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FEDERAL RESERVE
BULLETIN




ISSUED BY THE

FEDERAL RESERVE BOARD
AT WASHINGTON

JUNE, 1919

WASHINGTON
GOVERNMENT PRINTING OFFICE
1919

FEDERAL RESERVE BOARD.
EX OFFICIO MEMBERS.
CARTER GLASS,
Secretary of the Treasury, Chairman.
JOHN SKELTON WILLIAMS,

W. P. G. HARDING, Governor.
ALBERT STRAUSS, Vice Governor.
ADOLPH 0. MILLER.
CHARLES S. HAMLIN.

Comptroller of the Currency.

J. A. BRODEBICK, Secretary.

GEORGE L. HARRISON, General Counsel.

W. T. CHAPMAN, Assistant Secretary.

H. PARKER WILLIS,

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




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

OFFICERS OF FEDERAL RESERVE BANKS.
Federal Reserve Bank
of—

Chairman.

Deputy governor.

Governor.

Boston...... ,o

| Frederic H. Curtiss... Chas. A. Morss

New York

! Pierre Jay

Benj. Strong, jr

Philadelphia
Cleveland

R. L. Austin
D. C. Wills

Richmond

Caldwell Hardy

:

George J. Seay..
;

Joseph A. McCord
Wm. A. Heath

Atlanta...
Chicago...
St. Louis
Minneapolis.
Kansas City.
Dallas.
San Francisco

E. P. Passmore.
E. R. Fancher.

M. B. Wellborn.
j J. B. McDougal.

Wm. McC. Martin
John II. Rich
Asa E. Ramsay
| Wm. F. Ramsey
i John Perrin
1

D. C. Biggs
Theodore'Wold.
J. Z. Miller, jr.
R. L. Van Zandt.
J. U. Calkins

Assistant to governor.

I Chas. E. Spencer, jr.
0. C. Bullen
I R. II. Treman
J. H. Cage
L. F. Sailer
J. F. Curtis
Wm. II. Ilutt, 2jr
M. J. Fleming
Frank J. Zurlinden l.
C. A. Peple.
R. II. ~
'
L. C. Adelson
C. R. McKav
B. G. McCloud1
O. M. Attebery
R. A. Young
C. A. Worthington 1.
Lynn P. Talley
• Wm. A. Day
'
2

C. C. Bullen.
L. H. Hendricks.

W. A. Dyer.
H. G. Davis.
Geo. H. Keesee.
M. W. Bell.
S. B. Cramer.
J. W. White.
S. S. Cook.
J. W. Helm.2
Lynn P. Talley.
Ira Clerk.

Acting cashier.

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

Manager.

New York:
Buffalo branch

Ray M. Gidney.

Cleveland:
Cincinnati branch
Pittsburgh branch

L. W. Manning.
Geo. De Camp.

Richmond:
Baltimore branch

Manager.

St. Louis:
Louisville branch
Memphis branch
Little Rock branch

W. P. Kincheloe.
J. J. Heflin.
A. F. Bailev.

Kansas City:
Omaha branch
Denver branch

0. T. Eastman.
C. A. Burkhardt.

Dallas:
El Paso branch

R. R. Gilbert.

San Francisco:
Salt Lake City branch..
Seattle branch
Spokane branch
Portland branch

C. H. Stewart,
C. J. Shepherd.
C. A. McLean.
C. L. Lamping.

Morton M. Prentis.

Atlanta:
New Orleans branch
Jacksonville branch
Birmingham branch

Marcus Walker.
Geo. R. De Saussure.
A. E. Walker.

Chicago:
Detroit branch

R. B. Locke.




Federal Reserve Bank of—

SUBSCRIPTION PRICE OP BULLETIN.

The Federal Reserve Bulletin is distributed without charge to member banks of
the system and to the officers and directors of Federal Reserve Banks. In sending
the Bulletin to others the Board feels that a subscription should be required. It has
accordingly fixed a subscription price of S2 per annum. Single copies will be sold at
20 cents. Foreign postage should be added when it will be required. Remittances
should be made to the Federal Reserve Board. Member banks desiring to have the
Bulletin supplied to their officers and directors may have it sent to not less than 10
names at a subscription price of $1 per annum.
No complete sets of the Bulletin for 1915, 1916, or 1917 are available.

TABLE OF CONTENTS.
Page.

Beview of the month
Business and financial conditions during May
Special reports by Federal Reserve agents
Price movements in the United States during the war
Chart showing
Index of collection conditions
Banking and industry in Switzerland during the war
Cotton export corporation organized
Condition of accepting member banks on March 4, 1919
State banks and trust companies admitted to the system during the month
Foreign branches of American banks
Banks granted authority to accept up to 100 per cent of capital and surplus
Charters issued to national banks during the month
Commercial failures reported
Fiduciary powers granted to national banks
Rulings of the Federal Reserve Board
Law department.
Gold settlement fund transactions
Bank transactions during April-May
Wholesale prices in the United States
Discount and interest rates prevailing in various cities
Physical volume of trade
Discount and open-market operations of the Federal Reserve Banks
Resources and liabilities of the Federal Reserve Banks
Federal Reserve note account of Federal Reserve Banks and agents
Condition of selected member banks
Imports and exports of gold and.silver
Estimated stock of money in the United States
Discount rates in effect
Operation of Federal Reserve clearing system
Subscriptions to certificates of indebtedness
Earnings and dividends of member State banks and trust companies




IV

•
_

521
53.1
537
543
546
547
548
553
554
562
562
562
562
563
563
565
566
569
571
574
577
580
589
594
598
600
605
606
607
60S
609
610

SERVE BULLETIN
VOL.

JUNE 1, 1919.

5
REVIEW OF THE MONTH,

Final returns for the Victory Liberty loan,
as compiled by the Treasury
Results of vie- -p.

•

.

"i

Ll

,

,r"

j

Department, show that tne
t
aggregate subscriptions
amounted to 85,249,908,300, while the total
number of subscribers receiving notes of the
new issue was approximately 12,000,000, The
outcome of the fifth loan, as thus indicated, is
therefore an appropriate conclusion to a great
and probably unprecedented series of Government offerings, The actual loans placed by
the Government since it became a belligerent,
with the number of subscribers and amounts
accepted, may be summarized thus:
Estimated
number of
subscribers.

Loans.
First loan
Second loan
Third loan
Fourth loan
Fifth loan (preliminary estimate)

•

4,000,000
9,400,000
.18,370,815
21,000,000
12,000,000

Amount
allotted.
§1,989,456,050
3,807,891,900
4,17(5,510,850
0,992,927,100
4,500,000,000
21,4(56,792,500

Total.

The Treasury Department's final compilation of the results of the Victory Liberty loan
by districts is as follows:
District.
New York
Chicago
Boston
Philadelphia...
Minneapolis...
Cleveland
St. Louis
Richmond
San Francisco.
Kansas City...
Atlanta
Dallas
Treasury
Total

Quota.

Subscriptions.

SI, 350,006,000 SI, 762,684,900
(152,500,000
772,046,550
375,000,000
425.159,950
375,000,000
422,756,100
157,500,000
176,114,850
450,000,000
496,750,650
195,000,000
210,431,950
210,000,000
225,146,850
301,500,000
319,120,800
195,000,000
197,989,100
144,000,000
143,002,050
94,500,000
87 504,250
11,140,300
4,500,000,000

5,249,908,300

Per cent.
130.57
118.32
113.38
112.73
111.82
110.39
107.91
107.21
105.84
101.53
99.34
92.00
116.66

The estimated number of subscribers to the
Victory Liberty loan was approximately
12,000,000, as follows:
Boston
817,822
New York
2,484, 532
Philadelphia.... 984,975
Cleveland
1,253,334
Richmond
500,000
Atlanta
320, 699
Chicago
2,267,411




St. Louis
Minneapolis
Kansas City
Dallas.../.
San Francisco...
Treasury

367,444
931, 767
680, 967
200,000
994,944
185,000

No. 6

As already;: explained in previous issues of
the BULLETIN, the Victory LibContemporary
, , n. -, slm -,
•
r~* i 4.
borrowing
^
P-v summed to
fund the greater part of the
outstanding certificates of indebtedness into
bonds. It has therefore in no respect changed
the problem of contemporary borrowing by
which the Treasury is necessarily faced. Expenditures are now running at about the
rate of $1,100,000,900 per month. On May
1 the Treasury Department placed another
issue of certificates of indebtedness amounting to §591,300,000, and it is understood
that further issues will necessarily have to
be offered to the public from time to time
in order to make up the difference between
current receipts from ordinary sources of revenue and the outlays on the basis just sketched.
The obvious method of obtaining these funds
currently is that of continuing to place issues
of certificates with the banks. Such issues,
however, have in the past been based upon the
plan of periodically selling an issue of Liberty
bonds. Since this plan is now definitely terminated, the change in public finance thereby
rendered necessary will be that of providing a
new method of funding the certificates from
time to time currently sold to the banks. This
offers a problem somewhat' resembling that
of successfully placing the war savings
stamp issues. It requires effort designed
to fix the attention of the investing public
upon the needs of the Government and at
the same time to oiler a security which furnishes a reasonable amount of remuneration
and into which, therefore, the savings of the
community may be expected to flow. Thus
again is presented the necessity of enlarging
the savings of the community and of devoting
these savings to the absorption of Government
securities, a duty which was strongly insisted
upon during the continuance of hostilities, but
which none the less to-day exists in as acute a
form as it did then. Financially, the war is
by no means over.
521

522

FEDERAL RESERVE BULLETIN.

The economic problem now before the
country of which these phases
of w a r
financing form a part
construct^
involves two issues. One is
the question how to proceed in meeting the
needs of domestic growth. The other is that
of establishing the proper balance between our
own progress toward a new economic adjustment and that which we shall assist European
countries to bring about through aid to be
extended to them. A proper settlement of
these two questions in their relation to one
another involves a process whereby price levels
in all countries will automatically work toward
a new basis and implies also the establishment
of a new rate of return to capital which may
probably show a greater approach to uniformity than hitherto attained. Not to
establish a working community of prices,
values and rates of yield on investment would
mean that interchange of goods and of investment funds among nations would meet with
difficulty. The situation of the world to-day
is such that for some time to come there will
be-a marked reduction of the differences between the economic systems of the leading
countries. It is certainly not to the interest
of any nation that other nations with which
it has close relations should be seriously
retarded in the legitimate use of resources and
in the proportionate employment of labor.
The attention of the people of the United States
has naturally been focused upon the further
improvement and expansion of domestic industry, but the position of the country when
considered from a world standpoint shows that
such expansion involves for its fullest success
expansion elsewhere, both in order that
customary markets for sale and purchase may
continue to exist for domestic products and
in order that foreigners may be enabled to
liquidate in due time their obligations to American creditors growing out of advances made to
them in the past and those necessarily to be
made to them in the future. The continuation
of such advances accordingly implies that
such foreign countries shall be helped to attain
to a condition in which they may settle their




JUNE: 1,1919.

indebtedness by the shipment of goods, a
means of liquidation which they can not
successfully employ unless they are enabled
to place themselves in a productive condition.
Our banking and financial organization thus
has a new and important function to perform—
more important and responsible than any it
has been called upon to perform in the past—
that of determining the division of capital
in the international field just as it has heretofore been one of its principal functions to determine the division of capital within our own
territory and within different fields of industry.
The banking system of no country has ever
been confronted with a greater or more serious
responsibility. For the disposition that is
made of our financial resources will affect
everyone in the country for better or for worse,
either as a consumer or as a producer. Proper
performance of this function will necessarily
involve the development of an investment
mechanism of the kind already outlined in recent
numbers of the FEDERAL RESERVE BULLETIN.
Apparently in consequence of the further
^ xu *u . progress toward peaceful conGrowth ofbusi- V . .

ness activity.

i

, T-,

ditions and a stable price outlook, as well as the elimination of the artificial conditions which existed
during the war, there is evident a continuous
growth toward the restoration of private business activity to a more normal level. Conditions during the month of May have more
than ever favored this renewed trend toward
activity and efficiency. The excellent agricultural outlook has undoubtedly contributed
in no small degree to the development of an
optimistic attitude on the part of business
men and bankers, while a belief that further
reductions in prices are not to be expected in
the near future has had a considerable share
in encouraging construction and manufacture. The reentry of the Eailroad Administration into the market as a large buyer of
iron and steel is expected to have an important
effect upon private demand for those-articles,
while a rise in the price of copper and
other basic metals is already observable. It
still remains true that the steel industry as

JUNE 1,1919.

FEDERAL RESERVE BULLETIN.

well as other fundamental lines of manufacture is far below the normal level of production. Building operations are, however, resuming in a number of important directions
and there has been some increase in the
volume of railway tonnage, which had been
reduced to a relatively low level during the
early months of the present calendar year.
The strong foreign demand for American
products has resulted in keeping up the activity in shipping, although vessels have had difficulty in obtaining return cargoes from
European ports to the United States. This
resumption of business activity necessarily
means a considerable increase in demands for
loans and discounts at banks of all classes, an
increase in demand to which bankers have been
making a ready response. Partly as a result
of these conditions and partly, as will later
be noted, in consequence of strong foreign
demands for shipments of goods produced in
the United States, the general trend of prices
has been upward, thus continuing the movement noticed in the FEDERAL RESERVE BULLETIN for May. The Board's index number shows
that there was an advance during the month
of April of about three points and the reports
of the Federal Reserve agents for the month
of May indicate that this upward movement
has not only not ceased but is on the increase.
The month of May has seen significant developments in connection with the
End of Govern.
,. . ,.
„^
ment control.
progressive elimination of Government control from business.

Possibly the most important administrative
development in this connection has been the
abandonment of the attempt of the Government and the steel producers to find a working
basis for price revision in this important industry with the presumed result'of establishing
an open steel market. Another important step
has been the removal of import restrictions by
Great Britain, such removal restoring to a condition of unrestricted movement the long list of
articles, whose importation had previously been
barred. The peace treaty, when ratified, will of
course take a long step toward the restoration of
export and import business as well as of domes-




523

tic trade in the occupied regions, to a free basis.
It is worthy of mention in this connection that
the President's message presented to Congress
on May 20 fixes a definite limit for the return
of the railroads to their owners and indicates
that the return of the telegraph and telephone
systems will take place as soon as practicable.
Numerous minor restrictions upon business
have been eliminated during the month just
past and it is probable that there is to-day a
greater degree of freedom of movement and
lack of restriction upon trade throughout the
world than has existed for nearly five years
past. The restoration of business to a competitive basis necessarily implies the restoration
of our banking and financial mechanism to the
exercise of its normal functions in connection
with the development of trade. Among these
are the restriction of undesirable or excessive
borrowing and the application within reasonable
periods of the test of liquidation to our foreign
trade. It will probably be some time before the
mechanism recovers its full effectiveness and is
able in the same degree as formerly to adjust
the relationships of demand and supply and to
control undue fluctuations in prices. During
this period of transition danger of maladjustment or inflation will necessarily exist in greater
or less degree, and such safeguards as can
reasonably be applied should be invoked. This
places upon the banks of the country an exceptionally responsible task.
One phase of the present situation which
parallels conditions that have
A speculative era. existed at the close of most
former wars is the development
of an active speculative situation in the securities market. During the past month operations on the New York Stock Exchange have
been upon a basis practically unprecedented
since the opening of the war and paralleled
only by the active market operations which
marked the advent of large munitions orders
when the European contest had definitely
established itself. A succession of u millionshare days" with abnormally high prices in
many classes of goods, has indicated the scope
of the speculative movement itself, while the

524

FEDERAL. RESERVE BULLETIN.

TUNE 1,

1919.

fact that much of the buying within recent several countries had become better recognized
weeks is said to have come not from profes- and established. The past few months have
sional traders but from prospective investors shown that their needs are far greater than
throughout the country, indicates the hold had been supposed and that very great sums
which the movement is already taking upon Could be used to advantage if they could be
the population of the United States. One obtained on a satisfactory basis. European
phenomenon which has presented itself as an. countries do not, of course, afford a virgin field
incident to this speculative movement is the of investment, but the restoration of industry
existence of high call money rates. These rates and trade in Europe is so important to the whole
have at times gone as high as 7J per cent, world in an economic sense, and is so desirable
although only for & short period in any instance. in other than commercial ways, that the field
Such fluctuations of the call money rate have of investment now offered by Europe may in a
promptly bees, followed by little more than practical sense for the time being be regarded
very moderate curtailment of the volume of as tantamount to a new field. It must never
hanking accommodation. There is here un- be forgotten that the economic scheme of the
doubtedly an element of danger to the financial world will be out of balance and adjustment
position of the country. Ordinarily a sharp until Europe's economic power is measurably
check could be administered through the restored. The United States, however, like
advancing of the rates of rediscount at Federal every other country, must carefully consider
Reserve Banks. Such a check for the moment what is the maximum amount with which
-encounters some difficulty so long as the policy it can reasonably part. An advance of
of promoting the absorption of Government long-term credit means the taking of capital
securities by favoring rates is maintained. and hence of goods from the American
For the moment the avoidance of abnormally market. The attempt of our financial syshigh loan accounts must be effected by means tem to advance credit at a rate more rapid
other than those which would ordinarily be than justified by the rate of saving would,
applied under tile methods and principles of therefore, simply mean advance in the
central banking. Eventually, when circum- '"'cost of living" to the average consumer
stances will permit, and the Federal Reserve through a further aggravation of existing
B anks assume their normal functions making ad- conditions of inflation in banking and
vances chiefly against liquid commercial paper, credit, with harm not only to ourselves but
reducing to small proportions advances against also to those who receive advances on an
The
United States Government collateral, a natural unreasonably high basis of valuation.
and effective check to existing conditions in natural tendency of the present time is to
the money market may be afforded through attempt to accomplish too much in a short
changes in rates- at Federal Reserve Banks. time and to go beyond the natural limits
As things stand the continuance of emergency set by available resources, thus overstraining
conditions caused hj the war has caused and crippling the investment mechanism of
this primary function of the Federal Reserve the country and opening at least the possibility of serious danger as a result. The diffisystem to be held more or less in abeyance.
That the supply of capital for meeting the culty in the situation is rendered more commanifold requirements of re- plex by the fact that American investors
Short
viving business and toreign have in the past been so little used to judgit I
trade is distinctly deficient is ing and absorbing foreignTsecurities. While,
a fact which has already been widely accepted. as pointed out in the May issue of the
Just how deficient this capital supply is has BULLETIN, this difficulty can be relieved fey
not been, fully known; indeed, could not be appropriate fiinancial organization designed to
until the necessities and requirements of the render easier the appeal to the community's




1,1919.

FEDERAL RESERVE BULLETIN.

resources, it will remain true that such appeal
must be made through investmei)t houses and
institutions and that there will be more or less
danger at all times that American financial
establishments may remain the holders of considerable volumes of foreign obligations whose
disposal to the actual investor remains for the
future and which in the meantime constitute
an incubus upon the liquid banking resources
of the community.
Studies of financial and banking conditions in the principal European
countries, published both in
the current number of the
BULLETIN and in the May issue, show that
the currency and banking situation on the
Continent is one of unusual difficulty, while it
would appear that supplies of available capital have been reduced to a minimum basis.
It does not seem probable that conditions in
these foreign countries can be promptly restored
to a normal footing without importing from
abroad in very large measure the funds that
are needed in the process of financial rehabilitation. In this connection the question is
pertinentfy raised what will be the effects of
the reparation which is to be made by the
Central Powers as a result of the peace settlement. This reparation will of course operate
to create a one-sided balance of trade in goods,
ships, and forms of capital, as well as of
securities, between the Central Powers and
the countries with which they transact business. It will therefore tend to place the recipients of the reparation in possession of funds
with which they may liquidate their obligations
to their own citizens or to foreign countries.
France, Belgium, and other continental nations
are heavily indebted to Great Britain as well as
to the United States, while Great Britain likewise is a heavy debtor of this country. The
reparation payments, while passed through
the countries which are their recipients, may
thus in the last analysis furnish the basis for
payments to the United States designed to
liquidate the advances made by this country
to cover the cost of the war, save in so far as
American investors may prefer to leave their




119745—19

2

525

funds actually at work abroad. In the latter
case the effect of the reparation payment will
be merely that of converting-a Government
obligation into private securities or other evidences of indebtedness. Belgium's share of
the reparation has already been used as
security for the advance made by a group of
American banks under the so-called Belgian
Industrial Credit, and it may be expected
that other loans or accommodations of the
same or similar kinds will take place in the
near future. It will, however, be some time
before the reparation thus paid will In fact
amount to more than a fraction of the sums
needed to reestablish industry abroad upon
anything like its prewar basis, The problem
of importing capital into practically all of the
European countries will thua be a continuing
one, and a successful basis for such importation
can be.found only in 'the assurance to individual investors in this and in other countries
which have a surplus of savings for current
requirements that there is n better field for
the use of such savings abroad than exists at
home. It is a problem of continuous rather
than of temporary financing, and has reference
to the ability of foreign countries to •produceincome through investment rather than to produce immediately consumable goods for the purpose of reestablishing their merchandisebalanGe.
During the month of May the foreign exForeign ex- c kange situation has continuedchange develop- to become more difficult than it
ments
appeared to be immediatelyafter the period of "pegging" which came to a
close on April 8. An immediate indication of
difficulty in this connection has hem afforded
by a sharp decline in quotations for the principal foreign currencies, sterling going as low as
$4.63, francs to 6.77 per dollar, and lire to 8.75.
These figures constitute record: low quotations for francs and lire, and while the quotation for sterling is not so low as those made
after the close of the "pegging," it is lower
than the rates which prevailed at the close of
April. At present figures, French currency is
worth little more than thFee~qu&rtexs of its
face value as expressed iu terms of American

526

FEDERAL RESERVE BULLETIN.

dollars. The immediate causes of this condition of affairs are obvious. It is reasonably estimated that the trade balance of the United
States during the fiscal year ending June 30,
1919, will be about $3,000,000,000, or practically the sum that has been annually recorded for the past three years. The interest
due and payable on our holdings of foreign
securities is now not much below $500,000,000
annually. While it is impossible to say what
are the total amounts payable to American
citizens who are owners of foreign securities, or who have advanced sums for use
in foreign countries upon which they receive
regular returns, it may be conservatively estimated at $100,000,000. Unofficial figures for
the amount of foreign obligations maturing in
the United States during the calendar year
1919 place that sum at possibly $600,000,000 to
$750,000,000. If the figures thus given, partly
for the calendar year and partly for the fiscal
year now drawing to a close, be regarded, as
they reasonably may, as being applicable to
conditions for the calendar year, it is apparent
that means must be found during 1919 for the
financing of about $3,600,000,000 of new obligations and for the renewal of perhaps $600,000,000 of old ones. This makes a gigantic,
probably an unprecedented, financial problem.
The Treasury's ability to advance sums to
foreign countries has been limited by Congress
to the sum of $10,000,000,000, of which about
$9,500,000,000 have now been taken up. The
department has therefore at most a sum of
$500,000,000 (most of it allocated) which can
be used for this purpose, so that it would seem
that probably much more than $3,000,000,000
of new funds must be provided by private
initiative if we are to continue our export trade
upon its present level. It should be recalled
that, as already mentioned, Congress has provided an export credit of $1,000,000,000 which
may be made available through the War
Finance Corporation. The doubt whether our
export trade can be continued upon its existing
level without involving serious financial strain
makes the question of our national policy in
reference to such trade one of urgent concern
for the whole^community.




JUNE 1,

1919.

The primary effect of the present great exportation of goods from the
Export trade U n i t e d g t a t e s j twofold—that
and prices.
of keepmg fields, factories, and
men employed, and disposing of their product,
on the one hand; and, on the other, that of
maintaining prices. A slackening of the export trade would mean an increased consumption of goods at home or else a lessened production of them. The constant assumption is
that the latter of the two alternatives would
be the one to be pursued and that accordingly
a reduction of exports from the United States
would mean a limitation of prices in this country. Shortened industry, less demand for labor
and accordingly falling prices, would be the net
result of such a change in the direction of our
business. For this reason many business men
and financiers to-day evidently regard the
maintenance of our great export balance as
practically essential, the chief modification
which they seem to wish to make in it being
that of substituting manufactures for a part of
the agricultural products which we are now
shipping abroad. It is for the attainment of
this end, and incidentally that of selling these
exports at practically the prices now prevailing,
that much of the current theorizing and most
of the practical expedients that are now suggested in prevailing discussion of our international position are intended. This leaves untouched, however, the possible alternative that
even if our export trade should be less active
there might be developed an equal demand for
our goods in domestic trade which would result
in employing our labor and capital at practically the same rate. The question is really reducible to this—whether we are to use all such
new capital as may become available through
savings above what is requisite to absorb undigested Liberty loan bonds for the purpose of
developing our own natural resources and expanding our own industries, or whether «a considerable part of it is to be loaned for use in
European fields of investment naturally less
productive but for the time being offering large
returns, because of the necessities in which the
peoples of Europe find themselves at the close

JUNE 1,1919.

FEDERAL RESERVE BULLETIN.

of a war of economic exhaustion. Should it be
true that we could to greater advantage use all
our capital at home, the only consideration in
favor of an attempt to maintain export trade at
its present level would be that such assistance
to foreign countries has not only an economic
bearing, but also a broader aspect. This aspect
would be found in the view put forward by
some Americans who have recently visited
Europe that there is a motive of self-interest
as well as of altruism underlying the idea of
assisting foreign countries rapidly to restore
their productive capacity and to get back into
sound economic condition.
Economically speaking, the question of maintaining our export trade at its
Domestic in- present level by means of loans
vestment field. and advances thus reduces itself
to the problem whether there
is a better field at home than abroad for the
use of new capital. It is undoubtedly true that
many industries in the United States are still
retarded and are still feeling the effects of the
war which has operated to reduce their access
to capital. The building trades have suffered
severely and both commercial and domestic
construction have fallen far behind their natural ratio of advance during the past four years.
Municipal utilities and public utilities generally
have for some time past been feeling the difficulty of securing sufficient capital for adequate
expansion, due to lack of confidence in their
ability to earn at existing rates. New industrial opportunities have not presented
themselves with their accustomed speed and
only in a comparatively few industries whose
work was largely contributory to the waging of
the war can it be said that there has been a sufficient stimulus to development. This situation
is evidenced by the high rates of interest which
many industries stand ready to pay for the obtaining of capital in the present market. Assuming that foreign countries are in position to
pay equally high rates, the question of the use
of our available loan funds would be determined
by the views entertained by business men and
experts concerning the probable earning power
of the industries of those countries. A reduc-




527

tion in our export trade would necessitate some
readjustment of conditions or relationships such
as that which followed the armistice, but the
transition could undoubtedly be effected. Present exportations are unquestionably upon a
basis which it would be difficult to maintain as
a permanency, being as they are so far above
the prewar level.
Pending a decision of these large questions,
P o s i t i o n of American banks are doubtless
banks in foreign in a somewhat embarrassing
financing.
position. Their managers naturally do not care to place themselves in a
situation in which they would own large balances abroad unless some definite provision is
made for continuously financing the export balance. Accordingly, many conservative bankers
are to-day "covering" or "hedging" their discounts and purchases of foreign bills, refusing
to discount or buy until they have sold a
corresponding amount of the foreign currency
which is to result from the paper offered them
when such paper has matured. The effect of
this policy, of course, is to reduce or limit the
holdings of foreign currency by American banks,
or, in other words, to require such foreign
countries in every case to provide for the liquidation of their purchases before they are
actually able to finance them in the United
States. In former times such a tendency would
have afforded a sharp check to their purchases
of American goods, but as things stand the
disposition of foreign countries to buy upon
long-term credit instead of providing themselves with means to liquidate this credit within
an ordinary period through the exportation of
their own goods or gold, must shortly reach a
point at which the disparity of values between
our own and foreign currencies will become so
great as seriously to handicap further business.
Alternative to this conclusion, or as an expedient which would probably be resorted to
before any such final outcome had been arrived
at, is the possibility that more gold might be
shipped to the United States by debtor countries, thereby tending still further to raise
prices here and to maintain them upon some
basis of parity with the level existing abroad.

528

FEDERAL RESERVE BULLETIN.

In this situation it is not unnatural that
some important private infO
G V terests have boen
ernment aid ° "
calling for
Government aid in supporting
exchange and in the extension of credits for
export business. Congress has already declined to increase the powers of the Treasury
Department with respect to direct loans to be
made to foreign countries, and it remains to be
seen how far the credit of $1,000,000,000 placed
within the reach of the War Finance Corporation can be availed of in practice. Whatever
may be determined on this score, it is not
desirable that Government direction of private
industry should be continued longer than is
absolutely essential. When a foreign country
obtains an advance from the Government of
the United States and then spends the funds
thus allotted, it in the purchase of American
goods for exportation to its own citizens, there
has been practically a joint Government guarantee of either private consumption or private
manufacture, or of both, with the results wilich
usually follow from such guarantees. These
results may be considered embodied in a tendency to indiscriminate consumption and more
or less uneconomic use of the funds or goods
which are thus set apart for the promotion of
national development. A time must inevitably arrive when the emergency is no longer
such as to require national borrowing in behalf
of private individuals, and when to continue
this polic}7 of subsidy or public support practically results in the increase of an indebtedness
which is passing beyond the power of the debtors to liquidate. Our present banking organization is capable of safeguarding the country
against undue devotion of its funds to foreign
development should such tendencies manifest
themselves, and at the same time of avoiding
unwise withholding of support which comes
from a lack of vision or a failure to understand
the ultimate results of the refusal of present
accommodation. This, of course, still leaves
open the question of the precise means by
which our bankers and exporters can thus protect themselves. But it is understood that the
problem is now fully under consideration and




JUNE 1,1919.

reasonable provision for thejieeds of the future
may accordingly be expected.
As has been stated, the overgrowth of our
export trade has undoubtedly
6S a n d h a d a
banking.
P o w e r f u l e f f e c t i n Preventing a decline of prices.
This is due not only to the actual subtraction
of goods from the domestic market to the extent that our exports are sold on long-term
credits, but also to the more subtle and
less obvious influence which is produced
through the general continuation of inflation.
To this perhaps more than to any other current
factor may be ascribed the fact that prices have
again turned upward.' It has been supposed in
some quarters that, as the demands of the Government for the financing of war expenditures
grew less, and as the demands of private business men and bankers for the financing of
industrial enterprises grew more, there would
be a distinct check to inflation and a definite
tendency toward restriction of prices. This
would normally be true should bank credit be
confined to a strictly banking (i. e., short-term)
basis. When, however, advances on the part of
banks take the form of wThat is practically longterm or investment credit, their influence is towithdraw commodities from the market and to
permit the use of them either for consumption
or for the creation of investment capital whose
actual power to produce an income return is
necessarily rather far in the future. Such
advances on the part of banks inevitably tend
to maintain prices; and when such loans are
made for the purpose of facilitating or carrying
on export trade which has produced a steady
and "favorable" balance (that is to say, a condition showing far greater exports than imports of merchandise) the influence upon banking conditions is very similar to that created
through the use of bank funds for the support
of public credit. In the present circumstances,
therefore, a continuous excess of exports over
imports, paid for by the issue of long-term obligations more or less largely sustained by the
banks, must be regarded as constituting a distinct factor in tending to maintain the present
inflation and to keep things upon an unduly ex-

panded basis. The foreign banking institutions are already feeling the same problem,
and it is under discussion in a number of countries, notably Great Britain, where the continued large importation of commodities purely
for purposes of personal consumption is being
discouraged so far as practicable. Nevertheless, the reaction of feeling resulting from the
close of the war has unquestionably tended to
increase the disposition of individuals to buy
and spend with comparatively little regard for
the eventual results of their action. Possibly
the most important immediate outcome of this
condition of affairs is the overstimulation of
retail trade in consumable commodities and
especially in luxuries and the relative retardation of business in basic commodities and materials for manufacture. The existence of this
state of things is very obvious, not only abroad,
but in the United States.
During the month of May Treasury operations have caused significant
c h a n e s in the bankiQ

s

serve notes have been almost steadily declining,
the figure on May 23 was 2,504.3 millions, or a
trifle above the circulation reported on October
25, 1918. Reserve percentages of the banks,
after having reached 51.1 per cent on May 16,
rose to 52.3 per cent on the following Friday.
Bills bought in the open market during April
were about 141 millions, as against 164 millions
the previous month. Purchased acceptances
held on the last of the month (April) declined
to 180 millions, as compared with 235 millions
held at the close of March.
During the month ending May 10 the net
inward movement of gold was
Gold move$2,144,000, as compared with
ment.
a net inward movement of
$6,395,000 for the month ending April 10.
The gain in the country's stock of gold since
August 1, 1914, was $1,081,870,000, as may be
seen from the following exhibit:
(In thousands of dollars; i. e., 000 omitted.)

g p° si -

tion. The first two series of
certificates issued in anticipation of the Victory
loan fell due on May 6 and 20, while the tenth
series of certificates, amounting to 591.3 millions, was issued on May 1. On May 20
the first installment of the Victory loan was
received, the total effect of all these operations being a continuous increase in the holdings of war paper at Federal Reserve Banks
between April 25 and May 16 from 1,760.7 to
1,863.5 millions, followed by a decline to 1,762.4
millions after the first payment had been made
on account of the Victory notes. For the first
time the total discounts were over two billion
dollars, the percentage of war paper in the total
being over 90, while an even larger percentage
was held in Boston, Philadelphia, New York,
Cleveland, and Chicago.
There was an increase of total acceptances on
hand of 193.2 millions. Gold resources of
Federal Reserve Banks have increased from
2,169.2 to 2,178.7 millions, deposits moving
parallel with discounts and increasing to 1,865.3
millions on May 16. Total earning assets were
2,359 millions on May 23. While Federal Re-




529

FEDERAL. RESERVE BULLETIN.

JUNE 1, 1919.

Imports.

Aug.
Jan.
Jan.
Jan.
Jan
Jan.

I to Dec. 31, 1914
1 to Dec. 31,1915
1 to Dec. 31,1916
1 to Dec. 31,1917...
1 to Dec 31,1918
1 to May 10,1919 .

Excess of
Exports. imports
over
exports.

1

104,972
31,428
155,793
372,171
40,848
13,130

i 81.719
420,529
529,952
181,542
21,102
10,464

1,800,210

Total

23,253
451,955
685,745
553,713
01,950
23,594

718.340

1,081,870

Excess of exports over imports.

Of the gold imports for the month, amounting to $4,111,000, receipts of $2,500,000 came
from Hongkong, the remainder coming largely
from Mexico and Dutch East Indies. Gold
exports, amounting to $1,967,000, were consigned chiefly to Venezuela, Mexico, and
Colombia.
Early in May the Board issued to the public
the final volume embodying its
Board's annual
complete annual report and
report.
those of Federal Reserve agents.
Included in the document is a detailed review
of the action taken by the Federal Advisory
Council at meetings held from its first session
up to and including the session held on November 19, 1918. There has thus been given to
the public a complete, classified analysis of all

530

FEDERAL RESERVE BTJIiLETIN".

of the work of each element in the management of the Federal Reserve system, with
detailed statistics governing actual operations.
Included in the volume are full accounts of
expenses and salaries, also of total outlays on
account of Liberty loan transactions. Full
information is afforded not only with respect
to each bank and governing body in the system,
but also with respect to the principal branches
of the internal activity of the several banks.
The Board has from the beginning adopted the
policy of publishing in detail, both in its
annual report and in the FEDERAL RESERVE
BULLETIN, the most complete available data
regarding its own expenditures and those of
the banks. In this report further progress has
been made toward placing the reports of
Federal Reserve agents, rendered on behalf of
their respective banks, upon a substantially
uniform basis. Complete uniformity has not
yet been secured, but it is believed that in all
principal respects detailed comparison of conditions in the several districts is rendered
possible through a study of the reports which
are now thus assembled in one volume. It is
worthy of note in this connection that continuous effort is being made to bring about
greater uniformity in the business conditions
reporting service which now constitutes a part
of the work of the FEDERAL RESERVE BULLETIN. As in former years, a copy of the
complete report is being sent to each member
of the Federal Reserve system.
On May 21 there occurred at the Federal
Meeting of ac- Reserve Bank of New York a
ceptance commit- meeting of the acceptance corntee,
mittee which had been appointed by the Federal Reserve Board to
consider the question of regulations and literature relating to all branches of the acceptance
business. Those in attendance on the meeting
were Federal Reserve Agents Wills, Curtiss,
Austin, and Jay, Deputy Governor Spencer
(Boston), Mr. Kenzel (manager of investments,
New York), Mr. Paul M. Warburg, and Mr.
H. P. Willis. The question of preparing
complete, detailed statements relating to
typical operations in which acceptances of all
kinds were employed was taken under advise-




JUNE 1,1919.

ment. The work of the committee is intended
to result in a report to the Board, and this
report when rendered will be duly taken under
advisement and will be considered in connection with the formulation of new regulations
governing the subject of acceptances, which
the Board has had in contemplation for some
time past. It has been the practice of the
Board to issue an annual edition of its regulations, but the new issue is now long overdue,
having been held back on account of the
anomalous and unusual situation created by
the war and the desire to embark upon the
reconstruction period under a series of regulations adapted to the new conditions. It is
the intention of the Board after gathering information from all available sources so to reshape its regulations as to repress unsound
methods and to limit the acceptance business
to the lines intended by the Federal Reserve Act.
The Buffalo branch of the Federal Reserve
Bank of New York was opened
Branches and
for business on May 15, with
personnel.
R. M. Gidney, formerly assistant Federal Reserve agent at New York, as manager. The directors of the branch are as follows : Appointed by the Federal Reserve Board:
Clifford Hubbell, Buffalo; Charles M. Dow,
Jamestown. Appointed by the Federal Reserve Bank of New Yorl^: Harry T. Ramsdell,
Buffalo; Elliott C. McDougal, Buffalo; R. M.
Gidney, New York City.
The territory assigned to the Buffalo branch
includes the 10 most westerly counties of New
York State, as follows: Monroe, Livingston,
Allegany, Orleans, Genesee, Wyoming, Cattaraugus, Niagara, Erie, and Chautauqua.
During the month of May some changes in
personnel have occurred in the Federal Reserve
Banks. Owing to the death of Governor James
K. Lynch, Which occurred on April 28, Mr. John
U. Calkins has been elected as successor to Mr.
Lynch and has taken office as of May 6. In
the Second Federal Reserve District Mr. Sheppard Morgan has been appointed as assistant
Federal Reserve agent in place of Mr. Ray M.
Gidney, who has become manager of the
Buffalo branch of the Federal Reserve Bank
of New York.

JUXE 1,1919.

FEDERAL RESERVE BTJIiLETIH'.

531

BUSINESS AND FINANCIAL CONDITIONS DURING MAY, 1919.
During the month of May there has been a
noticeable upward trend in business, with evidences of great activity in certain lines, especially
those closely related to the leading retail trades,
which have felt the release of buying power
held back during the war and in the first months
after the armistice. Practically uniform reports from all Federal Reserve agents point to
a summer and autumn of unusual activity, with
many indications of "business prosperity,"
especially in agriculture and merchandise and to
some degree in manufacturing. The country
now seems to be passing through a period of
free expenditure, a reaction from the enforced
economy and business restrictions of the war
period. If the present activity should prove to
be based principal!}7 on these causes, a reaction
therefrom may be looked for when these forces
have spent themselves.
From district No. 1 it is reported that
" manufacturers and merchants in practically
all lines are doing a large business, and buyers
who withheld orders awaiting lower prices are
now purchasing heavily before costs advance
further." From district No. 2 it is reported
that business readjustment has gone forward
despite prices and that the pressure of the
retail purchaser, working from the bottom,
has forced activity into the branches of industoy where doubt as to the future and disinclination to go ahead had prevailed because of
the high cost of materials and labor. District
No. 3 reports that the business situation continues to show improvement in many lines and
that further increases are expected as the year
advances. District No. 4 reports that "we are
no longer awaiting prosperity; it is already with
us. Business is breathing easier." From the
fifth district it is reported that " improving
conditions in trade have developed rapidly.
Few unfavorable comments are heard, and
optimistic reports are so general as to excite
caution as to accepting them without qualifications." In the sixth district "business in
almost all lines has continued active, retail




trade is still on the increase, and wholesale
merchants also report an increased volume of
trade." In the seventh district "the volume
of business is sufficiently large to indicate the
enormous buying power which high farm prices,
wages, and the production of the war period
has created." According to the eighth district,
"the prevailing business sentiment is one of
increasing optimism—reports received from
the various industries of the district indicate
that business generally is improving."
The ninth district reports that, "industrially
speaking, the outlook is for an active year.
Wholesale business is active and retail trade is
very satisfactory. Collections are good." ' In
the tenth district correspondents of the Federal
Reserve agent " are more optimistic than at any
time this year" and there is "cheerfulness on
the part of bankers, merchants, farmers, manufacturers, and wage earners." All correspondents regard conditions at this time as favorable
to a continuance of prosperity for many months
to come. In the eleventh district general and
careful investigation tends to confirm earlier
predictions that "business has reached a period
of prosperity which was not only unexpected
but, we believe, is not fully appreciated."
The twelfth district states that "manufacturing
and industry have been active in most of the
centers of the district. Wholesale and retail
trade are good and collections vary from good
to fair. Labor is now almost fully employed in
all sections of the district except Utah."
The price and reconstruction situation
throughout the country is practically a continuation of that already noted during the
month of April. Prices in some districts are
at "about the same level for corresponding
months of last year," while elsewhere business
men are reaching the conclusion that the
return from war to normal conditions does not
necessarily mean the pre-war level, but that
"far-reaching
and permanent economic
changes" have been produced. Trade in
some sections has "reached the conclusion

532

FEDERAL RESERVE BULLETIN.

JUNE 1,1919.

that -most ef Its fears have not been realized usual degree. Winter wheat still continues to
and were without foundation," while "mer- warrant the forecast of a wholly unprecedented
chants are in a condition of solvency which yield which has been made known by the Dethey h&ve wot enjoyed for many years." One partment of Agriculture. In the Kansas City
Federal Reserve Bank finds that "the public district winter wheat is reported in excellent
is slowly adjusting itself to the conviction that condition and growers are counting on the
there is to be mo rapid post-war drop in prices largest yield in history. Weather conditions
and is FeeoaciliBg Itself to the probability that during May have been beneficial in checking
the old pre-war prices may never again be the too rank growth which was made by wheat
reached." What would have been accepted in the early spring. The spring wheat acreage
as a good pre-war volume of business is much probably will not be much increased, due to
less likely to be acceptable as sufficient volume weather conditions, but the prospects for a large
•for our recGostruetaon work.
yield are said to be of the best. The Ninth
The Board's index, based upon that of the District states that "soil and moisture condiDepartment of Labor,, shows that prices have tions have been generally favorable throughout
exhibited m® teadeBey to retrograde, but on the month." In districts where crops have
the whole aie moving slightly upward, the been poor for two years past the outlook is very
figure rising from 200 to 203 in April. The satisfactory. In the corn-producing States the
effect of this condition has been to bring about prospect is thus far very favorable and in the
a state of greater confidence and to develop cotton region the outlook is for a "hopeful
a -latent Swaying power which was appar- growing season." Diversification duo to organently only awaiting decision as to the prob- ized effort is making progress and the cash
abilities of the coming months before making returns to farmers are expected to be unusual.
itself felt The iBcrease is due entirely to the On the Pacific coast the staple crops have
increase in Ilka prices of raw materials and "made satisfactory advancement and are in
consumers7 goods, the Index numbers for the good condition" although rain is needed.
groups in. question rising from 197 to 200 and Some losses of fruit crops have occurred but the
from 206 'to. 2IOt respectively. On the other food outlook is promising. Grain movements
hand, rfche index number for the group of pro- to primary markets have for the most part been
ducers5 goods declined from 190 to 186, while slightly heavier in April than in February and
among fee sobgroups included under the head March, but shipments have been more than,
of raw materials the index number for the three times the volume of-receipts. Flour promineral products group likewise declined from duction during the month of April amounted to
171 to 16% which, however, did not serve to 11,274,000 barrels as compared with 10,498,000
offset eoBsideFable increases in the prices of during the previous month, though stocks at
both farm and animal products, the index mills at the close of the month on the other hand
numbers for the latter groups increasing from show a slight decrease. In consequence of the
235 *to 243 -and from 216 to 223, respectively. increases in the price of flour which recently
Reports of Federal Reserve agents develop occurred, steps were taken by the Grain Corthe conspiflwus fact that this slight increase poration to check the rise, though the efforts in
iin prices lue brought about a general belief certain localities at any rate appear as yet to
that the 'tim& has come when business men have met with little success. As a result of
may proceed actively with further commit- stimulated prices milling operations since
ments without running the risk which they April 1 have been about double those of the
had some months ago predicted of constantly same period last year, but this increased activity has "been experienced only by those mills
shrinking values for raw material stocks.
Agriculturally, the remarkable promise of the which were able to obtain allotments from
-spuing-appears to be sustained in an un- Government wheat stocks. It is reported from




FEDERAL RESERVE BULLETIN.

JUNE 1,1919.

certain centers that the mills have booked
sufficient orders to absorb the present stocks of
wheat which are available but are unwilling to
iraake further commitments in view of the decrease in wheat stocks. It has been remarked
that during the past year the United States
raised insufficient corn to supply domestic requirements, due largely to the increased demand for feeding purposes. Speculative trading in the commodity has been exceedingly
heavy of late with spectacular movements in
prices and marked on the whole by a considerable increase.
From Chicago it is reported that prices of
cattle are considerably higher than a year ago,
while prices of sheep are lower. Beef has therefore advanced, while mutton and lamb have
slightly fallen. Smaller receipts of hogs at the
principal markets have resulted in a decrease
in the stocks of pork and lard. Kansas City,
however, reports that the cattle trade has been
rather dull with prices slightly weaker, although
they still show a considerable margin over a
year ago. Hogs, however, have continued to
advance, speculators paying up to $21. In
Kansas City there was a decrease during April
of 34 per cent in the receipts of cattle, an increase of 34 per cent in receipts of calves, a
decrease of 7-|- per cent in hogs, an increase of
29 per cent in sheep, and an increase of 58 per
cent in horses and mules. Receipts of cattle
during April at 15 principal markets were
1,255,379 head, as compared with 1,094,614
during March, the respective index numbers
being 125 and 109, as compared with 1,533,147,
corresponding to an index number of 152 a
year ago. Receipts of hogs decreased from
2,842,663 head during March to 2,823,484 head
during April, the respective index numbers
being 129 and 128, while receipts during April,
1918, were 2,942,449 head, corresponding to an
index number of 134. Receipts of sheep, on
the other hand, increased from 847,842 to
970,070, with respective index numbers of 62
and 71, as compared with 733,709 a year ago,
corresponding to an index number of 54. It is
expected that the export movement will continue on a large scale for some time to come.




119745—19

3

533

In steel and iron the reports for the month
show a reduction of output to what are said
to be the lowest figures for a good while past.
In spite of this fact prices of steel stocks as
quoted on the exchanges have materially advanced. A notable development during the
month has been the establishment of an open
market for steel through the abandonment of
the effort to stabilize values and prices, aided by
the entrance of the Railway Administration into
the market as a large buyer of rails and equipment. Bids for 400,000 tons of railway steel
were requested by the Railway Adminisration
on May 8, and 200,000 tons have been allotted.
A much better tone in the steel and iron market
is reported at various points, although the mill
activity is said to be only about 70 per cent of
normal in the establishments of the United
States Steel Corporation and 50 per cent at
independent mills. Pig iron production shows
a continued decrease from 3,090,243 tons during
March to 2,478,218 tons during April, the
respective index numbers being 133 and 107.
The latter is the lowest figure since February,
1918. Steel ingot production likewise shows
a decrease from 2,662,265 tons during March
to 2,239,711 tons during April, the index
numbers, respectively, being 110 and 93. The
unfilled orders of the United States Steel
Corporation have also decreased from 5,430,572
tons at the close of March to 4,800,685 tons at
the close of April, the index numbers, respectively, being 103 and 91, while the figure at the
close of April, 1918, was 8,741,882 tons, corresponding to an index number of 166. The
figure for the close of April, 1919, is the lowest
since June, 1915, at the end of which month
the total was 4,678,196 tons. Although pig
iron trade in the Atlanta district is dull as it is
elsewhere, the steel mills are active and rails
are being rolled in preparation for a considerable trade. The high freight rates heretofore
prevailing out of the Atlanta district have been
a handicap, but a recent ruling by the Interstate Commerce Commission seems likely to
give them access to trade in northern territory
which has up to the present been impossible.
While the bituminous coal industry is reported

534

FEDERAL RESERVE BULLETIN.

to be at present depressed and unsatisfactory,
with an output less than 70 per cent of that of
a year ago, and while there has been a large
accumulation of fuel, coal operators are optimistic for the future. The current use of fuel
is in excess of production and stocks are being
consumed, while an increase in the production
of bituminous coal since the opening of May is
noted. Shipments of anthracite for the month
of April show a substantial recovery from the
low figures for the two previous months, the
tonnage for April being 5,224,715 as compared
with 3,938,908 for March, the respective index
numbers being 93 and 70. The production of
beehive coke on the other hand continues to
decline, the output for April being 1,316,960
tons as compared with 1,768,449 during March,
the corresponding numbers being 50 and 68.
It is reported from the New York metal market
that after several weeks of almost no demand
the copper market shows a slight improvement.
Quotations have been reported as high as 16
cents, while producing companies are operating
on a 50 per cent basis. Production of four
large companies during the first four months
of 1919 amounted to 122,541,610 tons as com-,
pared with 180,425,458 tons during the last
four months of 1918. In spite of the reduced
domestic output, stocks have continued to
increase due in considerable measure to continued heavy importations. The lead market
is somewhat firmer than it has been for some
time past and the tin market is dull. From
Kansas City it is reported that considerable
reductions have occurred in the prices paid for
zinc and lead ores and there has been a decrease
in their production. It is reported that production in the lead industry, however, is at a
considerably higher level than in the copper
zinc, and iron industries.
During the month of April more than 1,000
new petroleum wells were completed, with new
production of about 43,600 barrels daily in the
Kansas City district. A substantial gain in
production is now expected.
General manufacturing is showing decided
improvement. The wool market is strong,
with prices in favor of the seller. Large orders




JUNE 1,

1019.

have been placed with the mills, both for yarns
and finished goods. Weavers have operated
freely in purchasing wool at Government
auctions in the Philadelphia district. Woolen
and worsted mills are going back to full time,
with a large volume of orders. While fine
wool is in considerable demand and commands high prices, low-grade wool, on the
other hand, is in relatively little demand, and
a lower trend in prices is indicated. Fall orders
for woolen underwear and high-grade hosiery
are appearing in good volume. Very decided
improvement has occurred in cotton milling,
and orders are being booked well into the fall.
The demand is for the finer goods, and prices
have been advanced until they even exceed
winter levels. The new 48-hour schedule has,
however, curtailed the output at mills, and a
slight labor shortage is now in evidence. The
percentage of idle woolen spindles on May 1
was 16.8 per cent, as compared with 28.4 on
April 1. The percentage of idle worsted
spindles on May 1 was 25.3 per cent, as compared with 36.1 per cent on April 1. There has
been active buying from the new wool clip in
the West. These conditions are reflected in
the demand for dry goods and shoes, which is
one of the most marked symptoms of trade recovery in the month under review. Foreigners
who arc leaving the country in considerable
numbers are reported to be carrying with them
many pairs of shoes to meet needs abroad.
Prices are being marked up for fall delivery, the
outlook now being for an increase of 25 to 50
cents a pair for retailers.
Retail trade practically throughout the country is assuming unprecedented volume, while
prices continue abnormally high. Retailers in
most sections have made little or no adjustment, but continue to demand prices based
upon war conditions. In New York large
establishments report a volume of business
two-thirds greater than a year ago, and in
Chicago returns range from 25 to 50 per cent
in excess of 1918. The demand is largely
for the highest class of goods, with prices
a secondary consideration only. In the South
there is said to be "no contraction in the

JUNE 1,

public buying power/'7 while a greater proportion of cash sales is reported. In the Richmond district there is an "active trade, consumers buying freely without question as to
prices/7 The effect of this active purchasing
throughout the country is being reflected in
the activity of wholesale business, advance
orders for goods for autumn being reported
satisfactor}' in volume, although still less than
a year ago. Prices for cotton and wool goods
have again advanced and retail stocks have in
many cases been reduced to a low point. Retailers in some sections are actively placing
orders for immediate delivery. The high wages
prevailing in most parts of the country and the
increasing volume of employment creates a
condition of remarkable strength in local business, both volume of sales and receipts of cash
surpassing past records. Manufacturing is
already feeling the impetus furnished by this
continuation of strong purchasing power.
In building there has been a distinct revival
throughout the country and particularly in the
principal population centers marked advancement is now noted. Chicago shows a gain in
building permits of 169 per cent compared
with a year ago, and similar or larger gains are
reported in most of the large cities of the
Middle West. In New York building has been
retarded, although the need is very great, an
obstacle being presented by the difficulty of
obtaining satisfactory building loans, but the
realty market is better than for the past 18
months. The value of building contracts
awarded in the seventh district for the year
thus far is about double those awarded in the
same period of 1918. Advancement in building has been less noticeable in the far South,
but such reports as are available point to a
coming revival, while in some places the greater
activity is already very encouraging. On the
Pacific coast reports from 19 principal cities
for April show an increase of 31 per cent over
March and 47 per cent over April, 1918. In
the States of the southern and eastern seaboard building is progressing rapidly. The
fifth district reports that the housing question




535

FEDERAL RESERVE BULLETIN.

is urgent and that there is considerable activity "in home sites and building, particularly
apartment houses in cities.'7 Real-estate values
are said to be hardening and in some places
there is a decided boom, while sales of farm
hands are on the increase.
The following table shows the value of
building permits issued in various cities
during the first four months of 1919:
January. February.
Boston
Buffalo
New York
Philadelphia
Cleveland
Pittsburgh
Baltimore
Washington..
Atlanta
Chicago
Detroit
Indianapolis
Milwaukee
Memphis
St. Louis
Minneapolis
St. Paul
Kansas City, Mo. a n d
Kans
.'
Denver
Omaha
Dallas
Los Angeles
Seattle
San Francisco
Total

March.

8712,012 ! $016,782 51,777,234
206,000
320,000
962,000
4,860.758 8,144,358 10,277,999
084,505 1,140,865 2,662,290
927,900 1,135,605 2,456,450
281,571
379,951
982,715
276,178
943,702 1,004,599
208,720
505,334
829,585
269,585
401,233
750,290
1,781.710 1,954,400 5,438,680
l,O4O;71O 1,279,065 3,230,700
219,215
436,645
529,314
145,640
380,513 1,138,108
122,760
138,240
202,575
507.015
310,621
446,318
181' 320
369,705
627,130
179,272 !
153,619
228,825
204,885 !
78,200
169,015
109,820
818,827.
447,195
429,106

434,195
219,500
274,715
91,964
1,006,619
1,750,085
355; 377

April.

51,300,483
734,000
16,655,290
4,180,565
1,537,360
1,013,383
1,508,957
2,112,231
947,220
7,447,800
| 4,610,731
I 879,399
! 1,804* 521
! 725,000
! 1,019,470
!
1,780,100
! 859,114

543,025
817,102
434,500
522,650
• 385,642
'
512,815
i 340,225 j 235,050
, 1,122,415 ! 1,610,255
i 705,780 ! 1,341,415
'• 908,831 1,092,706

14,807,919 ;22,743,183 ! 37,9SJ,230 '55,247,617

Labor and employment conditions have made
farther progress toward normal. In the principal manufacturing centers it appears for the
most part to be true that labor is fairly well
employed. Skilled labor is generally in demand throughout the country and at unpreccdentedly high wages. Notable advances of
wages have occurred in the cotton textile mills
of New England, the present wages of labor
there being fully 100 per cent above prewar
figures. There is an increasing shortage of
laborers on farms and of skilled mechanics in
shipyards, and, although the supply of farm
labor in many sections now equals the demand,
an increasing deficiency is expected within the
next few weeks. Unemployment is most frequent at points of disembarkation, where returning soldiers are being mustered out of the
military service, but even at these points good
progress is being made in the process of ab-

536

FEDERAL RESERVE BULLETIN.

sorbing the floating supply of labor. In the
southwestern cotton region the past 90 days
has witnessed almost a complete reversal of
previous conditions, and there is a greater demand for common labor than heretofore. Few
strikes are now in progress, although here and
there labor difficulties have been reported.
This is particularly noticeable in the New
England district, where it is stated that the
increased cost of living, as well as the higher
scale of living to which workmen have become
accustomed, has had the effect of rendering the
new rates of remuneration less satisfactory than
the old ones, and as a result some unrest is reported in that district.
A remarkable feature of the business situation is the continuance of an enormous favorable export balance. This balance, according
to official reports for the month of April,
amounted to the unprecedented total of
$442,000,000. While the shipments still consist largely of foodstuffs and raw materials,
there are some indications of an advance in
sales of manufactured goods, and these are
expected to inorease from now on, granting
that favorable provision is made for financing
sales to foreign countries. Trade with the
Scandinavian countries has shown special advancement, but business with South America,
Japan, and China has been partially checked.
From the New York district it is reported that
75 per cent of shipments now going forward
represent orders placed and largely paid for
some time ago. Shipping facilities have improved somewhat during the past month, but
sailing dates of vessels are still very unreliable.
Plans are in prospect for the development of
methods of financing and facilitating the growth
of export trade.
The month of May has witnessed some important, not to say remarkable, financial developments. The stock market has been
passing through a speculative era only comparable to that of three years ago. Transactions on the New York Exchange in the week
ending May 17 were the largest for any week




JUNE 1,1919.

since 1901. The heavy purchases are attributed largely to the presence of out-of-town
buyers who are in possession of large amounts
of funds. In interest rates, however, despite
this remarkable speculative activity, there has
been a distinct downward trend during the
month. This trend has been noticeable in
almost all classes of paper, but particularly in
the case of commercial paper sold in the open
market, and also in the case of interbank
loans, as well as a fractional decrease for indorsed bankers7 acceptances. Prevailing rates
for customers' prime commercial paper on the
whole show decrease, while collateral loans on
the other hand remain relatively firm. In the
call-money rate, however, there has been at
times a distinct upward trend and on one occasion the rate reached a level of 7 4 per cent in
New York. This figure, however, was maintained only for a few hours. The rate for
paper collateraled by Liberty loan bonds has
been slightly advanced in places, due to the
desire'on the part of banks to encourage customers to liquidate their obligations for overdue subscription payments. Liberty loan
bonds themselves have commanded decidedly
better prices during the latter part of the
month of May, this result being attributed
to the popularity of the fifth Victory notes
whose value was in a measure reflected upon
other classes of Government securities. The
banking position of the country is reported as
on the whole sound, present circumstances
considered, and reserve percentages of the
Federal Reserve System have shown an ability
to hold their own. Transactions at clearinghouse banks which report to the Board show
essential stability with a slight tendency toward an increase in volume.
A remarkable feature of financial developments during the month has been the sharp
decline in quotations of most foreign currency.
Lire and francs have established new low rates
going, respectively, to 8.36 and 6.70 up to May
20, while sterling, which had shown some ability to reach higher levels, has again fallen off.

JUNE 1, 1919.

FEDERAL RESERVE BULLETIN.

537

SPECIAL REPORTS OF BUSINESS CONDITIONS

REPORTED BY DISTRICT NO. 2.

REPORTED BY DISTRICT NO. 1.

Business readjustment has gone forward in
the second district despite high prices. In
fact, it appears that the pressure of the retail
purchaser, working from the bottom, has
forced activity into the branches of industry
where doubt in the future and disinclination to
go ahead had prevailed because of the high
cost of materials and labor. In other words,
the buying power and buying disposition of the
people has been so great that stocks have been
diminished and buildings of the better sort
have been filled to capacity, with the result
that producers in varying degrees are concluding that the market is ready to absorb newly
manufactured goods, even at the high prevailing prices.
The stock market has shown signs to the
same effect—that the buying power of the
country at this time is very great. Transactions on the New York Stock Exchange in the
week ended May 17 were the largest in any
week since 1901, and on every day except on
Saturdays when the market is open for two
hours only, over one million shares have been
bought and sold. The opinion is generally expressed that the activity is in large part due to
the operations of new buyers, with large
amounts of money at their command. This
activity has continued through the course of
the Victory loan campaign, despite the fact that
the district oversubscribed its quota by more
than $400,000,000. The present speculative
movement seems to be based on confidence in
profits which may arise from more active manufacturing to meet the present increasing demands, from crops of unprecedented size and
from an expectation of heavy exports to supply the needs of reconstruction abroad. This
confidence has been reflected especially in the
industrial shares, which have enjoyed tlie major
increase in price. Of late the rise has extended
to the railroad stocks on the prospect of an
early return of the railroads and other public
utilities to private control. The Annalist
record of the average prices of 50 representative
stocks was 83.50 on May 17, as compared with
77.03 on April 12.
The long downward swing in bond prices,
which began at the signing of the armistice,
was halted in April and has been converted
into a decided rise during the first three weeks
of May. The bond market, like the stock
market, shows a great buying power throughout the country. Buyers have been attracted
especially by tax-exempt issues, notably municipal bonds. Bonds which have been re-

A most decided improvement in the cotton
market has occurred in the last month. More
cotton is being used both in this country and
Europe. Here in New England the demand is
largely for long staple." Apparently mills
working on Government contracts which required ordinary cotton had no supply of the
higher grade and therefore had to buy heavily
to cover orders when resuming their regular
line of production. In addition, continued
demand for goods made from fine cotton has
tended to increase the price of the best grades
quite materially.
Mills which a month ago were reluctant
about taking advance business at the then prevailing level, now that prices have advanced
are booking orders well into the fall. The
demand is for the finer-grade goods and mills
have advanced the prices of these lines until
in some cases they exceed the war levels.
With the new schedules of a working week of
48 hours in effect the maximum output of
mills in this district has been much curtailed.
In some places there is beginning to be felt a
slight labor shortage for the fancy weaves,
which tends to make mills rather cautious
about booking their entire capacity.
With a strong continued demand for shoes,
and increasing costs of materials, manufacturers are now in the process of marking up prices
for fall deliveries. At present the outlook is
for advances of 25 cents to 50 cents a pair to
the retailers. The public will probably be
faced with even larger increases, due to the
fact that many dealers, fearing to curtail their
sales, absorbed a large part of the last advance
in the hope that it would be only temporary.
Production continues on a full capacity basis,
with plenty of future orders coining along to
insure continued operation on the same basis.
Reports of good collections are prevalent and
manufacturers are having no difficulty in finding funds to carry their higher priced leather.
Hides and leather have not stopped advancing
and bring almost any price asked by the dealers. This state of affairs is likely* to last as
long as both domestic manufacturers and foreign buyers are in the market for leather. All
the world's hides that are known to exist are
already purchased and such exporting nations
as the Scandinavian countries are in this
market for leather. Removal of shipping
restrictions will not bring any substantial
relief.




538

FEDERAL RESERVE BULLETIN".

garded as conservative investments have notrisen in price in the same degree as bonds 3rielding higher rates of interest. The Annalist
record of the average of 40 representative bonds
was 78.22 on May 17, as compared with 76.81
on April 12. During the week following /the
Victory loan campaign several new security
issues were announced, of which the most important was the issue of $50,000,000 of cumulative 6 per cent debenture stock of the General
Motors Corporation, offered at 90.
REPORTED BY DISTRICT NO. 3.

,7uxi-: 1, 1910.

thread, the latter having made a new high
record price in May. There is a good demand
for light-weight underwear, and some mills are
so well sold up that they are declining business.
This, however, is by no means general. For
winter underwear, advance orders appear to be
about 50 per cent of normal.
The wool market is strong, with prices in
sellers' favor. Large orders have been placed
with the mills both for yarns an(3 finished goods
during the past month. Due to the stimulus
of large sales of their product, spinners and
weavers alike have operated freely at the recent
Government auction sales. Lower qualities
showed some recession in values. This slump
in the prke of the lower grades has in a measure
recovered. Woolen and. worsted mills are
getting back to full time with a good volume
of orders on hand.

The bituminous industr\r is at present in. a
depressed and unsatisfactory condition, the
aggregate output being less than 70 per cent
of the corresponding period of 1918. Last year,
owing to insistence emanating largely from
governmental sources, consumers were urged
to acquire a. supply in excess of their actual
REPORTED BY DISTRICT NO. 4.
necessities, either immediate or in the near
future, resulting in a ve±2^ large accumulation The rise in commodity prices has been acof fuel, and the coal operators and miners were companied by a considerable increase in the
urged to increase the output with greatly en- amount of money in circulation and an increase
hanced cost, as would naturally happen under in bank deposits. The amount of money in
such exceptional conditions. The weather circulation per capita during the past five
during the past winter was abnormally mild, years has increased 59 per cent. During the
and by reason of that, the consumption of fuel same time the bank deposits have increased
was restricted. In addition, the recession of almost threefold.
business, beginning after the armistice, tended
Conditions generally have taken on a slow
still further to reduce consumption. The result but substantial growth during the month of
has been that consumers decided to use their May. A significant event in the business situasurplus stock and restrict the taking of addi- tion was the resignation of the Government's
tional supply. The current use of fuel is in Industrial Board, which terminates the price
excess of present production, and stocks are stabilization program and creates an open
being consumed. As the year advances and market free for competition. This means that
business revives the consumption of coal is ex- all lines of business, such as building, conpected to increase with greatly diminished struction, retail trades and manufacturing,
stocks, and it may thgn be discovered that will proceed on their own readjustment plans
present facilities for production will be much from a war to a peace basis. It is thought by
strained to meet requirements. Anthracite the steel industry that the creation of an open
coal of domestic sizes is in good demand. market will probably force greater activity.
Steam sizes are dull and the smallest sizes can
The realization that there is to be no probnot be moved in quantities at any price.
able return to prewar prices has encouraged
In silks, in mercerized and the better grades buyers to place orders with more confidence.
of cotton goods and the hosiery trade, the de- As a result, business prospects have improved,
mand has been brisk since early in May, when retail trade has increased, in volume, prices are
jobbers and the larger retailers came into the becoming more stable, and business generally
market with the same spirit that prevailed is on a firmer footing.
prior to the signing of the armistice. There is
Two important factors which, are sure to
an acute shortage in the more expensive lines stimulate manufacturing in the district are the
of silks, particularly for women's wear. Mills lifting by the administration of the embargo on
making fine goods, which a few weeks ago were shipbuilding for foreign countries and the
operating on short time, are now short of help definite adjustment of steci prices.
and in some instances are running overtime.
While manufacturers are awaiting developPrices are showing slight advances, in cadence ments, prospects are strong for changes for the
with the higher quotations for yarns and silk better in trio near future. There is a feeling




JCNK 1, 193 9.

FEDEEAL RESERVE BULLETIN".

that if natural competitive conditions are restored, a reasonable resumption of activity in
this field, may be expected. While many of the
mills in the Pittsburgh area are reported running only about three days a week, confidence
is not lacking, and a satisfactory line of inquiries for new goods is being made.
Manufacturers of automobile accessories report improvement, and while makers of automobiles, both trucks and pleasure cars, are
working at full capacity, they are unable to
keep up with the inflow of orders.
The shoe manufacturers also report more
orders than they can fill, with prices high and
firm, and merchants placing large orders for fall
trade. Clothing merchants are buying better
grades at fancy prices.
The machine tool business is less active, and
little encouragement is held for the immediate future. Plants are endeavoring to hold
their organizations together by working on
stock.
It is to be hoped that steel has turned the
corner. Mills are running at from 50 to 75 per
cent of capacity. The final declaration of
open market for iron and steel products has
caused an optimistic feeling among the manufacturers. There is no positive evidence of improvement by the placing of new orders, but
it is thought that the turning point has been
reached. Materials are plentiful and there is
an abundance of labor. The principal demands are from the automobile and oil field
trades, in the form of piping and sheets. The
announcement of bids for a 400,000 tons order
for steel rails to be placed by the Railway
Administration will doubtless tend to stimulate further orders.
The pig-iron market is practically void of
new inquiries. Blast furnaces continue to
close down, and only small lots of foundry iron
are being delivered. It is thought that the
output in iho Pittsburgh area for the past
thirty days will prove to be the smallest for
some time. The demand for semifinished steel
is quiet. However, boiler tube makers report
increased demands, with an encouraging future,
while the makers of nuts, hoops, and bands arc
able to keep their plants running at about 50
per cent of capacity. Efforts to keep the tinplate mills going at anything like full time have
been abandoned.

539

but the extent of it has hardly been determined. The coastal trucking sections of South
Carolina, North Carolina, and Virginia report
exceptionally satisfactory returns from cabbages, strawberries, and lettuce, with prospects good for potatoes, snap beans, and
cucumbers. The tobacco belt will make a large
planting, and cotton planting is reported somewhat late. The demand for fertilizers has
been good and higher grade goods have been
bought this year than for the past two seasons.
The price of cotton has improved and the crop
continues to move slowly. Tobacco markets
have been closed and the net result to farmers
has been a larger volume of money and a
higher average per pound than ever before.
The demand for tobacco products has been
somewhat slow for the past few weeks, but is
showing improvement. Numerous inquiries
from abroad are being received, and, with
improved shipping facilities and the withdrawal of Government restrictions, an increase
in the export business is anticipated. The
peanut sections of Virginia and North Carolina
report an improvement for peanuts and their
products.
REPORTED BY DISTRICT NO. 6.

The weather has been favorable for crop
planting, practically all cotton and other crops
having been planted. Good stands are reported in the southern portion of these States.
Excessive rainfall the second and third weeks
of the month, however, with the cool nights
following, caused injury to the growth of cotton, as well as other crops, but replanting where
imperfect stands have shown up will place this
crop in good condition.
The price of cotton has increased since last
report, and if this increase, although slight,
continues, it is probable that a good deal of the
cotton now held b}^ farmers and merchants will
be disposed of, causing a release to other lines
of business of the money now carried on cotton
paper.
Latest reports indicate a general reduction
in the cotton acreage in all of the States of tl:o
district except Alabama, where a 5 per cont
increase is predicted. Reports state the acreage in Georgia will be cut 20.5 per cent, in Tennessee 18 per cent, in Mississippi 15 per cent,
and in Louisiana from 15 to 20 per cent.
Corn crops are reported in good shajje.
REPORTED BY DISTRICT NO. 5.
Fruits and vegetables appear not to have been
Farm work is well advanced and reports on damaged by recent light frosts, and the outlook
wheat are universally favorable. There has is encouraging for large yields. Strawberry
been some damage to crops from cold and frost, crops are excellent and prices satisfactory.




540

FEDERAL RESERVE BULLETIN.

The wheat and oats crops are reported fair,
with prospects for large yields. It Is estimated
that the total production in Alabama will be
2,000,000 bushels.
The orange and grape fruit crops for this
season have been practically all shipped. The
citrus trees are in good condition, and there is
no unusual sign of the small fruit shedding.
The new crop is said to have never been finer
and prospects are for a large yield another
season.
Tomato shipments from the east coast of
Florida have practically closed, and the west
coast has just started shipping in a small way.
The market is about $4 to $4.50 for fancy stock.
The potato market is firm at from $7 to $7.25.
About 75 per cent of the Hastings crop has been
moved and the next two weeks will probably
see it completed. It is probable that a steady
and possibly higher market will prevail.
Potatoes from the Putnam district are now
being harvested, and the yield is estimated at
about one-third of that of last year, but the
prices about four times as good. In the middle
of the State the bean and cucumber crops are
light and quality only fair. Peanuts, velvet
beans, and sugar cane in this section are in
good condition. Weather conditions on the
whole have been very favorable to growing
crops.
REPORTED BY DISTRICT NO. 7.

While selling conditions, owing to weather
and other uncontrollable factors, are below
normal throughout the Middle West, the volume of business being done is sufficiently large
to indicate very clearly the enormous buying
power which high farm prices, wages, and the
production of the war period has created.
Even during the Victory loan drive, in which
the Seventh Federal Reserve District fully
subscribed and fairly satisfactorily absorbed
its quota of the notes, there was an investment demand for high-grade securities, a manifestation not experienced during the previous
Liberty loan campaigns.
Furthermore, business men gradually are
reaching the conclusion that a return from war
to normal conditions does not necessarily mean
the prewar level. Evidence that the war has
brought far-reaching and permanent economic
changes is accumulating. An instance of this
is found in the Middle West, where many
farmers, who previous to the war had been
persistent borrowers on their land, either have
liquidated their mortgage loans or are in a
position to do so, and many are now in the




JUNE 1,1919.

investment class as owners of bonds. Iowa
especially is a notable example of this changed
condition.
Incidentally, this situation offers a tempting
field for "wildcat" speculation, and it is a
matter of regret that thus far our State legislatures, as a rale, seem to have been unable to
enact legislation which satisfactorily curtails
or eliminates this evil. Recently, through the
Federal courts in Chicago, however, some of
these fraudulent enterprises have been publicly
exposed, but it is evident something more is
needed in order to effectively check these
"'wildcat" speculative operations.
Scarcity of available mortgages in the market and the Government loan campaign have
developed a new investment field in the Middle
West. There are some indications in this
district of an increasing activity in farm lands,
as well as in city real estate. This, if persistent, naturally will lead to an increase of
borrowings in the form of farm mortgages.
Conditions are regarded as favorable to the
development of rather active speculation in
land. High prices for farm products necessarily means prosperity not only for farmers
but for those in cities and communities dependent upon agriculture, while hard times
usually bring the debt-paying period among
farmers. Continuance of comparatively easy
money, therefore, may provide the stimulus for
speculative land activity.
With upwards of $370,000,000 represented
in the unprecedented winter wheat crop in
Indiana, Illinois, Michigan, Wisconsin, and
Iowa, now approaching maturity, and with
other farm products coirmanding high prices,
all contributing largely to the new wealth of
the Seventh Federal Reserve District, there
are indications that the buying power will be
further greatly increased and that the amount
of available funds will continue to accumulate
rapidly during the latter part of the year.
This in itself is a big factor in stimulating optimism and in dispelling uncertainty so widespread in the months immediately following
the signing of the armistice.
The noticeable improvement favorable to
the increased. activity in construction, however, is the growing belief among business men
that building materials and wages in the building trades will not change a great deal during
the next year or two. The tremendous pressure for available space either for residential
purposes or for offices in the industrial centers
oi the district is stimulating courage and a
decision to go ahead with building plans.

FEDERAL RESERVE BULLETIN.

JUNE 1,1919.

541

cotton is fast approaching normal. It is reported that the stock of cotton in Memphis is
Manufacturers of boots and shoes report less than it was at this time last year or the
that buyers are increasing their orders for year before. Some advance in price has refuture delivery. Domestic business seems cently occurred.
nearly on a normal basis. Prices remain firm.
Manufacturers of primary metal products
REPORTED BT DISTRICT NO. 9.
still report business below normal. There have
been marked declines in the prices of raw maThe spring-wheat acreage of the Northterials ever since the signing of the armistice western States, contrary to previous expectaand a decline in the price of tin is said to be tions, will not be increased this year. Reports
imminent. Manufacturers of miners' tools re- indicate about the same acreage as a year ago,
port business very dull on account of the in- due to the fact that the spring has been cool
activity of the mines. A manufacturer of and somewhat backward, and due to the interthrashing machinery, however, reports that ference of rains with the work of getting the
he has all the orders he can fill up to July 1. seed into the ground. Over the southern
A stove manufacturer reports a gain in his portion of the district wheat seeding is already
March business over the same month last year. completed, and in South Dakota, southern
The general line of hardware has nearly re- Minnesota, and Wisconsin the planting of
sumed its normal basis.
corn has commenced. In the southern half of
Lumber is feeling the effect of the increased the district spring wheat is already above
building activity. A large firm reports that ground, but, with the cool weather, is not makduring April its business increased 20 per cent ing very rapid growth. The weather is,
over March. In the South stocks of lumber however, very favorable for the development
are low and the woods are said to be so wet of strong roots and is giving the crop a good
that sawing has been impossible.
start. Winter wheat in the western part of the
Cement, brick, and clay-pipe manufacturers, district is in excellent shape and the acreage is
as a rule, report that business is improving, large. Rye is making a vigorous growth, and
though the demand for brick and cement is the seeding of barley and oats is progressing
still far below normal. Increased railroad rapidly.
building, the demand for apartment and office
buildings and the prospect of public improveREPORTED BY DISTRICT NO. 10.
ments lend encouragement for the future in
this line.
Winter wheat is reported in excellent conIn the electrical line business is improving. dition in all States of this district, and growers
Increases in the volume of business are re- are counting on the largest yield in history—
ported over both April of last year and March and on the largest acreage. The cool and wet
of this year. Heavier orders are being placed weather conditions continuing through the first
for future delivery.
half of May, while retarding general farm work
A large chemical company reports an in- and other crops, is regarded as having been
crease of over 50 per cent in its April business beneficial in checking the too rank growth
as compared with the same month last year. which was made by wheat in the early spring.
Some declines in prices have occurred" and Too much moisture in some localities was
further declines are anticipated. Owing to the causing such a growth that there has been some
fact that there was practically no natural ice lodging, particularly in Kansas and Missouri
harvested in the country this year, firms antici- and in the bottom lands of Oklahoma. Red rust
pate a large demand for chemicals from ice is reported in western Oklahoma and in southmanufacturers.
eastern Kansas, but is causing little damage.
A large candy manufacturer says so niany Slight damage by hail is reported in scattered
firms and individuals are going into the candy localities, but nothing more than usual. Wheat
business, in anticipation of a growing demand is heading in Oklahoma and southern Kansas
for sweets, that there is overproduction.
and unless delayed by unfavorable weather
Reports from paper concerns show increases conditions the harvesting will begin about
in the volume of business during April over on schedule time in the south and move
March. Prices are declining.
northward according to customary process of
Considerable improvement is noted in the ripening.
Corn is up and growing in Oklahoma, but is
cotton situation in this district. Cotton mills
are now spinning freely, and the demand for making a poor stand in some sections, while in




REPORTED BY DISTRICT NO. 8.

119745—19

4

542

FEDERAL RESERVE BULLETIN.

others the ravages of cutworms necessitated
much replanting. Most of the corn in western
Missouri and Kansas has been planted, but
germination is slow. In eastern Nebraska and
portions of northern Kansas wet soil has delayed corn planting. With the soil well
saturated with moisture, however, farmers are
counting on plenty of sunshine and growing
weather to make a good crop.
Seeding of spring wheat and oats was delayed, but where the grain is up it is making
satisfactory advance. Alfalfa is doing exceptionally well and the first cutting in New
Mexico, Colorado, and southern Kansas and
Oklahoma shows a heavy yield. Conditions are
favorable for winter rye and barley, while
potatoes are reported as doing fine. Fruit
prospects are good in nearly all sections, no
material damage having been caused by April
frost and cool weather.
During the month of April, for which full
returns are now in, 1,020 new wells were completed with new production of 43,628 barrels
daily in the oil fields of this district. Compared
with the March record, there was an increase
of 146 new wells completed and an increased
daily production amounting to 5,798 barrels.
The summary follows:
Comple- Productions.
tions.

Dry.

Kansas
Oklahoma.
Wyoming..

332
659
29

10,681
27,042
5,905

67
180
8

April total.
March total

1,020
874

43,028
37,830

Gas.

255
233

Reports of new" developments show the number of rigs up and wells drilling at the close of
April as 501 in Kansas, 1,510 in Oklahoma, and
332 in Wyoming, making a total of 2,343 for
the three States. This is an increase of 125
over the report on new operations at the end
of March.
Better weather conditions in. the last half of
May are giving impetus to operations and indications are that this month will show an
unusual number of new wells completed with
a decided increase of initial daily production.
While several good wells have been brought
in recently the decline of the older wells has
about offset the new production in Kansas and
Oklahoma, but prospects are for a substantial
gain in production from increased new operations. Oklahoma is now credited with a daily
output of 218,000 barrels and Kansas 78,500.
Wyoming, with a daily average of close to




JUNE 1,1919.

40,000 barrels production and increasing steadily, is attracting attention as a great producing section and is now the scene of operations
on a larger scale than ever before, prospecting
and new development extending into Colorado.
Tho outstanding feature in the agricultural
situation seems to be the excellent condition,
of the small-grain crop which, on May 1, according to the Government report, was in better
condition than in recent years. Weather has
been favorable and, on the whole, the outlook
for heavy yields in all growing crops is excellent.
Corn, while late in the southern and eastern
counties, has a good stand, and cotton faces a
hopeful growing season. Rains have been general throughout the district, and while the precipitation record has been above normal in many
counties, so far no considerable damage has
resulted and beyond the delay in farm work
on account of excessive moisture, no unfavorable results arc anticipated. The fruit crop
has successfully passed the maturing stage,
and prospects are excellent for a heavy yield.
Diversification, due to organized efforts"toward
reduction of cotton acreage, and the attractive
prices obtainable for crops usually considered
important, is very noticeable, and when the
harvest season is reached the cash returns to
farmers will undoubtedly be heavy and permit
of some long-deferred liquidation.
Shipments of all kinds throughout the
cattle-growing regions are reported to be
heavier than for this period last year, and
prices obtained for all classes are ver}T satisfactory and much higher. While in some sections the adverse weather conditions of the
past winter have contributed to reduce the
supply of calves and lambs, most sections report a good increase in young stock, and it is
pointed out that the lambing season this year
finds good grass throughout the district,
which is something unusual as compared with
many years past. Cattle generally came
through the past winter on a much better
feeding basis as prosperous conditions of last
fall made it possible for the average live-stock
grower to supply himself with liberal quantities of feed.
REPORTED BY DISTRICT NO. 12.

Pacific coast exports during March were
52.3 per cent greater than during February
and showed an increase of 42.5 per cent over
March, 1918. Imports increased 5.1 per cent
over the total for February, but were 20.9 per
cent less than those for March, 1918. Detailed
! figures are as follows:

FEDERAL RESERVE BULLETIN.

JUA-J3 1, 1919.

543

United States and each foreign country, but
not between one foreign country and another
March.
February,
March,
District.
1918.
1919.
1919.
foreign country. The figures are all computed
San Francisco
$23,727,000 IS21,650,000 §15,097,000 on the basis of average actual prices in the 12
Southern California
! 1,032,000 I 639,000
358,000 months preceding the outbreak of the war,
Oregon
j 2,336,000 2,048,000 2,321,000
Washington
! 42,316,000 : 21,222,000 30,350,000 July, 1913, to June, 1914; that is, average
prices in the prewar year are treated as 100,
Total
69,411,000 j 45,559,000 48,126,000
and prices in every month from January, 1913,
to December, 1918, are turned into relatives on
Imports.
that scale. The index numbers were calcuMarch, February, March,
lated by reducing the monthly price quotations
District.
1919.
1918.
1919.
for each of the commodities included to relative
m Francisco
IS17,263,000 613,717,000 $26,601,000
1.331,000
Southern California
398,000 j figures with the prewar figure as a base, then
^.,........ ^
2,023,000
Oregon
'111,000
183', 000 I arranging them in descending order and taking
112,000
Washington
23,060,000 25,304,000 26,525,000 ! the xnedian as the index number.
For examTotal
42,458,000 40,463,000 53,707,-000 ple, if there were 25 commodities included in a
series, the relative price of the thirteenth numExports from the Oregon district consisted ber of the series wras taken as the index number;
almost entirely of flour and lumber, and im- if there were 26 commodities a number halfwray
ports of oriental, household, and miscellaneous between the figure for the thirteenth and the
goods. The principal item of export from the fourteenth numbers was adopted. This use of
Washington district was railway material medians, instead of the more customary averbound for Russia, it having been held in ages, was deemed desirable in order to eliminate
Seattle since the fall of the Kerensky govern- the influence of extreme cases. The price of
ment. Imports from the Washington district some commodities, and possibly not very imwere largely raw silks and vegetable oils.
portant ones, might have risen to an extraordiPetroleum was produced in California dur- nary degree in some month, and in the arithing April at an average rate of 279,154 barrels metic average such extreme figures would raise
per day, while daily shipments averaged the general average very materially, while the
277,244 barrels. Stored stocks on April 30 median would remain much lower and, it was
were but 57,322 barrels greater than on March believed, would be much more representative
31. A comparison of petroleum figures for of the general trend.
April, 1919, 1918, and 1917, follows:
The chief conclusions from the comparison of
English and American price movement are
Average
Average
Stored
stated as follows:
daily pro- daily shipstocks
duction.
ments.
Apr. 30.
" 1 . The war-time rise began about a year
Barrels.
Barrels.
earlier in England than in the United States.
Barrels.
279,154
April, 1919..
277,244 32,543,145
" 2. The earlier advance in England opened a
April, 1918..
276,471
287,423 30,502,447
April, 1917..
309,001 39,976,386 wide margin between the English and American
price levels, which wTas fairly constant in 1915
Price Movements During the War in the United and 1916.
States and in Leading Foreign Countries.
j " 3. The margin was cut down by the sudden
upward spurt of prices in the United States
The attached table of index numbers in the when this country entered the war.
United States, England, France, Italy, and
" 4. But the margin became wider again in the
Sweden is based on figures taken, by permis- latter half of 1917, when English prices continsion, from a bulletin entitled " History of Prices ued to rise, while the American Government sucduring the War—International Price Compari- ceeded in keeping the price level nearly constant.
sons, " prepared in cooperation by the Depart" 5 . The margin (betweeh prices in England
ment of Commerce and the War Industries and in the United States during the war period)
1
Board. The figures are based in each case on is much wider than that which, prevailed before
quotations for the same commodities in the the war. * * *
United States and in the foreign country in- j "6. The maximum rise of prices exceeded
volved; but since the list of commodities in- ! that in the United States by 3 0-40 points or,say,
eluded is not the same in the several series, close 15-20 per cent of the American index numbers.
comparisons can only be made between the
"On passing from the results for all commodities taken together to the medians for dif1
The bulletin was prepared by W. C. Mitchell, assisted by Margaret
ferent groups one finds remarkable differences
L. Goldsmith and Florence K. Middaugh.




Exports.

j

544

JUNE 1, 1919.

FEDERAL RESERVE BULLETIN

"Food prices in England show much the of chemicals produced by war consumption and
same contrast to food prices in America that is by cutting off imports from Germany. When
shown by the general index numbers.
the United States broke off diplomatic relations
"In clothing, on the contrary, the two series with Germany chemical prices rose sharply
keep close together, American prices showing again, but not quite back to the high point of
the greater rise in 1917 and English prices the 1916. Nor did the level of the rather wide
lesser fall in 1918.
monthly fluctuations of July, 1917, to Decem"In metals the divergencies are very strik- ber, 1918, show any notable advance. Thus
ing. The English rise in 1915 and 1916 was the margin between the relative prices of chemiearlier and more violent than the American, cals in the United States and in England, where
though the latter was exceedingly rapid. In prices continued to rise until October, became
1917, however, the British practically subsi- very wide."
dized the iron and steel trades as part of their
A chart showing the course of prices in Engwar policy. Prices dropped suddenly, shot up land and in the United States of 150 commodiagain to their old level, then moved downward ties and of nine commodities included under
by steps to a point well below the level for ' all "Iron and steel" is attached. Iron and steel
commodities' in England. In the United prices were selected for plotting because they
States, on the other hand, iron and steel prices represented the principal war material.
made a spectacular upward rush in January
The difference between price movements in
to July, 1917. Then price control forced a France and in the United States is similar in
drop almost as spectacular as the rise had been. character, but wider in degree than the differThe controlled prices established by November ence found between English and American
and maintained through 1918 with few changes fluctuations. The level of prices rose distinctly
were on a somewhat higher level than the higher in France during the war than in Engcorresponding British prices.
land, but did not start so promptly in France
"Still another tyj>e of difference appears as in England.
between the fluctuations of chemicals in the Prices in Italy also show an earlier and a
two countries. English prices rose earlier, as much greater rise than prices in the United
1
in most other cases, but, as in few other cases,
a
the American rise surpassed the British and
took the lead in the spring of 1916. Then the
Situated close to the field of war, and having
two curves which had been racing upward commercial relationships with both sides in the
together parted company. British chemical struggle, the Scandinavian market experienced
prices continued to rise unsteadily until Octo- violent fluctuations. Swedish prices run deber, 1918. But in the United States chemicals cidedly ahead of American prices throughout
fell heavily after June, 1916, and remained the period and apparently show a most extranearly constant in price for five months. * * * ordinary advance in 1918, but the figures rest
The explanation of the drop is the success of on a very narrow basis, comparable data being
American producers in mitigating the scarcity obtainable only for 12 commodities.
Index numbers showing movementsof prices in the United States and in England, France,Italy, and Sweden, 1913-1918.
*
[Average prices in July, 1913-June, 1914=100.]
France (44
Italy (36
Sweden (12
commodities). commodities). commodities).

England.

Month and year.

and steel
Total for 150 Food (34 com- Clothing (29 Ironcommodi- Chemicals (55
modities). commodities). (9 ties).
commodities).
commodities.
Eng- United Eng- United Eng- United Eng- United Eng- United
land. States. land. States. land. States. land. States. land. States.

January
February
March.
April

1913.

Mav

June
July
August
September
October
November
December




. . .

101
102
101
101
101
101
101
100
101
101
100
100

101
101
101
101
100
100
100
101
101
101
100
100

102
103
105
105
103
103
102
102
102
101
100
100

94
99
99
100
98
97
100
99
101
101
100
99

99
99
99
99
100
101
101
100
100
101
100
98

105
105
105
102
99
99
98
98
100
103
102
99

113
113
112
112
112
111
109
105
106
101
99
98

114
115
115
113
111
111
111
109
103
103
100
97

100
100
100
100
100
100
100
100
100
100
100
100

100
100
100
100
100
100
100
100
100
100
100
100

France United Italy. United Swe- United
States.
States. den. States.

102
102
101
102
102
102
100
102
102
101
100
100

100
100
100
100
100
100
100
101
103
103
101
99

110
109
107
108
107
105
103
103
102
102
101
101

101
100
100
100
102
102
102
103
101
101
100
99

100
101
104
102
103
103
104
103
104
101
102
102

97
98
100
104
100
99
99
99
100
100
98
98

JUNE 1, 1919.

545

FEDERAL RESERVE BULLETIN.

Index number showing movements of prices in the United States and in England, France, Italy, and Stveden, 19131918.—Continued.
[Average prices in July, 1913-June, 1914=100.]
France (44
Italy (36
Sweden (21
commodities.) commodities). commodities).

England.

Month and year.

Total for 150 Food (34 com- Clothing (29 Iron and steel Chemic als (55
commodities. modities). commodities). (9 commodi- commo dities).
ties).
Eng- United Eng- United Eng- United Eng- United Eng- United
land. States. land. States. land. States. land. States. land. States.

1914.
January
February
March
April
May
JUP6
.
July
August
September
October
November
December

100
100
100
99
99
89
98
100
100
102
102
105

99
99
100
99
99
99
99
100
J00
100
100
100

100
100
100
98
97
98
96
102
105
103
304
105

100
100
100
98
99
98
98
102
103
102
103
101

98
98
101
101
101
102
100
99
98
101
96
92

97
99
101
100
99
100
100
100
100
97
100
100

98
98
96
98
98
96
97
97
103
104
104
104

95
98
98
96
93
92
91
95
95
93
93
90

100
100
100
100
100
100
100
100
109
109
114
117

100
100
100
100
100
100
100
100
100
100
102
102

100
100
100
98
100
100
100
98
98
99
99
104

99
100
100
99
100
99
97
99
108
99
97
99

100
99
98
97
97
98
97
103
104
104
109
114

99
99
99
98
99
98
97
100
101
100
100
100

101
98
98
98
98
94
91
89
93
94
99
103

101
100
103
101
100
100
103
105
105
105
105
97

107
111
117
119
124
131
130
133
137
137

100
100
101
102
102
105
111
112
110
113
116
123

110
113
119
126
123
125
120
123
127
128
130
133

100
103
104
100
99
97
99
101
97
100
99
102

90
99
103
106
106
108
116
117
116
117
11*
114

103
107
112
104
108
110
115
116
117
118
119
120

104
112
117
127
127
140
143
145
141
140
152
180

89
90
91
91
91
92
93
99
103
110
120
129

121
123
126
130
137
145
150
155
158
168
187
201

102
103
103
111
112
113
127
131
142
147
160
167

105
106
113
111
107
106
114
118
127
130
141
153

100
100
103
101
99
•100
102
102
96
98
102
116

116
123
128
127
127
133
142
149
157
158
168
178

98
99
99
1.01
100
101
102
108
105
108
110
110

111
115
121
126
137
145
151
159
155
148
142
147

96
96
95
92
98
102
108
108
105
104
101
94

151
158
164
Kifi
171
172
107
107
173
177
186
198

128
132
139
145
146
115
144
149
148

139
137
141
150
155
153
l-'iS
151
U>5
157
158
166

108
113
111
115
114
113
115
117
123
124
129
127

124
126
127
128
130
139
130
138
148
153
161
167

123
126
132
134
136
141
142
142
143
147
160
175

189
198
210
219
231
225
225
225
225
225
227
234

147
158
165
167
167
167
171
171
171
171
188
218

204
207
226
230
235
255
255
261
261
255
264255

183
208
208
250
250
250
233
21(>
200
190
193
192

160
162
165
167
170
170
161
163
172
177
183
189

127
128
129
132
134
123
125
132
134
138 i
151 i
150

177
180
188
184.
181
181
185
183
187
185
216
216

121
122
130
119
121
121
123
127
133
141
141
135

148
152
158
165
177
185
198
207
208
198
185
185

101
100
110
106
108
116
117
113
118
120
112
121

1SS
198
206
206
21 A.
216
214
211
215
9
22
226
237

1915.
January
February
March
April
Mav
June
July
August
September
October
November
December . . .

181
187
19;%
202

172
186
188
193
203
202
198
197
197
iQ4

137
146
149
165
178
i' ; 9
157 '
155
104

199

187

222
??G
243
2(>1
2S9
325
357
357
349
289
250
250

235
2fi2
286
280
?93
293
289
288
289
296
302
302

192
V)2
205
235
240
235
229
239
239
247
244
237

ISG
187
184
208
229
238
2ti5
250
255
?27
227
245

3 50
150

173

170
185
189
187
19-1
210
216
212
209
?18
240
246

240
240
210
206
218
C
2M
241
231
231

261

168
168
170
175
184
l(.-0
196
200
201
200
212
230

1S1
192
192
195
197
197
18S
187
194
203
202
238

130
130
155
143
145
149
149
143
157
157
187
154

°04
201
203
2?0
216
225
226
232
234 j
934 |
227 1
231

182

250
??2
247
222
250
250
222
250
251
222
250
239
222
212
250
232
222
250
251
225
222
203 I 220 1 251
:
203
218 . 251
251
203 1 216
251
216
190
251
185
216

302
314
312
312
326
323
326
307
321
336
300
283

240
240
240
23K
247
2-17
213
228
230
250
251
233

238
238
247
2G5
261
257
255
293
297
297
266
297

264
297
359
456

172
160
153
175
191
197
202
213

J37

1-17

1916.
January
February
March
May . .
June
Ju'v
August

.

SCDtOTi'lb^l"
October
November .
December

janvisrv
Fnbrii&rv
March

. . .

] -"A

164
17G

1917.

Api*il
MaAT

Juno
Julv
August
SOP tcmber
October
November
December
Javuarv
February
March
1

France United Italy. United Swe- United
States. den.
States.
States.

2C\P.

9(W

205
206
20G
20-1
207
209

17O

1918.

A DP
Vav

June
Jr,Iy
Aii trust
September
October
No vcmber




238
230
339
?41
2-ii
241
242
239
24-5
249
245
245

2()Q

211
207
213
90S
1G9
202
209
209
210
210
207

1
195 '
l c »2 i
199
190 1
186
187
*>03
201
206
209

208

236
24?.
245
249
243
2^3
258
223
223
230
205
! 205

2<v?

222
222

165
171
179

1

172
179
1.SG
174

j

!

192
195
200
I

•

I

i

201

212
I
•
i

219
223
210

194
209
1 187
20G 1
17R
179
188

527
519
559

•

i
i

i

!

Ol

INDEX NUMBERS Or WHOLESALE PRICES
IN ENGLAND AND THE UNITED STATES, tSl4 TO IdlS.
Curve I: Stgland, ~ ISO Commodities\.
(hrvcZ: United States, ~/SO Commodities .
Carve 3 f Cttgland, Iron and Steel, — 9 CommoditiesK
Gtrve>4: United States, Iron and Steel,— 9 Commodities.
350
340
330
320
310
300
290
280
270
260
250
£40
230
220
2IQ
200
130
180
IPO
160

350
340
330
320
3IO
300
290
2$0
270
260
2S0
&0
230
220
BO
~20Q
190
WO
170
!60
ISO
MO
130
(20

rso

m
130

mo
no

no1
100
90

100




i

^
&

tsi6

1917

i
w

i

JUNE 1, 1919.

FEDEKAL RESERVE BULLETIN.

Index of Collection Conditions.

547

(1) In your judgment, how should data be selected for
use in showing collection conditions in the truest form?
Is it possible to obtain the percentage of payments actually
made to your house by merchandise debtors during the
month, as compared with the payments that should have
been received during the month? Kindly indicate also
the method which you at present employ in determining
the condition of collections, and give example showing detailed computations made.
(2) Is it possible to report figures differentiating between old accounts paid, current accounts settled when
due, and prepayments?
(3) Is it possible to obtain figures for separate localities
from houses which cover a wide territory?
Yours, very truly,

The Federal Reserve Board, in cooperation
with the National Association of Credit Men;
has recently undertaken the development of a
plan to obtain monthly statistics showing collection conditions in the more important industries. The principal features of the plan
are outlined in the following letter and memorandum. Certain lines of business, namely,
the wholesale grocery, dry goods, boot and
shoe, men's clothing, automobile tire and accessory, hardware, and electrical supply lines,
have been selected, to the development of the
J. II. TREGOE,
plan for which lines it is proposed to pay prinSecretary-Treasurer.
cipal attention at the outset. The letter and
[Federal licserve Board, Division of Analysis and Research.]
memorandum have been sent to a small list of MEMORANDUM ON STATISTICS SHOWING COLLECTION CONcredit men in representative houses in these
DITIONS.
lines, and the plan will be developed for these It is well known that collections fluctuate in harmony
lines largely on the basis of the replies received with general business conditions. When times are good,
thereto.
collections likewise will be good. Vice versa, in bad
NATIONAL ASSOCIATION OF CREDIT MEN,

New York, May 9, 1919..
DEAR STR: This letter is written for the purpose of
securing your cooperation in an important progressive
step in the department of credits.
We believe we have gradually been getting greater definiteness in all that pertains to credits and are having to
depend less and less upon mere guesses and general expressions. Now the association has been given, by an
arrangement with the Federal Reserve Board, an unusual
opportunity to develop a plan to obtain definite information with respect to collection conditions, our organization
and the Board joining to secure data which will make possible the establishment of an actual collection index,
applicable to each part of the country and to each of the
more important trades in each locality. There is inclosed
a copy of a memorandum prepared by the Division of
Analysis and Research of the Board, which is intended to
set forth the principal features of the investigation.
Our immediate purpose is to get the benefit of the opinions of credit men in a number of highly informed and
representative houses in various branches of business, in
working out the plan in its application to each of these
particular branches. It is felt that only by this means
will it be possible to make the plan of maximum value,
not only for the business world in general, but also for
each particular line as well, for in order to achieve the
best results it must be the plan of men familiar with conditions in each line of business, worked out to fit their
own needs, in the manner which they believe best. It
will be appreciated, therefore, if you will give this matter
your careful attention and submit suggestions as to the
actual working out of the plan. In particular, information is desired on the following points:




times the weak debtor tends to be slow. Collections thus
afford a guide to general business conditions. At the same
time, they are of course valuable in themselves. Their
value is enhanced, moreover, if conditions for particular
sections are shown separately, inasmuch as the Southwest
may be affected adversely by drought, whereas manufacturing New England, on the other hand, may be prosperous.
Up to the present, however, such information has been
chiefly descriptive in character. It may be stated, for
example, that collections in the dry-goods trade in the
Seventh Federal Reserve District have been excellent
during the past month. The measurement is provided by
such words as excellent, good, fair, and poor. It would
appear highly desirable to place this information upon a
more definite basis. In fact, this is done in certain lines
of business at the present time, and in some cases figures
are compared by various firms. By making each month a
composite report based upon reports of individual firms,
conditions in the trade as a whole would be more accurately depicted, and judgment of the general business
situation would thus be rendered more definite. At the
same time, the individual firm would be enabled to compare its collections, both in general and in the various
localities, with those prevailing for the trade as a whole,
and thus "see where it stands." Moreover, with active
cooperation by various lines of business, an accurate picture
of general collection conditions may be obtained.
In the development of the plan, the principal problem
at the outset concerns the selection of the data to be used
to show collections. The ideal method would appear to
be that of stating as a collection index the percentage of
payments actually made during a certain month to amounts
which fell due during the month in question. The prob-

548

FEDEBAL RESERVE BULLETIN.

lem is that of working out this information from the ordinary records of the concern, or rather of effecting a balance
between the data which is practically available and the
ideal just indicated. In what manner should the items
actually available be employed in showing collection
conditions?
In order to make the above discussion more concrete,
the following example is given of a method which may be
employed in determining collection conditions. Assume
that the collections of a certain firm have been $150,000
during a given month, and the amount standing on its
books at the close of the month which is overdue, say, one
week or more, is $50,000. The total amount which
should have been paid during the month in question is
the sum of the two items, or $200,000. The collection percentage for the firm for the month accordingly is obtained
by dividing 150,000 by 200,000, and is, therefore, 75. This
is, of course, merely one of the methods in which a collection percentage may be calculated, and other items may
be employed. The example given is merely for purposes
of illustration.
An effort will be made to obtain the participation of
many firms throughout the country. It is desired to
obtain monthly statements from these firms showing figures
for certain items, such as sales for the month, collections
during the month, etc. The exact data will be determined up®n when the plan is further developed. These
returns will be compiled and expressed in percentage
form, separate collection percentages being shown for
various trades and localities. Thus, for example, in the
dry goods trade in the Chicago district it will be shown
that actual receipts during a given month were 93 per cent
of the receivables falling due within that month. When
the plan has been in operation for some time, comparison
with figures for previous months will, of course, be possible. Later it may also be endeavored to express these
figures in terms of a base taken as normal, as, for example,
if the year 1918 were regarded as a normal or good collection year, and if in that year the percentage of receivables
collected when due was 93 per cent, a percentage of 93
for April, 1919, would be represented as 100 per cent
of normal.

When the plan has been developed for a particular line of business, monthly reports will
be obtained from firms in this line. These
reports will be compiled in the manner indicated above, and collection percentages calculated each month for the line as a whole, as
well as for particular localities. With the
gradual extension of the plan to include the
more important industries, it will be possible
to obtain an accurate picture of the general
trend of collection conditions each month, as
well as to institute such further comparisons
as may be desired.




JUNE 1,1919.

BANKING AND INDUSTRY IN SWITZERLAND DURING THE WAR.
Financial and economic conditions in Switzerland during the war are described in the annual reports of the Swiss National Bank and
in two 1special reports of the SociSte de Banque
Suisse. The following discussion is based
largely on these publications.
Since the outbreak of the war the Swiss
National Bank has played a leading part in
providing for the needs of the Government of
the confederation by purchasing and rediscounting its three-month treasury bills; by
handling the nine Government mobilization
loans; and by helping to finance the imports,
largely of foodstuffs, effected by the Government.
A table showing in averages for each month
the asset and liability items of the National
Bank for the years 1914-1918 is attached.
When the war broke out, the Swiss National
Bank chose the course pursued by all other
European banks of issue, namely, took measures to gain and maintain control of as large
a gold reserve as possible. To achieve this end
the bank obtained legislation making its notes
legal tender, and issued paper money in smaller
denominations (5 to 25 francs) thaa had been
the practice before the war, when 50 francs
was the lowest denomination of the bank note.
A law prohibiting the export of gold was also
passed.
In. August, 1914, the great demand for paper
money in small denominations for purposes of
trade, in view of the tendency to hoard gold and
silver, made it necessary for the treasury to
issue its own obligations, these notes being
guaranteed by the National Bank and treated
as part of its own circulation. Nearly all of
these notes were soon retired. A steady
growth of the gold reserve throughout the war
period is indicated by the bank's average
monthly figures, while the silver reserve shows
a decline, followed by a quick recovery and
further growth, due in part to the importation of
French 5-franc pieces, which are legal tender
in Switzerland.
A great demand for funds by industrial establishments at the outbreak of the war resulted
in an increase of the loans and discounts of the
National Bank from an average of 145 million
francs during July to 302 millions in August,
1914, in spite of a rise in the rate of interest
from 3£ per cent to 5 per cent for discounts and
1
Oiuiemo rapport de la Banque Nationale Suisse, 1918. Publications
of the Societe de Banque Suisse: Revue economique et fmanciere Suisse
1914-1917; Kevue eommerciale et industrielle Suisse 1914-1918.

1,1919.

549

FEDERAL EESBRVE BULLETIN.

from 4J per cent to 6 per cent on advances. Metallic cover of notes issued by the Swiss National Banl:
A partial moratorium was resorted to during
the first few months of the war, but conditions
Year.
Average. 1 Maximum. Minimum.
approaching normal were reestablished by the
end of 1914. During the first three months of
Percent. \ Per cent. Per cent.
76.98
71.09 i
55.32
1.915 the loans and discounts declined con- 19134 . . .
4fi 9S
191
63.33
78.02
1915
70.57 i
77.01
57.8S
siderably, owing to the fact that Swiss com- 1 9 1 6 . . .
75. 63
83.45
85. 77
mercial banks were able to collect some of their 1917
74.15 :
83.32
58.30
58.98 j
69.38
45. IS
foreign credits and that the public, having re- 1918..
covered from the panic, resumed its normal
habit of depositing money at the banks. Later
It will
in
in the year the loans and discounts rose again percentagebe noted that one 1918 the reserve
had fallen at
(November
as a result of borrowings by the treasury of the 12) as low as 45.18 per cent. time view of this
In
confederation. Since then the loans of the condition the bank recommended
National Bank continued to increase almost ernment that the clause in the lawto the Govprescribing
without interruption. Obligations of the Gov- a 40 per cent metallic note reserve be so
ernment and of the Federal railroads account amended as to permit a lowering of the perlargely for the increase, as commercial demand centage to 33-Junder "extraordinary
for credit declined. At the end of 1917 the circumstances."per cent November, 1918, tile
Since
high figure of August, 1914, was surpassed, and reserve percentage has been rising, and on
during 1918 the loans and discounts rose from February 28, 1919,
53.24 per cent, so
an average of 314 millions for January to an that the bank hopes it wasbe obliged to resort
average of 578 millions for December. Acting to a lowering of the not to percentage.
reserve
as the fiscal agent of the Government the
National Bank took over the successive issues
of three-month treasury bills, retained a por- DEVELOPMENTS IN THE INDUSTRIAL FIELD.
tion of them in its own portfolio, and passed on
Swiss commerce and industry had reached
considerable amounts to the commercial banks,
always at a rate of interest below the official its highest level of prosperity in 1912-13, and
rate, thereby providing an investment for the the outbreak of the world war found the
banks which were seriously inconvenienced by pendulum swinging in the opposite direction.
the scarcity of commercial .paper. During the At no time before had Switzerland's geographic
four and one-half years under review the bank location appeared so unenviable and never had
her insufficient supply of raw materials and of
handled 451 millions of these treasury bills.
food stuffs produced difficulties so hard to
As a counterpart of the great increase in overcome.
loans and discounts a rapid growth of notes in
In time
depends on
circulation is shown by the bank's figures. imports for of peace Switzerlandher food supabout two-thirds of
Notes in circulation which averaged 274 mil- ply and
three-fourths of the raw
lions for January, 1914, rose to an average of materials for about to her industry, including
essential
420 millions for December of that year, 430 coal, iron,
country's1
millions for December, 1915, and 490 millions food supply and steel. While the. from the
for December, 1916. During 1917 and 1918 entente allies, was obtained largely almost enSwitzerland depended
the increase in note circulation was at a still tirely on the Central .Powers for her coal and
higher rate owing to the growing demands of iron. In view of the great need of fuel and
the Government and also to the hoarding of
and Austria
notes by the public. During December, 1917, metals by Germany great difficulty during the
war, Switzerland had
in securing1
the note circulation averaged 645 millions, and sufficient amounts for her requirements. The
during December, 1918, 924 millions.1
of coal rose
Sarre Valley
As a result of the enormous increase in price which had soldenormously. a ton in 1914,
coal,
for 29 francs
circulation the average percentage of metallic was bringing over 200 francs
cover of the notes showed a marked decline as middle of 1918, and was hard atoton in the
obtain in
will be seen from the following figures:
sufficient quantities at that price. The normal
1
In addition, the National Bank had charge of the loan banks estab demand of Switzerland was about 300,000 tons
ished in August, 1914, whose outstanding certificates (Darlehnskassen- a month, while the amounts secured during the
seheine) amounted to 55 millions in March. 1916. of which 33 millions
wore in circulation. This amount soon declined, however, and in Janu- later years of the war did not aggregate 200,000
ary, 1918, the total circulation of loan bank certificates was less than 7
tons a month. Owing to her great need of
million francs.




]

!

119745—19

5

550

FEDERAL RESERVE BULLETIN.

Swiss manufactures, however, particularly cotton cloth and clothing, machinery, other metal
products, and vehicles, Germany was obliged at
least partially to satisfy the Swiss demand for
coal. By an agreement reached on August 20,
1917, Germany permitted (but did not guarantee) the export of 200,000 tons of coal to
Switzerland in return for credits of 20 million
francs per month granted by a consortium of
Swiss banks and industrial establishments. As
a matter of fact, monthly coal imports from
Germany averaged about 171,000 tons in 1917
and about 176,000 tons for the first nine months
of 1918.
The greatest sufferers from war conditions
among Swiss industries were the railroads, especially the mountain roads, the hotels, and
the building industry. The watchmaking industry had to make radical adjustments to the
changed demand in foreign markets, while embroidery establishments were working on part
time. Chemical and electro technical establishments, on the other hand, as well as those
producing articles of food, including chocolate
and condensed milk, also shoe and textile factories, benefited by the great demand for these
products on the part of the belligerents, while
the machine and automobile industries were
receiving large orders to supply the needs of
the Swiss army.
In general it may be said that Switzerland
emerged from the storm of the world war
raging all around her in a fairly sound condition, owing in part to energetic action b^ her
Government and her financial institutions.
The enormous increase in the cost of living during the war, however, caused great hardships
to her population. The following price increases may be mentioned as fairly typical:
From June, 1917, to December, 1918, prices of
bread went up 109 per cent, veal 122 per cent,
beef 141 per cent, mutton 172 per cent, pork
255 per cent, and eggs 390 per cent.
Switzerland's foreign trade underwent decided changes during the war, increasing at a
rapid rate. Thus, imports and exports combined rose from 2.7 billion francs in 1914. to
3.4 billions in 1915, 4.8 billions in 1916, and
4.7 billions in 1917, the larger totals reflecting for the most part the rise in prices. At
the same time her exports, which in prewar
years were from 500 to 600 millions below
her imports, grew out of proportion and in
the single year 1916 actually exceeded her
imports. This change in the balance of trade
had a beneficial effect on the rates of Swiss
exchange, as shown by the attached table.




JUNE 1,1919.

London and Paris exchange was quoted continuously below par from the spring of 1915;
the New York rate fell below par in the winter of 1916, when America's entry into the war
was clearly foreseen; Italian exchange was
slightly beiow par in July, 1914, but fell to 52
per cent below par by December, 1917, recovering considerably since the allied victory became assured; Berlin exchange showed an
almost uninterrupted decline throughout the
war period, and the same is true to a still
greater extent of Vienna exchange. On the
other hand, Stockholm and Madrid exchanges
were almost continuously above par, while Amsterdam exchange was above par since August,
1914, andin 1915 and 1916, fell belowpar in 1917,
and rose above par only during the fall of 1918.
To finance the large imports of food from
belligerent countries, a consortium composed
of the leading Swiss banks, the treasury of the
confederation, and principal industrial establishments made various financial arrangements
with these countries. An agreement was made
on September 29, 1917, with France for a
monthly credit to a consortium of French
banks of 12-| million francs for three months
on the books of Swiss banks. On January 29,
1918, this agreement was renewed, the monthly
credit for the following 10 months to be in proportion to the value of goods shipped from
France or through French ports to Switzerland.1 A similar agreement was made with
Italy on December 14, 1918, the 2 monthly
credit being fixed at 5 million francs. In the
case of England, five of the leading London
banks jointly arranged for credits not to exceed 100 million francs in the aggregate on the
books of Swiss banks, these credits being guaranteed by the British treasury. The British
banks wexe to draw1- on each other, have the
drafts accepted, and then exchange them for
credits on the books of Swiss banks to be used
in payment for goods purchased in Switzerland.3 The total foreign credits carried by
Swiss banks under these arrangements amounted in September, 1918, to 500 million francs,
and the tying up of these funds in exchange
operations caused at times considerable stringency in the domestic money market. On the
other hand, these foreign credits are considered
valuable in that they will help to maintain
favorable foreign exchange rates for Switzerland when normal commercial relations are
reestablished.
1 L'Economiste E u r o p t a , Oct. 5,1917, p. 223, and Jan. 4,1918, p. 14.
2 London Economist, Dec. 14,1918, p. 809.
* London Economist, May 25. Iftl8, p. 913.

J U N E ] , 191V).

551

FEDERAL RESERVE BULLETIN.
Principal asset and liability items of the Swiss National Bank.,
[Monthly average in mill ions of francs.]
Metallic reserve.
Id.

January...
Fe bruary.,
March..'...
April
May
Tune
July.
August
September..
October
November..
December..
January
February...
March
April
May
June
July
August
September..
October
November..
December..
January
February...
March.."...
April
May
June
July
August
September..
October
November..
December..
January
February...
March
April
May
Juno.
July
August
September..
October
November..
December..
January
February...
March
April
May
June
July
August
September..
October
November..
December..




Silver.

Total.

Loan
Loans
bank cer- and distificates.

Securities.

Due
from
correspondents.

Capital Notes in
and
circulasurplus.
tion.

Current
account
and
other
deposits.

1914.
171
170
170
170
171
175
181
209
221
229
241
238
1915.

1916.

1917.

19
23

238
240
240
241
241
240
240
240
242
244
247
249

27
30
33
37
45
53
56
59
61
61
57
53

252
253
253
258
257
255
269
273
287
287
291
332

22
21
18
18
18
18
15
7
10

193
19.1
188
.188
189
193
J96
216
231
244
260
261

127
114
111
108
103
105
145
302
288
248
202
195

265i
270;
273
278
286 I
299
303
305
304
302

183
160
150
134
137
147
162
156
150
161
153
171

51
50
49
51
53
56
59
58
56
55
55
54

303
303
302
309
310
311
328
331
343
342
346
386

344
344
343
343
342
341
340
344
344
350
350
354

54
52
52
51
52
52
53
54
53
53
54
53

396
395
394
394
393
393
397
397
403
404
407

260
365
369
375
378
383
383
385
383
381
379
392

54
56
56
56
56
58
56
53
52
55
56
58

415
421
425
431
434
441
439
438
435
436
435
449

l>
f

274
261
263
267
266
264
306
440
440
425
411
420

51
48
.49
41
39
43
54
81
85
79
72
77

26
26
27
27
27
27
27
27
27
27
27
27

415
400
400
399
409
407
405
397
413
428
428
430

71
63
59
57
58
72
93
79
69
87

182
174
158
189
181
193
179
202
200
204
195
196

10
10
12 !

26
26
26
26
26
26
26
26
26
26
26
26

27
27
27
27
27
27
27
27
27
27
27
27

419
401
409
420
418
415
417
415
443
466
472
490

111
125
104
126
124
139
130
153
137
118
96
117

198
188
207
207
188
206
214
242
258
255
283
319

27
27
27
28
28
28
28
28
28
28
28
28

493
496
506
515
510
512
521
522
547
589
612
645

131
118
122
110
102
114
119
145
131
93
103
107

28
28
28
28
28
28
28
28
28
28
28
28

632
623
655
677
689
690
697
716
772
838
929
924

129
94
102
97
104
130
138
117
134
136
144
156

10

1918.
17 |
19 j
21 !
21 j
20
20 !
20 i
20 |
19
15
8

314
253
283
311
321
340
342
340
411
486
583
578

47
51
37
41
32 j
33 I

32 I
44
37
47
51

552

FEDERAL RESERVE BULLETIN.

JUNE 1,

1919.

Rates of exchange in Switzerland on 'principal financial centers during the period July, 1914, to December, 1918.a
[From Revue Commerciale et Industrielle Suisse, 1914-1918, published by the SociCte do Banque Suisse.]
B. Rates on centers in neutral
countries.

A.. Rates on centers in belligerent countries.
Date.
New York
(5.1820=100).!

Rates.
1914
July...
Aug...
Sept...
Oct
Nov...
Dec...

Fcfcrograd
Rome
(266.67- | (100=100).
100).

Berlin
i Vienna
(123.457= ! (105.01=
100).
!
100).

Per Rates.
cent.

j'er

cent.

Amsterdam ,

Madrid
(208.3193= I
100).
• (100-100).

Stockholm
(138.89=100).

Per
Per
Rates. cent. ! Rates. cent. Rates.
cent.
I

5.14 99.181
5.00! 90.48 !
5.07J 97.83!
5.17| 99.70!
5.20100.34
5.23100.911

250.59 93.97!
Nom.!
|
206.93i77.60|
219.05|82.14!
217.00j81.37i
217.50l81.56!

99.45199.45
98.50i98.50
95.00j95.00!
97.85197.85!
97.75J97.75j
98.65 98.65 j

122.6799.36; 103.92i98.96 207.55 99.63! 96.49 96.49
121.00!98.0l! 92.00 87.61 212.00 101.77! Nom. Norn.
116.00i93.96, 91.00(86.66 211.00101.29! 100.00100.00
115.12.93.2o! 92.50.88.09 213.00102.251 96.00 96.00
lll.25J90.llj 89.00!84.75 212.00101.77! 98.00 98.00
114.50:92.74 91.00!86.66 212.50 102.01 j 99.00 99.00

5.291102.07j
5.49J105.93!
5.371103.62|
5. 311102.46
5.29,102.07
5.39il04.00!
5.37 103.62,!
5.41104.39
5.30 102.27
5.37 103.62
5.37 103.62
5.25 101.30

222.50|83.441
225.00 84.371
228.00 85.50,
225.00 84.3?
210.00 78.75!
210.00 78.75,
190.00 71.25!
190.00 71.25i
190.00 71.25
190.00 71.25!
175.00 65.621
160.00 60.00!

97.55 97.55!
93.50193:50|
92.50:92.50j
91.12jGl.12]
90.00,90. OOi
88.87j88.87!
85.00i85. OOi
83.50183.50i
84.75l84.75i
83.35^3.35
82.45i82.451
79.50(79.501

115.22-93.33j
111. 62i90. 41!
110.22189. 28!
108.80'88. .13'
108.25 87.08:
109.40i88.61i
109.00'88.29!
10S.75i88.09i
109.55,88.74i
109.00,88.29i
105.85'85.74,
98.75j79.99;

90.00! 85.71
84.00J79.99
82.00178.09
81.50 77.61
80.25-76.42
81.00!77.14
80.50l76. 66
80.35i76.52
78.75:74.99
77. 40!73.71
74.37i70.82
67.00 j 63.80

212. 75 102.13J
220.00 105.61 i
211.75 1.01.65!
210.00 100.81 j
209.87|100.74
215.501103. 45!
216.001103.69).
215.50] 103. 45!
216.50ll03.93
222.75jJ0S.93
223. 75! 107.41
229.501110.17

155.00 58.12;
166.50 62.44!
164.50 61.69,
161.50l60.561
160.50IG0.191
162.50|60.94i
162.00j60.75:
173.50165.06!
171.00J64.12i
H. 4» 161.00|60.37
5.16 99.
'9.56J 153.00 57.371
5.07 97.83 151.50 56.81:

76.75 76.75,
78.30 78.30:
79.12 79.12!
82.00! 82.00|
82.80182.80!
82.95:82.95!
81.70|81.70;
81.75iSl.75;
82.50182.50
79.20l 79.20
76.75176.75|
73.90173.90;

95.3777.25!
94.6576.67i
92.80.75.17|
95.9577.72!
97.0078.57!
95.65.77.48 j
94.5776. dOi1
92.5074.92J
92. 4074.84 :
90.9073.63i
84.60i68.53|
84.62:68.54.;

63.85J60.80
65.00:61.90
64.1O!61.O4
66.35153.
07. 60j64.37
66.50.63.33
05.65'02.52j.
63.75i60.7ll
62.90.59.901
59.35'56.52
52.75i50.23
53.37150. S2j

222.00i 106.571
223.50| 107.291
223.00:107.05!
218.001104.651
217.50'104.4li
219.50il05.37J
219.371105.30!
218.001104. f>5;
217.20ll04.aii
214.50| 102.97
210.50:1.01.05!
205.871 98.82!

5.03
5.01
5.03
5.16
5.03
4.83
4.58
4.59
4.70
4.53
4.35
4.37

97.06! 144.25J54.09
96.67! 142. 75:53.53
97.06! 143.00'-53.62J
99.56; 146.00-54.751
97.06 135.00150. «2:
93.201: 110.00 41.25j
88.37] 99.00 37.121
88.57; W
OO. <t I 1 93.50 35. OOl
78.00 29.24:
90.69! 7!
87.41 65.00i24.37l
83.93 55.00i20.62
84.32 70.00l2P.25

69-80:69.80;
67.00167.00 !
65.00|65.00
73.25J73.25!
71.6071.60i
67.00167. OO'
62.90!62.90;
01.25161.251
60.05160.65i
56.00:56.00!
51.00J51.00!
52.50|52.50!

84.00|68.o3i
82. 25.60. f.2i
79.25iS4.l9i
79.25|64.19
75.10i60.83
08.50:55.48
63.50151.43
63.75,51.64
64.80 52. 49
63.00'51.03
65.00i52. 685.75ifJ9.46

54.40! 51.80j 204.60J 98.211
51.25 48. 80, 202.50; 97.21:
50.10:47.71' 204.001 97.93i
49.60"47.23 211.00:i01.29
48.40146.09' 206.90! 99.321
43.50,41.42' 199.001 95.53
40.75:38.81i 189.00 90.73
40.8()'38.85! 392.50! 92.41
41.50'39.52.' 198.50! 95.29,'
39.75,37.35: 200.00| 98.01
40. 25(38.33. 188.00 90. 25
52.50-'?0.00-:., 189.50j 90.97;
I

4.49
4.4.1
4.30
4.20
4.03
3.97
3.94
4.30
4.60
4.97
4.95

86.63
85.86
82.90
81.03
77.73
76.59
76.01
82.96
88. 75
95.89
95.50
02. G

52.70152. 70:
50.80i50.80i
49.10i49.10l
46.75,46.75!
44.00! 4 4.00:
'13.50;43.50!
44.25'44.25i
61.00 j 61.00;
71. O i 71.00!
O
77.50177.50 "•
76. 75176.75)
74.40174. 40

138.02] 99.37

Nom. I Nom.
135.55!
134.00;
133.001
132.00]

97.60
96.48
95.76
95.04

102.00 102.00
106.50 106.50
106.00 106.00
106.00106.00
100.50100.50
100.00100.00
101.50 101.50!
101.00 101.001
100.50 100.50i
n
1 0 1 . 0 n l i m n 0!!
100.00!l00. OO!
O!
99.001 99.00J

132.25
134.50
135.00
136.00

95.22

99.00 99.00
99.75 99.75
101.25 101.25
101.75! 101.75!
104.50(104.50j
107. SO! 107.50!
106.75106.75
107.00il07.00!
107.001107. OOl
107.00:107.00i
106.75 106.75i
107.75;107.75i

142.50; 102.69
147.00! 105.84
150. 501108.36
157.25! 113.22
157.00:113.04
153.50! 110.52
151.50! 109.08
150.25 108.18
149.00 107.28
149.00J 107.28
146.001105.12
147.50jl06.20

96.84
97.20
97.92
139.00100.08
142.00102.24
139.00100.08
138. OOi 99.36
1** no
138.00
140.00100.80
147.00 105.84
144.45104.00

I
Jan
Feb
Mar..
Apr..
May..
June..
July..
Aug..
Sept..
Oct
Nov..
Dee.

24.80
25.02
24.86
24.77
24.99
25.22
25.
25.
25.
25.01
24.60
24.11

88.85
89.40
87.35
87.65
88.85

5.20 100.34
5.24 101.11
5.22 100.72
5.19J100.14
5.21101.11
5. 29 102.07
5.30J102.27
5.3l!lO2.46
5.33il02.84!

89.7o|
90.07
91.15
90.05
88.48
8(5.75

1917

Jan
Feb..
Mar..
Anr..

Oct....
Nov...
Dec....
1918.
Jan
Fob...
Mar
Apr...
May...
June...
Julv...
Auo;...
Sept...
Oct.
Nov...
Dec...




!

79.00
.00
75.30
73.90
70.40
69.80
09. 20
78.75
84.00
SI. 00
90.60
3.50

79.00
78.00
75.30
73.90
70.40
09.80
69.20
78. 75
84.00
91.00
90.00
.50

77.00 28.87
75.00 28.01
75.00 28.01
70.00 26.25
65.00 24.37
60.00! 22.50
55.00|20.62
60.00 22.50
55.00 20.62
90.00133. 75
80.00129.99
70.00'2T>.25

, £ - J < 7 . «><

-LI/U.

i

! 107.60 107.60

148.00 106.60
106. OO!. 106.00 148.50|106.92
108.75,108.75 •151.501109.08
112.50| 112.50| 155.25!111.78
114.50ill4.50! 152.00| 109.44
114.00H14. OOl 147.00! 105.80
105.50il05.50i 150. OOi 108.04
102.25il02.25l 153.2o! 110.34
lll.00lUl.0Ol 103.00ill7.36
106.75il06.75i 184.001132.48
103.50103.50 162.501117.00
106.251106.25 148.50! 106.92

i n n Er»l
82.75.07.03 52.50:49.09 196.5o| 94.28 109.50109.50 151.00! 108.71
80.75i70. ?A 57.50'54.75 200.75j 96.32 108.50108.50 143.001102.95
85.10-08.93 55.25;5!?.62 1S9.75! 95.881 109.25 109.25( 143.251103.13
82.10J66. 49 52.150150.09 202.001 96.01! 116.75 116.751 142.251102. 40
79.10.fi4.07 48. vo'140.42 201.00* 96.41J 115.50 115.501 137.001 98.63
69.00155.8' 40.0038. OiV 201.75| 96. Sit 111.75111.75! 140.50101.15
65.80,53.27 39.50137.62. 205. OOi 98.37! 107.00107.00 141.301101.73
6R. 40l55.40 33.00!3«>. 16" 218.50J104.85J 101.50101.50 150.50 108.35
G7.50 54.f>5 37.75135.94: 214. OO! 102.68; 104.50 104.50 149.00ll07.27
72. 00158. 29 42.{)0 40.00: 209.75| 100.64 102.00 102.00 143.00| 102.95
62. 75!50.81 32.75:3.1.16, 206.25 98.96 99.00 99.00 139.75100.61
00. OOi 48.58 39
'.001
204.50 98.12, 97.00 97.00) 140.50 101.15

Average of offer and demand quotations at the Basle bourse.

JUNE .1, 1919.

FEDERAL BESERVE BULLETIN".

Cotton Export Corporation.
Plans for organizing the American Cotton
Export Financing Corporation were adopted
at the night session on Thursday, May 15, at
the Cotton Acreage Reduction Convention held
in New Orleans. According to the proposed
plan, the functions of the corporation will be
largely of a foreign banking nature.
The charter of the corporation is to provide
the following powers:
1. To purchase and sell or discount and negotiate or pledge notes, drafts, checks, bills of
exchange, acceptances, telegraph and cable
transfers, or other evidences of debt.
2. To borrow money in aid of its proper contracts essential or incidental to carry out the
broad purposes of the corporation.
3. To purchase, sell, pledge, or otherwise deal
in (a) bonds, notes, and certificates of the
United States; (b) bonds, notes, and obligations of foreign governments; and (c) obligations issued by foreign banks and syndicates,
and to make loans on the security oi said foreign obligations.
4. To accept bills or drafts drawn upon it.
5. To purchase and sell exchange.
6. To borrow money in aid of its business,
with or without security.
7. To lend money upon the security of
shipping documents or upon the security of
warehouse receipts conveying security title in
cases where the commodities represented by
such receipts are being assembled for the purpose of export.
8. To act in any State, Territory, or possession of the United States, or in any foreign
country, as agent, trustee, broker, or consignee
of others in buying, warehousing, selling, and
procuring insurance upon, and otherwise dealing in, cotton of all grades, cotton yarns, and
cotton goods, cotton seed, cottonseed oil and
other vegetable oils and other manufactured
productsof cotton seed, where such products
are being exported or assembled for export.
To act in any State, Territory, or possession
of the United States, or in any foreign country,
as financial or business agent or trustee for
domestic and foreign corporations, both private and municipal, and for individuals, partnerships, associations, and governments, in
transactions involving the shipment and sale
of cotton, co('.ton yarns, and cotton goods and
cottonseed products and vegetable oils abroad,
and in the event it shall become necessary to
foreclose loans made on cotton or the other




553

products enumerated herein the corporation
shall have the power to buy such cotton or
other products for its own account and to
dispose of the same.
9. To perform any and all customhouse
operations, and to create and give bonds and
guaranties in connection with all acts and
contracts which it may do or make in the
exercise of the powers specifically conferred
upon it by this paragraph numbered nine, or
in the exercise of any other powers vested in
it by this charter.
10. To acquire the good will, business,
rights, property, and obligations of any individual, partnership, or corporation carrying on a
business similar or cognate to the business
which this corporation is authorized to conduct, and to pay therefor in cash, bonds, or
other obligations of this corporation.
11. To negotiate contracts as agent or trustee for others for the sale of cotton, cotton
yarns, and cotton goods and cottonseed products and vegetable oils abroad, and for the
purchase of such commodities in this country
for the purpose of filling such selling contracts.
To establish such agencies or branch offices
in the United States and in its Territories, dependencies, or insular possessions of the United
States or in foreign countries as may be necessary to carry on its business; provided, however, that the corporation shall not be deemed
to possess the power to receive deposits or to
issue bills, notes, or other evidences of debt
for circulation as money.
12. To buy, sell, mortgage, lease, or otherwise acquire or dispose of such real estate as
may be necessary or convenient to said corporation in pursuance or in furtherance of its
business.
13. To sue and be sued, complain, and
defend in any court of law or equity as fully
as natural persons.
14. Any or all of the above enumerated
powers and privileges may be exercised by
said corporation either directly or through
the agency of local institutions in any of the
States, Territories, districts, colonies, dependencies and possessions of the United States
of America, and in any and all foreign countries and places, subject, however, to the laws
of all such countries and places.
15. In general, to do an}^ and all things
and to have and exercise any and all powers
necessary or incidental to the complete exercise of any or all of the foregoing powers.
The authorized capital stock of the corporation is fixed at $100,000,000, all common stock,
of the par value of $50.

554

FEDERAL RESERVE BULLETIN.
COTTON EXPORT CREDITS.

A committee of experts in session at the
State Department recently submitted a report
reading in part as follows:
It is believed that individual exporters of
cotton will not assume in the near future the
risk of accepting individual German and
Austro-Hungarian credits. American exports
for account of foreign Governments, which have
constituted the great bulk of our exports to
Europe, have been and still are financed by
advances of the United States Government
credit. These advances, as the law stands,
will cease upon the proclamation of peace.
Special arrangements will have to be made,
and the problem is of such importance that
the Government, through the War Finance
Corporation, should assist to the extent of
providing for credits which it may be impossible for the Federal Reserve Board and
member banks to grant.
One of the difficulties in establishing credits
is to find the relative status of new debts incurred by Germany as compared with debts
already incurred; i. e., what would be the
priority of a draft against a cotton shipment.
If it shall be considered in the light of receivers'
certificates and the security be sound, the
problem, then becomes one of the manner or
means of obtaining credit.
For this purpose Governor Harding has suggested the organization of a cotton export
association, such as is described more fully in
the succeeding section, which with the support
of the War Finance Corporation might assist in
financing cotton exports.
In the case of "England, Japan, and some of
the countries whose cotton industry is in
working order, cotton drafts could be nan died
by the member banks under the Federal
Seservc Act, each for a six months' limit for
acceptance on drafts arising out of export
transactions. In the case of countries whoso
textile industry has to be restored, longer
terms may be necessary, and theso may be
secured through the War Finance Corporation.
To avoid the credit difficulties attendant
upon transactions between individuals, and to
assure sound security, it possibly would be
best to handle the credits between groups of
exporters and groups of importers. In this
manner a group of German importers, for
instance, could give a joint obligation to a
group of American cotton exporters in a
specific transaction. The American, group then




UNI: 1, 191.9.

could present the paper to the War Finance
Corporation as security for a loan.
In case cotton purchases and imports are
effected by a foreign Government agency, the
question of credit to be granted by our exporters would be more complicated, for the
reason that a foreign Government obligation
can not be rcdiscounted with Federal Reserve
Banks. However, it probably would be possible for the member banks to take the Government paper and to rediscount with Federal
Reserve Banks other paper not subject to
the prohibitory clauses of the Federal Reserve
Board regulations.
CONDITION OF ACCEPTING MEMBER
BANKS ON MAR. 4, 1919.
In the following tabulation there are presented figures of total liabilities, capitalization,
and acceptance liabilities of all member banks
which reported acceptance transactions on
March 4 of the present year. Out of a total of
8,725 reporting member banks only 362 banks
were in the acceptance business. These 362
banks had a capitalization of $1,274,512,000,
or about 47 per cent of the combined capital
and surplus of all reporting member banks, and
total liabilities of $14,395,478, or nearly 52 per
cent of the total liabilities of all member banks
reporting on that date. Total acceptance
liabilities of the accepting institutions are given
as $451,265,000, which is 35.4 per cent of their
capitalization and 3.1 per cent of their aggregate liabilities, while the ratio of capital and
surplus to total liabilities of these institutions
works out at 8.9 per cent, compared with an
average ratio of about 10 per cent obtaining
for all member banks.
Separate figures and ratios were compiled
for national banks on the one hand and trust
company and State bank members on the
other, and for each class in turn like figures and
ratios were computed for those institutions
which arc authorized to accept up to 100 per
cent of their capital and surplus and for the
remainder which may accept only up to 50
per cent. It is seen that the ratio of acceptance
to total liabilities, averages 44.4 per cent for
institutions authorized to accept up to 100 per
cent and 15.4 per cent for institutions permitted to accept only up to 50 per cent of their
capital and surplus. For the 100 per cent
national banks, this ratio is 39.8 per cent, while
for the 100 per cent trust companies and State

JUNE 1, 1919.

555

FEDERAL RESERVE BULLETIN.

banks it is considerably larger, viz, 53.7 per
cent. The largest ratio, viz, 72.6 per cent, is
shown for the eight national banks in Boston
authorized to accept up to 100 per cent of their
capital and surplus. The next largest ratio,
viz, 67.7 per cent, is shown for 13 trust companies and State banks in New York City
authorized to accept up to 100 per cent. For
the 18 national banks in New York City per-

mitted to accept up to 100 per cent of their
capitalization this ratio works out at 42.7 per
cent.
Tables arc also given showing the acceptance
liabilities and the ratios of these liabilities to
combined capital and surplus of the leading
commercial banks in England, France, and
Germany prior to the outbreak of the great
war, also at the latest available date.

Total liabilities, capital and surplus, and acceptance liabilities of member banks doing an acceptance business.
[Figures as of Mar. 4,1919, in thousands of dollars; i. e., 000 omitted.
1. ALL ACCEPTING MEMBER BANKS.
Total.

Number
of banks.

District No. 1:
Boston
Allotlier
District No. 2:
New York CityAll other
District No. 3:
Philadelphia...
Allother
District No. 4:
Cleveland
Pittsburgh
Allother
District No. 5:
Richmond
Baltimore
Allother
District No. 6:
Atlanta
New Orleans...
Allother
District No. 7:
Chicago
All other
District No. 8:
St. Louis
Allother
District No. 9:
Minneapolis
All other
District No. 10:
Kansas City
Allother
District No. 11:
Dallas
All other
District No. 12:
San Francisco..
Allother
Total




Ratio of
capital and
Capital and I Acceptsurplus
ance
surplus. ! liabilities.
to total
liabilities
(per cent;.

Total
liabilities.

82,766 i
26,996 j

802,224
231,179

56,779
3,274
!
237,248 |
4,497 '

Ratio of
Ratio of
acceptance accei)tance
liabilities liabilities
to total
to capital
liabilities and surplus
(per cent). (per cent).

10.3
11.7

7.1
1.4

68. 6
12.1

7.4
7.4

3.5
1.2

47.5
16.3

6,730,430
374,533

499,066 I
27,660 !

677,009
43,601

74,650 !
4,500 i

16,143
156

11.0
10.3

2.4
.4

21.6
3.5

411,132
610,487
162,578

35,400 I
83,300 i
19,465 |

11,307
6,918
2,944

13. 6
12.0

2.8
1.1
1.8

31.9
8.3
15.1

107,739
90,189
149,156

8,200 I
10,975 i
14,155 !

4,430
1,688
6,267

7.6
12.2
9.5

4,1
1.9
4.2

54.0
15.4
44.3

7,400 ;
15,867
15,614

417
6,778
4,018

10.3
9.1
10.0

.6
3.9
2.6

5.6
42.7
25.7

2.7
4.8
1.2

40.0
13.2

2.0
1.7

16.4
17.7

i
71,843 i
173,981
155,924
1,424,787
443,423 j

134,300
39,190

38,467
4,516

371,307
169,327

44,960
15,513

17,980
2,043

9.4
8.8
12.1
9.2

81,372
111,493

10,000
10,475

1,636
1,850

12.3
9.4

82,676
127,831

6,500
8,213

595

7.9
6.4

77,248
70,747

7,000
7,267

1,325
1,151

9.1
10.3

1.7 i
1. 6 i

42,400
22,680

11,869
5,961

11.7 |
8.3 !

3.3
2.2

18. 9
15.8
28.0
26.3

1,274,512

451,265

31
.

35.4

363,817 j
273,445 I
362

14,395,478 I

|

28.6
11.5

9.2
12.3

556

FEDERAL RESERVE BULLETIN.

JUNE 1,1919.

Total liabilities, capital and surplus, and acceptance liabilities of member banks doing an acceptance business—Continued.
[Figures as of Mar. 4,1919, in thousands of dollars; i. e., 000 omitted.]
1. ALL ACCEPTING MEMBER BANKS—Continued.
Banks permitted to accept to 100 per cent of capital and surplus.

Number
of banks.

District No. 1:
Boston
Allother
District No. 2:
New York City.
Allother
.\.
District No. 3:
Philadelphia....
All other
District No. 4:
Cleveland
Pittsburgh
Allother
District No. 5:
Richmond
Baltimore
Allother
District No. 6:
Atlanta
New Orleans
Another
District No. T.Chicago
Allother
District No. 8:
St. Louis
All other
District No. 9:
Minneapolis
Allother
District No. 10:
Kansas City
Allother
District No. 11:
Dallas
Allother
District No. 12:
San Francisco...
All other
Total..

Total
liabilities.

Ratio of
Ratio of
Ratio of
capital and acceptance
surplus
liabilities liabilities
to total
to total
to
IliabiSties. liabilities liabilities and capital
surplus
(per cent). (per cent). (per cent).

Capital and i
l

I

767,385
53,782

78,958
7,000

55,934
1,609

10.3
13.0

7.3
3.0

70.8
23.0

5,771,947
36,364

420,717
3,600

221,358
1,848

7.3

3.8
5.1

52.6
51.3

505,904

37,900

15,360

7.5

3.0

40.5

312,655
459,490
52,591

23,500
62,050
4,900

10,372
6,478
1,890

7.5
13.5
9.3

3.3
1.4
3.6

44.1
10.4
38.6

25,328
91,377

6,400
3,975
8,650 I

2,985
478
4,658

7.2
15.7
9.5

3.4
1.9
5.1

46.6
12.0
53.8

22,695
173,981
47,257

1,600 j
15,867 |
4,462 '

150
6,778
2,014

7.1
9.1
9.4

.7
3.9
4.3

9.4
42.7
45.1

9.1 ,
8.9

2.9
2.1

32.3
24.0

115.500
7; ooo

37,292
1,679

32,936

3,200

795

81,372

10,000

55,534
41,934

5,000
4,500

363,817
139,011

42,400
12,550

10,470,273

880,029

1,265,182
78,714

300

134

9.7

2.4

24.8

12.3

2.0

16.4

74

11.1

2.7

24.6

825
500

9.0
10.7

1.5
1.2

16.5
11.1

11.7
9.0

3.3
2.8

27.9
31.0

8.4

3.7

44.4.

390,476

All other banks.

Number
of banks.

District No. 1:
Boston
Allother
District No. 2:
New York Citv
Allother
District No. 3:
Philadelphia..
Allother
District No. 4:
Cleveland
Pittsburgh
AJ1 other
,
District No. 5:
, Richmond
Baltimore
Allother
District No. 6:
Atlanta
New Orleans..
All other




Total
liabilities.

Capital and
surplus.

Ratio of
Ratio of
Ratio of
Accept- capital and acceptance acceptance
surplus
liabilities liabilities
ance
to
to total
to total
liabilities. liabilities liabilities and capital
surplus
(per cent). (per cent). (per cent).

34,839
177,397

845
1,665

10.9
11.3

2.4
.9

22.2
S.3

964,483
338,169

73,349
24,060

15,890
2,649

8.1
7.1

1.6
.8

20.3
11.0

171,105
43,601

38,750
4,500

.5

11,900
21,250
14,565

783
156
935
440
1,054

21.5
10.3

98,477
150,997
109,987
19,415
64,861
57,779

1,800
7,000
5,505

1,445
1,210
1,609

9.3
10.8
9.5

49,148
37

19,996

5,800

267

11,152

""2,"664

""168*667'

12.1
14.1
13.3

•'I

2.1
3.5
7.9
2.G
7.2
80.3
17,2
29.2

11.8

.3
1.0 I
7.4
1.9
2.8
.5

10.3

1.8

17.9

4,6

i, 1919.

557

XfiDERAL EESERVE BULLETIN.

i, capital and surplus, and acceptance liabilities of member hanlcs doing an acceptance business—Continued.

Total li\

[Figures as of Mar. 4,1919, in thousands of dollars; i. e., 000 omitted.]
l.*ALL ACCEPTING MEMBER BANKS—Continued.
All other banks.

Number ;
Total
of banks. ; liabilities.

District No. 7:
Chicago

Another

Capital and
surplus.

Ratio of
Ratio of
Ratio of
Accept- capital and acceptance acceptance
surplus
liabilities liabilities
ance
to
to total
to total
liabilities. liabilities liabilities and capital
surplus
(percent). (per cent). (percent).

4'
13 I

159,605 !
364,709 |

18,800
32,190

1,175
2,837

11.8

9i
18

371,307 i
136,391

44,960
12,313

17,980
1,248

12.1
9.0

111,493

10,475

1,850

9.4

1.7 !

82,676
125,138

6,500
7,913

595
934

7.9
6.3

•7 i

21,714
28,813

,

District No. 8:
St. Louis
,
Aliother
District No. 9:
Minneapolis
Aliother
District No. 10:
Kansas City....
Aliother
District No. 11:
Dallas
Aliother
District No. 12:
San Francisco..
Allother

2,000
2,767

500 |
651 I

9.2
9.6

2.3
2.2

25,0
23.5

11 !

Total.,

228 '

.7
.8 |
4.8

6.3
3.8
40.0
10.1

9.2
11. S

134,434

10,130

2,067 |

7.5

1.5

20.3

3,925,205

394,483

60,789 |

10.1

1.5

15.4

2. ACCEPTING NATIONAL BANKS.
Total.

Number
of banks.

District.; No. i:
Boston..
Aliother..
District No. 2:
New York Citv...
Aliother
District No. 3:
Philadelphia..
Aliother
District No. 4:
Cleveland
Pittsburgh
Aliother .
District No. 5:
Richmond
Baltimore. .
Another
District No. 6:
Atlanta
New Orleans
Aliother. . .
District No. 7:
Chicago
Aliother
District No. 8:
St. Louis
Aliother
District No. 9:
Minneapolis
Allother. .
District No. 10:
Kansas City...
Ail other
District No. 11:
Dallas
Aliother
District No. 12:
San Francisco.
Aliother

Capital and
surplus.

Eatio of
Ratio of
Eatio of
Accept- capital and acceptance acceptance
surplus
liabilities liabilities
ance
to total
to
to total
liabilities. liabilities liabilities and capital
surplus
(per cent). (percent). (per cent).

10.8
13.7

7.8
2.7

72.4
19.6

3,909,400
248,790

285,300
18,260

112,762
3,614

7.3
7.3

2.9
1.5

39.5
19.8

554,397
43,601

43,650
4,500

15.418
156

7.9

2.8

10.3

3.6

35. 3

185,106
406,407
152,886

13,500
41,400
18,515

6,654
4,291
2,844

7.3

10.2
12.1

3.6
1.1
3.9

49.3
10.4
15.4

4
6
30

107,739
85,229
138,726

8,200
10,375
12,674

4,430
1,638
5,644

12.2
9.1

4.1
1.9
4.1

54.0
15.8
44.5

3
3
35

67,861
67,953
124,609

5,400
6,400
11,710

1,982
2,822

8.0
9.4
9.4

2.9
2.3

31.0
24.0

8
10

943,245
284,984

79,000
28,800

21,032
3,849

10.1

2.2
1.4

£6.6
13.4

6
15

262,698
120,480

27,260
10,638

11,927
1,158

10.4
8.8

4.5
1.0

43.8
10.9

1
6

81,372
111.493

10,000
10,475

1,036
1,850

12.3

2.0

1.6

9.4

1.7

17.7

2
8

82.676
114,215

6,500
7,213

595
958

7.9
6.3

.7

o
•O

13.3

3

77,248
67,859

7.000
6,917

1,325
1,101

9.0

9

10.2

1.7

1.6

18.9
15.9

6

363,817
216,392

42,400
17,980

11,869
4,874

11.7

3.3

15

8.3

2.3

28.0
27.1

268

6

41,780
2,647

3
9
7

119745—19

57,708
13,496

5

j.

535,442
98,441

9

. .

8
20
25
14

.

Total




Total
liabilities.

9,453,066

805,271

269,173

8.5

2.8

33. 3

317

7.6

8.4

.5

3.5

5.9

9.2

558

FEDERAL RESERVE BULLETIN.

JUNE 1,1919.

Total liabilities, capital and surplus, and acceptance liabilities of member banks doing an acceptance business—Continued.
[Figures as of Mar. 4,1919, in thousands of dollars; i. e., 000 omitted.]
2. ACCEPTING NATIONAL BANKS—Continued.
Banks permitted to accept to 100 per cent of capital and surplus.

i
Number
of banks.

District No. 1:
Boston..
Allother.
District No. 2:
New York City
All other
District No. 3:
Philadelphia

Total
liabilities.

Capital and
surplus.

Ratio of
Ratio of
Ratio of
Accept- capital and acceptance acceptance
surplus
liabilities liabilities
ance
to total
to total
to
liabilities. liabilities liabilities and capital
surplus
(per cent). (per cent.) (per cent).

7
6

534,020
53,782

57,500
7,000

41,723
1,609

10.8
13.0

7.8
3.0

72,6
23.0

18
3

3,503,404
36,364

254,100
3,600

108,510
1,848

7.3
9.9

3.1
5.1

42.7
51.3

7

505,904

37,900

15,360

7.5

3.0

40.5

2
4
1

172,042
271,889
47,918

11,000
23,050
4,500

6,479
3,951
1,830

6.0
8.5
9.4

3.8
1.5
3.8

58.9
37.1
40.6

3
3
7

88,324
25,328
83,361

6,400
3,975
7,550

2,985
478
4,238

7.2
15.7
9.1

3.4
1.9
5.1

46.6
12.0
56.1

1
3
5

22,695
67,953
38,787

1,600
6,400
3,132

150
1,982
1,019

7.1
9.4
8.1

.7
2.9
2.6

9.3
31.0
33.0

8
2

943,245
78,714

79,000
7,000

21,032
1,679

8.4
8.9

2.2
2.1

26.6
24.0

All nth or

District No. 4:
Cleveland.
Pittsburgh
Allothor
District No. 5:
Richmond
Baltimore.
Allother
District No. 6:
Atlanta...
New Orleans
All other
District No. 7:
Chicago
Allother
. .
District No. 8:
St. Louis..
Allother
District No. 9:
Minneapolis
All other
District No. 10:
Kansas City...
Allother
DistrictNo.il:
Dallas
All other
District No. 12:
San Francisco.
Allother
.

1

7,632

900

345

11.8

4.5

38.3

1

81,372

10,000

1,636

12.3

2.0

16.3

1

74

ii.i

2.7

24.6

5,000
4,500

825
500

9.0
10.7

1.5
1.2

16.5
11.1

363,817
127,313

42,400
11,350

11,869
3,715

11.7
8.9

3.3
2.9

28.0
32.6

99

Total

300

55,534
41,934

6
6

.

2,693

2
2

7,154,025

588,157

233,837

8.2

3.3

39.8

All other national banks.

Number
of banks.

District No. 1:
Boston..
Allother
District No. 2:
New York Citv... .
Allother
."
District No. 3:
Philadelphia
All other
District No. 4:
Cleveland.
Pittsburgh..
Allother
District No. 5:
Richmond
.
Baltimore.
Allother .
District No. 6:
Atlanta
New Orleans
Allother




Total
liabilities.

Capital and
surplus.

Ratio of
Accept- capital and
surplus
ance
to total
liabilities. liabilities
(per cent).

Ratio of
Ratio of
acceptance acceptance
liabilities liabilities
to total
to capital
liabilities and surplus
(percent). (per cent).

1
14

. .

14.6
14.5

4.0
2.3

27.5
15.9

405,996
212,426

31,200
14,660

4,252
1,766

7.7
6.9

1.0
.8

13.6
12.0

48,493
43,601

5,750
4,500

58
156

11.9
10.3

.1
.4

1.0
3.5

1
5
6

.

57
1,038

2
5

.

208
6,496

7
11

.

1,422
44,659

13,064
134,518
104,968

2,500
18,350
14,015

175
340
1,014

19.1
13.6
13. 4-

1.3
.3
1.0

7.0
1.9
7.2

1
3
• 23

19,415
59,901
55,365

3,800
6,400
5,124

1,445
1,160
1,406

9.3
10.7
9.3

7.4
1.9
2.5

80.3
18.1
27.4

2

45,166

3,800

167

8.4

.4

4.3

29

85,822

8,578

1,803

10.0

2.1

21.0

JUNE 1,1919,

559

FEDERAL RESERVE BULLETIN.

Total liabilities, capital and surplus, and acceptance liabilities of member banks doing an acceptance business— Continued.
[Figures as of Mar. 4,1919, in thousands of dollars; i. e., 0G0 omitted.]
2. ACCEPTING NATIONAL BANKS—Continued.
AJI other national banks.

dumber
of banks.

Total
liabilities.

Capital a n d
surplus.

Acceptance
liabilities.

Ratio of
Ratio of
Ratio of
c a p i t a l and acceptance acceptance
liabilities liabilities
surplus
to total
to capital
to total
liabilities and surplus
liabilities

(percent). (per cent). (per cent).

District No. 7:
Chicago
All other
District No. 8:
St. Louis..
Allothcr
District No. 9:
Minneapolis.
All other
District No. 10:
Kansas City
All other
District No. 11:
Dallas...
Ali other
District No. 12:
San Francisco.
All other
Total

8

206,270

21,800

10.6

1.1

10.0

6
14

262.698
112;848

27,260
9,738

11,927
8.13

10.4
8.6,

4.5
.7

43.8
8.3

6

2,170 1

111,493

10,475

1,850

9.4

1.7

17.6

2
•* 5

82,676
111,522

6,500
6,913

595
884

7.9
6.2

.7
.8

9.1
12.8

1
7

21,714
25.925

2,000
2,417

500
601

9.2
9.3

2.3
2.3

25.0
24.9

9
.169

89,079
2,299,041

6.630

1,1.59

7.4

1.3

17.5

217. U 4 1

35.336

9.4

1.5

16.3

Ratio of
Accept- capital and
surplus
ance
to total
liabilities. liabilities
(per cent).

Ratio of
acceptance
liabilities
to total
liabilities
(per cent).

Ratio of
acceptance
liabilities
to capital
and surplus
(per cent).

3. ACCEPTING STATE BANKS AND TRUST COMPANIES.
Total.

Number
of banks.

District No. 1:
Boston
Allother.
District No. 2:
New York City
Allother
.
*
District No. 3:
Philadelphia
* 11 nth or
District No. 4:
Cleveland
. . . .
. .
Pittsburgh
All other
District No. 5:
Richmond
Baltimore
.
. . . .
All other
District No. 6:
\tlanta
New Orleans
Allother
.
District No. 7:
Chicago
ill other
District No. 8:
St Louis
Ul other
. .
District No. 9:
Minneapolis

Total
liabilities.

Capital and
surplus.

9.4
10.2

5.6
.5

59.9
4.6

7.6
7.5
25.3

4.4
.7

58.2
9.4

31,000

14,999
627
124,486
883
725

.6

2.3

226,026
204,080
9,692

21,900
41,900
950

4,653
2,627
100

20.5
9.8

9.7

2.1

1.3
1.0

21.2
6.3
10.5

1
3

4,960
10,430

600
1,481

50
623

12.1
14.0

].()
(i. 0

42.1

1
4
8

3,982
106.028
31,315

2,000
9,467
3,904

100
4,796
1,196

50.2
8.9
12.5

2. 5
4.5
3.8

5.0
50.7
30.6

8
5

481,542
158,439

55,300
10,390

17,435
667

11.5
6.6

3.6

.4

31.5
6.4

3
5

108,609
48,847

17.700
4.875

6.053

16.3
10.0

5.6

' 88,0

1.8

34.2
18.2

1

13, 616

1,000

50

7.3

.4

5.0

1

2,888

350

50

12.1

1.7

14.3

6
2

266,782
132,738

25,058
13,500

22
8
2

2,827,030
125,743

213,766
9,400

122,612

4
2

8.3

•Vll o t h e r

District No. 10:
All other
District No. 11:
I) o lias
Ml other
District No. 12:
All other

3

57,053

4,700

1,087

8.2

1.9

23.1

Total

94

4,9i2,412

469,241

182,092

9.5

3.7

38.8




560

FEDERAL RESERVE BULLETIN.

JUNE 1, 1919.

Total liabilities, capital and surplus, and acceptance liabilities of member banks doing an acceptance business—Continued.
[Figures as of Mar. 4,1919, in thousands of dollars; i. e., 000 omitted.]
3. ACCEPTING STATE B A N K S AND T R U S T COMPANIES—Continued.
i

Banks permitted to accept to 100 per cent of capital and surplus.

Number
of banks.

District No. 1:
Boston

Total
liabilities.

Capital and
surplus.

Ratio of
Ratio of
Ratio of
capital and acceptance acceptance
liabilities liabilities
to total
to capital
to total
liabilities.
liabilities and surplus
(per cent). (per cent). (percent).

4

District No. 2:
New York Citv
Ml other
District No. 3:
Philadelphia
Ail other
District No. 4:
Cleveland
Pittsburgh
Allothcr
District No. 5:
Richmond
Baltimore
ill other
District No. 6:
Atlanta
j^e^- Orleans
All other
District No. 7:
Chicago
< 1 other
Y1
District No. 8:
St Louis
All other
District No. 9:
Minneapolis
All other
District No. 10:
Kansas City
All other
District No. 11:
Dallas
All other
District No. 12:
San JKrancisco
All other

.

.

21,458

14,211

9.2

6.1

66.2

13

.

233,365
2,268,543

166,617

112,848

7.3

5.0

67.7

140,613'
187,601
4,673

12,500
39,000
400

3,893
2,527
60

8.9
20.8
8.6

2.8
1.3
1.3

31.1
6.5
15.0

8,016

1,100

420

13.7

5.2

38.2

4
1

. .

3
2
1

1

.

166,028
8,470

9,467
1,330

4,796
995

8.9
15.7

4.5
11.7

50.7
74.8

321,937

36,500

16,260

11.3

5.1

44 5

25,304

2,300

450

9.0

1.8

19.6

4

.

1
1

1

i
1

i i , 698

1,200

179

10.3

1.5

14.9

35

Total

3,316,248

291,872

156,639

8.8

4.7

53.7

All other State bank and trust company members.

Number
of banks.

District No. 1:
Boston
Allother
District No. 2:
New York Citv
All other
District No. 3:
Philadelphia
All other
District No. 4:
Cleveland
Pittsburgh
All other
District No. 5:
Richmond
Baltimore
Allothcr
District No. 6:
Atlanta
. .
New Orleans
Allother




Total
liabilities.

Capital and
surplus.

Ratio of
Ratio of
Ratio of
Accept- capital and acceptance acceptance
liabilities liabilities
surplus
ance
to total
to total
liabilities. liabilities liabilities to capital
and surplus
(per cent). (per cent). (per cent).

2
2

10.8
10.2

2.4
.5

21.9
46

558,487
125,743

47,149
9,400

11,638
883

8.4
7.5

2.1
.7

24.7
9.4

122,612

31,000

725

25.3

.6

2.3

2
2
1

85,413
16,479
5,019

9,4.00
2,900
550

760
100
40

11.0
17.6
11.0

.9
.6
.8

8.0
3.4
7.2

2
.

788
627

2

.

3,600
13,500

9
8

.

33,417
132,738

4,980
2,414

600
381

50
203

12.1
15.7

8.3
53.2

3,982

2,000

100

50.2

1.0
8.4
2.5

22,845

2,574

201

11.3

* "l.O

7."8

i

7

5.0

JUNE 1, 1919.

561

FEDERAL RESERVE BULLETIN.

Total liabilities, capital and surplus, and acceptance liabilities of member banks doing an acceptance business—Continued.
[Figures as of Mar. 4,1919, in thousands of dollars; i. e., C O omitted.]
O
3. ACCEPTING STATE BANKS AND TRUST COMPANIES—Continued.
Ali other State bank and trust company members.

| Number \
Total
i of banks. | liabilities.

District No. 7:
Chicago
Aliother
District No. 8:
St. Louis
Aliother
District No. 9:
Minneapolis..
All other
District No. 10:
Kansas Citv.
Aliother./...
District No. 11:
Dallas.
Aliother
District No. 12:
San Francisco..
All other

Capital and.
surplus.

R a t i o of
Ratio of
Ratio of
Accept- capital and acoeptan-r-e | acceptance
''
liabilities
surplus
liabilities
ance
to total
to
to total
liabilities. liabilities liabilities and capital
surplus
(per cent). (per cent).
(percent.).

159,605
158,439

18,800
10,390 |

1,175

108,609
23,543

17,700
2,575

6,053 !
435

13,610

1,000

2,888

1 !
"2\

(567

50
50

350 I

6.3
6.4
5,6 !
1.8 i

34.2
16.9

7.3

12.1

45>355

3,500

908

1,626,104

Total.

11.8
6.6
16.3
10.9

177,369

25,453

10.9

FRANCE,
Acceptance liabilities of the three, leading commercial banks of France com/payed with their capital ana surplus before and
after the war.
Before the war Qlay 31, 1914). j After the war (Dec. 31, 1918).

Ratio of acceptance
liabilities to paid-in
capital and surplus

Bank.
| Paid-in capi- ; Acceptance I Paid-in capijial and surplus.! liabilities. : tai and surplus.

Soeiete Generale
Comptoir National d'Escompte..
Credit Lyonnais

Francs.
377,247,507
240,902,700
425,000,000

Total for three banks.

1,043,150,207 ;

Acceptance
liabilities.

Before the
war.

After the
war.

Francs.
156,670,208
159,082,542 •
121,524.307 j

Francs.
300,704,856
243,563,143
425,000,000

Francs.
18,746,093
24,123,451
10,879

Per cent.
41.5
66.0
28.6

Per cent.
6.2

437,277,057

969,267,999

42,880,423

42.0

4.5

i stadter Bank, Berliner Ilandelsgesellschaft,
ENGLAND.
Commerz-und-l)iskontobank,Nationalbank,and
According to the London Economist, the |; MitteldeutscheKreditBank, figures of combined
leading 18 joint stock banks in England on capital and surplus and of acceptance liabilities
June 30, 1914, and Dec. 31, 1918, show the
also the per cent ratios
following amounts of capital and surplus com- 1 at the close of 1913-1917, to capital and surplus,
of acceptance liabilities
pared with their acceptance liabilities:
were as follows:
[Millions of marks.]

June 30,1914. j Dec. 31,1918.
Paid-in capital and surplus
Acceptance liabilities
Ratio of acceptance liabilities to paid-in
capital and surplus, per cent

i £08,007,000
j 35,782,000
j
:
52.61

61.35

GERMANY.

For the 8 largest German credit banks
(Grossbanken), including the Deutsche Bank,
Diskonto Gesellschaft, Dresdner Bank, Darm-




1
2
Ratio of
Paid-in
2tol**
capital and Acceptance (per cent).
liabilities.
surplus.

£84,830,000
52,045,000

Dec. 31—
191'J
1914...
1915
1916
1917

1,465
1,711
1 711
1,715
1,896

1,308
1,015
611
384
397

I

36
22
21

562

FEDERAL RESERVE BULLETIN.

JUNE 1,1919.

State Banks and Trust Companies Admitted. |
Foreign Branches.
The following list shows the State banks and
A list of foreign branches of banks doing
trust companies which have been admitted to business under agreement with the Federal
membership in the Federal Reserve System, Reserve Board, which opened for business durduring the month of May.
ing May, 1919, is given below:
One thousand and thirty-four State institu- | American Foreign Banking Corporation, New York City:
tions are now members of the system, having I
Brussels, Belgium, opened May 1, 1919.
a total capital of $369,18G,87o/total surplus Asia Banking Corporation, New York City:
Peking, China, opened May 1, 1919.
of $419,934,583, and total resources of
Tientsin, China, opened May 1, 1919.
$7,942,384,320.
International Banking Corporation, New York City:
Haiigoon, Burma, British India, opened May 16, 1919.
Capital.
District No. 1.
Gloucester Safe Deposit & Trust Co.,
Gloucester, Mass
•The New Bedford Safe Deposit &
Trust Co., Now Bedford, Mass

Surplus.

f(

Total

Acceptances to 100 Per Cent.
§200,000

S200,000

84,943,687

200,000

300,000

4,463,468

District No. 2.
The Bank of East Aurora, East
Aurora, N. Y
Geneva Trust Co., Geneva, N. Y

75,000
100,000

25,000
175,000

],220,494
3,507,520

District No. 4.
Firestone Park Trust & Savings Bank,
Akron, Ohio
Peoples Bank Co., Frazcysburg, Ohio.
The Farmers Bank Co., Pandora, Ohio
Security Trust Co., Wheeling, W. Va..

200,000
25,000
25.000
300,000

75,000
35,000
7,500
200,000

3,490,189
482,650
223,127
2,827,915

50,000

50,000

554,526

250,000

200,000

3,237,256

200,000

17,122

1,784,461

25,000

5,000

503,866

50,000

10,000 I

424,880

50,000

13,250

314,424

100,000

10,000

465,912

100,000
50,000
50,000

40,000
""6,"650"

901,561
50,000
473,097

JA.JS.I

\JJ-L,

V _ / 1 1 ± U

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

District No. 5.
Merchants & Farmers Rank, Eraporia, Va
Bank of Commerce & Trusts, Richmond, Va
District No. ?.
First Trust & Savings Bank, Des
Moines, Iowa
The First State Savings Barn:, Croswell, Mich
District No. 8.
Dardanelle Bank & Trust Co., Dardanelle, Ark
Merchants & Farmers Bank, Dumas,
Ark
Citizens Bank & Trust Co., England,
Ark
Cotton Belt Savings & Trust Co., Pine
Bluff, Ark
Union Trust Co., Madison, 111
Bank of Maplcwood, Maplcwood, Mo.
District No. 9.
CitizensState Bank, Roundup, Mont.

50,000

35,000

721,714

District No. 10.
Bank of Goltry, Goltry, Okla

25,000

2,500

209,599

2,500
lo,000

79,318
268,337

District No. 11.
First State Bank, Rails, Tex
25,000
Guaranty State Bank, Troup, T e x . . .
25,000
District No. 12.
j
Bellevuc State Bank, Bellovue, Idaho.|
30,000
Cache Valley Banking Co., Logan, !
Utah
".
• 100,000
Farmers & Merchants Savings Bank, '••
Logan, Utah
100,000
Tracy Loan & Trust Co., Salt Lake
City, Utah
218,700

8,000

401,640

22,000

1,374,839

17,500

388,926

100,000

709,413

Consolidation.
The Charleston Trust & Savings Monk and the Second National Bank,
Charleston, III., have consolidated under the name National Trust
Bank of Charleston.




Since the issue of the May 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: Edisto National Bank,
Orangeburg, S. C ; Citizens National Bank,
Hillsboro, Tex.
New National Bank Charters.
The Comptroller of the Currency reports the
following increases and reductions in the number of national banks and the capital of national banks during the period from April 26,
1919, to May 30, 1919, inclusive: •
Banks.

New charters issued to
22
With capital of.
$2,170,000
Increase of capital approved for
23
With new capital of
2, 380, 000
Aggregate number of new charters and
banks increasing capital
45
With aggregate of new" capital authorized
4, 550,000
Number of banks liquidating (other than
those consolidating with other national
banks under the act of June 3, 1864)
8
Capital of same banks
2, 600, 000
Number of banks reducing capital
1
Reduction of capital
25, 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)
9
Aggregate capital reduction
2, 625,000
Consolidation of national banks under the
act of Nov. 7, 1918
3
Capital
850,000
The foregoing statement shows the aggregate
of increased capital for the period of the
banks embraced in statement was
4, 550,000
Against this there was a reduction of capital
owing to liquidation (other than for consolidation with other national banks under the act of June 3, 1864) and reductions of capital of
2, 625, 000
Net increase

1, 925,000

563

FEDERAL RESERVE BULLETIN.

JUNE 1, 1919.

Errata.

Fiduciary Powers Granted to National Banks.

On page 477 of the BULLETIN for May, 1919,
the following corrections should be made:
London Economist index numbers for January; February, and March, 1919 (sixth column),
should read '"217-215-213" in place of "266280-260.j; Corresponding Sauerbeck index
numbers (seventh column) should read "226211-217" in place of "217-215-213." On
page 505 the heading should read Condition
of selected member banks.7"

The applications of the following banks for
permission to act under section ll(k) of the
Federal lteserve Act have been approved by
the Federal Reserve Board during May:

Commercial Failures Reported,

DISTRICT NO. 1.

Trustee, executor, administrator, registrar of stocks and
bonds, guardian of estates, assignee, and receiver:
Citizens National Bank, Watorbury, Conn.
Guardian of estates, assignee, and receiver:
Greylock National Bank, Adams, Mass.
Trustee, executor, administrator, registrar of stocks and
bonds, guardian of estates, assignee, receiver, and committee of estates of lunatics:
City National Bank, Belfast, Me.
First National Bank, Adams, Mass.

Continuing their remarkably favorable showDISTRICT No. 2.
ing, commercial failures in the United States Trustee, executor, administrator, registrar of stocks and
during three weeks of May, as reported to R. G. bonds, guardian of estates, assignee, receiver, and comDun & Co., numbered only 381—a 36.9 per mittee of estates of lunatics:
Citizens National Bank, Long Branch, N. J.
cent reduction from the 604 insolvencies of the
First National Bank, South River, N. J.
same period of 1918, when the business morFarmers National Bank, Hudson, N. Y.
tality was comparatively moderate. The stateChatham. & Phcnix National Bank, New York City.
ment for April, the latest month for which full
Fallkill National Bank, Poughkeepsie, N. Y.
Coal and Iron National Bank, New York City.
returns are available, discloses but 543 defaults
for §11,450,462 of liabilities—a numerical de- Guardian of estates, assignee, receiver, and committee of
crease of 40 per cent from the 905 reverses of estates of lunatics:
National State Bank, Newark, N. J.
April, 1918, and a contraction of nearly 20 per Trustee, executor, administrator, registrar of stocks and
cent in amount of indebtedness frpm the bonds, guardian of estates, receiver, and committee of
$14,271,849 of last year. In point of number, estates of lunatics:
Plattsburg National Bank, Plattsburg, N.
in fact, the April failures are the smallest ever Trustee, executor, administrator, guardian Y. estates,
of
recorded since monthly statistics were first assignee, receiver, and committee of estates of lunatics:
compiled a quarter of a century ago. ComFirst National Bank, Hempstead, N. Y.
Bank of New York, N.B. A., New York City.
paring the April exhibit by Federal Reserve
Liberty National Bank, New York City.
districts, it is seen that defaults were fewer in
Chase National Bank, New York City."
number than in April of 1918 in all of the 12
Tarrytown National Bank, Tarrytown, N. Y.
districts, excepting the eighth district, where a
DISTRICT NO. 3.
small increase appears. In most instances the
reductions are of considerable size, while only Trustee, executor, administrator, registrar of stocks and
in the fifth and sixth districts are larger liabili- bonds, guardian of estates, assignee, receiver, and committee of estates of lunatics:
ties shown.
Failures during April.
Number.

Liabilities.

Districts.
1919
First
Second
Third
Fo'i r th
Fifth
Sixth
Seventh
^iffhth
Ninth
Tenth
Eleventh
Twelfth
Total




1918

1919

1918

63
107
28
41
27
29
61
44
23
20
24
76

136
172
29
87
54
44
129
39
43
49
32
91

S707,783
4,365,253
333,089
653,738
660,750
475,441
1,248,110
447,162
142,857
104,545
226,206
2,085,528

81,405,975
4,610,726
535,628
1,460,787
368,829
271,667
1,597,477
447,362
268,785
392,835
251,858
2,659,920

543

905

11,450,462

14,271,849

County National Bank, Clearfield, Pa.
Keystone National Bank, Manheim, Pa.
National Bank of Oxford, Oxford, Pa.
Ninth National Bank, Philadelphia, Pa.
DISTRICT NO. 4.

Trustee, and registrar of stocks and bonds:
Atlas National Bank, Cincinnati, Ohio.
First National Bank, Zanesville, Ohio.
First National Bank, Bucyrus, Ohio.
Trustee, executor, administrator, registrar of stocks and
bonds, guardian of estates, assignee, receiver, and committee of estates of lunatics:
First National Bank, New Castle, Pa.
First National Bank, Washington, Pa.
Executor, administrator, registrar of stocks and bonds,
guardian of estates, assignee, receiver, and committee of
estates of lunatics:
Second National Bank, Titus ville, Pa.

564

FEDERAL RESERVE BULLETIN.

JUNE

Guardian of estates, assignee, receiver, and committee of
estates of lunatics:
Bedford National Bank, Bedford, Ind.
Guardian of estates, assignee, receiver, and committee of
Trustee, executor, administrator, guardian of estates,
estates of lunatics:
assignee, receiver, and committee of estates of lunatics:
Merchants-Mechanics-First National Bank, BaltiAnderson National Bank, Lawrenceburg, Ky.
more, Md.
Parkeraburg National Bank, Parkersburg, W. Va.
DISTRICT NO. 9.
Edisto National Bank, Orangeburg, S. G.
Trustee, executor, administrator, registrar of stocks and
bonds, guardian of estates, assignee, receiver, and com- Trustee, executor, administrator, registrar of stocks and
bonds, guardian of estates, assignee, receiver,, and committee of estates of lunatics:
mittee of estates of lunatics:
National Loan & Exchange Bank. Columbia, S. C.
Farmers National Bank, Waseca, Minn.
Second National Bank, Cumberland, Md.
First National Bank, Watertown, S. Dak.
First National Bank, Richmond, Va.
Registrar of stocks and bonds, guardian of estates, assignee, Trustee, executor, administrator, guardian of estates,
assignee, receiver, and committee of estates of lunatics:
receiver, and committee of estates of lunatics:
National Farmers Bank, Owatonna, Minn.
Peoples National Bank, Charlottesville, Va.
DISTRICT NO. 5.

DISTRICT No.

6.

DISTRICT NO. 10.

Guardian of estates, assignee, receiver, and committee of Trustee, executor, administrator, guardian of estate?:
First National Bank, Coffeyville, Kans.
estates of lunatics:
Trustee, executor, administrator, and registrar of stocks
First National Bank, Florence, Ala.
and bonds:
City National Bank, Selma, Ala.
First National Bank, Omaha, Nebr.
Trustee, executor, administrator, registrar of stocks and Guardian of estates, assignee, receiver, and committee of
bonds, guardian of estates, assignee, receiver, and comestates of lunatics:
mittee of estates of lunatics:
Greeley National Bank, Greeley, Colo.
Winder National Bank, Winder, Ga.
New England National Bank, Kansas City, Mo.
San Miguel National Bank, Las Vegas, N. Mex.
DISTRICT NO. 7.
First National Bank, Colorado Springs, Colo.
Trustee, executor, administrator, registrar of stocks and
bonds, guardian of estates, assignee, receiver, and comTrustee, executor, administrator, registrar of stocks and
mittee of estates of lunatics:
bonds, guardian of estates, assignee, receiver, and comNational Bank of Commerce, Pittsburg, Kans.
mittee of estates of lunatics:
First National Bank, Santa Fe, N. Mex.
Canton National Bank, Canton, 111.
First National Bank, Shoshoni, Wyo.
Central National Bank, Peoria, 111.
Lawrence National Bank, Lawrence, Kans.
First National Bank, Greenfield, Iowa.
Security National Bank, Oklahoma City, Okla.
National Bank of Commerce, Detroit, Mich.
Liberty National Bank, Oklahoma City, Okla.
First National Bank, Muscatine, Iowa.
Poudre Valley National Bank, Fort Collins, Colo.
Trustee, executor, administrator, registrar of stocks and
bonds, guardian of estates, assignee, and receiver:
DISTRICT NO. 11.
Fletcher American National Bank, Indianapolis, Ind.
Trustee, executor, administrator, and registrar of stocks
Trustee, executor, administrator, registrar of stocks and
and bonds:
bonds, guardian of estates, assignee, receiver, and comFirst National Bank, Hammond, Ind.
mittee of estates of lunatics:
Trustee, executor, and administrator:
First National Bank, Wichita Falls, Tex.
First National Bank, Milford, Iowa.
Guardian of estates, assignee, receiver, and committee of
estates of lunatics:
DISTRICT NO. 12.
First National Bank, Richmond, Ind.
Howard National Bank, Kokomo, Ind.
Trustee, executor, administrator, registrar of stocks and
bonds, guardian of estates, assignee, receiver, and committee of estates of lunatics:
DISTRICT NO. 8.
Baker-Boyer National Bank, Walla Walla, Wash.
Assignee and receiver:
Trustee, executor, administrator, registrar of stocks and
Seattle National Bank, Seattle, Wash.
bonds, guardian of estates, assignee, receiver, and com- Trustee, executor, administrator, registrar of stocks and
mittee of estates of lunatics:
bonds, and guardian of estates:
People's American National Bank, Princeton, Ind.
First National Bank of Idaho, Boise, Idaho.
Seymour National Bank, Seymour, Ind.
First National Bank, Bellingham, Wash.
First National Bank, Harrodsburg, Ky.
Trustee, executor, administrator, registrar of stocks and
Citizens National Bank, Kirksville, Mo.
bonds^ guardian of estates, assignee, and receiver:
Merchants National Bank, Fort Smith, Ark.
National Bank of D. 0. Mills & Co., Sacramento. Calif.




JDSE 1,1919.

FEDERAL RESEBVE BULLETIN.

565

RULINGS OF THE FEDERAL RESERVE BOARD.
Below are published rulings made by the tract under which the operations are being
Federal Reserve Board which are believed to conducted.
be of interest to Federal Reserve Banks and
If the drawer of the draft has sold "goods"
member banks.
to the drawee, the drawee may properly accept,
and the draft thus accepted would constitute a
Trade acceptances covering building operations.
The Federal Reserve Board has received trade acceptance if otherwise in conformity
many inquiries with reference to the right of the with the Board's regulations, but it should be
various parties concerned in building contracts noted that labor in itself is not considered
to draw trade acceptances against each other "goods" within the meaning of these regulafor the purpose of financing the different steps tions. The Board has ruled, however, that a
draft drawn to cover the purchase price of
in the process of building.
goods sold, plus the cost of installing those
The Board finds it difficult, if not impossible,
to answer any general hypothetical question goods, may be eligible for acceptance as a trade
with reference to this subject because of the acceptance. (See FEDERAL RESERVE BULLEfact that the elements necessary to determine TIN of April, 1918, p. 310.) At this time, howthe eligibility of trade acceptances depend ever, the Board is not inclined to extend the
largely not only upon the general nature of the scope of its definition of the word "goods" to
business which they finance, but upon the include labor alone.
It should be understood, of course, that
technical terms of the contract covering the
particular transaction out of which they grow. nothing in this ruling should be construed to
There does not seem to be any doubt that a imply that a note or bill of exchange, the prodraft drawn by a manufacturer or material ceeds of which have been used or are to be
man upon a builder to cover the cost of used for the payment of wages or for services
materials sold to the builder is eligible for rendered, is not eligible for rediscount. It is
rediscount as a trade acceptance when ac- merely intended to indicate that in order to
cepted by the builder, for that comes clearly constitute a certain preferred class of eligible
within the terms of the Board's definition bills of exchange specifically designated as trade
of such an instrument. It is equally clear, acceptances, the transactions out of which the
however, that if the nature of the contract acceptances grow must be ones involving the
under which the building operations are being sale of "goods" within the meaning of the
conducted is such that the contractor, for Board's regulations.
This ruling is issued with the understanding
instance, does not get title either to the
materials furnished or to the building as it is that trade acceptances should not be used so as
being erected, he can not properly make a to extend the usual and customary terms of
trade acceptance of a draft drawn upon him by credit.
the subcontractor or builder, it being apparent
that he has not been the purchaser of goods sold Sight drafts accepted payable at a future date.
A sight draft which is accepted by the
within the meaning of the Board's regulations.
drawee, payable at a future date, is a qualified
Building contracts vary so greatly in different
localities and are always so intricate in their acceptance which the holder may refuse to take,
nature that it is impossible to promulgate any but if such an acceptance is taken by the.holder
general ruling as to the possibility of the use of the drawer and indorsers are released unless
the trade acceptance to finance structural work they have either expressly or impliedly auand other building operations in general. thorized the holder to take a qualified acceptEach case would have to be determined upon ance or unless they subsequently assent thereto.
the facts as ascertained in the light of the con[See opinion of General Counsel in Law Department, p . 560.]




566

FEDERAL RESERVE BULLETIN.

JUXK 1, 101.9.

LAW DEPARTMENT.
The following opinions of General Counsel is concerned. But section 142, quoted above,
"have been authorized for publication by the specifies that if a drawer receives notice of a
qualified acceptance he must within a reasonBoard since the last edition of the BULLETIN:
able time express his dissent to the holder or he
Sight drafts accepted payable at a future date.
will be deemed to have assented thereto. In
A sight draft which is accepted by the drawee, payable other words, the burden is upon the drawer to
at a future date, is a qualified acceptance which the holder
dissent within a reasonable time after he remay refuse to take, but if such an acceptance is taken by
the holder, the drawer and indorsers are released unless ceives notice of a qualified acceptance.
In the case under consideration the drawer
they have either expressly or impliedly authorized the
holder to take a qualified acceptance or unless they sub- not only failed to dissent, but may be presumed
sequently assent thereto.
actually to have assented to the qualification
MAY 7, 1919.
when he indorsed the acceptance without obAn opinion has been asked on the question jection. The acceptance, therefore, may propwhether a sight draft which is accepted by the erly be considered eligible for rediscount by
drawee, .payable at a subsequent date, is eligible a Federal Reserve Bank as a negotiable trade
for rediscount as a trade acceptance, provided acceptance, if otherwise in conformity with
that the other requirements of the Board's the regulations of the Federal Reserve Board.
regulations are complied with.
Section 139 of the negotiable instruments
Documentary stamps on promissory notes.
law provides that—
The following letter of the Commissioner of
"An acceptance is either general or qualified.
A general acceptance assents without quali- Internal Revenue relates to stamp tax upon
fication to the order of the drawer. A qualified promissory notes secured by War Finance
acceptance in express terms varies the effect of Corporation bonds or by certificates of indebtedness issued by the Director General of
the bill as drawn/'
Railroads.
And section 141 of that law provides that—
MAY 28, 1919.
SIR: Answering your letter of May 14,
"An acceptance is qualified, which is: that promissory notes given by one bank you are advised
to another bank
* * * 4. Qualified as to time."
secured by War Finance Corporation bonds as collateral
are subject to stamp tax under section 1107, subdivision
Section 142 provides that—
(6), Schedule A, revenue act of 1918.
"The holder may refuse to take a qualified You are further advised that a promissory note secured
acceptance, and if he does not obtain an un- by certificates of indebtedness issued by the Director
is not
tax. under
qualified acceptance, he may treat the bill as General of Railroadsprovidedsubject to stamp certificates
said subdivision (6),
the par value
dishonored b}~ nonacceptance. Where a quali- of indebtedness is not less than the amount of such note.
of
fied acceptance is taken, the drawer ancl inRespectfully,
(Signed)
DANIEL G. ROPER,
dorsers are discharged from liability on the bill,
Commissioner.
unless they have expressly or impliedly authorized the holder to take a qualified acceptance,
Amendments to State Banking Laws,
or subsequently assent thereto. When the
drawer or an indorser receives notice of a qualiThe following recent enactments of various
fied acceptance, he must, within a reasonable
time, express his dissent to the holder, or he State legislatures which amend the State bankwill be deemed to have assented thereto."
ing laws are published for the information of
From the provisions of these sections it the Federal Reserve Banks and member banks.
appears that a sight draft accepted payable at a
COLORADO.
subsequent date is a qualified acceptance because
The
Colorado recently
of the fact that the order of the drawer was not enactedGeneral Assembly of No. 501, approved
an act (House bill
accepted by the drawee in precisely the same April 4, 1919) which authorizes State"banks
terms as drawn, in so far as the date of payment and trust companies to become members of the




FEDERAL RESERVE BULLETIN".

Federal Eeserve system and provides that those
becoming members shall not be limited in
borrowing or rediscounting with the Federal
Reserve Bank. The act reads as follows:
TTON"1."The words "Federal Reserve Act" herein
used shall be held to mean and to include the act of
Congress of the United States approved December 23,1.913,
as heretofore and hereafter amended.
The words "Federal Reserve Board" shall be held to
mean the Federal Reserve "Board created and described in
the Federal Reserve Act.
The words "Federal Reserve Bank" shall be held to
mean the Federal Reserve Banks created and organized
under authority of the Federal Reserve Act.
The words "member bank" shall be held to mean any
national bank, State bank, or banking and trust company
which has become or which becomes a member of one of
the Federal Reserve Banks created by the Federal Reserve
Act.
SEC. 2. That any bank or trust company incorporated
under the laws of this State shall have the power "to subscribe to the capital stock and become a member of a
Federal Reserve Bank.
SEC. 6. Any bank or trust company incorporated under
the laws of this State which is or which becomes a member
of the Federal Reserve Bank shall not be limited in its
borrowing or rediscounting with the Federal Reserve Bank
of which it is a member.
SEC. 7. All acts and parts of acts inconsistent herewith
are herebv repealed.
IOWA,

567

created and organized under an act of Congress of the
United States, approved December 23, 1913, and known
as the Federal Reserve -Vet, and shall have power to
assume such liabilities and to exorcise such powers as a
member of such Federal Reserve Bank as are prescribed
by the provisions of said act, or amendments thereto; and,
so long as such bank shall remain a member of the Federal
Reserve system created by said act of Congress, it shall be
subject to examination by the legally constituted authorities, and to all provisions of said Federal Reserve Act and
regulations made pursuant thereto by the Federal Reserve
Board which are applicable to such banks as members of
the Federal Reserve system; and the State authorities
may, in their discretion, accept examination and audits
made under the provisions of the Federal Reserve Act in
lieu of examinations required of banks organized under the
laws of this State. Any bank complying with the reserve
requirements of the Federal Reserve Act, and its amendments, shall be relieved from compliance with the provisions of the laws of this State relating to the maintenance
of reserves.

The Nebraska Legislature, by an act approved April 7, 1919 (Senate File No. 59), also
amended section 303, revised statutes of
Nebraska for 1913, as amended by section 1,
chapter 13, Session Laws of Nebraska for 1915,
by changing the limitation on the aggregate
amount of loans and investments permitted of
a State bank from ten to fifteen times the
amount of the bank's capital and surplus, and
The General f Assembly of Iowa recently added a proviso reading as follows:
passed an act (Senate File" No. 261) authorizing Provided, lwwcver], That any State bank becoming a
the Federal Reserve system
the
State banks which join the Federal Reserve member of as to rediscounts and bills may have withsame
privileges
payable
the
system to carry only such reserves as are re- Federal Reserve Banks and may incur liabilities to such
quired of national bank members. This act banks to the same extent as national banks.
has been signed by the governor, and will
NEW HAMPSHIRE,
become effective July 4, 1919. It reads, in
part, as follows:
The Legislature of New Hampshire passed an
SECTION 1. That any State bank, savings bank, or trust act to clarify the law relating to the trust powcompany incorporated under the laws of this State, which ers of national banks and" trust companies.
is or hereafter may become a member of the Federal This act, which was approved March 28, 1919,
Reserve Bank system of the United States of America,
shall be required to carry during the period of such mem- reads as follows:
bership only such cash reserve funds as may be required
SECTION 1. Hereafter any trust company, loan and trust
from time to time to bo maintained by national bank company, loan and banking company, and all other cormembers of said Federal Reserve Bank system.
porations of similar character, incorporated under the laws
of this State, and any national bank'being duly authorized
and located within the State, may be appointed trustee
NEBRASKA.
in any case where an individual can be appointed, upon
Section 1, chapter 175, of the Session Laws the same conditions and subject to the same control, requirements, and penalties; but no corporation shall be apof Nebraska for 1915, which authorizes State pointed in any other fiduciary capacity. Every corporabanks to become members of the Federal Re- tion when appointed by any court in such capacity shall
serve system, was amended by an act approved give bond of an indemnity company licensed by the inMarch 17, 1919 (Senate File'No. 58), so as to surance commissioner to do business in this State. The
exercise
relieve from the reserve requirements of the specified of the powers granted herein is limited to the
corporations located in this State.
State law all State banks which join the SEC. 2. Any trust company or national bank exercising
Federal Reserve system and comply with the any of the powers enumerated herein shall segregate all
reserve requirements of the Federal Reserve assets hold in a fiduciary capacity from the other assets of
company
such
Act. As so amended, the section reads as said trustbusiness as or'national* bank, conductingknown
fiduciary
a separate department, to be
follows:
as its trust department. "It shall keep a separate set of
SECTION 1. That any bank incorporated under the laws books and records showing in detail all transactions enof this State shall have power to subscribe to the capital gaged in under the authority of this act. in such form as
stock and become a member of a Federal Reserve Bank the bank commissioners approve.




568

FEDERAL RESERVE BULLETIN.

JUNE 1? 1919.

General Laws of Oregon for 1915) and section 25
! of chapter 197, General Laws of Oregon for 1917,
j which relate to the reserves required to be main! tained by State banks and trust companies, re| spectively, so as to make them inapplicable; to
j State banks and trust companies which are mem| bers of the Federal Reserve system and comply
| with the reserve requirements thereof. A proj vision that such institutions might maintain
A new banking code was enacted by the j on deposit with the Federal Reserve Bank such
Legislature of Ohio, and was approved by part of their total reserves as is required by the
the governor on April 11, 1919. It will be- Federal Reserve Act was stricken from each of
come effective July 1, 1919, Sections 4 and 5 j these sections, and the following was inserted
thereof contain the substance of all the pro- ! in lieu thereof:
visions of the act recommended by the Federal
The
pertaining to the
Reserve Board to bring about greater coordina- reserveforegoing provisions of this section, State bank which
requirements, shall not apply a
tion in the powers of State and national banks j is a member of the Federal Reservetobanking system and
and to promote uniformity in State and Fed- I duly complies with all of the reserve and other requireeral banking laws, except that the State au- i ments of that system.
thorities are not authorized to accept examina- I By chapter 7 of the General Laws of Oregon
tions made by Federal authorities in lieu of j for 1919, approved January 29, 1919, the folthose required by State law. Sections 4 and 5 i lowing proviso was inserted in section 4581 of
read as follows:
Lord's Oregon Laws, as amended by'section 22,
SEC. 710-4. Wherever the term "Federal Reserve Act" chapter 171, General Laws of Oregon for 1911:
SEC. 3. It, shall be unlawful for any trust^company or
national bank to lend to any of its officers, directors or
employees any of its funds held in trust.
SEC* 4. Any violation of the provisions of this act shall
be punished by a fine not exceeding $1,000 or by imprisonment for not more than one year, or both.
SEC. 5. This act shall take effect upon its passage, and all
acts and parts of acts inconsistent with this act are hereby
repealed.
OHIO.

is used in this act the same shall be held to mean the act
Provided, That the superintendent of banks may furnish
of the Sixty-third Congress of the United States, entitled
"An act to provide for the establishment of Federal Re- to the Federal Reserve Bank and its examiners, copies of
serve Banks, to furnish an elastic currency, to afford means | all reports and information pertaining to the condition of
of rediscounting commercial paper, to establish a more I State bank members of the Federal Reserve system.
effective supervision of banking in the United States, and | Section 4576 of Lord's Oregon Laws, as
for other purposes," approved by the President of the
United States on December 23, 1913, and subsequent | amended by section 8 of chapter 285, General
I Laws of Oregon for 1915, was amended by
amendments thereto; * * *.
SEC. 710-5. Every bank, in addition to the powers, j chapter 250 of the General Laws of Oregon for
rights, and privileges possessed by it under the laws of I 1919 so as to authorize State banks which are
Ohio shall have the right and power to become a member
bank under the Federal Reserve Act upon the terms and I members of the Federal Reserve system and
conditions set forth in said Federal Reserve Act, or here- have capital and surplus of $1,000,000 or more
after provided by law. Every bank which becomes a to invest in the stock of corporations engaged
member bank shall have the right and power to do every- I in foreign banking. The following proviso was
thing required of or granted by said Federal Reserve Act
to member banks which are organized under State laws; added to subsection d of section 4576:
and compliance by banks with the reserve requirements of
Provided, further, That any State bank possessing a capsaid Federal Reserve Act, shall be accepted m lieu of the ital and surplus of one million dollars ($1,000,000) or more
reserve requirements provided by the laws of Ohio. Any and which is a member of the Federal Reserve system, may
such bank or trust company shall continue to be subject file application with the State Banking Board "for permisto the supervision and examinations required by the laws sion to invest, upon such conditions and under such reguof this State, except that the Federal Reserve Board shall lations as may be prescribed by the said board, an amount
have the right, if it deems necessary, to make examina- not exceeding in the aggregate 10 per centum of its paid
tions; and the authorities of this State having supervision in capital stock and surplus in the stock of one or more
over such bank or trust company may disclose to the banks or corporations chartered or incorporated under the
Federal Reserve Board, or to examiners duly appointed laws of the United States or of any State thereof, and prinby it, all information in reference to the affairs of any bank cipally engaged in international or foreign banking, or
or trust company which has become, or desires to become, banking in a dependency or insular possession of the
a member of a Federal Reserve Bank. Nothing contained United States, either directly or through the agency,
in this section shall in any way or manner affect or have ownership, or control of local institutions in foreign counreference to banks which do not become member banks tries or in such dependencies or insular possessions.
under said Federal Reserve Act except as provided in this
Such application shall specify the name and capital of
act.
the banking association filing it, the powers applied for,
OREGON.
and the place or places where the banking operations proposed are to be carried on.
By two acts approved January 29 and March The State banking board shall have power to approve
4, 1919, respectively (General Laws of Oregon or to reject such application in whole or in part if for any
of
for 1919, chaps. 8 and 411), the Oregon Legis- reason the grantingalso such application is deemed inexpedient,
shall
have power from time to time to
lature amended section 4579 of Lord's Oregon increase anddecrease the number of places where such
or
Laws (as amended by section 9 of chapter 285, banking operations may be carried on.




JUNE 1, 1919.

569

EEDEBAL. RESERVE BULLETIN.

GOLD SETTLEMENT FUND.
Clearing and transfer operations through the
gold settlement fund for the 13 weeks ending
May 22 totaled $15,463,135,000, averaging
$1,189,472,000 per week, as against an average
of $1,177,324,000 for the 13 weeks immediately
preceding. Operations through the fund were
heaviest for the week ending May 22, when the
banks made their first payment on account of
the Victory notes, and for the week ending
March 20, when income and excess war profit
taxes were due. The New York bank reports
a loss for the period of $798,018,000 through
settlements and a gain of $925,859,000 through
transfers. As the result of these operations the
bank's balance in the fund shows a net gain of
$127,841,000. Increased credit balances in the
fund are shown also by the Richmond, Chicago,
and Kansas City banks.

Net deposits of gold in the banks' fund, i. e.,
total gold deposits less gold withdrawals, were
$254,538,000, of. which/however, §143,920,000
net was transferred to the agents' fund, so that
the net gain in the banks' fund for the period
amounts" to $110,818,000. During the same
period the agents- fund shows a loss of $47,350,000. On May 22 the two funds comprised
$1,410,727,000, compared with $1,347,459,000
on February 20. f)f the larger total the
amount standing to the credit of the banks was
8568,620,000 and the amount standing to the
credit of the agents was 8842,107,000.
Below are given figures showing operations
of the two funds for the period from February
21 to May 22, inclusive:

Changes in ownership of gold.
[In thousands of dollars, i. e., 000 ommitted.]
Total to Feb. 20,1919.

Federal Reserve Bank.
Decrease.

Boston
New York
Philadelphia..
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis...
Kansas City...
Dallas.....*
San Francisco..

Increase.

13,579

Balance to
credit
Fob. 20,
plus net
deposits of
gold since
that date.

Balance
May 22,
1919.

30,376
134,303
20,748
51,145
206,264
73.617
38^ 719
53,879
27,2S9
93,587

49,393
42,547
55,155
45,855
35,322
26,864
138,719
28,945
37,380
50,330
11,918
46,192

37,915
170,38S
40.106
55; 446
27.845
13,466
107,784
22,180
15,002
44,604
1, 98!)
25,835

'43,506

568,620

568,620

743,506

Total.

Total

From Feb. 21,1919, to May 22,1919, both
inclusive.

Decrease.

Increase.

11,478 !
!
15,049 |.
7,477
23,398
30,935
6.765
22,318
5^726
3,029
20,357

!

.
!
i
j
...

changes

Decrease

i
1-27.Sll i
!
'
9.591

•

137,432 j

137.432 j

i

:

Increase.

2,101
615,665
15,327
143,894
13,271
37,7-17
175,329
66.852

i
i
1
!
!
:
!

!

from

May 20,1915, to Mar
22,1919.

16', 401
48,153
23,360
73,230
615,665 j

615,065

Amounts of Clearings and Transfers through the gold settlement fund, by Federal Reserve Bvnhs, from Feb. 21, 1919, to May
22, 1919, both inclusive.
[In thousands of dollars; i. e., 000 omitted.]
Total
clearings.

Settlement o—
f
Feb. 21-27
Feb.28-Mar. 6
Mar. 7-13
Mar. 14-20
Mar. 21-27
Mar. 28-Apr.3
Apr. 4-10
Apr. 11-17
Apr. 18-24
Apr. 25-Mayl
May 2-8




!
1
I
'.

j
!

896,434
1,013,443
976,960
1,114,020
1,102,340
1,086,410
1,026,768
1,083,304
1,014,720
1,050,755
1,042,949

Settlement of—
79, 672 May 9-15...
92, 500 i May 16-22..
150, 000 l
i
216, 496 j
i
Total
201, 926 Previously reported for 1919.
214, 007
51, 000
Total since Jan. 1, 1919
150, 500 I1
103, 967 :i Total for 1918.
140, 014 :i Total for 1917.
131, 180

Total
clearings. Transfers.
1,022,076
1,179,312

13,609,492
7,426,623

112,790
209,591
1,853,643
913,585

! 21,036,115 i 2,767,228
45,439,487 4,812,105
24,319,200 2,835,504

570

FEDERAL RESERVE BULLETIN.

JUNE 1,1919.

Clearings and transfers combined.
Total
Total
Total
Total

for
for
for
for

1919, to date
1918
1917
1916

Total for 1915

S23,803,343
50,251,592
27,154,704
5,533,966

$1,052,649

Total clearing's and transfers from May 20, 1915, to
May 22,1919
107,796,254

Gold settlement fund, Summon/ of transactions from Feb. 21, 1919, to May 22, 1919, both inclusive.
[In thousands of dollars: i. o., 000 omitted.]

i
Federal Reserve
Bank of—

Aggre-

to
agent's
fund.

1919.

Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco

Total.

42,
41,
56,
19
19,
103,
26,
22.
36;
11,
36,

458,002

75 ; 16,794
| 30,000
60,062
16,869
22,134
22,129
i 51,530
4,190 i 20,981
8,542
50
5
8,389
802
4,100
21,947

100
22,050
1,571
""
96

28,939 I 283,477

9,075
30,000
46,100
27,050
6,571
14,596
76,400
40,690
18,050
5
3,302
44,000

Settlements from Feb. 21 to May 22,
1919, both inclusive.

Transfers.

Aggre-

gate
gate
Balance
withlast
Gold drawals deposits
Gold
and
statedeand
ment, withtransfers
Feb. 20, drawals. posits. transfers from
agent's
fund.

Debit,

16.794
30,000
60,062
16,869
22,134
22,129
111,530
42,981
32,942
13,389
4,100
53,527

254,187
38,028
32,381
316,000
161,000
22,000
521,788
92,451
174,500
93,541
83, 767
64,000

Total
debits.

Net
debits.

j Credit.

27,077
963,887
254,000
20,000
183,000
4,000
121,140
4,500
45,000
19,926
187,113
24,000

798,018
236,668
29,477

107,275

Total
credits.

1,074,078
4,407,682
1,619,194
998,784
717,118
390,988
1,635,305
1,025,657
285,098
674,915
388,077
392,596

1,289,710
3,609,664
1,382.526
1,304,375
687,641
395,590
2,005,018
1,106,843
392,280
742,804
280,802
412,239

315,839 i 426,457 1,853,643 i 1,853,643 1,171, 438 13,609,492 13,609,492

Balance
in fund
at close
of
business
May 22,
1919.

Net
credits.

19,643

37,915
170,388
40,106
55,446
27,845
13,466
107,784
22,180
15,062
44,604
7,989
25,835

1,171, 438

568,620

215,632
305,591
4,602
369,713
81,186
107,182
67,889

Federal Reserve ag ems' fund—Summary of transactions from Feb. 21, 1919, to May 22, 1919, both inclusive.
[In thousands of dollars; i. e., 000 omitted.]
Balance

Federal Reserve agent at—

i
last
! statement
i Feb. 20,
!
1919.

Gold
withdrawals.

!
Withdraw-1
als for j
transfers j
to bank, j

Gold
deposits.

Deposits

through
transfers
from
bank.

Total
withdrawals.

Total
deposits.

Balance at
close of
business
May 22,
1919.

-i—
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas.....'
San Francisco
Total




:
!
i
I
I
j
I
j
;
•
|
j

40,000
70,000
56,889
95,000
48,000
36,270
290,944
66,431
39,000 .
44,360 I
4,684 !
97,879 j

27,000 !
10,000 I
40,000 I

I

889,457 j

224,270 !

1,500
27,000
15,770
45,000
20,500
7,000
10,000
6,500
14,000

|

I
|
I
I

30,000

9,000
30,000
46,000
5,000
5,000
14,500
76.400
36; 500
18,000

1,500 i
i
i
i
j
!
I
1,500 !
1

3.1,580

2,500
44,000

27,000
10,000
40,000
1,500
27,000
15,770
105,000
42,500
31,400
15,000
6,500
45,580

33,000 I

142,980

286,900

367,250

i
i

60,000
22,000
24,400
5,000

39,000
30,000
46,000
6,500
5,000
14,500
76,400
36,500
18,000
4,000
44,000

52,000
90,000
62,889
100,000
26,000
35,000
262,344
60,431
25,600
29,360
2,184
96,299

319,900

842,107

1, 1919.

571

FEDERAL RESERVE BULLETIN.

BANK TRANSACTIONS DURING APRIL-MAY.
Debits to individual account reported by
clearing-house banks in 154 leading cities for
the four weeks ending May 21, averaged
8,239 millions, a figure decidedly in excess
of the average of 7,392.8 millions for the preceding five weeks. Each of the four weeks
under review witnessed an increase in bank
debits to individual account, the aggregate for
the week ending May 21 being over 9 billions,
an amount only once exceeded since the beginning of the service in August, 1918. The
launching and consummation of the Victory

loan drive, large withdrawals of Government
deposits in connection with loans to the
Allies, and heavy trading on the New York
Stock Exchange may be mentioned among
the more important factors contributing to
the large volume of bank business during the
period.
Debits to bank account also show increases
during each of the four weeks from April 23
to May 21, the average for the four weeks,.
4,839.8 millions, being about 167 millions in excess of the average for the preceding five weeks.

Weeklyfiguresof clearing-house bank debits to deposit account.
[In thousands of dollars, i. c , 000 omitted.]
Debits to individual account.

.Debits to banks' and bankers' account.

District.
Apr. 30. |
No. 1—Boston:
Bangor
Boston
Pall River
Hartford
Holyoke
Lowell
New Bedford
New Haven
Providence
Springfield
Yv aterbury
"Worcester
No. 2—New York:
Albany
Binghamton
Buffalo
New York
Passaic
Rochester
Syracuse
No. 3—Philadelphia:
Altoona
Chester
Harrisburg
Johnstown
Lancaster
Philadelphia
Reading
Scranton
Trenton
"Wilkes-Barre
Williamsport
Wilmington
York
No. 4—Cleveland:
Akron
Cincinnati
Cleveland
Columbus
Dayton
Erie
Grcensburg, Pa
Lexington'.
Oil City
Pittsburgh
Springfield
Toledo
Wheeling
Yt




2.294
221,380
6,740
18,792
2,646
4,365
6,255
15,007
29,511
12,738
5,588
12,017

May 7.

| May 14.

3,156 !
245,267 !
8,676 *
22,906 i
2,757 I
4,774 ,
6,286
16,186
27,284! I
13,359
5,857
12,957

3,354
245,172
8,689
20,799
2,026
4,072
6,492
16,579
33,517
13,614
6,714
15,753

! May 21.

I
!
!
I
!
j
j
I
!
j
i

22,336
3,392
55,526
4,668,252
3,627
24,718
11,913

Apr. 30.

May 21.

M a y 14.

3,501
293,825
8,302
23,058
3,376
5,011
7,783
16,518
34,813
15,979
6,390
19,194

315
167,625
297
1,839
691
393
820
854
1,674
291
538
1,193

330
188,425
573
1,656
666
1,196
200
594
1,406
442 1
568
1,238

31,357
3,522
60,817
4,992,589
4,125
30,040
11,181

15,814

10,901

11,784
1,513,821
293
462
515

8,869
1,671,583
419
538
598

.
i
j
!
!

24
6
188
42
•8,547

32
5
156
62
328,180

!
i
I
I

2
12
160
195
337,842

1,830
173
76

1,932
309
79
1,070

33.
3
631
30
344,675
1
2,158
1,847
125
854

22,888
3,232
56,783
4,130,527
3,255
23,451
12;651

27,679
3,308
57,300
4,075,444
3,644
27,449
14,292

2,539
4,091
4,500
3,212
4,325
275,981
3,520
12,276
9,058
6,952
3,112
9,164
3,355

3,104
4,285
4,370
3,404
4,573
298,083
4,047
10,339
9,073
6,901
4,133
9,907
3,744

2,980
4,393
4,527
3,206
5,059
296,010
4,859
12,384
9,790
6,611
3,860
8,555 !
3,299 i

2,855
4,813
4,386
3,714
5,260
301,608
4,372
11,854
10,603
6,418
3,356
11,110
4,088

18,056
51,968
139.576
24' 268
11,117
5,869
2,176
4,913
3,063
143,648
2,671
27,430
7,674
12,400

20,427
49,745
129,950 !
24,694 I
10,814
6,252
2,575
4,930
3,028
150,524
2; 941
26,572
7,994
12,424

21,616
59,204
141,096
26,513
14,088
6,899
2,750
5,020
3,940
172,256
2,752
30,077
8,465
13,021

17,400
45,379
126,974
20,736
10,192
5,960
2; 110
4,410
2,390
171,517
3,041
23,314
7,381 '
12,820

M a y 7.

731

I
j
j
!
I
;
i
I
i
i
I

323
36,297
94,022
4,848
64.7
57
2,107
2,210
277,458
1,923
8,118
5,84.0
218

641
217,238
566
1,927
914
1,243
399
596
7,932
432
755
1,78a

11,612

14,766

11,024
1,601,231
327
521
602

12,106
1,803,586
413
718
853

1,910
171
95
1,231

1,137 j
•

166 I
39,615
108,400 I
5;167 i
731 I
73: !
3,110
2,557
286,098
1,986
9.715
5,510
963

396
163,566
419
1,955
99
442
166
515
1,644
224
660 !
1,308 |

i
!

!
!
;
!
1

694 ,
95
37,765
89,212
5,057
513
77

1,683-

I
i
!
I
j
!

85
46,230
122,199
5,415
674
51

2,900 j
2,753
270,893 1
2,112 i
8,917 !
5,992 I
810 1

2,654
2,663
345,303
1,927
10,076
6,474
1,018

572

FEDERAL, RESERVE BULLETIN.

JUNE 1,1919.

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

Debits to individual account.
district.
j Apr. 30.
No. 5.—Richmond:
Baltimore
Charleston
Charlotte
Columbia
Norfolk
Raleigh
Richmond
No. 6.—Atlanta:
Atlanta
Augusta
Birmingham
Ch-attanooga
Jacksonville
Knoxville
Macon..
Mobile
Montgomery
Nashville
New Orleans
Pensacola
Savannah
Tampa
Vicksburg
No. 7.—Chicago:
Bay City
Bloomington
Cedar Rapids
Chicago
Davenport
D ecatur
Des Moines
Detroit
Dubuque
Flint
Fort Wayne
Grand Rapids
Indianapolis
Jackson
Kalamazoo
Lansing
Milwaukee
Peoria
Rockford
Sioux City
South Bend
Spriiigfi eld
Waterloo, Iowa
No. 8.—St. Louis:
Evansviiie
Little Rock
Louisville
Momuhis
St. Louis
No. 9.—Minneapolis:
Aberdeen
Billings
D ulut h
Fargo
Grand Forks
Great Falls
Helena
Minneapolis
St.raul
Superior
Wihona
No. 10.—Kansas City:
Atchison '.
Bartlesvillc, Okla
Coloraclo Springs
Denver...'
Joplin
Kansas City, Kans
Kansas City, Mo
Muskogee, f:kla
Oklahoma City
Omaha
Pueblo
St. Joseph
Topeka
Tul sa
Wichita




May 7.

May 14.

May 21.

Apr. 30.

May 7.

May 14.

May 21.

69,595
6,995
5,500
5,283
16,792
7,800
20,665

!
|
!

78,666
7,857
5,600
6,627
18,477
3,600
20,732

82,195
8,417
5,900
6,811
21,110
3,300
29,635

35,982
2,440
7,600
4,540
19,714
8,600
49,377

34,643
3,984
8,400
4,452
24,479
2,700
48,170

36,053
2,018
9,300
9,648
21,514
2,700
51,104

23.907
6| 276
10,031
7,205
10,111
4,966
5,654
6,129
4,066
18,743
55,861
1,919
11,099
4,160
1,718

|
j
j
\
I
j
:

81,709
9,352
5,400
6,508
21,852
4,100
21,281 |
24,333
6,910
14,037
10,029
11,781
5,791
6,382
6,595
4,901
20,701

23,798
6,503
12,545
9,029
11,134
5,333
6,481
6,870
4,274
22,323
55,411
2,465
11,751
5,387
1,804

27,274
6,629
12,846
12,388
11,487
5,892
5,977
7,318

23,778
2,329
5,662
3,765
7,917
1,782
9,858
804
1,010
15,870
30,979
785

25,792
5,434
4,278
4.299

3,241
103

25,939
4,985
4,563
4,989
9,525
1,312
11,415
1,049
974
18,658
33,192
864
9,159
3,720
147

388 '
626
8,546
595,082
2,693
586
36,848
46,352
1,260
22
2,767
4,274
27,206
83
511
122
33,875
1,774
192
15,442
1,905
1,046
1,480

450
846
10,122
634,625
2,124
3.051
32/746
55,274
1,912
26
2,187
5,466
29,078
559
578
3,391
32,202
2.338
195
15,424
2,214
2,495
1,321

2,817
7,013
33,683
23,325
124,683

1,724
6,383
44,367
27,069
139,394

2,149
12,483
5,710
1,733

4,390

23,751
68,505
1,984
13,378
4,685
1,752

9; 7 0 0 '••

129 I

2,600
2,636
6,994
640,575
8,052
4,138
17,891 I
100,875
2,244 I
9,379 !
5,677
14,395
24,941
3,686
3,427
5,126
58,072
12,205
5,240
12,181
3,854
5,So<) i
3,763 j

2,456
2,762
5,636
574,933
5,889
3,391
18,760
111,422
2,329
3,522
4,837
17,030
31,311
3,557
3,107
4,345
52,262
13,020
4,304
17,035
2,918
2,526
3,391

2,340
2,454
4,969
644,653
7,988
3,322
17,416
135,082
2,402
9,379
6,124
14,704
33,570
4,142
3,329
4,817
57,400
12,087
4,555
15,595
3,417
5,797
3,489

397
1,105
10,510
555,9S7
2,100
645
35,299
46,794
1,351
36
1,931
2,118
23,060
77
474
198
28,985
2,084
292
13,429
2,091
2,723
1,504

514
986
8,127
623,277
2,500
679
37,792
49.424
1,437
26
2,140
4,673
20,940
89
402
220
35,317
2,199
158
21,065
2,184
2,067
1,307

5,711
6,5-12 ,
32,195 I
21,640
123,950

5,285 !
8,902 I
33,575 '
27,089
122,549

4,746
7,953
35,353
26,314
120,255

5,453
7,416
40,823
27,954
151,045

1,704
4,274
34,324
25,741
117,926

1,960 '
5,952 !
39,434j •
21.425
130,986 |

1,270
2,166
28,728
1,867
1,218
2,522
1,831
70,177
34,468
1,716 j
903 '

1,823 !
2,464 !
19,693 i
1,392 i
1,814 I
3,336 !
2,522 |
79,013 !
29,919
2,272
1,038 ,

1,926
2,360
22,517
2,614
1,817
2,871
2,561
75,751
35,401
2,048
1,145

1,616
2,331
21,721
3,307
1,631
2,597
2,169
77,637
41,142
2,063
892

973
3,894
1,387
1,093
3,287
3,149
68,603
40,302
196
1,050

948
988
4,010
1,325
1,123
6,616
2,865
76,411
41,858
188
934

1,085
2,601
2,309
30,074
2,605
3,461
87,312
3,224
11,059
46,758
2,827
19,960
4,742
20,209
8,799

1,168 i
2,339 !
2,603 j
35,313 \
2,772 !
3,509 !
105,666 I
2,833 i
13,287 !
55,216
4,637
21,276
4,388:
17,470
11,868 i

1,055
2,890
3,291
34,313
2,964
3,034
88,625
3,116
11,740
59,147
5,192
21,495
4,766
20,621
9,792

1,166
2,841
4,032
35,642
3,214
3,556
95,147
3,124 !
12,587 !

680
450
821
21,100
530
5,654
174,805
2,065
8,864
62,289
875
15,413
1,719
9,041
13,092

590
266
878
23,970
533
5,429
159,707
1,804
9,245
64,646
715
17,055
1,664
8,594
11,819

20,742
5,178 ,
19,928 !
9,864 i

!
I
!
!

1,599 i
11,634
1,141
808
17,337
34,774
887 !
8,067
3,539 !

2,175
3,062
3,345
584,085
6,992
3,424
17,118
103,144
2,342
5,615
5,140
17,630
27,470
3,457
2,974
4,182
45,314
10,793
4,209
15,438
3,174
5,614
3,425

64,965
4,473

45,811
3,110
9,500
11,162
19,960
2,600
57,610

I
i
I
I

I

i
i
!
I
!
!
|
!

1,167 ,
1,306 j
4,757 !
2,367 !
1,049 !
4,714 '
3,331 I
68,936
44,121
180
970

26,575
622
4,768
174,635
2,460
9,590
66,380
847
16,481
1,819
8,594
12,770

:
!
i
!
I
i
I
i
I
!

30,899
6,602
4,781
9,686
9,339
1,762
11,405
943
925
20,366
40,126
1,386
8,191
3,700
141

1,720
975
14,618
2,184
1,403
4,118
3,327
85,591
49,039
1,279
1,093
71
1,424
26,088
474
5,701
189,712
2,343
9,300
69,474
1,028
18,025
6,371
9,790
14,111

573

FEDERAL RESERVE BULLETIN.

JUNE 1,1919.

Weekly figures of clearing-house bank debits to deposit

account—Continued.

[In thousands of dollars, i. c, 000 omitted.]
Debits to banks' and bankers' account.

Debits to individual account.
District-

i
Apr. 30.

No. 11.—Dallas:
Albuquerque
Austin
Beaumont
Dallas
SI Paso
Fort Worth
Galveston
Houston
San Antonio
Shreveport
Texarkana
Tucson
Waco
No. 12.—San Francisco:
Berkeley
Boise
Fresno
Long Beach
Los Angeles
Oakland
Ogden
Pasadena
Portland
Reno
Sacramento
Salt Lake City
San Diego...'.
San Francisco
San Jose
Seattle
Spokane
Stockton
Tacorna
Yakima

!

! May 7.

: May 14.

919 i
2,890 |
4,141 i
30,599 !
7,500 ;
16,009 i
6,032 !
26,612 :
16,400 •
"
5,203 '•
1,333 ;
1,909 !
2,650 ;
1,952 I
2,401 !
5,581 I
3,248 !

67,070 .
11,967 i
4,115 •
3,059 j
37,136j
2,633 !
12,000 !
14,143 =
4,443 !
144,082 i
3,589
37,892 i
8,380 •
3,801 j
9,392 !
2,159 |
1

1,772
4,362
3,616
31,813
7,192
18,359
7,710
30,146

!
i
:
;
i
i

17,854
5,700
1,291
1,787
2,345

:
i
j
•

2,449
2,642
6,108
3,225

'
j
'
i

75,656 !
13,981
4,097 i
3,066 i
46,975 j
2,606 !
12,609! j
14,845
6,515 !
159,257 '
3.8(58 i
37', 542 I
9', 891 '
5,793 ,
10,331 !
2,163 j

~
~
May 21.

1,491
3,863
3,631
29,534
7,447
18,948
5,571 j
26,420 I
1 7,196 j
5,672 !
1,818
1,661 ;
2,750 I
2,216
2,774
6,809
3,527
64,340
13,481
4,002
5,094
41,314
2,368
12,423
15,049
5,309
165,587

1,676
4,507
4,011
33,665
7,639
22,595
6,502
29,395
1
7,170
6,086
1,920
1,728
2,941

:
i
:
i

2,236
2,404
6,835
3,104

.

15,500
4,591
3,501
42,457
2,851
12,597
17,362
4,851
170,654
3,554
46,906
10,144
6,573
11,984
°2,239

;

j
i
i
:
:

3,501 i
47,212; :
11,597
6,090 |
12,314:;
2,170

Apr. 30.

May 7.

3,770 I

3,620
341
1,457
2,044

325 !
1,593 !
1,569 [
509
4,738
2,946
67
43,892
2,900
5,271
108
23,774
2,901
4,000
16,932
2,156
99,112
1,584
22,268
7,185
2,892
6,829
21

May 14.

;

3,900

May 21

1,361
1,638

5,130
535
1,446
2,165

502
5,384
3,365
46 !
44,274
3,202
5.666
' 154
22,595
2,352
5,750
17,225
422
114,539
1,672
23,121
8.152
4; 085
8,031
194

276
6,417
3,426
66
48,881
3,416
G, 346
196
29,413
2,532
5,176
19,314
1,156
135,795
2,129
25,12(5
8' 412
3,278
8,095
249

494

4.46
5,718
2,988
31
44,716
2,763
5,597
269
23,597
2,357
4,824
17,601
376
107,289
1,787
23,700
6,802
2,335
9.097
' 316

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

Recapitulation showing figures for clearing-house centers reporting for each of the four weeks.
[In thousands of dollars, i. e., 0O0 omitted.]
!

Federal Reserve district.

Mo.
No.
No.
No.
No.
No.
No.
No.
No.
No.
No.
No.

1—Boston
2—New York
3—Philadelphia
4—Cleveland
5—Richmond
6—Atlanta
7—Chicago
8—St. Louis
9—Minneapolis
10—Kansas Citv
11—Dallas
12—San Francisco
Grand total




Debits to individual account.

i Number
' of centers
I included. April 30. I May 7.

j May 14. | May 21.

Debits to banks' and bankers' account.
April 30. j

May 7.

j May 14.

May 21.

!

'
i
;
|
|
i
i
I
:
•
\
.1

12
7
13
14
7
15
23
5
11
1 5
13
20

369.465
337,333
4,252,787 :. 4,209;116
365,963
312,085 :
454,829
453,624 .
150,202
132,630 ,
196,617
171,845 ;
953,010
880,152 li
197,400
193,038
145,286
146,866 '
28-1,345
217,025 ;
123,947
112;197 i
424,609
379,023 •

i

154

7,648,605 1 7,874,789 I 8,303,208 I 9,069,507 j 4,473,781 I 4,S35,630 |

437,750 !
376,781
176,530
5,133,631 I 1,542,719
4,789,764
374.437
36o,533
312.508
513;697 i
452,870
434; 068
157,368
141,559
128,253
208,256
185,108
114,569
999,031
890,743
733,190
232,691 !
194,021
183,969
157,106 I
151,011 j
124,903
286,459 !
272,041 !
317,398
129,835 ;
116,002
155,589
439,246 !
427,175 |
250,085

197,294
1,692,908
332.962
464'091
126,828
130,491
817,523
199,757
137,266
306,915
166,986
262,609

171,394
1,625,317
342,312
427,096
132,337
129,418
783,083
191,521
132,898
327,473
174,756
270,731

234,426
1.832,442
'352.040
o44; 769
149,756
150,252
838, 524
21.8,1)37
165,347
354,592
190.175
300;679

4,708,336

5,341,039

574

.FEDERAL RESERVE BULLETIN.

JUNE 1,

1919.

WHOLESALE PRICES.
products, both billets, plates, rails, and strucural steel, bar iron, cast-iron pipe and tin
In continuation of figures shown in the May
BULLETIN there are presented below monthly | plate, wire nails, jute and rope, brick (Cincinindex numbers of wholesale prices for the | nati quotation), window glass, lubricating oil,
period July, 1918, to April, 1919; compared | wood pulp and opium, may be mentioned.
with like figures for April of previous years; j While Hie index number for the group of raw
also for July, 1914, the month immediately materials has increased from 197 to 200, the
preceding the outbreak of the great war. The index number for the mineral products subgeneral index number is that of the United group has again decreased, from 171 to 169, the
States Bureau of Labor Statistics. In addition latter figure being the lowest since December,
there are presented separate numbers for cer- 1917. While copper has increased slightly in
tain particular classes of commodities in ac- price, considerable decreases occurred in the
cordance with plans announced in previous prices of coke and pig iron, together with Lesser
decreases in the prices of iron ore and certain
issues of the BULLETIN.
grades of bituminous coal. The index number
Quotations for three commodities, namely, for the forest products subgroup has also defresh cabbage (Florida white, New York); creased, from 149 to 145, decreases in price
canned corn (NewYork standard); and women's being noted for quartered white oak and North
combed peeler cotton hose, have been omitted. Carolina pine surfaced boards, which were the
On the other hand, quotations for shirtings only two commodities included in the group
(bleached, Fruit of the Loom) and suitings to change in price. On the other hand, the
(worsted, 12 ounce and 16 ounce), which had index numbers for both the farm products and
been dropped temporarily, have been secured animal products subgroups have increased,
for the month of April, and the commodities from 285 to 243 and from 216 to 223, respectwere again included in the calculation of the ively. Among the commodities included in
index numbers for the latter month. Quota- the former group, a considerable decrease in the
tions for flour in Kansas City are now for winter price of Burley tobacco was more than offset by
patents and winter straights, the weight pre- increases in the prices of various grains, in
viously assigned to new Administration stand- particular wheat, corn, oats, barley and rye,
ard flour being divided between the two grades hay and cotton as quoted in New York, the
just mentioned. Index numbers for April are New Orleans quotation for the latter comprovisional, due to the fact that certain data modity showing a slight decrease. The increase
were not received in time to render them avail- in the index number for the animal products
subgroup is due to increases in the prices of
able for use in the calculations.
During April the upward movement of whole- hogs, poultry, hides, wool, and silk, although
sale prices noted in March has continued. The cattle decreased somewhat in price.
general index number of the Bureau of Labor
The index number for the group of conStatistics has increased from 200 to 203, the sumers' goods increased from. 206 to 210.
highest figure attained since December, 1918. Increases vin price occurred principally in the
Considerable diversity is again exhibited by the case of foodstuffs, among which butter and
changes in the index numbers for the several eggs, flour, corn meal, various meats, in pargroups. The index number for the group of ticular bacon, hams, moss pork and poultry,
producers' goods has again decreased, from 190 lard, coffee, potatoes and beans, peanuts)
to 188, the lowest figure at which it has stood bananas, glucose, and illuminating oil, may be
since February, 1918. Among the commod- noted. On the other hand, decreases in price
ities included in the group, increases in price occurred for other foodstuffs, in particular
occurred for cotton and worsted yarns, shingles, milk, apples, oranges, rice and veal, as well as
linseed oil and turpentine, cement, tallow, and for soap and certain textile products, such as
oleo oil. Decreases in price, however, were trouserings, cotton flannel, denims, gingham,
much more numerous, occurring for an ex- hosiery, sheetings, and shirtings, although
tended list of commodities, among which steel print cloths increased in price.




JUNE 1,

575

FEDERAL RESERVE BULLETIN.

1910.

Index numbers of wholesale"pricesin the United States for principal classes of commodities.
[Average price for 1913=100.]
All commodities
Consumers' 'I (Bureau of
Labor Stagoods.
tistics index
number).

Raw materials.
Year and month.
Farm
products.
July, L91-1
April, 1915
April', 1910
April, 1917
April, 3918
Jiilv. 19 L8
August, 1918
September, 1918.
October, 1918
No v ember, 1918..
December, 1918..
January. J'91.9
February. 1.9.1.9...
March, 1919
ADril. 19.19

Forest ; Mineral
products. j products.

Animal.
products.

102
120
114
198
243
237
246
255
210
234
237
232
222
235
243

97
94
97
105
137
140
143
143
143
150
150
1,17
148
149
145

106
95
115
103
193
209
215
21.9
209
208
20&
207
208
21C
223

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

! Produce
Total raw i goods.
materials.
98
99

88
115
189
170
180
180
180
181
183
182
177
173
171
109

m
169
190
396
200
204
198
197
198
195
192
197
200

99
99
111)
171
191
198
202
207
204
200
" 206
202
197
200
203

303
102
114
172
193
202
205
209
210
2U
210
212
201
200
210

137
18 i.
1.80
; 90
199
203
205
205
199
194
191
J90
180

I for certain commodities of a basic character,
j 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.

New Orleans.
Average Rclaprice per '. live

Wheat, No. 2,
rod winter,
Chicago.

lorthern spring,
Minneapolis.
Average I "Relapri.ee per !• tive
bushel. price.

Year and month.
Average
price per
bushel.
July, 1911
April, 1915
April, 1910
April, 1917
April, 1918
Julv, 1918
August, 1918
September, 1918
October, 1918
November, 1918
December, 1918
January, 1919
February, 1919
March, 1919
April, 1919:
JJJSJ|>.MA;J.I.I.L/V.;I. y

JL<

| SO. 7041
7138
•
7525
.1. 3900
1 5S50
i 1 5900
i 1. (.225
j 1 5313
| 1. 3270
i 1. 2075
' 1. 4290
; !. 3750
! 1. 2703
1. •15S8
1 5955

Relative
price.

114
SO.1331
121
. 0947
. 1188
122
. 1950
22(5
. 3350
258
. 2945
258
. 3038
204
.3578
219
.. 3150
210
. 3007
200 !
. 2958
232;
•. 2850
223 !
. 269-1
207
. 2081
237 !
. 2070
259 !

Hogs, light,
Chicago.
Year and month.

July, 1914
April, 1915
Apri 1, .19.10
April, 1917
April, 1918
July, 1918
August, 1918
September, 1918
October, 1918
November, 1918
December, 1918
January, 1919
February, 1919
March, 1919
April, 1919




X>OUIK1. ! price.

Average
price per
100
pounds.

Relative
price.

| S8.7563
7.2813
9.5438
15,2750
i 17.5100
18.0000
! 19. 7750
1 20.0700
< 18.0938
! 17. 7003
i 17.4400
j 17.4125
j 17.40S8
1 18.8550
j 20.3813

101
86
113
181
207
213
234
237
214
209
200
200
207
223
241

105 |
75
91
154
204
232
239
282
24 8
237
233
223
212
211
210

Wool, Ohio, H
grades, scoured.

8971 !
5107 !
2109 !
3814 I
1700 ;
1.700 i
2231 I
2169 !
2155 !
2200 |
2205 i
2225 i
2350 •
3275 i
5890 I

Hemlock,
New York.

Average ! "Relaprice per j tive
pound.
price.

Average
price nor
M feet.

94
118
140
212
309
305
305
305
305
305
305
255
232
255
232

S24.5000
21.5000
24.0000
25.5000
33.5000
34.5000

80.4444
. 5571
. 0857
1.0000
1. 45-15
1.4305
1.4305
1.4305
1.4305
1.4305
1.4305
1.1200
1.0909
1.2000
1.0909

103
1.70
139
273
24 8
248
255
254
254
254
251.
254
250
260
290

30.0000 '
30.0000
30.0000
30.0000

]?elati ve
price.

Cattle, steers,
good to choice,
Chicago.

Hides, packers',
heavy native
steers," Chicago.

:
I Average
Average Eola- j Average Keia- ! Average j Relanor
price per tivc ; price O [ tive i price per j tive
per
' L '
O
pound
bushel, i m-Lee. i pounds. : orice. ,; pound.. J j>rico.
i

:
'

SO.8210
1.5916
1.2153
I
2.1072
;
2.1700
2.2J70
:
!
.
2.2325
"
2.2303
!
2.2345
;
2.2375
;
2.3088
i
2.3788
2.3450
•'
2.3575
i
2.0300
!

83
101
123
250
220
228
220
227
227
227
234
241
238
239
267

Yellow pine,
flooring,
New York.

S9.2188
8.0313
9.1188
12.3100
15.1750
17.0250
17.8250
18.4100
17.8503
18.1503
18.3000
18. •1125
18.. 4088
18.5750
IS.3250

!

i

:

:
:
;
;

i
:
.
;
;

i
:
•
I

108
91
107
115
178
207
210
210
210
213
216
210
217
2.18
215

i SO. 1938
i
.1875
:
.2225
i
.3050
!
.2719
|
.3210
i
.3000
I
.3000
!
.3000
!
.2900
:
.2900
!
.2800
i
.2800
:
.2703
i
.2950

!
j
I
j
i
I
|
i

1.05
102
121
166
1.18
176
163
103
163
158
158
152
152
150
100

Coal, a n t h r a c i t e , ; Coal, b i t u m i n o u s ,
stove, N e w Y o r k ! r u n of m i n e ,
!
tidewater.
Cincinnati.
:

Average
i?ela- I Average .Kola- Average ; Eelaprice per : live ', price per : 1 iyc > price per I live
"M ice!.. . 7>rice. long ion. price, .shortton.i price.

101 : 842.0000 "
89
•a.oooo {
99
40.0000 i
105
43.0000 !
138
00.0000 !
14.2
00.0000 :
03.0000 !
(53.0000 !
03.0000 i
03.0000 :
03.0000 '
"'149
03.0000
149
04.0000 |
149
04.0000 ;
149
01.0000

94 j S-i.9726 !
•1.6804 !
92;
90 ! 5.2870 i
90 j 5.1910 :
"
135 ! 6.2000 {
6.5968
135 j
6.5992 "
•
141
Ml ! 0.9000 !:
0.9000
141 •
Ml ! 7.8071 j:
7.9500
141 I
7.9500 •
141 j
7.9500
7.S044 ;
144 j
7.9045 ;
144 i

98
93
104
103
124
130
130
13(5
130
154
157
157
157
156
150

S2.2000
2.2000
2.2000
5.0000
3.6000
4.1000
4.1000
•1.1000
4.1000
4.1000
1.1000
4.1000
4.0000
4.0000
4.0000

100
100
100
227
164
186
186
186
186
186
186
186
182
182
182

576

FEDERAL RESERVE BULLETIN.

JUNE 1,1919.

Average monthly wholesale prices of commodities—Continued.
[Average price for 1913=100.]
Coal, Pocahon
tas, Norfolk.

Coke, Connells
ville.

Copper, ingot,
electrolytic,
New York.

Lead,
desil
New York.

Petroleum, crude
Pennsylvania,
at wells.

Year and month,
Average j !kela- Average
price per i tive
price per
long ton.! price. short ton.
July, 1914....
April, 1915...
April, 1916...
April, 1917...
April, 1918...
July, 1918....
August, 1918....
September, 1918,
October, 1918...
November, 1918,
December, 1918
January, 1919..
February, 1919.
March, 1919.
April, 1919,

.0000
2.8500
3.0000
6.5000
4.2440
4.6320
4.6320
4.6320
4.6320
4.6320
4.6320
4.6320
4.6320 j
4.9000 |
4.9000

SI.8750
1.6250
2.8250
7.2500
6.0000
.0000
G.OOOO
6.0000
6.0000
6.0000
6.0000
5.7813
5.2188
4.4688
3.9000

Cotton yams,
northern cones,
10/1.

3400
2350
2550
2600
2600
2600
2600
2540
2038
1731
1509
1530

Leather, sole,
hemlock No. 1.

Average Relaprice per i tive
long ton. i price.

Average
price per
barrel.

Average ! Rela- I Average
price per I tivo | price per

S13.0000
12.5000
18.1300
38.7500
32.0000
32.0000
32.0000
32.0000
33.0000
33.0000
33.0000
30.0009
30.0000
28.9375 i
25.7500 ,

|
j
!
.0805
.0805
.0667
.0558
.0508
. 0524
.0507

i

Steel, billets,
Bessemer,
Pittsburgh.

Steel, plates,
tank, "Pittsburgh.

* i Worsted yarns,
j 2-32\s crossbred.

Year and month.
i Average, ! licia- j Average
price per , tive ! price per
i pound. | price. | pound.
J u l y , 1914
A p r i l , 1915
A p r i l , 1916
A p r i l , 1917
A p r i l , 1918
July,1918
A u g u s t , 1918
S e p t e m b e r , 1918.
October, 1 9 1 8 . . . .
Nove.rn.ber, 1918..
D e c e m b e r , 1918..
January, 1919....
F e b r u a r y , 1919...
M a r c h , 1919
April, 1919

>.215O !
.1650 !.
.2250 !
.3600 i
.6162 ;
.6412 .6400 :
.6100 !
.6100 !
.5927 i
.5500 ,
.5000 i
.4164 !
. 4132
. 4300

97
75
102
163
278
290
289
276
276
268
249
226
188
187
194

i
i
!

!
j
i
i
i
!
|
!
!
|
I

.3050
.3600
.5700
. 4550
.4900
.4900
.4900
. 4900
.4900
.4900
. 4900
.4900
.4900
.4900

Average
price per
ton.

Relative
price.

108 $19.0000
108
20.0000
128
45.0000
202
73.7500
161 j 47.5000
174 I 47.5000
174 ! 47.5000
47.5000
174
47.5000
174
47.5000
174
45.1000
174
43.5000
174
43.5000
174
174 , 42.2500
38.5000
174

Average • Rela- Average I Rela- Average
price per tiyo price per j tive price per
pound, price. long ton.! price. pound.

74 SO. 0113
.0113
78
174
.0325
286
. 0525
184
.0325
184
. 0325
184
.0325
184
.0325
184
. 0325
184
. 0325
175
. 0310
169 j .0300
169 i .0300
164 i .0291
i
.0265
149

76 S30.0000
76
30.0000
220 30.0000
355
40.0000
220 57.0000
220
57.0000
220 57.0000
220 57.0000
220
57.0000
220
57.0000
209
57.0000
203
57.0000
203
57.0000
197 54.5000
179
47.0000

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

Relative
price.

SO.6500
.8200
.9500
1.3000
2.1500
2.1500 |
2.1500
2.1500
2.1500
2.1500
2.0000
1.7500
1.7000
1.5000
1.5000

106
122
167
277
277
277
277
277
277
257
225
219
193
198

i

Beef carcass,
good native
steers. Chicago.
Year and month.

. Flour, wheat,
'standard patents, Hams, smoked,
Coffee, Rio No. 7. ! 1914-1917, 1919,
Chicago.
'•• standard war,
: 1918, Minneapolis.

Average ! Itola- Average
price per tivo price per
pound. price. "pound.
July, 1914
April, 1915
April, 1916
April, 1917
April, 1918
July, 1918
August, 1918
September, 191$.
Octobor, 1918....
November, 191.8.
December, 1918..
January, 1319....
February, 1919..
March. 1019
April, 1919




50.1350
. 1175
. 1375
. 1000
. 2050
. 2400
. 2420
. 2450
. 2450
. 2-150
.245
.2150 •
.2450 i
.2150 |
.2450 !

104
SO.0882
91
.0800
10t>
. 0950
VIA
.0950
158
. 0903
185
. 0855
187
. 0853
189
. 0959
189
.1040
189
. 1069
189
. 1725
189 !
.1547
189 i
.1544
189 I
. 1(502
189 !
. 1G95

Rola- i Average j Relative price per! tivo
price. : barrel. • price.
S4.5938 !
72:
7.7063 i
85 : .. 0.2188 •
85 ; 11.0188 ,
9.9850 ;
81
77 ! 10. 7020 :
10.2100 !
77
80 : 10.2100 i
10.2100 '
93
96 : 10.2100 |
i
155 10.2100 I
139 i 10.2750 .
10.5500
139
144 : 11.2125 i
152 12.2150 :

100
168
136
253
218
233
223
223
223
223
223
224
230
245
260

Illuminating oil,
150° fire test,
New York.

Sugar, granulated,
New York.

Average Rela- Average Rela- Average ! Relaprice per tive price per tive price per! tive
pound. price. gallon. price. pound. | priceSO. 1769
.1438
. 1S31
. 2450
.3075
.3025
.3225
.3281
.3361
.3541
. 3070
.3494
. 3338
.3381
.3595

106
87
110
147
185
182
194
197
202
213
221
210
201
203
216

$0.1200
. 1200
. 1200
. 1200
. 1675
.1710
. 1750
.1750
.1750
. 1750
. 1750
.1750
.1750
. 1810
. 1850

97
97
97
97
130
139
142
142
142
142
142
142
142
147
150

SO. 0420 !
.0578 !
.0700 i
.0815 ;
.0730 i
.0735 i
.0735 >•
.0845 j
.0882 !
.0882 .
.0882 !
.0882 :
.0882 ;
.0882 i
.0882 ;

135
165
191
171
172
172
198
207
207
207
207
207
207
207

JUNE 1, 1919.

FEDERAL RESERVE BULLETIN.

DISCOUNT AND INTEREST SATES.
In the following tables are presented actual
discount and interest rates prevailing in the
various cities in which the several Federal
Keserve Banks and their branches axe located
during the 30-day periods ending April 15 and
May 15, 1919. Quotations are given for prime
commercial paper, both customers' and purchased in the open market, interbank loans,
bankers' acceptances, and paper secured by
prime stock exchange or other current collateral. Separate rates are quoted for paper of
longer or shorter maturities in the first-named
and last-named classes. In addition, quotations are given for commodity paper secured
by warehouse receipts and for cattle loans, as
reported from centers in which such paper is
current.
Quotations are also given of rates charged on
ordinary loans to customers secured by Liberty
bonds and certificates of indebtedness. Assistance to customers to enable them to purchase
such Government obligations has generally
been extended at lower rates, either at the
rate borne by such obligations or at a rate
slightly higher. The table also shows quotations in New York for demand paper secured
by prime bankers' acceptances, a type of paper
which made its appearance in the New York
market several months ago. Quotations for




577

new types of paper will be added from time to
time as deemed of interest.
In contrast to the previous period, rates
during the period under review on the whole
have declined. This is marked in particular
in the case of certain centers, among which may
be mentioned New York, Pittsburgh, Chicago,
and St. Louis, in which a decrease in rates is
noted for the majority of the types of paper for
which quotations arc given. Rates in certain
centers on the other hand, remain practically
unchanged, although no pronounced instances
of general increase in rates are noted. The
decrease in rates is most marked in the case of
prime commercial paper purchased in the
open market, also in the case of interbank loans.
Rates for indorsed bankers' acceptances show
a fractional decline, while changes in rates for
such unindorsed acceptances afford a relatively
equal number of instances of increase and decrease. Customary rates for customers' commercial paper show a marked decrease, although on the whole an increase in both the
high and low rates for this type of paper is
shown. Rates for collateral loans remain
relatively unchanged. Kates on paper secured
by Liberty bonds and. certificates of indebtedness show an opposite tendency to that remarked for the majority of the other types of
paper, having increased somewhat on the
whole during the period under review.

Discount and interest rales prevailing in various centers.

I
00

DURING 30-DAY PERIOD ENDING APR. 15, 1919.
Bankers' acceptances,
60 to 90 days.
District.

Collateral loans—stock exchange or
other current.

City.
Demand.

No.]...
No. 2...
No. 3 . . .
No. 4.,,
No. 5..
No. 6..
No. 7..
No. 8..

No. 9...
No. 10..
No. 11..
No. 12..




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

3 months.

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

Cattle
loans.

3 to 6
months.
L.

C.

H. L.

C.

II. L.

C.

//. L. C.
ft
6

:re"
.1 6

5-4

6
6

. ?
6
54-6 i
6

4
54
6
6
5
6
6
6
(.)

54-6
6
6
6
6
7
6
6 8
6 8
6 8
10
6 8 9

6
6
8
7
64
6

6
6
6
6
6
51
5

5"J 04
6 7-8
6 6 8 54
6 6
6

A\ 44
4{ 4=|-o

5

6
6
6

6

4\ 43
4J 6
5 - 54
ft

D U R I N G 30-DAY P E R I O D E N D I N G M A Y 15, 1919.
Prime commprcial paper.

District.

O pen market.

City.

SO to 90
days.
No. 2..
No. 3..
No. 4..
No. 5..
No. 6..

No. 7..
No. 8..
No.«...
No. 10.,
No. 11.
No. 12.




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

4 to 6
months.

6 5 51 6
6 41 51 6
5^ 5 51 6

Indorsed.

54 51
5 51
51 51

51
51
54
51
5
51
5
5
5
51 5
51 5
6 6
6 5
6 5

3

6
6
51
6
51
51
54
51
6
51
51
6
6
51

6
6
6
5* 51 i
54 5 54
5
6
54

51 5

6
8
6
6
51
51
__
51
51
6

51
51
oh
51
5
51
51
5
5

6
6
6
6
51
51
o\
51
6

6
6
6
5
6
6
51 51 51 6
6 6 6 7
6 51 6 7
6 5 5i 7
6
6
6
6
7
5Jj b\b l - 5 :
5
54
6
o
54

Collateral loans—stock exchange or
other current.

! Unindorsed.

4ft I 4ft 41

51
o-oh

6
6
5
51

f
43 51
51
5
5
6
6
6

Demand.

51

6

1
6

%

6
6

6
5

7
54
4ft
6
44

4ft

44

4l

71<r

f

3

44
6

4$
41

6

5*

6

7

6

6

44 4ft
41 \
7

4ft
6
44

4ft 41
5

6

Cattle
loans.

j

4ft

5
41 4* 4}
6 | 4ft 4-i 4*
51 4J 41 41

51 5 51 51 5 51
6 51 6 6 6 6
51 51 5-1 51 51 51
6
8
6
6
51
6

Bankers' acceptances,
60 to 90 days.

Interbank
loans.

i Secured b y
Secured by Liberty "
warehouse bonds and.
receipts, certificates
of indebtetc.
edness.

oj o-i
5 51-fi
ti 51 6
6 5 6
6 51 6
61 6 6
6 51 6
6 51 6
6 51 6
8 6 6
8 6
6 6 6

51 i 6

6 .
6 !.
5 6 j.
51 6 !.
8 6 /
6i 6 6 j . . .
8- 5 6
8
6
6 51 6 i 8 51
8 51 6 I 8 6
6
6 6 jlO 6
8
6
6
6

5-:
5!

7

6

6

5
6

6

5

5

t M

51

I
Rates for demand paper secured by prime bankers' acceptances, high 6, low 4J, customary 41-5.

6

(')
6

6
6
6

6
ok
bh

6

51

5-f

6

6
6
8
6
6
(J
51 51
5 ()
b\ 6

7-8 !
6 !
6
6
8

!6
!6
6
6
51

o
I-*
o

4144
415
4*5
5 6
5 b\
0 5^
4-i 6
4$ 42-6
6 6

41 6
41 5
41 5
5 6
5 51
5 6
5 6
41 6
6" 6
5 7
5 6
6 6
41 6
41 6
6 7

i

7

CO

580

Juxa 1, 1019.

FEDERAL, RESERVE BULLETIN.

PHYSICAL VOLUME OF TRADE.
contains a description of the methods employed
in the compilation of the data and the conIn continuation of tables in the May FEDERAL
RESEEYE BULLETIN there are presented in the j struction of the accompanying index numbers,
following tables certain data relative to the I Additional material will be presented from time
physical volume of trade. The January issue j to time as reliable figures are obtained.
Live-stock movements.
[Bureau of Markets.]
Receipts.

Shipments.

Cattle and
calves, 60
markets.

April.

g
September.
October
November..
December..
1919.
Januarv
February
March
April

I
|
!
!
I

Head.
3,717,853

2,110.835
2,009,744
2,799,913
2,832,022
2,625,381
2.132,491

July..

Shoep, 60
markets.

Head.
2,037,118

1918.

Hogs, 60
markets.

3,113,281
2,476,190
2.386,475
3', 421,641
4,605,158
5,569,356

Head.
1,144,338 I
i
1,585,735 I
2,129,325 !
3,303,955
3,234;026 i
2,535,115 !
1,640,365 :

2,111,704
1,440,329
1,501,597
1,750,043

1
j
|
j

5,861,685
4,404,751
3,632,874
3,659,960

!
;
j
j

Horses and
mules, 44
markets.

Total, ail
kinds.

Cattle and
calves, 54
markets.

Hogs, 54
markets.

Head.
41,850

Head.
6,941,189

Head.
763,696

Head.
1,284,747

Head.
539,886

51,393
80,122
124,201
146,072
135,344
72,471

6,861,244
6,695,381
8,614,544
9,633,761
9,900,998
9,414,683

665,800
850,363
1,219,333
1,300', 084
1,232,771
785,770

949,301
849,618
786;917
896,258
1,216,860
1,429,251

734,539
1,198,691
2,059,990
2,069,057
1,446,523
716,100

110,411 •
82,526 :
68,938 :
49,886 i

9,651,413 I
7,059,411
6,420,397 j
6,848,117 I

761,168
528,326
563,893
697,827

1,546,875
1.288,134
i;272,654
1,102,274

1,567,613 ;
1,131,805
1,216,988 !
1,388,728

Sep 5 i ^ ^ f
he, 4

Total, all
kinds.

Head.
42,382
45.549
76;653
114,023
140,845
131.308
7i;243

2,395,189
2,975,325
4,180,263
4,406,244
4.027,462
3;002.364

106,459
76,512
64,332
48,250

608,016
418,827 i
481,907 !
575,138 I

Head.
2,630,711

3,022,518
2;311,799
2,382,786
2,423,487

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

i Relative.

Hogs.
Head.

Sheep.

Relative.

Head.

Total, all kinds.

Horses and mules.

, Relative.

Head.

Head.

Relative.

:

Relative.

April.

1,533,147

152

2,942,449

134 !

733,709 j

54

26,406

July
August
September..
October
November..
December..

1,697.193 i
1,588; 553
2,249,017 i
2.287,534 !
2,053,359 I
1,706,945 i

168
158
223
225
204
169

2,530,414
1,970,086
1,775,842
2,570,525
3,431.782
4,197; 313

115 !:
90
81 !
117 !
150 i
191 '

1,141,488 i
1,424,677 I
2,408,609 ji
2,357,524
1,677,537 I
1,114,761 !

84
104
176
173
123

82

36,782
54,271
82,856
83,574
64,482
36,153

57 !
!
80 i
118 1
180
182
140 j
79 !

5,235,711 1
1
5,405,877 j
5,037,587 I
6,516.124 !
7,279,157 ;
7,227,160 •
7,055,172 ;

117
109
111
158
156
153

l,6i;i>,04S
1,096,118
1,094.014
i;2551379

164
116
109
125

4,603,335
3,451,894
2,842,663 1
2;823,484

209 ' 1,079,377
108 ;
•
774,891
847,842
129
128 : 970,070

71

56,631
48,786
41,805
31,509

123
114
91
68

7,395,419 i
5,371.679 i
4,826,924 !
5,080,442 •
.

1G0
125
105
110

January...
February..
March
April
,

1S19.

i
'
!
j

113

SHIPMENTS.
1913.
April
July
August
September
October
November
December

!
!
1919.

Januarv
February
March..".
April




1
i
:
1

j
'
i

551,184
495,211
652,440
932,131
994.943
92lJ 831
588,425
589,362
404,296
423,819
500.835

898,485 ;

185

250,757

50

34,883

602,728 '
593,577 •
488,298 :
480,460 •
659,432
787,401 I

137
124
101
100
136
163

483,151
751,886
1,426,120
1.479,774
'903,283
445,987

96
149
265
294
179
89

31,379
51,923
74,473
84,393
63,589
37,072

76
127
182
206
155
90

1,672,469 !
2.055.827 I
2;92i;022 j
3,045.570 I
2,548'. 135 I
1,858!945 I
i

116
143
197
212
177
129

988,035 •
881;507
925,802 i

204
195
191
154

357,386
240,815
289,742
319,625

71
51
58
63

56,282
47,829
41,837
29,974

138
125
102
73

1,991,065
1,574,447
1,681;200
1,604,871

139
118
117
112

748,437

121

So i 1,735,310

I
;
I
j

581

FEDERAL RESERVE BULLETIN.

JUNE 1,1919.

Exports of certain meat products,
[Department of Commerce.]
[Monthly average 1911-1913=100.]

Beef, canned.

Pounds.

Beef, pickled
and other cured.

Beef, fresh.

Relative.

Pounds.

Relative. Pounds.

Ham and shoulders, cured.

Bacon.

Relative.

Pounds.

Relative.

Lard.

Pounds.

Relative.

Pickled pork.

Relative. Pounds.

Pounds.

Relative.

1918.
April

11,836,876

1..787

51,882,784

4,182

3,007,756

113

127,400,406

761

93,426,880

623

53,877,082

122

5,171,848

117

July
August
September.
October...
November.
December.

13,526,800
17,129,337
7,349,591
9,999,121
13,313,420
7,776,239

2,042
2,585
1,109
1,509
2,009
1,174

32.056,016 2,584
45; 160,708 3.641
34,071,810 2',747
20,449,372 2,132
02,835,161 5,065
34,161,848 2,754

2,651,413
1,742,970
3,009,998
5,752,660
4,291,030
3,786,847

99 119,893,655
05 68,857,586
113 41,621,488
215 58,131,739
101
72,861,969
142 120,437,385

716
411
249
347
435
755

55,368,812
45,816,637
36,190,919
25,430,106
20,127,671

371
307
242
170
135
261

68,600,261
51,920,658
33,267,902
46,025,020
27,285,088
37,724,398

156
118
76
105
62

4,676,888
3,032,954
2,843,374
2,089,654
2,783,873
2,025,778

106
69
64
47
63
46

1919.
January...
February..
March
April

12,636,000 1,907
8,151,723 1,318
8,997,973 1,358
2,896,759
437

17,436,495
13,729,993
14,651,276
21,639,915

6,030,937
3,635,120
3,749,394
2,673,681 I

603 54,840,433
735 49,283,053
902 85,712,426
847 109,569,968

307
354
574
734

2,273,683
68,972,779 168 1,950,362
97,239,435 | 221 2,141.508
86,555,951 197 2,494,454

51
47
48
56

1,406
1,186
1,181
1,744

226
146
140
100

101,000,122
114,842,525
151,086,397
141,814,255

Grain and flour.
[U. S. Food Administration.]
GRAIN MOVEMENT.
[In thousands of bushels; i. e., 000 omitted.]
Wheat.

Receipts. '• Shipments.

196,060
287,652
280,200
241,260
155,605
178,916

j
•
!

103,302
60,047
72,265
80,673

:
.
"
I
!

:

Stocks at
close of
month.

Receipts.

94,823
160,162
150,030
150,077
138,438
127,612

12,415
81,422
163.027
2-10,690
280,169
254,474
253,767

59,400 j
48,131 I
62,137 !
59,437 !
47,024 I
59,237 i

1919.
January...
February.
March..!..
April

63,992 :
51,062 i
75,917;
SS.222 :

245.083
2J9J30C
109.102
110,778

85,816
30,0(53
34,888
' 40,009

Barley.

Receipts, i Shipments.

1918.

:
Receipts,

• Stocks at
Shipments.! close of
month.
!

54,792 i
42,909!
40,453
47,501
41,880
50,312

68,709 I
37,G01
40,982 I
45,327

37,794
31,919
25,559
28,522
25,727
21,046
23,427
30,448
27,365
19,794
19,745

86,917
57,599
58,008
01,773 I

Receipts.

80,893 |
58,920 1
68,445
69,313

39,097
37,923
80,030
104,739
103,943
88,300

85,811
82,025
70,411
61,257

Total grains.

Rye.
Stocks at
close of
month.

87,893
124,597
102,510
107,093
95,008 !
81,220 :

90,006
177,324
120,138
110,020
86,871
80,199

I Stocks at ;
Shipments.! closoof | Receipts.
i month. •

I Stock? at
Shipments.; close of
month.

7,077
9,923
15,295
19,843
21,153
22,287

10,006:
10,984 ;
27,174 !
37,782 ;
40.670
39;991 i
40.320 .

3,474
8,422
16,092
20 • 667
17,521
15,721

2,024 !
4,449 !
7,409
15,047 ;
13,552 ;
8.721

2,181 !
2,912 i
6,128 !
12,854
17,309
19,399
25,779

303.291
542', 809
517,509
455,873
329,778
357,328

246,609 j
342,130 !
322.303 i
340;161 !
310,037 !
290,152 I

24,055
16,432
20,775
19,640

23,020
37,231
22,863
23,889

39,073!
38,880!
36,528 .
3i; 985

14,280
7,857
10,749
14,830

9,180
9,419
15,798
14,927

30,031 ;
27,606 :
23.362
22; 393

314,370
178,598
196,685
223,531

245,860
174.833
224;005
241,678

1919.




Stocks at
close of
month.

14,285
21,340
27,002
23,8?9
22,697
23,255

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

Shipments.

"
T

!

1918.
.Tune
July
August
September.
October
November.
December..

Oats.

Corn.

102.093
17i;160
307,918
430,587
473,818
423,610
426,656

i
431,646
395.548
319,257
240,158

582

FEDERAL RESERVE BULLETIN.

JUNK 1, 1919.

Grain and flour—Continued.
WHEAT FLOUR PRODUCTION.
(In thousands of barrels; i. e., 000 omitted.]
Stocks at
mills at closo
of month.

Production.

1918.

Stocks at
mills at close
of month.

1919.

January
February
March.."
April

1,109
1,606
2,386
3,064
3,422
3,387
3,260

6,780
10,391
11,835
11,752
11,175
11,759

July
August . . .
September
October
November
December

Production.

3,341
3,544
3,419
3,145

10,593
7,736
10,498
11,274

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

Corn.

Rela-I ,
Bushels. tive. ! J
19] 8.
April.

I

Rye.

Oats.

Total grain.

Barley.

Total grain1
and flour.

Flour.

RelaRela, ! RelaRelaRelaRelaRelaBushels. tive. Bushels. tive. Barrels. tive. Bushels. tive.
1 tive. Bushels. tive. Bushels.
_L

5

325,163

3,151,803

25|l,833,011

136 13,342,933

229:2,887,153

174 24,540,063

1081,690,165

162 32,145,806

117

July
August
September...
October
November...
December...

3,515,673
23,930,107
23,786,074
18,778,538
9,854,356
24,221,863

28jl,128,285
1901,473,105
189 582,856
149 519,755
78 786,141
1921,273,489

7,122,372
2,970,341
412,
5,304,250
15 6,662,972
6,
5,253,154
36 9,817,268
9,

86,551
61 802,582
150
l:
63 170,847
714,103
307i 730,332
112 435,549
1
1,332,761 1,642; 887,396
140 2,
1111,332,239
653,880
2071,107,437
779j 1,915,831

2,655,463
4812,1
43 29,1
19,258,503
44 30,!
0,839,061
53 29,:
19,181,422
3917,!
7,879,770
115 38,335,888

561,266,706
129 589,303
136 783,902
129 1,,543,121
79 1,656,205
169 3,258,924

12118,355,640
L, 910,367
1,366,620
148 36,125,467
159 25,332,693
312 53,001,046

67
116
125
132
92
193

1919.
January
February
March
Aprils

9,768,801
7,805,811
13,789,851

781.,411,366
66 783,263
109 636,127

40 9,,275,187
24 4i,713,794
18 3!,254,914

195 566,191 398:1,738,326
106 2,299,664 1,7341 995,454
69 3,880,424 2,731(2,285,954

105 22,759,871
>, 597,986
138 23,847,270

J,
100 2, 026,246
781 ,302,061
1051 ,644,676

194 31,877,978
134 22,457,261
157 31,248,312

116
88
114

281

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

2

Figures not yet available.

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

j

April.
July
A ugust
September
October
November

•

December

552,042

3,384,466
16,041,604
14,313,717
j 13,423,169
• . . . . . ; 13,904,426

\ 14,359,694
\ 15,365,491
! 12,635,613 !
! 12,732,472 |
!

i Figures not yet available.
NOTE.—Figures Cor San Francisco include also stocks at Port Costa and Stockton.




Barley.

9,651,374

159,696

1,496,808

13,703,582

4,136,167
2,464,705
3,153,590
4,591,014
3,548,473
6,074,067

28,633
153,275
144,646
1,550,686
2,385,828
2,248,272

1,059,197
1,720,251
2,208,017
2,697,141
2,845,916
2,767,606

9,344,967
21,029,004
20,001,589
22,377,889
22,936,868
25,752,619

645,317 ! 5,495,937 | 1,972,696
417,520 ! 6,110,159 i 1,735,876
346,543 5,650,120
1,920,348

3,047,346
3,930,465
4,403,665

26,526,787
24,829,633
25,053,148

|
1,843,662
736,504 i
649,169 j
181,619 !
115,879 i
252,225 .
302,980 |

1919.
January
February
March
Aprili

Rye.

Corn.

Oats.

Total grain.

583

FEDERAL, RESERVE BULLETIN.

JUNE 1, 1919.

California shipments of citrus and deciduous fruits.
Lemons.

Oranges.
Carloads.

Relative,

i

Carloads.

Total
deciduous
fruits.

Total citrus fruits.

Relative. ; Carloads.

Relative. \ Carloads.

1918.
April

2,040

108

585

144

3,225

113

July
August
September
October
November
December

914
767
549
485
1,125
3,565

37
31
22
20
46
146

561
732
275
639
676
722

I
139 !
181;
68 i
158:
167 !
178

1,475
1,499
824
1,124
1,801
4,287

52
53
29
39
63
150

3,758
9,126
5,879
7,143
1,044
267

3,120
3,180
5,113
5,450

128
139
209
223

531
658
897
1,038

3,651
3,838
6,010

128
144
211
228

109
198
67
36

1919.
January
February
March
April

131
174
221
256

I

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

Raw stocks
at close of
month.

Meltings.

Receipts.

1918.

Meltings.

Raw stocks
at close of
month.

1919.

April

365,763

324,200

92,128

July
August
September
October
November
December

288,449
218,690
176,867
242,912
138,141
92,785

320,908
263,383
210,745
207, 566
172,528
123,091

135,061
100,392
56,978
77,233
50,989
13,774

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

January
February
March
April

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

66,189
122,757
106,889
185,315

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

Receipts.
Tons.

April

1918.

!
| 242,958

July
August
September
October
November

! 186,225
:
159,252
i 145,555
; 151,703
!
139,343

Tons.




221,000
175,000
139,000
156,000
139,000

76

41, 228
55, 322
39, 375
46, 869
42. 522
43.112

Receipts.

j Rela- i"
! live- "
:

Tons.

I Raw stocks at
j close of month.

Meltings.

Relative.

Tons.

Relative.

Relative.

24

1918.
December..

58,751

32

92,000

50

11,490

32
23
27
25
25

1919.
January
February..
March
April

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

93
165
126
173

147,000
229,000
261,000 ;
277,000 i

134
142
151

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

21
53
36
62

584

JUNE 1,1919,

FEDERAL RESERVE BULLETIN.
Lumber.
[From reports of manufacturers' associations.]
[Mfeet.]
Douglas fir.

Western pine.

Southern pine.
No. Produc- Shipof
ments.
mills. tion.

No. Producof
mills. tion.

Eastern white pine.

i
INo. Produc- ShipShip- | No. | P r o ^ u c . Shipof
ments. mills. tion. ments.
- i mills. ! t i o n '

Ship- | No. Produc- | mills. tion.

ments

ments

i
April

1918.

187

385,033

445,207

41,45

129,123

126,592

132

304,800

412,002
391,648
346,069
321,214
312,126
310,068

453,786
437,776
350,628
353,266
353,810
322,831

42,45
44,47
45
42,47
38,46
27,46

147,533
151,156
130,029
121,850
90,078
63,315

112,915
109,402
80,859
79,701
74,103
63,823

123
130
106
115
121
127

269,100
292,200
316,000
356,487
261,189
222,3S9

266,300
275,000
248,000
324,080
240,986
221,720

i

319,600 !

201
202
190
202
194
204

July
August
September
October
November
December

24 i 56,636

52,822

28,319

26,817

i
86,658
26
;
95,942
26
i
72,937
26
! 27,21
32,787
|
16 j 23,529
|
799

59,412
51,327
38,711
26,152
23,828
14,176

31,517
24,118
31,908
27,912
32,596
26,728

34,815
34,377
34,963
36.478
36,012
21,570

15,172
17,081
17,525
14,020

•28,629
25,806
32.110
22;369

23,896
18,034
22,672
21,877

1
1

!

1919.
January
February
March
April

200
195
198
203

330,137
328,069
378,752
397,005

325.241
309;494
361,125
397,677

21,49
24,48
27,48
43,49

68,910
71,103
81,328
97,679

40,354
46,037
71,426
124,341

;
I
I
i

122
122
120
114

North Carolina pine.

i

1 3 I;

227,129 1
238,035
255,544 !
266,308 I

225,688
228,031
254,650
264,623

7,565
6,802
15
11 ' 7,118
11,431
ii i

RECEIPTS AND SHIPMENTS OF LUMBER AT CHICAGO.
[Chicago Board of Trade.]
[Monthly average 1911-1913=100.]

M feet.

April

1918.

Rela- !
tive. ;

267,039

126

243,598
208,963
171,515
130,503
142,230 i

July
August
September
October
November

j

Shipments.

Receipts.

115 I
99 !
81 :

M feet.

Shipments.

Relative.

126,195

62 i
67 !

Receipts.

165

98,145
78,707
68,133
70,590
72,723

128
103
92
95

December.
January...
February..
March
April
,

1918.
1919.

134,604
97,5.11
124,040
114,253

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

Bituminous coal, estimated monthly production.

A n t h r a c i t e coal,
shipments over 9
roads.

Coke, estimated monthly production.
Beehive.

By-product.

Total.

Short tons, j Relative. • Long tons. Relative. Short tons. Relative. Short tons. Relative.! Short tons. Relative.
1918.
April
July
August
September..
October
November..
December..
January...
FebruaryMarch
April
,




!
j

;
46,590,570 I
55,587,312
55,732,092
51,757,334
52,885,813
44,386,987
40,634,525

126

6,368,373

113

2,580,931

2,021,437

230

150
150
140
143
120
110

7,084,775
7,180,923
6,234,395
6,286,366
5,276,659
5,736,260

126
128
111
112
94
102

2,813,910
2,657,022
2,570,238
2,611.885
2,339,197
2,255,296

108
102
98
100
89
86

2,300,673
2,387,675
2,410.70S
2,563; 183
2,523, 746
2,562,048

261 I 5,114,583
271 J 5,044,747
274 i 4,981,036
291 5,175,068
287 4,862,943
291 4', 817,344

146
144
143
148
139
138

41,473,000
31,497,000
33,719,000
32,164,000

112
91
91
87

5,934,241
3,871,932
3,938,908
5,224,715

105
74
70
93

2,401,567
1,822,894
1,768,449
1,316,960

92
75
68
50

6,779,482

257 ! 12,772,392

122

1919.

4,602,368

JPUNH 1,

585

FEDERAL. RESERVE BULLETIN.

1919.

Movement of crude petroleum in United States.
[U, S. Geological Survey.]
[Barrels of 42 gallons each.]

Marketed.

Barrels,

April
July
August
September
October

1918,

i Relative, i

Stocks at
end of
month.

Marketed.

Barrels,

Barrels.
1918.

November
December

28,849,000

144,798,000

30,361,000
29,211,000
28,674,000
30,592,000

141,475,000
139.472.000
135]880,000 January
134,838,000 1 February
March
April

!
I
l

1919.

I
i
'
i

j Relative.

28,347,000
28,071,000

131,295,000
128,311,000

29,869,000
26, oil, 000
30,412,000
29,310,000

129,558,000
128.910,000
131,110,000
132,694,00©

Total output of oil refineries in United States.
[Bureau of Mines.]
| Crude oil run
i (barrels).
1918.

:

Gasoline
(gallons).

Kerosene
(gallons).

Gas and fuel • Lubricating
(gallons). ; (gallons).

26,239,602
29,170,718
28,534,275
28,390,431
29,237,767
27,411,636
26,958,157

1,627,968 ; 151,228,007

587,985,804

69,308,351

095 156,828,826
330,335, 046 149,678,850
314,595, 959 164,963,798
314,251, 318 i 164,928,640
312,968, 640 ! 169,278,105
291,744, 465 ! 161,742,713

658,439,682
671,113,871
653,085,050
661,780,441
604,403,494
587,873,987

79,303,107
72,892,879
70,593,079
72,244,633
72,178,602
64,987,842

26,967,332
25,232,876
27,866,775

303,710,556 | 158,501,260
283,518, 194 i 164,181.787
311,306,755 : 170,290,930

589,630,056
553,853,753
574,774,166

68,304,613
62,503,072
67,863,995

Mar. 31..

13,122,241

526,382,386 j 356,580,540

483,447,727

146,572,398

July 3 1 . .
Aug. 31.
Sept. 30.
Oct. 31..
Nov. 30.
Dec. 31..

14,026,525
13,946,595
14,462,100
15,438,576
15,222,401
15,749,771

349,928,604 ! 432,807,129
285,446,538 424,281,481
269,772, 723 436,628,907
250,328,369 419,409,944
270,072. 011 397,804,012
297,326,
380,117,829

519,012,839
569,016,413
583,407,769
596,116,351
583,777,918
659,001,357

136,460,207
137,496,986
147,425,556
135,196,542
132,923,478
138,853,574

15,380,185
14,«2O,6O1
15,106,361

383,212,692 i 332,393,181
45S,449, 187 i 303,062,436
546,862,429 I 294,677,623

646,411,414
692,816,000
749,067,806

158.370,431
152', 297,163
165,495,254

March
July
August
September.
October
November.
December..
January...
February.
March

1919.

Stocks at the close of month.
1918.

1919.
Jan. 31..
Feb. 28..
Mar. 31..




586

FEDERAL RESERVE BULLETIN.

JUNE 1, 1919.

Iron and steel.
[Pig iron production, Iron Age; steel ingot production, American Iron and Steel Institute.]
[Monthly average, 1911-1913=100; iron ore, monthly average, May-Nov., 1911-1913=100.]

Pig iron production.

Gross tons.

; Steel ingot production.

: Relative.'.

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

Gross tons. ! Relative. < Gross tons. ; "Relative.

1918,
April

3,288,211 ;

142 i

3.103.-110

132

8,741,882 ;

106

July
August
September
October
November
December

3,420,988 :
3,389,585 =
'
3,418,270 i
3,480,941 !
3,354,074 !
3,433,617

148 I

130
129
134
110
128
125

8,883,801
8,759,042
8,297,905
8,353,293
8,124,003
7,379,152

!

146 ;
148 ;
151 •
145 :

3,113,035
3,083,080
3,197,058
3,352,190
3,060,760
2,992,300

109
100
157
158
154
140

3,302,200
2,940,168 :
3,090,243 I
2,478,218 j

143
136
133
107

3,082,427
2,088,011
2,062:205
2,239,711

130
120
110
93

6,084,208
6,010,787 !
5,430,572 I
4,800,685 i

127
114
103
91

f%

1919.

January
February
March
April

,
: —

Imports of pig tin.
[Department of Commerce.]
[Monthly average, 1911-1913=100.]
Pounds.
1918.

Relative.

1918.
November
December

April
15,567,667
10,317,437
10,630,666
9,885,984

July
August
September
October

10,734,179
5,887,063

118
65

8,461,444
6,271,977
8,284,970
540,903

93
74
91

1919.
January
February
March
April

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

Cotton consumption.

Bales.

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

Imports of raw silk.

Wool consumption
(pounds).,

Looms.

Spinning spind!es.

Wider
Under
t h a n 50- 50-inch
ineh reed reed
space.
space.

Relative.

Sots of
cards. Combs.
Woolen.

Worsted.

Pounds.

Relative.

1918.
54.4,125

121

33,734,997

57,651,248

7.1

8.5

4.2

O. O

5.0

12.5

2,947,222

144

August
September
October
November
December

541,792
534.914
490J779
440,833
457,376
472'. 941

120
119
109
98
10?
105

•33,674,896
33:640.811
33', 524', 275
32,760,623
33.121,507
33,652,612

50,951,651
51.516,457
47' 048,413
• 48,092,509
38,282,723
32; 355,081

10.4
12.2
13.8
18.3
21.1
22.5

10.2
14.3
15.1
24.3
26.8
24.9

5.9
6.0
7.0
9.3
11.1
13.8

10.5
10.2
13.2
12.5
23.8
17.8

0.5
6.6
8.3
8.8
11.9
16.1

13.2
15.3
20.2
18.8
30.1
27.4

1,997,314
3,813.595
3'. 973:754
2:814,270
2,336,345
2,680,863

98
186
194
138
114
131

1919.
January
February
March
April
Mav

556,721
433.516
433;720
475,753

124
103
96
106

33.856,472
33;282.593
32.042^376
33;213,026

32.573,970
23'186.818
29,320'. 063
39,159,945

40.3 .
52.3
58.1
48.4
36.6

32.0
41.5
42.4
38.9
32.9

32.2
38.7
39.1
20. 5
17.1

30.7
39.8
47.8
34.2
22.5

30.5
41.1
41.8
28.4
16.8

37. 5
48.6
52.7
30.1
25 3

1,401,827
lj742.812
1,784.412
2,988,838

71
91
87
146

•\ ori!
Ji'iV

6

NOTE.—Figures of idle wool machinery for Nov. 1 and Dec. 1 are not entirely comparable with previous figures, due to fact that later figures are
for number of machines running on single shift, while earlier figures count as two a machine running double time. The effect is, however, small.




JUNE 1,

587

FEDERAL RESERVE BULLETIN.

1919.

Production of wood 'pulp and paper.
[Federal Trade Commission.]
[Net tons.]
! Wood ! News
; pulp. | print.

April

July
August
September
October
November
December

Wrapping.

Fine.

111,480 j 76,702 j 162,836

1918.

*<«*• I &SS".

76,859

29,823

! 69,458 ! 177.931
i 76,439 : 192'. 810
66:581 ' 168,381
60.743 143,373
67)262 152)321
64.501 134.103

70.526
71/249
6L,390
56,903
61,081
51.947

34.609
36,910

!
103,348
113,826
99.528
88', 155
97)693
107,129

262,377
246,741
! 237,624
!
270,849
i 273,973

Book.

Paper
board.

Wrapping.

Fine.

283,270 116,154 ' 70,443
238.228 I 103)248 i 62,616
278,675 | 114,746 63.699
284,984 ! 116,278 67,628

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

50,490
45,480
48,069
48.158

27.675
24)600
23,514
22,470

Wood
News
pulp, j print.
1919.
January
February..
March..'...
April

37,833
28;533
33,429
29,975

Tax-paid manufactured tobacco products in the United States (excluding Porto Rico and Philippine Islands.)
[Commissioner of Internal Revenue.]
Cigars.
Large.

Cigarettes.
Small.

Small.

Cigars.

Chewing
and smoking tobacco.

Large.

! Cigarettes.
Small.

;

Small.

1918.
April

Number.
616,372,314

Number.
Number.
79,794,719 3,393,675,490

Pounds. :
1918.
35,229,106 1 December

Number.
527,586,098

Number,
i
Number.
59,139,250 .2,788,379,210

July
August...
September
October
November

634,609,533
624,491,239
585,400,449
594,764,527
537,794,904

79,237,849
60,880,910
60,556,000
63,111, 160
63,177,200

36,607,578
40,764,853
37,893,818
39,440,893
32,618,009

1919.
i
! January
' February
March
i

518,706,482
476,329,947
549,098,351

Chewing
and smoking tobacco.

72,458,974 ;3,079,212,253
60,138,630 3,120,274,662
84,493,873 3,845,072,275

3,796,878,822
3,442,446,234
3,403,205,736
3,027,300,975
2,986,775,CJ3

j

Pounds.
25,276,695
29,308,616
27,472,269
29,227,678

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

Locomotives.
Domestic!

April..

1918.

Number.

July
August
September
October
November

214 !

267 |
295 !
224 I

Domestic.

Foreign.

Number.

Number.
3,000

Number.
2,982

77
213
313
252

3,312
2,437
2,666
4,555
6,743

4,410
4,847
3,564
2,681
2,330

Output of cars.

Locomotives.
Domestic
snipped.

Total.

Number, ij
1918.
5,982 1 December..
1
7,722
7,284
6,230
7,236
9,093

II

Domestic.

pleted>

Number. I Number.
281
177

1
1
1919.
|! January
|i Februarv...
'• March.."....
i April

282 '
135
258 !
197 j

Foreign.

Number. Number.
7,876
3,402

84
104
128
36

8,172
6,023
5,978
7,777

3,635
4,657
5,795
7,373

Total.

Number.
11,278
11,807
11,280
11,773
15,150

Vessels built in United States, including those for foreign nations, and officially numbered by the Bureau of Navigation.
[Monthly average 1911-1913=100.]
Gross
I Number. tonnage.
1918
April

165

163,050

July
August
September
October
November
December

193 !
177 !
170 :
202 I
171 |
153 j

229,931
295,349
308,470
357,532
357,660
283,359




Gross
Number, i tonnage.

Relative. '•

January
Jr'cburary
951 !| March..:
1,222 j1 April
1,276 -i
1.479 i
1.480 ; !
1,173 i
675

1919.

132
135
186
201

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

Relative.

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

588

FEDEKAL EESERVE BULLETIN.

JUNE 1,1919.

Tonnage of vessels cleared in the foreign trade.
[Department of Commerce.]
[Monthly average 1911-1913=100.3
!

Net tonnage.
Foreign.

Total.

1,251,114

1,730,823

2,981,937

77

42.0

166

2,093,310
i 2.332,577
: 2,009,194
1,875,947
1,770,935
1,141,319

i 2,941,171
\ 2,808,406
2,290,872
= 2,103,383
I 1,991,725
2,053,517

5,034,481
5,141,043
4,300,066
4,039,330
3,762,660
3,194,836

129
132
111
104
97
82

41.6
45.4
46.7
46.4
47.1
35.7

164
179
185
184
186
141

• American.

i
1918.
April
July
August
September
October
November
December

!
;

Net tonnage.

Percentage
of RelaRela- Ameri- tive.
can to
tive. total.

i

American.! Foreign.

1919.
Januarv
February
March
April

1,166,391
1,262,487
1.161.416
1,744,753

1,896,123
1,671,070
1,737,171
2,058,220

Total.
!
!
j
!
!

3,062,514
2,933,557
2,898,587
3,802,973

Percentage
of
RelaRela- Ameri- tive.
can to
tive. total.
78
75
75
98

38.1
43.0
40.1
45.9

151
170
158
181

j

Net ton-miles, revenue and nonrevenue.
[United States Railroad Administration.]
April
July
August
September
October
November
December




1919,

1918.
37,992,810,000
38,761,291,000
38,469,847,000
38,592,137,000
39,548,562,000
35,533,026,000
33,659,507,000

January
February
March
April

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

JUNE 1,1919.

FEDERAL RESERVE BULLETIN.

589

DISCOUNT AND OPEN-MARKET OPERATIONS OF THE FEDERAL RESERVE BANKS.

On the last Friday of the month the banks
Discount operations during the month of
April totaled $5,901,401,640, compared with held a total of $1,950,412,000 of discounted
$5,473,564,174 for March of the present year paper, compared with $1,886,240,000 about the
and $2,172,580,139 for April, 1918, the month close of March, and $901,743,000 on the correpreceding the placing of the third Liberty loan. sponding date in 1918. The total for the most
Of the total discounts for the month under recent date includes §90,964,000 of war paper
review the share of war paper was 95.2 per rediscounted for other Federal Reserve Banks
cent, compared with 95.6 per cent the month by the New York. Cleveland, Chicago, and Minbefore and 83.2 per cent for the month of April neapolis banks. Of the total discounted paper
of the past year. About 45 per cent of the held, 90.3 per cent was war paper, as against
total bills and a slightly larger percentage of the 89.6 per cent about the close of March and 71.2
war paper discounted during the month are per cent on the last Friday in April, 1918.
reported by the New York bank, compared Higher than average percentages of war-paper
with about 70 per cent of the total bills and holdings are shown for the three eastern also
about the same proportion of the war paper for the Cleveland and Chicago banks.
discounted by that bank in April, 1918.
Holdings of discounted trade acceptances
Discounts of member banks' notes secured by totaled $8,561,000, compared with $19,171,000
eligible paper totaled $97,953,467, compared on the corresponding date in 1918. Of the
with $50,175,825 for March, the bulk of this smaller total by far the larger portion is reprepaper being handled by the Boston bank. sented by domestic trade acceptances. HoldTrade acceptances discounted during the month ings of agricultural paper of all maturities
totaled $8,071,368, compared with $11,120,947 totaled $34,088,000, as against $9,379,000 on
for April, 1918. Of the smaller total, $2,463,007 the corresponding date in 1918, while holdings
represents the amount of transactions in the of live-stock paper were $32,793,000, compared
foreign trade handled by the New York bank with $30,148,000 reported about the close of
and the remainder amounts of transactions in April last year. Over 95 per cent of the larger
the domestic trade. In addition the banks re- total is credited to the Kansas City, Dallas, and
port $419,576 of discounted bankers'acceptances San Francisco banks.
and $174,043,809 of ordinary commercial and
During the month under review the number
agricultural paper discounted during the month. of member banks grew from 8,761 to 8,786,
About 97 per cent of all discounts for the while the number of discounting members inmonth was 15-day paper, i. e., bills maturing creased from 3,575 in March to 3,875 in April,
within 15 days from date of discount or redis- the largest number accommodated during any
count with the Federal Reserve Bank. The month since the establishment of the system.
next largest group, comprising slightly over 2 In the following exhibit are shown the number
per cent of the total, is composed of 90-day of member banks in each Federal Reserve dispaper, largely war paper discounted at the priv- trict at the close of March and April, also the
ileged rate. Discounts of six-month agricul- number of member banks in each district
tural and live-stock paper totaled $12,639,627, accommodated during these two months:
or slightly more than for April, 1918. Nearly
three-fourths of the total is reported by the
Number of member Number of member
Kansas City and Dallas banks and another 20
banks accommobanks in district.
dated.
per cent by San Francisco and Chicago.
Federal Reserve district.
Of the total bills, 86.5 per cent were disMar. 31. A p r . 30. , M a r . 31. A p r . 30.
counted at the 4 per cent rate and about 12 per
cent at the 4|- per cent rate. The average rate
424
425
230
of discount for April works out at 4.17 per cent, Boston
New York
723
727
426
665
665
346
Pb iladelphia
compared with 4.15 per cent for the preceding Cleveland
821
821
177
195
2 months and 4.23 per cent for April of the Biciimond
263
568
570
281
214
424
425
223
Atlanta
past year. The calculated average maturity Chicago
597
1.356
651
1,359
514
5J7
171
190
of the paper discounted during the month, St Louis
874
Minneapolis
872
142
1.80
10.92 days, is somewhat higher than for the Kansas City
996
1,002
366
400
741
421
737
465
immediately preceding months and differs but Dallas.. ' . . .
San Francisco
662
272
288
659
little from the corresponding average of 11.25
8,761
Total
8.786
3,575
3,875
days for April of the past year.




590

JUNE 1,1019.

FEDERAL RESERVE BULLETIN.

Bills bought in open market during April,
largely through the intermediary of the New
York "bank, totaled $140,932,188, as against
$183,740,709 the month before. Of th<fApril
purchases 8137,164,938 were bankers7 acceptances, nearly two-thirds of which were based
upon foreign-trade transactions. Purchase of
trade acceptances are reported, by the New
York, Cleveland, and San Francisco banks
only, the total for the month being §3,204,531,
as against $4,087,988 the month before. The
average maturity of all bills purchased in the
open market averaged 42 days, as against
42.69 days the month before, while the average

rate of discount charged on these bills remains
unchanged at 4.24 per cent.
Holdings of purchased acceptances on the
last of the month show a further decline to
$180,319,000 from §235,614,000 held at the
close of March. Of the smaller total all but
$2,563,000 were bankers7 acceptances. Nearly
79 per cent of the latter, or $140,250,000, were
member bank acceptances, compared with
$185,207,000 on the last of March. Of the
$2,563,000 of trade acceptances held on the last
of April practically the entire amount was msde
up of foreign-trade acceptances, reported largely
by the New York and San Francisco banks.

Toial investment operations of each Federal Reserve Bank during the months of April, 1919 and 1918.
(Figures do not include rediscounts and sales of discounted and purchased paper between Federal Reseruo Banks.)

Boston
New York
Philadelphia
Cleveland
Richmond.. '.
Atlanta
Chicago
Minneapolis
Kansas City
Dallas
San Francisco
April, 1919
April, 1918
4 months ending Apr. 30, 19!9..
4 months ending Apr. 30, 1918

.

5.901,401,640
2,172,580,139
! 22.350.283.5;:"
1.593
i 4,558,187.9S
',989

.•

Boston
New York...
Philadelphia.
Cleveland
Richmond
Atlanta
Chicago
St. L o u i s . . . .
Minneapolis..
Kansas City. ;
. .
San Francisco.
Total, April, 1919
Total, April, 1918.
Total, 4 months ending Apr. 30, 1919.
Total, 4 months ending Apr. 30,1918




3£ per cent. ! 4 per cent. 4/j per cent,
I.
|

.
•.

j
!
i
I
'.
i
!
I

Total United
States securities.
$2,945,300
62.263,000
2,660,000
3,322.000

500,000
000,000
500,000
450,500
924,000
500,000
778!500
.

i
!

:

'
i

.

!

944,000
263,000
660,000
322,000

:

....'

;
'
;

;

500.000
3,000;000
2,500,000
2,450;500
924,000
500,000
2, 778,500

i
83,842,000
I
321,326'. 300
• 1,327,309', 500
; 2,440,292,160

83,843,300
324,565.850
1,328.637,225
2,482', 439,448

§1.300
'....

!
.
I
!.
'.
i.
i.
!

j.

;.

; 140.932,188 "
,
~r
! 108,515,517 1
858.270 j 8745,100 : $2,494,450 j
i;boo ' .1,000,000 i
i 653.574,696 !
'
1,000 !
4,816,150 ! 37,301,138 I.
I 526,406,496 I 1,545,685

United States
certificates of
indebtedness.

Federal Reserve Bank.

1

United States bonds.
Municipal
warrants.

8505,241,408
817.230,328!
2,678,055,774 | 61,605,(556 j\
1,918,792
916,038,257
224,701,226 i 14,529.666 !
3,904,855 i
363,264,872
3,064,032 I . .
15L,937,979
350,861,112
14,497,266 j
197,i27,()o3
5.353,v;S3 i
72,958, r>-\o
5,386,625 \
144,148,461
3,401,481 i
117,182.855
678,000 I
179,884', 028
11,352,504 !

St. LDUU

Total,
Total,
Totalj
Total,

Bills bougl.t
in open
market.

Bills discounted for
members.

Federal "Reserve Bank.

1,300
' 326," 725

I Total investment operations.
April, 1919.
S525, 126,096

2,801.; 924,430
920| 617,049
242, 552,892
367, 169,727

155,
368,
204,
80,
1146,
118,
194,

502,011
358,378
981,046
795,670
473,942
360,855
015,032

6,126,177,128
2,605,661,506
24,332,496.514
7,567,033,933

April, 1918.
$39,433,018
1,750,722,071
57,162,158
103,058,479
194,060,878
41,835,527
157,239,495
64,774,142
51,803,752
56,353,087
40,723,522
48,553,047
2,605,719,776
"Y, 568," 579* 618

Exclusive of 822.000 of War Finance Corporation bonds temporarily held pending payment by subscribing institutions.

JUNE 1,

591

RESERVE

1910.

Average, amount of earning assets held by each Federal Reserve Bard; during April, 1919, earnings from each class of earning
assets, and annual rates of earnings on basis of Avril, 1919, returns.
i
Average balances for t h e m o n t h of t h e several c e s s e s of earning assets.
Federal looserve J?&nk.
Disco i n i t " c
bills.
Boston.
N e w Yor'i:
Philadotohia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
K a n s a s Citv
Dallas
".
S a n Francisco

j
i
|
;
!

!

!
•
j

T o t a l , ADril. 19.19
T o t a l . Ai;ri!', 1918

:
'

388,494
114,978
403.380
478,883
370,300
782:281
912,793
518;376
223,000
381.89(5
930:500
564:515

8157,130,903 i
095,702,071 :
188,689,15.1. i
130,431,335
96,059', 041 !
8 j , 157,557 .
214,742:954 i
79,496:332 •
43,713:500 |
80,553,019 i
5 •. 0-17,393 '•
94 j 693.:840 i
1.919,400,726 j
769,259,187 ,

:
!
j
i
!
|

Boston.
New York
Philadelphia
Cleveland
Richmond..
Atlanta
Chicago
St. Louis
Minneapolis
Kansas Citv...
Dallas
"....
San Francisco.

1

PisI counted
j bills.

I S530,405
j 2,302,1!6
I 635,409
i 441,931
338,600
277,500
733,983
270,440
154,592
337,1 LI
196,269
348,378

Total, April, 1919
Total, April; 1918

6,566,734
2,615,679

SiO, 578,423 I
09, 637,757 '
18. 347,500
: 051,217
596,700
93-1,530
388, (500
288.067
072'. 500
959:517
400:950
033;401

$700 •
!
i
|
!
:
|

213,358,162
155.588,487

208,905,396
311,984,205

E a r n i n g s from—
F e d e r a l Reserve Bank.

Municipal
"warrants.

: U n i t e d States
!
securities.

hills.

700 j
535,700 I
!

• Per cent. Per
8586,733
4,11.
2,640,763
4.02
671,874
4.09
502,406
4,3 2
376,779
4.29
314,055
4.10
S3
881,250
•1.16
326,165
4.14
251,712
4.30
386,986
4.74
21.8.986 '
4.67
495:761 i
1.48

S28,514 S27,
177,365 3.67,
3,603 32,
91,783 28,
26,853
21,672
108,046
33.881
75:1:09 21,
22'. 967 26,
15,
18,

726,626 I 420,110
1,071,232 ! 455,528

2,341,724,984
1,237,367,579

Calculated a n n u a l rates of earnings from—

1'urUnited j
Pur- United
: I)isehased 1 States se-ipalvar Total, counted chased Statesse= bills.
bills. curities.
bills. ' curilics. rants.

i. 399
128,874

$182,077,820
8i.7'5.i,j,800
208,440,031
172,961,435
109,832.641
95,875:068
268,044:347
102,332; 775
75,009.000
107,899,462
0i,444,8J3
140', 289,750

3 i7,710,473 ;
1,815 4,14-1.251 |

4.16
4.14

Municipal warrants.

cent. Per cent. Per cent. Ptr cent.
4.14
2.0!
3.92
4.08
2.92 . . : . : . : .
4.07
2,17
a <>.<>
:•? •¥.
4 f)2
9 17
4.55
2.09
4.17
4.56
2.02
5.00
4.36
2.13
4A)()
4.32
2.00
3 88
4.14
2.88
4.08
4.38
2.19
4.30
4. C
O
2.20
4.33
4.29
2. .19
4.30
4.23
4.3.8

2. 43
3.56

5.00
4.12

4.01
4.07

Bills discounted during the month of April, 1919, distributed by classes; also average rates and 'maturities of bills discounted.
by each Federal Reserve Bank.
Member banks'collateral i n ; es.
F e d e r a l .Reserve B a n k .

paper secured
b y (JovoniTTL-p'-nt v.'i>r
obliga-iions.

Total




..

...I

j

warobligiJti-.Tis.!

o + h

..

J57.39S.194

5,4i53,545.220

Bankers'
a (.'.septan cf.s.

All o 1:1)or
discounts.

Total.

^l"-('-

8459,
100 i $73,012,000 i
S359.
' 3.94-1'.
859 '
2,581',
571 |
J00.000
' 1.97:
' 860',
603,
345,000
208',
500;
311,000
632,
345.
655
438'.
00.000
137:
350 i
327;082
328. 750.576 !
84:
570
430'. 000
187,
473 |
510,
10. ()()()'. 000
02,
950 !
29,
na;
' I
8, 204;785
734;
330 ;
395:000
100,
72,
170,
275 |
3o-l,
105:000

Boston
N e w Y:>rkPhiladelphia
rui
Atlanta
Chicago
St. Louis
p
K a n s a s Viiy
Dallas
".
San Yra'ic-l^

Secured b y

T r a d e acceptances.

97,953.467 '

£143.692
143:934

S, 071.368

I:.!-]PS >2.-!<-3.0!}7 in LIIC fi'-r*-ii.rri 1

!

32,883.077 i
27!j011585 i
i2.591.225 i
7j 736'. 100 j
10.772,073 i
10;i0j;.905 j

13].950

;
880:2?8 I
17.5HX253 '
0!849.453
7,139; 090

8505.241. 468
2.678'. 055', 774
'9.16.038. 257
224'. 7011 226
303.' 261. 872
15.1.937. 979
350:801: 112
197.127: 063
72:958: 545
141.148: 401
11.7:i82: S^n
170:S84. 028

Average ma-

Average rate
(365-

baturity, d a y pc-r
iindays. sis), 111.
CO
3 4.08
8.01
7. (;5
1 1.10
3 0. 96
17.50
1i).33
12.29
15. 28
23.29
21.70
10.25

174.0J3.S0i9 '. 5,901,401,040 ! 10.92 J

4.J8
4. 03
'i. 03
4.06
4.22
4.11
4. i l
4. 07
4. 1.7
4.7 i
4.41
4.40
4.17

592

FEDERAL RESERVE BULLETIN.

Bankers'

JUNE 1,1919,

and trade acceptances in the foreign and domestic trade and finance hills purchased during the month of April,
also average rates and maturities of total bills purchased by each Federal Reserve Bant.

Trade acceptances.

Federal Reserve Bank.

Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas Citv
Dallas....."
San Francisco

In the
foreign
trade.

,...
i
|
i
j

87,276,641
13,628,967
1,281,681
5,420,128
2,106,8o5
2,113,642
5,092,104
3,875,925
2,401,228
613,052
3,535,620

89,962,687
44,663,796
637,111
8,936,519
1,798,000
950,390
9,405,162
1,478,058
2,985,397
788,429
678,000
7,535,546

817,239.328
58,292', 763 I §73,780
1,918,792
14,356,647
173,019
3,904,855
3,064,032
14,497,266
5,353,983
5,386,625
1,401,481
678,000
11,071,166

47,345,843 \ 89,819,095 i 137,164,9

Total.

246,799

Total.

173,019 1
....."....I.

281,338

Ayerage
; Averrate
(365Total pur- • a g o
! matur- day
chased bills. i ity, in
basis),
! da vs.
per
cent.

j Finance
: bills.

.12,676,394 . 82,750,174 j §562,719

281,338 i

1919;

817,:239,328 j
605,656 !
656
918,792 |
792
14! 529,666
I 3! 904,855
:
3 064,032
497,266
5,:353,983
386,625
-i
5,:
401,481
678,000
I 11,352,504

34.22 :
35.18
41.47
45.91 ;
62.83 ;
60.40 i
56.07 '
34.17 '
47.22 i
47.96 ;
66.34 •
55.29 i

4.15
4.20
4.20
4.21
4.56
4.56
4.22
4.23
4.17
4.26
4.63
4.28

2,957,732 ; 3,204,531 ; 562,719 ! 140,932,188 j 42.00 j 4.24

Discounted bills, including member banks9 collateral notes, held by each Federal Reserve Bank on the last Friday in April,

1919,

[In thousands of dollars; i. e., 000 omitted.]

Federal Reserve Bank.

Boston
New York
Philadelphia...
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City....
Dallas
San Francisco..
Total..,
Per cent
Total, April, 1918.
Per cent




Agricultural
paper.

170
52
18
1,304
2,526
10,264
231
351
2,773
10,204
4,195
34,088
1.7
9,379
1.0

Livestock
paper.

Member banks'
collateral notes.
Customers'
paper
secured by
Govern- Secured by |
Government war
Otherment war
obligawise
obligations.
secured.
tions.

134
263
224
1,020
18,840
8,627

88,792 I
52,285
19,507
10,057 I
12,986 |
2,889 i
5,781 |
2,353
42 !
1,821 i
1,006 j
4,034 !

68,276
632,737
162,662
112,045
78,152
67,793
190,091
69,421
37,663
40,548
25,344
74,387

360
50
722
20
2,105
430
7,750
8,375
724
10

Trade
acceptances.

859
1,672
451
584
1,127
952
525
519
22
1,231

Bankers' All other |
accept- discounts.
ances.

253
132
20

568

619

T n f ni
TotaL

3,904
22,071
8,978
5,149
6,539
7,713
3,616
7,102
409
11,630
9,036
6,624

162,444
709,067
191,670
128,037
102,830
82,156
212,382
80,848
47,257
85,224
54,941
93,556

32,793 !

201,553 | 1,559,119 j

20,546 j 8,561

981

92,771

1,950,412

1.7
30,148
3.3

10.3 !
147,631 i
16.4

1.1
19,641
2.2

0.4
19,171
2.1

O.i

4.8
1 84,552
20.5

100.0
901,743
100.0

79.9 I
491,221
54.5 i

JUNE 1, 1919.

593

FEDEKAL RESERVE BULLETIN.

Acceptances purchased and held by each Federal Reserve Bank on Apr. 30,1919, distributed by classes of accepting

institutions.

[In thousands of dollars; i. e., 000 omitted.]
Bank acceptances.
Federal Reserve Bank.

Boston
New York
Philadelphia
Clevaland
Richmond
Atlanta
Chicago
8t. Louis
Minneapolis
Kansas City
©alias
San Francisco
•Total:
Apr. 30,1919
Mar. 31,1919
Feb. 28,1919
Apr. 30,1918
Apr. 30,1917




Noni Member member
trust
! banks.
companies.
i
j
I
!
,
!
;

9,660
26,150
169
15,991
7,513
5,992
23,659
4,004
13,222
2,939
1,788
29,163
140,250
185,207
219,323
248,390
45,247

Nonmember
State
banks.

Foreign

bank
Private branches
banks.
and

1,644
4,022
171
2,187

-25",
"769";"

3,474

4,751

788

40 '

Total.

Domestic.

Total.

Grand
total.

agencies.

580
5,920
351
737
5
13
181
192
473
395

225 i
1,128 i

Trade acceptances.

441
41
719
4

2,425: 12,321 i 13,980
15,561 | 15,263
2,172
2,418 : 15,110 i 22,062
654 ! 2,907 i 25,921
327 | 17,096
13,531 I

12,260
39,417
691
947
20,650
7,518
6,005
24 I 24,305
500 i 4,777
1,513-! 15,927
3,463
100 :
1,788
!
2,798 i 40,955

1,407

151
2,197

8,230
12,885
13,586
10,304
344

! 177,756
i 231,088
I 272,499
! 288,176
. 76,545

1,407

12,260
40,502
691
20,708
7,518
6,005
24,318
4,777
15,927
3,463
1,788
42,362

2,505
4,207
3,690
9,151

2,563
4,526
4,420
9,279
1,371

180,319
235,614
276,919
297,455
77,916

1,085

1,085

58
13

58
319
730
128

594

FEDERAL, RESERVE BULLETIN".

JUNE 1, 1919.

OPERATIONS OF THE FEDERAL RESERVE BANKS.

Redemption by the Treasury of the first two
series of certificates issued in anticipation of
the Victory loan, issuance of the tenth series
of 591.3 millions of certificates on May 1, and
receipt on May 20 of the first payment on the
Victory loan are the principal fiscal operations
reflected in the weekly statements of the Federal Reserve Banks covering the period April
25 to May 23. The result of all these operations is seen in a continuous increase oi the
holdings of war paper between April 25 and
May 16 from 1,760.7 to 1,863.5 millions, and a
decline to 1,762.5 millions following the first
payment on account of Victory notes by the
banks and other subscription agencies. Other
discounts declined from 189.7 to 175.5 millions
on May 16, when total discounts for the first
time were in excess of 2 billions, and on May
23 stood at 176.4 millions. On both the initial
and final dates the share of war paper in the
total discounts was slightly in excess of 90
per cent, larger percentages obtaining for the
three eastern, also the Cleveland and Chicago
banks.
War paper held under rediscount for other
Federal Reserve Banks shows a decline in volume from 91 millions on April 25 to 85.7 millions on May 16, the total rising, however, to
109.3 on the following Friday. Interbank
transactions include also purchases from other
Federal Reserve Banks of bankers' acceptances
with the sellers' indorsement or without such
indorsement. During the month the holdings
of acceptances purchased from the Boston
bank with the bank's indorsement declined
from 7.2 to 1.9 millions, while holdings of acceptances purchased from the New York bank
without the selling bank's indorsement, increased from 26.4 to 28.5 millions. Total acceptances on hand went up from 185.8 to
193.2 millions, San Francisco showing the largest gain in acceptances on hand, bought largely
from the New York bank.
Treasury certificate holdings, chiefly of the
one-year 2 per cent type to secure Federal Reserve note circulation, increased between April




25 and May 16 from 191.5 to 204.1 millions,
this increase corresponding to an increase during the period from 158.8 to 168 millions in
Federal Reserve bank-note circulation. On
the following Friday the New York bank shows
liquidation of over 7 millions of certificates
temporarily purchased for the accommodation
of nonmember banks, while total certificate
holdings, as the result of additional purchases
by other Federal Reserve Banks, show a decline
for the week of only 4.3 millions, the May 23
holdings, 199.7 millions, being 8.2 millions in
excess of the April 25 holdings. Total earning
assets increased during the period by about
4 millions, and on May 23 stood at 2,359
millions.
Largely as the result of further Government
deposits the gold resources of the banks increased from 2,169.2 to 2,178.7 millions. Net
deposits show a practically parallel movement
with discounts and on May 16 stood at 1,865.3
millions. On May 25, in jkeeping with the considerable reductions in discounts, a decline of
net deposits to 1,797.5 millions is noted, which
is 45.4 millions in excess of the corresponding
April 25 total. Figures of Federal Reserve
note circulation, except for one week, show a
continuous decline, the May 25 total of 2,504.3
millions being 45.3 millions below the total
shown four weeks before, and even slightly below the total reported on October 25, 1918.
As the result of these developments the reserve
percentage of the banks, after a decline to 51.1
per cent on May 16, shows a rise to 52.3 per
cent, which is 2 points higher than the April
25 percentage.
During the period under review the paid-in
capital of the Federal Reserve Banks, largely
as the result of accession of new members, increased by over one-half million dollars, all
the banks except Cleveland and Minneapolis
reporting increases in their capital account.
Apart from New York, which reports a gain of
$246,000 in its capital account, substantial increases in paid-in capital are shown for the
San Francisco, Boston, and Philadelphia banks

JUNE 1,1919.

595

FEDERAL RESERVE BULLETIN.

Resources and liabilities of each Federal Reserve Bank at close of business on Fridays, May 2 to May 23, 1919.
RESOURCES,
fin thousands of dollars; i. e., 000 omitted.]
Phila- ! Cleve- Richdclphia. land. mond.

Chicago.

2,226
2,298
2,161
2,166

8,102
8,160
7,795
7,876

23,111
23,164
23,046

3,967
2,065
3,974
3,921

8,347
8,411
8,347
8,345

128
161
104
135

7,172
7,210
7,204
7,245

8,744
8,847
9,083
9,140

346,707
345,797
335,224
346,997

21,658
24,527
22,028
34,185

7,168
10,945
12,400
12,633

126,186
124,955
120,431
111,062

33,248
34,975
18,493

27,893
36,537
30,954
13,961

27,890
34,271
39,829

6,081
4,206
5,147
6,513

31,292
41,928
36,002
27,438

600,989
569,082
548,954
572,001

j
1130,704
1132,239
!l42,853
J129,677

34,796
32,975
30,331
28,178

45,838
45,141
42,665
41,699

253,447
267,308
270,078
267,507

44,811
50,032
58,270
58,198

32,126
36,464
42,863
41,310

33,743
32,791
31,697
30,567

16,431
15,998
17,157
16,391

106,394
106,465
108,023
107,507

1,104,699
1,134,198
1,150,903
1,139,825

11,292 j 2,132
13,838
2,789
18,018
1,143
11,236

12,491
13,899
15,815
7,138

5,072 j 23,450
4
ofl n - o
4, <-T- 26,078
6,666 30,164
6,021 33,071

5,313
3,891
4,465
5,239

3,768
4,366
4,987
5,324

8,505
9,362
10,361
11,341

2,824
3,218
2,008
2,653

816
1,734
2,956
979

114,223
125,271
140,756
119,916

71,163 66,180 1425,978 82,351
73,699 I 69,021 441,452 89,236
• WJ VWV
W J WMJ.
70,335 I 69,526 443,837 101,684
71,667 68229
71667 68,229 434,686 85,851

72,134
85,778
87,151
68,940

70,266
76,585
81,991
80,878

32,508
30,632
31,516
32,802

147,246
158,974
156,064
145,064

2,166,618
2,174,348
2,175,837
2,178,739

2,368
2,436
2,227
2,208

74
84
71
116

127
131
143
133

2,323
2,211
2,245
2,165

422
250
369
215

70,601
68,436
70,020
69,194

34,831
32,843
33,761
31,967

147,668
159,224
156,433
145,279

New
York.

3,530
3,778
3,117
3,475

256,021
255,610
254,301
253,779

28,317
36,148
49,998
38,814

199,568
130,017
80,956
178,524

41,978
42,651
46,714
40,852

;
!
!
|

58,201
55,319
1 52,327
1 59,975
!
j 13,560
| 16,321
i 19,173
' 11,282

276,095
290,073
289,339
287,679

72,113
69,393
65,300
71,137

103,608
111, 566
124,615
113,546

756,684
700,700
649,596
744,924

Gold coin and certificates:
May2
May9
May 16
May 23
Gold settlement fund, Federal
Reserve Board:
May 2
May 9
May 16
May 28
Gold with Federal Reserve
agents:
May 2
May 9
May 16
May 23
Gold redemption fund:
May 2
May 9
May 16
"
—
May 23

Total gold reserves:
May 2
May 9
May 16
May 23
Legal tender notes, silver, etc.:
"May 2
May 9
Mayl6

316 25,259
607 I 25,539
543 | 15; 431
606 ; 27,263

j

7,952
7,251
j 7,437

25,000
25,000
25,000
24,942

125,699
126,489
130,575
123,831

52,221
51,370
52,679
51,712

19,690
818,620
881,648
944,975
846,459

213,034
211,358
216,873
204,686

800
800
800
800

3,772
3,772
3,772
3,772

500
500
500
500




54,706
49,649
69,520
50,691

1212,801
1210,216
1228,947
'-208,321

823 | 1,191
418 ' 1,115
1,187
571 1,070

May 23
i 7,716
Total cash reserves:
111,560
May 2
118,817
May 9
.,
May 16
1132,052
May 23
J121,262
Bills discounted:
|
Secured b y Government !
war obligations—1
i
May 2."
158,981
May 9
il45,668
May 16
!l52,500
May 23
144,102
All other—
|
May 2
. . . ! 4,576
May 9
j 4,499
May 16
4,966
!
May 23
5,199
Bills bought in open market: 2 I
May 2
! 13,180
May 9
13,932
May 16
15,204
May 23
15,859
United States Government I
bonds:
I
May 2
May 9
,
May 16
539
May 23
! 556
United States Victory notes: :
May 16
'
May 23
|
United States certificates of j
indebtedness:
i
May 2
i 16,916
Ma v 9
i 16,916
May 16
i 16,916
May 23
! 16,916
Total earning assets:
!
May 2
J194,192
May 9
,181,554
May 16
Il89,775
May 23...
182,632

Bank premises:
May 2
May 9
May 16
May 23

San
Francisco.

Atlanta.

Boston.

557
449
324
436

1,416
1,575
1,660
1,800 j

1,127
1,146
1,286
1,052

Minne- Kansas
St.
Louis. apolis. City. Dallas.

Total.

808,905
752,070
702,275
796,636

126,522
126,907
130,967
124,402

:213,992
211,331
230,134
209,391

71,720
74,148
70,659
72,103

67,596
70,596
71,186
70,029

1427,105 84,719
(442,598 91,672
J445,128 103,911
1435,738 88,059

72,208
85,862
87,222

678,623
741,711
792,953
708,974

180,939
178,113
1182,468
170,315

135,096 86,677
il26,460 87,626
Ill5,743 85,677
; 134,152 81,413

72,772
72,241
74,017
70,909

j209,305
200,037
1202,391
|201,723

68,052
59,592
56,384
61,625

41,835
36,688
43,191
47,345

53,836
54,083
54,572
51,720

20,923 81,029
20,478 73,038
2«;i35 77,795
19,354 70,855

1,788,068
1,795,735
1,863|476
1,762,487

11,436 j 14,473
11,681 14,266
11,636 13,184
13,479 14,882

9,680
8,003
8,241
8,726

5,059
6,795
4,088
8,094

39,363
34,700
29,588
31,339

28,198 14,904
28,128 15,622
26,951 14,314
26,986 14,478

178,715
172,568
175,464
176,379

22,028
20,174
32,618
23,422
47,311
43,737
42,691
44,424

1,305
1,304
1,303
1,303

l

11,759
12,240
13,408
12,378

5,229
5,223
4,923
5,206

12,010
11,237
11,547
12,190

70,393
76,716
82,134
(59,056 | 81,011

I 2,237,219
2,242,784
2,245,857
2,247,933

691 22,652 7,578
7,655
930 20,881
922 ! 20,464 7,740
918 21,562 7,083

6,034
6,101
5,611
5,151

26,306
28,952
24,412
28,332

4,263
3,806
3,668
4,443

15,066
12,278
10,417
8,469

3,153
2,827
1,762
1,061

1,688
1,498
1,073
1,063

47,362
45,036
50,723
54,822

195,284
182,036
184,717
193,187

1,234
1,234
1,234
1,234

377
377
376
377

4,476
4,476
4,476
4,476

1,153
1,153
1,153
1,153

115
128
116
116

8,867
8,867

3,966
3,966
3,966
3,966

2,632
2,632
2,632
2,632

27,132
27,144
27,131
27,149

1,385
I 1,385
1,385
1,385

1,083
1,083
1,083
1,083

11
10
69,353 18,260 !i 16,048
74, 722 18,690 16,048
75,410 18,690 16,004
16,442

5,360
5,460
5,460
5,860

8,974
9,024
9,634
9,509

i 180,108
1169,695
158,217
178,445

112,859
113,112
111,658
107,780

99,593
99,427
101,312
99,432

274,172
263,343
265,075
270,025

96,716
86, 744
84,128
90,629

875
875
875
875

312
312
312
312

217
217
218
218

2,936
2,936
2,936
2,936

541
541
541
541

19,612 13,568
20,612 14,190
20,612 14,682
20,612 14,682

8,883
9,335
9,279
9,028
70,958
65,224
67,102
73,062

19
17
6,444
6,532
6,495
6', 453

4,900
4,900
4,900
4,900

5,944
5/934
6,000
7,320

194,262
202,363
204,082
199,748

111,663 59,675 151,871 2,383,461
106,509 58,970 112,262 2,379,846
101,285 63,025 151,464 2,454,889
" 4 4 1 56,269 150,107 2,358,967
400
221
400
221
401 ! 221
401 i 221

400
400
400
400

10,974
10,974
10,976
10,976

596

FEDERAL, RESERVE BULLETIN.

JUNE 1,1919:

Resources and liabilities of each Federal Reserve Bank at close of business on Fridays, May 2 to

23, 1919—Contd.

RESOURCES—Continued.
[In thousands of dollars; i. e., 000 omitted.]
!
Bos-

Uncollected items and other
deductions from gross deposits:
May 2
May 9
May 16
May 23
5 per cent redemption fund
against Federal Reserve
bank notes:
May 2
May9...r
May 16
May 23
All other resources:
May 2
May 9
May 16
May 23
Total resources:
May 2
May 9
May 16
May 23
i Includes bills discounted for
other Federal Reserve Banks:
May 2
May 9
May 16
May 23
J
Includes bankers' acceptances
bought from other Federal
Reserve Banks:
With their indorsementMay 2
May 9
May 16
May 23
Without their indorsement—
May 2
May 9
May 16
May 23

55,940
51,628
64, 726
57,948

lei?" I land."
! Cleve
^x- o

New
York.

Richmond.

84,530
70,323
81,079
83,142

39,507
45,451
48,067
45,894

16,188
15,456
16,227
17,312

463
443
449
450

1,266
1,158
1,566

510
597
571
469

359
327
267
415

714
730
729
730

358
379
371
379

359
358
359
358

8,636
7,858
8,924
8,271

956
1,109
1,205

331
370
425
433

198
204
195
204

423
394
427
440

585
.,038
701
723

981
842
935
1,000

8,010
9,227
10,242
10,289

831
831
843
841

1,830
1,854
1,851
1,852

875
170
925
925

791
763
797
770

248
196
196

292
435
361
418

1,943
2,074
2,255
3,043

927
1,534
1,006
1,205

426
527
571
700

545
1,942

243
308
315
312

363,615
354,065
388,557
363,901

1,797,139
1,800,648
1,830,960
1,807,679

407,496
400,276
413,541
;397,257

449,680
435,505
453,622
446,067

228,631
229,472
230,068
224,834

198,922
203,138
210,562
208,079

i
I

49,560 25,711 27,823 ! 653,926
48,467 22,9145 27,959 i 626,034
54,413 24,354 35,976
709,355
56,968 26,581 33,136
679,798

t790,872

222,324 159,911 233,153 121,381 329,102 5,302,226
1781,314 225,375 167,073 233,216 115,596 331,045 5,276,723
'796,888 237,643 171,013 239,389
345,567 5,440,243
1793,932 226,025 160,049 238,991 119,140 330,280 5,316,234
60,242
63,854
60,688
54,788

28,500
19,985 !.
9,965 I.
I 29,486

4,625 i
4,229 i
3,597 ;
18"~

Total.

30,810
32,147
37,082
37,638

65,638 I 53,488 42,662
159,230 59,807 52,314 41,107
175,832 63,270 I 63,028 45,301
155,917 65,539 ! 55,886 43,837

!

San
Minne- Kansas Dallas. Franapolis. City.
cisco.

At- ! Chilanta. | cago.

10,000

10,000
10,000
15,000
15,000

98,742
93,839
85,653
109,274

150

4,812
4,229
3,597
1,860

-I*
5,042
3,139
1,617
70

356
254

23,062
22,767
28,413

31,084
26,262
27,493
28,483

LIABILITIES.
Capital paid in:
May 2
May9
Mayl6
May23
Surplus fund:
I£ay2
May 9
May 16
May23
Government deposits:
May2
May9
May 16
May23
Due to members—reserve account:
May 2
May 9
May 16
May 23
Deferred availability items:
May 2
May 9
May 16
Mav23
Other deposits, including foreign government credits:
May2
May9
May 16
May23




!
6,845
6,908
6,848
6,849

21,201
21,226
21 343
21,345 |

7,597
7,597
7,597
7,630

9,226
9,166
9,200
9,225

4,192
4,191
4,193
4,195

3,237 11,406
3,240 11,404
3,241 11,434
3,241 11,441

2,996
2,996
2,996
2,996

21,117 |
21,117 I
21 117 ;
21 117

2,608
2,608
2,608
2,608

3,552
3,552
3,552
3,552

2,196
2,196
2,196
2,196

1,510
1,510
1,510
1,510

12,814
7,557
29,687
9,605
102,484
99,578
104,562
103,744
41,403
40,795
52,245
50,875
1,272
1,318
1,457
1,045

27,912
19,753
21,581
7,215

: 11,835 20,070
i 6,100
i 18,040 17,155
I 11,194 9,032

115,335
113,039
113,626
114,524

I
'
|
j

885
682
679
742

42,684
42,226
50,338
47,704
871
778
265
863

3,751
3,749
3,778
3,784

3,235
3,235
3,235
3,235

4,703
4,703
4,708
4,770

82,198
82,228
82,397
82,553

1,603
1,603
1,603
1,603

1,415
1,415
1,415
1,415

2,421
2,421
2,421
2,421

1,184
1,184
1,184
1,184

2,448
2,448
2,448
2,448

49,466
49,466
49,466
49,466

10,341
3,519
5,848 4,259
12,184 12,217
6,864 2,845

7,311
2,109
8,472
4,237

5,440
1,511
8,809
1,677

9,392
9,875
17,466
3,399

143,273
89,761
185,841
99,999

57,776 47,583
58,066 50,654
63,175 ! 49,642
58,947 i 48,070

71,616
77,356
75,508
71,545

39,394
40,520
39,762
40,794

80,200
84,068
86,003
87,786

1,644,434
1,688,906
1,713,341
1,697,524

62,838 30,634 9,783 34,813
54,799 j 37,743 12,294 34,273
65,624 | 36,676 j 11,231 35,955
61,670 I 36,294 | 11,509 36,267

16,270
12,856
14,402
17,693

18,706
14,815
20,642
20,354

512,703
483,501
549,702
537,642

41
697
141
318

6,596
5,836
5,891
6,167

128,466
129,175
125,786
142,138

6,416
6,416
6,416
6,416

4,009 2,718 27,912
2,139
2,797 18,424
3,165 ! 10,055 27,010
7,518
7,386 29,027

691,492 I 96,718 128,188 j52,007
706,952 |107,433 125,356 | 54,409
731,494 96,420 130,508 i 52,847
733,225 88,967 133,287 I 51,291
132,628 64,278
120,475 51,993
131,688 : 62,571
126,889 | 63,801

3,838
3,861

2,977
2,980
2,982
2,977

i
I
i
i

43,486 233,490
46,688 237,826
45,902 ;237,518
44,673 235,195

36,092 | 22,574
38,171 23,061
41,867 26,463
36,131 28,455
77
159
365 ' 170
61 ' 113
401 ; 293

! 313I

2,071 i
3,259 |

;
285
714 ; 1,219
401 j 412
748 ; 1,510

561
1,098
2,111
10,919

597

FEDERAL RESERVE BULLETIN.

JUNE 1,1919.

Resources and liabilities of each Federal Reserve Bank at.close of business on Fridays, May2 to May 2$', 1919—Continued.
LIABILITIES—Continued.
[In thousands of dollars; l. e., 000 omitted.]
Boston.
Total gross deposits:
Mav2
May 9
May 16
May 23
Federal Reserve notesi n actual
circulation:
May 2
Ma'v9
May 16
May 23
Federal Reserve Bank notes in
circulation—net liability:
May 2
.....I
May 9
May 16
Mav23
All other liabilities:
May 2
•May 9
May 16
May 23
Total liabilities:
May 2
May 9
May 16
May 23

New
York.

Philadelphia.

Cleve-

land,

AtRichrnond. lanta.

92,185
95,084
97,940
95,341

157,973
149,248
187,951
105,269

967,367 .73,716 191,813
960,219 .66,208 177,749

176,931
176,024
171,535
169,647

741,385
751,273
742,067
735,462

204,469
203,709
204,912
201,362

228,202
227,838
1225,171
|224,788

123,311
121,152
118,764
115,902

16,495
16,432
16,592
16,466

34,724
34,985
35,929
35,163

16,561
17.487
17;920
18,006

14,773
14,990
15,129
15,176

11,345
11,828
12,115
12,739

2,545
2,607
2.794
2,887

2,375 !
2.457
2,575
2,674

363,615 1,797,139 407.496
354,065 1,800,648
;276
388,557 1,830,900 413,541
363,901 jl, 807,879 397,257

1115,539
1115,854
! 113,171
|112,264
!

449,680
435,505
453,622
446,067

|228,631
1229,472
i230,068
1221.834

1,178
1,231
1.278
1,363
1198,922
1203,138
[210,562
208,079

61,145 114,894
55,584 114,594
63,114 130,002

122,968

422,296 1105,020
424,024 |l04,081
422,396 1105,491
419,554 103,365

117,706

2,428,876
2,391,343
2,574,670
2,477,303

87,980 97,668 47,935 198,304
87,791 97,037 47,605 200,361
86,505 95,835 46,841 j199,291
85,006 94,767 46,066 1196,070

2,549,040
2,556,749
2,532,039
2,504,253

11,693
12,326
13,094
13,103

5,505
5,570
5,671
5,703

13,262
13,346
13,465
13,101

6,695
6,745
6,798
6,862

6,571
6,667
6,724
6,774-

161,450
164,415
168,045
167,208

3,017
3,122
3,271
3,549

1,116
1,165
1,181
1,240

864
891
938
1,014

1,750
1,827
1,844
1,947

1,187
1,243
1,261
1,311

2,182
2,272
2,394
2,512

31,196
32,522
33,626
35,451

; 790,872
781,314
1796,888
"93.932

j222,324
225,375
237,643
226,025

159,911
167,073
171,013
160,049

233,153
233:216
239,389
238,991

121,381
1115,596
1122,433
119,140

329,102
331,045
345,567
330,280

5,302,226
5,276,723
5,440,243
5,316,234

8.521 ! 21,426
8,587 i 22,040
8,829 22,590
8,894 22,472

2,114
1,523
2,210 I 1,609
2,304 ! 1,671
2,440 ! 1,775

Total.

61,170 114,301
68,426 114,836
73,502 122,046

68,937 326,311 99,064
72,716
102,371
82,533 330.781 112,436
330,500 102,853
80,807

5,224
5,240
5,304
5,425

.77,710 198,266
981,853 .64,704 190,886

San
St. MinneLouis. apolis. City. Dallas. Francisco.

Chicage.

!
i
I
]

MEMORANDA.

Contingent liability as indorser
on™

Discounted paper rediseounted witb other Federal Reserve Banks—
Mav2
MayS
Mavl.6
May 23
Bankers' acceptances sold
to other Federal Reserve
BanksMay 2
MayS
May 16
May 23

35,217
31,685
25,315
27,341

33,525
32,154
25,338
36,933

; 30,000
: 30,000
S 35,000
! 45,000 I

4,812
4,229
3,597
1,860

98,742
93,839
85,653
109,274

4,812
4,229
3,597
1,86©

Maturities of bills discounted and bought, also of Treasury certificates of indebtedness.
[In thousands of dollars, i. e., 000 omitted.]

Within 15
days.
Bills discounted:
May 2
May 9
May W
May 23
Bills bought:
May 2
:...
May 9
May 16
,
May 23
United States certificates of indebtedness:
May 2
MayS
May 16
M23




16 to 30
days.

31 to 60
days.

61 to 90
days.

677,868
706,881
705,491
675,512

558,491
49,507
64,850 !
42,344

S84,453
70,308
70,024
138,435

5120,066
123,761
119,99-1
60,492

64,790
62,919
57,255
57,635

40,955
42,458
40., 139
37,957 I

53,034
55,5S0
60, 7S7
65,7t>7

Over 90
days.

27,499
21,079
2d,536
31,828

29,234
33,827
34,655
30,746

ml
3.331 j
3:392 j
'681 i

7,017 j
3,846 I
3.971
3,209

101!
270 i
109 I

$25,905
17,846
18.584
22; 083

Total.

51,960,783
1,9c>8,308
2,038,940
1933866
195,2S4
182,036
184,717
193,187

157,842 !
161,089
101,955
I(i3.015 !

191,262
202,363
204.082
199'. 748

598

FEDERAL RESERVE BULLETIN.

JUNE 1,1919.

FEDERAL RESERVE NOTES.
Federal Reserve note account of each Federal Reserve Bank at close of business on Fridays, May 2 to May 28, 1919.
[In thousands of dollars, i. e., 000 omitted.1

Boston.

Federal Reserve notes received
from agents:
May 2
May 9
May 16
May 23
Federal Reserve notes held by
bank:
May2
May9
May 16
May 23
Federal Reserve notes in actual
circulation:
May 2
May9
May 16
May 23
Gold deposited with or to credit
of Federal Reserve agent:
May2
May 9
May 16
May23
Paper delivered to Federal Reserve agent:
May 2
May 9
May 16
May 23




NewYork.

Philadelphia.

182,968
182,086
179,630
177,242 I

816,164
817,763
832,290
831,870

'213,581
j 214,301
:215,007
J2}3,644

6,037
6,062
8,035
7,595

74,779
66,490
90,223
96,408

176,931
176,024
171,595
169,647

741,385
751,273
742,067
735,462

58,201
55,319
52,327
59,975
176,737
164,099
172,320
165,160

Cleve- Richland. mond.

Atlanta.

Chi-

San
St.
Minne- Kansas
Louis. apolis. City. Dallas. Francisco.

Total.

119,338
120,121
116,544
116,459

450,142
454,003
456,773
454,202

118,545 89,392 103,090 49,025 219,719
118,106 89,330 102,688 49,187 221,989
120,044 87,729 101,894 48,672 221,487
118,932 86,876 100,964 47,866 217,971

2,731,274
2,735,798
2,741,265
2,725,791

241,171
239,186
238,500
238,624

128,139
127,038
122,695
121,141

! 9,112 12,969
i 10,592 11,348
! 10,095 13,329
i 12,282 13,836

4,828
5,886
3,931
5,23;9

228,202
227,838
225,171
224,788

123,311
121,152
118,764
115,902

115,539
115,854
113,171
112,264

422,296
424,024
422,396
419,554

276,095 | 72,113 130,704 34,796
290,073 : 69,393 132,239 32,975
289,339 65,300 142,853 30,331
287,679 71,137 129,677 28,178

45,838
45,141
42,665
41^699

253,447
267/308
270,078
267,507

i

747,962
805,622
868,292
776,820

1204,469
1203,709
.204,912
; 201,362

143,758
; 146,508
150,542
144,864

3,799 27,846 13,525
4,267 29,979 14,025
3,373 34,377 14,553
4,195 34,648 15,567

1,412
1,539
1,224
1,870

5,422
5,651
6,059
6,197

1,090
1,582
1,831
1,800

21,415
21,628
22,196
21,90,1

182,234
179,049
209,226
221,538

105,020 87,980 97,668 47,935
104,081 87,791 97,037 47,605
105,491 88,505 95,835 46,841
103,365 85,006 94,767 46,066

198,304
1200,361
199,291
196,070

2,549,040
2,556,749
2,532,039
2,504,253

44,811
50,032
58,270
58,198

j 32,126 33,743
| 36,464 32,791
42,863 31,697
41,310 30,567

16,431
15,998
17,157
16,391

106,394
106,465
108,023
107,507

1,104,699
1,134,198
j 1,150,903
1,139,825

161,683 101,500 82,459 250,084 81,133 61,762 96,352
151,734 101>942 87,910 238,255 71,287 ! 54,927 91,110
140,041 96,144 80,535 239987 67,646 57,109 85,922
239,987 67646 57109
84,034 244,916 I 66,280 j 60,171 84,120
159,048

50,809
50,104
54,159
47,403

115,526
123,564
122,874
123,359

2,069,765
2,087,, 062
2,135,541
2,052,784

599

FEDERAL RESERVE BULLETIN.

JUNE 1, 1919.

Federal Reserve note account of each Federal Reserve agent at close of business on Fridays, May 2 to May

23,1919,

[In thousands of dollars, i. e., 000 omitted.]
f
Philadelphia.

Cleve- Richland. mond.

Chi-

Atlanta.

San
Francisco.

St.
M
Minne- Kansas
a
Louis. apolis. Ci
li
City.

Total.

FEDERAL RESERVE NOTES.
Received from Comptroller:
May 2
k: May 9
/
May 16
May 23
Returned to Comptroller:
May 2
May 9
May 16
May 23
Chargeable to Federal Reserve
agent:
May 2
May 9
May 16
May 23
I n hands of Federal Reserve
agent:
May 2
May 9
May 16
May 23

304,680
i305,560
1306,400
307,200

1,493,380
1,513,480
1,533,380
1,546,780

93,212 i
96,094 ;
99,050 ,
101,438 •
j
;
211,468 1209,466 ;
|207,350 \
-205,762 i
|
\
;
• 28,500 !
!
27,380 [
27,720 ,
28,520 ;

Iss ued to Federal Reserve B ank
less amount returned to Fed- ;
eral Reserve agent for re- !




222,220 •221,000 -591,720 191,020 ^30,880
222,720 j222,000 •592,640 j 192,660 130,880
222,720 j222,000 602,280 |195;860 130,880
222,720
604,480 '196,220 130,880

271,320
273,320)
275,2601
276,260.'

4,390,120
4,419,140
4,455,660
4)484,140

29,830
30,263
30,603
31,369

47,401
48,331
50,773
52,289

1,241,901
1,279,342
1,311,640
1,347,634

72,130
71,697
71,357
71,791

223,919
224,989
1224,487
223,971

3,148,219
3,139,798
3,144,020
3,136,506

143,600 18,360 ! 31,920
143,600 14,920 : 32,420
143,600 9,120 ! 31,720
143,600 12,240 j 32,520

28,110 j 58,920 33,480 I 19,780 i 12,840 !
14,130 23,105 ! 4,200
27,890 j 58,440 27,440 i 20,080 i 12,240 j
14,080 22,510 : 3,000
I 29,590 I 59,540 29,280 19,580 ! 13,140 13,780 22,685 i 3,000
28.990 ! 58,660 30*360 18,980 13,340 13,580 | 23,925 :! 6,000

416,945
404,000
402,755
410,715

816,164
817,763
832,290
831,870

128,139
127,038
122,695
121-141

347,320
348,800
349,800
353,400

533,616
552,117
557,490
571,310

120,879
J123.599
128,693
132.856
;
|

959,764
961,363
975,890
975,470

,231,941
1229,221
J224,127
i225,884

156,249
154,928
152,285
150,131

178,258
!l78,561
176,084
175,119

483,622
481,443
'486,053
484,562

52,695
54,474
56,236
58,308
138,325
|138,186
il39,624
|l37,912

j101,960
101,960
101,960
103,160

44,580
45,532
46,626
47,756

117,220
116,768
115,674
114,544

|222,000

65,971 I 42,742 1108,098
67,792 I 43,439 111,197
70,435 i 45,916 116,227
72,589 I 46,881 119,918

74,229
77,194
79,580
82,256

J273,091
-271,606
\ 270,220
j271,144

161,800
162,300
162,300
162,300

28,648 i
29,310 !
30,011 !
30,664 !
102,232
101,570
100,869
'100,216

i
:

demption:
•
!
May 2
182,968 '
May 9
182,086 i
May 16
179,630 i
May 23
177,242
Collateral held as security for ,
(
outstanding notes:
:
Gold coin and certificates i
i
on hand—
May 2
May 9
May 16
;
;
May 23
i
Gold redemption fund—
I
May 2
11,201
May-9
10,319 !
May 16
10,327 !
May 23
9,975 i
!
Gold settlement fund, Fed:
eral Reserve Board:
May 2
47,000 ,
May 9
45,000 \
May 16
42,000 i
May23
50,000 ,
Eligible paper minimum
|
required: l
!
May 2
124.767
May 9
126' 767
May 16
127,303
May 23
117,207

1

352,820
352,820
352,820
358,740

213>581
214,301
215,007
213,644

183,740
183,740
183,740
183,740
17,355
16,333
15,599
13,939

|241,171
1239,186
1238,500
1238,624

17,625
;
,
i
i

11,079
12,614
13,228
12,052

75,000 : 61,889 100,000
90,000 j 56,889 100,000
90,000 i 52,889 1100,000
90,000 57,889 \ 100,000
540,069
527,690
542,951
544!191

141,468
144,908
149,707
142,507

1110,467
1106,947
I 95,647
108,947

450,142
454,003
456,773
454,202

!
2,500 !
2,500 j
2,500 !
2,500

19,625
i 19,625
I 29,625
10,224
12,504
12,411
13,248

119,338
120,121
! 116,544
,116.459

j 89,392
I 89,330
j 87,729
| 86,876

|1O3,O9O
102,688
i 101,894
(100,964

I
.j 13,052
:
I
I 2,0 ! 13,052
. 13,052
i
!
.; 13,052

2,796
2,975
2,331
2,178

3,338
2,641
2,165
4,199

4,982
5,884
5,853
5,162

32,000
30,000
28,000
26,000

40,000
40,000
38,000
35,000

248,465
261,424
1264,225
1262,345

93,343 73,500
94,063 74,980
92,364 73,879
92,963 74,780

118,545
118,106
1120,044
118,932

2,380
2,601
2,840
2,767 =

42,431
45,431
55,430
55,431

1,674 ; 2,383
1,012 | 1,431
3,311 i 2,337
2,658
1,207
17,400
22,400
26,500
25,600

49,025
49,187
48,672
47,866

;219,719 j
221,989 i
i22l,487 |
1217,971 !

11,581
11,581
11,581
11,581

230,498
232,498
240,498

2,666 14,016
2,733 13,086
2,892 11,790
2,626 11,208

j 31,360 I 2,184
! 31,360
1,684
I 29,360
2,684
i 29,360
2,184

60,734

45,566 i 70,397 31,475 110,464

For actual amounts see "Paper delivered to Federal Reserve agent,""on p. 59;

84,094
84,133
85,094
81,219

790,107
92,378
817,567
93,379
96,233 j 825,321
830,108
96,299

196,695 73,734 57,266 69,347 32,594 113,325
[186,695 68,074 52,866 ! 69,897 33,189 115,524
; 186,695 61,774 44,866 i 70,197 31,515 113,464
. ,

186,695

2,731,274
2,735,798
2,741,265
2,725,791

1,626,575
1,601,600
1.590.362
i;585;966

600

FEDERAL RESERVE BULLETIN.

JUNE 1,1019.

CONDITION OF SELECTED MEMBER BANKS.
Weekly condition reports of 773 member due to the inclusion by some of the banks of
banks in about 100 leading cities of the five Vic tor}'notes under this head. Holdingsof these
weeks between April 18 and May 23 indicate a notes will be segregated in the future and more
net increase in United States securities (other accurate figures will then become available.
than circulation bonds) from 2/716.8 to 2,904.8
During the five weeks under review aggremillions on Ma}' 16. and a decline to 2,642.7 gate holdings of United States war securities
millions on May 23 following the first payment and war paper increased from 3,810.7 to
by the banks on account of the Victory loan. 3,822.3 millions. Between October 25, 1918,
Treasury certificates went up from 2,079.5 to the Friday following the issue of the fourth
2,328.1 on May 2, the day following the issue of war loan, and May 23 the combined amount of
591.2 millions of the tenth series of these certifi- United States war securities and war paper
cates, in anticipation of the latest loan. Since held by all reporting banks shows an increase
then as the result mainly of deliveries to the of about 690 millions. It should be noted,
Federal Reserve Banks in payment or Victory though, that the October 25 total refers to 750
notes the total reported holdings have gone banks only, as against 773 banks reporting on
down to 1,777.9 millions, or 301.6 millions the later date. Of the loans and investments
below the total given for April 18. Other of all reporting banks the combined amount of
United States securities, including probably the United States war securities and war paper
bulk of Victory note holdings, but exclusive of constituted 26.2 per cent on May 23, compared
circulation bonds, show small though con- with 26.6 per cent on April 18 and 22.3 per
tinuous weekly additions to May 16 and an cent on October 25 of the past year. For the
increase of 182.3 millions for the week ending member banks in New York City this percenMay 23, the net addition for the period amount- tage shows a rise between October, 1918, and
April 18 of the present year from 24.7 to 31 per
ing to about 234.5 millions.
For the New York City banks liquidation of cent and since then a decline to 28.5 per cent.
Government deposits fluctuated during the
186.8 millions of Treasury certificates and an
increase of 41.2 millions in other United States weeks between 434.8 millions.on May 16 and
securities are noted. For the banks in all 727.9 millions on May 2, the day following the
twelve Federal Reserve Bank cities corre- issue of the tenth certificate series; the May
sponding changes include a decrease of 249.4 23 total being 24.8 millions below the total
millions in certificates and an increase of 124.3 reported five weeks earlier. Other demand
deposits (net) show a steady growth between
millions in other United States securities.
Loans secured by United States war obliga- April 18 and May 16. The decrease of over
tions (largely Liberty bonds and Victory notes) 200 millions noted for the following week
show a slight decline up to May 16. For the apparently represents in part drafts of country
following week an increase of nearly 100 millions banks on correspondents in the large cities in
in these loans is seen, this increase apparently connection with Victory loan operations. No
representing cutsomers' loans secured by newly appreciable differences appear in the total of
issued Victory notes. Other loans and invest- time deposits. Cash in vault went up 9.2
ments, after a slight decline during the week millions, while reserve balances (with the
ending April 25, show a steady increase to the Federal Reserve Banks) in keeping with the
end of the period under review, the May 23 growth in demand, other than Government
total, 10,515.1 millions, being 248.4 millions in deposits, show an increase of 22 millions. Over
excess of the corresponding total for April 18. one-half of this increase is reported by the
It is possible that a small part of the increase is | member banks in New York City.




601

FEDERAL RESERVE BULLETIN.

JUNE 1,1919.

Principal resources and liabilities of member banks in leading cities, including member batiks located in Federal Reserve Bank
cities and in Federal Reserve branch cities as at close of business on Fridays, from Apr. 25 to May 23, 1919.
1. ALL REPORTING MEMBER BANKS.
[In thousands of dollars; i. e., 000 omitted.)
Bost»n.
Number of reporting banks:
Apr. 25..
May 2
May 9
May 16
May 23
United States bonds to
secure circulation:
Apr. 25
May 2
May9
May 16
May 23
Other United States bonds,
including Liberty bonds:
Apr. 25
May 2
May 9
May 16
May 23
United States certificates of
indebtedness:
Apr. 25
May 2
May 9
May 16
May23
Total United States securities owned:
Apr. 25
May 2
May 9
Mavl6
May23
Loans secured by United
States bonds and certificates:
Apr. 25
May 2
May 9
May 1(5
May 23
Other loans and investments:
Apr. 25
,
May 2
May 9
-"
May "
16.

May 23.
Total loans and investments:
Apr. 25
Mav2
May 9
May 16
,
May23
Reserve with Federal Reserve .Bank:
Apr. 25
May 2
May 9
May 16
May 23
Cash in vault:
Apr. 25
Mav2
May 9
Mavl6
May 23
Net demand deposits on
which reserve is computed:
Apr. 25
May 2
May 9
,
May 23




New
York.

!

Phila- i Clevedelphia.! land.

101
101
101
101
101

loo
106
108
108
14,402
14,402
14,402
14,402
14,208 1

!
San
i St. ' Minne- Kansas:! Dallas. FranTotal.
• Louis. I apolis. City. '
cisco. I

Rich- 1 Atmond. i lanta.

49,647
50.092
49,792
49,64(5
49,645
297,867
303.669
301', 565
300,795
346,683

34,314
35,018
35,188
34,595
51,895

j 937,002
11,061,810
11,036,036
11,0.14,446
772,903

131,858
147,606
142,982
142,781
125,165

40,960
40,961
40,961
40,9(50
40,960

11,597
11,597
11,597
11,597
11,597

25,270 ! 15,265
25,270 I 15', 265
25', 270 i 15,500
25,27* j 15,450
25,270 15,515

37

53
53
53
53
53

772
771
773
773
773

19,911
19,911
19,911
19,912
20,112

! 16,908
16,906
16.956
17; 056
17,106

6,870
6,870
6,867
6, S70
6,870

56,147
55,805
59,250
56,947
107,194

17,959
20,017
19,219
i 18,068
! 30,951

12,207
12,557
12,126
12,729
15,078

23.177 20,124 33,079
23;337 20,507 32,995
22,589 20,728 34,038 j
24,607 22,089 35,713
31,522 24,472 40,026

70,035
78,693
73,881
73,666
64,484

258,602
308,145
291,196
288,128
229,597

73,474
80,573
75,996
74,961
59,594

44,834
44,931
46,219
46,150
43,309

57,623 34,156 113,077
61,364 43,402 |121, •""*
68,724 40,157 121,730
68,035 37,841 116,439
53,553 36,532 94,717

116,670
128,810
128,067
130,774
128,024

334,660
383,861
370,357
364,987
356,903

108,341
117,496
112,171
110,685
107,651

36,799 23,408
38,533 22; 481
36,752 22,017
37,954 23,142
47,540 26,475

92,218
93,365
91,498
93,633
96,133

13,984
14,004
14,009
14.009
14,009

18,324 35,685 ! 268,823
18,324 35,685 ! 269,287
18,324 34.599
268,188
18,324 34,599
268,095
18,324 34,599
268,215

I
19,691
21,115
22,457
23.244
21.857
115,466
138,680
126,138
124,835
104,970

j
!
j
!
i

64,370 47,392 31,370
62,599 47,265 34,852
63,860 48,911 38,686
63,195 48,250 41,658
89,500 57,643 48,025
135,139 75,092
155,183 85.774
153,283 84', 090
.151,767 83;283
122,729 70,315

177,769
194,221
189,767
188,973
141,035 11,169,231 188,657

240,469
258,743
258,104
255,922
253,189

144,911
144,805
138,482
141,913
162,877

.100,072
100,237
'6,688
99,960
109,781

792,192
J792J452
791,296
798,615

791,306 4,021,840 614,232
'4,061,907 618,85.1
14,111,671 623,857
! 4,134,789 624,097
hi, 176,382 634,230

991,584
990,109
99(5,947
994,052
998,503

374,142
i384,352
379,839
380,030
1381,301

302,730
300,277
294,31.6
300,116
301,856

1,394,866
1,410;656
1,411,524
1,428,926
1,441,176

>,912
1,022,111,5,848.525
1,041,30216,015; 793 1957,877
1,035,71116,027,634 952,106
1,034,160*6,023,043 954,983
1,027,78415,910,196 985,764

332,125
349.089
35i;739
349,934
361,473

558,695
579,194
574,8(52
574,787
582,069

442,808
451,5(58
444,400
454,032
456,355

74,363 I
72,777 |
69,736 j
71,933 i
72,693 |

657,301 67,363
644,271 67,135
662,042 68,281
678,82G 62,341
676,067 57,736

85,211
88,354
86,059
93,432
92,608

34,0(58
34,380
34,747
33,582
33,223

29,518
28,505
31,587
29,248
30,250

25,176
24;578
23,929
24,336
22,293 j

121,595
117,145
125,162
121,743
122,321

19.293
17! 789
18', 578
19; 300
18,927

31,609
33,885
32,206
34,7U
34,624

17,244 13,103
16,139 13,632
17,294 13,545
16,518 13.282
17,481 13,166

14,768,034
14:821,834
14,903,499
4,926.248
|4,894',958

654,734
656,935
660,875
661,559
1651,115

768.909
787; 541
789,326
802,557
794,537

149,559
174,197
162,997
162,481

il, 284,516
(1,415,571
,1,387,393
jl, 364,887

81,246
74,913
80,262
80'.383
88,134

542,169
535,315
528,570
523,3S7
564,583

71o,746
724,766
738,462
74i; 332
|712,375

!

147,754
158.309
158', 271
156,803
153,228

63,911 94,784
64,358 98,705
65,212 105,322
65,749 106,651
65,257 99,084

657,697
669,736
678,617
682,490
864,846

2,046,358
2,328,124
i 2,260,432
! 2,222,332
1,777,868

72,604 181,841
82,233 1190,643
79,209 |19O,367
78,254 1186,751
79,328 169,342

! 2,972,878
j 3,267,147
3,207,237
3,172,917
2,910,929

6,749 22,590
6,685 21,539
6,588 21,591
6,978 22,305
7,058 24,301

1,099,898
1,085,333
1,072,498
1,080,080
1,179,537

25,452 11,887
25,448 11,797
25,489 11,897
25,241 12,419
26,444 12,667

12,397
12.215
12; 664
12,785
13,544

391,674
386,252
385,533
381,565
386,744

239,291
237,196
234,450
234,294
234,078

447,557
445,759
447,661
456,381
461,898

179,606
176,689
175,323
179,318
179,231

515,179
519,611
516,299
523,647
521,082

10,264,007
110,326,851
110,369,872
110,428,511
il0,515,096

1,821,744
1,887,882
1,873,379
1,887,546
1,894,212

525,4(57
529,196
523,193
517,491
520,839

;31o,089
1313,351
|311,559
1312,462
1312,002

554,738
556,679
565,647
1575,817
574,526

258,959
1265,607
j2(51,12O
,264,550
1265,617

719,610
731.793
728', 257
732,703
714,725

14,336,783
14,679,331
14,649,607
14,681,508
14,605,562

162,304
J65,536
168,617
167,814
160,816

39,379
37,665
37,468
42,455
39,899

i 22,623
I 21.526
22', 222
! 22,365
! 21,170

43,766
43,292
46,503
46,177
40,512

18.634
18;979
19,115
18,855
18,946

53,514
50,720
53,062
52,732
54,088

1,288,044
1,273,146
1,299.739
1,317; 760
1,298,008

61,901 9,516 i 9,095
62,937 9,713 j 8,572
64,988 10,382 : 9,572
66,263 9,581 ! 9,436
65,507 9,657 ! 9,485

15,738
14,981
15,045
15,137
15,615

320,851 1241,744 1,221,368
323,397 245,981 1,235,680
326,047 250,178 1,246,560
322,424 249,658 1 ,2 7 ,6 4 ,3 3
1,276,433
, ,

297,449
299,990
301,914
\301914
nnn ., ,—
308,679
,
1248834 i289893
244', 069 1,248,834 i289,893

i213,107
1221,559
232,779
232779
,— , „,.«
.232,690
,
!
! 215126
215,126

i

9,040 19,863
8,769 19,180
9,768 20,805
9,477 ; 20,812
9,349 j 20,759

396.041 '162,072
!396;920 1163,394
;
,
407103 1
4 , 1 3 1169484
407,103 1169,484
:
4 1 8 1 3 2 : i 74)i 9 9
4 1 8 1 3 2 :i7 4 i99
396151 {165,272
396,151 {

1449,699
1444,635
14,
j
457537
457,537
I457 636
:449581
:449,581

353,173
347,320
36O',887
360.596
359;184

10,209,754
10,322,632
10,486,764
10,571,547
10,370,747

602

FEDERAL RESERVE. BULLETIN.

JUNE 1,1919.

Principal resources and liabilities of member banks in leading cities, including memberlbanhs located in Federal Reserve Bank
cities and in Federal Reserve branch cities as at close of business on Fridays, from Apr. 25 to\May 23, 1919—Cont'd.
1. ALL REPORTING MEMBER BANKS—Continued.
[In thousands of dollars; i. e., 000 omitted.]
Boston.
Time deposits:
Apr. 25
May 2
'..
May 9
May 16
May 23
Government deposits:
Apr.25
May 2
May9
May 16
May 23

113,264
109', 700
114,823
109,458
109,490
35,617
60,430
41,696
35, 056
68,997

New
York.

Philadelphia,

277,055 22,016
282,323 21,889
288,698 21.254
279,189 21;214
287,193 20,769
288,537
379,484
254,587
188,890
170,826 i

27,276
41,782
34,575
27,166
67,697

San
I
St.
Chicago. Louis. Minne- Kansas i Dallas. Franapolis. City.
cisco.

Cleveland.

Richmond.

Atlanta.

298,332
293,789
295,613
294,578
292,811

79,706
80,726
79,311
78,744
79,378

112,970
113,759
116,255
114,540
114,871

428,979
429,280
435.568
431,801
422,067

98,076
98,856
98,390
97,731
97,722

42,135
41,082
39,027
30,179
67,787

15,697
26,314
23,097
21,125
32,206

10,251
18,928
20.016
20.489
31,476

58,126
89,683
73,794
55.511
66', 547

18,123
26,129
20,145
18,281

Total.

28,893
28,718
28,770
28,796
28,801

136,642
137,350
137,011
135,865
136,646

1,717,842
1,720,352
1,742,095
1,718,894
1,715,542

8,696 10,008 • 11,269
'
13,664 12,847 17,642
10,614 17.991 • 13,316
9,093 16;424 ; 8.780
18^ 433 29,162 16;933

2,241
3,854
19,565

525,735
727,905
551,099
434,848
627,897

53,393

68,516 I

69,366 i
55,204 71,198 i
55,64.1 71,337 •
54,860 70,934 j

•54,596

2. MEMBER BANKS IN FEDERAL RESERVE BANK CITIES.
Number of reporting banks:
Apr.25
21
May 2
21
May 9
21
May 16
21
May 23
21
United States bonds to secure circulation:
Apr.25
4,278
May 2
4,278
May 9
: 4; 278
May 16
4.27S
May 23
4,178
Other United States bonds,
including Liberty bonds:
Apr. 25
10,239
May 2
10,899
May 9
12,000
May 10
13,419
May23
10,913
United States certificates
of indebtedness:
Apr.25
72,503
May 2
91,900
May9
79,888
May 16
78,907
May23
67,553
Total United States securities owned:
Apr.25
87,020
Mav 2
107,137
May 9
96,772
Mav 16
96,604
May23....:
82,644
Loans secured by United
States bonds and certificates:
Apr.25
64,634
May 2
63,536
May 9
63,428
May 16
03,905
May 23
69,911
All oi tier loans and investments:
Apr.25
561,290
May 2
564,699
May 9
564,061
May 16
501,447
May 23
570,304
Total loans and investments:
Apr. 25
712,944
May 2
735,372
May 9
724,201
May 1 6 . . . . .
722,016
May 23
722,859
Reserve with Federal Reserve Bank:
Apr.25
59,050
May 2
57,811
May 9
55.154
May 10
5(>; 058
May23
I 57,791




255
255
255
255
255
39,232
39,677
39,377
39,228
39,227

7,587
7,587
7,587
7,587
7,587

4,031
4,031
4,031
4.031
4,031

2,873
2,873
2,873
2,873
2,873

3,800
3,800
3,800
3,800
3,800

261,123
262,873
259,741
259,036
292,665

25,731
26,824
27,301
26,60-1
42,742

9,104
9,257
9,658
8,965
19,657

7,785
6,821
7.544
8', 036
8; 235

3,292
3,450
3,682
5,722
6,577

862,475
974,203
943,232
922.183
695,089

116.130
130;089
126.015
125;793
109,358

28,583
33,947
30,762
30,056
20,420

12,321 9,865
12,269 11,578
12,780 10,983
12,020 10,979
11,284 9,129

150.539
173,600
163,090
102,407
125.540

51,284 17,807
57,935 ! 19,327
54,080 18,745
53254 18,815
53,254 '" '"•
42,770 18,174

1,162,830
1,276,753
1,242,350
1,220,447
1,026,981

149,448
164,500
160,933
159,984
159,687

41,718
47,235
44,451
43,052
44,108

22.979
2i;963
23,197
23,529
22,392

16,957
18,828
18,465
20,501
19,506

174,104
197,502
188,804
180,821.
179,897

71,362
78,404
74,150
72,250
69,812

505,495
499,066
488,754.
484,063
515,806

138,990
138,917
132,504
135,251
154,899

28,0.18
28,718
27,835
28,099
33,425

14,378
13,827
13,671
13,603
19,933

5,676
5,001
5,235
5,477
6,721

68,037
68,090
67,092
69,004
70,092

18,680
18,569
1 18,473
18,478.
i 19,195 I

3,607,373
3,638,939
3,657,201
3,684,806
3,724,912

540,459
515,839
550,467
550,134
|56i;055

282,930
283,912
289,334
285,724
287,028

66,325
71,651
66,232
65,806
64,231

5.275.698 (828,897
5,414,753 (849,256
5,388,305 (843,964
5,389,316 !
1845,369
5.267.699 875,641

352,660
359,865
361,620
356,875
364,561

103,082
107,444
103,100
102,938
106,556

21,024
20,728
2i;685
22,741
23,298

5,305
5,849
5,930
6,080
5,953

621,398
609.123
622', 607
636,8-19
637 099

60,880
60,225
61,786
55,811
51,045

2,791
2,791
2,791
2,791
2,791

4,745
4,745
4,745
4,745
4,745

4,060
4,000
4,000
4,060
4,060

18,500
18,500
IS,500
18,500
18,500

103,619
104,002
103,762
103,013
103,712

22,396 ! 9,525 1,705
22,727 I 9,918 1,823
24,005 ! 9.519 1,849
23,185 8',445 1,947
52,982 16,491 I 4,162

7,095
7,119
6,066
7,634
9,675

4,952
5,415
5,452
5,426
7,150

13,253
13,332
14.290
13', 011
14,538

370,200
380,458
382,313
382,030
485,787

17,177
18,721
22,618
22,218
17,853

13,079
21,036
18,069
16,933
16,982

39,105
42,279
42,735
39,917
32,534

1,390,928
1,586,950
1,523,627
1,494,142
1,160,692

22,303
23,941
23,385
23,553
25,127

29,017
30,585
34,029
34,597
32,273

22,091
30,511
27,581
26,419
28,192

70,918
74,111
75,525
72,028
65,572

1,870,747
2,071,470
2,009,702
1,979,785
1,750.191

6,757
0,650
6,746
..
,
7,073

2,962
2,959
2,904
2,978
2,952

1,704
1,707
1,589
1,519
1,598

10,806
10,083
10,653
10,447
10,998

806,143
858,323
839,004
839,913
912,603

1264,814
j261,148
1260,077
'1257,093
1262,536

1111,579
111,774
109,287
107,777
106,103

158,428
158,458
100,657
165,693
167,367

40,409
44,132
44,509
45,208
45,451

198,281
199,387
194,993
197,013
197,717

0,755,371
6,805,317
0,826,023
6,802,038
6,939,724

1,099,115 1351,862
11,133,337 1358,121
1,126.868 1353,300
1,138; 238 ;347,821
!l,143,611 1351,543

140,639
142,305
139,418
138,299
138,303

190,407
1192,002
197.650
203,208
202,592

| 70,264 280,005
! 76,350 284,181
i 73,739 281,171
j 73,140 279,488
75,241 274,287

9,492,261
9,735,110
9,075,329
9,681,736
9,608,518

5,747 I 112,164 28,760
5,457
113,701 26,789
7,034
117,407 26,977
"" —
5,661
115,678 31,858
0,735 111,600 29,563

11,021
10,008
10,084
11,012
10,225

12,502
13,678
18,359
13,900
11,380

4,976 19,011
5,21217,239
5,21318,812
4,746 19,399
5,553 19,984

962,498
945,880
971,048
980,393
970,826

1,169
1,169
1,169
1,169
1,369

60,449 i 856,974
58,230 1 867,145
58,233 ! 870,912
58,984 882,353
j 59; 398 893,622
83,082
82,059
81,933
84,962
85,625

!
!
i
j

10;551
10,551
10,551
10,551

i
i
j
!

603

FEDERAL RESERVE BULLETIN'.

JUNE 1,1919.

Principal resources and liabilities of member banks in leading cities, including member banks located in Federal Reserve Bank
cities and in Federal Reserve branch cities as at close of business on Fridays, from Apr. 25 to May 28, 1919—Cont'd.
2. MEMBER BANKS IN FEDERAL RESERVE BANK CITIES—Continued.
[In thousands of dollars; i. e., 000 omitted.]
Boston.

New
York.

!
Cash in vault:
Apr. 25
• 15,933 107,025
May 2
! 15,441 103,498
108,216
May 9
14,604
May 16
> 14,372 106,461
106,721
May 23
, 13,043
Net demand deposits on ;
which reserve is com- ;
puted:
i
Apr.25
J547,117 4,351,058
May 2
1554,906 4,405,685
!
May 9
567,458 4,455,360
May 16
:567,884 4,476,790
:
May23
545,428 4,457,409
Time deposits:
216,765
Apr. 25
33,024 221,535
May 2
38,141 223,858
May9
33,387 214,231
May 16
33,519 222,353
May 23
Government deposits:
27,099 270,597
Apr.25
47,736 349,948
May 2
33,006 223,272
May 9
26,738 161,749
May 16
54,023
132,548
May23

Philadelphia.

Cleveland.

San
St. I Minne- Kansas
™ ca S°- Louis. ! apolis. City. Dallas. Francisco.

Richmond.

lanta.

1,625
1,639
1,537
| 1,521
1,628

2,219
2,467
2,504
2,385
2,391

37,049
37,388
38,739
39,581
39,411

43,704
44,501
45,755
46,205
46,432

823,923
833,854
851,708
863,891
842,406

131,344 14,216 19,218
126,266 14,155 19,801
129,429 14,265 21,441
127,994 14,102 19,824
127,946 14,638 20,008

164,187
163,693
164,599
162,566
164,556

65,508
65.797
65;413
65,244
65,189

18,190
18,637
18,737
18,886
18,939

7,970
8,258
9,077
9,122
9,118

34,063
49,370
41,805
31,988
47,188

13,475
18,846
14,348
12,349
28,422

2,817
4,635
3,464
2,724
7,954

3,219
4,238
7,700
7,193
16,125

15,729
14,284
15,214
15,468
15,553

7,136
7,589
7,522
8,234
7,895

569,750
571,478
576,145
575,833
567,892
I
13,541
13,347
13,047
12,831
12,582

173,006
180,634
180,807
183,681
190,392

i 49,885
j 50,749
" 53,416
" ""
53,459
49,881

14,533 2,706
16,718 3,555
13,015 ! 3,484
9,663 i 3,559
19,399 i 7,521

25,009
37,985
31,350
24,530
60,026

1,186
3,153
4,638
5,123
7,013

5,321
5,512
5,494
5,279
5,370

I
i
;
i
I

2,690
2,314
2,938
2,656
3,257

3,833
3,741
3,653
3,954
4,138

Total.

5,186
4,909
5.213
5; 397
5,597

205,716
200,518
207,350
206,962
206,622

198,484 94,464 132,907 47,896 180,771
200,881 94,523 135,780 46,703 174,778
205,147 96,219 141,347 49,936 182,916
211,347 97,051 146,028 52,580 184,984
196,741 89,687 132,794 47,813 180,135

7,212,905
7,294,472
7,406,214
7,459,733
7,347,010

1,670
1,736
1,716
1,654
1,618

3,066
3,058
3,058
3,074
3,086

10,561
10,609
10,579
10,531
10,525

6,147
12,031
9,855 1,341 I
6,630 j 2,829 !
10,423 ! 11,075

701,434
698.180
71l!044
691,792
702,459
400,851
548,215
387,278
295,075
401,717

3. MEMBER BANKS IN FEDERAL RESERVE BRANCH CITIES.
New York Cleveland Richmond Atlanta
Districts District.2 Districts District.*
Number of reporting banks:
Apr.25
:
May2
May9
May 16
May 23
United States bonds to secure
circulation:
Apr.25
May2
May9
1,500
May 16
1,500 I
May23
Other United States bonds, including Liberty bonds:
Apr/25
•
May2
May 9
3,330
May 16
11,000
May 23
United States certificates of indebtedness:
Apr.25
May2
May9
13,256
May 16
10,970
May 23
Total United States securities
owned:
Apr.25
May 2
May9
18,08'6
May 16
23,470 ;
May23
1 Buffalo.
2
Pittsburgh and Cincinnati.
3 Baltimore.
4
New Orleans, Jacksonville, and
& Detroit.




Chicago
District.*

St. Louis
Districts

Kansas
City
District.?

Dallas San Francisco
Districts District/J

Total.

160
159
159
162
162

39
23.616 l
23,616
23.617 j
23,616 1
23,616 i

5,091
5,091
5.091
5', 091
5,091

5,085
5,085
5,085
5,085
5,085

1,805
1,805
1,805
1,805
1,805

5,005
5,005
5,055
5,155
5,205

4,487
4,487
4,487
4,487
4,487

1,255
1,255
1,255
1,255
1,255

8,485
8,495
8,485
8,485
8,485

54,829
54,829
54,880
56,479
56,529

44,400
42,149
42,794 ,
43,101 !
51,902 j

9,034
9,273
9,898
9.487
11,530

12,018
13,688
15,664
16,549
18,321

15,775
15,427
15,057
14,589
24,227

7,640
9,282
8,707
9,028
11,885

7,425
8,096
7.851
S;513
9,904

1,987
2,048
1,992
1,816
2,006

12,920
12,738
13,096
14,931
17,611

111,199
112,701
115,059
121,344
158,386

31,314
38,674
38,120
38,289
32,513

40,520
45,360
42,197
41,825
36,977

59,428
79,895
76.246
75; 690
65,589

19,631
19,922
19,213
19,193
15,261

21,084
22,253
24,907
24,589
19,073

5,774
5,993
6,163
5,917
5,835

53,966
57,586
58,346
56,043
45.549

309,462
358,965
356,359
365,697
310.591

45,439
53,038
53,109
52,867
49,134

57,623 i
64,133 '
62,946
63,459
60,383

77,008
32,276
32,996
9,016
75,371
97,127
34,209
34,836
9,296
78,809
93,108
32,975
37,245
9,410
79,927
92,084
33,376
37,589
8,988 j
79,459
91,621
32,351
33,464
9,096 !
71,645 |
e Louisville, Memphis, and Little Rock.
7 Omaha and Denver.
s El Paso.
9
Spokane, Portland, Seattle, and Salt Lake City.

I
77,745 !
89,282
91,167
90,895
78,821
145,761
155,047
157,578
157,612
154,342

Birmingham.

475.490
526!495
526.298
543:520
52o;506

604

FEDERAL RESERVE BULLETIN.

JUNE 1,1919.

Principal resources and liabilities of member banks in leading cities, including member banks located in Federal Reserve Bank
cities and in Federal Reserve branch cities as at close of business on Fridays, from Apr. 25 to May 28, 1919—Cont'd.
3. MEMBER BANKS IN FEDERAL RESERVE BRANCH CITIES-Continucd.
[In thousands of dollars; i. e., 000 omitted.]
New York Cleveland Richmond Atlanta
District. District. District. District.
Loans secured by United
States bonds and certificates:
Apr. 25
May2
May 9
May 16
May23
All other loans and investments:
Apr. 25
May 2
May 9
May 16
May 23
•
Total loans and investments:
Apr. 25
May 2
•
May 9 . :
May 16
May 23
Reserve with Federal Reserve
Bank:
Apr. 25
•
May 2
May 9
May 10
•
May 23
Cash in vault:
Apr. 25
•
May 2
May 9
•
May 16
May 23
Net demand deposits on which
reserve is computed:
Apr.25
Mav2
Mav9
May 10
May 23
Time deposits:
Apr.25
May 2
May 9
May 16
May 23
Government deposits:
Apr.25
Mav2
May 9
May 16
May 23




5,554
7,483

61,868
61,328
58,51261,313
65,778

11,173
11,349
11,479
11,986
13,397

61,771
62,016

519,910
517,768
517,235
515,203
519,212

116,013
117,552
117,449
119,461
119,172

85,411 |
92,969 j

727,539
734,143
733,325
734.128
739; 332

172,625
lSi; 939
182,037
181,314
181,703

6,006 I
4,458 I

49,174
52,236
48,182
53,082
53,862

12,936
12,814
13,017
12,355
11,498

1,731
1,600

14,983
15,911
14,965
15,991
16,038

5,773
5,647
5,701
5,673
5,794

52,732
50,650

449,291
455,993
457,850
464,979
454,001

112,750
112,052
111,886
109,166
102,926

13,755
13,6G8

94,246
94,623
93,649
93,021
92,377

15,021
15,139
14,979
14,996
15,146

17,839 1
21,015 '
16,969
39,799

7,881
15,045
12,962
11,014
11,539

2,437
8,287

Chicago
District.

St. Louis Kansas
City
District. District.

Dallas
District.

San Francisco
District.

376

6,660
6,406
6,332

113,429
112,743
109,247
120,178
130,548

Total,

9,867
9,897
9,577
9,714

5,316
5,433
5,484
5,593
6,006

5,971
5.928
6,140
6,072
6,806

159,426
159,925
154,529
161,554
162,384

257,986
261,702
258,575
260,489

111,405
109,726
109,753
108,920
108,303

151,540
150,761
147,223
150,752
152,097

14,179
14,113
14,120
14,220
14,339

209,726
211,088
213,000
216,565
211,582

1,540,185
1,542,635
1,531,884
1,608,935
1,612,203

229,240
236,084
228,818
236,614
235,840

344,861
383,726
361,260
362,287
364,688

148,997
149,368
148,212
147,889
146,660

190,507
191,525
190,608
194,413
192,367

23,578
23,785
23,910
23,586
23,789

291,757
298,303
299,259
303,992
290,989

2,129,104
2,181,873
2,167,428
2,272,634
2,268,257

16,114
15,622
16,601 •
16,032 ;
15,923 ;

23,163
23,837
24,500
24,747
22,870

9,588
9,837
8,954
9,607

16,001
15,197
13,339
16,773
• 15,260

1,726
1,447
1,267
1,421
1,702

22,865
22,049
22,402
21,665
22,080

151,567
153,039
148,262
161,688
156,861

6,361 i

6,592
6,037
6,126
6,327

11,410
11,942
12,206
12,357
11,542

3,494
3,385
4,226
3,572
3,525

5,872
5,733
5,607
5,261
5,614

536
569
613
709
542

7,441
7,651
7,642
7,608
7,734

55,870

135,577
138,661
139,245
139,990
136,898

165,626
167,441
171,538
182,384
173,110

88,766
88,854
86,424
82,371

133,391
134,072
134,321
139,665
132,772

11,066
11,423
11,461
11,731
11,239

171,418
171,375
176,719
176,075
171,930

1,267,763
1,279,783
1,291,874
1,363,152
1,315,957

59,960
59,974
60,742
60,831 j
00,630

168,407
169,061
170,247
172,474
171,517

25,285
25,828
25,817
25,387
25,133

37,072
36,635
37,186
37,160
37,300

5,846
5,856
5,837
5,874
5,851

93,713
94,401
94,082
92,996
93,674

499,496
501,515
502,519
517,094
515,596

6,171
11,735
10,910
11,510
17,745

14,409
28,999
22,991
16,593
10,083

4,-298
6,867
5,451
5,717
9,106

3,821
4,830
6,681
6,151

2,533
2,559
1,435
482
455

975
5,055

61,964
87,874
81,741
71,848
108,667

12,191
12,026
11,343 !
11,601
13,073

378
354

56,997
59,028
58,716

JtTNE 1, 1919.

605

FEDERAL RESEEVE BULLETIN.

IMPORTS AND EXPORTS OF GOLD AND SILVER.
Gold imports into and exports from the United States.
[In thousands of dollars; i. e., 000 omitted.]
10 days
ending Apr.
20,1919.

10 days
; 10 days
ending Apr. > ending May Jan?l, 1919.
30, 1919. i 10, 1919.

10, 1918.^

IMPORTS.

36

. .

Total

413 :j
150
2,505 ;

309
30
24

6,107
7,277
10,210

3,8Srt
5,877
2,490
142

680

Ore and base bullion
Bullion, refined
United States coin
Foreign coin

531
113

3,0(58 !

363

23,594

12,395

30
3,374
11,961

EXPORTS.

Domestic:
Ore and base bullion
United States mint or assay office bars
Bullion, reQ^ied
Coin

i4!

6

32

466

1,051

450

1,051

13,089

15.397
'317

466

Total exports

303 i

466

Total
Foreign coin

277
1
12,805

450

1,051

13,130

15,714

i

;

Excess of gold imports over exports since January 1,1919, $10,464,000. Excess of gold imports over exports since August 1,1914, $1,081,870,000.

Silver imports into and exports from, the United States.
[In thousands of dollars; i. e., 000 omitted.!
= 10 days end! ing Apr. 20,
; ' i9i9

Total Jan. 1 ; Total Jan. 1 10 days end- j
Total
to Apr. 30,
to Apr. c
ing May 10, since Jan. 1,
1919.
1919.
1919. '
1918.

IMPORTS.

Ore and base bullion
United States mint or assay office bars.
Bullion, refined
United States coin
Foreign coin

1,635

3,822
237
2,284

126
18
118

3,948
255
2,402

1,917 i

Total

23,251

443
26
377

9,381
21
11,904
275
2,461

1,997

135 I
16 j
131 i

2,774

27,597

24,042

2,259 |

29,856

57,323 i
37,759 !

4
5,475 I
27,766

901

95,772 I

107 i

230
138

3,510 i
1,616 i

991 ]

368 !

21,254

EXPORTS.

Domestic:
Ore and base bullion
United States mint or assay office bars.
Bullion, refined
Coin
Total.
Foreign:
Bullion, refined.
Coin
Total

5,454
72
5,526

Total exports.
Excess of silver exports over imports since Januarv l, 1919, 892,748,000.
Excess of silver exports over imports since August 1,1914, §372,508,000.




739
161

11,919
8,524
97

4
69,242
46,283
783

34,142

20,540

116,312

1,626
3,067

1,147
19

4,057
1,635

5,126 |

1,166

6,292

100,898 !

21,706

322,604

606

JUNE 1, 1919.

FEDERAL RESERVE BULLETIN.

Estimated general stock of money, money held by Treasury and by the Federal Reserve system, and all other money in the
United States, May 1, 1919.

Held in the
Held outside
General stock United States Held by or for
the
Federal
of money
Treasury
United States
Reserve Banks
in the"
as assets
Treasury
and agents.
United States.
of the
and Federal
Government. 1
Reserve system,

Gold coin 2
Gold certificates
Standard silver dollars
Silver certificates
Subsidiary silver.
Treasury notes of 1890
United States notes
Federal Reserve notes
Federal Reserve Bank notes.,
National bank notes
Total:
Mayl, 3919
Apr. 1,1919
Mar. 1, 1919
Feb. 1,1910
Jan. 1, 1919
Oct. 1, 1918
.........
J u l y l , 1918
J a n . l , 1918
Apr.l, 1917

S3,092,430,916

S363,82S,718

311,018,930

32,634,081

243,896,606

12,640,150

7,946,837
3.977,942

346,681,016
2,725.466,490
170;124,180
725,131,122

15.500,199
39,357,273
17,905,956
72,113,157

58,423,783
164,964,843
8,791,340
Hi 496,608

§405,132,797
363,892,177
81,306,958
187,364,788
227,278,514
1,766,266
272,757,031
2,521,144,374
143,426,884
641,521,357

7,614,749,260
7,586,752,855
7,566,399,924
7,611,628,810
7,780,793,606
7,391,008,277
6,742,225,784
0,256,198,271
5,312,109,272

553,979,534
550,628,454
545,695,945
489,831,726
454,948,160
380.246,203
356;124,750
277,043,358
258,198,442

2,215,178,577
2,195,151,766
2,169,183,676
2,252,757,560
2,220,705,767
2,084,774,897
2,018,361.825
1,723,570,291
952,934,705

4,845.591,149
4,840^72,635
4,851,420,303
4,869,039,524
5,105,139,679
4,925,987,177
4,367,739,209
4,255,584,622
4,100,976,125

Amounts
per capita
outsido
the United
States
Treasury
and the
Federal
Reserve
system.

:

$1,511,800,454
447,776,770

$45.15
45.17
45.33
45.56
47.83
46.34
41.31
40.53
39.54

* Includes reserve funds against issues of United States notes and Treasury notes of 1890 and redemption funds held against issues of nationalbank notes, Federal Reserve notes, and Federal Reserve Bank notes.
2
Includes balances in gold settlement fund standing to the- credit of the Federal Reserve Banks and agents.
s Includes standard silver dollars.
4
Includes Treasury notes of 1890.




JUNE 1, 1910.

607

FEDERAL RESERVE BULLETIN.

DISCOUNT RATES.
Discount rates of each Federal Reserve Bank approved by the Federal Reserve Board up to May 31, 1919.
Maturities.
Discounts.

Federal Reserve Bank.

Boston
New York 1...
Philadelphia.
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis..
Kansas City..
Dallas
San Francisco

Within 15
days,
including
member
banks'
collateral
notes.

16 to 60
days.

61 to 90
days.

Agricultural and
live-stock
paper
over 90
days.

Trade acceptances.
Secured by U. S. certificates of indebtedness or Liberty loan
bonds.
Within 15
days,
including
member
banks'
collateral
notes.

Ito60
days,
inclusive.
16 to 90
days.

61 to 90
days,
inclusive.

4

1 Rates for discounted bankers acceptances maturing within 15 days, 4 per cent; within 16 to 60 days, 4£ per cent; and within 61 to 90 days,
4$ per cent.
2 Rate of 4 per cent on paper secured by fourth Liberty loan bonds where paper rediscounted has been taken by discounting member banks
at rate not exceeding interest rate on bonds.
s Four per cent on paper secured by United States certificates of indebtedness.
4 Rate of 4 per cent on paper secured by fourth Liberty loan bonds where paper rediscounted has been taken by discounting member banks
at rate not exceeding interest rate on bonds; also on paper secured by United States certificates of indebtedness.
NOTE 1.—Acceptances purchased in open market, minimum rate 4 per cent.
NOTE 2.—Rates on paper secured by War Finance Corporation bonds, 1 per cent higher than on commercial paper of corresponding maturities.
NOTE 3.—In case the 60-day trade acceptance rate is higher than the 15-day discount rate, trade acceptances maturing within 15 days will be
taken at the lower rate.
NOTE 4.—Whenever application is made by member banks for renewal of 15-day paper, the Federal Reserve Banks may charge a rate not
exceeding that for 90-day pauer of the same class.




608

FEDERAL EESEKVE BULLETIN.

JUNE 1, 1019.

OPERATION OF THE FEDERAL RESERVE CLEARING SYSTEM APS. 16 TO MAY 15,
1919.
Items drawn on banks in
Federal Reserve eity
(daily average).
Number.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis.
Kansas City
Dallas
San Francisco
Total:
Apr. 16 to May 15, 1919
Mar. 16 to Apr. 15, 1919
Feb. 16 to Mar. 15, 1919
Apr. 16 to May 15, 1918

'

•
,
:
!
j

!

i

129,378
138,817
109,083
49,569

Items drawn on banks
in other districts(daily
average).
Number.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Total:
Apr. 16 to May 15,1919.
Mar. 16 to Apr. 15,1919
Feb. 16 to Mar. 15,1919
Apr. 16 to Mav 15, 1918.




Amount.

11,136
30,422
22,520
3,212
6,304
2,991
5,805
809
1,590
5,968
3,583
1,201
95,541
101,329
100,963
54,888

§11,412,495
16,585,186
8,350,438
3,829,792
4,785,460
2,685,858
1,008,000
319,649
1,381,621
4,042.113
2,03S;086
1,419,560
I
;
!
!

Amount.

16,562
19.759
42; 276
5,721
2,510
3,454
16,893
5,811
5,497
7,147
1,550
2,193

!

57,858,264
59,610,264
55,760,559
58,513,363

Items drawn on banks in Total items drawn on
district outside Federal
banks in own Federal
Reserve city (daily
Reserve district (daily
average).
average).

$21, 671,102
59, 828,940
25, 418.786
6, 337; 951
652,969
525,553
533,000
187,265
8, 762,583
580,561
196,041
012,378

k

a

3,
176, 737,129 !
197, 456,121;
168, 567,377 1
178, 372,385 i

Number.

Amount.

Number.

Amount.

87,918
122,888
48,006
71,294
50,163
29,049
68,337
40.666
25,SOS
61,482
24,415
35,445

$11,765,747
55,722,582
(>, 230,095
22,253,818
13,604,155
6,835,249
11,200,000
7,463,053
2,320,287
10,380,083
8,240,025
7,052,652

104,510
142,647
90.2S2
77', 015
52,673
32,503
85,280
40,477
31,395
68,629
25,965
37,643

§33,436,849
113,551,522
31,643,881
28,591,769
19,257,124
9,360,802
34,783,000
15,650,318
11,082,870
19,910,644
10,436,066
10,065,030

665,641
636,512
640,346
287,061

163,067,746
167,142,262
171,714,589
114,099,520

795,019
825,329
749,429
336,630

339,804,875
364,598,383
340,281,966
292,471,905

Items handled by both Items drawn on the
parent banks and
Treasurer of United Number
branches (daily averStates (daily average). member
banks in
district.
Number.
Number. ! Amount.
Amount.
81,694,435
23,947,341
2,982,917
2,028,755
544,275
1,122,169

1.351,676
'219,368
1,50.5,112

9,535
55,891
9,821
10,110
4.034
7,585
25,595
13,145
2,393
7,25S
6,103
6,350

7,613,957
9,029,805
9,774,269
15,141,604

157,820
137,228
114,563
60,771

1,555 ; SI, 559,606
426 !
817,254
4,024 j 1,636,021
282 j
177,000
347,920
1,111 i
3,449
1,267
3,684 I
15,798
16,958
15,047

Number
nonmember
banks on
par list.

I
I
I
I
1
j
i

1,147,713
225,049
621,535
625,351
6,955,901

426
729
666
822
570
424
1,346
521
875
1,003
741
665

I

243
319
356
794
299
277
2,925
1,356
1,293
2,248
240
911

45,278,441
48,802,574
46,746,505
3O,928,1S5

8,788
8,765
8,729
8,113

j
!
!
i

11,261
11,059
10,885
9,475

3,3S3,000

609

FEDERAL RESERVE BULLETIN.

JUNE 1,1919.

SUBSCRIPTIONS TO CERTIFICATES OF INDEBTEDNESS.
Subscriptions, by classes of subscribers, to the 10 issues of certificates of indebtedness issued in anticipation of the Victory
Liberty loan.
State banks.

National banks.
Federal Reserve district.

Boston
New York
Philadelphia...
Cleveland
Richmond
Atlanta
Chicago
St. .Louis
Minneapolis
Kansas City....
Dallas
San Francisco..
Total.

Number Per cent
subof total in
scribing. district.

Amount.

Number Per cent j
sub- ; of total in!
| scribing. \ district, i

375
616
598
738
396
263
1,016
438
793
820
367
531

95.66
98.88
94.62
98.93
75.86
70.70
97.13
93.19
99.87
85.06
57.79
94.48

S295.396.000
1,278,026,000
272,140,000
312,923,000
121,440,500
98,292,500
428,287,000
111,985,500
125,856,500
126,837,500
72.123,500
239,742,000

6,951

89.60

3,483,050,000 j

222
133 j
834 |
416 ;
514
3,109 :!
1,598 :
2,188 :
1,974
352
863 •

12,203 i

Other banks.
Federal Reserve district.

Boston
New York
Philadelphia..
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City...
Dallas
,
San Francisco.,
Total.

Number Per cent j
of total in!
subscribing. district, j

Amount.

! Number Per cent
i subof total in
i scribing. district.

$14,061,000
38,231,000
12,155,000
9,752,000
11,455,000

26.08 i
76.97
100.00 !
100.00 i
65.21 !

716
180

71.95 I
80.00 i

26,011,500 :
5,222,500 :

17.38

1,726,500

83.49 I

67.16

118,614,500 j

Number | Per cent j
i sub- ! of total of
,
• scribing, j district, j

3207,767,500 i
20,016,000 |
72,758,500 i
24,369,500
43,785,000 ;
495,842,000 :.
86,586,000 |
85,316,500 |.
44,753,500 i
12,651,000 -.
99,798,000 '••
1,193,643,500 j

Total banks.

108
137
24
204
15

1,412

98.23 i
78.70
100.00
33.22
30.32
90.32
73.33
75.34
63.24
31.79
69.48

Amount.

Trust companies.

Amount.

216 !
192 i
200 |
218 :
87 j

5 I

82.12
87.46
86.58
94.37
44.15
50.00

Amount.

$106,231,000
716,833,500
115,377,500
159,160,500
30,049,000
805,000

187 !

85.77

41,309,500

52

*6i.'<J6"

"io," 345," 666

74 j

67.88

49,518,500

79.94

1,294,629,500

1,231 j

Individuals, corporations, etc.
Number |
subi Amount,
scribing, j

Total amount
subscribed and
allotted.

699
1,167
955
1,994
914
782
4,841
2,403
2,981
2,846
747
1,468

65.38 ! $475,688,000
95.34 ! 2,240,858,000
90.53 I
419,688,500
98.96 i
554,594,000
45.83 i
187,314,000
37.65 :
142,882,500
88.29 I
950,140,500
77.71 ! 245,103,500
80.61 ;
211,173,000
68.28 ;!
186,936,000
39.25
86,501,000
76.74 ^
389,058,500

10
125
38
49
38
20
58
16
375
24
591
74

$104,500
14,287,000
646,000
167,500
183,000
429,000
3,275,000
184,500
:
| 4,827,500
| 809,000
i 15,045,000
| 1,416,500

8475,792,500
2,255,145,000
420,334,500
554,761,500
187,497,000
143,311,500
953,415,500
2-45,288,000
1218,880,500
187,745,000
101,546,000
390,475,000

21,797

73.41 ; 6,089,937,500

1,418

41,374,500

6,134,192,000

i Includes §2,880,000 purchased by the Federal Reserve Bank of Minneapolis.
NOTE.—Figures for State banks, trust companies, and other banks are only approximately correct, since in some States no distinction is made
between the several classes of banks operating under State laws.




610

FEDERAL EESEEVE BULLETIN.

JUNE 1,1919.

EARNINGS AND DIVIDENDS OF MEMBER STATE BANKS AND TRUST COMPANIES.
Abstract of reports of earnings and dividends of member State banks and trust companies of the Federal Reserve System for
the last six months of 1918, arranged by districts.
[In thousands of dollars; i. e., 000 omitted.]
District District District 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 No. 10 No. 11 No. 12
(31
(29
(44
(101
(66
(37
(288
(70
(27
(54
(97
(86
banks). banks). banks). banks). banks). banks). banks). banks). banks). banks). banks). banks).

Total
United
States
(930
banks).

Capital stock oaid in
Surplus

27,075
30,581

118,371
159,121

21,302
45,286

31,645
59,212

9,381
6,621

15,840
10,584

72,620
66,207

23,825
20,145

6,289
1,970

5,265
3,224

6,823
2,260

11,674
4,469

350,110
409,680

Total capital and surplus...
Gross earnings:
Interest and discount
Exchange and collection
charges
Commissions
Other earnings.. .•
Total gross earnings

57,656

277,492

66,588

90,857

16,002

26,424

138,827

43,970

8,259

8,489

9,083

16,143

759,790

12,851

66,584

7,402

12,419

2,280

4,939

30,965

7,803

2,433

2,328

1,581

4,475

156,060

28
128
1,650

305
1,641
8,996

79
100
1,669

118
93
3,299

67
23
429

296
101
610

438
313
3,273

317
155
810

57
72
85

44
74
265

69
20
30

94
64
287

1,912
2,784
21,403

14,657

77,526

9,250

15,929

2,799

5,946

34,989

9,085

2,647

2,711

1,700

4,920

182,159

2,252

9,841

1,264

2,070

458

1,010

5,668

1,418

491

419

473

858

26,222

461
5,731
881
1,315

4,214
27,195
3 691
7,069

482
2,555
472
809

387
6,162
747
1,473

208
820
140
296

805
1,398
458
860

1,653
11,973
3,189
3,514

923
2,302
558
923

92
914
107
311

259
831
115
380

140
238
117
271

255
1,432
237
567

9,879
61,551
10,712
17,788

10,640

52,010

5,582

10,839

1,922

4,531

25,997

6,124

1,915

2,004

1,239

3,349

126,152

4.017
88

25,516
689

3,608
103

5,090
1,249

877
52

1,415
102

8,992
382

2,961
92

732
22

707
59

461
11

1,571
389

56,007
3,298

4,105

26,205

3,831

6,339

929

1,517

9,374

3,053

754

766

472

1,960

59,305

632
459
82

1,686
5,108
1,329

31
613
56

105
532
122

40
50
38

331
176
124

825
1,799
316

169
127
112

105
20
28

333
48
24

139
6
30

708
160
214

5,104
9,098
2,475

Expenses:
Interest and discount on borrowed money
Interest on deposits
Taxes
. . ..
Other expenses
Total expenses
Net earnings since last report
Recoveries on charged-off assets..
Total net earnings and
recoveries
Losses charged off:
On loans and discounts
On bonds, securities, etc
Total losses charged off
Net addition to profits
Ratio of net profits to capital and
surplus (annual basis) (per
cent)
Dividends paid
. .




1,173

8,123

700

759

128

631

2,940

408

153

405

175

1,082

16,677

2,932

18.082

3,131

5,580

801

88(i

6,434

2,645

601

361

297

878

42,628

10.2
1,771

13.fi
11,819

9.4
2,085

12.3
2,843

10.0
702

6.7
981

9.3
4,682

12.0
1,773

14.5
254

8.5
353

6.5
383

10.9
554

11.2
28,230

INDEX.
Acceptance liabilities:
PageLeading commercial banks of France, England,
and Germany before and after the war
561
Member banks in the United States on March
4, 1919
554-561
Acceptances:
Banks granted authority to accept up to 100 per
cent of capital and surplus
T
562
Committee to consider question of regulations
and literature on, meeting of
530
Condition of accepting member banks on March
4, 1919
554-561
Holdings on April 30, distributed by classes of
accepting institutions
592
Purchases during April, also average rates and
maturities
592
Sight drafts accepted payable at a future date,
ruling on.
565, 566
Trade acceptances covering building operations, ruling on
565
Agricultural paper held on last Friday in April
592
Annual report of the Federal Reserve Board
529
Bank transactions—debits to deposit account
571-573
Banking situation on the Continent
525
Borrowing to meet future demands on Treasury
521
Branches, foreign, of American banks
562
Buffalo branch bank, opening of
530
Business and financial conditions:
Growth toward the restoration of business
activity
522
Special reports by Federal Reserve agents on. 531-543
Calkins, J. U., appointed governor of Federal Reserve Bank of San Francisco
530
Certificates of indebtedness:
Further issues of, may be offered
521
Issue of, on May 1
521
Stamp tax on promissory notes secured by,
ruling on
566
Subscriptions, by classes of subscribers, to the
10 issues in anticipation of the Victory loan.. 609
Chart showing index numbers of wholesale prices
in England and the United States
546
Charters issued to national banks during May
562
Check clearing and collection system, operation of. 608
Clearing-house bank debits
.
571-573
Collection statistics, plans to obtain index numbers
of
547
Colorado, amendment to laws of, relative to State
bank membership in system
566
Commercial failures reported
563
Commissioner of Internal Revenue, ruling relative
to stamp tax on promissory notes secured by War
Finance Corporation bonds or certificates of indebtedness
566
Cotton export corporation organized
553
Debits to deposit account, weekly figures of
571-573
Discount operations:
April, by classes of paper
589-593
Member banks, number of, accommodated in
April
589
Discount and interest rates prevailing in various
cities
'
577-579
Discount rates in effect
607
Earning assets of Federal Reserve Banks, average
amount of each class held during .April
'..
591
Earnings and dividends of member State banks and
trust companies
610




England:
Acceptance liabilities of 18 joint stock banks
in, June 30. 1914, and December 31, 1918... 561
Price movements in, index members of
543T545
Chart showing
546
Errata, May Bulletin
563
Exchange rates in Switzerland during period July,
1914, to December, 1918
552
Export trade and prices
526,528
Failures, commercial, reported—
563
Federal Reserve agents' fund, summary of transactions, February 21 to May 22
570
Federal Reserve Banks, resources and liabilities
of
594-597
Federal Reserve note account of Federal Reserve
Banks and agents
598-599
Fiduciary powers granted to national banks
563,564
Financial conditions abroad
525
Foreign branches of American banks
562
Foreign countries:
Acceptance liabilities of leading commercial
banks of France, England, and Germany
561
Financial conditions
525
Price movements in certain, during the war.. 543-546
Reparation payments by the Central Powers.. 525
Foreign exchange:
Decline in sterling, francs, and lire
525
Situation during May
525
Foreign securities, holdings of
526
France:
Acceptance liabilities of the three leading commercial banks of, before and after the war...
561
Price movements in, index numbers showing. 543-54 5
Germany, acceptance liabilities of ei^ht largest
credit banks in, December 31, 1913-1917
561
Gold, imports and exports of.
529, 605
Gold-settlement fund, summary of transactions,
February 21 to May 22
\
569-570
Government aid in post-war financing
528
Government control, elimination of, from business.. 523
Import restrictions, removal of, by Great Britain... 523
Imports and exports of gold and silver
605
Index of collection statistics, plan to obtain
547
Index numbers showing movement, of prices in the
United States, England, France, Italy, and Sweden during the war
543-546
Interest and discount rates prevailing in various
cities
577-579
Investment operations of the Federal Reserve Banks
during April
590
Iowa, amendment to laws of, relative to State bank
membership in system
567
Italy, price movements in, index numbers showing
543-545
Law department:
Sight drafts payable at a future date
566
Ruling of Commissioner of Internal Revenue
relative to stamp tax on promissory notes
secured by War Finance Corporation bonds
and certificates of indebtedness
566
Amendments to State banking laws.
566-568
Liberty loan:
Amounts of subscriptions and number of subscribers to Victory loan
521
Amounts of subscriptions and number of subscribers to the five loans
521
Live-stock paper held on last Friday in April
592

II

INDEX.

Maturities:
Page.
Average of acceptances purch ased during April. 590
Average of bills discounted during April
591
Of the several classes of earning assets each
Friday
596
Member banks:
Condition of accepting member banks on March
4, 1919
554-561"
. Number of, discounting during April
589
Number of, in each district
589
Resources and liabilities of, in selected cities. 600-604
Morgan, Sheppard, appointed assistant Federal Reserve agent at New York. .
530
Money:
High rates on call money
524
Short supply of, for meeting requirements of
reviving business
524
Stock of, in the United States
606
National Association of Credit Men, plan for obtaining collection statistics by
547
National banks:
Charters issued to, during May
562
Condition of banks doing an* acceptance business on March 4, 1919
557-559
Fiduciary powers granted to. .
563,564
Nebraska, amendment of laws of, relative to State
bank membership in system
567
New Hampshire, amendment to laws of, relative to
State bank membership in system
567
New York Stock Exchange, operations on
523
Ohio, amendment to laws of, relative to State bank
membership in system
568
Open-market operations—acceptances, U n i t e d
States bonds, certificates of indebtedness, and
municipal warrants purchased during April... 589-593
Oregon, amendment to laws of, relative to State
bank membership in system
568
Physical volume of trade
580-588
Prices:
Adjustment of price levels
522
Export trade, effect of, on
528
General trend upward
522
Index of wholesale, in the United States.... 574-576
Price movements during the war in the United
States and leading foreign countries
543-545




Prices—Continued.
PageChart showing
546
Rates on call monev
524
Reconstruction, period of
522
Resources and liabilities:
Federal Reserve Banks
594-597
Members bank in selected cities
600-604
Rulings of the Federal Reserve Board:
Trade acceptances covering building operations. 565
Sight drafts accepted payable at a future date.. 565
Silver, imports and exports of
605
Speculative situation in the securities market
523
State banking laws, amendments to, relative to State
bank membership in system
566-568
State banks and trust companies:
Earnings and dividends of member banks
610
Admitted to system during the month
562
Condition of banks doing an acceptance business on March 4, 1919
559-561
Sweden, price movements in, index numbers
showing
543-545
Switzerland, banking and industry in, during the
war
548-552
Tax, stamp, on promissory notes secured by War
Finance Corporation bonds or certificates of
indebtedness
566
Trade, physical volume of.
580-588
Trust companies. (See State banks and trust companies.)
Trustee, executor, etc., powers granted. (See
Fiduciary powers.)
Victory loan:
Certificates of indebtedness, 10 issues of,
issued in anticipation of
609
Subscribers to, number of
521
Subscriptions to, amounts of
521
War Finance Corporation bonds, stamp tax on
promissory notes secured by, ruling on
566
War paper:
Amounts discounted during April
591
Amounts held on last Friday in April
592
Wholesale prices, index of:
In the United States...
574-576
In the United States and leading foreign
countries
543-546


Federal Reserve Bank of St. Louis, One Federal Reserve Bank Plaza, St. Louis, MO 63102