Full text of Federal Reserve Bulletin : December 1919

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FEDERAL RESERVE
BULLETIN




ISSUED BY THE

FEDERAL RESERVE BOARD
AT WASHINGTON

DECEMBER, 1919

WASHINGTON
C8QTOBNMEOT PRINTING OFFICE

FEDERAL RESERVE BOARD.

EX OFFICIO MEMBERS.

W. P. G. HARDING, Governor.
ALBERT STRAUSS, Vice Governor.

CARTER GLASS,

Secretary of the Treasury\ Chairman.
JOHN SKELTON WILLIAMS,

Comptroller of the Currency.

ADOLPH 0. MILLER.
CHARLES S. HAMLIN.
HENRY A. MOEHLENPAH.

GEORGE L. HARRISON, General Counsel.
W. T. CHAPMAN, Secretary.

W. W. HOXTON, Executive Secretary.

R. G. EMERSON, Assistant Secretary.

H. PARKER^ WILLIS,

W. M. IMLAY, Fiscal Agent.
W. W. PADDOGKJ Chief, Division of Operations and
Examination.
H




Directorif Division of Analysis and Research.
M. JACOBSON, Statistician.
J. B. CRANE,

Acting Director, Division of Foreign Exchange,

OFFICERS OF FEDERAL RESERVE BANKS.
Federal Reserve Bank
of-

Deputy Governor.

Governor.

Chairman.

Cashier*

B o s t o n . . . . . . . . . . . Frederic EL Gurtiss... Chas. A. M o r s s . . . . . . Chas. E. Spencer, jr.. W. Willett.
C. C. B u l l e n . . . . . . . .
New Y o r k . . . . . . . . Pierre J a y . . . . . . . . . . . Benj. Strong, jr . . . . . . J. H. C a s e . . . . . . . . . . . . L. H. Hendricks.1
L . F . Sailer
E. R. KenzeU
J. D. Higgins.1 1
Channing Rudd.
W. A. Dyer.
Philadelphia..... R. L. Austin.....
E. P. Passmore....... Wm. H. Hutt, 2jr
H. G. Davis.
Cleveland....
E9 B. Fancier.
.. M. J. Fleming
D.O. W i l l s . . .
2
Frank J. Zurlinden ..
Richmond,
Caldwell H a r d y . . . . . . George J. Seay . . . . . . . 0. A. P e p l e . . . . . . . . . GeOe H. Keesee.
R* H. Broaddus
A t l a n t a ^ . . . . . . . . Joseph A. McCord.... M. B. Wellborn...... L. C. Adelson
M. W. BelL
.
J. B. McDougal...... C. R. M c K a y 2 . . . . . . S. Be Cramer.
Chicago „
...-. Wm. A. Heath
B. G. McCloud
St. Louis . „ . . . . . - Wm. Me. Martin..
D.C. B i g g s . . . . . . . . . 0 . M. A t t e b e r y . . . . . . J. W. White.
Minneapolis
S. S. Cook.
John H. R i c h . . . . . . . . R. A. Young
Kansas C i t y . . . . . . Asa E. R a m s a y . . . . . . J. Z. Miller, jr
0. A, Worthington 2 ... J. W. Helm.3
Dallas.....
. . . Wm. F. Ramsey
R. L. Van Sandt n .. Lynn P. T a l l e y . . . . . . LynnF.'Talley.
Ban Francisco
J8 U. C a l k i n s . . . . . . . . . Wm. A. D a y . . . . . i . .
John P e r r i n . . . . . .
Ira Clerk.4 *
2

* Controller.

Assistant to Governor.

s

Acting cashier.

4

Assistant deputy governor.

MANAGERS OF BRANCHES OF FEDERAL RESERVE BANKS,
Federal Reserve Bank of—

New York:
Buffalo branch

Manager.

Ray M. Gidney.

Cleveland:
Cincinnati b r a n c h . . . . . . L. W. Manning.
Pittsburgh branch.-»~... Geo., De Camp,
Richmond:
Baltimore branch . . . . . . Morton. M. Prentis,
Atlanta:
New Orleans branch.
Jacksonville branch.....
Birmingham branch.....
Nashville branch ....

Marcus Walker.
Geo. R. De Saussure,
A. E. Walker.
Bradley Curry,

Chicago:
Detroit b r a n c h . . . . . . . . . . R. B. Locke.




Federal Reserve Bank of—

Manager.

St. Louis:
Louisville b r a n c h . . . . . . . " W. P. Kin'cheloe.
Memphis b r a n c h . . . . . . . . . J. J. Heflin,
Little Rock b r a n c h . . . . . . . A. F. Bailey.
Kansas City:
Omaha b r a n c h . . . . . . . . . . 0 . T. Eastman.
Denver branch- „ . - . . - . . . . C, A. Burkhardt.
Dallas:
El Paso branch.
Houston branch
San Francisco:
Salt Lake City branch
Seattle b r a n c h . . . . . . . . . . . .
Spokane b r a n c h . . . . . . . . . .
Portland b r a n c h - . . . . . . . . .

R. R. Gilbert,
Sam R. Lawder.
C. H. Stewart,
C. J. Shepherd.
0. A, McLean.
C. L. Lamping.

SUBSCRIPTION PRICE OF BULLETIN.

The FEDERAL RESERVE BULLETIN is distributed without charge to member banks of
the system and to the officers and directors of Federal Reserve Banks. In sending
the BULLETIN to others the Board feels that a subscription should be required. It has
accordingly fixed a subscription price of $2 per annum. Single copies will be sold at
20 cents. Foreign postage should be added when it will be required. Remittances
should be made to the Federal Reserve Board. Member banks desiring to have the
BULLETIN supplied to their officers and directors may have it sent to not less than 10
names at a subscription price of $1 per annum.
No complete sets of the BULLETIN lor 1915,1916, or 1917 are available.

TABLE OF CONTENTS.
Page.

Review of t h e - m o n t h . . . . . . . . . . . .
......................................................................
Business and financial conditions: S u m m a r y . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
;
Special reports hy Federal Reserve A g e n t s - . . . . . . . . . . . . . . . . . . . . - . . . . . . . . . . . . . . . . . . . . . „ . > . . . . . . . . . . . .
Terms of sale in the principal industries... . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Canadian banking and currency, 1914-1919. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
.........................
Official:
State banks and trust companies admitted to the system
*......
......
....... ^
..
Charters issued to national b a n k s . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . * . . . . . . • . • . . . . . . . . . . . . . . . . . . . . . . .
Foreign branches of American banks, list of, to November 1 5 , 1 9 1 9 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Fiduciary powers granted to national banks*
........
......................
Rulings of the Federal Reserve B o a r d . . . . . . . . . . . . . . .
............
Law department:
Rediscount of commercial or business paper for a member State b a n k * . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Negotiability of a bill of exchange accepted before it has been signed by the d r a w e r . . . . . . . . . . . . . . . . . . . . . . .
Miscellaneous:
Letter of Gov. Harding to a southern Federal Reserve Bank reviewing Board's policy relating to clearing
of c h o c k s . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
..........................................
Standardization of reports of business conditions.
Acceptance liabilities of national and other b a n k s * . . . . . . . . . .
.......................................
Condition of national banks, statement issued by the Comptroller. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Commercial failures reported.... . . . ; . . . . . , „ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Statistical:
Wholesale prices In the United S t a t e s . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Discount and Interest rates prevailing In various c e n t e r s . . . . . . . . . . . . . . . . . . \
..........................
Physical volume of t r a d e . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Debits to Individual account, October and N o v e m b e r , . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Gold-settlement fund transactions....... . . . . . « . . . * . . . . . . . . . . . . . . . . . . . .
................ k...........
Discount and open-market operations of the Federal Reserve Banks.
...
,..>..-....
Operation of the Federal Reserve clearing s y s t e m . . . . . . . . . . . . . . . . . . . . . . . . . . . a . . . . . . . . .
..............
Resources and liabilities of the Federal Reserve Banks*
...........
Federal Reserve note a c c o u n t . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
.
.....
............*
Condition of member banks in selected cities.
....
.....
Imports and exports of gold and s i l v e r . . . . . . .
. . . -.
.....................................
...
Estimated stock of money in the United S t a t e s . . . . . . . . . . . . . . . . . . . . . . .
..................... ^
..
Comparative statement of condition of leading banks of i s s u e . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . r . . . . . . . . . . . .
Discount rates approved by the Federal Reserve Board.
Diagrams:
Earning assets of Canadian chartered banks? 1 9 1 4 - 1 9 1 9 . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . — . . •.
Deposits, note liability, and reserves of Canadian chartered banks, 1 9 1 4 - 1 9 1 9 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Par point; m a p . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . * . . . . . . . - . . . . . . . . . . . . , .
Index to volume 5.................,.....*..•...............-..........-.-...-...-......-...............




IT

1105
1115
1119
1129
1110
1155
1153
1154
1155
1156
1157
1157
1113
113?
1152
1153
1152
1158.
1162
1164
1174
1178
1180
1185
1186
1190
1192
1197
1198
1200
1199
1146..
1147
1185
1203

FEDERAL RESERVE
VOL. 5

BULLETIN

DECEMBER 1, 1919.

No. 12

(excess of disbursements over receipts, exclusive of transactions in the principal of the
public debt) was $319,239,450.35, the lowest
figure for any previous month since April, 1917,
excluding the months in which income and
profits taxes were payable, while for the month,
of November the net current deficit was
$127,446,532, indicating the speedy elimination of deficits during the coming months.
On the basis of Treasury daily statements,
the total gross debt, which on June 30, 1919,
amounted to $25,484,506,160.05 and on August
31, 1919, had reached the peak at $26,596,Comparison of Government estimates and appropriations for
701,648.01, had been reduced by September
the fiscal year 1920.
30 by more than $400,000,000. NotwithTotal estimates
for 1920, including Total appropriaObjects.
tions for 1920,1
standing the increase resulting from, the
supplemental.
Victory loan installment payments in October
$16,524,132.61
$18,080,359.03
Legislative........................
11,051.870.00 1,102,122,780.00 and November, when the final payment was
Executive...... ^ . . . . . . . . . . . . . . . . .
11,587,595.27
17.203i368.33
State'-Department..................
Treasury D e p a r t m e n t . . . . . . . . . . . . 1,544,102,466.53 " 1,317,189,708.15 made, it stood on November 29 at $26,116,051,Independent o f f i c e s . . . . . . . . . . . . .
1,978,107,630.75 1,143,023,139.75
District of Columbia . . . . . . . . . . . . . .
16,396,321.00 952, a net reduction of about 1480,000,000
20,366,587.00
War Department . . . . . . . . . . . . . . . * • 2,890,826,503.85
856,582,194.82
Panama C a m ! . . . . . . . . . . . . . . . . . . . . .
9,979,837.00 from the high mark at the end of August, and
13,250,079.00
Navy D e p a r t m e n t . . . . . . . . . . . . . . . . .2,679,^71,239.66
624,597,728.88
Interior D e p a r t m e n t . . . . . . . . . . . . . .
268,146,188.71 a net increase since June 30 of only $631,545,300,099,313.64
^ost Office Department proper.,..
1,986,430.40
2,059,400.00
792, although in that period only one quarPostal Service, payable from postal
revenues........................
359,807,577.00 , 401,218,149.00
Depaf'imen t of Agriculture.........
143,171,270.00 terly income and profits tax installment had
67,057,646.00
Departmen t of Commerce..........
30,570,400.03
44,409,392.03
The total amount of loan,
Departmen t of L a b o r . . . . . . . . . . . . .
4,747,782.46 been i^eceived.
28,-420,494.00
1
Department of J u s t i c e . . . . . . . . . . . .
16,402,450.34
17,940,523.83
certificates outstanding and unmatured, which
Increase, of compensation, all de" partments ( e s t i m a t e d ) . . . . . . . . . .
30,760,000.00 on June
30 was $2,478,317,500 and on
Additional compensation, Postal
Service.........................
3S.fl98,400.00 August 31, $2,0.J2,387,500, was reduced in
Total, including sinking
fund (except in approprtaSeptember to $1,634,671,500, at which figure
tions for 1 9 2 0 ) . . . . . . . . . . . . . 9,992,554,450.65- 6,030,702,508.42
Deduct, sinking-fund requirement
it stands; while the total amount of tax
for 1 9 2 0 . . . . . . . . . . . . . . . . . . . . . . . . . .
(2)
2*7,943,883.00certificates outstanding and unmatured, which
Total (exclusive of sinkingfund requirement for 1920). 9,704,610,567.65 6,030,702,508.42
on June 30 was $789,561,000 and on August
Deduct. Postal Service, payable
. from, the postal r e v e n u e s . . . . . . . . 359,807,577.00
401,216.149.00
31 was $1,925,837,500, was reduced in SeptemTotal, exclusive of sinkingfund requirement for 1920
and Postal Service....
9,344,802,990.65 5,629,488,359.42 ber to $1,827,586,500, at which figure it stands.
Of the latter, certificates to the amount of
* Embraces all appropriations made during the third session, Sixtyfifth Congress, and first session, Sixty-sixth Congress, for 1920, including $746,869,500 mature December 15,- 1919, and
revised permanent annual appropriations. Deficiencies made for prior
years, exclusive of Postal Service, amounting to $416,132,241.14 and are amply provided for by the income and
'$7,150,000 postal deficiencies, payable from postal revenues, not included.
* The former sinking fund under act of Feb. 25,1862,. repealed by act profits tax installment payable on that date.
of Mar. 3,1919,4.0 Stat., p . 1312, sec. 6.
* '
During the period of five months from June 6
Issues of loan certificates were resumed dur- (when holdings of Victory notes were firsting the month, under an announcement issued reported separately) to November 7 all reportNovember 24, 1919.
ing member banks (about 783 member banks
On the basis of Treasury daily statements, in leading cities, which are believed to hold
in the month of October the net current deficit a-bout 40 per .cent of the commercial, bank
REVIEW OF THE MONTH.
Treasury operations during the month, of
November have developed
along the same lines that had
marked the operations for
October, Expenditures for the month have
amounted to approximately $611,301,764,
while income has been $389,376,915* The conclusion of the session of Congress permits a
comparative statement of estimates and appropriations for 1920, which may be briefly presented as follows:




1105

1106

FEDERAL, KESEBVE BULLETIN.

deposits of the country) have reduced their
holdings—
of Liberty bonds f r o m . . . . . . . .
to.......,..........,„

or.
of United States certificates
of indebtedness f r o m . . . . . . .
to.

146,179,000

666,904,000

making a total reduction in all reporting member banks' holdings of
United States war securities of..... 825,406,000

The long intermission in the issue of certificates of all kinds made it possible, upon resuming, to issue loan certificates, bearing 4J per
cent interest, and having shorter, maturity than
those issued heretofore. Coincident with the
issue of these loan certificates it has been
thought wise, in order to make it possible and
convenient for taxpayers to prepare further
for the large tax payments which fall due on
March 15, 1920, to offer an issue of 4f per cent
tax certificates of that maturity.
Early in November the Federal Reserve
Higher level
Banks advanced their rates to
of rates.
the extent of about one-half
of 1 per cent. The changes made at each bank
are shown in the following table:
rates approved by the Federal Reserve Board up
to Nov. 29, 1919.
Discounted bills,including member banks' Discounted bills, macollateral notes, ma- turing within 16 to 90
turing within IS days, days, secured by—
secured by—
Federal Reserve Treasury certifiBank.
cates of Indebt- Liberty
edness bearing bonds
interest at— and
Victory
41 per # per notes.
cent. cent.
Boston
New York
Philadelphia...
Cleveland
Richmond
Atlanta
....
Chicago
St. Louis
Minneapolis....
Kansas City....
Dallas..
San Francisco.

Treasury certificates ofindebt- Liberty
edness bearing bonds
interest at—
and
Victory
4|per 4^ per notes.
cent. cent.

44

1 Rate of 4J per cent on member banks7 collateral notes; 4 | per cent on
customers' paper.




Trade accept- Discounted bills, secured otherwise than by Government
ances 1 matur- war obligations,* also unseing within—
cured maturing within—

Federal Reserve ,
Bank.

1,514,462,000
847,558,000

or........

Discount

Discount rates approved by the Federal Reserve Board up
to Nov. 20. 1919—Continued.

$646,273,000
633, 950,000

or.................................... $12,323,000
of Victory notes f r o m . . . . . . . . .
438,589,000
to..........................
292,410/000

DECEMBER 1,1919.

15 days,
91 to 180
including
mem- 16 to 60
61 to 90 cultural
15 days. 16 to 90 ber
days. banks* days.
and
days. livecollatstock
eral
paper.)
notes.

Boston
New York
Philadelphia...
Cleveland
Richmond
Atlanta..
Chicago
St. Louis.......
Minneapolis....
Kansas City
Dallas...
San Francisco.,
1
Rates also apply to bankers' acceptances discounted by the New
York and Cleveland banks.
2
Rates on paper secured by War Finance Corporation bonds, 1 per
cent higher than on commercial paper of corresponding maturity.
8
Rate.of7 4J per cent on member banks' collateral notes; 4| per cent on
customers paper.
x
NOTE 1 .—Acceptances purchased in open market, minimum rate 4 per
cent.
NOTE 2.—Whenever application is made by member banks forrenewal
of 15-day paper the Federal reserve banks may charge a rate not exceeding that for 90-day paper of the same class.

It could not be expected, however, that the
changes in rates would bring about immediately a strengthening of the reserve position
of the system as a whole. At this season of
the year the demands upon the banks are
always heavy and no material improvement is
expected before the end of the year.
Shortly prior to the announcement of the
Changes In re- advance in rates the reserve
serve percent- percentage of the Federal
ages.
Reserve System had fallen to
approximately 47 per cent as at the close
of business on October 3.1. The report for
the week ending November 8, showing condition at the close of business of the preceding
day, indicated a reserve percentage of only
about 46 per cent, while for the Federal Reserve Bank of New York the corresponding
percentage was but little more than 40 per
cent, i During the week ending November 8
other Federal Reserve Banks took over from
the Federal Reserve Bank of New York
$90,000,000 of acceptances, and in these circumstances in order to prevent further expan-

DECEMBER l s

FEDERAL BESEBVE 3TJMJSTIN.

1029.

sion it became necessary to call the attention
of the large rediscounting banks to the situation. Practically the entire banking community recognized the necessity of curtailing the
unduly large lines of loans which had been
granted upon stock exchange collateral, and accordingly the developments during the week
ending November 15 centered around the callmoney market. The high call rate had the
effect of checking further advances on purely
speculative account and undoubtedly tended
to promote liquidation. I t was a precautionary measure on the part of the large ^discounting banks. The report of the Federal
Reserve System for the week ending November
14 showed a reduction in discounts at the
Federal Reserve Bank of New York amounting
to about $84,000,000, a change which should
have sufficed to improve the position of the
system very materially, except for the expansion of loans and discounts at other Federal
Reserve Banks, part of which was no doubt
due to the crop-moving operations now in
progress.
The reserve percentages for the system as a
whole since October 15 have been as follows:
Per cent..

October 17.
October 24.
October 31
November 7.
November 14
November 21
November 28

. 48. 3
48. -7
.
47. 9
.......46. 8
47.1
.•
46. 9
. . . . * . :1 ..........*...•
45. 5

Improvement between the dates November 7 and 14 was due to some extent to
the transfer of a balance of German gold from
the Continent to London and the inclusion of
the amount thus transferred in the banks7
reserves.
The use by member banks of the resources
of the system for speculative
Banks and

, ..

i

,

., .

*

.

advances to tneir customers
required the application. of a
corrective to the situation, It should be
recalled that the resources of the Federal
Reserve System were never intended for specu-




1107

lative purposes. Section 13 of the act provides in part that Federal Reserve Banks may
discount notes, drafts, and bills of exchange
arising out of actual commercial transactions;
that is, notes, drafts, and bills of exchange
issued or drawn for agricultural, industrial
or commercial purposes, or the proceeds of
which have been used, or are to be used, for
such purposes. It provides further that nothing contained in the act shall be construed to
prohibit such notes, drafts, and bills of exchange, secured by staple agricultural products,
or other goods, wares, or merchandise from
being eligible for such discount; "but such
definition shall not include notes, drafts, or
bills covering merely investments or issued or
drawn for the purpose of carrying or trading in
stocks, bonds, or other Investment securities,
except bonds and notes of the Government of
the United States,"
Clear and emphatic as the-act is with reference to the speculative use of the resources of
the system, experience has demonstrated that
the prohibition of direct speculative loans
does not of itself act to prevent the indirect
use of funds obtained from the system for
speculation. Bonds and notes of the Government of the United States are not included
In the list of prohibited collateral, and because
so large a volume of these admissible securities
is now outstanding the collateral loan is being
used to obtain accommodation and for making
good reserves which may previously have
been depleted by making ineligible loans.
As Governor Harding, in a letter to Hon.
Robt. L. Owen, has said, "the Board has
repeatedly called attention to the fact that
resources obtained from the Federal Reserve
Banks should not be used for speculative purposes, and at various times when there has
been unusual speculative activity it has issued
public-warnings as to the bad effect of such
activities upon the banking situation. The
first warning of this kind was issued as long
ago as October, 1915, and the warning has
been repeated on several occasions since that
date when conditions made it necessary.?7

1108

FltMffiKAL BBSEBVB

I, 1919-

On June 10, 191-9, the Board made public a during the past summer, and the speculative
letter, which it had addressed to all Federal movement continued throughout the early
autumn. These demands upon the banks
Reserve Agents, reading as follows:
for credit came in addition to the very heavy
The Federal Reserve Board is concerned over the existing tendency toward excessive speculation, and while commercial requirements,, to seasonal crop
ordinarily this could be corrected by an advance in dis- movement demands, and to needs arising out
count rates at the Federal Reserve Banks, it is not practiof unusual congestion of export commodities
cable to apply this check, at this time because o! Government financing. By far the larger part of the invested at ports. The advance in discount rates by
assets of Federal Reserve Banks consists of paper secured Federal Reserve Banks, announced early in
by Government obligations, and the Board is anxious to November? was intended as a warning to the
getrsome information on which it can form.an estimate as business community, This situation, which
to, the extent of member bank borrowings on Government
reached its climax in November, did. not
collateral made for purposes other than for carrying customers who have purchased Liberty bonds on account, or develop without warning. As Governor Harding has expressed it in the letter already
other than lor purely commercial purposes.
TMs letter was sent out for the purpose of referred to, " the high rates for call money which
ascertaining to what extent Government obli- have prevailed continuously for the past two
gations were being used to secure loans from weeks and intermittently for several months
Federal Reserve Banks for other than commer- past were in themselves very clear indication
cial purposes or for carrying subscriptions. of the strained position, into which the unThe. Board, has called attention repeatedly to bridled speculation had thrown the stock
the dangerous speculative tendencies" which market and rendered a readjustment inevitable
unless the resources of- the Federal Reserve
have been prevalent.
The usual method of restricting the undue Banks were to be indirectly drawn upon for
Effect of pub- use of the rediscounting privi- stock market purposes. The public has had
He borrowing.
lege is to advance rates. This ample notice of the Board's policy." The
policy would have been put into operation several high rates for call money established early in
months ago except for its bearing upon Govern- the month exerted an important influence in
ment financing.. The fact that the -Treasury discouraging undue applications for bank
had sold more than $20,000,000,000 "in. bonds funds to be used in the: carrying of securities.
and Victory notes, many of which had. heen. Call rates, in fact, practically throughout Notaken by persons who had. been unable" to pay vember maintained a high level, with, a correfor them in full, but were obliged to carry sponding effect upon the--volume of trading.
As pointed out in the .Board's statement of
t.he;to. at banks, liquidating their •obligations in
November £,. the speculative
part from time to time, and that member banks
Location
had obligated themselves to make loans to speculation. of situation' is : not regarded as
being confined to any one part
subscribers at coupon rates for a definite
period of time, and that this policy oh the of the country, but there has been extraordinary
part of the member banks had been, approved speculative activity in-all'sections: The conby the Federal Reserve Banks, materially sequences of over-speculation are as evident
altered, the policy which would otherwise and may be as serious when, the funds of banks,
-.have beeen adopted by the Board. That a are used for the purpose- of carrying commodirelatively low rate was maintained for the ties or real estate as they are when they are
purpose of accommodating bofna fide sub- employed in a similar way in connection with
scribers to Government obligations opened an stocks and securities. As was stated by- the
opportunity for other borrowers to obtain Board at the time, "the real character of the
funds for their own purposes at comparatively situation depends upon the use that is being
low cost. TMs was availed of in. large measure made by member banks of credit facilities to be




1109
obtained at Federal Reserve Banks. * * *
The reports which come to the Board from the
Federal Reserve districts indicate a marked advance in the growth of speculative transactions," and again, " there has been an increasing
demand for funds, speculation is attaining an
unprecedented activity and is embracing real
estate and many classes of commodities." I t
follows from what has been said that the repression of undue speculative activity and overextension of credit is as clearly a duty of the
banking system in the South and West as it is
in the East and North. I n reply to a message
received from a cotton growers committee, the
Board on November 19 telegraphed the National
Farmers Union, in session at Memphis, that
there had been no change in policy with respect
I to the extension of productive credit, but that
Federal Reserve Bank resources should not
" b e used directly or indirectly for speculative
purposes nor for facilitating the hoarding of
commodities for such purposes." The Board
has consistently advocated during the past five
years the policy of orderly marketing of crops.
Assuming that adequate warehouse facilities
are available, it seems to be in the interest of
the consumer as well as of the producer that
staple commodities remain as far as possible in
the hands of producers until sold for consumption. This policy gives the producer the benefit
of an average price in that he is not required to
" d u m p " his products upon the market in
excessive volume, thereby depressing the price
to the advantage of favored consumers or of
speculators who do not as a rule pass the advantage on to the consumer. Owing to the
great number of producers there will always
be competition between them to sell, which
would not be the case if large syndicates were
able to acquire control of the bulk of the crop.
I n times like the present, when there is a
world-wide demand for necessities, there is no
warrant for hoarding or withdrawing itaple
commodities from the market for speculative
purposes, and, as already pointed out, the use
of the resources of the Federal Reserve Banks
either directly or indirectly for speculative
purposes is forbidden by the act.
153^858—18
2




Marketing, transportation, and sale of commodities are essential and legitipecu atioH in
. ^ ^ i n ( j u s tries and as comcommodities.
mercial operations have no
speculative quality. They constitute a legitimate and normal basis upon which to ask for
credit. Such operations tend to become speculative, however, when their time or maturity
is no longer limited to that period which is required for the transportation and orderly
marketing of the staple commodities, or
when credit is requested from the banks for
the purpose of carrying of commodities indefinitely in the expectation of an advance in
prices. Whatever may be thought of such
undertakings in periods when abnormally low
prices have developed because of inability to
market commodities in the normal way, due to
sudden disturbances of the transportation system or other like conditions, as w£is true at the
opening of the European War, there is no
ground for withholding of such commodities
from sale when a shortage of practically all
staplfes prevails throughout the world, and when
the general level of prices everywhere is abnormally high. In such circumstances the use of
bank credit for the purpose of carrying staples
indefinitely in warehouses constitutes an unwarranted drain upon the general fund of
credit. These observations apply not only to
cotton b u t to all other products which have a
broad market.
One of the most important results of the
change in credit conditions
The Edge bill, which has occurred during the
past month will undoubtedly
be its effect upon foreign-trade financing. I t
is therefore of special interest that legislation
on t h a t subject is approaching completion.
The report of the conference committee of
the two houses of. Congress on the Edge bill,
which was agreed upon on November 17, has
been adopted by the House of Representatives and is now before the Senate. Briefly
stated, the purpose of the Edge bill is to provide Federal incorporation for institutions
organized for the purpose of carrying on
foreign banking and for export financing.

1110

FEDERAL, RESERVE BULLETIN.

Institutions so incorporated will be under the
supervision of the Federal Reserve Board,
which is empowered to authorize them to
offer their obligations or debentures specifically secured by notes, bonds, or other
obligations which they had received in the
conduct of their foreign transactions, and
would, upon the strength of such securities,
borrow from American investors funds which
would be employed in paying for goods
exported to foreign consumers. This, as the
Board has stated on former occasions, is to be
regarded as the desirable way of financing
an excess of exports to foreign countries.
The Board is charged with the duty of formulating proper regulations for the conduct of
such operations, all of which will be fully set
forth in later issues of the BULLETIN.
The month of November has been marked
by a sharp upward movement
m
Changes
in prices, not only in the United
prices.
States but abroad.
This
change in the price level, although due in part
to seasonal conditions, is evidently to be attributed mainly to the continued expansion of
banking credit throughout the world. The
American index number compiled by the
Bureau of Labor Statistics shows an advance
of 2 points, some foodstuffs varying in their
rate of increase from 2 to 9 points during
the month. The English index number, known
as Sauerbeck's, seems to indicate a more
rapid rate of increase, probably amounting to about 7 points. So far as data are
available they indicate an even more rapid
advance of prices on the continent of Europe,
changes there in some cases being apparently due to scarcity or shortage resulting
from the condition of international trade
and the disorganization of production. The
general effect of these conditions, however, i§
to bring about a further decrease in the value
of money as compared with goods—a situation
which is to-day world wide. The continued
growth of such a condition of affairs necessarily leads to a still further dislocation of wages
and salaries and by the process which has
become familiar during the past year or two




DECEMBER 1,1919.

automatically tends to produce a still further
increase in prices. The advance in prices or
the decrease in the value of money has now
assumed the proportions of a world-wide social
problem and is so regarded by practically all
authorities on the subject. The only solution
of the problem seems to be in greater economy,
the avoidance of waste, and stimulation of productive energy.
Record low levels in almost every department
of foreign exchange have been
7eSS ** registered during the month
of November. The price of
sterling went on November 18 to about $4.05,
while Italian lire have steadily ruled around 12
to the dollar and francs during the latter part
of the month at a little better than 10 to the
dollar. Several factors may be mentioned in
connection with this unprecedented decline in*
the value of foreign currencies. Our export
trade has continued at a substantially high
point, although, as noted in the last issue of
the BULLETIN, the effects of the withdrawal
of Government support for international financing and the absence of adequate provision for
granting credit through private channels are
beginning to make themselves felt. A continued excess of our exports over imports naturally tends to reduce the value of the currencies
of those countries which suffer from an "unfavorable trade balance." High rates for
money and the relatively unsatisfactory prospect of financing the trade on a long-term basis
have, as already noted above, had some influence in the same direction. In addition to
these factors, however, it seems probable that
the delay in attaining a final settlement of the
relations between the United States and the
European countries may have had its influence.
Prompt adjustment of the position of Germany
in regard to economic matters and settlement
of the manifold serious and difficult questions
growing out of international adjustments under
the peace treaty would tend to create a more
stable and comprehensive basis for the conduct of our trade. The influence here is psychological, and consequently not susceptible of
exact statement, but undoubtedly has had its

DECEMBER 1,1919.

Jill

FEDERAL RESERVE BULLETIN.

effect. Complete economic recovery must at
best take a good deal of time, and, though
progress is already noted, the inevitable delay
in adjusting economic conditions in Europe
and the uncertainty as to the arrival of a time
when Government financing in foreign countries will be placed upon a permanent basis
have had a depressing effect. Exchange quotations during the month of November have
been as follows:

$49,164,000, $19,175,000 were consigned to
British India, $15,50Q,000 to Japan, $3,800,000
to ^Hongkong, $3,500,000 to China, and
$2,150,000 to Dutch East Indies, the remainder going principally to Salvador, Denmark,
and the Straits Settlements. Since the removal of the gold embargo on June 7 total
gold exports have amounted to approximately
$273,900,000. Of this total about $73,600,000
were shipped to Japan, $33,000,000 to Argen-

Movement of leading foreign exchange cable rates during November,.
Quotations on—
Par.
Oct. 31.
4.8665
5.18
5.18
23.8
19.3
5.18
40.2
26.8
32.44
54.62
42.46

Pound sterling
French francs
Italian lire
Berlin mark
Spanish peseta
Swiss francs
Dutch florin
Swedish crown
Indian rupee
Shanghai tael
Brazilian milreis
Argentine peso *

dolls..
per doll..
-do
cents..
do—
per doll..
cents..
do
do
do—
do
do

During the month ending November 10 the
net outward movement of gold
Gold and silwas $44,950,000 as compared
ver movements.
with a net outward movement
of $28,322,000 for the month ending October
10. Net imports of gold since August 1, 1914,
were $845,316,000, as may be seen from the
following exhibit:
[In thousands of dollars: i. e., 000 omitted.]
Excess of

Imports. Exports. imports
over

exports.

Total

4.1675
8.83
10.81
3.25
19.33
5.59
37.9375
23.95
41.75
140 00
25.125
42.389

4.005
9.80
12.25
2.30
19.75
5.49
38.00
22.50
44.50 '
163 00
25.25
43.222
2

i Above par.

23,253
451,955
685,745
553,713
61,950
62,175

104,972
31,426
155,793
372,171
40,848
288,265

181,719
420,529
529,952
181,542
21,102
1226,090

1,838,791

Aug. 1 to Dec 31,1914
Jan. 1 to Dec. 31, 1915..
Jan. 1 to Dec. 31, 1916
Jan. 1 to Dec. 31, 1917
Jan. 1 to Dec. 31,1918
Jan. 1 to Nov 10, 1919

Nov. 29.

993,475

Low
during
November.
on Nov. 29. November.
17.7
47.1
57.7
90.3
12.3
5.6
5.5

16.0
137.2
53.6
U.8

4.17
8.81
10.74
3.25
20.45
5.48
38.00
23.90
44.50
163 00
25.25
43.222

4.005
9.80
12.80
2.10
19.33
5.59
37.25
22.40
41.75
140.00
25.00
42.3688

Paper.

[In thousands of dollars, i. e., 000 omitted.]
Excess of
Imports. Exports. exports
over
imports.

i Excess of exports over imports.




High

tina, $32,700,000 to China, $31,600,000, to
Hongkong, and $28,000,000 each to Spain and
British India, and the remainder largely to
Uruguay, Venezuela, Dutch East Indies, Canada, and France. The net outward movement
of gold since the removal of the embargo was
approximately $255,700,000.
During the same period the net outward movement of silver was $1,688,000
as compared with a net outward movement of
$4,630,000 for the month ending October 10.
Net exports of silver since August 1, 1914, were
$395,435,000, as may be seen from the following exhibit:

845,316

Gold imports for the monthly period, amounting to $4,214,000, were received principally
from England, Dutch East Indies, Canada, and
Mexico. Of the gold exports, amounting to

Per cent

Aug. 1 to Dec. 31, 1914.
Jan. 1 to Dec. 31,1915..
Jan. 1 to Dec. 31,1916..
Jan. 1 to Dec. 31,1917..
Jan. 1 to Dec. 31,1918..
Jan. 1 to Nov. 10,1919.
Total.

12,129
34,484
32,263
53,340
71,376
74,622
278,214

22,182
53,599
70,595
84,131
252,846
190,296

10,053
19,115
38,332
30,791
181,470
115,674
395,435

1112

FEDERAL

Almost three-fourths of the silver imports
for the most recent monthly period, amounting
to $7,889,000, were received from Mexico;
Peru, Honduras, Canada, and Dutch East
Indies furnishing most of the remainder. Of
the silver exports, amounting to $9,577,000
(as against $12,785,000 the month before),
$7,700,000 were consigned to China, $1,100,000
to Hongkong, and the remainder principally
to Canada, Mexico, and England. Exports to
British India, which accounted for most of the
foreign shipments during 1918 and 1919 up to
September 10, have not been reported since
the latter date.
For the four weeks ending November 21
member banks in the leading
c
i ^ e s report further liquidation
m g
*t at"
of 142.5 millions in United
States war securities and of 184.6 millions of
loans (less rediscounts with Federal Reserve
Banks) backed by such securities. There were
no new issues of certificates, nor did any of the
outstanding series fall due during the period
under review. For the same period these
member banks report an aggregate decrease of
about 23 millions in loans secured b y stocks
and bonds and a simultaneous reduction of
117.7 millions in the same item for the member banks in New York City, as against an increase of 133.9 millions in other loans and
investments. Aggregate holdings by reporting
member banks of United States war obligations and war paper (exclusive of paper rediscounted with Federal Reserve Banks) declined
from 3,177.7 to 2,789.8 millions, or from 20.1
to 18.2 per cent of their total loans and investments, while loans secured by stocks and bonds
declined from 3,166.2 to 3,143.5 millions, constituting about 20.5 per cent of their total
loans and investments.
Total loans and investments include the
amounts of collateral securing bills payable
with the Federal Reserve Banks, but are
exclusive of the amounts of customers' paper
rediscounted with these banks. During the
4 weeks the amount of bills rediscounted with
Federal Reserve Banks by reporting member
banks went up 206.1 millions, while the amount
of bills payable discounted with the Federal
Reserve Banks declined 138.3 millions. On




the face of the returns reporting banks are
shown to have reduced their loans and investments by 216.3 millions. But taking account
of changes in the amount of accommodation
at the Federal Reserve Banks, the net reduction
in their loan burden for the period works out
at about 78 millions, of which 10.2 millions
represents a reduction in the gross amount of
loans and investments (including amounts
rediscounted with the Federal Reserve Banks)
carried by the banks, and 67.8 millions the
increase in total accommodation at the Federal
Reserve Banks.
During the four weeks ending November 21
the Federal Reserve Banks increased their
holdings of discounted bills by 42.5 millions,
largely of ordinary commercial paper. Acceptance holdings show a steady gain for the
month of 111.2 millions, while total earning
assets of the Federal Reserve Banks on November 21 stood at 2,916.9 millions, an increase for
the period of over 165 millions. In connection
with the extension of their loan and investment
operations the Federal Reserve Banks show also
substantial additions to their deposit and note
liabilities. Maximum net deposits of 1,870.5
millions are shown for November 7, when discounts were at their highest, while Federal
Reserve note circulation shows a continuous
expansion from 2,753,5 to 2,817.2 millions,
most of the increase falling within the week
ending November 7, about the time when discount rates were raised. Gold reserves show a
decline of 27.3 millions, notwithstanding the
transfer during the week ending November 14
to -London from the Continent of the balance
of 19.2 millions of goLd and the inclusion of the
amount with the banks' reserves. The banks'
reserve ratio shows a decline from 48.7 to 46. 9
per cent.
The usual quarterly meeting of the Advisory
Council of the Federal Reserve
Conferences g
occurred on November
during the month.

J

,r.

.,

„ ,

,.

17. Much of the discussion related to the existing credit situation.
On November 19, 20, and 21, governors of
Federal Reserve Banks met in Washington in
response to an invitation of the Board for a
usual periodical session. General questions affecting the management of the Federal Reserve

t)ECEMBHK 1, 1910.

FEDEKAL, RESERVE BULLETIN.

System were considered, and among them attention was given to the credit situation.
The Secretary of the Treasury on November
,. 17 sent to the President a letter
Secretaryship

.

,.-

v

. .

. . '

.

of the Treasury, indicating his intention to resign the portfolio of the Treasury Department in order to accept appointment from the Governor of Virginia as Senator
for that State, succeeding Hon. Thomas S.
Martin, deceased. The correspondence between the President and Mr. Glass is as follows:
THE SECRETARY OF THE TREASURY,

Washington, November 16, 1919.
MY DEAR M E . PRESIDENT: The governor of Virginia has

tendered me an ad interim appointment to the Senate of
the United States pending the election of a Successor to
the late Senator Martin in November of next year. It is
a high distinction and a mark of confidence which I deeply
appreciate. But, dearly as I love my own State, I can
not fail to realize that my immediate obligation is to you
and to the country in your hour of illness.
Hence, if it is your judgment that I would better remain
at my post in the Treasury, you may be sure I am quite
prepared cheerfully to accept that view. Conversely, if
it should seem to you advisable, in all the circumstances,
for me to take service again in the legislative branch of the
Government, I would desire to accept the honor which
Gov. Davis has been pleased to offer me.
With assurances of unabated devotion and great anxiety
for your complete restoration to health, I am, Mr. President,
Sincerely, yours,
(Signed)

CARTER GLASS. .

The PRESIDENT,

The White House.
THE WHITE HOUSE,

Washington, November 17, 1919.
M T D E A E M B . SECRETARY: It was most thoughtful and

generous of you to consult my desires in the matter of your
selection by Gov. Davis for the senatorship from Virginia,
left vacant by the death of Senator Martin. Of course, you
must accept the appointment. While your withdrawal
from the administration as a Cabinet officer is a matter of
deep regret to me and to your associates, I feel that your
fine ability may again be utilized as a member of the
Senate, in advancing the interests of the Nation and the
administration in that great forum.
No President has had a more loyal, a more devoted, or a.
more resourceful friend than you have been to me. Your
work as chairman of the Banking and Currency Committee
of the House of Representatives in connection with the
establishment of the Federal Reserve act, and your
stout support df the administration at every turn while a
member of the House caused us to rely upon you in every
emergency.
While your occupancy of the office of Secretary of the
Treasury has been brief, the administration of its affairs




1113

under your guidance has moved forward to the highest
levels of efficiency and high devotion to the public interest.
Gov. Davis has honored the old State of Virginia by
paying tribute to so distinguished a son. We shall watch
your career in the Senate with affectionate interest and
admiration.
Cordially and sincerely, yours,
(Signed)
Hon. CARTER GLASS,

WOODROW WILSON.

Secretary of the Treasury.

Clearance of Checks,
Governor Harding, in a letter dated November 28, 1919, and addressed to the chairman of
one of the southern Federal Reserve Banks,
has reviewed the Board's policy relating to the
par clearing of checks and some problems growing out of the attitude of certain bank officials,
as follows:
My attention 'has recently been directed to the letter of
Mr.
, addressed to your board on the 17th ultimo*
in which he tendered his resignation as a director of the
—
branch.
Entertaining the views that Mr.
- does, it seems
to me that his course was dignified and entirely proper,
but at the same time I can not escape the feeling that the
conclusions which have been drawn by Mr.
—- are
based on false premises and unsound. The second paragraph of Mr. -——'s letter reads as follows: "The policy
recently adopted by the Federal Eeserve Board under
which coercive measures are being pursued to compel
small country banks, who are not members of the Federal
Reserve System and not even eligible to such membership, to surrender what I conceive to be a legitimate source
of profit, is in my judgment wholly unwarranted by the
language of the Federal Reserve Act, by the intent of its
framers, or by any existing circumstances or conditions."
Without discussing some of the minor points made by
Mr. —
, which I think are misleading and irrelevant,
I shall endeavor to point out to you just why, in the
opinion of the Federal Reserve Board, its policy is not
only not "wholly unwarranted" by the language of the
Federal Reserve Act but is, on the contrary, absolutely
essential for carrying out the very evident purposes of
the act.
Section 13 begins as follows: "Any Federal Reserve
Bank may receive from any of its member banks, and from
the United States, deposits of current funds in lawful
money, national bank notes, Federal reserve notes, or
checks, and drafts, payable upon presentation, and also,
for collection, maturing notes and bills." Even though
the Federal Reserve Board has heretofore ruled that the
permissive " m a y " as used in the foregoing paragraph
should not be construed to mean the mandatory "shall,"
nevertheless it is clear that a Federal Reserve Bank in
order to do any business whatever must exercise some of
the permissive powers authorized by law. It would be

1114

FEDEKAL KESERVE BULLETIN.

DECEMBER 1,1919.

impossible otherwise for a Federal Reserve Bank to afford at any one time, for collection or payment of checks and
to its member banks many of the privileges which the law drafts and remission therefor by exchange or otherwise;
clearly contemplated and to which the member banks but no such charges shall be made against the Federal
are clearly entitled. But independently of a discussion Reserve Banks..'' This has been construed by the Attorof this phase of the situation, it seems to me that doubts ney General of the United States as meaning that a Federal
upon this question are resolved upon a consideration of Reserve Bank can not legally pay any fee to a member or
the provisions of section 16. "Every Federal Reserve nonmember bank for the collection and remittance of a
Bank shall receive on deposit at par from member banks check. It follows, therefore, that if the Federal Reserve
or from Federal Reserve Banks checks and drafts drawn Banks are to give the service required of them under the
upon any of its depositors." In this case, the obligatory provisions of section 13 they must in cases where banks
" shall" is used, so that there is no option in the Federal refuse to remit for their checks at par use some other
Reserve Bank so far as checks and drafts upon its deposi- means of collection no matter how expensive.
tors are concerned. From this it may be argued that as
The action of the various'Federal Reserve Banks in
the depositors of a Federal Reserve Bank are member extending their par lists has met with the cordial approval
banks there is no obligation upon the Federal Reserve of the Federal Reserve Board, which holds the view that
Bank to receive on deposit at par checks on nonmember under the terms of existing law the Federal Reserve Banks
banks, but even if the language of section 13 be construed must use every effort to collect all bank checks received
as permissive there seems to be no question that the from member banks at par. Several of the Federal ReFederal Reserve Bank has the right to receive on deposit serve Banks are now able to collect on all points in their
from any of its member banks any checks or drafts upon respective districts at par and new additions to the other
whomsoever drawn, provided they are payable upon par lists are being made every day. It is inconceivable
presentation. The whole purpose of the act demands that the par system should prevail in all sections of the
that in justice to member banks they should exercise that country except the Gulf States and it is the Board's duty
right. Section 16 further provides that the Federal to see that the law is administered fairly and without
Reserve Board "may at its discretion exercise the function discrimination and that it apply to all sections alike.
of a clearing house for such Federal Reserve Banks
The Board recognizes of course the right of any director
* * *' and may also require each such bank to exercise of a Federal Reserve Bank or branch to entertain his own
J}
the functions of a clearing house for its member banks. views, but it would be embarrassing for any director to
In accordance with the purpose of this paragraph, the give public expression to such views as are stated in Mr.
Federal Reserve Board, with the view ultimately of
's letter. Recognizing his ability as I do, I am
establishing a universal or national system of clearing sorry he has severed his connection with the branch bank
intersectional balances as well as bank checks and drafts, at
—, and I feel sure that had he been able to disabuse
has established a gold-settlement fund through which his mind of the belief that the Federal Reserve Board was
daily clearings between all Federal Reserve Banks are adopting an arbitrary policy "wholly unwarranted by the
consummated and has also required each Federal Reserve language of the Federal Reserve Act" and to recognize that
Bank to exercise the functions of a clearing house for its it was merely making an earnest endeavor to carry out the
member banks. In order, however, to make fully effect- law as construed by the highest legal authority of the adive its facilities as a clearing house in accordance with ministrative branch of the Government, he would have conthe terms of this section, there does not seem to be any tinued to serve regardless of any opinion he personally may
doubt that the Federal Reserve Bank should not only have entertained as to the injustice of a law which is after
exercise its obligatory power to receive from member all subject to repeal or amendment by Congress. But as
banks checks and drafts drawn upon other member banks, he is of the opinion that "a great wrong is being perpebut that it should also exercise its permissive power to trated" * * * and that "the methods now being
receive from member banks any other checks and drafts employed to whip objecting banks into line are arbitrary
upon whomsoever drawn, provided that they are payable and tyrannical in the last degree and that these methods
upon presentation.
are justifiable only upon the theory that might makes
There are, as Mr. — — • says, many nonmember banks right," he has done the dignified, manly, and honorable
without sufficient capitalization to make them eligible for thing in resigning as a director of the
branch, for,
membership in the Federal Reserve System, but provision as he states, his convictions in the matter are so positive
is made for such banks in section 13 by authorizing the that he is unwilling "to give to these coercive measures
Federal Reserve Banks, for purposes of exchange or of that degree of sanction that might be implied from my
collection, to receive deposits from any nonmember bank official connection with a branch of the system now enor trust company. But for the fact that the small country gaged in carrying them out."
banks are able to have their out-of-town items credited
I think it would be well for you to explain to the direca1» par by some city correspondent, there is no doubt that tors of the Federal Reserve Bank and to all branch bank
many more of them would avail themselves of the non- directors the construction of the law under which the Board
member collection privilege than have done so.
and the Federal Reserve Banks are acting in order to
There is a proviso in section 13 which allows member remove, if possible, any conscientious scruples which may
and nonmember banks to make reasonable charges "to be be entertained by other good men.
determined and regulated by the Federal Reserve Board,
Very truly, yours,
but in no case to exceed 10 cents per $100 or fraction
W. P. G. HARDING,
thereof, based on the total of checks and drafts presented
Governor* i




DECEMBER 1,1919.

FEDEKAL RESERVE BULLETIN.

1115

BUSINESS AND FINANCIAL CONDITIONS DURING NOVEMBER.
The reports on business and financial conditions for the several Federal Reserve districts
continue to emphasize the prevalence of an
unabated business activity due to persistent
demand for goods at all stages of production.
The eagerness and sustained buying capacity of
the ultimate consumer appear to be the. explanation of a continued expansion of wholesale
and retail trade, which is to be found even in
those districts most immediately affected by the
coal and the steel strikes. Curtailment of industrial operations because of the coal shortage
had been only sporadically enforced up to the
middle of the month, but the imminency of
drastic action looking toward the conservation
of vanishing coal supplies was already apparent
at that date, the shortage being especially acute
in the Kansas City .and St. Louis districts.
Notwithstanding the demoralizing effects
upon general business that might have been
expected to accompany any widespread industrial disturbance in the basic industries of the
country, there was virtually unanimous testimony concerning the increase in the volume of
wholesale and retail trade in terms of price
measurement. In several districts emphasis is
placed upon the increase in physical volume of
sales, district No. 1, for example, reporting that
the general retail trade shows " increasing business over last year, not only in amount as measured in terms of money receipts, but in volume." In district No. 2, inquiries covering
over 40 establishments engaged in various
branches of retail trade indicated percentage increases in sales values ranging from 48 per cent
in jewelry to 141 per cent in clothing, while
the percentage increases in number of units sold
varied from 38 per cent in furniture to 53 per
cent in clothing. District No. 3 also testifies
that the volume of retail sales for the first part
of November was quantitatively greater than
for the corresponding period last year and last
month. In district No. 8. alone the retail trade
in the rural districts had felt the effect of bad
weather, which had also influenced unfavorably




the sales of wholesale dry goods in certain sections. Orders placed with wholesale boot and
shoe concerns, however, were improving and
even exceptionally heavy in some cases.
"The rapid turnover in wholesale and retail
trade is evidently outstripping increases in current production, as evidenced by depleted or
exhausted dealers7 stocks and by the oftenrepeated complaints of manufacturers, who
allege scarcity of labor and of raw materials.
Widespread discontent on the part of many
classes of workers is asserted to be a further
cause of diminished output. There is possibly
a tendency to exaggerate the magnitude of buying operations by thinking of purchases and
sales in terms of prewar prices, instead of considering them in relation to money incomes on
the new price basis. Nevertheless, in view of
the ephemeral character of the industrial situation in the present transition period, more conservative buying might have been expected.
But there are not as yet many indications of a
desire to resort to the practice of that economy
which has been urged upon the country for so
many months.
Paralleling the trade activities just outlined,
a growing volume of speculation has developed.
In the review of business and financial conditions during October it was pointed out that
speculative activity throughout the country
was reaching dangerous levels. This activity
continued unabated until, early in November, the Federal Reserve Banks advanced
discount rates. The advance was slight, but
interpretated, as it was, as indicating a
change of discount policy, it had a good deal
of effect.
Eeports from the agricultural sections of the
country indicate a considerable amount of
crop damage due to excessive rains and insect
pests. District No. 6 states that the cotton
crop is the shortest on record in that territory
as a result of the activities of the boll weevil,
while the Texas cotton crop, although it promises to be the largest from the point of view of

1116

FEDERAL RESEBVE BTTLLBTISt.

money value, is 15 per cent below the 10-year
average of condition because of bad weather.
The quality of Oklahoma cotton has been
damaged by rains, which have also interfered
with cotton picking in district No. 8. For the
same reason, the sowing of winter wheat was
delayed in districts No. 8 and 11, the acreage
being reduced in consequence. A large area
has been put in winter wheat in district No. 10
and a good stand is reported. Sowing was in
progress in the Pacific Northwest, the probabilities being that the acreage would largely
exceed that of 1918. The corn crop, although
rain-damaged in certain localities, will, it is
estimated, prove to be larger than that of 1918
except in districts No. 5 and 6. Pennsylvania
reports the! largest corn crop in the history of
the State.
District No. 1 reports that the tobacco
grown in the Connecticut valley region will
exceed the output for 1918. The Kentucky
and Tennessee yield, as reported from district
No. 8, also shows an increase not only over the
preceding year but in excess of the 10-year
average. The crop grown in district No. 4,
however, is estimated to be from one-quarter
to one-third short, and the yield in district
No. 5 will probably be about 60 per cent of
normal. Bright tobacco is bringing 40 to 70
cents per pound and the export demand is
very insistent. The quality of the crop in
Pennsylvania is poor and production below
the 10-year average, as the result of adverse
weather conditions. With the year ending
October 31, district No. 12 reports that California has rounded out "the largest citrus and
deciduous fruit season" in the history of the
State. Florida citrus fruits are not maturing
as well as they should and the market is said
to be poor.
The grain movement has been slow, the
Minneapolis district reporting that the farmers
are holding their grain for higher prices, while
district No. 10 reports that corn and oats are
being held back for similar reasons. Until
the middle of the month, wheat prices in
Kansas City showed continued strength; oats
remained practically unchanged, and corn
advanced after a price recession.




Receipts of wheat at 16 interior markets
during October were 50,774,164 bushels, as
compared with 65,178,605 bushels during
October, 1918. Receipts of corn and oats show
a marked falling off from the totals for the
same month last year, being 12,364,107 bushels
and 24,041,974 bushels, respectively, against
23,297,650 bushels and 31,567,793 bushels.
Wheat flour production in October amounted
to 15,008,000 barrels, as compared with
14,087,000 barrels in October, 1918.
Receipts of cattle at 15 primary markets
during October were somewhat in excess of the
total for the same month last year, the respective figures being 2,317,487 head and
2,267,534 head, corresponding to index numbers of 230 and 225, while receipts during
September, 1919, were 1,871,042, corresponding to an index number of 186. Receipts of
hogs declined markedly, being 2,160,079 head
in October, 1919, corresponding to an index
number of 98, as compared with 2,570,525 head
during October, 1918, corresponding to an
index number of 117. Receipts during September, 1919, amounted to 1,704,944, the index
number being 78. Receipts of cattle at the six
principal markets of the Kansas City district
were 5 per cent larger during October than in
the same month of the preceding year, but the
totals for the 10-month period were 8.5 per
cent below the figures for the corresponding
months of the preceding year. The decrease
is " attributed in part to the large transfer of
cattle from the dry regions of the Northwest
to the South, where a plentiful supply of feed
abounds. The car shortage and a disposition
to hold cattle on feed for higher prices are also
considered as factors in the reduction of supplies
of cattle on the markets." There was a sharp
falling off in receipts of hogs at the markets of
the Kansas City district—31 per cent below the
figures for October a year ago. It is said that
while this is taken as a sign that there are fewer
hogs now in this country than last year, it is
also contended that many hogs are being held
back for fattening, as there is more corn in the
country than at this time last year. Sheep
receipts fell off in October 5.5 per cent from the
monthly record of a year ago, while marketing

DECEMBER 1,

1919.

FEDERAL BESEKVE BULLETIN.

of horses and mules was 17 per cent heavier.
Receipts of cattle during October in the principal markets of the Chicago district also show a
6 per cent increase; although for the full 10
months the 1919 receipts decreased 7 per cent
as compared with the corresponding period of
the preceding year.
Average prices of beef and mutton in the
Chicago market for October show a decline
from the prices of October,• 1918. Kansas
City states .that cattle prices advanced slightly
in October, but that there was a sharp drop
in the market for hogs*.
Lumber stocks are exceptionally light, being
reported as 75 per cent of normal in district
No. 6 and about 70 per cent of normal in district
No. 12. Production in district No. 11 is only
75 per cent of normal, and in district No. 6
is not over 80 per cent of ^normal for the season, the prime causes being labor shortage
and bad weather, although there has also
been a slight let-up in volume of orders received. On the other hand, district No; 12
reports a steady increase in orders at a time
when a normal seasonal decline might have
been expected.
In general, building activity has been unprecedented for this time of the year. Where, a
falling off in construction activities is indicated
by a drop in building p^. >s, the movement
is not as pronounced as usual at this season and
several districts report increases in permits
during October over the preceding month.
According to district No. 6, "Florida reports indicate that the weather has been favorable- for naval stores products, and receipts
have been proportionately larger than for previous months. Notwithstanding the heavier
receipts, the market has kept up well and prices
continue excellent. Export demand is increasing and there is a large domestic demand
for both rosin and turpentine.''
Production of bituminous coal during October was 54,579,000 tons as compared .with
47,403,000 tons during September, the respective index numbers being 147 and 128. The
high record for production during the week
ending October 11 was surpassed by the output




151259—19--—3

1117

figures for the Week ending October 25, which
were 2,000,000 tons in excess of the earlier
figures] the speed up being due to preparations
for the impending coal strike. Anthracite
coal shipments during the month of September
were 6,560,150 tons, corresponding to an index
number of 117, as compared with 5,687,401
tons during September, corresponding to an
index number of 101.
The output of beehive coke decreased from
1,790,466 tons during September to 1,551,980
tons in October.
District No. 3 reports that the central
Pennsylvania coal fields are tied up very completely. District No. 4 says that the Connellsville region has not been affected by the coal
strike. "Last year this region produced for
its record weekly output and for its own coking operations 500,000 tons, besides shipping
several hundred thousand tons. Recently the
region produced 300,000 for its own coking
beside a much larger tonnage to outside consumption.7? District No. 9 reports sufficient
coal supplies at the docks to care for the needs
of the interior.
District No. 12 reports a decrease both in
the daily output and in stored stocks of
petroleum. District No. 10, on the other hand,
announces a new high record for production
from the wells of Kansas and Oklahoma in the
mid-continent field. Wyoming has surpassed
Pennsylvania as an oil producing State and
now ranks seventh.
Labor conditions in the zinc and lead mining
districts are reported to be improving, although
cessation of operations was threatened by the
coal strike. Transportation difficulties have
been severe, shippers utilizing broken cars after
making local repairs, while empty coal cars,
trucks, and teams have been used for hauling
lead in order to release cars for zinc transport.
There have been only slight advances in the
price of zinc ores. No surplus stocks have
been moved. Lead prices have advanced,
however, and surplus stocks have been used
up.
Copper is selling at a price not much above
the average cost of production, while silver has

1118

FEDERAL RESERVE BULLETIN.

touched new record high prices, the quotation
being $1.36J per ounce on November 24.
Except in cases of enforced idleness due to
industrial disturbances, the chief lines of manufacture continue to exhibit the marked activity
characteristic of the preceding months,, rising
prices of raw materials not operating to relieve
the pressure of buying orders, although here
and there counseling caution in the accumulation of producers7 stocks. District No. 1
reports the. market for raw wool more active
than a month ago, finer grades being in especially great demand, with prices fully 5 per
cent higher, while medium grades are lower and
coarse wools nearly 50 per cent below the maximum prices obtaining during the war. Corroborative testimony comes from district No. 4 to
the effect that the finer grades of wool are held
for exceedingly high prices, while medium low
grades are fairly plentiful. There appears to
be uncertainty regarding the probability of a
shift of demand from the higher to the medium
grades. The percentage of woolen machinery
in operation in the New England mills has
never been greater at this time of year.
As for the New England cotton mills, those
manufacturing gray goods are reported to have
had a phenomenal business which has resulted
in many contracting for their entire output for
several additional months. The scarcity and
abnormally high prices of the finer qualities
of cotton have led to the buying of more
Egyptian and Peruvian cotton by the fine goods
mills. Present indications are for higher
prices of the finished product six months hence.
It is significant that district No. 5 mentions
increasing sales of machinery to cotton mills,
large profits having induced expansion.
The most recent available news concerning
cotton yarns is to the effect that trading has
become slack, the principal demand now coming from knitters. Prices remain stationary
at achieved high levels.
Summarizing the prevalent conditions in the
hide and leather using industries, it appears
that stocks of the coarser grades of hides are
accumulating somewhat. The demand for calfskins and finer grades of leather is unappeasable,




DECEMBER 1,1919.

however. In the boot and shoe industry
heavy orders indicate sustained demand at
present or even higher prices.
Up to the middle of the month the coal strike
was not yet proving a factor to be reckoned
with in the production of iron and steel, either
in the Philadelphia or the Cleveland districts,
while the Birmingham region reported business
to be very active. This does not mean that the
mills in district No. 3 and district No. 4 were,
as a whole, operating anywhere near capacity,
the Cleveland report stating that the production of steel during October averaged about 80
per cent of the rate immediately before the
steel strike, while at the time of writing it had
risen to 70 per cent of that amount. The steelmills in the Chicago district were gradually
increasing the scale of their operations, but
excessively short coal supplies were causing
apprehension.
The leading interests are inclined to resist the
pressure to increase the schedule of prices for
steel products, but material for quick shipment
is commanding ever higher premiums. Crude
and semifinished materials show a pronounced
price rise, while it is reported from Cleveland
that the prices of semifinished steel, pig iron,
and scrap are all several dollars higher than a
month ago.
Pig-iron produc. u,-as was to be expected,
declined sharply in October, from an output of
2,487,965 tons for September to 1,863,558 for
October, the index number dropping from 107
to 80. Unfilled orders of the United States
Steel Corporation increased from 6,284,638
tons at the end of September to 6,472,668 tons
at the end of October, the respective index
numbers being 119 and 123.
Wherever conditions of employment are
referred to, evidence is adduced to show
shortage of supply. A temporary surplus in
district No. 12 due to the release of large
numbers of workers in the shipyards was
being rapidly absorbed. The Boston employment office reports employers' demands to be
18 per cent heavier than at the same time
last year. Numbers employed in New York
State during October according to the Indus-

DECEMBER 1,1919.

FEDERAL. RESERVE BULLETIN.

trial Commission fell about 2 per cent, as a
result of strikes, although numbers of
employees in strike-free localities showed a
slight increase. District No. 3 is suffering
from a scanty supply of both skilled and
unskilled labor; there is a shortage of farm
labor in district No. 6, and district No, 8
mentions especialty the lack of skilled labor.
In view of the disturbances to production
occasioned by strikes, with no counterbalancing diminution of buying pressure, it is not
surprising to note a slight increase in prices
for October. The index number of wholesale
prices of the Bureau of Labor Statistics
increased from 221 in September to 223 in
October. A new high level for raw materials was reached, the index number rising
from 216 in September to 220. Among the
subgroups included in the group of raw
materials forest products achieved a record
figure, of 234, surpassing the previous September record of 227. The index for farm
products registered 253 against 240 for
September. The animal products group alone
declined slightly from 215 to 212. Consumers' goods rose from 226 to 228 and
producers7 goods decreased from 212 to 211.




1119

The New York market for commercial paper
is reported to be dull, with rates latterly on a
5£ per cent to 5f per cent basis, dealers finding their best market among the interior banks.
Bank clearings everywhere have been exceptionally heavy. The Board's figures of volume
of check transactions continue to show expansion.
The issue of new securities by domestic
corporations during October is reported by
district No. 2 to amount to about $390,000,000,
being in excess of the September figures. A
very large number of preferred shares were
put out. It is not surprising, in view of prevailing high interest rates and the uncertainty
as to the length of time that may elapse before
the investment rate falls, to find preferred
shares to a certain extent taking the place of
long-time bond issues.
During the month sterling exchange, francs,
marks and lire fell to new low levels, marks
selling at 2.05 cents on November 18; sterling
at 3.99J and francs at 9.80 on November 20.
Lire were quoted at 12.60 on November 12.
Since then there have been slight recoveries,
but no improvement in the foreign credit situation to warrant any substantial or permanent
rise in quotations.

1120

FEDERAL RESERVE BULLETIN.
SPECIAL REPORTS.
REPORTED BY DISTRICT NO. 1.

The wool market has been rather more
active than a month ago, more especially for
fine wools on account of scarcity and demand,
with the result that prices are fully 5 per cent
higher. Medium wools, on the other hand,
due to - lack of demand, are somewhat lower
but there is a growing feeling that manufacturers will attempt to make their new heavy
weight goods out of medium wools and this
will give a better market for this class of stock;
coarse wools are nearly 50 per cent lower than
the maximum prices which obtained during
the war. The Government resumed its auction
sales in Boston, November 10-14, their outstanding feature being a much freer movement
than had been generally anticipated. On the
fine end the natural demand from the trade
was very keen and these wools showed an advance oi strong 10 per cent over the preceding sales. Some disappointment has been
manifested that a larger amount of fine wool
should not have appeared in the Government
stock.
The scarcity of the finer %qualities of white
cotton, so acute as to make it impossible to
obtain these goods except at exorbitant prices
—cotton which sold in 1918 alb 20 cents bringing now 80 cents or more—is the dominant
feature in this industry. New England mills
ordinarily dependent upon these grades are
beginning to be cautious in making purchases
of raw material at figures which they feel
might make the manufactured article move
slowly, apparently not being so optimistic in
the matter of dealing in futures as are many
buyers. There has accordingly arisen a demand for foieign substitutes, with the result
that the fine-goods mills have of late been buying large quantities of Egyptian cotton at
prices from 10 to 20 per cent less than what
has been asked for, as is claimed, substantially
the same grade as domestic, which it is alleged will work equally as well as domestic
with the exception of taking the dye, and
some contend that even this difficulty can be
overcome by proper finishing. There have
been large purchases also of cotton from Peru.
Prices being currently paid by the mills for
the raw material would indicate that the finished product, when it reaches the retailer in
about six months or more from now, will be
higher than ever known before. This is causing
some fine-goods manufacturers to think seriously, and they are accordingly charging down




DECEMBER 1,

1919.

their merchandise accounts in the statements
issued to stockholders, to cover a possible large
shrinkage in values in 1920.
No marked change of general conditions is
apparent in the leather or boot and shoe
making industry during the month, the market
for hides holding firm, a situation likely to
prevail so long as the public continues to
insist upon the highest quality merchandise
for footwear. These coarser grades of hides
which show signs of accumulating under these
conditions do not, however, warrant hope
for low prices, and the accessions of considerable quantities from South America, if not
required for sole-leather purposes, will, it is
anticipated, probably find their way into
mechanical industries where the demand is as
insistent as it is for the manufacture of heavy
shoes. As for calfskins and the finer grades
of patent and. upper leathers, requirements
continue to quickly absorb the supply. There
seems to be no anticipation of any material
decrease in prices for some time to come.
But that retailers do not, nevertheless, fear
any appreciable falling off in the demand, is
apparent from the orders being placed for
spring business at figures which must be
realized in terms of sales. Indeed, how little
basis there is for real optimism as to lower
prices for footwear in the near future may be
judged from the recent success of the shoemakers in the Brockton district in effecting
agreements with the manufacturers whereby
the rates for cutters have been advanced from
$35 to $43.50 a week, and cloth-lining cutters
from $30 to $39.20, with corresponding increases in the scales in the other trades of the
industry; and it has been only a, few years
since this district boasted that at $25 a week
it paid its cutters the highest wages for this
class of labor in the world; yet production in
the boot and shoe industry even at these costs,
due partly to shorter hours of labor and lowered efficiency, is apparently with difficulty
keeping pace with current demands.
REPORTED BY DISTRICT NO. 2.

Money and banking.—The money market in
October frequently gave signs of strain, owing
to the heavy speculation which was proceeding in securities, real estate, and many commodities. The congestion of railroad and overseas freight, due to strikes, added materially
to the strain, and the payment of $135,000,000
of British notes and $36)000,000 of the French
cities loan on November 1 and the placing of
the new British loan of $250,000,000, though

DECEMBER 1,1919.

FEDERAL, RESERVE BULLETIK.

in part a refunding operation, involved a heavy
readjustment of balances.
Call money followed closety the various
movements described above. On over half
of the days in October on which money rates
were quoted the renewal rate was above 6
per cent. On every day in November, thus
far, the renewal rate has been above 6 per
cent and on November 13 it rose to 16 per
cent. On November 12, the day on which
heavy declines took place on the stock market,
call money touched 30 per cent, which had
not been reached before since 1907.
The market for commercial paper has been
dull, with rates latterly on a'5^ to 5f per cent
basis, in sympathy with higher call rates.
Occasional sales toward the close of the period
are reported at 6 per cent. Dealers continue
to find their best market among the interior
banks, particularly institutions in the smaller
cities. Rates on bankers' acceptances on the
outside market advanced about one-fourth of
1 per cent in the second week of November,
and have continued firm at or above new
levels ranging between 4J and 4f, according
to maturities.
Time money has been scarce and the volume
of trading small. Rates for the shorter
maturities ranged between 6 and 7 per cent,
while on longer maturities for a few days they
touched 8 per cent.
Stock market.—Developments of the month
ended November 20 on the stock market were
interlocked with the movements on the money
market. During October the rates averaged
well above 6 per cent, but the transient decline
in money which occurred soon after the middle
of the month encouraged speculation and
prices, particularly of certain industrial shares,
rose rapidly. Normal liquidation which might
have been expected from profit-taking did not
materialize because many holders of stock
figured that most of the profits accrued would
have passed from them by way of income taxes.
The limitation thus placed on the available
supply of stocks accelerated the rise. The
impetus of this speculative activity carried
through to November 3, despite a period of
high money rates which began the last week in
October. The record of daily sales several
times approached, and in one case exceeded,
2,000,000 shares.
Following the increase of discount rates at
the Federal Reserve Bank call money stiffened
at once to 10, 12, 14, and 16 per cent, and on
November 12, after a week of hesitation,
prices broke violently. Sales on that day
were more than 2,500,000 shares. Industrial




1121

stocks as a group closed 12J points and railroad stocks 5 points below the highest of the
year. Certain industrials which had been the
leaders on the rising market closed from 51
to 126 points below the year's high record.
Subsequently prices recovered somewhat, and
in the final week the volume of transactions
fell off materially.
During October domestic corporations issued
new securities amounting to about $390,000,000.
which exceeded the previous high record
reached in September by $10,000,000, and
$136,000,000 above the average monthly output
this year. , A considerable proportion of this
financing was in preferred industrial stocks of
corporations not hitherto known in this market, and in many cases represent the efforts
of the smaller industrial concerns to enter
upon a career of expansion. In addition to
this great total the market was called upon to
absorb $115,000,000, in the net amount, of
United Kingdom 5§s offered on a 6 to 6J per
cent basis. There were also the usual offerings of our State and municipal bonds, together
with about $60,000,000 of foreign municipal
and other bonds. The circulars received thus
far in November indicate a marked falling off in
the volume of offerings. It is reported that
a number of large issues are being withheld
pending a return of easier conditions in the
money market.
REPORTED BY DISTRICT NO. 3.

The demand for cotton in the Northern
States is strong. All grades are comparatively
scarce, due to labor and transportation difficulties in the South, but the dearth of the longer
staples and better grades is felt most. In
spite of low stocks abroad, the export demand
has been relatively small and such as it is has
been hampered by the slow release of vessels
incident to the coal strike. This foreign demand is expected to remain at low levels until
the final financial arrangements have been
completed for the better extension of credits.
Finer qualities of cotton are expected to continue to be scarce and the small crop this year
will probably keep prices at high levels.
Cotton yarns are in great request and prices
are high. Orders can be booked in almost any
quantity that the mills desire to handle, but the
shortage of raw material and desirable labor
has made some manufacturers feel that it is
good policy to carefully curb their sales.
The price of pig iron has been advancing in
keeping with the larger demand and curtailment in supply. The furnaces are booked

1122

FEDERAL. KESERVE BULLETIH.

well ahead. But few report difficulties in
securing raw materials and the coal strike has
not as yet affected operations to any extent.
It has, however, forced some concerns to draw
on supplies which were being kept in reserve
for possible blizzard conditions during the
coming winter.
Scrap iron is being stocked in large quantities
in some parts of the district and dealers are
making little effort to effect sales, as higher
prices are expected shortly. Refined bar iron
is in very heavy request and orders on hand
will easily carry operations at capacity up to
the end of the year.
While prices of steel and finished steel
products have not shown any notable changes
during the past month, demand has been
increasing steadily in many lines. This is
particularly true of steel castings, in which
branch new business has shown very gratifying
gains during the last few months. Chain
manufacturers report a demand far in excess
of supply and complain of their inability to
secure sufficient raw material. When the
railroads are returned to their owners the
steel trade expects a diversified demand
which will keep them at capacity production.
Structural steel shapes have not been in as
great request as might be expected and domestic business is said to be lagging notably,
though there is some improvement in the
export trade.
The demand for practically all kinds of
knit goods continues strong and considerably
in excess of the ability of manufacturers to
supply it. Our attention is drawn to the fact
that the actual quantity of goods desired is not
necessarily greater than it was before the war,
but it is the difficulty in securing sufficient
quantities of raw material and the lower output
of the mills that are the serious factors.
Cotton and woolen yarns are high in price.
The general silk market shows no tendency to
recede, with a strong demand centering on it
from many textile lines. Some hesitancy is
felt in making commitments too far ahead in
view of the unstable character of these raw
material markets which may radically affect
the finished goods markets at a later date.
Silk and mercerized hosiery is claiming the
greatest attention in the hosiery line. Silk
manufacturers are having difficulty with labor
at this time and purchasers of silk thread have
paid record prices for spot delivery. The finer
qualities of mercerized and cotton yarns are
likewise very scarce and show no present indications of being available in greater quantity
in the near future.




DECEMBER .1,1919.

Sweater coats in wool and worsted for delivery next year have shown price advances
ranging from 25 to 40 per cent over last January
when the lines for the present season opened.
There is but little buying for future delivery as
yet, but demands for immediate shipment for
the present season are in excess of the ability of
mills to supply.
The strength of the market at London has
given new stimulus to the markets in this
country. Some weeks ago fine wools were in
good demand, but lower grades were moving
slowly. Medium and lower qualities are now
commanding a greater amount of attention
and prices show advances of 2 to 3 cents per
pound in the grease.
Woolens and worsteds are in great request
and the labor difficulties have curtailed production considerably. Demand is greater than
supply and high prices appear warranted ' bycontinued increases in labor and other costs.
Little hope of price recessions within the next
six months is advanced by manufacturers.
REPORTED BY DISTRICT 2\rO. 4,

The production of steel for October, it is
said, averaged about 60 per cent of the rate
immediately before the strike, while production at the present is estimated at 70 per cent
of this amount.
A premium is the present rule for immediate shipments in small tonnage lots. The
regular market is governed by the March
schedule. Common grade sheets are in good
demand and the supply fairly adequate, with
a. better situation than that of 30 days ago.
The strike seemed strong where this grade of
sheet was made and the effect was immediate
and the curtailment pronounced. The effect
was also to curtail the processes necessary
for special sheets. Production is reported to
be constantly on the increase.
Automobile builders have suffered not alone
for want of sheets but also in the matter of
other materials.
Sheet mills are reported averaging 75 per
cent operation. In the Pittsburgh district
at least two of the larger steel interests are
reported operating at normal, while some
outside plants are reported going very light
The loss in general output of steel during
the past eight weeks has run to large figures
and present trade conditions in the industry
revolve about this situation. Makers will
carry past the first of the year a large volume
of orders which should have been delivered
during the final quarter. This is strongly

DECEMBER 1,1919,

FEDERAL RESERVE BULLETIN".

influencing their attitude as to accepting new
business and it also has an important effect
upon the play of prices. Because of this
large accumulation of overdue tonnage, mill
capacity will be occupied for a considerable
portion of the first quarter in clearing up old
obligations and consequently the manufacturers are acting very conservatively in negotiating or encouraging new sales. Buyers are
bringing a great deal of pressure upon the
mills for first quarter contracts. Conditions
are reaching the point where some of these
may be accepted soon, although this will
signify to the consumers more of an assured
position on mill books for shipment the
moment the circumstances permit than any
definite promise of delivery.
Although much time has been lost by the
lake fleet since August 1, due to strikes on the
docks, at the steel plants, and the coal mines,
the clean-up will be earlier than usual. Boats
have been sent to the dock for the winter since
the first week of November, and a large part
of the fleet was laid up bjr the middle of the
month owing to the scarcity of cargoes.
Earnings of vessels were greatly reduced
during the later part of the season, as much
time was spent m port on account of labor
trouble and some of the fleets lost money on
the season.
The freight movement will show a big
decrease compared with the past few seasons,
and while figures will not be made up for some
time it is quite certain that shipments of ore,
coal, and grain will be 20,000,000 tons less than
they were in 1918.
Generally speaking, agricultural conditions
do not measure up to the mark indicated in the
last review. Unseasonable rains have caused
considerable damage to the corn crop throughout the district. Sprouting of the corn in
shock is reported at numerous points, and
rotting of both corn and fodder appears to be
almost general. Some complaint is heard
from farmers that the quality of farm help is
not up to standard, resulting in poor shocking
and its subsequent evils.
Fall wheat is only fair, on account of what
appears to have been a desire to sow early,
with the result that the Hessian fly has made
its appearance and is doing some damage.
The mild rainy fall weather has caused a
growth somewhat greater than usual at this
season, and it is feared that unless a protective
snow covering comes before continued freezing
weather sets in, serious damage will be done to
the crop*




1123

The tobacco market will open shortly after
this issue of the review goes to press, with
every indication that high prices will prevail.
The crop is estimated one-quarter to one-third
short, but it is believed that the money return
will be as great as last year. The demand is
brisk for all grades of tobacco, a large part of
which is for export.
Hog cholera has again made its appearance
in Ohio, and some hogs are being sold before
properly fattened for fear this disease will
spread and affect now healthy stock. The
present price of pork does not justify feeding
much of high-priced grains. The same is true
with respect to beef cattle. With feed high,
and the spring market so uncertain, it is not
surprising that feeders show no disposition to
fatten cattle for market.
REPORTED BY DISTRICT NO. 5.

The tobacco yield is estimated at about
60 per cent of normal and the crop continues
to be marketed freely at unprecedented prices.
Bright tobacco is bringing 40 cents to 70 cents
per pound and an extreme of $3 per pound has
been recorded. Manufacturers report strong
domestic and export demand for products.
The cotton yield is short and is being ginned
and marketed at high prices. There are
frequent reports of cotton being held for 50
cents per pound. Staple cotton which is
reported to have gone begging last year at
30 cents is selling at 60 cents to 80 cents.
Exports from August 1 to November 15 have
been 1,344,000 bales against 1,035,000 bales
last year.
The peanut crop is about the average in
quantity, of fairly good quality, and is selling
at from 9 cents to 10 cents per pound for the
best grades.
Farmers are paying debts and land mortgages which under normal conditions they
could not have been expected to liquidate
in ten or twenty years. At the same time, the
recently organized farm loan bank in this district is having a strong demand for loans on
farm lands, due, doubtless, to new purchases
of land at high prices, the attractive rates, and
long time obtainable on these loans. A bank
president and merchant says of his private
business "have never known collections to
come anywhere near equalling present returns ; our books are practically clean." Farmers are depositing freely in banks proceeds
of tobacco and cotton. A great many banks
have liquidated entirely their rediscount lines,

1124

FEDEKAL RESERVE BULLETIN.

DECEMBER 1,

1919.

are now being used in the preparation of grain
crops and in fall plowing.
Reports indicate that practically every
farmer is handicapped to some extent on
account of the shortage of farm labor. They
are, however, taking every advantage by
using tractors and other labor-saving implements, and it may be expected that the
REPORTED BY DISTRICT NO. 6.
system of farming may be gradually adjusted
Crops have practically all matured with the to a basis of proportionately more horsepower
exception of velvet beans and sugar cane, to man power than heretofore.
which in some sections is still in splendid growing condition. All hay crops have been harREPORTED BY DISTRICT NO. 7.
vested. Peanuts are being picked from the
vines and marketed, and practically all- corn
Money is in strong demand in all parts of the
has been housed. The yield of hay has been Middle West. This is reflected clearly in the
exceptionally good. Peanuts are giving fair volume of rediscounts and borrowings by the
yield, though poorly cultivated on account of member banks of the 'Federal Reserve Bank.
excessive rains during the growing and culti- Assurances from bankers point to the liquidavating period.
tion of these loans the first of the new year
The cotton crop is the shortest on record in when the cattle noy/ being fed and grain still
this territory. The damage caused by the boll being held on the farms can be moved conveniweevil has been very great, and the infested ently. This applies more especially to Iowa,
area is still spreading. It is estimated the which is the heaviest of the cattle feeding
crop in Alabama will be about 50 per cent of a States in the seventh district. Wisconsin is
normal crop, and at least 100,000 bales less expected to clean up its produce around Janthan produced last year. The total of the uary 1.
corn crop of Alabama is estimated to be
The general outlook in the district, therefore,
66,375,000 bushels, which is slightly under is for an easing up in money as soon as the sealast year's production.
sonal demand is cared for, especially if the
The average yield of peanuts in Alabama is pressure from the Federal Reserve Board has
estimated at 21 bushels per acre. The acreage the desired effect of releasing money employed
planted this year to peanuts was about 530,000, in speculation. Rates on prime bankers'
which is more than 200,000 less than that of acceptances recently advanced slightly both as
last year. This will mean a total crop for this to rediscount and brokers' purchases.
High prices obtained for farm lands in
season of over 11,000,000 bushels, compared
Iowa and in sections of Illinois are resulting in
with 17,470,000 bushels gathered last year.
The sweet potato crop is not equal to earlier the curtailment of activity in the movement of
forecasts, although it ,is more than 5,000,000 land and in some instances there has been a
bushels larger than the crop of last season. slight reaction in values. The problem of
The crop this year is estimated at 19,928,000 financing this land activity and speculation
continues,- as the settlement under land conbushels.
Reports from Florida indicate that the Sea tracts already in existence falls around the
Island cotton market has improved somewhat, 1st of March next year.
The enhancement in rentals, in Iowa has also
sales now being made at 75 cents. There has
been an increase of about 20 per pent in the been a factor in checking the rise in farm lands,
cottpn goods market, notwithstanding the pre- many farmers insisting upon a rental basis
vailing high prices. Collections are good. approximately§fi00 per cent greater than in
Large orders for spring delivery are beginning previous years. Even at the present range of
produce prices it is held impossible to show a
to be received.
Interest continues to grow throughout the farm income justifying some of the extravadistrict in winter cover crops and in deep gant prices which purchasers have contracted
plowing, and there is a decided increase in to pay for farm acres. Correspondents genthe number of alfalfa and clover plots. Dur- erally are inclined to condemn land speculation
ing the summer and early fall ftractor manu- as a source of public peril.
facturers and selling agents have been active,
From a questionnaire sent to the retail groand many tractors have been placed which cery trade of the seventh district, comparing

and, finding it difficult to place surplus loanable
funds, are investing below 6 per cent in paper
which can be promptly realized upon. Clearings are still on the increase and show an
increase of 68 per cent over the corresponding
period of last year.




FEDERAL, RESERVE BULLETIN.

DECEMBER 1,1919.

prices of 43 staple food items as of September
15, October 15, and November 5, 1919, we^
deduce a decline of 7J per cent for the month
September 15-October 15. But for the period
from October 15 to November 5 the advance
was 10.8 per cent.
REPORTED BY DISTRICT NO. 8.

As yet, barring the closing of some glass and
clay product factories, the effects of the coal
strike have not been of an alarming nature.
Manufacturers, for the most part, have supplies on hand to last them for from 10 days to
2 weeks, and the more provident and wealthier
classes in the community have laid up stores
for winter use in the home. However, practically all coal mines in the district are still idle
and unless they soon resume operations a
serious disorganization of industry and much
suffering among the hand-to-mouth element of
the community may result.
Efforts are being made to save coal through
restricted use of electric lights, skip-stop streetcar schedules, and a more economical use of
heat in offices and homes.
Shoe manufacturers report their business
steady and that their supplies of raw material
are sufficient to last for several months. They
have more orders on file than they ever had
before and the percentage of collections to
accounts outstanding is at the highest level in
the history of the business. While there have
been increases in some grades of leather, the
tendency is to hold firm around the present
figures.
Wholesale diy goods houses report some
increases in October over September, though,
normally, September is a much larger month.
On the other hand, many firms report decreases.
The difficulty of obtaining merchandise, the
high prices, and the bad weather are given as
unfavorable factors affecting the trade. One
firm reports that its business is 25 per cent in
excess of normal, another says its orders on
hand for future delivery are the largest in its
history. There is a tendency toward a softening of the merchandise market.
Wholesale grocers say their business is steady
or slightly less than in September. Concerns
appear to have no orders or very few of them
for future delivery. One company reports high
prices as an unfavorable factor affecting its
business.
Wholesale dealers in boots and shoes say
business is improving. Some have more orders
than they can fill in 90 days, others say their




15125&—19

4

1125

orders for future delivery have increased twothirds beyond normal. There is still a shortage
of merchandise and dealers7 stocks are apparently light.
The condition of the retail trade varies
widely in different parts of the district. Smaller
distributing centers have felt the effects of the
bad weather, but in some of the larger cities
department stores report increases as high as
100 per cent in October over September. In
the South this gain is partly accounted for by
the cold weather in September, which delayed
the demand for seasonable merchandise until
the following month. The gain is also partly
due to the high price of cotton. There is still
a marked shortage of merchandise. This is
not only due to labor conditions and to slow
deliveries, but also to the fact that some concerns are making articles, such as toys, on
which they can make a large and quick profit,
and are curtailing their output of standard
articles. Practically no toys are being imported from Europe, and the burden of their
manufacture is being borne to a considerable
extent by companies heretofore engaged in
other lines of manufacture.
The planting of winter wheat which was de*
layed by the dryness of the soil was further
hampered by the continued rains following the
drought. Reports indicate that the acreage
has been materially reduced from that of last
year. The wheat that was planted is doing
well except in some parts of the district, where
it is infected with Hessian fly. Pastures are in
excellent condition throughout the district.
The harvesting of corn has been delayed to
such an extent that even now much of it is in
the shock. The Government's estimate of the
corn yield for this district as of November 1
was 382,113,000 bushels. This is about 575,000
bushels less than the October 1 estimate, but
9,000,000 bushels more than the estimated
production in 1918. The cotton crop has been
materially damaged by the rain through coloring and through the sprouting of the seed.
The Government's preliminary estimate of
tobacco in Kentucky and Tennessee for 1919
places the production of these States at
543,250,000 pounds, an increase of about
54,000,000 pounds over last year and of
95,000,000 over the 1913-1917 average. The
apple crop for Arkansas, Illinois, Indiana,
Kentucky, Missouri, and Tennessee, according
to the Government's estimate on December 1,
1918, was 17,637,000 bushels, as against the
October 1, 1919, estimate of 21,437,000 bushels,
an increase of nearly 4,000,000 bushels.

1126

FEDERAL RESERVE BULLETIN".

DECEMBER 1,1919.

tions are normal. In the iron-mining district
of northern Minnesota normal winter operaThe most unfavorable factor in the present tions are in progress. Normal conditions
situation is the seriousness of the spring wheat prevail in the copper and iron districts of
seed situation. Because of the short crop and northern Michigan and in Montana.
relatively poor quality of this year's wheat,
seed supplies for spring planting will be hard to
REPORTED BY DISTRICT NO. 10.
obtain. Mills and elevator companies, and
agricultural authorities generally, are giving
The full force and effect of the coal shortage
early attention to this problem and all available resulting from the strike of the miners in the
seed will undoubtedly be segregated and held bituminous fields of this district will not be
for spring use. An unfavorable feature of the realized for several days on account of the
situation is the prospect of further increases m extraordinary efforts to distribute the small
the acreage of the Durum variety, of which the stocks of coal on hand at the time the strike
district is already producing a sufficient quan- became effective, November 1. The reports
tity to supply a normal demand. This will indicate, however, that a great many comreact against the better milling varieties and munities are out of coal and in some instances
may tend to reduce next year's production of dealers' yards are stripped of supplies, with
hard spring wheat. North Dakota reports not a ton of coal to be bought and little prosthat the outlook is for an increase that may ect of obtaining more, even should operations
run as high as 40 per cent in Durum acreage, e fully resumed pending an adjustment of the
and there will undoubtedly be substantial in- grievances of the miners. Many schools have
creases in the planting of these varieties in been closed because of the scant fuel supply
Minnesota and South Dakota.
and in a number of cases factories and steam
There is a strong disposition on the part of plants have been forced to suspend operations.
farmers to hold back their grain products,
As far as the Missouri-Kansas-Oklahoma
which is reflected in the decrease of bank clear- mines are concerned, the tie-up was 100 per
ings at Duluth and Minneapolis, and which has cent effective, all of the miners having obeyed
forced Minneapolis mills to bid actively for the strike order and continuing to stay out
desirable wheat for milling purposes. Clear- after the United States court had, in the
ings at other points show increases.
injunction proceedings, decreed that the strike
A heavy corn crop is being harvested, and should be rescinded. In these three States
the average quality is high. Seed corn sup- the loss of production of about 75,000 tons of
plies for next year will be more than ample. coal daily, when added to the already apparent
The fall cutting of corn for silage is large, shortage, presents a very serious situation.
While there appears to be some uncertainty
Wisconsin reporting that approximately half
of the total acreage in that State was fodder as to the final outcome of the negotiations,
the impression prevails in business circles
corn saved for feeding purposes.
The rail movement of coal from Lake Supe- that there will be an adjustment, particularly
rior ports to interior points has been the cause as to the wage scale, such as to insure proof some uneasiness. Sufficient coal supplies duction of coal in quantities sufficient to
are at the docks to take care of the district relieve the present deplorable situation; but
through the winter. I t is promised that trans- under most favorable operating conditions
portation conditions will not be seriously it will be some time before the production of
affected by the coal strike and that interior coal is brought up to a point where it will
points will have sufficient supplies within 30 meet requirements, since it is a well-known
fact that there was a vast shortage of coal
days.
Mining conditions in the Black Hills district in this part of the country at the time the
are unsatisfactory. The Homestake mine has strike was called.
The governors of the States of this district
been fighting a fire on the 800-foot level,
which could only be extinguished by flooding are determined that the mines must be kept
the mine and putting it out of operation. open, the officials recognizing that the rights
Only one company is operating at the present and interests of the public are paramount
time. The Homestake and other companies to those of the miners and operators, and
will probably resume work about the first of they are lending hearty cooperation with the
the year. On account of the labor scarcity Government in the furtherance of plans for
and high operating costs, operations will prob- operation in the event of failure to speedily
ably be upon a diminished scale until condi- adjust matters.




REPORTED BY DISTRICT NO. 9.

E

DECEMBER 1,1919.

Aside from the coal miners7 strike the labor
situation is regarded as being easier at this
time than at any other time since the beginning of the year. The supply of both skilled
and unskilled labor is not up to the demand
in city, town or country. Although industrial
conditions are far from being settled, there
are fewer strikes now pending than in any
month since May.
With the exception to be noted that the
sugar shortage seems to have been met to a
certain extent by speed-up production of
beet sugar at the factories of this district
which are now working up the 1919 crop of
beets, there is little change in the food lines.
Vegetables and fruits, and also canned goods,
remain firm with no apparent easing up of
prices. Meats, following the trend of the
live-stock market, are somewhat lower in price
at the retail shops.
The movement of wheat to the markets in
the past four weeks was practically the same in
volume as last year, which is largely the result
of efforts put forth to obtain cars for marketing.
Effective October 25 was an order of the
regional director requiring individual permits
from the grain corporation committee at the
destination market for the shipment of grain
to Kansas City, Omaha, St. Joseph, St. Louis,
Council Bluffs, Peoria, and Chicago. The use
of the permit system tends to slow up grain
shipments to the terminal markets and no
great increase of receipts is looked for, even
with the country full of unmarketed grain.
Receipts of corn are about 60 per cent under
the receipts of last year, even with a much
larger yield, due in part to the disposition of
many farmers to hold corn rather than sell at
present prices. The same falling off in the
receipt of oats is also noted.
Wheat prices have shown continued strength
with good demand for the choice milling grades.
No, 1 hard wheat has been selling at Kansas
City at $2.35 to $2.55 per bushel and No. 1 red
wheat at $2.27 to $2.30 per bushel. Anticipated reselling by the Grain Corporation in
the last week has had a tendency to weaken
the market.
Milling operations at Kansas City in the
past four weeks have been at 87 per cent to
90 per cent capacity; at Omaha 89 per cent to
100 per cent, and at interior mills 88 per cent
to 9.13^j per cent. Demand for the better grades
of flour has been somewhat improved as compared with the dull market of the last three
weeks of October. Prices also have shown
considerable strength, with a little higher
level than in October. Patents in the first




1127

FEDERAL. RESERVE BULLETIN.

week of November sold from $11.90 to $12.50
per barrel, straights $11 to $11.50, clears at
$7.30 to $9.25.
The run of oil from the wells of Kansas and
Oklahoma in the midcontinent field during the
last 30 days has been making a high record for
the year. A daily production around 89,000
barrels is now realized in Kansas, while Oklahoma outside wells have increased their flow
to 159,000 barrels daily, Healdton keeping up
its record with 37,500 barrels daily and Gushing
and Shamrock 38,000 barrels daily. Wyoming, hit by a cold spell, has maintained a good
output of oil and is making above 40,000
barrels daily. Wyoming has passed Pennsylvania and is now rated as the seventh oilproducing State in the Union.
New developments have kept very close to
the September record, with bad weather interfering with the work. The record of new
developments for October in the three States
follows:
Kigsand
Barrels
Wells
wells
daily, new
completed. production. drilling.
Kansas
OMaboma.
Wyoming..
Total, October
Total, September

297
711
31
1,039
1,117

22,259:
47,000
3,975

528
1,618
478

73,234
75,296

2,624
2,606

The October report is considered a remarkable showing of operators in their efforts to
maintain production of crude oil to keep up
with the demand, when the enormous cost
of drilling is taken into consideration. With
a total production of something over 10,000,000
barrels a month from the Oklahoma and Kansas
wells, and upward of 1,500,000 barrels from
Wyoming wells, the operators are keeping well
ahead of consumption, but they assert that
the additional cost of production of crude oil
has not been accompanied by anything like a
corresponding increase of the price of crude oil.
The growing demand for gasoline has led
to vast preparations for "enlargement of refineries at various points in the district.
Announcement is made that the Sinclair Co.
has appropriated $23,000,000 for that purpose, while other refining corporations are
anticipating a large outlay for enlargements
early in the coming year.
Recent advances in the price of silver to as
high as $1.20 an ounce, the highest price since
1873, when silver was demonetized, have aroused
great interest in the reopening of old mines
and the development of new ones. So far as

1128

FEDERAL RESERVE BULLETIN.

production of silver in any greater quantities
is concerned, the effect of this new movement
has not been realized as yet, a fact which
probably is due to several things, chief among
which is the unsatisfactory condition of the
markets for the baser metals, a considerable
shortage of labor in the southeastern part of
Colorado, particularly around Cripple Creek,
and the high cost of production.
In the Missouri-Kansas-Oklahoma zinc and
lead district labor conditions have been growing better and it is now reported there is an
ample supply of men at the mines. However,
producing conditions are anything but favorable on account of the coal strike which
threatens to cut off all available supply of
fuel for steam plants, and will in a very short
time cut off the electrical power, as the major
portion of it is generated in this region by
steam plants.
REPORTED BY DISTRICT NO. 11.

Agricultural conditions in this district are
in a somewhat uncertain state. An unusually large crop of wheat was grown. Due to
unprecedented and continued rainfall a large
amount of this wheat has not yet been threshed
and some of it never will be. Much of the
wheat grown in this district has been damaged by rain and exposure and its movement
to market greatly delayed.
These same
weather conditions have to an unusual and
regrettable extent prevented the planting of
wheat.
The same conditions have injured and adversely affected corn, hay and all forage crops
and have destroyed considerable cotton and
lowered the grade and diminished the value
of much more. However, after making a due
allowance for all such damage, both the volume and value of wheat, oats, corn and forage crops greatly exceeds that of any year in
the history of this district.
The peanut and potato crops have suffered
very greatly and the .damage in the aggregate
will run to very heavy figures.
The yield of cotton in the district can not be
very safely or closely estimated. The Texas
crop, on October 25, according to the Government's special report, was estimated at 46 per
cent, a decrease of 6 per cent from the estimate of September 25, and a decrease of 15
per cent from the 10-year average. Based on
the condition of September 25 the Texas crop
is estimated at 2,950,000 bales. A singular
development is the raising of a fairly large and




DECEMBER 1,1919.

very profitable cotton crop in the neighborhood
of Koswell and Carlsbad, N. Mex., at an elevation of over 3,000 feet above the sea level. The
crop in western Texas is very fine, while the
crop in southern Texas is poor. If the good
weather conditions now^ prevailing continue for
30 or 40 days the crop in Texas may run to, or
slightly above, 3,000,000 bales, although, considering all factors, a safer estimate would
lower the figures. On the whole, the cotton
crop of this district will have the largest money
value ever realized.
Without exception, reports as to the livestock industry are very encouraging. The
range country is in fine shape; feed is plentiful,
with some evidence of declining prices; there is
an ample supply of water, and stockmen are
finding it easier to secure needed financial
assistance. Our correspondents advise that
with plenty of grass and water, cattle will go
into the cold weather in excellent condition
and more stock will be carried over to another
season than the cattlemen anticipated.
REPORTED BY DISTRICT NO. 12.

Most of the wooden shipbuilding yards have
now been closed, their materials sold, and labor
employed absorbed by other industries. Since
the 1st of October the steel shipbuilding situation has been complicated by strikes for increased wages in the face of cancellation of
orders, decreased production, and no immediate prospect of new contracts. All of the
yards in the San Francisco Bay region have
been closed since the calling of the strike October 1. It is now reported, however, that they
will reopen shortly, provided a sufficient number of employees signify by November 19 their
willingness to return to work. When operation
is resumed it will be with greatly curtailed
forces, some yards planning to run with half
the number previously employed. The yards
in Los Angeles have resumed on an " open shop "
basis, with a material reduction in number of
men, and with an excess of applications for
employment. The yards in the Pacific Northwest are materially reducing their forces. In
Portland it is reported that the yards building
wooden ships are employing 350 men as compared with a maximum during the war of
16,700, and those building steel ships, 4,000 as
compared with a maximum of 21,000; the Seattle yards, 23,200 compared with a maximum of
35,500. Those now employed in Seattle will be
laid off at the rate of 3,000 or more per month
until March 1, when all but four of the ships
under contract will have been completed.

DECEMBER 1,1919.

In spite of the large number of men released
from shipbuilding, practically all have been
absorbed by other industries. Portland reports 2,000 unemployed, 700 of whom are
ex-soldiers; Spokane, 900, with the labor situation " undoubtedly more satisfactory than for
many months"; Salt Lake, practically no unemployed, with the exception of a few strikers;
and Los Angeles no unemployed, with a shortage of skilled laborers. Accurate figures for
San Francisco are not obtainable because of
the large number of strikers, many of. whom
are attempting to obtain temporary employment in other lines pending settlement of
strikes. The only coastwise strike is that of
the journeymen tailors. No agreement has
been reached and the employing tailors now
report that they have resumed on an "open
shop" basis.
The steel and coal strikes apparently have
had no important effect upon labor conditions
in this district and there are, at the moment,
few labor difficulties other than those in and
around San Francisco and Seattle. In San
Francisco no new strikes have been called and
it is anticipated that adjustment of the shipyard strikes may be reached in the near future,
although no strikes have been settled during
the past month. Seattle is faced with increased unemployment and attempts of the
radical element to control labor.
The stimulus of high prices, which increased
mining output during the war, has now been
offset by declining prices for minerals, accompanied by increasing price of materials and
high cost of labor. As a consequence, all
States producing copper, lead, and zinc report
decreased production in 1919, the reduction
in some cases reaching 50 per cent, while only
Nevada and Alaska predict that the gold output will equal that of 1918. Labor released
from mining has either migrated or has been
absorbed in other industries.
TERMS OF SALE.1
The following is the first of a series of articles
giving data as to current practice and recent
history of terms of sale in the principal
industries. Acknowledgment is due various
branches of the Government and the many
business houses, individuals, and trade associations who have courteously furnished the information.
1

Prepared by W. H. Steiner, Divisio n of Analysis and Research,




1129

FEDERAL, RESERVE BXJLLETIK.

MEAT PACKING.

Distinction in terms in the industry is made
largely according to character of product,
rather than according to character of purchaser.
Fresh meats are usually sold on a weeklybasis, collection for all deliveries during a
given week being made in certain cases by a
specified day of the following week. Instances
of the employment of terms of from 10 day^s to
30 days have also been found, the deviations
from the regular terms occurring principally as
a result of competititive conditions. It is estimated that at the present time about 90 per
cent of the fresh meats marketed in the United
States is . sold direct to retail dealers from
branch houses and packer representatives.
The weekly terms apply in large measure to
the general purchases of the retailer.
Cured meats, however, are sold to considerable extent on 30-day terms. Dry salt, dry
smoked, and sweet pickled meats are almost
universally sold on strictly net terms, whereas
sugar-cured meats, that is, hams and bacon, are
subject in some cases to a cash discount of \
per cent for payment within 10 days, although
in practice buyers seldom take advantage of the
discount. The latter terms obtain also for
lard. Cured meats are largely sold direct, as
are fresh meats, except in some country districts where the volume of business is small and
meats are sold to wholesale grocers who in
turn sell to retailers.
Canned meats are sold largely upon the same
terms as lard, although several instances of
greater discount, such as 1 per cent, have been
reported. In some of the remote country districts considerable reliance is placed upon
wholesale grocers for their distribution, whereas
in other districts sales are mostly direct to the
retailer, estimates placing the volume of such
business at about 80 per cent of the total.
Carload shipments are almost universally
made against sight draft, bill of lading attached. In the Southern States, at points not
accessible to packer branch houses, wholesale
grocers purchase assorted carloads of dry salt
meats, canned meats, and lard. The small
percentage of wholesale dealers as it relates to
the entire United States, is usually located at
other than packing centers. The general
character of their business is very similar to
that done by the branch houses of large packers.
In the larger Northern cities fresh meats,
smoked meats, and lard usually constitute the
bulk of the business. Longer terms are extended to the retailer in certain cases by such

1130

FEDERAL RESERVE BULLETIN.

jobbers in the larger centers, not infrequently
2 per cent 10 days, net 60 days, as compared
with maximum terms extended by packers of
$ to 1 per cent 10 days, net 30 days. There is,
however, a tendency towards shorter terms.
In certain cases the 30-day terms become
"proximo77 terms, payment for all shipments
during a given month being required by a
specified date of the following month, ranging
from the 10th to the 25th. Jobbers often
employ such terms. Instances of such terms
are afforded also in the case of sales to municipal, State, and Government institutions,
railroad, lumber, and coal companies, and cotton factors, many of which have set pay days
on which they make payments, as well as large
general stores, and wholesale grocers. Complaint is made that in certain of these cases
payment is not effected for two or three months
or longer. Terms to the retailer are also
adjusted to local conditions, what are known
m "pay day77 terms being in effect in certain
places, for example railroad, steel mill, and
mining towns, where the retailer carries the
worker from one pay day to another and where
the due date of his bills is adjusted to the pay
days, frequently being semimonthly.
CANNING.

The question of a uniform contract to apply to sales of canned fruits and vegetables by
E ackers was the subject of discussion in 1911
y committees representing the National Canners Association and the National Wholesale
Grocers Association. The contract submitted
by the latter, calling for 2 per cent discount
for sight draft with bill of lading attached,
payable on arrival and prompt examination,
was acceptable to the former, who agreed to
favor its adoption at the meeting of the executive committee and at the annual convention.
There is no record, however, of subsequent
negotiations between the two associations.
Instead, State associations of canners in several cases, such as Wisconsin and California,
have adopted contracts recommended for use
by members. In a recent study it is stated
that the question of rate of discount has been
frequently discussed at the conventions of
such associations, and that many canners have
favored a lower rate while many have also
advocated shorter credit periods.1
The older terms which prevailed for many
years in the canning industry were largely, 1§
i Report of the Federal Trade Commission on Canned Goods: General
Report on Canned Vegetables and Fruits, May 15,1918, p p . 82-83.




DECEMBER 1,1919.

per cent, 10 days, net 60 days. With Pacific
coast packers, however, the net terms have
been largely 30 days. As a result of representations from wholesale grocers desiring an increase in the discount, a considerable number
of packers during the past decade have commenced to allow a discount of 2 per cent
where sight draft with bill of lading attached
is used. Reports indicate frequent use of such
terms in New York, Ohio, and the States included in Federal Reserve District No. 7.
Some instances, however, occur where 2 per
cent is allowed when payment is made on arrival
of the shipment. As a result of the change,
three optional dates of payment are now
granted in certain cases, discounts being allowed of 2 per cent for payment of sight draft,
or 1| per cent for payment on arrival or within
3 days thereafter, or within 10 days from date
of invoice, in addition to the usual net terms.
The 2 per cent discount is not generally employed in certain sections, for example in
Maine, Colorado, Utah, and California, and it
is noted that in the last-named State there
has been no effort made by purchasers to
obtain it.
In addition to the increase in the discount,
the other general change in terms which has
occurred has been the shortening of the net
period in many sections from 60 days to 30
days. Only in certain localities, such as
Maine and Colorado, have the former terms
continued in use. Several cases of the use of
the acceptance, running either for 30 days or
60 days, in place of the open account are
noted, while m certain sections use has been
made of the draft in cases where a discount of
1J per cent for payment within 10 days is
given, although its use is confined in some
cases entirely to unreliable buyers. In certain
cases no net terms are specified, but merely,
for example, a cash discount of 1J per cent for
payment within 10 days.
Canned soups have been sold by canners
largely on terms of 1J per cent 10 days, net
30 days. Recently, however, one of the leading manufacturers has increased the discount
to 2 per cent. In certain cases the discount
was increased about 1917 from 1 per cent, in
response to constant requests from associations
representing the purchasers. Concession is
made in some cases to Pacific coast customers,
the discount being allowed for remittance
within 3 days after arrival of goods. Preserves, ketchup, sauces, pork and beans, etc.,
are sold in large measure upon terms of 1J per
cent 10 days, net 30 days, although in some

FEDERAL RESERVE BULLETIN.

DECEMBER 1,1919.

cases the first three items bear 2 per cent as
well as 1 per cent discount, while the last
named, as well as spaghetti, chili con carne,
etc., bears a discount of 1J per cent. One of
the leading manufacturers of such products,
however, now sells only on terms of net 30
days, having discontinued about two years
ago the cash discount of 1 per cent which was
formerly given. In certain cases peanut butter and conserves carry a cash discount of 1
per cent.
Terms on condensed and evaporated milk
sold by packers to wholesalers are generally 2
per cent 10 days, net 30 days from date of
shipment. Prior to April, 1911, the discount
was largely 1 per cent. The increase was due
in considerable measure to the efforts of the
wholesale grocers.
Terms on canned fish sold by packers to
wholesalers are generally 1J per cent 10 days,
net 30 days from date of shipment. These
terms apply in particular to salmon. Southern California terms applicable to tuna and
sardines, however, call for payment of sight
draft with documents attached within 15 days
from date thereof, cash discount and net terms
being the same, unless shipment arrives prior
to maturity date, in which case payment shall
be made within 3 business days thereafter.1
Terms on Maine sardines are 1J per cent 10
days, net 60 days. Minced razor clam packers
on the north Pacific coast usually give a cash
discount of 1J per cent, although some allow
2 per cent. It will be seen that the terms
upon canned fish are substantially similar to
tnose prevailing for the other canned products
of their locality.
FLOUR MILLING.

Distinction in terms in the industry is made
largely according to size of shipment, corresponding to which there is generally difference
in the type of purchaser.
Carload shipments are customarily made
against arrival draft, with order bill of lading
attached, although sight draft is also employed.
In certain cases the former is used for shipments
to distant, the latter for shipments to nearer
territory. Little use is made of time drafts,
which in the past were sometimes used in combination with the above types of draft, payment, for example, being specified through arrival draft for one-half the amount and 30-day
draft for the remainder.

1131

There is customarily a price differential, generally amounting to 5 cents per barrel, and
sometimes 10 cents, for payment by sight draft
as contrasted with arrival draft. This, however, depends upon the distance for which the
shipment is made. One miller states that it is
customary only for mills located west of the
Mississippi Eiver, where cars are longer in
transit. The higher differential is figured in
several cases where a 30-day draft is used. In
certain cases, such as State institutions and
large corporations, where remittance is made
from the main office, as well as in places where
there is absence of local banking facilities, the
use of the draft is dispensed with, and remittance upon arrival specified instead.
Mixed carloads of flour and feed are usually
sold on arrival draft terms, while in the case
of straight carloads of feed the sight draft is
employed.
A different practice, however, prevails in the
case of shipments in less than carload lots and
local deliveries, either from mill or branch
house.2 Many of the large mills maintain
branch houses in the important distributing
centers for the marketing of their output to
the retail grocery and baking trade, and several of the larger mills sell from 30 to 60 per
cent of their output in this way, the remainder
going to jobbers and wholesale grocers. On
the other hand, the simplicity of the milling
process and comparatively small cost of milling equipment have resulted in the construction and operation of a large number of small
mills throughout the country, which, except in
New England and a few Southern States, still
supply a considerable part of the local demand.
Such sales are usually made on open account,
30 days being quite frequent, although some
instances of 20-day terms, and of semimonthly
and weekly settlements exist, as well as of
"proximo 7 ' terms. Several instances of C. O.
D. and net 10-day terms were also noted. In
rare cases a cash discount, such as 1 or 2 per
cent for payment within 10 days, is given where
net terms are 30 days. The use in this connection of a price differential, amounting to
10 cents per barrel, for payment within 10
days was also reported.
The above are the terms which are in general use, in particular by the larger middle
western millers. Conditions in certain particular localities, however, call for additional
consideration. In the southeast considerable
use is made of both open account and trade

i These terms are similar, in large measure, to those previously adopted * The remainder of this paragraph is based upon the Report of tha
by the Canners League of California and in effect prior to March, 1918.
Federal Trade Commission on Flour Milling and Jobbing, Apr. 4,1918.




1132

FEDERAL RESERVE BULLETIN.

acceptance, the latter showing since 1917 a relative gain at the expense of both open account
and arrival draft. The majority of such acceptances are for 30 days, a smaller number for
60 days, while 90-day acceptances are very rare.
In some cases attempt is made to obtain a price
differential, ranging from 10 to 20 cents per
barrel additional, where acceptances are used.
Local open accounts are generally collected
twice but sometimes once a month, while the
open account in interstate business usually runs
for 30 days.
In Texas the open-account system is largely
used for carload shipments (mainly mixed) as
well as. less than carload business, the former
being estimated at 80 per cent of the total. The
majority of accounts run for 30 days. The
institution of this system is stated by Texas
millers to have been due in considerable part
to lack of capital on the part of the retail buyer,
while subsequently highly competitive conditions have $lso operated to prevent any attempts to substitute the draft, and no such
attempts have been made. The business was
on a cash basis from September, 1917, to July,
1918, when the old custom was restored.
In Pacific coast and intennountain territory
variation in terms occurs, not between carload
and less than carload shipments, but between
intraterritorial and "outside" shipments; that
is, east of the intermountain States. Sales to
local territory are estimated to amount to 90
per cent of California, 75 per cent of Oregon,
100 per cent of Seattle, 25 per cent of Spokane,
and 25 per cent of Utah sales. Sales to outside territory are largely against arrival draft,
though the sight draft is also used by California
millers. Sales on open account, usually running
30 days, are confined almost entirely to local
transactions. It has been stated that up to two
years ago practically all flour in the Northwest
was sold on open account. During the last two
years acceptances have also been used, running
for 30 days in Oregon and the Seattle and
Spokane districts and running not over 45 days
in Utah. In the first and second districts local
sales are now handled largely by acceptances,
but in California nearly all local sales are made
on 30 days' open account. From the first two
districts a cash discount of i per cent for payment within 10 days or on delivery is reported.
In Utah a price differential in favor of arrival
draft terms is noted, while acceptances in the
Spokane district bear interest at the rate of 6
per cent. Several middle western millers note
a change during the past several years in terms
on ciarload shipments to intermountain terri-




DECEMBER 1. 11)19.

tory, and former 30 to 90 days' open account
terms are being replaced by arrival draft terms.
SUGAR REFINING.

Terms of sale of refined sugar by refiners
since 1911 have been largely 2 per cent for
payment within 7 days after arrival of shipment. The change was first made in April,
1911, by eastern refiners, while beet sugar
refiners followed later in the year, the terms
to apply to new crop sugars. Prior to the
above date the discount had ordinarily been
1 per cent. The change was made as a result
of representations from the wholesale grocers,
extending over a considerable period of time.
The sugar business of the latter, estimated at
the time to be probably 20 to 25 per cent of
their total business, had been considered unsatisfactory, an estimate made in 1910, placing
the probable gross return therefrom at not
over 3 per cent, as against an average cost of
doing business of 6 per cent.1
§g|
No distinction is made between sales to
wholesalers and to manufacturers of various
food products. A sight draft is, however, used
in certain cases, while 10 days from date of
delivery is generally given in the case of local
deliveries by truck.
COFFEE, TEA, AND SPICES.

Terms of sale for green coffee are largely on
a net 90-day basis, discount for anticipatory
payment being at the rate of 8 per cent per
annum, making 2 per cent the discount for
cash.2 In the case of smaller jobbing quantities, namely lots less than 250 bags, 1J per
cent discount is almost invariably allowed.
In certain cases full settlement is insisted upon
in 30 days. Sight draft with bill of lading
attached is used in some instances where the
purchaser is not a good credit risk. Most
coffee roasters, as is also the case with spice
grinders, import to a greater or lesser extent.
Wholesale grocers as a rule buy their coffee
and spices from roasters and grinders, although
a considerable number do their own roasting,
and some import these items as well. Terms
on sales of roasted coffee to jobbers are largely
1 This estimate, however, is. considerably less than figures obtained
in a study made a number of years later. Total expense for 108 firms,
chiefly for the year 1916, ranged from 6.7 per cent to 13.74 per cent, 9.5
per cent being most common, and for 145firmsfor 1918 from 6.15 per cent
to 14.79 per cent,9.1 per cent being most common.—Harvard University,
Bureau of Business Research, Bulletins No. 9 and No. 14.
2 A considerable amount of coffee is imported on a cost and freight
basis, quotation being made of a net price payable at foreign port of
shipment on presentation of shipping documents under an irrevocable
letter of credit previously issued.

DHCHMBEB 1,1919.

2 per cent 10 days, net 60 days. Sales by
wholesalers to retailers, whether the coffee
Is packaged or in bulk, are largely upon the
same terms, although in recent years a considerable number of firms have reduced the 60
days to 30 days. It is stated that "it is the
general opinion on the part of the trade to
make the terms shorter (both for tea and coffee)
and the talk is 30 days net with a discount
of 1 per cent.77 Several instances of such
terms have been reported.
Terms on tea are longer and larger discounts
are allowed than in the case of coffee. Time
given on sales between importers and jobbers
ranges from 60 days to 4 months, large use
being made of terms of 3 per cent 10 days, net
4 months. Considerable business is done on
terms of 3 per cent 30 days, it being stated that
up to one or two years ago the amount sold on
such terms was as great as on 10-day terms.
Sales by wholesalers to retailers also vary,
discounts for cash ranging from 2 per cent to
5 per cent and net terms from 60 days to 4
months. Large use is stated to be made of
terms of 3 per cent 30 days, while some houses
continue to give 4 per cent 10 days, net 4
months. The latter terms, however, are confined largely to sales by small jobbers. In at
least one instance terms during the present
year have been shortened to 2 per cent 10 days,
net 60 days.
Terms on sales of whole spices by importers,
who are practically all also jobbers, have been
for many years ^ per cent 7 days, net 30 days.
It is stated that sales are customarily discounted by purchasers, consisting largely of
grinders, who put up the product into small
packages, and canning factories. Grinders,
however, sell ground spices in large part on
terms of 1 percent 10days, net30days, although
in some cases a discount of 2 per cent is given.
The bulk of sales by grinders are to wholesale
grocers, although sales may be made direct to the
larger retailers. The latter type of sale bears
terms in certain cases of 2 per cent 10 days, net
60 days, although the net period in at least one
case has been changed during the present year
to 30 days, and in another case terms of 2 per
cent 15 days, net 30 days are noted. Whole
spices in sales to the retail trade largely carry
terms of 1 per cent 10 days, net 30 days.
CONFECTIONERY.

Manufacturing confectioners sell both to
wholesalers and to retailers. Divergence of
opinion exists as to the relative proportion of
sales by manufacturers to each class of pur-




1133

FEDERAL RESERVE

15125&—19

5

chases, some estimates placing sales to the
former at slightly less than sales to retailers,
whereas others believe that sales to wholesalers are far in excess. Bulk candies, packed
in pails and barrels, are sold chiefly to wholesalers, but a considerable proportion of special
package goods, such as fancy chocolates, are
sold direct to retailers.
Terms of sale to the wholesale trade are
generally 2 per cent 10 days, net 30 days. A
very inconsiderable portion of business is done
on terms of 60 days. In some cases the discount period is now fixed at 15 days for out-oftown sales. Most city sales bear proximo
terms. I t is estimated that in general approximately 50 per cent of sales are discounted.
The experience of New York State manufacturers is that from 70 to 80 per cent discount
their bills.
Terms granted by manufacturers to retailers
are generally the same as those granted to
wholesalers, with the exception of the Rocky
Mountain and Pacific coast States, where
retailers during the past several years have
been given a discount of only 1 per cent
by manufacturers and wholesalers. Greater
promptness than formerly in payments by
retailers is noted, advantage being taken of the
cash discount to a greater extent than ever
before.
Terms granted by wholesalers to retailers are
in certain cases somewhat longer than are the
terms given to the former by manufacturers,
60 days being stated to be frequent. Terms,
however, are largely 1 per cent 10 days, net
30 days, although in some sections 2 per cent
is allowed, and in other sections the discount
is granted for semimonthly settlements made
when salesmen call.
TOBACCO MANUFACTURES.

Terms of sale for cigarettes, smoking and
chewing tobacco, snuff, plug, twist, etc., have
been practically standardized for a considerable
length of time, being 2 per cent for payment
within 10 days. The net terms are 60 days in
certain cases. These terms apply both on
sales by manufacturers and on sales by jobbers.
Practically all dealers take advantage of the
cash discount; supplies with the exception of
the rural districts, are purchased from week to
week, and in the case of the small trade the
discount is already deducted when quoting
prices.
With cigars, however, the case is different.
Far greater difficulty has been experienced in
the adaptation of machinery to the manu-

1134

FEDERAL RESERVE BULLETIN.

facturing process, and there is not the same
concentration among a relatively small number
of manufacturers which exists in the other
branches of the industry indicated above. In
addition, the latter are sold largely in the form
of well-advertised brands, whereas, while a
considerable number of cigars are sold in this
manner, a large number are also sold by small
manufacturers operating within a limited
territory and with a limited clientele. Terms
with respect to cigars, then, are of two kinds.
On the well-advertised brands, the same terms
prevail as in the case of cigarettes, namely 2
per cent 10 days. Recently certain manufacturers selling only to jobbers have come to a
net 10-day basis. For the other brands, however, longer terms in general prevail, and there
is little standardization. Less use is made of
the jobber and subjobber than in the case of
well-advertised cigars and other manufactured
tobacco products, the smaller manufacturer in
many cases selling direct to the dealer. Terms
to the jobber vary from net 10 days to net 30
days, a cash discount oi from 1 to .2 per cent
being given in certain cases, and the jobber
generally takes the discount. Longer terms
are largely granted by jobbers to retailers.
The cheaper domestic cigars which form the
bulk of the trade are sold largely on terms of
net 4 months, notes or acceptances being taken,
although in certain cases net 30 days may be
specified. Shorter terms in general prevail
for Havana cigars, net 10 days to net 30 days
being largely given.
WHOLESALE GROCERIES.

Activities of wholesale grocers with respect
to terms of sale have taken a twofold direction—in connection with their purchases and
with their sales. In 1907, the year after it was
founded, the National Wholesale Grocers'
Association created a Committee on Discounts,
which numbered among its activities consultation with manufacturers in an endeavor to
obtain more favorable terms. The subsequent
year a Standing Purchase Discount Committee
was created to carry on this work, the name
being changed in 1914 to Discount for Cash
Committee. The general aim throughout has
been to obtain a cash discount of 2 per cent
upon the articles purchased by the wholesale
grocer. This has involved effort to increase
discounts upon certain commodities, and protest when manufacturers sought to decrease or
eliminate discounts previously in effect, as
well as effort to institute a discount for others
previously sold upon net terms. In the




DECEMBER 1,

1919.

instances remarked above in connection with
various food products of increase in discount as
a result of representations from wholesale
grocers, the latter were in general represented
by the committee mentioned above. Prominent among the commodities for which effort
has been made to obtain increased discounts
may be mentioned rice, canned goods, sugar,
California dried fruits and nuts, beans, sirup
and molasses, macaroni, etc. In order to
obtain the larger discount the grocer is willing
to pay prior to arrival of the goods. The committee has frequently and strongly called attention to the necessity for prompt payment
within the discount period. Grocers in large
measure take advantage of the cash discounts
offered on their purchases and it is generally
held that the firm which does not take advantage of the same is not in a position to make a
net return on its investment, as net profits in
many instances are stated to equal the amount
of the cash discounts received.
With reference to its construction of the
term " discount for cash/7 the National Wholesale Grocers' Association states that " a discount for cash is regarded by the wholesale
grocer as a banking proposition or practice."
It considers that the 2 per cent discount commonly granted the wholesale grocer is not
excessive as compared with discounts in certain other lines, and is fully justified by the
advantages which it holds accrue to the
grantor of the discount. It states that it
points out these advantages, " leaving it for
the particular manufacturer to determine
whether it would be to his own advantage and
sound business policy to adopt the discount for
cash as a part of his sales policy. * * *
Among these advantages are the elimination
of the credit risk and of the moral risk, not to
mention the development and maintenance of
a spirit of good will between the buyer and
seller. In addition to the immediate use of
the money, the advantages from the elimination of the credit and moral risks are perhaps
the most evident considerations involved,
obviating, as they do, the cost of a considerable
amount of expensive credit machinery, which
cost increases whenever credit terms are
lengthened, and whenever the proportion of
the entire business done upon a credit basis
increases. It is held also that the practice is
financially and economically sound, in that it
releases capital for constructive work and
makes it possible to increase output and turnover and thus reduce cost to the trade and the
public."

DECEMBER 1,

1919.

FEDERAL RESERVE BULLETIN.

With respect to terms upon the products he
sells, the activities of the wholesale grocer have
again taken a twofold direction, in the first
place with respect to cash discounts allowed,
in the second with respect to length of net
terms. The guiding principle in the former
case has been to avoid as far as possible granting a larger discount than is received upon the
commodity. In the latter case there has been
a consistent effort to shorten terms, 1 per cent
10 days, net 30 days being the goal, as well as
emphasis upon the need for insistence upon
prompt collections. The opposition of the
wholesale grocer to the use of the trade acceptance is due in large measure to belief that terms
would be lengthened through its use. Considerable attention has been directed to the
matter of shorter terms during the past several
years. At least 12 State and district wholesale grocers' associations, located principally
in the Middle West and West, now outain
from certain of their members monthly reports
showing the percentage of outstandings, that
is, accounts receivable at the close of the month
in question divided by sales during the month.
The shortening of terms and increase in promptness of collections are illustrated by the following percentages:
Fifteen Colorado grocers:
Average first 6 months, 1916
Average last 6 months, 1916
Average first 6 months, 1917
Average last 6 months, 1917
Average first 6 months, 1918
Average last 6 months, 1918
Average first 6 months, 1919.

.'

141. 2
135
130
125. 7
123. 4
117. 9
112. 5

Slightly less than 30 California grocers:
Average January, 1917
Average July, 1917
Average January, 1918
Average July, 1918
Average January, 1919
Average July, 1919

136. 8
128. 7
125. 8
115. 3
106. 0
105. 4

Even greater decrease of the percentage of
outstandings has occurred in some other territories.
During the years 1908-1910, inclusive, there
existed a Sales Discount 7Committee of the
National Wholesale Grocers Association, which
considered the question of terms to be given
upon the commodities sold. In the wholesale
grocery line the construction of a set of terms
takes the form of determination of several
standard sets of cash discounts and net terms,
and the classification thereunder of the commodities handled, each commodity being assigned to one of the sets of terms. The matter
was discussed at the 1908 convention, at which




1135

the committee presented a report favoring 1 per
cent 10 days, net 30 days,for the general line, exceptions to be made of 1 \ per cent 10 days, net 60
days, for domestic canned goods, soap, coffee,
ground spices, etc., and 3 per cent 10 days, net
4 months, for teas in original packages, while
terms on tobacco manufactures were optional.
The discussion which followed revealed considerable diversity in existing practice, such as employment of a 15-day period in place of 10 days,
due to employment of salesmen calling on the
trade about every two weeks in making collections, and nonadherence to the discount period,
as well as in the West large use of a 2 per cent
discount upon items, such as canned goods, for
which the report permitted \\ per cent. Nevertheless, the committee report recommending the
employment of such terms was adopted. The
report of the committee at the following convention showed considerable adherence to the classification, although the 1 \ per cent discount had
not been adopted by a large territory in the
Middle West and far West. While the desire
appears to have been to have the terms adopted
by the several State and district associations,
only two specific cases of indorsement were
noted. This ended the activity of the National
Association with respect to this matter. At
the 1910 convention the committee report
called attention to the importance of the subject, and suggested that the wholesale grocers,
each for himself, should see that sensible business methods were adopted as to discounts.
Thereafter, the field was left entirely to the
State and district associations. At least twelve
of the latter, in particular in the Middle West
and West, have adopted standard classifica*
tions which were recommended for the use of
members.1
Greater standardization of terms prevails in
the Middle West and West not only because of
the progressive character of wholesale grocers
in such localities but also because of the fact
that whereas in some of the other markets, such
as New York and Chicago, there are manufacturing jobbers who do to a great extent a
national and seminational business, and traders
who sell staple goods practically for cash at cut
prices, in addition to nouses which do the usual
wholesale grocery business. In the sections mentioned houses are more or less generally of the
last type. In these sections, moreover, less
competition is experienced from exclusive tea
and coffee and other specialty jobbers than in
the more thickly populated territories.
i These associations are in large measure those which prepare reports
of outstandings.

1136

FEDERAL RESERVE BULLETIN.

The classifications are supposed in certain
cases to represent current practice, while in
other cases desirable changes may be introduced, although not yet in current use. Changes
have been made by a considerable number of
these associations during the past several years,
most frequent being the elimination of 60-day
items. In some localities terms are now considerably shorter than called for by the classification, although the latter has not been
revised. In others there has been persistent
effort to shorten terms, although no formal
action has been taken. Among the associations which have prepared classifications, there
is practically universal agreement upon general
terms of 1 per cent 10 days, net 30 days, for the
majority of items. A conspicous exception is
in the case of southern California, where terms
of 1J per cent 15 days, proximo, net 60 days,
prevail, the terms of 1J per cent 15 days, net
30 days having been changed to 1 per cent 10
days, net 30 days in northern California, Aug. 1,
1918. In other cases " proximo" and semimonthly terms are also specified, in particular
for aggregate purchases, as well as in some
cases 1J per cent discount and in other cases a
15-day discount period. In one instance distinction is made between city and country
sales, semimonthly settlement with one per
cent discount prevailing for the former, the
regular terms of 1 per cent 10 days, net 30 days
for the latter, while in another case 1J per cent
is given in cities upon all items for settlement
either weekly or semimonthly, such as the 5 th
and 20th, as compared with discounts of 1 and
2 per cent, according to the item in question,
for country sales.
Turning to several- of the more important
items for which different terms are specified,
domestic canned fruits and vegetables in general carry a discount of 1$ or 2 per cent,
although canned meats and soups and condensed
milk carry only 1 per cent. While 30 days is
generally the time within which bills are due
net, 60 days is specified in several cases, as well
as a 1 per cent discount in others. A recent
Btudy extending over five years and covering
over 1,000 retail grocers1 shows that over two
thirds of the retailers included purchased their
supply of canned fruits and vegetables entirely
from wholesale grocers, while over 20 per cent
additional so purchased at least part of their
supply. Flour largely carries net 10 day terms,
although in some cases 30 days is specified.
The study above referred to shows, however,
that a considerable amount of flour is pur-




~

»Ibid., Bulletin No. 13.

DECEMBER 1,

1919.

chased direct from manufacturers by retail
grocers, over 35 per cent of the latter buying
all their flour in this manner and of about one
third who did not make exclusive purchases
from manufacturers, a large majority bought
over one-half direct. Sugar in considerable
measure carries the general terms, although in
some instances net 10 days and net 30 days
occur, in Chicago \ per cent 10 days is generally
given (although not adopted) and in California
an allowance per 100 pounds is made, amounting prior to August, 1917, to 15 cents 10 days in
southern California and 25 cents 15 days in
northern California, since that time in southern
California to 10 cents for payments by the 10th
and 25th, in northern California to 10 cents 15
days (changed August, 1918, to 10 days). The
study above referred to showed that sugar is purchased mainly from wholesale grocers, over
four-fifths of the retailers purchasing their sugar
exclusively from that source. Meats and lard,
a decreasing percentage of which is purchased
from wholesale grocers, in general bear terms of
net 10 days, net 30 days, however, being given
in some instances. Coffee in general carries a 2
per cent discount, while 60 days instead of 30
days is the net period in certain cases. Fortyeight per cent of the retailers included in tne
above study purchased coffee exclusively from
coffee roasters and specialty wholesalers. Tea
carries a 2 per cent discount in many cases,
although this is confined in some instances to
package teas or teas in less than original
amounts. Four per cent 10 days, net 4 months
is sometimes given on teas in bulk or in original
packages. According to the above study, 36
per cent of the retailers purchased tea only
from the wholesale grocer, while 15 per cent so
purchased a part of their requirements. Whole
spices in general bear the "regular" terms,
while ground spices carry instead a 2 per cent
discount. Tobacco, which over 60 per cent of
the retailers bought exclusively from wholesale
grocers, in practically all cases bears a 2 per
cent discount, while net terms are 60 days~ in
several cases.
A considerable amount of information which
has been obtained shows that terms actually
in effect in general correspond roughly to those
prepared by the several associations. In certain sections a considerable volume of business
appears to be done on 60-day terms, while in
various parts of the South and West, specific
instances being reported from Georgia, Arkansas, and Idaho, the retailer may be carried
until maturity of crops in the fall, notes being
taken. Terms as a rule being granted in the

DECEMBER 1,1919.

FEDEKAL. RESERVE BULLETIN.

South, however, are now approaching closer
and closer to those In effect in other parts of
the country. In general, a large percentage,
in many cases over 50 per cent, of the retail
grocers take advantage of the cash discount.
A good check upon data as to the length of
terms actually in use is afforded by the statements of percentages of outstandings prepared
by the several associations. While discounted
accounts serve to reduce the percentages, an
idea is given of the promptness with which
collections are made. Returns for the several
States vary considerably, but fall naturally
into two general classes, those with average
percentage ranging at present roughly from
about 68 per cent to 85 per cent, and those with
average percentage ranging at present roughly
from 100 to 115 per cent or more. In the
former group fall the Middle Western States,
in particular those included in Federal Reserve
district No. 7 in the latter several southwestern
States, part of the Northwest, Colorado, and
California. This by no means, however, implies homogeneity in terms within any given
group. Wide variation is shown in the reports
lor the individual bouses; thus the extreme
percentages in the California report for July,
1919, were 70 and 138, and in the Colorado
report for the same month 39 and 132. i t is
this connection that the policy of the house,
the kind of trade it solicits, and the items
which bulk largest in its business must be
considered. Thus also weekly terms may in
certain cases be made to restaurants, while the
summer hotel trade may obtain a dating of
several months on purchases of canned goods,
etc.
Business Condition Reports.
After January 1, 1920, the review of business
and financial conditions published each month
in the BULLETIN is to be based upon a partially standardized reporting form, the main
features of which are incorporated into the
condensed outline given below. This outline
has been carefully developed during the past
year and has now been approved by Federal
Reserve Agents, who have offered valuable
cooperation. By this means an attempt will
be made to introduce a greater measure of
uniformity into the reports coming from the
12 Federal Reserve districts, with intent to
make the general report, which covers all the
districts, more comprehensive in its scope and
more consistent in content from month to




1137

month. In each district, however, there are
certain characteristic agricultural, industrial,
and financial features, which, although they
are of especial interest and demand discussion,
would of necessity be omitted from any rigidly
uniform type of inquiry. The outline departs
from uniformity, therefore, to the extent of
indicating some of the special topics on which
information is desired, either from a particular
district or from several districts.
As was explained in the preliminary statement which accompanied the initial exposition
of the new plan, there is no intention of stereotyping the form of the underlying agents'
reports, nor would it be desirable to substitute
bare statements of fact for expressions of
opinion that are the product of direct observation and personal contact. The interpretation of current business and financial conditions based on opinions so formed is invaluable
and indispensable. Tlie outline is simply
intended to assure the collection of a minimum
amount of evidence for testing opinions and for
reconciling or explaining conflicting statements.
Another purpose which it is hoped to serve is
the substitution of reliable estimates for vague
descriptive appellations. Just as the already
launched investigations into retail trade activity and collection conditions are designed to
put percentual estimates in place of the adjectives excellent, good, and poor, so further inquiries will be directed toward finding out how
much better or worse are the conditions in a
particular industry as measured by percentual
changes in the output of specific establishments, percentual increases or decreases in unfilled orders, percentual variations in numbers
employed, etc.
In some cases the data asked for, especially
those relating to crops and crop movements,
are readily obtainable from official reporting
agencies and are chiefly valuable if used as a
basis for analysis of district banking and business conditions. In other cases, the statistics
can only be got by directly soliciting the cooperation of a large number of individuals and
companies. To secure an adequate index of
unfilled orders, for example, for any single
industry, will be a work of time, the difficulties
varying with the nature of the business, and,
to a certain extent, with its location. But
the appended outline with its accompanying
comment will probably afford the best explanation of the sorts of business indices that are
sought and of the methods by which they are
to be built up.

1138

FEDERAL RESERVE BULLETIN.

I. AGRICULTURE; LIVE STOCK; ANIMAL PRODUCTS.
1

A. Crops.
1. Condition of principal crops of district, giving
per cent of normal, acreage, production per
acre (estimated or actual).
2. Prices: Amounts paid producers; wholesale in
principal markets; comment on price changes.
3. Grain movement (wheat, corn, oats, rye, barley),
giving receipts at principal markets and shipments.
4. Other crop movements (varied by districts).
(Districts Nos. 6, 8, and 11, for example,
would report on the cotton movement giving
receipts, shipments and stocks at ports and
interior cities; district No. 8 would report on
receipts of tobacco at the principal markets
of the district.)
B. Live stock.2
4. Condition of ranges.
2. Movement of live stock from ranges, i. e., slow or
rapid.
3. Estimated amount of stock on ranges, i. e., above
or below average for season.
4. Receipts at principal markets of district of cattle,
hogs, sheep, etc.
5. Purchases for local slaughter.
0. Animal products (varied by districts).
(Districts Nos. 2 and 7, for example, would report
on dairy products, giving receipts at New York
and Chicago, respectively, of butter, cheese, eggs;
amounts warehoused; percentage of normal stocks;
district No. 7 would report on hides, giving
receipts at Chicago, packers sales, comment on
prices; districts Nos. 4 and 9 would report on wool,
giving quality of clip, movement to market, and
comment on prices.)
D. Fish.3
1. Amount of catch classified, as cod, salmon, etc.
2. Value.

DECEMBER i,

1919.

E. Naval stores.1
1. Receipts at principal markets of turpentine and
rosin.
2. Shipments.
3. Stocks.
4. Character of demand.
5. Comment on price changes.
III. MINING; MINERALS; MINERAL FUELS.

A. Mining activity.2
1. Percentage of mine capacity in operation.
2. Reasons for loss of time or for increase.
3. Output.
4. Mine shipments.
5. Receipts at principal industrial centers (bituminous coal).3
6. 4
Comment on price changes.
B. Coke.
1. Percentage of oven capacity running.
2. Amount produced.
3. Comment on prices.
C. Petroleum. 5
1. Production of crude in barrels, giving amounts
by districts.
2. New wells, rigs and drillings.
3. Stocks of crude oil.
4. Prices of crude oil at wells.
IV.

MANUFACTURING.

A. Lumber cut. 4
1. Amount, classified as southern pine, Douglas
fir, etc.
2. Percentage of normal.
3. Reasons for percentage increase or decrease.
4. Shipments from mills.
5. Orders.
6. Stocks on hand at end of month.
B. Lumber movement (varied by districts).
District No. 5, for example, would report shipments from Atlantic ports; district No. 7 would
report receipts at Chicago and shipments.
0. Building demand.
D. Paper and wood pulp. 5
1. Tonnage produced, classified as newsprint,
paper board, etc.
2. Percentage of capacity in operation.
3. Reasons for loss of time or for increase.
4. Shipments from mills.
5. Stocks on hand.
6. Comment on price changes.

A. Business activity (in specified industries).6
1. Consumption of raw material, giving amounts
and value.
2. Stocks on hand at end of month.
3. Percentage of plant capacity in operation.
4. Production, giving amounts, selling price, grades
or classes.
5. Orders booked during month.
6. Deliveries during month.
7. Orders unfilled at end of month.
8. Character of buying demand.
9. Comment on price changes.
Reports should cover several establishments for
each representative industry—reports to be obtained
from the same establishments in order to make
possible comparisons in time. It would be better
to begin with an inquiry covering only one or a
limited number of lines, in order that a sufficiently
large number of establishments could be induced
to report to give an adequate idea of conditions in
that industry within the district. If each district
began with reports covering lines of manufacture
showing a high degree of concentration within the
district—as, for example, boots and shoes in district
No. 1 or flour milling in district No. 9—the results
would be significant for the country at large and the
combined reports would give a composite picture of
manufacturing conditions in various important
industries throughout the United States. Reporting establishments (especially in the case of scattered industries) should be selected with some

i For each district, the list would be varied, district No. 6, for example
reporting on cotton, rice, fruits, sugar cane; district No. 9, on wheat,
rye, barley, flax.
* Districts Nos. 9, 10, 11, and 12, would answer all the questions;
districts Nos. 7 and 8 would answer only questions 4 and 5.
* Districts Nos. 1 and 12 would report.
< Districts Nos. 1,5, 6, 9,11, and 12 would report, stating the number
of mills covered by the inquiry, and what percentage of the total number in the several districts was represented.
* Districts Nos. 1, 2, 3, and 9 would report, stating the number of
mills covered by the inquiry and what percentage of the total numbers
in the several districts was represented.

1 District No. 6 would report.
2
District No. 3 would report on anthracite coal; districts Nos. 4, 5,
6,7, and 10 on bituminous coal; districts Nos. 9 and 12, on copper; districts
Nos. 8,10, and 12 on lead; district No. 10 on zinc. The questions would
vary somewhat in detail from the general type given above.
3
All districts would report on bituminous coal receipts; district No.
9 would also report stocks at upper lake ports.
* Districts Nos. 4 and 6 would report.
5 Districts Nos. 4, 7,10,11, and 12 would report.
e In answering questions 1, 2, 4, 5, 6, and 7 absolute amounts are
desired, but if not obtainable, percentage increases or decreases for the
current month as compared with the preceding month should be given.

II. LUMBERING; FOREST PRODUCTS.




DECEMBER 1,1919.

FEDERAL RESERVE BULLETIN.

1139

reference to location, so as to reflect conditions C. Interest and discount rates:
1. Classification.
throughout the district. As facilities for extending
See table published monthly in the Federal
the reporting service became better, inquiries could
Reserve Bulletin. Note changes and indicate
be made of an increasing number of companies and
whether rise or fall is due to general conditions
could be made to embrace a greater number of
or to local demands of a specific nature.
manufacturing lines. While emphasis should in
2. Comment on (a) character of customers' demands;
general be placed on industries characteristic of
(b) open market operations; (c) bankers' and
the district, new undertakings or industries showtrade acceptances, giving estimates of amounts
ing rapid growth or decline might profitably be
in dealers' hands, and investments by banks
singled out for special comment.
directly and for account of correspondents;
B. New capital invested.
explanation of changes in rates and effect of
1. Number of new companies formed; additions to
other demands; (d) rediscounts and renewals.
existing ones.
3. Call loans: (a) rates, (b) comment on changes,
2. Amount of capital, giving industries repre(c) relation to time-money rates.
sented and estimating addition to manu4. Time loans.
facturing capacity.
D. Stock exchange operations.
1. Volume of sales.
V. TRADE AND TRANSPORTATION.
2. Character of buying and selling; controlling
1
factors.
A. Wholesale trade activity.
E. New financing.
1. Volume of net sales.
1. Stock and bond issues: amounts and character.
2. Amount of deliveries (selling price).
2. Methods of flotation, success of.
3. Stocks on hand at end of month.
3. Combinations and consolidations.
4. Orders unfilled at end of month.
4. New incorporations.
5. Character of buying demand.
F. United States Treasury.
6. Comment on prices.
1. Effect of operations upon money market.
The reporting service for wholesale and retail G. Foreign exchange.
trade should be gradually developed as in the case
1. Rates on principal centers (explanation of
of manufactures. A beginning has been made with
fluctuations).
retail trade inquiries confined to department stores.
2. Credits opened for foreign account; amounts;
This service might later be extended to cover other
purpose of.
lines of wholesale and retail trade within the district,
3. Character of bill offerings and nature of demand.
such as hardware, groceries, boots and shoes, furs, H. Savings.4
jewelry, and confectionery.
1. Amount of deposits.
Reporting firms should be selected with a view
2. Character of.
to location as well as representative character, so as
3. Reason for additions or withdrawals.
to cover the leading mercantile centers of the dis- I. Bank management and organization.
trict.
VII. LABOR.
B. Retail trade activity.
0. Collections.
A. Employment conditions.
(See Federal Reserve Bulletin June 1,1919, page 547.)
1. General comment on district surplus or shortage
D. Foreign trade.2
reported to exist in agriculture, mining, manu1. Imports, giving chief commodities by amounts
facturing, trade, transportation.
and value.
2. Conditions in reporting establishments, giving
2. Exports, giving chief commodities by amounts
number of men employed on last full day of
and value.
the month, and number employed at capac3. Methods of financing involving extraordinary or
ity, stating whether changes are due to
unusual extensions of credit.
normal seasonal fluctuations, labor disturb4. New lines of export trade developing or in
ances, or the state of the market; amount of
prospect.
pay roll.5
E. Transportation.
B. Strikes.
1. Number and tonnage of inbound cars (leading
1. Number of establishments affected, classified by
cities of the district).
industries.
2. Number and tonnage of outbound cars (leading
2. Number of men involved.
cities of the district).
3. Estimated wage losses.
4. Demands of strikers and counter proposals, if
3
VI. BANKING AND FINANCE.
any.
5. Outlook for settlement or terms of settlement.
A. Analysis of bank statements:
VIII. OTHER BUSINESS INDICIA.
1. Federal Reserve Bank.
2. Member banks in principal cities (comment on A. Business failures.
changes in principal items).
1. Number.
B. Clearings:
2. Amount of liabilities.
1. Amounts by chief cities.
B. Building permits.6
2. Explanation of expansion or contraction.
1. New buildings; number and value.
2. Repairs and alterations; number and value.
i Returns should be classified by trade lines, specifying in each case the C. Electricity energy sales by central power stations.
number and location of reporting establishments, and, if possible, the D. New insurance written.
total volume of business represented. Absolute amounts are desired,
but if not obtainable percentage increases or decreases for the current
4
month as compared with the preceding month should be given.
Reports from a number of well selected savings institutions in lead» Districts Nos. 1,2,3,5,6,11, and 12 would report; districts Nos. 4 and 7 ing industrial centers might reflect conditions better than general
would report on export demand for manufactures of the districts in statistics.
question.
s If actualfiguresare not available, statistics may be given as percent3
Only districts Nos. 2,7, and 12 would report on the complete schedule. age changes.
6
The outline for the other districts is somewhat less elaborate.
List separately by cities.




1140

FEDEBAL RESERVE BULLETIN.

CANADIAN BANKING AND CURRENCY,
1

1914-1919*

Canada's banking system is centered in a
group of so-called chartered banks, of which
there were 24 in 1914 and only 18 in 1919.
These banks have a very complete system of
branches throughout the Dominion, providing for its commercial needs and in addition
serving as the chief savings institutions of
the country. They are subject to comparatively little governmental supervision, although
the Canadian Bankers7 Association is a public
institution whose secretary-treasurer has supervisory powers over note issues. The banks are
required to make a monthly report of their
condition to the minister of finance.
There is shown on page 1148 a consolidated
balance sheet for the chartered banks for the
end of each year 1913 to 1918, and for October 31, 1919. This statement is presented
in the form used by the banks themselves.
It will be noted that the liabilities shown are
considerably below the assets. This is due
to the custom of including in the total liabilities published in the Official Gazette only
liabilities to the public, exclusive of capital,
reserve fund, and undivided profits. The
balance sheet shows the amount of gold and
subsidiary coin in the possession of the banks
and the amount of Dominion notes, as well
as the deposits with the minister of finance
and in the central gold reserve. It also shows
the different classes of earning assets separating call and short loans in Canada from
similar loans elsewhere than in Canada, as
well as other current loans in Canada and
elsewhere. Among the liabilities the principal items are notes in circulation and deposits
by the public payable on demand in Canada
and elsewhere and deposits payable after
notice or on a fixed date.
The Canadian law does not require any
specific amount of reserves either against
notes or against deposits. It does require,
however, that 40 per cent of the banks'
reserves be in Dominion notes. The statement on page 1144 shows total liabilities to the
i Sources:
Joseph French Johnson: The Canadian Banking System, National
Monetary Commission, 1910.
The Canada Year Book: 1913-1918. •
The Monetary Times, Toronto (weekly).
Monthly statements of the Canadian Chartered Banks: Supplements to the Canada Gazette.
The Canada Gazette: Statements of circulation and specie.
War loans, resources and progress of Canada, issued by A. E. Ames
A Co.
Canada's part in the great war, issued by the Department of Public
Information, Ottawa,




DECEMBER 1,1919.

public and net liabilities obtained by deducting from this total the amounts of notes of
and checks on other banks. Against these net
liabilities the banks consider as reserves: cash
on hand, that is, specie and Dominion notes;
cash at other banks outside of Canada, that
is, deposits in foreign, largely New York,
banks; call and short loans elsewhere than
in Canada (also largely in New York), on the
theory that these loans can be called at any
time and are so liquid as to be properly considered as secondary reserves, also securities
consisting of Dominion and provincial government obligations, Canadian municipal securities and British, foreign, and colonial securities,
as well as railway and other bonds, debentures,
and stocks. It will be noted that on December 31, 1913, the banks carried against net
liabilities to the public of 1,233 million total
reserves, figured in the manner described
above, of 408 millions, that is, about 33 per
cent, while on December 31, 1918, the liabilities amounted to 2,301 millions and the
reserves to 976 millions, or about 42 per cent*
The reserve position of Canadian banks calculated on the basis of our own practice is
discussed on page 1141.
On page 1149 are shown for December 31,
1913 and 1918, the principal asset and liability items for each of the chartered banks
arranged in the manner customary in this
country, i. e., in the form of a balanced
statement. This table shows the relative
importance of the banks and indicates the
amalgamations that have taken place since
1913. It will be noted that the Bank of
Montreal absorbed the Bank of British North
America; the Bank of Nova Scotia amalgamated with the Metropolitan Bank, and the
Royal Bank of Canada with the Bank of
Quebec and the Northern Crown Bank, while
the Bank of Vancouver suspended and went
out of business during the period. Of the
18 banks now in operation the Bank of
Montreal, the Royal Bank of Canada, and the
Canadian Bank of Commerce are the leading
institutions, their combined assets being about
one-half of the total assets of the 18 chartered banks.
EARNING ASSETS.

A table (p. 1150) is attached showing the
principal assets of the chartered banks at the
end of each month, January, 1914, to October,
1919. A chart on page 1146 shows graphically
the changes in the earning assets. In connec-

FEDEBAL RESEKVE BULLETIN.

DECEMBER 1,1919.

tion with the public securities held by the
banks an exhibit is inserted showing the
amounts and terms of the six Canadian war and
victory loans. It is notable that the banks did
not subscribe directly to the Canadian war
loans, with the exception of the first loan, °25
per cent of the subscriptions to which were
made by the banks, but even these subscriptions to the first loan were not accepted by
the Goverment. The banks7 holdings of public securities nevertheless show the effects of
successive loans. Thus there is noted a
marked increase in these holdings from November, 1915, to January, 1.916, also from
August and September, 1916, to October of
the same year. The third war loan in March,
1917, is also clearly reflected in the figures, as
are the victory loans of December, 1917, and
November, 1918. The results of the latest
loan, which opened on October 27 and closed
on November 15 of this year, are not seen in
the statement which closes with October 31This loan, subscriptions to which amounted to
673 millions, doubtless increased the Government security holdings of the chartered banks.
From January 31, 1914, to October 31,
1919, bank holdings of public securities increased from 34 to 617 millions, the greater
!>art of the increase taking place during the
ast three years. Of this total of 617 millions,
361 millions were Dominion and provincial
government securities, while 256 millions were
Canadian municipal securities and British,
foreign, and colonial public securities, other
than Canadian. The banks' holdings of debentures, bonds, and stocks declined but
slightly during 1914, 1915, and 1916, but show
a more decided decline during the period January, 1917, to October, 1919. At the end
of October they stood at 54 millions, as
compared with 70 millions at the beginning of
1914. Call and short-term loans of the banks,
which are considered by them as a secondary
reserve, showed a marked decrease immediately following the outbreak of the war, but
rallied early in 1915 and have shown fluctuations without material changes in the general
level since that time. These loans, as well as
other current loans, include loans secured by
Government war obligations. Loans to provincial and city governments amounted to
about 32 millions in January, 1918, and to 67
millions in October, 1919. Other current
loans, which were 8Q8 millions in the beginning of 1914, fluctuated somewhat during that
year but showed no marked decline. The




151259—19

6

1141

loans show clearly the effects of each successive war loan and in the 1,266 millions of
current loans held by the banks on October 31, 1919, there is undoubtedly included a
considerable amount of loans secured by Government war obligations, so-called war paper.
While the bank statements do not afford a
basis for measuring the extent to which the
Canadian banks assisted the Government in
financing the war, it appears that they rendered
material support both by purchasing bonds
after the loan compaigps were closed and by
carrying the subscriptions of customers who
purchased bonds on the installment plan.
DEPOSIT AND NOTE LIABILITY.

The table on page 1151 and the chart on
page 1147 show the deposits and note liabilities of the Canadian chartered banks, as well
as the items which in American terminology
would be called cash reserves, consisting of deposits with the minister of finance to secure
bank note circulation, deposits in the central
gold reserve, specie, and Dominion notes.
The ratio of these cash reserves to deposit and
note liabilities combined was maintained fairly
well throughout the war period. It was 17.7
per cent at the end of 1914, declined to 16.9
per cent by the end of 1915, and to 15.5 per
cent by the end of 1916. At the end of 1917,
however, it was 18 per cent, at the end of 1918,
17 per cent, while on October 31, 1919, it was
15.2 per cent; the October percentage, however, is generally low owing to the heavy demand for currency during the crop moving
season. It should be noted, though, that
a much larger percentage of the banks'
cash reserves is represented at present by
Dominion notes, and that the gold cover
against these notes has gradually declined between December 31, 1913, and December 31,
1918, from about 83 to about 35 per cent.
On October 31, 1919, this percentage, because of the reduction in circulation and the
increase of gold reserves, stood at about 39
per cent. A feature worth noting is that a
very large proportion of the deposits in the
chartered banks are time deposits; that is,
deposits payable after notice or on a fixed
date. While normally withdrawals from these
deposits are made without delay or difficulty
on the part of the banks, they include a very
large proportion of Canada's savings. These
deposits increased during the period under
discussion from 635 millions to 1,263 millions,

1142

FEDERAL RESERVE BULLETIK.

while other deposits (net) increased from 411
millions to 857 millions. The volume of public
deposits shows wide fluctuations during the
period under review, the largest amounts
being shown for dates following the flotations
of the Government loans.
CURRENCY.

Canada's currency consists for the most part
of bank notes. The banks are authorized by
law to issue notes up to the amount of their
paid-up unimpaired capital plus any amount
they may have on deposit in the central gold
reserve. In addition to that, during the cropmoving season they are permitted to issue additional notes up to 15 per cent of their capital
and surplus combined, but this additional circulation bears interest at 5 per cent. The privilege of issuing additional circulation may be
extended to cover the entire year, and as a matter of fact has been so extended during recent
years. The chartered banks are not required
to carry any special reserves against their circulation, except that they must deposit with
the minister of finance gold or Dominion notes
up to 5 per cent of their average circulation.
These deposits constitute the bank-note redemption fund. The principal security against
circulation, however, is found in the fact that
the notes are a first lien on the banks' total
assets and in the further fact that the stockholders are subject to double liability on the
notes. Bank notes are legal tender throughout the Dominion. It is to the interest
of each bank to maintain as high a circulation of its own notes as the law permits. Each bank will, therefore, pay its customers over its counter only notes issued by
itself. When the community's need for circulation contracts, notes will be deposited in
the banks and the banks will return to the
issuing banks the notes in their possession,
and thus reduce the outstanding volume of
circulation. In other words, since the notes
are obtainable from any bank on demand and
on the other hand can always be deposited
with the banks as soon as they are not needed,
the circulationin the hands of the public does
not exceed the requirements of trade and industry. Bank-note circulation increased with
fluctuations throughout the period under discussion and stood on October 31, 1919, at
236 millions as compared with 97 millions on
the last of January, 1914. Before the war
bank note circulation almost never equaled the




DECEMBER 1,

1919.

banks' paid-up capital. On December 31,
1913, for instance, the paid-up capital was
115 millions and bank note circulation, 109
millions. During recent years, however, the
banks have maintained a circulation nearly
equal to the permissible maximum. On October 31, 1919, this maximum would be made up
as follows: Paid-up capital, 118 millions; deposits in central gold reserve, 126 millions;
15 per cent of capital and surplus, 36 millions i
total, 280 millions, as against an actual circulation of 236 millions. This total is only
about 8 millions less than the capital and gold
reserve deposit combined, which is the limit
of circulation authorized without the 5 per
cent penalty.
Another important portion of Canadian circulation consists of Dominion notes. These
notes are issued by the Government and are also
legal tender. While they are issued in denominations of $1, $2, $4, and $5, as well as in denominations of $50 to $10,000, a large part of
the circulation is composed of notes of small
and the very large denominations. Notes of
the small denominations are kept in actual
circulation, since the banks are not permitted
to issue notes of less than $5, while notes of
the large denominations are held by the banks
as reserves.
The following table shows the outstanding
circulation of Dominion notes at the end of
each year, 1913 to 1918, and on October 31 r
1919, as well as the reserves against these
notes and other items. From a total of 131
millions at the end of 1913 the volume of Dominion notes in circulation increased to 327
millions by the end of 1918 but receded to
about 312 miUions on October 31, 1919.
Against these notes the Government held 10&
millions of gold in 1913 and 123 millions in
1919, the ratio of gold to total circulation thu&
showing a decrease from 82.8 per cent to 39.4
per cent. Originally the law provided that
for the first 50 millions of Dominion notes
the Government was to hold 25 per cent ia
gold and that all additional notes could be
issued only against dollar per dollar gold cover.
This provision, however, was modified by law
during the war, and the Government was permitted to issue notes against securities and
even without any cover. Thus, on October
31, 1919, of the total circulation of 312 millions,
123 millions are secured by gold, 146 millions
by securities, and 43 millions are unsecured.
A considerable portion of the Dominion note&
are held in the so-called central gold reserve

DECEMBEB 1,1919.

1143

FEDERAL KESEBVE BULLETIN.

by the chartered banks, which issue bank notes very gratifying to the Government. I t will
on the basis of these deposits. Another large be noted tnat, while these loans carried only
portion of the Dominion notes is held by the 5 per cent interest, they were issued at 97|,
chartered banks as vault reserve, so that 97 J, and 96, respectively. The last three loans,
only about 10 per cent of the Dominion notes known as Victory loans, were floated through
is actually in the hands of the public. Even active popular campaigns and carry 5J per
of that amount a portion, although the actual cent interest, being issued at par. While only
amount is not ascertainable, is in the hands about 25,000 subscriptions were received for
of the minister of finance in the bank note re- the first loan, the number of applicants for the
demption fund; The table shows the amount fifth loan was over 1,100,000.
of Dominion notes held by the public (no de- Canada has always been a heavy borrower
duction being made for the amount in the gold from the United States. I t was estimated prior
redemption fund); also the amount of bank to the war that the total American investments
notes in the hands of the public, as well as the i n Canada amounted to about 600 million
total amount of paper currency held by the dollars, while at the beginning of the current
Canadian people. This total increased from calendar year this amount has been estimated
114 millions at the end of 1913 to 237 millions at 1J billion dollars. In this indebtedness is
on October 31, 1919.
included governmental and private borrowing
Dominion notes issued, reserves held against them, and amounts held by banks and by the public, also bank notes in circulation and in the hands of the public: 1913-1919.
[In thousands of dollars.]
Dec. 31,
1913.
Dominion notes issued: Total
Against gold
Against securities
Unsecured
Percentage of gold cover to total
Held in central gold reserve
Held by chartered banks
Held by public
Bank notes in circulation: Total
Held by banks other than bank of issue —
Held by public....'„..
Total dominion and bank notes held by public

PUBLIC

DEBT.

Dec. 31.
1914.

Dec. 31,
1915.

Dec. 31,
1916.

Dec. 31,
1917.

Dec. 31,
1918.

131,187
108,687
22,500
82.84
6,400
104,778
20,009
108,646
14,777
93,869
113,878

162,395
89,317
73,078
55.00
5,200
138,056
19,139
105,970
13,063
92,907
112,046

178,781
115,119
63,662
64.38
11,150
145 548
22,083
122,200
15,103
107,097
129,180

181,048
114,132
66,916
63.04
31,740
124,750
24,558
148,785
19,702
129,083
153,641

272,935
114,772
158,163
42.05
77,590
167,509
27,836
192,924
24,079
168,845
196,681

327,391
115,936
211,455
35.41
122,400
175,745
29,246
224,501
31,379
193,122
222,368

Oct. 31,
1919.
311,640
122,634
146,020
42,986.
39.4
115,60$
165,457
236,477
30,09a
206,37a
236,961^

as well as direct investment of United States
capital in Canadian enterprises.

Canada's net public debt, which on March
31, 1914, amounted to 336 millions, increased
BALANCE OF TRADE,
by March 31,1918, to 1,192 millions, and on the
latest available date, namely, October 31, 1919,
Before the war Canada had a large annual
stood at 1,785 millions. Since that time the unfavorable balance of trade; that is, she
sixth war loan has been placed and the net imported large quantities of merchandise in
debt of the country is doubtless 600 or 700 excess of her exports. This condition, charmillion dollars greater than the figure shown acteristic of a rapidly developing country,
above. The war loans raised by the Dominion was made possible by loans made in foreign
Government represent Canada's first attempts countries, I. e., England and the United
to raise money on a large scale in a domestic States.
market. The first three loans were raised
The following table shows Canada's imports
without popular campaigns and their success, and exports for the years ending March 31.
as evidenced by large oversubscriptions, was 1911 to 1919.




1144

FEDERAL RESERVE BULLETIN.

Canadian imports for consumption and exports of domestic
merchandise,

DECEMBER 1,1919.

in excess of her imports, but this excess, which
amounted to only 22 millions in 1911 and 30
[In millions of dollars.]
millions in 1912, was 97 millions in 1915, 375
millions in 1916, 635 millions in 1917, and 764
[From Canadian trade reports.]
millions in 1918. During the war years Canada
United
All other
United
supplied very large amounts of foodstuffs and
Total.
States.
Kingdom.
countries.
war supplies to the United Kingdom, while the
Year ending
Mar. 31—
exports of the mother country to Canada were
Ex- Im- Ex- Im- Ex- Im- ExImports . ports . ports. ports. ports. ports. ports . ports. comparatively small. Other countries, mostly
European belligerents, also imported large
1911
67
38 quantities of goods from Canada during the
452 275 110 i32 275 104
41
147 330
102
74
521 290 117
1912
139 179 436 140
46 war, the amount in 1918 being 277 millions as
96
670 356
1913
1914
53 against imports to Canada of only 89 millions.
91
618 432 132 215 396 163
49
69
455 409
90 187 297 173
1915
A table is also included, compiled from
452 370 201
60
508 742
1916
89
77
129
1917...
107 742 664 281
74
845 1,151
845 792 418
89
277 United States reports, showing the exports
963 1,540
1918
81
221 from United States to Canada and from Canada
1919
96
916 1,208
73 532 747 455
to United States for the years ending June 30,
Exports of merchandise from United States to Canada and im-1910 to 1919, and for the three months, Julyports from Canada to United States.
September- 1919.
As a result of Canada's favorable trade bal[In millions of dollars.]
ance the British pound was quoted at a dis[From United States trade reports.]
count throughout the period under review'
while the American dollar has been quoted at a
Exports Imports Excess of
from
Year ending June 30to
premium for most of the period. Canada
Canada. Canada. exports.
would have been in a position to utilize her
favorable trade balance with the United King95
121
216
1910
169 dom to stabilize her exchange with the United
270
101
1911
220
1912
329
109
295 States, were it not for the fact that her exports
415
121
1913..-..
184 to England are almost entirely on the oasis
345
161
1914
141
1915.
301
160
255 of long-term credit.
469
204
1916.
466
1917
787
321
During October of the present year Canadian
344
778
434
1918
345 exchange in New York varied between $0.96
1919
814
469
193
113
July-Sept., 1919,
and $0.9675 aiid between $0.9475 and $0.9625
during November.
It will be noted that during each fiscal year
from 1911 to 1915 Canada imported considera- Liabilities to the public and reserves of Canadian chartered
banks on December SI, 19 IS and 1918.
bly more than she exported, although the difference was much smaller in 1915 than during
[In thousands of dollars.]
earlier years. Since 1916 Canada's exports
have been greatly in excess of her imports.
Dec. 31,
Dec. 31,
Item.
1913.
1918.
The bulk of Canada's foreign trade is with the
United States and the United Kingdom. As
1,308,255
2,448,251
Total liabilities
far as the United States is concerned Canada's Net liabilities toto the public
the public
1,232,579
2:300,513
imports from this country were always largely Reserves:
150,202
255 061
Cash on hand
in excess of her exports to this country, the
34,914
Cash due from banks outside of Canada...
57,088
Call and short loans elsewhere than in
balance in favor of the United States being
115,985
150,248
Canada
greater during recent years than in prewar
107,398
513,591
Securities
years. In the trade with the United Kingdom,
408,499
975,938
Total reserves
however, Canada's exports were normally




DECEMBER 1,1919.

1145

FEDEBAL KESEKYE BULLETIN.
Comparison of the terms of Canada?]s domestic war loans to date.

Details.

First loan.

Second loan.

Third loan.

Date of campaign
Amount called for
•.,
Amount allotted
Total applied for
Oversubscription
Number of applicants...
Ratio of applicants to
population.
Per capita
Rate bonds bear
Yield at time of public
offering.
Maturity...
,
Interest payable...
Place of p a y m e n t . . .
How payable.
Conversion,

Nov. 22-30, 1915
$50,000,000....
$100,000,000....
$103,729,500....
$53,729,500
24,862
1 in 290.67

Sept. 12-23,1916
$100,000,000
$100,000,000
$201,444,800.
$101,444,800.
1 in 208.70.

Mar. 12-23,1917.
$150,000,000.
$150,000,000.
$260,768,090.
$110,768,000.
40,800.
1 in 176.63.

$14.39
5 per cent
5.42per cent.,

$27.95
5 per cent
5.30 per cent.,

5 per cent.
5.40 per cent.

10 years, maturing Dec. 1,1925
Tune 1 and Dec. 1
Canadian cities
Not specified
Convertible at 97£ and interest into
any future domestic issues made for
the carrying on of the war.

15 years, maturing Oct.
Apr. 1 and Oct. 1
Canadian cities
Gold.
Convertible at 97£ and
any future domestic
years or longer made

Denominations.,

Coupon bonds, $100, $500, and $1,000; Coupon bonds, $100, $500. and $1,000;
fully registered bonds, $1,000 and
fully registered bonds, $1,000, $5,000
$5,000.
$10,000, and $100,000.
Exempt from taxes—including any Exempt from taxes—including any
income tax—imposed in pursuance
income tax—imposed in pursuance
of legislation enacted by the Parliaof legislation enacted by the Parliament of Canada.
ment of Canada.
frfltL
97^ flat..
,
10 per cent on application; 7J per cent 10 per cent on application; 30 per cent
on Jan. 3; 20 per cent on Feb. 1; 20
on Oct. 16; 30 per cent on Nov. 15,
per cent on Mar. 1; 20 per cent on
and 27§ per cent on Dec. 15,1916; or
Apr. 1 and 20 per cent on May 1; or
payments discounted at 4 per cent.
payments discounted at 4 per cent.

Tax exemption..

Issue price
...
Terms of payment.

Details.
Date of campaign
Amount called for
,
Amount a l l o t t e d . . . . . . . .
Total applied for
Oversubscription
Number of applicants...
Ratio of applicants to
population.
Per capita
Rate bonds bear
Yield at time of public
offering.
Maturity
Interest payable...
Place of payment.
How payable......
Conversion

Fourth, or victory, loan.
Nov. 12-Dec. 1,1917..
$150,000,000
$398,000,000
$419,289,000....
874,331...
Iin8.24
$58.18
5£ per cent
,
[5.81 per cent for 5 year bonds
5.6S per cent for 10 year bonds
5.61 per cent for 20 year bonds.
5, 10, and 20 years maturing Dec. 1,
1922, 1927, and 1937.
June 1 and Dec. 1
Canadian cities
Gold
Convertible at par and interest into
any future domestic issue of like
maturity or longer.

Coupon bonds, $50, $100, $500, and
$1,000; fully registered, $50, $100,
$500, $1,000, $5,000, etc.
Exempt from taxes—including any
Tax exemption.,
income tax—imposed in pursuance
of legislation enacted-by the Parliament of Canada.
100 flat
Issue price
Terms of p a y m e n t . . . . . . 10 per cent on Dec. 1; 10 per cent on
Jan. 2; 20 per cent on Feb. 1; 20. per
cent on Mar. 1:20 per cent on Apr. 1,
and 20 per cent on May 1; or payments discounted at -5J per cent.
Denominations..




1,1931.,

interest into
issues of 20
for war pur-

Fifth, or second victory, loan.
Oct. 28-Nov. 16,1918
$300,000,000.....
$610,000,000.
$695,390,250
$395,390,250
1,104,287....
1 in 6.53.
$96.49
5£ per cent.
5|per cent.
5 and 15 years maturing Nov. 1, 1923
and 1933.
May 1 and Nov. 1
Canadian cities
Gold
May be converted into any future
domestic issues of like maturity or
longer made during remaining period of war.
Coupon bonds, $50, $100, $500, and
$1,000; fully registered, $50, $100,
$500, $1,000, $5,000, etc.
Exempt from taxes—including any
income tax—imposed in pursuance
of legislation enacted by the Parliament of Canada.
100 and interest
10 per cent on application; 20 per cent
on Dec. 6; 20 per cent on Jan 6;
20 per cent on Feb. 6, and .31.16 per
cent on Mar. 6; or 100 flat on application.

20 years, maturing Mar. 1,1937.
Mar. 1 and Sept. 1.
Canadian cities, New York.
Gold.
Convertible at 96 and interest into any
future domestic issues of 20 years or
longer made for war purposes.
Coupon bonds, $100, $500, and $1,000;
fully registered bonds, $1,000, $5,000,
$10,000, and $100,000.
Exempt from taxes—including any
income tax—imposed in pursuance
of legislation enacted by the Parliament of Canada.
96 flat.
10 per cent on application; 30 per cent
on Apr. 16; 30 per cent on May 15[ 26
per cent on June 15,1917; or payments
discounted at 4 per cent.

Sixth, or third victory, loan.
Oct. 27-Nov. 15, 1919.
$300,000,000,
$673,000,000.
$373,000,000.

5£ per cent.
5£ per cent.
5 and 15 years, maturing Nov. 1, 1924
and 1934.
May 1 and Nov. 1.
Gold.

$50, $100, $500, $1,000.
No tax exemption.

100 and interest.
19 per cent on application; 20 per cent
on Dec. 9,1919*; 20 por cent on Jan. 9,
1920; 20 per cent on Feb. 10, 1920.
31.21 per cent on Mar. 9, 1920; or Im
flat on application.

i

OS

EARNING ASSETS OF CANADIAN CHARTERED BANKS, 1914-19 19.
H i l l ShJblic Securities
Other Current-/bans

WMM Call and Sfwrb-Jornv&ans
P M Otfier £arnjcng Jlsscts.

2200

2200
2000
2000
1800
1800
1600
1600
MOO
1400
1200
(200
1000
1000
800
#00
600

600
400

400
200
200
O .
0




i

(0

DEPOSITS, NOTE LIABILITY, AND RESERVES
OF CANADIAN CHARTERED BANKS, 1914-1919.
®®m^

JobalGishJfeserpes.

**

II
^

**"

I
&00
2000

1800
1600
1400
1200 &
100020
16

800* 16

600
400

e

200 4
0

I
5




1148

FEDERAL. RESERVE BULLETIN.

DECEMBER 1,1919.

Statement 6f condition of Canadian chartered banks: 1913-1919.
ASSETS.
[In thousands of dollars.]
Dec. 31,
1913.
Current gold and subsidiary coin:
In Canada
Elsewhere
:...

June 30, Dec. 31,
1914.
1914.

Dec. 31,
1915.

Dec. 31,
1916.

Dec. 31,
1917.

Dec. 31,
1918.

55,349
26,684

60,928
18,388

61,496
19,557

79,316

81,053

25,945
19,478

28,949
17,160

38,746
23,824

42,583
25,413

44,506

Oct. 31,
1919.

Total.

45,423

46,109

62,570

67,996

71,172

Dominion notes:
In Canada....
Elsewhere

104,762
16

92,898
16

138,040
16

145,531
17

124,729
21

167,479
30

175,696
49

165,442
15

Total.

104,778

92,114

138,056
=====
6,733
9,700
14,228
13,063
51,976
48,991
129
127
5,044
7,661
5,744
10,240
46,618
35,427
12,186
11,234
24,007
22,371
66,150
72,056

145,548

124,750

167,509

175,745

165,457

6,775
17,360
15,103

6,861
43,700
19,702
76,836

5,770
97,270
24.079
95,599

5,858
130,900
31,379
116,359

5,945
126,100
30,099
117,757

Deposit with minister of finance for security of note circulation.
Deposit in central gold reserves
Notes of other banks
Cheques on other banks
^..
Loans to other banks in Canada, secured, including bills rediscounted....
Deposits made with and balances due from other banks in
Canada.......
Due from banks and banking correspondents in the United
Due from banks and banking correspondents elsewhere than
in Canada and United Kingdom
Dominion Government and Provincial Government securities.
Canadian municipal securities, and British foreign and colonial public securities other than Canadian
Railway and other bonds, debentures, and stocks
Call and short "loans in Canada on stocks, debentures, and
bonds (not exceeding 30 days)
Call and short loans elsewhere than in Canada (npt exceeding
30 days).
Other current loans and discounts in Canada
Other current loans and discounts elsewhere than in Canada..
Loans to the Government of Canada
Loans to the Provincial Governments
.
Loans to cities, towns, municipalities, and school districts....
Over-due debts
Real estate other than bank premises
Mortgages on real estate sold by the bank.
Bank premises at not more than cost, less amounts (if any)
written off,
—
Liabilities of customers under letters of credit as per contra
Other assets not included under the foregoing heads
Total assets.

6,651
7,597
14,777
129
4.814
9,313
25,601
10,950
22,340
74,108

15,136

6,090

6,995

5,838

4,306

28,656

25,973

13,372

13,867

12,453

74,144
15,748

50,449
31,092

51,356
188,703

43,221
206,935

46,420
361,281

39,979

167,579
64,108

224,094
55,609

253,518
53,138

255,685
54,443

71,779

89,120

100,549

72,863

67,401

68,512

84,228

82,570

115,985
822,388
58,305

137,120
838,276
46,187

3,828
30,519
4,538
2,049
1,670

37,261
5,550
2,971
1,726

85,013
786,034
43,414
5,000
14,105
38,257
6,188
3,485
1,694

137,158
775,518
58,480
13,515
5,462
30,878
6,632
4,333
1,631

173,878
820,379
76,397
3,970
1,968
24,057
5,761
5,425
1,804

41,756
8,556
4,426

45,724
11,505
3,733

46,714
12,248
6.667

48,495
9,126
5,517

49,789
9,131
4,604

158,194
134,483 150,248
858,533 1,075,640 1,104,940
111,581 119,154
160,713
9,774
36,353
4,859
5,571
1,804

8,420
30,684
4,543
5,526
2,161

11,226
56,117
5,725
5,464
2,405

51,485
21,981
2,571

52,551
33,670
2,042

55,603
42,787
2,876

1,554,263 1,575,306 1,555,560 1,737,996 1,948,045 2,323,163

2,967,599

LIABILITIES.
Capital paid up..
,
Amount of rest or reserve fund
Notes in circulation
Balance due to Dominion Government after deducting advances for credits, pay lists, etc
...
,
Balance due to Provincial Governments
Deposits by the public payable on demand in Canada....
Deposits by the public payable after notice, or on a fixed day
in Canada
....
Deposits elsewhere than in Canada
.
..
.
Deposits made by and balances due to other banks in Canada..
Due to banks and banking correspondents in the United
Kingdom
Due to banks and banking correspondents elsewhere than in
Canada or the United Kingdom
Bills payable
Acceptances under letters of credit
Liabilities not included under foregoing heads
1

Total liabilities ..




114,809
112,118

114,812
113,369

113,917
113,071

113,988
112,457

113,346
113,383

111,674
114,101

109,492
116,016

117,675
123,478

108,646

99,138

105,970

122,200

148,785

192,924

224,501

236,477

9,473
22,836
381,376

9,326
35,127
355,006

21,463
20,091
349,910

28,447
18,670
423,690

24,639
18,370
458,208

65,999
16,782
569,442

254,928
14,756
711,034

121,029
20,699
705,280

624,692
103,403
7,792

663,650
103,062
7,869

662,830
98,901
8,734

720,990
134,650
17,930

845,007
162,861
8,937

995,978
174,779
10,634

958,474 1,262,747
206,845
253,965
10,133
8,516

12,811

15,623

15,894

4,434

3,792

3,033

4,369

4,732

8,267
16,537
8,556
3,866

8,934
20,096
11,505
1,151

7,916
7,961
12/248
2,729

10,800
3,850
9,071
4,551

17,595
5,242
8,131
4,381

19,842

23,794
917
33,670
4,830

32,284
5,902
42,787

21,981
6,861

1,308,755 1,330,487 1,314,647 1,499,283 1,706,948 2,081,735 2,445,251 2,697,448
i Exclusive of capital, rest or reserve fund and undivided profits.

1149

FEDERAL RESERVE BTILLETIN,

DECEMBER 1,1919.

Principal asset and liability items for each Canadian chartered bank on December SI, 1913 and 1918.
ASSETS.
[In thousands of dollars.1!
Bank.

Deposits in
central gold
reserve.
Dec.
31,
1913.

Bank of Montreal
1/000
Bank of British North America. 250
Bank of Nova Scotia..
500
Metropolitan Bank
Bank of Toronto
500
Molsons Bank
Baquue Nationale
200
Merchants Bank of Canada
500
Banque Provinciale du Canada.
Union Bank of Canada
900
Canadian Bank of Commerce...
Royal Bank of Canada
2,000
Quebec Bank
Northern Crown Bank.
Dominion Bank
500
Bank of Hamilton
247
Standard Bank of Canada..
500
Banque d'Hochelaga
Bank of Ottawa
500
Imperial Bank of Canada
Home Bank of Canada.
Sterling Bank of Canada
Bank of Vancouver. .*•
Weyburn Security Bank
Total assets

Dec.
1918.

Dec.
31,
1913.

Call and
short loans
in Canada.

Dominion
notes.

Specie.

Dec.
31,
1918.

Dec.
31,
1918.

Dec.
31,
1913.

/ 9,440J24,888
\ 945
12,000 / 4,363 } 9,587
\ 168
2,500
964
3,000
553
567
3,300
165
278
9,000 2,111 4,859
50
123
7,000 1,847
955
18,000 10,148 14,989 16.
f 8,260
152 13,433
26,000
271
4,600 1,610 1,941
548
3,400
914
769 1,592
4,200
332
3,300
388
3,200 1,042 1,054
6,000 1,618 2,560
101
200
140
51
70
35
11
14
25,200

Dec.
31,
1913.

}54,162

2,304
Il3,671 4,208
1,055
8,427 2,384
4,822 6,463
2,142 3,146
5,102 4,408
362 1,793
9,810 3,234
19,202 9,961
9,526
•19,609 3,532
1,772
13,474 4,652
2,210
4,511
5,377 3,025
697
3,469
757
2,403
4,286
6,410
1,463
1,150
100
76
179

Dec.
31,
1918.

Current loans
in Canada.1
Dec.
31,
1913.

Dec.
31,
1918.

fll2,091
\ 27,480 166,863
/ 37,643 50,444
3,832 \ 7,525
5,053 44,120 46,420
6,890 29,952 39,287
2,664 15,362 23,283
5,789 50,381 91,561
3,869 5,266
7,469
6,917 46,520 70,707
14,515 136,543 204,347
\ 87,218
11,443 11,409 t 129,116
i 12,894
8,409 48,496 63,792
4,148 29,527 42,622
2,677 31,733 47,115
3,037 22,250 25,671
2,318 35,315 26,868
3,363 44,327 50,375
1,245 8,674 12,372
6,909
107 5,714
1,744
723
1,103
2,844

Other assets.

Dec.
31,
1913.

Dec.
31,
1918.

Total assets.

Dec.
31,
1913.

Dec.
31,
1918.

105,784 262,943 241,992 536,900
29,854
63,976
27,360 71,796 80,152 161,330
12,477
2,523
9,566 30,993 60,633 94,358
9,731 26,985 50,302 81,552
4,370 14,910 24,214 46,576
20,407 54,114 83,217 170,425
5,178 12,535 13,078 24,358
23,156 46,306 79,568 141,695
81,745 151,176 254,668 422,229
178,624
60,105
5,164 I 223,208 21,180 422,809
19,7161
3,904
16,724 41,291 80,506 133,506
45,779 79,937
9,850 24,341
7,391 24,079 45,755 85,040
7,376 22,029 32,530 57,894
11,783 31,853 53,529 67,696
20,161 42,937 81,338 111,644
2,110 12,850 14,154 28,271
9,632 19,085
2,151 10,849
2.577
566
736
3,235
1,666
4,530

7,597 2130,900 45,423 79,316104,778175,745 72,863 89,120 852,907 1,106,324 467,695 1,108,4301,554,263 2,689,833
2

1 Includes loans to cities, towns, municipalities, and school districts.

18,500,000 in gold coin; balance in Dominion notes.

LIABILITIES.
[In thousands of dollars.]
Rest or reserve fund.

Bank.

Capital
paid
up,
Dec.
31,
1913.

Capital
paidup,
Dec.
31,
1918.

Bank of Montreal
16,000
Bank of British North America. 4,867 18,904
Bank of Nova Scotia
6,000 6,500
Metropolitan Bank
1,000
Bank of Toronto
5,000 5,000
Molsons Bank
4,000
4,000
2,000
Banque Nationale.
2,000
7,000
Merchants Bank of Canada
6,904
1,000
Banque Provinciale du Canada. 1,000
5,000
Union Bank of Canada
5,000
Canadian Bank of Commerce... 15,000 15,000
Royal Bank of Canada
11,560
Quebec Bank..
2,731 I 14,000
Northern Crown Bank.
2,819
6,000
Dominion Bank
5,811
Bank of Hamilton
3,000 3,000
3,500
Standard Bank of Canada
2,844
4,000
Banque d'Hocheiaga
4,000
4,000
Bank" of Ottawa
4,000
Imperial Bank of Canada
6,978 7,000
1,948
Home Bank of Canada
1,943
1,161 1,219
Sterling Bank of Canada
875
Bank of Vancouver
316
Weyburn Security Bank
421
Total liabilities




151259—19

Notes in
circulation.

Deposits by the public in
Canada.
Payable on
demand.

Dec.
31,

Dec.
31,
1918.

Dec.
31,
1913.

Dec.
31,
1918.

16,000 j-18,541 f 15,393 }41,179
2,920
i 4,247
11,000 |l2,000 5,948 [•17,569
1,250
948
6 000 6,000 4,815 6,576
4,800 4,800 3,573 6,651
1,550 2,100 2,278 4,761
6,511 7,000 6,382 14,939
800 1,147 1,189
625
3,400 3,600 5,514 10,743
13,500 15,000 14,169 30,247
12,560
12,277
1,307 45,000 2,380 17,789
350
2,556
6,811 7,000 4,631
3,600 3,300 2,890 5,903
3,544 4,500 3,051 7,371
3,625 3,800 3,196 7,120
4,750 4,750 4,169 6,680
7,000 7,000 5,722 12,211
300 1,685 2,214
650
350 1,090 1,094
300
339
65

175

Dec.
31,
1913.

Dec.
31,
1918.

^47,720
12,544 KL64739
3,306
15,363
9,657

L

}32,604

31,691
14,382
'7,421
18,804 47,730
1,961 4,559
23,137 45,701
393134,341
77,393
33,934
3,977 1,340
5,605
18,851 24,984
10,957 21,212
11,760 19,859
5,173 11,724
10,637 13,024
22,092 24,590
5,814
2,249 5,260
557
406
555 2,0

(

Payable after
notice or on a
fixed day.

Dec.
31,
1913.

Dee.
31,
1918.

Total liabilities.

Dec.
31,
1913.

Dec.
31,
1918.

Dec.
31,
1913.

Dec.
31,
1918.

f94,272
123,204
f 4,710
I 5,718
27,980
26/891
13,234
38,834
6,664
29,380
85,150

12,607
184,496 16,194 109,041 241,992 538,900
63,976
80,152 161,330
12,925
52,655
12,477
255 40,002
36,390 1,475
8,701
60,633 94,358
31,236 1,381 20,483 50,302 81,552
22,905 2,063
7,389 24,214 46,576
62,365 5,782 31,391
83,217 170,425
13,990 1,681
2,820 13,078 24,358
54,254 13,137
22,397 79,568 141,695
121,572 49,456 106,069 254,668 422,229
178,624
[34,062
128,765 \ 956 127,915 21,180 L 422,809
19,716
I 1,139
55,656 4,801 30,007 80,506 133,506
13,193 45,779 79,937
33,329 1,406
13,102 45,755 85,040
36,708 1,020
3,221 32,530 57,894
28,029 1,390
6,541 53,529 67,696
32,701 1,340
15,746 81,338 111,644
45,097 5,180
8,821 14,154 28,271
9,174
262
3,378
7,784
9,632 19,085
476
2,577
87
1,3
ioi 1,666 ""4,'53O
47

39,601
23,926
23,536
15,146
28,633
34,366
6,628
4,356
719
437

114,809 109,492 112,118116,016 108,646 224,501 381,376 711,034 624,692

7

Other liabilities.

958,474 209,122

570,3181,554,263 2,689,833

1150

FEDERAL RESERVE BULLETIN.

DECEMBER 1,1919.

Earning assets of Canadian chartered banks.
[End of mouth figures, 1914-1919.]
[In thousands of dollars.]
Public
securities
on hand.

January—
February...
March
April.......
May
June
July.
August
September..
October
November..
December..

1914.

33,905
34,516
34,761
34,924
36,193
34,331
34,404
34,447
34,055
33,024
33,605

Debentures,
bonds, and

70,351
69,224
67,647
66,941
66,749
66,150

70,364
72,056

Call and
short-term
loans.

Loans to
provincial
and city
governments.

Other
current
loans.

Total
earning
assets.

180,025
212,518
214,306
208,461
197,108
204,521
193,987
165,724
159,585
151,404
143,854
153,525

32,048
33,684
35,606
34,379
37,257
41,090
39,178
44,372
50,382
56,642
56,098

867,633
867,674

151,952
157,483
170,184
190,122
207,616
198,233

48,914
51,424
50,212
54,321
50,304
51,017
48,106
50,458

814,106
815,296
810,885
800,637
797,007
799,207
800,135
803,311
820,235

50,536
45,698
36,340

830,404
833,998

1,122,508
1,135,202
1,145,614
1,158,942
1,170,642
1,164,551
1,156,941
1,171,443
1,190,565
1,203,797
1,216,792
1,214,220

279,758
272,645
256,448

35,246
38,104
42,190
48,513
47,686
48,132
43,465
40,972
39,813
39,090
34,263
26,025

820,487
816,973
822,846
834,774
822,737
807,553
802,397
806,494
822,496
854,388
889,879
896,776

1,212,108
1,218,349
1,230,008
1,303,598
1,325,297
1,341,634
1,349,240
1,358,854
1,393,762
1,443,375
1,457,198
1,442,028

235,484
241,132
238,096
241,893
247,208
235,394
223,253
249,815
238,901
222,673
212,011
206,262

25,355
27,403
32,617
40,813
44,184
48,182
49,045
48,951
48,153
48,901
45,100
46,127

900,247
926,605
966,582
943,884
932,506
919,815
923,513
942,572
977,809
964,929
970,114

1,441,610
1,514,301
1,548,518
1,600,419
1,566,108
1,538,691
1 567,957
1,599,775
1,607,234
1,670,853
1,692,169
1,690,909

46,672
50,266
56,557
61,338
63,506
61,637
59,031
59,770
51,076
51,554
46,997
39,104

971,727
969,041
989,313
983,357
994,118
1,000,259
1,005,380
1,022,327
1,052,652
1,116,463
1,192,721
1,194,794

1,646,455
1,669,710
1,696,858
1,721,803
1,735,741
1,733,674
1,762,664
1,803,622
1,867,463
1,980,097
2,075,713
1,986,857

38,050
42,990

1,206,854
1,225,892
1,241,182
1,233,316
1,198,939
1,176,239
1,152,605
1,158,749
1,210,387
1,265,653

1,945,370
1,929,019
1,966,988
1,962,262
1,941,184
2,033,422
2,069,342
2,071,457
2,173,071
2,263,148

890,068
890,276
884,463
888,212
883,889
867,862
858,665
837,235
829,448

1,183,162
1,217,706
1,229,089
1,234,547
1,226,314
1,232,417
1,222,103
1,196,412
1,182,104
1,170,674
1,140,575
1,140,996

1915.

January
February.
March....
April
y
June
July.
August....,
September..
October....
November..
December..

34,975
36,841
38,436
37,311
38,470
39,592
43,168
49,056
40,969
53,199
54,673
55,727

72,561
74,158
75,897
76,551
77,245
76,502
76,543
76,154
74,179
74,407
67,282

192,464
206,687
195,256
218,735
221,386

1916.

January—
February...
March
April
.May
June........
July
August
September..
October
November..
December..

71,845
73,521
71,638
119,081
130,936
146,972
170,291
186,900
202,290
204,139
195,149
198,671

71,557
75,705
69,444
66,757
67,139
66,000
65,262
64,108

216,834
221,088
223,638
229,673
248,233
269,533
264,478
257,731

1917.

January—
February...
March
April
May
June..
July
August
September..
October
November..
December..

226,997
282,827
289,769
292,217
272,671
263,274
316,547
318,732
318,714
364,579
413,914
412,797

61,305
62,692
61,431
58,914
58,161
59,335
59,297
58,764
58,894
56,891
56,215
55,609

363,300
355,982
351,881
362,744
370,219
366,378

55,830
57,460
57,552

431,279
474,012
527,307
526,606
460,453

56,191
55,904
54,047
52,678
53,138

236,961
241,555
257,316
250,727
247,005
241,496
234,055
233,819
230,726
256,711
239,368

418,502
371,582
375,184
376,120
380,556
478,448
531,682
527,569
578,881
616,966

53,546
53,417
54,276
54,628
56,813
55,192
55,214
52,679
53,658
54,443

228,418
235,138
247,717
241,626
246,363
263,089
271,685
270,077
266,445
258,743

1918.

January
February...
March
April
May...
June
July
August
September..
October—
November..
December..

57,171
58,395

1919.

January—
February...
March
April
May
June—....
July
August
September..
October....




56,572
58,513
60,454
58,156
63,700
67,343

DECEMBER 1,1919.

1151

FEDERAL RESERVE BXJUOETIliT.
Deposit and note liabilities and cash reserves of Canadian chartered banks.
[End of month figures, 1914-1919.]
[In thousand of dollars.]
Deposit and note liabilities.
Note
circulation.

January..
February
March
April....
May
June.
July..
August
September
October
November
December
January
February
March
April
May
June.July
August
September
October
November
December

1914.

1915.

1916.
January
February
March
April
-.*%..June
—
July
August
September
October
November
December
1917.
January
February
March
April
May
June
July
November
December
January
February
March
April
May..
June
July
August
September
October
November
December
January
February
March...
April
May
June
July.
August
September
October




1918.

1919,

96,612
97,564
96,848
93,064
97,761
99,138
94,816
114,552
120,366
123,745
114,767
105,970

Public

29,672
36,893
40,443
38,047
44,453
45,373
42,491
40,839
44,793
38,254
41,554

Time
deposits.

635,136
640,927
646,144
653,679
663,946
663,650
671,214
658,402
659,807
665,995

Deposit
with the Deposits
Minister in gold Specie. Dominion Total.
notes.
of
reserve.
Finance.

Katio of
cash
reserves
to
deposit
and note
liabilities.

Other
deposits
(net).

Total.

410,958
430,553
432,215
440.141
411,511
424,290
413,628
404,255
425,810
413,652
416,323
419,301

1,172,378
1,205,937
1,215,650
1,225,690
1,211,265
1,231,531
1,225,031
1,220,697
1,245,417
1,241,997
1,235,339
1,229,655

6,653
6,641
6,645
6,647
6,647
6,668
6,736
6,737
6,741
6,748
6
Z28

3,500
3,000
3,500
3,250
3,550
3,050
4,400
4,150
10,950
13,000
10,800
9,700

44,775
44,227
45,662
46,403
45,112
46,109
51,412
66,449
65,562
62,228
66,679
62,570

102,308
100,775
96,227
95,667
93,818
92,114
90,617
93,306
110,689
121,023
135,511
138,056

157,236
154,643
152,034
151,967
149,127
147,941
153,165
170,642
193,942
202,999
219,718
217,059

13.4
12.8
12.5
12.4
12.3
12.0
12.5
14.0
15.6
16.3
17.8
17.7

409,110 -1,212,342
409,202 1,214,814
421,939 1,233,568
429,717 1,248,288
424,486 1,256,718
440,275 1,263,811
422,006 1,229,157
439,297 1,271,563
461,075 1,292,680
462,676 1,322,488
499,493 1,373,869
512,592 1,402,899

6,735
6,735
6,739
6,742
6,742
6,778
6,763
6,763
6,767
6,771
6,771
6,775

6,950
5,250
5,550
5,800
5,900
5,500
6,350
6,550
7,850
11,750
15,100
17,360

66,067
66,125
65,671
64,137
64,113
62,833
62,434
61,555
62,057
61,725
71,360
67,996

138,285
138,728
137,413
136,718
131,065
131,225
129,794
129,716
129,819
136,223
140,751
145,548

218,037
216,838
215,373
213,397
207,820
206,336
205,341
204,584
206,493
216,469
233,982
237,679

17.8
17.8
17.5
17.1
16.5
16.3
16.0
16.1
16.0
16.4
17.0
16.9

97,193
97,789
96,667
96,288
99,125
99,625
100,412
99,611
105,799
122,782
124,154
122,200

36,208
41,216
40,150
37,013
40,074
32,466
35,693
36,002
47,117

666,960
671,089
676,876
686,075
691,891
683,761
691,732
692,581
693,340
701,337
714,220
720,990

111,030
113,528
114,805
119,233
114,847
123,373
123,530
122,656
135,285
145,032
148,198
148,785

88,810
72,340
47,777
45>224
43,925
48,737
35,264
36,019
48,046
62,043
63,271
43,009

714,264
728,243
738,169
748,360
765,064
767,598
789,364
806,775
816,374
814,297
836,593
845,007

476,987
473,703
482,077
558,726
558,403
553,217
554,925
544,532
554,378
585,871
559,088
554,855

1,391,091
1,387,814
1,382,828
1,471,543
1,482,239
1,492,925
1,503,083
1,509,982
1,554,083
1,607,243
1,607,150
1,591,656

6,778
6,752
6,756
6,727
6,772
6,821
6,850
6,850
6,854
6,857
6,857
6,861

11,860
10,460
12,010
14,410
14,810
17,710
19,010
20,860
24,010
35,660
43,300
43,700

69,554
68,177
66,373
66,337
66,442
66,020
65,695
65,962
65,026
67,261
82,564
71,172

151,950
153,431
151,203
147,480
147,100
142,655
140,574
137,913
134,434
122,667
118,843
124,750

240,142
238,820
236,342
234,954
235,124
233,206
232,129
231,585
230,324
232,445
251,564
246,483

17,3
17.2
17.1
16.1
15.9
15.6
15.4
15.3
14.8
14.5
15.7
15.5

133,358
138,257
148,265
145,551
142,654
156,626
154,692
156,451
177,589
189,853
196,136
192,924

55,041
71,712
68,166
116,147
78,151
48,324
42,266
46,518
41,282
84,535
90,470
82,781

864,163
880,457
888,766
874,949
892,563
900,511
929,442
952,592

1,588,884
1,631,824
1,681,331
1,726,209
1,704,898
1,668,199
1,710,391
1,729,516
1,756,987
1,859,013
1,932,869
1,929,735

6,864

985,791
1,008,658
995,978

536,322
541,398
576,134
589,562
591,530
562,738
583,991
573,955
572,722
598,834
537,605
658,052

6,871
6,871
6,982
5,757
5,757
5,761
5,764
5,764
5,770

32,050
30,050
35,200
41,150
39,500
43,450
50,220
53,320
64,870
80,770
91,120
97,270

69,121
67,134
72,135
74,390
71,931
77,053
72,243
71,223
69,849
74,951
83,180
82,033

143,499
142,272
137,402
132,804
126,239
122,617
122, 744
120,508
1213 692
137,650
165,515
167,509

251,534
246,320
251,606
255,215
244,541
250,102
250,964
250,808
262,172
299,135
345,579
352,582

15.8
15.1
15.0
14.8
14.3
15.0
14.7
14.5
14.9
16.1
17.9
18.3

171,674
176,369
191,058
180,655
181,890
194,682
187,866
200,840
211,624
227,598
234.983
224;501

124,459
90,174
108,883
112,618
136,682
106,967
109,925
107,431
117,544
140,123
407,258
269,684

900,314
908,823
921,081
933,645
947,757
965,935
992,015
1,014,712
1,037,499
1,076,515
939,329
958,474

673,505
698,742
687,331
703,507
673,541
696,763
696,933
714,880
728,625
790,022
788,494
808,437

1,869,952
1,874,108
1,908,353
1,930,425
1,939,870
1,964,347
1,986,739
2,037,863
2,095,292
2,234,258
2,370,064

5,772
5,772
5,777
5,780
5,780
5,821
5,848
5,846
5,851
5,853
5,853
5,858

75,570
74,770
79,420
80,470
79,870
84,470
88,870
91,470
100,070
123,900
131,500
130,900

82,444
80,004
78,255
78,283
76,571
75,564
76,578
75,222
74,684
79,471
83,777
79,316

184,950
173,701
165,198
169,345
177,655
183,815
186,520
186,256
187,081
167,226
182,213
175,145

348,736
334,247
328,650
333,878
339,876
349,670
357,816
358,794
367,686
376,450
403,343
391,219

18.6
17.8
17.2
17.3
17.5
17.8
18.0
17.6
17.7
16.8
17.0
17.3

203,424
204,780
214,577
208,959
215,895
217,608
206,907
222,462
225,908
236,477

257,359
259,057
249,849
209,884
140,058
153,344
164,074
124,193
134,313
141,728

990,000
1,018,185
1,037,852
1,070,985
1,107,983
1,139,570
1,175,092
1,196,633
1,227,438
1,262,747

759,923
688,729
704,017
715,513
716,861
760,891
800,666
750,154
810,910
856,922

2,210,706
2,170,751
2,206,295
2,205,341
2,180,797
2,271,413
2,346,739
2,293,442
2,398,569
2,497,874

5,861
5,861
5,866
7,618
5,873
5,931
5,931
5,934
5,942
5,945

105,650
103,750
108,350
112,200
107,200
107,200
108,400
106,400
115,100
126,100

80,564
80,179
80,254
80,457
80,004
79,279
80,204
80,825
81,560
81,053

196,323
185,932
172,652
177,085
179,074
175,548
180,823
170,101
166,098
165,457

375,722
367,122
377,360
372,151
367,958
375,358
363,260
368,700
378,555

17.7
17.3
16.6
17.1
17.1
16.2
16.0
15.8
15.4
15.2

39,079
36,734

1152

FEDERAL RESERVE BULLETIN,

Commercial Failures Reported.

A recent tendency toward increase in number of failures, while a not unseasonal development, marks a new departure in the economic
situation, and the 398 commercial defaults in
the United States during three weeks of November, as reported to R. G. Dun & Co., are
almost identical with the 399 insolvencies
recorded in the same weeks of 1918. For the
month of October, however—the latest period
for which complete statistics are available-—
the country's business mortality makes a
remarkably favorable exhibit, the 463 failures
in that month being the smallest in number of
any month of whicn there is record, excepting
the 452 defaults of last July and the October
liabilities of $6,871,966, although larger than
in August and July of the present year, are less
than in any October back to 1905. Separated
according to Federal Reserve districts, the
October returns disclose reductions in number
of insolvencies, as compared with October,
1918, in all of the twelve districts, aside from
the fifth and sixth districts, and the liabilities
show expansion only in the tenth district,
where the increase is trifling.
Failures during October.
Liabilities.

Number.
Districts.
1919
First
Second
Third
Fourth
Fifth
Sixth
Eighth
Ninth.
Tenth .
Eleventh
Twelfth
Total

50
86
24
49
21
38
59
23
17
27
22
47
463

1918
78
115
35
50
18
36
104
30
28
39
30
97
660

1919
$1,016,079
1,650,441
341,294
763,728
119,567
256,923
715,161
249,471
64,709
361,861
263,516
1,069,216
6,871,966

1918
$1,250,232
4,295,328
480,298
1,464,848
221,300
381,858
1,472,745
631,661
191,417
325,617
410,202
2,854,800
13,980,306

Acceptance Liabilities of National and Other
Banks.
According to the subjoined table, compiled
from the several condition statements of the
Comptroller's office, total acceptance liabilities
of national banks on September 12 stood at
$323,226,000, as against $272,035,000 on June
30 and $305,101,000 at the close of last year.
Similar figures available for State banks and
trust companies, both members and nonmembers, in leading cities, show a growth for the
same period from $189,466,000 to $220,134,000.




DECEMBER 1,1919.

Relatively little change is shown in the
acceptance liabilities of the New York banks
and trust companies, while corresponding
totals for the national banks and trust companies in Boston and for the trust company
member banks in Chicago show substantial
increases. As a result the> percentage of
acceptance liabilities of the iSTew York City
banks and trust companies to the total acceptance liabilities comprised in the compilation
below shows a decline from about 53 per cent
on December 31, 1918, to 50 per cent on
September 12 of the present year. Acceptance
holdings of the Federal Reserve Banks, from
$292,196,000 at the end of 1918, increased to
$362,005,000 on September 12, or at a rate
somewhat higher than is shown for the increase
of acceptance liabilities of banks in principal
cities.
Acceptance liabilities of national and other banks.
[In thousands of dollars; i. e,, 000 omitted.]
Dec. 31,
1918.
National banks:
New Y o r k . . .
Boston.
Philadelphia
Pittsburgh..
Cleveland.. Detroit
Cincinnati
Indianapolis
Richmond
Baltimore
Atlanta....
New Orleans
Charleston, S. C
Chicago
St. Louis
Minneapolis
Dallas
San Francisco
Portland, Oreg
Seattle
Another

Mar. 4,
1919.

120,897
44,170
19,995
4,664
8,168
2,700
659
1,718
4,815
1,066
984
2,734
1,505

112,762
41,723
15,418
4,290
6,651
1,629
2,494
1,510
4,430

June 30,
1919.

Sept. 12,
1919.

1,763
1,760
10,613
1,710
1,582
18,592

128,541
57,653
22,372
6,538
8,682
2,564
4,386
2,249
3,013
6,774
365
1,740
710
26,852
5,471
5,623
200
17,283
2,069
1,586
18,555

269,173

272,035

323,226

State banks and trust companies:
New York State 1—
Greater New Y o r k . . . 2 140,555 3 130,036
Buffalo
2 946
3 4,640
Allother
2 529
3 330
Boston
... 2 15,099
15,962
Cleveland..---—
6,208
6,938
439
Baltimore.
300
New Orleans
2,670
1,281
4
Chicago
14,698
17,435
St. Louis...
7,592
6,479

136,384
9,949
578
23,889
7,647
320
1,071
24,434
6,231

143,068
8,687
837
21,688
6,851
1,026
481
29,299
8,197

210,503

220,134

Total..

Total

.

9,627
3,323
1,301
28,947

317
1,982
1,353
21,032
11,928
1,635
1,325
11,870
2,864
1,089
21,233

305,101

29,677

11,837
3,374
2,940

189,466

1 Including letters of credit.
Nov. 1,1918.

2

1,638

182,671

107,005
49,429
18,050
5,267
7,279
3,098
3,487
1,396
2,509
2,930
731
1,841
821
25,283

»Feb. 21,1919.
* Member banks only.

ACCEPTANCE HOLDINGS OF THE 12 FEDERAL RESERVE BANKS.

Dec. 31,1918
Mar. 4,1919
June30,1919
Sept. 12, 1919.

5292,196,000
266,176,000
315,993,000
362,005,000

DBCBMBEB 1,1919.

Condition of National Banks.
The Comptroller of the Currency on November 8 issued the following statement:
The resources of our national banks at the time of the
last call exceeded by $520,000,000 the total resources of all
the banks of the country, including national banks, State
banks, trust companies, savings banks and reporting
private banks, as late as April 28, 1909.
The returns just compiled show that, on September 12,
1919, the resources of the national banks amounted to
$21,615,000,000. This is an increase of $815,000,000 over
the call of June 30, 1919, and an increase of $3,571,000,000
as compared with August 31, 1918. This increase is the
greatest ever shown in any one year since the inauguration
of the national banking system.
The resources of the national banks have shown a greater
growth in the past six years since August, 1913, than was
shown in the entire 49 preceding years since the Civil War.
Total deposits on September 12, 1919, were
$16,681,000,000, an increase of $756,000,000 over June 30,
1919, and an increase of $2,795,000,000 over August 31,
1918.
Loans and discounts (exclusive of rediscounts) on September 12, 1919, were reported at $Jl,085,000,000, an
increase over June 30, 1919, of $51:0,000,000, and an
increase over August 31, 1918, of $1,591,000,000.
The increase for the year in deposits exceeded by more
than $1,200,000,000 the increase in loans. The proportion
of loans to deposits on September 12, 1919, was 66.45 per
cent, as compared with 68.37 per cent on August 31, 1918.
Cash on hand and due from Federal Reserve Banks
(including lawful reserve and items in process of collection)
on September 12, 1919, amounted to $2,044,413,000, the
largest ever reported, exceeding by $123,574,000 the
figures of June 30, 1919, and by $372,580,000 the amount
of cash on hand and due from Federal Beserve Banks
August 31,1918.
United States Government securities held amounted,
September 12, 1919, to $3,296,000,000, an increase of
$124,000,000 over June 30, 1919, and an increase as compared with August 31, 1918, of $841,000,000.
Other bonds, securities, etc., held September 12, 1919,
amounted to $1,806,000,000, an increase over June 30,
1919, of $39,000,000, and an increase over August 31,1918,
of $111,000,000.
The circulation of national banks outstanding September
12, 1919, was $681,589,000, an increase over June 30,
1919, of $4,427,000, and an increase over August 31, 1918,
of $7,388,000.
Bills payable amounted, September 12, 1919, to $1,064,607,000, of which $1,013,967,000 were with the Federal
Reserve Banks being principally loans on Government
securities. The amount of bills payable with other than
Federal Reserve Banks was only $50,640,000. Rediscounts, including those with Federal Reserve Banks,
amounted to $440,906,000. The increase in the aggregate
of bills payable and rediscounts, including those with the
Federal Reserve Banks, over the figures of June 30, 1919,
was $20,744,000, and the increase over August 31, 1918,
was $211,508,000.
Capital, surplus, and undivided profits September 12,
1919, amounted to $2,438,000,000, an increase over June
30, 1919, of $75,000,000, and an increase over August 31,
1918, of $156,000,000.
On September 12, 1919, the national banks had on
deposit with State banks, trust companies, and other
bankers a total of $439,000,000, and the amount which
State banks, trust companies, and bankers were carrying




1153

FEDEKAL RESERVE BULLETIN.

on deposit with the national banks on the same date was
$1,845,000,000.
The increase in deposits as compared with the June
30, 1919, call has been very general throughout the country. The States whose country banks have shown an
increase in deposits of ten million dollars or more were
New York 36 ^million, Texas 32 million, California 31
million, Illinois 29 million, Massachusetts and Pennsylvania 25 million each, New Jersey 24 million, Ohio 22
million, Oklahoma 18 million, North Carolina 15 million, Indiana 14 million, Colorado and Idaho 10 million each. The
only States showing a decrease were Connecticut, Florida,
Mississippi, Nevada, and Arizona, the aggregate reduction in the five States being less than two million dollars.
Among the reserve and central reserve cities the net
increase in deposits reported was $310,000,000 and well
distributed (19 cities show a reduction and 48 cities an
increase). The cities showing an increase of ten million
dollars or more were Chicago 65 million, San Francisco
and Kansas City 55 million each, St. Louis 26 million,
Philadelphia and Minneapolis 20 million each, Portland
19 million, Omaha 17 million, Detroit and Richmond
15 million each, St. Paul 14 million, Los Angeles 12 million, Denver 11 million and Fort Worth 10 million.
The only cities showing a reduction of as much as three
million dollars were New York City 155 million, Balti*
more 14 million, and New Orleans 10 million dollars.

New National Bank Charters,
The Comptroller of the Currency reports
the following increases and reductions in the
number of national banks and the capital of
national banks during the period from November 1, 19197 to November 28, 1919, inclusive:
Banks.

New charters issued to
26
With capital of.
Increase of capital approved for
27
With new capital of....
Aggregate number of new charters and
banks increasing capital
53
With aggregate of new capital authorized
Number of banks liquidating (other than
those consolidating with other national
banks under the act of June 3, 1864)
7
Capital of same banks
.......
Number of banks reducing c a p i t a l . . . . . . . . %
Reduction of capital
..
Total number of banks going into liquidation or reducing capital (other than those
consolidating with other national banks
under the act of June 3,1864)
7
Aggregate capital reduction
Consolidation of national banks under the
act^of Nov. 7, 1918
0
Capital
The foregoing statement shows the aggregate of increased capital for the period of
the banks embraced in statement was
Against this there was a reduction of capital
owing to liquidation (other than for consolidation with other national banks under the act of June 3, 1884) and reductions of capital of
Net increase

$1,155,000
3,220,000
4,375,000

1, 585,, 000
0

1, 585, 000
0
4,375,000

1,585,000
2, 790,000

1154

FEDERAL RESERVE BULLETIN.

DECEMBER 1,1919.

2. Mercantile Bank of the Americas, New York City:
Paris, France.
There is given below a list of foreign branches
Barcelona, Spain.
Madrid, Spain.
of national banks and banks doing business
Affiliated institutions—
under agreement with the Federal Reserve
Banco Mercantil Americano de Colombia:
Board, which were open for business on
Bogota, Barranquilla, Cartagena, Medellin,
November 15, 1919:
Cali, Girardot, Manizales, Honda, Armenia, Bucaramanga, Colombia.
NATIONAL BANKS.
Banco Mercantil Americano del Peru:
Lima, Arequipa, Chiclayo, Callao, Trujillo
1. National City Bank of New York City:
Buenos Aires, Argentina.
Peru.
Once, Buenos Aires, Argentina.
Banco Mercantil Americano de Caracas:
Rosario, Argentina.
Caracas, La Guayra, Venezuela.
Bahia, Brazil.
American Mercantile Bank of Brazil:
Pernambuco, Brazil.
Para, Pernambuco, Brazil.
Porto Alegre, Brazil.
National Bank of Nicaragua:
Rio de Janeiro, Brazil.
Managua, Bluefields, Leon, Granada, NicaSantos, Brazil.
ragua.
Sao Paulo, Brazil.
Banco Mercantil Americano de Cuba:
Santiago, Chile.
Habana, Cuba.
Valparaiso, Chile.
Banco Atlantida:
Artemisa, Cuba.
La Ceiba, Tegucigalpa, San Pedro Sula,
Bayamo, Cuba.
Puerto Cortez, Tela, Amapala, Honduras.
Caibarien, Cuba.
(A branch office is also maintained by the
Camaguey, Cuba.
Mercantile Bank of the Americas in New
Cardenas, Cuba.
Orleans, La.)
Ciego de Avila, Cuba.
3. Asia Banking Corporation of New York City:
Cienfuegos, Cuba.
Canton, China.
Colon, Cuba.
Changsha, China.
Cruces, Cuba.
Hankow, China.
Hongkong, China.
Cuatro Caminos, Habana, Cuba.
Manila, P. I.
Galiano, Havana, Cuba.
Peking, China.
Guantanamo, Cuba,
Shanghai, China.
Havana, Cuba.
Tientsin, China,
Manzanillo, Cuba.
Matanzas, Cuba.
4. International Banking Corporation of New York City:.
Pinar del Rio, Cuba.
Bombay, India.
Placetas del Norte, Cuba.
Canton, China.
Remedios, Cuba.
Calcutta, India.
Sagua la Grande, Cuba.
Batavia, Java.
Sancti Spiritus, Cuba.
Cebu, Philippine Islands.
Santa Clara, Cuba.
Colon, Republic of Panama.
Santiago, Cuba.
Hankow, China.
Union de Reyes, Cuba.
Harbin, China.
Yaguajay, Cuba.
Hongkong, China.
Genoa, Italy.
Kobe, Japan.
Barcelona, Spain.
London, England.
San Juan, Porto Rico.
Lyons, France.
Vladivostok, Siberia.
Manila, Philippine Islands.
Port of Spain, Trinidad.
Peking, China.
Calle Rondeau, Montevideo, Uruguay.
Puerto Plata, Dominican Republic.
Montevideo, Uruguay.
Panama, Republic of Panama.
Caracas, Venezuela.
Rangoon, India.
Maracaibo, Venezuela.
Shanghai, China.
Medellin, Colombia.
Soerabaya, Java.
Temporarily closed—
Singapore, Straits Settlements.
Santo Domingo, Dominican Republic.
Moscow, Russia.
Sanchez, Dominican Republic.
Petrograd, Russia.
San Pedro de Macoris, Dominican Republic.
2 . Firit National Bank of Boston, Mass.:
Santiago, Dominican Republic.
Buenos Aires, Argentina.
Tientsin, China.
BANKS DOING BUSINESS UNDER AGREEMENT WITH THE
Tsingtao, China,
FEDERAL RESERVE BOARD.
Yokohama, Japan.
(A branch office is also maintained by the Inter1. American Foreign Banking Corporation, New York City
national Banking Corporation in San FranBrussels, Belgium.
cisco, Calif.)
Cali, Colombia.
5. Park Union Foreign Banking Corporation, New York City:
Cristobal, Canal Zone.
Paris, France.
Harbin, Manchuria.
Shanghai, China.
Habana, Cuba,
Yokohama, Japan.
Manila, Philippine Islands.
(Branch offices are also maintained in San FranPanama City, Republic of Panama.
cisco, Calif., and Seattle, Wash., by the ParkPort au Prince, Haiti.
Union Banking Corporation.)
Rio de Janeiro, Brazil.




Foreign Branches.

DECEMBER 1,1919.

1155

FEDERAL RESERVE BULLETIN.

The First National Corporation, Boston, Mass., has
opened no foreign branches. A branch office of the corporation is maintained at 14 Wall Street, New York City.
The Shawmut Corporation of Boston, Mass., the French
American Banking Corporation of New York City, and the
Foreign Credit Corporation of New York City have opened
no foreign branches.

State Banks and Trust Companies Admitted.

Fiduciary Powers Granted to National Banks.

The applications of the following banks for
permission to act under Section 11-k of the
Federal Reserve Act have been approved by
the Federal Reserve Board during the month
of November, 1919.
DISTRICT No. 1.

The following list shows the State banks and
trust companies which have been admitted to Trustee, executor, administrator, and registrar of stocks
and bonds:
membership in the Federal Reserve System
Leominster National Bank, Leominster, Mass.
First National Bank, Montpelier, Vt.
during the month of November.
administrator, registrar of
and
One thousand one hundred and forty-seven Trustee, executor, of estates, assignee, receiverstockscomguardian
and
State institutions are now members of the sys- bonds, of estates of lunatics:
mittee
tem, having a total capital of $397,860,446,
North Adams National Bank, North Adams, Mass.
total surplus of $430,990,326, and total reDISTRICT N O . 2.
sources of $8,834,567,383.
Capital. Surplus. Total reDistrict No. 2.

DISTRICT No. 4.

The East Orange Bank, East Orange, N. J. $150,000 $25,000
Bank of Orchard Park, Orchard Park,
6,000
30,000
N.Y

1,897,575
406,844

District No. 4.
The Farmers State Bank, Eldorado, Ohio.

35,000

2,675

448,817

Independence Trust Co., Charlotte, N. C.. 500,000 250,000 3,965,665
717,312
100,000 43,000
Citizens Bank, Blackstone, Va
Commerce Bank & Trust Co., Charlottes110,010
100,000 10,000
ville,Va
District No. 6.
55,000
The Peoples Bank, Calhoun, G&
100,000
Farmers State Bank, Huntsville, Ala
District No. 7.
35,000
Moville State Bank, Moville, Iowa
50,000
Sibley State Bank, Sibley, Iowa
30,000
First State Bank, Vicksburg, Mich
Crossman & William State Bank, Wttliamston, Mich
40,000

11,000
35,000

Trustee, executor, administrator, registrar of stocks and
bonds, guardian of estates, assignee, receiver, and committee of estates of lunatics:
Atlantic National Bank, Charleston, S. 0.
National Bank of Fairmont, W. Va.

575,619
660,866

DISTRICT No. 6.

20,000
15,000
3,500

371,092
819,560
405,666

Trustee, executor, administrator, and registrar of stocks
and bonds:
Talladega National Bank, Talladega, Ala.

12,000

396,237

District No. 9.
Security Bank & Trust Co., Bozoman,
100,000
Mont.
Brule State Bank, Chamberlain, S. Dak.. 50,000

10,000

District No. 10.
Farmers State Bank, Allen, Nebr
29,500
Custer State Bank, Broken Bow. Nebr... 35,000
Live Stock State Bank, Kansas City, Mo.. 200,000

5,000
534,538
7,000
37,500 2,148,802

112,840
852,313

30,000
33,000
3,000
200,000 100,000 5,051,535

NOTE.—The Union Savings Bank, Mobile, Ala., has changed its name
to Union Commercial Bank.
The American Exchange Bank, Virginia, Minn., has converted into
American Exchange National Bank, and the Parma State Bank, Parma,
Idaho, has converted into First National Bank.
The Title Guarantee & Trust Co., Lexington, Ky., has changed its
name to Guaranty Bank & Trust Co.
The Citizens State Savings Bank, Otsego, Mich., has withdrawn from
membership.
The Scandinavian Trust Co., New York, N. Y., and The Bank of
Williston, Williston, N. Dak., have gone into voluntary liquidation.
The total surplus of member State institutions should have been
reported in the November Bulletin as $431,962,151.




Trustee, executor, administrator, registrar of stocks and
bonds, guardian of estates, assignee, and receiver:
Tiffin National Bank, Tiffin, Ohio.
Old Citizens National Bank, Zanesville, Ohio.
DISTRICT N O . 5.

District No. 5.

District No. 12.
First State Bank of Teton City, Teton
City, Idaho
Hibernia Savings Bank, Portland, Oreg..

Trustee, executor, administrator, registrar of stocks and
bonds, guardian of estates, assignee, receiver, and committee of estates of lunatics:
Second National Bank, Orange, N. J.

DISTRICT N O . 7.

Trustee, executor, administrator, registrar of stocks and
bonds, guardian of estates, assignee, receiver, and committee of estates of lunatics:
First National Bank, Galesburg, 111.
Citizens National Bank, Storm Lake, Iowa.
Woodford County National Bank, El Paso, 111.
Guardian of estates and receiver:
First National Bank, Rochester, Ind.
Trustee, executor, administrator and guardian of estates:
First National Bank, Charter Oak, Iowa.
DISTRICT No. 10.

Trustee, executor, administrator, and registrar of stocks
and bonds:
First National Bank, Center, Colo.
First National Bank, Las Animas, Colo.
Trustee, executor, administrator, registrar of stocks and
bonds, guardian of estates, assignee, and receiver:
Loveland National Bank, Loveland, Colo.
Trustee, executor, administrator, guardian of estates,
receiver, and committee of estates of lunatics:
American National Bank, Oklahoma City, Okla.

115.6

FEDERAL RESERVE BULLETIN.

DECEMBER 1. 1919.

RULINGS OF THE FEDERAL RESERVE BOARD.
Below are published rulings made by the
Federal Reserve Board which are believed to
be of interest to Federal Reserve Banks and
member banks.
Deposits of member banks with nonmember banks.

Under the terms of the Federal Reserve
Act, banks which are members of the Federal
Reserve System are required to carry the
entire amount of their legal reserves with the
Federal Reserve Bank of their district. There
is nothing in the law, however, which prohibits either national banks or State banks
which have become members of the Federal
Reserve System from carrying deposits with
other banks which are not members, except
that part of section 19 of the Federal Reserve
Act which provides that u no member bank
shall keep on deposit with any State bank or
trust company which is not a member bank
a sum in excess of 10 per cent of its own paidup capital and surplus.';
While a national bank or a member State
bank may therefore lawfully carry deposits
with a nonmember bank the amount of those
deposits is limited in the manner described.
If the nonmember State bank becomes a
member bank the 10 per cent limit on the
amount which a member bank, wliether State
or national, may keep on deposit with it is
not limited though, of course, such deposits
can not be counted as a part of the member
bank's legal reserves which as previously
stated are required by section 19 to be carried with the Federal Reserve Bank.

act of September 26, 1918, it is provided
that—
Funds deposited or held in trust by the bank awaiting
investment shall be carried in a separate account and
shall not be used by the bank in the conduct of its business unless it shall first set aside in the trust department
United States bonds or other securities approved by the
Federal Reserve Board.

The Board has ruled that a receipt covering United States Liberty loan bonds, issued
by the Federal Reserve Bank and payable
on demand without conditions to the trust
department of a national bank, set aside in
the trust department of that bank, is sufficient to comply with the above provisions of
law, provided, that it is equal in market value
at least to the amount of the funds deposited
by the trust department with the commercial
department of the bank.

Negotiability of a bill of exchange accepted before it has
been signed by the drawer.

Under the terms of the negotiable instruments law a bill of exchange may be accepted
before it has been signed by the drawer.
[See opinion of General Counsel, p. 1157, Law Department.]

Rediscount of commercial or business paper for a member State bank.

Under the terms of section 13 no Federal
Reserve Bank may properly rediscount for
any State member bank the paper of any
one borrower in excess of 10 per cent of the
capital and surplus of that member bank.
Bills of exchange which are drawn against
Trust department of national bank—Deposit of securities actually existing values are expressly excepted
to secure funds deposited in commercial department. from this limitation but commercial or busiUnder the terms of section ll(k) of the ness paper must be included within it.
Federal Reserve Act as amended by the
[See opinion of General Counsel, p. 1157, Law Department.]




DECEMBEE 1,1919.

FEDERAL RESERVE BtrLLETHT.

1157

LAW DEPARTMENT.
Rediscounts of commercial or business paper for a member State bank.
Under the terms of section 13 no Federal Reserve Bank
may properly rediscount for any State member bank the
paper of any one borrower in excess of 10 per cent of the
capital and surplus of that member bank. Bills of exchange which are drawn against actually existing values
are expressly excepted from this limitation but commercial
or busines paper must be included within it.

The Federal Eeserve Board has received several inquiries with reference to the right of a Federal Eeserve Bank to rediscount without limit
for a member State bank commercial or business
paper which was actually owned by the person
negotiating it with the State member bank.
Section 9 of the Federal reserve act provides that no Federal Reserve Bank shall be
permitted to discount for any State member
bank any of the paper of any one borrower who
is liable to that State member bank for borrowed money in excess of 10 per cent of the
capital and surplus of the State bank. In
determining whether or not a customer of a
State member bank is liable to that State bank
in an amount in excess of 10 per cent, it is provided that bills of exchange drawn against
actually existing values and commercial or
business paper actually owned by the person
negotiating it shall not be considered. That
provision, however, relates solely to the determination of the fact whether or not the
customer is liable to the State bank in excess
of 10 per cent and can not in any way be construed to authorize a Federal Eeserve Bank to
rediscount for a State member bank in excess
of the limits prescribed by that part of section
13 which defines the amount of paper of any
one borrower which a Federal Eeserve Bank
may rediscount for any member bank, whether
State or national.
If, for instance, a customer of a State bank
has borrowed 10 per cent of its capital and surplus on straight loans, 15 per cent additional
on commercial or business paper actually
owned by the customer, and 20 per cent more
on bills of exchange drawn against actually
existing values, that customer, under the terms
of section 9, is liable to the State bank for
money borrowed only to the extent of 10 per
cent of its capital and surplus, because bills of
exchange drawn against actually existing
values and commercial or business paper
actually owned by the customer are expressly
excluded in determining that particular limit.
But under the terms of section 13 no Federal
Eeserve Bank may rediscount for any member
bank, whether State or national, the paper of
any one borrower (except bills of exchange
drawn against actually existing values) aggre-




151259—19-—8

gating more than 10 per cent of the capital and
surplus of the member bank. In the case
assumed, therefore, the Federal Eeserve Bank
might lawfully rediscount all of the bills of
exchange drawn against actually existing
values and an amount of the straight loans and
commercial or business paper aggregating not
more than 10 per cent of the capital and surplus
of the member bank. Had the straight loans
in the case described above exceeded the 10
per cent limit, the Federal Eeserve Bank could
not have rediscounted for that member bank
any of the paper of that customer, whether
straight loans, bills of exchange drawn against
actually existing values, or commercial or business paper.
Negotiability of a bill of exchange accepted before it has
been signed by the drawer.
Under the terms of the negotiable instruments law a
bill of exchange may be accepted before it has been signed
by the drawer.

The Federal Eeserve Board has been asked
for an expression of its opinion on the question
of the negotiability and bankable desirability
of a draft which has been accepted by the
drawee before it has been signed by the drawer,
the acceptance being in the following form:
"Accepted when signed hy Jones & Co. (drawers).
A. B. 0. & Co. (acceptors)."

Under the terms of section 138 of the negotiable instruments law, " a bill may be accepted before it has been signed by the drawer
or while otherwise incomplete," so that an
acceptance in this manner does not of itself
destroy the negotiability of the instrument.
Attention should be directed to the fact, however, that an acceptance of this character is
not effective until the instrument is actually
signed by the drawer. Until that time it is
incomplete and not even the acceptor himself is
liable. The only point at issue is whether such
an instrument after being signed by the drawer
constitutes a valid negotiable acceptance, and
of that there appears to be no doubt.
With reference to the desirability of this
kind of an acceptance, it might properly be
pointed out that whereas the acceptance of
the drawee in the usual case operates as a
warranty of the genuineness of the signature
of the drawer, nevertheless it is probable that
in the case of an instrument of the kind described above it would be held that there is no
warranty by the acceptor as to the genuineness
of the signature of the drawer because the
instrument presents prima facie evidence that
the acceptor made his acceptance prior to the
signature of the drawer.

1158

FEDERAL KESEKVE BULLETIN.

WHOLESALE PRICES.
In continuation of figures shown in the
November BULLETIN there are presented below
monthly index numbers of wholesale prices for
the period January, 1919, to October, 1919,
compared with like figures for October of
previous years; also for July, 1914, the month
immediately preceding the outbreak of the
great war. The general index number is that
of the United States Bureau of Labor Statistics.
In addition there are presented separate numbers for certain particular classes of commodities iii accordance with plans announced in
previous issues of the BULLETIN.
Quotations for butter (creamery prime firsts,
San Francisco) have been omitted. On the
other hand, quotations for hemlock (Pennsylvania and West Virginia stock, New York),
canned tomatoes (standard, New Jersey) and
ginghams (Amoskeag, 27-inch), which had
been dropped temporarily, have been secured
for the month of October, and the commodities
were again included in the calculation of the
index numbers for the latter month. Index
numbers for October are provisional, due to
the fact that certain data were not received in
time to render them available for use in the
calculations.
A slight increase in wholesale prices i$ noted
for the month of October. The general index
number of the Bureau of Labor Statistics
stands at 223, an increase of 2 points over the
figure for the month of September. Increase
is noted in the index numbers for both the
groups of raw materials and of consumers7
goods, while the index number for the group of
producers' goods shows a decrease of 0.4 per
cent, from 212 to 211. Among the commodities included in the latter group, increases
in the prices of cotton and worsted yarns,
tallow, silver and carbonate of soda, were more
than offset by decreases in the prices of linseed
oil, turpentine and rosin, oleo oil, bran, cottonseed meal, red cedar shingles, and various
grades of leather, in particular harness oak,
glazed kid, and side black chrome.
The index number for the group of consumers'
goods has increased 0.7 per cent, from 226 to




DECEMBER 1,1919

228. Decreases in prices occurred in the case
of an extended list of commodities, in particular misses7, youths7, and children's shoes,
various meats, such as bacon, hams and mess
pork, poultry and veal, milk, corn meal, beans,
potatoes, rice, peanuts, oleomargarine, and
vinegar, while increases in prices were prominent for men's vici calf and women's gun metal
shoes, carpets, and print cloths, smoking tobacco,
butter and eggs, flour, molasses, fresh beef and
lard, canned salmon, onions, lemons, oranges,
and cottonseed oil.
The index number for the group of raw materials has reached a new high level The figure
for the month of October stands at 220, an
increase of 1.7 per cent over the September
figure of 216. Diversity is however exhibited
by the changes in the index numbers for the
several subgroups included under the head of
raw materials. Increases are noted in the
numbers for farm products and forest products
subgroups, and a decrease for the animal products subgroup, while the number for the mineral products subgroup remains unchanged at
184. Among the commodities included under
the last head, a decrease in the price of iron ore
was offset by increases in the prices of coke,
pig lead and zinc, and foundry iron. The number for the subgroup of animal products now
stands at 212, a decrease of 3 points, or 1.6 per
cent. Increases in the prices of cattle, goatskins, and heavy native steer packer hides, silk,
and wool were more than offset by decreases
in the prices of hogs, poultry, calf skins and
heavy Texas steer packer hides. An increase
of 5.5 per cent, from 240 to 253, is noted in the
index number for the farm products subgroup.
Decreases in the prices of corn, flax and timothy
were more than offset by increases in the prices
of cotton, tobacco, various grades of wheat,
oats, hops, and alfalfa. The index number
for the forest products subgroup has reached a
new high level, standing at 234 for the month
of October as compared with the former record
figure of 227, reached during September, an
increase of 2.9 per cent. The increase is
due to increases in the prices of yellow pine
flooring and surfaced boards, hemlock, and
white pine.

1159

FEDEEAL RESERVE BULLETIN.

DECEMBER 3, 3919.

Index numbers of wholesale prices in the United States for principal classes of commodities.
[Average price for 1913=100.]
R a w materials.
Year a n d m o n t h .

All commodities
Producers' Consumers' (Bureau of
goods.
goods.
Labor Statistics index
number).

Farm
products.

Animal
products.

Forest
products.

Mineral
products.

Total raw
materials.

102
100
105
152
228
240

106
105
105
122
190
211

97
96
92
96
129
143

91
90
98
137
153
184

99
98
101
129
179
199

93
95
102
149
184
204

103
103
102
135
178
214

100
99
102
134
181
205

234
224
237
246
255
250
261
251
240
253

208
210
217
224
225
217
233
235
215
212

147
148
149
145
146
156
166
193
227
234

179
175
173
170
170
173
177
180
184
184

196
194
199
202
205
203
214
218
216
220

196
192
190
186
189
196
202
212
212
211

216
205
210
214
219
217
230
241
226
228

203
197
201
203
207
207
219
226
221
223

July,1914
October, 1914
October, 1915...
October, 1916
October 1917
October, 1918 .
19X9.
January
February
March
April......
May
June .
July
August
September
October

In order to give a more concrete illustration
of actual price movements there are also presented in the following table monthly actual
and relative figures for certain commodities of
a basic character, covering the period January,
1919, to October, 1919, compared with like

figures for October of previous years; also
for July, 1914, the month immediately preceding the outbreak of the great war. The
actual average monthly prices shown in the
table have been abstracted from the records of
the United States Bureau of Labor Statistics.

Average monthly wholesale prices of commodities.
[Average price for 1913=100.]

Corn, No. 3,
Chicago.

Wheat, No. 1,
Cotton, middling, northern spring,
New Orleans.
Minneapolis.

Wheat, No. 2,
red winter,
Chicago.

Cattle, steers,
good to choice,
Chicago.

Hides, packers',
heavy native
steers, Chicago.

Year and month.
Average
price per
bushel.

July, 1914 .
October 1914
October 1915
October 1916
October, 1917..
October 1918
January, 1919 .
February 1919
March, 1919
April 1919
May, 1919
June, 1919
July, 1919.
.
August 1919
September 1919
October, 1919




Relative
price.

Average
price per
pound.

Relative
price.

Average
price per
bushel.

Relative
price.

Average
price per
bushel.

Relative
price.

Average
price per
100
pounds.

Relative
price.

Average
price per
pound.

$0.7044
.7266
.6335
.9463
1.9620
1.3270
1.3750
1.2763
1.4588
1.5955
1.7613
1.7563
1.9075
1.9213
1.5410
1.3888

114
118
103
154
319
216
223
207
237
259
286
285
310
312
250
226

$0.1331
. 0692
.1203
.1723
.2659
.3150
.2850
.2694
.2681
.2670
.2947
.3185
. 3377
. 3125
.3078
.3538

105
54
95
136
209
248
224
212
211
210
232
251
266
246
242
279

$0.8971
1.1020
1.0190
1.7569
2.1700
2.2155
2.2225
2.2350
2.3275
2.5890
2.5925
2.4575
2.6800
2.5250
2.5350
2.6250

103
126
117
201
248
254
254
256
266
296
297
281
307
289
290
301

$0.8210
1.1086
1.1325
1.6809
2.1700
2.2345
2.3788
2.3450
2.3575
2.6300
2.7800
2.3613
2.2580
2.2394
2.2385
2.2394

83
112
115
170
220
227
241
238
239
267
282
239
229
227
227
227

$9.2188
9.4313
8.8750
9.9050
14.6750
17.8563
18.4125
18.4688
18.5750
18.3250
17.7438
15.4600
16.8688
17.6375
16.8050
17.5938

108
111
104
116
173
210
216
217
218
215
209
182
198
207
198
207

SO. 1938
.2125
.2650
.2663
.3375
.3000
.2800
.2800
.2763
.2950
.3513
.4075
.4860
.5200
.4638
.4820

Relative
price.

105
116
144
145
184
163
152
152
150
160
191
222
264
283
252
262

1160

FEDERAL RESERVE BULLETIN.

DECEMBER 1,1919.

Average monthly wholesale prices of commodities—Continued.
[Average price for 1913=100.]

Hogs, light,
Chicago.

Wool, Ohio, i - 1
grades, scoured.

Hemlock,
New York.

Yellow pine,
flooring,
New York.

Average
price per Relative
100
pounds. price.

Average Relaprice per tive
pound.
price.

Average Relaprice per tive
price.
M feet.

Average Relaprice per tive
M feet. price.

Average
price per
long ton.

94
94
85
87
128
141
141
144
144
144
146
152
164
175
213
224

$4.9726
5.1947
5.1826
5.6744
6.1426
6.9000
7.9500
7.9500
7.9044
7.9045
7.9857
8.1174
8.1881
8.3145
8.4020
8.4135

Coal, anthracite, Coal, bituminous,
stove, New York,
run of mine,
tidewater.
Cincinnati.

Year and month.

July, 1914
October, 1914
October 1915
October, 1916
October, 1917 .
October, 1918
January, 1919
February 1919
March, 1919
April, 1919
May, 1919
June, 1919
Julv 1919
August 1919
September, 1919
October, 1919

.

.. . . . . .

$8.7563
7.9313
8.0125
9.6550
17.5550
18.0938
17.4125
17.4688
18.8550
20.3813
20.7000
20.7800
22.3875
21.6125
18.2100
14.7250

104
94
95
114
208
214
206
207
223
241
245
246
265
256
215
174

Coal, Pocahontas, Norfolk.

$0.4444
.4583
.6000
.6857
1.3571
1.4365
1.1200
1.0909
1.2000
1.0909
1.0727
1.1818
1.2364
1.2364
1.2182
1.2634

94
97
127
146
288
305
255
232
255
232
228
251
263
263
259
268

$24.5000
24.2500
20.5000
23.7500
30.5000

101
100
85
98
126

36.0000
36.0000
36.0000
36.0000
36.0000
36.0000
41.0000

149
149
149
149
149
149
169

43.0000
44.0000

177
182

Coke, Connellsville.

Copper, ingot,
electrolitic,
New York.

Average Relaprice per
tive
short ton. price.

Average Relaprice per tive
pound.
price.

$42.0000
42.0000
38.0000
39.0000
57.0000
63.0000
63.0000
64.0000
64.0000
64.0000
65.0000
68.0000
73.0000
78.0000
95.0000
100.0000

Lead, pig,
desilvered,
New York.

Rela- Average Relative
price per
tive
price. short ton. price.

98
103
102
112
121
136
157
157
156
156
158
160
162
164
166
166

Petroleum, crude,
Pennsylvania,
at wells.

$2.2000
2.2000
2.2000
3.7500
3.3000
4.1000
4.1000
4.0000
4.0000
4.0000
4.0000
4.0000
4.0000
4.0000
4.5000
4.5000

100
100
100
170
150
186
186
182
182
182
182
182
182
182
205
205

Pig iron basic.

Year and month.
Average
price per
long ton.
July 1914
October, 1914
October, 1915
October, 1916
October, 1917
October 1918
January, 1919
February, 1919
March, 1919
April 1919
May 1919
June, 1919
July, 1919
August 1919 September 1919
October, 1919

... ... .
...

Relative
price.

$3.0000
3.0000
2.8500
4.5000
3.9080
4.6320
4.6320
4.6320
4.9000
4.9000
4.9000
5.1400
5.1400
5.1400

100
100
95
150
130
154
154
154
163
163
163
171
171
171

- •-

Cotton yarns,
northern cones,
10/1.

$1.8750
1.6750
2.0000
3.1250
6.0000
6.0000
5.7813
5.2188
4.4688
3.9000
3.8437
4.0000
4.0950
4.2188
4.5920
4.8250

77
69
82
128
246
246
237
214
183
160
158
164
168
173
188
198

Leather, sole,
hemlock No. 1.

$0.1340
.1170
.1800
.2850
.2350
.2600
.2038
.1731
.1509
.1530
.1600
.1756
.2150
.2281
.2220
.2172

85
74
114
181
149
165
130
110
96
97
102
112
137
145
141
138

Steel, billets,
Bessemer,
Pittsburgh.

Average
price per
pound.

Relative
price.

Average
price per
barrel.

Relative
price.

$0.0390
.0375
.0450
.0705
.0795
.0805
.0558
.0508
.0524
.0507
.0508
.0530
.0561
.0579
.0609
' .0643

89
85
102
160
181
183
127
115
119
115
115
120
128
132
138
146

$1.7500
1.4500
1.7000
2.4000
3.5000
4.0000
4.0000
4.0000
4.0000
4.0000
4.0000
4.0000
4.0000
4.0000
4.2500
4.2500

71
59
69
98
143
163
163
163
163
163
163
163
163
163
173
173

Steel plates,
tank, Pittsburgh.

Steel rails, open
hearth, Pittsburgh.

Average Relaprice per tive
long ton. price.
$13.0000
12.8100
15.0000
19.8800
33.0000
33.0000
30.0000
30.0000
28.9375
25.7500
25.7500
25.7500
25.7500
25.7500
25.7500
25.7500

88
87
10s
135
224
224
204
204
197
175
175
175
175
175
175
175

Worsted yarns,
2-32's crossbred.

Year and month.
Average Relaprice per tive
pound.
price.
Julv 1914
October, 1914
October, 1915
October, 1916
October, 1917
October, 1918
January 1919
February, 1919
March, 1919
April, 1919
May 1919
June, 1919
July,1919
August, 1919
September, 1919
October, 1919




..
.

-.

.

$0.2150
.1700
.1950
.3000
.4200
.6100
.5000
.4164
.4132
.4300
.4826
.5608
.5912
.6130
.5903
.6111

97
77
88
136
190
276
226
188
187
194
218
253
267
277
267
276

Relative
price.

Average
price per
pound.

Relative
price.

Average
price per
pound.

Relative
price.

Average
price per
pound.

Relative
price.

Average
price per
pound.

$0.3050

108

.3200
.4050
.4600
.4900
.4900
.4900
.4900
.4900
.4900
.5100
.5300
.5700
.5700
.5700

113
144
163
174
174
174
174
174
174
181
188
202
202
202

$19.0000
20.0000
24.6300
46.2500
49.3750
47.5000
43.5000
43.5000
42.2500
38.5000
38.5000
38.5000
38.5000
38.5000
38.5000
38.5000

74
78
96
179
191
184
169
169
164
149
149
149
149
149
149
149

$0.0113
.0115
.0140
.0350
.0325
.0325
.0300
.0300
.0291
.0265
.0265
.0265
.0265
.0265
.0253
.0261

76
78
95
236
220
220
203
203
197
179
179
179
179
179
171
176

$30.0000
30.0000
30.0000
35.0000
40.0000
57.0000
57.0000
57.0000
54.5000
47.0000
47.0000
47.0000
47.0000
47.0000
47.0000
47.0000

100
100
100
117
133
190
190
190
182
157
157
157
157
157
157
157

$0.6500
. 6300
.8500
1.1500
1.8000
2.1500
1.7500
1.7000
1.5000
1.5000
1.5000
1.6000
1.6000
1.6242
1.7500
1.7500

Average
price per
pound.

Relative
price.
84
81
119
148
232
277
225
219
193
193
193
206
206
209
225
225

1161

FEDERAL RESERVE BULLETIN.

DECEMBEK 1, 1919.

Average monthly wholesale prices of commodities—Continued.
[Average price for 1913=100.]

Beef, carcass,
good native
steers, Chicago,

Coffee, Rio No, 7.

Flour, wheat,
standard patents, Hams, smoked,
1914-1917, 1919;
Chicago.
standard war,
1918, Minneapolis.

Year and month.

Illuminating oil,
150° fire test,
New York.

Sugar, granulated,
New York.

Average
price per
pound.
July, 1914 . .
October, 1914
October 1915
October, 1916
October, 1917
October 1918
January 1919
February, 1919
March, 1919
April 1919
May, 1919
June 1919
July 1919
August, 1919
September, 1919
October, 1919,




Relative
price.

Average
price per
pound.

Relative
price.

Average
price per
barrel.

Relative
price.

Average
price per
pound.

Relative
price.

Average
price per
gallon.

Relative
price.

Average
price per
pound.

$0.1350
.1438
.1375
.1375
.1900
.2450
.2450
.2450
.2450
.2450
.2430
,2025
.2075
.2350
.2275
.2290

104
111
106
106
147
189
189
189
189
189
188
156
160
181
176
177

$0.0882
.0656
.0675
.0950
.0850
.1040
. 1547
.1544
.1602
.1695
. 1931
.2114
.2303
. 2150
.1663
.1650

79
59
61
85
76
93
139
139
144
152
173
190
207
193
149
148

$4.5938
5.7563
5.5188
9.2800
10.5000
10.2100
10.2750
10.5500
11.2125
12.2150
12.4188
12.0125
12.1550
12.0063
11.6200
12.0313

100
126
120
202
229
223
224
230
245
266
271
262
265
262
254
262

$0.1769
.1719
.1613
.1935
.2860
.3361
.3494
. 3338
.3381
.3595
.3769
.3806
.3835
.3838
.3480
.2900

106
103
97
116
172
202
210
201
203
216

$0.1200
.1200
.1200
.1200
.1300
.1750
.1750
.1750
.1810
.1850
.1850
.2000
.2050
.2180
.2200
.2200

97
97
97
97
105
142
142
142
147
150
150
162
166
177
178
178

$0.0420
. 0593
.0497
.0708
.0818
.0882
.0882
.0882
.0882
.0882
.0882
.0882
.0882
.0882
.0882
.0882

. . . .
. .

151259—19

-

-

9

230
231
209
174

Relative
price.
9$
139
116
166
192
207
207
207
207
207
207
207
207
207
207
207

DISCOUNT AND INTEREST RATES.
In the following tables are presented actual discount and interest rates
prevailing in the various cities in which the several Federal Reserve Banks
and their branches are located during the periods ending October 15 and
November 15, 1919. Quotations are given for prime commercial paper,
both customers' and purchased in the open market, interbank loans, bankers'
acceptances, and paper secured by prime stock exchange or other current
collateral. Separate rates are quoted for paper of longer or shorter maturities
in the first-named and last-named classes. In addition, quotations are given
for commodity paper secured by warehouse receipts and for cattle loans,
as reported from centers in which such paper is current.
Quotations are also given of rates charged on ordinary loans to customers
secured by Liberty bonds and certificates of indebtedness. Assistance to
customers to enable them to purchase such Government obligations has
generally been extended at lower rates, either at the rate borne by such
obligations or at a rate slightly higher. The tables also show quotations in

New York for demand paper secured by prime bankers' acceptance, a type
of paper jwhich made its appearance in the New York market some months
ago. Quotations for new types of paper will be added; from time to time as
deemed of interest.
Interest rates generally are reported as firm, with demand for funds strong,
and an upward tendency is noted in a considerable number of centers.
Most spectacular have been the fluctuations in rates for demand collateral
loans in New York, the high rate during the period under review being
30 per cent. The increase is reflected in the increase in high rates in certain
other centers. High rates for time collateral loans likewise show an increase
in some centers, while increase is noted in a considerable number of centers
in rates for commercial paper purchased in the open market. Comparison
with rates prevailing during the period ending November 15,1918, reveals
general decrease in rates for commercial paper purchased in the open market
as well as less marked decrease in low rates for customers' commercial paper'

Discount and interest rates prevailing in various centers.
DURING 30-DAY P E R I O D E N D I N G OCT. 15, 1910.
Prime commercial paper.
District.

Customers'.

City.

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 i . .
Buffalo
Philadelphia
Cleveland...
Pittsburgh..
Cincinnati...
Richmond..
Baltimore...
Atlanta
.
Birmingham
Jacksonville.
New Orleans
Chicago
Detroit
,
6 51
St. Louis
Louisville...
Memphis
Little Rock.
Minneapolis.
Kansas City.
Omaha
Denver
,
Dallas
El Paso
Houston
,
San Francisco
Portland
Seattle

Open market.

4 to 6
months.

30 to 90
days.

4 to 6
months.

H. L. C.
6 51 5f
6 5 5|-6
6 5 6
6 5 5£

H. L. C.
6 5i a
5£ 5 5\
6 5
5 | 5 5i
5i 5 5J
6 5 6

H. L. a
6i 5J 5J
5J 5 5J-5
6 5 5J
6 5151
6i 5 5i
6 5§ 6

Indorsed.
H. L.
4&
5

C.

41 41
6 6
5i 6

6
41
7
6
1

Unindorsed.

Demand.

3 months.

H. L. C. Jf. X. (7.
4A 4i 41
6 6
6 .41 41 15 4 6
5 6
9 4£ 6
6 6 6
6 5 6
6 6 6
6 5 6
6 5 5|
6 5 6
6 5£ 6
6 6 6
7 6 6
7 5
6 5i
6 6 6

41
41
4J
6

4£-6 6 41 4JH
41
41 41 41
6
6
41

6
6
7
6
6
6
8
6
8
7
6
6
8
7
8

5
6
6
5\
5
5\
6
6
6
6
5
6
5
6
6

62
6
6|
5\
6
6
6
6
8
7
6
6
6
7
7

8
8
6
7
8
8
8

6
6
5
6
5
6
6

Cattle
loans.

3 to 6
months.

H. L. C.
6 6 6
6 4| 6
6 5 6
6 5 6
6 6 6
6 6 6
6 6 6
6 5 6
6 5 5f
6 5i 6
8 6 6
7 6 6
7 5 6-6£
6 5%
6 5 6
5J
6
6
6 5
6 5
7 6 7
6 5| 6
6 5 6
6 5£ 6

ft?

ff

Salt Lake City

Collateral loans—stock exchange
or other current.

Bankers' acceptances,
60 to 90 days.

Interbank
loans.

8
7
5£
6
7
7
7

Rates for demand paper secured by prime bankers' acceptances, high 6, low 4£, customary 4$.

L.

a

H. L. C.

6 6

Secured by
Securedby Liberty
warehouse bonds and
receipts, certificates
of indebtetc.
edness.

H. L.

6 5| 6
6 6 6
6
8
8
8
6

5§
6
6
5£
5|

6
6
7
6-7
5|

6 5 6
6 5£ 6

5 6

6 6

C.

8
8
Si
10
8

6
6
6
6
8

6-7
6
6
8
8

8

6 8

8*"6""7*

5 6

DURING 30-DAY PERIOD ENDING NOV. 15,1919.
Prime commercial paper.
District.

City.

Customers'.
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 i . . .
Buffalo
Philadelphia..
Cleveland
Pittsburgh....
Cincinnati
Richmond
Baltimore
Atlanta....
Birmingham..
Jacksonville...
New Orleans..
Chicago
Detroit
St. Louis
Louisville
Memphis
Little Rock...
Minneapolis...
Kansas City...
Omaha.
Denver
Dallas..!.
El Paso
Houston
San Francisco.
Portland
Seattle...
Spokane
:.
Salt Lake City.

4 to 6
months.

H. L. C.
6 5 51
6 5 51-51
6 5 6
6 5J 51
6 6 6
6 51 6
6 51 6
6 51 6
6 5 6
8 5J 6
8 6 6
8 6 7
7 5J 51-6
6 5J 51-6
6 5 6
6 51 51
6 51 6
6 5 6
7 6 61
6 51 51
7 5 6
6 51 6
8 5 6
8 6 6
8 6 8
7 5 6
6 5 51-6
7 6 6
8 5 6
8 51 7
8 6 7

I

Open market.

Bankers' acceptances
60 to 90 days.

Collateral loans—stock exchange
or other current.

H. L. C.
6 5J 5 |
6 5 51
6 5 6
6 51 51
6
6
6
6
8
8
8
7
6
6
6
6
6
7
6
7
6
8
8
8
7
6
7
8
8
8

51 6
516
51 6
5 6
516
6 6
6 7
51 5151 515 6
51 51
51 6
5 6
6 61
51 51
5 6
51 6
5 6
6 6
6 8
6 6
5 51-6
6 6'
6
6 6
6 7
6 7

30 to 90

Cattle
loans.

Secured by
Secured by Liberty
warehouse bonds and
receipts, certificates
etc.
of indebt-

4 to 6
months.
H. L. C.

H. L. C.

6
6
6
6

51 5

6 6
6 6
51 6
6 6

7
8
7
8

51 5 51
6 5 6
6 51 51

51 6
5^ 6
6 6
51 6-7

6 51 6

6 5
6 5 6
6 51 6

6 51 5 |
5| 51 51

8
7
8
10
8

515151
51 51 51
b

6
6
6
6
8

6-7
6
6
8
8

6 51 6
8 51 6
8 6 8

8 6 7
i Rates for demand paper secured by prime bankers' acceptances, high 6, low 41.

00

1164

FEDERAL RESERVE BULLETIN.

PHYSICAL VOLUME OF TRADE.
In continuation of tables in the November
FEDERAL RESERVE BULLETIN there are presented in the following tables certain data
relative to the physical volume of trade. The

DECEMBER 1,

1919.

January issue contains a description of the
methods employed in the compilation of the
data and the construction of the accompanying index numbers. Additional material will
be presented from time to time as reliable
figures are obtained.

Live-stock movements.
[Bureau of Markets.]
Shipments.

Receipts.

Sheep, 54 Horses and
markets. mules, 44
markets.

Cattle and
calves, 60
markets.

October

Total, all
kinds.

Cattle and
calves, 54
markets.

Head.
3,428,518

Head.
3,240,466

Head.
152,755

Head.
9,656,478

Head.
1,303,214

Head.
906,430

2,075,524

Head.
154,137

Head.
4,439,305

2,111,704
1,440,329
1,501,597
1,751,943
1,822,410
1,580,256
2,007,266
2,019,139
2,377,054
2,989,090

1919.
January
February
March,
April
May
June
July...
August
September...
October

Sheep, 60 Horses and
markets. mules, 44
markets.

Head.
2,834,739

1918.

Hogs, 60
markets.

5,861,685
4,404,751
3,632,874
3,668,210
3,862,785
3,812,466
2,998,836
2,103,609
2,401,677
3,144,831

1,567,613
1,131,805
1,216,988
1,388,732
1,425,018
1,685,236
2,177,942
3,211,331
3,810,441
3,605,198

110,411
82,526

9,651,413
7,059,411
6,420,397
6,859,655
7,144,190
7,118,025
7,232,735
7,415,996
8,730,020
9,863,616

761,168
528,326
563,893
698,599
788,086
709,637
706,843
894,816
1,150,183
1,532,297

1,546,875
1,288,134
1,272,654
1,107,411
1,181,745
1,373,824
963,662
690,821
860,614
1,103,837

608,016
418,827
481,907
575,136
614,275
828,046
997,338
2,014,267
2,466,937
2,159,531

106,459
76,512
64,332
49,634
34,658
36,889
43,738
74,268
135,724
125,701

3,022,518
2,311,799
2,382,786
2,430,780
2,618,764
2,948,396
2,711,581
3,674,172
4,613,458
4,921,366

50,770
33,977
40,067
81,917
140,848
124,497

Hogs, 54
markets.

Head.

Total,all
kinds.

Receipts and shipments of live stock at 15 western markets.
[Chicago, Kansas City, Oklahoma City, Omaha, St. Louis, St. Joseph, St. Paul, Sioux City, Cincinnati, Cleveland, Denver, Fort Worth, Indianapolis, Louisville, Wichita.]
RECEIPTS.
[Monthly average, 1911-1913=100.]
Cattle and calves.
Head.

October
January
February..
March
April.
May....
June
July
August
September
October

1918.
1919.

Relative.

Hogs.
Head.

Horses and mules.

Relative.

Head.

Relative.

Head.

Relative.

Total, all kinds.
Head.

Relative.

2,267,534

225

2,570,525

117

2,357,524

173

83,574

182

7,279,157

158

1,656,046
1,096,118
1,094,614
1,255,379
l,262>065
1,122,782
1,527,881
1,541,133
1,871,042
2,317,487

164
116
109
125
125
111
152
153
186
230

4,603,335
3,451,894
2,842,663
2,823,484
3,049,223
3,061,838
2,411,539
1,595,759
1,704,944
2,160,079

209
168
129
128
139
139
110
73
78

1,079,377
774,881
847,842
970,070
934,613
1,116,003
1,558,767
2,220,229
2,890,831
2,405,511

79
61
62
71
68
-82
114
162
212
176

56,631
41,805
31,509
21,345
28,418
37,866
57,206
88,283
79,240

123
114
91
68
46
62
82
124
192
172

7,395,419
5,371,679
4,826,924
5,080,442
5,267,246
5,329,041
5,536,053
5,414,327
6,555,100
6,962,317

160
125
105
110
114
115
120
117
142
151

SHIPMENTS.

October
January
February
March
April
May.....
June
July
August
September
October




1918.
994,943

245

486,460

100

1,479,774

294

84,393

206

3,045,570

212

589,362
404,296
423,819
506,835
530,153
503,354
515,071
650,252
872,043
1,154,995

145
107
104
125
130
124
127
160
214
284

988,035
881,507
925,802
748,437
787,009
1,005,505
691,283
455,705
501,856
654,755

204
195
191
154
162
208
143
94
104
135

357,386
240,815
289,742
319,625
290,803
465,776
694,942
L, 352,252
1,849,958
1,382,419

71
51
58
63
58
93
138
269
367
275

56,282
47,829
41,837
29,974
18,865
25,322
32,836
49,996
83,264
80,828

137
125
102
73
46
62
80
122
203
197

1,991,065
1,574,447
1,681,200
1,604,871
1,626,830
1,999,957
1,934,132
2,508,205
3,307,121
3,272,997

139
118
117
112
113
139
135
175
230
228

1919.

DECEMBER 1,1919.

1165

FEDERAL RESERVE BULLETIN".
Exports of certain meat products.
[Department of Commerce.]
[Monthly average, 1911-1913=100.]
Beef, pickled
and other cured.

Beef, fresh.

Beef, canned.

Hams and shoulders, cured.

Bacon.

Lard.

Pickled pork.

Pounds.
1918.
October

Relative.

Pounds.

Relative.

Pounds.

Relative.

Pounds.

Relative.

Pounds.

Relative.

Pounds.

9,999,121

1,509

26,449,372

2,132

5,752,660

215

58,131,739

347

25,430,106

170

46,025,020

105

2,089,654

47

1,907 17,436,495 1,406 6,030,937
1,318 13,729,993 1,186 3,635,120
1,358 14,651,276 1,181 3,749,394
437 21,639,915 1,744 2,673,681
856 14,872,987 1,199 2,957,163
992 15,212,094 1,226 4,768,308
700 3,320,564
814 8,680,524
651 2,494,113
437 8,075,366
587 3,523,887
183 7,285,951
271 31,178,216 2,513 3,402,422

226
146
140
100
111
178
124
93
132
127

101,000,122
603
114,842,525
735
151,086,397
902
141,814,255
847
68,957,465
412
172,441,100 1,030
117,679,193
703
84,150,778
502
57,179,511
341
56,462,312
337

54,846,433
49,283,053
85,712,426
109,569,968
49,707,874
96,854,552
47,452,834
40,147,727
18,209,239
13,090,972

367
354
574
734
333
649
318
269
122
88

37,850,338
68,972,779
97,239,435
86,555,951
55,807,234
114,328,804
68,163,734
48,968,628
36,960,364
41,016,518

86
168
221
197
127
260
155
111
84
93

2,273,683
1,956,362
2,141,508
2,494,454
2,095,072
3,131,639
2,392,515
2,117,796
2,792,439
3,804,290

51
47
48
56
47
71
54
48
63
86

1919.
J a n u a r y . . . . 12,636,060
February... 8,151,723
8,997,973
March
2,896,759
April
5,669,232
May
6,574,766
June
5,392,104
July
2,894,361
August
September. 1,213,709
1,793,784
October

Relative. Pounds.

Relative.

Receipts of grain and flour at 17 interior centers..
[Chicago, Cleveland, Detroit, Duluth, Indianapolis, Kansas City, Little Rock, Louisville, Memphis, Milwaukee, Minneapolis, Omaha, Peor ia,
St. Louis, Spokane, Toledo, Wichita; receipts of flour not available for Cleveland, Detroit, Indianapolis Lousiville, Omaha, Spokane,
Toledo, and Wichita.]
[Compiled from reports of trade organizations at these cities.]
[Monthly average, 1911-1913=100.]
Wheat.

Corn.

Oats.

Rye.

Barley.

Total grain.

RelaRelaRelaRelaRelaBushels. tive. Bushels. tive. Bushels. tive. Bushels. tive. Bushels. tive. Bushels.

RelaRelative. Barrels. tive. Bushels.

1918.
October.. 65,608,905

243 23,877,650

106 31,973,893

1585,382,270

8,461,545

118135,304,263

174 2,681,070

1919.
January.
February.
March...
April....
May..,..
June.....
July.....
August..
Sept'ber.
October.

9128,731,387
5613,034,852
&113,431,797
4218,301,721
4310,301,200
30 21,098,146
18412,549,219
299 8,503,282
26016,267,145
18912,490,107

12,945,659
62115,961,423
6017,076,822
82 20,063,678
4619,206,465
94 24,576,968
56 25,233,109
38 29,774,582
72 26,721,030
56 24,323,974

114 5,615,054
85 2,406,029
85 4,955,130
99,5,498,493
95 4,280,911
122 !2,791,618
125 3,105,486
147 3,824,263
132 5,446,371
120 4,472,397

507 8,943,782
6,556,594
44811,723,691
9,634,405
8,416,141
25212,878,517
281
345 6,638,871
492 5,294,256
404 4,369,326

125 90,888,523
52,007,953
163 60,955,936
134 64,706,602
117 53,830,374
180 69,470,283
120 99,127,020
93129,455,557
74123,682,097
61 96,661,968

1171., 398,888
721,032,368
781,485,320
831,990,349
69 2,447,200
2
891 894,599
:,
1271,572,420
166 2; 283,145
!,
159 3,,275,034
124 3:,468,787

24,652.641
14,049; 055
13,768,496
11,208,305
11,625,657
8,125,034
49,612,115
80,714,559
69,953,295
51,006,164

1

Total grain and
flour.i

Flour.

Relative.

137147,369,078

170

97,174,5
519
56,653,6
609
67,639,8
876
73,663,1
173
64,842,7
774
97 77,995,9
979
80106,202, 910
117131,738, 702
167138,419,
177112,271,

112
70
78
85
75
90
122
152
160
129

56
76
102
125

Flour reduced to its equivalent in wheat on basis of 4£ bushels to barrel.

Shipments of grain and flour at 14 interior centers.
Chicago, Cleveland, Detroit, Duluth, Kansas City, Little Rock, Louisville, Milwaukee, Minneapolis, Omaha, Peoria, St. Louis, Toledo, Wichita;
shipments of flour not available for Cleveland, Detroit, Louisville, Omaha, Toledo, and Wichita.]
Wheat.

Corn.

Oats.

Rve.

Barley.

Total grain.

RelaRelaRelaRelaBushels. Rela- Bushels. tive. Bushels. tive. Bushels. tive. Bushels. tive.
tive.
1918.
October.. 28,532,293

18511,684,762

82 23,822,044

1919.
January.. 9,934,531
February. 8,876,844
March
14,857,872
April.
30,764,328
May..
31,901,327
June..
8,151,872
July.. .. 12,423,422
August... 36,986,491
Septber.. 37,730,048
October.. 25,823,130

1,488,569
6413,8,649,063
7,544,393
19915,708,842
207 7,784,931
53 8,629,052
81 8,102,275
240 5,135,459
245 6,622,779
167 7,116,502

9519.9,769,237
6513,1
3,603,691
5316.6,183,222
I l l 16;
11116,019,086
5517.7,069,617
6115
5,638,317
-628,503
5715,u*<
3617,911
,919,623
.6,651,580
4716.
501£
6,705,015




1

157 4,725,686

5,298,740

112 4,718,631
130 794,028
61 6,006,178
96 404,365
526 6,049,703
1073,720,930
105 8,143,580 1,150 6,632,763
1127,525,794 1,063 6,677,508
103 2,740,593 387 9,588,195
218 9,133,000
103il,546,100
203 5,028,674
1181,436,377
110 2,317,740 327 2,943,167
202 3,087,951
110(1,426,528

B^els. ™Z

Flour.

Total grain and
flour.i

Barrels. Rela- Bushels.
tive.

136 74,063,525

150 4,801,932

142 95,672,219

148

48,704,996
37,540,141
48,356,120
77,268,599
70,959,177
44,748,029
46,833,304
66,506,624
75 66,265,314
79 54,149,126

99 2, 796,463
811,
98 3, 039,020
156 3, 532,772
144 4, 320,146
913, 130,826
95 2, 589,176
135 3, 805,273
134 4, 787,300
110 5, 975,261

61
90
104
128
92
76
112
141
176 81,

289,080
235,302
031,710
166,073
399,834
836,746
484,596
630,353
808,164
037,801

95
77
96
144
140
91

121
165
155
170
171
246
234
129

Flour reduced to its equivalent in wheat on basis of 4£ bushels to barrel.

90

129
136
125

1166

FEDERAL RESERVE BULLETIN.

DECEMBER 1,1919.

Receipts of grain and flour at nine seaboard centers.
[Boston, New York, Philadelphia, Baltimore, New Orleans, San Francisco, Portland (Oreg.), Seattle, Tacoma; receipts of flour not available
for Seattle and Tacoma.)
[Compiled from reports of trade organizations at these cities.]
[Monthly average, 1911-1913=100.]
Wheat.

Corn.

Oats.

Rye.

Total grain.

Barley.

Bushels. Rela- Bushels. Rela- Bushels. Rela- Bushels. Rela- Bushels. Rela- Bushels.
tive.
tive.
tive.
tive.
tive.
1918.
October.. 18,778,538
1919.
January..
February.
March.
April..
May...
June...
July...
August
October

9,768,801
7,805,811
13,789,851
12,581,074'
14,157,852|
10,260,075
5,806,227
26,902.757
28,010,858
14,755,827

149

519,755

15 6,662,972

1402,332,761 1,642

78
66
109
100
112
81
46
214
222
117

1,411,366
783,263
636,127
1,089,425
1,588,571
1,051,177
901,842
815,132
512,072
507,065

9,275,187
4,713,794
3,254,914
4,604,521
5,642,176
.0,249,644
3010:
25 6,959,186
23 5,676,984
14 5,345,464
14 4,335,038

195 566,191
106 2,299,664
69 3,880,424
97 5,069,529
119 7,061,048
216 3
1,670,055
1461,479,951
119 64,510
113 535,701
911 ,718,701

1

1,738,326
995,454
2,285,954
1,853,372
3,561,412
6,564,620
9,723,852
4,993,395
2,171,521
796,839

Rela- Barrels. Rela- Bushels.
tive.
tive.

Relative.

53 29,181,422

887,396

398
1,734
2,731
3,568
4,970
2,583
1,042
45
377
1,210

Total grain and
flour.i

Flour.

1291,543,121

148 36,125,467

132

22,759,871
16,597,986
23,847,270
25,197,921
32,011,059
31,795,571
24,871,058
38,452,778
36,575,616
22,113,470

100 2,026,246
781,302,061
1051,644,676
1112:
1,549,370
1412!
5,535,547
1,340,158
1402;
1101,514,135
1691,385,762
!,306,213
161 2;
1,521,329
972,

194
134
157
244
243
224
145
133
221
241

31,877,978
22,457,261
31,248,312
36,670,086
43,421,021

116
88
114
134
158
154
116
163
171
122

105
64
138
112
215
396
586
301
131
48

31,684,066
44,688,707
46,953,575
33,459,451

Flour reduced to its equivalent in wheat on basis of 4J bushels to barrel.

Stocks of grain at eight seahoard centers at close of month.
[Boston, New York, Philadelphia, Baltimore, New Orleans, Newport News, Galveston, San Francisco.]
[Compiled from reports of trade organizations at these cities.]
[Bushels.]
Wheat.
1918.

Oats.

Rye.

Barley.

Total grain.

13,423,169

1919.

115,879

4,591,014

1,550,686

2,697,141

22,377,889

15,365,491
12,635,613
12,732,472
7,448,992
7,913,162
4,180,160
5,55^,644
17,396,269
?1,171,440
25,322,242

October
January
February.
March
April
May
June
July
August
September
October..

Corn.

645,317
417,520
346,543
464,503
448,020
214,079
265,196
155,491
179,254
82,240

5,495,937
6,110,159
5,650,120
5,335,971
4,047,059
5,475,856
3,760,063
2,216,989
1,901,510
1,898,271

1,972,696
1,735,876
1,920,348
3,434,873
1,690,860
514,252
867,491
578,250
516,142
483,270

3,047,346
3,930,465
4,403,665
5,420,013
4,263,510
6,783,798
5,528,176
5,114,183
4,061,830
3,079,360

26,526,787
24,829,633
25,053,148
22,104,352
18,362,611
17,168,145
15,978,570
25,761,182
27,823,176
30,865,353

NOTE.—Figures for San Francisco include also stocks at Port Costa and Stockton.

Cotton.
[New Orleans Cotton Exchange.]
[Crop years 1911-1913=100.]
Sight receipts.
Bales.
1918-19.
August
September
October
November
December
January
February
March
April
May
Season, total...
1919-20.
August
....
September
October




Relative.

Overland movement.

Port receipts.

B

^-

401,860
988,156
1,632,921
1,710,666
1,709,734
1,392,468
768,444
601,858
494,106
536,139

32
79
130
136
136
111
61
48.
39
43

226,242
536,190
779,371
641,283
690,782
705,493
477,696
460,066
462,363
502,082

11,724,104

78

6,735,898

313,301
584,776
1,753,566

25
47
140

238,271
260,698
1,029,331

It

Bales.

American spinners' Stocks at ports and
interior towns at
close of month.

Relative.

50,482
42,028
158,768
217,450
157,038
157,270
106,368
75,489
79,700
99,041

48
40
151
207
149
149
101
72
76
-94

61

1,528,262

121

26
28
112

26,138
83,841

Relative.

Relative.

1,007,892
929,491
705,353
383,157
202,556
149,566
193,016

82
77
154
222
205
155
84
45
33
42

1,306,868
1,644,690
2,189,007
2,745,815
2,697,141
2,637,908
2,689,379
2,604,549
2,484,852
2,417,631

111
140
186
233
229
224
228
221
211
205

5,850,715

107

1,9

164

302,238
300,001
595,423

67
66
131

1,412,048
1,501,805
2,340,881

120
127
199

372,394
352,025

1167

FEDERAL RESERVE BULLETIN".

DECEMBER 1,1919.

California shipments of citrus and deciduous fruits.
Oranges.

Lemons.

Total
deciduous
fruits.

Total citrus fruits.

Carloads.

Relative.

Carloads.

Relative.

Carloads.

Relative

Carloads.

485

20

639

158

1,124

39

7,143

3,120
3,180
5,113
5,450
5,888
3,648
2,568
1,785
1,840
2,706

128
139
209
223
241
149
105
73
75
111

131
174
221
256
371
375
256
108
102
141

3,651
3,838
6,010
6,488
7,389
5,168
3,606
2,221
2,254
3,278

128
144
211
228
259
181
127
78
79
115

109
198
67
36

1918.

October

1919.

January
February
March
April
May
June
July
August
September
October

531
658
897
1,038
1,501
1,520
1,038
436
414
572

276
896
4,199
6,601
6.781
5,529

Sugar.
[Data of International Sugar Committee for ports of Boston, New York, Philadelphia, Savannah, New Orleans, Galveston, San Francisco.]
[Tons of 2,240 pounds.]

Receipts.

Raw stocks
at close of
month.

Meltings.

Receipts.

Raw stocks
at close of
month.

Meltings.

1919.

1918.
242,912

207,566

77,233

243,806
389,815
355,710
450,938

October

197,145
337,420
361,010
387,548

66,189
122,757
108,889
185,315

1919.
January
February
March
April

471,205
429,617
394,557
333,686
352,345
279,962

May
June
July
August
September
October

446,685
493,293
435,247
356,048
295,278
202,525

201,301
-151,692
115,341
85,650
55,644
39,193

[Data for ports of New York, Boston, Philadelphia.]
[Weekly Statistical Sugar Trade Journal.]
[Tons of 2,240 pounds. Monthly average 1911-1913=100.]

Tons.




Relative.

Tons.

Relative.

Tons.

Relative.

Tons.

Raw stocks at
close of month.

Meltings.

Receipts.
Relative.

Tons.

Relative.

Tons.

Relative.

1919.

1918.
October
1919.
January
February
March
April

Raw stocks at
close of month.

Meltings.

Receipts.

151,703
....

172,054
283,172
232,471
318,492

82
93
165
126
173

156,000
147,000
229,000
261,000
277,000

85
80
134
142
151

42,522
36,544
90,716
62,187
107,582

25
21
53
36
62

May

June
July
August
September
October

325,736
271,875
264,782
246,419
262,137
233,650

177
148
144
134
142
127

307,000
313,000
292,000
229,000
292,000
216,000

167
171
159
125
159
118

126,318
85,193
57,975
75,394
45,531
63,181

73
49
34
44
26
37

1168

FEDERAL, RESERVE BULLETIN.

DECEMBER 1,1919.

JSfdval stores.
(Data for Savannah, Jacksonville, and Pensacola.)
[In barrels.]
[Compiled from reports of trade organizations at these cities.]
Spirits of turpentine.

Receipts.

1918.

Spirits of turpentine.

Rosin.

Stocks at
Stocks at
close of Receipts. close of
month.
month.

12,677

1919.
January
February
March

126,415

48,858

243,175

7,645
5,583
4,226

October

125,541
121,676
97,450

34,835
22,154
14,338

285,808
259,974
243,813

Receipts.

1919.
April
May
June
July
August....
September..
October

Rosin.

Stocks at
Stocks at
close of Receipts. close of
month.
month.

8,379
26,358
31,904
27,747
21,013
21,574
19,367

75,546
47,115
33,733
30,656
24,756
27,021
27,389

19,493
50,435
63,456
77,062
74,402
72,616
67,080

225,657
229,404
221,612
235,707
203,812
190,580
186,231

Lumber,
[From reports of manufacturers' associations.]
[M feet.]
Douglas fir.

Western pine.

Southern pine.
Num- Produc- Shipber of
ments.
mills. tion.

North Carolina pine.

Num- Produc- Ship- Num- Produc- Ship- Num- Produc- Ship- Num- Produc- Shipber of
ber of
ber of
ber of tion.
ments. mills. tion.
ments. mills. tion.
ments. mills. tion.
ments.
mills.

1918.
October

202

321,214 353,810 42,47 121,850

1919.
January*...
February..
March
April
May
June
July.......
August
September.
October....

200
195
198
203
205
204
206
204
202
201

330,137
328,069
378,752
397,005
414,899
360,084
401.939
417,036
416,640
421,025

325,241
309,494
361,125
397,677
460,238
426,193
466,786
423,002
372,727
356,124

Eastern white pine.

79,701

115 356,487 324,080

21,49 40,354 68,910
24,48 46,037 71,103
27,48 71,426 81,328
43,49 124,341 97,679
45,48 140,037 127,730
49 156,561 139,923
48 148,533 140,680
48 152,748 140,236
51 154,102 138,537
52 156,828 143,252

122
122
120
114
111
115
114
118
126
124

225,688
228,031
254,650
264,623
345,984
300,410
268,634
416,422
332,905
419,108

227,129
238,035
255,544
266,308
388,803
327,364
301,050
397,290
261,797
339,321

27

32,787

26,152

42

27,912

36,478

7,565 15,172
6,802 17,081
7,118 .17,525
11,431 14,020
24,548 17,136
29,741 26,525
27,382 22,470
20,247 26,839
16,913 22,574
12,888 18,139

40
39
41
38
31
38
35
36
35
26

28,629
25,806
32,110
22,369
14,375
20,733
22,326
27,177
33,146
24,055

23,896
18,034
22,672
21,877
17,393
28,865
34,191
30,159
35,468
22,079

R E C E I P T S AND SHIPMENTS OF LUMBER AT CHICAGO.
[Chicago Board of Trade.]
[Monthly average, 1911-1913=100.]
Receipts.
M feet.

October
January...
February
March




1918,

130,503

1919,
134,604
97,511
124,040

Shipments.

Relative.

62

M feet.

70,590
47,922
45,585
46,902

Receipts.

Relative.

M feet.

Relative.

Shipments.
M feet.

Relative.

1919.
92

April
May
June
July
August
September
October

,

144,253
162,365
184,862
200,148
170,385
205,909
208,638

59,055
66,001
80,762
90,134
87,953
93,120
95,674

77
86
105
118
115
121
125

1169

FEDERAL. RESERVE BULLETIN.

DBCBMBBE 1,1919

Coal and cole.
[Bituminous coal and coke, U. S. Geological Survey; Anthracite coal, Anthracite Bureau of Information.]
[Monthly average, 1911-1913=100.]
Coke, estimated monthly production.

Bituminous coal, es- Anthracite coal, shiptimated monthly ments over 9 roads.
production.

By-product.

Beehive.

Total.

Short tons. Relative. Long tons. Relative. Short tons. Relative. Short tons. Relative. Short tons. Relative.
1918.
October

52,300,000

141

6,286,366

112

112
91
91
87
101
100
115
116
128
147

5,934,241
3,871,932
3,938,908
5,224,715
5,711,915
5,619,591
6,052,334
6,144,144
5,687,401
6,560,150

105
74
70
93
101
100
108
109
101
117

100

2,611,885

41,485,000
31,566,000
33,719,000
32,164,000
37,547,000
37,055,000
42,754,000
42,880,000
47,403,000
54,579,000

.

2,401,567
1,822,894
1,768,449
1,316,960
1,135,840
1,170,752
1,512,178
1,733,971
1,790,466
1,551,980

2,563,183

291

5,175,068

148

257

12,772,392

122

1919.
January

February
March
April
May
June
July
August
September
October

92
75 I 6,779,482
68
50
43
45
58
66
68
59

j

1

Movement of crude'petroleumin United States,
[V. S. Geological Survey.]
[Barrels of 42 gallons each.]
Marketed.
Barrels.

Marketed.

Stocks at end
of month
(barrels).
Relative

Relative.

Barrels.

1918.

Stocks at end
of month
(barrels).

153
163
175
177
180
174

132,165,000
135,646,000
141,742,000
137,891.000
138,517,000
135,461,000

1919,
31,255,000

October.

134,838,000

1919.
29,869,000
26,511,000
30,412,000
29,310,000

January
February.....
March
April

156
138
159
153

129,838,000
128,910,000
131,110,000
132,694,000

May
June
July
August
September.......
October

29,339,000
31.239,000
33i521,000
33,986,000
34,487,000
33,319,000

Total output of oil refineries in United States.
[Bureau of Mines.]
Crude oil run
(barrels).

Gasoline
(gallons).

Kerosene
(gallons).

Gas and fuel
(gallons).

28,390,431

314,595,959

164,963,798

653,085,050

70,593,079

26,967,332
25,232,876
27,866,775
27,775,217
30,267,227
28,920,764
31,202,522
32,362,057
32,601,044

303,710,556
283,518,194
311,306,755
319,807,838
354,472,377
338,336,985
342,491,757
326,846,167
339,582,564

158,501,260
164,181,787
170,290,930
183,453,728
190,345,026
178,974,224
205,727,289
219,502,888
199,244,293

589,630,056
553,853,753
574,774,156
588,808.408
652,1S6.738
632,205,805
638,185,469
685,702,461
683,409,674

68,304,613
62,503,072
67,083,995
70,954,128
76,442,252
64,636,153
67,037,414
72,920,214
70,236,692

Lubricating
(gallons).

1918.
September
1919.
January
February...
March
April
May
June
July..
August
September

....

...

STOCKS AT CLOSE OF MONTH.
1918.
Sept. 30...
Jan. 31
Feb.28
Mar. 31...
Apr, 30
May 30:
June 30
July31
Aug. 31.
Sept. 30




14,462,100

269,772,723

436,628,907

583,407,769

147,425,556

15,380,185
14,820,601
15,106,361
15,181,844
16,372,314
16,775,723
15,304,915
15,131,549

383,212,692
458,449,187
546,062,429
593,616,170
594,035,688
593,896,610
514,919,358
434,531,446
371,125,419

332,393,181
303,062,436
294,677,623
276,356,837
244,635,631
252,542,434
279,855,061
296,065,646
311,843,057

646,411,414
692,816,000
749,067,806
807,895,498
788,740,572
811,790,637
817,809,519
830,329,785
862,135,385

158,370,431
152,297,163
165,495,254
170,122,088
173,754,109
175,384,775
173,884,303
170,572,819
158,967,070

1919.

13,925,441

1170

FEDERAL RESERVE BULLETIN.

DECEMBER 1,1919.

Iron and steel.
[Great Lakes iron ore movements, Marine Review; pig-iron production, Iron Age; steel-ingot production, American Iron and Steel Institute.]
[Monthly average, 1911-1913=»100; iron ore, monthly average, May-November, 1911-1913=»100.]
Iron ore shipments
from the upper
Lakes.

Pig iron production.

Steel ingot produc-

Unfilled orders U. S.
Steel Corporation
at close of month.

Gross tons. Relative. Gross tons. Relative. Gross tons. Relative. Gross tons. Relative.

October.
January
February...
March.
April.......
May
June
July
August
September..
October

1918.

141

3,486,941

151

3,352,196

140

8,353,293

158

109
132
151
73
135
102

8,541,593

3,302,260
2,940,168
3,090,243
2,478,218
2,108,056
2,114,863
2,428,541
2,743,388
2,487,965
1,863,558

143
136
133
107
91
91
105
118
107

3,082,427
2,688,011
2,662,265
2,239,711
1,929,024
2,219,219
2,508,176
2,746,081

130
120
110
93
80
92
104
114

6,684,268
6,010,787
5,430,572
4,800,685
4,282,310
4,892,855
5,578,661
6,109,103
6,284,638
6,472,668

127
114
103
91
81
93
106
116
119
123

1919.

1,412,239
6,615,341
7,980,839
9,173,429
4,423,133
8,178,483
6,201,883

Imports of pig tin.
[Department of Commerce.]
[Monthly average, 1911-1913=100.]
Pounds.

October
January
February
March

1918.

9,885,984

1919.

Relative.

109

8,461,444
6,271,977
8,284,970

Pounds.
1919.

April
May..
June..
July
August
September
October

504,903
449,270
112,000
113,120
9,872,459
11,087,403
16,210,512

Relative.

6
5
1
1
109
122
178

Raw stocks of hides and shins.
[Bureau of Markets.]
[In pieces.]
Cattle
hides.

Jan. 31
Feb. 28
Mar.31
Apr. 30
May31....
June30
July 31
Aug. 31
Sept. 30
Oct. 31

1919.

NOTE.—Figures for Oct. 31 are provisional.




5,922,514
5,791,095
5,108,516
5,256,384
4,549,004
4,696,332
4,966,081
5,498,844
6,158,289
5,920,119

Calfskins.

Kipskins.

1,294,949
1,266,021
1,219,935
1,845,254
2,273,368
2,285,015
2,389,368
2,145,320
2,055,084
1,615,348

515,523
429,704
415,882
421,474
386,244
558,033
554,516
585,269
947,546
979,984

Goat.

4,239,381
5,683,585
7,987,277
12,080,410
15,121,868
16,991,195
15,589,944
18,263,446
13,930,167
15,085,272

Kid.

245,815
227,513
181,952
724,209
1,246,075
2,521,016
1,964,828
880>276
823,740
2,230,783

Cabretta.

601,686
843,344
559,576
1,520,522
2,044,524
1,697,754
2,767,694
2,348,769
2,655,774
2,474,472

Sheep and
lamb.

6,844,680
9,033,943
8,264,864
9,095,816
8,039,531
8,118,702
6,815,160
7,126,885
8,661,215
9,706,615

1171

FEDERAL RESERVE BULLETIN.

DECEMBER 1,1919.

Textiles.
[Silk, Department of Commerce; cotton, Bureau of the Census; wool, Bureau of Markets; idle machinery, January-September, 1918, inclusive,
National Association of Wool Manufacturers.]
[Cotton, monthly average crop years 1912-1914=100; silk, monthly average 1911-1913"= 100,]

Cotton consumption.

Bales.

Percentage of idle woolen machinery on first of month
to total reported.
Imports of raw silk.
Cotton
spindles
active
during
month.

Looms.

Wool consumption
(pounds).

Spinning spindles.

Wider Under Sets of Combs.
than 50- 50-inch cards.
Woolen. Worsted.
inch reed reed
space.
space.

Relative.

Pounds.

Relative.

1918.
October

440,354

98

32,736,584

48,692,509

18.3

24.3

9.3

12.5

8.8

18.8

2,814,270

138

1919.
January
February
March
April
May
June
July
August
September
October
November

556,721
433,516
433,720
475,753
487,998
474,407
509,793
502,536
491,313
555,344

124
103
96
106
109
105
113
112
109
123

33,856,472
33,282,593
32,642,376
33,213,026
33,556,011
33,943,405
34,184,407
34,187,310
34,216,662
34,307,367

32,573,970
23,186,818
29,320,063
39,159,945
45,084,834
48,849,892
54,973,093
48,938,476
52,985,961
60,018,415

40.3
52.3
58.1
48.4
36.6
29.6
22.0
22.1
19.9
16.0
14.8

32.6
41.5
42.4
38.9
32.9
26.6
26.0
24.9
22.8
20.7
18.2

32.2
38.7
39.1
26.5
17.1
15.4
9.7
9.4
8.1
8.2
7.6

30.7
39.8
47.8
34.2
22.5
12.8
7.6
6.5
5.5
5.9
5.3

36.5
41.1
41.8
28.4
16.8
15.2
8.9
8.9
7.9
7.7
6.7

37.5
48.6
52.7
36.1
25.8
21.1
13.5
10.9
12.8
7.2
6.7

1,461,827
1,742,812
1,784,412
2,988,838
4,878,646
3,848,354
5,202,407
3,802,500
6,755,271
3,955,845

71
91
87
146
238
188
254
186
330
193

Production of wood pulp and paper.
[Federal Trade Commission.]
[Net tons.]
Paper
board.

Wrapping.

Wood
pulp.

News
print.

1918.
October....

237,624

105,169 70,519

168,617 66,827 34,854

1919.
January
February...
March
April

283,270
238,228
278,675
284,984

116,154
103,248
114,746
116,278

140,859
125,208
136,175
138,802

Book.

70,443
62,616
63,699
67,628

50,490
45,480
48,069
48,158

Wood
pulp.

Fine.

27,675
24,600
23,514
22,470

1919.
May
.
June
July
August....
September
October...

News
print.

Book.

Paper
board.

Wrapping.

Fine.

294,067
277,142
260,685
260,987
266,915
308,710

105,819
114,896
113,929
113,413
111,434
125,216

76,821
71,938
75,613
82,737
81,024
89,440

151,651
152,957
169,593
189,782
184,897
202r524

56,579
60,656
63,769
64,861
63,353
67,110

25,010
27,122
30,036
33,122
31,923
34,808

Sale of revenue stampsfor manufacturers of tobacco in the United States (excluding Porto Rico and Philippine Islands).
[Commissioner of Internal Revenue.]
Cigars.
Large.
1918.
August.
1919.
January
February




Number.
— 624,491,239

Cigarettes.
Small.

Small.

Number.
60,880,910

Number.
3,442,446,234

Pounds.
40,764,853

Cigars.

Chewing
and smoking tobacco.

518,706,482 72,458,974 3,079,212,253 29,308,616
476,329,947 60,138,630 3,126,274,662 27,472,269

Cigarettes.

Large.
1919.
March
April
May:
June
July

Small.

Small.

Number.
549,098,351
510,357,494
551,659,749
576,976,572
569,965,088

Number.
84,493,873
73,314,273
57,611,547
48,855,070
47,290,267

Number.
3,845,079,275
2,650,182,742
2,767,699,400
3,140,393,217
3,585,111,783

Chewing
and smoking tobacco.
Pounds.
29,227,687
29,883,710
33,340,102
31,312,150
33,838,667

1172

FEDERAL RESERVE BULLETIN.

DECEMBER 1,

1919.

Output of locomotives and cars.
[Locomotives, United States Railroad Administration; cars ; Railway Car Manufacturers' Association.)
Locomotives.

Output of cars.

Locomotives.

Domestic Foreign
comshipped. pleted. Domestic. Foreign.

Total.

Number. Number.
4,555
313

Number.
2,681

Number.
7,236

3,635
4,657
5,795

11,807
11,280
11,773

1918.

Number.
295

1919.
January
February,..
March.

282
135
258

October

84
164
128

8,172
6,623
5,978

Output of cars.

Domestic Foreign
comshipped. pleted. Domestic. Foreign.
Number. Number. Number.
197
36
7,777
207
31
4,573
160
44
1,785
73
121
2,777
173
160
18,509
51
111
19,980
55
10,445

1919.
April
May
June
July
August
September.
October....

Number.
7,373
8,533
5,307
6,936
5,015
4,302
3,715

Total.
Number.
15,150
13,106
7,092
9,713
23,524
24,282
14,160

Vessels built in United States, including those for foreign nations, and officially numbered by the Bureau of Navigation,
[Monthly average, 1911-1913=100]
Number.

Gross

Gross
Number. tonnage. Relative.

Relative.

1918.
October
January.
February
March
April

202

...

1,479

132
135
186
201

1919.

357,532
264,346
271,430
298,005
375,605

1,094
1,203
1,233
1,554

May
June
July
August
September
October

1919.
250
272
245
210

395,408
422,889
397,628
455,338
378,858
357,519

1,63G
1,750
1,645
1,884
1,568
1,479

Tonnage of vessels cleared in the foreign trade.
[Department of Commerce.]
[Monthly average, 1911-1913=100.]
Net tonnage.

AmericaD

1918,
October
1919.
January
February
March
April..

Foreign.

Total

1,875,947

2,163,383

4,039,330

104

46.4

184

:s. 062,514
2 933,557
2.898,587
3^802,973

78

38.1
43.0
40.1
45.9

151
170
158
181

. . . 1,186,391 1,896,123
1,262,487 1,671,070
1,161,416 1,737,17 i
1,744,753 2,058,2? <

Net tonnage.

Per
centage Relaof
Rela- Ameri- tive.
tive. can to
total.

98

American. Foreign.

1919.
May
. .
June
July . .
August
September
October

2,424,837
2,339,320
2,362,571
2,957,249
2,627,480
2,645,778

2,469,194
2, 511,501
2;920,247
2,797,818
2,481,676
2,073,560

Total.

4,894,031
4,850,821
5,282,818
5,755,067
5,109,156
4,719,338

Per
centage Relaof
Rela- Ameri- tive.
tive. can to
total.

126
125
136
148
131
121

49.5
48.2
44.7
51.4
51.4
56.1

196
191
177
203
203
222

Net ton-miles, revenue and nonrevenue.
[United States Railroad Administration.]

October

1918,
39,842,297,000
1919.

January
February
March
April




30,383,169,000
25,681,943,000
28,952,925,000
28,629,739,000

1919.
May
June
July.....,.....,.....,,,.....
August
September
October

32,440,708,000
31,953,366,000
34,914,294,000
36,361,653,000
38,860 311,000
40,343,750,000

DlCBMBHB 1, 1919.

1173

FEDERAL RESERVE BULLETIN.

Commerce of canals at Sault Ste. Marie.
[Monthly average, May-November, 1911-1913—100.]
EASTBOUND.
Grain, other than
wheat.
Bushels.

October....

1918.
..

Relative.

April
May..
June....
July..............
August
September
October

4,176,041
9,370,374
6,694,901
7,100,008
5,284,741
2,918,591
4,351,059

Bushels.

Relative.

Barrels.

Total.

Iron ore.
Relative.

Short tons.

Relative.

Short tons.

Relative.

29,148,980

4,279,916

1919.

Flour.

Wheat.

105
75
80
59
33
49

151

1,072,330

92

8,428,643

142

9,590,305

137

16,729,000
29,096,116
6,402,051
2,391,840
1,487,218
10,180,991
22,252,196

151
33
12
8
53
118

910,524
1,031,630
915,420
935,700
917,420
1,544,510

78
89
79
81
79
133

1,139,326
6,622,227
8,004,897
8,912,609
4,727,994
7,978,562
6,059,450

112
135
150
80
134
102

1,756,266
7,895,542
8,554,979
9,343,396
5,080,651
8,525,794
7,063,120

113
122
133
72
122
101

WESTBOUND.
Hard coal.
Short tons.

October

1918,

Soft coal.

Relative.

Short tons.

Total freight.

Total.

Relative.

Short tons.

403,510

130

3,193,378

166

3,772,982

142,864
248,263
227,200
344,462
185,387
231,030
498,505

73
111
60
75
161

415,824
2,239,738
2,266,984
2,037,265
1,189,558
1,156,841
1,848,511

117
118
106
62
60

616,897
2,670,784
2,664,437
2,572,756
1,529,310
1,677,123
2,650,799

Rela*
tive.

Short tons.

Relative.

13,363,287

141

2,373,163
10,566,326
11,219,416
11,916,152
6,609,961
10,202,917
9,713,919

111
118
125
70
107
102

1919.
April
May
June..
July
August
September
October.




107
107
103
61
67
107

1174

FEDERAL RESERVE BULLETIN.

DECEMBER 1,1919.

BANK TRANSACTIONS DURING OCTOBER-NOVEMBER.
In the table below are shown debits to
individual account for four weeks ending
November 19, as reported by 156 of the country's most important clearing houses. In
addition debits to individual account for each
of the four weeks are compared with figures
for the corresponding weeks of last year, comparable data being available for 142 centers.
Aggregate debits to individual account were
in excess of 10 billions for each of the four
weeks under review. The figures for the
weeks ending October 29 and November 5
were lower than the high total for the preceding
week, during which an interest payment on
Liberty bonds of the fourth issue fell due.
During the last two weeks of the period debits
to individual account were the highest on
record, the figures for the week ending Novem-

ber 19 being in excess of 11 billion dollars.
Extraordinary activity on the New York
stock exchange during these weeks largely
accounts for the large totals.
Debits to individual account reported for
the four-week period October 24-November 20,
1918, show a movement parallel to that shown
for the corresponding weeks of the present
year, viz, a decline for the first week followed
by substantial increases for the following three
weeks. Thefiguresfor 1918 constitute between
69 and 86 per cent of the corresponding figures
of 1919, a difference accounted for largely by
the rise in the prevailing price level, but due
also in part to the exceptionally heavy stock
transactions during the most recent period
in the New York market.

Debits to individual account at clearing-house banks during each of the four weeks ending Nov. 19,1919, and Nov. 20,1918.
[In thousands of dollars.]
1919
Week ending—

Federal Reserve district.

1918
Week ending—

Nov. 19.
No. 1—Boston:
Bangor
Boston
.
Fall River
Hartford
Holyoke
Lowell
New Bedford....
New Haven
Portland
Providence
Springfield
Waterbury
Worcester
No. 2—New York:
Albany
Binghamton
Buffalo
New York
Passaic
Rochester
Syracuse
No. 3-Philadelphia:
Altoona
Chester
Harrisburg.
Johnstown
Lancaster
Philadelphia
Reading
Scranton
Trenton
Wilkes-Barre....
Williamsport
Wilmington
York..,..
No. 4—Cleveland:
Akron
Cincinnati
Cleveland..
Columbus
Dayton
Erie
Greensburg, Pa..
Lexington, K y . .




Nov. 12.

Nov. 5.

Oct.

3,531
409,286
13,095
23,030
4,119
6,415
12,002
19,969
8 928
45,136
19,495
9,502
25,622

3,157
312,038
11,138
24,160
4,104
5,041
7,976
18,146
7,188
38,206
17,216
9,247
15,675

3,312
352,914
16,238
23,861
4,317
6,933
11,427
18,325
7,876
40,623
23,669
8,146
18,311

3,154
314,920
10,238
23,135
3,523
5,108
7,761
16,002
7,029
35,338
6,901
18,642

2,902
290,982
9,640
21,225
3,322
6,127
7,469
17,445
9,149
26,231
12,272
9,032
17,204

12,919
4,543
69,232
6,028,439
35,525
17,340

20,200
4,416
68,634
6,313,998
5,334
30,192
17,384

17,110
3,463
61,499
5,437,575
4,594
32,002
15,559

20,230
3,556
61,923
5,713,194
5,325
27,859
15,289

15,718
2,742
60,553
4,053,165
3,675
27,672
15,671

3,145
5,011
4,670
3,616
5,741
370,800
3,791
13,123
11,673
9,713
4,058
10,330
3,982

4,060
5,453
3,600
3,580
5,599
374,474
4,735
17,125
11,932
7,383
3,879
10,086
3,786

2,910
3,748
4,190
2,922
4,976
307,602
3,756
10,937
9,938
6,984
3,433

?4?5

3,456
4,658
4,183
3,164
5,363
348,588
3,580
14,707
10,086
8,408
3,355
10,036
3,744

2,159
5,323
6,530
2,913
4,793
323,852
4,865
9,201
8,891
6,731
3,567
9,410
3,026

28,193
63,436
177,970
29,594
12,573
7,152
4,660
5,858

27,049
60,637
167,761
28,059
12,038
7,126
4,042
4,705

25,945
57,155
162,212
27,341
11,746
6,469
3,494
5,165

25,034
57,307
154,521
27,228
11,126
6,333
8,431
4,340

14,423
62,818
131,787
24,628
13,423
7,153
2,548
3,363

Nov. 20.

Nov. 13.

2,532
233,321
7,455
17,413
3,264
4,970
4,451
14,935
6,499
27,544
8,146
6,210

Nov. 6.

Oct. 30.

3,065
296,705
8,924
24,931
3,385
7,449
6,124

14,596

2,802
267,650
12,477
19,711
3,904
6,513
6,414
15,764
6,993
28,107
12,641
6,685
14,031

14,154
2,698
59,787
3,779,197
3; 273
25,675
10,050

19,280
2,358
53,034
3,458,829
2 607
23,479
13,115

17,884
2,752
67,034
4,820,106
3 549
28,470
12,542

3,370
6,059
4,668
2,670
5,113
431,648
5,346
12,528
7,785
6,499
3,284
9,672

1,879
4,432
4,719
2,967
3,854
273,938
4,231
9,330
8,279
5,710
2,646
9,840
3,007

2,891
6 290
5,673
3,100
4,660
349 688
5,642
15,058
9,579
7,918
3,501

11,420
49,758
120,043
17,945
8,753
6,390
2,559
3,539

13,442
51,069
115,847
23,905
11,203
6,280
2,406
3,875

15,772
61,339
145,560
24,682
12,226
6,685
2,879

17,294
7,343
34,161
8,738
6,880
16,251

12,442
3,136

DECEMBER 1, 1919.

1175

FEDERAL RESERVE BULLETIN.

Debits to individual account at clearing-house banks during each of the four weeks ending Nov. 19,1919, and Nov.I 1918—
J,
Continued.
[In thousands of dollars.]
1919
Week ending-

Federal Reserve district*
Nov. 19.
No. 4—Cleveland—Continued.
Oil C i t y . . . .
Pittsburgh
Springfield, Ohio
Toledo
Wheeling...
Youngstown
No. 5—Richmond:
Baltimore..
Charleston.
Charlotte
Columbia
Norfolk
Raleigh
Richmond
No. 6—Atlanta:
Atlanta....
Augusta... —
Birmingham
Chattanooga
Jacksonville
Knoxville
Macon..
Mobile...
Montgomery
Nashville
New Orleans
Pensacola
Savannah
Tampa
Vicksburg
No. 7—Chicago:
Bay C i t y . . . . .
...
Bloomington
Cedar Rapids
Chicago
Davenport....
Decatur
Des Moines
Detroit
Dubuque
Flint
Fort Wayne.
Grand Rapids
Indianapolis.
Jackson
Kalamazoo
Lansing...
.............
Milwaukee
Peoria
Rockford
Sioux City
South Bend
Springfield
Waterloo
No. 8—St. Louis:
Evans ville
Little Rock
Louisville
Memphis
St. Louis
No. 9—Minneapolis:
Aberdeen
Billings
Duluth
Fargo
Grand Forks
Great Falls
Helena Minneapolis
St. P a u l . . .
Superior
Winona
No. 10—Kansas City:
Atchison
Bartlesville
Colorado Springs
Denver




1918
Week ending-—

Nov. 12.

Nov. 5.

Oct. 29.

Nov. 20.

Nov. 13.

Nov. 6.

Oct. 30.

I
2,415
173,325
3,372
24,219
9,283
12,139

2,246
185,644
3,721
34,969
8,011
14,495

3,108
164,778
3,956
26,000
8,686
11,213

2,599
188,666
3,151
24,455
7,665
12,471

3,545
180,831
2,753
27,617
9,656
9,637

2,214
169,434
2,272
21,071
7,010
11,622

1,944
140,040
2,283
18,806
6,257
9,581

"2." 991
31,514
8,625
13,317

119,971
12,070
10,300
9,939
26,768
4,900

105,011
13,505
8,300
9,491
28,997
5,500
35,405

91,306
14,273
8,700
10,255
25,482
6,335
36,302

94,554
12,611
9,500
11,064
20,665
4,850
32,724

82,960

75,180

74,254

74,680

6,700
9,112
19,390
3,355
29,371

8,500
9,974
17,567
4,330
26,994

6,200
16,035
3,957
25,954

5,700
8,087
16,118
3,888
29,736

38,291
16,115
16,844
14,129
14,887
7,490
10,992
9,525
7,185
30,094
97,918
2,507
24,620
5,231
2,408

38,685
14,926
14,827
11,831
10,454
6,305

37,928
12,893
15,980
13,166
11,853
6,807
10,186
9,616
6,873
23,379
89,699
2,656
28,804
5,367
2,568

35,948
12,958
16,124
12,135
12,776
5,765
9,697
8,758
6,266
21,600
82,864
2,191
34,398
4,752
1,991

25,855
8,454
13,160
11,231
5,800
6,868
8,104
5,100
31,003
67,285
1,968
14,812
4,447
1,924

23,610
8,679
11,903
10,406
11,226
4,659
6,163
6,119
4,109
20,179
65,597
1,920
12,247
4,445
1,874

28,073
9,266
13,640
9,586
9,812
5,351
6,713
7,049
6,545
19,768
54,365
2,208
16,045
3,507
1,900

24,575
9,240
15,157
8 877
10,543
6,220
6,094
6,334
5,019
24,731
62,031
1,875
15,338
3,539
1,700

4,206
2,858
12,317
773,120
7,128
3,847
19,882
183,553
2,980
11,931
7,726
18,848
39,032
4,896
4,922
6,223
60,168
10,473
5,466
13,829
3,519
6,870
3,331

3,318
2,586
10,443
689,392
8,338
3,687
20,943
139,065
2,597
9,228
6,755

3,668
2,760
9,741
722,789
8,831
3,597
21,633
145,956
2,381
10,943
7,470
17,880
34,374
4,593
4,382
5,732
58,750
10,120
5,947
13,746
4,1971.
5,832
3,437

2,915
2,691
8,412
677,646
7,628
3,278
20,726
118,975
2,275
9,653
7,250
18,720
31,722
4,802
3,897
5,338
55,272

3,549
2,203

2,551
1,978

2,280
2,117

3,329
1,964

697,652
7,138
3,356
16,122
118,205
2,549
3,844
5,187
15,185
32,509

544,433
6,327
2,983
17,007
84,556
1,700
3,366
4,848
20,584
31,773

513,871
8,152
2,257
12,275
82,64i
1,900
3,119
4,626
11,723
29,253

661,514
6,683
2,503
16,992
96,419
2,077
3,147
5,117
21,897
30,462

5,526
11,734
38,625
53,091
168,099

5,745
10,008
39,505
152,494

4,416
10,335
34,861
43,558
145,991

4,053
9,897
30,651
40,280
135,102

19,618
9,167
2,275
3,183
3,014
101,698
41,820
2,036
441

1,515
2,710
21,185
8,765
2,003
2,943
3,009
92,179
38,504
1,980
1,205

2,142
2,582
27,628
9,515
2,973
2,611
2,737
94,816
43,611
2,353
1,304

1,723
2,285
20,560
7,654
1,989
2,197
2,531
101,836
34,743
1,985
1,232

532
3,474
3,602
55,115

477
2,912
2,882
38,438

548
3,727
3,336
41,715

499
2,789
3,023
38,212

9,783
6,702
21,305
77,962
2,066
25,875
4,605
2,860

20,459

36,392
4,821
4,308
6,177
57,070
11,857
5,655
15,459
3,981
4,952
3,280

5,038
12,805
4,725
3,367
3,583

3,070

3,099

2,789

2,882

59,596
11,920
5,012

51,244
10,062
4,710

45,763
12,389
4,921

3,043
2,881
53,756
11,174
4,826

3,001
4,727
3,180

2,202
3,503
2,673

3,423
3,752
2,600

4,271
4,831
3,323

3,480
41,005
35,001
153,181

4,480
7,278
36,933
38,102
131,651

3,692
6,490
37,855
30,458
122,012

8,938
40,702
27,043

134,886-

1,572
2,587
45,360

1,282
2,074
49,744

1,529
2,140
53,615

1,650
1,807
56,698

1,618
2,944
2,649
87,076
39,121
2,557

1,439
2,638
2,913
80,154
33,361
2,230

1,842
2,997
2,475
1,925

2,358

2,466
32,138

1,644
2,443
27,251

1,742
2,302
35,085

1,751
2,774
30,267

4,524

1,426
"2,244
99,479

1176

FEDERAL BESERVE BULLETIN.

DECEMBER 1,1919.

7,1918—
DeMts to individual account at clearing-house banks during each of thefour weeks ending Nov. 19,1919, and Nov.
Continued.
[In thousands of dollars.]
1919
Week ending—

Federal Reserve district.

1918
Week ending—

Nov. 19.
^ 0 > io—Kansas City—Continued.
Joplin
Kansas City, Kans
Kansas City, Mo
Muskogee
Oklahoma City
Omaha
......
Pueblo.
St. Joseph
Topeka
Tulsa.
Wichita....
No. 11—Dallas:
Albuquerque...
Austin.
Beaumont —
Dallas
El Paso
Forc Worth
Gal vest on — —
Houston.
San Antonio
Shreveport
Texarkana
Tucson
Waco
No. 12—San Francisco:
Berkeley
Boise
Fresno.. Long Beach
Los Angeies
Oakland
Ogden..
Pasadena.
—
Portland
Reno
Sacramento
*
Salt Lake City
San Diego
San Francisco
—
San Jose
—
Seattle....
Spokane
Stockton...
Tacoma
....^
Yakima...

Nov. 12.

3,831
3,184
107,138
7,303
19,798
62,710
17,278
22,097
6,163
25,771
13,611

3,817
3,346
91,362
7,127
18,951
57,788
4,593
22,116
6,019
24,721
13,677

3,175
2,988
101,150
7,082
18,154
61,020
3,718
19,414
6,467
24,896
12,209

2,566
2,955
94,798
6,247
18,225
74,374
2,866
18,408
5,651
24,610
12,617

3,409
3,538
102,262
3,910
14,370
55,809
12,955
22,614
4,679
21,734
8,748

3,606
3,039
92,318
3,663
19,116
34,899
4,993
20,769
4,150
17,969
8,719

2,873
3,017
84,499
3,130
15,483
64,541
2,824
19,507
4,589
14,094

3,218
2,496
95,242
3,291
17,373
59,873
2,431
19,737
4,357
20,582

2,225
4,922
4,248
59,849

2,035
4,818
4,330
52,367
10,155
27,017
12,930
39,244

1,967
4,402
4,800
49,329
7,551
24,984
14,243
37,863
7,908
7,915
1,665
983
4,975

1,798
4.098
3; 788
49,275
7,362
24,808
12,793
45,775
7,622
10,442
1,548
1,287
3,646

1,644
3,006
4,231
31,830
6,117
10,866
6,974
26,540

1,715
3,900
3,435
26,739
5,162
13,634
5,422
20,817

1,497
2,235
3,106
28,018
4,914
15,512
6,614
21,446

1,336
2,699
3,539
41,077
5,225
16,757
6,995
26,031

6,556
1,186
1,900

5,846
2,001
1,643

5,182
1,284
1,759

5,720
1,832
1,764

2,799
3,854
14,354
4,119
85,274
19,130
4,205
4,531
47,495
3,497
15,990
18,253
5,790
210,702
8,421
52,737
14,697
6,514
10,514
4,468

2,245
4,250
11,780
3,414
81,957
16,744
3,754
3,692
52,970
3,469
13,077
16,649
4,967
208,603
7,653
49,844
13,229
9,052
11,590
4,098

2,606
5,996
2,456
46,865
11,343
7,265
2,338
45,030
1,752
13,669
4,896
160,622

2,629
6,115
2,456
43,849
9,758
3,481
1,938
36,596
1,321
12,296
14,474
5,060
144,016

2,018
5,971
2,019
45,395
11,456
3,248
1,963
39,682
1,497
11,180
13,948
3,722
130,085

2,172
8,542
1,920
53,753
10,958
3,544
1,982
46,015
1,704
10,657
14,951
2,811
154,918

54,112
9,216
4,983
11,314
2,450

46,646
8,003
3,997
11,847
2,378

42,133
8,754
3,991
12,476
1,894

54,953
9,712
5,015
12,321
2,047

29,281
14,509
46,257
9,980
10,506
2,273
725
6,129
2,945
5,537
15,511
4,784
105,130
20,691
6,717
5,477
59,730
3,154
19,828
22,611
6,579
223,178
9,277
58,408
14,832
7,846
13,161
4,890

1,688
- 1,424
3,560
2,696

4,068
11,299
3,599
72 933
17,569
4,005
3,826
38,637
3,254
14,452
18,093
4,511
162,639
6,982
44,940
12,162
5,380
9,402

Nov. 5.

Oct. 29.

Nov. 20.

Nov. 13.

Nov. 6.

Oct. 30.

Recapitulation showingfiguresfor clearing-house centers reporting each of the four weeks ending Nov. 19,1919.
[In thousands of dollars.]

Federal Reserve district.

No. 1—Boston
No.2—New York....'.
No.3-Philadelphia...
No. 4—Cleveland
No. 5—Richmond...-..
No. 6—Atlanta
No. 7—Chicago.
No. 8—St. Louis
No. 9—Minneapolis...
No. 10—Kansas City..
No. 11—Dallas
"..
No. 12—San Francisco.
Grand total




Number
of centers
included.

1919
Week ending—
Nov. 19.

Nov. 12.

Nov. 5.

Oct. 29.

600,130
6,174,690
449,653
554,189
223^047
298,236
1,207,125
277,075
187,120
351,607
200,590
610,286

473,292
6,400,158
455,692
560,503
206,209
257,054
1,070,763
244,640
175,998

535,952
5,571,802
374,314
517,268
192,653
277,775
1,108,759
239,161
192,272
309,599
168,585
537,344

468,649
5,847,376
423,328
533 327
185,968
268,223
1,019,713
219,983
178,735
307,840
174,242
523,037

10,824,090 10,025,484

10,150,421

156 11,133,748

177,112
444,443

Recapitulation

1177

FEDERAL RESERVE BULLETIN.

DECEMBER 1,1919.

showing figures for clearing-house centers reporting each of the four weeks ending Nov. 19, 1919) and Nov.
20,1918.
[In thousands of dollars.]

Federal Reserve district.

No 1—BostonNo. 2—New Y o r k . . . . . . .
No. 3 — P h i l a d e l p h i a . . . . . . . . . . . . .
No 4—Cleveland
No 5—Richmond . . .
No. 6—Atlanta.
No. 7—Chicago
No 8—St Louis
No. 9—Minneapolis
No. 10—Kansas City
No 11—Dallas
....
No. 12—San Francisco
Grand t o t a l . .




Number
of centers
included.

1918
Week ending—

1919
Week ending—
Nov. 19.

Nov. 12.

Nov. 5.

Oct. 29.

Nov. 20.

Nov. 13.

Nov. 6.

Oct. 30.

600,130
6,174,690
449,653
380,864
210,977
298,236
1,169,860
277,075
135,692
351,075
184,481
598,064

473,292
6,460,158
455,692
374,859
192,704
257,054
1,033,863
244,640
127,524
297,749
164,956
434,765

535,952
5,571,802
374,314
352,490
178,380
277,775
1,074,947
239,161
137,842
309,051
155,702
526,124

468,649
5,847,376
423,328
344,661
173,357
268,223
988,356
219,983
135,106
307,341
162,974
513,139

433,000
4,179,196
391,261
313,351
150,888
215,320
998,034
240,160
146,363
290,720
100,850
406,902

351,336
3,894,834
502,127
264,596
142,545
193,136
799,289
218,444
142,474
244,579
90,314
356,803

403,692
3,572,702
334,832
266,898
133,663
193,828
749,944
200,507
146,771
262,527
91,567
341,432

441,250
4,952,337
429,578
332,316
138,209
201,273
937,328
216,093
165,562
272,172
112,975
397,975

142 10,830,797

10,517,256

9,733,540

9,852,493

7,862,045

7,200,477

6,698,363

8,597,068

13
7
13
13
6
15
19
5
8
14
11
18

1178

FEDERAL RESERVE BULLETIN.

GOLD SETTLEMENT FUND.

DECEMBER 1, 1919.

Net deposits of gold in the banks7 fund,
aggregating $129,131,000, were more than offset by net transfers of $260,124,000 to the
agents' fund; this resulted in a decrease of
the banks' aggregate balances in the fund by
$130,993,000. During the same period net
gold withdrawals from the agents' fund were
$25, 224, 000 less than the amounts transferred
to the agents' credit from the banks' fund.
This resulted in an increase in the agents' fund
from $808,229,000 to $833,453,000. Aggregate balances in the two funds totaled $1,283,235,000 on November 20, or $105,769,000 less
than on August 21, 1919. Below are given
figures showing operations of the two funds
for the period from August 21 to November
20, 1919, inclusive:

Heavy demands for funds largely in connection with the fall movement of crops and during the more recent period, also to the heavy
movement of funds between New York and
the interior in connection with loans in the
New York stock market, are evidenced by the
substantial increase in the volume of clearings effected through the gold settlement fund
during the three months' period ending November 20, 1919. Total clearings reached the
record total of $19,230,644,000, an increase
of about 17 per cent over the amount reported
for the immediately preceding period.
Telegraphic transfers of funds between the
Federal Reserve Banks aggregated $1,754,351,000 as compared with $2,759,638,000 reported for the three preceding months. This Amounts of clearings and transfers through the gold-settledecrease results from the fact that the United ment fund by Federal Reserve Banks from Aug. 22 to
States Government, owing to decreased ex- Nov. 20,1919, loth inclusive.
penditures, has not found it necessary to shift
[In thousands of dollars; i. e., 000 omitted.]
funds between Federal Reserve Banks in such
large volume as was the case when expendiTotal
Settlements of—
tures were running on a much higher level.
clearings. Transfers.
Total transactions, including both clearings
and transfers, were heaviest during the 10 Aug. 22-28
1,303,133
108,036
1,083,871
136,878
days following the payment of the third in- Aug. 29-Sept. 4..
Sept. 5-11
1,391,775
180,132
stallment of income and excess profit taxes Sept. 12-18
1,487,666
242,197
Sept. 19-25
1,634,744
305,375
due on September 15.
Sept. 26-Oct. 2 . .
1,458,773
138,630
Oct.
1,463,637
147,090
The net loss through settlements of $564,- Oct. 3-9.
10-16
1,371,694
62,101
1,745,586
116,489
992,000 reported by the New York bank was Oct. 17-23
Oct. 24-30
1,577,673
104,330
practically offset by net transfers of funds Oct.31-Nov.6..
1,432,615
101,218
1,521,155
75,548
from other Federal Reserve districts, the bank's Nov. 7-13
1,758,322
Nov. 14-20..:...
36,327
net loss through transfers and settlements
Total
1,754,351
19,230,644
since the establishment of the fund in May, Previously reported for 1919..
37,513,640
5,526,866
1915, amounting to $737,738,000 on November
Total since Jan. 1,1919.
7,281,217
56,744,284
Total for 1918
4,812,105
45,439,487
20, as against $731,022,000 on August 21,
Total for 1917
2,835,504
24,319,200
1919. The San Francisco bank reports the
largest gain through the fund during the period
Clearings and transfers.
under review, although substantial amounts
Total for 1919 to date
$64,025,501
are also reported as having gone to the three Total for 1918...
50,251,592
27,154,704
southern and the St. Louis districts. Sub- Totalforl917
Total for 1916.
5,533,966
stantial movements of funds to other districts Total for 1915
1,052,649
are reported by the Chicago, Cleveland, BosTotal clearings and transfers from May 20, 1915, to
ton, Minneapolis, and Kansas City banks and
Nov. 20,1919.
148,018,412
branches.




DECEMBER 1,1919.

1179

FEDERAL, RESERVE BULLETIN.
Changes in ownership of gold.
[In thousands of dollars; i. e., 000 omitted.]
Total to Aug. 21,1919.

Federal Reserve Bank.
Decrease.

Increase

45,505

-

St. Louis
Kansas'City
Dallas
San Francisco

•.
731,022

Total

Balance
Nov. 20,
1919:

Decrease.

64,223
125,021
29,208
58,776
1,699
305
148,233
4,342
35,119
59,590
7,212
183,946

32,878
118,305
30,026
25,731
33,671
16,632
64,167
16,403
17,397
42,571
20,774
31,227

731,022

- .

Atlanta...

Balance
to credit
Aug. 21,
plus net
deposits
of gold
since that
date.

5,072
131,600
16,985
41,154
186,955
70,343
26,079
61,423
24,968
120,938

731,022

New York
Philadelphia....
Cleveland

From Aug. 22,1919, to Nov. 20,1919, inclusive. Total changes from May
20,1915, to Nov. 20,1919.

449,782

449,782

Increase.

Decrease.

31,345
6,716
818
33,045

Increase.

14,160

737,738

5,890
98,555
48,957
57,481
102,889
82,404
8,357
44,404
38,530
236,111

31,972
16,327

84*066*

12,061

17*722*
17,019

:

13 562
115,173

189,913

189,913

737,738

737,738

i Excess of withdrawals over balance Aug. 21, and deposits since that date.

Combined statement from Aug. 22,1919, to Nov. 20,1919, both inclusive.
[In thousands of dollars; i. e., 000 omitted.]
GOLD SETTLEMENT FUND.
Aggregate Aggregate
Balance
Transfers.
withdeposits
last
drawals and transGold
Gold
statewith- deposits.
and
Federal Reserve Bank. ment,
transfers fers from
Aug. 21, drawals.
to agent's agent's Debits. Credits,
fund.
1919.
fund.
Boston..
New York....
Philadelphia..
Cleveland
Richmond....
Atlanta
Chicago
St. Louis
Minneapolis..
Kansas City..
Dallas
San Francisco
Total...

65,741
105,021
40,053
45,864
27,370
13,556
132,576
28,502

145
30,000
1,000
12,750
561
382
45
12,345

54,757
4,520

381
1,266
106,165

5,127
65,000
32,655

3,627
65,000
32,655
5,662
19,890
17,531
75,422
22,185
14,287
5,214
14,258
18,440

6,645
45,000
43,500
12,750
45,561
30,782
161,765
88,345
12,000
5,381
11,566
169,165

151,652
95,506
184,876
145,236
227,718
31,622
487,952
89,002
100,204
69,604
111, 130
59,849

19,890
17,531
177,422
64,185
14,287
10,214
14,258
55,236

580,775 165,040 294,171

632,460

501,467 1,754,351 1,754,351

Settlements from Aug. 22,1919, to
Nov. 20,1919, both inclusive.
Net
debits.

Total
debits.

Total
credits.

Balance
in fund
at close of
business
Net
Nov. 20,
credits.
1919.

33,408
1,482,311 1,569,210
653,782 564,992 5,655,794 5,090,802
208,311 22,617 1,838,296 1,815,679
28,254
1,399,306 1,483,243 83,937
159,602
1,766,686 1,866,774 100,088
70,716 22,767
609,434
586,667
2,315,146 2,363,662 48,516
355,370
1,444,491 1,502,844 58,353
42,710
11,803
70,679
396,586
34,942
1,070,621 1,088,264 17,643
,704,706 41,073
83,619
663,633
750,404 162,064
12,958
588,340

32,878
118,305
30,026
25,731
33,671
16,632
64,167
16,403
17,397
42,571
20,774
31,227

610,376 19,230,644 19,230,644 610,376

449,782

FEDERAL RESERVE AGENTS' FUND.

Federal Reserve agent at—•

Balance
last
statement,
Aug. 21,
1919.
58,000
80,000

Boston
New York....
PhiladelphiaCleveland
Richmond....
Atlanta
Chicago
St. Louis......
Minneapolis...
Kansas City..
Dallas
San Francisco.

90,000
24,500
40,000
255,425
51,931
18,800
37,360
5,184
79,140

Total...

808,229




Gold
withdrawals.

41,000
10,000
45,000

Gold
deposits.

30,000

285,400

50,500

6,500
15,000
42,500

Total
withdrawals.

Total

36,500
15,000
42,500

36796

30,400
161,720
76,000
1200ty
5,000
10,300
63,000

45,000
30,400
161,720
76,000
12,000
20,500
15,300
63,000

207,296

467,420

492,696

517,920

102,000
42,000
15,500
5,000

Deposits
through
transfers
from bank.

42,500
10,000
45,000
20,000
21,500
22,400
172,000
64,000
11,000
21,000
9,000
54,296

1,500
20,000

*2i,*566'
22,400
70,000
22,000
11,000
16,000
9,000
17,500

Withdrawals
for
transfers
to bank.

5,000

*"45*6o6"

Balance at
close of
business
Nov. 20,
1919.
52,000
85,000
65,389
70,000
48,000
48,000
245,145
63,931
19,800
36,860
11,484
87,844

1180

FEDERAL RESERVE BULLETIN.

DECEMBER 1,

1919.

DISCOUNT AND OPEN MARKET OPERATIONS OF THE FEDERAL RESERVE BANKS,

Discount operations during the month, of
October were the largest on record, aggregating $8,060?3177969; and showing an increase
of 1,334 millions, or 19.8 per cent over the
total for September. This total does not include amounts of bills discounted for other
Federal Reserve Banks, which aggregated
126.5 millions as against 189 millions the
month before. Discount operations in October were larger than in September for each
Federal Reserve district, except the Richmond and Atlanta districts. Of the total
increase in discounts for October as compared
with September about 977 millions, or nearly
three-fourths, was represented by the increase
for the New York Federal Reserve Bank
alone.
War paper constituted about 91 per cent of
the total paper discounted during the month,
compared with 93 per cent in September and
96 per cent in August. Discounts of trade
acceptances for the month of October aggregated $16,110,069 (as against $10,619,405 in
September) and included $2,377,501 (as
against $1,327,231) of trade acceptances in
the foreign trade, all of which for the current
month were reported by the New York bank.
Member bank bills secured by eligible paper
discounted during the month totaled $45,663,016, showing a continuous growth from $20,028,459 in August and $29,801,567 in September, while bankers7 acceptances totaled
$1,271,426 and ordinary commercial and
agricultural paper $648,265,547, compared
with $447,060,323 for September and $235,824,380 for August. It is notable that while
the amount of war paper discounted in October was about 18 per cent larger than the
corresponding amount for September, the increase in ordinary commercial and agricultural paper discounted amounted to 45 per
cent.
Over 96 per cent of the total discounts for
the month was 15-day paper, i. e., bills maturing 15 days from date of discount or rediscount with the Federal Reserve Bank. Sixmonth bills, consisting of agricultural and livestock paper, totaled $9,645,742, compared
with $5,443,693 the month before, the increase apparently being due to the heavy fall




requirements of farmers in connection with
the sowing of winter crops. The average
maturity of all the paper discounted during
the month works out at 9.54 days, as against
9.43 days for September. About 86 per cent
of the paper discounted during the month took
the 4 per cent rate and about 11 per cent the
4J per cent rate. The average rate of discount charged during the month works out at
4.19 per cent, as against 4.18 per cent the
month before.
On the last Friday in October the Federal
Reserve Banks held a total of $2,128,547,000
of discounted bills, compared with $1,882,282,000 on the last Friday in September and
$1,546,164,000 on thf corresponding date in
1918. Of the total discounts on hand at the
end of October about 79 per cent was the share
of war paper, compared with about 84 per
cent at the end of wSeptember and about 70
per cent at the end of October, 1918. Discounted trade acceptances on hand at the
end of October totaled $16,261,000, as against
$10,961,000 about the end of September and
$20,273,000 the previous year. Holdings of
agricultural paper totaled $28,447,000 as
against $32,932,000 about the end of September, and $27,912,000 on the corresponding date the year before, while holdings
of live-stock paper were $27,028,000, compared with $27,273,000 the month before,
and $36,945,000 about the end of October of
last year. Of the total agricultural paper on
hand about 70 per cent was held by the Chicago, Kansas City, and Dallas banks, while
nearly one-half of the live-stock paper on hand
represented the holdings of the Kansas City
bank.
fc During the month the membership in the
Federal Reserve system shows a net increase
of 44, the number of members at the close of
October being 8,977, as compared with 8,933
at the end of September. Member banks accommodated by discount of paper in October
numbered 3,839, as against 3,722 in September.
In the following exhibit are shown the number
of member banks in each Federal Reserve district at the end of October and of September,
together with the number in each district accommodated during each of the two months.

DECEMBER 1,1919.

Number of member Number of member
banks accommobanks in district.
dated.
Federal reserve district.
Oct. 31.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
. . .
St. Louis
Minneapolis.
Kansas"City
Dallas
SanjFrancisco

Sept. 30. October. September.

430
744
675
841
575
429
1,366
532
913
1,026
753
695

430
743
673
840
573
429
1,363
'530
905
1,017
749
681

244
396
389
245

210

231
378
388
222
387
255
494
205
164
351
420
227

8,977

Total

1181

FEDERAL RESERVE BULLETIN.

8,933

3,839

3,722

297
247
614
223
224

391
359

Bills purchased in the open market during
October, largely by the New York bank, both
for its own account and for account of other
Federal Reserve Banks, totaled $335,261,712,
compared with $205,048,335 in September. Of
the total bills purchased, $329,864,085 were
bankers7 acceptances, about three-fourths of
which were based upon foreign-trade transactions. Purchases of trade acceptances amounting to $4,988,990 were reported by the Boston,
New York, Cleveland, and San Francisco banks,

about three-fifths of this amount being based
on foreign-trade transactions. The average
maturity of all bills purchased during the
month was 48.36 days, compared with 46.15
days for September, while the average rate of
discounts charged works out at 4.26 per cent,
as against 4.25 for the preceding month.
On October 31 the Federal Reserve Banks
report a total of $394,355,000 of purchased
bills on hand, compared with $300,129,000 on
September 30, 1919, and $382,589,000 on October 31, 1918. Of the most recent total, all but
$6,738,000 were bankers' acceptances, while of
the remainder $271,701,000 were bills accepted
by member banks, $42,677,000 by private banks
and bankers, $28,511,000 by foreign banks and
their agencies, and $44,728,000 by other nonmember institutions. Of the $6,738,000 of
purchased trade acceptances held at the end of
the month, $1,740,000 were domestic-trade acceptances, and $4,998,000 were foreign-trade
acceptances. Of the latter figure, $1,744,000
were reported by the New York bank and
$2,147,000 by the San Francisco bank, these
amounts representing largely acceptances
drawn by exporters in the Far East.

Total investment operations of each Federal Reserve Bank during the months of October, 1919 and 1918.

Federal Reserve Bank.

Boston..
New York
Philadelphia.......
Cleveland
Richmond
Atlanta .
Chicago .
St. Louis.
, .
Minneapolis
Kansas City
Dallas...
San Francisco
Total, October, 1919.
Total, October, 1918.
Total 10 months ending Oct. 31,1919...
Total 10 months ending Oct. 31,1918...




Bills discounted for
member
banks.
$385,816,548
4,472,425,044
1,151,792,034
309,808,833
319,036,073
205,850,022
411,231,014
220,286,020
100,613,171
171,179,044
137,231,487
175,048,679

Bills bought Municipal
in open
warrants.
market.
$44,081,751
145,060,466
220,704
27,417,732
4,956,924
9,686,840
32,835,029
3,810,303
11,327,226

Total investment operations.
United United States
Total
States certificates of United States
indebtedVictory
securities. October, 1919. October, 1918.
ness.
notes.

United
States
bonds.

$2,498,000
43,431,000
3,170,500
607,000
1,100,000
1,100,000
11,240,000
31,000
883,500
1,036,500
500,000
6,881,000
72,478,500
631,044,500

i$50

l"6S2"620
54,982,117
335,261,712
.256,705,208

$300

1,305,750

64,468,600,627 2,084,024,069

1,000

1,328,075

8,060,317,969
5,903,962,877

50

=

72,478,550 8,468,058,231
6,793,018,635
632,350,250

$373,950 3,916,940,500 3,918,642,525 70,471,268,221

28,383,252,994 1,458,107,845 1,698,219 73,865,913
1

$2,498,000 $432,396,299 $338,394,033
43,431,000 4,660,916,510 4,380,072,963
3,170,500 1,155,183,238 254,394,243
607,000
337,833,565 189,488,962
1,100,000
325,092,997 230,835,278
1,100,000
216,636,862 179,821,536
11,240,000
455,306,043 573,528,028
31,000
223,927,323 159,347,799
65,136,063
883,500
112,823,897
1,036,550
172,215,594 126,621,271
89,433,580
500,000
138,814,107
6,881,000
236,911,796 205,944,879

4£ per cent Liberty bond.

3,809,163,160 3,883,029,073

33,726,088,131

1182

FEDERAL RESERVE BULLETIN.

DECEMBER 1,1919.

Average amount of earning assets held by each Federal Reserve Bank during October, 1919, earnings from each class of earning
assets, and annual rate of earnings on basis of October, 1919, returns.
Average daily holdings of the several classes of earning assets.
Federal Reserve Bank.

Discounted
bills.

United States Municipal
securities.
warrants.

Purchased
bills.

Total.

$127,392,286
788,495,509
204,075,941
142,712,525
99,203,720
105,477,500
228,308,375
82,545,493
56,007,000
99,300,520
60,404,714
79,492,060

Total, October, 1919..
Total, October, 1918..

$44,501,119
84,558,392
632,484
37,617,743
5,789,643
8,363,493
41,655,334
7,958,066
19,428,000
1,146,176
1,142,017
87,396,316

$22,487,727
72,547,751
30,431,803
25,776,392
12,500,694
14,340,914
45,176,165
18,221,400
8,779,000
21,099,985
11,940,193
12,423,129

$194,381,132
945,601,652
235,140,228
206,106,660
117,494,057
128,181,907
315,139,874
108,724,959
84,214,000
121,546,681
73,486,924
179,311,505

2,073,415,643
1,709,766,375

Boston
New York
Philadelphia...
Cleveland
Richmond
Atlanta...
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco..

340,188,783
360,450,712

295,725,153
124,443,000

2,709,329,579
$46,542 2,194,706,638

Earnings from—
Federal Reserve Bank.

Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco.

Discounted Purchased
bills.
bills.

United
States
securities.

$453,295
2,693,061
698,352
499,516
360,789
377,134
822,018
296,657
205,143
381,051
230,869
299,724

,
^..

Total, October, 1919.
Total, October, 1918.

1,219,359
1,301,307

547,895
257,086

Total.

$39,718
148,016
53,919
48,201
21,304
24,546
81,740
31,982
16,079
38,800
21,305
22,285

7,317,609
6,131,517

.*.

$160,445
294,229
2,306
135,295
22,492
32,409
149,039
28,279
70,382
4,179
4,331
315,973

Municipal
warrants.

$653,458
3,135,306
754,577
683,012
404,585
434,089
1,052,797
356,918
291,604
424,030
256,505
637,982
9,084,863
7,690,103

$193

Calculated annual rate of earnings from—
Federal Reserve Bank.

Boston
New York
Philadelphia
Cleveland.
Richmond
Atlanta
Chicago
St. Louis
Minneapolis.
Kansas C i t y . . .
Dallas...
San Francisco.

,

Total, October, 1919.
Total, October, 1918.




Discounted Purchased
bills.
bills.
Per cent.
4.19
4.02
4.02
4.12
4.28
4.21
4.24
4.23
4.31
4.52
4.50
4,44
4.15
4.22

Percent.
4.25
4.04
4.29
4.24
4.57
4.56
4.21
4.18
4.27
4.29
4.47
4.26
4.22
4.25

United
States
securities.

Municipal
warrants.

Per cent.
2.08
2.40
2.08
2.20
2.01
2.02
2.13
2.07
2.16
2.17
2.10
2.11

Per cent.

2.18
2.44

4.87

Total.

Per cent.
3.96
3.-90
3.77
3.90
4.05
3.99
3.93
3.87
4.08
4.11
4.11
4.19
3.95
4.13

1183

FEDEBAL RESERVE BULLETIN.

DECEMBER 1,1919.

Bills discounted during the month of October, 1919 ^ distributed by classes; also average rates and maturities of bills discounted
by each Federal Reserve Bank.

Federal Reserve Bank.

Boston
New York
Philadelphia..
Cleveland......
Richmond
Atlanta.......
Chicago.
St. Louis
Minneapolis
Kansas City...
Dallas
San Francisco.
Total..

Member banks' collateral
notes.

Customers'
paper
secured by
Government war
obligations.

Secured byGovernment
war obligations.

Otherwise
secured.

Bankers'
acceptances.

Trade
acceptances.

15,311

71,304,155
34,142,775
8,378,244
39,015,649
89,021,442
23,652,322
25,203,203
20,760,588
10,692,805
32,060,642

Per cent.
4.23
4.03
4.02
4.14
4.28
4.24
4.40
4.22
4.50
4.60
4.34
4.47

1,271,426

648,265,547

8,060,317,969

9.54

4.19

16,110,069

1

45,663,016

Average Average
rate
maturity
in days. (365-day
basis).

13.37
6.32
6.93
15.35
10.50
19.70
21.31
13.16
25.00
22.31
17.89
16.49

$19,322
481,370

7,184,708,069

Total.

$385,816,548
4,472,425,044
1,151,792,034
309,808,833
319,036,073
205,850,022
411,231,014
220,286,020
100,613,171
171,179,044
137,231,487
175,048,679

$386,620
$48, 616,479 $320,011,100 $1,648,000
17,220,020
38, 337,625 4,147,487,334
599,579 1,045,504,216
381,084
914,237
257,958,715
187,
1,606,106
415,856
300,116,720 2,449,
675,753
639,097
160,082,789 1,144,
1,968,217
997,954
314,164,100 1,578,
468,857
516,477
191,120,029
904,
1,337,769
724,754
71,598,000 1,953,
134,066
742,661
113,284,881 33,911,
479,476
590,755
124,073,785 1,754,
120,142
204,367
139,306,400
1,331,959
130,
164,299,841

All other
discounts.

755,423

$15,135,027

Includes $2,377,501 of trade acceptances in the foreign trade.

Bankers' and trade acceptances in the foreign and domestic trade and finance bills purchased during the month of October
1919; also average rates and maturities of total bills purchased by each Federal Reserve Bank.
Bankers' acceptances.
Federal Reserve Bank.

Boston
New York.
Philadelphia
Cleveland
Richmond
Atlanta
Chicago... .
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Total




In the
domestic
trade.

In the
foreign
trade.

$11,842,216
27,409,633
115,273
8,181,527
1,783,124
6,239,675
5,971,923
3,254^803
3,855,121

$30,234,366
115,621,445
105,431
18,646,655
-3,173,800
3,447,165
26,843,106
355,500
7,372,105

882,620
12,282,642

200,000
42,045,955

1,082,620
54,328,597

81,818,557

248,045,528

329,864,085

Trade acceptances.

Total.

In the
domestic
trade.

$42,076,582 $1,202,709
143,031,078 . 553,494
220,704
26,828,182
181,351
4,956,924
9,686,840
32,815,029
3,610,303
11,227,226

In the
foreign
trade.

Finance
bills.
Total.

Average
Total bills Average
rate
purchased. maturity (365-day
in days. basis).

100,000

$802,460 $2,005,169
1,254,257 1,807,751
408,199

$44,081,751
145,060,466
220,704
27,417,732
4,956,924
9,686,840
32,835,029
3,610,303
11,327,226

41.12
42.23
82.78
54,39
58.90
68.14
54.67
21.42
60.16

Per cent.
4.25
4.24
4.31
4.23
4.56
4.56
4.24
4.32
4.22

$221,637

589,550
20,000

586,520
1,937,554

586,520

67,000

1,082,620
54,982,117

50.54
58.28

4.73
4.23

3,051,436

4,988,990

408,637

335,261,712

48.36

4.26

1184

FEDERAL. RESERVE BULLETIN.

DECEMBER 1,1919.

Discounted bills, including member banks1 collateral notes, held by each Federal Reserve Bank on the last Friday in October,
1919, distributed by classes.
[In thousands of dollars, i. e., 000 omitted.]

Federal Reserve Bank.

Member banks'
collateral notes.
Customers'
paper
Live-stock secured by
Govern- Secured by
paper.
ment war
Govern- Otherwise
obligations. ment war
secured.

Agricultural
paper.

Trade
acceptances.

228
4,847
13,268
5,630
2,562

70,138
65,185
17,124
14,822
13,203
5,158
8,100
5,809
1,848
3,318
579
3,078

40,597
636,957
164,466
98,680
74,424
64,977
165,640
47,939
31,918
53,599
39,605
53,918

15,612
820
130

27,028
1.3

208,362
9.7

1,472,720

18,987

16,261

27,912
1.8

36,945
2.0

190,661
12.3

905,759
58.0

34,830
2.0

20,273
1.3

22
217
86
50
1,568
2,594
9,890
397
480
5,864
4,774
2,505

Total.
Per cent
Total October, 1918.
Percent.

19
474

246
5,114
599
1,584
1,015
1,755
634
1,505
112
728

All other
discounts.

2,%9

28,447
1.3

Boston..
New York
Philadelphia...
Cleveland
..
Richmond
Atlanta.
Chicago
....
St. Louis.......
Minneapolis....
Kansas City. J .
Dallas
San Francisco..

Bankers'
acceptances.

460
171
10
560
276

44
410
19

Total.

10,003
125,139
24,876
21,614
12,194
31,668
47,117
20,291
16,594
14,811
11,217
20,247
355,771
16.7

971
.1

2,128,547
100

329,784
21.3

457
"*30*
.....

121,510
833,022
207,170
136,940
102,414
107,186
231,657
77,574
55,799
107,230
62,625
85,420

1,546,164
100

Acceptances purchased and held by each Federal Reserve Bank on Oct. SI, 1919, distributed by classes of accepting

institutions.

[In thousands of dollars, 000 omitted.]
Bank acceptances.

Federal Reserve Bank.

Boston
New York
Philadelphia .
Cleveland

....
. . . .

Atlanta..
St Louis
Minneapolis
Kansas City .
Dallas
San Francisco..
Total:
Oct. 31, 1919-.
Sept. 30, 1919
Aug. 30, 1919
Oct. 31, 1918..
Oct. 31, 1917..




.
.

NonMember member
trust
banks.
companies.
43,156
47,933
254
28,626
5,883
12,209
56,644
5,940
18,347
471
1,475
50,763
271,701
208,784
264,827
314,719
150,301

Trade acceptances.

Nonmember
State
banks.

Private
banks.

Foreign
bank
branches
and
agencies.

2,212

486
11,751
251
8,222

3,302
10,818
88
8,233

228
10,029
63
3,045

450
820
200

2,265
943
235

3,505
1,251
10

1,377
680
398

1,598

12,554

15,470

8,021
36,707
8,255
24,821
32,665
3,111
11,669
2,949
3,147 • 1,307

42,677
33,420
43,815
30,242
21,083

216
2,525

Total.

Domestic. Foreign.

Total.

Grand
total.

957
573

772
1,744

1,729
2,317

84

335

419

12,691

47,388
83,056
656
50,338
5,883
12,209
64,241
9,634
19,190
471
1,475
93,076

126

2,147

2,273

49,117
85,373
656
50,757
5,883
12,209
64,241
9,634
19,190
471
1,475
95,349

28,511
21,873
20,955
14,006
2,153

387,617
297,153
365,373
a73,585
177,991

1,740
591
561
3,947

4,998
2,385
1,229
5,057

6,738
2,976
1,790
9,004
6,224

394,355
300,129
367,163
382,589
184,216

DECEMBER 1,1919.

1185

FEDERAL RESERVE BULLETIN.

OPERATION OF THE FEDERAL RESERVE CLEARING SYSTEM OCT. 16 TO NOV. 15, 1919.
drawn
Items drawn on banks Items district on banks
in
outside
in Federal Reserve
Federal Reserve city
city (daily average).
(daily average).
Amount.

Number.

Amount.

Number.

Amount.

25,416
27,926
51,864
7,559
3,546
3,613
26,774
7,417
7,883
8,099
3,894
3,578

$27,207,202
79,922,482
34,633,745
8,745,325
9,959,616
4,591,493
28,182,000
10,784,098
10,486,355
12,290,851
5,336,647
4,382,143

101,626
154,910
64,336
96,099
72,586
37,586
97,601
60,725
31,099
98,473
51,546
49,207

$16,547,068
83,860,987
8,895,548
28,279,071
22,487,480
11,370,619
17,354,000
11,474,475
3,184,791
16,277,466
15,751,756
10,572,250

127,042
182,836
116,200
103,658
76,132
41,199
124,375
68,142
106,572
55,440
52,785

$43,754,270
163,783,469
43,529,293
37,024,366
32,447,096
15,962,112
45,536,000
22,258,573
13,671,146
28,568,317
21,088,403
14,954,393

14,646
36,881
30,588
4,158
9,121
4,991
7,354
906
2,074
9,362
7,864
1,454

$13,512,502
24,734,736
.11,008,162
3,339,366
7,564,164
3,365,507
1,389,000
440,788
1,460,921
5,440,776
4,139,277
1,783,286

177,569
164,761
149,460
82,434

236,521,957
235,072,612
208,529,081
231,014,467

915,794
824,862
761,680
550,484

246,055,511
223,417,562
202,812,209
189,103,098

919,623
911,140
632,918

482,577,468
458,490 174
411,341,290
420,117,565

129,399
119,387
107,279
84,796

78,178,485
74,965,478
66,883,891
70,025,266

Number.
Boston
New York
Philadelphia..
Cleveland
Richmond
Atlanta
Chicago
St. Louis..
Minneapolis
Kansas City
Dallas...:
San Francisco

.

Total:
Oct. 16 to Nov. 15,1919.
Sept. 16 to Oct. 15,1919.
Aug. 16 to Sept. 15,1919
Oct. 16 to Nov. 15,1918.

Total items drawn on Items drawn on banks
banks in own Fedin other districts
eral Reserve district
(daily average).
(daily average).

Items handled by both
parent banks and
branches (daily av-

Number.

Boston
New York
Philadelphia...
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco..
Total:
Oct. 16 to Nov. 15,1919...
Sept. 16 to Oct. 15,1919..
Aug. 16 to Sept. 15,1919..
Oct. 16 to Nov. 15,1918...




Items drawn on the
Treasurer of the
United States (daily
average).

Number.

Amount.

3,039
537
7,926
494
943

1,184,521
728,324
3,449,528
552,000
225,173

4,793
3,285
4,491

2,000,430
1,644,270
1,881,249

5,474
40,854
6,462
5,874
2,113
3,724
14,830
7,742
1,413
8,260
6,196
4,609

27,594
23,162
21,959
12,198

12,683,739
11,417,988
10,984,785
11,356,075

107,551
93,437
77,201
98,168

61,018,244

Amount.

Number.

Number
of
member
banks in
district

Amount.

Incorporated
Number banks
other
of nonthan
member
banks on mutual
savings
par list.
not on
par list.

$1,093,901
25,317,869
2,252,264
854,798
300,647
801,755
1,217,000
715,397
246,122
723,528
867,339
2,964,671

430
751
676
841
582
429
1,366
533
915
1,028
757
700

243
321
411
1,063
450
347
3,522
2,127
1,493

37,355,291
45,272,641
51,935,604
52,790,232

9,008
8,955
8,920
8,584

14,860
13,852
13,040
10,219

905
940

27
1,021
1,220
673
529
1,395
262
267
121

5,515
6,457
7,178

1186

FEDERAL RESERVE BULLETIN.

DECEMBER 1,1919.

OPERATIONS OF THE FEDERAL RESERVE BANKS.

For the four weeks between October 24 and
November 21 the Federal Reserve Banks report
aggregate increases of 42.5 millions in their
total holdings of discounts and of 111.2
millions in the holdings of acceptances. War
paper on hand on November 21 was but 7.8
millions in excess of the total reported four
weeks earlier, the larger increase in total discounts on hand thus being due to larger discounts of ordinary commercial paper. Total
earning assets of the banks at the close of the
period under review stood at 2,916.9 millions,
or 165.1 millions above the total shown at the
beginning of the period. In connection with
the extension of their loan and investment
operations the banks show also substantial
additions to their deposit and note liabilities.
On the other hand, owing largely to considerable export withdrawals of gold, the cash
reserves of the banks show a decline from
2,214.6 to 2,187 millions, notwithstanding the
transfer from the Continent to London of
over 19 millions of gold and the addition of
this amount to the banks' gold reserves. The
reserve ratio shows a practically continuous
decline from 48.7 to 46.9 per cent.
As against substantial liquidation of war
aper by the Chicago, St. Louis, and Dallas
anks, the four eastern banks report increased
holdings of this class of paper. At the New
York bank the maximum figure of 795.2
millions of war paper holdings was reached
on November 7, apparently as the result of
the large demand for funds in connection with
myments for bonds of the most recent British
oan. Since then the total has gone down to
702 millions, which is, however, still 26.7
millions in excess of the October 24 total.
Holdings of ordinary commercial paper
increased from 416 millions on October 24 to
447.5 millions at the close of the following
week, this increase reflecting largely additions
to the holdings of commercial paper at the
New York and San Francisco banks. On
November 21 the corresponding total for all
banks had gone up to 450.7 millions, a reduction of -42.1 millions at the New York bank
being more than fully offset by increases in
in the holdings of the Boston and Chicago
banks. Apparently as the result of the change
in discount rates and particularly the abolition
of the differential between the rates on 15 and
90 day war paper, there is noted a decline by
over 200 millions in the holdings of 15-day
paper and a more than corresponding increase
in the holdings of paper of longer maturities,
especially of 60 and 90 day paper.

E

S




Acceptances on hand show a steady growth,
November 21 holdings of 480 millions being
111.2 million larger than the corresponding
October 24 figures. Largely increased holdings are reported by the Cleveland, Chicago,
and St. Louis banks as the result of purchases
through and from the New York bank.
Treasury certificates on hand went up from
273.6 to 285.3 millions, the increase representing largely investments in one-year 2 per
cent certificates to secure Federal Reserve
notes, the circulation of which increased
during the period from 251.6 to 257.7 millions.
War paper holdings of the several Federal
Reserve Banks include amounts held under
rediscount for other Federal Reserve Banks.
During the four weeks under discussion the
amount of such paper declined from 43.1 millions—the aggregate held under rediscount
by the Chicago bank for the Philadelphia,
Richmond, Atlanta and Dallas banks—to 20.4
millions held by Chicago and St. Louis for the
Philadelphia bank, the other three banks
having taken up their rediscounted paper
about the end of October and early in November. On the other hand the holdings acquired
from other Federal Reserve Banks—i. e., the
Boston and New York banks—show an increase
from 12.7 to 116.6 millions, this increase
nearly equaling the increase in the total
acceptance holdings. It appears, therefore,
that accomodation to the market through the
purchase of bank acceptances was afforded
largely by the Cleveland, Chicago, and St.
Louis banks, and to a smaller extent by the
Dallas bank.
Reserve deposits reached a high level of
1,906.9 millions on November 7, and on
November 21 stood at 1,837.5 millions, or
24 millions above the October 24 total. On
the other hand Government deposits fluctuated
between 63.7 millions on November 7 and
102.8 millions on November 21. Net deposits
were also at their highest on November 7,
and on November 21 stood at 1,846.8 millions,
or 54.4 millions above the October 24 total.
Federal Reserve note circulation expanded
from 2,753.5 to 2,817.2 millions, most of the
increase taking place during the week ending
November 7, when discount rates were raised.
Transfer to London of the balance of 19.2
millions of gold held on the continent and
inclusion of the amount among the banks7
gold reserves account for the increase in
reserves and in the reserve ratio shown in the
November 7 statement. For the four-week
period gold reserves show a decline from

DECEMBER 1,1919.

1187

FEDERAL RESERVE BULLETIN.

2,146.6 to 2,119.3 millions. An increase in
the paid-in capital of the banks from about
86 to 86.9 millions is due to payment for
Federal Reserve stock by newly admitted

members, and more largely to additional payments for stock by existing members following increases in their own capital and surplus
accounts.

Resources and liabilities of each Federal Reserve Bank at close of business on Fridays, Oct. 31 to Nov. 21, 1919.
[In thousands of dollars; i. e., 000 omitted.]
RESOURCES.
Phila- Cleve- Richdelphia. land. mond.

Boston.

Gold coin and certificates:
Oct. 31
Nov.7
Nov. 14
Nov.21
Gold settlement fund, Federal
Reserve Board:
Oct. 31
Nov,7
Nov.14
Nov.21
Gold with foreign agencies:
Oct. 31
Nov.7
Nov.14
Nov.21
Gold with Federal Reserve
Oct. 31
Nov.7
Nov.14
Nov.21
Gold redemption fund:
Oct. 31
Nov.7
Nov.14....
Nov.21
Total gold reserves:
Oct. 31
Nov.7
Nov.14
Nov.21
Legal-tender notes, silver, etc.:
Oct.31
Nov.7
Nov. 14
Nov.21
Total cash reserves:
Oct.31
Nov.7
Nov.14
Nov.21
Bills discounted:
Secured by Government
war obligations *—
Oct.31
Nov.7
Nov.14
Nov.21
Allother:
Oct.31
Nov.7
.
Nov.14
...
Nov.21
Bills bought in open market:2
Oct.31
Nov.7
Nov.14
Nov.21
United States Government
bonds:
Oct.31
Nov.7
Nov.14
Nov.21.......
United States Victory notes:
Oct.31
Nov.7...
Nov. 14
Nov.21
United States certificates of
indebtedness:
Oct.31
Nov.7
Nov.14
Nov.21




New
York.

8,003
8,191
8,372
8,533

156,700
149,896
151,835
146,923

1,078
1,110
1,165
1,263

15,405
19,347
15,503
21,634

62,938
38,898
36,008
23,952

64,813
61,303
101,143
125,038

35,629
35,717
29,199
31,952

45,412
35,531
35,861
29,952

47,682 10,394
46,669 10,173
53,647 11,694
52,186 11,376

10,654
10,428
11,986
11,660

9,484
9,283
10,671
10,380
73,242
71,035
65,815
13,799
17,746
21,084
23,750

281,912
285,365
284,417
283,780

Atlanta.

Chicago.

7,873 24,160
7,981 24,046
8,097 24,017
8,043 24,081

San
St.
Minne- Kansas
FranLouis. apolis. City. Dallas. cisco.

2,787
2,662
6,495
3,410

8,282
8,434
8,352
8,234

7,255
7,093

? ?2

20,078
13,635
15,348
16,449

254,027
244,836
248,601
248,012

38,811 7,702 96,970 18,528 15,524 27,834
37,492 12,013 89,076 24,712 19,646 28,280 17,255
36,210 11,368 68,547 12,700 20,781 33,855 25,403
29,857 13,950 62,365 17,452 16,993 42,139 24,278

23,677
29,506
29,003
26,619

444,126
429,429
440,078
444,547

2,287
2,294
2,306
2,344

119
147
214
275

Total.

8

4,677
4,578
5,262
5,119

15,461
15,133
17,395
16,921

6,106
5,977
6,870
6,683

3,508
3,433
3,947
3,839

6,236
6,104
7,016
6,825

3,378
3,306
3,801
3,697

5,977
5,850
6,724
6,541

129,923
127,165
146,176
142,195

72,519
41,998 51,501
81,251 118,962 50,265 54,686
81,009 113,319 48,535 55,210
78,378 107,012 48,840 54,403

282,430
279,605
257,909
252,442

73,388
69,334
75,135
71,331

36,077
35,280
36,302
35,396

35,980
35,849
40,524
40,516

21,615
25,801
26,043
25,492

101,526
9,9,842
107,320
102,681

1,205,576
1,207,275
1,194,319
1,166,086

5,519
6,529
6,418
6,638

19,623
25,180
13,529
17,758

5,251
5,374
4,737
4,634

1,939
2,669
600
1,387

3,632
3,656
3,869
3,776

3,129
2,845
2,528
3,008

2,919
4,542
5,728
9,550

104,348
110,860
104,086
118,475

205,923
77,272 438,644
185,120 104,976 85,787 433,040
178,356 104,425 86,355 381,397
171,100 99,500 88,153 373,567

106,060
108,059
105,937
103,510

65,330
69,462
69,982
65,849
87
80
81
90

24,872 15,180
24,872 7,901
24,773 8,922
25,000 10,641

167,466
145,153
144,731
132,430

575,979
568,105
615,815
632,927

134,800
136,152
131,989
133,610

5,557
5,707
5,151
5,108

49,627
50,030
49,750
50,265

226
190
161

173,043
150,860
149,882
137,538

625,606
618,135
665,565
683,192

110,735
127,564
130,236
127,078

1,064
852
1,687
842

6,231
7,163

7,421
8,694
10,211
11,491

195
176
198

1,249
1,162
1,211
1,289

1,927
2,367
2,419
2,404

5,167
4,834
4,844
4,952

135,026
136,342
132,150
134,056

206,864 97,113
185,991 105,171
179,181 104,601
171,978

78,521
86,949
87,566
89,442

440,571
435,407
383,816
375,971

111,227
112,893
110,781
108,462

702,142
795,212
721,344
701,956

181,590
186,560
182,962
188,259

113,502
111,733
122,339
125,938

10,775
13,549
28,715
32,763

130,880
109,139
98,759
88,855

25,580
23,415
20,894
18,399

49,117
62,622
42,069
50,555

85,373
54,323
77,896
86,379

656
887
1,297
1,444

50,757
68,402
67,811
67,971

5,883
6,469
6,835
7,175

12,209
12,871
12,520
12,428

539
539
539
539

1,257
1,257
1,257
1,257

1,385
1,385
1,385
1,385

844
844
844
844

1,234
1,234
1,234
1,234

375
375
375
376

4
4

50
50
50
50

21,559
21,436
21,931
22,449

74,693
74,708
75,212
75,564

941
871
825
878

87,627 70,135 173,740 53,748
84,580 69,548 170,269 48,297
86,531 68,166 180,944 43,055
84,986 68,895 169,345 45,614

23,438 14,787 37,051
27,473 12,666 36,370
26,744 12,571 37,691
30,194 12,598 38,172

24,883 11,660 14,564
24,125 11,660 15,164
24,984 11,860 15,665
26,018 11,860 15,665

391
328
294
250

1,854
1,748
1,634
1,584

316
292
300
193

67,592
67,804
66,846
67,657

65,417 74,192 43,519 154,493 2,205,592
69,542 74,364 58,048 153,667 2,187,369
70,063 85,772 66,306 164,423 2,200,106
65,939 93,781 64,882 162,033 2,186,972

33,766
31,309
29,569
30,128

56,917
53,482
49,743
49,535

40,184
36,389
29,227
26,054

56,996
56,085
56,502
56,102

1,681,082
1,771,028
1,700,618
1,673,890

22,033
21,757
22,073
27,259

50,313
49,370
52,520
49,027

22,441
20,482
17,830
15,923

28,424
30,438
27,914
32,835

447,465
418,461
439,000
450,747

64,241 9,634 19,190
92,402 18,544 21,137
103,674 28,581 22,018
102,054 29,077 21,692

471
471
450
450

1,475
1,505
2,870
7,830

95,349
93,953
89,632
92,988

394,355
433,586
455,653
480,043

3,966
3,966
3,966
3,966

2,632
2,632
2,632
2,632

26,845
26,846
26,846
26,847

57,917
51,825
72,097
81,449

4,476
4,477
4 477
4,477

23,826
21,977
21,192
23,273

1,153
1,153
1,153
1,153

5
5
4

29,302
29,215
31,046
30,361

73,801 41,665 154,177 2,138,000
74,036 56,300 153,375 2,119,565
85,478 64,672 164,123 2,133,260
93,531 63,298 161,840 2,119,315

116
116
116
116

84
84
79
57

25
25
25
3
40,034
39,705
39,781
40,485

17,068
17,084
17,076
17,469

1,420
i,389
1,450

12,834 8,200
12,831 8,200
12,828 9,025
14,820 11,310

11,108
10,682
10,680
10,960

274,325
273,199
278,538
285,341

1188

FEDERAL RESERVE BULLETIN.

DECEMBER 1,1919.

Resources and liabilities of each Federal Reserve Banh at close of business on Fridays, Oct. 31 to Nov. 21, 1919—Contd.
[In thousands of dollars; i, e., 000 omitted.]
RESOURCES—Continued.

Boston.

Total earning assets:
lfOct.31
Nov.7
Nov.14
Nov.21
Bank premises:
Oct.31
Nov.7
Nov.14....
Nov.21.........
Gold in transit or in custody in
&=foreign countries:
W Oct.31
^"WNov.7
Uncollected items and other
deductions from gross de-

New
York.

192,729 994,395 238,513 213,424
225,714 1,034,689 241,462 232,577
223,490 974,518 237,584 242,722
233,384 954,061 239,848 250,965
2,211
1,062
1,078
1,078

3,994
3,994
3,994
3,994

500
500
500
500

889
889
889
889

San
St.
Minne- Kansas
Louis. apolis. City. Dallas. Francisco.

Atlanta.

Chicago.

121,191
116,609
119,031
117,853

134,339
134,333
134,421
135,540

340,408
358,678
400,973
397,810

105,429
107,055
111,057
116,586

463
463
491
491

490
503
503
503

2,936
2,936
2,936
2,936

690
691
691
691

Phila- Cleve- Richdelphia. land. mond.

83,550
82,733
82,251
87,578

129,403 76,266 194,509 2,824,156
125,022 70,542 193,790 2,923,204
124,409 62,918 187,360 2,900,734
122,700 65,083 195,517 2,916,925
402
402
402
402

382
382
382
394

400
400
400
400

19,242
19,242

62,703
Oct.31
62,562
Nov.7
94,216
Nov.14
79,290
Nov.21
5 per cent redemption fund
against Federal Reserve
bank notes:
1,072
Oct.31
1,072
Nov.7
1,072
Nov.14...
1,072
Nov.21
All other resources:
289
Oct.31
313
Nov.7
488
Nov.14..
337
Nov.21..
Total resources:
Oct.31
. 432,047
441,583
Nov.7
470,226
Nov.14..
452,699
Nov.21
i Includes bills discounted for
other Federal Reserve banks:
Oct.31.
Nov.7.
Nov.14
Nov.21..
* Includes bankers' acceptances
bought from other Federal
Reserve banks:
With their indorsementNo v. 14
Nov.21
Without their indorsement—
Oct.31...
Nov.7
Nov.14
Nov.21

Total,

13,357
12,222
12,266
12,278
19,242
19,242

198,341 71,534 64,934 78,087
239,109 77,565 66,660 83,422
245,816 89,895 80,380 88,669
240,891 79,752 74,314 89,270

41,769 102,131
36,889 97,158
41,794 115,379
42,971 116,023

60,455 20,814 69,473 44,886 40,668
64,769 20,891 71,352 53,638 43,921
69,108 24,070 78,315 52,174 43,758
67,468 23,698 79,540 .59,358 47,713

855,795
917,936
1,023,574
1,000,288

2,889
2,867
2,874
2,901

1,450
1,450
1,450
1,450

1,148
1,190
1,127
1,155

839
751
719
583

717
771
831
851

1,927
2,111
1,926
1,915

712
636
531
610

486
402
318
330

892
957
957
957

546
546
549
559

655
655
655
655

13,333
13,408
13,009
13,038

1,480
1,660
1,461
1,294

464
667
1,114
766

709
663
669
658

539
1,052
694
1,760

797
214
739
177

1,237
1,253
1,282
1,073

362
272
247
242

176
167
173
129

482
502
501
494

351
607
418
313

983
855
2,285
797

7,869
8,225
10,071
8,040

1,845,947
1,919,696
1,894,228
1,886,333

447,487
457,986
462,693
456,372

487,968
487,970
504,968
499,959

298,232
307,468
314,205
309,655

256,633
259,659
265,854
269,484

889,210
897,543
906,312
895,728

278,875
286,316
292,415
294,059

170,443
173,735
176,875
177,674

274,844
272,599
290,356
297,874

165,950
183,763
182,747
190,589

391,708 5,939,344
393,288 6,081,606
398,881 6,159,760
407,115 6,137,541

28,948
17,775
21,155
15,870

4,500

28,948
17,77$
21,155
20,370

10,164
10,164

10,081
10,081

20,245.
20,246

20,032 5,014
45,034 15,014
45,034 15,070
40,340 13,914

10,042
25,065
25,065
25,065

5,012

10,776
9,176
8,404
12,027

45, # i
94,259
93,57396,358

LIABILITIES.
Capital paid in:
Oct.31
Nov.7
Nov. 14
Nov.21
..
Surplus fund:
Oct.31
Nov.7..
Nov.14
Nov.21
Government deposits:
Oct.31
Nov.7..
Nov. 14
Nov.21
Due
to members—reserve
account:
Oct.31
Nov.7....
Nov. 14
Nov.21




7,101
7,101
7,103
7,103

22,051
22,082
22,440
22,447

7,774
7 774
7,774
7,856

9,419
9,420
9,449
9,469

4,317
4,324
4,355
4,383

3,436
3,442
3,448
3,388

12,193
12,256
12.259
12,254

4,026
4,026
4,038
4,056

3,049
3,051
3,057
3,059

3,931
3,939
3,970
3,981

3,398
3,410
3,433
3,437

5,318
5,442
5,443
5,452

86,01&
86,267
86,769
86,885.

5,206
5,206
5,206
5,206

32,922
32,922
32,922
32,922

5,311
5,311
5,311
5,311

5,860
5,860
5,860
5,860

3,800
3,800
3,800
3,800

2,805
2,805
2,805
2,805

9,710
9,710
9,710
9,710

2,589
2,589
2,589
2,589

2,320
2,320
2,320
2,320

3,957
3,957
3,957
3,957

2,029
2,029
2,029
2,029

4,578
4,578
4,578
4,578

81,087
81,087
81,087"
81,087

7,350
4,603
4,096
10,511

22,341
21,359
30,609
50,747

10,859
2,151
5,798
7,318

8,278
5,399
5,661
5,163

4,036
2,347
1,846
1,174

5,796
3,145
1,686
2,524

20,388
6,977
9,220
4,962

6,891
3,285
2,158
4,589

2,523
1,003
2,483
3,710

5,845
3,281
4,195
4,847

1,313
2,427
1,922
3,271

4,845
7,710
8,238
3,989

100,465.
63,687
77,912
102,805.

113,883
118,028
116,605
114,878

756,343
806,972
751,665
733,912

108,770
115,904
104,009
100,716

129,912
130,908
131,727
134,426

60,663
64,776
66,720
64,198

49,888
48,596
50,597
51,017

250,636
254,783
257,412
251,035

63,337
64,900
68,575
66,068

52,427
54,330
55,004
53,338

82,894
81,763
88,701
91,376

54,431
56,949
60,453
60,729

110,297
108,958
111,911
115,847

1,833,481
1,906,867
1,863,379
1,837,540*

1189

FEDERAL RESERVE BULLETIN.

DECEMBER 1,1919.

Resources and liabilities of each Federal Reserve Bank at close of business on Fridays, Oct. SI to Nov. 21, 1919—Contd.
[In thousands of dollars; i. e., 000 omitted.]
LIABILITIES—Continued.

Boston.

Deferred availability,items:
Oct. 31
....1
Nov. 7 . . .
N o v . 14.

New
York.

55,527
59,920

66,242

151,593
157,339
185,709
171,652

6,735
6,693
7,322
7,016

41,937
44,922
43,796
42,506

•-. 87,022

Nov.21
Other deposits, including foreign government credits:
Oct. 31-Nov.7
Nov.14
Nov.21..
Total gross deposits:
Oct. 31
Nov.7
Nov.14
Nov.21
Federal Reserve notes in actual
circulation:
Oct. 31
Nov.7
Nov.14
,
Nov.21
Federal Reserve bank notes in
circulation—net liability:
Oct. 31
Nov.7
Nov.14
Nov.21
All other liabilities:
Oct.31
Nov.7
Nov.14...
Nov.21
Total liabilities:
Oct. 3 1 . . .
Nov.7
..-•
Nov.14
Nov.21

Atlanta.

Chicago.

San
St.
Minne- Kansas
FranLouis. apolis. City. Dallas. cisco.

70,274 34,245
74,137 32,547
79,221 36,857
76,547 40,509

80,586
91,397

49,264
54,244
54,926
55,499

14,941
17,743
18,867
19,740

Phila- Cleve- Richdelphia. land. mond.

61,214 60,411
68,939 58,927
81,202 73,244
77,688 68,644

Total.

59,063 30,609
58,047 40,783
65,406 35,281
69,620 39,367

26,039
25,361
27,427
32,108

739,384
842,047
811,204

1,945
2,008
2,041
2,538

6,497
5,811
5,435

97,843
97,750
98,494
95,539

6,008
5,984
6,132
6,002

3,585
3,588
3,576
3,602

2,764
2,682
2,728
2,737

9,620
9,321
10,160
9,672

3,871
3,664
3,944

2,222
2,104
2,239
2,279

183,495 972,214 187,436 204,609
189,244 1,030,592 193,704 201,218
215,045 1,011,779 197,742 216,764
198,647 998,817 192,136 214,235

138,558
144,848
151,363
145,521

92,693
86,970
91,868
96,787

361,230
362,478
373,677
359,257

123,363
126,093
129,603
129,889

72,113
75,180
78,593
79,067

151,367 88,298 150,179
146,668 102,167 148,526
162,314 99,697 153,387
169,448 105,905 157,379

2,725,555
2,807,688
2,881,832
2,847,088

212,096
215,598
218,358
216,914

141,976
150,379
151,376
149,812

460,397
467,103
464,896
468,708

130,760
135,580
138,282
139,634

83,612

95,571 61,152 217,736
97,369 64,921 220,356
98,959 66,270 220,974
99,114 67,780 225,052

2,752,876
2,806,759
2,808,456
2,817,173

14,064 41,320
14,335 41,285
14,525 40,693
14,750 40,361

16,749
16,552
16,256
16,176

7,919
7'989
8,009

18,042
18,556
18,918
19,056

9,881
9,983
10,071
10,188

10,940
11,275
11,329
11,233

254,933
257,572
257,281
257,680

4,360
4,711
5,077
5,438

1,388
1,476
1,647
1,715

1,194
1,255
1,304
1,433

1,976
2,110
2,238
2,318

1,192
1,253
1,247
1,250

2,957
3,111
3,170
3,421

42,233
44,335
47,628

487,968
256,633 889,210
487,970 307,468 259,659 897,543
504,96S 314,205 265,854 908,312
499,959 309,655 269,484 895,728

278,875
286,316
292,415
294,059

6,593
6,710
6,733
6,414

216,293
219,870
220,593
219,689

243,740
246,549
248,080
245,484

138,592
141,365
141,311
142,403

54,132 27,753
55,269 27,767
55,365 27,669
55,934 27,563

21,569
21,879
21,602
21,505

11,262
11,343
11,532
11,605

2,771
3,044
3,213
3,406

1,703
1,788
1,844
1,943

750,715
763,700
755,745
758,797

21,302
21,368
21,332
21,300
2,847
3,066
3,182
3,529

13,913
15,131
15,977
17,416

2,920
3,560
3,604
3,817

432,047
441,583
470,226
452,699

1,845,947
1,919,696
1 894,228
1,886,333

447,487
457,986
462,693
456,372

1,659
1,728
1,832
1,942

3,565
3,577
4,012
3,605

170,443 274,844 165,950 391,708 5,939,344
173,735 272,599 183,763 393,288 6,081,606
176,875 290,356 182,747 398,881 6,159,760
177,674
407,115 6,137,541
297,874 190,589

MEMORANDA.

Contingent liability as indorser
on:
Discounted paper rediscounted with other Federal Reserve banks—
Oct.31
Nov.?
Nov.14
Nov. 21.
Bankers' acceptances sold
to other Reserve banks-—
Nov. 14
20.245
Nov.21
20;245

5,500
1,750

23,448
16,025
2i;i55
20,370

28,948
17,775
21.155
20.370
20,245
20,245

Maturities of bills discounted and bought, also of Treasury certificates of indebtedness.
[In thousands of dollars; i. e., 000 omitted.]
Within 15
days.
Bills discounted:
Oct.31
Nov.7
Nov. 14.. .
Nov.21
Bills bought:
Oct 31
Nov, 7
Nov.14
Nov.21
United States certificates of indebtedness:
Oct.31
Nov.7...
Nov.14
Nov.21




16 to 30
days.

31 to 60
days.

61 to 90
days.

Over 90
days

Total.

1,770,521
1,723,833
1,568,739
1,518,169

.
.

143,943
144,585
184,578
273,145

99,017
186,561
220,029
192,744

11,648
14,555
16,816
17,951

2,128,547
2,189,489
2,139,618
2,124,637

83,577
76,671
102,431
94,230

. . .

103,418
119,955
149,456
122,628
90,740
99,432
91)471
87,971

159,536
176,945
180,666
186,021

60,502
80,461
81,085
111,821

77

394,355
433,586
455,653
480,043

20,067
21,066
21,760
27,614

6,499
10,998
12,499
15,681

23,497
22,507
22,343
18,299

12,655
5,517
6,715
9,054

211,607
213,111
215,221
214,693

274,325
273,199
278,538
285,341

,

wwm

1190

DECEMBER 1, 1919.

FEDERAL RESERVE BULLETIN.

FEDERAL RESERVE NOTES.
Federal Reserve note account of each Federal Reserve Bank at close of business on Fridays Oct. 31 to Nov. 21, 1919.
[In thousands of dollars; i. e., 000 omitted.]
Boston.
Federal Reserve notes:
Received from agentls:
Oct. 31
Nov. 7
Nov.14
Nov.21
Held by banks—
Oct. 31
Nov. 7
Nov.14
Nov. 21
In actual circulation—
Oct. 3 1 . . . . . .
Nov.7.
Nov.14
Nov.21
Gold deposited with or to credit
of Federal Reserve agent:
Oct. 31
Nov.7
Nov. 14
Nov.21
Paper delivered to Federal Reserve agent:
Oct. 31..
Nov.7...
Nov.14
Nov.21




222,229
224,422
230,383
227,602

New Phila- Cleve- RichYork. delphia. land. mond.

821,382
835,225
842,851
838,978

Atlanta.

Chicago.

San
St.
Minne- Kansas
Louis. apolis. City. Dallas. Francisco.

Total.

145,955
154,756
156,174
153,858

491,205
488,380
492,804
491,536

150,252 85,703 102,267 64,040 244,951
154,418 85,806 102,985 67,900 248,266
160,439
105,351 69,303 255,744
162,526 85^442 106,042 70,471 257,455

2,958,700
3,000,867
3,036,690
3,031,492

232,327
231,859
232,716
233,686

254,935
260,629
259,506
257,400

143,454
146,221
146,091
146,496

10,133 70,667 16,034
8,824 71,525 11,989
12,025 87,106 12,123
10,688 80,181 13,997

11,195
14,080
11,426
11,916

4,862
4,856
4,780
4,093

750,715
763,700
755,745
758,797

243,740
246,549
248,080
245,484

138,592
141,365
141,311
142,403

141,976
150,379
151,376
149,812

460,397
467,103
464,896
468,708

281,912 72,519 133,388
285,365 81,251 118,962
284,417 81,009 113,319
283,780 78,378 107,012

41,998
50,265
48,535
48,840

51,501
54,686
55,210
54,403

102,588
99,551
101,844
100,074

109,097
105,631
105,427
105,646

212,096
215,598
218,358
216,914
73,242
71,035
68,596
65,815
170,627
203,735
201,020
210,396

917,586
957,794
897,018
876,244

216,293
219,870
220,593
219,689

161,113
172,900
166,488
167,569

175,609
189,520
215,935
221,849

3,979 38,808 19,492
4,377 21,277 18,838
4,798 27,908 22,157
4,046 22,828 22,892

1,855
1,837
1,716
1,656

5,616
6,392
6,928

130,760
135,580
138,282
139,634

•3,612
:3,786

95,571
97,369
98,959
99,114

282,430
279,605
257,909
252,442

73,388
69,334
75,135
71,331

36,077
35,280
36,302
35,396

295,648
314,343
356,006
352,407

87,208
88,746
92,764
97,789

64,458
66,941
60,576
69,239

2,888 27,215
2,979 27,910
3,033 34,770
2,691 32,403
61,152
64,921
66,270
67,780

217,736
220,356
220,974
225,052

205,820
194,108
228,234
214,319
2,752,876
2,806,759
2,808,456
2,817,173

35,980 21,615 101,526 1,205,576
35,849 25,801 99,842 1,207,275
40,524 26,043 107,320 1,194,319
40,516 25,492 102,681 1,166,086
107,701 64,100 171,390
103,323 58,376 169,921
102,713 49,927 159,642
99,012 49,807 169,628

2,427,125
2,530,781
2,509,360
2,519,660

1191

FEDERAL RESERVE BULLETIN.

DECEMBER 1,1919.

Federal Reserve note account of each Federal Reserve agent at close of business on Fridays Oct. 31, to Nov. 21, 1919.
[In thousands of dollars, i. e., 000 ommitted.]

Boston.

New
York.

Philadelphia.

Cleveland.

442,280
448,080
450,680
458,800

1,835,940
1,846,100
1,872,300
1,877,300

480,780
480,78Q
486,780
486,780

436,960
439,460
448,560
448,880

284,920
288,180
290,180
292,640

275,000
281.000
287,000
289,000

168,171
172,377
175,817
178,598

881,558
894,275
904,449
913,322

219,973
223,241
225,484
228,114

153,045
155,971
158,614
161,920

115,768
117,501
119,232
120,926

80,480
81,794
83,271
85,077

274,109
275,703
274,863
280,202

954,382
951,825
967,851
963,978

260,807
257,539
261,296
258,666

283,915
283,489
289,946
286,960

169,152
170,679
170,948
171,714

51,880
51,281
44,480
52,600

133,000
116,600
125,000
125,000

28,480
25,680
28,580
24,980

28,980
22,860
30,440
29,560

25,698
24,458
24,857
25,218

222,229
224,422
230,383
227,602

821,382
835,225
842,851
838,978

232,327
231,859
232,716
233,686

254,935
260,629
259,506
257,400

143,454
146,221
146,091
146,496

RichSt.
mond. Atlanta. Chicago. Louis.

Minne- Kansas
apolis. City. Dallas.

San
Francisco.

Total,

FEDERAL RESERVE NOTES.
Received from Comptroller:
Oct. 31
Nov.7
Nov. 14
Nov.21
Returned to Comptroller:
Oct. 31
Nov.7
Nov. 14
Nov.21
Chargeable to Federal Reserve
agent:
Oct. 31
Nov.7
Nov.14
Nov. 21
I n hands of Federal Reserve
agent:
Oct. 31
Nov.7....
Nov.14
Nov.21
Issued to Federal Reserve
Bank less amount returned
to Federal Reserve agent for
redemption:
Oct. 31
Nov.7
Nov.14
.."..*.,
Nov.21
Collateral held as security for
outstanding notes:
Gold coin and certificates—
Oct. 31
Nov.7
Nov.14
Nov.21
Gold redemption fund—
Oct. 31
Nov.7
Nov.14
Nov. 21
Gold
settlement
fund,
Federal Reserve Board—
Oct. 31
Nov.?
Nov. 14
m Nov.21
Eligible paper, mimimum
required—1
Oct. 31
Nov. 7
Nov.14
Nov. 21




77,160 265,980 145,480 186,820 131,740
'83,120 270,900 145,480 188,420 131,740
788,800 281,780 145,480 190,860 131,740
788,800
146,480 192,660 131,740

357,120
362,120
372,120
377,720

5,620,180
5,665,380
5,746,280
5,774,280

107,269
44,510 108,954
45,267 111,476
45,819 116,115

2,241,892
2,281,864
2,314,968
2,350,935

247,875 98,618
254,700 100,672
259,316 101,871
264,784 103,674

49,097
49,894
50,872
51,778

76,343
77,975
79,299

194,520
199,206
203,729
203,923

529,285
528,420
529,484
524,016

167,362
170,228
179,909
179,806

96,383
95,586
94,608
94,702

110,477
110,445
111,561
111,852

88,045
87,230
86,473
85,921

249,851
253,166
260,644
261,605

3,378,288
3,383,516
3,431,312
3,423,345

48,565
44,450
47,555
50,065

38,080
40,040
36,680
32,480

17,110
15,810
19,470
17,280

10,680
9,780
9,280
9,260

8,210
7,460
6,210
5,810

24,005
19,330
17,170
15,450

4,900
4,900
4,900
4,150

419,588
382,649
394,622
391,853

145,955 491,205 150,252
154,756
154,418
156,174 492,804 160,439
153,858 491,536 162,526

85,703
85,806
85,328
85,442

102,267
102,985
105,351
106,042

64,040
67,900
69,303
70,471

244,951
248,266
255,744
257,455

2,958,700
3,000,867
3,036,690
3,031,492

2,500
2,500
2,500
2,500

8,831
8,831
8,831
8,831

*4,"666

13,052
13,052
13,052
13,052

12,242
14,035
13,596
13,815

8,171
16,625
15,677
15,040

11,130
12,862
15,620
12,989

13,263
12,837
13,194
12,887

1,998
2,265
535
840

2,501
3,186
3,710
3,903

8,205
8,381
8,765
8,297

4,457
2,403
5,204
5,400

2,225
1,428
3,450
2,544

2,620
2,989
3,664
2,156

3,300
4,486
3,728
5,177

13,556
11,871
18,124
15,773

83,668
93,368
105,267
98,821

61,000
57,000
55,000
52,000

90,000
85,000
85,000
85,000

61,389
68,389
65,389
65,389

90,000
80,000
70,000
70,000

40,000
48,000
48,000
48,000

46,500
49,000
49,000
48,000

274,225
271,224
249.144
244.145

64,931
62,931
69,931
61,931

20,800
20,800
19,800
19,800

33,360
32,860
36,860
38,360

9,484
12,484
13,484
11,484

87,970
87,971
89,196

879,659
875,659
850,804
831,017

148,987
153,387
161,787
161,787

539,470
549,860
558,434
555,198

159,808
150,608
151,707
155,308

121,547 101,456 94,454 208,775
141,667 95,956 100,070 208,775
146,187 97,556 100,964 234,895
99,455 239,094
150,388

76,864
85,084
85,304
91,195

49,626
50,526
49,026
50,046

66,287
67,136
64,827
65,526

42,425
42,099
43,260
44,979

143,425
148,424
148,424
154,774

1,753,124
1,793,592
1,842,371
1,865,406

183,741
183,740
183,740
183,740

30,125
26,125
30,125
24,125

4,000
4,000

i For actual amounts, see "Paper delivered to Federal Reserve agent," on p . 1190.

242,249
238,248
238,248
236,248

1192

FEBEEAL RESEBVE BULLETIN.

DECEMBER 1,1919.

CONDITION OF MEMBER BANKS IN SELECTED CITIES.
Net liquidation of about 125 millions of Government war securities, largely Treasury certificates, and of 240.7 millions (less rediscounts)
of loans backed by such securities, as against
an increase (less rediscounts) of 354.7 millions
in other loans and investments, represents the
principal change in condition of about 780
member banks in principal cities according to
weekly reports covering the four-week period
between October 17 and November 14. There
were no new issue of Treasury certificates, nor
did any of the outstanding series fall due during
the period under review. The decrease of 27.2
millions in Victory notes and of 114.2 millions
in Treasury certificates held by the banks on
the two dates affords therefore some measure
of the extent to which the absorption of these
securities by the public has been proceeding during the period under review. Holdings of Liberty
bonds went up 16.6 millions, larger increases at
the banks in Federal Reserve Bank and branch
cities being offset in part by liquidation shown
for member banks outside these cities.
As against the notable declines in the
amounts of United States war securities and
war paper held the banks report an increase
of about 62 millions in loans secured by stocks
and bonds, notwithstanding a reduction of this
item by 68.4 millions shown for the member
banks in New York City. Substantial increases
are shown under this head for nearly all the
other larger cities, Chicago alone reporting an
increase of about 41 millions. Other loans and
investments show an increase during the period
of 292.7 millions, by far the larger portion of the
increase falling within the last week in October
and the first week in November, when the
British loan of 250 millions was placed. For
the New York City banks the increase under
this head amounts to 57.5 millions.
During the four weeks the aggregate of
Government war securities and war paper declined from 3,168.6 to 2,803^1 millions, or
from 20.5 to 1.8.2 per cent of the total loans
and investments of all reporting banks, while
the amount of loans secured by stocks and
bonds shows an increase from 3,141 to 3,203
millions, or from 20.4 to 20.8 per cent of the
banks' total l®ans and investments. For the
New York City banks the first ratio shows a
decline from 25.3 to 22.6 per cent, while the
ratio which loans secured by stocks and bonds
bear to total loans and investments of the
New York bank declined from 24.4 to 24.2
per cent.




Total loans and investments shown include
the amounts of collateral pledged with Federal
Reserve Banks as security for loans on the
banks' own notes, t>ut are exclusive of amounts
of customers7 paper rediscounted with Federal
Reserve Banks. During the four weeks under
review the amount of bills payable (collateral
notes) discounted at Federal Reserve Banks
by reporting members decreased 149.3 millions,
while the amount of paper rediscounted by
these banks with the Federal Reserve Banks
increased 178.7 millions. On the face of the
returns there is shown a decrease in total loans
and investments of 11.2 millions. If, however,
due regard is had of changes for the period in
the total of accommodation at the Federal
Reserve Banks, the net loan burden carried by
all reporting banks is seen to have increased by
138.1 millions, as the result of an increase of
167.5 millions in the gross amounts of loans
and investments (including amounts rediscounted with the Federal Reserve Banks) and
a decrease of 29.4 millions in the amount of
total accommodation at the Federal Reserve
Banks.
As against a continuous decline in Government deposits from 482.8 to 285.9 millions,
other demand deposits (net) of all reporting
banks show a steady growth, increases being
especially large during November. Demand
deposits at New York City banks were at their
highest on the last of October, the latter two
weeks showing considerable reductions, due
probably to withdrawal of balances by banks
m the interior. Of the total increase of 186.3
millions in time deposits, a large portion represents amounts shown for 5 banks which did
not begin reporting until October 24 and 31.
Reserve balances with Federal Reserve Banks
went up about 21 millions and cash on hand
13.1 millions.
While the total borrowings from Federal
Reserve Banks of all reporting banks show an
increase for the period of only 29.4 millions,
there has been a change in the form and also
in the maturities of the lo&ns, brought about
largely through the change early in November
in the discount rates and particularly the
change in the rates on w^r paper, secured by
Treasury certificates, which are now 4J a«nd
4 \ per cent irrespective of maturity, thus doing
away with the differential of one-fouith of 1
per cent in favor of 15-day paper formerly obtaining at all Federal Reserve Banks except the
San Francisco bank. The effect of this and

1193

FEDERAL RESERVE BULLETIN.

DECEMBER 1,1919.

other rate changes is seen in a decline by 149.3 and a simultaneous increase by 178.7 millions
millions of bills payable (of 15-day maturity) of customers' paper (of all maturities) redisdiscounted with the Federal Reserve Banks counted with the Federal Reserve Banks.
Principal resources and liabilities of member banks in leading cities, including member banks located in Federal Reserve
Bank cities and in Federal Reserve branch cities as at close of business on Fridays from Oct. 24 to Nov. 14,1919.
1. ALL REPORTING MEMBER BANKS.
[In thousands of dollars; i. e., 000 omitted.]

Boston.
Number of reporting
banks:
Oct. 24
Oct. 31-...
Nov.7
Nov.14..
United States bonds to
secure circulation:
Oct. 24
Oct. 31...
Nov.7
Nov.14
Other United States
bonds, including Liberty bonds:
Oct. 24
Oct. 31
;
Nov.7...
Nov. 14
United States Victory
notes:
Oct. 24....
Oct. 31
Nov.7
Nov.14
United States certificates
of indebtedness:
Oct. 24
Oct. 31
Nov.7
Nov.14...,
Total United States securities owned:
Oct. 24
Oct. 31
Nov.7
Nov.14
Loans secured by United
States bonds, Victory
notes, and certificates:
Oct. 24
Oct. 31
Nov.7
Nov.14
Loans secured by stocks
and bonds other than
United States securities:
Oct. 24
Oct. 31
Nov.7
Nov.14
All other loans and investments:
Oct. 24
Oct.31
Nov.7
Nov.14
Total loans and investments:
Oct. 24
Oct. 31
Nov.7
Nov.14
Reserve balances with
Federal Reserve Bank:
Oct. 24
Oct. 31
Nov.7
Nov.14
Cash in vault:
Oct. 24
Oct. 31
Nov.7
Nov.14..




New
York.

Philadelphia.

Cleveland.

112
112
112
112
14,023
14,023
13,536
13,536

48,048
48,048
48,533
48,633

RichSt.
Minne- Kansas
San j
mond. Atlanta Chicago. Louis. apolis. City. Dallas. Francisco. Total.

100
100
100

783
784
783
782

82
11,262
11,097
11,097
11,097

41,851 25,921
41,941 25,971
41,441 26,021
41,841 26,071

14,015
14,015
14,015
14,015

20,900 17,154
20,898 17,154
20,897 17,154
20,885 17,154

14,467
14,467
14,467
14,467

19,323
19,273
19,323
19,573

34,605.-^2687689
34,60fr
268,612
34,605
268,209
34,605
268,997

12,268 24,324
11,070 26,967
10,656 25,823
10,276 23,832

20,873
20,439
20,489
20,052

54,913
57,061
57,411
58,220

636,066
633,950
631,730

10,971
10,899
10,755
9,437

4,607
4,434
4,427
4,932

12,449
12,496
12,462
12,309

302,887
298,637
292,410
278,659

108,841 21,221 25,354 27,023
108,815 20,497 25,654 26,677
115,197 19,097 22,568 22,035
114,387 14,129 22,947 20,626

27,721
14,800
15,642
16,154

58,057
57,185
57,020
56,534

930,126
904,623
847,558
831,281

16,004
15,952
15,820
15,824

282,722 30,044
284,750 30,284
29,572
284,192 29,466

63,454
62,449
61,385
62,405

37,566 28,351
37,417 27,827
36,854 28,737
37,407

47,075 14,727
47,183 14,667
48,699 14,935
47,970 14,002

10,034
8,946
8,931
8,284

126,579
125,415
122,461
119,433

15,971
15,539
15,293
14,676

30,374
30,494
29,938
26,311

15,096 11,683
14,888 10,888
14,414 10,345
13,726 10,425

52,465
52,105
51,351
48,357

31,425
31,017
28,134
30,237

455,344
446,205
399,738
395,552

46,334
46,262
43,512
39,567

73,912 20,742 34,152
73,548 20,934 33,029
72,354 21,096 31,165
20,785 30,997

71,486
69,938
66,421
67,881

912,693 103,611
904,418 103,182
854,301 99,474
847,810 94,806

209,591 99,325
208,432 99,210
205,118 98,385
199,923 97,989

88,201
85,759
84,262
83,521

50,029
48,583
44,796
42,787

687,845
686,104
601,834
557,124

153,428
153,211
148,859
117,065

104,460
97,609
97,316
96,395

38,986
38,822
38,260
37,302

25,794
28,260
25,094
25,192

97,797
88,957
92,172
89,720

209,606
213,406
218,991
207,584

1,542,953
1,589,603
1,559,933
1,488,037

213,372
218,172
220,757
217,781

318,920
323,304
327,978
343,885

108,637
108,375
113,143
114,110

46,945
44,783
47,931
49,258

340,256
351,881
357,247
373,016

655,839
659,698
668,765
660,577

3,214,233
3,216,646
3,280,654
3,288,514

475,206
470,516
478,931
489,328

793,625
795,797
794,562
783,924

327,491
333,465
333,661
339,318

335,992
343,240
350,209
354,977

1,271,462
1,267,263
1,290,121
1,287,092

986,960
991,625
998,973
978,829

6,357,724 945,617 1,426,596 574,439
6,396,771 945,081 1,425,142 579,872 502,042
6,296,722 948,021 1,424,974 583,449 507,496
1,424,127 588,719 512,948
6,181,485

81,281
79,233
82,666
80,356

687,972
705,387
759,631
698,268

66,333
69,658
69,530
63,734

88,474
91,762
90,171
91,392

25,264
23,991
24,329
26,154

127,388 17,164
117,768 17,108
130,186 17,901
126,782 17,560

32,452
32,902
34,250

36,983
37,931
40,748
39,392

32,647
33,740
31,876
33,040

17,888

14,468
13,410
13,801
14,204

19,039
18,767

7,120
7,120
7,120
7,120

7,545
7,351
7,105
6,531

5,113
5,182
4,928
4,238

229,281 60,647 49,855 76,785 72,524
229,001 59,669 49,026 79,010 58,946
236,144 58,291 45,272 73,080 59,881
60,711
231,599 51,816 44,581

160,024 2,134,023
161,347 2,107,938
161,498 2,042,127
161,668 2,010,667

6,327
6,460
6,348
5,943

23,519
24,512
24,969
26,192

1,252,406
1,234,057
1,141,049
1,061,438

141,681 32,057 68,255 28,056
140,497 33,474 71,056 28,827
144,605 32,973 70,985 28,836
74,560 28,668
147,336

115,430
122,681
122,759
124,855

3,166,168
3,246,059
3,246,138
3,202,988

464,011
470,735
473,008
459,813

194,058
197,392
200,233
202,836

706,234
715,171
714,420
725,225

8,984,507
9,023,666
9,141,277
9,147,264

1,938,796 516,130 357,643 630,095
1,937,102 519,859 359,316 639,574
1,975,684 525,066 355,176
354,412 622,504
1,981,427

300,965
291,625
295,298
298,158

1,005,207
1,023,711
1,023,646
1,037,940

15,537,104
15,611,720
15,570,591
15,422,357

28,838 14,339 21,044
28,858 13,908 18,773
28,187 14,201 19,013
29,411 14,538 19,769

284,964
290,835
293,983
294,265

176,816 42,069
176,503 41,560
177,678 41,822
180,906 46,846
68,815
66,602
69,791

10,938
10,660
11,205
11,330

261,392
262,908
262,730
261,395

25,189
24,718
25,443
26,038
9,541
9,265
9,382
9,297

49,316
47,410
48,475
56,423

24,736
23,361
24,530
27,069

15,442 11,115
15,335 10,779
16,974 10,935
15,560 11,890

70,540 1,382,356
71,908 1,403,171
69,081 1,461,651
73,659 1,417,123
24,106
24,255
24,886
27,034

374,581
358,771
382,679
381,503

1194

FEDERAL RESERVE BULLETIN.

DECEMBER 1,

1919.

Principal resources and liabilities of member banks in leading cities, including member banks located in Federal Reserve
Bank cities and in Federal Reserve branch cities as at close of business on Fridays from Oct. 14 to Nov. 14, 1919—Con.
1. ALL REPORTING MEMBER BANKS—Continued.
[In thousands of dollars; i. e., 000 omitted.]
Boston.
Net demand deposits on
which reserve is computed:
Oct. 24
Oct. 31
Nov. 7 . .
Nov. 1 4 . . . . .
Time deposits:
Oct. 24.
Oct. 31
Nov.7
Nov.14
Government deposits:
Oct. 24
Oct. 31
Nov.7
Nov.14
Bills payable with Federal Reserve Bank:
Oct. 24
Oct. 31
Nov.7
Nov.14
Bills rediscounted with
Federal Reserve Bank:
Oct. 24
Oct. 31
Nov.7
Nov.14.

791,811
802,737
800,936
797,097
121,586
123,247
123,937
124,698

New
York.

Philadelphia.

5,137,054 674,864
o,Laijuoo 675,267
5,134,522 680,780
5,141,917 675,910
428,411 22,518
425,138 22,453
431,059 22,368
433,876 22,386

Cleveland.

814,441
824,113
824,421
832,217

RichSt.
San
Minne- Kansas
mond. Atlanta. Chicago. Louis. apolis. City. Dallas. Francisco.

347,120
358,420
372,424
374,455

276,815
275,707
283,225
289,346

1,322,449
1,320,248
1,346,869
1,342,717

319,117 94,950 119,393
321,028 95,569 119,843
321,724 96,470 120,156
324,922
120,846

461,891
464,404
468,711
471,880

Number of reporting
banks:
Oct. 24
Oct. 31
Nov.7
Nov.14
United States bonds to
secure circulation:
Oct.24
Oct. 31
Nov.7
Nov.14
Other United States
bonds, including Liberty bonds:
Oct.24.....
Oct. 31
Nov.7
:
Nov.14
United States Victory
notes:
Oct.24
Oct. 31
Nov.7
Nov.14
United States certificates
of indebtedness:
Oct.24..
Oct. 31
Nov.7
Nov.14
Total United States securities owned:
Oct.24
Oct. 31
Nov.7
Nov.14
- Loans secured by United
States bonds, Victory
notes, and certificates:
Oct.24
Oct. 31
Nov.7
Nov.14
...
Loans secured by stocks
and bonds other than
United States securities;
Oct.24
Oct. 31
Nov. 7
Nov.14




322,058 258,663 452,395 208,811
326,012 265,884 452,755 209,541
330,490 267,664 454,775 217,586
342,092
462,054 233,234

573,048
576,580
570,552
595,594

11,179,529
11,284,902
11,284,244
11,354,900

104,889 58,302
105,328 58,691
106,615
108,281 58,317

83,420
84,545
83,375
85,159

31,428
31,582
31,920
32,117

327,633
342,328
343,998
344,874

2,173,538
2,194,156
2,209,169
2,224,042

5,287
4,936
4,824
6,404

6,541
5,530
5,215
5,484

4,317
4,337
4,227
3,578

438,955
355,360
330,843

26,405 56,312
24,712 59,150
22,369 52,445
19,700

30,250
17,388
15,208
10,650

20,156 20,784 24,743
18,986 18,095 25,714
20,789 17,912 28,375
21,545 18,927 37,405

8,617
^ 814
8,005
6,762

24,695
20,456
19,192
18,781

268,212
23,922
197,825
158,947

34,403
27,484
25,431
20,536

33,101
26,735
24,983
22,264

9,217
7,986
7,580

5,270
4,086
3,507
3,687

32,538
27,467
25,991
25,527

8,702
6,616
6,501
5,679

.18,.884
21,957
34,642

549,437
575,250
619,432
515,575

136,851
137,947
73,218
75,090

93,597
84,961
84,314
95,476

51,771
47,255
46,026
49,614

58,577
54,424
49,675
47,861

93,549
95,231
100,180
107,972

32,115
32,928
26,235
21,233

62,372
60,066
65,264
81,621

163,410 27,647
185,715 37,884
221,371 98,869
99,648

31,981 17,061 27,327
33,740 17,059 30,645
37,153 17,784 31,548
35,259 17,383 34,129

44,374
43,300
36,788
53,313

2. MEMBER BANKS IN FEDERAL

Total.

6,672
5,805
5,567
6,388

40,221 1,187,969
43,286 1,194,489
43,071 1,166,815
43,103 1,065,540
18,381
24,462
27,373
25,439

466,853
503,480
611,231
668,000

RESERVE BANK CITIES.

267
268
268
268
38,351
38,351
38,836

7,252
7,087
7,087
7,087

4,131
4,131
3,631
3,631

2,832
2,832
2,832
2,832

3,100
3,100
3,100
3,100

1,439
1,439
1,438
1,439

10,549
10,549
10,549
10,549

2,791
2,791
2,791
2,791

4,753
4,753
4,753
4,753

4,560
4,560
4,560
4,560

18,500
18,500
18,500
18,500

102,151
101,986
101,683
101,784

7,850
7,901
7,863
7,876

252,492
254,326
252,510
253,078

23,248
23,676
22,895
22,742

10,094
9,693
9,478
11,817

5,553
5,724
5,781
5,706

1,315
1,367
1,351
1,354

14,638
14,582
15,341
15,245

6,602
6,454
6,445
6,102

3,430
2,337
2,028
1,447

7,719
9,204
7,926

4,878
4,962
5,047
4,835

35,840
35,840
36,871

371,191
376,066
373,477
374,999

2,419
1,344
1,347
1,095

111,011
109,770
107,161
105,431

12,488
12,003
12,143
11,200

7,005
7,083
7,043
6,016

1,029
1,009
960
754

1,130
1,071
1,044
928

24,600
24,457
23,811
22,674

3,338
3,201
3,071
2,770

2,098
2,199
2,157
1,159

6,146
6,085
6,047
5,091

1,390
1,339
1,325
1,473

5,665
6,133
6,074
5,659

178,319
175,694
172,183
164,250

16,003
15,964
14,624
16,982

428,658
419,826
374,629
370,900

40,445
40,379
37,610
33,725

12,825
12,094
12,531
11,179

969
934
934
934

14,197
14,197
14,171
13,566

56,825
56,746
58,183
57,573

17,260 10,439 12,049 15,454
16,603 10,475 11,837 2,493
15,633 8,487 6,277 3,380
10,639 8,727 4,799 3,940

24,709
24,119
24,324
23,973

625,667
570,783
556,937

30,165
29,102
24,440
29,559

830,512 83,433
83,145
773,136 79,735
768,345 74,754

34,055
33,001
32,683

10,383
10,499
10,507
10,226

19,742
19,735
19,666
18,948

97,502
97,224
98,773
96,931

37,749
36,807
35,698
30,060

18,758
17,802
15,463
14,124

30,667 26,282
31,879 13,354
25,975 14,312
22,569 14,808

82,246 1,301,494
84,592 1,279,413
84,738 1,218,126
85,003 1,197,970

34,422
33,619
30,414
28,043

650,917
649,336
565,800
526,881

147,956
147,876
143,834
112,149

32,472
31,966
31,501
30,262

14,545
14,154
14,374
13,668

6,241
6,453
6,211
6,477

72,787
63,954
66,542
63,311

20,751
20,939
20,119
20,807

7,408
7,613
7,804
7,892

5,939
5,788
5,912

1,193
1,215
1,125
1,117

12,770 1,009,550
13,703
996,767
14,102
907,614
15,504

160,473 1,403,773 196,261
164,297 1,455,617 199,295
1,421,159 204,303
160,818 1,345,160 200,006

113,956
117,725
119,191
126,014

16,343
17,173
20,615
20,867

6,978
6,940
7,043

258,705
274,186
278,031
288,102

113,784
112,335
116,397
118,258

14,146
14,709
14,499
15,123

29,416
31,708
31,162
31,944

9,125
9,411
9,387
9,607

57,341
63,792
64,028
64,943

3,606
3,606

2,380,301
2,467,188
2,455,714
2,387,211

1195

FEDERAL RESERVE BULLETIN.

DECEMBER 1,1919.

Principal resources and liabilities of member banks in leading cities, including member banks located in Federal Reserve
Bank cities and in Federal Reserve branch cities as at close of business on Fridays from Oct. 24 to Nov, 14,1919—Con.
2. MEMBER BANKS IN F E D E R A L R E S E R V E BANK CITIES—Continued.
[In thousands of dollars; i. e., 000 omitted.]

Boston.
All other loans and investments:
461,560
Oct. 24
465,843
Oct. 31
472,946
Nov. 7
461,630
Nov. 14
Total loans and investi* ments:
686,620
"~~ Oct. 24
692,861
Oct. 31
700,699
Nov. 7
680,050
Nov. 14
Reserve balances with
Federal Reserve Bank:
65,744
Oct. 24
63,611
Oct. 31
67,322
Nov. 7
65,163
Nov. 1 4 . . .
Cash in vault:
15,152
Oct. 24
14,577
Oct. 31
14,602
Nov. 7
16,292
Nov. 14
Net demand deposits on
H.which reserve is computed:
614,375
Oct. 24
625,453
Oct. 31
624,223
Nov. 7
619,632
Nov. 14
Time deposits:
35,245
Oct. 24
36,389
Oct. 31
36,313
Nov. 7
36,890
Nov.14
Government deposits:
19,592
Oct. 24
16,128
Oct. 31
Nov. 7
15,096
Nov. 14
14,188
Bills payable with Federal Reserve Bank:
Oct. 24
11,804
Oct. 31
14,077
Nov. 7
28,502
Nov. 14
29,713
Bills rediscounted with
Federal Reserve Bank:
Oct. 24
53,331
Oct. 31.
51,430
Nov. 7.
56,367
72,214
Nov.14

New
York.

Philadelphia.

Cleveland.

Richmond. Atlanta. Chicago.

2,864,898
2,861,690
2,927,960
2,929,595

410,279
407,539
414,390
424,636

231,920
237,015
234,019
226,060

64,575
64,454
64,140
64.425

53,586
54,230
54,121
55,126

704,243
693,341
714,002
709,680

5,750,100
5,788,916
5,688,055
5,569,981

837,929
837,855
842,262
811,545

412,403
419,707
417,394
414,979

105,846
106,280
109,636
109,186

86,547
87,358
87,041
86,920

1,133,237
1,128,705
1,157,348
1,158,024

651,630
668,943
721,073
660,000

60,123
62,731
63,478
56,354

26,920
27,693
24,667

7,312
6,605
7,835

7,347
6,358
6,922
7,333

123,108
119,841
122,921
123,045

32,274
30,890
31,478
35,813

12,414
11,621
12,591
12,917

113,682
104,869
116,124
113,487

13,626
13,282
13,901
13,834

7,741
7,925
8,151
8,900

1,639
1,658
1,920
1,905

2,871
2,723
2,531
2,285

39,600
36,653
39,270
38,709

5,623
5,369
5,728
5,641

4,700,777
4,765,169
4,704,741
4,698,916

592,158
590,918
596,282
590,828

210,757
222,899
220,967
218,917

62,194
66,744
73,802
72,302

48,025
49,515
50,749
52,350

885,478
878,183
904,086
879,182

226,639
229,854
232,001
241,413

346,870
343,534
348,644
351,538

13,747
13,703
13,721
13,734

156,616 18,912 18,098
156,785 19,043 18,248
157,377 19,451 18,492
157,660 19,385 18,511

173,958
174,440
176;238
177,841

65,787
65,933
66,267
67,859

1,385
1,132
1,061

22,332
19,028
18,042
18,514

7,850
5,929
5,859
5,014

264,953 32,634
211,125 25,944
195,167 23,957
156,218 18,715

10,967
9,230
8,767
8,903

494,197
519,785
564,766
461,758

145,899
167,234
203,942 97,239
217,851 97,836

19,437
18,673
20,037
21,398

2,791
3,366
3,315
3,082

173,930
180,430
181,101
179,243

125,268
121,685
123,167
123,800

164,717
166,951
167,675
164,056

Total.

2,396
1,142
1,604
1,792

52,386
53,295
53,567
51,064

366,987
370,913
372,499
376,401

5,674,349
5,677,386
5,779,587
5,765,716

346,214 .65,580 232,888
350,511 .61,809 236,477 77,275
353,315
230,600 78,391
348,368
224,481 76,596

519,344
533,000
535,367
541,851

10,365,694
10,420,754
10,361,041
10,182,920

13,838
16,013
17,740
20,572

7,467
6,582
7,310
7,596

33,949
36,436
31,809
34,505

1,042,126
1,057,324
1,115,146
1,0

2,731
2,743
3,037
2,814

4,381
4,139
4,206
4,234

2,324
1,930
1,859
2,038

8,751
9,250
9,360
10,032

218,121
205,118
220,689
220,171

113,139
114,073
118,910
118,484

165,989
163,448
167,483
167,672

64,138
63,269
65,995
68,270

266,165
268,192
260,940
273,655

7,949,834
8,037,717
8,020,179
8,001,621

21,448 10,280
21,663 11,866
21,543 11,476
20,926 13,412

3,429
3,476
3,551
3,596

186,684
200,176
200,925
201,144

1,051,074
1,065,256
X, 073,998
1,082,496

2,343
2,158
2,101
3,208

4,677
3,888
3,653
3,623

2,346
2,346
2,346
2,647

373,327
300,579
279,546
235,849

41,433 21,457 13,352 22,812 15,527
41,683 19,340 12,962 24,562 3,400
40,252 16,612 10,902 17,483 1,900
54,861 12,281 8,215 16,733

21,374 10,393 15,217
15,870 7,743 13,352
14,796 6,173 11,047
20,070 8,196
7,778

129,497
130,081
66,223
65,320

1,217
1,181
1,167
1,713

St.
Minne- Kansas
San
Louis. apolis. City. Dallas. Francisco.

21,254
22,752
22,737
23,878

818,317
825,607
801,393
708,803

3,391
2,955
3,011
2,739

10,543
16,505
18,835
16,942

328,665
359,345
461,701
511,264

6,266
6,513
6,676
6,691

27,569
26,734
22,974
40,489

3,031
2,490
2,330
2,126

15,985
13,052
12,391
14,260

14,618
15,555
15,310
15,970

3. MEMBER BANKS IN FEDERAL RESERVE BRANCH CITIES.
[In thousands of dollars; i. e., 000 omitted.]
RichNew
San
Dallas Francisco
Atlanta Chicago St. Louis Kansas
York Cleveland mond
City
district.! districts district.3 districts districts districts district.* district .8 district.**
Number of reporting banks:
Oct. 24
Oct.31
Nov.7
Nov. 14
United States bonds to secure circulation:
Oct. 24
Oct.31..
Nov.7
Nov.14
Other United States bonds, including
Liberty bonds:
Oct. 24
Oct.31.
Nov.7
Nov.14




Total.

9
9
9
9

38
38
38
38

19
19
19
19

24
24
24
24

12
12
12
12

18
18
18
18

17
17
17
17

12
12
11
11

30
30
30
30

179
179
178
178

1,599
1,599
1,599
1,599

24,407
24,497
24,497
24,897

5,583
5,583
5,583
5,583

6,915
6,915
6,915
6,915

1,870
1,870
1,870
1,870

5,255
5,255
5,255
5,255

4,487
4,487
4,487
4,487

6,858
6,858
6,858
7,108

8,485
8,485
8,485
8,485

65,459
65,549
65,549
66,199

6,478
6,510
7,058
7,474

41,329
40,970
39,845
38,424

9,104
9,098
9,138
9,415

22,868
22,775
23,388
22,613

16,906
16,849
16,701
16,428

7,334
7,386
7,579
7,165

7,623
8,708
7,244
6,356

7,929
7,928
7,951
7,723

14,845
14,547
14,860
14,980

134,416
134,771
133,764
130,578

1196

FEDERAL RESERVE BULLETIN.

DECEMBER .1,1919.

Principal resources and liabilities of member banks in leading cities, including member banks located in Federal Reserve
Bank cities and in Federal Reserve branch cities as at close of business on Fridays from Oct. 24 to Nov. 14,1919—Con.
3. MEMBER BANKS IN FEDERAL RESERVE BRANCH CITIES—Continued.
[In thousands of dollars; i. e., 000 omitted.]
RichNew
San
Dallas Francisco
Atlanta Chicago St. Louis Kansas
York Cleveland mond
City
district .i districts district .3 district.* district.* district.* district.* district.8 district.»
United States Victory notes:
Oct. 24
Oct. 31.
Nov. 7 . . . . .
Nov.14...
United States certificates of indebtedness:
Oct. 24
Oct. 31
Nov. 7....
Nov. 14
..
Total United States securities owned:
Oct. 24
Oct. 31
Nov. 7....
Nov. 14
Loans secured by United States bonds,
Victory notes, and certificates:
Oct. 24
,
Oct. 31
Nov. 7Nov. 14
.
Loans secured by stocks and bonds other
than United States securities:
Oct. 2 4 . . . . .
,
Oct. 31
Nov. 7
Nov. 14
All other loans and investments:
Oct. 24
Oct. 31
,
Nov. 7.
Nov. 14
Total loans and investments:
Oct. 24
Oct. 31
Nov.7.
Nov. 14
Reserve balances with Federal Reserve
Bank:
Oct. 24
,
Oct. 31
Nov. 7
Nov. 14
Caslvin vault:
Oct. 24
Oct. 31.
Nov. 7
Nov. 14...
Net demand deposits on which reserve
Is computed:
Oct. 24
Oct. 31
,
Nov. 7
Nov. 14
Time deposits:
Oct. 24
Oct. 31
Nov.7
Nov. 14
Government deposits:
Oct. 24
Oct. 31.
Nov.7.....
Nov. 14
Bills payable with Federal Reserve Bank:
Oct. 24..
Oct. 31
Nov.7
Nov.14
Bills rediscounted with Federal Reserve
Bank:
Oct. 24
Oct. 31
,
Nov.7
Nov. 14.




Total.

6,192
6,229
5,980
5,018

17,960
17,835
17,738
15,816

4,173
4,185
4,176
3,747

7,978
7,185
6,799
7,157

16,257
16,263
16,223
14,877

3,888
3,865
3,761
3,518

1,996
1,772
1,710
1,467

1,475
1,468
1,469
1,522

4,710
4,423
4,475
4,482

64,629
63,225
62,331
57,604

12,281
12,281
12,188
12,081

51,096
52,162
50,554
48,890

10,357
10,510
10,758
10,674

17,236
15,760
14,172
14,612

34,071
33,609
38,308
38,134

3,478
3,456
3,393
3,418

6,430
6,227
7,242
7,337

7,664
7,704
7,724
7,724

22,720
22,457
22,420
22,308

165,333
164,166
166,759
165,178

26,550
26,619
26,825
26,172

134,792
135,464
132,634
128,027

29,217
29,376
29,655
29,419

54,997
52,635
51,274
51,297

69,104
68,591
73,102
71,309

19,955
19,962
19,988
19,356

20,536
21,194
20,683
19,647

23,926
23,958
24,002
24,077

50,760
49,912
50,240
50,255

429,837
427,711
428,403
419,559

12,669
12,503
12,478
7,471

60,106
54,385
54,567
55,270

11,083
10,714
9,944
9,519

13,324
13,850
13,423
13,092

10,044
9,835
11,372
11,705

7,035
6,892
7,041
7,572

8,801
9,130
9,625

1,927
1,859
1,928
2,091

6,769
6,929
7,106
6,732

131,986
125,768
126,989
123,077

42,012
38,238
42,499
43,565

152,509
151,322
154,373
163,730

35,403
35,098
35,327
34,712

28,646
28,492
29,880
31,872

42,385
40,718
42,105
47,972

25,178
25,413
25,464

20,598
21,142
21,300
20,979

11,761
12,172
12,226
12,062

32,855
33,078

391,347
385,673
396,167
414,875

115,098
116,851
112,627
119,484

405,300
402,439
404,731
404,448

96,531
96,44?
98,155
100,409

200,583
211,050
214,448
220,220

272,646
276,272
276,058
277,078

95,847
95,139
97,639
100,052

155,544
158,194
158,555
154,740

61,221
61,229
61,184
65,768

196,329
194,211
194,429
196,692

752,707
743,610
746,305
751,475

172,234
171,630
173,081
174,059

297,550
306,027
309,025
316,481

394,179
395,416
402,637
408,064

148,015
147,406
150,132
153,345

205,707
209,331
209,668
204,991

99,218
99,340
103,998

12,256
12,712
15,338
11,250

45,186
48,351
49,405
47,215

12,365
13,337
12,906
12,336

19,747
20.855
18,852
18,813

26,591
30,317
27,607
30,948

9,119
9,675
9,451
10,084

14,690
14,229
18,552

2,697
2,626
3,102
2,644

14,499
14,761
15,644
15,193

5,372
5,496
5,812
5,984

7,141
6,268
6,759
7,337

15,047
15,392
15,879
15,242

4,566
4,482
4,751
4,968

5,054
5,116
7,079
5,321

127,189
128,766
129,695
128,995

442,078
441,003
441,491
446,353

108,152
112,579
113,692
113,452

172,986
173,943
177,208
180,956

206,573
210,214
211,330
227,638

85,689
85,962
88,307
90,673

139,497
139,468
135,447
140,957

60,882
64,111
68,767

193,054 1,536,016
192,652 1,545,469
192,169 1,553,450
201,073 1,598,864

92,147
93,565
93,822
96,416

19,432
19,511
19,574
19,741

67,282
67,501
67,010
67,394

184,163
185,752
187,616
189,390

31,682
31,971
32,928
33,044

42,899

30,669
31,200
31,013

41,992
41,738

16,778
16,804
17,028
17,020

102,418
103,324
104,227
104,797

587,637
591,466
595,397
600,553

1,174
927
853
657

19,553
15,219
14,042
11,063

5,009
4,211
3,975
4,103

3,299
2,559
2,079

4,370
3,400
3,140
2,463

820
662
619
648

1,634
1,536
1,498
1,752

728
687
740

1,146
1,146
1 036
610

37,873
30,388
27,929
24,466

20,490
21,774
23,146
21,048

66,485
63,173
63,929
69,713

15,627
13,582
15,290
18,083

36,884
34,689
32,784
33,753

24,765
25,364
30,825
26,570

12,568
9,123

21,272
22,409
23,146
16,584

9,460
8,855
9,105
7,680

14,762
14,908
14,713
13,200

219,394
217,322
222,061
215,168

7,193
7,174
7,141
7,316

10,357
12,636
9,275

9,747
9,428
10,382
10,658

14,798
20,091
22,090
24,794

4,334
4,839
2,252
2,020

12,543
11,450
13,179
13,525

2,947
2,676
5,454
13,577

2,386
2,667
3,346
3,245

6,642
6,632
5,794
5,697

69,576
75,314
82,274
90,107

233,233

1,636,003
1,653,149
230,682 1,654,079
231,659 1,673,858
323,617
325,452
321,021
322,264

2,589,173
2,592,301
2,605,638
2,631,369

8,226

23,728
22,095
23,823
24,886

175,175
179,044
179,477
182,310

2,935
2,981
3,057
3,135

7,281
7,205
7,245
8,052

64,592
64,327
69,328
67,876

8,099
7,012

1 Buffalo.
Pittsburgh and Cincinnati.
3 Baltimore.
< New Orleans, Jacksonville, Birmingham, and Nashville
6 Detroit.
fi Louisville, Memphis, and Little Rock.
7 Omaha and Denver.
* El Paso and Houston.
^Spokane, Portland, Seattle, and Salt Lake City
2

33,618

1197

FEDERAL RESERVE BULLETIN.

DECEMBER 1,1919.

IMPORTS AND EXPORTS OF GOLD AND SILVER.
Gold imports into and exports from the United States.
[In thousands of dollars; i. e., 000 omitted.]
During 10
During 10
During 10
From
Since
Jan. 1 to
days ending days ending days ending Jan. 1,1919.
Nov. 10,1918.
Oct. 20,1919. Oct. 31,1919. Nov. 10,1919.
JMPORTS.

220

275

14,509

69
12
71

677

31,566
10,742
5,358

12,969
6
38,717
6,784
178

2,169

Total

940

1,949

Ore and base bullion.
United States mint or assay office bars
Bullion, refined
United States coin
Foreign coin

1,092

952

62,175

58,654

68
11
18,116

20
90,268
12,613
184,944

129
4,455
3,397
30,163

EXPORTS.

Domestic:
Ore and base bullion
United States mint or assay office b a r s . . .
Bullion,refined
Coin . .

. . . .....

8,855
5
894

5
13,903
7,135

Total
Foreign c o i n . . . . . . . .

9,754
165

21,043
7

18,195

287,845
419

38,144
425

Total exports

9,919

21,050

18,195

288,264

38,569

Excess of gold exports over imports since Jan. 1,1919, $226,089,000. Excess of gold imports over exports since Aug. 1,1914, 8845,317,000.

Silver imports into and exports from the United States.
[In thousands of dollars; i. e., 000 omitted.]
During 10
During 10
During 10
From
Since
days ending days ending days ending Jan. 1,1919.
Jan. 1 to
Oct. 20,1919. Oct. 31,1919. Nov. 10,1919.
Nov. 10,1918.
IMPORTS.

2,288

1,784

62,073

519
32
18

91
15
25

7,160
868
4,521

38,128
51
20,040
1,064
4,108

2,533

3,441

1,915

74,622

63,391

118
3,433
26

1
67
2,449
116

711
132

5
71,420
94,171
2,582

18
37,373
151,080
3,042

3,577

2,633

843

168,178

191,513

1
1,252
65

Total

2,872

106
17
122

Ore and base bullion
United States mint or assay office bars...
Bullion, refined
United States coin
Foreign coin

965
161

79

1
18,317
3,800

5,521
5,773

EXPORTS.

Domestic:
Ore and base bullion
United States mint or assay office bars
Bullion, refined
Coin
Total
Foreign:
Ore and base bullion
Bullion, refined.
Coin
Total
Total exports

. . . .

1,318
. .

1,126

79

22,118

11,294

4,895

3,759

922

190,296

202,807

Excess of silver exports over imports since Jan. 1,1919, $115,674,000. Excess of silver exports over imports since Aug. 1,1914, $395,435,000.




1198

FEDERAL RESERVE BULLETIN.

DECEMBER 1,1919,

Estimated general stock of money, money held by the Treasury and by the Federal Reserve system, and all other money in the
United States Nov. 1,1919.

General stock
of money in
United States.

$2,872,525,066

Gold coins
Gold certificates
Standard silver dollars
Silver certificates
Subsidiary silver
Treasury notes of 1890
United States notes
Federal Reserve notes
Federal Reserve Bank notes..
National Bank notes
Total:
Nov. 1,1919
Oct. 1,1919
July 1,1919
Apr. 1,1919
Jan. 1,1919
Oct. 1,1918.
July 1,1918
Apr. 1,1918..
Jan. 1,1918
Oct. 1,1917
July 1,1917
Apr. 1,1917

Held in U . S .
Treasury as
assets of the
Government.*
$356,963,434

Amount per
Held outside
Held by or for
capita outside
Federal Reserve U. S. Treasury U. S. Treasury
Banks and
and Federal
and Federal
agents.
Reserve system. Reserve system.

346,681,016
2,958,700,375
267,986,800
722,394,325

18,667,032
41,580,473
58,937,431
53,883,553

4 56,393,409
178,205,380
13,453,668
3,788,766

$393,544,121
301,956,662
81,885,372
149,562,776
234,398,832
1,709,093
271,620,575
2,738,914,522
195,595,701
664,722,006

7,721,561,106
7,662,898,238
7,588,473,771
7,586,752,855
7,780,793,606
7,391,008,277
6,742,225,784
6,480,181,525
6,256,198,271
5,642,264,856
5,480,009,884
5,312,109,272

604,552,807
616,213,318
578,848,043
550,628,454
454,948,160
380,246,203
356,124,750
339,856,674
277,043,358
242,469,027
253,671,614
258,198,442

2,083,098,639
2,087,709,369
2,167,280,313
2,195,151,766
2,220,705,767
2,084,774,897
2,018,361,825
1,873,524,132
1,723,570,291
1,429,422,432
1,280,880,714
952,964,705

5,033,909,660
4,958,975,551
4,842,345,415
4,840,972,635
5,105,139,679
4,925,987,177
4,367,739,209
4,266,800,719
4,255,584,622
3,970,373,397
3,945,457,556
4,100,976,125

308,145,759

;6,572,938
3 4,623,629

"245*i27,*765'

•..?..

$1,458,329,499
361,731,350

$47.28
46.61
45.00
45.17
47.83
46.34
41.31
40.47
40.53
37.97
37.88
39.54

1
Includes reserve funds against issues of United States notes and Treasury notes of 1890 and redemption funds held against issues of nationalbank notes, Federal Reserve notes, and Federal Reserve Bank notes.
2
Includes balances in gold settlement fund standing to the credit of the Federal Reserve Banks and agents.
8
Includes standard silver dollars.
4
Includes Treasury notes of 1890.




1199

FEDERAL RESERVE BULLETIN.

DECEMBER 1,1919.

DISCOUNT RATES.
Discount rates approved by the Federal Reserve Board up to Nov. 29, 1919.
Discounted bills, including
member banks' collateral
notes, maturing within
15 days, secured b y Federal Reserve Bank.

Discounted bills maturing
within 16 to 90 days, secured by—

Treasury certificates of indebtedness bearing
interest at—

Tieasury certificates of indebtedness bearing
interest at—

4iper
cent.

Boston
New York
Philadelphia.,
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis-.
Kansas City..
Dallas

San Francisco

4£per
cent.

4i
4£
44
4i
44
44
44
41

4

41

44
44
44

Liberty
bonds
and
Victory
notes.

4i per
cent.

4
4

44
44
44

4J

44
44
44
44
44
4f
44
44

4-h per
cent.

i

41
44
4i

4}

44
44
44
44
44
44
44
44
44
44

Trade acceptances1 maturing
within—

Discounted bills, secured otherwise
than by Government war obligations,2 also unsecured maturing
within—

Liberty
bonds
and
15 days. 16 to 90
days.
Victory
notes.

91 to
15 days,
180 days
including
member 16 to 60 61 to 90 cultural
days.
banks'
days. and livecollateral
stock
notes.
paper).

44
44
44
4|
43
44
44
44
4|
44

44
44
44
44
44
44
44
5
5
44

44
44
44
44
44
44
44
44
44
5
5
5

4|

4|

#
44
44
44
5
5
44

4

5
5
5

P
54

Si
61
51

1 Rates also apply to bankers' acceptances discounted by the New York and Cleveland banks.
2 Rates on paper secured by War Finance Corporation bonds, 1 per cent higher than on commercial paper of corresponding maturity.
3
Rate of 4$ per cent on member banks' collateral notes: 4J per cent on customers' paper.
4
Rate of 4h per cent on member banks' collateral notes; 4f per cent on customers' paper.
NOTE 1.—Acceptances purchased in open market, minimum rate 4 per cent.
NOTE 2.—Whenever application is made by member banks for renewal of 15-day paper the Federal Reserve Banks may charge a rate not
exceeding that for 90-day paper of the same class.




1200

FEDERAL RESERVE BULLETIN.

DECEMBER 1,1919.

COMPARATIVE STATEMENT OF CONDITION OF LEADING BANKS OF ISSUE.
Comparative statement showing principal assets and liabilities of the leading banks of issue at dates specified.
[In thousands of dollars, i. e., 000 omitted.]
Federal Reserve Banks.
Dec. 31, Dec. 27,
1914.
1918.

Bank of England.

Nov. 14, July 29, Dec. 25,
1919.
1914.
1918.

Bank of France.

Bank of Italy.

Dec. 26,
1918.

Dec. 31,
1918.

Oct. 22, July 30
1914.
1919.

Oct. 30, Dec. 31,
1914.
1919.

Sept. 20,
1919.

ASSETS.

Gold coin and bullion
Silver and other metallic reserve
Total metallic reserve.
Gold held abroad
Foreign credits
Government securities:
Bonds, consols, etc
Short-term securities...
Other Government securities

241,3212,084.,445
17,823

8,726

9,589

5,829
6,770
205
8,755

282,677
47,219

146,176
1,778
—
26,846
278,617 143,343
57,257

384,994

428,447
428,447

215,810

157,827

61,441

55,510

20,823

14,890

14,459

919,968

725,450

749,771

236,633

172,717

169,833

381,808
281,865

8,195

149,6451

160,315

435,824

472,459

41,019
963

80,582 4,070,125 5,708,538 105,765 1,034,678 1,314,611

435,824

472,459

30,491
29,132
,006,611 2,595,271
i 909 2,

230,219

448,399

404,615

471,746
146,443

28,006

23,080

292,608 4,529,643 5,154,830

.41,057
1,093
680,518 716,995

1,012,260 1,254,766

77,174

401,614

353,287

234,633

252,451

308,162 337,721

559,132 1,269,217 1,305,5211,695,9136,584,0858,065,441

59,845

22,418

38,600 3,348,550 4,950,450

143,343

734
9,237

155,374

694,261

120,689

393,162
450,939

384,994

362,720

358,765

Total

799,279
185,570

259,144 2,093,171 1,996,673 185,570

Total.
Notes of other banks of issue.
Loans and discounts
Advances on bullion and
specie, securities, merchandise, etc
Securities
Sundry assets

1,987,084

2 5,416
165,405

42,905
307,818

30,942
535,604

29,180
39,486
43,610

147,202
39,542
515,062

133,836
39,154
45,261

633,690 2,409,569 2,429,556

LIABILITIES.

Capital paid in
Surplus
Government deposits.....
Other deposits
Bank notes in circulation.
Sundry liabilities

80,681
86,769 70,822
1,134
81,087 16,994
63,367
77,912 61,868
1263,948 1,526,786 1,798,990 264,830
* 302,366
10 609 2,802,366 3,065,737 184,564
55,309
44,335
54
18,051

70,822 70,822 35,223 35,223 35,223
8,294
8,206
8,292
15,850 15,398
12,236
115,059 109,058 73,835 21,555
704,217 183,573 457,143 601,245
3
725,288
,838,172 ,135,942
342,149 405,929 [,289,855 5,
172
97 104,322 ' 223,700 7, 272,501
49

34,740
34,740
34,740
22,247
13,515
18,492
40,320
51,329 3 88,927
373,822
118,035 514,115
417,352 1,780,108 2,067,445
9,728
20,219
10,785

292,608 4,529,643 5,154,830 559,132 1,269,217 1,305,5211,695,913 6,584,085 8,065,441 633,690 2,409,569 2,429,556

Total.

German Reichsbank.
July 31, Dec. 31, Oct. 15,
1914.
1918.
1919.

Austro-Hungariari Bank.
July 23, Dec. 31,
1918.
1914.

Norges Bank, Norway.

National Bank, Copenhagen, Denmark.

Oct. 21, July 31, Dec. 31, Aug. 31, July 31,
1918.
1919.
1914.
1919.
1914.

Dec. 31,
1918.

Sept. 3§,
1919.

ASSETS.

Gold coin and bullion
Silver and other metallic reserve.-..
Total metallic reserve.
Gold held abroad
Foreign credits
Government securities:
Bonds, consols, etc
Short-term securities....
Other Government securities
Total
Notes of other banks of
issue
Loans and discounts
Advances on bullion and
specie, securities, merchandise, etc
Securities
Sundry assets

298,261

538,808

260,856

250,794

53,074

52,667

65,409

4,764

4,633

59,031

11,524

11,544

363,670

543,572

309,825

64,598

64,211

11,676

32,691

39,732

11,676

32,691

39,732

10,249

19,568

24,410

24,131

24,410

52,159

50,246

654

864

52,813

51,110

31,934

18,509
—

. •

i

f 12,156 6,306,938 6,688,636
1,502,954 420,311
7,9601,254,599 2,163,641
1,090,806

4,463

11,402

1,071

61,141

7,9601,254,599 2,163,641

5,534

12,543

2,740
715
495,296 6,530,491 7,744,756

12,156 7,809,892 8,199,753
20,452

65
113,349

91
82,289

2,307
27,098

2
65,870

1
96,963

1,429
37,159
569,060

37,790 1,691,5121 , 807,286
L
64,349
59,943 63,938
23,358 253,4741,,030,349

1,646
3,635
2,388

1,634
5,017

1,481
4,727

3,106
9,627

5,243
2,602
792

6,901
3,081

1,064,0818,937,025

Total

90,478 88,633
588,9591,085,775

615,19610,558,856 12,339,945

50,046

172,692

153,339

66,548

164,790

189,917

42,840 42,876
42,546
42,546
42,876
42,546
17,726 22,629
23,700
6,515
8,509
8,509
299,
,291,924 2,635,376 59,012 1,446,8061,675,740
,285,182 7,142,883 431,489 8,713,20710,210,083
692,442 5,
11,558 294,414
75,634
347,788

6,700
3,651

4,569
34,051
116,905
7,787
172,692

4,569
14,667
114,909
9,814

7,236
2,199
5,496
39,525
12,092

7,236
2,488
859
30,646
120,609
2,952

7,236
2,488
827
50,981
122,105
6,280

1KO OOQ
1OO, OOiJ

66,548

164,790

189,917

48,121
94,392
51,902

167,718

LIABILITIES.

Capital paid in
Surplus
Government deposits.....
Other deposits
Bank notes in circulation.
Sundry liabilities
Total.




1,064,0818,937,025
1

615,196J10,558,85612,339,945

3,862

33,788
2,045
50,046

Net: 1. e., less uncollected items and other deductions from gross deposits.
2 Includes $1,737,000 of foreign bank notes.
3 Overdraft.
4
I n addition there were in circulation notes of the War Loan Banks (Darlehenskassenscheine) $2,795,610 000
»Foreign Government securities.

DECEMBER 1,

1201

FEDERAL, RESERVE BULLETIN.

1919.

Comparative statement showing principal assets and liabilities of the leading banks of issue at dates specified—Continued.
[In thousands of dollars, i. e., 000 omitted.]
Riksbank, Sweden.

Bank of Netherlands.

B a n k of Spain.

Swiss National Bank.
July 23, Dec. 31,
1914.
1918.

July 31,
1914.

Dec. 31,
1918.

24,746

76,532

80,423

105,798

430,072

466,952

65,170

277,155

254,131

34,753

80,041

1,408

98

285

143,063

123,936

120,771

3,307

3,435

1,973

3,656

11,274

11,732

Total metallic reserve. 26,154

76,630

80,7,08

248,861

554,008

587,723

68,477

280,590

256,104

38,409

91,315

103,509

12,239

15,983

16,881

13,088

9,697

12,659

f 67,047

95,434

95,434

I 29,199

37,252

19,300

96,246

132,686

114,734

Sept. 30, July 24,
1914.
1919.

Dec. 28,
1918.

Nov. 8,
1919.

July 25,
1914.

Dec. 28,
1918.

Oct. 25,
1919.

Oct. 31,
1919.

ASSETS.

Gold coin and bullion
Silver and other metallic re-

Gold held abroad
13,564
Foreign credits
Government securities:
Bonds, consols, etc
Short-term securities
Other Government se- I 7,332
curities. •
Total
Notes of other banks of issue.
Loans and discounts
Advances on bullion and
specie, securities, merchandise, etc
Securities .
....
Sundry assets
Total

7,332
1,893
42,303

14,638

14,638
94,014

\ 5,003

1,499

2,920

1,885

2,297

5,003

1,*499

2,920

1,885

2,297

f 35,430 101,554

76,155

18,099

112,620

84,542

1 24,798

13,912

13,912

1
96,077

48,708
1,351
34,244

92,059

281,824

266,515

11,900
2,975

13,400
3,350

13,400
3,350

320,135
2,250
6,302

3,612
928

56,085
3,560
36,533

96,056
3,405
23,120

2,699
2,446
5,594

7,847
1,809
10,482

7,668
1,374
8,454

939,647 1,044,232

40,653
1,352
17,830

220,287
2,249
13,536

152,579

813

91,777

138,248

479,821

457,760

67,247

235,655

220,503

8,040
2^11

8,040
2,042

8,040
2,010

4,825
664
188,311
6/400

4,825
761
18,381
188,068
8,468

235,655

220,503

LIABILITIES.

Capital paid i n . . .
Government deposits
|
Other deposits .
Bank notes in circulation...
Sundry liabilities. .•
Total

»-'

18,440

39,125

37,369

54.367
4,377

218,027
7,922

201,291
11,105

92 059

981 894

June 30,

35,568

36,551

124,796
1,497

429,717
4,454

406,185
4,974

138 248

479 £91

457,760

67,247

Bank of Java.

Bank of Rumania.

35,455

Russian State Bank.

Nov. 1,
1919.

407,016

Mar. 31,
1914.

Dec. 31,
1918.

Oct. 4,
1919.

J 12,418

Dec. 29,
1918.

[357,287

1914.

} 1,904

4,825
289
9,777
51,708
648

939,647 1,044,232

266,515

Bank of Japan.

28,950
11,580
12,998
185,213
747,382
58,109

28,950
5,404
/
1,256
96,931 \ 225,032
640,029
373,557
38,976

43,423

64,740

42,647

34,577

34,775

825,884

667,041

1 11,668

5,779

1,267

54

37

37

37,487

91,757

8,479

24,086

49,202

66,007

42,701

34,614

34,812

863,371

758,798

344,263

Dec. 31, Dec. 31, Sept. 27, July 161915.
1918.
1919.
29,1914.

Aug. 1,
1919.

Oct. 1629, 1917.

ASSETS.

Gold coin and bullion
Silver and other metallic
reserve

110,189

Total metallic reserve.
Gold held abroad
Foreign credits
Government securities:
Bonds, consols, etc
Short-term securities
Other Government securities
Total

110,521

Notes of other banks of issue.
Loans and discounts
Advances on bullion and
specie, securities, merchandise, etc ...
Securities
Sundry assets
*
Total.

332
357,287

407,016

80,714
60,714
j 15,629 /Ii 67,318' i135,108 } 72,471 1,188,954

69 858
10,967
457

10,967
252

10,956

15,953

49,721

36,120

27,377

60,940

25,164

335,784

t 13,237

23,137

1

} 58,870 /
\308,048

594,900

U,507,363

7,061

13,237

10,168

65,931

23,137

10,168
318,216

605,068
17,553
26,162

220,932

294,843

1,144,891
271,561

10,312
7,096
17,015

179,273
53,075
109,931

826,024
93,356
602,917

114,609
12,798
1,702,999

913,840 1,499,053 12,272,255

3,591,121

39,242

49,007

83,915

4,794

10,684

10,491

38,299

23,736
37,286

16,647

248,336

171,540

26,664

415,096

511,722

13,674
3,564
1,731

33,348
3,569
6,608

74,370
3,693
13,455

12,919
3,643
8,236

7,925
9,513
20,772

299,052 1,097,103 1,235,133

61,086

126,548

168,016

187,358

580,094

18,694
25,782
567,209
22,438
597,728
3,282

2,412
1,255

2,412
1,465

2,316
8,308

2,316
11,096

} 7,850

39,893

2,412
1,585
43,583

13,533

47,470
2,099

79,449
3,329

116,389
4,047

147,107
16,094

299,052 1,097,103 1,535,133

61,086

126,548

168,016

187,358

8,507,363
2

LIABILITIES.

Capital paid in
Surplus
Government deposits..
Other deposits
Bank notes in circulation...
Sundrv liabilities
Total

18,675
14,290
69,230
5,714
180,411
10,732

* 'KerensM" rubles, or $551,405.




18,694
19,322
479,419
39,104
536,702
3,862

2,316
10,131

28,325

28,325

480,405
86,277

105,525
132,948 /264,937
\327,585 1,674,563
691,073 841,174 9,456,516
77,372
37,032 1,007,326

1,623,060
1,160,993
(3)
807,068

580,094

913,840 1,499,503 12,272,255

3,591,121

5,902,777,000 rabies, or $3,037,569,000, besides 1,071,521,000

INDEX TO VOLUME 5.
Acceptance liabilities:
Acceptances—Continued.
Page.
Leading banks of France, England, and GerNegotiability—
many before and after the war.
561
Bill of exchange accepted before it has been
Member banks.
..
4403 554, 852,1152
signed by drawer
1157
Acceptances:
Draft, when providing for inspection of
Acceptance credits, report on, by governors of
goods covered by bill of lading
468,472
Federal Reserve Banks..
.. r .
•. 415
Sight draft accepted payable at a future
Address of Governor Harding before American
date
566
Acceptance Council
....
105
Trade acceptance payable at a place difAddress of P. M. Warburg on bankers' acceptferent from that named in the draft.
142
ances
...........
16
Open accounts of foreign purchasers enabling
American Acceptance Council formed......
114
domestic concerns to extend credits on
253,254
Amounts of bankers' acceptances outstanding in
Open-market purchase of bill of exchange
London and New York, Nov., 1918
21
drawn abroad and secured by foreign wareBanks granted authority to accept up to 100 per
house receipt
740
cent of capital and surplus...
29,
Purchases by Federal Reserve Banks—
, ,;
127, 251, 357, 466, 562, 650, 737, 856, 961,1050
Distributed by maturities—
Belgian acceptance credits
309
Three months ending Dec. 31, 1918... 167
Three months ending Mar. 31, 1919... 496
Bill of exchange accepted before it has been
Three months ending June 30, 1919... 793
signed by drawer
1157
Three months ending Sept. 30, 1919... 1084
Discount Corporation of New York formed
114
Distributed by rates of discount—
Domestic shipment of goods, draft covering,
not eligible for acceptance unless shipping
Three months ending Dec. 31, 1918... 166
Three months ending May 31, 1919... 685
documents are attached
468,471
Three months ending Aug. 31, 1919... 990
Draft drawn abroad and secured by foreign
Each month, also average rates and maturiwarehouse receipt, eligibility for acceptance .
ties..
168,281.391,
by a member bank, for rediscount by a Fed495, 592, 683, 793, 884, 989,1084,1183
eral Reserve Bank, and for purchase in open
"Readily marketable staples," definition of,
market by a Federal Reserve Bank.
740
as used in section 13 of Federal Reserve
Drafts drawn under credits to finance Cuban
sugar crop—
53
Act
- 652
Draft eligible for acceptance by member
Regulations on, preparation of, by committee
appointed by the Board
415, 430
banks.
\
253, 254
Rediscount by a Federal Reserve Bank of a
Draft, negotiability of, when providing for indraft drawn abroad and secured hj a foreign
spection of goods covered by bill of lading. 468, 472
Draft secured by foreign warehouse receipt for
warehouse receipt
740
acceptance by member bank
740
Rediscount of draft eligible for acceptance by
member bank. 253,254
Excess of 10 per cent. 143, 253, 254, 362, 364, 468,1157
Renewal acceptances
..
858
Foreign purchasers, acceptances for purpose of
Schedule when proceeds will be available if
enabling domestic concerns to extend credits
collected through the Federal Reserve Bank
on open accounts to
253, 254
of New York
245
Form of acceptance
142,1157
Security—
Future date, sight draft accepted payable at. 565, 566
Covering acceptances in excess of 10 per
Growth in, since organization of system
767
cent limitation under sec. 13
362, 364
Holdings by Federal Reserve Banks each
Domestic acceptances
253, 254, 364
month, distributed by classes of accepting
Release of
143, 254, 364
institutions
87,168, 281, 392,
Shipping documents necessary to domestic
497, 593, 684, 795, 885, 991,1086,1184
draft
468,471
Inspection of goods covered by bill of lading.. 468, 472
Substitution of, for acceptances in excess
Limitations, 10 per cent—
of 10 per cent limit.
468
Release of security on excess
143, 254, 364, 468
Trust receipt permitting customer to obtain
Under section 13 of Federal Reserve Act. 143,
control of goods
253, 254
254,364,468,1157
Warehouse receipts.
254, 364, 740, 858
Limitations, 100 per cent, additional authority
Sight draft accepted payable at a future date. 565, 566
upon increase of surplus..
143
Speculation, draft drawn for
858
Literature on, preparation of, by committee
Sugar crop, Cuban, drafts drawn under credit
appointed by the Board...»
. . . . . . - . . : 415, 430
to finance.. - .
....
53
Member bank—
TradeEligibility for rediscount
253,254
Building operations, trade acceptances
Power of, to accept drafts drawn in domescovering
565
tic transactions
253, 254
Conditional sales as the basis of trade acMember banks doing an acceptance business
ceptances
964
on Mar. 4,1919, condition of
554-561
1203




1204

INDEX TO VOLUME 5.

Acceptances—Continued.
Trade—Continued.
Form containing statement that obligation
. arises out of purchase of goods as per subjoined statement
142
Labor not considered "goods" within
meaning of regulation
565
Payable at a place different from that
named in the draft
,
142
Residence of acceptor
....
142
Retention of title by drawer until payment
.
964
Trust receipt permitting customer to obtain
control of goods as security for
253, 254
Uniform acceptance collection schedule adopted by all Federal Reserve Banks.
246
Up to 100 per cent—
Additional authority from Board upon increase of surplus
143
Banks granted authority to accept
29,
127, 251, 357, 466, 562, 65Q, 737, 856, 961,1050
Warehouse receipts—
Draft drawn to carry goods for speculative
purposes
858
Draft secured by, not eligible unless goods
covered are being held in storage pending
a reasonably immediate sale, shipment,
or distribution
858
Foreign, draft drawn abroad and secured
by, eligibility for acceptance by member
bank and for rediscount and purchase in
open market by a Federal Reserve
Bank
\
740
Security on acceptances
254, 364
Acts.
Amending Federal Reserve Act, (See Federal
Reserve Act, amendments to.)
Amending State laws. (See Banking laws;
State banking laws.)
Amending Revised Statutes. (See United
States Revised Statutes; Banking laws.)
Fourth Liberty bond act as amended by Victory loan act
.
\
226
Lever Food Control Act
967
Victory Liberty loan.
-....225
War Finance Corporation Act, amendments to.. 228
Adelson, Louis C, appointed deputy governor of
Federal Reserve Bank of Atlanta
. 201
Administrator, executor, etc. (See Fiduciary powers.)
Advisory Council, Federal. (See Federal Advisory
Council.)
Agencies, foreign branch. (See Foreign branches.)
Agricultural paper held by Federal Reserve Banks
on last Friday of each month
86,
168, 281, $91, 496, 592, 683, 794, 885, 991,1085,1184
Alabama:
Amendment to banking laws
967
Laws affecting operations of foreign banking
corporations.
54
Allies, European, loans and exports to, 1917-1919.. 957
Algeria, practice of handling bills of exchange in.. 453
Amendments to Federal Reserve Act. (See Federal Reserve Act.)
Amendments to State banking laws relative to State
bank membership
366, 566, 658, 741, 967
Amendments to Revised Statutes. (See United
States Revised Statutes; Banking laws.)
American Acceptance Council:
Address of Governor Harding before..
105
Organization of
114




Page.

American Cotton Export Corporation, organization
of
553
American Foreign Banking Corporation, New York
City, foreign branches of.
357, 562, 854,1154
Annual reports:
Farm Loan Board
129
Federal Reserve Board, 1918
529
Antiprofiteering legislation
967
Architect, consulting, appointment of, in connection with building plans of Federal Reserve
Banks
313
Argentina:
Comparative statement showing condition of
leading banks of issue, June-July, 1919
849
Condition of Buenos Aires banks, March 31,1919. 639
Credits extended by, to other countries
1048
Arizona, amendments to laws of, relative to State
bank membership
658
Arkansas, amendments to laws of, relative to State
bank membership
658
Asia Banking Corporation, New York City, foreign
branches of
.
357, 562, 854,1050,1154
Assets, earnings. (See Earning assets.)
Attorney general of Missouri, opinion of, relative to
deposit of securities by national banks exercising
trust powers
655
Attorney General of United States, opinions by:
Whisky held in bond, sale of warehouse receipts
representing
968
Australia:
Practice of handling bills of exchange in
447
Price movements in
476
Austria-Hungary, comparative statement showing
condition of leading banks of issue, June-July,
1919
"... 849
Austro-Hungarian Bank, statements showing condition of
197, 295,463, 648, 849,1200
Babson's business barometer
...
331
Balance of trade. (See Export trade.)
Bank notes:
Engraved signatures on, amendments to Revised Statutes regarding.
229
(See also Federal Preserve bank notes; National
bank notes.)
Bank of England, statements showing condition of.. 294,
463,648,1007,1200
Bank of France, statements showing condition of.. 294,
337, 463, 648,1008,1200
Bank of Italy statements showing condition
of
463, 648, 840,1200
Bank of Japan, statements showing condition
of
464,649,734,1201
Bank of Java, statements showing condition of
464,
643-649,1201
Bank of Netherlands, statements showing condition
of...
464, 641-646, 649, 849,1201
Bank of Roumania, statement showing condition
of
,
1201
Bank of Spain, statements showing condition
of
464, 649,1040,1201
Bank premises of Federal Reserve Banks, cost of.. 134, 723
Bank, transactions—debit to deposit account.. 68,147, 258
369, 473, 571, 661, 763, 878, 983,1077,1X74
Bankers'acceptances. (See Acceptances.)
/
Banking and Currency Committee, letter of Board
to, regarding reduction of circulation....
699
Banking laws, amendments to:
Branches of member banks
966
Federal Reserve Act. (See Federal Reserve
' Act.)

IKDEX TO VOLUME 5.
Banking laws, amendments to—Continued.
Limitations on loaning powers of national banks
under section 5200 R. S.
.... .•
1055
Section 5172, R. S.—Engraved signatures on
bank notes—
As introduced
-21
As passed
.
229
Sees. 5200 and 5202, R. S.—Limitations on
loaning power of national banks—
As introduced
704, 730
As passed
965
Section 5200, R. S.—What a Federal Reserve
Bank may discount for it member bank, not
affected by amendment to section 5200, R. S. 1055
War Finance Corporation Act extending financial aid to American exporters, reported by
Senate Committee on Banking and Currency. 966
State, relative to State bank membership
366,
566,658,741,967
State laws affecting operations of foreign banking corporations.
54-63
Belgian acceptance credits.
309
Belgium:
Banking in, during period of German occupation...
435
Comparative statement showing condition of
leading banks' of issue, June-July, 1919
849
Benedict, C. H., elected class C director of Federal
Reserve Bank of Minneapolis
821
Biggs, David C, appointed governor of Federal
Reserve Bank of St. Louis
201
Bills of exchange:
Practice of handling, in foreign countries
345, 477
(See also Acceptances.)
"Bills payable" item added to weekly statement of
New York Clearing House banks
311
Bonds of War Finance Corporation as "inadmissible
assets" within meaning of revenue a.ct of 1918,
ruling by Commissioner of Internal Revenue
472
Bonds:
Liberty. (See Liberty bonds.)
War Finance Corporation, offered for subscription
308
Borrowing, Government. (See Government financing; Treasury financing; Certificates of indebtedness.)
Branches, foreign, of American banks; report by
committee of Government experts on establishment of
637
Branches, foreign, of national banks; loans by, on
security of growing sugar crop
362
Branches, foreign, of national and international
banks, list of
23, 466, 562, 738, 854, 96,2,1050,1154
As of September 1,1919
854
As of November 15, 1919
1154
Branches of Federal Reserve Banks:
BuffaloDirectors of
>
530
Gidney, R. M., appointed as manager
201
Opening of
530
Territory assigned to
530
Collection items handled by, 6 months ending
June 30, 1919
......:.
777
, Dates when opened
530, 777,1017
Directors chosen for year 1919
126
Earnings and expenses, to June 3O5 1919
.... 777
Hearing on establishment of branch at Oklahoma City or Tulsa
1017
Houston, directors named
619
Los Angeles, approval of branch at
821




1205

Branches of Federal Reserve Banks—Continued. Page.
Nashville—
Approval of branch at
821
Opened for business
1017
Territory assigned
* 1017
Operations of, during 6 months ending June 30,
1919. ..•
.. 777
Branches of member banks, amendment to banking
laws regarding
966
Branches of national banks:
Amendment to Federal Reserve Bank relative
to establishment of
229
Foreign—
First National Bank, Boson
854,1154
National City Bank, New York City....... 466,
738,854, 962,1050,1154
Loans by, on security of growing sugar crop. 362
Broderick, J. A., resignation as secretary of the Federal Reserve Board
821
Brookmire economic service
332
Brown, Joseph G., appointment as member of Advisory Council
201
Budget system, statement by Secretary of the Treasury regarding
937
Buenos Aires, condition of banks in, Mar. 31, 1919.. 639
Buffalo branch bank. (See Branches of Federal
Reserve Banks.)
Building operations, trade acceptances covering... 565
Business conditions:
Change in method of publishing Federal Reserve agents' reports on
10,1137
Indexes of. (See Indexes; Wholesale prices;
Physical volume of trade.)
Monthly reports on
10,109,
202, 314, 416, 531, 620, 706, 822, 921,1019,1115
Special reports as result of questionnaire sent
to Federal Reserve agents
205-217
Standardization of reports on
1137
Business failures
30,128,
252, 359, 464, 563, 650, 736, 856, 960,1051,1152
California:
Amendments to banking laws of. .•
741
Laws affecting operations of foreign banking
corporations.
54
Calkins, John U., appointed governor of Federal
Reserve Bank of San Francisco
530
Call money rates:
Increase in
524, 617,1009
New York market, 1914-1919, chart showing... 429
Call reports, Comptroller of the Currency... 250, 446,1153
Canada:
Asset and liability items of chartered banks,
1913-1919.
1149
Banking conditions in, 1914-1919
1140-1151
Condition statement of chartered banks, 1913—
1919
1148
Credits extended by, to other countries
1047
Currency circulation, 1913-1919
1142
Deposit and note liabilities of chartered banks,
1914-1919
1151
Earning assets of chartered banks, 1914-1919.. 1150
Imports and exports, 1910-1919
1144
Price movements in
476
Public debt
1143
War loans
1145
Canadian indexes of business conditions
334
Canning, terms of sale in the industry
1130
Capital:
Fiduciary permits to national banks with insufficient
53

1206

INDEX TO VOLUME 5.

Capital—Continued.
Page.
National banks, increase and decrease i n . . . . 30,128,
252,358,465, 562, 650, 737,855, 961,1052,1153
Capital Issues Committee:
Dissolution of
1053
Statements by C. S. Hamlin, chairman, and
Secretary Glass relative to losses through sale
of worthless securities
18
Termination of work of
18
Capital stock of a bank, dividends to increase, taxability of, ruling by Commissioner of Internal
Revenue regarding
256
Capital stock of Federal Reserve Bank, surrender
of, by liquidating bank.
53
Central banks of issue, condition of. (See Condition statements.)
Certificates of indebtedness:
Allotments in anticipation of the five Liberty
loans.
. 787, 909
Allotments in anticipation of taxes due during
1918 and 1919
787, 909
Holdings by American banks on June 30, 1919. 942
Holdings by member banks...
92,177,287,
399, 505, 600, 692, 804, 896,999,1095,1192
Reduction in
1106
Investments by Federal Reserve Banks
84,165,
279,389,493, 590, 680, 790, 883, 988,1082,1181
Issues of, in anticipation of Victory Liberty
loan
99,189,304,407,609
Issues of, to meet further Treasury needs
521,
703,813,909,958,1105
Letter of Secretary of the Treasury to all
banks and trust companies regarding
958
Rediscount of paper secured by, under act of
Mar.# 3, 1919, ruling of Board regarding.... 361
Subscriptions, by classes of subscribers, to the
10 issues in anticipation of Victory Liberty
loan
609
Chamberlain, Austen, British Chancellor of the
Exchequer, statement by, relative to economic
conditions in Europe
815
Chapman, W. T., appointed secretary of Federal
Reserve Board
918
Charges:
Collection. (See Check clearing and collection.)
, Depreciation, against earnings, method for reporting
=
26
Charters issued to national banks
30,128,
252,358,465, 562, 650, 737,855, 961,1052,1153
Charts:
Cash reserves and excess reserves of Federal
Reserve Banks during 1918
138
Deposit liabilities of national banks, 1914-1919. 780
Deposit and note liabilities of all Federal
Reserve Banks, 1918..
67
Earning assets of Federal Reserve Banks—
Dec, 1914-June, 1919
772
During 1918
66
% Earning assets, deposits, etc., of Canadian
chartered banks
1146
Exchange rates in Madrid, 1914-1919
1042
Federal Reserve note circulation, 1917-1919... 1044
Gold in vault, bank notes in circulation, etc.,
of the German Reichsbank, July, 1914-Jan.,
1919
.
. . . . . . 434
m
Gold reserve, loans and discounts, and notes in
circulation of the Netherlands Bank, 19141919....
645
Gold-settlement fund transactions during the
year 1918..
146
Index numbers of wholesale prices in England
and the United States, 1914-1918
546
Interest rates on commercial paper and on call
loans in New York market, 1914-1919
429




Charts—Continued.
Page.
Investments of national banks, 1914-1919 „.,..„ 780
Net deposits, Federal Reserve notes in circulation, and reserves of Federal Reserve Banks,
Dec, 1914-June, 1919 v . . . . . . . . . . . . . . . . . . . .
773
Note circulation, metallic and other reserves,
and price of silver per ounce in India, 1914Aug.,1919
...
951
Note circulation in Italy, 1914-1919
844
Number of member banks in system and number discounting, also average discounts held
by all Federal Reserve Banks during each
month, Jan., 1917-Feb., 1919
387
Par point map
8,88, 992,1086,1185
War paper and total bills discounted during
each month in 1918 by all Federal Reserve
Banks and by the Federal Reserve Bank of
New York...
277
Check clearing and collection:
Branch banks, number and amount of items
handled by, during 6 months ending June 30,
1919.
777
Collection facilities of Federal Reserve Banks
under sections 13 and 16 of Federal Reserve
Act
467
Growth of the system, July, 1916-July, 1919... 775
Letter of Governor Harding to a southern Federal Reserve Bank on Board's policy relating
to
1113
Map showing States in which banks remit at
par
888, 992,1087,1185
Operation of system, by months.
97,
181, 293, 405, 511, 608, 697, 803, 886, 992,1087,1185
Par l i s t Chart showing banks on. L.... 888, 992,1087,1185
Number of banks on, by months
97,
181, 293, 405, 511, 608, 697, 803, 886, 992,1087,1185
Regulations adopted by the New York Clearing House Association regarding collections
outside of New York City, and rates to be
charged
243-246
Savings accounts, collection of checks,drawn
against, ruling o n . . . . .
.
964
Schedule when proceeds of bankers' acceptances will be available if collected through the
Federal Reserve Bank of New York
245
Uniform acceptance collection schedule adopted
by all Federal Reserve Banks.
246
China, practice of handling bills of exchange in
450
Circulation.
(See Currency; Money; Federal
Reserve notes; Federal Reserve bank notes.)
Class A, B, and 0 directors. (See Directors.)
Clayton Antitrust Act, applicability of section 8 to
banks located in suburban districts
362
Clearing-house bank debits, weekly figures of
68,
147, 258, 369,473, 571, 661, 763, 878, 983,1077,1174
Coal and coke, production and shipments
80,
160, 270, 382, 488, 584, 675, 758, 871, 978,1072,1169
Coffee, terms of sale in the industry
„
1132
Coin, bullion and currency:
Licenses for export of—
Granted by Federal Reserve Board, September, 1917-June, 1919....
640
Requirements removed
615, 653, 853
Regulations terminating, control over exportation of
...615,653,853
Coins, weights, and measures, decimal system proposed in Great Britain
126
Collateral notes of member banks held by Federal
Reserve Banks on last Friday of each month...
86,
168, 281, 391,496, 592, 683, 794, 885, 991,1085,1183
Collection charges. (See Check clearing and collection.)
Collection conditions, index of, plan to obtain...
547

INDEX TO VOLUME 5.
Page.
Collection of checks. (See Check clearing and collection.)
Colorado:
Amendments to laws of, relating to State bank
membership
566
Laws affecting operations of foreign banking
corporations
55
Commerce of canals at Sault Ste. Marie.
82,
679, 762, 875, 932,1076,1173
Commercial failures
30,
128, 252, 359, 464, 563, 650, 738, 856, 960,1051,1152
Commercial paper:
Cotton factors' paper.,
. . . 1054
Holdings by Federal Reserve Banks
83,
168, 280, 390, 496, 591, 682, 792, 884, 989,1083,1182
(See also Discount operations; Acceptances.)
Commission for services by officer of national bank
acting as trustee in foreclosure proceedings...... 253
Commissioner of Internal Revenue, rulings of:
Computation of discount and interest for taxation purposes in connection with income and
war-excess profits tax returns
249
Stamp tax on notes secured by certificates of
« indebtedness issued by Director General of
Railroads
566
Stamp tax on notes secured by bonds of War
Finance Corporation.
.
566
Taxation of. dividends declared to increase
capital
256
War Finance Corporation bonds as " inadmissible
assets " within meaning of revenue act of 1918.
472
Committee on . Banking and Currency (Senate),
legislation relating to reduction of circulation of
currency, letter of Board to.
699
Commodities, speculation in.. „
1109
Comptroller of Currency:
Call report, condition of national banks—
Dec. 31, 1918
250
Mar. 4, 1919..
.
446
Nov. 17, 1919
1153
.Method of reporting "interest earned but
not collected" and "interest collected
but not earned".
249
Loans by national banks on security of Liberty
bonds, regulation on, issued by
..........
441
Condition statements:
Federal Reserve Banks. (See Federal Reserve
Banks.)
Foreign banks—
Austro-Hungarian Bank...295,463, 648, 849,1200
Bank of England.
294, 463, 648.1007,1200
Bank of France..
294, 337, 463, 648.1008,1200
Bankof Italy
463, 648, 840,1200
Bank of Japan...
.....
484, 649, 734,1201
Bank of Java
464, 643, 647, 649,1201
Bank of Netherlands ..
464, 641, 649,1201
Bank of Roumania
1201
Bank of Spain
464,649,1040,1201
Belgian banks
.
435,849
Buenos Aires banks, Mar. 31, 1919
639
Canadian chartered banks
1148
Denmark banks
464, 649,849,1200
Germany—
Leading banks of issue.
735,849
Reichsbank. 197,295,430,463, 648,1008,1200
Norway—
Leading banks
849
NorgesBank
464,648,1200
Riksbank, Sweden
463, 648,1201
Russian State Bank
1201
Swiss National Bank
.
551,1201
Member banks." (See Member banks.)
National banks. (See National banks.)




1207

Page.
Conditions, business. (See Business conditions.)
Confectionery, terms of sale in the industry
1133
Conferences, Federal Reserve Board, with—
Federal Advisory Council..... 200,313,618,920,1112
Federal Reserve agents..
1017
Governors.
313,1112
Representatives of corporations to discuss foreign banking...
619
Oklahoma bankers
:
1017.
Congress, sixty-sixth, estimates and appropriations. 1105
Connecticut, laws affecting operations of foreign
banking corporations
55
Conversion of Liberty bonds
329,958
Copenhagen National Bank. (See Denmark.)
Corn, acreage and production, by Federal Reserve
districts
737,853, 962,1053
Cost of living:
Discussion of-..
9,191,813,914
Extract from address of A. C. Miller before
American Association of Baking Industry
915
In New York
632,1049
(See also Prices.)
Costa Rica, practice of handling bills of exchange in. 345
Cotton export corporation formed
553
Cotton factors' paper, eligibility for rediscount as
commercial paper, ruling on.
1054
Counsel to Federal Reserve Board:
Elliott, M; C—
Appointed consulting counsel
201
Resignation of
;
201
Harrison, Geo. L.,. appointed
201
Opinions by. (See Rulings.)
Credit barometrics, report on, by Alexander Wall. 229-243
Credit expansion:
Discussion of
814, 9111,1110
Effect of, on prices.
814,1110
Credits:
British Government—
Export credit plan
1012
Placing of $250,000,000 loan by
. . . . 1014
Syndicate for purchase of notes of
101
European demands for....
.
1013
Extended by foreign countries to encourage foreign commerce.
1040,1046-1049
Government support for export
financing
1012
Harding, W. P. G., on Government support of
export credit
„
1012
Loans to foreign Governments, discussion of... 101,
522, 528, 611,819,1012
Secretary of the Treasury on foreign
22
Crop moving, increase in Federal Reserve note circulation incident to
912
Crops:
Acreage and production of wheat, oats, corn, and
hay, by Federal Reserve districts.. „
737,
852, 962,1053
SugarCuban, drafts drawn under credit to finance, eligibility for rediscount
53
Loans by foreign branch of national banks
on security of....
362
Currency:
Amount per capita
97,181,
291,404, 510, 606, 698, 789,810, 902,1006,1101,1198
Call money rates
429,524, 617,1009
New York market, 1914-1919.
: 429
Circulation^
64,139, 699, 767,774, 912,1043
Legislation relating to reduction of circulation, letter of Federal Reserve Board to
Banking and Currency Committee of
Senate..
699
Federal Reserve bank notes. (See Federal
Reserve bank notes.)

1208

INDEX TO VOLUME 5.

Currency—Continued.
Federal Reserve notes. (See Federal Reserve
notes.)
Gold. (See Gold.)
Inflation, discussion of...
8,
102,409, 524,614,699, 813,913
Shipments of
'27,133,723
Cost of
133,723
Silver. (See Silver.)
Stock of, in the United StatesApril, 1917-July, 1919
788
By months
97,
181,291,404, 510, 606, 698,810, 902,1006,1101,1198
Volume of, and price inflation
699, 813, 913
Debits to deposit account, weekly figures of
68,
147,258,369,473, 571, 661, 763, 878, 983,1077,1174
Decimal system of coins, weights, and measures
proposed in Great Britain
126
Definition of "readily marketable staples," as
used in section 13 of Federal Reserve Act.
652
Delaware:
Amendments to banking laws of
743
Laws affecting operations of foreign banking
corporations.
55
Demand deposits:
Certificate of deposit, originally payable in 60
. days, status after running 30 d a y s . . . .
652, 655
Denmark:
Copenhagen National Bank, statements showing condition of....
464, 649,1200
Practice of handling bills of exchange in
351
Statement showing condition of leading banks
of issue, June-July, 1919
849
Department of Commerce, Industrial Board of,
formed for purpose of readjusting prices.... 196,246,341
Deposits:
Demand, originally payable in 60 days, status
after running 30'days
652, 655
Federal Reserve Banks—
1918, by weeks
64-65
Net, 1918
,
65,136
Since organization of system to June 30,
1919.......
774
(See also Federal Reserve Banks, condition statement.)
Government, deposits of United States Shipping Board and Emergency Fleet Corporation as.
1054
Of member banks in foreign banks, ruling on... 1054
Of member banks in nonmember banks.
1156
Of securities in trust department of a national
bank to secure funds deposited in commercial department.
......
1156
Of United States Shipping Board and Emergency Fleet Corporation not Government
deposits, ruling on
1054
Time, originally payable in 60 days, status
after running 30 days
,
652,655
With a Federal Reserve Bank from the savings
department of a trust company member bank
to count as reserve
652, 654
Director General of Railroads, stamp tax on notes
secured by certificates of indebtedness issued by. 566
Directors of Federal Reserve Banks:
Benedict, C. H., elected class C director of
Federal Reserve Bank of Minneapolis, vice
John W. Black resigned
821
Class C director as director of a mutual savings
bank.
53
Election of—
For year 1919
25
Votes cast for class A and B directors .
26
For year 1920, date for opening polls....... 961




p
Directors of FederalfReserve Branch Banks:
age.
Election of, for year 1919—
Baltimore
126
Birmingham
126
Buffalo
530
Cincinnati
126
Denver
126
Detroit
126
El Paso
126
Houston..
619
Jacksonville
126
Little Rock
126
. Louisville
126
Memphis
126
Nashville
126
New Orleans
127
Pool, L. M., appointed
i
705
Saunders, P.M., appointed
705
Omaha
127
Pittsburgh
127
Nesbit, Hanson, appointed
705
Portland
127
Salt Lake City
127
Seattle
."
127
Spokane
127
Given, T. H., director of Pittsburgh branch,
death of
705
Zunts, J. E., resignation of, as director of New
Orleans branch
705
Discount and interest on time loans, computation
of, in connection with income and excess-profits
tax returns
249
Discount and interest rates prevailing in various
centers
74,
154, 265, 376,482, 577, 667, 750, 864, 972,1065,1162
Discount Corporation of New York, organization of. 114
Discount rates:
Federal Reserve Banks—
Changes in, during war period
.. 943
Discussion of.,
105,196, 910,1010,1106,1108
In effect
98,182,
292, 404, 510, 607, 698, 810, 902,1006,1102,1199
Increase in.
105,1010,1106,1108
Recommended by conference of
Federal Reserve Agents
1017
Prevailing in various centers
74,
154, 265, 376, 482, 577, 667, 750, 864, 972,1065,1162
Discounts, Federal Reserve Banks:
Average, amount of discounted paper held during each month, January, 1917-February
1919
..
386
By classes of paper, each month
...
83,
166, 280,390,496, 591, 682, 792, 884, 989,1083,1183
By maturities—
Three months ending December 31, 1918.. 167
Three months ending March 31, 1919
496
Three months ending June, 1919
793
Three months ending September, 1919
1084
By rates—
Three months ending Nov. 30, 1918
86
Three months ending Feb. 28, 1919
392
Three months ending May 31, 1 9 1 9 . . . . . . . 684
Three months ending Aug. 31, 1919
990
During year 1918
64,164, 276
By all Federal Reserve Banks and by the
Federal Reserve Bank of New York
276
Nov., 1914-July, 1919.......
771
Number of member banks accommodated—
Jan., 1917-Feb., 1919
386
Each month in 1919.
84,
165, 279, 388,492, 589, 680, 790, 882, 987,1081,1181
Ratio of war paper to total bill holdings, 1918,
by weeks.
64-65

INDEX TO VOLUME 5.

Discounts, Federal Reserve Banks—Continued.
Page.
Rediscounts at Federal Reserve Banks, funds
not to be used for speculation.
„
311,
523,617,1009,1107
Rediscounts and sales of discounted and purchased paper between Federal Reserve
Banks—
During year 1918...
169-171
Jan.-Mar., 1919....
495
Apr .-June, 1919.:
794
July-Sept., 1919
1085
War paper—
Apr., 1917-July. 1919.
768, 771
During 1918....'
64-65, 276
What a Federal Reserve Bank may discount
for its member bank, not affected by amendment to section 5200, R. S.
. . 1055
Dividends:
Declared to increase capital stock of a* bank,
taxation of, ruling by Commissioner of Internal Revenue regarding
256
Federal Reserve Banks
.
133, 723, 777
Federal Reserve Banks, surplus fund, amendment to act
21,228
State bank and trust company members, Jan.June, 1919
1104
Division of foreign exchange:
Regulations terminating control over exportation'of coin, bullion, and currency
653, $53
Regulations terminating control over foreign
exchange transactions
652,853
Rulings of
469
Drafts. (See Acceptances; Discounts; Rediscounts.)
Earning assets of Federal Reserve Banks:
Amount of each class held, 1919, by months
85,
166, 280, 390,494, 591, 680, 792, 883, 988,1083,1182
During 1918.
...
64-65
Nov., 1914-July, 1919...
771
Maturities
90,
174, 284, 396, 502, 597, 689, 799, 893, 997, 1091,1189
Earnings and dividends of member State banks
and trust companies:
July-Dec, 1918
610
Jan.-June, 1919.
1104
Earnings of Federal Reserve Banks:
Amendment to Federal Reserve Act relative to
payment of, into surplus fund
228
Depreciation charges against, method for reporting
26
Monthly, from each class of earning assets
85,
166, 280, 390,494, 591, 680, 792, 883, 988,1083,1182
Earnings and expenses:
Branch banks, to June 30, 1919
777
Federal Reserve Banks—
For year 1918.
J30-136
Six months ending June 30, 1919
720-724
From organization of system to June 30,
1919.,
769, 777
Edge bill, amending Federal Reserve A c t . . . . . . . . . . 705,
727, 965,1056,1109
Egypt, practice of handling bills of exchange i n . . . 455
Election of directors, (See Directors.)
Elliott, M. 0.:
Appointed as consulting counsel................ 201
Resignation as general c o u n s e l . . . . . . . . . . . . . . . . . 201
Embargo on gold, termination of............. 615, 652, 853
Emergency Fleet Corporation, deposits of, not
Government deposits
1054
Emerson, R. G., appointed assistant secretary of
Federal Reserve Board
918




1209

Employees:
Page.
Federal Reserve Banks, number of, Dec, 1915June, 1919
778
Federal Reserve Board, number of, Dec, 1914July, 1919
778
England. (See Great Britain.)
Errata:
June Bulletin, condition of accepting member
banks.
650
August Bulletin
852
October Bulletin, price of silver in India
1050
European Allies, loans and exports to, 1917-1919.. 957
Examiner, Federal Reserve:
Herson, J. F., appointed chiefs eastern division. 919
Will, J. A., appointed chief, western division. 919
Excess of 10 per cent limitations. (See Acceptances;
Limitations.)
Excess-profits tax, computation of discount and
interest on time loans
249
Excess reserve (free gold). (See Reserves, gold.)
Exchange, foreign. (See Foreign exchange.)
Executor, administrator, e t c (See Fiduciary
powers.)
Expenses of Federal Reserve Banks. (See Earnings
and expenses; Federal Reserve Banks.)
Expenses of Federal Reserve Board
132, 722
Export trade:
r
Balance of trade, discussion of
194, 614, 816
Conference of Advisory Council with Federal
Reserve Board to discuss
618
Discussion of .193,,312,412,526,612,816, 916,1012,1110
England's adverse trade balance, statement
by Lloyd-George
816
English export credit plan.
. . 1012
European demands for credits
1013
Government support in
financing.
1012, .1110
Harding, W. P. G., on Government support of
export credit
. . 1012
Individual corporations for financing.. . . . . . (511
Placing of $250,000,000 loan by British Government.
1014
Statement of Sir Auckland Geddes, president
of British Board of Trade..........1011
Exports. (See Imports and exports.)
Failures, commercial, during 1919
30,
128, 252, 359, 464, 563, 650, 736, 856, 960, 1051, 1152
Farm Loan Board, second annual report of.
129
Federal Advisory Council:
Conference of committee of, with Federal
Reserve Board and governors of Federal
Reserve Banks..
313
Conference of committee of, with Federal
Reserve Board, to discuss question of export
financing
618
Fees and traveling expenses
132, 722
Meetings of.......
200, 920, 1112
Personnel, changes in
200
Federal Reserve act, amendments to:
"Edge bill," providing for Federal incorporation of institutions engaged in foreign banking, status of,...
. . . . . 705, 7275 965, 1056, 1109
Phelan bill—
As i n t r o d u c e d . . . . . . . . . . . . . . . . . . . . . . . . . . . .
21
As p a s s e d . . . . . . . . . . . . . . . . . . - . - . . . . - . . . : . - .
228
Savings banks, proposed amendment relating
to, suggested by the United States Council
of State Banking Associations
50
Section 7—Earnings of Federal Reserve Banks
paid into a surplus fund—
As introduced
21
228

1210

INDEX TO VOLUME 5.

Federal Reserve act, amendments to—Continued. page. Federal Reserve Banks—Continued.
Page.
SectionlO—Eligibility of members of Board to
Condition statements—Continued.
hold position in member bank after expiraWeekly statement, addition to, of item
tion of term of office—
showing rediscounts between
311
As introduced
21
Weekly statements, resources and liabiliAs passed
.
229
ties
87,
Section 11—Loans in excess of 10 per cent of
172, 282, 393,498, 594, 686, 796, 889, 993,1088, 1186
capital and surplus—
Directors, election of. (See Directors.)
As introduced
....
21
Discount operations. (See Discounts.)
As passed
....
229
Discount rates. (See Discount rates.)
Section 11 (k)—Fiduciary powers; opinion of
Dividends paid...
133, 723, 777
counsel with reference to construction of,
Earning assets. (See Earning assets.)
under amendment of Sept. 26, 1918
, 362, 363
Earnings. (See Earnings; Earnings and exSection 11—Rediscount, in excess of 10 per
penses.)
cent limitation, of paper secured by governEarnings and expenses of—
ment obligations, as authorized by the act
For year 1918
130-136
approved Mar. 3, 1919, ruling of Board
Six months ending June 30, 1919
720-724
regarding
361
Nov. 16, 1914-June 30, 1919
769-777
Section 25—Branches of national banks—
Fiscal agent department disbursements.. 134, 723, 777
As introduced- —
21
Furniture and equipment, cost of
134, 723
As passed.
229
Governors. (See Governors.)
Section 25—Federal incorporation of instituInvestment operations
84,
tions engaging in foreign banking (Edge
165, 279, 389,493, 590, 680, 790, 883, 988,1082,1181
bill), status of
705, 727, 965, 1056, 1109
Minneapolis—
Section 25—Investments by national banks in
Wold, Theodore, resignation as governor... 919
the stock of corporations engaged in foreign
Young, R. A., appointed governor
919
financial operations—
New York—
As introduced
705, 729
Treman, R. H.., resignation as deputy
As passed
965
governor.
.-... 1018
Federal Reserve Agents:
Officers and employees of, number of, Dec,
Atlanta, Jos. A. McCord appointed.
201
1915-June, 1919
778
Conference with Board.
1017
Open-market operations
83,
Discount rates, increase in, recommended by.. 1017
164,278, 388,492, 589, 680, 790, 882, 987,1081,1180
Expenses of conferences
132, 722
' Profit and loss account
132, 723
Federal Reserve note account
90,174, 285,
St. L o u i s 397, 502, 598, 690, 800, 894, 997, 1092, 1191
Biggs, David C, appointed as governor,
Morgan, Sheppard, appointed assistant to, at
vice Rolla Wells, resigned
201
San Francisco—
New York
530
Calkins, John U., appointed governor, vice
Federal Reserve agents' fund transactions:
Jas. K. Lynch, deceased
^
530
Nov. 22, 1918-Feb. 20, 1919
275
Feb. 21, 1919-May 22, 1919
570 Federal Reserve Board:
Annual report, 1918
529
May 23, 1919-Aug. 21, 1919
877
Broderick, J. A., resignation as secretary
821
Aug. 22, 1919-Nov. 20, 1919
,
1179
Chapman, W. T., appointed secretary
918
Federal Reserve bank notes: ^
Conference with Advisory Council
200,
Cost of, method of charging against earnings..
26
313, 618, 920,1112
In circulation, 1918, by weeks
.
64-65
Conference with bankers to discuss foreign
Legislation relating to reduction of circulation,
banking
619
letter of Board to Banking and Currency
Conference with Federal Reserve Agents
1017
Committee of Senate. 699
Conference with governors of Federal Reserve
Stock of, in the United StatesBanks and executive committee of Federal
April, 1917-July, 1919.
..
789
Advisory Council
313
During 1919
97,181, 291, 404,
Conference with Oklahoma bankers
1017
510, 666, 698, 789, 810, 902, 1006, 1101, 1198
Elliott, M. C, resignation as general counsel
Federal Reserve Bank stock, surrender of, by
and appointment as consulting counsel
201
liquidating bank
53
Emerson, R. G., appointed assistant secretary. 918
Federal Reserve Banks:
«
.
Employees, number of, Dec, 1914-July, 1919. 778
Acceptances held and purchased. (See AcceptExpenses of..132, 722
ances.)
Governor, W. P. G. Harding redesignated
821
Atlanta—
Harrison, Geo. L., appointed general counsel.. 201
Adelson, Louis C, appointed deputy
Hearing on establishment of branch bank at
governor
201
Oklahoma City or Tulsa
1017
McCord, Jos. A., appointed Federal ReHoxton, W. W., appointed executive secretary. 918
serve agent
201
Legislation relating to reduction of circulation
Wellborn, M. B., appointed governor
201
of currency, letter of Board to Committee on
Bank premises, cost of
..
134, 723
Banking and Currency of Senate
699
Branches pf. (See Branches of Federal ReMembers holding positions in member banks
serve Banks.)
after expiration of term of office, amendment
Condition statementsto Federal Reserve Act relative to
229
Comparative statement, with leading forMoehlenpah, Henry A., appointed member.... 918
eign banks
463, 648, 848? 1200
Paddock, W. W., appointed chief of division of
During period covering fourth Liberty
operations and examination
919
loan
324




INDEX TO VOLUME 5.
Federal Reserve Bulletin:
Page.
January
.
1-98
February
,
99-188
March
..
189-301
April
303-406
May
407-520
June
....
521-610
July
611-698
August....
.
699-811
September
813-908
October.....
909-1008
November
1009-1104
December
1105-1201
Federal Reserve examiner, Herson, J. F., and Will,
J. A., appointed chief
919
Federal Reserve note account of Federal Reserve
Banks and agents
90,
174,285,397, 502, 598, 690, 800, 894, 997,1092,1190
Federal Reserve notes:
Amount per capita
97,181, 291,
404, 510, 606, 698, 789, 810, 902,1006,1101,1198
Amounts issued, redeemed, and outstanding
during four weeks ending Jan. 24,1919
139
Chart showing deposit and note liabilities, 1918.
67
Circulation—
Changes in price level compared with
movement of gold, reserve, and note circulation of Federal Reserve Banks, June,
1914-July, 1919....,
838
Decrease in, during four weeks ending Jan.
24,1919
139
During 1917-1919
1043-1046
During 1918, by weeks.
64-65
From organization of system to June 30,
1919.
767, 774
Increase in, incident to crop-moving period. 912
Legislation relating to reduction of circulation, letter of Federal Reserve Board to
Banking and Currency Committee of
Senate
699
Volume of, and inflation of prices... 699,813,913
Cost of
..
132,135, 723, 777
Method for charging against earnings.......
26
Interdistrict movement of
176, 504, 802,1094
Ratio of cash reserves to net deposit and Federal Reserve note liabilities combined, 1918,
by weeks
64-65
Shipment of unfit, charges for...
27
Stock of, in the United States—
Apr., 1917-July, 1919
788
During 1919
97,181,291,
404, 510, 666, 698, 789, 810, 902,1006,1101,1198
Federal Reserve system:
Development of, during the year 1918
3,4
Growth of, in 1918
4
Growth of, to June 30, 1919
766-789
History of
766-789
State banks and trust companies admitted to.
(See State banks and trust companies.)
Fiduciary powers:
Amendment to section 11 (k) by act of Sept. 26,
1918, construction of
362, 363
Compensation for services by officer of national
bank acting as trustee in foreclosure proceedings not prohibited by sec. 22
!
253
Deposit of securities in trust department of a
national bank to secure funds deposited in
commercial department
1156
Funds held in trust, investment of, by national
banks
143
Granted to national banks during 1919
30,
127,251,359, 466, 563, 650, 739, 856, 960,1052,1155




1211

Fiduciary powers—Continued.
Page.
Hawaii, right of national banks in, to exercise. 366
Investment by national banks of funds held in
trust
143
Missouri, superintendent of banks required to
receive deposit of securities
655
National banks with insufficient capital...
53
New York—
• Exercise of, in
5,1059
Opinion by Justice Isaac M. Kapper, of
Supreme Court of New York, relative to
exercise of
1059
Powers which may be granted under amendment to section 11 (k) by act of Sept. 26,
1918
362, 363
Revised regulation of the Board relating to
438
First National Bank, Boston, Mass, foreign branches
of
854,1154
Fiscal agent department, Federal Reserve Banks,
disbursements of
134, 723, 777
Fleishhacker, Herbert, retirement as member of
Advisory Council
201
Florida, laws affecting operations of foreign banking
corporations
55
Flour milling, terms of sale in the industry
1131
Flour production in the United States
79,
158, 268, 380, 486, 582, 672, 755, 868, 975,1068,1165
Foreign banking:
Belgium, during period of German occupation. 435, 849
Canadian banking conditions, 1914-1919 .. 1140-1151
Conference of bankers with Federal Reserve
Board to discuss
619
Federal incorporation of institutions engaging in,
amendment to Federal Reserve Act
705,
727, 965,1056
Italy, banking and economic conditions, 19141919
840-747
Japan, banking and economic conditions,
1914-1919.
731-734
Switzerland, banking conditions in, during the
war
548-552
Foreign banking corporations:
Investments by national banks in stock of,
amendment to Federal Reserve Act... 705,729, 965
State laws affecting
5^63
Foreign banks:
Condition statements—
Austro-Hungarian Bank... 295, 463, 648, 849,1200
Bank of England
294, 463, 648,1007,1200
Bank of France
294, 463, 648,1008, 1200
Bank of Italy
463, 648, 840,1200
Bank of Japan
464, 649, 734.1201
Bank of Java
464, 643, 647, 649,1201
Bank of Roumania
1
1201
Bank of Spain.
464, 649,1040,1201
. Belgian banks.
435, 849
Buenos Aires banks
639
Canadian chartered banks
1148
Denmark banks
464, 649,849,1200
Germany—
Leading banks
735, 849
Reichsbank. 197, 295,430,463, 648,1008,1200
Netherlands Bank
464, 641, 649,1201
NorwayLeading banks
849
NorgesBank
464,648,1200
Riksbank, Sweden
463, 648,1201
Russian State Bank.
1201
Swiss National Bank
551,1201
Deposits of member banks in, ruling on
1054
Foreign branches of American banks, report by committee of Government experts on establishment of.. 637

1212

TO VOLUME 5.
Page.

Foreign branches of national and international and
foreign banks . . 23, 357,466, 562, 738, 854, 962,1050,1154
Asof Sept. 1, 1919
854
As of Nov. 15,1919. v
1154
Foreign branches of national banks, loans by, on
security of growing sugar crop.»
. . . . . . . . . . . . 362
Foreign countries:
Loans to, discussion of.... 101, 522, 528, 611, 819,1012
Practice of handling bills of exchange in
345,477
Price movements in various countries. 476-478, 543-546
Foreign credits. (See Credits.)
Foreign exchange:
Change in regulations as to credits to foreign
correspondents
469
Control over, termination of....
615, 652,853
German mark, decline in
1011
Letters of credit, removal of restrictions.
469
Lira exchange.
311,469
Purchases of exchange from American Belief Association
: . 470
Regulations issued by the Division of Foreign
Exchange terminating control over
652
Rulings of the Division of Foreign Exchange.. 469
Russian rubles, restrictions regarding exchange
transactions in
469, 652, 853
Sterling../...
...
311,1011
Transfers of funds
.•. 469
To Germany....
470
Foreign exchange bank, address by P. M. Warburg on establishment of
16
Foreign exchange rates:
Amsterdam quotations, 1914-1919
646
Decline in
311, 525, 703,1011,1110
Discussion of... 311,413, 525, 703, 817, 917,1015,1110
French franc, decline in
312,525,703,1110
Italy......
;.
846
Japan.
...
1..
733
Lira, decline in
525, 703,1110
Madrid, 1914-1919
1041,1042
Monthly ranges
182, 512, 811,1103,1111
Peseta, decline in
703
Quoted in New York during three months ending October
1103
Sterling, decline in
525, 703,1110
Switzerland, 1914-1918..,..
552
Foreign loans:
British Government—
Export credit plan.
1012
Placing of $250,000,000 in the United States 1014
Syndicate for purchase of British notes
101
Discussion of
101, 522, 528, 611, 819,1012,1110
Municipal and corporate loans placed in the
United States
33
Secretary of Treasury recommends continuation of
.
..
22
Foreign securities, flotation of, in the United
States....,
'...
101,412
Foreign trade:
Conference of Advisory Council with Federal
Reserve Board to discuss.....
618
Discussion of
193, 312,412, 526, 612, 817, 916,1011
English export credit plan
.......
1012
European demands for credits....
. . . . . . . . . 1013
Government support in
financing
1012,1110
Harding, W. P. G., on Government support of
export credit
1012
Placing of $250,000,000 loan by British Government
-.
1014
Statement by Sir Auckland Geddes, president
of British Board of Trade, on trade situation.. 1011
Forms. (See Acceptances.)
Franc, French, decline in
312, 525,703,1110




France:
Acceptance liabilities of leading bank's before
and after the war
561
Bank of France—
Charter of, law renewing
339
Condition of
294, 337,463, 648,1008,1200
Comparative statement showing condition of
leading banks of issue, June-July, 1919
849
Credits extended by, to other countries
1047
Exchange situation in
311
Practice of handling bills of exchange in
354
Price movements in.
,
476, 544
Frederick, Leopold, compilation by, on acceptances
outstanding in London and New Y o r k . . . . . . . . . .
21
Fruits, citrus and deciduous, shipments of
79,
158,268, 380,487,583, 673, 756, 869, 977,1070,1167
Furniture and equipment of Federal Reserve
Banks, cost of.
.---"-134,723
Method of charging against earnings.
26
Future date, sight draft accepted payable a t . . . . 565,566
Geddes, Sir Auckland, president of British Board of
Trade, statement by, on exchange situation
. 1011
Georgia, amendments to banking laws of
859
German mark, decline in
1011
Germany:
Acceptance liabilities of leading banks before
and after the war.
561
Assets, liabilities, and earnings of the three
leading commercial banks, 1913-1918
735
Reichsbank—
Gold reserves of, April, 1917-July, 1919,
compared with note circulation and deposits
847, 848
Statements showing condition of
197,
295, 430,463, 648,1008,1200
War operations, July, 1914-January, 1919.. 430
Statements showing condition of leading banks
of issue
....
735,849
Gidney, R. M., appointed manager of Buffalo
branch.
201
Glass, Carter:
Appointed Secretary of the Treasury
2
Correspondence with President on resignation of. 1113
Gold:
Accumulation of, in Federal Reserve Banks
since organization of system
768, 774
Embargo on, termination of.
615, 652,853
Exportation of manufactures of, regulation of
War Trade Board governing
26
'' Free gold'' movement during 1918
136
Free market for
7,8
Extract from address of Gov. Harding relative to
8
Gold mining industry, reports of committees
appointed to investigate
123-126,248
Imports and exports—
By months
6,96,109,180,
198, 290, 313, 403, 415, 509, 529, 605, 618, 696,
704, 809,821, 901,918,1005,1016,1100,1111,1197
September, 1917-May, 1919
616
Licenses granted by Federal Reserve Board
for export of
....
640
Licenses, restrictions for export removed
615, 653, 853
International gold clearance fund, efforts of
International High Commission to establish.. 198
Production of the world, 1900-1918
19
Production, reports by British and American
committees appointed to study
123-126,248
Reserves held by principal banks of issue, 19001918
140

¥8 VOLTTMS 5.

Gold—Continued.
Page.
Stock of, in the United States—
Apr.. 1917-July, 1919
788
By months.
,
97,181,
291,404, 510, 606, 698, 810, 902,1006,1101,1198
(See also Reserves.)
Gold settlement fund transactions:
May, 1915-July, 1919
776
During the year 1918
144-146
Nov. 22, 1918-Feb. 20, 1919
274
Feb. 21, 1919-May 22, 1919
569
May 23, 1919-Aug. 21, 1919
876
Aug. 22, 1919-Nov. 20, 1919
1178
Gold standard
7, 8
Government bonds. (See Liberty bonds; Victory
notes.)
Government control, elimination of, from business.. 523
Government deposits, deposits of United States
Shipping Board and Emergency Fleet Corporation a,s
1054
Government financing:
Budget system, statement by Secretary of the
Treasury on.
937
Discussion of
521, 703, 725, 813, 909,1009,1105
Estimates and appropriations, Sixty-sixth
Congress
."
1105
Export trade
1012
Secretary of Treasury to banks and trust companies regarding future
726
Secretary of Treasury to Ways and Means Committee relative to plan for
725
(See also Certificates of indebtedness).
Government securities:
Bank holdings of war securities
942
Decrease in
1010,1106
Depreciation on, method of charging against
earnings.
26
Holdings by member banks
92,
177, 287, 399, 505, 600, 692, 804, 896, 999,1095
Investments by Federal Reserve Banks
84,165,
279, 389,493, 590, 680, 790, 883, 988,1082,1181
Rediscount of paper secured by, as authorized
,by act Mar. 3,1919.
361
Governors of Federal Reserve Banks:
Acceptance credits, report by, relative to
415
Atlanta, M. B. Wellborn appointed
201
Conference "with Federal Reserve Board.. 313,1112
Expenses of
132,722
Minneapolis—
Wold, Theodore, resignation of.
. - 919
Young, R. A., appointed
919
St. Louis, David C. Biggs appointed, vice
Rolla Wells, resigned
201
San FranciscoCalkins, John U., appointed
530
Lynch, Jas. K., death of
530
Governor of Federal Reserve Board, Harding, W.
P. G., redesignated
821
(See also Harding, W. P. G.)
Grain receipts and shipments at principal markets..
79,
1158,268, 380,485, 581,671, 754, 868, 975,1068,1165
Great Britain:
Acceptance liabilities of leading banks of
England before and after the war
561
Bank of England, condition statements
294,
463, 648,1007,1200
Bankers' acceptances outstanding in London,
at end of Nov., 1918...
...
21
Bills of exchange, practice of handling i n . . . . . . 352
Comparative statement of condition of the
"Big Five" London banks, 1913 and 1918
(from the London JSconomist) . . , , , , . „ , , . „ • , 333




1213

Great Britain—Continued.
Comparative statement showing condition of
leading banks of issue. June-July, 1919
849
Credits extended by, to other countries
1046
Decimal system of coins, weights, and measures proposed
126
Economic conditions in Europe, statement by
British Chancellor of the Exchequer (Mr.
Austen Chamberlain) relative to
815
Exchange situation i n . . .
311
Statement by Sir Auckland Geddes, president of British Board of Trade
1011
Export credit plan
1012
Export restrictions, removal of, by
523
Gold production, report by committee appointed to study...
123-126
Placing of $250,000,000 loan in New York
market
..,.
1014
Price movements in
476, 544
Report to British Parliament, Nov., 1918, on
trade and industry after the war
114
Trade balance, statement by Lloyd-George
816
Groceries, wholesale, terms of sale in the industry .« 1134
Guatemala, practice of handling bills of exchange in. 346
Hamlin, C. S., statement by, relative to losses
through sale of worthless securities
18
Harding, W. P. G.:
Extract from address on acceptances
105
Extract from an address on reconstruction
2
Extract from address on free gold market
8
Letter to Hon. R. L. Owen regarding speculation
1107
Letter to a southern Federal Reserve Bank re, garding par clearing of checks
1113
On Government support of export credit
1012
Redesignated as Governor of Federal Reserve
821
m Board
Harrison, Geo. L., appointed general counsel to
Board
201
Hawaii, right of national banks in, to exercise
fiduciary powers
366
Hay, acreage and production, by Federal Reserve
districts
737,853,962,1053
Hepburn, A. B., appointment as member- of Advisory Council
201
Herson, J. F., appointed chief Federal Reserve Examiner, eastern division
919
Hides and skins, stocks of, in the United States.... 980,
1073,1170
History of the Federal Reserve system.
766-789
Hoarding of commodities, resources of Federal Reserve Banks not to be used for facilitating
. . . 1109
Honduras, practice of handling bills of exchange in. 348
Houston branch bank, directors named
619
Hoxton, W. W., appointed executive secretary of
Federal Reserve Board
918
Idaho, laws affecting operations of foreign banking
corporations
55
Illinois, laws affecting operations of foreign banking
corporations..
56
Imports and exports:
Canada, 1910-1919
1144
Export trade. (See Export.trade.)
Exports and production of selected articles,
1910-1919
955
Exports from the United States before and after
the outbreak of the war
952-957
Exports of coin, bullion, and currency—
Licenses granted by the Federal Reserve
Board
640
Requirement for licenses removed.. 615,653,853
Exports to tlie Allies, April, 1917-Juiie, 1919,. 957

1214

IKBEX TO VOLUME 5.

Interest rates:
'
Page.
Imports and exports—Continued.
Call money
429,524, 617,1009
Financial aid to American exporters, amendOn commercial paper and on call loans in New
ment to War Finance Corporation Act
966
York market, 1914-1919.
.
429
Gold—
On time loans, computation of, in connection
By months
6, 96,109,
with income and excess-profits tax returns... 249
180,198, 290, 313, 403, 415, 509, 529, 605, 618,696,
Prevailing in various centers
74,
704, 809, 821, 901,918,1005,1016,1100,1111,1197
154,265,376,482, 577, 667, 750, 864, 972,1065,1162
September, 1917-May, 1919
616
(See also Discount rates.)
Import restrictions, removal of, by Great
Britain
523 Interlocking directorates, application of section 8
of Clavton Act to banks in suburban districts
362
Merchandise, September, 1917-May, 1919
617
International Banking Corporation, New York City,
Quantities and values of principal exports,
foreign branches of
358, 562, 854, 962,1050,1154
June, 1914r-June, 1919
849-851
International High Commission, efforts of, to estabSilverlish international clearance fund
198
By months
96,180, 290,
403,509,605,696,809,901,1005,1100,1111,1197 Investment operations of Federal Reserve Banks
each month
84,
September, 1917-May, 1919..
616
165, 279, 389, 493, 590, 680, 790, 883, 988,1082,1181
Spain, 1914r-1919
1037-1039
"Investment trusts" for promoting a market for
Stamp tax on drafts drawn against shipments
purchase of foreign securities
412
from the United States
467
" Inadmissible assets," within meaning of revenue
Iowa:
act of 1918, ruling by Commissioner of Internal
Amendments to banking laws of
567,744
Revenue
472
Laws affecting operations of foreign banking
corporations
56
Income tax:
Iron and steel production
81,
Computation of discount and interest on time
161, 271, 383,489, 586, 676,759, 872, 979,1073,1170
loans
249
Proceeds of first installment in liquidation of
Irving National Bank, New York, foreign operaoutstanding issues of certificates of indebtedtions of
23
ness
.....
. -.
307 Italy:
Index of business conditions:
Bank of Italy, condition statements. 463,648,840,1200
Babson's business barometer
.. 331
Banking and economic conditions, 1914-1919. 840-847
Brookmire economic service
332
Borrowings from the United States, 1917-1919.. 845
Canadian indexes
334
Comparative statement showing condition of
Person's, Prof. Warren M., work of, on
333
leading banks of issue, June-July, 1919
849
Production, prices, etc., of raw materials, preExchange rates
846
pared by Dr. Wesley C. Mitchell
336
Gold holdings, 1914-1919.
841
Index of collection conditions, plan to obtain
547
Note circulation, 1914-1919
843
Index numbers, volume of trade
77,
Price movements in
476, 544
War debt of
845
157,267,379, 484, 580, 670, 753,867,974,1067,1164
Jafiray, C. T., appointment as member of Advisory
Index numbers of wholesale prices:
Council
-. 201
In the United States
71,
150, 261, 372, 479, 574, 664, 747, 860, 969,1061,1158 Jamaica, practice of handling bills of exchange i n . . 462
Movement of, since January, 1914.
861 Japan:
In the United States, Great Britain, Canada,
Bank of Japan, condition statements
464, 649, 734
Australia, France, Italy, and Japan, 1890Banking and economic conditions in, 19141919
,
476-478
1919
731-734
In the United States, England, France, Italy,
Comparative statement showing condition of
and Sweden during the war
543-546
leading banks of issue, June-July, 1919
849
India:
Exchange rates
733
Notes in circulation, composition of reserve,
Java Bank, operations of, during the war
643, 647
and percentage of metallic reserve, July,
Kentucky, laws affecting operations of foreign
1914-August, 1919
\.
950
banking corporations
56
Silver and currency conditions in, before and
Labor readjustment, discussion of .^
192,195,410
after the war
......
945-951 Labor not considered "goods" within meaning of
United States equivalent of London price of
regulations on acceptances
565
silver per ounce, and value of silver in
Law department. (See Rulings.)
rupee
949,1050 Laws, banking. (See Banking laws; Federal Reserve Act; Acts; United States Revised Statutes.)
Industrial Board of Department of Commerce,
967
formed for purpose of readjusting prices.., .196,246,341 Lever-food control act
Personnel of
341 Liberty bonds:
Inflationof currency, discussion of
8,
Allotments of the five loans
787
102, 409, 524, 614, 699, 813, 913
Conversion of 4 per cent bonds
958
x
Inflation of prices, discussion of
/
9,
Conversion privilege extended to first and sec191; 195,310,409, 699, 813, 913
ond Liberty loans 329
Inspection of goods covered by bill of lading draft. 468,472
Holdings by American banks on June 30,1919. 942
Insurance on currency shipped by mail
27
Reduction in
1106
"Interest earned but not collected," method of
Holdings by member banks
92,
reporting on Comptroller's call report
249
177, 287, 399, 505, 600, 692, 804, 896, 999,1095 1192




IHDEX TO VOLUME 5.
p
Liberty bonds—Continued.
age.
Investments by Federal Reserve Banks
84,
165,279,389, 493, 590,680,790, 883, 988,1082,1181
Loans by national banks on security of, regulation issued by the Comptroller of the Curency.
441
Rediscount of paper secured by, under act of
Mar. 3, 1919, ruling of Board regarding
361
Victory notes, holdings by American banks on
June 30, 1919
942
Liberty loans:
Allotments of certificates of indebtedness in
anticipation of the five loans..
787,909
Amounts of subscriptions and number of subscribers to the five loans
521
Fourth, condition of Federal Reserve Banks
during period of floating of
c
324
Fourth Liberty bond act as amended by Victory
loan act
226
Victory Liberty l o a n Act, text of
225
Certificates of indebtedness issued in
anticipation of
99,189, 304,407
Certificates of indebtedness, subscriptions
to 10 issues of
'.
609
Circular of Treasury Department giving
description of notes, etc
442
Conversion privilege
443
Description of notes
442
Date of campaign
407
Notes, short-term, in lieu of b o n d s . . . . . . 304, 306
Plan of financing as proposed by Ways and
Means Committee....
190
Plan of financing as submitted by the
Secretary of the Treasury
189, 218,407
Statement by Secretary of the Treasury
before Ways and Means Committee
. relative to
218-225
Subscriptions to
521
Subscribers, number of
521
Tax exemptions.
442
Terms of, as announced by the Secretary of
the Treasury....
303
t
Licenses for export of coin, bullion, and currency:
Number issued, September, 1917-June, 1919.. 64Q
Restrictions removed
615, 653, 853
Limitations, 10 per cent:
Amendment to Federal Reserve Act.,
21,229
Rediscounts for State member banks
1157
Release of security on excess
143, 254, 364,468
Under section 13 of Federal Reserve Act
143,
253, 254, 362, 364,468,1157
Limitations, 100 per cent, additional authority
upon increase of surplus
143
Limitations on loaning power of national banks
under section 5200, Revised Statutes, as amended. 1055
Liquidating bank, surrender by, of Federal Reserve
Bank stock.-.
53
Liquidating war paper of member banks, report of
Federal Reserve agents on
325
Lira exchange:
Decline in.
525
Restrictions revoked as to sale or purchase of..
311
Live stock, receipts and shipments at principal
markets
78,
157,267,379,484,580, 670, 753, 867,974,1067,1164
Live-stock paper held by Federal Reserve Banks
on last Friday of each month
86,
168,281,391,496, 592, 683, 794, 885, 991,1085,1184
Lloyd-George, British Premier, statement by,
relative to England's adverse trade balance
816




1215

Page.
Loans and exports to European allies, April, 1917June, 1919.
957
Locomotives and cars, output of
162,
T
272, 384,491,587, 678, 761, 874, 981,1075,1172
London, England. (See Great Britain.)
Los Angeles, Calif., approval of branch bank a t . . . 821
Louisiana, laws affecting operations of foreign
banking corporations
56
Lumber, production, and shipments
80,
159,269, 381,488, 584, 674, 757, 871, 978,1071,1168
Lynch, James K., governor of Federal Reserve
"Bank, of San Francisco, death of
530
McCord, Joseph A., appointed Federal Reserve
agent at Atlanta
201
Mail, currency shipments by
27
Maine:
Amendments to banking laws of
744
Laws affecting operations of foreign banking
corporations.
56
Maps. (See Charts.)
Massachusetts, laws affecting operations of foreign
banking corporations.
.......
56
Maturities:
Bills discounted—
Each month
85,166,
280, 390,494, 591, 682, 792, 884, 989,1083,1183
3 months ending Nov. 30^ 1918
i
86
3 months ending Feb. 28, 1919
'
392
3 months ending May 31, 1919
685
3 months ending Aug. 31, 1919
990
Bills discounted and acceptances bought—
3 months ending Dec. 31, 1918
167
3 months ending March, 1919
496
3 months ending June, 1919
. 793
3 months ending September, 1919
1084
Earning assets,
90,
174, 284, 396, 502, 597, 689, 799, 893, 997,1091,1189
Meat packing, terms of sale in the industry
1129
Meat products, exports of
485,
581,671,754, 868, 975,1068,1165
Member banks:
Acceptance liabilities of
440, 554, 852,1152
Acceptances by, drafts eligible for
253, 254
Branches of, amendment to banking laws regarding
966
Condition reports—
Abstract of—
December, 1914-March, 1919...
783-786
Nov. 1, 1918
183
Dec. 31, 1918
296
Mar. 4, 1919 . . . . . . . .
513
June 30, 1919
903
Banks doing an acceptance business, Mar.
4, 1919....
554-561
January-July, 1919
786
Weekly
92,177,
287,399, 505, 600, 692, 804,896, 999,1095,1192
Deposits of, in foreign banks, ruling on
1054
Deposits of, with nonmember banks
1156
Number accommodated through discount operations, each month.
84,
165,279,388,492, 589, 680, 790, 882, 987,1081,1181
Number discounting, January, 1917-February,
1919.
386
Number in each district, by months
97,
181,293,405, 511, 608, 697,803,886, 992,1087,1185
Number in system at end of each month, January, 1917-February, 1919
386
Number nrsystem, Nov., 1914-July, 1919.. 779, 782
Number doing an acceptance business on Mar.
4,1919
554

1216

tmmx f o

5.

Member banks (State):
Page.
Pags.
Acceptance business of, Mar. 4, 1919
559 Morgan, Sheppard, appointed assistant Federal
Amendments to State laws relative to memberReserve agent at New York
530
ship in system
366, 566,658, 741, 967 Morocco, practice of handling bills of exchange in.. 457
Classification of loans and discounts of.. 406, 520,1007 Mutual savings banks. (See Savings banks.)
Earnings and dividendsof
610,1104 Nashville branch bank
821,1017
Holdings of war obligations, June 30, 1919
942 National Association of Credit Men, plan for obtainMembership in system—
ing collection statistics by
547
To Dec. 31, 1918....
40-49 National-bank notes:
In 1918, by months
4
Legislation relating to reduction of circulation,
In 1919, by months
129,
letter of Board to Committee on Banking and
250,358,465, 562,649,738,855, 961,1051,1155
Currency of Senate
699
Number, capital and surplus, and resources,
Stock of, in the United States—
each month in 1918
:
4
April, 1917-July, 1919..
798
Rediscount^ commercial or business paper for. 1157
By months
97,181,
Rediscount of paper secured by Government
291,404,510, 606, 698,810,902,1006,1101,1198
obligations, under act of Mar. 3, 1919, ruling
National banks:
of Board regarding
361
Acceptance business of, Mar. 4, 1919
557
Savings deposits from the savings department
Acceptance liabilities o f . . . . . .
440, 554, 852,1152
of a/ trust company member bank, when
Branches of, amendment to Federal Reserve
deposited with a Federal Reserve Bank, to
Act relative to establishment of
229
count as reserve
,
652, 654
Capital, increase and decrease
30,
Mercantile Bank of the Americas, New York City,
128,252, 358,465, 562, 650, 737, 855,961,1052,1153
foreign branches of.
357, 738,854, 962,1050,1154
Charters issued to
30,
Mexican silver coinage changes
32
128,252, 358,465,562, 650,737, 855,961,1052,1153
Miller, A. C, extract from an address of, on cost of
Condition of, as shown by Comptroller's call—
living, before American Association of Baking
Dec. 31, 1918
250
Industry
...........
915
Mar. 4, 1919
446
Mills, A. L., appointment as member of Advisory
Nov. 17, 1919...
1153
Council
.-- 201
Directors, application of Clayton Act to banks
Missouri:
in suburban districts
362
Amendments to banking laws of
.
744
Fiduciary powers—
Laws affecting operations of foreign banking
Banks with insufficient capital
,.
53
corporations
..
57
Commission for services by officer of, acting
National banks authorized to exercise trust
as trustee in foreclosure proceedings
253
powers in, Superintendent of Banks required
Deposit of securities in trust department to
to receive deposit of securities
: . . . 655
secure funds deposited in commercial
Mitchell, J. R., retirement as member of Advisory
department
..
1156
Council
201
Exercise of trust powers in New York
5,1059
Mitchell, Dr. Wesley C , index numbers of producPowersgranted
30,127
tion and prices of raw materials prepared by
336
251, 359,466, 563, 650, 739, 856, 960,1052,1155
Moehlenpah, Henry A., appointed as member of
Powers which may be granted under
the Federal Reserve Board
918
amendment to section 11 (k) by act of
Sept. 26, 1918
362, 363,1154
Money:
Revised regulation of the Board relating
Amount per capita,
. . 97,181,
to the exercising of trust powers
438
291,404, 510, 606, 698, 789,810, 902,1006,1101,1198
Trust powers, exercise of, in Missouri, suCall money rates
429, 524, 617,1009
perintendent of banks required to reNew York market, 1914-1919
429
ceive deposits of securities
655
Circulation
64,139, 767, 699, 774, 912,1043
Foreign branches of—
Legislation relating to reduction of circuList of
357,466, 738, 854,962,1005,1154
lation, letter to .Federal Reserve Board
As of Sept. 1, 1919
854
to Banking and Currency Committee of
Asof Nov. 15, 1919....
1154
Senate..
.
699
Loans by, on security of growing sugar
Federal Reserve bank notes. (See Federal
crop
362
Reserve bank notes.)
Foreign operations, investments in stock of
Federal Reserve notes. (See Federal Reserve
corporations engaged in, amendment to
notes.)
Federal Reserve Act
705,792,965
Gold. (See Gold.)
Investment of funds held in trust...:
143
Inflation, discussion of
8,
Limitations on loaning power of—
102,409, 524, 614, 699,813, 913
Amendment to Revised Statutes.... 704,730,965
Shipments of
27,133,723
Under section 5200, R. S., as amended
1055
Cost of.
. . . . . . 1 133,723
Loans by, on security of Liberty bonds, reguSilver. (See Silver.)
lation issued by the Comptroller of the CurStock of, in the United States—
rency.
441
April, 1917-July, 1919
788
Loans, investments, and deposit liabilities,
By months, 1919
97,181, 291,404, 510, 606,
Dec, 1914-May, 1919.,
782'
698, 789,810, 902,1006,1101,1198
Method of reporting " interest earned but not
Volume of, and inflation of prices
699,813,913
collected" and "interest collected but not
Montana, laws affecting operations of foreign bankearned " on Comptroller's call report
249
ing corporations
58
Number in system, Nov., 1914-July, 1919... 779,782
Morgan, J. P., retirement as member of Advisory
War paper, deposits and holdings of,
428,94?
Council.,,..,....
.,.„,
. . . 200




mtxex TO

1217
Page.

National City Bank, New York City, foreign
Open-market purchase of bills of exchange, drawn
branches o f . . . . . . . . . . . 367,466,738,854,962,1050,1154
abroad and secured by foreign warehouse receipt, 740
As of Sept 1, 1 9 1 9 . . . . . . . . . . „ ' . . . . . . * . . . . . . . . . . . 854 Opinions ol Attorney General. (See Attorney General.)''
As of Nov. 15, 1 9 1 9 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1154
Opinions of Commissioner of Internal Revenue.
National Farmers Union, telegram to, relative to
(See Commissioner o! Internal Revenue.)
resources of Federal Reserve Banks being used for
speculative purposes* . « „ _ . » » . _ . . _ . . . « , » . « . _ » . 1109 Opinions o! counsel, Federal Reserve Board, (See
Webraska:
"Rulings.)
Amendments to laws of, relating to State bank
Oregon^
m e m b e r s h i p . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 567
"Amendments to laws.of, relating to State bank
Laws affecting operations of foreign banking corm e m b e r s h i p . . . . . . . . . . . . . . • ; . - . . . . . . . . . . . . . . . . 568
porations.........•...................*.!....
58
Laws affecting operations of foreign banking
Negotiability:
corporations. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
60
~ Bill of exchange accepted before it has been
Padlock, Wo W., appointed chief, division of. opersigned by drawer. = „ < = „»„ =».,. „»„»»„»=»»»„. 1157 ations and examination. . . . . . . . . . . . . . . . . . . . . . . . . . . 919
,
Drafts when providing for inspection of goods
Pajxerj production o f . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
82S
covered by bill of l a d i n g . . . . . . . . . . . . . . . . . 4685 472
•••' ^ •." •;. 1 6 2 , 2 7 2 , 3 8 4 , 4 9 0 , 5 8 7 , 8 7 7 , 7 6 0 , 8 7 4 , 9 8 0 s 1074,1171
Sight draft accepted payable at a future date-. 566 Par list. (See Check clearing and collection,)
Trade acceptance payable at a place different
Park-Union Foreign Banking Corporation, New
from that named in the d r a f t . . . . . . . . . . . . . . . . 142
York City, foreign branches of............ 738,855,1154
Netherlands:
Peace Conference, Albert Strauss and Thomas W.
Bank of Netherlands, condition statements..... 464?
Lamont appointed to represent Treasury a t , . . . . . 108
641-646,649,1201 Pennsylvania:
Comparative statement showing condition of
Amendments to banking laws of............... 744
leading banks of issue, June-July, 1919...... 849
Laws affecting operations of foreign banking
Nevada:
corporations....-.-.........-...-...-.....61
Amendments to laws of, relative to State bank
Persons,;' Warren M.? work of, in construction ol a
m e m b e r s h i p . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 659
business b a r o m e t e r * . . . . . . . . . ' . . . . . . . . . . . . . . - . . . - . 333
Laws affecting operations of foreign banking corPetroleum production. . . . . . . . . . . . . . . . . . . . . . . . . . . . .
80s
porations..,. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
58
160,2709 3823 489,585,675,7585 872,979,1072,1169
Hew Hampshire:
Phelan .bill, amending Federal Reserve Act....'... 21,228
Amendments to laws of, relating to State bank
Physical volume of t r a d e * . . . . . . . . . . . . . . . . . . . . . . . . . 77y
m e m b e r s h i p . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 567
1573 267,3793 484S 580,870,753,, 867,97491087,1164
Laws affecting operations of foreign banking corPig tin, imports of . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 383,
porations.. . . . . . . . . . . . . . . . . . . „ . o . . . . . „ . . . . .
98
7
;
490, 588,676, 7603 873, 980,1073,1170
New Jersey, laws affecting operations of foreign
Portugal, practice of handling bills of exchange in. 355
banking c o r p o r a t i o n s . . . . . . . . . . . . . . . . . . . . . . . . .
58
Prices:
Hew York:
Changes in price level compared with moveCost of living i n . . . . . . . . . . . . . . . . . . . . . . . . . . . 832,1049
ment of gold, reserve, and note circulation
Fiduciary powers, exercise of, i n . . . . . . . . . . . . . . . 551059
qf Federal Reserve Banks, June, 1914-July,
Laws affecting operations of foreign banking
1919- - . . . . . . . . . . . . . . . . . . . ' . . . . . . ' . . . . . . . . . . .
838
corporations. * . . . . . . . . . . . . . ; . . . . . . . . . . . . . . . .
59
Credit expansion, effect of, o n . . . . . . . . . 814,911,1110
Hew York Clearing House Association^ regulations
Inflation of...... 9,191,195? 310,4095 699, 813,911,913
adopted by, relative to collections outside of
Inflation and volume of currency....... 699,813,913
New York City3 and rates to be charged,....... 243-246
International price levels, adjustment of...... 411
Nicaragua, practice of handling bills of exchange in 349
Index numbers of, for United States, Great
North Carolina., amendments to banking laws of,
Britain, Canada, Australia, France,' Italy,
relative to State bank membership.............. 1 868
. und Japan,. 1890-1919...................... 476^78
North Dakota, laws affecting operations of foreign
Movement of, in the United States, England^
banking c o r p o r a t i o n s . . . . . . . . . . . . . . . . . . . . . . . . . . . .
60
France* Italy, and Sweden during the war., 543-546
Norway:
Readjustment of—
Comparative statement showing condition, of
Discussion ' o f . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
9,
leading banks of issue, June-Jiily9 1 9 1 9 . . . . . 849
191,195, 310,.409, 526, 6133 813,911,1110
Norges Bank, statements showing condition
Industrial Board of Department of Como f . . . . . . • . . . . . . . - . . . . . . . . . . * . . . - . . . - . 4 6 4 , 648,1200
merce formed for purpose of readjustNorwood, Jo W., retirement as member of Advisory
i n g . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 196,246, 341
C o u n c i l . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 201
Wholesale,, average monthly, in the United
Oats, acreage and production, by Federal reserve
S t a t e s . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 71-74,
d i s t r i c t s . . . . . . . . . . . . . . . . . . . . . . . . . . . . 737.853,962,1053
150,2813 372,479,574S 684? 747S 860? 969,1061,1158
Ohio:
Wholesale, in the United States, movement of,
Amendments to laws of, relating to State bank
since January, 1 9 1 4 . . . . . . . . . . . . . . . . . . . . . . . . . 881
m e m b e r s h i p . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 568
'Profit &pd loss.account, Federal Reserve Banks,. 132,723
Laws affecting operations © foreign banking
f
corporations,.........................
..
60 Profiteering, legislation, controlling,................. 967
Oklahoma, laws affecting operations- of foreign bankM
ing c o r p o r a t i o n s . . . . . . . . . . . . . . . . . . . . . . . . . . . . ^ . . . .
60
Certificates of indebtedness issued t© aid in
Oklahoma Gity, hearing on establishment of branch
financing...................................
807
bank i n . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1017
Stamp tax on notes secured by certificates ©
f
Open-market operations © Federal Reserve Banks:
f
indebtedness issued by Director General of
1 9 1 8 . . . . . . . . . . . . . . . . . . . . . . . . . * . . . . . . . . . . . . . . 64-65
Railroads, ruling by Commissioner ofjlnter1 9 1 9 . . . . . • . - . . . . . r i . . i . . . . . . . * - * - . . . . . . 83S 164, 278,
• nal R e v e n u e . . - . . . . . . - . * . . . . . . . . . . . . . . . . . . . . 568
888, 492,-589, 680, 790? 882, 987,1081,1180
Wax Finance Corporation aid in financing...... 807




1218

INDEX TO VOLUME 5.

Rates:
Discount. (See Discount rates.)
Foreign exchange. (See Foreign exchange.)
Interest and discount, prevailing in various centers.-.............*....
74, 154, 265,
376, 482, 577, 667, 750, 864, 972,1065,1162
Interest on call loans
429,524,617,1009
Interest on commercial paper and on call loans
in New York market
,
429
Maturities. (See Maturities.)
"Readily marketable staples/' definition of, as used
in section 13 of Federal Reserve Act
652
Rediscounting at Federal Reserve Banks, funds
not to be used for speculation.. 311,523, 617,1009,1107
Rediscounts:
Between Federal Reserve Banks—
During 1918..........
169
January-March, 1919.
495
April-June, 1919-....
........
794
July-September, 1919
1085
Weekly statement, addition to, of item
showing.
311
Commercial or business paper for a State bank
member.
1157
Cotton factors' paper....
1054
Drafts eligible for acceptance by member
banks..........................
253,254
Drafts secured by foreign warehouse receipt... 740
In excess of 10 per cent of paper secured by
Government obligations, under act of Mar. 3,
1919.1'...-.,......
--.
361
Limitations on, for State member banks
1157
What a Federal Reserve Bank may rediscount
for a member bank, not affected by section
5200, R. S . . . . . . . . . . . . . . . . . . . . . . . .
. . . . 1055
(See also Discounts.)
Regulation F of the Federal Reserve Board relating
to trust powers of national banks.
438-440
Renewal acceptances. (See Acceptances,)
Reserves:
Against deposits of United States Shipping
Board and Emergency Fleet Corporation,
ruling on.
1054
Against net deposit and Federal Reserve note
liabilities, weekly changes in during 1918. 136-138
Changes in price level compared with movement of gold, reserve, and note circulation of
Federal Reserve Banks, June, 1914-July, 1919 838
Chart showing cash reserves of all Federal Reserve Banks during 1918.
67
Computation o—
f ~
Member bank not permitted to deduct a
balance due from a foreign banking corporation from the balance due to such
corporation in computing its reserve.... 963
Offsetting dollar balances due to foreign
banks by foreign currency balances due
from domestic banks
963
Deposits with a Federal Reserve Bank from the
savings department of a trust company member bank to count as reserve
652,654
Excess reserves, movement of, during 1918.. 136-138
Federal Reserve Bank cash reserve, 1918, by
weeks....
64-65
Gold held by principal banks of issue, 19001918
140
Gold reserves of the German Reichsbank compared with note circulation and deposits,
Apr., 1917-July, 1919...
847,848
Government deposits—Deposits of United
States Shipping Board and Emergency Fleet
Corporation a s . . . . . . . . . . . w....
......
1054




Reserves—Continued.
Held by Federal Reserve Banks since organization of system
768,774
Ratio of cash reserves to net deposit and Federal
Reserve note liability combined, 1918, by
weeks
64-65
Reserve percentage, decline in..
..... 1009, 1106
Reserve position of the Federal Reserve
Banks...
1009,1106
Residence of acceptor, trade acceptance not made
payable at
142
Resources and liabilities:
Federal Reserve Banks
87,
172,282,393,498,594,686, 796,889,993,1088,1186
Member banks in selected cities.
92,
177,287, 399, 505, 600,692, 804, 896,999,1095,1192
(See also Foreign banks.)
Review of the month
1.99,
189,303,407,521,611,699,813, 909,1009,1105
Revised Statutes. (See United States Revised Statutes.)
Rhode Island, laws affecting operations of foreign
banking corporations
61
Rubles, exchange transactions in.
469,652,853
Rulings of the Board and opinions of counsel:
Acceptances to 100 per cent, additional authority from Board upon increase of surplus..... 143
Acceptances—
Bill of exchange accepted before it has been
signed by drawer, negotiability o f . . . . . . 1157
Domestic shipment of goods, draft covering, not eligible unless -shipping documents are attached
468,471
Draft drawn abroad and secured by foreign
warehouse receipt, eligibility for acceptance by a member bank, for rediscount by
a Federal Reserve Bank, and for purchase
in open market by a Federal Reserve
Bank.................
740
Draft drawn under credits to finance Cuban
sugar crop.
„.
53
Draft eligible for acceptance by member.
banks........................
253,254
Draft, negotiability of, when providing for
inspection of goods covered by bill of
lading
. . . 468,472
Draft secured by foreign warehouse receipt
for acceptance by member bank
740
Excess of 10 per cent... 143,253, 54,362,364,468
Foreign purchasers, acceptances for purpose
of enabling domestic concerns to extend
credits on open account to
253,254
Future date, sight draft accepted payable
at
565,566
Inspection of goods covered by bill of
lading.
468,472
Limitations, 10 per c e n t Excessive unsecured drafts violate section 13 of Federal Reserve A c t . . . . .
143
Release of security on excess
143,
254,364,468
Limitations, 100 per cent, additional
authority upon increase of surplus
143
Member bank, eligibility for rediscount. 253,254
Member banks, power of, to accept drafts
drawn in domestic transactions
253,254
Negotiability—
Bill of exchange accepted before it has
been signed by drawer
1157
Draft, when providing for inspection of
goods covered by bill of lading.. 468, 472

OTDEX TO VOLUME 5.
Page,

1219
Page,

Rulings of the Board and opinions of counsel—Con.
Rulings of the Board and opinions of counsel—Con.
Acceptances—Continued.
Administrator, executor, etc. (See fiduciary
Negotiability—Continued.
powers.)
Sight draft accepted payable at a
Branches, foreign, of national banks, loans by?
future date..
566
on security of growing sugar crop
362
Trade acceptance payable at a place
Building operations, trade acceptances coverdifferent from that named in the
ing........
„.. 565
draft.
142
Capital stock of Federal Reserve Banks, surOpen accounts of foreign purchasers, enarender of, by liquidating b a n k . . . . . . . . ^ . . . . .
53
bling domestic concerns to extend credits
Certificates of indebtedness, rediscount of
on.
. : . . . . . . . . . . . . . . . . . . . . . . . . 253,254
paper secured by, under act of Mar. 3,1919. 361
Open-market purchases of bills of exchange
Check clearing and collectiondrawn abroad and secured by foreign
Collection facilities of Federal Reserve
warehouse r e c e i p t s . . . . . . . . . . . . . . . . i 1 .... 740
Banks under sections 13 and 16 of Fed"Readily marketable staples," -definition
eral Reserve A c t . . . .
467
of, as used in section 13 of the Federal
Savings accounts, collection of checks
Reserve Act. J. . . . . . . . . . . .
652
drawn against......:....
.-. 964
Rediscount by a Federal Reserve Bank of
Clayton Antitrust Act, application of section 8
a draft drawn abroad and secured by
to banks in suburban districts.
362
foreign warehouse receipt.
..
740
Commission for services of officer of national
Rediscount of draft eligible for acceptance
bank acting as trustee in foreclosure proby member b a n k . . . . . . . . . . . . . . . . . . . . 253,254.
ceedings, not prohibited by section 22
253
Renewal a c c e p t a n c e s . . . . . . . . . . . . . . . . . . . ^
858
Cotton factors' paper, eligibility for rediscount
Securityas commercial paper...
. . . . . . . . . . . . . . . . 1054
Covering acceptances in excess of 10
Crops, sugarper cent limitation under section
Cuban, drafts drawn under credit to finance,
1 3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 362,364
eligibility for rediscount
........
.
53
Domestic a c c e p t a n c e s . . . . . . . . . 253,254,364
Loans by foreign branch of national bank
Release of
143,254,364
.'..
.. 362
e on security of
Shipping documents necessary to
Definition of "readily marketable staples/ 7 as
domestic drafts
. . . . . . . . . . / . . . ^ 468,471
used in section 13 of Federal Reserve Act.... 652
Substitution of, for acceptances in
Demand deposits, originally payable in 60
excess of 10 per cent l i m i t - . . . . . . . . .
468
days, status after running 30 days
652,655
Trust receipt permitting customer to
Deposits of member banks in foreign banks.... 1054
obtain control of g o o d s . . . . . . . . . . . 253,254
Deposits of member banks with nonmember
Warehouse receipts.............. 254,364? 858
banks
1156
Sight draft accepted payable at a future
Deposit of securities In trust department of a
date..............
565,566
national bank to secure funds deposited in
Speculation, draft drawn for
858
commercial department
..
1156
Sugar crop, Cuban, drafts drawn under
Deposits of United States Shipping. Board and
credit to
finance.........
..-•..........
53
Emergency Fleet Corporation not GovernTradement d e p o s i t s . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1054
Building operations, acceptances covDirectors, class 0, as director of a mutual sav- (
ering
..•.............'..............
565
ings b a n k . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
53
Conditional sales as the basis of trade
Emergency Fleet Corporation, deposits of, not
acceptances.......................
964
Government deposits..
1054
Form containing statement that obliExecutor, administrator, etc. (See Fiduciary
gation arises out of purchase of goods
powers.)
as per subjoined statement..........
142
Federal Reserve Bank stock, surrender of, by
Labor not considered "goods8' within
liquidating bank
53
meaning of regulation
565
Federal Reserve Banks, director of. (See
Payable at a place different from that
Directors of Federal Reserve Banks.)
named in the d r a f t - . . . . . . . . . . . . . . .
142
Fiduciary powers—
Residence of acceptor
142
Amendment to section 11 (k) by act of Sept.
Retention of title by drawer until
26,1918, construction of - 362,368
payment.
964
Capital required for exercise of
53
Trust receipts permitting customer to.
Compensation for services by officer of
obtain control of goods as security for
national bank acting as trustee in foreacceptances.
253, 254
closure proceedings not prohibited by
Warehouse receipts—
Draft drawn to carry goods for speculasection 22
;---.-253
tive purposes
........
858
Deposit of securities in trust department of
Draft secured by, not eligible unless
a national bank to secure funds deposited
goods covered are being held in
in commercial department
1156
storage pending a reasonable immeFunds held in trust, investment of, by
diate sale, shipment, or distribution 858
national banks
,
143
Foreign, draft drawn abroad and
Hawaii, right of national banks to exercise
secured by, eligibility for acceptance
trust powers in.
366
by member bank and rediscount and
Investment by. national banks of funds held
purchase in open market by a Fedin trust.
143
eral Reserve Bank-....
........
740
National banks with insufficient capital...
53




1220

OTDEX TO VOLUME fi.
Fag®.

Page,

Rulings of the Board and opinions of counsel—Con.
Rulings-of the Board and opinions of counsel—Con*
Fiduciary powers—-Continued..
RediscountsPowers which may be granted under
Commercial or business paper for a memamendment of section 11 (k) bv act of
ber State b a n k . . . . . . . . . . . . . . . . . . . . . . . . 1157
Cotton factors' p a p e r . . . . . . . . . . . . . . . . . . . . . . 1054
'Sept. 26, 1918
-..'..1
362,363
Foreign banks, deposits of member banks i n . . . . 1054
Draft eligible for acceptance by member
Foreign branches of national banks, loans by?
b a n k . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 253,254
on security of growing sugar c r o p . . . . . . . . . . . . 362
Drafts^ secured by foreign warehouse
Foreign e x c h a n g e . . . . . . . . . . . . . . . . . . . . . . . . . . . . 469
r e c e i p t s . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 740
In excess of 10 per cent of paper secured by
Control over, termination of--...--.---... 652
Government obligations, under act of
Forms. (See Acceptances, trade.) ,
Mar, 35 1 9 1 9 . . . . . . . . . . . . . . . . . . . . . . . . . . S61
Future date, sight draft accepted payable at. 565,566
Renewal acceptances............................. 358
Government deposits, deposits of United States
Shipping Board and Emergency Fleet Cor' Reserves—
poration a s . . . . . . . . . . . . . . . . . . . . . . . o . . . . . . . . . 1054
Against deposits of United States Shipping
Government obligations, rediscount of paper
J3oard and Emergency Fleet Corporation 1054
secured by? as authorized by the act of
Computation of—Mar. 35 1 9 1 9 . . . . . . . . . . . . - . . . . . . ' . . . . - . . . . . . . 361
Member bank not permitted to deduct
Hawaii, right of national banks in? to exercise
balance due from a foreign banking
fiduciary p o w e r s . . . . . . . . . . . . . . . . . . . . . . . . . . . . 366
corporation from the balance due to
such corporation in computing its
Imports and exports, stamp tax on drafts drawn
r e s e r v e . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 963
against shipments from tine United States.. - •. 487
Offsetting dollar balances due to foreign,
Inspection of goods covered by bill o! lading
banks by foreign currency balances
d r a f t . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 468,472
due from domestic b a n k s , . . . . . . . . . 983
Interlocking directorates, application of section
Deposits with a Federal Reserve Bank from
8 of Clayton Act to banks in suburban districts 862
the savings department of a trust comLabor not considered i *goodsJJ within meaning
pany member bank to count as reserve. 652, 654
of regulations on a c c e p t a n c e s . . . . . . . . . . . . . . . 565
Government deposits, deposits of U. S. ShipLiberty bonds, rediscount of paper secured by,
ping Board and Emergency Fleet Corpoas authorized by the act of Mar. 35 1919.... 361
ration. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1054
limitations, 10 per cent—
Residence of acceptor^ trade acceptances not
Rediscounts for State member b a n k . . . . . . . 1157
made payable a t . . . . . . . . . . . . . . . . _ _ o . . . . . .
142
Release of security on e x c e s s , . . . . . . . . . . . . . 143
Savings accounts, drawee Bank not authorized
Under section 13 of Federal Reserve A ct. — 143,
to deduct exchange on check sent to it for col253,254,362, 364, 4®8
lection. . . . . . . . . . . . . . . . . . . . . . . * . . . . . . . . . . . . . .
964
Limitations on acceptances, 100 per cent, addiSavings banks,, mutual, service of class C directional authority upon increase of surplus.... 143
tor i n . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
53
Limitations on loaning power of national banks
Savings deposits* deposits with a Federal Reunder section 5200, R. S., as amended....... 1055
serve Bank from the savings department of a
Liquidating bank, surrender of Federal Reserve
trust company member bank to count as
Bank s t o c k . . . . . . . . . . . . . . . . . . . . . . . ^ . . . . . . . . .
53
r e s e r v e - - . . . . . - . . . . . - . - - . - . . . . . - . . - . . . . - . . . . . 652,654
Loans on security of growing sugar crop by
Section 5200? Revised Statutes, limitations on.
foreign branch of national bank............... 882
loaning power of national banks under amendMember b a n k s ment t o . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1055
Deposits of, in foreign b a n k s . . . . . . . . . . . . . . . 1054
SecurityDeposits with nonmember b a n k s . . . . . . . . . 1156
Covering acceptances in excess of 10 per
Rediscount of paper secured by Governc e n t . . . . . . . . . . . . . . . . 143, 253, 254,362, 364, 468
ment obligations, under act of Mar. 3,1919, 861
Deposit of securities in trust department
Mutual savings bank, (See Savings banks.)
of a national bank to secure funds deposNational b a n k s ited in commercial department........ 1156
Deposit of securities held in trust departLoans on security of growing sugar crop by
ment to secure funds deposited in comforeign branch of national bank.....**.... S62
mercial d e p a r t m e n t . . . . . . . . . . . . . . . . . . . . . 1158
Release of, on acceptances in excess of 10
Directors, application of Clayton Act to
per c e n t . . . . . . . . . . . . . . . . . . . . . . . . . . . 143,254,364
banks in surburban d i s t r i c t s . . . . . . . . . . . . 362
Release of, on. domestic acceptances...... 143S
Fiduciary powers. (See Fiduciary powers.)
253, 254,364
Foreign branches of, loans by? on security
Substitution of, for acceptances in excess of
of growing sugar c r o p * . . . . . . . . . . . . . . . . . . 362
10 per cent l i m i t . . . . . . . . . . . . . . . . . . . . . . 468
Investment of funds held in t r u s t . . . . . . . . . 143
Trust receipt permitting customer to obtain
Limitations on loaning power of, under
control of goods. . . . . . . * . . . . . . . . . . - . . . . 253,254
section 5200, It. S., as a m e n d e d . . . . . . . . 1055
Shipping documents, domestic draft not eligible
Nonmember banks, deposit of member banks
for acceptance unless attached _ _ _ _ _ _ 468? 471
w i t h . . . . . . . . . . . . 1 . . . . . . . . . . . . . . . . . . . . . . " . . . 1156
Sight draft accepted payable at a future
Open-market purchase of bills of exchange
d a t e . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 565,566
drawn abroad and secured by foreign wareSpeculation, draft drawn for, eligibility for
house receipt. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 740
a c c e p t a n c e . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 858
''Readily marketable staples," definition of,
Stamp tax on drafts drawn against shipments
as used in section 13 of the Federal Reserve
from the United States . . . . . . . . . . . . . . . . . . . 46?
Act.......*,;....*.......-.................
852




IKDEX TO VOLUME 5,
Rulings of t h e Board and opinions of council—Continued.
State bank and trust company members—
Deposits from the savings department of a
trust company member bank s when deposited with a Federal Reserve Bank, to
count as r e s e r v e . . . . . . . . . . . . . . . . . . . . . 652^654
Rediscounts of commercial or business
paper f o r . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1157
Stock in Federal Keserve Bank,, surrender of,
b y liquidating b a n k . . . . . . . . . . . . . . . . . . . . . . .
53
Suburban banks, application of section 8 of
Clayton Antitrust Act t o . . . . . . . . . . . . . . . . . . . . .
362
Sugar c r o p Cuban, drafts drawn under credit to finance*
eligibility lor
rediscount...............
53
Loans on security of, b y foreign branch of
national b a n k . . . . . . . . . . . . . . . . . . . . . . . . . .
862
Taxj stamp, on drafts drawn against shipments
_ from the United S t a t e s . . . . . . . . . . . . . . . . . . . . . .
467
Time deposits originally payable in 60 days ?
status after running SO d a y s . . . . . . . . . . . . . . 652,655
Trust powers. (See Fiduciary powers.)
Trust receipt permitting customer to obtain eontrol of goods as security.for acceptances . . . 253,254
United States Shipping Boards deposits of, not
Government d e p o s i t s * . . . . . . . . . . . . . . . . . . . . . . 1054
Victory notes, rediscount of paper secured b y ,
under act of Mar. 3 P 1 9 1 9 . . / . . . . . . . . . . . . . . . . .
361
R tilings of Attorney General. (See Attorney G eneral.)
Rulings of Commissioner of Internal Revenue, (See
Commissioner of Internal Revenue.)
Rulings of the Division of Foreign E x c h a n g e , . . . 469,652
Rupee, value of silver in, 1914-A.ug., 1 9 1 9 . . . . . . 949P1050
Russia, restrictions regarding exchange transactions
ID r u b l e s . . . . . . . . . . . . . . . ? . . . . . . . . . . . . . . . . v . . . . 652, 853
Russian State Bank, statement showing condition of. 1201
Sale, terms of, in the principal industries. . . . . . 1129-1137
Savings account, drawee bank not authorized to deduct exchange on check sent to it for collection,..,. 964
Savings b a n k s Amendment to act relating to membership of,
in system, proposed b y t h e United States
Council of State Banking A s s o c i a t i o n s . . . . . . .
50
Mutual, service ol class O director i n . . . . . . . . . .
53
Savings deposits^ deposits with a Federal Reserve
Bank from the savings department of a trust company member bank to count as r e s e r v e . . . . . . . . 652? 654
Secretary ol Agriculture, statement by ? on effect of
war on wealth o! the United S t a t e s . . . . . , - . . . . . , . .
835
Secretary ol the Treasury:
Budget system, statement by, o n , . . . . . . . .
937
Glass, Hon. C a r t e r Appointed . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2
Corrrespondence with President on resignation o f . . . . . . . . . . . . . . . . . . . . . . . . . . . - . . . . . 1113
Government financing during fiscal year 1920—
Letter to Ways and Means C o m m i t t e e . . . . .
725
Letter to banks and trust c o m p a n i e s . . . . . .
726
Loans to allied Governments, continuation of,
recommended-............................
S2
Statement to Ways and Means Committee relative to financing of Victory Liberty l o a n , . . . .
218
Security:
A c c e p t a n c e s . . . . . . . . . . . . . . 143,253,254,362,364,468
Covering acceptances i n excess ol 10 per cent
limitation under section 13. . . . . - > . . - . . . . . . . 362? 864
Deposit of securities in trust department of a
national bank to secure funds deposited in
commercial d e p a r t m e n t . . . . . . . . . . . . . . . . . . . 1156
Loans on security of growing sugar crop b y foreign branch ol national b a n k . _ _ _ _ _ _ _ *
862~




1221

Security—Continued,
P&i®*
"Release of, on acceptances in excess of 10 per
c e n t . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 143,254,364
Substitution of, for acceptances i n excess of 10
per cent l i m i t . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
468
Trust receipt permitting customer to obtain control of g o o d s - . . . . . . . . . . . . . . . . . . . . . . . . . . . . 253,254
Securities, worthless, statement b y C. H . Haml in on.
IS
Shipping documents, domestic draft not eligible for
acceptance unless a t t a c h e d . . . . . . . . . . . . . . . . . . . 468? 471
Sight draft accepted payable at a future d a t e . . . . 565,566
Signatures, engraved, on bank notes 5 amendment to
Revised Statutes r e g a r d i n g . . . . . . . . . . . . . . . . . . . . .
229
Silver:
Imports and exports—
By m o n t h s . . . . . . . . . . . . . . . . . . . . . . . . 96,180,290,
403,509, 605, 696, 309, 901,1005? 1100,1111,1197
Sept., 1917-May, 1 9 1 9 . . . . . . . . - . . . . . . . . . . " ' 616
Licenses granted b y Federal Reserve Board for
export of, S e p t , 1917-June, 1 9 1 9 , . . . . . . . . . . . 640
Licenses for export of, restrictions r e m o v e d . . . 615?
6589 853
Mexican silver coinage c h a n g e s . . . . . . . . . . . . . .
32
Production of t h e world, 1 9 0 0 - 1 9 1 8 . . . . . . . . . . . 141.
Rupee, value of silver i n . . . . . . . . . . . . . . . . . . 94971050
Stock of, in the United States—
Apr'., 1917-July, 1 9 1 9 . . . . . . . . . . . . . . . . . . . . 788
By m o n t h s , . . ' . . . . . . . . . . i . . . . . . . . . . . . ^ . . 97S
181,291 S 404? 510, 608, 698, 810, 902,1006? 1101,1198
South Africa, practice of handling bills o! exchange

i
in.

/

459

South Dakota, amendments to banking laws of,
relative to State bank m e m b e r s h i p . . . . . . . . . . . . . .
867
Spain:
Bank o! Spain, statements showing condition
of . . . . . . . . . . . . . . . . : . . . . . . . . . . . 464,649,1040,1201
Comparative statement showing condition o!
banks of issue, June-July, 1 9 1 9 . . . . . . . . . . . . . 849
Credits extended b y , to other countries.. 1040,1048
Exchange rates, 1914=1919. _ _ _ _ _ _ _ 1041,1042"
Foreign commerce and finance, 1914-1919. 1036-1042
Imports and exports, 1914-1919. _ _ _ _ _ 1037-1039
Practice of handling bills of exchange i n . . . . . .
858
Speculation:
Draft drawn for, eligibility for a c c e p t a n c e , . . . .
858
F u n d s obtained by rediscounting not to be used
f o r . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 311,017,1009,1107
Governor Harding to Hon. R. L . Owen
r e g a r d i n g . . . . . . . . . . . . . . . . . . . . . . . . . . . _ . 1107
Letter of Board to Federal Reserve Banks
r e g a r d i n g . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1108
Telegram to National Farmers 5 Union regarding. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1109
I n c o m m o d i t i e s . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1309
^ On New York Stock E x c h a n g e . . . . . . . . 523? 617? 1009
Spices, terms of sale in the i n d u s t r y . . . . . . . . . . . . . . . . 1132
Stamp t a x :
Drafts drawn against shipments from the United
S t a t e s - . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 467
Notes secured b y certificates of indebtedness
issued b y Director General ol Kailroads 5 ruling b y Commissioner of Internal R e v e n u e . . .
566
Notes secured b y War Finance' Corporation
bonds, ruling of Commissioner of Internal
Revenue . . . . . . . • . _ . . . . . . . . . . . . . ' . . . . . . . . .
566
State banking laws:
Amendments t o . . . . . . . . . . . . . . . 366S 5G6, 658S 741,967
Operations of foreign banking corporations-.,.. 54-68
State bank and trust company members:
Acceptance business of, Mar. 4 , 1 9 1 9 . . . . . . . . . .
559
Amendments to State laws relative to membership in system. _ _ _ _ _ _ _ 306,566,658,741,967

1222

IKDEX TO YOLTTME 5B
Page. '

Page.

State bank and trust company members—Contd.
Tax certificates of indebtedness...
. . . . . 787,909,1106
Classification of loans and discounts
406,520,1007 Tea, terms of sale in the i n d u s t r y . . . . . . .
...
1132
Earnings and dividends
........
. . 610,1104 Tennessee:
Holdings of war obligations June 30,1919. — - 942
Amendments to banking laws of, relative to
Membership in system—
State bank membership.
367
To Dec. 31,1918... —
40-49
Laws affecting operations of foreign banking
In 1918, by months.
-4
corporations
61
In 1919, by months
129 Terms of sale in the principal industries
1129-1137
250,358,465, 562, 649? 738, 855, 96l, 1051,1155 Texas, laws affecting operations of foreign banking
Number, capital and surplus, and resources of
corporations
.................... !
61
State bank members, each month in 1918...
4 Textile manufacturing
„
— 81,
Savings deposits from the savings department
161, 271, 383, 490, 586,677, 760, 873,980,1074,1171
of a trust company member bank when deTime deposits originally payable in 60 days, status
posited with a Federal Reserve Bank, to
after running 30 days.
652,655
count as reserve
652, 654 Time loans, computation of interest and discount -jj gj
Rediscount of commercial or business paper for. 1157
on, in connection with income and excess profits "jf
Rediscount of paper secured by Government
tax r e t u r n s . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
.. 249
obligations, as authorized by act of Mar. 3,
Tobacco manufactures, terms of sale in the industry. 1133
1919, ruling of Board regarding
..........
361 Tobacco, sale of revenue stamps for manufactures of. 162,
Statistical review of the Federal Reserve System. 766-789
272,384,491,587,677,761, 874,981,1074,1171
Sterling exchange.
311,414, 525,703,1011 Trade balance. (See Export trade.)
Stock in Federal Reserve Bank, surrender of, by
Trade:
liquidating bank.
....
53
Export. (See Export trade.)
Straits Settlements, practice of handling bills of exPhysical volume of
. . . 77,
change in.»
..<......
452
157, 267, 379, 484, 580,670, 753, 867,974,1067,1164
Strauss, Albert, appointed to represent Treasury at
Trade and industry after the war, report to British
peace conference
........-.--...--.
108
Parliament o n . . . . . . .
114
Suburban banks, application of section 8 of Clayton
Treasury financing:
Act t o . , - . . . . - - . . . - . - - '
362
Budget system, statement by^Secretaryjrf the
Sugar, receipts and meltings
,79,
Treasury o n . . . . . . . .
.":
937
Discussion of plan for future -.»
521,
159,269,381,487, 583, 674,757,870, 977,1070,1167
m 703,725, 813,909,1009,1105
Sugar crop:
Estimates and appropriations, Sixty-sixth ConCuban, drafts drawn under credit to finance,
gress.
1105
eligibility for rediscount........... T
53
Secretary of the Treasury to banks and trust
Loans by foreign branch of national bank on
companies regarding future
—
726
security of.
362
Secretary of the Treasury to Ways a^id Means
Sugar refining, terms of sale in the industry.
. . . 1132
Committee relative to plan for.*.
725
Surplus and franchise tax, method of charging
(See
Certificates of
against earnings
26 Treman, alsoH., resignation indebtedness.)
R.
as deputy governor of
Surplus fund, earnings paid into, amendment to
Federal Reserve Bank of
„
1018
act regarding
228 Trust funds, investment by New York
national banks of funds
Sweden:
held in trust.
. . ' . . . . 143
Comparative statement showing condition oi
leading banks of issue, June-July, 1919..... 849 Trust powers. (See Fiduciary powers.)
Price movements in, 1913-1918..
544 Trustee, executor, administrator, etc. (See Fiduciary powers.)
Riksbank, statements showing condition of.... 463,
648,1201 Tulsa, Okla.? hearing on establishment of branch
bank in.
1017
Swiss National Bank, statements showing condition of
-...
464,551.649, 1201 United States bonds. (See Liberty bonds.)
United States notes:
Switzerland:
Legislation relating to reduction of circulation,
Banking conditions in, during the w a r . . . . . . 548-552
letter of Board to Banking and Currency
Comparative statement showing condition of
Committee of Senate
699
leading banks of issue, June-July, 1919...... 849
Stock of, in the United States—
Exchange rates in, 1914-1918.......
.....
552
April, 1917-July, 1919.....
789
Tax:
By months . . . „ . . . . . . „ . „
97,181,
Dividends to increase capital stock of a bank,
291,404,510,606,698,810,902,1006,1101,1198
taxation of, ruling by Commissioner of Internal Revenue.
256 United States Revised Statutes:
Engraved signatures on bank notes, section
Income and war excess, computation of dis5172..................
21,229
count and interest on time loans, ruling of
Limitations of loaning power of national banks
Commissioner of Internal Revenue regardunder amendment to section 5200
704,
ing
,.
.........,„_.........
249
730,965,1055
Stamp—
What a Federal Reserve Bank may discount
Drafts drawn against shipments from the
for its member bank, not affected by amendUnited States.
..........
467
ment to section 5200
•*.... 1055
Notes secured by certificates of indebtedUnited States Shipping Board, deposits of? not
ness issued by Director General of RailGovernment deposits
1054
roads, ruling by Commissioner of Internal
Uruguay, credits extended by ? to other countries.. 1048
Revenue.
. . . . 566 Utah:
Notes secured by War Finance CorporaAmendments to banking laws of
660,745
tion bonds, ruling of Commissioner of
Laws affecting operations of foreign banking
Internal R e v e n u e , . . . . . . . . . . . . . . . . . . . ^ _ 566
corporations,..... •-.
.,...„,,
62




INDEX TO VOLUME 5.

1223
Page.

Vaults, method of charging against earnings
26
Vermont:
Amendments to banking laws of
745
Laws affecting operations of foreign banking
corporations
....
62
Vessels:
Built in the United States
82,
162,272,384,491,587,678,761,874? 891,1075,1172
Tonnage cleared in foreign trade
82,
163, 273,385,491,588,678,761, 875,981,1075,1172
Victory Liberty loan. (See Liberty loans.)
Victory notes. (See Liberty bpnds.)
Virginia, laws affecting operations of foreign banking corporations
—„...
62
Wage readjustment, discussion of.
192,195,410,915
Wall, Alexander, report on credit barometries by. 229,143
War:
After-war policies, report of committee to
British Parliament o n . . . »
114
Cost of, for fiscal years 1917 and 1918, as shown
by annual report of the Secretary of the
Treasury.
20
Effect of, on wealth of the United States,
statement by Secretary of Agriculture....
635
Financial reconstruction, extract from address
of W. P. G. Harding on
.................
2
War Finance Corporation:
Aid in financing railroads.
307
Annual report of
.
28
Bonds as "inadmissible assets," ruling by
Commissioner of Internal Revenue
„
. . 472
One-year bonds offered for subscription
..».. „ 308
Stamp tax on notes secured by bonds of, ruling
of Commissioner of Internal Revenue
....
566
War Finance Corporation Act, amendments t o . . . . 228,966
Extending financial aid to American exporters.. 966
War paper:
Amounts discounted during each month in 1918
by all Federal Reserve Banks and by the
New York Federal Reserve Bank . . . . . . . . . . .
276
Discount of, April, 1917-July, 1919
768,771
Chart showing amount discounted by Federal
Reserve Banks during 1918
......
66
Discounted paper secured by United States
war obligations, 1918, by weeks.
64-65,276
Held by Federal Reserve Banks each week during 1918
•
64-65
Holding by American banks on June 30,1919.. 942
Holdings by member banks
92,
177, 287,399,505, 600, 692,804,896, 999,1095
Decrease in
«
1010,1106
Holdings of, by national banks
428,942
Investments by Federal Reserve Banks
84,
" 165, 279, 389,493,590, 680, 790, 883, 988,1082
Liquidation of, reports of Federal Reserve
agents relative to, as published in annual
report of the Federal Reserve Board
325
(See also Liberty bonds; Certificates of indebtedness.)




War Trade Board, regulations for exportation of
manufactures of g o l d . . . . . . . . . . .
26
Warburg, P. M., address on bankers' acceptances
and the establishment of a foreign exchange bank. 16-18
Warehouse receipts:
Acceptances, security, and limitations
254,364
Draft drawn to carry goods for speculative purposes not eligible for acceptance
858
Draft secured by, not eligible unless goods
covered are being held in storage pending a
reasonably immediate sale, shipment, or
distribution
858
Foreign, draft drawn abroad and secured by,
eligibility for acceptance by member bank
and for rediscount and purchase in open
market by a Federal Reserve Bank
740
Whisky held in bond, sale of, ruling on, by
Attorney General
968
Washington:
Amendments to banking laws of
746
Laws affecting operations of foreign banking
corporations
„
62
Ways and Means Committee, Government financing
plan submitted by Secretary of Treasury to
725
Wealth of the United States, effect of war on, statement by Secretary of Agriculture
„
635
Wellborn, M. B., appointed governor of Federal
Reserve Bank of Atlanta
201
Wells, Rolla, resignation as governor of Federal
Reserve Bank of St. Louis
201
West Virginia:
Amendments to banking laws of, relative to
State bank membership
................
367
Laws affecting operations of foreign banking
corporations
63
Wheat, acreage and production.
737,853,962,1053
Whisky held in bond, sale of warehouse receipts
representing, ruling by Attorney General regarding
968
Wholesale prices. (See Prices.)
Will, J. A., appointed^ chief Federal Reserve examiner, western d i v i s i o n . . . . . . . . . . . .
«......„„ 919
Wisconsin, laws affecting operations of foreign banking corporations
63
Wold, Theodore, resignation as governor of Federal
Reserve Bank of Minneapolis
......
919
Wood pulp, production of
82,
162,272,384, 490,587,677, 760,874,980,1074,1171,
Wyoming:
Amendments to banking laws of, relative to
State bank membership
368
Laws affecting operations of foreign banking
corporations
63
Young, R. A., appointed governor of Federal Reserve Bank of Minneapolis.
I......
919

FEDERAL RESERVE DISTRICTS




S919
ft FEDERAL RESERVE BANK CITIES
O rE-DERAL'RESERVE BRANCH CITIES

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