Full text of Federal Reserve Bulletin : January 1919

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FEDERAL RESERVE
BULLETIN




ISSUED BY THE

FEDERAL RESERVE BOARD
AT WASHINGTON

JANUARY, 1919

WASHINGTON
GOVERNMENT PRINTING OFFICE
1919

FEDERAL RESERVE BOARD.
EX OFPICIO MEMBERS.
CARTER GLASS,

Secretary of the Treasury, Chairman.
JOHN SKELTON WILLIAMS,

W. P. G. HARDING, Governor.
ALBERT STRAUSS, Vice Governor.
ADOLPH C. MILLER.
CHARLES S. HAMLIN.

Comptroller of the Currency.

J. A. BRODERICK, Secretary,

M. C. ELLIOTT, General Counsel.

L. 0. ADELSON

H. PARKER WILLIS,

W. T. CHAPMAN

Assistant Secretaries.

W. M. IMLAY, Fiscal Agent.
M. JACOBSON, Statistician.
II




Director, Division of Analysis and Research.
F. I. KENT,

Director, Division of Foreign Exchange.




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
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No complete sets of the Bulletin for 1915, 1916, or 1917
are available.

TABLE OF CONTENTS.
Page.

Review of the month
The business and financial situation in December
Extracts from address of Hon. P. M. Warburg on financial reconstruction
Capital Issues Committee terminates its work
Gold production of the world
Cost of the war—statement by Secretary of Treasury in annual report to Congress
Proposed amendments to the Federal Reserve Act
Bankers' acceptances outstanding in London and New York at end of November
Recommendations of Secretary McAdoo to chairman of Ways and Means Committee relative to additional
loans to foreign Governments
Foreign banking operations of the Irving National Bank of New York
Election of directors of Federal Reserve Banks
Letter to Federal Reserve Banks with reference to charges against earnings of Federal Reserve Banks
Regulation of the War Trade Board relative to exportation of manufactures containing gold
Instructions issued by Treasury Department regarding shipments of currency
Instructions to Federal Reserve Banks relative to charges incident to forwarding unfit notes to Washington..
Suggestions to Federal Reserve Banks relative to method of forwarding items for collection
Annual report of War Finance Corporation
Banks granted authority to accept up to 100 per cent of capital and surplus
Commercial failures reported
Charters issued to national banks during the month
Fiduciary powers granted to national banks during the month
Mexican coinage changes
Foreign loans placed in the United States, compiled by the Guaranty Trust Co. of New York
State banks and trust companies admitted to system up to and including December 31, 1918 r
Proposed membership of savings banks
Rulings of Federal Reserve Board
Law Department—State laws affecting the operations of foreign banking corporations
Federal Reserve banking in 1918
Reports of total bank transactions
Index of wholesale prices
Discount and interest rates prevailing in various cities
Physical volume of trade
Discount operations of the Federal Reserve Banks
Resources and liabilities of the Federal Reserve Banks
Federal Reserve note account of Federal Reserve Banks and agents
Member bank condition statement
„..
Imports and exports of gold and silver
Estimated stock of money in the United States
Operation of the Federal Reserve clearing system
Discount rates in effect
:
IV




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FEDERAL RESERVE BULLETIN
VOL.

JANUARY 1, 1919.

5

REVIEW OF THE MONTH.

Further progress with the war-revenue bill
during the month of December

Public finance. ^

regulted

^

^

adoption

of that measure by the Senate in a form
estimated to make provision for a revenue
from taxation of approximately $6,000,000,000. This revenue, under the revised
terms of the measure, will be derived chiefly
from income and excess profits taxes, with
some other sources of taxation afforded by
a curtailed list of excise and consumption
imposts. No further reductions in the tentative estimates of the revenue requirements
of the Government for the fiscal year 1919 have
been formulated, so that to-day the amount
believed necessary continues, as stated in the
last issue of the FEDERAL RESERVE BULLETIN,
at $18,000,000,000. Assuming that the new
revenue bill yields $6,000,000,000 in taxation,
the proportion of $2 in loans to each $1 in
taxes, theoretically established at the beginning of the fiscal year as a standard toward
which to work, still remains effective. This
implies the continuation of large spending operations. In preparation for the next Liberty
loan two issues of certificates of indebtedness
running 90 days have already been placed, their
proceeds aggregating $1,185,932,000. Continued preparation for large additional Government borrowing is thus rendered necessary,
and it becomes evident that in order to obtain
$6,000,000,000 from taxation and perhaps an
equal amount from a fifth Liberty loan to be
offered during early spring, very close conservation of resources will be essential. Inasmuch
as the process of paying the taxes and subscribing for and paying the new loan will go
on almost simultaneously, the combined draft




No. 1

upon our national resources is likely to be very
heavy. The necessity of reduction of nonessential credits and of conservation of incomes
and savings is thus again emphasized. The
requirements of the Government for the purpose of completing its war payments and disposing of its commitments must still have
precedence for a considerable period.
A factor which emphasizes the probable necessities of public financing is seen in the
recommendation made by Secretary McAdoo
before his retirement that further authorizations of loans to the allied countries, which
will permit the use of balances of funds already
set apart for that purpose, notwithstanding the
advent of peace, be provided by Congress.
While the probable amount of such loans to
the allies is not officially stated, the unused
authorizations which Congress has been requested to carry over from the war to the peace
period still amount in round numbers to
$1,500,000,000 and will therefore constitute, at
least potentially, a source of considerable drafts
upon the current resources of the United States.
Public finance for the present is therefore in
a transition stage, during which it is desirable
to pursue banking policies that will still maintain the policy of conservation and protection
of resources already developed. During the
coining months there will continue to be necessity for the employment of those expedients
which are generally classed as war finance at
the same time that our domestic requirements
and those of foreign countries are beginning
to draw upon the banking resources of the
country for the purpose of providing the
economic basis of peace reorganization. For
some time to come, therefore, the demands
upon our banking means will be of a dual
nature. It will not be possible to apply either
1

FEDERAL RESERVE BULLETIN.

the standards of war or those of peace to the
analysis and control of the situation, but in
some measure both principles of action must
be combined. It is at this juncture of transition from one historic era of American finance
to another that a change has occurred in the
administration of the Treasury Department
and that simultaneously with the presentation
of new problems of public finance a new head
has been named for the Government's financial
system.
Hon. Carter Glass, who took the oath of
on
December 16 and thus
Thene Se retary of the Treas- becomes Secretary of the Treasury
'
ury as successor to Hon. W. G.
McAdoo, has been a Member of Congress for 9
terms, or 18 years in all. During practically
the whole of that time Mr. Glass was a member
of the Committee on Banking and Currency of
the House of Representatives, becoming chairman of that body in 1912. During the year
1912 Mr. Glass became chairman of the subcommittee of the Banking and Currency
Committee which had to do with the formulation of plans for banking and currency
reform. It was under his chairmanship of
the subcommittee that the first draft of the
Federal Reserve Act was initiated. Mr. Glass's
subcommittee conducted hearings on the question of new banking legislation during the
winter of 1912-13, and a revised draft of the
Federal Reserve Act was prepared as a result.
This was introduced by Mr. Glass in the Congress which assembled in the spring of 1913.
Upon the appointment of the Banking and
Currency Committee in the Sixty-third Congress, Mr. Glass became chairman of the committee and the bill which he had already introduced was referred back to that body for revision, being finally reported and adopted in the
House during the following summer, and later,
after some amendments in the Senate, becoming
law. Since the adoption of the Federal Reserve Act Mr. Glass has borne an important
part in monetary and banking discussions and
has supervised the presentation and passage of
all legislation for the revision of the Federal




JANUARY 1,1919.

Reserve Act which has actually passed Congress. He thus enters the Treasury peculiarly
qualified as to one important function assigned
to the Secretary of the Treasury—that of chairman ex-officio of the Federal Reserve Board.
The Federal Reserve Board welcomes Mr. Glass
as chairman and expects much from the helpful cooperation which may be looked for from
him.
During the war the problems to be faced
by the Treasury Department
New problems, i

i

-,

,.-,

n

^

nave been, and until all Government financing is completed will necessarily
continue to be, closely connected with those of
banking. The war has inevitably left a condition of credit expansion, not only in the
United States but throughout the world, and
the gradual and orderly contraction of that
expansion will require the continued exercise
of good judgment by the Treasury and the
intelligence and far-sighted cooperation of the
Federal Reserve Board. In placing a new
Liberty loan every effort made in past financing
must be repeated to avoid imposing undue burdens upon the banks of the country, especially
in view of the heavy taxation requirements
which must be met by the business world
simultaneously with the offering of the new
bonds on the market. These problems involve
active participation of the Federal Reserve
system, charged as it is with the duty of leadership in the banking development of the country.
As Governor Harding expressed the matter in
his address to the Federal Advisory Council on
November 19, "We are approaching a time of
general international readjustment and reconstruction, and while the war, as far as actual
hostilities are concerned, is ended, it is not over
in a financial sense or from the standpoint of
permanent adjustment/ 7 Such readjustment
will call for the control of discount rates by the
Federal Reserve system. As Mr. Harding has
further said,'' the only period when the Federal
Reserve Board was able to exercise any effective
control over the banking situation was during
the last two or three months of 1916 and the
first quarter of 1917."

JANUARY 1,1919.

FEDERAL RESERVE BULLETIN.

The new Secretary of the Treasury in an an- conservation of resources and the avoidance of
nouncement given to the public unnecessary waste should be urged. Business
sJ i f f s t m es - on December 20 has himself reports for the month of December indicate the
once more emphasized the situ- recurrence of considerable relaxation in the
ation which is thus outlined. He calls em- curtailment of extravagance, partly attributaphatic attention to the continued necessity of ble to the holiday season, but in no small meathrift and to the fact that it is essential that sure the outgrowth of a belief on the part of
close organization for the purpose of floating portions of the community that the necessity
the next Liberty loan shall be continued. The for rigid limitation of expenses has passed.
Secretary further calls attention to the fact The necessary action of various Government
stated by his predecessor that the proceeds of war boards in reducing or revoking limitathe fourth Liberty loan have been entirely used tions upon manufacture, transportation, and
fix meeting the current expenses of the Govern- export, as well as upon the importation of
ment and in liquidating maturing certificates of luxuries, has undoubtedly contributed in some
indebtedness, so that the current issues of cer- degree to this belief on the part of the public.
tificates now represent a fresh draft upon the On December 19 all existing priority orders
banks and are placed upon the market in actual and agreements growing out of them were
anticipation of the proceeds of the next loan. canceled by the War Industries Board, which
He "is entirely in accord with the policy that itself ceased to exist on December 31, 1918.
this loan should take the form of bonds of short The War Trade Board has very greatly libermaturities," and restates the estimates of re- alized its system of restriction of foreign trade
quirements for the'current year which are based and similar action has been necessarily taken
upon the necessity of a public income of not by other bodies. This reduction in Governless than eighteen billions of dollars. Present ment control should not be regarded by the
outlays, as stated by the Secretary, are running public at large as in any sense an invitation to
very much in excess of that figure, the expendi- the relaxation of the restrictions which have
ture for December being already over two been enforced upon it by necessity during the
billion dollars, a rate which, if continued, period of close Government oversight. It
would imply a necessity for twenty-four billion should be recognized that the new period is one
dollars for the entire year. It is to be expected in which individual cooperation and economy
that these enormous outlays will decline, but is the more called for, since administrative and
the facts of the international situation show legal restrictions have been dispensed with.
The year 1918 has been by far the most rethat, whatever economies may be effected, the
markable in the history of the
total amount of obligations remaining to be
t r e m a r k a b l e Federal Reserve system and in
liquidated will, nevertheless, be great. This
many ways the most remarkaemphasizes that the period of war finance has
ble in the financial history of the world. Its
not passed, the facts being that what is perhaps
the most difficult period has just opened. The unusual character is found both in the volume
difficulty to be encountered is not due to les- of transactions that have been performed or unsened resources or to lack of ability to provide dertaken and in the character of the methods
the funds, but to the natural and unavoidable successfully employed. During the period bereaction from the high patriotic tension under tween the last Friday in 1917 and 1918 the
which the earlier Liberty loans have been total gold holdings of the Reserve system have
offered to and taken up by the public. Such risen from $1,671,133,000 to $2,090,274,000,
reaction makes it all the more necessary that and its total assets from $3,102,689,000 to
the essential need of maintaining conservatism $5,251,990,000. Coincident with this enorand soundness in the banking system should mous expansion of total assets, partly due to
continue to be kept before the public and that the rapid incoming of new members with great




FEDERAL RESERVE BULLETIN.

additions to the resources of the system which
have been produced by the increase of these
assets, there has come a very great increase both
in the volume and proportion of so-called war
paper handled by Federal Reserve Banks.
Such war paper is to-day approximately
$1,400,000,000 out of total assets of
$5,252,000,000/ and this great sum represents
about 82 per cent of the total discounted paper
held by Federal Reserve Banks. These facts
reflect the main cause of the activity of the
Reserve Banks throughout the year—their
relation to the Treasury and their service to
the financing of fiscal operations.
Activities devoted to war finance will now
need gradual adaptation to peace requirements,
involving as great a change in banking as the
parallel movement through which industry
must now pass in the return from a war to a
peace basis. As loans based upon Government
bonds are reduced and eventually eliminated,
loans growing out of normal processes of business life will take their place and must be dealt
with on the basis of peace requirements. This
is now the problem in the Federal Reserve
system. Meantime the student of banking will
not fail to note the unquestionable efficiency
which has been exhibited by Federal Reserve
Banks in extending the enormous amount of
credit which was demanded of them, in
transferring the obligations growing out of such
credit, and in meeting the requirements of the
community for note currency. In the following condensed table is afforded a brief review of
the salient figures illustrating the development
of the Federal Reserve system during the year
1918.

The increase in the power of the Federal Re^
,
serve system and its enormous
Growth of mem,, .
, ,
,,
bership
growth in assets during the
year 1918 has been in no small
degree the result of the increase in membership.
The system to-day numbers approximately
8,700 institutions, of which 936 are operating
under State charters. This great aggregate of
banks and trust companies possesses resources
amounting to over twenty-seven billion dollars,
and represent approximately 75 per cent of the
total assets of the commercial banks of the
country that are eligible for membership in the
Federal Reserve system. Strong interest is being
exhibited by national institutions in the authority to exercise fiduciary powers which the act of
September 26,1918, permit the Federal Reserve
Board to grant them. Some of the largest and
strongest banks of the country are now equipping
themselves to perform such services heretofore
chiefly left to trust companies. On the other
hand, many of the State bank and trust company members of the system, which originally
entered it largely from patriotic motives, are
beginning to develop portfolios of commercial
paper eligible for discount and to broaden the
scope of their commercial activities. The
situation points to the gradual evolution of a
more or less homogeneous and uniform type of
banking institution, irrespective of whether
such institution be organized under national or
State charter. The following figures exhibit
the growth of the system during the year 1918
through the admission of State institutions:
Number, capital and surplus, also approximate total resources of State institutions, members of the Federal
Reserve system at the beginning of each month in 1918.
Number
of nonnational
bank
members.

[000 omitted.]
Dec. 27,
1918.
Gold reserves
War paper.
Other discounts
Acceptances
United States securities
Capital
Net deposits
Federal Reserve notes in circulation..
Federal Reserve bank notes in circulation—net liability




1

Dec. 28,
1917.

$2,090,274 SI, 671,133
283,421
1,400,371
302,567
397,285
303,673
275,366
311,546
107,233
. 80,681
70,442
1,552,892 1,457,994
2,685,244 1,246,488
117,122

Decrease.

8,000

Increase.
5419.141
1,116,950
i 94,718
28,307
204,313
10,239
94,898
1,438,756
109,122

JANUARY 1,1919.

1918.
January 1
February 1
March 1
Aprill
Mayl
June 1
July 1
August 1
September 1
October 1
November 1
December 1
1919.
January 1

Capital and
surplus.

250
296
343
385
444
486
523
589
713
785
857
895

8525.205,000
544;764,000
560,809,000
592,836,000
610,215,000
620,523,000
635,258,000
649,504,000
700,948,000
712,896,000
726,236,000
732,520,000

936

745,732,000

Approximate

I
I
j
'

§4,999,428,000
5,036,051,000
5,327,110,000
5,509,027,000
5,872,852,000
5;988.032,000
6,082,911,000
6,209,064,000
6,609,410,000
6,727,001,000
6,832,732,000
6,881,141,000
7,437,359,000

JANUARY 1,1919.

FEDEBAL RESERVE BULLETIN.

The recent amendment to section 11 (k) of
the Federal Reserve Act, exFiduciary powtending the authority of the
ers.
Federal Reserve Board to grant
fiduciary powers to national banks in all States
where such powers are exercised by State banks,
trust companies or other corporations which
compete with national banks, is of particular
interest in its bearing upon the banking situation in Now York City, because of the magnitude of the business of a fiduciary character
which is there transacted.
Since the enactment of the amendment, 44
national banks in the State of New York have
applied for fiduciary powers. Twelve of these
are New York City institutions, including
several of the larger national banks, which are
thus manifesting active interest in the extension of their powers and entrance to the field
of fiduciary business. The New York City institutions which have thus applied are, in order
of the date of application, as follows: Hanover
National Bank, Atlantic National Bank, Chemical National Bank, Citizens National Bank,
Irving National Bank, First National Bank,
American Exchange National Bank, Lincoln
National Bank, National Park Bank, Mechanics
& Metals National Bank, Seaboard National
Bank, Harriman National Bank.
Further war financing in connection with
Operations of t h e Liberty loan operations of
Federal Reserve the Government, more espeBanks.
cially the issue on December 5
of. "about 613 millions of Treasury certificates,
also continuous withdrawals of funds by the
Government, are mainly responsible for the
large discount operations of the Federal Reserve Banks during the four weeks between
November 22 and December 20. On December 6 the banks show a record total of 1,863.7
millions of discounted paper on hand, of which
1,467.3 millions, or 78.7 per cent, was paper
secured by Liberty bonds and Treasury certificates (so-called war paper). On December
13 the holdings of war paper rose to the record
total of 1,483.8 millions, though the total discounts held by the Federal Reserve Banks on
that date declined to 1,849.4 millions. Since




97522—19

2

then considerable liquidation of both classes of
discounts set in, the figures for December 20
indicating a decrease of 184.3 millions in war
paper and of 58.8 millions in other discounts.
As compared with corresponding November 22
figures there is shown a decrease of 103.1 millions in total discounts on hand and an increase of 18.3 millions in the total holdings of
war paper, while the share of war paper in the
total discounts reported on the two dates shows
a rise from 75 to over 80 per cent. For each
of the four eastern banks this share is in
excess of 90 per cent. Increases in the holdings
of war paper reported by some of the banks,
notably Minneapolis, just as the month before
represent largely amounts discounted for other
Federal Reserve Banks.
Acceptances on hand on the whole show a
decrease for the four w^eeks of about 28 millions. There has been considerable change in
the distribution of these holdings among the
banks, the New York bank having disposed of
considerable amounts largely to Chicago, Minneapolis, and San Francisco, with the result
that on December 20 the New York bank held
less than 25 per cent of this class of paper, as
against 47 per cent on November 22. Increases in the December 20 holdings of United
States short-term securities represent in the
first place Treasury certificates covering temporary advances to the Government by the
Federal Reserve Banks, also to a minor extent
one-year 2 per cent certificates deposited with
the Treasury to secure Federal Reserve bank
notes, the circulation of which steadily increased during the period under review from
80.5 to 111.9 millions. A slight decrease from
29.1 to 28.8 millions is shown in the Federal
Reserve Banks' 'holdings of United States
bonds, practically the entire amount being
composed of circulation bonds largely on deposit with the Treasury as security for Federal
Reserve bank notes in circulation. As the
result of the changes noted above the total
earning assets of the Federal Reserve Banks
show an increase from 2,255.6 millions on
November 22 to 2,370 millions on December 6
and a subsequent decline to 2,301 millions on
December 20.

FEDERAL RESERVE BULLETIN.

For the four weeks under review the banks'
gold reserves show a further gain from 2,060.3
to 2,079 millions, and their net deposits a decrease from 1,632.8 to 1,549.7 millions. Federal Reserve notes in actual circulation increased during the four weeks from 2,555.2 to
2,663.7 millions, or at the rate of 27.1 millions
per week, as against an average of 10.5 millions
for the preceding five weeks. The ratio of
cash reserves to aggregate net deposit and
Federal Reserve note liabilities fluctuated but
slightly during the period and on December
20 stood at 50.6 per cent compared with 50.5
per cent on November 22.
Between November 15 and December 20,
according to weekly reports

75
'fromOTercities,member banks
° there were no
in leading

appreciable changes in their aggregate holdings
of United States war securities.
Largest holdings of United States bonds,
other than circulation bonds, 937.1 millions,
are shown for November 22. Since then these
holdings have declined to 872.6 millions, or 4.7
millions below the total reported for November
15. Treasury certificates on hand show but a
moderate increase, from 954 to 961.3 millions,
additional takings of the December 5 and 19
issues apparently being largely offset by redemption of outstanding fourth loan certificates, which fell due on November 21 and December 5. Loans secured by United States war
obligations, from 1,203.2 millions, rose to
1,277.6 millions on December 6. Since then
the total of these loans decreased to 1,266.8
millions, which is 63.6 millions in excess of the
November 15 total, the larger part of this increase being shown for the New York City
banks. Aggregate holdings of war securities
and loans supported by such securities increased from 3,044.5 to 3,100.7 millions, as
against a decline from 10,605 to 10,299.7 millions in other loans and investments, with the
result that the combined share of United States
war securities and war paper to total loans and
investments shows a further rise from 21.9 to
22.7 per cent. For the Greater New York




JANUARY 1,1919.

banks an increase in this ratio from 25.4 to 26.7
per cent and for all Federal Reserve Bank
cities an increase from 23.2 to 24 per cent is
shown.
Between November 15 and 22 the amount of
Government deposits declined from 869.4 to
598.9 millions, over 40 per cent of the decrease
representing net withdrawals from New York
City banks. By December 13 these deposits had
declined to 404.9 millions. A week later, following the December 19 issue of Treasury certificates, the total rose to 624.5 millions, which
is, however, about 245 millions below the November 15 total. Other net demand deposits
show a uniform upward movement, the December 20 total of 9,922.2 millions indicating a gain
of 262.4 over the corresponding November 15
total. Time deposits increased from 1,443.5
to 1,453.3 millions, notwithstanding the substantial reduction shown for the New York City
banks.
Aggregate reserve balances (with the Federal
Reserve Banks) of all reporting banks show an
increase for the five weeks from 1,183.9 to
1,277.1 millions, while cash in vault went up
'from 386.2 to 404.3 millions. Owing to the
considerable gain in deposits and the simultaneous decline in total loans and investments
the ratio of deposits to investments shows a
rise from 78.7 to 80.3 per cent for all reporting
banks and from 87.9 to 91.7 per cent for the
New York City banks. "Excess reserves"
show considerable changes from week to week,
the calculated December 20 total of 105.1 millions being about 63 millions in excess of the
November 15 total.
During the month ending December 10 the
net inward movement of gold
was
«l;280,000, as compared
with a net outward movement
of $2,517,000 for the month ending November
10.
Gold imports for the month, amounting to
$2,412,000, came largely from Canada, Mexico,
and Portuguese Africa, while gold exports,
totaling $1,132,000, were consigned chie% to
Chile and Mexico.

JANUARY 1,1919.

FEDEEAL RESERVE BULLETIN.

Creditor countries, such as England has been
The gain in the country's stock of gold since
August 1, 1914, was $1,071,669,000, as may be in the past and such as the United States is
seen from the following exhibit:
today, and countries—such as England and
henceforth also the United States—which
Gold imports and exports.
expect to be international bankers, will doubt[000 omitted.]
less find it necessary to maintain the gold
Excess im- standard in its essential integrity; in other
Imports. Exports. ports over words, they will have to maintain a free gold
exports.
market, or one in which sterling and dollar
$104,972
Aug. 1 to Dec. 31,1914
1381,719 credits, respectively, will always without ques§23,253
Jan. 1 to Dec. 31,1915
31,426
420,529
45i; 955
Jan. 1 to Dec. 31,1916
155,793
685,745
529,952 tion or delay, be liquidated in gold or in curJan. 1 to Dec. 31,1917
553,713
372,171
181,542
Jan. 1 to Dec. 10,1918
61,066
39,701
2li365 rency convertible into gold. To that end it
Total
1,775,732
704,063
1,071,669 will be necessary for them to maintain their
domestic currency on an unequivocal gold
1
Excess of exports over imports.
basis by always standing ready to redeem all
Among the striking changes produced by forms of it on demand in gold. London has
Gold situation t h e w a r i s a v e i 7 § r e a t r e a r " been the only free gold market in the past.
and the gold stand- rangement or redistribution of Under her banking mechanism, England was
gold among the principal com- able successfully to fulfill her obligations as
mercial and belligerent countries, as well as a an international banker without the necesconsiderable increase of prices. One question sity of accumulating and holding a very large
which has naturally been presented in urgent reserve of gold. A large absolute supply of
form, therefore, is the extent to which gold gold does not appear to be necessary to the
will be used as a circulating medium and the successful maintenance of the gold standard if
extent to which the gold standard can main- a country occupies the position of a banking
tain itself. Practically all of the principal bel- creditor holding a large volume of foreign bills
ligerent countries had a very large actual hand- and has an efficient banking system. In the
to-hand circulation of gold prior to the coming United States today both gold and gold ceron of the war, but in practically all this gold has tificates have largely disappeared from circubeen transferred to the central banks and has lation and the remaining currency in the hands
been methodically eliminated from the actual of the people now consists largely of Federal
circulation. More than twTo thousand million Reserve notes, national bank notes, and Feddollars of gold have thus far been impounded by eral Reserve bank notes. The large greenthe Federal Reserve Banks, and it seems likely backs have been in great measure withdrawn
that this movement will continue to a point for reserve purposes and those which still
that will enlarge the stock of gold held by the remain outstanding are in the smaller denomFederal Reserve Banks to perhaps two and a inations. The silver certificates have been
half billion dollars, if Government estimates partly withdrawn for the purpose of freeing
of the total gold monetary stock of the country the silver held behind them and partly reduced
are accurate. The question may fairly be raised to small denominations. If attention be conwhether the outcome of the situation may not centrated upon the notes of the denominabe that of introducing the general use of sub- tions above $5 there will be found practistitutes for gold. It is interesting to note that cally only two elements—the one, and by far
the recent report of the committee on currency the larger, Federal Reserve notes based upon
and the foreign exchanges in Great Britain has discounted paper and gold, the other national
recommended that the policy be pursued of bank notes and, in a small degree, Federal
substituting notes for all gold outside the cen- Reserve bank notes based upon Government
obligations.
tral bank reserves.




FEDERAL RESEEVE BULLETIN.

In his opening address before the meeting of
the Federal Advisory Council
mJrket.free g ° l d i n Washington on November
19, Governor Harding reviewed
the war experience of the Federal Reserve system and indicated the desirability that both
early control of the discount rate by banking
methods and reestablishment of the free market
for gold should occur as soon as conditions
would permit. With reference to gold Mr.
Harding said:
"A great many of the restrictions imposed
by the War Industries Board and other
branches of executive departments of the Government are fast being removed. For example,
the domestic use of gold and silver for industrial purposes and in the arts has been freed of
restrictions. I believe that the removal of restrictions against the use of gold and silver in
the arts will have a very good effect. * * *
It seems to me that whoever has authority
in the matter should require, wheneyer
we come to a free gold basis, some definite
understanding whereby such gold operations
will be engaged in as current business and upon
a basis of reciprocity, so that whenever our
trade balance should permit or require there
should be no obstruction to our drawing in
gold because of the erection of artificial barriers
on account of old war debts.7'
Further light upon the character of the needs
and requirements of foreign countries with respect to advances of capital from the United
States must be obtained before definite conclusions can be reached with respect to the
advisability of removing restrictions on the
shipment of gold out of the United States.
If it should be determined to make advances
out of Treasury funds, as has been recommended by the former Secretary of the Treasury, Mr. McAdoo, continued control of foreign
exchange and limitation upon the movement
of gold out of the country may be deemed wise.
If, on the other hand, it should appear that
such loans for one reason or another must be
discontinued, the question would then be open
for settlement by our bankers how far and
under what conditions they would be willing
to make actual advances. Should the financing
of foreign requirements become a matter of




JANUARY 1,1919.

private banking arrangements, the control of
gold movements and exchange rates would
assume a new phase.
The relation of the gold supply of the world
Relation of gold t 0 t h e Public-debt situation
standard to pub- has naturally received more
he debt.
o r j e g s attention in view of the
fact that in most of the belligerent countries
the interest and principal of the indebtedness
which has been contracted during the war
has been made payable in gold. Some have
feared, therefore, that the enormous increase
of debts might result in a growing difficulty
of liquidation or settlement. The question
how much debt a country can support is,
however, on the economic side, a question
of its productive and contributive capacity,
rather than a question of the extent of gold
production or supply. What the public creditor (barring the occasional case of the foreign
creditor) wants is, not gold, but purchasing
power or money, which is as good as gold, i. e.,
which will buy as much as the gold. There
is no occasion for anxiety, so far as concerns
the fate of the gold standard, in any country
that will submit to the taxation necessary
to provide for the interest and sinking fund
charges on its public debt. There is enough
gold now in the world, if properly distributed,
to provide the requisite banking reserve to
handle transactions of this character in an
efficient and satisfactory manner. The cure for
a faulty relationship between gold and credit is,
however, not more gold production, but reduction of wasteful consumption on the part of the
community and the taking up of the Government's loans out of the resulting savings. It is
the heavy burden of the government paper the
banks in all the belligerent countries are being
forced to carry which is impairing their strength
and liquidity.
As has been shown elsewhere, the monetary
problem characteristic in all
6
f countri s
inflation^ °
e to-day is general inflation of prices. This condition has been brought about by practically
parallel methods throughout the world and
stands to-day as the main obstacle to a restora-

JANUARY 1,1919.

FEDERAL RESERVE BULLETIN.

tion of free gold movements. With prices as
they stand, bank reserves are regarded as inadequate in many countries to the meeting of
probable demands for redemption, assuming
the continued existence of the present level of
prices.
In this connection it is to be borne in mind
that in some countries, notably those of the
Central Powers, the credit circulation has
become so largely expanded as to leave the
underlying gold as little more than a mere
theoretical base or protection for outstanding
liabilities. If such a condition affected the
Central Powers only, it might not be considered an immediate or urgent problem for
the remainder of the world. In the natural
course of events it must, however, be expected
that commercial relationship between the
belligerents will eventually be resumed, and the
question must then present itself how payments and settlements are to be made between
them. In trade between two countries it is
fundamentally important to the creditor nation
that the money in which it is paid by the
debtor shall be as stable and as little subject
to dangerous fluctuation in value as practicable. A general world program for the restoration of prices must therefore apply not
only to those countries which have succeeded
in keeping their own internal conditions
tolerably satisfactory but must also include
the weaker nations and those that have been
defeated in the present war. This makes the
inflation situation not merely a national but an
international problem of fundamental import.
In the United States, as in other countries,
the first question asked by
and
Present
business interests relative to the
future prices.
transition to a peace basis has
to do with the possible drift of prices. On this
subject, however, authorities differ, and any
positive predictions are necessarily hazardous.
It is, nevertheless, possible to indicate the factors which have operated to raise prices to their
present level and to suggest the directions in
which changes in these factors are likely to
occur. The price equation has been funda-




mentally altered in both its terms—on the
monetary side in the supply and distribution
of the metallic medium as well as, much more
largely, in the supply of credit; on the commodity side through changes in the volume and
distribution of goods and the location of existing stocks of these goods. As a result of the
operation of these factors on both sides of the
price equation prices have, as is well known,
practically doubled in the western countries.
In some the increase has been more than 100
per cent; in others less; butJhe statement tEaf
the price level is now twice as high as it was at
the outbreak of the European War is in general
terms a fair representation of the case. That
this situation is abnormal and artificial and
that it consequently is not likely to perpetuate
itself is obvious. Some authorities have expressed themselves as expecting a sharp reduction in prices consequent upon the close of
the war, butfno such reduction, or even a
general tendency in that direction, has thus
far exhibited itself, and Jthe more conservative
view would appear to 6e that there will be a
gradual reduction in prices, probably not to
their former level, but to something approximating it.
Any decline in prices necessarily brings about
changes which are the converse of those we
witnessed during the upward movement which
followed the declaration of war and the beginning of the process of credit inflation. As " war
paper" is eliminated from the banks of the
world and as their portfolios resume a more
normal composition, the excess purchasing
power created by the process of borrowing at
banks, so fully discussed in previous numbers
of the FEDERAL RESERVE BULLETIN, is reduced.
The withdrawal of surplus purchasing power
brought about by the application of savings
through the cancellation of bank indebtedness
naturally tends to restore the older level of relationship between purchasing power, as stated
in terms of money and goods. As prices and
wages decline, the transition from the artificial to the normal level of values is easier
and less disturbing in its consequences.

10

FEDERAL RESERVE BULLETIN.

JANUARY 1, 1919.

THE BUSINESS AND FINANCIAL SITUATION IN DECEMBER, 1918,
Since the establishment of the FEDERAL BULLETIN a general review of business conditions which
the Federal Reserve Board will be based upon the reports of the Federal Reserve
agents, and significant passages from the reports will be
has been in the habit of publishing monthly a quoted.
report transmitted by each Federal Reserve (3) Federal Reserve agents will be expected to continue
agent and intended to state the condition of the local publication of their own reports of business conbusiness existing in his own district as observed ditions exactly as at present.
by him. These reports proved of so much The effect of this plan will be to give each Federal
Reserve agent exclusive local use of
while
general interest that a few months after their Board will publish its own national his report,In viewthe
report.
of
publication was first undertaken the Board, in this change it will be desirable to have as full and complete
response to numerous local demands, author- reports from the Federal Reserve agents as practicable,
ized Federal Reserve agents to make public and the restrictions as to length, limitation in the number
their reports for local use on the first day of of subjects treated, etc., which have heretofore been
hereby revoked.
Federal Reserve agent
each month, while it continued the publication applied arefurnish as complete Eachfull a review of business
is urged to
and
of the combined reports in the FEDERAL conditions in his district as he is able, the Board, as in the
RESERVE BULLETIN. Owing to the wide dis- past, leaving it to his judgment what to publish locally.
tribution of these reports on a date probably Reports of business conditions, when transmitted by the
earlier than that on which the FEDERAL Federal Reserve agents to the Board, will be circulated
RESERVE BULLETIN can be given to the public, among the members of the Board for information and will
be placed on file for future reference after they have been
and owing also to the pressure of matter for used in the preparation of the monthly summary which is
publication in the BULLETIN, the Board has to appear in the BULLETIN.
determined to discontinue the publication of
these reports and to substitute in lieu thereof
Important changes in the business and finana business summary of its own, designed to
furnish a general survey of national conditions. cial situation have occurred during the month
In preparing this survey the Board will make of December. The transition from a war to a
use not only of the reports of Federal Reserve peace basis is now in full swing and numerous
agents but also of the results obtained from its modifications in the organization of business
own investigations of prices, interest rates, and are under way. Reports to the Federal
production in various lines. Pursuant to this Reserve Board from the several Federal Replan the Board on December 17 issued the serve districts show that the following significant factors may be enumerated.
following letter to Federal Reserve agents:
(1) Far-reaching modifications of GovernThe Federal Reserve Board has been publishing in the
ment control over industry, transportation,
FEDERAL RESERVE BULLETIN each month a summary
review of business conditions which has been obtained manufacture, and prices.
from each Federal Reserve agent. It understands the
(2) Extensive cancellation of Government
practice of the Federal Reserve agents now is to make contracts for manufacture and purchase of war
public these reports of business conditions, releasing them
goods and goods needed in connection with
for newspaper use on the first of each month.
military operations.
It is now proposed to make a change in the Board's
(3) Displacement and readjustment of labor
method of using these reports. This proposed change will
be as follows:
resulting from the suspension of war production
(1) The reports will be expected as usual and upon the and the absorption of labor in industries which
'usual date, but their publication in the BULLETIN will be
have thus far suffered from shortage.
discontinued after the present month.
(4) Changes in the volume of trade, indi(2) In lieu of the reports of business conditions prepared
cating on the whole a slight decline in volume.
by Federal Reserve agents there will be published in each
RESERVE BULLETIN




JANUAKY 1,1919.

FEDERAL RESERVE BULLETIN.

(5) Revision of prices with considerable
shrinkage in specified articles and on the average a distinct though slight downward tendency.
(6) Expansion of demand for banking accommodation and for capital.
In general, the transition from the war to the
peace basis has thus far proceeded with very
considerable smoothness and with decided lack
of friction. Such slackening of business as has
occurred is described as due to conservatism
and hesitation, the outcome of a desire on the
part of producers to know more of public
policies and the probable trend of business.
In the New York district " industries are
marking time, awaiting developments,77 due in
part to "conservatism in buying77 and "a
feeling that prices will decline and to uncertainty as to the Government's policy relative
to cancellations and the disposal of stocks of
materials and supplies.77 Other districts report a similar condition of affairs, but add that
the state of things is such as meets general
approval and calls forth the opinion that the
transition period is unavoidable and is proving
beneficial in its effects. A strong tendency to
defer commitments and to exercise caution
before undertaking future contracts is noted in
various regions. "Taken as a whole,77 says
the agent in the First Federal Reserve District,
"the situation is one of waiting for more settled
conditions.7' From practically all districts
comes the prediction that the slowing down
will be temporary.
Thus far the process of readjusting labor to
the new conditions has caused but little inconvenience or difficulty. Labor set free in war
industries has been steadily absorbed by general business, so that the principal effect thus
far of the increasing free supply has been merely
that of relieving a previously existing shortage.
There is still an excess of demand at many
points. In some places considerable numbers
of employees have been dropped, but of these
a part were temporary workers who had taken
employment partly in order to aid war production, while many others have been promptly
reemployed. Costs have altered but little, and




11

the high expense of living has made employers
feel that it was incumbent upon thorn to maintain wages, so far as practicable, pending distinct revision of prices for necessaries. In some
cases it is reported that there is a tendency to
a "settling down77 upon "a higher level of
prices and a higher average of wages than prevailed for some time preceding the war.'7
From the productive standpoint, conditions
continue to be satisfactory in most staple lines.
Agriculture, in particular, is reported to be in an
exceptionally promising condition. The farmer
in some regions is said to be in "the best financial shape that has prevailed for many years.77
In the South he is holding his cotton for better
prices and is marketing his output conservatively. Excellent crop prospects are reported,
not only from the cotton region, but also from
the wheat States of the West and from California. On the Pacific coast the prospects for
excellent crops for the coming year are exceedingly bright. In the live-stock region "conditions are much improved,77 and cattle will
probably go through the season in fair condition. There is an active and firmer tone in
the beef trade, and record purchases of animals have been made. The movement of live
stock to the leading markets of the Kansas
City district continues very heavy. Tables
which have been compiled by the Business
Index Reporting Section show receipts and
shipments of live stock at more than 60 important markets for the first 11 months of the
year at high figures. While compiled December figures are not yet available, reports of
Federal Reserve agents indicate that this
movement has been sustained during the past
month.
Iron and steel, so frequently taken as an
authoritative index of business conditions, are
unsettled on account of the cuts that have
already been made and the expected new price
basis for them and for their manufactures.
Orders for new business are of some assistance,
but they are not yet of a volume sufficient to indicate that prices have become settled. The
market for steel is quiet, and there is no dispo-

12

FEDERAL RESERVE BULLETIN.

sition to make undue reductions in prices. Pigiron production in Birmingham for November
was at about the same level as in October.
Figures compiled by the Board's reporting service and published elsewhere in this BULLETIN
exhibit the present outlook for ingot steel, pig
iron and unfilled orders. The index numbers
submitted in connection with the statistics for
quantity production show a slight falling off in all
of these three factors in the iron-trade situation
for the month of November. Federal Reserve
agents' reports point to a further continuance
of this movement during December. From
Cleveland it is reported that in " all lines of
iron and steel manufacture there may be said
to be a waiting mood, a taking of stock, and a
preparation for the future." Philadelphia producers regard the present reduction of the high
tension of the last few years as very welcome,
permitting the plants to be overhauled and
placed in good physical condition for the expected large volume of afterwar business.
While coal production has not recovered the
level which had been attained prior to the 1st
of November, and while some shortage exists
here and there, the output is again moving upward, car service has improved in certain sections, and labor conditions are reported fairly
satisfactory. The Board's study of coal production shows a marked decline in monthly
production of bituminous, and an especially
marked falling off in anthracite, while coke has
fallen slightly, the figures exhibiting results up
to the end of November. December developments indicate a tendency to recovery from
conditions thus depicted.
The production of copper and of other metals
which have been in exceptional demand during
the war is already showing the effects of conversion of industry to a peace basis. Zinc has
been controlled, both in production and shipment, in the mid-continent field, while trading
in copper and other metals has been comparatively limited. There is an apparent feeling
that the price of 26 cents for copper, which continued fixed until January 1, was too high for
commercial business. The production of lead




JANUARY 1,1919.

was about normal in November and stocks
continue small.
Producers of petroleum in the mid-continent
district have only about three months' supply
and regard the outlook as favorable. Stored
stocks increased somewhat during the early
autumn in California, but a shortage of gasoline
is now expected.
In manufacturing the outlook is by no means
uniform. Freight is moving fairly well, although some sections complain of delay. Munition industries have largely reduced their
activity. Machine-tool manufacturing is slowing down on account of the cancellation of
Government orders. Cotton and woolen mills
have been running full, but the end of unfilled
orders is now approaching and but little new
business is being placed, Figures compiled by
the Board for idle spindles and various classes
of machinery engaged both in the wool and in
the cotton industry show a decided tendency to
an increase in the percentage of idle machinery.
Shoe manufacturing is also less active. There
has been an increase in retail trade, due to the
holiday season and some disposition to enlarge
expenditures for personal consumption not
only on account of the usual holiday activity,
but also in consequence of relaxation of economies due to the war. At some points there
would appear to be a development of extravagance.
Prices on the whole have shown only slight
changes, decrease in basic foodstuffs being offset
by increase in dairy products, meat, and groceries. Large changes have occurred in only
a few lines. There has, if anything, been an
advance in prices of consumers' goods, while
raw materials have shown a disposition to decline. While these statistics relate to conditions only up to the 1st of December, preliminary reports for the early weeks of December
indicate maintenance of a practically similar
situation. The average level of prices appears
to be past the peak, but as yet with only comparatively slight movement downward. Thus
far such changes in the prices as have occurred
are apparently the result of local and sporadic

FEDERAL RESERVE BULLETIN.

JANUARY 1, 1919.

modifications of demand, due to alterations in
employment and buying power, rather than to
any fundamental modification of the underlying factors of production.
Up to the 15th of December the Board's reporting service shows that changes in rates of
interest have been more marked than for some
time past. In contrast to the month ending
November 15 a general tendency may again be
perceived, most districts showing a considerable
decrease. In certain cases, conspicuous among
which are New York, St. Louis, and Minneapolis, the decrease occurs for practically all
the types of paper for which quotations are
given. On the other hand, rates in several
districts show an increase, New Orleans
and San Francisco being cases in point, while
a small number of centers, among which
Chicago may be mentioned, report rates practically unchanged from those prevailing during
the period ending November 15. Customary
rates in general, with few exceptions, remain
unchanged, the movement in rates being confined to changes in the high and low quotations.
The decrease is most pronounced in the case of
commercial paper and collateral loans. Rates
for bankers7 acceptances on the whole show a
fractional decrease, while rates charged on interbank loans affords an approximately equal
number of cases of increase and decreaseRates on paper secured by Liberty bonds and
certificates of indebtedness, which on the whole
are lower than on ordinary commercial loans,
or on loans secured by other collateral, remain
practically unchanged. A greater degree of
uniformity between rates prevailing in various
sections may be observed in the case of commercial paper purchased in the open market
than for practically any other type of paper,
the rates in many instances being lower than
those prevailing for cutsomers' paper of similar
maturities.
Total transactions at banks compiled by the
Board up to December 18 show slight decreases
in volume of transactions for individual account, but considerable gains in the volume of
transactions for bank account. On the whole,
the total volume of current business of banks




97522—19

3

13

included in 152 clearing houses remains about
stable. Federal Reserve Bank operations
during the latter part of the month indicate
some liquidation of war paper. The money
market has undergone but little change, but
such change as has occurred indicates that
national banks are again entering the commercial market as purchasers. The purchases
have been sparing and made with discrimination. In the Middle West there is apparently
a gradual drift toward a more normal situation
in the supply of funds. A similar situation in
the fourth district is reported, and although it
is stated that money conditions are in no sense
easy, the banks have now some funds to invest
and are investing them in liquid paper. Collections vary considerably throughout the
country and in some districts are reported very
satisfactory, while elsewhere they are slow,
apparently due to the fact that farmers are
holding their crops for better prices.
Post-office receipts are showing a distinct
decline in many sections. Pending the development of new conditions, building operations are still at a low level, although increase
is expected as a development of the near
future.
On the whole, the conclusions to be derived
from a general review of industrial and commercial conditions, both as furnished by Federal Reserve agents and from the Board's own
analyses, point to the distinct development of
the movement toward a normal or peace basis
with very substantial alteration of conditions
in particular lines, but with a good volume of
output in the staple articles of commerce still
maintained. Financial conditions, considering
the great demands that are still made upon the
banks, are satisfactor}^.
SPECIAL REPORTS.
FINANCIAL CONDITIONS.
(Keported by the Second Federal Reserve District.)

Securities,—Stock prices continued their
downward trend during the last two weeks of
November, but held fairly well during December. The bond market displayed weakness,

14

FEDERAL RESERVE BULLETIN.

the chief feature being the decline in all Liberty
loan issues.
Interest rates.—There has been a decided
easing in the money market during the period
under review. Banks report a decline in their
customers7 demand for loans, and therefore
they have been able to reduce their borrowings
at the Federal Eeserve Bank. The iate on
commercial paper fell from 5f-6 per rent to
5-|—5f per cent, with demand very strong both
at New York and outside. The supply is now
very low, especially of prime paper of short
maturity. The rate on acceptances fell from
4 ^ per cent to 4i per cent during the week
ending December 14, but the supply accumulated. The next week showed just the reverse
of this condition. There was a very heavy
demanp, and some contracts were made for
delivery of bills early in January. The ruling
rate on call loans, which stood at 6 per cent for
many weeks, dropped during December until
it reached 4 per cent on December 20, and
some loans were made at 3J per cent on that
date.

JANUARY 1,1919.

products. Some of the earlier crops, such as
lettuce and celery, are already planted in the
district, and the only dark cloud in the agri(ultural situation appears to be the presentprice of cotton. Wheat, rye, and crimson
lover crops are in fine condition, and, with
the present weather conditions, the farmers
look forward to fine winter pasturage.
TEXTILE MANUFACTURING.
(Reported by First Federal Keserve District.)

The cotton industry has been in an uncertain
position since the cancellation of war orders.
Purchasers have withheld orders until more
definite information was available as to the
disposition of goods owned by the Government
and of raw materials purchased by the mills to
cover their contracts, as well as the future
trend of prices for the staple. Recent announcement of the terms of payment by the
Government on orders held up because of the
armistice, which are considered very fair, will
place the industry on a more settled basis.
The mills have been running full, but the end
COTTON SITUATION.
of unfilled orders is in sight with practically
(Reported by the Sixth Federal Reserve District.)
no new business being placed. It is expected
As to Sea Island cotton, comparatively very that some curtailment will be necessary after
little of it has been marketed, and the producers the end of the year, unless new orders are
feel that unless a higher price prevails present forthcoming.
holdings will be a dead loss. There are no
CATTLE INDUSTRY.
sales of Sea Island cotton, and it is reported
(Reported by the Eleventh Federal Reserve District.)
that very few bales of this year's crop have
During the past month fairly good rains
been sold, except to speculators. This is a
very unusual condition and it is working con- and heavy snows have fallen over a large area
siderable hardship on the growers and mer- of the cattle-raising section, and live-stock
chants. An investigation as to the cost of conditions are much improved as the result.
production of Sea Island and long staple cotton With few exceptions, and these obtaining in
shows that it has probably cost the grower counties where drought conditions have not
around 70 cents a pound, lint; at least, not less been improved, the range is in good condition,
than 65 cents.
and there is an ample supply of water. Our
General farming conditions are just now in correspondents advise that cattle will go
a state of uncertainty or rather an awaiting through the season in fair condition; this, of
state. It is the season of the year when farm- course, depending upon the condition of the
ers are getting ready and making their arrange- cattle before the real severe weather of the
ments for next year's work. Unless the price winter sets in. Receipts at the principal liveof cotton materially increases, there will be a stock markets are very heavy, attributable to
tendency to reduce the planting of this com- a desire on the part of stockmen to liquidate
modity and increase acreage in general farm and reduce their herds by January 1.




15

FEDERAL RESERVE BULLETIN.

JANUARY 1,1919.

IRON TRADE.
(Reported by the Fourth Federal Reserve District.)

On account of the cuts that have already
been made and the expected new price basis
for iron and steel, this industry is unsettled,
and undoubtedly there will be a lull until
prices have been stabilized. The demand for
war essentials has practically ceased, and it is
probable that there is a full realization of what
readjustment means, although disturbing elements may appear. However, with reasonable
assistance from the Government, it is believed
that conditions in these lines will soon be on a
satisfactory basis. The orders for new business are helping to some extent, but they are
not in such volume as to indicate that prices
are settled. However, many industries which
use iron and steel products are reorganizing on
the peace basis and will soon be in the market.
The market for steel is very quiet, and there
is no tendency to unduly shade prices. Most
mills contemplate closing for repairs during
the holiday season. Along all lines of iron
and steel manufacturing there may be said to
be a waiting mood, a taking of stock, and a
preparation for the future which assumes to
wait for first-of-the-year developments.
A matter of more than ordinary significance
to the iron and steel trade is an attempt by
manufacturers to draw up a uniform contract
of sale which will have the effect of lessening
the danger of overbuying and will give to the
manufacturer a definite knowledge of the requirements which will be made of him. Heretofore, contracts were in many cases by word
of mouth on future orders and oftentimes were
canceled before specifications were submitted.

war has reduced the demand for aviation gasoline and there will be less demand for fuel oil
for battleships, it is pointed out that there is
to be a largely increased demand for these
products for civilian uses as well as for fleets
of merchant ships now building. Coupled with
this is the fact that, whereas seven years ago
there was on top of the ground a sufficient
surplus of oil for two years' consumption, this
great stock has been drawn upon until now
there is not more than three months' supply
on hand. On the whole, the outlook is regarded as highly favorable.
COAL PRODUCTION.
(Reported by Third Federal Reserve District.)

Coal production is not back to the tonnage
maintained before the influenza epidemic.
Shipments of anthracite during November, as
reported to the Anthracite Bureau of Information, amounted to 5,276,659 tons, as compared
with 6,286,366 tons during October and
6,545,313 tons during November, 1917. It is
understood that a shortage of about 150,000
tons is estimated for Philadelphia and about
500,000 tons for Pennsylvania. Dealers are
having difficulty in obtaining chestnut and
stove sizes with which to fill orders on their
books. The bituminous market continues
weak, and coal men are finding little opportunity for new business.
FISH PACKING.
(Reported by Twelfth Federal Reserve District.)

The fish pack of southern California for the
season of 1918 compares with that of last year
as follows:
1917 pack.

OIL PROSPECTS.
(Reported by Tenth Federal Reserve District.)
Tuna

Cases.
640,000

1918 pack.
Cases,
320,000

80,000
10,000
Notwithstanding changing conditions in the Yellowtail
100,000
B onita
3,000
575,000
370,000
oil industry resulting from the return to peace Sardines
Total
1,023,000
1,075,000
and the additional fact that November and
December have been the slowest months of the
year in production of oil, development of new
For several years the United States Bureau of
wells, and drilling operations, a spirit of opti- Fisheries has been planting young salmon
mism prevails among the operators. While the reared from Pacific coast eggs in the streams of




16

EESEEVE BULLETIN.

JANUARY 1,1919.

payment of the things we sell them and of the interest
they will have to pay us, they will have to try to find
something else than goods that we may purchase from
them; that is, they will offer us the individual or collective
obligations of their nationals, or their industrial enterprises, or such securities or assets of other countries as they
control. If we want these countries to continue to be able
to buy our goods, it is therefore incumbent upon us to prepare ourselves to grant these foreign credits and to buy and
assimilate these foreign assets.
In order to carry out this program several things are
necessary. First, our banks and bankers must be able and
AUTOMOBILE PRODUCTION.
willing freely to extend their acceptances for the financing
of the world's trade. It is inevitable, if our banks and
(Reported by Seventh Federal Reserve District.)
bankers continue to show the same spirit of enterprise
The automobile industry is gradually work- and patriotism they have demonstrated during the war,
ing back into normal production, and auto- that in the financing of the world's current trade we shall
mobile manufacturers believe that the release have a very large share. As a matter of fact, we owe it to
of material will result in that industry returning the world to bear a substantial portion of this burden.
To that end the discount rates of the Federal Reserve
to its old position in American manufacture. Banks and the policy of the Federal Reserve Board with
One automobile manufacturer estimates his respect to acceptance transactions must continue to be
plants will be back into full production of liberal.
automobiles by March, and that the vehicle American banking institutions are covering at present
division will be back into full production early almost every country in South and Central America;
in January. The Government has canceled they have penetrated the Philippines, Japan, China, and
India, and we find them established in England, France,
some automobile orders, but where such cancel- Italy, Spain, Belgium, and Russia. But while much has
lations have resulted in the discharge of a large been accomplished as a beginning, while the marvelous
number of men the accumulation of orders in strides that our banking system has made during the war
ordinary pursuits are sufficiently promising to are as unparalleled as the rapid creation, equipment, trainindicate the absorption of these men within 60 ing, and transportation of our armies, more remains to be
done. While it is most satisfactory to note that several
days.
discount companies and acceptance corporations have
been organized, it is my belief that the future will show a
very distinct need for a larger number of acceptance corpoSome Phases of Financial Reconstruction.
rations. As the Liberty loan bonds are absorbed by the
Hon. Paul M. Warburg, formerly a member public and as the paper secured by these bonds and reof the Federal Keserve Board, in an address discounted with the Federal Reserve Banks is liquidated,
before the reconstruction conference in session the enormous resources of the Federal Reserve system will
regular investment in bankers'
at Atlantic City on December 5, 1918, dis- become available for extent even than in the past and
acceptances to a larger
cussed the question of financial reconstruction will prove a tower of strength, protecting our discount
in the United States and devoted special atten- market at rates which will compare favorably with those
tion to the probable future of American of the strongest among the old established countries.
bankers7 acceptances and the sale of American These conditions are likely to bring about a constantly
securities. On these points Mr. Warburg ex- growing demand for American acceptances and I hope
that not only banks and acceptance corporations, but also
pressed himself in part as follows:
private banking firms will energetically cultivate this new
I much misread the future if it does not have in store for field of enterprise. As is well known, private banke'rs
New York the position of a world exchange center, vying were pioneers in England in developing the foreign acceptwith London as a free gold and discount market. As I see ance business.
it, our future economic position will be of such strength
Discussion of the foreign financial relationthat it will be difficult for many countries to keep their
ships of the United. States also led Mr. Warburg
exchanges at par with us. They are not likely to have
sufficient quantities of the goods required by us, nor will to consider the proposal to establish a foreign
they have large amounts of gold to spare, and therefore, in exchange bank and other matters germane to

Massachusetts, and because of the success
attending these efforts to establish a run of
salmon, the State of Massachusetts has decided
to cooperate and is planning to secure 200,000
Chinook eggs from Washington for that purpose. Hatcheries of the State of Washington
have taken 60,000,000 Chinook salmon eggs
this season and will therefore have no difficulty
in supplying this number.




JANUARY 1,1019.

FEDERAL RESEEVE BULLETIN.

17

the same problem, stating his ideas on that merit of interest and amortization have a very real and
serious problem on their hands, one from which, happily,
topic substantiaFty as follows:
I do not believe that the world has turned far enough into
a family of communists seriously to consider the pooling
by all countries of their holdings of gold. As long as
nations have separate national budgets and obligations,
they are likely to wish to retain a distinct ownership of
their assets. The problems of reconstruction are immense
and immediate; the new structure must be erected on the
most solid foundation and built with material that is
thoroughly tested and promptly and actually available.
Nor can we deal effectively with the foreign-exchange
question without first freeing our minds from doubtful
theories. We must cling to the old dogma that foreign
exchange will continue to be the result of the foreign trade
and credit of each individual nation, the balance, as far
as not squared by the flow of goods and loans and securities (including bills of exchange) or bank balances, remaining to be settled in gold. The war, drastically obstructing all these natural currents, brought violent and
most regrettable disturbances to the foreign-exchange
markets. But we have seen that the very approach, of the
armistice, promising the return of normal trade conditions,
turned back our exchange rates toward their fairly normal
level. I do not believe, therefore, that there is any necessity for the establishment by the Government of a foreignexchange bank, which has been urged as a reconstruction
measure, for the purpose of keeping dollar exchange at par,
or our discount rate for bankers' acceptances at 3£ per cent,
or for providing the country with adequate foreign-exchange and credit facilities at fair and equitable rates.
If it should be shown that American banks and bankers
are so lacking in spirit of enterprise that our business men.
at fair rates of compensation, can not secure adequate
facilities for the carrying on of their foreign transactions,
then such bank should be organized. In that case, however, it should not be a note-issuing bank, but a plain and
unhampered business organization under Government
control. So far nothing has changed my knowledge and
conviction that the foreign-exchange business in times of
peace is being transacted on the most modest margin of
profits, that our American banks, since the shackles were
taken off them four years ago,1 have moved rapidly into
foreign fields, and that they may be relied upon to do their
share in the future.
Attention has been drawn to the preliminary steps taken
by many European nations for the organization of banks
designed to protect the foreign exchanges of their respective countries. But the conditions of these nations
are not ours. Countries that are dependent upon the
importation of goods and at the same time have to find
means of annually remitting abroad large sums in pay1
It is only two years ago that the power was granted to national
banks to combine in holding stock in banks organized to do foreign
business. The national charter for such foreign banks has not yet
been granted, in spite of the urgent and persistent representations of
the Federal Reserve Board.




we have reasons to hope to be immune, at least for some
years to come. With the vast credit balance annually
accumulating in our favor adverse exchange conditions,
barring unforeseen emergencies, can normally be brought
about only by excessive foreign investments, and these
can be adjusted by a modification of our financial policy
at home, but not by the operation of a foreign-exchange
bank. Nor would it have been within the power of such
a foreign-exchange bank to stabilize our dollar exchange
during the war. It is now well understood that, apart
from the interruption of our trade with neutrals, the prevailing and regrettable disturbance in our neutral exchanges was largely a question of the use of the proceed®
of our loans granted to our allies, and of other " force
majeur" influences which it would lead too far to enter
into, but which would have been beyond the power of
such a bank to regulate. As stated before, when the seas
are open to our unhampered trade, when our foreign loans
are under proper control, with our huge gold stock and
an effective discount market, our foreign-exchange situation can be protected without the creation of a new Government bank.
Nor is such a bank necessary in order to put our discount
rates on an equal level with those of London. It can not
be denied that it is an anomaly, which rankles in the
minds of some of our critics, that our acceptance discount
rate should at present be at 4j- per cent, while the British
rate is at 3J per cent at a time when England is borrowing
from us at a rate well in excess of 4J- per cent. As long,
however, as the United States Treasury has to raise about
one and a half billions per month by the sale of Treasury
certificates at 4J per cent, it is evident that a reduction
by the Federal Reserve Banks of their discount rate to
3J per cent would only have the effect of inducing the
banks and trust companies to sell all their acceptances to>
the Federal Reserve Banks at 3$ per cent in order to buy
certificates at 4-J per cent, or commercial paper at (3 per
cent. In other words, it would tend to encourage expansion and at the same time destroy the broad market for
acceptances which, as a result of the labor of several
years, has been developed, with a constantly growing
number of banks purchasing these acceptances. The low
rate, if adopted, would be likely to make the Federal
Reserve Banks the only market. If, on the other hand,
the Treasury reduced its rate on certificates to 3$ per
cent, it would court certain failure in its attempt to raise
the vast amounts required each month. As against these
conditions it may be taken as a fact that the low acceptance rate established in England proved of a very real
value to our ally on account of its bearing upon the British
Government's gigantic and highly successful loan operations in the home market. Must we not ask ourselves
whether that was not a sufficient compensation for the
temporary disadvantage at which we were placed? Was
not the common object to be gained more important than

18

FEDERAL RESERVE BULLETIN".

the question of the relative position of vantage between
allies?
As stated before, we may expect that anomalies of this
kind will cease as soon as treasuries discontinue to issue
Government loans and when the natural flow of money
again dictates the rate policy of the countries under the
leadership of their central banks. It can not take long
for a natural adjustment to take place on these lines, and
we can well afford to be patient in the interval, whether
it extend over half a year or even a little longer during
this transition period of reconstruction.

Capital Issues Committee Terminates Its Work.
Public announcement that the work of the
Capital Issues Committee would be suspended
on December 31 ; was contained in a statement
issued on December 26, by Hon. Charles S.
Hamlin, chairman of the committee. The
statement follows:
In view of the rapid changes that have taken
place since the signing of the armistice, the
Capital Issues Committee has voted to suspend
its activities on December 31. The committee
will not be dissolved, but will remain inactive,
unless it is found that the sale of new securities
competes unduly with Government financing
or for other reasons it may become desirable
for the committee to resume its work, pending
its dissolution by the President or by operation
of law.
Although the war emergency which gave rise
to the creation of the committee has passed, it
is nevertheless imperative that capital should
be saved and not wasted, and the removal of
the restraining influence exerted by the committee during its existence should not be construed as approval of the financing of unnecessary public projects or private enterprises of
doubtful merit. On the contrary, the financial
needs of the Government and the large capital
requirements of the railroads and for the readjustment of American industries to a peace
basis compel strict economy in the use of new
capital.
While legitimate business may safely be left
to work out its own problems, the Capital Issues
Committee feels that it would be unfaithful to
its responsibility if it failed to warn the public
respecting the enormous losses sustained by the
nation through the sale of worthless and fraudulent securities. In the opinion of the committee the sale of such securities should be restrained in times of peace as well as in war, and




JANUARY 1,1919.

strongly urges that Congress establish adequate
machinery to put a stop to this traffic.
The extent of the menace, due to the issue
of such securities, to the holders of Government
bonds is revealed by the fact that schools are
being established in some parts of the country
to drill salesmen in the art of persuading investors to subscribe for unmeritorious or worthless securities. This can only be prevented by
legislation vesting in some duly constituted
public agency full power to restrain the offering of fraudulent or worthless securities.
The Capital Issues Committee warns the public and earnestly directs the attention of Congress to the problem. It is the intention of the
committee to make a supplementary report to
Congress recommending a law to prevent these
existing abuses and such impositions upon the
investing public.
The committee will maintain its offices in
Washington until further notice.
STATEMENT BY SECRETARY GLASS.

The decision of the Capital Issues Committee
to suspend its activities on December 31, should
not be interpreted by the business public as a
warrant for any expenditure of capital for needless or unwise purposes, whether public or private in their nature. Should it become apparent that voluntary restraints are not being
exercised so as to prevent the misuse of capital I shall request the committee to resume its
control.
My chief misgiving in accepting the action
of the committee arises out of the need the
committee has frequently expressed, and the
importance of which has become increasingly
obvious, of protecting the public investor
against the flood of worthless or doubtful securities which threaten the market when the
restrictions are removed, and present conditions emphasize the importance of obtaining
emergency legislation as speedily as possible so
as to be able to cope effectively with this evil.
The Government not only should protect itself
as to future bond issues, but, as well, owes a
duty to the millions of Liberty bond buyers to
restrain reckless and fraudulent promoters, particularly at this time
I intend to ask Congress immediately for
legislation that will check the traffic in worthless securities while imposing no undue restrictions upon the financing of legitimate business,
and shall urge that it be made effective before
the close of the present session. Meantime, it

JANUARY 1,1919.

19

FEDERAL RESERVE BULLETIN.

may become necessary before such legislation further recession, which, together with decreases
is passed to reassemble the committee for the in the gold production in Australia and in minor
purpose of resuming its functions.
countries, accounts for a shrinkage in output
below the 1908 total. In 1915 the volume of
gold production in South Africa, the United
GOLD PRODUCTION OF THE WORLD.
States, and Canada was unusually large, with
In the following table are shown figures of the result that the total world output for the
gold production by leading countries since 1900. year (470.5 millions), is the largest ever reIt may be seen that the large increase in the to- corded. During the following year the South
tal output during the period is due chiefly to the African output shows an increased total, though
development of the Transvaal mines, which for the world production fell off by 16.3 millions,
the period 1913 to 1917 account for over 40 per because of reduced operations in the United
cent of the total world output statistically States, Russia, and Australia.
recorded. Between 1900 and 1912 there has
In 1917 practically all the important goldbeen a steady increase in the total annual out- producing countries report considerable deput, the world production for the latter year creases in their output, the total for the year
being 83 per cent in excess of the output falling more than 20 millions short of the 1916
in 1900.
total. For 1918 only preliminary estimates are
For 1913 the output of the Transvaal mines available. Shortage of the labor supply, high
for the first time shows a substantial decrease, cost of materials, and the prevalence of the
which is also reflected in the total world pro- influenza in the principal mining sections are
duction figures. During the first year of the the main reasons given for the large decline in
great war the Transvaal gold output shows a output for the year just ended.
Gold production of the world.
[Estimates of the Director of the United States Mint.
1900
United States
$79,171,000
Canada
27,880,500
Russia
20,145,500
South Africa:
Transvaal
} 8,671,900
Rhodesia
Australasia:
Western Australia 173,498,900
Other Australia..
British India
9,435,500
Allother
35,773,000
Total.

1901

1905

1904

1906

1907

1908

1909

9,089,500
76,880,200
9,395,900
41,481,200

39,023,700

67,998,100

81,578,800 89,210,100
9,588,100 11,428,900
42,676,900 40,266,000

85,913,900 113,329,100 135,358,000 151,984,100 166,520,500 170,988,600
87,767,300

11,495.500
40,242,700

85,926,500
11,950,200
41,359,200

82,391,400
12,087,700
46,241,900

75,677,700
10,383,600
48,984,700

73,327,300
10,598,500
60,105,600

71,007,900
10,358,600
60,267,100

254,576,300 262,492,900 296,737,600 325,961,500 |347,087,300 377,647,700 401,973,200 412,532,900 443,006,200 454,059,100

United States
,
$96,269,100
Canada
,
10,205,800
Russia
35,579,600
South Africa:
Transvaal
,
|-175,189,900
Rhodesia
Australasia:
Western Australia j 65,470,600
Other Australia.. British India
10,718,400
Allother
61,826,400




1903

$78,666,700 $80,000,000 $73,591,700 i$80,464,700 $88,180,700 $94,373,800 $90,435,700 $94,560,000 399,673,400
24,128,500 21,336,700 18,834,500 16,400,000 14,610,400 12,023,900
8,382,800 9,842,100 9,382,200
22,850,900 22,533,400 24,632,200 ! 24,803,200 22,291,600 19,496,500 26,684,300 28,052,200 32,381,300

1910

Total.

1902

455,259,800

1912

1911
$96,890,000
9,762,100
32,151,600

1913

$93,451,500
12,648,800
22,199,000

$88,884,400
16,598,900
26,507,800

1914

1915

1916

1917

19181

$94,531,782 $101,035,700 I $92,590,300 883,750,700
15,983,004
18,936,971 ! 19,235,000 15,200,000
28,586,392
28,586,392 \ 22,500,000 18,000,000

$68,493,500
14,782.000
15,000,000

188,033,156 192,182,900 186,503,400
18,915,324 i 19,232,200 17,245,000

175,000,000
12,500,000

20,130,800
15,814,700
10,756,800
56,188,800

31,000,000
10,000,000
50,000,000

454,176,500 423,590,200

376,775,500

191,538,400 / 188,293,100 181,885,500
\ 14,226,900 14,274,700

173,559,940
17,663,686

60,184,200
11,054,100
60,359,300

26,514,900
27,994,500
11,055,700
69,751,700

27,165,700
25,947,500
12,178,000
66,498,600

25,487,891
22,081,132
11,378,400
49,806,033

461,939,700

466,136,100

459,941,100

439,078,260

24,015,188 | 21,941,000
25,382,609
18,534,800
11,208,500
11,522,457
56,751,800
53,938,417
470,466,214

i Preliminary estimates.of the Federal Reserve Board.

20

FEDEEAL RESERVE BULLETIN.

Cost of the War.
The Secretary of the Treasury in his annual
report to Congress dated December 2, 1918,
makes the following statement with respect to
the fiscal situation and the cost of the war:
The following is a statement of revised receipts and expenditures for the fiscal years ended June 30, 1917, and
June 30, 1918:
FISCAL YEAR ENDED JUNE 30, 1917.

Receipts:
Ordinary and Panama Canal
Public debt

SI, 124,324,795.02
2,428,017,799.61

Total receipts
Expenditures:
Ordinary and Panama Canal. . . S I , 107,798,131.74
Purchase of obligations of foreign Governments
885,000,000.00
Payment for Danish West Indian Islands
25,000,000.00
Subscriptions to stock, Federal
land banks
8,880,315.00
Total ordinary and -special expenditures

2,026,678,446.74
677,544,782.25

Total expenditures

2,704,223,228.99

FISCAL YEAK ENDED JUNE 30, 1918.

Receipts:
Ordinary and Panama Canal
Public debt
Total receipts

'.

$4,180,425,155.99
16,974,889,209.61
21,155,314,36oT60

Expenditures:
Ordinary and Panama Canal... $8,392,464,986.32
Purchase of obligations of foreign Governments
4,739,434,750.00
Purchase of farm-loan b o n d s . . .
64,171,551.08
Total ordinary and
expenditures
Public debt
Total expenditures

special
'.

13,196,071,287.40
7,706,879,075.13
20,902,950,362.53

An analysis of the above table for the fiscal year 1917
shows that, exclusive of public debt transactions, the
receipts for the year amounted to $1,124,324,795.02, and
expenditures for the year 82,026,678,446.74, including
$885,000,000 on account of the purchase of obligations of
foreign Governments. From this it will be noted that,
exclusive of public debt transactions, 55 per cent of the
expenditures for the year were paid from revenue receipts.
If the purchase of obligations of foreign Governments is
deducted from the total ordinary and special expenditures—that is, expenditures exclusive of transactions in
the public debt—the result is $1,141,678,446.74, and the
above figures show that over 98.5 per cent of this amount
was paid from revenue receipts.
A similar analysis of the table of revised receipts and
expenditures for the fiscal year 1918 shows that, exclusive
of transactions in the public debt, the receipts for the year
were $4,180,425,155.99. and expenditures for the year
$13,196,071,287.40. These figures indicate that, exclusive
of public debt transactions, 31.6 per cent of the expenditures for the year were paid from revenue receipts. If the
purchase of obligations of foreign Governments is deducted
from the total ordinary and special expenditures—that is,
expenditures exclusive of transactions in the public debt—
the result is $8,456,636,537.40, and the above figures show
that 49.4 per cent of this amount was paid from revenue
receipts.




If it is assumed that the normal expenditures of the
Government for the fiscal years 1917 and 1918 on a peace"
basis would have been $1,000,000,000 for each year, the
cost of the war up to June 30, 1918, would appear to be as
shown in the following table:
Total ordinary and special expenditures for the fiscal year 1917
82,026,678,446.74
Estimated normal expenditures for
the year
1,000,000,000.00
Estimated war expenditures for
the fiscal year 1917
$1,026,678,446.74
Total ordinary and special expenditures for the fiscal year 1918
13,196,071,287.40
Estimated normal expenditures for
the year
1,000,000,000.00
Estimated war expenditures for the
fiscal year 1918

12,196,071,287.40

Total estimated war expenditures to June 30, 1918

3,552,342,594.63

Public debt

JANUARY 1, 1919.

13,222,749,734.14

With regard to the expenditures for 1917 and 1918, it
must not be assumed that the entire amounts stated have
been permanently absorbed because a large part of the
expense (including ordinary expenditures and war expenditures) is represented by productive investments and
will be reduced by salvage, etc. It would require several
months to obtain the necessary data to analyze the expenditures for 1.917 and 1918 for the purpose of giving an
accurate statement of capital outlays, salvage, etc. The
following table, however, incomplete as it is'because of
the lack of available information, will serve to point out
some of the Government's investments and expenditures
upon property of a permanent character during the fiscal
year 1918:
Navy Department, new vessels, equipage, navy yards,
stations, etc
$425,000,000
War Department, land, construction equipment and extension of buildings (not including cantonments), railroads and marine equipment shop and power machinery, etc., and river and harbor works
370,000,000
Interior Department:
Reclamation fund
5,000,000
Construction and operation of Alaskan railroads
11,000,000
Department of Agriculture, nitrate of soda for resale
6,250,000
Treasury Department, public buildings under control of
Treasury Department; i. e., post offices, courthouses,
customhouses, etc
10,000,000
Grain Corporation
'.
50.000,000
War Finance Corporation
44,929,000
United States Shinping Board Emergency Fleet Corporation
t
770,000,000
Panama Canal construction
4,000,000
Purchase of obligations of foreign governments
4,739,434,750
Purchase of farm-loan bonds
64,171,000
Total

6,499,784,750

It should be remembered that thefiguresin the foregoing
tabulation represent costs during war time and do not include any allowance for depreciation.
The cash expenditures for the fiscal years 1917 and 1918,
as published in the daily Treasury statements, and classified according to Government departments, and a statement of the public debt as of June 30, 1918, are attached
as Exhibits 1 and 2. respectively.

Proposed Amendments to the Federal Reserve
Act
The following bill to amend the Federal Reserve Act was introduced in the House of Representatives by Mr. Phelan, chairman of the

-JANUAIIY 1,1919.

FEDEEAL RESERVE BULLETIN.

Committee on Banking and Currency, on
December 30:

21

town in which it is located. But no such branch shall be
established in any State in which neither State banks nor
trust companies may lawfully establish branches, nor shall
;[65th Congress, 3d session. H. R. 13560. In the House of Representa- the number of branches which a member bank may estabtives. December 30, 1918. Mr. Phelan introduced the following bill;
which was referred to the Committee on Banking and Currency and lish exceed the number of branches which the laws of the
State in which said bank is situated permit a State bank
ordered to be printed.]
A BILL To amend sections seven, ten, eleven, and twenty-five of the or trust company to establish within the corporate limits
Federal Reserve Act, and sectionfifty-onehundred and seventy-two, of said city or town."
Revised Statutes of the United States.
SEC. 5. That section fifty-one hundred and seventy-two,
Be it enacted by the Senate and House of Representatives ofRevised Statutes of the United States, be amended to read
the. United States of America in Congress assembled, That follows:
as
that part of the first paragraph of section seven of the
"That in order to furnish suitable notes for circulation
Federal Reserve Act which reads as follows: "After the the Comptroller of the Currency shall, under the direction
aforesaid dividend claims have been fully met, all the net of the Secretary of the Treasury, cause plates and dies to be
earnings shall be paid to the United States as a franchise engraved, in the best manner to guard against countertax, except that one-half of such net earnings shall be paid feiting and fraudulent alterations, and shall have printed
into a surplus fund until it shall amount to forty per therefrom, and numbered such quantity of circulating
centum of the paid-in capital stock of such bank," be notes in blank, or bearing engraved signatures of officers
amended to read as follows:
as herein provided, of the denominations of SI, $2, S5, §10,
''After the aforesaid dividend claims have been fully $20, $50, S100, $500, and §1,000, as may be required to
met, the net earnings shall be paid to the United States supply the associations entitled to receive the same.
as a franchise tax, except that the whole of such net Such notes shall express upon their face that they are
earnings shall be paid into a surplus fund until it shall secured by United States bond deposited with the Treasamount to one hundred per centum of the subscribed urer of the United States, by the written or engraved sigcapital stock of such bank, and that thereafter ten per natures of the Treasurer and Register, and by the imprint
centum of such net earnings shall be paid into the surplus." of the seal of the Treasury; and shall also express upon
SEC. 2. That that part of section ten of the Federal Re- their face the promise of the association receiving the same
serve Act which reads as follows: "The members of said to pay on demand, attested by the written or engraved
T)oard, the Secretary of the Treasury, the Assistant Secre- signatures of the president or vice president and cashier;
taries of the Treasury, and the Comptroller of the Cur- and shall bear such devices and such other statements and
rency, shall be ineligible during the time they are in office shall be in such form as the Secretary of the Treasury shall,
and for two years thereafter to hold any office, position, or by regulation, direct."
employment in any member bank," be amended to read
as follows:
"The Secretaiy of the Treasury, the Assistant Secretaries of the Treasury, and the Comptroller of the Currency shall be ineligible during the time they are in office Bankers' Acceptances in London and New York.
and for two years thereafter to hold any office, position, or
employment in any member bank. The appointed memThe following computation prepared by Mr.
bers of the Federal Reserve Board shall be ineligible Leopold Fredrick, of the American Smelting &
during the time they are in office and for two years thereafter to hold any office, position, or employment in any Refining Co., furnishes data concerning the
member bank, except that this restriction shall not apply estimated amount of acceptances outstanding
to a member who has served the full term for which he in London and New York at a date approxiwas appointed."
SEC. 3. That section eleven of the Federal Reserve Act, mately the end of November:
as amended by the Act of September seventh, nineteen
hundred and sixteen, be further amended by striking out
the whole of subsection (m) and by substituting therefor
Acceptances of all London clearing-house
a subsection to read as follows:
banks, colonial banks, foreign agencies,
"(m) Upon the affirmative vote of not less than five of
and private bankers outstanding in the
its jnembers, the Federal Reserve Board shall have power
neighborhood of
3500, 000, 000
to permit Federal Reserve Banks to discount for any member bank notes of any one borrower in excess of the amount
NEW YORK.
permitted by section nine and section thirteen of this
Act: Provided, however. That all such notes discounted for
any member bank in excess of the amount permitted under Acceptances of New York national and
State banks and trust companies
270,000, 000
such sections shall be secured by not less than a like face
amount of bonds of the United States issued since April Acceptances of foreign trade corporations
twenty-fourth, nineteen hundred and seventeen, or certifiand foreign agencies established in New
cates of indebtedness of the United States."
York
55,000,000
40, 000,000
SEC. 4. That section twenty-five of the Federal Reserve Acceptances of private bankers
Act be amended by adding thereto a provision to read ae
follows:
^
.
Total
365,000,000
' * That any national bank located in a city or incorporated Deduct acceptances issued for the purpose
of financing domestic trade
155,000,000
town of more than one hundred thousand inhabitants and
possessing a capital and surplus of §1,000,000 or more, may,
under such rules and regulations as the Federal Reserve
Total of acceptances representing the
Board may prescribe, establish branches, not to exceed
financing of imports and exports through
ten in number, within the corporate limits of the city or
New York
210,000,000
97522—19
4




22

FEDERAL RESERVE BULLETIN.

In commenting upon these figures Mr. Fredrick says:
11
The foregoing figures show that London is
far ahead, and I believe that even with the
much-needed improvement of the machinery
for financing international trade London will
still, for many years to come, outdistance New
York. We are lacking here the large number
of merchants-bankers, old-established accepting houses with business ramifications all over
the globe. We here will be satisfied if we can
hold the Central and South American and Far
Eastern business. Although dollar exchange
has made great strides since the war, the New
York discount market is still in its infancy.
For the present there is little likelihood that we
will get, except occasionally, the financing of
the continental trade of Europe. It is hardly
likely that, say, an Amsterdam merchant importing goods from France will seek accommodation in New York; he will go as heretofore
to London. It may be possible, I think, that
this handicap of location will be partly overcome in the future with the aeroplane development, which would narrow down the time consumed by the mail in transit."
Loans to Allied Governments.

Hon. W. G. McAdoo on December 5 transmitted as Secretary of the Treasury to Hon.
Claude Kitchin, chairman of the Ways and
Means Committee of the House of Kepresentatives, a letter in which he recommended that
authorization be provided for continued loans
to foreign Governments up to the unexpended
balance of the amount already authorized for
such use. This was rendered necessary by
reason of the fact that the authorization for
such loans was valid only for the continuation
of the war. Subsequent to the transmission of
this letter Mr. McAdoo appeared before the
House Ways and Means Committee and testified concerning the proposal which he had
thus offered.
The letter to Chairman Kitchin, already referred to, was as follows:
WASHINGTON, December 5, 1918.

DEAR MR. KITCHIN: In my annual report on the state
of the finances for the fiscal year ended June 30, 1918, I
called attention to the fact that until certain of the allied
countries could resume their normal activities the United
State should be prepared to sell them on credit, even after
the declaration of peace, foodstuffs, raw materials, and
manufactured products of which they might be in need,
and stated that I should recommend the enactment oi
legislation extending the authority to establish credits in




JANUARY 1,1919.

favor of foreign Governments for a reasonable period and
within reasonable limits to meet needs growing out of the
war.
I inclose herewith the draft of a bill which is designed
to confer such authority and recommfend its enactment.
Under the existing law credits may be established by
the Secretary of the Treasury, with the approval of the
President, only for the purpose of the national security
and defense and the prosecution^ of the war in favor of
Governments engaged in war with the enemies of the
United States, and the authority to establish such credits
ceases upon the termination of the war between the
United States and the Imperial German Government. If
the draft bill inclosed herewith should be enacted the
authority to establish such credits would be continued
for the period of one year after the termination of the war,
and after December 15,1918, credits might be established,
with the approval of the President, for purposes growing
out of the war and after the termination of the war in
favor of the Governments of such foreign countries as
were previously engaged in war with the enemies of the
United States.
The obligations of the allied Governments which have
been acquired by the United States pursuant to existing
law are in form payable on demand. Under existing laws
the Secretary^ of the Treasury is authorized to convert all
such obligations acquired under the authority of the
first Liberty bond act or of the second Liberty bond act
into "long-time obligations of such foreign Governments,
respectively, maturing not later than the bonds of the
United States then last issued under the authority of this
act or of said act approved April 24, 1917, as the case
may be."
The bonds of the United States issued under the act of
April 24,1917, the first Liberty bond act, mature June 15,
1947, and the bonds last issued under the act above quoted,
the second Liberty bpnd act, mature October 15, 1938.
The provisions of section 2 of the draft bill herewith presented are intended to continue the authority at this time
vested in the Secretary of the Treasury in regard to such
conversion and to prevent a limitation of such authority
in case bonds of the United States should be hereafter
issued under the second Liberty bond act bearing a short
date of maturity.
The present appropriation for loans to foreign Governments in the amount of $10,000,000,000 is not increased in
the draft bill presented to you herewith. It is very difficult to estimate with any degree of accuracy how much of
the present appropriation will be required for loans to
meet the war expenditures of the foreign Governments,
how much will be available^ for loans for purposes growing
out of the war, and what will be the requirements of the
Governments of the allies for reconstruction purposes. The
date of the termination of the war and the terms of the
peace treaty are important factors, as well as the extent
to which such foreign Governments will be able to pay
for their requirements in the United States out of the
dollar equivalent of our military expenditures abroad, by
sales of securities or commodities exported or by the use
of private credits. The actual cash advanced to the allied
Governments, together with credits dedicated and made
effective for specificpurposes, aggregate$7,608,693,483.70,
while credits established but not yet advanced or made
effective for specific purposes amount to $611,647,218.30,
bringing the total of the credits out of which advances
have been or may be made up to $8,220,340,702. After
providing, say, $279,659,298 additional for outstanding
commitments and the continuance of purchases—largely
of foodstuffs—for war purposes, the amount of the existing
appropriation ($10,000,000,000) which will be available for
use under the draft bill may be roughly estimated at
$1,500,000,000.

JANUARY 1,1919.

FEDERAL RESERVE BULLETIN.

23

I restate the foregoing figures (cents omitted) in tabu- Secretary of the Treasury shall determine, and after the
lated form:
termination of said war in favor of the Governments of
such foreign countries as were previously engaged in war
Appropriation for foreign loans
$10,000,000,000 with the enemies of the United States.'7
Cash advances and credSEC. 2. The obligations of foreign Governments acits made effective
$7, 608, 693,483
quired by the Secretary of the Treasury by virtue of the
Credits established, but
provisions of the first Libery bond act, the second Liberty
not yet advanced nor
bond act, the third Liberty bond act, or the fourth Liberty
made effective
611,647,218
bond act shall mature at such dates as shall be determined
Additional requirements
by the Secretary of the Treasury: Provided, That such
for commitments and
obligations acquired by virtue of the provisions of the first
other war requireLiberty bond act or through the conversion of short-time
ments, say
279, 659, 299
obligations acquired under said act shall mature not later
8, 500,000,000 than June 15,1947, and all other such obligations of foreign
Governments shall mature not later than October 15,1938.
Balance available under draft bill
for purposes growing out of war,
say
1, 500,000,000
The gross needs of the Governments of the allies from the
United States for after the war purposes they have estimated at a much greater total than §1,500,000,000, but I
believe investigation will show a considerable reduction
in such estimates. A part of their requirements may be
provided by the treaty of peace through awards in their
favor for reparation either in money or materials; a part
will be provided out of the dollar equivalent of our military
expenditures abroad, and a part it should prove possible
for these countries to iinance through sales or private
credits. A balance, however, is likely to remain which
it may be impossible to provide other than by the use of
loans from the Government of the United States, and the
above amount of about $1,500,000,000 should be sufficient
for the purpose.
I can not feel that victory has been really won in the
war if at its conclusion the countries which have side by
side with us borne the stress of the conflict are not supplied
by some available means with credits to the extent that
they may be unable to provide their own finances, so that
they may procure in this country the supplies needed for
their people and for the reconstruction of their economic
life. From the standpoint of enlightened policy, the
United States should put itself in position to provide the
credits necessary to sell its surplus products until the establishment of normal peace conditions.
The draft bill inclosed merely enlarges the existing
powers to make foreign loans, so that within the limits of
the present appropriation and if occasion should arise the
Secretary of the Treasury, with the approval of the President, will be authorized to establish credits after the termination of the war from which, in the light of conditions as
they develop and if it be clearly in the public interest,
foreign loans may be made for purposes growing out of
the war.
Very truly, yours,
W. G. MCADOO.
[Draft of bill.]

SECTION 1. That the proviso at the end of section 2 of
the second Liberty bond act as amended by the third
Liberty bond act and the fourth Liberty bond act be, and
hereby is, amended so as to read as follows:
"Provided, That the authority granted by this section to
the Secretary of the Treasury to establish, with the approval of the President, credits for foreign Governments,
as aforesaid, shall cease upon the expiration of the period
of one year after the termination of the war between the
United States and the Imperial German Government:
And provided further, That after December 15, 1918, such
credits may, with the approval of the President, be established for such purposes growing out of said war as the




Foreign Banking Development.

The following statement, supplied by the
Irving National Bank of New York, is published pursuant to the Board's plan announced
in the August number of the FEDERAL RESERVE
BULLETIN of furnishing as complete data as
possible relative to developments in the extension of American banking facilities in foreign
countries:
Primarily, the Irving is a commercial bank, national
and international, and in the foreign field, as in the
domestic, its success has been based upon the principle
of usefulness to customers through a commercial banking
service. The extension of its customers' business, the
promotion and safeguarding of its customers' interests,
the facilitating of transactions with which its customers
are concerned—these are the points most seriously included
among the fundamentals of its plan of organization. These
are the purposes for which its facilities were created and
are being developed. This is the spirit in which its correspondents, domestic and foreign, are selected.
Naturally, in the successful carrying out of a plan of this
kind in the domestic and foreign fields, as well, it is most
important to secure and retain the maximum of good will
and friendly cooperation, and particularly from banking
correspondents. Cooperation and not competition is the
point which has been emphasized in these relationships
because, after all, trade currents will be determined,
directed, and controlled not by institutions which come
from the outside, but by the well-established and recognized domestic institutions of the particular country.
Competition between the enterprises of different nations
there will be, naturally, and American business to be successful in world trade must include this fact in its plans,
but, clearly, it is not good business policy to strive to get,
through competition, benefits which can be secured
through friendly cooperation. This theory should be
particularly important to the American bank engaged in
foreign trade just now, when the United States occupies
such a dominant position in world finance and trade,

24

FEDERAL RESERVE BULLETIN.

making it hardly possible for the American bank to request
from its foreign correspondents a greater or more valuable
service than it is in a position to give in return.
Until our national understanding of world problems and
world relationships has been more fully developed, it will
be difficult to determine the form in which this principle
of international banking cooperation can be given most
practical expression. Some believe that the solution of
the problem is to be found in the foreign branch bank
although it is certain that there are numerous highly
developed countries whose banks, while entirely agreeable
to the idea of fullest cooperation, will resent the presence
of an American branch bank as an encroachment in a field
already amply provided with banking facilities through
domestic establishments.
In a situation like this the line of least resistance to
desirable results would appear to lead through the establishment of intimate reciprocal relations with powerful,
well-established, and widely organized banks of the particular country.% Such a relationship has resulted from an
arrangement between the Irving and Barclays Bank (Ltd.)
of London, whereby the Irving becomes practically the
exclusive representative of Barclays in the United States,
and Barclays performs the same service for the Irving in
Great Britain, the arrangement including an English
department in the Irving and an American department in
Barclays Bank. In this way an intimate quality of representation and service can be secured for the interests of
each bank in the country of the other, this relationship
being rendered still more intimate and effective by the
presence in London of an Irving representative, who
facilitates operations between the two institutions.
An almost identically similar arrangement, including in
Paris the presence of an Irving representative, has been
entered into between the Irving and Cox & Co. (Ltd.), of
Paris, France, and in both cases the results which have
been accomplished tend to establish the complete desirability of relationships along these lines.
Of course there are fields in which, due to the insufficiency of existing banking facilities, the presence of
branches of foreign banks would not suggest any objectionable element of competition, and might even be accepted as expressing something of the idea of cooperative
assistance; but foreign fields should be carefully studied
and all important tendencies considered before branches
are established upon this theory.
The Irving, emphasizing the give-and-take policy, as it
does, in its relations with customers and correspondents,
foreign and domestic, naturally recognizes the importance
of being in a position always to give much in service, upon
the theory that it may be necessary also to request much,
this particularly of correspondents. This would mean,
among other things, widely established connections,
highly specialized service departments, capable and fully
responsive sources of information, and efficient coordination of departmental activities.




JANUARY 1,

1919.

The foreign department.—In the field of foreign connections the world commercial situation has been covered
with satisfactory completeness. In practically every
commercial center of the world, even those of minor
importance. Irving activities are represented through
responsible correspondents, Irving facilities are available
in connection with transferring money from one country to
another by draft, mail remittance, or cable transfer; also
in connection with commercial letters of credit, both
import and export, travelers' letters of credit, travelers'
checks, the purchase of bills, various foreign currencies,
and, in a highly specialized form, in connection with
foreign collections.
The foreign-trade department provides a free advisory
service in connection with all phases of foreign trade
throughout the world. Its facilities are available for the
selection of new fields of foreign activity, the establishment of new foreign business connections, the securing of
commercial representation abroad, methods to be employed in conducting foreign trade, information concerning
trade and financial conditions in foreign fields, and such
other forms of information as may be of interest in enabling
the American business man to respond effectively to the
call to foreign trade which has been sounded so clearly
throughout the country.
Foreign credit department.—The Irving's facilities in connection with the providing of credit information for those
engaged in foreign trade also are highly developed. Accurate and trustworthy information concerning the
financial standing of business concerns in different
centers of the world is provided, and, in addition, an
advisory service for those interested in discussing the
merits of propositions involving the element of credit or
financial standing.
The foreign-securities department.—The conditions produced by the war suggest the probability of a much more
general investment by Americans in foreign securities
than has been common in the past. In this situation the
Irving's securities department is peculiarly qualified to
provide an important service. Not only will it furnish
information concerning foreign government and other
securities, and concerning conditions existing in the security markets, but it also is prepared to execute orders for
securities here and abroad, and to effect collection of
coupons.
Commercial department.—The Irving's service in this
connection has come to be recognized by its foreign correspondents as most helpful. Its tracing and treatment of
shipments service, so well known in the domestic field in
connection with the bill-of-lading department, with which
American merchants are familiar, has been supplemented in the foreign field in such a way as to cover a
number of details incident to foreign trade. When necessary, in the interest of correspondents, railroad bills of
lading are exchanged for ocean documents; customhouse
entry is made on shipments from abroad which have not

JANUARY 1, 1919.

FEDEBAL RESERVE BULLETIN.

been handled promptly by the consignee, and, in general,
there is provided a complete service in connection with
import and export details ordinarily not included in a
general banking service.
Foreign publicity.—Important service has been provided in the interest of foreign trade through the
issue of publications treating matters important in
the development of American business in world markets. Among recent of these publications upon this
general subject have been, "Trading with Latin America," "The Influence of the War on Trade, Domestic and Foreign," "American Banking in Foreign
Trade," "Trade and the War," "Broadening the Vision
of the American Business Man," "Foreign Trade Thought
of 1918," and a graphic trade chart and a commercial map
of Latin America, printed with editions in English,
Portuguese, and Spanish, for wide circulation throughout
the United States and Latin America.
In general, the Irving's policy in foreign trade is, first,
to promote the extension of American trade in profitable fields in all parts of the world; second, to establish reliable and responsible sources of information
and service in the world's commercial centers, this
principally through well-recognized and long-established foreign correspondents, supplemented by the presence of Irving representatives in foreign centers in which
their service will be most effective; third, to develop
specialized service departments, which, [supplementing
the general banking service provided, will place the institution in a position at all times to respond efficiently to
requests for information or service, foreign or domestic,
bearing upon any phase of world trade; and, fourth, to
study and consider the conditions in foreign fields
most carefully before giving serious consideration
to any departure which, in effect, might tend to disturb satisfactory existing relations with foreign correspondents.

Election of Class A and B Directors.

25

District No. 6—Atlanta:
Class A—John K. Ottley, 1Atlanta, Ga.
Class B—James E. Zunts, New Orleans, La,
Class B—J. A. McCrary, Decatur, Ga.
Distri ct N o. 7—Chi cago:
Class A—George 11. Reynolds, Chicago, 111.
Class B—A. R. Erskine,2 Chicago, 111.
Class B—A. H. Vogel, Milwaukee, Wis.
District No. 8—St. Louis:
Class A—J. C. Uttorback, Paducah, Ky.
Class B—David C. Biggs, St. Louis, Mo.
District No. 9—Minneapolis:
Class A—Wesley C. McDowell, Marion, N. Dak.
Class B—Frank P. Hixon, La Crosse, Wis.
District No. 10—Kansas City:
Class A—J. C. Mitchell,' Denver, Colo.
Class B—Thomas C. Bvrne, Omaha, Nebr.
District No. 11—Dallas:
Class A—John T. Scott, Houston, Tex.
Class B—Frank Kell, Wichita Falls, Tex.
District No. 12—San Francisco:.
Class A—M. A. Buchan, Palo Alto, Cal.
Class B—John A. McGregor, San Francisco, Cal.
1 Elected to fill vacancy caused by resignation of Edgar B. Stern.
Term expires Dec. 31, 1920.
2 Elected to fill vacancy caused by death of M. B. Hutchison. Term
expires Dec. 31, 1920.

Class C Directors Appointed.

The Federal Reserve Board, at a meeting
held on December 11, reappointed for a period
of three years, beginning January 1, 1919, the
following class C directors of Federal Reserve
Banks named, whose terms expired December
31, 1918:
District
District
District
District
District
District
District
District
District
District
District
District

No. 1, Boston—Allen Hollis.
No. 2, New York—George Foster Peabody.
No. 3, Philadelphia—Charles C. Harrison.
No. 4, Cleveland—H. P. Wolfe.
No. 5, Richmond—Howard Bruce.
No. 6, Atlanta—Edward T. Brown.
No. 7, Chicago—William A. Heath.
No. 8, St. Louis—William McC. Martin.
No. 9, Minneapolis—William H. Lightner,
No. 10, Kansas City—R. H. Malone.
No. 11, Dallas—W. B. Newsome.
No. 12, San Francisco—Walton N. Moore.

The Board redesignated for the calendar
The following class A and B directors of
Federal Reserve Banks have been elected for year 1919 .all present chairmen and Federal
the three-year term beginning January 1, 1919: Reserve agents, and deputy chairmen.
James E. Zunts was designated as chairman
District No. 1—Boston:
and P. H. Saunders as vice chairman of the
Class A—Edward S. Kennard, Rumford, Me.
New Orleans branch of the Federal Reserve
Class B—Charles G. Washburn, Worcester, Mass.
District No. 2—New York:
Bank of Atlanta.

Class A—Charles Smith, Oneonta, N. Y.
Class B—Leslie R. Palmer, Croton-on-Hudson, N. Y.
District No. 3—Philadelphia:
Class A—Francis Douglas, Wilkes-Barre, Pa.
Class B—Charles K. Haddon, Camden, N. J.
District No. 4—Cleveland:
Class A—0. N. Sams, Hillsboro, Ohio.
Class B—John Stambaugh, Youngstown, Ohio.
District No. 5—Richmond:
Class A—Charles E. Rieman, Baltimore, Md.
Class B—Edmund Strudwick, Richmond, Va.




Balloting for Class A and B Directors.

In order to furnish a comparison of the results of balloting for class A and B directors
under the Federal Reserve Act as amended,
there is herewith furnished a consolidated

26

FEDERAL RESERVE BULLETIN".

statement of the number of votes cast for
directors in each class. The results thus exhibited may properly be contrasted with the
showing made at the last election under the
old system and published in the FEDERAL
RESERVE BULLETIN a year ago.
Votes for class A and B directors.
Group.

Number
of votes
cast.

Boston:
Class A
Class B
New York:
Class A
Class B . . . .
Philadelphia:
ClassA....
Class B
Cleveland:
ClassA....
Class B
Richmond:
ClassA
Class B
Atlanta:
ClassA....
, Class B
Class B
Chicago:
ClassA
Class B
Class B
St. Louis:
ClassA
Class B
Minneapolis:
ClassA
Class B
Kansas City:
Class A
Class B
Dallas:
ClassA....
Class B
San Francisco:
Class A
ClassB....

195
184
327
331
123
161
199
191
35
35
37
31
112
34
164
249
114
29
281
77
24

183
84

Charges Against Reserve Bank Earnings.

JANUARY 1,1919.

3. Cost of vaults.—(a) All expenditures made during the
year 1918 for vaults and vault equipment to be charged
to current expense account; (b) balance of account, as
shown by books on December 31, 1917, to be charged to
profit and loss account.
4. Alterations and improvements.—Charge against current
expense account all expenditures made during the year
1918 in repairing, altering, or remodeling bank premises.
5. Bank premises.—(a) Where properties have been purchased with the intention of erecting new bank buildings,
banks to be permitted to charge against profit and loss
account an amount sufficient to cover the estimated value
of buildings which will have to be razed, such estimated
valuation of buildings to be submitted to the Federal
Reserve Board for approval before depreciation allowance is determined. (6) Where properties have been
remodeled and are now used as permanent banking quarters by a Federal Reserve Bank, a reasonable depreciation charge will be permitted, but in no case shall it
exceed 10 per cent of the estimated value of buildings on
December 31, 1918. (c) Where a Federal Reserve Bank
has purchased, or may purchase, a site for a new building,
it will be permitted to charge down the book value of
premises now owned and occupied to a fair selling price,
such price to be submitted to the Federal Reserve Board
for approval before depreciation allowance is determined.
6. Apparent depreciation on Government securities.—
Full provision to be made for apparent depreciation
(based on market value) in Government securities before
any sum is transferred to surplus account, and provision
made for Government franchise tax. No change should
be made in book value of securities, but depreciation
allowance should be charged to profit and loss account
and credited to account "Reserve for depreciation."
Depreciation should be figured on the following basis:
2 per cent bonds, 1930-1938
98
4 per cent bonds, 1925
106
3 per cent conversion, 1946-47
85
3 per cent one-year notes
100
3J per cent Liberty loan, 1947
98
4 per cent Liberty loan, 1942-1947
93
- 4J per cent Liberty loan, 1928-1947
96
7. Surplus and franchise tax.—After dividends and all
allowable charge-offs have been made, one-half the remainder, up to 40 per cent of capital paid in, to be credited
to surplus account and the balance credited to an account
to be opened under the title "Reserve for franchise tax,"
to remain in such account until demand therefor is made
by the Government, of which due notice will be given
you by the Federal Reserve Board.
Respectfully,

The following letter with reference to extraordinary charges against the earnings of Federal Reserve Banks has been sent by the FedW. P. G. HARDING, Governor.
eral Eeserve Board to the governors of the
Federal Reserve Banks in order to indicate the
practice to be followed in adjusting claims
against earnings for the fiscal year 1918:
Exportation of Manufactures Containing Gold.
DECEMBER 14,

1918.

DEAR SIR: In order that there may be uniformity of
practice, the Federal Reserve Board has approved for
Federal Reserve Banks the adoption of the following rules
for the treatment of depreciation and extraordinary
charges against earnings and profit and loss account at
the closing of books December 31. 1918:
1. Cost of Federal Reserve and Federal Reserve bank
notes.—Balance of account, as shown by books on December 31, to be charged to current expense account.
2. Furniture and equipment account.—Balance of account, as shown by books on December 31, to be charged
to current expense account.




The War Trade Board on December 14
issued the following regulations governing
the exportation of manufactures containing
gold:
The War Trade Board announce that, owing to the
changed situation, it has been possible to modify the
regulations governing the exportation of manufactures
containing gold (W. T. B. R. 297, Nov. 16, 1918),
which have been changed to read as follows:
(1) On and after November 16, 1918, applicants for
licenses to export any manufactures containing gold will

JANUARY 1,1919.

FEDERAL RESERVE BULLETIN.

27

be required to make their application on Form X, as SHIPMENTS OF CURRENCY TO AND FROM THE TREASURY
heretofore, and attach thereto, duly executed and filled
DEPARTMENT.
in, Supplemental Information Sheet X-29 (a new form),
Under the provisions of a contract between the Treasury
together with any other supplemental information sheets
required for shipment to particular countries, as Form Department and the United States Express Co., currency
was shipped between said department and banks, and by
X-101, Form X-102, etc.
(2) Licenses when import agreement is given.—Licenses receiving officers of the Government at a special rate.
may be granted for the exportation of manufactures This rate afforded a much lower transportation charge than
containing gold to all destinations, if the applicant shall that which the general public was required to pay.
The United States Express Co. retired from business
file with the War Trade Bpard an agreement (Form X-215)
to the effect that the applicant will import into the United July 31, 1914, and since that date the Wells, Fargo & Co.
States gold equivalent to the bullion value of the gold express carried shipments of currency at the former contract rate.
contained in the commodities exported.
The only express transportation company now conductOn January 15, 1919, and at the end of every three
months' period thereafter, each exporter in the "United ing business in Washington, D. C, and other cities in the
States who shall export manufactures containing gold United States, is the American Railway Express Co.
The American Railway Express Co. advises this departunder this section shall file with the War Trade Board,
Washington, D. C, a report in writing (Form X-217, ment that after December 31, 1918, it will discontinue
December, 1918) of all exportations of manufactures carrying currency at the reduced rate and will, beginning
containing gold of bullion value more than 45 per cent January 1, 1919," charge the regular published tariff rate
of the value of the commodity made by him during the on moneys and securities entrusted to it for transportation.
preceding three months, and all importations of gold from
CURRENCY SHIPMENTS BY MAIL.
any foreign country made by him during such period,
to which there must be attached a copy of the customs
Under an arrangement entered into between the Secreimport entry or entries countersigned by the collector
tary of the Treasury and the Postmaster General, currency
of customs.
and fives
(3) Licenses when no import agreement is given.—Licensesof the denominations of ones, twos,from any may be
from Washington,
C , or
may be granted for the exportation of manufactures shipped treasuries to banks,D. parcel post rates, one of the
sub
containing gold without such agreement for import nineinsured, the registration at being as follows: registered
and
fee
Ones and
required by section 2 in the following cases:
twos, 10 cents, and on fives, 25 cents. All denominations
(a) When the gold bullion value contained in the of currency of $10 and upward must have paid thereon the
commodity to be exported does not exceed 45 per cent of regular first-class rate of postage.
the whole value of such commodity, but the gold bullion
value in the aggregate shipments by any exporter during
INSURANCE OF CURRENCY SHIPPED BY MAIL.
a period of three months shall not exceed 33J per cent
of the whole value of the total shipments by such exporter
The Secretary of the Treasury has an arrangement with
during such period. On January 15, 1919, and at the end several large insurance companies whereby a special rate
of every three months' period thereafter, each exporter granted the department may be extended to cover mail
in the United States who shall export manufactures shipments to and from banks. These special rates may
containing gold under this section shall file with the be obtained by addressing Mail Insurance Office, Room
War Trade Board, Washington, D. C , a report in writing T, Treasury Department.
(Form X-217, December, 1918) of all exportations; or
(b) When the exporter is within the class set forth in
paragraph (a) preceding and the applicant files with his
application an affidavit by the manufacturer stating that
Forwarding Unfit Federal Reserve Notes.
the commodity was manufactured or in process of manufacture prior to September 15,1918, neither the agreement
In accordance with suggestions already made,
(Form X-215) to import nor the report (Form X-217,
December, 1918) referred to in said paragraph (a) need the Federal Reserve Board has authorized the
be made.
issuing Federal Reserve Banks to absorb the
(4) In filling out reports of exportations of manufactures shipping charges incident to the forwarding
containing gold (Form X-217, December, 1918), exportations of commodities containing gold of bullion value of unfit Federal Reserve notes to Washington.
not exceeding 5 per cent of the value of the commodity The official instruction on the subject has been
should not be reported.
issued under date of November 27.
(5) Form X-216, November, 1918, and Form X-217,
Some time ago it was the practice of the subtreasuries to
November, 1918, are hereby withdrawn.
(6} Copies of the various forms described above may be forward to Washington for "redemption ail unlit Federal
obtained upon application to the War Trade Board, Reserve notes, and the subtreasuries having no appropriation for absorbing the cost of shipment, the said cost was
Washington, D. C, or to any of the branch offices.
assessed periodically against the respective Federal Reserve Banks. Some of the Federal Reserve Banks took
exception to this method of handling, and the subtreasuries were accordingly instructed to redeem all unfit Federal Reserve notes at the Federal Reserve Bankor branch
Shipments of Currency.
Federal Reserve Bank in their cities. Under this plan the
Bank
no way relieved
The following circular regarding shipments issuing Federal Reserve notes, was in on the other handfrom
while
the
of currency was issued by the Treasury Depart- the cost of shipping the or branch in the subtreasury city
Federal Reserve Bank
ment under date of November 20:
was put to unnecessary burden by having to verify the




28

JANTJAIIY 1,1919.

FEDERAL RESERVE BULLETIN.

notes when delivered by the subtreasury and then to
assort and package the notes for shipment to Washington.
This matter was taken up at the recent transit and audit
conference, and it was recommended that the former
method be returned to.
. The Federal Reserve Board has therefore informed the
Treasurer of the United States that he may instruct assistant treasurers of the United States in subtreasury cities
that hereafter all unfit Federal Reserve notes should be
forwarded to Washington for redemption, and that shipping charges incident thereto will be paid by the issuing
Federal Reserve Banks. The Treasurer of the United
States will periodically call upon each Federal Reserve
Bank for reimbursement to coyer the shipping expense in
connection with the redemption of its own notes which
are received from the various subtreasuries for redemption.

Identification of Collection Items.
The following letter, transmitted by Governor Harding to governors of Federal Reserve
Banks under date of November 27, provides for
some technical improvements in the present
method of forwarding items for collection:
In connection with the privilege accorded member
banks of forwarding for "collection direct" to Federal
Reserve Banks, items drawn on member banks and other
banks on the interdistrict par list, the work of the sending
banks would be greatly facilitated if all member institutions would have printed on their customers' checks, in a
conspicuous and convenient place, the following legend:

course, to suffix the district number with spme distinguishing mark indicative of the branch; for instance, in
the Cleveland district, with branches at Cincinnati and
Pittsburgh, the suffix "Cinn." or "Pitts."
It is believed that the adoption of this practice would not
only facilitate the clearing of items, but also would stimulate interest in the availability of the Federal Reserve
system as a clearing medium.

Report of War Finance Corporation.

The War Finance Corporation on December
2 transmitted to Congress its annual report.
Those portions of the report which are of
special significance as showing the exact scope
of the work performed are as follows:
The corporation has received 99 applications for advances to public utility companies, aggregating $175,595,113. Of these applications 10, amounting to $2,522,642, were under section 7 of the act, being made through
banks, bankers, or trust companies, and 89 applications,
amounting to §173,072,471. were for direct loans under section 9 of the act. Of these applications, 6 under section 7
were approved, advances made to November 30 having
amounted to $1,942,642.4.9, and up to the same time 10
direct advances were made amounting to §38,916,300. of
which $11,967,500 have been repaid.
The details of advances to public utilities made by the
corporation are set forth in the table which is given below::
Advances for the benefit of public utilities.

MEMBER
F . E . B.

(

DISTRICT N O .

(

Collectible at par.

6: $1,960,842.49; $1,942,642.49!
§15,000.00 81,927,642.49
10 40,245,750.00; 38,916,300.00| 11,967,500.00 26,948,800.0O
ie! 42,206,592.49' 40,858,942.49! 11,982,500.00:28,876,442.49-

It has been suggested that nonmember banks maintaining deposits with Federal Reserve Banks through which
While the amount advanced under section 7 has been
their items are collectible, as well as all nonmember banks
that have agreed to remit at par for items sent to them by relatively small, the potential relief afforded under this
Federal Reserve Banks, should use a legend for their section has established confidence.
customers' checks as follows:
INDUSTRIALS.

F. R. B.
DISTRICT N O .

Collectible at par.

5

If the above plan is adopted, it would obviate the present
necessity of referring to the par list in order to first ascertain if the item in question is collectible through a Federal
Reserve Bank, and second, if so, to which district the item
should be sent. It would also minimize the number of
"sent wrong" items, and the consequent trouble and
labor of returning and rehandling. Ability to determine
at a glance to which Federal Reserve Bank an item should
be sent would result in the saving of considerable time,
and in many instances perhaps the elimination of employees needed in other departments.
In Federal Reserve districts where Federal Reserve
Bank branches are maintained it would be necessary, of




The corporation has considered many applications for
loans to industrial enterprises, including coal mining companies and those engaged in the manufacture of war material. In many cases it was found that the funds required
could be secured through other governmental agencies
more directly concerned in the applicant's output, and the
corporation made advances only in those instances where
the security appeared to be adequate in any circumstances,
regardless of the duration of the war, and where there was
a positive recommendation of the Government department
or agency directly interested as to the necessity for the
operation. Many of these applications were made upon
the theory that the war would continue for a period of years
and that the loan would be repaid out of profits, but the
directors felt that they had no authority to absorb what may
be termed "war waste," and avoided making loans which
involved any speculation as to the duration of the war or
where the security would be impaired by the cancellation
of war contracts.

JANUARY 1,1919.

Advances to cattle raisers.

MiSCELLANEOUS ADVANCES.

During the summer it became evident that others besides
public utilities and war industries were entitled to consideration by the corporation.
The conservation and movement of crops and the preservation of fruits and vegetables used in the canning
industry, the necessity for relief of the great cattle-raising
industry, all became increasingly apparent. In each case
it was found that announcement by the corporation of its
intention to afford relief aided in the restoration of confidence, so that the amount of money actually advanced by
the corporation was far less than originally estimated.
For example, the canning industry was reported to be in
desperate need of assistance. The Government had called
upon the canners for their maximum output, a large crop
of vegetables and fruit had been raised, and the obligations
of the canning companies to farmers were very considerable. Payments could not be made by the Government
in advance of deliveries, and as the canning companies
were located mainly in small towns, the facilities of the
larger banks were not available to them. A cooperative
system of warehousing was devised, and the corporation
agreed to make advances upon the security of the warehouse receipts for the canned goods. The readiness of the
corporation to assist gave confidence to all connected with
the industry as well as to the banks, and it was found that
the canning concerns were able in most cases to secure the
necessary financial assistance from the banks, so that the
amount advanced by the corporation has been moderate
and very much less than the canning industry had estimated to be necessary. The total advanced to cannerp
was $211,500, of which $56,000 has been repaid.
ADVANCES TO CATTLE RAISERS.

During the month of August the board, at the suggestion
of the Secretary of the Treasury, investigated the necessity of extending financial aid to the cattle industry in
the West and Southwest, and especially in the droughtstricken areas of those sections. Two of the directors of
the corporation, with counsel, proceeded to Kansas City,
where, pursuant to previous appointment, a conference
was held with officers of the Federal Reserve Banks of
Kansas City and Dallas, and cattle raisers and representatives of cattle-loan companies, at which the question of
extending Government aid was fully discussed.
In the drought-stricken sections stock cattle were being
sold for slaughter, and in other sections where more favorable climatic conditions had prevailed breeding cattle
were being sold to packers because of the inability of
owners to hold them. The banks and cattle-loan companies were unable to extend their usual credits to cattlemen because of their inability to place cattle paper through
their accustomed channels due to the heavy volume of
Government financing.
In order to preserve this breeding stock and to prevent
a serious shortage in our furture meat supply, the corporation decided toinake when necessary directloans to cattle
raisers, and established cattle-loan agencies at Dallas and
Kansas City to provide the. necessary machinery to handle
this business. Specific territory was assigned to each of
these agencies, the chairman and governor of the Federal
reserve bank at each place, with three others, constituting
a cattle-loan committee with authority to employ the
necessary inspectors, clerks, and accountants. Instructions were given to receive applications and transmit to
the directors of the corporation at Washington such requests for advances on cattle as met with the agencies'
favorable recommendation.
A statement of the advances which have been made
through the two cattle-loan agencies is given in the following table:
97522—19
5




29

FEDERAL RESERVE BULLETIN.

Amount,
Kansas City agency:
Section 9..
Dallas agency:
Section i
Section 9
Total.

j Repaid.

Outstanding.

SI.764,998.74

£1.764,9 «. 71
i
i '
331,500.00 ;82,000.00 j 329,500.00
1,532,000.00 !
! 1.532,000.00

84

3,628,498.74

2,000.00

3,620,498.74

In addition to these advances, applications amounting to
§2.821,090.50 have been approved, upon which advances
will be made on the execution of the necessary papers.
The act to enable the Secretary of Agriculture to carry
out, during the fiscal year ending June 30, 1919, the purposes of the act entitled "An act to provide further for the
national security and defense by stimulating agriculture
and facilitating the distribution of agricultural products,"
and for other purposes, approved November 21, 1918, contains a paragraph which amends section 7 of the War
Finance Corporation act, so that the directors, at their
discretion, are now empowered to make advances to banks
against agricultural loans or loans based on live stock to the
extent of 100 per cent of the amount of such loans held by
the borrowing banks without requiring any security other
than that pledged with the banks by the original borrowers.
This will add greatly to the ability of the banks and trust
companies to take care of cattle raisers, and it will be the
policy of the corporation to discontinue making direct
loans as soon as pending applications have had consideration.
CROP-MOVING LOANS;

The corporation announced in August that it was prepared to make advances to banks for crop-moving purposes,
but as the banks generally were able to procure necessary
rediscounts from correspondent banks or from the Federal
Reserve Banks, applications for advances to facilitate crop
moving have been comparatively few. The loans of this
class have amounted to 8113,500."
RATES OF INTEREST.

The capital stock of the War Finance Corporation is
entirely owned by the Government, and the corporation
is not operated for the sake of profit. In the case of direct
loans, the act provides that the rate of interest shall not be
less than 1 per cent per annum in excess of the rate of discount for 90-day commercial paper prevailing at the time
of the advance at the Federal Reserve Bank of the district
in which the borrower is located. Minimum rates on direct loans, therefore, have necessarily been from 5f to 6
per cent per annum, but the directors have found it neces' sary to fix a rate approximating the going rate for loans of
the class represented by the application; consequently the
rates of interest generally have been from 6 to 7 per cent,
the lowest rate being 5 per cent for crop-moving loans,
which are made under the provisions of section 7. Upon
direct loans to cattle raisers in Texas, under section 9, the
prevailing rate of 8 per cent was charged in order to avoid
any unnecessary diversion of the business from normal
channels.

Acceptances to 100 Per Cent*
Since the issue of the December BULLETIN
the following banks have been authorized by
the Federal Reserve Board to accept drafts and

30

.TANUAIIY 1,1919.

FEDERAL BESERVE BULLETIN.

bills of exchange up to 100 per cent of their
capital and surplus:
Dexter Horton National Bank, Seattle, Wash.
Mellon National Bank, Pittsburgh, Pa.
Superior Savings & Trust Co., Cleveland, Ohio.
Providence National Bank, Providence, R. I.
First National Bank, Houston, Tex.
Seaboard National Bank, Seattle, Wash.
Capital National Bank, St. Paul, Minn.

Commercial failures in the United States
during November again make a remarkably
satisfactory exhibit, there being only 570 suspensions, with liabilities amounting to $13,815,166. This compares with 981 defaults for the
same month last year, 1,251 in 1916, 1,565 in
1915, and 1 ; 815 in 1914, and with liabilities of
$13,635,605, $14,104,621, $15,694,434, and
$25,489,458, respectively, for November, 1917,
191*6, 1915, and 1914. Of especial significance
is the fact that in no November since monthly
returns were first compiled in 1894 were failures
so few as 570, while as regards liabilities, with
the exception of 1917, the amount is smaller
than for any year back to 1910. Separated according to Federal Reserve districts, marked
improvement as to number is revealed in every
instance, with the decrease especially pronounced in the first, where 50 compares with
131 last year, in the second, 101 against 198,
and in the ninth, 15 against 47. As regards
the amount involved, there is substantial contraction in every district, except the fourth,
fifth, sixth, and seventh, especially the latter,
in which, owing to several exceptionally large
manufacturing defaults, the liabilities aggregated $4,637,148, as against $1,882,045 in
November, 1917.
Failures during November.
Liabilities.

Districts.
1918 1917
First
Second
Third
Fourth
Fifth
Sixth
Seventh
Eighth
Ninth
Tenth
Eleventh
Twelfth
United States




. . .

. . . .

1918

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
30, 1918, to December 27, 1918, inclusive:
Banks.

Commercial Failures Reported.

Number.

New National Bank Charters.

1917

50
101
36
55
25
22
101
40
15
17
32
70

131
198
58
60
31
48
137
62
47
39
57
113

$795,956
1,674,791
987,779
770,106
364,083
2,742,183
4,837,148
494,104
81,276
198,531
293,019
576,190

81,350,120
3,673,166
1,860,028
465,607
312,259
1,529,627
1,882,045
1,067,403
201,235
253,853
421,936
618,326

570

981 13,815,166

13,635,605

New charters issued to
9
With capital of
$500,000
Increase of capital approved for
3
With new capital of.
225,000
Aggregate number of new charters and
banks increasing capital
12
With aggregate of new capital authorized
725,000
Number of banks liquidating (other than
those consolidating with other national
banks)
4
Capital of same banks
750,000
Number of banks reducing capital
0
Reduction of capital
0
Total number of banks going into liquidation or reducing capital (other than those
consolidating with other national banks). 4
Aggregate capital reduction
750,000
The foregoing statement shows the aggregate
of increased capital for the period of the
banks embraced in statement was
725,000
Against this there was a reduction of capital
owing to liquidation (other than for consolidation with other national banks) and reductions of capital of
750,000
Net decrease

25,000

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 December:
DISTRICT NO. 1.

Trustee, executor, administrator, registrar of stocks and
bonds, guardian of estates, and receiver:
First National Bank, Hartford, Conn.
First National Bank, Wallingford, Conn.
Phoenix National Bank, Hartford, Conn.
First National Bank, New Haven, Conn.
Manufacturers National Bank, Water bury, Conn.
Waterbury National Bank, Waterbury, Conn.
Assignee and receiver:
Canal National Bank, Portland, Me.
Trustee, executor, administrator, registrar of stocks and
bonds, guardian of estates, assignee, and receiver:
Bay State National Bank, Lawrence, Mass.
Central National Bank, Lynn, Mass.
Guardian of estates, assignee, receiver and conservator:
First National Bank, Boston, Mass.
Merchants National Bank, Leominster, Mass.
Receiver, assignee, guardian of estates, guardian or trustee
under a will or instrument creating a trust for the care
and management of property, and conservator of the
property of persons incapacitated by age:
First National Bank, Gardner, Mass.

JANUAKY 1, I<)x<>.

31

FEDERAL RESERVE BULLETIN.

Executor, administrator, registrar of stocks and bonds, Trustee, executor, administrator, registrar of stocks and
guardian of estates, assignee, and receiver:
bonds, guardian of estates, assignee, receiver, and
Chapin National Bank, Springfield, Mass.
committee of estates of lunatics*—Continued.
Guardian of estates, assignee, and receiver:
Merchants National Bank, Allentown, Pa.
Fourth Atlantic National Bank, Boston, Mass.
First National Bank, Williamsport, Pa.
Merchants National Bank, Boston, Mass.
Western National Bank, York, Pa.
Second National Bank, Boston, Mass.
Guardian of estates, assignee, receiver, and committee of
Webster & Atlas National Bank, Boston, Mass.
estates of lunatics:
Safety Fund National Bank, Fitchburg, Mass.
South Bethlehem National Bank, South Bethlehem,
Manufacturers National Bank, Lynn, Mass.
Pa.
Peoples National Bank, Marlboro, Mass.
Trustee, executor, administrator, guardian of estates,
Mechanics National Bank, New Bedford, Mass.
assignee, receiver, and committee of estates of lunatics:
Merchants National Bank, Salem, Mass.
Third National Bank, Scranton, Pa.
Chicopee National Bank, Springfield, Mass.
Crocker National Bank, Turner Falls, Mass.
DISTRICT No. 4.
Merchants National Bank, Worcester, Mass.
Trustee, executor, administrator, registrar of stocks and
DISTRICT NO. 2.
bonds, guardian of estates, assignee, receiver, and committee of estates of lunatics:
Guardian of estates and receiver:
Western National Bank, Pittsburgh, Pa.
City National Bank, Bridgeport, Conn.
Trustee, executor, administrator, guardian of estates, Trustee, executor, administrator, guardian of estates,
assignee, and receiver:
assignee, receiver, and committee of estates of lunatics:
Citizens National Bank, Washington, Pa.
First National Bank, Geneva, N. Y.
Atlantic National Bank, New York City.
Chemical National Bank, New York City.
DISTRICT NO. 5.
First National Bank, New York City.
Irving National Bank, New York City.
Trustee, executor, administrator, registrar of stocks and
Lincoln National Bank, New York City.
bonds, guardian of estates, assignee, receiver, and
Trustee, executor, administrator, registrar of stocks and
committee of estates of lunatics:
bonds, and receiver:
Second National Bank, Baltimore, Md.
Greenwich National Bank, Greenwich, Conn.
First National Bank, Clifton Forge, Va.
Guardian of estates, assignee, receiver, and committee of
estates of lunatics:
DISTRICT NO. 7.
Second National Bank, Paterson, N. «T.
Phillipsburg National Bank, Phillipsburg, N. J.
Registrar of stocks and bonds, guardian of estates, assignee, Trustee, executor, administrator, guardian of estate,
assignee, and receiver:
receiver, and committee of estates of lunatics:
First National Bank, Chiilicothe, 111.
National Iron Bank, Morristown, N. J.
First National Bank, Kewanee, 111.
Trustee, executor, administrator, registrar of stocks and
Union National Bank, Macomb, III.
bonds, guardian of estates, assignee, receiver, and comFirst National Bank, Monticello, 111.
mittee of estates of lunatics:
Trustee, executor, administrator, registrar of stocks and
Merchants National Bank, Asbury Park, N. J.
bonds, guardian of estates, assignee, receiver, and
National Commercial Bank, Albany, N. Y.
guardian of minors:
Manufacturers & Traders National Bank, Buffalo, N. Y.
First National Bank, Cherokee, Iowa.
Canandaigua National Bank, Canandaigua, N. Y.
St. Lawrence County National Bank, Canton, N. Y. Trustee, executor, administrator, registrar of stocks and
bonds, guardian of estates, assignee, and receiver:
Lake Shore National Bank, Dunkirk, N. Y.
Citizens National Bank, Appleton, Wis.
Merchants National Bank, Elmira, N. Y.
Commercial National Bank, Appleton, Wis.
Merchants National Bank, Glen Falls, N. Y.
Trustee, executor, administrator, and registrar of stocks
First National Bank, Hudson, N. Y.
and bonds:
National Chautauqua County Bank, Jamestown, N. Y.
Commercial National Bank, Fond du Lac, Wis.
Niagara County National Bank, Lockport, N. Y.
American Exchange National Bank, New York City.
Citizens National Bank, New York City.
DISTRICT NO. 8.
Hanover National Bank, New York City.
Nyack National Bank, Nyack, N. Y.
Guardian of estates, assignee, and receiver:
Citizens National Bank, Oneonta, N. Y.
First National Bank, Murphysboro, 111.
Utica City National Bank, Utica, N. Y.
Trustee, executor, administrator, guardian of estates?
Watertown National Bank, Watertown, N. Y.
assignee, and receiver:
Second National Bank, Elmira, N. Y.
First National Bank, Belleville, 111.
Mechanics & Metals National Bank, New York, N. Y.
Bicker National Bank, Quincy, 111.
National Park Bank, New York, N. Y.
DISTRICT No.

3.

DISTRICT NO. 9.

Trustee, executor, administrator, registrar of stocks and Trustee, executor, administrator, registrar of stocks and
bonds, guardian of estates, assignee, and committee of
bonds, guardian of estates, assignee, receiver, and
estates of lunatics:
committee of estates of lunatics:
First National Bank, Duluth, Minn.
Swedesboro National Bank, Swedesboro, N. J.
Metropolitan National Bank, Minneapolis, Minn,
First National Bank, Woodbury, N. J.




32

FEDERAL EESERVE BULLETIN.

Trustee, executor, administrator, and registrar of stocks
and bonds:
Commercial National Bank, Bozeman, Mont.
Trustee, executor, administrator, registrar of stocks and
bonds, guardian of estates, assignee, and receiver:
Ashland National Bank, Ashland, Wis.
Northern National Bank, Ashland, Wis.
First National Bank, Superior, Wis.
DISTRICT N O . 10.

Guardian of estates, assignee, receiver, and committee of
estates of lunatics:
First National Bank, Greeley, Colo.
Trustee, executor, administrator, registrar of stocks and
bonds, guardian of estates, assignee, receiver, and committee of estates of lunatics:
American National Bank, Longmont. Colo.
DISTRICT N O . 11.

Trustee, executor, administrator, guardian of estates,
assignee, receiver, and committee of estates of lunatics:
Commercial National Bank, Sherman, Tex.
DISTRICT N O . 12.

Trustee, executor, administrator, registrar of stocks and
bonds, guardian of estates, assignee, and receiver:
First National Bank, Bakersfield, Cal.
Farmers National Bank, Fresno, Cal.
Central National Bank, Oakland, Cal.
Bank of California, N. A., San Francisco, Cal.
Union National Bank, Seattle, Wash.

Mexican Coinage Changes,
For conVCD ion ce of reference, there is herewith reprinted the text of the Mexican presidential decree of November 13, 1918, relative
to the new fractional silver currency which is
ciow being minted by the Mexican Government
to relieve the situation caused by the aisap?pearance of such currency heretofore in circulation.
[Translation.]
DECREE MODIFYING THE MONETARY SYSTEM ESTABLISHED
MARCH 2a, 1905, WITH RESPECT TO SILVER CURRENCY.1

A seal reading: "Federal Executive Power—United
Mexican States—Mexico—Department of the Interior.
The Citizen Constitutional President of the United
Mexican States has sent me the following decree:
I, Venustiano Carranza, Constitutional President of the
United Mexican States, to the inhabitants thereof, know ye:
That in use of the extraordinary powers in the Treasury
Department, vested in me by the Congress of the Union,
and
^Whereas, in consequence of the rise in the price of silver
in the world's markets, "pesos fucrtes" (one-peso silver
coins) have been thrown out of circulation for some time
back, and the functions of fractional silver currency have
been disturbed by their marked tendency to disappear;
Whereas, the said monetary phenomena are due to
inevitable economic causes; and administrative measures
adopted to prevent the disappearance of fractional curi From Diario Official, Mexico City, Nov. 14,1918.




JANUARY 1,1919.

rency are difficult to apply, in view of the great inducement to employ every possible means to evade them; and
whereas under the circumstances the remedy lies in
reducing the amount of silver contained in fractional
currency in such manner that the inducement to export,
to melt, or simply to hide the same, will no longer exist,
this remedy being so much more acceptable since such
fractional currency has nothing more than a representative
value and has no other function than that of being an
auxiliary to gold currency, the basis of our monetary
system; and
Whereas, in view of the fact that the old silver pesos disappeared from circulation some time ago, there is no reason
for considering them as a part of said system; and on the
other hand, as it is expedient that there should be fractional currency with a value of 1 pesos, it is necessary that
they should be demonetized, thereby completing and
consolidating the monetary regime established on March
25,1915, through the definite establishment in the country
of golf monometalism;
I, therefore, have seen fit to decree the following:
ARTICLE 1. The theoretical unit of the monetary system
of the United Mexican States, shall continue to be, exclusively, the gold peso of 75 centigrams of pure gold,
established under article 1 of the law of March 25, 1905.
ART. 2. The coinage of the old silver peso, preserved
under said article 1 of the law stated, will definitely be
discontinued, and as from the date of this decree shall no
longer be considered as legal tender.
AUT. 3. The silver coins referred to in article 2 of the
said law of March 25, 1905, shall continue to be the following: 1 peso; 50 centavos; 20 centavos; 10 centavos. All
these coins shall have a fineness of 0.800 of silver and 0.200
of copper, and shall be considered as fractional of the gold
coins created by the law cited, its additions and reforms.
ART. 4. The specifications of the new coins shall be:
Peso.—This coin shall have a diameter of 34 millimeters;
a weight, for the coin, of 18.125 grams; and shall, therefore, contain 14.5 grams of pure silver.
The face of the coin shall bear the national coat-of-arms,
with the legend ''United Mexican States" on the exergue.
The reverse side will have the Frigian cap, with the
inscription "Un Peso" (1 peso) and the year of mintage.
Along the periphery, on the face and back, an irregular
edging. On the border an indented inscription reading
"independence and Liberty."
' Fifty cenlavos (tostori).-—The diameter shall be 27 milimeters; weight, for the coin, 9.0825 grams; and shall, therefore, contain 7.25 grams of pure silver. The face and back
shall be similar to the present 50-ccntayo coin, and on the
border it will have the same indented inscription: "Independence and Liberty."
Twenty centavos (.fifth).—Its diameter shall be 19 millimeters; its Y\reight, for the coin, 3.625 grams; and shall
contain, therefore, 2.9 grams of pure silver. The face and
back shall be similar to the present 20-centavo coins, and
its border will have wide and narrow fluting, alternated.
Ten centavos^ (dime).—Its diameter shall be 15 millimeters; its weight, for the coin, 1.8125 grams; and shall
contain, therefore, 1.45 grams of pure silver. The face and
back shall be similar to present 10-centavo coins, and the
border will have wide and narrow fluting, alternated.
ART. 5. The margin of fineness for all coins above mentioned shall be 0.004, approximately, with respect to the
theoretical fineness of 0.800.
The margin of variation in weight per unit shall be 1
decigram, more or less, for all coins.
The margin of variation in weight for quantities of
coins shall be 2 grams, more or less, per 1,000 pesos; that
is, for 1,000 1 peso, 2,000 50 centavo, 5.000 20 centavo, or
10.000 10 centavo coins. This margin will be made use of

33

FEDERAL RESERVE BULLETIN".

JANUARY 1,1919.

only in indispensable cases and only for 10 per cent of
those weighed upon a warrant, and note shall be made in
the books'of the actual weight under said warrant.
ART. 6. All the inhabitants of the Republic shall have
the right to present the fractional currency created under
article 3 of this law, at the offices stipulated by the Department of Hacienda and Public Credit, in exchange for gold
coins when presented in sums of 20 pesos or more.
ART. 7. All the coins created by this law are of restricted
purchasing power and their acceptance in single payments
is obligatory for not more than 20 pesos.
ART. 8. All the coins created by this law shall be received by the State in payment of taxes, duties, services,
etc., in unlimited quantities and at par with gold.
ART. 9. The exportation or melting of former fractional
currency is strictly forbidden on. penalty of confiscation
of the coins attempted to be exported or which may have
been melted. Such penalty shall be imposed by the
corresponding judicial authorities upon the matter being
referred to them by the fiscal employees, who shall in any
case obtain possession of the coins intended for export.
When the fraudulent exportation actually has been
made the act shall be considered as a contraband offense
and shall be punishable by a fine equal to the sum exported, and in case of insolvency, by arrest of 30 days to 1
year, as the judge may decide. A like penalty shall be
applied when the melted coins are no longer in possession

of the responsible party. Persons denouncing the frauds
referred to in this article shall be remunerated with, an
amount equal to half that confiscated or of the fine imposed
and collected.
TRANSITORY.

ARTICLE 1. The law of March 25, 1905, relative to the
monetary regime shall remain in effect in so far as it does
not conflict with this law.
ART. 2. The only silver coins of 50, 20, and 10 centavos
created by the law of March 25, 1905, shall continue to
have the same purchasing power granted them by the
said law during such time as may be necessary by reason
of the change brought about by the issuance of the new
coins. When the Executive shall consider that the market
is sufficiently supplied he shall issue such ruling as may
be necessary with a view to provide that the said old
coins no longer have purchasing power and are to be considered as simple pieces of silver.
I, therefore, order that this be printed, published, distributed, and given due compliance.
Given at the palace of the Executive power, in Mexico,
on the 13th day of November, 1918.
(Signed)

V. CARRANZA.

The Subsecretary of Hacienda, in charge of the office.
(Signed)
R. NIBTO.
To Lie. MANUEL AGUIRRB BBRLANGA, Secretary of State

and of the Office of the Interior, present.

FOREIGN LOANS PLACED IN THE UNITED STATES.
The following statement of foreign loans the best available information and furnished to
placed in the United States has been compiled the Board by its compilers upon request:
by the Guaranty Trust Co., of New York, from
Summary by countries of foreign Government, Slate, and municipal and corporate loans placed in the United States and
at present outstanding.
Corporation.
Country.

Canada and Newfoundland
Mexico
Cuba
Panama
Santo Domingo
Argentina
Bolivia
Brazil
Chile
Peru
Great Britain
France
-Germany
Russia
Belgium
Italy
Greece.
Roumania
Serbia
Norway
Switzerland
Denmark.
China
Japan
Australia
Total

Government.

State and •
municipal. j

Railroad.

Public
utility.

Total.
Industrial.

Cash advances
and other
charges
against credits
established by
United States
(up to Nov.
15,1918).

Grand
total.

i S180,000,000 $116,060,662 j S63,349,000 871,767,500 $31,486,793 3462,663,955
8462,663,955
128,587,675
!
500,000 j
• 128,087,675
128,587,675
10,000,000 1 $10,000,000
10,000,000 j
I
20,000,000
2,911,000 j
2,91i; 000
2,911,000
12,868,350
12,868,350
12,868,350
47,720,000
32,720,000
47,720,000
15,000,000
4,526,000
4,526,000
|
4,526,000
5,500,000
5,500,000 i
5,500,005
i
;
394,200
394,200
I
!
394,200
1,000,000
1,000,000
! 1,000,000 !
I 733,423,000 i
733,423,000 3,696,000,000 j 4,429,423,000
535,500,000 2,170,000,000 2,705,500,000
| 449,500,000 ! 86,000,000
2,000,000
2,000,000
I 2,000,000 i
272,729,750
! 85,000,000 |
187.729,750
85,000,000
173,380,000
173,380,000
!
I
1,051,000,000 1,051,000,000
!
!
15,790,000
15,790,000
5,000,000
5,000,000
10,605,000
10,605,000
5,000,000
5,000,000
! 5.000,000
5,000,000
5,000,000
5,000,000
176,400
176,400
176,400 j .
12,500,000
12,500,000
12,500,000
"I"
107,802,000
"57256^ 666" I!
107,802,000
102; 552; 000
1,250,000
1,250,000
1,250,000 j
11,639,500,350

213,381,262 206,436,675 73,017,500 j 31,486,793 j2,163,822,580

7,319,504,750 9,483,327; 330

NOTE.—The foregoing list does not include subscriptions to foreign internal loans, with the exception of the French Government internal fives
due in 1931 and the Russian Government internal five-and-a-halfs due 1926, as there is very little information published on these items.




34

FEDERAL RESERVE BULLETIN.

JANUAKI 1,1919.

Summary of foreign securities'placedin the United States and at present outstanding.

Name of issue.

Interest
rate.

Date of issue.

Maturity.

Original
amount
issued in
United
States.

Date offered in
United States.

Amount
nowoutstanding
in United
States.

GOVERNMENT LOANS.
NORTH AMERICA.
CANADA.1

Per cent.
5 Apr. 1,1916..
5
do
5 .....do
5
Aug. 1,1917..

5-year gold bonds
10-year gold bonds
15-year gold bonds
2-year gold notes

Apr. 1,1921
Apr. 1,1926
Apr. 1,1931
Aug. 1,1919....

March, 1916
do
do
July, 1917

§25,000,000
25,000,000
25,000,000
100,000,000

$25,000,000
25,000,000
25,000,000
100,000,000
175,000,000

NEWTOUNDL AND.

3-year gold

J u l y l , 1916

Jul\ 1,1919...

July, 1916

July 1,1913...

J u l y l , 1923

June, 1913..

5,000,000

5,000,000

MEXICO.2

10-year treasury bonds of 19.13.,

500,000 |

External loan of 1914

500,000

I

CUBA.3

Feb. 2, 1914

| Feb. 1,1949.

February, 1914

10,000,000 i

10,000,000

I

190,500,000

1,200,000 I
2,250,000 I

940,000
1,971,000

Total Government loans for North
America.
CENTRAL AMERICA.
PANAMA.

Security serial gold bonds
Sinking fund 30-year gold bonds

Dec. 1,1919-1925... March, 1915.
Dec. 1,1915
Various
Dated as issued.... Nov. 1,1944

2,911,000

SANTO DOMINGO.

Customs administration gold bonds.,

1908.

1918-1958.

January, 1908

Internal gold loan of 1909

1909
May 15,1915
do

To be retired in 36
years.
May 15, 1920.
....do

March, 1909

5-year treasury gold bonds
5-year treasury sterling bonds

20,000,000

4 12,868,350
15,779,350

9,730,000

4 2,720,000

25,000,000
5,000,000

25,000,000
6 5,000,000

Total Government loans for Central
America.
SOUTH AMERICA.
ARGENTINA.

May, 1915
do

,

32,720,000

Morgan loan of 1909..
Gold loan of 1917

1909
Apr. 1,1917

Oct. 1,1940

1909.

2,500,000
2,400,000

2,200,000
2,326,000
4,526,000

Loan of 1914.

Total Government loans for South
America.
1

1914.

To be paid in full
by about Apr. 1,
1920.

Bank loan, W. R.
Grace & Co.

1,000,000 |

«1,000,000

38,246,000

Of the 355,000,000 of the first and second Canadian war loans, and 830,000,000 of the third Canadian war loan, estimated to have been sold in
this country, a certain amount was undoubtedly exchanged or accepted in part payment for bonds of the Victory loan dated Dec. 1,1917, the bonds
of the first loan being exchangeable for bonds of any of the three maturities, the bonds of the second and third "war loans being exchangeable only
for bonds due in 1937. It is estimated that of the Victory loan dated Dec. 1,1917, §10,000,000 was sold in the United Stales. No estimate has yet
appeared of the amount of the Victory loan of Nov. 1,1918, taken by the American public. These internal Canadian loans are not included in the
above total.
2 There was also §25,000,090 (of a total issue of 840,000,000) 4 per cent bonds, due 1954, offered for subscription in 1904. No figures showing
amount placed here are available.
s There were 2 other Cuban Government loans—835,000,003 gold fives, dated March, 1904, and due Mar. 1, 1944, and $16,500,000 external gold
four and one-halfs, dated Aug. 2, 1909, and due Aug. 1, 1949—placed partly in this country and partly abroad, but the amounts placed here are
unavailable.
* Approximate.
o This amount estimated to have been sold in United States.




35

FEDERAL BESBEVE BULLETIN.

JANUARY 1, .1919.

Summary of foreign securities placed in the United States and at present outstanding—Continued.

Name of issue.

Interest,
rate.

Date oi issue.

Maturity.

Original
amount
issued in
United
States.

Date offered in
United States.

Amount
now
outstanding
in United
States.

GOVERNMENT LOANS—Continued.
EUROPE,
GREAT BRITAIN.

Anglo-French 5-year ($)
United Kingdom 3-year
United Kingdom 5-year
United Kingdom, Great Britain and Ireland,
2-year, collectible.
British treasury bills

Per cent.

Oct. 15,1915
Nov. 1,1916
.....do
51
Feb. 1,1917

5

Various

Oct. 15,1920....
Nov. 1,1919
Nov. 1, 1921.
Feb. 1,1919

Oct., 1915
Oct., 1916
do.
Jan., 1917

Various

Offered weekly in
various amounts.

$250,000,000
150,000,000
150,000,000
150,000,000

$250,000,000
130,471,000
129,046,000
1142,906,000
2 81,000,000
733,423,000

Anglo-French 5-year (£)
American foreign security
Republic of France internal

Oct. 15,1915
Aug. 1, 1916
Oct., 1916

Second collectible 2-year notes

Apr. 1, 1917

Oct. 15,1920
Aug. 1,1919
Not before Jan. 31,
1931.
Apr. 1,1919

Oct., 1915
July, 1916
Oct., 1916

250,000,000
94,500,000
3 5,000,000

250,000,000
94,500,000
5,000,000

Mar., 1917

100,000,000

«100,000,000
449,500,000

GERMANY.

1-year discount notes

Apr. 1,1916

Apr. 1,1917

June, 1916

Feb. 1,1916

Feb. 1, 1923

Jan., 1916

Feb. 14,1916
June 18,1916
Dec. 1,1916

Feb. 14,1926...
Juno 18, 1919...
Dec. 1, 1921

Feb., 1916
June, 1916
Nov., 1916

j

10,000,000

2,5 2,000,000

5,000,000

5,000,000

10,000,000

10,000,000
50,000,000
25,000,000

NORWAY.

Norway Government loan, 7-year..
RUSSIA.

Internal war loan
3-year credit
5-year gold treasury bonds..

6 50,000,000

25,000,000

85,000,000
SWITZERLAND.

Government of Switzerland 5-year notes

Mar. 1,1915

Mar. 1,1920...

5,000,000

Mar., 1915

Total Government loans for Europe...

5,000,000
I 1,279,923,000

ASIA.
CHINA.

Chinese Government Hukuang II y. S. F.
bonds.
3-year security notes

June 15, 1911
Nov. 1, 1916

Payable by June
15, 1951.
Nov. 1, 1919

June, 1911...

7,500,000

7,500,000

Dec, 1916...

5,000,000

5,000,000

12,500,000

Japan Government, sterling series.
Japan Government, second series..
Sterling loan of 1905, second issue..

Mar. 26,1905
July 8, 1905
1905

, Feb. 15, 1925...
July 10, 1925...
, Jan. 1, 1931

Mar., 1905
July, 1905..
Nov., 1905

:
:
!

75,000,000
50,000,000
16,250,000

2 50,998,000
'35,690,000
2 15,864,000
102,552,000

Total Government loans for Asia.
Total, all government loans

115,052,000
1,639,500,350 /

* Including 35,486,000 converted; balance paid off.
2
Approximate.
s This amount estimated to have been placed in United States.
< Including 828,720,000 converted.
& Through the efforts of Chandler & Co. the majority of these notes were extended to Apr. 1, 1918, the balance being paid off at Central Trust
Co. of New York. Approximately 32,000,000 of those extended are still outstanding in the United Statos, according to Chandler & Co.
6 Placed in United States, estimated.




36

JANUAKY 1, 1919.

FEDERAL RESERVE BULLETIN.

Summary offoreign securities placed in the United States and at present outstanding—Continued.

Name of issue.

Interest
rate.

Date of issue.

Maturity.

j

Dnte offered in
United States.

Original
amount
issued in
United
States.

Amount
now
outstanding
in United
States.

MUNICIPAL LOANS.
NORTH AMERICA.
CANADA.

Greater Winnipeg water district 5-year.
Province of Manitoba 5-year
Province of Saskatchewan 15-year
Quebec, Quebec, 10-year
Vancouver, British Columbia, 3-year
South. Vancouver, British Columbia, 3-year
North Vancouver, British Columbia, 30-year...
North Vancouver, British Columbia, 50-year...
Toronto Harbor Com. 40-year
Sault St. Marie, Ontario
Trail, British Columbia, 20-year
Greater Winnipeg water district 5-year
Edmonton, Alberta, 2 and 3 year. .*
London, Ontario (city). 5-year
Prince George, British Columbia, water and
light, 15-year.
Province of Nova Scotia 10-year debenture
Province of Manitoba 3-year
Do
Province of British Columbia 25-year
Province of Saskatchewan 5 and 10-year
Province of Alberta 10-year
".
Province of Ontario 10-year
Province of Nova Scotia 10-year
Province of Quebec 10-year
Province of British Columbia 10-year
Province of Ontario 10-year
Province of Saskatchewan 15-year
Victoria, British Columbia, 3-year
Do
."
London, Ontario, 3-10 year
Edmonton, Alberta, 5-year
Rcvclstokc, British Columbia, 15-year
Rcvelstoko, British Columbia, 20-year
Burnaby, British Columbia, 20-ycar
Maisonheuve, Quebec, 10-year
Prince George, British Columbia, 10-15 year .
Medicine Hat, Alberta
Sault Ste. Mario, Ontario
Prince Rupert, British Columbia, 30-year
Quebec, Quebec, 5-year
Montreal, Quebec, 20-year
Toronto, Ontario, serial, 1-32 year
Westmount, Quebec, 44-year
Calgary, Alberta, 20-30 year
Ottawa, Ontario, 20-30 year
North Vancouver, British Columbia, 3-year...
Halifax, Nova Scotia, 30-year
".
Iroquois Falls. Ontario, 9-15 year
Greater Winnipeg water district 5-year
Saskatchewan drainage district
Humboldt, Saskatchewan
Nelson, British Columbia, 20-year
Parish St. Pierre Claver, Manitoba
Lethbridge, Alberta, 3-year
Toronto, Ontario
Toronto harbor commission 40-year
Montreal, Quebec, 40-year
Halifax, Nova Scotia
Alberta (University of) 10-year. (Principal
and interest guaranteed bv Province of
Alberta.)
Province of Manitoba 5-year
Province of New Brunswick 5-year
Province of Ontario 5-year
Province of Quebec 5-year
Province of Ontario 10-year
Province of Alberta 10-year
Province of Saskatchewan 4-10 year
Province of British Columbia 10-year
Province of New Brunswick 10-year
Province of Saskatchewan 10-year
Province of New Brunswick 10-year
Province of Nova Scotia 10-year.
Province of Saskatchewan 5-year




Per cent.
5 1918..
1917..
1917..
1917..
1917..
1917..
1917..
1917..
1917..
1917..
1917..
19.17..
J917..
1917..
1917..
1916

Apr. 1, 1916..
do
1916
1916
1916
1916
1910
1916
1916
1916
1916
1916.
Feb., 1916...
1916
1916
1916
1916
1916
6 1916
6 1916
5 1916
5J, 6 1916
6 1916
5 1916
5 1916
"5 1916
41 1916
1916
1916
1916
1916
1910
1916
1916
1916
1916
1916
1916
1916
1916
1916
1915
1915
1915
1915
1915
1915
1915
1915
1915
1915
1915
1915
1915
1915

1923
j 1922
' 1932
' 1927
1920
1920
1947.
1967.
1957
1932-1967.
1937
1922
1919-20...
1922
1932
1926
Apr. 1, 1919..
do
1941.
1921-1926
1926
1926
1926
1926
1926
1926
1931
1919.
Feb. 1, 1919.
1919-1926....
1921
1931
1936
1936
1926
1926-1931.
1926-1942.
1931-1946.
1946.
1921
1936
1919-1948.
1960
1936-1946.
1936-1946.
1919
1946.
1925-1931.
1921
1946.
1946
1936
1926
1919
1919-1936.
1956
1956
1951
1925
1920
1920.
1920.
! 1920
1925
1925.
1919-1925.
1925
1925
1925
i 1925
I 1925
j 1920

Feb., 1918..
%2.000,000
Apr., 1917..
l', 500,000
Sept., 1917.
500,000
Jan., 1917..
780,000
!
do
1,674,000
Feb., 1917..
450,000
Mar., 1917.
47,440
.do.
73,000
Apr., 1917..
1,500,000
.do.
63,200
June, 1917.
80,000
l July, 1917.
1,500.000
j Aug., 1S17.
500'. 000
I
do
'.'.'.'.'.'.'J 760!000
; Nov., 1917.
30,000
Jan., 1916..
!
do
! Mar., 1916.
.do.
Apr., 1916..
do
May, 1916..
June, 1916..
do.....
do
Dec, 1916.
Jan., 1916..
do
do
do
Feb.,do..
1916.
do
Mar., 1916..
do
do
! Apr., 1916..
do..
i
do
! May, 1916..
Mar., 1916..
June, 1916..
do
.!
do
.j

do

..do..
July, 1917..
July, 1916..
.do..
Aug., 1916..
do
Sept., 1916.
do..
Nov., 1916..
do
do
Dec, 1916..
Jan., 1915..
Feb., 1915..
do..
.do
Apr., 1915..
May, 1915..
Oct., 1915..
Nov., 1915..
.....do
do
Dec, 1915..
do
do

$2.000,000
' 1:500; 000
500,000
780,000
1,674,000
450,000
47,440
73,000
1,500,000
63,200
80,000
1.500,000
'500,000
700,000
30,000

2,000,000
2,000,000
500,000
1.000', 000
'271,000
555,492
1.348.750
' 51.500
13,000
800.000
355.000
140,000
100,000
83.306
1,600.000
475,000
1,850,000
3'. 669,000
'107,500
1,568,806
1,032,517
225,000
460,420
40', 000
1,500'. 000
91,200
67,300
30,000
100,000
100,000
2,594; 000
I', 500.000
3.800', 000
'265,000
1,000; 000

500,000
1,000,000
800,000
1,000,000
1.000,000
i;650,000
4,000,000
1,000,000
4,000,000
2,000,000
2:000,000
'500,000
1.000,000
' 27i; 000
555,492
1,348,750
51,500
13.000
800,000
355,000
140,000
100,000
83", 306
1.600,000
475.000
1,850,000
3;425.000
107.500
1,568', 806
1,032,517
225; 000
460.420
40:000
1,500', 000
91,200
67.300
30.000
100,000
100.000
2,018,734
1,500,000
3,800,000
2&>; 000
1,000,000

5,475.000
700.000
3,000,000
6,000,000
3^)00,000
3'. 500,000
l', 200'. 000
2,630.000
470.000
1,000.000
1,700'. 000
500.000
1,000,000

5.475,000
'700,000
3,000,000
6.000.000
3,000; 000
3,500,000
1,200,000
2,630,000
470,000
1.000,000
1,700,000
500,000
1,000,000

500,000
1,000,000
' 800,000
1,000,000
1,000,000
1,650,000
4,000,000
1.000.000

4;ooo;ooo

37

FEDERAL RESERVE BULLETIN.

JANUAIIT 1. 1 9 1 9 .

Summary offoreign securities placed in the United States and at present outstanding—Continued.

Interest
rate.

Name of issue.

Date of issue.

Maturity.

Original
amount
issued in
United
States.

Date offered in
United States.

Amount
now
outstanding
in United
States.

MUN.ICIPAL LOANS—Continued.
NORTH AMEKICA—Continued.

CAN ADA—continued.

I Per cent.

Regina, Saskatchewan..
Sault Sto. Marie 30-year..
>lumbia, 30-year
!
ilgary school board 40-year
j,
St. Boniface, Manitoba, 5-year
Hochelaga school commission, Quebec
Quebec, Quebec, 5-year
i
Vancouver, British Columbia, 10-year
I
North Vancouver City, British Columbia, 10- j
year.
I
• Toronto, Ontario
j
Toronto, Ontario, 33-year
|
Toronto, Ontario, 10-year
!
Ottawa, Ontario, 10-30 year
!
North Vancouver, British Columbia, 20-year. '
Toronto harbor commission, 40-year
•
Victoria, British Columbia, 10-year
i
Saskatoon, Saskatchewan, 10-30 year
\
Greater Winnepeg water district
j
Montreal, Quebec, 15-year
j
Montreal Catholic schools, 30-year
;
Province of Alberta 10-year
|
Edmonton, Alberta, school district, 40-year
j
Edmonton) Alberta, electric light and power, j
40-year.
I
Province of Alberta, 10-year
i
Halifax, Nova Scotia, 32-year debentures
!
Toronto, Ontario (electric light and power),
35-year.
Toronto, Ontario, Harbor, 40-year
Bassane, Alberta, water and sewer, 30-year.... j

1915..
1915..
1915..
1S15..
1915..
1915..
1915..
1915..
1915..
1915..

1923-1929.
19-15
1948
1945.,
1955.
1920.
1943.
.1920.,
1925.
1925.,

Jan., 1915..
Feb., 1915..
.do..
do
Mar., 1915.
.do..
do
do
do
Apr., 1915..

1915..
3915..
1915..
1915..
1915..
1915.
1915.
1915.
1915.
1915.

1945-1955.
i 1948
j 1925
1925-1945..

§340,000
500,000
81,000
100.000
175,000
200.000
375,000
2,125,000
1,118.947
I.9; 825

1915..
1914..
1914..
1914..

I 1935
1955
1925.
1925-1945.
1920
1930.
1945
1924
1954
1954

do
Julv, 1915..
Sept., 1915.
do
do..
Oct., 1915..
.do.
do
Nov., 1915..
.do
D e c , 1915..
Feb., 1914..
Oct., 1914..
do

2,500,000
40,000
2,500,000
1,550,342
30.000
1,000,000
289,000
300,000
1,000,000
1,000,000
450,000
2,400,000
850,000
97,000

2,500,000
40,000
2,500,000
1,556,342
30,000
1,000,000
289,GOO
300,000
1,000,000
1,000,000
450,000
2,400,000
850,000
97,0a

1913..
1918..
1913..
47,

£340,000
500,000
81,000
100.000
175,000
200.000
375; 000
2.125,000
1.118,947
' .19,825

' 1923.
! 1945.
! 1948.

Nov., 1913..
Aug., 1913..
do

3,000,000
299,750
4,400,033

3,000,000
299,750
4,406,633

1,500,000
150,000

1.500,000
150,000

1913..
1912..

i
.1 1953.
.-, 1942.

—I

do
I S e p t . , 1912.

Total Canadian provincial and munici- |
pa 1 loans
.*
i.

110,000,662

OTHER THAN CANADIAN.

Water Co. of Valparaiso, Chile (water board
loan guaranteed by Republic of Chile)
City of Sao Paulo, Brazil, external gold

Doc. 8, 1915.
Dec. 1,1916.

Aug. 9,1939.
1919-1928

Oct., 1910...
Nov., 1910..

471,000
,5 0,000

1394,200
5,500,00

Oct. IG, 1910.. J Oct. 15, 1921.
Nov. 1,1910.. .1 Nov. 1,1919..
-!
do
do
.1
do
do

Oct., 1910..,
Nov., 1910..
do
do

50,000,000
12', 000,000
12,000,000
12,000,000

50,000,000
12,000,000
12,OOO. 000
12,000'. 000

1901
Feb. 22,1912.

Apr., 1901..
Feb., 1912..

5,894,200
City
City
City
City

of Paris. 5-year gold
of Bordeaux, 3-year gold
of Lyons, 3-year gold
of Marseilles, 3-year gold

80,000,000

City of Copenhagen (Denmark), loan of 1901.. J
City of Tokio (Japan), loan of 1912
j

1948
Sept. 1, 1952..

.!
.I

1 170,400
1 5,250,000

-210,000
10,000,000

Total municipal loans except Caniid ian.. j .
Total, all municipal loans

!.

RAILROAD LOANS.

213,381,262 '

j

NoitTii AMERICA.
CANADA.

97,320,600
J

j
j

Canadian Northern Ry:
'[
Equipment trust, series L-l
I
i Aug. 1,1916
Aug., 1910
1,250,000
1,052,000
Equipment C-l
I
j 1915-1922
770,000
July, 1912
2,000,000
Equipment G-l
I
! 1915-1923
495,000
M a y , 1913
1,000.000
Equipment H-l
j
i 1914-1923
390,000
D e c , 1913
750;000
Equipment K-l
j
j 1915-1924
Jan., 1914
2,000,000
1,205,000
2-year security notes,
I
i Jan. 10,1919
1,250,000
Jan., 1917
1,250,000
Equipment A
July 28, 1919
5,000,000
July,1918
5.OOO; 000
Miscellaneous equipment
j Various.
Various
2 7,149,000
Various
Jan., 1915
Canadian Pacific Ry. Co. equipment trust
|
4*
12,090,000
9,400,000
1915-1928
1 Approximate.
2 OiTered by Wm. A. Read A Co., Dominion Securities Corporation, Toronto, and Ed. E. Smith & Co., Philadelphia.




97522—19

6

38

FEDERAL RESERVE BULLETIN.

JANUARY 1, 1919.

Summary of foreign securities placed in the United States and at present outstanding—Continued.

Interest
rate.

Name of issue.

Date of issue.

Maturity.

Original
amount
issued in
United
States.

Date offered in
United States.

Amount
now
outstanding
in United
States.

RAILROAD LOANS-Continued.
NORTH AMERICA—Continued.

j

CANADA—continued.

•

Grand Trunk Ry. Co. of Canada:
E quipment A
Equipment B
Equipment C
Equipment D
Edmonton, Dunvegan & British Colonies Ry.
Co. 30-year, first mortgage
Toronto, Hamilton & Buffalo Ry.:
First mortgage
Consolidated mortgage
Equipment A
Canada Southern Ry. Co. consolidated A
Total Canadian railroad loans

i Per cent.
j
4&
I
4£
|
4£
|
5
j
'
4£
j
i
4
•
4£
j
4£
j
5

1913-1922
1913-1922
! 1914-1923
' 1918-1927

Jan., 1912..
do
Jan., 1913..
Aug., 1917..

83,940,000
3,360,000
2,250,000
2,500,000

SI, 389,000
944,000
1,120,000
2,250,000

Oct. 22,1944..

July, 1916..

2,420,000

2,420,000

June 1,1946..
Aug. 1, I960..
1914-1923
Oct. 1,1902...

Mar., 1899..
Mar., 1916..
Jan., 1913..
Dec, 1912..

3,280,000
2,000,000
1,500,000
22,500,000

3,280,000
2,000,000
675,000
22,500,000

'

63,349,000
•

MEXICO.

1

I

Vera Cruz & Pacific R. R. Co.,first mortgage j
(assumed by National Rys. of Mexico)
1
Pan-American R. R. Co., first mortgage (as
sumed by National Rys. of Mexico)
I
National R. R. Co. of Mexico (assumed by j
National Rys. of Mexico), P. L .
National Rys. of Mexico, 2-year security notes. |
National Rys. of Mexico:
j
General mortgage, S. F
-- P. L. S. F
...j
Mexican International R. It. Co.:
1
First consolidated mortgage (assumed by |
National Rys. of Mexico).
;
3-year security notes (assumed by National
Rys. of Mexico).

July 1,1934..

1904

7,000,000

Jan. 1,1934...

1906

1,000,000

1,000,000

Oct. 1,1926...
June 1,1915 2.

1902
Juno, 1913.
1908

23,000,000
26,730,000

23,000,000
26,730,000

50,747,925
13,750,000

50,747,925
13,750,000

4,503,000

4,206,000

1,653,750

1,653,750

Oct. 1-1977...
July 1,1957...
Sept. 1, 1977..
Jan. 1, 1917 2 .

1908
1897
1914

Total Mexican railroad loans

7,000,000

128,087,675

Total railroad loans of North America.

~19l7436,675

SOUTH AMERICA.

ARGENTINA.

Central Argentine Ry. Co., 10-year converti- !
ble notes.
Total railroad loans of South America

Feb. 1, 1927

Feb. 1, 1917

Mar., 1917.

15,000,000

15,000,000
15,000,000

Total all railroad loans

206,436,675

INDUSTRIAL LOANS.
NORTH AMERICA.
CANADA.

Abitibi Power & Paper Co. (Ltd.), first
Lake Superior Corporation (Inc.), noncumulative.
(The) Sherwin-Williams Co. of Canada (Ltd.), I
first and refunding, sinking fund.
Canadian Car & Foundry Co., first mortgage..
Dominion Coal Co., first mortgage, sinking
fund.
Canada West Coast Navigation Co., first mortVm. A. Rogers (Ltd.), first mortgage
St. Maurice Paper Co. (Ltd.), 30-year first
mortgage.
Smart Woods (Ltd.), 15-year first mortgage,
serial.
Ames, Holden-McCready (Ltd.), 5-year debenture.
Canadian Northern Coal & Ore Dock Co.
(Ltd.), 20-year, sinking fund.
Geo. Lane & Co. (Ltd.), Calgary, 15-j~ear first
mortgage,
mortgage.
rt Simp
Robert Simpson (Ltd.), first mortgage
Abitibi Power & Paper Co. (Ltd ), 3-year notes.j
1 All interest in default since 1914.




Feb. 1,1914....
Oct. 1,1904

Feb. 1, 1917-1934.
Oct. 1, 1924

July 1,1911....

July 1,1941

Dec. 1,1909
M a y l , 1905

Dec. 1,1939
May 1,1940

Mar. 1,1917

1919-1927

Feb. 1,1917....
Jan. 1,1916

1919-1932

Aug. 1,1916.
do
Jan. 1,1916..
1916
July 1, 1916.
Aug. 1, 1916.

Jan. 1, 1946

I 1919-1931
. . . . j Aug. 1,1921
. . . . j Jan. 1,1936
1931
1919-1931
i Aug. 1, 1919
Principal in default.

D e c , 1915
To stockholders in
1904.
Feb., 1912

2,500,000
3,000,000

2,350,000
3,000,000

1,200,000

* 1,125,000

Jan., 1910

,

Apr., 1905

,

6,100,000
7,000,000

5,385,693
6,018,000

600,000

560,000

600,000
1,250,000

565,000
1,250,000

July,1916

500,000

440,000

do

250,000

250,000

do

1,375,000

1,375,000

do

300,000

300,000

300,000
1,500,000

260,000
1,500,000

Mar., 1917
.do.
July, 1 9 1 7 . . . . . . . .

Aug., 1916
Oct., 1916
~ •

3 Approximate.

89

FEDERAL RESERVE BULLETIN.

JANUARY 1,1919.

Summary offoreign securities placed in the United States and at present outstanding—Continued.

Name of issue.

Interest
I rate.

Date of issuo.

Maturity.

Original
amount
issued in
United
States.

Date offered in
United States.

Amount
now
outstanding
in United"
Stales.

INDUSTRIAL LOANS—Continued.
NOETII AMERICA—Continued.

CANADA—continued.
British-Columbia Sulphite Fiber Co., first
mortgage bonds.
Northern Electric Co. (Ltd.), first mortgage...
Grauby Consolidated Mining, Smelting" &
Power Co. (Ltd.), consolidated first mortgage, series A.
The "Maple Leaf Shipping Co. (Ltd.), (steamship St. Mihiel), first mortgage.
The Nova Scotia Transportation Co. (Ltd.)
(steamship Le Quesnoy), first mortgage.

i Per cent.
8 Nov. 1,1910.
I
: J u n e l , 1914..
! M a v l . 1913...
• Nov. 1, 1918.
;

do

1919-1926
J u n o l , 1939
May 1, 1928

{ Oct., 1916

1

$650,000

July, 1914
!
Jan., 1910-June, |
1915.
!

3,500,000
3,500,000

13,258,100
2 2,030,000

!

650,000

650,000

!

•550,000

650,900

May 1, 1919-1921.. Nov., 1918
do

do

§520,000

Total Canadian industrial loans

31,488,793

Total all industrial loans

31,486,793

PUBLIC UTILITY LOANS.
NORTH AMERICA.
CANADA.

Brazilian Transit, Light & Power Co., 3-year
security notes.
Montreal Tramway Co., first and refunding
bonds.
i
Montreal Tramway & Power Co., 2-year seeur- ;
lty notes.
'
j
New Brunswick Power Co., first mortgage
|
Nova Scotia Transit <c Power Co., first inort- j
f
gage.
£
!
Cape Breton Electric Co. (Ltd.) first mortgage.
Dominion Power & Transmision Co. first
mortgage.
Shawinigan Water & Power Co.:
First consolidated
2-year convertible notes
j
"Winnipeg Electric Ry. Co. first refunding
!
Bell Telephone Co., Canada,first mortgage
Ontario Power Co. of Niagara Falls:
First mortgage
Debenture bonds
!
Ontario Transmission Co. (Ltd.) first mortgage.
MontrealLight, Heat & Power Co. first and collectible trust.
Montreal (Lachine Power Co.) S. F. bonds...
Cedar Rapids Manufacturing & Power Co.
40-year bonds.
Toronto Electric Light Co. 3-year bonds
Lawrentide Power Co. 30-year first mortgage...
United Gas & Fuel Co. (Hamilton) (Ltd.)
S-year first mortgage.

Nov. 1, 1919

! Oct., 1916..

7,500,000

7,500,000

July 1. 1941

| 1911-1913...

16,335,000

16,335,000

Apr. 1, 1919

| Apr.. 1917..

5,350,000

5,350,000

3,225,000
2,250,000

1,225,000
2,250,000

1,096,000
1,650,000

1,096,000
1,650,000

4,382,500
4,500,000
4,000,000
* 7,650,000

4,382,500
4,500,000
4,000,000
7,650,000

1,000,000
2,300,000
1,805,000
2,500,000

1,000,000
2,300,000
1,772,000
2,500,000

3 3,572,000
850,000

3,107,000
850,000

1,000,000
2,250,000
Ij050,000

1,000,000
2,250,000
1,050,000

Mar. 1, 1937
Mar., .1917
Dec. 1, 1946
Jan., 1917
J a n . 1,1932
Apr. 1,1917-1932..
J a n . 1,1934...
Dec. 15,1919..
J a n . 2,1935...
Apr. 1,1925..

D e c , 1904..
May, 1911..
Nov., 1906..
1902

Apr. 1,1933..
J a n . 1,1953...

July 1,1918

Various

Feb. 1,1943..
July 1,1921...
Mav 1,1945...
J a n . 1,1932...

j

1903
Feb., 1916..
June, 1916..
Aug., 1916..
July,1918..

July 1,1919...
Jan., 1 9 4 6 . . . .
July 1,1923..,

Apr., 1904..
D e c , 1917..

3

3

Total public utility loans of North •
America.
j
AUSTRALIA.

Melbourne Electric Supply Co. (Ltd.) (Melbourne, Australia), 5-year general mortgage.
Total public utility loans of Australia

71.767,500

j

Mar. 1,1917

Mar. 1,1922

I Mar., 1917....

Total all public utility loans.
Total all corporate loans
Grand total all loans




1 Dec. 31, 19.17.
2 Approximate.
Offered by M. W. Harris & Co., Chicago and Bank of Montreal, Canada.
Offered by Leo, Higginson & Co.," New York, and Royal See. Corporation, Montreal, Canada.

3
4

1,250,000

1,250,000
1,250,000
73,017,500
310,940,9880"'
2,163,822,580

40

FEDERAL RESERVE BULLETIN.

State Banks and Trust Companies Admitted.
The following is a list of the State banks and
trust companies which have been admitted to
membership in the Federal Reserve system up
to and including December 31, 1918, showing
the capital, surplus, and total resources as
compiled from, the latest available figures.
Nine hundred and thirty-six State institutions
are now members of the system, having a total
capital of $348,649,871, total surplus of $401,967,642, and total resources of $7,338,812,775.
Capital.

Surplus.

Total resources.

District No. L
CONNECTICUT.

New Britain—New Britain Trust
Co
New Haven—Union & New
Haven Trust Co
^
South Manchester—The Manchester Trust Co
Waterbury—Colonial Trust Co....

$400,000

$200,000

85,503,209

650,000

500,000

5,014,979

100,000
400,'300

25,000
500,000

1,081,220
6,493,973

300,000
400,000

400,000
400,000

5,349,090
13,815,113

125,000

25,000

1,070,397

1,000,000
600,000
1,000,000
1,500,000
200,000
300,000
1,000,000
6,000,000
1,000,000
1,000,000

2,000,000
1,000,000
500,000
1,500,000
300,000
300,000
2,000,000
7,000,000
1,500,000
1,000,000

29,886,924
20,124,465
27,608,485
24,724,435
5,797,477
6,610,161.
27,033,904
166,186,248
40,011,716
10,684,141

MAINE.

Bangor—Merrill Trust Co
Portland-Fidelity Trust Co
MASSACHUSETTS.

Arlington—Menotomy Trust: Co...
BostonAmerican Trust Co
Beacon Trust Co
Commonwealth Trust Co
International Trust Co
Liberty Trust Co
Metropolitan Trust Co
New England Trust Co
Old Colony Trust Co
State Street Trust Co
United States Trust Co
Cambridge—
Charles "River Trust Co
Harvard Trust Co
Fitchburg—Fitchburg Bank &
f Trust Co
"
Holyoke—Hadley Falls Trust Co.
Lawrence—Merchants Trust Co...
Lynn—Security Trust Co
Newton—Newton Trust Co
' Norwood—Norwood Trust Co
Salem—Naumkeag Trust Co
Winchester—Winchester Trust Co.
Worcester—Worcester Bank &
Trust Co.

200,000
200,000
500,000
500,000
300,000
200,000
4.00,000
200,000
250,000
100,000
1,250,000

UIIODE ISLAND.

Providence— .
Industrial Trust Co
Rhode Island Hospital Trust
Co
Union Trust Co
Total

3,000,000
3,000,000
1,000,000
27,075,000

District No. 2.
CONNECTICUT.

Bridgeport—Bridgeport Trust Co.
South Norwalk—South Norwalk
Trust Co

500,000
100,000

NEW JERSEY.

Asbury Park—Seacoast Trust Co.
Bayonne—Bayonno Trust Co
Blooinfield—Bloornflcid Trust Co.
Boonton—-Farmers & Merchants
Bank
Cranford—Cranford Trust Co




100,000
200,000
200,000
75,000
100,000

JANUAKY 1,

Capital.

Surplus.

1919.

Total resources.

District No. 0—Continued.
NEW

JERSEY—continued.

East Orange—Savings Investment & Trust Co. of East
Orange
Glen Kidgc—Glen Ridge Trust
Co
:
Hackensack—Peoples Trust &
Guaranty Co
Hoboken—JeiTerson Trust Co
Jersey City—
Commercial Trust Co. of New
Jersey
New Jersey Title Guarantee
& Trust Co
Montclair—
Bank of Montclair
Montclair Trust Co
Morristown—Morristown Trust
Co
Newark—Federal Trust Co
Orange—Trust
Company
of
Orange
Passaic—
Peoples Bank & Trust Co
Passaic Trust & Safe Deposit
Co
Plainfield—Flainfield Trust Co...
Rah way—Rah way Trust Co
Rutherford—Rutherford
Trust
Co
Westfield—
Peoples Bank & Trust Co. of
Westfield
Westfield Trust Co
West Hoboken—Hudson Trust
Co

88,263,327

5150,000

8300,000

100,000

20,000

1,176,459

500,000
200,000

250,000
50,000

6.834,529
3,961,392

1,000,000

1,500,000

31,491,809

1,000,000

1,000,000

15,282,703

100,000
300,000;

80,000
100,000

3,330,009
4,588,951

600,000 !
1,000,000

300,000
500,000

10.130,398
10,219,940

100,000 I

30,986

1,089,215

200,000.;

300,000

5,256? 627

200,000 !
300,000 !
100,000 !

100,000
200,000 i
25,000 '

7,852,525
10,096,075
855,519

100,000 |

25,000

1,359,537

100,000 !
100.000 \

80,000
20,000

2,046,306
2,383,340

1,000,000 | 1,000,000

24,481.6-14

NEW YORK.

Amity ville—Bank of Amityville..
Amsterdam—Montgomery County Trust Co
Batavia—Bank of Gencsce
BiTighamton—Peoples Trust Co.
of Binghamton
Brooklyn—
Brooklyn Trust Co
3,920,225
200,000
Franklin Trust Co
4,845,949
Manufacturers Trust Co
100,000
The Peoples Trust Co
5,472,124 Buffalo250,000
6,706,573
250,000
Buffalo Trust Co
7,046,040
150,000
Citizens Commercial Trust; Co.
6,080,947
200,000
Canisteo—First State Bank.
6,129,387 Chatham—Stale Bank, Chatham,
400,000 i
N. Y
2,728,710
4,000 I
5,302,517 East Aurora—Erie County Trust
150,000 j
791,783
25,000 '
Co
Elrnira—Chomung Canal Trust
Co
26,071,361
500,000
Floral Park—Floral Park Bank".:
Glovers ville—Trust Co. of Fulton
County
Ilamrnondsport—Bank of Harn81,616,670
4,000,000
mondsport
II icks ville—Bank of Hicks ville...
61,928,640
3,500,000
Ithaca—Ithaca Trust Co
12,225,726
500,000
Johnson Citv—Workers Trust Co
Little Falls—EEerkimer Count v
29,379,000 628,462,609
Trust Co
Millbrook—Bank of Millbrook..
Mincola—Nassau County Trust
Co
New York:
300,000 | 9,844,282
Bankers Trust Co
Bank of America
78,000 || 2,916,148
Central Union Trust Co
!
Columbia Bank
Columbia Trust Co
Commercial Exchange Bank
1,978,786
75,000
Commonwealth Bank
4,112,322
150,000
Continental Bank
,
3,868,597
100,000
Corn Exchange Bank
Equitable Trust Co.. of New
25,000 |
499,237
York
20,000 | 1,487.335

25,000 |
200.000

looiooo
500,000

50,000

607,917

100,000
100,000

2,734,794
1,470,903

100,000

5,113,426

1,500,000 I 2,518,283
1,000,000 I 1 «nn nnn
1,000,000
1,000,000 !
300,000
1,000,000 S 1,000,000

45,215,138
30,708,617

500,000 I
500,000
1,230,000 I 1,250,000
50,000 I
25,000

36,194,392
32,372,195
12,210,450
23,359,944
552,322

50,000 !

50,000
1,539,201

100,000 !

37,500

600,000 !
25,000 !

100,000
215,000

1,101,436
8,023,900
717; 752

200.000 !

100,000

1,969,494

50,000 i
25,000 i
200,000 i

50,000
70,000
100,000
25,000

978,783
948,235
2,962,371
2,110,983

350,000 !
50,000 I

350,000.
50,000"

4,459,051
853,714

100,000 |

75,000

2,247,925

11,250,000
1,500,000
12, nOO, 000
1,000,000
5,000,1)00
200,000
400,000
1,000.000
3,500]000

11,250,000
6]000,000
15,000,000
500,000
5,000,000
700,000
600,000
500,000
6,500,000

342,09S, 766
53,049,953
276,942,589
17,6S3,720
112,776,604
7,397,918
9,123,869
14,725,138
147,398,668

6,000,000

10,500,000

261,900,675

Capital.

Surplus.
|

Total resources.

District No. 2—Continued.
NEW YORK—continued.

Surplus.

PENNSYLVANIA.

I

j 117,391,273

District No. 5.

j

DELAWARE.

;

Wilmington—
j
Equitable Trust Co
j
500,000
Security Trust & Safe J)e- I
posit Co
600,000
Wilmington Trust Co
1,000,000
NEW JERSEY.

Camdcn—Camden Safe Deuosit &
Trust Co
t
j
Gloucester City—Gloucester City I
Trust C o . . . !
'..
Princeton—Princeton Bank &
Trust Co
Riverside—Riverside Trust Co...!
Swedesboro—Swedcsboro Trust I:
Co




Capital.
District No. S—Continued.

New York—Continued.
Farmers Loan & Trust C o . . . . 85,000,000 §10,000,000 §216,4-74,509
Fidelity Trust Co
14,383,019
1,000,000 1,000,000
Fifth Avenue Bank of New
200,000 2,000,000
York
25,436,952
Fulton Trust Co
500,000
8,817,182
250,000
Guaranty Trust Co. of New
25,000,000 25,000,000 \ 666,768,220
York
1,500,000
Irvine Trust Co
750,000 i 52,301,923
1,000,000
Lincoln Trust Co
500,000 i 22,698,816
2,500,000 6,000,000 | 125,739,782
Ma nhattan Co
Mercantile Trust & Deposit
1,000,000
Co
500,000 ! 17,113,726
Metropolitan Bank
2,000,000 1,000,000 i 44,677,887
Metropolitan Trust Co
2,000,000 4.000,000 51,414,450
Mutual Bank
200,000
400,000 10,315,815
New Netherland Bank of
New York
200,000
5,894,857
200,000
New York Trust Co
3,000,000 10,000,000 112,494,281
Pacific Bank
'500,000
'800,000 21,636,890
Scandinavian Trust Co
! 1,000,000 1,500,000 33,691,285
United States Trust Co. of j
New York
j 2,000,000 12,000,000 53,324,391
United States Mortgage &
Trust Co
! 2,000,000 4,000,000 83,694,904
W. It. Grace & Co.'s Bank...;
500,000
600,COO
7,109,146
York ville Bank
i
200,000
400, (KM)
9,708,828
Niagara Falls—Power City Bank.j
300,000
300,000
7,279,825
Nyack—Rockland County Trust ;
Co
|
100,000
25,000 | 1,876,195
Ogdensburg—St.Lawrence Trust j
Co
i
100,000
25,000 | 1,249,467
Oneida—Madison County Trust j
& Deposit Co
182,200
107,540
3,158,406
Oyster Bay—Oyster Bay Bank...
50,000
50,000
1,332,624
Perrv—Citizens Bank of Perry,
50,000
N.'Y
i
50,000
1,284,918
Port Chester—Mutual Trust Co. j
of Westchester County
\
300,000
60,000
2,140,479
Rochester—Alliance Bank
i
500,000
500,000 15,803,732
Rome—Rome Trust Co
!
300,000
60,000
3,277,875
Schenectady—Schenectady Trust i
#00,000
Co
!
62,500
Stony Brook—Bank of Suffolk \
25,000
County
!
15,000
390,553
Syracuse:
City Bank
734,073
265,036
10,071,953
Syracuse Trust Co
500,000
17,821,127
Trust & Deposit Co. of Onon500,000
daga
450,000 24,372,125
Trumansburg—State Bank of
1,000,000
Trumansburg
15,000
335,318
Utica—
25,000
Citizens Trust Co. of Utica...
400,000 13,962,645
500,000
Oneida County Trust Co
250,000
3,498,458
250,000
Utica Trust & Deposit Co
400,000 17,972,908
600,000
Warsaw—Trust Co. of Wyoming
County
100,000
20,000
800,731
Watcrtown—Northern New York
Trust Co
400,000
400,000
10,478,108
Wcstbury—Bank of Westburv...
25,000
5,000
487,615
White Plains—County Trust Co..
100,000
50,000
2,986,852
Total

41

FEDERAL RESERVE BULLETIN.

JANUARY 1,1019.

500,000
100,000
100,000
100,000
100.000

Chester— Cambridge Trust Co
Harris burg—Dauphin
Deposit
Trust Co
Hazloton—Marklo Banking &
Trust Co
I-Ionesdale—Wayne County Savings Bank
Lykens—Miners Deposit B a n k . . .
PhiladelphiaBank of Commerce
Colonial Trust Co
Commercial Trust Co
Drovers & Merchants B a n k . .
Fidelity Trust Co
Girard Trust Co
Logan Trust Co. of Philadelphia
Pennsylvania Co. for Insurance on Lives and Granting
Annuities
Philadelphia Trust Co
Provident Life & Trust C o . . .
Rittenhouse Trust Co
West Philadelphia Title &
Trust Oo
Scranton—American Bank of
Commerce
Wilkes-Barre — D i m e D e p o s i t
Bank
William sport—•
Northern Central Trust C o . . .
Snsquehanna Trust & Safe
Deposit Co
Williamstown — Williams Valley
Bank
Total..

3250,000

$125,000

300,000

300,000

4,812,171

100,000

500,000

4,359,9*1

200,000
50,000

325,000
110,000

300,000
272,725
1,000,000
200,000
5,000,000
2,500,000

140,000
272,725
1,750,000
40,000
16,000,000
7,500,000

3,543,460
728,455
2,419,583
4,874,703
23,173,337
1,165,617
62,512,027
59,007,703

1,000,000

250,000

11,022,856

2,000,000
1,000,000
2,000,000
250,000
500,000
312,987
200,000
500,000
400,000

$5,650,476

5,000,000 37,352,572
4,000,000 31,197,336
5,000,000 117,937,572
2,583,468
50,000
7,018,684
500,000
S-«,294
34,480
2,1,50,994
150,000
3,087,086
150,000
2,9*4,904

21,385,712

300,000
45,000
457237,205

25,000

12.500

299,972

40,000

8,000

277,708

500,000
150,000

150,000
15,000

2,222,031
985,234

175,000

75,000

1,599,310

50,000

35,000

418,050

150,000

50,000

1,1-19,441

SfMXJO

469,290
339;571,901

District No. /,.
KENTUCKY.

Brooks villo—Farmers K q u i t y
Bank
Independence—Bank oi I n d e pendence
LexingtonSecurity Trust Co
Title Guaranty & Trust Co...
WTaysville—.Firsi; Standard Bank
& Trust Co
Mount Sterling—Exchange Bank
of Kentucky
Richmond -State Bank <c Trust
f
Co
OHIO.

Akron —
Central Savings & Trust C o . .
Depositors Savings & Trust
Co
Peoples Savings & Trust Co..
Alliance—
City Savings Bank & Trust Co,
Alliance Bank Co
156,439,846 |3,306,784,468
Barberton—Peoples Savings &
Banking Co
Buckeye City—Commercial &
Savings Bank Co
Canton —Dime Savings Bank Co .
500,000
6,130,532 Chagrin Falls—Chagrin Falls
Banking Co
,
700,000
6,630,074 Cincinnati—
Brighton Bank & Trust Co...
18,433,791
500,000
Provident Savings Bank &
Trust Co
Union Savings Bank & Trust
Co
800,000
11,122,691
Western Bank < Trust Co. -,
v
Cleveland25,000
928,316
Citizens Savings & Trust Co..
Cleveland Trust Co
150,000
2,020.327
Guardian Savings & Trust Co,
Superior Savings & Trust Co ,
ioo;ooo
United Banking & Savings
20,000
Co
724,576
1
Exclusive of insurance assets of $98,019,988.

500,000

500,000

10,129,377

300,000
200,000

250,000
100,000

5/i78,394
J, 963,506

300,000

100,000
120,000

2,640,356
3.2-19,412

100,000

20,000

1,337,970

25,000
200,000

2,750
120,000

258,483
3,994,897

i-->o,noo

50,000

45,000

891,372

200,000

200,000

5,718,144

1,400,000

1,000,000

14,026.373

1,000,000
500,000

2 000,000
500,000

20,320,834
11',443,095

4,000,000
2,500,000
3,000,000
500,000

4,000,000
2,500,000
3,000.000

64,441.232
61,7381413
56,601,412
18,507,570

1,000,000

i,ooo;ooo

400,000 I 13,636,312

42

FEDERAL RESERVE BULLETIN.

Capital.

Surplus.

Total resources.

Capital.

OHIO—continued.

MARYLAND.

5700,000

§150,000

$6,198,450

50,000

3,000

351,494

100,000

31,000

1,163,34.6

500,000

420,000

10,426,874

100,000

68,000

1,018,980

50,000
25,000

17,500
9,000

732,743
638,009

50,000
40,000

15,000
60,000

564,770
625,130

150,000

37,500

1,640,731

25,000

8,000

421,886

50,000
25,000
200,000
25,000
50,000
100,000
25,000

40,000
20,000
125,000

1,368,347
341,468
2,430,646
230,181
183,802
924,620
150,739

125,000
50,000

4,0 0

""20," 665'
50,000
50,000

1,953,004
1,830,278

200,000

60,000

5,328,534

200,000

200,000

4,146,437

50,000

10,000

479,254

85,000

75,000

Total

100,000
30,000

50,000
5,000

1,063,170
294,138

1,500,000
200,000

500,000
150,000

20,323,625
5,378,291

125,000
300,000

50,000
100,000

200,000

40,000

125,000

50,000

200,000

300,000

125,000

15,000

1,303,191
995,119
4,523,543
1,607,373

300,000

300,000
500,000
2,000,000

3,677,270
4,740,929
22,301,879

1,000,000
200,000
1,000,000

11,480,345
3,693,991
21,075,312

1,500,000
200,000
2,000,000

31,620,000 59,098,750

1,000,000

100,000

$300,000
500,000
1,000,000
1,000,000

$100,000
100,000
2,000,000

$3,049,171
4,218,607
16,443,811
8,135,725

25,000
30,000

5,000
10,000

327,535
354,275

100,000
525,000
100,000

100,000
375,000
12,000

3,201,165
5,876,808

NORTH CAROLINA.

Asheville—Battery Park B a n k . . .
Charlotte—American Trust C o . . .
High Point—Bank of Commerce..
New Bern—New Bern Banking
& Trust Co
Winston-Salem—Wachovia Bank
& Trust Co

789,578

100,000
1,250,000

925,700

750,000

22,545,766

SOUTH CAROLINA.

Charleston—Carolina S a v i n g s
Bank
Cheraw—Bank of Cheraw
Cheraw—Merchants & Farmers
Bank
Chester—Commercial Bank
Darlington—Bank of Darlington .|
Florence—Commercial and Sav- |
ings Bank
j
Georgetown—
j
Bank of Georgetown
I
Peoples Bank
!
Hartsville—Bank of Hartsviile....
Sumter—Peoples Bank
Union—Nicholson Bank & Trust
Co
Westminster—Westminster Bank
Woodruff—Bank of Woodruff

200,000
110,000

100,000
50,000

3,189,556
721,778

100,000
100,000
100,000

6,000
65,000
50,000

481,542
988,189
1,135,791

125,000

25,000

780,629

100,000
78,800
75,000
100,000

100,000
26,140
35,000
21,000

940,323
511,886
712,338
674,886

75,000
100,000
40,700

25,000
25,000
10,500

801,549
707,104
390,204

VIRGINIA.

Cambria—Cambria Bank (Inc.)..-:
Chase City—Peoples Bank &
Trust Co. of Chase City
Christiansburg—Bank of Christiansburg
Emporia—Greensville Bank
Harrisonburg—Peoples Bank of
Harrisonburg (Inc.)
NorfolkCitizens Bank of Norfolk
Marine Bank of Norfolk
RichmondSavings Bank of Richmond..
Union Bank

28,000

5,000

228,381

100,000

11,000

319,560

34,000
50,000

100,000
60,000

1,145,082
590,841

150,000

20,000

798,788

600,000
220,000

500,000
110,000

7,024,199
2,097,194

200,000
219,750

200,000
300,000

2,112,894
2,951,548

400,000
40,000

1,000,000
7,500

7,321,355
254,219

30,000

1,093,407

WEST VIRGINIA.

Charleston—Kanawha Valley
Bank
Franklin—Franklin Bank
!
Grafton—Grafton Banking & I
Trust Co
Total

100,000
9,376,250

6,459,140 108,983,839

I

District No, 6.
ALAR AM A.

Athens—Citizens Bank & Trust
Co
BirminghamAmerican Trust & Savings
Bank
585,590,840
BirininghamTrust & Savings
Co
Center—Cherokee County B a n k . .
Cullman—Alabama
Bank &
Trust Co
Eufaula— Bank of Eufaula
5,142,440] Marion—Marion Central Bank

1,500,000 34,500,000 130,769,630
1,847,504
62,500
125,000

DISTRICT OF COLUMBIA.




1,793,493
1,418,283

700,000
2,600,000

District No. 5.

Washington—Continental Trust
Co

Baltimore—
The American Bank
Baltimore Commercial Bank.
Baltimore Trust Co
Maryland Trust Co
Gwynn Oak Junction—Liberty
Bank of Baltimore County
Hamilton—Hamilton Bank

1,178,192

PENNSYLVANIA.

Ambridge—Ambridge Savings &
Trust Co
Beaver—Beaver Trust Co
,
Beaver Falls—Federal Title &
Trust Co. of Beaver Falls
Bellevue—Bellevue Realty Savings & Trust Co
Erie—Security Savings & Trust
Co
Meadville—Crawford
County
Trus t Co
New Castle—Lawrence Savings &
Trust Co
PittsburghAllegheny Trust Co
Colonial Trust Co
Commonwealth Trust Co. of
Pittsburgh
Oakland Savings & Trust Co.
Pittsburgh Trust Co
Union Trust Co. of Pittsburgh
Woodlawn—Woodlawn Trust Co.

1919.

District No. 6—Continued.

District No. 4—Continued.

Columbus—Citizens Trust
Savings Bank
Cuyahoga Falls—
The Citizens Bank
Cuyahoga Falls Savings Bank
Co
Dayton—Dayton
Savings &
Trust Co
Geneva—Geneva Savings Bank
Co
Gibsonburg—Gibsonburg Banking Co...
Home Banking Co
Hillsboro—Hillsboro Bank &
Savings Co
L o d i - t o d i State Bank
,
Masillon—Ohio Banking & Trust
Co
Milan—Farmers & Citizens Banking Co
Minerva—Minerva Savings &
Trust Co
Minster—Minster State Bank
Newark—Newark Trust Co
Peninsula— Peninsula Banking
Co
Rossford—Rossford Savings Bank
St. Marys—Home Banking Co...
Spencer—Spencer State Bank....
Steubenville—Steubenville Bank
& Trust Co
Struthers—Struthers Savings &
Banking Co
ToledoCommercial Savings Bank &
Trust Co
Guardian Trust & Savings
Bank of Toledo
Vermilion—Erie County Banking Co
Wellington—First
Wellington
Bank
West Lafayette—West Lafayette
Bank Co
'.
I
West Milton—Citizens State Bank
Youngstown:
Dollar Savings & Trust Co...
City Trust & Savings Bank.

JANUARY 1,

30,000

18,000

371,194

500,000

250,000

8,186,511

500,000
25,000

650,000

13,272,696
222,943

50,000
100,000
50,000

14,000
100,000

50,000
505,135
582,325

JANUARY 1,1919.

43

FEDERAL RESERVE BULLETIN.

Surplus.

Total resources.

Capital.

Surplus.

Total resources.

District No. 7.

District JVb. 6—Continued.
ALABAMA—continued.

MobileMerchants Bank
Peoples Bank of Mobile
Montgomery—Sullivan Bank &
Trust Co."
Union Springs—American Bank.

8200,000
200,000

$5,242,255
5,589,593

10,000
5,000

464,441
276,791

FLOKIDA.

Peland— 'volusia County Bank...
Jacksonville—AmcricanTrust Co.
Leesburg—Leesburg State Bank .
Miami—Southern Bank & Trust
Co
Plant City—Tlillsboro State Bank
Tallahassee—Exchange Dank
Tampa—Citizens Bank & Trust
Co.
Winter Park—Union State Bank.
GEORGIA.

100,000
16,000
10,000
50,000
50,000

50,000
3,000

596,856
555,924
267,987

250,000
30,000

500,000

4,854,300
106,548

100,COO

20,000

522,042

1,000,000

300,000

10,898,290

200,000
1,000,000

100,000
1,000,000

1,559,260
4,162,624

100,000
50,000

80,000
50,000

1,839,793
493,476

I

Athens—American State B a n k . . .
AtlantaCentral Bank & Trust Corporation
Georgia Savings Bank &
Trust Co
Trust Co. of Georgia
Brunswick—Brunswick Bank &
Trust Co
Camilla—Bank of Camilla
Commerce—Northeastern Banking Co
Hartwell—Hartwell Bank
Jackson—Jackson Banking Co
Louisville—Bank of Louisville
Metter—Citizens Bank
Sardis—Peoples Bank
SavannahAmerican Bank & Trust Co..
Citizens & Southern Bank
Savannah Bank & Trust Co..
West Point—Citizens Bank
Winder—Farmers Dank
Winterville—Pittard Banking Co.
LOUISIANA.

1,107,886
845,307
324,571

100,000
60,000
50,000
25,000
30,000
25,000

35,000
20,000
10,000
6,000
15,000
6,000

787,068
386,758
293,623
356,142
241,862
142,212

200,000
1,000,000
700,000
50,000
50,000
25,000

10,000
1,000,000
630,000
1,000

888,965
24,567,163
7,985,409
340,655
291,257
142,654

5,000

!

Baton Rouge—Union Bank &
Trust Co
150,000
Gretna—Jefferson Trust & Sav50,000
ings Bank
|
25,000
Iota—Bank of Iota
j
New Orleans—
|
200,000
American Bank & Trust C o . . .
2,000,000
Canal Bank & Trust Co
Citizens' Bank & Trust Co. of
400,000
Louisiana
200,000
City Bank & Trust Co
Commercial Trust & Savings
Bank
.'.. 1,250,000
T-Tibernia Bank & Trust C o . . . 1,500,000
Interstate Trust & Banking
7r>0,0C0
Co
200,000
Liberty Bank & Trust C o . . . .
400,000
Marine Bank & Trust Co
400,000
Metropolitan Bank
New Roads—Pointe CoupeeTrust
60,000
& Savings Bank

1,252,625
2,760
5,000

539,614
243,609

20,000
500,000

469,268
33,335,620

150,000
100,000

7.249,708
5;857,765

800,000
2,000,000

21,396,011
37,408,811

500,000
10.000
100,000
200,000

10,787,127
380.512
7,666;909
5,081,177
145,547

MISSISSIPPI.

Laurel—Commercial B ank &
Trust Co
I
Summit—Union Bank of Pikc....|
TENNESSEE.

Chattanooga—Savings Bank
Total




Co

100,000 |
25,000 |

25,000 i
5,000 !

1,362,778
195,183

225,000 ;

5,805,014

j

j

Auburn—Auburn State Bank....;
Barrington—First State Bank of |
Barrington
i
Bloomington—State Bank of
Bloomington
Charleston—Charleston Trust &
Savings Bank
ChicagoAustin State Bank
Capital State Savings B a n k . . \
Central Trust Co. of Illinois.. j
Chicago Savings Bank & |
Trust Co
!
Depositors State & Savings j
Bank
!
First Trust & Savings Bank..
Foreman Bros. Banking Co...
Harris Trust & Savings Bank.
Home Bank & Trust Co
Hyde Park State Bank
Illinois Trust & Savings Bank
Kaspar State Bank
Madison & Kedzio State Bank
Mechanics & Traders State
Bank
Mercantile Trust & Savings
Bank
Merchants Loan & Trust Co.
Noel State Bank
Northern Trust Co
North Side State Savings
Bank
North-Western Trust & Savings Bank
Security Bank of Chicago
Standard Trust & Savings
Bank
State Bank of Chicago
Union Trust Co
United States Bank of Chicago
Cicero—Kirchman State Bank
|
Des Plaines—Des Plaines B a n k . .
Elmhurst—Elmhurst State B ank.
Eureka—Farmers State Bank of
Eureka
Evanston—
Evanston Trust & Savings
Bank
State Bank of Evanston
Geneva—State Bank of Geneva..
Joliet—
Commercial Trust & Savings
Bank of Joliet
Joliet Trust & Savings Bank..!
Hinsdale—Hinsdale State Bank, .j
Kcwanee—Union State Savings i
Bank & Trust Co
!
La Grange—La Grange State j
Bank
;
Magnolia—First State Bank of !
Magnolia
j
Marshall—Marshall State Bank...
Martinsville—Martinsville State
B ank
Matteson—First State Bank of
Matteson
Mattoon—Central Illinois Trust
& Savings Bank
Moline—
Moline Trust & Savings Bank.
Peoples Savings Bank & j
Trust Co
j
State Savings Bank & Trust!

750,000

I 15,840,000 j 10,056,760 ; 238,500,448

I

Mount Carroll—Carroll County |
State Bank
I
Oak Park—
I
Oak Park Trust & Savings
Bank
Suburban Trust & Savings
Bank
Oswego—Oswego State Bank
Shannon—State Bank of Shannon
St. Charles—Stewart State Bank..

525,000

$25,000

50,000

10,000

§516,013
348,944

100,000

150,000

1,670,637

80,000

12,000

788,183

200,000
200,000

65,000
20,000

3,106,569
1,199,978

6,000,000

1,000,000

64,713,418

1,000,000

200,000

11,517,384

300,000
5,000,000
1,500,000
2,000,000
300,000
200,000
5,000,000
500,000
200,000
200,000
250,000
3,000,000
300,000
2,000,000

75,000
3,518,606
5,500,000 86,236,400
500,000 24,282,256
3,000,000 29,216,262
75,000
3,447,670
50,000
2,043,413
11,000,000 118,248,231
300,000
6,922,574
50,000
2,166,710
50,000
2,114,550
4,333,545
50,000
9,000,000 120,103,999
3,271,125
100,000
2,000,000 37,328,351

200,000

10,000

1,699,026

500,000
400,000

250,000
250,000

8,921,317
6,313,544

1,000,000
1,500,000
1,500,000
200,000
100,000
50,000
60,000

500,000
3,000,000
1,800,000
30,000
25,000
33,000
25,000

11,862,473
39,822,842
37,014,223
996,086
716,439
630,358
711,249

100,000

632,624

100,000
150,000
50,000

10,000
250,000

100,000
100,000
50,000

5,000
25,000
25,000

956,743
967,704
628,496

150,000

25,000

1,310,007

50,000

25,000

1,090,337

25,000
60)000

5,000
5,000

203,462
234,986

50,000

20,000

358,604

25,000

10,000

139,490

100,000

50,000

947,232

225,000

85,000

3,604,917

250,000

150,000

5,696,949

300,000

125,000

•4,248,387

50,000

35,000

917,026

200,000 I

50,000

3,013,155

100,000
50,000
25,000
100,000

10,000
5,000
15,000
40,000

476,839
383,095
268,186
888,550

e;ooo

874,474
4,234,679
557,971

44

FEDERAL RESERVE BULLETIN'.

Capital.

Total resources.

Surplus.

§100,000

850,000

50,000

35,000

40,000
25,000

9,340
11,000

217,936
305,091

100.000 I
27,500 !
.
100,000 I
25,000 i
30,000 I

50,000

50,000
6,000
7,500

1,335,303
110,211
2,930,345
233,620
418,472

70,000 I
50,000 |

40,000
32,000

600,735
418,220

100,000

100,000

1,982,240

25,000
100,000 j
200.000 I

10,000
25.000
125;000

353,776
1,153,268
2,400,970

200,000 '
200,000

128,000
100,000

2,991,383
3,581,531

S7S7,85G

INDIANA.

I

25,000

10,500

359,568

350,000

200,000

5,482,236

45,000

723,936

50,000 |

163,264

40.000

IOWA.

Algona—County Savings Bank..
Alia Vista—Alta Vista Savings
Bank
Ames—Story County Trust &
Savings Bank
Avoca—Avoca State Bank
Audubon—Towa Savings Bank..
Baines City—Farmers Savings
Bank
Battle Creek—Battle Creek Savings Bank
Bcllevue—Bellevue State B a n k . .
Blairsburg—State Bank of Blairsburg
Brighton—Brighton State Bank..
Britt—Commercial State B a n k . . .
Cedar F a l l s Security Trust & Savings
Bank
.'..
Iowa State Savings Bank
Ghariton—State Savings B a n k . . .
Charter Oak—Farmers State Bank
Cherokee—Cherokee State Bank..
Clinton—Peoples Trust & Savings Bank
College Springs—Farquhar Savings Bank
Davenport—American Com mercial Savings Bank
Decorali—
Citizens Savings Bank
Winnesheik County State
Bank
I
Des Moirles—
Bankers Trust Co
Central State Bank
Iowa Loan & Trust Co
Elberon—Farmers State B a n k . . .
Eldora—Citizens Savings Bank...
Elkadcr—Elkader State Bank
Ellsworth—
Farmers State Bank of Ellsworth
State Bank of Ellsworth
Fairbank—Fairbank State Bank.




Total resources.

IOWA—con tinned.

ILLINOIS—continued.

Angola-—Steuben County State
Bank
Bargcrsville—Fanners State Bank
C o n n e r s v i l l e — F a r m e r s and
Merchants' Trust Co
Cromwell—Sparta State Bank
Elkhart—St. Joseph Valley Bank.
Hillsboro—Hillsboro State Bank..
Jamestown—Citizens State Bank.
Kentland—
Discount & Deposit State
Bank
Kent State Bank
Marion—Grant Trust & Savings
Co
North Liberty—North Liberty
State Bank
."..
Peru—Peru Trust Co
Richmond—Dickinson Trust Co..
South Bend—
American Trust Co
St. Joseph Loan & Trust Co..
South Whitley—Gandy State
Bank
Terre Haute—Torre Haute Trust
Co
Tipton—Farmers Loan & Trust
Co
Winamac—First Trust & Savings
Bank

Surplus.
District No. 7—Continued.

District, No. 7—Continued.

Sycamore—Pierce Trust & Savings Bank
Weriona—First State .Bank of
Wenona

JAX[7A11Y 1, 1 9 1 9 .

100,000

25,000

1,704,068

30,000

10,000

392,267

50,000
50,000
50,000

12,500
20,000

489,796
788,350
179,232

25,000

8,000 |

433,491

4.0,000
30,000

45,000 |
10,000 |

847,619
745,134

25,000
50.000
60J000

309,997
5,000 !
600,080
25,000 i
1,010,832
50,000

50.000
100' 000
50,000
40,000
75,000

8,000
25,000
40,000
8,000
75,000

331,839
2,058)658
'817,370
488,458
1,208,842

300,000

300,000

4,767,623

25,000

40,000

373,627

600,000

600,000

14,436,251

50,000

50,000

589,018

150,000

50,000

1,889,640

1,000,000
250,000
500,000
40,000
50,000
50,000

100,000
250,000
250,000
20,000
15,000
15,000

3,173,736
5,262,135
8,585,663
566,600
253,505
917,040

10,000
14,000

198,567
255,696
460,027

25,000
35,000
26,000

Fairflcld—Iowa State Savings
$100,000 J $100, 000 81,592,031
Bank
Fostoria—Citizens Savings Bank.
25,000 j
156,278
2,500^
Germania—Farmers & Drovers
!
State Bank
.%..
251,253
6,000
30,000
Gilbert—Gilbert Savings Bank...
215,624
25,000
5; 000
522.431
Gorwin—Gorwin State Bank
50,000
25.000
426', 515
Gilman—Citizens Savings Bank..
25,000
13'. 000
Hinnboldt—Peoples State Bank..
P57,932
100,000
35'. 000
Jefferson—JcfTorson Savings Bank
509,227
5.000
50,000
Kellerton—Kellerton State Bank.
305,048
25.000
8.
750
Knoxville—Guaranty State Bank.
382,423
9.
'
,000
50,000
Leon—Farmers & Traders State
Bank
100,000
816,252
5,000
Lockridge—Lockridge Savings
25,000 I
Bank
356.774
10.000
Logan—State Savings Bank
50.000
51S.069
10',, 000
25,000
Lowden—Lowdcn Savings Bank.
405. 307
12, 000
,
Malcolm—Malcolm Savings Bank.
50.000
511,661
25, 000
,
Mapleton—Mapleton Trust & I
Savings Bank
;
75,000 I
683,990
7,000
Marshalltown — Marshalltown I
State Bank
j
100,000 I
2,252,815
30,000
Mason City—Commercial Savings |
Bank..".
'..I
100,000 I 20,000
1. 236,314
Mcdiapolis — Commercial State j
Bank
i
610,731
50,000 |
12.500 i
Missouri Valley — State Savings I
Bank
I
517,287
50,000
10,000
Mondamin—Mondarnin Savings
Bank
290,666
35,000
5,350
Monticello—
j
Lovell State Bank
i
200.000
1.170.944
100.000
Monticello State Bank
|
200,000
2,349.: 329
200,000
Mount Avr — Mount Avr State !
Bank..'..
.*
!
100,000 j
701.925
15,000
New Hampton—State Bank
!
50;00()
649; 252
40,000
Newton—
j
Citizens State Bank
j
(50,000
485,129
12.000
Jasper County Savings Bank .
100.000
50', 000
1.207,921
Ogden—City State Bank
j
so; ooo
5; 000
Osage—Home Trust & Savings j
507,383
Bank
!
50,000 |
25,000
Ottumwa — Ottumwa Savings
496,694
Bank
100,000 I 30,000
Perry—Peoples Trust & Savings
1,405,231
Bank
50.000 |
330.608
750.
Remson—Farmers Savings Bank.i
SOiOOO
449,995
Riceville,—Riceville State Bank, .j
25,000
icr, 000
216,766
Roland—Farmers Savings Bank .j
35,000
10.000
427'. 163
Royal—Home State Bank
j
25,000
10,000
168,019
Sac City—
j
1,500
Farmers Savings Bank
j
50,000
541.028
20. 000
Sac County State Bank
j
1,199; 472
75i 000
75,000
Sioux City—Bankers Loan &
Trust Co
100,000
538,204
8,000
Sioux Center—Sioux Center State
Bank
25,000
259,416
5,000
Sutherland—First Savings Bank.;
50,000
347', 626
2,000
Terril—Terril Savings Bank
j
25,000
138,734
1.000
Thompson — State Bank of I
Thompson
30,000
8,000 !
277,803
Tipton — Farmers & Merchants
Savings Bank
j
50,000
15,000 I
587.077
Uto—State Savings Bank
j
50,000
15.000
341,594
Vail—Farmers State Bank
!
50,000
8,000 I
389.078
Wapello—Wapello State Savings \
Bank
J
30,000
8,000
491,984
Waterloo — Waterloo Bank & |
Trust Co
200,000
50,000
1,591,951
MICHIGAN.

AdrianAdrian State Savings Bank. .
Commercial Savings Bank
Lenawee Countv Savings
Bank
."
V..
AlbionAlbion State Bank
Commercial & Savings Bank.. j
Alpcna — Alpena County Savings !
Bank
..j
Ann Arbor—
i
Farmers & Mechanics Bank..
State Savings Bank
Armada—Farmers State B a n k . . .

120,000
110,000

•30,000 !
;o;ooo
30; 000 J

1,960,051
1209; 966
1,209,966

150,000

50,000

2,166,635

50.000
75; 000
100,000

40,000
40,000

786,491

125,000 j

3,257,554

150,000
150,000
25,000

75,000
150,000
7,500

2,140,795
2.895.502
' 303', 796

JANUARY 1,1919.

45

FEDERAL RESEEVE BULLETIN",

Capital.

Surplus.

Total resources.

Capital.

District No. ?'—Continued.

District Mb. 7—Continued.
MICHIGAN—continued.

Total TQsources.

I

MICHIGAN—continued.

Surplus.

I
I
I

Bay C i t y Bay City Bank
Farmers State Savings B a n k . .
Peoples Commercial & Savings Bank
Benton Harbor—Benton Harbor !
State Bank
Big Rapkls—
Big Rapids Savings Bank
Citizens State Bank
Carson City—Farmers & Merchants State Bank
I
Cassopolis—Cass County State
Bank
."
j
Charlotte—Eaton County Savings [
Bank
|
Chelsea—Farmers & Merchants !
Bank
Coloma—State Bank of Coloma...
Goopersvillo—Peoples
Savings
Bank
.".
Davison—Davison State B a n k . , .
Dearborn—Dearborn State Bank.
DetroitAmerican State Bank
Bank of Detroit
,
Detroit Savings Bank
;
Central Savings Bank
j
Dime Savings Bank
First State Bank of Detroit...
Peninsular State B a n k .
Peoples State Bank
United Savings Bank of Detroit
Wayne County & Home Savings Bank
Edmoro—Edmore Stato Bank
E l k Rapids—Elk Rapids State
B an k
Farming-ton—Farmington State
Savings Bank
Fenton—
Commercial Savings Bank
Fenton State Savings B a n k . .
FlintI
Citizens Commercial & Savings Bank
Genesee County Savings Bank
Industrial Savings Bank
Union Trust & Savings Bank.
Flushing—Peonies State B a n k . . .
Frankenmutli"— Frankenmutli
State Bank
FremontFremont State Bank
Old State Bank
Grand Haven—
Grand Haven State Bank
Peoples Savings Bank
Grand R a p i d s City Trust & Sayings B a n k , .j
Commercial Savings Bank
Grand Rapids Savings Bank.
Kent State Bank
Greenville — Commercial State
Savings Bank
Hart—Oceana County Savings
Bank
Highland Park—Highland Park
State Bank
Hillsdale—Hillsdale Savings Bank
Holland—
I
First State Bank
Holland City State Bank
HudsonBoies State Savings Bank —
Thompson Savings Bank
Imlay City—
i, Lapeer County Bank
Peoples State Bank of Imlay
City
Ionia—State Savings Bank




97522—19

7

Jackson—
Central State Bank
Jackson State Savings Bank..
Union Bank
400,000 I
Savings I
400,000
7,834,221 Jqnesvillc—Grosvenor
Bank
!
27,000 ; 1,253,213 Lakeviow—
100,000
Commercial State Savings
10,000 j
Bank
,
50,000
657,054
25,000 j 1,050,228
Farmers & Merchants State
50,000
Bank
5,000 '
25,000
342,515 Lansing—Lansing State Savings !
Bank
I
2,000
I
40,000
229,713 Lapeor—Lapeor Savings Bank
Lowell—City State Bank
J
20,000;
100,000
1,061,804 Ludington—Ludington S t a t e j
Bank
25,000 l
25,000
561,132 Manchester10,GOO I
25,000
Peoples Bank
462,802
Union Savings Bank
I
1,000 I
25,000
240,231 Manisteo—Manistce County Sav- j
25,000
6,000 !
ings Bank
j
512,086
100,000
125,000 j 4,828.498 Marcellus—G.W. Jones Exchange
B ank
191,000 ! 8,572.586 Marshall—Commercial Savings
500,000
100,000 I 12,478i634
500,000
Bank
750,000 ! 29,187,043 Milan—Milan Stato Savings Bank
750,000
100,000 i 13,068,307 Milford—First State Bank
500,000
1,000,000 1,100,000 i 34,880,114 Monroe—B. Dansard & Sons
200,000 i 8,921,892
500,000
State Bank of Monroe
2,500,000 1,000,000 i 27,489,812 Morenci—Wakcfield State B a n k . .
2,500,000 3,500,000 i 91,448,239 Mount Pleasant—
Exchange Savings Bank
500,000
150,000 ; 5,610,713
Isabella County State B a n k . .
.Mount Clemens—Ullrich Savings
3.000.000 3,000,000 I 62,231,165
Bank
7,500
423,702 Nashville—Farmers & Merchants
' 30;000
Bank
35,000
15,000
340,072 Nilos—Niles City Bank
Onsted— Ousted" State Bank
25,000
5,000 j
364,022 Otscgo—Citizens State Savings
Bank
10,000 j
25,000
364,912 Paw Paw—Paw Paw Savings
10,000 I
468,654
25.000
B ank
'.
Petersburg—H. C. McLachlin &
Co. Stats Bank
150,000
190,000 i 3,589,801 Potoskey— First State Bank oi"
Petoskoy
500,000
300,000 i 7,692,056
250,000
250,000 | 5,736,115 Pontiac—
American Savings Bank
100,000
150,000 ! 3,641,347
Pontiac Savings Bank
25,000 :
15,000 !
237,991
Port Huron—Federal Commercial
& Savings Bank
50,000 I
15,000 i
745,459
Bedford—lledford State Savings
Bank...
25,000
23,000 i
570,176
Rochester—Rochester
Savings
50,000
25,000 j
Bank
Rogers City—Presque Isle County
75,000
75,000 ! 1,646,085
Savings Bank
50,000
22,000 I
738,427 Romeo—Romeo Savings B a n k . . .
Royal O a k 200,000
40,000 j 2,661,227
First Commercial State Bank.1:
300,000
60,000 I 2,800,549
Royal Oak Savings Bank
i
400,000
350,000 i 8,560,741 St. Clair—Commercial & Savings i
500,000
500,000 I 10,481,693
Bank
;
Saginaw—Bank of Saglnaw
!
•
50,000
10,000 I
775,471 Saline—Saline Savings Bank
|
1
Saugatuck—Fruit Growers State I
40,000
424,315
Bank
13,000 j
South Haven—Citizens State
1,000,000
550,000 I 17,850,655
Bank
25,000 1 l,00S, 504 Buttons Bay—Leelanau County
60,000
Savings Bank
1
i
100,000
20,000 I 2,065,919 Tecumseh—
Lilley State Bank
100,000
50,000 I
1.486,671
Tecumseh State Savings Bank
I Traverse City—Traverse .City
25,000 I
75,000
713,080
State Bank
50,000 I 1,448,165 Warren—State Savings bank of
100,000
Warren '.
50,000
10,000 j 1,002,295 Washington—Washington Savings Bank
50,000
10,000 !
656,026 WilliamstOB—Williaxnston State
100,000
100,000 I 1,533,580
Bank
8250,000
100,000

§250.000 i 84.515,837
25;000 ! 1,191,804

6100,000
100,000
400,000

326,000 ! 31,282,716
100,000 I 2,220,916
100.000
5,151,345

50,000

25,000

508,354

25,000

1,000

188,717

25,000

5,000

266,831

150.000
50;000 i
25,000?
100,000 ;

100,000
10,000
10,COO

2,922,700
624,015
522,550

20,000

1,257,489

25,000 1
25,000 j

12,000
50,000

452,510

100,000 I

100,000

777,801
2,160,911
40,000 I

19,000

100,000 '
25,000
25,000

20,000
7,000
6,000

100,000
50,000

20,000
30,000

1,170.070
228;553
443,119
1,798,222
867,102

50,000
60,000

30,000
6,000

895,811
1,077,946

100,000 I

100,000

1,418,580

487,205

35,000 j
20,000 i
6,000 j

30,000
100,000
25,000

667,588
852,731
228,400

25,000

2,500

213,205

40,000

10,000

375,267
408,738

25,000

5,000

50,000

10,000

100,000 i
200,000

30,800
65,000

954.158
4,257)529

150,000

50,000

3,996,024

25,000 I

7,500

449,485

50,000 !

10,000

610,747

35,000
50,000

12,000
30,000

828,353
1,376,446

25,000
40,000

10,000
10,000

451,379
834,504

50,000 j
500,000 !
25,000 '

10,000
700,000
22,000

714,239
14,697,632

50,000

12,500

50,000

45,000

25,000

10,000

j

402,258
538,044
798,199

40,000
26,000

20,000
26,000

330,410
615,578
671J730

200,000

100,000

2,680,027

25,000

25,000

671,212

25,000

10,000 j

271,355

50.000

10,000 1

335,024

46

FEDERAL RESERVE BULLETIN.

Capital.

Total resources.

Surplus.

District No. 7—Continued.

Total..

District No. 8—Continued.

S100,000
125,000
50,000

$50,000
25', 000
10,000

25,000

10,000

100.000
300^000

$1,775,967
1,490,604
421,160

13,000
00,000

500,000
200,000
1,000,000

i,ooo;ooo

1,500,380
2,416,910

100,000 I 6,028,564
6,000 I 1,639,810
700,000 ! 22,493,324
700,000 24,588,210

100,000
45,000
25,000

50,000
25,000
10,000

50,000

10,000

999,38-1

100,000
125,000

40,000
32,500

908,6S2
980,929

100,000
200,000

200,000
125,000

3,734,309
2,175,576

50,000
50,000
100,000

10,000
40,000

1,519,831
490,3S5
827,448

25,000

8,500

372,476

i

1,354,464
502,927
275,762

District No. 8.
ARKANSAS.

50,000

25,000

563,118

100,000

50,000
150,000
50,000

2,747,037
1,034,187

300,000
250,000
300,000
500,000
250,000

150,000
16,500
(50,000
100,000
150,000

5,718,110
3,259,610
2,106/469
3,899,542
3,630,085

sources.

;

Bowling Green—Pike County j
Bank.
I
Jeilerson City—Exchange Bank of |
Jefferson City
Lexington — Lafayette County
Trust Co
'
'. -1
Linn Creek—Camden County I
Bank
\.
Macon—State .Exchange Bank of
Macon
Marshall—Wood & Houston Bank, j
St. Louis—
i
American Trust Co
j
Fanners & Merchants Trust I
Co
Franklin Bank
Liberty Bank
International Bank of St.
Louis
Lafayette South Side Bank of
St. Louis
Mercantile Trust Co
Mississippi Valley Trust Co..
St. Louis Union Bank
United States Bank

825,000

S6,000

§234,52S

100,000

20,000

1,182,466

75,000

15,000

206,184

25,000

35,000

230,628

100,000
100,GOO

20,000
150,000

718,119
1,906,544

118,000 I

8,492,883

l,000i000
200,000
600,000
1,500,000

22,500
S00',000
1,000,000

1,945,829
9,758,900
19,080,575

500,000 i 7,659,104
!
800.000 !
400,000 ! 14,438,345
3,000,000 ! 6.500,000 61,728,581
3,000,000 3', 500,000 ! 40)385,975
2,500,000 2,500,000 i 42,S62,964
1,000,000
11,271,713
700,000
500,000

TENNESSEE.

Memphis—
j
Bank of Commerce & Trust I
Co
1,500,000 1,500,000
Commercial Trust & Savings
Bank
350,000 I
150,000
Guaranty Bank & Trust Co..
500,000
Union Planters Bank & Trust
Co
500,000
1,800,000
Total

23,825,000 20,112,250

25,316,794
5,031,688
1,827,407
23,919,018
341,615,635

1,873,256

150,000
100,000

Surplus. ! Total re-

\

MISSOURI.

71,994,500 63,422,490 1,330,062,231

B ly the ville—Farmers Bank &
Trust Co
Helena—Security Bank & Trust
Co
I
.Tones boro—
Bank of Jonosboro
Jonesboro Trust Co
Little H o c k Bank, of Commerce
Bankers Trust Co
Mercantile Trust Co
Southern Trust Co
Union Trust Co
Texarkana—Merchants & Planters Bank

Capital.

I

WISCONSIN.

Baraboo—Bank of Baraboo
Burlington—Bank of Burlington.
Clinton—Citizens Bank
Green Lake—Green Lake State
Bank
Kenosha—Merchants & Savings
Bank
Madison—Bank of Wisconsin
Milwaukee—
American Exchange B a n k . . .
B a t a r State Bank
Marshall & Ilsley Bank
Second Ward Savings Bank.
Mineral Point—Iowa County
Bank
Mosinee—State Bank of Mosinee.
Oakfield—Bank of Oakfleld
Platteville—State Bank of Platteville
PlymouthPlymouth Exchange B a n k . . .
State Bank of Plymouth
Sheboygan—
Bank of Sheboygan
Citizens State iBank
Sturgeon Bay—Bank of Sturgeon
Bay
Waupun—State Bank of Waupun
Wausau—Marathon County Bank
"VTinneconne—Union Bank of
Winneconne
•

JANUARY 1,1919.

District No. 9.
MICHIGAN.

200,000

11,500

1,048,805

Gladstone—Gladstone State Savings Bank
Gwinn—Gwinn State Savings I
Bank
|
Iron Mountain—Commercial !
Bank
j
Sault Ste. Marie—Sauit Savings !
Bank
!
MINNESOTA.

50,000

15,000

745,406

25,000

15,000

334,413

100,000

50,000

1,262,026

100,000

35,000

1,389,192

50,000
50,000
25,000

50,000
10,000
10,000

1,326,851
925,121
359,887

I

ILILNOIS.

East St. Louis—Illinois State
Bank
"Edwardsville—Citizens State &
Trust Bank
Effinsham—Effingham
State
Bank
Gillospie—Gillespie Trust & Savings Bank
Greenville—State Bank of Hoiies
& Sons
Litchfield—-Litchfield Bank &
Trust Co
Quincv—State Savings Loan &
Trust Co

400,000

25,000

60,000

33,000

890,500

50,000

10,000

786,038

50,000

15,000

649,197

100,000

30,000

1,263,011

100,000

10,000

717,146

1,000,000

4,227,410

8,551,720

INDIANA.

Evansville—Mercantile-Commercial Bank
Paoli—Paoli State Bank

200,000
25,000

100,000
1,250

2,663,277
239,997

KENTUCKY.

Harrodsburg—State Bank &
Trust Co
,
Hickman—Farmers & Merchants
B ank
Louisville—
Kentucky Title Savings Bank
& Trust Co
....
Liberty Insurance Bank
Owensboro—Central Trust Co




100,000

21,000

632,357

65.000

57,500

446,446

350,000
250,000
200,000

70,000
500,000
40,000

6,746,245
8,347,023
1,316,781

Benson—Swift County Bank
Clarkfleld—Clarkfield State B ank.
Jeflers—State Bank of Jefi!ers
Lake City—Lake City Bank of
Minnesota
Lev/is ton—Security State Bank j
ofLewiston
Luverne—Rock County Bank
Madelia—State Bank of Madelia..
Minneapolis:
North American Bank
St. Anthony Falls Bank
Wells-Dickey Trust Co
New Richland—State Bank of
New Richland
Red Wing—Bank of Pierce, Simmons & Co
St. P a u l Central Bank
Midland Trust & Savings
Bank
Peoples Bank of St. Paul
South St. P a u l Drovers State Bank of South
St. Paul
Exchange State Bank of
South St. Paul
Spring V a l l e y Farmers State Bank
First State Bank of Spring
Valley
„
,..

50,000

50,000

25,000
25,000
50,000

30,000
25,000
10,000

681,563
508,251
752,936

200,000
300,000
500,000

200,000
60,000
20,000

4,922,964.
4,157,309
1,440,890

50,000

10,000

720,527

125,000

60,000

1,222,490

200,000

40,000

2,288,818

214,136
300,000

26,890
60,000

292,758
2,714,406

100,000

50,000

1,266,191

125,000

25,000

220,000

25,000

5,000

218,550

30,000

30,000

585,557

FEDEBAL KESERYE BULLETIN.

.TASTUABY 1 , 1 9 1 0 .

Capital.
District No.

Surplus.

Total resources.

9~Continued.

Capital.
District No. 10.

MINNESOTA—continued.

COLORADO.

Virginia—American E x c h a n g e
Bank
Westbrook—Citizens State Bank.
Winona—
Deposit Bank.,
Merchants Bank 0/ Winona..
Willmar—Kandiyohi C o u n t y
Bank.
,

DenverAmerican Bank & Trust C o . .
Denver Stock Yards B a n k . . .
International Trust Co

5100.000
25;000

847,000
7,000

S999,185
223,892

400,000
100,000

100,000
50,000

3,629,082
3,041,556

100,000

20,COO

1,088,255

MONTANA.

Billings—Security Trust & Savings Bank
Bozcman—Gallatin Trust & Savings Bank
Denton—Denton State B ank
Dillon—
Beaver head State Bank
Security State Bank
Hamilton—Ravalii County Bank.
HelenaConrad Trust & Savings Bank
Union Bank & Trust Co
Hingham—Hingham State Bank.
Inverness—Inverness State Bank.
Lewistown—
Bank of Fergus County
Empire Bank & Trust Co
Lewistown State Bank
Ophoim—First State Bank of
Opheim
Sidney—Yellowstone
Valley
Bank & Trust Co
White Sulphur Springs—Central
State Bank.....'
~
Wolf Point—First State Bank
NORTH DAKOTA.

100,000




3,000
12,500

195,258
156,295
467,472

100,000
150,000
5,000
1,000

2,303,119
4,880,775
274,453
173,192

8188,000
25,000
500,000

SO, 298,383
2,651,292
20,862,797

KANSAS.

Fairview—Fairview State Bank..
Fort Scott—Fort Scott State
Bank
Hiawatha—Morrill & Janes Bank.
Topeka—Kansas Reserve State
IBank
Wichita—Southwest State Bank.
Win field—The State Bank

30,000

16,000

282.9S2

100,000
100,000

30,000
50,000

1,336,177
1,199,788

200,000
200,000
.100,000

51,500
50,000
50.000

1.808,797
2.001,876
1,233,912

1,000,000
1,000,000
100,000

1,000,000
1.000,000

i;soo

31,125,633
16,606,058
761,088

250,000

100,000

5,548,671

MISSOURI.

Kansas C i t y Commerce Trust Co
Fidelity Trust Co
Savannah—Wells-Hine Trust Co.
South St. Joseph—St. Joseph
Stock Yards Bank
"...
NEBEASKA.

250,000
1,500
15,000

3,494,988
925,578
335,694

5,000

216,988

100,000

5,000

594,007

60,000
30,000

15.000
6,000

433,298
348,155

250,000
100,000
50,000
25,000

'•
j

ChanpoII—Chappell State B a n k . .
David Citv—Butler County State
Bank..:
Elgin—Elgin State Bank
Lewellen—Bank of Lcwellcn
Lincoln—American State B a n k . .
Nelign—Security State Bank
Pender—Ponder State Bank
St. Edward—Farmers State Bank
Wayne—State Bank of W a y n e . . .

25,000 ]

25,000

476,204

50,000
SO, 000
50,000
100,000
25,000
50,000
25.000
40,000

15,000
20,000

15,000

462,847
855,856
281,768
751,705
258,291
666,443
239,730
822,0.15

40,000

10,000

242,488

5,000
6,000

NEW MEXICO.

50,000
100,000
25,000
25,000
50,000

10,000
15,000
5; 000
5,000

622,943
2,037,987
301,701
339,556
210,500

j

25,000
150,000

45,000
10,500

1,045,450
2,531,861

25,000

5,000

664,646

25.000
25;000
100,000
200,000
30.000

5,000

320,810
228,163

3,000
27,500

565,915
4,980,523

25,000
40,000

Aztec—Citizens Bank of Aztec
OKLAHOMA.

Chelsea—Bank of Chelsea
Oklahoma- City—T r a d e s r a e n s
State Bank
Ofcmulgce—Guaranty State Bank
Ponca City—Security State Bank.

5,000

668,048

25,000
11,000
10,000

3,305,071
1,257,590
1,239,895

5,265,000

Total

50,000
200,000
100,000
100,000

3,209,580

103,243,414

1,000

40,000

673,231

>,000

6,000.

287,375

25,000

5,000

288,537

100,000
30,000

40,000
3,000

616,590
159,538

30,000

50,000

353,608

25,000
25..000

10,000
4,000

145,976
177,699

50,000

12,500

546,278

40,000

11,000

588,824

544,010

25,000

14,000
12,000

District No. 11.
ARIZONA.

Sailord—Bank of Saflord
Tombstone—Cochiso C o u n t y
StatoBank

424,169
268,643

Lake Providence—Lake Providence Bank.

1,613,951

I

Balsam Lake—Polk County Bank i
Boycevillo—Bank of Boj^ceville... j
Ellsworth—Bank of Ellsworth.... j
G lenwood City—First State Bank i
Grantsburg— First
Bank
of !
Grantsburg
i
Merrill—Lincoln County Bank....!
New Richmond—Bank of New 1
Richmond
j
West Salem—La Crosse County
Bank
!
Whitehall—Peoples State B a n k . . . j
Total

796,173
280,430

200,000
250,000
35,000
25,000

Belle Fourehe—Butts County
Bank
Brookings—Bank of BrooMngs
Camp Crook—Little Missouri
Bank
Groton—Brown County Banking
Co
Ilecla—Farmers & Merchants
State Bank
Newell—Reclamation State Bank.
Sioux F a l l s Commercial & Savings Bank..
Sioux Falls Savings Bank
Stratford—First State Bank
Timber Lake—Stock Growers
State Bank
Webster—Security Bank of Webster
-WISCONSIN.

25,000
3,500

50,000
50.000
50,000

Enderlin—Snderltn State Bank, .j
Fargo—Northern Savings Bank...
Hettinger—Hettinger State Bank.!
Noonari—Security State Bank
j
Williston—Bank of Williston
|
SOUTH DAKOTA.

832,419

100,000
25,000

§500,000
250,000
500,000

NEW MEXICO.

25,000
30,000
50', 000
42,000
50,000
100,000
35,000

5,000
5,000
15,000
300 I

266,156
340,599
845,238
299,228

Albuquerque—American Trust &
Savings Bank
Corona—Stockmens State Bank..
Lovington—First T e r r i t o r i a l
Bank
565,821
2,300 '
1,303,420 Mountainair—Mountainair State
25,000
Bank
605,330 Portales—Security State Bank...
15,000

30,000
30,000

7,500
5,000

| " 6,256,136

1,945,493

539,359
346,341
77,115,707

OKLAHOMA.

Fort Towson—First State B a n k . .
Valliant—Farmers State Guaranty Bank

48

JANUARY 1,1919.

FEDERAL RESERVE BULLETIN.

Capital.

Capital.

District No. 11—Continued.




Total resources.

District No. 11—Continued.
TEXAS—continued.

TEXAS.

Alpine—Alpine State Bank
Alto—Alto State Bank
Anson—Anson State Bank
A very—A very State Bank
Ballinger—Ballinger State Bank
& Trust Co
Beaumont—
Guaranty Bank & Trust Co..
Texas Bank & Trust Co
Beeville—Beeville Bank & Trust
Co
Bonham—
Fannin County Bank
First State Bank of Bonham..
Bremond—First State Bank
Brownfield—Brownfield S t a t e
Bank
Canyon—First State Bank
Childress—Farmers & Mechanics
State Bank
Collins ville—First Guaranty State
Bank
Colorado—First State Bank
Commerce—Citizens State Bank..
Corsieana—First State Bank
Crowell—First State Bank
Cuero—First State Bank & Trust
Co
DallasCentral State Bank & Trust
Co
First State Bank of Dallas
DeKalb—First State Bank
Denison—Denison Bank & Trust
Co
Edgewood—Farmers
& Merchants State Bank
El Paso—
El Paso Bank & Trust Co
Rio Grande Valley Bank &
Trust Co
Ennis—First Guaranty State
Bank & Trust Co
Flatonia—Flatonia State Bank..-.
Franklin—First State Bank
Frost—Citizens State Bank
Galvcston—South Texas State
Bank
Gilmer—Gilmer State Bank
Goldthwaite—Trent State Bank..
Graford—First State Bank
Grand Prairie—First State Bank.
Hamlin—First State Bank
Hansford—Guaranty State Bank.
Hereford—First State Bank &
Trust Co
Hillsboro—First State Bank
Italy—Fanners State Bank
Jacksonville—
Farmers Guaranty State Bank
First Guaranty State Bank...
Junction—Junction State B a n k . .
Kerens—First State Bank
Kilicen—First State Bank
Kirkland—First State Bank
Ladonia—First State Bank
Lamesa—First State Bank
Leonard—First State Bank
Lockney—Lockncy State Bank . .
Lorenzo—First State Bank
Lubbock—
Lubbock State Bank
Security State Bank & Trust
Co
Memphis—Citizens State B a n k . . .
Mount Calm—First State Bank . .
Mount Pleasant—Guaranty State
Bank
Nacogdoches—Commercial Guaranty State Bank
Normangec—First State Bank....
Paducah—First State Bank
Palmer—First Guaranty State
Bank
I

Surplus.

ParisFirst State Bank
Larnar State Bank & Trust Co
Pecos—Pecos Valley State Bank..
Post Citv—First State Bank
Quanah—First Guaranty State
Bank
Reagan—First State Bank
Richardson—Citizens State Bank
Rockwell—Guaranty State Bank.
Royse City—First State Bank....
Rusk—Farmers & Merchants
State Bank
Sabinal—First State Bank
Santa Anna—First State B a n k . . .
Savoy—First State Bank
Shamrock—Farmers & Merchants
State Bank
Sinton—Bank of Commerce
Snydcr—First State Bank & Trust
Co
268,579 Stamford—First State Bank
91,391 Sweetwater—Texas
Bank &
202,313
Trust Co
817,992 Terrell—First State Bank
204,466 Tioga—First Guaranty State
Bank
660:644 Trenton—Guaranty State Bank..
TylerGuaranty State Bank
Peoples Guaranty State Bank
2,401,949
4,813,858 TVeatherford—First State B a n k . .
Bank &
'436.331 Wharton—Security
Trust Co
1:658,614 White Deer—First State B a n k . . .
Winnsboro—Merchants & Planters State Bank
194,616
Wolfe City—First State Bank
1,694,864 Wylie—First State Bank

100,000
35,000
200,000
500,000

90,000

3,421,491

100.000
40', 000
30'. 000
25j000

20,000
2,000
10,000
25,000

673,891
416,222
248,812
318,988

125,000
50,000
50,000
25,000
40,000
25,000
25,000

14,000
12,500
25,000
7,000
20,200
10,000
2,000

2,218,705
229,751
464,000
145,571
284,569
172,643
100,215

50,000
150,000
25,000

50,000
15,000
12,500

629,921
871,522
485,501

50,000
50,000
50,000
50,000
25,000
25;ooo
25,000
30,000
50,000
25,000
25,000

10,000
10; 000
50,000
25,000
7,500
10,000
12,500
20,000
5,000
5,500

367,880
533,448
378,454
402,498
171,264
156,853
367,584
269,185
508,852
237,842
107,631

100,000

17,500

587,514

100,000
75,000
25,000

47,500
7,000

228,083
425,459
168,500

60,000

15,000

539,284

100,000
25,000
50,000

20,000
25,000
50,000

1,149,760
209,283
406,460

25,000

12,500

240,651

S75,000
17,500
29,000

$1,299,799
1,364,469
552,744
88,183

100,000
25,000
25,000
35,000
35,000

50,000
7,000
3,000
1,800
15;000

616,217
136,269
256,590
354,565
425,020

25,000
30,000
35,000
25,000

366,192
243,834
179,875
240,059

50,000
25,000

15,000
25;000
8,000
5,500
50,000
7,000

50,000
55,000

25,000
13,000

236,188
380,801

100,000
100,000

75,000
60,000

365,303
825,022

30,000
25,000

7,500
5,000

208,447
111,351

200,000
100,000
125,000

55,000
25,000
15,000

1,168,086
639,890
750,552

50,000
25,000

6,000

479,584
115,609

30,000
50; 000
30,000

30,000
22,000
15,000

412,219
483,244

6,848,000

Total

8150,000
150,000
110,000
25,000

2,199,600

57,301,834

500,000

100,000

4,195,679

50,000

56,000

933,448

25,000

2,500

121,873

110,000

51,000

1,524,713

640,000

210,000

5,497,499

25,000
50,000
40,000
60,000

20,000
10,000
2,000
10,000

473,623
595,117
347,519
540,396

25,000
25,000
25,000

12,500
10,000

120,888
548,740
327,173

362,728
335,142

District No. 1%.
ARIZONA.

Phoenix—Valley Bank

,

CALIFORNIA.

Placerviile—A. Mierson Banking Co
San Fernando—San Fernando
Vallev Savings Bank
Santa Monica—Bank of Santa
Monica
Stockton—Farmers & Merchants
Bank of Stockton
IDAHO.

Ashton—Security State Bank
Blackfoot—Blackfoot City Bank..
Cambridge—Peoples Bank
Emmett—Bank of Emmett
Filer—Farmers & Merchants
Bank
Genesee—Genesee E xchange Bank
Good ing—Citizens State Bank
Idaho F a l l s Anderson Bros. Bank
Farmers & Merchants Bank..
Kimberly—Bank of Kimberly
May—Union Central Bank
Menan—Jefferson State Bank
Meridian—Meridian State Bank..
Murtaugh—Bank of Murtaugh
Nezperee—Union State Bank
Oroiino—Bank of Orofino
Parma—Parma State Bank
Picabo—Picabo State Bank
Pocatello—Citizens Bank
Potlatch—Potlatch State Bank...

100,000
150,000
35,000
30,000
25,000
25,000
25,000
50,000
25,000
100,000
25,000
100,000
50,000

100,000
7,500
11,000
1,000

10,000
3,500
25,000
20,000
10,000

2,074,748
1,314,325
382,624
81,495
27,388
111,706
81,228
307,577
274,430
652,587
80,944
1,061,866
772,964

Capital.

Surplus.

Total resources.

District No. 12—Continued.

Total resources.

Capital.

District No. 12—Continued.

IDAHO—continued.

WASHINGTON—continued.

Rexburg—-Farmers & Merchants
Bank
Rigby—Rigby State Bank
St. Anthony—St. Anthony Bank
& Trust Co
*.
Star—Farmers Bank
Sugar Citv—Fremont County
Bank...."
Sweet—Farmers & Stockgrowers
Bank
Victor—Victor State Bank
OREGON.
i

.Astoria—Scandinavian American !
Bank
!
Enterprise—Entcrpriso S t a t e
Bank
Hood River—Butler Banking Co.
Joseph—First Bank of Joseph
Marshfi e l d Bank of Southwestern Oregon
Scandinavian American Bank
Moro—Farmers State Bank
!
North Portland—Live Stock
State Bank
Oregon City—Bank of Oregon
City
.*
Portland—Ladd & Til ton Bank..
Redmond—Redmond Bank of
Commerce
Tillamook—Tillamook County
Bank
"...
Delta—.Delta State Bank
Kaysville—Barnes Banking Co...
Logan—Thatcher Bros. Banking
Co
:.
Magna—Magna Banking Co
Ogcten—Ogden Savings Bank
Payson—Payson Exchange Savings Bank
Price—Price Commercial & Savings Bank
Provo—Knight Trust & Savings
Bank
Richfield—James M. Peterson
Bank
Salt Lake City—
Deseret Savings Bank
F a r m e r s & Stockgrowers
Bank
McCorniek & Co., Bankers...
State Bank of Sevler
Utah Savings & Trust Co
Walker Bros., Bankers

Farmington—Bank of Farming$50,000
8373,895
ton
S6,000
370,611 Hoqiiiam—Lumberman's Bank..
30,000
10,000
La Crosse—First State Bank of
551,434
30,000
14,000
La Crosse
213,783 ivlolson—Molson State Bank
5,000
25,000
North Yaldina—Yakima Valley
234,623
2,000
25,000
Bank
"..
Odessa—Farmers & Merchants
149.937 i Bank
25,000
196^648 I P o r t Townsend—Merchants
25,000
Bank of Port Townsend
Reardan—Farmers State Bank...
Rosalia—Bank of Rosalia
St. John—Farmers State Bank...
10,000 I 1,545,914 Seattle100,000
Dexter Horton Trust & Sav286,237
10,000
ings Bank
50.000
1,052,121
20.000
Metropolitan Bank
ioo;ooo
323,569
Scandinavian American
io;ooo
Bank
50,000 i
949,209 South ftellingham—Northwest10,000
100,000 j
259,082
5,153
ern Stale Bank of Belllngbam..
25| 000
310,080 Spokane—Spokane & Eastern
1,250
25,000
"Trust Co.".
1,647,472 Stanwood—Bank of Stanwood....
20,000
100,000
Tacoma—Fidelity Trust Co
1,320,011 Tekoa—
100,000
50,000
1,000,000
Citizens State Bank
i, ooo; ooo 24,399,532
Tekoa State Bank
25,000
Toppenish—Traders Bank
5,000
216,563 Walla Walla—Farmers Savings
40,000
Bank
7,000
660,102 Wilbur—State Bank of Wilbur
25,000
50,000

4,000
50,000

230,872
436,80.1

150,000
25,000
150,000

50,000
2,500

1,605,082
292,791
1,496,188

50,000
50,000
300,000
4.8,000
500,000

150,000
25,000
45,000
15,000
23,000

539,958
760,374

Total..

553,193

25,000
100,000

5,000
14,500

243.738
888^985

60.000

15.000
4; 250

704,258
227;001

18,000

1,385,190

25,000
75,000
25,000
25,000
25,000

2,500

303,994

25,000
10,000
5; 000
3,125

790,462
535,952
321,385
241,042

400,000
200,000

100,000
100,000

8,230,887
4,186,931

1,000,000

500,000

21,027.514

100,000

60,000

1,657,568

1,000,000
25; 000
500,000
25,000
30,000
25,000

200,000
10,000
300,000
10,000
15,000
10,000

10,581,529
548,859
7,401,332

40,000
7,000

1,706.039
676', 524

.\ 11,773,000 ! 4,407,52?

161,579,849

25; ooo
100,000

200,000 I
50,000 '

380,200
427,768
505,344

Statement showing membership of State banks and trust
companies in the Federal Reserve system, up to and including Dec. 81, 1918, classified by districts as to number of
banks, capital, surplus, and resources.

1,595,140

District.

Num- I
ber of I Capital.
banks.

Surplus.

Total
resources.

4,871,306

300,000
600,000
45,000
300,000
.500,000

300,000
20,000
120,000
25,000
20,000
100,000

1,094,942
10,889,230
595,043
2,746,990
9,499,160

25,000
50,000
100,000

5,000
10,000
10,000

111,433
527,383
473,712

150,000

100,000

1,955,490

50,000
25,000

15,000
6,250

342,951
366,972

"WASHINGTON.

Albion—Albion State Bank
Almira—Almira State Bank
Centralia—Centralia State Bank..
Chchalis—Coftman, Dobson & Co.,
Bankers (Inc.)
Colfax—First Savings & Trust J
Bank of Whitman County
j
Enumelaw—Peoples State Bank .j




49

FEDERAL KESEEVE BULLETIN.

JANUARY 1, 1919.

No. 1—Boston
No. 2—New York
No. 3—Philadelphia....
No. 4—Cleveland
No. 5—Richmond
No. 0—Atlanta
No. 7—Chicago
No. 8—St. Louis
I
No. 9—Minneapolis
j
No. 10—Kansas C i t v . . .|
No. II—Dallas
."
j
No. 12—San Francisco.

Total..

31 1527,075,000 329.379,000 | 6628,462,609
101 1117,391,273 156', 439,846 | 3,366,784.468
"" 21.385,712 45,237.205 j 339;57i; 901
3i; 620,000 59,098; 750
585,590,840
9,376,250
108,983,839
6.459,140 i
15,840,000 10;056,760 I
238,500,448
71,994,500 63,422,490 • 1,330,062,231
'
• .1., t>;;-.t, K>\I\J
44 23,825'. 000 20,112,250 ! 341,615,635
77,115,707
6,256'. 136 1,945,493 !
70
5,265; 000 P,. 209,580 ! 103,243,414
27
6,848,000
57,301,834
2.199,600 ;
100
87 I 11,773,000
161,579,849
4; 407,528 i
936 1348,649,871 401,967,642 ! 7,338,812,775

50

VEDEBAL, RESERVE BULLETIN.

Proposed Membership of Savings Banks.
The United States Council of State Banking
Associations has sent to State banks, trust
companies, and savings banks a circular letter
which relates to the question of admitting
to membership in the Federal Reserve System
mutual savings associations without capital
stock, all unincorporated savings banks with
insufficient capital stock to entitle them to
become member banks under the existing
law, and which also contains some proposals
which affect national banks. In order that
all member banks may be informed of the
proposed legislation which the Federal Reserve
Board has been asked to consider recommending to Congress, the circular is reprinted
herewith.
[United States Council of State Banking Associations, Union Trust
Building, Washington, I). C. Bulletin No. l.]

The Federal Reserve Board has been asked
to consider the advisability of recommending
to Congress certain amendments to sections
9 and 19 of the Federal Reserve Act and to
section 5154, Revised Statutes, which would
seem to be of especial interest to savings
banks organized under State law, but is also
of interest to all State chartered institutions.
The Board has taken no action in the matter
and has expressed no opinion as to the merits
of the suggestions made.
Pending any action on these suggestions
it has consented to the circulation of the
memorandum containing them, in the form
in which submitted to the Board.
An opportunity is thus afforded to all State
banks, through the council, to give expression
to their opinion-on the merits of the amendments proposed and to suggest any changes
or modifications that should be made if the
Board should determine to recommend to
Congress legislation of this character.
You are, therefore, requested to communicate with this office at your early convenience
on this subject in order that any views that
you or other State bankers may entertain
on this subject may be properly presented
to the Federal Reserve Board,




1,1819.

If this legislation should be recommended
and bills should be introduced designed to
carry out the suggestions made, copies will,
of course, be circulated for your information.
It is hoped that these proposed amendments will be carefully considered by those
interested from the standpoint of their effect
on our general banking situation as well as
from the standpoint of their possible effect
upon any individual bank or any particular
locality.
We trust you will take advantage of the
opportunity which is thus afforded to express
your views on this proposed legislation in its
formative stages.
PROPOSAL I.

An amendment to section 9 of the Federal
Reserve Act authorizing the Federal Reserve
Board to admit to membership mutual savings associations without capital stock or incorporated savings banks with insufficient
capital stock to entitle them, to become member banks under existing law, provided the
surplus of such mutual savings associations or
the combined capital and surplus of the incorporated savings banks is equal to the amount
of capital stock required of national banks in
the places in which such associations or savings banks are located.
PROPOSAL II,

An amendment to section 19 of the Federal
Reserve Act authorizing the Federal Reserve
Board, by regulation, to prescribe the conditions that must be complied with in order that
a time deposit may be classed as a savings account or savings deposit and providing that
two-thirds of the 3 per cent reserve carried
against savings accounts may consist of bonds
of the United States issued since April 24
1917, or certificates of indebtedness" of the
United States deposited with the Federal
Reserve Bank.
PROPOSAL in.

An amendment to section 5154 of the Revised Statutes authorizing incorporated

JANUARY 1,1919.

FEDERAL BEBBBVB B U L L E T I N .

51

(B) TO COORDINATE STATE AND FEDERAL BANKING
ings banks which convert into national banks
POWERS.
to maintain separate savings 'departments and
authorizing national banks to establish and
The Supreme Court has fully recognized the
maintain separate savings departments to be right of Congress to vest in national banks all
operated in substantial conformity with State powers enjoyed by competing State corporalaws.
tions. National banks must meet the competition of State banks, trust companies, and
PURPOSES OF PROPOSED AMENDMENTS.
savings banks. To coordinate the powers of
(A) TO ENABLE NATIONAL BANKS TO EXTEND INCREASED national banks with those of competing State
FACILITIES TO CUSTOMERS.
corporations, such banks should therefore be
Under authority of section 11 (k) of the given the powers enjoyed by these three classes
Federal Reserve Act as amended by the act of of corporations, and should be made subject
September 28, 1918, national banks are now to the same general restrictions and limitapermitted to operate separate trust depart- tions in the exercise of such powers. On the
ments and to exercise fiduciary powers on other hand, the privileges of membership' in
terms of substantial equality with competing the Federal Reserve System, should be exState corporations. Appropriate safeguards tended to those corporations which come into
have been provided for the protection of the competition with national banks, in order that
they may meet the competition of national
beneficiaries of all trust estates.
Under existing laws, therefore, national banks on a basis of equality.
banks may extend all necessary facilities to
T THE SAVINGS DEPOSITC
the commercial depositor and to those desiring
THE WAGE EARNER. TO SAVE.
to avail themselves of the services usually extended by trust companies. In the matter of
Under existing laws the savings deposits are
savings deposits, however. Congress has made mingled with the commercial deposits of
no provision for a separate savings depart- national banks, although the commercial dement or for the investment of savings deposits posit is payable on demand and the savings
in that class of securities in which such deposits deposit is subject to 30 days' notice. For the
are usually invested, No distinction is made protection of the savings depositor a separate
in this regard between savings accounts and department should be created and a national
ordinary interest-bearing accounts. Savings bank should be restricted in the character of
deposits, in theory at least, represent the sav- investments that may be made of savings deings of the small wage earner. They are sub- posits. Investments acquired with savings
ject to 30 days' notice before withdrawal— deposits should be segregated and made subject
that is to say, the bank may require the de- to a lien of the savings depositor in the event of
positor to give 30 days' notice of any intended liquidation or receivership of the bank. Safewithdrawal. There is accordingly no reason guards provided by State laws for the protecwhy all of these deposits should be invested tion of this class of depositors should be made
by the bank in that class of liquid securities in applicable to savings departments of national
which commercial deposits are invested. If banks.
national banks are permitted to invest some
portion of their savings accounts in high-grade (D) TO INCREASE THE BANKING POWER OP THE FEDERAL
RESERVE SYSTEM.
long time securities or in first mortgage real
It is estimated that the mutual associations
estate notes or bonds, their powers will be
broadened and they will be enabled to extend alone have assets aggregating approximately
additional facilities to their customers.
$5,000,000,000. The incorporated savings




52

FEDERAL RESERVE BULLETIN.

banks also have a very large amount. I t is
true that a large proportion of the assets of such
associations and banks are not eligible for rediscount or purchase by Federal Reserve Banks
and that the cash resources are proportionately
small. If these associations and banks are
admitted to membership, however, they will be
able to transfer to the Federal Reserve Banks a
fair proportion of their cash resources and of
balances carried with other banks and will to
that extent supplement the resources of the
Federal Reserve Banks. The banking power
of the Federal Reserve System will be still further increased when such associations and
banks are authorized by State law to invest a
larger proportion of their assets in bills, notes,
drafts, and acceptances eligible for rediscount
or purchase by Federal Reserve Banks.

JANUARY 1,1919.

ondary reserve and make possible the investment of an even larger proportion of their
assets than such associations or banks can
conservatively make under existing conditions.
(F) TO MAKE IT AN ADDED INDUCEMENT FOR NATIONAL
BANKS TO" ENCOURAGE WAGE EARNERS TO BUILD UP
SAVINGS ACCOUNTS.

It is believed that if these amendments are
adopted, national banks will find it to their
interest to encourage in every way the building up of savings accounts—
(a) Because the funds derived from this
source will be available for investments which
national banks are frequently called upon to
make, but which under existing laws they are
prohibited from making.
(&) Because by carrying two-thirds of the
3 per cent reserve required to be maintained
(E) TO ENCOURAGE STATE LEGISLATION AUTHORIZING THE against savings accounts in United States
INVESTMENT OF SAVINGS DEPOSITS IN LIQUID SECURI- bonds or certificates of indebtedness, such
TIES.
banks will be enabled to earn interest on such
reserve balances at a profitable rate.
It is submitted that the admission of mutual
savings associations and savings banks into (G) TO STABILIZE THE MARKET FOR UNITED STATES BONDS
AND CERTIFICATES OF INDEBTEDNESS.
the Federal Reserve System will give an added
impetus to the movement for State legislation
The receipt on deposit of United States
authorizing such associations and banks to bonds and certificates of indebtedness by
invest a larger proportion of their assets in Federal Reserve Banks as reserve against savliquid securities. Associations or banks which ings accounts would create a fixed market for
pay interest on practically ail deposits must, such bonds and certificates and would have
of necessity, keep a large proportion of their a tendency to stabilize the value of such
assets invested at all times. As members of securities.
the Federal Reserve System, liquid securities
E. G. MOWILLIAM,
which will supplement the earnings of such
Assistant to the President.
associations and banks wall constitute a sec- JANUARY 7, 1919.




1.1910.

FEDERAL RESEEVE BULLETIN.

53

RULINGS OF THE FEDERAL RESERVE BOARD.
Below are rulings sent out from time to time
over the signatures of the officers or members
of the Federal Reserve Board which contain
information "believed to be of general interest
to Federal Beserve Banks and member banks
of the system:
Service of Class C directors in mutual savings banks.

Federal 'Reserve Bank stock. Reference is
made to ruling published in the FEDERAL
RESERVE BULLETIN for March, 1918, page 201.

Fiduciary permits io national banks.

Section 11 (k) of the Federal Reserve Act,
as amended by the act of September 26, 1918,
authorizes the Federal Reserve Board to grant
permits to exercise trust powers onty to those
national banks which have capital and surplus
equal to the amount required under State law
to competing State corporations.
The Board can not grant permits to a
national bank with insufficient capital, even
though its application was filed prior to the
act of September 26, 1918. Surplus can not
be treated as capital stock where the State
laws require a corporation exercising trust
The context and general purposes of the act powers to have a prescribed amount of capital
indicate that Congress had reference to incor- stock.
porated banks and banking associations. The
Board is of the opinion, however, that Class C
directors should not be affiliated with any Eligibility of drafts drawn under credits.
Drafts drawn under the credit opened by
b a11 ki n g association.
certain banks to finance the Cuban sugar crop
are eligible for rediscount with a Federal Reserve Bank when accepted by the bank against
Federal Reserve stock held by liquidating bank.
Stock in a Federal Reserve Bank should be which the}' are drawn. In this case the sugar
surrendered by a liquidating national bank as in question was sold to the United States
soon as accounts between such liquidating Equalization Board for shipment to the United
bank and the Federal Reserve Bank can be States or United Kingdom under contract enreasonably adjusted. The regulations of the tered into between the purchasers and tho
Board do not prescribe the exact time that a Equalization Board through the agents of the
bank in liquidation may continue to hold former in New York.
The Board will not approve a Glass C director's serving as director of a mutual savings
association. It is true that the word "bank,"
as used in the Federal Reserve Act, has not
been held to include mutual savings associations without capital stock.
Section 1 of the act provides:
Wherever the word "bank" is used in this
act, the word shall be held to include State
bank, banking association, or trust company,
except where national banks or Federal Reserve Banks are specifically referred to.




54

FEDERAL RESERVE BULLETIN.

JANUARY 1,1919.

LAW DEPARTMENT.
II. They are allowed to transact "only" the business of:
State Laws Affecting the Operations of Foreign
(1) Buying and selling, paying and collecting bills of exBanking Corporations.
change; (2) issuing letters of credit; (3) receiving money

Under authority of section 25 of the Federal
Reserve Act, some of the national banks have
established branches in foreign countries, while
others have subscribed to stock in banking corporations organized under State laws, engaged
principally in the business of international or
foreign banking.
As our foreign trade continues to develop, it
may reasonably be expected that the foreign
activities of banks organized in the United
States will continue to increase and that banks
organized in foreign countries will desire to
enlarge the scope of their operations in the
United States. In seeking to bring about a
standardization of State and national banking
laws, it is therefore important that this subject
should be given careful consideration. The
following analysis of those provisions in the
several State statutes which relate to foreign
banking corporations has therefore been prepared for the benefit of those interested in this
subject. Nearly all of the States have laws
affecting the operations of foreign corporations. This analysis, however, deals only with
those laws which relate specifically to the operations of foreign banking corporations. It has
been assumed that the language u foreign banking corporation77 would be held by the State
courts to include corporations organized under
the laws of other countries as well as corporations organized under the laws of other States.
State laws relating to the operations of foreign
corporations have been referred to only in those
instances where such reference was necessary
to render intelligible the statute relating to
operations of foreign banks. States having no
laws which relate specifically to operations of
foreign banking corporations have been omitted from this analysis.

for transmission or transmitting the same; (4) making
loans. (California Bank Act, as amended, 1917, sec. 7.)

Conditions precedent to transacting business.
No foreign corporation may transact a banking business
in the State until it has complied with all the requirements of the State laws relative to banks; has assigned to
its business in the State the amount of paid-up capital and
surplus required by the banking law for the transaction
of such business within the State; and has received a
certificate from the superintendent of banks. (California
Bank Act, as amended, 1917, sec. 7.)
Must keep separate accounts, etc.
The capital of any foreign banking corporation assigned
to its business in the State and all funds, deposits, and
accounts incident to its business in the State must be kept
separate and apart from its general business, assets, and
accounts in the same manner as if the business conducted
within the State was of a separate and independent corporation organized under the State laws. (California Bank
Act, as amended, 1917, sec. 7.)
Funds in the State security for deposits.
"Such funds and investments or loans thereof shall be
appropriated solely to the security and payment of such
deposits and shall not be mingled with the investments of
the capital stock or other money or property belonging to
such corporation or be liable for the debts or obligations
thereof." (California Bank Act, as amended, 1917, sec. 7.)
Subject to State limitations on loans, investments, etc.
All of the provisions of the State law affecting investments, loans, deposits, and conducting business in any
respect apply to such assigned capital, investments, loans,
deposits, assets, funds, and business in the same manner
as if they constituted the business of a separate and independent corporation. (California Bank Act, as amended,
1917, sec. 7.)
Same—Exceptions.
.But if a foreign corporation has assigned to its business
in the State a paid-up capital and surplus equal to 20 per
cent of its deposit liability to residents of the State, it may
make loans based on its entire paid-up capital and surplus.
(California Bank Act, as amended, 1917, sec. 7.)
"Nothing in this act shall limit or affect the right of any
foreign corporation doing a banking business in this State
to lend within this State moneys of such corporation which
do not form a part of the moneys, deposits, or assets of such
corporation assigned or belonging to its business in this
State." (California Bank Act, as amended, 1917, sec. 7.)
Disposition of income from funds in the State.
"All income received from the investment of said funds
over and above such funds as may be paid to depositors
as interest or shall be earned to the surplus fund, * * *
shall accrue as profits to the corporation and may be transferred to its general funds." (California Bank Act, as
amended, 1917, sec. 7.)

ALABAMA.
'Examination.
"The superintendent of banks shall also have the power
to examine or cause to be examined every agency located
in this State, or any foreign bank for the purpose of ascertaining whether it has violated any law of the State and
for such other purposes and to such other matters as the
superintendent may prescribe." (Banking Laws of Alabama, 1911, sec. 7.)
CALIFORNIA.
Limitations on banking powers.
Manager or agent to take oath.
I. Foreign banking corporations are denied the right to
"The managers or agents residing in this State, of a
accept deposits of money^ (An exception is made as to foreign corporation transacting any banking business in
banks exercising the privilege when the law was enacted.) this State, shall take an oath that they will, as far as the




JANUARY 1,1919.

55

FEDERAL RESERVE BULLETIN.

duty devolves on them, diligently and honestly administer the affairs of such ban]?:, and will not knowingly violate or willfully permit to be violated any of the provisions
of law applicable to such bank. Such oath shall be subscribed by the managers or agents taking it, certified by
the officer before whom it is taken, and immediately
transmitted to the superintendent of banks and filed and
preserved in his office." (California Bank Act, as
amended. 1917, sec. 11.)
Subject to State supervision and regulation.
Foreign banking corporations transacting business in the
State are subject to the supervision of the State superintendent of banks, and must conduct all their business in
accordance with the State banking laws. (California Bank
Act, as amended, 1917, sec. 7.)
Loans by corporations having no offices in the State.
"This section shall not be construed to prohibit foreign
banking corporations, which do not maintain an office in
this State for the transaction of business, from making
loans in this State secured by mortgages on real property,
nor from accepting assignments of mortgages covering real
property situated in this State, nor from making loans
through correspondents which are engaged in the business
of banking in this State under the laws of this State."
(California Bank Act, as amended, 1917, sec. 7.)
Authorizing superintendent to receive service of process.
No foreign corporation may transact any banking business in the State until it has appointed the superintendent
of banks its attorney, upon whom all process issued in the
State may be served, "with the same effect as if such corporation was formed under the laws of this State and had
been lawfully served with process therein. Such service
upon such attorney shall be deemed personal service on
such corporation." (California Bank Act, as amended,
1917, sec. 7.)
Examination.
The superintendent of banks has power to examine
every agency located in the State of any foreign banking
corporation. (California Bank Act, as amended, 1917,
sec. 124.)
Reports.
Every foreign corporation transacting the business of
•banking in the State must make the same reports of condition, so far as its business in the State is concerned, as
is required of domestic banks. (California Bank Act, as
amended,-1917, sec. 130.)
Representatives of foreign banking corporations.
Representatives of foreign banking corporations may
maintain offices in the State which do not purport to be
the places of business of banks or trust companies; but
they must obtain licenses from the superintendent of
banks, which he may refuse or revoke at his discretion.
/California Bank Act", as amended, 1917, sec. 12-c.).

CONNECTICUT.
Limited to business of private bankers.
Foreign banks may transact business only as "private
bankers." As such they can not use the words "bank",
'•banking", "trust" or "savings", as part of their names,
but may use the words "private bankers" or "private
banker". If the town or city in which business is carried
on by a foreign banker or a foreign bank has a population
of 20,000 or less, then such bank shall deposit with the
State treasurer bonds to the State in the sum of $20,000,
and in any city or town having a population of more than
20,000, bonds must be deposited in the sum. of §40,000.
The bonds must meet the approval of the State treasurer
and be held for the protection of depositors and customers
of the bank. (General Laws of Connecticut, 1918, sec.
3942.)
May establish no new branch or place of business.
After -Jay 1G, 1917, no private bank shall establish any
branch or open any new place of business; provided that
this provision shall not prevent the change of the location
of the place of business within the town in which said
business is located. (General Laws of Connecticut, 1918,
sec. 3944.)
Report to bank commissioner.
A foreign corporation engaged in business of receiving
money for safe-keeping or forwarding shall report to the
bank commissioner that it is engaged in such business.
(General Laws of Connecticut, 1918, sec. 3945.)
DELAWARE.

Banking powers denied.
"No foreign corporation * * * shall, within the
limits of this State, by any implication or construction, be
deemed to possess the power of discounting bills, notes, or
other evidences of debt, of receiving deposits, of buying
gold or silver bullion or foreign coin, of buying and selling
bills of exchange, or of issuing bills, notes, or other evidences of debt upon loan for circulation as money, anything in its charter or articles of incorporation to the contrary thereof notwithstanding." (Delaware Code, sec.
2101-g.)
FLORIDA.
May not engage in banking.
'' No person, firm, or company shall be allowed to conduct
a banking business in this State without being incorporated under the banking laws of this State, or being authorized to do business under the national banking laws,
except as otherwise provided in this act." The sole exception provided in the act is that persons, firms, or companies engaged in a private banking business at the time
of the passage of the act may be permitted by the comptroller to continue to conduct such business. " They must
COLORADO.
have a capital of not less than $15,000, and are subject to
the banking laws of the State. (Laws of Florida, 1915.
.Authority to engage in banking*.
ch. 6812, No. 6.)
There is no provision specifically affecting foreign banks
IDAHO.
but the following provision might be construed to prohibit them from engaging in business in the State:
Power to engage in banking.
"If the State bank commissioner shall be satisfied that
a bank has been legally organized in full conformity with " I t shall be unlawful for any individual, firm, or corthe provisions of this act, and the capital thereof paid in poration to receive money upon deposit or transact any
cash, he shall issue * * * to such bank a certificate other form of banking business except as authorized by
authorizing it to conduct the business proposed, and no this act * * *." (Idaho Banking Law, sec. 62.) The
bank shall advertise or hold itself out as engaged in bank- sole authority to engage in the business of banking proing nor shall it transact any business until so authorized." vided for in the act refers only to banks incorporated
under the act itself. (Idaho Banking Law, sec. 28.)
(Colorado Session Laws, 1913, ch. 44, sec. 9.)




58

FEDERAL RESERVE BULLETIN.

Method of assessment.
Foreign banks and private bankers doing business in
this State, and having no fixed amount of capital paid in
and used permanently in the conduct of such business,
shall be assessed where located in an amount equal to the
general average of moneys used as exhibited by daily and
monthly balance sheets during the year preceding the
time of asseesment. (Idaho Session Laws, 1917, sec. 175,
p. 138.)
ILLINOIS.
Foreign corporations authorized to lend money.
''Any corporation formed under the laws of any other
State or country, and authorized by its charter to invest
or loan money, may invest or loan money in this State.
And any such corporation that may have invested or lent
money as aforesaid may have the same rights and powers
for the recovery thereof, subject to the same penalties for
usury, as private persons, citizens of this State * * *."
(Jones and Addington's Ann. 111. Stat.. sec. 2525.)

jANUAItl' 1, 19.1.0.

by individual citizens of the State and by firms domiciled
in the State whose active members shall be citizens of this
State, provided that no private banker or other person or
persons not incorporated under this act shall be permitted
to use the title bank, banking association or Saving bank
in connection with its name." (Act 179 of 1902. sec. 1,
as amended by Act 140 of 1906.)

Tax on foreign banks.
"All banks, banking associations, banking corporations,
or banking companies doing business in this State but
domiciled in other States of the Union or in foreign countries, who may in their own name or in the name of their
agents or representatives, engage in this State in the business of lending money or dealing in bills of exchange exclusively, shall pay a yearly license tax of $250 to the
State and like tax to the municipal or parochial corporation, and in addition to said license tax shall pay to the
State an annual tax of 2J per cent on the gross interest
earned on all money loaned, and to the municipal or
parochial corporation a like tax of 2J per cent, and shall
IOWA.
be subject to no other or further taxation either by the
State or by any political subdivision thereof." (AmendPower to engage in banking.
ment to Constitution of Louisiana, proposed by Act 31
"No corporation shall engage in the banking business, of 1914 and ratified in November, 1914.)
receive deposits, and transact "the business generally done
MAINE.
by banks unless it is subject to and organized under the provisions of this title, or of the banking laws of the State Must pay tax.
"Every banking association or corporation, not incorheretofore existing * * '*." (Code of Iowa, Title IX,
porated under the laws of this State or of the United States,
ch. 12, sec. 1889.)
that maintains a branch or agency in this State for the
Penalty for advertising unauthorized savings business.
transaction of a banking business, shall pay to the treas"Any bank, banking association, private banker or urer of State a tax of three-quarters of 1 per "cent a year on
person not incorporated under the provisions of this the amount of such business done in this State." (Rechapter or any officer, agent, servant or employee thereof vised Statutes of Maine, 1916, ch. 9, sec. 67.)
who shall advertise, issue or circulate any card or other
paper, or exhibit any sign as a savings bank or savings Must keep accounts and make reports.
institution * * * shall forfeit and "pay $100 for each
Foreign banks must keep accounts and make semiannual
clay the offense is continued * * * and in addition
the
thereto shall be guilty of a misdemeanor each day the same reports showing the amount of money employed and 69.)
business done in the State at all times. (Id,'sec. 68,
is done or continued." (Iowa Code, sec. 1859.)
Power to engage in banking.
KENTUCKY.
" Except
no
associaForeign corporations not favored more than domestic tion, unless as hereinbefore provided,laws banking State or
incorporated under the
of this"
corporations.
of the United States, shall maintain any branch or agency
"No corporation organized outside the limits of this in this State for the transaction of "banking business
State shall be allowed to transact business within the State * * *." (Id, sec. 70.)
on more favorable conditions^than are prescribed by law
MASSACHUSETTS.
to similar corporations organized under the laws of this
Commonwealth." (Constitution of Kentucky, sec. 202.)
Power to engage in banking.
Power to engage in banking.
No foreign banking association or corporation may en" No corporation shall engage in business other than that gage in banking in this State until it has obtained a cerexpressly authorized by its articles of incorporation or tificate authorizing it to do such business from a board
amendments thereto; nor shall any corporation, directly or composed o " the bank commissioner, the treasurer, and
L
indirectly, engage in or carry on in any way the business receiver general, and the commissioner of corporations.
of banking or insurance of any kind, unless jit has become (Massachusetts Acts, 1908, ch. 347, sec. .1.)
organized under the laws relating to banking and insurance * * *." (Kentucky Statutes., sec. 567.) (It is Supervision and examination.
doubtful whether this section requires banking corporaForeign banks doing business in the State are
tions and insurance corporations doing business in the State supervision and examination by the State banksubject to
commisto be incorporated under the laws of Kentucky, or whether sioner, and are subject to the-equity jurisdiction of the
it merely requires them to be incorporated.)
State Supreme Court. (Massachusetts Acts, 1906. ch. 347,
sees. 1-4.)
LOUISIANA.

Power to do savings bank business.
Who may engage in banking in the State.
No foreign banks may engage in the business of savings
"The business of banking shall be carried on onl >by
such incorporated associations as shall have been organ- banks, except those which were doing such business at the
ized under the laws of this State., and of the United States, time the statute was passed, and they must conduct such




JANUARY 1,1919.

FEDEBAL BESERVE BULLETIN".

57

"2. The place where its business is to be transacted in
business as a separate department and must conform to
all the State laws and regulations applicable to savings this State and the name of the agent or agents through
banks. (Massachusetts Acts, 1908, ch. 377; 1907, ch. 5330 whom such business is to be transacted.
" 3 . The amount of its capital actually paid in cash and
MISSOURI,
the amount subscribed for and unpaid. *
"4. The actual value of the assets of such corporation,
Prohibition of unlicensed banking business.
which must be at least §250,000 in excess of its liabilities;
" No corporation, domestic or foreign, other than a cor- and a complete and detailed statement of its financial conporation formed under or subject to the banking laws of dition as of a date within 60 days prior to the date of such
this State or of the United States, except as permitted by suchapplication.
"At the time such application certificate is submitted
laws, shall by any implication or construction be deemed
to possess the power "of carrying on the business of dis- to the commissioner such corporation shall also submit a
counting bills, notes, or other evidences of debt, of receiv- duly exemplified copy of its charter and a verified copy
ing deposits, of buying and selling bills of exchange, or of of its by-laws or the equivalent thereof." (Revised
issuing bills, notes, or other evidences of debt, for circula- Statutes of Missouri, ch. 12, Art. II, sec. 103.)
tion as money, or of engaging in any other form of banking." Licenses to foreign corporations; Renewal.
(Revised Statutes of Missouri, ch. 12, Art. I, sec. 13.)
"Upon receipt by the commissioner from any foreign
When foreign banking* corporation may transact business corporation of an application in proper form for leave to do
business in this State under the provisions of this chapter,
in the State.
"No foreign banking corporation, other than a bank he shall by such investigation as he may deem necessary
organized under the laws of the United States, shall satisfy himself whether the applicant may safely be pertransact in this State the business of buying, selling, or mitted to do business in this State. If from such investicollecting bills of exchange, or of issuing letters of credit, gation he shall be satisfied that it is safe and expedient to
or of receiving money for transmission or transmitting the grant such application and it shall have been shown to his
same by draft, check, cable, or otherwise, or of making satisfaction that such applicant may be authorized to ensterling or other loans or transacting any part of such busi- gage in business in this State pursuant to the provisions of
ness, or maintaining in this State any agency for carrying this chapter and has complied with all the requirements of
on such business, or any part thereof, unless such corpora- this chapter, he shall issue a license under his hand and
official seal authorizing such applicant to carry on such
tion shall have:
and
" 1 . Been authorized by its charter to carry on such business at the place designated in the license uponif such
license
business and shall have complied with the laws of the it shall is for a limited time, specifying the date in which
expire. Such license shall be executed
tripliState or country under which it is incorporated.
cate and
one copy
"2. Furnish to the commissioner such, proof as to the applicant,the commissioner shall transmitand file theto the
file
third
nature and character of its business and as to its financial in the office of another in his own office, or city in which
the recorder of the county
condition as he may require.
is located the place designated in such license. Whenever
" 3 . Designated the bank commissioner by a duly exe- any such license is issued for one year or less, the comcuted instrument in writing, its true and lawful attorney, missioner may, at the expiration thereof, renew such
upon whom all process in any action or proceeding by any license for one year." (Revised Statutes of Missouri, ch.
resident of the State against it may be served with the 12, Art. I, sec. 14.)
same effect as if it were a domestic corporation and had
been lawfully served with process within the State.
Revocation of authorisation certificate or license in cerli
4. Paid to the bank commissioner a license fee of $250.
tain cases.
"5. Received a license duly issued to it by the com"I£ at any time the commissioner shall be satisfied, that
missioner as provided in section 14 of this act.
"This section shall not be construed to prohibit foreign any private banker or foreign corporation to which has
banking corporations which do not maintain an office in been issued an authorization certificate or license is violatthis State for the transaction of business from making loans ing any of the provisions of this chapter or is conducting
in this State secured by mortgages on real property, nor its business in an unauthorized or unsafe manner, or is
from accepting assignments of mortgages covering real in an unsound or unsafe condition, to transact its business,
property situated in this State, nor from making loans or can not with safety and expediency continue business,
through correspondents which are engaged, in the business the commissioner may, over his official signature and seal
of a bank or trust company in this State under the laws of of office, notify the holder of such authorization certificate
the State." (Revised Statutes of Missouri, ch. 12, Art. or license that the same is revoked." (Revised Statutes of
II, sec. 104.)
I Missouri, ch. 12, Art. I, sec. 16.)
Application for license.
|
''Every foreign banking corporation, before e being j
licensed*by the bank commissioner to transact in this 1
State the business of buying, selling, paying, or collecting
bills of exchange, or of issuing letters ot credit, or of receiving money for transmission or transmitting the same
by draft, check, cable, or otherwise, or of making sterling
or other loans, or any part of such, business, or before
maintaining in this'State any agency for carrying on. such
business or any part thereof, shall subscribe and acknowledge and submit to the bank commissioner at his office
a separate application certificate in duplicate for each




Rights and privileges of foreign b&nking corporation
under license; effect of revocation.
"When the commissioner shall have issued a license to
any such banking corporation, it may engage in the business specified in the immediately preceding section of
this article at the location specified in such license for a
period of one year from the date of such license; and such
license may, in the discretion of the commissioner, be
reissued from year to year upon the payment by such
foreign banking corporation of the sum of $250 upon each
date that such license is reissued. No such license shall
be transferable or assignable and shall be at all times conspicuously displayed in the place of business specified
therein. In the event that such license shall have been
revoked by the commissioner, as provided in section 16 of

58

FEDERAL RESERVE BULLETIN.

this act, it shall be surrendered to the commissioner
within 24 hours after such corporation has received written notice of such revocation. Whenever the commissioner shall have revoked any such license and shall have
taken the action to make such revocation effective specified in section 16 of this act, all the rights and privileges
of such foreign corporations to transact business in this
State shall forthwith cease and determine." (Revised
Statutes of Missouri, ch. 12, Art. II, sec. 105.)

JANUARY 1,1919.

NEBRASKA.
Power to engage in banking.
" I t shall be unlawful for any corporation, partnership,
firm, or individual to engage in or transact a banking
business within this State, except by means of a corporation duly organized for such purpose under the laws of
this State." (Revised Statutes of Nebraska, 1913, as
amended, 1915, sec. 281.)

NEVADA.
Must obtain license.
"No individual, bank, banking firm, trust company,
or other corporation, incorporated under the laws of this
State, or of any other State or Territory or foreign country,
doing a banking business in this State, except banks doing*
business under the laws of the United States, shall engage
in the banking business in this State without first obtaining
from the bank examiner a license in the form presented by
him, authorizing such individual, firm, corporation, company, or trust company, to use the name and transact the
business of a bank.'' (Nevada Banking Law (as amended),.
sec. 47.)
NEW HAMPSHIRE.
May not do savings bank business.
"No person, copartnership, incorporation, or association,
except savings banks incorporated in this State, and trust
companies, loan and trust companies, loan and banking
MONTANA.
companies thereto empowered by their charters granted
Power to engage in banking.
in this State, shall hereafter" engage in the business of a
"Every person, firm, company, copartnership, or savings bank. (New Hampshire Laws of 1907, ch. 112.)
corporation, domestic or foreign," doing or holding itself
NEW JERSEY.
out as doing a banking business in the State "must have
the proper capital stock paid in and set aside for the Reciprocity necessary.
purpose of transacting such business, and must have
No banking, savings, trust or safe deposit corporation
received from the superintendent of banks, as provided created by any foreign State, Kingdom, or Government
for in this act, a certificate to do a banking business." shall transact any business in New Jersey except to the
(Montana Session Laws, 1915, ch. 89, sec. 25.)
extent that similar corporations of New Jersey are permitted to transact business in such State, Kingdom, or
Examination and regulation.
Government; provided every such foreign corporation
"Every person, firm, company, copartnership, or cor- shall comply with all the requirements of the laws of this
poration doing any of the things or transacting any of the State applicable to it in doing business therein. (Banking
business defined in this section, must transact such busi- Laws of New Jersey, sec. 58; Act of Apr. 10, 1907, p. 68;
ness according to the provisions of the bank act, and the Compiled Statutes, vol. 2, p.' 183, sec. 58.)
superintendent of banks, or his deputy or examiners,
shall have authority to examine the accounts, books, Must file copy of charter and statement of Officers.
papers, cash, and credits of every such person, firm, comEvery banking corporation or association organized
pany, copartnership, or corporation, domestic or foreign, under the,, laws of other States or foreign Governments,
in order to ascertain whether such person, firm, company, applying for authority to do business in New Jersey, shall
copartnership, or corporation has violated or is violating file in the department of state a duly authenticated copy
any provisions of this section." (Id., sec. 25.)
of its charter or certificate of organization and a report of
its condition at the close of business on the 31st day of
Foreign corporations may lend money.
December last preceding, in such form as required by
"Any corporation organized under the laws of any the board of bank commissioners, verified by the afficountry or State other than this State, which has complied davits of the president or vice president, and the treasurer
with all of the laws of this State pertaining to foreign cor- or cashier or secretary, and the secretary of state shall
porations, and is not engaged in the business of banking or furnish blank forms for that purpose. The said board
receiving money on deposit in this State, may lend money shall call for like reports at such other times as may seem
in this State and, for that purpose, may maintain offices in expedient to them. (General Corporations Act of New
this State, and sue and be sued in this State under its Jersey, sec. 138; Act of June 10, 1890, sec. 1; Compiled
proper corporate name, notwithstanding any prohibitions Statutes, vol. 2, p. 1672, sec. 138.)
contained in this act as to the use of any word in the name,
signs, or advertising matter of corporations not under the Paid-in capital.
supervisions of the superintendent of banks." (Id., sec.
To obtain the certificate of authority, the corporation
26.)
must be possessed of an actually paid-in, well-invested,
Reports of foreign banking corporations; penalties.
"Every foreign banking corporation licensed by the bank
commissioner to engage in business in the State shall, at
such time and in such form as the commissioner shall prescribe, make written report to the commissioner under
the oath of one of its officers, managers, or agents transacting business in this State, showing the amount of its assets
and liabilities and containing such other matters as the
commissioner shall prescribe, If any such corporation
shall fail to make any such report as directed by the commissioner it shall be subject to the penalties prescribed by
section 84 of this act, and any false statement contained
in any such report or in any other sworn statement made to
the bank commissioner by such corporation in pursuance
of the provisions of this article shall constitute perjury.
Nothing herein contained shall be deemed to modify the
prohibition of section 101 of this act." (Revised. Statutes
of Missouri, ch. 12, Art. II, sec. 106.)




JANUARY 1,1919.

FEDEBAL EESEBVE BULLETIN.

and unimpaired capital of at least .$100,000. (General
Corporations Act of New Jersey, sec. 139; Act of June 10,
1890, sec. 2; Compiled Statutes, vol. 2, sec. 139.)
Deposit of securities.
Before the certificate of authority shall issue, a deposit
of securities to the extent of at least 830,000 shall be made
with the Secretary of State in trust for the benefit of the
creditors in this State of such corporation, provided that
if such corporation shall keep a deposit of at least §100,000
with any department or officer of the State where organized
the foregoing deposit in New Jersey may be dispensed
with. (General Corporations Act of New Jersey, sec. 140;
Act of June 10, 1890, sec 3; Compiled Statutes, W . 2, sec.
140.)

59

Application for license.
Foreign banking corporations, before being licensed by
the superintendent of banks to transact their business in
this State or to maintain in this State an agency for carrying on such business, must submit to the superintendent
of banks a separate application certificate and duplicate
for each agency which it is proposed to establish, which
shall state:
1. The name of such corporation.
2. The place where it is proposed to transact business,
and the name of its agent.
3. The amount of its paid-in capital in cash, and the
amount subscribed for and unpaid.
4. The actual value of its assets, which must be at
least §250,000 in excess of its liabilities.
5. A detailed statement of its condition as of a date
within 60 days prior to the application.
6. There shall be submitted to the superintendent,
with the application, an exemplified copy of the charter
and a verified copy of the by-laws of the corporation.
(New York Banking Law, sec. 144.)

Fees and expenses.
In order to do business in New Jersey, it is necessary
for foreign banking corporations to pay the following fees:
For filing certified cop;/ of its charter, $20; for filing original
and annual reports, $20; for certificate of authority (annual), S250; for certificate of each agency, $5. The corporation shall defray all expenses of making any examina- Qualifications.
tion of its affairs. (General Corporations Law of New
No foreign banking corporation shall carry on its business
Jersey, sec. 142; Act of June 10, 1890, sec. 5; Compiled in the State of New York unless:
Statutes, vol. 2, sec. 142.)
1. It is authorized by its charter to carry on such business and it has complied with the laws of the State or
Annual report.
country under which it is incorporated.
A report of financial condition shall be filed annually
2. It shall have furnished to the superintendent of banks
in January, together with such additional reports or in- such proof of the nature of its business and. its financial
formation "as may be called for by the bank commissioners, condition as he may require.
under a penalty of $250. (General Corporations Act of
3. It shall have designated the superintendent of banks
New Jersey, sec. 141; Act of June 10, 1890, sec. 4; Com- its attorney for the service of process.
piled Statutes, vol. 2, sec. 141.)
4. It shall have paid a license fee of $250.
5. It shall have received a license from the superinExaminations.
tendent.
This section shall not be construed to prohibit foreign
The bank commissioners may examine thefaffairs of any
such foreign corporation whenever they deem it expedient. banking corporations, not maintaining an office in the
(General Corporations Law of New Jersey, sec. 144; Act State, from making loans secured by mortgage on real
of June 10, 1890, sec. 7; Compiled Statutes, vol. 2, sec. property in this State nor from making loans through correspondents within the State. (New York Banking Law,
144.)
sec. 145.)
Cancellation of certificate.
Duties of superintendent as to licenses and renewals.
Whenever it shall appear that the affairs of such corporaBefore granting an application for a foreign banking
tion are in unsound condition or that it is transacting
business without authority or in violation of law or for corporation to do business in this State, the superinany other reason satisfactory to the bank commissioners, tendent shall, by such investigations as he may deem
they shall have power to cancel the authority of such necessary, satisfy himself whether the applicant may
foreign corporation to transact business in New Jersey. safely be permitted so to do. If satisfied, he shall issue a
(General Corporations Law of New Jersey, sec. 145; Act license permitting the applicant to carry on the banking
of June 10,1890, sec. 8; Compiled Statutes, vol. 2, sec. 145.) business at the place designated in the license. At its
expiration at the end of one year or less, the superintendent may renew it for another year. (New York
NEW YORK.
Banking Law, sec. 27.)
Rights and privileges of renewal and revocation of
license.
The license issued by the superintendent to a foreign
banking corporation, is good for one year and may be
renewed by the superintendent at an annual fee of 1250.
It is not transferable and must be at ail times conspicuously displayed in the place of business of the bank, and
it must be surrendered to the superintendent within 24
hours after written notice of revocation. Upon revocaUnauthorized banking forbidden.
tion, the privilege of transacting business in this State
No unauthorized corporation, foreign or domestic, shall shall forthwith cease. (New York Banking Law, sec. 146.)
engage directly or indirectly in the banking business, and Revocation.
any obligations given to that end shall be void. Any
In any case where the superintendent has issued a
person violating this section shall forfeit $1,000 to the
people of the State. (New York Banking Law, sec. 140.) license to a foreign banking corporation and he is satisfied

Foreign corporations defined.
Under the New York laws the word '' foreign " as applied
to corporations is not limited to corporations of other
States, but is construed to mean any corporation not a
domestic corporation, and hence would apply equally to
corporations organized under foreign Governments. (NewYork General Corporation -,Law, art. 3; Code of Civil
Procedure, sec. 3343, subdivision 18.)




60

FEDERAL RESERVE BULLETIN.

that the licensee is violating any of the provisions of the
banking Jaws of the State or is conducting its business in
an unsafe manner, or is in an unsound financial condition,
he may notify the holder of such license that the same is
revoked. (New York Banking Law. sec. 29.)
Service of process.
As the attorney to receive service of process for foreign
banking corporations, the superintendent shall immediately forward by mail copy of every process served,
directed to the president or secretary of such corporation
at its last known post-office address, and he shall collect
the sum of S2 for every copy of process, which shall be paid
by the plaintiff and taxed as a disbursement. (New York
Banking Law, sec. 28.)
Examinations.
At least twice a year the superintendent or his deputies
shall visit and examine every bank, and ma^e inquiry as
to the condition and resources thereof, the manner of conducting business, etc., and as to such other matters as he
may prescribe. He shall have power likewise to examine
every agency located in this State of any foreign banking
corporation/ Special investigations may be made and the
superintendent may compel the appearance of persons for
the purpose of such examination and may administer
oaths thereto. (New York Banking Law. sec. 39.)

JANUARY 1,

1919.

Foreign trust companies.
No corporation other than a trust company organized
under the laws of this State shall exercise the powers of
trust companies, except that a foreign trust company may
be appointed and act as executor or trustee under the will
of any deceased person in this State, provided the trust
companies of this State are permitted to act as such executor or trustee in the State of such foreign corporation,
and such foreign corporation shall have designated the
superintendent of banks its attorney for the" service of
process against it as such executor or trustee, and shall
have filed in the office of the superintendent a copy of its
charter. No foreign corporation acting as executor or
trustee under the provisions of this section shall maintain
any agency in the State or solicit business as executor or
trustee. (New York Banking Law, sec. 223.)
Acting* as Investment companies.
No person shall act in this State as the representative of
a foreign corporation transacting the business of an investment company without complying with the provisions applicable to such corporation. " (New York Banking Law,
sec. 302.)
NORTH DAKOTA.
Power to engage in banking.
"No person except national banking corporations shall,
transact a banking business nor use the words bank, banking company or banker in any sign, advertisement, letterhead or envelope, or in any corporate or firm name, without complying with and organizing under the provisions
of this chapter." (Compiled Laws of North Dakota. 1913,
ch. 28, sec. 5177.)
OHIO.

Reports of condition.
Every foreign banking corporation licensed by the
superintendent shall make written reports to the superintendent as he shall prescribe, under oath, showing its
assets and liabilities and such other matters as the superintendent shall determine. (New York Banking Law,
sec. 147.)
Power to engage in banking,
"No bank*or banking institution incorporated under
Taxes.
State,
Every foreign banker doing business in New York shall the laws of any otherbankingshall be permitted to receive
deposits, or transact
business of any kind in this
annually pay a tax of 5 per cent on the amount of interest State, except to lend money." (Gfeneral Code of Ohio,
or compensation of any kind earned and collected by him sec.9796; Act of May 1, 1908, 99 Ohio Laws 287, sec. 80.)
on money used, loaned, or employed in this State by such (It is doubtful whether this section applies to banks inbanker.
corporated under the laws of States foreign to the United
The term foreign banker includes:
States, or only to those incorporated under the laws of
1. Every foreign corporation doing a banking business other States of the United States.)
in the State.
2. Every unincorporated company, partnership, or assoOKLAHOMA.
ciation organized under the laws of another State or counPower to engage in banking.
try doing a banking business in the State.
3. Every unincorporated company, partnership, or asso" I t shall be unlawful for any individual, firm, associaciation of two or more individuals doing a banking business tion, or corporation to receive money upon do posit or
in the State, and the owners thereof owning more than a transact a banking business except as'authorized" by the
majority interest, or entitled, to more than one-half of its laws of the State of Oklahoma, or of the United States
profits on dissolution, who are not residents of the State. * * *." (Oklahoma Session Laws, 1915, p. 98.) The
4. Every nonresident of the State doing a banking only banks expressly authorized to engage in banking by
business in the State. (New York Tax Law, sec. 191.)
the Oklahoma laws are those organized under such laws.
Everv foreign banker liable to pay a tax under the pre- (See Harris-Day Revised Laws of Oklahoma, 1910, sec. 258.)
ceding section shall on or before February 1 in each year,
make'a written report to the comptroller of the condition
OREGON.
of his business on December 3 L preceding, stating the
Foreign bank defined.
amount of tax for which he is liable under this article,
and giving in detail the facts required in the last preceding
"In construing this act the term 'foreign bank' and
section for the purpose of ascertaining and computing the 'foreign banker' shall be deemed to include—
same. New York Tax Law, sec. 192.)
" 1 . Every corporation not organized under the laws
of the State of Oregon, doing a banking business, except
May not do business of savings and loan company.
a national bank.
"2. Every^ unincorporated company, partnership, or
No foreign corporation shall transact the business of a
savings and loan association within the State of New York association of two or more individuals organized under or
or maintain an office in the State for such purpose. (New pursuant to the laws of another State or county, doing a
banking business authorized by this act.
York Banking Law, sec. 420.)




JANUARY 1,1910.

61

EEDEKAL RESERVE BULLETIN.

" 3 . Every other incorporated company, partnership,
or association of two or more individuals doing a banting
business authorized by this act, if the members thereof
owning a majority interest therein, are entitled to more
than half the profits thereof, or who would) if it were
dissolved, be entitled, to more than one-half the net
assets thereof are not residents of this State.
"4. Every nonresident of this State doing a banking
business authorized by section 45G3 in his own name and
right only." (Oregon"Laws of 1917, sec. 36.)
Conditions precedent to doing business.
Before transacting business in the State, every foreign
corporation must file certain declarations and statements,
pay an entrance fee, appoint some resident of the State
its attorney to receive service of process and must obtain
from the secretary of state a certificate of authority
to do business in the State. (Lord's Oregon Laws, sees.
6726, 6727, 6728.)

PENNSYLVANIA.
Foreign corporations generally.
Before doing any business in Pennsylvania, a foreign
corporation must establish an office or offices and appoint
an agent or agents for the transaction of business therein,
and must file" with the secretary of the Commonwealth, a
statement showing the title and object of the corporation,
the location of its office or offices, and the name of its
authorized agent or agents therein. (Act of Apr. 22, 1874,
sec. 1: Purdon's Dig., 13 ed., vol 2, p. 1730.)
Banks must file statement with commissioner of banking.
It is unlawful for any foreign corporation to receive
deposits or transact banking business in Pennsylvania
until it has filed with the commissioner of banking a
certified copy of the statement required by law to be
filed by foreign corporations with the secretary of the
Commonwealth. (Act of Feb. 11, 1895, sec. 1; Purdon's
Dig., 13 ed., vol. 1, p. 411.)

Rights and powers.
Supervision and examination.
Upon compliance with the State laws, foreign corForeign corporations transacting banking business in
porations have the same rights, powers, and privileges as
corporations incorporated under the State laws. (Lord's Pennsylvania are subject to the supervisions of, and examination by, the commissioner of banking. (Act of
Oregon Laws, sec. 6736.)
Feb. 11,1895, sec. 1; act of May 29,1901, see. 1; Purdon's
Dig., 13 ed., vol. 1, pp. 410-411.)
Annual statements and" license fees.
Foreign corporations must file annual statements of Foreign companies dealing in foreign securities.
their condition and pay annual license fees to the State
Foreign corporations, associations, and partnerships
authorities. (Lord's Oregon Laws, sec. 6707: Oregon gaged in the negotiation or sale within Pennsylvania enof
Laws, 19U, ch. 50; Oregon Laws. 1913, ch. 381.)
their own bonds, debentures, certificates, mortgages, liens
upon property, or other securities, or those of other similar
Must maintain certain capital in the State.
foreign corporations, must: Obtain from the commissioner
"Every foreign bank heretofore having established of banking a license to transact such business; deposit
or hereafter maintaining one or more offices in this State with the commissioner of banking §100,000 in bonds of
shall have and at all times maintain at every such office the United States or of the State of Pennsylvania, or of
a capital of not less than the amount required by this municipal subdivisions of Pennsylvania; register with the
act for the organization of other banks: and no foreign secretary of the Commonwealth, the auditor general, and
bank or bankers shall set forth on the stationery of such the commissioner of banking: and keep invested reserve
bank, or in any manner advertise, in the place where funds sufficient to pay the principals of such securities at
such office or offices are located, a greater capital, surplus maturity. They shall not negotiate or sell in the State
or undivided profits than are actually maintained at any any such securities which bear more than 8 per cent
office or offices within this State; and such foreign bank interest. The commissioner of banking has power to exor banker shall at ail times maintain a capital and surplus amine such companies, at their expense, and if they appear
which must equal at least ten per cent of the deposit to be insolvent or conducting their business according to
liabilities of such foreign bank or banker." (Lord's hazardous methods, or if their affairs appear to be in an
unsafe or unsound condition, or in the event of their
Oregon Laws, sec. 4591.)
failure to pay the expenses of examination, the commissioner of banking may revoke or annul their licenses.
Subject to State laws.
"Every foreign bank doing business in this State shall (Act of June 7, 1907; P. L., 446.)
be subject to all the provisions of this act to the same
RHODE ISLAND.
extent as banks or bankers organized or doing business
under or by virtue of the laws of this State." (Lord's Power to engage in banking.
Oregon Laws, sec. 4592.)
"No corporation, either domestic or foreign, and no
person, partnership, or association, except banks, savings
Oaths of officers.
banks, or trust companies incorporated under the laws of
The officers, managers, and agents of foreign banks this State," shall transact or hold itself out as transacting
doing business in the State must subscribe to the same the business of a bank, savings bank, or trust company,
oath of office as is required of the directors of domestic except that a corporation hitherto authorized by the laws
banks. (Lord's Oregon Laws, as amended, 1915, sec. of this State to use the word ''bank" or "banking" as a
4572 (a).)
»
part of its name can continue to do so, although it can not
engage in banking business. (General Laws of Rhode
Examinations.
Island, Title XXII, chap. 237, sec. 23.)
"The managers, officers, or agents of foreign banks
TENNESSEE.
doing business in the State must make the same semi- Examination.
annual examinations as is required of State banks and
"The superintendent of banks shall also have the power
must file reports thereof with the State superintendent of
banks." (Lord's Oregon Laws, as amended, 1915, sec. to examine, or cause to be examined, every agency located
in this State of any foreign bank or banking corporation.
4572 (d).)




62

FEDERAL RESERVE BULLETIN.

JANUARY 1,

1919.

may upon foreclosure of such mortgage or pledge acquire
as trustee the property mortgaged or pledged and may
hold, manage and transfer the same. But no such corporation shall do any act which it is not authorized to do under
the laws of the jurisdiction where it is organized or
which is contrary to the laws of this State; and it shall
Power to engage in banking.
dispose of all property so acquired upon foreclosure as
"No foreign corporation other than the national banks soon as such disposition may be made without loss. (Verof the United States shall be permitted to do a business mont Acts, 1915, ch. 59, sec. 6.)
of banking and discount in this State." (Texas Acts,
1905, S. S. p. 511, sec. 79.)
Foreign banks and trust companies.
"Except as provided in this chapter [see above] a
UTAH.
foreign corporation doing a banking or trust business shall
not do business in this State; provided, however, a trust
Must comply with State laws.
company incorporated in another State" may act as an
"No foreign corporation shall transact a banking busi- executor or trustee under a will upon certain conditions.
ness in this State without first complying with all the re- (Vermont Acts, 1915, ch. 59, sec. 7, as amended by Acts
quirements of the. laws of this State relating to banks, as
defined in this act, and without having the capital paid 1917, No. 146.)
up in this State, as required by this act, and without hav- Foreign savings banks.
ing complied with the other laws of this State relating to
"A foreign savings bank shall not do business in this
foreign corporations." (Laws of Utah, 1911, ch. 25,
State." (Vermont Acts, 1915, No. 59, sec. 7, as amended
sec. 22.)
by Acts 1917, sec. 146.)
Reports of condition.
VIRGINIA.
Foreign banks are required to make the same quarterly
reports of condition to the State bank commissioner as Power to engage in banking.
domestic banks are required to make. (Laws of Utah,
1911, ch. 25, sec. 36.)
"No person, copartnership, or corporation, except corporations duly chartered and already conducting the busiVERMONT.
ness of banking under authority of the law of this State or
of the United States, or which shall hereafter be incorForeign corporations generally.
porated under the provisions of this act or authorized to
Except as herein provided, no foreign corporation shall do business under the banking laws of the United States,
do business in this State until it has received a certificate shall engage in the business of banldng in this State."
of authority from the commissioner of foreign corporations. (Virginia Code, 1916 Supp., vol. 4, sec. 1170, as amended
Commissioners shall not give such certificate until the Mar. 13, 1912.)
corporation has filed with them—
WASHINGTON.
1. A sworn copy in the English language of its charter
or articles of association (or other similar organizing pa- Foreign bank defined.
pers) and all amendments thereto.
"The term 'foreign bank 1 and 'foreign banker' shall
2. An affidavit, sworn to before some person having
include—
competent authority under the laws of this State to admin" 1 . Every corporation not organized under the laws of
ister oaths, by its president or treasurer * * * stating:
(a) The place in which its principal office in this State is the Territory or State of Washington, doing a banking busito be made; (6) the amount of its paid-up capital stock, the ness, except a national bank.
"2. Every unincorporated company, partnership, or astotal amount of its indebtedness, the amount of its indebtedness secured by mortgages or subject to a corporate sociation of two or more individuals organized under the
property * * * the amount of its indebtedness not so laws of another State or country, doing a banking business.
"3. Every other unincorporated company, partnership,
secured, the amount of assets, including the amount of
cash on hand, and the names of the directors at close of or association of two or more individuals, doing a banking
the preceding fiscal year; (c) the business in which the business, if the members thereof owning a majority intercorporation is engaged in which it proposes to carry on est therein, or entitled to more than one-half of the net
assets thereof, are not residents of this State.
within this State.
"4. Every nonresident of this State doing a banking
3. An appointment of the secretary of state and his successors in office as its true and lawful attorney, upon whom business in his own name and right only." (Washington
may be served all its lawful processes in any action or Bank Laws, 1917, sec. 26.)
proceeding against it and all notices relating to taxation
under the laws of this State, which appointment shall con- Foreign corporations not favored more than domestic
corporations.
tain an express agreement by it that any lawful process
against it or any notice relating to taxation under the laws
No corporation organized outside the limits of this State
of this State which is served on said attorney shall have shall be allowed to transact business within the State on
the same legal force and validity as if served on it, and more favorable conditions than are prescribed by law to
that the authority given in such appointment shall con- similar corporations organized under the laws of this State.
tinue in force as long as any liability to any resident of (Washington Bank Laws, 1917, sec. 10.)
this State remains unsatisfied. (Vermont Acts, 1915, ch.
What business foreign banks may transact.
59, sec. 3.)
"A foreign corporation whose name contains the words
Corporations taking mortgages or pledges in trust.
'bank,' 'banker,' 'banking,' or 'trust,' or whose articles
Any foreign corporation may acquire as trustee a mort- of incorporation empower it to do a banking or trust busigage or pledge of any property in this State; and may ness and which desires to engage in the business of loaning
hold, transfer and enforce such mortgage or pledge; and money on mortgage securities or in buying and selling ex-

in the same manner and for the same purpose as he shall
examine domestic banks." (General Banking Act of
Tennessee, sec. 7.)
TEXAS.




JANUAKY 1,1919.

63

FEDEBAL RESERVE BULLETIN.

change, coin, bullion, or securities in this State may do so,
but only upon filing with the State bank examiner and
with the secretary of state a certified copy of a resolution
of its governing board to the effect that it will not engage
in banking or trust business in this State, which copy shall
be duly attested by its president and secretary~ Such
corporation shall also comply with the general corporation
laws of this State relating to foreign corporations doing
business herein." (Washington Bank Laws, 1917, sec. 52.)
Branches of forefign banks already doing business.
"A branch of any foreign bank or banker actually and
publicly engaged in banking in this State in full compliance with the laws hereof, which were in force immediately prior to the time when this law becomes operative
and which branch has a capital not less in amount than
that required for the organization of a State bank as provided in this act at the time and place when and where
such branch was established, may continue its said business, subject to all of the regulations and supervision provided for banks. The amount upon which it pays taxes
shall be prima facie evidence of the amount and existence
of such capital. No such bank or banker shall set forth
on its or his stationery or in any manner advertise in this
State a greater capital, surplus, and undivided profits than
are actually maintained at such branch. Every foreign
corporation, bank, and banker, and every officer, agent,
and employee thereof who violates any provision of this
section or which violates the terms of the resolution filed
as required by the preceding section, shall for each violation forfeit and pay*to the State of Washington the sum of
$1,000. A civil action for the recovery of any such sum
may be brought by the attorney general in the name of
the State.'' (Washington Bank Laws. 1917, sec. 53.)

'banking company,' or 'trust company,' or receive deposits, or sell foreign exchange, until they shall have taken
out a charter and complied with the statutes governing
banks and trust companies." (West Virginia Banking
Laws, as amended, sec. 78.)
WISCONSIN.
May loan money and take securities without license.
Any foreign corporation, including any bank or trust
company, may, in its corporate name, and without being
licensed to do business in this State, advance and loan
money therein, and take, acquire, hold, and enforce notes,
bonds, mortgages, or trust deeds given to represent or
secure money so loaned or advanced or for other lawful
consideration; * * * provided, however, that any such
corporation which shall hereafter transact in this State the
business above provided for shall first file with the secretary of state a statement in writing by its president, secretary, treasurer, or general manager that it constitutes the
secretary of state its attorney for the service of process;
* * * and provided further, that except as regards the
advancing and loaning of money and the taking, acquiring, holding, and enforcing of securities as above provided,
nothing herein contained shall be construed as authorizing
any foreign corporation to transact in this State the business of a bank or trust company, or otherwise to exempt
any foreign corporation (other than the railroad, religious,
charitable, and insurance corporations above specified)
from the provisions of this section or other statutes of this
State." (Banking Laws of Wisconsin, 1915, sec. 1770b,
par. 1.)
WYOMING.

Power to engage in banking.
"No body politic or corporate (except national banks)
shall establish a bank or engage in the business of banking
Power to engage in banking.
of any kind, or carry on or maintain any loan or trust
" I t shall be unlawful for any individual or association business without fully complying with the express proof individuals doing business in this State to use in con- visions of this chapter.'' (Compiled Statutes of Wyoming,
nection with such business the term 'bank,' 'banker,' 1910, chap. 269, sec. 4074.)




WEST VIRGINIA.

64

FEDEBAL BESEEVE BULLETIN.

FEDERAL RESERVE BANKING IN 1918.
Principal developments in the Federal Reserve field during 1918 are indicated in the
adjoining tables and diagrams, which present
the salient data regarding operations of the
Federal Reserve Banks, including their war
finance and other discount work, their open
market operations, and other investments,
also their deposit and note-issue functions.
Percentages have been figured and plotted,
showing the ratios, week by week, of "war
paper' 7 to total bill holdings, and of cash reserves to aggregate net deposit and Federal
Reserve note liabilities.
War finance operations of the Federal Reserve Banks are reflected mainly through
changes in the holdings of war paper—i. e.,
member banks' notes and customers' paper
secured by Liberty bonds and Treasury certificates. From less than 300 millions at the
beginning the holdings of war paper increased
to over 1,400 millions at the close of the year,
the increases being particularly notable during
April and the latter part of August, coinciding
with the flotation of the third Liberty loan and
the date of last payment thereon. By October
10, just prior to the consummation of the
fourth Liberty loan, the war paper held by the
banks reached a total in excess of 1,300 millions,
the largest total for the year, 1,483 millions,
being shown for December 13.
Other discounts on hand at the close of 1918
were slightly in excess of 300 millions, or less
than at the beginning of the year. Between
February and May figures under this head
fluctuate around 250 millions. During the
summer the holdings of this paper show considerable increases, apparently in accordance
with the seasonal trend, the July 26 total being
nearly 629 millions, or largely in excess of any
corresponding totals prior to the war. It is
evident that notwithstanding the extraordinary
demands upon their funds for purposes of war
financing, the Federal Reserve Banks were able
to maintain the volume of commercial credit
proper to their members and through them to




JANUAHY 1, 1919..

the community at large. Similar fluctuations
are shown for acceptances purchased in open
market, holdings of this class of paper being
lowest (slightly above 200 millions) about the
end of July and highest (about 400 millions)
about the end of October.
Of the total bills, both discounted and purchased, the amount of war paper was 31.9 per
cent on January 4 and nearly 70 per cent at the
close of the year, the increases in this percentage being particularly notable in April and
since the latter part of August.
Increases in total earning assets reflect to a
smaller extent also changes in the amounts of
Government securities, largely Treasury certificates held. These certificates cover primarily temporary advances to the Government,
chiefly by the New York bank, pending the
collection of funds from depositary institutions.
Investments of a more permanent character
are represented by the holdings of the 1-year
2 per cent certificates which are deposited with
the United States Treasury to secure Federal
Reserve bank note circulation.
Total cash reserves of the banks increased
gradually between the first and last weeks of
the year from 1,733 to 2,146 millions. Their
net deposits show a much smaller increase,
from 1,446 to 1,553 millions, largely because
of the great reduction in Government deposits
and the larger "float" carried by the banks at
the close of the year. Federal Reserve notes
in actual circulation more than doubled in
volume, or at the rate of about 27.6 millions
per week. Following the enactment of the
Pittman bill on April 23 the banks began also
the issue of Federal Reserve bank notes of the
smaller denominations which were to take the
place of the standard silver dollars broken up
and the silver certificates withdrawn under
this act. These operations commenced about
the end of May but assumed larger proportions
only about the end of the summer, when an
adequate supply of the new notes became
available. Since June 7 about 100 millions
of these notes have been put into circulation,
or at the rate of about 3.5 millions per week.

65

FEDERAL BESEBVE BULLETIN.

.TANUAKY 1,1919.

Movement of principal assets and liabilities of all Federal Reserve Banks during the calendar year 1918.
R a t i o of

Total bills
Bills
Other
purchased discounted Per cent.
paper
and
in open
discounted. market.
bought.

Total
cash
reserves.

Net
deposits.

cash
reserves
Federal
to net
Reserve deposit and
notes in
Federal
circulaReserve
tion.
note
liabilities

Federal
Reserve
Bank
notes.

combined.

1918.

Teb.
Mar.

18
35
1
is
15

r

8
15
22
28-29.
Apr. 5.
12

May

June
July
Aug.

3
10
17
24
V
7
14.
98
5
1?
19.
26
9
16

Sept.
Opt

Nov.

Dec.

30
6
13
20.
27.
4
10
18
25.
1
8
29.
6.
27




8285,919
277,014
300,268
312,520
305,664
269,302
249,603
203,905
249,195
I
264,501
257,621
282,962
301,451
304,075
465,625
i
564,724
642,429
606,630
612,324
526,163
600,499
562,993
627,025
653,863
544;193
434,509
503,496
i
606,599
601.403
673i231
685,921
761,576
752,115
i
853,508
896,228
1,007,306
1,071,304
1,146,357
| 1,221,533
1,251,787
i 1,304,383
1,262,757
: 1,092.417
1,252,904
1,316,967
1.358,532
1,281,215
1,412,511
1,407,322
1,483,849
i 1,299,524
i;400.371

.
:
I
;

$339,894
293,651
303,220
315,142
301,114
255,819
252,313
245,629
253,329
255,839
259,863
260,157
281,777
269,808
247,182
243,321
259,314
266,812
326,717
316,102
322,800
334.364
357; 467
302,168
387,077
434,666
513,286
553,283
601,94.3
628,920
584,998
570-897
533,253
540,217
531;907
534,008
541,943
513,789
491,897
454,419
450,080
425,799
453,747
493.019
480,271
439,270
428'. 190
402'. 084
396; 362
305,614
306,778
302,507

$271,338
258,710
257,804
273,912
289,805
280,705
287,263
296,170
299,213
317,952
323,248
328,880
304,065
326,503
318,857
308,277
302,844
297,029
286,036
279,886
278,221
256,373
248.542
242,923
232,472
216,848
211,947
218,404
205,932
205,274
209,185
208,557
212.204
236,526
232,603
233,766
239,750
250,032
288,391
310,817
338,620
370', 136
398,623
377,072
374,522
377,877
308,784
375,341
371,500
300,594
340,705
303.673

$897,151 I

829,375
861,292
901,574
896,583
805,826
789,179
805,704
801,737
838,292
810,732
871,999
887,293
900,386
L, 031,664
1,116,322
L, 204,587
L,170,471
1,225,077
L, 122,151
1,201,520
1,153,730
1,233,034
1,258,954
1,163,742
1,086,023
1,288,729
1,378,346
i ; 409,278
1,507,425
1,480,104
1,541,030
i;497,572
1,680,281
1,000,798
1,775,740
1,852.997
1,910;178
2,001,821
2,017,023
2,093,089
2,058,092
1,944,787
2,123,025
2,171,760
2.175,685
2; 078,219
2', 190,530
2,235,190
2,210,057
1,947,007
2,000,611

|

i

;
i

31.9

33.4
34.9
34.7
34.1
33.4
31.6
32.8
31.1
31.6
30.6
32.4
34.0
33.8
45.1
50.6
53.3
51.8
50.0
40.9
50.0
48.8
50.9
51.9
46.8
40.0
43.7
44.0
42.7
44.7
46.3
49.4
50.2
52.4
54.0
56.7
57.8
60.0
61.0
62.1
62.3
61.3
56.2
59.0
60.6
02.4
61.7
04.5
05.6
67.0
66.7
69.8

SI,733,030
1,748,031
1,784,307
1,782,759
1,775,457
1,813,094
1,818,736
1,832,524
1.837,773
I', 847,883
1,852,193
1,862,372
1,874,063
1,877.433
1,894; 895
1,898,307
1,890,945
1,919,983
1,942,500
1,952.812
1,956,056
1,975,709
1,977,824
2,005,263
1,981 111
2,006,199
23 015,163
2,015,984
2,031,095
2,029,329
2,034,918
2,044,523
2,045,523
2,055,266
2,066,902
2,070.494
2,077; 732
2.07(5,039
2.072,176
2', 077,371
2,083,358
2.087,685
2;098,169
2,105,685
2,100,839
2,109,810
2,116,257
2,120,371
2.121.367
2.134,203
2,133,624
2,140.219

81,446,228
1,444,904
1,496,373
1,492,878
L, 488,036
L, 502,853
L,403,634
1,462,627
L,439,887
,472.439
L, 464; 519
1,505,774
L, 535,367
]L, 529,364
L,533,827
L, 502,246
L,556,303
L, 520,957
L, 651,324
.L, 524,453
]L, 557,618
L,086,608
L, 576,364
L, 588,771
L, 445,403
1,529,819
L, 473.927
1,553,604
,566,680
,622,870
1,558,839
1,576,322
1,512,507
1,594,068
1,572,898
1,601,650
1,022,105
1,629,264
1,607,109
1,606,202
1,638,159
1,580,802
1,723,902
1,663,377
1,601,521
1,065; 077
1,632,772
1,008,283
1,704,351
1,672,720
1,549,750
i;552,892

•SI, 251,205
1,242,199
1,238,797
1,234,934
1,236,101
1,261,219
1,281,045
1,314,581
L, 351,091
L, 383,990
L, 406,228
L,429,509
L, 452,838
L, 479,920
L,499,377
]L,514,287
]L, 526,232
1,556,660
L, 509,618
1,509,445
]L, 578,621
]L, 600,908
]1,639,579
]L, 651,500
1,677,951
1,722,216
1,791,509
1,813,425
.829,045
1,870,835
L,906,465
i;955;276
1,985,419
2,032,837
2,092,708
2,180,679
2,245,429
2,295,031
2,349,326
2,431,004
2,478,378
2,502,488
2,507,912
2,515,504
2.558,196
2.562,517
2.555,215
2,508', 676
2.584,523
2. 604,580
2,003,701
2:085,244
•

64.2
65.1
65.2
65.4
65.2
65.6
67.7
66.0
65.8
64.7
64.5
63.4
62.7
62.4
62.5
62.9
61.3
62.4
60.3
63.1
62.4
62.0
61.5
61.9
63.4
61.7
61.7
59.9
59.8
58.1
58.7
57.9
58.5
56.7
56.4
54.7
53.7
52.9
51.6
51.5
50.6
51.1
49.6
50.4
49.8
49.9
50.5
50.0
49.5
49.9
50.6
50.6

§8,000
8,000
8,000
8,000
8,000
8,000
7,999
7,999
7,999
8,000
8,000
7,978
7,978
7,860
8,000
7,895
7,895
7,980
7,878
7,878
7,764
8,324
9,580
10,001
9,945
10,390
10,635
10,800
11,000
11,084
11,479
13,716
15,167
16,864
20,687
23,964
27,072
33,208
35,819
40,305
52,031
55,666
58,859
63,338
68,864
72,930
80,504
80,003
92,799
102,202
111,909
117,122

66




FEDEEAL EJESEItVE BULLETIN.

JANUARY 1,1919.

MOVEMENTQFeARNINGASSETS

8

OF ALL FEDERAL RESERVE BANKS
DURIN6 THE C4L£f?PAR YEARISW.
Gzrve I; £
,
G&rv&d.SiMs ^Discounted and ^Sought.

9

Curve 4-;7B£al€&rnuu?JIsse£5JincC. U.S. GovernTnen£Securities. /

60

35

Id^I^lfl




67

FEDERAL RESERVE BULLETIN.

1, 1010.

DEPOSIT AND NOTE LIABILITIES,
ALSO CASH RESERVES,
OFALL • FEDERAL RESERVE BANKS,
PURIN6 THE CALENDAR YEAR /3/ff.

7"t
S
8

Carvel: JfetSsrvosite* Qxrve>2* JotozLGnsfoJteserre*.
f (hhSt

4300

43QQ
4200

-K

4100
4000
3SC0

f

40X>
3900
3800

$700

•3MQ

3SOO

dm 72
3500
3400\68

72
68

64

340Q

moo

3300
WQ&4
3W

3ZQO
3100

\60 3000
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280QS6
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3900
2800
2700

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2500

2S~00
\4B 24CQ
2300

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3000

2000

!900

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WOO

1600

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1600

1600

tsoo

/SOO

MOO

MOO

1300

1300

1200

1200

noo
IOCO
BOO
#00
TOO
600
SCO
400
300
ZOO

1100
IOG0
300
<W
700
600

300
200

100

fOO

Ssr&Bsan ?si vTwargjana

8^6B8WBsTnr&2863&

G

68

FEDEKAL RESERVE BULLETIN.

JANUARY 1,

1919.

ber 24 represent transactions for five days

BANK TRANSACTIONS DURING DECEMonly, Wednesday the 25th being Christmas
BER, 1918.
7

In continuation of similar figures in previous
issues of the BULLETIN, there are presented
below figures of debits to deposit account of
clearing-house banks in leading cities for the
weekly periods ending December 4 to December 27, 1918. The number of reporting centers
remains practically unchanged, and comparative weekly totals, especially those of debits
to individual account, reflect to some extent
changes in the volume of trade during the
month immediately following the ending of
the war. Figures for the week ending Decem-

Day. Debits to banks and bankers' account
include also interbank transactions in connection with payments on Liberty loans and on
Treasury certificates of recent issues.
On the whole the general volume of bank
transactions in practically all Federal Reserve
districts was noticeably smaller than in November, the differences being more striking when
comparisons are made with the relatively high
figures for the last two weeks of the earlier
month.
Figures of reporting clearing houses by
Federal Reserve Districts are as follows:

Weekly figures of clearing-house bank debits to deposit

account.

[In thousands of dollars; i. e., 000 omitted.]
Debits to individual account.

Debits to banks' and bankers' account.

District.
Dec. 4.

Dec. 11.

Dec. 18.

Dec. 4.

Doc. 24.

Dec. 11.

Dec. 18.

Dec. 24.

j

No. 1—Boston:
Bangor
Boston
Fall River
Hartford
Holyoke
Lowell
New Bedford
New Haven
Portland
Providence.,
Springfield
Waterbnry
Worcester
No. 2.—New York:
Albany
Binghamton
Buffalo
New York
Passaie
Rochester
Syracuse
No. 3.—Philadelphia:
Altooua
Chester
Harrisburg.,
Johnstown
Lancaster
Philadelphia
Reading
Scranton
Trenton
1
Wilkes-Barre
Williamsport
Wilmington
York
No. 4.—Cleveland:
Akron
Cincinnati
Cleveland
Columbus
Davton
Erie
Grecnsburg, Pa
Lexington, Ky
Oil City
Pittsburgh
Springfield
Toledo
Wheeling
Youngstown




2,836
223,957
4,675
21,896
2,736
5,508
5,137
14,036
8,587
27,841
12,126
4,090
11,959

2,717
231,125
7,859
20,301
3,374
5,474
5,878
16,739
7,810
31,172
14,496
7,S33
14,987

1,739
214,173
6,594
16,815
2,890
5,220
5,297
13,970
6,620
27,461
12,903
(5,653
14,653

269
243,178
232
1,485
525
397
253
207
1,695
1,301
267
343
1,836

18,282
3,139
55,7S0
3,815,554
3,693
25,065
15,138

2,622
236,821
6,729
18,555
2,596
5,034 j
5,425 I
15,053
8,576
27,687
13,214
8,841
13,852

19,893
2,593
48,658
3,501,307
3,936
21,318
11,472

11,016

2,195
4,219
5,328
2,530
3,552
263,385
3,193
11,719
8,315
5,431
3r570
11,455
2,813

97 |

45

13,326
40,775
124,846
21,966
11,677
6,058
2,250

400 !
36,049!
108,322
2,765
416
54 |

229
45,036
105,607
3,716
398
120

2,018
164,042
2,550
24,405
4,960
15,906

2,473
2,202
296,877
2,484
6,947
6,003
504

2,606
2,437
334,784
2,291
8,088
6,179
814

18,561
2,368
60,370
3,607,712
3,570
25,065
12,632

19,416
2,539
57,179
3.699,541
' 3,978
22,661
12,306

1,883
4,175
5,270
2,731
4,105
266,434
3,476
9,169
9,547
6,265
2,83f5
9,403
3,161

2,877
5,145
5,950
2,514
4,148
294,545
3,533
11,626
9.715
6J449
3,001
10,596
2,896

'
:
|
i
!
j

2,137
5,388
6,375
3,190
4,208
294,752
4,404
9,565
9,642
6,401
3,210
9,317
3,345

14,132
50,720
109,670
20,486
12,388
6,327
3,975
3,408
1,558
155,000
2,552
20,051
7,100
9,816

14,956 !
53,326 !
141,275
22,987
10,426
6,496
3,098
3,467
2,869
156,824
2,595
22,896
6,512
12,562

14,273
58,564
133,144
25,231
10,937
6,945
2,713
4,317
4,866
181,756
3,067
24,7S5
7,697
9,970

I
I
I
!
I

I
|
i
i
i
i
|
!
i
i

13,059
1,498,937
325
691
400
!
|
!
I
I
I

i!

179 |
45 i
303,611 I
1,715 i
147 I
192 I

436 |
236,632 !
368
1,430
492
378
170
567
1,531
1,695
500
738
1,318

425
228.327
'343
1,547
519
327
244
452
3,669
2,011
242
650
1,961

362
200,806
521
1,575
'530
345
132
343
2,503
1,777
362
648
1,605

12,797

13,271

13,121 i
12,373
1,638.021 1,602,214
'328
371
715
781
297
570

11,841
1,479,303
300
628
584

11,649

58
28
280
269
360,537

i
i
i
!
I

1,587 i
398 i
136 ;

25
25
204
33
402.492
1
2,176
118
113
360

10
171
233
281,853
18
,
272
49
237

43 |
500
47,969
107,955
3,176
687
193

|.
I
i
i
|
i
.1.
2,894
3,211
310,671
3,001
8,857
5,993
591

40,684
98,381
3,291
614
63
1,971
376,495
2,355
8,059
6,169
354

69

FEDERAL RESERVE BULLETIN.

JANUARY 1,1919.

Weeklyfiguresof clearing-house bank debits to deposit account—Continued.
[In thousands of dolllars; i. e., 000 omitted.]
Debits to banks' and bankers' account.

Debits to individual account.
District.
Dec. 4.
No. 5.—Richmond:
Baltimore
Charleston
Charlotte
Columbia
Norfolk:
Raleigh
Richmond
No. 6.—Atlanta:
Atlanta
Augusta
Birmingham
Chattanooga
Jacksonville
Knoxville
Macon
Mobile
Montgomery
Nashville
New Orleans
Pensacola
Savannah
Tampa
Vicksburg
No. 7.—Chicago:
Bay City
Bloomington
Cedar Rapids
Chicago
Davenport
Decatur, 111
Des Moines
Detroit
Dubuque
Flint
Fort Wayne
Grand Rapids
Indianapolis
Kalamazoo
Lansing
Milwaukee
Peoria
Rockford, 111
Sioux City, I o w a . . .
South Bend
Springfield, 111
Waterloo, Iowa
No. 8.—St. Louis:
E vansville
Little Rock
Louisville
Memphis
St. Louis
No. 9.—Minneapolis:
Aberdeen
Billings
Duluth
Fargo
Grand Forks
Great Falls
Helena
Minneapolis
St. Paul
Superior
No. 10.—Kansas City:
Atchison
Bartlesville, Okla..
Colorado Springs...
Denver
Joplin
Kansas City, Kans.
Kansas City, M o . . .
Muskogeo, Okla
Oklahoma City
Omaha
Pueblo
St. Joseph
Topeka
Tulsa
Wichita




Dec. 11.

Dec. 18.

Dec. 24.

Dec. 4.

Dec. 18.

Dec. 24

3,457
25,775
2,940
57,242

46,484
l,5S0
7,500
3,207
26,685
3,180
81,591

46,442
1,680
8,400
3,690
27,801
3,534
80,015

38,585
1,484
6,500
3,744
24,018
2,758
71,898

22,889
2,765
3,649
3,S11
6,593
1,700
3,010
623
654
16,966
35,748
943
9,015
1,068
195

28,466
2,588
4,571
3,904
8,039
1,600
4,752
727
480
14,960
42,894
796
9,773
1,436
238

27,339
2,828
4,731
5,070
8,324
1,700
4,372
999
784
15,345
44,525
1,446
10,705
1,595
215

2,571
4,596
3,725
7,050
1,400
3,514
704
517
11,644
42,633
1,049
9,969
1,829
97

455
668

577

74,201
5,850
5,600
7,186
18,670
4,970
25,001

82,820
5,193
5,700
8,025
17,595
4,540
25,056

84,732
6,505
6,400
8,886
19,136
4,337
24,617

78,150
4,881
4,900
6,303
15,593
3,841
25,038

37,148
1,450

22,482
7,528
12,817
9,579
10,409
5,716
5,777
7,057
4,020
23,845
72,795
2,070
13,210
5,061
1,976

22,25S
7,077
12,638
10,840
9,70S
5,400
6,482
7,443
5,046
23,799 j
69,446 j
2,171
14,180
4,945
2,169

24,764
7,433
13,246
10,081
10.676
5; 600
6,661
6,774
4,386
24,470
66,790
2,387
13,842
4,365
1,940

23,288
7,700
14,332
8,245 !
10,474 i
5,0^.9
6,731 I
6,297 I
3,539
18,382
61,417
1,952
12,686
3,577
2,000

2,980
2,332
» 11,404
577,504
8,982
3,587
13,687
89,731
2,067
4,136
4,633
17,850
24,633
3,181
3,096
48,031
13,033
5,058
5,075
2,890
2,787
2,746

2,753
2,279 i
* 13,551 I
593,580 !
5,834
2,954
17,392
88,768
2,000
4,803
4,768
16,532
32,450
2,949
2,796
51,614
8,212
4,964
15,267
2,870
3,690 I
2,852

2,673
2,373
5,831
615,669
5', 839
2,752
15,961
107,322
2,022
3,131
5,198
12,849
31,193
3,183
2,957
58,054
11,072
4,659
16,238
3,380
3,014
3,280

2,726
2,004
3,772
541,631
6,689
2,449
15,539
93,647
1,825
5,141
4,425
12,117
26,249
2,745
2,500
53,050
8,380
4,323

2,270
8,850
36,905
32,315
123,168

3,006
8,858
41,042
32,926
140,753

3,167
3,965
3,189

502,098
2,209
385
29,887
36,770
1,954
28
1,423
3,746
20,124
421
359
25,041
1,928
139
7,622
2,150
1,157
977

606,367
1,614
590
39,569
44,497
1,500
57
1,848
4,049
25,485
438
235
31,232
1,592
77
12,234 .
1,672
1,779
1,146

448
918
6,928
562,237
1,684
453
33,967
46,053
1,356
25
1,806
4,422
24,611
'444
134
29,026
2,308
204
12,557
2,922
2,039
i;oo3

4,361
9,205
49,936
33,971
149,453

3,485
7,718
36,258
30,036
124,520

762
4,933
21,353
24,586
115,770

1,57.6
6,793
28,087
29,187
139,595

1,215
8,267
26,613
31,821
134,810

1,668
6,137
22,850
27,093
120,583

1,220
1,854
44,105
2,097
1,250
2,985
2,418
85,767
32,141

1,346
1,366
4,803
1,506
1,945
6,581
3,782
81,764
41,139
114

1,172
i;319
5,797
3,910
2,157
6,249
4,715
103,612
61,754
119

1,141
785
5,718
4,205
2,080
5,982
6,724
86,291
54,333
171

872
1,036
5,104
2,097
1,720
5,746
3,528
88,913
44,886

669
1,512
2,297
25,257
2,347
3,522
86,466
2,928
11,637
79,214
4,136
22,591
3,816
17,568
7,332

427 I
17
712
22,148
572
4,904
158,431
2,280
8,695
61,859
732
15,293
1,851
3,067
9,074

539
75
1,129
20,901
669
5,272
175,743
2,489
11,694
61,031
1,348
18,913
1,698
3,913
14,067

618
81
770
22,845

344
60
1,042
21,946

1,639
2,796
49,365
1,740
1,817
3,869
2,784
83,186
34,350
2,048

1,154
2,483
47,699
2,952
1,646
3,786
2,866 !
101,506
34,293
1,294

1,063
1,899
47,662
2,883
1,693
3,512
2,462
91,037
44,094
2,685

782
1,815
1,957
30,482
2,979
2,497
78,614
2,094
12,285
64,833
2,723
18,709
4,823
18,114
5,133
1

Dec. 11.

887
1,954
2,183 I
27,182
3,090
3,433
82,573
2,813
15,410
62,289
3,601
24,207
4,948
18,486
8,112

858
1,963
2,009
29,804
3,624
3,790
88,927
3,428
14,441
63,535
5,265
22,889
4,688
19,391
8,546

I

I
I
;
i
!
i
j

Figures comprise debits to individual as well as to banks' and bankers' accounts.

«qo
Doo

5,682
173,476
2,536
11,213
61,349
861
17,817
1,465
5,814
13,323

I
j

1
i
I
i

495
707
8,441
507,522
1,658
434
35,072
41,451
1,500
38
1,913
3,557
23,097
366
218
29,69ft
1,832
106
1,490
1,943
820

fid

4,366
137,024
2,097
8,050
66,219
855
16,840
1,313
6,064
10,24(>

70

FEDERAL RESERVE BULLETIN.

JANUARY 1,1919.

Weeklyfiguresof clearing-house bank debits to deposit account—Continued.
[In thousands of dollars; i. e., 000 omitted.]
Debits to banks' and bankers' account.

Debits to individual account.
District.
Dec. 4.
No. 11—Dallas:
Albuquerque
Austin
Beaumont
Dallas
El Paso
Fort Worth
Galveston
Houston
San Antonio
Shreveport
Texarkana
Tuscon
Waco
No. 12.—San Francisco:
Boise
Fresno
Long Beach
Los Angeles
Oakland
Ogden
Pasadena
Portland
Reno
Sacramento
Salt Lake City
San Diego
San Francisco
Seattle
Spokane
Stockton
Tacoma
Yakima

Dec. 11.

1,578
2,814
3,370
26,367
4,829
14,169
7,785
25,534
15,323
5,157
976
1,863
3,399
2,754
6,269
2,305
52,347
10,980
4,451
2,093
44,173
1,787
11,775
19,141
4,787
140,373
47,671
8,874
4,275

11,421
2,363

1,501
3,555
4,307
29,569
5,570
12,167
8,913
26,882

17,349
5,830
1,263
1,711
4,010
2,546
6,966
2,082
54,191
14,385
4,547
2,025
40,653
1,846
15,255
15,832
4,709
152,794
48,234
9,259
4,307
10,667
2,033

Dec. 18.

Dec. 24,

1,229
2,400
4,187

1,590
3,980
3,581
30,274
5,782
15,847
10,040
27,331
16,535
5,594
1,527
1,530

29,796
4,539
14,814
7,726
23,100

15,388
5,335
2,049
1,258
2,800
1,837
5,829
1,996
52,831
13,827
5,436
1,866
37,726
1,943
10,764
18,389
4,061
150,138
44,584
8,812
2,968
9,474
2,041

2,901
7,164
2,718
56,715
12,368
5,720
2,135
42,542
1,682
14,276
22,193
5,063
161,586
49,988
8,951
5,183

11,341
2,034

Dec. 4.

Dec. 11.

6,224
41,760

3,742
520
1,629
2,478

3,922
508
1,530
2,804

3,122
430
1,282
1,646

6,765
4,389
115
36,240
2,614
7,441
158
29,204
1,333
5,672
24,631
338
116,175
24,577
9,330
2,950

4,918
4,887
95
40,568
2,631
7,348
251
28,595
1,395
4,802
28,740
670
97,804
22,820
8,602
3,615
10,293
744

5,428
3,403
132

3,566
2,800
470
63,833
7,480
25,910
5,307
50,071

3,064
437
1,867
1,865
5,220
2,937
61
27,737
2,629
5,186
213
26,954
1,213
4,259
25,533
515
99,934
21,716
3,248
7,664
581

Dec. 24

2,984
2,438
427
57,475
6,161
32,758
8,107
49,343

3,183
1,892
388
50,286
6,659
32,702
3,638
44,706

9,343

Dec. 18.

588

3,570
3,167
401
53,862
6,640
38,849

2,461
8,061
147
26,017
1,049
5,303
22,922
121
112,257
23,007
8,203
1,729
6,824
562

i Figures comprise debits to individuals as well as to bankers' and bankers' accounts.

Recapitulation showingfiguresfor clearing-house centers reporting for each of the four weeks.
[In thousands of dollars; i. e., 000 omitted.]

Federal Reserve District.

Number
ofcenters
included.

No. 1.—Boston
No. 2.—New York
No. 3.—Philadelphia...
No. 4.—Cleveland
No. 5.—Richmond
No. 6.—Atlanta
No. 7.—Chicago
No. 8.—St. Louis
No. 9.—Minneapolis
No. 10.—Kansas C i t y . .
No. 11.—Dallas
No. 12.—San Francisco.
Grand total




Debits to individual account.
D e c 4.

Dec. 11. I Dec. 18.
!

Dec. 24.

Dec. 4.

Dec. 11.

Dec. 18.

365,005
3,817,620
362,995
441,966
148,929
203,602
867,611
226,585
198,385
261,168
112,627
392,331

3,936,651
361,934
469,675
154,613
203,415
902,412
246,926
196,905
273,158
117,547
414,560

334,988
3,609,177
327,705
421,453
138,706
185,639
799,533
202,017
173,837
271,292
104,621
374,522

251,988
1,524,428
306,117
462,623
134,912
109,629
631,719
167,404
144,232
290,122
150,687
244,943

246,255
1,664,131
363,619
509,470
170,227
125,224
765,259
205,238
190,685
319,481
167,806
281,356

240,717
1,629,106
405,590
492,304
171,562
129,978
722,988
202,726
167,259
163,237
268,778

211,509
1,505,927
284,744
438,436
148,987
117,181
662,350
178,331
153,902
276,909
166,173
259,924

7,108,785 i 7,398,824

7,647,661

6,944,490

4,418,804

5,008,751 I 4,912,733

4,504,373

345,384
3,730,278
328,455
399,643
142,378
204,342
844,348
203,568
181,546
247,840
103,164
377,839

148

Debits to banks' and bankers' account.
Dec. 24.

JANUARY 1,1919.

FEDERAL RESERVE BULLETIN.

WHOLESALE PRICES.

In continuation of figures shown in the December BULLETIN there are presented below
monthly index numbers of wholesale prices for
the period January to November, 1918, compared with like figures for November 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 in
accordance with plans announced in previous
issues of the BULLETIN.
Quotations for two commodities, namely,
malt (standard, keg beer, New York) and butter (creamery prime firsts, San Francisco) had
to be omitted. On the other hand, quotations
for ammonia (anhydrous, New York), cotton
blankets (colored, 2 pounds to the pair, 54 to 74
inches), cotton flannel (colored, 26i-inch, 2f
yards to the pound; unbleached, 31i-inch, 3f
yards to the pound), shirtings (bleached muslin,
4—4, Rough Rider), and apples (fresh, Baldwin, Chicago), which had been dropped temporarily, have been secured for the months of
October and November, and the commodities
again included in the calculation of the index
number for the latter month. It has also been
found necessary to substitute a quotation for
wheat flour (war standard) in Portland in place
of the one previously used. Index numbers
for November 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 prices between October and
November is indicated in the table which follows,
though a checking of the downward tendency
manifested in October, rather than a resumption of the rise in prices which had been interrupted during that month for the first time during the present year, is represented. The general index number of the Bureau of Labor has
increased from 204 to 205. The increase is
due entirely to the increase in the prices of consumers7 goods, the index number for this group
showing a further increase for the month in




71

question from 210 to 214. A few cases of
decrease in price occurred among the commodities included in the group, notably in the case
of several foodstuffs, namely, corn meal, poultry (Chicago quotation), potatoes, beans, peanuts, and citrus fruits. The decreases were,
however, more than offset by considerable increases in the prices of certain grades of whisky,
butter, eggs, and milk, various meats, especially beef, hams, and salt mess pork, and lesser
increases in the prices of molasses, wheat, lard,
apples, and soap.
The index number for the group of producers' goods remains unchanged at 205.
Although certain of the commodities included
in the group, in particular, bar iron, paper,
alum, turpentine, and shingles, show increases
in price, these are offset by corresponding decreases in the prices of wood pulp, soda ash,
linseed oil, and glycerin.
On the other hand, the index number for the
group of raw materials shows a further decrease
from 198 to 197. Within the group, the index
number for the farm products subgroup has
again decreased, in the present instance from
240 to 234, due principally to the fall in the
price of cotton, though the increase in the
prices of flaxseed and oats is also more than
offset hj decreases in the prices of corn and
hay. The index number for the animal products subgroup also shows a further decrease,
from 209 to 208, increases in the prices of cattle
and raw silk being more than offset by decreases
in the prices of hogs, sheep, and poultry, also
hides. The index number for the forest products subgroup, however, has increased from 143
to 150, after having remained at the former
figure since August. The increase is due almost entirely to the rise in the price of quartered white oak, though the fall in the price of
North Carolina pine is also more than offset
by the increase in the prices of plain white oak
and poplar. The mineral products subgroup
shows clearly the effects of price fixing. The
index number for the group remains unchaged
at 181, and but few instances of change in price
are noted among the commodities included in
the group.

72

FEDERAL RESERVE BULLETIN.

JANUARY 1, 1919.

Index numbers of wholesale prices in the United States for principal classes of commodities.
[Average price for 1913=100.]
Raw materials.
Year and month.

July, 1914
November,
November,
November,
November,

Farm
products.

Animal
products.

Forest
products.

102
98
104
164
238

106
103
101
127
187

97
96
92
98
129

240
242
219
243
226
232
237
246
255
240
234

174
176
178
193
201
198
209
215
219
209
208

130
131
135
137
138
138
140
143
143
143
150

1914.
1915.
1916.
1917.

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

Mineral
products.

Total raw
materials.

All commodities
Producers' Consumers1 (Bureau of
goods.
Labor Stagoods.
tistics index
number).
92

153
157

98
95
99
139
182

92
108
155
181

103
103
105
143
183

99
98
102
143
182

171
172
172
170
173
171
180
180
180
181
181

183
184
187
190
189
189
196
200
204
198
197

181
184
187
190
192
194
196
199
203
205
205

192
193
189
193
194
197
202
205
209
210
214

185
187
187
191
191
193
198
202
207
204
205.

84

1918.

In order to give a more concrete illustration
of actual price movements there are also presented in the following table monthly actual
and relative figures covering the same period

for certain commodities of a basic character.
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.

Cotton, middling,
New Orleans.

Wheat, No. 1,
northern spring,
Minneapolis.

Wheat, No. 2,
red winter,
Chicago.

Cattle, steers,
good to choice,
Chicago.

Hides, packers',
heavy native
steers, Chicago.

Year and month.
Average
Average
Average
Average
Average
price per Relative price per Relative price per Relative price per Relative price per Relative price per Relative
price.
100
price.
price.
price.
price.
price.
pound.
bushel.
bushel.
bushel.
pound.
pounds.
July, 1911
November,
November,
November,
November,

1914
1915
1916
1917

1918.
January
February
March..".
April
May....
June
July
August
September
October
November




50.7044
. 6806
. 6195
.9663
2.1238

114
111
106
157
329

SO.1331
.0742
. 1155
.1960
. 2804

105
58
91
154
221

SO.8971
1.1594
1.0182
1.9300
2.1700

103
133
117
221
248

SO.8210
1.1486
1.1250
1.8116
2.1700

83
116
114
184
220

$9.2188
9.4063
8. S450
10.3500
14.3875

108
111
104
122
169

SO. 1933
2175
.2625
.3150
.3525

1.6850
1.6375
1.5563
1.5850
1.5250
1.5125
1.5900
1.6225
1.5313
1.3270
1. 2675

274
266

. 3105
.3097
. 3291
. 3350
. 2894
.3066
. 2945
.3038
.3578
.3150
.3007

244
244

2.1700
2.1700
2.1700
2.1700
2.1700
2.1700
2.1700
2. 2231
2.2169
2. 2155
2.2206

248
248

2.1700
2.1700
2.1700
2.1700
2.1700
2.1700
2.2470
2.2325
2.2363
2.2345
2.2375

220
220

13.1125
13.0750
13.2313
15.1750
16.4167
17.1750
17.6250
17.8250
18.4100
17.8563
18.1563

154
154

.3280
. 2925
. 2625
.2719
.3110
.3300
.3240
.3000
. 3000
.3000
. 2900

253
258
248

246
258
264
249
216
206

259
264
228

241
232
239
282
248
237

248
248
248

248
248

255
254
254
254

220
220
220

220
228
226
227
227
227

156
178
193

202
207
210
216
210
213

105
118
143
171
192
178
159
143
148
169

179
176

163
163
163
158

73

FEDERAL RESERVE BULLETIN.

JANUARY 1,1919.

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

I
Year and month.

Hogs, light,
Chicago.
Average
price per
pounds

July, 1914
November,
November,
November,
November,

1914...
1915...
1910...
1917...
1918.

January
February
March
April
May
June
July
August
September
October
November

,

,

S8.7563
7.4813
6.6450
9.4063
17.3500
18.2125
16.6938
17.4250
17.5100
17.5000
15.5250
18.0000
19.7750
20.0700
18.0938
17.7063

Wool, Ohio, f-f
grades, scoured.

Rela- j Average
tivo price per
price, pound.
104~r SO.4444
88
.4722
79
.6143
111
.6857
205
1.3571
!
192 i 1.4545
197 ! 1.4545
206 j
1.4545
207 i 1.4545
207 | 1.4182
184 i 1.4182
213
1.4365
234
1.4365
237
1.4365
214
1.4365
1.4365

Coal, Pocahontas, Norfolk.

Hemlock,
New York.

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

Yellow pine,
flooring,
New York.

Average ! Rela- Average Relaprice per j tive price per tive
ht
l
long ton. ; price, j short ton. price.
i

Average
price per
M feet.

Rcla- Average
tive ! price per
price. I M feet.

Relative
price.

94 $24.5000
100 24.2500
130 21.2500
146 23.7500
288 30.5000

101 I S42.0000
100 42.0000
88 I 38.0000
98 40.0000
126 57.0000

94
91
85
90
128

$4.9726
5.1912
5.1766
5.6946
6.1469

57.0000
57.0000
60.0000
60.0000
60.0000
60.0000
60.0000
63.0000
63.0000
63.0000
63.0000

128
128
135
135
135
135
135
141
141
141
141

6.5000
6.5000
6.4642
6.2606
6.3000
6.3212
6.5968
6.5992
6.9000
6.9000
6.9000

Relative
price.

309
309
309
301
301
305

30.5000
30.5000
30.5000
33.5000
33.5000
34.5000
34.5000

126
126
126
138
138
142
142

305
305

Coke, Connellsville.

Copper, ingot,
electrolytic,
New York.

S2.2000
2.2000
103
2.2000
102
113 , 3.7500
121 | 3.7500

100
100
100
170
170

3.6000
3.6000
3.6000
3.6000
3.8500
3.7500
4.1000
4.1000
4.1000
4.1000
4.1000

164
164
164
164
175
170
186
186
186
186
186

128
128
128
124
124
125
130
130
136
136
136

Petroleum, crude,
Pennsylvania,
at wells.

Lead, pig,
desilverized,
New York.

Pig iron, basic.

Year and month.
Average Rela- Average Rela- ; Average
price per tive price per tive i price per
long ton. | price. short ton. price, pound.
July, 1914
November,
November,
November,
November,

S3.0000
3.0000
2.8500
6.0000
4.4120

100
100
95
200
147

SI.8750
1.5500
2.3750
5.7500
6.0000

77
64
97
236
246

4.4120
4.4120
4.4120
4.2440
4.2190
4.2320
4.6320
4.6320
4.6320
4.6320
4.6320

1914..
1915..
1916..
1917..

147
147
147
141
141
141
154
154
154
154
154

6.0000
6.0000
6.0000
6.0000
6.0000
6.0000
6.0000
6.0000
6.0000
6.0000
6.0000

246
246
246
246
246
246
246
246
246
246
246

Cotton yarns,
northern cones,
10/1.
Year and month.

1914..
1915.
1916..
1917..

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




Average
price per
barrel.

SO.0390
.0350
.0490
.0700
.0613

80
111
159
139

SI.7500
1.4500
1.8000
2.6000
3.5000

.0684
.0706
.0724
.0698
.0691
.0728
.0802
.0805
.0805
.0805
.0805

155
160
165
159
157
165
182
183
183
183
183

3.7500
3.9375
4.0000
4.0000
4.0000
4.0000
4.0000
4.0000
4.0000
4.0000
4.0000

85
72
114
182
149

1918.

January
February
March
April
May
June
July
August
September
October
November

July, 1914
November,
November,
November,
November,

SO.1340
.1125
.1788
.2863
.2350

Rela- | Average Relative | price per tive
price, pound. price.

1918.

Leather, sole,
hemlock No. 1.

.2350
.2350
.2350
.2350
. 2350
.2350
.2550
.2600
. 2600
. 2600
.2600

149
149
149
149
149
149
162
165
165 I
165 |
165 I

Steel, billets,
Bessemer,
Pittsburgh.

Rela- Average
tive price per
price. long ton.

Steel, plates,
tank Pittstank, Pitts
burgh.

Rela- Average
tive price per
price. pound.

Average
price per
pound.

Rela- Average
tive price per
price. pound.

SO.2150
. 1550
.2050
.3325
.4700

SO.3050

108

150
212

.3200
.4900
.4800

113
174
170

S19.0000
19.2500
26.5000
52.0000
47.5000

74
75
103
202
184

SO. 0113
.0110
.0150
.0375
.0325

.5363
.5536
.5745
.6162
.6332
.6437
.6412
.6400
.6100
.6100
.6100

242
250
260
278
286
291
290
289
276
276
276

.4900
.4900
.4550
.4550
.4900
.4900
.4900
.4900
.4900
.4900
.4900

174
174
161
161
174
174
174
174
174
174
174

47.5000
47.5000
47.5000
47.5000
47.5000
47.5000
47.5000
47.5000
47.5080
47.5000
47.5000

184
184
184
184
184
184
184
181
184
184
184

.0325
.0325
.0325
.0325
. 0325
.0325
.0325
.0325
.0325
.032-5
.0325

|

Rela- Average Relative price per tive
price. long ton. price.
71 S13.0000
59 12.4800
73 15.7500
106 25.1000
143 33.0000

85
107
171
224

33.0000
33.0000
33.0000
32.0000
32.0000
32.0000
32.0000
32.0000
32.0000
33.0000
33.0000

224
224
224
218
218
218
218
218
218
224
224

153
161
163
163
163
163
163
163
163
163
163

Steel, rails, open
hearth,
Pittsburgh.
P i b

Rela- Average
tive price per
price. long ton.

32 s

cr ss

° bre

Rela- | Average Relative price per tive
price, pound, j price.

76 S30.0000
74 30.0000
101 30.0000
253 35.0000
220 40.0000

100
100
100
117
133.

220
220
220
220
220
220
220
220
220
220

156
190
190
190
190
190
190
190
190
190
190 .

SO. 6500 I
.6300

.8500
1.2000 I
1.9000

84
81
119
154
245

I
46.8000
57.0000
57.0000
57.0000
57.0000
57.0000
57.0000
57.0000
57.0000
57.0000
57.0000

2.0000
2.0071
2.1000
2.1500
2.1500
2.1500
2.1500
2.1500
2.1500
2.1500
2.1500

257
258
270
277
277
277
277
277
277
277
277

74

FEDERAL RESERVE BULLETIN.

JANUARY 1,1919.

Average monthly wholesale prices of commodities—Continued.
[Average price for 1913=100.1
Beef carcass,
good native
steers, Chicago.
Year and month.

Flour, wheat,
standard patents,
Coffee, Rio No. 7. 1914-1917, standard war, 1918,
Minneapolis.

Hams, smoked,
Chicago.

Illuminating oil,
150° fire test,
New York.

Sugar, granulated,
New York.

Average
price per
pound.

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

1918.

.

.

. .

. . . .

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

July, 1914
November, 1914
November, 1915
November, 1916
November, 1917

Relative
price.
104
111
106
106
147

SO.0882
.0638
.0750
.0950
.0794

79
57
67
85
71

§4.5938
5.8813
5.5000
9.8250
10.2250

100
128
120
214
223

SO. 1769
.1663
.1625
.2031
.2900

106
100
98
122
174

SO.1200
.1200
.1200
.1200
.1300

97
97
97
97
105

SO. 0420
.0493
. 0568
.0735
.0818

98
115
133
172
192

.1750
.1750
.1750
.2050
.2250
.2338
.2400
.2420
.2450
. 2450
.2450

135
135
135
158
174
181
185
187
189
189
189

.0853
.0833
.0891
.0903
.0873
.0841
.0855
.0853
.0959
.1040
.1069

77
75
80
81
78
76
77
77
86
93
96

10.0850
10.3000
10.0938
9.9850
9.5250
9.8250
10.7020
10.2100
10.2100
10.2100
10.2100

220
225
220
218
208
214
233
223
223
223
223

.2950
.2984
.3028
.3075
.3025
.2994
.3025
. 3225
.3281
.3361
.3541

177
180
182
185
182
180
182
194
197
202
213

.1600
.1600
.1600
.1675
.1700
.1700
.1710
.1750
.1750
.1750
.1750

130
130
130
136
138
138
139
142
142
142
142

.0744
.0730
.0730
.0730
.0730
.0731
.0735
.0735
.0845
.0882
.0882

174
171
171
171
171
171
172
172
198
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 30-day periods ending November 15,
and December 15, 1918. Quotations are given
for prime commercial paper, both customers7
and purchased in open market, interbank loans,
bankers7 acceptances, and paper secured by
)rime stock exchange or other current colateral. Separate rates are quoted for paper
of longer and shorter maturities in the firstnamed and last-named classes. In addition,
quotations are given for commodity paper
secured by warehouse receipts and for cattle
loans, as reported from centers in which such
paper is current.
Quotations are also given of rates charged on
ordinary loans to customers secured by Liberty
bonds and certificates of indebtedness. Assistance to customers to enable 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 table also shows quotations in
New York for demand paper secured by prime
bankers' acceptances, a type of paper which
has made its appearance in the New York
market during the past several months.
Quotations for new types of paper will be added
from time to time as deemed of interest.
During the period under review changes in
rates have been more marked than for some

I




Relative
price.

time past. In contrast to the previous period,
a general tendency may again be perceived,
most districts showing a considerable decrease.
In certain cases, conspicuous among which are
New York, St. Louis and Minneapolis, the
decrease occurs for almost all the types of
paper for which quotations are given. On the
other hand, rates in several districts on the
whole show an increase, New Orleans and San
Francisco being cases in point, while a small
number of centers, among which Chicago may
be mentioned, show rates practically unchanged from those prevailing during the
period ending November 15. Customary rates
in general, with few exceptions, remain unchanged, the movement in rates being confined
to changes in the high and low quotations.
The decrease is most pronounced in the case
of commercial paper and collateral loans.
Rates for bankers' acceptances on the whole
show a fractional decrease, while rates charged
on interbank loans afford an approximately
equal number of cases of increase and decrease.
Rates on paper secured by Liberty bonds and
certificates of indebtedness, which on the whole
are lower than on ordinary commercial loans,
or on loans secured by other collateral, remain
practically unchanged. A greater degree of
uniformity between rates prevailing in various
sections may be observed in the case of commercial paper purchased in the open, market
than for practically any other type of paper,
the rates in many instances being lower than
those prevailing for customers' paper of similar
maturities.

Discount and interest rates prevailing in various centers,
DURING 30-DA.Y PERIOD ENDING NOV. 15,1918.
Bankers' acceptances,
60 to 90 days.
District.

No. 1...
No. 2...
No. 3...
No. 4...
No. 5...
No. 6...
No. 7...
No. 8...
No. 9...
No. 10..
No. 11.,
No. 12.




City.

Collateral loans—stock exchange or
other current.

Secured by
Secured by Libertywarehouse bonds and
receipts, certificates
ofindebtetc.

Boston
i 6iNew Yorka..| 6
Philadelphia.; 6
Cleveland
6
Pittsburgh...
Cincinnati
Richmond...
Baltimore....
Atlanta
Birmingham.
Jacksonville..
New Orleans.
Chicago
Detroit
St. Louis
Louisville
Memphis
Minneapolis..
Kansas City..
Omaha
Denver
Dallas
El Paso
San Francisco
Portland
Seattle....
Spokane
Salt Lake....
« Rates for demand paper secured by prime bankers' acceptances, high 6, low 4£.

6 Secured by fourth Liberty loan bonds.

CO
CO

Discount and interest rates prevailing in various centers—Continued.
DUItING 30-DAY PERIOD ENDING DEC. 15, 1918.
Prime commercial paper.
District,

30 to 90
days.

No.
No.
No.
No.

1...
2...
3...
4...

No. 5...
No. 6...

No. 7...
No. 8...
No. 9...
No. 10..
No. 11..
No. 12..




Open market.

Customers.

City.

Boston
New York a..
Philadelphia.
Cleveland
Pittsburgh...
Cincinnati....
Richmond...
Baltimore
Atlanta
Birmingham.
Jacksonville..
New Orleans.
Chicago
Detroit...
St. Louis
Louisville
Memphis
Minneapolis..
Kansas City..
Omaha
Denver
Dallas
El Paso
San Francisco
Portland
Seattle
Spokane
Salt Lake

30 to 90
days.

4 to 6
months.

//.
61
6
6

6
6
6
6
6
6
8
8

5
52
51
6
of
5
6
6

6
6
6
6
6
6
6
7

6
6
6
6

6
5
5
6

7
6
8
7
8
6
7
8
8
8

5f
5
6
6
6
6
51
5
1
6
6
7

6
6
6
6
6
0
6
6
6
6
8
6
6
6
61
8

6
6
6
6
6
6
8
8
6i
6
6
6
6
6J
7
7
8
7
8
6
7
8
8
8

4 to 6
months.

//. L.

L. C. / . L.
C.
/
6} 6
52 6
41 o£-6 6 51
51 6
6 5j

6:}

6

6
6
6
6
6
6
5£

h\
5f
5
6
6
h\
Si

5
6
6
6
5|
5
6 6
8
6
7
6
6 6
6
6
6 6
6
5 6 ..
..
51 6 | 6 51 6 6
6
6" 6
6 6
6
52 6 I 6 51 52
5 6
6 6 G
52 6
6 6 6
6 6
6 6 6
6 6
6 6 8
6 8
6 6 6
6 6
51 6 6
51 6
6A
6 6
6 7
7 8 6 51 6

V

Indorsed.
C. II. L. C.

Unindorsed.

4i
51
6
5
6
4|

6
6

6
6
61
4i
51
6
41
6
43

5

41 42

6

6

6

6 6

41-6
4i
4J

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

f

61
6
6
6
6
6
7

6
51
5
5
5
6
5

8

41
5*
5
41
6
41

Ue.
6
6

6
6
7

5J 6

6
6
8

5
5
6

8

7

6

Secured by
Liberty
bonds and
certificates

3 months.

H. L. C. II.
6
6 i 6
6 5 6 6
6 5 6
6 5 6 6
4* 4£ 61 6 6
6 5£ 6
6 5£ 6
6 oh 6
6 6
8 6" 6
6 6
6 64 7 6 7

6
6 6
7 6

52 6

Demand.

8*8 I
5

5i 6

Collateral loans—stock exchange or
other current.

//. L. C.

3,

6
6
6

6
6
6
6
6
5}
6

Bankers' acceptances,
60 to 90 days.

Interbank
loans.

L. C.
6 6
o.V
51
5
6
6
6
54

of-6
6
6
6
6
6
6

ol 6

6 6
"
6 7
6 6
6 6
5 6
5 6
5 6
5 6
6 6
51 6
6 6
51 6
6 6
6 8
6 6
6 6
6 6
6 6
7 8

8

7

b Secured by fourth Liberty loan bonds.

pa

O

JANUARY 1,1919.

FEDEKAL RESERVE BULLETIN.

PHYSICAL- VOLUME OF TRADE.
In accordance with plans outlined in the
December issue of the FEDERAL RESERVE
BULLETIN there are presented in the following
tables certain data relative to the physical
volume of trade—that is, the actual amounts
(in units of weight and size, such as tons and
feet) of various articles produced, or received
and shipped at important centers, etc. The
aim has been to select such data as are available to illustrate conditions in the leading industries, in the belief that a composite of
conditions in these industries will afford an
accurate picture of general business conditions. The data presented thus differ in purpose from those often presented in connection
with indices of business conditions, where the
aim is rather to select a small number of items
believed to possess peculiar significance. It
will be observed that the material is incomplete in certain particulars, due to the difficulty of obtaining reliable information, but
arrangements are nearing completion for the
gathering of considerable additional data, and
these will be presented from time to time as
reliable figures are obtained. As is usual with
data of this character, the figures are confined
largely to raw materials and goods subject to
relatively slight manufacturing processes, which
data alone are readily available, but it is believed that figures for certain manufactured
products may also be obtained.
Certain of the monthly figures shown below
have been calculated from weekly data. In
such cases figures for overlapping weeks have
been pro rated, the amount being divided between the two months according to the number of days included in each month. In consequence, it is impossible in certain cases, among
which may be mentioned the data relative to
grain and flour, to obtain the figure for stocks
on hand at the close of the month by subtraction of shipments during the month from the
sum of receipts during the month and stocks
on hand at the close of the previous month. In
such cases the figures for stocks on hand at the




close of the month actually represent stocks on
hand at the close of the week nearest the end
of the month. Such discrepancies, however,
will in general be found to be small.
As far as practicable, relative figures have
been added, expressing current figures as percentages of the averages of figures for the years
1911, 1912, and 1913. For example, an average has been struck of the amount of pig iron
produced monthly during the years 1911, 1912,
and 1913, and the output during November,
1918, expressed as a percentage thereof. By
this means, the actual seasonal variations will
be shown. While relative figures have been
calculated in certain cases, expressing current
figures as percentages of the averages of figures
for the same periods in each of the years 1911,
1912, and 1913, it is not believed desirable at
present to present them in addition to the
relative figures calculated in the manner previously explained. It has been found necessary to employ a statistical refinement in the
calculation of relative figures for the month of
February. As such figures would manifestly
be too low were they calculated from the actual
figures for the month, in the calculations the
latter have been increased by one-fourteenth
in order to obtain figures which represent approximately production, movements, etc., during a month with 30 days. While the actual
February figures are shown in the tables, the
adjusted figures have been employed in the
calculation of the accompanying relatives.
Mention should also be made of the fact that
in the case of commerce through the Sault Ste*
Marie Canal, where the season extends from
shortly before May 1 to shortly after December
1, the canal being open during part of April and
part of December, the relative figures which
have been calculated express current figures
as percentages of the averages of figures for
May to November, inclusive, of the years 1911,
1912, and 1913. Current figures for cotton
consumption are expressed as percentages of
averages of figures for the crop years ending
August 31, 1912, 1913, and 1914.

78

FEDERAL RESERVE BULLETIN.

JANUARY 1,1919.

Livestock movements.
[Bureau of Markets.]
Shipments.

Receipts.

i

Catile and
calves, 63
markets.

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

Hogs, 63
markets.

Sheep, 63 Horses and
mules, 47
markets.
markets,

Head.
1,694,490
1,445,538
1,695,694
2,037,530
1,859,839
1,808,842
2,114,635
2,013,650
2,808,149
2,840,885

Head.
4,341,474
4,341,793
4,418,074
3,704,302
3,375,945
3,001,956
3,118,505
2,478,810
2,389,261
3,425,025
4,613,022

Head.
1,287,695
985,820
1,232,688
1,135,401
1,142,953
1,370,361
1,587,923
2,130,191
3,305,066
3,234,277
2,535,323

2,630,632

Cattle and
calves, 56
markets.

Head. \
157,504 I
145,477
128,401 !
42,370 i
35,027 '
44,894

51,727
81,807
125,817
151,079
142,034

Head.
7,481,163
6,918,448
7,474,857
6,919,603
6,413,764
6,226,053
6,870,790
6,704,458
8,628,293
9,651,866
9,921,011

Head.
555,520
493,005
605,749
757,865
783,825
755,590
668,686
853,296

1,226,291
1,307,655
1,236,868

Sheep, 56 Horses and
markets. mules, 47
markets.
Head.
1,260,724
1,293,634
1,728,329
1,277,555
1,080,053
1,022,683
952, 439
851,705
789,537
900,014
1,224,517

Head.
524,457
424,779
560,493
530,696
507,603
667,949
736,387
1,199,014
2,060,800
2,069,121
1,446,634

Head.
151,468
122,404
48,758
34,015
42,825
45,887
78,293
115,618
144,225
134,961

Total, all
kinds.
Head.
2,492,169
2,350,298
3,076,975
2,614,874
2,711,496
2,489,047
2,403,399
2,982,308
4,192,246
4,421,015
4,042,980

Receipts and shipments 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.]
[Monthly average, 1911-1913=100.]
RECEIPTS.

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

1,317,368
1,133,116
1,300,097
1,533,147
1,282,922
1,292,505
1,697,193
1,588,553
2,249,017
2,207,534
2,054,409

Relative.
131
120
129
152
127
128
168
158
223
225
204

!

Hogs.

Cattle and calves.
Head.

3,333,591
3,452,072
3,482,064
2,942,449
2,662,412
2,369,501
2,530,414
1,970,086
1,775,842
2,570,525
3,431,782

Relative.
152
168
158
134
121
108
115
90
81
117
156

Horses and mules.

Sheep.
Head.
946,495
733,895
886,157
733,709
750,158
889,040
1,141,479
1,424,677
2,408,609
2,357,524
1,677,539

Relative.

Head.

Relative.

Total, all kinds.
Head.

Relative.

58
65
54
55
65
84
104
176
173
123

87,444
78,708
77,883
26,406
22,090
28,400
36,782
54,271
82,696
83,574
64,482

190
183
169
57
48
62
80
118
180
182
140

5,684,898
5,397,791
5,746,201
5,235,711
4,717,582
4,579,446
5,405,868
5,037,587
6,510,164
7,279,157
7,228,212

123
125
124
113
102
99
117
109
141
158
157

63
55
68
50
51
71
96
149
265
294
179

85,528
77,038
75,602
34,883
21,849
26,615
31,379
51,933
74,473
84,393
63,589

208
201
184
85
53
65
76
127
182
206
155

1,558,978
1,548,132
2,155,793
1,735,310
1,486,676
1,572,291
1,672,469
2,055,827
2,829,651
3,045,570
2,548,135

109
116
150
121
104
110
116
143
197
212
177

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




401,864
360,971
504,229
551,184
502,101
501,169
495,211
652,431
932,131
994,943
921,831

99
95
124
136
123
123
122
160
229
245
227

755,282
849,668
1,233,754
898,486
705,979
687,218
662,728
599,577
488,298
486,460
659,432

156
188
255
185
146
142
137
124
101
100
136

316,304
260,455
342,208
250,757
256,747
357,289
483,151
751,886
1,334,749
1,479,774
903,283

79

FEDERAL RESERVE BULLETIN.

JANUARY 1,1919.

Grain and flour.
[U. S. Food Administration.
GRAIN MOVEMENTS.
[Bushels.]
Corn.

Wheat.

Oats.

Receipts.

June
July
August
September
October
November

Shipments.

Stocks at
close of
month.

Receipts.

Shipments.

Stocks at
close of
month.

Receipts.

Shipments.

Stocks at
close of
month.

196,060,000
287,652,000
286,200,000
241,260,000
145,415,000

94,823,000
160,162,000
150,636,000
150,077,000
130,917,000

12,415,000
81,422,000
163,027,000
246,690,000
286,169,000
253,922,000

59,466,000 54,792,000
48,131,000 42,999,000
62,137,000 46,453,000
59,437,000 47,501,000
44,082,000 39,723,000

37,794,000
31,919,000
25,559,000
28,522,000
25,727,000
21,207,000

90,006,000
177,324,000
126,138,000
110,620,000
82,982,000

87,893,000
124,597,000
102,510,000
107,693,000
92,265,000

39,097,000
37,923,000
86,030,000
104,739,000
103,943,000
88,475,000

Barley.

Receipts.

July
August.
September
October
November

...I

Stocks at
close of
month.

Shipments.

14,285,000
21,340,000
27,002,000
23,889,000
21,370,000

Total grains.

Rye.

U..~.
7,077,000
9,923,000
15,295,000
19,843,000
20,054,000

Receipts.

Shipments.

Stocks at
close of
month.

Receipts.

Shipments.

Stocks at
close of
month.

10,606,000
16,984,000
27,174,000
37,782,000
40,670,000
39,965,000

3,474,000
8,422,000
16,092,000
20,667,000
16,403,000

2,024,000
4,449,000
7,409,000
15,047,000
12,968,000

2,181,000
2,912,000
6,128,000
12,854,000
17,309,000
18,734,000

363,291,000
542,869,000
517,569,000
455,873,000
310,252,000

246,609,000
342,130,000
322,303,000
340,161,000
295,927,000

102,093,000
171,160,000
307,918,000
430,587,000
473,818,000
422,303,000

FLOUR PRODUCTION.
IBarrels.J
Prod action.
June
July....
August.

6,780,000
10,391,000

i

Stocks at
close of
month.

I Production.

1,109,000 I September
1,606,000 1 October
2,386,000 November

I
I
!

i

!

11,835,000
11,752,000
10,594,000

Stocks at
close of
month.
3,064,000
3,422,000
3,394,000

California shipments of citrus and deciduous fruits.
[Carloads.]
Lemons.
January..
February.
March
April
May
June

1,409
1,035
2,125
2,640
1,957
1,465

237
372
544
585
824
951

Total
citrus
fruits.

Total
deciduous
fruits.

1,646
3,225
2,781
2,414

118
1,116

Oranges.
July
August
September.
October....
November.

914
767
549
485
1,125

Lemons.
561
732
275
639
676

Total
citrus
fruits.
1,475
1,499
824
1,124
1,801

Total
deciduous
fruits.
3,758
9,126
5,879
7,143
1,044

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.
April..
MSy...

June..
July...




Meltings.

Raw stocks
at close
of month.

365,763
431,757

324,200
385,492
347,078
320,908

92,128
155,963
167,259
135,061

Receipts.
August
September
October...
November.

Meltings.

218,690
176,867
242,912
138,141

210,745
207,566
172,528

Raw stocks
at close
of month.
100,392
56,978
77,233

80

FEDERAL RESERVE BULLETIN.

JANUARY 1,

1919.

Sugar—Continued.
[Data for ports of New York, Boston, Philadelphia.]
[Weekly Statistical Sugar Trade Journal.]
[Tons of 2,240 pounds. Monthly average 1911-1913=100.]
Receipts.
Tons. | Relative.
January..
February
March...
April....
May
June

123,080
179,768
210,213
242,958
316464
316,464
255,764

Raw stocks at
close of month.

Meltings.

!
!
|
| *.<,*
! 172
i 139

Tons.

Relative.
49
110
118
123
148
137

90,000
188,000
216,000
225,000
271,000
252,000

Receipts.

Relative.

Tons.

Tons.

July
,
August
September.
24 ij October
50 ij November
52 1
1

39.494
3i;262
25,475
41,228
86,400
90,097

186,225
159,252
145,555
151,703
139,343

Relative.

Raw stocks at
| close of month.

Meltings.
Tons.

Tons.

101 221,000
87 175,000
79 139,000
82 156,000
76 139,000

120
95
76
85
76

| ™£
32
23
27
25
25

55,322
39,375
46,869
42,522
43,112

Lumber.
[From reports of manufacturers' associations.]
[M feet.]
Southern pine.

"Western pine.

Douglas fir.

Eastern white pine.

No. Produc- ShipNo. Produc- ShipNo. Produc- Shipof
of
of
ments. mills. tion.
ments. mills. tion,
ments.
mills. tion.
January...
February.
March
April
May
June
July
August
September
October...
November.

188
187
189
187
194
187
201
202
190
202
194

381.705
383;954
407,082
385,033
425,962
376,204
412,002
391,6-18
346,069
321.214
312,126

393,997
384,923
427,943
445,207
495,689
408,044
453,786
437,776
350,628
353', 266
353,810

24,46
45
38,44
41,45
43,47
42,45
42,45
44,47
42,47

64,999
73,147
105,133
129,123
145,773
145,719
147,533
151,156
121,850

93,386
66,581
94,104
126,592
128,596
127,546
112,915
109,402
79,701

•I-

127
134
103
132
132
119
123
130
106
115

North Carolina pine.

No. Produc- ShipNo. Produc- Shipof
of
tion.
ments. mills. tion.
ments.
mills.
I

336,200 304,600
26
302,400 268,500 !
26
259,600 217,500 !
26
304,800 319,600 i
24
24
380,100 405,900 I
26
292,200 331,600 |
26
269,100 266,300
26
292,200 275,000
26
316,000 248,000
356,487 324,080 27,21
16

34,762
24,365
24,691
56,636
75,903
96,467
86,658
95,942
72,937
32,787
8,100

38,666
27,366
37,992
52,822
63,506
75,197
59,412
51,327
38,711
26,152

25
20
30
28
27
27
36
31
41
42

14,341
19,299
35,821
28.319
25; 222
24,416
31,517
24,118
31,908
27,912

11,913
14,665
27,684
26,817
28'. 45827'. 851
34'. 815
34; 377
34,903
36,478

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

Anthracite coal, shipments over 9 roads.

Coke, estimated total
monthly production.

Short tons. Relative. Short tons.

Relative.

Short tons.

5,638,383
5,812,082
7,276,777
6,368,373
6,887,256
6,867,669
7,084,775
7.180,923
6,234,395
6,286,366
5,276,659

105
125
159
150
112
128
123
109
98
87

3,854,789
3,775,187
4,645,374
4,603,103
4,933,184
4,735,679
5,129,918
5,082,601
4,911,599
5,219,919
4,831,897

42,607,206
44,384,937
48,631,115
46,590,570
50,927,195
51,757,214
55,587,312
55,732,092
51,757,334
52,889,000
44,389,000

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

115
128
131
126
137
140
150
150
140
143
120

Relative.
110
116
133
132
141
135
147
145
141
149
138

Movement of crude petroleum (east of Rocky Mountains).
[U. S. Geological Survey.]
[Barrels of 42 gallons each.]
Stocks at
end of
month.

Marketed.
Barrels.
January
February...
March
April
,..
May
*
June




18,800,500
18,060,300
21,230,400
20,499,360
21,143,810
21,097,260

Relative.
160
164
180
174
180
179

Barrels.
118,836,090
116,778,880
115,173,070
114,402,425
114,364,400
114,322,605

Stocks at
end of
month.

Marketed.
Barrels.
July
August
September
October...
November,

21,617,464
20,496,991
20,384,523
21,495,283
20,783,899

Relative.
184
174
173
183
177

Barrels.
110,950,501
108,768,635
104,746,889
102,669,518
99,419,237

81

FEDERAL RESERVE BULLETIN.

JANUARY 1,1919.

Total output of oil refineries in United Stales.
[Bureau of Mines.]
Crude oil run
(•barrels).
.January
February
March
April
May

23,842,587
23,3SG, 676
26,239,662
26,201,544
28,510,698

I

June
July
August
September
October

28,140,479
29,170,718
28,534,275
28,390,431
29,237,767

!
|

Gas and fuel Lubricating
(gallons)."
(gallons).

Gasoline
(gallons).

Kerosene
(gallons).

242, 632,044
234, 324,619
269, 627,968
293, 396,162
319, 391,202
31.5, 023,445
332, 022,095
330, 335,046
314, 595,959
314, 251,318

119.358,184
121^218,320
151,228,007
153,703,682
160,590,760
151,840,252
156,828,826
149,678,850
164,903,798
164,928,640

547,866.248
510,165,397
587,985,804
578,255,341
631,586,209
628,842,033
658,439,682
671,113,871
653,085,050
661,780,441

56,623,425
58,300,914
69,308,351
71,022,204
79,589,735
74,420,996
79,303,107
72,892,879
70,593,079
72,244,633

469,277,166 \
518,794,609 ;
526,382,386
509,197,134 :
!
460,637,479 !
418,440,353
349,928,604 .
285,446,538 ,
269,772,723 i
250,328,369 .

433,254,045
411,150,157
356,580,540
393,527,476
343,311,945
426/285,676
432,807.129
424,28l',481
436,628,907
419,409,944

547,450,775
502,046,087
483,447,727
471,644,479
515,020,224
550,704,759
519,012.839
569,016,413
583,407,769
596,116,351

141,907,918
150,259,653
146,572,398
144,383,212
161,009,729
158,316,257
136,460,207
137,496,986
147,425,556
135,196,542

Stocks at the close of month.
Jan. 31
Feb. 28
Mar. 31
Apr. 30
May 31
. June 30
July 31
Aim. 31
Sept. 30

12,324,191
11,633,411
13,122,241
12,6001062
11,824,633
11,956,151
14,026,525
13,946,595
14,462,100

i
i
1

Oct. 31

15,438,576

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-Nov., 1911-1913=100.]
Iron ore shipments
from the upper
Lakes.

Pig iron production.

Steel ingot production.

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

Gross tons. Relative,I Gross tons.! Relative. Gross tons.' Relative Gross tons. Relative.
January..
February.
March

;

April
May

235,870
I 8,792,231

.June..
July
August
-September..
October
November..
December..

145
164
176
161
148
141
72

9,921,860
10,659,203
9,725,331
8,995,014
8,541,593
4,333,828

!
!
i
!
j

2,411,768
2,319,399
3,213,091
3,288,211
3,44.6,412
3,323,791
3,420,988
3,389.585
3,418; 270
3,486,941
3,354,074
3,433,617

104
107
139
142
149
143
148
146
148
151
145
148

'92
102
130
132
137
129
130
129
134
140
128

2,203,845
2,273,741
3,110,381
3,163,410
3,287,233
3,083,446
3,113,635
3,083,680
3,197,658
3,352,196
3,060,154

9,477,853
9.288,453
9; 056,404
8,741,882
8,337,623
8,918,866
8,883,801
8,759,042
8,297,905
8,353,293
8,124,663
7,379,152

180
176
172
166
158
169
169
166
157
158
154
140

Textiles.
IfSilk, Department of Commerce; cotton, Bureau of the Census; wool, Bureau of Markets; idle machinery, Jan.-Sopt., inclusive, National Association
of Wool Manufacturers.]
[Monthly average crop years 1912-1914—100.]

! Cotton consumpi
tion.

Bales.

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

Wool consumption
(pounds).

33,552,732
33,615,110
33,789,656
33,746,983
33,720,555
33,720,413
33,674,896
33,646,811
33,524,275
32,760,623
33,121,507

53,827,887
52,890,535
58,878,147
57,651,248
60,124,546
52,338,824
50,951,651
51,516,457
47,648,413
48,692,509
38,282,723

Relative.

October
November
•T)p.nfiTnhp.r

:
:
:
;

524,083
510,187
571,202
544,559
577,288
:
527,464
: 541,792
: 534,914
•. 490,779
440,833 |
'. 457,376

117
122
127
121
128
117
120
119
109
98
102

Spinning

Looms.

Wider 1 Under Sets of Combs.
than 50- | 50-inch cards.
i RelaWoolen. Worsted. I Pounds. tive.
inch reed 1 reed
space. I space.
i

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

Imports of raw
silk.

9.6
8.1
8.2
7.1
7.9
8.6
10.4
12.2
13.8
18.3
21.1
22.5

12.1
8.4
8.0
8.5
8.3
11.9
10.2
14.3
15.1
24.3
26.8
24.9

6.1
5.1
4.6
4.2
5.3
5.5
5.9
6.0
7.8
9.3

11.1
13.8

8.1
7.9
8.3
8.8
8.6

15.0
10.5
10.2
13.2
12.5
23.8
17.8

6.2
4.9
5.5
5.0
5.4
7.0
6.5
6.6
8.3
8.8

11.9
16.1

14.7
11.6
12.7
12.5
12.7
14.0
13.2
15.3
20.2
18.8
30.1
27.4

2,470,187
1,606,620
2,199,167
2,947,222
2,710,971
2,937,744
1,997,314
3,813,595
3,973,754
2,814,270
2,336,345

121

84
107
144
134
144
98
18(5
194
138
114

NOTE.—Figures of idle wool machinery for Nov. 1 and Dec. 1 are not entirely comparable with previous figures, duo to fact that later figures are
•for number of machines running on single shift, while earlier figures count as two a machine running double time. The effect is, however, small.




82

FEDERAL BESERVE BULLETIN.
Nonferrous metals.

Vessels built in United States, including those for our French
allies, and officially numbered by the Bureau of Navigation.

[ Tin, Department of Commerce; spelter, United States Geological
Survey.]

[Monthly average 1911-1913=100.]

[Monthly average 1911-1913=100.]
Imports of pig tin.

Num- Gross Relaber. tonnage. tive.

Spelter.
Production.

Relative.

Pounds.

Short
tons.

JANUARY 1,1910.

Stocks at
close of
month.

Relative.

57

January...
February..
March
April
May
June

64,795
117,601
147,145
163,050
194,464
201,425

84
138
165
185

188

Num- Gross Relaber. tonnage, tive.

July
August
September.
October...
November.
834 ! December.

193
177
170
202
171
153

268
521
609
675
805

229,931
295,849
308,470
357,532
357,660
283,359

Tonnage of vessels cleared in the foreign

!

951
1,224
1,276
1,479
1,480
1 173

trade.

[Department of Commerce.]
January...
February..
March
April
May
June
July
August....
September,
October...
November.

12,572,727
7,581,403
13,529,209
13,035,803
10,796,218
15,130,205
15,567,667
16,317,437
10,630,666
9,885,984
10,734,179

46,223
45,084
47,772
47,450
46,069
40,488
46,467
45,811
43,492
45,631
43,555

138
89
149
143
119
166
171
180
117
109
118

58,354
62,114
60,895
56,738
51,017
43,368
42,480
43,477
41,318
30,608
31,874

171
179
177
174
171
150
172
170
161
169
161

Production of wood pulp and paper.
[Federal Trade Commission.]
[Net tons.]
Wood
pulp.
July
August
September.
October
November.

News
print.

262,377
246,741
237,624
270,849

103,348
113,826
99,528
88,155
97,693

Book.
69,458
76,439
66,581
60,743
67,262

Paper Wrapboard. ping.

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

34,609
36,910
37,833
28,533
33,429

70,526
71,249
61,390
56,903
61,6811

Percentage
of
RelaRela- Ameri- tive.
tive. can to
total.

Net tonnage.

Fine.

177,931
192,810
168,384
143,373
15,234

[Monthly average 1911-1913=100.]

891,351
757,141
1,053,942
1,251,114
1,811,603
1,881,771
2,093,310
2,332,577
2,009,194
1,875,947
1,770,935

1,739,923
1,511,845
1,963,471
1,730,823
2,526,793
2,511,425
2,941,171
2,808,466
2,290,872
2,163,383
1,991,725

Total.
2,631,274
2,268,986
3,017,413
2,981,937
4,338,396
4,393,196
5,034,481
5,141,043
4,300,066
4,039,330
3,762,660

i
??
112

33.9
33.4
34.9
42.0
41.8
42.8
41.6
45.4
46.7
46.4
47.0

113
129
132
111
104
97

134
132
138
166
165
169
164
179
185
184
186

Net ton-miles, revenue and nonrevenue.
[United States Railroad Administration.]
37,128,637,000
36,720,788,000
34,336,703,000
38,761,291,000

August....
September
October...

38,469,847,000
38,592,137,000
39,548,562,000

Commerce of canals at Sault Ste. Marie.
[Monthly average M a y - N o v . , 1911-1913=100.]
EASTBOUND.
i Grain, other than
!
wheat.
Bushels.
April
May
June
July
August
September
October
November
December

2,083,029
8,187,450
737,502
2,481,626
1,360,698
817,251
4,279,916
7,189,456
3,663,693
30,800,621

Bushels.

Rela- ! Barrels.
tive. i

4,441,647
2,632,572
4,033,331
1,138,342
501,050
5,955,593
29,148,980
52,702,409
22,164,222
122,718,146

92

42

Iron ore.

Flour.

Wheat.

Relative.

14 I

V
3
31
151
274
77 j

Relative. Short tons.
74
111
119
73

858,070
1,286,560
1,379,584
846,140
1,137,110
1,072,330
1.054,630
'594,320
8,228,844

147,188
8,792,162
9,876,913
10,410,857
9,507,067
8,750,841
8,428,643
4,417,282
79,307
60,410,260

Total.
! Short tons. Relative.
321,296
148 i 9,200,843
166 ! 10,254,473
175 I 10,746,246
160 ! 9,743,473
147 ; 9,154,660
142 i 9,590,305
74 i 6,355,760
918,496
145 | 66,285,552

131
146
153
139
131
137
91
132

WESTBOUND.
I-

Hard coal.

i Short tons.
April
May
June
,
July
August
September
October
November
December
Season..,




166,155
208,947
233,764
299,555
293,800
403,510
487,569
57,750
2,211,050

Soft coal.

Relative. Short tons.
54
87
75
97
95
130
157
95

88,078
1,877,973
1,6-49,028
2,121,603
2,517,603
2,796,577
3,193,378
1,517,020
9,300
15,770,560

Total.

Relative. Short tons.
•
110
131
146
166
79
113

101,193 i.
2,203,202 |
2,167,546 I
2,616,098 !
3,046,328 i
3,245,413 i
3,772,982 !
2,157,751 !
84,262 j
19,394,775 j

Total freight.
Relative. Short tons. | ™£

87 !
105
122
130
152
87

422,489
11,404,045 I
12,422,019
13,362,344
12.789,801
12; 400,073
13,363,287
8,513,511

106 I 85,680,327

12Q
131
141
135
131
141
90
125

JANUARY 1,1919.

FEDERAL EESEKVE BULLETIN".

83

DISCOUNT OPERATIONS OF THE FEDERAL RESERVE BANKS.
During the month of November discount
operations of the Federal Reserve Banks
totaled $5,154,592,221, compared with $5,903,962,877 the month before, $3,161,920,534 for
the month of June, the month following the
close of the third Liberty loan, and $892,237,774 for December, 1917, the month after
the consumption of the second Liberty loan.
Of the total bills discounted during the month
under review the share of war paper, i. e.,
member banks7 notes and customers' paper
secured by Liberty bonds and Treasury
certificates, was slightly less than 90 per cent,
compared with about 90 per cent the month
before and nearly 83 per cent in June of the
present year. About 60 per cent of the war
paper discounted by all the banks, and 57 per
cent of the month's total discounts are reported
by the*New York bank, Boston and Philadelphia-following as regards the volume of war
paper Handled during the month.
Discounts of member banks' notes secured
by eligible paper totaled $65,073,069, compared with $53,202,467 the month before,
Boston, Kansas City, and Chicago reporting
the larger portion of this class of discounts.
Trade acceptances discounted during the month
totaled $16,312,995 compared with $24,135,683 for October. Of the smaller total,
$2,570,179 represented transactions in the
foreign trade reported by the Boston and New
York banks and the remainder transactions in
the domestic trade. New York reports about
one-third of all the trade acceptances discounted
during the month and nearly all the discounted
foreign trade acceptances. The above totals
are exclusive of|$3,705,956 of foreign trade
acceptances! andf of $754,597 domestic trade
acceptances-bought during the month in open
market largely by the New York, Cleveland,
and San Francisco banks.
Over 93 per cent of all the paper discounted
during the month was 15-day paper, i. e.,
maturing within 15 days from date of discount
with the Federal.Reserve Bank. For the New
York bank this percentage is about 96 per
cent compared with 97 per cent the month
before. Discounts of 6-months paper (i. e.,
agricultural and live-stock paper, maturing
after 90 days but within 6 months from date
of discount with the Federal Reserve Bank),
totaled $13,205,550, compared with $11,931,131
for October. Over one-half of this class of
paper was handled by the Kansas City bank




and over 93 per cent by the Chicago, Kansas
City, Dallas, and San Francisco banks.
Average maturities at the Boston, New York,
and three of the western banks were longer
than the month before while the calculated
average maturity of all the paper discounted
during the month was 12.37 days, as against
11.17 days in October. Owing to the very
large proportion of fourth Liberty loan paper
handled at the preferential 4 per cent rate
the average rate of discount snows a slight
decline from 4.21 to 4.20 per cent. I h e
calculated average rate of all paper discounted
by the New York bank remains unchanged at
4.09 per cent, notwithstanding the increase in
the average maturity of the paper discounted
from 7.06 to 8.23 days. For the Richmond
bank, the average rate shows a decline from
4.41 to 4.31 per cent, while the average maturity of the paper discounted during the
month went up from 10.45 to 10.61 days. On
the last Friday of the month the Federal
Reserve Banks held a record total of $1,815,195,000 of discounted paper, as against $1,546,164,000 on the last Friday in October.
Of the total discounts on hand, the share of
war paper was 77.9 per cent, compared with
70.6 per cent about the end of October and
48.8 per cent on the corresponding date in
June of the present year. At the New York
bank this share was nearly 90 per cent, even
larger percentages obtaining for the Boston and
Philadelphia banks. Discounted trade acceptances on hand aggregated $23,126,000, compared with $20,273,000 about a month before.
Of the larger total $2,658,000, as against
$2,603,000 about the end of October, were
foreign trade acceptances held by the New
York bank. Agricultural paper on hand
totaled $27,492,000, as against $27,912,000 on the
last Friday in October, while live-stock paper
holdings totaled $34,052,000, of which over
one-half was reported by the Kansas City bank.
During the month there were 51 accessions
to membership, the total number of member
banks being 8,668 at the close of November.
Over 42 per cent of this number, or 3,667 members, as against 3,610 in October, discounted
with their Federal Reserve Banks during the
month under review.
In the following exhibit are given the number
of member banks at the end of October and
November, also the number of banks discounting during the two months:

84

FEDERAL RESERVE BULLETIN.

of member
Number of member Number accommobanks
banks in district.
dated.

Federal Reserve Bank.

Nov.
Boston
New Y o r k . .
Philadelphia
Cleveland...
Richmond..
x\tlanta
•Chicago

I

Federal Reserve Bank.

of member
Number of member Number accommobanks
banks in district.
dated.

i
421
718
656
809
561
419
1,314

236
369
315
172
258
250
666

229
366
318
165
235
216
596

1919.

Nov. 30.! Oct. 31. j November. October.

Oct. 31. November. October.

423
719
662
811
563
422
1,324

JANUARY 1,

St. Louis
Minneapolis...
Kansas City..
Dallas
San Francisco

i

515
865
995
730
639

204
211
356
457
257

512
855
994
726
632
8,617 !

Total...

179
197
344
422
259
3,687 j

3,610

Total investment operations of each Federal Reserve Bank during the month of November, 1918 arid 1917, and the 11 months
ending Nov. 30, 1918 and 1917.

Federal Reserve Bank.

"B os t on
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco

!
Bills bought in open market.
Bills disi
counted for !
members. j Bankers'
Trade
Total.
j acceptances.
3342,715, 751
2,948.291 085
359:648; 434
1991968,833
282,972,265
163,649'.158
366,052: 990
155,524: 752
38,003: 571
106,636: 155
!
74
599
i
116,229,

i

j

|
i
i
!
!
j
;
;
:

§29,634,813
97,747,303
6,869,061
24,724,496
3,630,276
4,148,098
15,074,220
1,448,156
2,709,843
3;413,592
2,600,000
11,890,020

Municipal warrants.
State.

City.

4,460,553 i

208,350,431

5,303

4,346,451 ;

186,218,728

24
945

.
,

Boston
New York
Philadelphia
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas Citv.
Dallas
.".
San Francisco

41 per
cent.

Total

...

•
.

'

.

455,000

§373,350.
$72 RRO 4Q4
3,248, 8^8, 733 2 725 3SS ?08
368, 823, 184
50 QQ1 7?,8
236, 298, 73R • 71
380
287, 101,541
66 897 279
167, 886,039
27 834
383, 127, 310
163 945 404
158, 460, qna
40 (W1
40, 88S 414
28 Q84 35?
110, 268) 247
75,018;316
26.QO4.7OQ
77, qqs. ,W
129, 428, 811
44 373 297

219,452,500

219,546,050

5,582, 500, 085

2 1,546,946

7,779,850 44,388,188 21,706,325

1 Includes 3754,597 in the domestic trade.

1917.2

81,000,000
200,390.500
2,2811550
10,660,000
499,000
77,400
2,000,100
1,497,000
175,000
218,500
499,000
248,000

250,550 SI,294,396

188,540 44,596,860

November,

SI,000,000
200,390,500
2,203,500
10,660,000
'499,000
62,000
2,000,000
1,497,000
175,000
218,500
499,000
248,000

<&78,050

1
100

$2,000

November,
1918.

opera-

93,450

sioo

1

.

Total.

investment
tions.

15,300
100

i

I

:

16,626,018

899,643,500 ! 15,645,355

1-year United States
Treasury certificates of
notes. indebtedness.

i
!
i

Total, November, 1918
Total, November, 1917
Total,
11
months ending Nov. 30,
1918
Total,
11
months ending Nov. 30,
1917
$13,997,200




4 per
cent.

33 per
cent.

11,383
164,073

315,081

United States securities.

3 per
cent.

6,080
39,050

1,697,310
54,859,170 j 1,675,273,386
27,323,132 j

2 per cent.

811,383

720,548

Total, November, 1918
1 5,151,592,221
203,889,878
Total, November, 1917
1 3,206,486,771 ;
181,872,277
Total, 11 months ending
33,548,142,862 : 1,620,414,216
Nov. 30,1918
Total, 11 months ending
8,076,753,041 j 872,320,368
N o v . 30,1917

Federal Reserve
Bank.

Total

§5,303

1,061,163 !

$29,634,813
100.177,148
6.893,200
25;669,902 !
3,630,276 I
4', 148,098 j
15,074,220 j
1,448,156 I
2,709,843 I
3,413,592
2,600;000
12.951,183

All other.

1,358,296
2

3,394 416,

i18

$520,000 2,994,817,660 3,069,667,023 38,294, 744,050

7,053,000

2 67,193,896

9,060, 216, 455

Exclusive of purchases of United States certificates of indebtedness.

85

FEDERAL RESERVE BULLETIN.

JANUARY 1,1919.

Average amount of earning assets held by each Federal Reserve Bank during November, 1918, earnings from each class of earning assets, and annual rates of earnings on basis of November, 1918, returns.
Average balances for the month of the several classes of earning assets, November, 1918.
Bills discounted
for members
and Federal
Reserve Banks.

Federal Reserve Bank.

Boston
New York
Philadelphia..
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis...
Kansas Citv..
Dallas
San Francisco.
Total...

Bills bought in
open market.

$124,869,619 j
658,103', 020
151,510,450 j
105,661,967 i
84,185,828
84,204,939 j
227,377,232 j
81,208,966 j
39,684,000 i
80,641,489 ]
46,838,362
84,399,390 !

$25, 689,674
153, 370.526
30, 326:700
56, 764,856
7. 102,901
12; 847', 338
34, 041,4fi0
382,475
982,000
049,523
077,167
401,084

1,768,745,862 |

United States
securities.
$4, 952,950
45, 793,050
7, 649,618 ,
12, 033,415 I
4, 035,833 !
4, 673,900 I
988,107 I
073,300 I
2, 834,000 I
11, 193,183 L
5, 900,600 !.
5, 660,558 I.

378,035,734

126,788,514

Bills dis- I

counted i Bills
for membought
bers and
in open
Federal
market.
Reserve
Banks.

United
MuniciStates j pal
securities, warrants.

Boston
New York
Philadelphia..
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis...
Kansas City...
Dallas
San Francisco.

$408,483
2,226,293
551,143
367 143
306,327
296,620
808,398
288,913
141,935
315,531
178,675
317,527

§91,410
535,380
125,350
199,417
28,116
46,964
123,773
12,500
24,615
28,985
10,983
128,065

.159,140
93,988
15,304
30,974
7,461
8,430
27,100
10,827
5,323
22,210
13,337
14,955

Total....

6,206,988

1,355,558

259,049

Total.

328,642

28,642 i

$155,512,243
857,267,196
139,486,768
174,460,238
95,324,562
101.814,849
277; 406,799
90,664,741
49,500,000
99,884,195
55,816,129
126,461,032
2,273,598,752

Calculated annual rates of earnings from-

Earnings from—

Federal Reserve Bank.

Municipal
warrants.

$113

Total.

$509,033
2,855,661
691,797
597,534
341,904
352,127
959,271
312,240
171,873
366,726
202,995
460,547

Bills discounted
Bills
for mem- bought United Munici- !
bers and in open States
pal j Total,
Federal market. securities. warrants.!
Reserve
Banks.
Per cent. Per cent. Per cent. Per cent. Per cent.
4.29
4.09
4.12
2.24
4.24
4.05
4.11
2.49
4.29
4.42
4.32
2.43
4.27
4.23
3.13
4.11
4.81
4.43
2.25
4.37
4.44
4 28
2.19
4.21
4.79
4.42
4.33
2.06
4.21
4.49
4.32
2.17
4 18
4.29
4.35
2.28
4.22
4.48
4.76
2.41
4.43
4.31
4.64
4.42
2.75
4.28
4.58
4.41
2.82

113 I 7,821,708

4.27

2.49

4.79

4.19

Bills discounted during the month of November, 1918, 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
A tlanta
Chicago .
St. Louis
Minneapolis
Kansas Citv
Dallas
San Francisco
Total

Member banks'
collateral notes.
Customer's
paper
secured by
United States Secured bywar
United States Otherwise
obligations.
war
secured.
obligations.
§74,583,318
100,617,285
37,865,117
9,403,158
9,937,554
4,378,530
5,400,200
2,512,011
1,353,006
1,577,570
i; 328,102
2,505,749
251,461,600

8237,387,085
2,637,805,627
286,310,717
171,371,385
258,879,599
111,562.050
271,506,815
128,314,275
26,814,480
65,989,891
54,866,437
99,067,952
4,349,876,313

Trade
acceptances.

Bankers'
acceptances.

2 8571,076
3 5,359,493
522,651
2,471,537
1,867,914
1.750,090
558,361
907,144
50,576
874,853
475,124
904,176

§25,904
390,664
46,925

65,073,069 | 16,312,995
!

900,110

821,397,000
135,000
3,013,033
580,058
16,006,658
325,000
2,552,700
18,518,120
2,545,500

All other
discounts.

430,875
5,742
i

Total.

Average Average
maturity rate
(per
in days. cent).1

$8,751,368
204,118,016
34,903,024
16,587,753
9,274,165
45,378,430
72,580,956
23,035,447
7,232,809
19,669,979
15.684.436
13; 75i; 751

5342,715,751
2,948,291,085
359,648,434
199,968,833
282,972,265
163.649,158
366,052,990
155.524,752
38;003,571
106,636,155
74,899,599
116,229,628

20.59
8.23
16.53
15.19
10.61
18.07
18.42
16.52
20.60
28.24
26.86
20.69

4.10
4.09
4.08
4.15
4.31
4.17
4.24
4.21
4.42
4.87
4.56
4.53

470,968,134

5,154,592,221

12.37

4 4.20

* Boston and New York calculated on a 365-day basis; al lothcr Federal Reserve Banks on a 360-day basis.
2 Includes §116,565 in the foreign trade.
3 Includes $2,453,614 in the foreign trade.
4 Average discount rate on all paper discounted works out at 4.17 per cent if calculated on a 360-day basis, and at 4.23 per cent if calculated on a
uniform 365-day basis.




86

FEDERAL RESERVE BULLETIN.

JANUARY 1, 1919.

Bills discounted by each Federal Reserve Bank during the three months ending Nov. 30, 1918, distributed by rates of discount;
also, average maturities and rates of bills discounted by each bank during the quarter.
A\ per cent.

4 per cont.
Amount.

4£ per cent.

4-| per cent.

Discount.

Amount.

Discount,

Amount.

SI 087,320
619,689
992,230
428,983
119,473
570,441
869,974
543,454
182,078
1,192
295,858
2,475

311,402,212
197,650,378
44,595,457
172,576,209
618,893,103
83,613,021
9,214,618
2,296,471
1,702,689
204,553,127
3,244,711
351,498,670

3352,754
1,728,199
380.578
368;994
521,509
150,679
67,697
17,451
12,096
355,969
25,376
624,360

.SI, 778,603
3,309,290
933,140
5,002,831
219,685 i
4,947,851 j
152,245,033 ! I
15,401,886
17,799,086
45,646,487
7,625,502

810,854
23,958
5,829
30,113
324
34,368
308,861
45,197
33,137
82,471
18,399

818,196,257
44,969,384
6,052,922
16,855,713
16,017,148
27,734,361
79,154,171
44,721,232
20,756,169
2,191,193
18,231,328
6,456,241

§130,018
333,229
35,803
118,128
46,333
215,308
518,241
314,916
110,528
12,691
99,983
55,441

13,288,531,305 j 11,713,167

1,731,2-10,666

4,605,662

254,909,394

593,511 ; 301,336,119

1,990,619

8814,686,392
8 , ,
8590
9,309,248,
684,579,
303,733,
58:974,
333,742,
1,119,067,
365,760,
110,387,
185,
186,605,
1,559,

Boston
New York
Philadelphia...
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City...
Dallas
San Francisco.
Total

5-J- per cent.

5 per cont.
Amount.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas..San Francisco
Total

Discount.

$36,658
1,035,193
28,945

185,879
5,205

46,131
21,657,512
28,378,494
15,562,716
38,487,461

1,012
233,834
221,643
169,879
319,172

Discount.

Amount.

Discount

S705
1,205
502

25,830,652
316,974

Amount.

5$ per cent.

131,380,736

§118,110
92,861

$2,215
1,494

232, 727
8, 455, 182
3, 733, 296

5, 392
72, 881
81, 993

1,139,036 | 12,632,176

163,975

87,863,641
47,590
750,725
13,275,708

$164,983
767
16,793
209,470

2,730,223

61,041

24,667,887

553,054

Discount. 1 Amount.

Total.
Amount.
S876,100,122
9,556,212,835
736,190,030
498,288,789
720,028,199
450,354,683
1,367,545,159
428,273,507
173,286,084
302,685,470
235,003,072
400,732,333

Discount,

Average Average
maturity rate (per
Discount. in days. cent), i
§1,581,651
7,706,280
1,414,942
948,433
875,012
976,001
2,929,756
922,797
593,858
1,056,317
691,488
1,062,489

16.03
7.21
16.95
16.33
9.99
18.55
18.21
18.21
26.98
26.11
23.69
21.03
11.33

15,744,698,283 j 20,759,021 j

4.11
4.08
4.08
4.20
4.38
4.21
4.23
4.26
4.57
4.81
4.47
4.54
2 4.22

1
Boston and New York calculated on a 365-day basis: all other Federal Reserve Banks on a 360-day basis.
a Average discount rate on all paper discounted works out at 4.19 per cent on a 360-day basis, and at 4.25 if calculated on a uniform 365-day basis.

Amounts of discounted paper, including member banks' collateral notes, held by each Federal Reserve Bank on the last Friday
in November, distributed by classes.
[In thousands of dollars: i. e., 000 omitted.]

Agricultural
paper.

Banks.

Boston
New York
Philadelphia
Cleveland
Richmond....
Atlanta
Chicago. . . . .
St. Louis
Minneapolis
Kansas City
Dallas......
San Francisco
Total
Percent




..

Live-stock
paper.

32
320
79
106
1,912
2,065
7,976
200
511
4,580
5,534
4,177

121
62
282
1,464
5,371
17,151
6,772
2,819

27,492

34,052

1.5

1.9

io

Member banks' collateral
notes.
Customers'
paper secured
by United
Secured by
States war
obligations. United States Otherwise
war
secured.
obligations.

3,821

50,052
462,512
121,972
71,743
54,178
34,248
96,185
45,483
19,671
21,529
14,219
39,928

10
135
1,653
512
8,578
320
50
11,135
1,752
128

369,506

1,031,720

24,843

20.4

56.8

1.4

81,045
164,394
43,534
24,608
13,452
6,957
26,862
2,434
1,509
890

i Includes §2,657,708 in the foreign trade.

570

Trade
acceptances.

All other
discounts.

Total.

1,915

11,298
77,946
15,673
25,505
10,374
33,807
42,118
27,818
5,850
13,635
20,696
19,736

143,712
711,168
181,991
124,600
84,639
80,340
184,034
80,052
33,007
70,155
48,973
72,524

23,126

304,456

1,815,195

1.3

16.7

100.0

715
* 5,996
713
2,382
3,008
2,469
2,315
2,333
45
1,235

87

FEDERAL RESERVE BULLETIN.

JANUARY 1,1919.

Acceptances bought in open market and held by each Federal Reserve Bank on Nov. SO, 1918, distributed by classes of
accepting institutions.
[In thousands of dollars: i. e. 000 omitted.]
NonMember member
trust
banks.
companies.
Boston
New York
Philadelphia..
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis...
Kansas City...
Dallas..../....
San Francisco.

21.514
122', 538
14,564
44,595 !
!
V29
12,740
37,307
3,714
12,788 i
9,223 |
4025 !
24,332

Totals:
Nov. 30,1918.
Oct. 31,1918..
Sept. 30,1918.
Aug. 31,1918.
Nov. 30,1917.
Nov. 30,1916.

310,069
314,719
233,926
188,366
171,723
37,770

Foreign
Non- I
bank
member Private branches
banks. and agenState
banks.
cies.
374
6,873
619
1,783

200
250
62
1,172

3,000
19,342
452
3,212

150
13,174
288
522

Trade acceptances bought in i
open market.
i Total
' aeceptDomes- Foreign.
Total. I ances.
tic.

Total.

25,238
162.177
IS)985
51,284
2,729
12,770
37,428 !
!
3,757
12,888
9,667
4,025
32,541

2,224 j

2,466 !

166,732
15,985
53,298
2,729
12,770
37,428
3,757
12,888
9,667
4,025
35,007

5,019
5,057
5,761 1
6,605 i

9,035
9,004
8,506
8,806
6,275
2,378

379,524
382,589
289,320
234,770
205,453
82,783

Resources and liabilities of each Federal Reserve Bank and of the Federal Reserve system at close of business on

Fridayst

30
121

43
25
286

138 I

700

1,581 I

5,614

10,703 i 27,871
11,669 ! 30,242
2,479 I 27,551
8,264 ! 19,167
753 I 18,201
1,014 ! 12,147 i

19,818
14,006
13,999
8,450
3,163

314
2,028
2,949
2,859
1,717
5,338
29,474

25 I

2,085

2,470 i

242

4,016
3,947
2,745
2,201

370,489
373,585
280,814
225,904
199,178
80,405

4,555

325

1,6

!

RESOURCES AND LIABILITIES OF FEDERAL RESERVE BANKS.
Nov. 29 to Dec. 27, 1918.
RESOURCES.
[In thousands of dollars; i. e., 000 omitted.)
Boston.

Gold in vault and in transit: !
Nov.29
1 3,875
Dec.6
! 3,303
Dec. 13
1 3,834
Dec. 20
i 3,815
Dec. 27
; 3,187
Gold settlement fund, Federal I
Reserve Board:
!
Nov. 29
! 21,465
46,565
Dec. 6,
39,727
Dec. 13
33,337
Dec. 20
42,635
Dec. 27
Cold with foreign agencies:
408
Nov.29
408
Dec.6
408
Dec. 13
408
Dec. 20
408
Dec. 27
Gold with Federal Reserve
agents:
70,785
Nov.29
58,750
ec.
59,649
Dec. 13
60,419
Dec. 20
60,160
Dec. 27.
Gold redomptic a fund:
6,817
Nov.29
6,945
Dee. 6
7,245
Dec. 13..
7,424
Dec.20
7,610
Dec. 27
Total gold reserves:
103,350
Nov.29
115,971
Dec.6
110,863
Doc. 13
105,403
Dec. 20
114,000
Dec. 27
Legal tender notes, silver, etc.:
3,151
Nov.29
1,517
Dec.6
1,056
Dec. 13
728
Dec. 20
1,168
Dec. 27




New
York.

Phila- Clevedelphia. land.

Richmond.

Atlanta.

Chicago.

7,573
7,619
7,856
7,972
7,990

24,168
23,927
23,596
23,455
23,351

277,665
253,647
254,657
253,721
256,404

104
127
248
685
577

28,196
34,765
15,954
12,961
13,043

2,336
2,311
2,398
2,297
2,334

17,142
54,322
127,605
113,295
12,440

39,529
42,847
35,306
36,342
32,855

34,723
30,627
43,274
35,888
44,266

21,754
25,424
16,986
10,229
15,097

2,011
2,011
2,011
2,011
2,011

408
408
408
408
408

525
525
525
525
525

201
204
204
204
204

175
175
175
175
175

816
816
816
816
816

233
233
233

282,220 78,605
270,653 82,361
270,228 83,745
269,531 86,171
294,894 100,918

132,321
125,972
115,174
117,406
138,669

60,833
60,638
60,481
67,225
64,990

44,399
43,579
43,055
43,331
44,012

244,167
262,124
233,266
244,661
267,717

635
909

5,242
5,498
5,844
6,495
6,742

7,700
7,900
7,900
7,900
7,900

1,636

1,002

5,798
5,653
5,590
5,483
5,395

001,030
605,539
679,501
663,558
590,749

126,346
133,643
127,607
131,506
142.658

196,400
192,798
176,563
167,333
197,505

90,925
94,230
85,659
85,438
88,020

65,935
65,171
65,739
62,140
67,308

44,624
44,416
46,667
46,251
46,546

574
544
540
800

638
749
880

647
714
358
198
214

228

898

553

1,032
1,074

8,416
8,306
8,284
8,302
8,299

202
202
123
145

10,638
11,011
11,454
11,853
12,021

370,938
353,208
336,516
335,141
337,365

26,493 23,673
26,507 30,243
26,249
31,509 25,379
26,997 17,203

26,971
31,561
35,814
32,091
34,018

6,514
6,600
6,023
8,618
3,615

41,580
39,665
24,547
25,089
25,674

395,292
422,491
487,568
461,369
374,758

233
233

291
291
291
291
291

204
204
204
201
204

321
321
321
321
321

5,829
5,829
5,829
5,829
5,829

53,083
53,083
52,983
53,771
63,771

57,279
56,925
56,615
56,238
56,112

52,799
52,799
52,645
52,549
51,549

22,500
22,500
22,436
22,436
22,391

117,550
117,993
117,494
120,490
120,126

1,216,541
1,207,377
1,167,771
1,194,228
1,288,309

12,067
12,604
13,001
14,324
14,719

3,322
3,315
3,306
3
425

3,926
4,085
4,177
4,554
4,678

3,704
3,684
3,651
3,617
3,597

2,153
2,202
2,201
2,199
2,195

257
795
1,270
1,447
1,777

76,613
78,496
80,821
82,421
84,013

408,120
379,301*
367,579
388,681
418,172

85,227
85,309
85,099
93,186
98,695

93,527
99,852
95,558
94,706
86,525

83,967 37,040 170,346
88,537 37,235 169,815
36,561 155,086
88,671 39,166 159,200
92,600 34,123 159,919

2,065,213
2,067,401
2,078,505
2,078,988
2,090,274

1,975
2,452
2,617
2,152
2,197

83
93
137
110
119

1,515
179 ' 1,522
1,364
1,306
1,670

254
203
230

2,096
2,171
2,249
4,248
4,296

Total.

5,669
5,729
5,697
5,709
5,718

8,546 126,902
8,300 79,830
8,809 96,900
4,167 105,425
8,389 111,569

24,992
24,906
25,000
25,000
25,000

San
Francisco.

St. I MinneLouis. ! apolis.

153
112
173
144
140

1,297
1,304
1,196
1 270
1,230

273
364
516
442
459

55,158
53,966
55,758
5-1,636
55,945

88

FEDERAL RESERVE BULLETIN.

JANUARY 1, 1919.

Resources and liabilities of each Federal Reserve Bank and of the Federal Reserve system at the close of business on Fridays,
Nov. 29 to Dec. 27, 1918—Continued.
RESOURCES—Continued.
[In thousands of dollars; i. e., 000 omitted.]
Boston.

Total cash reserves:
Nov.29
Dec. 6
Dec. 13
Dec. 20
Dec. 27
Bills discounted:
Secured by Government
war obligations—
Nov.29
Dec. 6
Dec. 13
Dec. 20
Doc. 27
All other—
Nov.29
Dec. 6
Dec. 13
Dec. 20
Dec. 27
Bills bought in open market:
Nov.29
Dec. 6
Dec. 13
Dec. 20
Dec. 27
United States Government
long-term securities:
Nov.29
Dec. 6
Dec. 13
Dec. 20
Dec. 27
United States Government
short-term securities:
Nov.29
Dec.6
Dec. 13
Dec. 20
Dec. 27
All other earning assets:
Nov.29
Dec.6
Dec. 13
Dec. 20
Dec. 27
Total earning assets:
Nov.29
Dec.G
Dec. 13
Dec. 20
Dec. 27
Uncollected items (deductfrom

New
York.

Phila- j Cleve- Richdelphia.; land. mond.

Atlanta.

Chicago.

106,501
117,48S
111,919
100,131
115,168

648,654
649,955
726,168
709,809
637,295

126,920
134,187
128,147
132,306
143,556

|197,O38
,193,547
jl77,443
168,365
! 198,579

91,572
91,944
86,017
85,636
88,234

66,163
65,350
65,993
62,343
67,538

109,635
380,823
368,943

87,202
87,761
87,716
95,338
419; 842 100,892

93,610
99,945
95,695
94,816
86,644

84,120
88,649
92,863
88,815
92,740

38,337
38,539
37,757
40,436
35,353

131.096
1221877
127,797
108,438
116,328

626,905
669,810
624,953
534,748
610,770

165,505
|164,232
|163,285
153,085
161,417

1107,287
1113,831
! 145,823
|124.246
118,006

65,683
70,665
73,208
67,086
66,228

41,205
43,067
50,096
45,475
47,960

123,017
113,514
116,904
103,493
106,124

47,819
49,249
54,493
50,409
49,309

21,180
22,539
24,631
31,120
32,143

12,616
12,717
10,840
9,224
13,814

84,263
83,701
73,314
54,114
41,605

16,486
18,334
18,584
14,557
19,2-17

17,313
16,031
15,863
9,349
! 10,139

18,956
17,926
17,711
16,822
16,616

39,135
39,524
38,294
31,250
29,204

60,987
65,515
56,104
50,401
54,668

32,233
29,784
23,992
20,927
16,268

25,229
16,912
14,6G0
12,843
15,944

166,732
107,883
99,521
84,491
69,323

15,875
6,042
5,694
5,833
3,248

50,673
51,501
49,4W
46,882
39,276

2,724
3,382
4,090
4,761
5,103

12,927
12,715
11,807
12,175
12,239

37,357
97,624
98,137
90,361
75,068

1,403
1,403
1 «3
1,106
1,105

1,398
1,397
1,396
1,396
1,395

1,375
1,425
1 425
1,385
1,385

1,088
1,088
1,088
1,087
1,085

1,234
1,234
1,234
1,234
1,234

519
534
529
529
552

4,509
4,510
4,509
4,509
4,509

1,153
1,153
1,153
1,153
1,153

5,416
5,41(!
5,416
21,416
7,416

35,423
38,334
41,789
194,550
202,331

6,299 8,731
8,287 13,049
8,909 13,049
18,909 23,696
10,034 11,681

3,284
3,784
3,784
10,784
4,784

4,022 12,612
4,516 12,612
5,016 12,612
6,056 14,612
6,066 15,612

5,568
5,568
5,568
6,568
8,568

Francisco.

Total.

170,619
170,179
1155,602
159,642
160,378

2,120,371
2,121,367
2,134,263
2,133,624
2,146,219

22,390
27,355
27,850
23,275
20,245

16,646 43,748
18,048 52,075
16,666 58,143
9,711 47,838
19,705 52,136

1,412,511
1,467,322
1,483,849
1,299,524
1,400,371

11,827
7,787
6,105
5,645
5,555

47,765
43,125
41,982
35,513
36,153

32,327
31,800
32,898
31,765
31,229

28,776
402,684
30,185
396,462
29,927
365,614
26,911 i 30(5,778
28,039 ! 302,567

3,756 12,436
4,745 13,482
6,926 18,984
7,833 19,019
7,824 20,078

9,304
9,788
9,895
10,222
14,403

4,025
3,600
3,300
2,403
2,678

3-1,303 ! 375,341
43,702 j 371,406
44,114 j 366,594
43,9-12
340,765
38,489
303,673

125
124
124
123
123

8,867
8,867
8,867
8,867
8,867

4,000
4,000
4,000
4,000
4,000

3,461
3,461
3,461
3,461
3,461

29,132
29,196
29,189
28,850
28,869

2,997
4,139
4,927
5,186
5,163

2,909
3,403
3,506
4,367
4,396

2,400
2,910
2,915
6,900
3,900

3,003 !
3,588 !
3.986 |
12,029 !
4,726 j

92,664
105,606
111,477
325,073
282,677

27
27
27
16
13
175,760
159'385
160,116
153,027
154,607

64,049
D ec' 6.."."".'.". *.".!"". *'.'.'.'.'.'."..". 63,767
63,377
Dec. 13
73,975
Dec. 20
63,191
Dec. 27
5 per cent redemption fund
against Federal Reserve bank
notes:
220
Nov.29
245
Dec.G
245
Dec. 13...
245
Dec. 20
270
Dec. 27
All other resources:
1,137
Nov.29
1,003
Dec.6
1,087
Dec. 13
1,116
Dec. 20
1,520
Dec. 27
Total resources:
347,667
Nov.29
331,888
Dec.6
336,744
Dec. 13
334,494
Dec. 20
334,756
Dec. 27




St.
Minno- i Kansas
Louis. apolis. j City. Dallas.

j
914,721 !205,540 1185,092
901,158 198.320 195,500
840,973 197,897 225,289
869,299 193,769 205,260
925,424 195,331 180,187
143,304
128,653
174,960
202,949
171,368

1,055
1,141
1,492
1,585
1,646

81,055
73,928
| 70,144
j 87,093
j 86,793

91,881
96,991
100,027
101,287
93,995

97,835
100,383
105,769
95,501
96,034

27
27
27
16
13
238,512
293,805
288,266
263,376
255,981

90,529
90,499
92,132
86,890
81,122

48,565
48,071
54,771
61,093
63,062

91,235
92,538
92,100
82,544
84,064

66,619
59,818
54,578
55,219
61,011

19,139
17,228
15,575
19,374
16,988

i 55,918
! 53,105
52,218
I 62,154
56,786

719
725
778
777

253
243
268
276
286

188
188
237
237
236

557
566
566
615
566

227
268
277
312
312

2o6
258
282
281
282

4,844
5,5065,880
5,988

1,366
1,865
1,501
1,410
1,410

550
622
650
560
556

197
226
208
217
207

1,043
1,161
1,059
1,061
1,004

1,090
865
1,035
948

1,621
1,756
1,718
1,888
1,834

21,309
22,440
18,824
20,793
22,005

1241,884 i 199,401 729,121
240,060 |200,468 747,782
243,941 ___,.„_ 735,376
208,900
243,328 199,866 1751,606
"
202,912 |751,116
,241,684

245,153
238,943
235,344
238,283
|243,867

161,699
165,658
166,486
175,737
167,137

232,873
236,019
238,806
235,189
j235,160

118,863
120,496
124,132
123,769
120,000

332,284
341,268
339,706
342,108
""*
343, 183

5,194,988
5,168,709
5,234,934
5,288,134
5,251,990

69,356 57,018 34,386 78,889
56,647 46,346 33,678 70,564
52,322 56,517 36,085 i 75,888
54.720 40,985 I 96,056
58,640 57,774 38,289 i 73,055

256 j

300
325
400
450
450

383
373
413
482
516

251
294
321
311

8,238 3,590
7,893 I 3,680
6,080 2,972
2972
8,636 1,987
9,813
1,811

797
820
799
781
766

1,157
1,528
1,086
1,364
1,370

jl,715,972 417,405
1,688,800 |410,440
1,749,673 399,560
1,792,278 '415,605
1,745,546 [427,941

452,666
446,887
456,266
1435,871
,
1438,688

207 I
261

254 I
299
285
810
796
799
738
766

113,291
133,011
139,631
134,181
126,851

2,312,359
2,370,019
2,356,750
2,301,006
2,318,170

20,098 46,497
20,241
25,454 42,473
27,207 46,116
21,875 53,838

736,328
650,039
719,591

60,358
59,779
54,779
61,512

759,608

89

FEDERAL RESERVE BULLETIN.

JANUARY 1,1919.

Resources and liabilities of each Federal Reserve Bank and of the Federal Reserve system at close of business on Fridays,
Nov. 29 to Dec. 27, 1918—Continued.
LIABILITIES.
[In thousands of dollars; i. e., 000 omitted.]
Rich- AtNew
PhilaBoston. York. delphia. Cleve- mond. lanta.
land.
Capital paid in:

Nov.29
Dec.6
Dec. 13
Dec. 20
Dec. 27
Surplus:
Nov.29
Dec. 6
Dec.13
Dec.20
Dec.27
Government deposits:
Nov.29
Dec.6
Dec.13
Dec.20
Dec.27
Due to members—reserve account:
Nov.29
Dec.6
Dec.13
Dec.20
Dec.27
Collection items:
Nov. 29
Dec. 6
Dec. 13
Dec. 20
Dec. 27
Other deposits, including foreign government credits:
Nov. 29
Dec.6
Dec. 13
Doc. 20
Dec.27
Total gross deposits:
Nov.29
Dec. 6
Dec. 13
Dec. 20
Dec. 27
Federal Reserve notes in actual
circulation:
Nov.29
Dec. 6
Dec. 13
Dec. 20
Dec. 27
Federal Reserve bank notes in
actual circulation, net liabil-

ity:
Nov. 29.
Dec. 6..

Dec.13
Dec.20
Dec.27
All other liabilities:
Nov.29
Dec. 6
Dec.13
Dec.20
Dec. 27
Total liabilities:
Nov. 29
Dec. 6
Dec.13
Dec. 20
Dec.27




Chicago.

4,044
4,050
4,050
4,057
4,061

8,886
8,942
8,972
8,980
9,055

20,726
20,727
20,773
20,807
20,820

75
75
75
75
75

649
649
649
649
649

42,802
25,978
19,524
2,142
13,533

26,616
14,716
37,439
10,246
5,142

28,087
13,937
8,078
2,061
5,021

93,043
98,361
94,830
98,361
96,924

636,346
646,495
671,669
721,965
682,887

78,428
92,614
77,795
95,305
92,955

46,216
40,701
51,183
56,984
44,569

161,993
134,334
148,838
150,107
143,992

71,411 53,774
63,229 39,368
68,828 39,414
66,647 I 42,166
76,991 45,440

28,256
22,504
26,879
122
290

!
!
i
|
!

3,175
3,187
3,189
3,190
3,190

11,108
11,116
11,123
11,126
11,128

116
116
116
116
116

7,486
7,546
7,546
7,562
7,562

6,598
6,598
6,688
6,688
6,688

40
40
40
40
40

San
St. | Minne- Kansas
Louis. I apolis. City. Dallas. Francisco.
3,785
3,788
3,798
3,800
3,800

216
216
216
216
216

2,928
2,929
2,929
2,930
2,931

3,655
3,658
3,659
3,659
3,659

3,141
3,149
3,151
3,153
3,154

4,540
4,614
4,614
4,633
4,633

19,583
11,278 !
7,663 !
4,764 i

41,919
37,902
41,130
42,574
44,091

217,166
214,385
|218,457
226,432
219,664

24,204
23,063
25,815
25,237
22,216

80,072
80,304
80,492
80,585
80,681
1,134
1,134
1,134
1,134
1,134

38
38
38
38
38

4,519 7,325 14,106
3,600 12,593 38,675
5,554 13,352 14,508
* 420 2,916
779
4,438 2,960 8,612

Total.

207,157
185,355
161,614

40,754
39,169
40,994
41,546
36,061

101,637
100,642
101,037
102,083
102,577
182,061
165,040
165,537
|157,487
155,026

926,592
896,187
958,983
984,401
934,598

177,926
169,780
,154,701
1164,013
1174,967

185,788
-180,516
1186,356
160,514
160,669

98,938
95,935
98,633
94,861
93,059

73,476
73,576
80,307
67,403

150,906
151,943
155,817
161,359
163,205

720,294
721,544
718,518
734,065
736,552

1223,730
1223,981
|226,458
1232,227
1233,481

247,535
246,044
248,583
253,275
255,486

134,467
135,386
135,667
138,682
138,118

4,256
4,448
4,872
5,075
5,828

25,627
27,254
30,508
32,524
32,725

5,278
6,009
7,702
8,592
8,578

6,662
7,554

3,771
3,784
3,755
3,810
3,934

22,084
22,439
20,242
19,832
20,202

347,667
331,888
336,744
334,494
334,756

1,715,972
1,688,800
1,749,673
1,792,278
1,745,546

11,754
9,883
9,133
969

57,093
56,432
55,135
57,083

46,160
47,187
49,314
49,981
48,487

55,460
69,143
69,733
67,259
68,032

31,155
33,996
34,249
35,988
32,767

78,835
78,907
82,188
78,747
77,008

1,4
1,547', 838
1,567,927
1,642,444
1,587,318

60,554
50,930
55,103
61,236
51,564

50,401
46,994
44,928
47,793
49,194

11,758
10,848
10,591
11,291
8,978

37,618
28,941
31,944
36,829
30,560

16,283
12,620
14,021
16,444
15,038

27,701
24,315
25,105
32,475
30,214

602,667
514,512
556,764
588,755
554,823

1,554
2,438
1,914
1,494
1,504

'103,690 53,665
'118,589 53,166
,120,045 52,085
'118,161 52,536
114,860 52,560

9,187
9,503
6,035
10,494
4,660 i 3,432

307
269
132
429
171

2,275
3,236
2,882
2,465
2,606

105,894
106,685
106,012
106,689
106,992

10,933

5', 643 17,045
8,309 5,140
1,279
3,341
, 9
5.814 | 2116
2,116 7,349

117

! 51,435 119,744
j 52,259 123,503
I 56,579 115; 315
! 53,828 117,028
I 49,921 117,177

63,367

2,404,611
2,354,390
2,392,317
2,376,581
2,312,500

293,380 123,317
306,428 115,634
289,982 [109,155
292,078 108,121
281,344 111,108

67,120
67,563
65,959
71,790
60,913

104,834
1107,969
110,810
!
105,057
104,412

117,151
117,432
118,822
121,922
122,764

403,634
408,642
1411,823
1424,282
433,775

111,403
112,342
115,110
118,433
120,722

87,597
90,315
92,291
95,291
97,361

111,958
111,537
111,231
112,055
112,510

58,792
59,286
58,360
59,866
59,578

201,209
206,071
211,900
212,444
211,692

2,568,676
2,584,523
2,604,580
2,663,701
2,685,244

9,046
9,382

2,067
2,272
2,856
3,208
3,S79

4,505
4,777
5,484
5,753

14,131
14,708
15,362
16,840
17,524

4,664
5,080
5,217
5,835
6,128

2,420
3,219
3,591
3,965
4,140

9,397
9,805
9,990
11,313
11,404

4,125
4,302
5,353
5,539

3,788
3,920
4,636
4,674
6,242

86,003
92,799
102,202
111,909
117,122

2,985
3,124
3,153
3,211
3,353

3,795
3,831
3,966
4,056
4,096

2,252
2,301
2,619
2,404
2,451

1,670
1,728
1,765
1,827
1,859

6,652
6,772
6,870
7,064
7,129

1,984
2,099
2,064
2,094
2,109

1,596
1,594
1,678
1,723
1,754

3,029
3,050
3,116
3,105
3,175

1,671
'1,677
—
1,740
1,769
1,808

3,003
3,160
3,241
3,329
3,439

54,492
55,559
54,209
54,224
55,309

417,405
410,440
399,560
415,605
427,941

452,666
446,887
456,266
435,871
438,688

241,884
|240,060
1243,941
243,328
241,684

199,401
200,468
208,900
199,866
202,912

729,121
747,782
735,376
751,606
751,116

245,153
238,943
235,344
238,283
243,867

161,699
165,658
166,486
175,737
167,137

232,873
236,019
238,806
235,189
235,160

118,863
120,496
124,132
123,769
120,000

332,284
341,268
339,706
342,108
343,183

5,194,988
5,168,709
5,234,934
5,288,134
5,251,990

90

FEDERAL RESERVE BULLETIN.

JANUAEY 1,1919.

Maturities of bills discounted mid bought, United States Government short-term securitiesy and municipal

warrants.

[In thousands of dollars; i. e., 000 omitted.]
Within
15 days.
Bills discounted:
Nov29
Dec.6
Dec. 13
Dec. 20
Dec. 27
Bills bought:
Nov.29
Dee. 6
Dec. 13
Dec. 20
Dec. 27
United States short term securities:
Nov.29
Dec.6
Dec. 13
Dec. 20
Dec. 27
Municipal warrants:
Nov.29
Dec.6
Dec. 13
Dec. 20
Dec. 27

16 to 30
days.

31 to 60
days.

Over
90 days.

61 to 90
days.

1,227,303
1,307,669
1,321,621
1,078,136
1,149,955

89,287
74,491
61,389
65,831
266,107

347,533
339,818
338,803
333,139
166,877

127,921
118,955
103,442
104,785
93,063

78,312
125,291
112,115
106,869
104,436

99,207
95,834
102,388
104,243
73,914

160,558
112,456
122,546
103,289
104,879

37,264
37,825
29,545
26,364
20,444

11,473
12,048
218,069
176,436

1,188
10,275
10,227
1,184
1,263

9,220
12,584
1,409
699
627

1,086
951
899
7,900
1,027

5
5
9
3

10
3
1
10

Total.

4
16
14

23,151
22,850
24,208
24,411
26,936

72,275
70,323
86,894
97,221
103,324

1,815,195
1,863,784
1,849,463
1,606,302
1,702,938

"
I

375,341
371,406
366,594
340,765
303,673
92,664
105,606
111,477
325,073
282,677
27
27
27
16
13

10

FEDERAL RESERVE NOTES.
Federal Reserve note account of each Federal Reserve Bank at close of business on Fridays^ Nov. 29 to Dec. 27, 1918.
[In thousands of dollars; i. e., 000 omitted.]
Philadelphia.

I Boston.

Federal Reserve notes received from agent—net:
Nov.29...."
162,338
Dec.6
162,303
Dec.13
165,202
Dec.20
170,272
Dec. 27
169,413
Federal Reserve notes held
by bank:
Nov.29
11,432
Dec.6
10,360
Dec.13
9,3S5
Dec.20
8,913
Dec.27
6,20S
Federal Reserve notes in
actual circulation:
Nov.29
1150,906
Dec.6
151,943
Dec.13
155,817
Dec. 20
161,359
Dec. 27
163,205
Gold deposited with or to
credit of Federal Reserve
agent:
Nov.29
70,785
Dec.6
i 58,750
Dec. 13
! 59,649
Dec. 20
| 60,419
Dec. 27
1 60,160
Paper delivered to Federal i
Reserve agent:
!
Nov.29
168,931
Dec.6
152,566
Dec. 13
153,297
Dec. 20
130,393
Dec. 27
146,086




St.
CleveRichMinneland. • mond. Atlanta. Chicago. Louis. apolis. " D a l l a s .

829,977
778,539
783,693
794,416
811,137

231,833
232,089
233,872
238,058
242,206

260,344
262,494
260,897
262,069
264,911

:
145,073
146,275
14S,291
150,691
151,155

120,250
120,730
121,946
124,453
126,253

424,302
432,259
433,401
444,796
452,852

117,869
119,185
122,013
126,344
129,607

109,683
56,995
65,175
60,351
74,585

8,103
8,108
7,414
5,831
8,725

12,809
16,450
12,314
8,794
9,425

10,606
10,889
12,624
12,009
13,037

3,298
3,124
2,531
3,489

20,668
23,617
21,578
20,514
19,077

6,466
6,843
6,903
7,911
8,885

720,294
721,544
718,518
734,065
736,552

223,730
223,981
226,458
232,227
233,481

247,535 134,467 117,151
246,044 j135,386 117,432
248,583 135,667 118,822
253,275 ! 138,682 121,922
255,486 ! 138,118 122,764

403,634
408,642
411,823
424,282
433,775

111,403
112,342
115,110
118,433
120,722

282,220
270,653
270,228
289,531
294,894

78,605
82,361
83,745
86,171
100,918

132,321
125,972
115,174
117,406
138,669

60,833
60,638
60,481
67,225
64,990

44,399
43,579
43,055
43,331
44,012

244,167
262,124
233,266
244,661
267,717

877,900
861,427
797,788
673,353
721,698

166,907
; 156,199
! 175,721
! 161,407
; 150,926

175,019.
180,964
211,152
179,887
167,065

84,821
91,025
94,386
88,007
86,793

80,073
83,435
84,746
81,890
82,769

221,391
276,683
271,145
244,255
235,860

San
Fran-

Total.

88,635 119,383
91,281 118,018
93,571 118,965
96,594 119,786
98,968 1119,420

59,965
60,162
59,830
60,357
60,432

213,074
218,517
223,018
227,614
229,250

2,773,043
2,741,852
2,764,699
2,815,450
2,855,604

1,038
966
1,280
1,303
1,607

7,425
6,481
7,734
7,731
6,910

1,173
876
1,470
691
854

11,865
12,446
11,118
15,170
17,558

204,367
157,329
160,119
151,749
170,360

87,597
90,315
92,291
95,291
97,361

111,958
111,537
111,231
112,055
112,510

58,792
59,286
58,360
59,666
59,578

201,209 2,568,676
206,071 2,584,523
211,900 2,604,580
212,444 2,603,701
211,6&2 2,685,244

53,083
53,083
52,983
53,771
63,771

57,279 52,799
56,925 52,799
56,615 52,645
56,238 52,549
56,112 54,549

22,500
22,500
22,436
22,436
22,391

117,550
117,993
117,494
120,490
120,126

1,216,541
1,207,377
1,167,771
1,194,228
1,288,309

70,179
76,266
81,194
75,737
71,624

38,859
42,918
48,595
54,739
56,293

52,998
53,448
52,864
43,879
53,612

98,051
105,990
125,795
110,547
112,830

2,114,588
2,161,189
2,176,410
1,913,404
1,956,357

79,459
80,268
79,727
69,310
70,801

91

FEDERAL RESERVE BULLETIN.

JANUARY 1,1919.

Federal Reserve note account of each Federal Reserve agent at close of business on Fridays,

Nov.

to Dec. 27, 1918.

[In thousands of dollars; i. e., 000 omitted.]

Boston.

San
St.
Chicago. Louis. Minne- Kansas Dallas. Franapolis. City.
cisco.

New
York.

Philadelphia.

Cleveland.

Richmond.

Atlanta.

1,201,840
1,215,680
1,228,480
1,241,680
1,261,780

313,780
318,420
324,420
324,420
324,420

312,960
312,960
316,460
317,420
318,480

186,880
188,280
194,280
194,280
194,580

185.640
192,080
192,880
192,880
196,240

260,663
324.341
328; 787
334,464
340,843

56,427
59,171
60,788
62,862
64,574

31,236
31,586
33,083
33,851

33,747
34,785
35,889
36,769
37,205

25,185
26,005
26,530
27,252
27,572

941,177
891,339
899,693
907,216
920,937

257,353
259,249
263,632
2(51,558
259,846

281,724
281,374
283,377
283,569
283,891

153,133
153,495
158,391
157,511
157,375

160,455
166,075
166,350
165,628
168,668

471,422
474.819
478,001
481,036
493,692

111,200
112,800
116,000
112.800
109]800

25,520
27,160
29,760
23,500
17,640

21,380
18,880
22,480
21.500
18; 980

8,060
7,220
10,100
6,820
6,220

40,205
45,345
44,404
41,175
42,415

829,977
778,539
783,693
794,416
811,137

231,833

260,344 145,073 1120,250
262,494 146,275 120,730
148,291 121,946
150,691 124,453
.264,911 151,155 126,253

Total.

FEDERAL RESERVE NOTES.

Received from Comptroller:
Nov. 29
232,540
Dec. 6
232,540
Dec. 13
236,140
Dec. 20
238,140
Dec. 27
238,760
Returned to Comptroller:
Nov. 29
49,682
Dec. 6
50,717
Dec. 13
52,818
Dec. 20
53,048
Dec. 27
55,507
Chargeable to Federal Reserve agent:
Nov. 29
182,858
Dec. 6
181,823
Dec. 13
183,322
Dec. 20
183,092
Dec. 27
183,253
In hands of Federal Reserve agent:
Nov.29
20,520
Dec.6
19,520
Dec. 13
18,120
Dec. 20
12,820
Dec. 27
13,840
1
ssued to Federal Reserve
Bank,
less
amount
returned
to
Federal
Reserve agent for redemption:
Nov.29
162,338
Dec.6
1162.303
Dec, 13
165.202
~
170,272
Dec. ~~
20.
169,413
Dec. 27
Collateral held as security
for outstanding notes:
Gold coin and certificates on hand—
Nov.29
, 5,000
Dec.6
5,000
Dec. 13
5,000
Dec. 20
5,000
5,000
Dec. 27
In gold redemption
fund—
9,170
Nov.29
8,935
Dec.6
8,554
Dec. 13
9,419
Dec. 20
9,160
Dec. 27
Gold settlement fund,
Federal Reserve
Board—
56,615
Nov. 29
44,815
Dec.6
46,095
Dec. 13
46,000
Dec. 20
46,000
Dec. 27
Eligible paper, minimum required—i
Nov. 29
91,553
Dec.6
103,553
Dec. 13
105,553
Dec. 20
1109,853
Dec. 27
109,253




233,872
238,058
242,206

112,480
114,481
116,480
118,480
124,480

152,700
152,700
153,700
154,700
154,700

99,920
99,920
99,920
99,920
99,920

41,298 25,676
42,221 26,450
44,479 27,752
46,844 28,281
47,668 28,473

17,895
18,250
18,559
18,936
19,062

24,897
26,262
26,715
27,394
27,760

20,465
20,638
20,950
21,218
21,568

16,246
16,803
17,302
19.306
19,670

603,417
677.229
693', 652
710,225
724,491

125.604
125; 990
128,488
130,199
132,907

94,585
96,231
97,921
99,544
105,418

127,803
126,438
126,985
127,306
126,940

79,455
79,282
78.970
7S;702
78,352

213,074
218,517
223,018
227,614
229,250

3,088,643
3,054,632
3,088.148
3,102,975
3,140,529

47,120
42,560
44,600
36,240
40,840

7,735
6,805
6,475
3,855
3,300

5,950
4,950
4,350
2,950
6,450

8,420
8,420
8,020
7,520
7,520

19,490
19,120
19,140
18,345
17,920

424,302
432,259
433.401
444,796
452,852

117,869
1119,185
! 122,013
126,344
129,607

88,635
91,281
93,571
96,594

119,383
118,018
118,965
119,786
119,420

2,000
2,000
2,000

13,052
13,052
13,052
13,052
13,052
2,427
2,073
1,763
2,386
2,260

2,439
2,939
2,785

41,800
41,800
41,800
40,800
61,131 40,800

2,504
2,504
2,504
2,504
2,504

18,750
12,750
31,450
34,450
34,450

158,740
183,740
183,740
178,740
178,740

151,280
152,440
156,240
158,480
161,380

512,720
517,040
522,480
527,880
541,360

229,320 3,692.060
235,320 3,731,861
240,320 3,781,800
246,920 3,813.200
248,920 3,865,020

315.600
312,780
323,449
287,525
284,925

59,965 213,074 2,773,043
60,162 218,517 2,741,852
223,018 i 2,764,699
60,357 227,614 2,815,450
60,432 229,250 2,855,604

212,627
231,627
250,327
246,327
246,327

12,581
12,581
12,581
12,581
12,581

13,480
12,913
12,488
16,791
16,154

12,404
12,208
11,989
11,753
13,296

13,571
13,222
13,724
12,956
14,219

1,833
1,638
1,481
1,225
990

2,125
2,305
2,781
2,057
2,738

3.365
2; 827
2,854
2,258
2,814

2,953
2,952
2,853
2,640
2,640

110,000
74,000
74,000
74,000
100,000

66.201
70; 153
71,756
74,418
87,622

100,000
100,000
70,000
70,000
90,000

59,000
59,000
59,000
66,000
64,000

39,770
38,770
37,770
38,770
38,770

240,802
259,297
230,412
242.403
264,903

48.130
48.131
48; 130
51,131

50,360
49,860
49,860
49,860
51,360

6,684
6,684
6,684
6,684
6,684

106,561
107,561
107,561
108,761
108,761

925,923
900,071
843,068
868,827
960,031

547,757
507,886
513,465
524,885
516,243

153.228
149; 728
150,127
151,887
141,288

128,023
136,522
145,723
144,663
126,242

84,240
85,637
87,810
83,466
86,165

75,851
77,151
78,891
81,122
82,241

180,135
170,135
200,135
200,135
185,135

64,786
66,102
69,030
72,573
65,836

31,356 66,584
34.356 65,219
36,956 66,320
40,356 67,237
42,856 64,871

37,465
37,662
37,394
37,921
38,041

95,524
100,524
105,524
107,124
1109,124

1,556,502
1,534,475
1,596,928
1,621,222
1,567,295

3,189

I
' For actual amounts see " P a p e r delivered to Federal Reserve Agent" on page 90.

3,235 10,989
3,235 10,432
3,171 9,933
3,171 11,729
3,126 11,365

77,991
75,679
74,376
79,074
81,951

92

FEDERAL RESERVE BULLETIN.

JANUARY 1, 1919.

MEMBER BANK CONDITION STATEMENT.
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 Nov. 22 to Dec. 20, 1918.
1. TOTAL FOR ALL REPORTING BANKS.
[In thousands of dollars; i. e. 000 omitted.]

Boston.

Number of reporting banks:
Nov. 22
Nov. 29
Dec. 6
Dec. 13
Dec. 20
United States bonds to secure circulation:
Nov. 22
Nov. 29
Dec. 6
Dec. 13
Dec. 20
Other United States bonds
including Liberty bonds:
Nov. 22
Nov. 29
Dec. 6
Dec. 13
Dec. 20
United States certificates of
indebtedness:
Nov. 22
Nov. 29
,
Dec. 6
Dec. 13
,
Dec. 20
,
Total United States Securities owned:
Nov. 22
,
NOV. 29

Cleveland.

Richmond.

Atlanta.

14,358
14,352
14,352
14,352
14,352

49,636 | 11,492
50,136 11,492
50,136 11,492
50,136 11,492
50,085 11,492

22,737
21,821
21,327
20,518
21,888
45,638
53,266
65,137
66,331
67,407
82,733
avftov

42,833 24,314
42,833 24,314
42,846 23,915
42,814 24,314
42,514 24,314

San
Francisco.

St.
Chicago. Louis. Minne-! Kansas
apolis. City.

34
35 !
35!
35
35

101
101
101
101
101

106
106
106
107
107

Dec. 6
1100,816
Dec. 13
1101,201
Dec. 20
103,647
Loans secured by United
States bonds and certificates:
112,888
Nov. 22
Nov. 29
, 110,819
110,075
Doc. 6
Dec. 13
, 107,314
102,968
Dec. 20
Other loans and investments:
778,658
Nov. 22
786,822
Nov. 29
,
757,899
Dec. 6
760,430
Dec. 13
758,216
DOC. 20
Total loans and investments:
974,279
Nov. 22
, .
Nov. 29
1987,080
Dec. 6
1968,790
Dec. 13
|968,945
Dec. 20
964,—
Reserve with Federal Reservo Bank:
Nov. 22
76,799
59,100
Nov. 29
74,897
Dec. 6
67,637
Dee. 13
..,._.
Dec. 20
! 77,733
Cash in vault:
27,416
Nov. 22.
25,482
Nov. 29.
26,321
Dec. 6..
27,577
Dec. 13.
26,290
Dec. 20.
Net demand deposits on
which reserve is computed:
686,138
Nov. 22,
689,172
Nov. 29.
Dec. 6
696,756
Dec. 13
704,684
Dec. 20
1714,958




New I PhilaYork. delphia.

Total.

752
754
755
759
759

15,465
15,465
15,465
15,465
15,465

18,951
18,951
19,001
19,001
19,030

17,655
17,655
17,655
17,655
17,655

6,269
6,419
6,419
6,419
6,419

13,710 17,929 34,505
I 13,710 17,929 34,505
I 13,710 17,929 35,074
| 13,610 17,929 34,505
13,610 17,929

267,117
267,761
267,994
267,692
267,825

352,6S3 78,936
338,991 74,106
329,699 70,676
325,838 76,161
324,875 i 74,716
!
352,330 i 28,315
353,359 28,817
458,623 47,998
472,066 46,790
456,748 52,715

105,577 55,928 44,768
96,426 54,811 42,039
90,663 55,222 39,864
52,860 38,607
92,338 57,291 43,285

131,748
126,247
108,184
106,392
116,033

44,245
43,935
40,237
39,444
42,270

14,704
12,227
11,716
10,938
12,863

27,725 23,247 34,825
26,913 24.200 34,876
26,488 21,997 34,158
26,027 20,259 33,894
29,973 21,476 35,560

937,123

754,649
742,486
838,458
848,040
831,703

118,743
114,415
130,166
134,443
133,923

191,151
209,916
210,346
208,208
197,722

102,965
101,615
105,709
106,972
1113,268

91,483
88,862
92,886
91,702
97,240

219,232
217,494
231,463
229,636
248,210

74,711
73,892
77,287
77,213
83,298

29,692 59,731 49,278
27,131 58,546 50,125
29,391 64,346 49,357
29,736 64,077 49,127
33,705 70,846 50,924

670,885
661,424
692,102
685,671
691,802

169,830
170,278
171,288
169,613
167,457

95,152
95,727
97,244
98,552
101,949

41,215
39,209
42,246
43,003
43,274

19,725
20,668
20,483
19,765
20,090

85,512
81,859
73,648
64,410
64,521

24,306
24,373
24,959
25,940
25,164

8,917
8,722
8,964
9,686
11,107

10,164
9,748
10,705
9,941
10,295

10,051
7,483
7,492
7,430
7,825

16,798
18,402
18,370
16,943
20,360

1,271,443
1,248,712
1,277,576
1,258,268
1,266,812

4,177,732
4,144,235
4,074,098
4,065,093
4,052,923

623,245
620,611
636,529
646,684
619,796

967,310
960,210
966,625
953,335
947,751

389,322
388,659
369,050
392,153
390,951

321,601
319,704
320,168
319,618
320,482

1,414,844
1,412,698
1,417,092
1,394,177
1,397,820

376,139
365,573
365,301
364,954
371,523

260,162
256,978
253,750
251,216
245,703

457,160
456,628
462,311
462,324
462,826

183,108
185,385
180,799
180,656
181,438

552,396
555,290
535,160
549,623
550,261

10,501,677
10,452,793
10,338,782
10,340,863
10,299,690

15,609,266
5,548,145
5,604,658
5,599,404
5,576,433

911,818
1905,304
(937,983
!
950,740
926,176

1,253,613 533,502
1,265,853 529,483
1,274,215 517,005
1,260,095 1542,128
1,247,422 547,493

432,809
429,234
433,537
431,085
437,812

1,719,588
1,712,051
1,722,203
1,688,223
1,710,551

475,156
463,838
467,547
468,107
479,985

298,771
292,831
292,105
290,638
290,515

527,055 242,437
524,922 1242,993
537,362 1237,648
536,342 237,213
543,967 240,187

682,262
686,098
681,453
693,881
702,811

13,660,556
13,587,832
13,674,506
13,666,801
113,668,183

678,416
628,454
649,243
630,251
663,553

57,937
66,412
64,147
58,122
63,701

86,582 32,552
72,671 33,601
34,547
87,260 33,560
84,203 33,442

27,996
27,159
27,474
30,908
28,453

152,904
148,127
153,759
157,529
155,297

34,603
34,931
38,204
36,609
35,492

23,830
22,270
23,840
25,304
23,963

50,114
36,535
45,656
44,838
41,935

15,459
15,137
17,040
17,769
17,958

132,158
131,869
134,208
130,276
137,023

22,333
21,053
22,857
21,898
22,291

40,322i l!l 22,352 16,349
35,333 ' 19,978 17,366
39,037 21,462 17,395
37,520 19,343 16,600
37,909 18,229 16,474

60,950
62,966
62,844
78,949
65,458

13,158
13,724
13,323
13,532
13,556

9,504
9,348
9,133
9,370
9,294

16,866
16,935
21,670
16,382
22,263

12,392 23,887
12,951 25,092
11,771 23,945
12,290 24,000
12,266 23,269

4,523,655
4,453,304
4,496,707
1,602,087

612,191
615,753
612,612
626,367
634,332

225,986
221,833
222,692
231,810
233,128

,101,245
,100,891
,112,384
,143,554
,151,185

263,343
252,310
263,205
276,387
277,546

213,048
1215,404
1221,827
1221,508
1203,482

381,678
363,058
374,880
384,028
393,455

42,741
70,657
76,837
76,641
62,870

747,408
748,697
746,019
764,237
748,856

22,723 31,250
22,490 31,358
26,572 37,557
29,798 37,630
31,663 38,490

313,086
323,424
325,165
332,053
1328,972

68,533 12,811
72,296 12,302
104,278 19,395
104,243 20,114
113,147 23,373

8,719 18,296
8,485 17,923
11,256 24,148
12,379 24,440
14,423 27,263

8,102
7,996
9,431
10,939
11,519

144,772
143,591
141,615
149,797
146,462

43,738
43,025
58,691
58,916
61,670

850,231
839,691
872,568
683,196
721,974
939,923
960,287
961,288

113,068 1,887,436
112,406 1,886,327
127,923 2,058,148
127,315 2,067,670
132,190 2,101,681

53,280 1,290,472
47,867 1,192,264
50,760 1,267,693
53,154 1,244,941
51,358 1,277,088

431,896
426,276
418,221
421,415
426,983

397,687
392,097
403,966
407,737
404,322

9,644,446
9,553,713
9,632,083
9,857,927
9,922,197

93

FEDERAL RESERVE BULLETIN.

JANUABY 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 Nov. 22 to Dec. 20,1918—Continued.
1. TOTAL FOR ALL REPORTING BANKS—Continued.
[In thousands of dollars; i. e. 000 omitted.]

I

N e w

Y k

!

j dPhila-<
elphia

Cleveland

Boston.!

San
St. Minne- Kansas
Louis. apolis. City. Dallas. Francisco.

Chicago.

Total.

-I

I

Time deposits:

Nov. 22
Nov. 29
Dec. 6
Dec. 13
Dec. 20
Total net deposits on which
reserve is computed:
Nov. 22
Nov. 29
Dec. 6
Dec. 13
Dec. 20
Government deposits:
Nov. 22
Nov. 29
Dec. 6
Dec. 13
Dec. 20

Rich- Atmond. lanta.

98,284
98,563
98,163
97,464
97,616

202,891
261,462
257,152
249,765
243,014

724,972
728,113
735,560
743,300
753,601
85,578
63,455
61,697
33,485
60,576

55,976
57,695
58,423
58,064
59,578

91,193
91,734
93,126
93,658
93,409

817,792
819,769
817,470
835,767
820,557

332,177
343,271
345,255
351,986
359,387

253,797
249,806
25], 099
260,378
261,625

1,205,696
1,205,781
1,216,759
1,255,224
1,257,833

64,825
50,041
67,443
26,546
56,666

22,631
18,103
19,520
11,095
25,695

21,521
16,941
15,782
7,434
27,372

46,756
47,104
47,207
47,450
43,061

58,754
58,606
60,353
59,646

25,251
25,326
24,879
25,844
25,928

124,049
124,410
125,282
123,638
125,191

1,454,787
1,461,098
1,464,172
1,478,075
1,453,257

282,483 229,894
271,5714232,412
282,976 i238,839
295,467 1238,614
296,479 218,651

399,304
380,640
392,986
401,922
411,404

153,079
151,920
149,244
157,720
151,407

469,111
463,599
455,806
458,506
464,540

10,078,334
9,989,848
10,069,149
10,299,499
10,356,185

8,659
12,163
17,929
13,929
20,922

3,536
7,970
7,883
4,649
4,993

9,510
22,998
20,350
6,502
4,983

598,924
585,829
609,914
404,905
624,452

73,845
74,263
75,300
73,497
72,833

379,051
380,777
379,346
403,889
387,386

24,503
77,104
59,783
48,631
37,578

15,593
15,801
18,382
18,461
18,212

J223,144
-225,357
|226,559
1226,699
1227,200

4,592,309
1,521,625
4,564,147
4,668,593
4,727,015

617,720
621,341
619,007
632,788
640,686

287,489
266,342
266,009
205,144
301,215

33,023
27,910
42,914
25,906
47,114

29,057
18,578
25,048
15,856
23,713

4,224
5,556
5,728
13,595

2. MEMBER BANKS IN FEDERAL RESERVE BANK CITIES.
Number of reporting banks:
Nov.22
Nov.29
Dec. 6
Dec. 13
Dec.20
United States bonds to secure
circulation:
Nov.22
Nov.29
Dec. 6
Dec. 13
Dec. 20
Other United States bonds,
including Liberty bonds:
Nov.22
Nov.29
Dec. 6
Dec. 13.
Dec. 20
United States certificates of
indebtedness:
Nov.22
Nov.29
Dec. 6
Dec. 13
Dec. 20
Total United States securities
owned:
Nov.22
Nov.29
Dec. 6
Dec. 13
Dec. 20
Loans secured by United
States bonds and certificates:
Nov.22
Nov.29
Dec. 6
Dec. 13
Dec. 20
Other loans and investments:
Nov.22
Nov.29
Dec. 6
Dec. 13
Dec. 20
Total loans and investments:
Nov.22
Nov.29
Dec. 6
Dec. 13
Dec. 20




39 i
40 |

7
7
7
7
7

41 I

41
41
4,234
4,228
4,228
4,228
4,228

44
44
44
44
44

8
8
8
8
8

17
17
17
17
17

1,119 ! 10,555
1,119 ; 10,555
1,119 10.555
1,119 10,555
1,119 10,555

2,340
2,340
2,340
2,340
2,340

4,596
4,596
4,596
4,496
4,496

4,060
4,060
4,060
4,060
4,000

18,400
18,400
18,400
18,400
18,400

99,293
99,287
99,288
99,187
99,186

248
249
250
251
251

36,334
36,334
36,334
36,334
36,333

7,487
7,487
7,487
7,487
7,487

4,471
4; 471
4,471
4,471
4,471

2,097
2,097
2,098
2,097
2,097

3,600 .
3,600 !
3,600
3,600
3,C00

12,198
295,150
283,664
11,427
11,035 I 279,345
277)548
10,798
11,669 i 272,281

72,001
67,323
63,715
69,176
60,071

20,814
15,242
14,035
13,497
17,921

8,255
8,105
7,889
7,820
9,086

5,036
4,933
4,804
4,684
5,827

72,881 32,504
67,694 32,883
29146
52,920 29,146
54,016 28,981
53,522 ; 31,435

6,465
3,329
3',205
3,052
3,324

10,531
9,984
9,724
9,667
10,078

6,301
7,493
5,629
4,508
4.849

11,610
11,647
11,494
11,342
12,849

553,746
523,724
492,941
495,089
499,516

31,385 i 336,650
39,480 ! 339,284
437,197
47,469
47,887 ! 448,572
49,808 j 429,917

21,929
21,851
39.080
37;656
43,397

13,834
14,875
13,831
13,161
13,254

3,442
3,5G7
4,639
5,026
4,807

6,328
6,322
6,555
6,759
6,674

24,239
9,954
29,740
9,452
49,249 15,423
50,169 j 15,107
52,4o4 I 18,013

2,835
2,883
3,013
3,103
4,824

6,987
6,952
9,459
8,867
8,552

3,358
3,385
3,9G5
4,712
4,983

17,441
17,634
24,884
24,650
25,401

478,382
495,425
654,764
665,669
662,084

14,964
14,855
14,959
15,043
16,101

98,239
98,553
103,288
105,301
107,095

53,013 11,640
52,890 8,552
55,124 8,558
54,643 8,495
60,00-1 10,488

22,114
21.532
23.779
23,030
23,126

13,719
14,938
13,654
13,280
13,892

47,451
47,681
54,778
54,392
56.650

1,131,421
1,118,436
1,246,993
1,259,945
1,260,786

5,677
4,973
5,006
4,585
4,799

63,676
59,030
51,847
42,581
43,228

19,056
19,257
19,181
20,154
19,025

5.431
5,549
5,824
6,385
7,304

1,506
1,549
1)478
1,522
1,515

5,154
2,687
2,707
2,709
2,948

7,495
8,544
8,648
8,238
9,683

1,024,716
1,000,205
1,027,795
1,010,748
1,010,655

80,460 60,321
81,335 61,728
70,038 62,294
82,407 62,494
82,293 .61,900

869,454
872,087
875,637
858,523
858,551

270,916
264,843
261,060
262,463
265,035

119,723
117,322
115,814
113,595
110,683

170,318
170,515
171,534
170,477
167,885

41,878
43,796
42,835
42,810
43,853

213,194
216.981
215)000
2.10,502
210,722

6,980,161
6,966,341
6,866,525
6,846,020
6,788,481

80,962
81,556
82,259
82,122
82,800

1,031,369
1,029,670
1,030,772
1,006,408

342,985
336,990
i335,365
|337,260

136.794
13L 423
130;196
128,475
128,475

193,938
193,596
196,791
195,029
192,526

60,751
61,421
59.196
58)799
60,693

268,140
273,206
278,426
273,132
277,055

9,136,298
9,084,982
9,141,313
9,116,713
9,059,922

!
47,817
55,135
62,732
62,913
65,705 •
•

668,134
659,282
752,876
762,454
738,531

101,417 39,119 13,794
96,661 34,588 13,769
110,282 i 32,337 14,626
114,319 i 31,129 14.943
117,555 ! 35,649 15,'990

87,670
84,122
83.543
81,605
76,717

623,536
607,103
638,833
632,437
635,609

1162,900
1163,417
1164,486
1162,271
'159,710

25,329
27,145
28,172
29,789
31,549

538,819
551,520
527,334
525,051
524,843

3,780,667
3,746,550
3,674,875
3,665,310
13,633,090

|553,380
549,850
566,711
572,755
551,626
" ~ ' ~~~

1281,031
f289,814
283,393
279,633
278,000

674,306
690,777
673,609
669,569
1667,265

5,072,337 817,697
5,012,935 809,928
5,066.584 841,479
5,060.201 J849,345
5,007; 230 {828,891

345,479
351,547
!343,902
:340,551
J345,198

17,280
16,829
18,070
18,472
17,968

111,540
111,933
102,734
115,822
116,251

i
j
;
I
I

94

JANUARY 1,1919.

FEDERAL RESERVE BULLETIN.

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 Nov. 22 to Dec. 20,1918—Continued.
2. MEMBER BANKS IN F E D E R A L R E S E R V E BANK CITIES.
[In thousands of dollars; i. e.t 000 omitted.]

Boston.

Reserve with Federal Reserve
Bank:
Nov.22
62,163
45,938
Nov.29
56,877
Dec. 6
54,102
Dec. 13
63,936
Dec. 20
Cash in vault:
Nov.22
, 16,932
16,008
Nov.29
Dec. 6
, 16,809
18,060
Dec. 13
16,635
Dec. 20
Net demand deposits on
which reserve is computed:
521,826
Nov.22
528,859
Nov.29
534,944
Dec. 6
540,056
Dec. 13
Dec. 20
552,848
Time deposits:
25,568
Nov.22
Nov.29
, 25,670
25,400
Dec. 6
24,529
Dec. 13
24,836
Dec. 20
Total net deposits on which
reserve is computed:
529,496
Nov.22
536,560
Nov.29
542,564
Dec. 6
547,415
Dec. 13
560,299
Dec. 20
Government deposits:
71,657
Nov.22
55,507
Nov.29
46,481
Dec. 6
24,926
Dec. 13
44,780
Dec. 20

New i Phila- Cleve- RichYork. idelphia land. mond.

Atlanta.

San
St.
Chicago. Louis. Minne- Kansas Dallas. Franapolis. City.
cisco.

11,707 20.515
9,644 9.741
11,706 17,518
13,072 13,754
12,166 15,415

3,616
3,424
4,189
4,640
4,920

21,615
17,898
18,386
20,460
18,653

989,162
905,173
956.701
928^994
970,547

5,294
4,992
9,956
5,043
10,663

3,000
2,732
2,727
3,077
3,319

5,380
5,482
5,694
5,211
5,734

226,691
221,631
231,393
227,204
237,669

644,522
595,270
617,244
596,079
627,395

52,123 25,413
60,334 18,239
58,577 22,080
52,115 20,402
57,671 21,083

6,578
6,674
6,330
6,488
6,688

5,569
6,520
6,632
7,925
6,335

108,502
104,142
108,639
111,587
109,746

26.839
27;349
28,523
28,370
26,539

115,510
114,485
116,525
113,222
119,149

18,308
17,360
18:664
17,779
18,049

10,947
8,219
8,777
9,535
9,120

1,475
1,608
1,556
1,672
1,618

3,714
3,825
3,854
3,792
4,101

35,786
37,059
37,031
39,194
38,783

7,568
7,339
7,301
7,647
7,730

2,777
2,522
2,499
2,972
2,768

4,152,206
4,083,317
4,126,307
4.223,979
4;272,793

|538,890
1542,498
1538,860
!
548,956
555,416

175,881
184,952
179,836
181,491
170,840

60,468 42,493
67,723 41,905
61,682 42,011
63,893 44,606
62,516 44,118

757,906
758,721
768,525
792,559
790,708

189,115
178,606
189,206
196,017
198,055

96,016
95,913
101,934
101,345
97,310

142,106 53,845
143,312 53,923
144,666 53,517
145,645 53,272
146,714 52,599

16,984
16,863
16,878
17,064
17,288

207,848 8,979 108,012
206,551 9,209 108,776
201,995 11,528 109,878
194,037 11,593 109,550
187,746 11,286 109,568
4,200,171
4,130,983
4,172,921
4,269,526
4,316,119

541,584
545,261
542,318
552,434
558,802

263,062 31,609
242,128 26,130
236.067 39,108
186,375 23,367
277,822 42,564

5,349
5,407
5,491
5,516
5,543

14,878
15,179
15.243
16,359
16,716

208,285 62,073 46,956 790,700 201,541 101,111
217,585 69,345 46,459 I 791,793 191,050 100,972
212,799 63,329 48,584 i 801,909 201,556 106,991
~" —
214,356 65,548 49,514 ' 826,169 208,310 106,464
203,710 64,179 49,133 824,565 210,193 102,496
29,447
23,626
21,863
10,041
24,803

5,934
4,016
4,829
2,040
5,064

4,703
3,885
2,113
848
3,176

12,090
47,190
36,184
33,342
27,694

Total.

143,965 38,746 179,139 6,896,651
127,674 22,790 177,342 6,810,300
134,149 37,408 171,239 6,886,101
134,903 39,832 171,923 7,039,560
130,487 39,076 174,751 7,088,918
7,893
7,823
7,952
7,649
7,599

8,263
8,377'
8,875
8,862
9,015

602,544
617,304
604,196
596,810
591,690

146,333 39.592 181,168 7,049,010
130,021 27,654 179,855 6,967,538
136,534 38,240 173,901 7,041.646
137,198 40,652 174,582 7,192;168
132,767 39,910 177,455 7,239,628

4,821
1,930
750
1,796
4,430

25,369
14,412
19,428
12,498
19,355

2,819
16,214
2,773
2,734
2,780

6,024
8,315
6,151
8,816

2,624 7,833
4.875 15,862
4', 035 15,065
2,420 5,952
2,855 4,983

464,518
445.585
4341298
309,756
466,342

3. MEMBER BANKS IN F E D E R A L RESERVE BRANCH CITIES.
[In thousands of dollars; i. e., 000 omitted.]
RichCleveAtlanta Chicago St. Louis Kansas
mond
land
District.* District.* L-ity 6
Districts District. 2
District.
Number of reporting banks:
Nov.22
36
Nov. 29 . .
36
Dec. 6
36
36
Dec.13...
Dec. 20
36
United States bonds to secure circulation:
Nov.22
24,841
24,841
Nov.29
Dec. 6
. . . .
24,855
Dec.13
24 823
Dec. 20
24,823
Other United States bonds, including Liberty
bonds:
Nov.22
66,404
Nov.29
63,385
Dec. 6
59,913
Dec.13
59,688
Dec. 20
55,719
United States certificates of indebtedness:
Nov.22
19,609
Nov.29
46,444
Dec. 6
49,882
Dec.13
50,776
Dec. 20
35,753
1
Pittsburgh and Cincinnati.
2
Baltimore.
3
New Orleans, Jacksonville, and Birmingham.
* Detroit.




jBanFran-

18
18
IS
18
18

20
20
20
20
20

12
12
12
12
12

12
12
12
12
12

17
17
17
17
17

4 991
4,991
4,591
4 991
4,991

5,085
5,085
5,085
5,085
5,085

1,805
1,805
1,805
1,805
1,805

5,330
5,330
5,330
5,330
5,330

4,487
4,487
4,487
4,487
4,487

6!
6I
6!
6
1,255
1,255
1,255
1,255
1,255

6,818
6,762
6,770
6,508
7,367

22,598
19,972
18,951
18,066
19,870

24,871
23,134
21,554
20,233
24,784

8,869
8,474
8,103
7,901
8,046

7,769
7,421
7,388
7,222
8,359

2,460
2,427
2,369
1,925
2,463

10,075
10,783
12,510
13,269
14,907

Total.

28
28
28
28
28

149
149
149
149
149

8,485
8,485
9,054
8,485
8,940

56,279
56,279
56,261
56,716

14,826
14,793
14,403
14,424
14,414

154,615
146,368
139,451
135,967
141,022

23,529
16,403
2,297
5,431
625
17,473
16,846
609
17,063
23,833
2,410
5,438
20,791
29,496
3,330
7,367
609
23,487
20,700
28,799
4,092
8,125
734
23,558
21,767
33,748
4,234
9,626
769
25,847
5
Louisville and Memphis.
0
Omaha and Denver.
7 El Paso.
«Spakane, Portland, Seattle, and Salt Lake City.

95,442
123,426
147,472
150,053
146,651

JANUARY

1,1919.

95

FEDERAL RESERVE BULLETIN.

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 Nov. 22 to Dec. 20,1918—Continued.
3. MEMBER BANKS IN FEDERAL RESERVE BRANCH CITIES—Continued.
[In thousands of dollars; i. e., 000 omitted.]
RichCleveAtlanta Chicago St. Louis Kansas
Dallas San Franland
mond
City
cisco
District. District. District. District. District. District. District. District.
Total United States securities owned:
Nov. 22
Nov. 29
Dec. 6
Dec. 13
Dec. 20
Loans secured by United States bonds and certificates:
Nov. 22
Nov. 29
Dec. 6
Dec. 13
Dec. 20
Other loans and investments:
Nov. 22
Nov. 29
Dec. 6
Dec. 13
Dec. 20
Total loans and investments:
Nov. 22
Nov. 29
Dec. 6
Dec. 13
Dec. 20
Reserve with Federal Reserve Bank:
Nov. 22
Nov. 29
Dec. 6
Dec 13
Dec. 20
Cash in vault:
Nov. 22
Nov. 29
Dec. 6
Dec. 13
Dec. 20
,
Net demand deposits on which reserveis computed:
Nov. 22
Nov. 29
Dec. 6
1
Dec. 13
|
Dec. 20
1
Time deposits:
|
Nov. 22
1
Nov. 29
1
Dec. 6
1
Dec. 13
D ec. 20
Total net deposits on which reserve is computed:
Nov. 22
Nov. 29
!
Dec. 6
Dec. 13
Dec. 20
Government deposits:
Nov. 22
Nov. 29
Dec. 6
Dec. 13
Dec. 20




Total.

110,854
134,670
134,650
135,287
116,295

21,884
22,536
23,871
24,768
27,265

44,086
41,903
44,827
43,851
46,722

50,205
48,772
52,835
50,837
60,337

16,496
16,214
16,763
17,323
17,610

17,688
17,346
19,242
19,834
22,472

4,340
4,291
4,233
3,914
4,487

40,784
40,341
46,944
46,467
49,201

306,337
326,073
343,385
342,281
344,389

61,768
61,168
61,699
61,190
61,600

10,701
10,520
10,376
10,704
11,147

8,802
10,567
9,928
9,562
9,686

8,063
8,678
8,236

5,961
5,545
5,614
5,877
6,38S

236
236
236
242
307

6,028
5,872
5,665
5,125
5,395

104,931
105,894
105,702
104,800
106,143

7,935

3,372
3,308
3,948
3,971
3,685

259,217
256,545
257,486
254,722
254,158

80,610
76,329
81,346
79,715
82,134

149,954
149,019
149,521
151,438
152,152

13,921
14,010
13,930
13,999
14,133

221,731 1,524,066
220,350 1,495,800
211,129 1,505,901
220,101 1,504,831
219,299 1,505,505

144,969
145,094
144,493
147,172
150,035

169,825
166,912
168,295 ,
168,526
163,494 !
!
222,713
219,382
223,050
221.939
224,902 |

317,485
313,995
318,577
313,628
322,430

100,478
95,851
102,057
101,009
103,429

173,603
171,911
174,377
177,149
181,012

18,497
18,537
18,399
18,155
18,927

268,543 1,935,384
266,563 1,927,768
263,738 1,954,988
271,693 1,951,912
273,895 1,956,037

47,594
11,244
41,436
11,400
52,168
12,480
52,905 | 11,401
48,462 j 11,674

14,806 |
13,744 j
13,449 i
15,225
14,428

20,380
19,880
20,863
20,545
21,106

6,753
6,216
8,349
6,793
7,585

15,762
13,596
14,859
16,036
16,100

1,565
1,451
1,415

20,986
20,728
22,340
22,329
21,686

138,486
127,950
146,073
146,685
142,456

6,750
6,916
6,721
6,622
6,676

7,375
7,943
7,189
7,466
7,460

11,366
11,920
12,277
12,646
12,620

4,205
5,064
4,519 i
4,356 |
4,642 j

5,858
5,766
5,506
5,464
5,792

538
608
563
554
575

10,122
10,877
9,497
10,199
9,323

64,857
66,414
65,802
65,175
65,878

440,509
432,319
432,731
446,240
442,631

98,461
99,547
104,938
106,975
106,478

126,020
123,766
123,974
128,843
131,953

145,716
140,925
141,800
153,152
150,225

58,514
57,806
59,499
64,003
62,654

I 117,222
! 115,872
| 118,287
i 124,762
| 127,576

10,192
10,209
9,545
10,825
10,867

163,338
158,999
157,073
157,949
162,020

1,159,978
1,139,443
1,147,847
1,192,749
1,194,404

64,312
65,675
65,107
65,362
66,017

11,810
11,664
11,748
11,851
13,255

46,316
46,479
47,359
46,533
46,155

151,116
151,746
153,028
151,900
152,882

14,444
14,782
14,895
14,632
14,599

| 30,298
, 30,248
30,314
, 30,422
i 30,020

4,373
4,385
4,103
4,897
4,939

84,312
84,576
84,912
83,244
81,835

406,981
409,555
411,466
408,841
413,302

459,802
452,022
452,263
465,849
462,436

102,004
103,046
108,462
110,530
110,455

62,847 ' 126,311
62,241 124,946
63,968 127,381
68,393 133,889
67,034 j 136,762

12,066
12,088
10,776
12,294
12,349

188,631
184,372
182,546
182,922
187,470

1,282,633
1,262,874
1,271,286
1,315,402
1,318,395

28,347
21,295
37,851
11,798
21,253

9,054
8,040
8,118
4,665
10,966

1,628
2,902
4,656
3,835
5,445

206
330
122

2,839
2,131

62,981
66,728
79,437
35,355
65,243

516,424 112,384
500,597 112,038
513,948 110,246
504,690 111,640
503,512 .111,623
696,435
710,297
701,167
681,407

18,643 I
17,320 !
19,530 !
17,868 i
18,790

139,921 191,051
137,710 186,449
138,182 187,708
142,803 198,722
145,799 | 190,090

12,154 I

8,438
9,359
18,361
9.349 ! 12,550
4,449
7,437
3,779
19,957

3,154 I
3,602 i

4,660 I
2,825
3,608 i

961
950

134
175

212

96

FEDERAL RESERVE BULLETIN.

JANUARY 1,1919.

IMPORTS AND EXPORTS OF GOLD AND SILVER.
Gold imports and exports into and from the United States.
[In thousands of dollars; i. e., 000 omitted.]
Ten days
Ten days
Ten days
Total since
ending
ending
ending
Nov. 20,1918. Nov. 30,1918. Dec. 10,1918. Jan. 1,1918.

Total, Jan. 1
to Dec. 7,
1917.

IMPORTS.

Ore and base bullion
United States mint or assav office bars
Bullion,refined
United States coin
Foreign coin

306

933

638

183

. ...

102

244

14,846
6
39,246
6,784
184

15,083
114
387,637
53,936
95,097

5

i

494

1,036

882

61,066

551,867

73

Total

2

o
325

432

204
1,065
6,819
31,187

250
46,594
42,776
271,308

EXPORTS.
Domestic:
Ore a n d base bullion
U n i t e d States m i n t or assay office bars

. . . .

. . .

.

30
267

Coin

Foreign:
Bullion, refined
Coin

434

400

297

Total

1

Total

360,928
31
7,201

426
426

1
—
298

T o t a l exDorts

39,275

434

400

7,232

39,701

368,160

Excess of gold imports over exports since Jan. 1,1918, $21,365,000. Excess of gold imports over exports since Aug. 1,1914,31,071,869,000.

Silver imports and exports into and from the United States.
[In thousands of dollars; i. e., 000 omitted.]
Ten days
ending
Nov. 20,
19.18.

Ton days
ending
Nov. 30,
1918.

Total, Jan. Total, Jan.
1 to Nov. 1 to Nov.
30, 1918.
30, 1917.

Ten days
ending
Dec. 10,
1918.

Total, Jan.
1 to Dec.
10, 1918.

IMPORTS.

Ore and base bullion
Unitod States mint or assay office bars
Bullion, refined
United States coin
Total

1,306
140
35
38

41,181
51
20,350
1,218
4 245

33,913
131
7,838
1,065
4 240

1,154

170
119
99

8G
21
92

42,335
51
20,436
1,239
4,337

2,135

Foreign coin

1,747

1,519

67,045

47,187

1,353

68,398

372
1

1
1
895
64

19
37,374
152,347
3,107

162
3,418
64,284
945

13,496
1,826

19
50,870
154,173
3,107

373

961

192,847

68,809

15,322

208,169

7

53
339

5,574
6,119

2,770
2,427

284

5,574
6,403

EXPORTS.

Domestic:
Ore and base bullion
United States mint or assav office bars
Bullion refined
. . . .
Coin
Total
Foreign:
Bullion refined
Coin
Tofcl
Total exports

7

392

11,693

5,197

284

11,977

380

1,353

204,540

74,006

15,606

220,146

Excess of silver exports over imports since Jan. 1,1918,3151,748,000. Excess of silver exports over imports since Aug. 1,1914, §240,038,000.




JANUAEY 1,1919.

Estimated

97

FEDERAL RESERVE BULLETIN.

general stock of money; money held by Treasury and by the Federal Reserve system, and all other money in the
United States Dec. 1, 1918.

General stock
of money
in the
United States.

Gold coin *
,
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:
Dec. 1,1918
Nov. 1, 1918
Oct. 1, 19185
Sept. 1,1918
Aug. 1,1918
July 1, 1918
J u n e l , 1918
May 1,1918
Apr. 1,1918
Mar. 1,1918
Feb. 1,1918
Jan. 1,1918
Dec. 1,1917
Nov. 1,1917
Oct. 1,1917
Sept. 1,1917
Aug. 1,1917
July 1,1917

,

,

Held in the
United States
Treasury
as assets
of the
Government.1

§3,080,043,323

8314,698,106

Held outside
Held by or for
the
Federal Reserve United States
Banks
Treasury
and agents.
and Federal
Reserve System.

237,904,206

3,488,477

6,494,647
3 1,475,607

346,681,016
2,776,625,220
96,954,730
716,853,155

8,894,558
32,669,081
1,462,368
19,638,905

4 44,807,029
136,510,580
7,755,453
22,064,476

8427,167,213
434,077,309
82,757,592
287,921,697
232,940,122
1,809,257
292,979,429
2,607,437,659
87,736,909
675,149,774

416,383,232
399,321,725
380,246,203
369,937,060
390,798,058
356,124,750
348,322,704
321,192,308
339,856,674
330,927,176
332,576,125
277,043,358
248,167,148
242,265,377
242,469,027
239,654,267
248,268,325
253,671,614

2,123,208,487
2,125,198,801
2,084,774,897
2,070,371,803
2,054,455,993
2,018,361,825
1,983,796,097
1,909,594,674
1,873,524,132
1,827,126,208
1,834,102,608
1,723,570,291
1,646,773,746
1,546,124,691
1,429,422,432
1,373,987,061
1,395,982,728
1,280,880,714

Amount
per capita
outside the
United
States
Treasury
and the
Federal
Reserve
System.

5,129,984,861
5,065,652,645
4,925,987,177
4,652,646,508
4,449,835,748
4,367,739,209
4,282,888,981
4,310,167,648
4,266,800,719
4,193,494,672
4,104,924,306
4,255,584,622
4,131,187,015
4,035,464,267
3,970,373,397
3,940,019,826
3,869,041,841
3,945,457,556

§1,436,091,050
468,009,645

414,514,930

7,669,576,580
7,590,173,171
7,391,008,277
7,092,955,371
6,895,089,799
6,742,225,784 \
6,615,007,782 !
6,540,954,630 !
0,480,181,525 I
6,351,548,055 !
6,271,603,039 !
6,256,198,271 i
6,026,127,909 I
5,823,854,335
5,642,204,856
5,553,661,154
5,513,292,894
5,480,009,884

48.13
47.59
46.34
43.83
41.97
41.31
40.51
40.82
40.47
39.83
39.04
40.53
39.40
38.54
37.97
37,73
37,10
37.88

1
Includes reserve funds against issues of United States notes and Treasury notes of 1890 and redemption funds held against issues of national
bank notes, Federal Reserve notes, and Federal Reserve bank notes.
2
Includes balances in gold settlement fund standing to the credit of the Federal Reserve banks and agents,
s Includes standard silver dollars.
* Includes Treasury notes of 1890.
5
Amended figures.

OPERATION OF THE FEDERAL RESERVE CLEARING SYSTEM NOVEMBER
DECEMBER 14, 1918.
Items drawn on Items drawn on
district
banks in Federal banks inFederal
outside
Reserve city
Reserve city
(daily average). (daily average).

Total items
drawn on banks
in own Federal
Reserve district
(daily average).

NumNumNumber. Amount. ber. Amount. ber.

New York
Philadelphia..
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis...
Kansas City...
Dallas
San Francisco.

Items handled
Items drawn on by both parent Items drawn on Num- Numbanks in other
Treasurer of
ber of ber oi
bank and
districts,
United States mem- nonbranches
(daily average). (daily average). (daily average). ber mem-

banks
ber
in
banks
dis- on par
NumAmount. Num- Amount. Num- Amount. ber. Amount. trict. list.
ber.
ber.

12,897 §25,105,659 75,667 $11,392,491 88,564 $36,498,150 9,351 $11,696,771
"" — '
561,227
15,399
715,683 138,765 55,208,097154", 164 143,923,780 32,542 16,5
795,915
232,416 36,292 5,444,077! 55, """ 33,676,493 18', 805 10,7
19,577
4,7
724,262
225,615 52,649 22,818,304! 56, 683 30,043,919 3,
4,034
6,9
927,085
116,328 42,566 15,104,001; 44, 573 22,220,329 o,
2,007
585,806
639,021 24,277 7,324,564 26, 788 9,963,585 2,439
2,511
156,000
909,000 5,478
063,000 51,827 9,846,000| 65, 033
13,206
:
938,947
733,716 669
065,039 28,916 6,668,677j 33, 435
4,519
488,756
307,132 1,028
097,583 20,702 2,209,549! 24, 545
3,843
9
113,043
274,646! 60,441 13,910,533 64, 295 24,185,179 5,475 1,4
3,854
216,535
088,988! 25,162 7,363,592 26, 584 9,452,580 2,797 5,1
1,422
097,354
667 2,2
538,221 j 33,421 10,182,008 35, 326 13,720,229
1,905
1,0

fci

2,105 82, 651,318
179
774,448
3,549 2,616,242
314
250,000
492
372,532
3,627 2,078,775;
189,524
980
2,148 1,772,001

15,688^5,651,430
48,205122,860,510
7,757! 5,087,663
6,770| 3,424,141
2,6731 214,825
4,676| 1,220,003
14,822! 6,857,000
6,8S2| 1,663,620
1,060; 319,769
5,652| 860,625
3,676; 571,045
4,297;12,036,307

Totals:
Nov. 16 to ... ...-185,174 219,162,1991590,685 167,471,893 675,859 386,634,09288,326 66,301,70113,394 10,704,900|135,173 60,766,938
191S.... VTDec. 14,
Oct.16toNov.15,1
484 189,103,098 »32,918 420,117,565*84,796 70,025,266 12,198 11,356,075! 98,168!52,790,232
82,434 231
1918
Sept.16toOct.15,
J64,931 208,639,006:495,441 169,025,374 560,372 377,664,380;S9,455 70,992,91913,033 11,127,973Jl06,539|51,018,149
1918.
Nov.16toDec.15,
i
i 33,806^27,179,053
!,434 256,164,200 46,353 58,458,952
1917
|47, 678171,723,439 240,756 84,410,761 288,




16 TO

422
721
629
812
560
421
1,326
512
861
993
717
638

246
327
329
731
351
317
2,368
1,046
1,161
2,210
247
1,076

8,612 10,409
8,584 10,219
8,510 10,318
7,823

9,321

98

FEDERAL RESERVE BULLETIN.

JANUARY 1,

DISCOUNT RATES.
Discount rates of each Federal Reserve Bank approved by the Federal Reserve Board up to Dec, SI, 1918.
Maturities.
Trade acceptances.

Discounts.

Federal Reserve Bank.

Boston
New York i...
Philadelphia.
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis..
Kansas City..
D a l l a s .: . : . . . .
l
San Francisco.

Within 15
days,
including
member
banks,
collateral
notes.

I

Secured by U. S. certificates of indebtedness or Liberty loan
bonds.
16 to 60
days.

61 to 90
davs.

Agricultural and
live-stock
paper
over 90
davs.

Within 15
days, including
member
banks,
collateral
notes.

16 to 90
days.

Ito60
days,
inclusive.

61 to 90
days,
inclusive.

*4J
4i
241

41 j

1 Rate of 3 to 4> per cent for 1-day discounts in connection with the loan operations of the Government. Rates for discounted bankers, accept?
ances maturing within 15 days, 4 per cent; within 16 to 60 days, 4> per cent: and within 61 to 90 days, U per cent.
2
Rate of 4 per cent on paper secured by fourth Liberty loan bonds where paper rediscounted has been taken by discounting member banks
at rate not exceeding interest rate on bonds.
NOTE 1.—-Acceptances purchased in open market, minimum rate 4 per cent.
NOTE 2.—-Rates for commodity paper have been merged with those for commercial paper of corresponding maturities.
NOTE 3.—-In case the 60-day trade acceptance rate is higher than the 15-day discount rate, trade acceptances maturing within 15 days will be
taken at the lower rate.
NOTE 4.—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.




INDEX.
Page,

Page.

Acceptances:
Amount of bankers' acceptances outstanding in
London and New York
21
Banks granted authority to accept up to 100 per
cent of capital and surplus
29
Amendments to Federal Reserve Act, proposed
20
Address of Hon. P. M. Warburg on financial reconstruction
16-18
Assets and liabilities of Federal Reserve Banks,
movement of, during 1918
64.-67
Bank transactions, report of
68-70
Business conditions, change in plan of publishing..
10
Capital Issues Committee, work of, terminated
18
Charters issued to national banks during the month.
30
Charts:
Movement of earning assets of Federal Reserve
Banks during 1918
66
Deposit and note liabilities of Federal Reserve
Banks during 1918
67
Check clearing and collection system:
Operation of
97
Suggestions relative to forwarding items for
collection
28
Commercial failures reported
30
Currency:
-.
Mexican, changes in
:l
32
Shipments of, instructions relative to
27
Directors of Federal Reserve Banks, election of:
Class A and B
25
Class C
25
Votes cast
25
Discount and interest rates prevailing in various
cities
74-76
Discount operations of the Federal Reserve Banks.. 83-87
Discount rates in effect
98
Earnings of Federal Reserve Banks, instructions
relative to reporting charges against
26
Federal Reserve Act, bill introduced in House to
amend
20
Federal Reserve Banks:
Movement of principal assets and liabilities
during 1918
64-67
Resources and liabilities of
87-90
Federal Reserve note account of Federal Reserve
Banks and agents
90
Federal Reserve notes, unfit, instructions regarding
forwarding of, to Washington
27
Fiduciary powers granted to national banks
33-35
Foreign banking corporations, State laws affecting.. 54-63
Foreign banking operations of Irving National Bank
of New York
23-25
Foreign loans placed in the United States, summary
compiled by tke Guaranty Trust Co. of New York. 33-39
Frederick, Leopold, data furnished by. relative to
bankers' acceptances in London and New York..
21
Gol£:
Imports and exports of
96
Manufactures of, regulations issued by War
Trade Board governing exportation of
26
Production of, in the world
19
Guaranty Trust Co., of New York, compilation by,
relative to foreign loans placed in the United
33-39

Index of wholesale prices
71-74
Interest and discount rates prevailing in various
cities
74-76
Irving National Bank of New York, foreign banking
operations of
23-25
Law department
54-63
Member banks, statement showing condition of
92-95
Mexican coinage changes
32
Money, stock of, in the United States
97
National banks:
Charters issued to during the month
30
Fiduciary powers granted to
30
Physical volume of trade
77-82
Prices, monthly index of
71-74
Resources and liabilities of Federal Reserve Banks. 87-90
Review of the month Public
finance.
1
The new Secretai^ I the Treasury
2
New problems
y 2
Thrift still essential
" 3
The year 1918
3
Growth of membership
4
Fiduciary powers
5
Operations of Federal Reserve Banks.
5
Condition of member banks
6
Gold imports and exports
6
Gold situation and the gold standard
7
The free gold market
8
Present and future prices
9
Rulings of the Federal Reserve Board:
Service of class C directors in mutual savings
banks
53
Federal reserve stock held by liquidating
banks
1
53
Fiduciary permits to national banks
53
Eligibility of drafts drawn under credits
53
Savings banks, circular of United States Council of
State Banking Associations relative to membership of, in system
50-52
Secretary of Treasury:
Extract from annual report of, relative to cost
of war
20
Letter of, to chairman of Ways and MeanB Committee relative to additional loans to allied
governments
22
Silver:
Imports and exports of
96
Mexican silver coinage, changes in
32
State banks and trust companies admitted to the
system up to Dec. 31, 1918
40-49
State laws affecting the operations oyoreign banking corporations
54-63
Total bank transactions, reports of
68-70
Trade, physical volume of
77-82
War, cost of, as shown by annual report of Secretary
of the Treasury
20
War Finance Corporation, annual report of, extract
from
28
War Trade Board, regulations issued by, governing
exportation of manufacturers containing gold
26
Warburg, Hon. P. M., extracts from address of,
relative to financial reconstruction
16-18
Wholesale prices, monthly index of
71-74




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