date, exclusive of the amounts reredemptions of bonds and Treasury certifi- discounted, amounted to $75,208,000. Adding
cates and private purchases for investment these two items together, we find that the
account); in bills bought in the open market, South Carolina national banks had total loans
$341,455,000. (While the volume of the ac- and discounts on April 28, 1921, of $87,714,000
ceptance business has declined during the past and of this amount they had rediscounted with
twelve months, this decrease is accounted for the Federal Reserve Bank $12,506,000. They
principally by the greater demand for first- had also borrowed $6,759,000 from the Federal
class acceptances on the part of member and Reserve Bank on their own collateral notes.
nonmember banks and trust companies.) The The total accommodation granted to national
total of agricultural, commercial, and live- banks in South Carolina as of April 28, 1921,
stock paper on hand, rediscounted for member was therefore $19,265,000, or 22 per cent of
banks, on July 6, 1921, was $1,126,986,000, as their total loans. At the same time the total
against a total of $1,265,243,000 on July 9, reserves carried by all national banks in South
1920, a decrease of only $138,257,000, which Carolina with the Federal Reserve Bank of
is more than accounted for by the decrease Richmond amounted to $3,829,000. Deductin the holdings of paper of this kind by the ing the loans to State member banks, $2,285,Federal Reserve Banks of Boston, New York, 000, the loans of the Federal Reserve Bank of
and Chicago.
Richmond to national banks in South Carolina
898
FEDERAL RESERVE BULLETIN.
on June 30, 1921, amounted to $18,820,000,
and the total loans to all member banks in
South Carolina on June 30, 1921, by the Federal Reserve Bank of Richmond amounted to
$21,105,000, against $17,316,000 on June 30,
1920, and yet the Federal Reserve Bank of
Richmond is charged with restricting loans in
South Carolina. I may add that the Federal
Reserve Banks of Richmond and Atlanta were
both heavy borrowers during the latter half of
1920 from other Federal Reserve Banks and
the Federal Reserve Bank of Richmond has
recently shown loans as high as $25,000,000
from the Federal Reserve Bank of New York.
It is worthy of note also that the Federal Reserve Bank of Richmond has never had the
progressive rate and has never had a higher
rate than 6 per cent. The legal rate of interest
in South Carolina is 8 per cent. So you can
see that there is a margin of profit to member
banks in that State of two full points, or 33J
per cent, in their rediscount transactions with
the Federal Reserve Bank.
"In conclusion, I wish to say that the attitude
of the Federal Reserve Board toward agriculture has been greatly misunderstood and
grossly misrepresented. The Board has always
advocated as liberal a policy as possible, consistent with the terms of the Federal Reserve
Act and with reasonable banking prudence
toward agriculture, which it recognizes as the
basic industry of the country and the foundation upon which all other industries necessarily rest. The trouble is that the loans
made by the member and nonmember banks
throughout the country are not well distributed and in a number of cases have not been
judiciously made. Something over a third
of all member banks are not borrowing from
the Federal Reserve Banks at all, and of the
two-thirds which are borrowing, more than
one-half are borrowing very large amounts.
Many of these banks have extended themselves so far that they do not feel warranted
AU«T;ST,
1021.
in making any new loans, regardless of the
disposition of the Federal Reserve Banks to
rediscount the paper. They do not want
their names on any more paper than they
already have. They do not like the idea of
increasing their contingent liability. In view
of the fact that the twelve Federal Reserve
Banks are independent bodies corporate and
are controlled and directed each by its own
board of directors, subject only to the general
supervision of the Federal Reserve Board,
whose authority with respect to discount is
confined principally to defining eligible paper
in accordance with the terms of section 13
of the Federal Reserve Act, it seems to me that
the statement which many, both in Congress
and on the outside, urge be issued by the
Federal Reserve Board, stating that the
Federal Reserve Banks will adopt certain
policies in connection with the rediscounting
of agricultural paper, would have to be made
by the Federal Reserve Banks themselves.
The Federal Reserve Board has no power to
interfere with the discretion given or the
responsibility imposed by law upon the directors of a Federal Reserve Bank with respect
to passing upon the merits of eligible paper
offered for discount.
"Congress did not establish a central bank
in this country. It established twelve banks
under the general supervision of the Federal
Reserve Board, which does not exercise banking functions. These functions are exercised
exclusively by the Federal Reserve Banks.
The Board has taken up repeatedly with the
various Federal Reserve Banks complaints of
a general nature regarding the restriction of
agricultural credits and the banks have always
made a good showing of what they have done
for agriculture. Very few specific cases have
been brought to the attention of the Board
where eligible agricultural paper has been refused for rediscount, and in those cases it seems
AUGUST, 1921.
that the management of the Federal Reserve
Banks have justified themselves in the refusal.
"In some agricultural States there was two
years ago unfortunately great speculation in
farm lands, and member and nonmember
banks in those localities loaded themselves up
with a large volume of real-estate mortgages,
which paper is not eligible for discount under
the terms of the Federal Reserve Act, and
many of them have sustained losses in deposits.
In the present circumstances, they are endeavoring to work out from under the tremendous
load which they ought never to have taken on,
and do not feel able or else are indisposed to extend accommodations for agricultural purposes
which ordinarily they would be glad to do. In
almost every State, however, there are a number of ultraconservative banks which have
strong reserves which are not borrowing, and
which ought to do their part in assisting agriculture at the present time.
"In the present condition of the country it
seems to me that the strong position of the
Federal Reserve Banks should be a source of
comfort rather than the cause of so much reckless criticism. The Federal Reserve Banks can
not be expected to encourage their member
banks to make loans to the public on the basis
of values which obtained 18 months ago. The
inability of any banking system to maintain
values in the face of a world-wide decline is
evidenced by the plight of the banks in Cuba,
which were heavily loaded up with loans on
sugar at high prices. Surely, the return of better conditions in this country would not be
expedited by having American banks in the
same condition that Cuban banks are to-day.
"By way of summary, let me state that while
the Federal Reserve Act imposes a general
limitation upon the maturity of paper eligible
for discount of three months, it is provided in
section 13 "that notes, drafts, and bills drawn
or issued for agricultural purposes or based on
899
FEDERAL RESERVE BULLETIN.
live stock and having a maturity not exceeding
six months, exclusive of days of grace, may be
discounted in an amount to be limited to a
percentage of the assets of the Federal Reserve
Bank, to be ascertained and fixed by the Federal Reserve Board." Had the Board been
unfriendly to agriculture, as many of its critics
claim it has been, it could easily have limited
the amount of six months' agricultural paper
which could be discounted by a Federal Reserve Bank to a very small percentage of its
total assets. But in order to offer the fullest
possible accommodations to agriculture, the
Board more than five years ago fixed this percentage at 99 per cent and has never changed it.
It has already been pointed out that the decrease of more than $1,100,000,000 which has
taken place in the loans and earning assets of
the Federal Reserve Banks is represented
mainly by a reduction in loans secured by
Government obligations and by bills and
acceptances bought in the open market. The
actual reduction in commercial, agricultural,
and live-stock paper, rediscounted for member
banks, from July 9, 1920, to July 6, 1921, was
$138,257,000. This reduction is more than
accounted for by the decrease of paper rediscounted by Federal Reserve Banks in Boston,
New York, and Chicago. The bank liquidation
which has taken place has been mainly in financial and industrial centers, and the figures of the
Federal Reserve Banks do not indicate that
there has during the past 12 months been any decrease in Federal Reserve accommodations to
banks in the agricultural and live-stock districts,
but on the contrary there has been a considerable increase, as you will see from the official
statements inclosed herewith."
Very truly, yours,
W. P. G. HARDING,
Governor.
Hon.
REED SMOOT,
United States Senate,
900
FEDERAL RESERVE BULLETIN.
REVIEW OF THE MONTH.
Practically all observers of current business
development agree that the
Position of for- « .
. -, ., ,.
eten tr d
foreign-trade situation is prominent among the factors which
have retarded the progress of American business toward a normal condition. Figures for
the June foreign trade of the United States
show that the total exports of merchandise
were $337,000,000, while the total imports
were $186,000,000, the so-called favorable
balance on the side of exports amounting to
$151,000,000. Taking the monthly average
values for the year 1913 as 100, with the effect
of price changes eliminated, the Federal Reserve Board's index of foreign trade for June
was about 111.3 for exports and 119.7 for imports. While, therefore, the falling off is great
as compared with the "peak" period of the
war, the volume of our total trade compares
favorably with that of 1913, our exports being
11.3 per cent above the figures for the former
year. The fact remains that there has been a
very material reduction in the total volume of
export business as compared with more recent
years, and the unfavorable influences working
against the recovery of foreign trade are widespread, including a variety of factors of domestic origin as well as a larger number that are
due to conditions outside the control of any of
the exporting countries. Among the unfavorable factors may be enumerated the disturbance of, and uncertainty in, costs of production since the conclusion of the war, the
consequent lack of a definite competitive basis
upon which operations can be developed, Government interference and control of business in
certain lines by various nations, the restriction
of the movement of specie and of bank remittances, and in many countries disturbance in
the relations between capital and labor due to
efforts to bring about a post-war readjustment
more or less necessitated by changes in prices.
There are certain additional factors affecting
foreign trade which must be reckoned as distinctly outside the control of any country.
Of these the most general and the most important is the lack of adjustment between currency values, which gives rise to what are
called foreign exchange fluctuations. In addi-
AUGUST, 1021.
tion to these is the growth of commercial
restrictions of various kinds and the development of systems of taxation whose general
drift has been toward the limitation of the
movement of goods.
Much discussion has been devoted to the
question what percentage of the
Significance of
r , ,
total
.
j
trade
^
,
° f a C 0 U n t l 7 1S
represented by its export and
import business, or, in other words, what percentage of a nation's total business transactions represents dealings with foreigners. This
is a question as to which no statistical information has ever been made available. The relative importance of foreign and domestic trade
varies greatly from country to country. In
some countries which produce raw materials
to an almost exclusive extent and which rely
largely upon exporting them to others, receiving from such others manufactures produced
with these exports as a basis, the percentage
relationship of foreign to domestic trade may
be tolerably large. In other countries, which
themselves comprise a large area with great
diversification of products and which manufacture extensively, besides producing large quantities of raw materials, the reverse may be the
case. Thus, in a country like Great Britain,
which imports a very large proportion of raw
materials, manufactures them, and ships the
product to foreigners, the percentage of foreign
to domestic trade is unquestionably much
larger than it is in the United States. In this
country census estimates place the aggregate
value of all manufactured products for the
year 1919 at $62,589,000,000 and the aggregate value of crops at $16,013,000,000, or a
total of $78,602,000,000. There is a certain
amount of unavoidable duplication in this
total, when cotton, for example, is counted
both as raw material and finished cloth, but
the total as given is doubtless nearer the true
figure than if manufactures were taken alone.
Compared with the statistics for domestic trade
just quoted, our foreign business, represented
by exports of $7,920,000,000 in 1919, is seen to
be about 10 per cent of the value of domestic
products. Such comparative figures for values
do not, of course, indicate anything with respect
to the " turnover" in either branch of trade,
foreign business.
AUGUST, 1921.
but merely suggest in an approximate way the
relative values of the goods handled.
The significance of foreign trade is not ; in
countries like the United States, found in the
fact that it represents a large percentage of the
output of any particular kind of goods, but is
found in the fact that it affords a stabilizing
factor which influences both prices and amount
of output. It enables concerns which miscalculated the strength of domestic demand to
find an outlet for products which would otherwise be unavoidably carried over, while, on the
other hand, it renders possible the filling of
domestic demand or of requirements that
might otherwise have to go unsatisfied. From
the price standpoint the effect of foreign trade
is important because, as is well known, only a
small surplus is necessary in any given line of
goods to drive down prices of such articles,
while, on the other hand, a relatively small
shortage as compared with supply exerts a
much more than proportionate influence in
advancing prices.
The foreign-trade situation is of special interest to the United States at the
Productive po- p r e s e n t time because of the prosition of United , ,.
,
,., ^
States
ductive changes which have
taken place during and since
the European war. These productive changes
necessarily involved a "speeding u p " of manufacturing and consequent increase of output.
In addition to the mere speeding up of plants,
however, there was also a considerable increase
in plant capacity, particularly in certain lines
of trade. This has a very direct relation to
the question of export trade. There is unfortunately no definite way of measuring such
changes in plant capacity except in terms of
actual output either as given in terms of units
or as measured in dollar values, but careful
analysis of these data affords at least a reasonably accurate notion of the extent to which
foreign trade is essential as a means of furnishing an outlet for goods which otherwise would
to some degree cause congestion in American
markets.
Preliminary and as yet incomplete census
figures on manufacturing output in 1919 show
for most of the leading industries an enormous
increase in the value of manufactured products,
901
FEDERAL RESERVE BULLETIN.
comparing 1919 returns with those of 1914.
Expressed in terms of physical units, however,
the increase appears to have been by no means
excessive in the majority of cases for which
satisfactory comparable data can be secured.
The table which follows, based on census returns, gives changes of output in percentages
of value and of physical units for a few typical
manufactures.
CHANGES IN OUTPUT, 1914-1919.
Per cent of j Per cent of
increase or \ increase or
decrease | decrease 1
(value), j (quantity).
Slaughtering and meat packing
N umber of beeves
Number of sheep, lambs, etc
Number of hogs
Flour and grist milling
Wheat Hour (bbls.)
Cotton goods
Cotton goods (sq. yds.) 2
Footwear, exclusive of rubbers
Number of pairs
Pig iron
Pig iron (gross tons)
+157.0 j
+133.9
+52.1
—15. ti
+29.4
+ 13.8
+ 177.5 i
+129.6 I
i
+151.3 i
+ 11.9
+ 12. G
+30.9
1
Figures used as a basis for computing percentual changes in physical
production do not in all cases cover the totals used in computing changes
in2value for the several groups.
Estimates furnished by Textile World.
It is thus seen that there has been not only
an increase of output in standard lines as expressed in values, but also a substantial advance in the number of units produced and
hence a need for the retention of foreign markets. Allowance should, of course, be made
for population increase. The relation of the
1919 output to that of the prewar period (allowing for the normal increase in consumptive
capacity due to a population increase of nearly
15 per cent in the 10-year period) is illustrated
by computations published by the Harvard
Bureau of Economic Research, presenting indexes of the physical volume of production for
ten groups of manufacturing industries. This
composite index is 10 per cent below what
might have been expected on the basis of normal production in 1919, although the returns
were 4 per cent and 1 per cent, respectively,
above normal in 1917 and in 1918 and 9 per
cent above in 1916. On the whole the excess
production power of the nation as compared
with home consuming power has been at least
maintained as shown even by output.
Our leading manufactures are suffering indirectly to-day from the reduced foreign de-
902
FEDERAL RESERVE BULLETIN.
mand, although their difficulties are due not
solely to the loss of a foreign market for their
own products, but also to the reduced foreign
buying of the products which have for so long
been the basis of our export trade—primarily
foodstuffs and raw materials. As a result of
this situation the purchasing power of large
groups of domestic consumers is curtailed and
.manufacturing activities severely restricted in
consequence. The trade position to-day thus
inevitably leads to recognition of the necessary character of a sound foreign commerce,
even though it may not be true (as it ought not
to be) that our plant capacity has on the average grown out of proportion to population.
The process of currently financing foreign
trade still presents difficulties
Financing for-
.
, ,
eign trade.
«
.,
.
,
oi quite as serious a nature as
,•
-L
+ e
\
at any time heretofore. American institutions have been more and more withdrawing from commitments in foreign trade.
On the other hand ; foreign institutions with
agencies in the United States have placed very
stringent regulations upon the business which
can be done through these agencies. Refusal
to discount bills in trade with various countries seriously interferes with the continuance
of business in those directions, while foreign
moratoria, or what is equivalent thereto,
necessarily prevent American business men
from extending credit even in countries where
they would otherwise be disposed to provide
for the necessities of desirable buyers or borrowers. In a good many cases foreign establishments which during the war were practically obliged to provide cash against documents in New York or at some other shipping
point in the United States, are now specifying
that they expect the usual period of credit and
that without it they will be obliged to transfer
their custom to exporters other than American.
While it is true that there are many products
which can be obtained by foreign buyers in
sufficient quantity only in the United States,
it also is true that in a large range of manufactured goods American sellers are now
obliged to meet competition to an extent
greater than in their past experience. In this
competitive situation, some of the most serious
obstacles to success on their part are the fluc-
AUGUST,
1921.
tuations in foreign exchange. These fluctuations do not permanently operate, as many
suppose, to impair our competitive power by
giving to foreigners a "cost of production"
lower than is enjoyed by American producers.
Production costs, like prices, are adjusted
through international competition in such a
way as to eliminate the effects of "low" or
"high " exchange. There is no permanent productive advantage in either "high" or "low"
exchange. The present exchange situation is
difficult for the American shipper because of
its uncertainty. Accepting payment, as he
frequently must, in the currencies of foreign
countries, or agreeing to pay in those currencies, he can not calculate with any accuracy
over even a very brief space of time the amount
in dollars which he will eventually receive, or
be obliged to pay. This introduces an element
into business which makes the conduct of
foreign trade very much more uncertain than
it would ordinarily be. During past years
unfavorable movements of foreign exchange
resulting in depreciation of balances left abroad
have induced many business men to carry
these balances in foreign countries, either borrowing upon them as collateral in the United
States, or, in other cases, borrowing on their
own direct notes and merely carrying the foreign ^balances as an asset. The effect of this
plan, as is well known, has been to develop a
large unfunded balance abroad, one outcome
of which has been to introduce an element of
great uncertainty into the foreign exchange
situation because of the fact that a favorable
movement of exchange quotations has generally brought part of these unfunded balances
upon the market. Another disturbing factor
has been the development of the reparations
settlement with Germany, which has resulted in
considerable operations in dollars and in other
currencies, which were not the outgrowth of
actual commercial transactions. Still a third
disturbing factor has been the accumulation of
balances in New York for the purpose of
meeting the obligations of foreign Governments.
In the BULLETIN for September, 1920, it
Our balance of was estimated that there was
indebtedness.
due us from abroad at the end
of July,|1920, an unfunded balance of indebted-
AUGUST,
1921.
FEDERAL RESERVE BULLETIN.
ness, created since the armistice, amounting
to $3,000,000,000. During the fiscal year
ended June 30, 1921, exports of merchandise
have been $6,519,000,000, which have been
in part offset by imports amounting to
$3,667,000,000, leaving an export balance
of $2,852,000,000. During the same period
the flow of gold has radically altered, and instead of a net outgo the fiscal year shows a
net importation of $513,000,000 in gold. The
net importation of silver during the fiscal year
has amounted to $7,000,000. Deducting these
importations of specie from the merchandise
balance leaves a " favorable balance/7 for the
so-called visible items of our foreign trade,
amounting to $2,332,000,000 in the fiscal year
just past. Foreign loans floated in the United
States during this time have been between
$500,000,000 and $600,000,000, according to
a compilation made by the Guaranty Trust Co.
for the Federal Reserve Board. Allowing for
this and the other invisible items which figure
in America's international balance on one side
or the other, it seems clear that in the 12 months
ending with June the sum of $1,500,000,000, or
a little less, has been added to our unfunded
balance due from other countries. If this be
combined with the estimate of a year ago, we
arrive at a figure between $4,000,000,000 and
$4,500,000,000 as the amount now held in
suspense. This is on the assumption that at
the time of the armistice the international trade
balance was practically even so far as unfunded
obligations were concerned. That it was about
even, except for the unexpended balances of
Government credits, has been the opinion most
widely held. Such unexpended advances by
the United States count as an offset against
subsequent shipments of goods to foreign countries, and are included in the foregoing estimate.
Another factor which would tend to reduce the
international obligations now outstanding relates to certain losses which American exporters
have sustained and written off their books.
These are represented by bad debts in some
cases, but more especially by goods which
foreign importers have refused and which have
had to be sold abroad at a loss or placed in warehouses pending their reshipment to the United
States. The whole problem is one upon which
903
definite conclusions are exceedingly difficult
to reach, and one which is being subjected to
further study by the Division of Analysis and
Research of the Federal Reserve Board.
In considering the future of the export trade
of the United States, it is necoreign come s s a r y ^0 ^ a ke j n ^ 0 account the
petition.
changes the war has made m
the productive power of our chief competitors
in foreign markets. As regards the raw materials which make up a large part of our export
trade (38 per cent of the value of our exported
merchandise in 1913, 35 per cent in 1920),
there is little question of competition. If the
credit and exchange situation abroad could be
adjusted, there would be no lack of demand
for our wheat and cotton and the other raw
materials which we normally export. However, the manufactured and semimanufactured
products of the United States come into competition in foreign markets with those of European countries. During the war, in South
America, in Asia, and in Oceania there was a
great demand for American goods because customary sources in Europe were no longer available. The United States could respond to this
demand only in part, however, because of the
even more urgent need for American goods in
Europe. Since the armistice there has been
an effort on the part of all the European countries to reenter their prewar markets. Without
doubt, the most important of these countries
from the point of view of the United States are
the United Kingdom, France, and Germany.
The following paragraphs will attempt to show
the changes which have taken place in the
trade of these countries, as compared with the
changes in the trade of the United States since
the beginning of the war.
The direction of the export trade of the
United States has not changed radically since
1913. In 1920 Europe received a smaller proportion of our total exports than in 1913, because of the decrease in shipments to Germany
and Russia; the proportions going to South
America, Asia, and Africa were slightly larger
in 1920 than in 1913, while the shares received
by North American countries and Oceania remained the same. The table following shows
the broad outlines of the trade in the two years.
904
FEDERAL RESERVE BULLETIN.
The fact that all these figures are expressed
in value units makes it im-
VALUE OP EXPORTS FROM THE UNITED STATES, BY
CONTINENTS.
Relative
[ I n millions of dollars.]
1913
1920
Percentage
of increase.
Proportion of the
total to each
continent.
1913
1920
Europe
North America..
South America
Asia
Oceania
Africa...
1,500
601
147
126
82
29
4,467
1,929
624
772
271
166
198
221
326
512
232
473
60
24
6
5
3
54
24
8
Total
2,484
8,229
331
100
100
Q
3
2
Similar changes have taken place in the
direction of British trade. There has been a
large falling off in exports to Germany and
Russia, and an increase in the share of the
exports going to France, the Netherlands, and
Belgium, while the proportion of the trade to
the United States, Brazil, China, and Italy has
remained the same. The increase in the total
value of the export trade is, of course, accounted
for by the change in the price level. In the
case of France (according to the figures now
available) the most striking changes in the
apportionment of exports occur in the trade
with England and Germany. England received 21 per cent of French exports in 1913
and 16 per cent in 1920, while Germany received
13 per cent in 1913 and only 5 per cent in 1920.
The proportion of exports going to Brazil and
Argentina has also been reduced in the later
period, but the reverse is the case with the
United States, which received 8 per cent of
French exports in 1920 as compared with 6
per cent in 1913. The most recent complete
figures available on the trade of Germany by
countries cover the period from January through
August, 1920. They show that during that
period a larger proportion of German exports
went to neutral countries in Europe than in
1913, while a correspondingly smaller proportion went to all of the belligerent countries.
The share of German exports received by the
United States was about the same in these two
periods. No separate figures are given for
South America, but the proportion of German
merchandise shipped to non-European countries other than the United States decreased
from 17 per cent in 1913 to 10 per cent in the
first eight months of 1920.
AUGUST, 1921.
vol-
-r i
,
,-i
ume of business. P o s s l b l e t o f e t h e m ' . m c o n "
sidermg the changes which have
taken place in volume of trade since the beginning of the war. Current statistics on the
quantity of merchandise shipped, divided by
countries of destination, are at present not
available for the United States, England,
France, or Germany. There are, however,
figures for the total quantity of exports leaving
each country. The volume of shipments from
the United States is estimated by taking 29 of
the most important exports of the country
(which formed 56.3 per cent of the total value
of the export trade in 1913) and comparing
the quantities shipped in 1913 with those
shipped in 1920, both calculated at 1913
prices. A similar estimate has been made
by the Board of Trade for the United Kingdom,
except that in this case the value of all commodities shipped in 1920 has been calculated
at 1913 prices. For France and for Germany,
actual tonnage figures are compiled. In the
following table these figures have been reduced
to relatives, using 1913 as 100.
INDEX NUMBERS OF THE VOLUME OF EXPORT TRADE.
United States
United Kingdom.,
France
Germany
1913
1920
100
100
100
UOO
107.0
70.9
56.6
126.9
i First 11 months of the year.
It is clear if we consider exports as an evidence of ability to produce, that none of the
European countries in question had returned
to its prewar level of productive capacity in
1920. Changes in productive capacity which
may have occurred since that time can not be
ascertained from any of the available data,
since the decreased export figures of 1921
represent rather a slackening of foreign demand than lack of productive power. Indeed,
if it had not been for this slackening of demand,
which began to make itself felt in the late
months of 1920, the index numbers shown
above would probably have been slightly
larger, at least in the case of the United States,
France, and the United Kingdom.
AUGUST, 1921.
FEDERAL RESERVE BULLETIN.
905
The continued fluctuations in foreign ex- ary for a country bank to avail itself of the
change adversely affected our services of its city correspondent. Because
Effect of can- *
,
••
i
•
1 non
our experience in the field of overseas financing
„ ..
foreign trade early m 1920. has been of only recent origin, many of our
&
7
cellations.
. J
country banks do not yet fully understand the
and the collapse in commodity liabilities which they assume in requesting their
prices later in the same year brought disaster city correspondents to open credits, and in conto many lines of international commerce, for a sequence grave issues have arisen. The diffideclining market is usually accompanied by culties of the past year have also placed a
widespread repudiation of business obligations. severe strain upon the relations of city banks
Exports from the United States to South to exporting and importing houses, and a diverAmerican countries in particular were affected gence of interests has at times resulted. Beby decrees ordering moratoria for a period of sides, there has often been no meeting of minds
several months. These moratoria were both between American banks and their foreign
partial and complete, but in general postponed correspondents on many subjects dealing with
the payment of obligations arising from drafts foreign credits.
and bills of exchange and from deposits in
Although court decisions have, on the whole,
banks. In some countries the demand for a
accomplished little in the way of settling the
general moratorium was denied by the gov- many problems connected with relations among
ernment, but nevertheless American goods on these various parties, nevertheless considerable
a large scale were rejected and so have accumu- progress has been made in solving some of these
lated in the warehouses of many South Ameri- questions through the action of the Bankers'
can ports. It is estimated that at the begin- Commercial Credit Conference. This body
ning of June the goods thus unsold represented confined its efforts at first to considering bills
a market value of not less than $50,000,000 to of lading and other shipping documents. Late
$60,000,000. This situation is now being re- in 1920 the conference appointed a committee
lieved partly by withdrawal of the moratoria and to draft a uniform set of credit instruments for
partly by the action of liquidating committees. use in financing foreign trade. This commitRepudiation has by no means been confined tee has drawn up a tentative set of documents
to American exports, but has also impaired which is being considered by organizations repthe import trade. In this country repudiation resenting American banking and mercantile
has been in the direction of cancellation of interests.
sales contracts and nullification of commercial
The outlook is now promising for a set of uniletters of credit. While the breaking of com- form regulations and standardized documents
mercial contracts injures the rating of the which will meet with the approval of American
parties involved, the violation of bank credit banks. However, the success of this moveundertakings impairs the standing of the whole ment from the international viewpoint depends
largely on the cooperation of British and Concountry before the rest of the world.
Particularly serious are the difficulties experi- tinental banking institutions. Although they
enced in connection with transactions financed have had the benefit of long experience in
under the commercial letter of credit, which is financing overseas trade, nevertheless the abthe fundamental banking document in foreign normal conditions since 1914 have presented
trade. As a result, a mass of litigation between credit problems in an entirely new light. The
bankers and merchants has arisen both at home legal and banking literature of these countries
and abroad and many cases are still pending. contains little mention of the subject, and it is
These legal complications are concerned main- therefore necessary to study the actual pracly with the relations of large tices and analyze the documents of the leading
Legal compli- A m e r i c a n b a n k g w i t h c o u n t r y foreign banks in order to evolve definitive regcations.
- i
. , ulations and instruments which will receive the
correspondents, commercial unqualified indorsement of institutions abroad
as well as at home.
houses, and foreign banking institutions. Comparatively few banks operate foreign departments of their own, and therefore it is custom-
906
FEDEEAL RESERVE BULLETIN.
Closely bound up with our foreign trade
problem is the status of American shipping. Our changed
position in the world's carrying trade may be
made clearer by reference to the tonnage of
ships operating under the American flag now
and before the war. The Bureau of Navigation, Department of Commerce, reported the
total of American documented shipping on
June 30, 1921, at 18,350,000 gross tons, compared with 16,324,024 gross tons in 1920 and
7,928,688 gross tons in 1914. These figures
include coastwise ships as well as vessels on
inland waters of the United States. The
growth of American shipping since 1914 is
even more striking if ships registered for the
foreign trade are taken alone. Such vessels
totaled 1,076,152 gross tons in 1914, 9,928,595
gross tons in 1920, and 10,620,717 gross tons
in 1921, showing that our overseas merchant
fleet is now tenfold that of 1914. For purposes of comparison with the total world tonnage, the figures of Lloyd's Register may be
taken as probably the most reliable. That
publication gives the world's steam tonnage
on June 30,1914, as 45,403,877 gross tons, and as
53,904,688 gross tons in 1920. The share of the
United States in the total was 4,330,078 gross
tons, or 9.6 per cent, in 1914, and 14,574,375
gross tons, or 27 per cent, in 1920.
During the war and even as late as a year
ago the opinion was frequently expressed that
to repair war losses and bring the world's
shipping up to normal would require years of
effort, and that for a long time to come shipbuilding could not proceed too rapidly. But
the world-wide industrial depression of 192021, accompanied by a severe fall of commodity
prices coming at a time when the shipyards of
the world were working to capacity and when
the belligerent powers were releasing requisitioned ships to their owners, and when, moreover, large numbers of German and Austrian
steamers were being turned over to the allied
powers—all this could hardly fail to produce
a profound reaction in the shipping industry.
The result was that within a few months of
the time when steamship men and exporters
alike were demanding more and more ships,
a surplus of shipping developed, accompa-
AUGUST, 1921.
nied by sweeping reductions in ocean freight
rates in every trade. Just how much tonnage
has been forced to lie idle in ports all over
the world will probably never be exactly
known. In the early part of 1921 it was estimated that fully 10,000,000 tons of shipping
were idle, and there have been periods since
then for which that estimate should be considerably increased. What the enforced idleness of 20 per cent or more of the world's
shipping means in the way of loss to business
in general can only be conjectured. Its significance as a factor in the export trade situation
which has just been outlined is, however,
evident.
The question of adjusting our international
Adjustment of indebtedness, and thereby esinternational tablishing a definite basis for
debt
future financial relations with
foreign countries, has been before Congress during the past month as the outcome of a request
from the Treasury Department for actibn granting authority for the funding of these obligations. Hearings have been held with respect
to the proposed bill in which the authority for
funding is conveyed to the Treasury Department, and testimony has been given by the
Secretary of the Treasury with respect to the
whole matter. According to the showing made
by the Treasury authorities before the committee the total amount due to the United
States Treasury from foreign countries is $10,141,267,585, while the aggregate of accrued and
unpaid interest thereon up to and including the
last interest period is $943,534,755. During the hearings the committee was informed that there is no intention to consider
the cancellation of the international indebtedness, and accordingly future payment on account of principal or interest, or both, must be
taken into account. The large transfers which
must be made to the United States in order to
obtain a settlement of these obligations will
unavoidably affect our balance of trade, since
in the last analysis the transfers must be effected by the shipment of goods. A steady
flow of goods into the United States must, in
other words, take place at some time in the
future if the obligations of Europe on the score
of this indebtedness are to be provided for.
907
FEDEKAL RESEKVE BULLETIN.
AUGUST, 1921.
That such payment in any considerable amount
will necessarily be only gradually made and
will not, therefore, affect immediate taxation or
international trade conditions, would seem to
be clear. Existing problems of exchange rates
and foreign commerce must, therefore, be considered primarily on their own merits and without reckoning for the immediate present upon
the disturbing influence of factors growing out
of the debt problem. In this connection our
commercial policy must necessarily have a very
considerable influence, and this is likewise true
of the commercial policies of foreign countries
which are our debtors. This factor brings into
a foreign situation, which in any case is complex, unusual elements of difficulty, although,
as just remarked, they probably need not be
considered as an immediate factor.
In the following table are presented the
Board's index Board's indexes of business conof business con- ditions, with figures computed
ditions.
to the most recent available
date. These, however, as usual represent a
period of about 30 days before publication.
Examination of the indexes bears out the opinions of trade authorities concerning existing
conditions. In several industries operations
have increased somewhat as compared with
the month of May. Steel production continues to be more seriously depressed than
any other element in the industrial situation.
As in former months, there is herewith subForeign ex- mitted a review of foreign exchange quota- change quotations during the
tions
month of July. The figures
furnished reflect in practically all cases a
downward movement of exchanges during the
greater part of the month. This downward
movement is decidedly less marked in some
cases than in others, but taking the figures as
a group, points to a continuous appreciation
in the purchasing power of the dollar. Such
appreciation is naturally most marked in the
case of some of the European currencies. The
indications furnished by these quotations may
be regarded as corroborating in a measure the
conclusions already drawn from the tendencies
indicated by our growing balance of international indebtedness. As this balance increases
the lack of correlation between supply of and
demand for bills drawn upon those countries
which are most heavily in our debt becomes
more and more evident.
FOREIGN EXCHANGE, JULY 5 TO JULY 23, INCLUSIVE.
Week
ended
July 9.
i Week
I ended
I July 16.
Week ended
July 23.
i High.! Low. i High. Low.High. Low. Last.
England
3 ,727513.6588|3. 6550|3.6150 3. 6063 3.5713 3,.5775
France
< .08011 .07811 07S8| .0771 .0780 .0770 .0773
Italy
! 0492| .0463! .0467 .0447 .0458 .0433 .0433
Spam
i ,1290i .12651 .1303 .1260 .1296 .1275 .1275
Germany
i ,0136| .01311 .0137 .0127 .0131 .01281 .0129
Switzerland
! .1684i .1660 .1659 .164' .1650 .1625 .1647
[000 omitted.]
Sweden (Stockholm)
I ,2180' .2150 .2120 . 2095 .2131 .2052 .2055
Holland
' .3284! .3215 3204 .3170 .3170 .3127 .3132
Belgium
i .0795! .07681! 0781 .0757 .0773 .0752! .0773
May,
1921.
Argentina
I 2949 .2922 .2908 .2835 .2867 .2792 .2867
June, 1920.
June, 1921.
5063 .4913 .5038 .4963 . 5013 .4913 .5013
China (Hongkong)
.6688 .6863 .6763 .6788 .6713 .6788
Chin a (Shanghai).
4788 .4788 .4788i .4788J .4813 . 4788|.4813
Japan (Yokohama)
RelaRelaRelaf.
8325
.8750 .8800; . 8725i.8888 .8750 .8888
Total. \fi't Total. tive. Total. ; tive.
Canada
Bar silver in New York... .6150 .5963 .6150! .5950! .6113 .5975 .6025
Receipts of live stock at
15 western markets
(head)
Receipts of grain at 17
interior centers (bushels)
Sight receipts of cotton
(bales)
Shipments of lumber reported by three associations (million feet)
Bituminous coal production (short tons)
Anthracite coal production (short tons)
Crude petroleum production (barrels)
Pig iron production (long
tons)
Steel ingot production
(long tons)
Cotton c o n s u m p t i o n
(bales)
Wool c o n s u m p t i o n
(pounds)
j
5,005
100 ! 4,928 I 98.4 4,574 ! 91.4
,
77,940
266
685,072
!
100 I 93,405 1119.9
|
72,640 | 93.2
777 292.1
100 ;
100 i679,027 99.1 J825,350 | 120.4
45,114
100 33,852 ; 75.0 ! 33,330
73.8
8,158
100 . 7,786 95.4 ! 7,497
91.8
36,946
100 | 40,405 1109.3 j 42.043 j 113.
3,044
100 | 1,065 i 34.9 ! 1,221 j 40.1
2,981
100 ! 1,003 ; 33.6 | 1,266 | 42.4
555
46,578
100 j
462 ! 83.2 |
440 | 79.2
100 59,592 J127.8 j 56,929 I 122.2
During the month ending July 10 the net
Gold and sil- inward movement of gold was
ver movements. $34,351,000, as compared with
a net inward movement of $51,581,000 for the
month ending June 10. England, France, and
Canada combined furnished over 80 per cent, or
$29,380,000, of the $36,294,000 of gold imported
during the monthly period ending July 10,
other countries of Europe, the Orient, and
Colombia furnishing most of the remainder.
Of the gold exports, amounting to $1,943,000,
almost three-fifths, or $1,124,000, was consigned to vSweden and the remainder to Mexico
and Canada.
908
FEDERAL RESERVE BULLETIN.
Net silver imports during the monthly
period ending July 10 totaled $1,532,000, as
compared with net imports of $3,005,000 for
the month ending June 10. Mexico furnished
over 56 per cent, or $2,236,000 of the $3,983,000
of silver imported during the monthly period
ending July 10, the remainder coming principally from Peru, Canada, and Panama. Silver
exports, amounting to $2,451,000, were consigned principally to Hongkong, China, England, and Mexico.
Further progress toward the restoration of a
The banking more liquid condition of both
situation.
member banks and Federal
Reserve Banks is indicated by the reports of
these banks for the more recent weeks. In the
absence of major loan operations by the Treasury, credit liquidation proceeded unchecked,
the volume of loans and discounts of reporting
member banks showing substantial reductions
for the period under review. Larger reductions are indicated in the member bank holdings
of Government securities, chiefly of Treasury
certificates and the newly issued 3-year Treasury notes, for which apparently there exists
a good investment demand. Reductions in
these two accounts between June 15 and July
13 aggregated over $180,000,000 out of a total
reduction of $227,000,000 in investments and
of $379,000,000 in total loans and investments
of the reporting banks. The course of member bank credit operations during the four
weeks between June 15 and July 13 is indicated in a general way in the following exhibit:
REPORTING MEMBER BANKS.
[In millions of dollars.]
Date.
RedisLoans
counts Ratio of
Number and dis- and
bills accomcounts payable
of remodaporting and inwith
tion
banks. i vest- 1
F.
R.
(3+2).
| ments.
Banks.
2
June 15.
June 22.
June 29.
July 6.
July 13.,
1
817
817
817
816
816
15,430
15,349
15,333
15,195
15,051
3
1,168
1,208
1,215
1,250
1,154
clude further net liquidation of $67,800,000
of discounts for member banks, largely paper
secured by Government obligations. Federal
Reserve Bank holdings of acceptances show
a further decline of $15,600,000 and on July
20 reached the low total of $23,900,000, Pittman certificates show a decrease of $6,500,000,
while a decrease of $30,000,000 in other Treasury certificates is due largely to the redemption of temporary certificates held by the New
York Federal Reserve Bank. Deposits moved
within rather narrow limits, while Federal
Reserve note circulation, notwithstanding the
large note issues before the July 4 holiday,
shows a further decrease of $74,800,000, the
amount in circulation on July 20—$2,564,500,000—being about 25 per cent below the
peak attained on December 23 of last year.
Rediscounts of the Richmond, Minneapolis,
and Dallas banks with other Federal Reserve Banks increased from $41,700,000 to
$49,700,000.
The reserve banks report a further gain of
$57,800,000 of gold, while their total cash reserves, because of a loss of $18,400,000 of
silver and legals, show an increase of only
$39,400,000. It is this gain nearly as much as
the reduction in liabilities which is responsible
for the substantial rise in the reserve ratio
from 60.4 to 62.5 per cent. This rise was continuous, except for the first week in July,
when a temporary increase in note liabilities
caused a fall in the ratio from 60.8 to 60 per
cent.
In the following exhibit are shown the principal changes in the condition of the Federal
Reserve Banks between June 22 and July 20:
FEDERAL RESERVE BANKS.
|
|I Net
I demand
| deposits.
[In millions of dollars.]
I Bills discounted.
4
7.6
7.9
7.9
8.2
7.7
10,384
9,989
10,046
10,030
10,086
Including rediscounts with F. R. Banks.
Developments in the Federal Reserve field
during the four-week period ending July 20 in-
AUGUST, 1921.
Date.
June 22.
June 29.
July 6..
July 13.
July 20.
Cash Secured
by
reU.S.
serves. GovernAll
ment other.
obligations.
2,620
2,625
2,631
2,648
2,659
658
648
674
619
610
1,096
1,124
1,127
1,085
1,076
F.R.
in
Total notes
actual Reserve
decirratio.
posits. culation.
1,697
1,686
1,713
1,694
1,693
2,639
2,634
2,672
2,604
2,565
60.4
60.8
60.0
61.6
62.5
AUGUST, 1921.
FEDERAL RESERVE BULLETIN.
909
BUSINESS, INDUSTRY, AND FINANCE, JULY, 1921.
Seasonal dullness in practically all lines of trade has prevented general business conditions
from showing a material alteration during the month of July. Both in volume of business,
extent of unemployment, and depression of production, the month still reflects a condition of
business reaction in basic lines of industry. In this connection may be especially mentioned
the position of two of the nonferrous metals, copper and zinc, which continue to suffer from
lack of demand and extreme depression of prices. It should, however, be noted that in some
basic lines of production, in which demand is subject to special conditions, there has been a
noticeable improvement. This is true of cement production and structural steel, demand for
which has been substantially increased as a result of the growth which has been noted in building
operations.
On the other hand, consumers7 demand, as reflected in the volume of retail trade (with due
allowance for price declines), continues as good as or better than at this time last year. The
improved conditions noted during the past month or two as affecting textiles, boots and shoes,
and other lines of business producing immediately consumable commodities, have been maintained. Due to the shortage of stocks on the shelves, midsummer orders have been in some
few directions better than usual. In a number of lines, such as knit goods, cotton textiles,
and others, the forecasts for a satisfactory autumn business furnished by trade authorities are
decidedly encouraging.
Probably the most hopeful feature in the outlook is, however, the continuing prospect of
excellent food crop returns. In cotton there has been little or no change from the prospect of
former months, the outlook indicating about two-thirds of last year's production, due both to
reduced acreage and to the poor condition of the crop. This reduced crop prospect holds true
also for tobacco and in a lesser degree for other important money crops. Unusually poor
returns from the deciduous fruit crop are reported from a number of important producing
areas in the East and Middle West.
Price changes have shown no pronounced tendencies. The Federal Reserve Board's
index compiled for international comparisons shows a recession of 3 points during June, while
conflicting movements are manifest during July. Greater stability is manifest in the textile
and boot and shoe industries, while, on the other hand, important declines have taken place
in other industries, as, e. g., in iron and steel. Automobile prices constitute a striking example
of reduction among the highly manufactured commodities.
Practically no change has occurred in the employment situation, and labor authorities
report that the savings of men who have been for some time out of work, as well as unemployment funds of trade-unions, are becoming seriously depleted. The desire to see a resumption
of full production has become very acute in not a few districts and has apparently led to some
operation of plants on a nonprofit-making basis, but with wage scales correspondingly reduced
or employees working on part time.
In the financial field money rates have become distinctly easier. A reduction in the rediscount rates at several Federal Reserve Banks has placed the charge for all classes of paper at 5J
per cent, while some softening of rates to direct borrowers of banks has been reported from
the financial centers. Fairly satisfactory demand for commercial paper and for bankers'
acceptances continues to make itself felt. Fluctuations in exchange and unstable financial
conditions in foreign countries have prevented any material improvement in the financing of
export products, and foreign trade conditions continue to show comparatively little advance
from the position of recent months, although heavy seasonal exports of cotton and grain have
slightly increased our trade balance, as shown by the most recent figures.
910
FEDERAL RESERVE BULLETIN.
AGRICULTURE.
The composite condition of all crops of the
United States on July 1 was 96.4 per cent of
their average condition on that date during the
past 10 years. There was some decline in the
condition of all the leading grain crops during
June, and the indicated production of wheat on
July 1 was 809,412,000 bushels, as compared
with an estimated production of 829,631,000
bushels on June 1 and an actual production of
787,128,000 bushels in 1920. Harvesting of
winter wheat was completed early in July and
the harvesting of spring wheat has commenced.
District No. 10 (Kansas City) states that the
wheat yield was better than has been anticipated, but the prolonged period of hot weather
nas left the wheat and other small grain crops
of district No. 9 (Minneapolis) in a spotted condition. The acreage and condition of corn on
July 1 indicated a yield of 3,123,139,000
bushels for the 1921 crop, as compared with a
yield of 3,232,367,000 bushels in 1920 and an
average production of 2,797,625,000 bushels
during the previous five years. The heavy
rains in June and warm, dry weather in July
have combined to improve crop prospects
throughout most of the corn belt. District No.
9 (Minneapolis) states that, unless unfavorable
conditions develop before the harvest, the
corn crop should be the largest that that district has ever produced. Reports indicate that
the acreage planted to corn in districts No. 6
(Atlanta) and No. 11 (Dallas) has been largely
increased as a result of the reduction in cotton
planting. The estimated production of sugar
beets on July 1 was 8,012,000 tons, as compared with 8,546,000 tons in 1920 and an
average production of 6,218,000 tons in the
previous five years. District No. 12 (San
Francisco) states that sugar beets in California,
Utah, Idaho, and Washington are well above
the average condition, while the acreage is
only slightly smaller than in 1920.
AUGUST,
1921.
loads in May and 4,870 carloads in June, 1920.
The hot weather has caused a large increase in
the demand for lemons, which has resulted in a
sharp rise in their price. Canners in district
No. 12 (San Francisco) are planning to curtail
their pack of canned fruit, as distributors have
been placing few orders for future delivery.
COTTON.
The condition of the United States cotton
crop on June 25 was 69.2 per cent of a full
normal, as compared with 70.7 per cent a
year ago, and an average condition of 78.8
per cent for the past 10 years on that date.
The area of cotton under cultivation amounts
to 26,519,000 acres, as compared with 37,043,000 acres a year ago, while the estimated
total production for 1921 is 8,433,000 bales,
as compared with an actual production of
13,365,754 bales in 1920. The reduction in
acreage amounts to at least 25 per cent in
each of the States where cotton is cultivated.
District No. 5 (Richmond) reports a generally poor condition of the cotton crop due to
late irosts, boll-weevil activity, and a reduction of about one-third in the quantity of
fertilizer used. In district No. 6 (Atlanta)
there has been considerable abandonment of
acreage planted to cotton. Large numbers
of boll weevils have appeared, but their activities have been somewhat checked by the
hot, dry weather. Reports from Alabama
and Georgia indicate that the average quality
of fertilizer used on the acreage planted to
cotton was unusually poor. District No. 11
(Dallas) states that the condition of Texas
cotton is "from about the average to very
good," except in eastern Texas, although the
season has been too wet to secure the best
progress for the plant. Weather conditions
have also hampered the growth of the crop
in district No. 8 (St. Louis) and it has been
seriously injured by the ravages of the boll
weevil.
FRUIT.
TOBACCO.
The deciduous fruit crops showed some
further deterioration during June, and the
indicated yield is very low in all sections of the
United States. The indicated production of
apples on July 1 amounted to 102,190,000
bushels, as compared with 240,442,000 bushels
in 1920 and an average production of 182,706,000 bushels during the previous five years.
On July 1 the condition of each of the citrus
fruit crops—oranges, grapefruit, lemons, and
limes—was higher than the 10-year average
condition on that date. Shipments of all citrus
fruits from California during June amounted to
7,858 carloads, as compared with 5,960 car-
The production of tobacco this year on the
whole has been greatly reduced. The total
acreage is reported as 70.6 per cent of that in
1920, while the condition on July 1 was only
71.9 per cent as compared with 84.3 per cent
on July 1, 1920, and 82.1 per cent for the
July 1 10-year average. Accordingly, the
estimated yield is 932,157,000 pounds, as
compared with the December, 1920, estimate
of 1,508,064,000 pounds last year. The reduction is especially marked in the Southern
States which grow the manufactured and
export types. On the other hand, in the
cigar-type States acreage in general has been
AUGUST,
1921.
but little reduced from last year, and the
condition is much nearer the 10-year average, so that the falling off in estimated production has been much less than in the case
of the other types. In district No. 5 (Richmond) the South Carolina crop has been made,
and the markets open there this month.
Growth has been slow in district No. 8 (St.
Louis), and the Burley crop in district No. 4
(Cleveland) has been "hit hard" by drought,
while in district No. 3 (Philadelphia) the
Lancaster County crop is also not very far
advanced, as it was retarded by the June
drought, although it has been aided by recent rains. The cigar industry in district
No. 3 (Philadelphia) has recently experienced
a general improvement, but, while operations
have been increased in many factories, production is being regulated by sales so that
stocks will not accumulate.
GRAIN MOVEMENTS.
Receipts of grain at primary markets
increased considerably during June, as compared with May, and also showed an increase
over receipts in June, 1920. Wheat receipts
at the four leading markets of district No. 10
(Kansas City), however, amounted to 11,034,400 bushels in June, as compared with 11,964,000 bushels in May and 7,570,100 bushels in
June, 1920. Receipts of wheat at Minneapolis
and Duluth totaled 12,599,842 bushels in June,
an increase of 57 per cent over the receipts
for May and of 42 per cent over the receipts
for June, 1920. The June receipts of corn,
oats, and barley at these two centers showed
even greater increases in comparison to the
receipts during May and during June, 1920.
In the four reporting centers of district No. 10
(Kansas City), however, receipts of corn during
June were appreciably lower than in June,
1920. About 54,435,000 bushels, or 6.9 per
cent, of the 1920 wheat crop still remained on
the farms on July 1, as compared with 47,620,000 bushels on July 1, 1920, and average
stocks of 29,328,000 bushels for that date in
the five preceding years. Stocks of grain in
terminal elevators at Minneapolis and Duluth
amounted to 21,869,196 bushels on June 30,
an increase of 19 per cent over the stocks on
May 31. wStocks oi corn nearly doubled during
June, and there was an increase in stocks of
all grains except rye. Comparisons with a
year ago at these centers show a particularly
large increase in stocks of oats from 516,513
bushels on June 30, 1920, to 15,016,996 bushels
on June 30, 1921.
911
FEDERAL RESERVE BULLETIN.
FLOUR.
Business of flour millers continues well
under normal, but in district No. 8 (St. Louis)
12 reporting firms give sales during the past
30 days (up to about July 20) as the best
in several months. The domestic trade has
picked up, and export buying has been on a
larger scale. Operations in that district have
been at 40-50 per cent of capacity. Increased
milling activity during the latter part of June
and the first half of July is also reported in
district No. 10 (Kansas City), where June
output of reporting mills amounted to 1,433,804
barrels. Flour mills in district No. 9 (Minneapolis), however, operated at about 39 per cent
ot capacity during the four weeks ending July
2, as compared with 41 per cent during the
four weeks ending June 4. The output of mills
representing about 75 per cent of the total
production of the district, on the other hand,
increased 1.7 per cent—from 1,626,830 barrels
to 1,651,175 barrels. An increase in the percentage of operations in district No. 12 (San
Francisco) from 34 per cent of capacity in May
to 42 per cent of capacity in June was due
entirely to increased activity by California
millers. Seventy-six mills produced 623,134
barrels during June, while 72 mills produced
525,392 barrels during May. Flour prices receded sharply during June, although they
showed a considerable advance again at the
middle of July.
LIVE STOCK.
Range conditions continue good in practically all sections except Arizona and southern
Utah, where there has been deficient rainfall
for some time. There is, however, a shortage
of beef cattle in the range country of district
No. 12 (San Francisco), as a larger proportion
than usual of the herds were sold last fall in
order to meet maturing obligations. The
spring lamb crop in the district is reported the
best in several years.
June movement to markets of each of the
three principal classes of live stock has been
heavier than in May, although less than during
June, 1920, except in the case of sheep.
Receipts of cattle and calves at 15 western
markets during June were 1,117,111 head, as
compared with 1,062,988 head during May and
1,282,294 head during June, 1920. The respective index numbers were 111, 105, and 127.
June receipts of hogs were 2,671,462 head,
corresponding to an index number of 122, as
compared with 2,401,246 head during May?
912
FEDERAL RESERVE BULLETIN".
corresponding to an index number of 109, and
2,695,660 head during June, 1920, corresponding to an index number of 123. Receipts of
sheep during June were 1,130,874 head, as
compared with 1,097,976 head during May and
1,005,790 head during June, 1920. The respective index numbers were 83, 80, and 74.
Prices of these three classes of live stock have
been higher in July than in June, and the
advance has been particularly marked in the
increase of hogs. Dressed hogs on July 15
likewise were 2 cents a pound higher at Chicago
than on June 15, and similar increases were
shown for the various pork products. These
are attributed to improved export demand, in
particular from England. Warm weather at
the end of June hurt the beef trade in district
No. 10 (Kansas City), which had slackened as
far back as the latter part of May, although
there was an excellent demand for lamb during
the first half of June.
PETROLEUM.
AUGUST,
1921.
106,970 barrels daily new production in June,
1920. In all districts there were further pronounced reductions during June in the prices
of crude petroleum and its refined products,
because of decreasing consumption and increasing stored stocks. In the Texas, Kansas,
Oklahoma, and Wyoming fields crude oil is
quoted at $1 per barrel, while in the California
district $1.35 is the present price.
COAL.
Demand for bituminous coal is very slack
and movement of coal to the lake ports is
sluggish. Railroads and public utilities are
placing the largest orders, but are not making
future contracts. Production of bituminous
coal in the United States during the first six
months of 1921 amounted to 196,000,000 tons,
which is smaller than in any similar period
since 1915, and is 66,000,000 tons less than the
production for the corresponding six months
of 1920. June production was 33,852,000
tons, as compared with 33,330,000 tons for
May and with 45,114,000 tons for June, 1920.
The respective index numbers are 91, 90, and
122. District No. 3 (Philadelphia) reports
output 60 per cent of normal. Operations are
declining and many mines are closing for the
summer months. The mines of Colorado and
Wyoming were operated at approximately 50
per cent of capacity as a result of the reduced
demand. June production of anthracite coal
totaled 7,786,000 tons, corresponding to an
index number of 105, as compared with 7,497,000 tons, corresponding to an index number
of 101, for the preceding month, and with
8,158,000 tons, corresponding to an index
number of 110, for the corresponding month
of 1920. A generally dull anthracite market
is reported. In district No. 3 (Philadelphia)
production continued at the same rate as neretofore, but greater amounts of domestic sizes
are being stored by dealers who are laying in
winter supplies. On the other hand, steam
sizes are being stored at the mines. Retail
prices were advanced the usual 10 cents per
ton on July 1, with an additional 15 cents per
ton for the new Pennsylvania State tax. Beehive coke production continued to decline during June, with present output in district No. 3
(Pniladelphia) only 11.7 per cent of that reported a year ago. By-product coke is being
produced at less than 50 per cent of the normal
rate, but it remains practically unchanged in
price.
The petroleum industry during the month of
June was characterized by continued production in excess of requirements, and by further
price cuts ranging from 2 per cent to 19 per
cent for all refined products. California showed
the greatest increase in production. The
average daily production was 337,625 barrels, an increase of 64,556 barrels as compared with June, 1920, and of 524 barrels as
compared with May, 1921. Production was
greater than consumption, and at the end of
June the stored stocks of 29,768,643 barrels
represented an increase of 1,713,933 barrels
over those at the close of May. Seventy-six
new wells were opened with a daily production
of 19,965 barrels. In district No. 11 (Dallas)
the average daily output was 380,171 barrels,
as compared with 372,596 barrels for the preceding month. A total of 264 new wells, which
had an initial production of 73,062 barrels,
were completed in June, as compared with 278
new wells, with an average daily production of
75,574 barrels, for the month of May. Preliminary estimates of the production of crude oil
in the three States of Kansas, Oklahoma, and
Wyoming indicate a total production of 14,850,000 barrels for the 30 days of June, as compared
with 15,412,000 barrels for the 31 days of May.
Reports for the first two weeks of July, however, showed a considerable reduction in output, with indications that fewer new wells will
be completed in July than in any month since
February, 1920. In this district 733 new wells
were completed in June with 71,890 barrels
IRON AND STEEL.
daily new production, as compared with 714
wells with 87,461 barrels daily new production
Operations in the iron and steel industry
for the month of May, and 1,135 wells with continue at a low level. Pig-iron production
AUGUST,
FEDERAL RESERVE BULLETIN.
1921.
during June was 1,064,833 tons, corresponding to an index number of 46, compared with
1,221,221 tons during May, corresponding to
an index number of 53. Daily average production was the lowest since January, 1908.
Steel-ingot production declined similarly, from
1,265,850 tons during May to 1,003,406 tons
during June. The respective index numbers
were 54 and 43. The unfilled orders of the
United States Steel Corporation likewise declined, from 5,482,487 tons at the close of May,
corresponding to an index number of 104, to
5,117,868 tons at the close of June, corresponding to an index number of 97. The
number of active blast furnaces decreased
during June from 90 to 76. Present production is stated to be at a rate not more than
sufficient to meet current demands, and manufacturers are not accumulating stocks, except
when the operation of the by-product ovens
makes it profitable to consume the coke produced in the manufacturing of pig iron. Consumers' stocks are stated to have been steadily
decreasing during past months, but no attempt is being made to replenish them. The
large manufacturers, on the other hand, appear to have in general adopted the policy of
shutting down plants or curtailing operations
rather than attempting to force their goods
upon the market irrespective of price. New
price levels were established early in the month,
which represented a formal recognition of the
levels previously reached through shading the
schedule of prices announced on April 13,
rather than a new development in themselves.
Some of the smaller companies, in fact, are
already stated to have shaded the new levels.
In spite of the reductions, the volume of new
business on the whole continues small. Some
firms in district No. 3 (Philadelphia) report a
few inquiries from automobile and on-tank
manufacturers, while in district No. 4 (Cleveland) there have been an increasing number of
requests from railroads for material for repairs, and some buying has resulted. A few
inquiries and purchases of new equipment
have also developed. With increased building activity in recent months there has been
increased purchasing of structural steel.
AUTOMOBILES.
Price reductions have been made by 72 out
of about 90 large automobile manufacturers in
the country, while four have increased their
prices. Reductions have been comparatively
few on the higher-priced cars, and the percentage reductions are also stated to have been
less. The reductions range from 5 to 34 per
cent, the average decrease announced by 45
companies being 14.8 per cent. There has
913
been some revival of sales in consequence, but
this is now subsiding, and it is stated from
district No. 3 (Philadelphia) that "the midsummer season bids fair to be duller than
usual." Greater economy in purchasing by
consumers is evidenced by the relatively better
demand for the lower-priced cars and for used
cars of all types, as well as by an exceptionally
good demand for accessories and parts. A conspicuous exception is afforded by a leading
make of low-priced car, which is stated to be
selling in record quantities. Manufacturers in
general are keeping production close to existing
demands in order to prevent accumulation of
cars. Shipments of automobiles reflect the
situation just indicated. June shipments are
estimated at 19,200 carloads, as compared with
18,608 carloads during May, while driveaways
during June were 18,000 cars, as compared
with 15,193 in May, and June boat shipments
are estimated at 3,700 cars, as compared with
2,881 cars during May.
METAL MANUFACTURING.
i
The metal-working industry of New England
is operating at approximately one-third capacity, with rather more firms below this average
than above. Producers of machinery are confronted with a considerable quantity of secondhand machinery on the market that must be
absorbed before substantial orders can be
expected. The quantity of orders on hand is
extremely small, and the firm with a volume of
advanced business equivalent to whole-time
operation for even a week or two is the exception. Companies have frequently been asked
to suspend shipments of goods ordered until
business conditions improve. While jobbers'
and dealers' stocks are not considered large,
buying continues on a hand-to-mouth basis.
NONFERROUS METALS.
Production of the nonferrous metals has been
very inactive during June and the early part
of July, and there has been very little demand
for copper, lead, or zinc. It has been stated
by authorities in the copper industry that
June marked the slowest month since June,
1908, but toward the middle of July conditions
became more encouraging. The output of refined copper by reporting companies in district
No. 9 (Minneapolis) amounted to 5,790,145
pounds, as compared with 5,927,881 pounds in
May, but was only 22.6 per cent of that produced during the same period last year. The
quoted price of refined copper (New York)
during this period ranged from 12.675 cents to
12.25 cents per pound. The larger producers
are doing practically no business, as they are
914
FEDERAL RESERVE BULLETIN.
unwilling to sell, even to favored customers, for
less than 13 cents delivered. Export demand
has continued weak. Production of zinc during June amounted to 19,443 tons, as compared
with 18,026 tons for May, and stocks increased
from 83,721 tons at the close of May to 89,889
tons at the close of June. The zinc market
registered still further price declines and in the
early part of July zinc was quoted at 4.20 cents
per pound. Due to the increased amount of
stocks, producers are taking steps to curtail
production in order to permit the disposal of
some of the accumulations. District No. 10
(Kansas City) reports that stocks of zinc ores
held in the bins of the ore producers and unsold were estimated at 71,000 tons at the end
of June, 1921, as compared with 28,000 tons
at the end of June, 1920, while the average
price for zinc blende ore this year showed a decrease of 54 per cent when compared with the
same period last year. The price of lead fluctuated but little, the majority of the producers
asking 4.40 cents. The stiffening in lead prices
is reported to be due more to holding off on the
art of the sellers than to increased demand,
•istrict No. 12 (San Francisco) reports that
gold, silver, and lead mines are still operating
at 100 per cent capacity.
E
COTTON TEXTILES.
AUGUST,
1921.
and are only taken as needed in small quantities.
Reports made to the Federal Reserve Bank
of district No. 6 (Atlanta) by 20 mills engaged
in the manufacture of cotton cloth show an
increase Tof 14.4 per cent in yardage as compared w ith the preceding month and an increase of 14.5 per cent in shipments. Orders
on hand, however, had declined 16.7 per cent
as compared with the end of May and were
76.2 per cent below the totals for a year ago.
The dullness prevailing in the market for cotton
yarn in district No. 1 (Boston) and district
No. 3 (Philadelphia) also exists in district No.
6 (Atlanta), according to the reports received
from 28 mills, which show a reduction of 2.2
per cent in output as compared with the preceding month and 20.2 per cent as compared
with a year ago. Orders on hand likewise
decreased 10.2 per cent as compared with the
end of May.
The reports furnished by the members of the
National Association of Finishers of Cotton
Fabrics reflect with a high degree of accuracy
the conditions that have prevailed within the
cotton textile industry for a number of months.
There has been a steady increase in output of
finished goods as current orders have improved,
and the average percentage of plant capacity
in operation advanced to 74 per cent in June,
as compared with 66 per cent in April and 68
per cent in May. Notwithstanding this fact,
the total average number of days of work
ahead at the end of the month has shown
racticallv no change, indicating that the
emand is of an immediate character. The
following figures present the situation in the
finishing industry in more detail: Thirty-four
firms, representing approximately 72 per cent
of the industry in the case of white goods, 62
per cent in the case of dyed goods, and 30 per
cent for printed goods, state that the total
number of finished yards billed during the
month of June amounted to 99,929,456 yards,
as compared with 91,033,535 yards in May.
The total gray yardage of finishing orders
received in June was 96,828,994, as compared
with 86,754,055 in the preceding month. The
total average percentage of capacity operated
was, as previously stated, 74 per cent and 68
per cent, respectively. The total average
work ahead at the end of the month amounted
to 9.1 days for June, as compared with 10 days
for May.
Increased activity in the market for cotton
textiles is evidenced in the larger consumption
of raw cotton reported for the month of June.
The total amount entering into consumption
was greater by nearly 22,000 bales than during the preceding month, but it was still 17
per cent below the figure for the corresponding
month a year ago. Prices for raw cotton had
advanced somewhat at the date of writing,
principally because of the unfavorable crop
reports. The greater part of the increase in
consumption is no doubt to be traced to the
enlargement of demand in the New England
districts. It is stated, however, in the report
from district No. 1 (Boston) that " competition
is so keen that profits are not keeping pace with
the volume of business and fear is felt that the
lower wage scale maintained in southern mills
endangers the stability of that prevailing in
New England." Reports both from district
No. 1 (Boston) and district No. 3 (Philadelphia)
indicate the prevalence of the demand for special kinds of dress fabrics, such as ginghams,
while the demand for fabrics needed primarily
WOOLEN TEXTILES.
for industrial uses, such as ducks and denims,
is still weak. The activity in the cotton-goods
The belief that the woolen and worsted
market has not been paralleled by a similar re- industry has reached a fair degree of stability
vival in the case of the yarn mills. Large received additional confirmation from the
stocks of yarn are still held by manufacturers result of the opening of the spring lines by the
S
American Woolen Co. on July 26. There was
a large attendance of buyers, and it is stated
that orders in some cases booked the entire
production of certain mills. Most significant
was the fact that the prices quoted on men's
wear fabrics were either about the same or
slightly higher than quotations for fall made
last February, while there was as light advance
on woolen goods for women's wear and practically no change in the prices of worsteds. During
the month the mills have largely been working
on past orders, as business for fall and winter
had been previously placed and the spring season
openings were still in prospect. The activity of
the industry is shown by the fact that woolen
and worsted machinery has been employed
from 74 per cent of capacity upward during
June, and wool-combing machinery has run
at about 96 per cent of capacity. Notwithstanding the favorable outlook, it still remains
true that there is a very restricted market for
raw wools and that prices both of wools and
of tops have suffered further reductions. It
is said that prices for raw wool are about the
same as they were during the first half of 1916,
while tops are selling at about the same prices
as those that prevailed during the last half of
1916. The demand for finer counts of yarn
is strong. The available supply is small and
the outlook promising for spinners able to
produce these better grades. Nevertheless,
the market for woolen and worsted yarn
generally speaking is not very active. Orders
are in small quantities merely to fill in depleted stocks. It is stated, however, from
district No. 3 (Philadelphia) that the demand
from the knitting trade has " developed beyond
expectations" and that there has been some
difficulty in securing suitable yarns. Slight
improvement in the business in hosiery and
underwear yarns is also noted, although
dullness still prevails. The demand for carpet
and rug yarns is somewhat greater.
SILK TEXTILES.
The prospects in the silk industry are fairly
favorable at the present time, as witnessed by
the fact that the consumption of raw silk
during June amounted to 33,846 bales, as compared with only 27,209 bales in May. In
fact the total was as great as the amount consumed in any month of 1919. Imports during
the month of June amounted to 28,857- bales,
a slight increase over the May totals. As a
result of the increase in consumption, however,
the amount in storage at the end of the month
fell to 15,552 bales, as compared with 20,541
bales held at the end of May. The latest reports from the district in and about Paterson
indicate that the percentage of operations to
915
FEDERAL RESERVE BULLETIN.
AUGUST, 1921.
maximum capacity is about 45 per cent, which
is somewhat below the estimates for a month
ago. The drop can probably be attributed to
seasonal influences. Reports from district No.
3 (Philadelphia) are particularly encouraging,
and it is stated that one important firm reports
a larger business for the first six months of
1921 than for any similar period in its history.
The trade reports generally note that Canton
prices are advancing, and that the Italian
market has also received good advance orders.
HOSIERY.
The conditions in the hosiery trade remained
substantially as they were a month ago. The
long drawn-out strike in the full-fashioned silk
hosiery mills has persisted, with the result that
the scarcity of goods has become so great as to
encourage importations from abroad. There
has been a slight increase in demand for better
grades of lisle hosiery, and cotton hosiery has
also been taken in somewhat greater quantities
but only where price reductions have been
made. In district No. 3 (Philadelphia) 24
firms selling to the wholesale trade report an
increase of 17.3 per cent in product manufactured during June as compared with May.
Orders booked, however, dropped 42.7 per cent
and unfilled orders on hand on June 30 were 13.4
per cent less than during the preceding month.
On the other hand, 7 firms selling to the retail
trade not only showed an increase in product
manufactured during June of 26.7 per cent, but
also in orders booked and unfilled orders on
hand on June 30, with percentages of 65 and 40,
respectively.
UNDERWEAR.
There were indications of improvement in
the market for knit goods during June. It
was reported from district No. 3 (Philadelphia)
that a fair number of orders had been received
for the late spring trade in underwear, and
operations were at 75 per cent of capacity, and
in some cases even more, for the majority of
reporting firms. Production had also increased as compared with May, and 20 firms
reporting to the Federal Reserve Bank of
Philadelphia showed an increase in the product
manufactured of 13.2 per cent as compared
with May, although the totals were 37.7 per
cent below those of a year ago. Orders booked
during the month increased 43.9 per cent,
while unfilled orders on hand at the end of
June had been reduced 22.9 per cent. Orders
for the fall trade have been so slight, however,
that unless the next few weeks show a very
decided increase in demand it will not be possible for manufacturers to fill smy subsequent
orders within the limited time available. It is
916
FEDERAL RESERVE BULLETIN.
estimated by some firms that the production
of woolen and cotton ribbed underwear has not
amounted to more than 15 per cent of normal
since last December. The improvement noted
in the report from district No. 3 (Philadelphia)
is also evidenced by the returns received from
62 mills reporting to the Knit Goods Manufacturers of America. Although the production
of summer underwear during June amounted
to only 60.3 per cent of normal as compared
with 63.6 per cent during the month of May,
the production of winter underwear rose to
67.9 per cent of normal as compared with only
48.5 per cent during the preceding month.
SHOES AND LEATHER.
Prices of hides and skins have shown little
change during July. District No. 3 (Philadelphia) states that calfskins have held steady
at 18 cents and that considerable sales have
been made at that price. The price of goatskins has shown a slight increase, while the
price of cattle hides has tended to decline.
Demand for upper leathers has been well maintained. There is a fair amount of business in
calf leather and some export orders for suede
calf have been booked. A considerable export
business in patent leather has developed, and
the foreign demand for glazed kid has recently
shown a marked growth. The output of glazed
kid is increasing, but manufacturers are selling
more than they are producing. District No. 3
(Philadelphia) reports that sales of sole leather
declined during July, but the prices showed
little change. Sales of hat leather have
recently been very satisfactory, but trade in
belting leather and glove leather is very stagnant. Shoe production in New England
showed a marked increase during June and
amounted to over 60 per cent of capacity, as
compared with about 50 per cent in April and
May. The June output of eight representative shoe manufacturers in district No. 1
(Boston) was about 24 per cent higher than
that of May, and more than twice as great as
that of November, 1920. District No. 3 (Philadelphia) states that manufacturers are for the
most part well supplied with business, and that
prices as a rule have been firmly maintained.
Manufacturers of women7 s shoes in that district report that high shoes are ordered in
smaller quantities than low shoes, and that
calf and kid leathers are in largest demand.
In district No. 8 (St. Louis) factory operation
has continued at from 90 to 100 per cent of
capacity, according to the reports received
from 11 firms, but new orders have shown a
perceptible decline since July 1. Sales of reporting wholesale shoe dealers in district No. 7
AUGUST,
1921.
(Chicago) during June showed an increase of
4.4 per cent as compared with June, 1920.
LUMBER.
Demand for lumber declined somewhat during June. District No. 12 (San Francisco)
reports "extreme quiet in lumber production/'
which is expected to change when new freight
rates to eastern points become effective.
Seventy-five per cent of the logging camps are
reported closed and will remain so until the
demand for lumber improves. The demand
for spruce, however, is greater, due to increasing orders from fruit growers and packers.
The four lumber associations of the district
report a June production of 377,605,000 feet,
the highest figure reached during the current
year, and 4.8 per cent greater than the May
cut. During June, 1920, production was
525,630,000 feet. Neither shipments nor orders increased in proportion to the increase in
cut, and both were less than in May, 1921, and
in June, 1920. Shipments were 318,697,000
feet, a 4.7 per cent decrease from the May
figure, and were 15.6 per cent less than the
June cut. Mill stocks have been increased
accordingly. June orders show a decrease of
14.7 per cent when compared with May. The
large part of these orders call for mixed carload
lots, an indication that purchases are only being
made to meet current needs.
Reports from 33 southern pine mills in district No. 11 (Dallas) show a decline in demand
for lumber during June as compared with May.
Orders booked in June represented 66 per cent
of normal monthly production, whereas orders
booked in May represented 75 per cent.
Actual production of the 33 mills is reported
as 29 per cent below normal and 5 per cent
above shipments. In the week ending July 1
average production of 138 members of the
Southern Pine Association reporting in district
No. 6 (Atlanta) was greater than for the preceding week, but less than for any other week
since that ending April 22. Orders received
during the same week were 6.5 per cent greater
than actual production, but 20.8 per cent less
than normal production. These same mills
report " a moderate volume of lumber moving
into construction channels/' with retailers buying chiefly in mixed carload lots. Prices remained fairly stable. In district No. 9 (Minneapolis) the June lumber cut was 5 per cent
greater than in May, but 28 per cent less than
in June, 1920. The stocks of lumber manufacturers increased 2 per cent over the close of
May and were 50 per cent greater than at the
close of June, 1920. Orders were reported to
be 3 per cent greater than in May, but 18 per
cent lower than in June, 1920. The total
orders for the first six months of 1921 were less
than one-half of those during the same period
last year. Eetail lumber sales in the district
increased 20 per cent in June as compared with
May, but were 12 per cent lower than in June,
1920.
BUILDING.
The building contract figures (compiled by
the F. W. Dodge Co.) show a decrease in the
value of contracts awarded in June as compared with May. Both contract and permit
figures, however, indicate that building activity this June is greater than is normal for
this season of the year. Five of the seven
districts for which contract figures are available show a decrease in activity since May,
while districts No. 2 (New York) and No. 4
(Cleveland) show an increased activity. Contracts awarded in district No. 1 (Boston)
amounted to $15,308,072, as compared with
$17,954,234 during May. About $6,531,152
of the June total was for residential purposes,
as compared with $6,933,658 for May. In
district No. 2 (New York) contracts awarded
during June totaled $63,561,928, as compared
with May contract figures of $58,816,766, and
residential building amounted to $34,355,048 in
June, as compared with $36,963,442 in May.
Contracts for district No. 3 (Philadelphia) totaled $14,796,800 for June and $23,373,200 for
May. Of these, $3,543,700 in June were for residences and $6,846,800inMay. In districtNo. 4
(Cleveland) total contracts for June were $39,928,314, as compared with $33,915,207 in May,
while $8,198,377 of the June total were for residential purposes, as compared with$9,188,212 in
May. Contracts for district No. 5 (Richmond)
totaled $20,428,761 for June and $23,023,500
for May. Of these there were residential contracts to the amount of $4,090,859 in June and
$6,961,450 in May. The value of permits in
15 cities of district No. 6 (Atlanta) indicates a
decrease of about 20 per cent as compared
with May and a decrease of about 27 per cent
as compared with June, 1920. Contract figures for district No. 7 (Chicago) totaled $45,199,007 for June and $54,867,976 for May.
Residential contracts amounted to $9,880,273
in June and $9,779,947 in May. In five reporting cities of district No. 8 (St. Louis) there was
an increase of about 70 per cent in the value
of permits over May and an increase of about 20
per cent over June, 1920. In district No. 9
(Minneapolis) contracts which totaled $8,762,123 were awarded in June in comparison to
$8,841,467 inMay. Of these, $2,554,420 in June
were for residential purposes and $2,323,242 in
May. District No. 10 (Kansas City) reports
2,336 permits, valued at $5,809,297, for June,
917
FEDEBAL RESERVE BULLETIN.
AUGUST, 1921.
1921, and 1,564 permits, valued at $5,993,491
for June, 1920. Nine cities in district No.
11 (Dallas) report 2,617 permits, valued at
$4,155,740, for June, as compared with 1,629
permits, valued at $2,781,222, for June, 1920.
The value of building permits for 20 cities of
district No. 12 (San Francisco) amounted to
$15,450,694 in June, as compared with $16,101,689 last June.
LABOR.
Reports dealing with employment conditions in the several Federal Reserve districts
show that few changes of importance have
occurred during the past month. This is not
surprising in view of the fact that the industries
which are now experiencing a fair degree of
activity recruited their forces some months
ago. On the other hand, the demand for
agricultural labor has already reached the
peak in certain parts of the country, so that it
offers less opportunity for further absorption of
excess labor. The building trades and metal
industries are offering even less opportunity for
employment than during the preceding month.
In district No. 1 (Boston) reports from the
Massachusetts public employment offices indicate that during the first half of July the
demand for workers showed a decrease as
compared with the same period in June.
Reports from individual cities, such as Worcester and Springfield, also indicated a pronounced drop in the demand for workers.
Worcester, for example, showed a falling off
of about 10 per cent in applications from employers as compared with the preceding month,
and 30 per cent as compared with a year ago.
The Springfield office stated that during the
period from June 16 to July 15, 10,086 persons
applied for work, while only 1,078 requests for
help came from employers. The New York
State Industrial Commission reported a decrease of 2 per cent between May 15 and June
15 in the number of persons employed in
industrial establishments in that State. As in
New England, the principal declines in numbers
employed were in the iron and steel and metal
working industries, while there were increases
in textile and clothing lines and in establishments engaged in the manufacture of food
products. A special survey of labor conditions
m district No. 3 (Philadelphia) furnishes a
comprehensive picture of the existing state of
employment in that district. Returns from
496 firms show that the total number of men
on the pay rolls on June 30 of this year was
29.9 per cent less than the number employed
on the same date in 1920 and 6.7 per cent less
than the number employed on January 1.
The decrease is stated to be accounted for
918
FEDERAL RESERVE BULLETIN.
largely by the drop in activity since those dates
in the iron and steel, printing and publishing,
and tobacco industries. On the other hand,
there has been an increase in the number of
employees in the textile industries. Not only
did the metal trades show great decreases in
numbers of workers, but the replies to questionnaires likewise indicated that only 36.2 per
cent of those employed were working at full
time, while 42.7 per cent were working under a
half-time arrangement and 21.1 per cent at
less than half time. In the textile industries
94.2 per cent of the workers were on a fulltime basis and only a fraction of 1 per cent were
engaged at less than half time. The continuance of a number of long drawn-out strikes in
the full-fashioned hosiery, carpet, and rug industries in district No. 3 (Philadelphia) is reported, with no indications of a speedy settlement. In district No. 5 (Richmond) some
slight improvement in the labor stiuation is
noted, and although the strike of textile workers at Charlotte continues, it has not spread to
mills in other sections. In district No. 7
(Chicago) the regular monthly inquiry into
employment conditions which is made by the
Federal Reserve Bank resulted in the receipt
of returns from 144 firms employing 91,826
persons on June 30, 1921. It appears that the
numbers employed had decreased slightly; that
is, 1.7 per cent, as compared with a month ago,
and 38.7 per cent, as compared with the same
month a year ago. The amount of the pay
roll showed still sharper reductions of 6 per
cent and 50.1 per cent, respectively. In some
few industries increases in employment were
shown, the most noticeable being in the contracting and building trades, where it is said
that, following a decline of 19 per cent in May,
an increase of 40 per cent took place in June.
There were also slight gains in numbers employed in clothing, knit goods, and shoe manufacturing establishments. In district No. 8
(St. Louis) there was likewise an increase in
unemployment during the month, estimated
to amount to from 8 to 12 per cent. Although there had been a continuous absorption of workers by the demand from the
country districts, it was not sufficient to prevent the falling off in total numbers employed.
District No. 9 (Minneapolis) stated that lumber
manufacturers were employing 1 per cent
fewer men in June than in May and 34 per cent
fewer than in June of the preceding year. In
the copper and iron mines only a small fraction
of those employed last year are working at the
present time. The Department of Labor reports a^decrease of 2 per cent in the case of
firms employing over 500 men. The continued lack of activity in the mining sections of
AUGUST,
1921.
district No. 10 (Kansas City) has inevitably
resulted in a high degree of unemployment,
although it is stated that "the effect of these
conditions upon the labor market is not as
marked as would be anticipated." Much of
the labor employed in mining has either gone
into agricultural work or is seeking employment elsewhere, as there is no immediate
likelihood of a resumption of activity in the
mining districts. In district No. 12 (San
Francisco) employment conditions in the
principal cities improved during the month.
In the cities of Los Angeles, Portland, and
Seattle there was a slight increase in numbers
employed as compared with May, and the large
reduction of 25 per cent in San Francisco is
in great part accounted for by the strike in the
building trades. In the coastal regions of the
Pacific Northwest the curtailment of operations
in the fishing and lumbering industries and the
closing down of shipyards has increased unemployment, and in the mining sections there
has been no revival of activity. Some absorption of the unemployed has taken place in the
agricultural sections.
WHOLESALE TRADE.
It is difficult to generalize concerning the
state of wholesale trade activity during the
month of June on the basis of the reports received, but on the whole it appears that in
view of the natural slackening in business
activity, which is to be expected during the
summer months, sales have held up fairly well.
In fact, in the case of reporting hardware firms
in several districts, increases over May figures
are recorded. For example, 25 reporting
firms in district No. 3 (Philadelphia) show a
slight advance of 1.2 per cent in volume of
sales, while in district No. 10 (Kansas City),
with 3 firms reporting, there has been an increase of 15.1 per cent in the volume of sales,
and in district No. 12 (San Francisco), 23
firms reporting, an advance of 7.7 per cent.
In two other districts, namely, district No. 5
(Richmond), 9 firms reporting, and district No.
6 (Atlanta), 14 firms reporting, changes from
the preceding month have been insignificant,
while in district No. 11 (Dallas), 3 firms reporting, there was a drop of 6 per cent. Hardware sales are, however, far "below the totals
for June a year ago, and as price reductions
have not been so far-reaching as in other lines
of wholesale trade it is evident that the dullness which' has been characteristic of the preceding months still prevails. Several districts
report a slight strengthening of the demand
for groceries, notably district No. 3 (Philadelphia), with 50 firms reporting an average ad-
AUGUST^
vance of 4.7 per cent, and district No. 5
(Richmond), with 9 firms reporting an average
advance of 2.9 per cent. Elsewhere decreases
have occurred amounting to 3.2 per cent in the
case of district No. 11 (Dallas), 12 firms reporting; 3.9 per cent in the case of district No.
12 (San Francisco), 31 firms reporting; and
12.3 per cent in district No. 6 (Atlanta), 21
firms reporting. On the whole, a greater
degree of stability appears to exist in grocery
lines, and expressions of optimism concerning
the future outlook are general. As might be
expected at this season, with one exception
no important changes have occurred in the sales
of dry goods concerns during the month. In
district No. 10 (Kansas City), however, 3 reporting firms record a quite marked increase of
14.9 per cent over the preceding month, and
this unusually pronounced advance is attributed to the fact that retail merchants waited
until the last possible moment to make their
purchases. Elsewhere minor declines are recorded except in the case of district No. 5
(Richmond), where 9 reporting firms showed
an average increase of 1.3 per cent. In district No, 5 (Richmond) and district No. 6
(Atlanta) reporting shoe firms have shown
increases amounting to 15.2 per cent, 8 firms
reporting, and 5.7 per cent, 6 firms reporting,
respectively. In district No. 12 (San Francisco), 15 firms reporting, a negligible decrease
of 0.3 per cent was recorded. In all districts
decreases in the sales of shoe firms were marked
as compared with a year ago, except in the
case of district No. 7 (Chicago), where 7shoe
firms reported an increase of 4.4 per cent. It
appears that the mark-downs that have occurred
in this district have resulted in unusually
heavy sales for the season. In none of the
four lines covered do reports indicate any feeling of certainty as to subsequent developments
sufficient to induce retailers to place any substantial orders for future delivery. As has
been the case for months past, buying is only
in small lots for immediate delivery.
RETAIL TRADE.
Retail trade continues to be considerably
less in value than in the corresponding period
of 1920, but in view of the fact that prices are
noticeably lower the present volume of trade
is probably a little greater than in 1920. There
seems to be a continuing demand for mediumpriced goods, and several stores report that
high-priced goods sell very poorly. The volume
of trade during June has been increased considerably by profitable "sales" of seasonable
merchandise, which sold readily because of the
extremely hot weather. There is a decided
falling off of trade in the furniture and house-
919
FEDERAL RESERVE BULLETIN.
1921.
hold furnishings departments, as a result of
the shortage of residential building. Reports
from representative department stores show a
decrease in all districts in net sales for June
from the same month a year ago. This
amounted to 3.1 per cent in district No. 1
(Boston), 7.1 per cent in district No. 2 (IJew
York), 7.3 per cent in district No. 3 (Philadelphia), 14.1 per cent in district No. 4 (Cleveland), 4.2 per cent in district No. 5 (Richmond), 17 per cent in district No. 6 (Atlanta),
17.5 per cent in district No. 7 (Chicago), 7.9
per cent in district No. 8 (St. Louis), 16.8 per
cent in district No. 9 (Minneapolis), 10.8 per
cent in district No. 10 (Kansas City), 17.4 per
cent in district No. 11 (Dallas), and 7.8 per
cent in district No. 12 (San Francisco). Reports from all the districts show a large decrease
in stocks on hand as compared with those at
the close of June, 1920, as well as slight decrease from the stocks at the close of May.
The rate of stock turnover has changed little
since last month, although it has shown a
slight tendency to become slower. Orders at
the close of June show an increase as compared with a month ago, but merchants are
still buying very conservatively.
PRICES.
During June and July wholesale price recessions have continued, but in the same uneven fashion as heretofore. While comparative
stability seems to have been obtained in cotton
manufactures and the boot and shoe industry,
the reverse is the case in the iron and steel industry, and irregularity marks agricultural
prices. In contrast with the situation in May,
but similar to the case in earlier months, the
recessions in June appear to have been greatest
in raw materials and least in finished commodities for personal consumption. Retail prices of
food continue to decline only very gradually,
the index number for May registering 145 (as
compared with 1913 = 100) and that for June
144. No statistics are available showing the
retail prices of other consumable goods, but
various factors seem to indicate that in those
lines also prices are declining very little, if at all.
The all-commodities index number of the
Bureau of Labor Statistics, based upon the
prices of over 300 commodities at wholesale,
stood at 148 in June as compared with 151 in
May, while that of the Federal Reserve Board,
based upon 90 price quotations, stood at 139
and 142 during the same months. Dun's index
showed similar changes between June 1 and
July 1, but Bradstreet's registered a slight
increase.
The individual price changes which produced this relatively small decline in June may
920
FEDERAL, RESERVE BULLETIN.
be summarized as follows: Agricultural commodities, such as cereals and cotton, after
advancing somewhat in May, declined quite
materially in June. At the same time live
stock continued to decline as well as the leading
minerals (excepting anthracite coal). Meanwhile a certain number of building materials,
such as brick, cement, and some types of lumber, remained unchanged in price, as did
finished woolen goods. Cotton goods, raw
silk, and commodities in the "provisions77
category rose.
During the first half of July the tendencies
in agricultural prices appear to have shifted
again, live stock as well as leading cereals and
cotton advancing. At the same time the trend
in other commodities has not been materially
changed. Yarns and cloth in the cotton and
woolen industry have continued relatively
stable, iron and steel products as well as the
nonferrous metals have tended to decline,
while lard, butter, cheese, etc., have increased.
Bituminous coal continues to decline, while
anthracite advances.
FOREIGN TRADE.
Statistics for total imports and exports
during June differ but little from the figures
for May and disclose no new tendencies in the
general foreign trade situation. Imports were
valued at $198,000,000, which represents a
decline of 64 per cent from their peak value in
June, 1920. June exports amounted to
$340,000,000, a drop of about 46 per cent from
the total for the corresponding month in 1920
and of 63 per cent from the peak value which
was reached in June, 1919. As a part of the
decline must be attributed to the lower prices
now prevailing, the Board's foreign trade
index is significant, showing as it does trade
movements with fluctuations due to prices
eliminated.
Total imports for the fiscal year 1920-21
amount to $3,667,000,000, while exports were
$6,519,000,000. These figures were lower than
the higher records of the previous fiscal year
by 30 per cent and 20 per cent, respectively.
The declines would have been greater but for
the influence of the earlier months before the
contraction of trade set in. However, unless
there is a marked revival of our foreign trade
in the remaining months of the present calendar
year, the calendar year 1921 will show a far
greater falling off from 1920 than is indicated
by the figures given above for the fiscal years.
There is, however, a decrease of less than 1
per cent in the commodity balance of trade,
excess exports falling from $2,871,000,000 for
the fiscal year 1919-20, to $2,853,000,000 for
the fiscal year 1920-21.
AUGUST,
1921.
Coincident with the decline in foreign trade,
there has been a falling off in the proportion of
our commerce transported in American vessels
and a corresponding increase in the proportion
carried in foreign bottoms.
THE COMMERCIAL PAPER BUSINESS. 1
The following is the first of two articles which
give the results of a study made by the Division
of Analysis and Research of the more important
aspects of the commercial paper business.
The endeavor has been to describe in turn current practice with respect to the placement of
paper with purchasers, its acquisition from
borrowers, and the operation of the commercial
paper house. The study is based upon data
from 12 distributors, 10 of whom had paper
outstanding on June 30, 1921, amounting to
$609,000,000, out of a total reported by 27
houses to the Federal Reserve Bank of New
York of $707,000,000.
There are two central features of the commercial paper business which should be kept
in mind. These features are influential in
determining the organization of the business
and the operating methods of the individual
dealers. The first feature is the service of the
dealer in linking up the several sections of the
country, so that a national commercial paper
market in effect tends to be established, to
which the individual borrower may have access. By this means, too, a territorial distribution of funds is obtained under our system of
many small independent banks, and surplus
funds in some sections are rendered available to
borrowers in other sections where an insufficiency of local funds exists. The distribution
changes from time to time as conditions in the
several sections change. The commercial paper
dealer acts as a regulator of this process and
serves to connect the different sections. The
second feature relates to the part played by the
dealer in the credit system of the country. He
scrutinizes carefully the volume of credit to
be extended to the open-market borrower, and
serves as a source of information as to the
standing of these borrowers, on whom he maintains an elaborate credit file.
I. COMMERCIAL PAPER MARKETS.
The commercial paper business is concentrated. About 15 large houses (counting one
group as a single house) do the great majority
of the total business of the country. A few
houses confine their activities entirely to dealing
* Prepared under the direction of W. H. Steiner, Division of Analysis
and Research,
AUGUST, 1921.
FEDERAL RESERVE BULLETIN.
921
in commercial paper, but the majority also by it as due to the fact that they have been
deal in securities, and in certain cases are mem- found to be cheaper than salesmen in covering
the particular territories where they are
bers of stock exchanges in leading centers.
Branches of commercial paper houses.—The employed.
organization of the large house is highly cenOne group of houses, which does a considertralized, and the entire system of branches able business in the aggregate, is organized on
which it maintains is directly under the con- the correspondent principle. That is to say,
trol of the principal office. Of eight large about six firms located in as many of the
houses which are among those who maintain leading commercial-paper markets, and each
an elaborate system of branches, four have their confined to a limited territory, mutually act as
head offices in New York, three in Boston, and correspondents and divide the profits on paper
one in Chicago. Four of these houses have less sold, as is the general rule where correspondents
than ten branch offices (namely, from five to are employed. The group then in effect
nine), and cover the territory tributory to parallels one of the larger houses which covers
these offices in large part through salesmen. the country as a whole through a system of
The other four houses have ten or more branches of its own. Small dealers are also
branches. Two of the latter make a distinct more or less associated in other markets with
territorial division, and have branches in each local houses who act as their correspondents.
section tributary to a head office for that sec- Some dealers report a considerable number of
tion. The location of these sectional head them in New York and Chicago, but in general
offices is as follows: Two houses each in Boston, it is stated that they are found more largely in
NewYork, Chicago, St. Louis, and SanFrancisco, Philadelphia than elsewhere. One dealer states
and one house each in Philadelphia and Seattle. that the development of these dealers in
One of the two houses thus divides the Pacific Philadelphia was due to their old family concoast territory into two parts—north and south. nections, but that they are gradually decreasing
A further indication of the scope of the in importance. Small dealers, it has been
system of branches is afforded by the following stated, endeavor to originate paper for their
table, which shows, for the eight large houses own account, although the majority of their
cited above, the number of houses having business may result from having affiliations
who supply them with more paper than they
branches in each center:
are able to originate themselves. They may
OFFICES OF EIGHT LARGE COMMERCIAL PAPER DEALERS. use their personal connections, suggests one
dealer, in obtaining local accounts, whose
St. Louis.
Boston...
paper they will undertake to distribute in the
Dallas
Hartford.
immediate territory in which the firm is located.
7
NewYork
8 San Francisco
5
Philadelphia
6 Los Angeles
Sections of the country.—It is evident from
3 the above discussion that each house has its
Scranton
2 Portland
Seattle
3
own method of dividing the country into
Richmond..
Atlanta
Total
77 several sections. Aside from differences in
the number of sections, the territory assigned
Pittsburgh...
to an office located in a certain center by any
Cleveland...
Detroit
two houses by no means exactly coincides in
Chicago
all cases. In a broad way, however, certain
Minneapolis.
sections are generally distinguished, into which
Omaha
the country naturally divides itself from the
Denver
point of view of the commercial-paper business.
This table serves to indicate the chief These are the New England, North Atlantic,
commercial paper markets, as well as in a South Atlantic, Middle West, Southwest, and
broad way which are the principal and which Pacific coast sections. wSome houses combine
are the lesser markets. This of course does not the North and South Atlantic sections into
imply that the volume of business done in each one, while others again further divide the
of the principal or the lesser markets is by any North Atlantic section into two, covered,
respectively, by New York and Philadelphia.
means the same.
Several of the houses have correspond- In general, the South Atlantic section is
ents in certain sections, instead of branch regarded as more closely associated with the
offices. One house states that "of the 11 or 12 North Atlantic section, but one house assoleading commercial paper houses in the country ciates it instead with the Southwest. Further
at least 6 have no affiliations. Most of the division of the general sections is of course
others have
affiliations in one territory or possible, and thus, e. g., the Northwest may
another.77 Another house explains their use be distinguished from Chicago territory,
922
FEDERAL RESERVE BULLETIN.
although this is not usually done. Each
general section has a leading center. These
correspond as a whole to the centers given
above, in which the head offices for particular
territories shown by three houses are located.
The basis of this territorial division is
indicated by one dealer as follows: "The
divisional basis is from several viewpoints:
First as to the banking center which the banks
in that community use as their correspondent.
It has always seemed that this has been largely
governed by the flow of money in that district.
Second, the nature of the crops, as indicating
at what time or periods of the year surplus
funds are likely to occur in those sections.
The Southern States, as their largest commodity crop is cotton, are periodical in the
buying of paper, and bank principally through
St. Louis and New York, very little of their
money naturally flowing to Chicago territory.
There is, however, a noticeable difference in
the case of the southwest and southeast territories, as the States comprising the southwest
territory use St. Louis77and Chicago practically
as much as New York.
Retracing our steps in point of time, it is
found that the several sections have only
gradually developed and become differentiated.
Thus it has been stated by a leading dealer
that St. Louis banks at first did not want to
purchase paper, but changed their attitude
after the financial strain in that center in 1897.
The principal distinction for many years has
been between the East and the West, the
dividing line between the two running north
and south through Pittsburgh. The line is
stated by some dealers to still be of considerable
importance, although others speak
of it as
"more or less done away with.77 One dealer
states that from time to time there has been
some discussion as to whether Pittsburgh
belongs to eastern or western territory, but
that his house has always maintained that the
entire State of Pennsylvania belongs to eastern
territory, and in every case where it has the
eastern account, insists on obtaining the entire
State. He remarks that "some western
brokers have frequently made a fight on
Pittsburgh, but as far as our 77own experience
is concerned, have always lost.
These statements coincide with the remarks of another
dealer that "the Pittsburgh market is sometimes handled from Chicago and sometimes
from Philadelphia.77
The Pittsburgh line, as just indicated, is important in connection with the division of an
account among several dealers, each of whom
then handles the account in a certain section.
"Many large firms, which are very large borrowers of money,77 states one dealer, "divide
AUGUST,
1921.
the entire country among several brokers,
thinking by this method they can place more
paper on the open market, which is undoubtedly
a correct assumption, as some brokers are better
established in certain territories than others.
Only the very largest users of money make an
extensive division, although quite a number of
well-known houses77have an eastern broker and
a western broker.
The packers afford the
conspicuous example to which reference is
generally made when indicating firms w^ho
regularly use several dealers. In this connection another dealer mentions the existence
in the past of a sharp divisional line east and
west through Effingham, 111., then along the
southern boundary of Indiana east to the Pittsburgh line. Westward the line ran to Denver,
with another divisional line north and south
through Denver, and the country was thus
divided into four parts, a different dealer being
used by very large borrowers in each section.
One dealer states that he only divides territory
now with a local broker, e. g., in Chicago or
Indianapolis, and that he dislikes the practice,
as it renders it difficult to follow the amounts
borrowed.
II. PLACEMENT OF PAPER.
Shift of paper between markets.—Aside from
its relation to the organization of the individual
house, the importance of territorial division of
the country lies in its relation to seasonal purchasing of paper. It is thus possible for the
individual house at certain seasons of the year
to shift paper originating in one section to buyers in another section. In normal times reliance is regularly placed upon certain sections to
take paper, although in the last few years conditions have been such as largely to vitiate the
normal seasonal trend.
The seasonal movement is found principally
in those agricultural sections in which reliance is
placed upon one principal crop. The dealer
will watch for easier money conditions in these
sections after the crops have been moved and
time his efforts accordingly. The exact time of
course varies from year to year, according to the
abundance and rapidity of movement of the
crops. In a general wTay, the South, including
both Southeast and Southwest, normally should
purchase paper from November or December
through to March, when cotton has moved.
This has not, of course, been true this season.
The Northwest is also distinctly a seasonal market, and is ordinarily especially active in the
fall and winter months, when grain has moved.
The Central Western States, however, practice
diversified farming, and purchase more or less
continuously throughout the year, heaviest
purchases perhaps following the wheat crop in
AUGUST,
1921.
FEDERAL RESERVE BULLETIN.
July, August, and
September. "It has long
been a practice/ 7 states one dealer, "that the
farmer uses the proceeds of his wheat crop to
pay off his bank indebtedness, while the funds
received from the other crops are used either to
put in the new
crop or to carry him over the
dull season.77 On the Pacific coast, and principally in California, the savings banks provide
a market throughout the year, although the
maximum purchasing occurs directly after the
fruit crop is marketed. In the East and New
England, steady purchasing is the rule.
The seasonal movement will also be found
with respect to the lesser crops. Thus a
Philadelphia house states that it watches the
tobacco situation in Pennsylvania, while a
Chicago office states that the Michigan fruit
district always purchases paper in September
and October.
On the other hand, banks in the financial
centers are more steady purchasers throughout
the year. In fact, one dealer states that
"country markets vary with crops; city markets vary with change
in business and money
market conditions.77 During the last few
years conditions have been such as to emphasize the latter factors. The opportunistic
aspect of the business accordingly has been
stressed, and several leading dealers either
state that there can not now be said to be a
seasonal shift of paper, or else emphasize
seasonal requirements for funds on the part of
certain sections rather than seasonal placements of paper.
Types of purchasers.—Sales are made to
several types of purchasers. Banks in the
larger financial centers buy either for their
own account or for the account of correspondents. Country banks also buy a considerable
amount direct from the commercial-paper
houses, while corporations and insurance companies buy a small amount of paper.
Sales to corporations are very small in the
aggregate. All data received, both actual percentages and estimates, do not place them at
over 1 or 2 per cent of the total volume of sales.
Their purchases, notes one dealer, are confined
to periods when their business is dull, although
another dealer states that, owing to the high
rates, quite a number of corporations have been
buyers of paper during the last two years as an
investment for surplus funds. His estimate of
the total proportion of such sales, however,
agrees with the figures just given. Sales to
insurance companies are very rare, due to the
fact, states one dealer, that most of them are
not permitted by charter to purchase paper.
Normally, banks in the larger financial
centers purchase a considerable volume of
paper for their own account. They also pur-
923
chase a large amount of paper for the account
of correspondents, particularly in New York,
Boston, Philadelphia, Chicago, and St. Louis,
although the amount normally so purchased is
stated to be less than for their own account.
During the last two years, however, these banks
have practically been out of the market on
their own account, although New York City
institutions again commenced purchasing toward the end of June, 1921. Outlying banks in
these centers (small banks scattered through
the residential and suburban districts) have
bought some paper for their own account.
The great bulk of sales during the past two
years have thus been made direct to country
banks. High rates have proved attractive to
them, and the business is said to fall off usually
to a great extent when rates are under 5 per
cent. In77 fact, it is generally said that in times
of "easy money large city banks are the chief
buyers, and in times of u tight77 money, smaller
country banks. Commercial-paper houses thus
maintain a force of so-called country-bank
salesmen, and also do a large volume of business by circular letter. One dealer believes
that " country banks are more and more purchasing paper on their own account, and are
not depending upon the city institutions or
their correspondents to supply their demands.77
This factor may, he suggests, "more than anything else, have caused the opening of branch
offices by
the larger brokers in all the various
sections.77
Some figures have been obtained as to normal
and recent percentages which sales to the
several types of purchases are of total sales.
One dealer estimates that in ordinary times
banks in the larger centers, such as New York,
Boston, Philadelphia, Chicago, St. Louis,
Kansas City, San Francisco, and Seattle,
absorb 60 per cent of all paper offered, but
doubts whether they have been in a position
during 1919 and 1920 to purchase 10 per cent
of the total paper sold. Another dealer estimates that at the opening of this year 90 per cent
of his outstanding paper was in country banks.
Actual figures supplied by one middle western
and one southwestern office show a range of
percentages at present as follows: Sales to
local banks for own account, 35 to 45 per cent;
to local banks for account of correspondents,
21 to 25 per cent; to corporations, 0 to 2 per
cent; and direct to country banks, 34 to 38 per
cent.
Terms on which paper is sold.—Paper is
sold on a varying option, the thought being to
give the purchaser an opportunity properly to
check the credit. The most frequent option is
10 days; that is to say, the purchaser may
return the paper at any time within 10 days.
924
FEDERAL RESERVE BULLETIN.
City sales, however, may be made in certain
cases only on 5 days or weekly option. One
dealer usually allows only 7 days, and another
has the " majority and average" of his sales at
from 7 to 10 days, while a third has by far the
largest portion on 7 days' option. The last
named usually allows the 10 days to banks at a
greater distance from the chief centers, because
of the additional time required to receive replies
to mail inquiries. For a similar reason the
usual option given by many houses to Pacific
coast purchasers is 20 days. A small proportion of the sales carry no option. One dealer
states that "firm" sales predominate in New
England, while another states that no option is
required in the occasional cases when a bank
repurchases the obligation of some concern on
which they have an up-to-date file.
Payment by the purchaser is generally made
either by cashier's check in the case of local
banks or by exchange on the center in which the
dealer is located or on another leading center,
such as New York, Chicago, or St. Louis, in the
case of out-of-town banks to whom paper is
sent. At times the purchaser's correspondent
in the dealer's center is instructed to pay the
dealer. A great deal of paper, states one house,
is forwarded by the dealer to country banks
through the latter's city correspondents, in
which case the dealer receives cash on the day
of the transaction, and the city bank charges the
country bank's account with the amount of
the paper. Another dealer thus states that he
aims to secure New York, Chicago, or Boston
delivery and payment wherever possible.
Several dealers complain that there has been
a tendency in the past for country banks when
making remittance to calculate the discount
from the day on which they receive the paper,
instead of from the day on which the dealer
receives the funds. When this is done the
dealer Joses the use of the funds for a period
equal to the mail time between the bank and
himself. Dealers who have commented on
the practice, however, agree that it is tending to
disappear.
III.
OPEN-MARKET BORROWING.
Seasonal appearance of paper.—While a considerable number of borrowers are more or less
continuously in the market, a , considerable
number of lines borrow only for seasonal needs.
Their paper thus appears in the market at
certain seasons of the year only. Manufacturers, e. g., need to purchase raw material for
next season's business. More or less regular
maturity dates are also found. The underlying theory is that maturities should be based
upon anticipated collections, which then pro-
AUGUST, 1921.
vide the means of retiring the paper, and thus
render it liquid. These industries then have
an annual clean up, which frequently precedes
the period at which regular annual statements
are made for the particular industry in question. The maturity of the paper thus depends
upon the quickness of turnover, and in the
case, e. g., of wholesalers, also upon the length
of the terms which they themselves extend.
Southern jobbers thus usually sell on^ longer
time and make longer maturities than jobbers
in other sections, while department store and
grocery paper is usually short. As opposed to
the needs of borrowers, another factor which,
on the other hand, must also be considered, is
the demand of banks for balanced maturities.
A great variety of illustrations of seasonal
borrowing have been given. Concerns in agricultural sections dealing in certain commodities which can be purchased only when the
product comes to market usually have the
peak of their indebtedness two or three months
after the first movement of the crop. Such
borrowers collect their money, states one dealer,
in the three or four months prior to the close
of their fiscal year, as they either sell for cash
or on very short time the product which they
have accumulated during the season when it
moves to market. Cotton paper normally begins to appear in September and October and
is paid off by March, April, and May. Southern
cotton-mill paper usually runs from about October to July, and northern cotton-mill paper
chiefly from November to August. Grain
dealers in general borrow, it is stated, from
September to January, and liquidate about
July, generally making statements as of June
30 or August 30. Tobacco manufacturers'
paper, states one dealer, usually comes into the
market in the late fall and early part of the
year, and matures in June and July, while wool
paper is outstanding from about June until
February. Cottonseed oil crushers and refiners, packers of fruits and vegetables, manufacturers of beverages from fruit juices, and crushers of flax seed and refiners of linseed oil also are
seasonal borrowers. A similar situation prevails with respect to certain manufacturing
industries. Clothing manufacturers, shoe manufacturers and jobbers, and glove manufacturers, e. g., sell on certain datings for the fall and
spring seasons, and adjust their maturities accordingly. Agricultural implement manufacturers' paper appears from January to July,
and is retired in October, November, and
December.
Sectional popularity of paper.—Paper of certain industries is more popular in some sections
of the country than in other sections. There
are two conflicting forces at work in the case
AUGUST,
1921.
FEDERAL RESERVE BULLETIN.
925
of the individual banker in determining the market to-day larger amounts of big corporaindustries whose paper he will purchase. On tion paper and comparatively little paper of
the one hand, there is a desire for diversification the smaller borrowers." The minimum figure
which impels him to purchase paper of indus- which is given naturally varies somewhat with
tries other than those found locally. Banks the individual dealer. Some show a higher
in the crop-moving sections may hold other amount, namely, $250,000 to $300,000 and
paper at crop-moving time in order to spread $500,000 (with infrequent exceptions reported
their risks. On the other hand, there is the by one in the case of local borrowers). One
fact that he is acquainted with industries found dealer, however, places the figure for capital
locally and thus in a better position to judge investment as a rule at $700,000, while several
the paper of firms in these industries. The show an amount as small as $100,000. One
latter is by far more potent, and it is therefore dealer observes that, while very little paper
easier to place paper of certain industries in could probably be sold now for borrowers with
less than $200,000, before money became firm,
localities where they are well known.
Perhaps the most conspicuous illustration is paper of borrowers of, "say, $125,000 or $150,afforded by lumber paper, which is not popular 000 quick in stable lines could be sold." It is
in the East and has a very limited market interesting to observe that one dealer distinthere, but is found more largely in Chicago guishes between wholesalers and jobbers on
and the Northwest, where it sells readily. the one hand and manufacturers on the other
There is, however, some in New England. hand. While the $200,000 minimum holds in
Similarly, cattle loan paper has a market in his opinion for the former, for the manufacthe West, but meets with little favor in the turer "the minimum must necessarily be a
East. To a lesser extent this is true also of larger amount, as he always has a large portion
grain paper, states one dealer. Again the of his capital tied up in plant and equipment."
South likes cotton paper, which is not appreControl oj the amount borrowed.—The stateciated by the East. Tobacco paper
is
espement
is often made that the commercial paper
cially popular in the South, and, a a s a matter dealer so facilitates borrowing in the open
of fact/' states one dealer, "all over the coun- market in normal times as to render it possible
try." On the other hand, paper of commission for many houses to borrow very heavily in
merchants, textile manufacturers, etc., is far proportion to their capital. On the other
better known in the East than the West. New hand, almost all commercial paper dealers in
England mill pager is more popular in New the present study call attention to efforts which
England, where it is a legal investment for they make to keep the volume of paper issued
savings banks in Massachusetts. Certain buy- by the individual borrower within reasonable
ers, states one dealer, do not like the paper of limits. They endeavor to see that the borcorporations located at too great a distance, rower has sufficient bank lines open to take
and this tends to confine the sale of paper of care of his open-market borrowings. This, of
medium-sized concerns to a great extent to course, has the effect of preserving the liquid
the sections where they are located. Smaller character of the paper from the point of view
names, in fact, generally sell better locally, of the individual purchasing bank, in the event
although in the case of large firms no difference that new paper is not sold. "A good broker,"
is noted. At times also a firm may not wish states one dealer, however, "can always sell
its paper offered in the immediate vicinity of some paper." These reserves of unused borthe city where it is located, due either to pride rowing power are of particular importance in
on the part of a small firm in the fact that it the case of steady borrowers, as the borrower
obtains its funds outside or to a desire to pre- can not depend upon anticipated collections to
vent other local parties from obtaining data retire paper. One hundred per cent, of course,
about its business.
is ideal, and in certain cases the dealer may not
The open-market borrower.—It is often stated be in a position to require it, but several dealthat the minimum capital of the firm which ers specify as much as 50 or 75 per cent. A
borrows in the open market is about $200,000. dealer states that he has arranged additional
At the present time, however, state several bank lines for clients whose own lines have
dealers, it is very difficult to sell the paper been insufficient.
One dealer, however states that "we very
of the smaller borrowers. One dealer whose
normal figure is the above remarks that at seldom have occasion to limit the borrowings
present $500,000 would be about correct. on the open market or through banks, of any
Another dealer observes that " generally speak- of our clients; however, we keep in close touch
ing, we would say that the big corporations with them, and advise as to what we feel is the
have liquidated more slowly than the smaller proper course to be pursued." The dealer, of
firms and that we have outstanding in the course, follows closely the condition of his bor-
926
FEDERAL RESERVE BULLETIN.
rowers, which one dealer states that he does
through monthly statements or personal interviews, and thus at all times knows the total
indebtedness of his accounts through all
sources.
The effort to keep sufficient bank lines open
reflects a belief that, as one dealer expresses it
"the open market facility should be used collaterally77 and not in addition to the bank-line
facility.
As another dealer states, it is desired to have the open market used only when
the borrower is not using his bank; "in fact
the open market is to be used in order to clean
up his accommodation at his bank, and he is
to stop using the open market when he starts
borrowing from his bank—in other words, to
alternate between these two borrowing channels. Of course, during the past year it has
been impossible for the borrower to live up to
this condition on account of the unforseen
cancellations which necessitated carrying
over
an abnormal amount of inventory.77
THE AUTHORITY TO PURCHASE.1
I.
INTRODUCTION.
Previous studies, conducted by the Division
of Analysis and Research in methods of financing foreign trade, have dealt mainly with the
letter of credit. The results of these surveys
have appeared in the current issues of the
FEDERAL RESERVE BULLETIN for February,
April, and June, and have presented such
phases of the letter of credit as its legal aspects,
forms used, and practices followed by American banks and mercantile houses. The following77 study examines the "authority to purchase, an instrument which serves a purpose
in foreign trade quite similar to that of the
letter of credit. In fact, these two documents are the means of shifting the burden of
financing an overseas transaction from exporter
to importer. These instruments are therefore of special significance to American foreign
trade, which to-day consists more largely of
exports than of imports. The letter of credit
is of major importance since it is applied in
financing trade with all the world, while the
authority to purchase has less significance,
for its use is confined mainly to commerce
with the Orient. In this field, however, it
plays a commanding role, for exports to the
Far East are financed mainly by the authority
to purchase. Because of its specialized use,
this instrument has received scant attention
from writers dealing with foreign trade, and
i Prepared under the direction of George W. Edwards, Division of
Analysis and Research.
AUGUST, 1921.
works on far eastern banking have given it
slight consideration. The preceding studies
of this series developed some expressions of
opinion from American bankers and traders
on the nature of the authority to purchase,
but these responses indicated that it was little
known in the United States outside of New
York and San Francisco. It was therefore
thought advisable to conduct a more intensive
analysis of the document, especially because
of its significance in oriental commerce, which
has always been a center of interest to trading
nations.
The data presented in the following study
was gathered from banks in New York City
mainly through personal interview, and from
outside institutions largely through a questionnaire circulated by the Federal Reserve Agents.
While the earlier surveys have been confined
to American institutions, it was necessary to
extend this analysis to the New York agencies
of foreign banks, which gave helpful cooperation in securing information on the subject.
While the data regarding the authority was
thus gathered largely through answers to a
questionnaire as in previous studies, the results will be presented not in the form of tabulations and excerpts from these responses,
but rather as a general exposition of the salient
characteristics of the instrument. This change
in treatment is due to the difference in the
purpose of the studies, for in analyzing the
letter of credit, the aim was to present views
on problems more or less unsettled, while in
examining the authority to purchase the object is to set forth information on a subject
whose principles are not generally known to
American business and banking interests.
This survey will explain the nature, classes,
forms, and practices of the authority, and
finally compare it with the letter of credit.
II.
MEANING.
A shipment in foreign trade may be financed
either by the exporter, the importer, or their
respective banks. If the obligation of supplying the credit is to be carried by the exporter, he draws his drafts on the importer
and forwards them through his bank for collection. The exporter may transfer the burden
of furnishing the credit by selling the drafts
to his bank. A third method may also be
followed whereby the task of supplying the
credit is shared by both the exporter and his
banker. This occurs when the latter does not
purchase the draft outright, but instead advances a certain percentage of the face amount
to the exporter.
The financing of an overseas transaction by
the importer rather than the exporter is per-
AUGUST,
1921.
FEDERAL RESERVE BULLETIN.
formed either through a letter of credit or an
authority to purchase. In the Far East, where
banking facilities have until recent years been
limited, it has often been impossible for an
importer to secure bank credit for the financing
of his business. To meet this need the authority to purchase or, as known in its abbreviated form, the A/P, was developed. Its
operation may be illustrated by describing the
financing of a shipment of goods from an
American exporter to a Chinese importer.
As the transaction is not to be financed through
a letter of credit, the exporter can not draw his
drafts on a bank, but must address them to the
importer himself. It may, however, prove
difficult to find a bank which cares to purchase
such trade bills, and hence the exporter normally has no other choice but to forward his
drafts for collection. This applies especially
to a shipper whose credit is so limited or overburdened that he is unable to secure accommodation from a bank in financing his transactions. To create a market for the shipper's
drafts, the importer is then called upon to
finance the transaction by an authority. This
he does first by informing a bank in his own
country that he has authorized the exporter to
draw his drafts, and then requesting the bank
to arrange for the negotiation of these bills by
a branch or a correspondent located near
the exporter.
The importer, of course, assures his bank
that he will provide funds for the retirement
of these drafts at maturity, also that he will
reimburse the bank for its services and protect
its interests with sufficient collateral. This
document which the importer thus addresses
to his bank is frequently confused with the
authority to purchase. It is, however, a
separate instrument and may better be termed
a "letter of guaranty." It is quite similar to
the combined form of application and guarantee sometimes used in requesting a bank to
issue a letter of credit. If the far-eastern
bank acts favorably on the application of the
importer, it will then address to its American
branch or its correspondent a communication
instructing the latter to negotiate the drafts
drawn by the shipper in the United States
on the importer in the Orient. It is the
practice immediately to cable this information,
and later to send a letter with complete details.
This letter constitutes the true authority, also
known as the "authority to negotiate" or the
"advice to purchase." It is entirely distinct
from the "authority to draw" sent to the
exporter. It is also different from the "advice
of authority to purchase" forwarded by the correspondent bank to the exporter for the purpose
of informing him that he has been authorized
927
to draw drafts on the importer, and that the
bank has been instructed to negotiate his
bills on the presentation of proper shipping
documents. This "advice of authority to purchase" may of course be sent directly to the exporter by the bank in the Orient, but it is more
customary to forward the communication indirectly through an agent, whether a branch or a
correspondent, located in the exporter's city.
As the "advice of authority to purchase" is
thus a communication from a bank to a
beneficiary, it performs the same function
as a letter of credit and so is frequently
styled a "Chinese" or "oriental" letter of
credit. Therefore in financing a shipment
under the so-called "authority to purchase"
method, four separate documents are actually
involved. The first is the communication by
importer to exporter in which the latter is
advised of the terms of sale and the right to
draw drafts on the former. This document
is known as an "authority to draw/' but it
is of no direct interest to the banks, for it is
merely part of the commercial contract between
buyer and seller. Banks, however, are more
concerned in the remaining documents, namely,
the letter of guaranty addressed by the importer to the far-eastern bank, the authority
to purchase forwarded by the far-eastern bank
to its American agent, the advice of authority
to purchase sent by the American agent to
the beneficiary.
III. CLASSIFICATION.
Authorities, the same as letters of credit,
may be classified along such principles as: (1)
direction of shipment, (2) tenor of drafts, (3)
form of currency, (4) privilege of cancellation,
and (5) right of recourse. Although the instrument may be used to finance either an export
from or import to the United States, in actual
practice the authority is largely applied to the
movement of exports, and, in fact, most banks
report that all the authorities which they handle
cover only export transactions. Therefore,
while American banks perform the duties of
notifiers of authorities and payers of drafts,
they rarely, if ever, act as issuers. While
drafts instructed under an authority may be
drawn either at sight or on time, the latter
tenor is generally used. Banks report that
about 85 per cent of these drafts are drawn on
a time basis which may run for 60, 90, or 120
days' sight. Moreover, these drafts are payable not in Oriental currency but in United
States money, and the exporter usually receives
the full amount of the bills. In short, drafts
made under authorities are ordinarily based
on export transactions drawn on a time basis
and^ayable in United States currency.
928
FEDERAL RESERVE BULLETIN.
It is, however, more difficult to classify the
authorities from the standpoint of the right of
cancellation. It will be recalled from the previous studies of letters of credit that these instruments, grouped on the principle of whether
they could be revoked, are classified as follows:
(1) Irrevocable by issuer and confirmed
by notifier.
(2) Irrevocable by issuer and unconfirmed by notifier.
(3) Revocable by issuer and unconfirmed by notifier.
The same classification may also be applied,
with certain modifications, to the authority.
As mentioned above, the authority is not ordinarily sent by the issuing bank directly to the
beneficiary, but is more usually transmitted to
him through a second notifying bank, and
therefore the subject of confirmation is of some
theoretical importance. However, this question loses some of its importance, for an
authority is generally opened by a domestic
agency of the foreign bank which has originally
issued it. An authority may be irrevocable
by the issuing bank and further confirmed by
the notifying institution, in which case it
becomes practically a letter of credit, for it
constitutes the direct obligation of both issuing
and notifying banks to negotiate the bills and
can be rescinded only with the consent of the
beneficiary. The form of authority transmitted by the notifying bank to the beneficiary
contains an address which unequivocally informs him that the bank has been authorized
to pay his drafts and that his right to draw
these bills continues until a fixed date of
expiration. The notifying bank is not always
requested to confirm the authority, and in this
event it is unconfirmed as far as the notifier is
concerned but still irrevocable by the issuer.
In this contingency the advice which the
notifier communicates to the beneficiary may
assume the following form:
We beg to advise that we are to-day in receipt of instructions from our correspondent, the
Bank, authorizing
us on behalf of
to negotiate your
documentary drafts.
AUGUST,
1921.
firmed by the notifying bank. This document
is quite similar in wording to the advice of an
irrevocable unconfirmed authority. The bank
naturally holds that the unconfirmed authority
may be revoked at any time prior to the payment of drafts drawn by the beneficiary. This
view is usually expressed in the advice to the
recipient in a statement that the authority
may be canceled upon notice to this effect.
Nevertheless, this is a right which a bank
should exercise with utmost care, especially
in dealing with an exporter manufacturing or
preparing goods not staple in character and
therefore limited in marketability.
It appears that, before the war, authorities
were generally revocable in form, but during
the past seven years sellers of goods have been
in a position to demand irrevocable obligations.
This was a natural result of the period of rising
prices and the sellers' control over market conditions, but in the present movement of falling
prices, with the consequent return to power of
the buyers, it appears that eastern importers
are insisting that American exporters accept
revocable rather than irrevocable authorities.
In turning the discussion from the subject
of cancellations to that of recourse, it must be
borne in mind that a relation does not necessarily exist between these two principles.
The question of cancellation affects the authority before negotiation of the authorized
drafts, while the subject of recourse enters into
consideration only after the purchase of these
bills. At this point it may be mentioned that
the Law of Negotiable Instruments permits the
drawer of a draft to add after his signature
the expression " without recourse " and in consequence of this act he is relieved of the usual
liabilities of a drawer in the event that his
bill is dishonored by the drawee. The subject of recourse under letters of credit has
already been discussed in the FEDERAL R E SERVE BULLETIN for June, 1921, page 684.
Although the letter of credit seldom contains
any reference to recourse, by implication there
is no practical recourse on the drawer of drafts
under an irrevocable form. But it is customary
to insert in the authority sent to the beneficiary
a sentence which reads somewhat as follows:
At the same time this advice specifies the
expiration date for the authority, but is careful
to add a statement that it is subject to canPlease note that this advice is not to be considered as
cellation. The form used by one bank states being a bank credit and does not relieve you from the
liability attaching to the drawer of the bill of
definitely its relation to the entire transaction ordinary
exchange.
in this manner:
Even if this statement is omitted, it is usage
We have no instructions to confirm this advice and
make no representation that we have funds in our pos- among banks to regard drafts drawn under
session applicable to the payment of said drafts and reserve authorities as carrying full recourse to the
the right to cancel this notice or refuse to negotiate any drawers until the bills have been honored by
drafts presented in accordance herewith at any time.
the drawees. This implication naturally may
The third form of the authority is that type be nullified by inserting in the notice to the
which is revocable by the issuing and uncon- beneficiary an expression which permits him
AUGUST, 1921.
to specify on his draft that it has been drawn
without recourse to himself.
The question (rf recourse among the various
parties to an authority will be more clearly
understood bj tracing a complete transaction
financed under this method. In the first place,
the exporter draws his draft on the importer
and presents this bill together with his documents to the local bank which has notified him
of the authority. This bank examines the
documents, and if they are regular in form it
gives him a check for the face amount of the
draft. As the paying bank is acting in behalf of its foreign branch or of a closely affiliated institution, it then debits the account of
this far-eastern bank and forwards drafts and
documents for acceptance. Upon receipt of
these documents, the issuing bank presents
them to the importer for his acceptance and
at maturity for ultimate payment. If he
meets these obligations the entire transaction is closed, but if he dishonors the drafts
either at the time of their acceptance or payment the question of recourse immediately
arises. In the first place, if the far-eastern
bank has issued the authority directly to the
drawer, it reserves full recourse. However, it
is more customary, as seen above, to transmit
the authority to the beneficiary through an
American notifying bank which takes the
position that it is merely an agent of the
foreign issuer and therefore has the right of
action on the drawer. Lastly, as to the relations between negotiator and issuer, there is
entire agreement among banks that the former
has full recourse upon the latter until final
payment. The negotiating bank further protects itself by usually stamping upon the drafts
the declaration that it in no way holds itself
responsible for the ultimate fate of the bills.
The sole liability which the negotiating bank
incurs is its obligation for the correctness of
the shipping documents. The question of recourse between issuer and notifier in actual
practice is really of small importance, because
these two institutions usually stand in relation
of home office to branch or agency.
Regarding relations between the right of
recourse and the right of cancellation there
appear to be two divergent views. One contention is that a revocable authority necessarily
gives rise to the drawing of drafts with recourse,
while an irrevocable instrument by implication
permits the drawing of drafts without recourse.
However, as observed above, it is the general
opinion that there is no relation between these
two subjects, and authorities theoretically may
be issued in four types: (1) Revocable without recourse, (2) revocable with recourse,
(3) irrevocable without recourse, (4) irrevocable with recourse. The first type is rarely
929
FEDEKAL BESEKVE BULLETIN.
found, while the second is widely used. The
third form, which assures the beneficiary that
his drafts will be negotiated until a certain
time and that his bills may be drawn without
recourse to himself, is practically a confirmed
letter of credit and seldom appears under the
name of authority. However, the fourth form
is of little service to the recipient, for although
this authority may not be canceled, still there
is always recourse to him if his drafts are dishonored by the drawee.
In summary, most authorities are revocable
in form and call for drafts carrying full recourse to drawers.
IV. FORMS.
As explained above, the financing of a shipment under an authority involves the issuing of
three separate bank instruments, the letter of
guaranty to the issuing bank, the authority to
purchase to the notifying agent, and the advice
of authority to purchase to the beneficiary.
These communications may be sent as ordinary
letters, but it is customary for banks which
handle many of these transactions, to usejset
forms such as those presented below:
1. LETTER OF GUARANTY.
(Issuing bank) —
.
DEAR SIR: We beg to inform you that we have authorized
• (exporter) to draw on us with recourse to
the extent of
at ———• days ymonths' sight for
invoice cost against the following documents:
Bill of lading,
Invoice,
Insurance certificate, Consular invoice,
to cover shipment of
fromand indorsed in blank
BlLL OP LADING TO ORDER
of X Bank.
Marine insurance
Freight to be
by shipper
covered here*
We agree,
1. To accept upon presentation all bills drawn pursuant hereto.
2. To hold the X Bank harmless because of any
damage to merchandise shipped or deficiency
or defect therein or in the documents above
described.
3. That the said documents, or the merchandise
covered thereby, and insurance shall be held
as collateral security for due acceptance and
payment of any drafts drawn hereunder, with
power to the pledgee to sell in case of nonacceptance or nonpayment of the draft to
them attached, without notice at public or
private sale and after deducting all expenses,
including commissions connected herewith,
the net proceeds to be applied toward payment of said drafts. The receipt by you of
other collateral, merchandise, or cash, now in
your hands, or hereafter deposited, shall not
alter your power to sell the merchandise
pledged and the proceeds may be applied on
any indebtedness by us to the Bank due or to
become due.
4. To pay your commission of
% for negotiating
of drafts hereunder.
930
FEDERAL RESERVE BULLETIN.
This engagement to commence from date hereof and to
apply to all bills drawn within
months.
Please advise bv" cable
TT- •
Yours, faithfully,.
(Importer.)
2. AUTHORITY TO PURCHASE.
A/P No.
Expires on
To the Manager, The YBanh.
DEAR SIR: YOU are hereby instructed to negotiate drafts
drawn by
on
at
days'"sight to the
extent of
against shipment of
to
within
months from this date.
Each draft must be accompanied by a full set of shipping documents, consisting of invoice, bills of lading
filled up to order, and blank indorsed. Certificate of
Origin
Inslirance
noT^equired'
(marine and war)
policy to accompany the drafts
in China
This instruction not being a bank credit is revocable
and does not release drawer from liability.
All drafts drawn under this A/P must be marked as
drawn under A/P No.
dated
19 .
Kindly advise the beneficiary of the above and oblige.
Yours faithfully,
For the X Bank,
Manager.
3. ADVICE OF AUTHORITY TO PURCHASE.
, 19-
Exporter.
AUGUST, 1921.
within which the drafts are to be drawn. In the
guaranty, the applicant usually agrees to accept
the drafts on their presentation, to pay the commission, to absolve the bank from all responsibility for the condition of documents or goods
and to pledge the merchandise as collateral.
It is unnecessary at this point to enter into
a detailed analysis of the forms of the authority
to purchase and the authority to draw, for
their general characteristics have been studied
above, and besides, these instruments have
features in common with the letter of credit as
described in the FEDERAL EESERVE BULLETIN
for April, 1921 (pp. 410-415). It will therefore
be sufficient to confine the examination of forms
to those phases which are peculiar to authorities. The letter of credit usually specifies that
bills of lading must be indorsed directly in favor
of the bank negotiating the drafts, but the
authority generally calls for the drawing of
these documents to order and indorsed in
blank. Although the bills of lading are thus in
negotiable form, the paying bank's title to all
the documents is fully recognized by having
the shipper sign an hypothecation certificate.
As the drawer of the drafts receives payment for their full amount without the deduction of any discount, and as the paying bank
immediately debits the account of the issuing
bank, the latter is therefore entitled to interest
from the date of payment. Provision is made
for this charge by inserting on the bill the " fareastern interest clause" which reads as follows:
DEAR SIR: We beg to inform you that we have been
authorized by
— at
— to negotiate your
bills on
(importer) to the extent of
for
- invoice cost of shipped to sight
The bills are to be drawn in duplicate at —
and must be accompanied by full set of bills of lading,
Payable at the collecting bank's rate for sight drafts or
invoices, and marine insurance policies, all in duplicate,
with interest from date of draft until date of approxoi
Shipping documents must be made out to ' 'order" and imate return of proceeds of the draft.
blank indorsed.
The authorities as a rule provide space on
The above documents must be duly hypothecated to
the bank against payment of the bills.
the reverse side for entering details of drafts
Please note that this advice is not to be considered as negotiated, but banks apparently do not insist
being a l' bank credit" and does not relieve you from the
ordinary liability attaching to the ' 'drawer" of a bill of upon these entries in case of " without recourse" authorities. In fact, the only purpose
exchange.
All drafts under this authority to purchase to be marked: of such records is to prevent a beneficiary from
"Drawn under A/P No.
" with interest added negotiating his drafts several times at different
thereto at
— per cent per annum, from date hereof
to approximate due date of remittance in New York. banks and thus overdrawing the amount
Payable at the current drawing rate for the X Bank's allowed him. However, this difficulty does
drafts at sight on New York.
not arise in the case of the authority, since the
Kindly hand in this letter with your drafts in order advising bank alone is designated as the paythat the amount of same may be indorsed on the back
ing agent, and therefore no other bank would
hereof.
This authority expires on
, but is subject to be likely to negotiate the drafts. For the
cancellation by our giving you notice to such effect.
same reason it is also unnecessary for a bank
Yours faithfully,
to demand the return of an authority which has
not been exhausted, since it can not very well
be misused after its expiration if irrevocable,
It will be observed that the first instrument or after cancellation if revocable.
consists of an application and a guaranty. In
the application the importer stipulates the V. COMPARISON BETWEEN THE AUTHORITY
conditions under which the authority shall be
AND THE LETTER OF CREDIT.
issued. These terms describe the form of
drafts and the kind of documents. The expiraThe above analysis has presented the meantion date is usually determined by the period ing, classification, and forms of the authority
(Notifying bank.)
AUGUST,
1921.
FEDERAL RESERVE BULLETIN.
and it now remains to compare this document
with the letter of credit. The function of
these instruments is the same because they
both transfer the burden of financing the transaction from the exporter to the importer or his
bank. Both documents enable the exporter
to receive reimbursement for his goods on presentation of the proper documents, and therefore both the authority and the credit letter are
in a way d/p or documents on payment instruments. The underlying principle is the conferring upon the exporter of the right to draw
drafts. In fact, the similarity between the
two instruments has led a number of bankers
and exporters to term an unconfirmed letter
of credit an authority to purchase. In order
to avoid confusion in terminology there is a
tendency among banks engaged in oriental
trade to issue only two instruments, an irrevocable letter of credit and a revocable authority.
A further point in common may be noted in the
documents ancillary to both the letter of
credit and the authority. In financing a shipment under either of these two methods, it is
necessary to employ a letter of guaranty from
the importer to the issuing bank, a communication between issuing and notifying bank, and
an advice from the notifying bank to the beneficiary.
The letter of credit and the authority, however, differ widely as to actual use, for in
general the latter is far more specialized. As
mentioned above, the letter of credit is used to
finance trade to all countries and to cover
import as well as export transactions. On the
other hand, the authority is applied mainly to
far-eastern commerce and is used almost exclusively to facilitate exports from the United
States. Under letters of credit, drafts may be
drawn either at sight or on time, in dollars or in
sterling and other foreign currencies. However, bills executed by virtue of authorities are
usually made on the acceptance basis, and because of the uncertain nature of most fareastern currencies in the past, it has been the
custom for exporters to insist upon payment
in United States money. The letter of credit
may be handled through any correspondents,
but the authority is opened mainly with
branch banks or other closely associated institutions. Comparing the two documents from
the viewpoint of cancellation and of recourse,
it was observed above that the letter of credit
is usually irrevocable and allows the drawing of
drafts practically without recourse to the
beneficiary. However, the authority is usually
revocable in form, and the issuing bank generally reserves the right of recourse to the
drawer. Lastly, the Fundamental distinction
lies in the fact that the authority is not a bank
931
credit. Banks at times erroneously describe
their authorities as "credits," but the instrument in no sense is the undertaking of the
issuing institution. While the letter of credit
imposes the burden of financing the transaction upon the bank, the authority places this
obligation upon the importer himself. In the
first case, the accreditee is given the right to
draw upon the bank,
and this leads to the
creation of bankers7 bills. On the other hand,
the authority instructs the beneficiary to draw
on the importer, and as time bills are usually
made, these in consequence become trade
acceptances. Because of the superior credit
standing of the drawees, bankers acceptances
under letters of credit may be freely sold in the
open market. The holder of these bills is
able to dispose of them in any money center
which offers the lowest rate, and so the cost
of financing the entire enterprise may be materially lowered. The owner of bills drawn under
an authority does not possess this freedom of
action, since the drafts are made not on a bank
but on a merchant. Therefore it is quite impossible to find a buyer outside of the bank
advising the authority, and so these bills are carried by the far-eastern bank. Because of these
limitations, the discount rate on such trade
bills is far in excess of that carried on bankers'
acceptances. While the rate on bankers' bills
drawn under letters of credit is determined
largely by market conditions and is more or
less variable, the charge for trade bills made
under authorities must necessarily be fixed in
this document. This rate has recently run
as high as 9 per cent, but since the 1st of July,
1921, the maximum has been reduced to 8
per cent.
Index Number of Ocean Freight Rates.1
For some months past the Division of
Analysis and Research of the Federal Reserve
Board has been studying the trade balance of
the United States, with particular reference to
the invisible elements, which have not heretofore received adequate attention from investigators in the field of foreign trade. In the
April number of the BULLETIN the question of
the earnings of shipping in relation to the trade
balance of the United States was discussed and
a tentative estimate of America's " shipping
balance" in 1920 was submitted. The present
index number is the outgrowth of the data on
ocean freight rates that were assembled and
used in making that estimate. A twofold
object is expected to be served by this index.
1
Prepared under the direction of H. W. Van Pelt, Division of
Analysis and Research.
932
FEDEKAL RESERVE BULLETIN.
The primary object from the standpoint of the
work now being done by the Division of
Analysis and Research is to serve as a basis for
keeping the estimates of the shipping earnings
of the United States up to date. The other
object of the index is to give a review of the
ocean freight market, and at the same time, of
the condition of the shipping industry, which
as a factor in developing American foreign
trade must play a much larger part than before
the war. It is as an indication of the status of
the shipping industry, that the index probably will have its widest interest apart from
the primary object of the Board in publishing
it. As such a barometer this index is alone in
the field—nothing of the kind being published
in the United States, so far at least as has come
to the attention of the Federal Reserve Board.
The chief source of the ocean freight rates
upon which the index is based is Cornish's
Weekly Freight Circular. This publication
every week quotes current rates on grain, provisions, cotton, cottonseed oil, sack flour, and
measurement goods (i. e., general cargo) from
New York to the principal European ports.
The index, so far as it is based on this source,
is therefore necessarily limited to outward
rates in the United States Atlantic-Europe
trades. In time it may be possible to add to
the European freight index other indexes of
rates in the South American and Far East
trades as well.
An examination of the rates quoted on the
six commodities above enumerated led to the
conclusion that the first five were suitable for
inclusion in this index. Since the success and
reliability of such an index must depend in
large measure upon how faithfully it marks
fluctuations in rates, it must be reasonably
sensitive to changes of basic rates, and rates
that are purely nominal or not adjusted quickly
to the shiftings of the ocean freight market are
out of place in it. For this reason, rates on
measurement goods, or general cargo, were
omitted, an added reason also being the difficulty of assigning a proper weighting, in comparison with the other commodities, to so indefinite a category. The European ports to
which these rates apply are 18 in number, and
it would be possible to construct a series of
weekly relatives on each commodity to each
port separately, thereby forming some 90
different index series. The problem was obviously one of reducing that mass of data to
usable proportions. The first step in the
process of consolidation was to group the
various ports into a smaller number of trade
1921.
regions. This classification placed together
the various ports to which rates are fixed by a
single steamship conference, or ports that
otherwise are naturally grouped together from
a shipping point of view. Eliminating Hamburg because of long periods when no rates
were quoted, the remaining 17 ports may be
grouped under five trade regions, as follows:
United Kingdom
French Atlantic
Netherlands and Belgium
Scandinavia
NATURE OF THE DATA.
AUGUST,
Mediterranean
Liverpool.
Manchester.
London.
Glasgow.
Bristol.
Hull.
Newcastle.
.Bordeaux.
Havre.
Rotterdam.
Amsterdam.
Antwerp.
Christiania.
Copenhagen.
Marseilles.
Genoa.
Naples.
The fluctuations in rates to different ports
in the same trade region were found to be
very similar, and for the purpose of averaging
to get an index number for the region, the
different ports were regarded as of equal importance. Had the fluctuations not been
similar, a method of weighting the different
ports would have had to be employed.
SELECTION OF THE BASE.
For some purposes a prewar base would have
been the logical one, but in the present instance it is tne recent changes in freight rates
that are of most interest, compared with the
situation shortly after the close of the war. A
good base, therefore, might have been the
calendar year 1919. The rate data for that
year, however, are not altogether satisfactory,
inasmuch as during part of the year the Government retained its war-time control over
rates, and it was not until the latter part of
the year that the ocean freight market was
again freely competitive. Furthermore, many
rates were not regularly quoted over a sufficiently long period of time. During 1920, on
the other nand, came the sudden and precipitate drop in freight rates which it was
desired to measure. Any average of rates
over the months of 1920 would therefore
include rates so widely different as to lack
concrete meaning. In these circumstances, it
was deemed best to start with rates in the
single month of January, 1920, before any large
drop from the rates of 1919 had occurred.
That month has therefore been used as a base
with which to compare the average monthly
933
FEDERAL RESERVE BULLETIN.
AUGUST, 1921.
rates of 1920 and 1921 to date. In arriving
at monthly rates, the simple arithmetic averages of actual weekly quotations have been
calculated for the different commodities and
ports separately.
METHODS OF WEIGHTING.
The final index numbers for the five European trade divisions, obtained from geometric
averages of the several commodity series,
weighted as above, are believed to be indicative
of the fluctuations of ocean freight rates in
those trades. In addition to this, it was desired to know as nearly as possible what have
been the fluctuations in the rates to Europe as
a whole. It has been thought legitimate to
average these five indexes to obtain a single
monthly index of the rate level to all Europe.
Here again, since percentages are being averaged, a weighted geometric mean has been employed. To gauge the proper relative importance of each trade division in the final result,
two criteria were considered for the purpose of
weighting—(1) the total value of the export
trade of the United States with each European
division in 1920, and (2) the net tonnage of
vessels clearing American ports for each European division in 1920. Neither of these is an
entirely satisfactory basis for determining
index weights, and yet each has its advantages.
The second basis of weighting was, nevertheless,
adopted in the main with some modifications
where the facts on the values of exports indicated the advisability. The weights finally
assigned to each of the five European index
series in arriving at the all-European index are
as follows:
Since it was desired primarily to show relative or percentage fluctuations in ocean freight
rates, the type of index number that has been
adopted is a weighted geometric mean of the
several series of monthly relatives. To carry
out this method, the average monthly rates
were converted into separate series of relatives
on the January, 1920, base with a separate
series for each commodity to each foreign
port. The different ports in each trade region
were then combined by use of unweighted
geometric averages to make a single series for
each commodity to each trade region. There
being five commodities each to five different
trade regions, the number of relative series
was reduced to 25 instead of 90 at the beginning.
In order to have a single representative
index for each of the five trade regions, a
logical method had to be found for averaging
together the different commodity series in the
same trade region. Not only did the commodWeight.
ities differ in importance, but the same com35
modity was more important in the trade of United Kingdom
Atlantic
18
one region than another. Accordingly, a French
Netherlands and Belgium
22
table of commodity weights was drawn up Scandinavia
10
for use in averaging together the different Mediterranean
15
commodity series. The starting point for
Total
100
determining this table of weights was the
The table giving the five European index
number of pounds of the given commodity
exported from the United States to the various series, together with the all-Europe index,
trade regions in question during the calendar follows:
year 1920. In converting these quantities into
I N D E X N U M B E R S OF OCEAN F R E I G H T R A T E S .
relative weights, however, some modifications
were deemed advisable to avoid overweightUnited States Atlantic to—
ing grain and underweighting the group of
Month.
United French Netheroils represented in the index by cottonseed oil.
Scandi- MediAll
terraKing- Atlantic. lands
and
navia.
After making these and other necessary adjustdom.
nean. Europe.
Belgium.
ments, the relative weights assigned to the
1920.
various commodities are as follows:
100.0
100.0
100.0
100.0
100.0
January
100.0
February
March
April
Mav
Trade regions.
Commodity.
Grain
Provisions
Cotton
Cottonseed oil
Sack flour
Total
NetherUnited French
lands
Scandi- MediterKingdom. Atlantic. and Bel- navia. ranean.
gium.
35
20
20
10
15
35
20
20
10
15
30
20
20
10
20
35
25
15
25
35
15
20
10
20
100
100
100
100
100
June...
July
August
September
October
November
December
1921.
January
February
March
April
May
June
96.5
91.2
90.2
96.2
101.2
96.0
85.7
86.7
84.9
77.8
72.3
86.9
78.5
87.2
85.9
87.1
85.6
77.9
73.7
68.9
51.6
38.5
60.7
54.7
49.3
50.1
50.6
42.7
30.2
27.7
24.6
32.6
35.0
34.7
'
83.3
78.0
78.9
87.3
89.5
82.1
70.4
66.9
70.9
59.9
47.0
90.1
84.6
82.7
82.5
82.1
82.0
82.1
82.1
75.3
59.6
51.6
91.1
79.5
72.2
75.2
76.5
75.3
73.2
71.6
69.6
59.2
49.2
90.3
83.4
83.5
87.5
90.0
86.3
78.5
76.9
75.4
63.8
53.6
34.1
29.2
28.3
36.6
38.2
38.3
42.9
30.9
30.8
29.4
31.3
31.3
43.2
43.8
42.2
35.7
34.6
34.0
43.3
38.5
35.9
39.0
40.1
37 6
934
FEDERAL RESERVE BULLETIN.
AUGUST, 1921.
These figures show that, while freight rates important cut recently has been on grain to the
all around have been reduced enormously in United Kingdom, and on account of the basic
the last year, rates to the United Kingdom character oi this rate in determining the level
have fallen the least of any of the groups given of many other rates, the results that may be
in the table. The general rally which took expected to follow are far-reaching.
.place in May and June, 1920, was also particularly noticeable in United Kingdom rates.
THE SILVER SITUATION.
These facts reflect the strong position occupied
by the North Atlantic-United Kingdom ConFluctuations in the price of silver are deterference, which has been able to maintain its mined by a large number of circumstances,
rates more successfully than some of the others. among which may be mentioned especially:
In June, however, this conference cut grain (1) Quantity produced, of which about tworates by about 30 per cent, the rate now being thirds originates in United States and Mexico; (2)
5 shillings per quarter (480 pounds) compared demand in the western world, i. e., in Europe
with 7 shillings in May.
and America, both for the arts and for coinage
French Atlantic rates have experienced the purposes; (3) demand in the Orient, i. e., in
most drastic cut of all. At the low level of China and India, depending mainly on the
March, 1921, rates were about one-quarter of balance of payments of these countries and on
those in January of last year. These extreme their general level of prosperity, but affected
cuts were due largely to the rate war waged for also over short periods of time by speculation;
some months between the French line (Com- (4) the general price level, or in other words,
pagnie Generate Transatlantique) and the the purchasing power of gold.
conference lines. The settlement between
PRICE OF SILVER AND THE GENERAL PRICE
them is reflected in the index by a quick upLEVEL.
turn of rates in April of this year. Rates in
the Netherlands and Belgium trade have also Fluctuations in the price of silver, compared
been affected by the rate war, although the with fluctuations in the wholesale price index
declines have not been quite so drastic.
compiled by the Bureau of Labor Statistics,
The Scandinavian index shows a continuous are shown in the table below, and in the chart
and progressive decline to the lowest point of on page 937. The price of silver is shown per
any of the groups in the latest months of 1921. fine ounce in actual monthly averages for the
The decline was arrested for several months New York market and in percentages of the
in the middle of 1920, but the tendency has 1913 average of 61.241 cents.
There is a striking similarity between the
been steadily downward, except for a slight
upturn in May, 1921, in sympathy with wholesale price curve and the silver price
curve. Silver, however, moved at a conNetherlands and Belgium.
Rates to the Mediterranean indicate the disor- siderably lower level than general wholesale
ganized state of the conferences after the war. prices, touching its peak in January, 1920, at
Declines have been severe and the reductions 219 per cent of the 1913 price, while the
came earlier in 1920 than in the case of United wholesale price index continued to rise until
Kingdom rates for instance. It is noteworthy May of that year, when it reached 272 per cent.
also that the rise in April and May of the present Although the price of silver has declined rapidly
year, noticeable in rates in other directions, has since January, 1920, its downward course shows
had no influence on the Mediterranean trade, three distinct breaks, one in July, 1920, one in
January, 1921, and the third in April. These
where rates moved in the opposite direction.
The composite picture presented by the all- breaks are independent of the wholesale price
Europe index number gives the broad move- movement, which shows an uninterrupted dements of rates as a whole without an undue cline, while since March, 1921, the general trend
influence from disturbances in a single trade. of silver prices has been upward. The tempoThis shows a decline early in 1920 followed by rary increase in the price of silver in July, 1920,
an increase in May and June. Thereafter occurred when the United States Treasury berates fell continuously and at times very gan to purchase American silver at a fixed price
rapidly until the low point was reached in of 99i cents. These purchases1 were made under
March of this year. In April and May moder- the terms of the Pittman Act, which provided
ate gains are recorded, which have been for the breaking up and sale of silver dollars and
brought about chiefly by the rise in French their repurchase when the price of silver should
Atlantic and Netherlands rates. In June, not exceed $1 per ounce. The original sales
however, the tendency has again been down- amounted to 208,000,000 ounces. The Treasward and some rates have gone to new low
For text of this act, see FEDEBAL RESERVE BULLETIN for May, 1918
levels for the period after the war. The most p . i395.
'
AUGUST, 1921.
FEDERAL RESERVE BULLETIN.
935
ury proceeded to repurchase promptly as
In spite of occasional discrepancies, the two
soon as the legal purchase price was reached. curves clearly show that silver prices are to a
The act provided that the silver purchased very large extent affected by tfye same ecoshould be of American origin and refined in the nomic forces as prices of other goods or comUnited States. The Treasury, however, placed modities. Rising prices of other commodities
a liberal interpretation on this clause to the increase the cost of producing silver and, thereaffect that individual silver need not be identified fore, tend to raise its price. Furthermore,
so long as each producer should sell as Ameri- changes in the general purchasing power of gold
can silver that portion of his silver product affect the price of silver in the western world,
which corresponded to the silver mined and where the demand for industrial purposes at
refined in this country. Total purchases of times exceeds Government purchases for coinsilver by the Treasury up to July 25, 1921, age.
amounted to 63,600,000 ounces, or to almost
PRODUCTION.
one-third of the total amount sold. It is to
From
the
table
below it will be seen that the
be expected, therefore, that the Government production of silver,
which before the war
will continue to purchase silver for two or totaled from 220,000,000
to 226,000,000
three more years. The entry of the United ounces yearly, dropped toounces
211,000,000
States into the silver market and the elimina- 1914, 179,000,000 ounces in 1915, andouncesin
157,000,tion from the world market of the American 000 ouncesin 1916. In this drop the chief
factor
domestic silver supply has had a steadying was the decline of production in Mexico, which
influence on the price of silver. Soon after the was caused not by the World War but by the
purchases began a rise of the price of "foreign" unsettled political conditions prevailing in that
silver occurred from about 93 cents in June, country. Silver production increased in 1917
1920, to 97 cents in August. After that other to 174,000,000 ounces, and in 1918 to 197,factors in the situation overcame the steadying 000,000
ounces, but declined again in 1919 to
influence of the Treasury purchases, so that 175,000,000
ounces, and in 1920 to somewhat
silver continued to decline, though perhaps not less than that
amount. Production in the
so rapidly as would have been the case had the United States reached
its maximum in 1916,
Treasury not been buying silver.
and from that time has steadily declined.
This decline is due chiefly to the fact that in the
PRICE OF SILVER AND WHOLESALE PRICE INDEX.
United States silver is produced from different
sources approximately in the following proporAverage Per cent
New York of 1913 Wholetions : Thirty per cent from siliceous silver ores
average sale price
price of
index.
of
silver per
and placer operations; 30 per cent from copper
fine ounce. $0.61241.
ores; 25 per cent from lead ores; and 15 per
cent from complex ores, such as lead, zinc,
1918.
$1.01500
166
206 and copper ores.
November
Less, therefore, than one206
December
166
1.01587
third
of
the
silver
in
the United States is pro1919.
203 duced as an independent operation, and more
1.01558
January
166
197
1.01500
February
166
201 than two-thirds is incidental to the production
1.01495
March
166
203 of baser metals.
1.01500
April
166
Consequently, the prices of
207
1.08020
May
176
207 lead, zinc, and copper are important factors in
1.11402
June
182
218
1.07332
July
175
226 the amount of silver produced in the United
1.12386
August
184
1.15636
220 States, and the large declines in its production
September
189
223
1.20692
October
197
1.30446
230 in 1918 and 1919, when the market for copper
November
213
238
1.33072
December
217
and lead was weak, are due primarily to this
1920.
fact. In Canada production is declining,largely
248
219
1.33899
January
249 because the cobalt fields are being exhausted.
217
1.32665
February
253
208
1.27287
March
265 Mexican production, which in 1916 had dropped
197
1.20576
April
272 to only 23,000,000 ounces, has since greatly
169
1.03495
May
269
152
.92789
June
262 increased because of the return of more normal
152
.92935
July
250
158
. 96948
August
In the last two years silver pro242 conditions.
154
.94510
September
225 duction on the whole has been on a level much
137
. 84187
October
207
128
.78490
November
189 below the prewar amount, but higher than in
107
.65503
December
1916. With conditions in Mexico more settled,
1921.
178 there is no reason to expect a decline in her
108
.66388
January
167
98
. 59813
February
162 silver production. On the contrary, the amount
93
.56736
March
154 in 1921 is likely, in spite of the prevailing lower
98
.59830
April
151
98
.60310
May
148 level of prices, to be greater than in 1920, for
97
.59125
June
148
99
.60798
July
the cost of production in Mexico has greatly
936
FEDERAL RESERVE BULLETIN.
AUGUST, 1021.
decreased, so that silver can be marketed steady market at a dollar an ounce, is likely to
profitably even at the existing price. Produc- remain constant at least for the next two or
tion in the United States, which is assured a three years.
SILVER PRODUCTION OF THE W O R L D BY PRINCIPAL
COUNTRIES.
[In fine ounces.]
Countries.
United States
Canada
Mexico
South America
Europe
British India
Australia
Japan
Allother
Total
1910
57,137. 900
32.869'
71,372;
17,416' 314|
14;i52', 061!
44, 772|
21,545, 8281
4,646, 160!
3,694, 869i
1911
1912
60,399,4001 63. 766,800
32,740,748 31, 625,451
79,032,440! 74.640,300
14,433,9151 13,980,888
15; 693, 366; 15 992,082
93,649
104, 323!
16,578, 421 14 737,944
4,459, 087 4 932,852
2,751, 223J 4 540,688
1914
1913
66,801,500
31,524,708
70,703,828
13,126,490
15,248,216
1915
72,455,100
27,300,667
70,703,828
12,938,439
15,317,155
236,440
18,128,577 3,520,274
4,649,910 4,649,910
3,724,614 3,981,564
1916
74,961, 075 74,
26,625, 960 25,
39,570, 151! 22,
13,687, 464| 11,
10,107: 556
628,
284,
4,295,
1,863,
5,120,
i, 120,
4,197,
1,870,
1917
71,740,400
22,221,300
35,000,000
15,451,300
511,900
2', 068,700
10,000,000
111,700
082,500
1918
67,810,100
21,284,600
62,517,000
15,561,000
6,871,700
2 240,500
10,000,000
600,400
509,600!
1919
56,682,445
15,675,134
62,681,987
14, 713,165
4,899,618
2 165; 606
7; 430,7701
4; 800,000
5: 468,689
19201
56,564,504
13,000,000
63,656,100
15,000,000
5,000,000
2,000,000
8,000,000
5,000,000
5,000,000
222,879,362 226,192,923i224,310,654J223,907,843 211,103,377 178,850,500|156,626,521J174,187,800 197,394,900:174,517,414 173,220,604
1
DEMAND IN EUROPE AND AMERICA.
Preliminary.
indicate the points at which the coins would be
melted with exchange at the June, 1921, level.
Silver consumption in the arts depends to a
considerable extent on its price and on general
MELTING POINTS OF SILVER CURRENCIES.
prosperity. During the war period, and especially during the postwar boom, which was
Melting point (price of silver per oz.).
world wide in its scope, an increasing demand
In U. S. money.
Fine
for silver in the arts was an element in
Coin.
silver
At June,
content In local currency.
its rising price. Among the principal indusAt par 1921, rate
(grains).
of extries consuming silver is the moving-picture
of exchange. change.
industry, which, because of its striking development, caused an increased demand in the Dollar
371.25
1.2929 dollars
silver
34.722
1.3824 dollars
silver market. The demand for silver to be Subsidiary
(dime).
used in the manufacture of ornaments and luxu- Shilling:
Old
80.7263 5.946 shillings
$1.447
$1.124
ries, however, experienced a sharp decline, when
New
43.6364 11 shillings
2.677
2.08
piece
374.22
7.234 francs
1.396
.584
in June, 1920, the world-wide depression began 5-franc
1-franc piece
64.4286 7.45 francs
1.438
.602
to be felt.
Mark
11.16
6.221 marks
1.482
.09
64.4286 7.45 lire
1.438
.371
More important in the recent history of silver Lira
prices were the developments in connection with
silver coinage. At the outbreak of the war It will be seen that with currencies at the
there was a large increase in the demand for June, 1921, level, silver dollars and subsidiary
silver coins, partly because the general disturbed silver are far removed from the danger of the
condition encouraged people to hoard silver, melting pot. The price chart shows, however,
partly because the higher price level necessi- that for four months, November, 1919, to Febtated the use of more silver coins as pocket ruary, 1921, the price of silver was above the
money, but chiefly because the armies, espe- melting point of silver dollars, though below
cially those operating in the Near East, were that of subsidiary silver. British silver is now
drawing pay in silver and spending silver money also far below the melting point. At the Janof the smaller denominations.
uary, 1920, price of silver, however, the old
A very interesting development took place shilling was worth less than its silver content;
when the price of silver began to rise at the same this caused a change in the British coinage act
time that the currencies of the various coun- by which the silver content of the shilling was
tries became increasingly depreciated. The reduced from 81 grains to 44 grains, or from a
table below and the chart on page 937 show fineness of 925 per thousand to one of 500 per
the silver contents of different silver currencies thousand. The new shilling is far removed
and the melting points for these currencies, i.e., from any danger of melting either at par or at
the price of silver per ounce at which the silver the present rate of sterling exchange. Other
content of the coins is worth as much as their countries took similar measures to protect
face value. The total bars in the chart indicate their silver coinage, notably Norway, Sweden,
how high the price of silver must be before the and Holland. In France the melting point of
currencies will reach the melting point, assum- the 1-franc piece at the present rate of exchange
ing that the value of these currencies remains is very close to the current price of silver,
at par. The black portions of these bars while that of the 5-franc piece is below, so that
937
FEDERAL RESERVE BULLETIN.
AUGUST, 1921.
silver has practically ceased to circulate, some
of it being hoarded and much of it sold. This
situation has incidentally resulted in the virtual
breaking up of the Latin Monetary Union, as
France could not afford to have her francs
smuggled into Switzerland, where their purchasing power was two or three times as great
as at home. France has requested Switzerland to return all French subsidiary coinage,
and recently also all the 5-franc pieces. To
this end Switzerland has declared this money
no longer lawful money within her boundaries.
In Germany and Italy the depreciation of the
PRICE OF SILVER
foreign obligations. In Italy the melting point
of the lira is 37 cents per ounce.
The passing of the melting point for several
of the important silver currencies brought from
continental Europe into the London market a
large supply of silver, which during 1920 is said
to have approximated 50,000,000 ounces.
Thus the total silver for sale in 1920, in spite
of the production of only about 173,000,000
ounces, has been close to a record offering.
Unquestionably this stream of silver to the
London market from the vaults of central and
other banks, as well as from the holdings of
MELTING POINTS
AND
WHOLESALE PRICE INDEX
1918-1921
SILVER CURRENCIES
(PERCENT OF 1913 AVERAGES)
PER
CENT
PER
CENT
280
280
V
\
\
260
/
240
-•
E SILVEFl\D<
\
\
/
\ v «/
\
/
220
200
\
\
160
LR
\
\
£00
• M a
240
V\
A. /
1V1ELTriNG / p o n
220
260
\
180
Pom,esti
Iver
160
160
140
1^0
120
120
%
100
100
80
80
•
PRICE OF SILVER
« . . . WHOLESALE PRICE INDEX
60
60
40
*0
20
20
Q .
•
J J.A.S. O.N.D J.F. M A.M.J. J. A S O.N.D. J F.M A.M.J r\
1921
YEAR
1919
1920
N.D, J.F.M.AM
YEAR 1918
national currencies is so great that silver, at
its present price, is far too expensive to circulate in the existing coins. In Germany the
silver content of the mark would be worth more
than a mark at the present rate of exchange if
silver were worth as little as 9 cents per ounce.
The German Government was obliged to demonetize silver, and the Reichsbank reports its
considerable silver holdings not as part of its
metal reserve, but included in " all other assets."
This silver, amounting to about 30,000,000
ounces, is worth about 1,600,000,000 marks,
and the Reichsbank has been reported as negotiating for loans on the security of this silver,
or for its sale, as a means of paying some of its
SILVER
SUBSl!wRY 0 L D
"-•
FRANC
DOLLAR COIN SHILLING SHILLING
individuals, has been an important as well as a
very unusual element in the silver situation
during the past year.
INDIA.
More important factors, however, in the
silver situation than any of the developments
in the western countries are changes in demand
by the two great oriental silver using countries—India and China. Following is a table
showing the gold and silver imports and exports, as well as the merchandise imports and
exports of India, for the fiscal years ending
March 31, 1914, to 1921.
938
FEDERAL EESERVE BULLETIN".
AUGUST,
1921.
GOLD, SILVER, AND MERCHANDISE IMPORTS INTO ./LND EXPORTS PROM INDIA.
(In thousands of standard ounces.)
Gold.
Fiscal year ended
Mar. 31.
(In thousands of rupees.)
Silver.
Merchandise.
Excess Excess Imports. Exports. Excess
Imports. Exports. imports.
exports.
imports.
1914
1915.
1916
1917.
1918
1919.
1920
1921
.
. .
4,593
1,705
833
2,283
844
527
1,094
' 18
390
7,830
3,728
1,346
2,223
2,907
3.749
1,178
26i
2,265
956
5,607
821
79,835
64, lfiO
39,833
116,959
88,814
241,748
101.052
42' 550
It will be seen that the merchandise tradebalance of India, which had always been favorable, increased decidedly during the war as
the result of the great demand for supplies by
the belligerents, and of the inability of European
countries to export goods so long as their productive energies were entirely devoted to the
war. For the year ending March 31, 1920,
this favorable balance was nearly 1,200,000,000
rupees. During the year ending March 31,
1921, however, for the first time in a generation India reported an unfavorable trade balance, amounting to 791,000,000 rupees. This
was due to the decrease in the purchasing
power of the world during the depression and
to the poor crops caused by an unsatisfactory
monsoon in that year. In April and May,
1921, also, India reported unfavorable balances,
though in May the unfavorable balance was
only 20,000,000 rupees, compared with 111,000,000 rupees for the most unfavorable month
(November, 1920), and 69,000,000 rupees, the
monthly average since June, 1920.
It will be seen from the table that the excess
of silver imports over exports into India was
enormous during the war years, reaching its
maximum in the fiscal year 1919, when 237,000,000 ounces were imported. A large part of this
silver came from the United States in accordance with the provisions of the Pittman Act,
which authorized the United States Treasury
to sell to the British Government not to exceed
350,000,000 ounces of silver at $1 an ounce.
At that time the silver reserves of India were
very low; the Indian population was restive,
so that it was imperative for the Government
8,723
8,394
6,901
24,765
14,283
4,719
4,110
20' 9S2
71,107
55,766
32,932
92,194
74,531
237,029
90,942
21,568
Imports.
Exports.
1,832,479
1,379,290
1,319,862
1,496,220
1,498,850
1,690,341
2,079.724
3,355,072
2,488,788
1,315,917
1,925,343
2,331,536
2,222,651
2,538,814
3,267,931
2,563,591
Excess,
imports.
Excess
exports.
656.309
436,627
605,481
835,316
723,801
848,473
1,188,207
791,481
to obtain silver in order to convince the population that the rupee was convertible. In the
summer of 1919 the Indian demand for silver
ceased, and in the fiscal year 1920 only 97,000,000 ounces and in the fiscal year 1921 only
22,000,000 ounces of silver (net) were imported
into India. During recent months, however,
there has been a new movement of silver to
India estimated at about 35,000,000 ounces
for the first half of the present year. The
reason for this is said to be the political unrest
which generally results in the hoarding of hard
cash by the Indian population. At present
the political horizon seems to have cleared
somewhat, so that the silver movement is expected soon to discontinue. On the other hand,
gold has been sent from India to Japan and to
the United States, as a result of the unfavorable
exchange value of the rupee.
The outstanding facts about India in connection with the study of silver in recent years are
her insatiable demand for silver until the summer
of 1919, followed by her almost complete withdrawal from the silver market during 1919-20.
CHINA.
The other important factor is China. The
table below shows that the Chinese trade balance, which is generally unfavorable, was
much less so during the war years than before
or since, owing to the same causes that influenced the Indian trade balance. In addition to this it will be noted that China was
losing gold until 1916 and silver until 1918.
The gold went largely to Japan and the silver
largely to India.
GOLD, SILVER, AND MERCHANDISE IMPORTS INTO AND EXPORTS FROM CHINA.
[In thousands of haikwan taels.]
Dec. 31.
1913
1914
1915
1916
1917.
1918
1919
1920.
-.
Excess Excess Imports. Exports. Excess
Imports. Exports. imports.
exports.
imports.
3,065
861
819
19,903
13,872
1,229
51,079
50,967
4,451
13,862
18,211
8,102
5,025
2,282
9,897
68,469
Merchandise.
Silver.
Gold.
Calendar year ended
1,386
13,001
17,392
11,801
8,847
1,053
41,182
17,502
55,711
16,499
20,718
37,088
27,507
36,124
62,094
126,354
19,743
30,122
39,100
65,766
48,490
12,629
8,969
33,715
Excess
exports.
35,968
i3,623
18,382
28,678
20,983
23,495
53,125
92,639
Imports.
570,163
569,241
454,476
516,407
549,519
554,893
646,998
762,250
Exports.
403,306
356,226
418,861
481,797
462,932
485,883
630,809
541,631
Excess
imports.
166,857
213,015
35,615
34,610
86,587
69,010
16,189
220,619
FEDERAL RESERVE BULLETIN.
AUGUST,
By the middle of 1919 China found herself
extremely short of silver as a result of the wartime drain and of the hoarding due to the unsettled times, while the lack of confidence in
bank notes also increased the demand for
silver. Consequently, it was China that caused
such an insistent demand for silver in 1919,
heightened perhaps by speculators, as to drive
the price to its peak in January, 1920. By
that time her demand was fairly well satisfied;
the trade balance, as may be seen from the
table, became much more unfavorable, rising
from 16,000,000 Haikwan taels to 221,000,000
Haikwan taels, and China was no longer in the
market for silver. Recently hard times and
famine conditions have resulted in considerable
amounts of silver being taken from buried
hoards to be used in the purchase of food.
It was this withdrawal of China from the silver
market that precipitated the final drop in the
price of silver, which in March, 1921, was
worth about 57 cents an ounce compared with
$1.34 at the peak. Since that time the demand from India mentioned above has caused
a slight reaction in the silver price.
EARNINGS AND EXPENSES OF THE FEDERAL RESERVE BANKS.
Total earnings of the Federal Reserve Banks
for the six months ending June 30, 1921, were
$76,683,303, compared with $81,778,352 for
the corresponding period in 1920, while total
current expenses for the first six months of the
present year were $17,581,860, compared with
$13,195,241 in 1920. Current expenses for the
first half of the present year include, besides
$13,828,375 of expenses of operation proper,
$2,561,034, the cost, including shipping charges,
insurance, and other expenses incident to the
issuance and retirement of Federal Reserve
currency; $435,803, taxes on Federal Reserve
Bank note circulation, and $756,648, the cost
of furniture and equipment acquired during
the period under review.
Current expenses shown are exclusive of
expenses of the fiscal agency departments of the
Federal Reserve Banks. These expenses are
treated separately, being reimbursable by the
Treasury. During the first six months of the
present year the Federal Reserve Banks acting
as fiscal agents for the Government expended
a total of $2,360,509, compared with $3,397,148
during the corresponding period in 1920. At
the beginning of the present year there was also
61054—21
4
939
due from the Treasury a total of $939,309
expended by the banks during the previous
period.
Reimbursements received by the
banks during the review period totaled
$2,500,824, leaving thus a reimbursable balance
on June 30 of $798,994.
Current net earnings of the banks, i. e., the
excess of earnings over current expenses,
totaled $59,101,443, compared with $68,583,111
for the corresponding period last year. After
deducting $3,526,756 from current net earnings,
mainly on account of depreciation of bank
premises, the banks paid the regular 3 per cent
semiannual dividend of $3,033,276, carried
$11,788,893 to surplus account, and set aside
$40,752,518 as reserve for the Government
franchise tax. Of the total earnings for the
six months of the present year, 89.5 per cent,
as against 78.7 per cent in 1920, came from
discounted paper; bills purchased in open
market, largely bankers' acceptances, which
are credited with 15.6 per cent of the total
earnings for the first six months in 1920, contributed less than 5 per cent of the earnings
for the review period, while United States
securities, largely Treasury certificates, yielded
4.3 per cent of the total earnings during both
periods. Aggregate earnings from these three
sources account for about 98.7 per cent of the
six months' earnings of the reserve banks, the
balance being composed of net earnings from
bank transfers, penalties on deficient reserves,
collection charges, and sundry minor profits.
Of the total expenses of operation of the
banks proper, exclusive of their fiscal agency
departments, $7,130,008, or about 52 per cent,
as against $5,455,812, or 51 per cent, in 1920
went as salaries to the clerical staff; and
$1,154,942, or 8.4 per cent, as against $881,364,
or 8.2 per cent in 1920, as salaries to bank
officers. Compensation of special officers,
watchmen, and other employees, extra help,
overtime pay, and supper money account for
$820,160, or about 5.9 per cent of the total
expenses of operation for the six months under
review. Printing and stationery called for
an outlay of $590,458, or 4.3 per cent, as against
5.7 per cent in 1920, and postage and expressage for $566,745, or 4.1 per cent, as against 4.6
per cent for the corresponding period in 1920.
Assessments of the reserve banks for the support of the Federal Reserve Board amounted
to $362,226, or 2.6 per cent, and rent (including light, heat, and power) to $503,357, or 3.6
per cent of the total expenses of operation for
the first half of the present year.
CO
EARNINGS AND EXPENSES OF EACH FEDERAL RESERVE BANK FOR T H E SIX M O N T H S ENDING JUNE 30, 1921.
O
EARNINGS.
PhilaBoston. New York, delphia. Cleveland. Richmond.! Atlanta.
Discounted bills
Purchased bills
U. S. securities
Transfers, net earnings
Deficient reserve penalties..
Sundry profits
Total earnings..
Chicago.
St. Louis.
Minneapolis.
Kansas
City.
Dallas.
San
Francisco.
Total.
$3,871,237 $22,453,328, $4,116,231 $4,347,278 $3,240,505 $3,676,548 112,054,084 $2,641,975 $2,483,785 !$2,959,118 $2,060,008 $4,744,622 $68,648,719
664,993 | 3,789,989
292,531
679,072
390,764
4,020
1,189,894
96,744
56,506
29,179
13
367,900
18,373
458,499
278,809
110,739
356,469
164,042
137,730 3 291,055
923,917
132,280
199,157
86,201
208,821
234,391
277,675
130,123
46,767
89,339
11,446
594,444
85,102
29,766
30,941
42,941
63,424
7,611
20,429
76,930
66,631
40,533
46,310
81,421
1,887
5,604
3,452
7,321
36,464
2,329
5,250
1,973
1,578
3,737
8,837
4, 488, 460
24,634,544
4, 889,497
5,385,144
3,557,620 i 3,977,125
13,007,498
2,879,466
2,660,704
3,234,200
2,335,987
5,633,058 76,683,303
CURRENT EXPENSES.
Expenses of operation:
Assessments for F. R. Board expenses
Federal advisory council
Governors' conferences
F. R. agents'conferences
DirectorsFees
Per diem allowance
Traveling expenses
SalariesBank officers
Clerical staff
Special officers and watchmen
All other
Life insurance premiums (employees' group insurance)
Insurance and premiums onfidelitybonds
Officers' and clerks' traveling expenses
Legal fees
Banking house
,
Rent (including light, heat, and power)
,
Fire insurance (furniture and equipment)
,
Telephone
Telegraph
Postage
Expressage
Office supplies
Printing and stationery
Currency and coin shipments
Allother
Total expenses of operation
Federal Reserve currency (original cost, including
shipping charges)
Miscellaneous charges account F. R. currency
,
Taxes on F. R. Bank note circulation
,
Furniture and equipment
Total current expenses.
Current net earnings
Net deductions from current net earnings
Net earnings.
$28,115 |
200 !
207
$99,345
700
142
$30,594
272
203
137,209
512
230
$18,997
296
256
$14,876
987
371
111
$51, 471
577
393
$15,252
600
279
$12,529
686
545
$16,336
340
113
$12,157
200
379
$25,345
1,112
572
677
$362,226
6,482
3,690
788
2,870
850
1,299
12,540
1,460
2,549
2,040
280
631
1,620
570
1,024
1,955
380
963
3,260
5,870
5,3.72
2,425
630
2,445
3,245
1,150
2,381
2,125
1,810
1,665
3,605
4,525
5,339
1,158
1,260
1,164
5,740
354
405
42,583
19,139
25,237
67,750
415,540
13,577
4,011
242,399
1,875,483
101,970
151,259
61,833
463,102
37,820
42,097
94,865
551,241
33,861
64,815
71,035
368,176
10,755
18,378
81,298
254, 111
10,896
16,907
154,581
72,225
393,651
12,237
17,053
59,002
260,057
10,815
10,002
76,051
515,158
16,839
17,799
66,195
356,893
15,985
27,506
107,708
790,589
29,743
30,553
1,154,942
7,130,008
357,209
462,951
8,393
34,642
7,305
3,242
68,963
9,582
28
9,863
6,534
35,589
361
18,741
36,674
47,306
27,809
38,440
12,700
9,625
515
26,010
60,582
1,612
7,109
17,414
42,760
1,275
21,854
67,748
33,100
96,520
3,842
15,668
20,690
504
23,589
7,986
1,237
2,294
17,610
39,932
2,784
10,321
30,974
23, 256
25,652
2,982
23,914
12,288
4,510
9,923
13, 077
117
2,509
29,989
29,501
2,665
14,546
33,060
32,151
13,865
54,176
25,493
4,500
41,410
49,238
26,854
17,461
44,292
18,164
250
72,717
152,954
559
20,017
30,767
72,076
2,681
61,882
75,322
7^,999
92,775
3,843
17,986
14,721
87
3,286
28,468
557
4,490
19,691
40,316
512
7,717
30,428
13,737
23,701
904
15,532
17,145
5,012
7,804
15,281
107
3,365
12,076
35,676
4,248
15,623
36,101
15,566
1,558
8,422
32,386
11,233
864
7,438
28,166
836
4,362
35,805
62,209
1,026
16,373
41,074
21,423
39,563
6,233
19,670
2,525
27,887
5,556
21
4,234
32,397
31,328
9,365
17,026
34,440
30,793
39,354
13,899
48,126
16,642
4,107
31,273
37,629
1,717
8,236
45,582
45,644
4,326
15,003
99,520
24,030
111,800
112,539
309.729
177,326
27,316
306,117
503,357
14,318
88, 795
288.730
536,152
30,593
277,422
590,458
420,755
579,513
786,056
3,226,763
953,904 1,223,211
717,530
610,891 I 1,825,342
727,613
545,234
967,285
147,235
7,682
39,155
9,781
647,322
11,878
75,326
59,857
167,966
7,515
41,924
221,428
164,082
10,997
21,515
27,424
147,375
6,270
32,127
25,030
499, 882
11,171
72,374
83,998
171,769
6,171
14,000
41,573
68,942
1,830
16,822
32,219
101,961
2,626
31,289
22,933
941,548
821,693
2,492,767
961,126
665,047 1,126,094
10,514,731 1,918,340
102,523
1,995,657 2,108,106
283,036
260,791
1,471,945 3,799,218 59,101,443
501,407 3,526,756
267,393
1,712,621
1,204,552 3,297,811
4,074
4,350
1,200
27,227
41,932
904
6,492
3,475
35,587
9
989,909
4,021,146
122,056
5,958
50,667
70,019
1,392,737 | 1,471,911
5,600
3,498,551
422,541
20,613,398 3,496,760
198,002
26,431
3,913,233
96,612
2,616,072 3,155,432
386,586
178,567
3,076,010
20,415,396 3,470,329
3,816,621
2,229,486
2,976,865
62,711
62,571
102,144
6,623
15,824
37,390
65,534
1,341
69,451
63,707
53,156
88,327
9,711,864
1,815,817
1,847,315
744,214 1,500,332 13,828,375
178,428
8,275
26,085
120,720
2,478,137
82,897
435,803
756,648
864,042 1,833,840
17,581,860
61,119
2,524
14,519
41,666
55,574,687
DISPOSITION OF NET EARNINGS.
Dividends paid
Transferred to surplus fund
Reserved for U.S. Government franchise tax
Total
$235,218 i $797,474
631,389 j 2,903,912
2,209,403 j 16, 714, 010
|
$257,322 ! $327,124
$160,288 i $121,595
554,221 ; 1,958,838
464,500 ;
364,817
604698 j 2,490,453
2,658, 786 ; 1, 530,601 ; 1,604,698
3,076,010 I 20,415,390 j 3,470,329 j 3,816.621 ; 2,229,486 j 2,976,865
$124,619
$213,440
$424,025 | $133,383 \ $105,001 j $133,787
1,555,454 j 768,399 i 323,122 ! 171,353 1,079,933 1,012,957
2,071,414
914,035
I
1,284,498
j
1,542,175
7,732,385 i
9,711,864 I 1,815,817 I 1,712,621 | 1,847,315 1,204,552 | 3,297,811
$3,033,276
11,788,893
40,752,518
55,574,687
EXPENSES OF FISCAL AGENCY DEPARTMENT FOR THE SIX MONTHS ENDING JUNE 30, 1921, AMOUNTS REIMBURSED BY TREASURY DEPARTMENT,
AND BALANCES REIMBURSABLE JULY 1, 1921.
i Bos: ton.
Total expenses Jan. 1 to June 30,1921
Amounts reimbursable Jan .1, 1921
j $194,648
86,989
Total
Reimbursements received during 1921
j 281 637
218', 805
Bala i ices reimbursable July 1, 1921
62,832
San
Francisco.
Cleveland.
Richmond.
Atlanta.
Chicago.
St.
Louis.
Minneapolis.
Kansas
City.
Dallas.
$463,207 ! $109,516
224,647 | 37^855
$252, 000
82,020
$59,237
23,888
$89, S13
39,920
$353, 261
84, 243
$130,433
70,417
$104,187
54,307
$226,134
112,033
$120,380
23,658
687 854 ! 147 371
553,381
126,170
334 020
245, 735
93 125
76,014
129 733
82.951
437 504
342,951
200 S50
160,273
158 494
125,154
338 167
223,218
144 038
94,984
347 025
251,188
3,299,818
2,500,824
88,285
17,111
46,782
94,553
40,577
33,340
114,949
49,054
95,837
798,994
New
York.
134,473
Philai delphia.
21,201
Total.
$247,693 $2,360,509
99,332
939,309
CD
942
FEDERAL, RESERVE BULLETIN.
AUGUST, 1921.
FOREIGN LOANS PLACED IN THE UNITED STATES.
It should be noted that the tabulation does
The following statement of foreign Government, municipal, and corporate loans placed not include subscriptions in the United States
in the United States and outstanding on June to foreign internal loans, as the amounts of
1, 1921, has been compiled by the Guaranty such subscriptions are not available, nor does
Trust Co. of New York from the most accurate it include most foreign currency issues purand complete information available and haschased in the United States. The tables are
been furnished to the Board upon request. also incomplete as to issues sold partly in
The statement brings up to date figures pre- this country and partly in other countries.
viously compiled by the same agency and
It has been necessary in some cases to estipublished in the FEDERAL RESERVE BULLE- mate the amounts, using as bases the amounts
TIN for July, 1920, on pages 687 and follow- at proximate previous dates. All such estimates are indicated in footnotes.
SUMMARY BY COUNTRIES OF FOREIGN GOVERNMENT, STATE, MUNICIPAL, AND CORPORATION LOANS, AND LOANS OF
INSULAR POSSESSIONS OF UNITED STATES FLOATED IN THE UNITED STATES, AND OUTSTANDING AS OF JUNE 1, 1921.
Corporation.
Country.
Government.
State and
municipal.
Total.
Railroad.
Canada and Newfoundland...
Mexico
Cuba
Panama
Santo Domingo
Haiti
Argentina
Bolivia
Brazil
Chile
p eru
Great Britain
France
Belgium
Germany
Austria
Norway
Sweden
Denmark
Finland
Esthonia
Latvia
Lithuania
Poland
Hungary
Russia
Italy
S witzerland
Greece
Rumania
Serbs, Croats, and Slovenes...
Czechoslovakia
Armenia
China
Japan
Australia
Liberia
Philippine Islands
Porto Rico
Total
Public
utility.
$133, 500,000 $233,964,244 $176, 889,500 $88,988,500
500,000
152,087,675
2,478,000
9, 486,000
21,695,000
1,978,000
;;;;;;;
10,141,450
3,666,666
15,000, 000
3," 857," 868*
25,000,000
28,242,000
23,769,000
425,000 : : : : : : : : : :
450,016,800
197, 785,200
96,225,000
2, 000,000
24,500,000
25,000,000
40,000,000
Industrial.
$63,339, 546
30,000,000
40,447,800
64,329,300
8,000,000
15,000, 000
1,000,000
10,800,000
64,687,700
$696,681,790
185,065,675
71,628, 800
1,978,000
10,141, 450
3,000,000
15,000,000
3, 857, 868
53,242,000
88,523,300
8,000,000
465,016,800
263,472,900
107,025,000
2,000,000
17,000,000
102,552,000
4,166,318,358
3,350,762,938
375,280,147
33,266,500
25,000,000
55,000,000
15,000,000
75,000,000
10,000,000
fifi rus nnn
11,760,000
1
1
17 000 000
107', 802,000
1,250,000
5,250,000
i, 256,666
16,000,000
500,000
1,319,096,318
$9,025,500
24,055,709
8,766,500
J
75,000,000
10,000,000
54,285,000
Total indebtedness of other
Governments
to the Govern- Grand total.
ment of the
United States,
June 1, 1921.
11,765,000
368,095,444
377,437,175
600, 000
3,000,000
96,316, 500
235,916,646
27,765,000
4,100,000
$696,681,790
185,065,675
80,654,300
1,978,000
10,141, 450
3,000,000
15,000,000
3, 857,868
53,242,000
88,523,300
8,000,000
4,631,335,158
3,614,235,838
482,305,147
2,000,000
24,055,709
33,266,500
25,000,000
55,000,000
8,281,926
8,281,926
1 3 QQQ 1.1ft
13 999 146
5 132 287 i
5 132 287
4 981 628
4 98l' 628
135,661,661 !
135', 661^661
1 685 836
1fiS-^ssft
192,601,297
267', 601,' 297
1 648 034 051
1 658 03 A 051
66 045 000
15,000,000
15^000,'000
36,128,496
36,128,496
51,153,160
51,153,160
91,179, 529
91,179,529
11,959,917
11,959,917
17,000,000
107,802,000
1,250,000
26,000
26,000
27,765,000
4,100,000
2,396, 862,083 10,141, 267,586
12,538,129,669
NOTE.—Total indebtedness of other Governments to the Government of the United States, June 1,1921, is composed of the following: Under
Liberty Loan Acts, $9,435,225,329; from sale of surplus war material, $565,048,414; from food relief, $84,093,964; from grain corporation, $56,899,879.
943
FEDEKAL RESERVE BULLETIN.
AUGUST, 1921.
FOREIGN LOANS, INCLUDING GOVERNMENT, STATE, MUNICIPAL, RAILROAD, PUBLIC UTILITIES, AND INDUSTRIAL LOANS
AND LOANS OF INSULAR POSSESSIONS OF UNITED STATES FLOATED IN THE UNITED STATES AND OUTSTANDING
JUNE 1, 1921.
Name of issue.
Interest
rate
(per
cent).
Date offered In
United States.
Maturity.
Date of issue.
Original
amount
offered in
United
States.
Amount
outstanding
in United
States June
1, 1921.
GOVERNMENT LOANS.
NORTH AMERICA AND WEST INDIES.
Canada:
10-year gold bonds.,
15-year gold bonds..
10-year gold notes..,
2-year gold notes....
Apr. 1,1916
do
Aug. 1, 1919
do
Apr. 1, 1926
Apr. 1,1931
Aug. 1, 1929
Aug, 1, 1921
-
"
•
L
i
g
.
±
f
J . £ 7 ^ < 7 .
.
.
.
.
.
.
I
O
U
1
i March, 1916
1
do
i July, 1919
;
do
V
.
J . J 7 J . J 7
.
.
.
.
.
.
.
.
.
$25,000,000 ;
25,000,000
60,000,000
15,000,000
Total Government loans, Canada.
Newfoundland:
20-year gold bonds.,
15-year gold bonds.
125,000,000
June 1,1919
June 1,1921
July 1, 1939
June 30, 1936
July 1,1913
Feb. 2, 1914
July 1,1923
Feb. 1,1949
Dec. 1,1915
Nov. 2,1914
Dec. 1, 1921-1925.. January, 1916
Nov. 1, 1944
Various
1908
Jan. 1,1918
1918-1958
Jan. 1,1938
i May, 1919
1 May, 1921
i 2,500,000
6,000,000
Total, Newfoundland loans.
Mexico: 10-year treasury notes of 19132.
Cuba: External loan of 1914»
Panama:
Secured serial gold bonds
Sinking fund 30-year gold bonds
Santo Domingo:
Custom administration gold bonds.
Santo Domingo gold bonds
125,000,000
25,000,000
60,000,000
15,000,000
2,500,000
6,000,000
8,500,000
June, 1913
February, 1914
January, 1908
Jan. 1,1918
500,000
10,000,000
500,000
9,486,000
1,200,000
2,250,000
160,000
1,818,000
20,000,000
5,000,000
8,324,450
1,817,000
Total Government loans, North America
and West Indies.
155,605,450
SOUTH AMERICA.
Bolivia:
Republic of Bolivia sterling loan..
Gold loan of 1917
Jan. 1,1909
Apr. 1,1917
Jan. 1,1934
Oct. 1, 1940
1909
June, 1917
'2,430,000
2,400,000
* 1,670,868
2,187,000
Feb. 1,1921
June 1,1921....
Feb. 1,1941
J u n e l , 1941....
February, 1921
May, 1921
24,000,000
25,000,000
23,769,000
25,000,000
Total Government loans, Bolivia.
Chile: Republic of Chile sinking fund gold bonds.
Brazil: United States of Brazil
3,857,868
Total Government loans, South America..
52,626,868
EUROPE.
Great Britain:
United Kingdom of Great Britain and Ireland 5-year gold notes.
20-year gold bonds
10-year convertible gold
,
3-year convertible gold notes
Nov. 1,1916
Nov. 1,1921
October, 1916
150,000,000
93,713,000
Feb. 1,1917
Nov. 1, 1919
do
Feb. 1,1937
Aug. 1, 1929
Nov. 1, 1922
February, 1919
October, 1919
do
143,587,000
143,587,000
122,572,600
90,144,200
Total Government loans, Great Britain
France:
Government of the French Republic sinking
fund bonds.
Government of the French Republic gold
bonds.
450,016,800
Sept. 15,1920
Sept. 15, 1945
September, 1920... 100,000,000
June 1,1921....
June 1,1941
May, 1921
100,000,000
197,785,200
Total Government loans, France..
Belgium:
5-year gold notes
25-year external sinking fund bonds.
20-year sinking fund bonds
Jan. 1,1920
J u n e l , 1920
Feb. 1,1921
Jan. 1,1925
June 1, 1945
Feb. 1,1941
January, 1920
June, 1920.
January, 1921
18,600,000
50,000,000
30,000,000
18,600,000
48,000,000
29,625,000
Apr. 1,1916
Apr. 1,1917
June, 1916
10,000,000
6 2,000,000
Feb. 1,1916
Oct. 1,1920
Feb. 1,1923
1 Oct. 1, 1940
January, 1916
5,000,000
September, 1920... 20,000,000
5,000,000
19,500,000
96,225,000
Total Government loans, Belgium
Germany: 1-year discount notes (in d e f a u l t ) . . . .
Norway:
7-year gold bonds
20-year sinking fund gold bonds
Total Government loans, Norway
97,785,200
100,000,000
24,500,000
June 15,1919
June 15, 1939
June, 1919
25,000,000
25,000,000
Sweden:
20-year gold bonds
1
Approximate.
2 Tnere was also $25,000,000 (of a total issue of $40,000,000) United States of Mexico 4 per cent bonds, due 1954, offered for subscription in 1904.
No figures
showing amount placed here are available.
3
There were two other Cuoan Government loans: $35,000,000 gold 5's, dated March, 1904, and due Mar. 1, 1944, and $16,500,000 external gold
4^'s, dated Aug. 2, 1909, and due Aug. 1, 1949, placed partly in this country and partly abroad, but the amounts placed here are unavailable.
* Amount of loan issued, £500,000; rate of conversion, $4.86 per £ . Amount of loan outstanding, £.343,800; rate of conversion, $4.86 per £ .
s Amount outstanding estimated.
944
FEDERAL RESERVE BULLETIN.
A U G U S T , 1921.
FOREIGN LOANS, INCLUDING GOVERNMENT, STATE, MUNICIPAL, RAILROAD, PUBLIC UTILITIES, AND INDUSTRIAL LOANS
AND LOANS OF INSULAR POSSESSIONS OF UNITED STATES FLOATED IN THE UNITED STATES AND OUTSTANDING
JUNE 1, 1921—Continued.
Interest
rate
(per
cent).
Name of issue.
Date of issue.
Maturity.
Date offered in
United States.
Original j Amount
amount ; outstanding
offered in 1
in United
United 1 States June
States. I 1. 1921.
GOVERNMENT LOANS—Continued.
EUROPE—continued.
Denmark:
25-year sinking fund gold bonds
Danish consolidated municipal loan sinking
fund gold bonds.
Oct. 15, 1920
Feb. 1, 1921
Oct. 15,1945
Feb. 1, 1946
October, 1920
! January, 1921
$25, 000,000
15,000, 000
|$25,000,000 i
1 15,000,000 |
Total Government loans, Denmark.
40,000,000
Russia:
Imperial Government 3-year credit (in default).
5-year gold treasury bonds (interest defaulted
Dec. 1,1919).
Total Government loans, Russia
June 18,1919
Dec. 1, 1916
Dec. 1, 1921
! November, 1916... 25,000,000 |
Feb. 1,1920
Feb. 1,1925
\ February, 1920
5-i Aug. 1,1919
8 I July 1, 1920
Aug. 1,1929
July 1, 1940
.! July, 1919
) July, 1920
June, 1916
50,000,000 ;
;.
Italy: Royal treasury bonds (Series A)
Switzerland:
10-year gold bonds
20-year sinking-fund gold bonds
Total Government loans, Switzerland
so, ooo, oo;)
I June 18,1916
e 25,000,000
25, 000, 000
75, 000, 000
110,000,000
I
30,000,000
24, 285,000
30,000,000
25,000,000
54,285,000
Total Government loans, Europe
974, 812,000
ASIA.
China:
Chinese Government, Hukuang Ry. sinking-fund bonds.
2-year secured gold notes
China-Pacific Development Co. gold loan...
June 15,1911
June 15,1951
June, 1911
7, 500,000
7, 500,000
Nov. 1,1919
Dec. 1, 1919
Nov. 1,1921
Dec. 1, 1921
October, 1919
Dec. 1,1919
5, 500,000
5,500,000
5, 500, 000
4,000,000
Total Government loans, China..
Japan:
Japanese Government sterling loan
Japanese Government sterling loan (second
series).
Japanese Government sterling loan of 1905...
17,000, 000
Mar. 26, 1905
July 8, 1905
1905
Feb. 15,1925
July 10,1925
Jan. 1,1931
March, 1905
75, 000,000
50,000, 000
July, 1905
j November, 1905... 16,250,000
8 50,998, 000
35, 690,000
8
8 15,864,000
Total Government loans, Japan...
102, 552,000
Total Government loans, Asia
119, 552,000
U. S. INSULAB POSSESSIONS.
Philippine GovernmentCertificates of indebtedness
Manila Port wks. & imp. bonds
Aug. 2, 1920
Sept. 1, 1920
1 Aug. 2, 1921
Sept. 1,1950
August, 1920
October, 1920
10,000,000 j
6,000,000 '
Total ^Philippine loans
Porto Rico gold bonds
10,000,000
6,000,000
16, 000,000
Jan. 1,1920
Jan. 1,1941-1912... April, 1921
500,000
Total loans, U . S . insular possessions
500,000
16, 500,000
Total, all Government loans
1, 319,096,318
STATE LOANS.
SOUTH AMERICA.
Brazil: State of San Paulo
Total State loans
1
Jan. 1,1921
Jan. 1,1936
March, 1921.
10,000,000 |
10,000,000
10,000,000
Approximate,
e Authorized.
The Japanese Government has been in the market recently for its 4£ per cent sterling bonds due 1925.
Latest figures available on bonds originally placed here. A considerable amount of these securities, originally sold abroad, has been brought
B
into our markets, but exact figures are unobtainable.
'
7
8
AUGUST,
945
FEDEKAL RESERVE BULLETIN.
1921.
FOREIGN LOANS, INCLUDING GOVERNMENT, STATE, MUNICIPAL, RAILROAD, PUBLIC UTILITIES, AND INDUSTRIAL LOANS
AND LOANS OF INSULAR POSSESSIONS OF UNITED STATES FLOATED IN THE UNITED STATES AND OUTSTANDING
JUNE 1,1921—Continued.
Name of issue.
Interest
rate
Maturity.
Date of issue.
Date offered in
United States.
! cent).
Original
amount
cffered in
United
States.
Amount
outstanding
in United
States June
1, 1921.
MUNICIPAL LOANS.
NORTH AMERICA.
Canada:
Manitoba, Province of, gold b o n d s . . . . .
Do
...............
Ottawa (city), gold bonds
British Columbia, Province of, gold bonds...
Nova Scotia, Province of, gold bonds
Manitoba, Province of, gold bonds
Manitoba, Province of
Manitoba, Province of, gold bonds 9
Nova Scotia, Province
of, gold bonds
Quebec, Province of9
Ontario, Province of9
Hamilton, Ontario
Ontario, Province of
Manitoba, Province of
Greater Vancouver, British Columbia
Manitoba, Province of
Greater Winnipeg water district
Manitoba, Province of
Edmonton, Alberta, gold notes
Alberta ((University
of),
y
), ggold bonds
A
l b t Province
P i e of,f gen.
e oblig.
bli gold
l bonds..
Alberta,
Alberta,
A
b r t a , Province
vinc of,, tel. construction
otuton
Bitih C
British
Columbia,
l b i
P
Province
i
of, gold
l bonds...
Do9
Do.
Manitoba, Province of, bonds
Manitoba, Province of, debentures 9
6
Manitoba, Province of, gold bonds
6
Ottawa (Ontario), city of, bonds
5,5|,6
Ottawa (Ontario), city of, debentures
Ontario, Province of, gold bonds 9
Do.'
Winnipeg, city of, gold bondi>
9
Winnipeg, city of, bonds 9
Nova Scotia, Province of, impvt. bonds '•>
Calgary, Alberta, gold treasury notes
Vancouver, British Columbia treasury notes.
Ontario, Province of
Do
New Brunswick, Province of
Calgary, Alberta, treasury notes
Ontario, Province of
Toronto, Ontario
Toronto Harbor Commission9
Greater Winnipeg water district
Manitoba, Province of
Saskatchewan, Province
of9
Quebec, Quebec 9
North Vancouver, British Columbia
Do
Toronto Harbor Commission
Sault Ste. Marie, Ontario
Trail, British Columbia
•.
Greater Winnipeg water district
London, Ontario (city)
Prince George, British Columbia, water and
light
Nova Scotia, Province of
British Columbia, Province of
Saskatchewan, Province of
Alberta, Province of
Ontario, Province of
Quebec, Province of
Ontario, Province of
Saskatchewan, Province of
London, Ontario
Revelstoke, British Columbia
Do
Burnaby, British Columbia 9
Maisonneuve, Quebec
Prince George, British Columbia
5J-6
Sault Ste. Marie, Ontario
6
Prince Rupert, British
Columbia. 9
5
Montreal, Quebec
5
Toronto, Ontario
Westmount, Quebec
4i
Medicine Hat, Alberta
5
Calgary, Alberta
5
Ottawa, Ontario
5
9
Halifax, Nova Scotia
5
s Amount outstanding estimated.
Jan. 3,1921...
Mar. 1, 1921..
Apr. 25,1921.
Apr. 1,1921..
June 1,1921..
May 15,1920..
Jan. 2,1920...
May 15, 1920.
Mar. 1, 1920..
Apr. 15, 1920.
1920.
Mar. 1,1920...
Apr. 1,1920...
Mar. 8,1920...
Feb. 2,1920...
Mar. 1,1920...
1920
Aug. 2, 1920...
Aug. 16, 1920..
Nov. 1,1920...
July 27, 1920..
Oct. 1, 1920...,
J u n e l , 1920...
Aug. 16, 1920..
Nov. 1, 1920...
Oct. 1, 1920....
July 1, 1920....
Nov.
Oct.
Dec.
Aug.
1920
15, 1920.
1,1920...
1, 1920..
2, 1920..
1919
1919
1919
1919
1919
1919
1919
1918
1918
1917..
1917
1917
1917
1917
1917
1917
1917
1917
1917
1917
1916
1916
1916
1916
1916
1916
1916
1916
1916
1916
1916
1916
1916
1916
1916
1916
1916
1916
1916
1916
1916
1916
1916
January, 1921...
March, 1921
.do.
April, 1921
do
May, 1921
May, 1920
January, 1920...
May, 1920
April, 1920
do
.do.
March, 1920
Mar. 1,1925.
Apr. 1, 1925.
do
Mar. 8, 1923.
do
.do.
Feb. 2, 1930.
Mar. 1,1930
f
do
1925
J May, 1920
Sept. 1,1922-1924.. September, 1920..
Aug. 2, 1925
August, 1920
Aug. 16, 1930
do
Nov. 1,1930
November, 1920..
July 27, 1925
August, 1920
Oct. 1, 1925
October, 1920
June 1, 1925
June, 1920
Aug. 16, 1925
August, 1920
Nov. 1, 1930
November, 1920..
Oct. 1, 1925
October, 1920
July 1, 1921-1950..
.do..
July 1, 1922-1927.. July, 1920
Nov. 15, 1927
November, 1920..
Oct. 1, 1923..
October, 1920
Dec. 1, 1930..
December, 1920..
Aug. 2, 1940..
August, 1920
April, 1928...
1920..
July 1, 1924..
October, 1920....
1922-1924
1919
1922
,
January, 1919...
1922
June, 1919
1922.
do
1924.
do
1924
August, 1919
1924-1938.
November, 1919.
1953
December, 1918..
1923
February, 1918..
1922
April, 1917
\" 1932
September, 1917.
1927
January, 1917...
1947
March, 1917.
1967
....do
1957
April, 1917...
.do.
1932-1967.
1937
June, 1917
1922
July, 1917
1922
August, 1917
$250,000
1,000,000
115,000
3,000,000
1,500,000
2,000,000
2,000,000
4,000,000
3,000,000
7,000,000
6,800,000
596,768
5,000,000
2,850,000
510,000
2,498,000
2,000,000
3,000,000
750,000
750,000
2,000,000
1,000,000
3,000,000
1,000,000
2,000,000
1,250,000
750,000
750,000
2,285,000
328,000
5,000,000
3,000,000
800,000
600,000
500,000
200,000
2,600,000
3,000,000
4,000,000
1,000,000
1, 500,000
3,000,000
2,632,000
1,000,000
2,000,000
2, f 00,000
850,000
780,000
47, 440
73,000
1,500,000
63,200
80,000
1,500,000
760,000
$250,000
1,000,000
115,000
3,000,000
1,500,000
2,000,000
2,000,000
4,000,000
3,000,000
7,000,000
6,800,000
596,768
5,000,000
2,850,000
510,000
2,498,000
2,000,000
3,000,000
750,000
750,000
2,000,000
1,000,000
3,000,000
1,000,000
2,000,000
1,250,000
750,000
750,000
2,285,000
328,000
5,000,000
3,000,000
800,000
600,000
500,000
200.000
2,000,000
3,000, 000
4,000,000
1,000,000
1,500,000
3,000,000
2,632,000
1,000,000
2,000,000
2,000,000
850,000
780,000
47,440
73,000
1, 500,000
63,200
80,000
1,500,000
760,000
November, 1917.
January, 1916...
March/1916
April, 1916.
do
May, 1916.
June, 1916
December, 1916..
.do.
January, 1916..
February, 1916.
.do.
March, 1916.
do
.do.
April, 1916..
do
May, 1916.
June, 1916....
June, 1916...
March, 1916..
June, 1916...
do
do,,,,..
30, 000
500,000
1,000, 000
1,000,000
1,650,000
4,000, 000
4, 000,000
2,000,000
500,000
555,496
51,500
13,000
575,000
355,000
140,000
83,306
1,600, 000
2,000,000
3,669,000
107,500
100,000
1,568,806
1,032,517
460,420
30,000
500,000
1,000,000
500,000
1, 650,000
4, 000, 000
4,000, 000
2,000,000
500,000
216, 541
51, 500
13,000
575,000
355,000
140,000
83,306
1,600,000
2,000,000
3,124,000
107,500
100,000
1,568,806
1,032,517
460,420
Jan. 3, 1 9 3 1 . . . . . . .
Mar. 1,1926
July 1,1940-1945 .
Apr. 25, 1926
Apr. 1,1926
June 1,1931
May 15,1925
Jan. 2, 1925.
May 15, 1925
Mar. 1,1925
Apr. 15, 1925
1932
;.".. 1926
1941.
1926
1926
1926.
1926
1926
1931.
1922-1926
1931
1936.
1928-1936
1926
1926-1931
1931-1946
1946
1936
J u l y , 1921-1948.
I960..
1926-1942
1936-1946
1936-1946
1950
946
FEDERAL RESERVE BULLETIN.
AUGUST, 1921.
FOREIGN LOANS, INCLUDING GOVERNMENT, STATE, MUNICIPAL, RAILROAD, PUBLIC UTILITIES, AND INDUSTRIAL LOANS
AND LOANS OF INSULAR POSSESSIONS OF UNITED STATES FLOATED IN THE UNITED STATES AND OUTSTANDING
JUNE 1, 1921—Continued.
Name of issue.
Interest
rate
(percent).
Date of issue.
Maturity.
Date offered in
United States.
Original
amount
offered in
United
States.
Amount
outstanding
in United
States June
1,1921.
MUNICIPAL LOANS—Continued.
NORTH AMERiCA—continued.
Canada—Continued.
O
Iroquois Falls, Ontario
Greater Winnipeg Water District»
Saskatchewan Drainage District
Humboldt, Saskatchewan
Nelson, British Columbia
Parish St. Pierre Claver, Manitoba
Toronto, Ontario
9
Toronto Harbor Commission
Montreal, Quebec 9
Halifax, Nova Scotia
Alberta, Univ. guaranteed by Province
Ontario, Province of
Alberta, Province of
Saskatchewan, Province of9 9
British Columbia, Province of
New Brunswick, Province of9
Saskatchewan, Province of
New Brunswick, Province of
Nova Scotia, Province of
Regina, Saskatchewan
i
Sault Ste. Marie
|
Toronto, Ontario
Port Coquitlan, British Columbia
;
Calgary School Board
I
Hochelaga School Commission, Quebec
I
North Vancouver, British Columbia
Toronto, Ontario
Do9
Do
Ottawa, Ontario
North Vancouver, British Columbia
Toronto Harbor Commission
Victoria, British Columbia
Saskatoon, Saskatchewan~.
Montreal, Quebec9
Montreal Catholic Schools
Alberta, Province of
Edmonton, Alberta, school district
Edmonton, Alberta, electric light and power.
Alberta, Province of
Halifax, Novia Scotia, debentures
Toronto, Ontario (electric light and power)..
Toronto, Ontario, harbor.
Bassane, Alberta, water and sewer
Scarborough Township, Ontario
Toronto, separate
Catholic School
9
Saskatchewan
Alberta 9
Calgary, Alberta, school district
Selkirk, Manitoba, improvement
Manitoba, Province
of
New Brunswick 9
Sandwich, Ontario, improvement 9
Smiths Falls, Ontario, 9hydroelectric
Toronto, Ontario, city
Toronto, Ontario, housing
and public schools9
Toronto, Ontario, city 9
Toronto Township, Ontario, Toronto Hamilton Highway.
Walkerville,
dntario
Ottowa 9
Saskatchewan, Province of9
Saskatoon, Saskatchewan, school district
Alberta
Do
Alberta 9
British Columbia
Winnipeg, Manitoba 9
Manitoba
New Brunswick 9
Ontario
Sault Ste Marie, Ontario
Toronto, public school
Hamilton
Toronto, hydroelectric
Saskatchewan 9
North Vancouver, British Columbia, improvment.
Trail, British Columbia, improvement
Sherbrooke, Quebec, electric light
1916.
1916.
6
1916..
1916..
1916..
1916..
1916..
1916.
1916.
1925-1931
July,1921
1946
1946.
1936
1926
1921-1936
1956
1956.
1951
!
1925
i
1925..
i
1925
:
October, 1921-1925.;
1925.
$40,000
1,500,000
91,200
67,300
30,000
100,000
2,594,000
1,500,000
3,800,000
265,000
1,000,000
3,000,000
4,000,000
840,000
3,130,000
700,000
1,000,000
1,700,000
500,000
340,000
500,000
81,000
100,000
175,000
375,000
19,825
2,500,000
40,000
3,655,000
2,181,000
30,000
1,000,000
289,000
300,000
1,000,000
450,000
2,400,000
850,000
97,000
3,600,000
299,750
4,506,500
1,500,000
150,000
130,000
350,000
3,000,000
2,000,000
250,000
25,000
1,000,000
1,750,000
144,933
9,200
1,905,000
2, 853,000
1,055,000
74,675
$40,000
1,500,000
91,200
67,300
30,000
100,000
1,469,000
1,500,000
3,800,000
265,000
1,000,000
3,000,000
4,000,000
600,000
3,130,000
700,000
1,000,000
1,700,000
500,000
340,000
500,000
81,000
100,000
175,000
375,000
19,825
2,500,000
40,000
3,655,000
2,091,000
30,000
1,000,000
289,000
300,000
1,000,000
450,000
2,400,000
850,000
97,000
3,600,000
299,750
4,506,500
1,500,000
150,000
130,000
350,000
3,000,000
2,000,000
250,000
25,000
1,000,000
1,750,000
144,933
9,200
1,905,000
2,853,000
1,055,000
74,675
April, 1920
75,000
Septerr ber, 1920.. 2,300,231
May, 1920
| 1,000,000
February, 1920...
210,000
do
2,400,000
June, 1920
1,000,000
January, 1920
3,000,000
September, 1920..
3,000,000
August, 1920
600,000
May, 1920
i 3,000,000
I December, 1920...
1, 750,000
i November, 1920..
2,853,000
December, 1920...
775,000
November, 1920.. : 1,058,000
March, 1920
46,768
May, 1920
1,473,000
November, 1920..
47,000
December, 1919...
225,000
75,000
2,300,231
1,000,000
210,000
2,400,000
1,000,000
3,000,000
3,000,000
600,000
3,000,000
1,750,000
2,853,000
775,000
1,058,000
46,768
1,473,000
47,000
225,000
.do
do
September, 1916..
November, 1916..
do
.do.
December, 1916..
January, 1915.
May, 1915
do
October, 1915
December, 1915 . .
1925
November
1925
do
1925.
December, 1915..
January, 1926..
....do
1.
1928-1929
January, 1915
1945.
February, 1915...
1948
....do
1945
do.
1955
March, 1915
1943
do
1925.
April, 1915
1945-1956
do.
1948
July, 1915
1925.
September, 1915..
July, 1921-1945.
do
1915
1935
do
1913.
, 1953
October, 1915
1915
, 1925
do
1915
1925-1945
October 1,1915...
1915
1930
November, 1915..
1915
1945
December, 1915...
1914
1924
February, 1914...
1914
1954.
October, 1914
1914
1934
do
1913
1923
November, 1913..
1913
1945
August, 1913
1908 and 1912
1948
do..
1953
1913
do
1942
1912
September, 1912..
1922-1951
January, 1921
1941
March, 1921
1936
January, 1921
May 1, 1920..
Mav 1,1923..
May, 1920
1920.
1923
September, 1920..
1920
1930
do
1920.
1930
December, 1920..
1920.
1935
do
1920
April, 1920
1920
1930". *.*.!".""*. "... November, 1920..
1920
April, 1920
1920
"i932andi939'..'.'.". November, 1920..
1920
December, 1920...
1929
1920
August, 1920
1930
1915
1915
1915
1915
1915
1915
1915
1915
1915
1915
1915
1915
1915
1915
1915
1915
1915
1915
1915.
1915.
1920..
1920.,
1920.
1920.
1919....
1919.
1919.
1945
1928-1935.
1924.
1950
February, 1924.
1923.
Dec. 15,1929..
1925
1931
1965
1936.
1950
1943
1940
1921-1940.
1920-1933
Jan. 15, 1925..
1922
1939
I 1924,,,,
0 Issued in United States and Canada. Exact amount held here unavailable,
July, 1917
August, 1916
do
September, 1919..
Jgnuarv, 1919,.. „.
15, 500 I
90,000 j
15,000
90,000
AUGUST, 1921.
947
FEDERAL RESERVE BULLETIN.
FOREIGN LOANS, INCLUDING GOVERNMENT, STATE, MUNICIPAL, RAILROAD, PUBLIC UTILITIES, AND INDUSTRIAL LOANS
AND LOANS OF INSULAR POSSESSIONS OF UNITED STATES FLOATED IN THE UNITED STATES AND OUTSTANDING
JUNE 1,1921—Continued.
Nam© of issue.
Inter| est
I rate
I (per
j cent).
Maturity.
Date of issue.
Date offered in
United States.
Original
amount
offered in
United
States.
November, 1919.
.....do
$162,000
24,000
Amount
outstanding
in United
States June
1,1921.
MUNICIPAL LOANS—Continued.
NORTH AMERICA—continued.
Canada—Continued.
Winnipeg City
London, Ontario
New Westminster, British Columbia, Ref.
Tr. Cert.
Do
Niagara Falls, Ontario, city improvement...
Ontario
New Westminster,
British Columbia
Manitoba 9
New Westminster, British Columbia, street
improvement.
New Westminster, British Columbia, local
improvement.
New Westminster, British Columbia, waterworks and street improvement.
Selkirk, Manitoba
Sarnia, Ontario
Sutherland, Saskatchewan
Cardston, Alberta, school district
North Vancouver, British Columbia, local
improvement.
Sault Ste. Marie, Ontario, pavement
Do
Sault Ste. Marie, Ontario, concrete
Sault Ste. Marie, Ontario, street extension...
Sault Ste. Marie, Ontario, sewer
Sault Ste. Marie, Ontario, culvert
Sault Ste. Marie, Ontario, fire hall
Toronto, separate school district
Sutherland, Saskatchewan
St. Boniface, Manitoba, school district
Vancouver, British Columbia, local improvement.
Vancouver, British Columbia, Treasury notes
Toronto, Ontario, harbor commission
Montreal, Quebec
Port Moody, British Columbia
Prince Rupert, British Columbia
St. Andrews, British Columbia
Transcona, Manitoba, school district
Hamilton, Ontario
Toronto, Ontario, local improvement
Toronto, Ontario, waterworks
Westmount, Quebec
Do
Watrous, Saskatchewan, water and sewerage.
Edmonton, Alberta, school district
1918.
1923.
October, 1918
100,000
1918
1918
1923
1923
1926.
July, 1923
August, 1928.
1967
December, 1918..
do
March, 1918
July, 1918
do
March, 1917
230,000 i
230,000 I
Apr. 15, 1945.
.....dO
:
May 1,1947..
April, 1917
1
March, 1917
April, 1917
March, 1917
February, 1916
do
!
i
\
!
i
1940.
1946!.
1931.
1931.
1936.
1946.
1936.
1936.
1935.
1925.
1953.
1944!
1934
April, 1934...
1924.
1948
1928
1958
1944
Apr. 15, 1953.
1,000,000 ;
170,000 !
1,000,000 i
35,000 ;
47,400
85,000
75,000
63,200
32,725
35,000
7,973 '
$162,000
24, 000
100,000
230,000
230, 000
1,000,000
170,000
1,000,000
35,000
47,400
95,000
75,000
63,200
32,725
35,000
7,973
May, 1916
June, 1916
do..
do
May, 1916
June, 1916
do..
January, 1916...
November, 1916.
March, 1915
April, 1915
16,439
22, 745
3,311
7,500
19,509
7,500
6,500
100,000
36,000
200,000
1,118,947
16,439
22, 745
3,311
7,500
19, 509
7,500
6,500
100,000
36,000
200,000
1,118,947
July, 1915
January, 1915...
do..
July, 1914
June, 1914
March, 1914
November, 1914.
March, 1914
May, 1914
do
do
do
April, 1914
October, 1913....
850,000
1,000,000
6,900,000
80,000
2,500
18,000
35,000
500,000
500,000
745,615
275,000
110,000
70,000
1,250,000
850,000
1,000,000
6,900,000
80,000
2,500
18,000
35,000
500,000
500,000
745,615
275,000
110,000
70,000
1,250,000
Total provincial and muncipal loans,
Canada.
233,964,244
MUNICIPALS, O T H E R THAN CANADIAN.
SOUTH AMERICA.
Brazil:
City of Rio de Janeiro
City of Sao Paulo
May 1,1919..
Nov. 1,1919..
May 1,1922-1931.
Nov. 1,1943
,
May, 1919
October, 1919....
10,000,000
8,500,000
Dec. 8,1915
Aug. 9,1939
October, 1916....
471,000
Total municipal loans, Brazil.
Chile: Water Co. of Valparaiso (water board loan
guaranteed by Government of Chile)
Total municipal loans, South America
EUROPE.
France:
City of Paris 5-year gold bonds
,
City of Bordeaux 15-year gold bonds..
City of Lyons 15-year gold bonds
City of Marseilles 15-year gold bonds.
18,242,000
Oct. 16,1916..
Nov. 1,1919..
do
do
Oct. 15,1921.
Nov. 1,1934..
do
.....do
October, 1916....
November, 1919.
.....do
.....do
50,000,000
15,000,000
15,000,000
15,000,000
1
Oct. 1,1920..
Nov. 1, 1920.
Oct. 1,1945..
Nov. 1,1945..
October, 1920....
November, 1920.
5,000,000
4,000,000
4,857,500
3,909,000
July 1,1919..
July 1,1944..
August, 1919..— 15,000,000
15,000,000
8,766,500
Jssued in United States and Canada. Exact amount held here unavailable.
42,467,000
7,039,000
7,590,800
7,590,900
64,687,700
Total municipal loans, Norway.
Denmark: City of Copenhagen sinking fund gold
bonds.
425,000
18,667,000
Total municipal loans, France.
Norway:
City of Christiania sinking fund gold bonds..
City of Bergen sinking fund gold bonds
10,000,000
8,242,000
948
FEDERAL RESERVE BULLETIN.
AUGUST, 1921.
FOREIGN LOANS, INCLUDING GOVERNMENT, STATE, MUNICIPAL, RAILROAD, PUBLIC UTILITIES, AND INDUSTRIAL LOANS
AND LOANS OF INSULAR POSSESSIONS OF UNITED STATES FLOATED IN THE UNITED STATES AND OUTSTANDING
JUNE 1, 1921—Continued
Name of issue.
MUNICIPALS, OTHER THAN CANADIAN—Continued.
EUROPE—-continued.
Switzerland:
City of Berne sinking fund gold bonds
City of Zurich sinking fund gold bonds
Total municipal loans, Switzerland.
Interest
rate
(per
cent).
8
8
Date of issue.
Nov. 1, 1920..
Oct. 15, 1920..
Date offered in
United States.
Maturity.
Nov. 1,1945..
Oct. 15, 1945..
Original
amount
offered in
United
States.
November, ly20 . $6,000,0O0
October, 1920
| 6,000,000. i
Amount
outstanding
in United
States June
1, 1921.
U, 880,000
5,880,000
11,760,000
100,214,200
Total municipal loans, Europe
ASIA.
Japan: City of Tokyo (Japan) loan of 1912
Feb. 22, 1912....
Sept. 1, 1952..
February, 1912.... | 10,000,000 j
5 5,250,000
5,250,000
Total municipal loans, Asia
Total municipal loans other than Canadian
124,131,200
Total, all municipal loans
358,095,444
Total, all State and municipal loans
368,095,444
RAILROAD LOANS.
.
NORTH AMERICA AND WEST INDIES.
Canada:
Canadian Northern Railway Equipment
TrustsSeries C-l
Series G-l
Series H - l
Series K-l
Series L-l
Series A
Series B
Series C
Series D
Miscellaneous equipments (various)
2^-year notes
5-year notes
3-year notes
5-year notes
20-year debenture bonds
Canadian National Railways 15-year
equipment.
Canadian National Ry. System Gr. Trunk
Ry. debentures.
Grand Trunk Ry. Co. of C a n a d a Equipment A
Equipment B
Equipment C
Equipment D
Equipment, penes F
Edmonton, Dunvegan & British Columbia
Ry. Co. 30-year first mortgage.
Toronto, Hamilton & Buffalo Ry. first
mortgage.
Toronto, Hamilton & Buffalo Ry. cons.,
series A.
Toronto, Hamilton & Buffalo Ry. equipment
notes, series A.
Canadian Pacific Ry. Co. equipment trust,
series T.
Canadian Pacific Ry. Co. equipment trust,
certificates, 1920.
Canada Southern Railway Co. cons.mortgage
Apr. 1, 1912.
Mar. 1,1913.
Dec. 1,1913..
Oct. 1,1914..
Aug. 1,1916.
July 1,1918..
Jan. 1,1919..
May 1,1919..
Dec. 1,1919.
1915-1922
1915-1923
1914-1923
1915-1924
1917-1926
1919-1928
1919-1929.
1919-1929.
1920-1929
Aug. 1,1919.
do
Dec, 1,1919.
do
Dec. 1, 1920..
Mayl, 1920..
Feb. 1,1922
Aug. 1,1924
Dec. 1, 1922
Dec. 1,1924
Dec. 1,1940
Mayl, 1935
Oct. 1,1920
Oct. 1,1940
May 1,1912...
Nov. 1,1912..
do
Aug. 1,1917..
Feb. 1,1921...
Aug. 11,1916.
1913-1922
1913-1922
1914-1923
1918-1927
Feb. 1,1936
Oct. 22,1944
June 1,1896...
Aug. 1,1916..
Feb. 1,1913...
Jan. 1,1915...
Apr. 1,1920...
Oct. 1,1912...
June 1,1946
Aug. 1,1966
Feb. 1,1914-1923...
July, 1912
,
May, 1913
December, 1913.,
January, 1915
August, 1916
July, 1918
January, 1919
May, 1919.
Jan. 1920
2,000,000
1,000,000
750,000
2,000,000
1,250,000
5,000,000
7,500,000
7,500,000
7,500,000
} July, 1919
March, 1920
do
November, 1920.
May, 1920
10,000,000
6,000,000
6,000,000
25,000,000
15,000,000
220,000
220,000
230,000
740,000
722,000
3,500,000
6,000,000
6,009,000
6,375,000
5 3,132,500
10,000,000
6,000,000
6,000,000
24,900,000
14,300,000
October, 1920
25,000,000
24,900,000
June, 1912
November, 1912.
November. 1913.
August, 1917
January, 1921...
July, 1916
3,940,000
3,360,000
2,250,000
2,500,000
12,000,000
2,420,000
394,000
510,000
553,000
1,634,000
12,000,000
!o 2,420,000
March, 1899
3,280,000
1916
2,000,000
January, 1913...
1,500,000
January, 1915...
12,690,000
1915-1928
Oct. 1,1920-Apr. March, 1920
1,1932.
Oct. 1,1962
December, 1912..
12,000,000
22,500,000
Totalrailroad loans, Canada.
Cuba:
Feb. 15,1921.
United Railways of Havana equipment.
trust gold certificates.
1902
,
Cuba Railroad Co., first
C
b Railroad
R i l d C
i
Nov. 1,1911..
Cuba
Co., equipments
April, 1920...
Do
7
Total railroad loans, Cuba
Mexico: u
Vera Cruz & Pacific R. R. first mortgage
July 1,1904...
Pan-American R. R. first mortgage
'
June 1,1903...
National R. R. Co. of Mexico prior lien
j
Mar. 15,1902..
National Rys. of Mexico 2-year secured notes i
June 2,1913...
National Rys. of Mexico general mortgage
j
Oct. 1,1907...
National Rys. of Mexico 3-year notes
;
Jan. 1,1914...
5 Amount outstanding estimated.
io Amount outstanding March, 1821,
Feb. 15,1936
February, 1921
July, 1952
Nov. 1, 1926
1920-1930
1908-1919
October, 1916
March, 1920
6,000,000
13,170,000
1,950,000
1,700,000
3,280,000
2,000,000
300,000
6 7,050,000
11,000,000
22,500,000
176,889,500
21,695,000
6,000,000
995,000
1,530,000
21,695,000
1904
,
July 1,1934
7,000,000
1906
June 1,1934
1,000,000
1902
,
23,000,000
Oct. 1,1926 2
June, 1913..
26, r ;o, ooo
June 1,19151 ...
1908
Oct. 1,1977
50,747,925
Jan.1,1917 12
| 1914
1,653,750
11
All interest in default since 1914,
w Principal in default.
- • • • |
7,000,000
1,000,000
23,000,000
26,7o0,000
50,747:925
1,653,750
AUGUST,
949
FEDERAL RESERVE BULLETIN.
1921.
FOREIGN LOANS, INCLUDING GOVERNMENT, STATE, MUNICIPAL, RAILROAD, PUBLIC UTILITIES, AND INDUSTRIAL LOANS
AND LOANS OF INSULAR POSSESSIONS OF UNITED STATES FLOATED IN THE UNITED STATES AND OUTSTANDING
JUNE 1, 1921—Continued.
interest
rate
(per
cent).
Original
Maturity.
Date of issue.
Date offered in
United States.
amount
offered in
United
States.
Amount
outstanding
in United
States June
1, 1921.
R AILROAD LO ANS—Continued.
NORTH AMERICA AND WEST INDIES—Continued.
Mexico—Continued.
National Rys. of Mexico prior lien
Mexico International R. R. first con solidated.
July 1,1907
Aug. 6,1897
i July 1,1957
| Sept. 1,1977
1908-1909
1897
$37,750,000
4,505,000 '
Total railroad loans, Mexico
Total railroad loans, North America ond
West Indies
$37,750,000
4,206,000
152,087,675
173,782,675
SOUTH AMERICA.
Argentine: Central Argentina Railway (Ltd.),
convertible notes.
Feb. 1,1917
1 Feb. 1,1927
March, 1917.
15,000,000
15,000,000
4,000,000
2,000,000
4,265,000
1,500,000
4,000,000
2,000,000
4,265,000
1,500,000
PHILIPPINES.
July, 1907...
June, 1909...
March, 1903..
Sept. 1,1919.
Philippine Railway
first
!:
Manila Railroad Co.,
first
Manila Electric R. R. and Lighting Corporation.!
Dc
!
July, 1937
May, 1939
Mar. 1,1953
September, 1922
1907..
1910..
1906.,
1919.
Total railroad loans, Philippines
11,765,000
Total, all railroad loans
377,437,175
INDUSTRIAL LOANS.
NORTH AMERICA AND WEST INDIES.
Canada:
Abitibi Power & Paper (Ltd.), first mortgage
Lake Superior Corp. (Inc.), noncumulative
income bonds.
Sherwin-Williams Co. of Canada (Ltd.), first
and ref. mtg.
Canadian Car & Foundry Co. (Ltd.), first
mortgage.
Dominion Coal Co. (Ltd.), first mortgage
Canada West Coast Navigation Co. (Ltd.),
first mortgage.
Smart Woods (Ltd.), first mortgage, serial—|
Canadian Northern Coal & Ore Dock Co. |
(Ltd.).
I
Geo. Lane & Co. (Ltd.), Calgary first mortgage;
British Columbia Sulphite Fiber Co. first j
mortgage.
Granby Cons. M. S. & Pr. Co. (Ltd.), cons, j
first mortgage.
Maple Leaf Shipping Co. (S. S. St. Mihiel) j
first mortgage
;
Novia Scotia Transportation Co. (S. S.
Quesnoy) first mortgage.
:
Riordan Pulp & Paper Co. (Ltd.), gen. mortgage.
Spanish River Pulp & Paper Mills (Ltd.),
notes.
Acadia Sugar Ref. Co. (Ltd.), 10-year deben- !j
tures.
*
Canadian Western Steamships (Ltd.), first
marine bonds.
Newfoundland Maritime Co. first mortgage
marine bonds.
Northern Electric Co. (Ltd.), first mortgage..
Massey-Harris Co. (Ltd.), Canada; MasseyHariis Harvester Co. (Inc.), U. S.; sinking
fund debenture bonds.
Riordan Co. (Ltd.), mortgage and refunding,
series A.
Acme Tire & Rubber Co. (Ltd.)
Canadian Northwest S. S. Co
Dominion Glass Co. (Ltd.)
France & Canada S. S. Co., Swiftsure oil
transport notes.
Quebec-Saguenay Pulp Co., serial bonds
St. Maurice Paper Co. (Ltd.), first
Simpson7 (Ribt.) Western (Ltd.), first
St. Law rence Pulp & Lumber Co., first s. f..
i Feb. 1,1922-1934... Various
1 Oct. 1,1924
July 1,1911
July 1,1941
Dec. 1,1909
! Dec. 1,1939
May 1,1905
Mar. 1,1917
1 May 1,1940
j Aug. 1,1921-Oct.
1,1927.
Aug. 1,1916
Aug. 1,1921-1931..
! Jan.1,1916
| Jan.1,1936
1916
1931
Nov. 1,1916
Nov. 1,1921-1926..
May 1,1913........ May 1,1928
Nov 1.1918
do
1 May 1,1921-Nov.
1,1921.
Nov. 1,1921
Jan. 1,1929
Jan.1,1919
1904
February, 1912
January, 1910
April, 1905
June, 1917
July, 1916
do
do
October, 1916
1910-1915
November, 1918...
do
January, 1919
4,753,500
3,000,000
3,815,500
3,000,000
1,200,000
6 1,100,000
6,100,000
5,028,146
7,000,000
600,000
500,000
1,750,000
5,539,000
5 165,000
380,000
1,525,000
300,000
650,000
6 300,000
390,000
3,500,000
1,491,400
650,000
650,000
4,000,000
150,000
13
250,000
4,000,000
Sept. 1,1919
Sept. 1,1921-1929.. September, 1919...
2,309,500
2,309,500
Jan. 1,1920
July 1,1921-1940... April, 1920
2,000,000
5 2,000,000
Jan. 15,1920
Jan. 15,1922-1925..
850,000
5 722,000
July 1,1920
Oct. 1,1920-July
1.1923.
June 1,1939
Oct. 15,1930
do
September, 1920...
700,000
640,000
o ixky
July,j 1914
IBJ.1. . . . . . . . .
October, 1920
3,500,000
4,000,000
2,963,000
4,000,000
I Dec. 1,1940
December, 1920....
6,500,000
6,500,000
I October, 1946
| January, 1915-1922.
June, 1933
! October, 1921-1923.
November, 1916...
November, 1913...
1913
June, 1920..
100,000
135,000
1,000,000
4,421,000
100,000
135,000
1,000,000
4,421,000
June, 1918
Jan.'i," 1916.'!*"***! January," 19*46.".".. January, 1916
September, 1916..
July 1,1916
1 July,
Ly, 1917-1931....
1917-1! nnn
April, 1913
,
February, 1913.... Fel
" - sbruary,
'
"
19201933.
Jan. 1,1920
Jan. 1,1925
December, 1916....
1912
6 j Jan. 1,1912
j July, 1925.
300,000
1,250,000
300,000
1,250,000
3,000,000
3,000,000
500,000
2,000,000
1,000,000
500,000
2,000,000
1,000,000
June 1,1914
Oct. 15,1920
Dec. 1,1920
Jan. 1,1920
June2,1913
Apr. 1,1920
Canadian Puget Sound Lumber Co.
Vancouver Dry Docks Co. (Ltd.)
Vancouver Lumber Co. (Ltd.), first.
5
Amount outstanding estimated.
Feb. 1,1914
Oct. 1,1904
j
18
Amount outstanding November, 1920.
950
FEDERAL RESERVE BULLETIN".
AUGUST, 1921.
FOREIGN LOANS, INCLUDING GOVERNMENT, STATE, MUNICIPAL, RAILROAD, PUBLIC UTILITIES, AND INDUSTRIAL LOANS
AND LOANS OF INSULAR POSSESSIONS OF UNITED STATES FLOATED IN THE UNITED STATES AND OUTSTANDING
JUNE 1, 1921—Continued.
Name of issue.
Interest
rate
(per
cent).
Dale of issue.
Date offered in
United States.
Maturity.
Original
amount
offered in
United
States.
Amount
outstanding
in United
States June
1, 1921.
INDUSTRIAL LOANS—Continued.
NORTH AMERICA AND WEST INDIES—continued.
Canada—Continued.
Western Canada Pulp & Paper Co. (Ltd.),
first.
Whalen Pulp & Paper Mills (Ltd.), first
Whalen Pulp & Paper Mills (Ltd.), first ref..
Whalen Pulp & Paper Mills (Ltd.), s. f. notes..
Total industrial loans, Canada.
Cuba:
Cuban American Sugar Co -.
Cuban Sugar Mills Corporation
Cuba Cane Sugar Corporation
Cuban Mortgage Bank (Banco Territorial de
Cuba).
Total industrial loans, Cuba.
Mexico:
Institution for the Encouragement of Works
and Development of Agriculture.
Mexican Pretroleum Co. (Ltd.)
7 : Feb. 1, 1920
6 , May 1,1917
6 i
do
7 Jan. 15,1919
Feb. 1, 1940
May 1,1920-1930..
May 1,1931-1934...
1919-1924
November, 1920... $150,000 !
November, 1917... 1,415,000 ;!
July, 1919
1,500,000
500,000 I
January, 1919
63,339,546
8 ! March, 1921...
6 ! January, 1917..
7 ! January, 1920..
6 ! July 1,1915...
March, 1931.
January, 1932..
January, 1923..
i January, 1966..
March, 1921.
! 10,000,000 i
1916.
1,500,000 i
November, 1919. I 25,000,000 |
1916
| 4,000,000 !
10,000,000
1,500,000
24,947,800
4,000,000
40,447,800
4* I Nov. 1,1908
8 ; May 1,1921
November, 1943... 1908
! May 1, 1936
April, 1921
20,000,000 |
20,000,000
10,000,000 j
10,000,000
I
30,000,000
Total industrial loans, Mexico
Porto Rico:
Porto Rican American Tobacco
Total industrials loan, Porto Rico
Total industrial loans, North America '
and Wes t Indies
$150,000
1,415,000
1,500,000
300,000
8 | May 15,1921
May 15,1931
j May, 1921
3,000,000 |
3,000,000
3,000,000
136,787,346
SOUTH AMERICA.
Chile:
Braden Copper Mines Co
Chile Copper Co
Do
Concepcion Electric Co
Feb. 1,1916
May, 1913
April, 1917
July, 1911
i February, 1931.... i 1916 and 1918....
' May, 1923
i 1915
i April, 1932
1 July, 1934
! 1917
! 1913
20,000,000 i
15,000,000 j
35,000,000 I
127,300 !
Total industrial loans, Chile.
Peru:
Cerro de Pasco Copper Cor. Conv.
Total industrial loans, Peru
Total industrial loans, South America...
14,202,000
15,000,000
35,000,000
127,300
64,329,300
January, 1921
Jan. 1,1931
December, 1920.
8,000,000 I
I
8,000,000
8,000,000
72,329,300
EUROPE.
Great Britain: Anglo-American Oil Co. (Ltd.),
5-year sinking-fund notes.
Total industrial loans, Great Britain
Belgium:
Minerva Motors serial notes
Solvay & Cie secured gold bonds
Apr. 1,1920
] Apr. 1,1925
| March,1920.
15,000,000
15,000,000
1920
Oct. 1,1920..
1921-1925
Oct. 1,1927
•.. March, 1920 ..
1 Ocober, 1920 .
1,000,000 !
10,000,000 j
Total industrial loans, Belgium.
France: Compagnie du Boleo, Societe* Anonyme
serial debentures.
Total industrial loans, Europe
Total, all industrial loans
15,000,000
800,000
10,000,000
10,800,000
Mar. 1,1921
j Mar. 1,1923-1930... April, 1921
1,000,000
1,000,000
26,800,000
235,916,646
PUBLIC-UTILITY LOANS.
NORTH AMERICA AND WEST INDIES.
Canada:
Bell Telephone Co. of Canada, 5-year bonds..
March, 1920..
Apr. 1,1920
! Apr. 1,1925
5,500,000
5,500,000
The Shawinigan Water & Power Co., secured
June, 1920...
4,000,000
4,000,000
July.1920
| July 1,1926
convertible notes.
Brazilian Tr. Light & Power Co. (Ltd.), 3November, 1919... 7,500,000 j
Nov. 1, 1919
Nov. 1, 1922
7,500,000
year notes.
Montreal Tramways Co. first and refunding..
1911-1913
J u l v l , 1911
July 1, 1941
17,335,000 ! "17,335,000
Montreal Tramways & Power Co. (Ltd.), i
March, 1919
Mar. 1, 1919
| xWar. 1,1924
7,300,000 I & 7,300,000
secured bonds.
j
New Brunswick Power, first mortgage
i
Mar. 1,1917
Mar. 1,1937
1 March, 1917.
1,750,000 I
l,750,0QQ
* Amount outstanding estimated.
"Bonds held in New York, England, and Canada; exact amount tn United States unavailable.
951
FEDERAL RESERVE BULLETIN.
AUGUST, 1921.
FOREIGN LOANS, INCLUDING GOVERNMENT, STATE, MUNICIPAL, RAILROAD, PUBLIC UTILITIES, AND INDUSTRIAL LOANS
AND LOANS OF INSULAR POSSESSIONS OF UNITED STATES FLOATED IN THE UNITED STATES AND OUTSTANDING
JUNE 1,1921—Continued.
Name of issue.
Interest
rate
(per
cent).
Date of issue.
Maturity.
Date offered in
United States.
Original
amount
offered in
United
States.
Amount
outstanding
in United
States June
1, 1921.
PUBLIC UTILITY LOANS—Continued.
NORTH AMERICA AND WEST INDIES—Continued.
Canada—Continued.
Nova Scotia Tramways & Power Co. (Ltd.),
first mortgage.
Cape Breton Electric Co. (Ltd.), first mortgage.
Toronto Electric Light Co. (Ltd.), 3-year
notes.
Dominion Power & Transmission Co. (Ltd.),
first mortgage.
The Shawinigan Water & Power Co., first
consolidated.
Winnipeg Electric Ry., first refunding
Bell Telephone Co. of Canada, first mortgage.
Ontario Power Co. of Niagara Falls, first
mortgage.
Ontario Power Co. of Niagara Falls, debenture.
Ontario Transmission Co. (Ltd.), first-mortgage.
Montreal Light, Heat & Power Co. (Ltd.),
first and collateral trust.
Montreal (Lachine Power Co.), sinking-fund
bonds.
Cedar Rapids Manufacturing & Power Co.,
first-mortgage bonds.
Laurentide Power Co., 30-year first mortgage.
United Gas & Fuel Co. (Ltd.), 5-year first
mortgage.
Ottawa Light,Heat & Power Co., first mortgage collateral trust bonds.
The Shawinigan Water & Power Co.,first and
refunding sinking-fund bonds.
Maritime Telegraph & Telephone Co. (Ltd.),
ref.
Glen Transportation Co. (Ltd.), first
Shawinigan Water & Power Co., first and ref.
Dec. 1,1916
Dec. 1, 1946
January, 1917...
$2,250,000
$2,250,000
Jan. 1, 1902
Jan. 1, 1932
January, 1913...
1,096,000
1,096,000
J u l y l , 1919
J u l y l , 1922
July, 1919
1,000,000
789,000
Apr. 1,1907
Apr. 1, 1922-1932..
1,650,000
1,650,000
April, 1904
4,382,500
3,824,500
Various
4,000,000
7,650,000
1,000,000
3,629,000
5 7,650,000
5 895,000
2,300,000
* 2,300,000
1,805,000
•1,574,000
2,500,000
2,500,000
3,572,000
2,996,000
Jan. 1, 1904
Jan. 1, 1934
Jan. 2, 1905
Apr. 1, 1895
Feb. 2, 1903
June 30, 1906
Jan. 2, 1935
Apr. 1,1925
Feb. 1, 1943
J u l y l , 1921
Aug. 16,1905
May 1, 1945
Jan. 1, 1902
Jan. 1, 1932
Apr. 1, 1903
Apr. 1,1933
Jan. 17, 1913
Jan. 1, 1953
Jan. 1, 1916
J u l y l , 1918
Oct. 1, 1920
January, 1946
J u l y l , 1923
Oct. 1, 1940
Jan. 1, 1921
J u l y l , 1950
Dec. 1, 1945
Dec. 1,1920
January, 1921
Dec. 1, 1919
December, 1904..
,
May, 1911
November, 1906.
1902.....
1903
, February, 1916..
August, 1916
800,000
6 800,000
2,250,000
1,050,000
2,250,000
1,050,000
July, 1918
October, 1920....
March, 1921.....
January, 1921...
January, 1922-1926. February, 1921..
January, 1950
November, 1950.
1,200,000
1,200,000
2,500,000
2,500,000
500,000
500,000
150,000
150,000
6,000,000
Total public-utility loans, Canada.
Mexico:
Central Mexico Light & Power Co
Michoacan Power Co., first
Mexican Telegraph & Telephone Co., first.
88,988,500
6
January, 1910
6 ! J u l y l , 1907
5 ! Feb. 1, 1910
January, 1940
July, 1937
February, 1930
1910.
1907.
1911.
1,800,000
500,000
200,000
Total public-utility loans, Mexico
2,478,000
Porto Rico:
Porto Rico Telephone Co., first
Total public-utility loans, Porto Rico..
6 • December, 1914... December, 1944...
Haiti:
Haitian American Corporation, notes
Total public-utility loans, Haiti
7
April, 1915
600,000
Total public-utility loans, Australia.
Total, all public-utility loans
Total, all corporation loans
Grand total all loans
s Amount outstanding estimated.
600,000
600,000
J u l y l , 1919.
July, 1922-1924.
July, 1919
j 3,000,000
3,000,000
3,000,000
Total public-utility loans, North Americ
and West Indies.
Melbourne Electric Supply Co. (Ltd.), Melbourne, Australia, 5-year.
1,778,000
500,000
200,000
95,066,500
Mar. 1,1917
| March, 1922
I
March, 1917.
1,250,000
1,250,000
1,250,000
96,316,500
709,670,321
2,396,862,083
952
FEDERAL RESERVE BULLETIN.
AUGUST,
1921*
BUSINESS AND FINANCIAL CONDITIONS ABROAD.
ENGLAND.1
During July business conditions in England
appear to have become somewhat more satisfactory than in recent months. With the
cessation of the strike on July 4, coal production was resumed, and although output was
not large during July, the fact that supplies
were being slowly accumulated served as a
very material stimulus to domestic industries.
In the same way, the situation in the cotton
industry showed improvement. Sales of cotton in Liverpool during the first weeks of July
were larger than for some months past and in
the spinning section of the industry working
time was increased from 24 to 35 hours a week.
The Statist index number of wholesale prices
for July showed an increase of 3 points over
the June level.
The quarter ending June 30 was on the
whole a period of seriously curtailed production. Only something like 2,000,000 tons of
coal were produced, as compared with 56,000,000 tons in the preceding quarter. During the
same period pig-iron production decreased
from 1,492,000 tons in the first quarter to
74,000 tons in the second, and ingot production frorn 1,336,000 tons to 77,000 tons. In
view of the fact that production in the first
quarter of the year in both these industries was
low, these figures would seem to indicate a
very significant reduction in supplies. The
situation in the shipbuilding industry appears
to be closely similar. Although ships of a
total tonnage of 3,530,000 were under construction in June, work was going forward on
only two-thirds (or 2,351,000 tons) of this
shipping. Of the 1,179,000 tons on which no
work was being done, 735,000 tons were accounted for by actual suspension of building
and 444,000 tons by delay in construction.
The same situation is brought out by a comparison of the ratios of tonnage under construction to tonnage finished in 1913 and 1920.
In 1913 over 23 per cent of the tonnage under
construction was completed during a given
quarter, while in the first half of 1920 this ratio
fell to 8^ per cent. Statistics of output are
not available in the cotton and woolen industry, but in view of the well-known reduction in
working time in these industries, it is likely
that production has been very materially
decreased, although not to the same extent as
in the iron and steel industry.
i British price, trade, and financial statistics will be found on p. 1020.
Production (metric tons).
Coal.
Monthly average: 000's
1913
24, 336
1920
19,128
June
19, 048
July
3 22, 926
August
16, 970
September
18, 885
October
314,044
November
15, 920
December
20, 230
1921.
January
21,805
February
17, 369
March
16, 437
April
5 1,950
May
June
6 179
Ship ton- British
nage under railways
Steelin- construc- (000,000's
Pig iron, i gots and1 tion (gross
tontons).
castings.
miles).
000's
869
667
726
750
752
741
533
404
675
642
464
386
60
14
1
i
'
!
:
i
•
000's
649 2 2,002,699
755 2 3,603,131
3, 578,000
845
790
709
885
3, 731, 000
544
505
747
3, 709, 000
1,430
1,506
1,347
1,489
493
484
359 4 3, 799, 000
71
6
2 7 3, 530,000
1,440
1,276
1,273
597
498
1,469
1,323
1
Revised figures.
2 Average of 4 quarterly estimates.
5 weeks.
* Work suspended on all but 2,952,000 tons.
5 First week in April.
e Production from Apr. 4 to Julv 4.
7 Work suspended on all but 2,351,000 tons.
3
Prospects are distinctly brighter for the
wage-earning group of the population than for
several months past, because, although wage
reductions have been made, they have been
considerably less drastic than was at first proposed, and employment conditions in certain
leading industries are on the mend. In last
month's issue of the BULLETIN a summary was
made of the terms of the coal settlement. The
agreement provided for a 2s. reduction in
wages of coal miners in July and 2s. 6d. in
August. Under the terms of this agreement
the miners returned to the pits on July 4.
The terms of the agreement are binding until
September, 1922, and can only be terminated
thereafter on three months' notice. Cotton
operatives were on strike from June 6 until
June 27 as a protest against wage reductions.
On the latter date they returned to the mills
under an agreement providing for an immediate
reduction in list rates of 60 per cent (3s. lOd. in
the pound on current wages) and a further
drop of 10 per cent in list rates (7d. in the
pound on present wages) in six months. This
amounts to a 19 per cent decrease at the
present time and a further small reduction
six months from now. The agreement is for7
six months, but in addition three months
notice must be given if either side desires a
change. In other words, wages in the cotton
industry are adjusted until March of next
year. On July 13 an agreement affecting
about a million men in the engineering trades
was reached between the employers and the
various federations involved. According to
AUGUST, 1921.
FEDERAL RESERVE BULLETIN".
953
the terms of the agreement time-workers' rates and southern Scotland have suffered drought for
will be reduced twice by 3s. per week
(July 15 several months, June of this year being the
and August 15) and pieceworkers7 rates will be driest since 1813. The wheat crop seems to
reduced 7-J- per cent. The 12J per cent bonus have fared rather better than oats, barley,
on total earnings in case of time-workers and 7J beans, or potatoes. The estimated crop for
per cent in case of pieceworkers provided by this year in all the latter cases is appreciably
the ministry of munitions during the war is below the 10-year average.
still effective, but will be taken into consideraOn July 5 the chancellor of the exchequer
tion in September, when another meeting will announced a new conversion scheme to provide
take place between the employers and the for the funding of short-term obligations falling
engineers. There is considerable uneasiness due in the course of the next two or three years.
as regards the prospects of agricultural workers. The new loan will mature April 1, 1929, and is
Under the provisions of the corn production offered at 5^ per cent, issue price 97. This is
act of 1917, minimum wages were established the third attempt that has been made in Engfor agricultural workers and a national wages land since the armistice to fund the semifloating
board set up. The corn production repeal bill debt. The first was made in 1919, with the
now under consideration by the House of Com- long-term 4 per cent funding and victory loans,
mons does away with these provisions, how- and the second a few months ago in the 3^
ever, and it is thought likely that farm wages per cent conversion loan falling due in 1961.
will be materially reduced as a result.
Both of these loans were arranged mainly to
Unemployment reached its peak in June. attract the private investor. The new financ23.1 per cent of trade-union members were ing scheme, on the other hand, is expected to
out of work, excluding coal miners, and 17.8 interest the business and banking community,
per cent of the 12,191,000 workers in insured which is, after all, the group which holds shorttrades. Registration at public employment term obligations. Being of relatively short
offices totaled 2,178,000 on June 24. Mean- duration, and offered at attractive terms, it is
while the cost of living was practically hoped that the loan will be more successful
unchanged, the index of the Ministry of Labor than the 3i per cent conversion loan, which
registering 119 the 1st of July, as compared has provided for the funding of only an insigwith 119 the 1st of June (with the cost of nificant portion of the debt.
living in 1913 estimated as 100).
The urgent need for this new loan is to be
The agricultural situation in England is not found in the condition of the Government
good, although the condition of the farmer finances. As a result of the more or less unthere seems better than here. Prices of leading expected drains which have been made upon
agricultural commodities have decreased very the treasury by the coal strike and the large
much less strikingly there than here. In the deficits in railroad operations, expenditures
following table prices of representative grades have been considerably larger than anticipated,
of home-produced live stock and cereals in the with the result that it has become necessary
two countries are compared. Such comparisons to raise funds by the new treasury bonds or
are valuable for showing the trend in prices resort to more extensive borrowing at the Bank
only. The grades of the commodities are so of England or larger sales of treasury bills.
different as to make comparison of actual In the course of the last few months borrowing
at the bank has been consistently reduced, but
values in the two countries worthless.
treasury bill sales have been so large that the
CHANGES ii\T MARKET PRICES OF FARM PRODUCTS.
total floating debt was £80,000,000 greater at
the end of June this year than last.
According to a statement of the chancellor,
United States
England.
something like £20,000,000 was spent by the
Post- 1921,
Government as a direct result of the coal
1921,
PostUnit. war peak June
Unit. j peak
June
strike. Ten millions of this will provide the
p r i 3e.
price.
! price. price.
subsidy for the industry, and £7,000,000 was
spent for armed forces during the strike.
d.
s.
Cereals:
s. d.
94 6
! S3. 025 $1.47 Railroad deficits for which the Government is
Wheat.. 504 lbs.. 98 0
Bu
.64
80
104 Bu
! 1.725
Barley.. 448 lbs.. 136 11
.37 responsible have been very large since trade
56 0
1.13
Oats.... 336 lbs.. 75 3
Bu
Live stock:
depression became acute, amounting to
8.12
Hogs.... Stone... 28 8 | 18 5f 100 lbs.. i 22.345
97 4
105 6
100 lbs.. I 18.625
7.55 £18,638,000 in April and May, the first two
Cattle... Cwt
25|
100 l b s . . 1 12.65
4.75
Sheep... Lb
months of the financial year. Another large
sum will be required to meet the obligations of
The crop situation in Great Britain is unf avor the Government with regard to the cereal
able because of lack of rainfall. England, Wales, price guaranty for 1921.
954
FEDERAL RESERVE BULLETIN.
On July 21 the discount rate at the Bank of
England was reduced to 5^ per cent. This is
the third reduction in the rate in the course of
the past three months, the first occurring on
April 28, when the rate was reduced from 7 to
6^ per cent, and the second on June 23, when
it was further reduced to 6 per cent. This has
led to a reduction in bank deposit rates from
5 to 3^, while rates on three-months bankers'
bills have declined from 6 J - | the 1st of April7
to 4f-f on July 21. In the case of bankers
bills reductions occurred prior to the reduction in the discount rate at the Bank of England; the rate was continually weakening during March and April, while the first reduction
in the bank rate did not occur until the end
of April. To a small extent this may have
been due to the fact that changes in the bank
rate were anticipated and their influence discounted in the money market. More important, however, was the weakening in the market
demand. After the first reduction
in bank
rate, the rate on three-months7 bills hardened
for a few weeks and then for the second time
weakened. The following table shows the recent changes in the rate at the bank, the rate
on three-months bankers7 bills, and the bank
deposit rate:
BRITISH DISCOUNT RATES.
Bank of Rate on
Bank
England 3-months
discount bankers' deposit
rate.
bills.
rate.
Apr. 1.
Apr. 29
May 20.
June 24.
July 21.
7
6J
6
51
si
The amendment of the overseas trade act,
1920 (which provides for credit advances to
exporters by the Government), referred to in
the BULLETIN for June, has been in effect now
for some weeks and the details of the new
scheme have been published by the Board of
Trade. According to the original plan
£26,000,000 were made available for advances
to exporters of manufactured or semimanufactured goods to the following countries: Finland, Latvia, Esthonia, Lithuania, Poland,
Czechoslovakia, Serb-Croat-Slovene State,
Rumania, Georgia, Armenia, Bulgaria, Austria,
Hungary. By the new plan the Board of
Trade may guarantee drafts drawn against shipments to all parts of the British Empire as well
as to the countries enumerated above, although
for the time being no guaranties will be made
in the case of India, Ceylon, and other sections
of the Far East, since these countries are more
than adequately supplied with goods.
AUGUST, 1921.
The arrangements are in the main the same
for both groups of countries. Instead of making advances to exporters up to 100 per cent of
the cost of the goods (according to the former
arrangement) guaranties are to be given up to
85 per cent of the selling value of the goods.
Securities were formerly required of the importer covering the entire amount of the draft,
but under the new arrangement a more liberal
policy is being followed and in some cases no
security whatever is required. If loss is
incurred as a result of this, it is to be shared by
the Government and the exporter.
The following clauses of the bill are the same
for exports to British or foreign territories:
(1) The guaranty will be given to an extent not exceeding 85 per cent of the total amount of the bill of exchange
drawn against the shipment. The export credit department will decide the proportion to be guaranteed in each
case, taking into consideration relevant circumstances
such as current market values, the amount included as net
profit, and the security offered by the importer.
(2) The department will not require the bills to be accepted before guaranteeing them, but—
(a) In cases where no security is to be deposited, the de-
partment will require that the bills should be accompanied by a letter of guaranty of the importer's bank,
which must be an approved bank, or by other satisfactory
evidence, to the effect that they will be accepted.
(6) In cases where security is to be deposited, the department will require a letter of guaranty as aforesaid from the
importer's bank to the effect that the bills will be accepted
and that the stipulated security will be deposited immediately upon the first presentation of the documents to the
importer.
(3) Recourse in event of default by the importer.—The
Government will have a first charge on all proceeds of the
bill, and—
(a) In cases where the importer puts up security deemed
sufficient to cover the whole amount guaranteed, the Government will have no recourse against the exporter.
(6) In cases where the importer puts up security less
than that deemed sufficient to cover the whole amount
guaranteed, the Government will retain recourse against
the exporter to the extent of half the difference between
the amount guaranteed on the one hand, and on the other
hand such amount, if any, as may be paid by the importer
plus the amount deemed to be covered by the security (or
which the security eventually realizes, whichever is the
greater).
(c) In cases where the importer puts up no security, the
Government will retain recourse against the exporter to the
extent of half the difference between the amount guaranteed on the one hand, and, on the other hand, such amount,
if any, as may be paid by the importer.
The type of securities to be furnished by
importers is more specifically described in the
case of the foreign countries than for the
British Empire. These are—
Security.—The following classes of securities will be considered for the purpose of the scheme:
(a) Bonds issued in accordance with the international
credits scheme for the League of Nations (so-called Ter
Meulen bonds).
(b) Deposits of currency coupled with an approved guaranty for the maintenance of the currency deposited to
cover any decline in the rate of exchange. In certain
cases the deposit of fixed amounts of currency might be
accepted.
AUGUST, 1921.
FEDERAL RESERVE BULLETIN.
(c) Deposit of approved produce, approved Government
securities, or an approved banker's guaranty insuring due
payment in sterling at maturity.
(d) An undertaking by an approved British bank or
British accepting house that the purchaser will find at
maturity currency of the buying country to an agreed
amount.
(e) First charges on railways controlled by British companies and under repair, equipment, and reconstruction
by them when the first charge is limited to the amount
required to provide import of goods for those purposes.
The export credits department will be prepared to consider other proposals as to security which may be put
before them.
In addition to making guaranties to individual exporters, the Government is prepared
to participate in the losses incurred by banks
in export transactions with the same group of
countries. To quote: "His Majesty's Government in consideration of an agreed premium
will take a share not exceeding 70 per cent of
any loss incurred by banks, etc., in respect of
such transactions, provided that the transactions comply with the conditions as to nature of
goods and nationality of exporters" as described above.
No change is made in the amount of funds to
be available for export credits according to
the new scheme, but the duration of the arrangement has been extended. Originally it
was provided that credits might be made up
to September, 1922. Taking renewals into
consideration, the scheme now may continue
until September, 1925. In addition to manufactured and semimanufactured goods, coal
also may be exported under this arrangement.
The safeguarding of industries bill is still
under consideration by the House of Commons,
as are the railway bill and the corn production
repeal bill. All of these measures—the first
regarding the tariff, the second for the reorganization of the railways, and the third for
the removal of Government assistance for agriculturalists—are all of first-rate importance to
the community from an economic point of
view. Arrangements have been made by
House leaders to finish work on the railway bill
before August 15, as on that date, regardless of
this bill, the railroads will be returned to private management. Some of them are in such
a precarious financial condition that they will
face bankruptcy unless this bill has been made
effective by that time. It is probable that the
House of Commons will likewise report upon
the other two bills in the course of the next few
weeks.
FRANCE.
The financing of reconstruction by means of
loans to individual towns and industries has
been one of the chief features of the French
2
French price, trade, andfinancialstatistics may be found on p. 1020*
955
financial market in the last two or three
months. In May loans were floated by the
city of Albert and by the "Coal Operators of the
North and Pas de Calais districts." In June
loans to the cities of Verdun and Rheims were
announced, and to the " French Sugar Industry
in Reconstruction" (Groupement de Findustrie
sucriere francaise en reconstitution). Verdun asks for 55,000,000 francs, Rheims for
120,000,000 francs, and the sugar industry for
200,000,000 francs. Each of these loans will
mature in 30 years and pay 6 per cent interest
on the face value of the 500-franc bonds, wThich
are being marketed at 475. The French Government guarantees the interest and capital of
the bonds, which will be repaid with the funds
accruing from German indemnity payments.
On June 17 the French Parliament authorized
the flotation of a 1,800,000,000 franc loan for
the city of Paris. The loan appears in 500 and
100 franc 5.75 per cent bonds; interest from
August 8, 1921, to January 16, 1922, is being
deducted from the purchase price; and a further deduction is granted to holders of the 1917
and 1919 bonds of the city of Paris. In addition, there will be quarterly drawings at which
prizes amounting to 5,625,000 francs annually
will be distributed. The sum realized from
this loan will be used to repair public works
which were neglected during the war, to build
cheap dwelling houses, and to improve the
sanitary condition of the city.
The abundant supply of tax-exempt securities bearing interest at a fixed rate has had
a depressing effect upon industrial stocks in
the French market within the last two or
three months. Supposing that the four loans
mentioned above as being floated in July are
subscribed in full, there will have been an addition of almost 8,000,000,000 francs to the
capital invested in tax-exempt bonds from May
to July. About 5,000,000,000 francs went to
the issue of two-year Treasury bonds,
1,800,000,000 francs will go to the city of Paris,
and about 1,200,000,000^ francs to the towns
and industries of the devastated regions.
This addition to the number of tax-exempt
securities also farther complicates the fiscal
situation in France, which is not altogether
satisfactory. June receipts from indirect taxes
and Government monopolies amounted to
1,030,000,000 francs, or 104,000,000 francs less
than budget estimates. The deficit for the
half year amounts to 461,000,000 francs.
There had been rumors for several months
of the unsoimdaess of the Banque Industrielle
de Chine, when it was finally announced in
June that the bank would fail unless the Government intervened. Toward the end of the
month it was decided that the Government
956
FEDERAL RESERVE BULLETIN.
AUGUST, 1921.
could not wisely interfere in the affairs of the The definitive figures on the 1920 crop yields
bank and its doors were closed in Paris, Pekin, were published in June, and are compared
and Yokohama on July 1. The continuance with those for 1913 and 1919 in the following
of the Banque Industrielle de Chine is very table:
F R E N C H CROP R E T U R N S .
important to French interests in the Orient,
and a recent cable dispatch says that the
[Yield in thousands of quintaux.]
shareholders have decided to reorganize with
the aid of the Chinese Government. The
1920crops
as
Societe Centrale des Banques de Province also
19201 compared
1913
1919
announced its financial difficulties in June. Its
with
1913=100.
announced deficit for 1920 amounts to 53,000,000 francs. Its capital is 200,000,000 francs.
86,919
74
64,482
49,654
In the case of both of these banks their finan- Wheat..
69
Rye
12, 715
7,299
8,761
80
Barley..
10,438
5,000
8,357
cial difficulties are attributed more to misman- Oats
81
51, 826
24, 536
42,208
agement than to the general business situation. Corn
71
5,431
2,534
3,878
Potatoes
135, 860
77,305 116, 378
Beginning with the 1st of August, France
enters upon a regime of free trade in cereals
i Not including the production of Alsace-Lorraine except in the case of
The importation of foreign grain and buying and potatoes.
selling of French grain will not be supervised
The number of farm animals in France is
by the French Government from this time on.
increasing.
Deliveries of animals by Germany
The general agricultural situation has not
been satisfactory in France this year. During and the efforts of French farmers themselves
June and most of July the weather was ex- have perceptibly increased their number during
cessively dry, and when the drought broke, the last year, although there are not yet as
in the third week of July, the storms were so many as there were in 1913. The increases in
violent that serious damage was inflicted upon cows and beeves and in mules are most noticethe crops in southern France. According to able. The following table gives the figures
cable reports the vineyards were most seri- published in the Journal Officiel of June 3:
ously affected, and a part of this year's grape NUMBER OF FARM ANIMALS IN FRANCE ON DECEMBER 31.
crop was destroyed. I t is reported, however,
[000 omitted.]
that the grapes remaining are of an unusually
good quality. Because of the continued dry
1920
weather in the early summer the condition of
figures
1913
1919
1920
compared
most French crops on June 1, 1921, was less
with
favorable than on the same date last year. The
1913=100
following table, made public by the Department
14, 788
12, 374
of Agriculture on July 5, gives indexes of crop Cows and beeves
13,217
89
Horses
3, 222
2,413
2,635
82
condition in the two years:
Mules
96
188
167
181
Asses
Sheep
Hogs
CONDITION OP FRENCH CROPS. 1
June 1, June 1,
1921.
1920.
Meadows...
Sugar beets
Corn
Potatoes...
Vineyards..
1
100, very good; 80, good; 60, fair; 50, passable.
There are no recent official estimates upon
the condition of the cereal crops, but current
reports say that the winter cereals have not
been as seriously affected by the drought, and
that the wheat crop looks especially well. This
fact is particularly encouraging in view of the
poor condition of other crops, and the fact that
last year's wheat crop, although better than
that for 1919, was well below that for 1913.
356
16,131
7,036
303
8,991
4,080
298
9,406
4,942
84
58
70
On July 28 the Bank of France lowered its
discount rate from 6 to 5J per cent. The discount rate was last changed on April 8, 1921,
when it was increased from 5 to 6 per cent.
The note circulation of the Bank of France
decreased slightly during July, while the advances of the bank to the Government increased, but in neither case were the changes
very material. There was an increase of
758,000 francs in the gold reserve during the
month.
The general price level rose in France during
July. According to the index number of the
General Statistical Office, the increase amounted
to 2 per cent. The most pronounced gain was
registered in the case of the " sugar, coffee, and
cocoa" group of the index, while further decreases occurred in the case of minerals. Pig-
AUGUST, 1921.
FEDERAL, RESERVE BULLETIN.
957
iron prices declined at the end of June, but been definitely solved yet. At a cabinet meetthe lowest price quoted (200 francs per ton) ing early in June it was decided in principle to
restore wheat to the list of free imports and
is still more than twice the price in 1913.
The decline of retail prices continues, but to allow trading in domestic wheat after
not at a rapid rate. According to the retail August 1. But the situation this summer in
price index of the French General Statistical regard to the price of wheat and its regulation
Office the decline amounted to about 2 per cent is the reverse of that of a few months ago.
in Paris during July. The quarterly index Government regulation and the bread subsidy,
of retail prices by districts shows that retail with the financial burden which it implied,
prices have not declined as much in France as were then necessitated primarily by the high
a whole as they have in Paris. Prices in the cost of imported wheat, which was much
north continue to be higher than in other above the price paid for requisitioned domestic
sections of the country, although those in grain. Now, however, as a result of the
Alsace-Lorraine are not far behind them. changes in the international wheat market, the
The following table summarizes the movement rise of the lira, and the decrease of freight
charges, the price of imported wheat has
of the retail price index since its inception:
fallen below the domestic requisition price. At
the end of June the price of American wheat
RETAIL PRICES IN FRANCE X BY DISTRICTS.
was 120 lire per quintal c. i. f. Genoa, with
Alsace- prospects of a further decrease. The requisiCenFrance. North. East. SouthLortion price for the 1921 Italian crop, on the
east. ter. West. raine.
other hand, was fixed at an average of 145
lire,
which would require the Government to
1913,1st quarter
1,020 1,043
1,036 1,038
sell the domestic wheat to the provincial grain
1914, 3d quarter.
1,004 1,089
1,018
1,084
942
1920:
consortia at about 150 lire, including expenses.
1st quarter..
3,204 3,299 3,155 3,228 3,223 3,085
3,092
2d quarter..
3,802 3,959 3,800 3,876 3,744 3,533
3,853 As the Government
is unwilling to allow
3d quarter..
3,898 4,117
3,992
3,859 3,884 3,777 3,648
4th quarter.
4,693 4,456 4,522 4,423 4,345
4,519
4,530 foreign competition to depress the price of
1921:
domestic wheat below the figure originally
4.303 4,450 4,218
4,266 4,203 4,180
4,424
1st quarter.
3^642 3,766 3,621 3,654 3,544 3,475
3,740 fixed for requisition, it has had under consider2d quarter..
ation two alternative methods of handling this
1
Based on the prices of eleven foods, kerosene, and alcohol.
problem, namely, either to restore import
duties on grain, at the rate of 7.50 gold
ITALY.3
lire, or about 25 paper lire, per quintal, or to
purchase the domestic crop, and to bear the
In the course of the month of June further loss resulting from the difference between the
steps have been taken by the Government for price paid to producers and the market price.
gradual removal of war-time control oyer the From the latest reports it appears that the
distribution and price of foods. Thus, the Government has chosen the latter solution.
exportation of cheese and vegetables has been While the requisition of grain is to be abolished,
authorized within certain limits. The ration- the producers will be given the opportunity,
ing of a number of articles of general consump- until August 31, of selling their crop to special
tion, such as bread, paste, and maize, has been Government commissions at the original
discontinued, and a decree is in preparation requisition price. The latter will distribute
abolishing the rationing of sugar. Restrictions them below cost to the provincial consortia,
on the sale of meat on certain days of the week which will continue in operation until the end
have been removed, as well as those regarding of the year. Thus, while freedom of trade
the number of courses to be served at restau- would be restored as far as imported grain is
rants, and the hours which public eating places concerned, the political price of bread would
may be open. Prices charged in restaurants, be maintained, this time for the benefit of the
however, are still subject to the control of the agricultural producers.
municipal authorities.
All restrictions as to foreign exchange transThe Government was to withdraw its con- actions have been removed by a decree of
trol over the distribution of rye, barley, maize, June 9, 1921. The National" Institute for
and oats, and to reestablish import duties on Foreign Exchange, which originally had mothese products, according to a law becoming nopoly rights to deal in foreign exchange, and
effective July 1. The great problem, however, which since May, 1919, has functioned as a
which confronts the Government is that of the controlling and supervising agency, will be
control of the wheat supply, and it has not maintained for the immediate future, but
merely as an organ of the Treasury for pay3
Italian price, trade, and financial statistics maybe found on p.
ments to be effected abroad.
1021.
958
FEDERAL RESERVE BULLETIN.
Payment of the first installment of taxes
under the law for the confiscation of war
profits (which became effective on April 2)
was due on June 10. The law provides for the
confiscation of all annual profits realized from
August 1, 1914, to June 30, 1920, in excess of
20,000 lire a year, after deduction has been
made for ordinary income (average of 1913
and 1914), or of 8 per cent in the investment
capital, whichever sum is larger. Amounts7
contributed for social insurance, employees
welfare, or charity may also be deducted.
A single return may be made for the entire
period, with a deduction of losses incurred
in any year. The tax is payable in 12 bimonthly installments, but the minister of
finance may extend the payment over a longer
period, not to exceed five years. In view of
the crisis now prevailing, the minister has
given the local officials board powers for the
granting of such extensions.
The first step toward the enforcement of
the law of September 24, 1920, for the compulsory registration of bearer bonds was made
in June with the publication of the regulations
regarding the registering of bonds of private
corporations. This must be effected within
6 months if the securities are held in Italy,
and within 9 or 12 months, respectively, if
they are held in other European countries or
outside of Europe. The regulations regarding
the registration of Government bonds are still
in preparation.
GERMANY.4
One of the chief problems before the German
Government at present is that of increasing tax
receipts in order to meet ordinary Government
expenditures and payments on reparations
account. On July 6 the chancellor, Dr. Wirth,
outlined to the Reichstag the Government's
proposals for certain taxes to meet ordinary
Government expenditures, but he left the
problem of raising the revenue to meet reparations payments until the Reichstag meets in
the fall. Estimates of expenditures for the
year have been increased since the budget was
first presented to the Reichstag, and at present
they read as follows:
AUGUST, 1921.
The extraordinary budget contains the following items to be paid on reparations account:
Marks.
For deliveries of living animals
3, 000, 000, 000
Compensation for delivery of ships
1, 500, 000, 000
Value of the railways in the former German territories
1, 500, 000, 000
Sundry reparations payments
8, 600, 000, 000
Total
14, 600, 000, 000
It does not include, however, the amount of
2,000,000,000 gold marks due this year, nor
the equivalent of 26 per cent of the export
trade, two sums which will total, it has been
variously estimated, from 42,000,000,000 to
53,000,000,000 paper marks.
The revenues which will be available to
meet Government expenditures are placed
at 58,959,000,000 marks, which leaves a
deficit of 49,180,000,000 marks, not including the two sums last mentioned. Of the
almost 59,000,000,000 marks of revenue, about
54,750,000,000 marks will proceed from taxes
already in force, and 4,250,000,000 marks from
new taxes. The deficit in the current budget
is still being taken care of by discounting
treasury bills through the Reichsbank. The
floating debt which amounted to 184,000,000,000 marks on March 31, 1921, had increased
to
199,000,000,000 marks on May 31.6 The
funded debt has, however, decreased within
recent months because of the return to the
treasury of Government bonds in payment of
war taxes and the emergency levy. The funded
debt amounted to 85,899,000,000 marks on
September 30, 1920, and to 78,350,000,000
marks on May 31,1921. Therefore the total debt
of the-German Government stood at 277,000,000,000 marks at the last of May of this year.
The continued use of treasury bills to finance
Government operations further increased the
burden of the Reichsbank during June. The
following table shows the changes in the number of discounted treasury bills during the
month and in the note circulation:
[In millions of marks.]
j Reichsbank
j holdings of Note circuI discounted
lation.
treasury
bills.
GERMAN GOVERNMENT EXPENDITURES, FISCAL
YEAR 1927.5
Marks.
Ordinary budget
48, 459, 000, 000
Extraordinary budget:
Railway deficit
14,368,000,000
Post and telegraph deficit
4, 515, 000, 000
Other extraordinary expenditures... 40, 797, 000, 000
Total
108,139,000, 000
May 31,1921.
June 7,1921.
June 14,1921
June 21, 1921
June 30,1921
62,954
60,416
67,541
64,434
79,608
71,839
72,145
71,884
71,98
75,321
During this same period the number of
Darlehnskassenscheine in circulation decreased
e These figures represent the total floating debt. The figures which
< German price, trade, and financial statistics may be found on p. are published every 10 days by the German finance minister and which
1021.
appear on page 1021 of this issue of the BULLETIN represent only the dis5
Estimates of June 27.
counted treasury bills which form the major part of the floating debt.
AUGUST, 1921.
802,000,000 marks. There was therefore a
net increase in the paper money in circulation
of about 2,680,000,000 marks.
The effects of the inflation which went on
during 1920 are seen in the reports of the
eight " great banks " for that year, which were
published during June. During 1920 there
were many absorptions of small banks by
these larger ones and the Deutsche Bank, the
Disconto-Gesellschaft, the Commerz-und-Privat Bank (an amalgamation of the Commerzund-Disconto Bank and the Mitteldeutsche
Privatbank), the National Bank fur Deutschland, and the Mitteldeutsche Creditbank all
increased their capital. The increase in monetary values which took place throughout the
year tended to make profits large and increased
the dividends declared by the banks. The following table gives the rate of dividends declared
in 1919 and 1920 by each of these banks:
DIVIDENDS OF THE GREAT GERMAN BANKS.
\
1919
1920
i
Deutsche Bank . .
Disconto-Gesellschaft
Dresdner Bank
Darmstader Bank
Berliner Handels-Gesellschaft
Comrn.erz-ixnd-Privat Bank
National Bank fiir Deutschland
Mitteldeutsche Credit Bank
Per cent. Per cent.
12.0
18.0
10.0
16.0
90
12.5
....
8.0
10.0
10 0
12.5
9.0
12.0
10.0
!
70
|
8. 0
10.0
i
9.1
13.4
Prices increased in Germany during June,
and the wholesale price index of the Frankfurter Zeitung rose from 1,376 to 1,467. (It
should be noted that at the 1st of June the
Frankfurter Zeitung revised its all-commodities index number for the middle of 1914 from
9.10 to 9.23, using January 1, 1920, as a base.
This change is small in itself, but it alters the
subsequent index numbers when they are recomputed using the 1914 index as a base.)
During March and April there seems to have
been very little change in German prices.
The price index for March 5 was 1,419, that for
April 2, 1,410, and for May 7, 1,428. In May
there was a pronounced drop, and the index
fell to 1,376 on June 4, while in June there was
a reversal of the movement and an increase to
1,467 on July 2. Among the commodities to
increase in price were corn, peas, beans, linseed,
copper, tin, zinc, lead, nickel, antimony, silver,
coal, cotton, cotton yarn, cotton cloth, silk
yarn (organzine), hides, and skins. Part of the
price increases were due to the decline in the exchange value of the mark, which resulted from
payments to the allies on reparations account.
The following table, which shows the trend
of exchange during the month, is taken from
959
FEDERAL. RESERVE BULLETIN.
figures supplied by the Disconto-Gesellschaft,
Berlin:
Berlin exchange on—
Marks to the...
New
York.
London. Switzerland.
Dollar.
Pound
sterling.
4.19
20.43
0.81
63.25
66.30
69.73
71.57
75.15
244.50
251.00
262. 50
268.50
280.75
11.00
11.31
11.67
12.01
12.62
Par
1921.
May 31
June 7
June 15
June 23
June 30
Swiss
franc.
The depreciation of the mark in terms of
foreign currencies had its usual effect upon the
prices of stocks and bonds, and the Bourse
index of the Frankfurter Zeitung rose perceptibly until it stood at 189 on July 9; or 11
per cent above its level a month earlier.
The weekly cost of living for a family of four
in Greater Berlin was estimated as 285 marks
at the end of May. At the end of June it was
311 marks, and the index published for Frankfurt-am-Main shows a similar increase.
The Reichswirtschaftsministerium, in cooperation with some of the other Government
departments, has prepared a complete report
upon the economic condition of Germany in
1920 as compared with the period before the
war. This report estimates that the population of Germany in 1920 was 61,000,000 persons, as compared with 64,930,000 in 1910.
This decrease is due to the loss of territory, war
casualties, a decreased birth rate, and increased
death rate. The death rate from tuberculosis
is particularly serious. It rose from 15.7 to
27.1 from 1913 to 1919. The description of the
present population by age groups shows the
decline in the birth rate very strikingly. In
1910, 14.3 per cent of the population were
under 6 years of age; in 1920, only 8.5 per cent
of the population fall into that age group.
In the matter of agricultural production there
have been marked reductions. The following
table gives the area sown to various crops, and
the yield. The reduction in yield per hectare
is due to the decreased use of fertilizer.
CROPS IN GERMANY.
Area
(in thousands
of hectares.)
Bread grains
Forage crops
Potatoes
Sugar beets
Yield
(in tons per
hectare).
|
j
Total yield
(in thousands
of tons).
1913
1920
1913
1920
7;286
5,362
2,863
!468
5,865
4,442
2,460
329
1.82
1.98
14.1
30.6
1.26 !! 13,200
1.50 10,600
12.0 ! 40,300
24.5 ; 14,300
1 1914.
1913
1920
7,400
6,700
28,200
8,100
960
FEDEKAL EESERVE BULLETIN.
AUGUST, 1321.
A similar reduction has taken place in coal dustry is still handicapped by the competitive
production, which has declined from 190,100,- exchange advantage of Finnish manufacturers.
The effects of the economic depression are
000 tons in 1913 (including Alsace-Lorraine
and the Saare) to 130,900,000 tons in 1920 (ex- reflected in the number of manufacturers and
cluding Alsace-Lorraine and the Saare). Ex- exporters represented at the Fourth Annual
ports of coal in 1920 amounted to only 21,- Industrial Fair which opened at Gothenburg
200,000 tons, as compared with 43,300,000 on July 4. Although this was the first offitons in 1913. On the other hand, lignite pro- cially recognized national fair, the registration
duction has increased from 87,200,000 tons in of exhibitors, according to Dagens Nyheter,
amounted only to about 450 as compared with
1913 to 110,900,000 tons in 1920.
For the territories now included within Ger- an enrollment of 1,000 in 1920. Sweden's
man boundaries iron production in 1913 is large, internationally known producers showed
estimated at 11,500,000 tons for the year, or a considerable falling off in representation,
960,000 tons per month, and in 1920 is placed while the small and medium sized industries
between 400,000 tons and 500,000 tons month- were well represented. Although the attendly. The loss of Luxemburg and Lorraine has ance of buyers at the fair was below that of
of course been very important in this connec- previous years, orders were placed on a reasontion, but production has also been retarded ably large scale.
by lack of coal.
Railway statistics indicate that distribution
The German potash industry has also is slacker than at any time since the depression
changed greatly because of the war. The fol- set in. According to a recent report of the
lowing table gives production and sales of pot- State railways, the volume of freight traffic
moved during May dropped to 422,600 tons,
ash in Germany:
the lowest figure for many years. The freight
[In millions of tons-1
transported in the corresponding month of
1913 amounted to 803,100 tons and in April,
Potash
Sales of
1920, to 923,700 tons.
produc- potash.
tion.
FREIGHT CARRIED ON STATE RAILROADS.
1913, including Alsace-Lorraine
1913, excluding Alsace-Lorraine
1919
1920
1,326
1,285
932
1,297
1,110
1,069
812
924
[In thousands of tons.]
1913
1920
1921
733.5
894.5
608.0
Since exports, upon which the industry January
February
855.5
968.2
713.7
largely depends for its profits, have greatly March.
/.
667.3
832.8
1,140.7
576.3
.April
905.2
981.7
fallen off, the report says that many of the May
422.6
803.1
923.7
potash mines have restricted their production June
787.4
944.8
July
880.8
1,101. 9
this year.
A ugust
820.6
1,091.7
September
822.0
993.7
SWEDEN.7
October
964.8
1,042.8
November
885.0
1,013.8
Recent dispatches from Sweden indicate December
671.1
792.8
that no real advance in industrial or commercial activity has taken place during the past
There is no improvement apparent in the
month. Tne demand in the paper-pulp market
has not improved in spite of drastic price cutting. labor situation. The Swedish Social Board
Although a complete shutdown of the pulp mills estimated the total number of unemployed in
has not occurred in Sweden as in Norway, the May at 60,000. In April 20,000 received State
reduction in output by the cellulose-pulp mills aid, as compared with 10,000 in February.
during the past five months is estimated at The number of trade-union members out of
about 185,000 tons, and the present lethargy work in May amounted to 25.2 per cent of the
of the market necessitates a continued cur- total enrollment.
tailment of production throughout the sum- The latest crop reports, on the other hand,
mer. In the case of the lumber industry, it is indicate that the agricultural situation as a
anticipated that the settlement of the coal whole is promising. In certain sections crops
strike will have a stimulating effect upon Brit- were menaced by drought, but a timely rainish demand. The recent improvement in fall prevented serious damage, and a good harFrench and Belgian exchange is also looked vest is anticipated throughout most of Sweden.
During June the wholesale price index of the
upon as favoring a revival of demand in the
continental market, although the lumber in- Svensk Handelstidning remained unchanged.
Group index numbers for building materials,
' Swedish price, trade^ and financial statistics may be found on p. 1022, metals, oils, and animal foods continued their
961
FEDERAL, RESERVE BULLETIN.
AUGUST, 1921.
BANKS CLOSED.
steady decline. Prices for textiles and raw
Bank, Seattle, Wash,
materials for agriculture again decreased after Scandinavian-American
a rise in the previous month. An upward Denison Bank & Trust Co., Denison, Tex.
CHANGE OF NAME.
movement took place in June in the indexes
for vegetable foods, hides and leather, and coal. The Bridgeport Bank & Trust Co., Bridgeport, Ohio, to the BridgeFollowing the same policy as that of other port Bank Co.
central banks, the Riksbank lowered its rate
on July 6 to 6 per cent. The gold holdings of Fiduciary Powers Granted to National Banks.
the Riksbank during June remained unchanged,
while the note circulation, which declined dur- The applications of the following banks for permission
ing May to the lowest point since July, 1918, to act under section 11 (k) of the Federal Reserve Act
been approved by the Board during the month of
increased by 27,000,000 kroner. The loans and have
discounts of the joint stock banks continued July, 1921.
DISTRICT N O . 1.
to contract. As a result of the appreciation Trustee, executor, administrator, registrar of stocks and bonds, guarin a majority of foreign currencies, the index dian of estates, assignee, receiver, and committee of estates of lunatics:
Fall River National Bank, Fall River, Mass.
of the exchange value of the Swedish krona
abroad during May registered 123.3, a decline
DISTRICT N O . 2.
of 2 points from the preceding month.
Trustee, executor, administrator, registrar of stocks and bonds, guar-
dian of estates, assignee, receiver, and committee of estates of lunatics:
Ossining National Bank, Ossining, N. Y.
State Banks and Trust Companies Admitted.
DISTRICT N O . 3.
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,
1921.
One thousand six hundred and three State institutions
are now members of the system, having a total capital of
$582,622,205, total surplus of $529,548,526, and total
resources of $9,915,848,720.
Trustee, executor, administrator, registrar of stocks and bonds, guar:
dian of estates, assignee, receiver, and committee of estates of lunaticsMonroe County National Bank, East Stroudsburg, Pa.
DISTRICT N O . 4.
Trustee, executor, administrator, registrar of stocks and bonds, guardian of estates, receiver, and committee of estates of lunatics:
Second National Bank, Ashland, Ky.
Registrar of stocks and bonds:
Farmers' Deposit National Bank, Pittsburgh, Pa.
DISTRICT N O . 5.
District No. 3.
Carlisle Trust Co., Carlisle, Pa.
! $150,000 ! $150,000 $2,246,786
Trustee:
Commercial National Bank, Charleston, S. C.
Trustee, executor, administrator, registrar of stocks and bonds, guardian of estates, assignee, receiver, and committee of estates of lunatics:
Peoples National Bank, Pulaski, Va.
Registrar of stocks and bonds:
The Flat Top National Bank, Bluefield, W. Va.
District No. /h
DISTRICT N O . 7.
Dollar Savings Bank Co., St. Clairsville, Ohio
705,023
50,000
32,000
25,000
6,250
348,632
25,000
5,000
212,905
District No. 7.
Farmers & Merchants State Bank, Sebewaing, Mich
The Blanchard State Bank, Blanchard,
Mich
South Side Trust & Savings Bank,
Chicago, 111
300,000
100,000 6,653,905
District No. S.
Citizens Bank of Cabool, Cabool, Mo
District No. 9.
25,000
j
50,000
12,000
DISTRICT N O . 8.
Trustee:
First National Bank, Greenwood, Miss.
500,040
DISTRICT N O . 10.
740,013
Trustee, executor, administrator, registrar of stocks and bonds, guardian of estates, assignee, receiver, and committee of estates of lunatics:
First National Bank, Bartlesville, Okla.
\
Hazelton State Bank, Hazelton, Idaho.. | 25,000
Steiwer & Carpenter Bank, Fossil, Oreg.j 100,000
State Bank of Richmond, Richmond, !
25,000
Utah
Selah State Bank, Selah, Wash
30,000
LIQUIDATION.
The State Bank of Bloomington, 111.
McCornick & Co., Bankers, Salt Lake City, Utah.
25,000
!
Kenyon State Bank, Kenyon, Minn
District No. 12.
I
I
Trustee, executor, administrator, registrar of stocks and bonds, guardian of estates, assignee, and receiver:
Griswold National Bank, Griswold, Iowa.
Trustee, executor, administrator, registrar of stocks and bonds, guardian of estates, assignee, receiver, and committee of estates of lunatics:
Citizens National Bank, Grhmell, Iowa.
First National Bank, Darlington, Wis.
5,700 I
5,000
12,500
6,000
199,456
506,733
214,169
356,171
Acceptances to 100 Per Cent.
Since the issuance of the July BULLETIN the following
bank has been authorized by the Federal Reserve Board
to accept drafts and bills of exchange up to 100 per cent
of its capital and surplus:
Bridgeport Trust Co., Bridgeport, Conn.
962
FEDERAL RESERVE BULLETIN.
AUGUST, 1921.
New National Bank Charters.
Commercial Failures Reported.
The wide margin of increase in failures over last year's
The Comptroller of the Currency reports the following
relatively low mortality continues in evidence, the 917 increases
and reductions in the number and capital of
commercial defaults reported to R. G. Dun & Co. during national banks
three weeks of July comparing with only 384 insolvencies 1921, inclusive:during the period from June 25 to July 29,
for the same period of 1920. The returns for June, the
latest month for which complete statistics are available,
disclose 1,320 failures, involving $34,639,375 of liabilities.
Banks. Amount.
In point of number there is a sharp contrast with the 674
defaults of June, 1920, but the liabilities then closely
charters issued to
approximated $33,000,000. Excepting in April, insol- New
capital of
$4,185,000
vencies have decreased in number in each month of the With
Restored to solvency
6
current year, but all of the 12 Federal Reserve districts With capital of
l
of capital approved for
report more failures for June than for the corresponding Increase
With new capital of
1,785,000
month of 1920. In the second, eighth, and twelfth dis- Aggregate number of new charters, banks restored
to solvency, and banks increasing capital
tricts, however, the liabilities are less than in June last
29
With aggregate of new capital authorized
5,970,000
year, and notably so in the second and twelfth districts.
Number of banks liquidating
Capital of same banks
v
***966,*666
2
Failures during June.
Number.
Districts.
First
Second
Third
Fourth
Fifth
Sixth
Seventh
Eighth
Ninth
Tenth
Eleventh...
Twelfth
Total.
1921
136
232
71
98
82
130
140
102
31
73
105
120
1,320 i
1920
Liabilities.
1921
55 $2,546, 879
164 4, 736,685
1,939,408
26
65 4,744, 487
37 1,478,512
30 3, 522, 511
69 4,476,283
1,974,278
34
454,553
21
22 4,764,647
35 2,588, 787
116 1,412,345
674 34,639,375
1920
783,684
218,230
219,092
975,973
314,156
459, 562
2, 742, 755
2, 283,002
306,250
281,255
278,668
128,338
32,990,965
Number of banks reducing capital
Reduction of capital
Total number of banks going into voluntary or involuntaryy liquidation
or reducing capital
q
ggregate capital
capital reduction
reduction
Aggregate
Consolidation of national banks under the act of
Nov. 7, 1918
Capital
The foregoing statement shows the aggregate of increased capital for the period of the banks embraced in statement
Against this there was a reduction of capital owing
to liquidations, etc
Net increase.
100,000
1, 060,000
""966," 666
5,970,000
1,060,000
4,910,000
1
Includes one increase in capital of $175,000 incident to consolidation
under
act of Nov. 7,1918.
2
Includes one reduction in capital of $100,000 incident to a consolidation under act of Nov. 7, 1918.
AUGUST,
1921.
FEDERAL KESERVE BULLETIN.
963
RULINGS OF THE FEDERAL RESERVE BOARD.
Permission granted to member banks to apply for discounts
of eligible paper acquired from nonmember banks.
Section 19 of the Federal Reserve act provides in part that—
No member bank shall act as the medium or agent of a
nonmember bank in applying for or receiving discounts
from a Federal Reserve Bank under the provisions of this
act, except by permission of the Federal Reserve Board.
As announced in a letter sent by the Board
to all Federal Reserve Banks, the Federal Reserve Board has given general authority to
member banks to apply to their respective
Federal Reserve Banks for discounts of eligible
paper acquired by such member banks from
nonmember banks, such authority to be
effective until withdrawn by the Federal Reserve Board. The extent to which the respective Federal Reserve Banks will entertain
such application is, of course, a matter of
policy for the determination of the officers of
each bank.
the association agrees to pay to each producer
the average price realized by the association
upon the resale of the commodity in the pool
to which the producer has contributed, less a
proportionate part of the association's expenses. The commodities are to be stored in
warehouses independent of the association and
negotiable warehouse receipts issued therefor.
The question upon which the Federal Reserve
Board was asked to rule is whether drafts
drawn by such associations against these warehouse receipts will be eligible for acceptance
by member banks and whether after acceptance the drafts will be eligible for rediscount
by Federal Reserve Banks.
Section 13 of the Federal Reserve act provides that—
Any Federal Reserve Bank may discount acceptances
of the kinds hereinafter described, which have a maturity
at the time of discount of not more than three months'
sight, exclusive of days of grace, which are indorsed by
at least one member bank.
Any member bank may accept drafts or bills of exchange
drawn upon it having not more than six months' sight to
Bankers' acceptances drawn by cooperative marketing run, exclusive of days of grace, * * * which grow out
associations against warehouse receipts covering agri- of transactions involving the domestic shipment of goods,
cultural commodities.
provided shipping documents conveying or securing title
are attached at the time of acceptance; or which are seThe Federal Reserve Board was recently cured at the time of acceptance by a warehouse receipt
requested to rule upon the eligibility of bank- or other such document conveying or securing title coverers' acceptances drawn by cooperative mar- ing readily marketable staples.
keting associations against warehouse receipts
The Federal Reserve Board is of the opinion
covering nonperishable agricultural commodi- that a draft drawn by an association operating
ties. The Board understood the facts upon under the plan described above is eligible for
which the request for a ruling was predicated acceptance by member banks when secured at
to be as follows:
the time of acceptance by a warehouse receipt
The associations are corporations organized of the kind referred to in the above statement
without capital, and their members consist of facts, and that after acceptance such a draft
exclusively of producers of the particular crop will be eligible for rediscount by Federal Rewhich that association is organized to market. serve Banks, provided it complies in all
Each producer, as a condition of membership respects with the regulations of the Federal
in the association, signs a standard form of Reserve Board.
The law requires that a warehouse receipt,
agreement under the terms of which he agrees
to sell and deliver his crop to the association. in order to be the basis of an eligible banker's
This agreement provides in substance that i acceptance, shall be a document "conveying
title to the commodity so delivered shall pass or securing title covering readily marketable
to the association at the time of delivery, that staples." There is no question but that the
the transaction between the producer and the I warehouse receipts described in the above
association is a sale, and that the association j statement of facts comply with this requireshall have absolute control over the com- I ment of the law, since, according to that statemodities delivered with the unqualified right ment, they are negotiable warehouse receipts
to resell or hypothecate. The price at which covering readily marketable staples, the absothe commodity is sold by the producer to the lute and unqualified ownership of which has
association is not fixed at the time of that been conveyed to the association. The Board
sale, but the agreement provides that all of the has not, however, undertaken to examine the
commodities delivered to the association shall forms of agreements entered into between the
be pooled according to grades and resold, and associations and their members, but assumes
964
FEDEBAL KESEBVE BULLETIN.
AUGUST,
1921.
that these agreements have the legal effect acceptances for rediscount by Federal Reserve
which they are stated to have. If, in a par- Banks and particularly to subdivision (b) (3)
ticular case, any question should arise as to of that section. This subdivision relates to
the proper construction of any such agreement, acceptances against warehouse receipts and
that question would be primarily for the deter- other similar documents covering readily marmination of the banks against which the drafts ketable staples, and prescribes under what cirare drawn and the Federal Reserve Banks to cumstances it is proper for the accepting bank
which the acceptances are offered for redis- to release the original documents.
count.
It should be understood, of course, that a
In the letter presenting the question to the Federal Reserve Bank is under no obligation
Board it was stated that "the acceptances will to rediscount an acceptance offered to it, even
probably be 90-day acceptances, with an agree- though the acceptance is technically eligible
ment for one or possibly two renewals, depend- for rediscount. It is the function of a Federal
ing upon the commodity/7 In connection Reserve Bank, when eligible paper is offered
with this statement the Board desires to point to it, to determine in the exercise of its sound
out that a member bank can not accept an discretion whether the paper is desirable as an
original or renewal draft unless it is drawn in investment for the bank.
compliance with the terms of section 13 of the
Federal Reserve Act, and consequently a member bank can not agree unconditionally to accept a renewal draft but can agree only to ac- Notes of irrigation companies are not agricultural paper.
cept in the event that the renewal draft is
eligible for acceptance under the terms of the
As indicated in the ruling published on page
law.
949 of the September, 1920, BULLETIN, the
Furthermore, the Board has ruled that where Federal Reserve Board is of the opinion that
it is known that a six months7 credit is required the business of an irrigation company in selling
it is improper to draw two 90-day acceptances supplies77 of water to its customers is a77" comin order to make them at all times eligible for mercial rather than an "agricultural busirediscount by Federal Reserve Banks, and that ness, as those terms are used in section 13 of
in such a case the original acceptance
should the Federal Reserve Act. The fact that the
be drawn for the full six months7 period. If, irrigation company7s customers consist entirely
however, at the time the original acceptance or for the most part of farmers does not make
is drawn it is reasonable to anticipate that the the business of the company an agricultural
transaction will be liquidated within a period business any more than the fact that a country
of three months, a 90-day acceptance may be merchants customers are farmers makes that
issued in the first instance, and a renewal merchants business an agricultural one.
acceptance may be issued at the end of the
A note of an irrigation company can not,
90-day period, if, because of abnormal or therefore, be classed as agricultural paper and
unforeseen developments, liquidation has not can not be eligible for discount by Federal
been completed at that time. The Board Reserve Banks with a maturity in excess of
understands that it is reasonable to anticipate 90 days, but a farmer7s note given to an irrithat the sale and liquidation of the commodi- gation company in payment for a supply of
ties held by the associations at any given time water which has been or is to be used for
will be completed within 90 days from that current agricultural purposes is a note which
time. If this is so, there is no objection to the has been issued by the farmer for an agricultural
issuance of 90-day acceptances in the first purpose and may, therefore, be eligible for
instance.
discount with a maturity not in excess of six
The Board desires to call attention to section months, provided, of course, it complies in
B of the Board's Regulation A, series of 1920,7 other respects with the provisions of the law
which deals with the eligibility of bankers ' and the regulations of the Board.
AUGUST,
965
FEDERAL RESERVE BULLETIN.
1921.
PRICE MOVEMENT AND VOLUME OF TRADE.
WHODESALE PRICES IN THE UNITED STATES.
During July wholesale prices in general changed very little, but the tendency appears to
have been upward. The all-commodities index number of the Federal Reserve Board shifted
from 139 in June to 141 in July. Raw materials as a whole were relatively stable. According
to the recomputation of the index number of the Bureau of Labor Statistics, agricultural products
declined from an index number of 125 in June to 122 in July. Animal products (including wool
and hides) increased from an index of 102 to 109, forest products decreased from 204 to 203,
and mineral products from 182 to 177. Producers' goods continued to decline in price because
of reductions in metal products which are of particular importance in this group. Increases
occurred in prices of consumers' goods.
With the increase in the stability of the prices of our important raw materials, the index
of "goods exported" remained unchanged. Imports showed a certain amount of stability also,
the index shifting only from 102 in June to 103 in July.
In the first table below is presented the compilation of the Federal Reserve Board, which
contains index numbers for certain groups of commodities as well as for prices in general.1
The table following shows the2index number of the Bureau of Labor Statistics as reclassified
by the Federal Reserve Board.
INDEX NUMBERS OF WHOLESALE PRICES IN UNITED STATES—CONSTRUCTED BY THE FEDERAL RESERVE BOARD
FOR THE PURPOSE OF INTERNATIONAL COMPARISON.
[Average price for 1913=100.]
Date.
1919, average.
1920, average 1920, J u l y . . . .
Goods
produced.
Goods
imported.
Goods
exported.
209
236
253
174
191
208
214
227
248
209
235
249
198
237
251
207
229
250
206
233
250
166
156
152
145
145
141
144
114
113
114
109
105
102
103
142
135
125
121
125
122
122
164
152
146
136
139
133
134
166 |
158
153
148
145
140
136
159
152
151
147
144
144
152
163
154
150
143
142
139
141
Producers' Consumers' ! All comRaw
modities.
goods.
goods.
materials.
1921.
January...
February.
March
April
May
June
July
1
The index number of the Federal Reserve Board has been constructed primarily with a view to international comparisons of wholesale prices.
Due to the difficulties connected with the collection of foreign prices, the foreign index numbers are still incomplete, but in spite of this it has
seemed advisable to publish the American number, since it contains certain classifications of commodities not otherwise available, namely, the
prices of the important goods imported into this country, and of goods largely exported, and compares them with the general price level in the
United States. The number has been published monthly during a period of one year, but is computed for the years 1913,1919, and the first of 1920
as well.
For detailed information regarding the makeup of the number, reference may be made to the FEDERAL RESERVE BULLETIN for May, 1920,
pages 499-503. The commodities included in the different groups are listed there with exact specifications and markets indicated. The "weights"
assigned to the different commodities in constructing the index numbers are also given in detail. Revisions in prices or weights appear in
BULLETINS for June, 1920, and June, 1921.
The index of "goods produced" consists of 74 quotations (30 raw materials, 24 producers' and 20 consumers' goods). These include agricultural
products (such as grains, live stock, and textiles), minerals, and lumber, among the raw materials; yarns, leather, semifinished steel products,
refined oils, chemicals, building materials, etc., among the producers' goods; and potatoes, meats, flour, rice, dairy products, cotton and woolen
cloth, boots and shoes, and kerosene among the consumers' goods.
The index of "goods imported" consists of 18 quotations (9 raw materials, 7 producers' and 2 consumers' goods). It includes Egyptian cotton,
Australian and South American raw wool. Japanese and Chinese silk, South American hides, Straits tin, and Canadian lumber among the raw
materials; plantation and Para rubber, Chilean nitrate, cane sugar, burlap, sisal, etc., among producers' goods; and tea and coffee for consumers'
goods.
Leading American exports are included in the index of prices of "goods exported," which is made up of 40 quotations (17 raw materials, 12
producers' and 11 consumers' goods). Grains, tobacco, cotton, copper, coal, pig iron, petroleum, and lumber make up the list of raw materials;
vegetable oils, leather, semifinished metal products, refined oils, and chemicals the producers' goods; and wheat flour, refined sugar, pork products,
coffee, cotton cloth, boots and shoes, and kerosene the consumers' goods.
The index numbers of "raw materials," "producers' goods," and "consumers' goods" consist of the commodities mentioned above which fall
into these classes, whether they are of domestic or foreign origin. The raw materials group includes 39 quotations, the producers' goods 29, and
the consumers' goods 22.
The "all commodities" index is obtained by combining the group indexes of domestic and foreign goods. It consists of 90 different quotations.
The quotations are obtained from representative trade journals and private firms. About half of them are the same that are used by the
Bureau
of Labor Statistics in its larger compilation of prices and are furnished to the Board by that bureau.
8
As the index number of the Bureau of Labor Statistics (which is based upon 315 quotations) has been reclassified by the Federal Reserve
Board, the raw materials group consists of approximately 76 quotations, the producers' goods of about 80, and the consumers' goods of 158. Raw
materials have been subclassified into agricultural products (mainly grains, cotton, and tobacco), based upon 19 quotations, animal products based
upon the same number, forest products based upon 11 quotations, and mineral products based upon 27 quotations. The FEDERAL RESERVE
BULLETIN for October, 1918, contains a list of the commodities in each group. The weights are the same as those used by the Bureau of Labor
Statistics.
966
AUGUST, 1921.
FEDERAL RESERVE BULLETIN.
ilsiDEX NUMBERS OF WHOLESALE PRICES I N THE UNITED STATEJ5
1919
—
1921
A VERAGE PRICE LEVEL OF 19K \ - 1OO
I
. . . . . . . . — .a
ft
I
—
280
'P
\
/••*%
240
1J
/
220
200
i
\
\V\ •
\\A
\\
180
160
\\
\\
140
120
280.
t
260
V
M
•
240
220
*'y^
\
i
it
i
CONSUMERS GOODS
GOODS EXPORT ED
260
1
H MAT ERiALS
DC
ftArthC
— — PR
200
180
V
160
140
\
120
V
100
100
80
80
60
YEAR
I, ,i
i
t
•
i
J. A. S. 0. N. D J. F. MA.M.J.J. A.S O . N . D J . F M A.M. J. J. A.S.O, N.D.
1919
1921
1920
1
J. AS 0. N. D
1£M9
I
J. F. MA. M. J. J. A. S 0. N. D. J. F. MA.M.J.J. A.S O.N.D
1920
1921
60
YEAR
INDEX NUMBERS OF WHOLESALE PRICES IN THE UNITED STATES FOR PRINCIPAL CLASSES OF COMMODITIESBUREAU OF LABOR STATISTICS.
[Average price for 1913= 100.]
Raw materials.
Year and month.
1920.
July
January
February
March
April
May
June
July
1921.
,
Agricul-
products.
Animal
products.
Forest
products.
Mineral
products.
287
184
359
256
258
251
272
262
155
145
136
126
131
125
122
119
114
116
106
104
102
109
245
225 |
210 |
205
205
204
203
220
207
197
189
188
182
177
175
164
157
149
149
145
145
169
155
149
143
140
137
131
182
171
168
159
153
152
153
178
167
162
154
151
148
148
In order to give a more concrete illustration
of actual price movements, there are also
presented in the following table monthly actual
and relative figures for certain commodities of
a basic character. The prices shown in the
AH commodities
Producers' Consumers' (Bureau of
Labor Stagoods.
goods.
Total raw
tistics index
materials.
number).
table have been obtained from the records of
the United States Bureau of Labor Statistics,
except in the case of bituminous coal, prices
for which have been obtained from the Coal
Age.
967
FEDERAL, RESERVE BULLETIN.
AUGUST, 1921.
AVERAGE MONTHLY WHOLESALE PRICES OF COMMODITIES.
[Average price for 1913=100.]
Corn, No. 3,
Chicago.
Cotton, middling,
New Orleans.
Wheat, No. 1,
northern spring,
Minneapolis.
Wheat, No. 2,
red winter,
Chicago.
Cattle, steers,
good to choice,
Chicago.
Year and month.
Average
price per
bushel.
1913.
1919.
1920.
Rela- Average
tive price per
price. pound.
Relative
price.
Average
price per
bushel.
Relative
price.
Hides, packers,
heavy native
steers, Chicago.
Average Relaprice per | tive
bushel, price.
Average
price per
100
pounds.
Relative
price.
Average
price per
pound.
Relative
price.
$0.6155
1.5S00
1.3968
100
257
227
$0.1270
.3185
.3301
100
251
260
SO.8735
2.5660
2. 5581
100
294
293
$0.9863
2.5370 !
2.5225 !
100
239
256
$8.5072
17.4957
14.4856
100
206
170
$0.1839
. 3931
.3122
100
214
170
1.8390
1.5388
299
250
.4030
.3950
317
311
2.9000
2.8313
332
324
2.8950
2.8050
294
284
15.0313
15.3813
177
181
.3410
.2944
185
160
106
103
100
90
99
99
.1450
.1322
.1105
. 1116
.1178
.1101
.1147
114
104
87
1. 7884
1.6713
1.6135
1.4059
1.4923
1.4994
1.4384
205
191
185
161
171
172
165
1.9613
1.9194
1.6798
1.3869
1. 5680
1.4384
1.2291
199
195
170
141
159
146
125
9.8400
9.3.125
9. 5625
8. 7188
8.4250
8.0938
8.4063
116
109
112
102
99
95
.1675
.1363
.1150
.1013
.1188
. 1395
.1388
91
74
63
55
65
76
75
1920.
June..
July..
1921.
January..
February.
March...'..
April
May
June
July
. 6553
.6350
.6180
. 5547
.6090
.6075
.6019
Hogs, light,
Chicago.
Wool, Ohio, i-f
grades, scoured,
eastern markets.
Hemlock, New
York.
Year and month.
1913.
1919.
1920.
Yellow pine
flooring
New Yolk
j\ew lorjc.
Coal bituminous, Coal, bituminous,
Pocahontas,f.o.b.
o fmme f
> • °-bspot at mines,
Columbus.
spot at mines,
j
Pittsburgh.
run
Average
price per
100
pounds.
Relative
price.
Average
price per
pound.
Relative
price.
Average
price per
M feet.
Relative
price.
Average
price per
M feet
manufactured.
$8.4541
18.3260
14.7106
100
217
174
$0.4710
1.1894
.9712
100
248
203
$24.2273
39. 7500
56. 6667
100
164
234
$44.5909
78.8333
145.4167
100 i $1.3200
177
326 "6." 0433"
15.3500
15.8875
182
188
1.0000
.9091
212
193
57.0000
57.0000
235
235
160.0000
160.0000
359
359
8.6700
10.0000
657
758
7.0000
7.9000
446
503
9.6700
9.7063
10.3063
8.8563
8.4550
8.2500
10.2000
114
115
122
105
100
98
121
.5455
.5455
. 5273
.5273
.5091
.4909
.4909
116
116
112
112
108
104
104
48.0000
48.0000
48.0000
41.0000
41.0000
41.0000
37.5000
198
198
198
169
169
169
155
110.0000
95.0000
95.0000
91.0000
91.0000
91.0000
91.0000
247
213
213
204
204
204
204
2.5300
2.4200
2.2900
2.2500
2.1310
1.9000
2.075
192
183
173
170
161
144
157
4.2500
3.7300
3.4000
3.3625
3.4940
3.4250
3.2000
271
237
216
214
222
218
204
Relative
price,
j
Average
Relaprice per
tive
short ton. price.
Average Relaprice per
tive
short ton. price.
• $1. 5710
100
"458" ""5." 8891"
"375
100
1920.
June..
July..
1921.
January...
February..
March
April
May
June
July
I
Coal, anthracite,
Coke, Connellsstove, New York, ville, at furnace.
tidewater.
Copper, ingot,
electrolytic,
New York.
Lead, pig,
desilverized,
New York.
iron, basic,
Petroleum, crude, Pig
Mahoning and
Pennsylvania,
Shenango
Valley,
at wells.
at furnace.
Year and month.
price per
long ton.
1913
1919
1920
,
Rela- Average Rela- Average
tive price per
tive price per
price. short ton. price. pound.
Relative
price.
Average
price per
barrel.
$0.0440
. 0578
100
131
184
$2.4500
4.1346
5.9750
100
169
244
$14.7058
27.6971
42.2692
100
188
287
.0860
193
195
6.1000
6.1000
249
249
44.0000
45.7500
299
311
.0497
.0468
.0405
.0428
.0495
.0451
.0440
113
106
92
97
113
103
100
5. 7750
4.1875
3.0000
3.1875
3.3500
2.6250
2.2500
236
171
122
130
137
107
92
30.0000
27,5000
24.2000
22.8750
22.0000
20.7500
19.3750
204
187
165
156
150
141
132
$5.0613
8.1639
9.4265
100
161
186
$2.4396
4.7375
10. 8153
100
194
443
$0.1573
.1911
.1797
100
122
114
9.3672
9.4580
185
187
14.3000
14.3750
589
.1900
.1900
121
121
10.6373
10.6382
10.6382
10.1380
10. 2910
10.3900
10.5048
210
210
210
200
203
205
208
5.5313
5.1875
5.0000
3.7188
3.3250
3.0938
2.9063
227
213
205
152
136
127
119
.1288
.1288
.1223
.1247
.1283
.1284
.1253
1920.
June
July
Rela- Average
price per
tive
price. long ton.
Rela- Average
tive price per
price. pound.
Relative
price.
1921.
January
February
March
April
May
June
July
,
968
FEDERAL RESERVE BULLETIN.
AUGUST,
1921.
AVERAGE MONTHLY WHOLESALE PRICES OF COMMODITIES—Continued.
Cotton yarns,
northern cones,
10/1 Boston.
Leather, sole,
hemlock, No. 1,
Chicago.
Steel billets,
Bessemer,
Pittsburgh.
Steel plates,
tank, Pittsburgh.
Steel rails,
open hearth,
Pittsburgh.
Year and month.
Worsted yarns,
2-32's crossbred,
Philadelphia.
Average Rela- Average Rela- Average Rela- Average Rela- Average Rela- Average Relaprice per tive price per tive price per tive price per tive price per tive price per tive
pound. price. pound. price. long ton. price. pound. price. long ton. price. pound. price.
1913
1919
1920
100
241
282
$0.2821
.5283
.5342
100
187
189
$25.7892
40. 5385
56.2596
100
157
218
$0.0148
.0271
.0328
100
183
222
$30.0000
49.2642
53.8269
100
164
179
$0.7767
1.6274
1.8250
100
210
235
.7299
.7009
330
317
.5700
.5700
202
202
60.0000
62. 5000
233
242
.0355
.0338
240
228
54.5000
54. 5000
182
182
2.0000
1.7500
258
225
.2878
. 2775
.2447
.2388
.2491
.2545
.2411
130
125
111
108
113
115
109
.4000
. 3S00
.3700
.3700
.3700
.3700
.3500
142
135
131
131
131
131
124
43. 5000
42.2500
38.4000
37.5000
37.0000
37.0000
32.2500
169
164
149
145
143
143
125
.0265
.0233
.0204
.0210
.0220
.0195
.0185
179
157
138
142
149
132
125
47.0000
47.0000
47.0000
47. 0000
47.0000
47.0000
47.0000
157
157
157
157
157
157
157
1.1500
1.1500
1.2000
1.2000
1.2500
1.2000
1.1500
148
148
155
155
161
155
148
1920.
June
Julv
January
February
March
April
Mav
June
July
1
$0.2213
.5340
.6245
1921.
On Toledo market, average for last six months of 1913.
Year and month.
Flour, wheat,
Beef, carcass, Coffee,Rio, No. 7, standard patents Hams, smoked, Illuminating oil,
good native
(1918,
standard
150° fire test,
New York.
Chicago.
steers, Chicago.
war),
New York.
Minneapolis.
Average Rela- Average Rela- Average Rela- Average
price per tive price per tive price per tive price per
pound. price. pound. price. barrel. price. pound.
1913
1919
1920
June
Julv
January
February
March
April
May
j une
Julv
100
180
178
$0.1113
.1785
.1198
100
160
108
$4.5837
11.9982
12.6750
100
262
277
$0.1662
.3433
.3340
100
207
201
$0.1233
. 2004
.2629
100
163
213
$0.0427
. 0894
.1267
100
209
297
.2225
.2550
172
197
.1498
.1306
135
117
14.1600
13.6688
309
298
.3650
.3769
220
227
.2600
.2600
211
211
.2120
.1910
497
447
.1738
.1600
.1625
.1650
.1650
.1600
.1490
134
124
125
127
127
124
115
.0669
.0672
.0639
.0600
.0621
.0666
.0647
60
60
57
54
56
60
58
9.6250
9.1813
8. 7300
7. 9500
8. 7450
9. 0063
8.9000
210
200
.2488
.2600
. 2725
.2763
.2725
.2822
.3200
150
156
164
166
164
170
193
.2900
.2750
.2625
. 2510
. 2100
.2200
.2200
235
223
213
206
195
178
178
.0757
.0709
.0784
.0725
.0632
. 0569
.0546
177
166
1921.
FOREIGN TRADE INDEX.
There is presented below a series of indexes
designed to reflect movements in foreign trade
of the United States, with fluctuations due to
price changes eliminated. The commodities
chosen for these indexes are those for which
rices are compiled by the Federal Reserve
oard in the preparation of its international
price index. The list includes 25 of the most
important imports, the value of which in 1913
formed 47.7 per cent of the total import values,
and 29 of the most important exports, the
value of which in 1913 formed 56.3 per cent of
the total export values. The classification of
the original list of commodities used was given
in the July, 1920, BULLETIN. A classification
of the 11 additional commodities of imports
was given in the April, 1921, BULLETIN.
Average Rela- Average Relaprice per tive price per tive
gallon. price. p o u n d . price.
$0.1295
.2333
.2304
1920.
g
Relative
price.
Sugar,
granulated,
New York.
190
173
191
196
194
184
170
148
133
128
A material increase was shown in the total
exports during June, due 7to an increase in
volume of both consumers goods and raw
materials exported. Exports of bituminous
coal were considerably larger than in May or
the corresponding, month last year. The increase of the total commodities exported is
due rather to a moderate increase in each of
the commodities included in7 the indexes of
raw materials and consumers goods than to
any violent increase in exports of any one
article. Total exports of producers7 goods
continued to show a downward trend for the
fifth successive month, despite considerable increases in exports of both upper and sole
leather. Decided decreases were shown in the
exports of steel plates, copper wire, and
gasoline.
969
FEDEEAL, RESERVE BULLETIN.
AUGUST, 1921.
There was an appreciable decrease in the
total volume of imports. June imports of the
25 commodities were only 62 per cent of the
amount imported during the same month last
year. Raw wool imports continued to decline, the figure now being only 6 per cent of
the amount imported in March, when the high
level was reached. A slight increase was ap-
parent in the imports of producers' goods, due
largely to the increased volume of india rubber
imported. Cane sugar continued to decline at
a rather precipitate rate, and consumers' goods
showed a decided decrease due to a considerable decrease in the volume of coffee imports,
which were smaller in June than in any month
since May, 1920.
INDEX OF VALUE OF FOREIGN TRADE IN SELECTED COMMODITIES AT 1913 PRICES.
[Monthly average values, 1913=100.]
Exports.
Imports.
Raw mate- Producers' Consumers' Total (29
goods (10
rials
goods (7
comcom(12 comcommodities). modities). modities). modities).
Raw mate- Producers' Consumers' Total (25
goods (12
goods (3
rials
comcomcom(10 commodities). modities). modities). modities).
1913—Year
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
1919—Year
88.9
154.7
188.5
118.6
157.5
193.0
161.4
171.1
1920—Year
92.2
142.6
137.9
107.7
135.2
227.3
155.3
171.7
105.2
91.0
78.2
76.6
97.7
107.9
187.9
141.0
104.4
102.7
81.8
74.3
126.0
116.4
122.4
122.5
112.8
135.1
117.6
101.6
91.1
89.9
100.0
111.3
74.5
118.2
160.7
153 4
98.7
94.5
130.8
143.5
177.4
177.7
150.1
152.5
146.5
160.8
209.3
206 3
179.3
126.7
104.7
133.1
173.2
169 3
128.2
119.7
January.
February
March
April
Mav
June. -.
1921.
PHYSICAL VOLUME OF TRADE.
The volume of receipts of agricultural
products at primary markets continued to
increase during June. Total receipts of live
stock at 59 markets were larger in June than
in May, although receipts of sheep were somewhat smaller. The movement of grain and
flour at interior centers showed a marked increase in volume during June, but receipts at
seaboard centers continued to decline. Shipments of fruit from California showed a notable gain for June, as citrus shipments were
considerably greater than in May and the new
deciduous crop commenced moving in large
quantities.
The textile industry continued to increase its
production during June. Wool consumption in
June was higher than in any month since April,
1920, while the percentage of idle machinery
continued to decline. Cotton consumption
also continued to increase, but there was a
slight decline in imports of raw silk.
The output of both bituminous and anthracite coal increased during June, but there was a
further decline in production of beehive coke.
The upward movement of daily average production of crude prtroleum, which has been in
progress since February, was halted in June,
although there was another slight increase in
the number of producing oil wells completed.
The July output of pig iron was lower than
in any month since December, 1903. Mining
of nonferrous metals was also at a very low level
during the second quarter of 1921. Copper
production has declined steadily since March,
and the output of blister copper in June was
less than 21 per cent of that in March. The
quantities of zinc smelted and of tin imported
have shown a slight increase since March, but
the June figures were far below those of June,
1920.
Both the total cut and total shipments of
five reporting lumber associations declined
somewhat during June, but receipts and shipments of lumber at Chicago and St. Louis continued to increase.
Cement production has increased steadily
during 1921, and the production in June was
considerably higher than the average monthly
production in 1920. Automobile production
increased somewhat during June, while the
output of locomotives and cars showed a considerable decline.
The number of railroad ton-miles in May was
greater than in any month since January, while
the average net tons carried per train was
greatei than in any month since December,
1920.
970
FEDERAL RESERVE
BULLETIN.
AUGUST, 1921.
LIVE-STOCK MOVEMENTS.
[Bureau of Markets.]
Receipts.
1920.
June...
1921.
January
February
March
April
May.
June
Shipments.
Cattle and
calves, 59
markets.
Hogs, 59
markets.
Sheep, 59
markets.
Horses and
mules, 43
markets.
Total, all
kinds.
Cattle and
calves, 54
markets.
Hogs, 54
markets.
Sheep, 54
markets.
Horses and
mules, 43
markets.
Head.
1,867,325
Head.
3,697,836
Head.
1,595,572
Head.
32,051
Head.
7,192,784
Head.
794,172
Head.
1,301,351
Head.
790,475
Head.
33,328
Head.
2,919,326
1,629,994
4,654,560
1,174^611 I 3,951,971
1,548,061
3; 338,483
1,477,720
3,203,016
1,531,682 ! 3,311,976
I 1,572,334
3,559,165
1,769,155
1,501,902
1,731,653
1,648,950
1,886,817
1,812,339
34,712
8,088,421
6,669,696
41,951 I 6,660,148
23,980
6,353,666
17.824
6,743,299
13,292
6,957,J30
602,320
456,471
587,898
600,996
591,770
605,822
1,637,902
1,346,092
1,229,405
1,116,890
1,037,466
1,136,269
681,987
590,487
688,072
696,229
915,116
763,577
34,572
40,611
42,602
22,533
16,610
13,214
2,956,781
2,433,661
2,547,977
2,436,648
2,560,962
2,518,882
41,212 I
Total, all
kinds.
RECEIPTS AND SHIPMENTS OF LIVE STOCK AT 15 WESTERN MARKETS.
[Chicago, Kansas City, Oklahoma City, Omaha, East St. Louis, St. Joseph, St. Paul, Sioux Hty, Cincinnati, Cleveland, Denver, Fort Worth,
Indianapolis, Louisville, Wichita. Monthly average, 1911-1913=100.]
RECEIPTS.
Hogs.
Cattle and calves.
Head.
June
1920.
1921.
Januarv
February
March
April
May
June
Relative.
Head.
Horses and mules.
Sheep.
Relative.
Head.
Relative.
Head.
Relative.
Total, all kinds.
Head.
Relative.
1,282,294
127
2,695,660
123
1,005,790
74
21,040
46
5,004,784
108
1,191,814
835,686
1,119,548
994,916
1,062', 988
1,117,111
118
89
111
99
105
3,339,419
2,902,107
2,390,480
2,279,495
2,401,248
2,671,462
152
141
109
104
109
1,112,024
972,647
1,161,549
1,077,806
1,097,976
1,130,874
81
76
85
79
80
52
63
62
33
26
18
5,667,415
4,737,551
4,700,014
4,367,438
4,574,292
4,927,582
123
110
102
95
99
83
24,158
27,111
28,437
15,221
12,082
8,135
111
122
107
SHIPMENTS.
June
1920.
1921.
January
February
March
April
May
June
528,848
130
798,180
165
402,114
80
22,363
55
1,751,505
122
426,887
334,113
447 682
415,153
424,558
414,814
105
88
110
102
104
1,078,679
859,718
825,944
694,067
644,788
703,724
223
192
316,068
324,311
406 705
392., 061
415 569
403,748
63
69
24,463
26,495
28 765
14,396
11 137
8,199
60
69
1,846,097
1 554,637
1 709 096
1,515,677
1 496 052
1,530,485
129
116
102
170
143
133
145
81
78
83
80
70
35
27
20
119
106
104
107
SHIPMENTS OF STOCKERS AND FEEDERS FROM 34 MARKETS.
Cattle and
calves.
June
1920.
1921.
January
February
Total, all
kinds.
Hogs.
Sheep.
Head.
267,084
Head.
41,697
Head.
226,626
Head.
535,407
202,926
164,504
41,892
49,229
88,089
61,508
332,907
275,241
Cattle and
calves.
1921.
March..
April
May
June
....
Head.
233,477
234,331
211,846
195,039
Hogs.
Sheep.
Head.
72,536
50,320
29,409
31,373
Head.
88,292
106,476
114,811
88,302
Total, all
kinds.
Head.
394,305
391,127
356,066
314,714
AUGUST,
MOVEMENT OF
COAL AND PETROLEUM
1919 - 1921
AGRICULTURAL PRODUCTS
1919 -1921
5
LIVE STOCK RECEIPTS
GRAIN AND FLOUR RECEIPTS
COTTON SIGHT RECEIPTS
—
220
971
FEDERAL RESERVE BULLETIN.
1921.
INDEX NUMBERS. AVERAGE 1911-1913 = 100
ANTHRACITE COAL PRODUCTION
BITUMINOUS COAL PRODUCTION
CRUDE PETROLEUM PRODUCTION
"
22O
22O
INDEX NUMBERS. AVERAGE 1911-1913 = 100
A
200
2OO
180
180
160
160
4
v
n
14O
i
/
120
10O
8O
14O
1
i
u
\u
1 J
\ I
[1
2OO
12O
100
8O
/
A
V /
V
v_
\
1OO
40
20
20
YEAR
16O
14O
8O
K
4O
1919
1920
\
240
/
22O
12O
6O
60
26O
M
/
1921
YEAR
22.O
2OO
7
\
18O
\
\
A
VN
140
\
\
24O
3OO
28O
2OO
A
f"
COTTON CONSUMPTION
WOOL CONSUMPTION
280
26O \
18O
A
—
MILLIONS OF POUNDS
16O
V
1921
1920
1919
—
\
14O
6O
TEXTILES
1919 - 1921
INDEX NUMBERS. AVERAGE 1911-1913 = 100
16O
8O
2O
- PIG IRON PRODUCTION
- STEEL INGOT PRODUCTION
•• UNFILLED ORDERS, U.S. STEEL COR PORATIO N
18O
V
1OO
,2O
IRON AND STEEL
1919 - 1921
•
/-
40
YEAR
y
u\
120
AO
-o
200
h
v
1
M
\l
6O
220
22 O
18O*
\
16O
V
14O
12O
12O
100
1OO
80
8O
V
6O
\
••*
6O
4O
4O
2O
20
YEAR
1919
1920
1921
YEAR
972
FEDERAL RESERVE BULLETIN.
AUGUST,
1921.
ANIMALS SLAUGHTERED UNDER FEDERAL INSPECTION.
[Bureau of Animal Industry. Monthly average, 1911-1913=100.]
Cattle.
Relative.
Head.
Hogs.
Calves.
Relative.
Head.
Total.
Relative.
Head.
Head.
Relative.
Head.
Relative.
1920.
June
656,602
108
431,079
244
3,566,071
126
689,506
522,718
624,3'^5
5°0,943
55Q,979
640,164
114
92
103
97
92
105
282,043
252,369
361,733
365,541
366,708
3:9,696
160
153
205
207
207
209
4,347,300
3,770,974
3,075,137
3,003,2'0
3,274,114
3,618,174
154
143
109
107
116
128
817,553
5,471,305
114
6,387,201
5,503,812
5,136,746
5,000,402
5,185,794
5,744,103
133
123
107
104
108
117
1921.
January
Jb'ebraary
March
April
May
June
1,068,346
957, 751
1,075,481
1,040,628
984,P03
1,116,069
85
93
EXPORTS OF CERTAIN MEAT PRODUCTS.
[Department of Commerce. Monthly average, 1911-1913=100.]
Beef, canned.
Pounds. Rela
tive.
Bee!, pi kled,
and otiiei cu. ed.
Beef, fresh.
Hams and
shoulders, cured.
Bacon.
Hold
Pounds. Rela
tive. Pounds. tive.
Pounds.
Lard.
Rela- Pounds. Rela- Pounds.
tive.
tive.
Pickled pork.
Rela- Pounds. Relative.
tive.
1920.
6,787,622 1,024
June
1921.
January
February
March
Ap 11
518,227
1,733,678
504, 356
366,682
326,459
186,647
May
June
83
280
76
55
49
28
12,526,669 1,010
6,078,550
979,081
508,230
21), 193
191,366
167,318
490
85
41
17
15
13
2,563,702
96
63,730,935
363
21,277,089
143
45,069,517
102
3,962,649
89
1,725,625
1,750,756
2,216,547
1,364,593
1,822,383
2,004,136
65
70
84
51
68
75
43,202,486
31,612,140
35,350,774
32,851,837
38,464,256
35,011,966
258
202
211
198
230
209
16,869,841
15,847,799
19,102,633
2 f, 925,807
15,508,520
18,536,898
113
114
128
167
104
124
76,185,237
91,840,951
82,616,583
53,275,457
48,604,395
67,655,776
173
224
188
121
110
154
3,089,094
3,150,452
2,024,334
2,005,851
2,558,043
3,337,759
70
76
46
45
58
75
RECEIPTS OF GRAIN AND FLOUR AT 17 INTERIOR
CENTERS.
[Chicago, Cleveland, Detroit, Duluth, Indianapolis, Kansas City, little Rork, louisviDe, Memphis, Milwaukee, Minreapolis, Ciraha, Peoria,
St. Louis, Spokane, Toledo, Wichita; receipts offlournot available for Clev&ard, JJetioit, lndiar.Epolis, icuisAille, Cmaha, Spokane, loledo,
and Wichita. Compiled from reports of trade organi. ations at these cities. Monthly average, 1£11-1613=1CO.]
Wheat.
Bushels.
1920.
June
Corn.
Rela- Bushels.
tive.
Rye.
Oats.
RelaRelative. Bushels. tive.
Barley.
Bushels. Relative.
Total grain.
ttve."
Bushels
- ttve." Barrels.
21,020,640
78 27,251,166
12214,260,053
713,177,770
288 2-, 717,367
38 68,426,966
88 2,113,979
1921.
January
32,229,218
F e b r u a r y . . . 22,922,667
March
22,848,939
;
April
24,808,383
May
25,514,527
June
.30,342,592
119 42,036,812
91 27,565,779
84|34,165,324
92112,180,933
9t|20,939,570
112|35,816,899
188 18,508,986
132 12,553,913
152 17,432,655
.1,249,703
93 15,524,227
160 21,921,817
92 2,202,705
671,397,832
87 1,340,498
561,514,229
771,368,821
1091,464,530
200 3,,753,837
136 2;,074,908
121 3,,111,127
140 2,,138,512
124 2,,551,087
133 3 ,859,432
52 98,731,558
31 66,515, C99
43 78,898,543
30 51,899,760
36 65,898,232
54 93,405,270
1271,430,904
91 1,659,009
1012,096,0301
67 1,967,255
851,498,212
1
Flour reduced to its equivalent in wheat on basis of 4J bushels to barrel.
Total grain and
flour.i
Flour.
120: 865,219'
Relative.
RelaBushels. tive.
108 77,939,897
90
73 105,170,626
73,980,640
88,330,678
60,752,408
72,640,186
97,298,756
121
91
102
70
84
112
91
107
100
76
44
AUGUST,
973
FEDERAL, RESERVE BULLETIN.
1921.
SHIPMENTS OF GRAIN AND FLOUR AT 14 INTERIOR CENTERS.
[Chicago, Cleveland, Detroit, Duluth, Kansas City, Little Rock, Louisville, Milwaukee, Minneapolis, Omaha, Peoria, St. Louis, Toledo, Wichita;
shipments of flour not available for Cleveland, Detroit, Louisville, Omaha, Toledo, and Wichita.]
Wheat.
Corn.
Oats.
Rye.
Total grain.
Barley.
Total grain1 and
flour.
Flour.
Rela- Bushels. Rela- Bushels. Rela- Bushels. Rela- Bushels. Rela- Bushels. RelaRelaRelaBushels. tive.
tive. Barrels. ti\ e. Bushels. tive.
tive.
tive.
tive.
1920.
June..
20,242,046
130 10,088,237
12,805,056
84 5,428,886
767 1,901,225
49 50,465,450
102 3,725,330
1921.
January
February
March
April
May.
June
20,187,379
15,134,115
17,415,266
21,482, 283
18,675,009
;21,550,026!
13017,288,509
104 12, 891,895
112 20,723,904
138:13,793 563
12015,747,327
138,21,381,193
12111,523,642
97 9,299,842
14512,435,262
97)10,286,573
110'12,447,121
15011,656,507
76 2,380,797
66 1,041,424
82 1,116,943
68 1, 518,559
82 1,309,016
771,427,796
336 2, 874,359
158 1,626,913
1
158 1,685,989
214 2,029,838
" " 1,682,948
185
1.
202 2,224,652
2
74 54,254,686
45 39,994,189
43 53,377,364
52 49,110,816
43 49,861,419
57 58,240,174
109
86
107
99
100
117
1
2,678,257
2,696,723
3,156,299
3,178,254
2,533,847
2,113,649
110 67,229,435
104
79 86,306, 843
85 52,129,443
93 67,580,710
94 d3,412,956
75 31,263, 73C
62 67,751,594
102
86
104
98
94
104
Flour reduced to its equivalent in wheat on basis of i\ bushals to barrel.
STOCKS OF GRAIN AT 11 INTERIOR CENTERS AT CLOSE OF MONTH.
[Chicago, Detroit, Duluth, Indianapolis, Kansas City, Milwaukee, Minneapolis, Omaha, Peoria, St. Louis, and Toledo.]
1920.
June
Wheat.
Corn.
Oats.
Rye.
Barley.
Total grain.
Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
10,698,325
2,843,334
2,901,391
2,395,941
1,669,346
20,508,337
14,414,231
12,883,444
11,277,724
6,565,280
3,787, 294
3,853,292
11,596, 518
17,294,569
24,465,117
16,498,010
10, 539,233
17,944,190
29,435,153
30,039,057
31,570,022
27, 717,326
24, 926, 743
29,273,562
478,125
600, 585
562, 754
494,356
363,170
239,665
2,057,434
1,800,604
1,673,037
1,333,323
1,079, 831
1,407,124
57,981,461
62,618,259
69, 548,654
52,608,295
40,696 271
52,717,833
1921.
January
February
March
April
May
June
RECEIPTS OF GRAIN AND FLOUR AT NINE SEABOARD CENTERS.
[Boston, New York, Philadelphia, Baltimore, New Orleans, San Francisco, Portland (Oreg.), Seattle, Tacoma; receipts of flour not available from
Seattle and Tacoma. Compiled from reports of trade organizations at these cities. Monthly average, 1911-1913=100.]
Wheat.
Corn.
Oats.
Total grain.
Barley.
Rye.
Total grain and
flour.i
Flour.
RelaRelaRelaRelaRelaRelaRelaBushels. || Relative. Bushels. tive. Bushels. tive. Bushels. tive. Bushels. tive. Bushels. tive. Barrels. tive. Bushels. tive.
1920.
June
13,374,721
106 1,878,334
1921.
January
February
March. / .
April
May
June
12,717,255
10,315,852
9,064,534
17,958,534
15,0 2,060
16,628,892
101 6,228,175
88 1,845,915
3,933,057
72 13;
143 2, 890,042
119 4,807,533
132 5,385,639
1
17-'
237
392
81
135
152
3,194, 897
67 6,506,053 4,579 1,191,767
72 26,145,772
1,365
142 32,834,415
1,542,355
1,039,537
1,433,069
1,568,460
1,221,630
1,903,786
32 2,748,
23 1,059,
30 1,034,
33 1, 617,
26 1., 506,
401 , 180.
1,934 1,970,931
1,553 1,631,288
728 1,689,129
1,139 909,409
1,0601,422,693
831 658,295
207,240
119
892,130
105
102 27; 154,549
55 24^ 944,322
86 24: 010,275
40 25 756,731
Ill
1081; 186;,
120 1,518,450
1101,831,404
106 1,518,671
1131,714,852
493,908
122 28; 231,673
14987,574
175
185,640
14
844,29
164 33,473,565
111
110
124
121
113
122
Flour reduced to its equivalent in wheat on the basis of 4J bushels per barrel.
STOCKS OF GRAIN AT EIGHT SEABOARD CENTERS AT CLOSE OF MONTH.
[Boston, New York, Philadelphia, Baltimore, New Orleans, Newport News, Galveston, San Francisco. Compiled from reports of trade organizations at these cities.]
Wheat.
1920.
June
Corn.
Bushels.
8,492,819
Bushels.
459,568
15,060,423
12,032,772
6,782,584
5,651,320
3,788,898
3,486,041
2,524,700
3,982,316
6,353,250
1,822,990
1,185,753
2,136,128
Oats.
Rye.
Barley.
Total grain.
Bushels.
Bushels.
Bushels.
Bushels.
901,751
2,035,334
1,193,082
13,082,559
1,980,265
i; 775,563
1,286,275
1,316,157
1,107,518
1,058,652
1,602,358
1,332,441
1,069,220
550,011
534,574
157,397
2,105,450
1,909,706
1,454,547
1,326,460
1,300,852
1,664,674
23,273,198
21,032,798
16;945,876
10,666,938
7,917,595
8,502,892
1921,
January
February
March
April
May
June
974
FEDERAL RESERVE BULLETIN.
AUGUST, 1921.
WHEAT FLOUR PRODUCTION.
[January, 1918, to June, 1920, U. S. Grain Corporation; July, 1920, on, estimated by Russell's Commercial News (Inc.), New York.]
1920.
Barrels.
6,800,000
June
1921.
January
February
8,924,000
7,066,000
1921.
Barrels.
9,100,000
9,368,000
8,406,000
8,087,000
March
April
May
June
COTTON SEED.
[Bureau of the Census.]
Received
at mills.
1920.
June.
January...
February.
1921.
Crushed.
On hand at
mills (close
of month).
Tons.
25,8*2
Tons.
36,915
Tons.
36,044
418,846
431,539
527,521
499,851
484,832
416,520
March.
April.
May..
June..
1921—Continued.
Received
at mills.
Crushed.
On hand at
mills (close
of month).
Tons.
336,226
133,832
70,467
77,484
Tons.
452.770
242,282
131,522
Tons.
299,976
191,526
130,471
109,309
SHIPMENTS OF CITRUS AND DECIDUOUS FRUITS FROM CALIFORNIA.
[March, 1921, on, Bureau of Markets and California Fruit News. 1 Monthly average, 1911-1913=100.]
Total citrus fruits.
Lemons.
Carloads.
Relative.
Carloads.
Relative.
Carloads.
3,294
135
1,576
389
4,870
171
1,263
3,429
3,484
4,955
6,335
4,710
5,628
140
153
203
259
193
230
627
610
936
1,171
1,250
2,230
155
161
231
289
309
551
2 4,077
2 4,123
5,891
7,506
5,960
7,858
143
155
207
263
209
276
81
81
82
85
2,200
1920.
June.
921.
January...
February.
March
April
May
June
Relativ<
Total
deciduous
fruits.
Carloads.
1
For previous sources, see April, 1921, Bulletin.
2 Includes grapefruit.
SUGAR.
[Data for ports of New York, Boston, Philadelphia. Weekly Statistical Sugar Trade Journal. Tons of 2,240 pounds. Monthly average, 19111913=100.]
Receipts.
Tons.
June
1920.
1921.
January
February
Raw stocks at
close of month.
Meltings.
Relative.
Tons.
Relative.
Tons.
Receipts.
Relative.
301,318
164
319,000
174
42,699
25
92,498
228,952
50
133
94,000
193,000
51
113
62,113
98,165
36
57
Tons.
1921—Con.
March
April
May
June
306,914
345,654
251,302
186,800
Raw stocks at
close of month.
Meltings.
Relative.
167
188
137
101
Tons.
310,000
232,000
236,000
217,000
Relative.
169
126
129
118
Tons.
87,466
187,796
224,035
193,835
Relative.
51
109
130
112
975
FEDERAL KESEKVE BULLETIN.
AUGUST, 1921.
TOBACCO SALES AT LOOSE-LEAF WAREHOUSES.
[Reports of State authorities.]
Bright belt.
Virginia dark.
1919-1920.
July....
August
September
October
November
December
January
Februai y
March
April
May
J une
Pounds.
1,195
1,444,438
1,877,576
3,997,818
7,577,009
7,505,869
5,803,496
4,706,632
2,673,551
141.890
13,003
5,069
1920-1921.
July....
August
Se PI ember..
October....
November..
December..
January
February...
March
Apiil
May
June
1,240
109,200
1,893,344
259,535
1,517.152
5,900,923
7,861,812
13,846,788
14.895,702
5', 401. 074
1,313', 350
Burley.
Virginia.
North
Carolina.
South
Carolina.
Pounds.
1.260
22,392
6,538,377
26,984,456
15,541,662
7,815,821
2,189,676
2,612,588
99,506
55,816
Pounds.
6,640,451
9,953,447
79,220,071
102,635,197
49,826,437
32,474,2y8
9,947,959
3,748,031
66,731
Pounds.
20,346,842
47.330,533
12,607,374
37,305
2,421854
21,947'097
25,645,083
20,240,3)1
IS. 0(K), 051
23,322,406
11,935.047
103, V70
1,514
Pounds.
32,989,748
57,450,810
98,305,822
129,650,958
65,308,099
40,2yO,119
12,137,635
6,300,619
156,237
55,816
3,208,994
12,659,567
40.480,056
84,387,499
79.8)5,408
53,520,080
49,314,570
59,216,289
18.580,120
9,671,324
51,377.614
9 479,017
1,544,696
Western
dark.
Grand total.
Total.
12,880,318
64 037. 081
52, 3S2,927
107,87J, 292
1J5.450.551
73,70i)'. 441
67,374,521
82,53S,755
30,515.167
103,870
1,514
Pounds.
452,355
1,391,250
1,280,455
6,310,087
5,077,395
49,430,981
88,533,908
90,902,243
31,308,091
1,910,510
438,895
491,480
Pounds.
249,085
407,395
337,705
1,006,255
571,710
30.902.447
31,215,791
20,322,750
17,729,302
11,431,455
6,108,875
3,830,470
Pounds.
33,692,383
59,393.803
101,807,558
140,977,118
79,194,X13
12S,129,416
137,'>9(i,830
122,292,250
51,427,181
13.539,671
6,020,773
4,333,019
751.610
1,223,750
2.907,586
2,2S3,063
1,774. 005
2.221,075
49)143,058
90, 703,553
71,3.^0.837
7,495,115
1,3)1,135
1,352,780
2,111,470
710,560
771, 995
248.750
243, 375
5.558 4-.S
9,011,035
24.0^5.(8
22,477, W0
8,570.951
5,130'. 905
2,014', 291
15.744,638
66,08'), 657
58 015,852
110. 070,037
108', 985. 083
87,4M',9m
133,3.X>,420
212,072, (MM
142.285.006
21. o77,010
7,752,904
3,307,071
NOTE.—Includes sales for groweis a n l dealers, but exclu les I esates.
SALE OF REVENUE STAMPS FOR MANUFACTURES OF TOBACCO IN THE UNITED STATES (EXCLUDING PORTO RICO AND
PHILIPPINE ISLANDS).
[Commissioner of Internal Revenue.]
Cigars.
Cigarettes.
Large.
Small.
Small.
Manufactured
tobacco.
1920.
June
Number.
708,112,284
Number.
52, 735,587
Number.
4,088,834,583
Pounds.
34,231,058
1921.
January
462,798,039
64,661,867
3,901,550,330
24,750,290
Cigarettes.
Cigars.
Large.
1921—Continued.
February
March
April
May
Small.
Number.
Numb r.
49o, 724, 482 64,461, 733
531,343,699 70, 245,500
548,103,503 56,425,606
555,497,120 55,349,100
Small.
Manufactured
tobacco.
Nu.nbrr.
4,119,376,533
4, 470, 292, 160
3,831,672,057
4,136,084,890
Pounds.
27,0.6,592
32,209, 842
28,399,953
28,671,501
NAVAL S T O R E S .
[Data for Savannah, Jacksonville, and Pensacola.
Spirits of turpentine.
Compiled from reports of trade organizations at these cities.]
Spirits of turpentine.
Rosin.
Receipts.
Stocks
at close of
month.
Receipts.
Stocks
at close of
month
1920.
Barrels.
32,405
Barrels.
19,654
Barrels.
93,270
Barrels.
108,656
1921.
January
February
8,919
5,455
51,563
41,755
36,333
25,935
310,905
316,440
June
1921—Continued.
March
April
May
June
,
Receipts.
Stocks
at close of
month.
Barrels.
7,995
15,857
25,364
33,533
Barrels.
29,299
28,690
38,650
36,949
Rosin.
I Stocks
Receipts. I at close of
month.
Barrels.
18,405
30,478
61,213
80,943
Barrels.
301,972
304,959
312,293
308,341
976
FEDEKAL KESEftVE BULLETIN.
AUGUST,
1921.
LUMBER.
[From reports of manufacturers' associations.]
Western pine.
Southern pin
Number of
mills.
June
1920.
1921.
January—
February...
March......
April
May
June
Production.
Ship- Num-of
ments. ber
mills.
Mfeet.
Mfeet.
204
385,293
287,487
193
189
195
194
191
190
289, 824
330,680
387,959
370,321
389, 745
365,970
311,977
335, 876
390,300
405,317
420,663
371,183
52
Production.
Ship- Num-of
ments. ber
mills.
Production.
North Carolina pine.
Ship- Num-of
ments. ber
mills.
Production.
Ship- Num-of
ments. ber
mills.
Mfeet.
Mfeet.
Mfeet.
Mfeet.
Mfeet.
Mfeet.
197,461
125,770
127
343,801
271,815
24,698
22,128
42, 793
48,270
63,126
75,433
74,685
76,874
116
114
118
114
113
114
153,157
159,646
192,188
204,698
294, 762
23,,407
170, 821
153,649
210, 842
232,351
330,002
233,970
93,665
110,162
121,648
Eastern white pine.
Douglas fir.
20
25,771
41,557
24,319
23,722 I
26,396
25,748
32,708
42,171
10,602
13,615
15,298
21,099
22, 018
23,536
Production.
Mfeet.
12
14,259
7,123
10,673
12,778
14,871
16,126
15,342
Shipments.
Mfeet.
10,481
7,880
10,045
8,915
12,953
15,673
18,243
RECEIPTS AND SHIPMENTS OF LUMBER AT CHICAGO AND ST. LOUIS.
[Chicago Board of Trade and Merchants' Exchange of St. Louis. Monthly average, 1911-1913=100.]
Receipts.
M feet.
July.
.
January
February
Receipts.
Shipments.
Relative.
M feet.
M feet.
Relative.
1920.
399,615
86
184,767
73
263,001
269,632
57
62
165,308
169,843
65
72
1921.
1921—Continued.
March
April
May,.
. .
June
.
July
Shipments.
Relative.
349,426
345,798
354,992
372,453
328,129
75
74
76
80
n
M feet.
215,760
213,359
242,452
253,848
216,908
Relative.
85
84
95
100
85
COAL AND COKE.
[U. S. Geological Survey. Monthly average, 1911-1913=100.]
Bituminous coal, esti- Anthracite coal, estimated monthly promated monthly production.
duction.
Short tons.
Relative.
Short tons.
1920.
July
1921.
January
February
March
April
May
June
July
Beehive coke, estimated
monthly production.
Relative.
Short tons.
45,009,000
121
8,247,000
111
1,693,000
40,270,000
30,851,000
30,392,000
27,553,000
33,330,000
33,852,000
30,394,000
109
89
82
74
90
91
82
7,410,000
7,701,000
7,406,000
7,703,000
7,497,000
7,786,000
7,050,000
100
106
100
104
101
105
95
1,074,833
863,834
587,333
325,000
290,000
247,000
181,000
Relative.
41
35
22
12
11
9
7
CRUDE PETROLEUM.
[Production and stocks, U. S. Geological Survey; wells completed, Oil and Gas Journal and Standard Oil Bulletin (California). Barrels of 42
gallons each. Monthly average, 1911-1913=100.]
Production.
Barrels.
June
January
February
Relative.
Stocks at
close of
month
(barrels).
1920.
36,946,000
193
126,763,000
2,250
37,853,000
35, 348,000
197
198
130,321,000
135, 092,000
1,565
1,564
1921.
Production.
Producing
oil wells
completed.
1921—Continued.
March
April
,
May
June
Barrels.
Relative.
Stocks at
close of
month
(barrels).
40,965,000
40,061, 000
42,043,000
40,405,000
214
209
219
211
142,093,000
147,862, 000
156, 561,000
164, 837,000
Producing
oil wells
completed.
1,450
1,224
1,405
1,471
AUGUST, 1921.
977
FEDERAL RESERVE BULLETIN.
TOTAL OUTPUT OF OIL REFINERIES AND STOCKS OF OIL.
[Bureau of Mines.]
OUTPUT, BY MONTHS.
Crude oil run
(barrels).
Lubricating
(gallons).
Gas and fuel
(gallons).
Gasoline
(gallons).
Kerosene
(gallons).
34,578,282
381,079,291
180, 877,089
707,198,355
89,252,410
39,637,382
34,588, 096
35, 509,115
37, 594, 220
36,990, 478
460, 432,439
388,188, 252
419, 795,390
428, 215, 200
448, 567, 873
205,374,611
163,081,918
169, 247, 894
156,156, 565
145, 225, 023
836,684,040
732, 542, 415
758,334,681
813, 444,202
817, 367, 590
85,908,641
72,432,219
73,003,304
76, 456, 958
70,000,194
1920.
May
1921.
January
i ebruary
March
April
May
STOCKS A T CLOSE O F M O N T H .
1920.
May 31
15,331,375
577,671,795
419,077,605
618,939,135
135, 882,485
21,084,124
22, 411, 819
21,147,257
21,051,630
20, 816,203
571, 983, 793
680, 510,351
713, 043, 480
747,222, 900
800, 495, 787
418, 747, 781
430,015,193
446, 357,188
458,636, 898
452, 437,995
921,028,127
993,127, 328
1, 005,317,939
1, 056,484, 544
1,163,388,695
183, 813,205
201,627, 558
223,414,093
249, 593,330
261, 759, 797
1921.
J a n . 31
Ieb.28
Mar.31
Apr.30
May 31
IRON AND STEEL.
[Pig-iron production, Iron Age; steel-ingot production, American Iron and Steel Institute. Monthly average, 1911-1913=100.]
Iron-ore shipments
from the upper
Lakes.
Pig-iron production.
Steel-ingot production.
Unfilled orders U. S.
Steel Cor? oration
at close of month.
Gross tons. Relative. Gross tons. Relative. Gross tons.! Relative. Gross tons. Relative.
1920.
July.
January..
I ebruary.
March
April
May
June
July
9,638,606
159
3,067,043
132
2,802,818
2,416,292
1,937,257
1, 595, 522
1,193, 041
1,221,221
1, 064, 833
864,655
104
90
69
51
53
46
37
2, 203,186
1, 749,477
1,570,978
1, 213,958
1, 265, 850
1, 003, 406
803,376
120
11,118,468
211
1921.
176,211
2, 594, 027
3,600,989
7,573,164
6,933,867
6, 284, 765
5,8^5,224
5, 482, 487
5,117, 868
4,830,324
144
132
119
111
104
97
92
STRUCTURAL-STEEL ORDERS AND SHIPMENTS.
[Bridge Builders and Structural Society.]
Fabricated structural steel cont r a c t e d for
throughout
country.
Structural-steel orders and shipments of
the membership of Bridge Builders
and Structural Society.
Orders.
Shipments.
Per cent
Tonnage.
shop
Per cent
cent
capacity. Tonnage. Pershop
Tonnage. shop
capacity.
capacity.
1920.
June
90,400
50.0
33,790
47.0
49,397
67.0
32,000
25,600
52, 300
55, 800
50, 800
66,900
18.0
14.0
29.0
31.0
28.0
37.0
12,194
12,013
26,398
22,694
25,763
25,247
18.0
18.5
38.0
32.5
37.5
35.5
32,964
25,776
30,011
29,550
27,987
27, 363
48.5
40.0
43.0
42.5
41.0
39.0
1921.
January
February
March
April
May
June
978
AUGUST, 1.921..
FEDERAL RESERVE BULLETIN.
PROPUCTION OF BLISTER COPPER.
[American Bureau of Metal Statistics. Monthly average, 1911-1913=100.]
1918 year
1919, year
1920 year
1921.
84,167,100
Tamiarv
Relative.
1921—Continued.
1,937,900,719
1,209,603,314
1,270,841,670
.
Pounds.
Relative.
Pounds.
85
74,860,913
87,429,789
45,213,883
22,653,328
18,033,954
February
March
April...
May
June
76
89
46
23
18
ZINC.
[American Zinc Institute.]
Produced.
Stocks
at end of
month.
Produced,
1921—Continued.
1920.
40,194
July
1921.
25,916
17,769
January
February
15,741
16,550
March.
April..
May...
75,953 J u n e . . .
78,020 |l J u l y .
29,059
19,443
15,495
Stocks
at end of
month.
80,990
79,581
83,721
89,889
92,408
IMPORTS OF PIG TIN.
[Department of Commerce. Monthly average, 1911-1913=100.]
Pounds.
1920.
June.
January...
February.
1921.
Relative.
11,232,325
124
2,584,347
5,269,969
62
Pounds.
March
April
May
June
1921—Continued
3,028,356
2,483,655
2, 021,762
4,133,450
Relative.
33
27
22
45
TIN CONSUMPTION.
[New York Metal Exchange's Official Market Report.]
Gross tons.
January
February
March
April
May
June
July
August
September
October
November
December
1920.
3,910
5,200
5,130
3,305
3,550
6,500
5,530
3,745
4,860
3,415
3,395
2,580
,
1921,
January
February
March
April
May
June
July
1,555
1,585
1,683
1,590
1,225
1,590
1,523
RAW STOCKS OF HIDES AND SKINS.i
[Bureau of Markets; July, 1920, on, Bureau of the Census.]
June 30
J a r . 31
Feb. 28
Mar. 31
Apr. 30
May 31
June 30
1
Cabretta.
915,499
14. 623, 712
2,070,471
10,993,228
1,381,748
1,375,110
1,241,984
1,107,310
1,021,039
1,026,189
10,870,210
9,798,311
8,652,171
7.740,147
8,789,123
9,679,847
2,155,200
1,941,832
1.579,457
1,277,321
1,244, 069
1,218,839
13,184,052
12,489,855
12,970,857
12,992,299
13,334,187
13,755,042
Calfskins.
Kipskins.
6,212,946
3,107,393
7,899,138
7,940,359
7,808,867
7,407,862
7,441,619
7,077,950
3,086,862
3,157,723
3,000,144
3,454,470
3,715,602
3,890,547
Sheep and
lamb.
1920.
1921.
Includes hides and skins in transit.
Goat and
kid.
Cattle
hides.
AUGUST,
979
FEDERAL RESERVE BULLETIN.
1921.
TEXTILES—COTTON AND SILK.
[Cotton, Bureau of the Census; silk, Department of Commerce. Cotton, monthly average, crop years 1912-1914=100; silk, monthly average, 19111913=100.]
Cotton consumption.
Bales.
June
1920.
1921.
January
February
Relative.
Cotton
spindles
active
during
month.
Imports of raw silk.
Cotton consumption.
Pounds.
Bales.
Relative.
555,155
123 34,457,464
3,221,177
157
366,270
395,563
81 31,509,021
32,458,528
94
708,897
2,327,949
35
122
1921—Con.
March
April
May
Jane
Cotton
•spindles
active
during
Relative. month.
97
91
98
103
437,933
408,882
439,884
461,656
Imports of raw silk.
Pounds.
Relative.
2,201,633
4,857,160
4,437,080
3,871,327
32,104,946
32,535,725
32,631,051
32,665,315
108
237
217
189
TEXTILES—WOOL.
[Wool consumption, Bureau of Markets; idle wool machinery, Bureau of the Census.]
Percentage of idle hours en first of month to total
reported.
Percentage of idle machinery on first of month to
total reported.
Consumption
(pounds).i
Spinning spindles, j
Looms.
Wider 50-inch Sets of
cards.
than
reed
50-inch space
reed or less.
space.
!
i
Woolen.! Worsted.
I
i
Looms.
j Spinning spindles.
Sets of Combs.
! Wider
cards.
i t h a n 50-inch
reed
150-inch space
Woolen, i Worsted.
reed oi less.
I space.
1920.
July.
1921.
Januaiy.
February.
March
April
Maj
J une
July
37,097,077
42.5
32.3
42.0
32.7 !
29,807,333
36,204,000
47,181,000
53,071,000
56,929,000
59,592,000
57.0
53.9
43.1
36.1
26.2
20.6
18.7
49.2
48.7
41.7
34.4
28.7
25.2
25.2
59.4
58.9
47.2
32.3
23.8
20.6
20.5
50.8
43.0
33.0
21.8
12.9
10.1
9.8
66.7 !
60.0
45.3
38.3
26.6
19.9
17.5
71.2
66.7
57.1
47.3
36.8
30.1
26.3
66.1
64.3
50.6
35.8
25.0
19.8
17.9
68.4
64.5
60.5
34.1
22.9
18.6
18.2
62.9
51.0
26.2
11.3
5.4
1.4
4.1
65.2
55.3
37.9
25.7
13.5
10.4
6.6
i
J Converted to grease-equivalent basis.
PRODUCTION OF WOOD PULP AND PAPER.
[Federal Trade Commission.]
1920.
June
1921.
January...
February..
Wood
pulp.
Newsprint.
Book.
Paper
board.
Wrapping.
Fine.
Net
tons.
337,115
Net
tons.
130,380
Net
tons.
94,957
Net
tons.
215,131
Net
tons.
72,987
Net
tons.
34,121
275,353
243, 797
123,830
103,040
64,382
56,687
105,806
123,832
44,620
46,352
22,756
19,242
Wood
pulp.
1921—Continued.
March
April
May
June
Newsprint.
-D
B o nonkl r
'
Net
Net
Net
tons.
tons.
tons.
262, 332 107,532 59,832
268,806 115,408 51,380
216,101 78,868 52,642
189,389 87,724 53,934
Paper
board.
Wrap- Fine.
ping.
Net
Net
tons.
tons.
139,723 49,879
128,186 51,713
122,801 53,084
130,177 50,332
Net
tons.
19,058
15,631
17,484
17,511
SHIPMENTS OF AUTOMOBILES.
[National Automobile Chamber of Commerce.]
• Railroad Driveaways Boat (ma(carloads). (machines). chines).
I Railroad Driveaways Boat (ma.(carloads), (machines). chines).
January
February
March
April
May
June
July
August
September
October
November
December
Total
1
1921
1920.
,
25,057
25,505
29,326
17,147
21,977
22,516
23,082
23,386
20,804
17,209
13,253
11,802
,
251,064
Complete figures are not available for 1920.
C 1)
C1)
C 1)
C)
C11)
C 1)
C)
C1)
C11)
C)
C1)
C1)
January
February
March
April
May
June
6,485
9,986
16,287
20,087
19,200
3,185
7,507
9,778
14,197
15,200
18,000
93
99
74
1,619
2,381
3,700
980
FEDERAL RESERVE BULLETIN.
AUGUST,
1921.
OUTPUT OF LOCOMOTIVES AND CARS.
[Locomotives, reports from individual producers; cars, Railway Car Manufacturers' Association.]
1920.
June
Domestic
shipped.
Foreign
completed.
Domestic.
Foreign.
Total.
Number.
Number.
72
Number.
2,780
Number.
Number.
99
731
3,511
154
108
71
70
7,169
6,482
843
518
8,012
7,000
1921.
January
February
Output of cars.
Locomotives.
. Output of cars.
Locomotives.
1921—Con.
March
April
Mav
j une
Domestic
shipped.
Foreign
completed.
Domestic.
Foreign.
Total.
Number.
Number.
Number.
Number.
112
138
56
43
49
44
18
36
6,041
4,652
3,843
2,540
705
874
444
417
Number.
6,746
5,526
4,287
2,957
VESSELS BUILT IN UNITED STATES, INCLUDING THOSE FOR FOREIGN NATIONS, AND OFFICIALLY NUMBERED EY
THE BUREAU OF NAVIGATION.
(Monthly average, 1911-1913=100.]
Gross
Number. tonnage.
Relative.
1920.
July
173
217,239
1921.
January
February
216,280
121,404
538
Gross
Number. tonnage.
Relative.
1921—Continued
March
April
May
June
July
99
116
160
107
154,864
120,762
132,622
173,885
90,636
641
500
549
720
375
TONNAGE OF VESSELS CLEARED IN THE FOREIGN TRADE.
[Department of Commerce. Monthly average, 1911-1913=100.]
Net tonnage.
American. Foreign.
Total
1920.
June.
3,199,274
1921.
January..
February.
2,191,201
2,017,303
3,141,913
2,454,617
2,149,300
6,341,187
4,645,818
4,166,603
Net tonnage.
PercentRelaRela- age
tive. Ameri- tive.
can to
total.
50.5
155
114
109
47.2
48.4
190
178
183
American. Foreign.
1921
March...
April
May
June
RAILROAD OPERATING
2,097,843
2,535,956
2,113,881
3,058,679
2,396,309
2,473,587
2,910,341
3,094,452
Total.
4,494,152
5,009,543
5,024,222
6,153,131
PercentRelaRela- age
tive. Ameri- tive.
can to
total.
110
122
123
150
46.7
50.6
42.1
49.7
176
191
159
187
STATISTICS.
[United States Railroad Administration; March, 1920, on, Interstate Commerce Commission.]
tons
Net ton-miles, Net tons Netper
revenue and
per
loaded.
train.
nonre venue.
car.
May...
January
February
1920.
37,892,000,000
1921.
,
29,817,000,000
24,913,294,000
746
621
618 I
28.3
30.2
28.4
tons
Net ton-miles, Net tons Netper
per
revenue and
loaded.
train.
nonre venue.
car.
March
April
May
1921—Continued.
,
26,831,000,000
25,582,000,000
28,721,000,000
626
637
674
27.2
26.9
27.8
AUGUST.,
981
FEDERAL RESERVE BULLETIN.
1921.
PRODUCTION OF ELECTRIC POWER BY PUBLIC UTILITY POWER PLANTS.
[U. S. Geological Survey.]
Kilowatt hours.
1920.
January
February
March
April
May .
June
July
August
September
Kilowatt hours.
Produced by
waterpower.
Produced by
fuels.
Total.
1,280,321,000
1,163,285,000
1,421,406,000
1,477,184,000
1,512,621,000
1,417,276,000
1,417,276,000
1,410,831,000
1,315,642,000
2,575,526,000
2,317,046,000
2,324,276,000
2,097,015,000
2,072,171,000
2,148,681,000
2,196,451,000
2,294,353,000
2,307,640,000
3,855,847,000
3,480,331,000
3,745,682,000
3,574,199,000
3,584,792,000
3,565,957,000
3,608,804,000
3,705,184,000
3,623,282,000
1920—Continued.
October
November
December
January
February
March
April
1921.
Produced by
waterpower.
Produced by
fuels.
1,342,642,000
1,388,465,000
1,399,825,000
2,408,678,000
2,317,042,000
2,320,712,000
3,751,320,000
3,705,507,000
3,720,537,000
1,342,689,000
1,196,616,000
1,336,893,000
1,301,547,000
2,198,804,000
1,982,008,000
2,068,178,000
1,938,002,000
3,541,493,000
3,178,624,000
3,405,071,000
3,239,549,000
Total.
COMMERCE OF CANALS AT SAULT STE. MARIE.
[Monthly average, May-November, 1911-1913=100.]
EASTBOUND.
Grain other than
wheat.
Bushels.
1920.
July
April . .
Mav
June . .
July
1921.
Flour.
Wheat.
Relative.
Bushels.
Relative.
Barrels.
Iron ore.
Total.
Relative. Short tons. Relative. Short" ons. Relative.
3,133,419
35
7,838,470
41
1,171,250
101
9,235,086
156
9,749,701
139
7,418,708
12,431,592
11,358,92
10,839,026
140
127
122
8,592,826
12,609,469
10,418,433
7,878,077
66
54
41
54,540
890,330
1,150,240
1,119,140
77
99
96
95,328
2,652,033
3,892,791
4,356,760
45
66
73
518 458
3,407,827
4,628,067
5,011,900
49
66
72
WESTBOUND.
Total.
Soft coal.
Hard coal.
Total freight.
Short tons. Relative. Short tons. Relative. Short tons. Relative. Short tons Relative.
1920.
July
April
May
June
July
300,150
1921.
.
97
1,294,162
67
1,827,978
73
11,577,679
122
69
80
144
259,288
2,303,369
3,027,177
2,486,990
120
158
129
438,673
2, 747, 236
3,451,409
3,126,683
110
139
126
957,131
6,155,063
8,079,476
8,.3 , 583
85
86
109,719
214,776
247,048
445,754
65
BUILDING STATISTICS.
BUILDING PERMITS IN 166 SELECTED CITIES.
[Collected by the 12 Federal Reserve Banks.]
NUMBER OF PERMITS ISSUED.
District District District District District District District District District District District District Total
No. 9
No. 10 No. 11 No. 12
No. 8
No. 7
No. 6
No. 5
No. 4
No. 3
No. 2
Nol.
(166
(20
(9
(14
(4
(9
(19
(14
(14
(15
(22
(12
(14
cities).
cities). cities). cities). cities). cities). cities). cities). cities). cities). cities). cities). cities).
1920.
June
2,127
5,929
2,414
1
4,235
3,132
1,904
5,749
1,476
1921.
January
February
March
April
May
June
2,079
2,547
2,412
2,517
838
812
2,559
3,148
6,551
8,304
8,146
7,534
1,103
1,430
3,056
3,426
3,187
2,874
2,328
2,962
6,024
6,716
5,107
4,564
1,921
2,417
4,201
4,445
4,170
4,045
2,908
2,158
2,781
3,030
2,770
2,800
2,011
3,088
6,045
7,166
6,132
5,930
1,149
1,961
1,962
1,998
1,939
886
1,622
463
686
1,634
2,862
2,528
1,971
1,522
1,629
5,864
37,603
940
1,692
1,630
2,331
2,588
2,473
2,617
5,668
6,395
9,419
9,412
8,525
8,199
23,317
27,232
48,810
55,017
50,373
47,156
1,327
2,728
2,559
2,655
2,166
982
FEDERAL RESERVE BULLETIN.
AUGUST,
1921.
BUILDING PERMITS IN 166 SELECTED CITIES—Continued.
VALUE OF PERMITS ISSUED.
District No.
1 (14 cities).
District No.
2 (22 cities).
District No.
3 (14 cities).
District No.
4 (12 cities).
District No.
5 (15 cities).
District No.
6 (14 cities).
7,532,067
28,051,574
8,742,268
14,599,684
6,434,490
6,364,738
23,436,183
3,770,704
5,564,539
5,087,162
4,451,365
5,850,526
6,602,647
15,193,961
28,649,271
35,517,743
37,953,360
55,493,186
48,312,504
2,236,448
2,153,152
6,088,621
6,489.214
6,244,792
7,875,639
5,480,412
6,099,516
11,731,396
15,972,461
10,451,771
15,658,897
3,870,330
6,995,120
8,108,832
14,838,770
8,332,123
8,779,653
2,755,210
4,089 181
4,747,379
4,194,494
5,674.822
4,723; 709
11,064,860
21 274 117
20,185,084
28,034,632
14 914 403
20,593,319
District No.
7 (19 cities).
1920.
June
.
. . .
1921.
January
February
March
April
May
June
District No.
8 (4 cities).
District No. District No.
9 (9 cities). 10 (14 cities).
District No. District No.
11 (9 cities). 12 (20 cities).
Total (166
cities).
1920.
3,725,560
4,382,020
5,803,812
2,781,269
16,001,689
127,855,354
1,488,804
1,608,789
2,512,871
2,403.557
2,696,521
4,448,228
854,470
1,946,150
2,612 2Q1
5,591,111
4,574,734
5,602,586
3,766,174
2,721,473
6 147 626
5,167,969
6,096,407
5,452,181
2,109,969
3,138,657
5 190 191
5,633,649
4,190,778
4,155,740
8,931,525
11,783,509
18 542 835
19,907,621
17,763,732
15,450,694
61 522 867
96,023,474
126 472 031
122 603 571
142,283,795
147,655,797
1921.
January
February
March
April.
May
VALUE OF BUILDING CONTRACTS AWARDED, BY FEDERAL RESERVE DISTRICTS.
[F. W. Dodge Co.]
VALUE OF CONTRACTS FOR ALL CLASSES OF BUILDINGS.
District
No. 1.
District
No. 2.
District
No. 3.
District
No. 4.
District
No. 5.i
District
No. 7.
District
No. 9.2
1919.
January
February..
March
April
May
June
July
August
September.
October
November.
December..
Total.
$4,247,241
5.614,810
9,820,673
13,335,611
19,899,354
22,577,374
23,0l2,0'0
27,571,707
18,528,521
29,879,082
17,796,161
29,773,968
$10,817,499
15,322,090
25,605,777
29,111,889
43,196,9^6
58,575,326
70,271,349
81,795.404
68,589,706
55,724,372
52,018,522
49,269,997
$4,264,500
6,851,300
15,688,900
14,407,180
36,413,2<0
22,386,800
24,976,489
2 ',019,150
18,493,318
32,325,350
18,427,975
16,825,400
$7,436,001
11,980,573
18,448.356
27,985,035
26,787,229
37,411,321
64,473,663
51,866,618
38,013,899
53,349,455
41,252,186
34,548,600
$11,925,059
3,252,697
8,393,724
19,194,730
20,329,015
17,517,836
21,613,109
16,774,612
18,132,844
19,285,312
13,216,565
15,715,231
$10,422,462
41,140,292
31,093,318
56,025,629
62,123,642
93,402,252
76,483,830
58,908,129
44,161,220
78.312,826
56,215,663
51,194,693
$1,143,952
1,618,460
3,481,275
6,492,997
7,177,220
9,809,480
10,172,801
10,210,334
9,579,923
12,938,255
7,880,873
11,170,368
222,056,542
560,298,877
238,079,602
413,553,236
185,350,734
659,513,956
91,675,938
16,471,108
19,883,509
37,291,7'8
27,058,720
34,341,664
31,011,113
27,918,310
21,668,221
23,969,260
16,908,259
16,562,889
12,413,838
73,693,667
35,657,991
61,705,112
80,474,480
54,976,836
70,503,^87
38,r8,590
39,683,789
40,136,440
51,216,541
31,415,111
17,830,062
16,165,000
20,224,600
25,289,000
28,315,900
16,756,400
14,011,300
14,998,100
12,805,600
10,236.000
6,756,200
5,547,400
5,8'0,700
40,750,575
35,924,326
57,889,553
43,307,412
39,586,068
38,139,826
31,138,966
24,410,816
26,200,411
31,796,117
14,855,121
17,920,546
11,705,068
12,3 8,808
25,692,902
23,930,129
11,204,648
11,161,363
10,946,893
10,822,174
11,0^0,937
10,020,614
8,882,352
6,905,657
285,528,639
595,442,106
176.966,200
401,919,737
154,661,515
595,290,186
109,988,294
7,540,479
6,656,292
12,183,446
16,711,473
17,951,234
15,308,072
22,041,321
21,818,908
30,924,354
52,143,027
58,816,766
63,561,928
5,379,900
7,211,800
14,128,900
15,050,700
23,373,200
14,796,800
22,973,474
15,882,329
32,725,987
34,790,291
33,915,207
39,928,314
9,987,300
11,497,300
15,555,218
16,097,399
23,023,500
20,428,761
27,159,030
24,621,677
37,438,044
53,705,476
54,867,976
45,199,007
4,890,640
3,594.984
8,714,075
9,080,672
8,841,467
8,762,123
1920.
January
February..
March
April
May
June
July
August
September.
October
November.
December..
Total.
January...
February.
March
April
May
June
46,644,909
50,496,358
63,706,280
62.808,149
60,103,427
66,926,713
52,977,928
64,072,802
35,571,691 I
37,991,617
29,898,998
24,901,314
8,347,013
9,121,773
13,221,891
12,655,989
12,100,865
8,931,252
10,480,758
7,300,579
7,558,054
10,781,844
4,169,120
5,309,156
1921.
i North and South Carolina not included prior to May, 1921.
2 Montana not included.
983
FEDERAL RESERVE BULLETIN.
AUGUST, 1921.
VALUE OF BUILDING CONTRACTS AWARDED, BY FEDERAL RESERVE DISTRICTS-Continued.
VALUE OF CONTRACTS FOR RESIDENTIAL BUILDINGS.
District
No. 1.
January
February..
March
April
May
June
July
August
September.
October
November
December
District
No. 2.
District
No. 3.
District
No. 4.
District
No. o.i
District
No. 7.
District
No. 9.a
$846,165
1,996,490
2,624,681
4,638,615
6,245,250
7,782,590
5,312,639
5,757,944
6,065,824
6,823,041
7,624,271
7,132,372
$3,955,235
5,537,310
9,209,769
14,599,985
19,159,350
28,374,210
30,053,452
37,099,226
26,858,359
22,449,609
17,991,354
12,649,828
$2,098,000
2,542,200
7,199,400
4,907,800
22,299,900
9,488,600
8,891,300
11,149,014
6, S89,893
11,608,945
7,856,475
4,996,900
$371,049
2,753,285
5,606,534
8,698,637
8,821,412
11,378,545
16,370,192
15,481,282
10,618,331
14,295,800
8,769,100
11,098,587
$1,164,051
1,527,915
2,419,766
5,493,563
6,799,431
8,462,940
8,431,894
5,901,228
8,265,913
8,650,876
6,559,610
7,074,179
$2,688,624
2,808,412
7,547,699
18,751,565
18,597,323
27,128,731
24,726,031
16,459,393
18,050,509
28,305,416
14,561,773
13,299,985
$495,366
524,300
1,237,268
1,762,681
3,021,423
3,117,179
2,402,626
3,059,920
3,079,152
5,431,816
3,745,373
2,379,098
62,849,882
227,937,697
99,928,427
114,262,754
70,751,366
192,925,461
30,256,202
4,252,076
2,575,269
10,743,688
8,927,958
11,360,300
6,421,177
6,050,146
5,832,187
5,036,000
5,511,379
3,723, 389
2,981,510
10,678,049
6,625,831
9,001,772
28,726,032
14,059,500
8,752,523
8,815,254
13,130,813
10,089,200
14,547,821
10,825,811
4,734.290
5,291,400
1,916,500
6,564,500
9,974,100
5,563,900
3,507,000
3,206,200
2,445,500
1,824,500
1,342,000
1,524,200
1,809,900
5,215,364
5,656,819
15,166,977
14,824,855
10,888,449
8,046,551
9,550,771
7,197,875
6,641,593
5,275,353
5,067,994
5,478,018
5,181,726
6,529,103
4,592,423
3,919,661
4,024,414
1,983,845
2,621,679
2,474,869
1,978,676
1,626,395
2,669, 461
1,467,376
10,549.559
8,408,094
10,-966,976
16,412,050
11,386,758
9,689,422
5,742,251
5,204,979
6,414,742
10,174,284
4,908,178
4,721,345
3,722,223
3,532,209
1,842,786
2,995,338
2,601,821
2,032,746
1,619,314
1,802,754
1,468,584
2,051,909
945,910
741,910
73,415,089
139,986,896
45,029,700
19,010,619
39,069,628
104,575,638
25,357,504
2,064,571
2,429,904
4,283,570
6,528,929
6,933,658
6,531,152
8,853,629
10,514,996
18,070,530
28,558,371
38,9^3,442
34,355,048
2,010,200
4,266,300
6,012,600
6,297,900
6,846,800
3,543,700
7,584,636
4,884,794
11,370,703
9,090,372
9,188,212
8,198,377
4,780,689
4,954,084
5,226,414
8,092,766
6,961,450
4,090,859
1919.
Total1920.
January
February..
March
April
May
June
July
August
September.
October—
November.
December..
Total
January...
February.
March
April
May
June
1921.
1
North and South Carolina not included prior to May, 1921.
3,224,830
5,674,654
9,34S,670
12,989,833 j
9,779,947 i
9,880,273 I
998,804
558,645
2,112,107
2,026,223
2,323,242
2,554,420
2 Montana not included.
AUGUST CROP REPORT BY FEDERAL RESERVE DISTRICTS.
Forecasts of crop production issued by the
United States Department of Agriculture as of
August 1, 1921, are shown in the table below,
together with forecasts made as of July 1,
and estimates of production in 1920. The
corn crop, according to the estimate, will be
3,032,000,000 bushels, or about 91,000,000 less
than was estimated in July and 200,000,000
bushels less than in 1920. A decided decrease
in the expected crop of wheat is shown, the
August forecast being 757,000,000 bushels,
compared with 809,000,000 bushels estimated"
in July, and 787,000,000 bushels in 1920.
The estimates are smaller both for winter
wheat and spring wheat. Cotton production
is estimated at 8,203,000 bales, compared with
12,987,000 bales, the estimate for 1920. Smaller
production is forecast also for oats and hay.
984
FEDERAL, RESERVE BULLETIN.
A.UGUST,- 1921.
PRODUCTION OF CORN, WHEAT, COTTON, OATS AND HAY, BY FEDERAL RESERVE DISTRICTS—AUGUST 1, 1921, FORECAST OF THE DEPARTMENT OF AGRICULTURE.
[In thousands of units of measurement.]
CORN (bushels).
Federal Reserve
District.
Aug. 1
forecast
for 1921.
Boston
New York
Philadelphia.
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis..
Kansas City..
Dallas
San Francisco
Total...
TOTAL WHEAT (bushels).
Aug. 1
Julyl
forecast Estimate forecast
for 1921. for 1920. for 1921.
5,403
41,272
61,395
171,527
193,088
330,117
876,445
426,382
271,350
469,500
205,942
9,749
5,044
37,102
59,553
195,975
182,064
278,398
993,233
449,328
292,195
427,011
193,490
9,746
WINTER WHEAT
(bushels).
Julyl
Aug. 1
forecast Fstimate forecast
for 1921. for 1920. for 1921.
SPRING W H E A T (bushels).
Julyl
Aug. 1
forecast Estimate forecast
for 1921. for 1920. for 1921.
Julyl
forecast Fstimate
for 1921. for 1920.
4,535
38,550
63,133
216,642
202,850
266,055
987,897
441,118
259,126
542,699
199,638
10,124
338
10,080
22,756
34,552
27,542
7,130
62,536
60,395
146,499
250,052
19,713
115,232
323
10,305
24,009
41,787
29,942
7,147
71,509
67,019
168,386
252,909
21,561
114,515
368
12,016
23,022
35,442
36,871
6,363
66,530
60,611
145,521
282,060
18,222
100,102
9,645
22,466
34,211
27,542
7,130
53,733
59,867
5,803
234,881
18,961
69,640
9,820
23,701
41,372
29,942
7,147
61,293
66,441
7,076
237,396
20,833
68,909
11,276
22,711
34,979
36,871
6,363
54,887
59,895
6,659
268,685
17,508
57,929
338
435
290
341
323
485
415
368
740
311
463
8,803
528
140,696
15,171
752
45,592
10,216
578
161,310
15,513
728
45,606
11,643
716
138,862
13,375
714
42,173
3,032,170 3,123,139 3,232,367
756,825
809,412
787,128
543,879
573,930
577,763
212,946
235,482
209,365
COTTON (bales).
Federal Reserve District.
Boston
New York
Philadeipnia...
Cleveland
,
Richmond.
Atlanta
Cnicago
St. Louis
Minneapolis
Kansas C i t y . . .
Dallas
San Francisco..
Total.
Aug. 1
forecast
for 1921.
Julyl
forecast
for 1921.
OATS (bushels).
Estimate
for 1920.
Aug. 1
forecast
for 1921.
1,476
1,827
1,416
1,841
2,389
2,435
1,531
1,517
2,085
519
2,759
555
3,017
181
1,164
4,725
i 174
8,539
33,527
21,541
54,659
25,406
32,058
398,975
60,091
231,425
178,848
48,016
44,117
2 8,203
2 8,433
212,987
1,137,202
Julyl
forecast
for 1921.
HAY, tame and wild (tons).
Estimate
for 1920.
Aug. 1
forecast
for 1921.
Julyl
forecast
for 1921.
Estimate
for 1920.
8,206
37,036
22,3/2
66,250
25,471
31,965
505,905
68,714
283,954
187,627
47,217
44,220
9,571
46,797
28,882
92,711
25,626
28,090
587,706
77,814
306,867
229,297
48,296
44,398
3,319
4,643
2,4/3
5,706
4,246
4,490
15,043
7,296
16,094
18,127
2,025
13,611
15,442
7,559
16,261
17,813
1,898
13,335
4,211
6,005
2,945
6,209
4,751
4,594
17,129
8,183
17,896
20,301
2,005
14,004
1,328,937
1,526,055
97,073
96,961
108,233
3,077
4,486
2,444
5,858
4,417
4,371
1 In addition the following amounts were estimated grown in Lower California (Mexico): Aug. 1, 1921, forecast—33,000 bales; July 1, 1921, forecast—33,000 bales; estimate for 1920—75,000 bales.
2 Cotton grown outside of cotton belt included as follows: Aug. 1 and July 1,1921, forecast—each 6,000 bales; estimate for 1920—15,000 bales.
REPORT OF KNIT-GOODS MANUFACTURERS.
The total production of winter and summer
underwear for the six months ending June 30
was as follows:
Number Actual
of mills produc- Per cent
ofnormal.
reporttion
ing.
(dozens).
Dozens.
Unfilled orders 1st of month
New orders received during month
Per cent
of normal
production.
614,109
398,509
Total (A)
6i.*6
1,012,618
Shipments during month
Cancellations during month
375,376
5,867
Total (B)
58.1
.9
381,243
Balance orders on hand July 1(A minus B ) . .
Production
63 L, 376
417,717
64*6
1921.
January
February
March
April
May
June
Winter underwear (June)...
Summer underwear (June).
148,023
248,431
421,140
401,938
505,347
559,591
334,507
225,084
16.4
28.0
50.1
49.6
55.4
65.5
67.7
60.3
Order and production report for month ending June 30, 1921, follows. The number of
mills reporting was 42.
Thirty-eight representative mills which reported for May and June furnish the data for
the following table:
[In dozens.]
May
June
(38 mills). (38 mills).
Unfilled orders 1st of month..
New orders
Shipments
Cancellations
Production
526,404
324,398
280,469
6,155
349,529
556,612
372,504
330,904
5,591
381,777
Gain.
Loss.
30,208
48,106
50,435
32,248
564
985
FEDERAL RESEBVE BULLETIN.
AUGUST, 1 9 2 1 .
PRODUCTION AND SHIPMENTS OF FINISHED COTTON FABRICS.1
May, 1921.
Total finished yards billed during month:
District 1
2
3
5
6
8
Total
June, 1921.
White
goods.
Dyed
goods.
Printed
goods.
Total.
White
goods.
Dyed
goods.
Printed
goods.
13,597,719
8,165,972
7,531,433
6,193,501
84,600
18,228,509
2,579,998
5,501,772
174,107
794,319
8,953,232
4,275,135
44,823,357
22,987,037
14,077,886
6,367,608
878,919
1 898 728
14,965,739
8,616,920
7,007,279
6,822,176
363,210
21,291,494
2,956,985
5,365,709
105,428
904,900
10,753,011
4,804,170
51,493,767
24,637,109
13,695,095
6,927,604
1,268,110
1,907,771
35,573,225
27,278,705
13,228,367
91,033, 535
37,775,324
30,624,516
15,557,181
99,929,456
$265,283
139,614
227,335
122,603
1,454
$720,100
79,040
212,945
1,357
35,734
$430,835
166,551
$1,575,091
590,368
459,476
123,960
37,188
28 947
$286,669
149,423
251,596
139,939
5,660
$826,927
97,066
206,237
1,094
39,084
$508,358
195,259
$1,772,085
644,511
481,626
141,033
44,744
28,321
$756,289
$1,049,176
$597,386
$2,815,030
$833,287
$1,170,408
$703,617
$3,112,320
58
76
97
101
70
66
66
53
78
60
74
79
101
54
77
68
88
72
102
72
67
73
63
63
68
84
72
102
91
80
75
69
56
68
77
72
63
74
8,022,763
5,126,361
5,828,759
109,450
18,791,868
3,383,903
5,965.152
159,653
412, 809
9,695,441
3,912,887
46,389,650
19,392,069
12,201,014
5,988,412
522,259
2 260,651
15,192,129
7,578,109
6,579,498
5,552,463
395,000
17,815,075
3,688,752
5,935,952
122,752
743,311
11,356,794
7,717,946
50,645,197
23,211,173
13, 802,213
5,675,215
1,138,311
2,356,885
33,092,942
28,713,385
13,608,328
86,754,055
35,297,199
28,305,842
19,074,740
96,828,994
5,689
4,632
3,749
1,730
5,702
68
2,199
2,597
23,547
10,530
6,393
3,648
5,149
4,425
3,159
2,021
6,567
75
1,694
2,483
24,878
11,143
5,340
3,788
15,800
7,969
2,597
44,889
14,7/54
8,336
2,483
45,996
3,350
1,952
186
316
2,827
147
316
2,689
17,249
7,733
5,207
1,231
20
1,202
4,137
2,780
194
319
2,825
223
339
2,947
19,005
8,803
5,335
1,609
26
1,093
Total finishing charges billed during month:
District 1
2
3
5.
6
8...
Total
Total average per cent of capacity operated:
District 1
2.
3
5
6
8
Average for all districts
Total gray yardage of finishing orders received:
14,005,609
District 1
9
6
8
Total
. .
Number of cases of finished goods shipped to
customers (case equals approximately
3,000 yards):
District 1
2
3
5
6
8
847
771
Total
Total.
Number of cases of finished goods held in storage at end of month:
District 1.
...
2
3.:::::.:...:.:::::.:::.:::: :
5.
6...:
:.;
::::;:::
8
Total
Total average work ahead at end of month
(expressed in days):
District 1...
...
2
3 . . .
5
.
• .
.
.
„
*
;
5,804
3,290
2,689
32,642
7,430
3,387
2,947
35,871
6.5
14.0
11.0
16.0
8.0
8.4
9.3
20.0
8.5
10.0
9.4
10.0
16.0
8.3
9.0
5.8
10 0
11.0
11.0
5.9
6.3
12.0
17.0
6.2
9.0
8.0
11.0
11.0
4.5
12.0
10.0
8.3
19.0
10.0
8.3
7.1
15.0
9.1
8
Average for all districts
i The National Association of Finishers of Cotton Fabrics, at the request of the Federal Reserve Board, has arranged for a monthly survey
within the industry. The results of the inquiries are herewith presented in tabular form. The secretary of the association makes the following
statement concerning the tabulation:
The accompanying figures are compiled from statistics furnished by 34 out of 58 member firms of this association. It is probably fair to state
that in the absence of having specific detail at hand, but according to our best estimate, it is probably well within the fact that the figures given
for the various classes of work would cover, approximately, the following percentages of the entire industry: White goods, 72 per cent; dyed goods,
62 per cent; printed goods, 30 per cent. The figures given represent reports from exactly the same finishers for the two months, both for the totals
and for the subdivisions and, therefore, are strictly comparable.
NOTE.—Many plants were unable to give details under the respective headings of white goods, dyed goods, and printed goods, and reported
-their totals only, therefore the column headed "Total'' does not always represent the total of the subdivisions, but is a correct total for the district.
986
FEDERAL RESERVE BULLETIN.
AUGUST, 102-1.
RETAIL TRADE.
several months in 1920 by similar figures for the
calendar year 1919. For the month of June
In the following tables a summary is given the tables are based on reports from 24 stores
of the data obtained from 319 representative in district No. 1, 57 stores in district No. 2,
department stores in the 12 Federal Reserve 46 stores in district No. 3, 14 stores in district
districts. In districts Nos. 1, 2, 5, 6, 7, 9, 11, No. 4, 25 stores in district No. 5, 22 stores in
and 12 the data were received in (and averages district No. 6, 37 stores in district No. 7,
computed from) actual amounts (dollars). 18 stores in district No. 8, 11 stores in district
In districts Nos. 3, 4, 8, and 10 the material No. 9, 15 stores in district No. 10, 19 stores in
was received in the form of percentages, the district No. 11, and 31 stores in district No. 12.
1921 averages for the cities and districts com- Figures for Atlanta, Nashville, and New
puted from such percentages being weighted Orleans in district No. 6 are shown separately,
according to volume of business done during commencing with those for June.
the calendar year 1920 and the averages for the
CONDITION OF RETAIL TRADE IN THE FEDERAL RESERVE DISTRICTS.
[Minus sign denotes decrease.]
Percentage of increase in net sales as compared with corresponding period
previous year.
District and city.
District No. 1:
Boston
Outside
Jan. 1,1921, to close of—
Jan., Feb., Mar., Apr., May, June,
Jan., Feb., Mar., Apr., May, June,
1921. 1921. 1921. 1921. 1921. 1921. Jan., Feb., Mar., Apr., May, June, 1921. 1921. 1921. 1921. 1921. 1921.
1921. 1921. 1921. 1921. 1921. 1921.
|
5.4
2.2
5.5
3.6
7.7
i 5.4 10.8 2.1 - 1 . 3 - 2 . 4 - 1 . 5
1.5
- 1 0 . 1 - 6.0 - .9 - 3 . 8 -11.4 - 8 . 5 - 1 0 . 1 - 9.1 - 6.2 - 5.5 - 6.8 - 7.1
1.5 - 1.9 - 4 . 5 - 3.1
6.5
1.5
1.5
3.5
2.7
1.4
.1 - .5
District
1
District No. 2:
New York City and
- 6 . 5 - 1 . 1 - 5 . 8 - 2 . 8 -11.7 - 8 . 7 - 6.5 - 4.6 - 4 . 5 _ 3.8 - 6.4 - 8.8
Brooklyn
-3.4
5.1
3.5
Buffalo
.
— 9.2- 4 . 4
— 2.5— 2.8
- 2 . 2 + 2.4
7.9
9.1
- 3.9 - 9 . 2
5.2 - 3 . 3
1.6
-1.5
9.5 - .3 5.8 - 9.9 - 7.7 - 1 . 5
2.2 - 4 . 6 - 5 . 3
•7
Outside
District
District No. 3:
Philadelphia
Outside -
-5.3
District
District No. 4:
1.0 - 4 . 6 -
2.9
3.31
3.4
4.7
4.6
3.1
3,8
1.8 -
3.6|
6.4 -
5.9
5.3 - 4 . 2 14.2
9.3
8.4
4.0 15.9
i
5.4
j
8.6
9.5
.8
.4 - 7 . 8 - 7 . 3
.
2.216.3|
5.5i
9. 4j
2.7-
.8 -
5.5-14.1
.7 - 3.0J- 4.2
7.4
8.6
11.2
5.2
9.6
8.8
6.9
5.5
4.8
8.1
6.4
5.8
6.2
6.7
5.5
7.3
7.1
6.7
6.6
5.5
45
5.3
5.4
8 3
5 5
42
4.1
7.2
5.7
10.0
7.1
3.7
7.3
5.1
7.3
6.7
6.5
6.2
6.2
7.9
86
75
5.7
5.7
2.9
3.3
4.4
1.7
2.0
2.1
3.7
1.8— 1.9 - 3.3
.7! 1.9
4.4
4.8
6.2
7.6
6.1
4.9
5.0
5.4
3.1
3.6
2.0
2.3:— 1.2 - 1.9
4.6
7.5
7.3
7.8
7.0
7.5
55
51
5.8
5.3
—in. i —11.8
5.7! 4.9
2.9
2.1
i
3.6
6.8 - 7 . 1 - 7.0 5.9
3.1 - 3.0 - 4 . 1 - 4 . 2
5.3 4.3! 4.9
9.3
3. 7 - 5.21- 3.1 4.0
5.4
4.6
4.2
8.8
9.4
6.4
82
53
43
11
7.1
7.0
7.7
5.3
To"
4.7
1.9 - .6 - 2 . 0 - 2 . 9
4.9
3.2
1.8
5.6
6.9
7.4
6.3! 4.9
10.8 8.7
5.4
3.7
7.2
5.4
3.9
5.4
7.9
6.1
4.8
6.5
5.5
4.2
6.1
4.6
48
5.4
7.2
68
7.9
10.7
77
6.9
4.4
5.1
6.6
8.9
6.0
6.6
5.4
5.4
5.6
8.3
4.3
5.2
2.3 -
3.6
.3
2.1
.9
i
1
32 1
-19.0
o
25 5
!.. . . ! n . 8
- 4.9
—15.8
o
-18.6
24
49
I
1
1
8.5
3.1
1.4 — 5.6-19.5 -16.8 -17.0 - 9 . 0 - 5.4 - 4 . 7 - 8 . 7 -10. 7-12; 0
3.1
6.1
6.4
5.1
4.6
5.4
i
— 5.6- 8 . 0 —11.6
- 1 0 . 5 - 5 . 4 - 3 . 2 - 3.1 -12.5 -17.3 - 1 0 . 5 - 4.7
— 3.8— 3.1- .7 - 2.9 - 1 . 6 - 7.9 - 3 . 8 - 3 . 7 - 1*7 - 1 7
-1.8
—12.3 - 7 . 0 - 1 1 . 2 - 5 . 4 -14.9-16.8 - 1 2 . 3 - 1 0 . 9 - 1 1 . 8 —10.7 - 7.0-15.6
l
4.1 — 6.1- 2 . 8 — 5.3—10.8 — 11.6— 1.8 — 3.9— 1.8 - 3 8- 4 . 3
. —11.6
| - 8.9 - 4 . 6 -16.0 -17.7 -17.4 -17.4 - 8.9 - 8.4 - 1 1 . 4 -11.2 -13.0 - 1 5 . 2
10.8
3.4
4.2
22.1
7.0
11.0
8.9
5.5
11.8
6.5
5.3
5.8
64
48
5.1
4.6
4.0
5 1
95
39
4.4
5.4
56
94
59
6.4
8.8
2.9 17.1 13.3 11.9
9.9
3.4
17.1 14.6
9.7
9.5
8.0
-12.1
.4 - 3.1 - 9 . 6 - 2.4 - 5 . 7 - 1 2 . 1 - 6.5 - 4.3 - 5.2 - 4.5 - 4 . 1
2
.
1
.9
.5
- 3.9 —10.4 - 2 . 2
8.2
1.4
9.8
2.0
1.5
.. .. -10.4
- 6.2 - 7.3 14.8 -13.8 - 1 6 . 8
- 4.2 - 5 . 1 14.0 - 9.2
-16.8
- 2 3 . 4 - 2.4 - 1 4 . 6 - 1 6 . 1 - 1 6 . 8 -13.5 - 2 3 . 4 - 9 . 3 - 1 5 . 6 -15.7 —13.51-15.6
1.3 - .9 - 5.4 - 8 . 2
- 1 0 . 1 12.2 4.6 - 6.4 -17.9 -23.4 - 1 0 . 1
6.0
1.7 - 8 . 7 -18.7 - 6 . 1 - .6 '"{'.9
- .6 - 5 . 2
. 1 - 3.5 - 7 . 3
6.9
4.4
11.5
8.2
10.2
6.9
9.8
7.5
92
9.1
48
11 1
10.3
50
2.7
6.0
5.2
5.6
6.3
7.9
4.9
6.7
5.2
4.0
6.0
6.2
9.2
4.0
5.4
8.6
7.8
8.7
6.7
8.4
-S.0
District
District No. 7
District No. 8
District No. 9
District No 10
DistrictNo.il
District No. 12:
Los Angeles
San Francisco
Oakland
Sacramento
Seattle
Spokane
Salt Lake City
.4
5.1
4.5
1
Nashville
New Orleans
8.8
5.8 — 4.8j—
-17.9 - 2 1 . 8
1.3 - 9 . 9
.21-11.0
District
District No. 6:
District
.5 -10.0 - 7.1 - 5.3 - 3.5 - 3 . 4 - 2 . l i - 4.3— 5.1
. 9 ! - 2.5
Pittsburgh
Outside
District
District No. 5:
Baltimore
Richmond
Washington . .
Other cities
Ratio of outstanding orders at close
of month to total purchases during
previous calendar year (per cent).
—14.3 - 2.4
.6 - 9 . 3 — 4.1- 7.8 - 1 4 . 3 - 5.9
1.6 -
3.8 — 6.9!— 6.6
4 1
5.2
7 1
3.5
AUGUST,
987
FEDERAL RESERVE BULLETIN.
1921.
CONDITION OF RETAIL TRADE IN THE FEDERAL RESERVE DISTRICTS—Continued.
[Minus sign (—) denotes decrease.]
Ratio of average stocks at close of
each month to average monthly
sales for same period (per cent).
Percentage of increase in stocks at close of month compared with—
District and city.
Same month previous year.
Jan. 1, 1921, to close of—
Previous month.
1
Jan., Feb., Mar., Apr., May, June, Jan., Feb., Mar., Apr., May, June, Jan., Feb., Mar., i Apr., May, June,
1921. 1921. 1921. 1921. 1921. 1921. 1921. 1921. 1921. 1921. 1921. 1921. 1921. 1921. 1921. i 1921. 1921. 1921.
District No. 1:
Boston
Outside
District
- 1 0 . 7 - 3 . 7 - 1 8 . 2 18.9 18.7' 16.6 14.5
-10.6
3.7-10.3 - 1 7 . 5 —16.5—17.1 - 8.2
15.5 6.6
15.4 - 5 . 7
3.5
1.1
- 2 . 9 - 3 . 4 270.2 325.3 300.7 295.5 289.8 283.0
. 2 - 5 . 8 392.9 473.7 445.8 426.8 424.5 416.0
- 1 0 . 7 - 1.6J-16.0 -18.5-18.1-16.8 - 1 2 . 7
15.5 - 6 . 4
2.8
- 2 . 0 - 4 . 1 297.2 358.1 332.5 324.7 319.5 312.0
District No. 2:
New York City and
— 9.5- 1 6 . 5 - 2 3 . 2 -22.0-16.8-17.6 - 8.1
Brooklyn
Buffalo
..i—10.4 — 12.2
-25.8 - 2 6 . 2
Newark
i—29.2 - 3 1 . 0
Rochester
\
i
-12.6 - 2 1 . 5
Syracuse
Outside.. .
- 2 0 . 0 - 2 3 . 0 - 1 7 . 9 -20.7 - 1 0 . 0 - 5.0 - 6.1
1.3
9.0
- 2 . 6 - 5 . 9 315.8 323.3 310.1 322.5 309.5 329. C)
352.6 396.4
. 3 —8.4
340.4 330.3
.2 - 8 . 9
392.4 387.0
-6.0 -2.7
446.5 411.7
- 2 . 1 - .8
3.3 351.3 350.6 407.7 394.4 482.2 472.5
1.1
1.6
5.3
8.5
4.0
- 2 . 1 - 5 . 6 325.0 328.7 330.6 342.5 326.5 333.9
- .9 — 11.7!—20.4-20.51—17.0 —11.9 - 1 3 . 8
- 1 0 . 8 -12.4 - 1 4 . 3 -13. Oj- 8.2 - 1 2 . 9 - 7.4
4.2
9.5
5.4
7.3
1.4
.8
- .5 - .9 281.9 314.3 330.5 313.5 314.2 311.9
2.7 - 4 . 6 479.3 508.7 465.8 426.4 447.7 432.3
- 4 . 6 -11.9-19.0 -18.7-14.9 - 1 2 . 1 - 1 1 . 5
5.6
5.9
1.3
-12.0 -17.8 -22.0
District .
District No. 3:
Philadelphia
Outside
District
District No. 4:
Cleveland .
Pittsburgh
Outside
— 9 8.
District No. 5:
Baltimore
Richmond
Washington.
Other cities
District No. 6:
A-tlanta
Nashville
New Orleans . .
Outside
District
District
District
District
District
District
No. 7
N o. 8
No 9
No. 10
No. 11
District No. 12:
Los Angeles
San Francisco
Oakland .
Sacramento
Seattle
Spokane
Salt Lake City
District . .
8.3
5.1
-28.7 -28.0
. . —14.1 —14.9
District
District
21.6 -17 3 - 1 1 . 5 - 7 . 6
6.3
- 4.0 —13. 2i —17.1-17.8-18.2-19.1 - 1 4 . 6
3.1
-19.7 -24.0-28.2
- 9 . 8 -13.11-16.6
-28.6 -29.9-26.2
—20.31-21.4'—22.6
6.9
7.9
4.2
8.8
3.6
7.7
9.8
13.9
7.8
7.]
10.1
-22.2 -24.8.-25.9 - 2 5 . 8 -25.81-24.2 - 1 6 . 2
8.9
8.4
. . ..
- 1 . 7 357.6 365.6 361.9 340.4 346.1 341.0
328.7 363.1
302.4 387.7
418.1 378.9
— 1.0 - 2 . 6
—4.9 —3.6
2.7
1 "i
Q O
—26.0i-25.3l—24.2 - 7 . 0
-13.6 — 14.6—14.2- 1 5 . 2
-29.0 - 2 9 . 2 - 2 7 . 5 - 1 8 . 7
- 2 3 . 3 -24.2J-21.0 - 3 2 . 1
'!
.2
21 8
-19.1
— 6. 6
-26.4
- 3 . 1 - 2 . 8 306.4 353.6 345.9 327.4 334.0 319.5
-3,1 -6.6
2 -2.2
4.3
5. 7 - !5 2 Q
3.0 - 1 . 7 - 1 . 2
4.2
311.8
403.5
351. 2
407.1
341.6
403.1
370.9
434. 3
324.5
354.4
341.3
402.2
327.1
355.9
344.1
400.5
327.9
358.5
345.3
394. 6
323.7
350. 8
340. 6
391.7
- 1 . 7 - 4 . 1 344.5 368. 7 343.2 345.3 345.6 341.3
06
28
-4.9
—3.6
i
499.1
442.7
350.8
536.6
.4 - 2 . 7
4.4
7 -3.1
9.2
'.2 — 1.7
9.6
2
.
9
6.2
-4.2
1.7 - 4 . 3
6.4
. 5 -3.4
9.3
- 2 . 8 549.1 405.3 387. 3 428.7 417.8 425.3
.5
- 4 . 9 - 1 2 . 4 - 1 2 . 8 - 1 2 . 8 _ 9.4-17.6 3.6
- 9 . 3 - 1 6 . 5 21 9 - 1 3 . 8 -17.61-16.3
- 9.0 6.1
—21.1 - 2 7 . 8 -27^2 —23.5 —16.5!—18.4 — 10.9 4.2
- 3 0 . 3 - 3 0 . 5 -29.4J-32.6
—21." 4 -27." 5 - 3 3 . 8 -28.7 —27.4|—28.3 -1*1.3 *"6.*6 ;
— 3. ft— 14.0—20.9 -17.7 —17. H—16.3
4.4
2.1
- 1 5 . 1 -11.9 - 1 0 . 8 - 2 5 . 7
6.2
3.1
7.7
6.8
3.1
1.4
6.6
2.3
-2.3
6.8
-6.9
-3.0
-2.5
1.2 - 3 . 2
-9.1
-8.6
-4.7
-6.8
-5.1
—7.1
-8.3
- 7 . 6 — 21.fi -13.9 — 14.2—20.9 - 4.1
i
4.5
3.0
- 8.3 -13.9-12.7 -11.61-11.5-17.4 - 1 5 . 5 -13.1 - 1 4 . 3 - 2 1 . 3 - 1 8 . 8 - 2 0 . 6
9.9 — 11.5— 9.8- 1 2 . 9 — 11.0- 9 . 9
—in Q - 2 3 . 1 - 1 4 . 8 — 19 1— 24 3- 2 7 . 4
-14.9 -18.2 -20.9 -21.6-19.8 -17.0
- 1 2 . 9 - 1 5 . 5 - 1 7 . 7 -18.11-21.0 - 2 2 . 6
.1
.8
6.0
-1.8
- 3.3
-8.8
- 1.1
-7.9
1.4
a
L2
10.1
5.0
2.2
4.5
4.4
2.4
3.0
2.6
9.2
- 4 . 0 544.3
336.5
57
- 9 . 0 480.8
- 4 . 6 357. 6
404.4 360.2 385.9
407.9 388.6 388.1
450.3 359. 2 346.9
395.7 363.6 369.6
411.4 428.3
329. 6 344.2
383.3
359.2 378.1
407.5 386.5
354.1 355. 6 353.2 367.9 374.1
424.2 444.6 401.5 402.6 383.8
427.2 467.1 455.3 454.3 464.2
382.6
*463."6 "468."i "438."6 "399." i 423.4
620.5 610.9 621.6 617.8 602.2
376.0
394.4
468.2
422.0
410.1
575.5
- 1 . 0 - 7 . 6 | 502.4 448.2 404.7 477.9 466.6 469.7
988
FEDERAL RESERVE BULLETIN.
AUGUST,
1921.
WHOLESALE TRADE.
PERCENTAGE OF INCREASE (OR DECREASE) IN NET SALES IN JUNE, 1921, AS COMPARED WITH THE PRECEDING MONTH
(MAY, 1921).
Groceries.
District.
Per
cent.
+ 4.7
+ 29
—12.3
No. 3
No 5
No 6
No 10
No 11
No. 12
— 3.2
-3.9
Dry goods.
Boots and
shoes.
Hardware.
Furniture.
Drugs.
supplies.
Stationery.
Auto tires.
NumNumINumNumNumNumNumNumNumPer
Per
ber
Per
ber | Per
ber
Per
ber
ber
ber
ber
Per
ber
Per
Per
ber
cent,
of cent.
of cent.
of
of cent, i of
of
of
of cent.
of
cent.
cent.
cent.
j
firms.l
firms.
firms.
firms.
firms.
firms
firms.
firms.
firms.
50
9
21
+ 1.3
-5.3
+14.9
12 — 3.5
31 - 0 . 8
9
12
3
4
11
+ 1.2
-0.9
+ 0.1
+ 15.1
— 6.0
+ 7.7
25
9
14
3
3
23
1
+ 15.2
+ 5.7
g
6
-0.3
15
i
^_
]
-2.5
4
-0.5
15
-6.5
+2.4
3
10
i
+6.6 i
;
19
+0.2
25
+32.7
13
!
PERCENTAGE OF I NCREASE (OR DECREASE) IN NET SALES IN JUNE, 192]L, AS COMPARED WITI1 JUNE, 1920.
Groceries.
District.
Per
cent.
No. 3.
No.4
No. 5
No. 6
No. 7
No. 10 .
No. 11
No 12
. . . . -46.9
-49.8
—42.5
-47.6
-56.4
-35.4
-26.4
Dry goods.
Hardware.
Furniture.
Shoes.
Drugs.
supplies.
; Stationery.
Auto tires.
NumNumNumNumNum•NumNumNumNumPer
Per
Per
ber
Per
ber
Per
ber Per
ber
Per
Per
ber
ber
ber
ber
ber
of
of
cent.
|
of
cent,
of
of
of
of
of
of
cent.
cent.
cent.
cent.
cent.
cent.
firms.
firms.
firms.
firms.
firms.
firms.
firms.
firms.
firms.
50
10 -24.4
9 —46.0
21 -34.6
18 -29.8
+12.3
12 - 7 . 1
31 -17.0
4
9
12
11
3
-33.4
-32.9
—32.4
-39.5
25
!—42.9
3
3
23
4 i—42.7
1
11
29.2
3
9 —31.3
-43.5
+ 4.4
14
-18.1
8
6
7
—42.2
15
-27.0
4
15
-22.2
5
i
-27.9
-17.8
3
-16.2
i
i
I
;
i
i
j
|
19 1—34.4
25
+2.5
13
COMPARATIVE WHOLESALE PRICE LEVELS IN PRINCIPAL COUNTRIES.
The foreign index numbers published below
are constructed by various statistical offices
according to methods described, in most cases,
in the BULLETIN for January, 1920. A description of the method used in the construction of
the Swedish index number appeared in the
BULLETIN for February, 1921, for the new
Italian index number in the April, 1921, issue
of the BULLETIN, and the method used by the
Frankfurter Zeitung in the case of the German
index number was described in the BULLETINS
for February and March, 1921. Complete
information regarding the computation of* the
United States Bureau of Labor Statistics appears in the publications of that bureau, and a
description of the index number of the Federal
Reserve Board may be found in the BULLETIN
for May, 1920. Details as to the method used
by the 0konomisk Revue in constructing its
index of wholesale prices in Christiania are not
available in this country. The Danish index
has been constructed only recently, is based
upon the prices of 33 commodities, and is
roughly weighted according to consumption.
The new British index number, compiled by
the Board of Trade, will be found on p. 990
of this issue of the BULLETIN. It has been
revised and now uses prices in 1913 as a base.
In the case of the two American index numbers,
1913 is used as the basis in the original computations. In the other cases in which 1913
appears as the basis for the computation, the
index numbers have been shifted from their
original bases. The computations in these
cases are, therefore, only approximately correct. In a few cases July, 1914, or the year
immediately preceding that, is used as the
base. The figures are for the most- part
received by cable, and the latest ones are
subject to revision. In cases where the index
numbers were available they have been published for the war years in various issues of the
BULLETIN in 1920.
In the following table the all-commodities
index numbers for the whole series of countries
appear together to facilitate the study of
comparative price levels.
989
FEDERAL. RESERVE BULLETIN.
AUGUST, 1921.
INDEX NUMBERS OF WHOLESALE PRICES (ALL COMMODITIES).
United United United
KingStates; States;
dom;
Federal Bureau
Board
Reserve of Labor
of
Board
Statis(90
tics (315 Trade
(150
quota-2 quota-2 commodtions).
tions).
ities).
j
1
France; j Italy;
United
Bui- i Prof.
King- letin de i Bachi
dom;
laSta- j (38 comStatist tistique ! modi(45 com- Ge*n6ralel ties
modi-3 (45 com- j until
ties).
modi- 1 1920, 76
ties).* : thereafter). 3
Germany;
Frankfurter
Zeitung
(77 commodities).''
Sweden;
Svensk
Handelstidning
(47
quotations).5
Christiania,
Norwa\;
Okonomisk
Revue
(93 commodi-6
ties).
Japan;
Denof
mark; Bank
Finans- Japan
for
tidende Tokyo
(33 com- (56
commodi-7
modi-2
ties).
ties).
!
1913
1914
1915
1916
1917
1918 .
1919
1920
100
100 i
101 '
137
187 i
314
100
101
126
159
206
226
242
291
269
262
330
324
300
299
•A')3 •
178
167
162
154
lol
148
148
251
230
215
209
205
202
232
215
208
199
191
183
407
377
360
347
329
325
332
100
206
233
100
100
101
124
176
196
212
243
258
250
163
154
150
143
142
139
141
2H2 •
339
357
510
Aus- i
traha; i
Com- ! Canada;
mon- i Departwealth j ment of
Bureau j Labor
Census j (272
and Sta-i quotatistics 1 tions).5
(92 com-1
modi-2
ties). ;
Calcutta,
India;
Department of
Statistics (75
commodities).*
1
8 100
116
145
185
244
339
330
347
100
95
133
202
299
409
364
024
1,522
632
604
1 473
1 473
366
363
382
409
642
613
604
584
547
509
1,083
1,473
1,419
1,410
1,428
1,376
1,467
267
250
237
229
218
218
211
344
319
312
297
204
294
9 100
IO
H5
159
233
341
345
322
141 !
132
i* 155 '
170 i
180 ;
218 1
100
101
110
135
177
206
217
246
248
239
233 \
234
258
256
200
201)
201
195
191
190
191
192
196
196
192 :
181
208
199
194
1S7
183
179
176
178
174
138
164
228
293
294
362
100
96
97
117
147
192
236
259
383
341
290
280
270
257
254
253
" i66
12100
!
13 100
204
1920.
June.
July
1921.
January
February...
March..
April
May
June
July
496
186
1 7 1 •;
166 i
162 !
183
184
178
183
1
Index numbers for 1920 and thereafter based upon prices of 76 commodities. Computations arrived at by the method described on p. 465 of
the BULLETIN for April, 1921.
!>
2 Average for the month.
Middle of 1914-100.
s End of month.
m Dec. 31,1913-June 30, 1914= 100.
* Beginning of month but not always the first.
» July 1,1912-June 30,1914= 100.
5 Middle of month.
12 j u i ' y j 1914= 100.
e7 End of year and end of month.
" End of July, 1914=100.
H
First of month.
Last six months of 1917.
s July 1,1913, to June 30,1914=100.
In the following tables the index numbers for referred back to the 1913 base and it is thereindividual groups of commodities are given for fore impossible to compare present levels with
each country separately. Reference should be prewar levels in these cases. No group index
made to 7the preceding table for the "all com- I numbers are compiled by the Bank of Japan
modities' indexes. In the case of the Italian \ and the Danish index published by the Figroup index numbers, Prof. Bachi's new com-! nanstidende has only two group indexes,7 one
putations only are given. These can not be i for food and one for " other commodities/
GROUP INDEX NUMBERS—UNITED STATES—BUREAU OF LABOR STATISTICS.
[1913=100.]
Farm
products. |
Date.
Food,
etc.
Cloths and
clothing.
and
Fuel and | Metals
metal
lighting. 1 products.
Lumber
House
i Chemicals
and
building ! and drugs. furnishing
goods.
material.
Miscellaneous.
i
1913
1914
1915
1916
1917
1918
1919
1920
J u l y , 1920
January.
February
March
April...
May . . .
June
July
.
100 !
103
105
122 '
189 i
220
234 i
218 j
236
.
1921.
--•
-•
136
129
125
115 !
117 :
113 i
115 i
100
97 ;
94
101
124
151
192
308
333
100
:
;
i
100
87
97
148
208
181
161
186
191
234
218
206
197 1
194
187
184
152
146
139
138
138
132
125
239
222
208
203
202
182
178
171
168
166
166
163
100
103
104
126
176
189
210
239
268
100
98
100
128
181
239
261
302
317
100
96
93
119
175
163
173
238
252
162
150
150
141
133
132
134
205
198
192
186
181
180
179
1
!
202
200
101
114
159
198
221
179
210
217
100
99
99
115
144
196
236
366
362
100
283
277
275
274
262
250
190
180
167
154
151
150
149
235
99
99
120
155
193
217
236
243
990
FEDERAL RESERVE BULLETIN.
AUGUST,
1021.
ALL COMMODITIES AND GROUP INDEX NUMBERS—UNITED KINGDOM—BOARD OF TRADE.
[1913=100.]
Other
Meat
Cereals. and
fish. foods.
1920 average
Iron and
steel.
Total
food.
Other
metals Cotton.
and
minerals.
Other
Other
Total
textiles. articles. not food.
273
263
278
272
406
252
480
362
274
340
285
281
244
269
302
282
277
278
443
439
260
261
556
519
388
357
275
272
362
352
245
212
205
200
197
199
285
266
251
245
220
219
251
227
229
224
222
218
257
234
228
222
213
212
359
320
283
259
250
240
213
201
192
192
193
189
224
195
173
181
183
180
220
201
179
170
166
162
221
216
205
196
202
199
248
228
209
202
201
196
1920.
June
July
...
1921.
Januarv
February
March
Apiil
Mav
June
GROUP INDEX NUMBERS—UNITED KINGDOM—STATIST.
[1913=100.]
Vege-i Ani- j
table! mal |
foods, foods.!
Date.
100
110
155
193
252
24S
252
321
343
1913
1914
1915
1916
1917..
1918
1919
1920
hily, 1920
100
100
125
152
192
210
215
264
278
Food- Min- Tex- Sun- Mate-;|
tuffs. erals. tiles. dries. rials. .1
100
107
130
161
213
238
275
366
425
100
105
137
169
218
229
238
301
325
100
90
109
140
152
167
190
269
276
100
97
111
152
228
265
271
299
298
100
98
119
153
198
225
243
2S5
283
100
105
131
163
212
243
26S
290
277
|
!
|
|j
I1
i:
!
!i
;!
Date.
Vege- Ani- Sugar,
cof- Food- Min- Tex-1 Sun- Mate! table mal fee,
foods, i foods. tea. stuffs. erals. tiles. I dries.! rials.
1921.
January
February...
March. .*
April
May
June
July
234
206
214
212
211
226
222
283
270
262
249
223
206
212
192
187
182
180
158
156
251
234
232
225
209
207
225
200
179
176
177
157
123
198
179
171
172
164
164
167
230
224
221
199
192
181
183
219
203
193
184
179
168
174
GROUP INDEX NUMBERS—FRANCE—GENERAL STATISTICAL BUREAU.
[1913-100.]
1
|
I Raw
Ani- Vege- Sugarj
coffee
Min- Tex- j Sun-' matemal table a n d ' Foods
'
dries.I
rials
(20).
|
erals.
tiles.
foods. foods.
Date.
100
103
126
162
215
286
392
503
501
1913
1914
1915
1916
1917
1918
1919
1920
J u l y / I 920
100
103
126
170
243
298
313
427
370
100
106
151
164
201
231
253
422
405
100
104
131
167
225
281
336
459
432
100
! 98
i 164
I 232
!
271
! 283
| 272
I 449
| 469
100
109
132
180
303
460
444
737
746
100
99
145
199
302
420
405
i
i
!
!
!
i
524 I
500 I
100
101
145
206
291
387
373
550
548
Sugar, I
Rawi Ani- Vege- coffee/Foods
Min j Tex- Sun- mate
mal table offee/Foods Min-
Date.
(20) jerals.
j l | tiles. | dries. rials
foods.! foods. andd !j (20).
! (25).
1921.
January
February...
March
April
May...
June
July
483 ] 334
452 317
406 i 322
396
348
379
346
368
349
355
374
337
338
367
359
317
338
393
397
378
366
372
356
357
372
341
300
289
281
266
261
253
460
375
314
282
278
290
445
422
392
371
355
341
343
!
!
!
!
I
415
378
355
328
309
300
301
GROUP INDEX NUMBERS—ITALY -RICCARDO BACHI.
[1920=100.]
MinAll
Build-! Other
iVege- Anivege- Sun-i: coinTex- erals
and
I table mal Chem-j
modI foods. foods. icals. I tiles. met- rials. prod- dries. I! ities.
als.
ucts.
Min- Build- Other
! All
Vege- Ani- Chem- Tex- erals ing vege- Sun- j corntable mal icals. tiles. and mate- table dries.! modprod1
metfoods. foods.
ities.
als. rials. ucts.
July, 1920..
1921.
January..
February.
97
107
103
100
121
120
100
88
98
89
77
65
96
108
90
105
98
1921.
March.
April..
88
80
113
117
123
127
107
107
103
98
May...
June..
108
106
102
97
117
116
112
101
87
83
76
63
64
57
47
46
113 | 123
109 ! I l l
107 I 110
102
95
104
105
95
90
97
94
88
82
991
FEDERAL RESERVE BULLETIN.
AUGUST, 1921.
GROUP INDEX NUMBERS—GERMANY—FRANKFURTER ZEITUNG.
[Middle of 1914=100.]
Textiles,
Miscellaleather. Minerals.! neous.
1920.
Average for the year..
Beginning of July
3,175
2,561
1921.
Beginning of—
January
February
2,643
2,507
;|
1921
1,440 i| Beginning of—
1,625 !
March
;|
April
May
June
1,575
July
1,733
1,552
I
Textiles, Minerals. Miscellatural
products.
1,678 :
1,580
1,204
1,195
1,169
1,116
1,270
1,525 ;|
2,371
2,153
2,125
1,907
2,153
1,552
1,608
1,566
1,524
1,613
1,517
1,500
1,617
1,633
1,588
GROUP INDEX NUMBERS—SWEDEN—SVENSK HANDELSTIDNING.
[July 1, 1913-June 30, 1914-100.]
Date.
Vegetable
food.
1913-14
19141
1915
1916
1917
1918
1919
1920
J u l y , 1920....
Animal
food.
! Raw materials for
I agriculture.
!
Coal.
100
130
151
152
LSI
221
261
262
252
101
140
182
205
419
409
296
277
'
;
!
|
!
|
j
I
100
114
161
180
198
304
340
312
312
100
123
177
266
551
856
804
1,007
1,252
100
109
166
272
405
398
258
278
293
244
231
238
232
221
237
236
266
241
229 j
231
217 j
206 j
230 j
281
248
240
236
245
236
216
371
362
279
291
369
371
315
230
204
185
178
153
149
149
100
Building
material.
Metals.
Wood
pulp.
Hides and
! leather.
Textiles.
Oils..
100
104
118
165
215
275
286
371
388
116
233
267
300
308
675
767
100
118
158
229
206
195
211
215
202
100
103
116
166
247
100
111
120
149
212
324
336
294
303
320
319
298
236
237
224
192
520
511
510
510
286
286
197
131
108
So
84
106
108
112
169
147
134
125
132
129
133
318
268
264
238
207
191
1921.
January
February
March
April
May
June
July
i
;
!
|
!
j
I
I
328
Average For 6 months ending Dec. 31, 1914.
GROUP INDEX NUMBERS—CHRISTIANIA, NORWAY—0KONOMISK REVUE.
[Dec. 31,1913-June 30,1914=100.]
Fuel.
I
Date.
Feedegetable stufls
and
food. fertilizers.
Animal
food.
Iron.
Metals. materials Textiles. I
Paper.
leather<
benzine.
r
End of—
1914
1915
1916
1917
1918
1919
1920
June, 1920
115 I
149 i
193 i
260 !
324 !
329 !
352 i
300 j
130
150
198
292
277
281
385
324
1921.
January
February
March
April
May
June
307
294
307
283
280
273
370
324
315
304
303
323
|
|
!
I
i
i
i
I
!
I
!
!
I
|
i
\
I
!
108
150
195
231
284
277
340
306
151
224
355
1161
514
767
647
317
292
287
273
277
275
512
358
289
317
317
345
104
132
170
231
247
162
407
257
115
158
435
720
573
442
482
696
128
289
401
503
503
187
200
232
107
131
213
326
359
358
416
429
384
364
357
343
343
336
394
340
328
295
295
296
165
167
169
166
166
167
378 !
362 !
339
329
324
308
|
I
I
j
I
j
101
137
190
263
313
322
472
425
105 |
121
178
264
302
356
402
406
374
352
350
329
324
324
217
212
203
199
190
197
472
472
472
418
413
413
992
FEDERAL RESERVE B U L L E T I N .
AUGUST, 3921.
GROUP INDEX NUMBERS—AUSTRALIAN COMMONWEALTH—BUREAU OF CENSUS AND STATISTICS.
[July, 1914=100]
Date.
Metals and
coal.
Textiles,
100
117
154
213
220
193
209
214
215
214
203
202
194
195
July,1914
1915
1916
1917
1918
1919
1920
June, 1920
January
February
March
April
May
June
1921.
Agricultural
products.
Dairy
products.
100
93
131
207
232
217
243
260
100
202
113
110
135
186
229
261
100
127
124
116
121
137
184
187
100
110
127
131
138
147
186
195
100
150
155
155
147
145
201
208
100
116
136
194
245
261
295
307
100
149
172
243
315
282
277
297
145
132
107
114
108
105
197
192
176
164
161
160
208
206
207
178
175
171
197
197
198
196
195
1S8
191
184
178
144
140
134
279
303
303
284
279
250
244
242
234
231
224
223
etc.
Groceries
and
.
tobacco
Building
materials. Chemicals.
Meat.
GROUP INDEX NUMBERS—CANADA—DEPARTMENT OF LABORS
[1913=100.]
Date.
Grains Animals Dairy
and
and
fodder. meats. products.
Fruits
and
vegetables.
Other
foods.
Hides,
Textiles. leather,
etc.
1913
1914
1915
1916
1917
1918
1919 . .
1920
. . .
July 1920
100
114
136
142
206
231
227
263
292
100
107
104
121
161
197
199
198
211
100
100
105
119
149
168
192
204
194
100
99
93
130
233
214
206
261
295
100
104
121
136
180
213
222
258
283
100
102
114
148
201
273
285
303
305
1921.
January
February
March
April
May
June ...
Julv
186 !
171 i
168
154
150
146
146
175
171
171
169
158
146
143
216
185
174
161
126
124
133
184
163
175
162
162
169
157
212
205
203
189
189
183
174
228
204
198
191
187
180
179
1
i
!
1
!
Imple- Building Fuel and
ments. materials,
lumber. lighting.
Metals.
Drugs
and
chemicals.
100
105
110
143
168
169
213
191
178
100
%
128
167
217
229
173
203
209
100
101
106
128
174
213
228
245
242
100
100
97
100
118
147
171
268
282
100
94
92
113
163
188
201
255
294
100
106
160
222
236
250
205
204
218
131
126
118
115
114
106
106
174
167
158 i
145
147 j
154 !
147 :
257
257
243
241
236
236
236 |
248
239
231
229
224
218
217
247
234
233
226
216
212
207
196
188
181
180
178
175
175
Unimportant groups omitted.
GROUP INDEX NUMBERS—CALCUTTA, INDIA—DEPARTMENT OF STATISTICS.
[End of July, 1914=100.]
Date.
End of July, 1914
Average for 1920.
July, 1920
1921.
January
February
April
May
June
July
Jute 1 o t h
Build- ManuHides Cotton
Ois, Raw Oil
manu- Raw mon,,. utner
Other
facing
tex- mus- jute.
and
facfacseeds. Tea. Sugar. Pulses. Cereals foods.
mate- tured Metals. skins.
!
tiles.
tard.
cotton.
tures.
tures.
rials. articles
100
138
139
100
231
235
100
238
249
100
147
100
100
354
364
100 i
153
132 I
|
100
149 I
151 |
|
100
100
162 I 128
1Q8 ! 119
158
147
147
155
149
149
238
226
242
262
244
237
247
243
255
254
245
245
81
80
97
110
119
116
324
306
311
312
303
316
107
104
119
124
129
136
104
101
97
94
100
102
149
149
123
126
132
147
116
97
110
112
114
115
100
104
100
173
169
100
78
74
100
407
503
100
166
159
100
154
151
100
184
188
130
124
131
142
145
157
77
70
76
78
314
352
359
302
239
247
135
119
147
156
165
173
139
129
139
148
150
153
152
162
89
92
145
150
151
AUGUST, 1921.
993
FEDERAL RESERVE BULLETIN.
COMPARATIVE RETAIL PRICES IN PRINCIPAL COUNTRIES.
In the following table are presented statistics
showing the trend of retail prices and the cost
of living in the United States and important
European countries. Three of these index
numbers—those for the United Kingdom,
Paris, and Sweden—are constructed on the
basis of prices in July, 1914 = 100. In the
case of the United States, the original base,
that of the year 1913, has been shifted to the
July, 1914, base. The German index uses the
year ending July, 1914, as a base.
The American index number, constructed by
the Bureau of Labor Statistics, was based upon
the retail prices of 22 articles of food, weighted
according to family consumption, until January, 1921, when it was increased to 43 articles
reported by dealers in 51 important cities. The
method of weighting continues the same, although the actual "weights" applied have
been changed.
The British index number of the cost of living
constructed by the Ministry of Labor consists
of the retail prices not only of foodstuffs but of
other articles as well. Retail clothing prices,
rents, and the cost of fuel, lighting, and miscellaneous household items are also taken into
consideration. The index number is weighted
according to the importance of the items in the
budgets of working-class families.
The retail price index for Paris, compiled by
the French General Statistical Office, consists
of retail prices of 13 different commodities,
weighted according to the average annual consumption of a workingman's family of four
persons. Eleven of the commodities included
in this index are foods, and the other two are
kerosene and alcohol.
The Swedish index number consists of the
retail prices of foodstuffs, fuel, and lighting
and is based upon the prices of 51 articles in
44 towns (in 1920, 50 articles in 49 towns),
weighted according to the budget of a workingman's family which before the war had a yearly
income of 2,000 kronor.
The German index expresses upon a percentage basis figures compiled by Dr. R. R.
Kuczynski of the statistical office at BerlinSchoneberg. Dr. Kuczynski bases his calculations upon the cost of living per week of a
family of four in Greater Berlin.
RETAIL PRICES IN THE UNITED STATES, PARIS, AND
SWEDEN; COST OF LIVING IN UNITED KINGDOM AND
BERLIN.
[July, 1914*100.]
d
prices.*
1919.
1920.
June..
July..
1920.
1921.
January
February
March
April
May
June
July
1
Paris
'
! Sweden
>
Berlin,
cost of
living.3
oflivingX
182
199
216
249
2f>0
371 <
321
215
215
250 I
252 I
369
373
294
297
1,056
1,125
169
155
153
149
142
265 i
251 ;
410
382
358
328
317
312
306
283
262
253
248
237
234
232
1,111
1,087
1,035
141 ,
145
241 I
233 i
228 !
219 !
219 !
!
i
!
i
!
;
i
1,080
976
990
1,080
2
Average for the month.
Beginning of month.
3 August, 1913-July, 1914=100.
FOREIGN TRADE—UNITED KINGDOM, FRANCE, ITALY, SWEDEN, AND JAPAN.
In the following table are presented figures
showing the monthly value of the foreign trade
of a group of important European countries
and Japan. Similar statistics for Germany are
not available. Currencies have not been converted to a common unit, nor are methods of
valuation the same in all countries. In England, imports are given current c. i. f. values in
England; exports and reexports, current f. o. b.
values. The same method is followed in Japan
and Sweden. In France and Italy the value
of foreign trade is estimated not in terms of
current prices but in terms of those of some
earlier date, usually the preceding year.
None of the figures presented below include
the import or export of gold and silver. In the
case of England and France, group figures are
given as well as total values, while in the case
of the other countries, total values only are
presented. This does not mean that group
figures are not obtainable, merely that they are
either delayed in publication or appear not to
be of such general interest as the French and
English material.
Japanese figures for recent months are received by cable and subject to revision.
994
1921.
FEDERAL RESERVE BULLETIN.
FOREIGN TRADE OF UNITED KINGDOM.
Exports.
Imports.
In thousands of pounds sterling.
In thousands of pounds sterling.
In
thousands
of tons.
Raw
Articles | Misceljlaneous,
Food, ; mateand wholly
or
| includdrink, !j rials
articles mainly
and ' mainly
II ing
tobacco. lunmanu- manu- | parcel
|factured. factured.j post.
I
rials and
articles
mainly
unmanufactured.
24,184
59,927
63,948
23,485
50,565
59,292
16,134
24,663
37,902
259
358
254
64,061
135,513
161,395
67,341
69,571
57,919
51, 899
44,681
41,923
325
450
170,266
163,842
4,150 I
4,198 |
4,313
4,515
49,158
47,750
50,888
52,908
50,094
51,915
42,090
37,005
25,504
17,739
16,547
16,711
18,389
20,232
30,467
23,394
24,930
20,374
19,282
17,600
18,005
420
326
184
167
221
278
431
117,051
96,974
93,742
89,996
86,308
88,182
80,757
3,383 i
2,573 i
2,697 ;:
2,668
2,891 ;
3,852
3,075
2,897
3,729
2,101
2,439
2,702
Food,
drink,
and
tobacco.
Monthly average:
1913
1919
1920
1920.
Jane
July
1921.
January.
February
March
April
May
June
July
Miscellaneous,
including
parcel
post.
Articles
wholly
or
mainly
manufactured.
Total.
1
4,669
*3*79o'
2,716 i 5,825
2,814 | 9,274
4,241 | 12,138
34,281 !
53,457 i
93,394 i
11,447
12,551
i
!
j
!!
i
I
In
In
thouIn
thou- sands thouof
sands
sands
of tons. pounds of tons.
sterling.
Total.
949
1,008
1,528
43,770
66, 553
111, 297
7,650
. . .
3,292
9,131
13,729
18,701
138
99,081 ! 1,512
118,954 | 1,432
116,352
137,452
3,143
3,526
20,124
17,848
137
132
1,491
1,089
1,111
1,184
889
930
991
92,756
68,222
66,809
59,868
43,088
38,152
43,172
2,558
2,446
2,656
1,279
7, 668
5, 881
5, 832
936
1, 437
1, 125
2 775
79, 746
58, 177
969
se;
52 019
to
Raw
Reexports.
38,'662
33, 658
36, 705
500
152
9,955
8,004 j
8,888 !
8,524 j
7,232 !
7,083
9,362
87
82
127
126
90
FOREIGN TRADE OF FRANCE.*
[In thousands of francs.]
Imports.
Raw
materials.
1913 monthly average 23 ..
1919 monthly average3 ..
1920 monthly average . .
1921.
January
February
March
April
May
June
Exports.
Manu- j
factured j
articles. !
!
151,465
892,040
718,179
412,144
1, 229,435
1,400, 046
138,169
861, 797
832,187
346,703
386,169
455, 545
390, 345
419, 229
490,615
1,101,267
803,231
786, 352
887,151
690, 553
871,374
534, 498 :
424,531
501,011
501, 593
455,726
361,545 !
!
Total.
Raw j Manumaterials.] factured
articles.
Food.
Parcel
post.
Total.
701, 778
2, 983, 272
2,950,413
69,908
99, 201
184, 277
151,841 i
203,691
397, 677
301,420
615,630
1,187,742
47,182
71,444
99, 867
573,351
989,966
1, 869, 563
1, 982, 468
1, 613,931
1, 742, 908
1, 779,089
1, 565, 508
1,723,534
188, 546
172,992
162, 901
176,333
151, 724
148,237
436,069
478,561 i
379,281
468,453
415,057
540,722
1,142,398
1,162, 817
1, 035,826
1,179,683
986,583
977,129
115,605
85, 074
108,418
107,799
95,271
84.376
1,882,618
1,899,444
1,686,426
1,932, 268
1,648,635
1,750,464
1
Not including gold, silver, or the reexport trade.
23 Calculated in 1913 value units.
Calculated in 1919 value units.
< Calculated in 1919 value units. French foreign trade figures are originally recorded in quantity units only, and the value of the trade is
calculated by applying official value units to the quantities imported and exported. Normally the monthly statements of trade appear computed at the rates of the year previous, and only at the end of the year is the trade evaluated at the prices prevailing during that year. Because of
the disturbed price conditions in France during the past two years, 1919 price units are being applied to the 1921 trade.
FOREIGN TRADE OF ITALY, SWEDEN, AND JAPAN.
Italy.
(In millions of
li)
Sweden.
(In millions of
kroner.)
Japan.
(In millions of
yen.)
I Imports. Exports. Imports. I Exports. Imports, j Exports.
1913 monthly average.
1919 monthly average.
1920 monthly average.
April.
May..
June..
July..
January
Febriuary.
March
April.
May..
June.
July..
304
1, 385
1,322
210
506
650
71
211
281
68
131
191
61
181
195
53
175
162
1,363
1,401
2,076
1,040
679
662
752
521
267
314
283
331
164
227
224
268
297
296
220
157
217
193
184
154
1,166
1,320
1,503
1,346
503
566
569
586
122
116
99
2 106
194.9
91
89
75
a 69
105
119
137
139
149
22 148
109
75
77
94
115
105
3 2107
98
1920.
|
1921.
11920 and 1921 figures based on 1919 value units.
3
,
|
|
|
Provisional.
995
FEDERAL RESERVE BULLETIN.
AUGUST, 1921.
DISCOUNT AND OPEN-MARKET OPERATIONS OF FEDERAL RESERVE BANKS.
Following is a set of tables showing the volume of bills discounted and of acceptances and
Government securities purchased by the Federal reserve banks during June, 1921. Bills
discounted and purchased are classified by
character of paper and by rate of discount.
Average maturity and average rate of discount
are also given, as is the number and percentage of banks accommodated during the
month.
VOLUME OF OPERATIONS DURING JUNE, 1921.
Bills discounted for
member
banks.
Federal Reserve Bank.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Total:
June, 1921
June, 1920
6 months ending June 30,1921
6 months ending June 30, 1920
U. S. securities purchased.
Bills bought
in open
market.
$257,451,992
1,282,758.515
372, 532,914
277, 890,926
243,032,356
125,805.516
418, 783.158
147,281,117
67, 995,719
77, 147,034
65,635,555
338,662,232
$14,360,872
24,409,834
3,399,959
3,233,046
2,154,300
868,349
8,331,600
947; 230
3,674,977,034
6,336,641,955
36,588,371,463
38,431,408,220
64,673,129
285,752,619
767,764,912
1,713,703,385
26"666"
19,200
6,928,739
Bonds and
notes.
$1,070,000
5,509,000
0,070,600
12,400
1,587,800
35,000
226,400
71,000
6,700
Total.
Certificates of
indebtedness.
$60,686,000
754,209,500
49,831,500
91,346,500
2,000,000
4,012,000
28,293,500
28,714,000
595,000
243,000
2,000,000
22,688,500
1,044,619,500
1,178,444,500
23,681,761 | 2,474,154,557
4,661,369,000
245,500
15,188,900
June, 1921.
June, 1920.
$333,568,864
2,066,886,849
431,834,973
372,482,872
247,186,656
132,273,665
455,443,258
177,168,747
68,661,719
77,410,034
67,654,755
368,886,171
$494,121,135
4,348,461,420
525,832,297
338,070 216
290,865,000
168,730,145
630,783,246
208,560,026
121,503,542
153,691,623
148,720,253
371,500,171
4,799,458,563
7,800,839,074
39,'853,'972," 693"
*44,"866,"726,*i65
VOLUME OF BILLS DISCOUNTED DURING JUNE, 1921, BY CLASSES OF PAPER; ALSO NUMBER OF MEMBER
BANKS ACCOMMODATED.
Federal Reserve Bank.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis.
Kansas City.
Dallas..
San Francisco
Customers'
paper
secured by
Government obligations.
Member banks' collateral
notes.
Secured by
Government
obligations.
Bankers' acceptances.
Commercial
paper, n.e. s.
Agricultural
paper.
Otherwise
secured.
Foreign.
7,009,010
14,369,509
$87,489,454
764,140,975
107,439,825
89,738,398
35,019,086
51,575,327
184,577,893
55,392,594
27,390,986
14,803,708
11,222,196
47,938,796
$518,869
14,381,840
303,323
387,975
5,190,683
5,013,896
14,537,116
5,049,851
8,505,639
2,567,795
6,683,305
6,914,615
1,961,814,011
2,574,246,609
29,593,562
23,153,375
1,476,729,238
1,427,085,834
70,054,907
48,159,112
4,404,231,395
4,345,928,296
8,711,600
6,130,761
i $11,287,155
I 37,585,152
; 13,690,184
I 5,886,645
I 1,729,338
2,759,442
" — "~
14,363,211
2,300,109
370,457
2,185,889
691,655
3,313,183
$157,770,100
463,867,874
250,613,210
178,587,225
197,734,769
64,618,933
199,112,169
82,336,633
25,767,662
49,273,281
33,268,854
258,863,301
Total: June, 1921.. 96,162,420
May, 1921.. | 137,042,168
June, 1920.. 140,604,965
May, 1920.. 162,537,856
Live-stock
paper.
$300,000
427,000
2,522,500
498,150
2,937,488
1,529,875
1,759,724,891
1,589,592,398
Domestic.
Dollar
exchange.
$8,535
10,107 j $1,737,539
i
81,347
!
|
1
882,208
50,000
|
305,237
128,284
26,895,934 ! 3,056,331
27,845,702 i 5,823,401
714,042
709,555
103,472
20,166
929,595
2,155,073
612,010
4,157,984
7,979,201
6,415,641
4,504^150
i
i
$30,000
167 315
• 388,443
9,431,522
15,254,260
$20,000
20,000
30,000
996
FEDERAL RESERVE BULLETIN.
AUGUST,
1921.
VOLUME OF BILLS DISCOUNTED DURING JUNE, 1921, BY CLASSES OF PAPER; ALSO NUMBER OF MEMBER
BANKS ACCOMMODATED-Continued.
| Total reduced to a common maturity basis.1
Trade acceptances.
Number [
in dis- | Accommodated,
trict. !
Per cent
of total.
June 30. j Number. Per cent.
Total, all
classes.
Federal Reserve Bank.
Amount.
Boston
New York
Philadelphia..
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis..
Kansas City..
Dallas.
San Francisco
!
Total: June, 1921..
May, 1921..
$100,000
§257,451,992 j $159,505 ,793 !
$377,879
1,282,758,515 i 818,210', 351 !
.,035,028
372,532,914 j 238,449^ 207 ;
188,372
277,890,926 i 255,658! 995 i
:, 648,864
243,032,356 ; 209,032i 808 '
815,814
190,855! 533 J
125,805,516
410,173
418,783,158 j 805,700; 019
932,893
201,766, 222 I
147,281,117
299,269 !
192,641, 641 i
67,995,719
223,116 |
77,147,034 i 150,922; 470 i
337,160
141,573, 657
65,635,555
344,864 ;
338,662,232 I 310,660, 338 ;
,225,157
3,674,977,034 I 3,674,977,034 |
4,253,863,654
100,000
June, 1920
May, 1920
! 13,937,582
| 16,540,603
Member banks.
4.3
22.3
6. 5
6.9 :
5.7
5.2
21.9 i
5.5 |
4 1 I
3! 9 '
8.5
100.0
0,336,641,955 i
6,135,884,174 !
438
792
699
879
621
493
1,430
585
1,016
1,092
869
865
i
!
j
!
!
!
!
254
376
399
364
413
359
947
1
!
!
!
i
i
i
i
57.9
47.5
57.1
41.4
66.5
72.8
66.2
55.2
62.4
55.4
69.4
53.5
323
634 ••
605 !
603
463
9,779
9,770
5,740 I
5,616 I
58.7
57.5
9,395
9,329
4,948
4,642
52.7
49.8
1 Total discounts multiplied by ratio of average maturity of bills discounted by each bank to average maturity (19.29) for system.
VOLUME OF BILLS DISCOUNTED DURING JUNE, 1921, BY NORMAL RATES OF DISCOUNT CHARGED; ALSO AVERAGE
RATES AND MATURITIES.
Federal Reserve Bank.
5fc per cent. ! 5J per cent.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
$256,729,095
$2,623,000
1,096,709
Total, June, 1921
May, 1921
7,760,000
974,000
265,585,804
318,960,359
3,597,000
5,889,500
6 per cent.
6J per cent.
$257,451,992
838,362,378 j
113,180,819 ;
277,890,926 i
243,032,356
125,805,516
215,205,199
146,184,408
26,194,841
68,413,034
39,615,590
338,662,232
2,689,999,291
2,900,004,902
7 per cent.
Total.
$257,451,992
1,282,758,515
372,532,914
277,890,926
243,032,356
125,805,516
418,783,158
147,281,117
67,995,719
77,147,034
65,635,555
338,662,232
$444,396,137
203,577,959
"*4i,"800,"878'
"26*6i9,"965"
715,794,939
883,524,302
$145,484,591
3,674,977,034
4,253,863,654
Average
rate (365 Average
day j maturity,
basis). I
Per cent. ! Days.
6.00 i
11.99
6.15 !
12.19
5.67
12.38
6.00
17.80
6.00
16.6,4
6.00
29.35
6.38
37.22
6.17
26.50
6.45
54.81
6.41
37.85
6.33
41.73
6.00
17.75
19.29
16.60
6.13
6.22
VOLUME OF BANKERS' AND TRADE ACCEPTANCES PURCHASED DURING JUNE, 1921, BY CLASSES.
Trade acceptances.
Bankers' acceptances.
i Total bills
1 purchased.
Federal Reserve Bank.
Foreign. | Domestic.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Total.
$10,629,229 I $2,691,643 $1,040,000 $14,360,872
17,363,752
4,414,557 2,566,512 24,344,821
495,636
2,629,323 i
275,000 3,399,959
1,539,269 j 1,633,777
60,000 3,233,046
552,800 i 1,601,500
2,154,300
194,880
673,469 I
868,349
3,877,120 4,419,480
35,000 8,331,600
587,297
229,933
130,000
947,230
5,503,821
20,000
19,200
1,187,318
Total, June, 1921. 42,998,716 17,265,288
May, 1921. 85,187,323 27,244,489
June, 1920. 193,372,977 ! 62,810,535
May, 1920.. 195,294,991 | 72,768,319
Z<W* \JKTKJJ
1
Dollar exchange.
f XV
f
J " U U i MKJKJ
Foreign.
$65,013
Domestic.
Amount.
Per cent
of total.
$14,360,872 $14,189,541
$65,013 I 24,409,834 15,372,173
4,375,526
I 3,399,959
I 3,233,046 2,246,124
2,496,951
2,154,300
868,349 1,719,416
8,331,600 19,452,478
508,960
:
947,230
21.9
23.8
6.8
3.5
3.8
2.7
30.1
Total.
20,000 I
228,000
19,200 j
6,919,139
4,334,512 64,598,516 |
25,547,853 137,979,665 \
5,149,705 261,333,217
2,434,527 270,497,837
1,600
74,613 j
621,540
Total reduced to a
common
maturity
basis.1
% 600
20,000
19,200
6,928,739
62,446
9,367
4,240,147
74,613 64,673,129 64,673,129
621,540 138,601,205 138,601,205
22,872,328 $1,547,074 24,419,402 285,752,619 285,752,619
2,724,282 ' 1,014,578 3,738,860 274,236,697 274,236,697
Total purchases multiplied by ratio of average maturity of bills purchased by each bank to average maturity (28.83) for system.
65
100.0
AUGUST,
997
FEDERAL RESERVE BULLETIN.
1921.
VOLUME OF ACCEPTANCES PURCHASED DURING JUNE, 1921, BY RATES OF DISCOUNT CHARGED; ALSO AVERAGE RATES
AND MATURITIES.
i
Federal Reserve
5-J per
Bank.
| cent.
Boston
New York
Philadelphia
Cleveland
. .
Richmond
Atlanta
Chicago
Ht Louis
Minneapolis
Kansas City
Dallas
San Francisco
5 | per
cent.
6 | per
cent.
6} per
cent.
$500,000
596,546 $90,000 $49,900
151 493
569^ 507 335,000 72,715
2,154,300
843 349
2 744,108 I 2 ,700,200
915,000
335, 230 252,000 295,000
5,000
$9, 236, 599 $3, 262,297 'fi, 361,976
21, 391,194 i 2, 192,181
230 373
535 170 i 1 002 923
480 000
135,000 1, 357,347
749,938
i $25,666
!
6 per
cent.
>£ per
cent.
>? per
cent.
s
!
25 000
1,467,292
1
10,000
505,000
50,000
6iper
cent.
7 per
cent.
$65,013
13, 539
$20,000
6, 002, 755
Total:
June, 1921. 2,007, 292 10,150,972
May, 1921.14, 719,411 11,962,515
297, S71
701,302
1
385, 220
19,200
538,664
727,008 6, 540,059
:i4, 772,502 5,114,040
1,300
Total.
Average Average
rate
(365-day maturity.
basis).
$14,360,872
24,409,834
3 399 959
3, 233,046
2,154,300
868 349
8,331,600
947,230
Per cent. Days.
5. 84
28. 48
18.15
5.87
37.10
5.90
20.03
5.99
33.41
6.08
57.07
6.07
67.30
5.85
15.49
6.07
20, 000
19, 200
6, 928, 739
800
721, 300 123,415 78, 552 20,000 04, 673,129
528,677 255, 587 ; 627,141 865,000 U38,601,205
7.10
6.08
5.88
90.00
14.06
17.64
5.88
5.89 ;
28. 83
23.14
Includes $55,000 of acceptances purchased at 6| per cent.
HOLDINGS OF EARNING ASSETS, BY CLASSES.
Following is a set of tables giving a detailed analysis of the different classes of earning
assets held by the Federal Reserve Banks at the end of June, 1921.
AVERAGE DAILY HOLDINGS OF EACH CLASS OF EARNING ASSETS, EARNINGS THEREON, AND ANNUAL RATES OF EARNINGS, DURING JUNE, 1921.
Average daily holdings of—
Federal Reserve
Bank.
Boston
New York
Philadelphia
Cleveland .*
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Earnings o n All
All classes
of earning
assets.
Discounted
Kilio
U . S.
securi-
ties.
classes
of earnin g
assets.
Discounted
Purchased
bills.
bills.
Annual rate of earnings o n All
U . S . ! classes
s e c u n - j of earnties. ! i n g
assets.
137
936
19,272
$41,272
190,968
61,061
49,632
17,379
58,229
74,004
26,647
13,654
30, 813
12,717
21,422
268,258
428,792
597,798
639,940
June, 1920.. 3,209,650,487 2,461,021, 583 401,183, 809 347,445,095 14, 493,437 11,888,886 1,967,604
May, 1920.. 3, 255,859,393 2, 537, 550,923 416, 519,623 301,788,847 14,776,159 12,172,290 2,036,403
636,947
567,466
$130,991,068
563,294, 587
180,669,119
176,796,037
116,428,369
128,731,894
357,787,472
96,663,299
80,585 000
97,975, 558
70,560,798
174,682,863
$98,255,055 $10,745,570 $21,990,443 $582,089 $489,520
454,980,411 19,567,793 88,746,383 2,642,934 2,354,992
755,699
141,471,661 7, 825,995 31,371,463
656,965
721, 868
793,047
146,389,188 4,387, 826 26,019,023
535,494
103, 396,976 2,604,393 10,427,000
505,092
589,830
103,498,491 1,077,853 24,155,550
526,031
312,109,999 3,980,276 41,697,197 1, 752,591 1,658,578
450,422
82,132,596
369, 549 14,161,154
421,955
8,160,000
405,710
72 425 000
392,056
440,391
409,441
80, 578, 458
23, 500 17, 373,600
63,225,957
172,258 7,162,5S3
360,753
347,100
159,275,973 3,960, 840 11,446,050
819, 554
778, 860
Total:
June, 1921.. 2,175,166,064 1,817,739,765 54,715,853 302,710,446 10,128, 514 9,262,458
May, 1921.. 2,353,794,360 1,966,646,008 84,394,913 302,753,439 11,571, 365 10,502,633
$51,297
96,974
37,673
21,547
13,023
5,570
20,009
1,820
DisPurU. S.
counted chased securibills.
bills.
ties.
Per ct. Per ct. Per ct. Per ct
5.41
6.07
5.81
2.28
5.71
6.33
6.03
2.62
5.08
5.64
5.85
2.36
5. 45
6.00
5.97
2.32
5. 59
5.94
6.08
2.03
5.58
6.18
6.29
2.93
5.96
6.47
5.89
2.16
5.66
6.25
5.99
2.29
6.13
6.59
2.04
5.47
6.18
7.10
2.16
6.22
6.68
6.51
2.16
5.71
5.95
5.92
2.28
5.67
5.79
5.51
5.36
6.20
6.29
5.89
5.66
5.97
5.98
5.98
5.77
2.40
2.49
2.24
2.22
998
FEDERAL RESERVE BULLETIN.
HOLDINGS OF DISCOUNTED BILLS, BY CLASSES.
[End of J u n e figures.
Total.
Federal Reserve B a n k .
Boston
New York
Philadelphia.
Cleveland
Richmond
Atlanta
Chicago
g
St. Louis
Minneapolis..
Kansas City..
Dallas
San Francisco
!
CustomMember b a n k s '
ers' paper
collateral noies.
secured
by
j
~—y
Govern- iSecured by!
m e n t I Govern-"! wise
; obliga- j m e n t obli-1
! tions. I gallons. | secured.
97,348 !
390,793 !
140,595 i
151,856 '•
99,138 !
99,980 !
21934
321,934
86,793 ;
71,329 I
78,602 |
62,167
150,815 i
Total: Tune 30,1921. 1,751,350 !
May 31, 1921. 1,907,913 ;
J u n e 25,1920 I 2, 431, 794 |
M a y 28, 1920.1 2,519,431 !
I n thousands of dollars.]
11,414 j
22. 527
18,102
S, 651
3, 536
5,635
15, 259
3, 052
623
3, 066
1,022
5, 419
28,742 j
145,057 !
76, 434
46,124
21,909
30,644
89, 512
29,734
4,985
22,141
7, 484
35,918
3, 439
7,104
55, 890
214,156
45,166
93,661
59, 653
47, 201
158, 304
42, 327
23, 926
22, 525
13,349
65, 934
98,306 i
159,563 I
539,284 I
627,681 |
15,226 |
12,006 ;
842, 092
S55, 60S
962,145 ;
315,835 !
326,473 | 1,121,489 I
2,923 i
3,154 |
937, 645
803, 804
115
1,358
255
2,034
921
Trade acceptances.
Bankers' acceptances.
Commercial
paper
n . e. s.
Agricul- I Livetural | stock
paper. ' paper.
907
821
641
763 ;
109
238
867
271
823
550 ;
263 i
622
Domestic.
For-
Domestic
change. I
50 I
347
117
2,688
80 !
80 j
134
13, 773
13,982
45 j
'E\ fl
1,184
17,746
22, 832
16,703
14, 633
469 '
50 !
310 |
i
308 ;
70 I.
200 !.
',779 i
\ 804 i
30 !
1,638 j
25,174
41, 841
84, 845
-
387
886
252
2,094
1,456
1,119
2,956
446
255
488
837
2, 597
6,746 j
157, 875
70, 258
152. 749 ! 76, 718
83,193
63,537 ;
Foreign.
20, 034
21,979
HOLDINGS OF BANKERS' AND TRADE ACCEPTANCES PURCHASED OR DISCOUNTED, BY CLASSES OF ACCEPTANCES.
[End of June figures.
In thousands of dollars.]
All classes.
Federal Reserve Bank.
Boston
New York
Philadelnhia
\tlanta
OhlPELCTO
m- TiOiiis
Kansas Citv
Dallas
San Francisco
Total- Tune 30 1921
May 31, 1921
Purchased in open market:
Tune 30 1Q21
May 31 1921
Discounted' for member b a n k s :
Fnno 30 1Q21
Mav 31 1921
Bankers' acceptances.
Purchased
in
open
market.
Discounted
for
member
banks.
9, 035
23,181
4, 717
4, 551
3, 593
2,296
6, 458
1,444
305
508
1,057
5,387
8,648
15, 549
4, 465
2, 356
2,137
977
3, 500
219
8,648
22, 295
4,465
2, 457
2,137
1,177
3,502
998
50
20
220
2,617
5, 685
17, 714
3, 775
1, 621
691
826
3,176
469
50
1, 894
3, 207
90
816
1,446
35 L
276
509
20
150
2,202
387
7, 632
252
2,195
1,456
1,319
2, 958
1,225
305
4S8
907
3,185
150
2,092
62,532
99, 045
40, 223
75, 457
22, 309
23, 588
48, 586
84,711
Total.
40, 223
75, 457
22,309
23, 588
Total.
Foreign. Domestic.
Trade acceptances.
Dollar
exchange.
Total.
Foreign. Domestic
50
20
387
886
252
2, 094
1, 456
1,119
2, 956
•446
20
70
490
35
488
837
2,770
173
36, 249
57, 766
9,169
16,343
3,168
10,602
13,946
14, 334
173
352*
40,130
75, 239
28,470
49,962
8,492
14,705
3,168
10,572
93
218
93
218
8,456
9,472
7,779
7,804
677
1,638
30
13, 853
14,116
80
134
1. 069
1, 374
600
20
387
886
252
2,094
1, 456
1 119
2,956
446
25*)
488
837
2, 597
13, 773
13,982
13, 773
13,982
HOLDINGS OF BANKERS' ACCEPTANCES PURCHASED OR DISCOUNTED, BY CLASSES OF ACCEPTING INSTITUTIONS.
[End of June figures.
In thousands of dollars.]
Member banks-
Federal Reserve Bank.
Total.
National.
Boston
New York
Philadelphia..
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis...
Kansas City...
Dallas
San Francisco..
8,648 '
22,295
4,465
2,457
2,137
1,177
3,502
998
50
20
220
2,617
Total: June 30,1921
May 31, 1921
Purchased in open market:
June 30, 1921
May 31, 1921
Discounted for member banks:
June 30, 1921
May 31,1921
48,586
84,711
Nonnational.
3,342
6,567
602
534
30
456
1,706
470 i
192
871
780
Noni
member j
banks a n d i
banking j
corpora- j
tions. :
Private
bankers.
1,361 '
5,675
341 ;
509 i
130
2.186
'S36
184
1,147
897
974
25
50
286
10
25
852
Branches
and
agencies of
foreign
banks.
194
13,899 i
21,443 !
9,059
12,318 i
3,470
9,651 !
3,287
9,519
40,130
75,239
15,280 :
28,444 |
11,507 j
18,310 !
6,960 I
10,053 I
3,391 i
9,517 j
2,992
8,915
8,456
9,472
3,591 i
3,336 i
2,392 !
3,133 j
2,099
2,265 i
79 I
134
295
604
AUGUST,
999
FEDERAL RESERVE BULLETIN.
1921.
BANKING CONDITIONS DURING JUNE AND JULY, 1921.
Developments in the banking field between
the middle of June and July, as indicated by
the weekly bank statements of both reporting
member banks and Federal Reserve Banks,
differed but little in character from those
discussed last month. Both member banks
banks' reserve position. There were no major
credit operations of the Government during
the period, neither the redemption on July 15
of the outstanding balance of some $130,000,000
of loan certificates issued five months before
nor the gradual withdrawal of Government bal-
MOVEMENT OF
PRI NCIPA L ASSETS AND LIABILIT ES
01r THE FEDERAL RESERV E BANK[S
MOVEMENT OF
PRI NCIPAI- ASSETS AND LI ABILIT IES
OF RE PORTING MEMBER BANKS
1920 -1921
1920 - 1921
I
2
3
4
5
6 PURCHASED >VCCEPTANCt:s
DISCOUNTS S ECURED B \t
U.S.GOVERNM :NT OBLIGA TIONS
6 TOTAL DISCC5UNTS
9 TOTAL EARN ING A S S E T s
RE SERVE RAT 10
TO TAL DEPOJ>ITS
CAI5K RESERV ES
F. F. NOTE GIFICULAT1ON
U.S . SECURITI ES
MILLIONS
OF
DOLLARS
MILLIONS
OF
DOLLARS
3500
3000
1500
V
r
JL/
J
AV
9
hf \
S
V
/
A-
2500
2000
y
V
V
3500
•«
_
V
V
V
3000
- -
\
2500
y
V\
\
,v
MM
1500
7
1000
\
500
>
,4
1000
\
0
>
is
>
**»
BILLIONS
OF
DOLLARS
BiLLlONS
OF
DOLLARS
18
18
\7
f
Si*
<%
V
\
15
14
14
13
V
n
500
/\
A
11
A, A *\
3
%
AM
11
N
"\
«\<*\
10
9
8
8
7
7
100
6
6
80
5
5
\
N
3000
s
\
3
2500
• •
2000
-1
"V
"""
1500
». -.— .*
..
60
40
4
\
•A
500
3
s.
K
2
20
2
V
1
2
'•»
1
1
-
MONTH J. F. M.A.M.J.J.A.S.O. N.D. J.F. M.A.M.J.J.A.S.O. N.D MONTH
1920
1921
YEAR
and Federal Reserve Banks continue to show
substantial liquidation of loans and other
earning assets. Commensurate reductions in
liabilities, especially of the Federal Reserve
Banks, and continuous gains of the latter's
cash reserves, through purchase of imported
gold, resulted in further strengthening the
4
3
...
1000
YEAR
12
9
PER
CENT
/-
13
\
s
•^,
0
RESERVE
RATIO
s
12
A
!
3500
16
V
15
10
MILLIONS
OF
DOLLARS
17
5
\
16
i
^,
A C C O M M O DATION AT FEDERAL RESERVE. B A N K S
U.S. O B L I G A T J O N S A N D L O A N S S E C U R ED THEREE Y
NET DEMAf <D D E P O S I T S
TOTAL LO/>\HS
TOTAL L O /^NS A N D I N V E S T M E N T S
2000
K
VI
V
1
2
3
4
5
MONTH J. F. M. A.M. J. J. A. S. 0. N. D. J. F. M. A. M. J. J. A. S. 0. N. D. MONTH
YEAR
1920
1921
YEAR
ances from depositary institutions affecting to
any large extent the general trend toward
greater liquidation of banking resources.
Member banks report a total reduction of
$194,000,000 in their holdings of Government
securities, mainly of Treasury certificates and
of the recently issued three-year Treasury
1000
FEDERAL RESERVE BULLETIN.
notes, for which apparently there is considerable investment demand. Their corporate
and other security holdings show a decline of
$32,000,000, largely during the latter part of
the period. Loan liquidation proceeded on a
smaller scale, including reductions of $31,000000 in loans secured by Government obligations,
of $41,000,000 in loans secured by corporate
obligations, and of $81,000,000 in other, i. e.,
mainly commercial, loans and discounts. As
a consequence of these changes total loans and
investments of the reporting banks show a
steady decline for the period, the July 13 total
of $15,051,000,000 being $379,000,000 below
the corresponding June 15 total and $1,699,000,000, or about 10 per cent below the total
shown on December 31 of last year.
Borrowings by the reporting member banks
from the Federal Reserve Banks, which constitute about 70 per cent of the total amounts
Al GUST, 1 9 2 1 .
of paper discounted by the reserve banks,
increased during the first three weeks of the
period under review, but show a sharp decline
during the week ending July 13, apparently in
connection with the large return movement of
Federal Reserve notes to the reserve banks of
issue. These borrowings constituted 7.7 per
cent of the total loans and investments of the
reporting banks, as against 12.5 per cent at
the close of last year, the percentages indicating in a general way the progress made
during the present year toward greater liquidation of the resources of both the member
banks and the Federal Reserve Banks.
In the following table are shown the principal
changes in the condition of member banks
during the four weeks ending July 13, while the
accompanying chart illustrates these changes
for the whole calendar year 1920 and the first
half of the current year:
MOVEMENT OF PRINCIPAL ASSETS AND LIABILITIES OF REPORTING MEMBER BANKS.
[In millions of dollars.]
June 15.
Number of reporting banks
July 6.
June 22. i June 29.
July 13.
j
817
Loans and discounts: 1
Secured by United States Government obligations
Secured by stocks and bonds (other than United States Government obligations)
All other
:
669
673
672 i
647
638
3,026
8,195
2,993
8,209
3,003 i
8,210 |
3,005
8,168
2,985
8,114
11,890
868
178
152
265
2,077
11,875
864
175
128
237
2,070
11.885
865
172
116
221
2.074
11,820
866
172
94
183
2,060
11,737
862
171
81
155
2,045
15,430
1,443
318
10,384
2,943
411
15,349
1,255
319
9,989
2,919
462
15,333
1,241
327
10,046
2,933
387
15,195 ;
1,251
341
10,030
2:921 !
325 I
15,051
1,247
337
10,086
2,903
' 278
1,168
1,208
1,215
1,250 j
1,154
433
735
7.6
429
779
7.9
443 !
807 i
8.2 j
396
758
7.7
Total loans and discounts i
United States bonds
United States Victory notes
United States Treasury notes
United States certificates of indebtedness
Other bonds, stocks, and securities
i
Total loans and discounts, and investments *
Reserve with Federal Reserve Bank
Cash in vault
Net demand deposits
Time deposits
Government deposits
s
Bills payable and rediscounts with Federal Reserve Bank, total
Secured by United States Government obligations
All other
Ratio of accommodation at Federal Reserve Banks to total loans and investments.. \
1
817 j
i
i
j
i
!
413 j
802 !
7.9
816
816
Including bills rediscounted with Federal Reserve Bank.
The Federal Reserve Banks show a continuous increase in discounts on hand between
June 13 and July 6, substantial liquidation of
discounted paper during the week ending July
13, and more moderate liquidation during the
following week, with the result that discounts
on hand on July 20 were $67,900,000 less than
four weeks earlier. Of the total decrease
shown, $48,200,000 represents the net amount
of Government paper redeemed during the
period. Reserve bank holdings of paper secured by United States bonds and Victory
notes show a decline of about $62,000,000, due
in part to Government purchases of these
securities in connection with sinking-fund
operations. Bills secured by Treasury certifi-
817;
cates, on the other hand, show an increase of
$13,500,000 for the period. The total of
Government paper held by the reserve banks
at the close of the period, $609,800,000, includes aiso about $3,000,000 of paper secured
by the newly issued three-year Treasury notes.
Holdings of acceptances purchased in open
market show a continuous decline from
$39,500,000 to $23,900,000. "Pittman" certificates, on deposit with the Treasury to secure
Federal Reserve Bank note circulation, show
a reduction of $6,500,000, retirement of this
amount by the Treasury being accompanied
by a reduction of $7,100,000 in the reserve
banks' liabilities on Federal Reserve Bank
notes outstanding. Changes in other certifi-
AUGUST, 1921.
1001
FEDERAL RESERVE BULLETIN.
cates reflect largely the redemption about the
end of June of special certificates held by the
New York Federal Reserve Bank to cover
temporary advances to the Government, and
to a smaller extent open-market transactions
in certificates by the New York bank under
temporary purchase agreements. Total earning assets of the reserve banks, in consequence
of the above changes, show a decline for the
period of $118,200,000, and on July 20 stood at
$1,964,200,000, or nearly 40 per cent below
the total shown at the close of the past year.
The following exhibit contains a summary
of the weekly changes in the principal assets
and liabilities of the Federal Reserve Banks
for the four weeks ending July 20, while the
accompanying chart gives a graphic picture
of Federal Reserve development during 1920
and the first half of the present year:
MOVEMENT OP PRINCIPAL ASSETS AND LIABILITIES OF THE 12 FEDERAL RESERVE BANKS COMBINED.
[In millions of dollars.]
June 22.
Reserves: Total
June 29. i
July 6.
July 13. | July 20.
2,620.0
2,450.5
2,625.5 :
2,461.9 !
2,631.2
2,477. 8
2.647.6 i
2.492.7 !
2,659.4
2,508.3
Bills discounted:
Total
Secured by United States Government obligations
All other
Bills bought in open market
Certificates of indebtedness
Total earning assets
1, 754.0
658.0
1,096.0
39.5
255.2
2,082.4
1,771.6
647.8
1,123.8
31.6
222.8 !
2,060.5 !
1, 801.4
674.4
1,127. 0
31.1
226.4
2, 095.5
1, 704.0 1
618.8 !
1,085.2 |
25.1 j
234.4 j
1,999.6 I
1,686.1
609.8
1,076.3
23.9
218.8
1,964.2
Government deposits
Members' reserve deposits
Total deposits
Federal Reserve notes in circulation
Federal Reserve Bank notes in circulation—net liability...
Reserve percentage
18.0
1,647.7
1,697.2
2,639. 3
135.0
60.4
15.4 I
1,641.2
1,685.8
2,634.5
132.4
60.8 !
34.0
1.651.8
1, 713.2
2.671.9
133.3
60.0
10.9 !
1,655.3 j
1,694. 0
2,603. 8
130.6
61.6
35.0
1,630.2
1,693.0
2,564.5
127.9
62.5
Gold
Rediscounting operations by the Richmond,
Minneapolis, and Dallas banks show a moderate increase in volume, the amount of bills
held under discount for these banks by the
Boston and New York banks at the close of
the period, $49,700,000, being .$8,000,000
larger than four weeks earlier. The Richmond bank reduced its accommodation at the
New York bank from $24,800,000 to $19,500,000; the Minneapolis bank shows a more
moderate reduction of its rediscounts with the
New York bank from $12,800,000 to about
$12,000,000, while the Dallas bank reports
an increase in its bills rediscounted with the
Boston bank from $4,100,000 to $18,300,000.
Aggregate contingent liabilities of the Federal
Reserve Banks on bills purchased for foreign
correspondents show a reduction from $61,700,000 to $59,200,000.
Total deposits at the Federal Reserve
Banks fluctuated within the moderate limits
of $1,713,200,000 on July 6 and $1,685,800,000 on June 29. Federal Reserve note
circulation shows the customary increase immediately before July 4, followed, however,
by a much larger return flow of these notes
during the subsequent two weeks, with the
consequence that the July 20 total of $2,564,500,000 is $74,800,000 smaller than the June
22 total and about 25 per cent below the peak
attained on December 23 of last year. During
the same period, i. e., since December 23, 1920,
the Federal Reserve Banks reduced their
liabilities on Federal Reserve Bank notes in
circulation by over $90,000,000, or by nearly
42 per cent.
A further gain of $57,800,000 of gold is
shown by the Federal Reserve Banks between
June 22 and July 20, while their total cash
reserves, because of a loss of $18,400,000 of
silver and legals, shows an increase of $39,400,000 only. Since the beginning of the year the
reserve banks' gold holdings increased by
$445,500,000 and their aggregate cash reserves by $405,700,000. It is the gain in
reserves almost as much as the reduction in
liabilities which accounts for the substantial
rise from 60.4 to 62.5 per cent in the reserve
ratio during the four week period under
review. This rise was continuous, except for
the first week in July, when the temporary
increase in note liabilities caused a decline in
the ratio from 60.8 to about 60 per cent.
In the following table are shown comparative figures of average daily cash reserves,
deposits, Federal Reserve note circulation,
and reserve percentages of the Federal Reserve
Banks for the months of June and July of the
present and the two preceding years:
1002
FEDERAL RESERVE BULLETIN
AUGUST, 1021.
CASH RESERVES, TOTAL DEPOSITS, FEDERAL RESERVE NOTE CIRCULATION, AND RESERVE PERCENTAGES FOR JULY
AND JUNE, 1921.
[Daily averages. Amounts in thousands of dollars.]
Total cash reserves.
Federal reserve notes
in circulation.
Total deposits.
Reserve percentages.
Federal Reserve Bank.
July.
June.
July.
June.
277, 849
919, 35S
207,192
2.56,133
71, 881
80,226
391,199
86, 628
39, 324
77, 235
34, 843
213,311
258,416
901,852
184,750
265,202
75 640
91,911
384,540 !
89,000 |
41,362 !
76,659 I
36,766 i
199,681
112,581
661,375
104, 354
137,634
54, 663
43, 947
240, 667
62, 594
43, 955
72, 857
44, 057
117,797
110,087
684,594 I
102,586
137,394
54,695
44,435
243,471 j
63,117 !
44,377 !
74,431 !
45,094 j
118,990 |
Boston
New York
Philadelphia...
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis...
Kansas City...
Dallas
San Francisco.
Total: 1921
j 2,655,179 j 2,605,779
1920
1919
! 2,118,899
| 2 ; 176,779
I
July.
248, 534
663,119
222,729
2,50,157
116,510
144,284
443,211
102,297
57, 845
77, 076
43, 791
235,197
76.9
69.4
63.3
252,744
691,244
227,366
260,020
123,045
155,057
450,324
104,481
60,039
80,400
48,027
229,813
1,696,481 ! 1,723,271 j 2,604,750
66. 0 I
42.0 j
42.6 I
57.2 1
52. 5 !
38. 6 |
51. 5 J
39.7 |
60.4
2,682,560 |
3,113,949
2,500,969
2,102,985
1,909,221 ! 1,974,537 i 3,143,465
2,248', 265
1,959,758 j1,940,647 I 2,523,960
71.2
65.5
56.0
66.7
42.6
46.1
55.4
53.1
39.6
49.5
39.5
57.2
61.7
59.1
M3.7
150.4
M3.3
52.6
i Calculated on the basis of net deposits and Federal Reserve notes in circulation.
CONDITION OF FEDERAL RESERVE BANKS.
RESOURCES AND LIABILITIES OF EACH FEDERAL RESERVE BANK ON WEDNESDAYS, JUNE 29 TO JULY 20, 1921.
RESOURCES.
[In thousands of dollars.]
Total.
Gold and gold certificates:
323,900
June 29
338,957
July 6
352,341
July 13
July 20
368,448
Gold
settlement
fund—F.R. Board:
407,234
June 29
403,146
July 6
402,248
July 13
404,005
July 20
Gold with F. R.
agents:
11,597,219
June29
|1,598,265
July 6
1,623,321
July 13
'1,624,332
July 20
Gold
redemption
fund:
133,578
June29
137,438
July 6
114,834
July 13
111,513
July 20
Total gold reserves:
2,461,931
June 29
2,477,806
July6
12,492,744
July 13
2,508,298
July 20
Legal-tender notes,
silver, etc.:
163,527
June 29
153,405
July 6
154,850
July 13
July 20
151,068
Total reserves:
June 29
2,625,458
2,631,211
July 6
July 13
2,647,594
July 20
2,659,366
Bills discounted:
Secured by U . S .
Government
obligations—
June29
647,761
July6
674,377
July 13
618,784
July 20
609,779
New
St. ! MinneAtlanta.! Chicago. Louis.
j apolis.
Boston. I York.
1,752 i
1,793 |
1,926 I
1,980
5,984 j
6,029 !
6.182 !
6.183
7,784
7,821
7,877
7,933
239,251
253,815
266,216
281,737
36,017
55,552
46,744
38,921
87, 211
32,943
35,332
53,212
44,919
57,397
54,231
46,013
179,889
181,044
190,824
195,136
509,479
509,298
508,950
127,976
134,428
144,876
147,143
188,065
185,604
183,545
184,936
17,204
15,655
15,307
20,449
36,000
36,000
20,000
20,000
6,743
9,631
5,532
9,279
240,894
260,072
260,752
262,439
871,941
832,056
830,498
843,557
I 16,542
j 16,525
J 15,575
16,374
81,611
72,921
74,102
71,667
2,688
2,703
2,721
2,737
4,816
4,586
4,621
4,667
20,187 !
20,578 I
20,865; j
20,876
2,742 j 8,404 i
2,798 I 8,377 !
2,831
8,462 !
2.862
8,501 i
Kansas
City. Dallas.
San
Francisco.
2,085
2,110
2,184
2,144
8,716
8,674
8,400
8,576
19,491
19,673
20,056
20,252
32,946
35,693
32,326
34,212
2,416
3,312
4,090
4,321
31,390
33,965
32,528
22,895
19,992 j 31,626
20,031 33,607
21,105 33,330
20,846
33,661
12,932
14,751
12,799
11,540
139,477
142,862
150,560
160,458
5,608
3,317
3,258
2,633
4,530
2,691
3,580
4,703
9,569
9,418
7,187
41,190 | 72,265
74,727
39,400
71,098
39,412
39,113 | 72,650
28,594
29,428
28,869
29,140
199,927
205,918
210,331
212,493
10,191 j
9,471 i
5,812
7,340 !
61,113
71,395
90,178
100,334
13,699 i 9,485
17,192 i 7,734
16,552
7,676
16,415
7,346
40,608
38,023
35,223
31,845
58,356
59,832
59,007
52,826
236,078
230,213
231,869
246,406
52,741
48,572
51,233
50,927
4,570
4,514
5,885
3,871
6,205
8,253
10,293
12,878
5,922
5,589
4,936
5,134
30,077
35,292
32,769
17,264
3,841
3,820
3,918
3,994
181,390 251,363
203,249 254,593
206,565 252,167
204,415 249,704
74,604
69,025
68,461
65,742
79,285
79,478
74,376
69,967
347,455
357,478
375,681
384,880
73,023
72,382
74,534
74,198
6,340
6,233
6,108
5,941
4,122
4,424
4,454
3,931
6,559
7,008
7,142
6,956
17,026
16,803
16,868
15,480
12,782
12,699
12,752
12,870
1,005
903
760
660
3,385
3,967
4,227
3,636
j257,436
276,597
276,327
278,813
953,552 186,944 257,703
904,977 206,367 260,826
904,600 209,584 258,275
915,224 208,168 255,645
78,726
73,449
72,915
69.673
85,844
86,486
81,518
76,923
364,481
374,281
392,549
400,360
85,805
85,081
87,286
87,068
I 42,195
I 40,303
! 40,172
j 39,773
75,650
78,694
75,325
76,286
34,181 202,941
35,200 ! 208,950
35,340 i 213,703
35,529 215,904
40,279
I 31,904
36,101
32,843
177, 817
212,999
174,221
172,200
25,573
29,658
28,904
31,304
36,454 107,019
35,063 106, 366
34,770 100,414
34,898 96,591
25,873
24,181
24,020
22,675
9,331
10,470
5,214
7,636
5,554
3,118
3,019
3,753
52,744 ! 25,103
58,446 20,046
56,555 20,224
54,714 18,282
94,815 53,102
84,043 ! 54,259
83,388 I 55,122
85,638 i 48,374
3,309
3,258
2,169
2,420
31,782 !
32,556 !|
31,133
31,857 i
4,994
7,757 I
7,415 '
6,104
5,587
5,772 !
6,471 !
6,389 ;
3,014
3,032
3,372
3,411
40,722
45,121
38,082
39,659
1003
FEDERAL RESERVE BULLETIN.
AUGUST, 1921.
RESOURCES AND LIABILITIES OF EACH FEDERAL RESERVE BANK ON WEDNESDAYS, JUNE 29 TO JULY 20, 1921-Contd.
RESOURCES—Continued.
[In thousands of dollars.]
Total.
Bills discounted—
Continued.
All otherJune 29
,123,801
July6
,126,986
July 13
, 085,196
July 20
,076,370
Bills bought in open
market:
June 29
31,601
July6...
31,136
July 13
25,135
July 20
23,907
U. S. bonds and
notes:
June 29
34,549
July6
36,610
July 13
36,098
July 20
35,407
XI. S. certificates of
indebtedness:
One year certificates (Pittman Act)—
June 29
215,875
July 6... .
215,875
July 13
215,875
July 20
215,875
All otherJune 29
6,908
July6
10,551
July 13
18,534
July 20
2,892
Total earning assets:
June 29
2,060,495
July6
2,095,535
July 13... .
1,999,622
July 20
1,964,230
Bank premises:
June 29
24,845
July6
24,861
July 13
25,519
July 20
25,762
Five per cent redemption fund against
F. R. Banknotes:
June 29
10,042
July6
9,679
July 13
10,033
July 20
9,954
Uncollected items:
June 29
506,454
July6
557,162
590,894
July 13
544,655
July 20
All other resources:
14,747
June 29
13,088
July6
14,698
July 13
12, 712
July 20
Total resources:
5,242,041
June 29
5,331,536
July6
5,288,360
July 13
5,216,679
July 20
Boston.
NewYork.
57,242
53,935
43,808
41,891
237,990
236,970
250,179
250,135
45,869
39,317
33,055
33,197
96,055
98,005
94,136
95,834
8,220
7,905
6,809
5,750
7,362
11,616
7,708
5,747
4,689
3,390
2,538
1,492
555
555
555
555
1,131
3,270
2,722
2,021
18,936 |
18,936 I
18,936 !
18,936 I
Phila- Clevedelphia.! land.
RichSt.
mond. Atlanta Chicago. Louis.
65,578
65,754
65,103
66,761
212,803
218,535
197,398
190,487
52,263
54,597
50,339
51,035
2,390
1,228
1,304
1,196
2,198 ! 1,037
2,036
962
1,389
948
1,613
1,247
3,223
2,306
1 918
2,842
219
104
136
85
1,646
1,627
1,574
1,595
844
843
843
844
1,233 i 10,172
1,233 I 10,142
1,233
10,140
1,233 ! 10,140
4,489
4,490
4,490
4,490
1,169
1,153
1,353
1,153
52,776 26,780
52,776 26,780
52,776 ! 26,780
52,776 ! 26,780
21,799
21,799
21,799
21,799
108 | 5,486 I
9,531 !
36 !
262 | 17,741 |
2,664
849
612
103
4
85
13
28
27
73,286
74,280
72,136
73,026 i
7,260
7,260
7,260
7,260
14,564
14,564
14,564
14,564
12
1
1
1
Minne- Kansas
City. Dallas.
apolis.
65,106
65,977
63,233
66,095
53,925
55,319
54,326
54,077
155
145
133
116
San
Francisco.
54,243
49,674
52,631
50,888
109,441
114,623
108,852
102,944
150
110
136
110
2,093
1,459
2,229
2,866
3,979
3,979
3,979
3,979
308
305
208
413
2,400
2,400
2,400
2,400
9,880
9,880
9,880
36,112 11,568
5,480
36,112 11,568 i 5,480
36,112 ' 11,568
5,480
36,112 i 11,568
5,480
8,320
8,320
8,320
8,320
114
51
1
26
1
37
75,849
79,410
76,261
77,799
97,007
96,734
95,555
94,936
70,103
66,633
64,360
65,013
162,445
171,389
159,252
155,807
627
627
627
627
657
657
656
654
2,654
2,659
2,889
2,889
1,968
1,883
1,884
1,919
560
560
560
560
361
236
236
236
494
494
494
494
76
55 ,
109
37
176
225
288
73
1
1
1
45
125,340
113,271
106,471 !
99,975 |
482,562
527,162
505,347
485,543
I 174,648
!155,769
147,438
148,706
174,275
176,147
173,232
168,07'l
3,698 I
3,716 !
3,792 !
3,829 !
5,302
5,375
5,376
5,376
529
529
529
529
2,173
2,174
2,245
2,326
2,047
2,051
2,129
2,220
752
752
757
757
3,878
3,878
4.075
4.076
!
!
!
|
1,875
1,864
1,870
1,822
700
700
700
700
1,239
1,239
1,239
1,239
363
363
363
363
704
511
645
642
1,820
1,786
2,000
1,972
523
523
523
523
275
275
275
275
916
916
916
916
42,035 117,751
50,190 141,927
56,618 j 130,254
48,243 122,089
42,864
45,878
56,826
48,626
47,650
50,808
53,407
53,467
40,325
43,379
44,817
42,730
18,750
19,280
21,841
19,605
63,876
66,642
72,423
68,169
25,509
28,978
30,639
27,360
13,978
15,119
16,259
14,390
36,971
38,728
42,452
40,020
20,344
21,848
24,156
22,830
36,401
34,385
41,202
37,126
606
491
499
529
1,446
2,554
1,943
1,531
2,675
2,420
3,529
2,418
213,804 128,403
218,222 128,354
217,636 127,919
215,576 127,058
405,516
418,198
418,740
412,309
772
772
772
772
109,550 127,817 363,722 !
114,467 126,486 367,864 '
110,922 125,526 340,441
114,436 127,611 330,559 i
97,177
100,203
94,817
95,771
j
!
j
:
533
377
391
378
3,389
2,587
2,999
2,508
757
259
263
273
933
777
794
794
444
447
602
563
865
680
815
683
2,204
1,890
1,906
1,908
671
495
492
587
224
111
465
540
429,814
444,923
444,371
432,010
|1,564,431
1,583,892
|l,550,446
|1,532,562
406,442
409,502
415,340
407,002
483,973
491,971
489,192
481,545
231,455
234,156
231,748
229,985
234,732
234,195
231,102
226,221
799,981
816,341
813,394
807,044
210,312
215,907
214,384
211,936
133,178
135,875
134,088
133,431
i
|
i
j
LIABILITIES.
Capital paid in:
June 29
July6
July 13
July 20
Surplus:
June 29
July 6
July 13
July 20
Reserved for Government franchise tax:
June 29
July 6
July 13
July 20
102,184
102,103
102,090
102,222
7,911
7,911
7,911
7,911
26,896
26,872
26,872
8,616
8,613
8,613
8,613
11,047
11,047
11,047
11,044
5,412
5,322
5,331
5,378
4,097
4,097
4,097
4,100
14,261
14,259
14,259
14,263
4,506
4,512
4,512
4,542
3,551
3,553
3,543
3,544
4,347
4,346
4,344
4,344
4,222
4,222
4,219
4,207
7,318
7,325
7,342
7,404
202,036
213,824
213,824
213,824
15,711
16,342
16,342
16,342
56,414
59,318
59,318
59,318
17,010
17,564
17,564
17,564
20,305
22,263
22,263
22,263
10,561
11,026
11,026
11,026
8,343
8,708
8,708
8,708
30,536
30,536
30,536
8,346
9,114
9,114
9,114
6,980
7,303
7,303
7,303
9,159
9,330
9,330
9,330
6,033
7,113
7,113
7,113
14,194
15,207
15,207
15,207
40,910
42,065
43,419
44,231
2,225
2,272
2,301
2,348
16,700
17,100
17,529
17,781
2,666
2,737
2,799
2,879
1,558
1,633
1,761
1,841
1,587
1,679
1,735
1,821
2,649
2,584
2,680
2,757
7,746
8,011
8,323
8,513
794
982
1,046
1,009
1,365
1,335
1,387
1,448
1,550
1,587
1,633
1,668
2,070
2,145
2,225
2,166
1004
FEDERAL, RESERVE BULLETIN.
AUGUST,
1923.
RESOURCES AND LIABILITIES OF EACH FEDERAL RESERVE BANK ON WEDNESDAYS, JUNE 29 TO JULY 20, 1921—Contd.
LIABILITIES—Continued.
[In thousands of dollars.]
Total.
Boston.
Deposits:
Government-
15,352
June 29
34,024
July 6
10,942
July 13
34,967
July 20
Member-bank—
r e s e r v e account—
641,156
June 29
651,757
July 6.
655,303
July 13
630,196
July 20
All o t h e r 29,280
June 29
27,371
July6
27,746
July 13
27,856
July 20
Total deposits:
685,788
June 29
713,152
July 6
693,991
July 13
693,019
July 20
F . R . notes in actual
circulation:
2,634,475
June 29
12,671,916
July
6
July 13
2,603,833
~ ' 20
~~
- 564,512
July
F. R. Bank notes in
circulation — net
liability:
132,400
June 29
133,303
July6
130,556
July 13
127,875
July 20
Deferred availability
items:
412,214
June 29
438,455
July 6
July 13
483,901
July 20
453,543
All other liabilities:
32,034
June 29
16,718
July6
16,746
July 13
17,453
July 20
Total liabilities:
,242,041
June 29
,331,536
July6
, 288,360
July 13
,216,679
July 20
New
York.
Phila- Clevedelphia. land.
St.
Richmond. Atlanta. Chicago. Louis.
Minne- Kansas
City. Dallas.
apolis.
San
Francisco.
2,006
538
2,479
1,602
7,4C9
276
12,970
1,311
1,923
1,200
3,674
2,571
3,652
1,347
1,705
204
856
378
1,717
525
1,873
1,026
1,572
1,006
6,622
945
3,427
868
1,623
1,316
1,359
1,082
1,844
878
1,919
1,162
2,615
1,026
1,410
2,015
1,867
601
2,109
2,122
1,734
1,411
626
104,420
109,740
110,389
106,387
664,103
651,727
650,310
637,422
98,675
100,065
101,613
99,208
131,330
136,991
137,403
134,907
51,420
54,176
52,027
51,813
43,464
43,807
43,696
42,929
230,621
229,515
236,681
236,793
59,160
60,952
58,792
59,654
42,180
41,929
42,703
42,154
69,645
71,455
67,946
68,069
42,150
42,312
42,960
41,930
103,988
109,088
110,783
1,174
1,122
1,046
1,081
12,149
11,907
11,515
11,893
1,112
1,230
1,417
1,388
938
775
1,048
797
485
469
478
482
334
355
637
402
2,880
2,253
2,158
3,572
819
783
2,102
761
481
605
539
503
582
529
519
663
378
471
453
7,928
6,965
5,816
5,861
106,478
112,868
111,973
109,947
677,854
671,043
662,101
662,285
101,098
103,218
104,230
104,270
134,839
141,418
139,798
137,409
52,109
55,501
52,883
54,012
44,323
46,035
45,359
44,903
234,507
238,390
239,784
243,792
60,847
63,358
62,210
61,774
43,743
44,378
44,120
44,576
71,389
74,599
69,491
70,142
44,563
44,557
44,032
44,492
114,038
117,787
118,010
115,417
249,784
254,169
251,141
245,906
671,523
684,615
654,260
645,313
226,352
224,513
223,653
219,130
254,841
254,854
252,084
246,526
119,501
120,202
116,864
114,881
150,905
140,636
143,670
141,341
443,802 102,669
454,379 104,739
444,363 101,750
438,846 101,257
58,833
59,613
58,152
57,301
78,459
78,633
77,347
76,363
45,557
45,398
43,331
43,470
232,249
241,165
237,218
234,178
9,837
9,509
9,014
8,559
25,522
28,096
28,326
28,915
10,137
9,827
9,345
8,946
16,555
16,133
15,593
15,029
5,791
5,606
5,352
5,203
9,438
9,167
8,770
17,945
17,450
16,912
15,903
6,373
6,370
6,259
6,163
5,360
5,364
5,358
5,364
13,992
14,518
14,394
14,535
4,321
4,362
4,301
4,227
6,738
6,630
6,535
6,261
82,113 38,768
93,662 42,370
98,693 I 48,487
88,384 44,883
41,597
43,711
45,711
46,502
34,918
33,828
37,572
36,606
13,476
12,977
16,709
14,876
48,147
50,190
56,213
52,256
24,844
25,975
28,648
27,130
11,706
13,087
13,000
12,654
33,403
33,956
39,884
37,980
21,321
21,569
23,705
22,335
25,913
26,229
30,508
29,879
1,795 ! 3,231
7,409
660 j
912
3,162 i
649 I
3,347 !
935
717 j
3,694 I
931
1,576
992
985
1,058
1,110
720
712
766
4,593
3,126
3,004
2,935
1,933
857
845
947
1,640
1,242
1,225
1,241
1,505
1,253
1,213
1,214
2,386
1,133
1,218
1,214
2,996
1,710
1,695
1,797
231,455 234,732
234,156 234,195
231,748 231,102
229,085 226,221
799,981
816,341
813,394
807,044
210,312
215,907
214,384
211,936
133,178
135,875
134,088
133,431
213,804
218,222
217,636
215,576
128,403
128,354
127,919
127,058
405,516
418,198
418,740
412,309
36,008
40,901
44, 771
40,058
1,860
951
918
939
429,814
444,923
444,371
432,010
1,564,431
1,583,892
1,550,446
1,532,562
60.8
60.0
61.6
62.5
72.3
75.4
76.1
78.4
70.7
66.8
68.7
70.0
61,705
60,914
60,432
59,238
2,336
2,336
2,336
4,389
41,449
40,658
40,176
21,178
I 406,442 483,973
I 409,502 491,971
415,340 489,192
407,002 481,545
MEMORANDA.
Ratio of total reserves to deposit
and F. R. note liabilities combined,
er cent:
June 29
July6
July 13
July 20
Contingent liability
on bills purchased
for foreign correspondents:
June 29
July 6
July 13
July 20
57.1
63.0
63.9
64.4
66.1
65.8
65.9
66.6
45.9
41.8
43.0
41.3
44.0
44.2
43.1
41.3
53.7
54.0
57.4
58.6
52.5
50.6
53.2
53.4
41.1
38.8
39.3
39.0
50.5
51.4
51.3
52.1
37.9
39.1
40.5
40.4
58.6
58.2
60.2
61.8
2,560
2,560 I
2,560
4,810
2,624
2,624
2,624
4,931
1,568
1,568
1,568
2,946
1,152
1,152
1,152
2,165
3,808
3,808
3,808
7,155
1,504
1,504
1,504
2,826
864
864
864
1,623
1,536
1,536
1,536
2,886
i 832
! 832
| 832
I 1,563
1,472
1,472
1,472
2,766
REDISCOUNTS OF BILLS BETWEEN FEDERAL RESERVE BANKS.
[In thousands of dollars.]
Federal Reserve Bank.
Paper rediscounted with other F. R. Banks and
outstanding at close of business.
June 29.
New York
Richmond
Minneapolis...
Dallas
Total
.
..
July 6.
July 13. I July 20.
24,974
14,476
8,425
19,875
11,140
10,450
20,000
10,485
16,445
19,460
11, 954
18,287
47,875
41,465
46,930
49, 701
Paper discounted for other F. R. Banks and
held at close of business.
June 29.
July 6.
July 13.
July 20.
8,425
39,450
10,450
31,015
16,445
30,485
18,287
31,414
47,875
41,465
46,930
49,701
AUGUST,
1005
FEDERAL RESERVE BULLETIN.
1921.
MATURITY DISTRIBUTION OF BILLS AND CERTIFICATES OF INDEBTEDNESS HELD BY THE 12 FEDERAL RESERVE BANKS
COMBINED.
[In thousands of dollars.]
Bills discounted:
June 29
July6
July 13
July 20
Bills bought in open market:
June 29
July6
July 13
July 20
U. S. certificates of indebtedness:
June 29
July 6
July 13
July20
Within
16 to 30
61 to 90
31 to 60
days.
Over 90
days.
Total.
15 days.
1,771,562
1,801,363
1,703,980
1,686,149
1,032, 489
1,049, 879
984,521
971,150
165,256
169,610
160,140
163, 545
271,088
280,130
265,996
286, 529
213,178
223, 550
215, 803
190, 922
89, 551
78,194
77,520
74,003
31,601
31,136
25,135
23,907
16,225
19, 311
17,225
14,258
7,706
6,708
3,243
3,277
4,760
3,434
2,827
2,910
1,683
1,830
3,379
10
10
222, 783
226,426
234, 409
218,767
2,600
4,228
10,063
3,700
6,528
4,700
4,700
6,595
17,669
20, 959
28, 002
29,742
34, 814
39,482
44,376
35,092
161,172
157,057
147, 268
143,638
days.
days.
FEDERAL RESERVE NOTES.
FEDERAL RESERVE AGENTS' ACCOUNTS ON WEDNESDAYS, JUNE 29 TO JULY 20, 1921.
[In thousands of dollars.]
New
York.
Philadelphia.
Net amount of F. R.
notes received
from Comptroller
of Currency:
3,803,365 360,276 1,100,131 263,263
June 29
3,784,499 356,431 1.095,137 263,715
July 6
3,785,977 359,211 1.093,772 265,164
July 13
3,781,176 359,923 1,074,318 266,431
July 20
F. R. notes on hand:
807,340
93,630 266,200 21,420
June 29
769,675 88,030
261,200 21,420
July 6
785,470 90,630 259,200 21,420
July 13
811,510 95,350 259,200 21,420
July 20
F. R. notes outstanding:
2,996,025 266,646
833,931 I 241,843
June 29
3,014,824 268,401 833,937 i 242,295
July 6
13,000,507 268,581 834,572 j 243,744
July 13
12,969,666 264,573 815,118 ! 245,011
July 20
Collateral security
for F. R. notes
outstanding:
Gold and gold
certificates—
344.992 i 5,600 286.924 i
June 29
344.993 j 5,600 286.925 I
July 6
344,992
5,600 286.924 !
July 13
344,993
5,600 286.925 !
July 20
Gold redemption fund—
21,555
16,587
127,264 i 24,289
June 29
21,373
13,039
126,558 ! 20,444
July 6
21,026 ! 16,487
119,094 i 15,224
July 13
20,683
11,754
118,896 i 14,536
July 20
Gold settlement
fund — F. R.
Board1,124,963 150,000 201,000 111,389
June 29
1,126,714 155,000 201,000 121,389
July 6
1,159,235 j 170,000 201,000 128,389
July 13
1,160,443 175,000 181,000 135,389
July 20
Eligible paper—
Amount requiredJune 29. 1,398,806 86,757 324,452 113,867
July 6. 1,416,559 87,357 324,639 107,867
July 13. 1,377,186 77,757 325,622 98,868
July 20. 1,345,334 69,437 326,510 97,868
Excess
amount
held—
June 29 346,184 18,984
13,633
63,983
July 6 356,446
3,173
6,387 100,072
July 13 299,676
1,968
8,960
77,188
July 20 313,785 11,047
8,601
71,677
San
Francisco.
Atlanta. Chicago.
320,702
318,941
316,962
317,053
147,462
146,937
146,596
144,219
43,420
43,120
43,800
45,000
22,429
20,189
21,809
21,809
277,282
275,821
273,162
272,053
125,033
126,748
124,787
122,410
23,775
23,775
23,775
23,775
230,076 666,493
228,551 662,788
225,726 665,764
227,045 672,740
151,165
150,976
148,938
151,891
74,203
73,242
72,996
73,737
28,320
25,920
25,120
29,080
13,665
11,850
12,785
13,835
157,152 492,393 122,845
158,577 491,648 125,056
151,572 493,964 123,818
148,741 488,580 122,811
60,538
61,392
60,211
59,902
72,924
69,974
74,154
78,304
i
174,100
171,140
171,800
184,160
3,400
3,400
3,400
3,400
6,110
6,110
6,110
6,110
13,052
13,052
13,052
13,052
14,290
16,829
14,770
16,161
4,608
2,023
2,223
4,845
4,956
5,432
4,607
3,426
15,433
15,569
15,224
14,762
3,400
3,931
3,292
3,686
1,740
1,779
2,853
2,594
150,000
145,000
145,000
145,000
36,000
36,000
33,000
27,000
50,000
51,000
51,000
46,000
220,645
214,644
216,645
231,644
43,231
38,531
41,831
41,131
5,200
5,200
5,200
5,200
89,217
90,217
89,617
87,117
84,425
88,725
"9,564
90,565 |
98,796
98,745
92,565
95,915
256,315
261,435
262,095242,174
70,104
76,484
72,585
71,884
62,303
63,275
60,945
58,170
14,699
15,920
11,139
12,869
4,253
3,017
8,242
66,704
65,404
37,615
47,707
14,022
10,625
8,824
10,878
90,742
89,724
90,447
88,778
I
!
!
j
76,151
74,971
74,018
72,759
322,701
323,086
323,383
332,282
4,780 I 27,612
3,580 25,892
5,180
26,212
4,380 i 25,612
38,840
27,360
33,360
33,360
85,962
86,144
85,267
84,398
48,539
49,079
47,806
47,147
283,861
295,726
293,023
298,922
6,131
6,131
6,131
6,131
3,567
5,386
4,434
3,175
13,573
18,506
15,984
19,973
28,360
31,360
30,360
30,360
3,234
3,234
2,234
2,234
125,904
124,356
134,576
140,485
40,546
41,361
39,106
39,056
54,336
52,537
51,937
50,737
35,607
34,328
35,007
35,607
144,384
152,864
142,463
138,464
28,595
31,460
31,037
32,591
25,442
26,943
26,423
26,914
27,816
25,109
22,808
22,912
3,266 i
2,247
2,970
3,301 !
5,750
5.061
4', 527
3,439
1006
FEDERAL RESERVE BULLETIN.
AUGUST, 1921.
CONDITION OF MEMBER BANKS IN LEADING CITIES.
PRINCIPAL RESOURCES AND LIABILITIES OF MEMBER BANKS IN LEADING CITIES ON WEDNESDAYS, FROM JUNE 22 TO
JULY 13, 1921.
ALL REPORTING MEMBER BANKS IN EACH FEDERAL RESERVE DISTRICT.
[Amounts in thousands of dollars.]
Total.
Number of reporting banks:
June 22
June 29
July6
July 13
Loans and discounts, including bills rediscounted with
F. R. Bank:
Secured by U. S. Government obligations—
June 22
June 29
July6
July 13
Secured by stocks and
bonds (other than
U. S. Government obligations)—
June 22
June 29
July6
July 13
All otherJune 22
June 29
July6
July 13
Total loans and discounts,
including
bills
rediscounted with F. R. Bank:
June 22
,
June 29
July6
July 13
U. S. bonds:
June 22
June 29
July6
July 13
U. S. Victory notes:
June 22
June 29
July 6
July 13
U.S. Treasury notes:
June 22
June 29
July 6
-..
July 13
U. S. certificates of indebtedness:
June 22
,
June 29
July 6
July 13
Other bonds, stocks, and securities:
June 22
June 29
July 6
July 13
Total loans and discounts
and investments, including bills r e d i s c o u n t e d
with F. R. Bank:
June 22
June 29
,
July 6
July 13
,
Reserve with F. R. Bank:
June 22
,
June 29
,
July 6
,
July 13
Cash in vault:
June 22
,
June 29
July 6
July 13
Boston.
817
817
816
816
673,123
672,296
647,021
638,399
New
York.
Philadelphia.
112
112!
112
112
39,064
38,866
36,191
35,863
277,861
277,199
259,320
251,736
Cleveland.
Richmond.
88
113
113
113
113
88
73,214
72,228
72,860
69,410
60,413
62,138
61,465
60,577
37
37!
37|
37
25,251
25,376
24,875
25,072
19,140
19,312
18,262
17,590
83,622
86,499
84,478
2,992,486 193,!, 246 1,,249,963 194,695 337,769 110,616
3,002,994 196,.,327 1., 258,119 190,698 337,198 110,743
3,005,334 196,083 1,271,770 195,681 334,004 110,004
2,985,483 192,9211'., 252, 940
192,948 334,510 110,553
52,111
52,350
52,436
54,830
442,015
446,632
438,702
442,881
119,187!
119,348
119,710
118,682
8,209,460
8,209,951
8,167,972
8,113,716
11,875,069
11,885,241
11,820,327
11, 737,598
607,',616 2 ,764,796
606,072 2!1,764,163
600,743 2,737,888
~
597,462 2,730,284
374,175
379,171
373,349
370,144
12,781
12,565
12,719
12,817
21,145
21,954
20,911
20,919
33,904 71,093
33,429 72,052
33,427 70,205
33,376 70,260
10,689
6,877
6,653
6,724
29,255
28,862
28,944
28,879
37,528 150,359
36,689 149,409
36,555 146,757
37,369 144,213
333,211
332,834
332,381
325,190
307, 7461,., 252,655
310, 8291,,246,007
313,033 1,242,907
306, 037
— ',234,352
1
325,400
324,836
312,002
310,422
232,169
233,145
235,591
231,426
383,585
378,759
380,256
376,279
208,478 745,454
210,280 751,159
208,622 754,351
209,217 748,027
839,926 4,292,620 642,0841.,072,357
841, 265 4!:, 299,481 642,0971,072,032
833,01' 4,268,978 641, 890 1,072,318
826, 246
~' 4,1,234,960 632,502 1,069,963
469,078
468,953
467,260
460,815
378,9971,778,292
3824911,779,138
382,4911]
7311,766,087
383,731"
378,457 1,765,819
465,275
464,604
452,055
449,330
278,854
279,139
281,737
277,619
475,823
472,765
471,372
467,458
256,695
253,846
251,830
253,310
925,068
929,430
930,052
921,119
26,676 16,497
25, 661 16,582
25,446 16,414
25,571 16,016
32,464
31,822
33,535
33,400
33,226
32,535
31,711
31,778
102,308
101,740
102,370
102,290
15,104
15,384
13,746
14,843
34,710
34,549
34,654
34,74"
307, 373
309,937
308, 217
309,117
174,472
171,501
171,507
170,476
6,792
5,875
5,882
5,890
81,063
81,233
82,913
82,726
7,744
6,355
6,167
6,330
15,67r
128,030
115,341
94;310
80,634
3,593
3,454
2,640
2,435
80,704
77,357
63,577
53,323
237,393
221,025
183,023
154,877
6,876
4,842
4,487
4,187
2,069,898 131,063
2,074,305 131,332
2,060,239 131,122
2,045,474 135,458
46,568 99,786
47, 725 100,989
46,831 101,690
46,993 101,631
59,921
59,960
59,697
59,521
32,081
30,707
30,660
29,477
72,581
73,047
74,355
71,667
17,954
17,171
17,116
4,
5,064
5,090
5,073
2,848
2,726
2,691
2,667
30,939
30,585
30,767
30,058
2,041
2,004
1,992
2,010
832
837
817
825
2,963
3,026
3,114
3,148
1,229
1,241
1,212
1,231
14,666
12,582
9,996
9,271
4,855
4,572
3,698
3,043
1,895
1,364
1,—
537
461
293
280
9,851
7,942
6,334
5,361
1,801
1,211
932
511
1,571
342
309
290
3,163
1,079
932
760
1,
2,i
2,093
2
136,566
133,811
105,291
82,984
17,595
11,174
8,255
7,976
15,551
13,779
11,750
10,202
4,822
4,945
4,254
4,260(
1,770
1,332
1,157
1,097
26,153
22,821
21,628
19,526
2,689
2,161
1,894
1,237
2,026
613
396'
309
6,847
8,426
7,296
7,383
1,816
2,194
2,190
2,119
14,682
14,927
14,425
13,597
734,875
734,829
731,640
721,932
157,860
161,199
158,730
157,711
285,310
283,695
284,031
281,348
50,122
55,001
52,911
52,944
36,956
36,677
36,166
36,038
355,222
350,168
345,214
344,408
66,978
67,405
67,871
67,175
21,944
21,614
21,677
21,627
46,788
46,310
47,303
46,446
10,641
10,555
10,472
10,702
172,139
175,520
173,102
169,685
886,5171,495,813
881,1321,492,238
871,8691,490,603
860,7831,481,862
590,801
595,287
590,301
583,602
453,!, 189 1,273,038
2
565,460
454,,394 2:!, 263,701 563,046
454,698 2,244,385 550,190
448,016 ^,236,839
2!
545,834
321,724
319,127
321,350
316,686
568,048
563,428
563,552
558,595
21,374
17,950
18,274
18,654
40,958
41,023
42,496
38,300
21,182
20,240
20,438
21,196
74,259
69,401
73,231
74,288
6,680
6,917
7,019
7,1911
12,605
13,354
13,773
14,030
9,305
9,494
9,981
10,106
22,407
30,938
29,448
26,337
15,349,0531 ,022,960 5,633,201
15,332,6671 ,021,317 5,636,648
15,194,986 I!,011,802 5,560,616
15,051,2671 ,008,963 5,485,042
319,461
327,468
341,414
336,685
20,420
20,343
20,226
68
68
67
67
674,175
672,696
676,849
674,876
861,191
865,254
865, 580
862,208
1,254,660
1,241,465
1,251,237
1,247,211
San
Francisco.
AtSt.
Minne- Kansas
lanta. Chicago. Louis. apolis. City.
70,999 611,477
70,377 608,834
74,969 595,689
74,694 591,721
59,160
60,342
62,037
63,335
91,501
86,951
93,569
92,657
30,417
30,614
33,582
31,753
27,119
27,197
27,697
27,231
21,976
21,070
21,884
21,924
18,987
19,191
17,428!
18,1641
30,809
30,347
31,135
31,223
15,807
15,025
15,807
16,330
9,675
10,091
10,246
108,540
108,038
116,149
115,213
9,884
170,545 35,669
170,832 37,704
169,908 39,347
175,764 37,618
55,006
55,580
60,311
58,703
7,664
7,423
8,233
7,580
2,891
2,417
2,285
305, 3931 ,232,909
302, 4571 ,239,892
299, 5081 ,236,112
301, 2261 ,223,819
1007
FEDERAL RESERVE BULLETIN.
AUGUST, 1921.
PRINCIPAL RESOURCES AND LIABILITIES OF MEMBER BANKS IN LEADING CITIES ON WEDNESDAYS, FROM JUNE 22
TO JULY 13, 1921—Continued.
ALL REPORTING MEMBER BANKS IN EACH FEDERAL RESERVE DISTRICT—Continued.
[Amounts in thousands of dollars.]
New
Total. Boston. | York.
Net demand deposits:
June 22
' 9, 989,313!
June 29
10, 046,3981
July 6
10, 029,836!
July 13
10, 085,866J
!
Time deposits:
June 22
\ 2,919,332!
June 29
1 2,933,118!
July 6.
2, 920,580!
July 13
2, 903,087|
Government deposits:
462,488!
June 22
387,378;
June 29
325,468
July 6
277,917
July 13
Bills payable with F. R.
Bank:
Secured by U. S. Government obligations324,558!
June 22
319,001
June 29
355,074
July 6
310,849
July 13
All otherJune 22
5,618
June 29
1,505
July 6
924
July 13
Bills rediscounted with F. R.
Bank:
Secured by U. S. Government obligations104,154
June 22
93,920
June 29
87,729
July 6
85,118
July 13
All other773,733
June 22
796,797
June 29
805,457
July 6
757,572
July 13
703,688 4,566,206
702,384(4,635,931
720,462|4,561,732
731,072|4,543,758
Philadelphia.
Cleveland.
Richmond.
St.
Minne- Kansas
AtChicago. Louis. apolis. City. Dallas.
lanta.
604,484
604,716
622,702
625,106
784,689!
779,440s
791,717!
798,043
301,024
299,560
304,115
306,081
208,7561,248,670
218,14811,239,107
214,853 1,244,247
213,0531,286,045
287,080
285,818
284,949
286,941
167,845!
171,720]
173,227!
176,654:
73,729}
72,579
70,761
69,786j
San
Francisco.
190,427
188,267
187,542
187,319
564,213
553,319
553,589
567,824
106,395! 61,260
106,883! 61,360
104,946j 60,951
108,492 59,744
540,257
542,170
545,327
539,840
362,231
367,988
370,701
363,970
176,250J
175,005
174,940
175,265
424,363
433,115
425,116
419,032
41,173
41,110
41,254
41,316
429,340
431,140
429,445
426,836
119,685
119,581
120,761
120,341
147,215
146,907
147.239
145^ 521
657,371
660,430
655,360
654,678
142,294
142,838
144,480
142,236
32,316
26,977
22,332
19,061
258,332
214,445
178,248
152,393
49,680
38,026
36,123
30,882
39,734
32,940
27,257
23,222
10,434
8,576
7,211
6,183
3,269
2,744!
2,170!
1,901
26,963
28,682
23,190
19,701
12,849
10,656|
8,862
7,568
7,5811 7,830
" 506
6,298!
6;
5,224j 5,413
4,454 4,"~~
6,495
5.704
4; 605
3,917
7,005
5,824
4,833
4,009
9,807
10,181
6,105
6,256
95,599
97,418
147,434
110,573
39,831
39,314
26,073
28,761
28,854
26,411
30,138
32,071
25,094
24,728
24,503
23,781
15,549
13,4691
12,535!
12,440!
53,531
51,126
50,232
45,430
15,093
14,899
14,811
14,157
4,248|
3,475!
2,608i
4,108
10,276
12,289
10,895
10,651
4,044
4,190
4,495
3,665
22,632
21,501
25,245
18,956
187
248
211
268
113
53
1,
1,840
425
275
189
393
354
790
494
563
568
3,368
3,704
3,043
3,116
321
499
505
538
4,319
3,846
3,988
3,561
35,162
34,568
36, 111
30,986
33,642
31,355
33,121
32,334
11,465
12,433
14,676
17,828
56,427
60,133
62,914
57,385
35
975
1,550
450
1,737.
l,738j.
7,838
8,645
6,098
7,394
34,280
24,423
18,661
17,889
22,832
20,463
23,314
20,787j
6,203
7,152!
6,769
6,709
2,700!
2,768!
2,600
2,799!
4,8431
4,855|
4,657!
4,465!
13,774
14,205
14,314
13,990
47,639
45,621
39,620
29,302
209,997
216,616
216,567
231,171
31,925
37,762
22,766
26,956!
88,998
91,164
90,133
85,450
45,715
44,757
47,320
40,298
29,746
32,302
32,906
32,121!
148,506
152,073
159,237
138,109
2,;
3! 2171
3,302|
34,511
38,013
40,086
35,632
MEMBER BANKS IN FEDERAL RESERVE BANK CITIES.
[Amounts in thousands of dollars.]
Total. Boston.
Number of reporting banks:
June 22
June 29
July 6
July 13
Loans and discounts, including bills rediscounted with
F. R. Bank:
Secured by U. S. Government obligationsJune 22
June 29
July 6
Jutyl3
Secured by stocks and
bonds (other than
U. S. Government
obligations)—
June 22
June 29
July 6
July 13
All otherJune 22
June 29
July 6
July 13
Total loans and discounts, including bills rediscounted
with F. R. Bank:
June 22
June 29
July 6...
!
July 13
i
New
York.
Philadelphia.
Cleveland.
Richmond.
Atlanta.
Minne- Kansas
St.
Chicago. Louis.
apolis. City. Dallas.
Francisco.
15
15
15
15
282
282
282
253,351
252,701
237,283
229,498
70,075
69,138
69,628
66,174
16,198
16,930
16,396
15,915
6,251
6,119
6,051
6,070
3.082
3,093
2,266
2,235
61,159
63,229
61,674
62,041!
12,535
12,274
11,901
11,918
8,276
8,156
8,289
8,340
L234
i,508
i,337
i,371
1,608
1,636
1,580
1,645
13,419
13,113
12,981
12,693
2,089,736
2,103,474
2,105,643
2,084,837
146, 6421 ,086,449
149, 7991,096,144
149, 4141 ,102,220
146, 4931,085,988
175,411
171,248
176,276
173,603
131,910
132,626
130,905
129,566
15,415
15,598
15,771
15,721
!,833
!,618
!,737
321,520
325,796!
318,7271
321,283
87,112
87,227
87,739
87,638
15,329
15,263
15,207
15,632
26,044
26,307
26,515
26,533
9,306
9,576
9,509
9,325
65,765
65,272
64,623
63,962
5,331,589
5,338,324
5,296,262
5,261,434
464, 695 2,, 460,553
463, 414 2,,461,256
459, 428 2;,433,538
455 122 2:,426,814
338,473
344,651
337,666
334,842
279,300
278,400
281,823
280,889
70,141
70,544
68,983
68,044
53,470
54,981
54,281
53,387
801,375
797,851
793,045
786,008
204,949
205,300
194,330
192.513
112,198
111,843
113,091
109,097
139,927
136,584
134,943
134,323
53,814
54,123
54,434
54,180
352,694
359,377
370,700
366,215
7,906,030
7,926,885
7,866,386
7,799,042
643, 854 3.,800,353
645, 403 3;,810,101
638, 937 3:,773,041
,742,300
631,
583,959
585,037
583,570
574,619
427,408
427,956
429,124
426,370
91,807
92,261
90,805
65,385! 1,184,054
66,692| 1,186,876
65,2841.173,446
64,715J1,169,332
304,596
304,801
293,970
292,069
135,803
135,262
136,587
133,069
172.205
169', 399
167,795
167,227
64,728
65,335
65,523
65,150
431,878
437,762
448,304
442,870
484,705
485,087
464,481
452,771
32,517
32,190
30,095
29,871
L008
FEDERAL RESERVE BULLETIN.
AUGUST, 1921.
PRINCIPAL RESOURCES AND LIABILITIES OF MEMBER BANKS IN LEADING CITIES ON WEDNESDAYS, FROM JUNE 22
TO JULY 13, 1921—Continued.
MEMBER BANKS IN FEDERAL RESERVE BANK CITIES—Continued.
[Amounts in thousands of dollars.]
Total.
U. S. bonds:
June 22
June 29
July 6
July 13
U. S. Victory notes:
June 22
June 29
July 6
July 13
U. S. Treasury notes:
June 22
June 29
July6
July 13
U. S. certificates of indebtedness:
June 22
June 29
July 6
July 13
Other bonds, stocks, and j
securities:
I
June 22
June 29
July 6
July 13
Total loans and discounts
and investments, including bills rediscounted with
F. R. Bank:
June 22
June 29
July 6
July 13
Reserve with F. R. Bank:
June22
June 29
July 6
July 13
Cash in vault:
June 22
June 29
July 6
July 13
Net demand deposits:
June 22
June 29
July 6
July 13
Time deposits:
June 22
June 29
July 6
July 13
Government deposits:
June 22
June 29
July 6
July 13
Bills payable with F. R.
Bank:
Secured by U. S. Government obligationsJune 22
June 29
July 6
July 13
All otherJune 22
June 29
July6
July 13
Bills rediscounted with F. R.
Bank:
Secured by U. S. Government obligationsJune 22
June 29
July 6
July 13
All otherJune 22
June 29
July 6
July 13
Boston.
New
York.
I San
Minne- Kansas
St.
FranLouis. apolis. City. Dallas. jI Cisco.
Rich- j Atmond. lanta.
pint
262,408
265,071
263,481
264,607
34,570l
35,279i
34,885!
35,039!
8,497
8,520
8,539
8,461
101,329
100,376
101,450
101,876
1,474 72,731
555 72,897
561
74,557
517 74,426
4,744|
3,3631
3,166J
3,329!
1,765!
1,764!
l,749i
1,750
101,995
93,609
76,024
64,429
1,587
1,421
805
676
75,811
72,965
59,582
49,806
14,144!
12,087!
9,528!
8,879;
296
290
238
2431
118!.
127|.
92!.
79!.
178,551
166,801
133,544
108,525
3,460
1,838
1,520
1,608
131,083| 15,835;
128,851
9,409!
100,598
6,724;
78,466
6,486j
902 j
8181
729!
7661
452!
427!
236!
232;
56,172 559,973 128,302|
56,375 559,691 131,469!
56,630 555,884 128,752
60,871 548,011 127,672|
71,854:
71,240
71,422,
70,679-
4,563!
4,4241
7,211!
7,176J
9,863,100 716,», 556 L902,339
781,5541
4,
9,864,385 715,i, 414 L909,576
776,644|
4,
9,751,496 708,259 4!t, 827,143 766,625)
9,637,405 705,127 £:, 757,616 756,024|
510,722
510,588
511,801
508,269
10 i, 386!
104,684J
105,790!
104,766
54,558!
54,1881
56,361!
57,910|
28,006
27,652
28,659
27,783
4,618
4,725!
5,432
5,096
4,835
4,778
5,260
4,795
14,945|
15,416;
13,422!
14,4791
I
7,019,706 549, 416 1:, 089,336525,809!
7,079,294 548, 244 4,:, 159,849525,560
7,036,093 560, 155 4:, 074,754541,146
7,057,105 568, 396 4;
=,056,149 544,726;
7,541
7,602
8,486
8,916
1,1441
1,079
1,142
1,669
1,601
1,651
1,358
31,755
32,184
35,233
33,574
194,037
195,005
197,399
198,439!
41,852
42,648
41,447)
42,669
34,489
34,8521
34,714
35,387
875,285
864,895
869,527
887,153
1,342,870
1,354,289
1,358,128
1,345,417
232,902 23,477
233,537 23,625j
236,335 23,613
231,505 23,488
443,166
444,375
446,754
446,074
1,132,029
1,132,339
1,127,338
1,117,459
10,009
9,822
9,806
9, r ~~
929,348
920,869
912,420
909,958
57,639
56,548
59,366
59,610
184,450
184,847
197,818
194,448
12,834
12,035
12,498
12,341
380,773
313,080
263,780
225,531
179,088
175,535
214,405
176,295
568,126
564,745
548,567
547,292
95,467
94,711
101,483
101,263
69,129 262,015
69,073 270,496
69,618 263,608
69,781 257,362
28,800l
28,715!
28,752;
28,774|
23,052 251,102 47,713!
19,201 208,443 36,521;
15,934 173,261 34,693
13,607 148,132 29,661
7,390
7,334
3,302
3,711
73,153 36,464
73,286 35,790
124,275 22,705
90,926 25,460
!
7,264
7,263!
7,264'
7,262j
4,362
4*180
4,040
20,370
20,475
21,932
20,444
11,620!
ll,067|
11,000:
10,968i
182:
182!
182!
182|
65
65
225
225
12,466
12,559
12,733
13,023
376 i
388!
394;
3,291
2,310
1,996
1,557
1,485:
1,055!
800|
406'
527,341
543,713
540,537
515,058
221
221
220
220
32,677
22,626
17,272
16,648
31
31
31
6,507
7 444
6,612
6,698
2,987
860
747
593
1,536!
1,636;
l,643j
1,63ft!
647
819
554
515
2,288
3,928
3,955
3,915
7741
789!
815!!
766
6,468
6,206
5,987
5,938
149,166
143,363
139,917
138,981
42,814
42,923!
43,425!
42,984
8,616
8,568
8,589
8,661
11,328
11,279
11,840
11,918
3,307j
3,286!
3,372
3,423
92,651
96,446
97,063
93,680
73,145!l,382,661
74,4441,377,710
72,9721,361,099
72,4331,352,617
363,270!
362,149J
351,181
347,6891
151,023
149,216
150,226
146,"-"
200,386
196,428
197,149
196,418
77,507!
77,611!
77,869
77,380!
599,551
609,921
621,382
612,205
10,218 14,120
8,225 13,937
8,376 16,088
9,252 12,645
5,123!
5,858,
4,467
5,158!
32,385
29,080
31,895
32,041
,60l!
1,697!
1,667!
l518j
8,539
9,444
12,376
10,270
49,942|
51,142
50,237
50,9571
258,017
250,463
255,430
260,493
15,508
15,494
15,371
15,300
7,294
7,318
7,327;
7,2721
253,564
253,757
265,252
266,565
2,685
2,227
1,842
1 562
6,818
5,667
4,713
4,029
5,965
5^22l!
4,239
3,596
4,839
4,024
3,340
2,734
1,204
788
772
3,946
3,846
4,892|
4,855
3,283|
3,275
3,233!
3,403i
123,552 26,168
123,297 27,836
120,042 27,907
121,036 27,340
22,292 315,483
22,326 318,288
22,086 315,259
21,987 313,777
3,537
3,603!
4,193
3,562
2,308
2,269
2,561
2,537
3,064
3,141
3,169
3,488
194,267 74,076 133,1801
194,862 76,868 134,906
193,196 78,665 139,423|
195,203 81,428 136,105|
82,115 30,291
82,241 29,419
82,309 28,598
81,948 27,678
827
685
4,114
3,819
567
477
71 i
60
50
39
20,054
16,437
13,296
11,269
11,188
9,298
7,731
6,606
4,243
3,667
4,743
4,943
6,914
7,559
7,551
6,580
580J
580
5801
21,448
20,086
19,184
17,229
10,034
9,306
8,205
917
370
545
45,169 181,070 29,875
42,783 187,262 37,028
37,097 185,162 30,975
26,813 204,400 25,442
62,528
61,338
62,766
61,589
13,199
12,579
12,559
12,276
|
|
1,576
431
257
150
6,459
5,296|
22,731
20,367
23,087
20,527
61,400
61,244
62,862
62,504
757
919
1,026
1,081
975
1,550
450
7,247
7,904
5,902
7,198
7,131
6,534
6,485
6,374
13,314j 2,369
12,127 1,927
11,075 1,598'
9,280
868
2,395
2,870
450
78,784
67,249
61,432
59,114
4,714 10,821
4,695 10,043
4,534 11,786
4,722 11,684
310
315
209
167;
8,975
9,349
8,920
8,"~
4,313'
4,162|
5,343
' ~
87,697
91,699
94,046
77,456
13,963
12,565
17,095
13,140
1,420
1,320
1,553
l'482J
528
363
454
461
19,496 26,066
21,267 24,829
23,753 24,859
20,895 21,707
l,030i
1,115j
1,050!
1,0
17,694! 2,217
16,489; 2,197
16,574' 3,790
17,072
4,354
3,312
2,778
2,647
2,148
38,017
42,080
43,613
38,370
1009
FEDEKAL. RESERVE BULLETIN.
AUGUST, 1921.
BANK DEBITS.
For the four-week period ending July 20 of an increase in the physical volume of trade
debits to individual accounts fluctuated be- or in the rapidity of the turnover.
tween $6,891,000,000 for the week ending June
29 and $7,579,000,000 for the following week,
DEBITS TO INDIVIDUAL ACCOUNTS
AT BANKS IN
which, in spite of having only five business
REPORTING CLEARJHG HOUSE CENTERS
days, showed larger totals of debits owing to
the settlement on June 30 of end-of-month,
DEBITS FOR 1920
end-of-quarter, and end-of-fiscal-year obligations. For the two following weeks somewhat
lower figures are reported though the decline is
relatively insignificant.
The movement from week to week for the
corresponding period in 1920 was different
from that for the period under review, largely
because the first week of the period in 1920 included June 30, with its heavy settlements,
while the week ending July 7 saw a much
smaller volume of debits owing to the inclusion
of the Fourth of July holiday. The lag of the
1 AND 2 : BANKS IN NEW YORK CITY
1921 figures behind those for the same period
3 AND 4= BANKS !N ALL REPORTING CENTERS
in 1920 amounted to about 19 per cent. For
New York City, where the decline in volume
of debits set in much earlier last year, the lag
was only about 13 per cent, while for the other
centers it was about 25 per cent. In view of
the fact that the price level in July of this year
- BANKS OUTSIDE OF NEW YORK CITY
was more than 40 per cent lower than a year
I
I
ago, this 25 per cent lag in debits is indicative
FEB. MAR. APR. MAY JUNE JULY AUG. SEPT. OCT. NOV.
DEBITS TO INDIVIDUAL ACCOUNTS AT CLEARING-HOUSE
SUMMARY BY F E D E R A L R E S E R V E
BANKS.
DISTRICTS.
[In thousands of dollars.]
1921
Federal Reserve District.
Number
of centers
included.
Boston
New York
Philadelphia..
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis...
Kansas City...
Dallas
San Francisco.
Total...
152
1920
Week e n d i n g -
Week e n d i n g -
June 29.
July 6.
July 13.
July 20.
June 30. j
July 7.
July 14.
336,044
3,742,943
357,446
359,635
152,929
155,526
796,678
153,553
118,491
208,554
103,429
406,109
361,875
,217,547
371,903
389,312
165,727
180,540
846,564
168,212
120,782
220,620
102,253
433,595
356,065
3,874,472
353,093
391,160
165,345
167,774
906,005
166,098
129,609
234,656
107,511
460,642
390,052
3,946,421
374,693
377,774
156,473
181,486
912,418
179,911
125,172
240,032
108,450
457,698
4,611,442
441,838
562,817
195,786
225,665
1,130,725
225,060
156,914
295,014
125,576
551,530
473,187
4,228,726
427,373
522,457
189,733
234,282
1,096,359
210,567
149,609
284,539
137,972
563,294
506,869
4,721,074
418,723
560,275
193,534
237,762
1,204,163
238,069
183,545
307,088
145,323
593,175
519,704
4,551,657
418,552
575,198
191,689
241,636
1,278,229
238,764
169,078
290,283
134,619
593,793
6,891,337
7,578,930
7,312,430
7,391,851
8,980,065
8,518,098
9,309,600
9,203,202
July 21.
NOTE.—Figures for the following centers, while shown in the body of the statement, are not included in the summary, complete data for the
centers not being available for each week under review: Harrisburg, Pa.; Johnstown, Pa.; Reading, Pa.; Cincinnati, Ohio; Greenville, S. C ; Washington, D. C ; Wilmington, N. 0.; Moline, 111.; Springfield, 111.; East St. Louis and National Stock Yards, 111.; Quiney, 111.; Springfield, Mo.; Atchison,
Kans.; Galveston, Tex.; and Tucson, Ariz.
1010
FEDERAL RESERVE BULLETIN.
AUGUST,
1921.
DEBITS TO INDIVIDUAL ACCOUNTS AT CLEARING-HOUSE BANKS—Continued.
DATA FOR EACH REPORTING CENTER.
[In thousands of dollars.]
1921
Week ending—
June 29.
District No. 1—Boston:
Bangor
Boston
Do
Fall River
Hartford
Holyoke
Lowell
Manchester
New Bedford
New Haven
Portland
Providence
Springfield
Waterbury
"Worcester
District No. 2—New York:
Albany
Binghamton
Buffalo
New York
Passaic
Rochester
Syracuse
District No. 3—Philadelphia:
Altoona
Chester
Harrisburg
Johnstown
Lancaster
Philadelphia
Reading
Scranton
Trenton
Wilkes-Barre
Williamsport
Wilmington
York
District No. 4—Cleveland:
Akron
Cincinnati
Cleveland
Columbus
Dayton
Erie
Greensburg
Lexington
Oil City
Pittsburgh
Springfield
Toledo
Wheeling
Youngstown
District No. 5—Richmond:
Baltimore
Charleston
Charlotte
Columbia
Greenville, S. C
Huntington
Norfolk
Raleigh
Richmond
Washington
Wilmington
District No. 6—Atlanta:
Atlanta
Augusta
Birmingham
Chattanooga
Jacksonville
Knoxville
Macon
Mobile
Montgomery
Nashville
New Orleans
Pensacola
Savannah
Tampa
Vicksburg
1
July 6.
July 13.
1920
Week endingJuly 20. ; June 30.
3,514 |
3,242
4,093
1217,728 I 1219,384
1215,689
288,633 i
281,563
295,258
4,661
5,542 I
5,017
18,417 !
27,791 I
22,276 !
2,887 |
2,931 !
2,819 I
3,853 i
3,846 i
4,496 j
4,105 !
3,873 I
4,559 I
5,085 I
4,947
5,987 !
18,231 I
13,727 !!
17,198 !
5,239
5,701 i
7,309
29,238 i
33,319
30,043
11,624 !
13,851
12,800
5,239 i
6,313
5,188
13,127 :
14,836
14,259
3,348
1252,977 !
330,913 j
5,923 !
20,863 !
2,956
4,743
4,382 :
6,594
18,178 .
6,499 I
31,515 ;
11,590 |
5,639 |
14,845 |
37,006
31,373 ;
3,361 I
4,274
49,498 !
69,064
3.617,372 j 4,050,119
4,616
5,070
24,599 I
35,991
12,124 !
16,023
23,673
3,977
61,146
3,737,133
5,694
28,580
14,269
2,759
3,187
3,884
3,800
6,541
6,835
5,102 I
4,765
4,277
4,391
295,195 !
311,122
8,486 |
8,630
16,096 !
14,213
10,013 |
9,793
8,135 i
7,000
3,529 i
4,089
9 651 ! 11,019
3,479 |
3,717
3,209
4,078
6,853
4,962
4,390
289,668
12,976
56,149 )
102,281
27,343
11,196
5,449
3,881
3,143
2,161
145,776
3,377
23,838
7,544
10,670
14,700
58,132
117,554
27,242
13,568
5,892
3,882
4,166
2,453
152,123
4,007
24,029
7,273
12,423
13,662
59,871
122,935
29,242
12,952
6,405
4,924
3,697
1,992
139,406
4,400
32,748
7,305
11,492
15,216
63,294
112,857
31,350
13,137
5,536
5,109
3,595
1,934
141,526
4,171
26,977
6,521
9,845
93,899
5,000
5,750
5,630
2,543
4,353
12,131
4,400
21,766
41,548
4,640
99,260
7,019
5,865
4,300
3,640
4,540
13,888
4,350
26,505
41,357
5,039
101,330
6,742
4,994
4,985
2,574
4,960
15,147
4,100
23,087
37,830
5,547
20,473
4,007
11,991
6,839
8,804
4,495
3,731
5,097
2,602
23,844
48,954
1,234
8,172
4,237
1,046
Debits of banks which submitted reports in 1920.
24,697
5,308
14,552
7,906
9,788
6,197
4,166
5,709
2,400
24,992
56,872
1,406
10,329
4,908
1,310
23,577
5,326
10,696
8,222
9,965
4,688
3,997
5,820
2,171
22,277
54,601
1,464
8,761
4,976
1,233
17,474
10,552 l
8,578
4,295
7,132
3,717
July 7.
July 14.
July 21.
3,565
189,517
3,909
295,064
3,790
322,284
3,847
333,990
9,785
22,121
4,351
5,612
5,233
7,954
19,137
8,463
38,655
17,258
7,286
18,761
9,528
28,528
4,045
5,778
5,904
7,498
21,130
8,358
39,964
17,363
7,814
18,304
9,837
27,206
4,631
6,530
6,284
8,668
22,011
7,738
39,287
18,471
7,978
21,554
8,926
25,863
4,567
6,273
5,940
8,978
21,795
9,675
42,243
19,046
7,463
21,098
18,563 ;
19,843
3,747 !
4,598
56,115
68,380
3,821,102
4,463,000
5,968
5,124
27,700
32,169
13,226
18,328
22,324
4,799
78,900
4,060,377
5,952
34,920
21,454
24,936
4,789
78,553
4,556,620
5,676
30,911
19,589
25,176
4,984
79,395
4,382,556
5,841
33,412
20,293
3,528
5,088
2,919
5,567
2,314
5,789
3,330
5,904
5,496
372,189
5,437
359,956
6,274
347,789
6,563
349,136
15,486
12,000
9,609
3,949
9,818
4,675
15,148
11,793
8,801
4,405
8,230
5,117
17,074
11,620
10,013
5,480
7,732
4,638
13,863
13,396
9,483
4,595
8,072
4,210
3,116
4,753
7,115
4,913
4,217
312,507
8,134
11,959
14,521
8,178
3,925
7,378
4,139
30,579
25,605
20,690
26,969
171,634
30,863
11,998
8,355
6,915
4,950
3,409
232,481
3,235
33,732
9,045
15,621
182,243
28,333
13,152
7,435
5,211
5,246
2,833
191,768
4,257
30,784
8,051
17,539
201,537
31,474
13,124
8,372
5,923
5,224
3,901
202,371
4,361
34,719
9,509
19,070
205,989
31,666
12,375
8,324
8,263
5,241
3,330
209,546
3,703
35,175
9,798
14,819
94,092
5,220
4,555
4,653
2,472
4,995
13,799
4,900
24,259
37,621
4,396
111,778
9,400
7,872
5,577
108,543
9,875
7,340
5,742
112,150
9,400
8,867
5,989
106,374
9,933
8,856
5,771
5,563
20,356
4,070
31,170
5,175
19,797
3,900
29,361
6,183
21,853
4,258 j
24,834
5,708
23,371
4,000
27,676
23,652
5,116
12,025
8,205
9,954
6,721
4,599
5,733
2,547
33,177
52,866
1,407
9,186
5,110
1,188
31,579
7,925
16,386
10,330
12,629
5,863
5,831
7,817
5,590
24,183
74,284
2,044
14,504
5,317
1,383
28,668
8,282
17,234
12,605
13,936
6,923
6,390
8,013
4,636
22,374
79,279
2,150
15,903
6,097
1,792
30,995
7,539
16,845
12,319
14,837
7,422
6,726
8,203
5,364
27,354
74,362
2,484
15,186
6,216
1,910
31,896
7,669
18,321
12,906
14,278
7,717
8,053
4,880
24,329
75,886
2,535
15,948
6,553
1,763
AUGUST,
1921.
1011
FEDERAL RESERVE BULLETIN.
DEBITS TO INDIVIDUAL ACCOUNTS AT CLEARING-HOUSE BANKS—Continued
DATA FOR EACH R E P O R T I N G CENTER—Continued.
[In thousands of dollars.]
1921
Week ending—
June 20.
District No. 7—Chicago:
2,027
Bay City
Bloomington
2,144
Cedar Rapids
8,403
Chicago
523,449
Davenport
5,562
Decatur
2,550
Des Moines
14,396
Detroit
89,665
Dubuque
2,379
Flint
!".
4,876
Fort Wayne
6,159
Grand Rapids
17,063
Indianapolis
31,676
Jackson
4,038
Kalamazoo
3,279
Lansing
4,580
Milwaukee
45,307
Moline
1,405
7,143
Peoria
Roekford
4,144
Sioux City
9,384
South B e n d . . .
5,705
Springfield, 111
4,697
2,749
Waterloo
District No. 8—St. Louis:
8,356
East St. Louis and National Stock Yards.
4,811
Evansville
Little Rock
8,259
Louisville
i 22,205
Do
28,821
17,401
Memphis
Quincy...;
1,789
1100,877
St. Louis
Do
'.'...'.'.'.'.'..'....'....'.'.
113,397
2,324
Springfield, Mo
District. No. 9—Minneapolis:
1,229
Aberdeen
Billings
1,486
Duluth
16,301
Fargo
2,133
Grand Forks
..
905
Great Falls
1,514
Helena
2,136
Minneapolis...
58,837
26,693
St. Paul
Sioux Falls
4,587
Superior
1,794
Winona
876
District No. 10—Kansas City:
1 104
Atchison
1^965
Bartlesville
1,920
Cheyenne
2,269
Colorado Springs
32,657
Denver
1,750
Joplin
3,582
Kansas City, Kans
60,689
Kansas City, Mo
3,050
Muskogee
16,465
Oklahoma City
38,595
Omaha
2,788
Pueblo
12,887
St. Joseph
2,620
Topeka
18,669
Tulsa
8,648
Wichita
District No. 11—Dallas:
1,357
Albuquerque
2,268
Austin
2,649
Beaumont
27,799
Dallas
7,405
El Paso
19,941
Fort Worth
15 980
Galveston
25'176
Houston
7,306
San Antonio
5,684
Shreveport
1,140
Texarkana, Tex
1 782
Tucson
2*, 704
Waco
1 Debits of banks which submitted reports in 1920.
July 6.
July 13.
1920
Week endingJuly 20.
2,224
2,720
9,613
544,121
7,151
2,673
13,391
104,800
3,212
5,639
7,279
17,390
32,244
3,182
3,807
6,100
50,956
1,948
7,948
5,811
8,162
5,372
6,957
2,769
2,624
2,074
10,347
548,414
6,056
3,035
15,386
160,515
2,581
5,074
6,800
14,868
34,221
3,275
3,650
4,509
50,688
1,673
7,969
4,994
9,062
6,707
6,193
3,156
2,292
2,465
9,025
586,027
5,957
3,996
15,787
122,774
2,603
7,465
6,567
17,273
33,381
4,082
3,929
5,079
54,421
1,938
8,279
5,103
8,053
5,131
6 071
2,729
6,971
5,694
7,337
1
22,612
29,307
19,887
2,093
1
112,682
129 196
2*875
8,816
6,832
9,194
1
24,247
31,397
16,915
2,286
1
108,910
129,121
2*638
8,462
5,037
8,063
1
22,912
28 698
22^471
2 628
1
121J428
135 318
2,498
1,167
1,667
15,498
2,654
1,146
1,352
2,657
60,946
26,069
4,602
1,797
1,227
1,536
1,854
17,559
3,041
1,216
1,526
2,481
65,153
27,682
4,149
2,007
1,405
970
2,219
2,538
2,316
32,115
1,673
3,339
63,567
3,825
21,058
38,052
4,482
13,551
3,985
17,378
10,522
1,891
2,541
2,908
27,819
7,750
18,420
16 344
24^342
5,646
6,034
1,580
1 089
3^322
June 30.
July 7.
July 14.
July 21.
3,265
2,785
6,282
722,263
7,577
4,337
21,409
152,731
2,726
10,007
7,860
20,830
41,031
3,522
5,474
7,133
65,662
3,342
2,845
8,600
690,499
9,789
3,905
18,670
141,300
4,193
17,762
7,733
20,523
40,896
4,829
5,461
7,562
65,633
3,321
2,854
13,975
769,067
8,355
4,210
25,039
159,382
4,153
11,231
8,688
21,601
42,046
2,496
5,120
6,402
71,692
12,359
6,315
16,020
5,879
11,961
7,277
14,166
5,361
11,930
6,882
16,036
5,139
3,302
2,844
11,621
816,123
7,482
4,167
20,884
179,234
2,712
9,816
8,104
26,158
43,180
4,625
5,609
6,879
77,722
2,849
12,235
6,311
18,611
5,937
5,258
4,052
4,544
4,673
5,466
8,673
37,125
6,003
8,647
33,429
5,603
12,118
37,164
4,919
10,295
32,548
28,818
26,882
29,864
30,021
144,978
135,606
153,320
160,981
1,397
1,574
15,381
2,466
1,219
1,636
2,287
64,686
27,533
3,957
1,863
1,173
1,552
1,765
18,818
3,220
1,395
2,042
2,081
81,711
35,606
5,734
1,987
1,003
1,808
1,991
16,351
4,023
1,971
2,293
2,553
74,967
34,636
5,571
2,036
1,409
1,840
2,037
23,866
3,892
1,845
1,982
2,369
97,397
38,64,8
6,126
2,036
1,507
806
2,135
23,806
3,407
1,602
1,822
2,368
87,490
35,996
6,057
2,180
1,409
1 204
2*073
2,132
2,719
31,020
2,042
3,012
72,010
3,202
20,570
41,316
4,192
16,453
4,495
16,954
12,466
1 558
2^645
1,746
2,696
30,838
2,028
3,719
76,533
2,859
19,466
44,663
3,790
16,971
3,409
15,134
13,535
4,686
1,915
3,215
39,077
3,155
4,121
82,353
5,919
22,560
58,174
5,404
16,635
3,441
32,287
12,072
3,792
1,882
2,795
41,667
3,086
4,507
79,030
5,868
22,759
53,353
5,897
16,906
3,671
25,115
14,211
3,462
1,664
3,474
43,370
3,837
3,275
92,198
5,005
23,672
58,004
4,815
12,842
4,485
31,477
15,508
3,403
1,958
3,543
40,655
3,249
4,099
75,889
5,297
24,222
57,186
4,375
14,056
4,189
29,449
18,713
2,124
3,265
3,350
27,607
7,093
18,920
19 222
28'045
6,875
5,957
1,182
2 038
3^093
1,744
2,271
3,133
33,960
6,343
20,110
20,965
24'258
6,401
5,555
1,515
1 852
3,' 160
1,523
2,732
3,821
33,587
8,617
23,569
2,114
3,098
4,509
37,843
8,279
24,869 ;
1,972
3,285
5,060
34,420
8,700
24,897
1,977
2,342
4,779
36,652
8,592
25,841
31,960
6,185
8,107
1,615
1 782
3^860
39,870
6,841
5,678
1,411
1,888
3,460
44,849
7,677
8,130
2,093
1,910
4,240
33,136
7,520
8,508
1,422
3,850
1012
FEDERAL RESERVE BULLETIN.
AUGUST, 1921.
DEBITS TO INDIVIDUAL ACCOUNTS AT CLEARING-HOUSE BANKS—Continued.
DATA FOR EACH REPORTING CENTER—Continued.
[In thousands of dollars.]
1920
Week ending-
1921
Week endingJune 29.
District No. 12—San Francisco:
Berkeley
Boise
Fresno
Long Beach
Los Angeles
Oakland
Ogden
Pasadena
Portland
Reno
Sacramento
Salt Lake City
San Diego
San Francisco
San Jose
Seattle
Spokane
Stockton
Tacoma
Yakima
July 6.
2,325
2,675
6,865
4,924
92,355
16,629
2,731
4,390
29,523
2,718
11,231
11,468
7,271
158,310
3,517
27,989
8,984
3,642
6,611
1,951
July 13 I July 20
3,234 i
3.207 I
9,170 I
6,042 i
104,876
18,682 I
3.208 I
5,303 I
31,650 |
3,084 ;
13,705 !
13,937 I
9,503 !
169,216 j
5,039 !
33,727! i
11,259
4,890 i
8,744 i
2,166 !
2,970
3,034
8,300
5,866
99,727
18,109
3,088
5,195
29,503
2,170
12,769
13,181
7,841
126,400
4,169
31,577
10,357
4,156
8,637
1,920 |
July 14
July 7
June 30
2,134 I
3,380 |
8,605 i
4,317 I
98,750 j
32,386 j
3,771 !
4,954 !
41,327 i
3.309 I
13,342 !
17,788 I
7,392 j
232,759 I
4,905 |
44,302 j
11,073 ;
5,180 j
9,338
2,518 !
3,023
3,445
10,738
5,498
107,112
38,578
3,984
5,506
49,499
2,992
14,770
18,579
9,843
229,798
6,785
47,840
13,332
6,100
12,473
3,280
2,822
2,873
10,832
6,861
105,010
36,388
4,474
4,823
45,411
3,366
15,977
18,362
8,795
215,598
7,695
41,046
12,174
7,000
10,828
2,959
July 21.
2,731
3,578
10,019
4,942
106,850
37,271
3,844
5,361
46,538
3,228
15,112
18,309
8,593
239,562
5,856
47,428
12,527
6,559
12,441
3,044
GOLD SETTLEMENT FUND.
INTER-FEDERAL RESERVE BANK TRANSACTIONS FROM JUNE 24 TO JULY 21, 1921, INCLUSIVE.
[In thousands of dollars.]
Daily settlements.
Transfers.
Federal Reserve Bank.
Debits.
Boston
New York
Philadelphia...
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis....
Kansas City...
Dallas
San Francisco..
Total four weeks e n d i n g July 21,1921
June 23,1921
July 22, 1920
June 24,1920
Credits.
Debits.
Credits.
407,335
1,238,528
497,361
379,360
380,053
128,202
633,015
292,198
97,341
252,129
135,996
160,493
4,602,011
4,789,406
6,580,200
6,499,262
44,000
100,200
17,000
16,000
75,314
1,000
10,500
1,000
16,430
1,200
18,396
4,000
16,896
128,244
78,200
2,000
7,700
2,500
14,500
5,500
32,000
17,500
358,994
1,339,738
455,983
355,260
395,102
141,925
590,934
293,951
98,117
252,927
146,140
172,940
305,040
346,594
500,764
542,271
305,040
346,594
500,764
542,271
4,602,011
4,789,406
6,580,200
6,499,262
Changes in ownership
of gold through trans- Balance
fers and settlements. in bank's
fund at
end of
period.
Decrease. | Increase.
21,237
73,166
24,378
8,100
12,163
12,723
39,281
253
2,706
101,011
!
3,502
3,460
I
1,053
101,011
41,027
57,643
43,842
55,551
17,121
6,589
96,150
15,197
6,315
34,453
4,433
26,408
404,729
403,621
386,419
404,869
AUGUST, 1921.
1013
FEDERAL RESERVE BULLETIN.
FEDERAL RESERVE CLEARING SYSTEM.
OPERATIONS FROM JUNE 16 TO JULY 15,1921.
[Allfiguresshown in thousands.]
Items drawn on banks located
in own district.
In F. R. Bank
or branch city.
Federal Reserve Bank
or branch.
Outside F. R.
Bank or branch
city.
Items forItems for- ;
warded to
Total items hanTotal items han- warded to other
F. R. Banks parent bank or| died, including
dled, exclusive
and their
to branch in \ duplications,
of duplications.
branches.
same district.
Items drawn
on Treasurer
of U. S.
NumNumNumNumber. Amount. ber. Amount. ber. Amount. ber. Amount.
Boston
New York
Buffalo
Philadelphia
Cleveland
Cincinnati
Pittsburgh
Richmond
Baltimore
Atlanta
B irmingham
Jacksonville
Nashville
New Orleans...
Chicago
Detroit
St. Louis
Little Rock
Louisville
Memphis
Minneapolis
Helena
Kansas City
Denver
Oklahoma City.
Omaha
Dallas
El Paso
Houston
San Francisco
Los Angeles
Portland
Salt Lake City..
Seattle
Spokane
705
539,515
1,372 1,652,507
189
81,9471
1,628
707,5911
374
188,4771
188
113,882
425
247,164
103
108,218
229
136,421
116
48,711!
232
31,0541
53
16,723
50
22,410
62
38,691
830
568,531
266
162,052
239
184,974
42
18,819
91
49,861
66
21,737
245
110,917
24
8,281
305
224,265
100
41,735
60
50,698
92
44,413
114
45,211
40
9,729
60
34,022
192
99,336
291
102,974
56
26,640
43
22,635
110
31,289
34
15,672
3,320
4,457
389
2,114
1,160
748
811
1,773
630
312
124
135
210
105
3,444
434
1,239
245
368
143]
1,3921
196!
1,902!
317!
838
522
1,334
121
291
434
840
196
373
194
ifiC
380,129
156
938,490 1,199
50,761
15]
228,082
171|
68
135,037
58
68,264
55
95,305
53
241,231
56
70,163
28
38,455
6,686
9i
13,617
8
16,214
14
11,737
37
312,042
453
40,241
33
74,735
123
14,005
7
24,662
29
7,435
9
78,218
53
10,591
5
94,266
91
16,310
24
68,108
8
31,305
43
151,003
26
9,818
18
29,264
58
33,214
75
67,501
36
11,177
18
23,429
15
13,345
24
9,823
9
Total:
June 16 to July 15,1921 9,026 5,807,102 31,279 3,414,663 3,084
May 16 to June 15,1921 9,092 5,837,330 32,918 3,533,271 2,755
June 16 to July 15,1920 7,109 7,988,267 28,018 4,701,304 2,419
1
20,771
160,325
2,271
54,359
6,567
6,170
7,021
7,662
11,134
5,974
1,097
1,108
2,188
7,240
70,464
4,883
11,975
1,861
3,785
755
3,691
683
10,610
5,203
1,334
3,380
4,367
3,045
2,188
86,069
11,733
5,211
2,738
10,298
1,187
4,181
940,415
7,028 2,751,322
134,979
593
990,032
3,913
1,602
330,081
11,002 U89,432
1,291
349,490
1,929
357, 111
915
217,718!
456
93,140i
365
38,837 i
196
31,448!
274
40,8121
204
57,6681
951,037!
4,727
733
207,176i
1,601
271,684!
294
34,685)
78,308!
488
218
29,927i
192,826j
1,690
19,555!
, 225
329,1411
2,298
63,248)
441
906
120,140!
179,4581
1657
200,581!
1,474
22,592
179
65,474
409
218,619
701
182,208
1,167
43,028
270
48,802
431
54,932
328
26,682
211
NumNumAmount. ber. Amount. ber. Amount.
53,699
437,158
24,714
144,540!
18,604
9,990
34,976
65,551
28,6131
9,365
7,765;
6,602!
1,4911
11,700!
29,881j
4,547{
5,473!
1,3311
2,074
279
33,508
1,892
34,121
13,433
8,221
6,491
10,978
2,186
4,282
3,066
11,628
1,293
11,611
3,162!
1,545
|
llj
64i
147
57
21
15
19
31
38
270
8
31
8
11
2
189
5
244
70
44
38
70
9
21
23
81
4
13
15
12
27
11
26
39
76
26
27!
91
211
2
2!
6
2|
731
41 j
15!
181
531
1
539,347 1 43,397 1 9,762,588 3,545 1,045,770
479,671 1 44,775 ' 9,852,052 3,731 1,092,780
927,221 137,553
3,381 1,649,417
767
736
4,343
994,114
5,9891 7,984 3,194,469
17,6491
778
177,342
4,608 1,134,572
359,804
11,119! 1,660
202,426
3,004| 1,024
389,600
5,134! 1,381
434,044
11,382J 2,115
255,920
9,5891 1,048
503
106,895
4,390I
60,882
407
14,280i
39,537
219!
1,487!
43,158
314!
855|
70,516
2491
1,148|
4,423! 5,004! 985,341
214,301
746!
2,5781
9831 1,6411 278,140
38,282
2,2661
3231
80,708
3261
501!
30,495
289j
2221
226,654
320| 1,885
22,633
1,186
232
13,954 2,6151 377,216
85,330
8,649
135,361
7,000
965!
90,569
4,620
713
218,596
7,0371 1,597
25,295
193
5171
70,878
435
1,122j
227,140
761
5,455j
206,050
12,214! 1,298
48,305
3,984|
305
68,043
455
7,630j
63,089
378
4,995!
31,155
236
2,928
178,502 47, 690 10,986,860
184,321 49,2'
,129,153
67015,533,689
265,407 41,""
Includes items drawn on banks in other Federal Reserve districts forwarded direct to drawee bank.
NOTE.—Number of business days in period for Baltimore, Nashville, St. Louis, and Memphis was 24, and for other Federal Reserve Bank and
branch cities 25 days.
NUMBER OF MEMBER AND NONMEMBER BANKS IN EACH FEDERAL RESERVE DISTRICT, JULY 15, 1921 AND 1920
Nonmember banks.
Member banks.
Federal reserve district.
1921
Boston . . .
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St Louis .
Minneapolis...
Kansas Citv
Dallas
San Francisco
....
...
....
..
.... ........
.
.............
Total
* Incorporated banks other than mutual savings banks.
Not on par list.
On par list.
1920
1921
1920
438
792
699
879
620
494
1,432
585
1,016
1,092
867
865
432
774
688
860
606
440
1,395
564
976
1,065
822
801
255
328
459
1,075
1,019
401
4,261
2,498
2,760
3,337
1,211
995
256
324
427
1,077
762
433
4,238
2,517
2,903
3,388
1,238
1,042
9,769
9,423
18,599
18,605
1921
1920
559
1,168
781
1,181
167
83
63
174
2,040
2,136
1014
FEDERAL RESERVE
AUGUST, 1921.
BULLETIN.
IMPORTS AND EXPORTS OF GOLD AND SILVER.
GOLD IMPORTS INTO AND EXPORTS FROM THE UNITED STATES, DISTRIBUTED BY COUNTRIES.
Exports.
Imports.
Country.
During
10 days
ending
June 20,
1921.
During During During
10 days
10 days month
ending
ending
June, July
10,
June 30, of1931.
1921.
1921.
From
Jan. 1
to
July 10,
1931.
$9,000
Austria
$140
39,831
Belgium.. . .
75,000 3,236,497
Denmark
$232,891
4,279,404
77,617,847
France
$2,897,345
7,482,146
$1,150,564
200,610
207,889
Germany.
. . . .
715,745
Greece
Italy
Netherlands
2fi9 snn
110,546
449,907
Russia in Europe
Spain
From
Jan. 1
to
July 10,
1920.
During
10 days
ending
June 20,
1921.
$335,906
During
10 days
ending
June 30,
1921.
During During
month 10 days
of
ending
June, July 10,
1931.
1921
710,940
$10,000
110,000
912
241,263
102,285
40,107
440,984 16,156,923 1.161.428
1,532,100
3,324
20,892
25.364
85,000
92,048 3,116,105
42,670,724
301,112
298,168
4,937
2,772
256 503
11,123,783 $1,123,783
Chile
Colombia
Ecuador
British Guiana
Dutch Guiana
Peru
Uruguay
Venezuela
Total S o u t h
America
China
British India
Straits Settlements...
Dutch East Indies
French East Indies...
Greece in Asia
Hongkong
Japan
Palestine and Syria...
Turkey in Asia
Total Asia
91
430,136
9,9421
137,891
41,973
47,567
1,287
20,612
30,479
5,280
16,061
500,209
454,186
128,797
243,325
941,767
454,186
1,545,988
150,000
19,576
169,576
10,033
764,580
41,973
1,608
78,118
6,567
36,673
1,123,783 1,123,7831
97,950
20
131,900 25,219,508 27,458,298 $44,655 $54,456 $158,430
377.RfU
36,583
520,115
325,7011
14.879
52,193
194,011
131,829
19.955
388.fisn
699,510
1.333.08fi
41,308
10,000
429,751
148,487
77,124 2,873,893 2,335,678 347,050 240,620 600,473
15,683
4,827
4,692
343,451
87,249
150,000
158,592
4,336,568
29,480 1,170,445! 2,830,397
1
155,844
522,456
175,420 2,692,206
19,000
20,000
83,690 4,101,265 15,398,041
125,000
250,494
10,000
39,000
749,2681 12,993,422
267,130 14,453,405
48.820 17,194,608
3,156,801
1,260
373.639
2,486,147
113,170 5,522,204 18,441,438
89,995,000
758,903
169,612
! 5,126,396 30,191,910
' 2.208.234
25,200
' 25^ 200
l,658j 1,448,793
512,420 47,005,779 32,679,317
280,666
400,000
700,000
130,000
24,300
!
12,850,000
184 000
24,300 104,539,000
16,286,750
5,338,088
6 683,454
60 666 12 045,105
169,612
8,502
741,485
266,510
129,040
491,039 36,228,397 31,428,672 391,705 295,076
812,317
57,718
2,204
6,172
235
15,018
24,585
95,787
727
325,280
1,485,312
652,502 7,086,737
322,880
400,632
74.78fi
20,383
71,940
1,859
44.Rfis
65,624
682,575
515,366
2,969,997
88fi.RRfi
7,938
269,796
I fi. 005. 899
1,100
13,235
Total Europe... 11,376,802 4,649,162 33,079,553 11,301,397 254,231,219 65,092,074
Bermuda
500
96.850
97,350
British Honduras
Canada
1,580,270 2,541,865 4,236,452
Costa Rica
186,624
35,000
Guatemala
42,000
18,000
6,000
Honduras
18,465
651
1,058
Nicaragua
59 160
10,021
30,795
Panama
181,9751
52,761
88,642
3 000
Salvador
3,000
Mexico
42* 053
80,108 308,278
Cuba
1*647
4,290
5,937
British West Indies...
63,812
61,654
579
Virgin Islands of U. S.
150,000
Dominican Republic..
Dutch West Indies—
341,121 230,923
960,613
Total N o r t h
America
2,039,010 3,188,778 6,313,666
1,549
1,549
Argentina
516
150
Bolivia
From
Jan. 1
to
July 10,
1920.
I
2,763!
57,763
715,432
6,347,500
Switzerland
Turkey in Europe
U n i t e d KingdomEngland
9,245,243 1.641.271 18,509,346 5,912,271 108,162,766 62,700,068
SWBCLGG
From
Jan 1
to
July 10,
1931.
3,600
9,100
14,700
7 000 1 9 m QQni 9^ 19H FM.
16 330 658
3,600
9,100
14,700
7,000 1,263,930; 81,809,557
New Zealand
94,241
94,241
1,080,327 1,036,454
Tahiti
Philippine Islands
1,497
536 111,994
12,463
590,655
486,217
Abyssinia
!
21,665
13,250
British West Africa...
51,823
British South Africa..
212,501
338,249
504,577
206,107
Portuguese Africa
Total, all countries
14,659,003 8,568,763 43,576,476 13,066,587*359,059,451 134,085,642! 395,305 304,176
Excess imports or exports
14,263,698 8,264,587 42,802,873 11,822,634 351,124,934
1
i
300
28,038
773,603 1,243,953 2 7,934,517 205,084,543
1
70 998 901
1
Includes: Ore and base bullion, $22,625,000; United States mint or assay office bars, $428,000; other refined bullion, $254,438,000; United States
coin, $22,409,000; foreign coin, $59,159,000.
2 Includes: Domestic exports—ore and base bullion, $27,000; United States mint or assay office bars, $515,000; other refined bullion, $89,000;
com, $5,686,000. Foreign exports—ore and base bullion, $1,000; coin, $1,616,000.
AUGUST,
1015
FEDERAL, RESERVE BULLETIN.
1921.
SILVER IMPORTS INTO AND EXPORTS FROM THE UNITED STATES, DISTRIBUTED BY COUNTRIES.
Imports.
During
Country.
10 days
ending
J u n e 20,
1921.
Belgium
Denmark
France
Germany
Greece
Italy
Netherlands..
Norway
Portugal.. .
Spain
Sweden «
United KingdomEngland
Total Europe...
Bermuda
British Honduras
Canada
Costa Rica
Guatemala
Honduras
Nicaragua
$3,634
18,501
15,435
4,100
During
month
of June,
1921.
$4,568
82,997
15,435
From
Jan. 1
to
July 10,
1921.
During
10 days
ending
July 10,
1921.
$485
39,930
4,100
Argentina
Bolivia
.. .
Brazil
Chile
Colombia
Ecuador
British Guiana
Dutch Guiana
i
Peru
Uruguay
Venezuela
Total S o u t h
America
China
British India
Dutch East Indies
French East Indies..
Hongkong
Japan
Russia in Asia ..
Turkey in Asia
Total Asia
Australia
New Zealand
Philippine Islands
Abyssinia
British South Africa..
British West Africa...
Portuguese Africa
Total, all countries
From
Jan. 1
to
July 10,
1920.
During
month
of
June,
1921.
During During
10 days 10 days
ending ending
June 20, J u n e 30,
1921.
1921.
During
10 days
ending
July 10,
1921.
From
Jan. 1
to
July 10,
1920.
From
Jan. 1
to
July 10,
1921.
i
$16
370
89,958
289,006
225,234
$77,491
805
24 026
30,820
14,453
7,978
15,417
16 028
5 250
9 103
i
$32,920
i
1
1
" • " • ;
•
* *
i
ii
1,757
8,499
10,627
142
1,142,435
786,567 $119,036 $87,623 $236,857
45,713
50,169
117,727
40,557
1,793,622
941,335 119,036
i
236,857
87,623
42,260
$148,603 $6,175,763
2,308,931
148,603 6,175,763
2,384, 111
200
72,785
249,493
30,000
506,118
31,165
63,077
17,184
260
219
4 150
4 150
315,961 1,117,897 2,261,534
7,396
7,534
138
66,980
1,369
5
33
'•
Panama
Salvador .
. .
Mexico
Cuba
British West Indies...
Virgin Islands of U.S.
Dominican Republic.
Dutch West Indies
French West Indies...
Haiti
Total N o r t h
America
Excess imports or
exports
$934
43,022
During
10 days
ending
J u n e 30,
1921.
Exports.
1,405
19
44,000
14,000
90
58,000
90
5,886
300,000
801,660
22,600
53,200
63,367
2,311,033 2,095,276
42,608
47 194
20
20 036
776,033 1,540,131
138,061
478 821
385,328
31,915
14,031 3,565,127
18,613,725 36,236,218
39,535
45,671
1,744
6,949
111,200
1 235
46,454
13,873
1,000
65,301
167,943
33,119 1,331,881
5,624,213
1 000
i.666
1,500
800
3,500
371,505
3,000
542,000
10,070
33,269
1,000
1,800
1,200
84,800
1 200
' 20
38,453
886
51,205
1,735
1,991
129,611
4,375
131,346
8,715
206 464
94,636
2,763
2,034
4
309,280
2,763
2,057
222
4,169
6,596
36
23
184,452
4
248,666
246,767
506,256
195,479
183
188
30,000
1,000
1 183
224
30,000
142
30,371
1,000
31,407
1,281
1,268
64
8
1,268
64i
2,019
12,243
i9,4i9
12,812
219,636
40,731
1,085,758
92,262
21,265
40
132
2,930,134
2,763
2,514
I
61,327 77,571
1
' '
20,876
739 364
293
1,977,692
254,606 ; ; ; ; • ;
45,426
6,380
7,739,665
68
2,130,875
192
1,650
960
38,511
2,461,010
47
3,128
358
10,349
31
3,760
11,216
10,026
33,670
86,657
1
900
11,492
2,333
239,500
1,002
10,000
i
i
i
i
1
240,400
24,827
147,825!
147,825
60 298
381,289 3,235,955 48,850,194
223,211
1,677,743
451,101
59,333
480,130
293,888
"" 4," 058* 373
480,160 5,614,988 16,800,267
40
119,401 2,048,793
970
60,298 658,259
982,1.41
980,850 12,577,479 69,933,055
60 298
250,770
257,897 3,435,303 10,161,470
205,012
•
289,974
142
4,000
i
4,408,04: 10,784,370
6,680
650
242,288
2,434,436
939,136
17,680
25,000
197,000
1
437,286 1,420,300 2,949,112 1,251,700 22,434,553 44,216,725
886
12,462
226,000
50,000
221,778 1,417,945
309,625
3,000
97,352
....
6,097
5,480
763,317 1,731,819 3,627,272 1,487,925 128,938,288 58,517,436 240,661 823,453 1,424,010 1,387,350 222,428,945 82,508,943
522,656
908,366 2,205,262
100,575
6,509,343
23,991,507
i Includes: Ore a n d base bullion, $22,480,000; other refined bullion, $3,160,000; United States coin, $1,324,000; foreign coin, $1,974,000.
s Includes: Domestic exports—ore and base bullion, $2,000; United States mint or assay office bars, $152,000; other refined bullion, $11,908,000;
coin, $827,000. Foreign exports—ore and base bullion, $2,000; bullion refined, $7,138,000; coin, $2,400,000.
DISCOUNT AND INTEREST RATES.
Rates for almost all classes of paper, particularly prime commercial paper
purchased in the open market and bankers' acceptances, tended to decrease
in comparison with the rates prevailing during the period ending June 15,1921.
With the exception of the rates on bankers' acceptances and prime commercial paper purchased in the open market, present rates as a whole continued
higher for all types of paper than those prevailing during the same period of
1920.
In the following table are presented actual discount and interest rates
prevailing during the 30-day period ending July 15,1921, in the various cities
in which the several Federal Reserve Banks and their branches are located.
A complete description of the several types of paper for which quotations
are given will be found in the September, 1918, and October, 1918, FEDERAL
RESERVE BULLETINS. Quotations for new types of paper will be added
from time to time as deemed of interest.
DISCOUNT AND INTEREST RATES PREVAILING IN VARIOUS CENTERS DURING 30-DAY PERIOD ENDING JULY 15, 1921.
Prime commercial paper.
District.
30 to 90
days.
No. 1..
No. 2..
No. 3..
No. 4..
No. 5...
No. 6...
No. 7...
No. 8...
No. 9...
No.10..
No. 11..
No. 12..
Boston
New York*
Buffalo
Philadelphia
Cleveland
Pittsburgh
Cincinnati
Richmond
Baltimore
Atlanta
Birmingham
Jacksonville
New Orleans
Nashville
Chicago
Detroit
St. Louis
Louisville
Memphis
Little Rock
Minneapolis
Helena
Kansas City
Omaha
Denver
Oklahoma City
Dallas
El Paso
Houston
San Francisco
Portland
Seattle
Spokane
Salt Lake City
Los Angeles
Open market.
Customers.
City.
6
6
6
6
6| 61 61 7
7
7
6-6*
8 6 7
8 6 7
8 6 7
8 6£7-7£-8
8 6 7
7 61 7
7 617
8 6 7
7 6 6
8 6 7
8 7 8
1 1 1
8 8 8
8 6 7
81 7 8
8
8
0
8
7
8
8
8
8
8
6 8
7 8
7 8
6 7
6 61
6 7
61 7
7 7
7 8
6 7
6
6 6f
61 61
?
1 1 1
7 61 7
7
6
7
I7
!8
8
6
7J
7
8
T
7
U1
7
7
7
6
8
8
8
71
7
7
8
7
8
7
6
6
7
7
1
l
l
l
1 1 1
71 61 7
7 6 7
6 6 6
6 6 6
7 6 6
6 6 6
6 6 6
8 6 7
8 6
71 6 7
8 6 7-71-8
8 6 6
7 |9 7 7
7 6 7
7 6 7
7 7 6 6
8 6 7
1 1 1
717 7
1 1 1
71 6* 7
pf?
8
6| 6J
Unindorsed.
C. H.L.
C. H.L. C. H. L.
o\
O4
5| 51 5 | 7 6 6
7 61
7 5 51-5f 7 51 5f 7 41 5-7 7 41
6 7
r 54
6 6 6
51 5|
8 8 8
I8
8 617-71-8! 8
6 7
6 6|
7 8
6 7
6 61
6 7
61 7
1 1
7 7
5 6
8
7
8
8
6
7
6
7
6
6
8
8
8
8
5 6
6 7
6 6
6161-7
6 6
6 6
6 7
6
6 7
6 7-71-8
7 61 7
•5151
51 7 6 7
8 6 7
6 6 6
8
8
8
8
8
1 1 1
61 6 61
51 5f 5"
i!
51 5 |
1 Rates for demand paper secured by prime bankers' acceptances, high, 6; low, 5; customary, 5 to 6.
7 8
7171
8 8
5-6 7
7 8
10 6 8
6 71
10 5 | 8
8 6 7
6| 6 6
7 617
8 5 7
8
617
6 51 51
8 7 7
9 8 8
•7"*5i"*5i' 7 5 7
3 to 6
months.
3 months.
H. L. C. H. L.
7 61 7
7 4 6
05
7-8 6 7
9161 8
8
8
8
7
7
7
7
1
6
7
Demand.
C. H. L.
8 51 6-7
1
f
Cattle
loans.
Indorsed.
H.L.
I l l
C. H. L. C. H. L.
1\ 61 7 71 6J
1
6-7 6f 61 61
6
7
6
Collateral loans—stock exchange
or other current.
Interbank
loans.
4 to 6
months.
30 to 90
days.
4 to 6
months.
H.L.
C.
1 6£ 7
8 6 6-7
6
7
6
7
Bankers' acceptances,
60 to 90 days.
6
7
6
7
6
6
8
8
8
8
8
7
7
8
7
6
6
6
61
6
6
61
6
6
6
6
7
6
6
6
8
7
8
8
6
7
10
6
6
8
6
61
6
7
7
8
6
10
8
7
S
8
8
9
8
6
6
6
6
7
6
6
6
7
6
6
6
7
6
6
7
7-8
7
7
7
7
?
7
C. H. L. C.
7 6 7
616 6
6
7
6
7
6
6
8
8
8
8
7
7
7
7
6
7
8
7
8
6 6
61 7
YT
i
8
6
6
8
6
C. H. L.
6 6
1 1
7
Ordinary
loans to
customers
Secured by secured by
warehouse
Liberty
receipts. bonds and
certificates
of indebtedness.
10
8
10
8
8
81
i
i
7
6
6
7
7
71
6
7
7
6
7
8
71
8
7-8
8 8§7
7
8
8
7
7
7
8
8
9
71
7
8
8
8
7
8
8
7
71
6 6
6 7
6 6
6161
6 6
6 6
6 7
6
6 7
6 7-71-8
6 6
616*-7
6 T
6 7
6 6
6 6
7 8
6161
718
61 71
10
8
10
8
7
8
8
8
8
8
6
6
6
6
6
6
7
7
7
6
7
8
8
7
61
7
71
7
8
7
I
AUGUST,
1017
FEDERAL RESERVE BULLETIN.
1921.
FEDERAL RESERVE BANK DISCOUNT RATES.
RATES ON PAPER DISCOUNTED FOR MEMBER BANKS IN EFFECT AUGUST 1, 1921.
Paper maturing within 90 days.
Secured b y Federal Reserve Bank.
Boston
New York
Philadelphia..
Cleveland.
Richmond
Atlanta
Chicago
St. Louis
Minneapolis...
Kansas City...
Dallas
San Francisco-
Treasury
Liberty
notes and
bonds and
certificates of Victory
notes.
indebtedness.
Trade
acceptances.
54
54
54
54
54
54
54
54
54
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
54
54
54
Bankers'
acceptances
Commercial, ! maturing
within 3
agricultural, !
months.
and live-stock j
paper, n. e. s. i
54
54
54
54
54
6
6
6
6
6
64
6
6
54
6
6
6
6
54
6
6
6
Agricultural
and live-stock
paper maturing after
90 days but
within 6
months.
6i
f6
6
6
6
?
6
54
MONEY HELD OUTSIDE THE UNITED STATES TREASURY AND THE FEDERAL
RESERVE SYSTEM, JULY 1, 1921.
General stock.
Gold coin (includingbullion in Treasury).
Gold certificates
Standard silver dollars.
Sil ver certificates
Subsidiary silver
Treasury notes of 1890
United States notes
Federal Reserve notes
Federal Reserve B a n k notes..
National bank notes
Total:
J u l y l , 1921
J u n e 1,1921
May 1,1921
Apr. 1,1921
Mar. 1,1921
F e b . 1,1921
J a n . 1,1921
J u l y l , 1920
J a n . 1,1920
J u l y l , 1919
Jan. 1,1919
J u l y l , 1918
J a n . 1,1918
J u l y l , 1917
Held in the
U. S. Treasury
as assets of the1
Government.
1,223,351,644
$416,043,542
*288,"789,*326
* "ib'} 469 *64i"
Held outside
and F. R.
System.
$1,691,118,379 I
515,056,937 I
3 35,525,511 i
41,983,120 |
271,108,323
9,671,247
346,681,016
1, 000,429,860
150,772,400
743,290,374
4,031,479
4,217,103
2,422,848
13,739,861
4 82,324,948
309,715,840
16,914,261
4,914,901
;, 024,422,943
;, 073,737,233
1,040,936,478
,,082,773,866
1,084,936,396
1,171,237,897
372,970,904
887,181,586
961,320,139
588,473,771
780,793,606
742,225,784
256,198,271
480,009,884
460,595,721
499,236,987
508,349,193
496,945,969
493,976,120
499,358,809
494,296,257
485,057,472
604,888,833
578,848,043
454,948,160
356,124,750
277,043,358
253,671,614
2,697,553,897
2,562,692,917
2,512,465,834
2,534,743,843
2,385,101,578
2,438,773,422
2,377,972,494
2,021,271,614
2,044,422,303
2,167,280,313
2,220,705,767
2,018,361,825
1,723,570,291
1,280,880,714
Amount per
capita outside
U. S. Treasury
and F. R.
System.
$399,840,464
201,292,322 !
39,683,777 I
159,551,093 j
261,437,076 I
1,576,184 I
260,324,589
2,686,496,917
131,435,291
724,635,612
4,866,273,325
5,011,807,329
5,020,121,451
5,051,084,054
5,205,858,698
5,233,105,666
5,500,702,153
5,380,852,500
5,312,009,003
4,842,345,415
5,105,139,679
4,367,739,209
4,255,584,622
3,945,457,556
$45.02
46.43
46.57
46.91
48.41
48.73
51.29
50.19
49.81
45.00
47.83
41.31
40.53
37.88
1 Includes reserve funds held against issues of United States notes and Treasury notes of 1890 and redemption funds held against issues of
national-bank notes, Federal Reserve notes, and Federal Reserve Bank notes, but excludes gold and silver coin and bullion held in trust for the
redemption of outstanding gold and silver certificates and Treasury notes of 1890.
28 Exclusive of amounts held with United States Treasurer in gold redemption fund against Federal Reserve notes.
Includes subsidiary silver.
< Includes Treasury notes of 1890.
1018
FEDERAL RESERVE BULLETIN.
AUGUST, 1921.
FOREIGN EXCHANGE.
Below is printed a table showing high, low,
and average quotations on the principal foreign
countries for the month of July. The quotations used are those published daily by the
Treasury, in accordance with the emergency
tariff act of May 27, 1921, and represent noon
buying rates for cable transfers in New York.
Kates are shown for the 18 countries on which
the foreign exchange index, computed by the
method described in the FEDERAL RESERVE
BULLETIN for July, 1921, page 798, is based,
as well as for other countries. The weights
used in the computation are also shown, these
weights representing the total value of trade
with each foreign country in June.
Following is a statement of the foreign exchange index for each month from November,
1918, to July, 1921. The accompanying chart
shows fluctuations in the foreign exchange
index, compared with fluctuations of the rates
on principal countries, for the entire period
from the armistice to July of the present year.
FOREIGN EXCHANGE INDEX NUMBERS.
Date.
Foreign
currencies—
per eent
of par.
Dollar—
per cent
of par.
1918.
November...
December...
102
102
98
98
1919.
January
February
March
April
May
June
102
100
100
97
94
99
98
100
100
103
106
101
Foreign
currencies—
per cent
of par.
Date.
Dollar—
per cent
of par.
1919—Contd
July
August
September.. i
!
October
November..
December...
94
95
93
94
93
85
106
105
108
106
108
118
1920.
January
February
88
81
114
123
Date.
Foreign
currencies—
per cent
of par.
Dollar—
per cent
of par.
83
84
82
81
82
76
76
71
67
65
120
119
122
123
122
132
131
141
149
154
1920—Contd.
March
April
May
June
July
August
September..
October
November...
December...
Date.
Foreign
currencies—
per cent
of par.
1921.
January
February
March
April
May
June
July
66
66
66
68
73
68
53
Dollar—
per cent
of par.
152
152
152
147
137
147
189
FOR E1GN EXCHANGE I NDE K
1918 - 1921
Mi
FRANCE
GERMANY
INDEX
ENGLAND
"<
^RGENTIN/
JAPAN
rALY
ETHERI.ANDS
PERCENT
PERCENT
110
11O
100
••-»
•"V
9O
\
8O
\
N
<
9O
-^*
8O
^y
^~
•••••
\
1OO
***
N
* «-«
70
7O '
N
6O
60
\
\
5O
40
^»
5O
•s..
•^.
3O
y
2O
••
-*
*
40
30
•**
y
20
•• *•
1O
MONTH
•*^
1O
...
• • *
N. D. J. F. M. A. M. J. J. A. S. 0. N. D. J. F. M. A. M. J. J. A. S. 0. N. D. J. F. M. A. M. J. J. A. S. 0. N. D. MONTH
YEAR 1918
1919
1920
1921
YEAR
AUGUST,
1019
FEDERAL RESERVE BULLETIN.
1921.
FOREIGN EXCHANGE FOR JULY, 1921.
[Index for the month=53.]
COUNTRIES INCLUDED IN COMPUTATION OF INDEX.
Average quotation.
Country.
Monetary unit.
High
Par of
Low
exchange. quotation. quotation.
Amount.
Per cent
of par.
Weight.
EUROPE.
Belgium .
Denmark
England
France
Germany
ItalyNetherlands
Norway
Spain
Sweden. .
Switzerland
...
Franc.
Krone
Pound
Franc. ..
Reichsmarl
Lira...
Florin
Krone
Peseta
Krona
Franc
.-,
.
$0.1930
.2680
4.8665
.1930
.2382
.1930
.4020
.2680
.1930
.2680
.1930
$0.0733
.151
3.5615
.0755
. 01221
.0408
.3068
.1279
.1262
.201
.1637
$0.0797
.1682
3.7335
.0823
.013505
.0492
.3288
.1423
.1294
.2194
.1684
$0.07637
.1578
3.63213
. 078131
. 013025
. 045264
. 31781
.1338
.1282
.2104
.16546
39.57
58.88
74.64
40.48
5.47
23.45
79.06
49.93
66.42
78.50
85.73
11,540
4 207
97,791
31 014
37, 854
27 689
17,254
3,298
4,407
10,341
3,292
NORTH AMERICA.
Dollar
Canada
1.00
. 872917
. 8905208
.881973
88.20
77,477
SOUTH AMERICA.
Argentina.
Brazil
Chile
Peso (gold)
Milreis..
Peso (pape
.9648
.3244
. 1953
.637
.10173
.10125
.6806
.1114
.10875
.65799
.10449
. 10443
68.20
32.20
53.47
11,453
8 381
5,312
Shanghai Uiel...
Rupee
Yen
.6685
.4866
.4985
.65675
. 22458
.4788
.68
.2403
.4825
.66925
. 230588
. 480114
100.11
47.39
96.31
20,009
13,933
37,619
Low
quotation.
High
quotation.
Amount.
$0.2026
.1930
.2026
.1930
.1930
.2026
.2382
1.0805
.1930
.2026
.1930
$0 001094
.0085
.01251
.0151
.0547
.002619
.00045
.1067
.012556
.0056
.0225
$0 00171
.0109
.0136
.0171
.0588
.0038
.000588
.1308
.01511
.0068
.0273
$0.001417
.009548
.0131248
.016414
.055516
.003323
.000516
.12088
.G13995
.006374
.025634
0.70
4.95
6.48
8.50
28.76
1.64
Peso
Peso
1.00
.4985
.9884
.4858
.99252
.491875
.9902319
.489113
99.02
98.12
Peso
1.0342
.5826
.6326
.60689
58.68
.4777
.4020
.5678
.4838
.3007
.4142
.5006
.32
.4325
.4932
.30841
.41984
103.24
76.72
73.94
ASIA.
China
India....
Japan
OTHER COUNTRIES.
Average quotation.
Monetary unit.
Country.
Par of
exchange.
Per cent
of par.
EUROPE.
Bulgaria
Czechoslovakia
Finland
Greece
Hungary
..
Poland
Portugal
Rumania
...
..
•
.
...
Krone...
Lev
Krone
Markka
Drachma
Krone
Polish mark
Escudo
Leu
fK r o n e
\Serbian dinar
.22
11.19
7.25
3.15
13.28
NORTH AMERICA.
Cuba
SOUTH AMERICA.
ASIA.
H oncrkoiis
Java
Straits Settlements
Dollar
Florin
Singapore lollar
Prices of silver per fine ounce: London, converted at average rate of exchange ; $0.61324. New York, $0.60798.
1020
FEDERAL RESERVE BULLETIN.
AUGUST,
1921.
FINANCIAL STATISTICS FOR ENGLAND, FRANCE, ITALY, GERMANY, SWEDEN, AND
JAPAN.
A summary of banking and financial conditions abroad is presented statistically in the
accompanying tables. Similar material will be published regularly each month in the
BULLETIN.
BRITISH FINANCIAL SITUATION.
[Amounts in millions of pounds sterling.]
Deposit and note accounts, Bank
of England and Treasury.
Bank
notes.1
1913, average of
end of month
figures
1920, end of—
June
July
1921, end of—
January
February
March
April
May
June
July
Government floating
debt.
Nine London clearing
banks.3
Currency
notes
Deand
posits, Coin Treas- Tempo- Total
certifi- public andbul
ury rary ad- floating
cates
lion.2 bills. vances. debt.
and
outother.
standing.
Discount rates.
Statist
index
Capital
Money Disnumissues Three 1 Six
at call counts Invest- Deber of
of
months months' foreign
and and ad ments. posits. United
bank trade
short
exKing- bills.
bills. change
notice. vances.
dom.4
value of
£.
Perct.
29
57
38
107
107
357
362
192
134
146
152
1,050
1,058
204
1,294
1,262
109
108
110
109
108
110
109
342
336
344
338
333
324
325
129
127
138
141
128
147
122
157
157
157
157
157
157
157
1,145
1,110
1,121
1,100
1,152
1,222
242
189
155
190
163
152
1,387
1,299
1,275
1,290
1,315
1,374
1,207
1,172
1,145
1,127
1,144
1,162
1
Less notes in currency notes account.
3 Held by the Bank of England and by the Treasury as note reserve.
3
4
341
340
336
334
307
312
1,810
1,754
1,715
1,710
1,729
1,768
Perct.
|
75-
106.3
100.2
P
122.4
120.9
123.0
120.0
119.1
117.8
i
Average weekly figures.
Compilation of London City and Midland Bank.
FRENCH FINANCIAL SITUATION.
[Amounts in millions of francs.]
Bank of France.
Gold
1913, average
1920, end of July .
1921, end of—
January
February
March
April
May
June
July
Silver
Deposits.i
Situation of the Government.
Advances
to the
Govern- GovernCircula- ment
for ment 3
tion.
purposes revenue.
of the2
war.
3,343
6 3,611
629
248
830
3,416
5,565
37,696
25,550
e3,553
6 3,555
e 3,556
*3,566
"3,570
• 3,572
6 3,573
268
264
267
271
272
274
275
3,429
3,293
3,103
3,018
3,041
2,861
3,252
37,913
37,808
38,435
38,211
38,233
37,422
36,941
25,600
25,600
26,200
26,000
26,200
25,000
25,100
320
1,109
Public
debt.
35,000
1,204
921 7 302,304
972
1,248
1,004
1,030
Value of
new stock
and bond
issues
Price of
placed
3 per cent upon
the
perpetual French
rente. market.4
86.77
58.90
59.16
58.15
58.17
56.92
57.50
56.26
56.35
995
1,861
344
1,085
492
621
1 Includes Treasury and individual deposits.
2 Under the laws of Aug. 5 and Dec. 26,1914, July 10,1915, and Feb. 16,1917.
*4 From indirect taxation and Government monopolies.
Figures of tha "Association Nationale des Porteurs Francais de Valeurs Mobilieres," Bonds issued by the Government and the railroad
companies not included.
s Not including about 1,978 million francs held abroad.
6 Not including about 1,948 million francs held abroad.
i Foreign debt calculated at the exchange rates of Feb. 28,1921.
1021
FEDERAL RESERVE BULLETIN.
AUGUST, 1921.
ITALIAN FINANCIAL SITUATION.
[In millions of lire.]
Leading private banks.1
Loans,
discounts,
and
Cash. due from
correspondents.
1913, end of December.
1920, end of—
April
May
1921, end of—
January
February
March
April
May
Banks of issue.
DeDosits and Loans Gold
Total
due to
and
rerecorredisspond- counts. serve. serve.
ents.
Government finances.
DeposCirculaits and Commer- tion for State
decurcial
account
mand- circurency
of the notes.
liabili- lation.
state.
ties.
129
2,007
1,674
857
1,375
1,661
318
2,284
850
813
14,884
15,240
14,045
14,044
5,804
5,782
1,038
1,038
2,035
2,065
2,377
2,264
6,029
6,459
10,401
10,402
1,193
1,016
1,067
1,165
17,113
16,842
17,096
17,162
16,392
15,961
16,425
16,694
6,931
7.158
7,144
7,040
6,951
1,058
1,062
1,062
1,066
1,070
2,045
2,007
2,043
2,138
1,165
2,635
2,351
2,461
2,349
2,198
8,673
8,618
9,234
8,677
8,809-
10,591
10,308
9,531
9,601
9,219
499
Treasury
metallic reserve.
Shortterm
treasury
bills.
Total
public
debt.
Principal revenues from
ta> ation
and monopolies
during
month.2
117
106,721
2,546
822
1,210
606
1,309
607
1 Banca Commerciale Itaiiana, Banca Italiana di Sconto, Credito Italiano, Banco di Roma.
2 Revenues from state railways; from post, telegraph, and telephones; from state domain: from import duties on grain; and from Government
sales of sugar are not included.
GERMAN FINANCIAL SITUATION.
[Amounts in millions of marks.]
Reichsbank statistics.
Situation of the Government.
Darlehnskassenscheine
per cent 5 per cent
Floating 3imperial
Reichs Note cir- Deposits. in cir- Receipts
war
from
culation.
1
und
culation.
debt.
loan.1
taxes.
loan.
Darlehnskassenscheine.
Reserve.
Gold.
1913 average..
1920, end of—
June
July
1921, end of—
January..
February.
March....
April
May
June
1,068
32
1,958
668
1,092
1,092
17,252
17,874
53,975
55,969
23,414
17,282
13,633
13,328
1,718
1,995
1,092
1,092
1,092
1,092
1,092
1,092
22,810
21,982
23,836
24,149
14,362
8,311
66,621
67,427
69,417
70,840
71,839
75,321
15,834
17,357
28,043
20,856
14,093
20,393
11,341
10,755
10,168
9,543
9,043
8,707
6,741
7,766
6,846
5,357
75.90
1
Quotations of the Berlin Bourse.
a Calculated by the Frankfurter Zeitung with the prices of 10 bonds and 25 stocks.
*4 Compilation of the Frankfurter Zeitung.
As of June 1.
s As of J u l y l .
« As of Aug. 2.
* As of Apr. 2.
Value of
new stock
and bond Index
issues
number
placed
of
upon
securities
the
prices.2
German
market.3
141,987
166,329
172,634
176,643
185,032
62.90
60.64
98.30
98.50
67.00
67.25
67.60
72.10
72.10
67.75
99.50
99.75
99.70
99.80
99.75
99.75
Prices as of Jan. 1,1920= 100.
5 117
6 140
2,042
2,397
894
2,559
1,468
2,238
179
155
7 163
159
165
172
1022
FEDERAL RESERVE BULLETIN.
AUGUST, 1921.
SWEDISH FINANCIAL SITUATION.
[Values in millions of kronor.]
Riksbank.
Joint stock banks.
Protested bills.i
Bills
Gold coin Note cir- discounted Loans and
discounts. Number.
and bullion. culation.
with
Riksbank.
1913, end of December.
1920, average
1920, end of—
, May
June
1921, end of—
January
February
March
April
May
June
July
1
Value.
Business
failures.^
Foreign
exchange
index.1
Number.
Foreign
exchange
value of
the krona
abroad
(foreign
currencies
= 100).
Index
number
of stock
prices—
A list.i
102.1
269.1
234.5
732.9
138.9
476.2
2,286.9
6,008.2
4,314
3,586
1.9
6.4
309
196
112.9
261.0
261.1
708.3
736.5
470.4
527.6
5,998.6
5,982.9
3,273
3,531
201
179
111.8
113.3
178
179
281.9
281.8
281.7
281.8
281.6
281.4
280.3
672.5
687.6
716.-9
680.5
651.1
678.8
429.2
451.3
442.2
400.9
377.6
365.1
6,172. 6
6,119.2
6,093.6
6,065. 3
5,982.7
5,949.2
5,929.9
5,951
6,411
8,521
7,899
8,201
7,376
5.2
4.7
13.4
14.1
20.1
15.6
22.8
18.0
301
381
390
444
454
433
116.1
116.4
121.7
125.5
123.3
122.6
148
138
133
128
116
110
258
Source: Kommersiella Meddelanden.
JAPANESE FINANCIAL SITUATION.
[Amounts in millions of yen.]
Bank of Japan.
Tokyo banks.
Tokyo
Tokyo
bank
Private Loans
Note
and Gov- and dis- circula- Specie2 associated clearings
banks,
(total
ernment counts.
reserve.
tion.
total
within
deposits.
the
loans.
month).
!0, end ofMarch...
April
May
June
July
1921, end of—
January...
February.
March
April
May
June
1,181
1,261
1,209
1,165
1,120
364
432
445
381
273
1,368
1,367
1,328
1,349
1,202
921
917
930
979
1,011
1,982
1,982
2,089
2,036
2,029
4,135
3,168
2,922
2,524
2,109
1,071
1,126
1,190
115
103
1,235
1,141
1,178
1,058
1,235
1,141
1,178
2,171
2,188
2,219
1,848
1,873
1,980
2,013
2,143
2,502
2,442
2,506
2,670
1,053
Average
discount
rate
(Tokyo
market).
Per cent.
10.15
10.62
10.95
10.99
10.95
10.33
9.71
9.23
i In case of Tokyo banks, and note circulation and specie reserve of Bank of Japan, last day of month.
a It is generally understood that in recent years a certain portion of the reserve has been held abroad. Specie reserve figures do not include
bank's own notes held in the bank.
AUGUST,
1023
FEDERAL RESERVE BULLETIN.
1921.
CONDITION OF LEADING FOREIGN BANES OF ISSUE, ABOUT END OF JUNE, 1914-1921.
BANK OF ENGLAND.
[Combined data for issue and banking departments. From the London Economist and weekly statements of the Bank of England.]
[In thousands of dollars.]
June 24,
1914.
ASSETS.
June 30,
1915.
June 29,
1916.
June 27,
1917.
June 26,
1918.
June 25,
1919.
June 30,
1920.
June 29,
1921.
|
Gold and silver.
Government securities:
Held by the issue department
Held by the banking department
Other securities
Total
LIABILITIES.
j
j
i
!
|
194,310
253,506
298,706
279,989
317,432
427,332
573,673
624,698
89,787
53,755
194,636
89,787
248,401
744,160
89,787
205,303
424,909
89,787
220,306
487.750
' 89,787
251,365
490,543
89,787
325,184
393,228
89,787
438,370
502,164
89,787
297,844
417,682
|
532,488
1,335,854
1,018,705
1,077,832
1,149,127
1,235,531
1,603,994
1,430,011
70,822
15,378
87,958
218,584
63
139,683
70,822
15,023
396,693
684,492
268
168,556
70,822
15,573
239,816
517,655
136
174, 703
70,822
15, 626
ISO,587
608,931
131
191, 735
70,822
15,884
174,119
627,044
49
261,209
70,822
15, 714
97,544
670,336
63
381,052
70,822
15,865
76,638
856,344
63
584,262
70,822
.15,787
74,443
641,112
39
627,808
532,488
1,385,854
1,018, 705
1,077,832
1,149,127
1,235,531
1,603,994
1,430,011
43. 5
20.3
28.2
29.9
37.2
37.8
46.5
I
;
Proprietors' capital
Rest (surplus)
Public deposits
Other deposits
Seven-day and other bills
Notes in circulation
j
!
!
!
I
Total
!
Ratio of metallic reserve to deposit and note j
liabilities combined—per cent.
I
32.0
BANK OF FRANCE.
[From L'Economiste Francais and weekly statements of the Bank of France.]
[In thousands of dollars.]
June 25,
1914.
Gold in vault
Other metallic reserve.
Total metallic vault reserve
Gold held abroad
Foreign credits
Government securities:
Permanent investments
Advances to the Government since out- i
break of war
Treasury bills discounted (advances to
foreign Governments)
Other Government securities
Loans and discounts
Bills matured and extended
Advances on bullion, specie, securities, etc....
Bank premises
Sundry assets
Total.
June 24,
1915.
June 29,
1916.
June 28,
1917.
June 27,
1918.
June 26,
1919.
June 24,
1920.
June 30,
1921.
767,309
123,200
757,944
71,947
866,995
66,383
627,877
50,157
648,816
50,050
689,516
58,607
696,651
46,486
689,386
52,945
890,509
829,891
933,378
52,314
136,920
678,034
392,712
139,860
397,987
267,234
748,123
381,808
327, 723
743,137
381,808
165,915
742,331
376,035
133,345
i49,665
57,900
57,900
57,900
57,900
57,900
57,900
57,900
,158,000
1,524,700
2,045,800
3,560,850
4,487,250
5,018,000
4,825,000
220,020
21,571
86, 557
283,482
232,764
8,848
67,149
262,995
207,746
183,269
8,951
187,851
702,520
21,558
168,858
155,950
246,842
8,990
296,912
745,945
19,535
344,876
100,917
359,193
8,957
393,328
783,966
22,160
560,285
18,636
426,165
9,061
403,249
1,492,672
2,936,188
3,625,603
503,730
21,645
107,766
230,529
218,522
8,918
110,447
4,515,863
662,955
143,437
9,220
57,844
44,390
22,369
50,063
438,677
120,564
9,587
55,742
6,518,371
7,604,434
8,339,511
8,358,133
35,223
8,206
35,223
8,292
35,223
8,292
289
56,805
196,226
1,129,493
66,430
572
10,485
439,061
2,336,201
106,354
4,815
7,387
438,620
3.050,492
80,774
35,223
8,292
4,922
6,467
527,559
3,825,859
107,541
35,223
8,292
5,051
7,164
775,716
5,510,232
176,693
35,223
8,294
166,304
862
14,484
690,557
7,245,974
177,813
35,223
12,509
272,938
4,624
17,362
534,938
7,222,463
258,076
1,492,672
2,936,188
3,625,603
4,515,863
6,518,371
35,223
8,294
108,859
5,248
9,519
648,872
6,647,306
141,113
7,604,434
8,339,511
8,358,133
64.4
29.8
26.7
15.6
11.1
10.2
9.3
9.5
57,900
22,687
311,075
21,767
LIABILITIES.
Capital
Surplus, including special reserves
Amortization account (laws 1914, 1917, 1918).
Dividends unpaid
Government deposits
Other deposits.
Bank notes in circulation
Sundry liabilities
Total
Ratio of metallic reserve to deposit and note
liabilities combined—per cent
1024
FEDERAL RESERVE BULLETIN.
AUGUST, 1921.
GERMAN REICHSBANK.
[From Die Bank, the Deutscher Oekonomist, and Weekly Statements of the Reichsbank.]
[In thousands of dollars.]
June 30,
1914.
June 30,
1915.
June 29,
1916.
June 30,
1917.
June 29,
1918.
June 30,
1919.
June 30,
1920.
June 30,
1921.
311,137
77,272
568,737
11,124
587,330
7,408
585,329
15,205
28,771
265,927
4,751
260,047
778
260,010
2,669
388,409
11,876
2,303
288,876
17,063
87,423
51,977
579,861
120,989
1,554
1,171,409
3,730
4,845
46,477
594,738
149,899
1,096
1,574,550
2,691
11,505
91,326
600,534
107,261
476
2,611,268
2,096
25,059
291,652
587,637
425,332
244
3,971,016
1,359
25,512
443,709
270,678
2,157,726
772
7,930,363
1,493
29,781
625,762
260,825
4,109,334
478
12,137,269
1,923
81,817
2,786,968
262,679
1,979,730
414
19,335,455
1,448
67,343
1,441,165
847,927
1,
2,425,805
3,638,346
5,454,809
11,016,575
19,378,614
23,088,234
Capital paid in
Surplus
Notes in circulation
Government deposits
Other liabilities payable on demand.
Sundry liabilities
42,876
17,741
573,247
42,876
19,187
1,391,168
42,876
20,366
1,724,687
42,876
21,471
2,072,030
42,876
22,588
2,979,967
42,876
23,700
7,138,470
42,876
24,834
12,856,874
204,446
9,617
428,592
47,042
564, 701
73,175
1,356,001
145,968
2,186,982
222,396
3,270,400
541,129
5,577,204
876,826
42,876
28,920
17,941,485
1,345,307
3,512,236
217,410
Total
Ratio of metallic reserve to deposit and note
liabilities combined (per cent)
847,927
1,928,865
2,425,805
3,638,346
5,454,8
11,016,575
19,378,614
23,088,234
49.9
31.9
26.0
17.5
2.6
1.4
1.2
Gold
Other metallic reserve.
Total metallic vault reserve
Imperial treasury and loan bank certificates.
Notes of other banks
Bills, checks, and discounted treasury bills.
Advances on collateral
Securities
Sundry assets
Total.
LIABILITIES.
11.4
BANK OF SPAIN.
[From weekly statements of the Bank of Spain, and Espafla Econdmica y Financiera.]
[In thousands of dollars.]
June 27,
1914.
June 26,
1915.
June 24,
1916.
June 30,
1917.
June 28,
1918.
June 28,
1919.
June 26,
1920.
June 25,
1921.
ASSETS.
Gold
Silver
Total metallic vault reserve
Credits abroad
Loans, discounts, and advances
Government securities:
Charter 1891
Charter 1899
Other
Sundry assets
Total
102,599
141,085
133,086
144,193
199,168
148,034
243,684
34,614
133,021
277,279
23,829
132,416
28,950
19,300
66,475
17,391
405,533
135,916
438,349
126,711
473,344
119,765
480,133
120,153
347,202
18,847
114,184
303.837
145.838
449,675
17,729
146,891
541,449
19,434
166,301
565,060
17,094
316,163
593,109
9,936
293,122
600,286
6,363
318,534
28,950
19,300
66,475
43,364
28,950
19,300
66,475
35,518
28,950
19,300
66,477
11,240
28,950
19,300
66,477
9,195
28,950
19,300
66,484
13,969
28,950
19,300
66,484
41,593
28,950
19,300
66,484
101,346
543,435
591,613
630,476
740,262 |
851,106
1,027,020
1,052,494
1,141,263
28,950
3,860
32,382
93,675
365,186
19,382
28,950
4,246
24,024
131,989
380,596
21,808
28,950
4,632
11,260
149,046
415,298
21,290
28,950
5,018
41,953
153,797
478,147
32,397
28,950
11,194
8,947
213,918
561,819
26,278
28,950
11,580
87,043
189,799
678,685
30,963
28,950
11,966
9,869
223,860
747,324
30,525
28,950
15,054
22,977
243,019
805,008
26,255
543,435
591,613
630,476
740,262
851,106
1,027,020
1,05.2,494
1,141,263
49.6
51.7
60.3
66.7
69.0
59.1
60.5
56.1
LIABILITIES.
Capital
Surplu s
Government deposits
Other deposits
Notes in circulation
Sundry liabilities
,
Total
Ratio of metallic reserve to deposit and note
liabilities combined—per cent
1025
FEDERAL RESERVE BULLETIN.
AUGUST, 1921.
BANK OF THE NETHERLANDS.
[From the Amsterdam Algemeen Handelsblad, and weekly statements of the Bank of the Netherlands.]
[In thousands of dollars.]
June 27,
1914.
June 26,
1915.
June 24,
1916.
June 30,
1917.
June 29,
1918.
June 28,
1919.
June 28,
1920.
June 27.
1921.
ASSETS.
Gold coin and bullion
Silver
64,572
3,762
139,549
956
221,914
3,380
251,945
2,997
288,459
3,092
264,404
3,302
255,794
5,586
243,599
4,957
Total metallic vault reserve ..
Loans and discounts..
Foreign bills
Advances
Government securities..
Other securities
Bank premises
Sundry assets
68,334
26,709
8,009
23,719
5,256
3,616
723
140,505
29,553
225,294
17,010
3,250
32,198
291,551
17,614
3,117
49,079
1,836
3,640
712
36,284
267,706
43,794
10,269
90,525
3,440
1,332
33,171
261,380
47,135
19,979
119,385
5,486
3,043
1,445
16,768
248,556
88,487
19,792
62,251
3,680
563
20,176
254,942
21,163
3,138
31,817
1,844
3,670
589
26,609
928
345
47, 856
1,372
3,614
643
3,735
136,711
228,206
302,171
343,772
403,833
450,237
474,621:
432,304
Capital
Surplus
N otes in circulation...
Interest-bearing certificates
Government deposits
Other deposits...
Sundry liabilities
8 040
2,011
123,073
8,040
2,010
194,507
8,040
2,104
307,218
1,503
8,040
2,042
372,789
'777
8,040
2,010
403,933
775
8,040
2,166
398,755
24,094
19,543
57,774
2,089
20,356
2,358
Total.
Ratio of metallic reserve to deposit and note
liabilities combined (per cent)
Total
513
3,643
1,506
7,556
LIABILITIES.
870
621
2,046
22,073
8,040
2,072
253,625
1,004
7,964
28,776
671
955
690
813
642
8,040
2,010
409,267
1,430
6,087
22,003
1,400
136,711
228,206
302,171
343,772
403,833
450,237
474,621
432,304
77.6
76.9
74.3
61.2
56.6
59.4
June 30,
1919.
June 30,
1920.
54.6
64.9
629
BANK OF ITALY.
[From 10-day statements of the Bank of Italy.]
[In thousands of dollars.]
June 30,
1916.
June 30,
1917.
June 30,
1918.
May 31,
1921.
Gold
Silver
188,594
18,002
160,901
12,763
157,904
14,870
155,377
14,317
155,320
14,425
Total metallic reserve
Notes of Italian Government, and of other, including foreign, banks of
issue
Other cash and cash equivalents
Bills payable in Italy
Bills payable in foreign countries, including foreign treasury bills
Bills payable, received for collection
Advances, ordinary
~
Advances to the Government or for account of the Government
Securities
206,596
173,664
172,774
169,694
169,745
174,683
10,050
504
86,647
4,023
735
40,636
332,613
40,723
2,607
17,512
486
102,543
4,018
601
81,705
473,431
42,416
25,477
50,881
410
151, 749
4,276
1,097
126,885
912,941
42,376
36,502
111, 717
796
147,939
3,785
1,320
180,191
1,123,965
40,665
82,587
72,438
915
567,795
1,497
466,662
1,491,724
42,904
102,280
100,060
898
621,128
4,001
1,837
411,089
1,307,280
41,608
109, 225
45,473
5,749
4,830
125,113
5,652
38,238
758,766
147,967
5,743
55,260
346,777
160,330
6,333
60,672
210,862
168,158
7,409
67,297
276,192
2,427,660 I 2,418,406
3,358,123
3,290,865
Debtors in current account:
In Italy
In foreign countries
Bank premises
Due from the Government and provincial administrations
Sundry assets
Total
3,966
160,210
14,473
130,965
92,155
5,704
1,420
688,352
912,151
1,709,484
34,740
9,264
5,312
34,740
9,264
5,488
34,740
9,264
8,810
34,740
9,264
12,617
34,740
9,264
15,349
34,740
9,264
17,963
319,546
332,613
166,184
6,606
37,886
388,655
473,431
212,428
39,419
546,059
601,879
912,941
326,393
35,621
498,012
717,028
1,123,965
328,430
54,782
137,580
1,177,003
1,491,724
362,926
124,994
142,123
1,349,062
1,307,280
341,158
46,223
185,175
912,151
1,709,484
2,427,660
2,418,406
3,358,123
3,290,865
16.2
9.4
7.8
5.6
5.8
LIABILITIES.
Capital
Surplus
Extraordinary and special reserves
Circulation:
For account of commerce
For account of Government
Demand and time deposits
Due to the Government and provincial administrations
Sundry liabilities
Total
Ratio of metallic reserve to deposit and note liabilities combined—per
cent
25.3
INDEX.
Acceptances:
Page. '
Bankers' acceptances drawn by cooperative marketing associations against warehouse receipts covering agricultural
commodities, ruling on
963
Banks granted authority to accept up to 100 per cent of capital
and surplus
961
Held by Federal Reserve Banks
998
Purchases by Federal Reserve Banks
996
Australia, index of wholesale prices in
992
Authority to purchase; meaning, classification, and forms
926
Bank debits
1009
Bank of England, condition of
1023
Bank of France, condition of
1023
Bank of Italy, condition of
1025
Bank of Netherlands, condition of
1025
Bank of Spain, condition of
1024
Banking situation, discussion of
908,999
Building statistics
981
Business and financial conditions:
England
952,1020
France
955,1020
Italy
957,1021
Germany
958,1021
Japan
1022
Sweden
960,1022
United States
909
Canada, index of wholesale prices in
992
Charters issued to national banks
922
Charts:
Assets and liabilities of Federal Reserve Banks and member
banks
999
Debits to individual account
1009
Foreign exchange index numbers
1018
Physical volume of trade
971
Price of silver
937
Wholesale prices in the United States
966
Check clearing and collection:
Operations of system during July
1013
Number of banks on par list
1013
China, imports and exports of gold, silver, and merchandise
938
Clearing-house bank debits
1009
Commercial failures
962
Commercial paper business, study of
920
Condition statements:
Bank of England
1023
Bank of France
1023
Bank of Italy
.
1025
Bank of Netherlands
,
1025
Bank of Spain
1024
German Reichsbank
1024
Federal Reserve Banks
908,999
Member banks
908,999,1006
Cotton fabrics, production, and shipments
985
Credit policy of Federal Reserve System, letter of Governor Harding to a United States Senator
895
Crop estimates
983
Debits to individual account
1009
Discount and open-market operations of Federal Reserve Banks. 995-998
Acceptances held
998
Acceptances purchased
996
Bills discounted
995,996
Bills held
998
Earning assets held
997
Number of banks discounting during June
995
Rediscounts of bills between Federal Reserve Banks
1004
Volume of, during June
995,996
Discount rates:
In effect Aug. 1
1017
Prevailing in various centers
1016
Earning and expenses of Federal Reserve Banks, 6 months ending
June 30
!
England:
Business and financial conditions
952,1020
Condition of Bank of England
1023
Foreign trade
994
Wholesale price index
990
Failures, commercial, reported
962
Federal Reserve Banks:
Condition of
908,999
Discount and open-market operations of
995-998
Earnings and expenses of, 6 months ending June 30
939
Fiscal agency department expenses, 6 months ending June 30.
941
Federal Reserve note account
1005
Fiduciary powers granted to national banks
961
Fiscal agency department expenses of Federal Reserve Banks,
6 months ending June 30
941
Foreign countries, indebtedness of, to United States
90(i
Foreign exchange:
Index of
1018
Quotations
907
Foreign loans placed in the United States and outstanding on June
1, 1921
942
Foreign trade:
"Authority to purchase," in
financing
926
Index of
968
Review of
900-907
United Kingdom, France, Italy, Sweden, and Japan
993
France:
Business and financial conditions in
955,1020
Condition of Bank of France
1023
Foreign trade
994
Wholesale price index
990
Freight rates, ocean, index number of
931
Germany:
Business and financial conditions in
958,1021
Reichsbank, condition of
1024
Wholesale price index
991
Gold imports and exports during month
907,1014
Gold settlement fund transactions
1012
Imports and exports:
Gold
907,1014
Silver
908,1015
Indebtedness of foreign countries to United States
906
Index numbers:
Foreign exchange
1018
Foreign trade
968
Ocean freight rates
931
Physical volume of trade
,
. - 970
Retail prices in principal countries
993
Wholesale prices abroad
988
Wholesale prices in the United States
965
India:
Gold, silver, and merchandise imports and exports
938
Index of wholesale prices in
992
Interest rates prevailing in various centers
1016
Irrigation companies, notes of, are not agricultural paper
964
Italy:
Business and financial conditions in
957,1021
Condition of Bank of Italy
1025
Foreign trade
994
Wholesale price index
990
Japan:
Financial conditions in
1022
Foreign trade
994
Knit goods production
984
Letters of credit, comparison between "authority to purchase " . .
930
Loans, foreign, placed in the United States and outstanding on
June 1,1921
942
Member banks:
Condition of
908,999,1006
Number discounting during June
995
State banks admitted to system
- 961
I
II
INDEX.
Page.
Money, stock of, in the United States
1017
National banks:
Charters issued to
962
Fiduciary powers granted to
961
Norway, wholesale prices in
991
Ocean freight rates, index number of
931
Par list, number of banks on
1013
Physical volume of trade
970
Prices:
Retail, in principal countries
993
Wholesale, abroad
988
Wholesale, in the United States
965
Rates:
Discount, in effect August 1
1017
Discount, prevailing in various centers
1016
Earning assets of Federal Reserve Banks
997
Rediscounts of bills between Federal Reserve Banks
1004
Reserve ratio of Federal Reserve Banks
908
Resources and liabilities:
Federal Reserve Banks
1003
Member banks in leading cities
1006
Retail prices in principal countries
993
Retail trade, condition of
986
Rulings of the Federal Reserve Board:
Bankers' acceptances drawn by cooperative marketing associations against warehouse receipts covering agricultural
commodities
963
Rulings of the Federal Reserve Board—Continued.
Page.
Notes of irrigation companies are not agricultural paper
9t>4
Permission granted to member banks to apply for discounts of
eligible paper acquired from nonmember banks
963
Shipping, American, growth of
906
Silver:
Imports a n d exports
In China
In India
Price of
Production of the world
State banks admitted to system
908,1015
938
938
934
935
961
Sweden:
Business and financial conditions in
Foreign trade
Wholesale price index
960,1022
994
991
Trade:
Foreign. (See Foreign trade.)
Physical volume of
Retail, condition of.
Wholesale, condition of
970
986
988
Wholasale prices:
Abroad
In the United States
Wholesale trade, condition of
988
965
988
FEDERAL RESERVE DISTRICTS
10WA
#
#
O
OF FEDERAL RESERVE DISTRICTS
BOUNDARIES OF FEDERAL RESERVE B'RANCH TERRITORIES
FEDERAL RESERVE BANK CITIES
FEDERAL RESERVE BRANCH CITIES
FEDERAL RESERVE BANK AGENCY
CHICAGO
@FedFRASER