Full text of Federal Reserve Bulletin : January 1920
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FEDERAL RESERVE
BULLETIN
ISSUED BY THE
FEDERAL RESERVE BOARD
AT WASHINGTON
JANUARY, 1920
WASHINGTON
GOVERNMENT PRINTING OFFICE
1920
FEDERAL RESERVE BOARD.
EX OFPICIO MEMBERS.
W. P. G. HARDING, Governor.
ALBERT STRAUSS, Vice Governor.
CARTER GLASS,
Secretary of the Treasury, Chairman,
ADOLPH C. MILLER,
CHARLES S. HAMLIN.
JOHN SKELTON WILLIAMS,
Comptroller of the Currency.
H E N R Y A.
MOEHLENPAH.
GEORGE L. HARRISON, General Counsel,
W. T. CHAPMAN, Secretary.
W. W. HOXTON, Executive Secretary.
R. G. EMERSON, Assistant Secretary.
H. PARKER WILLIS,
W. M. IMLAY, Fiscal Agent.
W. W. PADDOCK, Chief, Division of Operations and
Examination.
Director, Division of Analysis and Research.
M. JACOBSON,
Statistician.
J. E. CRANE,
Acting Director, Division of Foreign Exchange.
TABLE OF CONTENTS.
Page.
Review of the month
Business and financial conditions: Summary
Special reports by Federal Reserve agents
Federal Reserve banking in 1919
International price index
Gold policy and foreign commerce of the Scandinavian countries, 1914-1919
The French National Bank of Foreign Commerce
Movement of foreign exchange rates in New York
Official:
State banks and trust companies admitted to the system
Charters issued to national banks
Banks granted authority to accept up to 100 per cent of capital and surplus
Foreign branches of American banks
Fiduciary powers granted to national banks
Rulings of the Federal Reserve Board
Law department:
Renewal of drafts drawn by the purchaser of goods and secured at the time of original acceptance by warehouse receipts or bills of lading
Miscellaneous:
Adjustment of salaries in the Federal Reserve Banks
Retail trade index
The Edge Act, providing for the incorporation of institutions to engage in foreign banking
Act making gold certificates legal tender
'.
Change in boundaries of districts Nos. 6 and 8
Election of directors of Federal Reserve Banks
Los Angeles branch opened
Directors of branch banks
Branch at Oklahoma City approved
Commercial failures reported
Statistical:
Wholesale prices in the United States
Discount and interest rates prevailing in various centers
k
Physical volume of trade
Debits to individual account, November-December
Discount and open-market operations of the Federal Reserve Banks
Operation of the Federal Reserve clearing system.
Resources and liabilities of the Federal Reserve Banks
Federal Reserve note account
Condition of member banks in selected cities
Imports and exports of gold and silver
Estimated stock of money in the United States
Foreign exchange rates in New York during three months ending December, 1919
Discount rates approved by the Federal Reserve Board
Diagrams:
Movement of foreign exchange rates at Stockholm
Movement of foreign exchange rates at Copenhagen
Exchange rates at New York on principal allied and neutral countries
Exchange rates at New York on principal silver-standard countries
Par point map
in
1
13
19
11
26
35
46
49
62
62
60
63
64
65
66
54
53
56
60
59
60
60
61
63
63
68
72
74
84
88
94
95
100
102
108
109
Ill
110
40
41
51
52
94
OFFICERS OF FEDERAL RESERVE BANKS.
Federal Reserve Bank
Of-
Chairman.
Deputy governor.
Governor.
Boston
Frederic H. Curtlss... Chas. A. Motes..
New York.
Pierre Jay
Benj. Strong, jr.
Philadelphia...
Cleveland
R. L. Austin
D.C.Wills
E. P. Passmore.
E. R. Fancher.
Richmond
Caldwell Hardy. -
George J. Seay..
Atlanta
Chicago
Joseph A. McCord
Wm. A. Heath...
M. B. Wellborn.
J. B. McDougal.
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco..
Wm. Me. Martin..
JohnH. Rich
AsaE. Ramsay...
Wm. F. Ramsey..
John Perria
D. C. Biggs
R. A. Young
J. Z. Miller, j r . . .
R. L. Van Zandt.
J. U. Calkins
1
Controller.
*Assistant to governor.
Cashier.
Chas. E. Spencer, jr.
C. C. Bullen
J. H. Case.
L. F. Sailer.
Wm. H. Hutt, jr
M.J.Fleming 3
Frank J. Zurlinden 3 .
0. A. Peple
R. H. Broaddus......
L. C. Adelson
C. R. McKay 2
B. G.McCloud
0. M. Attebery
8
C. A. Worthington .
Lynn P. Talley
Wm. A. Day
Ira Clerk.*
«Acting cashier.
W. Willett.
1
L. H. Hendricks.
E. R. Kenzel.11
J. D. Higgms. 1
Channing Rudd.
A. W. Gilbart.1
W. A. Dyer.
H. G. Davis.
Geo. H. Keesee.
M. W. Bell.
S. B. Cramer.
J. W. White.
S. S. Cook.
J. W. Helm.8
Lynn P. Talley.
W. N. Ambrose.
* Assistant deputy governor.
MANAGERS OF BRANCHES OF FEDERAL RESERVE BANKS.
Federal Reserve Bank of—
Manager.
New York:
Buffalo branch
Ray M, Gidney.
Cleveland:
Cincinnati branch
Pittsburgh branch
L. W. Manning.
Geo. De Camp.
Richmond:
Baltimore branch
Morton M. Prentis.
Atlanta:
New Orleans branch
Jacksonville branch
Birmingham branch
Nashville branch
Marcus Walker.
Geo. R. De Saussure.
A. E. Walker.
Bradley Curry.
Chicago:
Detroit branch
R. B. Locke.
Manager.
Federal Reserve Bank of—
St. Louis:
Louisville branch
Memphis branch
Little Rock branch
— W. P. Kincheloe.
J. J. Heflin.
A. F. Bailey.
Kansas City:
Omaha branch
Denver branch
0. T. Eastman.
C. A. Burkhardt.
Dallas:
El Paso branch
Houston branch
R. R. Gilbert.
Sam R. Lawder.
San Francisco:
Los Angeles branch
Portland branch
Salt Lake City branch...
Seattle branch
Spokane branch
Ira Clerk.
C. L. Lamping.
C. H. Stewart.
C. J. Shepherd.
C. A. McLean.
SUBSCRIPTION PRICE OF BULLETIN.
The FEDERAL RESERVE BULLETIN is distributed without charge to member banks of
the system and to the officers and directors of Federal Reserve Banks. In sending
the BULLETIN to others the Board feels that a subscription should be required. It has
accordingly fixed a subscription price of $2 per annum. Single copies will be sold at
20 cents. Foreign postage should be added when it will be required. Remittances
should be made to the Federal Reserve Board. Member banks desiring to have the
BULLETIN supplied to their officers and directors may have it sent to not less than 10
names at a subscription price of $1 per annum.
No complete sets of the BULLETIN for 1915,1916, or 1917 are available*
FEDERAL RESERVE
VOL. 6
JANUARY, 1920REVIEW OF THE MONTH.
Treasury operations during the month of
December have continued to
Public finance.
follow the same general course
which had been reported during the autumn
months. On the basis of the daily Treasury
statements, the total receipts for December,
exclusive of transactions in the public debt,
aggregated $1,092,691,597.63, of which amount
$905,307,590.08 represents receipts on account
of income and profits taxes, while expenditures on the same basis aggregated $492,410,665.02, leaving a net current surplus for the
month of $600,280,932.61. The total amount
of income and profits taxes deposited with the
Federal Reserve Bank of New York and its
Buffalo branch for the period from December
1 to December 31 was $270,133,737.42. Sales
of certificates of indebtedness under the offering
of December 15 aggregated $728,130,000, of
which amount $281,882,500 were in the New
York district. The total amount of Treasury
certificates maturing December 15 was $662,752,000, of which amount $294,189,500 were
outstanding in the New York district. The
net disbursements by the Treasury for interest
on the public debt, on the basis of the daily
Treasury statements, for the month of December were $140,566,811.57. Receipts in New
York and at other points only partially offset
the disbursements of the Treasury, and the
result was a corresponding increase in funds
momentarily available at the banks in those
districts. Subsequent income-tax receipts and
payments of loans by the banks out of the
proceeds of redeemed certificates of indebtedness combined to reduce the earning investments of the Federal Reserve system, which
fell to $2,891,836,000 on December 19. At
the New York Federal Reserve Bank the level
of earning assets on December 19 was the
lowest since October 23.
BULLETIN
No. 1
The relations between public finance operations and the condition of the banks have thus
been especially noteworthy during December,
producing as they have a somewhat complex
situation in the earning investments of the
system. On 14 business days during the
month of December the total investments of
the Federal Reserve Bank of New York were
more than $1,000,000,000. Since the middle of
November Government deposits have been
withdrawn with fair regularity. These deposits, created chiefly by the sale of certificates
of indebtedness during August and September,
resulted, when the Government called for the
funds, in a momentary rise not only in rates
on the stock exchange money market, but in
the loans and discounts of the Federal Reserve
Banks. This amounts to saying that the
deposits resulting from the sale of certificates
consist for the most part only of entries on the
books of the banks showing credits to the
account of the United States. I t is not until
the Government demands deposits that the
bank has to find the funds with which to pay.
Recourse, if necessary, is then had to the Federal Reserve Bank where the purchased certificates or other collateral were put up as security
for loans, and these are normally liquidated
when the withdrawn deposits return to the
banks as Government checks.
The reserve percentages for the different
banks of the Federal Reserve
****" s y s t e m ^ a v e continued during
the month to show more or less
fluctuation as between the several banks, but
comparatively little fluctuation for the system
as a whole. In the following table are given
for November and December the reserve percentages obtaining for all Federal Reserve
Banks combined. From this it will be seen
that the combined reserve percentage of the
system has decreased during the month of December about 1.6 per cent.
1
FEDERAL RESERVE BULLETIN.
Per cent.
November 7
N ovemb er 14
November 21
November 28
December 5
December 12
December 19...
December 26
JANUARY, 1920.
ities has not as yet been fully paralleled by
46. 8
rates in the southern and western parts of the
47.1
46.9 ountry.
Conditions not only at Federal Reserve
45. 5
46.4
Banks, but throughout the
New discount
46. 0
member banks of the system,
46.8 rates.
as thus indicated, led the Board
44.8
on December 11 to authorize an advance in
discount rates, while by a readjustment of rates
the differential in favor of paper secured by
Government obligations other than Treasury
certificates of indebtedness was eliminated.
The following table shows the new discount
rates just referred to, and indicates a general
level for 90-day commercial rediscounts amounting to 4f to 5 per cent. At the corresponding
date last year the rates were generally \ to f
per cent lower for Government secured paper,
commercial discounts being about as at present.
Upon the present basis the rate is substantially
the same throughout the system, varying in
Loans, discounts, and investments of reporting member banks the case of most of the banks not more than
in leading cities.
about one-fourth of 1 per cent, irrespective of
[Amounts in millions of dollars.]
whether the paper is commercial in character
or is secured by Government obligations.
During the same period the total of loans in
the system and at the different banks has substantially been unchanged, there being only a
minor reduction. This maintenance of the outstanding loans of the banks has been due to
the fact that while some banks in the commercial centers have reduced their commitments
very materially, partly as a result of high rates
for call money, banks elsewhere have almost
correspondingly increased their loans. The
following table shows the movement of loans,
discounts, and investments during the month
of November and December:
New York City.
All Federal
Reserve Bank
cities.
Leading cities in
all Federal Reserve
districts.
Discount rates approved by Federal Reserve Board up to
Dec. 31, 1919.
Number
Number
Number
of banks. Amount. of banks. Amount. of banks. Amount.
Oct. 31
Nov. 7
14
21
28
Dec. 5
12
19
26
5,789
5,688
5,570
5,487
5,467
5,374
5,394
5,473
5,460
268
268
274
275
276
276
276
276
276
10,420
10,361
10,334
10,233
10,216
10,155
10,177
10,309
10,323
784
783
790
794
795
796
796
796
797
15,611
15,570
15,582
15,463
15,451
15,439
15,459
15,614
15,621
As a result of the continued maintenance of
the volume of bank credit outstanding, interest rates have continued very high and have
shown a marked rising tendency. The commercial rate of interest is now 6 per cent or
higher, while call rates during the month ran
as high as 18 per cent and were only temporarily reduced to moderate levels. These rates
represent conservative tendencies in the loan
policies of banks, but as the reports of the Board
from the various Federal Reserve districts
show, the higher trend in interest rates in the
Federal Reserve
Bank.
Discounted bills maturing within 90 days (including member banks'
Agricul15-day collateral notes) Trade ac- tural and
secured by—
ceptances
live-stock
maturing
paper
within
maturing
Treasury
90 days.* within 91
Otherwise
certificates
secured
to 180 days.
of indebtand unedness,.
secured.1
Boston
New York
Philadelphia...
Cleveand
Richmond
At'anta
Chicago
St. Louis
Minneapolis
Kansas City....
Dallas
San Francisco..
1
Rate on paper secured by War Finance Corporation bonds, 1 per cent
higher.
2
Rate also applies to bankers' acceptances discounted by the New
York
and Cleveland banks.
3
Rate of 4i per cent on paper secured by 4J per cent certificates.
< Rate of 4i per cent on member banks' collateral notes secured by
4J6 per cent certificates.
Rate of 5 per cent for maturities 61 to 90 days.
NOTE.—Acceptances purchased in open market, minimum rate 4 per
cent.
. JANUARY, 1920.
FEDERAL RESERVE BUIiLETIK.
It is thus seen that, with the exception of especially in the case of those banks which
Minneapolis, all the banks have adopted a have been carrying a relatively large "float."
uniform rate for all commercial paper maturing Early in 1918 the Federal Reserve Board
within 90 days, the rate in the Minneapolis
was informed of a disposition
,
- i
i
i
district being 5 per cent for paper maturing Increased rates O n t ,-,
he
on bank balances.
P a r t °f l a r S e b a n k s
within 61 to 90 days, as against 4 | per cent
throughout the country to infor shorter maturities. The differential estabdulge in sharp competition for bank balances
lished during November between rates on
and to offer inducements in the way of increased
paper secured by 4J per cent Treasury cer- rates of interest. At that time the Board was
tificates and paper secured by 4^ per cent consulted by representative bankers and an
certificates has also been eliminated by most adjustment was arrived at. Upon the underof the banks through the adoption of a uniform standing then reached, the Clearing House
4$ per cent rate for paper secured by all classes banks of New York agreed to fix a rate of 2 |
of Treasury certificates. These changes have per cent on bank balances payable on demand,
brought about a great simplification in the with the proviso that the interest rate would
Federal Eeserve System's rate structure.
be automatically advanced or reduced oneThe effect of this advance in discount rates quarter of 1 per cent with each advance or
was decidedly less than was the influence of decline of one-half of 1 per cent in the 90-day
that which had been authorized on November rate at the Federal Reserve Bank of New York.
4, due to the fact that the influence of the This rate is now 4f per cent, and should it be
second increase of December 11 was directly advanced at any time to 5 per cent the rate
in line with the policy which had already been of interest paid by New York banks for outinitiated on November 4. In New York the of-town bank balances would advance autoannouncement of the new rates was followed matically to 2J per cent, and a 5^ per cent
by a day or two of high call interest charges rate at the New York reserve bank would
and of active liquidation, while a similar effect, advance the interest rate on bank balances
although in less pronounced degree, was automatically to 2 | per cent.
observable at other points throughout the
The Board wishes to be free to approve
country.
such discount rates as conditions may make
In this connection reference may be made necessary or desirable, but it is anxious at the
to a letter transmitted by the Board to Federal same time to avoid a disturbance of the
Reserve Banks under date of December 19 whole banking situation such as would most
in which a new method of figuring deposits likely result from an advance in the interest
upon which reserve is to be computed was laid rate allowed on out-of-town balances by the
down. In accordance with an opinion of New York Clearing House banks, or banks
counsel the Board now rules that beginning in other large centers.
with February 12, 1920, the reserve to be car- The Board has decided, therefore, to invite
ried by Federal Reserve Banks against deposits representatives of the clearing houses from
will be computed against immediately avail- all parts of the country to meet together in
able deposits only. Items on the liability side Washington on Tuesday, January 6, 1920,
whose availability is deferred and uncollected for the purpose of discussing this matter in
items on the resource side of the bank state- the hope that some way will be found of
ment of condition will be disregarded in deter- abrogating the existing entangling alliance
mining the deposit liability upon which reserve between Federal Reserve Bank discount rates
is computed. This action will tend to apply and interest rates on deposits without endana more severe standard of computation, gering existing banking relationships.
JANUARY, 1920.
FEDERAL RESERVE BULLETIN.
The month of December has been a period of
unusual uncertainty and disForeign ex- organization in the foreign exchange and for- c h
remarkmarket.
A
eign credits.
_a
°,
..
.
,
, . „ ^
able decline in the chief European quotations occurred between the beginning and the 14th of the month, directly ascribable to the excess of our exports to, over imports from, the countries which were primarily
affected. Generally abnormal conditions now
exist in the exchange market. Current items
are not being settled continuously as before the
war, while many exporters are " carrying" their
foreign customers upon open account. In the
following table are furnished figures designed
to set forth some of the more interesting movements occurring during the month at selected
dates. In each case the low quotation for
the day mentioned has been cited.
England
France
Italy
Spain
Argentina
Hongkong
China (Shanghai).
Japan
Nov. 29.
Dec. 6.
Dec. 13.
3.99f
9.84
12.28
19.60
43.125
100.00
150.00
50.31J
3.84}
10.75
12.77
19.65
43.25
101.75
150.00
50.50
3.65i
11.87
13.60
19.50
43.15
100.50
159.00
50.50
Dec. 20.
3.71*
11.35
13.22
18.70
43.125
99.00
164.00
50.50
Canadian exchange has also been quoted as
low as 11 per cent off, although during the
latter part of the month there was recovery.
These conditions in the exchange market
have been the subject of close scrutiny and
continuous discussion on the part of both
domestic and foreign authorities. Public statements made by various British economists and
publicists have been based upon what was
considered to be the necessity of obtaining
from the United States definite action designed
to alleviate what they thought to be a wholly
abnormal and distressing condition. In several
countries, notably in the Central Empires, the
exceedingly low value of the currency has been
such as to make importation from the United
States very difficult. The abnormal exchange
situation is in part due to the extreme depreciation of many foreign currencies as compared
with gold in their home markets, and is not
entirely assignable to the derangement of
imports and exports between the United
States and other countries.
According to the reports made public by the
Bureau of Foreign and Domestic
Commerce, November foreign trade figures (issued on
Dec. 23), show a continuously increasing balance of trade in favor of the United States.
This balance for the whole of the year 1919,
it is now estimated, will run well up toward
$4,000,000,000. The November figures not
only show no sign of slackening in the movement of goods but even indicate an increase,
though it should be noted that there has also
been a marked increase of importations. The
net excess of exports over imports for the
month is, however, $311,710,086, a figure in
excess of the balance for the preceding month.
While, however, figures for the volume of
United States exports are thus very large, it is
to be recalled that they have attained this
great size largely as a result of the high prices
of commodities and that they do not represent
a corresponding increase in the number of
units of goods exported. Indeed, in some
branches of business there has been a distinct
falling off in the actual volume of goods shipped.
The following condensed table shows the
export trade situation as indicated by the
figures made public on December 23—an 11month showing.
November—
1919
Free of d u t y .
Dutiable
1918
$302,136,620
127,074,457
Total..
$204,274,453
46,733,584
429,211,077
Domestic..
Foreign...
Total
Excess of exports.
729,807,707
11,113,456
513,180,250
9,056,344
740,921,163
522,236,594
311,710,086
271,228,557
11 MONTHS ENDING NOVEMBER—
Free of duty.
Dutiable
Total
1919
1918
$2,428,838,518
1,099,293,791
$2,066,896,344
753,429,849
$361,942,174
345,863,942
3,528,132,309
2,820,326,193
707,806,116
7,084,005,090
158,040,708
5,492,495,386
90,706,047
1,591,509,704
67,334,661
1,658,844,365
Increase.
EXPORTS.
Domestic
Foreign.
Total
7,242,045,798
5,583,201,433
Excess of exports.
3,713,913,489
2,762,875,240
JANUARY,
1920.
FEDERAL, RESERVE BULLETIN.
The problem thus presented by our export
trade situation is one of the utmost importance
in connection with international trade and
with the continuance of active business conditions in the United States.
For several months past it has been the
belief of foreign trade authorities that the
growingly unfavorable rates of exchange would
form an impenetrable obstacle and that as a
result of the lack of systematic foreign credits
a considerable falling off in our shipments
would take place. In considering this prediction and its apparent nonfulfillment, there is,
however, to be borne in mind the fact that the
growing volume of exports to which reference
is made is in terms of money and not in volume
of goods, foreign countries now being obliged
to pay far higher values for raw materials than
they did even a few months ago. On the other
hand, it should be remembered that as yet
time has not been afforded for establishing
the results of the present credit situation in
foreign trade. Whatever the amount of credit
extended through the efforts of banks and
commercial houses to European buyers may
be, it is different in its character and effect as
well as in its volume from the credit extended
through the use of Government funds up to a
period shortly after the conclusion of the armistice at the end of 1918. Some American
export houses have been financing their foreign
customers to a considerable extent either by
carrying them on open account or by leaving
credit balances due themselves on deposit with
foreign banks. Such houses are of course
obliged to resort to their own banks for larger
accommodation than they would otherwise
need, so that the indirect extension of credit
from banking sources in support of foreign
trade may be very considerable, although it
does not result in an immediate and complete
cancellation of indebtedness such as occurred
when the Treasury advanced the proceeds of
public loans for the use of buyers representing
European nations.
In view of the continuance of very high
exports to European countries,
Foreign
financing.
trade ^
acti(m
of
.
Co
,
.
sg a n d
the
...
President in definitely placing
the so-called "Edge Act" upon the statute
books becomes a matter of moment. Action
upon the conference committee's report regarding this measure having been taken by the
Senate on December 15, the President on December 24 signed the measure, thus enacting
it into law. The provisions of the bill have
been fully set forth in general terms in past
issues of the BULLETIN and do not need detailed review at this time. It is, however,
important to note that the measure in the form
in which it has been enacted calls for action by
the Federal Reserve Board in order to carry
its terms fully into effect. The Board has
jurisdiction of the procedure relating to the
organization of corporations under the act and
is also required to regulate the conditions under
which the corporations may operate in numerous
important respects, including the terms and
conditions upon which bills and drafts may be
accepted and those upon which debentures,
bonds, and promissory notes may be issued,
while the Board is given general authority to
determine what powers the concerns may exercise as incidental to the powers conferred by the
act or as usually exercised by similar corporations. Whenever an Edge Act corporation
receives deposits in the United States it is
required to carry reserves in such amount as
the Board may prescribe, but in no event less
than 10 per cent of those deposits. To the
Board also is assigned the duty of passing
upon applications made by any such corporation to purchase and hold stock in other corporations organized under the terms of the
Edge Act, under the terms of any State law,
or under the laws of any foreign country.
Other functions in connection with the eligibility of directors on the boards of the new corporations are intrusted to the Federal Reserve
Board, to which the various corporations are
FEDERAL RESERVE BULLETIN.
required to report and by whose examiners they
are to be examined. These numerous details
in connection with the organization and operation of the proposed corporations will require
the issue of regulations or instructions designed fully to cover the points specified in the
law. Such regulations are already under
advisement and the Board expects to make
them public without delay to the end that
there may be no further postponement of
action under the terms of the law by those who
desire to take advantage of its provisions.
The question how far the proposed organization will be able to furnish effective aid under
existing conditions to European countries is
one upon which no definite opinion can be expressed; but which will depend not only upon
the number and scope of the new concerns,
but also upon the extent to which investors all
over the United States respond to the offer of
debentures to be issued by them.
The fact already referred to that low quotations of foreign currencies are
Currency
in no small degree merely a
changes.
reflection of the fact that these
currencies are depreciated at home is clearly
realized by foreign banking authorities. This
is shown by the action of the British Exchequer, announced on December 18, in fixing
the volume of British secured circulating currency notes at a figure identical with the maximum which has existed during the past year.
This circulation has increased during 1919
about £38,000,000. It will be remembered
that the so-called "Cunliffe Committee/7 which
reported in 1918 and whose report was then
published in the FEDERAL RESERVE BULLETIN,
pointed to a limitation of the volume of Government issues of all kinds as a cardinal principle in the restoration of sound financial conditions in England. The action now taken
would seem to be an acceptance of this view
then expressed. If adhered to, the policy
would mean a distinct limit to further currency inflation in Great Britain, as any further
demands for circulation would have to be met
from bank reserves as they were when England
was on a gold basis. In this connection it is
JANUARY,
1920.
interesting to note an increase in the volume
of Bank of France notes of 1,433,671,000 francs,
while the increase of Federal Reserve notes
during the past year amounts to nearly
$372,000,000. In all such cases the real question to be determined is whether the increase
of notes issued represents a corresponding
growth of business transactions which carry
with them their own power of "liquidation/'
or whether they are in effect a conversion of
Government bonds or other obligations into
terms of money. The action taken by Great
Britain parallels the policy adopted by Congress after the close of the Civil War in fixing
the volume of greenbacks at a specified maximum which could not be exceeded. Contraction of currency or of credit in general may be
effected through change in the backing or protection which supports the issues or in lieu of
such far-reaching action, a first step may be
taken through the policy of maximum limitation which the British Government is now reported to have adopted. In the United States
the question to be considered in connection
with the currency would naturally be how far
the growth in its volume corresponds to a
growth in the volume of current production
and business. Indices of the physical volume
of trade, which have been collected by the
Board during the past year, point to a shrinkage
in production. As has often been stated in
the BULLETIN, these indices are as yet incomplete. The conclusion to be drawn from them
as they stand is, however, supported by the
comparison of ton-mile freight movements on
American railroads. Such a comparison tends
to show an even heavier falling off, although
here it should be remembered that during the
war the high movement of war freight to
export points produced an artificial level of
comparison. The indications at all events are
clearly to the effect that there has been some
decrease rather than an increase in the
country's general output.
While the question of private action in the
financing of European needs
Aid for Europe. ,
,-,
• ,
.•
n
has thus been practically referred to the bankers and investors of the
JANUARY, 1920.
FEDERAL RESERVE BULLETIN.
country, the question of governmental inter- December 18, Mr. Glass said that "in order to
vention is still under discussion in the press. meet the urgent necessity of keeping the destiThe Secretary of the Treasury in his annual tute populations of Europe alive^through this
report to Congress, transmitted at the opening winter, there must be taken at once measures
of the session, calls attention to the situation for their relief. The resources and efficiency of
and expresses the opinion that—the private charities of this country are not
" inequalities of exchange reflect not only the adequate to the necessities which can not in
trade and financial balance between two coun- the nature of the case be financed through orditries, but, particularly after a great war such nary private channels." Congress had already
as that we have been through, the inequalities been advised that it was the desire of the
of domestic finance. The United States has
met a greater proportion of the cost of the war department to fund the maturing interest oblifrom taxes and bond issues than any other gations of allied Governments to which we
country. Largely as a consequence of this had made loans during the war, in so far as
policy, the buying power of the dollar at home such Governments might deem action of the kind
has been better sustained than has the buying necessary and in so far as it might be deemed wise
power at home of the currency of any European
belligerent. For the United States to deter- by Treasury authorities to make this concession
mine by governmental action to depress the to them. The Treasury is considering with
dollar as measured in terms of foreign exchange representatives of the Governments of the
and to improve the position of other currencies Allies the funding of the demand obligations
as measured in terms of dollars would be to which the United States holds into long-time
shift to the American people the tax and loan
burdens of foreign countries. This shifted obligations, and at the same time the funding
burden would be measured by the taxes to during the reconstruction period, or, say, for a
be imposed and the further loans to be ab- period of two or three years, of the interest on
sorbed by our people as a consequence and by the obligations of foreign Governments acquired
increased domestic prices. United States Gov- by the United States under the Liberty loan
ernment action at this time to prevent in respect to foreign exchange the ordinary opera- acts. The relief thus furnished by the action
tion of the law of supply and demand, which of the department should in an important
automatically sets in action corrective causes, degree alleviate the necessities of the European
and to prevent the dollar from going to a financial situation by relieving European Govpremium when its natural tendency is to do so, ernments of the necessity of providing a volume
would artificially stimulate our exports, and
through the competition of export demand of exchange which may be roughly estimated as
with domestic demand, maintain or increase $500,000,000 per annum in order to meet their
domestic prices."
current indebtedness to the United States.
One of the important phenomena of the
Although thus expressing in unmistakable
past month has been the rapid
language the general view of our financial
Silver situation.
advance in the price of silver,
relations to Europe which has been the conboth
in
the
London
and New York markets.
sistent policy of the Treasury ever since the
This
advance
has
carried
the value of the metal
conclusion of the armistice and which is
as
high
as
$1.3575
in
the
United States. In
generally accepted as the sound one, the
the
following
table
the
course
of silver prices
Secretary of the Treasury is disposed for humanitarian reasons to modify his attitude in during the past few years is briefly sketched,
so far as relates to the relief of immediate with more detailed figures covering the years
suffering. In a letter to Congress dated 1918 and 1919.
8
FEDERAL RESERVE BULLETIN.
JANUARY, 1920.
December 10, 1919, showing a net excess of
exports of about $145,000,000. In view of the
conditions thus indicated by the movement of
silver bullion out of the country to the Orient,
announcement was made on December 6 that
[Data furnished by the Director of the Mint.]
under arrangements made between the Treasury and the Federal Reserve Board standard
Average
Value of
annual
pure silver silver dollars that are free in the Treasury will
Year.
price
a silver
of ounce in dollar.
until further notice be delivered against other
of silver
forms of money to the Division of Foreign
$0.41825 Exchange of the Federal Reserve Board, which
$0.54077
1910
. . . .
1911
.41709
.53928
.47543 will through the Federal Reserve Bank of New
.61470
1912
. . .
1913
.46760
.60458
.55312
.42780 York, cooperating with the branches of Ameri1914
1915
.40135
.51892
.53094 can banks in the Orient, employ such dollars
.68647
1916
.69242
.89525
1917
.76142 in regulating our exchanges with silver stand1918
.98446
1.12085
.86691
1919
ard countries. I t was noted that the arrangement
referred to can not of course affect the
Average monthly .New York prices oj* fine bar silver per
ounce.
redemption of outstanding silver certificates in
standard silver dollars.
Average
Average
Further changes in the price level have ocNew York
New York
price of
price of
Year and month.
Year and month.
curred during the month of
fine bar
fine bar
silver per
silver per
8
December.
The index number
ounce.
ounce.
priceievel *"
of the Bureau of Labor for the
IS 19.
1918.
$1.01558 month of November showed an upward move$0.93927 January..
January
1.01500 ment of 7 points, while Sauerbeck's index num.89514 February
February
1.01475
.92728 March...
March
1.01500 ber for Great Britain shows a parallel movement
.98394 April
April..
May
1.08020
1.00003 May
1.11402 of 8 points as compared with 1913 as a base,
1.00010 June
June
- ...
1.07332
1.00000 July
July
1.00692 August...
1.12386 or 7 points compared with its original base.
August •
1.01492 September
September
1.15636
1.20692 These changes continue to be of large impor1.01500 October..
October
1.01500 November
1.30446
November
1.01587 December
1.33072 tance, as has been noted by the BULLETIN in
December
Average for year
Average for year...
.98446
1.12085 the past, in their bearing upon both economic
and social conditions through their influence
The situation has been such as to tend to on wages and other forms of income. They
stimulate the movement of our exports to are also exercising an influence upon investoriental countries in precisely the same way ment conditions. As prices advance and
that the unfavorable conditions of exchange in money loses in its purchasing power, the marrelation to Europe have tended to hamper the ket tendency is to increase the rate of interest
sale of our goods in those countries in which to be required for the use of capital. There has
the dollar was at a premium. The brief table been some indication of changes in this regard
already furnished at an earlier point in this as evidenced in the lowered value of investment
issue shows how the dollar in trade with ori- securities. Careful analysis of the situation,
ental nations has tended to fall below par, just however, shows that the change in the cost of
as exchanges upon the European belligerents capital which has occurred during the past few
have shown the dollar at a quotation very far months has been far less than that which has
above par. At the same time there has been taken place in the value of goods. A survey of
heavy exportation of silver from the United the situation recently made for the Federal
States to oriental countries, the aggregate ship- Reserve Board would indicate the following
ments of the metal between January 1 and results:
Annual average price of a fine ounce of silver, 1910-1919,
based upon London quotations at par rate of exchange
for ike years 1910 to 1917, inclusive, and on New York
quotations thereafter; also bullion value of Sll\ grains of
pure silver (contents of silver dollar) at the average annual
prices quoted.
JANUARY, 1920.
FEDERAL RESERVE BULLETIN.
Mexico. Of the gold exports, amounting to
$57,797,769, $21,050,000 were consigned to Argentina, $19,035,474 to Japan, $4,494,415 to
Per cent. Per cent. Per cent.
4.62
4.62 Hongkong, $3,953,780 to British India, $1,986,Municipals
4.28
5.96
5.24
4.92
Railroad bonds
6.63
5.84 453 to China, and $1,200,000 to Spain, the re6.71
Industrial bonds
6.51
5.73
6.21
Industrial notes
7.25
6.81 mainder going principally to Mexico, Straits
6.88
Industrial preferreds
Settlements, Panama, Canada, and Dutch
These net yields after taxes were obtained East Indies. Since the removal of the gold
by deducting 12 per cent from the bond and embargo on June 7 total gold exports have
note yields, except municipals (which are not amounted to approximately $331,673,000. Of
subject to Federal tax), and 6 per cent from the this total about $92,635,000 were shipped to
Japan, $54,050,000 to Argentina, $34,686,000
yield of preferred stocks.
It is worthy of note that upon the basis of to China, $36,094,000 to Hongkong, $31,954,these estimates the gross price of capital ob- 000 to British India, and $29,200,000 to Spain,
tained through the issue of industrial bonds and the remainder largely to Uruguay, Venehas gone up 0.92 per cent; and of this, the war zuela, Dutch East Indies, Mexico, and Canada.
taxes account for 0.79 per cent, while the rise The net outward movement of gold since the
in the price of capital, meaning net to the in- removal of the embargo was approximately
vestor, accounts for only 0.13 per cent. So $308,946,000.
During the same monthly period the net outgreat has been the effect of the enlarged earning power of the industrial companies upon the ward movement of silver was $29,168,000, as
credit of the companies that industrial notes compared with a net outward movement of
and preferred stocks apparently yielded at the $1,688,000 for the month ending November 10.
time of this estimate actually less in the net Net exports of silver since August 1, 1914, were
$424, 603,000, as may be seen from the followthan they did in 1913.
ing
exhibit:
During the month ending December 10 the
net outward movement of gold
[In thousands of dollars, i. e., 000 omitted,]
Security.
JOHSL'*'*™s
Yield
1913.
Yield
now.
After
taxes.
$54,688,000, as compared
with a net outward movement
of $44,950,000 for the month ending November
10. Net imports of gold since August 1, 1914,
were $792,073,000, as may be seen from the
following exhibit:
[In thousands of dollars, i. e., 000 omitted.]
Imports.
Exports.
Excess of
imports
over
exports.
Aug. 1 to Dec. 31,1914
Jan. 1 to Dec. 31,1915
Jan. 1 to Dec. 31,1916
Jan. 1 to Dec. 31,1917
Jan. 1 to Dec. 31,1918
Jan. 1 to Dec. 10,1919
Total
Imports.
Exports.
Excess of
exports
over
imports.
12,129
34,484
32,263
53,340
71,376
82,271
22,182
63,599
70,595
84,131
252,846
227,113
10,05S
19,115
38,332
30,791
181,470
144,842
285,863
710,466
424,603
Almost three-fourths of the silver imports
for the most recent monthly period, amounting
to $7,649,000, were received from Mexico;
Salvador, Canada, Chile, and Peru furnishOf the silver ex792,073 ing most of the remainder.
1,843,345 1,051,273
Total
ports, amounting to $36,817,000 (as against
1
Excess of exports over imports.
$9,577,000 the month before), $27,271,000 were
Gold imports for the monthly period, amount- consigned to China, $3,554,000 to Hongkong,
ing to $4,554,198, were received principally $3,221,563 to Canada, and the remainder prinfrom Canada, New Zealand, Belgium, and cipally to the Netherlands and Mexico.
Aug. 1 to Dec. 31,1914
Jan. 1 to Dec. 31,1916
Jan. 1 to Dec. 31,1916
Jan. 1 to Dec. 31,1917
Jan. 1 to Dec. 31,1918
Jan. 1 to Dec. 10,1919
23,253
451,955
685,745
553,713
61,950
66,729
104,972
31,426
155,793
372,171
40,848
346,063
181,719
420,529
529,952
181,542
21,102
1279,333
10
FEDERAL RESERVE BULLETIN.
During the^four weeks between November
21 and December 19 member
banking b a n k s i n t h e l e a d i n
situation.
g c i t i e s report net liquidation of 8 millions of United States bonds and of 33.6 millions of Victory notes, as against an increase
of 23.3 millions Treasury certificates, following
the latest issue of tax certificates on December
15. % War paper holdings, exclusive of amounts
rediscounted, show a decline of 37.6 millions,
due largely to redemption by the Government
at or before maturity of Treasury certificates.
The net decrease for the 4 weeks in the aggregate holdings of United States war securities
and war paper, 56 millions, is, however, more
than fully offset by increases of 49.6 millions
in the total of loans secured by stocks and
bonds and of 157.6 millions in other loans and
investments. On the other hand, these banks
reduced their bills payable with the Federal
Reserve Banks by 208.4 millions, so that, on
the whole, their net loans and investments
show but little change for the period under review. Payment of income and excess-profits
taxes due on December 15 resulted in a considerable reduction of their net demand deposits, the amount carried by reporting banks
on December 19 being 148 millions less than
four weeks before. For the same period the
banks report an increase of 416.2 millions in
their Government deposits.
Data for the Federal Reserve Banks, available for the 5-week period ending December 26,
indicate a gradual reduction in the holdings of
war paper to 1,414.9 millions on December 19
(a decrease of 258.9 millions since November
21) and a gain of 95.4 millions for the following
week. Other discounts show a continuous
growth, the December 26 total being 233.8
millions in excess of the corresponding November 21 figure. Fifteen-day paper, which constituted about 83 per cent of the total discounts
held by the Federal Reserve Banks on October
31, the Friday preceding the adoption of the
new rate schedule, which did away with
the differential between 15-day and 90-day
war paper in nearly all districts, constituted 68
per cent of the total discounts held on the last
Friday in 1919. Acceptances on hand in-
JANUARY,
1920.
creased from 480 to 585.2 millions, a new
high record, while total earning assets likewise
reached a record total of 3,080.5 millions, an
increase since November 21 of 163.6 millions.
Net deposits reached the low level of 1,610.9
millions on December 19, following the heavy
tax payments due on December 15, and on the
following Friday stood at 1,704.5 millions, a
decrease of 142.3 millions since November 21.
Loss of 40.9 millions in gold reserves and 51.4
millions in total cash reserves were Caused apparently to a large extent by export withdrawals of gold and silver. Federal Reserve
note circulation shows an increase for the five
weeks of 240.4 millions, or at an average
weekly rate of about 48 millions, the increase
being especially marked during the last two
weeks of the year. As a result the reserve
ratio of the banks shows a decline from 46.9 to
44.8 per cent.
Under date of December 27, 1915, the
Resignation of Federal Reserve Board pubdirectors,
lished the following resolution:
Whereas, it is the opinion of the Federal Reserve Board
that persons holding political or public office in the
service of the United States, or of any State, Territory,
county, district, political subdivision, or municipality
thereof, or acting as members of political party committees, can not consistently with the spirit and underlying principles of the Federal Reserve Act, serve as
directors or officers of Federal Reserve Banks.
Resolved, That the Federal Reserve Board hereby expresses to the member banks its opinion that no such persons should henceforward be elected or act as directors or
officers of Federal Reserve Banks; and prescribes as a
condition of eligibility that candidates for election shall
comply with the terms of this resolution.
Resolved further, That copies of this resolution be sent to
every member bank and Federal Reserve Bank and to all
directors of Federal Reserve Banks.
In accordance with the spirit and purpose
of this resolution, two resignations from
Federal Reserve Banks have occurred. Col.
William B. Thompson has resigned as class B
director of the Federal Reserve Bank of New
York to become chairman of the Republican
National Ways and Means Committee, and
Mr. William C. Procter has resigned from the
board of the Cincinnati branch of the Federal
Reserve Bank of Cleveland.
JANUARY, 1920.
FEDERAL RESERVE BULLETIN.
Federal Reserve Banking in 1919.
During the calendar year 1919 activities of
the Federal Reserve Banks continued in undiminished scope and volume. Cessation of
actual hostilities did not end the war work
of the banks, and loan operations for the Government in close harmony with the Treasury,
involving the flotation of the last popular war
loan and the placing of the several issues of
loan and tax certificates, continued to be one
of the leading if not the leading function of the
Federal Reserve Banks. This task involved
collection, concentration, and disbursement
on Government account of 15,669 million
dollars, of which 4,491.5 millions represents the
total of the Victory loan allotted; 6,754.4
millions the combined amounts of eight series
of certificates issued during the year in anticipation of the Victory loan and of four series
of the so-called loan certificates; and 4,423
millions the total of eleven series of certificates
issued in anticipation of income and excess
profits taxes due in 1919 and 1920.
The success of these issues was due in part
to the accommodation accorded to member
banks through the discount at preferential
rates of so-called war paper—i. e., member
banks7 own notes and customers7 paper secured
by United States war bonds and certificates.
Reported holdings of war paper, which totaled
slightly over 1,400 millions at the close of 1918
and reached a maximum of 1,863.5 on May 16,
about jbhe time of the consummation of the
Victory loan, when war paper constituted 91.4
per cent of the total discounts held by the
Federal Reserve Banks, gradually declined to
1,383.9 millions, or 84.1 per cent of the total
discounts held by these banks on September 19. Between that date and the middle of
November these totals followed an upward
course. Since then, as the result of rate revision, the amount of war paper has gone down
to 1,510.4 millions, or 68.8 per cent of the total
discounts held on December 26. Of this total,
732.4 millions, or 48.5 per cent, were secured
by Liberty bonds, 337.7 millions, or 22.3 per
cent, by Victory notes, and 440.3 millions, or
11
29.2 per cent, by Treasury certificates. Other
discounts, which aggregated 302.5 millions at
the close of 1918, continued at a comparatively
low level during the greater part of the year.
It was only at about the close of September
that the discounts of ordinary commercial
paper began to show material increases. On
December 26 holdings of this class of paper
aggregated 684.5 millions, and constituted
31.2 per cent of the Federal Reserve Banks'
total holdings of discounted bills, as against
less than 18 per cent the year before.
Acceptances on hand, which totaled 303.7
millions on December 27, 1918, moved within
moderate limits during the first part of the
present year. About the end of June the total
for the first time in the year was in excess of
300 millions. During the last two months of
the year, however, the accumulation of acceptances in the portfolios of the Federal Reserve
Banks proceeded at a rapid pace, the total held
on the last Friday of the present year, 585.2
millions, being over 21 per cent of the total
bills held by the Federal Reserve Banks, compared with 15 per cent the year before.
During the year the banks7 holdings of United
States bonds show a reduction from 28.9 to
26.8 millions, the present holdings comprising
largely circulation bonds and 3 per cent conversion bonds and, only to a very small extent,
Liberty bonds. An increase since January 3
of 148.4 millions in Treasury certificate holdings represents largely additional investments
of the banks in one-year 2 per cent certificates
to secure Federal Reserve bank-note circulation. Total earning assets increased during
the year from 2,318.2 to 3,080.5 millions, or
nearly 33 per cent.
During the earlier part of the year, while the
gold embargo was still in force, and between
August and November, the banks' gold reserves were increased through net imports of
gold and through the acquisition of German
gold and its transfer to London. These gains
were practically offset, however, by the amount
of gold withdrawn for foreign shipments,
largely to Spain, Argentina, and the Far East,
12
FEDEBAL BESEBVE BULLETIN.
with the result that gold reserves at the close
of the present year, 2,078.4 millions, are 11.9
millions less than a year ago. Total cash
reserves show a similar decline from 2,146.2
to 2,135.5 millions.
As against moderate changes in the banks'
reserve holdings, their net deposits, because
of the increase in membership and in consequence of the general credit expansion, show
an increase during the year from 1,552.9 to
1,704.5 millions. Federal Reserve note circulation on the last Friday in 1918 totaled
2.685.2 millions. During the early part of
the present year there was considerable contraction of the note circulation, followed by
moderate expansion up to the close of September, when the notes in circulation totaled
2.655.3 millions. Since then the volume of
circulating notes has increased by over 400
millions, or at an average weekly rate of over 30
millions. In addition there has been an increase during the year of 143.9 millions of Federal Reserve bank notes in circulation, issued
largely to take the place of silver dollars
melted and silver certificates withdrawn from
circulation under the Pittman Act.
The reserve position of the banks until the
close of September shows but little change, the
JANUARY,
1920.
ratio of cash reserves to aggregate deposit and
note liabilities during the entire period, except
on July 11, continuing above 50 per cent.
Substantial growth of deposit liabilities during
October and November and the large note
issues during the last two months, coupled with
a simultaneous loss of about 70 millions in
reserves, account for the considerable decline in
the reserve ratio during the latter part of
the year. On the last Friday of 1919 the
reserve ratio stood at 44.8 per cent, compared
with 50.6 per cent on the corresponding date
in 1918.
Some indication of the growth of the system
is afforded by the comparative figures of paidin capital, which show an increase during the
year from 80.7 to about 87.3 millions, or 6.6
millions, corresponding to an increase in the
aggregate capital and surplus of member banks
of 221.9 millions, as the result of accession of
new members and increase in the capitalization
of existing member banks. The largest relative
gains in paid-in capital are shown for the San
Francisco, Chicago, and Kansas City banks,
while the largest increases in the number of
banks admitted to membership during the year
are reported for the San Francisco, Chicago,
and Cleveland districts.
JANUARY, 1920.
FEDERAL, RESERVE BULLETIN.
13
BUSINESS AND FINANCIAL CONDITIONS DURING DECEMBER, 1919.
Great activity in retail trade, strong demand
for goods and consequently large volume of
buying orders at manufacturing plants, high
and rising prices throughout the country, and
full employment of labor at unprecedented
wages, except in those cases where employment
has been rendered unsteady or insecure as the
result of strikes or labor disturbances, are the
principal factors reported by Federal Reserve
agents from their several districts. General
anxiety concerning the continued advance in
prices is exhibited, while unfavorable foreignexchange rates are regarded as likely to bring
about a reduction in exports which m^y
necessitate some readjustment of domestic
industry. Labor disturbances during the month
of December have on the whole been less
severe than in November, both the steel and
coal strikes reaching a practical conclusion
followed by resumption of work.
In practically all districts primary emphasis
is placed on the general distribution of purchasing power and the freedom with which
recipients of wages and salaries are expending
their means in the purchase of goods. District
No. 1 reports that "the year closes with New
England industries stimulated by post-war conditions to a degree of peace-time activity
unparalleled in the economic history of this
section." In district No. 2 high prices and
active trade exist, and both manufacturers and
distributors of dry goods, textiles, hardware,
footwear, and similar merchandise "are sold up
ahead as far as they will take orders." Credits
have been shortened and production is far
short of demand, but cautious manufacturers
are disinclined to commit themselves far in
advance. Banking expansion has been somewhat stayed. In district No. 3 it is stated that
"the enormous demand for commodities of all
kinds has been far from satisfied. Unsatisfied
demand is reflected in higher prices.'7 District
No. 4 takes the view that "with no thought
of price, with little provision for the future,
our people almost without exception are de-
manding goods, especially luxuries * * *.
The signing of the armistice was apparently
the signal for an outburst of the buying fever
which has not yet reached its height.'7 In
District No. 5 high prices for crops have furnished a stimulant to trade from which no
considerable reaction is yet apparent. Demand
at manufacturing establishments is unabated.
District No. 6 speaks of "remarkable commercial activity and expansion" and asserts
that "the volume of holiday trade generally
during the month appears to be greater than
has ever been experienced." The Federal
Reserve agent at Atlanta, however, remarks
that in some cases business is about stable in
the volume of goods, although "in money there
has been quite an increase in the business
done." From district No. 7 it is reported that
"business is good," the demand for bank
accommodation has continued heavy and
business has rapidly "picked up the slack
caused by the coal shortage and fuel conservation restrictions/' In district No. 8 collections
are good and business is large, labor difficulties
are less than heretofore, but "high prices are
exerting a restraining influence on buying,"
although even where the volume of merchandise
is smaller, the value of the transactions is
larger than last year. In district No. 9 "manufacturing enterprises are very active," demand
is strong, there is a shortage of skilled labor
in industrial centers, "but retail reports from
outlying districts show some slowing up in
merchandise sales and a tendency on the part
of buyers to hesitate because of high prices."
In district No. 10 there is "an extraordinary
volume of trade running through the fall
months and reaching its highest peak about
Thanksgiving. Merchants' stocks are low and
the holiday season has been attended by great
buying activity and considerable extravagance."
In district No. 11 "every line of trade and
finance now reflects the year's peak position in
trade balances and for the first time in many
months the district finds itself not only with
14
FEDERAL RESERVE BULLETIN.
ample funds for its own use but with a healthysurplus which it can lend." In district No. 12>
except for seasonal unemployment, " labor is
fully employed/7 no strikes of consequence are
in progress, domestic commerce continues
active, and real estate sales are very large.
From sundry of the districts it is noted that
the growth of business is far more noticeable
in terms of dollars than in units of production,
while, as just indicated, there are some in which
very high prices are already beginning to produce a curtailment of buying power. This
appears to be more largely true in the country
and outlying districts than in the cities. The
banking situation is spoken of as reflecting the
high prices of goods in the form of larger demand for accommodation. Increase in the
cost of living is referred to as an unquestionable menace and in some districts it is reported
that retailers themselves recognize this fact.
The "work and save" program is reported by
some to be considered hackneyed or obsolete.
High wages are resulting chiefly in a reduction
of labor time. According to one report "much
of our skilled labor works only sufficient days
during the month to keep going. The effect of
excessive wages has been that of destroying
regular standards of living and the recognized
basis of prices."
In districts whose products are predominantly agricultural the usual midwinter intermission of activity has set in. In the graingrowing regions early snowfall and severe cold
weather has done harm, particularly to the livestock prospects. On the Pacific coast unfavorable climatic conditions during the early
planting season retarded the sowing of wheat
so that in Washington the acreage of winter
wheat will be only 60 to 70 per cent and that of
Oregon 90 to 93 per cent of normal. However,
in the dry-farming sections of Utah and southern Idaho there has been much larger sowing
of fall grain than in 1918. In district No. 10
acreage of winter wheat is considerably less
than last year. In the cotton States the
crop has been relatively small and the yield
per acre low, but prices have been at a record
level. Wheat sowings in Tennessee are about
60 per cent of last year's and in other Southern
JANUARY,
1920.
States early rains have prevented plowing for
wheat from obtaining its full scope. In district No. 4 and especially in Ohio, winter wheat
seeding is reported very late, while the very
late seeding naturally went into the winter
with practically no growth and a doubtful ultimate result. Fodder is reported to have been
severely damaged. District No. 5 reports that
the season now drawing to a close has been a
fair one for the harvesting of crops. Cotton
has been more closely picked than last year,
and the demand for tools, horses, mules, and
fertilizers indicates extensive preparation for
next year's crops. Some cotton is still being
held, but the crop generally appears to have
been rapidly picked, ginned, and sold.
Receipts of cattle at 15 primary markets during November were 2,046,664 head, corresponding to an index number of 203, as compared
with 2,317,487 head during October and
2,053,359 head during November, 1918, the
respective index numbers being 230 and 204.
The receipts of sheep are slightly in excess of
those during November, 1918, being 1,743,189,
as compared with 1,677,537 last year, and
2,405,511 during October, 1919, the respective
index numbers being 128, 123, and 176. Receipts of hogs, however, are considerably less
than at the same time last year, showing a
decline from 3,431,782- head, corresponding to
an index number of 156 during November,
1918, to 2,715,955 head, corresponding to an
index number of 124 during November of this
year, as compared with 2,160,079, corresponding to an index number of 98 during October.
From Kansas City it is reported that November
receipts of cattle and sheep at the six markets
of that district were 15 and 36 per cent, respectively, below the October record, while receipts of hogs were 13 per cent larger than in
October. Reports at the middle of December
indicated more liberal supplies of cattle and
sheep, but largely reduced supplies of hogs as
compared with the marketings for the same
period last year. Hogs marketed in November
showed an increased weight as compared with
November, 1918, while December has brought
still further reduction in the prices of hogs.
It is reported from Chicago that although the
JANUARY,
1920.
FEDERAL, RESERVE BULLETIN.
average price of live hogs in November was
only $14.20, as compared with $17.70 a year
previous, the average price for December is
considerably lower. Cattle prices have also
declined since the October report. The sale
of the War Department's entire surplus of
frozen beef is not expected to affect the market
very materially.
Grain shipments are reported unusually slow,
partly owing to coal shortage and consequent
reduction of warehouse accommodations. For
the period from December 1 to December 18 it
was reported from the Minneapolis district
that a severe shortage of cars has existed and
that there has been the utmost difficulty in securing cars for the shipment of stock and farm
products. Country elevators are full of grain
and all movements of loaded cars are slow. On
the Pacific coast farmers are holding spring
seed wheat in anticipation of having to reseed.
Winter feeding of live stock on the Pacific coast
has begun much earlier than was expected, but
in spite of this there was a heavy demand for
cattle for feeding and the stockyards report the
quality offered superior to that of a year ago.
A large amount of paper is said to be offered
by cattle loan companies in consequence of
the heavy movement of cattle from the drought
sections of Montana, Wyoming, and Kansas
toward the Southwest for grazing grounds.
Coal production has felt the effect of the
strike and has accordingly been low in the
bituminous field. The production during November was 20,303,000 tons, corresponding to
an index number of 55, as compared with
54,579,000 tons, corresponding to an index
number of 147 during October and 43,895,000
tons, corresponding to an index number of 118
during November, 1918. The production of
anthracite coal, however, has been well maintained, shipments during November being
5,971,671 tons, as compared with 6,560,150
tons during October and 5,276,659 tons during
November, 1918, the respective index numbers
being 106, 117, and 94. Tn the central Pennsylvania fields the bituminous strike seriously
curtailed output. Mines served by the Pennsylvania Railroad produced at 46 per cent of
capacity, those served by the New York Cen-
15
tral at 8 per cent, and those served by the
Buffalo, Rochester & Pittsburgh at 21 per cent
of capacity. The Federal Reserve agent at
Philadelphia predicts that the total production
of bituminous coal for 1919 may be 150,000,000
tons less than in 1918. Anthracite coal production has been fairly satisfactory, although
not quite up to the level of last year. In the
fourth Federal Reserve district resumption of
work by the miners has relieved what might
have been a serious situation, but the supply
of cars still seems inadequate to move coal
freely to the points where it is needed. The
production of coke in the fourth district has
also been curtailed by reason of the miners'
strike. One phase of the coal strike which
has received much attention has been its possible effect upon other industries. On this subject the Federal Reserve agent at Philadelphia
remarks that "the effect on the industries of
this district has not been very marked, although
some mills and factories have been compelled
to close down." In Cleveland it is stated that
the restriction on fuel supplies necessitated a
sharp cut in the production of steel, although
a critical stage had only barely been reached
when the coal strike was terminated.
Petroleum conditions, as reported from
the Kansas City district, indicate the completion of 963 wells, a decline of 76 wells as compared with the October record. The total
daily new production from the November completions was 69,131 barrels. Great activity in
the effort to speed up production has occurred.
An advance of 25 cents a barrel on crude oil
has given a new impetus.
The iron and steel industry has been obliged
to face sever operating problems and trade
and market conditions have accordingly been
subordinated for the time being. Toward the
end of the coal strike fuel curtailments had
been ordered which would have necessitated a
very material reduction in steel output. In
fact, during the early days of December many
blast furnaces were obliged to bank and a number of steel works were also closed. Loss of
output has accordingly been suffered by the
industry during December, the situation being
cumulative as a result of the coal strike and
16
FEDERAL RESERVE BUULETIN.
the steel disturbance. It is estimated that the
loss of production during the past three months
as compared with the rate of activity prevailing
October 1, has been from 2,000,000 to 2,500,000
tons in iron and steel. In the Atlanta district, however, although the industry was
handicapped by the coal strike, there has been
a very heavy demand for pig iron, and steel
mills, while suffering from the coal strike, have
been actively employed. They now have
enough unfilled orders on hand to keep them
operating at full capacity for many months to
come. In Philadelphia pig iron is in strongest
demand since the signing of the armistice, and
steel products of all kinds are in heavy demand.
Production during November was 2,392,350
tons as compared with 1,863,558 tons during
October, the respective index numbers being
103 and 80. The unfilled orders of the United
States Steel Corporation at the close of November were the highest for any month during the
present year, being 7,128,330 tons, corresponding to an index number of 135, as compared
with 6,472,668 tons at the close of October,
corresponding to an index number of 123. The
high costs of production now prevailing are
proving a serious problem to steel producers,
and one large manufacturer in the Philadelphia
district has closed his order books until definite
costs can be ascertained. Raw materials are
advancing, while fuel and transportation
charges show possibilities of following in the
same direction. Meanwhile, the demand for
steel is strong in all lines, various railroads
placing tonnages for 1920 delivery. Such
orders placed or under negotiations in district No. 4 run from 800,000 to 1,000,000 tons.
In the copper market producers are reported to confine their sales largely to consumers. Heavy snows in Colorado during
the latter part of November resulted in cessation of operations of the smaller operators
who work their properties only in the summer.
The marked increase in the price of silver has
caused many small operations to start, and
increased production is anticipated in the
course of a few months. Advancing prices
of lead and a feeling of certainty that zinc ore
prices will also advance is likewise expected
JANUARY,
1920.
to result in increased activity in the Joplin
lead and zinc districts, although operations
have been curtailed due to the coal shortage
and weather conditions.
In general, manufacturing activity is very
great. Shoe manufacturers in the Philadelphia
district are now operating with sufficient orders
ahead to last until spring, but it is noted that
high prices have to some extent tended to check
purchasing. In St. Louis the manufacturing of
boots and shoes is steady and larger orders are
in hand for future delivery than ever before.
Leather is reported to continue to decline in
value, being particularly marked in lower
grades. Tanners are reported to be cautious in
the replenishment of stocks of hides which have
likewise shown a decrease in price. In shoe
manufacturing and leather, New England tanners are inclined to be cautious. Materials for
women's fine shoes are still rising in price. No
early reduction in the cost of footwear is foreseen, but the public is beginning to show a more
conservative attitude as to purchasing. Clothing manufacturers report very large orders,
future demand exceeding normal, while November business was about on a par with the corresponding month a year ago. Manufacturers of
woolens in district No. 3 have not kept up with
demand and values are extremely high. At
the New England wool sales during the past
month the demand for fine grades continued
and far western wools are being purchased in
advance of harvesting. Manufacturers are sold
out for months ahead at high prices, chiefly for
an output of fine fabrics, but there are hopeful
indications for an increasing demand for wools
of a lower grade. In silk goods demand is unprecedented and prices are the highest ever received. Raw materials can be obtained in fair
volume and with reasonable ease, but only at
very high prices.
In New England manufacturers of fine cotton
fabrics have not yet developed a policy with
respect to taking on business, but many have
sold practically their entire anticipated output
for the first quarter of 1920, and others have
engaged their product as far as August and
September. The demand for goods continues
high and strong. In cottons the high price of
JANUARY, 1920.
FEDERAL RESERVE BULLETIN.
the raw material has had a bad effect while unsatisfactory shipping conditions have added to
the difficulties of producers. There has been an
active call for all kinds of cotton goods both for
domestic and export trade, while prices have
been steadily on the increase. There are practically no stocks on hand at the mills. Manufacturers are concerned over the future and
merchants are urged not to carry more goods
than are absolutely necessary. The attitude of
the consumer toward higher prices on spring
goods is considered likely to be an important
factor. The wholesale and jobbing trade is
considerably confused, some dealers reporting
very large increases running as high as 200 per
cent, as compared with last year, while others
report decreases up to 33 per cent. It would
seem that some retailers in anticipation of
higher prices have been buying ahead.
The housing situation is reaching a critical
stage which may result in largely stimulating
building operations. In the Middle West, particularly in industrial centers, the shortage is
said to be acute. Rents have advanced very
greatly in view of the standstill of building operations and the increase of city populations
which have called for much more extensive accommodation. In Chicago thus far building
permits have been granted amounting to about
$90,000,000, but it is estimated that from 4 to
10 years will be required to overcome the deficiency in housing accommodation. In Detroit rentals have increased about 85 per cent
since the beginning of the war and the shortage
of houses is the more serious than a year ago.
In South Bend, Ind., the shortage is exceptionally acute and the same is true at many
important industrial points throughout the Middle West and in the Northwest. The same situation exists in many other parts of the country;
in fact, so widely as to be all but universal,
although in varying degrees. As a result of it
an increase in building has already set in and
in St. Louis the permits granted during the past
month have been much larger than those of the
preceding month or the corresponding month
last year. The same is true of the fourth Federal Reserve district, while on the Pacific coast
building construction is very active. In New
17
York building contracts fell off $2,585,000 in
November as compared with the preceding
month. This was a decrease of about 5 per
cent. Contract awards, however, normally
show much larger decline at this season. The
total volume of building in New York is very
much above normal in cost and somewhat above
normal in floor space. Residential building
continues on a large scale. The continued rise
in the prices of building materials has not yet
reduced the extent of building operations below
normal.
The Atlanta district reports that conditions
during the past month have been favorable to
the production of naval stores and that receipts
have accordingly been well maintained. Prices
have been stable and the prospects are that they
will go no lower this season. Domestic demand
is very large and labor conditions are not unsatisfactory.
The development of real estate speculation
commented upon in many Federal Reserve
districts in November appears to have reached
another stage in some quarters at least. The
Federal Reserve agent at Chicago notes that
an encouraging feature of the situation is the
fact that the rise in the price of land has received a decided check, while in some cities
prices have declined 25 per cent as compared
with a few months ago. On the Pacific coast,
however, there is still a tendency to purchase
farm lands at high prices for the purpose of
reselling.
An active lumber market is reported for all
parts of the country in spite of the steadily
increasing prices. Production in many sections is stated to be well below normal, and mills
are well supplied with orders. It is stated
from the Atlanta district that "the year will
close with the greatest demand for lumber and
the highest prices ever known, and the outlook
is said to be for still higher prices early next
year."
As already noted, a serious view is taken of
the advance in prices. The index number of
the Bureau of Labor Statistics shows an advance from 223 during October to 230 during
November, which is the highest level yet
reached. The increaso is found in the index
18
FEDERAL RESERVE BULLETO*.
numbers for each of the principal groups, raw
materials showing an increase from 220 during October to 226 during November, producers' goods from 211 to 216, and consumers'
goods from 228 to 236. The increase in the
index number for the group of raw materials
is due largely to the increase in the prices of
farm products, the index number for which
group increased from 254 in October to 275 in
November, while the index number for the forest products group likewise increased from 224
in October to 239 in November. That for the
animal products group remains constant at
212 and that for the group of mineral products
shows a decrease from 184 to 183. In Great
Britain, Sauerbeck's index number shows an
advance from 224.3 to 231.
The month of December shows some abatement of labor unrest and disturbances which
had greatly reduced production during the
preceding month. The termination of the coal
strike and the cessation of activity in the steel
strike, as well as the increase in the number of
men employed in those industries, has greatly
reduced the figures representing unemployment. From many districts it is reported that
the chief difficulty does not lie in systematic
strikes but in indisposition to increase production or to keep steadily at work. The reduced output as a result of very short hours or
suspension of work a given number of days
each week has proved to be a national problem.
The disposition of labor to pursue such a policy
is ascribed by many to high wages and the desire to employ the increased purchasing power
thus obtained in the purchase of leisure rather
than goods.
During the month of December there has
been some reduction in the expansion of bank
credit, and from district No. 2 it is reported
that "the progressive expansion of October
has been stayed, at least for the present." A
falling off in the amount of new securities offered for sale is reported, while during the
month the loans of the New York banks have
continued to decline. From October 31 to
December 21 the loans, discounts, and investments of the 112 reporting banks in the district
fell off about $403,000,000, this decline being
JANUARY,
1920.
chiefly in New York City, but banks elsewhere
increased their loans by about $264,000,000
during the same period, making a net decrease
of only $139,000,000 for all the reporting banks
in the country, about 794 in number. During
the month discount rates at the Federal Reserve Banks were once more advanced, this
advance being effective December 11. Commercial paper rates have continued to harden
somewhat, and in New York are now on a
6 per cent basis as compared with about a 5 J per
cent basis at the middle of November. Call
money has been as high as 18 per cent during
the month, but the prevailing rate has been
around 8 to 10 per cent, although at one time
as low as 5 per cent. Less activity, not only
in the New York stock market but also on
stock exchanges the country over, has been a
feature of the month's operations. Practically throughout the country there has been
some tendency to a hardening in money rates
of all kinds. The investment yield of securities has increased materially and during the
month of December there has been a considerable liquidation in bonds. The result has
been to reduce bonds generally and in a marked
way. The lowest price level since 1896 has
been reached. Third Liberty bonds and Victory 4f per cent notes have sold on a basis
higher than 5 per cent. Dubious issues of
stocks have made their appearance in great
numbers throughout the country. The movement is stronger in the larger cities but is very
widely prevalent. A vast growth of new enterprises, some doubtful, some sound, appears
to be taking place throughout the country, and
the total volume of securities issues has been far
in excess of any within recent months. Wage
earners are buying for cash or are transferring
their Liberty bonds to promoters, who in many
cases offer extraordinarily high rates of return.
During the month foreign exchange has gone
to record low levels, sterling at one time
touching $3.65. Francs and lire have paralleled this decline in sterling, and practically all
exchanges have been unsettled. During the
latter part of the month there was an upward
movement, which restored many of the currencies to somewhat better figures.
JANUARY,
1920.
FEDERAL RESERVE BULLETIN.
SPECIAL REPORTS.
REPORTED BY DISTRICT NO. 1.
With no important curtailment of production on account of the coal strike, for the reason
that reserve supplies had not been seriously
invaded before the settlement of the difficulty,
and through the installation of fuel-oil systems
in many large plants, the year closes with New
England industries stimulated by post-war
conditions to a degree of peace-time activity
unparalleled in the economic history of this
section; wages advanced to rates hitherto
undreamed of and commodity prices at corresponding levels; and labor at the moment
quiescent. While there has been no doubt
considerable saving from earnings as evidenced by large aggregate deposits in savings
institutions and investments in Government
obligations, nevertheless no one may observe
without a feeling of apprehension the manner
in which the enhanced purchasing power of
the wage earners is being dissipated by irrational personal expenditures, especially when it
is beginning to be coupled with requests for
credit at retail stores by many who have never
before known the meaning of a charge account.
The readjustment of rediscount rates by the
Federal Reserve Banks was undertaken with
a view to modifying the situation of which
these conditions are a reflex, but this will not
furnish the complete remedy. Indeed, not
until some powerful influence is brought to bear
upon the machinery of production to establish
a more normal relationship between the quantity of necessities and of luxuries, respectively,
offered for consumption will it be possible to
accumulate the wealth necessary to pay the
cost of the war as represented by the enormous
debts of the nations and to bring about a return
to normally healthy social conditions. ^ It is
unlikely, however, that any reduction in the
cost of living will be forced upon the consumer
by the voluntary benevolence of the makers
of goods; it is certain that it will not come about
through legislation any more than it was
vouchsafed the people of Rome in 301 A. D.
by the Edict of Diocletian; and if it comes
otherwise than by a collapse of the existing
economic structure such as would bring, not
reduced prices only, but reduced earnings and
widespread distress, it can come only through
individual sacrifices, foresight, and initiative
manifested by restricted expenditure and
conservation of savings beyond anything yet
apparent.
19
REPORTED BY DISTRICT NO. 2.
Stock market.—The liquidation of stocks
which followed the extraordinary money conditions early in November has been continued
with a fair degree of consistency throughout
the past 30 days. This liquidation proceeded
without sharp breaks in the market and with
lessened public participation, as is customary
in a declining market. The former extravagant demands upon credit appear to have
subsided considerably.
Daily sales fell off materially. In the third
week of November the average was 1,145,000
shares a day; in the fourth week 980,000; in
the first week of December 936,000; in the
second week 938,800, and in the third week
fell to 867,200 shares a day. A partial recovery of prices which took place early in December was most pronounced in the highly speculative issues, wxule shares which are commonly
regarded as investment stocks remained comparatively dull.
The market has been fairly responsive to
news developments. For instance, the termination of the bituminous miners' strike and the
announcement of the Attorney General that
he would not appeal the Southern Pacific oil
land case caused a rise in particular stocks and
lent a momentary strength to the rest of the
list. The announcement of the fractional increases in rates by this bank on December 11
was followed by a day of high call money rates
and active liquidation.
Bond market and new financing.—The liquidation which developed in stocks was far more
pronounced in the bond market. It manifested itself tentatively in the third week of
November and became heavy during the next
two weeks; although three-quarters of the
transactions were in United States bonds, the
prices of which fell, the declines in the prices
of corporation bonds were heavier. From
the middle of November to the middle of
December United States bonds fell off about
three-quarters of a point; industrial bonds one
and one-half points; public utilities two and one
quarter points, and railroad bonds about three
points. Bonds other than Government issues
which were most heavily sold were those of
railroad and street railway companies whose
records of earnings are poor, and of other corporations whose bonds are regarded as high
grade but because of their prices have the
smallest yields. In spite of some exceptions
the bond market as a whole fell to the lowest
20
FEDERAL RESERVE BULLETIN.
price level reached since 1896. The effect of
the decline on Liberty bonds was to place the
third 4 | per cent ana the Victory 4£ per cent
issues on a better than 5 per cent basis.
The high price of money in November
caused a marked reduction in the aggregate of
new issues by domestic corporations. The
total for that month was $253,000,000, as compared with $390,000,000 in October and $90,000,000 in November a year ago. This falling
off seems to register the passing for the time
being at least of the high tide of offerings to
bond houses by corporations which are anxious
to enlarge their capital. Nevertheless, it is
reported to us that the applications are still
so numerous that the best bond houses are
able to consider only a small proportion of
them and in the aggregate they are much
beyond the power of the market to absorb.
Dubious issues.—The creation of a great body
of new capitalists through the sale of Liberty
loans and because of the generally higher level
of wages, has encouraged the sinister activity
of promoters and salesmen who are trying to
float stocks of the most dubious character.
Based upon answers to inquiries made from
50 banks outside of New York City, and upon
other evidence within the metropolitan district, it appears that this movement is general
in the larger cities of the district, particularly
New York, Buffalo, Rochester, Syracuse, Utica,
and Binghampton, but with varying intensity.
It appears that some of the promoters are men
whose business records do not stand scrutiny
either from the standpoint of success or personal integrity, and some of them have in
times past been found guilty of crime.
A possible indication of the extent to which
new capital is sought appears in the total of
new incorporations. Doubtless only a fraction
of the total is intended for immediate issue,
depending primarily upon the capacity of the
public to buy, and a number of them are, of
course, of the highest character. Nevertheless,
the total is noteworthy. In November new
incorporations in the Eastern States amounted
to $1,341,000,000 and in October $2,363,000,000, as compared with $131,000,000 in November a year ago. The monthly average for
1919 up to this time is $1,054,000,000, which is
nearly seven times the monthly average shown
by the five years prior to the war. Most of the
new incorporations are of oil, shipping, and
cjiemioal companies and concerns engaged in
the manufacture of articles the current prices of
which are high and the margins of profit on the
present basis exceptionally good. Inmany cases
JANUARY,
1920.
the chances of return for the investor are limited
to the maintenance of the present price level.
The operations of dealers in poor or worthless
stocks are particularly serious at a time of
great expansion such as the present, not only
because of the waste of capital involved, but
because fraudulent issues are lost sight of in
the general outpouring. Reports from the
banks in certain parts of the district indicate
that a large amount of Liberty bonds have been
secured in exchange by promoters, who promise
an 8 per cent rate or better in place of the
interest carried by the bonds. Many sales for
cash are reported also, particularly to wage
earners. An estimate of the amount of dubious
issues on sale, secured from a source specializing in such matters, puts the total at
" hundreds of millions."
As usual, the victims of such transactions
are those who are in the worst position from
knowledge or experience to measure the worth
of securities. Methods of sale include not only
newspaper advertisements and offers through
the mails, but solicitation by a highly organized
corps of canvassers. In a number of cases the
name of the Federal Reserve Bank is reported
to have been used for the purpose of convincing
prospective purchasers of the value of the stock
offered. Usually the argument has been that
the bank whose stock the canvasser is selling
will become a member of the Federal Reserve
system, or that the paper to be handled by the
newly organized "finance corporation" will be
discounted by the Federal Reserve Bank.
Such statements should be sifted with the
greatest care, but usually the man approaohed
by the canvasser is in no position to know the
limitations set by law, both on Federal Reserve
membership and discounts.
Certain cases of apparently fraudulent intent
have already been brought to the attention of
the Federal or local prosecutors, but in the past
most prosecutions nave succeeded only when
the fraud has been completed and the investor
has lost his money. It is therefore essential
that individuals buy only after seeking advice
from trusted bankers or others who are equipped with sound information and good sense on
financial matters. In a number of progressive
communities the newspapers not only refuse
to take dubious financial advertising, out have
undertaken to warn their readers against
unscrupulous vendors of stocks. Officers of
banks can carry this public service further by
giving advice to all inquirers, whether they are
customers or not. Many bankers are already
doing work of that sort.
JANUARY, 1920.
FEDERAL RESERVE BUULiETIN.
REPORTED BY DISTRICT NO. 3 .
Coat—The strike of the bituminous miners
has seriously curtailed the output of that kind
of coal in the central Pennsylvania fields. Figures of the United States Geological Survey for
the end of November indicate that mines served
by the Pennsylvania Railroad were producing
at 46 per cent of capacity; mines served by the
New York Central, at 8 per cent of capacity;
and those served by the Buffalo, Rochester &
Pittsburgh, at 21 per cent of capacity. The
settlement of the strike very possibly may not
be followed by immediate resumption of fulltime operations, but it is hoped that by the
first of the year production may be up to normal; meanwhile we are faced with a distinct
shortage of bituminous coal. Thus far the
effect on the industries of this district has not
been very marked, though some mills and factories have been compelled to close down. The
total production for the country up to November was 100,000,000 tons below the corresponding period in 1918. November is estimated to
have added 30,000,000 tons to this shortage and
December may add as much as 20,000,000 more.
It appears not at all improbable, therefore, that
production for the year 1919 would be
150,000,000 tons below 1918. During the
months preceding the strike car shortage was
evidently an important element in curtailing
operations, and it is to be hoped that this difficulty will be eliminated in so far as is possible.
A severe winter may cause serious consequences.
Anthracite-coal production has been fully
satisfactory, though not quite up to the level
of last year. The following table shows the
shipments over the nine principal anthracitecoal carriers:
21
moving very comfortably, due somewhat to its
use in place of bituminous coal, but there is
nothing urgent about the situation. Prices
have not changed during the past month.
Labor conditions in the anthracite field show
no apparent unsettlement.
REPORTED BY DISTRICT NO. 5.
The recent restrictions in the use of coal had
a slightly demoralizing effect on business, and
had it been continued beyond the brief period
of its enforcement would have seriously handicapped all lines of business. The location in
this district of some of the largest and finest
coal properties, the settlement of the miners'
strike, and the prompt removal of these restrictions relieved the uneasiness over the situation.
Normal conditions are being promptly restored
and the incident relegated to the past, with the
hope that a final settlement with the miners
will be reached without further trouble. This
event has been the only disturbing feature
of the past month, and although the irregularities as to labor and supplies of materials and
delays in freight movements are matters of
more or less comment, all reports indicate unusual activity. The prices realized for tobacco,
cotton, and other crops have furnished a stimulant to trade, from which no considerable reaction is yet apparent. A conservative correspondent, while confirming these conditions,
evidently considers a reaction inevitable and
overdue, and remarks, "We are all aboard the
'Blue Sky Special/ indulging in the evanescent
pleasures and diversions usually incident to an
excursion to the fool's paradise of inflation.
No one knows or seems to care where or when
we will stop."
REPORTED BY DISTRICT NO. 6 .
1919
January
February..
March
April
May
June
July
August
September.
October
November..
December..
Tons.
5,934,241
3,871,932
3,938,908
5,224,715
5,711,915
5,619,591
6,052,334
6,144,144
5,687,401
6,560,150
5,971,671
1918
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
6,200,000
6,286,366
5,276,659
5,736,260
Sizes for domestic use are in adequate supply,
though in some few cases it has been necessary
for consumers to take pea in place of nut, and
egg in place of the stove size. Steam sizes are
Coal.—While the coal miners' strike reduced
the coal output to an alarming extent throughout the country, the situation in the Alabama
coal fields has not, so far as the output is concerned, injured this territory, except for the
fact that this section has been called upon to
serve other parts of the country and to supply
railroads with fuel to meet their requirements.
This situation has been practically adjusted
since the acceptance by the coal miners of the
President's proposal, and conditions will no
doubt be normal within a short time. The
output for November in the Birmingham district was 1,080,810 tons, as compared with
1,459,385 for October.
22
FEDERAL RESERVE BULLETIN.
j steel, and miscellaneous
industrials.—
The iron and steel industry in this section was
greatly handicapped by the coal miners' strike,
and reduced production resulted. There is a
very heavy demand for pig iron, and prices
have advanced. Consumers are realizing the
shortage and are eager to contract for a large
supply. There are less than 100,000 tons of
foundry iron in Alabama yards, and most of
that belongs to consumers. The total output
of pig iron in November was 196,209 tons, as
compared to 208,793 tons in October.
Steel mills, while suffering from the coal
strike, have been actively employed and have
enough unfilled orders on hand to keep them
operating to full capacity for many months.
The miscellaneous industrial iron manufacturing plants are in full operation, with orders in
large volume booked for future delivery.
REPORTED BY DISTRICT NO. 7.
Housing problem.—The housing situation is
looming up as a serious problem in practically
all of the industrial centers of the Middle West.
In Detroit as well as in Chicago, where the
rowth of population in the last few years has
een abnormal, the situation is acute. Interference with construction in Chicago through
strikes retarded the building of homes sufficiently to add to an already acute shortage of
homes. Conditions in Chicago a year ago were
such as to bring into use for winter housing
places built for summer use only.
Apartments in Chicago, which for many years
had been idle and almost ready for condemnation, are again pressed into service, and several
families in many instances are " doubling up."
In the congested sections, such as the foreign
districts and in parts of the West Side and in
the belt circling Chicago's Loop or down-town
district, the situation makes not only for the
undermined health of the occupants but contributes to serious and growing dissatisfaction.
The so-called middle class of salaried people,
with incomes ranging from $2,000 to $5,000 a
year, also have found the scarcity of dwelling
space a serious factor in their living costs, with
home seekers bidding up rentals against each
other to extreme figures. Rentals have advanced from 20 to 75 per cent and even 100
per cent.
Obviously it is impossible to present exact
figures to show the acute condition. Estimates from sources which ordinarily are regarded as reliable, place the shortage in Chicago
alone at between 40,000 and 50,000 homes.
The increase in population in Chicago during
f
JANUARY,
1920.
the last two years is conservatively estimated
at between 75,000 and 100,000 persons per
year, which means that between 150,000 and
200,000 additional persons required housing in
a period when building construction was either
at a standstill or was greatly curtailed by wartime restrictions, expectations of lower prices
for material and labor, and by strike interference.
Such large building construction as is now
under way in Chicago involves, as a rule, the
elimination of housing facilities for from 25 to
30 families, sometimes more. The new buildings supplanting those destroyed are mostly of
the apartment hotel type. These, of course,
will provide housing facilities for a larger number of families, but at a higher rental for less
space. The kind of homes which appear to be
chiefly in demand are the four, five, and six
room apartments. The one and two room
kitchennette apartments are more frequently
constructed because of the income they return
to the owner, renting from $65 to $100 and up
per month. Thus far this year there have been
granted permits for about $90,000,000 of work,
and it is said that this takes care of the normal
increase and about 5,000 to 10,000 units of the
shortage in homes. At the present rate authorities estimate from 4 to 10 years will be
required to overcome the housing deficiency.
The shortage in homes in Detroit is estimated
at 33,000, which is nearly 10,000 greater than
a year ago, and notwithstanding the active
campaign, next year will probable see an increased deficit. So far in 1919 there have been
approximately 11,500 new apartments, while
the requirements were for 20,000. The annual
increase in population in Detroit is now estimated at 100,000, while the increase in the
accommodations as the result of 1919 building
will care for approximately 14,600 families.
There has been and is in prospect considerable
building of groups of cottages by contractors
and manufacturers at $1,000 to $1,800. Rentals in Detroit have increased on the whole about
85 per cent.
In South Bend, Ind., the shortage in homes
is acute, owing to the great industrial growth.
Old factories are expanding and new ones
coming to town. There were about 500 homes
built last year and plans contemplate 1,500 to
be built in 1920. Fort Wayne, Ind., reports a
shortage of 1,000 homes, with rentals 20 to 25
per cent higher. East Chicago, Ind., building
is hampered by high material and labor costs,
with rentals from 20 to 25 per cent higher.
Hammond, Ind., has a shortage of homes and
reports a further increase in rentals of 15 per
JANUARY,
1920.
FEDERAL. RESERVE BULLETIN.
cent, bringing the advance between 35 and 40
per cent from prewar figures.
Rentals.—Indianapolis has experienced an
increase in rentals of from 35 to 50 per cent,
with a prospect of further dwelling shortage.
La Fayette, Ind., has an acute housing situation, with rentals 20 per cent higher and no
available houses or apartments. The same
condition prevails at Muncie, Ind., with rentals
for business rooms 100 per cent higher and
common residences 75 per cent higher than in
prewar times, while furnished rooms are 50 per
cent higher.
The building situation at Terre Haute, Ind.,
is about 75 per cent of normal, with rentals
about 10 per cent above prewar times. Mishawaka, Ind., has experienced a shortage of homes
for several years, but a building program is
being worked out by manufacturers to finance
the employees so that they may own their own
homes. It is estimated that 500 additional
homes could be used. Rentals are 25 to 40
per cent higher than in normal times.
In lower Michigan Saginaw reports 10 per
cent increase in rentals compared with a year
ago, and 30 to 40 per cent higher than in war
times, with 100 houses under construction.
Muskegon estimates 1,000 new homes built
within a year but rentals have advanced 14 per
cent. Battle Creek rentals have increased from
50 to 60 per cent since 1917 owing to the rapid
industrial growth and a demand for homes far
in excess of supply, with plans now under way
for the building of 1,000 new homes in 1920.
Des Moines and other Iowa cities are also
experiencing a shortage in homes, but correspondents attribute this shortage in the smaller
cities chiefly to wealthy farmers moving into
town and the abandonment of the poorer for
the better buildings. There is a boom in several of these towns in the building of houses
costing from $3,000 to $7,000. Rentals have
advanced from 20 to 50 per cent in Iowa cities.
Decline in land speculation.—One encouraging feature in the advices from Iowa and Illinois is the assurance on the part of bankers
that the rise in the price of land has undoubtedly received a decided check, and in some instances, according to those well posted, prices
have declined 25 per cent compared with a few
months ago. The consensus of opinion is that
there willl>e little land change hands until after
the settlements of March, when it will be known
how many defaults have occurred in contracts
already made.
23
REPORTED BY DISTRICT NO. 8.
Wholesale and jobhing.—The wholesale trade
situation is considerably mixed. Some dealers
report large increases in the value of their sales
as compared with November last year, in some
cases over 200 per cent;, others engaged in the
same line of business report decreases up to 33
per cent. Orders on hand for future delivery
in most lines are reported to be larger than
usual. The unfavorable weather conditions in
in parts of the district, which have increased
the stocks held by retailers, have naturally
decreased the demand from wholesalers. Business generally, however, is good and was not
seriously affected by the coal strike.
Some wholesale dry goods houses report very
large increases in the value of their sales as compared with last year, which is due in great
measure to the desire on the part of buyers to
avoid advancing prices. One dealer in commenting on this situation says: "Our spring
lines have been sold up and withdrawn from
sale. We are offering certain lines of fall
merchandise, such as blankets, underwear,
hosiery, kint goods, and napped goods for delivery in the spring months and they are being
taken freely. This shows the inclination of the
merchant to buy his merchandise ahead of
time, with a view to heading off any advance,
rather than buying these goods when he actually needs them/' Another concern states that
the prices that have been made for fall are
higher than those for spring.
Wholesale drug houses generally report increases in value of their sales as compared with
1918. One concern, however, reports a 10 per
cent decrease, due to the shortage of a certain
product which forms a large part of its business.
No basic changes in raw materials or in patented
compounds are reported. Orders on hand for
future delivery are beyond normal in some
cases.
Dealers in electrical supplies say their business is slightly less active than it has been.
One concern says the coal strike cut down its
sales 25 per cent.
Cotton factors complain of the exchange
situation which is unfavorable to exports. The
high price of cotton is a favorable factor affecting them.
Wholesale grocery companies for the most
part report increases over October. During
the coal strike, however, buying was somewhat checked in mining towns. Orders on
24
FEDERAL. EESEBVE BUU^ETIN.
JANUARY,
1920.
hand for future delivery are still below normal, acreage of 23.4 per cent for Colorado, 20.7 per
cent for Kansas, 29.4 per cent for Nebraska,
one company reporting that it has none.
and 7 per cent for Oklahoma. Slight decreases
of the wheat acreage also are reported from the
REPORTED BY DISTRICT NO. 9.
19 counties of Missouri that are in this district,
The spring season will bring some problems and also in Wyoming and the portion of New
in connection with the'live stock situation. It Mexico in this district.
will be necessary to ship back into the west end
Indications point to an increased acreage of
of the district a considerable amount of stock cotton in Oklahoma for the coming year, while
to replace that removed before snow fall on in many sections more attention will be deaccount of the severe shortage of feed. The voted to corn and potatoes, the acreage of both
amount of snow so far received is very promis- of these staples having been reduced in the last
ing for a good year in the districts that were dry year in order to speed up wheat production.
during the season recently closed. The 1919
Growers of sugar beets in the Coloradocrop of wheat is, however, of very poor quality. Wyoming-NebrasEa-Kansas regions have not
Most of it arriving at terminal markets is light as yet indicated their acreage for 1920. From
in weight, shriveled, and shrunken, and of very reports received the growers are apparently in
low germination. Without the most active no hurry to make new contracts based on the
efforts there will undoubtedly be a serious 1918-1919 prices, on account of the additional
shortage of seed for spring planting. The cost of production.
prospect is so unfavorable that an organization
The car shortage and cold weather have been
has already been formed to gather data in unfavorable for the movement of many of the
regard to available seed supplies, and to con- products of the farms to the markets and a
duct such work during the winter as will locate larger per cent of these products are said to be
and provide for the distribution of the seed still in the growers' hands than usual at this
that is available. The prospect is for a reduc- season.
tion in next year's wheat acreage, while in the
Grain and milling.—Arrivals of wheat at the
western half of the district the acreage of winter principal markets of this district in November
wheat and winter rye is already reduced.
were greatly in excess of those of October and
With these exceptions, the outlook is not about two and one-half times the receipts in
unfavorable.
November of last year. The extraordinary increase in November was largely the result of
REPORTED BY DISTRICT NO. 10.
improved transportation service resulting from
the pressure brought to bear on the Railroad
Agriculture.—The condition of growing Administration. I t had the effect of greatly
winter wheat in the States of this district is relieving the congested situation at local elevareported generally good, although a consider- tors and opened up a freer movement of wheat
able acreage of wheat that was planted late from the farms into the market channels. At
made slow progress, December conditions in this time last year, it is remembered, all grain
the States ranging from 75 to 91 per cent. movements were under shipping permits,
The snow in the central Great Plains area which accounts for the small receipts in Novemis generally considered as beneficial to grow- ber of last year.
ing wheat, although a large part of the farm
On account of scarcity of choice milling
work usually done at this season was sus- grades from the spring wheat sections, heavy
pended because of the severe cold weather.
requisitions were made on the markets of this
The agricultural outlook for the coming year district for stocks of hard and red wheat, the
is reported good from most sections. The area tendency being to stiffen prices. The high
of winter wheat sown this fall is considerably price at which wheat sold m Kansas City in
less than that planted to winter wheat in the November was $2.80 for No. 2 hard and $2.48
fall of 1918, indicating that with the war period for No. 2 red. Relinquishments to millers of
at an end farmers are desirous of returning to about 60,000,000 bushels of wheat held by the
their former system of diversified crops. The United States Grain Corporation at 7 cents a
estimated acreage of winter wheat now in the bushel over the guaranteed level at which the
ground is: Colorado, 978,000 acres; Kansas, grain was purchased had little influence on
9,196,000 acres; Nebraska, 3,093,000 acres; cash wheat prices.
Oklahoma, 2,881,000 acres. These figures indiFlour-milling operations in the month of
cate a decrease from the previous year's November were: At Kansas City 78 to 89 per
JANUARY,
1920.
FEDERAL. RESERVE BULLETIN.
cent of capacity; at Omaha 92 to 100 per cent
capacity; at interior milling points 82 to 91
per cent capacity. In early December some of
the mills, particularly at interior points, were
either shut down or were working on short time
on account of the coal shortage, with the result
that the per cent of activity was somewhat
reduced.
On account of the fluctuations of prices of
wheat, the flour prices have also shown slight
changes, but generally flour is 75 cents to $1
higher than early November prices. Short
patents sold December 6 at $12.75 to $13.65,
standards at $12.45 to $13.45, and straights at
$11.85 to $12.50.
Receipts of corn, although slightly above
those in October, were about 30 per cent less
than the receipts in November, 1918. Car
shortage helped in the holding back of new
corn. Prices were materially improved as
compared with those of September and October. The high and low prices of corn at Kansas
City in November were $1.61 and $1.40 for No.
2 mixed as against $1.50 and $1.39 in October.
Receipts oi oats were about 10 per cent below the November, 1918, receipts and prices
showed some improvement over October prices.
No. 2 white oats sold from 70 to 77£ cents.
REPORTED BY DISTRICT NO. 11.
The closing months of the year 1919 have
found this district in a peculiarly checkered
situation, with some sections setting new high
records in the volume and profits of their
products, while others are suffering from the
disastrous effects of crop failures.
The most striking and surprising feature of
this anomalous situation, as disclosed by the
developments of the past 30 days, are the
reports that are coining in from the western
art of the district, particularly from western
exas, where a year of copious and well distributed rainfall has resulted in an amazing
record of productivity and development during
the year just closed.
In one western county alone a $9,000,000
cotton crop, a $1,000,000 wheat crop, and more
feedstuff than its farmers have been able to
gather have yielded an average crop income of
more than $500 per capita, transformed many
tenant farmers into farm owners, and demonstrated generally what this section is capable
of doing under favorable weather and market
conditions.
While the figures cited from this county
can not be taken as a picture of conditions in
?
25
the district as a whole, nor even as representative of the situation in all parts of western
Texas, the fact remains that that part of the
district which for many years has been suffering
the hardships of droughts and crop failures
has this year taken on tne novel rdle of leadership in productivity, resulting in a wave of
prosperity that has carried itself to and beyond
the boundaries of the eleventh district.
Late estimates show that Texas as a whole
has received from its 1919 cotton crop the
largest money return it has ever realized, desite the practical certaintv that the number of
ales already ginned is tne smallest in recent
years. It is the opinion of reliable authorities
that this situation, combined with other
influences affecting agriculture in this district,
will tend to produce a much larger cotton
acreage here in 1920 than was sown in 1919.
Agriculture.—The winter grain acreage has
been greatly reduced this year by the excessive
fall rains throughout the gram belt. Estimates place the reduction, as compared with
last year's acreage, at from 35 to 50 per cent.
The condition of the growing grain is generally
unfavorable, due to lack of proper preparation
of the soil and also damage in some sections
by insects. From present indications the
season's yield will not exceed 35 per cent of
normal.
Notwithstanding the loss sustained by cotton
farmers from the effects of the excessive rainfall on both the yield and grade of the staple,
the higher prices realized this year on their
marketable cotton, as well as on other farm
products, have placed the farmer in a much
easier financial condition than they were a year
ago. The Texas cotton crop for 1919, of wnich
approximately 85 per cent nas been gathered,
has been estimated by the Department of
Agriculture at 2,700,000 bales, although some
of the leading authorities in the State of Texas
contend that this estimate is too high.
Although it is too early to form a reliable
estimate of next year's cotton acreage in this
district, many reports are being received to the
effect that the small acreage available this fall
for winter grain has caused farmers in many
communities to announce their determination
to plant a larger acreage in cotton next year.
E
REPORTED BY DISTRICT NO. 12.
Of the 10 leading wool-producing States,
5 are located in the twelfth Federal Reserve
district, which produced approximately 30 per
cent of the 1919 wool cup. Production oy
States has been as follows:
26
FEDERAL, RESERVE BULLETIN.
JANUARY,
1920.
with the material available in this country. It
is recognized that these indexes are for the
most
part made up of too few commodities to
Pounds.
22,145,000 represent the general wholesale price levels of
Idaho
15,800,000 their respective countries with any degree of
Utah
14,040,000
Oregon
13,298,000 exactitude.
California.
On the other hand, foreign price
10,500,000
Nevada...
material obtainable in this country is too
75,783,000 scanty to make possible the construction of
Total..
larger indexes which would be more representaThe following table indicates the great tive than those now published. If the limitadecrease in hop production in this district tions of these indexes are understood, they may
be used with considerable confidence in a study
during the last few years:
of wholesale price oscillations.
Following is a description and analysis of the
Normal
indexes
which will be published currently along
1919
prior to
State.
with the actual monthly figures for the past
1919.
three years computed with 1913 as a base.1
State.
Rank.
Production.
California
Oregon
Washington
Bales.*
70,000
35,000
20,000
Bales.
115,000
135,000
45,000
TotaL
125,000
295,000
1185 pounds net per bale.
Fully 97 per cent of the 1919 crop has been
sold at prices ranging from 30 to 35 cents per
pound, with the latter price now being freely
offered to growers for unsold stock. Growers
are now contracting for their 1920, 1921, and
1922 crops at a price of 36 cents per pound,
which compares with a prewar price of 15 to
20 cents per pound. Heavy reductions in
acreage throughout the world, because of the
demand for foodstuffs during the war, are
largely responsible for this important increase
in price.
International Price Index.
Especially since the close of the war a keen
interest has been shown in the course of foreign
prices, not only for purposes of comparison
with our own price level but also as a method
of studying business conditions abroad. In
view of this fact, the Federal Keserve Board
has undertaken the study of this subject and
expects to publish each month the general
index numbers of leading foreign countries and
in addition index numbers of certain groups of
commodities which it considers valuable for
special study.
It was decided to make use of the index
numbers published in the various foreign
countries for the purpose of studying the general wholesale price levels of those countries
only after considerable effort had been made
to discover a better method of price comparison
DESCRIPTION AND ANALYSIS OF
INDEXES.
EXISTING
The wholesale price index of the United
States Bureau of Labor Statistics commands
greater confidence as a measure of the general
wholesale price level in this country than any
of the other indexes published here. It consists of market quotations for over 300 commodities of industrial importance, weighted
according to the quantity of these articles
which enters into the trade or exchange of this
country, allowance not being made for the
frequency of turnover. A critical analysis of
this list shows that all of the leading industries
of the country are represented by one or more
quotations, that in most cases commodities are
quoted as raw materials, and in one or more
stages of manufacture, but that such representation is somewhat uneven. The types of
quotations used are rather heterogeneous.
This is in some cases due to differences in industrial organization, some goods being sold
exclusively on a cash basis, others on contract,
the meaning of the contract price differing from
industry to industry. This diversity would
seem to be desirable if in each case the type of
quotation used represents the basis of sale of
the largest quantity of the commodity being
traded in. To determine this requires very
specific trade information. Quotations are
obtained from trade magazines and private
firms. In most cases these sources appear to
be reliable, but as in the case of the type of
price used, doubtless considerable improvement could be made in this direction by further
study of specific industries.
1
More complete information can be obtained regarding most of the
indexes described below from Bulletin 173, U. S. Bureau of Labor Statistics . This bulletin is in process of revision.
JANUARY, 1920.
FEDEBAL RESERVE BULLETIN.
The method of weighting used is satisfactory
for a study of the general price level, although
theoretically it would appear that frequency
of turnover should be considered. To take
this into account involves a detailed knowledge
of sales methods in different industries.
The reliability of the index of the Bureau of
Labor Statistics has been tested by the study
made by the price section of the War Industries Board of prices during the war.1 The
latter study involved the construction of an
index number for 1913 to 1919, consisting of
1,366 commodities representing the leading
industries of the country, weighted according
to the quantity produced here plus that imported. In the preparation of this index,
great emphasis was placed upon the study of
marketing methods in connection with the
choice of commodities quoted and the types
of prices used. The results of this study show
an average difference during the six-year
period between this index and that of the
Bureau of Labor Statistics of 1.5 points with
prices in the 1914 fiscal year considered as 100.
Judging from this fact and taking into consideration that this was a war period, it would
seem unnecessary to attempt to improve upon
the index of the Bureau of Labor Statistics
for the purpose of studying the general wholesale price level in this country.
Three indexes are currently published to
show the general level of wholesale prices in
England, that of the Board of Trade (official),
that of the Economist, and that of the Statist.
The last one mentioned is usually accorded
the greatest confidence in England and abroad.
Its construction has served as a pattern for
several other European indexes. Both the
Economist and the Statist index were originally constructed for the purpose of throwing
light upon the relation between the gold supply
and prices. The Statist index consists of approximately 60 quotations and is not weighted
except in a crude way by allowing two quotations to certain very important commodities
such as wheat, iron, coal, and cotton, to
mention a few. Analysis of the list of commodities included shows certain important
omissions such as rubber, paper, gasoline,
tobacco, and others of perhaps less importance.
Quotations are largely for commodities in
their raw state, although there are such exceptions as wheat, flour, meats, leather, and
refined petroleum. It is impossible to discover from published sources the type of
* See History of Prices During the War, Summary. By Wesley C.
Mitchell, W. I. B. Price Bull. No. 1.
27
quotations used except in a very general way.
Official returns are used in such cases as wheat,
barley, and oats, and imported articles are
quoted in bond; otherwise private firms, the
Economist, and other publications are used,
but no statement is made as to the type 01
price.
The Economist index at present consists of 44
quotations unweighted except roughly by the
number of quotations allowed to the different
commodities. Although the omissions are not
so striking as in the case of the Statist (corn
and hides being perhaps the most important),
the reduction in the number of quotations
practically guarantees a less accurate measurement of the price movement of the separate
commodities. Most of the commodities quoted
are raw materials, although the following semimanufactured and manufactured articles are included: Flour, meats, cotton yarn, possibly
cotton cloth, steel rails, iron bars, leather, and
petroleum. Nothing is published regarding the
type of price quotations used other than that
they represent market quotations in London
and Manchester.
The Board of Trade index is computed from
the prices of 47 commodities weighted in accordance with estimated consumption, consumption being "taken to mean any process by
which the commodity is substantially changed
in character. In other words, consumption in
manufacture is recognized as well as consumption by an individual." All commodities except certain ones in the food group are raw materials. Instead of using market quotations of
one sort or another, import and export values
are used for the most part as the basis for the
index. These values are supplemented by
official quotations for wheat, barley, and oats
and by prices paid by public institutions for
certain food-stuffs which may be termed semiwholesale prices.
From the above discussion it is apparent that
none of the British indexes is as inclusive as
that of the United States Bureau of Labor Statistics nor so scientifically weighted, assuming
that the aim in all cases is the same, namely, to
measure the general price level of the country
considered. Although certain important industries are entirely unrepresented, the Statist
index is superior to the other two in the number of quotations included. Manufactured
articles are almost equally slightly represented
in the Statist and Economist indexes and still
more slightly in that of the Board of Trade.
Import and export values are probably not so
representative of the prices paid by the country
28
as a whole as reliable market quotations. In
this respect again the Statist and the Economist would seem to be preferable to the Board
of Trade index. On the other hand, the Board
of Trade index is weighted according to constimptipn whereas the other two are weighted
in only a very general sort of way. The
weighting used, however, is influenced apparently T>y a desire to measure the cost of living rather than the general wholesale price level
since the weight of 330 points is given to food,
all other commodities receiving the weight of
176. It may be concluded, therefore, that the
Statist index is probably the most suitable one
for measuring tne British wholesale price level.
It is inadequate, especially in respect to quotations of manufactured goods and weighting.
Only one wholesale price index is publisned
at present in France, namely, that of the
Statistique Generale 01 the French Ministry of
Labor and Social Welfare, the index of Jules
Domergue published in the Rfeforme Economique having been allowed to lapse at the beginning of the war. The former index consists of
45 commodities unweighted. It resembles the
Statist and Economist indexes in number and
type of commodities, very few manufactured
goods being quoted. The quotations are
obtained from the Bourse de Commerce of
Paris, official and trade journals, and the
R6forme Economique.
The leading Italian wholesale price index
published at the present time is that of Prof.
Kiccardo Bachi, the official Italian indexes consisting of small numbers of foods at semiwholesale prices. The Bachi index consists of
40 commodities at wholesale and is constructed
on a similar plan as the Economist index for
England. As is the case with the British and
French indexes, the commodities are quoted
mostly as raw materials. The quotations are
obtained for the most part from the official
reports of the chambers of commerce of Genoa
and Milan.
The Swedish Government has recently begun
publishing a wholesale price index. So far,
we have been unable to discover how this
index is constructed, the commodities used, or
the source of quotations. The index number
is being publisned currently, however, by the
Supreme Economic Council in the Monthly
Bulletin of Statistics, and judging from the
grouping of commodities it must be similar to
the other best known European indexes.
The Bank of Japan publishes a wholesale
price index for Tokyo currently. It consists of
prices of 56 commodities, both raw materials
JANUARY,
FEDEBAXi BESEBVE BTJIJLETIN.
1920.
and manufactured goods, unweighted. Prices
are obtained from reliable firms with whom the
bank has connections.
Index numbers of wholesale prices (all commodities).
(1913-100.)
it
d.2
I
II
1913.
1914.
1915.
1916.
100
100
101
124
100
101
126
159
100
102
140
187
100
95
133
202
100
116
145
185
100
95
97
117
1917.
January—
February..
March.
April
May
June
July
August....
September
October...
November
December.
151
156
161
173
182
185
187
186
183
181
183
183
187
193
198
203
205
216
208
206
207
212
215
217
215
226
229
248
256
266
268
270
280
284
293
304
229
241
260
265
278
288
304
311
331
350
364
365
1244
128
126
127
131
139
145
158
169
169
164
163
166
1918.
January...
February.
March
April
May
June
July
August
September
October
November
December.
185
187
187
190
191
193
198
203
207
205
206
207
219
220
221
223
225
226
227
230
231
232
229
230
313
319
327
333
335
329
337
350
356
360
358
353
367
384
399
407
417
422
435
435
435
443
438
372
1919.
January
February..
March
April
May
June
July
August
September.
October
November.
203
197
201
203
207
207
219
226
221
223
230
224
220
217
217
229
235
243
250
253
264
272
348
340
337
332
325
3S0
328
323
326
330
337
356
358
365
»Year.
370
367
372
354
172
179
183
207
186
188
194
206
206
216
214
214
214
213
206
207
215
228
247
251
257
271
100
106
147
138
2 146
2 158
«168
2 173
«178
*180
«177
100
101
110
135
157
163
167
171
181
183
184
183
182
181
187
190
191
195
199
199
204
208
210
211
211
214
215
213
212
207
205
206
210
210
218
223
223
222
227
«Quarter.
There is at present a very excellent Australian index number published by the Commonwealth Bureau of Census and Statistics,
consisting of 92 commodities weighted on the
basis of the country's aggregate consumption.
So far as can be judged, the list is a very inclusive one, covering Australia's leading raw
materials, important producers' goods, and a
long list of goods used in private consumption.
Melbourne trade journals are used for the most
part as a source for quotations, but in a few
JANUARY,
1920.
FEDERAL RESERVE BULLETIN.
cases, where Australian markets are not
developed, prices are quoted on the London
market. The weighting is apparently based
on aggregate consumption as contrasted with
private consumption. In other words, the
idea of measuring the cost of living has not
influenced the weighting, but consumption
has been estimated by adding imports to production and subtracting exports. This index
number is published quarterly in the Labour
Bulletin, computed on the basis of average
prices in 1911 equal to 100. Since 1915 an
additional monthly index number has been
computed on the basis of prices in July,
1914, equal to 100. Unfortunately, the Labour Bulletin is not received in this country
very promptly after publication.
The official Canadian index is very similar
to that of the United States Bureau of Labor
Statistics in number and choice of commodities.
It is not a weighted index, however. The 272
quotations used in the construction of the index
cover the leading commodities of the country
in both the raw and manufactured condition.
Trade journals, boards of trade, and commercial houses are used for the collection and verification of the price quotations.
29
It is apparent from the table on page 28 that
credit expansion has been least m Australia.
The United States and Canada appear to be in
approximately the same position and somewhat better off than the European countries.
It would seem that values in Japan have
shifted in about the same ratio as in England,
whereas in France, Italy, and Sweden money
has depreciated even more radically.
It should be noted also that whereas prices
in all of these countries declined for a few
months after the close of the war, they have
consistently advanced during the last five or
six months in every case where we have recent
figures.
As stated at the beginning of this article, the
index numbers published abroad are fairly
satisfactory for the purpose of studying general
price movements. By the use oi the group
indexes for foods, clothing, etc., published in
every case except that of the Bank of Japan,
it is possible to follow the movement of prices
in related groups of industries. We thus have
in addition to the average price fluctuation in a
given country the variations of groups of
industries from the average.
30
JANUARY, 1920.
FEDERAL RESERVE BULLETIN.
Group index numbers— United States Bureau of Labor
Statistics.
[1913=100.]
House
ChemCloths Fuel and Metals Lumber
Farm
and
Miscellametal building
and
icals and furnishlighting. and
products. Food, etc. clothings.
ing
neous.
products. materials. drugs.
goods.
Date.
1913
1914
1915
1916
January
February
March
January
February.
March
April
May
June
July
August
September
October
November
December
100
102
105
124
100
98
99
123
100
96
92
114
100
88
94
142
100
98
94
100
100
101
109
157
100
99
99
115
100
98
99
117
148
151
163
181
197
197
199
205
204
208
212
. 205
151
160
161
183
192
188
182
181
180
184
185
186
161
162
164
169
173
179
187
193
193
193
198
202
176
185
188
184
194
201
192
165
160
146
155
158
183
190
199
208
217
239
257
249
226
182
174
174
106
108
110
114
117
127
132
133
134
134
134
135
159
160
165
170
179
180
198
209
223
252
240
238
132
132
132
139
139
144
' 152
152
152
152
155
155
138
141
143
149
150
152
153
156
155
163
166
170
207
208
212
217
214
217
224
230
237
224
221
222
188
187
179
180
179
180
186
193
200
202
208
212
211
216
223
232
237
245
249
252
254
256
255
250
157
157
158
157
160
159
166
166
167
167
171
171
174
176
176
177
178
178
184
185
184
187
188
184
136
138
144
146
148
150
154
157
159
158
164
164
232
232
232
229
223
219
216
222
220
218
215
195
161
161
165
172
173
178
199
221
226
226
226
227
178
181
184
191
194
196
190
191
194
196
203
204
222
218
228
235
240
231
246
243
226
230
240
209
197
205
212
216
206
218
228
212
211
219
234
223
216
217
227
258
282
303
306
313
325
170
169
168
167
167
170
171
175
181
181
179
172
168
162
152
152
154
158
161
160
161
164
161
163
165
162
164
175
186
209
229
231
236
191
185
183
178
179
174
171
172
173
174
176
218
218
218
217
217
233
245
259
262
264
299
212
208
217
216
213
212
221
225
217
220
220
1917.
4fc:::::::::::::::::::::
June
July
August
September
October
November
December
100
103
106
119
1918.
1919.
January
February
March
A>il
May
June
July
August
September
October
November
Group index numbers— United Kingdom
Statist.
[1913-100.]
Date.
1913
1914
1915
1916
January
February
March
April
May
June
July
August
September
October
November
December
January
February
March
April..
Vegetable
foods.
Animal
foods.
Sugar,
coffee,
tea.
Foodstuffs.
Minerals. Textiles. Sundries. Materials.
100
110
155
193
100
100
125
152
100
107
130
161
100
105
137
169
100
90
109
140
100
97
111
152
100
105
131
163
100
98
119
153
258
255
269
273
269
273
251
242
234
235
232
231
176
185
188
191
198
207
202
194
188
190
192
197
180
187
195
195
197
206
201
217
225
246
247
252
208
212
220
223
225
232
221
216
211
216
216
218
146
148
150
150
155
154
154
153
151
154
158
157
187
199
207
205
214
237
239
236
242
254
257
257
188
195
198
215
210
210
210
215
222
226
230
237
174
181
185
191
194
200
200
201
205
210
214
217
243
245
239
241
200
200
200
203
250
254
258
231
224
225
224
222
160
162
162
167
262
263
268
264
227
229
232
243
216
217
219
224
1917.
,
.
,
,
1918.
JANUARY, 1920.
31
FEDERAL RESERVE BULLETIN.
Group index numbers—United Kingdom
Vegetable
foods.
Date.
Animal
foods.
Statist—Continued.
Sugar,
coffee,
tea.
Foodstuffs.
Minerals. Textiles. Sundries. Materials.
1918.
May
July
August .
. . . . .
0 c tober
November.....
December
241
242
249
256
250
254
256
256
203
201
201
201
220
230
230
230
231
232
232
230
232
234
236
236
222
221
224
226
233
240
241
241
165
163
175
173
172
173
166
161
263
268
261
277
275
266
256
258
250
255
250
249
246
246
243
250
226
249
250
240
243
244
246
244
254
258
260
266
226
226
205
206
208
208
208
208
208
226
226
221
221
238
228
236
243
275
320
327
322-
234
235
224
224
226
229
231
242
244
253
159
156
154
154
177
182
202
206
206
222
180
246
242
235
246
235
246
239
218
212
213
243
213
253
258
256
272
286
305
296
258
271
284
283
279
284
230
239
250
254
257
270
328
280
1919.
January
February
March
April
May
July
August
September
October
November
.'
. . . . . . .
..
...
332
229
228
232
230
228
222
224
Group index numbers—France and Italy.
France, Bulletin
de la Statistique
Generale.
[1913-100.]
Italjr,i Prof. B a c h i .
1913=100.]
Date.
1913
1914
1915
1916
January..
February
March
April
May
June
July
. . . .
September
October.
.
November
December
1917.
.
. . . .
.
.
.
.
. . .
.
Other
foodstuffs.
Textiles.
Minerals
and
metals.
100
84
93
135
100
96
113
184
100
100
207
380
100
96
133
197
175
184
188
189
189
191
207
212
236
267
268
269
150
155
158
158
167
171
173
174
176
183
198
189
240
248
274
266
281
308
330
341
364
413
426
428
419
449
518
535
592
597
610
630
688
685
711
720
210
218
230
243
230
252
286
286
287
305
322
326
348
348
304
279
285
286
484
484
484
775
746
430
427
432
432
304
300
292
294
293
320
334
332
300
307
312
330
336
343
331
350
330
328
331
333
375
380
387
414
306
306
355
358
366
419
420
421
422
384
362
349
340
836
342
341
Materials
(25).
Cereals
and
meats.
100
104
131
167
100
101
145
206
100
102
132
156
183
189
191
228
230
238
237
238
244
236
239
249
242
256
260
264
277
289
293
296
309
322
337
349
257
260
264
275
279
269
274
292
296
298
301
304
358
367
378
380
382
377
388
398
404
410
404
392
313
316
337
336
319
313
376
360
337
330
330
344
Foods
(20).
Other
goods.
1918.
February. .
March
April
May
. ... .. ..... .
...
July
August . .
. . .
October
November
December
January
February
March
April
May
June . . . . . . . . . .
July
August.
.
. . .
. .
1919.
. . . . .
. . . . .
. .
.
. . . . . . . .
. . . .
,. * Group index numbers January-September, 1918, not available in this country.
32
JANUARY, 1920.
FEDERAL. RESERVE BULLETIN.
Group index numbers—Sweden, Official.
[1913=100.]
Raw
Vegetable Animal materials
for agrifood.
food.
culture.
Date.
1913-14
19141
1915
1916
1917
1918
Coal.
Metals.
Building
material.
Paper
pulp.
Hides
and
leather.
100
136
151
152
181
221
100
101
140
182
205
419
100
114
161
180
198
304
100
123
177
266
551
856
100
109
166
272
405
398
100
104
118
165
215
275
116
233
267
300
100
118
158
229
206
195
276
276
276
487
486
482
318
318
318
826
780
844
382
385
384
293
293
293
309
315
327
208
208
208
276
276
276
276
483
448
438
423
356
356
356
367
810
784
814
769
373
341
317
287
293
293
288
288
323
323
323
323
208
208
174
172
100
1918.
October
December
. . .
1919.
March
April
i Average for the six months ending Dec. 31,1914.
Group index numbers—Canadian Department of Labor.1
Date.
Grains
and
fodder.
Animals
Dairy
and
products,
meats.
Fruits
and
vegetables.
Other
foods.
Textiles.
Hides,
leather,
etc.
Metals.
Building
Fuel
Imple- materials,
and
ments.
etc.
lighting.
Drugs
and
chemicals.
1913.
1914.
1915.
1916.
100
114
136
142
100
107
104
121
100
100
105
119
100
99
93
130
100
104
121
136
100
102
114
148
100
105
110
143
100
96
128
167
100
101
106
128
100
100
97
100
100
94
92
113
100
106
160
222
1917.
January
February
March
April
May
June
July
August
September...
October
November...
December...
174
178
185
201
222
214
216
216
207
205
222
228
138
146
149
157
171
165
163
160
163
166
169
173
157
156
145
140
143
134
136
147
149
159
160
165
196
224
241
246
269
289
258
214
250
170
220
220
154
155
156
168
195
192
187
192
189
189
192
194
165
171
177
182
189
199
205
210
212
222
233
247
174
168
161
161
173
174
169
171
170
163
163
166
177
197
202
210
222
228
230
233
233
226
220
221
153
157
157
157
159
178
184
189
188
188
187
187
105
107
109
113
115
116
123
124
124
125
128
130
153
150
161
143
151
162
194
184
190
154
158
158
228
231
238
241
243
229
232
231
239
236
243
247
1918.
January
February
March
April
May
June
July
August
September...
October
November
December...
232
242
258
251
236
227
229
227
214
227
216
207
181
184
191
198
221
210
205
199
199
198
186
171
168
171
159
157
155
155
163
165
170
179
186
190
216
221
214
215
203
224
234
217
206
199
213
195
202
203
204
210
210
214
214
220
226
227
227
250
250
255
257
264
278
283
284
287
286
291
290
160
156
156
154
173
173
173
174
177
179
179
171
217
223
226
222
237
237
238
236
235
231
230
217
189
203
210
209
206
210
212
220
224
230
231
214
131
132
143
148
148
149
150
152
153
153
154
154
159
160
161
162
163
200
205
205
206
208
210
211
255
260
256
243
242
259
259
250
244
244
244
244
1919.
January
February
March
April
May
June
July
August
September...
October
November...
198
192
199
217
231
238
240
243
232
232
240
191
191
196
209
213
213
216
215
201
180
175
191
178
171
184
181
179
186
189
193
204
221
206
188
189
198
209
221
200
210
195
178
240
223
218
219
213
213
215
218
224
227
228
230
293
281
282
284
277
274
278
277
282
289
298
171
162
162
166
202
211
235
260
256
252
252
204
189
172
162
162
161
166
171
171
165
171
229
229
229
223
223
226
226
228
231
225
232
154
155
156
153
153
158
168
170
183
188
194
209
202
199
206
192
194
194
240
233
212
210
208
197
195
196
197
198
181
1
Unimportant groups omitted.
201
201
JANUARY, 1920.
FEDERAL RESERVE BULLETIN.
In England and the United States commodities in the textile and clothing group have
risen more radically in price than other commodities, food products being in much closer
agreement with the7 general price level. In
France "materials' as a group have risen
more than foods and in Italy cereals and meats
have remained comparatively cheaper than
other commodities. The same may be said
of vegetable but not of animal food in Sweden.
In Italy minerals and metals and textiles have
risen more than other groups of commodities
and in Sweden meats have risen only less
radically than coal.
WHOLESALE PRICE STATISTICS IN OTHER FOREIGN COUNTRIES.
There are certain additional countries for
which it would be highly desirable to have
up-to-date index numbers, notably Germany,
Spain, and Argentina. The situation in Russia
is such that market quotations, if published,
would be of little significance.
So far as we are aware, no general wholesale
price index is being published currently in
Germany. Prices have been published in
the Vierteljahrshefte zur Statistik des Deutschen Reichs during the war on only a comparatively small number of commodities.
Before the war, however, over 200 price quotations were published monthly, for approximately 40 commodities. These were not
combined in an index but on the basis of these
quotations an index could be constructed
with little effort.
There is no wholesale price index published
with regularity in Spain but judging from a
preliminary survey of three leading financial
journals (Espana economica y financiera, El
financiero, Semana financiera), it seems likely
that prices of certain groups of commodities
may be followed fairly satisfactorily.
So far as we know, there is no wholesale
price index published in Argentina. We have
not yet made a sufficiently careful study of
the Argentinian material available in this
country to know how feasible it will be to
study prices there.
Before the war the Russian Ministry of Commerce and Industry published a wholesale
price index annually, based on 66 commodities, practically unweighted. To judge of the
representativeness of the list would require an
intimate knowledge of Russian economical development such as we do not possess. By far
the largest number of commodities are quoted
33
in the unmanufactured state, but this is probably due to the comparatively undeveloped
condition of Russian industry. We have no
recent information regarding this index.
As regards the smaller countries of Europe,
with the exception of Holland, wholesale price
indexes are either not available at all or available on an annual basis only. In Belgium
there is no wholesale price index published with
regularity. The same situation exists in Spain
and Norway. In Denmark the State Statistical Bureau publishes an annual index based
on the import and export values of 38 commodities, weighted, so far as we can judge, on
the basis of consumption. The Netherlands
Statistical Office publishes monthly separate
index numbers for 14 commodities, but no general index number has been compiled.
The Japanese Department of Agriculture
and Commerce publishes an index number
consisting of approximately 65 commodities,
weighted roughly by allowing more than one
quotation to important commodities. No statement is made as to the method of obtaining
quotations. Both raw and manufactured articles are included in the list, although the
predominance is given to raw materials.
PLANS FOR ADDITIONAL INTERNATIONAL PRICE
STUDIES.
When the Federal Reserve Board first authorized the study of foreign prices, it was with
a view to constructing an international index
of prices for the leading countries of Europe
and the United States.
It was thought at that time that a group of
commodities could be found which would serve
as a pattern for a matched index for the leading industrial countries of the world, the idea
being that the leading countries of Europe and
America were similar enough for prices of one
list of commodities to represent their different
price levels with fair accuracy. Because of the
extreme difficulty of obtaining price material
for most of the foreign countries it was thought
necessary to limit this list to what might be
called basic commodities and a few leading
manufactured materials. Accordingly a list
was prepared of 65 of the most important commodities in American industrial life. An effort
was then made to find quotations for similar
commodities in the leading European countries. At the same time the American index
was computed on this basis, and also a British
index as closely matched as possible. As a result of this study it was concluded that the
34
FEDERAL RESERVE BULLETIN.
method has serious theoretical drawbacks and
that from a strictly practical point of view it
is impossible of satisfactory execution with the
price material available in this country. The
most serious objection to such a method lies in
the fact that no index can be constructed
which will adequately measure the wholesale
price level of a group of countries. Even
countries which appear to be of practically the
same general industrial development differ
often very greatly in separate branches. For
instance, corn is a commodity of enormous importance in the economic life of the United
States, whereas it is of relatively small importance abroad. Countries whose industrial development is as similar as that of England,
France, and Germany differ greatly as to the
importance of basic commodities in their individual cases. Differences become much greater
when countries of widely different development are included in the comparison.
Considered from a practical point of view, it
was found impossible to match a considerable
number of commodities in every country
studied. Even in the case of England, for
which we have a larger quantity of price
material than for any other country, prices for
several commodities could not be found.
A careful study of the results of the experiment with the matched index for the United
States and England leads to the conclusion
that it formed no better basis for comparison of
prices in the two countries than the indexes of
the Bureau of Labor Statistics and the Statist.
The matched index for England was somewhat
superior to the Statist in that it contained
prices on a larger
number of manufactured
articles. It w a s impossible to obtain expert
advice regarding the reliability of the price
quotations used, however, or the market information necessary for the construction of a
matched index. The matched index for the
United States was obviously not so good as the
index of the Bureau of Labor Statistics as a
general wholesale price index since less inclusive|and therefore less representative.
It was decided therefore that if general
wholesale price levels in several countries were
to be compared, it would be necessary to con-
JANUARY,
1920.
struct general price indexes for each of those
countries. These indexes would obviously not
consist of matched commodities, since every
country differs from every other as regards the
comparative importance of commodities in its
industrial life, but would be constructed so as to
represent the industrial characteristics of the
respective countries. In other words, in countries of high industrial development it would be
necessary to have prices of manufactured commodities included in the index; in countries of
agricultural importance farm products would
be emphasized, etc.
The survey of foreign price statistics showed
that it would be impossible with the material
available in this country to construct large
general wholesale price indexes based upon the
prices of manufactured goods as well as raw
materials. At the same time it was apparent
that with the use of a comparatively small
number of quotations certain interesting and
important economic problems could be studied
currently in the case of a few of the leading
countries at least. Experiments were therefore made with the classification of commodities into goods produced, imported, and exported for the United States and England
which gave rather interesting results.
At the same time the opinions of certain
leading economists in this field were obtained
regarding the value of the matched index as
compared with the representative commodity
index as a basis for international price comparisons. The question of the advisability of
the Federal Reserve Board's constructing a
new type of index adapted to the study of
business conditions, as well as the general price
level, was also put to them. The classification
of goods into those produced, imported, exported, and consumed was tentatively mentioned. There appears to be a difference of
opinion regarding the value of the matched as
compared with the representative commodity
index, but considerable interest was shown in
the idea of a new index and several valuable
suggestions were received. The Board has
these suggestions under consideration and will
announce its plan for future international price
studies as soon as it is completed.
JANUARY, 1920.
FEDERAIi RESERVE BULLETIN.
35
GOLD POLICY AND FOREIGN COMMERCE serves were the result largely of payment by
OF THE SCANDINAVIAN COUNTRIES, belligerents for goods purchased in Sweden.
1914-1919.
A situation developed which has few, if any,
SCANDINAVIAN MONETARY UNION.
Sweden, Norway, and Denmark formed in
1873 what is known as the Scandinavian
Monetary Union, by the terms of which the
coins of each country were made legal tender
in all the three countries. The standard coins,
of the face value of 20 and 10 kroner, contain
jj% and -j^g- of a kilogram of fine gold, respectively, and the Governments of the three
countries were bound by the treaty to purchase
gold from any person offering it" at the fixed
price of 2,480 kroner per kilogram, less a
mintage charge of one-half per cent on the
10-kroner piece and one-quarter per cent on
the 20-kroner piece. Expressed in American
units, the 10-kroner coin contains 62.2258
grains of pure gold and is worth $2.6799, the
mint value of a Scandinavian krona thus being
26.8 cents. Silver coins and subsidiary coins
of the signatory powers are also legal tender
throughout the Union territory up to amounts
limited by the treaty, but bank notes are not
legal tender outside of the country of issue.
Since the monetary policies adopted by Sweden were followed by the other two countries,
the following discussion deals with Sweden in
more detail than with Norway or Denmark.
SUSPENSION OF GOLD PAYMENTS AND OF GOLD
PURCHASES.
At the outbreak of the Great War the authorities of the Bank of Sweden, alarmed by the
public's demand for gold and fearing that the
bank's reserves might become impaired by
large withdrawals of gold, submitted to the
legislature an amendment to the bank act
which permits the King and the Parliament
together, or when the Parliament is not in
session, the King alone, to release the bank for
a fixed period from the obligation to redeem its
notes in gold on demand. Suspension of gold
payments was sanctioned by royal order from
May 11, 1915, to October 1 of the same year
and was then extended to February 4, 1916.
In the meantime the gold situation underwent
a radical change and on January 3, 1916, the
bank resumed gold payments.
During 1916 the gold holdings of the bank
showed continuous and marked increases.
From 142 millions in January they rose to 161
millions in February and to 184 millions in
December. These additions to the gold re-
precedents in the financial history of the worla,
A continuous stream of gold was pouring into
the coffers of the Bank of Sweden, as it was
under legal obligation to accept all this gold
at its mint value. The bank had only two
alternatives in dealing with the situation
under the laws in force at the time—either
to issue notes in return for all the gold
and therebv increase the circulation of the
country witnout reference to commercial needs,
or to dispose of some of its earning assets and
pay for the gold by notes thus obtained. The
issue of notes in payment for gold would add
nothing to the bank's earnings, since gold in
vault under these circumstances would be a
"dead" asset. Even less desirable appeared
the sale of the bank's assets, as that policy
would gradually transform it into a mere gold
deposit vault with no earning power whatever.
Swedish economists, confronted with this novel
situation of a country with too much gold,
reached the conclusion that, just as Swedish
merchants would not accept the goods of any
country except at the market price, neither
should the bank accept gold on any other
terms. Sweden needed goods, not gold, and
if she could cause the outside world, especially
England, to pay for purchases in Sweden by
merchandise rather than gold, the country at
large as well as the bank would be benefited.
In view of these considerations, the bank
sponsored another modification of its organic
act, by which the King and the Parliament, or
the Eang alone, when the Parliament is not
in session, is authorized to suspend for a
fixed period the bank's obligation to purchase
gold in bars at the mint price; also to suspend
the provisions of both the bank and mint acts
according to which the bank as well as the
mint were bound
to pay gold coins for all gold
bars tendered.1 This bill became law on
February 8,1916, and was to continue in operation to February 4, 1917, but has since been
extended and is still in force. The order suspending gold purchases was issued xm February
8, 1916, and the order suspending the free
coinage of gold on April 28 of the same year.
At this point Sweden's gold policy came
into conflict with the terms of the Scandinavian Monetary Union by which the three
signatory powers had bound themselves to
treat each other's gold coin as legal tender.
i For text of this bill see FEDEBAL RESERVE BULLETIN for May, 1918,
p.378.
36
FEDERAL RESERVE BULLETIN.
I t was, therefore, necessary, before the suspension of gold purchases would become
effective, to have Denmark and Norway
adopt the same policy as that pursued by
Sweden. At Sweden's request, after a conference of delegates of the three countries in
Gothenburg on February 23 and 24, Denmark
adopted this course on March 17, and Norway
at about the same time.
To recapitulate: The Bank of Sweden up to
the outbreak of the war was prepared to
redeem all its notes in gold and to purchase
whatever gold was offered at a fixed price.
The practical result of the amendments to the
bank and mint acts permitting the suspension
of these functions m case of need is that
Sweden in reality is prepared to redeem her
notes in gold only so long as no great amount
of notes is presented for redemption, and is
ready to purchase gold at a fixed price only so
long as no large amount of gold is tendered.
It may be noted that the bank was not
prohibited from purchasing gold, but simply
released from the obligation of purchasing it
at a fixed price, and as a matter of fact purchases at a discount were made by the bank,
although its operations in this line were not
on so large a scale as those of the Bank of Spain
(see FEDERAL RESERVE BULLETIN for November, 1919, p. 1039). A measure of these gold
purchases is afforded by the growth of the
bank's gold holdings, which increased from 125
millions at the end of 1915 to 286 millions at
the end of 1918. Possession of this gold,
however, did not enable Sweden to secure
from the belligerents the merchandise of
which she stood in need, for gold had temporarily lost much of its purchasing power in
the international market. If, indeed, Sweden's
purpose in refusing to accept gold at par was
primarily to induce England and other belligerents to pay for their purchases in goods, the
policy was not a success, as goods could not
be had at any price. As a matter of fact,
imports of merchandise from England to
Sweden declined from 214 million kronor in
1915, to 164 millions in 1916, and to 65 millions
in 1917.
In its practical operation the suspension of
the purchase of gold by the Scandinavian
banks amounts to a temporary annullment of
the essential feature of their Monetary Union,
namely, the free circulation of all Scandinavian
money throughout the Union territory. As a
result, intra-Scandinavian trade balances must
be settled by bills of exchange, and the currencies of the three countries, instead of being
JANUARY,
1920.
interchangeable as was the case while the
Monetary Union was in operation, have fluctuated in accordance with their respective trade
balances. Thus, the Swedish krona has been
at a premium in Norway and Denmark during
most of the period under review owing to
Sweden's more favorable trade balance with
the European belligerent countries.
FOREIGN TRADE AND FOREIGN EXCHANGE.
In prewar years Sweden ordinarily imported
more goods than she exported. Her exports
consisted largely of timber, wood pulp, iron,
and other raw materials, while her principal
imports were food, textiles, and coal. The
two principal countries with which Sweden
traded were Germany and Great Britain.
Import and export figures for Sweden are
available to the end of the calendar year 1917.
It will be seen from the table on page 39 that
Sweden continuously exported more goods to
Great Britain than she imported from that
country. I t will also be noted, however,
that tne excess of exports to Great Britain
increased decidedly as the war progressed.
During the year 1916 the exports were twice
as large as the imports and during the year
1917 more than 3£ times as large. The table
on page 42 and the chart on page 40 show
fluctuations of exchange quotations in Stockholm. At the outbreak of the war the pound
sterling was quoted in Stockholm slightly
above par and rose somewhat during the
following months, while gold payments were
received from England for merchandise purchased in Sweden. This rise continued until
March, 1915. From that time on, as the
blockade of Germany became more effective
and communication more hazardous, also as
England's needs became more acute and as
she restricted gold payments, the rates for
sterling began to decline. By the end of
1915 the pound was quoted at more than 3
per cent discount and by the end of 1916 at
more than 7 per cent discount. The decline
continued until November 7, 1917, whenfit
reached its lowest level, the discount during
that month exceeding 28 per cent. From
that time the rate advanced again with fluctuations, the more rapid advance taking place
since the signing of the armistice in November,
1918. During December oi the present year
the British pound has been quoted at Stockholm above par.
Trade balances alone are not sufficient,
however, to explain the changes in the value of
JANUARY, 1920.
the British pound at Stockholm. Another f actor is found in the toll collected by Sweden
for the use of her ships. Sweden's earnings
from foreign shipping, which were about 120
million kronor annually before the war, increased to 242 millions in 1915 and to 416
millions in 1916, while in 1917 they amounted
to 229 millions. England alone incurred a
bill for shipping amounting to 130 million
kronor in 1916. As in the case of other neutrals, part of the claims on foreign countries
was used by Sweden to repurchase a large
amount of home securities owned abroad.
During the period from July 1, 1914, to December 31, 1917, about 343 millions of Swedish
securities were repatriated, about 76 millions
of which came from England. While the
income from the carrying trade operated to
enhance Sweden's favorable trade balance, her
purchases of securities held abroad were an
offset againt her net exports of merchandise.
Sweden before the war was a heavy importer
from Germany, having an unfavorable balance
of trade amounting to about 100 million kronor a year. Beginning with 1915, however,
this balance changed in Sweden's favor. At
the same time Germany contributed to the
earnings of the Swedish merchant marine, and,
on the other hand, returned about 179 million
kronor of Swedish securities. Mark quotations in Stockholm declined practically without a break from the beginning of the war until
October, 1917, then rallied somewhat as the
chances of a negotiated peace appeared brighter, only to decline again with the turning of
the tide in favor of the Allies in June, 1918.
From that time German exchange declined
very rapidly, stood at about 41 per cent below
par in November, 1918, when the armistice was
signed, and continued to fall, reaching in
November of this year the level of 85.4 per
cent below par.
Throughout the war Sweden purchased
more from the United States than she sold to
this country, the amount of Sweden's unfavorable balance increasing very decidedly as
the war progressed. At the same time, American exchange was below par at Stockholm
for the reason that sterling exchange in New
York was "pegged" at about 2 per cent below
par.1 Examination of the table of foreign
exchanges on page 42 and of the chart on page
40 shows that dollar exchange in Stockholm
remained with remarkable constancy about
2 per cent above sterling until March, 1919,
i For discussion of the effect of pegging on dollar exchange see F E D EEAL RESEEVE BULLETIN for November, 1919, p.
37
FEDERAL, RESERVE BULLETIN.
1038.
when Great Britain ceased to support her
exchange in New York. As a result the
dollar immediately rose above par and has
remained so since that time. During November American exchange has been quoted
in Stockholm at as much as 18 per cent premium, a condition which causes serious concern to Sweden's importers and to American
exporters.
Norway's foreign commerce and exchange
rates are shown in the tables on page 39 and
page 43. In the case of Norway earnings
from the foreign carrying trade are an even
more important factor than in the case of
Sweden. The following statement shows those
earnings for the years 1911 to 1917 J
Year.
1911
1912
1913
1914
1915
1916
1917
.
.
Tonnage
carried
(1,000
tons).
1,171
1,261
1,329
1,379
1,413
1,422
1,129
Earnings
(1,000
kroner).
161,086
188,440
218,619
211,478
474,525
1,062,662
1,107,177
From earnings averaging about 200 million
kroner during the years 1911 to 1914 Norway's receipts from this source rose to 475
millions in 1915, to 1,063 millions in 1916, and
to 1,107 millions in 1917. I t will be noted
that during 1917 Norway's total imports
were about 1,661 millions and her exports 791
millions, so that she had an unfavorable trade
balance of about 900 millions. This balance,
however, was more than offset by her earnings
in the carrying trade. It will also be noted
that the actual amounts carried did not increase materially and that the large returns
were due to the enormous increase in rates. It
is to be remembered, of course, that the extra hazardous nature of navigation in the submarineinfested waters necessitated large advances in
freight rates. Nevertheless the increase in
these rates is startling: Thus, for example,
the rate per ton from the east coast of Great
Britain to the eastern ports of Norway quoted
at 4.6 kroner in January, 1914, advanced to
8.10 kroner in August and to 11.4 kroner by
the end of the year. In 1915 the advance
continued and at the end of that year the rate
per ton was 18.7 kroner per ton. By the end
of 1916 it was 45.5 kroner, while in 1917 the
increase was nothing short of spectacular, as
in June of that year it reached 260 kroner per
ton. During the next three or four months,
38
which are the latest for which information is
available, the rates declined somewhat and in
September of that year were 205 kroner per ton.
Thus Norway, not being in a position to
export as much merchandise as Sweden and
bemg greatly in need of outside supplies, had
an unfavorable merchandise balance even
during the war years, but the earnings of her
merchant marine considerably more than
offset her excess of imports and her true international balance was decidedly favorable.
Denmark, being situated in greater proximity to belligerent Europe and having less
immediate access to the northern sea where
ocean communication was possible with much
less danger from mines and submarines, was
not able to do so great a business with Great
Britain during the war as in previous years
(see tables on pages 39 and 44). Her trade
balance with Great Britain was favorable
until 1916 but was against her in 1917. British exchange consequently never fell so low
in Denmark as in Sweden, the lowest point
being reached in November, 1917, when the
pound was at about 19 per cent discount.
It rallied soon thereafter, however, reached
par early in 1919, and has been considerably
above par since that time,-the latest quotations being approximately 10 per cent above
par. Denmark's largest exports during the
war were to Germany: from about 300 million
kroner during 1914 her exports to that country
increased to 487 millions in 1915 and to 691
millions in 1916. During 1917, doubtless as
a result of allied pressure, the exports fell to
488 millions. At the same time Denmark's
imports from Germany were considerably
lower than before the war. Consequently
German exchange in Copenhagen fell below
ar and continued to decline as her trade
alance with Denmark became increasingly
unfavorable. The German mark was quoted
in Copenhagen at a 50 per cent discount in
October, 1917, then rallied temporarily, only
to decline again, and reached a level of about
83 per cent below par in November of this
year.
Denmark, as the other Scandinavian countries, shows considerable earnings from her
carrying trade, her income from this source,
which was in the neighborhood of 100 millions
a year during prewar times, being 219 millions
in 1915, 351 millions in 1916 and 330 millions
in 1917.
E
ASSETS AND LIABILITIES OF CENTRAL BANKS.
Tables are attached (pages 45 and 46)
showing the assets and liabilities of the Bank
JANUARY, 1920.
FEDERAL RESERVE BULLETIN.
of Sweden (Sveriges Riksbank), the Bank of
Norway (Norges Bank), and the National
Bank at Copenhagen (Nationalbanken in
Kj0benhavn).
These banks have a monopoly of note issue
in their respective countries, the Bank of
Sweden being owned by the Government (or
rather the houses of Parliament), while the
Banks of Norway and of Denmark are privately owned but under Government supervision and sharing their profits with the
Government.
It will be noted that the gold holdings of the
Bank of Sweden increased from 109 million
kronor at the end of 1914 to 286 millions at
the end of 1918; the bank's holdings of bills
payable in Sweden were much lower at the end
of 1915 and 1916 than at the end of 1914,
when they amounted to 175 millions, while
at the end of 1918 they had increased to 280
millions. Holdings of bills payable abroad
increased from 43 millions in 1914 to 91
millions in 1915, and 122 millions in 1916, but
declined to 110 millions in 1917 and to 70
millions in 1918. Advances, other than in
current account, largely on securities, show a
rapid growth from 53 millions at the end of
1916 to 181 millions at the end of 1918. On
the liability side an expansion of note circulation from 304 millions in 1914 to 814 millions
in 1918 is noted, while deposits increased from
108 millions in 1914 to 197 millions in 1917,
but declined to 141 millions in 1918.
The Bank of Norway, for the period from
December 31, 1914, to December 31, 1918,
reports increases in gold reserves from 38 to
122 million kroner; in domestic discounts
from 120 to 434 millions; in deposits from 21
to 128 millions; and in note circulation from
134 to 436 millions. The National Bank at
Copenhagen shows a growth of its gold reserves
from 79 million kroner on July 31, 1914, to
187 millions on July 31, 1919. During the
same period its deposits in current account
rose from 17 millions to 115 millions and its
note circulation from 156 to 429 millions.
LITERATUBE USED.
Sweden:
Handel, issued by the Department of Commerce, Sweden, for 19111919.
Kommercialla Meddelanden, issued by the Department of Commerce, for January, 1919.
Statistisk Arsbok, issued by the Swedish Government, for 1911-1918.
De Svenska Statsmakterna och Krigstidens Folkhushollning, for
1917-18.
Keglemente for Forvaltningen af Sverigfes Riksbank, issued by the
Swedish Government in 1907.
Sveriges Riksbank, dess Tillkomst och Verksamhet, issued by the
bank
Die Golpolitik der Bank von Schweden wahrend der Kriges, by
Albert Hahn, in Schmollers Jahrbush, 1917, second issue, p. 53.
JANUARY, 1920.
39
FEDERAL. RESERVE BULLETIN.
Sweden—Continued.
Norway's trade balance with principal countries for the years
Affarsverlden, Stockholm, for January-November, 1919.
1912-1917 {in 1,000 kroner).
Goteborgs Handels=och Sjofarts=Tidning (daily) Gothenburg,
June-November, 1919.
Sveriges Riksbanks Arsbok, for 1911-1918.
1916
1917
1912
1913
1914
1915
Countries.
Sveriges Skepsfart, Government report, 1918.
Gold after the war in relation to inflation and the foreign exchanges, Germany:
by K. Wiksell, in the Economic Journal, December, 1918, p. 409.
Imports
167,956176,065151,299 155,218 176,471
156,483
Exports
75,019 67,228 76,167 192,716 291,777
150,133
The depreciation of gold, by G. Cassel, in the Econlomic Journal
Great
Britain:
September, 1917, p. 346.
Imports
147,995146,244159,186 253,584 374,007 430,696
The Scandinavian gold policy, by K. Wiksell, in the Economic
Exports
94,832 98,647105,707 187,672 274,428 301,893
France:
Journal, September, 1916, p. 313.
Imports
15,075 11,719 10,587
13,853 23,349 30,997
The present situation of the foreign exchanges, by G. Cassel, in the
Exports
27,590
14,687 14,223 10,034
79,099
81,584
Economic Journal, March, 1916, p. 62.
United States:
33,807 39,201 73,060 183,627 337,998 551,397
Imports
Denmark:
33,432 30,222 44,864
33,154
32,387 22,438
Exports
Danmarks Vareindforsel-og Udforsel, issued by the Department Sweden:
of Statistics, 1911-1917.
35,332 46,328 46,937
75,166 132,441 162,275
Imports
68,350 55,877
21,443 26,440 34,681 67,464
Exports
Statistisk Aarbog, issued by the Government, 1911-1918.
Handelsberetning, issued by the Wholesale Dealers' Association, Denmark:
26,996 28,347 29,400
33,351 69,140 104,476
Imports
1915-16.
8,440 9,158 18,398 30,337
40,538 19,801
Exports
Other countries:
Nationalbanken i Kjobenhavn Regnskab, 1911-1919.
224,984
98,574104,317
153,169
240,259
Imports
Finanstidende, Copenhagen, March-November, 1919.
Exports
87,819 146,713120; 171 137,827 201,754 159,646
Lovtidende, July 13, 1908, Copenhagen.
Total imports 525,735 552,321567,277 867, 9681,353,6651,661,308
Politiken (daily), Copenhagen, January-March, 1919.
791,372
Total exports. 335,672 392,631410,022 676,760
Norway:
Handel, issued by the Government, 1911-1917.
Statistiske Meddelelser, issued by the Government, 1914-1915 and
Denmark1 s trade balance with principal countries for the years
January-June, 1919.
1912-1917 (in 1,000 kroner).
Aarbok, issued by the Exchange at Bergen, Norway, 1916-1918.
Les Lois de la Banque de Norvege, Christiania, 1909.
Statistisk Aarbok, issued by the Government, 1911-1918.
1912
1915
1916
1917
1914
1913
Countries.
Aftenposten (daily), Christiania, August-November, 1919.
Norges Skibsfart, Government report for 1917.
See also FEDERAL RESERVE BULLETIN, 1918, pp. 379-384.
Germany:
314,
Imports
328,308 264,653 200,380 265,067 237,181
178,737 301,424 486,701 690,900 488,415
Exports
18lJ
Sweden's trade balance with principal countries for the years Great
Britain:
1912-1917 (in 1,000 kronor).
134,561145,137 253,435 336,518 283,814
Imports
135,
Exports
373, 079 410,338 431 — 385,114 351,456 264,577
France:
13,291 19,775 13,524
20,935 17,512
19,
Imports
1917
1912
1916
1914
1915
1913
Countries.
1,767
3,342 6,415
5,511
1,896
Exports
United States:
1,354
86,979 84,292 313,742 311,061 214,139
Imports
Germany:
12,694 9,397 4,052
Exports
1,439
7,853 11,661
273,860 289, 900 238,550 251,500 420,173 288,228 Sweden:
Imports
486,415 437,532 352,050
170,930179,080174;',840
Exports
71,104 83,097 92,805 117,130 137,150
Imports
Great Britain:
67,772 63,280 113,245
Exports
34,083 37,960
33,
188,950 206,820183,810 213,527 164,416 65,080 Norway:
Imports
222,
~ — 329,550 320,052 216,123
Exports
8,755 17,475 28,450 39,815 30,687
Imports
France:
19,300 22,843 32,138 55,977 72,705
Exports
18,
33,170 35,280 28,880
23,796 23,562 15,706 Other countries:
Imports
96,593 63,786
53,230 66,260 32,688 31,476
Exports
362,
380,858183,1,062 255,221 268,034 165,965
Imports
United States:
242,447 55,538 139,333 136,111 119,567
223,
Exports
60,460 76,580 78,076 321,865 213,936 96,122
Imports
32,150 34,400 41,208 33,751 75,395 50,428
Exports
200 1,031,500 795,2281,157,324 1,357,4001,082,460
Total imports...
Norway:
8001 896,100 867,446 1,129,263 1,308,888 1,064,457
Total e x p o r t s . . .
23,680 25,930 29,036 50,489 61,139 51,667
Imports
42,910 54,030
76,206 115,384 162,713
Exports
Denmark:
49,640 53,680 51,648 69,766 79,590 113,423
Imports
67,480 70,650 72,850 80,395 93,844 112,777
Exports
Other countries:
153,130158,350116.»,910 211,567 175,744 128,384
Imports
170,970175, 040 143,562 278,567 417,580 391,674
Exports
Total imports... 782,890 846,540 726,9101,142,510 1,138,560 758,610
Total exports... 760,470 817,340 772,350 1,316,360 1,556,3801,349,55 k
LIU,
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I8
MOVEMEHTOTFOREIGNEXCHANGE RATES ATSTOCKHOLM.
ntwroRK
Lonpon
FARIS
BCHUH-
s
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I
MOVEMENT OETOREIGN EXCHANGE RATES AT COPENHAGEN
.......... NEWYORK
-
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PARIS
HAMBUR6•
• ••
%
B
W
42
FEDERAL RESERVE BULLETIN.
JANUARY,
1920.
Monthly high and low rates of exchange in Stockholm on principal foreign countries: 1914-1919.
[Par: 1£—18.1595 kronor; 100 francs—72 kronor; 1 dollar-3.7314 kronor; 100 Reichsmarken—88.8888 kronor.]
Exchange on—
Month and year.
London (par 18.16).
Paris (par 72).
Percentage of par (based on high rate).
New York (par 373). Berlin (par 88.89).
London.
High.
1914.
Jjjjy
1915.
April
May
July
1916.
May
J U ly
1917.
February
March
April
May
July
October
1918.
February
April
May
June
July
August
SpDtember
October
.......
....
December
1919.
February
March .
April
May
June
July
August
October
November
...
Low.
High.
Low.
High.
18.33
18.40
18.80
18.95
19.10
19.20
18.24
18.35
18.45
18.80
18.95
19.15
72.90
74.50
74.50
75.50
77.00
77.50
72.50
73.00
73.00
74.50
75.50
77.00
19.35
19.45
19.50
19.05
18.52
18.20
18.50
18.30
18.13
18.06
17.50
17.60
19.20
19.40
19.10
18.50
18.25
18.10
18.15
18.15
18.07
17.50
16.83
16.45
77.50
78.00
78.00
75.25
73.00
71.00
70.50
68.25
67.00
66.50
63.75
64.50
77.30
77.30
75.50
73.00
71.00
68.50
67.75
65.75
65.00
63.00
61.00
59.70
400.00
407.00
408.00
397.00
386.00
381.00
389.00
390.00
395.00
382.00
379.00
372.00
17.45
17.37
16.95
16.47
15.75
16.85
16.95
16.80
17.05
16.85
16.87
16.77
17.00
16.88
16.52
15.75
15.35
15.85
16.35
16.65
16.65
16.72
16.75
16.12
62.80
62.10
60.50
58.00
51.10
60.00
60.35
60.00
61.25
60.75
60.85
60.50
61.25
60.25
58.10
55.50
54.35
56.00
58.25
59.10
59.75'
60.50
60.50
58.25
16.25
16.18
16.50
16.35
15.98
15.85
15.58
14.50
14.16
13.55
13.00
14.50
16.07
16.11
15.80
15.65
15.80
15.61
14.30
14.00
13.70
11.55
11.00
13.25
58.75
58.50
58.25
60.50
58.85
58.25
57.30
53.00
51.75
49.25
47.50
53.50
14.50
14.85
15.00
14.20
14.15
14.00
13.55
13.85
15.00
16.85
17.10
16.72
13.95
14.20
13.98
13.80
13.75
13.42
13.29
13.20
14.03
15.10
16.65
16.20
17.00
16.98
17.13
17.49
18.40
18.20
17.78
17.55
17.27
17.47
19.90
16.28
16.87
16.89
17.08
17.49
17.72
17.59
17.20
16.85
17.13
17.53
Low.
High.
Paris.
Low.
New
York.
Berlin.
89.10
89.25
89.30
89.00
85.00
88.50
89.00
89.15
89.10
85.75
84.50
85.25
100.93
101.32
103.52
104.35
105.17
105.72
101.25
103.47
103.47
104.86
106.94
107.64
398.00
400.00
398.00
386.00
381.00
378.00
380.00
384.00
381.00
379.00
359.00
350.00
87.75
87.40
84.75
82.00
80.00
78.60
80.50
78.70
79.75
79.10
77.25
72.00
87.25
84.00
82.00
79.00
78.20
77.10
77.00
78.30
78.55
77.10
71.30
68.25
106.55
107.10
107.37
104.90
101.98
100.22
101.87
100.77
99.83
99.44
96.36
96.91
107.64
108.33
108.33
104.51
101.39
98.61
97.92
94.79
93.06
92.36
88.54
89.58
107.24
109.12
109.38
106.43
103.49
102.14
104.29
104.56
105.90
102.41
101.61
99.73
98.72
98.32
95.34
92.25
90.00
88.42
90.56
88.54
89.72
88.99
86.91
81.00
366.00
364.00
356.00
348.00
338.00
349.00
358.00
355.00
361.00
357.00
357.00
354.00
358.00
352.00
349.00
334.00
327.00
335.00
352.00
351.00
353.00
353.00
354.00
343.00
69.30
66.65
64.35
63.00
62.50
63.25
64.10
63.10
62.75
62.10
61.60
58.75
66.75
64.55
61.60
60.80
61.25
62.00
63.00
62.00
62.00
61.75
59.25
55.00
96.09
95.64
93.33
90.69
86.72
92.78
93.33
92.51
93.88
92.78
92.89
92.34
87.22
86.25
84.03
80.56
70.97
83.33
83.82
83.33
85.07
84.38
84.51
84.03
98.12
97.59
95.44
93.30
90.62
93.57
95.98
95.17
96.78
95.71
95.71
94.91
77.96
74.98
72.39
70.87
70.31
71.16
72.11
70.99
70.59
69.86
69.30
66.09
58.05
58.00
57.00
57.00
58.15
57.30
52.50
51.25
49.65
42.55
40.25
47.00
344.00
341.00
341.00
343.00
336.00
334.00
329.00
305.00
299.00
285.00
275.00
308.00
340.00
340.00
334.00
331.00
334.00
329.00
302.00
297.00
288.00
245.00
234.00
280.00
57.50
57.25
57.75
53.00
51.65
50.50
47.00
43.25
41.65
39.75
45.00
59.50
56.75
56.00
53.00
51.25
50.50
44.50
43.00
41.65
40.25
34.00
33.00
50.00
89.48
89.09
90.85
90.03
87.99
87.27
85.79
79.84
77.97
74.61
71.58
79.84
81.60
81.25
80.90
84.03
81.74
80.90
79.58
73.61
71.88
68.40
65.97
74.31
92.23
91.42
91.42
91.96
90.08
89.54
88.20
81.77
80.16
76.41
73.73
82.57
64.68
64.40
64.96
59.62
58.11
56.81
52.87
48.66
46.86
44.72
50.62
66.94
53.25
55.00
55.25
52.50
52.25
51.75
50.00
53.75
58.00
64.50
66.00
64.50
51.50
52.50
51.00
51.00
51.00
49.50
49.00
48.75
53.70
58.00
64.25
62.30
307.00
312.00
316.00
301.00
300.00
296.00
287.00
292.00
320.00
355.00
362.00
354.00
297.00
300.00
297.00
292.00
290.00
284.00
280.00
278.00
296.00
318.00
350.00
342.00
62.00
62.50
63.00
59.75
58.75
57.75
51.00
47.50
50.00
59.50
52.50
44.75
55.00
55.00
55.00
57.00
57.00
49.25
47.00
45.00
45.00
47.50
44.75
38.00
79.84
81.77
82.59
78.19
77.91
77.09
74.61
76.26
82.59
92.78
94.16
92.07
73.96
76.39
76.74
72.92
72.57
71.88
69.44
74.65
80.56
89.58
91.67
89.58
82.31
83.65
84.72
80.70
80.43
79.36
76.94
78.28
85.79
95.17
97.05
94.91
69.75
70.31
70.87
67.22
66.09
64.97
57.37
53.44
56.25
66.94
59.06
50.34
65.50
65.50
65.25
63.25
63.00
62.25
57.50
54.00
53.00
50.00
48.00
62.75
65.10
61.50
62.00
59.00
59.75
55.00
49.50
44.50
47.25
46.00
358.00
358.00
385.00
377.00
396.00
392.00
408.00
416.00
415.00
421.00
441.00
344.00
354.00
356.00
372.00
376.00
384.00
401.00
400.00
405.00
407.00
421.00
44.25
42.50
37.75
34.00
36.25
32.00
26.50
24.25
20.00
17.50
13.00
40.50
35.50
33.50
27.75
27.50
25.00
23.50
18.75
13.50
13.00
10.00
93.61
93.50
94.32
96.31
101.32
100.22
97.90
96.64
95.09
96.20
109.58
90.97
90.97
90.63
87.85
87.50
86.46
79.86
75.00
73.61
69.44
66.67
95.98
95.98
103.22
101.07
106.17
105.09
109.38
111.53
111.26
112.87
118.23
49.78
47.81
42.47
38.25
40.78
36. OC
29.81
27.2S
22.50
19.69
14.62
100.24
100.41
100 46
100.12
95.62
99 56
JANUARY, 1920.
43
FEDERAL RESERVE BULLETIN.
Monthly high and low rates of exchange in Christiania on principal foreign countries, 1914-1919.
[Par: 1 £-18.1595kroner; 100 francs-72 kroner; 1 dollar-3.7314kroner; 100 Reichsmarken-88.8888kroner; 1florin-149.99kroner.]
Exchange on—
Month and year.
London
(par 18.16).
Paris
(par 72).
New York
(par 373).
Percentage of par (based on high rate).
Berlin
(par 88.89).
Amsterdam
(par 149.99).
London Paris.
High.
1914.
July
August
September
October
November
December
1915.
January
February...
March
April
May
June
July
August
September..
October
November..
December...
1916.
January
February...
March
April
May
June
July
August
September..
October
November..
December...
1917.
January
February...
March
April
May
June
July
August
September..
October
November..
December...
1918.
January
February...
March
April
May
June
July
August
September..
October
November..
December...
1919.
January
February...
March
April
May
June
July
August
September..
October
November..
Low,
High.
Low,
High.
Low,
High.
Low
High.
Low
89.05
89.25
89.30
89.20
86.25
88.50
89.00
89.05
89.20
86.50
85.00
85.00
150.70
151.50
156.00
163.00
162.00
162.00
150.60
150.80
152.00
156.00
159.00
161.00
100.77
101.32
103.24
104.35
105.17
106.82
101.11
101.39
103.47
104.86
106.94
108.33
400.00
403.00
408.00
393.00
390.00
387.00
387.00
390.00
388.00
385.00
374.00
361.00
87.75
87.30
84.75
82.00
80.50
78.50
80.50
79.25
80.00
79.00
77.65
71.00
87.40
85.00
83.75
80.50
79.25
77.50
77.30
79.00
79.50
78.50
76.25
69.75
162.00
164.00
164.00
158.00
154.00
152.50
158.00
157.25
158.00
158.00
159.75
162.00
161.00
162.00
162.00
154.00
153.00
150.50
152.50
155.50
158.00
157.00
156.25
152.25
106.77
107.92
107.98
104.62
102.14
100.77
102.42
101.04
99.94
99.55
97.08
95.53
107.64
108.33
108.33
104.17
101.39
99.31
97.92
95.14
92.71
92.01
89.58
88.19
372.00
364.00
356.00
349.00
336.00
355.00
356.00
361.00
369.00
363.00
366.00
364.00
367.00
356.00
351.00
329.00
321.00
332.00
349.00
353.00
359.00
363.00
366.00
359.00
69.75
66.75
64.40
63.50
63.00
63.50
63.75
63.50
64.50
63.25
62.00
61.25
67.50
66.25
62.50
61.25
61.00
62.50
63.50
63.00
63.75
63.00
62.00
57.75
162.50
153.50
151.75
148.50
140.00
151.00
148.00
148.00
149.50
148.00
148.50
148.50
159.00
151.50
147.75
140.00
132.00
138.50
145.00
145.25
146.00
147.75
148.50
146.00
96.91
94.98
93.33
90.69
88.38
93.88
93.88
93.88
96.36
94.82
95.26
94.43
61. 40
61.00
57.75
58.40
59.45
59.00
58.00
56.00
55.85
49.50
48.00
51.25
363.00
361.00
346.00
347.00
340.00
340.00
339.00
329.00
327.00
318.00
302.00
312.00
359.00
355.00
336.00
339.00
340.00
339.00
335.00
326.00
324.00
284.00
279.00
292.00
61.25
60.50
55.75
54.25
52.30
50r80
49.00
46.50
46.00
44.25
45.50
61.00
60.25
58.75
53.50
53.00
52.30
45.75
47.50
46.25
45.10
41.50
41.00
52.50
147.00
146.00
140.00
142.50
140.25
140.60
140.00
137.75
137.75
137.00
131.00
136.50
146.00
143. 75
137.00
137.50
140.25
140.40
138.50
136.00
136.00
128.00
122.00
127.50
54.75
57.00
56.25
55.75
56.50
55.75
55.75
59.00
61.00
67.00
67.25
66.00
53.50
54.25
54.00
55.25
55.25
55.50
55.25
55.25
59.00
63.00
66.00
65.00
313.00
324.00
322.00
318.00
324.00
317.00
317.00
319.00
333.00
364.00
366.00
358.00
305.00
310.00
306.00
317.00
314.00
316.00
315.00
313.00
322.00
345.00
358.00
352.00
65.00
63.00
63.50
63.00
62.00
57.00
53.25
53.00
62.00
54.00
45.00
57.75
57.25
57.25
62.25
62.25
55.00
52.75
51.00
49.00
53.00
47.00
39.00
135.00
147.50
148.25
152.00
160.50
161.75
165.00
165.50
157.50
156.50
155.25
152.50
66.70
67.00
67.05
65.00
63.00
62.25
62.00
58.00
55.00
52.25
49.50
65.50
67.00
66.85
64.50
62.50
62.00
57.50
53.00
46.00
48.75
47.25
364.00
366.00
373.00
390.00
398.00
401.00
435.00
445.00
439.00
440.00
465.00
357.00
366.00
368.00
390.00
389.00
393.00
401.00
422.00
424.00
431.00
440.00
45.50
41.50
38.50
35.50
30.50
31.00
30.00
25.50
20.15
18.75
13.00
43.00 151.75
41.50 150.75
37.00 153.00
30.50 156.75
29.00 157.25
26.00 156.50
24.20 160.75
19.50 162.50
14.00 163.50
14.50 167.25
10.00 171.75
18.30
18.40
18.75
18.95
19.10
19.40
18.25
18.33
18.50
18.75
18.95
19.20
72.80
73.00
74.50
75.50
77.00
78.00
72.50
72.90
73.00
74.50
75.50
77.00
19.39
19.60
19.61
19.00
18.55
18.30
18.60
18.35
18.15
18.08
17.63
17.35
19.33
19.40
19.50
18.60
18.35
18.14
18.15
18.24
18.10
17.95
17.30
17.00
77.50
78.00
78.00
75.00
73.00
71.50
70.50
68.50
66.75
66.25
64.50
63.50
77.10
77.25
77.50
73.25
71.75
70.00
69.00
66.50
66.25
65.75
63.25
62.00
403.00
410.00
410.00
398.00
390.00
388.00
395.00
395.00
399.00
388.00
384.00
372.00
17.60
17.25
16.95
16.47
16.05
17.05
17.05
17.05
17.50
17.22
17.30
17.15
17.35
16.93
16.53
15.75
15.30
15.75
16.65
16.70
17.00
17.15
17.30
16.75
63.50
61.50
60.60
58.00
57.00
61.00
60.75
60.75
62.50
62.00
62.50
61.75
62.50
60.50
58.50
55.75
54.00
56.25
59.00
59.50
61.00
62.00
62.50
60.75
17.10
17.03
16.50
16.53
16.18
16.20
16.15
15.65
15.38
15.15
14.40
15.00
17.03
16.94
16.00
17.10
16.18
16.17
15.93
15.35
15.55
13.50
12.90
13.90
61.75
61.40
59.35
61.00
59.45
59.50
59.25
56.85
56.60
54.75
52.25
55.00
14.95
15.45
15.33
15.11
*5.30
15.15
15.12
15.28
15.80
17.35
17.45
17.10
14.45
14.75
14.60
15.10
14.95
15.03
15.00
14.95
15.38
16.50
17.10
16.83
17.34
17.40
17.77
18.12
18.47
18.45
18.75
18.45
18.33
18.34
18.63
17.00
17.40
17.50
17.87
18.45
18.20
18.25
18.25
17.65
18.05
18.32
New Berlin. Amsterdam.
York.
100.18
100.40
100.46
100.34
97.03
99.56
100.47
101.01
104.01
108.67
108.01
108.01
108.04
109.92
109.92
106.70
104.56
104.02
105.90
105.90
106.97
104.02
102.95
99.73
98.71
98.21
95.34
92.24
90.56
88.31
90.56
89.15
89.99
88.87
87.35
79.87
108.01
109.34
109.34
105.34
102.67
101.67
105.34
104.84
105.34
105.34
106.51
108.01
88.19
85.42
84.17
80.56
79.17
84.72
84.38
84.38
86.81
86.11
86.81
85.76
99.73
97.59
95.44
93.57
90.08
95.17
95.44
96.78
78.46
75.09
72.44
71.43
70.87
71.43
71.71
71.43
72.56
71.15
69.74
68.90
108.34
102.34
101.17
99.01
93.34
100.67
98.67
98.67
99.67
98.67
99.01
99.01
94.16
93.77
90.85
91.02
89.09
89.20
88.93
86.17
84.69
83.42
79.29
82.59
85.76
85.28
82.43
84.72
82.57
82.64
82.29
78.96
78.61
76.04
72.57
76.39
97.32
96.78
92.76
93.03
91.15
91.15
90.88
88.20
87.67
85.25
80.97
83.65
68.90
68.06
62.71
61.03
58.83
57.14
55.12
52.31
51.74
49.78
51.18
98.01
97.34
93.34
95.01
93.51
93.74
93.34
91.84
91.84
91.34
87.34
91.01
132.25
136.00
144.00
150.00
156.50
161.00
164.00
163.00
156.00
153.00
151.50
151.50
82.32
85.07
84.41
83.20
84.25
83.42
83.25
84.14
87.00
95.53
96.09
94.16
76.04
79.17
78.13
77.43
78.47
77.43
77.43
81.94
84.72
93.06
93.40
91.67
83.91
84.99
84.99
85.52
89,28
97.59
98.12
95.98
70.87
73.12
70.87
71.43
70.87
69.74
64.12
59.90
59.62
69.74
60.74
50.62
90.01
98.34
98.84
101.34
107.01
107.84110.01
110.34
105.01
104.34
103.51
101.67
150.00
150.75
151.50
155.75
156.25
154.75
156.50
159.00
158.50
161.50
167.25
95.48
95.81
•97.85
99.77
101.70
101.59
103.24
101.59
100.93
100.99
102.64
92.64
93.06
93.13
90.28
87.50
86.46
86.11
80.56
76.39
72.57
68.75
97.59
98.12
100.00
104.56
106.70
107.51
116.62
119.30
117.69
117.96
124.66
51.18
46.68
43.31
39.93
34.31
34.87
33.74
28.68
22.66
21.09
14.62
101.17
100.51
102.01
104.51
104.84
104.34
107.17
108.34
109.01
111.51
114.51
97.32
98.12
97.59
86.33
85.25
44
JANUARY, 1920.
FEDERAL RESERVE BULLETIN.
Monthly high and low rates of exchange in Copenhagen on principal foreign countries: 1914-1919.
[Par: 1 £=» 18.1595 kroner, 100 francs=72 kroner, 1 dollar= 3.7314 kroner, 100 Reichsmarken= 88.8888 kroner.]
Percentage of par (based on high rate).
Exchange on—
Month and year.
London (par 18.16).
New York (par 373).
Paris (par 72).
Hamburg (par
88.89).
London.
High.
Low.
High.
High.
Low
Low.
High.
Paris.
New
York.
Hamburg.
Low
1914.
July
August
September...
October
November...
December...
18.33
18.37
18.65
18.90
19.10
19.20
18.24
18.35
18.40
18.70
18.90
19.20
73.30
73.70
74.00
76.00
77.00
77.50
72.50
73.00
73.00
74.50
76.00
77.50
375.50
377.00
385.00
392.00
400.00
402.00
375.50
375.50
377.00
385.00
392.00
399.00
89.15
89.20
89.20
88.95
85.00
88.25
89.05
89.15
89.00
85.25
84.00
85.50
100.93
101.15
102.69
104.07
105.17
105.72
101.81
102.36
102.78
105.56
106.95
107.64
100.67
101.07
103.22
105.09
107.24
107.77
100.29
100.34
100.34
100.06
95.62
99.28
1915.
January
February....
March
April
May
June
July
August
September...
October
November...
December...
19.30
19.50
19.50
18.85
18.52
18.16
18.65
18.33
18.20
18.16
17.45
17.90
19.20
19.30
18.95
18.45
18.20
18.10
18.15
18.20
18.10
17.60
17.15
16.90
77.50
78.50
78.50
77.50
73.25
70.50
70.75
69.00
67.00
67.00
64.00
64.00
77.50
77.50
76.00
73.50
71.00
69.25
68.50
67.50
66.50
65.25
62.25
62.00
405.00
412.00
413.00
400.00
395.00
385.00
396.00
395.00
400.00
390.00
383.00
379.00
404.00
405.00
404.00
396.00
386.00
382.00
384.00
392.00
391.00
388.00
371.00
370.00
87.35
87.10
84.75
82.00
79.60
78.50
80.40
78.65
80.10
79.60
77.00
73.35
87.00
83.90
82.25
79.50
78.00
77.10
77.20
78.30
78.80
77.50
73.00
69.00
106.27
107.37
107.37
103.79
101.98
100.00
102.69
100.93
100.22
100.00
96.09
107.64
109.03
109.03
107.64
101.74
97.92
108.58
110.46
110.72
107.24
105.90
103.22
106.17
105.90
107.24
104.56
102.68
101.61
97.98
95.34
92.24
89.54
88.31
90,44
88.48
90.11
89.54
86.62
82.51
1916.
January
February
March
April
May
June
July
August
September...
October
November...
December...
17.60
17.42
16.94
16.44
16.00
17.10
17.00
17.37
17.65
17.55
17.67
17.63
17.19
16.89
16.48
15.73
15.35
15.75
16.50
16.85
17.35
17.49
17.53
17.20
63.50
63.00
61.00
58.25
57.00
60.50
61.00
62.35
63.50
63.50
64.00
63.75
62.25
61.00
58.50
56.00
54.25
56.50
59.00
60.25
62.35
63.00
63.30
61.75
375.00
373.00
360.00
351.00
341.00
358.00
360.00
368.00
372.00.
370.00
373.00
373.00
372.00
357.00
352.00
337.00
330.00
339.00
353.00
357.00
366.00
368.00
370.00
367.00
69.50
67.00
64.30
62.75
62.35
63.25
64.00
63.90
64.50
64.10
64.25
61.50
65.00
64.50
61.50
60.70
61.00
62.00
63.00
63.70
63.70
64.00
61.00
58.25
96.91
95.92
93.28
90.52
88.10
94.16
93.61
95.64
97.19
96.64
97.30
97.08
88.19
87.50
84.72
80.90
79.17
84.03
84.72
86.60
88.19
88.19
88.54
100.54
100.00
96.51
94.10
91.42
95.98
96.51
98.66
99.73
99.20
100.00
100.00
78.18
75.37
72.33
70.59
70.14
71.15
71.99
71.88
72.56
72.11
72.28
69.18
1917.
January
February
March
April
May
June
July
August
September...
October
November. -.
December...
17.40
17.35
17.14
16.95
16.70
16.51
16.35
15.90
15.61
15.26
14.70
15.40
17.30
17.17
16.45
16.41
16.52
16.30
15.95
15.60
15.30
13.75
13.00
14.55
63.00
62.75
61.75
62.75
62.15
61.25
60.25
58.00
57.00
55.75
54.50
57.50
62.50
62.00
59.60
59.60
61.25
60.50
58.50
57.00
56.00
52.00
50.00
54.50
368.00
367.00
362.00
357.00
352.00
349.00
346.00
336.00
329.00
323.00
315.00
328.00
366.00
362.00
348.00
347.00
350.00
347.00
337.00
329.00
324.00
294.00
280.00
310.00
61.50
61.50
59.15
54.75
54.20
52.15
50.00
47.50
46.00
44.75
51.00
64.00
61.00
59.35
55.00
53.75
52.25
46.75
47.25
46.00
44.75
41.00
39.50
50.25
95.81
95.53
94.38
91.96
90.91
90.03
87.55
85.95
84.03
80.94
84.80
87.50
87.15
85.76
87.15
86.32
85.07
83.68
80.56
79.17
77.43
75.69
79.86
98.66
98.39
97.05
95.71
94.37
93.57
92.76
90.08
88.20
86.60
84.45
87.94
69.18
69.18
66.54
61.59
60.97
58.66
56.24
53.43
51.74
50.34
57.37
71.99
1918.
January
February
March
April
May
June
July
,
August
September...
October
November...
December..
15.50
15.68
15.80
15.32
15.30
15.36
15.27
15.53
16.44
17.58
17.85
17.86
15.12
15.37
15.10
15.00
15.07
15.17
15.08
15.02
15.55
16.45
17.75
17.59
58.00
58.25
58.75
57.00
56.75
57.00
57.00
60.25
63.00
67.75
69.25
69.25
56.50
57.25
56.25
56.00
56.00
56.25
56.00
55.75
60.25
64.00
60.00
68.00
329.00
331.00
334.00
325.00
323.00
325.00
324.00
327.00
347.00
369.00
376.00
376.00
322.00
325.00
319.00
319.00
317.00
321.00
318.00
316.00
327.00
348.00
374.00
370.00
66.00
65.50
65.75
64.00
63.75
63.25
57.25
53.85
51.50
60.50
55.60
48.00
60.00
59.50
60.50
62.00
62.15
55.50
52.50
50.25
50.25
51.35
48.00
44.00
85.35
86.34
87.00
84.36
84.25
84.58
84.08
85.51
90.52
96.80
98.29
98.34
80.56
80.90
81.60
79.17
78.82
79.17
79.17
83.68
87.50
94.10
96.18
96.18
88.20
88.74
89.54
87.13
86.60
87.13
87.67
93.03
98.93
100.80
100.80
74.24
73.68
73.96
71.99
71.71
71.15
64.40
60.58
57.93
68.06
62.54
53.99
1919.
January
February...
March 1
April
May
June
July
August
September..
October
November..
17.85
18.28
18.48
18.70
19.82
19.79
19.73
19.88
19.36
19.65
19.92
17.73
18.23
18.26
18.36
18.70
18.99
19.52
19.33
18.63
19.32
19.50
70.75
70.65
68.00
67.50
67.75
66.00
62.25
59.50
56.25
53.50
68.50
70.50
66.00
66.00
64.50
64.00
61.75
57.00
50.50
53.25
50.25
375.00
385.00
400.00
400.50
426.50
427.00
453.00
461.00
465.00
469.50
494.00
373.00
383.50
383.50
396.50
401.00
410.00
426.00
453.00
448.00
460.00
467.00
47.25
45.20
41.50
37.00
38.80
37.50
32.00
27.35
21.45
18.90
15.15
44.00
43.00
36.50
30.00
30.25
27.50
26.00
20.50
15.50
15.15
10.50
98.29
100.66
101.76
102.97
109.14
108.97
108.64
109.47
106.60
108.20
95.83
98.26
98.13
94.44
93.75
94.10
91.67
86.46
82.64
78.13
74.31
100.54
103.22
107.24
107.37
114.34
114.48
121.45
123.59
124.66
125.87
132.44
53.15
50.84
46.68
41.62
43.64
42.18
35.99
30.76
24.13
21.26
17.04
1
Data for Mar. 4-9 missing.
95.83
93.06
93.06
JANUARY, 1920.
45
FEDERAL RESERVE BULLETIN.
Assets and liabilities of the Bank of Sweden on Dec. 31, 1914-1918 (in 1,000 kroner).
[Source: Riksbankens Arsbrook (the Bank of Sweden's year book).]
1918
1914
1915
1916
1917
108,537
1,888
13,328
16,751
24,574
3,002
174,938
43,400
2,505
42,694
71,973
124,572
2,134
18,030
51,084
52,156
5,334
113,620
91,141
2,289
24,880
63,964
183,520
2,339
17,170
39,070
62,910
5,692
121,623
122,413
2,498
52,898
66,390
244,457
1,600
25,210
19,150
59,856
5,539
186,345
110,129
1,396
121,296
85,030
285,566
365
35,464
45,667
54,618
5,046
280,306
70,494
1,202
180,544
92,310
503,590
549,204
676,523
860,008
1,051,582
50,000
12,500
108,144
9,019
304,058
2,049
8,800
9,020
50,000
12,500
129,069
9,955
327,886
2,608
8,760
8,426
50,000
12,500
173,130
4,810
417,517
3,598
8,120
50,000
12,500
197,448
1,934
572,722
8,821
50,000
12,500
141,424
318
813,534
11,477
16,583
22,329
503,590
549,204
676,523
860,008
1,051,582
ASSETS.
Gold in coin and bullion
Subsidiary coin
Checks and sight drafts, including foreign
Current account deposits held abroad
Government securities
Securities of domestic corporations
Bills payable in Sweden
Bills payable abroad
Advances in current account
Other advances
Sundry assets
Total assets
LIABILITIES.
Capital
Surplus
Deposits
Duetqforeign banks
Notes in circulation
Bank orders
Dividends due and payable to the Government
Sundry liabilities
Total liabilities
Assets and liabilities of the Bank of Norway on Dec. 81, 1914-1918 (in 1,000 hronor).
[Source: Regnskab for Norges Bank.]
1914
1915
1916
1917
1918
ASSETS.
Gold in vault
Held with Scandinavian banks of issue
Held with other foreign agencies
Loans and discounts, domestic
Bills foreign
Real estate loans
Securities
Sundry assets
Total assets
38,394
3,327
27,884
119,650
804
1,512
8,963
6,540
51,630
15,638
63,240
86,343
310
1,385
13,394
2,428
123,236
3,089 i
79,206
159,711
551
1,256
13,440
7,486
116,393
3,365
76,921
409,783
665
1,102
13,091
840
121,980
3,230
69,786
433,841
241
998
13,221
1,073
207,074
234,368
387,975
622,160
644,370
25,000
13,362
134,182
i 21,140
U3,390
25,000
11,944
162,211
27,274
7,939
25,000
11,453
257,854
83,307
10,361
35,000
17,366
326,319
226,451
17,024
35,000
17,048
436,212
127,530
25,580
207,074
234,368
387,975
622,160
644,370
LIABILITIES.
Capital
Surplus
Notes in circulation
Deposits
Sundry liabilities
Total liabilities
i Exclusive of checking accounts.
2
Includes checking accounts.
46
FEDEBALi RESERVE BULLETIN.
JANUARY,
1920.
Assets and liabilities of the National Bank at Copenhagen {Denmark) July 31, 1914-1919 {in 1,000 kroner).
[Source: Nationalbankens Regnskab.]
1914
1915
1916
1917
1918
78,515
6,135
14,139
1,919
1,721
8,083
229
59,401
7,509
17,519
1,772
27,123
107,029
5,413
37,575
12,381
8,990
315
35,599
1,125
17,324
2,031
34,093
161,455
3,911
59,915
21,091
6,377
8,892
174
33,133
10,952
22,067
2,348
74,699
195,113
2,732
41,775
25,789
5,989
8,647
15
36,665
10,117
18,056
2,806
100,641
189,778
2,417
63,988
17,621
8,088
4,041
115
40,142
10,099
18,959
2,750
156,267
187,380
2,824
43,664
32,576
11,402
4,259
27,515
73,778
7,463
30,521
3,000
184,840
224,065
269,093
405,014
448,345
514,265
609,222
27,000
8,198
204,325
3,532
4,092
11,723
4,839
3,772
1,612
27,000
8,320
245,013
3,426
22,006
5,724
3,805
1,823
27,000
8,443
289,308
3,317
97,422
9,515
1,769
9,722
1,849
27,000
8,865
365,335
3,204
84,724
9,375
27,000
9,283
428,552
3,087
114,927
2,380
9,630
6,132
12,678
11,315
269,093
405,015
448,345
514,265
609,222
1919
ASSETS.
Gold coin and bullion
Subsidiary coin
Foreign credits
Danish Government securities
Other Danish securities
Foreign Government securities
Notes of and credits with other Scandinavian banks of issue
Domestic bills
Foreign bills
Loans and discounts
Real estate
Other assets
Total assets
7,218
LIABILITIES.
Capital
Surplus
Notes in circulation
Government deposits
Current account deposits
Other deposits
Due to foreign central banks of issue
Profit and loss.
Other liabilities
Total liabilities
27,
8,
15
I
16,
224,065
The French National Bank of Foreign Com- rise to a great deal of controversy. Even
prior to this discussion there had been publicamerce.1
For about two decades the question of export
banks has been under consideration in France.
A solution is contained in the law of October 25,
1919. This law provides for the assignment to
a "bank to facilitate the foreign trade of
France" of a part of the supplementary tax
paid to the Treasury by the Bank of France, in
accordance with article 4 of the agreement of
October 26, 1917, after deducting the amount
to be devoted to agricultural credits by virtue
of article 3 of the law of December 20, 1918.
(For text of the law, see p. 48.)
The general plan of organization of the
export bank is as follows: A stock company
with a capital of 100,000,000 francs is to be
organized under the name of " French National
Bank of Foreign Commerce.7' (Banque Nation ale fran^aise du commerce ext6rieur.)
The law provides for a subsidy to be granted
by the Government to the bank.
Before entering upon an examination of the
plan, it will be interesting to recall the phases
through which the campaign for the establishment of export banks in France has passed,
and to outline the present position of France
in the matter of commercial export credit.
M. P&rier, commercial attach^ of the London
embassy, made a report in 1908 on the question
of export credit which he thought was neglected
by the French banks, and the report gave
1
Based on an article in L'^conomiste Francais for June 28,1919.
tions on the subject and a committee of the foreign commerce counselors had taken up the
subject on several occasions. The great credit
houses and the banks having foreign relations
were taken to task. They defended themselves by pointing to the services they were rendering to the export trade by discounting three
months' paper and by credits which in some
cases they were extending to their clients engaged in the export business. They declared
with good reason that they could hardly undertake under all circumstances to handle paper
which in the case of Italy matured within four
or six months, in the case of Russia within six
and even nine months, and in the case of South
America in no less than four months. Since
their deposits are nearly all payable on demand,
they were not in a position to risk such an immobilization of their funds. Furthermore they
were asked to take practically all the risk themselves. Their attention was called to the example of German banks, such as the Deutsche
Bank and the Disconto-Gesellschaft, which
went so far as to become silent partners in export industries. One fact was, however, overlooked, namely, that English merchants for a
long time and German merchants since 1874 or
1875 had started to make regular commercial
explorations of the countries where they wished
to open markets. These pioneers broke the
ground and were followed by their nationals
who moved to those countries, and by settling
JANUARY, 1920.
FEDERAL RESERVE BULLETIN.
there established friendly centers of population.
This made possible the building up of a valuable
credit organization in foreign countries largely
by utilizing information obtained among
nationals of the mother country. Such
methods were not practicable for France, which
has no surplus population to send to foreign
countries there to form a helpful nucleus for
the development of commercial relations.
The problem is, therefore, a peculiarly dimcult one for France. In writings published at
that time it was remarked that only a special
organization could undertake the risks and
that the ablest and most experienced representatives of foreign commerce should be designated to take the lead in establishing such a
bank, since they alone would possess the necessary knowledge of foreign markets and of the
needs to be met.
A short time later, ia 1910, the Bank of
France decided to accept for discount commercial bills payable abroad, on condition that
they be of French origin, or, if originating
abroad, be made payable to merchants resident
in France. The bank in this matter, however,
maintained its old rules, by requiring for this
class of paper three signatures and insisting on
a maturity not exceeding three months.
It is clear that this fell far short of what was
wanted by the advocates of export credit who
saw in it an important, if not the prime, mover
of foreign commerce. Advantage was therefore taken in 1911 of the Government's privilege of terminating the charter of the Bank of
France to introduce into the agreement of renewal a clause designed to enhance the part of
that bank in the matter of granting export
credit. This clause granted authority to the
bank to extend credits with maturities in excess
of three months, a provision advocated on the
ground that, as was pointed out above, maturities of export credits would have to be as
high as six months, nine months, and in
certain cases even longer. The minister of
finance at that time refused to have the fundamental statutes of the bank thus modified
It was at this juncture, while the renewal of
the bank's charter was being discussed in the
Senate, that a member of that body, M. Barbier, while recognizing that the bank could
not directly participate in granting export
credit, made the proposal suggested by the
plan adopted in the organization of agricultural credit, that it would be proper to ask the
Bank of France to give material and moral
support to special institutions organized for
the purpose of granting export credits. The
47
final solution arrived at is in line with this proposal, as proved by the law under discussion.
In the meantime, since direct assistance by
the Bank of France on the desired basis was
not to be permitted, and since it appeared im, possible to modify the cautious methods of deposit banks, other means of attaining the end
m view were considered. Nearly all the proposals provided that all banks without distinction were to grant export credits, while the
Bank of France would help them to mobilize
their holdings of long-term paper. None of
these plans was ever adopted.
The solution, foreshadowed from the beginning when the participation of credit institutions was discussed, was finally along the following lines: Persons, the nature of whose business
and connections made them directly interested
in export credit, manufacturers for export, export merchants and brokers, to whom might
be added ship brokers and navigation companies, should organize a bank of export, contribute its capital and intrust its management
to one of their number, who by his experience
in foreign commerce and his character was best
qualified to undertake the task. This solution
was adopted in principle, though the plan does,
not contemplate the establishment of an institution entirely independent and endowed exclusively with its own resources. The Government, with the proceeds of the circulation tax
to be collected from the Bank of France, will,,
as in the case of agricultural credit, come to,
the financial aid of the new institution.
An agreement has been entered into between
M. Klotz, minister of finance, and the founders
of the " French National Bank of Foreign
Commerce/' organized as a stock company
with a capital of 100,000,000 francs, the
founders being leading traders and bankers.
This agreement contains the following provisions: The Government places at the disposal of the new institution two-thirds of
the amounts paid to the Treasury by the
Bank of France in accordance with article
4 of
the agreement of October 26, 1917.1 These
amounts shall be used: First, up to a maximum
of 2 millions as an annual subsidy; secondly,
for making advances during 20 years, the
duration of the agreement, without interest
up to a maximum of 25 million francs. The
sums thus turned over by the Government are
to be carried by the Bank of Foreign Commerce
in a special account entitled " Special reserve
account."
i For text of Article 4 see page 340 of the April, 1919, number of the
Federal Reserve Bulletin.
48
FEDERAL RESERVE BULLETIN.
The subsidy will come to an end when the
bank's capital will earn over 6 per cent, or
when the advances made directly by the Government, together with the Government's participations in the profits turned back into this
fund, in accordance with article 44 of the charter, will have reached the figure of the special
reserve fund mentioned above. In any case,
the period for which the annual payment of the
2 million franc subsidy will be obligatory for
the Government will not be less than five years,
beginning with January 1 of the year following
the organization of the company. Among
minor provisions the following are to be noted:
The Government will have authority to draw
for purposes of advances to the company in
part on the fund made available to the Treasury for "assisting credit organizations," and
the subsidy given by the Government shall be
part of the annual profit and loss account of
the Bank of Foreign Commerce.
The Government is to participate in the
profits. From the earnings of the bank 5 per
cent is to be deducted for the legal reserve
and to make up a sum that would pay a cumulative 6 per cent dividend on the paid-in capital. The balance, except such sums as may
be carried forward to the following year's account, is to be divided as follows as long as
the regime of Government advances continues:
Sixty per cent are to be placed at the disposal
of the general assembly of stockholders, 5 per
cent to the board of directors, 5 per cent to the
staff, and 30 per cent to the Government. The
Government, however, is to add its share of
the profits to its advances to the bank until
such time as these advances shall have reached
25,000,000 francs. After this figure is reached
the Government is to receive only 20 per cent
of the profits and the board of directors and
the staff 10 per cent each. The Government,
as an interested party, will have supervisory
control over the Bank of Commerce. Two
Government examiners will audit the bank's
inventory, its annual and current accounts, its
cash in vault, its bill portfolio, and all its
papers.
The bank is to have its central office in
Paris. No branch or agency is to be permitted
in France. The central office will collect information and keep the records of the solvency
of foreign buyers. The bank must preserve
JANUARY, 1920.
its character as a special export bank. The
operations of the main office, according to
the charter, are strictly limited to transactions arising from the export and import
of merchandise, and the current accounts
opened with the bank will bear interest only
on credit balances arising from such transactions. Agencies of the bank abroad will have
authority to engage in ordinary banking business, except stock exchange and other speeulative operations.
LAW
AUTHORIZING ESTABLISHMENT OP FRENCH
NATIONAL BANK OF FOREIGN COMMERCE.
ARTICLE 1. The agreement entered into May 28, 1919,
by and between the ministers of finance and of commerce,
acting in the name of the Government, parties of the first
part, and Messrs. J. Block, G. Griolet, and G. Ferme",
acting in the name of the French National Bank of Foreign
Commerce (in process of formation), parties of the second
part, and the supplements to the said agreement dated
July 21 and September 24, 1919, are approved.
ART. 2. The agreement and the supplements approved
by the preceding article shall be recorded on payment of
the regular fee of 3 francs and 75 centimes (3 fr. 75);
likewise the act of incorporation of the corporation.
ART. 3. The minister of finance is authorized to pay to
the French National Bank of Foreign Commerce, after
previous deduction of the amount allotted to the agricultural credit by article 3 of the law of December 20, 1918,
two-thirds of the supplementary dues paid by the Bank
of France under article 4 of the agreement of October 26,
1917.
These payments shall be made:
1. As a subsidy which may attain a maximum amount
of 2 million francs (2,000,000 fr.) per annum, this subsidy
to be paid during a period of five years and to cease after
that time if the stockholders of the French Bank of Foreign Commerce receive a net dividend in excess of six
per cent (6%), or if the amount of the special reserve fund
mentioned below reaches the sum of 25 million francs
(25,000,000 fr.).
2. The remainder, as an advance without interest, so
long as the special reserve fund created by the payments
of the Government shall not have reached the amount of
25 million francs (25,000,000 fr).
ART. 4. The following persons shall not be eligible to
the administrative council of the French National Bank
of Foreign Commerce or to any salaried positions within
the administration of the society or its branches:
1. Members of Parliament.
2. Public officials or persons attached to a public office,
who took part in the exercise of their official duties in the
preparation of the agreement and the supplements approved by the present law and have not discontinued
their functions for at least five months.
The present law has been discussed and adopted by the
Senate and the Chamber of Deputies and will be enforced
as the law of the land.
Done in Paris, the 23d of October, 1919.
JANUARY, 1920.
49
FEDERAL RESERVE BULLETIN.
Foreign Exchange Rates.
In the tables and charts below are shown the
movements of monthly high exchange rates in
New York on (1) principal centers in allied
countries, London, Paris and Milan; (2) principal centers in neutral countries, Amsterdam,
Stockholm, Zurich, Madrid, and Buenos Aires;
(3) principal center in countries having a silver
standard, Bombay, Shanghai, and Hongkong.
In the tables absolute rates and percentages of
par are shown, while the curves are plotted on
the basis of percentages of premium or discount at whicn the currencies of the different
countries were quoted in the New York market.
Similar information from the beginning of the
war to the summer of 1918 was shown in the
FEDERAL RESERVE BULLETIN for September,
1918, pp. 837 et seq. The information here
presented is for the calendar years 1918 and
1919. Explanations made in the previous
study as to the basis of calculations apply also
to the present tables and charts.
Sterling exchange remained fixed at about
2 per cent discount until April, 1919, when the
British Government discontinued its " pegging"
arrangement; French exchange was at about 9
per cent discount during the first seven months
of 1918 and at about 5 per cent from August of
that year to April, 1919; while lira exchange,
after falling as low as 42 per cent discount in
May, 1918, rose to about 19 per cent discount
in August, as the result of the activities of the
National Institute for Foreign Exchanges, and
remained at that levelu until April, 1919. When
the exchanges were unpegged" in March of
this year, sterling, franc, and lira exchanges
immediately fell below the previous level, and
in December 1919 the high quotations were as
follows: $3.9875 for the pound, 10.08 cents for
the franc, and 8.103 cents for the lira, the discounts amounting to 18.06, 47.77, and 58.02
per cent, respectively.
Exchange rates on neutral countries were all
above par during 1918, Madrid exchange
reaching a premium of over 54 per cent in April
of that year. During the present year these
exchange rates followed a downward course,
and in October were all quoted below par. In
December the Spanish peseta, the Argentine
peso, and the Swiss franc were at a premium,
while the Dutch florin and the Swedish krona
were quoted at substantial discounts.
Spectacular advances in the price of silver,
especially during the last six months, account
for the rise in exchange rates on India and
China. The price of the Indian rupee, however,
being under direct control of the British Government, has not risen as high as the price of
the Hongkong dollar, which was quoted in
December at about 125 per cent, or of the
Shanghai tael, for which the high December
quotation was about 160 per cent above the
average 1913 bullion values of these coins.
Movement of exchange rates (highest rates for sight drafts during month) in New York on principal financial centers during
period January, 1918, to December, 1919.
1. RATES ON CENTERS IN PRINCIPAL ALLIED COUNTRIES.
London (4.8665=100).
1918.
January
February
March
April
May
June
July
August
September
October
November
December
January
February
March
April
May
June
July
August
September
October
November
December
1919.
$4.7535
4.7535
4.7535
4.7550
4.7550
4.7550
4.7535
4.76
4.755
4.755
4.7575
4.7585
Per cent.
97.68
97.68
97.68
97.71
97.71
97.71
97.68
97.98
97.71
97.71
97.76
97.78
4.7585
4.7585
4.7580
4.6725
4.6925
4.6350
4.57
4.3550
4.2625
4.2325
4.1625
3.9875
97.78
97.78
97.77
96.01
96.42
95.24
93.91
89.49
87.59
86.97
85.53
81.94
Paris (19.3=100).
$17.53
17.51
17.47
17.49
17.53
17.50
17.50
18.26
18.28
18.29
18.55
18.34
18.33
18.328
18.298
17.006
16.474
15.948
15.396
13.698
12.787
11.933
11.3058
10.08
Milan (19.3=100).
;•• cent.
90.83
90.73
90.52
90.62
90.83
90.67
90.67
94.61
94.72
94.77
96.11
95.02
$12.03
11.76
11.98
11.38
11.15
11.29
12.48
15.71
15.70
15.75
15.75
15.748
Per cent.
62.33
60.93
62.07
58.96
57.77
58.50
64.66
81.40
81.35
81.61
81.61
81.60
94.97
94.96
94.81
88.11
85.36
82.63
79.77
70.97
66.25
61.83
58.58
52.23
15.771
15.718
15.718
14.245
13.333
12.738
12.706
11.60
10.559
10.256
9.94
8.103
81.40
81.44
81.44
73.81
69.08
66.00
65.83
60.10
54.71
53.14
51.50
41.98
50
FEDERAL RESERVE BUTJ.ETIN.
JANUARY, 1920.
Movement of exchange rates (highest rates for sight drafts during month) in New York on principal financial centers during
period January, 1918, to December, 1919—Continued.
2. RATES ON CENTERS IN NEUTRAL COUNTRIES.
Amsterdam
(40.2=100).
January
February.
March
April
May
June
July
August
'
1918.
$44.25
45.50
46.75
48.25
50.50
. . . . 51.00
52.00
• - 52.75
49.50
46.75
42.25
42.75
-
October
December
1919.
February.
March.
April
May
June
July
August .
September
October . .
November
December
.
*
. . . .
.
..
42.75
41.25
41.125
41.25
40.25
39.25
38.75
37.5625
38.125
38.0625
38.00
38.25
Per cent.
110.07
113.43
116.29
120.02
125.62
126.87
129.35
131.22
123.13
116.29
105.10
106.34
106.34
102.61
102.30
102.61
100.12
97.64
96.39
93.44
94.84
94.68
94.53
95.15
Stockholm
(26.8-= 100).
$34.25
33.50
34.00
34.50
34.75
35.60
35.80
36.25
33.75
31.80
29.00
29.45
29.10
28.15
28.15
27.125
26.70
26.25
25.50
24.90
24.60
24.60
23.85
22.30
Zurich (19.3-100).
Per cent.
127.80 $22.99
125.00 22.42
126.87
23.17
128.73 23.53
129.66 26.11
132.84
25.38
133.58 25.38
135.26 25.54
125.93 23.04
21.65
118.66
108.21 20.32
109.88 20.92
108.58
105.04
105.04
101.21
99.63
97.95
95.15
92.91
91.79
91.79
88.99
83.21
Per cent.
119.12
116.17
120.05
121.92
135.28
131.50
131.50
132.33
119.38
112.18
105.28
108.39
20.746
20.597
20.70
20.3252
20.3252
19.305
19.08
17.92
18.28
17.985
18.18
20.08
107.49
106.72
107.25
105.31
105.21
100.03
98.86
92.85
94.72
93.19
94.20
104.04
Madrid (19.3=» 100).
$24.40
25.25
25.63
29.75
28.40
28.55
27.55
26.50
23.37
22.65
20.70
20.20
20.14
21.10
21.10
20.375
20.25
20.06
19.72
19.75
19.25
19.28
20.10
19.90
Per cent.
126.42
130.83
132.80
154.15
147.15
147.93
142.75
137.31
121.09
117.36
107.25
104.66
104.35
109 33
109.33
105.57
104.92
103.94
102.18
102.33
99.74
99.90
104.14
103.11
Buenos Aires
(42.45-100).
$45.98
44.04
44.44
43.85
43.91
43.38
44.83
44.60
45.00
45.35
45.50
45.35
45.15
44.95
45.00
44.375
44.875
44.07
43.25
42.375
43.25
42.35
43.375
43.25
Per cent.
108.32
103.75
104.69
103.30
103.44
102.19
105.61
104.97
106.01
106.83
107.18
106.83
106.36
105.89
106.01
104.53
105.71
103.82
101.88
99.82
101.88
99.76
102.18
101.88
3. RATES ON CENTERS IN SILVER COUNTRIES.
Bombay (32.44=100). Shanghai (65.49=100).* Hongkong (47.16-100) .*
January
February
March
April
May
June
July
August
September
October
November
December
January
February
March
April
May
June
July
August
September
October
November
December
1918.
1919.
$35.00
35.75
36.00
137.25
39.50
38.50
Per cent.
107.89
110.20
110.97
114.83
121.76
118.68
2 35.73
110.14
35.875
110.59
35.65
35.65
35.875
35.65
42.50
42.50
43.00
43.50
45.00
44.00
44.75
46.25
109 90
109 90
110.59
109.90
131.01
131.01
132.55
134.09
138.72
135.64
137.95
142.57
126.00
123.00
114.00
117.75
125.50
127.50
125.00
135.00
136.50
142.00
173.00
170.00
Per cent.
174.07
164.91
169.49
166.44
167.20
173.31
177.89
190.87
206.14
204.61
189.34
190.87
$75.00
73.00
77.00
77.00
76.50
79.00
80.50
88.00
90.00
87.75
80.00
82.00
Per cent.
159.03
154.79
163.27
163.27
162.21
167.51
170.70
186.60
190.84
186.07
169.64
173.88
192.40
187.81
174.07
179.80
191.63
194.69
190.87
206.14
208.43
216.83
264.16
259.58
81.00
78.00
75.25
80.25
87.00
84.00
83.00
86.00
88.50
96.00
106.00
106.50
171.76
165.39
159.56
170.17
184.48
178.12
176.00
182.36
187.66
203.56
224.77
225.83
1
Minimum rate for telegraphic transfers fixed Apr. 11 at 35.75; previously 33.5.
2
Rates for telegraphic transfers fixed June 18 at 35.73.
' Average 1913 values on the basis of the average price of silver in London for the calendar year 1913.
JANUARY, 1 9 2 0 .
EXCHANGE RATES AT NEW YORK
ON PRINCIPAL ALLIED COUNTRIES.
1
J
«
—
>- —
0
-to
i
tmmt tmmimats lams immi
\
*
•
Ss
-30
••
YFEB.
1i
^
!
I
!
1918
DEC,
"40:
-SO
I
I
s
s>
\
\ s
N
tan,
-20
I
51
FEDERAL RESERVE BULLETIN.
>
8 i
I9!9
1! 1
o*
EXCHANGE RATES AT NEW YORK
ON PRINCIPAL NEUTRALCOUNTRIES.
0
-10
-20
-30
-40
-SO
52
FEDERAL RESERVE BULLETIN.
1
JANUARY,
EXCHANGE RATES ATNEWYORK
ONmiNCIPALSILyER-STANDARD COUNTRIES,
-mmmw-SHAnGHAt
-o^o-ffOflGKdNG'o—o—
i
BOMBAY"**"*****
+I7Q
+J/U
+160
+/&)
+150
/
+/40
•
+14/1
Y+130
+IV)
ii
%m
\
k
\
y
>
+100
+90
+80
*70
+ 60
/
h/
i
1
A s
A*'
\
y
J
^< f
- +on
— +/&1
-^ a. 7/1
— +&)
+50
»• f <
+30
0
>•*
/>*
+ in
+pfi
I
0
•
%
+IO
°
-
:
t\1!
1918
u
^ c
n !i
?!
5 |
\\
Si
/I
1920.
JANUARY,
53
FEDERAL, RESERVE BULLETIN.
1920.
Retail Trade Index.
For several months past the Federal Reserve Board has been engaged in the development of an index number designed to show
the activity of retail trade. In establishing
this index it was sought to obtain from department stores of representative character
throughout the country figures showing, either
in actual amounts or in percentage form,
changes in the volume of net sales, instituting
monthly comparisons with the same month
last year, as well as showing cumulative season
percentages for the two years. In addition,
request was made for data showing stocks at
the close of the month as compared with such
stocks at the close of the same month last
year, and at the close of the previous month of
the current year. In order to afford a comparison of stocks on hand at the close of each
month during the present season with the sales
during the same period, request was made for
data showing the percentage of average stocks
at the end of each month to the average
monthly sales. Finally, the percentage was
requested of outstanding orders at the close
of the month to total purchases during the
calendar year 1918, which was taken as a base.
While considerable progress has been made in
several districts in obtaining the cooperation of
retail establishments, it is not believed desirable
to publish in any district such percentage
figures until enough establishments have
reported to furnish an index which is thoroughly representative of the general condition
of trade. In the following statement is given
a summary of the reports obtained in district
No. 12, which will appear in the annual
report of the Federal Reserve agent at San
Francisco. These percentages have been
computed from actual figures furnished by
the several reporting concerns. Since the
original request for such data in September
of this year there has been an increase of
about 30 per cent in the number of stores
reporting in this district. Twenty-nine stores
furnished such information for the month of
November.
Condition of retail trade in Federal Reserve district No. 12.
[Decreases shown in italics.]
Percentage of increase or decrease.
Comparison 3f net sales with those of corresponding
period last year.
Month.
Aug.
Sept.
Oct.
48.8
68.3 110.6
Los Angel es
92.3
40.9
31.3
San Francisco
68.5
25.1
20.7
Oakland
69.2
16.7
32.5
Sacramento
50.6
23.7
27.6
Seattle
176.0
Spokane
**23.2*
*
3*3*4*
44.8
Salt Lake City
82.0
Total for district.... 30.3
40.6
J u l y 1,1919, t o close of—
Nov.
Same month last year
Oct.
Nov.
Aug.
52.9
88.7
58.3
30.0
33.1
45.2
30.3
22.4
20.1
36.6
15.4
22.4
21.0
24.4
28.3
46.4
42.7 "*23.*9" "*25.*8*
69.9
46.5
32.3
35.7
31.6
99.9
24.8
77.2
46.3
31.9
35.7
29.5
70.4
32.0
6.3
.5
7.5
20.S
7.2
10.7
17.8
4.6
15.2
31.0
46.9
47.5
.9
7.0
11.9
46.1
Aug.
Sept.
Stocks at end of month compared with—
34.4
Sept.
0.6
10.6
.5
Oct.
Nov.
13.9
15.5
1.4
Los Angeles
San Francisco
Oakland
Sacramento
Seattle
Spokane
Salt Lake City
Total for district ..
Sept.
481.7
459.5
460.5
418.6
547.1
564 7
468.2
400.7
411.6 ' 459.0
Aug.
19.5
26.5
1 g
.3
15.3
13.8
17.5
Percentage of average stocks at
end of each month from July
1, 1919, to date, to average
monthly sales for same period.
Aug.
Last month.
Oct.
Nov.
495.6
442.8
558.3
355.9
422.3
485.6
453.0
559.1
339.3
432.0
462.4
5.5
15.6
6.3
18.7
22.7
12.6
Sept.
Oct.
4.2
13.2
5.6
9.7
5.4
3.7
6.5
0.7
2.2
.2
6.1
2.9
3.4
10.3
6.5
.5
13.2
12.6
4.8
outstanding
Percentage
of
orders at end of month to
total purchases during calendar year 1918.
Sept.
Aug.
470.7
459.3
463.1
Oct.
Nov.
27.9
34.1
32.7
28.1
45.1
25.8
53.5
29.5
on
28.3
25.1
16.8
22.1
20.0
11.4
29.6
29.2
0
46.5
422.4
Nov.
34.3
29.1
54
FEDERAL RESERVE BULLETIN.
JANUARY,
1920.
Adjustment of Salaries in Federal Reserve groups which conformed to certain requirements. In the present case it is deemed oest,
Banks.
Early in the past summer the Division of
Analysis and Research was directed by the
Federal Reserve Board to undertake the
development of a method of adjusting salaries
in the Federal Reserve Banks to meet changes
in the cost of living. The task naturally
divides itself into three parts, as follows:
(1) The determination of price variations in
the several classes of consumption goods in
each locality.
(2) In order to arrive at the proper weighting for such price changes it is necessary to
determine what percentage of the total expenditures of a typical family or individual goes
for food, what for clothing, etc., in each salary
group in each locality.
(3) In view of the great increase in prices
during the last few years the problem is not
simply one of adjusting salaries in the future
to any changes in the cost of living that may
then take place, but also one of determining
as far as possible to what extent the advances that have already been made in the
rates of compensation meet the enhanced
cost of living at present.
Mature consideration of the problem and
conferences with men who are daily in touch
with the practical situation led to the adoption
of the following plan of procedure:
(1) With regard to price variations. A
recent study of the Bureau of Labor Statistics
shows the changes in price levels of the various
classes of consumption goods; that is, food,
clothing, housing, etc., which have taken place
during the past four or five years. Furthermore, it is the intention of the Bureau
of Labor Statistics to repeat this study every
six months in the future. It is believed that
these figures, coupled with the regular monthly
retail food price figures of the Bureau of Labor
Statistics, will fully serve the purpose of this
study in this respect.
(2) In order to give proper weighting to the
price changes in each oi these classes oi goods1
the following questionnaire has been prepared.
Each employee of the Federal Reserve Banks
receiving a salary of $5,000 per annum or less
will be asked to give the information listed in
this questionnaire.
Practically all such schedules previously
used have been handled personally by trained
enumerators and applied to selected family
1
Acknowledgment is due Prof. R. E. Chaddock, Prof. W. F. Ogburn,
and Mr. F. A. Ross, all of Columbia University, for critical advice with
respect to the form of the schedule.
in order to take every precaution against the
divulgence of personal information, to ask the
employee to fill in the schedule form privately
and to place it unsigned in an envelope, which
he or she will then seal and return to the governor of the bank or to some party designated
by him, the name of the individual only appearing on a detached slip which is to be filed at
the bank for checking purposes. Furthermore,
the group to be covered in this study will
lack homogeneity in that some of the individuals will be neads of families, some major
supports of families, some partial supports of
families, some living alone, and others only
partially self-supporting. It is felt, however,
that in order to secure weights that will be
strictly relevant it is preferable to have proportionate expenditures for food, clothing, etc.,
of as many as possible of the people whose
salaries are to be adjusted rather than of a
homogeneous group representing one type.
For this reason the necessarily brief questionnaire has been prepared in two slightly
different forms, one to cover family and one
to cover individual incomes and expenditures.
One or the other of these forms is to be used
as the case demands. Selections by the individual of the form which he or she is to fill in
is to be made by such individual in accordance
with instructions given on page 1 of the questionnaire.
In view of the fact that a large proportion
of the employees of the Federal Reserve Banks
are unmarried and live with parents (in some
cases paying only a nominal amount for board
and room, while" others partially support the
family), it is thought best to include in the
schedule a question which will render it possible to select such cases for whatever treatment may be considered appropriate. In the
belief that it will not be practicable to make
differences in adjustments for variation in the
size of families and, due to the absence of members of the family at various seasons of the
year, that the replies to such a question would
oe of doubtful value, the usual question regarding the size of family has been omitted.
(3) With regard to changes in the rate of
compensation during the last few years. Because of the large expansion of the banks during the period of the recent rise in prices it is
believed that it will be impossible to get from
the Federal Reserve Banks a complete record
of compensation rates in effect prior to the
recent rise in prices for each type of work now
performed in the Federal Reserve Banks. It
JANUARY,
1920.
seems, therefore, impossible to determine from
the records of these banks alone the amount of
adjustment in rates of compensation which has
actually taken place since the recent rise in
prices. In order to obtain this important
information the following plan is being pursued: Each of the Federal Reserve Banks is
being asked to furnish us with compensation
rates now in effect for each type of work.
These rates will be compared with those in
effect during late 1915 or early 1916 in banking
houses which were at that time fully organized.
QUESTIONNAIRE FOR USE IN OBTAINING INFORMATION
REGARDING INCOME AND EXPENDITURES OF EMPLOYEES
OF FEDERAL RESERVE BANKS.1
Before attempting to answer the questions on the following pages,
read this page carefully.
If for the whole or a part of the year ending Dec. 31,1919, you were a
married man and lived with your wife, or if you were a married woman
and Hvediwith your husband, or if you, whether married or unmarried,
were the major support of the family group in which you lived, fill in
Section I (pages 2 and 3).
If during that period you were not included in the group described
above, fill in Section II (pages 4 and 5).
NOTE.—If you feel that you could give the facts called for more accurately for the family group in which you lived than for yourself individually then fill in Section I, even if according to instructions above you
should fill in Section II.
Or, if you were included in the group described in the first paragraph
above for only a short period of time during the year ending Dec. 31,1919,
and believe therefore that your expenditures for that period are not
typical, then write the word " Section I I " in this blank space
and fill in Section II. In this case you should, of course, estimate your
individual expenditures for the full year on the basis of that part of the
year during which you lived singly.
Under no circumstances fill in both Sections I and II.
The main purpose of the questions which follow; is not to find out how
much it costs you to live, out rather to determine what part of your
expenditures goes toward clothing, what part toward food, what part
toward rent, etc.
[Perforated line.]
(Fill in this slip, detach it, and file with bank.)
Name
Department
Bank
Branch
(After questionnaire is filled in, place it in envelope, seal, and return it
to Governor of your bank.)
2
SECTION I.
This section is to be filled in by those who, by reason of the fact that
for the whole or a part of the year ending Dec. 31,1919, they were married
and lived with husband or wife, or were the major supports of the family
groups in which they lived, or, for other reasons, are to give the income
and expenditure facts for the family groups rather than for themselves
individually.
Before filling in the answers to any of the following questions, read
Section I entire.
EXPENDITUBES.
l.|Total rent paid during the year ending Dec. 31,1919
$
(The amount entered here should be the total rent paid
for the apartment or house in which the family lived during
the period mentioned, even if a part of such house or apartment was occupied by lodgers. In case you were married
for only a part of the time, give the yearly rentattherate
paid during the period married. This item should not
include amount covering board and room while on vacation.)
2. Rental value of home, if owned
Jt
(The meaning of this question is: If for the whole or
apart of the year ending Dec.31,1919,you owned your
home, for how much do you think you could have rented
it for that period, as judged by rentals of similar houses
in the neighborhood?)
U l Copies of the questionnaire now in the hands of the banks are to be
amended to accord with the copy here presented.
55
FEDERAL RESERVE BULLETIN.
3. Amount paid for heat, light, electric power, during the year
ending Dec. 31,1919
(Heat or light furnished with your apartment or house
and covered by the rent is not to be included here. The
word "heat" is meant to include that used for cooking.)
4. Amount paid for food during the year ending Dec. 31, 1919
(If you have no record of the amount spent for food during the year ending Dec. 31,1919, we would suggest that
you estimate the amount spent per week for food during
a typical week of that period and multiply that by 52.
The amount here should cover all food expenditures,
even though a part of this food is consumed by boarders.
Amounts spent for lunches by members of the family
should also be included, but not such expenditures of
boarders and lodgers. In case you were married for only
a part of the time, estimatethe amount for the year at the
rate of expenditures during the period married.)
5. Amount paid for clothing during the year ending Dec. 31,
1919
(The amount entered here should cover the clothing
expenditures of the family group, but not those of boarders and lodgers. In case you were married for only a
part of the time, estimate such expenses for a full year.)
6. Amount spent for furniture and house furnishings during year
ending Dec. 31,1919
7. Miscellaneous expenditures:
(a) Health (including doctors' fees, medicine, hospital bills, dentists' fees, nurses' fees, eyeglasses, etc.)
I
(6) Recreation—
(1) Board and room while on vacation
(2) Movie tickets, theater tickets, pool, billiard and bowling charges, club dues,
railroad fare, etc
(c) Education (including newspapers, magazines,
school tuition, school supplies, music lessons, etc.)
(d) Other miscellaneous items not mentioned
above
Total miscellaneous expenditures
Total expenditures
$
8. If your expenditures for the year ending Dec. 31, 1919, exceeded
your income for that period, how was this deficit met?
9. Did you keep for all or a part of the year ending Dec. 31,1919, a record of expenditures?
If so, what part?
10. Did you keep dm ing the year ending Dec. 31,1919, charge accounts
with butcher?
Grocer?
Clothier?
Were
these paid by check?
INCOME.
1. Total salary received during the year ending Dec. 31,1919
$.
2. Bonus received during the year ending Dec. 31,1919
(The amount entered after 1 and 2 should be, respectively, the amount of salary and bonus actually received
for the year ending Dec. 31,1919, regardless of whether or
not you were employed during that time by the Federal
Reserve Bank. Thus, all or a part of the amount entered
here may have been received from other concerns than
the Federal Reserve Bank with which you are now connected. In case you were married for only a part of the
time, give your yearly salary at the rate received during
the period married, and yearly bonus at rate accruing
during period married.)
3. Total salary received by wife (or husband) during the year
ending Dec. 31,1919
4. Bonus received by wife (or husband) during the year ending
Dec. 31. 1919
..
(The amounts entered in 3 and 4 as the salary and bonus,
respectively, of your wife (or husband) should be such
salary and bonus received during that period, whether
coming from the Federal Reserve Bank or from other
concerns. In case you were married for only a part of the
time, give the yearly salary and bonus of your wife (or
husband) for the year at the rate received during the
period married, and yearly bonus at the rate accruing
during the period married.)
5. Total earnings of all other members of family group during the
year ending Dec. 31,1919
(The family group should include everybody living
with the family except boarders and lodgers. The word
"earnings" here means pay received for work done. No
amounts received by such members of the family group
from investments, etc., should be entered. Only the
earnings of the members of the family group as distinguished from the boarders and lodgers should be entered.
The income of the boarders and lodgers should not be
entered anywhere on these sheets.)
6. Total income from lodgers during the year ending Dec. 31,1919 . .
56
FEDERAL RESERVE BULLETIN.
7. Total income from table boarders during the year ending
Dec. 31,1919...
(Lodgers and boarders within the meaning of these questions are those who rent rooms or board with the family
on a purely commercial basis; that is to say, those who
receive no aid from the family in the sense of reduced
rates for any consideration. In case you have an individual or individuals both boarding and lodging with
you and paying a flat sum covering both items, enter the
amount which would be charged for table board alone
after 7, then deduct this sum from the amount paid for
board and lodging and enter the remainder after question
6.)
—
Total earnings
$.
4
JANUARY,
5. Miscellaneous expenditures;—Continued.
(c) Education (including newspapers, magazines,
books, school tuition, school supplies, music
lessons, etc.)
(d) Other miscellaneous items not mentioned
above
Total miscellaneous expenditures
Total expenditures
$
6. If your expenditures during the year ending Dec. 31, 1919, exceeded
your income for that period, how was such a deficit met?
7. Did you keep for all or a part of the year ending Dec. 31, 1919, a
record of expenditures?
If so, for what part?
8. Did you, for any part of the year ending Dec. 31,1919, live with your
immediate family or nearest relatives?
SECTION II.
5
This section is to be filled in by those who give their expenditures as
individuals rather than family expenditures.
Before filling in the answers to any of the following questions read
Section II entire.
INCOME.
EXPENDITURES.
If for the major portion of the year ending Dec. 31,1919, you lived with
your immediate family or nearest relatives, answer questions 2, 4, 5, 6,
7, and 8.
If for the major portion of the year ending Dec. 31, 1919, you did not
live with your immediate family or nearest relatives, answer questions
1, 2-B, 3, 4, 5, 6, 7, and 8.
1. Total rent paid during the year ending Dec. 31,1919
$
(This question is to be answered only by those who for
the major portion of the year ending Dec. 31, 1919, did
not live with their immediate family or nearest relatives.
In case you lived and boarded in the same place, paying a
single sum to cover the two items, determine the amount
for which table board could be had at this place by one
who rooms elsewhere, then deduct this amount from the
amount paid for room and board, and consider the remainder as the amount paid for rent. If for a portion of
the year you were living with your immediate family or
nearest relatives, the answer to this question should
nevertheless cover a full year's rent at the rate paid during the part of the year in which you did not live with
your immediately family or nearest relatives.)
2. (a) Amount spent weekly for food gotten outside of home, i.e.,
lunches, etc
$
(6) Amountpaid weekly to family
(This question, both (a) and (6), is to be answered only
by those who for the major portion of the year ending
Dec. 31,1919,lived with their immediate family or nearest
relatives.)
2-B. Amount paid for food during the year ending Dec. 31,1919
diate family or
._.
In case you lived and boarded in the same place, paying
a single sum to cover the two items, the answer to this
question should be determined in this manner: Add to
the amount (of which table board could be had at this
place by one who rooms elsewhere the amount spent
for lunches during the period. If for a portion of the
year you did live with your immediate family or nearest
relatives, the answer to this question should nevertheless
cover a full year, such a figure to be determined by first
estimating the amount spent weekly for food during that
part of the year in which you were not living with your
immediate family or nearest relatives and multiplying
that figure by 52.)
3. Amount paid for heat and light during the year ending Dec. 31,
1919
.
(This question is to be answered only by.those who for
the major portion of the year ending Dec. 31, 1919, did
not live with their immediate family or nearest relatives.
If for a portion of the year you were living with your
immediate family or nearest relatives, the answer to this
question should nevertheless cover a full year at the rate
not to be entered here.)
4. Amount paid for clothing during the year ending Dec. 31,1919
5. Miscellaneous expenditures:
(a) Health (including doctor's fees, medicine,
nurses' fees, hospital bills, dentists' fees,
eyeglasses, etc
$
(5) Recreation—
(1) Board and room while on vacation
(2) Movie tickets, theater tickets, railroad
fares, pool, billiard and bowling
charges, club dues, etc
1920.
1. What is your sex?
(Write the word.)
2. Total salary received during the year ending Dec. 31,1919
$
,3. Bonus received during the year ending Dec. 31,1919
(The amounts entered after 2 or 3 should be, respectively, the amount of salary and bonus actually received for
the year ending Dec. 31,1919, regardless of whether you
were employed during that time by the Federal Reserve
Bank; thus all or a part of the amount entered here mayhave been received from other concerns than the Federal
Reserve Bank with which you are now connected.)
Total earnings
$
The Edge Act.
Senate bill 2472, known as the "Edge
bill," providing for the incorporation of institutions to engage in international or foreign
banking or other financial operations, was
approved by the President on December 24.
The act follows:
[PUBLIC—No. 106—66TH CONGRESS.]
[S. 2472.]
An Act To amend the Act approved December 23,1913, known as the
Federal Reserve Act.
Be it enacted by the Senate and House of Representatives
of the United States of America in Congress assembled, That
the Act approved December 23, 1913, known as the Federal Reserve Act, as amended, be further amended by
adding a new section as follows:
"BANKING CORPORATIONS AUTHORIZED TO DO FOREIGN
BANKING BUSINESS.
"SEC. 25 (a). Corporations to be organized for the purpose of engaging in international or foreign banking or
other international or foreign financial operations, or in
banking or other financial operations in a dependency or
insular possession of the United States, either directlv or
through the agency, ownership, or control of local institutions in foreign countries, or in such dependencies or
insular possessions as provided by this section, and to act
when required by the Secretary of the Treasury as fiscal
agents of the United States, may be formed by any number
of natural persons, not less in any case than five.
"Such persons shall* enter into articles of association
which shall specify in general terms the objects for which
the association is formed and may contain any other
provisions not inconsistent with law which the association
may see fit to adopt for the regulation of its business and
the conduct of its affairs.
JANUARY,
1920.
FEDERAL, RESERVE BULLETIN.
'' Such articles of association shall be signed by all of the
persons intending to participate in the organization of the
corporation and, thereafter, shall be forwarded to the
Federal Reserve Board and shall be filed and preserved
in its office. The persons signing the said articles of
association shall, under their hands, make an organization
certificate which shall specifically state:
" First. The name assumed by "such corporation, which
shall be subject to the approval of the Federal Reserve
Board.
"Second. The place or places where its operations are
to be carried on.
" Third. The place in the United States where its home
office is to be located.
" Fourth. The amount of its capital stock and the
number of shares into which the same shall be divided.
"Fifth. The names and places of business or residence
of the persons executing the certificate and the number
of shares to which each has subscribed.
"Sixth. The fact that the certificate is made to enable
the persons subscribing the same, and all other persons,
firms, companies, and corporations, who or which may
thereafter subscribe to or purchase shares of the capital
stock of such corporation, to avail themselves of the advantages of this section.
"The persons signing the organization certificate shall
duly acknowledge the execution thereof before a judge
of some court of record or notary public, who shall certify
thereto under the seal of such court or notary, and thereafter the certificate shall be forwarded to the Federal
Reserve Board to be filed and preserved in its office.
Upon duly making and filing articles of association and
an organization certificate, and after the Federal Reserve
Board has approved the same and issued a permit to begin
business, the association shall become and be a body
corporate, and as such and in the name designated therein
shall have power to adopt and use a corporate seal, which
may be changed at the pleasure of its board of directors; to
have succession for a period of twenty years unless sooner
dissolved by the act of the shareholders owning twothirds of the stock or by an Act of Congress or unless its
franchises become forfeited by some violation of law;
to make contracts; to sue and be sued, complain, and
defend in any court of law or equity; to elect or appoint
directors, all of whom shall be citizens of the United
States; and, by its board of directors, to appoint such
officers and employees as may be deemed proper, define
their authority and duties, require bonds of them, and
fix the penalty thereof, dismiss such officers or employees,
or any thereof, at pleasure and appoint others to fill their
places; to prescribe, by its board of directors, by-laws not
inconsistent with law or with the regulations of the Federal Reserve Board regulating the manner in which its
stock shall be transferred, its directors elected or appointed,
its officers and employees appointed, its property transferred, and the privileges granted to it by law exercised
and enjoyed.
"Each corporation so organized shall have power, under
such rules and regulations as the Federal Reserve Board
may prescribe:
"(a) To purchase, sell, discount, and negotiate, with or
without its indorsement or guaranty, notes, drafts, checks,
bills of exchange, acceptances, including bankers' acceptances, cable transfers, and other evidences of indebtedness; to purchase and sell, with or without its indorsement or guaranty, securities, including the obligations of
the United States or of any State thereof but not including shares of stock in any corporation except as herein
provided.; to accept bills or drafts drawn upon it subject
to such limitations and restrictions as the Federal Reserve
Board may impose; to issue letters of credit; to purchase
and sell coin, bullion, and exchange; to borrow and to
57
lend money; to issue debentures, bonds, and promissory
notes under such general conditions as to security anil
such limitations as the Federal Reserve Board may prescribe, but in no event having liabilities outstanding
thereon at any one time exceeding ten times its capital
stock and surplus; to receive deposits outside of the
United States and to receive only such deposits within
the United States as may be incidental to or for the purpose of carrying out transactions in foreign countries or dependencies or insular possessions of the United States;
and generally to excerise such powers as are incidental to
the powers conferred by this Act or as may be usual, in
the determination of the Federal Reserve Board, in connection with the transaction of the business of banking or
other financial operations in the countries, colonies, dependencies, or possessions in which it shall transact business and not inconsistent with the powers specifically
granted herein. Nothing contained in this section shall
be construed to prohibit the Federal Reserve Board, under
its power to prescribe rules and regulations, from limiting
the aggregate amount of liabilities of any or all classes incurred by the corporation and outstanding at any one
time. Whenever a corporation organized under this section receives deposits in the United States authorized by
this section it shall carry reserves in such amounts as the
Federal Reserve Board may prescribe, but in no event less
than 10 per centum of its deposits.
"(b) To establish and maintain for the transaction of its
business branches or agencies in foreign countries, their
dependencies or colonies, and in the dependencies or insular possessions of the United States, at such places as
may be approved by the Federal Reserve Board and under
such rules and regulations as it may prescribe, including
countries or dependencies not specified in the original
organization certificate.
"(c) With the consent of the Federal Reserve Board to
purchase and hold stock or other certificates of ownership
in any other corporation organized under the provisions
of this section, or under the laws of any foreign country or
a colony or dependency thereof, or under the laws of any
State, dependency, or insular possession of the United
States but not engaged in the general business of buying
or selling goods, wares, merchandise or commodities in the
United States, and not transacting any business in the
United States except such as in the judgment of the Federal Reserve Board may be incidental to its international
or foreign business: Provided, however, That, except with
the approval of the Federal Reserve Board, no corporation
organized hereunder shall invest in any one corporation
an amount in excess of 10 per centum of its own capital
and surplus, except in a corporation engaged in the business of banking, when 15 per centum of its capital and surplus may be so invested: Provided further, That no corporation organized hereunder shall purchase, own, or hold
stock or certificates of ownership in any other corporation
organized hereunder or under the laws of any State which
is in substantial competition therewith, or which holds
stock or certificates of ownership in corporations which are
in substantial competition with the purchasing corporation.
"Nothing contained herein shall prevent corporations
organized hereunder from purchasing and holding stock
in any corporation where such purchase shall be necessary
to prevent a loss upon a debt previously contracted in
good faith; and stock so purchased or acquired in corporations organized under this section shall within six months
from such purchase be sold or disposed of at public or private sale unless the time to so dispose of same is extended
by the Federal Reserve Board.
"No corporation organized under this section shall carry
on any part of its business in the United States except
such as, in the judgment of the Federal Reserve Board,
shall be incidental to its international or foreign business:
58
FEDEKAL EESERVE BULLETIN.
And provided further. That except such as is incidental
and preliminary to its organization no such corporation
shall exercise any of the powers conferred by this section
until it has been duly authorized by the Federal Reserve
Board to commence business as a corporation organized
under the provisions of this section.
"No corporation organized under this section shall
engage in commerce or trade in commodities except as
specifically provided in this section, nor shall it either
directly or indirectly control or fix or attempt to control
or fix the price of any such commodities. The charter
of any corporation violating this provision shall be subject to forfeiture in the manner hereinafter provided in
this section. It shall be unlawful for any director, officer,
agent, or employee of any such corporation to use or to
conspire to use the credit, the funds, or the power of the
corporation to fix or control the price of any such commodities, and any such person violating this provision shall
be liable to a fine of not less than $1,000 and not exceeding
$5,000 or imprisonment not less than one year and not
exceeding five years, or both, in the discretion of the
court.
"No corporation shall be organized under the provisions
of this section with a capital stock of less than $2,000,000,
one-quarter of which must be paid in before the corporation may be authorized to begin business, and the remainder of the capital stock of such corporation shall be paid
in installments of at least 10 per centum on the whole
amount to which the corporation shall be limited as frequently as one installment at the end of each succeeding
two months from the time of the commencement of its
business operations until the whole of the capital stock
shall be paid in. The capital stock of any such corporation may be increased at any time, with the approval of
the Federal Reserve Board, by a vote of two-thirds of its
shareholders or by unanimous consent in writing of the
shareholders without a meeting and without a formal vote,
but any such increase of capital shall be fully paid in
within ninety days after such approval; and may be reduced in like manner, provided that in no event shall it
be less than $2,000,000. No corporation, except as herein
provided, shall during the time it shall continue its operations withdraw or permit to be withdrawn, either in the
form of dividends or otherwise, any portion of its capital.
Any national banking association may invest in the stock
of any corporation organized under the provisions of this
section, but the aggregate amount of stock held in all
corporations engaged in business of the kind described in
this section and in section 25 of the Federal Reserve Act
as amended shall not exceed 10 per centum of the subscribing bank's capital and surplus.
' 'A majority of the shares of the capital stock of any such
corporation shall at all times be held and owned by citizens of the United States, by corporations the controlling
interest in which is owned by citizens of the United States,
chartered under the laws of the United States or of a State
of the United States, or by firms or companies, the controlling interest in which is owned by citizens of the
United States. The provisions of section 8 of the act approved October 15, 1914, entitled 'An act to supplement
existing laws against unlawful restraints and monopolies,
and for other purposes,' as amended by the acts of May 15,
1916, and September 7, 1916, shall be construed to apply
to the directors, other officers, agents, or employees of
corporations organized under the provisions of this section: Provided, however, That nothing herein contained
shall (1) prohibit any director or other officer, agent, or
employee of any member bank, who has procured the approval of the Federal Reserve Board from serving at the
same time as a director or other officer, agent or employee
of any corporation organized under the provisions of this
section in whose capital stock such member bank shall
JANUARY,
1920.
have invested; or (2) prohibit any director or other officer,
agent, or employee of any corporation organized under the
provisions of this section, who has procured the approval
of the Federal Reserve Board, from serving at the same
time as a director or other officer, agent or employee of any
other corporation in whose capital stock such first-mentioned corporation shall have invested under the provisions
of this section.
"No member of the Federal Reserve Board shall be an
officer or director of any corporation organized under the
provisions of this section, or of any corporation engaged in
similar business organized under the laws of any State,
nor hold stock in any such corporation, and before entering upon his duties as a member of the Federal Reserve
Board he shall certify under oath to the Secretary of the
Treasury that he has complied with this requirement.
"Shareholders in any corporation organized under the
provisions of this section shall be liable for the amount of
their unpaid stock subscriptions. No such corporation
shall become a member of any Federal reserve bank.
"Should any corporation organized hereunder violate
or fail to comply with any of the provisions of this section,
all of its rights, privileges, and franchises derived herefrom may thereby be forfeited. Before any such corporation shall be declared dissolved, or its rights, privileges, and franchises forfeited, any noncompliance with,
or violation of such laws shall, however, be determined
and adjudged by a court of the United States of competent jurisdiction, in a suit brought for that purpose in the
district or territory in which the home office of such corporation is located, which suit shall be brought by the
United States at the instance of the Federal Reserve
Board or the Attorney General. Upon adjudication of
such noncompliance or violation, each director and officer
who participated in, or assented to, the illegal act or acts,
shall be liable in his personal or individual capacity for
all damages which the said corporation shall have sustained in consequence thereof. No dissolution shall take
away or impair any remedy against the corporation, its
stockholders, or officers for any liability or penalty previously incurred.
"Any such corporation may go into voluntary liquidation and be closed by a vote of its shareholders owning
two-thirds of its stock.
"Whenever the Federal Reserve Board shall become
satisfied of the insolvency of any such corporation, it may
appoint a receiver who shall take possession of all of the
property and assets of the corporation and exercise the
same rights, privileges, powers, and authority with respect
thereto as are now exercised by receivers of national
banks appointed by the Comptroller of the Currency of
the United States: Provided, however, That the assets of
the corporation subject to the laws of other countries or
jurisdictions shall be dealt with in accordance with the
terms of such laws.
"Every corporation organized under the provisions of
this section shall hold a meeting of its stockholders annually upon a date fixed in its by-laws, such meeting to
be held at its home office in the United States. Every
such corporation shall keep at its home office books containing the names of all stockholders thereof, and the
names and addresses of the members of its board of directors, together with copies of all reports made by it to the
Federal Reserve Board. Every such corporation shall
make reports to the Federal Reserve Board at such times
and in such form as it may require; and shall be subject
to examination once a year and at such other times as may
be deemed necessary by the Federal Reserve Board by
examiners appointed by the Federal Reserve Board, the
cost of such examinations, including the compensation
of the examiners, to be fixed by the Federal Reserve
Board and to be paid by the corporation examined.
JANUARY,
1920.
FEDEKAL RESERVE BULLETIN.
59
"The directors of any corporation organized under the ity from the directors, issues or puts forth any certificate of
provisions of this section may, semiannually, declare a deposit, draws any order or bill of exchange, makes any
dividend of so much of the net profits of the corporation acceptance, assigns any note, bond, debenture, draft, biil
as they shall judge expedient; but each corporation shall, of exchange, mortgage, judgment, or decree; or who makes
before the declaration of a dividend, carry one-tenth of any false entry in any book, report, or statement of such
its net profits of the preceding half year to its surplus fund corporation with intent, in either case, to injure or defraud
until the same shall amount to 20 per centum of its capital such corporation or any other company, body politic or
corporate, or any individual person, or to deceive any offistock.
"Any corporation organized under the provisions of cer of such corporation, the Federal Reserve Board, or any
this section shall be subject to tax by the State within agent or examiner appointed to examine the affairs of any
which its home office is iocated in the same manner and such corporation; and every receiver of any such corporato the same extent as other corporations organized under tion and every clerk or employee of such receiver who shall
the laws of that State which are transacting a similar embezzle, abstract, or willfully misapply or wrongfully
character of business. The shares of stock in such cor- convert to his own use any moneys, funds, credits, or
poration shall also be subject to tax as the personal prop- assets of any character which may come into his possession
erty of the owners or holders thereof in the same manner or under his control in the execution of his trust or the perand to the same extent as the shares of stock in similar formance of the duties of his employment; and every such
receiver or clerk or employee of such receiver who shall,
State corporations.
"Any corporation organized under the provisions of with intent to injure or defraud any person, body politic,
this section may at any time within the two years next or corporate, or to deceive or mislead the Federal Reserve
previous to the date of the expiration of its corporate exist- Board, or any agent or examiner appointed to examine the
ence, by a vote of the shareholders owning two-thirds of affairs of such receiver, shall make any false entry in any
its stock, apply to the Federal Reserve Board for its ap- book, report, or record of any matter connected with the
proval to extend the period of its corporate existence for a duties of such receiver; and every person who with like
term of not more than twenty years, and upon certified intent aids or abets any officer, director, clerk, employee,
approval of the Federal Reserve Board such corporation or agent of any corporation organized under this section, or
shall have its corporate existence for such extended period receiver or clerk or employee of such receiver as aforesaid
unless sooner dissolved by the act of the shareholders in any violation of this section, shall upon conviction thereowning two-thirds of its stock, or by an Act of Congress or of be imprisoned for not less than two years nor more than
unless its franchise becomes forfeited by some violation ten years, and may also be fined not more than $5,000, in
the discretion of the court.
of law.
"Any bank or banking institution, principally engaged
"Whoever being connected in any capacity with any
in foreign business, incorporated by special law of any corporation organized under this section represents in any
State or of the United States or organized under the general way that the United States is liable for the payment of
laws of any State or of the United States and having an un- any bond or other obligation, or the interest thereon, issued
impaired capital sufficient to entitle it to become a corpo- or incurred by any corporation organized hereunder, or
ration under the provisions of this section may, by the vote that the United States incurs any liability in respect of
of the shareholders owning not less than two-thirds of the any act or omission of the corporation, shall be punished
capital stock of such bank or banking association, with the by a fine of not more than $10,000 and by imprisonment
approval of the Federal Reserve Board, be converted into for not more than five years."
a Federal corporation of the kind authorized by this secApproved, December 24, 1919.
tion with any name approved by the Federal Reserve
Board: Provided, however, That said conversion shall not be
in contravention of the State law. In such case the
articles of association and organization certificate may be
executed by a majority of the directors of the bank or bankChange in District Boundaries.
ing institution, and the certificate shall declare that the
owners of at least two-thirds of the capital stock have
By act of its legislature, the State of Missisauthorized the directors to make such certificate and to
has created ;a new county under the title
change or convert the bank or banking institution into a sippi
il
Federal corporation. A majority of the directors, after of Humphreys/ by assigning thereto terriexecuting the articles of association and the organization tory formerly included partially in each of
certificate, shall have power to execute all other papers and Sharkey, Yazoo, Washington, Sunflower, and
to do whatever may be required to make its organization Holmes Counties. Inasmuch as the newlyperfect and complete as a Federal corporation. The shares
of any such corporation may continue to be for the same created county embraced territory lying within
amount each as they were before the conversion, and the both the Sixth and the Eighth Federal Reserve
directors may continue to be directors of the corporation Districts, the Federal Reserve Board on Decemuntil others are elected or appointed in accordance with
the provisions of this section. When the Federal Reserve ber 12 reviewed the territorial boundaries
Board has given to such corporation a certificate that the of the two Federal Reserve districts and
• provisions of this section have been complied with, such ordered that all of the territory lying within
corporation and all its stockholders, officers, and employ- Humphreys County be assigned to the Eighth
ees, shall have the same powers and privileges, and shall Federal Reserve District. The Board further
be subject to the same duties, liabilities, and regulations,
in all respects, as shall have been prescribed by this section defined the northern boundary of the Sixth
Federal Reserve District in the State of Misfor corporations originally organized hereunder.
" Every officer, director, clerk, employee, or agent of any sissippi as the northern boundary lines of the
corporation organized under this section who embezzles, counties of Issaquena, Sharkey, Yazoo, Madiabstracts, or willfully misapplies any of the moneys, funds,
credits, securities, evidences of indebtedness or assets of son, Leake, Neshoba, and Kemper, after the
any character of such corporation; or who, without author- creation of the new county of Humphreys.
60
FEDERAL RESERVE BULLETIN.
Gold Certificates Legal Tender.
JANUARY, 1920.
Directors of Los Angeles Branch.
Below is reprinted the act making gold certificates legal tender:
The following are the directors of the Los
Angeles branch of the Federal Reserve Bank of
San Francisco which was organized and opened
for business January 2, 1920: Mr. I. B. Newton, Mr. H. M. Robinson, Mr. J. F. Sartori,
Be it enacted by the Senate and House of Representatives
of the United States of America in Congress assembled, ThatMr. A. J. Waters, Mr. Ira Clerk.
The first two gentlemen have been appointed
gold certificates of the United States payable to bearer on
demand shall be and are hereby made legal tender in pay- by the Federal Reserve Board, while the last
ment of all debts and dues, public and private.
three are the appointees of the Federal Reserve
SEC. 2. That all Acts or parts of Acts which are incon- Bank of San Francisco.
sistent with this Act are hereby repealed.
Mr. I. B. Newton, prominent merchant of
Approved, December 24, 1919.
southern California, was for many years connected with Harper & Reynolds Co., wholesale
Election of Directors.
and retail hardware dealers of Los Angeles.
The following directors of Federal Reserve He recently retired from active business. DurBanks have been elected for the three-year ing the war he served on the Los Angeles subcommittee of the Twelfth District Committee
term beginning January 1, 1920.
on Capital Issues.
District No. 1.—Boston:
Mr. Henry M. Robinson is a well-known
Class A.—F. S. Chamberlain, New Britain, Conn.
citizen of southern California. War activities
Class B.—E. R. Morse, Proctor, Vt.
Class C.—Jesse H. Metcalf, Providence, R. I.
brought him to Washington, where he served on
District No. 2.—New York:
the Shipping Board, at the end of the war going
Class A.—James S. Alexander, New York, N. Y.
to Paris as one of the Economics Committee o?
Class B.~Charles A. Stone, New York, N. Y.
Five assisting the American Peace Delegation.
Class C—Pierre Jay, New York, N. Y.
District No. 3.—Philadelphia:
He was appointed by the President as a member
Class A.—M. J. Murphy, Clarks Green, Pa.
of the Second Industrial Conference and, more
Class B.—Alba B. Johnson, Philadelphia, Pa.
recently,
as a member, representing the public,
Class C—H. B. Thompson, Wilmington, Del.
of the commission to investigate wages and
District No. 4.—Cleveland:
Class A.—Chess Lamberton, Franklin, Pa.
working conditions in the coal industry, proClass B.—R. P. Wright, Erie, Pa.
vided for in the strike settlement agreement.
Class C—L. B. Williams, Cleveland, Ohio.
Mr. J. F. Sartori is president of the Security
District No. 5.—Richmond:
Trust & Savings Bank and president of the
Class A.—J. F. Bruton, Wilson, N. C.
Class B.—J. F. Oyster, Washington, D. C.
Security National Bank, both of Los Angeles.
Class 0.—James A. Moncure, Richmond, Va.
Mr. A. J. Waters is president of the Citizens
District No. 6.—Atlanta:
National Bank of Los Angeles and president
Class A.—Oscar Newton, Jackson, Miss.
of the Los Angeles Clearing House Association.
Class B.—W. H. Hartford, Nashville, Tenn.
Class C—W. H. Kettig, Birmingham, Ala.
Mr. Ira Clerk is assistant deputy governor
District No. 7.—Chicago:
of
the Federal Reserve Bank of San Francisco,
Class A.—Charles H. McNider, Mason City, Iowa.
and has been appointed acting manager of
Class B.—John W. Blodgett, Grand Rapids, Mich.
the Los Angeles branch.
Class C.—E. T. Meredith, Des Moines, Iowa.
[PUBLIC—No. 103—66TH CONGRESS.]
[S. 3458.]
An Act To make gold certificates of the United States payable to bearer
on demand legal tender.
District No. &—St. Louis:
Class A.—Sam A. Ziegler, Albion, 111.
Class B.~W. B. Plunkett, Little Rock, Ark.
Class C.—C. P. J. Mooney, Memphis, Tenn.
District No. 9—Minneapolis:
Class A.—Theodore Wold, Minneapolis, Minn.
Class B.—F. R. Bigelow, St. Paul, Minn.
Class C.—C. H. Benedict, Lake Linden, Mich.
District No. 10.—Kansas City:
Class A.—W. J. Bailey, Atchison, Kans.
Class B.—M. L. McClure, Kansas City, Mo.
Class C.—F. W. Fleming, Kansas City, Mo.
District No. 11—Dallas:
Class A.—B. A. McKinney, Durant, Okla.
Class B.—Marion Sansom, Fort Worth, Tex.
Class C—H. O. Wooten, Abilene, Tex.
District No. 12.—San Francisco:
Class A.—C. K. Mclntosh, San Francisco, Calif.
Class B.—E. H. Cox, San Francisco, Calif.
Class C.—Edward Elliott, Berkelev, Calif.
Acceptances to 100 Per Cent.
Since the issuance of the December BULLETIN
the following banks have been authorized by
the Federal Reserve Board to accept drafts and
bills of exchange up to 100 per cent of their
capital and surplus:
First National Bank, New Bedford, Mass.
First National Bank, Hoboken, N. J.
Marine Bank, Norfolk, Va.
Atlanta National Bank, Atlanta, Ga.
First National Sank, Clarksville, Tenn.
61
FEDERAL, RESERVE BULLETIN.
JANUARY, 1920.
Directors of Branch Banks.
LOS ANGELES BRANCH.
(Federal Reserve Bank of San Francisco.)
Directors of branches of Federal Reserve
Manager.—Ira Clerk.
Banks to serve for the year 1920 have been
Directors.—Ira Clerk, A. J. Waters, I. B. Newton,
H. M. Robinson, J. F. Sartori.
named as follows:
BALTIMORE BRANCH.
(Federal Reserve Bank of Richmond.)
LOUISVILLE BRANCH.
(Federal Reserve Bank of St. Louis.)
Manager.—W. P. Kincheloe.
Manager.—M. M. Prentis.
Directors.—Geo. W. Norton, WT. C. Montgomery, W. P.
Directors.—M. M. Prentis, Charles 0. Homer, William Kincheloe,
F. M. Sackett, E. L. Swearingen.
Ingle, Waldo Newcomer, H. B. Wilcox.
BIRMINGHAM BRANCH.
(Federal Eeserve Bank of Atlanta.)
MEMPHIS BRANCH.
(Federal Reserve Bank of St. Louis.)
Manager.—John J. Heflin.
Manager.—A. E. Walker.
Directors.—R. Brinkley Snowden, John D. McDowell,
Directors.—W. H. Kettig, Oscar Wells, T. 0. Smith, John
J. Heflin, T. K. Riddick, S. E. Ragland.
W. W. Crawford, John H. Frye.
BUFFALO BRANCH.
(Federal Reserve Bank of New York.)
NASHVILLE BRANCH.
(Federal Reserve Bank of Atlanta.)
Manager.—Bradley Curry.
Manaoer.—Ray M. Gidney.
H. Hartford, P. M. Davis, J. E. Caldwell,
Directors.—F. L. Bartlett, R. M. Gidney, Clifford E.Directors.—W.
A. Lindsey, T. A. Embry.
Hubbell, E. C. McDougal, H. T. Ramsdell.
CINCINNATI BRANCH.
(Federal Reserve Bank of Cleveland.)
NEW ORLEANS BRANCH.
(Federal Reserve Bank of Atlanta.)
Manager.—Marcus Walker.
Manager.—L. W. Manning.
Directors.—John E. Bouden, jr., P. H. Saunders, H. B.
Directors.—Judson Harmon, Charles A. Hinsch, W. S. Lightcap,
A. P. Bush, F. W. Foote, R. S. Hecht, Marcus
Rowe, L. W. Manning.
Walker.
DENVER BRANCH.
(Federal Reserve Bank of Kansas City.)
OMAHA BRANCH.
(Federal Reserve Bank of Kansas City.)
Manager.—0. T. Eastman.
Manager.—C. A. Burkhardt.
Directors.—Luther Drake, Geo. E. Abbott, 0. T. EastDirectors—C. Q. Parks, A. C. Foster, C. A. Burkhardt,
man, P. L. Hall, R. 0. Marnell.
John Evans, Alva Adams.
DETROIT BRANCH.
PITTSBURGH BRANCH.
(Federal Reserve Bank of Chicago.)
(Federal Reserve Bank of Cleveland.)
Manager.—Geo. De7 Camp.
Manager.—R. B. Locke.
Directors.—John Ballantyne, Emory W. Clark, Julius H. Directors.—€has. W . Brown, James D. Callery, Harrison
Nesbit, R. B. Mellon, George De Camp.
Haas, Chas. H. Hodges, R. B. Locke.
EL PASO BRANCH.
PORTLAND BRANCH.
(Federal Reserve Bank of Dallas.)
(Federal Reserve Bank of San Francisco.)
Manager.—C. L. Lamping.
Manager.—R. R. Gilbert.
Directors.—E. Cookingham, J. C. Ainsworth, C. L. LamDirectors.—U. S. Stewart, A. F. Kerr, R. R. Gilbert,
ping, Nathan Strauss, Joseph N. Teal.
W. W. Turney, A. P. Coles.
HOUSTON BRANCH.
SALT LAKE CITY BRANCH.
(Federal Reserve Bank of Dallas.)
(Federal Reserve Bank of San Francisco.)
Manager.—Chas. H. Stewart.
Manager.—Sam R. Lawder.
Directors.—L. H. Farnsworth, Chas. H. Stewart, Chapin
Directors.—Frank Andrews, J. C. Chidsey, J. J. Davis,
A. Day, G. G. Wright, Lafayette Hanchett.
Sam R. Lawder, G. M. Bryan.
JACKSONVILLE BRANCH.
SEATTLE BRANCH.
(Federal Reserve Bank of Atlanta.)
(Federal Reserve Bank of San Francisco.)
Manager.—C. J. Shepherd.
Manager.—Geo. R. De Saussure.
Directors.—John C. Cooper, E. W. Lane, Bion H. Bar- Directors.—M. F. Backus, M. A. Arnold, C. J. Shepherd,
C. H. Clarke, Chas. E. Peabody.
nett, Giles L. Wilson, Fulton Saussy.
LITTLE ROCK BRANCH.
SPOKANE BRANCH.
(Federal Reserve Bank of St. Louis.)
(Federal Reserve Bank of San Francisco.)
Manager.—A. F. Bailey.
Manager.—Chas. A. McLean.
Directors.—D. W. Twohy, R. L. Rutter, Chas. A. McDirectors.—J. E. England, A. F. Bailey, Moorhead
Lean, Peter McGregor, G. I. Toevs.
Wright, G. W. Rogers, C. A. Pratt.
62
JANUARY, 1920.
FEDERAL RESERVE BULLETIN.
State Banks and Trust Companies.
Capital.
Surplus.
$50,000
25,000
25,000
50,000
25,000
50,000
$7,000
10,000
10,000
2,500
50,000
$615,839
28,750
275,665
387,987
225,941
1,684,726
30,000
25,000
10,000
5,000
686,502
684,907
200,000
40,000
1,196,810
The following list shows the State banks
District No. i#-Continued.
and trust companies which have been admitted
to membership in the Federal Reserve system Bank of Sausalito, Sausalito, Calif
Butte County Bank, Arco, Idaho
during the month of December.
The Myton State Bank, Myton, Utah.
Commercial
Bank, Spanish Fork, Utah,
One thousand one hundred and eighty-one Bank of Duchesne,
Duchesne, U t a h . . .
State institutions are now members of the The Farmers Bank, Ellensburg, Wash.
State Bank of Enumclaw, Enumclaw,
system, having a total capital of $421,653,766, Wash
Bank of Renton, Renton, Wash.
total surplus of $447,553,600, and total resources Citizens
The Washington Trust Co., Spokane,
of $9,608,710,574.
Wash
Capital.
Surplus.
Total.
District No. 2.
$100,000
Bank of Nutley, Nutley, N. J
Citizens Bank of Cape Vincent, Cape
50,000
Vincent. N . Y
50,000
State Bank of Endicott, Endicott, N. Y.
Ridgefield Park Trust Co., Ridgefleld
100,000
Park, N. J
$35,000 $1,538,980
8,000
10,000
170,606
60,000
25,000
1,579,494
520,000 5,487,985
105,000
200,000
500,000
60,000 1,006,468
800,000 11,130,344
75,000 4,620,382
25,000
25,000
313,576
25,000
25,000
5,000
5,000
154,196
481,228
25,000
12,500
392,830
50,000
25,000
15,000
5,000
721,595
484,557
District No. ?.
Farmers State Bank, Bellevue, Mich...
The First State Bank, Carsonville, Mich.
Lake Odessa State Savings Bank, Lake
Odessa, Mich
,
Lapham State Savings Bank, Northville,Mich
Farmers State Bank, Vicksburg, Mich..
District No. 8.
The Bank of Versailles, Versailles, Mo..
Bank of Waynesville, Waynesville, Mo.
75,000
25,000
7,000
5,000
577,984
562,378
100,000
25,000
20,000
20,000
717,494
398,854
100,000
11,500 1,887,218
District No. 6.
Commercial Bank, Menominee, Mich...
Southern Montana Bank, Ennis, Mont.
American Bank & Trust Co., Missoula,
Mont
Reed Point State Bank, Reed Point,
Mont
25,000
5,000
188,368
District No. 10.
The State Savings & Mercantile Bank,
Wichita. Kans
Kilgore State Bank, Kilgore, N e b r . . . .
Stockgrowers State Bank, Pawhuska,
Okll
First State Bank, Locust Grove, Okla..
200,000
25,000
60,000
25,000
20,000 1,786,824
5,100
299,747
6,000
8,500
301,305
District No. 11.
Central Savings Bank & Trust Co.,
Monroe, La
250,000
62,500 2,119,517
District No. 12.
125,000 4,228,830
Alameda Savings Bank, Alameda, Calif.
25,000
346,183
Surprise Valley Bank, Cedarville, Calif. 25,000
Standard Bank of Orange County,
67,042
50,000
Fullerton, Calif
Guaranty Trust & Savings Bank, Los
Angeles, Calif
1,500,000 1,000,000 28,216,489
Los Angeles Trust & Savings Bank,
725, (XXf 36,001,546
Los Angeles, Calif
1,500,000 1,725,
Bank, Los
Security
jy Trust & Savings
~
1,800,000 1,100,000 62,634,439
Angeles, Calif.
California Bank of San Mateo County,
27,500
25,000
San Bruno, Calif
CONVERSION.
CHANGE OP N A M E .
160,000
District No. 6.
Bank of Cave Springs, Cave Springs, Ga.
LIQUIDATIONS.
First Guaranty State Bank & Trust Co., Ennis, Tex. (Consolidated
with the Ennis National Bank, Ennis, Tex.)
First State Bank, Dallas, Tex. (Consolidated with Security National
Bank of Dallas, Tex.)
Rio Grande Valley Bank & Trust Co., El Paso, Tex. (Consolidated
with the National Bank of El Paso, Tex.)
Farmers State Bank, Rice, Tex. (Consolidated with First State Bank
of Rice, Tex.)
Denver Stock Yards Bank, Denver, Colo., into Stock Yards National
Bank.
District No. 4.
Wheeling Bank & Trust Co., Wheeling,
W.Va!
Farmers Bank & Trust Co., Georgetown, Ky
City Deposit Bank, Pittsburgh, Pa
Potter Title & Trust Co., Pittsburgh, Pa.
Total.
The Citizens Bank & Trust Co., Tampa, Fla., has changed its name to
'Citizens-American Bank & Trust Co."
New National Bank Charters.
The Comptroller of the Currency reports
the following increases and reductions in the
number and capital of national banks during
the period from November 29, 1919, to December 26, 1919, inclusive:
Banks.
New charters issued to
30
With capital of
$1,955,000
Increase of capital approved for
20
With new capital of
1, 715,000
Aggregate number of new charters and
banks increasing capital
50
With aggregate of new capital authorized
3, 670,000
Number of banks liquidating (other than
those consolidating with other national
banks under the act of June 3, 1864)
7
Capital of same banks
275,000
Number of banks reducing capital
1
Redaction of capital
75,000
Total number of banks going into liquidation or reducing capital (other than those
consolidating with other national banks
under the act of June 3, 1864)
8
Aggregate capital reduction
350,000
Consolidation of national banks under the
actof Nov. 7, 1918
1
Capital
50,000
The foregoing statement shows the aggregate of increased capital for the period of
the banks embraced in statement was
3,670,000
Against this there was a reduction of capital
owing to liquidation (other than for consolidation with other national banks under the act of June 3, 1864) and reductions of capital of
350,000
Not increases
3, 320,000
JANUARY, 1920.
FEDERAL RESERVE BULLETIN.
63
the same as the one which governs the
operations of the branch banks at Cincinnati,
The Federal Reserve Board on December 17 Pittsburg, Buffalo, and other cities.
authorized and directed the Federal Reserve
Bank of Kansas City to establish a branch
Foreign Branches.
office at Oklahoma City in order to expedite
shipments of currency to and from member
A list of branches of national banks and
banks in the State of Oklahoma and to provide
better facilities for intrastate clearing of checks. international and foreign banks, doing business
The Board has recommended to the Federal under agreement with the Federal Reserve
Reserve Bank of Kansas City that the by-laws Board, which have opened for business during
assign as territory for the Oklahoma City December, is given below:
branch that portion of the State of Oklahoma National City Bank of New York:
Brussels, Belgium.
which is not included in the eleventh Federal Mercantile
Bank of the Americas, New York Oity:
Reserve district. An outline of the powers and
Affiliated Institution: Banco Mercantil Americane
functions to be exercised by the branch as
de Caracas, Venezuela—
Maracaibo, Venezuela.
recommended by the Board is as follows: The
branch bank will receive deposits from member
banks but will carry no deposit accounts. All
Commercial Failures Reported*
amounts received on deposit will be transmitted
daily, by telegraph or otherwise, to the Federal
While commercial failures in the United
Reserve Bank of Kansas City for credit to the
accounts of the depositing banks, and each States do not now disclose the marked
member bank in the territory assigned to the numercial reduction from 1918 that featured
branch, wherever located, may, at its option, the returns of earlier months this year, yet the
make remittances of currency and cnecks 400 defaults reported to R. G. Dun & Co.
direct to the Federal Reserve Bank of Kansas during three weeks of December compare
City. The branch will carry no Government favorably with the 498 insolvencies of the
deposits, but will redeem Treasury certificates, same period last year. The statement for
pay Government checks, and will close out November, the latest month for which complete
balances daily with the head office. The branch figures are available, shows 551 business rewill carry no earning assets; applications for verses, involving $9,177,321 of liabilities, the
loans or discounts from member banks
and number being the largest of any month back
offers for sale of mail transfers, bankers7 accept- to last March, and the indebtedness heavier
ances, and bills of exchange eligible for purchase than in October, September, August, and July
by Federal Reserve Banks will be transmitted of the current year. Yet not in any previous
to the Federal Reserve Bank of Kansas City for November since monthly statistics were first
final action. Immediate credit, however, may compiled in 1894 have failures been so few in
be given in cases where it becomes necessary number as in the present instance, the next
for member banks to rediscount in order to best exhibit for the month being the 570
meet clearing-house debit balances, unexpected defaults of November, 1918, and last month's
deficiencies in reserves, and any other case liabilities are the smallest for November in a
where quick arrangements are necessary, all decade and a half.
actual rediscounting operations, however, to be
Failures during November.
made at the head office, interest being charged
from the date the notes were received by the
Liabilities.
Number.
branch. In cases where notes are secured by
Districts.
1918
1919
United States obligations, the branch may, by
1919
1918
authority of the Federal Reserve Bank of
$795,956
$535,609
61
50
Kansas City, hold the collateral and forward First
1,674,791
99
101 1,548,918
Second
589,611
987,779
29
36
the notes to the parent bank with trust receipts Third
770,106
58
55 4,071,586
132,640
showing the amount and nature of collateral Fourth
364,083
26
25
Fifth
301,065
2,742,183
34
22
Sixth
held. Banks in the branch bank territory may Seventh....
434,048
4,837,148
74
101
235,393
494,104
28
40
Eighth
deal directly with the parent bank. The prin- Ninth
108,176
81,276
6
15
cipal functions to be exercised by the branch Tenth
204,082
198,531
22
17
253,516
293,019
28
32
will be the clearing and collection of checks and Eleventh...
762,677
576,190
86
76
Twelfth
the handling of shipments of currency to and
551
570 9,177,321 13,815,166
Total.
from member banks in its territory. This plan
Branch at Oklahoma City.
is
64
FEDERAL RESERVE BULLETIN.
Fiduciary Powers Granted to National Banks.
JANUARY,
DISTRICT No.
1920.
7.
Trustee, executor, administrator, registrar of stocks and
guardian of estates, assignee, receiver, and comApplications for permission to act under bonds,
mittee of estates of lunatics:
section 11-k of the Federal Reserve Act have
First National Bank, Danville, 111.
Merchants National Bank, Burlington, Iowa.
been approved by the Federal Reserve Board
First National Bank, Fairfield, Iowa.
in addition to those heretofore published, as
Trustee, executor, administrator, registrar of stocks and
follows:
bonds, guardian of estates, assignee, and receiver:
DISTRICT NO. 1.
Citizens National Bank, Brazil, Ind.
Guardian of estates, assignee, receiver, and committee of
Trustee, executor, administrator, registrar of stocks and
estates of lunatics:
bonds, guardian of estates, assignee, receiver, and comFarmers National Bank, Sheridan, Ind.
mittee of estates of lunatics:
First National Bank, Winamac, Ind.
Bath National Bank, Bath, Me.
DISTRICT NO. 8.
Trustee, executor, administrator, registrar of stocks and
bonds, guardian of estates, and receiver:
Trustee, executor, administrator, guardian of estates,
National City Bank, Lynn, Mass.
assignee, and receiver:
Trustee, executor, administrator, and registrar of stocks
Edwardsville National Bank, Edwardsville, 111.
and bonds:
Trustee, executor, administrator, registrar of stocks and
Naugatuck National Bank, Naugatuck, Conn.
bonds, guardian of estates, assignee, receiver, and comTrustee, executor, administrator, and guardian of estates:
mittee of estates of lunatics:
National Bank of Commerce, New London, Conn.
First National Bank, Newport, Ark.
First National Bank, Nashville, 111.
DISTRICT No. 2.
New Albany National Bank, New Albany, Ind.
Lawrenceburg, National Bank, Lawrenceburg, Ky.
Trustee, executor, administrator, registrar of stocks and
First National Bank, Ridgewav, Mo.
bonds, guardian of estates, assignee, receiver, and com- Trustee, executor, administrator, registrar of stocks and
mittee of estates of lunatics:
bonds, guardian of estates, assignee, and committee of
Cuba National Bank, Cuba, N. Y.
estates of lunatics:
Citizens National Bank, Hornell, N. Y.
First National Bank, Farmersburg, Ind.
First National Bank, Ithaca, N. Y.
Registrar of stocks and bonds:
Merchants National Bank, Middletown, N. Y.
Louisville National Banking Co., Louisville, Ky.
Chenango National Bank, Norwich, N. Y.
DISTRICT NO. 9.
Wilber National Bank, Oneonta, N. Y.
Trustee, executor, administrator, registrar of stocks and
bonds, guardian of estates, assignee, receiver, and comDISTRICT NO. 3.
mittee of estates of lunatics:
Midland National Bank, Minneapolis, Minn.
Trustee, executor, administrator, registrar of stocka and
First National Bank, Wells, Minn.
bonds, guardian of estates, assignee, receiver, and comFirst National Bank, Miles City, Mont.
mittee of estates of lunatics:
First National Bank, Brookings, S. Dak.
First National Bank, Emporium, Pa.
Trustee, executor, administrator, registrar of stocks and
Moshannon National Bank, Philipsburg, Pa.
bonds, guardian of estates, assignee, and receiver:
Guardian of estates, assignee, receiver, and committee of
eatates of lunatics:
First National Bank, Lewistown, Mont.
First National Bank, Trenton,N. J.
Registrar of stocks and bonds:
Northwestern National Bank, Minneapolis, Minn.
DISTRICT No.
4.
DISTRICT No.
10.
Trustee, executor, administrator, registrar of stocks and Trustee, executor, administrator, registrar of stocks and
bonds, guardian of estates, assignee, receiver, and combonds, guardian of estates, assignee, receiver, and committee of estates of lunatics:
mittee of estates of lunatics:
First National Bank, Walsenburg, Colo.
Third National Bank, Pittsburgh, Pa.
Fidelity National Bank & Trust Co., Kansas City, Mo.
Trustee, executor, administrator, registrar of stocks and
Midwest National Bank & Trust Co., Kansas City, Mo.
bonds, guardian of estates, receiver, and committee of
Trustee and registrar of stocks and bonds:
estates of lunatics:
Exchange National Bank, Tulsa, Okla.
American National Bank, Newport, Ky.
Trustee, executor, administrator, guardian of estates,
assignee, and receiver:
DISTRICT No. 5.
City National Bank, Lawton, Okla.
Trustee, executor, administrator, registrar of stocks and
DISTRICT N O . 11.
bonds, guardian of estates, assignee, receiver, and com- Trustee, executor, administrator, registrar of stocks and
mittee of estates of lunatics:
bonds, guardian of estates, assignee, receiver, and comRockbridge National Bank, Lexington, Va.
mittee of estates of lunatics:
Guardian of estates, assignee, receiver, and committee of
Lockwood National Bank, San Antonio, Tex.
estates of lunatics:
DISTRICT N O . 12.
Merchants National Bank, Richmond, Va.
Trustee, executor, administrator, registrar of stocks and
bonds, guardian of estates, assignee, receiver, and comDISTRICT No. 6.
mittee of estates of lunatics:
National Bank & Trust Co., Pasadena, Calif.
Trustee, executor, administrator, registrar of stocks and
First National Bank, Payette, Idaho.
bonds, guardian of estates, assignee, receiver, and com|
First National Bank, Weiser, Idaho.
mittee of estates of lunatics:
I
First National Bank, Clarkston, Wash.
American National Bank, Nashville, Tenn.
JANCART, 1920.
FEDERAL RESERVE BULLETIN.
65
RULINGS OF THE FEDERAL RESERVE BOARD.
Below are published rulings made by the
Federal Keserve Board which are believed to
be of interest to Federal Reserve Banks and
member banks.
Renewal of drafts drawn by the purchaser of goods and
secured at the time of original acceptance by warehouse receipts or bills of lading.
As defined in an opinion published on page
380 of the May, 1917, BULLETIN, a draft drawn
by the purchaser of goods is not eligible for
acceptance merely because it is secured at the
time of acceptance by a bill of lading covering
the goods bought. It must be established
that the proceeds of the draft are applied to
the payment of those goods. No national
bank may properly accept the renewal of a
draft drawn by the purchaser of goods and
secured at the time of original acceptance by
a bill of lading or warehouse receipt unless the
renewal acceptance complies with the terms
of the law and the rulings and regulations
of the Board applicable to the original acceptance.
In the opinion of the Federal Reserve Board,
therefore, a State bank which becomes a member of the Federal Reserve system voluntarily
subjects itself to the restrictions and limitations
of various Federal laws and to Federal supervision and may properly advertise that it is
subject to Government or Federal
supervision,
but, in so far as the phrase u Government protection" implies more than supervision, the
Board believes that that phrase is inapt and
not justified by the terms of the law.
Acceptance of drafts secured by warehouse^receipts
covering automobiles or automobile tires.
The Federal Reserve Board has been asked
whether a draft secured by a warehouse receipt
covering automobiles or automobile tires is
eligible for acceptance by a member bank
under the terms of section 13 of the Federal
Reserve Act. That section provides in part
that any member bank may accept drafts
drawn upon it which are secured at the time
of acceptance by warehouse receipts conveying
or securing title covering readily marketable
[See opinion of General Counsel on p. — of the Law Department.]
staples.
On page 652 of the July, 1919, FEDERAL
RESERVE BULLETIN, the Federal Reserve
Authority of State member bank to advertise that it is Board has defined a readily marketable staple
under Government protection or supervision.
as follows:
The Federal Reserve Board has received
readily marketable staple may be defined as an article
numerous inquiries as to the right of a State of Acommerce,
agriculture, or indi stay of such us.es as to
bank which is a member of the Federal Reserve make it the subject of constant dealings in ready markets
system to advertise that it is under " Govern- with such frequent quotations of prices as to make (a) the
ment protection" or under Government super- price easily and definitely ascertainable and (b) the staple
itself easy to realize upon by sale at any time.
vision.
The Board has heretofore ruled that an autoThe terms of section 9 of the Federal Reserve Act expressly provide that "as a condi- mobile is not a readily marketable staple within
tion of membership such banks shall likewise the meaning of this definition and that a draft
be subject to examinations made by direction secured by a warehouse receipt covering an
of the Federal Reserve Board or of the Federal automobile is on that account not eligible for
Reserve Bank by examiners selected or ap- acceptance by a member bank. The Board is
proved by the Federal Reserve Board;" that also of the opinion that automobile tires can
such banks are " required to make reports of not properly be considered readily marketable
condition and of the payment of dividends to staples and that a warehouse receipt covering
the Federal Reserve Bank of which they be- automobile tires, like a warehouse receipt covercome a member" and that such banks shall ing an automobile, can not form the basis of an
not only complv with the reserve and capital acceptance under the terms of section 13 of the
requirements oi the Federal Reserve Act but Federal Reserve Act.
This ruling, however, should not be conshall also conform to those provisions of law
which are imposed on national banks relating strued to deny the right of a member bank to
to making loans on or purchasing their own accept a draft to which is attached at the time
stock, etc. State member banks and their of acceptance a bill of lading covering an autoofficers, agents, or employees are also subject mobile or automobile tires in the process of
to the provisions of, and to the penalties pre- shipment, provided that the draft otherwise
scribed by, section 5209 of the Revised Statutes complies with the terms of the law and the
regulations of the Federal Reserve Board.
of the United States.
66
FEDEKAL. RESERVE BULLETIN.
JANUARY, 192
LAW DEPARTMENT.
It appears from the facts presented that the
The following opinion of General Counsel
has been authorized for publication by the drawer of the drafts is manufacturing tobacco
the purpose of export, but there is no indicaBoard since the last edition of the BULLETIN: for
tion that that drawer has an existing contract
Renewal of drafts drawn by the purchaser of goods and providing for the export of the tobacco covered
secured at the time of original acceptance by ware- by the documents attached to the draft prehouse receipts or bills of lading.
sented to the bank for acceptance. The mere
As defined in an opinion published on page 380 of the fact that the drawer is manufacturing goods
May, 1917, BULLETIN, a draft drawn by the purchaser of which he intends ultimately to export does not
goods is not eligible for acceptance merely because it is alone bring it within the scope of a transaction
secured at the time of acceptance by a bill of lading covering the goods bought. It must be established that the involving the exportation of goods. The Board
proceeds of the draft are applied to the payment of those has frequently ruled that the person for whom
goods. No national bank may properly accept the renewal the draft is accepted must have a definite
of a draft drawn by the purchaser of goods and secured at bona fide contract for the shipment of the
the time of original acceptance by a bill of lading or warehouse receipt unless the renewal acceptance complies goods within a specified and reasonable time.
It remains to be considered, therefore, solely
with the terms of the law and the rulings and regulations
of the Board applicable to the original acceptance.
whether the drafts in question are eligible for
An opinion has been asked on the question acceptance either because they grow out of
whether a national bank may accept drafts transactions involving the domestic shipment
drawn under the following circumstances: A of goods or because they are secured at the
certain tobacco manufacturer is buying tobacco time of acceptance by a warehouse receipt or
lor the purpose of manufacturing for export. other such document conveying or securing
It is contended that the whole process from title covering readily marketable staples.
The facts presented indicate that either bills
time of purchase of the tobacco to the time of
sale of tne finished product requires from 9 to of lading or warehouse receipts are in the
12 months and that in consequence a large hands of the bank at the time that the original
volume of money is needed to carry the drawer draft is presented for acceptance. For the
both on account of the volume of the business sake of convenience those drafts secured by
and on account of the present high prices of bills of lading will be discussed separately from
tobacco. Ninety-day drafts are drawn by the the ones secured by warehouse receipts.
Inasmuch as it appears that the purpose of
manufacturer upon nis bank with the understanding that there shall be two renewals of the transaction is to finance the manufacturer
90 days each, making the whole credit cover a pending the manufacture and ultimate sale of
period of 9 months. It is understood that bills tobacco as a finished product, there is great
of lading or warehouse receipts for the tobacco doubt whether even the original draft drawn
are placed with the accepting bank at the time by him, secured by a bill of lading covering
the first acceptance is made, but that they are tobacco shipped to him would be eligible for
surrendered by the bank to the manufacturer acceptance. Assuming that the bill of lading
immediately thereafter upon the issue of trust covers goods shipped by a seller to the manufacturer the transaction falls within the scope
receipts.
Under the terms of section 13 of the Federal of an opinion published on page 380 of the
Reserve Act any member bank may accept May, 1917, BULLETIN, wherein it was held
drafts or bills of exchange drawn upon it that a draft drawn by the purchaser of goods
having not more than six months sight to run is not eligible for acceptance merely because
" which grow out of transactions involving the it is secured by a bill of lading covering the
importation or exportation of goods; or which goods bought. ° The Board has heretofore held
grow out of transactions involving the domestic that in any such case the draft would be eligible
shipment of goods, provided shipping docu- for acceptance only if it could be established
ments conveying or securing title are attached that the proceeds of the draft are to be applied
at the time of acceptance; or which are secured by the clrawer—that is, the buyer—to the
at the time of acceptance by a warehouse payment of the goods covered by the bill of
receipt or other such document conveying or .ading.
But even if any of the original drafts secured
securing title covering readily marketable
by bills of lading come within these facts and
staples."
JANUARY,
1920.
FEDERAL RESERVE BTJULETIN.
are eligible for acceptance under the ruling just
referred to, nevertheless the Board does not
believe that the renewal drafts can be considered eligible for two reasons: First, because
the law requires that a bill of lading be attached
at the time of acceptance—having been surrendered after the acceptance of the original
drafts the bill of lading would not be available
as the basis of a renewal draft; and, second,
because the spirit of the law does not contemplate that acceptances based upon the domestic
shipment of goods shall be used as a cloak
to finance the carrying of those goods throughout the process 01 manufacture into finished
products.
There is no objection to a national bank's
agreeing in advance to accept drafts aggregating certain amounts for a period of more than
six months as defined on page 269 of the September, 1915, BULLETIN, but each individual
draft drawn under a credit of that character
must comply with the provisions of the law
relating to the acceptance of the original draft.
If it could be shown that the second or socalled renewal drafts comply with those
provisions they would be eligible, but not otherwise. Under the facts presented there is no
indication that the renewal drafts would comply with these restrictions and for the reasons
outlined above there is some doubt as to
whether the original drafts, even though accom-
67
panied by bills of lading at the time of acceptance, would be eligible ior acceptance.
With reference to those drafts secured at the
time of acceptance by warehouse receipts, the
same general principles are applicable. The
Board has ruled on various occasions that no
draft is eligible for acceptance merely and solely
because secured by a warehouse receipt at
the time it is presented for acceptance. It
must be shown that the purpose of the draft
is to carry the goods covered by the warehouse
receipt pending a reasonably immediate shipment, a reasonably immediate sale, or a
reasonably immediate distribution into the
process of manufacture. In so far as the
original drafts which are secured by warehouse
receipts comply with this principle they
should be considered eligible, but there would
be no reason to consider the renewal of those
drafts eligible for acceptance if only because
of the fact that by hypothesis the warehouse
receipts are released immediately after the
acceptance of the original drafts. They could
not, therefore, be available as security for the
so-called renewal drafts. In fact the whole
plan appears to be one which was devised for
the purpose of carrying the goods while in
the process of manufacture after they have
been removed from warehouse, a purpose
clearly not contemplated by the law as the
basis of a renewal draft.
68
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, 1919, to November, 1919,
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 three commodities, namely
worsted yarns (2-32s, crossbred), sheetings
(brown, 4-4 Pepperell), and women's dress
goods (cotton warp, cashmere) have been
omitted. On the other hand, quotations for
apples (Baldwin, fresh, Chicago), flour (buckwheat, New York), and tickings (Amoskeag,
32-inch), which had been dropped temporarily,
have been secured for the months of October
and November, and the commodities were
again included in the calculation of the index
numbers for the latter month. One substitution has been made, namely, of quartered-oak
bedroom bureaus in place of plain oak. 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 considerable increase in wholesale prices
is noted for the month of November. The
general index number of the Bureau of Labor
Statistics stands at the record figure of 230, an
increase of 7 points over the figure for the
month of October and of 4 points over the previous record of 226, the figure for the month of
August. Increase is noted in the index number for each of the three principal groups of
commodities and is relatively greatest for the
group of consumers' goods, namely, 3.6 per
cent, from 228 to 236. Among the commodities included in the group, decrease in price
occurred in the case of various meats, in particular lard, hams, lamb, and poultry, lemons,
oranges and prunes, corn meal (PMladelphia
quotation), milk (Chicago quotation), and cottonseed oil. These decreases, however, by no
means offset increases in the prices of various
foodstuffs, in particular butter, milk (New
JANUARY, 1920.
York quotation), cheese and eggs, wheat flour,
corn meal (Chicago quotation), rice, potatoes,
onions, molasses, oleomargarine, coffee, fresn
beef (Chicago quotation), bacon and mess pork,
various textiles, such as cotton flannel, drillings, print cloths, sheetings, shirtings, tickings,
cotton underwear and women's dress goods,
several classes of shoes and tableware and glassware.
The index number for the group of producers'
goods has increased 2.4 per cent, from 211 to
216, which latter figure is a new high level.
Decrease in price occurred only in the case of
several commodities, among which linseed oil
and copper wire may be mentioned, while increase in price occurred for an extended list of
commodities, in particular silver, steel billets
and plates, bar iron and wire nails, brick,
putty, turpentine and rosin, cotton and worsted yarns, cottonseed meal, bran, olive oil, and
various chemicals.
The index number for the group of raw materials has likewise reached a new high level.
The figure for the month of November stands
at 226, an increase of 2.9 per cent over the October figure of 220. Diversity, however, is exhibited by the changes in the index numbers
for the several subgroups included under the
head of raw materials. There has been a conspicuous increase in the index number for the
farm-products subgroup, from 254 to the record
figure of 275, or 8.4 per cent. Timothy hay
alone shows a decrease among the commodities
included in this subgroup, while increases in
price are noted for wheat, corn, oats, and
barley, cotton, alfalfa, flax and tobacco. The
index number for the forest-products subgroup likewise shows an increase, from 234 to
239, or 2.3 per cent, due to increase in the
price of white and yellow pine. The index
number for the mineral-products sub-group
shows a decrease of 0.5 per cent, from 184 to
183. Increase in price occurred in the case
of bituminous screenings, petroleum, pig iron
and lead, while decreases were noted for various
classes of bituminous coal and copper. The
index number for the animal-products subgroup remains unchanged at 212. Increases
in the prices of choice to prime steers, goatskins, silk and wool were offset by decreases in
the prices of good to choice steers, packer hides,
hogs, poultry, and lambs.
JANUARY, 1920.
69
FEDERAL RESERVE
Index numbers of wholesale prices in the United States for 'principal classes of commodities.
[Average price for 1913—100.J
Raw materials.
Year and month.
July, 1914
November,
November
November,
November,
November,
All commodities
Producers' Consumers' (Bureau of
goods.
goods.
Labor
StaTotal raw
tistics index
materials.
number).
Farm
products.
Animal
products.
Forest
products.
Mineral
products.
102
98
104
166
239
234
106
103
101
127
187
210
97
96
92
98
129
150
91
89
100
157
160
185
99
97
100
139
183
199
93
92
109
156
181
203
103
103
105
143
182
219
100
98
103
144
183
206
234
224
237
246
255
250
261
251
240
254
275
208
210
217
224
225
217
233
235
215
212
212
147
148
149
145
146
156
166
193
227
234
239
179
175
173
170
170
173
177
180
184
184
183
196
194
199
202
205
203
214
218
216
220
226
196
192
190
186
189
196
202
212
212
211
216
216
205
210
214
219
217
230
241
226
228
236
203
197
201
203
207
207
219
226
221
223
230
1914
1915
1916
1917
1918
1919.
January
February
March
April
May
June
July
August
.
September
October....
November
In order to give a more concrete illustration
of actual price movements there are also presented in the following table monthly actual
and relative figures for certain commodities of
a basic character, covering the period January,
1919, to November, 1919, compared with like
figures for November of previous years; also
for July, 1914, the month immediately preceding the outbreak of the great war. The
actual average monthly prices shown in the
table have been abstracted from the records of
the United States Bureau of Labor Statistics.
Average monthly wholesale prices of commodities.
[Average price for 1913=100.]
Corn, No. 3,
Chicago.
Wheat, No. 1,
Cotton, middling, northern
spring,
New Orleans.
Minneapolis.
Wheat, No. 2,
red winter,
Chicago.
Year and month.
July, 1914
November, 1914
November, 1915
November, 1916 . .
November 1917
November, 1918
January, 1919.
February. 1919
March, 1919
April, 1919..
May, 1919
June, 1919
July, 1919...
August, 1919
September, 1919. .
October 1919
November, 1919
Cattle, steers,
good to choice,
Chicago.
Hides, packers',
heavy native
steers, Chicago.
Average
price per
bushel.
Relative
price.
Average
price per
pound.
Relative
price.
Average
price per
bushel.
Relative
price.
Average
price per
bushel.
Relative
price.
Average
price per
100
pounds.
Relative
price.
Average
price per
pound.
SO. 7044
.6806
.6495
.9663
2.0238
1.2675
1.3750
1.2763
1.4588
1.5955
1.7613
1.7563
1.9075
1.9213
1.5410
1.3888
. 1.4875
114
111
106
157
329
206
223
207
237
259
286
285
310
312
250
226
242
$0.1331
.0742
.1155
.1980
.2804
.3007
.2850
.2694
.2681
.2670
.2947
.3185
.3377
.3125
.3078
.3538
.3963
105
58
91
154
221
237
224
212
211
210
232
251
266
246
242
279
312
$0.8971
1.1594
1.0182
1.9300
2.1700
2.2206
2.2225
2.2350
2.3275
2.5890
2.5925
2.4575
2.6800
2.5250
2.5350
2.6250
2.8250
103
133
117
221
248
254
254
256
266
298
297
281
307
289
290
301
323
$0.8210
1.1486
1.1250
1.8116
2.1700
2.2375
2.3788
2.3450
2.3575
2.6300
2.7800
2.3613
2.2580
2.2394
2.2385
2.2394
2.2881
83
116
114
184
220
227
241
238
239
267
282
239
229
227
227
227
232
$9.2188
9.4063
8.8450
10.3500
14.3875
18.1563
18.4125
18.4688
18.5750
18.3250
17.7438
15.4600
16.8688
17.6375
16.8050
17.5938
17.5000
108
111
104
122
169
213
216
217
218
215
209
182
198
207
198
207
206
$0.1938
.2175
.2625
.3150
.3525
.2900
.2800
.2800
.2763
.2950
.3513
.4075
.4860
.5200
.4638
.4820
.4688
Relative
price.
105
118
143
171
192
158
152
152
150
160
191
222
264
283
252
262
255
70
JANUARY, 1920.
FEDERAL RESERVE BULLETIN.
Average monthly wholesale prices of commodities—Continued.
[Average price for 1913 =» 100.]
Hogs, light,
Chicago.
Year and month.
Average
price per
pounds.
July, 1914
November, 1914.
November, 1915.
November, 1916.
November, 1917.
November, 1918.
January, 1919...
February, 1919..
March, 1919
April, 1919
May, 1919
June, 1919
July, 1919
August. 1919....
September, 1919
October, 1919...
November, 1919.
$8.7563
7.4813
6.6450
9.4063
17.3500
17.7063
17.4125
17.4688
18.8550
20.3813
20.7000
20.7800
22.3875
21.6125
18,2100
14.7250
14.1438
Wool, Ohio, J-f
grades, scoured.
Rela- Average
tive price per
price. pound.
104
83
79
111
205
209
206
207
223
241
245
246
265
256
215
174
167
Coal, Poeahontas, Norfolk.
$0.4444
.4722
.6143
.6857
1.3571
1.4365
1.1200
1.0909
1.2000
1.0909
1.0727
1.1818
1.2364
1.2364
1.2182
1.2634
1.2545
Rela- Average
tive price per
price. M feet.
Coal, anthracite, Coal, bituminous,
run of mine,
stove, New York,
Cincinnati.
tidewater.
Rela- Average RelaRela- Average Relative price per tive price per tive price per tive
price. Mfeet. price. long ton. price. short ton. price.
94 $24.5000
100 24.2500
130 21.2500
146 23.7500
288 30.5000
305
255 36.0000
232 36.0000
255 36.0000
232 36.0000
228 36.0000
251 36.0000
263 41.0000
263
259 43.0000
268 44.0000
266 44.0000
Coke, Connellsville.
Yellow pine,
flooring,
New York.
Hemlock,
New York.
101 $42.0000
100 42.0000
88 38.0000
98 40.0000
126 57.0000
63.0000
149 63.0000
149 64.0000
149 64.0000
149 64.0000
149 65.0000
149 68.0000
169 73.0000
78.0000
177 95.0000
100.0000
182
182 100.0000
94
94
85
90
128
141
141
144
144
144
146
152
164
175
213
224
224
Lead, pig,
desilverized.
New York.
Copper, ingot,
electrolytic.
New York.
$4.9726
5.1912
5.1766
5.6946
6.1469
7.8071
7.9500
7.9500
7.9044
7.9045
7.9857
8.1174
8.1881
8.3145
8.4020
8.4135
8.4273
103
102
113
121
154
157
157
156
156
158
160
162
164
166
166
167
Petroleum, crude,
Pennsylvania,
at wells.
$2.2000
2.2000
2.2000
3.7500
3.7500
4.1000
4.1000
4.0000
4.0000
4.0000
4.0000
4.0000
4.0000
4.0000
4.5000
4.5000
4.1000
100
100
100
170*
170
186
186
182
182
182
182
182
182
182
205
205
186
Pig iron, basic.
Year and month.
Average
price per
long ton.
July, 1914
November, 1914..
November, 1915..
November, 1916..
November, 1917..
November, 1918..
January, 1919....
February, 1919..
March, 1919
April, 1919
May, 1919
June, 1919
July,1919
August. 1919
September, 1919.
October, 1919....
November, 1919..
Rela- Average Rela- Average
tive price per tive price per
price. short ton. price. pound.
$3.0000
3.0000
2.8500
6.0000
4.4120
4.6320
4,6320
4,6320
4.9000
4.9000
4.9000
5.1400
5.1400
100
100
95
200
147
154
154
154
163
163
163
171
171
5.1400
4.6320
171
154
$1.8750
1.5500
2.3750
5.7500
6.0000
6.0000
5.7813
5.2188
4.4688
3.9000
3.8437
4.0000
4.0950
4.2188
4.5920
4.8250
5.9375
77
64
97
236
246
246
237
214
183
160
158
164
168
173
188
198
243
Rela- Average
tive price per
price. pound.
85
72
114
182
149
165
130
110
96
97
102
112
137
145
141
138
130
$0.1340
.1125
.1788
.2863
.2350
.2600
.2038
.1731
.1509
.1530
.1600
.1756
.2150
.2281
.2220
.2172
.2038
$0.0390
.0350
.0490
.0700
.0613
.0805
.0558
.0508
.0524
.0507
.0508
.0530
.0561
.0579
.0609
.0643
.0676
Rela- Average
tive price per
price. barrel.
80
111
159
139
183
127
115
119
115
115
120
128
132
138
146
154
$1.7500
1.4500
1.8000
2.6000
3.5000
4.0000
4.0000
4.0000
4.0000
4.0000
4.0000
4.0000
4.0000
4.0000
4.2500
4.2500
4.4375
Rela- Average Relative price per i tive
price. long ton.! price.
71 $13.0000
59 12.4800
73 15.7500
106 25.1000
143 33.0000
163 33.0000
163 30.0000
163 30.0000
163 28.9375
163 25.7500
163 25.7500
163 25.7500
163 25.7500
163 25.7500
173 25.7500
173 25.7500
181 28.3125
88
85
107
171
224
224
204
204
197
175
175
175
175
175
175
175
193
I
Cotton yarns,
northern cones,
10/1.
Leather, sole,
hemlock No. 1.
Steel billets,
Bessemer,
Pittsburgh,
|
Steel plates,
tank, Pittsburgh.
Steel rails, open
hearth, Pittsburgh.
Worsted yarns,
2-32's crossbred.
Year and month.
Average
price per
pound.
July, 1914
November, 1914.
November, 1915.
November, 1916.
November, 1917.
November, 1918.
January, 1919...
February, 1919..
March, 1919
April, 1919
May, 1919
June, 1919
July, 1919
August, 1919....
September, 1919
October, 1919...
November, 1919.
$0.2150
.1550
.2050
.3325
.4700
.5927
.5000
.4164
. 4132
.4300
.4826
.5608
.5912
.6130
.5903
.6111
Rela- Average
tive price per
price. pound.
97
70
93
150
212
268
226
188
187
194
218
253
267
277
267
276
300
$0.3050
.3200
.4900
.4800
.4900
.4900
.4900
.4900
.4900
. 4900
.5100
.5300
.5700
.5700
.5700
.5700
Rela- Average
tive price per
price, pound.
108 $19.0000
19.2500
113 26.5000
174 52.0000
170 47.5000
174 47.5000
174 43.5000
174 43.5000
174 42.2500
174 38.5000
174 38.5000
181 38.5000
188 38.5000
202 38.5000
202 38.5000
202 38. 5000
202 41.3750
Rela- Average
tive price per
price. pound.
74
75
103
202
184
184
169
169
164
149
149
149
149
149
149
149
160
I
I
!
I
i
I
$0.0113
.0110
.0150
.0375
.0325
.0325
.0300
.0300
.0291
. 0265
.0265
.0265
.0265
.0265
. 0253
.0261
.0265
Rela- Average
tive j price per
price. ! pound.
76
74
101
253
220
220
203
203
197
179
179
179
179
179
171
176
179
|$30.0000
30.0000
30.0000
35.0000
I 40.0000
! 57.0000
! 57.0000
I 57.0000
i 54. 5000
| 47.0000
: 47.0000
! 47.0000
I 47.0000
! 47.0000
47. 0000
47. 0000
47.0000
Rela- Average
tive
price per
price. pound.
100
100
100
117
133
190
190
190
182
157
157
157
157
157
157
157
157
$0. 6500
6300
8500
2000
9000
1500
7500
7000
5000
5000
5000
6000
6000
6242
. 7500
7500
Relative
price.
84
81
119
154
245
277
225
219
193
193
193
206
206
209
225
225
JANUARY, 1 9 2 0 .
71
FEDERAL RESERVE BULLETIN.
Average monthly wholesale prices of commodities—Continued.
[Average price for 1913=100.]
Beef, carcass,
good native
steers, Chicago.
Coffee, Rio No. 7.
Year and month.
Average
price per
pound.
July, 1914
November, 1914
November, 1915..
November, 1916
November 1917 .
November, 1918
January 1919
February, 1919
March, 1919 . .
April, 1919
May, 1919
June, 1919
July, 1919
August. 1919
September, 1919
October 1919 .
November, 1919
. .
,..
$0.1350
.1438
.1375
.1375
.1900
.2450
.2450
.2450
.2450
.2450
.2430
.2025
.2075
.2350
.2275
.2290
.2350
Rela- Average
tive price per
price. pound.
104
111
106
106
147
189
189
189
189
189
188
156
160
181
176
177
181
$0.0882
.0638
.0750
.0950
.0794
.1069
.1547
.1544
.1602
.1695
.1931
.2114
.2303
.2150
.1663
. 1650
.1697
Flour, wheat,
standard patents, Hams, smoked,
1914-1917,1919;
Chicago.
standard war,
1918, Minneapolis.
Rela- Average
tive price per
price. barrel.
79
57
67
85
71
96
139
139
144
152
173
190
207
193
149
148
152
$4.5938
5.8813
5.5000
9.8250
10.2250
10.2100
10.2750
10.5500
11.2125
12.2150
12.4188
12.0125
12.1550
12.0063
11.6200
12.0313
12.9500
Rela- Average
tive price per
price. pound.
100
128
120
214
223
223
224
230
245
266
271
262
265
262
254
262
283
$0.1769
.1663
.1625
.2031
.2900
.3541
.3494
. 3338
.3381
. 3595
.3769
.3 Q 06
. 3835
.3838
.3480
.2900
. 2859
Illuminating oil,
150° fire test,
New York.
Rela- Average
tive price per
price. gallon.
106
100
98
122
174
213
210
201
203
216
227
229
230
231
209
174
172
$0.1200
.1200
.1200
.1200
.1300
.1750
.1750
.1750
.1810
.1850
.1850
.2000
.2050
.2180
.2200
.2200
.2200
Sugar, granulated,
New York.
Rela- Average
tive price per
price. pound.
97
97
97
97
105
142
142
142
147
150
150
162
166
177
178
178
178
$0.0420
.0493
.0568
.0735
.0818
.0882
.0882
.0882
.0882
.0882
.0882
.0882
.0882
.0882
.0882
.0882
.0882
Relative
price.
98
115
133
172
192
207
207
207
207
207
207
207
207
207
207
207
207
DISCOUNT AND INTEREST RATES.
In the following tables are presented actual discount and interest rates
prevailing in the various cities in which the several Federal Reserve Banks
and their branches are located during the periods ending November 15 and
December 15, 1919. Quotations are given for prime commercial paper,
both customers' and purchased in the open market, interbank loans, bankers'
acceptances, and paper secured by prime stock exchange or other current
collateral. Separate rates are quoted for paper of longer or shorter maturities in the first-named and last-named classes. In addition, quotations are
given for commodity paper secured by warehouse receipts and for cattle
loans, as reported from centers in which such paper is current.
Quotations are also given of rates charged on ordinary loans to customers
secured by Liberty bonds and certificates of indebtedness, as well as
quotations in New York for demand paper secured by prime bankers'
acceptances. Quotations for new types of paper will be added from time to
time as deemed of interest.
A pronounced upward movement in interest rates is noted in the majority
of centers during the period under review, although in districts Nos. 6 and
11 rates show little or no such change. The increase is most pronounced in
the case of commercial paper purchased in the open market, and is noted
to a lesser extent also in the case of bankers' acceptances. While remarked
in the changes in high, low, and customary rates for these classes of paper,
in the case of customers' commercial paper it is found largely only in the
changes in customary rates, and in the case of interbank loans, collateral
loans, commodity paper, and paper secured by Liberty bonds and certificates of indebtedness largely in the change in the low rates. Comparison
with rates prevailing for the period ending December 15, 1918, reveals a
continuance of the decrease in rates remarked in the December BULLETIN
for commercial paper purchased in the open market and for low rates for
customers' commercial paper, as well as increase in rates for bankers' acceptances and for paper secured by Liberty bonds and certificates of indebtedness.
Discount and interest rates prevailing in various centers.
DURING 30-DAY PERIOD ENDING NOV. 15, 1919.
District.
Bankers' acceptances,
60 to 90 days.
City
Collateral loans—stock exchange
or other current.
Demand.
No.l.
No. 2.
No. 3.
No. 4.
No. 5.
No. 6.
No. 7.
No. 8.
No. 9..
No. 10.
No. 11.
No. 12.
Boston
New York i . . .
Buffalo
Philadelphia..
Cleveland
Pittsburgh....
Cincinnati
.
Richmond
Baltimore..
Atlanta....
Birmingham..
Jacksonville...
New Orleans..
Chicago
Detroit
St. Louis
Louisville
Memphis
Little Rock...
Minneapolis...
Kansas City...
Omaha
Denver
Dallas
El Paso....
Houston
San Francisco.
Portland
Seattle
Spokane
Salt Lake City.
7
8
8
8
5 .
6 6
5 6
5J 7
6 7
Cattle
loans.
3 months.
H. L. C.
6 6 6
6 5 6
6 5 6
6 5*6
6 6 6
6 5* 6
6 6 6
6 6 6
6 5 6
8 5 6
8 6 6
7 6 7
7 5 6^6*
6 5i
6 5 6
6 5J 6
6 5 6
6 5 6
7 6 7
7 6 6
8 5 6
7 5i 6
8 5 6
6 6 6
8 6 8
8 6 7
6 5 6
7 6 6
8 5 6
8 6 7
8 6 7
L.
a
6 6
5 5J-6
5 6
5i 6
6 6
5§6
6 6
6 6
5 6
5 6
6 6
6 7
5 6-6i
5 6
5* 6
5 6
5 6
6 6J
6 6
5 6
5h 6
5 6
6 6
6 8
6 7
5 6
6 6
5 6
6 7
6 7
H. L. C.
Secured by
Secured by Liberty
warehouse bonds and
receipts, certificates
of indebtetc.
edness.
H. L. C.
6
6
6
6
6 6
6 6
5£6
6 6
7
8
7
8
5J 6
5 6
6 6
Sh 6-7
6 5£ 6
6 5 6
6 5J 6
8
7
8
10
8
6
6
6
6
8
6-7
6
6
8
8
4} 6
4f 5*
8 6 8
*8**6*"7*
CD
f Rates for demand paper secured by prime bankers' acceptances, high 6, low 4J.
to
o
DURING 30-DAY PERIOD ENDING DEC. 15, 1919.
Bankers' acceptances
60 to 90 days.
District.
City.
No. 1...
No. 2 . . .
No. 3....
No. 4
Boston
New York*...
Buffalo
Philadelphia..
Cleveland, i...
Pittsburgh
Cincinnati
Richmond
Baltimore
Atlanta
Birmingham..
Jacksonville...
New Orleans..
Nashville
Chicago
Detroit
St. Louis
Louisville
Memphis
Little Rock...
Minneapolis...
Kansas City...
Omaha
Denver
Dallas
El Paso
Houston
San Francisco.
Portland
Seattle
Spokane
Salt Lake City.
No. 5....
No. 6....
No. 7....
No. 8
No. 9....
No. 10...
No. 11...
No. 12...
Collateral loans—stock exchange
or other current.
Secured by
Secured by Liberty
warehouse bonds and
receipts, certificates
of indebtetc.
edness.
i Rates for demand paper secured by prime bankers' acceptances, high, 6, low 4|.
CO
74
JANUARY, 1920.
FEDERAL RESERVE BULLETIN.
PHYSICAL VOLUME OF TRADE.
In continuation of tables in the December
there are presented in the following tables certain data
relative to the physical volume of trade. The
FEDERAL RESERVE BULLETIN
[ January, 1919, issue contains a description of
the methods employed in the compilation of
the data and the construction of the accomI panying index numbers. Additional material
\ will be presented from time to time as reliable
i figures are obtained.
Live-stock movements.
[Bureau of Markets.]
Receipts.
Cattle and
calves, 60
markets.
Hogs, 60
markets.
Sheep, 60
markets.
Shipments.
Horses and i
Cattle and
calves, 54
markets.
n
Hogs, 54
markets.
Sheep, 54
markets.
Horses and
mules, 44
markets.
Total, all
kinds.
1918.
November.. -
Head.
2,627,695
Head.
4,615,328
Head.
2,539,315
Head.
135,345
Head.
9,917,683
Head.
1,235,065
Head.
1,227,180
Head.
1,450,723
Head.
135,791
Head.
4,048,759
1919.
January
February
March
April
May
June
July
August
September...
October
November...
2,111,704
1,440,329
1,501,597
1,751,943
1,822,410
1,580,256
2,007,266
2,019,139
2,377,054
2,989,090
2,680,042
5,861,685
4,404,751
3,632,874
3,668,210
3,862,785
3,812,466
2,998,836
2,103,609
2,401,677
3,144,831
3,775,589
1,567,613
1,131,805
1,216,988
1,388,732
1,425,018
1,685,236
2,177,942
3,211,331
3,810,441
3,605,198
2,751,421
110,411
82,526
68,938
50,770
33,977
40,067
48,691
81,917
140,848
124,497
140,192
9,651,413
7,059,411
6,420,397
6,859,655
7,144,190
7,118,025
7,232,735
7,415,996
8,730,020
9,863,616
9,347,244
761,168
528,326
563,893
698,599
788,086
709,637
706,843
894,816
1,150,183
1,532,297
1,374,462
1,546,875
1,288,134
1,272,654
1,107,411
1,181,745
1,373,824
963,662
690,821
860,614
1,103,837
1,308,095
608,016
418,827
481,907
575,136
614,275
828,046
997,338
2,014,267
2,466,937
2,159,531
1,597,007
106,459
76,512
64,332
49,634
34,658
36,889
43,738
74,268
135,724
125,701
134,679
3,022,518
2,811,799
2,382,786
2,430,780
2,618,764
2,948,396
2,711,581
3,674,172
4,613,458
4,921,366
4,414,233
Receipts and shipments of live stock at 15 western markets.
[Chicago, Kansas City, Oklahoma City, Omaha, St. Louis, St. Joseph. St. Paul. Sioux City, Cincinnati, Cleveland, Denver, Fort Worth, Indianapolis, Louisville, Wichita.)
RECEIPTS.
[Monthly average, 1911-1913=-100.J
Cattle and calves.
Head.
November
January.
February.
March./.
' "
April.
May..
June..
July.
August
~ • '
September.
October
November
1918.
1919.
| Relative.
2,053,359
,656,046
,096,118
j 1,094,614
1- 2255,379
,262,065
:,122,782
,527,881
1,5
|! 1,541,133
:,871,042
1,8
t,317,487
I 2,3
[,046,664
i 2,0
164
116
109
125
125
111
152
153
186
230
Hogs.
Head.
Horses and mules.
Sheep.
Relative.
Head.
Relative.
Head.
Relative.
Total, all kinds.
Head.
Relative.
3,431,782
156
1,677,537
123
64,482
140
7,227,160
156
4,603,335
3,451,894
2,842,663
2,823,484
3,049,223
3,061,838
2,411,539
1,595,759
1,704,944
2,160,079
2,715,955
209
168
129
128
139
139
110
73
78
98
124
1,079,377
774,881
847,842
970,070
934,613
1,116,003
1,558,767
2,220,229
2,890,831
2,405,511
1,743,189
79
61
62
71
68
82
114
162
212
128
56,631
48,786
41,805
31,509
21,345
28,418
37,866
57,206
88,283
79,240
84,018
123
114
91
68
46
62
82
124
192
172
183
7,395,419
5,371,679
4,826,924
5,080,442
5,267,246
5,329,041
5,536,053
5,414,327
6,555,100
6,962,317
6,689,826
160
125
105
110
114
115
120
117
142
151
143
176
SHIPMENTS.
November
January
February
March
April
May
June
July
August
September
October
November
1918.
I
1
1919.
I
|
!
[
'
!
I
i
|
921,831
227
669,432
136
903,283
179
63,589
155
2,648,135
177
589,362
404,296
423,819
506,835
530,153
503,354
515,071
650,252
872,043
1,154,995
993,148
145
107
104
125
130
124
127
160
214
284
244
988,035
881,507
925,802
748,437
787,009
1,005,505
691,283
455,705
501,856
654,755
788,107
204
195
191
164
162
208
143
94
104
135
163
357,386
240,815
289,742
319,625
290,803
465,776
694,942
1,352,252
1,849,958
1,382,419
945,992
71
51
58
63
58
93
138
269
367
275
188
56,282
47,829
41,837
29,974
18,866
25,322
32,836
49,996
83,264
80,828
78,889
137
125
102
73
46
62
80
122
203
197
192
1,991,065
1,674,447
1,681,200
1,604,871
1,626,830
1,999,957
1,934,132
2,508,205
3,307,121
3,272,997
2,806,136
139
118
117
112
113
139
135
175
230
228
195
JANUARY, 1920.
FEDERAL RESERVE BULLETIN.
Exports of certain meat products.
[Department of Commerce.]
[Monthly average, 1911-1913= 100.]
Beef, canned.
Beef, pickled
and other cured.
Beef, fresh.
Relative.
Pounds.
Relative.
Pounds.
Relative.
Pounds.
1918.
November.. 13,313,420
2,009
62,835,161
5,065
4,291,030
161
72,861,969
1919.
12,636,060
January
February... 8,151,723
8,997,973
March
2,896,759
April
5,669,232
May
6,574,766
June
5,392,104
July
2,894,361
August
September . 1,213,709
1,793,784
October
November.. 1,393,238
1,907 17,436,495
1,318 13,729,993
1,358 14,651,276
437 21,639,915
856 14,872,987
992 15,212,094
814 8,680,524
437 8,075,366
183 7,285,951
271 31,178,216
210 15,694,002
1,406 6,030,937
1,186 3,635,120
1,181 3,749,394
1,744 2,673,681
1,199 2,957,163
1,226 4,768,308
700 3,320,564
651 2,494,113
587 3,523,887
2,513 3,402,422
1,265 2,997,652
226
146
140
100
111
178
124
93
132
127
112
Pounds.
Hams and shoulders, cured.
Bacon.
Relative.
435
Pounds.
Lard.
Relative.
20,127,671
101,000,122
603 54,846,433
114,842,525
735 49,283,053
151,086,397
902 85,712,426
141,814,255
847 109,569,968
68,957,465
412 49,707,874
172,441,100 1,030 96,854,552
117,679,193
703 47,452,834
84,150,778
502 40,147,727
57,179,511
341 18,209,239
56,462,312
337 13,090,972
65,288,694 390 16,844,285
Pounds.
Pickled pork.
Relative.
135 27,285,088
367
354
574
734
333
649
318
269
122
88
113
37,850,338
68,972,779
97,239,435
86,555,951
55,807,234
114,328,804
68,163,734
48,968,628
36,960,364
41,016,518
42,106,339
Pounds.
Relative.
62
2 ; 783,873
63
86
168
221
197
127
260
155
111
84
93
96
2,273,683
1,956,362
2,141,508
2,494,454
2,095,072
3,131,639
2,392,515
2,117,796
2,792,439
3,804,290
4,934,696
51
47
48
56
47
71
54
48
63
86
101
Receipts of grain and flour at 17 interior centers.
[Chicago, Cleveland, Detroit, Duluth, Indianapolis,"Kansas City, Little Rock, Louisville, Memphis, Milwaukee,Minneapolis, Omaha, Peoria,
St. Louis, Spokane, Toledo, Wichita; receipts of flour not available for Cleveland, Detroit, Indianapolis, Louisville, Omaha, Spokane,
Toledo, and Wichita.]
[Compiled from reports of trade organizations at these cities.]
[Monthly average, 1911-1913-100.]
Wrheat.
Corn.
Oats.
Rye.
Barley.
Total gram.
| RelaRela- Bushels. Rela- Bushels. Rela- Bushels.
Bushels. Relative.
tive.
tive. Bushels. ! tive. Bushels.
1918.
November 40,199,988
1919.
January..
February.
March
April.
May..
June..
July..
August
Sept'ber
October..
Nov'ber..
14915,869,505
Total grain and
flour.i
Flour.
RelaRelative. Barrels. tive. Bushels.
Relative.
7128,768,648
142 6,340,380
573 9,193,786
128100,372,307
129 2,485,352
127111,556,391
129
12822,945,659
5,961,423
7,076,822
82 20,063,678
.9,206,465
54,576,968
55,233,109
!9,774,582
!6,721,030
!4,323,974
114 5,1,615,054
1,406,029
85 2;
1,955,130
85 4,
5,498,493
99 5;
95 4,1,280,911
122 2,5,791,618
i, 105,486
125 3,
1473;}, 824,263
5,446,371
132 5!
1,472,397
120 4:
812'*, 579,579
507 8,943,782
233 6,556,594
44811,723,691
9,634,405
8,416,141
25212,878,517
281 8,627,091
345 6,638,871
492 5,294,256
404 4,369,326
233 3,582,873
125 90,888,523
52,007,953
163 60,955,936
134 64,706,602
117 53,830,374
18Q 69,470,283
120 99,127,020
93129,455,557
74 123,682,097
96,661,968
74,198,346
1171,396,888!
721!.,032,368
781.,485,320
831,990,349
69 2;5,447,200
891::, 894,599
1271L, 572,420
166 2;'-,283,145
159 3:1,275,034
124 31,468,787
953;1,541,957
71 97,174,519
56 56,653,609
76 67,639,876
102 73,663,173
125 64,842,774
97 77,995,979
80106,202,910
117131,738,702
167138,419,750
177112,271,510
181 90,137,153
112
70
78
85
75
90
122
152
160
129
104
i
24,652,641
14,049,055
13,768,496
11,208,305
11,625,657
8,125,034
49,612,115
80,714,559
69,953,295
51,006,164
"", 729,832
9128,731,387
5613,034,852
6113,431,797
4218,301,721
4310,301,200
30 21,098,146
18412,549,219
299 8,503,282
26016,267,145
18912,490,107
13314,606,137
1 Flour reduced to its equivalent in wheat on basis of 4-| bushels to barrel.
Shipments of grain and flour at 14 interior centers.
Chicago, Cleveland, Detroit, Duluth, Kansas City, Little Rock, Louisville, Milwaukee, Minneapolis, Omaha, Peoria, St. Louis, Toledo, Wichita
shipments of flour not available for Cleveland, Detroit, Louisville, Omaha, Toledo, and Wichita.]
Wheat.
Corn.
Oats.
Rye.
Barley.
Total grain.
RelaRelaRelaRelaBushels. Relative. Bushels. tive. Bushels. tive. Bushels. tive. Bushels. tive.
1918.
November 42,083,808
27310,583,718
75 26,564,983
1919.
January.
February.
March
April.
May..
June..
July..
August
Sept'ber.
October.
Nov'ber.
6413;1,488,569
8,649,063
7,544,393
19915,708,842
207 7,784,931
53 8,629,052
81 8,102,275
240 5,135,459
245 6,622,779
167 7,116,502
135 6,609,629
9519,769,237
6513,603,691
5316,183,222
11116,019,086
5517,069,617
6115,638,317
5715,628,503
"317,919,623
3617:
T16,651,580
) 16,705,015
5016;
4715,582,081
9,934,531
8,876,844
14,857,872
30,764,328
31,901,327
8,151,872
12,423,422
36,986,491
37,730,048
25,813,130
20,877,718
1
175 4,770,708
674 4,165,066
112 4,718,631
130 794,028
96 404,365
61 6,006,178
107 31,720,930 526 6,049,703
105 8,143,580 1,150 6,632,763
112 7,525,794 1,063 6,677,508
103 2,740,593
2;
387 9,588,195
1031,546,100
218 9,133,000
1181,436,377
203 5,028,674
110 2,317,740 327 2,943,167
1101,426,528
202 3,087,951
103 3,110,541 439 2,827,956
Bushels. »2f
Total grain and
flour.i
Flour.
Bushels.
Barrels. Relative.
Ketative.
107 88,168,283
1784,597,360
136108,856,403
168
121
165
155
170
171
246
234
129
75
79
73
99 2,796,463
811,932,258
983,039,020
1563,532,772
144 4,320,146
913,130,826
95 2,589,176
135 3,805,273
134 4,787,300
110 5,975,261
995,604,616
83
61
90
104
128
92
76
112
141
176
165
61,289,080
46,235,302
62,031,710
93,166,073
90,399,834
58,836,746
58,484,596
83,630,353
87,808,164
81,037,801
74,328,697
95
77
96
144
140
91
90
129
136
125
115
48,704,996
37,540,141
48,356,120
77,268,599
70,959,177
44,748,029
46,833,304
66,506,624
66,265,314
54,149,126
49,007,925
Flour reduced to its equivalent in wheat on basis of 4J bushels to barrel.
76
JANUARY, 1920.
FEDERAL. RESERVE BULLETIN.
Receipts of grain and flour at nine seaboard centers.
[Boston, New York, Philadelphia, Baltimore, New Orleans, San Francisco. Portland (Oreg.), Seattle, Tacoma; receipts of flour not available for
Seattle and Tacoma.]
[Compiled from reports of trade organizations at these cities.]
[Monthly average, 1911-1913=100.]
Wheat.
Corn.
Total grain.
Barley.
Rye.
Oats.
Rela- Barrels. Rela1a"
tive.
tive. Bushels. 5tive.
RelaRelaRelaRelaRelaBushels. tive. Bushels. tive. Bushels. tive. Bushels. tive. Bushels. tive. Bushels.
1918. I
November 9,854,356
1919.
January..
February.
March
April.
May..
June..
July..
August.
Sept'ber
October..
Nov'ber..
9,768,801
7,805,811
13,789,851
12,581,074
14,157,852
10,260,075
5,806,227
26,902,757
28,010,858
14,755,827
9,152,534
78
786,141
22 5,253,154
1111,332,239
938
653,880
78
66
109
100
112
81
46
214
222
117
73
1,411,;
783,263
636,127
1,089,425
1,588,571
1,051,177
901,842
815,132
512,072
507,065
438,147
9,275,187
4,713,794
3,254,914
4,604,521
5,642,176
:0,249,644
3010,
25 6,959,186
23 5,676,984
14 5,345,464
14 4,335,038
12 3,998,525
195 566,191
106 2,1,299,664
693;,880,424
97 5,1,069,529
119 7,',061,048
216 3!, 670,055
1461!,479,951
119 64,510
113 535,701
911,718,701
841,391,024
398
1,734
2,731
3,568
4,970
2,583
1,042
45
377
1,210
98
1,738,326
995,454
2,285,954
1,853,372
3,561,412
6,564,620
9,723,852
4,993,395
2,171,521
796,839
851,651
39 17,879,770
791,656,205
22,759,871
16,
23,847,270
25, 197,921
32 011,059
31, 795,571
24 871,058
38 452,778
36,575,616
22 113,470
15,831,881
100 2,026,246
781,302,061
1051,644,676
1112,549,370
1412,535,547
140 2,340,158
1101,514,135
1691,385,762
1612,306,213
972,521,329
701,552,796
105
64
138
112
215
396
586
301
131
48
51
Total grain and
flour.i
Flour.
159 25,332,693
194
134
157
244
243
224
145
133
221
241
149
31,877,978
22,457,261
31,248,312
36,670,086
43,421,021
42,326,282
31,684,666
44,688,707
46,953,575
33,459,451
22,819,463
92
116
88
114
134
158
154
116
163
171
122
83
i Flour reduced to its equivalent in wheat on basis of 4£ bushels to barrel.
Stocks of grain at eight seaboard centers at close of month.
[Boston, New York, Philadelphia, Baltimore, New Orleans, Newport News, Galveston, San Francisco.]
[Compiled from reports of trade organizations at these cities.]
[Bushels.]
1918.
November
1919.
January
February
March.
April
May
June
July
.
. ...
October.
November
Wheat.
Corn.
Oats.
13,904,426
252,225
3,548,473
2,385,828
2,845,916
22,936,868
15,365,491
12,635,613
12,732,472
7,448,992
7,913,162
4,180,160
5,557,644
17,396,269
21,171,440
25,322,242
18,728,730
645,317
417,520
346,543
464,503
448,020
214,079
265,196
155,491
172,254
82,240
155,490
5,495,937
6,110,159
5,650,120
5,335,971
4,047,059
5,475,856
3,760,063
2,216,989
1,901,510
1,898,271
2,504,833
1,972,696
1,735,876
1,920,348
3,434,873
1,690,860
514,252
867,491
578,250
516,142
483,270
1,264,494
3,047,
3,930,
4,403,
5,420,
4,263,
6,783,
26,526,787
24,829,633
25,053,148
22,104,352
18,362,611
17,168,145
15,978,570
25,761,182
27,823,176
30,865,383
25,004,559
Barley.
Rye.
5,414,
4,061,
3,079,
2,351,
Total grain.
NOTE.—Figures for San Francisco include also stocks at Port Costa and Stockton.
Cotton.
[New Orleans Cotton Exchange.]
[Crop years 1911-1913=100.]
Sight receipts.
Bales.
1918-19.
August
September
October
November
December
January
February
March
April
May
Season, total
1919-20.
August
September
October
November
Overland movement.
Port receipts.
Relative.
Relative.
401,860
988,156
1,632,921
1,710,666
1,709,734
1,392,468
768,444
601,858
494,106
536,139
32
79
130
136
136
111
61
48
39
43
226,242
536,190
779,371
641,283
690,782
705,493
477,696
460,066
462,363
502,082
11,724,104
78
6,735,898
Bales.
50,482
42,028
158,768
217,450
157,038
157,270
106,368
75,489
79,700
99,041
61
•
313,301
584,776
1,779,927
2,329,079
25
47
142
186
238,271
260,698
1,029,331
1,178,443
26
28
112
128
1,528,262
==
49,630
26,138
110,202
205,139
Relative.
48
40
151
207
149
149
101
72
76
94
at ports and
American spinners' Stocks
interior towns at
takings.
close of month.
Bales.
Relative.
Relative.
372,394
352,025
697,623
1,007,892
929,491
705,353
383,157
202,556
149,566
193,016
77
154
222
205
155
84
45
33
42
1,306,868
1,644,690
2,189,007
2,745,815
2,697,141
2,637,908
2,689,379
2,604,549
2,484,852
2,417,631
Ill
140
186
233
229
224
228
221
211
205
5,850,715
107
1,928,959
164
67
66
137
245
1,412,048
1,501,805
2,340,881
2,616,383
120
127
199
222
- • •
302,238
300,001
621,784
1,115,226
JANUARY, 1920.
77
FEDERAL, RESERVE BULLETIN.
California shipments of citrus and deciduous fruits.
Oranges.
Carloads.
Lemons.
Relative.
Carloads.
Total citrus fruits.
Relative.
Carloads.-
Total
deciduous
fruits.
Relative.
Carloads.
1918.
November
m
January
February
March
April
May
June
July
August
September
October
November
1,125
46
676
167
1,801
63
1,044
3,120
3,180
5,113
5,450
5,888
3,648
2,568
1,785
1,840
2,706
3,257
128
139
209
223
241
149
105
73
75
111
133
531
658
897
1,038
1,501
1,520
1,038
436
414
572
442
131
174
221
256
371
375
256
108
102
141
109
3,651
3,838
6,010
6,488
7,389
5,168
3,606
2,221
2,254
3,278
3,699
128
144
211
228
259
181
127
78
79
115
130
109
198
67
36
276
896
4,199
6,601
6,781
5,529
2,141
i9i9.
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.
November
P
January
February
March
April
Raw stocks
at close of
month.
Meltings.
1918.
138,141
172,528
50,989
243,806
389,815
355,710
450,938
197,145
337,420
361,010
387,548
66,189
122,757
106,889
185,315
1919.
Receipts.
May
June
July
August
September
October
November
Meltings.
Raw stocks
at close of
month.
1919.
471,205
429,617
394,557
333,686
352,345
279,962
183,084
446,685
493,293
435,247
356,048
295,278
202,525
203,267
201,301
151,692
115,341
85,650
55,644
39,193
48,376
[Data for ports of New York, Boston, Philadelphia.]
[Weekly Statistical Sugar Trade Journal.]
[Tons of 2,240 pounds. Monthly average 1911-1913=100.]
Tons.
Raw stocks at
close of month.
Meltings.
Receipts.
Relative.
Tons.
Relative.
Tons.
Relative.
1918.
November
139,343
76
139,000
76
43,112
25
H 1919.
January
February
March
April
172,054
283,172
232,471
318,492
93
165
126
173
147,000
229,000
261,000
277,000
80
134
142
151
36,544
90,716
62,187
107,582
21
53
36
62
Receipts.
Tons.
Raw stocks at
close of month.
Meltings.
Relative.
Tons.
Relative.
Tons.
Relative.
1919.
Mav
June
July
August
September
October
November
325,736
271,875
264,782
246,419
262,137
233,650
154,674
177
148
144
134
142
127
84
307,000
313,000
292,000
229,000
292,000
216,000
177,000
167
171
159
125
159
118
96
126,318
85,193
57,975
75,394
45,531
63,181
40,855
73
49
34
44
26
37
24
78
FEDERAL RESERVE BULLETIN.
JANUARY,
1920.
Naval stores.
(Data for Savannah, Jacksonville, and Pensacola.)
[In barrels.]
[Compiled from reports of trade organizations at these cities.]
Spirits of turpentine.
Spirits of turpentine.
Rosin.
Stocks at
Stocks at
Receipts. close of Receipts. close of
month.
month.
Receipts.
Rosin.
Stocks at
Stocks at
close of Receipts. close of
month.
month.
1919.
1918.
November
1919.
January
February
March
April
13,003
124,471
55,508
255,037
7,645
5,583
4,226
8,379
125,541
121,676
97,450
75,546
34,835
22,154
14,338
19,493
285,808
259,974
243,813
225,657
May
June
July
26,358
31,904
27,747
21.013
21,574
19,367
18,757
September
October
November
47,115
33,733
30,656
24,756
27,021
27,389
28,741
50,435
63,456
77,062
74,402
72,616
77,125
229,404
221,612
235,707
203,812
190,580
186,231
204,281
Lumber.
[From reports of manufacturers' associations.]
[M feet.]
Southern pine.
Douglas fir.
Western pine.
Eastern white pine.
North Carolina pine.
Num- Produc- Ship- Num- ProducNumShip- NumShip- NumShip- ber
Shipber of Producof
ber of Producof Produc- ments.
of
ments. mills.
ments. ber
ments. ber
tion.
ments.
mills. tion.
mills. tion.
mills. tion.
mills. tion.
1918.
November
1919.
January
February
March
April
May
June
July
...
November.." —
194 312,126 353,810 38,46
90,078
74,103
21,49
24,48
27,48
43,49
45,48
49
48
48
51
52
51
40,354
46,037
71,426
124,341
140,037
156,561
148,533
152,748
154,102
156,828
110,525
68,910
71,103
81,328
97,679
127,730
139,923
140,680
140,236
138,537
143,252
117,472
200
195
198
203
205
204
206
204
202
201
202
330,137 325,241
309,494
378,752 361,125
397,005 397,677
414,899 460,238
360,084 426,193
401,939 466,786
417,036 423,002
416,640 372,727
421,025 356,124
391,347 344,717
121 261,189 240,986
122
122
120
114
111
115
114
118
126
124
126
225,688
228,031
254,650
264,623
345,984
300,410
268,634
416,422
332,905
419,108
324,511
227,129
238,035
255,544
327,364
301,050
397,290
261,797
339,321
241,301
16
23,529
23,828
7,565
6,802
7,118
11,431
24,548
29,741
27,382
20,247
16,913
12,888
2,786
15,172
17,081
17,525
14,020
17,136
26,525
22,470
26,839
22,574
18,139
21,596
42
32,596
36,012
28,629
25,806
32,110
23,896
18,034
22,672
21,877
17,393
28,865
34,191
30,159
35,468
22,079
14,375
20,733
22,326
27,177
33,146
24,055
R E C E I P T S AND SHIPMENTS OF LUMBER AT CHICAGO.
[Chicago Board of Trade.]
[Monthly average, 1911-1913=100.]
Mfeet.
1918.
November
142,230
Relative.
Mfeet.
134,604
97,511
124,040
144,253
Relative.
Mfeet.
Relative.
Shipments.
Mfeet.
Relative.
1919.
67
72,723
1919.
January
February
March
April
Receipts.
Shipments.
Receipts.
47,922
45,585
46,902
59,055
May
June
July
August
September
October
November
162,365
184,862
200,148
170,385
205,909
208,638
176,972
66,001
80,762
90,134
87,953
93,120
95,674
70,175
105
118
115
121
125
92
JANUARY, 1920.
79
FEDERAL. BESERVE BULLETIN.
Coal and coke.
[Bituminous coal and coke, U. S. Geological Survey; Anthracite coal, Anthracite Bureau of Information.]
[Monthly average, 1911-1913=100.]
Coke, estimated monthly production.
Bituminous coal, es- Anthracite coal, shipt i m a t e d m o n t h l y ments over 9 roads.
production.
Short tons.
November.
1918.
1919.
January
February.
March
April
Mav
June....
July
August
September
October
November
By-product.
Beehive.
Total.
Relative. Long tons. Relative. Short tons. Relative. Short tons. Relative.
2,523,746
43,895,000
118
5,276,659
94
2,339,197
89
41,485,000
31,566,000
33,719,000
32,164,000
37,547,000
37,055,000
42,754,000
42,880,000
47,403,000
54,579,000
20,303,000
112
91
91
87
101
100
115
116
128
147
55
5,934,241
3,871,932
3,938,908
5,224,715
5,711,915
5,619,591
6,052,334
6,144,144
5,687,401
6,560,150
5,971,671
105
74
70
93
101
100
108
109
101
117
106
2,401,567
1,822,894
1,768,449
1,316,960
1,135,840
1,170,752
1,512,178
1,733,971
1,790,466
1,551,980
1,680,775
92
75 | 6,779,482
68
50
43
45
58
66
68
59
64
Short tons. Relative.
287
4,862,943
139
257
12,772,392
122
Movement of crude petroleum in United States.
[U. S. Geological Survey.)
[Barrels of 42 gallons each.]
Marketed.
Barrels.
November.
January
February
March
April
1918.
Marketed.
Stocks at end
of month
(barrels).
Relative
29,914,000
156
131,295,000
30,196,000
26,910,000
30,234,000
29,386,000
158
150
158
153
127,777,000
126,982,000
129,213,000
130,729,000
1919.
Barrels.
May
June
July
August
September
October
November
1919.
29,985,000
31,644,000
33,894,000
33,862,000
33,667,000
33,319,000
32,114,000
Relative.
Stocks at end
of month
(barrels).
156
165
177
177
176
174
168
130,321,000
133,995,000
140,093,000
136,467,000
137,131,000
135,461,000
131,601,000
Total output of oil refineries in United States.
[Bureau of Mines.]
Crude oil run
(barrels).
October
January
February
March
April
May
June
July
August
September
October
1918.
Gasoline
(gallons).
Kerosene
(gallons).
29,237,767
314,251,318
164,928,640
661,780,441
72,244,633
26,967,332
25,232,876
27,866,775
27,775,217
30,267,227
28,920,764
31,202,522
32,362,057
32,601,044
33,682,968
303, U O , 556
283,518,194
311,306,755
319,807,838
354,472,377
338,336,985
342,491,757
326,846,167
339,582,564
363,456,747
158,501,260
164,181,787
170,290,930
183,453,728
190,345,026
178,974,224
205,727,289
219,502,888
199,244,293
227,104,346
589,630,056
553,853,753
574,774,156
588,808,408
652,166,738
632,205,805
638,185,469
685,702,461
683,409,674
680,158,446
68,304,
62,503,072
67,063,995
70,954,128
76,442,252
64,636,153
67,037,414
72,920,214
70.236,692
78,658,410
Gas and fuel Lubricating
(gallons).
(gallons).
1919.
STOCKS AT CLOSE OF MONTH.
1918.
Oct. 31
Jan. 31
Feb. 28
Mar. 31
Apr. 30
May 30
June 30
July 31
Aug. 31
Sept. 30
Oct. 31
1919.
15,438,576
250,328,329
419,409,944
596,116,351
135,196,542
15,380,185
14,820,601
15,106,361
15,184,844
16,372,314
16,775,723
15,304,915
15,131,549
13,925,441
14,091,945
383,212,692
458,449,187
546,062,429
593,616,170
594,035,688
593,896,610
514,919,358
434,531,446
371,125,419
354,160,071
332,393,181
303,062,436
294,677,623
276,356,837
244,635,631
252,542,434
279,855,061
296,065,646
311,843,057
329,160,795
646,411,414
692,816,000
749,067,806
807,895,498
788,740,572
811,790,637
817,809,519
830,329,785
862,135,385
828,574,452
158,370,431
152,297,163
165,495,254
170,122,088
173,754,109
175,384,775
173,884,303
170,572,81ft
158,967,070
152,536,736
80
JANUARY, 1920.
FEDEBAL KESERVE BULLETIN.
Iron and steel.
[Great Lakes iron ore movements, Marine Review; pig-iron production, Iron Age; steel-ingot production, American Iron and Steel Institute.]
[Monthly average, 1911-1913-100; iron ore, monthly average, May-November, 1911-1913—100.)
Iron ore shipments
from the upper
Lakes.
Pig iron production.
Unfilled orders U. S.
Steel Corporation
at close of month.
Steel ingot production.
Gross tons. Relative. Gross tons. Relative. Gross tons. Relative. Gross tons. Relative.
1918.
November..
72
3,354,074
145
3,060,760
128
8,124,663
154
109
132
151
73
135
102
52
3,302,260
2,940,168
3,090,243
2,478,218
2,108,056
2,114,863
2,428,541
2,743,388
2,487,965
1,863,558
2,392,350
143
136
133
107
91
91
105
118
107
80
103
3,082,427
2,688,011
2,662,265
2,239,711
1,929,024
2,219,219
2,508,176
2,746,081
130
120
110
93
80
92
104
114
6,684,268
6,010,787
5,430,572
4,800,685
4,282,310
4,892,855
5,578,661
6,109,103
6,284,638
6,472,668
7,128,330
127
114
103
91
81
93
106
116
119
123
135
1919.
January
February...
March
April
May
June
July
August
September..
October
November..
1,412,239
6,615,341
7,980,839
9,173,429
4,423,133
8,178,483
6,201,883
3,152,319
Imports of pig tin.
[Department of Commerce.]
[Monthly average, 1911-1913-100.]
Pounds.
1918.
Januarv
February
March
April
1919.
Relative.
10,734,179
118
8,461,444
6 271 977
8 284 970
504,903
93
74
91
6
Pound?..
1919.
449,270
112,000
113,120
9,872,459
11 087 403
16,210,512
15,233,671
May
June
July
August
September
October
November.
Relative.
5
1
1
109
122
178
168
Raw stocks of hides and shins.
[Bureau of Markets.]
[In pieces.}
Jan. 31
Feb. 28
Mar.31
Apr. 30
May 31
June 30
July 31
Aug. 31
Sept. 30
Oct. 31
Nov.30
1919.
NOTE.—Figures for Nov. 30 are provisional.
Cattle
hides.
Calfskins.
Kipskins.
5,922,514
5,791,095
5,108,516
5,256,384
4,549,004
4,696,332
4,966,081
5,498,844
6,15S,289
6,436,765
6,719,202
1,294,949
1,266,021
1,219,935
1,845,254
2,273,368
2,285,015
2,389,368
2,145,320
2,055,084
2,007,208
1,806,367
515,523
4,239,381
429,704
5,683,585
415,882
7,987,277
421,474 12,080,410
386,244 15,121,868
558,033 16,991,195
554,516 15,589,944
585,269 18,263,446
947,546 13,930,167
1,097,039 15,302,942
1,086,211 14,248,129
Goat.
Kid.
Cabretta.
245,815
227,513
181,952
724,209
1,246,075
2,521,016
1,964,828
880,276
823,740
2,239,604
331,389
601,686
843,344
559,576
1,520,522
2,044,524
1,697,754
2,767,694
2,348,769
2,655,774
2,574,499
2,677,336
Sheep and
lamb.
6,844,680
9,033,943
8,264,864
9,095,816
8 039,531
8,118,702
6,815,160
7,126,885
8,661,215
10,122,930
9,336,964
JANUARY,
81
FEDERAL RESERVE BULLETIN.
1920.
Textiles.
[Silk, Department of Commerce; cotton, Bureau of the Census; wool, Bureau of Markets; idle machinery, January-September, 1918, inclusive,
National Association of Wool Manufacturers.)
[Cotton, monthly average crop years 1912-1914=100; silk, monthly average 1911-1913-100.]
Cotton consumption.
Bales.
Percentage of idle woolen machinery on first of month
to total reported.
Imports of raw silk.
Cotton
spindles
active
during
month.
Wool consumption
(pounds).
Relative.
Spinning spindles.
Looms.
Wider Under Sets of Combs.
than 50- 50-inch cards.
Woolen. Worsted.
inch reed reed
space. space.
Pounds.
Relative.
1918.
November
455,611
101
33,115,369
38,282,723
21.1
26.8
11.1
23.8
11.9
30.1
2,336,345
114
1919.
January
February
March
April
May
June
July .
August
September
October
November
December
556,721
433,516
433,720
475,753
487,998
474,407
509,793
502,536
491,313
555,344
490,698
124
103
96
106
109
105
113
112
109
123
109
33,856,472
33,282,593
32,642,376
33,213,026
33,556,011
33,943,405
34,184,407
34,187,310
34,216,662
34,307,367
34,483,775
32,573,970
23,186,818
29,320,063
39,159,945
45,084,834
48,849,892
54,973,093
48,938,476
52,985,961
60,018,415
52,428,854
40.3
52.3
58.1
48.4
36.6
29.6
22.0
22.1
19.9
16.0
14.8
13.9
32.6
41.5
42.4
38.9
32.9
26.6
26.0
24.9
22.8
20.7
18.2
19.1
32.2
38.7
39.1
26.5
17.1
15.4
9.7
9.4
8.1
8.2
7.6
10.5
30.7
39.8
47.8
34.2
22.5
12.8
7.6
6.5
5.5
5.9
5.3
5.3
36.5
41.1
41.8
28.4
16.8
15.2
8.9
8.9
7.9
7.7
6.7
8.4
37.5
48.6
52.7
36.1
25.8
21.1
13.5
10.9
12.8
7.2
6.7
6.2
1,461,827
1,742,812
1,784,412
2,988,838
4,878,646
3,848,354
5,202,407
3,802,500
6,755,271
3,955,845
4,841,407
71
91
87
146
238
188
254
186
330
193
23?
Production of wood pulp and paper.
[Federal Trade Commission.]
[Net tons.J
Wood
pulp.
News
print.
Book.
Paper
board.
Wrapping.
Fine.
1918.
November.
270,849
101,403
65,374
148,671
59,572
30,322
1919.
January...
February..
March
April
,
283,270
238,228
278,675
284,984
116,154 70,443
103,248 62,616
114,746 63,699
116,278 67,628
140,859 50,490 27,675
125,208 45,480 24,600
136,175 18,069 23,514
138,802 48,158 22,470
Wood
pulp.
1919.
May
June
July
August
September
October-..
November
News
print.
294,067 105,819
277,142 114,896
260,685 113,929
260,987 113,413
266,915 111,434
308,710 125,216
147,672 116,603
Book.
Paper
board.
76,821
71,938
75,613
82,737
81,024
89,440
84,085
151,651 56,579
152,957 60,656
169,593 63,769
189,782 64,861
184,897 63,353
202,524 67,110
182,940 63,394
Wrapping.
Fine.
25,010
27,122
30,036
33,122
31,923
34,808
32,468
Sale of revenue stamps for manufacturers of tobacco in the United States (excluding Porto Rico and Philippine Islands).
[Commissioner of Internal Revenue.]
Cigars.
Large.
Cigarettes.
Small.
Small.
1918.
August
Number.
624,491,239
Number.
Number.
60,880,910 3,442,446,234
Pounds.
40,764,853
1919.
January
February
March
518,706,482
476,329,947
549,098,351
72,458,974
60,138,630
84,493,873
29,308,616
27,472,269
29,227,678
3,079,212,253
3,126,274,662
3,845,079,275
Cigars.
Chewing
and
!
smoking
tobacco.
Large.
1919.
April
May
June
July
August
Number.
510,357,494
551,659,749
576,976,572
569,965,088
Small.
Cigarettes.
Chewing
Small.
smoking
tobacco.
Number.
Number.
73,314,273 2,650,182,742
57,611,547 2,767,699,400
48,855,070 3,140,393,217
47,290,267 3,585,111,783
Pounds.
29,883,710
33,340,102
31,312,150
33,838,667
82
FEDERAL RESERVE BULLETIN.
JANUARY,
1920.
Output of locomotives and cars.
[Locomotives, United States Railroad Administration; cars, Railway,Car Manufacturers' Association.)
Locomotives.
Output of cars.
Domestic Foreign
com- Domestic. Foreign.
shipped. pleted.
1918.
November..
Number.
224
1919.
January
February...
March
April
135
258
197
8,172
6,623
5,978
7,777
Domestic
shipped.
Total.
Number. Number. Number. Number.
9,093
252
6,743
2,330
84
164
128
4,657
5,795
7,373
Output of cars.
Locomotives.
11,807
11,280
11,773
15,150
1919.
May
June
July
August
September.
October....
November.
Foreign
com- Domestic. Foreign.
pleted.
Total.
Number. Number. Number. Number. Number.
13,106
207
31
4,573
8,533
7,092
160
44
1,785
5,307
9,713
121
73
2,777
6,936
23,524
160
173
18,509
5,015
24,282
111
51
19,980
4,302
14,160
10,445
3,715
11,589
8,967
2,622
Vessels built in United States, including those for foreign nations, and officially numbered by the Bureau of Navigation.
[Monthly average, 1911-1913=100.]
Gross
Relative.
Number. ^tonnage.
November
January
February
March
April
1918.
1919.
171
357,660
1,480
132
135
186
201
264,346
271.430
298,005
375,605
1,094
1,203
1,233
1,554
Gross Relative.
Number. tonnage.
May
June
July
August
September
October
November
1919.
250
272
245
238
202
210
143
395,408
422,889
397,628
455,338
378,858
357,519
347,051
1,636
1,750
1,645
1,884
1,568
1,479
1,436
Tonnage of vessels cleared in the foreign trade.
[Department of Commerce.]
[Monthly average, 1911-1913 = 100.]
Net tonnage.
American. Foreign.
Total.
1918.
November.,.
1,770,935
1,991,725
3,762,660
1919.
January
February
March
April
1,166,391 1,896,123
1,262,487 1,671,070
1,161,416 1,737,171
1,744,753 2,058,220
3,062,514
2,933,557
2,898,587
3,802,973
Net tonnage.
Per
centage Relaof
Rela- Ameri- tive.
tive. can to
total.
97
47.1
186
38.1
43.0
40.1
45.9
151
170
158
181
American. Foreign.
1919.
May
June
July
August
September
October
November
2,424,837
2,339,320
2,362,571
2,957,249
2,627,480
2,645,778
2,251,871
Total.
2,469,194 4,894,031
2,511,501 4,850,821
2,920,247 5,282,818
2,797,818 5,755,067
2,481,676 5,109,156
2,073,560 4,719,338
1,910,489 4,162,360
Per
centage Relaof
Rela- Ameri- tive.
tive. can to
total.
126
125
136
148
131
121
107
49.5
48.2
44.7
51.4
51.4
56.1
54.1
196
191
177
203
203
222
214
Net ton-miles, revenue and nonrevenue.
[United States Railroad Administration.]
November
January
February
March
April
1918.
1919.
35,564,236,0D0
30,383,169,000
25,681,943,000
28,952,925,000
28,629,739,000
May
June
July
August
September
October
November
1919
32,440,708,080
31,953,366,000
34,914,294,000
36,361,653,000
38,860,311,000
40,343,750,000
32,539,248,000
83
FEDERAL RESERVE BULLETIN.
JANUARY, 1920.
Commerce of canals at Sault Ste. Marie.
[Monthly average, May-November, 1911-1913-100.1
EASTBOUND.
Grain, other than
wheat.
Bushels.
November
April
May
June...
July
August
September
October
November
1918.
1919.
Relative.
Wheat.
Bushels.
7,189,456
81
52,702,409
4,176,041
9,370,374
6,694,901
7,100,008
5,284,741
2,918,591
4,351,059
8,654,903
iO5"
75
80
59
33
49
97
16,729,000
29,096,116
6,402,051
2,391,840
1,487,218
10,180,991
22,252,196
17,388,391
Iron ore.
Flour.
Relative.
Barrels.
Total.
Short tons.
Relative.
Short tons.
6,355,760
91
1,756,266
7,895,542
8.554,979
9,343,396
5,080,651
8,525,794
7,063,120
4,201,881
113
122
133
72
122
101
60
274
1,054,630
91
4,417,282
74
i5i"
9i6*524"
1,031,630
915,420
935,700
917,420
1,544,510
1,402,260
78*
89
79
81
79
133
121
1,139,326
6,622,227
8,004,897
8,912,609
4,727,994
7,978,562
6 059,450
3,299,532
135
150
80
134
102
56
33
12
8
53
116
90
Relative.
Relative.
ii2*
WESTBOUND.
Soft coal.
Hard coal.
Short tons.
November
April
May
June
July
August
September
October
November
Relative.
1918.
Total.
Total freight.
Short tons.
Relative.
Short tons.
Relative.
Short tons.
Relative.
487,569
157
1,517,020
79
2,157,751
87
8,513,511
90
142,864
248,263
227,200
344,462
185,387
231,030
498,505
466,135
80
73
111
60
75
161
150
415,824
2,239,738
2,266,984
2,037,265
1,189,558
1,156,841
1,848,511
307,241
117
118
106
62
60
96
16
616,897
2,870,784
2,664,437
2,572,756
1,529,310
1,677,123
2,650,799
932,615
107
107
103
61
67
107
37
2,373,163
10,566,326
11,219,416
11,916,152
6,609,961
10,202,917
9,713,919
5,134,496
111
118
125
70
107
102
54
1919.
84
FEDERAL RESERVE BULLETIN.
JANUARY,
1920.
BANK TRANSACTIONS DURING NOVEMBER-DECEMBER.
In the table below are shown debits to
individual account for five weeks ending
December 24, 1919, as reported by 154 of the
country's most important clearing houses. In
addition, debits to individual account for each
of the five weeks are compared with figures
for the corresponding weeks of 1918, comparable data being available for 145 centers.
Aggregate debits to individual account for
the first three weeks under review showed a
continued recession from the very large totals
of the preceding four weeks. For the third
week of the period the total was 9,491 millions,
as compared with 11,134 millions for the week
ending November 19. The following week,
however, during which the December 15 in-
stallments of income and excess profits taxes
fell due, saw an increase of about 1,500 millions
in debits to individual account, which for that
week again exceeded 11 billions. For the
week ending December 24 the total, notwithstanding the Christmas expansion of retail
trade, was about 550 millions below the figure
for the preceding week.
Debits to individual account reported for
the five-week period, November 21 to December 24, 1918, snow a movement substantially
parallel to that shown for the corresponding
weeks of 1919, the low total for the last wee£
of the earlier period being due to the fact that
it consisted of only five business days.
Debits to individual account at clearing-house banks during each of the Jive weeks ending Dec. 24, 1919 and 1918.
[In thousands of dollars.]
1918
Week ending—
1919
Week e n d i n g Federal Reserve District.
Dec. 24.
No. 1—Boston:
Bangor
Boston
Fall River
Hartford
Holyoke
Lowell
New Bedford
New Haven
Portland
Providence
Springfield
Waterbury
Worcester
No. 2—New York:
Albany
Binghamton
Buffalo
New York
Passaic
Rochester
Syracuse
No. 3—Philadelphia:
Altoona
Chester
Harrisburg
Johnstown
Lancaster
Philadelphia
Reading
Scranton
Trenton
Wilkes-Barre
Williamsport
Wilmington
York
No. 4—Cleveland:
Akron
Cincinnati
Cleveland
Columbus
Dayton
Erie
Greensburg, P a . . .
Lexington, K y . . .
Oil City
Pittsburgh
Springfield, Ohio.
Toledo
Wheeling
Youngstown
Dec. 17.
Dec. 10.
Dec. 3.
2,926
348,011
10,166
24,058
2,945
5,969
9,787
16,503
8,889
36,918
17,213
6,740
16,153
Nov. 26,
3,128
347,560
14,230
16,790
4,629
9,679
9,130
16,347
6,828
35,259
17,768
7,722
19,254
Dec. 24.
Dec. 18.
1,739
214,173
6,594
16,815
2,890
5,220
5,297
13,970
6,620
27,461
9,233
6,653
14,653
2,717
231,125
7,859
20,301
3,374
5,474
5,878
16,739
7,810
31,172
10,625
7,933
14,987
19,324
19,893
23,555
26,105
19,267
17,207
3,698
2,593
4,007
3,615
4,385
3,882
67,011
67,359
48,658
73,321
60,403
66,619
5,590,623 5,784,012 5,068,752 5,046,831 5,364,902 3,501,307
6,622
5,169
5,075
3,936
6,729
5,435
31,124
31,657
22,970
21,318
33,796
30,742
17,547
15,032
11,472
15,452
16,634
14,885
3,740
3,106
3,151
3,155
2,195
3,319
4,848
5,137
4,878
4,219
5,213
4,989
3,610
3,347
3,935
5,328
4,871
3,900
2,786
3,189
3,015
2,530
2,999
3,089
5,316
5,301
5,046
3,552
5,479
4,872
335,399
360,100
332,631
263,385
420,652
323,616
4,044
4,355
4,410
3,193
5,697
4,223
17,568
15,356
14,225
11,719
12,130
13,295
11,101
12,572
12,118
8,315
13,446
11,191
8,277
7,124
7,671
5,431
8,993
7,510
3,462
4,065
3,484
3,570
4,068
3,366
8,614
11,809
9,867
11,455
14,728
10,730
4,330
3,617
2,813
5,003
3,750
18,282
3,139
55,780
1,815,554
3,693
25,065
15,138
3,072
363,354
11,987
21,053
3,917
8,705
9,041
18,444
46,916
19,149
8,159
21,286
28,074
61,295
175,453
27,562
10,948
8,015
4,672
10,967
211,964
3,574
29,893
6,275
12,948
3,359
407,148
12,493
27,527
4,097
7,826
12,359
19,489
8,857
51,310
18,029
9,143
22,204
27,320
83,193
203,261
32,736
12,756
8,187
5,893
11,876
3,992
189,718
3,947
34,795
8,848
13,671
3,299
321,572
9,916
21,503
3,745
5,498
9,445
17,558
7,736
38,201
17,006
8,949
16,270
21,817
56,127
154,746
28,659
11,631
6,534
4,250
8,238
2,837
173,742
3,663
28,191
8,748
11,526
24,323
56,151
177,779
29,292
12,842
6,571
5,878
4,806
1,722
169,551
2,914
30,534
10,445
11,022
27,517
63,094
161,696
26,185
11,415
6,706
3,387
5,447
2,817
194,441
3,025
27,730
5,862
12,477
13,326
40,775
124,846
21,966
11,677
6,058
2,250
4,482
2,018
164,042
2,550
24,405
4,960
15,906
Dec. 11.
2,622
236,821
6,729
18,555
2,596
5,034
5,425
15,053
8,576
27,687
9,462
8,841
13,852
Dec. 4.
2,836
223,957
4,675
21,896
2,736
5,508
5,137
14,036
8,587
27,841
8,744
4,090
11,959
Nov. 27,
2,903
247,621
8,032
18,073
3,070
6,452
7,292
17,822
9,285
30,837
11,647
7,436
22,478
19,416
18,561
20,981
2,368
2,539
2,415
60,370
57,179
71,673
1,699,541 3,607,712 4,159,526
3 570
3,978
3,721
25,065
22,661
22,589
12,632
12,306
12,803
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
2,877
5,145
5,950
2,514
4,148
294,545
3,533
11,626
9,715
6,449
3,001
10,596
2,896
1,883
4,175
5,270
2,731
4,105
266,434
3,476
9,169
9,547
6,265
2,836
9,403
3,161
2,975
4,981
6,420
2,950
4,238
332,868
3,868
14,099
9,547
5,902
3,081
10,054
3,254
14,273
58,564
133,144
25,231
10,937
6,945
2,713
4,317
4,866
181,756
3,067
24,785
7,697
9,970
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
14,132
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
14,869
63,815
147,953
24,344
11,183
6,709
2,594
3,207
2,937
249,496
2,438
31,496
8,501
15,842
JANUARY,
85
FEDERAL RESERVE BULLETIN.
1920.
Debits to individual account at clearing-house banks during each of the five weeks ending Dec. 24,1919 and 1918—Contd.
[In thousands of dollars.]
1919
Federal Reserve District.
Dec. 24.
No. 5.—Richmond:
Baltimore
Charleston
Charlotte
Columbia
Norfolk
Raleigh
Richmond
No. 6.—Atlanta:
Atlanta
Augusta
Birmingham
Chattanooga
Jacksonville
Knoxville
Macon
Mobile
Montgomery
Nashville
New Orleans
Pensacola
Savannah
Tampa
Vicksburg
No. 7—Chicago:
Bay City
Bloomington
Cedar Rapids
Chicago
Davenport
Decatur
Des Moines
Detroit
Dubuque
Flint
Fort Wayne
Grand Rapids
Indianapolis
Jackson
Kalamazoo
Lansing
Milwaukee
Peoria
Rockford
Sioux City
South Bend
Springfield
Waterloo
No. 8—St. Louis:
E vansville
Little Rock
Louisville
Memphis
St. Louis
No. 9—Minneapolis:
Aberdeen
Billings
Duluth
Grand Forks
Great Falls
Helena
Minneapolis
St. Paul.
Superior
Winona
No. 10—Kansas City:
Atchison
Bartlesville
Cheyenne
Colorado Springs...
Denver
Joplin
Kansas City, Kans.
Kansas City, M o . . .
Muskogee
Oklahoma City
Omaha
Pueblo
St. Joseph
Topeka
Tulsa
Wichita
1918
Week ending-
"Week endingDec. 17.
Dec. 10.
Dec. 3.
Nov. 26,
Dec. 24.
Dec. 18.
Dec. 11.
Dec. 4.
Nov. 27,
120,953
10,489
8,237
8,162
23,421
5,800
38,113
99,921
11,137
9,088
9,958
22,582
5,800
37,703
100,162
12,486
8,625
9,140
22,103
6,100
32,333
104,006
10,889
8,500
8,853
23,404
5,300
34,017
78,150
4,881
4,900
6,303
15,593
3,841
25,038
84,732
6,505
6,400
8,886
19,136
4,337
24,617
82,820
5,193
5,700
8,025
17,595
4,540
25,056
74,201
5,850
5,600
7,186
18,670
4,970
25,901
69,376
9,423
8,385
22,745
4,800
33,877
36,090
11,616
18,328
13,176
12,618
6,627
9,742
7,819
5,665
27,034
90,463
2,003
27,452
6,552
1,913
39,949
12,184
16,186
13,373
12,373
7,371
8,790
8,570
5,672
26,718
106,115
2,494
26,117
5,900
2,058
34,882
12,149
14,918
12,864
13,615
5,877
9,849
8,644
5,800
25,622
96,327
2,448
22,233
6,375
1,934
34,980
11,883
15,297
12,436
12,867
7,141
7,977
9,134
6,018
23,116
96,611
2,166
23,874
6,442
2,407
36,977
14,398
16,462
11,646
12,889
5,865
8,731
7,833
6,252
24,621
82,955
2,343
26,598
5,605
1,933
23,288
7,700
14,332
8,245
10,474
5,019
6,731
6,297
3,539
18,382
61,417
1,952
12,686
3,577
2,000
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
22,258
7,077
12,638
10,840
9,708
5,400
6,482
7,443
5,046
23,799
69,446
2,171
14,180
4,945
2,169
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
24,189
7,004
13,998
8,494
10,430
5,645
5,502
7,435
4,328
24,940
57,762
2,017
10,945
3,839
1,630
4,052
2,385
9,177
843,992
6,726
3,089
3,427
2,858
9,467
666,999
7,770
3,608
19,336
125,214
2,620
8,859
7,259
18,599
33,234
4,052
4,241
6,357
55,502
10,062
4,951
13,193
3,818
4,868
3,235
3,315
2,922
7,789
3,690
2,268
7,537
828,342
6,217
3,136
19,778
115,932
2,660
10,086
6,363
16,438
2,726
2,004
2,673
2,373
2,753
2,279
2,980
2,332
3,134
1,777
35,008
4,439
4,592
6,353
58,560
9,140
5,985
10,383
3,829
4,322
3,519
4,550
2,695
7,857
797,632
7,560
4,196
19,552
197,770
2,575
6,851
8,480
18,874
37,806
4,414
4,820
6,385
55,£02
11,634
5,608
12,141
3,228
4,687
3,648
541,631
6,689
2,449
15,539
93,647
1,825
5,141
4,425
12,117
26,249
615,669
5,839
2,752
15.961
107,322
2,022
3,131
5,198
12,849
31,193
593,580
5,834
2,954
17,392
88,768
2,000
4,803
4,768
16,532
32,450
577,504
8,982
3,587
13,687
89,731
2,067
4,136
4,633
17,850
24,633
657,715
4,264
2,241
16,860
109,110
2,300
4,776
4,476
15,309
28,992
2,745
2,500
53,050
8,380
4,323
3,183
2,957
58,054
11,072
4,659
2,949
2,796
51,614
8,212
4,964
3,181
3,096
48,031
13,033
5,058
53,437
13,074
5,654
10,203
3,139
5,043
3,893
3,167
3,965
3,189
3,380
3,014
3,280
2,870
3,690
2,852
2,890
2,787
2,746
2,722
4,124
2,601
6,231
9,802
30,971
47,694
158,837
5,104
11,663
41,348
43,699
172,315
5,311
10,961
33,191
43,275
140,015
4,415
11,381
40,477
40,709
145,924
4,409
10,406
28,432
44,478
152,713
3,485
7,718
36,258
30,036
124,520
4,361
9,205
49,936
33,971
149,453
3,006
8,858
41,042
32,926
140,753
2,270
8,850
36,965
32,315
123,168
4,497
8,780
46,708
31,926
151,114
1,537
2,361
19,035
1,889
2,392
2,749
102,334
1,904
2,160
18,727
2,371
2,887
2,839
97,358
41,927
1,844
1,316
1,809
2,931
15,229
2,152
3,290
2,572
96,357
41,943
1,918
1,128
1,420
2,787
16,271
1,931
3 542
2,378
101,181
44,137
1,844
1,248
1,220
1,854
44,105
1,250
2,985
2,418
85,767
32,141
1,610
1,663
1,899
47,662
1,693
3,512
2,462
91,037
44,094
2,685
1,154
2,483
47,699
1,646
3,786
2,866
101,506
34,293
1,294
1,639
49,365
1,817
3,869
2,784
83,186
34,350
2,048
1,121
2,343
52,051
1,350
43,000
2,040
1,327
1,925
2,210
19,632
1,913
2,983
2,701
100,939
44,044
2,079
1,430
4,213
1,928
2,977
42,945
3,395
3,938
109,616
7,143
17,758
65,217
6,396
22,019
5,084
23,560
13,215
640
2,948
2,682
3,174
52,063
4,050
3,234
110,395
5,458
18,008
62,534
7,016
20,386
4,593
28,025
11,560
459
2,884
2,083
3,186
43,034
3,364
3,558
100,012
5,840
17,585
57,107
5,217
21,954
5,551
20,837
12,230
390
3,899
1,477
2,818
50,274
3,512
3,483
92,434
5,823
17,221
62,173
5,738
15,925
5,888
21,639
12,583
2,478
2,399
3,061
52,285
3,258
3,301
108,313
7,561
19,917
59,739
8,738
21,300
5,779
28,715
11,080
106,626
21,768
117,194
3,069
9,997
7,977
18,347
4,231
18,115
138,855
2,715
10,789
6,984
18,934
30,999
4,295
4,151
5,296
56,869
10,842
5,165
12,255
3,194
3,501
34,870
5,208
4,462
6,334
53,880
8,816
5,860
2,796
1,512
1,963
1,954
1,815
2,297
25,257
2,347
3,522
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
2,183
27,182
""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
2,928
11,637
79,214
4,136
22,591
3,816
17,568
7,332
3,090
3,433
82,573
2,813
15,410
62,289
3,601
24,207
4,948
18,486
8,112
5,600
8,727
19,205
4,410
26,455
3,103
2,190
84,943
45,178
2,931
1,8
2,216
32,215
3,082
2,859
89,236
2,921
14,409
62,649
6,222
25,841
3,564
22,084
8,503
86
FEDERAL RESERVE BULLETIN.
JANUARY,
1920.
Debits to individual account at clearing-house banks during each of the five weeks ending Dec. 24, 1919 and 1918—Contd.
[In thousands of dollars.]
1919
Federal Reserve District.
Dec. 24.
No. 11—Dallas:
Albuquerque
,
Austin
Beaumont
Dallas
El Paso
Fort Worth
Galveston
Houston
San Antonio
Shreveport
Texarkana
Tucson
Waco
No. 12—San Francisco:
Berkeley
Boise
Fresno
Long Beach
Los Angeles
Oakland
Ogden
Pasadena
Portland
Reno
Sacramento
Salt Lake C i t y . . . .
San Diego
San Francisco
San Jose
Seattle
Spokane
Stockton
Tacoma
Yakima
1918
Week e n d i n g -
"Week e n d i n g Dec. 17.
Dec. 10.
Dec. 3.
Dec. 24.
Nov.
1,656
4,637
5,350
51,024
9,731
26,355
10,595
43,536
8,826
7,952
2,399
1,346
4,376
1,936
3,280
4,894
52,192
9,804
31,018
9,836
43,749
9,121
7,275
1,608
1,560
4,395
1,959
4,581
5,024
49,191
9,250
26,443
11,457
39,944
9,042
8,540
1,517
1,751
4,506
1,741
4,253
12,359
46,655
9,303
26,922
4,030
41,492
8,427
8,040
1,561
1,615
5,787
1,952
5,158
4,738
54,297
9,428
31,467
12,269
41,944
9,275
9,979
1,746
1,569
4,312
2,538
3,471
9,977
4,734
95,241
19,455
5,657
4,669
48,241
2,765
13,717
3,001
3,713
11,440
5,016
103,592
22,654
6,759
4,900
51,409
3,014
20,199
27,849
7,346
242,184
7,110
60,117
13,610
7,150
11,865
3,237
2,983
3,783
9,431
5,043
88,750
2,946
3,474
13,175
4,541
91,606
19,792
4,609
5,385
2,247
3,452
11,545
4,311
95,478
16,954
6,206
4,574
49,042
3,120
17,208
22,036
4,571
215,540
6,633
56,911
11,818
5,092
10,123
4,062
22,031
7,062
219,373
6,624
49,828
13,273
5,546
10,030
3,811
21,347
4,692
4,950
39,139
2,554
20,592
22,208
7,475
202,088
5,743
48,109
13,107
7,609
10,454
3,888
39,343
3,032
23,497
20,031
6,340
193,668
6,126
53,117
15,681
7,013
9,361
3,085
Dec. 18.
Dec. 11.
Dec. 4.
Nov. 27.
1,229
2,400
4,187
29,796
4,539
14,814
7,726
23,100
1,590
3,980
3,581
30,274
5,782
15,847
10,040
27,331
1,501
3,555
4,307
29,569
5,570
12,167
8,913
26,882
1,578
2,814
3,370
26,367
4,829
14,169
7,785
25,534
1>459
3,625
3,935
33,567
4,936
12,377
7,667
5,335
2,049
1,258
2,800
5,594
1.527
1,530
5,830
1,263
1,711
4,010
5,157
976
1,863
3,399
4,506
1,419
1,503
3,277
1,837
5,829
1,996
52,831
5,436
1,866
37,726
1,943
10,764
18,389
4,061
150,138
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
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
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
2,574
6,523
2,421
61,624
12,063
2,673
2,226
60,466
1,663
12,066
19,704
4,970
173,151
44,584
8,812
2,968
9,474
2,041
49,988
8,951
5,183
11,341
2,034
48,234
9,259
4,307
10,667
2,033
47,671
8,874
4,275
11,421
2,363
55,686
9,396
4,930
11,420
2,404
13,827
Recapitulation showing figures for clearing-house centers reporting each of the five weeks ending Dec. 24, 1919.
[In thousands of dollars.]
1919
Federal Reserve district.
No.
No.
No.
No.
No.
No.
No.
No.
No.
No.
No.
No.
1—Boston
2—New York
3—Philadelphia..,
4—Cleveland
5—Richmond
6—Atlanta
7—Chicago
,
8-St. Louis
9—Minneapolis
10—Kansas City..
11—Dallas
12—San Francisco.
Grand total
Number
of centers
included.
Week ending—
Dec. 24.
Dec. 17.
Dec. 10.
Dec. 3.
535,083
5,740,489
439,791
594,538
185,856
277,098
1,193,903
253,535
178,664
330,090
177,783
548,043
594,984
5,944,982
506,598
640,193
204.686
293,870
1,228,465
274,129
179,856
336,766
180,668
616,166
472,962
5,203,366
408,048
520,709
185,052
273,537
1,019,529
232,753
173,333
304,901
173,205
523,945
497,389
5,188,330
397,686
543,830
178,463
272,349
1,045,420
242,906
169,329
305,277
172,185
525,822
154 10,454,873
11,001,362
9,491,340
Nov. 26.
501,496
5,498,580
412,569
551,799
184,080
265,108
1,164,155
240,438
176,739
338,504
188,134
550,923
10,072,525
JANUARY, 1920.
87
FEDERAL RESERVE BULLETIN.
Recapitulation showing figures for clearing-house centers reporting each of the five weehs ending Dec, 24, 1919, and 1918.
[In thousands of dollars.]
Federal Reserve district.
No. 1—Boston
No. 2—New York
No. 3—Philadelphia..
No. 4—Cleveland
No. 5—Richmond
No. 6—Atlanta
No. 7—Chicago
No. 8—St. Louis
No. 9—Minneapolis...
No. 10—Kansas City..
No. 11—Dallas
No. 12—San Francisco.
Grand total
Number
of centers
included.
1919
Week e n d i n g Dec. 24.
Dec. 17.
Dec. 10.
Dec. 3.
1918
Week e n d i n g Nov. 26.
Dec. 24.
Dec. 18.
Dec. 11.
Dec. 4.
Nov. 27,
324,698 358,184
501,496
352,677
535,083 594,984 472,962 497,389
333,415
5,740,489 5,944,982 5,203,366 5,188,330 5,496,580 3,609,177 3,936,651 3,817,620 3,730,278
362,995 328,455
439,791 506,598 408,048 397,686 412,569 327,705 361,934
439,261 488,265 460,289 417,183
640,193 520,709
543,830
551,799
594,538
185,052
133,825 148,108
178,463
184,080
143,736
185,856 204,686
136,528
273,537
185,639 203,415
293,870
272,349
265,108
203,602
277,098
204,342
795,761 896,581 854,060
1,169,904 1,204,053 992,817 1,021,081 1,141,207
832,944
274,129 232,753 242,906
240,438 202,017
246,926
226,585
253,535
203,568
172,017
178,426
168,201 175,491 173,350
196,707
196,727
177,337
181,854
303,410
335,525 270.623 272,300
260,281 247,058
327,476 333,444
99,233
171,547
178,859
111,012
105,278
168,957
97,841
164,163 163,758
538,881 606,054 515,219 516,750 542,043 374,522 414,560 392,331 377,839
4,293,708
404,237
585,384
133,773
188,158
935,669
243,025
192,107
277,620
106,870
445,960
145 10,408,945 10,952,966 9,443,002 9,494,153 10,025,195 6,935,811 7,634,643 7,376,181 7,091,305
8,190,174
88
FEDERAL RESERVE BULLETIN.
JANUARY,
1920.
DISCOUNT AND OPEN MARKET OPERATIONS OF THE FEDERAL RESERVE BANKS.
Discount operations during the month of
November totaled $7,414,498,375, as compared
with the record figure of $8,060,317,969 shown
for October. The totals are exclusive of bills
discounted for other Federal Reserve Banks,
which aggregated 58 millions in November,
as against 126.5 millions the month before.
Discount operations were smaller for November
than for October at all the Federal Reserve
Banks, except the Boston and Chicago banks.
The decline was nominal in New York, while
the decrease at the Philadelphia bank, because
of the relatively large amount of 60 and 90
day paper discounted, constituted nearly threefourths of the total for the system.
War paper constituted, the same as in
October, about 91 per cent of the total paper
discounted during the month. The amount of
customers' paper, secured by Government obligations, discounted by the Federal Reserve
Banks, however, was about twice as large in November as in October (328 millions,7 as against
164 millions), while member banks collateral
notes so secured amounted to $6,433,967,114,
as compared with $7,184,708,069 the month
before. This shift from collateral notes to
rediscounts is due in large part to changes in
discount rates which in most of the banks no
longer favor 15-day paper. Discounts of collateral notes secured oy eligible commercial or
agricultural paper also show a decline, the total
for November being but $15,694,638, as
against $45,663,016 for October. Discounts of
trade acceptances for the month of November
aggregated $21,923,920, as against $16,110,069
in October, and included $2,704,863 (as against
$2,377,501) of acceptances in the foreign
trade, all of which were reported by the New
York bank. Bankers' acceptances discounted
during the month totaled $2,052,898, as compared with $1,271,426 for October, and all
other discounts, i. e., commercial and agricultural paper rediscounted by member banks,
aggregated $613,002,521, the corresponding
figures being $648,265,547 for October and
$447,060,323 for September.
About 95 per cent of the total discounts for
the month was 15-day paper, i. e., bills maturing within 15 days from date of discount or
rediscount with the Federal Reserve Bank.
Six-month bills, consisting of agricultural and
live-stock paper, totaled $11,838,214, compared with $9,645,742 for October, and
$5,443,693 for September. The average maturity of all the paper discounted during the
month works out at 11.36 days, as against 9.54
days for October for all the banks combined,
while for the Philadelphia bank it works out
at 14.32 days for November, as against 6.93
days for October. About 78 per cent of
the paper discounted in November took the
4J per cent rate, about 9 per cent the 4 per
cent rate, and about 8 per cent the 4f per cent
rate. During October about 86 per cent of
the paper was discounted at the 4 per cent
rate. The average rate of discount charged
during November works out at 4.53 per cent,
as against 4.19 per cent in October.
On the last Friday in November the Federal
Reserve Banks held a total of $2,214,139,000
of discounted bills, compared with $2,128,547,000 on the last Friday in October, 1919,
and $1,815,195,000 on the last Friday in
November of the year before. Of the total
discounts on hand at the end of November
about 78 per cent was the share of war paper,
compared with about 84 per cent at the end of
September and about 79 per cent at the end of
October, 1918.
Discounted trade acceptances on hand at the
end of November totaled $27,694,000, a larger
figure than the corresponding amount for the
end of October ($16,261,000) or for the end
of November of last year ($23,126,000).
Holdings of agricultural paper totaled
$27,023,000, as against $28,447,000 at the end
of October, and $27,492,000 on the corresponding date of the previous year, while holdings
of live-stock paper were $25,527,000, compared
with $27,028,000 the month before, and
$34,052,000 about the end of November of
last year. Of the total agricultural paper on
hand about 73 per cent was held in the Chicago
and Kansas City banks, while about 90 per
cent of the live-stock paper on hand represented
the holdings of the Kansas City, Minneapolis,
and Dallas banks.
During the month the membership in the
Federal Reserve System shows a net increase
of 32, the number of members at the close of
November being 9,009, as compared with
8,977 at the end of October. Member banks
accommodated by discount of paper in November numbered 3,649, as against 3,839 in October.
In the following exhibit is shown the number
of member banks in each Federal Reserve
district at the end of November and of October,
together with the number in each district
accommodated during each of the two months.
JANUARY, 1920.
]FEDERAL RESERVE BULLETIN.
Federal Keserve Bank.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Total
of member
Number of member Number
banks accommobanks in district.
dated.
Novem- October.
ber.
Nov. 30.
Oct. 31.
430
748
676
841
583
427
1,366
533
915
1,032
758
700
430
744
675
841
575
429
1,366
532
911
1,026
753
695
265
405
375
282
252
185
613
211
280
354
235
192
244
396
389
245
297
247
614
223
224
391
359
210
9,009
8,977
3,649
3,839
Bills purchased in the open market during
November, largely by the New York bank
both for its own account and for account of
other Federal Reserve Banks, totaled $340,695,505, compared with $335,261,712 purchased
in October, and $205,048,335 in September.
Of the total bills purchased, $335,044,925 were
bankers' acceptances, about three-fourths of
which were based upon foreign trade transactions. Purchases of trade acceptances
amounting to $3,686,930 were reported by the
Boston, New York, Cleveland, and San Francisco banks, nearly four-fifths of this amount
89
being based on foreign trade transactions.
The average maturity of all bills purchased
during the month was 55.55 days, compared
with 48.36 days for October, while the average
rate of discount charged works out at 4.47 per
cent, as against 4.26 per cent for the preceding
month.
On November 30 the Federal Reserve Banks
reported a total of $501,910,000 of purchased
bills on hand, compared with $394,355,000 on
October 31, 1919, and $379,524,000 on November 30, 1918. The half-billion mark in acceptance holdings was passed for the first time in
November of this year. Of the most recent
total, all but $6,580,000 were bankers' acceptances, of which $347,852,000 were bills accepted by member banks, $55,876,000 by
private banks, $55,244,000 by nonmember
State banks and trust companies, and $36,358,000 by foreign banks and their agencies.
Of the $6,580,000 of purchased trade acceptances held at the end of the month, $1,646,000
were domestic trade acceptances, and $4,934,000 were foreign trade acceptances. Of
the latter figure, $2,633,000 were reported by
the New York bank and $850,000 by the San
Francisco bank, these amounts representing
largely acceptances drawn by exporters in the
Far East.
Total investment operations of each Federal Reserve Bank during the months of November, 1919 and 1918.
Federal Reserve Bank.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Bills discounted for
member
banks.
$426,922,264
4,466,207,075
683,636,792
292,186,678
264,080,662
174,033,036
448,183,255
180,110,764
88,805,613
145,934,891
70,671,433
173,725,912
Bills bought Municipal
warrants.
in open
market.
United
States
bonds.
$63,977,798
152,609,063
2,832,489
19,053,191
3,805,212
4,365,746
33,701,105
5,325,336
10,649,919
$300
1,912,400
42,463,246
i$50
Total, November,
1919
7,414,498,375 340,695,505
50
Total, November,
1918
5,154,597,322 195,697,512 $11,383
93,550
Total 11 months ending Nov. 30,1919. 71,883,099,002 2,424,719,574
1,000 1,328,125
Total 11 months ending Nov. 30,1918... 33,537,850,316 1,653,805,357 1,709,602 73,959,463
United
United
States
States
Victory certificates of
notes. indebtedness.
1
300
$1,516,000
35,948,000
3,343,000
3,163,000
200,000
1,101,000
2,845,000
1,275,000
176,000
2,000,000
4,510,000
810,000
Total
United
States
securities.
Total investment operations.
Nov., 1919.
Nov., 1918.
$1,516,000 $492,416,062 $373,350,564
35,948,000 4,654,764,138 3,248,858,733
3,343,000
689,812,281
368,823,184
3,163,000
314,402,869
226,108,688
200,300
268,086,174
287,101,541
1,101,000
179,499,782
167,886,039
2,845,000
484,729,360
383,127,310
1,275,000
186,711,100
158,469,909
176,000
99,631,532
40,879,414
2,000,000
147,934,891
110,124,747
4,510,000
77,093,833
77,998,599
810,050
216,999,208
126,980,039
56,887,000
56,887,350
219,309,000
219,402,550
7,812,081,230
5,569,708,767
374,250 3,973,827,500 3,975,529,875 78,283,349,451
4J per cent Liberty bond.
4,028,472,160 4,102,431,623
39,295,796,898
90
JANUARY,
FEDERAL RESERVE BULLETIN.
1920.
Average amount of earning assets held by each Federal Reserve Bank during November, 1919, earnings from each class of
earning assets, and annual rate of earnings on basis of November, 1919, returns.
Average daily holdings of the several classes of earning assets.
Federal Reserve Bank.
Purchased
bills.
United
States
securities.
$147,255,981
829,776,757
205,069,357
150,177,449
98,848,446
106,329,831
242,933,736
70,058,523
55,021,800
100,757,092
49,661,464
89,742,205
$49,517,395
74,248,602
1,394,054
68,051,442
12,333,698
96,318,470
25,266,197
21,088,700
1,774,437
5,505,363
91,666,903
$22,538,950
76,713,767
31,663,083
26,135,750
13,034,260
15,782,216
44,583,330
18,424,167
8,521,033
22,693,433
13,576,217
13,448,930
$219,312,326
980,739,126
238,126,494
244,364,641
119,774,275
134,445,745
383,835,536
113,746,887
84,631,533
125,224,962
68,743,044
194,858,038
2,145,630,641
1,768,745,862
455,056,830
378,035,734
307,115,136
126,788,514
2,907,802,607
$28,642 2,273,598,752
Discounted
bills.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Total, November, 1919
Total, November, 1918
Earnings from—
Federal Reserve Bank.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
..
Total, November, 1919.
Total, November, 1918.
Municipal
warrants.
Total.
Calculated annual rate of earnings from—
Discounted
bills.
Purchased
bills.
$531,076
2,978,404
727,253
542,710
357,353
369,165
884,718
254,808
203,273
385,997
187,430
333,755
$174,235
257,023
4,989
242,913
29,196
44,709
349,910
94,798
74,587
6,433
21.181
321,191
$38,650
158,606
55,854
47,793
21,542
25,253
76,973
31,662
14,170
41,694
26,300
22,718
$743,961
3,394,
788,
833,
408,
439,
1,311,
381,
292
434,
234,
677,
7,755,942 1,621,165
6,206,988 1,355,558
561,215
259,049
9,938,322
$113 7,821,708
United
MunicStates
ipal
securities. warrants.
Total.
Discounted
bills.
PurUnited i Municchased
States I ipal
bills. securities.! warrants.
Total.
Per cent. Per cent. Per cent, j Per cent. Per cent.
4.39
4.28
2.09 !
4.13
4.37
4.15
2.51 i
4.21
4.31
4.35
2.14 !
4.02
4.33
4.34
2.22 i
4.15
4.40
4.50
2.01 |
4.15
4.37
4.56
2.01 I
4.11
4.43
4.42
2.10 !
4.16
4.43
4.56
2.09 i
4.08
4.49
4.30
2.02 i
4.20
4.66
4.41
4.22
2.24 !
4.59
4.68
4.20
2.35 !
4.53
4.26
4.23
2.06 |
4.40
4.27
4.33
4.36
2.22 I
2.49 i
4.1ft
4.19
4.79
Bills discounted during the month of November, 1919, distributed by classes; also average rates and maturities of bills discounted by each Federal Reserve Bank.
Federal Reserve Bank.
Boston
New York....
Philadelphia.
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis...
Kansas City...
Dallas
San Francisco.
Total...
Customers'
paper secured by
Government war
obligations.
Member banks' collateral
notes.
Secured by
Government
war obligations.
Otherwise
secured.
Trade acceptances.
$37,427,227 $340,468,760 $1,256,084 $2,237,225
156,816,670 4,077,121,327
19,758,892
550,862,817
91,297,964
3,666"
959,873
240,665,940
8,626,048
2,031,238
245,927,700
400,000
7,656,906
536,361
135,408,300 1,410,000 1,017,726
3,043,184
330,954,550
1,303,180 2,268,244
8,645,278
149,007,353
17,000 1,168,770
4,963,899
62,095,885
295,530
78,422
889,773
99,819,663 10,426,194
69,350
3,418,352
65,087,719
435,844
130,339
368,650
136,547,100
4,941,644
215,000 1,361,975
Bankers'
accept-
All other
discounts.
$52,879 $45,480,089 $426,922,264
721,163 221,789,023 4,466,207,075
40,513,138
683,636,792
40,863,452
292,186,678
9,559,695
264,080,662
33,153,826
174,033,036
105,012,003
448,183,255
180,110,764
840,262 24,113,480
25,446,003
88,805,613
145.934,a»l
£53,676" 32,047,662
4,648,881
70,671,433
173,725,912
284,924 30,375,269
327,857,284 6,433,967,114 j 15,694,638 21,923,920 2,052,898 613,002,521
1
Total.
Includes $2,704,863 of trade acceptances in the foreign trade.
7,414,498,375
Average Average
rate
maturity (365-day
in days.
basis).
15.61
7.12
14.32
17.77
10.90
21.79
24.53
13.50
26.73
27.33
19.14
17.04
Per cent.
4.56
4.49
4.34
4.55
4.46
4.51
4.61
4.52
4.74
4.91
4.55
4.58
11.36 {
4.53
JANUARY,
91
FEDERAL. RESERVE BULLETIN.
1920.
Bankers'' and trade acceptances in the foreign and domestic trade and dollar exchange bills purchased during the month of
November, 1919; also average rates and maturities of total bills purchased by each Federal Reserve Bank.
Trade acceptances.
Bankers' acceptances.
Federal Reserve Bank.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Total
In the
domestic
trade.
In the
foreign
trade.
In the
domestic
trade.
Total.
$21,276,457 $40,939,649 $62,216,106 $457,704
25,381,106 124,065,725 149,446,831 242,682
2,832,489
700,920
2,131,569
5,069,622 13,907,233 18,976,855
66,336
3,805,212
2,139,700
1,665,512
4,365,746
3,813,946
551,800
7,661,321 26,039,784 33,701,105
5,325,336
3,944,138
1,381,198
3,012,018
7,557,409 10,569,427
In the
foreign
trade.
Dollar
Exchange.
Total.
$778,988 $1,236,692
1,592,050 1,834,732
66,336
7i2,400
8,891,707
1,200,000
33,001,711
1,912,400
41,893,418
22,872
526,298
549,170
82,603,335
252,441,590
335,044,925
789,594
2,897,336
3,686,930
Average Average
Total bills maturity
rate
purchased. in days. (365-day
basis).
$525,000 $63,977,798
1,327,500 152,609,063
2,832,489
10,000 19,053,191
3,805,212
4,365,746
33,701,105
5,325,336
80,492 10,649,919
55.53
46.83
79.08
65.07
71.64
63.55
67.73
46.68
70.67
Percent.
4.45
4.45
4.34
4.46
4.57
4.56
4.50
4.49
4.47
1,912,400
42,463,246
49.40
66.78
4.77
4.53
1,963,650 340,695,505
55.55
4.47
20,658
Bills discounted by each Federal Reserve Bank during the three months ending Nov. SO, 1919, distributed by rates of discount;
also average rates and maturities of all bills discounted by each bank during the three months.
4 per cent.
Federal Reserve
Bank.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas......
San Francisco
Total
Amount.
Discount.
$634,677,848
8,207,486,378
2,288,919,744
524,358,519
88,780,700
377,739,571
451,382,500
420,949,091
138,369,520
110,223,400
160,900,617
$380,973
5,204,709
1,654,105
708,952
115,266
590,649
710,922
419,506
216,551
168,002
244,017
13,403,787,888
4£ per cent.
4£ per cent.
Amount.
Discount.
Amount.
4f per cent.
Discount.
Amount.
10,413,652 1,920,285,651 4,462,127
5,872,543,161 6,032,604
5£ per cent.
5£ per cent.
5f per cent.
854,446,918
$213,854
$3,669
112,000
27,213
2*i6
2,890,351
59,492
3,243,418
6 3,982
611
$14,900
16,374
7,815,804
148,094
2,870,984
10,842,563
$41
365
164,362
3,347
65,283
242,516
1 820 162
40,608
23,528, 881
516,522
$3,000
10,000
13,000
4,099,969 123,122,684
Total.
Amount. Discount. Amount. Discount. Amount. Discount.
Total
Amount. Discount.
$86,358,409 $590,028 $343,083,715 $483,235 $62,623,438 $400,321
$47,086
68,310,570 648,193 3,953,730,414 3,159,606 204,803,422
528,394
2,429
71,116,712 595,467
444,551,546
461,895 34,542,025
69,160
11,777
149,227,200 297,961
89,600,020
173,637 139,013,079
447,326
606,491
598,277,174
212,497,400
257,948 28,411,529
162,278
56,906
135,879
59,457,148
97,531,374
208,389 57,678,220
413,102
249,097
289,224,265 547,095
294,264,757
583,101 194,624,925 1,356,392
46,789
8,035,655
138,792,892
191,735 40,788,539
319,649
20,000
17,895
3,042,420
57,556,080
100,310 37,941,758
211,107 16,489,017
118,033,507 221,705
115,361,568
217,613 37,601,651
84,448 65,012,803
92,318,355 158,743
45,660,253
87,710 11,994,993
65,425 11,450,363
376,884,236 595,881
79,913,142
107,425
4,423,339
42,367 29,783,206
Federal Reserve Bank.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas*Citv
Dallas
San Francisco
Discount.
5 per cent.
Amount.
22,200,971,601
|855
4,202
44
165,071
445,603
110,759
222,720
950,497
Average Average
(365maturity rate
dayDiscount. in days. basis).
$1,126,790,496 $1,855,366
12,434,333,213 9,541,288
$8 2,839,144,804
2,780,683
24
902,422,672 1,631,569
928,038,609 1,142,879
592,671,784
1,352,586
1,237,424,251 3,362,082
608,761,484
981,681
256,269,779
776,217
457,075,492 1,379,887
325,214,932
726,146
492,824,085 1,009,001
32
$809
386
48
26,539,385
13.80
6.66
8.62
15.40
10.35
19.33
22.17
13.58
24.21
23.44
18.53
16.66
Per cent.
4.38
4.21
4.15
4.28
4.34
4.31
4.47
4.33
4.57
4.70
4.40
4.49
10.12
4.31
92
FEDERAL BESEBVE BULLETIN.
JANUARY, 1920.
Acceptances purchased by each Federal Reserve Bank during the three months ending Nov. 30, 1919, distributed by rates of
i ^discount; also average rates and maturities of acceptances purchased by each bank during the three months.
4
4 per cent.
Federal Reserve Bank.
Amount.
Discount.
Amount.
11,528,356
242,420
944,741
26,034
616
17,039,772
48,923
Federal Reserve Bank.
Amount.
Total.
4i per cent.
Discount.
Amount.
809,219
203,368
33,525,060 194,841 32,159,350
4
Discount.
4 * Per cent.
Discount.
Amount.
Amount.
Discount.
$64,590 $26,1,291,815 $163,361 $6.,865,171 $40, 19
404,939148;1,446,772 524,991 5,086,979 41,849
2,701 2,330,241 23,786
149,131 8,579,712 66,842 2,647,993
6,232
127,007
24,982
46,304
9,125,088
2,115,881
4,703,939
600,000
200,000
257,055 18,438,928
80,419 6,275,793
12,418 4,544,091
44,900
160,670
5,327
283
156,277 1,407,157
65,377
8,199
533
10,814
A P^r cent.
Amount.
Discount.
4
4% per cent.
Discount.
Amount.
Amount.
4
4f per cent.
A per cent.
Discount.
Amount.
Discount.
H per cent.
DisAmount. count.
$7,026,292 $40,787$10.1,270,618 $81,593 $10.,741,631 $82,537 $3,923,738 $27,580 $4,951,861 $44,554 $1,160,610 $10,126
15,218,800 93,958 1,810,938 11,861 34,170,224 292,800 2,543,934 23,465 4,263,037 43,959 ' 113,991
1,233
401,552 4,283
297,854
1,607 7,513,817 76,260
230,941 2,301
3,140,843 18,344
308,886
1,520
38,085
74
13,823,215 92,947
18,003,156 146,542
417,309 2,131 14,186,518 140,341
328,182 3,162 1,939,075 21,537
5,736,975 32,619
150,000
1,777
260,000 1,196 1,059,704 10,577
135,467
2,271,280 14,267
743
1,461
745,000
300,000
586
215,000 1,227 4,553,426 45,505
279,343 2,951
1,243,873 7,542
1,820
174,939
8,062
195,789
1,482,211
14,664
42,544,755 259,458 14,287,222 105,771126,090,7451,091,360
8,923,816
74,866 14,211,002
7,505,140
4J per cent.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Discount.
Amount.
8 24,181,875 143,107 15,331,663
1,148,301 5,613 3,316,771
4,430 15,449,786 87,871 5,633,579
2,600
4 | per cent.
Federal Reserve
Bank.
Discount.
4-^ per cent.
112,938,454 293,242 25,496,572 100,048131,987,657 756,664 134,884, ?801,076,709 220,832,3761,078,604 26,987,854 173,197
Total.
Total.
4$ per cent.
$12,956,247 $32,014 $23,265,947 $92,410 $7,268,850 $29,628 $9,938,218
60,258,735 156,167 1,215,438- 2,804 33,382,595 196,328 49,865,216
542,959
846
365,657
9,425,224 25,939
17,031,190 99,276 18,273,826
Boston
New York
Philadelphia...
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis...
Kansas City...
Dallas
San Francisco.
Boston
New York
Philadelphia..
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis...
Kansas City...
Dallas
San Francisco.
t"j P e r cent.
47,658
1,015,503
4H per cent.
1,540,292
6,156 20,498,762
4| per cent.
5 per cent.
5} per cent.
1,828,204
144,145
1,055
130,378 1,906,831
15,527
14,851
Total.
DisDisDis
DisDisAmount. count.
Amount. count. Amount. count. Amount. count.
Amount. count. Amount.
$3,751,641 $3,460
5,102,344 55,570
100,000 1,171
2,433,387 12,850
165,000 1,466
521,504 5,421
82
10,000
497,703 4,979
$50,000
$548 $171,937 $2,065
226,000
2,651
9,543
112
50,000
2,280,000 18,721
3,300,650 35,406
126,594
1,380
122,052
1,319
18,162,229139,126
412,137
4,6
343,989
3,993
$322,055 $2,307
400,000
4,924
722,055
7,231
Discount.
$128,412,639 $712,833
$106,620 $1,415 362,129,615 1,856,259
3,740,409 32,787
69,921,758 460,376
13,988,215 94,413
18,003,156 146,542
166,960 2,053 90,567,898 659,177
16,148,915 80,740
34,675,761 250,877
5,327
600,000
4,020,292 27,066
138,796,896 987,260
273,580
Average
maturity in
days.
46.46
43.18
73.90
55.81
53.95
65.12
61.08
41.92
61.29
76.25
51.93
59.87
3,468 881,005,554 5,313,657 50.63
Average
rate
(365day
basis.)
P.ct.
4.36
4.33
4.33
4.31
4.57
4.56
4.35
4.35
4.31
4.25
4.73
4.34
4.35
93
FEDERAL RESERVE BULLETIN.
JANUARY, 1920.
Discounted bills, including member banks' collateral notes, held by each Federal Reserve Bank on the last Friday in November
1919, distributed by classes.
[In thousands of dollars; i. e., 000 omitted.]
Federal Reserve Bank.
Member banks collateral notes.
Customers
paper
Live stock secured by
paper.
GovernSecured by
ment war
GovernOtherwise
obligations. ment war i secured.
obligations.
Agricultural
paper.
Boston
NewYork
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis..
Minneapolis
Kansas City
Dallas
San Francisco
48
199
72
152
. 558
1,257
13,144
271
813
6,516
1,736
2,257
Total
Percent
Total Nov. 30,1918.
Percent
27,023
1.2
27,492
1.5
150
1,844
73,202
144,345
81,461
12,622
13,583
4,149
9,744
6,900
2,211
5,353
308
3,641
52,990
609,489
104,122
117,650
69,977
61,594
166,759
42,251
29,787
42,397
29,373
53,237
385
390
159
349
128
3,715
323
115
25,527
1.1
34,052
1.9
357,549
16.1
369,506
20.4
1,379,626
62.3
1,031,720
56.8
5,717
0.3
24,843
1.4
117
181
291
5,054
13,982
4,058
Trade
acceptances.
Bankers'
acceptances.
2,159
11,237
1,103
2,264
808
1,949
2,637
1,770
86
296
All
other
discounts.
72
874
36,807
94,758
11,506
30,363
12,589
32,651
73,016
20,473
22,375
22,989
9,390
22,067
165,428
860,902
198,267
163,168
97,900
102,171
265,459
73,301
60,454
95,281
45,188
2,049
0.1
388,984
17.6
304,456
2,214,139
3,385
27,694
1.3
23,126
1.3
Total.
1,815,195
100.0
i6.7
Acceptances purchased by each Federal Reserve Bank and held on Nov. 30,1919, distributed by classes of accepting
institution*
[In thousands of dollars; i. e., 000 omitted.]
Bank acceptances.
Federal Reserve Bank.
Boston
NewYork
Philadelphia
Cleveland
Richmond. .
Atlanta
Chicago
St Louis
Minneapolis .
Kansas City
,..
Dallas
San Francisco. .
Total:
Nov.30,1919... .
Oct. 31, 1919
Sept. 30, 1919
Nov. 30,1918
Nov. 30,1917. .
. . .
NonMember member
trust
banks. companies.
Nonmember
State
banks.
Private
banks.
Foreign
bank
branches
and
agencies.
1,670
14,361
429
11,231
196
5,612
11,526
228
12,484
342
150
10,481
76
5,536
50
6,024
2,658
164
697
1,167
14,974
55,876
42,677
33,420
27,871
18,201
26,371
56,250
2,402
33,852
11,032
11,229
89,240
25,098
20,101
6,888
10 954
54,435
1,439
100
500
1,150
595
200
250
563
3,400
3,274
127
1,578
250
12,282
347,852
271,701
208,784
310,069
171,723
6,446
8,021
8,255
2,028
5,338
48,798
36,707
24,821
10,703
753
614
1,035
Trade acceptances.
Total.
Domestic. Foreign.
Total.
Grand
total.
851
670
1,887
2,013
228
892
432
14,613
34,417
93,653
3,135
64,542
11,720
11,729
101,701
33,638
20,820
10,305
12,803
96,867
23
850
873
36,719
96,956
3 135
64,644
11,720
11 729
101,701
33,638
20,820
10,305
12,803
97,740
36,358
28,511
21,873
19,818
3,163
495,330
387,617
297,153
370,489
199,178
1,646
1,740
591
4,016
4,934
4,998
2,385
5,019
8,580
6,738
2,976
9,035
6,275
501,910
394,355
300,129
379,524
205,453
1,451
2,633
102
2,302
3,303
102
94
JANUARY, 1920.
FEDERAL RESERVE BULLETIN.
OPERATION OF THE FEDERAL RESERVE CLEARING SYSTEM, NOV. 16, TO DEC. 15, 1919.
Boston
New York
Philadelphia
Cleveland
Richmond..
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco..;
Total:
Nov. 16 to D ec. 15,1919....
October 16 to Nov. 15,1919
Sept. 16 to Oct. 15,1919....
Nov. 16 to Dec. 15,1918....
drawn on banks
Items drawn on banks Items
in district outside
in Federal Reserve
Reserve city
city (daily average). ' Federal
(daily average).
Total items drawn on
banks in own Federal Reserve district
(daily average).
Number.
Number.
24,981
30,577
48,710
7,765
3,506
3,772
27,929
8,533
8,652
8,885
4,907
4,130
182,347
177,569
164,761
85,174
Amount.
! Number. \
Amount.
128,874
191,688
108,360
111,030
76,581
43,973
139,230
77,805
40,844
116,798
66,408
55,851
$45,092,988
177,914,121
41,399,892
39,292,468
30,154,629
16,729,077
48,996; 000
23,794,406
14,528,679
30,981,350
20,982,195
16,260,160
254,594,746 1,157,442
246,055,511 1,093,363
223,417,562 919,623
167,471,893
675,859
506,125,965
482,577,468
458,490,174
386,634,092
$28,274,243 103,893 $16,818,755
91,498,599 161,111 ! 86,415,522
32,903,101
59,650 I 8,496,791
9,307,823
103,265 i 29,984,645
9,331,767
73,075 I 20,822,862
4,525,414
40,201 i 12,203,663
29,765,000 111,301 ! 19,231,000
12,912,190
10,882,216
69,272
11,423,858
3,104,821
32,192
13,230,112 I 107,913 i 17,751,238
5,390,592 I 61,501 ; 15,591,603
4,998,504 I 51,721 ! 11,261,656
251,531,229
236,521,957
235,072,612
219,162,199
! 975,095 ;
! 915,794
! 824,862
! 590,685
Amount.
Items drawn on
banks in other districts (daily average).
Number.
16,040 $}3,830,322
41,303 23,989,119
9,815,139
29,131
3,692,107
4,340
6,883,995
9,319
3,030,998
4,593
1,643,000
8,236
603,852
1,159
3,105,567
4,768
4,528,498
10,915
3,750,558
8,456
2,126,292
1,655
139,915
129,399
119,387
88,326
Items handled by both i Items drawn on the
parent bank and I T r e a s u r e r of the Number
branches (daily averUnited States (daily of mem- Number of
age).
average).
ber banks nonmember
banks on
in dispar list.
trict.
Amount, j Number. Amount.
Number.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Total:
Nov. 16 to Dec. 15,1919.
Oct. 16 to Nov. 15,1919..
Sept. 16 to Oct. 15,1919.
Nov. 16 to Dec. 15,1918.
2,105
3,030
491
5,901
510
6,226
37,109
5,018 i
1,128,837 ! 5,184
703,012 I 1,681
3,412
2,948,961
9,431
616,000
4,628
283,576 !
1,030
1,811,097 i 4,669
5,031
1,404,816 j
4,652
2,011,869
1,110,469 |
12,018, 634
12,6S3,739
11,417,988 i
10,704,900
88,071
107,551
93,437
135,173 !
Amount.
2,505,850
18,217,562
2,055,997
1,509,745
377,403
938,748
2,872,000
998,248
437,650
694,599
384,545
5,513,917
431
756
677
842
584
426
1,374
535
921
1,037
759
713
245
319
414
1,079
466
348
3,700
2,222
1,874
3,138
1,105
941
36,506,264
37,355,291
45,272,641
60,766,938
9,055
9,008
8,955
8,612
15,851
14,860
13,852
10,409
76,999,447
78,178,485
74,965,478
66,301,701
Incorporated
banks other
than mutual
banks not
on par list.
8
1,014
1,227
489
443
1,030
186
98
114
4,609
5,515
6,457
JANUARY,
1920.
FEDERAL. RESERVE BULLETIN.
95
OPERATION OF THE FEDERAL RESERVE BANKS.
During the five weeks between November 21
and December 26 discount operations of the
Federal Reserve Banks fluctuated within moderate limits. Fiscal operations of the Treasury
during the period were extremely heavy, including the issue on December 1 of 162.2
millions of 4J per cent loan certificates and
260.3 millions of 4 | per cent tax certificates,
and, two weeks later, the issue of 728.1 millions of 4J per cent tax certificates; also the redemption on December 15 of the balance of two
series of tax certificates issued during the summer of 1919, besides the redemption before maturity of a considerable amount of certificates
falling due in January and February, 1920, and
the payment on December 15 of semiannual
interest on the first Liberty and Victory loans.
These operations apparently are reflected in the
gradual reduction of the amount of war paper
held by the Federal Reserve Banks during the
greater part of December, the low level of
1,414.9 millions on December 19 marking a decrease of 259 millions since November 21. Since
then, following the issue of the tax certificates,
there has been a substantial increase in these
holdings, the December 26 total of 1,510.3 millions contributing 68.8 per cent of the total discounted bills held on that date, as against 78.8
per cent five weeks before. This decrease in
the absolute and relative amounts of war paper
holdings has, however, been fully offset by the
practically continuous increase in the holdings
of ordinary commercial paper, the December 26
total of 684.5 millions exceeding the November 21 total by 233.8 millions, with the result
that the total discounts held by the banks on
the later date, 2,194.9 millions, show a net increase of 70.3 millions over the corresponding
November 21 total. This increase is made up
largely of paper maturing within 16 to 60 days
from date of report, while holdings of 15-day
paper were 33.4 millions less than five weeks
before, a development the beginning of which
was pointed out in the December issue of the
BULLETIN (p. 1186). Since October 31, the
Friday preceding the revision of the discount
rates and the discontinuance of the differentia
between the rates on 15 and 90 day war paper,
the percentage share of 15-day discounts in the
total discounts held has declined from about 83
to 68 per cent.
Acceptances on hand continued their upward
course, the December 26 total, 585.2 millions,
marking a new high record and an increase oi
105.2 millions since November 21, nearly all in
the holdings of the New York bank. A decrease
of 11.8 millions in Treasury certificate holdings
represents largely the amount liquidated during
the most recent week by the New York bank.
War paper holdings of the several Federal
Reserve Banks include amounts held under
rediscount for other Federal Reserve Banks.
During the five weeks under review the amount
of sucn paper increased from 20.4 millions, the
total held by Chicago and St. Louis for the Philadelphia bank, to 40.6 millions, the aggregate
held for the Philadelphia and Kansas City
banks. Acceptance holdings of eight Federal
Reserve Banks purchased from the Boston and
New York banks, with and without the indorsement of the selling banks, show an increase from 111.6 to 128.1 millions.
Both members' reserve deposits and Government deposits show substantial declines for the
period, resulting in a decrease of net deposits
from 1,846.8 to 1,704.5 millions. Federal
Reserve note circulation, on the other hand,
shows a steady expansion from 2,817.2 to
3,057.6 millions, or at an average weekly rate
of over 48 millions, the increase being especially
marked during the last two weeks of the year.
Export withdrawals of both gold and silver
apparently account for the reduction of 40.9
millions in gold reserves and of 51.4 millions in
total cash reserves. The combined result of
the changes in deposit and note liabilities and
the reduction of reserves is seen in the decline
of the reserve ratio of the Federal Reserve
Banks from 46.9 to 44.8 per cent.
96
FEDERAL RESERVE BULLETIN.
JANUARY,
1920.
Resources and liabilities of each Federal Reserve Bank at close of business on Fridays, Nov. 28 to Dec. 26> 1919.
[In thousands of dollars; i. e., 000 omitted.]
RESOURCES.
Boston.
New
York.
8,644
8,722
8,552
8,203
7,844
137,374
151,201
155,208
156,249
147,197
Philatelphia.
Sieveland.
Rich- Atmond. lanta.
Chi-
St.
Minne- Kansas
Louis. apolis. City. Dallas.
San
Francisco.
Total.
Gold and gold certificates:
Nov.28
Dec.5
Dec. 12
Dec. 19
Dec. 26
Gold settlement fund, Federal
Reserve Board:
Nov.28
Dec.5
Dec. 12
Dec. 19
Dec. 26
Gold with foreign agencies:
Nov.28
Dec.5
Dec. 12
Dec. 19
Dec. 26
Gold with Federal Reserve
agents.
Nov.28
Dec.5
Dec. 12
Dec. 19
Dec. 26
Gold redemption fund:
Nov.28
Dec.5
Dec. 12
Dec. 19
Dec. 26
.-.
Total gold reserves:
Nov.28
Dec.5
Dec. 12
Dec. 19
Dec. 26
Legal-tender notes,silver, etc.:
Nov.28
Dec. 5
Dec. 12
Dec. 19
Dec. 26
Total cash reserves:
Nov.28
Dec. 5
Dec. 12
Dec. 19
Dec. 26
Bills discounted:
Secured by Government
war obligations *—
Nov. 28
Dec. 5
Dec. 12
Dec. 19
Dec. 26
All other—
Nov.28
Dec.5
Dec. 12
Dec. 19
Dec. 26
Bills bought in open markets
Nov.28
Dec.5
Dec. 12
Dec. 19
Dec. 26
U. S. Government bonds:
Nov.28
Dec.5.
Dec. 12
Dec. 19
Dec. 26
U . S . Victory notes:
Nov.28
Dec.5
Dec. 12
Dec. 19
Dec. 26
42,327
54,243
29,464
38,567
36,211
9,704
10,286
10,053
9,805
62,090
71,692
70,621
71,930
73,782
26,854
19,248
21,922
23,317
25,223
1,241 21,797
1.234 8,077
1,222 12,991
1,192 10,387
1,182 10,220
130
158
182
166
168
2,303
2,314
2,339
2,403
2,402
8,136
8,206
8,159
8,288
8,350
24,150
24,129
24,075
24,070
24,080
3,312
3,148
2,970
2,853
2,738
23,996 31,355
43,191 31,662
35,017 29,248
29,939 31,987
33,966 25,152
22,662
23,249
24,902
23,002
25,734
58,766
57,009
88,120
68,118
68,856
15,740
18,456
16,340
13,909
13,374
4,885
4,786
5,073
4,958
4,835
16,148
15,819
16,768
16,388
15,984
6,378
6,248
6,623
6,473
6,313
3,664
3,589
3,805
3,718
3,627
6,513
6,381
6,764
6,610
6,447
282,877 78,522 .05,502 46,923 53,553 247,491
291,356 77,485 .18,420 45,381 55,097 243,826
290,070 78,872 .17,050 43,595 56,022 249,082
288,751 79,458 L16,925 42,031 60,585 251,202
307,385 82,491 125,048 41,036 64,734 245,883
69,100
61,207
74,195
65,258
65,920
34,354
35,733
34,997
34,275
35,570
6,418
6,147
5,971
4,616
5,922
2,379
941
1,326
1,671
2,377
115,902 25.939
74,561 28,792
55,486 28,912
87,692 30,396
41,560 28,344
49,800
48,787
51,713
50,542
49,296
10,856
10,635
11,273
11,017
10,746
25,000 11,664
25,000 12,864
24,930 13,907
24,873 15,030
25,000 15,578
11,127
10,901
11,554
11,293
11,014
6,514
6.905
6,749
6,582
1,531 12,440
983 7
1,712
574 10,065
1,005 6,371
6,896
6,071
5,700
6,559
7,053
»Z5°
20,927
23,678
17,210
13,473
17,572
6,615
6,565
6,512
6,679
6,617
13,366
12,611
12,655
12,550
10,406
235,348
234,622
243,148
241,325
229,445
11,956 44,348 19,555
9,368 37,297 24,295
9,897 19,762 20,065
6,183 20,430 15,397
1,338 27,192 14,772
27,740
26,689
46,853
34,315
36,286
440,286
428,812
404,066
399,935
352,785
3,528
3,456
3,664
3,581
3,492
6,242
6,115
6,482
6,335
6,179
135,696
132,935
140,910
137,717
134,320
38,917
40,126
39,139
39,977
39,858
24,996
26,651
26,015
26,451
27,878
.04,399
05,217
108,685
124,811
130,447
1,148,724
1,172,191
1,188,343
1,201,654
1,240,032
5,284
3,983
4,928
3,961
4,023
3,461
2,776
3,366
2,881
3,422
10,733
9,263
9,853
8,162
8,304
133,587
118,704
119,821
115,182
121,850
60,633 95,192
57,888 87,945
58,308 70,775
54,132 71,144
51,173 77,688
58,155
63,743
59,622
54,989
56,181
L62,480
159,895
184,528
186,173
191,622
2,093,641
2,087,264
2,096,288
2,095,813
2,078,432
1,257
1,283
5,285
$,261
.49,821
^63,609
.40,845
.52,070
.52,865
610,953
590,905
577,407
608,107
570,438
.28,222
.31,010
134,186
137,093
138,341
.63,953
181,572
178,324
169,118
181,253
99,670
93,621
91,083
93,235
81,543
96,132
97,409
99,856
103,392
110,706
4,550
4,535
3,915
3,725
3,238
49,586
50,107
49,503
46,269
45,602
477
477
548
544
539
837
913
706
668
533
211
209
179
186
188
1,217
1,220
1,162
1,038
970
2,389
2,715
2,885
2,140
1,829
4,800
4,744
3,367
2,559
2,240
73
61
59
52
72
311
277
288
348
343
1,375
1,314
1,270
1,242
1,166
199
259
235
327
384
66,025
66,831
64,117
59,098
57,104
154,371
168,144
144,760
155,795
156,103
660,539
641,012
626,910
654,376
616,040
128,699
131,487
134,734
137,637
164,790
182,485
179,030
169,786
181,786
99,881
93,830
91,262
93,421
81,731
97,349
98,629
101,018
104,430
111,676
369,871
367,176
398,140
375,391
374,184
105,748
99,950
109,466
95,668
96,507
60,706
57,949
58,367
54,184
51,245
95,503
88,222
71,063
71,492
78,031
59,530
65,057
60,892
56,231
57,347
162,679
160,154
184,763
186,500
192,006
2,159,666
2,154,095
2,160,405
2,154,911
2,135,536
126,192
105,868
128,055
134,324
138,206
753,834
667,512
654,401
515,035
584,588
185,583
184,407
193,337
177,655
178,648
130,272
116,672
118,469
112,254
120,536
83,560
84,478
91,548
89,406
87,901
65,743
65,497
63,879
61,843
61,379
176,503
173,759
143,316
135,715
146,840
49,151
43,519
36,126
43,501
44,142
30,999
26,167
22,600
23,204
22,465
47,750
43,330
43,204
39,321
36,897
29,681
27,630
38,483
41,107
42,634
56,878
64,474
54,999
41,585
46,128
1,736,146
1,603,313
1,588,417
1,414,950
1,510,364
39,236
39,870
38,889
49,559
56,630
107,068
119,342
144,924
143,537
203,606
12,684
15,028
14,673
27,154
29,492
29,455 47,531
33,544 46,669
45,623
44,465 45,998
47,592 50,536
15,507
13,920
12,653
11,308
11,427
29,742
31,245
29,248
28,233
26,065
478,063
504,795
550,999
580,162
684,514
33,348
36,266
42,707
14,412
16,506
97,021
131,865
147,030
179,382
191,312
10,305
10,205
19,993
20,297
19,981
12,803
12,663
9,279
8,277
7,734
96,823
92,566
87,221
92,392
96,107
495,595
514,219
541,551
566,266
585,212
539
539
539
539
539
1,257
1,257
1,257
1,257
1,257
8,867
8,867
3,966
3,966
3,966
3,966
3,966
2,633
2,632
2,632
2,632
2,632
26,848
26,848
26,847
26,846
26,834
50
50
50
50
50
367,482 LOO, 948
364,461 95,206
395,255 L06,099
373,251 93,109
372,355 94,267
32,966 14,340 36,428 88,956 24,150
35,463 15,324 35,208 87,854 31,328
41,245 16,280 32,390 105,052 31,270
43,951 19,179 31,173 107,984 27,621
47,041 20,760 28,843 128,429 34,093
3,135 64,694 11,810 11,912 99,923
3,649 57,900 12,004 11,849 95,063
4,705 58,118 13,241 12,187 97,736
4,704 56,867 14,394 17,128 105,9r
4 " " 56,923 16,031 16,231 108,352
1,385
1,385
1,385
1,385
1—'
844
844
844
844
833
10
1,235
1,235
1,235
1,235
1,235
375
376
375
375
375
4,477
4,477
4,477
4,477
4,476
33,638
31,149
31,971
37,112
36,936
20,183
19,040
17,363
15,384
14,401
1,153
1,153
1,153
1,153
1,153
116
116
116
116
116
57
54
54
54
64
97
FEDERAL RESERVE BULLETIN.
JANUARY, 1920.
Resources and liabilities of each Federal Reserve Bank at close of business on Fridays, Nov. 28 to Dec. 26,1919—Continued.
[In thousands of dollars; i. e., 000 omitted.]
RESOURCES—Continned.
New
York.
Boston.
U. S. certificates of indebtedness:
Nov.28
22,562
Dec. 5
22,081
Dec. 12
21,752
Dec. 19
21,598
Dec. 26
21,661
Total earning assets:
m
Nov.28
221,877
Dec. 5
1204,624
Dec. 12
1231,942
Dec. 19
(220,432
Dec. 26.
~
~~
233,542
Bank premises:
Nov.28
1,078
Dec. 5
1,091
Dec. 12
1,091
Dec. 19
1,091
Dec. 26
1,091
Uncollected items and other
deductions from gross deposits:
Nov.28
78,835
Dec. 5
66,250
83,747
Dec. 12
95,697
Dec. 19
81,682
Dec. 26
5 per cent redemption fund
against Federal
Reserve
Bank notes:
Nov.28
; 1,072
Dec.5
i 1,072
Dec.12
! 1,072
Dec. 19
1 1,072
Dec.26
J 1,072
All other resources:
Nov.28
!
317
Dec.5
i
284
Dec.12
i
286
Dec.19
;
296
Dec.26
280
Total resources:
Nov.28
457,550
Dec.5
441,465
Dec.12
Dec.19
474,383
Dec.26
473,770
i Includes bills discounted for
other Federal Reserve Banks:
ov.28
ec. 5
Dec.12
Dec. 19
Dec.26
8
Includes bankers' acceptances
bought from other Federal
Reserve Banks:
With their indorsement—
Nov.28
Dec. 5
Dec.12
Dec.19
Dec.26.
Without their indorsement—
Nov.28
Dec.5
Dec.12
Dec.19
Dec.26
Phila- Clevedelphia. land.
Richmond.
Atlanta.
Chicago.
40,236 17,366
39,903 17,300
39,841 17,138
39,885 17,309
39,754 17,216
410,095
401,056
390,422
393,978
427,851
77,684
75,407
68,154
97,493
67,347
31,471
31,760
30,918
31,134
30,529
25,883
25,146
25,136
25,131
24,817
11,860
12,260
12,2bO
12,260
12,260
15,665
15,665
15,665
15,666
15,666
1,036,914
995,433
1,015,816
936,754
1,048,160
234,258
236,229
245,018
242,032
244,752
254,659
236,025
243,812
239,047
250,160
122,805
125,301
134,564
136,474
138,187
130,127
128,599
124,500
126,189
122,498
3,994
3,994
3,994
3,994
3,994
500
500
500
500
500
890
890
895
491
491
507
508
519
503
515
515
515
249,903 88,495
225,597 75,934
234,567 81,244
254,786 90,192
235,089 86,294
78,112
65,025
74,347
96,071
91,234
85,648
78,423
76,519
91,538
90,283
2,884
2,886
2,922
2,929
1,450
1,450
1,475
1,475
1,475
1,112
1,262
1,162
1,204
1,146
575
679
587
443
1,340
1,363
1,353
1,287
1,306
281
350
933
5,802
1,061
697
753
443
628
344
1,955,586
1,870,283
1,885,526
1,854,119
1,907,518
445,950
463,904
477,638
472,962
500,259
486,439
499,684
507,626
525,565
Total.
8,575
8,480
11,225
8,645
9,220
9,145
9,090
10,880
11,495
10,839
11,463
11,438
288,032
283,853
273,219
303,558
273,507
125,458
124,449
117,658
126,696
133,540
89,136
87,247
87,211
91,744
93,054
129,274
124,883
131,604
128,382
131,530
73,182
66,824
73,601
73,803
74,851
196,956
202,412
184,939
176,305
182,370
3,024,741
2,933,082
2,981,087
2,891,836
3,080,495
2,936
691
2^936
2,936
2,936
691
691
600
600
600
600
600
402
402
462
462
462
394
399
399
399
400
400
400
400
400
12,878
12,896
12,985
12,986
13,002
41,665 111,150
106,157
42,846 119,738
51,911 151,294
50,072 139,834
70,776
65,712
68,236
78,915
70,669
60,341 48,085
49,952 49,495
51,365 44,077
55,856 55,837
62,236 47,758
1,013,426
920,299
983,527
1,140,224
1,075,100
804
832
939
798
1,856
1,876
1,847
1,964
2,116
390
497
576
476
647
206
134
322
518
428
957
957
957
957
958
559
530
498
554
560
655
655
655
665
665
12,671
12,696
12,961
13,333
13,237
751
2,181
628
595
1,506
180
200
119
148
141
1,087
1,092
2,524
793
1,785
227
245
290
382
316
147
173
128
126
157
505
514
515
540
481
246
303
261
783
811
414
424
6,659
8,328
8,276
11,314
8,062
310,272
300,801
304,159
323,123
312,669
270,646
265,571
269,830
284,132
285,700
896,995
880,293
915,607
926,356
948,706
303,290
291,544
296,917
302,828
302,370
173,763
170,127
172,237
175,993
174,769
304,089
291,872
285,833
291,139
302,126
194,275
183,152
187,001
187,146
195,654
409,633
413,899
415,645
420,121
423,623
6,230,041
6,041,396
6,159,241
6,224,604
6,325,432
19,500
20,850
5,000
8,100
14,670
4,000
3,500
5,080
5,080
5,080
5,080
5,080
i
8,380
8,380
San
Francisco.
14,820
15,811
13.916
13,899
15,249
g
23,269
20,367
16,757
14,900
12,265
St.
Minne- Kansas
Louis. apolis. City. Dallas.
5,065
5,065
77,448
24,024 76,894
25,609 81,232
28,821 89,306
29,285 90,664
15,210 15,118
15,210 15,118
15,210 14,927
25,307 19,938
25,307 19,301
33,161
27,732
25,553
23,008
20,113
23,500
24,350
15,900
28,100
40,615
10,900
20,000
25,945
13,446
10,551
10,408
9,883
9,721
10,005
10,005
10,005
10,005
9,805
5,066
5,065
5,065
5,065
5,065
10,081
10,081
5,012
5,012
1,667
1,301
1,113
11,547
10,185
8,722
6,566
5,184
40,474
40,473
40,282
70,536
96,440
83,852
73,112
65,663
58,201
98
JANUARY,
FEDERAL RESERVE BULLETIN.
Resources and liabilities of each Federal Reserve Bank at close of business on Fridays, Nov. 28 to Bee.
LIABILITIES.
[In thousands of dollars; i. e., 000 omitted.]
New
Boston. York.
Capital paid in:
Nov. 28
Dec. 5
Dec. 12
Dec. 19
Dec. 26
Surplus fund:
Nov.28
Dec. 5
Dec. 12
Dec. 19..
Dec, 26
Government deposits:
Nov.28
Dec. 5
Dec. 12
Dec. 19
Dec. 26
Due to members—reserve account:
Nov.28
Dec. 5
Dec. 12
Dec. 19
Dec. 26
Deferred availability items:
Nov.28
Dec. 5
Dec. 12
Dec. 19
Dec. 26
Other deposits, including foreign Government credits:
Nov.28
Dec.o
Dec. 12
Dec. 19
Dec. 26.
Total gross deposits:
Nov.28
Dec.5
Dec. 12
Dec. 19
Dec. 26
Federal Reserve notes in actual
circulation:
Nov.28
Dec.5
Dec. 12
Dec. 19
Dec. 26
Federal Keserve bank notes in
circulation—net liability:
Nov.28
Dec.5
Dec. 12
Dec. 19
Dec. 26
All other liabilities:
Nov.28
,
Dec.5
Dec. 12
Dec. 19
Dec. 26
Total liabilities:
Nov.28
Dec. 5
Dec. 12
Dec. 19
Dec. 26
MEMORANDA.
Contingent liability as indorser
on:
Discounted paper rediscounted with other Federal Reserve B a n k s No v. 28
Dec.5
Dec. 12
Dec. 19
Dec. 26
Bankers' acceptances sold
to other Federal Reserve
Banks—
Nov.28
Dec.5
Dec. 12
Dec. 19
Dec. 26
1920.
26,1919—Continued.
San
St. Minne- Kansas -n *1nn FranLouis. apolis. City. D a l I a s - cisco.
Phila- Cleve- Richlelphia. land. mond.
Atlanta.
Chicago.
4,386
4,388
4,392
4,392
3,406
3,413
3,415
3,418
3,424
12,308
12,309
12,315
12,347
12,347
4,057
4,060
4,060
4,060
4,063
3,060
3,073
3,073
3,074
3,074
3,996
3,998
4,008
4,007
4,012
3,437
3,439
3,440
3,417
3,417
5,458
5,473
5,478
5,487
5,748
87,001
85,973
87,002
87,049
87,339
2,589
2,589
2,589
2,589
2,320
2,320
2,320
2,320
2,320
3,957
3,957
3,957
3,957
3,957
2,029
2,029
2,029
2,029
2,029
4,578
4,578
4,578
4,578
4,578
81,087
81,087
81,087
81,087
81,087
3,238
2,658
5,676
2,932
3,872
2,306
2,088
2,721
3,043
3,662
7,817
7,983
6,959
2,564
1,119
4,407
2,449
5,377
4,050
6,467
8,952
1,480
7,667
98,157
39,798
89,503
64,459
72,357
50,508
50,874
67,280 50,530
65,909 50,690
67,092 51,532
84,455
86,640
82,691
77,202
77,723
60,700
59,984
58,961
58,423
111,662
117,783
108,568
112,279
116,357
1,844,434
1,830,037
1,817,406
1,733,013
1,786,874
Total.
7,103
7,105
7,104
7,104
7,108
22,448
22,373
22,382
22,386
22,388
7,873
7,873
7,874
7,875
7,884
9,461
9,482
9,482
5,206
5,206
5,206
5,206
5,206
32,922
32,922
32,922
32,922
32,922
5,311
5,311
5,311
5,311
5,311
5,860
5,860
5,860
5,860
5,860
3,800
3,800
3,800
3,800
3,800
2,805
2,805
2,805
2,805
2,805
9,710
9,710
9,710
9,710
9,710
12,692
2,305
8,846
20,162
8,338
37,272
11,455
30,467
630
12,641
7,015
3,157
9,621
5,904
2,966
2,470
2,928
3,282
3,400
6,746
5,318
2,102
4,527
5,991
8,319
4,025
2,269
3,602
8,705
5,105
6,971
1,676
108,254
115,786
119,614
111,030
110,335
787,739
746,535
735,659
681,610
706,254
81,472
.00,122
94,666
94,930
95,505
.32,861
.28,145
.31,805
.22,907
.27,627
66,273 52,853 246,855
62,091 50,278 243,715
62,855 55,685 248,069
59,954 56,978 240,563
61,081 61,081 253,864
62,016
72,753
58,407
63,141
63,312
63,293
188,922
162,920
166,058
188,824
188,383
90,160
67,778
77,593
90,771
67,506
58,161
61,947
73,173
70,420
71,595
68,655
67,215
83,610
68,364
39,575
36,590
34,073
38,057
36,129
91,131
76,730
97,642
104,328
103,130
62,591
51,027
53,137
58,368
55,155
19,199
17,106
16,974
19,085
15,459
82,163
66,257
60,060
69,390
78,441
43,298
31,335
32,026
34,089
37,607
32,543
22,886
29,688
26,600
25,467
861,436
717,852
759,554
848,607
5,942
5,748
7,713
5,908
44,065
43,117
43,263
43,935
42,685
6,976
6,624
7,038
6,493
6,832
6,019
6,073
6,049
6,386
6,147
3,571
3,628
3,622
3,610
2,706
2,715
2,039
3,747
4,002
3,855
3,984
3,588
2,156
2,124
2,156
2,700
2,216
3,637
3,575
3,611
3,792
3,645
2,985
2,050
2,490
2,093
2,066
7,312
4,992
5,466
11,943
5,865
94,133
103,488
2,681
9,659
9,542
15,580
11,322
10,036
199,641 1,057,998 185,623 208,856 146,780 99,159
182,246 964,027 177,681 195,307 136,419 91,852
199,314 975,447 188,918 203,083 138,225 95,999
199,412 914,999 198,098 205,866 153,177 106,631
190,254 949,963 186,135 210,940 141,374 104,996
354,616
331,663
361,291
358,948
368,676
137,853
125,055
129,948
131,193
129,707
75,101
70,104
71,966
74,563
71,928
173,298
160,134
154,179
158,367
166,768
95,204
98,907
97,592
103,473
155,567
152,128
152,674
152,302
155,356
2,902,825
2,681,320
2,769,951
2,751,148
2,779,570
220,828
223,073
226,737
238,211
246,455
2,852,277
I 2,881,359
] 2,907,435
2,988,894
3,057,646
148,567
150,749
150,831
153,920
156,599
475,062
480,334
485,203
498,174
510,018
141,009
142,049
142,710
147,704
148,452
83,784
85,014
85,169
86,164
87,475
101,749
102,342
101,884
102,807
105,100
69,176
71,006
71,036
72,402
74,886
229,086
236,529
237,507
242,041
241,867
56,150 27,938 21,490 11,702
56,163 28,454 21,720 11,748
55,347
22,021 11,751
55,425 28,911 22,220 12,068
54,624 29,028 22,197 12,051
14,703
14,654
14,631
15,206
15,663
39,594
40,264
40,777
40,718
41,109
15,996
15,916
15,692
15,380
15,610
8,006
8,014
8,037
8,093
8,157
18,688
18,954
19,173
19,315
19,546
9,992
10,094
10,186
10,292
10,415
11,365
11,455
11,587
11,703
11,895
256,793
257,480
258,444
259,975
261,039
1,492
1,602
1,672
1,779
1,815
2,401
2,487
2,632
2,686
2,743
1,308
1,380
1,403
1,414
1,434
3,579
3,736
3,821
4,010
4,179
50,058
52,677
55,322
56,451
58,751
173,763
170,127
172,237
175,993
174,769
304,089
291,872
285,833
291,139
302,126
194,275
183,152
187,001
187,146
195,654
409,633
413,899
415,645
420,121
423,623
6,230,041
6,041,398
6,159,241
6,224,604
6,325,432
223,051
222,612
229,077
233,241
240,273
251,011
250,384
255,337
260,188
272,884
3,603
3,791
3,983
3,806
4,003
18,670
19,827
21,258
21,772
22,677
3,887
4,019
4,036
4,202
4,331
3,573
3,699
3,922
4,010
4,202
2,048
2,150
2,217
2,259
2,359
2,006
2,098
2,149
2,152
2,213
5,705
6,013
6,311
6,459
6,846
1,786
1,875
1,918
1,902
457,550
441,465
462,898
474,383
473,770
1,956,586
1,870,283
1,885,526
1,854,119
jl, 907,518
453,683
445,950
463,904
477,638
472,962
500,259
486,439
499,684
507,626
525,565
310,272
300,801
304,159
323,123
312,669
270,646
265,571
269,830
284,132
285,700
896,995
880,293
915,607
926,356
948,706
303,290
291,544
296,917
302,828
302,370
23,500
24,350
15,900
21,100
27,615
40,474
40,473
40,282 j
70,536 !
97.659
141,556
142,296
143,774
147,427
148,693
767,398
774,971
778,170
806,615
824,944
21,169
20,044
20,554
j 20,644
20,744
2,735
1,646
ir-
7,000
13,000
23,500
24,350
15,900
28,100
40,615
40,474
40,473
40,282
70,536
69,899
99
FEDEKAL KESEEVE BULLETIN.
JANUARY, 1920.
Maturities of bills discounted and bought, also of United States certificates of indebtedness.
[In thousands of dollars; i. e., 000 omitted.]
! Within 15
i days.
Bills discounted:
Nov. 28
Dec. 5
Dec. 12
Dec. 19
Dec. 26
Bills bought:
Nov. 28
Dec. 5
Dec. 12
Dec. 19.
Doc. 26
United States certificates of indebtedness:
Nov. 28
Dec. 5
Dec. 12
Dec. 19
Dec. 26
16 to 30
days.
31 to 60
days.
6 # o 90
days.
Over 90
days.
Total.
1,582,690
1,476,085
1:, 490,897
1,328,059
! 1,484,790
135,642
125,065
116,113
134;643
244,890
293,789
298,600
322,128
362,091
292,715
183,448
189,634
191,451
151,465
152,125
18,640
18,724
18,827
18,854
20,358
2,214,209
2,108,108
2,139,416
1,995,112
2,194,878
89,003
82,562
78,472
123,248
123,727
85,690
116,662
128,987
106,219
100,060
201,297
185,802
187,068
188..830
209,278
117,339
129,193
147,024
147,969
152,147
2,266
495,595
514,219
541,551
566,266
585,212
30,235
29,075
22,158
48,578
15,745
13,012
13,242
9,221
2,072
4,865
14,158
8,454
6,551
6,221
3,940
17,324
6,289
8,630
9,029
10,715
213,303
226,793
226,659
237,658
238,242
273,219
303,558
273,507
100
JANUARY, 1920.
FEDERAL RESERVE BULLETIN.
FEDERAL RESERVE NOTES.
Federal Reserve note account of each Federal Reserve Bank at close of business on Fridays, Nov. 28 to Dec. 26, 1919.
[In thousands of dollars; i. e., 000 omitted.]
New
York.
Federal reserve notes:
Received from agent—
Nov.28
Bee. 5
Dec. 12
Dec. 19.
Dec. 26
Held by bank—
Nov.28
Dec. 5
Dec. 12.
Dec. 19.
Dec. 26
In actual circulation—
Nov.28
Dec. 5
Dec. 12
Dec. 19
Dec. 26
Gold deposited with or to credit
of Federal Reserve agent:
Nov.28
Dec. 5
Dec. 12
Dec. 19
Dec. 26
Paper delivered to Federal Reserve agent:
Nov. 28
Dec. 5
Dec. 12
Dec. 19
Dec. 26
Philadelphia.
146,779
147,937
148,351
153,427
155,232
153,207
154,417
155,452
159,650
162,809
499,786
507,521
513,377
523,257
533,738
13,498
15,363
14,880
12,305
11,451
5,223
5,641
4,577
6,000
6,539
4,640
3,668
4,621
5,730
6,210
24,724
27,187
28,174
25,083
23,720
20,485
19,872
20,839.
21,248
19,063
1,766
1,315
1,224
1,457
1,441
223,051
222,612
229,077
233.241
240,273
251,011
250,384
255,337
260,188
272,884
141,556
142,296
143,774
147,427
148,693
148,567
150,749
150,831
153,920
156,599
475,062
480,334
485,203
498,174
510,018
141,009
142,049
142,710
147,704
148,452
83,784
85,014
85,169
86,164
87,475
282,877
291,356
290,070
288,751
307,385
78,522
77,485
78,872
79,458
82,491
105,502
118,420
117,050
116.925
125,048
956,361
917,238
944,892
836,153
977,365
159,400
161,014
179,503
178,544
176,867
227,862
208,542
214,640
210,807
222,792
233,830 [264,509
234,433 1265,747
237,620 270,217
243,606 272,493
249,438 284,335
228,196
232,779
236,708
245,517
253,669
845,849
868,304
885,698
909,863
929,663
7,368
9,706
9,971
7,306
7,214
78,451
93,333
107,528
103,248
104,719
10,779
11,821
8,543
10,365
9,165
220,8%
223,073
226,737
238,211
246,455
767,398
774,971
778,170
806,615
824,944
62,090
71,692
70,621
71,930
73,782
198,776
1182,004
209,651
198,295
211,342
161,494 85,550 107,443
161,921 86,329 108,502
[163,549 86,393 108,916
168,952 87,621 109,944
167,515 88,916 111,005
46,923 53,553 247,491 69,100 34,354
45,381 55,097 243,826 61,207 35,733
43,595 56,022 249,082 74,195 34,997
42,031 60,585 251,202 65,258 34,275
41,036 64,734 245,883 65,920 35,570
100,780
106,593
115,852
116,906
120,967
102,356
104,330
108,170
109,634
106,172
364,958
356,193
345,929
349,436
383,370
106,739
105,973
99,292
108,234
115,098
66,115
68,495
68,573
70,606
69,456
5,694
6,160
7,032
7,137
5,905
72,436
73,776
74,480
75,625
77,977
260; 573
266,711
267,979
270,605
277,801
3,059,652
3,108,377
3,148,740
3,220,560
3,292,098
3,260 31,487
2,770 30,182
3,444 30,472
3,223 28,564
3,091
207,375
227,018
241,305
231,666
234,452
101,749 69,176 229,086 2,852,277
102,342 71,006 236,529 2,881,359
101,884 71,036 237,507 2,907,435
102,807 72,402 242,041 2,988,894
105,100 74,886 241,867 3,057,646
38,917 24 996
40,126 26,651
39,139 26,015
39,977 26,451
39,858 27,878
104,399 1,148,724
105,217 1,172,191
108,685 1,188,343
124,811 1,201,654
130,447 1,240,032
105,586 57,991 171,606 2,618,530
100,204 54,213 171,269 2,536,068
108,820 60,415 159,909 2,615,646
105,561 60,693 149,165 2,494,034
107,359 61,795 159,315 2,711,898
JANUARY, 1920.
101
FEDERAL RESERVE BULLETIN.
Federal Reserve note account of each Federal Reserve agent at close of business on Fridays, Nov. 28 to Dec. 26, 1919.
[In thousands of dollars, i. e., 000 omitted.]
! Boston.
Phila- Clevedelphia. land.
Richmond.
lanta.
Chicago.
San
St. Minne- Kansas
Louis. apolis. City. Dallas. Francisco.
Total.
FEDEEAL RESERVE NOTES.
Received from comptroller:
Nov. 28
458,800
Dec. 5
461,800
Dec. 12
461,800
Dec. 19
475,980
Dec. 26
475,980
Returned to comptroller:
Nov. 28
182,324
Dec. 5
184,721
Dec. 12
187,792
Dec. 19
189,483
Dec. 26
191,631
Chargeable to Federal Reserve
agent:
Nov. 28
276,476
Dec. 5
277,079
Dec. 12
274,008
Dec. 19
286,497
Dec. 26
|284,349
Inf hands of Federal Reserve
agent:
Nov. 28
- 48,280
Dec.5
44,300
Dec. 12
37,300
Dec. 19
40,980
Dec. 26
30,680
Issued to Federal Reserve Bank
less amount returned to Federal Reserve agent for redemption:
Nov. 28
228,196
Dec.5
232,779
Dec. 12
236,708
Dec. 19
245,517
Dec. 26
253,669
Collateral held as security for
outstanding notes:
Gold coin and certificates—
Nov.28
Dec.5
Dec. 12
Dec. 19
Dec. 26
Gold redemption fund—
Nov.28
13,090
Dec.5
13,692
Dec. 12
13,621
Dec. 19
16,930
Dec. 26
14,782
Gold settlement fund, Federal Reserve Board—
Nov.28
49,000
Dec.5
58,000
Dec. 12
57,000
Dec. 19
55,000
Dec.26
59,000
Eligible paper, minimum
required *—
166,106
Nov.28
161,087
Dec.5
166,087
Dec. 12.
173,587
Dec. 19.
Dec. 26
1179,887
1
,884,860
,904,660
,927,120
,949,420
,975,560
492,780
498,780
504,780
510,780
510,780
,51,760
:61,500
t63,740
168,440
174,740
292,640
293,440
299,400
300,400
302,900
289,000
290,500
293,000
294,000
295,000
r
97,S00
804,760
S16,960
823,080
826,400
286,280
286,760
1289,600
293,000
299,600
.46,480
.46,480
.46,480
.49,480
52,080
L9G, 160
L97, 160
199,160
201,160
202,160
.31,740
.35,500
36,500
.38,780
38,780
382,120
388,440
391,240
395,740
406,300
918,011
923,356
928,422
933,557
939,897
230,970
233,007
235,620
238,034
240,002
.63,431
.66,913
.69,483
.71,407
.73,785
.22,843
.24,386
.26,171
27,735
.28,730
86,928
88,383
89,458
90,895
91,746
209,734
273,399
278,143
282,023
287,342
105,906
106,799
108,811
109,748
112,085
52,820
53,441
54,177
54,899
55,604
82,407
83,198
84,184
85,346
86,465
46,314
46,659
47,295
47,860
48,433
117,397 2,379,085
120,579 2,404,841
122,111 2,431,667
123,985 2,454,072
127,349 2,483,069
966,849
981,304
998,698
,015,863
,035,663
261,810
265,773
269,160
272,746
270,778
288,329
294,587
294,257
297,033
300,955
169,797
169,054
173,229
172,665
174,170
202,072
202,117
203,542
203,105
203,254
528,146
531,361
538,817
541,057
539,058
180,374
179,961
180,789
183,252
:87,515
93,660
93,039
92,303
94,581
96,476
13,753
113,962
114,976
115,814
115,695
85,426
88,841
89,205
90,920
90,347
264,723 3,431,415
267,861 3,464,939
269,129 3,498,113
271,755 3,515,288
278,951 3,577,211
121,000 27,980 23,820 23,018
113,000 31,340 28,840 21,117
113,000 31,540 24,040 24,878
106,000 29,140 24,540 19,238
106,000 21,340 16,620 18,938
48,865
47,700
48,090
43,455
40,445
28,360 18,880
23,840 18,010
25,440 17,240
17,800 14,300
5,320 20,000
8,110
6,710
5,910
6,960
7,560
6,310
5,460
6,060
5,870
4,690
12,990
15,065
14,725
15,295
12,370
4,150
1,150
1,150
1,150
1,150
371,763
356,562
349,373
324,728
285,113
161,494
161,921
.163,549
168,952
167,515
85,550
86,329
86,393
87,621
88,916
107,443
108,502
108,916
109,944
111,005
72,436
73,776
74,480
75,625
77,977
260,573
266,711
267,979
270,605
277,801
3,059,652
3,108,377
3,148,740
3,220,560
3,292,098
4,000
4,000
4,000
4,000
4,000
13,052
13,052
13,052
13,052
13,052
845,849
868,304
885,698
909,863
929,663
233,830
234,433
237,620
243,606
249,438
85,000
95,000
95,000
90,000
110,000
562,972
576,948
595,628
621,112
622,278
146,779
147,937
148,351
153,427
155,232
153,207
154,417
155,452
159,650
162,809
499,786
507,521
513,377
523,257
533,738
2,500
2,500
2,500
2,500
2,500
24,125
37,525
32,725
32,525
32,025
183,740
183,740
183,740
183,740
183,740
14,137
12,616
11,330
15,011
13,645
264,509
265,747
270,217
272,493
284,335
8,831
8,831
8,831
8,831
8,831
5,810,500
5,869,780
5,929,780
6,000,260
6,060,280
236,248
249,648
244,848
244,648
244,148
923
1,381
1,595
2,031
1,036
4,053
4,097
3,522
3,085
4,234
9,347
8,682
7,938
9,058
8,738
3,169
4,277
4,264
5,327
2,990
1,502
2,881
2,145
1,423
2,718
2,557
3,766
2,779
3,617
2,498
4,681
4,336
5,700
5,136
4,563
14,492
13,439
12,787
20,913
19,247
99,461
98,158
90,489
110,000
103,575
63,389 65,000 46,000
64,389 65,000 44,000
68,389 70,000 42,000
66,389 70,000 40,000
66,390 80,000 40,000
47,000
48,500
50,000
55,000
58,000
238,144
235,144
241,144
242.144
237.145
61,931
52,930
65,931
55,931
58,930
19,800
19,800
19,800
19,800
19,800
36,360
36,360
36,360
36,360
37,360
11,484
13,484
11,484
12,484
14,484
89,907
91,778
95,898
103,898
111,200
813,015
824,385
853,006
847,006
892,309
159,007
147,327
153,167
155,568
159,287
99,654
99,320
99,430
99,065
98,075
252,295
263,695
264,295
272,055
287,855
92,394
100,714
89,354
103,694
101,595
51,196
50,596
51,396
53,346
53,346
68,526
68,376
69,777
69,967
71,147
47,440
47,125
48,465
49,174
50,099
156,174
161,494
159,294
145,794
147,354
1,910,928
1,936,186
1,960,397
2,018,906
2,052,066
15,133
13,096
10,483
13,069
16,101
155,308
156,948
158,748
164,148
166,947
16,377
15,895
14,325
14,400
13,023
99,856
102,556
104,756
111,396
114,196
For actual amounts see "Paper delivered to Federal Reserve agent" on p . 100. '
102
FEDERAL RESERVE BULLETIN.
JANUARY,
1920.
CONDITION OF MEMBER BANKS IN SELECTED CITIES.
Liquidation of 38.8 millions of United States
securities, of 43.4 millions of war paper (exclusive
of rediscounts), and of 16.9 millions of loans
secured by stocks and bonds, accompanied by
an increase of 131.5 millions in all other loans
and investments (also exclusive of rediscounts),
are the principal developments in the condition
of about 790 member banks in leading cities
for the five-week period November 14-December 19, 1919. During the period, the Treasury
issued, on December 1 and December 15, a
total of 1,150.6 millions of tax and loan certificates and redeemed the outstanding balances
of two series of tax certificates issued during
June and July, 1919, as well as a portion of the
loan certificates due early in 1920. The banks'
holdings of Treasury certificates, which stood
at 835.5 millions on November 14, declined to
816.5 millions on November 28, as the result of
redemptions before maturity and sales to customers, but increased to about 862 millions on
December 5 after two new issues were placed.
Between December 5 and December 19 one new
issue was allotted and large amounts of certificates were redeemed on and before maturity,
the net result for the entire five-week period
being a slight increase of 8.8 millions in certificate holdings. Liberty bonds held declined 8.6
millions, and Victory notes 39.2 millions, presumably as the result of absorption of these
amounts by the public.
A new classification of rediscounts with the
Federal Reseserve Banks, showing separately
the amounts of rediscounted paper secured by
Government obligations and otherwise secured
or unsecured, was presented for the first time in
the condition statement for December 12.
This information makes it possible to determine the total amount of war paper held by the
banks or rediscounted by them with the Federal Reserve Banks. This gross figure was
1,342.8 millions on December 12, and 1,328.9
millions on December 19, indicating a net liquidation of 13.9 millions for that week. The
aggregate amount of paper rediscounted by the
reporting banks with the Federal Reserve
Banks increased from 675.1 millions on November 14 to 792.3 millions on December 19. Of
the latter amount, 306.3 millions was secured
by Government war obligations, while 486
millions represents paper7 otherwise secured
or unsecured. The banks own bills payable
with Federal Reserve Banks declined from
1,070.3 millions on November 14 to 846.1
millions five weeks later. The shift from
collateral notes to rediscounts is due in part
to changes in discount rates which with most
Federal Reserve Banks no longer favor 15-day
paper. Of the bills payable on December 19
all but 4.7 millions are collateraled by United
States war obligations.
Loans secured by stocks and bonds, after
showing a considerable amount of liquidation
for the three weeks November 14-December 5,
resumed their upward course during the most
recent two weeks of the period under review,
with the net result that the aggregate of these
loans, which was 3,287.4 millions on November
14, was still 3,270.5 millions on December 19,
and constituted on that date 20.9 per cent of the
banks' total loans and investment, as compared with 21.1 per cent five weeks earlier. A
larger decrease from 2,817.5 to 2,735.1 millions is shown for the aggregate amount of war
securities and war paper held by the reporting
banks, these holdings constituting 17.5 per
cent of the banks' total loans and investments
at the end of the period, compared with 18.1
per cent at the beginning.
Fluctuations in volume of Government deposits during the period under review reflected
the Treasmy's transactions in placing and redeeming certificates of indebtedness and also
the payment by the public of the December
installment of income and excess profits taxes.
The high points in Government deposits are
consequently shown for December 5, 415.1 millions, and for December 19, 647.9 millions.
Other demand deposits (net) in general followed
a course opposite to that shown for Government deposits, and reached the lowest levels
on December 5, the Friday following the
flotation of two series of tax certificates,
and December 19, following a further issue of
certificates and the December 15 tax payment
resulting in heavy withdrawals of both individual and bank deposits from reporting banks.
On the most recent date net demand deposits
were 240.5 millions below the figure for November 14. Time deposits, after some fluctuations, stand at practically the same amount
at the end as at the beginning of the five-week
period.
Reserve balances with the Federal Reserve
Banks declined almost without interruption
during the period under review, and on December 19 stood 111.3 millions below the November 14 figure. This decline reflects to some
extent the net reduction in the accommodation obtained by the member banks from the
Federal Reserve Banks, as7 measured by the
combined total of the banks own bills payable
103
FEDERAL RESERVE BULLETIN.
JANUARY, 1920.
and their rediseoimted customers' paper, a total lions in cash on hand, probably Federal Rewhich shows a reduction of about 107 millions serve notes, may be noted for the period.
for the five weeks. An increase of 19.5 milPrincipal 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. 21 to Dec. 19, 1919.
1. ALL REPORTING MEMBER BANKS IN EACH FEDERAL RESERVE DISTRICT.
[In thousands of dollars; i. e., 000 omitted.]
Boston.
Number of reporting banks:
Nov.21
Nov.28
Dec.5
Dec.12
Dec.19
United States bonds to
secure circulation:
Nov. 21
Nov.28
Dec.5
Dec.12
Dec.19
Dther United States bonds,
including Liberty bonds:
Nov.21
Nov.28
Dec.5
Dec.12
Dec.19
United
States
Victory
notes:
Nov. 21
Nov.28
Dec.5
Dec.12
Dec.19
United States certificates
of indebtedness:
Nov.21
Nov.28
Dec.5
Dec.12
Dec.19
Total United States securities owned:
Nov.21
Nov.28
Dec.5
Dec.12
Dec.19
Loans secured by United
States bonds, Victory
notes, and certificates:
Nov.21
Nov.28
Dec.5
Dec.12
Dec.19
Loans secured by stocks
and bonds, other than
United States securities:
Nov.21
Nov.28
Dec.5
Dec.12
Dec.19
All other loans and investments:
Nov. 21
Nov.28
Dec.5
Dec.12
Dec.19
Total loans and investments:
Nov.21
Nov. 28.
Dec.5
Dec.12
Dec. 19
Reserve balances with Federal Reserve Bank:
Nov.21
Nov.28
Dec. 5
Dec.12
Dec. 19
New
York.
Philadelphia.
Cleveland.
Rich-
At-
mond. | lanta.
Chicago.
San
St. Minne- Kansas
Louis. apolis. City. Dallas. Francisco.
107
107
107
107
107
Total.
46
46
46
46
46
112
112
112
112
112
13,536
13,536
13,536
13,536
13,536
48,737
48,759
48,759
48,887
48,887
11,097
11,097
11,197
11,097
11,097
41,841
41,841
41,841
41,841
41,841
26,071
26,071
26,071
26,271
26,271
14,015
14,015
14,015
14,015
14,015
20,857
20,859
20,873
20,873
20,873
17,154
17,154
17,154
17,153
17,153
7,120
7,120
7,120
7,120
7,120
14,467
14,467
14,467
14,467
14,217
19,573
19,573
19,573
19,573
19,573
34,605
34,605
34,819
35,017
34,605
269,073
269,097
269,425
269,850
269,188
14,835
14,498
15,041
14,336
14,410
283,770
275,007
276,139
275,440
271,078
28,936
29,411
29,516
29,556
29,670
62,501
62,198
62,632
63,282
62,737
36,938
37,194
37,403
36,341
36,919
27,936
28,680
28,796
28,697
28,140
51,799
54,244
53,109
53,099
54,561
13,840
14,375
14,068
14,794
14,650
10,148
9,785
10,502
10,322
10,604
25,165
24,970
25,309
25,107
24,570
19,859
20,127
20,368
20,688
20,717
58,641
57,732
58,491
57,066
58,241
634,368
628,221
631,374
628,728
626,297
8,158
7,858
7,870
7,744
7,767
117,907
110,860
105,922
103,132
95,472
13,783
14,060
13,112
12,930
12,325
27,262
27,023
26,223
26,987
25,926
13,573
13,215
13,128
12,904
12,608
9,778
9,537
9,338
9,045
8,286
49,550
48,414
47,118
45,930
45,133
6,008
5,743
5,550
5,348
5,515
4,065
3,738
3,777
3,376
2,996
8,487
8,177
7,990
7,546
7,221
4,722
4,593
4,153
4,100
4,050
12,229
12,763
12,284
12,582
14,611
275,522
265,981
256,465
251,624
241,910
30,347
36,680
46,582
45,941
48,036
388,873
381,015
362,972
324,934
332,503
39,607
39,450
50,411
43,531
58,059
67,116
64,935
68,518
60,273
66,880
20,831
20,863
28,809
28,719
29,602
30,714
29,137
37,549
38,185
41,935
115,710
117,729
126,229
117,332
112,307
13,054
11,140
13,779
13,034
23,089
23,255
22,321
21,647
17,946
17,773
21,229
20,989
20,684
20,468
24,565
14,857
16,330
21,810
21,331
36,585
55,423
55,951
63,027
61,028
52,975
821,016
816,540
862,017
792,722
844,309
66,876
72,572
83,029
81,557
83,749
839,287
815,641
793,792
752,393
747,940
93,423
94,018
104,236
97,114
111,151
198,720 97,413 82,443
195,997 97,343 81,369
199,214 105,411
192,383 104,235 89,942
197,384 105,400 92,376
237,916
241,246
247,329
237,234
232,874
50,056
48,412
50,551
50,329
60,407
44,588
42,964
43,046
38,764
38,493
i 69,348 59,011
j 68,603 60,623
68,450 65,904
I 67,588 65,692
70,573 80,925
160,898
161,051
168,621
165,693
160,432
1,999,979
1,979,839
2,019,281
1,942,924
1,981,704
40,764
40,745
42,419
39,454
43,790
553,628
543,188
528,072
528,199
522,164
116,361
1116,397
106,462
105,168
104,527
91,885
93,589
90,024
89, 111
91,107
37,665
37,687
37,783
37,554
37,904
24,832
24,749
24,810
24,515
24,566
96,898
96,193
96,186
93,340
93,478
29,870
30,208
30,644
30,417
31,292
14,712
15,779
14,927
15,052
14,782
19,807
19,758
20,022
20,223
20,368
6,228 27,566
6,513 28,857
7,045 29,713
7,469 30,072
7,423 31,232
1,060,216
1,053,663
1,028,107
1,020,574
1,022,633
210,960
202,583
202,489
200,950
197,266
,427,816
,430,583
,398,127
,430,330
,462,037
213,119
209,433
210,038
215,032
201,504
339,392
343,951
348,995
350,165
351,281
114,029
113,594
113,809
115,668
114,151
49,246
50,196
51,676
52,321
54,474
457,598
458,838
464,092
468,890
467,834
149,219
151,098
151,800
154,142
158,949
32,066
30,737
31,176
30,823
31,454
71,893
73,638
73,359
72,563
73,806
30,644
30,374
30,555
29,897
31,107
124,955
127,597
128,729
128,281
126,648
3,220,937
3,222,622
3,204,845
3,249,062
3,270,511
660,443
645,266
648,335
666,797
671,609
3,276,725
3,288,524
3,267,192
3,282,980
3,342,708
481,800
490,233
482,589
486,520
486,197
782,475
783,803
787,525
794,301
794,059
344,149
340,274
342,202
341,332
339,859
342,335
332,958
339,242
351,794
353,591
1,344,361
1,343,307
1,343,285
1,361,089
1,368,797
295,366
299,877
303,613
309,416
305,726
255,764
256,039
256,321
249,601
253,984
464,136
468,601
474,628
463,262
469,232
205,364
209,301
210,919
210,544
211,695
729,49S
736,955
730,836
729,061
742,501
9,182,416
9,195,138
9,186,687
9,246,697
9,339,958
794
795
796
796
796
524,511 347,130 625,184 301,247 1,042,91715,463.548
979,043 6,097,456 904,703 1,412,472 593,256 498,856 2,136,773
961,166 6,077,936 910,081 1,417,340 588,898 489,272 2,139,584 529,595 345,519 630,600 306,811 1,054,46015,451', 262
1,057,89915,438,920
976,272 5,987,183 903,325 1,425,758 599,205 505,426 2,150,892 536,608 345,470 636,459 314,423
334,240 623,636 313,602 1,053,10715,459,257
988,758 5,993,902 903,834 1,425,960 598,789 518,572 2,160,553 544,304
1,060,81315,614,806
331,150
556,374
633,979
338,713
2,162,983
6,074,849 903,379 1,433,831 597,314 525,007
79,590
73,601
79,903
84,696
77,189
687,255
720,101
694,393
677,355
629,951
66,070
60,354
66,769
62,087
64,043
93,553
90,391
90,214
91,741
88,901
39,414
40,440
37,882
40,908
37,378
33,824
32,911
30,836
35,365
35,777
185,565
181,235
182,522
192,857
183,027
43,411
43,373
44,420
43,382
40,503
26,738
25,789
22,045
23,600
21,091
54,162
50,072
52,129
49,202
43,723
26,094
24,582
27,453
28,216
25,524
73,437
72,007
77,627
73,020
71,830
1,409,113
1,414,856
1,406,193
1,402,429
1,316,937
104
JANUARY, 1920.
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. 21 to Dec. 19,1919—Contd.
1. ALL REPORTING MEMBER BANKS IN EACH FEDERAL RESERVE DISTRICT—Continued.
[In thousands of dollars; i. e., 000 omitted.]
Cash in vault:
Nov. 21
Nov.28
Dec. 5
Dec. 12
Dec. 19
Net demand deposits on
which reserve is computed:
Nov.21
Nov.28
Dec. 5
Dec. 12
Dec. 19
Time deposits:
Nov.21
Nov.28
Dec. 5
Dec. 12
Dec. 19
Government deposits:
Nov.21.
Nov.28
Dec. 5
Dec. 12
Dec. 19
Bills payable with Federal
Reserve Bank:
Nov.21
Nov.28
Secured by United
States war obligationsDec. 5
Dec. 12
Dec. 19
All otherDec. 5
Dec. 12
Dec. 19
Bills rediscounted with
Federal Reserve Bank:
Nov.21
Nov.28
Secured by United
States war obligations—
Dec. 5
Dec. 12
Dec. 19
All otherDec. 5
Dec. 12
Dec. 19
Boston.
New
York.
Philadelphia.
24,748
24,578
26,304
26,520
28,431
129,976
129,830
134,733
132,605
136,195
18,209
18,333
19,232
19,576
20,549
35,848
32,329
36,134
35,632
37,760
18,634
18,589
18,271
17,361
18,456
13,704
14,707
13,835
14,032
14,646
71,261
70,576
71,528
72,093
71,978
11,527
12,380
12,502
12,388
13,054
9,138
9,174
10,369
9,101
9,137
14,962
15,506
15,534
16,103
15,110
10,897
12,096
11,357
11,769
10,798
27,142
26,445
26,188
26,378
27,440
386,046
384,543
395,987
393,558
403,554
784,693
779,391
788,991
806,688
767,447
5,109,451
5,121,787
5,013,899
5,099,590
5,066,722
666,231
675,676
674,581
638,432
825,594
821,437
824,759
837,166
816,544
374,781
374,830
364,802
371,828
360,777
289,997
284,149
297,969
302,283
1,405,803
1,380,974
1,370,900
1,415,244
1,364,973
342,442
338,631
337,534
352,307
354,045
259,087
255,242
247,390
244,222
241,705
462,994
467,785
464,156
474,487
456,149
234,892
236,932
234,319
234,160
235,769
588,386
604,377
597,419
596,047
590,239
11,343,085
11,337,614
11,203,994
11,404,289
11,195,085
124,312
126,501
127,901
128,964
128,032
427,627
419,076
389,174
393,898
397,768
22,393
22,440
22,215
22,234
22,172
323,879
323,239
326,055
326,453
330,219
96,782
96,794
96,859
96,687
96,900
119,052
118,743
120,448
120,172
119,729
543,975
548,195
552,175
553,391
555,033
107,590
109,459
111,664
110,757
110,727
59,083
53,214
59,642
59,597
59,884
83,099
83,531
83,254
83,692
85,612
33,290
33,338
30,427
35,187
35,551
347,104
347,603
350,864
352,641
351,757
2,288,186
2,288,133
2,270,678
2,283,673
2,293,384
15,613
13,212
31,027
22,840
42,433
118,196
87,281
171,328
114,606
283,506
15,338
11,366
24,528
17,100
41,199
17,887
14,516
30,845
22,211
53,701
7,497
6,850
15,177
10,851
15,829
3,144
2,587
15,773
14,304
24,663
24,009 4,473 5,740 6,143
22,056 3,516 5,245 6,215
52,859 13,037 11,605 12,543
38,427 10,497 8,169 8,863
67,912 27,102 9,992 15,229
4,726
4,178
15,132
12,335
34,890
8,935
6,031
21,209
15,759
31,442
231,701
183,053
415,063
295,962
647,898
35,808
33,573
507,873 78,472
553,923 78,324
98,784
103,407
48,940
42,489
48,290
45,756
106,781 21,376 20,084 37,038
108,853 28,426 21,310 35,612
10,029
13,434
41,057 1,054,532
42,828 1,107,935
17,259
34,880
43,761
465,735 80,647
458,054 80,929
339,853 73,757
89,481
90,959
89,923
46,414 45,719
52,637 45,240
50,189 45,078
104,682 21,497 16,400 28,301
94,903 18,506 13,358 28,043
89,767 25,627 13,343 31,549
13,950
13,175
9,770
50,101
41,030
28,751
980,186
971,714
841,368
2,937
3,670
215
215
77
100
100
335
4,942
5,340
4,735
69,970 22,122 23,348 39,507
78,195 21,654 25,103 38,081
6,686
6,505
31,741
27,092
679,546
704,974
5,248
4,187
3,800
83
73
124
3,271
2,642
2,482
320,170
322,204
306,274
67,911 24,407 29,082 32,385
86,624 24,158 34,287 31,612
89,917 18,458 39,554 32,304
5,726
4,852
4,580
25,641
19,765
23,110
419,428
461,599
486,037
Cleveland.
San
Rich- AtSt. Minne- Kansas
mond. lanta. Chicago. Louis. apolis. City. Dallas. Francisco.
175
175
84,435
91,094
217,733
235,424 87,853
37,073
40,526
50,334
56,767
54,188
146,272 75,302
144,443 76,730
127,784 78,696
9,287
9,677
9,271
34,843
33,185
42,961
111,539 13,088
135,906 12,177
131,529 24,283
32,861
39,290
38,083
17,844 35,184
19,999 33,448
10,201
10,252
10,746
750
750
575
505
460
2,977
3,150
3,105
11,014 30,931
11,551 28,192
14,388 26,870
9,672
7,865
6,678
5,065
4,290
6,977
190
100
100
2,458
2,128
2,423
Total.
2. MEMBER BANKS IN F E D E R A L R E S E R V E BANK CITIES.
Number of reporting banks:
Nov. 21
Nov. 28
Dec. 5
Dec. 12....
Dec. 19
United States bonds to secure circulation:
Nov.21
Nov. 28
Dec. 5..
Dec. 12
Dec. 19
Other United States bonds,
including Liberty bonds:
Nov.21
Nov.28
Dec. 5
Dec. 12
Dec. 19
22
22
22
22
22
71
71
71
71
71
41
41
41
41
41
3,606
3,606
3,606
3,606
3/606
39,040
39,062
39,062
39,190
39,190
7,087
7,087
7,187
7,087
7,087
6,918
6,454
7,130
6,288
6,522
253,264
245,014
245,917
245,387
241,147
22,367
22,918
22,826
22,219
22,272
9
9
9
9
9
8
8
8
8
8
50
50
50
50
50
13
13
13
13
13
9
9
9
9
9
19
20
20
20
20
6
6
6
6
6
15
15
15
15
15
275
276
276
276
276
3,631
3,631
3,631
3,631
3,631
2,832
2,832
2,832
2,832
2,832
3,100
3,100
3,100
3,100
3,100
1,438
1,438
1,438
1,438
1,439
10,549
10,549
10,549
10,548
10,548
2,791
2,791
2,791
2,791
2,791
4,753
4,753
4,753
4,753
4,753
4,560
4,560
4,560
4,560
4,560
18,500
18,500
18,500
18,500
18,500
101,887
101,910
102,009
102,036
102,037
9,707
9,687
9,759
9,555
9,685
5,722
5,729
5,713
5,160
5,452
1,357
1,363
1,393
1,414
1,500
17,415
18,966
18,239
18,256
21,159
5,651
6,016
5,897
5,916
5,824
1,307
1,389
1,466
1,598
1,630
8,793
8,701
8,404
8,346
8,218
4,839
4,860
5,070
5,280
5,341
37,764
36,602
37,471
36,296
36,657
375,104
367,699
369,274
365,715
365,407
JANUARY, 1 9 2 0 .
105
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. 21 to Dec. 19,1919—Contd.
2. MEMBER BANKS IN FEDERAL RESERVE BANK CITIES—Continued.
[In thousands of dollars; i. e., 000 omitted.]
United
States
Victory
notes:
Nov.21
Nov. 28
Dec. 5
Dec. 12
Dec. 19
United States certificates of
indebtedness:
Nov. 21
Nov. 28
Dec. 5
Dec. 12
Dec. 19
TotalUnited States securities owned:
Nov.21
Nov.28
Dec. 5
Dec. 12
Dec. 19
Loans secured by United
States bonds, Victory
notes, and certificates:
Nov.21
Nov.28
Dec. 5
Dec. 12
Dec. 19
Loans secured by stocks
and bonds, other than
United States securities:
Nov.21
Nov.28
Dec. 5
Dec. 12
Dec. 19
All other loans and investments:
Nov.21
Nov.28
Dec. 5
Dec. 12
Dec. 19
Total loans and investments:
Nov.21
Nov.28
Dec. 5
Dec. 12
Dec. 19
Reserve balances with Fedderal Reserve Bank:
Nov.21
Nov.28
Dec 5
Dec. 12
Dec. 19
Cash in vault:
Nov.21
Nov.28
Dec. 5
Dec. 12
,
Dec. 19
Net demand deposits on
which reserve is computed:
Nov.21
Nov.28
Dec. 5
Dec. 12
Dec. 19
Time deposits:
Nov.21
Nov.28
Dec.5
Dec. 12
Dec.19
Government deposits:
Nov.21..
Nov.28
Dec.5
Dec. 12
Dec.19
Boston.
New
York.
Philadelphia.
Cleveland.
San
RichSt. Minne- Kansas
Atmond. lanta. Chicago. Louis. apolis. City. Dallas. Francisco.
1,038
985
1,012
953
953
104,751 10,134
97,782 10,454
93,183 9,793
90,903 9,485
84,287 8,928
6,712
6,639
6,268
6,053
5,465
782
753
756
687
607
793
747
724
723
24,326
23,103
22,244
21,213
20,490
Total.
2,503
2,305
2,132
2,000
2,144
1,001
772
921
630
4,657
4,511
4,364
4,017
3,779
1,384
1,283
1,001
5,952
6,396
6,191
6,180
7,882
164,068
155,776
148,612
143,814
136,382
8,302
7,190
7,038
6,013
6,176
4,952
4,324
5,179
4,982
5,667
2;845
3,611
7,153
6,236
23,004
22,868
23,177
25,372
25,441
23,383
550,523
544,938
567,647
516,396
562,946
13,401 23,155
12,142 22,289
12,205 22,700
11,032
10,856 22,417
13,628
14,314
17,784
17,045
33,770
85,084
84,675
87,534
86,417
86,422
1,191,582
1,170,323
1,187,542
1,127,961
1,166,772
17,271
24,135
30,322
30,455
31,706
364,530
356,427
338,423
305,172
311,191
33,783
33,680
44,464
39,349
54,123
12,368
12,112
17,411
16,610
16,355
935
935
1,107
1,157
1,690
13,517
11,742
18,139
17,889
17,775
59,320 9,832
59,347 8,258
61,575 11,464
52,539 10,553
51,572 20,304
28,833
35,180
42,070
41,302
42,787
761,585
738,285
716,585
680,652
675,815
73,371
74,139
84,270
78,140
92,410
32,418
32,069
37,069
35,849
35,136
10,271
10,249
10,408
9,836
10,581
18,802
23,379
23,127
23,098
102,499 28,535
102,855 27,128
103,496 30,042
93,446 29,017
94,660 38,820
27,170
27,227
29,061
26,053
29,508
523,662
513,729
498,373
498,321
493,081
111,361
111,380
101,346
99,837
99,283
26,239 13,918
27,762 14,080
25,493 14,050
25,460 13,974
25,400 14,056
6,084
6,132
6,263
6,221
6,365
70,251
69,333
68,988
66,672
66,258
21,496
21,479
21,701
21,302
22,211
8,072
8,102
8,480
8,254
8,282
6,002
5,907
6,086
6,024
6,077
1,120
1,150
1,710
2,033
2,057
15,966
16,813
17,298
17,284
18,545
831,341
823,094
798,849
791,435
791,123
63,982
155,854
153,931
156,483
152,420
1,286,057
1,289,057
1,256,169
1,292,134
1,322,228
195,089
191,371
192,188
196,729
183,027
124,869 20,256
126,110 19,171
128,854 19,076
127,772 19,356
132,372 19,360
6,166
6,757
6,779
6,597
7,306
373,091
373 497
369,595
373,488
371,480
.19,824
.22,334
.21,550
.23,136
.27,176
14,270
14,342
14,390
14,490
14,608
32,133
32,589
33,005
32,673
32,591
9,591
9,657
9,592
9,552
9,785
65,039
63,410
62,760
62,347
62,303
2,410,367
2,404,149
2,367,889
2,414,757
2,434,656
460,875
445,884
448,543
459,590
463,596
2,915,897
2,926,637
2,903,600
2,922,888
2,982,667
418,315
425,318
416,603
421,791
421,083
221,379
221,067
224,885
228,050
222,295
67,228
66,578
68,351
67,975
67,369
54,762
52,831
53,538
56,057
54,974
763,081
764,808
770,445
782,600
788,779
179,850
180,641
182,287
186,011
181,494
118,542
118,789
117,988
114,069
111,777
164,570
167,467
169,755
160,730
168,722
51,127
52,155
51,087
51,495
383,952
396,192
393,845
391,590
51,884 402,366
5,799,578
5,818,367
5,800,927
5,842,846
5,917,006
680,860
664,145
673,605
683,428
688,311
5,487,201
5,467,708
5,374,727
5,393,995
5,473,791
798,136
802,208
794,407
796,497
795,803
404,905
407,008
416,301
417,131
415,203
111,673
110,078
111,885
111,141
111,366
85,814
82,718
89,959
92,002
91,743
1,308,922
1,310,493
1,312,524
1,316,206
1,321,177
349,705
351,582
355,580
359,466
369,701
154,285
153,375
153,063
147,845
145,523
225,860
228,252
231,546
221,525
229,807
75,466
77,276
80,173
80,125
97,496
550,041
561,090
561,437
557,638
10,232,868
10,215,933
10,155,207
10,176,999
10,309,557
63,759
57,692
65,147
69,527
62,894
652,031
682,727
655,473
637,966
592,798
59,321
54,241
60,618
54,861
57,597
25,553
26,562
25,475
24,960
24,787
7,312
8,909
6,933
8,693
6,262
7,132
6,964
5,198
7,800
6,182
130,271
126,836
129,277
132,118
129,821
32,142 13,899 19,456
32,829 12,938 17,908
33,158 9,711 20,307
33,181 11,732 14,817
29,550 9,322
7,104
7,306
8,111
6,894
7,604
36,080
34,506
37,252
33,520
32,654
1,054,060
1,069,418
1,056,660
1,036,069
968,170
15,258
15,324
16,171
16,417
18,450
116,646
115,907
119,883
118,772
122,080
14,371
14,357
14,788
15,650
16,304
8,054
8,162
8,653
9,127
8,921
1,749
2,042
1,667
1,665
2,005
2,399
2,314
2,368
2,430
2,585
42,312
41,011
42,737
42,917
43,480
6,009
6,421
6,502
6,846
7,321
2,883
2,926
2,981
2,981
2,880
4,289
4,134
4,043
4,261
4,021
2,027
2,025
2,127
2,350
2,108
10,264
9,640
10,240
10,167
10,196
226,261
224,263
232,160
233,583
240,351
607,183
601,285
611,773
623,175
591,603
4,673,083
4,685,335
4,578,006
4,659,045
4,624,791
»82; 205
580,308
589,966
588,169
552,165
213,856
215,718
213,662
217,088
206,886
74,343
76,016
70,977
72,969
67,374
51,781
51,079
48,389
51,788
49,677
958,691
944,695
944,723
955,428
935,975
241,000
237,133
235,157
246,023
244,131
111,656
110,678
108,991
107,418
105,716
170,267
169,178
175,345
174,265
163,203
65,941
64,938
62,810
65,047
65,315
270,606
286,401
278,223
271,592
270,058
8,020,612
8,022,764
7,918,022
8,032,007
7,876,894
36,957
39,000
39,798
40,652
40,276
344,855
336,312
305,433
310,148
313,749
13,762
13,716
13,480
13,517
13,455
157,542
157,297
159,371
160,301
166,298
19,525
19,623
19,338
19,656
19,604
18,537
18,633
19,968
19,024
18,070
246,819
249,201
250,855
251,940
253,695
66,819
68,463
68,535
68,333
68,372
21,540 11,715
21,557 11,958
21,699 10,061
21,226 10,091
21,517 12,123
3.652
3,565
3,607
3,563
3,546
201,955
202,840
204,311
207,170
205,704
1,143,678
1,142,165
1,116,456
1,125,621
1,136,409
11,597
9,632
21,609
15,492
30,343
115,807
85,157
163,046
107,797
271,499
13,689
9,864
22,812
16,257
139,60
7,672
6,698
14,742
10,373
18,297
1,761
1,657
2,453
1,293
2,300
849
695
7,501
7,120
7,222
3,094
2,992
6,547
5,024
6,768
3,040
2,619
10,579
8,987
28,520
5,251
3,063
13,328
10,141
23,912
186,644
143,799
309,917
215,836
501,198
18,243 3,916
16,961 3,043
31,925 11,555
21,155 9,324
45,798 24,183
1,725
1,418
3,820
2,873
3,196
106
FEDERAL RESERVE BULLETIN.
JANUARY,
1920.
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. 21 to Dec. 19,1919—Gontd.
2. MEMBER BANKS IN FEDERAL RESERVE BANK CITIES—Continued.
[In thousands of dollars; i. e., 000 omitted.]
Boston.
Bills payable with Federal
Reserve Bank:
Nov. 21
Nov. 28
Secured by United
States war obligations—
Dec.5
Dec. 12
Dec. 19
All other—
Dec.5
Dec. 12
Dec. 19
T3ills rediscounted with
Federal Reserve Bank:
Nov. 21
Nov.28
Secured by United
States war obligationsDec. 5
Dec. 12
Dec. 19
All otherDec. 5
Dec. 12
Dec. 19
New
York.
Philadelphia.
I
Cloveland.
Richmond.
Atlanta.
St.
Minne- Kansas Dallas. FranChicago. Louis.
apolis. City.
cisco.
Total.
28,833
26,673
451,119 71,892
497,404 71,799
19,923
19,470
7,290
5,399
8,357
5,730
50,691
54,119
12,662
19,307
7,714
7,591
14,074
13,169
3,600
22,492
23,057
695,047
747,318
12,224
27,188
36,180
416,234 73,774
415,069 74,958
298,806 69,684
19,240
20,900
23,595
7,222
8,082
9,704
7,775
8,835
9,110
49,959 12,860
43,041 11,368
45,962 18,129
4,884
3,954
4,097
10,663
10,905
12,251
3,925
2,615
1,500
28,720
21,526
15,673
647,480
648,441
544,691
750
750
75,024
81,626
203,256 92,499
218,202 86,513
23,346
26,032
3,077
3,128
1,607
1,498
54,671
62,957
42,270
48,986
45,321
140,348 75,302
138,605 76,730
122,446 78,696
4,674
4,518
3,959
2,842
2,895
2,813
429
615
615
5,030
3,447
2,467
33,122
31,589
40,657
100,378 11,460
124,155 10,872
122,882 23,866
20,521
24,971
27,701
143
103
1,180
1,620
1,450
2,591
57,147
75,131
75,874
750
750
6,385 19,068 17,897
5,505 20,178 19,299
2,552
2,802
23,975
19,119
523,357
546,859
1,827
1,624
1,344
75
65
33
1,488
1,328
1,596
278,141
282,462
265,105
10,082 22,536 14,937
10,835 26,281 13,778
8,290 31,063 13,967
2,332
1,811
1,588
19,634
14,162
16,318
293,912
335,138
365,977
2,228
2,020
2,289
1,628
1,629
3,526
3. MEMBER BANKS IN FEDERAL RESERVE BRANCH CITIES.
RichNew
CleveFranAtlanta Chicago6 St. Louis Kansas
Dallas San
mond
York
land
City
cisco
Total.
District.1 District.* District.3 District.* District. District.* District.* District.' District.9
Number of reporting banks:
Nov. 21...
Nov.28
Dec.5
Dec.12
Dec 19
United States bonds to securecirculation:
Nov. 21
Nov. 28
Dec.5
Dec. 12
Dee. 19
Other United States bonds, including
Liberty bonds:
Nov. 21
Nov.28
Dec.5
Dec. 12
Dec. 19
United States Victory notes:
Nov. 21
Nov.28
Dec.5
Dec.12
Dec. 19
United States certificates of indebtedness:
Nov.21
Nov.28
Dec.5
Dec.12
,
Dec. 19
Total United States securities owned:
No/21
Nov.28
Dec.5
Dec. 12
Dec. 19
Loans secured by United States bonds,
Victory notes, and certificates:
Nov.21
Nov.28
Dec. 5
Dec. 12
Dec. 19
38 j
38
38
38
38
19
19
19
19
19
24
24
24
24
24
12
12
12
12
12
18
18
18
18
18
17
17
17
17
17
11
11
11
11
11
30
30
30
30
30
178
178
178
178
178
1,599
1,599
1,599
1,599
1,599
24,897
24,897
24,897
24,897
24,897
5,583
5,583
5,583
5,583
5,583
6,915
6,915
6,915
6,915
6,915
1,870
1,870
1,870
1,870
1,870
5,255
5,255
5,255
5,255
5,255
4,487
4,487
4,487
4,487
4,237
7,108
7,108
7,108
7,108
7,108
8,485
8,485
8,699
8,897
8,485
66,199
66,199
66,413
66,611
65,949
7,308
7,161
7,233
7,181
7,382
40,114 !
40,285
40,311
41.383
41,211
9,055
9,125
9,062
9,170
9,326
22,494
23,312
23,211
23,203
22,630
16,298
16,292
16,254
16,527
14,533
7,401
7,585
7,327
8,033
7,964
6,518
6,542
7,122
7,411
7,704
7,706
7 833
7,848
7,950
7,905
14,135
14,406
14,189
13,880
14,699
131,029
132,541
132,557
134,738
133,354
4,364
4,390
4,283
4,202
3,714
16,120
16,081
15,946
16,826
16,500
3,906
3,911
3,941
3,899
3,882
6,767
6,659
6,579
6,438
5,848
14,749
14,652
14,547
14,527
14,478
3,303
3,239
3,276
3,213
3,236
1,444
1,203
1.199
1,185
1,058
1,484
1,477
1,469
1,487
1,558
4,114
4,287
4,004
4,316
4,555
56,251
55,899
55,244
56,093
54,829
11,729
11,727
11,099
7,861
8,567
46,173
44,655
40,103
33,419
40,631
10,789
10,754
15,946
16,020
16,518
14,373
37,727
14,571
37,526
16,586 , 48,740
15,097
49,129
19,125
48,025
3,122
2,788
2,233
2,359
2,719
7,753
8,153
6,352
6,484
9,191
7,724
8,0-4
9,184
9,434
7,002
22,280
22,418
24,663
24,221
21,128
161,670
160,676
174,906
164,024
172,906
25,000
24,877
24,214
20,843
21,262
127,304
125,918
121,257
116,525
123,239
29,333
29,373
34,532
34,672
35,309
50,549
51,457
53,291
51,653
54,518
70,644
70,340
81,411
82,053
78,906
19,081
18,867
18,091
18,860
19,174
20,202
20,385
19,160
19,567
22,190
24,022
24,502
25,609
25,979
23,573
49,014
49,596
51,555
51,314
48,867
415,149
415,315
429,120
421,466
427,038
7,203
6,291
§,471
6,379
6,268
54,671
54,376
53,206
52,185
54,068
9,698
9,563
9,449
9,171
9,449
13,329
13,255
13,101
12,909
12,734
11,481
10,989
10,996
10,724
10,660
7,335
7,682
7,898
8,073
8,024
9,643
9,542
9,606
9,648
9,790
2,059
1,969
1,966
1,960
1,951
6,682
7,103
7,254
7,396
7,323
122,101
120,770
119,947
118,445
120,267
JANUARY, 1920.
107
FEDERAL RESERVE BULLETIN.
Principal resources and liabilities of member banks in leading cities, including member banks located in Federal Reserve
Bankcities and in Federal Reserve branch cities, as at close of business on Fridays from Nov. 21 to Dec. 19,1919—Contd.
3. MEMBER BANKS IN FEDERAL RESERVE BKANCH CITIES—Continued.
[In thousands ol dollars; i. eM 000 omitted.]
RichNew
CleveAtlanta Chicago St. Louis Kansas
Dallas San Fran
York
City
land . mond
5
Cisco I Total.
District.1 District.2 District.3 District.* District. District.« District; District.8 District.9!
Loans secured by stocks and bonds,
other than United States securities:
Nov. 21
Nov.28
Dec. 5
Dec. 12
Dec. 19
,
All other loans and investments:
I
Nov. 21
j
Nov.28
j
Dec.5
i
Dec. 12
|
Dec. 19
|
Total loans and investments:
\
Nov.21
1
Nov.28
Dec.5
Dec. 12
Dec. 19
Reserve balances with Federal Reserve
Bank:
Nov.21
Nov.28
Dec.5
Dec. 12
Dec. 19
Cash'in vault:
Nov.21
Nov.28
Dec.5
Dec. 12
Dec. 19
Net demand deposits on which reserve
is computed:
Nov. 21
Nov.28
Dec.5
Dec. 12
Dec. 19
Time deposits:
Nov.21
Nov.28
Dec.5
Dec. 12
Dec. 19
Government deposits:
Nov.21...-.
Nov.28
Dec.5
Dec. 12
Dec. 19
Bills payable with Federal Reserve Bank:
Nov.21
Nov.28
Secured by United States war obligations—
Dec.5
Dec. 12
Dec. 19
All otherDec. 5
Dec. 12
Dec. 19...
Bills rediscounted with Federal Reserve
Bank:
Nov.21
Nov.28
Secured by United States war obli- j
gations—
Dec.5
Dec. 12
Dec. 19
All other—
Dec.5
Dec. 12
Dec. 19
40,734 i 159,381
40,411
161,878
40,231
160,864
39,843
162,825
39,560
159,342
33,509
34,946
35,089
34,695
34,527
32,038
31,790
33,012
33,687
34,176
48,087
48,330 !
49,077 |
49,539 j
119,959 409,720
122,405 410,447
124,430 i 412.485
120,878 ! 415j 328
120,699 ! 418, 439
101,935
98,473
96,780
99,628
99,393
207,940
200,876
207,358
214,242
218,968
192,896 751,076
193,984 752,619
195,346 I 747,812
187,943 ! 746,863
187,789 ! 755,088
174,475
172,355
175,850
178,166
178,678
20,749
21,294
20,844
20,951
21,450
13,553
13,239
13,406
12,994
13,293
33,907
36,732
37,219
38,090
36,315
408,613
414,633
417,228
420,838
417,820
277,201 j
278,933 !
282,265 i
284,798 |
288,943 j
100,081
103,495
105,473
107,507
108,391
155,312
155,120
154,724
153,286
148,959
63,843
65,575
68,165
66,154
65,098
231,455
231,422
228,639
228,310
230,042
1,667,446
1,666,746
1,680,319
1,690,131
1,698,932
303,856
297,378
306,762
312,491
320,396
407,413 !
408,592 I
423,749
427,1J4 I
428,701 i
153,152
156,057
158,948
162,654
164,554
205,906
206,341
204,334
203> 452
202,389
103,477
105,285
109,146
107,087
103,915
321,058
324,853
324,667
325,110
322,547
2,613,309
2,617,464
2,646,614
2,650,880
2,664,057
!
!
I
|
1
50,976
47,192
48,236
48,861
45,008
12,391
11,899
12,260
12,669
12,314
18,920
18,896
18,610
21,338
22,100
28,348
28,372
26,468
32,436
26,685
10,278
9,698
10,450
9,346
10,058 !
17,231
12,124
14,072
15,893
17,505
7,913
7,634
7,647
8,451
7,641
23,778
24,167
26,602
25,198
24,924
182,165
171,238
178,225
186,452
178,863
i
17,175
14,689
17,332
15,967
17,554
5,809
5,204
5,450
5,187
5,561
7,280
8,073
7,476
7,414
8,106
14,839
15,033
14,280
14,150
13,971
4,715
5,272
5,226
4,859
4,881
5,139
5,240
5,114
5,238
5,065
2,881
3,123
2,943
3,095
3,005
7,755
7,783
7,406
7,222
7,842
68,293
67,279
68,228
66,301
69,408
128,723
128,221
127,430
120,925
126,029
446,461
439,971
443,806
447,133
440,108
110,314
107,893
105,490
108,041
106,964
178,884
182,496
180,883
187,488
194,091
211,675
215,031
206,416
235,085
207,616
91,258
91,450
92,182
95,966
99,399
139,610
139,656
133,530
136,450
134,171
68,749
70,946
71,210
67,000
68,213
196,711 1,572,385
197,139 1,572,803
198,876 1,559,823
202,525 1,606,613
198,854 1,575,445
31,087
31,261
31,283
31,581
31,631
95,246
95,316
96,109
95,716
93,473
19,591
19,591
19,621
19,176
18,960
65,398
64,989
65,177
65,859
66,108
190,844
192,334
193,850
193,936
194,066
33,392
33,610
35,539
35,042
34,991
41,433
41,692
42,369
42,905
43,484
17,207
17,298
13,528
17,526
17,445
105,841
105,807
106,803
105, 771
105,941
600,039
601,898
604,279
607,512
606,099
473
331
8,140
5,904
10,212
7,342
3,481
3,033
7,936
6,026
7,448
2,056
1,739
7,851
6,860
13,808
1,807
1,493
12,951
12,087
12,087
545
465
1,477
1,173
2,919
1,660
1,585
2,929
2,004
4,562
635
561
2,225
1,662
3,282
2,301
1,810
3,929
2,614
4,374
21,098
16,921
52,293
42,340
81,094
24,643 |
23,218 j
73,542
78,766
20,478
15,601
33,891
34,029
29,067
27,399
7,932 I
8,399
14,781
14,605
7,964
8,299
13,420
14,901
225,718
225,217
21,474
16,799
19,292
66,056
66,472
62,239
19,695
21,945
19,216
32,400
31,335
30,515
31,458
30,124
24,716
8,021
6,517
7,068
10,592
10,498
12,407
9,675
7,480
16,606
14,764
10,503
215,192
208,129
193,436
2,737
3,570
3,588
215
215
77
100
100
335
3,252
4,085
4,015
14,206
11,021
3,066
2,760
4,764
5,126
90,165
90,330
2,582
1,915
1,778
8
8
91
1,376
1,105
771
21,391
20,033
21,112
4,320
4,074
5,550
76,856
75,184
68,315
12,330
11,256
13,880
12,260
12,628
2,700
2,862
3,001
3,169
3,423
!
!
,
i
2,786
2,572
3,654
j
|
j
!
200
200
15
3,605
4,079
9,516
10,115
11,514
13,277
26,533
26,121
2,513
3,054
2,228
2,147
2,360
3,245
3,867
4,204
5,545
5,451
5,650
1,492
1,478
1,588
2,024
1,718
1,700
8,451
9,912
6,642
10,239
25,055
22,520
20,626
300
1,040
1,685
14,448
14,777
2,891 i
2,344 1
2,970
I
2,293 I
2,793
816
i Buffalo.
* Cincinnati and Pittsburgh,
s Baltimore.
* New Orleans, Jacksonville, Nashville, and Birmingham.
* Detroit.
50,192 j
26,655
26,013
27,486
28,214
28,965
13,471
12,356
9,168
10,863
11,264
11,250
2,564
2,237
2,339
e Louisville, Memphis, and Little Rock.
* Omaha and Denver.
Ei Paso and Houston.
s Spokane, Portland, Seattle, and Salt Lake City.
8
108
JANUARY,
FEDERAL. RESERVE BULLETIN.
1920.
IMPORTS AND EXPORTS OF GOLD AND SILVER.
Gold imports into and exports from the United States.
[In thousands of dollars, i. e., 000 omitted.]
During 10
During 10
During 10
days ending days ending days ending
Nov. 20,1919. Nov. 30,1919. Dec. 10,1919.
Ore and base bullion
United States mint or assay office bars.
Bullion, refined
United States coin
Foreign coin
549
15,714
21
2,500
32,391
10,766
7,858
14,846
6
39.246
6,785
183
733
3,109
66,729
61,066
8,397
2,282
3
12,865
3,300
4
20,743
20
105,869
12,625
226,949
204
4,485
3,399
31,187
18,421
15
15,150
78
24,047
87
345,463
599
39,275
426
18,436
15,228
24,134
346,062
39,701
461
195
"251
535
3
712
Domestic:
Ore and base bullion
United States mint or assay office bars.
Bullion, refined
Coin
10,019
5
Total...
Foreign coin.
Total.
From Jan. 1 From Jan. 1
to Dec. 10,
to Dee.flO,
1919.
1918.
EXPORTS.
Total exports.
Excess of gold exports over imports since Jan. 1,1919, $279,333,000. Excess of gold imports over exports since Aug. 1,1914, $792,073,000.
Silver imports into and exports from the United States.
[In thousands of dollars; i. e., 000 omitted.]
During 10
During 10
During 10 From Jan. 1
days ending days ending days ending to Dec. 10,
Nov. 20,1919. Nov. 30,1919. Dec. 10,1919.
1919.
Ore and base bullion
United States mint or assay office bars.
Bullion, refined
United States coin
Foreign coin
Total.
From Jan. 1
to Dec. 10,
1918.
2,147
2,280
68,365
244
19
32
212
21
563
'""160
7,776
1,007
5,122
2,160
2,943
2,545
82,270
456
8,165
26
296
83
6,289
10,759
5
72,255
109,740
17,252
19
50,870
154,173
3,107
8,647
5,296
17,131
199,252
208,169
2,361
191
251
1,384
1,394
162
1
22,323
5,537
5,574
6,403
42,335
51
20,436
1,239
4,337
EXPORTS.
Domestic:
Ore and base bullion
United States mint or assay office bars.
Bullion, refined
Coin
Total.
Foreign:
Ore and base bullion.
Bullion, refined
Coin
Total
Total exports.
2,552
1,635
1,556
27,861
11,977
11,199
6,931
18,687
227,113
220,14ft
Excess of silver exports over imports since Jan. 1,1919, $144,843,000. Excess of silver exports over imports since Aug. 1,1914, $426,604,000.
JANUARY, 1920.
109
FEDERAL RESERVE BULLETIN.
Estimated general stock of money, money held by the Treasury and by the Federal Reserve system, and all other money in
the United Staies, Dee. 1, 1919.
General stock of
money in the
United States
Gold coin 2
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. 1,1919..
Nov. 1,1919.
Oct. 1,1919..
July 1,1919..
Apr. 1, 1919..
Jan. 1,1919..
Oct. 1,1918..
July 1,1918..
Apr. 1,1918..
Jan. 1,1918..
Oct. 1,1917..
July 1, 1917..
Apr. 1,1917.
Held in United
States Treasury
as assets of the
Government.*
$1,362,566,644
368,667,330
$2,833,221,135
308,145,759
Amount per
Held outside
Held by or for
outside
States capita
Federal Reserve United
United
States
Treasury and
Banks and
Treasury and
Federal
Reserve
agents.
Federal
Resystem.
serve system.
56,188,371
183,739,175
8,507,204
3,489,894
$435, 330,240
280, 273,031
82, 416,283
151, 331,248
238, 276,283
1, 702,266
271, 300,425
2,840, 304,949
196, 963,340
674, 324,892
1,993,145,199
2,083,098,639
2,087,709,369
2,167,280,313
2,195,151,766
2,220,705,767
2,084,774,897
2,018,361,825
1,873,524,132
1,723,570,291
1,429,422,432
1,280,880,714
952,964,705
5,172,222,957
5,033,909,660
4,958,975,551
4,842,345,415
4,840', 972,635
5,105,139,679
4,925,987,177
4,367,739,209
4,266,800,719
4,255,584,622
3,970,373,397
3,945,457,556
4,100,976,125
66,384,518
6,311,444
3 3,675,137
"246,*546*74i"
346,681,016
!, 063,390,865
263,022,800
722,142,160
19,192,220
39,346,741
57,552,256
44,327,374
7,783,144,476
7,721,561,106
7,662,898,238
7,588,473,771
7,586,752,855
7,780,793,606
7,391,008,277
6,742,225,784
6,480,181,525
6,256,198,271
5,642,264,856
5,480,009,884
5,312,109,272
617, 776,320
604, 552,807
616! 213,318
578;848,043
550, 628,454
454, 948,160
380, 246,203
356; 124,750
339; 856,674
277, 043,358
242; 469,027
253. 671,614
2581 198,442
4
$48.54
47.28
46.61
45.00
45.17
47.83
46.34
41.31
40.47
40.53
37.97
37.88
39.54
1 Includes reserve funds against issues of United States notes and Treasury notes of 1890 and redemption funds held against issues of nationalbank notes. Federal Reserve notes, and Federal Reserve Bank notes.
2 Includes balances in gold settlement fund standing to the credit of the Federal Reserve Banks and agents.
34 Includes standard silver dollars.
Includes Treasury notes of 1890.
110
JANUARY, 1920.
FEDERAL RESERVE BULLETIN.
DISCOUNT RATES.
Discount rates approved by the Federal Reserve Board up to Dec. 31, 1919.
Discounted bills, secured otherwise than
f) by Government war
obligations, also unf secured, m a t u r i n g
l within—
Discounted bills (including member banks' 15-day collateral notes)
maturing within 90 days, secured
byFederal Reserve Bank.
Trade
acceptances
maturing
within 190
90 days
91 to 180
Liberty
days.
(including days (agribonds and
member
cultural
Victory
banks' col- and livenotes.
lateral
stock
4J per cent. 4h per cent.
notes).2
paper).
Treasury certificates of
indebtedness bearing interest at—
Boston
New York
Philadelphia..
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis..
Kansas City..
Dallas
San Francisco
|
4|
4}
41
4|
4}
4}
4f
Mf
5
5
4}
12 Rate also applies to bankers' acceptances discounted by the New York and Cleveland
3 Rate on paper secured by War Finance Corporation bonds, 1 per cent higher.
Rate of 4§ per cent on customers' paper.
* Rate of 5 per cent for maturities 61 to 90 days.
NOTE.—Acceptances purchased in open market, minimum rate 4 per cent.
i
4|
41
41
41
41
41
•3
5
5
41
banks.
JAHUARY, 1920.
Ill
FEDERAL RESERVE BULLETIN.
FOREIGN EXCHANGE RATES.
Monthly ranges of exchange rates on leading foreign money centers, quoted in New York during the three months
December, 19.19.
October.
Exchange
at par.
High.
Low.
London:
60-day bankers' bills
dollars for £ . .
Demand bills
do
Cable transfers
do
Paris:
Demand bills
francs for 100 dollars..
Cable transfers
do
Berlin
dollars for 100 marks 1..
Milan:
Demand bills
lire for 100 dollars..
Cable transfers
do
Prague
dollars for 100 kronen 1 ..
Vienna
do
Jugo-Slavia
do
Warsaw
dollars for 100 marks i1. .
Brussels
francs for 100 dollars ..
Madrid
dollars for 100 pesetas..
Helsingfors
dollarsfor lOOmarkkai..
Athens
dollars for 100 d r a c h m a l . .
Sofia
dollars for 100 lev.i..
Bucharest
dollars for 100 lei i . .
Belgrade
dollars for 100 dinar i..
Amsterdam
dollars for 100 florins..
Stockholm
dollars for 100 kronor..
Copenhagen
dollars for 100 kroner..
Christiania
do
Zurich
francs for 100 dollars..
Canada
dollars for 100 Canadian dollars 2l ..
Mexico City
dollars for 100 pesos ..
Bogota
dollars for 100 Colombian dollars 11 ..
Montevideo
centavos to dollar ..
Buenos Aires
dollars for 100 gold pesos
Rio de Janeiro
dollars for 100 paper milreis i .l . .
Valparaiso
dollars for 100 paper pesos ...
Yokohama
dollars for 100 yen..
Hongkong
dollars for 100 Hongkong dollars
Shanghai
dollars for 100 Shanghai taels
Singapore
dollars for 100 Singapore dollars i..
Calcutta
dollars for 100 rupee..
London average price of silver at nominal rate of £ ($4.8665)
dollars per fine ounce)
New York average price of silver (dollars per fin<
i Cable rates.
2 Checks (demand).
4.8665
4.8665
4.8665
518.1347
518.1347
23.82
November.
4.215
4.2325
4.24
4.13
4.15
4.1575
887.00
885.00
3.25
518.1347 1,080.00
518.1347 1,078.00
20.26
2.35
20.26
.85
20.26
1.45
23.82
2.30
518.1347
868.50
19.30
19.08
19.30
3.50
19.30
17.25
19.30
3.00
19.30
4.25
19.30
5.00
40.20
37.4375
26.80
23.90
26.80
21.20
26.80
22.60
518.1347
566.00
100.00
96.00
49.85
49.00
97.33
98.00
96.69
99.50
96.48
103.60
3 54.62
25.00
« 36.50
20,00
49.85
50.50
87.00
135.50
53.00
56.78
32.44
42.00
Low.
3.97
4.00
4.01
838.00
836.00
4.375
975.00
973.00
3.85
1.65
2.15
3.85
835.00
19.28
5.25
18.90
4, 50
5.75
7.50
38.0625
24.00
21.75
23.20
556.00
96.75
49.125
100.50
96.80
104.00
25.70
21.25
50.75
96.00
142.00
56.00
44.00
High.
983.00
981.00
2.10
4.1425
4.1625
4.17
884.50
883.00
3.25
1,272.00 1,006.00
1,270.00 1,075.00
1.50
2.40
.68
1.00
1.00
1.50
1.40
2.35
941.00
832.00
19.28
20.10
3.00
4.475
16.50
18.00
2.50
3.00
3.25
4.40
4.85
5.44
37.25
38.00
22.30
23.85
20.00
21.20
21.50
22.65
550.00
560.00
96.25
94.75
50.50
49.125
100.50
100.00
94.00
96.80
103.85
101.80
25.25
25.00
20.50
20.50
50.75
50.25
106.00
94.00
175.00
140.50
54.00
54.00
44.75
42.00
1.4
1.19154
a Rate for a gold milreis.
1.53508
1.27609
ending
December.
High.
Low.
3. 9550
3.9875
3.9950
3.6325
3.6575
3.6650
992.00
990.00
2.60
1,183.00
1,181.00
1.90
1,367.00
1,365.00
1.70
.50
.79
.92
1,120.00
18.90
3.00
14.80
2.25
2.80
4.20
37.25
20.65
17.45
19.45
560.00
90.3125
50.32
98.50
95.40
101.70
27.75
19.34
50.00
95.00
155.00
54.00
43.75
1,234.00
1,232.00
2.10
.73
1.00
1.65
940.00
19.90
3.45
16.50
2.70
3.65
4.80
38.25
22.30
19.90
21.50
498.00
95.25
50.50
100.00
94.80
102.25
33.00
20.50
50.50
106.50
170.00
54.00
46.25
1.67549
1.31976
* Rate for gold peso.
INDEX.
Page.
Act amending Federal Reserve Act, providing for
incorporation of institutions to engage in foreign
banking (Edge Act)
56
Act making gold certificates legal tender
60
Acceptances:
Automobiles or automobile tires, acceptance of
drafts secured by warehouse receipts covering.
65
Banks granted authority to accept up to 100
per cent of capital and surplus
60
Holdings by Federal Reserve Banks during
November
93
Purchased by Federal Reserve Banks during
November
91
Purchased by Federal Reserve Banks during
three months ending Nov. 30, 1919, distributed by rates of discount
92
Renewal of drafts drawn by the purchaser of
goods and secured at the time of acceptance
by warehouse receipts or bills of lading
65, 66
Advertising of State member bank that it is under
Government protection or supervision
65
Agricultural paper held by Federal Reserve Banks
during November
93
Amendment to Federal Reserve Act providing for
incorporation of institutions to engage in foreign
banking, text of, as approved (Edge Act)
56
Automobiles and automobile tires, acceptance of
drafts secured by warehouse receipts covering
65
Bank transactions, debits to individual account
84
Banking situation, discussion of
10
Boundaries of sixth and eighth Federal Reserve districts, change in, by establishment of Humphreys
County, Miss
59
Branches, foreign, of American banks
63
Branches of Federal Reserve Banks:
Directors elected
61
Los Angeles branch, opening of
60
Oklahoma branch authorized
63
Business and financial conditions during December.
13
Special reports by Federal Reserve agents
19
Certificates of indebtedness, receipts from, during
December
1
Charters issued to national banks during December.
62
Charts:
Exchange rates at New York—
On principal allied and neutral countries..
51
On principal silver standard countries
52
Foreign exchange rates at Copenhagen
41
Foreign exchange rates at Stockholm
40
Par point map
94
Check clearing and collection:
Map showing States in which banks remit at par.
94
Number of nonmember banks on par list
94
Operation of system, Nov. 16-Dec. 15
94
Clearing-house bank debits
84
Collateral notes held by Federal Reserve Banks
during November
93
Commercial failures reported
63
Conference of representatives of clearing houses
with Board to discuss interest rates on bank balances
3
Currency:
Depreciation abroad, discussion of
6
Stock of, in the United States
109
Page.
Debits to individual account
Denmark:
Banking conditions in, 1914-1918
Condition statement of National Bank of
Copenhagen, 1914-1919
Directors:
Branch banks—
Election of
Los Angeles branch
Resignation of W. C. Procter of Cincinnati
branch
Federal Reserve Banks—
Election of Class A, B, and C for threeyear term
Resignation of W. B. Thompson of Federal
Reserve Bank of New York
Resolution of Board regarding political
affiliations
Discount and interest rates prevailing in various
centers
Discount operations of Federal Reserve Banks:
During November
Three months ending Nov. 30, distributed by
rates of discount
Discount rates:
Advance in
In effect, Dec. 31, 1919
Prevailing in various centers
Earning assets held by Federal Reserve Banks
during November
Edge Act:
Operations of foreign trade under
Text of, as approved
Election of directors:
Branch banks
Los Angeles branch
Federal Reserve Banks
Expenditures of the Government during December
Failures, commercial, reported
Federal Reserve Act, amendment to, providing for
incorporation of institutions to engage in foreign
banking (Edge Act)
Federal Reserve banking in 1919, review of
Federal Reserve Banks:
Branches of—
Election of directors
Los Angeles branch opened
Oklahoma branch authorized
Directors elected for three-year term
Discount operations of
Questionnaire for use in readjustment of
salaries of employees
Resources and liabilities of
Federal Reserve districts, change in boundaries of
sixth and eighth, by establishment of Humphreys
County, Miss
Federal Reserve note account of Federal Reserve
Banks and agents
Fiduciary powers granted to national banks during
December
Financial aid for Europe, discussion of
Foreign branches of American banks
Foreign countries, financial aid to, discussion of...
Foreign credits, discussion of
I
84
38
46
61
60
10
60
10
10
72
88
91
2
110
72
90
5
56
61
60
60
1
63
56
11
61
60
63
60
88
54
95
59
100
64
6
63
6
4
II
INDEX.
Page.
Foreign exchange:
Discussion of
Rates in New York during three months ending
December
Rates in New York on principal centers in
allied, neutral, and silver-standard countries.
Denmark, rates of exchange in Copenhagen,
1914-1919
Norway, rates of exchange in Christiana, 19141919
Sweden, rates of exchange in Stockholm, 19141919
Foreign trade:
Discussion of
French National Bank of Commerce organized
to promote
Denmark, 1914-1918
Norway, 1914-1918
Sweden, 1914^-1918
Operations under the Edge Act
French National Bank of Foreign Commerc*e, establishment of
Gold certificates legal tender, act making
Gold imports and exports..
Government financing during December, discussion
of
...
Imports and exports:
Gold and silver
Denmark
Norway
Sweden
November, 1918 and 1919
Index of retail trade, establishment of, by Board...
Index of wholesale prices:
In United States
International.
Interest rates:
Call rates
Conference of representatives of clearing houses
with Board to discuss rates on bank balances..
Prevailing in various Centers
Investment operations of Federal Reserve Bank^
during November
Law department:
Renewal of drafts drawn by purchaser of goods
and secured at time of acceptance by warehouse receipts or bills of lading
Live-stock paper held by Federal Reserve banks
during November
Los Angeles, Calif., branch bank opened at
Maturities:
Acceptances purchased during November
Acceptances purchased during three months
ending Nov. 30
Bills discounted during November
Bills discounted during three months ending
Nov. 30
Bills discounted and bought
Member banks:
Number discounting during November
Number in each district
Resources and liabilities of
4
Ill
49
44
37,43
36,42
4
46
38,39
37, 39
36, 39
5
46
60
9,108
1
9,108
39
39
39
4
53
68
26
3
3
72
89
66
93
60
91
92
90
91
99
89
89
102
Page.
Money, stock of, in the United States
109
National banks:
Charters issued to, during December
62
Fiduciary powers granted to, during December
64
Norway:
Banking conditions in, 1914-1918
37
Condition statement of Bank of Norway,
1914-1918
45
Oklahoma City, branch bank authorized at
63
Open-market operations of the Federal Reserve
Banks
88
Physical volume of trade
74
Prices:
Changes in the price level
8
International price index, establishment of, by
Board
26
Retail trade index, establishment of, by Board
53
Wholesale, in United States, index numbers of
68
Questionnaire for use in readjusting salaries in Federal Reserve Banks
54
Reserve percentages of Federal Reserve Banks
during December
1
Reserves, new method of figuring deposits upon
which reserve is to be computed
3
Resources and liabilities:
Federal Reserve Banks
95
Member banks in selected cities
102
Retail trade index, establishment of, by Board
53
Rulings:
Acceptance of drafts secured by warehouse
receipts covering automobiles or automobile
tires
65
Authority of State member bank to advertise
that it is under Government protection or
supervision
65
Renewal of drafts drawn by the purchaser of
goods and secured at the time of original
acceptance by warehouse receipts or bills of
lading
65
Salaries of Federal Reserve Bank employees, readjustment of, questionnaire for use in
54
Scandinavian countries, banking conditions in,
1914-1919
35-46
Silver:
Advance in price in London and New York
markets
7
Imports and exports
9,108
State banks:
Admitted to system during December
62
Authority of State bank member to advertise
that it is under Government protection or
supervision
65
Sweden:
Banking conditions in, 1914-1919
35
Condition statement of Bank of Sweden,
1914-1918
45
Trade, physical volume of
.
74
Treasury financing during December, discussion of.
1
Wholesale prices:
Index numbers—
International
26
United States
68
#.\^>
;
9
__\
ALA
\
GA
6 (
FEDERAL RESERVE DISTRICTS
1919
•
FEDERAL RESERVE BANK CITIES
O
FEDERAL RESERVE BRANCH CITIES
The branches atMelena, Mont., and Oklahoma City, Okla., have been authorized by the Federal Reserve Board but are not yet open for business.
@FedFRASER