Full text of Federal Reserve Bulletin : July 1920
The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
FEDERAL RESERVE
BULLETIN
ISSUED BY THE
FEDERAL RESERVE BOARD
AT WASHINGTON
JULY, 1920
WASHINGTON
GOVERNMENT PRINTING OFFICE
1920
FEDERAL RESERVE BOARD.
EX OFFICIO MEMBERS.
DAVID F. HOUSTON,
W. P. G. HARDING, Governor,
ADOLPH C. MILLER.
Secretary of the Treasury, Chairman,
JOHN SKELTO*? WILLIAMS,
CHARLES S. HAMLIN.
HENRY A. MOEHLENPAH.
Comptroller of the Currency,
EDMUND PLATT.
WALTER S. LOGAN, General Counsel.
W. T. CHAPMAN, Secretary.
R,. G. EMERSON, Assistant Secretary,
W. M. IMLAY, Fiscal Agent.
W. W. PADDOCK,
W. W. HOXTON, Executive Secretary.
H. PARKER WILLIS,
Director, Division of Analysis and Research.
M. JACOB SON, Statistician.
Chief, Division of Examination.
J. E. CRANE,
Acting Director, Division of Foreign Exchange.
E. L. SMEAD,
Chief, Division of Reports and Statistics.
OFFICERS OF FEDERAL RESERVE BANKS.
Federal Reserve Bank
of—
Deputy governor.
Governor.
Chairman.
Cashier.
Boston.
New York.
Frederic H. Curtiss.
Pierre Jay
Chas. A. Morss
Benj. Strong, jr.1
C. C. Bullen....
J. H. Case 2 . 3. . .
L. F. Sailer ...
E. R. Kenzel. .
G. L. Harrison.
Philadelphia.
Cleveland....
R. L. Austin.
D. C.Wills...
George W. Norris.
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. McC. Martin.
JohnH. Rich
Asa E. Ramsay
Wm. F. Ramsey...
John Perrin
D. C. Biggs
R. A. Young
J. Z. Miller, jr....
R. L. VanZandt..
J. U. Calkins
Wm. H. Hutt,4 j r . . .
M. J. Fleming
Frank J. Zurlinden 4
C. A. Peple
R. H. Broaddus....
A. S. Johnstone 4
L. C. Adelson
C. R. McKay
B. G. McCloud 4 ....
O. M. Attebery
1
2
On leave of absence.
Acting governor.
3
Controller.
W. Willett.
L. H. Hendricks.3
J. D. Higgins.3 3
ChanninsfRudd.
A. W. Gilbart.3 3
Leslie R. Rounds.
J. W. Jones.8
W. A. Dyer.
H. G. Davis.
Geo. H. Keesee.
M. W. Bell.
S. B. Cramer.
J. W. White.
S. S. Cook.
J. W. Helm.
Sam R. Lawder.
W. N. Ambrose.
C. A. Worthington..
Lynn P. Talley
Wm. A. Day
Ira Clerk 5
C. H. Stewart 5
4
Assistant to governor.
5
Assistant deputy governor.
MANAGERS OF BRANCHES OF FEDERAL RESERVE BANKS.
Federal Reserve Bank of—
Manager.
New York:
Buffalo branch
Rav M. Gidnev.
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.
Federal Reserve Bank of—
Manager.
St. Louis:
Louisville branch
Memphis branch
Little Rock branch
W. P. Kincheloe.
J. J. Heflin.
A. F. Bailey.
Kansas City:
Omaha branch
Denver branch
L. H. Earhart.
C. A. Burkhardt.
Dallas:
El Paso branch
Houston branch
W. C. Weiss.
E. F. Gossett.
San Francisco:
Los Angel es branch.... C. J. Shepherd.
Portland branch
Frederick Greenwood
Salt Lake City branch.. R.(acting).
B. McLean
Motherwell.
Seattle branch
C. A.
(acting).
W. L. Partner (acting).
Spokane branch
SUBSCRIPTION PRICE OF BULLETIN.
The FEDERAL RESERVE BULLETIN is the Board's medium of communication with
member banks of the Federal Reserve System and is the only official organ or periodical publication of the Board. It is printed in two editions, of which the first
contains the regular official announcements, the national review of business conditions and other general matter, and is distributed without charge to the member
banks of the Federal Reserve System. The second edition contains detailed analyses
of business conditions, special articles, review of foreign banking, and complete
statistics showing the condition of Federal Reserve Banks. For this second edition
the Board has fixed a subscription price of $4 per annum to cover the cost of paper
and printing. Single copies will bo sold at 40 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 $2
per annum.
No complete sets of the BULLETIN for 1915, 1916, or 1917 are available.
ni
TABLE OF CONTENTS.
Review of the month
Business, industry, and finance, June, 1920
Causes of cancellation of orders
Reduction in building activity and lower prices for lumber
Wholesale trade activity
Foreign loans placed in the United States
Recent tax legislation affecting foreign banks in Spain
Official:
State banks and trust companies admitted to system
Banks granted authority to accept up to 100 per cent of capital and surplus
Charters issued to national banks
Fiduciary powers granted to national banks
Rulings of the Federal Reserve Board
Law department:
Exercise of fiduciary powers by banks located in Wisconsin
Amendment to Mississippi banking laws
Miscellaneous:
Acceptance liabilities of member banks
June crop report
Commercial failures reported
Statistical:
Foreign trade index
Wholesale prices in the United States
Retail trade index
Wholesale prices abroad
International price index
Discount and interest rates prevailing in various centers
Physical volume of trade
Federal Reserve and member bank development during year ending June 30, 1920
Debits to individual account, May and June
Discount and open-market operations of the Federal Reserve Banks
Operation of the Federal Reserve clearing system
Interdistrict time schedule
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
Abstract of condition reports of State bank and trust company members on May4, 1920
Discount rates approved by the Federal Reserve Board
Diagrams:
Earning assets of Federal Reserve Banks, July, 1919-June, 1920
Net deposits, Federal Reserve notes in circulation, and reserves of Federal Reserve Banks, July, 1919June, 1920
Investments of national banks, 1914-1920
Deposit liabilities of national banks, 1914-1920
IV
Page
661
673
679
682
684
687
692
697
697
697
698
699
700
701
686
696
697
694
702
706
708
712
713
714
723
733
737
744
746
747
751
753
760
762
763
764
762
725
725
727
727
FEDERAL RESERVE BULLETIN
VOL.
6
JULY, 1920.
No. 7
near the close of the fiscal year, described conThe month of June has been an important ditions as follows:
On the basis of Treasury daily statements and excluding
period in the development of
REVIEW OF THE MONTH.
Treasury finance.
m
n
™
. ,
Treasury finance. The interest payments covering the amount due on the
bonds of the first Liberty loan and on the
Victory notes were made on June 15, while
on the same date the second installment
of the income and excess-profits taxes for
1920 was paid in to the Government. Preliminary returns show that the total amount
•thus received from income and excess-profits
taxes amounted to $744,411,000, while the payments disbursed for interest falling due during
the month, including interest on certificates,
amounted to $153,972,000. During the month
the Treasury also took an important step in
offering on June 10 two series of Treasury certificates of indebtedness, both dated and bearing interest from June 15, the one payable on
January 3, 1921, with interest at 5 | per cent,
the other payable on June 15, 1921, with interest at 6 per cent per annum. This step
practically recognized a rate of 6 per cent as
the going commercial charge for credit of the
character and maturity represented fyy the
obligations of the Government. Taking the
month as a whole, the total amount disbursed
on account of ordinary expenses has been
$837,463,000, while ordinary income has
amounted to $1,305,837,000, leaving a surplus
for the month of $468,374,000. Early in June
the Treasury announced that Treasury certificates to the amount of nearly $1,000,000,000
would mature on or before July 15, and, while
the greater part of these were provided for by
the income and excess-profits tax receipts for
the month of June, the issue of certificates already referred to in an amount of $419,121,000
was deemed necessary to provide the means
for meeting maturing obligations. The Secretary of the Treasury, in outlining the situation
transactions in the principal of the public debt, though
the first quarter, ended September 30, 1919, of the present
fiscal year ending June 30, 1920, was marked by a deficit
of about $770,000,000, in the second quarter, ended December 31, 1919, there was a surplus of over $150,000,000,
in the third quarter, ended March 31, 1920, there was a
surplus of nearly $400,000,000, and the fourth quarter,
ending June 30 next, should also show a surplus. The
completed fiscal year's operations should show little if
any deficit, the Government having about balanced its
budget, current receipts against current disbursements,
for the first full fiscal year after fighting stopped.
The actual figures for receipts and disbursements have in substance borne out the expectations thus expressed by the Secretary of the
Treasury. For the fiscal year as a whole the
excess of current ordinary disbursements over
ordinary receipts was reported on June 30 as
$71,879,000.
The public debt situation, complicated as it
is by the fact that a large floating debt is outstanding, requires some further explanation.
In speaking of conditions near the end of the
fiscal year, the Secretary of the Treasury in a
statement to which reference has already been
made, says:
The total gross debt of the United States, which, on
June 30, 1919, on the basis of Treasury daily statements,
amounted to nearly $25,000,000,000 and on August 31,
1919, to nearly $26,600,000,000, had been reduced on May
31, 1920, to less than $25,000,000,000. The floating debt
outstanding (loan and tax certificates), which on June 30,
1919, amounted to over $3,250,000,000, and on August 31,
1919, to nearly $4,000,000,000, had been reduced on
May 31, 1920, to less than $2,850,000,000. The reduced
ordinary and public debt disbursements have made
possible a very important reduction in the amount of the
net balance in the general fund, which has been applied
to the reduction of debt.
The final figures for June 30, covering the
fiscal year ending on that date, show a total of
receipts on account of public debt amounting
661
662
FEDERAL RESERVE BULLETIN.
JULY, 1920.
to $15,852,855,000, while total debt disburse- conditions and reflecting the effort of the sysments were $17,038,040,000.
tem to control the expansion of credit, and the
A year ago, in the August issue of the corresponding attempt to induce member
A new epoch in F E D E R A L RESERVE BULLETIN, banks to curtail excessive or unessential adthe Federal Re- there was presented a general vances of funds. During the year in question
serve System.
statistical review of the condi- the earnings of Federal Reserve Banks have
tion of the Federal Reserve System for the continued large and there has been a steady
year ending June 30, 1919. In the present advance in rediscounts paralleled by correissue this general review is continued and sponding decline in the reserve ratio. The
brought down to June 30, 1920. As was volume of notes in circulation has tended
pointed out in the former statistical issue, the upward, although there has from time to time
annual report of the Federal Reserve Board been fluctuation. The resumption of freedom
supplies a general description and outline of of movement for specie has resulted in a reducexisting conditions by calendar years. It has tion in the country's stock of gold and silver.
been thought well, however, to furnish a These conditions and others ancillary to them
critical analysis from the statistical stand- may now be reviewed at somewhat greater
point, covering the intermediate periods end- length.
ing June 30. In the analysis published a year
The period immediately following the flotaago it was sought to discuss the most contion of the Victory Liberty
Advances m loan of the spring of 1919 witspicuous activities of the system. The time resources.
was especially opportune since the close of
nessed a very considerable reJune, 1919, practically marked the formal lease of banking resources and industrial effort.
termination of the war period, coinciding with Removal of the restraints upon capital investthe end of the fiscal year. Within the past ment which had been made by the Capital
fiscal (public) year ending June 30, 1920, im- Issues Committee of the Federal Reserve
portant developments indicating the distinct Board under legislation enacted by Congress
transition from thexlose of the war period to opened the way for the development of many
a peace footing in banking and finance have enterprises whose efforts had been held in
occurred, and the figures herewith submitted check during the war period. On the other
will show in a general way the character of the hand, the activity of business and the consituation as affected by reconstruction and tinued growth of the export trade of the United
financial transition.
States, largely for the purpose of meeting the
It was pointed out in the last annual statis- urgent necessities of European nations, led to
tical review that, historically speaking, develop- the continued rise and growth of applications
ments in the Federal Reserve System might be for discount at member banks and from them
divided into four rather distinct periods: No- for rediscount at Federal Reserve Banks.
vember, 1914, to December, 1916; January, Coupled with these factors, which would in
1917, to April, 1917; May, 1917, to November 11, any case have been very evident, has been the
1918; November 12,1918, to June, 1919. There growth of speculative demands for accommomay now be added to these distinct periods in dation which have steadily tended to enlarge
the history of the Federal Reserve System a the volume of loans rendered available by the
fifth epoch, extending from the close of June, banking system of the country as a whole. A
1919, to the present time and perhaps longer— comparison between conditions existing at the
how long can not, of course, as yet be precisely end of June, 1919, and those at the end of
stated. During this latter period the charac- June, 1920, shows that capital of the Federal
teristic phases have been found in the effort to Reserve Banks at the former date was approxicheck the growth of the volume of war paper mately $83,000,000 and resources somewhat
carried by Federal Reserve Banks, in the success- less than $5,300,000,000, wheroas at the present
ful shifting of the discount rate from the low date capital may be figured at $94,500,000 and
stabilized level necessitated by war conditions total resources at $6,100,000,000. The increase
to the higher basis corresponding to commercial in capital has thus be^n at the rate of approxi-
JULY,
1920.
FEDERAL RESERVE BULLETIN.
mately 14 per cent, reckoning the condition at
the end of June, 1919, as a base, with the expansion of resources proceeding in approximately the same ratio. The increase in capital
during the year 1919-20 has not presented the
periods of sporadic and fitful growth which had
been observed during the early war period.
Advance has been due rather to the steady
progress in the enlargement of the capital of
member banks, with corresponding increase in
the subscriptions to the capital stock of Federal
Reserve Banks, and to the slow and steady
movement of members into the system. Analyzing these two elements individually it will be
found that the total number of new State bank
members gained during the year ending June
30, 1920, has been approximately 368, their
contribution to capital stock being $3,013,000,
to which should be added $953,000 subscribed
by newly organized national bank members,
while on the other hand the increase in capital
stock due to enlargement of the capital and surplus of former members may be taken as the
balance of the net growth in Federal Reserve
Bank capital, or approximately $7,776,000.
The increase in total resources is seen from the
following table, in which are presented for the
dates corresponding roughly to the end of the
two years in question the changes that have
taken place in total reserves, in total earning
assets, and in total resources.
663
The movement of principal items already
referred to is better understood
o ™" i n connection with the study of
reserve ratios. So important
has the movement of this ratio been considered
during the past few months that it has been
deemed necessary to follow it closely in former
issues. Recent events indicate that it has now
passed the low point of decline and may be
considered on its way upward. Reviewing the
year as a whole, it may be said that the reserve
ratio has passed through three periods, the
first extending from the opening of the fiscal
year on July 1, 1919, to approximately November 4, 1919. During this period, mainly as
the result of the large volume of discounts of
war paper and the loss of gold taken for export,
the ratio shows a decline from 50.4 to 46.6 per
cent. Beginning with November, 1919, effort
was definitely made to control the reserve position through the application of higher rates
of discount at Federal Reserve Banks. From
that date onward until the last week in May,
1920, may be considered a period of fluctuation
and uncertainty, the ratio moving irregularly
up or down, but maintaining itself throughout
the period practically at a low level or near it.
Subsequent to the last week in May successive
advances in the ratio, partly due to Government operations, occurred, an increase of onehalf of 1 per cent being shown in the weekly
report of condition for June 11, while a further
increase of 1J per cent was shown in the weekly
[In thousands of dollars.]
condition report for the close of business on
Increase or
June 25, decrease of June 18. For the week ending June 25 a reJune 27,
1920.
1919.
1920 over
duction of nine-tenths of 1 per cent occurred.
1919
This movement of the ratio may be indicated
2,216,256 2,108,605
-107,651 in the following figures, which represent the
Total reserves
2,354,167 3,183,275
+829,108
Total earning assets
5,288,008
6,074,596
+786,588
average of the monthly ratios for the year in
Total resources.
question (taking as the basis of average the
From this it will be readily seen that the percentages announced each week, whether
principal sources of advance during the period four or five in number):
in question have been found in the item "Total Average monthly reserve ratios, June 30, 1919, to June 25>
earning assets," which shows a growth of about
1920.
1920.
1919.
$829,000,000. Total reserves held, on the
44. 7
50.4 January
other hand, indicate a decline of approxi- July
43.1
August
50.8 February
42.8
mately $108,000,000. Reserves of late* have September
51.1 March
43.0
48.7 April
shown continued tendency to decline, and this October
42.6
November
46. 6 May
43.4
decline has been coincident with an expansion December
46.0 June
As has been explained on former occasions,
in the total volume of paper under rediscount,
which, of course, has added to the total volume the movement of the reserve ratio of a banking
system does not necessarily in all cases serve
of earning assets.
664
FEDERAL RESERVE BULLETIN.
JULY, 1920.
as a true index of its strength. The ratio may has been from approximately $2,437,000,000 to
move upward as the result of an increase in $2,473,000,000, while the note circulation has
actual cash reserve even though the holdings expanded from approximately $2,500,000,000
of paper may be nonliquid or "frozen," or the to approximately $3,117,000,000 (Federal Reratio may decline as a result of the liquidation serve notes only). The growth in deposits is
of credit at a time when the portfolio is in a thus seen to be in round numbers $36,000,000,
satisfactory state and when the reserve is while the growth in notes may be taken as
amply able to care for all probable demands approximately $617,000,000. This enlargebrought to bear by depositors. The move- ment in the circulation of reserve notes, as comment of the ratio of reserves in the Federal pared with the small increase in deposits, after
Reserve System during the year 1919-20 has a period of intermediate growth in which the
been the outcome of a somewhat complex deposit item reached a figure much higher than
group of influences. During the year in ques- that for the close of the year, may be best
tion an aggregate (net) of about $316,000,000 in understood by studying the movement of these
gold was shipped abroad and was in the main two items at selected dates.
withdrawn from banks of the Federal Reserve
[000's oTiitte-3.1
System. This total is partly offset, however,
Federal
Deposits
by the amount of gold received from the GerReserve (total gross
notes.
deposits).
man Government in payment for food sup$2,499,180 $2,436,757
plies. Of the gold thus received about 111 mil- June 27,1919
Nov. 7, 1919.
2,806,759
2,807,688
23,1920.
2,S44,227
2,840,476
lions is now held by the Bank of England for the Jan.
May 14, 1920.
3,083,234
2,646,800
3,116,718
2,472,709
account of the Federal Reserve Banks. This June 25,1920,
net export movement would have tended at least
to bring about a lower reserve ratio. Coincident
It will be observed that while both notes and
with this movement of gold, however, there deposits have passed through periods of flucset in an increasing demand for larger accom- tuation, so that their growth is by no means
modation at Federal Reserve Banks,-partly parallel, the general tendency throughout the
due to the general economic factors already country has been that of quite steadily enlargreviewed, but partly also to the circumstance ing the circulation of notes. This is partly due
that business establishments found it necessary to the fact that the note issue has been required
to obtain a larger volume of credit at their banks in current use because of the great rise in
because of the fact that prices were ruling prices and the consequent necessity of carryhigher and that accordingly a larger amount ing a larger supply of money in pocket with
of credit was necessary to move a given volume which to meet current requirements. It is
of goods at any one time. Coupled with all also in part due to the growing necessity for a
these factors must be borne in mind the cir- larger amount of actual currency for payment
cumstance that a very substantial part of the over the counter at the several banks of the
assets of Federal Reserve Banks have been in country in order that current demands of dea measure unliquid, due to the fact that they positors, rendered more intense by the high
so largely represented paper collateraled by prices, might be freely met. Notwithstanding
Government obligations, and not the result of that the reports of condition of member banks
actual self-liquidating business transactions.
show only a very moderate amount of vault
No analysis of raserves would, however, cash or till money carried by the banks, the
Notes and de- be instructive unless compared average being between 4 and 5 per cent of outposits.
with changes in the movement standing demand liabilities, it is nevertheless
of outstanding Federal Reserve notes and true that the actual total so carried by the
deposit liabilities of Federal Reserve Banks. banks has materially increased because of the
Comparison between the two dates which are increasing volume of demand deposits which
under consideration shows that the movement has amounted to very nearly 10 per cent. The
in the deposit item for the year in question progressive substitution of Federal Reserve
JULY, 19:20.
FEDERAL, RESERVE BULLETIN.
notes for gold and silver has also continued
during the year. It should also be remembered, as noted a year ago, that Federal Reserve notes have come to circulate in increasing volume in Mexico, Central America, and
West Indian countries, and even in the Orient,
and the evidence at hand would indicate that
instead of declining in their popularity in these
regions the Federal Reserve notes have continued to retain the field which they had occupied during the war.
The year 1919-20 has seen a material improvement in the war-paper
Discount of war
situation in various banking
paper.
institutions. In the Federal
Reserve System, for example, the total holdings of paper secured by Government war
obligations have evidently passed their peak
and begun to decline. The Board's statistical review for the year ending June 30, 1919,
showed that on June 27 of that year the total
volume of paper secured by Government war
obligations under discount was $1,573,500,000,
while at the close of June, 1920 (June 25), the
holdings of paper secured by war obligations
were approximately $295,500,000 less than
that figure. Member bank reports to the
Federal Reserve Board show that taking the
returns from institutions in 100 selected cities
there were on June 20, 1919, loans secured by
United States bonds and other war obligations1
amounting to $1,412,000,000, while the total
of United States securities owned was $2,337,000,000. The corresponding figures for June
18, 1920,1 show a very material decrease in the
total amount of United States securities owned,
while a corresponding decrease in the total volume of loans secured by Government war obligations is likewise reported, the respective figures
being $742,388,000 of paper and $1,587,832,000
of securities owned. Unquestionable progress
has been made during the period in reducing
the total holdings of war securities, both under
the form of ownership and under that of collateraled advances. This progress may be attributed in no small measure to the increasing
rates of discount and interest which have
tended to make it unprofitable for owners of
Government securities to continue carrying
them through the medium of advances ob-
1
Exclusive of rediscounts with Federal Reserve Bank^.
665
tained from banking institutions. The experience of the year has shown that there is
also danger of "inflation" to be seen in the
growth of loans secured by other stocks and
bonds which represent advances made by the
banks to borrowers who desire in many cases
to obtain a comparatively long-period accommodation.
The question constantly asked within the
past few months has been the
credit* control! ° f relationship noted between control of credit, the application
of higher discount rates, and the actual expansion of operations. On this subject the
evidence is still conflicting and lacking in certainty as to details. The general conclusion
to be drawn is unmistakably to the effect that
the operation of credit control through higher
discount rates has had a marked success. It
is true that during the earlier period of its application, in the months of November and
December, 1919, and January and February,
1920, an absolute check to the growth of rediscounting at Federal Reserve Banks was not
afforded. This fact, however, should be interpreted not in the light of absolute figures, but
rather in that of relative conditions. There
was, in fact, during the months in question an
absolute increase in the total amount of rediscounted paper held by Federal Reserve Banks,
but the real question at issue is not whether
there was an absolute increase, but whether
the increase which actually occurred would
have been larger had it not been for the application of this method of credit control. On
that point there would seem to be no doubt.
The advance in the total of earning assets from
about the beginning of March, a date roughly
corresponding to the opening of the great
growth in industrial and speculative operations
throughout the country, to the beginning of
November, at the time of the first application
of the higher rate policy, amounted to the
difference between $2,348,000,000 on March 7
and $2,923,000,000 on November 7, or about
$575,000,000 in round numbers. Between
November 7, 1919, the date last cited, and the
close of June, 1920, the increase of total earning assets from the point already mentioned
was approximately $260,000,000, the growth
having thus been "slowed down" by over 50
666
"FEDERAL RESERVE BULLETIN.
JULY, 1920.
per cent during a period of roughly the same the natural outcome of the large figures attained
duration. Recent returns have shown an even by business and industry during that period.
more positive effect as the result of credit con-, It has also been due in part, however, to the
trol and Government operations, the total earn- fact that there has been a very general search
ing assets having declined from $3,244,425,000 for all possible methods of financing the moveon May 28 to $3,183,275,000 on June 25—a ment of goods in export and import trade.
decrease of $61,150,000. The success in thus Credit should also be given to the developcontrolling the growth of credit has been the ment of new establishments which have undermore noteworthy because of the difficult con- taken the work of dealing in acceptances and
ditions which have prevailed, chief among which have cooperated in the creation of a
which has been the very unsatisfactory trans- broader market and a wider demand than had
portation situation, which was in part the previously existed. Better marketing condiresult of a lack of equipment on the part of the tions have naturally tended to promote the use
railroads and in part the consequence of the of the acceptance method in the transaction of
very severe weather of the late winter. These business, while on the other hand country bankfactors working together had the effect of com- ers and other investors have in an increasing
pelling the retention of large quantities of goods degree undertaken the practice of purchasing
at points of production or transshipment, with and holding bankers7 acceptances as a form of
corresponding necessity of extending the length investment for surplus funds. A special service
of the bank credit by which they were sus- in connection with the selection and purchase
tained, in addition to disorganizing distribu- of satisfactory acceptances on behalf of country
tion and market conditions at points of member banks has been taken up by the
delivery.
Federal Reserve Bank of New York. The
There has been a decided advance during the experience of the year has, however, been in
past year in the expansion of other ways difficult for the development of the
^ t h e acceptance market. This acceptance market because of the high rates of
has resulted in increasing con- interest which have prevailed and the stringency
siderably the holdings of that class of paper of money during the latter part of the period
by Federal Reserve Banks. According to fig- which has undoubtedly reduced in no inconures prepared by the Federal Reserve Board, siderable degree the scope of the demand for
the total amount of bankers' acceptances acceptances as a form of investment. This
been more generally applicable
growing out of both domestic and foreign trade situation has
7
operations held by all Federal Reserve Banks to bankers acceptances, both domestic and
was at the close of June, 1919, about $315,- foreign, than to trade acceptances. Progress
520,000. The corresponding figure for June, has been made in some directions toward
1920, is about $412,000,000, while the total of correcting abuses growing out of faulty techtrade acceptances, including both domestic nique in the use of the acceptance, and the
and foreign trade, held by all Federal Reserve movement for the correction of these errors or
Banks about the end of June, 1919, was defects of practice has been aided by the work
$9,389,000, the corresponding figure for June, of the American Acceptance Council.
1920, being $30,000,000.2 According to a
The year 1919-20 has witnessed a very great
computation made by the Division of Statistics
expansion in the volume of
of the Federal Reserve Board, the total of credit! ° ° S & ** bank credit and simultaneously
member banks7 acceptance liabilities on March
has also been characterized by
4, 1919, was approximately $451,264,000. A considerable growth in prices. Much has been
computation completed in June, 1920, shows said of the probable connection between the
that for May 4 the total outstanding acceptance two. Without reference to the bearing of the
liabilities of all accepting member banks were one upon the other, figures showing the comapproximately $678,172,000. The growth in parative rate of growth of bank credit and
acceptances during the year has been in part of prices are of substantial interest. The following table shows for the close of May, 1919,
2 Including acceptances held under discount.
667
FEDERAL RESEEtVE BULLETIN.
JULY, 1920.
and the corresponding date in 1920 compara- standing in the United States, France, and
tive index number figures, and figures stating Great Britain, which are taken as representathe total amount of deposits and of notes out- tive countries:
United States.
France.
Federal
Total gross Reserve
Index deposits of notes
and Index
Federal bank notes
numnumReserve
ber.*
ber;
in circuBanks.
lation.
End of May, 1919..
End of May, 1920..
207
272
1
2
Thousand
dollars.
2,465,559
2, 541, 630
Thousand
dollars.
2,687,719
3,286,206
325
550
Great Britain.
Deposits
of the
Bank of
France.
Note circulation.
Thousand
francs.
3,751,173
3,638,987
Thousand
francs.
34,061,243
37,914,835
Index
number.*
229
306
Deposits
of the Note cirBankot culation.*
England.
Thousand Thousand
pounds.
pounds.
142,617
421,374
459,780
117,784
Index numbers are given as percentages of 1913 and apply to the month of May, 1919 and 1920.
Including currency notes and certificates outstanding.
gold embargo, which had been applied as a war
measure, took effect on June 9, 1919, and almost
immediately led to some considerable exportations of the metal to the Far East and to South
American countries. These movements of gold
appear to have continued somewhat longer than
would otherwise have been the case on account
of the belief prevalent in some quarters that the
free movement of gold could not be maintained
or continued. There was no warrant for such
supposition, as the outcome has shown, and
return movements of the metal currently took
place. Early in the year 1920 there came a
turn in the trend of our export trade, some
countries, notably those in the Far East, which
had previously enjoyed a favorable balance
of trade with the United States and had been
in consequence able to draw upon us for gold,
suffering a reaction and finding their trade
balance unfavorable instead of favorable, so
that they were no longer able to increase their
imports of gold from the United States.
Changes of internal trade conditions in such
countries as Japan and India also tended to
accentuate this situation. A third important
factor has influenced our gold position. As is
Movement of reserves.
well known, the approach of the date for
[In thousands of dollars.]
settling the so-called Anglo-French 5 per
cent bonds, amounting to some $500,000,000,
June 27,
June 25, Increase or
decrease.
1920.
1919.
brought about during the late spring of 1920
an inward movement of gold into the United
2,147,784
1,969,375
-178,409
Total sjold reserves
68,472
139,230
+ 70,758 States, aggregating in all about $75,000,000.
Legal-tender notes, silver, etc
This had been accompanied by shipments
The factors influencing the fluctuation of the of gold amounting to perhaps two-thirds
gold holdings of Federal Reserve Banks are in as much to South American countries for
part tolerably obvious. The removal of the British account, but it is probable that in the
It will be noted that there are wide variations between the rates of advance of prices,
these being undoubtedly due in part to the
difference in composition of the several index
numbers. In part, however, the differences in
price figures are the result of variations in
credit and in the development of production.
The principal element in reserves which has
shown fluctuation during the
Movement of year has been gold. In the
reserves.
following table are shown for
the close of June, 1919, and for a date about a
year later, figures of total gold reserves of
Federal Reserve Banks, and of legal-tender
notes, silver, etc. It will be noticed that the
changes have been found in the first item, gold
holdings having been reported at about the
close of June, 1919, as in round numbers
$2,150,000,000, while at the close of June, 1920,
the gold holdings were reported as $1,970,000,000. This loss of approximately $180,000,000 has been offset in a measure by the increase
of legal-tender notes, silver, etc., which
amounted to only about $69,000,000 a year ago
but stands to-day at about $140,000,000.
668
FEDERAL RESERVE BULLETIN.
absence of the approach of the date of maturity
of the Anglo-French bonds no offsetting movement into the United States would have occurred. As it was, the gold which moved to
this country was largely the product of the
South African mines which, instead of ending
its journey in London, continued it to New
York. One considerable consignment was,
however, imported via the Pacific coast from
Hongkong and was presumed to represent
Russian specie which had left that country
during the war. The movement of silver has
been subject to conditions very similar to those
affecting gold, save that silver which had
shown an unprecedented popularity and price
during the war because of the more severe
restrictions which surrounded the movement of
gold, has naturally been less in demand since
the arrival of a time when the use of gold
was more freely thrown open to the general
trading public. One outcome of this situation
has been the decline in silver from a maximum
price of about $1.38 J to a figure which, at its low
point, was about 57 cents below that level.
The price of domestic silver has been in a measure restored through the operation of the Pittman Act as interpreted by the rulings of the
United States Mint, but the restoration of the
older relationship between gold and silver is
nevertheless progressing.
In the following table are briefly shown the
net exports of gold from and to the United
States in trade with other countries, and in
a parallel column the item " Total gold reserves" in Federal Reserve Banks for the
beginning and end of the year now under study:
Total.
Gold reserves.
June, 1919
June. 1920
2.147,784
1)857,844
Held with
foreign
agencies.
iii,53i
Total.
2,147,784
1,969,375
Net
exports of
gold during
preceding
year.
54,212
316,053
As against a loss in the Federal Reserve
Banks' total gold reserves of $178,409,000 the
excess of gold exports over gold imports for
the corresponding fiscal year is shown as
$316,053,000. But as pointed out on page
664, gold imports are exclusive of amounts
of gold received for food supplies furnished to
the German Government. Of the total amount
received ($173,385,000) about $111,531,000,
shown under caption "Held with foreign agencies/' is at present held by the Bank of England
and constitutes part of the gold reserves of the
Federal Reserve Banks. In order, therefore,
to harmonize the loss in gold reserves with the
net exports shown, the amount of gold held
abroad for account of the Federal Reserve
Banks has been segregated in the above exhibit. When comparison is made between
the loss in the Federal Reserve Banks' gold
reserves held in the United States and the net
gold exports during the corresponding period,
it is found that the loss in gold reserves is
about 26 millions less than the loss through
net exports.
The feature of domestic trade during the year
1919-20 which is generally considered
«* b e i n S o f m o s t im ~
portance in its bearing upon
the underlying credit situation is the degree of
progress made in connection with the production of goods. While it is not possible to afford data on this subject up to the close of
June, the following table, which has been prepared on the basis of the Board's own production indexes, shows the situation at the close
of the month of May as compared with conditions existing a year ago. It indicates that
although production has by no means attained
an ideal standard of development, it is nevertheless showing a satisfactory ability to increase.
April, 1920.
[In thousands of dollars.]
Held
in United
States.
JULY, 1920.
Receipts of live stock
at 15 western markets(in thousands
of head)
4,151
Receipts of grain at
17 interior centers
(in thousands of
bushels)
48,698
Sight receipts of cotton (in thousands
of bales)
560
Shipment of lumber
reported by 3 associations (in millions of feet)
767
Bituminous coal production (in thousands of short tons) 37,966
May, 1920.
May, 1919.
Relative.
Total.
Relative.
Total.
78.8
5,160
98.0
5,267
100
75.1
64,400
99.13
64,850
100
104.5
317
59.2
536
100
78.5
863
88.4
977
100
101.1
39,059
104.0
37,547
100
Relative.
JULY, 1920.
FEDERAL RESERVE BULLETIN.
669
Other criteria indicating the growth of production are furnished by ton-mileage returns.
RelaRela- Total.
The latest available figures on this subject are
Total.
Total. Relative.
tive.
tive.
those issued by the Interstate Commerce Commission, which show that the traffic for
A nthracite coal shipments over 9 roads
March was 29.2 per cent above that of a year
(in thousands of
Ion? tons)
5,712
100
ago, while the traffic for the first three months
Crude
petroleum
production
(in
of the current year was 24.7 above that of a
thousands of barrels)
100
120.7 36,859
122.9 29,985
36,201
year ago. As to current traffic, the Railway
Pig iron production
(in thousands of
long tons)
2,108
100 Age of June 11 states that "in the nine weeks
130.0
2,989
141.8
2,740
Steel ingot producended May 22, 1919, in spite of the strike the
tion (in thousands
1,929
100
of long tons)
136.8
2,883
149.5
2,638
number of carloads handled was about 13 per
Cotton consumption
(in thousands of
488
100 cent over the previous year: and that, in gen116.4
541
110.9
bales)
568
Wool consumption
eral, the railroads this year have been doing a
(in thousands of
100
128.4 50,649
112.3 45,085
pounds)
57,888
record-breaking business." These figures tally
with the monthly figures for production for
Another test of considerable value and imthe current year, as already stated, and seem
portance of which use has been widely made
to indicate that the volume of traffic and of
in recent discussions is that of the ability to
production has been rapidly recovering. The
export. This test is of comparatively little
English records as to traffic have been intersignificance in the case of the United States
rupted during the war, and according to the
because of the fact that our export ability is
London Economist of June 5 have only reunquestioned and because we have suffered
cently been resumed, no later figures than
rather from an excess of exports than from
lack of goods to ship abroad. Exporting those for the month of February being availpower is, however, of very substantial sig- able, so that comparisons with previous years
nificance from the point of view of the Euro- are absent. Unofficial statements of a compean countries. In the following table is parative nature show the development of a
exhibited the change in the export power of very heavy volume of tonnage on British railFrance, Italy, Great Britain, and the United ways, with considerable recovery on the ConStates for the month of May, 1919, as tinent, considering the disorganized condition
compared with the month of May, 1920,of the transportation system.
The year 1919-20 has been productive of
these periods being taken as representative
very unusual increases in the
months for comparison. In each case figures
v
are stated in the currency of the country to vestment.*" "*" °hime of new securities issued.
Total issues for the year 1919
w^hich they refer, and are, of course, subject
to modification, depending upon the variations were estimated at $3,021,171,000, while those
which must be introduced as a result of changes for the first half of 1920 will probably aggrein the purchasing power of the currency units gate about SI,800,178,000. A falling off in
the rate of issue of new securities during
in terms of which the exports are stated.
the most recent months is due to the more
Value of exports.
stringent conditions in the credit market
United
Great
and the high rates for money. New financBritain.* France.
States.
ing during the month of May totaled $245,Thou000,000 in the New York district, a decline
sands of
ThouThoupounds
sands of
sands of
of
about 50 per cent from the record of
sterling.
dollars.
francs.
604,000
75,840
510,000 April, although considerably above the output
1919, May..
739,000
139,580 1,209,000
1920. May..
135,000
699,000 for
63,740
May in former years. The conditions
Increase...
referred
to above have prevented many offerExports and reexports.
ings
which
would otherwise have been placed
Based on 1918 values, exclusive of gold and silver.
In the case of Italy, monthly figures are not available, but the value of
upon
the
market
from coming forward, while
exports for the first* four months of 1920 is 1,085 million lire greater than
the value of the exports of the first four months of 1919, the value in the
the
inability
of
the
market to absorb securities
former case being 2,182 million lire, in the latter 1,097 million lire.
April, 1920.
May, 1920.
May, 1919.
2
1
2
670
with its earlier rapidity has tended to prevent
distribution and has kept considerable volumes of securities in the hands of their promoters. This change in the investment situation has been of fundamental importance in
its relation to the banking outlook. As
investment rates have advanced there has been
a natural tendency to rely so far as practicable
upon the banks and the commercial paper
houses in the effort to carry the current
financing of concerns which might otherwise
have issued more securities. Due to the lack
of purchasing power, conditions during the
early part of 1920 were unfavorable to prices,
and as a result a record low level of values for
old issues was established. During the latter
part of the half year, and especially during the
month of June, improvement was noted, an
average of 40 corporate issues advancing about
two points and reaching the highest level for
some two months past. Prices, nevertheless,
have continued irregular. During the year
just closed one of the leading phenomena of
the securities market has been the revaluation
of Liberty bonds, changes in prices indicating
a loss on the average of about eight or nine
points from the level of June, 1919. This
condition of affairs has been due to wellknown causes connected with the relaxation of
interest rate control, the recognition of the
commercial worth of money by the Government as a consequence of the termination of
the war, and the increasing pressure of demand
for available funds.
In no field of banking and financial development has the year 1919-20 been
eX m o r e
~
productive of alteration
than in the field of foreign exchange. This subject has been thoroughly
covered in former issues, so that it is only
necessary to note that the outstanding feature
of the year's developments has been the drop
in the values of practically all European
currencies to a level corresponding to their
actual commercial value, as determined free of
Government interference and without any sort
of " pegging." The following brief tabulation
gives comparative figures for some of the
principal currencies for June, 1920, as compared with the corresponding date a year
earlier:
J U L Y , V.V2U
FEDERAL RESERVE BULLETIN.
Foreign exchange rates (Neiv York Times).
June 30, June 3Or
1919.
1920.
4.5916.44
5.42
38.6875
7.96
19.76
23.45
25. 45
24.75
London
Paris
Switzerland .
Holland
Italy
Spain
Copenhagen .
Stockholm . .
Christiania ..
3.94|
12.19
5.51
353.75
16.87
16.63
16.32
21.90
16.32
Although arriving later than the extensive
modification of values of European currencies,
the revision of rates on oriental countries is of
necessarily less importance. This revision did
not develop in a marked way until the spring
of 1920 was well advanced, at which time a
reduction in the value of silver had been
brought about as a result of changed trade
conditions in the Orient and consequently
smaller demand for the metal. These changed
factors in demand cut th^ New York price of
silver, which had gone as high as $1.38i an
ounce, to about 81J cents. The later application for purchases under the provisions of the
Pittman Act brought the price of domestic
American silver up to about $1 an ounce, but
the quotation in the London market has continued substantially unaffected by American
purchases. Oriental exchanges have, however, reflected the altered conditions which
had given rise to these modifications. The
following table shows comparative quotations
for some of the principal oriental exchanges
for June, 1920, as compared with a year
earlier.
Week's range.
June 30, June 30,
1919.
1920.
High.
Hongkong
Peking
Shanghai
Bombav..
Calcutta
--
.
.
83.00
133.50
123.50
40.00
40.00
High.
75.50
112.50
105.50
39.50
39.50
For the month of June foreign exchange has
been unwontedly stable and free of disturbing
factors, European exchanges on the whole
advancing, while oriental exchanges have
varied considerably in their quotation. The
following table continues the figures furnished
in former issues for representative rates:
JULY, 1920.
671
FEDERAL RESERVE BULLETIN.
Foreign exchange rates.
Week e n d i n g May 29.
England
France
ItaJy
Spain
Argentina
China (Hongkong)
China (Shanghai)
Japan (Yokohama)
Germany
Switzerland
Sweden (Stockholm)
Holland
Belgium
June 5.
High.
Low.
3. 92}12.26
16.53
16.63
42. 55
85.00
119.00
51. 50
3.01
5.60
21.50
36.50
12.15
3.84
3.96
13.58 12.70
13.17"
18.58 16.75
16.73
16.60 16.35
16.20
42.50 42.40
42.35
81. 75 83.50
81.50
113. 50 123.00 123.00
50.75 51.25
50.75
2.48
2.63
2.25
5.65
5.47
5.56
20.90 21.55 21.45
36.375 36.6875 36.4375
13.17 12.22 12.48
High.
Low.
Week e n d i n g June 12.
High
England
3.94J
France
12.97
17.00
Italy
16.50
Spain
42.45
Argentina
China (Hongkong).. 80.00
110.00
China (Shanghai)
Japan (Yokohama).. 51.25
2.62
Germany
5.52
Switzerland
Sweden (Stockholm) 21.70
36.37
Holland
12.42
Belgium
Low.
June 19.
High.
June 26.
Low.
High.
3.98|
3.93i
3.99;
3.883
12. 54 13.26
11.62
13.20
1-5.10
16.60
18.00
18.68
16.75
16.63
16.53
16.35
42.10
42.20
42.10
42.37
75.75
70.00
74.25 75.75
96.25 100.00 91.00 105.00
51.25
51.25
51.25
51.00
2.74
2.44
2.60
2.48
5.49
5.25
5.51
5.55
21.93
21.55
21.80
21. 50
35.937
35.
875
36.00 36.125
12. 50 11.46
12.10
12.65
Low.
3.951
12.51
16.54
16.64
41.50
72.75
99.00
51.25
2.65
5.51
21.80
35.625
12.00
[In thousands of dollars.'
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. 31, 1919
Jan. 1 to June 10, 1920
To/al
1
Exports.
Excess oi
imports
over exports.
23,253
451,955
685,745
553,713
61,950
76,534
109,603
104,972
31,426
155,793
372,171
40,848
368,185
192,291
181,719
420,529
529,952
181,542
21,102
i 291,651
182,688
1,962,753
1,265, 686
697,067
Excess of exports over imports.
[In thousands of dollars.]
Imports.
During the month ending June 10 the net
inward movement of gold was
$19,785,000, as compared with
a net outward movement of
$30,657,000 for the month ending May 10.
Net imports of gold since August 1, 1914, were
$697,067,000, as may be seen from the following
exhibit:
Imports.
mainder coming principally from the South
American and Central American States, France,
Mexico, and Canada: Of the gold exports,
amounting to $6,757,000, $3,000,000 was consigned to the Dutch East Indies, $1,600,000 to
Mexico, and $1,500,000 to Japan, the remainder
going principally to Canada and Hongkong.
Since the removal of the gold embargo on June
9, 1919, total gold exports have amounted to approximately $546,000,000. Of this total, about
$146,555,000 was consigned to Argentina,
$102,876,000 to Japan, $62,988,000 to Hongkong, $55,396,000 to China, $39,042,000 to
British India, and $29,778,000 to Spain, the
remainder going principally to Uruguay, Mexico, the Dutch East Indies, the Straits Settlements, and Venezuela.
During the same monthly period the net inward movement of silver was $1,409,000, as
compared with a net outward movement of
$373,000 for the month ending May 10. Net
exports of silver since August 1, 1914, were
$455,599,000, as may be seen from the following
exhibit:
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 Dee. 31. 1919
Jan. 1 to June 10, 1920
Total
Exports.
Excess of
exports
over imports.
12,129
34,484
32,263
53,340
71,376
89,410
52,079
22,182
53,599
70,595
84,131
252,846
239,021
78,306
10,053
19,115
38,332
30,791
181,470
149,611
26,227
345,081
800,680
455,599
Mexico furnished over three-fifths, or
$4,663,000, of the $7,343,000 of silver imported
during the monthly period ending June 10,
most of the remainder coming from Peru, Canada, England, and the Dutch East Indies. Of
the silver exports, amounting to $5,934,000,
over one-half, or $3,036,000, was consigned to
China and $1,352,000 to Hongkong, the remainder going principally to England, Mexico,
and Canada.
Treasury operations, including the issue on
May 17 of over 100 millions of
The banking ^
certifi a t e s a n d t h e w h o l e
situation.
.
Of the $26,542,000 of gold imported during
series oi transactions connected
the monthly period ending June 10, about 90 per with the collection of the June 15 installment of
cent, or $23,616,000, was shipped from Hong- income and excess-profits taxes, are the prinkong for British Government account, the re- cipal factors responsible for the changes in con-
872
FEDERAL RESERVE BULLETIN.
dition of 814 reporting member banks between
May 14 and June 18. The effect of these operations is seen primarily in a decrease of the
banks' United States security holdings from
1,675 to 1,588 million dollars, also in a reduction of loans supported by such securities from
1,089 to 1,026 millions. As against these reductions, the banks report increases of about 9
millions in loans secured by corporate securities and of about 78 millions in other loans and
investments, including commercial loans and
discounts proper. As a consequence total loans
and investments of the reporting banks on
June 18 were about 63 millions less than five
weeks before. Total loans and investments of
member banks in New York City, because of the
much smaller reduction in certificate holdings
and the relatively larger increase in ordinary
commercial loans and loans secured by corporate securities, show an increase of 32 millions.
Accommodation of reporting member banks
as shown on the books of the Federal Reserve
Banks decreased during the five weeks from
2,127 to 1,833 millions, or from 12.5 to 10.8 per
cent of their total loans and investments. For
the New York City banks this ratio shows a
decline from 12 to 9.7 per cent.
Principal changes in the condition of the
Federal Reserve Banks between May 21 and
June 25 include a reduction of 168.8 millions in
loans secured by United States war securities
as against an increase of over 100 millions in
other discounts. Holdings of acceptances declined about 18.2 millions, while the Federal
Reserve Banks' holdings of Treasury certificates show an increase of 48.6 millions, this increase representing largely the amount of
special certificates taken by the Federal Reserve
Banks to cover temporary advances to the
Government.
Interbank discounting shows a steady reduction from 146.1 millions on May 21 to 96.1
millions on June 18 and an increase to 125
millions at the close of the subsequent week.
No change is shown either in the list of discounting banks or in the list of banks which
report liabilities on bills rediscounted. Graduated discount rates are at present applied by
the Kansas City, Atlanta, St. Louis, and Dallas
banks. The effect of these rates is seen in a
JULY, 1920.
check upon further credit expansion rather
than in any decrease of discounts held by or
of rediscount liabilities of the four Federal
Reserve Banks concerned. Government deposits varied between a maximum of 56.4
millions on June 18 and a minimum of 14.2 a
week later. Variations in net deposits reflect
in a large measure the fluctuations in discounts.
Changes shown for the last two Fridays of the
period are traceable in part to the large volume
of checks and drafts received by the Government in payment of taxes and credited to its
deposit account by the Federal Reserve Banks
before actual collection. Federal Reserve note
circulation increased 31.5 millions and Federal
Reserve Bank note circulation 8.2 millions.
The banks' gold reserves, following gold imports from the Orient and Canada, show a
gain of nearly 30 millions.
The banks' reserve ratio reached the low
level of 42.5 per cent oh June 4. On June 18,
in consequence of the large loan reductions
effected by the member banks, the ratio shows
a rise to 44.5 per cent. At the close of the
period, i. e., on June 25, the reserve ratio stood
at 43.6 per cent, as compared writh 42.7 per
cent five weeks earlier.
In the interest of conservation of paper, the
Board has decided to print the
Two editions of
Bulletin.
FEDERAL RESERVE BULLETIN
in two editions (a complete
edition and an abbreviated edition), beginning
with the July number. The abbreviated edition (24 pages) contains the review of the
month, official announcements, the national
review of business conditions, and other matter
of a general character, and is distributed without charge to the member banks of the Federal
Reserve System. The complete edition (116
pages) contains the review of the month, detailed analyses of business conditions, special
articles, review of domestic and foreign banking, complete statistics showing condition of
Federal Reserve Banks and member banks,
etc., and is distributed at a charge of $4 per
annum to cover the cost of paper and printing.
It is estimated that a saving of practically onehalf in the amount of paper used will be effected
in thus distributing the two editions instead of
one large edition as heretofore.
JULY, 1020.
FEDERAL RESERVE BULLETIN.
673
BUSINESS, INDUSTRY, AND FINANCE, JUNE, 1920.
Considerable variation in business conditions, taking the country as a whole, is reported
by Federal Reserve agents. In agricultural
production there is a perceptible improvement
m prospects, due to seasonable weather, good
distribution of moisture, and the replanting
of crops. In manufacturing conditions are in
some districts reported as chaotic, ranging from
extreme optimism to equally extreme pessimism. The railroad situation has been somewhat improved, but as yet not sufficiently to
warrant a belief that the effects of the breakdown have been overcome. There is still great
congestion of goods. In retail trade there is
evidence of a decreased volume of demand in
many parts of the country, although some ol
this decline is seasonal. Quite generally there
is a tendency to settle down to a readjusted
basis and to proceed with business upon the
new level of prices and demand. Control of
credit and discrimination between nonessential
and speculative borrowing is producing some
results, although these are reported as developing themselves slowly and gradually. The
present price situation is unsettled and is being
closely watched. While some price-reporting
agencies show a reduction, others, including
among them the Bureau of Labor Statistics,
show increases in prices, due perhaps to the
different character of the commodities used in
making up index numbers and the methods of
construction rather than in discrepancy in
prices themselves. Foodstuffs and essential
commodities, except clothing and shoes, show
little indication of reduction; luxuries and " unessentials" have been in many lines distinctly
cut. Business is passing through a period of
readjustment and, in many directions, of depression. There is, however, every indication
that this transition period will not last long—
indeed, that the turn toward new conditions
has already been taken.
In district No. 1 (Boston) the outstanding
features of the situation have been more spectacular during May than at any time since the
armistice, for the forces which have been operating to produce liquidation of commodities
have culminated in an unmistakable manner.
Cancellation of orders has been an important
factor, while price reductions, although not
believed permanent, have been important.
In district No. 2 (New York) speculation has
been depressed, although the bond market has
been more firmly supported than for some
months past. Exporters report a softening in
the foreign demand for American products.
Immigration is increasing, prices have fallen
in some lines quite decidedly, and retail trade
has been stimulated by recent reductions.
Building continues inadequate.
In district No. 3 (Philadelphia) "the industrial situation is marked by the same adverse
tendencies which were factors last month.
Decreases in the amount of orders received
for iron and steel are held to be due to the
greater concentration of attention on orders
which have already been placed. A very
slight improvement in transportation conditions had been reported during the first few
weeks in June, but this improvement was not
great enough to be of any real assistance to
manufacturers. The past few months have
been marked by slowing up of collections in
many of the more important lines of business."
In district No. 4 (Cleveland) "conditions are
somewhat chaotic in the manufacturing field.
Complaint of car shortage is general. Makers
of goods who depend for raw materials upon
the metal trades report that steel was never
so difficult to obtain as now. Throughout
almost the entire manufacturing field is found
a marked increase in the productiveness of
labor." Cancellations of orders are frequent
in various lines, particularly those connected
with building.
In district No. 5 (Richmond) "the breakdown of the traffic system and the wave of
price cutting in retail stores were the outstanding features. The inability of the railroads to furnish cars and the further freezing
of credits have been the chief elements in
keeping prices high. The widespread protest
against high prices has had an unsettling effect
in all lines of trade."
In district No. 6 (Atlanta) there is a tendency on the part of the public to refuse to
pay exorbitant prices, and "while the volume
of retail trade is large, there has been quite a
subsiding of the rush caused by the announcement of price reductions. There is on the
whole no uneasiness concerning the future of
business and industry. It is becoming more
and more apparent, however, that the process
of deflation has begun."
In district No. 7 (Chicago) discrimination
against unessential and speculative borrowing,
and reduction in the volume of commodities
offered for shipment, are operating to relieve
the credit strain. Savings accounts are growing. Much money is still tied up in inven-
674
FEDERAL RESERVE BULLETIN.
tories, but there is some indication of decided
improvement in conditions.
In district No. 8 (St. Louis) " business has
not slackened its recent pace of tremendous
activity. Agricultural prospects have bettered in an astonishing degree. Retail business has been stimulated. Deliveries and
shipments have been more efficient although
still vastly under normal. Apprehensions felt
in financial circles a few weeks back have
largely disappeared."
In district No. 9 (Minneapolis) crop progress
during the month has been excellent. The
feeling among business men generally "is of a
steadier and more hopeful nature than 30 days
ago. The decline in prices has been sustained
in such lines as shoes, silks, and ready-to-wear
goods. Traffic conditions, however, show very
little improvement. Car shortage has become
a serious menace."
In district No. 10 (Kansas City) "the tide of
depression existing for a short time recently7
seems to have abated to an appreciable extent.'
However, transportation facilities "are lamentably inadequate" and as a result "there
is an added strain to the already greatly expanded credits, a slackening of industrial effort, and a prolongation of inflated prices of
foods and commodities." The industrial situation, however, "is somewhat easier than it
has been for several months." Shortage of
cars is, however, "still a disturbing factor."
In district No. 11 (Dallas) changes in agricultural and commercial conditions "have not
been very noticeable. Agricultural prospects
have slightly improved. In mercantile lines
there is continued evidence of a decreased
volume, both retail and wholesale." In wholesale trade, moreover, "cancellations are quite
numerous and buying is upon a very conservative basis." Effort to obtain greater production has had a fair measure of success.
In district No. 12 (San Francisco) the condition of crops is practically unchanged, but
range conditions are improved. Shortage of
cars is still causing congestion. Retail business has, however, increased and the labor
situation has improved somewhat.
Possibly the most encouraging factor reported during the month has been the advance
in condition of seasonal crops. From district
No. 9 (Minneapolis) it is reported that rains
have been widespread, and the dry sections
in Montana and western North Dakota have
received adequate moisture, while the wheat
crop, although with a somewhat reduced
acreage, shows an excellent stand. The flax
outlook is promising, corn shows a large acreage, there is a satisfactory grass and forage
outlook, and the cutting of alfalfa will be heavy.
The wheat situation in district No. 10 (Kansas
1920.
City) is likewise reported very much better.
Winter wheat made remarkable improvement
in May, and there is promise of a much larger
yield than was predicted at the beginning of
the month. In Kansas the wheat crop may
be the third best in the history of the State.
Spring wheat is also reported as very fine, with
a yield about normal, in spite of reduced
acreage. Corn is showing encouraging progress, with increased acreage, and small grains
are in good condition and with acreage about
normal. The Pacific coast crops show excellent promise, production of oats being expected to run higher than in 1919. There has
been a falling off in barley in California, but the
fruit crop is expected to equal, or perhaps exceed, in most cases the yield "of 1919. There
has been a drop in prunes, cherries, and apples.
Range conditions are excellent. The worst
situation is seen in cotton. From district No.
6 (Atlanta) it appears that the poor conditions
already reported by the Government have been
but little improved, and that not onlj will the
acreage be small but the yield per acre in many
sections will be low. There was, however, improvement during the first two weeks in June.
In district No. 11 (Dallas) heavy rains have
interfered with the planting of cotton in some
sections, and the acreage will be smaller than
expected. This is partly offset by favorable
conditions in New Mexico and Arizona and by
replanting in southern Oklahoma. In the
Middle West (district No. 7) agricultural conditions are generally considered favorable, and
while corn planting was late the plant was
growing rapidly and soil conditions are propitious. Large stocks of all agricultural products are still being carried on farms, and some
authorities in various parts of the country advise the storing of grain as the new crop is
produced.
May witnessed the termination of Government control of wheat, ending the minimum
price guarantee, without causing even a slight
flurry at market centers. Speculative trading,
however, is held in abeyance until the exchanges have worked out plans for the regulation of futures. The problem of obtaining
sufficient cars to handle the unmarketed portion of the 1919 crop in general has been a
matter of considerable concern. In the Kansas
City district "it is regarded as certain that
probably 25 per cent of the last year's crop will
still be in the hands of farmers when the new
1920 crop begins to flow to the markets." May
wheat receipts in this district, while handicapped by car shortage, were considerably in
excess of the low April figures, although corn
and oats receipts were small. High April
wheat prices in Kansas City, due to demand for
good milling wheat, have been sustained,
JULY,
1920.
FEDERAL RESERVE BULLETIN.
while oats prices were likewise high. Flour
prices at Kansas City advanced during the
month of May in sympathy with the rise in
wheat. Receipts of wheat at Minneapolis and
Duluth for the crop year beginning September
1, 1919, indicate, when compared with the
estimates of the United States Department of
Agriculture of the total crop for 1919, that 83.2
per cent of the crop had been moved by that
date, as compared with 66.5 per cent for the
1918 crop and 45 per cent for the 1917 crop.
The live-stock situation is among the most
promising departments of agricultural effort
in the country. In district No. 10 (Kansas
City) pasture conditions are excellent, although the movement of stock to grazing
lands is slow. However, live stock in all
States is generally healthy and improving
in condition. Receipts of cattle at 15 principal markets during May were 1,209,656 head,
as. compared with 1,040,903 head during April,
and 1,262,065 during May, 1919, the respective index numbers being 120, 103 and 125.
Receipts of hogs amounted to 3,128,249 head
during May, corresponding to an index number of 142, as compared with 2,150,281 head
during ilpril, and 3,049,223 head during May,
1919, the respective index numbers being 98
and 139. Receipts of sheep for May were
796,160 head, as compared with 928,191 head
during April and 934,613 head during May,
1919, the respective index numbers being 58,
68 and 68. During the first two weeks of
June strong increases in live-stock prices in
face of diminished receipts were recorded.
From district No. 11 (Dallas) it is reported
that range conditions are good and that the
condition of live stock throughout the7 entire
district is "from good to excellent/ while
live-stock prices have continued to sag toward
lower levels, and at Fort Worth and other
markets fairly large consignments have been
received, a considerable portion of the offerings consisting of choice, heavy animals in
excellent condition. The number of cattle
yarded at Fort Worth in May compares
favorably with the corresponding receipts for
the past eight years, except in 1917. In various districts, however, cattle interests have
felt restriction of credit due to a lack of demand for cattle paper, and this has rendered
the problem of rehabilitating the yards in the
breeding sections a serious one. From district No. 7 (Chicago) it is reported that the
high cost of money has tended to limit accommodations to the live-stock industry.
Railroad congestion and similar difficulties
have continued to make it difficult for iron and
steel manufacturers to keep up their production, but energetic effort has already had its
effect. From district No. 4 (Cleveland) it is
675
reported that a "surprisingly good showing"
is being made, all things considered. Pig-iron
output for May was a little under 3,000,000
tons, or a gain of about 240,000 tons over
April. Operations, however, are being carried
on with a narrow margin of safety because of
the short car supply and the uncertain receipts
of raw materials, including both ore and coal.
The railroads are still unable to meet the
demands upon them, and the unfavorable coal
prospects affecting the late summer and
autumn cause anxiety with respe'ct to the
future. The most serious aspect of the situation as bearing upon sustained operation is the
large amount of rolled steel which continues to
be carried in the yards because of inability to
ship. In the Pittsburgh district alone this is
estimated at 500,000 tons. From district No.
3 (Philadelphia) it is reported that the demand
for iron and steel remains quiet, pending the
return of better transportation conditions, and
while production of pig iron showed a small
improvement during May, the change was not
material. Iron products have a steady and
satisfactory market and consumers have not
accumulated any considerable surplus. Costs
are so high that there is no prospect of lower
prices and the improvement of transportation
will result in an immediate development of
business. Producers hesitate to accept new
orders far in the future because of high production costs. In the Cleveland district, too, it is
reported that new business is on a reduced
basis, partly due to uncertainty of deliveries
and inability to direct future costs. The railroads have not been buying equipment to the
extent that was hoped. In the Birmingham
district it is reported that a steady demand
throughout the remainder of the year for iron
and steel is anticipated. While pig-iron manufacturers have fared better as to cars than coal
producers, steel mills are active and a slight
lull in buying has not checked confidence.
The general rate of $42 per ton for pig iron has
been maintained. Throughout the country
fabricating plants are as active as the supply of
coal will permit. The unfilled orders of the
United States Steel Corporation at the close of
May were 10,940,466 tons, corresponding to
an index number of 208, as compared with
10,359,747 tons at the close of April, corresponding to an index number of 197. Steel
ingot production shows an increase from 2,638,305 tons during April to 2,883,164 tons during
May, the respective index numbers being 109
and 119.
Continued congestion in coal is closely
allied to the decrease produced by the unsatisfactory railroad situation in the steel industry.
In Alabama (district No. 6) coal production
has been lagging for some time and there is
676
FEDERAL RESERVE BULLETIN.
coal shortage at many points, with a tendency
on the part of production to fall off. In
Pennsylvania (district No. 3) work at the
mines is slack, owing to the poor car supply.
On one of the leading railroads conditions
have been deplorable, the car supply being
sometimes as low as 10 per cent and often not
over 30 per cent. The Great Lakes district is
in serious danger through the shortage of bituminous coal. The labor situation is unsatisfactory, many foreign workers leaving for
their native lands. Demand for coal is far in
excess of the supply, and, should present conditions continue, manufacturing will be seriously interfered with. Domestic coal prices
are rising slightly. Collections in the coal
business are good, but dealers are suffering
from the lack of adequate capital. In the
Lake region (district No. 4) shipments of ore
and coal show a loss as compared with last.
season and a shortage at both ends of the Lake
route is expected at the close of the shipping
season. Vessels in the ore trade, owing to the
light movement of grain and coal, show a decrease in business. Coal shipments up to June
1 were 3,200,000 tons less than for the same
period last season, although there has been a
slight increase since that date. All Lake coal
is now being pooled on practically the 1918
basis. Iron, steel, and other plants will be
seriously held up and obliged to slow down
their production unless a very distinct improvement in transportation speedily occurs.
Production of bituminous coal for the country
at large during May amounted to 39,057,000
tons, as compared with 37,966,000 tons during
April and 37,547,000 tons during May, 1919,
the respective index numbers being 105, 102,
and'101. There has been no increase in labor
difficulties in the coal industry, the difficulty
of the situation being found in other directions.
As for petroleum, reports from district No.
10 (Kansas City) show a large gain in field
operations, while Kansas wells gained 2,051
barrels daily in new production in May. For
the district as a whole daily production was
102,000 barrels, as against 67,000 barrels in
April and 56,000 barrels in May, 1919. No
material changes in the price of crude oil were
reported. In the eleventh district (Dallas)
the number of oil wells being drilled at the
close of May was 2,958, compared with 3,063
at the end of April. Crude-oil prices ranged
from $3.14 to $3.50. Drilling reports showed
a substantial improvement for the month of
May. The output for May was 11,714,000
barrels, or an increase of about 690,000 barrels
over April.
Metal mining conditions were not quite as
favorable during May as they were a little
earlier. The fall in the price of silver has elimi-
JULY, 1920.
nated the profits of many silver operators,
while in lead and zinc shipments showed a decided reaction for May as compared with April.
Zinc and calamine prices were nearly stationary.
Lead shipments declined from the preceding
month, the average for each week in May in the
Missouri-Kansas-Oklahoma district being 1,959
tons, as compared with 2,524 tons during April.
The price level showed a material cut, falling
from $110 to $100. The weather conditions
were bad during May, while harvest demands
have drawn off labor. Considerable unsold ore
is on hand in various lines of production.
In the field of general manufacturing conditions have varied very greatly as a result of
transportation troubles, credit control, and other
factors. In the Philadelphia region (district
No. 3) there has been marked depression in shoes
and leather. Tanning is inactive, and should
the price of raw hides continue as low as to-day
next year's shoes will show a material decrease
in price.
From district No. 1 (Boston) it is reported
that not within the memory of the oldest dealer
in leather has the Boston market been so stagnant as during the last two months. A vast
amount of shoes has been returned by retailers,
jobbers, and wholesalers to the manufacturers.
Orders have been canceled to an unprecedented
extent. Many tanneries have closed down entirely and their prices are off from former high
levels. Fall shoes, however, will be at relatively
high levels of price. Public sales have been conducted by manufacturers in order to eliminate
surplus stocks. In district No. 5 (Richmond)
boot and shoe manufacturers are facing a period
of small business, retailers are buying slowly,
the demand is less than the manufacturers7
capacity, and some trade journals see a period
of unemployment. Cancellations are numerous. District No. 8 (St. Louis) reports that
old business on hand is in large volume and
while there have been cancellations and hesitation in new business there is still plenty of
trade. Some price reductions have been made.
The paint and varnish industry is prosperous
and the demand very great, with transportation the chief obstacle.
In other manufacturing lines there is considerable variation. Men's clothing is perhaps
more depressed than any other industry.
Buyers are holding off in anticipation of lower
prices. From district No. 3 (Philadelphia) it
is reported that higher prices are expected, as
production costs do not warrant reductions.
Operating conditions are fairly satisfactory and
the demand of labor for higher wages and
shorter hours has abated. In district No. 4
(Cleveland) the clothing trade and the cloak
trade have canceled their orders very heavily
during the past two months and many have
JULY,
1920.
FEDERAL RESERVE BULLETIN.
closed their factories for a week at a time,
while most are now operating on a three-day
week basis. In drugs and chemicals much
improvement is reported from the Middle West.
In a general way, orders for future delivery on
manufacturers' books are large and sufficient in
most cases to insure capacity operation for
several months to come, but new business is
coming in more slowly and there is a very
general disposition to cancel orders.
The situation in the cotton textile field continues uncertain. The market for cotton yarns
is unsettled. In district No. 3 (Philadelphia)
surplus stocks are being sold at some sacrifice
for practically whatever they will bring. The
outlook when trading is resumed on a large
scale is problematical, depending largely on the
coming cotton crop and on transportation. In
cotton goods, the public stand against high
prices is having an important influence. Manufacturers of cotton goods are in some cases
closing their plants, although many concerns
are continuing on old ©rders which should keep
them running until late in the autumn. In
knit goods the market is still in a condition of
stagnation, while hosiery and underwear manufacturers report a total absence of buying.
Labor, nevertheless, continues insistent upon
high wages. There has been a slowing down
of activity in district No. 1 (Boston). This is
reflected in decreasing consumption and spindleage. Consumption has fallen from about
212,000 bales in March to 194,0004)ales in May.
Consequently mills have not been placing orders
for raw cotton, except in sporadic cases. Export trade for the past two or three months has
been very poor.
Adjustment of the wool ma-rket is now in
progress and during the past month there has
been complete cessation of buying. No established price for raw wool exists. The situation
in the woolen and worsted yarn industry is
causing grave apprehension to manufacturers.
Lack of confidence is reported throughout the
textile industry in district No. 3 (Philadelphia). Collections are poor and transportation is very unsatisfactory. District No. 1
(Boston), after noting that of the 674,000,000
pounds of wool purchased by the Government
at the time we entered the war, there was left
at the date of the armistice about 437,000,000
pounds, goes onu to review the existing situation as follows,: All the best grades have been
sold, but the Government still has about
61,000,000 pounds graded from mediums to
the low-cross-breds, of which about 40,000,000
pounds is stored in Boston and vicinity and
the balance scattered throughout the country,
a considerable amount of this being in New
York, Philadelphia, and Chicago. At the last
677
auction of Government wool, held June 10,
when 7,000,000 pounds were offered, only about
6 per cent was sold at upset prices, which practically amounted to the same prices as at the
previous month's sale. The dealers, being well
stocked with medium and lower grades, have
not been in the market for several months past.
At the last sale of British wools, held in Boston
the latter part of May, there were practically
no bidders and what was sold is said to have
been bought at from 15 to 30 per cent less than
previous sales, a condition which also prevailed in the London market."
Boston dealers say there is evidence of the
existence at this time of great quantities of
wool in the world. It is estimated that Great
Britain owns 1,500,000 bales all paid for, and
that Australasia, including New Zealand, has
a considerably larger amount, including this,
year's clip. This condition has been brought
about by such countries as Germany, Austria,,
and Russia being out of the market for a longtime past, while France and Belgium own no
wool, buying as they need it. The mills of the
two last mentioned countries are said to be
operating at from 75 to 80 per cent of prewar
times. It is claimed that Great Britain is the
only country extending any large amount of
credit to Germany, last month granting at
least $75,000,000.
Many New England mills are now, and for
the past two or three weeks have been, operating three days a week, some are shut down
entirely, and it is said that others will close
altogether or go on a three-day basis. Nearly
all, 2 not all, the mills have had large cancellations of orders and have not, therefore, been in
the market for wool during the past two months,
and it may be some time to come before they
will place orders. Consequently, the wool
dealers are doing no business, and this condition prevails throughout the country.
During the month an important conference
was held between the Federal Reserve Board
and representatives of woolgrowers. At the
close of the conference the Board authorized the
following statement with reference to methods
to be employed in financing this year's crop:
A woolgrower may ship his wool to one of the usual
points of distribution, obtaining from the railroad a bill
of lading for the shipment; the grower may then draw a
draft against his bank, for such an amount as may be
agreed upon by the grower and the bank, secured by the
bill of lading. The Federal Reserve Act authorizes any
member bank to accept a draft secured in this manner at
the time of acceptance, provided that the draft matures
in not more than six months from the time of acceptance.
After acceptance such a draft bearing the indoresment of
a member bank is eligible for rediscount or purchase by a
Federal Reserve Bank, provided that it has a maturity
of not more than three months from the date of rediscount
or purchase.
678
FEDERAL RESERVE BULLETIN.
The volume of retail trade has continued
large, due in part to the movement for reduction in retail prices which commenced in May.
This movement has been universal, although in
certain districts, for example, Dallas, not nearly
so general or widespread as in the North and
East. While the movement was aided by
refusal on the part of the public to pay the
high prices prevailing, as well as by difficulties
in financing high-priced stocks, a counterbalancing factor has been found in the
tendency of wholesale prices in large measure
to be maintained at current levels, and the
opinion has been expressed that the price
reduction sales in many cases involved merely
anticipation of the customary midseason clearance sales. Stocks in certain cases are reported to have been considerably reduced, and
in the Richmond district it is stated that
" quite a number of stores have already stopped
the special sales" in consequence. That this
has not been the case in all districts, however, is
seen from the fact that in New York it is reported that retail trade after the early stimulus
of price reductions soon relapsed into the dullness which was manifest in April, the consumer
to a large degree resorting to his waiting attitude.
It is stated that sales of necessities apart from
food have declined even more than the sales of
luxuries. Retailers are reported to be conservative in the replenishing of stocks, tending to
confine purchases to current needs only.
One of the decisive factors in the business
situation for the month has been the falling
off in building activity as a result of very high
prices of materials. This is all the more
noticeable because the present is usually the
time of greatest activity. Housing operations
have been particularly few in number, especially in some districts in the Middle West. In
the eastern districts the falling off has been
equally severe. Philadelphia reports a total
number of building permits in May, amounting
to 2,624, as against 2,999 for April. In the
Northwest the reduction has been about
parallel to that in other parts of the country.
Building permits reported from Minneapolis
were 1,764, as compared with 2,008 in April.
The slackening in building activity has had a
reflex influence upon lumber, a decline in
lumber prices having been in effect since February last. The trend of production in the
southern pine district is now downward.
Stocks have accumulated on account of inability to move them, and price recessions to the
extent of about 15 per cent have been reported.
A very similar situation exists practically
throughout the country. On the Pacific coast
night operations have ceased almost entirely.
Unfilled orders have fallen off materially.
JULY,
1920.
Building operations on the Pacific coast were,
however, more active during May than during
April.
Industrial operations during the month of
May and the early part of June have continued
to suffer from uncertainty on account of the
labor situation. Little relief has been obtained
in connection with the labor situation on farms,
while unrest in some of the basic industries,
notably transportation, has been maintained.
Sporadic strikes in many parts of the country,
and particularly on the eastern seaboard, have
been a serious deterrent to the movement of
goods and the continuance of manufacturing.
Employers are generally feeling that further
advances in wages present great difficulty on
account of the resistance of the public to
further increases in prices. While there is
still complaint of low efficiency of labor per
unit output, improvement in this particular
is reported from various points, especially from
district No. 4 (Cleveland). Many strikes in
various parts of the country have concerned
themselves with the open-shop question. On
the Pacific coast, however, the labor situation
has improved during the past month, especially
in the Northwest.
Financially, the month of May has been a
period of great interest. The advance in the
rate on Treasury certificates of indebtedness
to a maximum of 6 per cent, and the raising
of rates of discount at various Federal Reserve
Banks to a 7 per cent maximum have tended
to assist materially in the control of credit.
The reserve ratio at Federal Reserve Banks improved by about 2 per cent during the month.
Conditions in the financial centers have shown
comparatively little modification. Call-money
rates in New York have gone as high as 11 per
cent and have continued at that figure for considerable periods. The importation of gold on
a small scale has been resumed and a larger
movement from Great Britain is now confidently expected. Commercial paper and time
money rates have continued high, with money
supply scanty, while the pressure from the interior banks upon their city correspondents for
accommodation has become more intense as
the cost of funds at local Reserve Banks has
increased. The opinion of bankers, not only
in New York but in various other financial
centers, is to the effect that the money situation has shown a distinct improvement during
the month, and this view is borne out by reports
of various Federal Reserve agents who state
that the Reserve Bank policy, aided by cooperation of member banks, is convincing wouldbe borrowers that there must be a revision of
their applications with a view to eliminating
all unnecessary or unessential requirements.
JULY,
1920.
FEDEKAL RESERVE BULLETIN.
679
SPECIAL REPORTS ON BUSINESS CONDITIONS.
CAUSES OF CANCELLATION OF ORDERS.
The outstanding feature of the past month
appears to have been the excessive cancellation
of orders received by manufacturers representing various lines of industry. It is a situation
that might be interpreted as presaging industrial depression were it not for certain special
circumstances that go far toward explaining
the prevalence of these cancellations. In the
first place the transportation tie-up remains,
as it has been for several months, the dominant factor to be reckoned with, and the chief
cause inhibiting productive activity. Inability
to deliver goods or delayed deliveries are sufficient explanation of many cancellations. Fuel
shortage, likewise attributable to transportation difficulties, has also led to a reduction of
output in certain industries, thereby diminishing the demand for raw materials and semifinished products. These factors also inevitably react upon the buying power of those ultimate consumers whose wages are reduced by a
slowing up or cessation of industrial activity.
But, on the whole, the ability of producer
and distributor to sell goods appears to have
been fairly well sustained, except in the case of
clothing and of boots and shoes. In these lines
the consumptive buying demand has undeniably fallen off, at least for the time being, but
here, too, delays in delivery and unseasonable
weather have been important contributory factors. The situation in the clothing industry
has been inevitably reflected in textile lines—
particularly in the case of the woolen mills
which have suffered exceptionally heavy cancellations. The result of this has been that the
wool grower is unable to market his product.
The hide and leather markets have similarly
felt the effects of the cancellations received by
the boot and shoe manufacturers.
Credit contraction is sometimes alleged as a
prime cause of the reduced volume of business.
But the total amount of credit available can
not be said to have been restricted. There
exists rather an abnormal demand for loans due
to freight congestion and inability to make
shipments.
It is the generally accepted opinion that if
the transportation problem can be solved,
present hindrances to productive activity will
largely disappear.
DISTRICT NO. 1 (BOSTON).
"Cancellation of orders by retailers had
been reported for some weeks, but this factor
had no appreciable reaction in the form of reduced prices to the consumer or lessened earnings on the part of wage earners until it had
had time to reach back to the actual producer
of goods. That it had done this by the end of
May, however, became apparent with the
announcement the first week in June that the
largest woolen mill corporation in the country
had decided to run its plants at Lawrence and
other centers on a four-day a week basis,
which was subsequently reduced to three, a
program of curtailment quickly followed by
numerous other concerns in the textile industry some of which shut down altogether for a
fortnight or more. Shoe factories were likewise speedily affected by having sent back to
them millions of dollars worth of goods and by
cancellation of orders delayed in delivery.
The immediate cause of this slowing down of
activity was not only cancellation of orders
already booked, but the great caution and
hesitancy of retail merchants in making commitments for fall goods, coincident with liquidation of current stocks at greatly reduced
prices on account of the unseasonable weather,
and increasing unwillingness of the public to
purchase at former prices. Reductions by
retail shoe dealers have been accompanied and
stimulated by the disposal of enormous stocks
of footwear by the makers at special sales to
the consumer direct, one combination of Lynn
manufacturers hiring a large vacant store in
Boston for this purpose, where thousands of
pairs of the finest grades of women's shoes in
the latest styles of the season are being disposed of for $5.50—the nearest approach to
prewar price levels yet reached by any class of
merchandise.
u
There are about 40 tanneries in eastern
Massachusetts, many of which are closed down
entirely, while others are working on half or
less time, and still others express the intention
of closing down entirely until the situation
improves.
"The cancellation movement which during
the past six weeks has struck the woolen and
shoe industry so generally has also reached the
New England cotton mills, and where actual
cancellation of orders has not occurred there
have been, in some cases, requests for delay
in making shipments, all this being occasioned
principally by curtailed bank credits. The
slowing down of activity in the cotton industry
is reflected in the decreasing consumption and
spindleage of the mills of the district. The
consumption in this district for March was
211,986 bales, an increase over February of
24,835 bales; but in April it dropped to
210,510 bales and in May to 193,642 bales.
The number of active spindles increased by
over 45,000 in March over February, but
dropped from 17,800,001 in March to 17,373,100
680
FEDEKAL RESERVE BULLETIN.
in April and to 17,081,954 in May, a decrease
of nearly 720,000 in two months. The amount
of cotton held in the mills of New England
during this period has fluctuated, increasing
from 692,370 bales in February to 717,284 in
March, 742,543 in April and decreasing to
728,821 in May."
DISTRICT NO. 3 (PHILADELPHIA).
District No. 3 (Philadelphia) reports that
"the market for cotton yarns is most unsettled. Some manufacturers in the district who
have suffered vast cancellations are disposing
of their surplus stocks at whatever they will
bring. The manufacturers, however, are quoting no prices for future delivery, feeling inclined to wait until conditions shall become
more settled. There are no purchasers in the
field, and as a result there is practically no
market.
"The transportation situation is perhaps the
most serious of the factors affecting the industry from a manufacturing standpoint at the
present time. The embargoes have held up
shipments, and even when accepted, they have
been months in transit. One of the largest
cotton-yarn manufacturers in the district cites
as an extreme example a shipment which left
one of their southern mills on February 12.
It was sent by water, the steamer arriving in
New York City on March 6, and it was not
until early in June that the cargo could be discharged because of the harbor strikes in New
York. This, of course, meant the tieing up of
funds for several months. It occurred just at
a time when the money market was in a stringent state and worked a great hardship on the
shippers.
"The situation in the woolen and worsted
yarns industry is such as to cause grave apprehension among manufacturers. The general
loss of confidence throughout the textile industry, with the resultant absence of buyers
from the market, has created a situation where
the manufacturer must choose between closing
his plant entirely or manufacturing for stock.
No orders whatsoever are being placed, and in
many instances orders placed months ago are
being canceled. In this regard the transportation situation is most detrimental to the industry, purchasers of yarn using the delayed
shipping dates as excuses for abrogating their
contracts. Yarn spinners are therefore caught
with raw materials which they bought in good
faith. These are either still in the raw state or
in process of manufacture, and there is no outlet for the finished product.
"Collections are extremely poor. The purchasers of woolen yarns who formerly discounted their bills in 10 days are allowing them
JULY, 1920.
to run to maturity dates, and in some cases
have even overstepped that limit, due to
the fact that they either have no funds
or have decided to hold on to those they
have, since there is no demand for their
product and consequently no prospects of
realizing on them.
"The general outlook, however, is not so
pessimistic as the foregoing would seem to
indicate, as manufacturers realize that the
supplies of all finished textiles are being
rapidly depleted, and that in a comparativelyshort time buyers will be forced into the market. When this occurs it is expected that the
prices to be established will enable the industry to function again on a firm foundation.
"Little interest was shown during the last
month in the broad-silk market. The uncertainty in prices and the lack of confidence
tended to keep purchasers out of the market.
The cutting-up trade placed but few orders
and in many cases canceled those booked
months ago. The cancellation problem is
most serious in the silk trade, and broad-silk
manufacturers contemplate strenuous measures to curtail the practice.
"The prospects for the silk industry as a
whole, however, are better than a month ago.
With further stabilization of the raw silk market it is expected that confidence will be regained and active trading resumed.
"The knit-goods market continues to be
stagnated, hosiery and underwear manufacturers reporting the total absence of buying.
The jobbers and retailers are holding off in
anticipation of lower prices, which manufacturers say are not in sight. Increasingly great,
therefore, is the number of plants which are
either curtailing operations or shutting down
completely. It is reported that in one week
the reduction in the production of hosiery was
25,000 dozen.
"At the present season duplicate orders for
fall delivery are usually received, but, instead
of this, cancellations of orders placed last October and November are being made. The cancellation problem is most serious in the knitgoods industry, and wThile some few are being
accepted by the manufacturers, the greater
proportion are being rejected. Following are
some of the reasons advanced by jobbers for
the cancellations: 'Weather conditions; the
depression of business in general; the fact that
huge orders were placed in the belief that the
business boom would continue; the drop in the
price of raw wool;' and similar other arbitrary
excuses. The transportation situation, having
delayed deliveries for weeks at a time, has
caused many cancellations and in some cases
these are being accepted. The others, however, are being refused.
JULY, 1920.
FEDERAL RESERVE BULLETIN.
"The uncertainty characteristic of most
industries was not especially marked in the
men's clothing trade during the early part of
June. The demand continued fairly good,
most manufacturers reporting that the volume
of sales for the season up to that time equaled
1919 and in some cases exceeded it. The
latter part of the month? however, witnessed
a failing off in sales, the cancellation of many
orders previously placed, and the curtailment
of operations.
" While the retail reductions have had their
effect upon the clothing industry, producers
say that they can see no prospects of prices
remaining at their present levels, as a radical
decline in wages and raw materials is not in
sight. Production costs, they say, do not
yet warrant lower prices. Prices for fall delivery are therefore quoted in excess of those
of last year. If the demand, however, as is
now the prospect, shows a decided decline,
prices may have to be reduced in spite of production costs. The demand element is one
which manufacturers are prone to overlook."
DISTRICT NO. 4 (CLEVELAND).
District No. 4 (Cleveland) says: "The clothing trade and the cloak trade have canceled
their goods very heavily during the past two
months, so much so that they have practically
wiped out all the orders on the books of the
large mills, with a result that many of them
have closed their factories for a week at a time,
and most of them are now operating on a threeday week basis.
"The garment industry has been very much
disturbed by the rather hysterical epidemic of
price cutting and forced sales which has spread
over the country, with special reference to the
large cities. Students of the situation are inclined to believe that the beginning of this was
due to the pressure of the banks and creditors
in certain conspicuous cases.
"In the case of continued increases in wages
and no appreciable decline in the piece-goods
market, it is difficult to forecast what the result will be. There has been evidence of
rather sharp curtailment of fall orders, with
cancellations of high-priced goods in particular. These cancellations have been passed on
in turn by the garment manufacturers to the
woolen mills, which have pretty generally accepted them, but instead of reducing prices
the mills have shut down or are running on a
reduced schedule. From the general impression it appears that textiles for fall will not be
sharply reduced, though there may be some
weakening in some special quarters, and stock
goods will undoubtedly be offered at substantial reductions."
681
DISTRICT NO. 5 (RICHMOND).
"Following the break in silk prices mentioned last month, cotton-textile manufacturers in the fifth district have experienced a
decided falling off in the number of new orders
placed. The wave of price cutting in retail
establishments made the merchants hesitate
in placing future orders and has led them to
adopt a marked hand-to-mouth policy. The
mills are viewing the situation calmly, however,
claiming that the special sales put on by the
retailers exhausted stocks and that they will
be forced to return to the market to refill their
shelves. In the meantime mills are running
full time on back orders, of which practically
all mills have enough to keep them at capacity
output for several months. Some manufacturers feel that the future is not bright for
hosiery and yarn mills, but there is little uneasiness in the cloth field. It is not likely that
marked reduction in either production or prices
will come about as long as cotton and wages
remain as high as they now are. It is possible, however, for cotton-textile prices to be
materially reduced without requiring any
marked reduction in wages or raw-material
prices before the mills would approach the
point at which further operation would be unprofitable. Textile profits have been very
large in spite of advancing wages and dear cotton, and most manufacturers could stand a
considerable reduction in prices received for
their goods without suffering hardships. It is
certain that the consumers believe that prices
are too high and are buying far more conservatively than they did two or three months ago.
In addition to this psychological factor the
recent taste of lower costs will have a tendency
to make them still more reluctant to pay
exorbitant prices for cloth and clothing."
DISTRICT NO. 7 (CHICAGO).
"Spinners and weavers of wool yarns and
fabrics are operating on half time, hence their
wool supplies are double anticipated requirements and the market demand is correspondingly smaller, with heavy declines in consequence. To make matters worse, the present
wool clip is accumulating at primary points
and can not be marketed at concessions.
"Weavers declare there is no possibility of
reducing their productive costs, at least in the
labor items. They have gone on a three or four
day working week, hoping to prevent an accumulation of goods, which would tend to demoralize the market. With anything like the
usual fall demand for clothing there is a possibility of a shortage, which together with the
credit situation and curtailed production, may
682
FEDERAL RESERVE BULLETIN.
be reflected in higher prices. Piece goods buyers are using all the tactics of the trade to enforce lower prices, including refusal of deliveries, cancellation of orders and return of shipments to makers whenever that is possible.
" There is a rather mixed state of affairs in
the hide and leather business. In some lines
advices indicate a very large volume of business, with little evidence of recession in either
raw or finished materials, but to offset this
optimism, another important leather industry
reports that the last month has shown further
marked declines in hide and leather prices
both in foreign and domestic markets. Shoe
manufacturers are getting a large number of
cancellations from retailers. Sales are above
last year's average except on the highest priced
shoes, but the demand is now turning to
cheaper shoes.
Leather stocks appear to be
excessive.;;
DISTRICT NO. 8 (ST. LOUIS).
District No. 8 (St. Louis), discussing the
situation in the boot and shoe industry, reports
that "old business on hand is in large volume,
totaling well over the same time last year, but
new buying is slower and more cautiously conducted. Some price reductions have been
made, and concensus of opinion is that there
will be no further advances. There have been
some cancellations of orders, in anticipation of
lower prices."
DISTRICT NO. 12 (SAN FRANCISCO).
Finally, district No. 12 (San Francisco) refers
to the effect of cancellations upon the market
for raw materials as follows: "The wool clip
in this district is averaging one-half pound
lighter per fleece than in 1918. Before shearing began, some buyers were offering to contract the better grades at from 60 to 63 cents
per pound and during May a few sales were
made at from 50 to 55 cents for finer grades
and 35 cents for coarser grades. Normally,
most of the clip would now be under contract,
but this year buyers have not entered the market and practically none of the 1920 clip has
been sold. Cancellation of orders at eastern
mills and transportation difficulties are assigned as reasons for failure to move the clip."
REDUCTION IN BUILDING ACTIVITY AND LOWER
PRICES FOR LUMBER.
From a majority of districts reports emphasize the falling off in building activity and sharp
decreases in the prices of lumber used for
structural purposes.
JULY,1920
DISTRICT NO. 2 (NEW YORK).
"The inadequate amount of residential building continues to be a feature of the building
situation in this district. Not only is the number of dwellings being built below the present
extraordinary demand but in the borough of
Manhattan private dwellings, tenements, and
even large hotels have been torn down or reconstructed into business property.
" Contracts awarded for dwelling construction decreased very materially both in number
and value during May as compared with April.
Materials are very high and hard to get. Supplies are hard to move; instances are cited of
brick being shipped to New York by truck
from Philadelphia.
" According to the F. W. Dodge Co.'s figures,
projects of all kinds contemplated in May in
this district amounted -to $106,573,300 and
contracts awarded to $51,051,500, as compared
with $104,490,300 and $87,741,100, respectively, in April. Contracts awarded fell off
approximately $37,000,000 during the month,
while contracts for house-building projects
dropped from $37,417,500 to $12,064,300. The
number of contracts for house building fell
from 563 in April to 443 in May. Figures show
that this slowing down in building activity was
general throughout the country."
DISTRICT NO. 3 (PHILADELPHIA).
"The inactivity which has characterized
building and construction during the past few
months is having a pronounced effect upon the
industries allied thereto. This marked decline
in the number of new operations being started
has been brought about by a number of causes,
among which are tight money, the transportation tie-up, the lack of efficient help and excessive demands of labor, and the high prices of
raw materials. A decrease in the demand for
raw materials used in construction has therefore followed, and the lumber industry has
perhaps been affected the most.
" Beginning in April of last year the lumber
market started on a steady rise, reaching its
peak in February, 1920. Since that time a
gradual decline has set in, and while many
lumber manufacturers feel that the bottom has
been reached, it is the opinion of the majority
of observers of the market that prices will continue their downward trend.
"The chief structural woods—yellow pine
and fir—are selling about $10 per thousand
under prices of April, 1920, although as one
lumber company writes, ' they are still approximately double their level during the extremely
low price of 1914. The prices of hardwoods
have shaded some, although not to such a great
JULY,
1920.
FEDERAL RESERVE BULLETIN.
extent as the softwoods, notwithstanding the
fact that hardwoods reached a relatively higher
level than softwoods. This is due to the fact
that the supply of hardwoods is very much
more limited than that of softwoods.7
" Practically the only demand for lumber at
the present time is for repair work or the finishing of operations now in process of construction. There is practically no demand for future
delivery for new work.
" Lumbermen can see no prospect of an increased demand until the money and transportation and labor situation are relieved.''
DISTRICT NO. 4 (CLEVELAND).
"There is a noticeable decrease in building
operations incident to the approach of the
summer months. This is all the more noticeable because the present is usually the time of
greatest activity. Not only have building
permits been greatly reduced for this time of
year, but work in prospect has slowed down
perceptibly. A feature to be regretted is the
small number of housing operations being
started, and unless some means shall be found
to stimulate this class of building the housing
shortage will become even more acute.
"The reason for the diminution of building
activity may be found in the high cost of labor
and materials and the gradual finishing up of
building of pressing necessity.''
DISTRICT NO. 5 (RICHMOND).
"The embargoes at eastern points caused
more lumber to become available in the fifth
district, with resulting fluctuations in price
levels. Cut stone is hard to secure as a result
of traffic conditions and strikes at quarries,
and crushed stone is scarce and hard to get
delivered when found."
DISTRICT NO. 6 (ATLANTA).
"The unsettled conditions existing in the
lumber trade during the past two or three
months
have
continued. Transportation
difficulties coupled with the unfavorable
weather throughout the spring months have
served to check building operations in some
parts of the district, although in the larger
cities there is still considerable building and
construction work going on. Stocks in some
instances have accumulated because of the
inability to move them, and price recessions to
the extent of about IS per cent have been reported. During the past two or three months,
however, there have been a number of instances reported where buildings have been
halted in course of' construction because of the
great and increasing expense. Apartment
683
houses and residences in numerous cases had
been begun, excavations made and foundations laid, and in some instances the basements
practically finished, when it was found the
expense was to be from 25 to 50 per cent, or
even more, in excess of previous estimates.
"The trend of production at the present time
is downward, as the number of mills which are
curtailing operations, due to the sluggish demand, is gradually becoming larger. The
requirements of retailers show no tendency to
increase. Railroads are still virtually off the
market and are placing orders only in cases of
absolute necessity. Estimates of the deficiency of cars in this section range from
25 to 50 per cent."
DISTRICT NO. 7 (CHICAGO).
"There is a disposition to do everything
possible to relieve the shortage of housing
facilities at important centers, but this is being
impeded by the scarcity of building materials,
due to underproduction and transportation
delays. There are heard complaints of restrictions of building credits. Lumber is
lower in price in consequence of lack of funds
and stocks are piling up ; while building labor is
more plentiful. There has been an improvement in the lumber shipments to the country.
Railroad car buildings are holding aloof, but
some specifications are being figured on.
Hardwood, fir, and hemlock responses indicate
an improvement in the freight situation."
DISTRICT NO. 8 (ST. LOUIS).
"Further declining tendencies are noted,
both in prices and activity. Manufacturers
have cut down their prices and some mills have
endeavored to force business by cutting
prices, but without pronounced success.
Building operations have been hampered by
transportation and labor troubles, and inability to secure other materials. This is reflected directly in the lumber market. Since
May 15 ash has declined $20, red gum $10,
plain oak $25, and quartered oak $20 per 1,000
feet. Pine is off as much as $50 per 1,000 feet
in the same period. There has been fair buying
of car oak, and lumber people are looking for
improvement in prices and business in general
lines.
" Business in May with leading fire-clay
products interests showed a fair gain over
April and heavy increases over May, 1919, but
the early weeks of June brought a slowing
down of orders. Fuel, car, and general material shortages have worked adversely in this
industry. Labor is plentiful enough, but
shifting and inefficient.
684
FEDERAL RESERVE BULLETIN".
" Transportation, labor, and materials situation considered, building operations in the district during the past month have been fairly
continuous and heavy. In many instances it
has been extremely difficult to purchase certain
buildings materials, and when purchased still
more difficult to get them delivered. Numerous new projects which it had been hoped to
get started by now, have been postponed because of the tight money market. Housing
requirements of all sorts in both city and
country are acute, but according to architects
and builders, investment returns even with
present high rentals are not such as to attract
capital to new construction. Permits issued in
leading cities of the district in May show gains
over the same month last year in numbers and
money involved."
DISTRICT NO. 9 (MINNEAPOLIS).
" Lumber producers report that their shipments are not as heavy as usual, and give as
the chief cause a decrease in home building.
Industrial demand for lumber continues strong.
Prices dropped below cost in some cases.
Lumber production continued unchanged. In
manufactured lumber there has been a decrease in the number of new orders received
compared with earlier periods, and such manufacturers report that they
are working almost
entirely on old orders.'7
DISTRICT NO. 10 (KANSAS CITY).
"Keports of building inspectors and superintendents for the month of May show for the
first time this year a tendency toward a decline
of building activity resulting from several unfavorable factors, such as labor troubles, high
prices of materials, and transportation difficulties. While the May report for cities of
this district as a whole reflects an increase of
30.6 per cent in building activity over that of
May, 1919, the showing is the poorest for any
month of the present year. There was a
decline of 74 permits and $1,757,770 estimated
cost, or 20.6 per cent, from the record of April
of this year. Decreased operations are shown
in the reports from such cities as Denver,
Oklahoma City, Okmulgee, Wichita, Lincoln,
and Kansas City, Kans., which have reported
substantial increases over last year in all
previous months of 1920."
DISTRICT NO. 11 (DALLAS).
•"Thirty-two Southern pine mills in the
eleventh district reported a combined average
weekly production of 11,420,932 feet for the
month of May, which was 72 per cent of their
normal output. According to the statistics
JULY, 1920.
of weekly shipments for the month of May and
the volume of unfilled orders on hand at the
end of the month, these mills are about four
months behind with their deliveries, while at
the same time the volume of new orders
received is keeping pace with their shipments.
Tn fact a singular coincidence with respect to
the 32 mills reporting for the month of May is
that their orders and shipments for that month
were identical in total footage."
DISTRICT NO. ' 12 (SAN FRANCISCO).
Shortage of cars has resulted in congestion,
which is automatically curtailing lumber output in this district and night operations have
ceased in all producing regions. During the
four weeks ending June 5 an average of 124
mills in the West Coast Lumbermen's Association reported a cut of 350,275,000 feet, 4.5
per cent below normal; orders of 231,055,000
feet, 34.3 per cent below cut; and shipments
of 287,345,000 feet, 18 per cent below cut.
Unfilled orders on June 5 aggregated 385,466,000 feet, of which 245,250,000 feet were
rail orders, 65,724,000 feet domestic cargo
orders, and 74,492,000 feet export orders.
San Francisco reports that ''building was
generally more active during May than during April. Decreases in building permits of
$711,000 and of $1,452,000 were reported by
Los Angeles, Calif., and Portland, Oreg.,
respectively, in May, as compared with April.
In the other larger cities of the district, however, permits issued in May materially exceeded those of the preceding month, the permits in 19 principal cities of the district aggregating $14,598,075 in May, 1920, as compared
with $14,728,857 in April, 1920 and $9,304,030
in May, 1919."
WHOLESALE TRADE ACTIVITY.
DISTRICT NO. 4 (CLEVELAND).
"The price-cutting epidemic has had a somewhat unsettling influence on both wholesale
and retail trade, although price reductions
have so far been confined largely to the retailers. Cancellations of orders have been made
freely, and the slightest pretext has been
seized upon as a basis for the return of goods
ordered. Collections in the trade are reported as fair to good, for the most part.
" Wholesale dry goods houses report a hesitancy in buying except for immediate requirements. Little or no speculative tendency
exists. Good quality merchandise is scarce,
and will be until production is increased.
Better transportation has improved the situation in permitting a more free movement of
goods, both incoming and outgoing.
JULY, 1920.
" Wholesale hardware dealers report a large
increase in the value
of May sales over those
of May of last }rear, but state that there has
been little increase in the physical volume of
trade, a large part of the increase having been
absorbed in higher costs. Unfilled orders are
much larger than a year ago, due to the same
causes as similar situations in other lines.
"The tendency in the hardware trades is to
stock no goods except for immediate demands.
This also applies to the retail dealer.
"The opinion throughout the trade seems to
be that the limit of prices has been reached.
There are some weak spots in the market today, and some dealers are predicting that
' there are more to follow/
"There probably is little change in the physical volume of trade in the grocery line, as requirements do not show much variation from
year to year. The tendency among retailers is to
confine purchases to spot goods, except in the
canned goods line. Prices, according to the majority opinion, will hold for 1920, with probable
advances in canned goods on account of high
labor, high sugar, and the shortage of tin cans.
"Drug houses are purchasing liberally, as the
demand continues strong, though a disposition
toward more cautious purchasing on the part of
the retailer is said to be noted. The belief in
the trade is that lower prices are inevitable.
"Below is printed a tabulated report on
wholesale trade, showing percentage of increase
in sales for the month of May, 1920, over the
same month of the previous year, and percentage increase in unfilled orders for the same
month.
Increase
Increase in in unfilled
May, 1920, orders at
sales over end of May,
same month 1920, over
last year. same month
last year.
Per cent.
Dry goods
Groceries
Hardware
Drugs
-
^24 0
32 2
31 2
30.2
Per cent.
20 C
20 0
20 0
11.2
1
Decrease.
The above statistics are based upon returns from 15 wholesale grocery
firms; 8 drug; 3 dry goods; 8 hardware.
DISTRICT NO. 10 (KANSAS CITY).
" Wholesalers, particularly of dry goods,
men's and women's wear, and millinery,
report a tendency on the part of retailers to
buy carefully, with the result that their sales
as reported for May were 10 per cent, and in
some instances much more than that, below the
sales in April, though in wholesale dry goods
the May sales were up to 50 per cent larger
than in the same month last year, and wholesale millinery sales about 5 per cent larger in
volume than in May, 1919.
"Wholesale furniture dealers and manufacturers in this district report sales 20 per
685
FEDERAL RESERVE BULLETIN.
cent better in May than in April and 40 per
cent larger than at the same time last year.
Stocks are quite low, especially in the smaller
towns, and the supply and delivery of manufactured goods has not yet caught up with the
demand. Some retailers, however, report
slightly decreased sales on account of high
prices.
11
Drugs sold by wholesale houses in May
were about 9 per cent less than in April, but
18 per cent larger than in May of last year,
with a prospect of a continuance of the present
volume of business at least until fall.
"In the grocery line there is much more activity in trade, May sales running about 11 per
cent above those of April and 24 per cent above
the sales of a year ago. Although wholesalers
report retail dealers buying in accord with their
daily requirements, they assert that speculative buying has been practically eliminated
and the outlook is good for at least six months."
DISTRICT NO. 11 (DALLAS).
"Reports from wholesalers, covering business for May, reflect a further slump in volume
for that period. With two exceptions, i. e.,
automobile supplies and farm implements, a
decrease in sales of 4 to 22 per cent is shown.
According to our advices, there is a strong
tendency on the part of buyers to order conservatively, not to overstock, or buy heavily
for future delivery. Spot buying predominates.
Prices in the month of May fluctuated but
slightly, as compared with April. The principal change was a slight advance.
1
' Stocks of merchandise on hand at the close
of the month are estimated lower than at the
end of April. Wholesalers are rather optimistic over the prospects for fall trade, but
admit that the situation is not free of uncertainty and pending the improvement in transportation, supply of labor and raw materials, no
general decline in prices may be expected any
time soon.
"The table which follows gives comparative
statistical data on wholesale activities at the
close of May.
May, 1920, wholesale trade, compared with April, 1920, and
May, 1919.
Compared
with.
Groceries
April,
May,
Furniture
April,
May,
Auto supplies .. April,
May,
Drugs
April,
May,
Dry goods
April,
Hardware
Kami
implements.
May,
April,
May,
April,
May,
1920
1919
1920
1919
1920
1919
1920
1919
1920
1919
1920
1919
1920
1919
Sale0
Per cent.
Dec. 21
Inc. 27
Dec 22
Dec. 14
Inc. 22
Inc. 8
Dec. 7
Inc. 37
Dec. 21
Inc. 15
Dec. 4
Dec. 18
Inc. 6
Dec. 15
Selling
price.
Ship-
ments.
Stocks
at end
of
month.
Per cent. Per cent. Per cent.
Same.
Dec. 21 Dec. 7
Inc. 18 Inc. 27 Inc. 21
Same.
Dec. 22 Dec. 3
Inc. 50 Dec. 14 Dec. 8
Same.
Inc. 18 Inc. 3
Inc. 5 Inc. 7 Inc. 40
Inc. 1 Dec. 7 S^me
Inc. 6 Inc. 37 Inc. 15
Sam<\
Dec. 21 Inc. 10
Inc. 15 Inc. 15 Inc. 54
Same.
Dec. 4 Same.
Inc. 10 Dec. 18 Inc. 14
Inc. 10 Inc. 6 Dec. 1X
Inc. 12 Dec. 15 Dec. 29
686
FEDERAL RESERVE BULLETIN.
DISTRICT NO. 12 (SAN FRANCISCO).
"Approximately 45 per cent of the increase
(in wholesale trade) over May, 1919, was due
to increases in price. Sales by representative
wholesale firms were approximately 7.5 per
cent greater, by value, during May than during
April, and approximately 37 per cent greater
during May, 1920, than during May, 1919. Approximately 40 per cent of the increase over
May, 1919, was due to increases in prices, the
proportion of increase due to higher prices in
each of the various reporting wholesale lines
being as follows: Hardware, 35 per cent; groceries, 40 per cent; dry goods, 45 per cent; and
shoes, 65 per cent. As compared with April,
prices showed practically no change."
Wholesale trade—Increase in sales in May, 1920, over May,
1919.
Hardware.
San Francisco
Portland. .
Salt Lake Citv
Seattle
Tacoma
District
1
. .
Dry
goods.
Groceries.
Total.* Collections.
Per cent. Per cent. Per cent. Per cent.
44.6 Good.
52 1
38.8
20.3
8.9
Do
43 2
38.7
Do.
31.8
55.5
56.7
40.6
Do.
48.6
6.9
45.1
Do.
18.4
18.0
7.2
20.2
Do.
45.6
17.4
Do.
34.7
20.6
24.7
54.3
25.9
Do.
19.5
37.1
41.1
46.9
29.6
34.0
Good.
Including reporting drug and boot and shoe firms.
NOTE.—Percentages for reporting boot and shoe firms—San Francisco,
15.6 per cent; district, 14.8 per cent.
Acceptance Liabilities of Member Banks.
Between June 30, 1919, and May 4, 1920,
the date of the latest call for condition reports
of all member banks, acceptance liabilities of
these banks have shown a continuous increase
from 466.6 to 673.8 millions. By far the
larger share of the total increase is reported for
the national banks, which show an increase
for the 10 months of 166.4 millions from
about 272 to 438.4 millions. For the trust
company and State bank members, notwithstanding the larger gain in membership (264
as against an increase of 205 in the number
of national banks), the increase in acceptance
liabilities for the same period is much smaller,
viz, 40.8 millions, or from 194.6 to 235.4
millions. The New York trust companies fail
to show any substantial growth in their acceptance business, some of the leading accepting institutions apparently having reached in 1919
the maximum expansion permitted under existing law, while the national banks in New York
City show a further increase in their acceptance liabilities of 76 per cent, as against an
increase of 61 per cent shown for all national
banks. On June 30 of last year aggregate
JULY,
1920.
acceptance liabilities of New York member
banks and trust companies constituted 50 per
cent of the total acceptance liabilities of all
member banks. On May 4 the proportion
had declined to 47 per cent, owing largely
to the relative larger growth of acceptance
liabilities of the banks in Boston, Cleveland,
Chicago, vSt. Louis, New Orleans, and Minneapolis.
On the corresponding dates Federal Reserve
Bank holdings of acceptances purchased in
open market were as follows:
June 30, 1919
Nov. 17, 1919
Dec. 31, 1919
May 4, 1920
$315, 993, 000
444,253,000
574,103,000
400, 602, 000
As stated in an earlier BULLETIN (Feb., 1920,
p. 158), all but a few millions of the Federal
Reserve Banks' holdings of purchased acceptances are composed of bankers' acceptances,
while of the latter about 70 per cent is made up
of member bank acceptances. During the
present year the Federal Reserve Bank holdings
of acceptances in addition to bank acceptances
purchased include also substantial amounts of
acceptances discounted largely at preferential
rates. On April 30 the Federal Reserve Banks
held a total of $407,247,000 of purchased bills,
of which $396,859,000 were bank acceptances.
Of the latter, $270,808,000, or over 68 per cent,
were member bank acceptances. In addition
the Reserve Banks held on that date $48,251,000
of discounted acceptances, largely member
bank paper. Of the total member bank acceptances outstanding about that time, less than
one-half were accordingly in the portfolios of
the Federal Reserve Banks. On June 30, 1919,
out of a total of $466,586,000 of member banks'
acceptances outstanding, Federal Reserve Bank
holdings (including a relatively small amount of
discounted acceptances) constituted about 234
millions, or nearly 50 per cent. In addition to
member bank acceptances the Federal Reserve
Banks at the end of April held $124,759,000 of
bills accepted by State banks, trust companies,
private banking houses, and foreign bank
branches and agencies. If it be assumed that
the Federal Reserve Bank holdings constitute
likewise about 50 per cent of the total nonmember bank acceptances outstanding; the volume
of bank acceptances outstanding on May 4 may
be estimated at about 925 millions, with an ascertained minimum of 800 millions. About 78 per
cent of the bankers' acceptances purchased by
the Federal Reserve Banks during the first five
months of-the present year, as against 72.7 per
cent during the whole calendar year 1919, were
acceptances based upon foreign trade transactions, and of the latter slightly over 50 per cent
were acceptances based upon exports.
JULY, 1920.
Acceptance liabilities
of national
and other member banks.
[In thousands of dollars.]
June 30, Sept. 12, Nov. 17, Dec. 31, Feb. 28, M a y 4,
1920. 1920.
1919.
1919.
1919.
1919.
National banks:
New York
107,005
Boston
49,429
Philadelphia.
18,050
Pittsburgh...
5,267
Cleveland
7,279
Detroit
3,098
3,487
Cincinnati..
Indianapolis
1,396
Richmond..
2,509
Baltimore...
2,930
Atlanta
731
New Orleans
1,841
Charleston, S.C.
821
Chicago
25,283
St. Louis
6,889
Minneapolis
1,763
Dallas
1,760
San Francisco.. 10,613
Portland, Or eg.
1,710
1,582
Seattle
18,592
Allother
Total.
Total n a t i o n a l
banks
Total State banks
and trust companies
128,541
57,653
22,372
6,538
8,682
2,564
4,386
2,249
3,013
6,774
365
1,740
710
26,852
5,471
5,623
200
17,283
2,069
1,586
18,555
149,413
56,449
18,683
5,487
9,193
2,633
3,547
2,737
6,780
3,355
995
3,822
1,293
24,199
4,709
9,849
4,510
15,820
3,950
1,584
30,102
178,617
62,438
21,993
6,906
8,622
3,291
3,904
3,135
6,594
4,078
1,160
3,579
825
28,969
8,092
5,949
2,135
16,873
3,996
1,501
34,982
192,234
60,665
23,896
9,672
8,673
2,987
3,996
3,013
5,330
5,859
1,702
3,389
670
32,327
8,082
6,234
1,250
17,654
3,659
1,440
31,937
188,297
60,951
25,028
8,836
6,975
3,646
3,014
2,924
3,739
4,059
1,200
4,749
1,233
35,972
5,825
9,354
1,370
26,744
4,177
3,013
37,324
272,035 323,226 359,110 407,639 424,669 438,430
State bank and
trust company
members:
New York
126,376
1,082
Buffalo
18,919
Boston
244
Providence
Philadelphia..,
450
Pittsburgh
1,750
Cleveland
3,931
Detroit
1,200
Memphis
1,180
Richmond
Baltimore
25
Savannah
631
Atlanta
100
New Orleans..
4,932
24,484
Chicago
St. Louis
5,590
San Francisco.
Portland, Oreg
447
451
Seattle
2,759
Allother
Total.
194,551
132,563 146,226
1,110 1,187
14,508 20,642
1,144
1,447
750
500
2,266
1,525
5,265 5,156
1,075
550
1,360
1,887
135
220
75
233
709
540
675
8,055
9,617
23,227 30,926
6,865 8,144
555
1,067
996
783,
175
100
3,485 4,203
130,798
2,680
24,812
1,501
1,375
2,600
6,735
1,525
1,269
45
439
158
550
6,600
36,696
9,944
1,042
546
206,567 233,379
235,422
6,107
272,035 323,226 359,110 407,639 424,659 438,430
194,551
206,567 233,379
235,422
Grand total.. 466,5%
565,677 641,018
673,852
During the 12 months ending June, 1920, the
market rates on bank acceptances have shown
an upward course, as may be seen from the subjoined exhibit7 giving monthly ranges of rates on
three months bills in the New York and London markets. I t will be noted that whereas last
687
FEDERAL RESERVE BULLETIN.
summer London rates were decidedly lower
than in New York, there has been a change in
this relation since October of last year, recent
New York rates being slightly lower than the
London rates on essentially like paper.
Date.
July, 1919
August, 1919
September, 1919.
October, 1919...
November, 1919.
December, 1919.
January, 1920...
February, 1920..
March, 1920
April, 1920
May, 1920
June, 1920
New York
rates for
prime
eligible
bank acceptances.
London
rates for
3 months'
bills.
4|-4f
3*-3*
41-41
41-4*
4^5
3|-3|
4|
5f -6
5| -6
5 -5|
5 -5|
61-61
Foreign Loans Placed in the United States.
The following statement of foreign Government, municipal, and corporate loans placed in
the United States and outstanding on July 1,
1920, has been compiled by the Guaranty
Trust Co. of New York from the most accurate
and complete information available and has
been furnished to the Board upon request.
The statement brings up to date figures previously compiled by the same agency and published in the FEDERAL RESERVE BULLETIN for
January, 1919, on pages 33 and following.
It should be noted that the tabulation does
not include subscriptions in the United States
to foreign internal loans, as the amounts of
such subscriptions are not available. As indicated in the footnotes, no figures are shown
for the following issues: (1) Mexican loan of
$25,000,000 (U. S.) 4 per cent bonds (of a
total issue of $40,000,000), due in 1954; (2) two
Cuban Government loans, one of $35,000,000
gold 5 per cent bonds dated March, 1904, and
due March 1, 1944, and one of $16,500,000 external 4^ per cent bonds dated August 2, 1909;
and due August 1, 1949. These issues were
placed partly in the United States and partly
abroad, 1 nt the amounts placed in this country
are not available.
688
FEDERAL RESERVE BULLETIN.
JULY,
1920.
Summary, by countries, of foreign government. State, and municipal and corporation loans floated in United States and
outstanding as of July 1, 1920.
Corporation.
Country.
Government.
Canada and Newfoundland.
Mexico
Cuba
Panama
Santo Domingo
Argentina
Bolivia
Brazil
Chile
Great Britain
France
Germany
Russia
Belgium
Italy
$152,500,000
500,000
10,000,000
2 705 000
10,806,000
State and
municipal.
$130,425,313
Total.
Railroad.
Public
utility.
Industrial.
$121,328,500
128 087,765
$80,095,000
$39,899,500
15,000,000
4,048,000
18,500,000
431,000
772 633 000
250,000,000
2,000,000
75,000,000
75,000,000
25,000,000
Cash
advances and
other charges
against credits
established
by United
States (up to
May 11, 1920).
15,000,000
95,000,000
1,000,000
$524,248,313
128 587 765
10,000,000
2,705,000
10,806,000
15,000,000
4 048 000
18 500 000
;
431,'000
787,633,000
345,000,000
2,000,000
75,000,000
76,000,000
25,000,000
5 000 000
30 090,000
25,000,000
20,000
9,598,855,000
11,820,866,078
4,277,000,000
2,997,477,000
187,729,000
338,745,000
1,631,338,000
48,236,000
25,000,000
26,780,000
5,000,000
30,000,000
25,000,000
15,000,000
13,000,000
107 802 000
1,250,000
15,000,000
13,000,000
102,552,000
$524,248,313
128,587,765
20,000,000
2,705,000
10,806,000
15,000,000
4,048,000
18,500,000
431,000
5,064,633,000
3,342,477,000
2,000,000
262,729,000
414,745,000
1,656,338,000
48,236,000
25,000,000
26,780,000
5,000,000
30,000,000
25,000,000
15,000,000
13,000,000
107,802,000
1,250,000
56,524,000
26,000
$10,000,000
Greece
Roumania
Serbia
Norway
Switzerland.
Sweden
Denmark
China
Japan
Australia
Czecho-Slovakia
Liberia
'5,'25*6,'666"
1,250,000
56,524,666
Total
1,555,744,000
264,606,313
264,416,265
81,345,000
55,899,500
2,222,011,078
Grand total.
Summary of foreign Government loans placed in United States and outstanding as of July 1, 1920.
Interest
rate (per Date of issue.
cent).
Name of issue.
Original
Maturity.
Amount out-
D a t e offered
in United
States.
amount is- standing in
United States
sued in
on July 1,
United
1920.
States.
$25,000,000
25,000,000
25,000,000
60,000,000
15}000,000
GOVERNMENT LOANS,
NORTH AMERICA.
Canada:
5-year gold bonds..
10-year gold bonds..
15-year gold bonds.
10-year gold bonds.
2-year gold notes..
Apr. 1,1916
do
do
Aug. 1,1919
do
Apr.
Apr.
Apr.
Aug.
Aug.
1,1921
1,1926
1,1931
1,1929
1,1921
Mar., 1916
do
do
J u l y , 1919
do
Total
Newfoundland:
20-year gold bonds
2
Mexico:
10-year treasury bonds of 1913 .
Cuba: 3 External loan of 1914
June
July
Feb.
July
July
Feb.
1,1939
1,1923
1,1949
May, 1919
J u n e , 1913
Feb., 1914
1,1919
1,1913
2,1914
1
2,500,000
500,000
10,000,000
Total Government loans—North America.
$25,000,000
25,000,000
25,000,000
60,000,000
15,000,000
150,000,000
2,500,000
500,000
10,000,000
163,000,000
CENTRAL AMERICA.
Panama:
Secured serial gold bonds
Sinking fund 30-year gold bonds.
Total
Dec.
1,1915
Nov.
2,1914
Dec. 1,1920,
1925.
Nov. 1,1944
Mar., 1915
1,200,000
810,000
Various.
2,250,000
1,895,000
20,000,000
2,705,000
10,806,000
,
1918-1958
Santo Domingo: Custom administration, gold bonds..
Jan.,
1908
13,511,000
Total Government loans—Central America
SOUTH AMERICA.
Bolivia:
Morgan loan of 1909
Gold loan of 1917
,
Apr.
1909
1,1917
Oct.
1,1940
1909
J u n e , 1917
2,500,000
2,400,000
Total Government loans—South America
* 1,800,000
2,248,000
4,048,000
EUROPE.
Great Britain:
Anglo-French 5-year (§)
United Kingdom of Great Britain and Ireland—
5-year
20-year
10-year
3-year
Total.
Oct.
15,1915
N"ov. 1, 1916
Feb.
1, 1917
!^ov. 1, 1919
....do
Oct.
15,1920
Nov.
Feb.
Aug.
Nov.
1, 1921
1, 1937
1, 1929
1, 1922
250,000,000
250,000,000
Oct., 1916
150,000,000
Feb., 1919
143,587,000
Oct., 1919
} 250,000,000
do
129,046,000
143,587,000
Oct.,
1915
250,000,000
772,633,000
JULY,
689
FEDERAL RESERVE BULLETIN.
1920.
Summary offoreign Government loans placed in United States and outstanding as of July 1, 1920—Continued.
Name of issue.
Interest
rate (per Date of issue.
cent).
Maturity.
Original
amount issued in
United
States.
Date offered
in United
States.
.Amount outstanding in
United States
on July 1,
1920.
EUROPE—continued.
Oct. 15,1915
Oct. 15,1920
Oct.,
1915
$250,000,000
$250,000,000
Jan.
1,1920
do
June 1,1920
Jan.
Jan.
June
Jan.,
1920
do
June, 1920
25,000,000
50,000,000
25,000,000
50,000,000
Germany:5 1-year discount notes.
Norway: 7-year gold
Sweden: 20-year gold
Apr. 1,1916
Feb. 1,1916
June 15,1919
Apr. 1,1917
Feb. 1,1923
June 15,1939
June, 1916
Jan., 1916
June, 1919
10,000,000
5,000,000
25,000,000
12,000,000
5,000,000
25,000,000
Russia:
Imperial Government 3-year credit (in default)
5-year gold treasury bonds (interest defaulted Dec. 1,1919).
June 18,1916
Dec. 1,1916
June 18,1919
Dec. 1,1921
June, 1916
Nov., 1916
50,000,000
25,000,000
50,000,000
25,000,000
Feb.
Aug.
Feb.
Aug.
Feb.,
July,
25,000,000
30,000,000
France: Anglo-French 5-year (J)
Belgium:
5-year notes
1-year notes
25-year external sinking fund gold loan.
1,1925
1,1921
1,1945
75,000,000
Total.
75,000,000
Total.
Italy: Royal treasury 5-year.
Switzerland: 10-year gold
1,1920
1,1919
1,1925
1,1929
1920
1919
Total Government loans—Europe
25,000,000
30,000,000
1,259,633,000
ASIA.
China:
Chinese Government Hukuang Ry. sinking fund bonds..2-year secured gold notes
June 15,1911
Nov. 1,1919
June 15,1951
Nov. 1,1921
June, 1911
Oct., 1919
7,500,000
5,500,000
7,500,000
5,500,000
13,000,000
Total.
Japan:
Japanese Government sterling series.
Japanese Government second series..
Sterling loan of 1905, second series
Mar. 26,1905
July
8,1905
1905
Feb. 15,1925
July 10,1925
Jan. 1,1931
Mar., 1905
July, 1905
Nov., 1905
75,000,000
50,000,000
16,250,000
Total
6 50,998,000
6 35,690,000
6 15,864,000
102,552,000
Total Government loans—Asia
115,552,000
Total all Government loans
1,555,744,000
MUNICIPAL LOANS.
NORTH AMERICA.
Canada:
Province of Quebec, 5-year
Province of Ontario, 5-year
Hamilton, Ontario
Province of Ontario, 5-year
Province of Manitoba, 5-year
Greater Winnipeg Water Dis., 10-year
Greater Vancouver, British Columbia, 3-year impr
Province of Manitoba, 10-year
Vancouver, British Columbia, treasury note
Province of Ontario, 3-year
.*
Province of Ontario, 3-year
Province of New Brunswick, 3-year
Calgary, Alberta, treasury notes
Province of Ontario
*
Toronto, Ontario
Toronto Harbor Commission
Greater Winnipeg Water Dis., 5-year
Province of Manitoba, 5-year... *
Province of Saskatchewan, 15-year
Quebec, Quebec, 10-year
North Vancouver, British Columbia, 30-year
North Vancouver, British Columbia, 50-year
Toronto Harbor Commission, 40-year...".
Sault Ste. Marie, Ontario
*
Trail, British Columbia, 20-year
Greater Winnipeg Water Dis., 5-year
London, Ontario (city), 5-year...'
,
Prince George, British Columbia, Water and Light, 15year
Province of Nova Scotia, 10-year debenture
Province of British Columbia, 25-year
Province of Saskatchewan, 5 and 10-year
Province of Aiberta, 10-year
Province of Ontario, 10-year
Province of Nova Scotia, 10-year
Province of Quebec, 10-year
Province of British Columbia, 10-year
Province of Ontario, 10-year
*
Province of Saskatchewan, 15-year
London, Ontario, 3-10-year
Edmonton, Alberta, 5-year .„
Revelstoke, British Columbia, 15-year
Revelstoke, British Columbia, 20-year
1920
1920
1920
1920
1920
1920
1920
1930
1919
1919
1919
1919
1919
1919
1919
1918
1918
1917
1917
1917
1917
1917
1917
1917
1917
1917
1917
1917
1916
1916
1916
1916
1916
191b
1916
1916
1916
1916
1916
1916
1916
1916
1925
1925
1925
1925
1930
1923
1930
1920-1924
1922
1922
1922
1920-1924
1924
1924-1938
1953 .
1923
1922
1932
1927
1947
1967
1957
1932-1967
1937
1922
1922
1932
1926
1941
1921-1926
1926
1926
1926
1926
1926
1926
1931
1919-1926
1921
1931
1936
Apr., 1920
do
.do..
Mar., 1920
do
do
.....do
....do
Jan., 1919
do
June, 1919
do
do
Aug. 1919
Nov., 1919
Dec, 1918
Feb., 1918
Apr., 1917
Sept., 1917
Jan., 1917
Mar., 1917
do
Apr., 1917
do
June, 1917
July, 1917
Aug., 1917
Nov.
Jan.,
Mar ,
Apr.,
do
May,
Juno,
do
1917
1916
1916
1916
1916
1916
do
Dec, 1916
.do
Jan., 1916
do
Fob.. 1916
do..
3,500,000
6,800,000 i
596, 768
5,000,000
2,850,000
2,000,000
510,000
2,498,"000
2,COO,000
3,000,000
4,000,000
1,000,000
1,500,000
3,000,000
2,632,000
1,000,000
2,000,000
1,500,000
500,000
780,000
47,440
73,000
1,500,000
63,200
80,000
1,500,000
760,000
3,500,000
6,800,000
596, 768
5,000,000
2,850,000
2,000,000
510,000
2,498,000
2,300,000
3,000,000
4,000,000
1,000,000
i;350,000
3,000,000
2,632,000
1,000,000
2,000,000
1,500,000
500,000
780,000
47,440
73,000
1,500,000
63,200
80,000
1,500,000
760,000
30,000
500,000
1,000,000
1,000,000
1,650,000
4,000,000
1,000,000
4,000,000
2,000,000
2,000,000
500,000
555,492
1,348,750
51,500
13,000
30,000
500,000
1,000,000
1,000,000
1,650,000
4,000,000
1,000,000
4.000,000
2;000,000
2,000,000
500,000
486,056
1,348,750
51,500
13,000
690
FEDERAL RESERVE BULLETIN.
JULY,
1920.
Summary of foreign Government loans placed in United States and outstanding as of July 1, 1920—Continued.
Name of issue.
Interest
rate (per Date of issue.
cent).
Maturity.
Date o^ered
in United
States.
Original
amount issued in
United
States.
Amount outstanding in
United States
on July 1,
1920.
MUNICIPAL LOANS—Continued.
NORTH AMERICA—continued
Canada—Continued.
Burnaby, British Columbia, 20-year
Maisonneuve, Quebec, 10-year
Prince George, British Columbia, 10-15 year
Medicine Hat, Alberta
Sault Ste. Marie, Ontario
Prince Rupert, British Columbia, 30-year
Quebec, Quebec, 5-year
Montreal, Quebec, 20-year
Toronto, Ontario, serial 1-32 year
Westmount, Quebec 44-year
Calgary, Alberta, 20 -30 year
Ottawa, Ontario, 20-30 vear
Halifax, Nova Scotia, 30-vear
Irquois Fall, Ontario, 9-15 vear
,
Greater Winnipeg Water Pis., 5-year
Saskatchewan Drainings District
Humboldt, Saskatchewan
Nelson, British Columbia, 20-year
Parish St. Pierre Claver, Manitoba
Toronto, Ontario
Toronto Harbor Commission, 40-year
Montreal, Quebec, 40-year
Halifax, Nova Scotia
Alberta (University of) 10-year (principal and interest
guaranteed by Province of Alberta)
Province of Ontario, 10-year
Province of Alberta, 10-year
Province of Saskatchewan, 4-10-vear
Province of British Columbia, 10-year
Province of New Brunswick, 10-year
Province of Saskatchewan, 10-year
Province of New Brunswick, 10-year
Province of Nova Scotia, 10-year
Regina, Saskatchewan
Sault Ste. Marie, 30-year
Toronto, Ontario, 33-year
Port Coquitlan, British Columbia, 30-year
,
Calgary School Board, 40-year
,
Hochelaga School Commission, Quebec
North Vancouver,British Columbia, 10-year
Toronto, Ontario
.'
Toronto, Ontario, 33-year
Toronto, Ontario, 10-year
Ottawa, Ontario, 10-30-year
North Vancouver, British Columbia, 20-year
Toronto Harbor Commission, 40-year
Victoria, British Columbia, 10-year
Saskatoon, Saskatchewan, 10-30 year
Montreal, Quebec, 15-year
Montreal Catholic Schools, 30-year
Province of Alberta, 10-year
Edmonton, Alberta School Dis., 40-year
Edmonton, Alberta, Electric Light & Power, 40-year
Province of Alberta, 10-year
Halifax, Nova Scotia, 32-year deb
Toronto, Ontario (Electric Light & Power), 35-year
Toronto, Ontario, Harbor, 40-year
Bassane, Alberta, Water & Sewer, 30-year
6
5
5*, 6
6
5
5
5
41
5"
5
5
1916
1916
1916
1916
1916
1916
1916
1936
1926
1926-1931
1926-1942
1921-1946
1946
1921
193^
1919-1948
1960
1936-1946
1936-1946
1946
1925-1931
1921
1946
1946
1936
1926
19191936
1956
1956
1951
1915
1915
1915
1915
1915
1915
1915
1915
1915
1915
1915
1915
1915
1915
1915
1915
1915
1915
1915
1915
1915
1915
1915
1915
1915
1915
1914
1911
1914
1913
1913
1913
1913
1912
1925
1925
1925
1919-1925
1925
1925
1925
1925
1925
1928-1929
1945
1948
1945
1955
1943
1925
1945-1956
194S
1925
1925-1945
1935
1955
1925
1925-1945
1930
1945
1924
1954
1954
1923
1945
1948
1953
1942
1916
1916
1916
1916
1916
1916
1916
1916
1916
1916
1916
1916
1916
1916
1916
Feb., 1916
Mar., 1916
....do
do
Apr., 1916
do
do
Mav, 1916
Mar., 1916
June, 1916
do
do
do
Julv, 1917
July, 1916
...!do
Aug. 1916
....do
Sept. 1916
Nov. 1916
....do
....do
Dec. 1916
Jan. 1915
May, 1915
../do
Oct., 1915
Nov., 1915
....do
....do
Dec. 1915
....do
Jan., 1915
Feb., 1915
....do
do
Mar.. 1915
do
Apr
1915
do
July, 1915
Sept., 1915
do
do
Oct., 1915
do
....do
Nov., 1915
Dec, 1915
Feb. 1914
Oct. 1914
do
Nov. 1913
Aug.. 1913
do
do
Sept., 1912
$800,000
355,000
140,000
100,000
83,306
1,600,000
475,000
1, 850,000
3,669,000
107, 500
1,568,806
1,032,517
460,420
40,000
1,500,000
91,200
67,300
30,000
100, 000
2,591,000
1,500,000
3 800 000
265,000
$800,000
355,000
140,000
100,000
83,306
1,600,000
475,000
1,850,000
3,150,000
107,500
1,568,806
1,032,517
460,420
40,000
1,500,000
91 200
67,300
30,000
100,000
1,810,000
1,500,000
3,800,000
265,000
1,000,000
3,000.000
3.500,000
1,200,000
2,630,000
470,000
1,000,000
1,700,000
500,000
340,000
500,000
81,000
100,000
175,000
375,000
19,825
2,500,000
40,000
2,500,000
1,556, 342
30,000
1,000,000
289,000
300,000
1,000,000
450,000
2,400,000
850,000
97,000
3,600,000
299,750
4,406,633
1,500,000
150,000
1,000,000
3,000,000
3,500,000
720,000
2,630,000
470,000
1,000,000
1,700,000
500,000
340,000
500,000
81,000
100,000
175,000
375,000
19,825
2,500,000
40,000
2,500,000
1,556,342
30,000
1,000,000
289,000
300,000
1,000,000
450,000
2,400,000
850,000
97,000
3,600,000
299,750
4,406,633
1,500,000
150,000
Total Canadian provincial and municipal loans.
Other than Canadian:
City of Rio de Janeiro, Brazil, ext. gold
City of Sao Paulo, Brazil, ext. gold
Water Co. of Valparaiso (water board loan guaranteed by
Republic of Chile)
City of Paris, 5-year gold
City of Bordeaux, 15-year gold
City of Lyon, 15-year gold
,
City of Marseille, 15-year gold
City of Copenhagen (Denmark) ext. gold
,
City of Tokio (Japan) loan of 1912
130,425,313
May 1,1919
Nov. 1,1919
1922-1931
Nov. 1,1943
May, 1919
Oct., 1919
10,000,000
8,500,000
10,000,000
8,500,000
Dec. 8,1915 Aug. 9,1939
Oct. 1,1916 Oct. 15,1921
Nov. 1,1919 Nov. 1,1934
do
.....do
do
do
July 1,1919 July 1,1944
Feb. 22,1912 Sept. 1,1952
Oct., 1916
do
Nov., 1919
do
do
Aug., 1919
Feb., 1912
471,000
50,000,000
15,000,000
15,000,000
15,000,000
15,000,000
10,000,000
431,000
50,000,000
15,000,000
15,000,000
15,000,000
15,000,000
1
5,250,000
Total municipal-loans except Canadian
134,181,000
Total, all municipal loans
264,606,313
RAILROAD LOANS.
NORTH AMERICA.
Canada:
Canadian Northern Ry. Equipment t r u s t s Series C-l
Series G-l
Series H-l
Series K-l
Series L-l
;
Apr.
,1912
Mar.
,1913
Dec.
,1913
Oct.
,1914
A
1916
Aug.
1,1916
1915-1922
1915-1923
1914-1923
1915-1924
1917-1926
July, 1912
May, 19J3
Dec, 1913
Jan., 1915
Aug., 1916
2,000,000
1,000,000
750,000
2,000,000
1,250,000
440,00J
330,000
310,000
1,055,000
854,000
JULY,
691
FEDERAL RESERVE BULLETIN".
1920.
Summary offoreign Government loans placed in United States and outstanding as of July 1,
Name of issue.
Interest
rate (per Date of issue.
cent).
1920—Continued.
Maturity.
Original Amount outDate o^ered amount is- standing in
United States
in United
sued in
on July 1,
States.
United
States.
1920:
1919-1928
1919-1929
1919-1929
1920-1929
July
Jan.,
May,
Jan.,
RAILROAD LOANS—Continued.
NORTH AMERICA—continued
Canada—Continued.
Canadian Northern Ry. Equipment trusts—Contd.
Series A
Series B
Series C
Series D
Miscellaneous equipments (various)
2^-year notes
5-year notes
3-year notes
5-year notes
Canadian National Rys. 15-year equipment
Grand Trunk Ry. Co. of Canada—
Equipment A
Equipment B
Equipment C
Equipment D
Edmonton, Dun vegan & British Columbia Ry. Co. 30year first mortgage.
Toronto, Hamilton & Buffalo Ry.—
First mortgage
Consolidated
Equipment A
Canadian Pacific Ry. Co. equipment trust
,
Equipment Trust Certificates, 1920
Canada Southern Ry. Co. Consolidated Mortgage
July
Jan.
May
Dec.
l, 1918
1,1919
1,1919
1,1919
1,1922
1,1924
1,1922
1,1924
1,1935
1918
1919
1919
1920
$5,000,000
7,500,000
7,500,000
7,500, 000
July, 1919
do......
Mar., 1920
do
Apr., 1920
10,000,000
6,000,000
6,000,000
15,000,000
$3,500,000
6,375,000
6,750,000
7,125,000
3,132,500
10,000,000
6,000,000
6,000,000
15,000,000
Aug. 1,1919
do.
Dec. 1,1919
....do
May 1,1920
Feb.
Aug.
Dec.
Dee.
May
May
Nov.
Nov.
Aug.
Aug.
1,1912
1,1912
1,1913
1,1917
11,1916
1913-1922
1913-1922
1914-1923
1918-1927
Oct. 22,1944
June,
Nov.,
Nov.,
Aug..
July,
1912
1912
1913
1917
191G
3,940, 000
3,360,000
2,250,000
2,500,000
2,420;000
788,000
840,000
784,000
1,875,000
2,420,000
June 1,1896
Aug. 1,1916
Feb. 1,1913
Jan. 1,1915
Apr. 1,1920
Oct. 1,1912
June 1,1943
Aug. 1,1966
1914-1923
1915-1928
1920-1932
Oct. 1,1962
Mar., 1899
1916
Jan., 1913
Jan., 1915
Mar., 1920
Dec, 1912
3,280,000
2,000,000
1,500,000
12,690,000
12,000,000
22,500,000
3,280,000
2,000,000
450,000
7,520,000
12,000,000
22,500,000
121,328,500
Total Canadian railroad loans..
Mexico: *
Vera Cruz & Pacific R. R. first mortgage.
Pan-American R. R. first mortgage
National R. R. of Mexico prior lien
National Rys. of Mexico—
2-year second notes
General mortgage
Prior lien
Mexico International R. R.—
First consolidated
3-year notes
July
Jan.
Oct.
June
Oct.
July
June 1,1915 8 June, 1913
Oct. 1,1977
1908
July 1,1957
1908
2,1913
1,1907
1,1907
Aug. 6,1897
Jan. 1,1914
1,1934
1,1931
1,1926
1901
1906
1902
July 1,1904
June 1,1903
Mar. 15,1902
Sept. 1,1977
Jan. 1,1917 8
1897
1914
7,000,000
1,000,000
23,000,000
7,000,000
1,000,000
23,000,000
26,730,000
50,747, 925
13,750,000
26,730,000
50,747,925
13,750,000
4,505,000
1,653,750
4,206,000
1,653,750
Total Mexican railroad loans
128,087,765
Total railroad loans of North America.
249,416,265
SOUTH AMERICA.
Argentina: Central Argentina Ry. Co. 10-year notes..
Feb.
1,1917
Feb.
1,1927
Mar., 1917
15,000,000
15,000,000
264,416,266
Total all railroad loans
INDUSTRIAL LOANS.
NORTH AMERICA.
Canada:
Abitibi Power & Paper (Ltd.) first mortgage
Lake Superior Corporation (Inc.) noncumulative
Sherwin-Williams Co. of Canada (Ltd.) first and r e r . . .
Canadian Car & Foundry Co. first mortgage
Dominion Coal Co. first mortgage
Canada West Coast Navigation Co. first mortgage
Wm. A. Rogers (Ltd.) first mortgage
St. Maurice Paper Co. (Ltd.) first mortgage
Smart Woods (Ltd.) first mortgage serial
Canadian Northern Coal & Ore Dock Co. 20-year
Geo. Lane & Co. (Ltd.) Calgary first mortgage
British Columbia Sulphite Fibre Co. first
Northern Electric Co. (Ltd.) first mortgage
Granby Consolidated M. S. & P. R. Co. (Ltd.) consolidated
first mortgage
Maple Leaf Shipping Co. (The) (S. S. St. Mihiel) first
Nova Scotia Transportation Co. (S. S. Quesnoy) first
Riordan Pulp & Paper general mortgage
Spanish River Pulp & Paper Mills notes
,
Acadia Sugar Refining Co. 10-year debenture
Canadian Western Steamships (Ltd.) first mortgage
marine.
Feb.
Oct.
July
Dec.
May
Mar.
Feb.
Jan.
Aug.
Jan.
1,1914
1,1004
1,1911
1,1909
1,1905
1,1917
1,1917
1,1916
1,1916
1,1916
1< 16
Nov. 1,1916
June 1,1914
1917-1934
Oct. 1,1924
July 1,1941
Dec. 1,1939
May 1,1940
1919-1927
1919-1932
Jan. 1,1946
1919-1931
Jan. 1,1936
1931
1919-1926
June 1,1939
May 1,1913
Nov. 1,1918
do
Jan. 1,1919
Sept. 1,1919
Apr. 1,1920
Jan. 15,1920
May 1,1928
1919-1921
May 1,1921
Jan. 1,1929
1920-1929
Apr. 1,1930
1921-1925
July, 1917
July, 1916
do
do
Oct., 1916
July, 1914
4,754,000
3,000,000
1,200,000
6,100,000
7,000,000
600,000
600,000
1,250,000
500,000
1,375,000
300,000
650,000
3,500,000
4,399,000
3,000,000
1,125,000
5,000,000
5,700,000
470,000
530,000
1,250,000
410,000
1,337,500
300,000
455,000
3,043,000
1910-1915
Nov., 1918
do
Jan., 1919
Sept. 1919
Apr., 1920
do
3,500,000
650,000
650,000
4,000,009
3,500,000
2,000,000
850,000
2,030,000
250,000
250,000
4,000,000
3,500,000
2,000,000
850,000
Various.
1904
Feb. 1912
Jan., 1910
Apr., 1905
Mar. 1917
do
39,899,500
Total Canadian industrial loans..
Great Britain: Anglo-American Oil Co. (Ltd.) 5-year n o t e s . . .
Belgium: Minerva Motors serial notes
Apr.
1,1920
192J
Apr. 1,1925
1921-1925
Apr., 1920
Mar., 1920
15,000,000
1,000,000
15,000,000
1,000,000
Total European industrial loans.
16,000,000
Total all industrial loans
55,899,500
692
FEDERAL RESERVE BULLETIN.
JULY, 1920.
Summary offoreign Government loans placed in United States and outstanding as of July 1, 1920—Continued.
Name of issue.
Interest
rate (per
cent).
Date of issue.
Maturity.
Date offered
in United
States.
Original
Amount outamount is- standing in
sued in
United States
United
on July 1,
States.
1920.
PUBLIC UTILITY LOANS,
NORTH AMERICA.
Canada:
Bell Telephone Co. of Canada 5-year bonds
Shawinigan Water & Power Co. second convertible notes.
Toronto Ry. 2-year notes
Brazilian Tr. Light & Power 3-year notes
Montreal Tramways Co. first and refunded
Montreal Tramways & Power Co. secured bonds
New Brunswick Power first mortgage
Nova Scotia Tramways & Power first mortgage
Cape Breton Electric Co. (Ltd.) first mortgage
Toronto Electric Light Co. 3-year notes
Dominion Power & Transmission Co. first mortgage
Shawinigan Water & Power Co. first consolidated
Winnipeg Electric Ry.—
First ref
2-year notes
Bell Telephone Co. of Canada first mortgage
Ontario Power Co. of Niagara F a l l s First mortgage
Debenture
Ontario Transmission Co. (Ltd.) first mortgage
Montreal Light, Heat & Power Co. first and coll. tr
Montreal (Lachine Power Co.) sinking fund bonds.
Cedar Rapids Manufacturing & Power Co. 40-year.
)-year fi
fist' mortgage.
Lawrentide Power Co. 30-year
United Gas & Fuel Co. 5-year first mortgage.
Total public utility loans of North America
Australia: Melbourne Electric Supply Co. (Ltd.)—Melbourne,
Australia, 5-year
Apr.
July
Dec.
Nov.
July
Mar.
Mar.
Dec.
Jan.
July
Apr.
Jan.
Apr., 1904
$5,500,000
4,000,000
1,000,000
7,500,000
16,335,000
7,300,000
1,225,000
2,250,000
1,096,000
1,000,000
1,650,000
4,382,500
$5,500,000
4,000,000
1,000,000
7,500,000
16,335,000
7,300,000
1,225,000
2,250,000
1,096,000
1,000,000
1,650,000
4,270,000
Dec, 1918
Various.
4,000,000
750,000
7,650,000
4,000,000
750,000
7,650,000
Feb. 1,1943
July 1,1921
May 1,1945
1,1932
Jan.
Apr. 1,1933
1,1953
Jan.
Jan. —,1946
1,1923
July
D e c , 1904
M a y , 1911
Nov., 1906
1902
1903
Feb., 1916
Aug., 1916
July, 1918
1,000,000
2,300,000
1,805,000
2.500,000
3,572,000
850,000
2,250,000
1.050,000
1,000,000
2,300,000
1,574,000
2,500.000
3,045.000
850,000
2,250,000
1.050,000
Mar. 1,1922
Mar., 1917
1,250,000
1,1920
1,1920
1,1918
1,1919
1,1911
1,1919
1,1917
1,1916
1,1902
1,1919
1,1907
1,1904
Apr. 1.1925
July
1.1926
Dec. 1,1920
Nov. 1,1922
July
1,1941
Mar. 1,1924
Mar. 1,1937
Dec. 1,1946
Jan.
1,1932
July
1,1922
1920-1932
Jan. 1,1934
Jan.
2,1905
Jan. 15,1919
Apr. 1,1895
Jan. 2,1935
Jan. 15,1921
Apr. 1.1925
Feb. 2,1903
June 30,1906
Aug. 16,1905
Jan.
1.1902
Apr. 1,1903
Jan. 17,1903
Jan.
1,1916
July
1,1918
Mar. 1,1917
Mar., 1920
June, 1920
D e c , 1918
Nov., 1919
1911-1913
Mar., 1919
Mar., 1917
Jan., 1917
Jan., 1913
July, 1919
80,095,000
Total all public utility loans.
Total all corporate loans
Grand total all loans (Government, municipal, and corporation)
1,250,000
81,345,000
401,660,765
T
2,222,011,078
1
Approximate.
2 There was also $25,000,000 (of a total issue of $40,000,000) United States of Mexico 4 per cent bonds due 1954, offered for subscription in 1904.
No figures showing amount placed here are available.
» There w?,re two other Cuban Government loans—$35,000,000 gold fives, dated March, 1904, and due Mar. 1, 1944, and $16,500,000 external gold
four-and-a-halfs, dated Aug. 2, 1909, and due Aug. 1, 1949—placed partly in this country and partly abroad, but the amounts placed here are
unavailable.
* Estimated.
6 Through the efforts of Chandler & Co. the majority of these notes were extended to Apr. 1, 1918, the balance being paid off at Central Trust
Co. of New York. Approximately $2,000,000 of those extended are still outstanding in the United States, according to Chandler & Co.
6 Latest figures available on bonds originally placed here. A considerable amount of the portion of these securities originally sold abroad has
been brought into our markets recently, but exact figures are unobtainable.
7 All interest in default since 1914.
8 Principal in default.
Recent Tax Legislation Affecting Foreign Banks April 30, 1920, under date of April 29, 1920,
pages 384-385. There follows a free translain Spain.
[From report by Chester L. Jones, commercial attache".]
tion of the paragraphs of greatest interest to
foreign banks:
Recent legislation affecting foreign enter- be—Provision 9. Subject to taxation under this tariff shall
prises in Spain is in line with the widespread A. In the case of Spanish enterprises and foreign enterenthusiasm for the protection of national in- prises which have all of their business in the Kingdom, the
dustries and the policy of freeing the key total of their profits and in appropriate cases of the capital
and
industries of the country from foreign influence of B.theInenterprises;
case of foreign enterprises which carry on business
and control, as shown, for example, in the in the Kingdom and outside of it, a proportionate part of the
reports of the Commission for the Protection of profits and in appropriate cases, of the capital, correspondNational Production. Advocacy of such legis- ing to the amount assigned to the business of the enterprise
the Kingdom. This amount can not be in any case less
lation, therefore, secures a favorable political in
than one-tenth, and its determination lies within the comhearing even in circles not directly connected petence of the Jurado de Utilidades.
with banking interests Strong support is Provision 10. Notwithstanding what is stated in the
given by practical!}^ the entire Spanish banking preceding provision, paragraph B, the minimum payment
of the capital of foreign banks established in Spain shall
community.
be based on the sum of the following items:
The provisions of the new law relating to
(a) One per thousand of the total capital of the entertaxation are published in the Gaceta de Madrid, prises; and
JULY, 1920.
FEDERAL RESERVE BULLETIN.
(b) Two per thousand on the part of said capital assigned
to its business in Spain estimated in the form heretofore
provided.
The authorization contained in the final paragraph of
article 3 of the 1law of the 29th of December, 1910, shall
remain in force.
Provision 13. The arrangements now in force relative
to the obligation to declare the basis for taxation and the
amount of turnover and those which regulate the power
of the administration to prove the exactness of the declaration shall extend to all the enterprises subject to the obligation of contributing under this tariff.
]n case of the nonfulfillment of the obligation to declare
and in those where resistance, excuse, or refusal is made to
a legitimate demand, by the employees of the administration charged with verifying the amounts, the estimate
of the proper basis for taxation shall lie in the competence
of the Jurado de Utilidades which may reserve in such
cases the grounds of its conclusion. In practice in such
estimates there shall be taken into account that the negligence or bad faith of those contributing thereto ought
not to prejudice the interests of the treasury.
Article 6. The Jurado de Utilidades shall be constituted in the ministry of the treasury and shall be formed
of the chief directors of " Contribuciones y del Timbre
del Estado," two bankers, managers, or directors of banks
which possess Spanish nationality, designated by the
council of ministers on proposal of the treasury department, and two officers of the ministry of the treasury,
designated by the minister.
After having made the necessary investigation in each
case the Jurado de Utilidades shall render its decisions
according to the promptings of conscience and by majority
vote. In case of a tie the president shall decide.
The competence of the Jurado de Utilidades outlined
in the first provision of article 2 and in the second, fifth,
eighth, ninth, and thirteenth provisions of article 3 can
not be modified except by law.
The resolutions of the Jurado de Utilidades shall necessitate in order to be put into effect the approval of the
minister of the treasury. If he dissents, he shall submit
the question at issue within the maximum period of one
month to the council of ministers, which shall decide
definitely.
The judgments of the council of ministers and those of
the Jurado de Utilidades in matters within their power
shall not be impugnable by litigation (no son inpugnables
en la via contenciosa).
The tax provisions of this law are retroactive
to April 1, 1920.
There are provisions in the portion of the
law above quoted the meaning of which is
questionable and which, if given an adverse
interpretation, would greatly increase the
difficulties under which foreign banks would
operate.
The law in the ninth provision, paragraph B,
states that—
The foreign capital corresponding to the amount assigned
to the business of the foreign enterprises in the kingdom
can not be less than one-tenth.
This apparently means that an announcement that less than one-tenth of the capital
was employed in Spain would not be accepted
by the authorities authorized to verify the
statement—the Jurado de Utilidades.
1
This article reads: "The Government is authorized to enforce the
taxation laws on foreign concerns operating in Spain in those cases where
the Countries of origin of such concerns burden Spanish companies
with branches in their respective countries in an unfavorable manner with respect to that which has been established in this article."
693
Spanish attorneys are not unanimous in
thinking that this conclusion necessarily follows. It is alleged that the provisions concerning banks are found in a separate paragraph
and that they therefore are distinct from the
provisions outlined in the ninth provision, paragraph B. It is alleged that these clauses will
have to be clarified by decisions in the ministry
of the treasury.
It would appear that a decision favorable to
the foreign banks on this point would have to
be secured against the opposition of the local
banks and would in any case be subject to
reversal by
any subsequent minister of the
treasury wTho might not be well disposed toward
foreign banking enterprises.
It is further to be noted also that two members of the future Jurado de Utilidades have
already expressed their opinion to the effect
that the minimum upon which the 2 per thousand will be levied under the terms of the law
is 10 per cent of the total capital of the bank
in question.
It does not appear clear whether a bank
with several branches in Spain would be considered as one bank or whether each branch
would be taxable separately.
The new legislation contains a clause which,
it has been suggested, gives to the Government
a power to exact payment of taxes from a foreign bank operating in Spain similar to those
payable by a Spanish bank operating in the
foreign country in question.
What form the application of this provision
might take is not clear. Other legislation such
as that cited below in article 28 of the Royal
Decree of April 25, 1911, shows that the retaliation may take the form of the imposition of taxes
for taxes. It might apparently take other forms.
It has been argued that the disadvantages
of the Spanish legislation could be avoided by
creating a Spanish banking corporation the
stock of which would be held at least in majority by the parent institution or held nominally
by Spanish citizens but signed over in blank in
such a way that the parent institution would
have effective control of the local institution.
The second of these alternatives is obviously
a subterfuge which would be Tadopted to make
the corporation appear in law what it was not
in fact.
In this connection, as indicating the equivocal
position in which such an organization appears
to stand under either of these two methods of
incorporation, the terms of the Royal Decree of
April 25, 1911, are pertinent. This decree was
issued to allow the Government to arrive at
a basis for the taxation of foreign companies.
Article 4 provides—
Those societies shall be considered Spanish for the purpose of this decree which are constituted under the pro-
694
visions of Spanish legislation and which have taken out
their incorporation in Spain.
In spite of what is provided in the preceding paragraph
the administration may consider as foreign for the purpose
of valuing their capital as a basis of taxation such companies as, although complying with the requirements outlined in the above paragraph, have one of the following
characteristics:
(a) When the administrators of the company lack
Spanish nationality or, although possessed thereof, are
not domiciled in Spain in sufficient number to take decisions concerning the business of the company by themselves.
(6) When the persons legally charged with the administration of the company are dependent upon some foreign
entity, whether because of their situation as employees or
by contracts or stipulations to that effect.
(c) When, because of the corporate name inscribed in
the register or because of any words of which the company may make use in advertisements or documents
relating to its mercantile business, it appears that the
society in Spain is a dependent of a foreign organization.
(d) When it appears on reliable evidence to the Spanish
administration that there exists in the power of some foreign entity enough of the capital stock to allow it to impose
its decisions upon the stockholders' meetings and upon
the commercial transactions of the company in question.
Article 28 provides that a Spanish corporation which has to pay higher rates than those
established in Spain for foreign companies in
similar circumstances may make complaint
thereof and the Spanish treasury may then
impose an equivalent tax on the corporations
of the country involved which work in Spain.
It is reported that one of the leading British
banks has organized a separate company in
France which has opened a branch in Spain.
This may enable the British bank to operate
in Spain by paying a tax based on the capital
of the French company rather than on the
much larger capital of the parent institution.
It remains to be seen, however, whether such
a plan will prove practicable.
FOREIGN TRADE INDEX.
There is presented below a series of indexes
designed to reflect movements in foreign trade
of the United States with fluctuations due to
price changes eliminated. The commodities
chosen for these indexes are those for which
prices are compiled by the Federal Reserve
Board in the preparation of its international
price index. The list includes 14 of the most
important imports the value of which in 1913
formed 40.6 per cent of the total import values,
and 29 of the most important exports the value
of which in 1913 formed 56.3 per cent of the
total export values. The commodities are as
follows:
JULY, 1920.
FEDERAL RESERVE BULLETIN.
IMPORTS.
Raw material.
Producers' goods.
Tin, bars, blocks, pigs, or
grain or granulated.
Silk, raw, in skeins reeled,
the cocoon or rereeled.
Lumber:
(a) Boards, planks,
and other sawed
forms.
(6) Boards, planks,
and other forms
of sawed cabinet woods.
Total wool, including
clothing, combing, and
carpet.
Cotton, unmanufactured.
Total h ides and s kins, except fur skins.
Sisal grass, unmanufactured.
Burlap and plainwoven fabrics of single jute varn:
(a) Not bleached,
colored.
(6) B l e a c h e d ,
dyed, etc.
India rubber, unmanufactured.
Ammonia, sulphate
of.
Soda, nitrate of.
Cane sugar.
Consumers' goods.
Coffee.
Tea.
DOMESTIC EXPORTS.
Barley.
Torn.
Oats.
Wheat.
Anthracite coal.
Bituminous coal.
Copper, refined, in ingots
and other forms.
Cotton, unmanufactured.
Pig iron.
Crude mineral oil.
Leaf tobacco, unmanufactured.
Total boards, planks, etc.
Lime, acetate of.
Copper wire, except
insulated.
Steel rails.
Steel plates.
Structural iron and
steel.
Sole leather.
Upper leather:
(a) Calf and kip.
(6) Calf and kid.
Fuel and gas oil.
^asonne.
Cottonseed oil.
Wheat flour.
Cotton cloth.
Boots and shoes.
Illuminating oil.
Sugar, refined, including
maple
sugar.
Hams and shoulders, cured.
Lard.
Separate indexes are shown both in imports
and exports for raw materials, producers'
goods, and consumers' goods. These indexes
of current imports and exports will be published monthly in the BULLETIN in the future.
The method used in the construction of these
indexes is as follows: The physical quantities
of each of the commodities were valued at
their average 1913 prices for each of the
months of 1913, 1919, and 1920 to date. The
values thus arrived at were added so as to
give a total for raw materials, producers'
goods, and consumers' goods, both of imports
and exports, for each month. The monthly
index is then computed on the base of the average of such monthly values for the year 1913.
In addition an index for the year 1919 is computed on the basis of the year 1913. The
general monthly index, including all commodities, is computed by determining the total
value at 1913 prices of all the commodities
listed, which value is then converted into an
index on the base of average monthly values
for the year 1913.
In the table which follows there are a number of items of interest to be noted. With
reference to balance of trade as shown by
these figures, with the price variations eliminated, there is to be observed a much greater
increase in imports than in exports. Analyzing more closely the import figures, we find
that the greatest increase is to be seen in pro-
JULY, 1920.
695
FEDERAL RESERVE BULLETIN.
ducers7 goods, the figure for 1919 showing an
increase of 108 per cent over 1913. Imports in this group for the first four months
in 1920 were even heavier than the corresponding months of the previous year. The largest
increase among the commodities in this group
is to be found in the case of India rubber.
The group showing the next, largest increase
is that of raw materials, the increase for 1919
being 65.5 per cent over the year 1913. This
tendency to increase continued for the first four
months of 1920, the imports for each month being in excess of corresponding month in 1919.
The most important increases in this group are
to be noted in the cases of raw silk and wool.
In the case of consumers' goods the increase
in 1919 as compared with 1913 was 45.7 per cent.
This increase has been maintained for the first
four months during 1920, each of the months
thus far being considerably above the corresponding month in 1919 with the exception
of March. It is to be remembered, however,
that this group consists of only coffee and tea.
In the case of exports the greatest increase
occurred in consumers' goods, the increase in
1919 over 1913 being 87.9 per cent. The exports of these materials in 1920, however, have
not kept pace with the corresponding months
in 1919, decrease in each case being consider-
able. The most important increases over 1913
are seen (in the order named) in refined sugar,
hams and shoulders, and boots and shoes. The
only commodity in this group which showed a
decrease since 1913 is illuminating oil. There
was also an increase in the exports of producers' goods to the extent of 54.4 per cent in
1919 over 1913. The volume of exports in
this group in 1920 was not as great as in corresponding months of 1919, with the exception
of the month of March. The largest increases
in this group occurred in sole leather, steel
plates, and copper wire. Several commodities
in this group showed a marked decrease, the
most important instance being acetate of lime.
There was a marked decrease in exports of raw
material in 1919 as compared with 1913, the
decrease amounting to 11.4 per cent. The
most important factor in this decrease is to be
found in the falling off of exports of raw cotton.
There is, however, great lack of uniformity in
movements of the different . commodities.
Oats, barley, wheat, and leaf tobacco all show
an increase, while the exports of cotton, lumber, refined copper, and corn declined. There
is to be noted, however, a marked tendency
for the exports of the commodities in this group
to increase during 1920 as compared with the
corresponding months of 1919,
Value of exports and imports of selected commodities at 1913 prices.
[In thousands of dollars; i. e., 000 omitted.]
[Monthly average values, 1913=100.]
Imports.
Exports.
Raw materials
(12 commodities).
1913.
January
February
March
A pril...
May
Grand total
Raw materials Producers'
Producers'
Consumers'
goods (10 com- goods (7 com- exports (29 com- (6 commodi- goods (6 commodities).
modities).
ties).
modities).
modities).
Value.
Index
Index
Index
num- Value. num- Value. number.
ber.
ber.
100,027
71,074
61,081
71,446
68, 856
46, 963
51,325
74, 869
103, 614
137, 772
126,836
113,326
116.8
83. 0
72.0
83.0
80.4
54.8
59.9
87.4
120.9
160.9
148.1
132. 3
11,762
12,266
11,836
14,128
11,661
1J,612
11,109
11,547
10,622
12, 608
9,987
10, 053
101.4
105. 8
102.1
121.8
100.6
100.1
95.8
99.5
91.6
108.7
86.1
86.7
30,715
30,790
28, 698
28, 708
29, 923
28,242
27,686
29,370
32,190
34, 612
31,246
33,089
100.9
101.2
94.3
94.3
98.3
92.8
91.0
96.5
105.8
113.8
102.7
108.7
Consumers'
Grand total
goods (2 com- imports (14 commodities) .
modities).
Value.
Index
Index
Index
Index
num- Value. num- Value. num- Value. number.
ber.
ber.
ber.
142,504
114,130
102,215
114,282
110,440
86, 817
90,120
115,786
146,426
184,992
168,069
156,468
111.6
89.4
80.1
89.5
86.5
68.0
70.6
90.7
114.7
144.9
131. 6
122.5
32,545
34,308
37,824
36,216
32,601
33,790
31,178
34,223
35,137
18,331
22,353
23,406
105.0
110.7
122. 0
116.9
105.2
109.0
100.6
110.4
113.4
59.2
72.1
75.5
12,080 107.6
11,865 10.5. 7
90.4
10,145
8,983 80.0
6,127
54.6
6,843
60.9
7,557 67. 3
84.1
9,438
14,068 125.3
14,695 130. 9
13,892 123. 8
19, 028 169.5
89,585
Year...
1920.
January
February . . .
March
April
910, 474
93,141
70,130
90,805
68,048
104.6
13,208
88.6 214,903
108.7
81.9
106.0
79.4
15,647
14,198
17,279
17,063
113.9
43,563
143.1
146,356
114.6
64,252
154.4 686,365
187.9 1,811,742
118.2 807,355
35,406
41,645
56,428
51,689
144,194
125,973
164,512
136,800
90,433
75,597
77,966
77,288
134.9
122.4
149.0
147.1
116.3
136.8
185.4
169.8
112.9
98.7
128.9
107.1
Index
number.
94, 961
91,3-JS
94.058
87,984
76, 839
73, 426
70,416
78,855
91,793
69, 868
73, 710
91,320
114.6
110.2
113.5
106.2
92.7
So. 0
84.9
95.1
110.8
84.3
88.9
110.2
994,568
100.0
96,280
107, 783
139,937
145,911
172,426
142,853
166, 701
131,973
191,424
170,820
171,038
140,077
116.2
130.0
168.8
176.0
208.0
172.4
201.1
159.2
231.0
206.1
206.4
169.0
165.5 773,602 208.0 196,266
145.7 1,777,223
178.7
222.4 82,014
185.9 99,502
191.7 117,188
190.1 89,684
159.2
126.9
171.6
190.1
50,336 123.8
45,175 111.1
46,079 113.3
42,785 105. 2
38,111 93.7
32, 793 80.6
31, 681 77.9
86.6
35,194
42, 588 104.7
90.6
36,842
37, 465 92.1
48,886 120.2
June...
July
August
September...
October
November...
December...
Year... 1,027,789 100.0 139,191 100.0 365,269 100.0 1,532,249 100.0 487,935 100.0 371,912 100.0 134, 721 100. 0
1919.
94.1 45,892 148.1 12,115 107.9
159,231 124.7 38,273
84,039
98.1 18,444 159.0 56,748 186.4
January
86.3 60, 653 195.7 12,056 107.4
126, 424 99.0 35,074
58, 488 68.3 14,598 125.9 53,338 175.2
February
96.9 78,773 254.2 21, 768 193.9
135,405 106.1 39,396
57, 659 67.3 16,161 139.3 61,585 202.3
March. .
65,112
76.0 19,356 166.9 80,639 264.9
165,107 129.3 51,280 126.1 81, 409 262.7 13,222 117.8
April
May
' 67,673 79.0 16,007 138.0 58,932 193.7
142,612 111.7 71,831 176.7 84,646 273.1 15,949 142.1
219,235 171.7 73,401 180.5 57,244 184.7 12,208 108. 7
94, 660 110.5 28,658 247.1 95,917 315.1
June
71, 918 84.0 16,943 146.1 50,531 166.0
139,392 109.1 72,974 179.5 72,172 232.9 21, 555 192.0
July
81,302
94.9 19,578 168.8 49,548 162.8 150,428 117.8 77,988 191.8 36,460 117.6 17, 525 156.1
August
September... 70,209 82.0 19,365 167.0 43,108 141.6 132,682 103.9 109,761 269.9 60,884 196.4 20, 779 185.1
133,067 104.2 88,701 218.2 64,921 209.5 17,198 153.2
70,240
82.0 16,844 145.2 45,983 151.1
October
November... 99,589 116.3 15, 741 135.7 46,473 152.7 161, 803 126.7 84,424 207.6 69,554 224.4 17,060 152.0
December...
Value.
158.0
60,994
196.8
264.5
321.0
378.1
289.4
14,831
17,874
14,241
19,260
21,347
132.1
190,321 229.6
189,340 228.4
214,414 258.7
188,319 227.2
696
FEDERAL RESERVE BULLETIN.
JULY,
1920.
June Crop Report, by Federal Reserve Districts. shown in the table below by Federal reserve
districts. The forecasts are compared with
Forecasts of crop production issued by the estimates for 1919 and with averages for the
Bureau of Crop Estimates as of June 1 are five years, 1915-1919.
Production of wheat, oats, and hay, by Federal reserve districts—June 1 forecast of the Bureau of Crop Estimates.
[In thousands of units of measurement.]
Spring wheat (bushels).
Federal reserve district.
Boston
New York
Philadelphia-.
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City...
Dallas
San Francisco..
Total..
Forecast
for
1920.
Winter wheat (bushels).
Average Forecast
Estifor
for
mate for
1915-1919.
1920.
1919.
EstiAverage Forecast
mate for
for
for
1919. 1915-1919.
1920.
465
669
305
545
480
750
316
1,034
350
63
271
15,600
624
186,408
19,663
748
51,351
19,140
1,001
129,337
16,463
898
39,933
12.649
391
196,070
16,026
543
36,329
7,530
216,399
14,492
51,300
276,378
209,352
263,072
503,996
10,754
23,860
35,388
34,392
6,377
50,733
52,771
Forecast for
1920.
Estimate for
1919.
Average
Estimate for
for
1919. 1915-1919.
107,021
5,757
284,531
32,707
61,075
10,054
23,281
47,780
41,952
10,830
70,743
77,937
13,753
201,404
19,228
52,927
465
11,423
24,165
35,933
34,392
6,377
66,333
53,395
193,938
236,062
15,240
102,651
12,493
25,922
63,748
37,094
10,326
112,202
108,022
135,094
300,994
33,605
101,008
10,404
23,344
48,051
41,952
10,830
83,392
78,328
209,823
217,430
19,771
88,356
731,636
568,989
780,374
940,988
832,061
11,743
25,606
62,714
37,094
10,326
93,062
Hay, tame and wild (oats).
Oats (bushels).
Federal reserve district.
Total wheat (bushels).
Average for
1915-1919.
Forecast for
1920.
Estimate for
1919.
Average for
1915-1919.
Boston
New York
Philadelphia..
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis...
Kansas City...
Dallas
San Francisco.
12,482
42,011
23,422
70,942
25,500
29,417
503,981
66,329
273,486
18-3,149
40,216
44,541
12,123
31,856
23,214
70,279
26,397
29,008
461,082
63,595
208,857
182, 677
99,004
40,219
10,957
44,130
25,518
84,240
25,635
32,546
572,006
70,007
284,134
185,475
53, 782
47,026
4,268
6,168
2,949
5,654
4,063
4,318
4,912
7,073
3,155
6,089
4,916
4,272
17,636
7,570
20,276
24,055
1,647
13,186
18,629
8,124
17,245
19,907
2,309
12, 035
4,882
6,686
3,266
6,410
4,036
3,350
18,563
7,498
16,626
17,969
1,562
12,452
Total....
1.315,476
1,248,311
1,435,456
111,790
108,666
103,300
Total wheat production is expected to be
780 million bushels, or 160 millions below last
year's estimated production, and 52 millions
below the average for the five years 19151919. This smaller production of wheat is
expected because of a decline in winter wheat
production estimated at about 227 million
bushels, offset in part by a gain of about 67
million bushels in the forecasted production of
spring wheat.
The decline in forecasted winter wheat
production is due largely to losses in the
St. Louis and Kansas City districts, where
conditions for planting wheat last fall were
unfavorable and where large acreages were
abandoned this spring because the crop was
winter killed.
The forecast for the production of oats is
about 67 millions in excess of last year's
production, but about 120 millions below
the five-year average. Hay production is
expected to be about 3 million tons more than
last year and about 8 million tons more than
the average for the last five years.
697
FEDERAL RESERVE BULLETIN.
JULY, 1920.
State Banks and Trust Companies.
CHANGE OF NAME.
The following list shows the State banks and trust companies which have been admitted to membership in the
Federal Reserve system during the month of June:
One thousand three hundred and seventy-five State
institutions are now members of the system, having a
total capital of $487,774,578, total surplus of $488,329,970,
and total resources of $9,774,877,421.
Capital.
Surplus.
The First Commercial State Bank, Royal Oak, Mich., has changed it 5
name to First State Bank of Royal Oak.
The American Trust & Savings Bank, Albuquerque, N. Mex., has
changed its name to the State Trust & Savings Bank.
The Bank & Trust Co. of Central California, Fresno, Calif., has changed
its name to Fidelity Trust & Savings Bank.
The Logan Trust Co., Philadelphia, Pa., has merged into the Fidelity
Trust Co., Philadelphia, Pa.
Total
WITHDRAWAL.
The Bank of Sheboygan, Sheboygan, Wis., has withdrawn from membership.
District No. 3.
Federal Trust Co., Philadelphia, Pa
$200,000 $100,000 $3,695,051
District No. 4.
The Ohio Savings & Trust Co., New
Philadelphia, Ohio
The Lewis Bank & Trust Co.. Upper
Sandusky, Ohio
100,000
50,000
1,787,894
150,000
75,000
871,693
50,000
35,000
493,647
25,000
10,000
188,038
District No. 5.
PutnamCounty Bank, Hurricane, W. Va
Acceptances to 100 Per Cent.
Since the issuance of the June 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:
The Pacific Bank, New York City.
Farmers & Mechanics National Bank, Fort Worth, Tex.
National Bank of Tacoma, Tacoma, Wash.
District No. 6.
Bank of Wadley, Wadley, Ga
District No. 7.
Independence State Bank Chicago, 111.
Iowa State Bank, Dexter, Iowa
Fort Madison Savings Bank, Fort Madison, Iowa
200,000
25,000
25,000 2,911,971
13,000
332,142
100,000
50,000
275,000
50,000
25,000
75,000 2,589,803
3,700
325,956
10,000
284,990
200,000
50,000 2,626,734
1,957,504
District No. 8.
Crittenden County Bank & Trust Co.,
Marion, Ark
American Bank &Trust Co., Paris, Ark.
Farmers & Traders Bank, Iberia, Mo..
Grand Avenue Bank of St. Louis, St.
Louis, Mo
30,000
50,000
25,000
40,000
30,000
35,000
10,000
8,500
855,567
416,474
318,417
372,784
25,000
30,000
15,000
12,000
331,751
520,891
District No. 11.
First State Bank, Bay City, Tex
5,600
55,000
446,352
First State Bank & Trust Co., Bryan,
Tex
741,674
100,000 50,000
Farmers State Bank, Clarendon, Tex..
50,000
3,030
346,425
Farmers Guaranty State Bank, Clifton,
Tex
495,172
30,000 20,000
25,000
First State Bank, Copperas Cove, Tex...
9,000
284,041
Guaranty Bank & Trust Co., Dallas,
Tex
1,000,000 100,000 2,934,861
Farmers & Merchants State Bank,
Kenedy, Tex
50,000 50,000
378,202
First State Bank & Trust Co., Kenedy,
Tex
60,000 75,000
547,884
Commercial Guaranty State Bank,
Longview, Tex
50,000
86,219
Citizens State Bank, Luling, Tex
150,497
25,000
6,000
Lipscomb Bank & Trust Co., Luling,
Tex
353,856
75,000 55,000
First State Bank & Trust Co., Me Allen,
Tex
100,000 12,000
984,750
Farmers State Bank, Madisonville, Tex.
25,000 20,000
437,051
25,000
First State Bank, Robstown, Tex
8,000
197,444
Farmers State Bank, Shiro, Tex
25,000 20,000
164,601
District No. 12.
The Peoples Bank, Sacramento, Calif..
The Kuna State Bank, Kuna, Idaho
Bank of Myrtle Point, Myrtle Point,
Oreg
Wasco County Bank, The Dalles, Oreg..
State Bank of Goldendale, Goldendale,
Wash
Pine City State Bank, Pine City, Wash..
Puget tound Bank & Trust Co., Tacoma, Wash
The Comptroller of the Currency reports the
following increases and reductions in the number and capital of national banks during the
period from May 29 to June 25, 1920, inclusive:
Banks.
District No. 9.
South Range State Bank, South Range,
Mich
Hardin State Bank, Hardin, Mont
Joliet State Bank, J oliet, Mont
First State Bank, Stevensville, Mont...
Willow Creek State Bank, Willow Creek,
Mont
:
First State Bank, Wolf Point, Mont....
New National Bank Charters.
800,000
25,000
99,000
7,920,979
218,317
50,000
100,000
15,000
546,014
100,000
75,000
25,000
7,500
1,000
838,120
176,106
S00,000
30,000
3,444,044
New charters issued to
27
With capital of
$2, 837, 500
Increase of capital approved for
35
With new capital of
3, 739, 000
Aggregate number of new charters and
banks increasing capital
62
With aggregate of new capital authorized
6, 576, 500
Number of banks liquidating (other than
those consolidating with other national
banks under the act of June 3,1864
8
Capital of same banks
1,135, 000
Number of banks reducing
capital
0
l
Reduction of capital
1, 500, 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
2, 635, 000
Consolidation of national banks under the
act of Nov. 7, 1918
3
Capital.
15, 850, 000
The foregoing statement shows the aggregate of increased, capital for the period of
the banks embraced in statement was
6, 576, 500
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
2, 635, 000
Net increases
3, 941, 500
Commercial Failures Reported.
The tendency toward increase in number of failures in
the United States has recently become more apparent,
and the 431 commercial defaults reported to R. G. Dun &
Co. during three weeks of June considerably exceed the
329 insolvencies of the corresponding period of 1919. For
1
Includes a reduction in capital of $1,500,000 incident to a consolidation under act of Nov. 7, 1918.
698
JULY, 1920.
FEDERAL RESERVE BULLETIN.
May, the latest month for which complete figures are
available, the statement also discloses a numerical increase, the 547 business reverses of that month contrasting
with 531 in May of last year. With this exception, however, the exhibit is the best on record for the month, and
the May liabilities of $10,826,277 are less than in any
previous May since 1910. Separated according to Federal
Reserve districts, the May statistics reveal reductions in
number of failures, as compared with those of May, 1919,
in 7 of the 12 districts, but these decreases are more than
offset by the increases in the other districts, the second
district making relatively the poorest showing. As to
the indebtedness, the totals are smaller than those of May,
last year, in 8 of the 12 districts.
Failures during May.
DISTRICT No. 4.
Trustee, executor, administrator, registrar of stocks and bonds, guardian
of estates, assignee, receiver, and committee of estates of lunatics:
First National Bank, Elm Grove, W. Va.
Union National Bank, New Brighton, Pa.
Trustee, executor, administrator, registrar of stocks and bonds, guardian
of estates, assignee, and receiver:
National Bank of Ashtabula, Ashtabula, Ohio.
The Ohio National Bank, Columbus, Ohio.
Commercial National Bank, Youngstown, Ohio.
DISTRICT NO. 6.
Trustee, executor, administrator, registrar of stocks and bonds, guardian
of estates, assignee, receiver, and committee of estates of lunatics:
Fulton National Bank, Atlanta, Ga.
Polk County National Bank, Bartow, Fla.
Trustee, executor, administrator, guardian of estates, assignee, receiver,
and committee of estates of lunatics:
Dawson National Bank, Dawson, Ga.
DISTRICT NO. 7.
Number.
Liabilities.
Districts.
First
Second
Third
Fourth
Fifth
Sixth
Seventh .
Eighth
Ninth
Tenth
Eleventh
Twelfth
Total
1920
1919
52
133
37
42
41
44
60
13
18
16
15
76
58
93
30
57
30
26
63
18
9
28
35
84
547
531
1920
$376,586
2,413,591
1 085,182
2,544,273
1 577 684
715,555
692,450
61,243
163,487
179 251
168,165
848,810
10,826,277
1919
$1 559 270
3,194,187
1,096,945
1,481,366
491,740
246,650
1,621,869
165,445
45,948
703,255
304,739
1,045,237
11,956,651
Trustee, executor, administrator, registrar of stocks and bonds, guardian
of estates, assignee, receiver, and committee of estates of lunatics.
National City Bank. Ottawa, 111.
First-Fond du Lac National Bank, Fond du Lac, Wis.
Trustee, executor, administrator, registrar of stocks and bonds, guardian
of estates, assignee, and receiver^
State National Bank, Lowell, Ind.
Registrar of stocks and bonds, guardian of estates, assignee, receiver,
and committee of estates of lunatics:
The First National Bank, Greencastle Ind.
Trustee,executor,administrator,guardian of estates,assignee,receiver:
Merchants National Bank, Grinnell, Iowa.
DISTRICT NO. 8.
Trustee, executor, administrator, registrar of stocks and bonds, guardian
of estates, assignee, receiver, and committee of estates of lunatics:
First National Bank, Lake Village, Ark.
First National Bank, Jefferson City, Mo.
DISTRICT NO. 9.
Fiduciary Powers Granted to National Banks.
The applications of the following banks for permission
to act under section 11-k of the Federal Reserve Act have
been approved by the Board during the month of June,
1920:
Trustee, executor, administrator, registrar of stocks and bonds, guardian
of estates, assignee, and receiver:
Union National Bank, Minot, N. Dak.
Trustee, executor, administrator, guardian of estates, assignee, and
receiver:
First National Bank, Argyle, Minn.
DISTRICT NO. 10.
Trustee, executor, administrator, registrar of stocks and bonds, guardian
of estates, assignee, receiver, and committee of estates of lunatics:
The Broad Street National Bank, Red Bank, N. J.
National Bank of Auburn, Auburn, N. Y.
Citizens National Bank, Freeport, N. Y.
Citizens National Bank, Fulton, N. Y.
Registrar of stocks and bonds, guardian of estates, assignee and receiver
and committee of estates of lunatics:
National American Bank, New York, N. Y.
Trustee, executor, administrator, registrar of stocks and bonds, guardian
of estates, assignee, receiver, and committee of estates of lunatics:
Fort Collins National Bank. Fort Collins, Colo.
Shawnee National Bank, Shawnee, Okla.
Trustee, executor, administrator, guardian of estates, assignee, and
receiver:
First National Bank, McAlester, Okla.
Trustee, executor, adminstrator, and registrar of stocks and bonds:
Powell National Bank, Powell, Wyo.
Registrar of stocks and bonds, guardian of estates, assignee, receiver, and
committee of estates of lunatics:
First National Bank, Muskogee, Okla.
DISTRICT NO. 3.
DISTRICT NO. 12.
Trustee, executor, administrator, registrar of stocks and bonds, guardian
of estates, assignee, receiver, and committee of estates of lunatics:
Central National Bank, Wilmington, Del.
First National Bank, Glassboro, N. J.
Burlington County National Bank, Medford, N. J.
First National Bank, Lebanon, Pa.
Quaker City National Bank, Philadelphia, Pa.
Trustee, executor, administrator, registrar of stocks and bonds, guardian
of estates, assignee, receiver, and committee of estates of lunatics:
First National Bank, Santa Paula, Calif.
The Old National Bank, Spokane, Wash.
Trustee, executor, administrator, guardian of estates, assignee, receiver,
and committee of estates of lunatics:
Boise City National Bank, Boise, Idaho.
DISTKICT NO. 2.
JULY,
1920.
FEDERAL RESERVE BULLETIN.
699
RULINGS OF THE FEDERAL RESERVE BOARD.
Below are published rulings made by the
Federal Reserve Board which are believed to
be of interest to Federal Reserve Banks and
member banks:
in each case whether a particular note or a
particular class of paper even though technically eligible is a reasonable or desirable
investment for it to make.
Commercial paper.
Inquiries are frequently received by the
Federal Reserve Board as to the eligibility of
paper drawn for the purpose of developing
properties or of financing various kinds of
construction.
The Board is of the opinion generally that
the note of the owner of property which is to
be developed or built upon, the proceeds of
which note have been or are to be used by
him to pay for the work of developing or
building, is a note "the proceeds of which have
been or are to be used for permanent or fixed
investments" within the meaning of the
Board's regulations, and that, therefore, such
a note is not eligible for rediscount by a
Federal Reserve Bank under the terms of
section 13.
If, however, the note of an owner or producer is given in good faith to a contractor in
actual payment of materials and services
furnished by him for the owner or producer
it may be considered to be technically eligible
for rediscount as paper the proceeds of which
have been or are to be used for a commercial
or industrial purpose. There certainly is no
doubt in such a case that the paper in the
hands of the contractor is commercial or business paper actually owned by him and as such
should be considered eligible for rediscount
when presented through a member bank, provided that it complies in other respects with
the provisions of the law and the Board's
regulations. If this were not true no paper in
the hands of a material man received by him
in payment for materials furnished in the
building industry could be considered eligible
for rediscount, a conclusion which is obviously
not consistent with the scope and purposes of
section 13.
It must be understood, however, that even
though a note may be technically eligible for
rediscount a Federal Reserve Bank may, in
the exercise of its discretion, decline to effect
its rediscount if for any reason it is deemed
to be an undesirable investment, and should
do so in any case where the ultimate payment
of the note is dependent upon the success of
the transaction giving rise to the note. A
Federal Reserve Bank being familiar with
local conditions and the peculiar requirements
of its own district is in a position to determine
Collection of notes and acceptances.
The question has been presented as to
whether a member bank may make a charge
against a Federal Reserve Bank for the collection and remittance of "notes and acceptances
payable at the member bank.77
Under the terms of section 13 of the Federal
Reserve Act no member bank may make a
charge against its Federal Reserve Bank for
the collection or payment of "checks and
drafts" and remission therefor by exchange or
otherwise. In any case, therefore, where a
Federal Reserve Bank presents to a member
bank for payment a check or draft drawn upon
that member bank, no charge may be made
against the Federal Reserve Bank for remitting
to it by exchange or in any other manner of
payment.
Inasmuch as the accentance of a member
bank is necessarily a "draft" on that bank no
charge may be made against the Federal
Reserve Bank for its payment. The Federal
Reserve Board, however, has frequently had
occasion to rule that the provisions of section
13, discussed above, do not prohibit a member
bank from charging the Federal Reserve Bank
for the service of collecting maturing notes and
bills of exchange drawn upon individuals,
firms, or corporations other than banks. The
fact that such a note or bill of exchange not
drawn on a bank may be made payable at that
bank does not bring it within the restrictions
of section 13 referred to above and does not
preclude the member bank from making a
charge against the Federal Reserve Bank for
effecting its collection and remitting therefor
by exchange or otherwise.
Administration of trust department of a national bank.
The Federal Reserve Board has received
several inquiries with reference to Regulation
F, series of 1919.
Section V of this regulation provides that—
Funds received or held in the trust department of a
national bank awaiting investment or distribution maybe deposited in the commercial department of the bank to
the credit of the trust department, provided that the bank
first delivers to the trust department, as collateral security,
United States bonds, or other readily marketable securities owned by the bank, equal in market value to the
amount of the funds so deposited.
700
FEDERAL RESERVE BULLETIN.
Before a national bank deposits any of its
trust funds in its commercial department it
must deliver to the trust department securities
of the kinds and in the amounts specified in
this section of the regulation. A deoosit of
securities with the State banking authorities,
as security for court and private trusts generally, is not a compliance, with the specific requirement quoted above.
Section VI of the regulation deals with the
investment of trust funds and provides that
such funds must be invested in strict accordance with the terms of the instrument creating
the trust and that where the instrument creating the trust authorizes the bank, its officers
or its directors, to exercise their discretion in
the matter of investment, trust funds may be
invested only in those classes of securities
which are approved by the directors of the
bank. It was not intended, however, to require that each particular investment of trust
funds be specifically approved by the board of
directors but merely that the directors define
the classes of securities in which trust funds
may be invested in cases where the bank is
authorized to exercise its discretion.
Section III of the regulation requires that
the trust department of a national bank shall
JULY, 1920.
be placed under the management of an officer
or officers whose duties shall be prescribed by
the board of directors of the bank. Because
of the difference in the laws of the various
States governing the relation of fiduciary and
beneficiary the Federal Reserve Board has not
considered it practicable to formulate a uniform set of by-laws for national banks which
have been granted authority to exercise trust
powers, and has not in any other manner
attempted to define the duties and powers of
the officer or officers in charge of the trust departments of national banks. The precise
duties and powers of these officers is a matter
for the determination of the board of directors
of the bank.
When national banks about to open trust
departments have asked the Federal Reserve
Board for information as to the proper
manner of conducting those departments,
the Board has suggested in each case that
the trust department be placed under the
management of a competent and experienced
trust officer and that competent local counsel be employed to assist in prescribing the
duties of that trust officer, and to advise with
reference to the exercise of the bank's trust
powers.
LAW DEPARTMENT.
Exercise of fiduciary powers by national banks located of section 2024-77r, Statutes, prohibiting appointment of
corporations as fiduciaries are valid and applicable to
in Wisconsin.
national banks. In the case of the First National Bank of
Fellows, Attorney General of the State of
The following is an opinion recently rendered Bay City v.
ex rel. Union Trust Co. (244 U. S., 416), the
by the Supreme Court of Wisconsin holding Michigan,
United States Supreme Court has held that Congress has
unconstitutional, in so far as it purports to the power to confer on national banks the right to "act"
affect national banks, the Wisconsin law pro- as trustees, executors, administrators, and in other fiducicapacities, and that Congress did, by section 11 (k) of
hibiting State courts from appointing in any ary
the act of Congress approved December 23,1913, establishfiduciary capacity any corporation other than a ing
the Federal Reserve Board, properly give such board
trust company organized under the laws of authority "to grant by special permit to national banks
Wisconsin. The case arose upon the applica- applying therefor, when not in contravention of State or
tion of the sole legatee, under a will appointing local law, the right to act as trustee, executor, administraetc." The grounds of the court's holding are fully exno executor, for the appointment of the Com- tor,
pressed in the headnote to the case, as follows: "The cirmercial National Bank of Fond du Lac as cumstance that a function is of a class subject to State
regulation does not prevent Congress from authorizing a
administrator.
national bank to exercise it. Nor would it lie in the State
power to forbid this. A business not inherently such that
STATE OF W I S C O N S I N / IN SUPREME COURT.
Congress may empower national banks to engage in it may
In re Estate of S. B. Stanchfield, Deceased. Appeal of George H. nevertheless become appropriate to their function if by
Stanchfield. Joined by the Commercial National Bank of Fond du State law State banking corporations, trust companies, or
Lac.
other rivals of national banks are permitted to carry it on."
As stated by Chief Justice White in expressing the
SIE'BECKER, / . : The county court denied the application to appoint the Commercial National Bank of Fond du opinion of the court: "Manifestly this excluded the power
Lac administrator of decedent's estate upon the ground of the State in such case, although it might possess in a
that the provisions of section 2024-77r, Statutes, 1919 general sense authority to regulate such business to use
(chapter 180, Laws, 1919), forbids such appointment. that authority to prohibit such business from being united
This statute provides: "No court of this State shall appoint by Congress with the banking function, since to do so
or name any corporation as trustee, executor, administra- would be but the exertion of State authority to prohibit
tor, guardian, assignee, receiver, or in any other fiduciary Congress from exerting a power which under the Consticapacity unless such corporation is organized and existing tution it had a right to exercise."
under the provisions of section 2024-77i to 2024-77q of
It is there held that if State banks, trust companies,
the statutes." Of course the Commercial National Bank and other rivals or quasi rivals of national banks are peris not organized or existing under the statutes of this State. mitted to carry on a business not inherently such as may
The effect of the county court's ruling is that the provisions be conferred by Congress on national banks, such rights
FEDERAL RESERVE BULLETIN.
JULY, 1920.
possessed by these rivals may make it appropriate to be
conferred on national banks to enable them to perform
their functions.
Since this decision by the Federal Supreme Court,
Congress, by act of December, 1913, among other things
added to the original provisions of section 11 (k), conferring
fiduciary powers, the following: "* * * or in any other
fiduciary capacity in which State banks, trust companies,
or other corporations which come into competition with
national banks are permitted to act under the laws of the
State in which the national bank is located. Whenever
the laws of such State authorize or permit the exercise of
any or all of the foregoing powers by State banks, trust
companies, or other corporations wliich compete with
national banks, the granting to and exercise of such powers
by national banks shall not be deemed to be in contravention of State or local law within the meaning of this
act."
National banks within the legitimate powers conferred
on them by Congress can not "be interfered with by State
legislation or judicial action except so far as the lawmaking power of the Government may permit." (Van
Reed v. People's National Bank of Lebanon, 198 U. S.,
554.)
It is clear that the powers conferred on corporations in
Wisconsin to act as trustees and other fiduciaries are
rivals of the Commercial National Bank of Fond du Lac
under the power conferred on it by the Federal Reserve
Board and the acts of Congress. Under these circumstances the State must yield to the rights so conferred on
national banks.
In re Katherine Hamilton, Supreme Court of
Errors, Connecticut. Decided April term, 1920.
Upon the facts of record in this case the petitioner,
George H. Stanchfield, was entitled as a matter of right to
have the county court pass upon the prayer of his petition
for the appointment of the Commercial National Bank of
Fond du Lac as administrator of the estate of S. B. Stanchfield, deceased. The order of the county court denying
the petition for the appointment of such national bank as
administrator, upon the ground that such national bank
can not legally act in the capacity of administrator, was
erroneously denied, and must be reversed. The case will
be remanded to the county court, with direction to pass
upon this application of such petitioner, and for further
proceedings in such county court according to law.
Amendment to Mississippi banking laws.
For the information of the Federal Reserve
Banks and member banks there is published
below the text of an act recently passed by
the legislature of Mississippi authorizing guaranteed State banks to accept drafts or bills of
exchange:
HOUSE
BILL N O .
230.
An act to authorize guaranteed State banks to accept drafts or bills
of exchange growing out of transactions involving shipment of goods,
provided shipping documents are attached; or which are secured
at the time of acceptance by shipping documents or warehouse receipts
for readily marketable staples: limiting the amount of such acceptances permitted.
SECTION 1. Be it enacted by the Legislature of the State of
Mississippi, That any guaranteed State bank doing business in the State of Mississippi, pursuant to the laws of
701
this State, may accept drafts or bills of exchange drawn
upon it haying not more than six (6) months' sight to
run, exclusive of days of grace, which grow out of transactions involving the shipment of goods, provided shipping
documents conveying or securing title are attached as
security at the time of acceptance of said drafts and bills
of exchange, or which are secured at the time of acceptance
by warehouse receipts or other such documents conveying
or securing title coyering readily marketable staples not
subject to rapid deterioration.
No such bank shall accept for any one person, company,
firm, or corporation to an amount equal at any time in the
aggregate to more than ten per centum of its paid up and
unimpaired capital stock and surplus, unless the bank is
secured by such attached documents; and no such bank
shall accept such bills to an amount equal at any time in
the aggregate to more than one-half of its paid up and
unimpaired capital stock and surplus.
SEC. 2. For cause this act shall take effect and be in
force from and after the date of its passage.
Approved March 25, 1920.
PRINCIPAL BOOKS AND ARTICLES RELATING TO
BANKING AND CURRENCY RECEIVED AT THE
FEDERAL RESERVE BOARD LIBRARY DURING
THE MONTH ENDING JUNE 15, 1920.
Applying scientific methods to banking publicity. [N. Y., Bankers
pub. co., 1920]
Bank of Finland, Helsingfors.
R e p o r t . . . for the . . . financial year, 1919 Helsingfors, Tilgmann,
ltd., 1920.
Banque nationale Suisse, Bern.
. . . Rapport. . . 1919 [Bern, 1920]
Barker, J. Ellis.
Economic statesmanship: the great industrial and financial problems arising from the war. 2d ed. N. Y., Dutton, 1920.
Blankart, Charles.
Die Devisenhandelspolitik wahrend des Weltkrieges (August 1914
bis November 1918) mit einem Vorwort von H. Kundert. Zurich,
Orell Fiissli, 1919.
Great Britain. Committee on Indian exchange and currency.
. . . Report of the committee appointed by the secretary of state for
India to enquire into Indian exchange and currency . . . London,
H. M. Stationery off., 1920.
Great Britain. Mint.
. . . Annual report of the deputy master and comptroller of the Mint
. . . 1917 Lond. H. M. Stationery off., 1920.
Leffingwell, R. C.
. . . Treasury methods of financing the war in relation to inflation:
[address] before the Academy of political science, New York, April
30,1920. [Wash., U. S. Treasury dept., 1920]
Meyer, Eugene, jr.
* Pressing problems for American bankers and others: address to the
New York chapter, American institute of banking. [Wash., War
finance corp., 1920]
Oklahoma. Laws, statutes, etc.
Banking laws of the state of Oklahoma, including amendments and
extracts from opinions of Supreme court construing the law.
Comp. by J. I. Howard, assistant attorney general. [Oklahoma
City 1915]
Reichsbank, Berlin.
Verwaltungsbericht der Reichsbank fin* das Jahr 1919 . . . Berlin,
Reichsdruckerei, [1920].
Shirras, G. Findley.
Indian finance and banking. 2d impression. Lond., P. S. King,
Macmillan, 1920.
Todd, John Aiton.
The mechanism of exchange; a handbook of currency, banking and
trade in peace and in war. Lond., H. Milford, Oxford univ. press,
1919.
U. S. Federal reserve board. Rules, regulations, etc.
Banking corporations authorized to do foreign banking business
under the terms of section 25(a) of the Federal reserve act.
(Regulation K, ser. 1920) [Wash., Govt. ptg. off., 1920]
U. S. Laws, statutes, etc.
. . . Banking corporations authorized to do foreign banking business
[Wash., Govt. ptg. off., 1919] (Public law no. 106 —66th Cong.)
" An act to amend the act approved December 23, 1913, known as
the Federal reserve act . . . by adding a new section." . . . [sec,
25(a)] S. 2472. Approved, December 24, 1919.
702
FEDERAL RESERVE BULLETIN.
WHOLESALE PRICES IN THE UNITED
STATES,
In continuation of figures shown in the
June BULLETIN there are presented below
monthly index numbers of wholesale prices
for the period July, 1919, to May, 1920,
compared with like figures for May 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 tubs and pails have been
omitted. On the other hand, quotations for
white pine (No. 2, barn, and No. 2, uppers),
spruce, eggs (New Orleans), bananas (Jamaica
8's), ginghams (Lancaster, 6.50 yards to
pound), hosiery (men's seamless cashmere),
sheetings (bleached, 10-4 Pepperell, and
brown, 4-4 Pepperell), laundry starch and
onions (Chicago), which had been dropped
temporarily, were obtained for the months of
April and May, and the commodities were
again included in the calculation of the index
numbers for the latter month. Index numbers for May are provisional, due to the fact
that certain data were not received in time
to render them available for use in the calculations.
A further increase in wholesale prices is
noted for the month of May. The general
index number of the Bureau of Labor Statistics for the latter month now stands at
272, as compared with 265 for the month of
April. All three principal groups of commodities show an increase, although to a
varying extent. The index number for the
group of producers' goods again shows the
greatest increase, namely, 3 per cent, from
263 to 271. While decreases in price occurred
for a more extended list of commodities than
did increases, they were not sufficient to offset
the increases shown. Among the commodities which decreased in price may be mentioned various classes of leather, worsted
yarns, linseed oil and meal, lubricating oil,
oleo oil, shingles, turpentine, tallow and
silver, and among those which increased in
JULY,1920.
price sugar, cement, rosin, cast-iron pipe,
gasoline, wood pulp, bran and millleed,
glycerin, and soda ash.
The index number for the group of consumers7 goods again shows the smallest rate
of increase, namely, 1.9 per cent, from 280 to
285. Decrease and increase in price each
occurred in the case of an approximately
equal number of commodities. Prominent
among commodities which showed an increase
were sugar, potatoes, beans, corn meal, glucose,
coffee, hams and lard, eggs, various classes
of fruit, such as bananas, lemons, oranges,
prunes, and raisins, carpets and housefurnishings, cottonseed oil and illuminating oil, while
among commodities which showed a decrease
may be noted butter, apples, onions, fresh
beef, veal, mess pork and bacon, lamb and
mutton, milk (Chicago quotation), and print
cloths.
The index number tor the group of raw materials remains unchanged at 260. Among the
subgroups into which the commodities included
under this head are classified, the subgroup of
animal products alone shows a decrease, from
196 to 179, or 8.3 per cent. Decreases in price
occurred for an extended list of commodities,
among which may be noted cattle, hogs, sheep,
and poultry, raw silk and wool, and various
classes of hides, with the exception of heavy
Texas steers, which alone showed increase.
With the exception of one of the classes of
Douglas fir, which showed a slight decrease, the
commodities included under the head of forest
products remained unchanged in price, and
the index number for this subgroup again
stands at 367. An increase of 4.4 per cent,
from 224 to 234, is noted in the subgroup of
mineral products, due to increase in the prices
of various classes of anthracite, bituminous
and semibituminous coal, coke, and various
classes of pig iron which were not offset by
decreases in the prices of the various nonferrous metals, among which are copper, lead,
zinc, and tin. The index number lor the
subgroup of farm products shows an increase
of 3.2 per cent, from 304 to 314. Decreases
in the prices of cotton, tobacco, and flax were
more than offset by increases in the prices of
various grains, in particular wheat, corn,
oats, rye, and barley, hay, both timothy and
alfalfa, and hops.
JULY, 1920.
703
FEDERAL RESERVE BULLETIN.
Index numbers of wholesale prices in the United States for principal classes of commodities.
[Average price for 1913=100.]
Raw materials.
Year and month.
Farm
products.
Animal
products.
Forest
products.
Mineral
products.
Total raw
materials.
106
99
118
168
202
225
233
235
215
212
212
209
213
206
200
196
179
97
93
98
108
138
146
166
193
227
234
239
259
273
315
348
367
367
91
94
117
202
174
170
177
180
184
184
183
186
190
194
197
224
234
99
102
113
182
190
205
214
218
216
220
226
233
239
240
247
260
260
102
119
115
227
227
255
261
251
240
254
27C)
288
291
278
288
304
314
July,1914
May, 1915
May, 1916
May, 1917
May, 1918
May, 1919
July, 1919
August, 1919
September, 1919
October, 1919...
November, 1919.
December, 1919.
January, 1920...
February, 1920.
March, 1920
April, 1920
May, 1920
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 July,
1919, to May, 1920, compared with like
All commodities
Producers' Consumers: (Bureau of
Labor Stagoods.
goods.
tistics index
number).
103
102
114
178
195
219
230
241
226
228
236
245
259
256
263
280
285
93
97
142
187
192
189
202
212
212
211
216
228
245
246
246
263
271
100
101
119
182
191
207
219
226
221
222
230
238
248
248
253
265
272
figures for May 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.
Average
price per
bushel.
J u l y , 1914
May, 1915
May, 1916
May, 1917
May, 1918
May, 1919
J u l y , 1919
A u g u s t , 1919
S e p t e m b e r , 1919
October, 1919
N o v e m b e r , 1919
December, 1919
J a n u a r y , 1920
F e b r u a r y , 1920
March, 1920
April, 1920
May, 1920
$0.7044
.7647
.7293
1.6180
1.5250
1.7613
1.9075
1.9213
1.5410
1.3888
1.4875
1.4485
1.4750
1.4125
1. 5515
1.6913
1.9825
Relative
price.
Average
price per
pound.
Relative
price.
Average
price per
bushel.
Relative
price.
Average
price per
bushel.
114
124
118
263
248
286
310
312
250
226
242
235
240
229
252
275
322
$0.1331
.0906
. 1257
.1999
.2894
.2947
.3377
.3125
.3078
.3538
.3963
.3990
.4035
.3944
.4060
.4144
.4038
105
71
99
157
228
2-32
266
246
242
279
312
314
318
311
320
326
318
$0.8971
1.5767
1.2146
2.9806
2.1700
2. 5925
2.6800
2.5250
2.5350
2.6250
2.8250
3.0300
2.9313
2.6875
2.7550
3.0063
3.0750
103
181
139
341
248
297
307
289
290
301
323
347
336
308
315
344
352
$0.8210
1.5700
1.1554
2.9705
2.1700
2.7800
2.2580
2.2394
3.2385
2.2394
2.2881
2.4490
2.6338
2.4900
2.5000
2.7725
2.9750
Relative
price.
83
159
117
301
2?0
T82
229
227
227
227
232
248
267
252
253
281
302
Cattle, steers,
good to choice,
Chicago.
Average
price per
100
pounds.
8. 5900
9.4' 00
12.4 50
16.41S7
17.7428
16.8 88
17.63 5
16.8050
17.5938
17.5000
17.0750
15.9375
14.9^88
14.4000
13.9063
12.6000
Relative
price.
108
101
111
209
198
207
198
207
206
201
187
176
169
163
148
Hides, packers,
heavy native
steers, Chicago.
Average
price per
pound.
$0.1938
.2075
.2475
. 3150
.3110
. 3513
. 4&50
.5200
.4638
.4820
. 4688
.4100
.4000
.4025
.3640
.3613
.3538
Relative
price.
105
113
135
171
169
191
264
283
252
262
255
223
218
219
198
196
192
704
JULY, 1920.
FEDERAL RESERVE BULLETIN.
Average monthly wholesale prices of
commodities—Continued.
[Average price for 1913=100.)
Hogs, light,
Chicago.
Year and month.
July, 1914
May, 1915
May, 1916
May, 1917
May, 1918
May, 1919
July, 1919
August, 1919
September, 1919
October, 1919...
November, 1919.
December, 1919.
January, 1920...
February, 1920.
March, 1920
April, 1920
May, 1920
Wool, Ohio, i-f
grades, scoured.
Hemlock, New
York.
Average
price per
100
pounds.
Relative
price.
Average
price per
pound.
Relative
price.
Average
price per
M feet.
$8.7563
7.6000
9. 7050
15. 5000
17. 5000
20.7000
22.3875
21.6125
18. 2100
14. 7250
14.1438
13.6800
15.1250
104
90
115
183
207
245
265
256
215
174
167
162
179
177
183
186
175
$0.4444
.5714
.6714
1. 0714
1.4182
1.0727
1.2364
1.2364
1.2182
1.2634
1.2545
1.2545
1.2364
1.2364
1.2364
1.2000
1.1636
94
121
143
227
301
228
263
263
259
268
266
266
263
263
263
255
247
$24. 5000
21.5000
23. 7500
26.0000
33.5000
36.0000
41.0000
14. 9813
15. 5000
15.7125
14. 7550
Coal, Pocahontas, Norfolk.
Coke, Connellsville.
43.0000
44.0000
44.0000
48.0000
53.0000
57.0000
57.0000
57.0000
57.0000
Relative
price.
Yellow pine,
flooring,
New York.
Average
price per
M feet.
101 $42.0000
40.0000
40.0000
107
138 60.0000
149 65. 0000
73.0000
169
78.0000
177 95.0000
182 100.0000
182 100.0000
198 112.0000
219 112.0000
235 139.0000
235 139.0000
235 160.0000
235 160.0000
Copper, ingot,
electrolytic,
New York.
Coal, anthracite Coal, bituminous,
stove, New York,
run of mine,
tidewater.
Cincinnati.
Relative
price.
Average
price per
long ton.
Relative
price.
Average
price per
short
ton.
135
146
164
175
213
224
224
251
251
312
312
359
359
$4. 9726
4. 7506
5.2740
5.6826
6.3000
7.9857
8.1881
8.3145
8.4020
8.4135
8.4273
8.4098
8.4291
8.4118
8.4109
8.4368
8.9964
94
104
112
124
158
162
164
166
166
167
166
167
166
166
167
178
$2.2000
2.2000
2.2000
6.0000
3. 8500
4.0000
4.0000
4.0000
4.5000
4.5000
4.1000
4.1000
4.1000
4.1000
4.1000
5.5000
6.0000
Lead, pig,
desilverized,
New York.
Petroleum,erude,
Pennsylvania,
at wells.
Relative
price.
100
100
100
273
175
182
182
182
205
205
1-86
186
250
273
Pig iron, basic.
Year and month.
Average
price per
long ton.
July, 1914
May, 1915
May, 1916
May, 1917
May, 1918
May, 1919
July, 1919
August, 1919
September, 1919.
October, 1919
November, 1919..
December, 1919..
January, 1920
February, 1920...
March, 1920
April, 1920
May, 1920
Rela- Average Relative price per tive
price. short ton. price.
Average
price per
pound.
Relative
price.
77
67
97
287
246
158
168
173
188
198
243
248
246
246
246
430
492
$0. 1340
1863
2850
3100
2350
1600
2150
2281
2220
2172
2038
1873
1931
1906
1858
1919
1906
85
118
181
197
149
102
137
145
141
138
130
119
123
121
118
122
121
$3.0000
2. 8500
3.0000
7.0000
4.2190
4.9000
5.1400
100
95
100
233
141
163
171
5.1400
4. 6320
4. 6320
4. 6320
4.6320
4.6320
6. 4800
6. 4800
171
154
154
154
154
154
216
216
$1.875/)
1. C250
2.3750
7.0000
6.0000
3.8437
4.0950
4.2188
4.5920
4.8250
5.9375
6.0500
6.0000
6.0000
6.0000
10.5000
12.0000
Average
price per
pound.
$0.0390
.0420
.0750
.0988
.0691
. 0508
.0561
.0579
.0609
.0643
.0676
.0718
.0^72
.0881
. 0923
.0896
.0856
Relative
price.
Average
price per
barrel.
Relative
price.
Average
price per
long ton.
89
95
170
225
157
115
128
132
138
146
154
163
198
200
210
204
195
$1. 7500
1.3500
2.6000
3.1000
4.0000
4.0000
4.0000
4.0000
4.2500
4.2500
4.4375
4.6000
5.0625
5.5125
6.1000
6.1000
6.1000
71
55
106
127
163
163
163
163
173
173
181
188
207
225
249
249
249
?13.0000
12. 5000
18. 0000
11. 6000
32. 0000
25. 7500
25.7500
25.7500
25.7500
25.7500
28.3125
34.6000
37.7500
42.2500
41. 6000
42. 5000
43.2500
Relative
price.
88
85
122
283
218
175
175
175
175
175
193
235
257
287
283
289
294
Y, 1920.
705
FEDERAL RESERVE BULLETIN.
Average monthly wholesale prices of
commodities—Continued.
[Average price for 1913=100.]
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.
July, 1914
May, 1915
May, 1916
•.
May, 1917
May, 1918
May, 1919
July,1919
August, 1919
September, 1919.
October, 1919....
November, 1919..
December, 1919..
J a n u a r y , 1920
February, 1920...
March, 1920
April, 1920
May, 1920
;
'
I
Average
price per
pound.
Relative
price.
Average
price per
pound.
$0.2150
.1650
.2425
. 3650
.6332
. 4826
.5912
. 6130
.5903
.6111
. 6648
.6986
.7271
.7465
.7549
.7784
.7672
97
75
110
165
286
218
267
277
267
276
300
316
329
337
341
352
347
$0.3050
.2950
.3700
.5700
.4900
.4900
.5300
.5700
.5700
. 5700
.5700
.5700
.5600
.5700
.5700
.5700
.5700
Beef, carcass,
good native
steers, Chicago.
Rela- Average Relative price per tive
price. long ton. price.
Average
price per
pound.
Relative
price.
Average
price per
long ton.
Relative
price.
Average
price per
pound.
74
78
174
333
184
149
149
149
149
149
160
180
186
214
233
233
233
$0.0113
.0115
.0338
.0575
.0325
.0265
.0265
.0265
.0253
.0261
.0265
.0265
.0274
.0350
.0365
.0375
.0375
76
78
228
389
220
179
179
179
171
176
179
179
185
236
247
253
253
$30.0000
30.0000
30.0000
40.0000
57.0000
47.0000
47.0000
47.0000
47.0000
47 0000
47.0000
47.0000
50.7500
54.5000
54.5000
54.5000
54. 5000
100
100
100
133
190
157
157
157
157
157
157
157
169
182
182
182
182
$0. 6500
.8200
1.0000
1.4000
2.1500
1.5000
1.6000
1. 6242
1.7500
1. 7500
2.2000
2.2000
2.2500
2.2500
2.200H
2.200O
2.0000
108
105
131
202
174
174
188
202
202
202
202
202
199
202
202
202
202
Coffee, Rio, No. 7.
Year and month.
$19.0000
20.0000
45.0000
86.0000
47.5000
38. 5000
38.5000
38. 5000
38.5000
38.5000
41.3750
46. 4000
48.0000
55.2500
60.0000
60. 0000
60.0000
Flour, wheat,
standard patents
(1918, standard
war),
Minneapolis.
j
Average I Rela- Average [ Rela- Average
price per I tive price per j tive price per
barrel.
pound. price. pound, j price.
July, 1914
May, 1915
May, 1916
May, 1917
May, 1918
May, 1919
July, 1919
August, 1919....
September, 1919.
October, 1919...
November, 1919.
December, 1919.
January, 1920...
February, 1920..
March, 1920
April, 1920
May, 1920
$0.1350
. 1213
. 1375
.1600
.2250
.2430
.2075
.2350
.2275
.2290
. 2350
.2350
.2320
.2125
.2050
.2090
.1950
104
94
106
124
174
188
160
181
176
177
181
181
179
164
158
161
151
$0. 0882
0775
0975
1013
0873
1931
2303 I
2150
1663
1650
1697
1518
1628
1478
1500
1514
1559
79
70
88
91
78
173
207
193
149
148
152
136
146
133
135
136
140
$4.5938
7.8813
6.1900
14.8800
9.5250
12.4188
12.1550
12.0063
11.6200
12.0313
12.9500
14.0250
14.4438
13.5375
13.1650
14.2813
15.0313
Relative
price.
Hams, smoked,
Chicago.
Average
price per
pound.
100 $0.1769
.1513
172
.1845
135.
.2655
325
.3025
208
.3769
271
.3835
265
.3838
262
.3480
254
.2900
262
. 2859
283
.2888
306
.2944
315
.3056
295
.3155
287
.3313
312
.3556
328
Illuminating oil,
150° fire test,
New York.
Relative
price.
Average
price per
gallon.
106
91
111
160
182
227
230
231
209
174
172
174
177
184
190
199
214
$0.1200
.1200
.1200
.1200
.1700
.1850
.2050
.2180
.2200
.2200
.2200
.2200
.2240
.2400
.2500
.2600
.2600
84
106
129
180
277
193
206
209
225
225
283
283
290
290
283
283
258
Sugar, granu
lated,
New York.
Rela- Average
tive price per
price. pound.
97
97
97
97
138
150
166
177
178
178
178
178
182
195
203
211
211
Relative
price.
$0. 0420
0588
0746
0794
.0730
.0882
.0882
.0882
.0882
.0882
.0882
.1085
.1537
.1495
.1372
.1919
.2247
Relative
price.
138
175
186
171
207
207
207
207
207
207
254
360
350
321
449
526
706
JULY, 1920.
FEDERAL. RESERVE BULLETIN.
RETAIL TRADE,
sion of new stores from time to time in the
reporting list.
In the following tables is given a summary
In district No. 11 inquiries made of several
of the results obtained during the past few stores in a number of lines brought the followmonths in districts Nos. 1, 2, 3, 4, 5, 6, 7, 10, ing average results:
and 12., on the regular retail trade index form
from representative department stores. In May, 1920, retail trade, compared with April, 1920, and
May, 1919.
districts Nos. 1, 5, and 12 the data were re[+
Increase;
— decrease.]
ceived in (and averages computed from) actual
amounts (dollars), in districts Nos. 2, 3, 4, 5,
at
6, 7, and 10 the material was received in the
Selling Stock
Compared with—
Sales.
end of
price.
form of percentages, the averages for the cities
month.
and districts computed from such percentages
being weighted according to volume of business
Per cent. Per cent. Per cent.
April, 1920
-11
done during the calendar year 1919. For Groceries
May, 1919
+ 19
April, 1920
-36
+ 5
+ 2
the month of May, the tables are based on Furniture
May, 1919
+38
+41
+28
reports from 20 stores in district No. 1, 17 Shoes
+41
April, 1920
-15
+20
May, 1919
+ 15
in district No. 2, 15 in district No. 3, 18 in Clothing
1
2
April, 1920
+ 5
—4
- 3
May, 1919.:
+29
, +33
district No. 4, 8 in district No. 5, 7 in district Dry goods
3
April, 1920
+ 19
+ 1
May, 1919
No. 6, 9 in district No. 10, and 31 in district
+46
+36
+60
April, 1920
-15
+ 4
+ 5
No. 12. For the earlier months the number Hardware
May, 1919
+22
+25
+11
of stores varied somewhat, due to the incluCondition
of retail
trade in Federal
Reserve
districts
Nos. 1,2, S, 4, 5, 6, 7, 10, and 12.
[Percentage of increase.]
Comparison of net sales with those of corresponding period previous year.
July 1, 1919, to close of—
District and city.
District No. 1:
Boston
Outside
September,
1919.
30.9
NoOcto- vember,
ber,
1919. 1919.
52.0
District
District No. 2:
New York City
and Brooklyn.
Outside
43.4
December,
1919.
Janu- Feb- March, April, May,
ary, ruary,
1920.
1920. 1920. 1920. 1920.
42.3
41.9
33.2
43.5
15.4
36.1
38.9
29.4
16.8
26.0
19.4
25.5
42.1
34.8
18.3
37.5
18.5
20.7
49.2
54.6
29.9
66.6
50.4
15.0
22.4
41.1
22.8
64.8
15.8
3.54
22.2
17.6
28.6
51.7
12.4
18.4
2.3
23.4
33.3
19.6
50.7
31.3
11.3
31.0
48.2
37.5
45.5
23.1
27.4
65.2
24.6
52.9
33.1
22.4
22.4
28.3
District
District
District
District
District
District
District
No. 3
No. 4
No 5
No 6
No. 7
No 10
District No. 12:
Los Angeles
San Francisco...
Oakland
Sacramento
Seattle
Spokane
Salt Lake City..
District
9.4
30.8
NoOcto- vember,
ber,
1919. 1919.
33.0
December,
1919.
43.6
33.4
88.7
45.2
30.3
36.6
21.0
46.4
42.7
77.3
54.6
29.8
50.7
28.6
77.1
32.3
83.8
53.5
41.4
54.2
23.9
36.2
23.8
51.6
26.9
27.4
22.6
22.4
23.6
11.5
58.4
35.4
31.0
65.1
19.2
19.8
10.5
43.6
28.5
14.9
33.9
4.3
10.9
7.1
38.2
40.9
17.1
34.4
6.3
48.8
26.4
40.6
82.0
46.1
50.7
51.7
31.1
37.8
13.8
31.2
FebApril, May,
ruary, March,
1920. 1920. 1920. 1920.
30.7
36.4
26.1
33.1
24.7
30.5
37.2
24.9
41.6
32.5
31.6
27.5
25.8
49.7
39.8
59.3
38.1
35.0
33.6
35.3
30.1
57.0
34.9
33.7
20.3
36.0
8.6
26.2
38.2
14.6
29.9
57.4
26.9
20.5
33.6
9.3
22.0
43.5
24.9
30.9
32.1
12.4
28.1
36.3
38.5
50.7
10.9
110.6
92.3
68.5
69.2
50.6
176.0
44.8
68.3
40.9
25.1
32.5
27.6
September,
1919.
Jan. 1,1920, to close of—
21.2
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
77.3
68.3
47.1
58.9
31.9
34.8
39.5
36.6
29.3
23.0
72.0
30.1
29.2 * 18.1
61.2
39.7
32.3
60.9
21.8
26.8
15.1
56.1
36.6
27.9
47.5
16.2
23.1
12.8
52.2
37.6
25.6
39.4
13.9
29.1
16.4
34.4
46.9
47.5
47.0
41.0
36.9
34.7
46.5
, 1920.
707
FEDERAL RESERVE BULLETIN.
Condition of retail trade in Federal Reserve districts Nos. 1, 2, 3, 4, 5, 6, 7, 10, and 12—Continued.
[Percentage of increase.]
Stocks at end of month compared with—
Previous month.
Same month previous year.
District and city.
No- De- Janu- FebNo- De- Janu- FebSepSepcem- ary, ruary, March, April, May,
tem- Octocem- ary, ruary, March, April, May, tem- October, vember, vem1920. 1920. 1920. ber, 1919.
ber, ber, 1920.
ber, 1919.
ber, ber, 1920.
1920. 1920. 1920. 1920.
1920.
1919. 1919.
1919.
1919.
1919. 1919.
District No. 1:
Boston
Outside
11 4
District
4. }
....
District No. 2:
New York City and
Brooklyn.. .
Outside
12 q
25.4
24.9
29.7
28.4
38.1
37.5
42.3
44.9
45.2
43.2
44.5
43.8
25.2
29.6
38.0
42.8
44.7
44.3
36.4
44.0
49.6
69.6
60.6
53.8
51.6
47.9
51.7
68.6
53.6
49.1
24.3
56.1
53.4
41.1
64.9
38.9
30.4
57.0
70.1
50.2
65.0
54.9
29-7
34.1
46.7
59.6
4.2
13.2
12.6
4.8
13.2
5.6 10.7 1 10.9 9.7
9.7 2.2 1 11.1 4.7
19.7 1 8.4
5.4
.2
3.7 16.1
6.5 12.9 Vi8.*9 1*2.0
3.4 1 15.6 9.4
52.6
10.3
6.5
District .
District
District
District
District
District
District
No. 3 .
No. 4
No. 5 . . . .
No. 6
No. 7
No. 10
District No. 12:
Los Angeles
San Francisco
Oakland
Sacramento
Seattle
Spokane
13.8
3L4* 44." 5*
13.2 25.4
42.1
59.4
27.7
37.1
53.7
35.0
58.3
62.2
35.2
61.8
53.8
63.3
25.7
63.9
60.3
29.9
39.9
43.3
= =
64.9
60.7
34.4
29.4
55.5
39.0
17.5
28.5
48.4
58.0
56.5
9.9
42.7
. . . . .. . .
l 6
13.9 19.5
10 fi 15.5 26.5
l 5
1 \
4.9
i 10 7 i 4. 3
.3
17 8 15 ?, 15.3
70
District
11.9
31.0
32.7
9.2
44.0
45 9
10.6
38.0
16.4
48 6
40.9
51.8
5.3
15.2
District No. 1:
Boston
Outside
461.9
367.4
District
District No. 2:
New York City
and Brooklyn
Outside
504.6
Nov.,
1919.
District
13.4
1 1.8
16.1 15.I
7.8
10.2
3.7
12.9
1 10.4 11.9
8.4
27.9
9.3
1 .3
1 1.4
16.6
U.7
25.8
1 .4
15.O
12.3
11.6
18.1
5.4
7.3
16.7
1 .9
3.0
1 .5
3.4
7.0
45.1
9.9
4.7
55.9
14.7
—
i
Mav,
1920.
Jan.,
1920.
Feb.,
1920.
Mar.,
1920.
Apr
1920
360.7
413.9
320.8
229.8
382.2
402.5
509.5
320.5
389. 8 348.4
464. 7 442.5
382.1
306.0
385.5
389.9
343.4
336.9
405.6
384.7
372.3
383.4
No 3
No. 4
No. 5
No 6 .
No 7
No. 10
District No. 12:
Los Angeles
San Francisco
Oakland.. . .
Sacramento
Seattle
Spokane
Salt Lake City....
4.0
2.8
8.4
Dec,
1919.
District
District
District
District
District
District
District
11.9
1
74
1.3
1 13.3
2.6
.6
's'.'i
_ •
= • '
12.1
12.7
18.6
• -
10.1
7.8
1 .9
ii.8
10.9
14.0
7.8
6.1
6.5
3.7
2.4
1 .5
3.7
14.9
27.9 140.2
1.5
16.5
1.6
11.5
16.7
15.7
14.7
9.6
Percentage of outstanding orders at end of month to total
purchases during previous calendar year.
Jan. 1, 1920, to end of—
July 1, 1919, t o e n d of—
Sept., Oct.,
1919. 1919.
9.7
—
Percentage of average stocks at end of each month to average
monthly sales for same period.
District and city.
10.9 1 5.2
13.8
7.5
386.3
379.6
26.5
16.7
19.6
19.7
18.8
18.6
15.8
15.5
15.4
7.5
405. 2 366.5
23.1
24.0
19.6
18.7
15.7
12.7
403. 1 392 4 26.4
392. R 415 7
402. 0 399 4
36.3
22.8
22.9
18.8
20.3
17.6
21.8
15.5
13.9
19.0
18.2
14.8
21.0
27.9
18.6
24.8
19.4
23.5
34.8
18.1
29.7
20.9
31.4
14.6
31.2
18.0
17.6
13.2
9.9
20 6
347 0
298 6
337.6
332
495.6
442.8
558.3
355.9
422.3
485.6 424.3 422.7
453.0 403.1 405.2
559.1 600.2 490.6
339.3
432.0 378.0 427.1
462.4 411.5 508.8
418.3 468.3
477.5 494.9
581.6 610.7
665.0
755.9
470.7
459.3
463.1 422.6
534.7
429.0
24.8
13.7
380 0
369.1
408.2
459.5
460.5
564.7
400.7
459.0
Sept., Oct., Nov., Dec, Jan., Feb. Mar., Apr., May,
1919. 1919. 1919. 1919. 1920. 1920. 1920. 1920. 1920.
439.0
415.6
18.1
382
362 8
433 .2
f;
272.1
285 .4
32.7
28.1
542.6
605.8
390. 7 480 4
492. 3 469 8
585. 2 589 5
533 4
527.9 539 .7
528.8 605 4
515.3
456.0
29.1
1
19.4
Decrease.
508 .0
28.3
45.1
25.8
53 5 48.1
29 5 28.1
5.4
33.3
18.2
37.1
31.9
33.9
31.0
39.0
27.7
29.7
23.9
25.1 22.1
20 0
*i6.*8" 11 4
32.2
34.5
8.2
18.4
37.2
22.6
40.6
17.6
34.7
17.2
14.2
31.1
29 . 2
32.3
28.0 31.7
27.2
21.6
23.2
29 .6
708
JULY,
FEDERAL RESERVE BULLETIN.
WHOLESALE PRICES ABROAD.
Tables are presented below showing the
monthly index numbers of wholesale prices of
some of the leading countries of the world
computed on the basis of prices in 1913 = 100.
In all cases except that of the United States
the original basis upon which the index numbers have been computed has been shifted
to the 1913 base. The monthly and yearly
index numbers are, therefore, only approximate. These index numbers are constructed
by the various foreign statistical offices according to methods described in the January
BULLETIN. The latest figures are subject to
correction.
Index numbers of wholesale prices (all commodities).
[1913=100.]
United
States;
Bureau
of
Labor
Statistics
- (328
quotations).
United
Kingdom;
Statist
(45
commodities).
France;
Bulletin
dela
Statistique
Generale
(45
commodities).
Italv;
Prof.
Bachi
(40
commodities).
Sweden;
Svensk
Handels
tidning.
JaAustra- Canlia;
pan;
Bank Com- ada;
deof Ja- monpan wealth partfor Bureau ment
To- Census of Lakyo and Sta- bor
(56 tistics (272
com- (92 com- quotamodi- modities). ties). tions).
100
100
101
124
174
197
100
101
126
159
206
226
100
102
140
187
262
339
100
95
133
202
299
409
100
115
145
185
244
339
100
96
97
117
149
197
UOO
141
132
2
155
170
100
101
110
135
177
206
June
July
August....
September
October...
November
December.
203
197
201
203
207
207
219
226
221
223
230
238
224
220
217
217
229
235
243
250
252
264
271
276
348
340
337
332
325
329
349
347
360
382
405
417
324
320
324
329
336
356
359
368
370
388
436
455
369
358
354
339
330
324
320
321
319
307
308
317
214
213
206
206
214
228
247
251
257
271
280
288
172
168
169
171
172
173
176
182
185
200
199
197
212
207
205
206
210
210
218
223
223
222
227
240
1920.
January...
February .
March
April
May
248
249
253
265
272
288
306
307
313
305
487
522
554
584
550
504
556
619
679
659
319
342
354
354
361
301
313
321
300
272
203
206
209
217
248
254
258
261
263
1913
1914
1915
1916
1917
1918
1919.
January...
February .
March
April
M aJy . . . .
t.
i July, 1914=100.
2
the groups which make up the index declined,
the greatest change occurring in the textile
index, which fell 112 points. The April index
number for Australia and the May index number for Sweden show a continued rise in prices.
The index number of the Bureau of Labor
Statistics for the United States shows a considerable advance in prices in May, but the
index constructed by the Federal Reserve Board
for the purpose of international comparison
shows an increase of only 1 point.
ENGLAND.
For the first time since March, 1919, the
Statist index number of wholesale prices for
May showed a decline instead of an advance.
This was chiefty due to the heavy fall in the
prices of textiles and nonferrous metals.
Foodstuffs, other than animal foods, coal, pig
iron, and steel products, either advanced
during the month or remained unchanged.
The decline in prices was apparently caused by
the action of the banks in curtailing credit for
speculative purposes, and to a less degree by
the raising of the discount rate. Whether
this decline marks a turn in prices which may
be expected to continue depends upon the
extent to which stocks of commodities have
been accumulated, and how rigorously public
and private expenditure is controlled. A serious shortage continues in coal and iron and
steel products.
Conditions in England with regard to retail
buying of clothing, house furnishings, etc.,
have been very similar to those in this country.
Exorbitant prices have led to a refusal to buy
on the part of the public. This has led to
retail price cutting accompanied by cancellation of orders and in turn to the reduction of
wholesale prices.
Group index numbers—United Kingdom, Statist.
11913=100.]
Vege- Anitable m a l
foods. foods.
Last six months of 1917.
The decline in the Japanese index number,
which began during April, continued in May,
and was accompanied in the latter month by
decreases in the index numbers for England,
France, and Italy. The Japanese index number for May registers a decline of 28 points,
as compared with 21 points the month previous. In Italy, according to the index number
of Prof. Bachi, the general price level tell
20 points during May. This change was caused
principally by the sharp break in textile prices^
as prices of foodstuffs and minerals and metals
in Italy increased slightly during the month.
The index number of the Bureau de la Statistique Generale shows a decrease of 34 points
during the month. Prices in practically all
1920.
1913
1914
1915
1916
1917
1918
1919.
January
February...
March
April
May
June
July
August
September
October...
November
December.
1920.
January...
February.
March....
April
May
Food- Miner- Texstuffs. als.
tiles.
Sun- Matedries. rials.
.248
100
100
125
152
192
210
100
107
130
161
213
238
100
105
137
169
218
229
100
90
109
140
152
167
100
97
111
152
228
265
100
105
131
163
212
243
100
98
119
153
198
225
249
250
240
243
245
246
244
255
25S
260
266
270
226
226
205
206
208
208
208
208
208
226
226
228
221
221
238
229
236
214
275
320
328
322
332
336
234
235
223
223
226
229
231
242
245
253
25S
260
159
156
154
154
177
182
203
206
206
222
226
234
245
242
235
239
254
258
257
273
287
305
325
334
246
235
246
243
258
271
283
283
278
284
292
296
218
212
213
213
230
238
249
255
257
270
280
286
274
297
345
346
351
230
237
237
265
244
356
415
393
392
473
265
286
300
315
318
256
267
263
263
273
343
362
360
354
308
312
329
318
321
311
302
318
312
311
298
100
110
155
193
252
709
FEDERAL RESERVE BULLETIN.
JULY, 1920.
Employment, as reported by trade-unions,
was very good during April. No statistics are
available for May or June, but trade papers
report that some mills were temporarily closed.
and colonial merchandise were not quite as
large as in April, but exports of British merchandise were 12 per cent greater than in the
month previous.
Percentage of trade-union
Value of exports (including reexports) of the United
unemployment
bership).
(1,560,904
mem-
Kingdom.
[In millions of dollars.]
1918
January.
February
March...
April....
May
1.0
.9
1.2
.9
.9
1919
2.4
2.8
2.9
2.8
2.1
1919
1920
2.9
1.6
1.1
.9
The price cutting which was reported as
taking place in textile raw materials last month
continued during May anid June. Recently
yarn and cloth markets in both the cotton and
wooien industries have also been affected in
some degree.
Production of coal during the month was not
up to recent high standards, but that of pig
iron and steel ingots was better than at any
time since the armistice. The low figure for
coal production during the last week of May is
due to holidays.
The weekly coal production during April and
May was as follows:
January
February
March
April
May
June
Julv
August
September
October
November..
December
253
253
302
350
369
372
375
438
400
480
523
570
1920
639
528
636
616
679
FRANCE.
Aside from the series of strikes in the first
half of the month, the most important aspects
of the industrial and financial situation in
France during May were the increase in the
exchange value of the franc, the continued
shortage of coal, and the sharp decline in textile
and nonferrous metal prices.
The change in the foreign exchange situation which took place during May was partly
the result of import restrictions imposed by
Week ending—
Tons.
Apr. 3
3,979,747 the Government, and of voluntary restriction
Apr. 10
3,337,793 of foreign purchases, and partly the result of
Apr. 17
4, 833, 072 the increased exports from France in May and
Apr. 24
4, 989, 666 the three months previous.
The prospect of
May 1
4, 564, 564
May 8
4, 674, 302 an improvement in the financial situation of
May 15
4, 860, 668 the French Government may also have exerted
May 22
4, 830, 707 an influence.
The following table shows the
May 29
3,199, 947 change which took place in foreign exchange
The following table gives the monthly aver- rates during the month:
age production of pig iron and crude steel for
French foreign exchange rates.
1913, the first five months of 1919, and the
corresponding months of 1920:
Average
Ingots
2; iron, j and
castings.
869
1913 (monthly average)
1919.
January
February
March
April
May
value
May 31,
1920.
Paris o n -
[Thousands of metric tons.]
672
636
702
658
682
730
746
770
680
767
1920.
London
New York
Belgium
Denmark
Spain
Holland
Italy
Norway
Sweden
Switzerland
Source; Les Temps, Paris.
The condition of the Bank of France changed
very little from the last of April to the last of
May. The gold reserve of the bank rose from
3,608,033,000 francs to 3,608,776,000 francs in
that period, and its note circulation fluctuated
Crude steel.
from just below to just above 38,000,000,000
Total exports from the United Kingdom con- francs. As in previous months of 1920, Govtinue to increase. In May exports of foreign ernment revenue from taxes and monopolies
January
February
March
April
May
676
656
710
655
738
1
766
811
854
779
848
710
FEDERAL RESERVE BULLETIN.
exceeded budget estimates. The May receipts were not as large as those for April,
however, partly because of the strikes which
occurred during the month and partly because
the restriction of imports of luxuries reduced
customs receipts.
The 1920 budget has not yet become a law.
The Senate on June 2 approved a bill which
provides an additional 9,500,000,000 francs a
year for Government expenses, a sum larger
than that approved by the Chamber of Deputies the 1st of May. The law in its amended
form has now been returned to the lower house.
If it is approved there, the Government will be
provided with enough revenue to meet its current expenses (except the expenses of reconstruction for which Germany is responsible)
and will have beside 1,000,000,000 francs a
year to provide a sinking fund for the Government debt.
Group index
numbers—France.
[Bulletin de la Statistique Ge'ne'rale.]
[1913=100.]
Date.
Animal
food.
Sugar,
Vege- coffee,
Mintable and Foods
(20). erals.
foods. cocoa.
Textiles.
Sun- Materials
dries. (25).
JULY, 1920.
The Ministry of Commerce has promised to
bring forward a solution for the latter problem
within the month, but there seems to be no
immediate prospect of increasing coal production. In April coal receipts from all
sources totaled only 3,602,567 metric tons
(178,987 tons less than the quite insufficient
March receipts) and figures for the 1st of May
are even more discouraging.
Coal received in France.
April, 1920. May 1 to 20.
1920.
French coal
Sarre coal
E n g l i s h coal
Belgian coal
G e r m a n coal
A m e r i c a n coal.
98
164
232
271
283
101
145
206
291
387
313
316
337
336
319
313
338
323
334
353
369
375
271
243
246
243
231
236
267
273
279
295
323
357
416
399
322
335
346
372
406
434
476
554
620
649
427
420
404
387
390
398
394
398
402
403
415
419
376
360
337
330
330
344
358
367
381
405
435
458
440
474
498
506
472
413
434
460
498
459
787
828
884
953
841
465
503
548
587
601
525
561
600
646
614
100
106
151
164
201
231
100
104
131
167
'225
281
January
February...
March
April .
May
June
July
August
September..
October
November..
December...
337
343
439
436
397
381
372
360
396
402
425
432
321
321
277
111
275
268
336
309
308
337
351
380
230
236
236
236
237
255
257
263
264
268
270
278
1920.
January
February...
March
April
. .
May
452
484
500
522
480
432
474
511
512
419
436
439
429
424
.
3,602,557
2,044,320
In spite of the coal shortage and the difficulties of transportation, French foreign trade
figures for the first four months of 1920 show
signs of increasing production within the
country.
French imports and exports (exclusive of gold and silver).
Expressed in millions of dollars, gold parity.)
100
100
99
145
199
302
420
100
103
126
170
243
298
..
100
100
109
132
180
303
460
100
103
126
162
215
286
.
Total.
[Based on 1918 values.
1913
1914
1915
1916
1917
1918
•.
.
Metric tons. Metric torn.
360,391
1,426,684
626,742
382,864
958,855
758,019
82,106
52,048
382,443
382,020
125,737
108,970
January through
April—
Increase.
1919
1920
1919.
480
The decline in commodity prices which
took place during May was the result of several factors. Lower prices in important foreign markets, agitation for price reductions by
the press and the public, and the improvement in exchange rates all contributed to the
decreases which occurred in the prices of raw
silk, cotton and wool, copper, tin and lead, cacao, lard, and minor food products. Coal and
coke prices continued to rise, however, and
prices for pig iron and semimanufactured iron
and steel products followed in their wake.
The coal shortage and the transportation
situation continue to hamper French industry.
Imports:
Foods
Raw materials
Manufactured articles
Exports:
Foods
Raw materials
Manufactured articles
Parcels post
501
529
1 003
28
723
497
1,721
524
280
27
2 056
335
33
92
59
46
200
31
239
552
36
193
352
5
310
919
609
The increase in exports continued to be larger
than the increase in imports during April and
a preliminary report for May states that the
value of French exports during the first five
months of 1920 was $744,000,000 greater than
in the same months of 1919 (the base on which
they are calculated being the same), but that
imports in this period were only $371,000,000
larger than were imports from January through
May, 1919. Although French imports are still
more than twice as large as French exports, the
trend is encouraging. At this time last year
the value of imports equaled almost five times
the value of exports.
ERRATUM.—On page 507 of the May issue of the FEDERAL RESERVE
BULLETIN, the statement that "Improvement to the extent of 17,000,000
francs was likewise made in the gold reserve between the 1st of January
and the middle of April" should read "Improvement to the extent of
7,000,000 francs."
JULY, 1920.
711
FEDERAL RESERVE BULLETIN.
Group index numbers— United States, Bureau of Labor
Statistics.
Prof. Bachi. [1913=100.]
[1913=100.]
1913
1914
1915
1916
1917
1918
100
102
132
156
215
315
100
84
93
135
171
229
100
96
113
184
326
475
100
100
207
380
596
750
100
96
133
197
266
391
1919.
January
February...
March
April
May
June
July
August
September.
October
November..
December..
304
305
293
294
293
320
334
332
319
326
328
338
300
308
312
330
336
343
332
351
357
366
371
373
330
328
331
333
375
378
401
423
429
499
633
658
295
295
346
354
360
419
423
424
442
459
568
584
422
384
361
349
340
336
342
341
342
341
351
405
1920.
January
February...
March
April
May
363
365
381
395
441
396
399
418
494
499
777
840
962
671
857
996
1,064
1,076
1,088
418
443
489
535
525
Handelstidning.
100
109
166
272
405
398
100
104
118
165
215
275
100 100
118
116 158
233 229
267 206
300 195
276
276
276
483
448
438
356
356
356
810
784
814
373
341
317
323
323
323
276
276
276
260
260
423
417
424
412
396
367
364
328
334
334
769
733
746
732
795
287
246
212
213
214
293
293
288
288
285
284
284
280
Mav
June..
July
August
September
October
November
December
255
230
230
241
386
360
361
362
323
323
317
319
893
893
840
840
213
213
225
237
289
292
316
343
1920.
January
February
March
April
248 328 317
864 248 295
305
304
284
283
259
291
283
324
273
270
265
269
May
1
319
936
960
318
320 1,008
320 1,069
371
367
367
367
208
208
174
323 172
299 172
286 162
243
292 247
235
223
228
258
388 258
476
682
767
782
269
268
263
252
Average for six months ending Dec. 31,1914.
©
3
O
£
100
102
105
124
178
191
100
98
99
123
181
240
100
96
92
114
175
163
100
88
94
142
208
181
100
98
94
100
124
152
222
218
228
235
240
231
246
243
I 226
I 230
j 240
| 244
|
209
197
205
212
216
206
218
228
212
211
219
234
234
223
216
217
227
258
282
303
306
313
325
335
170
169
168
167
167
170
171
175
181
181
179
181
172
168
162
152
152
154
158
161
160
161
164
169
161
163
165
162
164
175
186
209
229
231
236
253
191 218 212
185 218 208
, 217
183
I 216
178
179
I 213
174
I 212
171
221
172
225
173
217
174
220
176
220
179
220
253
244
246
270
287
350
356
355
353
347
184
187
192
213
240
177
189
192
195
193
268
300
325
341
341
189
197
205
212
215
100
117
153
192
!
!
!
[
324
329
329
331
339
227
227
230
238
246
100
103
116
166
247
6
©"
%
O
Date.
100
111
120
149
Tuly, 1914...
1915
1916
. .
1917
1918
1910.
January .
February
March
April
May
308 170 June
328 204 July
350 204 August
September..
October
November
353
380 226 December
380
1920.
368 275 January
374 275 February
March.
April
1
1
ft
2
Bo
ft
1
©
o
q
O
100
202
113
110
135
100
127
124
116
121
100
110
127
131
138
194
184
1S5
197
200
214
226
229
225
243
254
259
165
166
161
162
162
160
168
190
200
236
238
224
126
129
136
136
140
140
141
135
138
141
142
142
273
283
281
277
227
226
226
234
143
149
162
169
X
©
&
100
117
154
213
220
100
93
131
207
232
218
204
200
195
195
194
186
182
182
186
184
186
189
192
205
205
©
'ials
O
©
c3
a
•
'B
cal
100
123
177
266
551
856
u S
-. ft
Group index numbers—Australian
Commonwealth—Bureau
of Census and Statistics.
[July, 1914=100.]
Textiles.
Hides and leather.
Paper pulp.
Building material.
Metals.
Coal.
100
114
161
180
198
304
•
January
February
March
April
100
101
140
182
205
419
CO 00 00 00
1919.
100
136
151
152
181
221
to to to to
1913-14
1914 i
1915
1916.
1917
1918
Raw materials for
agriculture.
Date.
Animal food.
Vegetable food.
:1913= 100.)
1919.
January
February
March
April
May
June
July
August
September
October
November
December
1920.
January
February
March
April
May
c3 O
03
di
Group index numbers—Sweden, Svensh
£
s
£
s •~3
100
103
106
119
189
219
1913.
1914.
1915.
1916.
1917.
1918.
es,
840
6
and >uilditeri
Date.
bib
a
'ies and t
metals.
'&
a
Other
goods.
ighti
and
xluce
meats.
Minerals
Textiles.
ail
Other
foodstuffs.
and
1 clo<
Cereals
eta 1
Group index numbers—Italy.
a
©
FP
o
147
100
116
136
194
245
100
149
172
243
315
142
141
142
142
143
144
148
150
149
152
151
156
137
132
147
156
148
150
148
145
152
154
132
132
265
264
261
248
257
250
243
249
259
271
278
281
313
314
309
290
268
273
277
277
263
272
267
266
156
161
160
192
147
149
126
160
282
268
272
280
280
100
150
155
155
287
298
298
712
JULY,
FEDERAL RESERVE BULLETIN.
Group index numbers—Canadian Department of Labor.1
[1913=100.1
Date.
AniGrains mals
and
and
fodder. meats.
Dairy
products.
Fruirs
and
vegetables.
Other
foods.
Textiles.
1913
1914
1915
1916
1917
1918
100
114
136
142
206
231
100
107
104
121
161
197
100
100
105
119
149
168
100
99
93
130
233
214
100
104
121
136
180
213
100
102
114
148
201
273
1910
January
February...
March
April
May
June
July
August
September..
October
November..
December...
198
192
199
217
231
238
240
243
232
232
240
251
191
191
198
210
214
214
217
216
201
180
176
182
191
178
171
184
181
179
186
189
193
204
221
230
206
188
189
197
209
221
200
210
195
178
240
240
224
218
219
213
213
215
218
224
227
228
230
232
293
281
282
284
277
274
279
277
283
290
298
306
1920.
January
February...
March
April
May
269
275
280
291
301
195
195
198
200
207
228
216
206
196
189
265
290
295
316
358
245
251
254
264
275
316
321
322
366
323
Build- Fuel
Hides,
Imple- ing ma and
leather,! Metals, ments.
terials, lightetc.
lumber. ing.
Drugs
and
chemicals.
Date.
1913
1914
1915
1916
1917
1918
1919
January
February...
March
April
Mav
June
July
August
September.
October
November..
December...
100
105
110
143
168
169
100
96
128
167
217
229
100
101
106
128
174
213
100
100
97
100
118
147
100
94
92
113
163
18S
171
161
161
166
202
211
235
260
256
252
252
231
204
190
172
162
162
161
166
171
171
165
171
181
229
229
229
223
223
226
226
228
231
225
232
232
154
155
156
153
153
158
168
170
183
188
194
224
209
202
199
206
192
194
194
199
200
201
201
209
237
245
222
239
215
191
199
210
214
213
235
231
237
237
237
232
243
212
215
215
245
257
1920.
January
February...
March
April
May
1
268
295
Unimportant groups omitted.
In the following table are presented wholesale price indexes for groups of commodities in
United States markets, computed according
to methods described in the May BULLETIN.
Similar indexes are under way for England,
France, Italy, and Japan.
The quotation for worsted yarn, 1-50 domestic fine, French system, could not be included in the computation because of unsettled
market conditions. The source for the quotation for fuel oil has been changed, causing
changes in certain of the numbers.
The most striking feature to be noted is that
for the first time since September of last year
the prices of producers' goods has come to a
standstill. The increase in the price of raw
materials amounted to only 1 point for the
month, but that of consumers, goods amounted
to 4 points. There has been a slight decline
in the price of exported goods and a somewhat
larger increase in the price of goods imported.
Index numbers— United States.
[Average prices 1913=100.]
Date.
100
106
160
222
1913.
236
250 January...
February.
March
240 April
233 May
212 June
210 July
208 August
197 September
195 October...
196 November
197 December.
198
1919.
181
189 January...
February.
March
190 April
189 May
194 June
201 July
203 August
September
October...
November
December.
INTERNATIONAL PRICE INDEX.
1920.
1920.
January...
February.
March
April
May
Raw ProGoods Im- ExConCon- matepro- port- port- sumed.
ducers' sumers' All.
duced. ed. ed.
rials. goods. goods.
100
100
100
101
100
100
100
100
101
101
99
98
105
104
103
101
100
99
99
101
100
98
98
93
100
100
99
99
99
100
99
99
102
103
102
99
100
100
101
101
100
100
100
102
101
99
98
96
99
99
100
101
100
100
98
101
102
102
100
98
105
105
105
103
102
101
101
100
98
96
95
91
99
99
99
99
99
101
102
101
101
101
101
99
100
100
101
101
100
100
100
101
101
100
99
97
197
191
193
198
204
204
214
221
215
215
222
225
168
168
163
165
172
180
176
174
170
174
179
203
200
192
194
194
211
214
224
219
212
226
242
243
195
190
191
196
201
202
211
218
212
212
217
225
195
190
196
201
209
208
217
217
211
213
220
223
193
191
185
181
185
192
200
206
203
207
213
223
196
188
188
197
202
202
211
224
216
214
219
225
195
189
191
196
202
203
212
218
212
212
219
224
244
245
250
265
266
212
216
218
242
246
250
246
252
264
262
241
242
247
263
264
234
232
235
262
263
236
247
263
274
274
242
240
241
257
261
237
237
243
263
264
DISCOUNT AND INTEREST RATES.
During the period under review the upward movement
of interest rates has continued in a considerable number
of centers, altnough little change is shown in other centers. The increase is noted equally for all types of paper,
and on the whole is not found more especially in either
high, low, or customary rates. Present rates continue
higher in practically all centers than during the same period
of 1919.
In the following table is presented actual discount and
interest rates prevailing during the 30-day period ending
June 15, 1920, in the various cities in which the several
Federal Reserve Banks and their branches are located. A
complete description of the several types of paper for which
quotations are given will be found in the September, 1918,
and October, 1918, FEDERAL RESERVE BULLETINS. Quotations for new types of paper will be added from time to time
as deemed oi interest.
Discount and interest rates prevailing in various centers owing 30-day period ending June 15, 1920.
Cattle
loans.
Ordinary
loans to
customers
Secured bv secured by
warehouse
Liberty
receipts,
bonds and
etc
certificates
of indebtedness.
. L. C.
11. L. C.
Prime commercial paper.
30 to 90
days.
G
8
8
8
8
8
7
7
6
oooo
f7
7
6
6
8
8
8
6
6
61
7
7
7J
7
73
7
8
8
71 7 |
8
6
6
"7""
6i 7
7
7
1
71 7*
7
7
7
6
G
4
6*
fi
8
7
8
fi
GS
p.
6
7
7
fi1 G* fi1
61 6
6}
7
fi
8
fii
ffi
fi"
6
61
7
7
7
6
?
G
6
fi
7
7
8
6i
7
7
7
8
7
•
1
8
8
n
q"
7|
7A
7.!
71
1
61 7
8
gi 7
6"
b
7l
7
6
7
7
71
71 61 7
q
8
8* 7
8
8^
7
6
8
7-i
7
7
6^
74 7
6
7
7
8
7
7'
7
7
8
7
Si
6
7
6
7
Gi 616
b
6
6
6
6
7
5
6
51
7
P
o*
65 6
6|
bj
A
61 6
8
8
8
8
8
8
8
63-
5
7
7
7
6
6
4
6"}
61 6} 1
6i (V G"
71 6
8
7
s*
fii
6
n
6"
8
fi
f\
7
6
G
6
fii
7
6
H.
8
7
7
G
7
G
71
G"
G
8
8
8
8
7
61
7
G
7
7
8
6
8
8
6
8
7
7
8
7
6*
7"
7
7
8
8
8
8
8
8
8
q
8
7
8
8
8
L
C.
62
G
G
G
G
6"
11
8
7
G
G
7
6
7
fi fi
fi G
6 fi
6 6-7
7
7
G
G
fi (H
fi-1 7
6
6
8
6
7
71
6
7
fi 7
71
f
G
6
6
6
7
6
L.
6i
6
G
6
7 G
6 6
71 7
6
G
8
7
7
6
6
62
8
6
8
10
7
8
8
7
7
8
8
8
8
8
7
fi
7
8
6
8
6 V 62
8
7
fi
7
fi
fi
fi
fi
8
8
8
8
8
7
7
8"
6
6
6
fi
6
8
8
8
7" 10
8
71
8
10
8
63
7
8
8
7
c.
1
fi
7
fii
6
L.
6]
6
fi
fi1-
7
6
7
fi
fi' 6-fU
r
6
i
6
G
6 6
6 6
7
G 6
6
fi G fi
fi
8
6 fi
6 7-8 8 6 6-7
6
8
7
6
6 7-7-1 7* 6 fi.i-7
fi" 6 6
6
6
7 7
7 fi
7 Gi 7
6
6 6
6 6
G"
6 6-7
GA 7
6* 7-7J
6 7
71
6 .
8
c.
6
7
6
7
8
7
fi" 8^
7 7*
?
f
71
7'
7
8
7
8
8
8
r- 1- oc 000c
8
6
^
6
6
G
G
fi
fi
6-7
6
G-7
G
61 7
6*
6
fii
6
6
6
6
6
6
6
G
fi
H
11. L. C
C.
G 6i 8
8
6 6 - 6 ^ 12
7
6
7
fi3 5 1 fi
G
G fi G
61 7 6 7
61 fii
6
65 6!
6 6
7
64 61 G! 8
G G G
fi fi fi
6
G fi
8
6
6 G-7
6
6
8
7
7
7
7
7
G 7-71
7-7* 8
7-71
61
r-co
7
7
G
n
G
6
6
7
G
fi
6
6
.'r-
1
7
71
8
88
7
f
H. L.
OO t- OO OO OC
6! 7i
8 10
fi
8
8
7
G
8
C.
6* 61
6
X OCOO (X
7
8
7
7
8
71 10
8
7
G
6 G-7
6
7
6 7-7.',
G 7
7
8
8
7
7}
7
8
f>
co co co cc
7
8 fi
71 6
10 fi
8 6£
7 6
8 6
8 b
8 fi
7
5
7
7
7
6
7
7
6
6
s
8
7*
OC r-
f6
0
7
6
fi
fi
6
6
6
fi
fi
OCCO
q
6
G
7
6
7
G
fi
8
H
3 to 6
month
3 months.
oc 00
8
H
C.
8 71 71
8
4
7 G
OOOOQC
6
6
6
G
G
fi
6
6
6
6
6
fi
L. (7.
8 ' 71 7!
7 fi 7
Demand.
CO CO CO
7
6
6
7
G
6-6i
6
fi
6
6-7
7
64
Hnindorsed.
oooooo
fi
c.
CO CO CO CO
fi
11. L.
8 6
7i 6
Indorsed.
OCCO OOOC
7
6
r-r-
6
G
fi
4 to 6
months.
^ CO CD tO
L C.
bO to 90 days.
Interbank
loans.
30 to 90
days.
4 to 6
months.
00 00 00 00
H.
8
7
7
OOCO
No. 1 . . . . Boston
No. 2 . . . . New York K..
Buffalo
No 3
Philadelphia
No. 4 . . . . Cleveland
Pittsburgh....
Cincinnati
No 5
Richmond
Baltimore
N o fi... Atlanta
Birmingham..
Jacksonville...
New Orleans..
Nashville
Chicago
No. 7
Detroit
St Louis
No 8
Louisville
Memphis.
Little Rock...
No. 9 . . . . Minneapolis...
No. 1 0 . . . Kansas City...
Omaha
Denver
No. 1 1 . . . Dallas
El Paso
Houston
No. 1 2 . . . San Francisco.
Portland
Seattle
Spokane
Salt Lake City
Los Angeles...
Open m arker..
00 OO OO OO
Customer?
City.
oooo
District.
C ollateral loans—
.exchange
oi other c u r r e n t
acceptances,
OO OO
Bankers
8
8
^
7
7
8
fii 7
fi
6
7
6*
6
b
(^ 7
7
7 8
5 7
7
f
•7
s*
Rates for demand paper secured by prime bankers' acceptances, high 6, low 5i, customary 6
CO
714
JULY, 1920.
FEDERAL RESERVE BULLETIN.
Production of bituminous coal shows a
moderate increase in May, 1920, as compared
In continuation of tables in the June FED- with the previous month and corresponding
EKAL RESERVE BULLETIN there are presented month of the previous year. The production
in the following tables certain data relative to of crude petroleum shows an increase as comthe physical volume of trade. The January, pared with the previous month and with the
1919, issue contains a description of the meth- same month last year.
In the,iron and steel industry production of
ods employed in the compilation of the data
and the construction of the accompanying pig iron and steel ingots shows an increase in
index numbers. Additional material will be May, 1920, as compared with April and a very
presented from time to time as reliable figures considerable increase as compared with May,
1919. Unfilled orders of the United States
are obtained.
The data presented below indicate an im- Steel Corporation show a moderate increase in
provement in the production and distribu- May, 1920, over April, and a large increase
tion of goods in May, 1920, both as compared as compared with May, 1919. It should be
with April, 1920, and May, 1919. This im- noted in this connection that unfilled orders
provement is, no doubt, largely a reflection of of the United States Steel Corporation did
not decline in April, 1920, but rather showed
improved transportation conditions.
Only in the textile group is there any im- a considerable increase, due largely, no doubt,
portant indication of decline in activity. Cot- to the fact that the railroad strike made it imton consumption shows a moderate decline in possible for the corporation to fill the norMay as compared with April of this year. mal number of orders on hand. Moreover in
However, considerable improvement is seen comparing figures of May of this year with
in May of this year as compared with May of those of May last year it should be remembered
last year. A similar situation is noted in the that at that time the iron and steel industry was
case of cotton spindles active during the in the midst of the post-armistice depression.
month, a considerable decline being noted in
The receipts of lumber at Chicago showed a
this case as compared with April of this year decided increase in May, 1920, as compared with
but a moderate improvement as compared April and with May, 1919. California shipments
with May, 1919. The percentage of wool ma- of citrus fruits and live-stock receipts at 15 westchinery idle likewise shows an increase in May, ern markets showed a large increase in May of
1920, as compared with April, 1920, and "a this year as compared with April, 1920, but some
decrease as compared with May, 1919. In decrease as compared with May, 1919. Cotton
June there was a considerable increase in wool sight receipts show a well-defined seasonal inmachinery idle. The imports of raw silk in crease in May of this year.
The tonnage of vessels cleared was heavier
May, 1920, show a moderate increase over April,
but a very large decrease as compared with in May, 1920, as compared with April and with
May, 1919.
May, 1919.
PHYSICAL VOLUME OF TRADE,
Live-stock movements.
[Bureau of Markets.]
Receipts.
Cattle and
calves, 60
markets.
Shipments.
markets.
Sheer*, 60
markets.
Horses and
mules, 44
markets.
Total all
kinds.
Cattle and
calves, 54
markets.
Hogs, 60
Hoes, 54
markets.
Sheep, 54
markets.
Horses and
mules, 44
markets.
Total all
kinds.
1919.
May
July
August
September..
October
November..
December...
Head.
1,822,370
2,007,266
2,019,139
2,377,054
2,989,090
2,680,042
2,169,631
Head.
3,862,785
2,998,836
2,103,609
2,401,677
3,144,831
3,775,589
5,024,650
Head.
1,425,018
2,177,942
3,211,331
3,810,441
3,605,198
2,751,421
2,393,632
Head.
33,966
48,691
81,917
140,848
124,497
140,192
86,666
Head.
7,144,139
7,232,735
7,415,996
8,730,020
9,863,616
9,347,244
9,674,579
Head.
788,096
706,843
894,816
1,150,183
1,532,297
1,374,452
967,160
Head.
1,181,745
963,662
690,821
860,614
1,103,837
1,308,095
1,608,292
Head.
614,275
997,338
2,014,267
2,466,937
2,159,531
1,597,007
1,183,602
Head.
33,951
43,738
74,268
135,724
125,701
134,679
86,534
Head.
2,618,067
5.711,581
3;674,172
4,613,458
4,921,365
4,414,233
3,845,588
1920.
January
February...
March
April
May
1,868,723
1,468,370
1,803,073
1,542,150
1,766,394
5,275,412
3,423,992
3,963,245
3,030,801
4,234,022
1,560,051
1,387,111
1,255,490
1,441,072
1,421,009
138,541
108,056
82,584
48,036
40,901
8,842,727
6,387,529
7,104,392
6,062,059
7,462,326
752,605
591,691
570,323
593,362
771,865
1,665,274
1,287,169
1,399,485
1,119,205
1,374,902
669,458
572,634
483,550
724,718
769,718
138,145
110,827
87,896
47,998
40,021
3,225,482
2,562,321
2,541,254
2,485,283
2,956,506
JULY,
715
FEDERAL RESERVE BULLETIN.
1920.
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.]
Hogs.
Cattle and calves.
Head.
Relative.
Head.
Sheep.
Relative.
Head.
Total, all kinds.
Horses and mules.
Relative.
Head.
Relative.
Head.
Relative.
1919.
May
July
August
September
October
November
December
1,262,065
1,527,881
1,541,133
1,871,042
2,317,487
2,046,664
1,650,315
125
152
153
186
230
203
164
3,049,223
2,411,539
1,595,759
1,704,944
2,160,079
2,715,955
3,785,870
139
110
73
78
98
124
172
934,613
1,558,767
2,220,229
2,890,831
2,405,511
1,743,189
1,589,237
1,400,031
1,068,092
1,203,499
1,040,903
1,209,656
139
114
119
103
120
3,912,449
2,440,154
2,910,909
2,150,281
3,128,249
178
119
132
98
152
1,035,591
948,116
£09,299
928,191
796,160
114
162
212
176
128
116
20,665
37,646
56,926
88,003
78,940
83,838
53,173
45
82
124
191
171
182
116
5,266,566
5,535,833
5,414,047
6,554,820
6,962,017
6,589,646
7,078,595
114
120
117
142
151
143
153
58
90,662
76,048
57,880
31,235
25,469
197
168
126
68
55
6,438,733
4,532,410
5,072,587
4,150,610
5,159,534
139
105
110
90
112
1921.
January
February
March
April
May
SHIPMENTS.
1919.
May
July
August
September
October
November
December
530,153
515,071
650,252
872,043
1,154,995
993,148
686,325
130
127
160
214
284
244
169
787,009
691,283
455,705
501,856
654,755
788,107
1,003,682
162
143
94
104
135
163
207
290,803
694,942
1,352, 252
1,849,958
1,382,419
945,992
682,439
58
138
269
367
275
188
136
18,185
32,616
49,716
82,984
80,528
78,709
55,551
46
80
122
203
197
192
136
1,626,150
1,933,912
2,507,925
3,306,841
3,272,697
2,805,956
2,427,997
113
135
175
230
228
195
169
548,841
427, 608
418,310
414,967
515,062
135
113
103
102
127
1,026,763
814,253
923,526
712,087
822,907
212
180
191
147
170
403,382
334,012
298,878
373,381
316.002
80
71
59
74
63
90,630
79,100
62,625
31,34S
24.017
221
207
153
76
60
2,069,616
1, 654,973
1, 703,339
1,531,783
1, 678, 588
144
124
119
107
117
1920.
January
February
March
April
May
Exports of certain meat products.
[Department of Commerce.]
[Monthly average, 1911-1913=100.]
Beef, canned.
Pounds.
Relative.
Beef, fresh.
Pounds.
Bee!, pickled, and
other cured.
Relative.
Pounds.
Relative.
H a m s and shoulders, cured.
BacorL.
Pounds.
1919.
Relative.
Pounds.
Relative.
Lard.
Pounds.
Pickled pork.
Relative.
Pounds.
Relative.
May
Julv
August
September
October...
November.
December.
5,669,232
5,392,104
2,894,361
1,213,709
1,793, 784
1,393,238
1,886,835
856 14,872,987
814 8,680,524
437 8,075,366
183 7,285,951
271 31,178,216
210 15,694,002
285 6,061,769
1,199
700
651
587
2,513
1,265
489
2,957,163
3,320,564
2,494,113
3,523,887
3,402,422
2,997,652
3,135,069
I l l 68,957,465
124 117,679,193
93 84,150,778
132 57,179,511
127 56,462,312
112 65, 288, 694
117 58,982,754
412
703
502
341
337
390
352
49,707,874
47,452,834
40,147, 727
18,209,239
13,090,972
16,844, 285
15, 688,297
333
318
269
122
88
113
105
55,807,234
68,163,734
48,968, 628
36,960,364
41,016,518
42,106,339
63,645,722
127
155
111
84
93
96
145
2,095,072
2,392,515
2,117, 796
2, 792,439
3,804, 290
4,934, 696
4,125,550
47
54
48
63
86
111
93
1920.
January...
February..
March
April
May .
1,081,643
735,132
847,397
1,606, 737
5,976,493
163 22,872,223
119 13,010,793
128 6,036,166
243 17,687,306
902 4,304,038
1,844
1,124
487
1,426
347
1,670,500
1,631,457
2,290,835
2,241,460
3,056,449
63
65
86
84
114
77,501,002
75,891,195
75,002,410
24,356,349
50,412,388
463
486
448
145
301
13,905,923
24,217,706
31,OSS,859
15^ 640,236
17,896,764
93
174
208
105
120
38,823,902
36,644,905
69,429,785
40,758, 401
55,544,483
88
89
158
93
126
4, 251,187
3,710,308
3,160,456
2,784,535
3,816,157
96
90
71
63
86
716
FEDERAL RESERVE BULLETIN.
JULY.
Receipts of grain and flour at 17 interior centers.
[Chicago, Cleveland, Detroit, Duluth, Indianapolis, Kansas City, Little Rock, Louisville, Memphis, Milwaukee, Minneapolis, Omaha, Pcoria
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.]
Corn.
Wheat.
Oats.
Rye.
Rela! RelaBushels. Relative. Bushels. ! tive. Bushels. tive. Bushels.
Barley.
Total grain.
j Bushels. Relative.
Total grain and
flour.*
Flour.
Rela- Barrels. RelaBushels. iI tive.
tive.
Bushels.
Relative.
1919.
May
July
August
September
October...
November.
December.
11,625.657
49,612; 115
80,714,559
69,953,295
51,006,164
35,729,832
30,582,779
4310,301,000
184 12,549,219
8,503,282
260 16,267,145
189 12,490,107
133 14,606,137
113 23,983,657
4619,206,465
56 25,233,109!
38 29,774,582
72
"2 26,721,030
26!
563 24,323,974
655 17!
17,699,925
10715,592,282
4,280,911
",105,486
147 3,824,263
132 5,446,371
120 4,472,397
88 2!,579,579
"»,636
387 8,423,141
2818,627,091
345 6,638,871
492 5,294,256
404 4,369,326
233 3,582,873
260J3,769,,r~~
117 53,837,174
120 99,127,020
93 129,455,557
74 123,682,097
96,661,968
74,198,346
76,805,213
69 2, 447,200
1271 572,420
166 2: 283,145
159 3' 073,034
124 3 468,787
95 541,957
99 2: 371,262
125 64,489,574
202,910
738,702
157137 510,750
177112 271,510
181 90, 137,153
87,4475,892
75
122
152
159
129
104
101
1920.
January...
February..
March
April
May
25,074,624
18,115,324
18,007,798
15,260,236
20,510,063
93 24,139,094
72
26!
""26,051,855
67 24,306,196
57 11,326,509
7612
~~!, 107,950
108 20,925,941
0,575,654
108 19,149,624
2,952,593
5416,724,389
104 4 ,378,610
109 3;, 263,686
95 31,548,739
64 2!, 914,553
83 31,758,507
396 3,298,544
316 2,470,622
3212,928,440
263 2,245.881
340 2,690,076
77,816,813
70,477,141
67,940,797
44,699,772
55,790,985
100 2,298,692
9: 2,059,421
871J ,617,544
57 888,423
721 ,913,075
117 88,160,927
113 79,744,536
75,219,745
48,697,676
64,399,823
102
99
87
56
74
1
Flour reduced to its equivalent in wheat en basis of A\ 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 n.)t available for Cleveland, Detroit, Louisville, Omaha, Toledo, and Wichita.]
Corn
Wheat
Oats.
Rye.
BarJey.
Total grain.
RelaBushels. Rela- Bushels. Rcla- Bushels. tive. Bushels. Eela- Bushels. Rela1919.
Mav
July
' * •
August
September
October...
November.
December.
1920.
January...
February..
March
April
May
31,901,327
112,423,422
36,986,491
37,730,048
25,813,130
20,877,718
17,383,075
207 7,785,341
81 8,103,275
240 5,135,459
245 6,622,779
167 7,116,502
135 6,609,629
113 11,509,719
5517,072,917
57(15,628,503
36(17,919,623
47116,651,5801
5016,705,015
4715,582,081
81 12,433,716
112 7,525,819 1,063 6.677,508
10311,546,100
218 9| 133,004
1181,436,377
203;5,028,674
110i2,317.740 327(2,943,167
110 1,426,528 20213,087,951
103 3,110,541 439 2,827,956
82 2,255,139 319 2,624,3""
17,514.087
14,114,215
11,0^7,336
11,05^,643
20,720,121
114 12,326,051
9811 ,977.640
.1,165,894
72 5'. 371,811
134 5,939,145
871. 5,822,099
91 13,073,089
79 -.4,243,957
7914
38 8,691,440
42 20",444,288
104)3,685,914
5212,007,718
92 2,113,505 3201,306,340
94 3,062,530 433 1,574,887
57 8,811,500 1,245 1,651,509
135 6,977,479 9861,488,38"
1
Bushels.
171
234
129
75
79
73
Total grain and
flour.1
Flour.
RelaRelative. Barrels. tive.
Bushels.
Relative
70,962,912
46,833,304
66,506,624
66,265,314
54,149,126
49,007,925
46,206,025
144 4,320,591
95 2,589,176
135 3,805,273
134
4
" i 4,787,300
1103 5,975,261
) 5,604,616
94 4,470,122
128
76
112
141
176
165
132
90,405,572
58,484,596
83,630,353
87,808,164
81,037,801
74,228,697
66,321,574
140
90
129
136
125
115
103
51,355,869
42,584,789
41,074,604
35,584,903
55,569,420
104 4,140.314
"2 3,156,962
92
3
833 2,960,175
21,702,132
721
112 2,877,122
122
100
87
50i
85!
69,987,282
56,791,118
54,395,392
43,244,497
08,516,469
108
94
84
67
10G
Flour reduced to its equivalent in wheat on basis of 4 | bushels to barrel.
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.
fMonthly average, 1911-1913=100.]
Wheat.
Corn.
Oats.
Rye.
Barley.
Total grain.
Flour.
Total grain and
flour.i
RelaRelaRelaRelaRelaRelaBushels. tive. Bushels. Rela- Bushels. Rela- Bushels. tive. Bushels. tive. Bushels. tive. Barrels. tive. Bushels. tive.
1919.
Mav
July
August
September.
October...
November.
December.
14,157,852
5,806,227
26,902,757
28,010,858
14,755,827
9,152,534
5,782,777
112 1,588,571
" 901,842
214 815,132
222 512,072
117 507,065
73 438,147
46 816,630
45 5,642,176
25 6,959,186
23:5,676,984
14'5,345,464
14;4,335,038
12 3,998,525
23 2,991,717
1920.
January...
February..
March
April
Mav
5,711,009
4,898,690
6,486,745
5,441,434
10,621,723
451,491,759
421,244,393
51 1,203,649
431,317,555
42 2,663,274
3812,331,246
3413,646,727
371,546,590
22.2,382,271
84
767,332
119 7,058,248 4, 968 3,561,412
1461',478,551 1, 041 9,723,852
43 4:,993,395
119 61,710
376 2,171,521
113 534,301
911 ,717,301 1,209 796,839
841,391,024
979 851,651
63 1,664,755 1,172 2,309,085
215 32, 008,259
586 24, 869,658
30138, 449,978
131 36,
36 574,216
48 22, 112,070
5115, 831,881
139 13, 564,964
1412,!, 535,547
1101 ,514,135
1691 ,385,762
161 2:
i, 306,213
97 2;
1,521,329
701 ,552,796
60 2:
!, 149,458
243 43,418,221
145 31,683,266
133 44,685,907
221 46,952,175
33,458,051
149 22,819,463
206 23,237,525
158
116
163
171
122
83
85
1,
1,297,
2,4231-, 315,291
2,900 1,300,871
2,421 685.054
3,602 556,764
7813,;, 807,492
8513:;, 002,288
7816:i,757,978
4112;!, 430,983
3419,^,445,896
611,561, (
611,102,606
741,752,860
55 843,916
861,301,211
150 20,835,111
11317,964,015
168 24,645,848
6,228,605
81 16
15,301,346
76
70
90
59
92
56 2,,643,611
53 3,,212,668
77 4:,119,986
33 3;i, 440,350
50 5,117,806
- Flour reduced to its equivalent in wheat on basis of 4$ bushels to barrel.
JULY,
1920.
717
FEDERAL RESERVE BULLETIN. .
Stocls 0/ grain at eight seaboard centers at close of month.
[Boston, New York, Philadelphia, Baltimore, New Orleans, Newport News, Galveston, San Francisco
iCompiled !rom reports ol trade organizations at these cities.:
Bushels. 1
Wheat.
1919.
Corn.
Oats.
Rye.
Barley.
Total grain.
!
May
July
August
September
October
November
December
I
!
;
j
I
I
j
i
i
|
January
February
March
April
May
i
7,913,162
5,557,644
17,396,269
21,171,440
25,322,242
18,728,730
13,053,280
448,020
265,196
155,491
172,254
82,240
155,490
279,451
4,047,059
3,760,063
2,216,989
1,901,510
1,898,271
2,504,833
2,435,455
1,690,860
867,491
578,250
516,142
483,270
1,264,494
709,276
4,263,510
5,528,176
5,414,183
4,061,830
3,079,360
2,351,012
3,007,379
18,362,611
15,978,570
25,761,182
27,823,176
30,865,383
25,004,559
19,484,841
8,485,491
6,634,682
6,280,682
7,704,155
10,781,927
711,501
948,239
851,287
967, 475
437.521
2,398,639
1,571,209
1,351,457
389,958
819,790
2,397,156
2,671,743
2,389,321
1,944,350
1,889,965
2,587,543
2,340,787
1,891.862
2,034,983
1,071,920
16,580,330
14,166,660
12,764,609
13,040,921
15,001,123
NOTE.—Figures Jor San Francisco include also stocks at Port Costa and Stockton.
Cotton.
|New Orleans Cotton Exchang
!Crop years 1911-1913=100.
Sight receipts.
Relative.
Bales.
Relative.
Bales
at ports and
American spinners' Stocks
interior towns at
takings.
close ot month.
Overland movement.
Port receipts.
Bales.
Relative.
Relative.
Bales
Relative.
Bales.
1919-20.
August
September
October
November
December
January
February
March. /
April
May
313,301
j
584,776
! 1,779,927
! 2,369,177
2,147,365
1,526,622
1,003,226
| 1,088,882
!
529,880
:
316,633
'.
47
142
189
171
122
86
87
45
25
238,271
260,698
1,029,331
1,178,443
1.069,693
'982,030
725,515
621, 808
499,187
289,809
26
28
112
128
116
107
85
68
54
32
49, 630
26, 138
110, 202
245, 237
242, 940
205, 233
138, 084
108, 573
48 ; 565
57, 661
47
25
105
233
231
195
141
103
46
55
302,238
300,001
621, 784
1,155,324
1,214,337
793,453
374,093
270,269
276,805
214,678
67
66
137
254
267
175
88
59
61
47
1,412,048
1,501,805
2,340,881
2,616,383
2,765,040
2,470.496
2, 510', 482
2,276,737
2,148,038
1,913,407
120
127
199
222
235
210
213
193
182
162
California shipments of citrus and deciduous fruits.
[1911-1913= 100.
Oranges.
Carloads.
1919.
May
July
August .
September
October
November
December.
.
.
. .
. .
.
I emons.
Relative.
Carloads.
Total citrus fruits.
Relative.
February
March
April
Mav
- -
. .
Relative.
Carloads.
f- 888
2, 5«i8
1,785
1,840
2, 70t>
3, 257
3,592
241
105
73
75
111
133
147
1,501
1,038
436
414
572
442
271
371
256
108
102
141
109
67
7,389
3,606
2,221
2,254
3,278
3,699
3,863
259
127
78
79
115
130
136
276
4,199
6,601
6,781
5,529
2,141
'197
2, 457
2,083
4,715
3,720
5,048
100
118
193
152
206
C30
852
651
508
1,353
' 156
225
161
• 125
334
3,087
3,535
5,366
4,228
6,401
108
133
188
148
225
123
139
155
22
24
192';.
Januarv
Carloads.
TotaJ
deciduous
fruits.
718
FEDERAL RESERVE BULLETIN.
JULY, 1920*
Sugar.
p a t a f o r ports of New York, Boston, Philadelphia.]
[Weekly Statistical Sugar Trade Journal.]
JTons of 2,240 pounds. Monthly average 1911-1913= 100.]
Relative.
. Tons.
1919.
May
July
August
September
October
November
December
325,736
264,782
246,419
262,137
233,650
154,674
96,342
R a w stocks
at close of
month.
Meltings.
Receipts.
177
144
134
142
127
84
52
Relative.
Tons.
Relative.
Tons.
167
159
125
159
118
96
69
307,000
292,000
229,000
292,000
216,000
177,000
126,765
Receipts.
1920.
January
February
March
April
May.. . .
73
34
44
26
37
24
6
126,318
57,975
75,394
45,531
63,181
40,855
10,432
Relative.
Tons.
208,554
316,667
335,532
310,580
254,616
Raw stocks
at close of
month.
Meltings.
Relative.
Tons.
113
184
182
169
138
181,000
269,000
333,000
307,000
286,000
99
157
182
167
156
Tons.
Relative.
37,986
85,053
88,185
91,765
60,381
22
50
51
53
36-
Naval stores.
[Data for Savannah, Jacksonville, and Pensacola.]
[In barrels.
[Compiled from reports of trade organizations at these cities.]
Spirits of turpentine.
Receipts.
Spirits of turpentine.
Rosin.
Stocks at
Stocks at
close of Receipts. close of
month.
month.
Receipts.
Rosin.
Stocks at
Stocks at
close of Receipts. close of
month.
month.
1920.
1919.
18,407
23,598
21,013
21,574
19,367
18,757
17,109
May
July
August
September
October
November
December
47,115
30,656
24,756
27,021
27,389
28,741
30,924
229,404
235,707
203,812
190,580
186,231
201,281
200,333
50,879
76,561
73,402
72,616
67,080
77,125
76,792
January
February
March
April
May
8,300
3,762
1,876
7,644
23,473
24,910
17,900
4,819
3,996
6,174
47,874
20,303
14,660
27,029
68,163
165,927
140,559103,443
98,517
7811&
Lumber.
[From reports of manufacturers' associations.]
[M feet.]
Southern pine.
Western pine.
NumShip- Numof Producber of Producments. ber
mills. tion.
mills. tion.
Douglas fir.
Ship- Numof Producments. ber
mills. tion.
Eastern white pine.
North Carolina pine.
Ship- NumShipof Produc- ments
ments. ber
mills. tion.
Num- Produc- Shipber of tion.
ments.
mills.
1919.
May
July
August
September.
October
November.
December..
205 414,899 460,238
206 401,939 466,786
204 417,036 423,002
202 416,640 372,727
201 421,025 356,124
202 391,347 344,717
198 353,923 363,176
140,037
148,533
152,748
154,102
156,828
110,525
65,989
127,730
140,680
140,236
138,537
143,252
117,472
93,377
111
114
118
126
124
126
129
345,984
268,634
416,422
332,905
419,108
324,511
227,331
388,803
301,050
397,290
261,797
339,321
241,301
176,935
24,548
27,382
20,247
16,913
12,888
2,786
4,776
17,136"
22,470
26,839
22,574
18,139
21,596
17,840
14,375
22,326
27,177
33,146
24,055
24,925
19,048
34,191
30,15*
35,46822,079
26,92&
26,241
1920.
January
February..
March
April
May
202 386,481
203 383,239
205 436,944
205 438,056
205 430,271
144,180
147,180
156,211
133,114
132,181
128
124
123
126
124
327,568
332,511
342,948
359,651
424,687
344,568
85,583
130,425
167,165
183,621
38,007
32,551
43,771
46,222
12,731
63,614
59,687
61,620
61,757
26,323
24,678
15,534
29,633
13,659
15,992
26,283
15,202
29,89ft
10,61318,657
404,706
369,047
424,775
359,461
347,404
329,012
274,597
383,346
17,39a
JULY, 1920.
719
FEDERAL RESEKVE BULLETIN.
Receipts and shipments of lumber at Chicago.
I Chicago Board of Trade.
[Monthly average. 1911-1913=100.1
Shipments.
Receipts.
M feet.
Rela-
Receipts.
Relative.
M feet.
M feet.
1919.
May
July
August
September
October
November
December
162,365
200,148
170,385
205,909
208,638
176,972
226,617
66,001
90,134
87,953
93,120
95,674
70,175
79,553
77
97
83
107
118
115
121
125
92
104
Shipments.
Relative.
M feet.
Relative.
1920.
January
February
March
April
May
208.145
235,423
284.146
124,725
187,931
119
134
71,233
81,561
122,401
51,495
89,259
93
114
160
67
116
Coal and coke.
[Bituminous coal and coke, U. S. Geological Survey; anthracite coal, Anthracite Bureau of Information.]
[Monthly average, 1911-1913=100.1
Bituminous coal, estimated monthly production.
Short tons.
1919
May
July
August
September
October
November
December
,
1920
January
February
March
April
May
,..
Relative.
Anthracite coal, ship- Beehive coke, estimated
ments over 9 roads.
monthly production.
Relative.
Short tons.
Short tons.
Relative.
37,547,000
42,698,000
42,883,000
47,402,000
56,243,000
18,688,000
36,612,000
101
115
116
128
152
50
99
5,711,915
6,052,334
6,144,144
5,687,401
6,560,150
5,971,671
6,138,460
101
108
109
101
117
106
109
1,135,840
1,503,367
L, 733,971
1,790,466
1,551,979
1,680,775
1,760,800
43
57
66
68
59
64
67
48,689,000
40,127,000
46,792,000
37 966 000
39^ 059^000
131
116
126
102
105
5,713,319
4,913,664
102
94
1,982,000
1,731,000
2,025,000
1 fin? 167
1,689,500
76
71
77
61
65
Crude
-petroleum,
[U. S. Geological Survey.}
[Barrels of 42 gallons each.)
Produced.
Produced.
Barrels.
May
July
August
September
November
December
1919.
29,985,000
33 894,000
33 862 000
33 667 000
33,319,000
32,114,000
32,508,000
Stocks at end
of month
(barrels).
Relative.
156
177
177
176
174
168
170
130,321,000 January
140,093,000 February
136,467,000
137 131 000 April
135 461 000 May
131,601,000
127,867,000
Barrels.
1920.
33.980,000
33,212,000
36,461,000
36,201,000
36,859,000
Relative.
177
186
190
189
192
Stocks at end
of month
(barrels).
127,164,000
126,339,000
125,597,000
124 991 000
124 633 000
720
FEDERAL RESERVE BULLETIN.
JULY, 1020.
Total output of oil refineries in United States.
(Bureau of Mines.|
Crude oil run
(barrels).
Gasoline
(gallons).
Kerosene
(gallons).
Gas and fuel
(gallons).
27,775,217
31,202,522
32,362,057
32,601,044
33,682,968
32,213,754
32,427,617
319,807,838
342,491,757
326, 846,167
339,582,564
363,456,747
338,667,570
335,659,587
183,453,728
205,727,289
219,502,888
199,244,293
227,104,346
214,829,925
229,476,468
588,808,408
638,185,469
685,702,461
683,409,674
680,158,446
663,309,514
685,084,086
70,954,128
67,037,414
72,920,214
70,236,692
78,658,410
75,962,212
72,040,862
30,815,160
29,208,723
33,592,004
32,852,040
336,719,157
322,588,697
367,137', 678
355,597,451
195,956,392
194,523,334
191,110,175
184,469,017
617,555/156
589,684,857
686,945,963
643,088,785
75,878,635
74,243,073
81,818,973
85,568,064
Lubricating
(gallons).
1919.
April
July
August
September.
October
November.
December..
1920.
January...
February.
March
April
STOCKS AT CLOSE O F M O N T H .
1919.
Apr. 30
July 31
Aug. 31
Sept. 30
Oct. 31
Nov. 30
Dec. 31
15,184,844
15,304,915
15,131,549
13,925,441
14,091,945
13,983,716
13,143,285
593,616,170
514,919,358
434,531,446
371,125,419
354,160,071
378,133,185
446,793,431
276,356,837
279,855,061
296,065,646
311,843,057
329,160,795
347,070,560
339,319,690
807,895,498
817,809,519
830,329,785
862,135,385
828,574,452
791,052,991
714,124,455
170,122,088
173,884,303
170,572,819
158,967,070
152,536,736
149,193,143
137,318,934
13,200,727
13,500,599
14,346,458
15,145,691
515,934,364
562,996,489
626,393,046
643,552,644
327,548,646
: 30,120,942
334,617,117
376,358,123
652,080,901
590,322,125
580,182,858
590,687,009
141,690,177
132,759,244
130,630,597
140,355,972
1920.
Jan. 31
Feb. 29.
Mar. 31
Apr. 30
1
Iron and steel.
Great Lakes iron-ore movements, Marine Review; pig-iron production, Iron Age; steel-ingot production, American Iron and Steel Institute.]
[Monthly average, 1911-1913=100; iron ore, monthly average, May-November, 1911-1913=100.]
Iron-ore shipments
from the upper
Lakes.
Pig-iron production.
Steel-in^ot production.
Unbilled orders U. S.
fctcel
Corporation
at close of m o n t h .
I
Gross tons. Relative. Gross tons. I Relative. Gross tons. Relative. Gross tons. Relative.
1919.
6,615,341
9,173,429
4,423,133
8,178,483
6,201,883
3 152 319
May
July
August
September.
October
November
December...
109
151
73
135
102
52
2,108,056
2,428,541
2,743,388
2,487,965
1,863,558
2 392 350
2,633,268
91
105
118
107
80
103
114
1,929,024
2,503,176
2,746,081
80
104
114
4,282,310
5,578,661
6,109,103
6,284,638
6,472,668
7 12S 330
8,265,366
81
106
116
119
123
135
157
3,015,181
2,978,879
3,375,907
2,739,797
2,988,881
130
138
146
118
129
2,968,102
2,865,124
3,299,049
2,638,305
2,883,164
123
127
137
109
119
9,285,441
9,502,081
9,892,075
10 359,747
10,940,466
176
180
188
197
208
1920.
January..
February
March
April.
May
230,S54
6,976,085
115
Imports of pig tin.
IDepartment of Commerce.]
IMonthly average, 1911-1913=100.1
Pounds.
Relative.
Pounds,
1919
May
July
August
September
October
November
December
i Relative.
1920.
449,2/0
113,120
9,872,459
11,087,403
16,210,512
15,233,671
12,940,125
5
1
109
122
178
168
142
January
February
March
April
May
I
|
I
8,772,953
13,925,843
11,980,019
10,345,130
9,102,341
164
132
114
100
JULY, 1920.
721
FEDERAL RESERVE BULLETIN.
Raw stocks of hides and skins.
[Bureau of Markets.]
[In pieces.]
Cattle
hides.
May 31
July 31
Aug 31
Sept 30
Get 31
Nov 30
Dec. 3 1 . .
1919
.
.
.
..
..
1920.
Jan 31
Feb. 29
Mar 31
Apr 30
May 31
.
.
.
.
.
Sheep and
lamb.
Calfskins.
Kipskins.
Goat
Kid.
Cabretta.
4,551,004
4 966 081
5,498,844
6 158,289
6,436,765
6 918 534
7,349,146
2,273,368
2,389,368
2,145,320
2,055 084
2,007,208
1,844,737
2,117,442
386,244
554 516
585,269
947 546
1,097,039
1,188,173
1,122,156
15,121,868
15,589 944
18,263,446
16,749,664
15,302,942
14,248,671
15,984,179
1,246,075
1,964,828
880,276
823,740
2,239,604
331,389
752,055
2,044,524
2,767,694
2,348,769
2,736,802
2,574,499
2,684,084
2,092,425
8,039,531
6,815,160
7,126,885
8,661,215
10,122,930
9,398,712
9,296,812
6 773,360
6.559,337
6 558,300
6,072,895
5,831,341
1,920 184
1,859,697
1,930,218
2,281,370
2,720,610
1 036 372
1,141,620
966 850
834,711
922,682
13,474 529
16,481,328
15,968,660
14,666,590
14,120,171
927,436
665,524
468,188
156,871
791,150
1,893,614
2,197,683
2,047,519
1,947,499
2,253,785
8,902,067
9,460,914
9,227,252
8,911,681
8,978,852
NOTE.—Figures for May 31 are provisional.
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.]
Percentage of idle woolen machinery on first of month
to total reported.
Cotton consumption.
Imports of raw silk.
Cotton
spindles
active
during
month.
Looms.
Wool consumption
(pounds).
Wider
Under Sets of Combs.
than 50- 50-inch cards.
Woolen.
inch reed- reed
space.
space.
Relative.
Bales.
1919
May
July
August
September
October
November
December...
487,934
510,328
502 536
491,213
555,344
490,698
511,585
108
1920
January.
February
March...
April.
Mav
June.
591,725
516,594
575 704
567 839
541,080
132
123
113
112
109
123
109
114
128
' 126
120
Spinning spindles.
Worsted.
Pounds.
33,531,313
34,171,690
34,187.310
34,216,662
34,307,367
34,483,775
34,594,214
45,084,834
54,973,093
48 938,476
52,985,961
60,018,415
52,428,854
55,566,253
36.6
22.0
22.1
19.9
16.0
14.8
13.9
32.9
26.0
24.9
22.8
20.7
18.2
19.1
17.1
9.7
9.4
8.1
8.2
7.6
10.5
22.5
7.6
6.5
5.5
5.9
5.3
5.3
16.8
8.9
8.9
7.9
7.7
6.7
8.4
25.8
13.5
10.9
12.8
7.2
6.7
6.2
4 878 646
5!202,407
3 802 500
6,755,271
3 955 845
4,841,407
3,576,585
34,739,071
34,668,643
34,667,747
34,346 737
34,066,236
63,059,862
55,247,652
58 344 602
57 887 832
50,649,381
14.5
12.2
14.9
13.1
15.2
26.8
18.5
17.6
19.8
16.9
18.2
22.4
8.8
7.6
7.2
6.9
9.8
9.6
7.0
7.1
9.1
7.1
10 3
10.2
7.9
11.7
11.5
23.1
7.0
14.2
4,855,989
3,696,121
2 491 651
2 227' 857
2,505,798
. .
10.6
21.1
6.7
15.9
9.5
7.0
Relative.
238
254
186
330
193
237
175
237
194
122
109
122
Production of wood pulp and paper.
[Federal Trade Commission. 1
(Net tons.j
1919.
May
July
August
September
October
November
December
Wood
pulp.
Newsprint.
Book.
Paper
board.
Wrapping.
Fine.
294,067
260,685
260,987
266,915
308,710
324,488
306,617
105,819
113,929
113,413
111,434
125,216
116,603
122,781
76,821
75,613
82,737
81,024
89,440
84,085
88,779
151,651
169,593
189,782
184,897
202,524
182,940
174,649
56,579
63,769
64,861
63,353
67,110
63,394
62,288
25,010
30,036
33,122
31,923
34,808
32,468
31,0l4
1920.
January
February
March
April
May
Wood
pulp.
Newsprint.
Book.
Paper
board.
Wrapping.
302,541
266,191
327,143
350,194
363,815
129,663
114,235
127,847
128,269
129,230
96,419
85,532
95,851
95,251
92,856
211,934
176,855
207,863
199,395
213,475
70,109
61,574
68,403
75,347
70,511
Fine.
32,886
29,202
33,671
33,49,3
31,575
722
FEDERAL RESERVE BULLETIN.
JULY,
192U.
Sale of revenue stamps for manufactures of tobacco in the United States (excluding Porto Rico and Philippine Islands).
[Commissioner ol Internal Revenue.
Cigars.
Large.
1919.
May
July
August
September
October
November
December
Cigarettes.
Small.
Small.
Number.
Number.
551,659,749 57,611,547
569,908,339 47,500,287
533,227,393 54,953,647
575,777,829 53,735,960
677,622,154 64,170,793
655,421,893 56,080,813
662,046,997 45,491,540
Number.
Pounds.
2,767,699,400 33,340,102
3,585,030,983 33,838,667
3,918,403,687 35,568,246
4,283,247,387 36,623,005
5,028,875,337 39,335,546
4,768,598,203 32,965,088
4,578,641,450 29,409,443
Cigarettes.
Cigars.
Manufactured
tobacco.
Large.
Small.
Small.
Number.
Number.
663,634,243 58,837,900
593,832,200 43,358,500
753,239,958 55,052,100
663,577,579 56,548,853
676,227,828 59,943,280
1920.
January
February
March
April
May
Manufactured
tobacco.
Pounds.
33,608,313
31,531,460
38,422,481
34,327,970
34,875,839
Number.
4,528,760,833
3,536,117,847
4,373,778,917
3,756,989,397
3,953,345,380
Output of locomotives and cars.
[Locomotives, United States Railroad Administration; cars, Railway Car Manufacturer's Association.]
Output of cars.
Locomotives.
Domes- Foreign.
tic
comshipped. pleted.
1911.
May
July
August
September..
October
November..
December..
Number.
Number.
207
121
160
111
89
39
103
31
73
173
51
55
23
42
tic.
Foreign.
Locomotives.
Total.
Number. Number. Number.
4,573
8,533
13,106
2,777
6,936
9,713
18,509
5,015
23,524
19,980
4,302
24,282
10,445
3,715
14,160
8,967
2,622
11,589
4,506
2,428
6,934
1920.
January
February...
March
April
May
Output of cars.
I
Domestic
shipped.
Foreign
completed.
Domestic.
Foreign.
Total.
Number.
48
Number. Number.
4,650
22
3,960
3,053
2,313
2,792
Number.
1,914
1,066
2,040
1,934
1,402
Number.
6,564
5,026
5,093
4,247
4,194
Vessels built in United States, including .those for foreign nations, and offi,cially numbered by the Bureau of Navigation.
[Monthly average, 1911-1913=100.1
Gross Re ative.
Number. tonnage.
June
... .
July
August
September
October
November
December
1911.
272
245
238
202
210
143
149
422,889
397,628
455,338
378,858
357,519
347,051
294,064
1,749
1,645
1,884
1,568
1,479
1,436
1,217
Gross Relative.
Number. tonnage.
1920.
January
February
March
April
May.. .
June.
115
140
170
164
184
198
253,680
267,231
279,709
251,442
185,145
267,076'
1,050
1,18o
1,157
1,040
766
1,105
Tonnage of vessels cleared in the foreign tirade.
[Department of Commerce.]
[Monthly average, 1911-1913=100.]
Net tonnage.
1919.
May
July
August
September...
October
November
December....
American
Foreign.
Total.
2,424,837
2,362,571
2,957,249
2,627,480
2,645,778
2,251,871
2,043,675
2,469,194
2,920,247
2,797,818
2,481,676
2,073,560
1,910,489
1,733,923
4,894,031
5,282,818
5,755,067
5,109,156
4,719,338
4,162,360
3,777,598
Net tonnage.
Percentage
Relative.
Rela- American
to
tive. total.
126
136
148
131
121
107
97
49.5
44.7
51.4
51.4
56.1
54.1
54.1
196
177
203
203
222
214
214
1920.
January
February
March
April
May
American. Foreign.
Total.
I 1,933,385 1,949,798
i 1,702,407 j 1,628,212
1,836,716 I 2,040,538
2,504,038 i 1,960,634
2,729,790 2,436,247
3,883,183
3,330,619
3,877,254
4,464,672
5,166,037
!
Percentage
Relative.
Rela- American
to
tive. total.
100
92
100
115
133
49.8
51.1
47.4
56.1
52.8
197
202
187
222
209
723
FEDERAL RESERVE BULLETIN.
JULY, 1920.
Net ton-miles, revenue and nonrevenue.
[United States Railroad Administration.]
1919.
February
July
August
September,
October
25,629,489,000
34,914,294,000
36,361,653,000
38,860,311,000
40,343,750,000
1919.
November
December
32,539,248,000
33,462,298,000
1920.
January
February
34,769,722,000
32,699,143,000
Commerce of canals at Sault Ste. Marie.
[Monthly average, May-November, 1911-1913=100.]
EASTBOUND.
Grain other than
wheat.
Bushels.
1919.
May
Relative.
Flour.
Wheat.
Bushels.
Relative.
Barrels.
Iron ore.
Total.
Relative.
Short tons.
Relative.
Short tons.
Relative.
9,370,374
105
29,096,116
151
910,524
78
6,622,227
112
7,895,542
113
6,008,000
11,904,942
134
4,274,611
13,497,995
70
658,910
57
162,630
6,683,820
113
454.726
7,483,836
107
1920.
April.
..
. . .
May
WESTBOUND.
Hard coal.
Relative.
Short tons.
Relative.
Short tons.
Relative.
Short tons.
248,263
80
2,239,738
117
2,670,784
107
10,566,326
Ill
10,000
202,000
65
50,831
531,375
28
82,483
937,374
38
537,209
8,421,210
89
1920.
April
May
Total freight.
Short tons.
1919.
May
Total.
Soft coal.
Relative.
FEDERAL RESERVE AND MEMBER BANK DEVELOPMENT DURING YEAR ENDING
JUNE 30, 1920.
Classification oj earning assets held by Federal Reserve Banks on the last Friday oj each month from July, 1919, to June, 1920.
[In thousands of dollars.]
Discounts.
Date.
July 25
Aug. 29
Sept.26
Oct. 31
Nov. 28
Dec. 26
1919.
1920.
Jan. 30
Feb. 27
Mar.26
Apr. 30
May28
June 25
Secured by
United States
war
obligations.
Total
discounts.
All other.
Bills bought
in open
market.
Total bills
on hand.
United
States
securities.
Total
earning
1,616,210
1,609,296
1,572,503
1,681,082
1,736,033
1,510,364
251,392
205,838
309,779
447,465
478,176
684,514
1,867,602
1,815,134
1,882,282
2,128,547
2,214,209
2,194,878
375,556
363,138
342,491
394,355
495,595
585,212
2,243,158
2,178,272
2,224,773
2,522,902
2,709,804
2,780,090
239,400
270,705
278,315
301,254
314,937
300,405
2,482,558
2,448,977
2,503,088
2,824,156
3,024,741
3,080,495
1,457,892
1,572,980
1,441,015
1,465,320
1,447,962
1,277,980
716,465
880,531
1,008,215
1,069,751
1,071,469
1,153,814
2,174,357
2,453,511
2,449,230
2,535,071
2,519,431
2,431,794
561,313
531,367
451,879
407,247
418,600
399,185
2,735,670
2,984,878
2,901,109
2,942,318
2,938,031
2,830,979
303,521
294,354
289,922
293,514
306,394
352,296
3,039,191
3,279,232
3,191,031
3,235,832
3,244,425
3,183,275
724
FEDERAL RESERVE BULLETIN.
JULY, 1920.
Reserves, deposits, and note circulation of Federal Reserve Banks from July, 1919, to June, 1920.
[In thousands of dollars.]
Deposits.
Reserves.
Date.
Gold.
July 25
Aug. 29
Sept. 26
Oct. 31
Nov. 28
Dec. 26
Jan. 30
Feb. 27
Mar. 26
Apr. 30
May28
Jane 25
1919.
1920.
Total.
Govern- Members'
ment.
reserve.
Total net
deposits
and
Federal
Reserve
note
liabilities
combined.
Required
reserves.
Net.
Federal
Reserve
notes in
circulation.
Federal
Free Reserve Reserve
gold. percentBank
age.
notes.
2,095,151
.2,066,788
2,117,854
2,138,000
2,093,641
2,078,432
2,161,023 116,038
2,135,976 54,494
2,187,505 61,276
2,205,592 100,465
2,159,666 98,157
2,135,536 72,357
1,718,396
1,729,950
1,731,413
1,833,481
1,844,434
1,786,874
1,796,561
1,629,797
1,634,074
1,850,518
1,889,399
1,704,470
2,504,497
2,580,629
2,655,354
2,752,876
2,852,277
3,057,646
4,301,058
4,210,426
4,289,428
4,603,394
4,741,676
4,762,116
1,630,595
1,602,681
1,634,068
1,748,831
1,892,200
1,819,623
530,428
533,295
553,437
456,761
357,466
315,913
50.
51.
47.
45.
44.
7
0
9
5
8
193,849
219,815
239,451
254,933
256,793
261,039
2,012,656
1,966,836
1,934,755
1,936,720
1,953,103
1,969,375
2,073,933 72,974
2,083,215 133,913
2,057,155 27,711
2,070,765 37,592
2,092,496 36,433
2,108,605 14,189
1,850,712
1,871,961
1,867,125
1,859,844
1,852,916
1,831,916
l,806,4S6
1,884,576
1,772,904
1,812,732
1,794,440
1,722,223
2,850,944
3,019,984
3,048,039
3,074,555
3,107,021
3,116,718
4,657,440
4,904,560
4,820,943
4,887,287
4,901,461
4,838,941
1,772,650
1,867,594
1,839,731
1,864,278
1,870,862
1,849,465
301,283
215,621
217,424
206,487
221,634
259,140
44
42
42
42
42
43
5
5
7
4
7
6
250,530
237,131
201,392
177,881
179,185
185,604
50.2
Growth of the Federal Reserve clearing system, by monthly periods, from July, 1919, to June, 1920.
Amount of items handled 1 (in thousands
of dollars).
Number of items handled.1
Month eoding-
Drawn on—
Drawn on—
Banks
Banks in outside
Federal
Federal Treasurer
Reserve
Reserve of United
Bank and Bank
and States.
branch
branch
cities.
cities.
Banks
Banks in outside
Federal
Federal Treasurer
Reserve
Reserve of United
Bank and Bank
and States.
branch
branch
cities.
cities.
Total.
Total.
Number of member
banks.
National.
State
banks
and
trust
companies.
Total
number
of nonmember
banks
Total. on par
list.
1919.
July 15
Aug. 15
Sept. 15
Oct. 15
Nov.15
Dec. 15
4,960,503
5,079,206
5,014,779
5,515,877
6,196,752
5,973,224
17,028,180 2,380,545 24,369,228
18,419,221 2,259,726 25,758,153
17,730,179 1,927,804 24,672,762
19,530,165 2,354,925 27,400,967
22,382,854 2,822,482 31,402,088
21,913,951 2,113,845 30,001,020
6,361,832
6,222,440
6,228,475
7,130,239
7,438,529
7,305,298
3,776,434
1,224,428 11,362,694
3,«70,80£ 1,553,788 11,447,033
3,920,301 1,290,535 11,439,311
4,309,693 1,132,918 12,572,850
5,006,048
13,418,439
973,862
\J I KJ y U U A
,A.'Jy A A.KJ y 1 U « /
4,753,645
876,169 12,935,112
7,791
7,806
7,820
7,839
7,866
7,879
1,057
1,088
1,100
1,116
1,141
1,167
8,920
8,955
9,007
9,046
12,071
12,578
12,962
13,852
14,86i
15,851
1920.
Jan. 15
Feb.14
Mar.15
Apr. 15
May 15
June 15
6,667,049
6,161,522
6,971,752
7,982,646
7,288,380
7,010,705
24,545,481
23,003,659
25,024,809
28,224,783
27,192,494
27,476,667
8,083,973
7,210,635
7,509,756
8,512,045
7,669,914
7,679,173
5,214,411
4,748,036
5,135,263
5,055,423
4,669,179
4,652,646
7,897
7,919
1,192
1,221
1,260
1,287
1,321
1,357
9,089
9,140
9,196
9,246
9,303
9,366
16,985
17,429
18,308
18,492
18,502
18,614
1
1,990,362
1,697,090
1,565,995
2,192,547
2,689,238
1,965,436
33,202,892
30,862,271
33,562,556
38,399,976
37,170,112
36,452,808
743,821
558,926
509,415
882,565
479,638
509,831
14,042,205
12,517,597
13,154,434
14,450,033
12,818,731
12,841,650
7,959
7,982
8,009
Exclusive of duplications on account of items having been handled by more than one Federal Reserve Bank or branch.
Gold settlement fund—Average
weekly clearings and transfers through the gold settlement fund,
to July, 1920.
fin thousands of dollars.)
Monthly period ending—
Average
weekly
clearings
for period
ending
about the
middle of
eachmonth.
Average
weekly
transfers
for period
ending
about the
middle of
each
month.
1,280,205
1,313,349
1,340,148
1,482,212
1,607,070
1,593,954
1,626,110
1,519,994
1,681,360
1,693,435
1,649,018
1,590,632
by months, from
June, 1919,
•
Total
average
clearings
transfers.
Banks'
balance
in gold
settlement
fund.
251,491
208,085
170,481
163,299
86,782
67,310
1,531,696
1,521,434
1,510,632
1,645,511
1,693,852
1,661,264
580,403
592,168
522,233
476,514
449,782
382,654
825,330
799,034
849,813
863,806
833,453
861,506
1,405,733
1 391 202
1,372,046
1 340 320
1,283,235
1 244 160
181,539
109,797
72,031
117,418
142,874
135,695
1,807,649
1,629,791
1,756,391
1,810,853
1,791,892
1,726,327
444,402
387,618
388,385
359 104
405,541
402,642
789,134
794,762
813,460
807,399
726,851
784,801
1,233,536
1 182 380
1,201,845
1 166 503
1,132,392
1,187,443
and
Total
balance
in banks'
and agents'
funds.
A
1919.
July 17
Aug. 14..
Sept. 18
Oct. 1 6 . .
Nov. 20
Dec. 18 .
Jan. C2
Feb. 19 .
Mar. 18
Apr. 15..
May 20
June 17
.
.
1920.
.
.
. . . .
.
.
.
.
.
JULY, 1920.
725
FEDERAL RESERVE BULLETIN.
MOVEMENT OFEARNIN6ASSETS
OFALL FEDERAL RESERVE BANKS
FROM JULTI9I9T0 JUNE I9ZO.
UNITED STATES SECURITIES.
i
800
eoo
ACCEPTANCES BOUGHT
2800
2400
2000
1600
1200
eoo
400
3600
3200
2800
2400
2000
1600
1200
800
400
C
n
u
Hiin W
•
i i Hi P I
H
PI i l l
i
n
TOTAL BILLS DISCOUNTED,'D', AND WAR PAPER/W'
HI
HI
TOTXL EARNING ASSETS.
JULY AX. SOT. OCT. IW.
25 23 26 31 SS
1919
2800
2400
2000
1600
1200
800
400
3600
3200
2800
2400
2000
1600
1200
800
400
O
JM. KB. Ma. APRL Mr jaiiC
•30 &
ft
30 B9 2S
1320
NETDEPOSITS. F.R.HOTES M CIRCULATIONJNDRESERVES
OF FEDERAL RESERVEBANKS FROMJULY 1919 TVJUNE 1920.
iHI SeqwtredSbeserres. W///M £xcess-Reserves CSree OoLcb).
H H Jotal Cash Jtescrves. -.—
, — JTJt. JfotespZas JYet$efwsU&.
\JULY I AUG. I SEPT. I OCT. I NOV. I DEC. I JAN. I FEB. I MQi. \APRL I MAY {JUNE I
I 2S 1 23 . 1 26 I SI I 28 \ 26 \ 30 \ 27 \ 26 \ 3O I 28 \ 2S 1
1919
IB20
726
FEDERAL RESERVE BULLETIN.
Earnings
JULY, 1920.
and expenses of the Federal Reserve Banks, also fiscal agency department disbursements
United States Treasury, from Jan. 1, 1919, to June 30, 1920.
Jan. l to
June 30,
1919.
Earnings:
Discounted bills
Purchased bills
United States securities
Other
Total
Jan.1 to
June 30,
1920.
July 1 to
Dec. 31,
1919.
$38,314,522 $42,453,622 $64,329,360
12,724,492
8,845,002
5,141,776
3,304,143
3,519,091
2,457,157
1,087,239
1,207,747
777,122
46,690,577
55,690,006
81,780,700
Current expenses:
Operating
Cost of Federal Reserve currency, including expressage, insurance, etc
Other
Total
Current net earnings
Dividends paid
Fiscal agency department disbursements reimbursable by
United States Treasury
reimbursable
by the
Jan. 1 to
June 30,
1919.
July 1 to
Dec. 31,
7919
Jan. 1 to
June 30.
1920.
$6,782,099
$8,657,095
$10,713,826
1,398,773
880,874
1,618,050
1,004,907
1,285,436
1,260,390
9,061,746
11,280,052
13,259,652
37,628,831
2,453,626
44,409,954
2,558,206
68,521,048
2,734,958
11,119,274
5,506,742
3,436,727
Loans, investments, and deposit liabilities of national banks and State bank and trust company members of the Federal
Reserve System, 1914-1920.
NATIONAL BANKS.
[In millions of dollars.]
IndividIndividLoans
ual de- All other,
Individual deand
disTotal
posits including Total
posits
Loans
Govern- counts loans and ual deTime
Bank
subject
posits deposits. subject deposits. to check Governand dis- ment se- plus Gov- investgross
to check
counts. ! curities. ernment ments.2 subject
de- deposits.
plus time ment
to check.
plus time
posits.
securities.
and
bank
deposits.
deposits.
Date.
1914.
6,363
795
7,158
8,409
4,200
1,171
5,371
1,870
7,241
994
8,235
6,507
6,650
6,665
6,762
7,241
7,364
781
784
783
782
778
775
7,288
7,434
7,448
7,544
8,019
8,139
8,507
8,642
8,680
8,802
9,402
9,554
4,336
4,576
4,518
4,642
5,241
5,381
1,199
1,254
1,285
1,336
1,376
1,417
5,535
5,830
5,803
5,978
6,617
6,798
2,244
2,227
2,208
2,466
2,710
2,738
7,779
8,057
8,011
8,444
9,327
9,536
814
834
810
785
830
866
8,593
8,891
8,821
9,229
10,157
10,402
:---
7,496
7,613
7,685
7,868
8,355
8,351
754
739
731
730
724
717
8,250
8,352
8,416
8,598
9,079
9,068
9,754
9,918
9,984
10,261
10,827
10,832
5,392
5,596
5,578
5,841
6,351
6,255
1,495
1,586
1,670
1,737
1,816
1,855
6,887
7,182
7,248
7,578
8,167
8,110
3,074
2,995
2,713
2,916
3,349
3,261
9,961
10,177
9,961
10,494
11,516
11,371
831
958
916
869
973
895
10,792
11,135
10,877
11,363
12,489
12,266
- .--
8,720
8,760
8,828
9,065
9,551
9,406
715
768
11,244
11,424
11,786
12,130
13,854
12,943
6,368
6,628
6,560
6,916
7,208
7,498
1,985
2,078
2,180
. 2,296
2,282
2,298
8,353
8,706
8,740
9,212
9,490
9,796
3,683
3,379
3,026
3,045
3,103
3,191
12,036
12,085
11,766
12,257
12,593
12,987
922
995
1,076
1,159
2,354
1,625
9,435
9,528
9,904
10,224
11,905
11,031
1,006
2,201
1,455
12,958
13,080
12,772
13,230
14,794
14,442
9,153
9,272
9,633
9,508
10,114
9,931
2,127
2,663
2,129
2,466
3,166
2,956
11,280,
11,935
11,762
11,974
13,280
12,887
13,128
13,729
13,533
13,701
14,979
14,612
7,282
7,310
7,161
7,466
7,803
8,370
2,371
2,343
2,344
2,397
2,373
2,474
9,653
9,653
9,505
9,863
10,176
10,844
3,298
2,883
2,797
2,880
2,891
3,166
12,951
12,536
12,302
12,743
13,067
14,010
1,484
1,844
1,714
1,137
1,974
1,404
14,435
14,380
14,016
13,880
15,041
15,414
9,705
9,917
10,589
11,101
11,583
11,803
3,687
4,033
3,176
3,297
2,882
2,723
13,392
13,950
13,765
14,398
14,465
14,526
15,135
15,740
15,582
16,257
16,387
16,450
7,951
8,508
8,480
9,159
9,683
9,677
2,653
2,729
2,785
2,921
3,054
3,140
10,604
11,237
11,265
12,080
12,737
12,817
3,192
3,085
2,974
3,053
3,356
3,337
13,796
14,322
14,239
15,133
16,093
16,154
1,496
1,575
1,675
1,535
1,360
1,701
15,292
15,897
15,914
16,668
17,453
17,855
12,014
12,305
2,459
2,376
14,473
14,681
16,381
16,565
9,424
9,507
3,259
3,410
12,683
12,917
3,294
2,940
15,977
15,857
974
1,067
16,951
16,924
Dec.31..
Mar 4
May 1
June 23
Sept. 2
Nov 10
Dec.31..
Mar. 7
May 1
June 3 0 . . .
Sept 12
Nov 17
Dec. 27.
1915.
1916.
1917.
Mar
5
May 1
June 20.
Sept. 11
Nov 20
Dec. 31
Mar 4
Mav 10
June 29
Aug 31
Nov. 1
Dec 31
Mar 4
May 12
June 30
Sept 12
Nov 17
Dec 31
1918.
1919.
1920.
Feb 28
May 4
973
Beginning with Sept. 12, 1916, notes and bills rediscounted are not included among loans and discounts, as was the previous practice.
offixedinstruments,i.e.,banking house,real estate,furniture and fixtures,also stock of Federal Reserve Banks.
2 Exclusive
Exeli
FEDERAL RESERVE BULLETIN.
JULY, 1920.
INVESTMENTS OF NATIONAL BANKS, f914-1920.
p i
mUiM Government Securities.
Jll otherInvestments.
DEPOSIT LIABILITIES OF NATIONAL BANKS, I9I4-I920.
i H M IncUvidvual deposits subject to ckecfc.
VM/M June &e/wsits,
WM\ SanK&efiosits.
H H Other, including Government, fiefwsits.
727
728
FEDERAL RESERVE BULLETIN.
JULY, 1920.
Loans, investments, and deposit liabilities of member banks, 1914-1920—Continued.
STATE BANK AND TRUST COMPANY MEMBERS.
[In million, of dollars.]
Loans
and discounts.
June 30,1919
Nov. 17,1919
Dec. 31,1919
May 4, 1920
\
j
l
j
4,323
5,053
5,255
5,509
Loans
Total
Govern- and discounts loans and
ment seplus Gov- investcurities. ernment
ments.1
securities.
862
781
785
707
5,185
5,834
6,040
6,216
6,317
.7,103
7,341
7,509
Demand
Demand
Demand
deposits
deposits
Bank
Time
deposits
(exclusive deDOsits.
plus time
plus time deposits.
of bank
and bank
deposits.
deposits.
deposits).
4,092
4,592
4,835
4,713
1,559
1,996
2,166
2,338
5,651
6,588
7,001
7,051
677
723
755
604
All other,
including
Government-deposits.
6,328
7,311
7,756
7,655
560
394
505
260
Total
7,705
8,261
9,915
^Exclusive of fixed investments ,i. e., banking house ,real estate, furniture and fixtures, also stock of Federal Reserve Banks.
Abstract of reports of condition of all member banks of the Federal Reserve System.
[In thousands of dollars.]
May 4, 1920.
June 30,
1919 (8,822
banks).
Nov. 17,
1919 (8,995
banks).
Dec. 31,
1919 (9,066
banks).
,890,471
17,993
14,789
440,411
,036,899
82,729
,947,967
402,726
45,402
68,775
,723,774
369,612
,125,074
559,433
,188,101
109,046
38, 484
67,362
114,681
16,603,963
28,939
6,116
539,097
3,660,943
86,810
3,190,272
424,995
49,600
71,459
1,825,152
597,385
2,575,356
602,992
1,294,043
134,379
38,689
67,530
62,788
29,243,729
Nonnational
banks
(1,306
banks).
All member banks
(9,291
banks).
National
banks
(7,985
banks).
17,032,747
22,403
8,706
624,571
3,506,426
87,434
3,224,007
432,780
50, 405
69,177
1,903,814
579,235
2,518,709
691,173
1,509,006
147,276
41,489
69,354
97,544
17,794,164
22,080
7,482
655,405
3,081,156
92,435
3,175,951
4.53,922
55,808
70,819
1,865,638
580,0(33
1,874,173
620,897
-867,427
102,996
37,187
66,070
323,899
12,285,171
16,378
5,759
425,390
2,373,818
64,153
1,883,027
311,626
42,963
43,960
1,266,209
454,726
1,437,318
455,431
620,915
65,080
38,187
45,664
194,460
5,508,993
5,702
1,723
230,015
707,338
28,282
1,292,924
142,296
12,845
26,859
599,429
125,337
436,855
165,466
246,512
37,916
31,860,508
32,616,256
31,748,572
22,030,235
9,718,337
489,792
292,716
482,889
66,306
60,227
24,302
11,876
650,502
704,349
195,072
, 343,382
902,339
,368,112
68,136
24,875
466,586
676,657
233,638
6,697
175,276
1,565,871
1,343,684
572,682
74,482
64,681
40,410
16,435
4,078,615
789,035
14,849,003
5,049,493
386,309
1,401,373
71,703
13,763
565,676
680,344
167,228
6,429
123,292
1,593,753
1,375,780
491,893
76,582
55,808
24,843
14,189
4,091,400
906,515
15,156,169
5,304,793
648,555
1,190,331
71,488
17,173
641,018
685,237
182,665
5,578
82,486
1,695,555
1,446,915
588,697
62,560
39,404
21,547
3,524,359
518,517
14,833,215
5,747,532
190,168
1,246,721
133,497
36,109
673,852
687,931
123,143
6,119
83,945
1,214,019
960,075
437,555
71,040
43,697
19,761
19,039
2,919,994
335,832
10,119,755
3,409,897
113,647
952,624
98,281
26,735
438,430
687, 931
123,143
6,119
32,661
481,536
486,840
151,142
17,746
18,863
19,643
2,508
604,365
182,685
4,713,460
2,337,635
76,521
294,097
35,216
9,374
235,422
29,243,729
31,860,508
32,616,256
31,748,572
22,030,235
9,718,337
RESOURCES.
Loans and discounts
Overdrafts
Customers' liability on account of letters of credit
Customers' liability on account of acceptances
United States Government securities owned i
Stock of Federal Reserve Bank
Other bonds, stocks, and securities2
Banking house
Furniture and fixtures
Other real estate owned
Lawful reserve with Federal Reserve Bank
Items with Federal Reserve Bank in process of collection
Due from banks, bankers, and trust companies
Cash in vault
Exchanges for clearing house, also checks on banks in same place
Outside checks and other cash items
Redemption fund and due from United States Treasurer
Approximate interest earned but not collected
Other assets
Total.
20,406
129,439
LIABILITIES.
Capital stock paid in
Surplus fund
Undivided profits, less expenses and taxes paid
Approximate interest a n d discount collected b u t not earned.
Amount reserved for taxes accrued
Amount reserved for interest accrued
Due to Federal Reserve Banks
Due to banks, bankers, arid trust companies
Certified a n d cashiers' or treasurers' checks outstanding
Demand deposits
Time deposits
•
United States deposits
Bills payable with Federal Reserve Bank
»
Bills payable other t h a n with Federal Reserve Bank
Cash letters of credit a n d travelers' checks outstanding
Acceptances
National bank notes outstanding
United States Government securities borrowed
Other bonds and securities borrowed
O ther liabilities
Total
1
2
Includes U. S. Government securities borrowed by national hanks.
Includes other bonds and securities borrowed by national banks.
51,284
JULY,
729
FEDERAL RESERVE BULLETIN.
1920.
Principal resources and liabilities of member banks in leading cities as at close of business on the last Friday of each month
since June, 1919.
[Amounts in thousands of dollars.]
1919
June 27.
Number of reporting banks
United States bonds to secure circulation
Other United States bonds, including Liberty bonds
United States Victory notes
United States certificates of indebtedness
Total United States securities owned
Doans secured by Government war obligations
Doans secured by stocks and bonds other than Unite d
States securities
All other loans and investments
Total loans and investments:
Exclusive of rediscounts with Federal Reserve Bank..
Inclusive of rediscounts with Federal Reserve Bank...
Reserve balance with Federal Reserve Bank
Cash in vault
Net demand deposits on which reserve is computed
Time deposits
Government deposits
Bills payable with Federal Reserve Bank:
Secured by Government war obligations
AH other
Bills rediscounted with Federal Reserve Bank:
Secured by Government war obligations
Another
July 25.
Aug. 29.
Sept. 26. I Oct. 31.
Nov. 28.
Dec. 26.
772
769
774
776
795
797
269,264
628,427
374,822
916,739
269,622
636,510
353,751
896,685
269,252
637,382
319,282
1,155,560
269,706
619,968
302,930
1,050,339
268,612
636,066
298,637
904,623
269,097
628,221
265,981
816,540
269J13
632,276
237,997
789,882
2,189,252
1,380,628
2,156,568
1,363,764
2,242,943
1,333,697
3,053,110
8,667,708
2,107,938
1,234,057
3,246,059
9,023,666
1,979,839
1,053,663
3,222,622
9,195,138
3,300,373
9,370,426
10,780,317
10,859,247
2,381,476
1,302,062
2,914,632
8,370,737
350,197
675,264
323,333
351,599
286,406
756,963
782,610
14,379,579
14,719,675
1,318,281
355,910
10,543,056
1,789,774
405,161
14,96«,907
15,256,335
1,325,776
345,605
10,802,505
1,923,494
524,017
15,297,458
15,677,228
1,332,919
349,780
10,839,154
1,994,216
692,335
15,611,720
16,115,200
1,403,171
358,771
11,284,902
2,194,156
355,360
15,451,262
16,156,236
1,414,856
384,543
11,337,614
2,288,133
183,053
15,620,451
16,520,055
1,347,175
429,712
11,174,249
2,302,344
580,452
1,025,844
1,100,684
1,123,709
1,096,072
1,194,489
1,107,935
926,921
6,682
325,067
340,096
287,428
379,770
503,480
704,974
309,590
590,014
1,929,268
1,020,384
1920
Jan. 30.
Number of reporting banks
United States
Other United
United States
U n i t e d States
bonds to secure circulation
States bonds, including Liberty b o n d s .
Victory notes '.
certificates of indebtedness
Total United States securities owned
Loans secured by Government war obligations
Loans secured by stocks and bonds other thanUnite I States securities
All other loans and investments
Total loans and investments:
Exclusive of rediscounts with Federal Reserve Bank.
Inclusive of rediscounts with Federal Reserve Bank..
Reserve balance with Federal Reserve Bank
•Cash in vault
Net demand deposits on which reserve is computed
Time deposits
Government deposits
Bills payable with Federal Reserve Bank:
Secured by Government war obligations
All other
Bills rediscounted with Federal Reserve Bank:
Secured by Government war obligations
All other
Feb. 27.
Mar. 26.
Apr. 30.
May 28.
June 25.
804
807
811
812
814
814
269,163
600,590
216,404
758,493
268,969
596,911
208,450
672,831
268,492
592,003
199,808
487,643
270,061
598,784
203,438
608,363
270,304
601,984
202,890
609,186
269,783
609,897
198,125
483,124
1,844,650
935,303
3,325,222
9,620,988
1,747,161
843,901
3,185,281
9,856,191
1,548,036
831,220
3,193,212
10,157,067
1,680,646
772,581
3,170,316
10,188,911
1,684,364
768,665
3,115,454
10,316,484
i,560,929
737,157
3,107,025
10,327,987
., 726,163
., 643,521
., 406,496
357,509
, 477,353
!, 471,569
308,823
15,632,534
16,750,646
1,408,792
370,431
11,457,465
2,524,393
42,097
15,729,535
16,957,780
1,413,918
359,854
11,493,317
2,584,959
54,176
15,812,454
17,054,605
1,415,145
355,372
11,461,324
2,619,027
150,136
15,884,967
17,077,156
1,415,397
362,749
11,559,093
2,645,705
75,599
15,733,098
16,970,751
1,393,709
358,060
11,344,128
2.691,880
262,861
911,297
5,525
1,022,520
2,225
877,580
8,448
889,345
4,851
866,511
1,438
707,213
1,111
286,069
631,289
318,930
799,182
324, 543
903, 702
317,420
924,731
292,925
899,264
289,134
948.519
Allotments of United States Treasury loan and tax'certificates from July 2, 1919, to June 15, 1920, inclusive.
Certificates issued in anticipation of tax payments due in—
Loan certificates.
Federal Reserve Bank.
Series 1920.
Series 1921.
Boston
New York
Philadelphia..
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis...
K ansas City..
Dallas
San Francisco
$188,175,500
959,162,500
145,544,500
174,478,500
48,864,000
72,428,000
278,575,000
84,738,000
73,113,000
81,875,500
77,638,000
168,052,000
$12,470,000
81,370,500
5,300,000
14,624,000
2,382,000
2,981,500
25,132,000
5,625,000
2,214,500
5,187,500
2,567,000
16,750,000
Total....
2,352,644,500
176,604,000
1920
1921
Total.
$200,645,500
1,040,533,000
150,844,500
189,102,500
51,246,000
75,409,500
303,707,000
90,363,000
75,327,500
87,063,000
80,205,000
184,802,000
$187,623,500
1,358,566,000
191,939,500
246,367,000
64,260,500
79,119,500
395,437,500
98,585,000
63,787,500
69,996,000
88,671,500
199,031,500
$28,677,000
153,611,500
28,331,500
42,553,000
13,045,500
7,080,500
49,359,000
16,599,500
5,536,000
18,648,000
8,720,000
31,663,000
$216, 300,500
1,512, 177,500
220, 271,000
288. 920,000
77, 306,000
86, 200,000
444, 796,500
115, 184,500
69, 323,500
88, 644,000
97, 391,500
230, 694,500
2,529,248,500
3,043,385,000
403,824,500
3,447,209,500
Total.
Total loan and
tax certificates.
$416, 946,000
2,552, 710,500
371; 115,500
478! 022,500
128; 552,000
i6i; 609,500
503,500
748, 547,500
205, 651,000
144',707,000
175, 596,500
177: 496,500
415;
5,976,458,000
730
FEDERAL RESERVE BULLETIN.
JULY, 1920.
General stock of money in the United States, money held bij the Treasury and by the Federal Reserve System, and all other
money in the United States.
Silver.
Gold.
Date.
July 1
Aug. 1
Sept. 1 . . .
Oct 1
Nov. 1
Dec 1
1919.
1920.
...
Jan . 1
Feb 1
Mar. 1
Apr. 1
May 1
June 1
1919.
Outside
United
States
Treasury
and
Federal
Reserve1
Banks.
Thousand
dollars.
3,095,077
2,989,548
2,944,727
2,905,726
2,872,525
2,833,221
Thousand
dollars.
2,295,174
2,262,946
2,227, 597
2 195,399
2,177,024
2,117,618
2,787,714
2,762,905
2,720,768
2,662,285
2,646,616
2,663,730
2,091,054
2 055,735
2,007,045
2,000,056
1,981,490
1,989,763
General
stock.
In United
States
Treasury
as assets of
the Government
and in
Federal
Reserve2
Banks.
Outside
United
States
Treasury
and
Federal
Reserve2
Banks.
General
stock.
In United
States
Treasury
as assets of
the Government
and in
Federal
Reserve
Banks.
Thousand
dollars.
799,903
726,602
717,130
710,327
695,501
715,603
Thousand
dollars.
552,215
551,855
551,334
551,525
553,273
554,686
Thousand
dollars.
76,340
82,933
86,156
83,447
85,717
80,960
Thousand
dollars.
475,875
468,922
465,178
468,078
467,556
473,726
Thousand
dollars.
2,687,557
2,705,424
2,764,832
2,886,289
2,958,700
3,063,391
Thousand
dollars.
193.506
201,853
203,129
216,557
219,786
223,086
Thousand
dollars.
2,494,051
2,503,571
2,561,703
2,669,732
2,738,914
2,840,305
696,660
707,170
713,723
662,229
665,126
673,967
537,675
518,007
523,173
523,243
524,746
526,305
67,109
72,711
75,443
86,188
91,011
96,186
470,566
445,296
447,730
437,055
433,735
430,119
3,295,789
3,125,886
3,255,213
3,299,065
3,326,188
3,357,808
308,564
280,995
255,523
266,664
263,733
256,376
2,987,225
2,844,891
2,999,690
3,032 401
3,062,455
3,101,432
Federal Reserve Bank notes.
United States notes and nationalbank notes.
Total, all money.
General
stock.
In United
States
Treasury
as assets of
the Government
and in
Federal
Reserve
Banks.
Outside
United
States
Treasury
and
Federal
Reserve
Banks.
General
stock.
In United
States
Treasury
as assets of
the Government
and in
Federal
Reserve
Banks.
Outside
United
States
Treasury
and
Federal
Reserve
Banks.
General
stock.
In United
States
Treasury
as assets of
the Government
and in
Federal
Reserve
Banks.
Outside
United
States
Treasury
and
Federal
Reserve
Banks.
Thousand
dollars.
187,667
210,700
231,567
251,191
267,987
263,022
Thousand
dollars.
31,538
44,516
55,360
59,776
72,391
66,059
Thousand
dollars.
156 129
166,184
176,207
191,415
195,596
196,963
Thousand
dollars.
1 065,958
1,067,589
1,071,245
1,068,166
1,069,076
1,068,824
Thousand
dollars.
149,570
138,752
138,404
148,743
132,733
123,198
Thousand
dollars.
916 388
928,837
932,841
919,423
936,343
945,626
Thousond
dollars.
7 588,474
7,525,116
7,563,705
7,662,897
7,721, 561
7,783,144
Thousand
dollars.
2,746,128
2,731,000
2,710,646
2,703,922
2,687,651
2,610;921
Thousand
dollars.
4,842,346
4,794,116
4,853,059
4,958,975
5,033,910
5,172,223
269,123
258 183
237,835
205,934
•188,331
192,740
68,282
66,510
46,797
17,804
13,337
15,900
200,841
191,673
191,038
188,130
174,994
176,840
1,071,019
1,079,788
1,069,323
1,070,619
1,070,073
1,063,946
114,302
158,844
143,643
117,093
115,511
93,158
956,717
920,944
925,680
• 953,526
954,562
970,788
7,961,320
7,744,769
7,806,312
7,761,146
7,755,954
7,804,529
2,649,311
2,634,795
2,528,451
2,487,805
2,465 082
2,451,383
Date.
July 1
Aug. 1
Sept 1
Oct. 1
Nov. 1
Dec. 1
General
stock.
In United
States
Treasury
as assets of
the Government
and in
Federal
Reserve
Banks.*
Federal Reserve notes.
Outside
United
States
Treasury
and
Federal
Reserve
Banks.
Per capita
outside
United
States
Treasury
and
Federal
Reserve
Banks
Dollars.
45 00
45.13
45.65
46.61
47.28
48.54
1929.
Jan. 1
Feb 1
Mar. 1
Apr. 1
May 1
June 1
1
2
Includes gold certificates.
5,312,009
5,109,974
5,277,861
5,273,341
5 290 872
5,353,146
49.81
47.88
49.41
49.33
49. 45
50.00
Includes silver certificates and Treasury notes of 1890.
Paper rediscounted with or sold to other Federal Reserve Banks and outstanding at close of business on the last Friday in each
month from June, 1919, to June, 1920.
[In thousands of dollars.]
Rediscountcd or sold by Federal Reserve Bank of—
Date.
June 27
July 25
Aue. 29
Sept 26
Oct 31
Nov. 28
Dec. 26
1919.
5,062
. .
40,474
69,899
1920.
Jan. 30
Feb 27
Mar.26
Apr. 30
Mav 28
June 25
New
Phila- Cleve- RichBoston. York.
delphia. land. mond.
4,600
15,173
2,985
27,456
48,579
39,432
31,702
45,864
96,440
58,201
57,967
34,900
20,930
18,295
23,448
23,500
27,615
75,649
55,308
34,096
2,371
2,371
5,394
32,790
38,925
35,555
20,709
55.000
50,000
29,725
25,000
Atlanta.
Chicago.
Minne- Kansas
St.
Louis. apolis. City. Dallas.
San
Francisco.
9, G40
13.000
155,125
133,479
93,087
101,897
74,812
160,414
168,715
Id]865
12,958
118,039
109,406
99,465
167,843
150,623
131,571
3,000
is nnn
s. oon
5 500
5,000
15,000
11,829
24,850
*38,"47l" 41,385
25,000 j 8,500 18,995 49,760
24 904
7 Qfin 24 950 26,733
19,' 132
23,672
Total.
3,000
13,000
5,000
16,07*5
731
FEDERAL RESERVE BULLETIN.
JULY, 1920.
Paper discounted for or purchased from other Federal Reserve Banks and held at close of business on the last Friday in each
month from June, 1919, to June, 1920.
[In thousands of dollars.]
Discounted or purchased b y Federal Reserve Bank of—
Dato.
New
PhilaBoston. York.
delphia
1919.
5 062
June 27
July 25
Aug 29
Sept. 26
Oct 31
Nov 28 .
Dec. 26
Cleveland.
Atlanta.
Rich-
Chicago.
St.
Louis.
64,122
54,900
33,930
60,195
48 980
5,080
67,871
5,080 "5,*065" 60,090
9,735
5,000
8,250
mend.
23,750
10,012
419
10,042
23,269
12,265
Total.
Minne- Kansas
apolis. City. Dallas.
San
Francisco.
25,000
25,000
11,475
10,000
27,456
38,567
29,000
16,977
10,776
11,547
15,265
155,125
133,479
93,087
101,897
74,812
160,414
168,715
3,408
3,408
7,081
2,371
2,371
392
118,039
109,406
99,465
167,843
150,623
131,571
5 014
32,564
29,022
10,013
14,725
10,005
9,805
10,078
32,123
10,050
1,871
14,950
23,500
7,825
19C0.
3 579
3,250
23,399
22,126
20,366
17,130
Jan 30
Feb 27
Mar. 26
Ar>r 30
May 28
June 25
95,071
84,125
61,971
27,521
15,601
38,304
48,275
43,761
52,078
15,000
16,187
3,351
51,918
33,410
7,605
1,663
4,000
10,029
Currency receipts and shipments from July, 1919, to May, 1920.
New York.
Boston.
Philadelphia.
Month.
1919.
July
August
September
October
November
December
Receipts.
Shipments.
Receipts.
Shipments.
Receipts.
$47,230,000
38,688,000
39,525,000
53,832,000
36,890,000
51,056,000
$37,408,000
38,885,000
37,980,000
41,164,000
39,076,000
60,664,000
$156,222,645
135,234,802
139,255,009
157,523,946
127,139,007
179,009,046
$195,979,000
157,341,000
138,395,000
150,323,000
170,904,000
230,942,000
$38,394,924
33,425,219
36,468,581
37,026,356
30,064,643
43,763,463
$32,617,025
36,287,240
34,991,090
41,637,000
43,312,472
49,575,732
54,611,616
31,522,844
47,497,000
52,936,116
52,579,000
38,495,925
50,323,450
50,773,000
44,812,000
55,069,000
196,054,852
120,604,043
155,126,322
158,581', 996
155,581,691
118,442,455
182,254,000
179,913,000
197,172,631
169,633,176
47,238,481
29,132,634
39,996,106
46,697,711
39,590,446
36,689,992
60,276,829
48,045,055
46,795,965
506,367,576
46,033,416
494,650,375
44,968,216
1,680,333,359
152,757,578
1,891,299,262
171,936,297
421,798,564
38,345,324
476,107,650
43,282,514
Shipments.
1920.
January
February
March
April
May
Total
Monthly average
Cleveland.
Richmond.
48,879,250
Atlanta.
Month.
Receipts.
1919.
July
August
~ • *
September
October
November
December
Shipments.
Receipts.
Shipments.
Receipts.
;
! §36,798,066
25,940,074
28,415,754
35,668,486
|
27,879,607
\ 42,662,296
$29,193,882
40,329,582
40,159,578
34,733,156
36)242,091
51,028,532
$13,672,641
10,359,626
8,526,287
11,181,903
12,350,608
17,599,750
$11,223,655
14,505,900
22,760,610
34,882,479
17,688,320
21,504,290
$20,410,755
17,350,369
13,440,796
16,936,221
17,623,546
28,653,391
$9,291,960
13,627,593
23,765,016
32,814,774
20,082,141
22,427,375
44,350,780
28,653,838
44,009,389
42,046,537
44,475,943
34,702,471
54,558,551
49,094,411
56,434,436
44,996,876
21,048,881
12,054,963
13,823,544
16,573,661
16,190,630
9,649,335
13,788,938
15,535,871
18,450,335
16,823,575
36,057,231
23,050,034
28,070,633
28,943,309
27,604,148
16,183,007
20,200,550
19,300,173
24,900,812
19,439,012
400,900,770
36,445,525
471,473,566
42,861,233
153,382,494
13,943,863
196,813,308
17,892,119
258,140,433
23,467,312
222,032,413
20,184,765
Shipments.
1920.
January..
February.
March..'..
April
May
Total
Monthly average..
732
FEDERAL RESERVE BULLETIN.
JULY,
1920.
Currency receipts and shipments from July, 1919, to May, 1920—Continued.
St. Louis.
Chicago.
Minneapolis.
Kansas City.
Month.
Receipts.
Shipments.
Receipts.
1919.
july
Auerust
September
October
November
December
Y76
399
W
197
D99
156
$26,441, TO
21,066, 539
23,372. rq?
26,258, 479
24,654, 489
32,741, 115
78,772,317
46,842,997
72,453,876
77,540,312
78,195,069
60,803, 413
80,482, 745
84,661, 369
90,468, 853
85,764, 628
712,223,404
64,747,582
789,796, R3?
71,799, 712
$64,181,283
45,640,361
51,399,991
64 344,690
56,150,431
76,702,077
...
£49,328,
66,852,
49,093,
68,545,
62,872,
90,922,
Receipts.
Shipments.
Shipments.
354
?74
331
184
308
$6,588,
4,306.
3,361,
4,854,
4,257,
4,116,
758
731
i36
718
^45
)39
$2,889,
3,773,
8,226,
7,010,
5,949,
7,682,
34,529, 775
26,147, 951
35,633, 168
36,192, 516
33,903, 928
22,337, 366
26,987, f>17
24,642, 364
27,121, ?69
27,358, 350
6,431,
3,129,
3,843,
3,966,
4,074,
W9
174
240
195
703
3,315,
5,385,
5,870,
5,125,
5,313,
320,942, ?81
29,176, 571
275,519, 79,9,
25,047,247
$13,774,
18,527,
23,827,
32,870,
29,541,
28,531,
Receipts.
Shipments.
$13,474,045
10,843,909
11,764,731
14,123 099
10,270,138
14,594,798
$9 172 601
11,808 110
13,483 933
10 729 309
12,935'188
13,690,725
550
16,115,039
9,983 795
13,658,002
16,166 705
13,251,540
9,199,620
12 114 960
12,234 956
11 162 790
11,412,850
60,542, <m
5,503, 903
144 245 801
13,113,255
127 945 042
11,631^367
WO
=S50
46
170
377
1920.
January.
February
March
April
May
Total
Monthly average
48,930, 148
4,448, 195
Dallas.
*60
350
ffi?,
740
San Francisco.
Total.
Month.
Receipts.
Shipments.
Receipts.
Shipments.
Receipts.
Shipments.
1919.
July
.
August
September
October
November
December
...
.
.
$5,952,929
4,775,854
4,933,440
6,327,253
5,116,973
10,715,869
$6,505,384
7,147, 391
14,096,340
14,804,005
13,470,784
12,214,053
$22,918,132
15,067,142
16,298,689
19,907,681
15,618,219
24,820,307
$15,715,445
21,266,165
23,325,043
21,602 635
29,848,445
30,554,665
$452,285 507
362,698,626
376,762 806
447 984 832
368,015,506
526,434,151
$413 099 468
430,351,834
430 104 431
491 116 632
481,922' 094
619,737,813
11,205,980
6,755,553
10,934,109
11,854,515
12,125,527
7,00S,950
8,883,386
10,058,979
9,372,327
8,617,870
36,250,129
20 713 705
24,787,629
24,884,253
25,310,468
13,517 845
18 882 820
24,953 434
38,388,320
30,530,567
582,666 390
358 591 431
489,833' 018
516,383,826
502,883,093
367 345 939
534 138'896
525' 083' 864
570,205' 478
523,839,504
80,698,002
8,245,273
112,179,469
10,198,134
246,576,354
22,416,032
268,585,384
24,416,853
4, 984,539,186
453,139,926
5,386,945,953
489,722,360
1920.
January
March
Anril
May
......
Total
Monthlv average
Rates of earnings from investments of the Federal Reserve Banks from June, 1919, to May, 1920.
Bills
Date.
1919.
June
July
August
September
October
November
December
Bills
bought
United
Total
States
investsecurities. . ments.
Per cent. Per cent. Per cent. Per cent.
4.19
2.33
4.20
4.01
4.27
2.24
4.15
3.98
4.22
2.21
4.13
3.93
4.27
2.17
4.17
3.91
4.22
4.15
2.18
3.95
4.33
2.22
4.40
4.16
4.54
4.55
2.19
4.29
Bills
discounted.
Date.
1920.
Bills
bought
in open
United
Total
States
investsecurities.
ments.
market.
Per cent. Per cent. Per cent. Per cent.
4.71
4.79
2.18
4.46
5.20
5.06
2.18
4.88
5.49
5.47
2.10
5.12
5.58
5.70
2.10
5.23
5.66
5.77
2.22
5.36
January
February
March
April
May
Federal Reserve notes issued and redeemed by each Federal Reserve Agent, by months, from June, 1919, to May, 1920.
June, 1919.
Federal Reserve Agent at—
August.
Issued.
Redeemed.
Issued.
Redeemed.
Issued.
$12,343,870
64,229,900
19,743,645
13,876,080
12,093,170
11,143,665
25,153,205
6,747,585
4,084,510
5,008,940
2,556,160
9,564,630
$19,820,000
63,000,000
17,800,000
14,700,000
6,440,000
10,015,000
24,520,000
12,810,000
1,480,000
3,870,000
2,715,000
19,460,000
$11,235,770
63,397,700
15,389,785
12,562,065
9,818,700
8,802,500
21,385,550
8,066,045
3,838,815
4,570,940
2,631,495
17,065,675
$28,700,000
67,140,000
21,900,000
30,220,000
16,910,000
7,797,000
33,360,000
12,800,000
2,050,000
5,940,000
3,815,000
17,360,000
$14,732,285
51,603,700
17,157,325
15,301,635
16,219,400
12,007,245
26,710,210
8,663,425
4,050,060
6,683,975
2,765,810
12,676,660
183,545,360
195,630,000
178,766,040
247,992,000
188,571,730
Boston
New York
Philadelphia.
Cleveland
Richmond —
Atlanta
Chicago
St. Louis
Minneapolis..
Kansas City..
Dallas
San Francisco
$177,827,360
817,659,685
215,791,390
234,853,990
119,381,410
116,964,680
452,099,080
116,818,130
85,181,755
101,617,470
47,788,270
215,735,825
$16,500,000
61,800,000
17,200,000
5,900,000
5,670,000
13,803,000
25,720,000
6,240,000
2,900,000
3,080,000
3,493,000
10,080,000
Total...
701,719,045
172,383,000
July.
Outstanding
May 31,1919.
Redeemed.
JULY,
733
FEDEKAL RESERVE BULLETIN.
1920.
Federal Reserve notes issued and redeemed by each Federal Reserve Agent, by months, from June, 1919, to May, 1920—Con.
September.
October.
December.
November.
Federal Reserve Agent at—
Issued.
Redeemed.
Issued.
Redeemed.
Issued.
Redeemed.
Issued.
Boston
New York
Philadelphia.
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis..
Kansas City..
Dallas
San Francisco
$27,400,000
63,340,000
19,400,000
23,160,000
24,010,000
20,754,000
39,240,000
20,000,000
8,080,000
9,920,000
9,385,000
19,800,000
$10,423,930
50,113,900
14,884,230
11,578,795
11,753,615
10,268,070
22,160,650
10,356,930
3,194,590
5,839,240
2,735,575
9,734,875
$15,900,000
44,480,000
22,300,000
13,120,000
34,110,000
32,084,000
37,600,000
5,430,000
9,525,000
21,260,000
$15,122,195
66,692,700
14,889,320
13,700,225
13,182,245
13,243,785
25,923,785
7,481,860
3,870,295
5,487,190
1,989,540
9,703,450
$22,800,000
60,920,000
12,500,000
19,960,000
16,120,000
20,867,000
30,440,000
18,530,000
3,570,000
11,240,000
11,065,000
28,150,000
$14,152,220
36,452,800
10,997,135
11,731,370
12,795,005
13,515,235
21,858,230
7,287,985
3,723,150
6,160,310
2,670,815
10,127,255
$34,420,000
121,140,000
24,640,000
30,900,000
22,560,000
23,790,000
55,560,000
13,200,000
6,150,000
8,020,000
8,700,000
28,400,000
$10,639,120
27,273,030
10,574,285
10,262,050
17,634,355
16,989,360
19,887,220
9,975,345
3,257,730
4,811,120
2,489,810
11,348,845
Total...
284,489,000
163,044,400
263,759,000
191,283,59!
255,162,000
151,471,510
377,480,000
145,142,270
22,900,000
5,050,000
February.
January, 1920.
Redeemed.
March.
Federal Reserve Agent at—
Issued.
Redeemed.
Issued.
Redeemed.
Issued.
Redeemed.
Boston
New York
Philadelphia.
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis..
Kansas City..
Dallas
San Francisco
$8,160,000
16,480,000
9,700,000
9,940,000
2,479,000
8,045,000
23,600,000
3,650,000
1,360,000
3,730,000
3,255,000
9,960,000
$16,913,435
57,858,170
25,423,120
24,729,215
19,399,850
21,804,705
47,246,055
15,210,470
6,317,395
8,028,435
6,364,745
20,967,275
$27,820,000
47,620,000
34,320,000
36,700,000
9,910,000
15,330,000
53,120,000
11,660,000
3,200,000
7,160,000
7,710,000
3,560,000
$8,791,910
23,733,495
10,825,855
10,276,390
10,435,925
9,932,930
22,769,120
8,947,470
3,297,800
5,699,215
2,964,270
11,107,645
$21,600,000
32,100,000
11,020,000
21,560,000
8,070,000
15,090,000
27,670,000
7,020,000
3,400,000
4,610,000
5,520,000
11,080,000
$10,040,255
13,672,955
8,592,615
10,842,320
11,851,335
16,312,010
20,579,235
9,643,005
3,581,335
5,113,390
4.066,335
10', 593,585
Total...
100,359,000
270,262,870
258,110,000
128,782,025
168,740,000
124,888,375
April.
May.
Total.
Federal Reserve Agent a t —
Outstanding
May 31,1920.
Issued.
Redeemed.
Issued.
Redeemed.
Boston
New Y o r k . . . .
Philadelphia..
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis...
Kansas City...
Dallas
San Francisco.
$11,100,000
25,280,000
8,500,000
27,650,000
14,500,000
16,350,000
33,280,000
6,540,000
2,875,000
3,100,000
6,580,000
9,660,000
$12,593,645
21,977,265
9,763,110
13,333,475
14,473,335
14,227,095
15,804,330
10,364,580
3,563,090
5,981,650
4,828, 515
11,381,765
$18,200,000
34,160,000
8,200,000
12,630,000
6,860,000
10,770,000
26,720,000
6,260,000
1,600,000
2,860,000
7,690,000
10,760,000
$10,784,350
15,125,475
7,254,240
10,123,570
13,283,995
14,467,400
13,777,250
9,436,245
3,030,695
4,550,685
5,510,850
7,765,590
$252,420,000
637,460,000
207,480,000
246,440,000
167,639,000
194,698,000
410,830,000
141,610,000
41,715,000
68,960,000
79,450,000
189,530,000
$147,772,985
492,131,090
165,494,665
158,317,190
162,940,930
162,714,000
283,255,840
112,180,945
45,809,465
67,935,090
41,573,920
142,037,250
$282,474,375
962,988,595
257,776,725
322,976,800
124,079,480
148,948,680
579,673,240
146,247,185
81,087,290
102,642,380
85,664,350
263,228,575
Total...
165,415,000
138,291,855
146,710,000
115,110,345
2,638,232,000
1,982,163,370
3,357,787,675
Issued.
Redeemed.
BANK TRANSACTIONS DURING MAY-JUNE.
In the attached table are shown debits to
individual account for the five weeks ending
June 23 of the present year and for the corresponding weeks of 1919, as reported to the
Federal Reserve Banks by the country's more
important clearing houses. A recapitulation
by Federal Reserve districts presents a comparison of figures for 153 centers for which reports are available both for the 1920 and the
1919 periods under review.
Aggregate debits to individual account for
the 153 centers included in the recapitulation
fluctuated between 8,422 millions for the week
ending June 2, and 9,727 millions for the week
ending June 16. The smaller total for the
week ending June 2 was due to the fact that it
included May 30, a legal holiday in many of the
districts, and the larger total for the week
ending June 16 reflected the payment by corporations and individuals of the June 15 installment of income and excess profits taxes,
and also the large financial operations effected
by the Government during that week in connection with the issue and redemption of
Treasury certificates and the payment of interest on Liberty bonds and Victory notes.
The statement below presents a comparison
of debits in New York City and in 152 other
centers for each week of the period under review, together with totals for corresponding
734
FEDERAL RESERVE BULLETIN.
JULY, 1920.
weeks in 1919, and percentages showing the
excess or deficiency of the 1920 figures as compared with corresponding 1919 figures. Averages for the 25 weeks of each year are also
shown.
corresponding 1919 figures, the percentages
of excess varying from 12.1 per cent for the
week ending June 2 to 24.8 per cent for the
week ending May 26. Variations in the percentages from week to week are due to temfin millions of dollars.]
porary influences, while the 25-week average
excess of 26 per cent represents substantially
Debits to individual account.
the rise in the price level for the year. Debits
in New York City, on the other hand, were
In 152 other centers.
In New York.
smaller this year than last for four weeks out
Week endingExcess
Fxcass of the five under review, owing largely to
of 1920
of 1320 the reduced volume of transactions on the
1920
1919
1919
1920
over
exchanges. While the average for the 25
1919.
1919.
weeks
for New York City is 14.3 per cent
Per
Per
larger in 1920 than in 1919, this excess is
cent.
cent.
May 26,1920
\ , bfi70
4, 489 3,597
24.8
May 28, 1919
r> 7 U 4,600
considerably below the 26 per cent shown for
l
1.5
June 2, 1920
\, 1S1
12.1 the other centers.
4,240
3,783
4,983
l
It may be noted that in
June 4, 1919
f '
June 9, 1920
|\ 4 4 S 7 5,104 - 1 6 . 1 4,461 3,883
1919
debits
in
New
York City alone were
14.9
JP '
June 11, 1919
-12.1
June 16,1920
larger
for
each
week
than
combined debits for
12.7
5,034
4,467
5,453
j-4,693
June 18, 1919
-13.9
the
other
152
centers;
i.
e.,
debits in New York
June 23, 1920
21.8
4,756 3,901
J4,490 4,644
June 25, 1919
City constituted more than one-half of the
-3.3
Average for 25 weeks
aggregate debits of all reporting centers. Dur4,206
26.0
of the year
4,8
14.3 4,621 3,668
ing the current year, however, New York totals
were smaller than combined totals for the
For the 152 cities outside of New York 1920 other centers for three weeks out of the five
totals of debits are in each case larger than of the period* under review.
Debits to individual account at clearing-house banks.
[In thousands of dollars.]
1920
Week e n d i n g -
Federal Reserve
district.
May 26.
No. 1—Boston:
3,530
Bangor
310,634
Boston
11,231
Fall River
|
22,547
Hartford
4,490
Holyoke
6,248
Lowell
4,879
Manchester
9,211
New Bedford....
18,786
Ne*v Haven
8,003
Portland
43,068
Providence
17,041
SDring'ield
7,187
Waterbury
18,740
Worcester
No.2—New York:
24,858
Albany
4,836
Binghamton
75,224
Buffalo
4,670,039
N e * York
Passaic
5,652
Rochester
31,969
Syracuse
17,718
No. 3—Philadelphia:
Altoona
3,400
Chester
5,375
Harrisburg
3,519
Johnstown
4,310
Lancaster
5,902
Philadelphia.. ..
302,329
Reading
4,972
Scranton
16,237
Trenton
12,695
Wilkes-Barre
8,945
Williamsport
3,978
Wilmington
8,256
York
4,327
No. 4—Cleveland:
Akron
30,717
Cincinnati
60,223
Cleveland
163,149
Columbus
26,155
Dayton
11,852
Erie
7,687 -
June 2.
June 9.
1919
Week e n d i n g -
June 16.
June 23.
May 28.
June 4.
June 11.
June 18.
June 25.
3,238
313,301
9,331
23,880
4,173
5,114
4,812
8,083
22,413
8,002
39,647
12, 635
6,332
16,440
4,161
286,641
9,232
23,859
4,360
5,894
5,393
8,632
19,892
8,562
38,200
16,561
7,730
17,504
3,787
339,329
13,027
25,137
4,155
7,108
5,364
10,757
19,701
9,675
43,352
18,719
9,150
21,204
3,646
302,400
10,458
22,921
4,254
6,879
5,404
9,54!3
19,323
8,531
42,991
19,445
5,547
23,969
2,419
257,589
7,768
17,232
2,839
4,729
2,520
267,142
8,672
29,413
2,836
4,904
2,813
283,215
7,871
19,743
2,684
5,225
3,523
321,556
9,593
21,401
3,516
5,668
2,409
324,184
9,707
23,781
3,192
5,184
6,148
14,606
6,035
16,672
5,781
14,996
8,036
16,266
6,469
14,489
28,580
9,439
6,125
14,231
32,297
11,674
7,099
18,541
31,301
9,552
7,184
13,336
34,474
11,744
6,288
16,673
35,478
11,939
6,883
16,697
, 19,740
4,282
61,130
4,181,413
5,669
33,883
16,487
26,653
4,722
65,558
4,486,802
5,031
36,615
17,093
21,693
4,913
75,966
4,692,930
7,049
39,907
18,911
33,305
4,997
68,473
4,490,831
5,022
33,188
19,183
20,726
3,079
56,515
4,600,393
3,280
• 23,868
11,707
23,996
3,095
71,258
4,983,450
3,744
33,355
12,856
16,068
3,468
58,184
5,104,357
3,719
29,928
12,415
19,797
4,020
71,071
5,452,526
3,271
32,625
13,882
22,107
3,065
59,702
4,643,899
3,430
27,111
12,473
2,580
5,139
3,438
4,431
4,926
332,532
3,501
11,794
11,318
7,702
3,713
9,931
4,301
2,823
5,320
3,600
4,172
6,069
347,442
5,247
15,947
12,762
8,451
4,095
7,138
4,864
3,556
6,371
4,746
4,823
6,623
399,673
6,286
14,552
13,000
9,434
4,662
7,340
4,601
3,466
5,585
4,133
3,941
6,412
350,376
5,602
16,026
13,587
8,217
4,677
10,896
5,130
3,061
4,454
4,478
3,009
4,692
302,349
3,042
12,174
8,872
6,406
3,784
7,901
3,168
2,527
3,935
3,780
3,392
4,674
290,056
2,796
10,671
8,597
6,152
2,792
9,743
3,233
2,859
4,076
3,739
3,151
4,682
305,640
3,615
12,298
9,702
6,141
3,410
9,658
3,341
3,155
4,481
4,489
3,349
4,684
378,823
4,454
11,213
11,156
7,800
3,491
13,271
3,511
3,104
4,318
3,750
3,096
4,501
306,970
3,760
13,459
9,724
6,870
3,288
10,911
3,011
30,439
53,261
148,745
26,892
11,973
6,730 ,
32,112
58,873
160,867
29,018
12,111
8,227
33,577
71,136
207,337
35,546
12,346
8,562
32,297
69,881
187,070
33,589
11,985
8,989
18,829
47,652
126,875
25,295
12,011
5,534
23,547
53,482
132,067
25,083
11,322
5,797
20,737
51,341
137,239
27,722
11,768
5,858
24,179
64,874
181,289
30,108
12,116
6,796
23,866
51,197
158,009
28,209
12,397
6,145
JULY,
735
FEDERAL RESERVE BULLETIN.
1920.
Debits to individual account at clearing-house banks—Continued.
[In thousands of dollars.]
May 26.
No. 4—ClevelandContinued:
Greensburg
Lexington
Oil City
Pittsburgh
Springfield
Toledo
Wheeling
Youngstown
No. 5—Richmond:
Baltimore
Charleston
Charlotte
Columbia
Huntington
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:
Evansville
Little Rock
Louisville
Memphis
St. Louis
No. 9—Minneapolis:
Aberdeen
Billings
Duluth
Fargo
Grand Forks
Great Falls
Helena
Minneapolis
St. Paul
Sioux Falls
Superior
Winona
No. 10—Kansas City:
Atchison
Bartlesville
Cheyenne
Colorado Springs
Denver
Joplin
Kansas C i t y ,
Kans.
1919
Week ending—
1920
Week ending—
Federal Reserve
district.
June 2.
June 9.
June 16.
June 23.
May 28.
June 4.
June 11.
June 18.
June 25.
4,635
4,607
2,813
215,482
3,393
30,529
8,338
13,924
4,559
4,537
2,901
178,885
2,845
28,944
8,537
12,376
4,066
5,254
3,292
184,945
4,045
23 863
10^675
12,344
6,229
4,847
3,359
226,564
3,700
35,487
9,740
14,987
4,991
4,309
3,323
218,000
3,800
36,903
9,346
14,221
2,654
4,384
2,426
154,2C6
3,389
22,223
7,161
11,587
2,380
3,910
3,154
199,736
2,568
25,048
6,670
11,619
2,309
4,484
3,396
164,761
3,511
26,189
6,688
21,612
2,956
4,592
3,157
225,511
4,237
29,815
10,304
12,869
2.487
4^060
3,099
168,890
2,672
25,913
8,504
12,766
102,873
9,975
9,584
8,553
5,648
20,663
3,500
23,864
98,961
10,100
8,155
7,279
5,220
15,278
3,851
27,396
106,658
9,419
7,640
7,701
5,941
109,541
9,410
9,691
5,938
5,595
20,639
4,130
25,701
70,202
8,233
5,300
6,612
74,784
7,176
5,700
6,093
115,765
7,850
5,000
7,505
112,397
8,421
6,000
6,312
93,498
8,694
5,500
5,827
21,107
4,572
26,604
109,626
10,250
10,304
7,907
5,326
20,950
4,000
26,104
18,715
3,572
19,394
20,537
4,383
23,933
21,274
3,332
21,240
23,063
3,527
24,978
18,959
2,999
21,978
30,569
9,936
17,836
11,900
14,175
6,484
8,283
8,866
5,000
27,803
81,816
2,236
16,368
5,813
1,496
29,043
8,794
17,479
12,536
13,935
7,000
8,589
7,319
4,830
23,530
' 65,337
2,474
17,063
6,268
1,371
30,660
8,727
16,341
12,320
13,580
7,331
6,563
8,944
5,706
27,065
76,791
2,818
15,589
6,029
1,972
34,969
8,989
18,276
14,107
14,980
7,576
7,047
9,045
5,914
27,716
80,952
2,361
15,956
5,877
1,656
28,635
8,506
17,332
11,856
15,567
7,335
6,453
8,405
5,907
25,429
78,432
2,139
15,665
5,864
1,521
23,221
8,179
12,115
9,492
20,741
70,091
1,851
16,312
4,983
1,883
22,944
6,608
12,963
10,764
8,935
4,925
9,124
6,660
3,789
15,295
61,361
2,293
15,987
4,232
2,035
25,837
8,043
13,306
13,222
11,276
6,041
7,094
7,953
4,879
20,872
79,377
2,900
17,388
5,295
1,962
30,832
8,340
12,467
11,207
11,644
6,749
6,744
7,391
3,004
21,060
69,766
2,145
15,095
4,808
1,496
22,554
6,420
11,404
10,417
11,565
5,090
6,627
7,864
4,026
19,537
64,496
1,857
15,249
4,031
1,655
3,529
2,738
7,639
711,303
8,253
4,103
19,1*1
136,126
3,358
7,901
7,813
22,179
37,241
3,401
5,153
6,865
63,649
10,685
6,242
16,302
6,327
4,112
3,966
3,569
2,757
6,322
654,231
6,941
4; 103
17,965
130,395
3,558
9,295
6,666
21,663
35,363
4,812
4,603
6,808
57,127
10,426
5,725
16,805
4,137
6,757
4,304
3,186
3,064
11,900
682,780
9,424
4,372
24,363
140,020
3,921
10,238
8,469
20,352
37,934
" 3,731
5,305
7,208
62,297
32,901
6,874
16,416
5,133
4,464
4,872
3,107
3,163
11,797
792,053
7,871
4,628
21,888
190,789
3,929
9,094
8,597
24,266
71,318
11,127
6,318
18,158
6,120
5,484
4,311
3,665
2,771
8,839
753,134
8,778
4,458
22,401
176,866
2,694
14,430
7,901
23,048
43,071
3,495
5,473
7,520
73,061
12,533
6,311
18,895
5,230
5,121
4,698
2,585
2,058
5,836
565,200
6,549
2,903
16,898
110,764
2,005
,6,588
5,234
15,488
28,726
4,201
3,002
4,864
46,279
10,092
4,254
15,491
3,101
4,239
2,790
3,458
2,715
9,758
617,284
7,766
3,349
15,451
115,830
2,263
6,403
4,816
16,959
26,124
3,879
2,887
4,034
53,916
10,565
3,241
15,954
2,293
5,048
2,732
2,386
2,841
10,532
622,303
6,692
4,297
17,641
106,913
2,317
8,291
5,089
15,144
31,913
4,068
3,067
4,914
49,733
11,133
4,593
16,003
3,684
5,353
2,813
2,586
2,713
9,913
729,558
6,274
3,560
17,707
144,198
2,188
7,113
6,226
18,126
34,285
4,125
3,618
5,190
67,743
10,923
4,798
15,643
6,605
5,155
3,586
2,736
2,275
9,144
633,277
6,407
3,030
15,682
116,804
1,652
8,858
5,143
15,963
28,963
4,156
3,526
5,024
52,833
11,053
4,242
15,800
4,809
4,707
3,238
5,090
7,973
34,699
29,651
146,244
5,273
8,510
34,420
27,977
151,692
5,615
9,075
32,717
30,202
141,747
5,077
9,431
38,391
35,607
159,989
'4,885
8,400
34,387
28,867
151,141
4,582
6,798
33,200
25,039
124,196
4,908
6,650
32,959
24,900
131,520
4,092
6,082
35,096
32,880
128,582
4,468
6,310
39,193
34,282
176,876
5,111
5,291
34,687
27,544
133,861
1,643
2,237
22, 758
3,533
1,772
2,142
2,025
90,065
33,882
6,488
2,077
1,108
1,736
2,274
26,155
3,403
1,698
1,871
2,214
73,699
30,349
6,093
2,039
1,029
2,041
2,443
23,131
3,877
1,959
1,975
2,528
90,394
35,843
8,042
2,365
1,250
1,771
2,101
23,936
3,368
1,992
2,001
2,715
87,275
32,508
6,820
1,956
1,243
1,739
2,011
19,075
3,511
1,681
2,312
2,436
82,121
39,049
6,635
2,060
1,267
1,712
1,925
17,984
5,919
1,422
2,297
1,904
66,878
35,682
1,567
1,911
22,373
3,021
1,711
2,196
1,832
66,753
35,454
1,676
2,451
20,398
5,646
1,615
1,798
2,617
72 410
37,720
1,614
2,114
22,406
5,862
1,664
1,428
2,044
69,313
45,625
3,186
1,932
17,498
2,314
1,892
1,796
2,265
66,216
40,478
1,216
939
1,334
1,082
1,150
1,070
1,320
1,537
1,397
1,168
558
4,288
1,705
3,053
44,667
3,846
3,932
418
4,012
1,658
2,750
40,917
3,357
3,199
585
3,915
1,624
3,254
43,616
4,430
3,221
3,850
1,843
3,197
43,678
4,382
2,989
548
3,769
1,804
3,099
40,532
3,057
1
3,495
2,931
2,853
2,368
2,99S
2,378
2,313
31,632
2,645
2,687
2,989
44,730
3,051
3,661
4,031
37,003
3,107
3,589
3,893
28,105
3,393
3,869
3,901
24,320
2,703
2,877
42,999
4,424
5,242
7,053
10,086
4,847
6,745
6,574
3,838
736
FEDERAL RESERVE BULLETIN.
JULY,1920-
Debits to individual account at clearing-house banks—Continued.
[In thousands of dollars.]
1920
Week ending—
Federal Reserve
. district.
May 26.
No. 10— K a n s a s
City—Continued.
Kansas City, Mo.
Muskogee
Oklahoma City..
Omaha
.
Pueblo
St. Joseph.
. .
Topeka
Tulsa
Wichita
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 B e a c h . . . . .
Los Anreles
Oakland
Ogden.
Pasadena
Portland
Reno
Sacramento
Salt Lake C i t y . .
San Diego
San Francisco...
San Jose
Seattle . .
Spokane
Stockton....
Tacoma
June 9.
June 2.
1919
Week ending—
June 16.
June 23.
May 28.
June 4.
June 11.
June 18.
June 25.
91,738
5,536
23,818
56,012
3,819
20,388
5,481
26,898
11,068
80,947
5,386
19,763
49,935
3,365
17,322
5,487
27,968
12,569
86,555
5,625
26,371
60,503
3,975
20,083
7,572
26,387
13,992
91,484
5,938
26,576
63,233
4,939
21,071
3,900
31,908
14,235
101,454
5,423
23,394
62,839
4,602
19,452
3,721
28,847
13,005
83, 727
3,360
12,112
62,487
4,119
19,235
4,093
21,237
10,068
83,991
3,374
12,858
55,293
3,992
17,843
4,893
21,236
9,044
83,507
2,990
12,394
61,159
4,874
19,163
5,243 j
22,105
9,930
95,059
4,161
12,818
51,849
4 055
19.994
4 665
21,766
10,902
87,475
3,726
13,615
54,551
3,785
16,545
4,585
20,762
11,003
1,654
3,079
4,467
37,704
11,915
24,868
8,604
33,430
8,409
11,755
2,040
1,814
3,650
1,098
3,564
3,135
38,678
9,435
23,986
8,140
30,459
7,589
8,637
1,419
846
3,880
2,191
3,854
4,782
38,107
11,012
24,128
6,802
29,305
10,314
10,715
1,917
2,159
4,485
1,957
3,108
6,047
42,639
9,164
26,772
8,114
31,479
8,746
9,936
3,0^0
1,952
3,800
2,263
3,874
5,113
40,857
9,351
26,111
8,546
33,927
7,406
8,755
1,967
2,102
4,055
1,382
2,770
3,497
30,980
7,432
18,884
5,959
30,385
1,628
7,614
2,969
28,255
7,953
18,468
7,363
31,406
1,708
3,453
4,210
33,764
7,482
22,827
6,945
32,468
1,599
6.6Q0
3,666
42,829
7,411
20,868
7,191
34,967
1,572
4,233
4,040
33,188
7,637
21,825
6,892
34,273
5,677
1,734
1,685
3,305
5,632
1,347
1,803
3,676
6,431
1,891
1,719
3,515
6,293
2,438
1,660
3,235
6,104
1,344
1,361
2,818
2,483
3,699
12,485
4,015
96,272
20,477
4,411
5,520
41,029
2,467
11,149
17,110
9,129
216,133
5,034
45,855
12,462
5,202
11,329
3,064
3,016
2,860
10,292
4,699
90,426
29,771
3,639
4,745
37,035
' 2,473
11,836
15,790
6,380
202,268
4,679
43,487
12,044
4,978
10,763
2,743
3,140
3,505
10,606
5,340
98,774
30,620
4,102
5,411
45,378
3,132
13,065
17,622
8,381
203,758
4,909
45,120
13,608
4,760
11,544
3,086
3,275
3,446
11,130
5,271
103,406
31,827
3,554
5,908
50,664
* 3,029
13,678
17,787
8,669
248,488
5,523
56,018
13,849
5,946
12,387
3,361
2,635
3,381
9,704
4,658
98,652
30,573
3,921
4,999
40,665
2,941
13,177
15,841
7,899
236,664
4,647
50,036
13,249
5,100
10,812
3,196
5,170
2,244
4,960
2,603
62,340
13,131
3,30S
2,722
35,840
2,598
10,552
13,655
4,664
146,409
3,299
44,572
9,310
4,287
11,073
2,047
2,312
3,212
6,019
2,839
52,064
11,231
3,243
3,195
34,446
2,413
11,182
14,175
4,616
153,045
3,128
40,078
9,718
5,218
8,749
2,013
2,331
2,599
6,228
3,272
59,899
13,393
4,367
3,289
40,128
2,745
11,401
14,927
5,473
151,578
3,638
43,061
10,194
5,148
10,732
2,236
2,236
2,543
6,576
3,234
72,464
12,36S
3,529
4,385
43,291
2,290
13,347
15,354
5,462
192,879
3,611
52,181
10,255
4,774
11,893
2,420
1,728
2,322
6,029
2,513
69,222
13,790
2,838
4,306
35,717
2,311
10,271
15,287
4,88a
150,361s
3,119
49,187
9,558
4,321
10,147
2,198
Recapitulation,
by Federal Reserve districts.
[In thousands of dollars.]
Federal Reserve
district.
Boston...
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago...
St. Louis
Minneapolis
Kansas City
Dallas..
San Francisco
Total
1920
Week e n d i n g -
Number
of centers
included.
May 26.
June 2.
June 9.
12
7
13
14
7
15
23
5
11
14
12
20
469,713
4,830,296
384,245
583,504
179,012
248,581
1,098,066
223,657
163,242
304,544
144,980
529,325
461,837
4,322, 604
405,306
521,624
171,020
225,568
1,024,332
227,872
146,467
276,978
134,177
503,924
442,696
4,642,474
427,930
549,692
183, 701
240, 436
1,089,224
219.356
167; 809
309,499
139,487
535,861
153
9,159,165
8,421,509
8,948,165
June 16.
1919
Week e n d i n g J u n e 23.
May 28.
June 4.
J u n e 11.
J u n e 18.
J u n e 25.
512.426
468,373
4, 861 j 369 4,651,999
485,667
438,048
673,417
638,704
189,141
185,050
255,421
239,046
1,263,736 1,214,393
248,495
227,680
160,866
157,262
321,380
316.689
148,048
146^921
607,216
562,750
371,705
4,719,568
367,390
444,226
132,028
200,958
869,147
193,815
137,878
262,646
113,690
381,784
407,805
5,131,754
352,348
506,383
142,606
187,915
936,725
200,937
139,234
269,808
118,114
372,896
400,671
5,228,139
372,312
487,615
181,966
225,445
941,720
206,732
148,549
271,463
126,413
396,639
458,735
5,597,192
• 453,877
612,803
184.698
212,748
1, 111, 833
261,129
154,927
267,521
138,849
465,092
457,409
4,771,787
376,762
508,214
157,455
192,792
959,322
206,494
140,142
252,226
125,287
400,1.08
9,727,182
8,197,835
8,766,525
8,987,664
9,919,407
8,517,998
9,246,915
NOTE.—Figures for the following centers, while shown in the body of the statement, are not included in the recapitulation, complete data for
these centers not being available for each week under review: Manchester, N. H.; Portland, Me.; Atchison, Kans.; Cheyenne, Wyo.; San Antonio,
Tex.; Sioox Falls, S. Dak.; Huntington, W. Va.
FEDERAL RESERVE BULLETIN.
JULY, 1920.
737
DISCOUNT AND OPEN-MARKET OPERATIONS OF THE FEDERAL RESERVE BANKS
DURING MAY, 1920.
Detailed tables showing the discount and
open-market operations of each Federal Reserve Bank during May, 1920, are shown on
pages 739 and 740. Following is a summary,
for the system as a whole, of the operations in
May and April of the current year with comparative figures for 1919.
Summary of discount and open-market operations of Federal Reserve Banks in May and April, 1920 and 1919.
[In thousands of dollars.]
May.
Total discounts and openmarket purchases
Discounts—Total
Secured by Government war obligations
Otherwise secured and
unsecured—Total...
Trade acceptances.
Bankers' acceptances
All other (commercial n. e. s.,
agricultural, and
live stock paper)
Average maturity (in
days)
Average rate (365-day
basis)
per cent...
Open-market operations:
Bills
purchased—
Total
Bankers' acceptances—Total
In the domestic trade
In the foreign
trade
Trade a c c e p t ances—Total
In the domestic trade
In the foreign
trade
Dollar exchange...
Average maturity in days.
Average rate (365-day
basis)
per cent...
United States securities
purchased:
Bonds
Victory notes
Certificates of indebtedness
April
1920
1919
1920
1919
6,452,944
6,135,984
7,620,107
7,385,833
7,474,479
6,229,741
6,125,884
5,901,402
4,508,435
7,169,366
4,771,073
5,693,811
1,627,549
16,538
216,467
7,061
1,458,668
15,305
207,591
8,071
15,254
1,112
28,162
420
1,595,757
208,294
1,415,201
199,100
14.74
9.13
15.08
11.07
5.74
4.16
5.67
4.18
274,237
147,650
247,594
140,639
268,063
144,595
238,951
136,872
72,768
37,889
56,189
47,451
195,295
106,706
182,762
89,421
3,739
1,896
6,890
3,361
275
388
247
2,724
2,435
44.22
1,621
1,159
45.80
6,502
1,753
51.59
3,114
406
41.96
5.96
4.24
5.82
1,015
,
1
1
997,143
83,842
86
42,723
86,538
4.24
During the month of May discount operations
of the Federal Reserve Banks were about 94
millions less than during April and about 1,250
millions less than during May, 1919, when,
owing to the flotation of the Liberty loan, an
exceptionally large volume of discounts was
reported. It should be noted that the totals
for discounts in the table are exclusive of bills
discounted for other Federal Reserve Banks,
which were 270 millions during May and 328
millions during April of this year, and 258
millions during May and 253 millions during
April of the past year.
187639°—20
6
While the discounts of the entire system
were less in May than in April, the totals for
May were larger for the Boston, New York
Atlanta, and San Francisco banks, but substantially smaller for the Philadelphia and
St. Louis banks.
Of the total bills discounted by the Federal
Reserve Banks, the proportion secured by
Government war obligations was 73 per cent,
compared with 76 per cent the month before
and 97 and 96 per cent, respectively, in May
and April, 1919. The proportion of this class
of paper in the discounts of Federal Reserve
Banks thus continues to decline. Member
banks' collateral notes, however, are largely
secured by Government obligations, while
of the customers' paper rediscounted by the
member banks with the Federal Reserve
Banks only 9 per cent are thus secured, compared with 13 per cent in April of this year and
33 per cent in May of the past year.
Discounts of trade acceptances totaled over
a million more in May than in April, and were
more than twice as large in
volume as a year
ago. Discounted bankers7 acceptances, on
the other hand, were nearly 13 millions less
than in April of this year. Discounts of customers' paper secured otherwise than by
Government war obligations or unsecured, i. e.,
largely ordinary commercial paper, were about
183 millions in excess of the April total and
nearly 1,400 millions in excess of the May,
1919, total, indicating that the substitution
of this class of paper for war paper continues
and is the most notable feature of the year's
development.
In May, as in the preceding two months,
about 88 per cent of the discounts consisted
of 15-day paper, i. e., paper maturing within
15 days after date of discount or rediscount
with the Federal Reserve Banks. A year ago
this proportion was much higher—97 per cent
in April and 98 per cent in May. Six-month
bills, composed of agricultural and live-stock
paper, totaled about 41 millions as compared
with about 30 millions in April, 1920, and only
16 millions in May, 1919. The average
maturity of the paper discounted in May was
slightly less than the month before, 14.74 days
as against 15.08 days, but much longer than
the corresponding figures for May, 1919, when
the average maturity was only 9.13 days.
A further increase in the average rate of
discount, from 5.67 per cent in April to 5.74
per cent in May is shown, the average rates for
April and May, 1919, having been 4.18 and
4.16 per cent, respectively. During May the
738
FEDERAL RESERVE BULLETIN.
JULY, 1920.
Kansas City and Dallas banks inaugurated
Number of mem- Number of memsystems of progressive rates for banks whose
ber banks in disber banks actrict.
commodated.
borrowings exceeded the basic line. The
Federal Reserve Bank.
amounts discounted by these Federal Reserve
May 31. Apr. 30.
May.
April.
Banks at the super-rates are shown on page 742.
It will be noted that over 42 millions of the 133 Boston
432
432
252
254
millions of discounts of the Kansas City bank New York .
771
390
769
389
687
684
374
Philadelphia
364
took super-rates, varying from J to 10i per cent Cleveland.
857
859
291
307
598
596
356
above normal rates, the bulk of the paper taking Richmond
317
437
435
Atlanta..
254
207
rates between 6 and 9J per cent. The average Chicago
1,389
1,385
735
709
Louis
561
301
556
271
rate for the Kansas City bank rose from 6.55 St.
961
952
441
Minneapolis
345
1,059
1,054
471
394
per cent in April to 6.81 per cent in May, while Kansas City . . .
79^
779
404
317
for the Dallas bank, whose total discounts at Dallas
772
781
361
San Francisco
316
super-rates were only 2.4 millions out of a total
9,329
9,271
4,645
4,175
Total
of about 111 millions, the average rate shows
but a slight advance from 5.66 to 5.73 per cent.
The holdings of discounted and purchased
Total bills purchased in open market in May
were about 27 millions more than the month bills, by class of paper, at the end of May and
before and about 127 millions more than a of April, 1920 and 1919, are shown in detail on
year before. The increase for May over April page 741, and are summarized in the table
was in bankers' acceptances, as purchases of below:
trade acceptances totaled about 3 millions less7
during the most recent month. Bankers Summary of discounted and purchased paper held by the
Federal Reserve Banks at the end of May and April, 1920
acceptances in the domestic trade increased
and 1919.1
from about 56 millions in April to about 73
[In thousands of dollars.]
millions in May, while in May, 1919, they
totaled only about 38 millions; bankers'
E n d of April—
End of May—
acceptances in the foreign trade increased
from 183 millions in April to about 195 millions
1920
1919
1919
1920
in May, as compared with about 107 millions a
year earlier. As against a decrease in pur- Discounted paper—Total.. 2,519,431 1,989,392 2,535,071 1,950,412
Secured by Governchases of foreign trade acceptances from 6.5
m e n t war obligations
1,447,962 1,802,893 1,465,320 1,760,672
millions in April to 2.7 millions in May, purOtherwise secured and
unsecured—Total... 1,071,469
189,740
186,499 1,069,751
chases of domestic trade acceptances increased
Agricultural paper.
34,088
28,619
44,389
63,537
from $388,000 to $1,015,000.
32,793
30,372
Live-stock p a p e r . .
61,993
77,154
8,561
7,321
Trade acceptances.
23,937
21,979
The average maturity of all the paper purBankers' accept41,841
1,122
ances
981
48,251
chased by the Federal Reserve Banks during
Commercial paper,
May was 44.22 days, compared with 51.59
113,317
866,958
891,181
119,065
n. e . s
185,556
407,247
420,192
paper—Total...
180,319
days the month before and 45.8 days the year Purchased
Bankers'
accept177,756
396,859
411,427
183,563
ances—Total
before. The longest average maturity, 74.03
140,034
136,741
275,369
270,808
Member banks
.days, is shown for the Philadelphia bank,
Nonmember trust
2,954
2,975
1,237
companies
2,853
while for the Boston and New York banks the
Nonmember State
12,321
56,187
45,055
banks
18,729
average was only 39.07 and 38.06 days,
14,196
47,448
14,628
48,549
Private banks
Foreign bank
respectively. The average rate charged on
branches
and
acceptances purchased in May was 5.96 per
agencies
31,210
8,230
10,612
29,469
Trade acceptancescent, marking an advance from the April
8,765
10,388
Total
1,993
2,563
1,542
average of 5.82 per cent; while in April and
600
Domestic
136
58
Foreign
7,223
1,857
2,505
9,788
in May, 1919, the rates taken by purchased
acceptances averaged only 4.24 per cent.
For discounts the figures are for the last Friday of each month; for
During the month under review 58 banks purchased paper, for the last day of each month.
were added to the membership of the system,
Among the principal changes in holdings of
the total number of members increasing from
9,271 to 9,329, while the number of banks discounted paper between April and May of
accommodated through discount of paper this year the following are to be noted: An
increased from 4,175 in April to 4,645 in May. increase of about 19 millions in agricultural
Total membership in the system at the end of paper and of about 15 millions in live-stock
April and of May and number of banks ac- paper, more than offset by decreases of about
commodated during each of the two months 25 millions in customers' papers secured by
are shown, by Federal Reserve districts, in the Government obligations ana of about the same
amount in customers' paper otherwise secured
statement following:
1
739
FEDERAL RESERVE BULLETIN.
JULY, 1920.
or unsecured. Holdings of member banks' millions from the. end of May, 1919. The most
collateral notes increased by about 7 millions, recent total is distributed by class of accepting
while holdings of discounted trade acceptances institutions as follows: Member banks, 67 per
declined by about 2 millions and of discounted cent; nonmember State banks and trust combankers' acceptances by over 6 millions. As panies, 15 per cent; private banks, 11 per cent;
compared with the end of May, 1919, all classes and foreign bank branches and agencies, 7 per
of paper, except member banks' collateral cent. Purchased trade acceptances on hand
notes, show increases, the most notable being declined from about 10 to about 9 millions
the increase from about 109 to about 864 between April 30 and May 31, but the mostmillions in customers' paper other than agri- recent total is about 7 millions in excess of the
cultural and live-stock paper and paper se- amount shown for the end of May of last year.
cured by Government war obligations. Mem- An increase from about $600,000 at the end of
ber banks' collateral notes on hand declined April to about $1,542,000 at the end of May is
by about 500 millions, while trade acceptance noted in the holdings of domestic trade acceptholdings rose from about 7 to about 22 mil- ances. A year earlier the corresponding total
lions and bankers' acceptances from about 1 was$136,000. Holdingsof foreign trade acceptto about 42 millions.
ances declined by about 3 millions during the
but the total of 7.2 milHoldings of purchased bank acceptances in- month under review,
T
creased by about 15 millions from the end of lions on May 31 w as about four times as large
April to the end of May and by about 228 as the total shown for that date a year earlier.
Total discount and open-market operations of each Federal Reserve Bank during the month of May, 1920.
United States securities purchased.
Bills discounted
for member
banks.
Federal Reserve Bank.
Bills bought
in open
market.
$421,129,673
3,181,043,819
459,999,457
239,219,395
291,920,431
174,172,912
505,977,336
205,479,495
87,603,276
133,478,129
111,179,549
324,78Q, 691
$29,301,771
159,108,907
503,727
27,011,370
4,897,049
3,095,982
32,154,175
2,596,689
2,306,619
947,629
266,635
12,046,144
Total, May, 1920
6,135,984,174
Total, May, 1919
7,385,833,056
Total, 5 months ending May 31,1920 32,094,766,275
Total, 5 months ending May 31,1919 29,736,116,649
274,236,697
147,650,192
1,427,950,766
780,852,456
Boston
New York
.
Philadelphia
Cleveland
Richmond
Atlanta
.
Chicago
St Louis
Minneapolis
Kansas City . .
Dallas
San Francisco
.
.
. .
Bonds.
Victory
notes.
Total.
Certificates of
indebtedness.
May, 1920.
$893,500
35,775,500
1,493,500
$150
2
3,346,500
464,500
11,000
158,000
150
85,900
5,050
85,900
42,722,502
86,537,500
3,482,924,504
1,413,847,000
$451,324,944
3,375,928,226
461,996,684
266,230,765
296,817,480
177,268,896
541,478,011
208,540,684
89,920,895
134,583,908
111,446,184
337,406,835
580,000
$223,050
1,327,725
May, 1919.
$462,447,748
4,203,152,964
947,513,540
256,556,647
371,425,045
169,058,842
436,906,387
212,712,193
86,639,295
148,043,063
130,702,524
194,948,400
6,452,943,523
7,620,106,648
37,005,869,645
i 31,932,230,730
i Includes $1,000 municipal warrants.
Average amount of earning assets held by each Federal Reserve Bank during May, 1920, earnings from each class of earning
assets, and annual rate of earnings on basis of May, 1920, returns.
Average daily holdings of the several classes of earning
assets.
Federal Reserve Bank.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Total May, 1920
Total May, 1919
Discounted
bills.
Purchased
bills.
United
States
securities.
$164,504,777
834,779,176
212,324,751
172,013,875
95,947,111
117,322,26:4
419,419,341
113,035,006
75,560,000
110,515,178
74,024,144
147,205,302
$33,173,734
167,366,331
2,571,884
60,581,645
10,602,688
6,142,526
54,448,268
2,800,848
4,827,000
648,680
1,603,969
71,752,050
$22,389,722
74,766,850
32,216,703
24,203,134
13,494,600
15,782,615
44,121,487
18,425,819
8,606,000
21,928,112
12,266,000
13,587,805
$220,068,233
1,076,912,357
247,113,338
256,798,654
120,044,399
139,247,403
517,989,096
134,261,673
88,993,000
133,091,970
88,794,113
232,545,157
2,537,550,923
1,973,926,081
416,519,623
189,767,777
301,788,817
228,080,340
3,255,859,393
2,391,774,198
Total.
740
JULY, 1920.
FEDERAL RESERVE BULLETIN.
Average amount of earning assets held by each Federal Reserve Bank during May, 1920, earnings from
earning assets, and annual rate of earnings on basis of May, 1920,
returns—Continued.
Earnings from—
Federal Reserve Bank.
Boston
.
New York
Philadelphia
Cleveland
Richmond.
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
.
..
..
..
Dallas
.
. . .
San Francisco
Total May, 1920
Total Mav, 1919
each class of
Calculated annual rate of earnings from—
United
States
securities.
Discounted
bills.
Discounted
bills.
Purchased
bills.
$779,069
3,887,060
982,295
814,416
459,683
563,945
2,094,036
545,361
376,767
580,639
369,221
719,798
$166,015
822,323
12,891
278,930
54,396
31,226
268,510
13,779
21,047
3,159
8,350
355,777
$38,325
168,279
58,134
42,288
22,999
26,920
78,114
32,337
14,737
39,861
21,909
23,563
$983,409
4,877,662
1,053,320
1,135,634
537,078
622,091
2,440,660
591,477
412,551
623,659
399,480
1,099,138
12,172,290
6,958,789
2,036,403
684,682
567,466
469,589
14,776,159
8,113,060
Total.
Purchased
bills.
United
States
securities.
Total.
Per cent. Per cent. Per cent. Per cent.
5.59
5.91
2.02
. 5.28
5.50
5.80
2.66
5.35
5.46
5.92
2.13
5.03
5.59
5.44
2.06
5.22
5.65'
6.06
2.01
5.28
5.68
6.00
2.01
5.28
5.82
5.89
2.09
5.56
5.70
5.81
2.07
5.20
5.89
5.15
2.02
5.47
6.20
5.75
2.15
5.53
5.80
6.04
2.10
5.29
5.77
5.85
2.05
5.58
5.66
4.15
5.77
4.25
2.22
2.42
5.36
3.99
Bills discounted during the month of May, 1920, 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, May, 1920
Total, May, 1919
Member banks' collateral
notes.
Customers
paper secured
by GovernSecured by
ment war
Otherwise
obligations. Government
war obligasecured.
tions.
$19,985,599
75,868,608
25,339,172
7,567,160
5,139,451
4,211,716
7,537,245
8,153,543
1,321,327
3,425,481
997,828
2,959,630
$352,983,225
2,151,226,576
368,247,652
191,831,430
262,035,200
122,441,860
327,715,750
107,916,173
44,502,354
87,977,198
90,462,793
238,588,085
$571,000
981,200
535,000
558,300
411,450
895,500
75,000
903,311
1,200,000
$383,054
14,261,235
518,032
2,216,844
682,256
1,211,744
1,628,554
1,121,598
400,628
825,104
139,525
s 3,148,830
162,506,760
106,177,836
4,345, 928,296
7,063,188,715
6,130, 761
17,737,787
16,537,404
7,061,335
i Includes $352,864 in the foreign trade.
2
Bankers'
acceptances.
Trade acceptances.
All other
(commercial
n. e. s., agricultural, and
live stock
paper).
$1,756,654
4,967,778
17,936
229,859
2
545,204
1,702,894
482,077
30,000
135,000
5,386,858
Total.
$46,021,141
$421,129,673
944,719,622 3,181,043,819
65,876,665
459,999,457
239,219,395
36,803,102
291,920,442
23,082,335
174,172,912
45,227,388
505.977,336
166,834,593
205,479,495
87,394,654
87,603, 276
40,483, 467
133,478,129
41,145,346
111,179,549
18,541,092
324,780,691
73,497,288
15, 254,260 1,589,626,693
190,555,737
1,111,646
Includes $83,792 of dollar exchange bills.
6,135,984,174
7,385,833,056
Average Average
rate
maturity
in days. (365-day
basis).
12.27
8.66
13.54
16.20
12.40
27.85
31.23
28.86
40.95
39.32
26.98
17.16
Per cent.
5.60
5.56
5.43
5.64
5.58
5.72
5.85
5.78
5.89
6.81
5.73
5.84
14.74
9.13
5.74
4.16
3 Includes $376,534 in the foreign trade.
Bankers' and trade acceptances in the foreign and domestic trade and dollar exchange bills purchased during the month of May,
1920; also average rates and maturities of total bills purchased by each Federal Reserve Bank.
Bankers' acceptances.
Federal Reserve
Bank.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Total, M q y ,
1920
Total, M a y ,
1919
In the
domestic
trade.
In the
foreign
trade.
Total.
$12,049,496 $17,152,275 $29,201,771
33,759,527 121,568,943 155,328,470
155,305
348,422
503,727
5,720,462
21,152,555
26,873,017
888,000
4,009,049
4,897,049
2,439,946
656,036
3,095,982
12,090,798
19,913,377
32,004,175
1,364,415
1,232,274
2,596,689
1,001,198
1,305,421
2,306,619
5S4,719
362,910
947,629
86,635
180,000
266,635
2,027,818
7,413,729
10,041,547
Trade acceptances.
In the
domestic
trade.
Dollar
exchange
bills.'
In the
foreign
trade.
Total.
$605,781
$1,001,929
$1,607,710
$100,000
2,172,727
121,553
5,000
126,553
11,800
287,244
i,7i7,353
2,004,597
Total bills
purchased.
Average Average
rate
maturity (365-day
in days.
basis).
150,000
$29,301,771
159,108,907
503,727
27,011,370
4,897,049
3 095 982
32,154,175
2,596,689
2,306,619
947,629
266,635
12,046,144
39.15
38.06
74.03
58.83
60.04
46.03
58.91
42.18
49.34
44.59
60.11
57.03
Per cent.
6.02
5.92
6.01
6.00
6.06
6.08
6.04
6.03
5.07
6.08
6.25
6.00
72,768,319
195,294,991
268,063,310
1,014,578
2,724,282
3,738,860
2,434,527
274,236,697
44.22
5.96
37,889,464
106,705,776
144,595,240
275,169
1,621,293
1,896,462
1,158,490
147,650,192
45.80
4.24
741
FEDERAL RESERVE BULLETIN.
JULY, 1920.
Discounted bills, including member banks7 collateral notes, held by each Federal Reserve Bank on the last Friday in May,
1920, distributed by classes.
[In thousands of dollars.]
Federal Reserve Bank.
Boston
New York
Philadelphia..
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis...
Kansas City...
Dallas
San Francisco.
Total, May, 1920
Total, May, 1919....
Percent, May, 1920.
Per cent, May, 1919.
Member banks' collateral notes.
Customers'
paper seLive-stock cured by
paper.
Govern- Secured by
Government war
Otherwise
obligations. ment war
secured.
obligations.
Agricultural
paper.
514
247
142
2,562
3,151
25,840
1,232
7,411
6,386
6,813
9,239
63,537
28,619
2.5
1.4
2,152
18,937
32,010
9,429
13,011
38,436
144,077
63,917
17,817
9,670
7,122
12,642
15,365
5,679
6,016
1,748
3,984
69,322
425,394
123,530
95,315
50,167
48,403
146,740
43,094
3,447
26,£67
34,967
54,243
77,154
30,372
3.1
1.5
326,473
187,683
12.9
9.4
1,121,489
1,615,210
44.5
81.2
5
287
84
1,239
Trade acceptances.
All other
(commercial paper
n. e. s.).
Bankers'
acceptances.
250
514
110
333
318
555
60
439
575
412
4,142
752
3,093
1,267
1,450
4,063
1,193
523
1,004
433
3,647
2,905
18,678
570
381
3,154
9,628
0.1
.5
21,979
7,321
0.9
.4
Total.
95
100
7,721
58,755
212,133
24,955
51,195
35,192
51,693
230,385
46,290
39,285
39,532
19,723
54,666
169,830
804,938
213,976
168,480
99,456
116,322
427,540
110,344
75,837
111,970
73,652
147,086
41,841
1,122
1.7
.1
863,804
109,437
34.3
5.5
2,519,431
1,989,392
100
100
3,154
7,537
700
Acceptances purchased by each Federal Reserve Bank and held on May SI, 1920, distributed by classes of accepting
institutions.
[In thousands of dollars.]
Bank acceptances.
Federal Reserve Bank.
Boston
New York
Philadelphia
Atlanta
China, cro
St Louis
Dallas
San Francisco
Total:
May 31,1920
Apr. 30 1920
Mar 31 1920
Feb. 28,1920
Jan. 31,1920
May 31 1919
May31, 1918
Member
banks.
Nonmember
trust
companies.
28,762
96,733
1,890
32,484
9,948
5,724
53,454
3,574
3,794
1,309
1,374
36,323
250
2,019
75
75
275,369
270,808
282,339
364,940
383,375
136,741
267,917
Nonmember
State
banks.
Private
banks.
Trade acceptances.
Foreign
bank
branches
and
agencies.
Grand
total.
Total.
9,969
3,623
22,821
105
9,292
121
100
369
1,296
61
50
128
50
9,449
10,200
• 4,624
34,746
174,179
2,070
57,973
9,948
5,724
55,382
3,735
4,341
1,309
1,374
60,646
2,954
1,237
1,389
2,100
6,134
2,853
1,330
56,187
45,055
55,390
70,127
68,592
18,729
5,168
47,448
48,549
51,012
60,218
61,218
14,628
26,217
29,469
31,210
23,654
33,440
36,203
10,612
8,398
411,427
396,859
413,784
530,825
555,522
183,563
247,030
485
1,776'
34,403
335
18,203
6,i53
26
Domestic. Foreign.
Total.
1,133
4,060
5,193
122
5
127
287
3,158
3,445
34,746
179,372
2,070
58,100
9,948
5,724
55,382
3,735
4,341
1,309
1,374
64,091
1,542
600
572
580
1,893
136
7,223
9,788
5,566
4,800
4,595
1,857
8,276
8,765
10,388
6,138
5,380
6,488
1,993
8,276
420,192
407,247
419,922
536,205
562,010
185,556
257,306
742
JULY, 1920.
FEDERAL RESERVE BULLETIN.
Bills discounted by each Federal Reserve Bank during the three months ending May 31, 1920, distributed by rates of discount;
also average rates and maturities of all bills discounted by each Federal Reserve Bank.
5 per cent.
4f per cent.
Federal Reserve
Bank.
Boston
New York
. . . .
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
S"t. L o u i s . . .
Minneapolis
Kansas City..
Dallas
San Francisco
Total
Amount.
Discount.
Amount.
Discount.
Amount.
$464,110
2,832,351
737,639
215,551
203,583
239,611
958,022
223,804
67,813
150,189
234,726
182,419
$4,370,000
1,035,000
823,500
2,729,500
8,738,105
522,000
183,200
169,157,500
6,509,818
187,558,805
36,733,500
29,102
$514,654,825
5,220,898,368
404,599,911
161,645,750
162,330,000
113,574,705
465,406,073
126,789,450
33,096,154
78,100,500
115,586,677
246,545,715
86,206,379
123,054
7,643,228,128
$320,000
12,868,279
36,284,600
$1,111
22,317
70,524
5| per cent.
6 per cent.
Discount.
Discount.
99,543
$554, 679,781
2,383,291,601
901,095,798
423,313,702
672,101,096
250,329,236
411,357,660
272,077,180
43,407,158
188,845,175
144,004,271
161,780,544
$845,363
6,006,620
2,009,815
873,705
887,648
662,092
1,097,898
724,439
144,617
486,446
337,499
387,416
187,175
6,406,283,202
14,463,558
$8,584
2,265
1,088
6,206
67,968
1,114
407
Superrates.3
7 per cent.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago .
St. Louis
Minneap olis.
Kansas City
Dallas
San Francisco
....
Total... .
. . .
Discount.
$159,246,630
2,498,671,804
261,947,396
128,366,753
83,318,103
120,186,723
786,480,346
325,183,872
132,435,563
138,868,488
52,275,870
197,086,727
$1,313,278
4,033,728
510,711
768,429
620,566
1,118,792
6,651,816
1,709,319
1,263,405
1,684,428
644,961
1,485,903
4,884,068,275
21,805,336
Total.
Amount. Discount. Discount.
5,000
56,000
40,000
10,000
$59
1,780
14
102
65
10
898,000
2,030
$28,000
759,000
5f per cent.
Amount.
Federal Reserve Bank.
Amount.
5£ per cent.
2
Amount.
Amount.
$59,944,912
Discount.
$171,666
67,867,965
148,979
127,812,877
320,645
Average Average
rate
maturity, (365-day
Discount. in days. basis).
$1,228,581,236
10,102,861,773
1,572,041,105
775,065,117
918,572,699
486,825,164
1,672,358,184
737,480,781
245,416,675
405,814,163
226, 775
311,866,818
3 5, 378
879,171,951
$2,622,751
12,872,699
3,266,808
2,033,396
1,712,885
2,026,715
8,776,917
2,681,058
1,546,776
2,547,838
1,222,564
2,333,362
13.83
8.42
13.92
16.98
12.15
26.69
33.02
23.08
39.46
35.87
25.26
16.84
Per cent.
5.64
5.52
5.45
5.64
5.60
5.69
5.80
5.75
5.83
6.39
5.67
5.75
232,153
43,643,769
14.50
5.68
19,336,055,666
1
Total amounts of paper discounted and of discount chargeable at normal rates are included in totals shown in preceding columns.
2 Discount charged at super-rates ranging from \ to 10J per cent on loans in excess of basic discount lines, aggregating $42,164,648.
3 Discount charged at super-rates ranging from \ to 2\ per cent on loans in excess of basic discount lines, aggregating $2,370,941.
Acceptances purchased by each Federal Reserve Bank during the three months ending May 31, 1920, distributed by rates of
discount; also average rates and maturities of acceptances purchased by each Federal Reserve Bank.
5 per cent.
5% per cent.
5 | per cent.
5-h per cent.
Federal Reserve Bank.
Amount.
Discount.
Amount.
$43,449
143,150,331
Boston
New York
Philadelphia
Cleveland
- .
Richmond
Atlanta
Chicago
St Louis
Minneapolis
Kansas City
Dallas
San Francisco
Total
Discount.
Amount.
Discount.
$6
309,431
Amount.
Discount.
$70,057
74,258
$120
472
9,278
84
$1,546,053
7,021,670
$13,463
56,667
395,000
4,603
$16,080
$34
425,000
225,000
2,733
1,881
347,156
2,242
8,567,723
70,130
143,588,780
314,040
16,080
34
1,150,749
7,532
5-& P e r cent.
5J per cent.
5 ^ per cent.
5 | per cent.
Federal Reserve Bank.
Amount.
Boston
New York
Philadelphia
Cleveland . .
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas.
San Francisco
Total
'.
$500,000
Discount.
$4,985
. . .
500,000
4,985
Amount.
Discount.
Amount.
Discount.
$4,288,603
47,249,906
$16,264
146,306
$45,324
$102
4,018,049
14,836
230,623
615
4,582,554
1,058,487
15,242
13,213
431,347
4,908
11,518,200
45,327
73,i47,146
256,096
275,947
717
Amount.
Discount.
$13,237,267
36,921,259
487,500
14,879,823
$69,925
278,419
4,658
116,790
19,416,969
323,723
157,320
2,601
30,279,640
244,003
115,546,181
873,716
743
FEDERAL RESERVE BULLETIN.
JULY, 1920.
Acceptances purchased by each Federal Reserve Bank during the three months ending May 31, 1920, distributed by rates of
discount; also average rates and maturities of acceptances purchased by each Federal Reserve
Bank—Continued.
5 | per 3ent.
5H per cent.
5 | per cent.
Federal Reserve Bank.
Amount.
Discount.
Amount. .
Discount.
$1,436
1,438
$16,425,060
98,172,744
478,029
27,189,217
2,177,474
$145,870
961,032
3,695
320,091
19,443
$216,000
802,783
$2,744
11,293
30,000
330,243
37,513
225,000
100,000
$187,942
160,000
Boston
. . .
.
New York
Philadelphia
.
Cleveland
Richmond
Atlanta
Chicago
St. Lonis
Discount.
Amount.
Discount.
334
$11,593,366
48,113,856
1,242.895
18,254,993
$114,742
494,904
1G,177
182,786
2,979
1,388
16,577,733
1,182,522
167,280
11,403
310,000
3,553
28,607,883
2,802,426
35,060,972
408,169
35,350
223
17,307,435
205,316
657,942
6,427
210,913,805
2,226,056
1,409,133
18,961
114,332,800
1,192,608
Kansas City
Dallas
San Francisco
Total
Amount.
5|f per cent.
6 per cent.
6-^ per cent.
6£ per cent.
Federal Reserve Bank.
Discount.
Amount.
Boston
N ew York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas Citv .
Dallas
San Francisco
$672,769
$9,432
450,000
6,197
Amount.
. . .
Total
Discount.
Amount.
110,545,527
32,406,134
225,200
12,154,260
14 982 612
11,206,710
8,802,263
703,365
$65,665
365,136
3,283
118,146
153 375
105,368
97,606
6,414
Discount.
$17,122,441
7,477,396
$61,359
97,899
1,068,496
10,933
4,216,985
381,989
52,553
975
80,000
1,095
977,629
2 279 520
5,898,116
7,445
22 200
f 2,192
716,057
6,972
1,202,769
16,724
100,241,336
1,006,830
30,983,364
230,691
Amount.
Discount.
$200,000
$1,650
200,000
1.650
1
6i per cent.
6| per cent.
6J per cent.
6f per cent.
Federal Reserve Bank.
Discount.
Amount.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Kansas City
Dallas...
San Francisco-
...
Total
$6,335,582
2,384,490
$18,101
30,401
647,093
1,692
2,927,000
1,571,135
44,974
3,779
180 000
143,875
1 844
1,577
14,189,175
102,368
Amount.
Discount.
$2,618,639
200,000
Amount.
$9,661
2,975
Discount.
$603 062
235,234
14,110
39
Total
$124,000
$42
23,346
1,740
1,089 829
402,810
14,604
760
500,000
1,406
5,083,639
37,722
2,345,045
20,011
515,000
1,448
Total.
7 per cent.
Discount.
Amount.
Discount.
$3,500
$516,461
2,703,280
34,010
766,702
172,818
105,368
911,297
110,563
58,548
12,353
24,044
977,116
37.79
40.58
72.60
60.54
60.72
56.41
"63.40
54.88
58.04
54.50
58.48
60.31
Per cent.
5.94
5.83
5.93
5.88
6.05
6.08
5.93
5.71
5.08
5.87
6.10
5.83
3,500
825,190,614
6,392,560
48.27
5.86
;;
i
314
200,000
Amount.
Average Average
maturity rate (365in
days. day basis).
Discount.
$84,005,088
417,348,391
2,883,624
78,634,942
17,160,086
11,206,710
88,516,216
12,873,590
7,246,670
1,408,976
2,459 520
101,446,801
$314
• $200,000
124,000
$15,000
1,610,000
655,000
6| per cent.
Boston
New York
Philadelphia
Cleveland.
Richmond
Atlanta
Chicago
St. Louis..
Minneapolis
Kansas City
Dallas
San Francisco
Discount.
$1 034
3,574
Federal Reserve Bank.
Amount.
Amount.
744
FEDERAL RESERVE BULLETIN.
JULY, 1920,
OPERATIONS OF THE FEDERAL RESERVE CLEARING SYSTEM FROM MAY 16 TO
JUNE 15, 1920.
[Amounts in thousands of dollars.]
Items drawn on banks in own district.
Total.
Items drawn on
Located in Federal Located o u t s i d e
T r e a s u r e r of
Reserve Bank
Federal Reserve
United States.
Federal Reserve Bank or Branch.
and branch
Bank and branch
cities.
cities.
Number. Amount. Number. Amount. Number. Amount.
684,718 2,801,657
471,022
605,363
944,817 2,251,435 3,676,900 1,360,319
104,053
330,119
145,411
58,799
900,040 1,823,540
,351,153
268,036
256,123 1,005,746
302,637
190,751
153,079
726,597
140,400
94,064
301,242
762,064
300,376
109,482
i 99,723
182,649 1,475,074
290,758
647,345
184,803
179,212
79,632
309,332
92,779
83,449
70,839
134,104
41,384
25,222
14,328
118,815
31,877
22,503
17,250
195,319
51,078
40,189
27,235
104,389
53,665
58,825
17,826
689,918
767,153 3,111,486
429,111
316,434
190,606
168,532
46,270
217,092
274,435 1,192,829
108,640
41,711
27,866
247,183
22,060
77,332
68,337
332,760
27,073
67,041
137,083
11,791
39,162
213,512
129,289
161,116 1,518,283
428,91-7
271,420
349,869 2,327,813
71,170
304,966
24,599
62,284
86,799
463,853
45,520
66,182
79,054
273,511
74,574 1,486,259
41,740
129,685
13,858
13,515
60,602
307,719
37,651
41,163
273,796
28,616
125,853
114,061
368,014
36,891
92,137
75,058
122,706
10,414
50,231
37,879
402,599
35,654
37,729
30,726
173,739
17,065
66,716
45,741
148,459
12,872
27,079
18,781
Boston
New York
Buffalo
Philadelphia
Cleveland
Cincinnati
Pittsburgh
Richmond
Baltimore
Atlanta
Birmingham
Jacksonville
Nashville
New Orleans
Chicago
Detroit
St. Louis
Little Rock
Louisville
Memphis
Minneapolis
Kansas City
Denver
t
Omaha
Dallas
El Paso
Houston
San Francisco
Los Angeles
Portland
Salt Lake City
Seattle
Spokane
Total:
May 16 to June 15
Apr. 16 to May 15.
Mar. 16 to Apr. 15
Feb. 16 to Mar. 15
Jan. 16 to Feb. 14.
7,010,705
7,288,380
7,982,646
6,971,752
6,161,522
7,679,173
7,669,914
8,512,045
7,509,756
7,210,635
27,476,667
27,192,494
28,224,783
25,024,809
23,003,659
4,652,646
4,669,179
5,055,423
5,135,263
4,748,036
Number.
1920
134,680
677,699
11,438
144,939
50,620
42,290
30,956
37,920
52,757
21,075
9,415
8,490
9,620
14,941
223,154
33,784
77,316
5,752
18,041
8,193
29,703
65,419
15,939
28,930
21,720
10,621
52,610
44,393
19,176
18,910
10,948
25,042
,8,945
48,637
142,735
1,025
53,353
9,170
4,832
6,676
6,892
13,789
3,683
1,305
1,278
1,170
3,379
24,415
5,522
8,448
1,903
4,150
1,464
3,954
6,352
2,178
1,366
3,278
2,272
1,793
114,881
10,614
7,166
2,144
9,060
947
3,541,700
5,299,416
486,968
3,319,632
1,359,003
909,287
1,093,396
1,612,717
884,905
4 23,186
184,903
159,182
256,017
172,995
4,024,558
540,824
1,487,237
294,646
428,133
212,317
1,761,498
2,822,149
392,075
579,582
1,587,033
182,046
420,931
444,042
479,327
191,847
451,276
265,497
184,483
1,965,436
2,689,238
2,192,547
1,565,995
1,697,090
509,831
479,638
882,565
509,415
558,926
36,452,808
37,170,112
38,399,976
33,562,556
30,862,271
1919
Amount.
1920
2,895,690 1,204,377
4,777,421 3,754,489
163,877
238,084
2,496,135 1,221,429
456,044
859,110
251,975
578,509
417,400
658,678
480,299
984,883
272,633
444,053
157,971
512,939
40,855
135,831
41,031
123,397
68,594
80,030
157,013
2,495,867 1,220,679
220,324
157,856
391,523
956,935
51,829
116,352
99,560
193,044
52,417
114,138
294,359
796,924
627,641
1,388,157
89,061
250,435
113,068
372,583
351,363
595,292
29,645
148,098
80,607
257,558
323,062
122,563
55,459
126,037
68,524
358,225
71,866
182,531
32,600
144,416
23,581,695
24,345,944
24,867,530
19,869,809
21,493,121
i Includes 5,352 items, amounting to $7,385,000, forwarded directly to banks in Baltimore.
1919
933,950
3,954,742
91,833
917,617
338,693
181,027
294,119
362,626
170,196
146,797
26,713
27,387
67,036
979,806
88,580
307,912
23,567
76,280
35,771
190,055
479,020
57,306
82,343
268,106
24,383
414,089
48,032
57,454
64,717
22,467
12,841,650 10,732,624
12,818,731 9,769,768
14,450,033 10,607,387
13,154,434 8,770,103
12,517,597 10,835,515
745
FEDERAL, RESERVE BULLETIN.
JULY, 1920.
Operations of the Federal Reserve clearing system from May 16 to June 15, 1920—Continued.
[Amounts in thousands of dollars.
forwarded to Items forwarded" to
Number of busi- Items
other Federal Reparent bank or to
ness days i n
branch in same disserve Banks and
month.
trict.
their branches.
Federal Reserve Bank or Branch.
1920
Boston
New York
Buffalo
Philadelphia
Cleveland
Cincinnati
Pittsburgh..
Richmond
Baltimore...
Atlanta
Birmingham
Jacksonville
Nashville.
New Orleans
Chicago
Detroit.
St. Louis
Little Rock.
.Louisville
Memphis.
Minneapolis
Kansas City.
Denver
.
Omaha. .
.
Dallas
El Paso....
Houston
j
San Francisco...
.
Los Angeles
Portland
Salt Lake City
Seattle....
.
Spokane
Total:
May 16 to June 15...
Apr 16 to May 15
Mar. 16 to Apr. 15 .
Feb 16 to Mar. 15
Jan. 16 to Feb. 14
May 16 to June 15 1919
25
25
25
25
25
25
25
25
25
25
25
25
25
25
25
25
25
25
25
24
26
25
25
25
24
24
24
25
25
24
25
25
25
.
j
. .
. .
-
Federal Reserve district.
.
...
1
2
25
25
26
25
25
25
25
25
23
25
25
25
25
25
25
25
24
25
24
25
25
25
25
23
23
25
24
25
25
25
'
Number.
Amount.
102,717
998,707
143,461
714,588
22,286
14,374
59,964
116,922
152,323
21,113
16,725
31,102
27,663
36,235
266,019
8,304
21,758
7,632
9,809
2,043
83,836
254,778
69,019
37,253
87,944
21,649
21,820
22,558
30,005
2,177
4,582
14,298
6,232
85,185
623,994
36,172
227,566
29,696
12,987
45,665
71,804
122,283
19,614
12,358
9,823
6,923
13,732
43,781
9,186
9,317
2,254
3,111
835
38,302
80,355
18,844
9,273
39,681
10,784
21,913
4,447
6,636
2,067
17,433
6,150
2,936
i 3,429,896 1 1,645,107
2 3,258,336 2 1,483,960
3 3,817,860 3 1,820,485
* 3,376,201 4 1,565,308
5
3,039,528 5 1,476,733
6
2,244,375 6 1,336,051
Number of member Number of nonmembanks in district
ber banks on par list
June 15.
June 15.
1920
Boston...
New York
Philadelphia
Cleveland
Richmond.
Atlanta .
Chicago
St. Louis..
Minneapolis...
Kansas City
Dallas
San Francisco
Total .
1919
1919
1920
1919
432
771
688
859
601
437
1,391
563
967
1 060
804
793
429
734
667
825
572
424
1,351
526
882
1 002
744
669
254
322
423
1,078
766
437
4,239
2 511
2 906
3 390
1,250
1,038
241
318
361
833
339
329
3,080
1 483
1 307
2*279
"301
911
9,366
8,825
18,614
11,782
Number.
f
Amount.
27,652
31,955
10,622
24,838
45,071
9,783
30,668
4,339
9,827
55,161
25,324
8,552
11,156
7,557
12,905
6,791
22,180
23,619
1,143
4,033
i3,49i
5,596
8,543
2,653
9,796
12,693
45,028
2,209
2,182
1,268
6,885
3,716
2,997
4,545
818
2,320
62,294
44,826
20,205
59,457
13,921
9 526
65,510
16,740
22,296
7,241
31 198
17,407
12,878
18,452
7,971
8,698
3,152
2 474
11,973
4,820
3,987
8,732
5 621
4,100
708 352
717,301
856,331
748,029
715,958
452,458
253 058
234,308
318,048
275,337
277 877
290,533
Number of incorporated banks other than
m u t u a l savings
banks not on par list
June 15.
1920
1919
174
46
215
1 083
1,247
1,088
1 150
1 544
^966
817
153
2,119
8,309
776
1,169
Includes 6,662items, amounting to $2,021,000 forwarded direct to member banks in other Federal Reserve districts.
Includes 5,926 items, amounting to $1,741,000 forwarded direct to member banks in other Federal Reserve districts.
3 Includes 6,475 items, amounting to $1,869,000 forwarded direct to member banks in other Federal Reserve districts.
6< Includes 5,695 items, amounting to $1,826,000 forwarded direct to member banks in other Federal Reserve districts.
8 Includes 5,215 items, amounting to $2,015,000 forwarded direct to member banks in other Federal Reserve districts.
Includes 4,264items, amounting to $3,747,000 forwarded direct to member banks in other Federal Reserve districts.
INTERDISTBICT TIME SCHEDULE APPROVED BY THE FEDERAL RESERVE BOARD, SHOWING COLLECTION
TIME FOR CASH ITEMS BETWEEN ALL FEDERAL RESERVE BANKS AND BRANCH BANKS.
x
0
1
2
2
2
3
2
9
x
9
2
1
9
9
9
3
?
2
2
9
9
2
9
1
1
9
1
9
9
9
3
2
3
2
1
2
2
2
1
1
1
2
2
2
2
1
2
2
1
1
1
2
2
2
x
9
9
9
2
x
9
9
x1
9
3
9
2
3
3
9
9
9
9
9
?l
9
?
3
3
2
2
2
2
2
2
9
9
9
9
3
3
3
2
2
2
2
2
2
3
3
3
5
3
4
3
4
4
4
4
4
9
9
9
3
4
3
4
9
9
3
b
3
3
4
4
3
3
4
3
3
3
4
4
3
3
3
3
3
2
x
9
3
9
9
9
9
3
1
2
?
3
4
4
ft
ft
5
5
5
ft
5
4
5
4
5
5
5
5
5
3
4
ft
4
5
5
3
3
?
9
4
ft
4
5
3
ft
ft
ft
5
5
5
3
3
?
?
?
1
3
9
1
1
1
9
9
1
1
1
1
2
9
9
ft
ft
5
9
?
2
2
2
1
2
2
2
2
2
3
3
2
3
1
?
9
?
?
2
1
3
3
b
3
3
5
?
3
3
1
2
6
3
4
3
3
3
4
?
3
2
2
3
3
x
?
4
ft
5
5
ft
ft
ft
5
3
2
6
5
5
5
5
5
5
5
5
5
5
4
5
6
5
9
1
1
?,
9
9
9
?
?
?
?
?
9
2
3
2
9
?
1
3
1
?
1
1
3
2
3
3
3
3
3
3
2
1
1
1
2
2
2
1
1
1
1
?,
X
9
?
2
9
2
9
2
1
1
1
1
2
2
2
2
1
1
9
1
2
?
?
9
1
2
2
?
?
3
9
?
?
3
3
3
3
3
2
3
3
3
3
3
3
2
3
4
1
1
4
4
4
4
2
1
?
4
ft
ft
ft
ft
4
9
9
2
2
3
2
4
4
4
4
4
4
4
4
4
4
5
4
3
1
2
3
3
3
3
3
2
4
4
?
?
?
^
3
9
3
2
2
3
4
2
2
2
3
3
3
4
2
2
3
2
ft
ft
ft
5
3
3
4
3
4
4
4
4
4
4
4
4
3
4
4
5
ft
4
3
4
3
4
2
5
4
ft
ft
?r
4
ft
5
5
5
4
3
2
2
2
2
....
4
4
4
ft
4
5
4
4
4
ft
4
4
ft
4
ft
ft
1
4
5
3
2
5
5
ft
ft
ft
5
5
fi
,.
ft
ft
4
ft
4
9
4
ft
4
ft
3
4
5
3
4
ft
5
4
ft
4
4
4
4
4
4
4
6>
ft
ft
ft
ft
ft
5
ft
ft
4
ft
5
4
4
3
4
4
4
3
4
ft
2
3
3
4
4
4
4
4
ft
4
4
4
3
ft
ft
ft
3
3
3
3
6
4
4
4
1
4
4
3
2
4
4
4
4
4
4
2
1
4
5
5
5
4
4
73
2
3
4
b
ft
3
5
6
4
4
9
3
1
1
3
4
1
9
4
3
4
?,
3
9
ft
3
1
ft
ft
ft
Los Angeles.
4
4
3
3
4
4
4
3
3
3
3
3
2
3
1
4
4
4
4
4
4
4
4
4
4
3
4
4
3
4
3
4
3
3
3
?
3
ft
ft
5
5
1
2
3
9
3
9
9
3
3
?,
9
2
3
3
2
4
4
3
3
3
3
3
3
3
3
Seattle.
3
3
9
9
4
4
3
3
3
3
3
4
4
3
3
3
4
3
Salt Lake City.
?
9
3
3
Portland.
?
?
3
Spokane.
?
9i
ft
4
4
4
4
4
4
San Francisco.
3
2
?i
?
. . . .
6
3
?
• 4
ft
ft
ft
3
3
9
1
1
1
3
3
6
6
6
3
3
9
9
1
?
Omaha.
1
?
Denver.
0 k la h o m a
City.
Dallas.
1
3
Kansas City.
?
Helena.
?
?
Louisville.
Detroit.
3
9
?r
f>
ft
ft
5
?
3
?
9
4
ft
4
5
3
1
3
4
3
3
9
3
Houston.
x
3
El Paso.
9
9|
9
3
3
Little Rock.
1
3
3
4
3
3
2
3
2
2
St. Louis.
Richmond.
Baltimore.
9
3
Chicago.
Pittsburgh.
x x
9
1
1
1
Atlanta.
Cincinnati.
Philadelphia.
?
1
Minneapolis.
x
x 1
x 2
x x
2
?
1
X
X
*
Memphis.
1
9
Nashville.
2
2
2
2
2
3
3
3
3
9
9
Jacksonville.
x x
x x x
9,
New Orleans.
. . .
1
X
Birmingham.
1
X
El Paso
JTmistfvn
San Francisco
Spokane
Portland
Seattle
Salt Lake City
Los Angeles
x x
. .
Cleveland.
Boston
New York
Buffalo
Philadelphia
Cleveland
Cincinnati
Pittsburgh
Richmond
Baltimore
Atlanta
. . .
New Orleans
Birmingham
Jacksonville
Nashville....'.
Chicago
Detroit
St. Louis
Louisville
Memphis
Little Rock
Minneapolis
Helena
Kansas City
Omaha
Denver
Oklahoma City
Dallas
Buffalo.
Boston.
From—
New York.
To—
?
9
4
ft
ft
5
4
3
ft
1
3
1
6
4
4
3
1
1
4
ft
3
1
3
9|
3
4
2
EXPLANATORY.—The above schedule shows the elapsed time before final credit is given to a member bank for cash items deposited with its Federal Reserve Bank drawn upon other
Federal Reserve Bank and branch bank cities. For example, a member bank depositing a check in the Federal Reserve Bank of Cleveland (as shown in vertical column) drawn upon Omaha
(as shown in the horizontal column) would be given credit upon the books of the Federal Reserve Bank of Cleveland at the expiration of two days.
3?
JULY, 1920.
FEDERAL RESERVE BULLETIN.
747
CHANGES IN CONDITION OF THE FEDERAL RESERVE BANKS.
Loan operations of the Federal Reserve the very substantial decrease of 15-clay paper,
Banks between May 21 and Jurie 11, as meas- holdings of 30-day and 6-month paper show
ured by the amounts of discounted bills held gains for the 5-week period of 55.8 and 28.1
at the close of each week, followed a slightly millions, respectively.
Holdings of acceptances declined from 417.4
upward course, the June 11 total of 2,522.9
millions showing an increase of 22.6 millions to 399.2 millions, though the amounts held
over the May 21 total. Changes in the Federal by the New York bank show some gain during
Reserve Banks' loan account indicated by the the period. Over 93 per cent of the total
June 18 statement reflect primarily the week's holdings are concentrated in the Federal
large fiscal operations, including the redemp- Reserve Banks of Boston, New York, Clevetion of nearly 700 millions of Treasury certifi- land, Chicago, and San Francisco. Increases
cates and the issuance of 419 millions of new in the totals of Treasury certificates shown for
loan and tax certificates, the handling of even the last two Fridays of the period represent
larger amounts of income and excess profits largely amounts of special certificates taken by
tax payments and the payment of semiannual the banks to cover temporary advances to the
interest on first Liberty bonds and on Victory Treasury pending receipt of funds from deposinotes. Redemption of Treasury certificates tary institutions.
enabled the member banks to reduce their
Discounted bills held by the several Federal
indebtedness to the Reserve Banks to a con- Reserve Banks include amounts held under
siderable extent, with the result that the discount for other Federal Reserve Banks.
Reserve Bank holdings of paper secured by During the 5 weeks under review the amounts
United States war obligations declined during of paper, largely short-term bills, thus held
the week ending June 18 by 209.1 millions varied between 146.1 millions on May 21 and
and their holdings of other discounted paper 96.1 millions on June 18, the Friday following
by 17.7 millions. Borrowings on a large scale the large redemption operations of the Govwere, however, resumed immediately after- ernment, and on June 25 rose again to about
wards, as the member banks' deposit accounts 125 millions, distributed among the Boston,
came to be debited with the considerable New York, and Cleveland banks. No change
amounts of checks and drafts issued ,in pay- is shown in the list of rediscounting banks,
ment of taxes, and at the close of the following which on both dates included the Richmond,
week Federal Reserve Bank holdings of dis- Atlanta, Chicago, St. Louis, Minneapolis,
counted papier had gone up to 2,431.8 millions, Kansas City, and Dallas banks. Holdings of
a total only 68.5 millions less than the total acceptances purchased from other Federal
reported five weeks before.
Reserve Banks show relatively small changes,
Of the total discounts held on June 25, the June 25 total of 6.6 millions representing
1,278 millions, or 52.6 per cent, was paper holdings by the Boston, Cleveland, and San
secured by Government war securities, as Francisco banks of bills purchased from the
against 57.9 per cent five weeks earlier, this New York and St. Louis banks. The conreduction being due to the redemption by the tingent guarantor's liability of 16.2 millions on
Government of Treasury certificates and to the bills purchased for account of foreign corresimultaneous paying off by the banks of loans spondents, formerly reported exclusively by
secured by these certificates. Thus, while the New York bank, is now shared by all
Federal Reserve Bank holdings of paper other Federal Reserve Banks following the
secured by Liberty bonds show a reduction allotment to them of proportionate quotas of
during the five weeks of 57.9 millions and' these bills.
During the period under review graduated
holdings of paper secured by Victory notes an
increase of about 25 millions, the amount of discount rates were applied by the Federal
paper secured by Treasury certificates in the Reserve Banks of Atlanta, St. Louis, and
hands of the Federal Reserve Banks shows a Dallas in addition to the Kansas City bank.
reduction during the period of 134.8 millions, The effect of this action is seen in a check of
the share of paper secrured by certificates in further credit expansion rather than in any
the total of war loan paper showing a decline decrease of the volume of discounts for member
banks or of rediscounts with other Federal
from 34.7 to 28.8 per cent.
A similar change is seen in the amount of Reserve Banks.
Government deposits varied between a maxi15-day paper (largely member banks' notes
secured by Treasury certificates), which shows mum of 56.4 millions on June 18 and a minia decline during the week ending June 18 by mum of 14.2 millions a week later. The much
247.4 millions, followed by a gain of about 90 wider variations in net deposits reflect in a
millions during the following week. As against ] large measure the fluctuations in total dis-
748
FEDERAL RESERVE BULLETIN.
counts. Changes shown for the last two
Fridays of the period are traceable to the
handling by the banks of checks and drafts
received by the Government in payment of
taxes and credited before actual collection to
its deposit account on the books of the Federal
Reserve Banks. Federal Reserve note circulation shows a further expansion during the
period of 31. 5 millions, while the circulation
of Federal Reserve Bank notes likewise increased by 8. 2 millions. The banks' gold reserves, in consequence of further gold imports,
JULY, 1920.
largely on British Government account, show
a further gain of 29. 7 millions.
Fluctuations in the reserve percentages prior
to June 18 were within the narrow limits of
42.5 on June 4 to 43 per cent on June 11. On
the following Friday, in consequence of the
considerable loan reductions, the percentage
moved up to 44.5 per cent. A week later, in
consequence of increased member bank borrowings, the reserve percentage shows a
decline to 43.6 per cent, compared with 42.7
per cent, the ratio shown five weeks earlier.
Resources and liabilities of each Federal Reserve Bank at close of business on Fridays, May 28 to June 25, 1920.
RESOURCES.
[In thousands of dollars.]
Boston.
Gold and gold certificates:
May28
June4
June 11
June 18
June 25
Gold settlement fund, Federal
Reserve Board:
May28
June 4
Junell
June 18
June 25
Gold with foreign agencies:
May28
June4
Junell
June 18
June 25
Gold with Federal Reserve
agents:
May28
June4
Junell
June 18
June 25
Gold redemption fund:
May28
June 4
Junell
June 18
June 25
Total gold reserves:
May28
June 4
June 11
June 18
June 25
Legal-tender notes, silver, etc.:
May 28
June 4
June 11
June 18
June 25
Total reserves:
May28
June 4
Junell
June 18
June 25
Bills discounted:1
Secured by Government
war obligationsMay 28
June 4
June 11
June 18
June 25
All other—
May 28
June 4
,
Juno 11
June 18
June 25
,
Bills bought in open market: 2
May 28
June4
June 11
June 18
June 25
New
York.
Philadelphia.
Cleve- Richland. mond.
Atlanta.
Chicago.
San
St.
Minne- Kansas
FranLouis. apolis. City. Dallas. cisco.
Total.
10,990
11,143
11,271
11,367
11,453
81,918
79,215
82,219
77,728
83,530
1,072
1,090
1,079
1,107
1,082
10,186
10,065
10,106
10,222
10,252
2,381
2,399
2,416
2,426
2,440
8,244
8,311
8,390
8,298
7,915
24,278
24,337
24,339
24,256
24,276
3,097
2,830
2,606
2,682
3,583
7,258
7,204
7,253
7,204
7,223
430
442
457
441
472
5,332
5,284
5,225
5,150
5,287
11,949
12,199
12,832
11,997
13,607
167,135
164,519
168,193
162,878
171,120
31,300
38,887
32,548
37,663
61,648
125,826
103,300
106,861
110,284
71,628
29,869
33,923
25,480
28,860
44,326
56,836
69,399
66,379
65,809
51,444
13,269
13,807
18,456
18,323
15,167
8,163
8,615
6,578
7,203
6,741
68,134
70,536
72,888
50,829
56,546
8,954
11,534
13,885
12,091
12,813
7,938
8,377
7,754
6,909
6,271
26,985
27,865
24,854
24,176
27,195
8,224
6,890
8,414
7,333
7,732
38,954
38,094
47,808
31,353
41,117
424,452
431,227
431,905
400,833
402,628
8,142
8,142
8,142
8,142
8,142
40,932
40,932
40,932
40,932
40,932
8,922
8,922
8,922
8,922
8 922
9,145
9,146
9,146
9,146
9,146
5,465
5,465
5,465
5,465
5,465
4,015
4,015
4,015
4,015
4,015
13,272
13,272
13,272
13,272
13,272
5,242
5,242
5,242
5,242
5,242
3,011
3,011
3,011
3,011
3,011
5,353
5,353
5,353
5,353
5,353
2,900
2,900
2,900
2,900
2,900
5,131
5,131
5,131
5,131
5,131
111,530
111,531
111,531
111,531
111,531
118,453
115,850
112,934
119,692
116,509
285,599
285,182
284,532
284,137
283,547
87,384
87,705
87,749
86,466
86,652
146,898
144,059
141,485
144,856
149,321
35,492
33,658
42,686
40,797
50,934
50,889
52,513
50,603
49,034
169,826
166,944
163,392
178,6SS
174,208
44,583
45,931
45,742
45,729
45,416
17,171
19,278
21,531
14,203
16,552
33,986
33,993
33,862
33,966
33,975
13,231
13,330
13,793
14,072
14,414
2,749
4,150
5,807
1,847
1,076
10,866
11,590
12,782
5,591
6,724
7,547
7,868
5,905
6,851
7,740
23,308
25,818
28,791
22,972
26,950
7,078
5,797
5,479
5,346
5,218
275
165
342
209
186,056
193,300
186,426
191,067
214,304
568,261
542,622
548,406
547,047
513,612
140,478
144,970
137,023
139,427
155,396
225,814
236,819
232,923
231,880
221,239
68,941
68,753
72,777
74,491
70,593
78,903
79,698
77,401
76,970
75,445
298,818
300,907
302,682
290,017
295,252
68,954
71,334
72,954
71,090
72,272
51,316
51,455
50,660
49,737
48,842
9,535
8,472
7,908
8,501
8,058
105,877
105,366
105,195
105,794
106,491
191
417
563
255
275
1,733
1,683
1,847
1,699
1,729
39
193
117
83
123
1,333
1,369
1,380
1,411
1,682
9,982
10,032
9,615
9,720
9,217
7,170
7,064
7,195
7,276
7,359
259
195
165
78
79
1,351
1,417
1,451
1,541
1,572
1,363
1,335
1,561
lr561
1,995
195,591
201,772
194,334
199,568
222,362
674,138
647,988
653,601
652.841
620,103
140,669
145,387
137,586
! 139,682
1155,671
227,547 68,980
238,502 68,946
234,770 72,894
233,579 74,574
222,968 70,716
80,236
81,067
78,781
78,381
77,127
308,800 76,124
310,939 78,398
312.297 80,149
299,737 78,366
304,469 79,631
51,575
51,650
50,825
49,815
48,921
74,383
75.977
72,652
71,599
74,317
50,204
50,379
51,727
49,884
50,912
107,758
100,331
108,244
94,776
86,196
569,471
561,146
561,621
457,795
518,503
187,447
186,209
186,537
170,471
161,234
113,132 59,837
104,376 59,268
114,060 53,431
100,038 50,029
119,577 48,302
55,525
55,351
57,488
51,557
48,984
159,382
158,780
164,375
147,445
130,747
9,126 32,S83
13,409 31,646
13,456 33,191
3,848 32, 809
5,096 33,287
62,072
68,035
62,074
65,092
60,020
235,467 26,529
279,189 28,749
261,264 29,675
230,791 29,673
263,059 29,187
55.348 39,619 60,797 268,158
55,419 41,560 58.196 279,154
48,292 43,690 60,863 261,835
50.554 45,467 59,819 266,991
53,833 50,765 65,074 296,208
34,746
32,253
32,478
30,241
33,183
179,372 2,070
179,007 > 2,227
183,993 2,052
186,811
1,926
189,342 2,012
58,110
57,304
55,557
57,229
53,822
9,948
9,619
8,860
9,031
8,171
5,880
5,739
4,816
4,912
4,621
55,392
54,943
53,253
54,213
54,648
58,459
61/895
58,320
55,250
54,601
32,834 34.190 26,403 77,976 1,112,040
32,698 37,207 27,539 81,368 1,110,864
32,300 36,190 26,668 86,588 1,103,751
32,404 35,838 25,663 115,022 1,161,784
32,329 36,265 25,186 110,911 1,150,175
6,074
3,693
4,347
4,250
3,460
5,982
6,431
6,959
7,277
7,812
9,679
10,599
10,080
8,711
9,992
137,946
142,712
149,678
125,295
133,921
73,032 48,841 143,689
74,560 49.044 147,391
71,201 50,166 162,439
70,058 48,323 172,214
72,745 48,917 180.758
1,953,103
1,960,853
1,965,058
1,962,321
1,969,375
560
544
536
660
650
144,249 2,092,496
147,935 2,098,940
162,975 2,102,591
172,874 2,100,900
181,408 2,108,605
36,715 58,227 1,447,962
42,801 58,203 1,433,415
34,541 55,667 1,440,931
27,655 40,168 1,231,841
29,228 42,225 1,277,980
51,885 66,711 79,087 36,937 88,859
49,368 62,940 75,091 35,409 97,733
46,800 62,137 74,473 38,797 92,119
49,424 61,099 77,691 40,249 87,446
76,851 44,247 95,463
52,078
3,232
3,122
3,705
4,283
3,657
4,341
4,266
3,874
4,030
4,205
1,309
1,396
1,696
1,989
2,102
139,393
138,087
137,533
138,579
139,230
1,394 62,806
1,025 59,787
990 52,622
463 43,463
405 43,017
1,071,469
1,130,843
1,082,019
1,064,296
1,153,814
418,600
410,688
403,896
398,591
399,185
JULY, 1920.
749
FEDERAL RESERVE BULLETIN.
Resources and liabilities of each Federal Reserve Bank at close of business on Fridays, May 28 to June 25, 1920—Contd.
RESOURCES—Continued.
[In thousands of dollars]
Boston.
United States Government
bonds:
May 28
June 4
June 11
June 18
June 25
United States Victory notes:
NewYork.
560
560
560
560
560
1,457
1,457
1,457
1,457
1,457
5
M a y 28
5
June4
5
June 11
5
June 18
5
June 25
United States certificates of
indebtedness:
21,549
May 28
21,750
June 4
21,765
June 11
21,762
June 18
21,932
June 25
Total earning assets:
226,690
May 28..'
222,934
June 4
225,126
June 11
212,436
June 18
201,896
June 25
Bank premises:
1,278
May 28
1,293
June 4
1,365
June 11
1,376
June 18
1,388
June 25
Uncollectcd items and other
deductions from gross deposits:
57,656
May28
June 4
, 64,885
67,407
June 11
78,655
June 18
June 25
, 64,484
5 per cent redemption fund
against
Federal
Reserve
Bank notes:
1,191
May 28
1,273
June 4
1,072
June 11
1,072
June 18
1,072
.June 25
All other resources:
May 28
449
441
June 4
445
June 11
461
June 18
June 25
429
Total resources:
482,855
May 28
492,598
June 4
489749
Junell
1489!
749
June 18
;493,568
June 25
1491,631
1
Includes bills discounted for
other Federal Reserve Banks:
20,366
May 28
17402
June 4
17,402
June 11
27,117
June 18
20,533
June 25
12,128
2
Includes bankers' acceptances
bought from other Federal
Reserve Banks:
With their indorsementMay 28
June 4
]
Junell
June 18
1
June 25..
I
Without
their
indorsementMay 28
June 4
,
June 11
June 18
June25
5,002
50
50
50
50
50
Philadelphia.
1,386
1,386
1,386
1,3S6
1,386
AtCleve- Richland. mond. lanta.
833
833
833
833
833
113
114
114
114
114
1,235
1,235
1,235
1,235
1,233
Chicago.
4,477
4,477
4,477
4,477
4,477
St.
Minne- Kansas
Louis. apolis. City. Dallas.
San
Fran-
3,966
3,966
3,966
3,966
3,966
2,632
2,632
2,632
2,632
2,632
1,153
1,153
1,153
1,153
1,153
115
115
116
116
116
10
10
10
10
10
77,912 30,921 23,356
72,876 30,829 23,356
76,726 31,943 23,814
133,030 31,907 23,392
117,248 36,091 24,025
8,867
8,867
8,866
8,866
1
1
1
1
1
12,260
12,200
12,260
12,260
12,260
15,666
15,666
15,666
15,666
15,666
39,632
39,635
39,628
39,625
39,631
17,219
17,150
17,169
17,308
17,316
Total.
26,794
26,795
26,796
26,795
26,793
69
12,992
12,980
12,974
13,205
13,079
8,300
8,300
8,300
9,300
8,495
11,236
11,526
11,376
21,150
11,205
279,531
274,816
280,108
347,091
325,434
131,948 88,781 135,139
132,688 89,218 129,981
127,147 88,070 131,202
127,418 77,579 134,561
128,805 84,932 134,186
87,312
91,501
86,594
81,633
86,341
223,760
229,881
214,416
194,859
194,542
3,244,425
3,276,626
3,233,819
3,068,683
3,183,275
8,488
8,488
8,487
8,486
8,486
1,063,729
1,093,725
1,085,111
1,009,934
1,089,659
248,353
249,400
251,593
235,363
229,910
250,789
241,298
242,566
232,056
252,100
122,899
123,942
119,476
118,022
120,731
137,984
135,069
138,950
132,071
134,462
527,041
536,989
523,568
512,751
525,711
3,285
3,500
3,501
3,596
3,657
500
500
500
500
592
1,155
1,155
1,155
1,155
1,155
713
716
717
739
739
575
575
584
2,116
2,116
2,116
2,116
2,116
866
866
866
866
548
548
556
556
556
619
660
658
658
730
782
782
862
872
872
231
231
231
231
232
12,668
12,942
13,111
13,254
13,492
59,686 75,153
64,892 75,240
64,374 75,113
78,966 100,592
63,343 79,111
54,304
61,369
56,714
70,151
58,183
28,876
23,995
31,797
34,013
28,865
99,185
112,373
108,069
142,085
100,726
44,385
47,409
47,912
49,852
42,455
22,311
23,804
25,689
28,930
21,074
58,275
68,451
63,349
73,940
57,529
44,066
45,466
47,839
53,058
38,761
31,663
34,717
37,891
46,186
40,198
747,190
789,616
772,903
949,977
750,486
171,630
167,015
146,749
193,549
155,757
3,077
2,890
3,073
3,096
3,116
1,300
1,300
1,300
1,300
1,300
731
731
731
871
871
451
451
•451
451
451
521
519
515
537
523
1,581
1,455
1,437
1,694
1,557
523
523
523
523
523
344
460
549
443
568
916
916
916
916
916
562
562
562
562
586
665
665
665
665
665
11,862
11,745
11,794
12,110
12,148
1,113
975
1,176
1,283
1,473
642
581
648
351
390
412
447
417
543
382
382
263
274
187
353
203
237
237
833
759
801
2,718
1,205
457
461
456
634
491
161
201
189
259
471
282
287
305
323
331
185
357
245
257
496
453
489
479
374
5,699
5,640
5,751
8,053
6,590
1,916,972
1,916,093
1,893,211
1,864,299
1,873,765
451,150
462,060
456,001
456,503
451,506
555,726
557,316
554,747
568,700
556,622
247,890 248,379
255,806 241,578
250,634 250,830
[264,200 245,808
j 251,094 241,803
939,556
964,631
'948,288
1961,101
935,784
254,303
260,345
257,053
257,659
252,771
163,720
165,881
165,878
157,582
156,522
|,614
276,272
269,082
281,997
268,009
183,111
189,047
187,829
i186,266
177,670
401,064
413,882
416,667
415,294
417,419
6,114,340
6,195, 509
6,139,969
6,152,977
6,074,596
84,125
78,544
59,740
37,730
61,971
40,193
36,875
40,186
! 37,797
i 50,868
144,684
132,821
127,043
96,060
124,967
3,568
3,568
2,988
2,408
1,900
1,210
2,
2,408
1,900
1,210
2,371
2,371
2,371
1,355
392
2,371
2,371
2,371
1,355
5,394
6,367
6,370
6,377
6,392
6,394
94,000
94,108
94,284
94,462
94,506
LIABILITIES.
Capital paid in:
May 28
June 4
Junell
June 18
June 25
7,532
7,532
7 532
7,532
7 532
24, 666
24, 668
24, 667
24, 669
24, 669
>313
8,313
8,313
8,317
8 326
8
10,044
10,068
10,073
10,127
10,125
4,789
4,798
4,812
4,806
4,823
3,730
3,737
,773
3,778
3 779
3
13, 120
13, 127
13, 217
13, 281
13, 290
4,226
4,240
4,247
4,249
4,247
3,251 4,305
3,251 4,310
3,253 4,314
3 265 4,311
3!269 •4,308
3,657
3,694
3,706
3,735
3,744
750
FEDERAL RESERVE BULLETIN.
JULY, 1920.
Resources and liabilities of each Federal Reserve Bank at close of business on Fridays, May 28 to June 25, 1920—Contd.
LIABILITIES-Continued.
[In thousands of dollars.]
Boston.
Surplus fund:
May28
June 4
June 11
June 18
June 25
Government deposits:
May28
June 4
•June 11
June 18
June 25
Due to members—reserve account:
May 28
June 4
June 11
June 18
June 25
Deferred availability items:
May 28
June 4
June 11
June 18
June 25
Other deposits, including foreign Government credits:
May 28
June 4
June 11
June 18
June 25
Total gross deposits:
May 28
June 4
June 11
June 18
June 25
Federal Reserve notes in actual
. circulation:
May 28
June 4
June 11
June 18
June 25
Federal Reserve Bank notes in
circulation—net liability:
May 28
June4
June 11
June 18
June 25
All other liabilities:
May 28
June 4
June 11
June 18
June 25
Total liabilities:
May 28
June 4
J u n e 11
June 18
June 25
MEMORANDA.
Contingent liability as indorser
on:
Discounted paper rediscounted with other Federal Reserve Banks—
May 28
June 4
June 11
June 18
June 25
Bankers' acceptances sold
to other Federal Reserve
BanksMay 28
June 4
June 11
June 18
June 25
Contingent liability on bills
purchased for foreign correspondents:
May 28
June 4
,
June 11
June 18
June 25
,
New
York.
Philadelphia.
Cleve- Richland. m o n d .
Atlanta.
Chicago.
St.
Minne- Kansas
Louis. apolis. City. Dallas.
San
Francisco.
Total.
8,359
8,359
8,359
8,359
8,359
45,082
45,082
45,082
45,082
45,082
8,805
8,805
8,805
8,805
8,805
9,089
9,089
9,089
9,089
9,089
5,820
5,820
5,820
5,820
5,820
4,695
4,695
4,695
4,695
4,695
14,292
14,292
14,292
14,292
14,292
3,724
3,724
3,724
3,724
3,724
3,569
3,569
3,569
3,569
3,569
6,116
6,116
6,116
6,116
6,116
3,030
3,030
3,030
3,030
3,030
7,539
7,539
7,539
7,539
7,539
120,120
120,120
120,120
120,120
120,120
2,254
3,455
1,114
9,426
1,103
19,359
9,322
980
602244
252
3,821
1,534
694
1,488
1,543
2,876
1,702
1,643
274
1,882
1,459
1,610
-~ ~ "
13,724
2,542
1,328
2,160
4,451
1,029
1,348
3,992
3,381
12,193
4,025
1,221
2,037
1,844
1,332
945
799
1,344
443
276
419
2,187
1,564
2,193
7,637
623
1,099
1,371
2,268
555
1,029
1,947
3,176
2,601
3,823
1,242
36,433
36,745
21,830
56,356
14,189
19,811
.20.187
.18,962
15,603
.17,948
760,577
753,272
763,525
715,451
745,307
.00,955
.03,593
.03,014
01,236
03,508
50,647
49,421
49,942
43,012
44,660
83,041
80,139
81,240
82,732
82,677
55,588
53,162
55,146
55,270
51,140
113,339
118,646
119,989
116,303
121,745
1,852,916
1,858,774
1,870,240
1,800,017
1,831,916
46,497
49,977
51,807
49,648
52,810
107,551
114,945
105,516
124,534
101,296
53,545
57,602
53,258
59,736
51,017
26,655 22,874
32,935 24,063
30,195 27,016
30,339 25,268
25,621 25,845
561,243
609,396
579,466
633,723
556,621
5,247
4,965
4,436
4,262
3,812
42,129
43,503
37,287
32,985
31,332
6,067
6,240
5,435
5,682
4,690
73,809
.78,584
176,319
178,939
175,673
929,616
921,042
907,308
873,572
878,179
273,944
278,353
277,997
279,083
280,617
1,768
I
j 139,535 55,586 52,148 259,943 61,746
141,792 59,868 53,076 1263,033 62,585
139,236 58,923 55,270 1260,725 64,238
137,880 57,170 49,912 1261,011 64,437
136,379 56,764 53,229 252,674 65,885
44,293
47,623
44,001
45,794
44,735
24,876
15,901
26,122
26,079
22,255
66,695
80,187
72,000
76,438
67,284
38,784
42,910
40,121
41,336
36,866
15,536
18,155
18,661
17,465
15,639
54,612
62,928
55,431
60,382
54,823
5,773 j 3,382
59,325
62,170
55,338
76,704
58,430
5,546
4,972
5,067
4,204
3,293
2,933
2,831
2,488
2,597
2,494
2,183
2,249
1,878
9,109
8,605
8,206
7,914
7,242
3,510
3,430
3,076
3,007
2,717
2,066
2,095
2,073
2,255
1,545
3,421
3,314
2,929
3,398
2,752
1,905
1,880
1,678
1,742
1,463
5,832
6,511
6,292
6,092
5,860
91,038
91,876
81,500
77,484
101,341
.60,819
.71,256
.63,271
.67,348
.60,703
206,176
212,384
201,248
221,294
199,287
105,143
112,243
107,467
119,519
105,755
82,163
73,799
85,735
82,691
78,391
337,095
355,817
344,312
357,556
331,225
.05,261
.10,962
[09,279
10,112
106,413
69,048
71,015
71,119
63,008
62,263
.43,261
.47,945
141,793
154,149
140,875
85,247
89,348
89,287
87,906
79,253
143,992
152,396
155,898
151,486
154,692
2,541,630
2,596,791
2,553,036
2,567,580
2,472,709
854.827
861,807
851,002
854.828
859,232
249,091
249,225
250,899
247,287
248,785
310,964
306,057
315,201
307,026
315,789
120,752
121,247
120,609
121,852
122,109
145,080
L46,164
[43,070
140,574
140,592
535,230
539,895
533,954
531,901
531,449
129,084 79,183 97,572 82,008
129,301 79,165 99,089 83,677
127,665 78,873 97,913 82,584
127,549 78,486 98,364 82,454
126,289 77,728 97,622 82,351
229,286
233,311
232,438
235,406
234,155
3,107,021
3,127,291
3,112,205
3,104,810
3,116,718
14,468
14,810
14,428
14,395
14,019
37,969
37,440
37,812
37,791
37,724
18,970
19,121
19,235
18,990
19,143
14,025
14,063
13,318
15,126
16,096
8,794
8,980
9,096
9,257
9,489
9,879
10,257
10,543
10,950
11,024
28,375
29,338
29,884
30,775
31,328
9,157
9,138
9,059
8,823
8,765
6,455
6,574
6,661
6,762
7,057
15,088
15,443
15,432
15,327
15,218
7,313
7,343
7,191
7,034
7,059
8,692
8,745
8,723
8,674
8,682
179,185
181,252
181,382
183,904
185,604
4,743
4,960
5,114
5,260
5,431
24,812
26,054
27,340
28,357
28,879
5,152
5,340
5,478
5,756
5,744
5,428
5,655
5,818
6,038
6,236
2,592
2,718
2,830
2,946
3,098
2,832
2,926
3,014
3,120
3,322
11,444
12,162
12,629
13,296
14,200
2,851
2,980
3,079
3,202
3,333
2,214
2,307
2,403
2,492
2,636
3,272
3,369
3,514
3,730
3,870
1,856
1,955
2,031
2,107
2,233
5,188
5,521
5,692
5,797
5,957
72,384
75,947
78,942
82,101
84,939
482,855
492,598
489,749
493,568
491,631
1,916,972
1,916,093
1,893,211
1,864,299
1,873,765
451,150
462,060
456,001
456,503
451,506
555,726
557,316
554,747
568,700
556,622
247,890
255,806
J25O,634
1264,200
251,094
248,379
241,578
250,830
245,808
241,803
939,556
964,631
948,288
961,101
935,784
254,303
260,345
257,053
257,659
252,771
163,720
165,881
165,878
157,582
.156,522
269,614
276,272
269,082
281,997
268,009
183,111
189,047
187,829
186,266
177,670
401,064
413,882
416,667
415,294
417,419
6,114,340
6,195,509
6,139,969
6,152,977
6,074,596
25,000
24,883
29,750
I 24,184
!
24,904
8,500
8,0.00
7,750
4,616
7,960
18,995 46,192 19,132 13,865 13,000
19,000 43,838 13,670 15,480 8,000
13,400 37,969 13,170 9,779 15,225
29,500 22,616 11,144 4,000
24,950 25,523 23,672 12,958
5,000
144,684
132,821
127,043
96,060
124,967
3,568
2,988
1,168
1,168
16,213
16,216
16,217
6,089
6,089
1,280
1,280
1,312
1,312
784
784
576
576
1,904
1,904
2,408
1,900
1,210
3,568
2,988
2,408
1,900
1,210
752
752
16,213
16,216
16,217
16,217
16,217
432
432
768
768
416
416
736
736
JULY,
751
FEDERAL RESERVE BULLETIN.
1920.
Maturities of bills discounted and bought, also of Treasury certificates of indebtedness.
[In thousands of dollars.]
Within 15
days.
Bills discounted:
May 28
June 4
June 11
.
June 18
June 25
Bills bought in open market:
May 28
....
June 4
June 11 . . . .
June 18
June 25
United States certificates of indebtedness:
Mav 28
June 4
June 11
.
June 18
June 25
.
. .
16 to 30
days.
31 to 60
days.
61 to 90
days.
1,'440,'942
1,193,472
1,283,470
259,574
245,573
246,996
291,222
335,105
473,116
486,228
508,484
495,258
" 469 460
264,006
289,520
257,812
237,256
259,993
117,630
112 306
101,902
119,338
120,799
72,806
91,779
88,285
77,966
83,588
182,153
163 403
166,942
153 773
152,918
46,011
43 200
46,767
47 514
41,880
18,098
8,300
18,237
86 316
62,873
3,962
4,796
6,982
8,655
7,559
13,385
11,560
13,172
8 600
13,100
13,106
35,869
24,200
27 918
29,867
Over 90
days.
61 991
62,706
68 716
78,929
83 766
Total.
2 519 431
2,564,258
2 522 950
2,296,137
2 431 794
418 600
410 688
403,896
398 591
399 185
230,980
214,291
217 517
215 602
212,035
279,531
274,816
280 108
347 091
325,434
FEDERAL RESERVE NOTES.
Federal Reserve note account of each Federal Reserve Bank at close of business on Fridays, May 28 to June 25, 1920.
[In thousands of dollars.]
Boston.
Federal Reserve notes:
Received from Federal
Reserve a g e n t May 28
June 4
June 11
June 18
June 25
Held by Federal Reserve
BankMay 28
June 4
June 11
June 18
June 25
In actual circulation—
May 28
June 4
June 11
June 18
June 25
Gold deposited with or to credit
of Federal Reserve agentMay 28
June 4
June 11
June 18
June 25
Paper delivered to Federal
Reserve agent:
May 28
June 4
June 11
June 18
June 25
281,140
287,337
288.621
287,878
288,796
7,196
8,984
10,624
8,795
8,179
I
New
Yoric.
Phila- Cleve- Richdelphia. land. mond.
Atlanta.
Chicago.
St.
Minne- Kansas
Louis. apolis. City. Dallas.
579,961
579,619
581,787
581,363
583,923
146,447
145,996
144,606
144,333
144,320
81,115
80,729
80,281
79,884
79,410
44,731 17,363
39,724 16,695
47,833 16,941
49,462 16,784
52,474 18,031
1,932
1,564
1,408
1,398
1,682
323,186
322,447
325,372
325,344
328,508
124,700
125,952
125,818
126,806
126,717
149,413
150,048
148,202
144,993
144,589
12,222
108,539
105,262 13,408 16,390
113,632 10,777 10,171
115,546 12,107 18,318
120,817 11,694 12,719
3,948
4,705
5,209
4,954
4""~
4,333
3,884
5,132
4,419
3,997
963,366
967,069
964,634
970,374
980,049
257,911
262,633
261,676
259,394
260,479
273,944
278,353
277,997
279,083
280,617
854,827
861,807
851,002
854,828
859,232
249,091
249,225
250,899
247,287
248,785
310,964
308,057
315,201
307,026
315,789
120,752
121,247
120,609
121,852
122,109
145,080
146,164
143,070
140,574
140,592
118,453
115,850
112,934
119,692
116,509
285, ,599
285,182
284, 532
284,137
283,547
87,384 146,898
• 87,705 144,059
87,749 141,485
86,466 144,856
86,652 149,321
36,960
35,492
33,658
42,686
40,797
50,934
50,889
52, 513
50,603
49,034
204,576
981,794" 184,213 223, 725 105,945
200,619 1,016,753 188,756 214,030 108,458
202,796 1,004,831 190,575 215,114 102, 951
190,109 873, 767 182,167 205.248 101, 549
175,059 225,563 104,064
179,399
122,202
119,286
123,167
116,278
118,673
535,230
539,895
533,954
531,901
531,449
129,084
129,301
127,665
127,549
126,289
Total.
102,736 86,048, 263,470 3,359,493
103,414 86,824 265,121 3,377,189
102,947 86,322 265,762 3,376,028
103,755 85,527 266,175 3,375,826
103,582 85,910 269,885 3,396,168
5,164
4,325
5,034
5,391
5,960
4,040 34,184
3,147 31,810
3,738 33,324
3,073 30,769
3,559 35,730
252,472
249,898
263,823
271,016
279,450
79,183 97,572 82,008 229,286 3,107,021
79,165 99,089 83,677 233,311 3,127,291
78,873 97,913 82,584 232,438 3,112,205
78,486 98,364 82,454 235,406 3,104,810
77,728 97,622 82,351 234,155 3,116,718
169,826 44,583
166,944 45,931
163,392 45,742
178,688 45,729
174,208 45,416
32,834
32,698
32,300
32,404
32,329
482,837
492,863
479, 443
468,619
481,513
67,154
67,597
64,883
60,851
68,367
113, 540
114,349
108,794
108,948
110,311
San
Francisco.
34,190 26,403 77,976 1,112,040
37,207 27,539 81,368 1,110,864
36,190 26,668 86,588 1,103, 751
35,838 25,663 115,022 1,161,784
36,265 25,186 110,911 1,150,175
113,253 75,046 193,819
108,070 79,235 198,659
109,360 74,328 186,694
112,388 68,367 152,911
112,218 73,880 170;489
2, 865,104
2,908,673
2,862,936
2,641,202
2,788,397
752
JULY,
FEDERAL RESERVE BULLETIN.
1920.
Federal Reserve note account of each Federal Reserve agent at close of business on Fridays, May 28 to June 25, 1920.
[In thousands of dollars.]
Boston.
Federal Reserve notes:
Received from Comptroller—
May28
June 4
June 11
June 18
June 25
Returned to Comptroller—
May28
June 4
June 11
June 18
June 25
Chargeable to Federal Reserve agent—
May28
June 4
June 11
June 18
June 25
In hands of Federal Reserve agent—
May28
June 4
June 11
June 18
June 25
Issued to Federal Reserve
Bank, less amount returned to Federal Reserve agent for redemptionMay 28
June4
June 11
June 18
June 25
Collateral held as security for
outstanding notes:
Gold and gold certificatesMay 28
June 4
June 11
June 18
June 25
Gold redemption fund—
May 28
June 4
June 11
June 18
June 25
Gold settlement fund, Federal Reserve B o a r d May 28
June 4
June 11
June 18
June 25
Eligible paper, minimum
required i—
May 28
June 4
June 11
June 18
June 25
New
York.
Phila- Clevedelphia land.
Richmond.
Atlanta.
Chi-'
cago.
St.
Minne- Kansas
Louis. apolis. City. Dallas.
San
Francisco.
Total
573,900
576,500
588,900
598,300
598,300
2,167,640
2,174,240
2,175,200
2,188,300
2,199,600
583,200
583,200
595,580
600,080
600,080
587,800
591,000
593,600
597,220
600,940
325,600
326,600
328,360
330,920
332,280
344,5001,027,520
345,540 1,033,760
348,5401,040,280
350,0001,040,280
350,980 1,056,480
323,720
328,320
328,820
331,460
332,860
166,580
166,580
166,580
166,580
166,580
221,560
222,520
223,520
225,480
226,180
163,780
164,780
164,780
165,660
167,660
446,740
449,400
451,820
455,300
459,620
6,932,540
6,962,440
7,005,980
7,049,580
7,091,560
243,860
246,463
249,379
252,722
255,804
1,077,274
1,080,171
1,083,566
1,087,726
1,090,951
293,609
295,287
297,244
299,526
301,341
234,934
237,773
240,348
241,976
245,512
168,306
169,774
171,608
173,080
174,969
132,047
133,092
134,968
136,877
138,446
394,399
397,281
400,833
405,537
410,017
163,433
165,384
167,674
169,487
171,700
73,740
74,376
75,074
75,771
76,545
113,634
114,616
115,633
116,985
117,558
67,157
68,021
68,893
69,898
70,875
179,320
180,929
182,708
184,275
186,385
3,141,713
3,163,167
3,187,928
3,213,860
3,240,103
330,040
330,037
339,521
345,578
342,496
1,090,366
1,094,069
1,091,634
1,100,574
1,108,649
289,591
287,913
298,336
300,554
298,739
352,866
353,227
353,252
355,244
355,428
157,294
156,826
156,752
157,840
157,311
212,453
212,448
213,572
213,123
212,534
633,121
636,479
639,447
634,743
646,463
160,287 92,840 107,926 96,623 267,420 3,790,827
162,936 92,204 107,904 96,759 268,471 3,799,273
161,146 91,506 107,887 95,887 269,112 3,818,052
161,973 90,809 108,495 95,762 271,025 3,835,720
161,160 90,035 108,622 96,785 273,235 3,851,457
48,900
42,700
50,900
57,700
53,700
127,000
127,000
127,000
130,200
128,600
31,680
25,280
36,660
41,160
38,260
29,680
30,780
27,880
29,900
26,920
32,594
30,874
30,934
31,034
30,594
63,040
62,400
65,370
68,130
67,945
53,160
56,860
57,660
53,380
62,540
281,140
287,337
288,621
287,878
288,796
963,366
967,069
964,634
970,374
980,049
257,911
262,633
261,676
259,394
260,479
323,186
322,447
325,372
325,344
328,508
124,700
125,952
125,818
126,806
126,717
149,413
150,048
148,202
144,993
144,589
579,961
579,619
581,787
581,363
583,923
900
900
900
900
900
195,734
195,734
195,734
196,608
196,608
15,553
17,950
15,034
16,792
18,609
102,000
97,000
97,000
102,000
97,000
162,687
171,487
175,687
168,186
172,—
32,025
32,025
32,025
32,025
32,025
2,500
2,500
2,500
2,500
2,500
5,190
4,490
4,940
4,740
5,040
10,575
9,935
9,565
10,235
10,875
3,950
3,350
3,350
4,850
3,350
431,334
422,084
442,024
459,894
455,289
146,447 81,115 102,736
145,996 80,729 103,414
144,606 80,281 102,947
144,333 79,884 103,755
144,320 79,410 103,582
86,048
86,824
86,322
85,527
85,910
263,470
265,121
265,762
266,175
269,885
3,359,493
3,377,189
3,376,028
3,375,826
3,396,168
3,810
4,010
4,010
3,810
3,810
13,052
13,052
13,052
13,053
13,052
10,331
10,331
10,331
10,331
10,331
13,840
16,940
16,540
17,640
16,840
11,725
11,475
11,225
10,925
10,625
2,000
4,838 16,82:
5,974 15,712
5,103 14,345
6,098 21,011
5,121 19,502
258,352
258,552
258,552
261,227
259,226
106,675
108,698
108,897
113,987
113,081
19,873
17,034
14,460
17,831
17,296
1,460
2,992
4,158
2,686
3,797
3,434
2,389
3,013
3,103
4,034
8,681
8,799
9,247
9,543
9,063
2,142
2,191
3,901
2,088"
1,875
1,182
1,046
1,648
1,751
1,677
3,330
2,347
3,330
1,978
3,405
73,000 74,889 95,000
73,000 71,889 95,000
73,000 68,889 95,000
73,000 69,889 95,000
73,000 71,889 100,000
35,500
32,500
29,500
40,000
37,000
45,000
46,000
47,000
45,000
42,500
161,145
158,145
154,145
169,145
165,145
38,631
39,730
37,831
39,831
39,731
18,600
18,600
17,600
17,600
17,600
30,860
34,860
32,8S0
33,860
32,860
11,234
11,234
11,234
9,234
9,734
61,154
65,656
72,24a
92,011
91,409
747,013
743,614
736,302
786,570
777,868
170,527
174,928
173,927
172,928
173,827
87,740
90,460
92,160
84,120
85,920
98,479
99,159
95,689
94,390
95,555
410,135 101,864
412,675 100,065
418,395 98,864
402,675 98,604
409,715 98,904
48,281
48,031
47,981
68,546
66,207
66,757
47,480 67,917
47,081 67,317
59,645
59,285
59,654
59,
60,724
185,494
183,753
179,174
151,153
158,"'
2,247,453
2,266,325
2,272,277
2,214,042
2,245,993
16,865 12,495
16,448 15,816
15,798 18,860
14,529 16,577
13,939 14,763
677,767
681,887
680,102
686,237
696,502
176,288
178,388
183,887
180,488
179,187
* For actual amounts see " Paper delivered to Federal Reserve agent," on page 75L
JULY, 1920.
FEDERAL RESERVE BULLETIN.
753
CONDITION OF MEMBER BANKS IN LEADING CITIES.
Treasury operations, including the issuance
on May 17 of about 103 millions of 6-month
loan certificates and the whole series of Government transactions connected with the collection of the June 15 installment of income
and excess profits taxes, affected to a large
extent the conditions of the 814 "reporting"
member banks during the 5-week period
between May 14 and June 18. Treasury borrowings and certificate flotations account
largely for the changes shown in the United
States security and Government deposit accounts, also in the loan accounts of the member
banks with the Federal Reserve Banks, while
the large June 15 tax payments resulted in
temporary reduction of the banks' demand
deposits and in increasing the customers'
loans and discounts carried by the reporting
banks.
During the period under review the reporting banks, largely in New York City, increased
their holdings of United States bonds by nearly
4 millions, while reducing their Victory note
holdings by a slightly smaller amount. Treasury certificate holdings on May 21, following
the issue of the May 17 series of 102 million,
show an increase of 37 millions, but declined
gradually during the following 3 weeks. The
combined effect of the redemption on June 15
of nearly 700 millions of tax certificates and
the issue on the same date of over 419 of
new certificates bearing higher interest rates
is seen in a further drop of over 70 millions in
these holdings. This is a decrease of about 88
millions since May 14 and of 347 millions since
the beginning of the year. Developments in
New York City were somewhat different, the
member banks there reporting increases in
certificate holdings both after the May 17 and
June 15 issues, the higher interest rates (5f
and 6 per cent) apparently inviting larger than
ordinary investments by the New York banks
in the newly issued securities. -Loans secured
by Government war obligations, on the whole,
followed a downward course during the 5
weeks under review, the June 18 total of 1,026
millions being 63 millions below the May 14
total. For the New York banks a corresponding decrease from 512 to 470 millions may be
noted. Loans secured by stocks and corporate
bonds held on June 18 are given as 3,113
millions, or about 9 millions above the total
shown five weeks earlier. For the New York
City banks an increase in this item from 1,154
to 1,175 millions is shown.
Since the beginning of the year aggregate
holdings of United States securities by the
reporting institutions have decreased 413
millions, while their loans upon such securities
187639°—20
7
(including amounts rediscounted with the
Federal Reserve Banks) have decreased about
263 millions. There is also shown for the same
period a reduction of 293 millions in loans
secured by corporate securities. As against
these decreases, other loans and investments,
including commercial loans and discounts
proper, show an increase of 1,337 millions, the
net result being an increase since the beginning
of the year of 368 millions in the total loans and
investments of the reporting institutions.
From about 18 per cent at the beginning of
the year, the ratio of combined holdings of
United States war securities and loans supported by such securities to total loans and investments of reporting banks has gone down to
less than 14 per cent. In New York City, because of the much smaller increase in unspecified loans and investments, the total loans and
investments since the beginning of the year
show a reduction of 157 millions, while the
ratio of war securities and loans based thereon
to total loans and investments declined from
21 to about 17 per cent.
Since May 14 accommodation of reporting
banks at the Federal Reserve Banks (as shown
by the latter's books) has been reduced by
about 294 millions, from 2,127 to 1,833 millions,
about three-fourths of the decrease taking
place during the last week under review. On
June 18 the Federal Reserve borrowings of
the reporting institutions were composed of
956 millions of paper secured by United States
Government obligations, compared with 1,236
millions five weeks earlier, and of 877 millions
of ordinary commercial paper, as against 892
millions of such paper shown at the earlier
date. Most of the decrease is shown in the
amount of the banks' own notes secured by
Treasury certificates.
The ratio of total accommodation at the
Federal Reserve Banks to the total loans and
investments of the reporting banks decreased
from 12.5 to 10.8 per cent. For the New York
City banks this ratio shows a decline for the
five weeks from 12 to 9.7 per cent.
Following the issuance of the May 17 series
of certificates and the collection of the June 15
tax installment, Government deposits show
notable increases, though the maximum shown
for the five-week period, 268 millions, is considerably below the average held by the
Treasury with reporting banks in the beginning of the year. Other demand deposits
(net) show relatively small fluctuations, the
June 18 total of 11,513 millions being about 49
millions below the May 14 total. Time deposits after slight declines during the first two
weeks assumed an upward course, the June 18
754
FEDERAL. RESERVE BULLETIN.
total, 2,684 millions, being about 29 millions
larger than the total reported five weeks earlier.
Reserve balances with the Federal Reserve
Banks until the latest week likewise moved
within narrow limits. The reduction in this
item by about 60 millions indicated on June
18 follows the considerable reduction of borrow-
JULY,
1920.
ings from the Reserve Banks. Cash in vault,
largely Federal Reserve notes, varied between
385 millions on June 4 and 363 millions on
May 28. On June 18 the total was about 366
millions, or about 5 millions below the total
held five weeks before.
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 May 21 to June 18, 1920.
1. ALL REPORTING MEMBER BANKS.
[In thousands of dollars.]
NewYork.
Boston.
Number of reporting
banks:
May 21
May 28
June 4
June 11
June 18
United States bonds to
secure circulation:
May 21
May 28
June 4
June 11
June 18
Other United States
bonds, i n c l u d i n g
Liberty bonds:
May 21
May 28
June 4
June 11
June 18
United States Victory
notes:
May 21
May 28
June 4
June 11
June 18
United States certificates of indebtedness:
May 21
May 28
June 4
June 11
June 18
Total United States
securities owned:
May 21
May 28
June 4
June 11
June 18
Loans secured by Government war obligations, including rediscounts with Federal Reserve Bank:
May 21
May28
June 4
June 11
June 18
Loans secured by stocks
and bonds, other
than United States
securities:
May21
May28
June 4
June 11
June 18
All other loans and investments, including
rediscounts with Federal Reserve Bank:
May 21
May 28
June 4
June 11
June 18
Philadelphia.
Cleveland.
117
117
115
115
115
Richmond.
Atlanta.
Minne- Kansas
St.
San FranChicago. Louis.
apolis. City. Dallas. cisco.
107
107
107
107
107
82
Total.
814
814
812
813
814
13,011
12,961
12,311
12,311
12,311
47,448
47,398
46,753
46,658
46,658
11,347
11,340
11,347
11,347
11,347
41,875
41,872
41,874
41,874
41,874
27,625
27,729
27,979
28,061
28,211
14,015
14,015
14,015
14,120
14,135
21,450
21,449
21,526
21,549
21,549
16,926
16,925
16,925
16,924
16,925
7,271
7,271
7,271
7,321
7,321
15,286
15,286
15,311
15,311
15,316
19,573
19,573
19,573
19,573
19,573
34,466
34,485
34,485
34)485
34,485
270,293
270,304
269,370
269,534
269,705
13,795
14,103
" 14,029
13,971
13,979
246,674
249.186
249 733
251,274
250,203
29,762
28,929
29,633
28,926
30,335
60,200
59,646
60,002
61,630
60,700
34,037
33,609
34,227
34,158
33,991
28,334
28,418
28,312
28,509
28,306
65,731
62,404
61,711
6i,475
64,140
12,860
12,487
12,445
12,808
12,835
9,784
9,754
9,815
9,846
9,928
23,448
23,957
23,882
22,403
22,126
18,080
18,268
19,161
19,168
19,292
61,499
61,223
61,659
60,999
61,892
604,204
601,984
604,609
605,167
607,727
7,169
7,069
7,143
7,084
7,086
87,975
89,633
89,436
88,721
86,907
9,460
9,330
9,374
9,317
9,250
19,946
19,650
19,591
19,978
19,592
8,237
7,996
7,980
7,896
7,885
4,522
4,171
4,263
4,193
4,167
40,253
40,058
40,155
40,187
40,253
2,804
2,715
2,706
2,873
2,679
1,532
1,505
1,519
1,537
1,384
4,312
4,368
4,380
4,598
4,588
3,608
3,448
3,446
3,477
3,432
12,719
12,947
12,741
12,561
12,684
202,537
202,890
202,734
202,422
199,907
37,678
36,322
38,005
34,972
29,332
291,568
274,404
264,082
247,422
251,266
54,990
53,683
53,422
52,526
44,649
35,797
35,522
36,072
36,400
34,995
19,121
18,636
18,252
17,703
13,735
19,536
19,270
19,134
19,143
10,484
82,168 14,118
82,129 10,069
82,798 10,014
82,725 8,622
67,216 7,452
9,281
9,283
8,657
9,314
7,030
11,542
11,004
10,540
10,155
10,444
19,758
20,105
22,690
22,976
6,624
39,713
38,759
39,775
39,231
27,266
635,270
609,186
603,441
581,189
510,493
71,653
70,455
71,488
68,338
62,708
673,665
660,621
650,004
634,075
635,034
105,559
103,282
103,776
102,116
95,581
157,818
156,690
157,539
159,882
157,161
89,020
87,970
88,438
87,818
83,822
66,407
65,874
65,724
65,965
57,092
209,602
206,040
206,190
205,936
193,158
46,708
42,196
42,090
41,227
39,891
27,868
27,813
27,262
28,018
25,663
54,588
54,615
54,113
52,467
52,474
61,019
61,394
64,870
65,194
48,921
148,397
147,414
148,660
147,276
136,327
1,712,304
1,684,364
1,680,154
1,658,312
1,587,832
57,236
55,674
57,815
54,006
53,924
522,118
525,703
510,816
512,828
499,436
98,422
99,743
95,455
94,776
96,693
78,340
80,532
80,160
79,097
78,584
35,532
35,885
35,217
34,648
33,751
26,565
26,725
27,581
28,302
28,296
112,681
111,516
109,905
108,349
106,539
38,775
38,647
39,102
38,177
38,907
18,906
18,211
18,005
18,170
18,392
23,695 10,909
24,409 11,317
24,969 11,729
26,849 12,043
27,009 11,930
194,075
191,405
190,780
188,028
192,578
1,332,509
1,330,079
1,337,055
1,320,236
1,330,462
199,354
198,846
196,694
194,723
197,879
344,350
336,209
338,229
344,403
341,616
109,588
108,023
107,041
107,016
106,668
62,950
61,876
59,216
62,960
58,365
453.896
461,776
456.897
459,161
467,395
130,944
131,335
129,653
128,331
126,515
31,919
33,497
31,831
31,032
30,744
79,264
79,581
79,185
78,878
79,215
36,894
35,236
36,081
35,802
36,703
147,771
147,591
148,376
144,932
145,001
3,123,514
3,115,454
3,111,038
3,095,502
3,113,141
786,496
790,859
786,875
795,755
797,232
3,832,795
3,874,808
3,883,635
3,910,315
3,954,696
557,637
565,052
568,069
573,566
573,551
897,272
905,336
895,969
904,890
912,184
384,077
383,330
388,481
389,018
387,778
411,870
411,196
411,195
410,210
414,674
1,756,621
1,757,232
1,759,044
1,746,675
1,759,370
429,106
425,232
415,707
409,374
414,327
302,086
296,143
296,860
291,646
287,738
527,849
517,575
517,961
513,890
513,615
253,520
250,837
241,453
243,381
238,681
948,377
951,962
968,998
984,942
977,395
11,087,706
11,129,562
11,134,247
11,173,662
11,231,241
33,117 1,056,296
33,228 1,061,590
33,330 1,044,084
33,016 1,040,261
32,764 1,026,225
JULY, 1920.
755
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 qf business on Fridays, from May 21 to June 18', 1920—Con.
1. ALL REPORTING MEMBER BANKS—Continued.
[In thousands of dollars.]
Total loans and investments, including rediscounts with Federal Reserve Bank:
May21
May 28
June 4
June 11
June 18
Reserve balances with
Federal Reserve
Bank:
May 21
May28
June 4
June 11
June 18
Cash in vault:
May 21
May 28
June 4
June 11
. June 18
Net demand deposits
on which reserve is
computed:
May21
May 28
June 4
June 11
June 18
Time deposits:
May 21
May 28
June 4
June 11
June 18
Government deposits:
May 21
May28
June 4
June 11
June 18
Bills payable with Federal Reserve Bank:
Secured by United
States war obligationsMay 21
May 28
June 4
June 11
June 18
All otherMay 21
May28
June 4
June 11
June 18
Bills rediscounted with
F e d e r a l Reserve
Bank:
Secured by United
States war obligationsMay 21
May 28
June 4
June 11
June 18
All other—
May21
May 28
June 4
June 11
June 18
Boston.
New
York.
1,109,460
1,108,393
1,106,958
1,106,127
1,106,442
6,361,087
6,391,211
6,381,510
6,377,454
6,419,788
99,897
Philadelphia.
Cleveland.
Richmond.
Atlanta.
960,972 .,477,780 618,217 567,792
966,923 .,478,767 615,208 365,671
963,994 .,471,897 619,177 563,716
965,181 ,488,272 618,500 567,437
963,704 ,489,545 612,019 558,427
Chicago.
San FranMinne- Kansas
St.
Louis. apolis. City. Dallas.
cisco.
Total.
,532,800 545,533 580,779 685,396 362,342 1,277,662
,536,564 537,410 375,664 676,180 358,784 1,280,195
,532,036 526,552 173,958 676,228 354,133 1,299,364
,520,121 •17,109 168,866 672,084 356,420 1,310,166
,526,462 119,640 162,537 672,313 336,235 1,291,487
16,979,820
16,990,970
16,969,523
16,967,737
16,958,599
21,550 45,925 25,287
21,971 46,675 25,805
23,979 42,628 23,483
22,611 43,758 25,314
21,059 43,090 24,160
79,052
78,227
80,445
79,424
78,189
1,410,761
1,415,397
1,419,343
1,428,233
1,368,251
83,362
84,982
82,586
78,683
670,434 67,404
702,281 64,547
696,505 65,387
706,378 65,047
663,581 62,679
98,251
96,859
98,334
97,883
97,159
37,240
34,178
38,482
38,200
38,285
33,743
33,400
33,117
35,543
30,069
191,543
189,345
191,569
190,707
190,596
40,435
38,747
40,432
40,782
40,701
25,465
24,415
25,948
25,356
24,236
124,207
121,003
127,578
123,655
120,323
16,179
15,775
18,203
17,481
17,261
33,045
31,438
35,446
34,366
35,045
18,108
18,436
19,141
18,251
17,623
13,382
13,798
14,445
13,656
13,302
65,329
65,003
69,975
69,123
67,828
10,635
10,347
10,511
9,912
9,738
8,910
9,048
9,122
8,551
8,656
14,840
14,767
15,463
16,179
14,927
10,824
10,860
11,969
10,960
10,145
27,408
27,859
27,093
26,051
27,007
368,332
362,749
384,894
373,541
366,091
824,447
816,881
823,148
835,635
812,790
5,283,951
5,360,664
5,306,276
5,297,186
5,286,562
676,929
673,682
669,937
674,876
662,395
874,823
873,743
889,214
898,291
895,416
350,225
342,064
348,383
346,644
341,865
280,439
280,902
287,194
278,283
271,410
1,408,394
1,417,058
1,404,705
1,428,010
1,434,444
119,670
111,391
107,947
120,347
120,350
214,274
221,522
223,450
227,901
215,756
426,894
424,738
419,752
427,052
420,258
232,545
230,948
232,098
234,015
229,079
610,942
605,500
622,917
627,465
622,479
11,503,533
11,559,093
11,535,021
11,595,705
11,512,804
138,012
138,163
137,613
137,956
144,782
408,107
408,318
409,483
409,322
419,169
32,822
32,798
32,774
32,769
32 903
364,395
363,999
365,427
364,467
363,696
104,786
104,923
103,978
104,047
103,810
.51,004
.51,421
.51,783
.51,772
.51,544
619,584
620,162
622,936
625,719
621,492
.23,794
23,717
24,138
23,986
.24,461
63,468
63,312
63,658
63,521
64,266
97,231 48,318
97,787 48,258
98,936 49,192
98,610 49,036
97,681 49,332
491,821
492,847
508,059
509,503
511,371
2,643,342
2,645,705
2,667,977
2,670,708
2,684,497
8,155
5,011
3,402
3,402
20,015
60,465
35,348
23,264
23,262
129,632
7,012
4,875
3,514
3,514
18,165
9,348
7,668
5,676
5,732
22,760
2,291
1,646
1,182
1,104
3,508
2,452
1,532
764
647
4,101
10,449
8,880
7,072
6,772
36,624
3,485
2,621
1,924
1,904
7,514
532
251
160
160
907
2,487
2,153
1,652
1,652
1,494
897
700
600
3,123
6,943
4,717
3,272
3,272
12,595
115,113
75,599
52,582
52,021
267,613
39,383
41,615
38,314
36,727
30,098
333,325 90,424
334,894 87,678
346,512 87,381
356,267 87,350
278,004 72,128
52,809 47,476 41,220
48,609 49,574 39,877
43,576 48,553 39,287
51,658 48,578 38,243
41,124 41,346 30,592
121,379
121,962
122,106
120,792
88,282
32,589
31,229
28,806
25,695
22,740
12,967
12,796
11,647
11,094
9,604
29,190
28,394
27,821
22,574
23,929
31,905
31,105
32,807
29,373
13,208
38,326
38,778
38,298
36,032
21,443
870,993
866,511
865,108
864,383
672,498
350
350
250
350
450
60
60
60
60
85
215
200
385
535
385
485
285
1,055
1,438
1,752
1,897
1,174
4,296
3,792
3,464
3,507
3,626
4,987
5,177
5,420
6,433
6,285
1,066
1,184
1,613
1,287
2,437
2,486
2,384
2,311
1,977
295,882
292,925
283,969
291,319
283,837
64,257 18,598
64,668 18,970
59,913 17,368
58,103 17,176
60,676 15,489
69,702
65,237
58,255
66,449
59,455
891,283
899,264
941,004
896,054
875,761
36
223
673
573
100
45
70
348
429
254
31,164
31,049
28,172
25,956
25,280
145,390
139,386
131,999
139,562
131,034
55,471
56,097
55,790
56,463
58,796
13,298
16,082
15,855
14,077
14,361
6,976
7,687
7,325
6,945
6,343
5,834
6,324
5,934
7,468
7,822
51,787
48,910
56,917
52,832
57,028
184,375
197,429
237,863
221,963
199,157
21,038
23,126
25,274
26,413
26,209
43,323
41,950
41,655
35,965
38,114
26,264
28,500
29,608
30,500
31,454
46,697
47,828
45,142
48,251
46,233
12,380 12,750
10,831 12,948
12,875 13,567
14,184 12,800
15,416 11,610
234,336
231,946
242,815
22.5,619
230,885
77,445 53,461
77,126 53,574
77,538 48,656
66,702 46,081
65,397 45,664
756
FEDERAL RESERVE BULLETIN.
JULY, 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 May 21 to June 18, 1920—Con.
2. MEMBER BANKS IN FEDERAL RESERVE BANK CITIES.
[In thousands of dollars !\
Boston.
Number of reporting
banks:
May21
May 28
June 4
June 11
June W,
United States bonds to
secure circulation:
May 21
May28
June 4
June 11
June 18
Other United States
bonds, including Liberty bonds:
May21
May28
June 4
June 11
June 18
United States Victory
notes:
May 21
May 28
June 4
June 11
June 18
United States certificates of indebtedness:
May 21
May28
June 4
June 11
June 18
Total United States
securities owned:
May 21
May 28
June 4
,
June 11
June 18
Loans secured by Government war obligations, including rediscounts with Federal Reserve Bank:
May 21
May 28
June 4
June 11
June 18
,
Loans secured by stocks
and bonds, other
than United States
securities:
May 21
May 28
June 4
June 11
June 18
,
All other loans and investments, including
rediscounts with Federal Reserve Bank:
May 21
May 28
June 4
June 11
June 18
Total loans and investments, including
rediscounts with Federal Reserve Bank:
May 21
May 28
June4
June 11
June 18
Reserve balances with
F e d e r a l Reserve
Bank:
May 21
May 28
June 4
June 11
June 18
,
New
York.
Philadelphia.
Cleveland.
Richmond.
Atlanta.
Minne- Kansas Dallas. San Fran
St.
Chicago. Louis.
apolis. City.
Cisco.
Total.
279
279
278
279
3,664
2,782
3,664
2,782
3,664 .2,782
3,664 *2,782
3,664
2,782
3,100
3,100
3,100
3,100
3,100
1,438
1,438
1,438
1,438
1,438
10,296
10,295
10,295
10,294
10,295
2,791
2,791
2,791
2,791
2,791
4,946
4,946
4,946
4,946
4,946
4,560
4,560
4,560
4,560
4,560
18,481
18,500
18,500
18,500
18,500
100,127
100,045
98,750
98,654
98,655
7,289
7,289
7,294
7,273
7,294
4,824
4,825
4,823
4,800
4,800
1,868
1,867
1,868
1,852
1,851
28,610
26,360
25,457
24,328
26,787
4,645
4,338
4,370
4,610
4,667
1,848
1,839
1,883
1,931
1,940
7,963
8,344
8,475
7,154
7,161
3,110
3,139
4,178
4,109
4,351
36,760
36,659
36,880
36,447
36,281
337,926
337,770
340,132
337,998
340,757
6,793
6,671
6,727
6,674
6,616
2,310
2,309
2,309
2,275
2,275
256
187
181
183
165
228
222
318
313
239
12,549
12,414
12,567
12,407
12,540
701
615
707
610
183
183
207
206
206
2,061
2,185
2,142
2,477
2,454
901
889
899
899
906
3,900
3,987
4,098
4,068
4,164
107,762
109,121
109,498
109,185
107,691
27,385
26,377
27,990
25,275
19,272
273,081 51,954
256,043 50,650
246,174 50,391
229,475 49,475
233,005 42,019
6,558
6,804
6,730
6,286
6,324
1,434
1,361
1,331
1,331
1,466
2,093
2,111
2,014
2,032
1,226
34,110
33,822
33,113
33,079
25,465
12,106
8,030
7,941
6,496
5,636
4,204
4,319
3,713
3,859
2,775
4,434
3,876
3,400
3,008
5,203
11,867
12,104
14,677
14,705
1,886
20,983
20,216
19,644
19,793
13,029
450,209
425,713
417,118
394,814
357,306
35,664
34,824
35,789
33,003
27,014
601,854
589,164
579,676
563,804
564,526
88,653
86,291
86,807
85,141
79,092
19,821
20,066
19,997
19,498
19,557
9,296
9,155
9,117
9,096
9,213
7,289
7,300
7.300
7,297
6,416
76,707
74,034
72,575
71,252
66,230
27,748
23,278
23,244
22,107
21,208
9,132
8,594
8,787
7,712
19,404 20,438
19,351 20,692
18,963 24,314
17,585 24,273
19,764 11,703
80,124
79,362
79,122
78,808
71,974
996,024
972,649
965,498
940,651
904,409
47,369
45,849
48,057
45,077
44,995
492,392 93,362
494,941 95,108
481,274 90,798
483,410 90,020
470,236 92,001
21,908
21,936
21,850
21,748
2A, 918
9,281
9,466
9,199
9,344
9,329
4,267
4,291
4,359
4,517
4,544
78,088 25,801
77,089 25,384
75,442 26,013
74,766 25,130
72,911 25,860
8,946
8,623
8,656
8,666
9,075
9,354
9,387
9,417
11,357
11,585
4,585
4,863
5,159
5,185
5,266
15,179
15,064
16,269
16,128
15,730
810,532
812,001
796,493
795,348
783,450
8,438
7,580
7,964
7,405
7,507
68,177
68,340
70,545
68,063
68,186
2,197,558
2,197,810
2,199,931
2,179,332
2,202,055
2,981
2,931
2,281
2,281
2,281
4,929
5,245
5,172
5,105
5,121
369
271
346
342
340
37,751
37,701
37,056
36,961
36,961
7,337
7,337
7,337
7,337
7,337
213,511 22,569
216,232 21,633
217,380 22,352
218,734 21,655
217,384 23,120
77,511
79,188
79,066
78,634
77,176
147,605
145,130
145,098
142,631
146,053
1,175,786
1,174,846
1,181,173
1,167,308
1,175,256
179,564
179,106
177,169
175,116
178,575
116,766
116,674
117,093
118,560
117,496
15,227
14,918
14,959
14,945
15,011
14,601
14,378
14,234
13,981
13,850
34,879
34,672
34,177
34,168
34,162
10,006
9,327
9,558
9,561
10,268
565,953
571,448
566,406
575,865
577,418
3,365,018
3,403,498
3,409,577
3,435,658
3,482,429
490,484
496,494
500,662
504,621
504,309
278,639
276,681
276,385
279,896
278,986
72,294 63,875 1,047,322 287,408 145,157
70,945 62,907 1,048,603 283,505 144,564
72,148 65,090 1,047,615 279,104 142,996
73,324 68,108 1,035,541 274,083 142,032
73,994 70,785 1,051,879 279,566 136,815
188,313
182,064
184,166
179,742
179,608
61,000
58,240
52,288
55,114
53,760
796,591
797,251
795,350
796,576
795,480
5,635,050
5,662,449
5,651,700
5,650,180
5,692,607
852,063
856,999
855,436
854,898
853,977
437,134
435,357
435,325
439,702
437,957
60,231
657,189 57,143
649,228 58,266
661,989 57,958
617,682 55,856
25,570
27,330
26,245
27,089
26,059
84,471
66,424
68,669
65,362
61,234
334,230
340,553
337,573
338,537
348,103
92,279
92,286
90,388
89,057
87,588
177,730 251,950 96,029
106,098 83,869 1,536,347
104,484 82,078 1,540,279 424,453 176,697 245,474 93,122
105,423 84,713 1,533,205 418,749 174,480 246,723 91,319
106,709 87,327 1,520,096 410,377 173,466 242,852 94,133
107,547 89,252 1,539,123 414,222 167,452 245,119 • 80,997
5,924
5,337
7,209
5,965
5,637
5,726
6,512
5,446
7,074
5,965
136,113 30,430
132,423 28,692
135,009 30,534
134,168 30,605
131,679 30,755
9,394 14,068
10,071 12,544
11,765 11,958
10,104 12,975
12,666
6,557
6,941
5,608
6,078
5,001
453,612 7,019,075
450,005 7,048,954
468,422 7,064,859
483,144 7,107,128
484,422 7,173,971
617,092
612,771
634,358
646,143
640,312
11,023,189
11,031,414
11,026,781
11,022,459
11,064.045
34,616 1,039,934
34,599 1,045,205
36,747 1,046,684
35,360 1,054,727
996,425
34,598
757
FEDERAL RESERVE BULLETIN.
JULY, 1920.
Principal resources and liabilities of member banks in leading cities, including member banks located in Federal Reserve Bank
oities and in Federal Reserve Branch cities as at close of business on Fridays, from May 21 to June 18,1920—Con.
X MEMBER BANKS IN F E D E R A L R E S E R V E BANK CITIES—Continued,
fin thousands of dollars.]
Boston.
Cash in vault:
May 21
May 28
June 4
June 11
June 18
Net demand deposits
on which reserve is
computed:
May21
May 28
June 4
June 11
June 18
Time deposits:
May 21
May 28
June 4
June 11
June 18
Government deposits:
May 21
May 28
June 4
June 11
June 18
Bills payable with
Federal Reserve
Bank:
Secured by United
States war obligations—
May 21
May 28
June 4
June 11
June 18
Bills rediscounted with
Federal Reserve
Bank:
Secured by United
States war obligationsMay 21
May 28
June 4
June 11
June 18
All o t h e r May 21
May 28
June 4
June 11
June 18
New
York.
Philadelphia.
Cleveland.
Richmond.
Atlanta.
San FranSt.
Minne- Kansas
Chicago. Louis.
apolis. City. Dallas. cisco.
Total.
14,573
14,178
15,493
14,835
14,602
109,423
107,294
111,955
108,692
106,832
12,861
12,483
13,885
13,675
13,123
8,141
7,965
9,123
9,587
9,114
1,838
1,849
1,791
1,773
1,621
2,283
2,406
2,600
2,392
2,260
36,897
36,143
,38,655
38,615
36,950
5,676
5,403
5,525
5,253
5,392
2,696
2,775
2,746
2,368
2,635
3,718
3,566
3,929
4,264
3,925
1,937
1,899
1,924
1,966
1,644
9,697
9,483
10,716
10,294
10,204
209,740
205,444
218,342
213,714
208,302
635,988
630,001
635,551
644,302
624,537
4,753,783
4,836,774
4,772,021
4,770,222
4,760,834
587,301
583,211
580,017
584,971
572,861
210,885
218,248
222,220
226,134
218,594
53,941
52,398
53,023
51,611
52,139
45,303
45,155
46,879
46,717
43,941
966,213
973,969
961,590
967,084
978,282
224,837
215,935
213,706
225,985
$27,401
91,668
90,265
93,323
93,929
90,513
L40,598
[38,128
[36,794
:38,480
L39,578
64,505
62,513
62,051
65,471
64,535
269,621
268,182
285,248
287,535
289,083
8,044,643
8,114,779
8,062,423
8,102,441
8,062,298
43,722
43,836
43,095
43,214
49,887
301,136
300,016
299,814
298,716
306,259
23,150
23,123
23,127
23,149
23,284
170,749
171,006
172,765
172,153
171,532
20,871
21,166
21,226
21,240
21,217
22,128
22,179
22,325
22,448
22,320
276,888
277,558
278,860
280,840
280,494
73,988
74,024
74,326
74,265
74,300
23,262
23,133
23,066
23,002
23,162
11,836
12,291
12,375
12,347
12,059
4,397
4,372
4,778
4,967
4,804
219,664
220,274
234,305
236,085
237,295
1,191,791
1,192,978
1,210,062
1,212,426
1,226,613
5,597
3,086
1,974
1,974
14,362
58,684 6,824
34,212 4,719
22,480 3,394
22,478 3 394
126,069 16 837
1,207
764
491
491
4,964
317
319
225
145
469
181
99
78
68
345
5,583
4,742
3,876
3,629
18,045
3,024
63
52
40
40
650
1,109
2,264
1,653
1,646
6,861
643
7,556
1,039
704
570
496
2,695
5,647
3,603
2,366
2,366
10,068
89,275
55,430
37,790
37,370
208,921
36,830
37,186
34,398
32,091
27,612
295,840
296,553
310,928
319,325
241,827
86,023
82,545
83,045
82,805
68,260
13,476
12,146
9,831
11,478
10,368
8,233
7,711
6,993
8,073
6,927
2,272
2,552
2,597
2,507
1,607
54,179
54,094
51,109
51,078
36,899
22,698
22,262
20,398
16,643
15,487
4,285
4,066
2,898
3,158
2,229
17,639
15,702
15,530
12,237
14,673
15,585
15,885
16,060
14,878
103
20,505
20,039
19,761
19,027
9,350
577,565
570,741
573,548
573,300
435,342
28,911
28,916
26,338
24,418
23,752
141,946
135 715
128,289
135,939
127,630
54,735
55,361
55,054
55,715
58,048
3,798
3,760
3,900
3,177
3,614
1,598
1,745
1,420
1,355
1,352
363
359
301
380
410
5,788
4,480
6,267
7,794
7,503
7,410
8,057
7,285
6,282
1,684
1,600
1,472
1,500
1,770
2,814
2,721
2,721
3,721
3,761
270
446
540
521
817
811
996
1,061
729
250,245
243,148
235,261
242,885
236,567
50,151
47,220
55,049
49,366
54,881
168,758
177,322
219,657
206,009
180,738
20,619
23,042
25,077
25,740
25,619
29,577
26,763
26,300
22,770
26,801
5,509
5,665
7,113
7,814
8,144
3,927
4,061
3,672
7,061
7,331
174,957
165,912
176,651
163,348
168,011
55,014
54,568
57,137
46,570
45,767
40,811
42,346
37,420
36,781
32,454
32,482
32,866
30,944
28,832
27,527
5,731
6,170
3,791
4,567
3,018
41,878
36,367
28,720
37,222
29,706
629,413
622,302
671,531
636,080
609,997
758
FEDERAL RESERVE BULLETIN.
JULY, 1020.
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 May 21 to June 18, 1920—Con.
3. MEMBER BANKS IN FEDERAL RESERVE BRANCH CITIES.
[In thousands of dollars.]
New
RichCleveKansas
San
Atlanta4 Chicago5 St. Louis
Dallas Francisco
mond
York
6
land
City
district.1 district.* districts district. district. district. district.7 districts district.9
Number of reporting banks:
May21
May28
June 4
June 11
June 18
United States bonds ta secure circulation
May21
May 28
June 4
. June 11
June 18
Other United States bonds, including
Liberty bonds:
May21
May28
June 4
June 11
June 18
United States Victory notes:
May 21
May 28
June 4
June 11
June 18
United States certificates of indebtedness:
May 21
May28
June 4
June 11
June 18
Total United States securities owned:
May 21
May28
June 4
June 11
June 18
Loans secured by Government war obligations, including rediscounts with
Federal Reserve Bank:
May 21
May 28
June 4
June 11
June 18
Loans secured by stocks and bonds, other
than United States securities:
May 21
May 28
June 4
June 11
June 18
All other loans and investments, including rediscounts with Federal Reserve
Bank:
May 21
May 28
June 4
June 11
June 18
Total loans and investments, including
rediscounts with Federal Reserve
Bank:
May 21
May 28
June 4
June 11
June 18
Reserve balances with Federal Reserve
Bank:
May 21
May 28
June 4
June 11
June 18
Cash in vault:
May 21
May 28
June 4
June 11
June 18
Total.
10
10
10
10
10
40
40
40
40
40
19
19
19
19
19
24
24
24
24
24
12
12
12
12
12
18
18
18
18
18
19
19
19
19
19
12
12
12
12
12
44
44
44
44
44
198
198
198
198
198
1,599
1,599
1,599
],599
1,599
24,896
24,896
24,896
24,896
24,896
5,608
5,608
5,60S
5,608
5,608
6,915
6,915
6,915
6,915
6,930
,,1.905
i;905
1,905
1,905
1,905
5,280
5,280
5,280
5,280
5,280
4,387
4,387
4,387
4,387
4,387
7,108
7,108
7,108
7,108
7,108
13,185
13,185
13,185
13,185
13,185
70,883
70,883
70,883
70,883
70,898
11,618
11,463
10,845
11,140
11,427
41,868
41,452
41,442
42,881
41,657
9,120
9,138
9,228
9,219
9,150
22,566
22,747
22,504
22,669
22,571
18,070
17,461
17,570
17,645
17,605
7,485
7,427
7,396
7,564
7,545
6,051
6,023
5,914
5,650
5,680
7,242
7,241
7,274
7,272
7,266
21,517
21,344
21,575
21,298
21,285
145,537
144,296
143,748
145,338
144,186
2,299
2,619
2,562
2,476
2,112
14,348
13,978
14,039
14,620
14,222
2,943
2,887
2,887
2,883
2,873
3,255
2,913
2,907
2,845
2,896
18,565
18,557
18,555
18,549
18,550
1,993
1,985
1,952
2,052
1,956
657
634
642
639
642
1,237
1,233
1,229
1,229
1,206
8,070
8,211
7,895
7,745
7,779
53,367
53,017
52,668
53,038
52,236
12,018
11,968
11,558
11,59?
12,474
22,535
21,847
22,513
23,539
20,922
6,505
6,155
6.153
5,975
3,201
14,690
14,361
14,310
14,378
8,156
35,151
35,649
37,437
37,553
31,530
1,837
1,864
1,898
1,951
1,661
4,333
4,308
4,317
4,279
3,419
4,396
4,446
4,458
4,826
2,821
16,118
15,910
17,112
16,291
12,227
117,583
116,508
119,756
120,389
96,411
27,534
27,649
26,564
26,812
27,612
103,647
102,173
102,890
105,936
101,697
24,176
23,788
23,876
23,685
20,832
47,426
46,936
46,636
46,807
40,553
73,691
73,572
75,467
75,652
69,590
16,595
16,556
16,526
16,847
16,442
15,428
15,352
15,260
14,955
14,128
19,983
20,028
20,069
20,435
18,401
58,890
58,650
59,767
58,519
54,476
387,370
384,704
387,055
389,648
363,731
9,990
10,325
9,719
9,764
9,705
45,325
47,332
47,044
46,246
45,491
10,985
11,170
10,994
10,654
10,116
16,694
16,762
17,404
18,079
17,762
14,370
14,573
14,846
14,288
14,127
11,519
11,808
11,638
11,599
11,588
9,183
9,799
10,073
9,866
9,873
2,140
2,326
2,419
2,432
2,485
17,095
17,327
16,215
16,001
16,174
137,301
141,422
140,352
138,929
137,321
52,964
52,360
52,323
52,196
52,687
166,337
158,943
161,421
166,300
162,853
33,016
33,095
32,651
32,434
32,454
41,301
41,067
38,415
43,224
38,857
60,628
60,926
59,781
60,916
59,831
35,725
36,109
36,324
36,328'
35,991
21,712
21,749
21,791
21,774
21,792
15,317
15,450
15,447
15,344
15,492
73,359
73,004
71,622
70,951
70,849
500,359
492,703
489,775
499,467
490,806
180,844
178,830
178,855
184,413
180,009
451,812
460,572
450,376
456,082
463,319
118,676
118,034
119,801
120,491
118,580
262,756
263,687
260,711
253,190
256,620
329,474
330,051
331,919
335,198
336,298
125,322
125,090
120,310
118,906
118,544
161,768
158,760
158,144
158,620
160,185
81,424
80,810
78,502
78,115
77,458
271,332
269,164
267,461
273,185
270,013
767,121
769,020
761,731
774,564
773,360
186,853
186,087
187,322
187,264
181,982
368,177
368,452
363,166
361,300
353,792
478,163
479,122
482,013
486,054
479,846
189,161
189,563
184,798
183,680
182,565
208,091
205,660
205,268
205,215
205,978
118,864
118,614
116,437
116,326
113,836
607,949
614,000
611,304
610,376
597,858
3,195,711
3,199,682
3,179.500
3,19?, 964
3,159,230
18,375
18,322
18,984
18,399
18,870
54,887
52,339
54,755
53,171
53,031
12,300
11,292
13,851
14,038
14,479
21,555
19,986
21,050
21,885
17,790
27,248
28,365
28,436
29,379
30,495
9,216
9,209
8,881
9,117
8,979
14,749
16,282
13,641
14,321
14,058
8,414
8,436
8,200
8,730
8,266
41,098
40,133
40,389
40,643
40,346
207,842
204,364
208,187209,683
206,314
3,574
3,473
3,875
3,495
3,397
15,137
14,018
15,929
14,165
15,427
5,859
6,501
5,814
5,724
5,589
7,289
7,034
7,927
7,319
7,503
13,021
13,186
14,818
14,014
15,082
4,067
4,176
4,147
3,867
3,473
5,606
5,410
5,604
5,855
5,322
2,801
2,797
3,653
2,953
2,687
16,087
16,418
14,626
13,922
15,240
73,441
73,013
76,393
71,314
73,720
458,605 2,170,681
465,019 " 2,180,853
463,700 2,162,318
464,905 2,169,920
456,359 2,167,372
JULY, 1920.
159
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 May 21 to June 18, 1920—Con.
3. MEMBER BANKS IN FEDERAL RESERVE BRANCH CITIES—Continued.
[In thousands of dollars.]
New
RichCleveKansas
San
Dallas Francisco
land
mond Atlanta Chicago St. Louis6
York
City
district.i districts districts district.* districts district. district.' district.' district.*
Net demand deposits on which reserve is
computed:
May 21
May28
June 4
June 11
June 18
Time deposits:
May 21
May28
June 4
June 11
June 18
Government deposits:
May 21
May28
June 4
June 11
June 18
Bills payable with Federal Reserve
Bank:
Secured by United States war obligationsMay 21
May28
June 4,
June 11
June 18
All other—
May21
May 28
June 4
June 11
June 18
Bills rediscounted with Federal Reserve
Bank:
Secured by United States war obligationsMay 21
May28
June 4
June 11
June 18
All o t h e r May 21
May2§
June 4
June 11
June 18
185,329
181,396
182,309
182,602
178,179
493,035
485,015
495,057
498,217
501,101
111,738
110,043
113^214
115,685
112,774
180,649
181,116
186,344
178,309
175,581
199,905
204,951
203,335
216,551
214,019
85,083
85,498
84,176
84,255
82,607
128,329
127,872
127,016
129,823
125,439
68,641
67,548
67,341
67,267
66,981
309,651
305,917
306,852
309,323
303,491
1,762,360
1,749,356
1,765,644
1,782,032
1,760,172
42,945
44,125
44,555
44,982
45,406
118,857
118,553
118,011
117,174
116,992
20,130
20,191
18,947
19,001
19,071
89,092
89,168
89, 645
89,387
89,140
225,284
225,003
226,015
226,823
223,124
40,650
40,511
40,573
40,476
40,930
49,747
49,769
50,599
50,282
49,821
21,948
21,987
22,185
21,936
22,304
259,392
259,833
261,070
260,998
261,717
868,045
869,140
871,600
871,059
868,505
461
171
1,652
7,386
6,382
4,825
4,905
14,865
229
153
109
109
400
2,122
1,333
598
508
3,027
1,874
1,573
1,200
1,200
11,800
461
357
271
258
653
1,188
1,134
895
895
572
447
192
130
104
381
766
585
483
483
1,990
14,934
11,880
8,591
8,542
35,340
21,687
21,483
20,016
21,224
22,964
34,199
31,104
28,725
35,070
26,419
16,536
18,318
18,297
17,355
13,743
31,945
30,724
30,134
29,307
24,471
40,369
40,458
42,967
42,084
26,954
9,301
8,527
7,968
8,702
6,818
6,373
6,424
5,821
4,114
4,540
7,799
9,041
6,689
6,724
15,888
16,806
16,230
14,626
10,788
185,122
181,643
179,199
179,171
143,421
100
"ioo
45
70
348
429
254
385
535
385
485
285
490
665
893
974
724
85
1,619
1,592
1,631
1,550
1,334
11,112
10,625
9,484
9,512
3,386
3,914
3,755
3,435
2,942
4,911
5,216
5,013
6,320
6,387
2,509
2,519
2,627
2,598
2,949
4,799
5,103
5,074
5,079
4,943
1,114
1,371
1,613
1,517
1,371
211
382
346
394
303
1,514
1,575
1,257
1,092
1,115
28,709
32,784
31,941
31,469
30,856
8,047
9,779
9,249
7,468
9,487
8,258
9,992
9,743
7,936
6,583
11,983
12,396
12,003
11,022
11,261
37,129
37,589
34,541
33,568
31,222
8,826
11,667
12,237
11,205
13,064
21,235
21,442
19,283
19,115
18,813
19,579
18,783
16,424
16,384
20,185
6,442
6,659
6,841
6,700
6,494
23,649
23,971
24,294
23,639
24,507
145,148
152,278
144,615
137,037
141,616
12 Buffalo.
Pittsburgh and Cincinnati.
3
Baltimore.
«New Orleans, Birmingham, Jacksonville, and Nashville.
6 Detroit.
Total.
6
Louisville, Memphis, and Little Rock.
i Omaha and Denver.
s El Paso and Houston.
9 Spokane, Portland, Salt Lake City, Los Angeles, and Seattle.
760
FEDERAL RESERVE BULLETIN.
JULY, 1920,
IMPORTS AND EXPORTS OF GOLD AND SILVER.
Gold imports into and exports from the United States, distributed by countries.
Imports.
During
10 days
ending
May 20,
1920.
Belgium
France
Germany
Greece
Iceland
Italy
Netherlands
Norwav
Portugal
. . .
Switzerland
United K i n g d o m England
Total Europe
British Honduras
Canada
Costa Rica
Guatemala
Honduras
Nicaragua
Panama
Salvador
Mexico
Newfound land. .
Cuba
British West Indies....
Virgin Islands of U. S..
Dominican Republic..
Dutch West Indies....
Total North
America
Argentina
Bolivia
Brazil
Chile
Colombia
Ecuador.
British Guiana
Dutch Guiana
Peru
Uruguay
Venezuela
Total S o u t h
America
China .
...
British India
Straits Settlements..
Dutch East Indies...
Hongkong . ...
Japan
Total Asia
During
11 days
ending
Mav 31,
1920.
During
month
of May,
1920.
During
10 d a y s
ending
J u n e 10,
1920.
Exports.
From
Jan.1 to
June 10,
1920.
$330,668
$330,805
$335,906
357,855
70,000
70,000
70,000
3,324
1,783
$11,771
4,937
From
Jan. 1 to
June 10,
1919.
40,000
1,161,428
3,324
25,364
4,937
1,013 56,102,541
$10,853
1,491
473,948
487,356
17,721 58,101,355
10,853
700
122,658
7,344
124,853
620
58,039
2,466
10,996
103,092
29,064
220,556
9,810
11,342
569,357
58,559
1,062
877
74,049
43,000
53,000
263,108 1,545,467
4,647
7,070
10
150
28,662
388,582
230,318
36,749
164,005
55,380
i,6is
12,009
100,529
21
27,912
90,026
141,134
28,321
203,421
389,811
276,636
984,988
1,260
1,100
20
19,238,936 26,912,086
285,701 325,581
5,519
106,502
127,006
595,731 720,537
1,771
39,970
140,591 419,184
2,027,125 2,069,184
61
3,100
4,500
18,838
77,749
13,235
2,012
$97,826 $165,920
380,761
226,586
$55,553
395,252 22,638,848 30,576,844
37,726
1,176
20,309
59,211
30,340
5,542
4,585
263,763
552,199
355,192
58,809
1,069
377,819
105,644
504,367
274,617
75,905
15,272
526,921
226,591
73,069
1,874,S40 1,576,864
1,260
2,543,082
415,610
619,915 1,771,928
50,000
578,585
50,000
1,000
20,000
14,442,786 3,863,862
75,000
7,940
10,000
16,000
513,436
835,835 2,202,689
634,138
17,125,868 4,351,372
89,995,000
30,000
30,000
280,000
400,000
700,000 3,878,795
130,00Q
5,005
19,795
•
777,706
12,850,000
334,000 4,455,220
30,000
30", 000
104,689,000 9,136,521
6,000
100 000
491, 750
118,977
118,977
23,615,823 23,615,823
2,387,779 1,290,787 1,000,000 1,000,000 2,000,000 1,000,000
15,550 149,470 1,756,370
61,100
23,615,823 10,000,000
1,000,120 1,500,120 500,000
16,28f>,750
4,741,763
6,683,454
ID,' 845,105
22,902,482
8,762,187
23,734,800 23,736,060
26,004,862 11,290,787 1,021,550 2,161,340 5,848,240 1,561,100
70,221,741
147,701
New Zealand
250
147,451
Philippine Islands
62,925
62,925
British South Africa..
British West Africa..
168,380
54,795
43,873
Portuguese Africa
Total all countries
1,119,753 24,950,738 27,132,877
494,099
283,295
206,107
256,527
8,150
282,343
$478,570
19,000
96,000
96,000
621,403
27,552
133,308
46,400
36,749
196,765
3,429
5,519
14,139
62,862
912
201,339
1,100
81,444
340,111
194,301
From
Jan. 1 to
June 10,
1919.
$10,000
$912
73,280
29,631
4,202
From
Jan.1 to
June 10,
1920.
<
$1,491
102,720
161,569
During During
During
10 days 11 days During
days
month 10
ending ending of
May, Jending
May 20, May 31,
u
n
e 10,
1920.
1920.
1920.
1920.
11,750
200
50
901,000
901,250
28,038
472,184 1109,603,406 44,002,368 1,564,986 2,997,175 8,082,941 2,195,238 2192,291,233 14,389,143
1 Includes: Ore and base bullion, $9,265,000; United States mint or assay office bars, $1,000; bullion refined, $58,563,000; United States coin,
$1,836,000,
foreign coin, $39,938,000.
2
Includes: Domestic exports—ore and base bullion, $7,000; United States mint or assay office bars, $13,521,000: bullion refined, 1941,000; coin,
$177,499,000. Foreign exports—coin, $323,000.
Excess of gold exports over imports since Jan. 1,1920, $82,688,000. P^xcess of gold imports over exports, since Aug. 1,1914, $697,067,000. Excess
of gold exports over imports since June 10, 1919, $403,952,000.
761
FEDERAL RESERVE BULLETIN.
JULY, 1920.
Silver imports into and exports from the United States, distributed by countries.
Exports.
Imports.
During
10 days
ending
Mav 20,
1920.
Denmark
France
.
Netherlands
Norway
.
Portugal
Sweden
Switzerland
United K i n g d o m England
Total Europe
During
11 days
ending
Mav 31,
1920.
$1,169
30,151
During
During 10
From
From
days
month
1 to Jan. 1 to
ending Jan.
of May, June
June 10, June 10,
10,
1920.
1919.
1920.
1920.
$7,952
30,151
14 260
396
$8,000
2,690
$64,960
. 30,520
14,453
7,978
18,327
During
10 days
ending
May 20,
1920.
During
During
11 days During
days
month 10
ending of
ending
May, June 10,
May 31,
1920.
1920.
1920.
$17,920
$223,474
213
229,452
223,474
31,533
282,211
10,690
316,619 123,510
193,445
56,352
539
22,291
18,151
608
Costa Rica
25
Guatemala
.
293,900 127,532
1,400
Honduras
52,823
120,429
23,399
96,540
Nicaragua
2,162
35
35
Panama
30,251
52,260
9,292
17,957
Salvador
1,107,715 1,806,065 4,608,697 1,749,241
Mexico
Newfoundland
31
British West Indies....
8
272
Cuba
Virgin Islands of U. S..
Dominican Republic
1,086,406
Ecuador
British Guiana
Dutch Guiana
Pern
Venezuela
T o t a l South
America
China
British India
Dutch East In lies
French East Indies
Hongkong
Japan
Russia in Asia
Turkey in Asia
Total Asia
8,026
85,687
16,875
3,887
18,434
577,535
$76,710
768,295
2,092,551 10,046,382
861,357
26,761
595,455
76,710
786,215
2,152,731 17,187,913
103,227
57,995
243,787
$42,423
2,305
1,500
2,400
1,500
4,705
10,000
2,000
366,505
39,170
218,382
1,962,155 3,867,232
39,534
24,504
20,005
1,426,562 1,258,668
452,490
440,012
30,449
76,349
220,187
3,528,560
32,234,116 25,886,626
11
2,296
6,949
52,189
40,194
British South Africa...
British West Africa
Portuguese Africa
12,119
119,147
4,354
10,509
675,448
293
1,754,611
172,933
29,430
25,000
110,000
541,000
119,250
116,032
291,007
86,2i5
2,028,747
686,275
38,277
149,782
17,255
919,749
25,000
197,000
8,044
40,000
69,000
655,859
79,251
7,907
33
6,380
6,662,804 4,742,047
280
33
375,990
543,829 2,042,790
465,115
9,312,441 5,591,345
540,327
1 650
38 511
38,511
38,511
218,048
201
1 250
6^097
5,177
5,545
256,559
201
1 250
6,097
79,053
4,000
9,306,206 2,040,366
2,333
171
2,000
1,002
378
1,946
3,400
10,000
15,036
378
7,517
46,342,883 2,459,792
223,211 107,348,592
3,035,752 3,035,752
11,974
1,882,749
30,000
1,701
329,495
218,048
2,400
52,550
85,000
105,968
469,556 1,774,174
33
33
218,048
5,205,010 1,141,847
127,475
25,000
84 800
269,359
T
N© >V Z 63,19,11(1
PhiliDT)iiiG I s l a n d s
10,105
51,420
4,689
1,568
14,034
23
128,784
107,288
16,886
87,256
55,666
743,446
200
1,200
200
Dutch West Indies .
20
Frsnch West Indies
Haiti
. ..
Total N o r t h
1,425,151 1,906,016 5,414,734 2,086,083 39,866,204 32,046,456 343,007 242,927 758,276 288,420
America
182
From
J a n . 1 to
June 10,
1919.
$578,728
$17,920 5,333,475
$17,920
42,260
British Honduras
Argentina
Bolivia
Brazil
Chile
Colombia
From
Jan. 1 to
June 10,
1920.
266,931
1,039,926 2,013,568
40
40
970
312,156
4,058,373
16,201,620 2,665,561
40
970
11,660
4,075,718 5,317,261
312,156
66,827,097 112,485,605
38 511
1,934,884
540,327
3 6641
8,039
6,097
5,498
76,822
86,657
5,480
28,288
Total, all coun2,075,650 2,705,172 8,082,895 2,561,888 152,079,343 38,315,497
tries
938,462 4,395,355 6,862,130
600,576 2 78,306,610 131,721,401
1 Includes: Ore and base bullion, $40,829,000; United States mint or assay office bars, $3,000; bullion refined, $4,241,000; United States coin,
$256,000; foreign coin, $6,750,000.
2 Includes: Domestic exports—ore and base bullion, $5,000; United States mint or assay office bars, $3,411,000; bullion refined, $45,493,000;
coin, $13,470,000. Foreign exports—ore and base bullion, $1,000; bullion refined, $12,516,000; coin, $3,410,000.
Excess of silver exports over imports since Jan. 1,1920, $26,227,000. Excess of silver exports over imports since Aug. 1, 1914, $455,599,000.
762
FEDERAL RESERVE BULLETIN.
JULY,
1920.
General stock of money in the United States, money held by the Treasury and by the Federal Reserve System, and all other
money in the United States, June 1, 1920.
Held in the
United States
Treasury as
assets of the
Government.1
General stock.
Gold coin (including bullion in Treasury) 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:
June 1,1920.
May 1,1920..
Apr. 1, 1920.
Mar. 1, 192Q.
Feb. 1, 1920.
Jan. 1,1920..
July 1,1919..
Jan. 1,1919..
July 1,1918..
Jan. 1,1918..
July 1,1917..
$2,663,730,358
$391,225,276
Held by or for
Federal Reserve
Banks and
agents.
Held outside
United States
Treasury and
Federal Reserve
System.
$1,287,833,008
310,704,940
3 60,199,036
20,460,577
257,506,146
8,052,481
346,681,016
3,357,807,675
192,739,700
717,264,887
9,490,672
22,274,609
1,998,693
22,284,476
* 59,281,009
234,101,115
13,901,271
2,102,269
$408,319,283
265,647,851
74,175,582
104,829,460
249,453,665
1,660,828
277,909,335
3,101,431,951
176,839,736
692,878,142
7,801,528,384
7,755, 953,906
7,761,146,018
7,806,311,880
7,744, 769,263
7,961,320,139
7,588,473,771
7,780, 793,606
6,742,225,784
6,256,198,271
5,480,009,884
462,799,326
488,928,232
503,309,638
546,960,744
625.142,749
604,888,833
578,848,043
454,948,160
356.124,750
277,043,358
253,671,614
1,988,583,225
1,976,153,519
1,984,495,464
1,981,490,058
2,009,651,988
2,044,422,303
2,167,280,313
2,220,705,767
2,018,361,825
1,723,570,291
1,280,880,714
5,353,145,833
5,290,872,155
5,273,340,916
5,277,861,078
5,109,974,526
5,312,009,003
4,842,345,415
5,105,139,679
4,367,739,209
4,255,584,622
3,945,457,556
268,'798," 602*'
""""7,'473,*ii9"
Amount per
capita outside
United States
Treasury and
Federal Reserve System.
$50.00
49.45
49.33
49.41
47.88
49.81
45.00
47.83
41.31
40.53
37.88
i Includes reserve funds held against issues of United States notes and Treasury notes of 1890 and redemption funds held against issues of
national bank notes, Federal Reserve notes, and Federal Reserve Bank notes, but excludes gold and silver coin and bullion held in trust for the
redemption of outstanding gold and silver certificates and" Treasury notes of 1890.
2*Includes balances in gold settlement fund standing to the credit of the Federal Reserve Banks and agents.
3
Includes subsidiary silver.
* Includes Treasury notes of 1890.
FEDERAL RESERVE BANK DISCOUNT RATES.
Rates on paper discounted for member banks approved by the Federal Reserve Board up to July 1, 1920.
Discounted bills maturing within 90 days (including member banks'
15-day collateral notes)
secured by—
Federal Reserve Bank.
Treasury cer- Liberty
tificates of
bonds and
Victory
indebtednotes.
ness.
Boston
New York
Philadelphia.
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis..
Kansas City..
Dallas..
San Francisco
5*
5J
5i
Trade
Bankers'
acceptances acceptances
maturing
maturing 90 days (inwithin
within
cluding
91 to 180
3 months.
90 days.
member
days (agribanks'
cultural and
15-day
live-stock
collateral
paper).
notes).
6
6
6
5*
6
5*
5
Discounted bills secured
otherwise than by Government war obligations, also unsecured,
maturing within—
6
5J
6
7
7
6
5}
6
6
7
6
6i
5i
6
6
6
6
1
Discount rate corresponds to interest rate borne by certificates pledged as collateral, with minimum of 5 per cent.
2 5J per cent on paper secured by 5 J per cent certificates, and 5 per cent on paper secured by 4| and 5 per cent certificates.
NOTE.—Rates shown for Atlanta, St. Louis, Kansas City, and Dallas are normal rates, applying to discounts not in excess of basic linesfixedfor
each member bank by the Federal Reserve Bank. Rates on discounts in excess of the basic line are subject to a £ per cent progressive increase for
each 25 per cent by which the amount of accommodation extended exceeds the basic line.
JULY, 1920,
763
FEDERAL RESERVE BULLETIN.
FOREIGN EXCHANGE RATES.
Monthly ranges of exchange rates on leading foreign centers, quoted in New York during the three months ending June, 1920.
April.
Exchange
at par.
London:
Demand bills
dollars lor £ . .
Cable transfers
do—
Paris:
Demand bills
dollars for 100 francs..
Cable transfers
do
Berlin
dollars for 100 marks..
Milan:
Demand bills
dollars lor 100 lire.,
Cable transfers
do
Prague
dollars for 100 kronen *.
Vienna
do
Jugo-Slavia
do —
Warsaw.
dollars for 100 marks 1..
Brussels
:
dollars for 100 francs.,
Madrid
dollars for 100 pesetas.
Helsingfors
dollars for 100 m a r k k a l .
Athens
dollars for 100 drachma.
Sofia
dollars for 100 lev 1l..
Bucharest
doDars for 100 l e i .
Belgrade
dollars for 100 d i n a r l .
Amsterdam
dollars for 100 florins.
Stockholm
dollars for 100 kronor.,
Copenhagen
dollars for 100 kroner..
Christiania
do
Zurich
dollars for 100 francs.,
Canada
dollars for 100 Canadian dollarsJ2 .,
Mexico City
dollars for 100 pesos .
Bogota
dollars for 100 Colombian dollars *.
Montevideo
centavos to dollar 1 ..
Buenos Aires
dollars for 100 gold pesos.
Rio de Janeiro
dollars for 100 paper milreis 34 .
Valparaiso
dollars for 100 paper pesos .
Yokohama
dollars for 100 yen.
Hongkong
dollars for 1Q0 Hongkong dollars.
Shanghai
dollars for 100 Shanghai taels.
Singapore
dollars for 100 Singapore dollars.
Calcutta
dollars for 100 rupees.
London average price of silver—rate of conversion £ =
$4.8665 (dollars per fine ounce)
New York average price of silver (dollars per fine ounce).
1
Cable rates.
2
Check (demand).
May.
High.
Low.
June.
High.
Low.
Low.
High.
3.8075
3.8150
4.0175
4.0250
3.8075
3.8150
3.9150
3.9225
3.8950
3. 9025
3.9875
3.995
19.30
19.30
23.82
5.8582
5.8651
1.42
6.9348
6.9444
1.95
5. 9808
5.988
1.74
7.950
7.960
2.94
'7.570
7.580
2.23
8.390
8.40
2.75
19.30
19.30
20.26
20.26
20.26
23.82
19.30
19.30
19.30
19.30
19.30
19.30
19.30
40.20
26.80
26.80
26.80
19.30
100-00
49.85
97.33
96.69
96.48
54.62
36.50
49.85
3.7425
3.7453
1.35
.42
.63
.50
6.2617
16.95
5.30
10.95
1.50
1.50
2.12
36.25
21.05
16.92
19.10
17.6366
90.00
47.875
105.00
102.20
97.39
26.3750
19.75
47.50
92.00
125.00
46.00
45.75
4.9140
4.9382
1.71
.55
• .80
.70
7.3855
17.90
5.71
11.3750
2.25
1.90
3.30
37.50
22.20
18.80
20.40
18.1159
92.25
51.50
107.00
99.30
98.30
27.25
22.00
49.75
97.50
148.00
49.00
47.25
4.58
4.5875
1.58
.46
.60
.46
6.3775
16.40
4.75
11.45
1.45
1.61
2.20
36.25
20.75
16.27
17.92
17.52
89.00
48.00
104.50
102.50
96.48
26,00
18.875
49.75
80.00.
113.50
46.00
41.25
6.04
6.05
2.81
.76
.75
.55
8.17
16.97
5.65
11.65
1.75
2.76
3.20
36.70
21.65
17.05
19.20
17.90
91.625
50.50
106.50
98.50
97.16
26.375
20.25
52.00
94.00
130.00
46.50
45.75
5.40
5.41
2.17
.67
.80
.52
7.93
16.25
4.50
11.45
1.55
2.10
2.55
35.45
21.45
16.33
16.27
17.95
87.125
49.25
106.50
108.00
94.70
23.625
17.85
49.50
72.75
98.00
46.50
38.25
6.21
6.22
2.50
.80
1.60
.65
8.74
16.70
5.25
12.90
2.10
2.50
6.45
36.625
22.00
17.15
17.95
18.25
89.125
50.25
109.50
100.50
100.12
26.00
19.625
51.30
84.00
116.00
47.50
43.50
4.8665
4.8665
56.78
32.44
1.50994
1.20576
3
Rate for a gold milreis.
1.31721
1.03495
1.11934
. 92789
• Rate for a gold peso.
764
JULY,
FEDERAL RESERVE BULLETIN.
CONDITION
19^0.
OF MEMBER BANKS.
Abstract of condition reports of State bank and trust company members in each Federal Reserve district on May 4, 1920.
[In thousands of dollars.]
Total
District District District District District District District District District District District District United
No. 3 No. 4 No. 5 No. 6
No. 7
No. 1 No. 2
No. 8 No. 9 No. 10 No. 11 No. 12 States
(39
(70
(131
(105
(51
(335
(36
(81
(95
(56
(133 (174
(1,306
banks). banks). banks). banks). banks). banks). banks). banks), banks), banks), banks), banks). banks).
RESOURCES.
431,977 2,113,319
Loans and discounts
215
Overdrafts
806
Customers' liability on account
of letters of credit
1,617
Customers' liability on account
24,923
of acceptances
131,845
Liberty bond3 (exclusive of Liberty bonds borrowed)
13,430
151,409
Other United States bonds (exclusive of United States bonds
263
borrowed)
119
United States Victory notes
6,666 36,607
United States certificates of indebtedness
18,917 115,324
War savings and thrift stamps,
and Treasury savings certifi106
cates actually owned
10,522
Stock of Federal Reserve Bank..
1,9
Other bonds, stocks, etc. (exclu96,150 486,426
sive of securities borrowed)
9,698 54,895
Banking house
1,198
758
Furniture and fixtures
6,448
850
Other real estate owned
Lawful reserve with Federal Re42,210 304,628
serve Bank
9,057
1,811
Gold coin and certificates
15,333 46,537
All other cash in vault
Items with Federal Reserve
54,341
Bank in process of collection.. 13,954
Due from banks, bankers, and
26,183 120,217
trust companies
Exchanges for clearing house,
also checks on other banks in
same place
12,30^ 170,316
Outside checks and other cash
8,990
1,990
items
Approximate interest earned
12,043
549
but not collected
,
Other assets
4,398 102,551
724,452
9,465
Total
172,761 451,147 107,722 217,628 ,090,496 247,095
115
415
920
138
487
819
5
3
13
1,375
2,148
7,105
11,354
9,814
38,942
5,391 14,035
14,067
10,903
30,175
49,678
80,855
216
73,106
242
3,360
6,487
137
71,517 451,370 5,508,993
5,702
458
871
1,723
85
230,015
124
2,248
339,777
4,210
36,632
1
3,879
142
8,943
20
1,464
121
2,370
9,564
30,331
22
2,151
80
514
41
1,399
26
* 643
3,056
8,696
13,455
103,663
16,351
12,785
972
8,425
42,724
7,806
1,775
1,313
3,322
19,512
249,226
25
2,131
138
3,161
31
608
13,051
2,887
258
530
69
1,116
388
4,782
52
348
94
274
108
120
1,628
1,217
28,282
26,503
7,947
720
2,767
234,335
19,693
2,927
1,800
43
1,380
41,876
6,748
1,063
1,194
7,897
1,524
450
451
10,415
749
342
110
10,267
258
6,622
95,449
2,719
36,200
23,170
358
5,274
4,734
168
2,070
6,353
176
1,664
99,148 173,286
7,644 17,235
547 1,330
2,304
6,763
21,249
550
4,801
37,836
181
14,040
6,745
93
3,171
5,288
6,066
2,189
7,458
17,335
10,410
498
2,712
14,184
32,568
14,640
39,531
81,74!
25,290
10,063
14,263
2,672
6,839
1,129
7,235
29,342
4,
641
2,166
313
2,449
277
1,107
15,306
1,599
433
501
720
2,15'
799
3,050
77
280
562
731
1,938
11,755
711
972
296
273
143
118
31,856 166,447 23,775 39,380
Capital stock paid in
35,9r 185,085 47,321 67,622
Surplus fund
Undivided profits, less expenses
12,595 62,466 9,025 15,801
and taxes paid
Approximate interest and dis108
7,880
1,744
872
count collected but not earned.
Amount reserved for taxes
615
10,11
1,421
1,229
accrued
Amount reserved for interest
654
1,012
9,830
1,010
accrued
35
143
537
865
Due to Federal Reserve Bank...
Due to banks, bankers, and
21,579 321,397 8,544 19,362
trust companies
Certified and cashiers' or treas9,041 128,363 1,242 6,048
urers' checks outstanding
445,982 , 340,055 211,322 296,837
Demand deposits
121,162 349,528 38,624 337,624
Time deposits
58,189
2,379
4,064
United States deposits
2,638
Bills payable with Federal Re17,027
114,271
serve Bank
25,395
Bills payable other than with
1,134
3,429
38:
Federal Reserve Bank
707
Cash, letters of credit, and trav8,912
elers' checks outstanding
108
Acceptances
26,42* 135,84'
1,375 9,813
2,260
58(
37,510
907
Other liabilities
13,034
9,044
23,572
14,990
91,434
26,235
20,491
9,146
2,974
6,455
2,809
3,217
3,864
6,021
1,404
1,274
339
876
1,131
142
176
693
612
97
372
234
646
103
477
116
835 103,002 1,292,924
1,271 12,005 142,296
638 2,614 12,845
406 3,236 26,859
5,809
77
2,298
599,429
17,426
10',030 148,040
31,979
4,404
12,587
500
125,337
45,584 436,855
8,471
246,512
4,451
37,916
20,406
50
129,439
770
372,287 819,237 163,821 372,4971,818,279 404,602 116,698 122,805 107,320 756,874 9,718,337
2,518
2,384
LIABILITIES.
Total.
Liability for rediscounts with
Federal Reserve Bank
Liability for rediscounts with
other banks
724,452
33,881
78,476
23,166
2,703
3,273
3,226
427
9,041
3,942
41,161
18,169
481,536
486,840
10,610
151,142
143
1,546
17,746
151
50
433
18,863
186
41
81
2,073
19,643
2,508
78
604,365
43,275 86,158 33,865 11,411 15,127
7,475
21,904
182,685
1,372 3,504 16,772 2,841
1,144
1,493 2,595
63,569 159,212 659,272 169,221 35,542 59,181 65,957 8,270
310 4 ,713,460
43,900 90,347 747,276 102,541 47,524 26,066 12,428 207,310 2,337,635
76,521
1,143
40
3,448
463 2,64"
440 420,615
150
294,097
16, 452
920
7,370 18,000
59,352
3,034
5,918
35,216
6,920
4,701
4,292
2,433
2,987
1,718 15,407
2,461
9,374
10
28
132 11,329
1
124 4,049 235,422
13'
165 51,284
7,338 38,643 5,308
1
246
25
2,240
2,088
426
1,924 9,718,337
19, 465 372,287 819,237 163,821 372,4971,818,27S 404,602 116,698 122,805 107,320 756,87-
s, 45:
11,090
I:
158
14,268
4,03c
31,794
77,123
30,833
1,407
1,57
2,669
3,174
34?
5,259
2,425
12,067
326,108
271
2,782
10,765
JULY, 1920.
765
FEDERAL RESERVE BULLETIN.
Abstract of condition reports of State bank and trust company members of the Federal Reserve system on May 4, 1920, arranged
by classes.
[In thousands of dollars.]
Central reserve city banks.
New York Chicago St. Louis
Total
(32 banks). (13 banks), (15 banks). (60 banks)
Total
United
States
(1,306
banks)
May 4,
1920.
Other
reserve
city
banks
(177
banks).
Country
banks
(1,069
banks).
1,933,455
2,542
85
50,121
116,094
1,360,210 5,508,993
5,702
2,176
1,723
9
230,015
6,163
339,777
99,251
Total
United
States
(1,181
banks)
Dec. 31,
1919.
RESOURCES.
1,660,615
Loans and discounts
670
Overdrafts
1,617
Customers' liability on account of letters of credit
126,796
Customers' liability on account of acceptances
113,722
Liberty bonds (exclusive of liberty bonds borrowed)..
Other United States bonds (exclusive of U. S. bonds
borrowed)
151
United States Victory notes
23,387
United States certificates of indebtedness
95,819
War savings and thrift stamps" and Treasury
42
savings certificates actually owned
Stock of Federal Reserve Bank
8,231
Other banks, stocks, etc. (exclusive of securities bor304,711
rowed-)
40,543
Banking house
136
Furniture and fixtures
4,130
Other real estate owned
256,956
Lawful reserve with Federal Reserve Bank
8,224
Gold coin and certificates
All other cash in vault
31,429
Items with Federal Reserve Bank in process of collection
38.179
89,927
Due from banks, bankers, and trust companies
Exchanges for clearing house, also checks on other
banks in same place
162,013
7,020
Outside checks and other cash items
9,686
Approximate interest earned but not collected
Other assets
100,158
429,917
220
12
36,971
6,602
124, 796
9, 964
4, 108
2,215,328
984
1,629
173,731
124,432
4,442
5,092
368
6,054
9,359
28,197
106,965
3,522
43,292
106,241
574
32,174
36,020
13,455
103,663
249,226
9,851
131,057
307,026
28
2,303
3
820
73
11,354
386
10,614
758
6,314
76,190
2,799
104
91
47,969
1,638
9,954
29,110
2,554
642
186
14,591
69
2,269
410,011
45,896
882
4,407
319,516
9,931
43,652
557,361
59,100
5,140
16,758
185,982
3,422
55,533
325,552
37,300
6,823
5,694
93,931
4,073
48,855
1,217
28,282
1,292,924
142,296
12,845
26,859
599,429
17,426
148,040
1,327
25,850
1,300,952
132,434
11,164
25,748
591,702
17,692
165,756
5,493
6,706
53,329
122,825
56,683
181,316
15,325
132,714
125,337
436,855
122,640
676,704
15,439
8,721
977
9,685
2,706
614
463
171
180,158
16,355
11,126
110,014
53,023
14,390
5,907
13,108
13,331
7,171
3,373
6,317
246,512
37,916
20,406
129,439
446,317
64,653
24,257
35,595
' 3,084,162
704,211
211,781
4,000,154 3,474,075 2,244,108 9,718,337
9,913,707
121,720
Capital stock paid in
154,109
Surplus fund
47,202
Undivided profits, less expenses and taxes paid
Approximate interest and discount collected but not
6,321
earned
8,964
Amount reserved for taxes accrued
7,020
Amount reserved for interest accrued
Due to Federal Reserve Bank
Due to banks, bankers, and trust companies
292,485
Certified and cashiers' or treasurers' checks out122,956
standing
1,868,515
Demand deposits
143,094
Time deposits
55,694
United States deposits
79,852
Bills payable with Federal Reserve Bank
300
Bills payable other than with Federal Reserve Bank..
8,905
Cash letters of credit and travelers' checks outstanding.
130,798
Acceptances
36,227
Other liabilities
35.250
42,000
9,295
12,850
14,555
3,454
169,820
210,664
59,951
173,315
195,553
52,241
138,401
80,623
38,950
481,536
486,840
151,142
436,324
454,877
115,300
1,949
2,305
1,359
413
49,340
742
325
285
3
9,884
9,012
11,594
8,664
416
351,709
6,204
5,177
6,349
522
182,413
2,530
2,092
4,630
1,570
70,243
17,746
18,863
19,643
2,508
604,365
15,803
15,681
10,592
1,324
755,303
182,685
35,517
131,815
1,176
15,353
93,231 2,271,475 1,430,089 1,005,896 4,713,460
792,114 2,337,635
54,527
389,463 1,156,058
76,521
5,572
57,166
697
13,783
294,097
54,343
103,975
135,779
10,003
35,216
23,160
300
11,756
9,374
10
14
8,988
372
235,422
9,944
6,131
177,438
51,853
51,284
95
2,486
37,704
11,094
303,064
4,834,830
2,165,786
201,710
309,197
14,311
8,087
233,379
38,139
Total
9,657
26,192
94
fc
5,249,833
5,362
1,016
231,019
335,752
LIABILITIES.
Total.
Liability for rediscounts with Federal Reserve Bank..
Liability for rediscounts with other banks
Ratio of reserve with Federal Reserve Bank to net
deposit liability (per cent)
7,683
309,729
191,842
775
14,120
73
36,696
1,382
4,000,154 3,474,075
3,084,162
704,211
211,781
83,088
58,005
12,395
153,488
12.5
12. £
13.7
12.1
136,739
4,150
2,244,108 9,718,337
9,913,707
35,881
6,615
326,108
10,765
318,261
8,028
6.9
10.5
10.4
766
JULY,
FEDERAL RESERVE BULLETIN.
1920.
Classification of loans and discounts of State bank and trust company members of the Federal Reserve System, as shown by
their condition reports for May 4, 1920.
[In thousands of dollars.]
District District District District District District District District District District District
No. 3 No. 4 No. 5 No, 6
No. 7
No. 8 No. 9 No. 10 No. 11
No. 1 No. 2
(105
(39
(70
(131
(335
(81
(95
(56
(133
(36
(51
banks), banks). banks). banks). banks). banks). banks). banks), banks), banks), banks),
On demand:
Not secured by collateral... #
Secured by Government
war obligations
Secured by other collateral..
On time:
Not secured by collateral
Secured by Government war
obligations
Secured by other collateral..
Secured by real estate mortgages
or other real estate liens or
deeds
Acceptances of other banks discounted
Acceptances of this bank purchased or discounted
Loans and discounts not classified
Total loans and discounts
Total
District United
No. 12 States
(174
(1,306
banks). banks).
26,835
56,511
5,571
21,807
2,756
8,219
32,875
10,708
4,247
3,602
3,926
17,896
2,214
70,610
38,115
593,132
5,249
82,436
7,097
94,984
888
14,462
1,347
50,368
10,812
153,574
2*419
39,019
214
3,779
145
7,440
908
7,092
991
70,399
21,5
, 5 8 7 1 ,138,483
227,030
908,454
41,177 134,433
51,956
98,563
500,918 111,021
35,692
30,406 . 20,212 157,419 2,317,281
29,363
62,040
201,592
363,367
23,478
23,172
21,047
72,453
5,624
28,665
8,548
70,358
34,517
203,562
8,857
77,199
1,236
22,599.
1,971
26,815
948
34,892
43,601
54,647
12,106
210,575
30,888
16,421
8,844
4,309
180,949
686,785
4,185
75,990
500
1,-
176
2,197
23,359
3,977
196
3
151
11,423
123,746
2,674
15,085
658
1,149
297
1,891
1,116
513
1,271
24,654
46
24
12,861
7,036 109,713
468,552 2,306,893 189,277 464,272 112,566 253,6211,184,169 284,601
1,775
84,383
79,226
194,953
8,658 345,838
66,2411 ,051,3d3
14,706
74,213 466,435 5,968,208
JULY,
1920.
767
FEDERAL, RESERVE BULLETIN.
Abstract of condition reports of all member banks in each Federal Reserve district on May 4, 1920 (including 7,985 national
banks and 1,306 State banks and trust companies).
[In thousands of dollars.]
District District District District District District District District District
No. 1 No. 2 No. 3 No. 4 No. 5 No. 6 No. 7 No. 8 No. 9
(594
(431
(769
(687
(857
(1,388
(436
(557
(960
"banks). banks). banks). banks). banks). banks). banks).
banks),
Total
District District District United
No. 10 No. 11 No. 12
(1,057
(781
(774
(9,291
banks). banks) banks). banks).
RESOURCES.
1,270,347 5,236,058 1,017,055 1,509,605 837,221
Loans and discounts
319 1,296 1,235
Overdrafts
569 1,682
Customers' liability on account of
19
32
letters of credit
74 6,097
Customers' liability on account of
acceptances
90,329 317,257 25,069 30,181 17,734
United States Government securities owned i
173,213 844,148 272,122 298,051 174,842
8,201
9,944 4,768
24,506
Stock of Federal Reserve Bank...
7,289
Other bonds, stocks, and securi246,1271,009,741 392,425 448,510 94,710
ti2
33,4411 101,608 33,361 59,160 28,328
Banking house
2,551 4,963 3,864 4,917 3,307
Furniture and fixtures
2,735 10,365 5,476 13,246 3,170
Other real estate owned
Lawful reserve with Federal Re120,039 726,596 105,637 142,329 64,400
serve Bank
52,563 154,665 45,020 65,850 34,362
Cash in vault
Items with Federal Reserve
Bank in process of collection.... 47,507 151,038 56,982 53,195 32,789
Due from banks, bankers, and
101,312 219,072 89,411 154,259 •102,801
trust companies
Exchanges for clearing house,
also checks on other banks in
35,302 546,629 39,621 28,045 16,843
same place
Outside checks and other cash
5,701 23,401 3,584 5,290 3,853
items
5,742 3,138 4—
2,964
2,711
Due from United States Treasurer
Approximate interest earned but
5,000 1,496
3,110 22,748
not collected
846
15,564 246,464 9,452 4,681
Other assets
Total..
678,966 2,769,423 740,197 733,936 958,710 666,1401,376,506 17,794,164
1,799 .3,135 1,400 1,581 3,188 2,486
~ '"" 3,390
"—
22,080
201
13,998
27
83,736
19,497
10,258
123
10
188
7,482
2,825
6,707
37,814
655,405
142,439 422,767 124,719 96,807 138,671 140,349 253,028 3,081,156
3,697 12,750 4,158 3,243 4,223 3,626
6,030
92,435
64,640 421,497 110,227 67,867 82,151
21,082 58,206 19,030 18,463. 21,280
3,488 8,049 3,097 3,70? 4,544
6,456 3,863 4,125 2,811
5,271
59,629 264,709 71,609 50,734 83,293
24,593 106,662 21,395 20,639 29,397
20,634 67,788 41,567
21,644 216,412 3,175,951
20,588 39,375 453,922
55,808
4,549
8,777
70,819
3,774 9,527
57,861 118,802 1,865,638
23,357 42,394 620,897
8,892 46,550 30,626 22,495
580,063
116,577 325,384 89,258 106,865 226,415 122,447 220,372 1,874,173
8,253
42,714
867,427
2,960
2,060
6,886
1,805
6,745
2,481
6,756
2,480
9,496
3,273
102,996
38,187
1,583 8,434 2,346
1,116 22,695 1,223
5,490
1,296
3,387
394
1,977
922
7,401
19,246
66,070
15,814 80,149 14,715
5,272 23,052
2,000 4,731
12,707 26,635
2,210,484 9,652,7802,113,863 2,838,3801,425,7011,182,799 4,690,3061,273,3481,155,296 1,643,823 1,124,552 2,437,240 31,748,572
LIABILITIES.
133,617 382,907
Capital stock paid in
119,758 435,263
Surplus fund
Undivided profits, less expenses
50,725 192,918
and taxes paid
Approximate interest and dis8,347 27,939
count collected but not earned.
Amount reserved for taxes accrued
4,487 31,985
Amount reserved for interest
1,715 14,363
accrued
2,576 5,151
Due to Federal Reserve Bank
Due to banks, bankers, and
142,5801 ,291,877
trust companies
Certified and cashiers' or treas17,815 318,694
urers' checks outstanding
1,207,9844,944,769
Demand deposits
861,105
314,209
Time deposits
16,649 99,821
United States deposits
p
Bills payable with Fe
Federal Re39,649 503,688
serve Bank
a
ll payable other than with
Bills
3,691 6,742
Federal Reserve Bank
Cash letters of credit and travel214 32,601
ers' checks outstanding
93,289 328,692
Acceptances
National bank notes outstanding. 48,073 85,554
3,996 35,464
United States bonds borrowed...
Other bonds and securities bor178 2,462
rowed
Other liabilities
50,785
Total .
Liabilitv for rediscounts, including those with
Federal Reserve Bank 3
1
108,913 165,201 95,213 75,568 256,699 90,546 71,627 93,414 78,131 143,719 ,695,555
167,943 169,752 66,572 50,205 183,672| 51,083 37,760 49,963 44,774 70,170 ., 446,915
43,006 64,159 24,599 17,318
5,367
5,
5,221
3,798
67,
11,983
21,323 18,672 24,628 22,327 41,097
4,830
2,926
4,711
3,977
2,908
3,578
1,434
1,454
8,423
1,529
1,531
1,960
1,428
2,280
1,032
3,416
1,""
2,205
4,944
1,530
1,431
5,828
1,101
67
1,493
46
1,295
43
423
2,205
62,560
3,755
272
39,404
21,547
171,130 229,692 135,447 119,526 543,089 157,743 131,283 281,917 114,911 205,164 3,524,359
9,695 7,415 38,746 6,1
13,092
15,601
18,507
1 0 , uy^s
XOM
OU 1
3551,922,979 560,298 418,083
979,5141,235,587 573,915 528,355
366,208 719,234 324,227 248,2511,267,391 233,774 373,348
9,583 8,795
6,420 11,097
3,996
144,208 61,868 72,915 55,423 166,174 49,018
20,239
16,551 12,233
3,337 7,560 15,440 7,;
13,796
72
46
305
64
219 1,517
35
26,546 30,352 17,832 14,381 83,850 19,517
54,877 89,512 56,045 39,262 82,276 41,497 10,303
31,283
13,006
11,741 19,217
3,173
10,196
8,117
2,819
522
35
8
223
279
10
137
447
959 6,923 6,423
2,096 3,392 3,935
23,046 13,692
790,449' 632,435
243,853 92,688
4,618
5,712
44,451
38,347
22,345
282
2,825
49,307
8,168
850
708|
35,234 518,517
,038,84714,833,215
703,244 " 747,532
10,624 190,168
50,741 ,246,721
14,250
133,497
666
6,920 39,345
45,465 64,780
4,231 3,015
36,109
673,852
687,931
123,143
944
5,692
6,119
83,945
471
1,653
2,210,484 9,652,780 2,113,863 2,838,3801,425,7011,182,799 4,690,3061,273,3481,155,2961,643,823'1,124,552 2,437,240 31,748,572
115,567 386,769 111,684
76,576
59,158 65,990 306,928 114,663
75,974
99,923i 37,717 100,098 1,551,047
Includes United States Government securities borrowed by national banks.
2 Includes other bonds and securities borrowed by national banks.
3 Includes acceptances of other banks and foreign bills of exchange sold with indorsement or other guaranty by national banks.
588,697
768
FEDERAL RESERVE BULLETIN.
JULY, 1920.
Abstract of condition reports of all member banks of the Federal Reserve System on May 4, 1920, arranged by classes
(including 7,985 national banks and 1,306 State banks and trust companies).
[In thousands of dollars.]
Central reserve city banks.
New
Chicago
St. Louis Total (106
York (64 (22
banks). (20 banks). banks).
banks).
Other
reserve
city
banks
(548
banks).
Country
banks
(8,637
banks).
Total
United
States
(9,291
banks),
May 4,
1920.
Total
United
States
banks),
Dec. 31,
191\>
RESOURCES.
4,068,962
Loans and discounts
1,218
Overdrafts
6,095
Customers' liability on account of letters of credit
307,670
Customers' liability on account of acceptances
603,232
United States Government securities owned l
18,361
Stock of Federal Reserve Bank
Other bonds, stocks, 'and securities 2
569,396
69,260
Banking house
844
Furniture and fixtures
5,163
Other real estate owned
^
614,677
Lawful reserve with Federal Reserve Bank
104,3B8
Cash in vault
Items with Federal Reserve Bank in process of collec112,535
tion
117,940
Due from banks, bankers, and trust companies
Exchanges for clearing house, also checks on other
banks In same place
529,976
18,305
Outside checks and other cash items
3,164
Due from United States Treasurer
17,732
Approximate interest earned but not collected
,
Other assets
243,350
1,010,984
455
229
72,530
78,790
4,920
110,365
11,799
121
204
129,953
36,671
295,250
149
13
15,734
36,508
1,834
49,979
6,775
1,028
1,892
38,337
5,367
5,375,196
1,822
6,337
395,934
718,530
25,115
729,740
87,834
1,993
7,259
782,967
146,406
5,550,862
6,534
840
235,637
895,071
28,946
971,485
160,227
12,236
28,909
556,214
176,473
38,703
115,240
26,464
28,337
177,702
261,517
344,250
724,075
58,111
888,581
580,063
1,874,173
579,235
2,518,709
48,875
10,260
232'
1,311
19,062
8,644
862
547
612
358
587,495
29,427
3,943
19,655
262,770
217,529
42,450
10,049
16,048
51,473
62,403
31,119
24,195
30,367
9,656
867,427
102,996
38,187
66,070
323,899
1,509,006
147,276
41,489
69,354
97,544
7,412,248
1,690,704
518,690
9,621,642 10,029,308 12,097,622 31,748,572
32,616,256
Capital stock paid in
265,640
Surplus fund
347,025
Undivided profits, less expenses and taxes paid
145,626
Approximate interest and discount collected but not
earned
22,575
Amount reserved for taxes accrued
30,072
Amount reserved for interest accrued
9,269
Due to Federal Reserve Bank
350
Due to banks, bankers, and trust companies
1,207,407
Certified and cashiers' or treasurers' checks outstanding
305,140
3,790,639
Demand deposits
Time deposits
292,726
United States deposits
,
91,805
Bills payable with Federal Reserve Bank
433,784
Bills payable other t h a n with Federal Reserve B a n k . . .
798
Cash letters of credit and travelers' checks outstanding
32,573
Acceptances
319,095
National bank-notes outstanding
38,027
United States bonds borrowed
31,295
Other bonds and securities borrowed
,
1,059
Other liabilities
47,343
83,600
80,900
21,772
37,550
23,655
8,385
386,790
451,580
175,783
523,247
473,837
161,541
785,518
521,498
251,373
1,695,555
1,446,915
588,697
1,593,833
1,375,727
491,872
6,890
5,885
1,409
413
344,092
2,456
648
479
3
83,815
31,921
36,605
11,157
766
1,635,314
29,145
18,045
11,787
6,500
1,459,527
27,720
7,910
16,460
14,281
429,518
88,786
62,560
39,404
21,547
3,524,359
76,576
55,80S
24,843
14,189
4,091,400
19,327
773,206
208,810
2,372
61,263
3,252
217,661
80,934
2,968
23,209
851
72,668
346
5,005
29
15,769
10,451
7,128
327,719
4,781,506
582,470
97,145
518,256
798
33,453
407,532
48,824
43,428
1,059
49,536
108,835
4,434,591
1,762,298
54,540
451,501
46,447
2,163
242,226
170,656
47,546
1,941
22,935
81,963
518,517
5,617,118 14,833,215
3,402,764 5,747,532
190,168
38,483
276,964 1,246,721
133,497
86,252
36,109
493
673,852
24,694
687,931
468,451
123,143
32,169
6,119
3,119
83,945
11,474
906,515
15,156,169
5,304,793
648,555
1,190,331
71,488
17,173
641,018
685,237
182,665
5,578
82,486
1,690,704
518,690
9,621,642 10,029,308 12,097,622 31,748,572
32,616,256
344,892
196,385
67,507
8,784
722,819
219,444
1,551,047
1,299,788
13.2
13.1
14.5
13.2
10.3
7.3
10.1
10.3
Total
6,868,106 17,794,164
22,080
13,724
7,482
305
655,405
23,834
1,467,555 3,081,156
92,435
38,374
1,474,726 3,175,951
453,922
205,861
41,579
55,808
34,651
70,819
526,457 1,865,638
620,897
298,018
17,032,747
22,403
8,706
624,571
3,506,426
87,434
3,224,007
432,780
50,405
69,177
1,903,814
691,173
LIABILITIES.
Total
7,412,248
•
Liability for rediscounts, including those with FedReserve B a n k 3
Ratio of reserve with Federal Reserve Bank to net
deposit liability
1
2
Includes United States Government securities borrowed by national banks.
Includes other bonds and securities borrowed by national banks.
^Includes acceptances of other banks and foreign bills ot exchange sold with indorsement or other guaranty by national banks.
INDEX.
Acceptance liabilities of member banks, June 30,
1919-May4, 1920
686
Acceptances:
Banks granted authority to accept up to 100
per cent of capital and surplus
697
Growth in, during year
666
Purchased by Federal Reserve Banks—
During May
740, 741
During three months ending May
742
Allotments of Treasury loan and tax certificates,
July, 1919-June, 1920...
729
Banking situation, discussion of
671
Books received by Federal Reserve Board library
during the month
701
Building activity, reports on, by Federal Reserve
agents
682
Business and financial conditions during J u n e . . . 673-686
Causes of cancellations of orders
679
Reduction in building activity and lower prices
for lumber
682
Wholesale trade activity
684
Certificates of indebtedness:
Allotments of, July, 1919-June, 1920
729
Issued during June
661
Maturities of, purchased by Federal Reserve
Banks
751
Charters issued to national banks during June
697
Clearing and collection:
Collection of notes and acceptances, ruling on.. 699
Growth of the system during year ending J une.. 724
Interdistrict time schedule approved by Board. 746
Number of banks on par list
745
Operations of system, May-June, 1920
744
Clearing-house bank debits, May-June
733-736
Commercial failures reported
697
Commercial paper drawn for purpose of financing
various kinds of construction, eligibility of
699
Condition reports:
Federal Reserve Banks
747-751
Member banks
728, 753, 764
Crop report for June
696
Currency:
Receipts and shipments, July, 1919-May, 1920. 732
Stock of, in the United States
730, 762
Debits to individual account, May-June
733-736
Deposits of Federal Reserve Banks during year
ending June, 1920
724
Discount and open-market operations of Federal
Reserve Banks
737-743
Acceptances purchased during May
740, 741
Acceptances purchased during three months
ending May 31
742
Bills discounted during May
740
Bills discounted during three months ending
May 31
742
Bills held on last Friday in May
741
Collateral notes held on last Friday in May
741
Dollar exchange bills purchased during May . . 740
Earning assets held during May
, 739
Earning assets held during year ending June .. 723
Member banks, number of, accommodated
738
Paper discounted for or purchased from other
Federal Reserve Banks, June, 1919-June,
1920
730
Paper rediscounted with or sold to other Federal Reserve Banks, June, 1919-June, 1920.. 730
187639°—20
8
Page.
Discount rates:
In effect July 1
762
Prevailing in various centers
713
Earning assets held by Federal Reserve Banks:
During May
739
During year ending June
723
Earnings and expenses of Federal Reserve Banks,
January, 1919-June, 1920
726
Earnings from investments of Federal Reserve
Banks, rates on, June, 1919-May, 1920
732
Failures, commercial, reported
697
Federal Reserve bank notes, stock of, in United
States
730, 762
Federal Reserve Banks:
Discount and open-market operations of
737-743
Resources and liabilities of
747-751
Federal Reserve Bulletin printed in two editions. . 672
Federal Reserve notes:
Issued and redeemed by Federal Reserve Banks
June, 1919-May, 1920
732
Note account of Federal Reserve Banks
751
Note circulation of Federal Reserve Banks
during year ending June
724
Stock of, in United States
730, 762
Fiduciary powers:
Administration of trust department of a national bank
699
Exercise of, by national banks located in
Wisconsin
700
Granted to national banks during June
698
Financing of the Treasury during June
661
Foreign exchange rates
670, 763
Foreign loans placed in the United States
687-692
Foreign trade index
694
Gold:
Imports and exports of
671
Stock of, in the United States
730, 762
Gold settlement fund transactions during year ending June
724
Imports and exports:
Gold
671, 760
Silver
671, 761
Index numbers:
Foreign trade
694
International price index
712
Retail trade in the United States
706
Wholesale prices abroad
708
Wholesale prices in the United States
702
Industrial loans, foreign, placed in the United States 691
Interest rates prevailing in various centers
713
Law department:
Amendment to Mississippi banking laws
701
Exercise of fiduciary powers by national banks
located in Wisconsin
700
Legislation affecting foreign banks in Spain
692
Loans, foreign, placed in the United States
687-692
Loans, investments, and deposit liabilities of member banks, 1914-1920
726-728
Maturities:
Acceptances purchased during three months
ending May 31
742
Bills discounted during May
740
Bills discounted during three months ending
May 31
742
Bills purchased during May
740
Certificates of indebtedness purchased
751
I
II
INDEX.
Page.
Page.
Retail trade index
706
Member banks:
Rulings of the Federal Reserve Board:
Acceptance liabilities of, June 30, 1919-May 4,
Collection of notes and acceptances
699
1920
686
Administration of trust department of a national
Abstract of reports of condition.:
728, 764-768
753 759
bank
699
Condition reports, May, 1920
-.-.--.-•~
Commercial paper, eligibility of, drawn for
Loans, investments, and deposit liabilities of,
purpose of financing various kinds of con1914-1920
726-728
struction
699
Number discounting during May
738
Number in each district
738 Silver:
Imports and exports of
671, 761
State banks and trust companies admitted to
system during June
697
Stock of, in United States
730, 762
Mississippi banking laws, amendment to
701 Spain, recent tax legislation affecting foreign banks
Money:
in
692
Per capita circulation in the United States.. 730, 762
Stock of, in the United States
730, 762 State banks and trust companies:
Acceptance liabilities of
686
Municipal loans, foreign, placed in the United States 688
Admitted to system
697
National bank notes, stock of, in United States... 730, 762
Loans, investments, and deposit liabilities of,
National banks:
1914-1920
727
Acceptance liabilities of, June 30, 1919-May 4,
1920
686 Statistical review of condition of Federal Reserve
system
662-670, 723-733
Administration of trust department of
699
Advances in resources
662
Charters issued to, during June
697
Change in reserve ratio
663
Fiduciary powers granted to
698
Federal Reserve notes and deposits
664
Loans, investments, and deposit liabilities of,
Discount
of
war
paper
665
191471920
726
Credit control
665
Par collections. (See Clearing and collection.)
Acceptance development
666
Physical volume of trade
714-723
Prices and credit
666
Prices:
Movement of reserves
667
International price index
712
Development of production
668
Wholesale, abroad
708
Credit and investment
669
Wholesale, in the United States
702
Foreign
exchange
670
Public utility loans, foreign, placed in the United
States
692 Tax certificates, allotments of. July, 1919-June,
1920
729
Railroad loans, foreign, placed in the United States.
690
Time schedule, interdistrict
746
Rates:
Acceptances purchased during three months
Trade:
ending May 31
742
Foreign, index of
694
Bills discounted during May
740
Physical volume of
714-723
Bills discounted during three months ending
Retail, index of
706
May 31
742
Wholesale, reports on, by Federal Reserve
Bills purchased during May
740
agents
684
Discount, in effect July 1
762 Treasury financing during June
661
Earning assets held by Federal Reserve Banks..
739 Wheat crop forecasts
696
Earning from investments of Federal Reserve
prices:
Banks, June, 1919-May, 1920
732 Wholesale
Abroad
708
Foreign exchange
670, 674
In the United States
702
Reserve position of Federal Reserve Banks
663, 672
International price index
712
Reserves, deposits, and note circulation of Federal
Reserve Banks during year ending June
724 Wholesale trade activity, reports on, by Federal
Reserve agents
684
Resources and liabilities:
Federal Reserve Banks
747-751 Wisconsin, exercise of fiduciary powers by national
Member banks
728, 753, 764
banks located in
700
FEDERAL RESERVE DISTRICTS
&
O
FEDERAL RESERVE BANK CITIES
FEDERAL RESERVE BRANCH CITIES
The branches at Helena, Mont., and Oklahoma City, Okla., have been authorized by the Federal Reserve Board but are not yet open for business.
@FedFRASER