Full text of Federal Reserve Bulletin : March 1921
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FEDERAL RESERVE
BULLETIN
(FINAL EDITION)
ISSUED BY THE
FEDERAL RESERVE BOARD
AT WASHINGTON
MMtCH, 1921
WASHINGTON
GOVERNMENT PRINTING OFFICE
1921
FEDERAL RESERVE BOARD.
EX OPFICIO MEMBERS.
A. W. MELLON,
Secretary of the Treasury, Chairman.
D. R. CRISSINGER,
W. P. G. HARDING, Governor.
EDMUND PLATT, Vice Governor.
ADOLPH C. MILLER.
CHARLES S. HAMLIN.
Comptroller of the Currency.
W. W. HOXTON, Secretary.
WALTER S. LOGAN, General Counsel.
W. L. EDDY, Assistant Secretary.
W. M. IMLAY, Fiscal Agent.
R. G. EMERSON, Assistant to Governor.
J. F . HERSON,
Chief, Division of Examination and Chief Federal
Reserve Examiner.
J. E. CRANE,
Acting Director, Division of Foreign Exchange.
H. PARKER WILLIS,
Director, Division of Analysis and Research.
M. JACOBSON, Statistician.
E. L. SMEAD,
Chief, Division of Reports and Statistics.
OFFICERS OF FEDERAL RESERVE BANKS.
Federal Reserve Bank of—
Chairman.
Governor.
Boston
Frederic II. Curtiss
Chas. A. Morss
New York
Pierre Jay
Benj. Strong
Philadelphia
Cleveland
R. L. Austin
L. B. Williams 2
George W. Norris
E. R. Fancher
Richmond
Caldwell Hardy
George J. Seay
Deputy governor.
C. C. Bullen
W. W. Paddock
J. II. Case
L. F. Sailer
G. L. Harrison
E. R. Kenzel
Atlanta
Joseph A. McCord
M. B. Wellborn....
Chicago
Wm. A. Heath
J. B. McDougal
St. Louis
Minneapolis
Wm. McC. Martin
John H. Rich
D. C. Biggs
R. A. Young
Kansas City
Dallas
San Francisco
Asa E. Ramsay
Wm. F. Ramsey
John Perrin
J. Z. Miller, jr
R. L. Van Zandt
J. U. Calkins
1
Controller.
2
3
Deputy chairman.
Cashier.
W. Willett.
L. H. Hendricks.i
J. D. Higgins.i
A. W. Gilbart.i 1
Leslie R. Rounds.
J. W. Jones.i
W. A. Dyer.
H. G. Davis.
Wm. H. Hutt,jr
M. J. Fleming
Frank J. Zuriinden
C. A. Peple
R. H. Broaddus
A. S. Johnstone 3
JohnS. Walden*
L. C. Adelson
J. L. Campbell
C. R. McKay
S. B. Cramer
Geo. H. Keesee.
M. W. Bell.
W. C. Bachman.i
F. J. Carr.i
K. C. Childs.i
J. H. Dillard.i
D. A. Jones.i
0. J. Netterstrom.i
A. H. Vogt.i
Clark Washburne.i
J. W. White.
Frank C. Dunlop.i
B. V. Moore.
J. W. Helm.
Sam R. Lawder.
W. N. Ambrose.
0. M. Atteberv
W. B. Geerv.."
S.S.Cook..'
C. A. Worthington
Lynn P. Talley
Wm. A. Day
Ira Clerk ^
Assistant to governor.
• Assistant deputy governor.
MANAGERS OF BRANCHES OF FEDERAL RESERVE BANKS.
Federal Reserve Bank of—
New York:
Buffalo branch
Cincinnati branch
Pittsburgh branch
Richmond:
Baltimore branch
Atlanta:
New Orleans branch
Jacksonville branch
Birmingham branch
Nashville branch
Chicago;
Detroit branch
St. Louis:
Louisville branch
Memphis branch
Little Rock branch
Manager.
Ray M. Gidney.
L. W. Manning.
Geo. De Camp.
Morton M. Prentis.
Marcus Walker.
Geo. R. De Saussure.
A. E. Walker.
J. B. McNamara.
R. B. Locke.
W. P. Kincheloe.
J. J. Heflin.
A. F. Bailey.
Federal Reserve Bank of—
Minneapolis:
Helena branch
Omaha'branch
Denver branch
Oklahoma City branch
Dallas:
El Paso branch
Houston branch
San Francisco:
Los Angeles branch
Portland branch
Salt Lake Citv branch
Seattle branch
Spokane branch
Manager.
0. A. Carlson.
L. H. Earhart.
C. A. Burkhardt.
G. E. Daniel.
W. C. Weiss.
E. F. Gossett.
C. J. Shepherd.
Frederick Greenwood.
R. B. Motherwell.
C. R. Shaw.
W. L. Partner.
SUBSCRIPTION PRICE OF BULLETIN.
The FEDERAL RESERVE BULLETIN is the Board's medium of communication with
member banks of the Federal Reserve System and is the only official organ or periodical publication of the Board. It is printed in two editions, of which the first
contains the regular official announcements, the national review of business conditions, and other general matter, and is distributed without charge to the member
banks of the Federal Reserve System. Additional copies may be had at a subscription price of $1.50 per annum.
The second edition contains detailed analyses of business conditions, special
articles, review of foreign banking, and complete statistics showing the condition of
Federal Reserve Banks. For this second edition the Board has fixed a subscription
price of $4 per annum to cover the cost of paper and printing. Single copies will
be sold at 40 cents. Foreign postage should be added when it will be required.
Remittances should be made to the Federal Reserve Board.
No complete sets of the BULLETIN for 1915, 1916, or 1917 are available.
m
TABLE OF CONTENTS.
Page.
Review of the month
Business, industry, and finance, February, 1921
Condition of wholesale trade
Production of knit goods
Production of finished cotton fabrics
Fluctuations in the gross deposits of eleven banks of New York City, 1913-1919
Banking expansion in Great Britain
Official:
State banks and trust companies admitted to system
Charters issued to national banks
Fiduciary powers granted to national banks
Banks granted authority to accept up to 100 per cent of capital and surplus
Rulings of the Federal Reserve Board
Law department:
Amendments to section 11 (m) and section 25(a) of the Federal Reserve Act
Regulations of Bureau of Internal Revenue governing use of revenue stamps on time drafts
Miscellaneous:
The importance of securing reliable statistics of business activity
New wholesale price index number of the Board of Trade in England
Establishment of the Imperial Bank of India
Transfer of note issue in Australia from treasury to Commonwealth Bank
Gold and silver embargo in England
Cuban moratorium
Index-digest of the Federal Reserve Bulletin
Commercial failures reported
Statistical:
Gold settlement fund transactions
Retail trade index
Foreign trade index
Wholesale prices abroad
Wholesale prices in the United States
Discount and interest rates prevailing in various centers
Physical volume of trade
Bank debits during February
Discount and open-market operations of the Federal Reserve Banks
Operations of the Federal Reserve clearing system
Resources and liabilities of the Federal Reserve Banks
Federal Reserve note account
Condition of member banks in selected cities
Imports and exports of gold and silver
Estimated stock of money in the United States
Discount rates approved by the Federal Reserve Board
Diagrams:
Wholesale prices in the United States
Movement of agricultural products, coal and petroleum production, iron and steel production, cotton and
wool consumption
IV
263
273
284
284
284
286
295
307
307
306
307
308
310
310
291
294
299
301
302
302
272
307
345
313
316
317
330
333
334
347
350
362
356
361
363
369
371
371
330
335
FEDERAL RESERVE BULLETIN
VOL.
7
MARCH, 1921.
No. 3
In the opinion of some observers this preparation would have the effect, observed upon
Developments in public finance during the
former occasions, of tending in some degree to
month of February have foltighten conditions in the money market. Rates
Treasury
lowed the same lines that disfinance.
for both call and time loans and for commercial
played themselves during the
paper have at all events been maintained at a
preceding month. There has been a continuahigher level during February than was true in
tion of deficit conditions, the total ordinary
January.
receipts being $248,563,615, while the ordinary
The improvement in banking outlook obexpenditures were $351,102,030, the difference
served in former issues has conrepresenting the deficit on ordinary account of
Improvement
tinued during the month of
$102,538,415. Certificates of indebtedness were in banking outFebruary. The following figplaced by the Treasury Department in the look.
ures, compiled by way of conamount of $132,886,500 as a result of an offer
tinuation of similar preceding compilations,
of $100,000,000 issued on February 10. Total
show the situation at member banks in leading
subscriptions for this amount aggregated
cities and at Federal Reserve Banks as regards
$218,924,500, the allotments being as already
loans, deposits, and rediscounts:
stated. Ten Federal Reserve districts oversubscribed their quota.
Government securities, also loans and other investments held
A noteworthy occurrence of the month was by reporting member banks on Jan. 28 and Feb. 25, 1921.
[In millions of dollars.]
the announcement on the part of the Secretary
of the Treasury on February 14 that in accordBills
Governcolpayable
ance with the appropriation act of May 29,
ment se- Paper
lateraled
All
other
and
rediscurities, by Gov- loans and counts
1920, all sub treasuries had been discontinued,
including ernment
with
investcirculaLast Friday.
securiments. Federal
the duties and functions performed by them in
tion
Reserve
bonds.
Banks.
the past being transferred to and divided
among the Federal Reserve Banks and their
28..
1,313.7
1,908.0
812.4 14,137.2
branches, the mints and assay offices, and the Jan.
1,303.4
Feb. 25..
1,890.7
778.0 14,026.4
Treasurer of the United States. Secretary
Houston stated that the economy effected by Government securities, also discounted and purchased paper
by the 12 Federal Reserve Banks on the last Friday in
this change, partly in a reduction of operating held
each month.
[In millions of dollars.]
expenses and partly through the elimination of
the necessity of keeping working supplies of coin
Discounted
and currency with the assistant treasurers, will
Govern- paper col- Other
Purment lateraled
dissave the interest on about $25,000,000 which
chased
Last Friday.
securi- by Gov- counted paper.
ties.
ernment paper.
the Treasury had to keep in the subtreasuries
securities.
as a working balance.
No banking results of Treasury business have
287.3 1,048.8 1,407.7
165.1
Jan. 28..
made themselves evident during the month. Feb. 25.
170.5
287.4 1,004.0 1,392.3
As usual, in anticipation of an installment of
It will be observed that the process of elimincome and excess profits taxes, large taxpayers and their bankers have been preparing inating long-term and nonliquid obligations has
themselves to effect the payments which will fall continued during the month, and while the
due on March 15, 1921, as efficiently and with growth in the ratio of reserves to the outas little disturbance to business as practicable. standing liabilities has been less than during
REVIEW OF THE MONTH,
263
264
FEDERAL, RESERVE BULLETIN.
January it has nevertheless been steady and
continuous, and each successive weekly report
shows a gain up to the last report date (Feb.
25), the figure for which was 49.9 per cent, a
recession of four-tenths of 1 per cent.
This encouraging improvement once more
emphasizes the necessity of guarding the portfolios of the banks against possible invasion by
nonliquid obligations, whether originating out
of speculative domestic operations or long-term
foreign trade financing. The problem of the
Federal Reserve Banks in the near future will
be increasingly that of promoting their own
liquidating power and of continuing the progress toward a condition of greater strength and
efficiency which they have already so obviously
begun. On this point the Federal Reserve
Board in its annual report issued on February 16
has uttered some words of warning as follows:
The loans and advances of a Federal Reserve Bank should be as nearly as possible of a
self-liquidating character. Continued advances
against unsold goods in storage would tend inevitably to involve the banking system in the
needless risks and difficulties growing out of
general changes in business conditions without
improving in any respect the situation as a
whole or relieving those obliged to reduce
prices or curtail production in order to stimulate the demand necessary to move commodities from producer to consumer. The Board's
purpose [is] to maintain the strength of the
Federal Reserve Banks, which are the custodians of the lawful reserves of the member
banks.
The state of domestic business during the
past month has shown an eviState of dodent
trend of improvement, almestic business.
though such gains as have been
made have been moderate and by no means
uniform throughout the entire commercial field.
Prices continued to recede in January, but less
rapidly than in December. The price index of
the Federal Reserve Board, constructed primarily for the purpose of international price
comparisons, showed a recession for January
amounting to approximately 5 per cent, as
compared with a 10 per cent decline in December. Current figures indicating the drift of
affairs both in Great Britain and in the United
States during February likewise continue to
show a downwardjnovement of prices. Some
MARCH, 1921.
important staple commodities are already at or
below prewar prices, or, according to current
reports, below cost of production. It is also
true that various other important commodities have not yielded in the same proportion,
but have continued to maintain themselves
at a substantially high figure. Iron and steel
prices, for example, although cut during the
month of February by the so-called "independent producers/' have been maintained by
the United States Steel Corporation at the
general level which was established during
the spring of 1919. The figures compiled by
the Bureau of Labor Statistics for employment
in certain lines, including some textile, leather,
and automobile manufacturing enterprises,
have shown recessions as compared with January, 1920, which vary from about 35 per cent
in some cases to 65 per cent. These must be
regarded as representing the lowest level yet
reached. The Board's index of production as
far as compiled is presented in the following
table. It should be borne in mind, as pointed
out on former occasions, that these indexes are
always, due to the unavoidable delays in obtaining figures, some 30 days behind the date at
which they are published. During the month of
February it would seem there has been an improvement from the conditions reflected in the
table as obtaining up to approximately the
close of January.
December
1920.
January,
1921.
January,
1920.
RelaRelaTotal Relative. Total. tive. Total. tive.
Receipts of cattle,calves,hogs,
and sheep at 15 western markets (in thousands of head). 4.859
Receipts of cram at 17 interior
centers (in thousands of
bushels)
75,058
Sight receipts of cotton (in
thousands of bales)
1,580
Shipments of lumber reported by three associations (in millions of feet)...
515
Bituminous coal production
(in thousands of short tons). 52,565
Anthracite coal production
(in thousands of short tons). 8,321
Crude petroleum production
(in thousands of barrels)... 38,961
Pig iron production (in thousands of long tons)
2,704
Steel ingot production (in
thousands of long tons)
2,340
Cotton consumption (in thou295
sands of bales)
Wool consumption (in thousands of pounds)
5t643 90.0
6,271
100
96.5 98,732 126.9 77,817
100
1,148 72.5
100
77.5
57.7 |
526
1,583
58.9
100
108.0 40,125 82.4
109.7
9,419 124.1
100
7,588
115.4 38,271 113.3 33,774
100
100
89.7 | 2,416 80.1
3,015
100
78.9 | 2,202
74.2
2,968
100
49.8 I 366
61.8
592
100
100
MABCH, 1921.
FEDERAL RESERVE BULLETIN".
A development of the month which has
been of considerable importance has been
the growing recognition on the part of some
American exporters and business establishments that they will be under the necessity of
meeting severe foreign competition. Such
competition is recognized as likely to proceed
not only from Great Britain, whose exports
of manufactured products have largely increased during the year 1920, as the figures
now available clearly manifest, but also from
Germany. Indeed, the whole problem of foreign competition and of our foreign economic
relationships has assumed a position of new
and increasing importance.
The Federal International Banking Coporation of New Orleans, La., whose
. i n a n * j m g or" articles of association and organization certificate were approved by the Federal Eeserve Board on December 29, 1920, as announced in the January
BULLETIN, received its permit from the Federal
Eeserve Board to commence active business on
February 9, 1921. The corporation, organized
under the Edge Act, has a capital of $7,000,000,
and is incorporated for the purpose of engaging
in the financing of exports or in other international or foreign financial operations. On
February 23, Mr. Archibald Kains, recently
president of the American Foreign Banking
Corporation of New York and formerly governor of the Federal Reserve Bank of San
Francisco, was elected president, and Mr. T. J.
Caldwell, formerly vice president of the Fort
Worth National Bank, was elected vice
president.
During the month further progress toward
the attainment of a basis for financing foreign
trade has been made in two new directions.
The Foreign Trade Financing Corporation, projected by the American Bankers' Association,
whose articles of incorporation had been tentatively approved in January, has issued a prospectus and has begun to sell its stock. The
process of securing subscribers and of organizing
is now proceeding. At the same time the organization of an acceptance bank with various
well-known American and foreign banking
houses as stockholders has also been announced.
The latter institution states its intention to
265
operate primarily upon a short-term basis,
while, as already made clear, the purpose of the
Foreign Trade Financing Corporation, projected by the American Bankers7 Association,
is rather that of operating upon a long-term footing. The one therefore proposes to assist the
growth of foreign trade by operating in the
American commercial paper market, while the
other intends to attain a similar object through
operations in the investment market. The
situation, as now viewed, raises two interesting
questions, (1) whether there exists in the United
States to-day a surplus of funds in the hands of
bona fide investors which could be attracted to
the support of foreign trade upon a basis of
interest return, (2) whether there exists a free
balance of banking funds which can be availed
of by a corporation of large size whose purpose
it is to finance foreign trade upon a shortterm basis. Admittedly it is not desirable
that our banks should become burdened with
a greater volume of long-term securities than
that which they now hold. Everything that
is done in the direction of financing foreign
trade, therefore, should be framed with a
view to attracting the support of investment
funds, whether these are in the hands of individuals or corporations. On this point
the Federal Reserve Board, in its annual report,
made public on February 16, stated:
In order to coordinate American capital and
banking facilities in these transactions Conress enacted what is commonly known as the
Jdge Act. The object of this law is to provide a means by which long-time credits can
be extended legitimately wherever necessary
in order to complement the ordinary bank
financing of our foreign trade. Banks having
demand deposits may not safely extend the
long-time credits required, but it was felt that
they might properly be authorized to participate with merchants, manufacturers, and producers in the formation of other corporations
authorized to extend the necessary long-time
credits, and national banks have accordingly
been authorized to invest not exceeding 10
per cent of their capital and surplus in the
capital stock of such corporations. It is believed that, while not jeopardizing the position
of the banks, this plan has the distinct advantage of keeping practical bankers in touch with
what is in reality a banker's business, and at
the same time that it will result in closer
©operation between those handling short-
266
FEDERAL RESERVE BULLETIN.
MARCH, 1921.
Notwithstanding the growth of the balance
time and long-time credits for exports, thus
working toward greater security for all condue us on the part of foreigners
cerned.
Trend of ex- w hi c h m ight have been exThe facts as to our present foreign-trade situ- i nsge qU° a" Pec^ec^ ^° °P e r a ^ e a s a depressation are clearly indicated in
ing factor in the exchange
exfJrgts.reC°rdSin t h e January figures for foreign market, the month of February has been a
trade issued by the Department period of advances in the values of most foreign
of Commerce on February 25. According to currencies. Sterling exchange after some temthe statement then given to the public, exports Dorary weakness during the latter part of the
for January totaled $655,000,000, the balance month shows a renewal of strength and ranges
of exports over imports being $446,000,000. around a level nearly as high as any reached
Taken in conjunction with an even larger ex- within recent months. The following tabular
port balance in December, 1920, this means review of exchange conditions during February
that in two months7 time some $900,000,000 continues figures on the same subject which
has been added to our balance on merchandise have been supplied in former issues:
account. Not the least remarkable aspect of
Foreign exchange rates, Feb. 5-Feb. 26.
the situation is the continuance of exports in
these two months at a level about three times
Week ended
Week ended
Feb. 5.
Feb. 12.
as high as imports. The fact that our exports
of merchandise in January were about $67,700,High.
Low.
High.
Low.
000 less than in January, 1920, has been spoken
of as an indication of a great shrinkage in England
3.8575 3.7863 3.8875
3.8313
France
.0720
.0681
.0723
.0699
foreign trade. The facts in the case, however, Italy
.0368
.0360
.0368
.0362
Spain
.1385
.1403
.1409
.1390
are that although this reduction in the value Germany
.0144
.0172
.0165
.0160
.1595
.1631
.1604
.1601
of exports occurred, the far greater reduction Switzerland
.2185
.2235
Sweden (Stockholm)
.2200
.2185
.3365
.3430
Holland
.3395
.3383
in imports tended correspondingly to add to Belgium
.0719
.0756
.0758
.0734
.3498
.3540
Argentina
.3486
.3542
the amount of the uncovered balance of foreign China (Hongkong)
.4800
.5100
.4900
.5100
.6550
.6800
.6600
China (Shanghai)
.6800
trade outstanding against us. Looked at from Japan (Yokohama)
.4838
.4838
.4838
.4838
.8825
.8863
.8800
Canada
.8963
another point of view, the direction of export
trade can be better understood from a study
Week ended
Week ended
Feb. 19.
Feb. 26.
of the index numbers prepared by the Federal
Reserve Board. For January the index numLow.
High.
High.
Low.
ber of principal exports was 117.6, and for prin3.9213 3.8450 3.8863
3.8438
cipal imports was 104.6. The respective index England
France
.0748
.0705
.0730
.0707
Italy
.0371
.0362
.0367
.0363
numbers corresponding to thesefigureswere, for Spam
.1422
.1382
.1405
.1380
Germany
.0176
.0159
.0166
.0158
December, 1920, 128.4 and 102. The fact thus Switzerland
.1667
.1636
.1660
.1646
Sweden
(Stockholm)
.2260
.2220
.2240
.2220
appears to be that the volume of our export Holland
.3450
.3408
.3420
.3394
Belgium
.0779
.0741
.0761
.0739
trade is continuing to hold its own at a com- Argentina
.3511
.3437
.3492
.3471
(Hongkong)
.5000
.4863
.4888
.4800
paratively high level and that such changes as China
China (Shanghai)
.6638
.6500
.6650
.6375
Japan
(Yokohama)
.4838
.4838
.4838
.4838
have occurred in it have not only not reducec Canada
.8800
.8613
.8838
.8650
the extent to which we have been obliged to
finance foreign markets but are currently inThere had been fear that the various elecreasing that extent in very large measure
ments
of difficulty connected with the reparaThe fact that many countries are now looking
tions
discussion
might operate to reduce the
to the United States for aid in the curren
strength
of
the
European
exchanges as measfinancing of their business emphasizes thi
ured
in
terms
of
dollars,
but
there was apparsituation and makes clearer than ever the
ently
at
no
time
any
serious
basis
for such fear.
necessity of providing some regular means o:
7
On
the
contrary,
the
quotation
of sterling
"funding' or "carrying" the sum due us.
MARCH, 1921.
FEDERAL RESERVE BULLETIN.
throughout the whole course of the negotiations
between Germany and the allies has maintained
a stable and, on the average, high level.
Foreign-exchange conditions have been less
encouraging in other parts of the world, and
the advent of one or two moratoria has tended
to aggravate difficulties which were already
recognized.
The eastern exchanges have
suffered considerable disturbance by reason
of the steady fall in the value of silver which
has carried that metal down practically to
prewar levels. The movement of the price of
silver may be sketched as follows:
Prices of bar silver in New York during February.
Week ended—
Feb. 5
Feb. 12
Feb. 19
Feb. 26
. .
High.
Low.
$0.6375
.6300
.6150
.5875
SO.5825
.6075
.5800
.5450
With silver at the low levels thus indicated,
it was to be expected that there would be
decided weakness in exchange on silver-using
countries, and this tendency has been emphasized by the fact that bad financing and banking conditions generally have been found to
exist in a number of countries which might
otherwise have escaped more than incidental
effects growing out of the fluctuation in the
value of silver.
The unsettled condition of foreign trade,
not merely between the United
Cancellations
States and other countries, but
and trade.
practically throughout the
world, has tended to emphasize more and
more strongly the importance of uniformity in
foreign trade and foreign banking practice in
order to minimize the possible scope of cancellations of orders and in order to fix more
definitely the responsibility of banking institutions which have opened confirmed credits.
A committee of representatives of New York
banking institutions has been at work in the
effort to secure uniformity in commercial
credit instruments and to standardize the
practices adopted under them. In general the
defects existing in present American practice
on the subject may be enumerated as follows:
267
1. Participation by banks in the commercial
risk involved in merchandising imports.
2. Disagreement as to definition of terms
used in communications among banks.
3. Misunderstanding regarding the right to
nullify letters of credit.
Nevertheless much of the uncertainty which
the cancellation of contracts had produced
last autumn in regard to commercial credit
instruments is being dissipated. The close
of last year was marked by widespread efforts
to reject obligations incurred in the importation of raw materials. This tendency was
due largely to a lack of knowledge of the binding force inherent in commercial letters of
credit. Such misunderstanding is being cleared
by public discussion; while the courts on several
occasions have defined the liabilities of the
various parties involved. The decisions rendered in Frey & Son (Inc.) v. Sherburne Co.
and the National City Bank, 184 New York
Supp., 661 (Appellate Division, N. Y. Supreme
Court), and in El Reno Grocery Co., etc. v.
Lamborn, et al., have enabled banks in many
instances to pay the drafts which they had
agreed to honor under their confirmed letters
of credit. Considerable litigation among banks
still impends and will continue until relations
between city banks and their country correspondents regarding import letters of credit
have been clearly defined.
In former issues of the BULLETIN some attention has been given to the
Trade develgrowth
of the foreign trade of
opment.
the countries affected by the
recent war. Data on this subject are brought
down as nearly to date as possible in the following table, from which it is seen that there has
been in most countries a steady if slow advance
toward the development of greater exporting
power. It is evident, however, that in order
to bring about a basis of settlement between
the different countries or to consider with any
degree of seriousness the adjustment of debt
among them, it would be necessary to enlarge
the movement of trade at a very much more
rapid rate, if only to provide a basis for the settlement of the interest upon outstanding indebtedness. Although in the case of these
268
FEDERAL RESERVE BULLETIN.
countries the capacity to export has been developed satisfactorily, recent business conditions
have been such as to cause a reduction in foreign demand and consequently a decline in
exports. The following table furnishes the
information regarding exportation and importation in as complete a form as is now practicable:
MARCH, 1921.
services performed by foreigners. Although
exact estimates on this point are not available,
there is no doubt that certain sums, for instance, are owing the United States for shipping services and interest on investments.
However, the situation as indicated by these
estimates shows a very material improvement
over conditions in 1919 when, by a
Exports and imports of leading foreign countries.
similar method of analysis, there was an ad[In millions of dollars at gold parity.]
verse balance of trade for the year amounting
l
2
to £149,000,000, and compares quite favorably
United Kingdom.!
France,
Italv.
even with conditions before the war when the
1ExIm- | Ex- 1
ExImfavorable
balance, including invisible exports,
ports, ports.
ts. ports. ports. ports.
was estimated at £200,000,000.
1920.
If the price factor is eliminated, it becomes
83
386
193
139
528 :
January...
103 apparent from further studies of the Board of
220
830
636 j
510
255
February.
115
276
860
616 '
603
259
March
131 Trade that imports into England in 1920 were
263
813
679 |
557
266
April
128
270
812
064
461
233
May
145 approximately the same as in 1919.
401
830
664
500
349
June
Exports,
100
201
795
756 !
July
103 however, were increased by 29 per cent and
241
746
540 i
464
624 !
August
110
232
743
637
507
415
September
729
625 :j
501 I
450
October...
reexports by 15 per cent. Both imports and
702
645
516 ! 363
November.
695
532 !
569 ! 321
December.
exports in 1920 were, however, considerably
1921.
less
in quantity than in 1913, probably as much
363 :
383
January..,
451
as 12 per cent in the case of imports and 29
1
per cent in the case of exports. Thus, although
2 Including reexports.
French foreign tradefiguresfor 1919 and January through June, 1920,
are expressed in 1918 value units; August through December, 1920, export trade was maintained at a high level
figures are calculated at 1919 rates. A change in the methods of calculating the values for July, August, and December, 1919, and for July, in 1920 as compared with 1919, it fell very far
1920, makes them incomparable with other months.
short of the prewar figure, mainly because of
A careful analysis has now been made of the decline in the export of coal.
In December, 1920, British exports began
England's balance of trade for
the
1920
a n e X e r t Of
seriously
to decline from the level established
l™*
^
P
earlier
in
the year as a result of trade condithe Board of Trade. Accordtions
abroad.
Textiles were most seriously afing to these official estimates there is a net
fected
at
that
time,
exports of cotton manufacbalance for the year in favor of England which
amounts to £165,000,000. This balance is tures shifting from a value of £35,000,000 in
arrived at by comparing the debits of England November to £25,000,000 in December, wool
to foreign countries for merchandise (which manufactures from £11,000,000 in November
amounted to £378,800,000 for the year) and the to £8,000,000 in December. Iron and steel
credits due to England from abroad for shipping exports likewise declined considerably during
services, interest on investments, banking the month. In January textiles were exported
services, and gold exported (which amounted at approximately the same rate as in Decemto £543,500,000 for the year). According to ber, but coal exports fell from a value of
these estimates, England may be credited dur- £9,300,000 to £5,600,000.
In comparing French foreign trade figures
ing 1920 with £340,000,000 for shipping servfor 1920 with those for preices, £120,000,000 for interest on investments,
Continental
vious years, it is necessary to
£40,000,000 for banking and other services, and trade.
take into consideration the
£43,500,000 for export of gold, or a total of
£543,500,000. An element of weakness in French method of calculating the value of imthis analysis appears to be the fact that no ports and exports. French customs officials
account has apparently been taken of the require importers and exporters to declare
debts incurred by England for these same only the kind and quantity of the goods which
FEDERAL RESERVE BULLETIN.
MARCH, 1921.
pass over the borders of their country. In
preparing the current monthly statement of
the value of foreign trade the customs department assigns to each commodity its value in
French markets during the preceding year.
During the following year the value of the
trade is calculated again, this time according
to the market values of the year to which the
figures apply. The figures just published for
1919 and 1920 are calculated according to 1919
prices. In comparing the figures for the two
years no allowance is made for the changes in
the price level which have taken place within
the period in question. The figures are as
follows:
French foreign trade.
[In millions of francs.]
Percentage of
increase
1919
1920
10,704
14,753
10,342
8,618
16,801
9,986
35,799
35,405
-19
+14
- 3
- 1
1,191
2,444
7,388
857
2,211
4,772
14,253
1,199
+86
+95
+86
+40
11,880
22,435
+89
(+)or
decrease
(-)•
IMPORTS.
Food
Raw materials
Manufactured articles
Total
EXPORTS.
Foods
Raw materials
Manufactured articles
Parcel post
Total
On the basis of these figures it is evident that
there was a distinct improvement in the
French balance of trade during 1920. Imports have declined 1 per cent and exports have
increased 89 per cent. In 1920 the excess of
the value of imports over exports amounts to
58 per cent of the exports. Whether the relationship will be found unchanged when the 1920
trade is stated in terms of 1920 prices will not
be known until next year at this time. The
excess of imports over exports of merchandise
is not a new situation in French trade. In 1913
the excess of imports amounted to 22 per cent
of the export trade. Unfortunately there are
no figures available on France's ''invisible exports' 7 during the last year, and it is therefore
269
impossible to say at present what was her true
balance of trade in 1920.
In the last two months of 1920 France's exports declined sharply, Detailed figures have
not yet been published for December, but in
November the principal declines occurred in
exports of wines, broad silks, furs, cotton and
woolen cloths, machines, tools; and other metal
manufactures, automobiles, and rubber manufactures.
Italy's exports from January to September,
1920, totaled 5,513,000,000 lire, when estimated on the basis of 1919 values. This is an
increase of 1,751,000,000 lire over the exports
during the same period in 1919. Imports into
Italy during this period declined from 12,486,000,000 lire in 1919 to 11,905,000,000 in 1920
(on the basis of 1919 values). The increase of
exports was not uniform throughout the year.
The advance which took place during the first
six months of the year grew smaller in the subsequent months. The increase over 1919, which
amounted to 1,770,000,000 lire for the period
January-June, declined to 1,017,000,000 lire at
the end of November. Improvement of the
balance of trade, as compared with 1919,
amounted to 2,333,000,000 lire for the period
January-September, but for January-November it was only 1,705,000,000 lire. The relative
decline in exports in the period July-September, 1920, as compared with 1919, was particularly noticeable for manufactured silk and for
cotton goods, which are among those categories
of goods that had shown the largest increase
in the preceding six months.
Conferences have been in progress between
the . allied
premiers
and repreT h e reparations
..
- , -,
^
/>
.
sentatives
ol
the
German
Govconferences.
ernment at London, with a
view to obtaining definite agreement upon the
terms of the reparations. What had been
determined upon by the Allies was set forth in
the last number of the BULLETIN, and was
there given on the basis of cable reports as
226,000,000,000 gold marks, payable on an
annuity plan over a period of 42 years. A
counter proposal involving the payment of
270
MARCH, 1921.
FEDERAL RESERVE BULLETIN.
30,000,000,000 gold marks was made by the Brazil. Since the removal of the gold embargo
representatives of the German Government on on June 7, 1919, total gold exports have
February 25. Wide divergences between these amounted to approximately $678,996,000. Of
conflicting proposals led to an immediate ad- this total $195,414,000 was consigned to Japan,
journment of the conferences without further $146,555,000 to Argentina, $71,810,000 to
definite outcome prior to the close of the month. Hongkong, $67,396,000 to China, $41,052,000
Under the terms of the treaty of Versailles an to British India, $29,778,000 to Spain, and the
adjustment of this whole matter was to be remainder principally to Mexico, Uruguay, the
effected not later than May 1, 1921. The Dutch East Indies, Canada, the Straits Settleimportance of obtaining a positive settlement ments, and Venezuela.
of the amount to be paid in reparations, in order
During the same monthly period the net
to promote more rapid progress in restoring a outward movement of silver was $634,000, as
normal course of international commerce and compared with a net outward movement of
normal conditions in the investment market, $2,394,000 for the month ending January 10.
has grown greater than less during the past Net exports of silver since August 1, 1914, were
month or two. Authentic official statements $457,735,000, as may be seen from the followof the exact terms of the proposals which have ing exhibit:
been presented on either side are not thus far
[In thousands of dollars.]
available.
Excess of
During the month ending February 10 the
Imports. Exports. exports
over
net inward movement of gold
imports.
wa
vefmtvemtnS"
* ^9,534,000, as compared
with a net inward movement
of $43,888,000 for the month ending January
10. Net imports of gold since August 1, 1914,
were $930,802,000, as may be seen from the
following exhibit:
Aug. 1 to Dec. 31, 1914
Jan. 1 to Dec. 31, 1915
Jan. l t o Dec. 31, 1916
Jan. 1 to Dec. 31, 1917
Jan. l t o Dec. 31, 1918
Jan. l t o Dec. 31, 1919
Jan. l t o Dec. 31, 1920
Jan. 1 to Feb. 10, 1921
Total
12,129
34,484
32,263
53,340
71,376
89,410
88,060
6,919
22,182
53,599
70,595
84,131
252,846
239,021
113,616
9,726
10,053
19,115
38,332
30,791
181,470
149,611
25,556
2,807
387,981
845,716
457,735
[In thousands of dollars.]
Imports.
Aug. 1 to Dec. 31, 1914
Jan. 1 to Dec. 31, 1915
Jan. l t o Dec. 31, 1916
Jan. l t o Dec. 31, 1917
fan. l t o Dec. 31, 1918
Jan. l t o Dec. 31, 1919
Fan. l t o Dec. 31, 1920
fan. l t o Feb. 10, 1921
Total
1
Exports.
Excess of
imports
over
exports.
1
23,253
451,955
085,745
553,713
61,950
7G, 534
428,744
47,503
104,972
31,426
155,793
372,171
40,848
368,185
322,091
3,109
81,719
420,529
529,952
181,542
21,102
1
291,651
106,653
44,394
2,329,397
1,398,595
930,802
Excess of exports over imports.
England furnished about 57 per cent, or
823,734,000, of the $41,604,000 of gold imported during the monthly period ending February 10, France, Japan, China, Australia,
British India, Hongkong, Colombia, the Dutch
West Indies, and Mexico furnishing most of
the remainder. Of the gold exports, amounting to $2,070,000, over 68 per cent, or $1,424,000, was consigned to Mexico and the
remainder to Canada, Hongkong, the British
West Indies, the Dutch East Indies, and
Mexico furnished about three-fifths, or $3,900,000, of the $5,688,000 of silver imported
during the monthly period ending February
10, the remainder coming principally from
Chile, Peru, and Canada. Silver exports during the same period, amounting to $6,322,000,
were consigned principally to England, Hongkong, China, British India, and Japan.
Aggregate liquidation of about 308 millions
of loans and investments, acThe banking
. ,,
' ,
situation
companied by a commensurate
shrinkage in deposits and a
much more moderate reduction of borrowings
from the Federal Reserve Banks, are the
principal developments in the banking field
during the four weeks between January 21
and February 18, as indicated by the weekly
reports of member banks in leading cities.
All loan accounts of the reporting banks show
practically continuous declines for the period—
loans secured by United States Government
obligations by 45 millions; loans secured by
MARCH, 1921.
FEDERAL RESERVE BULLETIN.
corporate obligations by about 50 millions;
and other, i. e. largely commercial, loans and
discounts by 168 millions. Changes in the
investment block include a net reduction of
31 millions in the holdings of Treasury certificates, notwithstanding an increase of 38
millions shown under this head for the week
ending February 18, during which the Treasury
allotted about 133 millions of loan certificates,
and smaller decreases in United States bonds
and notes and in other investments. For the
member banks in New York City net liquidation of 130 millions in loans and of 33 millions
in investments is shown.
Accommodation of all reporting banks at
the Federal Eeserve Banks shows a gradual
reduction for the period from 1,934 to 1,847
millions, representing 11.8 and 11.5 per cent,
respectively, of the banks' aggregate loans and
investments. Accommodation of the New
York City members at the local Federal Reserve Bank shows increasing totals for the
first two weeks of the review period, mainly
because of the large withdrawals of bank
balances by country correspondents. A reversal of this movement is noted for the last
week under review, and on February 28 total
borrowings of the New York banks from their
Federal Reserve Bank stood at 791 millions,
or 3 millions below the January 21 total.
The ratio of these borrowings to total loans and
investments shows a rise from 14.6 per cent on
January 21 to 16 per cent on February 4,
followed by a decline to 15 per cent on the last
Friday of the review period.
For the four weeks between January 28 and
February 25 the Federal Reserve Banks show
a reduction of over 60 millions in their total
holdings of discounted bills. During the early
part of the period all but three Federal Reserve
Banks raised their minimum discount rates
on bills secured by Treasury certificates, and
this action was followed by a decrease during
the following two weeks of 37.5 millions in the
holdings of this class of paper. Following
the allotment on February 15 of about 133
millions of certificates, and in connection
with the general increase in bill holdings during the last week of the review period, Federal
Reserve Bank holdings of paper secured by
271
Treasury certificates increased by 14.6 millions, constituting 13.4 per cent of the
total amount of paper secured by Government obligations held on February 25, compared with about 15 per cent four weeks
previous. Holdings of paper secured by Liberty and other United States bonds show
a continuous decline for the period from 607.1
to 577.5 millions, while bills secured by Victory
notes show some fluctuations, the February
25 total of 291.7 millions being 7 millions in
excess of the corresponding total shown four
weeks earlier. Holdings of acceptances purchased in open market fluctuated between
165.1 millions on January 28 and 175.9 millions
two weeks later, while Treasury certificates
on hand show even more moderate fluctuations
between 260 millions on February 4 and 263.6
millions on the following Friday. Total earning assets of the Federal Reserve Banks show
a decline of 54.7 millions for the four weeks
under review, and on February 25 stood at
2,854.1 millions, or 567.8 millions below the
peak figure reported on October 15 of last year.
Considerable reduction in the volume of
interbank discounting is noted, the amount of
paper held under rediscount for other Federal
Reserve Banks showing a continuous decline
from 41.1 to 13.6 millions. The latter amount
is composed exclusively of paper held under
discount by the Cleveland bank for the Federal
Reserve Bank of Dallas, both the Atlanta and
Minneapolis banks having redeemed all their
outstanding rediscounted paper. Holdings of
acceptances purchased from the New York
Federal Reserve Bank show a decline from
51.8 to 24 millions. The latter amount was
held by the Boston, Philadelphia, Cleveland,
and San Francisco banks. Net deposits
fluctuated within moderate limits, and at the
close of the review period stood at 1,671.6 millions, an increase of 28.4 millions since January 28. Weekly figures of Federal Reserve
note circulation show a practically continuous
decline from 3,090.7 millions on January 28 to
3,037.4 millions on February 18. For the eight
weeks since December 23, 1920, when the
seasonal return flow of Federal Reserve currency started, the reduction of Federal Reserve
note circulation amounted to 367.5 millions,
272
FEDERAL RESERVE BULLETIN.
averaging 45.9 millions per week. For the
week ending February 25 an increase of 14.3
in Federal Reserve note circulation is shown.
During the four weeks under review there was
also a reduction of about 13 millions in Federal
Reserve Bank note circulation. Gold reserves,
mainly as the result of purchase of imported
gold by the New York Federal Reserve Bank,
show a continuous increase for the four weeks
from 2,106.1 to 2,140.3 millions, while total
cash reserves show a slightly larger gain from
2,320 to 2,357 millions. Owing to the substantial gains in reserves and the simultaneous
reduction in Federal Reserve note liabilities,
the reserve ratio rose from 49 per cent on
January 28 to 50.3 per cent on February 18.
During the following week increases in both
deposits and note liabilities outweighed the
small gain in reserves, with the consequence
that the February 25 ratio shows a decline to
49.9 per cent.
The usual quarterly conference of the Federal Advisory Council with the
Federal R e s e r
™ Board was held
in Washington on February 21
and 22, and was occupied as usual with a general discussion of banking and financial conditions in the Federal Reserve System. One of
the topics considered was the question of rates
of discount, the council recommending that the
present rates in effect at Federal Reserve Banks
be maintained. All of the Federal Reserve districts were represented at the session with the
exception of Boston, Philadelphia, and Richmond.
MARCH, 1921.
A conference on the reporting of business
conditions was held under the auspices of the
Board at Washington also on February 21 and
22. The meetings of the first day were devoted
to discussion of present methods of reporting
employed by the several Federal Reserve Banks.
In the meetings of the second day a number of
commercial statisticians, primarily interested
in the reporting of business conditions, discussed the whole question of the method and
contents of such reports. Special attention was
given to the subject of indexes of business conditions and to the technical problems involved
in the development of such statistics.
Index-Digest of Federal Reserve Bulletin.
The Federal Reserve Board will publish
shortly, primarily for its use and that of Federal Reserve Banks, an index-digest of the
FEDERAL RESERVE BULLETIN, prepared by Mr.
C. S. Hamlin, one of its members. The digest
covers the first six volumes of the BULLETIN,
from the years 1915 to 1920, inclusive, and
contains an abstract of all published decisions
and rulings of the Federal Reserve Board and
of the other matter contained in the BULLETIN.
The Board will print a sufficient number of
copies to supply the demand of banks and
others who may desire to purchase it.
The price will be $2 per volume, bound in
cloth in the same manner as the BULLETIN.
Subscriptions should be addressed to the Federal Reserve Board, Washington. As the edition is to be a limited one, those desiring copies
should send in their orders promptly.
MARCH, 1921.
FEDEEAL RESEKVE BULLETIN.
273
BUSINESS, INDUSTRY, AND FINANCE, FEBRUARY, 1921.
Business and industry for the month of February have continued in a transitional and unstable condition. Demand for goods has by
no means been firmly reestablished. Although
there are abundant indications that stocks of
goods have been greatly reduced and that a
large volume of potential buying is in sight, it
has not yet become actual. Current purchasing has been chiefly for immediate needs because
of feeling of uncertainty as to the future trend
of prices. The Board's index number of wholesale prices, based upon 90 commodities, shows
a further decline from 171 to 162 for the month
of January. Uncertainty still prevails in a number of directions. A net gain in the actiyit}^ of
certain important manufacturing industries has
been noted. This has been most marked in shoes
and textiles and has been observed most especially in district No. 1 (Boston). The movement
toward better conditions has not been wholly
sustained during the early weeks of February,
undergoing some setback on account of changes
in the prices of basic raw materials. The employment situation in these industries has been
somewhat improved, but such improvement
has been partially offset by reduced employment in other lines. Conditions as to employment are by no means uniform in the several
districts.
In agriculture, the prospects for the spring
season are opening favorably. The remaining
portion of the 1920 crop, which was to some
extent withheld from market, has been moving
more steadily to points of consumption. This
has tended still further to improve the banking
situation in the Northwest and to some extent
in the Southern States.
The steady increase in the reserve ratio of the
Federal Reserve System has continued throughout the month. Member bank portfolios show
continued evidences of growth in liquidity.
Agriculture.—The general agricultural situation has improved during the p as t few weeks. In
district No. 11 (Dallas) ' 'good progress in winter
plowing and in the growth of winter grains and
truck crops was made last month, due to the mild,
open weather prevailing in January." In district No. 10 (Kansas Citv) "the temperatures
have been exceptionally mild, and have afforded
opportunities through the greater part of the
winter for outdoor work on the farms and
ranges, as well as being highly beneficial to
crops." Light snows and rains have left the
fields and ranges in good condition, with sufficient moisture for quick germination of seeds.
The winter grain crops are in a healthy state,
and show improvement. In district No. 11
(Dallas) the spring truck crops in the Rio
Grande Valley are reported to be making excellent progress." However, the exceptionally mild
winter has been conducive to a premature budding of fruit trees in the east Texas fruit-growing
section, and some uneasiness is being felt concerning the safety of this crop. This danger is
also felt in district No. 10 (Kansas City).
Grain.—The movement of grain to market
has been in larger volume during January,
1921, than during January, 1920. Total January grain receipts at Minneapolis and Duluth
were 18,378,148 bushels, an increase of about
11 per cent over the January, 1920, figures of
16,577,815 bushels, but a decrease of about
24 per cent from the December, 1920, figure
of 24,078,849 bushels. Receipts of each of the
grains, except oats, decreased wrhen compared
with December, but, with the exception of rye,
were greater than a year ago. It has recently
been estimated that about 70 per cent of the
1920 wheat crop in district No. 9 (Minneapolis)
was marketed at mills and terminals by
February 1, and that about 40,000,000 bushels
of the crop remained on the farms or in country
elevators on that date. The marketing of
grain at centers in district No. 10 (Kansas
City) since the opening of the year has been
larger than during the same period last year.
The January wheat movement at Kansas City
was 10,289,000 bushels, an increase of 52.7
per cent over that for January, 1920. Other
markets also reported substantial increases.
The heavy marketing, it is stated, "is taken
as an indication of a desire on the part of many
farmers to liquidate stocks on hand," in spite
of the absence of material improvement in
prices. The movement of corn to the markets
in January was also larger than
a year ago and
the percentage increase w a s practically the
same as for wheat. Receipts of the leading
grains at St. Louis have in general been greater
during January, 1921, tnan during either
December or January, 1920. It is reported,
however, that " the wheat growers of the Pacific
Northwest and the barley growers of California
are still inclined to hold their crops for better
prices," but the demand is lighter than usual
and buyers have no trouble in obtaining
sufficient grain. It is estimated that in the
wheat-growing areas of Oregon and Washington
45 per cent of the surplus beyond farm consumption remains in first hands as compared
with 15 per cent at the same time in 1920.
A cooperative wheat growers' association has
274
FEDEKAL RESERVE BULLETIN.
been formed in Washington and Idaho, and a
similar organization is now projected for Oregon. Price tendencies have been somewhat
mixed. Highest, lowest, and median prices for
cash sales of wheat and rye in Minneapolis increased in January over December, while similar prices decreased for cor£, oats, barley, and
flax. The median price of No. 1 dark northern was $1.84 per bushel in January as compared with $1.72 in December. At St. Louis
quotations have been more stable, although
slightly lower. The closing price of No. 2 red
winter wheat on January 15 was $2.02 per
bushel, as compared with $1.96-$ 1.99 on February 15.
Milling operations.— Milling operations have
continued at a low level. Output of mills in
district No. 9 (Minneapolis), representing 75
per cent of the total district production, was
2,299,433 barrels during the five weeks ending
January 29, as compared with 2,646,150 barrels
during the five weeks ending December 25, and
2,949,780 barrels during the five weeks ending
January 31, 1920. The mills are operating at
about 39 per cent of capacity, as compared with
53 per cent a year ago. Flour production of
reporting mills in district No. 10 (Kansas City)
was 1,150,416 barrels during the four weeks
ending January 29, as compared with 1,882,588
barrels during the corresponding period of 1920.
Kansas City mills operated at an average of 62
per cent of capacity, Omaha mills at 29 per cent,
and interior mills at 48 per cent. The trade has
been confined chiefly to bakers' and jobbers'
immediate needs. Demands at the beginning
of February resulted in an increase in operations at Kansas City to 73 per cent of capacity
and at Omaha to 61 per cent. Some slight improvement was noted in district No. 12 (San
Francisco) during January. Reports from 80
principal millers in the district show operations during the month at 40.3 per cent of capacity, as compared with 26.7 per cent in December and 92.1 per cent in January, 1920.
January output was 594,787 barrels, an increase of 195,095 barrels over the December
figures. The increased demand is attributed to
reduced surplus stocks of flour and a fairly
steady demand within the district, although
export trade continues light.
Cotton crop.—The 1920 cotton crop is practically all out of the field and ready for the
markets. In district No. 12 (San Francisco)
" about 90 per cent of the district's cotton
crop is now in the bale/' and in district No. 11
(Dallas) " cotton picking in Texas, New Mexico,
and Arizona progressed^ under the best conditions." In tne latter district it is reported
that most of the unpicked cotton is of such a
low grade that it is likely to be left in the field
MARCH, 1921.
and turned under. Reports from all districts
in the cotton-growing area seem to indicate a
considerable reduction of acreage planted in
cotton during the 1921 season as compared
with 1920, which will be replaced by various
grain and forage crops. The farm organization movement has been general, with the
emphasis upon better marketing conditions,
and at the same time upon a mere general
diversification of crops so that the farmer may
supply his own needs. The movement of
cotton has varied somewhat in the several districts, according to the Government market
report. Cotton movements throughout the
country from August 1 to February 4 were
somewhat lighter than last season. Sight
receipts were less by about 1,000,000 bales,
while port receipts decreased about 700,000
bales. At Galveston, however, receipts this
season were about 20 per cent more than last
season. District No. 12 (San Francisco) reported that only a small portion of the crop
has been sold, while district No. 8 (St. Louis)
characterized the movement of cotton as
backward.
Other crops.—The situation in the leaf tobacco districts has improved somewhat during
the month. Tobacco prices in district No. 5
(Richmond) "were somewhat better during
January than they were before the holidays,
and much of the crop has been sold." The
condition has varied with the several markets,
in that some have been glutted, while others
have been closed because the farmers have
been unwilling to accept the prices offered.
In the tobacco sections of district No. 8 (St.
Louis) country merchants report that farmers
are selling the crop and liquidating their indebtedness. In district No. 5 (Richmond)
"much talk of reduced acreage in tobacco for
1921 continues, and a cooperative marketing
association is being formed among growers."
The condition in the manufacturing industry
has shown little change. District No. 3
(Philadelphia) reports that, due to uncertainty
as to prices, the "demand is somewhat^inactive, with purchases being made only to* meet
the.current requirements of local dealers."
The mild weather prevalent throughout the
country this winter has caused an early budding
of trees in all fruit-growing sections. The exact
status of the crop, of course, is not definitely
determined until the possibility of damage
from late frost has passed, and until that time
uneasiness is naturally felt. District No. 12
(San Francisco) reports that "in the Pacific
Northwest the buds began swelling six weeks
earlier than usual, and in California the almonds and some of the earlier varieties^of
fruits are already in blossom." The February
MAKCH, 1921.
FEDERAL, RESERVE BULLETIN.
estimate of the California citrus fruit crop has
confirmed the previous forecast of a record
crop. "The quality of the fruit has been
high, but it has not been sizing up as well
as last year, and in many cases picking has
been confined77to the larger sizes, which bring
higher prices.
January, 1921, shipments of
oranges have been larger by a thousand cars
than those of January, 1920, while shipments
of lemons during the same period have been
slightly under those for the same period last
year.
Live stock.—Live stock generally is in excellent condition, due to the open winter and to
ample supplies of feed and forage. Fewer
cattle are being fed than usual in district No.
10 (Kansas City). Big feeders in the district,
particularly in Missouri, are not buying large
numbers of stock hogs. Very little sheep
feeding is reported. Light rains and snows
over a considerable part of the range country
in district No. 11 (Dallas) relieved the need of
moisture previously noted in scattered localities. While there is still some evidence of
drought in isolated sections, and the shortage
of grass in the irrigated parts of Arizona has
given rise to a serious situation in the sheep
industry, range conditions in the southwest in
general continue better than they have been
for many years. The ranges in the district are
stated to be considerably understocked. Good
weather and cheap feed in district No. 12 (San
Francisco) are making it possible for many; livestock men to hold their animals over the winter,
unlike last year, when a considerable amount
of unfinished stock was forced into the market.
There was a stronger demand for feeders during the first two weeks of February, especially
for hogs, and on February 7 feeders at Portland sold at a premium of 25 cents over fat
pigs, which is the reverse of the usual situation. In the district as a whole, the winter
season is usually the time of greatest consumption and smallest supply, and as a result livestock prices held fairly steady, although the
Salt Lake market was more sensitive to the
weakness in the middle western markets.
Further price declines featured the live-stock
markets in district No. 10 (Kansas City),
although the declines have been less drastic
than those recorded last fall. The better
class of beef steers has slumped more than the
lower grades, heavy hogs have been in less
demand than light hogs, and prices of sheep
have declined materially in the past month in
that district. Hogs alone showed no decrease
in price in district No. 11 (Dallas) during January, but the best grades of beef steers, which
sold as high as $9 at the opening of the month,
ranged at its close from $7 to $7.50. Declines
275
in dressed-meat prices have affected packing
operations to some extent in district No. 10
(Kansas City), while outside buying constituted the bulk of the cattle transactions of the
month, packers taking very few of the offerings. Receipts of the principal classes of live
stock at 15 western markets show increases
over the December figures, but in the case of
cattle, calves, and hogs are below the large
figures for a year ago. January receipts of
cattle and calves were 1,191,814 head, corresponding to an index number of 118, as compared with 984,309 head in December, and
1,392,739 head in January, 1920, corresponding, respectively, to index numbers of 98 and
138. Receipts of hogs increased from 2,932,052
head during December to 3,339,419 head during
January, but were less than the January, 1920,
figure of 3,842,609 head. The respective
index numbers were 133, 152, and 175. January receipts of sheep were 1,112,024 head,
corresponding to an index number of 81, as
compared with 942,858 head during December,
corresponding to an index number of 69, and
1,035,274 head during January, 1920, corresponding to an index number of 76.
Coal.—The demand for bituminous coal has
fallen off considerably as a result of the mild
weather, the curtailment of operations by industrial plants, and the contraction in the
tonnage used by the railroads. Production
during January was 40,125,000 tons, as compared with 52,565,000 tons during December
and 48,689,000 tons during January, 1920. The
respective index numbers are 108, 142, and 131.
The percentage loss due to absence of a market
was 46.9 per cent for the week ending February
5. Domestic coal is in good demand in district
No. 6 (Atlanta), but the steam coal market is still
quiet. Weekly production in district No. 5
(Richmond) has fallen off about 20 per cent since
the end of November. Mine prices reflect the
market situation, but retail prices have not followed in the downward movement. Retailers
attribute the situation to contracts previously
made and to high freight rates. Operators
in district No. 3 (Philadephia) "continue to
produce in order to keep their working organizations together.77 Coal dealers in district
No. 5 (Richmond) do not appear to have
large stocks on hand, but are purposely
limiting them because of price uncertainties.
The coke market reflects the situation in
the iron and steel industry, as prices have
declined and operations have been curtailed.
Anthracite production has continued heavy,
being favored by mild weather and liberal
car supply. January production was 9,419,000
tons, as compared with 8,321,000 tons during
December and 7,588,000 tons during January,
276
FEDEKAL RESERVE BULLETIN.
1920. The respective index numbers were
127, 112, and 103. There is a poor demand
for buckwheat, and mam?- of the larger producers are storing this size with a view to
marketing under more favorable conditions.
Steam sizes generally are beginning
to feel
the competitive effect of the lowr price of bituminous coal, and sales are not as brisk as
heretofore.
Petroleum.—Decreased consumption has resulted in a considerable drop in the price of
crude petroleum. At the close of January,
Kansas and Oklahoma crude oil was selling at
$2.50 per barrel, a decrease of $1 per barrel
from the price prevailing at the opening of
January, and further cuts in the first part of
February reduced the price to $2 and in some
cases to $1.75. Reductions in prices announced in January by purchasing companies
in the major fields" of ^district No. 11 (Dallas)
brought prices down from $3.50 per barrel to
$2, and early in February there was a further
cut of 25 cents. In sympathy with the price
declines in crude oil, refined products and fuel
oil showed substantial declines in district No.
11 (Dallas) during the last 30 days. Production of crude petroleum likewise fell off during
January. In district No. 11 (Dallas) the output was 12,746,315 barrels, which was 87,259
barrels less than the December figure. The
January production in Oklahoma and Kansas
was 10,710,500 barrels. In California, however,
production during January established a new
high record for the fifth successive month, and
for the second time since July, 1919, monthly
output exceeded consumption, and stored
stocks wrere consequently increased. Refiners'
operations in districts Nos. 10 (Kansas City)
and 11 (Dallas) likewise showed a decrease.
In Kansas and Oklahoma it is reported that
they have been reduced about 40 per cent, a
number of the smaller refineries being shut
down entirely, while others are operating on
shorter time. Pipe-line purchases in most
fields in district No. 11 (Dallas) were restricted to 50 per cent of the output. Field
forces are being reduced by nearly all the large
operators in the district, and as a result drilling
operations have slowed up, particularly in
north Texas. A decrease was likewise noted
in Kansas, Oklahoma, and Wyoming drilling;
operations during January, but" the number OL
wells completed increased in California and the
initial daily production almost doubled.
Iron and steel.—The iron and steel industry
continued in an unsettled condition. Production shows a further falling off. Pig-iron
production during January was 2,416,292 tons,
corresponding to an index number of 104, as
compared with 2,703,855 tons, corresponding
MARCH, 1921.
to an index number of 117, during December.
More furnaces in district No. 4 (Cleveland)
continue to go out of blast as a result of the
continued fall in the price of pig iron, and the
number of merchant furnaces now active is the
lowest in several years. Pig-iron production
in district No. 6 (Atlanta) is "down to the
minimum and is still in7 excess of the business
that is being booked.' Steel-mill operations
in the district, however, are good, but for the
country as a whole the production of steel
ingots decreased from 2,340,365 tons during
December, corresponding to an index number of
100, to 2,203,186 tons during January, corresponding to an index number of 94. The
divergence between the independent producers
and the United States Steel Corporation in the
percentage of capacity operating continues.
The respective percentages, it is stated from
district No. 3 (Philadelphia), are 30-40 per cent
and 80-90 per cent. There were further general
reductions in prices by independent steel producers early in February. Quotations are now
10-15 per cent below those of the United States
Steel Corporation for most of the standard
specification materials, plates, sheets, and bars,
but for rails and a few other finished products
quotations have been maintained near those of
the leading interest. While some new business
resulted, uncertainty in the minds of consumers has tended to be augmented, and in
many cases the effect has been to postpone
purchases not immediately needed.
The
limited new business obtained, it is stated from
district No. 3 (Philadelphia),
is "only for
present day needs/7 Despite the difference in
the price quotations of the two groups of
producers, the subsidiaries of the corporation
report negligible cancellations or suspensions
due to this cause. The latter, however, is
gradually cutting into its order book, unfilled
orders at the close of January being 7,573,164
tons, as compared with 8,148,122 tons at the
close of December, and the respective index
numbers were 144 and 155. It has not, however,
as yet made any reductions in wages, although
the majority of independent producers have
put in effect reductions varying from 15 to
25 per cent. Interest in the industry at present
centers upon the policy which it will pursue
under the conditions which have developed.
Nonferrous metals.—The nonferrous metal
markets have remained dull. Among the
developments of most interest has been the
plan for financing stocks of copper amounting
to 400,000,000 pounds, which represents about
two-thirds of producers7 holdings. This gave
the market a touch of firmness until recently,
but the other principal nonferrous metals in
general have been weak. Prices of zinc ore
MARCH, 1921.
FEDERAL, RESERVE BULLETIN.
declined $4.50 per ton during January in
district No. 10 (Kansas City), but the price of
lead ore increased $2.50 per ton during the
same period. During February, however, the
leading interest further reduced its price for refined lead (on the New York basis) to 4.4 cents
per pound. Zinc production for the entire country during January decreased almost 10 per cent
from the December figure, but supplies are plentiful. There has been a slowing down of production in Kansas, Missouri, and Oklahoma, while
metal mining in Colorado has been rather quiet
since the opening of the year, and production in
January was generally reduced, owing to the
low price of the base metals. January copper
output reported by companies producing about
75 per cent of the refined copper in district
No. 9 (Minneapolis) was 20,641,948 pounds, as
compared with 21,027,549 pounds during
December and 31,957,146 pounds during January, 1920. In district No. 12 (San Francisco), six out of 14 reporting copper producers were not operating in December,
while the remaining eight showed percentages
of capacity operated up to 67 per cent, with an
average of 28 per cent.
Cotton textiles.—After a brief period of
advance, the price of raw cotton fell to new
low levels in February, and spot cotton was
quoted at 13.6 cents per pound in New York.
It is stated in the report from district No. 2
(New York) that "the increased consumption
and steadily advancing foreign exchange rates,
factors that ordinarily would cause an advance,
were offset by increasing stocks on hand, by
decreasing exports, by the reluctance of large
buyers to place forward orders, and by the
somewhat freer offering of cotton by southern
growers." January statistics of consumption,
issued by the Census Bureau, indicate some
resumption of activity during that month, as
366,270 bales of lint cotton were consumed
in the mills of the United States, which was an
increase of 71,419 bales over December, 1920.
Consumption, however, was still 225,651 bales
below that of January of last year. The consumption of the New Englancf mills alone increased from 86,523 bales in December to
114,710 bales in January. Stocks on hand
increased slightly, from 535,700 bales to 548,700
bales, but were nevertheless still below normal.
District No. 1 (Boston) states that quotations
on finished cotton goods have " a general tendency to sag, and gray goods, 38J inches, 64
x60's, 5.35, are again quoted at 8 cents, with
occasional sales in second hands at a shade
below this figure." Purchases have been in
small volume per buyer, but there has been
an increase in the number of purchases of staple
goods, largely for delivery within a period of
277
three or four weeks. In district No. 3 (Philadelphia) a revival of activity was followed by
reaction beginning in the latter part of January.
It is said that many mills received large orders
and several sold their entire output for two
and three months in advance during the earlier
weeks of the year. With a break in the raw
cotton market, demand fell off and with the
present lack of stabilization of quotations
buying is largely confined to filling in stocks
for which there is an immediate demand.
Manufacturers are again suffering cancellations
of goods which are in transit or ready for shipment. The situation in the market for cotton
goods is reported to have been in large measure
duplicated in the case of cotton yarns. The
mills have, however, increased their operating
schedules somewhat, and the recent falling on
in demand has resulted in subsequent reduction. In district No. 5 (Richmond) textile
mills increased their operating capacity during
January and mills making tire fabric have
received enough orders to keep them running
full time, some of them for a period of six or
eight weeks.
Woolen textiles.—-The market for raw wool has
shown little change during the month, and
prices are near the lowest levels reached during
the past year, although some of the finer
grades have advanced slightly. The supply of
wool in this country is estimated to be already
sufficient for the normal consumption of a
year exclusive of the spring clip. District No.
3 (Philadelphia) reports increased demand for
woolen yarn for the spring season, with a slight
advance in price in January andFebruary. Unreduced in a majority of the plants. Woolen
and worsted mills in district No. 1 (Boston)
have not increased their rate of production
during the past month, but top manufacturers
are stated to have substantial orders ahead.
Manufacturers of woolen cloth in district No. 3
(Philadelphia) report an increase in orders for
women's dress goods, largely for immediate
delivery, however. One mill in the district received orders for specialties and fancy goods
for six months ahead, but preferred to limit its
orders to three months in view of existing uncertainties. Two other large manufacturers of
dress goods reported that their mills were running at full capacity, with both day and night
shifts. It is evident, however, that this unusual activity is not typical of the general
situation but is the result of highly specialized
demand for goods for immediate delivery.
Some increase has been noted in the district in
the demand for men's wear and these fabrics
have been selling rather freely at a slight advance in price.
278
FEDERAL RESERVE BULLETIN.
Silk textiles.—A distinct revival of the demand for silk piece goods has resulted in
activity in the silk mills of districts No. 2 (New
York) and No. 3 (Philadelphia). In Paterson
14,000 looms, exclusive of 10,000 owned by
mills which have failed or are completely
closed, are running at 30 per cent of capacity
as compared with 20 per cent on January 1.
Elsewhere in New Jersey looms were being
operated at about 45 per cent of capacity as
compared with 33 per cent a month ago. In
district No. 3 (Philadelphia) it is said " a
number of mills having largely disposed of
their finished stock have resumed operations
after a lay-off of many months." A liberal
estimate of operating capacity is from 50 to 55
per cent. Few orders have been placed,
except for immediate delivery, however, in
view of the uncertainty of the market for raw
silk. The price of silk fell during the month
in the face of increased demand and "Shinshui" No. 1 ruled at $5.70 per pound as compared with $6.20 during January. The Silk Association of America reported the consumption
of raw silk stored in New York at 22,176 bales
during January, 1921, an increase of 12,748
bales over the previous month. The amount
in storage is placed at 31,859 bales. Imports
during the month totaled 9,499 bales.
Hosiery.—The break in cotton late in January and the subsequent fall in yarn prices
resulted in a drop in hosiery prices following
an advance. Many mills have tried to maintain the higher prices, but there is no stable
market in view of the existing uncertainties.
Hence district No. 3 (Philadelphia) reports
that at present orders are very small and have
been placed only when necessary to fill in
depleted stocks. Keports received from 27
reporting firms which sell to the wholesale
trade show a reduction in the value of the
product manufactured during January (selling
price) of 75.5 per cent as compared with the
same month in 1920, and nine-tenths of 1
per cent as compared with December. The
value of finished products at the end of the
month (selling price) was 34.1 per cent in
excess of stocks held a year ago. There was,
however, a reduction of 3.5 per cent as compared with the previous month. Unfilled
orders on hand at the end of the month (selling price) had dropped 81 per cent as compared
with the same month last year, but an advance
of 81.9 per cent was recorded as compared
with the preceding month. Ten reporting
firms which sell to the retail trade showed a
decrease in the value of the product manufactured of 93.2 per cent as compared with January, 1920, and 73.8 per cent as compared with
the previous month. Unfilled orders on hand
at the end of the month (selling price) were
MARCH, 1921.
99.3 per cent less than during January, 1920,
but 90.2 per cent greater than during the
previous month.
Underwear.—Underwear mills in district No.
3 (Philadelphia) experienced a fairly active
demand during the latter part of January and
the first week in February, although orders
were accepted only for immediate delivery.
Since then demand has declined, and difficulties in fixing upon a price which will be satisfactory to all interests has delayed recovery
as in the case of the hosiery industry. As fall
lines will be opened the first week in March,
it is probable that a waiting policy will be
pursued until that time. Firms manufacturing underwear located in district No. 3 (Philadelphia) recorded a decrease in the value of
the product manufactured of 69.2 per cent in
January as compared with January, 1920, and
12.8 per cent as compared with the preceding
month. Finished products on hand at the
end of the month were 34.2 per cent in excess
of amounts held at the end of January, 1920,
and showed a negligible increase of 1.1 per
cent as compared with the previous month of
December. Orders booked during the month
were 71.4 per cent in excess of the corresponding month last year and 245 per cent above
those for December. Unfilled orders at the
end of the month were 72.3 per cent below the
amounts outstanding at the end of January,
1920, and 267.2 per cent in excess of those
outstanding at the end of the previous month.
Finishing of cotton fabrics.—Thirty-four of
the 58 member firms of the National Association of the Finishers of Cotton Fabrics report
for the month of January total finished yards
billed during the month of 34,315,924, as
compared with 39,594,648 during the month of
December. The total average percentage of
capacity operated was 33 per cent for all reporting districts, as compared with 29 per
cent during the preceding month. The total
gray yardage of finishing orders received
amounted to 72,541,858, as compared with
32,882,178 in December. The total average
work ahead at the end of the month amounted
to 9 days for all reporting districts, as compared with 4.2 days for the preceding month.
Knit goods.—The 61 mills reporting to the
Knit Goods Manufacturers of America state
that their actual production (in dozens) of
winter and summer underwear for the month
ending January 31, 1921, amounted to 148,023,
which was 16.4 per cent of a normal production
of 852,007. Of the 41 mills which report unfilled orders at the first of the month and new
orders received during the month, 24 were
completely closed down for January, but the
totals of unfilled orders amounted to 155,893
dozen at the first of January and new orders
MARCH, 1921.
FEDERAL KESEKVE BULLETIN.
received during January to 251,694 dozen;
shipments were 88,269 dozen; cancellations,
2,337 dozen, and production 116,290 dozen, or
20.6 per cent of the normal production of the
41 mills. The 20 representative mills reporting both for December and January show
unfilled orders on the first day of January
amounting to 85,448 dozen, a gain of 5,199
over the preceding month. New orders received during the month amounted to 137,799
dozen, an increase of 8,037 dozen; shipments
were 53,157 dozen, an increase of 10,616 dozen;
production rose to 76,514 dozen as compared
with 71,503 dozen during December.
Shoes and leather.—Prices of hides and skins
after a brief period of advance have reacted,
falling to such a low point that packers are
reported to be tanning hides for their own account rather than sell at the prevailing prices.
Calfskins, for example, which dropped from a
maximum quotation of $1.05 per pound to
13 cents after rising to 20 cents during January, fell again to 17 cents. Tanners are
unable to avail themselves of the opportunity to buy at present bargain rates because
of large stocks already on hand. Upper
leather, especially in novelty and fancy colors,
is being sold in large quantities in the
Boston and Philadelphia markets. District
No. 1 (Boston) reports, however, that stocks
of leather held by shoe manufacturers in New
England are by no means normal for the season,
and the major part of the stocks of tanned
leather remains in the hands of tanners and
dealers. The negligible export demand for
leather is likewise an important factor in
the way of preventing revival in the tanning industry. District No. 3 (Philadelphia)
states, however, that the tanners in that region
have as a whole increased their output, and,
after wage cuts ranging from 25 to 30 per cent
and even to 40 per cent in some cases, are
employing a larger number of men. All reports received agree in stating that increased
activity in the boot and shoe industry was
experienced in January. In large part the increased demand was for goods to be made prior
to Easter, and novelty styles were predominant.
In district No. 1 (Boston), however, production
on the average was not much above 50 per
cent of operating capacity and shipments about
equaled output. In district No. 3 (Philadelphia), although substantial orders in advance
of Easter have been placed, some firms report
much more active inquiries than others. In
district No. 8 (St. Louis) three leading manufacturers have had heavy orders for women's
fancy novelty goods for delivery by April, but
January shipments were from 40 to 52.5 per
cent below those of January, 1920. "Men's
dress shoes, farmers' footwear, and the general
279
run of utilitarian goods are dull, future orders
for spring consumption being nil. Last year
this class of goods had been shipped in January for April and May consumption."
Lumber.—The market for lumber has shown
some improvement, due largely to favorable
weather conditions. Reports from district No,
6 (Atlanta) and district No. 11 (Dallas) state
that the value of business in southern pine
is increasing. Reports from 135 mills in district No. 6 (Atlanta) for the week ending
February 4 show actual production still 35.5
per cent below normal and shipments 33.4
per cent below normal production. The 28
mills located in district No. 11 (Dallas) received
orders equivalent to 72 per cent of their normal
production, while for the preceding four weeks
the orders booked by 24 reporting mills were
only 46 per cent of normal production. The
gain in new business resulted in increasing the
January output for the reporting mills. The
production was only 36 per cent below normal,
while for the month of December it was 47
per cent below normal.
Unfilled orders
reported by these 28 mills were 36,783,000
feet as compared with 32,358,000 feet reported
by 24 mills on December 31. In other sections,
however, improvement is not yet perceptible.
District No. 5 (Richmond) states that lumber
dealers have received but few orders. Districts
No. 8 (St. Louis) and No. 9 (Minneapolis) also
report dull market conditions and slackening
in buying by retail yards. In district No. 9
(Minneapolis) the lumber cut for January was
only 45 per cent of that of a year ago. The
four lumbermen's associations of district No.
12 (San Francisco) report January production
43.6 per cent less than for December and now
approximately one-half of normal production,
but it is estimated that 50 per cent of the mills
will be in operation by the middle of February.
Orders for lumber received during January
were 26.2 per cent greater than in December
and prices showed an upward tendency. 114
mills belonging to the West Coast Lumbermen's Association reported for the four weeks
ended January 29 a cut of 130,865,000 board
feet, shipments of 133,645,000 feet, and orders
140,221,000 feet. The corresponding figures
for the preceding four weeks, with 116 mills reporting, were as follows: 187,142,000 feet;
188,669,000 feet; 114,737,000 feet.
Building operations.—Building operations
throughout the United States have declined
during the past month. The reduction in the
volume of construction is not, however, as
great as the figures may indicate, due to the
considerable fall in the prices of building
materials this year from the abnormally high
levels a year ago. Some districts have reported very little activity in the building of
280
FEDEBAL BESEBVE BULLETIN.
homes, but in district No. 2 (New York) contracts awarded during January for residential
building in New York State and northern New
Jersey were greater in value by about 90 per
cent than in December. This represents about
40 per cent of the aggregate as compared to
25.8 per cent in December. Reports from 13
large cities in district No. 3 (Philadelphia)
show that building permits issued during
January were valued at $1,917,548, as compared
to $2,018,690 in December and $4,939,784 in
January, 1920. This large decline in building
activity was paralleled by inactivity in the
lumber and brick manufacturing trades, as
well as in the wholesale hardware trade. In
district No. 5 (Richmond) the total valuation
of permits issued during January decreased
45.4 per cent as compared with the same
period of 1920. Although there has been little
provision for additional homes, it is reported
that " there appears to be developing a strong
movement toward home construction, and
various plans for bringing this highly desired
result are being put forward." In district
No. 6 (Atlanta), while there appears to be considerable increase in valuation of permits
issued in some of the smaller towns, practically
all the larger cities show decreases which make
the total valuation for the district very much
lower than a year ago. District No. 8 (St.
Louis) showed the value of permits issued in
the four chief cities during January, 1921, to
be $1,488,804, which was an increase over the
December figure of $915,471, but was considerably under the large valuation of January,
1920, which was $2,391,903. Building operation in district No. 9 (Minneapolis), when
measured both in number and value of permits issued, decreased substantially when compared to both December and January, 1920.
In district No. 10 (Kansas City) the estimated
value of building permits issued was 48.2 per
cent less during January, 1921, than for that
month a year ago. The decline was even more
marked in district No. 11 (Dallas), where a
decrease of 58.1 per cent occurred during the
same period. In district No. 12 (San Francisco), "January, 1921, permits show a 44.2
per cent decrease in value compared to January,
1920, and a 10.3 per cent decrease in the
number of permits issued."
Wholesale trade.—As compared with January, 1920, the sales of reporting wholesale firms,
averaged by lines for the eight districts from
which reports are secured, registered declines
with the single exception of two wholesalers of
auto supplies located in district No. 11 (Dallas).
On the other hand, gains are recorded as compared with the month of December in a number
of instances. In district No, 5 (Richmond), for
example, eight wholesale grocery firms report
MARCH, 1921.
an advance in average sales of 4.3 per cent as
compared with December. In district No. 6
(Atlanta), dry goods sales were on the average 35.1 per cent above those for December,
with thirteen firms reporting, and wholesale Hardware sales increased 8.4 per cent
for the district, with ten firms reporting,
although increases were confined to Atlanta
and Nashville. Wholesale shoe sales were
likewise 6.1 per cent above the December average, with nine firms reporting. District No. 8
(St. Louis) states that although January hardware sales
were from 24 to 60 per cent below
Januar}r, 1920, increases were registered as compared with December. City business was
reported better than that of tlie rural districts,
and no buying for the future had as yet begun.
In district No. 10 (Kansas City) the hardware
sales of four reporting firms increased slightly
as compared with December, but buying remained still solely for immediate requirements.
An increase of 50.1 per cent in the sales of three
wholesale millinery firms also occurred during
the month. In district No. 11 (Dallas) increases
were the rule for all reporting lines as compared with December excepting wholesale
groceries, for which five firms report an average
decrease of 4 per cent, and drugs, for which
five concerns reported an average decrease of
six-tenths of 1 per cent. The increases in dry
goods and hardware amounted to 20.6 and 9.6
per cent, respectively, three firms reporting for
each line, while sales of farm implements, two
firms reporting, advanced 17.9 per cent, furniture, two firms reporting, showed an increase
of 7.9 per cent, and auto supplies, two firms reporting, 17.5 per cent. In district No. 12 (San
Francisco) the only increase over December
sales was confined to wholesale groceries, which
advanced slightly by 1.7 per cent.
As previously stated, the declines in sales as
compared with January a year ago are with
one exception universal and are in all cases
quite heavy. In district No. 3 (Philadelphia)
the decrease in sales for 23 reporting hardware
firms amounted to 17.4 per cent and a decrease
of 26 per cent also occurred as compared with
the preceding December. The decreases are attributed in large part to continued dullness in
the building trades. The losses in sales of 49
reporting wholesale grocery firms amounted to
31.9 per cent as compared with a year ago, and
11.9 per cent as compared with December.
Losses are naturally greatest in sections that
feel most acutely the widespread unemployment existing in district No. 3. Standard staple
groceries are said to be in the most steady demand, while lines such as high-class canned
goods are not taken even at reduced prices.
In district No. 4 (Cleveland) decreases in sales
as compared with January, 1920, were 20.7 per
MARCH, 1921.
FEDEKAL RESEKVE BULLETIN.
cent for seven hardware firms, 51.6 per cent for
five dry goods stores, and 36.7 per cent for 15
grocery stores. In district No. 5 (Richmond)
decreases ranged from 23.9 per cent in the sales
of eight wholesale grocery houses to a drop of
77.6 per cent in the sales of eight wholesale
shoe firms. Hardware sales were 77.3 per cent
less than a year ago for nine concerns reporting, while furniture sales had dropped 74.1 per
cent for five reporting establishments.
In district No. 6 (Atlanta) the decrease in
wholesale hardware sales as compared with
January, 1920, was heavier than in district
No. 3 (Philadelphia), as 10 firms showed an
average decrease of 38.7 per cent. In groceries
the decrease amounted to 36.7 per cent, 10
firms reporting; in shoes 59.6 per cent, 9 firms
reporting; and in dry goods 41.7 per cent, 13
firms reporting. There was also a decrease
of 11 per cent in grocery sales as compared
with December, but in general there was evidence of revived activity in January as compared with the preceding month. District No.
7( Chicago) recorded losses of 29.5 per cent in
average sales of wholesale groceries, 21 firms
reporting, as compared with January, 1920;
61.2 per cent in the case of 12 dry goods houses,
and 52 per cent for nine wholesale shoe firms.
District No. 10 (Kansas City) reported losses
in sales of wholesale establishments ranging
from 32.7 per cent in the case of groceries,
three firms reporting, to 69.9 per cent in the
case of furniture houses, two nrms reporting.
District No. 11 (Dallas) gives average losses for
sales in reporting lines as follows: Groceries,
five firms reporting, 36.4 per cent; hardware,
three firms reporting, 34.8 per cent; dry goods,
three firms reporting, 69.3 per cent; drugs, five
firms reporting, 17.6 per cent; furniture, two
firms reporting, 26.3 per cent; farm implements,
two firms reporting, 71 per cent.
In district No. 12 (San Francisco), with the
single exception of the wholesale grocery trade,
all reporting lines showed decreases as compared with the preceding month as well as with
a year ago. Buying continued light and heavy
declines from December sales were largest in
the case of auto tires, 10 firms reporting; dry
goods, 11 firms reporting; furniture, 12 firms
reporting; stationery, 11 firms reporting; and
hardware, 23 firms reporting. For each line
the percentage decreases were 66.7, 28.7, 22.9,
22.4, and 13.3, respectively. Lesser declines
occurred in the case of shoes, 12 firms reporting,
and drugs, 4 firms reporting. The losses were
7.1 and 4.3 per cent, respectively. As compared
with a year ago, decreases were as follows:
Hardware, 29.5 per cent; dry goods, 46.6 per
cent; drugs, 12.7 per cent; shoes, 57 per cent;
stationery, 6.8 per cent; furniture, 35 per cent;
auto tires, 32.7 per cent.
281
Retail trade.—Retail trade during January
has been characterized by a general tendency
toward a lower price level, and there has been an
indication that the public is showing a tendency
toward normal purchasing, but is still discriminating as to the quality of goods. Typical
of the reports from the several Federal Reserve
districts is that from district No. 8 (St. Louis):
"The recent wave of economy on the part of
the public is being felt, but where prices look
cheap, or even reasonable, there is a good
response on the part of the shoppers.7' The
value of net sales in general decreased when
compared with the same month last year, in
particular in the West, but the lower price level
prevailing offsets the decrease to a very great
extent, so that the volume of sales is practically
at the same level. There has, however, been an
increase in sales in some eastern districts even
at present values. Thus in district No. 1
(Boston) the increase was 1,5 per cent, in district No. 5 (Richmond) it was 5.4 per cent, and
in district No. 3 (Philadelphia), 3.1 per cent.
On the other hand, there was a decrease of 5.3
per cent in district No. 2 (New York), 12.3 per
cent in district No. 9 (Minneapolis), 11.6 per
cent in district No. 10 (Kansas City), and 14.3
per cent in district No. 12 (San Francisco).
The decrease of stocks on hand at the close of
January shows that merchants are still liquidating stocks and making but few replacements.
Orders for future delivery, although showing
renewed activity, indicate on the whole that
merchants are placing orders very cautiously
and are endeavoring to operate on what is
regarded as a safe basis.
Prices.—Wholesale prices in January declined somewhat less rapidly than in December,
according to the index numbers compiled by
the Bureau of Labor Statistics and the Federal
Reserve Board. In February, however, judging by Federal Reserve agents7 reports, the
rate of decline was accelerated again. During
January the increase which occurred in the
price of certain agricultural commodities, such
as wheat, cotton, and some varieties of live
stock, was in large measure responsible for the
less rapid decline in general prices during that
month. In February, however, the temporary
rise in the prices of certain of these commodities
was followed by declines, as was notably the
case with cotton and wheat, and at the same
time large reductions were made in other
important lines such as iron and steel products,
crude and refined oils, and many types of
building materials.
Price developments during recent months
have differed strikingly from industry to
industry. In the case of textiles and leathers,
which were among the earliest toT>e reduced
in price, a period of instability still exists.
282
FEDERAL RESERVE BULLETIN.
Prices are not being reduced as rapidly as
during earlier months, but very little confidence is felt in present quotations. It is the
general opinion that the recent decline in
domestic raw cotton prices is due to the fact
that growers are selling more freely than in
recent months. Fine grades of wool are
quoted slightly higher than a month or so ago,
but coarser grades are still at their recent low
mark or actually on the decline. Certain
grades of hides are quoted slightly higher than
last month, but most grades continue to decline. Silk prices have shown relative stability
during the last six weeks.
Prices of agricultural commodities, although
not showing as rapid declines as during earlier
months, are in general somewhat lower than a
month ago, wheat and rye showing the greatest
strength. Live-stock prices have likewise varied
considerably during recent weeks, but the tendency appears to have been toward lower levels.
Lumber and other building materials, which
were not affected by price readjustment as
early as many other commodities, declined
considerably in January, but, in the case of
lumber at least, were relatively stable during
the first weeks of February. In fact, from
southern districts reports are made that there
is considerable buying demand, although not
enough to cause an increase in prices. Cement
and brick continue to decline.
Probably the most significant price changes
of the month are the reductions in semifinished
and finished steel products, as quoted by the
independent steel manufacturers, and those in
crude and refined oils. Steel products, as
quoted by the independent producers, have
been on the decline continually for several
months, but the reduction in crude-oil prices
is an event of the last few weeks. As in the
case of coal, prices of crude oil and its derivatives have declined because of the reduction in
industrial demand.
The index number compiled by the Federal
Reserve Board for the purpose of international
comparisons shows a decline of 5 per cent in
wholesale prices in the United States in
January, as compared with a 10 per cent
decline in December. The index number now
stands at 62 per cent above the 1913 level.
The index number of the Bureau of Labor
Statistics (based upon something over 325 commodities) registered 177 for January, showing a
6 per cent decline from the previous month. All
roups of commodities in the Federal Reserve
>oard computation showed a decline for
January except imports. In the case of imported goods, the index number showed an advance of 2 points over the preceding month.
Retail prices of food declined 3 per cent
during January, according to the index number
f
MARCH, 1921.
of the Bureau of Labor Statistics based upon
43 articles of food in 51 cities. The index
number stood at 72 per cent above 1913 prices
in January, 1921.
Employment conditions.—In district No. 1
(Boston), the first to report the growth of unemployment on a large scale, the situation
during the past month has shown " a slight
but irregular improvement." The resumption
of operations by a number of large textile
mills and the increased activity of many shoe
factories are the chief causes of the change
for the better. On the other hand, 22 strikes
occurred between January 15 and February 17
in the State of Massachusetts, the most important of which was that of the garment
workers. It is said that in New York
State preliminary estimates for February,
at least, indicate no appreciable decrease
in numbers employed in January as compared with the preceding month. The decreases occurring in the transport lines and in
the building trades have been about counterbalanced by the addition to the working forces
of the up-State shoe factories and of the textile
mills. So far unemployment in district No. 3
(Philadelphia) continues to be widespread.
The Public Employment Bureau, operated by
the Pennsylvania State Department of Labor,
estimates the numbers unemployed on February 15 as follows: Philadelphia, 80,000; Altoona, 19,625; Harrisburg, 20,360; Johnstown,
7,700; Williamsport, 4,115; Scranton, 13,100.
The metal and machinery trades and common labor show the largest numbers unemployed. In the southeastern sections of the
country, district No. 5 (Richmond) and district No. 6 (Atlanta) report an excess supply
of labor, notwithstanding the fact that many
textile mills have resumed operations on practically full time. In the mining centers of
district No. 9 (Minneapolis) 13,097 men were
employed by reporting companies in January, 1921, a reduction of 3.4 per cent, as
compared with the previous month and 38.6
per cent as compared with a year ago.
Although district No. 11 (Dallas) reports
considerable unemployment in cities of over
3,000 population, it is estimated that a
shortage of agricultural labor is imminent in
southwest and west Texas unless a shift from
other districts should occur. In district No.
12 (San Francisco), the last to feel the effects
of unemployment, the situation is slightly better than in December, and with the resumption
of agricultural operations and the reopening of
the lumber mills improvement is expected.
The United States Employment Service estimated that 63,700 men were unemployed in
the three States, Washington, Oregon, and
California, some of whom had drifted in from
MARCH, 1921.
FEDERAL, RESERVE BULLETIN.
other States. On January 1, 1921, the numbers actually employed in these three States
were 79.1 per cent of those engaged in work on
the same date a year ago.
Financial.—Financially the developments of
the month have been of a negative character.
Call-money rates have been, on the whole,
rather higher than during January, while there
has been little change in charges either for
commercial or time funds. Some offerings of
high-grade securities have been quickly disposed of, although the rates charged for them
were fully as high as those which were required
during recent months for the notation of other
issues of the same classes. Only a moderate
demand for investment securities has prevailed.
Speculative activity has been at a comparatively
low ebb and market conditions have been largely
professional. In foreign trade there has been but
little improvement. Collections are reported
as rather better in some directions. Conditions in the countries where moratoria exist
have not materially altered. The position of
foreign banks has shown some reduction, both
in deposits and notes, but the changes have
not been sufficiently great to indicate a definite
turn in any new direction. Further effort has
been made in the direction of organizing corporations designed for the long-term financing
of exports. Foreign exchange has, on the
whole, been in a stronger condition than during
January, the trend of demand sterling quotations being almost steadily upward during the
first part of the month, while continental currencies have been for the most part firmer,
notwithstanding that the market demand has
during a considerable part of the time been dull.
Foreign trade.—With the publication by the
Department of Commerce of the detailed
figures by commodities for December, it is
now possible to summarize the results of our
foreign trade in 1920. Imports of merchandise during the year are given as $5,279,398,211,
while exports are placed at $8,228,759,748, an
excess of exports of $2,949,361,537. The
excess of exports, therefore, shows a decided
reduction compared with an excess of a little
over $4,000,000,000 in 1919. There was thus
a tendency last year toward a more balanced
condition of our international trade. Only
through imports that we receive is it possible
for foreign countries to pay us the very large
balances now outstanding. For this reason,
the steady declines in imports that have been
283
reported from month to month since June,
1920, when imports were at their peak, are
not so encouraging.
Taking the quantities of goods transported
instead of values, the Board's foreign trade
index shows that in 1920 the volume of exports
of 29 principal commodities declined about 9
per cent compared with 1919. Similarly, the
volume of imports of 25 principal commodities
is shown to have increased but 0.4 per cent.
To the extent that these commodities are
representative of our foreign trade as a whole,
the volume of our trade during 1920 was distinctly less than in 1919, notwithstanding that
a new high record of values was established
for both exports and imports.
Exports of merchandise in January amounted
to $655,000,000, while imports were valued at
$209,000,000, the excess of exports therefore
being $446,000,000. This is but little under
the excess for December, 1920, which was the
largest excess on record in any one month
excepting only June, 1919. The reductions
of commodity prices which have been occurring
in recent months have served to stimulate some
renewed foreign buying; while, on the other
hand, the overstocked condition of domestic
markets is reflected in the smaller demand for
foreign products.
Shipping.—Despite the large volume of our
foreign trade, the shipping industry is passing
through a period of severe depression. Ocean
freight rates have continued downward steadily
and at times precipitately the past few months,
until steamship companies in many trades are
operating on a losing basis. The downward
trend of freights was further emphasized in
February, when the North Atlantic United
Kingdom conference lowered coal charters to
$3.85 per ton from Hampton Roads to Rotterdam and to $5.50 per ton to River Plate ports.
The corresponding quotations in February,
1920, were $21 to Rotterdam and $13 to Buenos
Aires. The policy of laying up ships until
freights improve continues on a large scale.
Shipbuilding in American yards is for the
present being confined to vessels already laid
down. New contracts have been almost entirely wanting for several months past. The
amount of construction under way on February
1 was reported by the American Bureau of
Shipping as 404 steel ships of 1,579,398 gross
tons. Of these vessels, 61 were being built for
the United States Shipping Board.
284
FEDERAL KESERVE BULLETIN.
MARCH, 1921.
Total production of winter and summer underwear for the 6
CONDITION OF WHOLESALE TRADE.
months ending Jan. 31.
Percentage of increase (or decrease) in net sales in January,
1921, as compared with January, 1920.
Actual Per cent
producof
reporttion
normal.
ing.
(dozens).
Number
Dry goods. Hardware.
Groceries.
District.
No.
No.
No.
No.
No.
No.
No.
No.
3..
4..
5..
6..
7..
10.
11.
12.
Per
cent.
Number
of
firms.
-31.9
-36.7
-23.9
-36.7
-29.5
-32.7
-36.4
-26.6
Per
cent.
-17.4
5 -20.6
8 -47.3
13 -38.7
3J-63.7
2 -44.8J
A —34.81
11 -29.5
9 -77.6
10 -59.6
— 52.0
4
3
23 -57.0
8 -74.1
9
9
-69.9
-26.3
14 -35.0
August
September
October...
November.
December.
1921: January.
64
63
61
63
61
61
Num-
Num-
Num-
4
5 +26.6
6
2
-6.8
12
-71.0
2
10
Orders
Shipments...
Cancellations.
Production...
Dry goods.
District.
No.
No.
No.
No.
No.
No.
3..
5..
6..
10.
11.
12.
Drugs.
District.
49
+40.3
10 +35.1
3
5 +20.6
24 -28.7
-26.0
8 -9.0
13 + 8.4
— 13.6
3 + 9. fi
-13.3
23
9
10
4
3
23
- 7.1
+ 6.1
......
-7.1
8 -2.4
9
-39.9
+ 7.9
-22.9
12
11
Auto
supplies.
5 +17.5
4
2
2
12
Farm
Stationery. implements.
Auto tires.
+17.9
2
-22.4
11
2
-66.7
44.7
15.6
.4
20.6
Kepresentative mills which reported for
December and January furnished the data for
the following tables:
[In dozens.]
! Decem- January
i ber(20 (20 mills). Loss.
i nulls).
Unfilled orders first of month
New orders
Shipments
Cancellations
Production
!
i
!
i
!
80,249
57,462
42,541
11,317
71,503
85,448
137,799
53,157
2,087
76,514
Gain.
5,199
80,337
10,616
9,230
5,011
5
Num- Per Num- Per Num- Per Num- Per NumPer ber
ber of
ber of
ber of
of
ber of
cent. firms. cent. firms. cent. firms. cent. firms. cent. firms
No. 11. - 0 . 6
No. 12. - 4 . 3
Per cent
of actual
production.
2,337
116,290
Hardware. * « * £ * Furniture.
NumNumNumNumNumPer ber
Per ber
Per ber
Per ber
ber
Per
of
cent. of cent. of cent. of cent. of
cent.
firms.
firms.
firms.
firms.
firms.
-11.9
-10.4
-11.5
-0.2
— 4.0
+ 1.7
Dozens.
251,694
Percentage of increase (or decrease) in net sales in January,
1921, as compared with preceding month.
Groceries.
67.3
74.2
50.4
23.2
11.0
16.4
For the month (41 mills).
2
2
13
Num-
-32.7
585,071
606,257
393,422
191,831
98,671
148,023
5
Per ber
Per ber Per ber
Per ber
Per ber
of
of
of
of
of
cent. firms.
cent. firms.
cent. firms.
cent. firms.
cent. firms.
No. 4.. -19.0
No. 11. -17.6
No. 12. -12.7
1920:
Farm,
Stationery. implements.
Auto tires.
Auto
supplies.
Num-
23
7
12
51—69.31
28 -46.6
Drugs.
District.
NumNumNumNumPer ber
Per ber
Per ber
ber
of
cent. of cent. of cent. of
firms.
firms.
firms.
firms.
49
15 -51.6
8 -65.2
10 —41.7
21 61.2
of mills
Furniture.
Shoes.
if
FINISHED COTTON FABRICS.
The National Association of Finishers of
Cotton Fabrics, at the request of the Federal
Reserve Board, have arranged for a monthly
survey within the industry. The results of the
inquiries are herewith presented in tabular
form. The secretary of the association makes
the following statement concerning the tabulation :
The accompanying figures are compiled from statistics
.furnished by 34 out of 58 member firms of this association.
REPORT OF KNIT GOODS MANUFACTURERS.
It is probably fair to state that in the absence of having
specific detail at hand, but according to our best estimate,
Order and production report for month ending Jan. 31, 1921.}it is probably well within the fact that the figures given
Number of mills reporting
41 for the various classes of work would cover, approximately,
the following percentages of the entire industry: White
Unfilled orders first of m o n t h (dozens)
155,893
goods, 72 per cent; dyed goods, 62 per cent; printed goods,
New orders received during month (dozens)
251,694 32 per cent. The figures given represent reports from
exactly the same finishers for the two months, both for
Total (A) (dozens)
407,587
the totals and for the subdivisions, and therefore are
Shipments during m o n t h (dozens)
88,269 strictly comparable.
NOTE.—Many plants were unable to give details under
Cancellations during m o n t h (dozens)
2,337
the respective headings of white goods, dyed goods, and
Total (B) (dozens)
90,606 printed goods, and reported their totals only; therefore,
the column headed "Total" does not always represent
Balance orders on hand Feb. 1 (A minus B ) . . .
316,981
1
Twenty-four of these reporting mills were closed down completely the total of the subdivisions, but is a correct total for the
district.
for January.
285
FEDERAL, RESEBVE BULLETIN.
MARCH, 1921.
Production and shipments offinishedcotton fabrics.
December, 1920.
Total finished yards billed during month:
District 1
2
3
5
6
8
Total
Total finishing charges billed during m o n t h :
District 1
. . .
2
3
5
. ..
6
8 .
Total
Total average per cent of capacity operated:
District 1
2
3
5
6
8
Average for all districts
Total gray yardage of finishing orders received:
District 1
2
3
. .
5
6
8
Total
Number of cases of finished goods shipped to
customers (case equal approximately 3,000
yards:
District 1
2
3
5
6
8 . . .
Total
Number of cases of finished goods held in
storage at end of month:
District 1
2
3
January, 1921.
White
goods.
Dyed
goods.
Printed
goods.
Total.
White
goods.
Dyed
goods.
5,322,818
4,244,452
3,672,383
2, 571, 262
39,430
7,660,855
541,777
3,430,103
46, 526
292,833
4,587,901
2,007,457
18,926,886
9,136,678
7, 526,931
2,617,788
332,263
1,054,102
5,002,988
3,403,981
2,463,224
3,699,382
23,130
7,969,975
752,885
1,554,046
28,483
202,126
4,237,263
156,605
17,835,323
6,964,043
4,374,204
3,727,865
225,256
1,189,233
15,850" 345
11,972,094
6,595,358
39, 594,648
14, 592,705
10,507, 515
4,393, 868
34,315,924
$128,208
93,131
159,356
50,757
820
$332,788
25,847
137,670
321
12,408
$269,634
127,937
$817,994
316,943
308,401
51,078
13,228
13,438
$114,215
67,089
91,430
68,613
478
$341,337
25,883
53,943
225
8,633
$235,549
8,230
$722,831
165,296
152,606
68 838
9,111
18,246
$432,272
$509,034
$397,571
$1,521,082
$341,825
$430,021
$243,779
$1,136,928
29
46
64
50
26
10
29
20
22
24
26
44
50
27
42
42
47
48
65
33
16
19
16
18
41
24
21
29
47
28
16
5,402,154
3,687,653
1,930,016
3,209,979
19,808
7,685,972
657,929
1,941,375
44,120
221,733
3,128,696
525,622
16,970,812
7,325,043
4,245, 522
3,254,099
241,539
845,163
12,987,722
5,581,626
4,954,744
4, 783,349
111,120
15,418,651
2,114,808
4,277,198
51,054
205,249
14,249,608
10, 551,129
3,654,318
32,882,178
28,418,561
22,066,960
11,257,989
72,541,858
2,412
3,313
2,163
679
2,060
254
1,705
1,365
10,740
5,222
4,009
1,474
4,018
3,765
2,834
1,476
2,854
126
1,766
1,764
13,236
7,727
4,933
2,726
8,567
4,019
1,365
21,813
12,093
4,746
1,764
29,020
4, S38
4,102
383
1,483
4,378
32
338
3,662
23,360
10,402
5,831
3,028
3,923
2,764
309
439
3,614
291
358
2,905
IS, 198
7,641
5,207
1,621
10, 803
4,748
3,662
44,200
7,435
4,263
2,905
34,080
Total average work ahead at end of month
(expressed in days):
District 1
3
5
6
8
4.1
9.6
8.2
13.0
3.3
1.0
4.5
3.3
2.5
3.5
4.3
5.8
13.0
2.7
5.3
7.7
14.0
11.0
8.7
8.4
4.0
8.1
7.0
12.0
7.7
13.0
9.3
8.7
4.4
6.2
Average for all districts
7.2
3.2
3.2
4.5
9.8
7.7
7.7
9.0
Total.
30
36
32
65
17
55
33
6,167,917 ' 36,827,146
5,090,072
19,221,310
10,042,625
4,834,403
316,369
1,300,005
368
6
8
Total
Printed
goods.
398
1,579
1,413
286
FEDERAL RESERVE BULLETIN.
Fluctuations in the Gross Deposits of Eleven
Banks of New York City, 1913-1919.
PURPOSE OF STUDY.
MARCH, 1921.
use of rigid uniformity of method in the computation of such deposits for the entire period
covered and for all institutions concerned—a
task that would be practically impossible due
to the labor entailed and the differences in
accounting practice that prevail. The use of
gross deposits has furthermore the advantage of
making possible a classification of total deposits into bankers' deposits and individual
deposits. Net deposits can not be separately
computed since there is no way of knowing, for
example, what percentage of cash items, exchanges for the clearing house, and amounts
due from other banks represent deposits made
by individuals as distinct from banks. In following the daily statements, however, changes
in the amounts of these items can usually be
roughly assigned as to source by noting the
changes that have taken place in bankers' and
in individual deposits. Over a period of time
the trend of these classified gross deposits will,
it is safe to say, be a satisfactory index of the
relative rates of growth or of decrease of bankers' versus individual accounts. These conclusions receive further support from the fact
that the differences in trend as between bankers'
deposits and individual deposits are so marked
and so characteristically in line with what one
would expect.
The study here presented deals with fluctuations in the gross deposits, exclusive of United
States deposits, of the 11 banks and trust companies whose loans and discounts were followed for the seven-year period
from January 1,
1913, to January 1, 1920.1 The purpose of the
present inquiry is twofold. In the first place,
an attempt has been made to relate changes in
the gross deposits of the individual banks to
changes in loans and discounts with a view to
supplementing the interpretation already offered of the reasons for rediscounting and the
causes of the great variations in the outstanding
amounts of rediscounts. Deposits due to banks
have been segregated from other deposits,
thereby making it possible to locate more precisely losses resulting from withdrawals of
funds or gains in deposits either resulting from
or leading to an expansion of operations. In
the second place, the examination of the course
of deposits as related to loans has been followed
in order to throw light on changes in the distribution of assets: i. e., to indicate whether
loans and discounts are becoming percentually
more or less important as related to other investments in the portfolios of the several banks. CHANGES IN THE RELATIONSHIP OF LOANS AND
USE OF GROSS VERSUS NET DEPOSITS.
An objection may be raised to the method of
using gross deposits as a means of gauging the
extent and effect of withdrawals, and of deducing changes in investment emphasis, on
the ground that gross deposits do not adequately reflect the movements of net deposits.
A fairly comprehensive comparison of changes
in the gross deposits and the net deposits of
the several banks has been made, however,
and it appears that gross deposits follow
changes in net deposits with sufficient precision for the purpose in hand. It is true that
a disproportionate increase in collection items,
especially exchanges for the clearing house,
occurring toward the end of the year, particularly in 1918 and 1919, throws the figures
for gross deposits temporarily somewhat out of
line in the case of several banks. In such
cases, however, the conclusions drawn from an
examination of the statistics are not vitiated,
as the use of the gross figures minimizes rather
than exaggerates the tendencies that are evidently at work.
Moreover, an examination of the course of
net deposits for comparative purposes would,
were absolute accuracy desired, necessitate the
1
FEDERAL RESERVE BULLETIN, January, 1921, pp. 41-62.
DISCOUNTS TO OTHER INVESTMENTS.
The attempt which has been made to gauge
the growing or decreasing importance of other
investments in the portfolios of the banks by
relating changes in gross deposits to variations
in loans and discounts requires some elucidation. The sort of change or absence of change
in investment emphasis w^hich it is here intended
to bring out would not be made evident by
simply noting changes in the absolute amounts
of other investments or even by comparing their
rate of increase with that of loans and discounts. The holdings of United States securities during the war period and subsequently
were indubitably great, but the question that is
here of concern is whether they engaged the
ordinary resources of the banks in such a way as
to reduce the importance of loans and discounts
in relation to "all other investments, excluding
from such other investments United States securities paid for by credits created in favor of
the Government. The exclusion of such holdings is justified for the reason that investments
so offset make no demands upon the ordinary
resources of the bank, and therefore can well be
ignored so far as the present inquiry is concerned. To the extent that United States securities were not so offset, however, the question does arise as to whether they displaced in-
FEDERAL, RESERVE BULLETIN.
MARCH, 1921.
judged best to omit these data. Averages given
for 1917 are in consequence on an eight months'
basis, excluding May, June, July, and August.
As the statistics of bankers' deposits could not
be segregated for the years 1913-1916, inclusive, without undue labor, only the daily averages of total gross deposits are available for
this period.
FOREIGN DEPOSITS.
In the case of Bank A the separate bookkeeping arrangements of the foreign department
necessitated resort to estimates of the amounts
of foreign deposits held. The amounts due
foreign banks and bankers are combined with
other deposits in the foreign department and
for the earlier years can only be obtained by the
addition of many accounts. Estimates, however, have been based upon these totaled
returns, taken at intervals of two weeks, from
the books of the foreign department, and as
the totals do not vary greatly and are percentually small in relation to domestic bank
deposits the results are substantially accurate.
In this case, also, United States deposits were
combined with domestic bank deposits until
the end of 1917 and domestic bank deposits
throughout are combined with general deposits
on the daily statement. Hence resort to the
general ledger was necessary to secure these
items for purposes of subtraction. In this case,
however, a complete record of United States
deposits on a daily basis has been secured for
the whole period.
In the case of Bank Z the separate bookkeeping system of the foreign department
results in the exclusion of foreign bank deposits
from the daily statement. In this instance no
attempt has been made at estimates and the
figures therefore cover only domestic banks and
bankers. In Table II the comparisons with
loans are based on loans exclusive of loan
holdings of the foreign department. But, as
indicated in Part I of this study (see FEDERAL
RESERVE BULLETIN, January, 1921, p. 43), such
loan holdings are fairly steady and additions
made in estimating tlie amounts of foreign
loans are percentually insignificant in relation
to total loans and discounts. In the case of
Bank D and Bank M the deposits of their foreign branches are excluded, but all deposits
of the foreign departments of both banks are
regularly incorporated in the daily statements
and have been included.
289
carry both individual and bank overdrafts
as separate memoranda, instead of including
them among assets in the daily statement.
The result is that gross deposits are reduced
by a sum equal to the amount of such overdrafts, as otherwise a balance could not be
effected. Only two banks incorporate bank
overdrafts into their daily statements and in
these cases the amounts due to hanks are increased by the addition of the previously deducted totals of overdrafts. In the case of
one of these banks overdrafts are listed separately among the assets in the statement,
and, although for a few days at irregular
intervals, especially in the latter half of 1919,
considerable sums are recorded, the effect
upon the daily averages for successive months
is slight. Bank overdrafts have probably
been an important item for some of the
banks studied during the past year, but it is
not believed that the method of handling
them would appreciably affect averages of
bankers' deposits for the period covered.
Moreover, the deductions from bankers' deposits made necessary by the exclusion of
overdrafts in all but the two instances mentioned is not a disadvantage from the point
of view of the present inquiry. Since overdrafts usually result in withdrawals, it does
not clarify a study dealing more particularly
with the causes and effects of rediscounting
to show deposit liabilities unchanged, notwithstanding such withdrawals.
In all cases the amounts due to banks are
somewhat swollen by the fact that the
amounts due from banks with which reciprocal
accounts are carried are only subtracted at
dates of call. Gross balances are therefore
given on the daily statements. Despite these
and other minor individual differences in the
composition of the items, the returns do not
as a rule vary much from the official figures
at dates of call, although a considerable
number of additions and subtractions may
be required in arriving at the latter.
INDIVIDUAL DEPOSITS.
A discussion of the composition of gross
deposits and of bankers' deposits makes it
unnecessary to define individual deposits,
which consist simply of gross deposits less
the sums due to banks and bankers. In all
but two cases deductions have been made
from individual deposits equal in amount to
individual overdrafts, which do not appear
among assets in the daily statement. One
OVERDRAFTS.
of the two banks that take account of indiThere is unfortunately a lack of uniformity vidual overdrafts lists them separately. In
among the banks in their methods of hand- the other case, they are simply added to
ling overdrafts. The general practice is to loans.
MARCH,
1921.
287
FEDERAL RESERVE BULLETIN.
vestments in other securities or led to a contraction of loans and discounts in relation to such
securities, or, finally, whether by virtue of rediscounting facilities, all classes of holdings increased together.
amount of variability than those of other banks
whose loan holdings are less steady over the
period.
It will be noticed that with a single, exception (Bank N—individual deposits) the greatest
differences between the highest and lowest
LIMITATIONS UPON THE USE OF OROSS DEPOSITS. daily averages 7for months both of individual
and of bankers deposits occur in 101. , when
Over a period of time such facts can be ade- there is a steady and extraordinarily great upquately brought out for each individual bank ward movement.
by following the course of gross deposits and TABLE I.—Difference in range between (7) the highest and
noting changes in the relation of total loans and
lowest daily averages of individual deposits for months and
discounts to such deposits (see Table II). It (2) the highest and lowest daily averages of bankers' deposits
daily average of
would be misleading, however, to assume that, for months (expressed as percentages of the.
7
comparing one bank with another, a low per- (1) individual deposits and (;?) bankers deposits, respeccentage of loans to gross deposits necessarily im- tively, for each year).
[Based on items correct to nearest §1,000.]
plied that the bank in question placed greater
emphasis upon investments in securities than
Bank A. ! Bank B. Bank C. Bank D. Bank E. Bank M.
another bank with a higher percentage of loans
to gross deposits. The reason for this is due to
(1) ! (2) (1) (2) I (1) (2) I (1) « (2) (1) ! (2) ; (1) ] (2)
the varying importance of the collection items
I
I ! —
handled by the several banks. The large and
7.6! 28.6 20.2 15.2i 18.6 29.1 1-1.0' 14.4 25.4 18. 1
16. 5
shifting amounts of such items for banks carry- 1913..
1014.. 16.5i 42.0 43.6 28.0j 12.8 33.2 20.5; 54.2 16.5' 45.3;
25.1
ing many brokers' balances, for example, not- 1915.. 47.2j 68.7: 88.3 47.7 54.5 61.-lj 44.2j 60. S 73. 2j 49. Oj 72.3
1916.. 20.5; 32.3 32.4; 29. l! 30.7 2i). 0; 25.9; 21.3 32.6' 34.9i M2.0
only result in creating a great spread between 1917..
23.5 37.4 34.5 21.6] 16.41 16. V 2 9.6^30.2 20. rv; 37.3 11.4|316.7
14. 4 62.2 27.7 10.7; 28. 7| 20. S 19. o! 28.3 20.9; 25.5 14.41 17.2
J91S..
gross deposits and net deposits, but likewise 1919.. 21.8
20.1 30.8 13.1 18.9; 17.5 12.3. 40.3 46.3 14.1 32.8; 25.4
cause both gross and net deposits to show
marked changes from day to day. Hence the
Bank O.
Bank Y.
Bank N.
Bank X .
Bank Z.
percentage ratios of the daily averages of loans
and discounts for each year to daily averages of
(2)
(2)
(2)
(1)
0) (2) (1) (2)
(1)
(1)
gross deposits for the same year, given in Table
II, although significant when used in making 1913... 10.3 15. 6 10.2 20. 9 17.4
4.6 34.9 10.5 13.7
year to year comparisons for individual banks, 1914... 35.5: 28. 9 11.9 41.5 30.6 77. 5 14.2 65. 0 16/. 7 30.8
is. j | 51.2 67. 4 116.0 67.9 54. 3 40. 7 sx. 0 40.5 42.7
1915...
afford no basis for inter hank comparisons.
32. 1 36. 8 11.i) 46.;} 23. () 19. 9
1910... 33. ():' 13.0 29. 2
1
1
1
3
;
(
CHARACTER OF FLUCTUATIONS IN CROSS
DEPOSITS.
Although day-to-day fluctuations in gross
deposits expressed as percentages of the yearly
average show a much wider range than loans
and discounts, the differences between the
highest and lowest monthly averages are, as a
rule, less pronounced than those of loans and
discounts. Moreover, a classification of the
several banks according to the degree of variability of gross deposits from month to month
would by no means follow the grouping made
on the basis of the variability of their loan
holdings (see Part I of this study, FEDERAL
RESERVE BULLETIN, January, 1921, p. 44).
Changes are not only less pronounced from
month to month, but the deposits of such a
bank as Bank E, for example, with highly unstable loan holdings but very heavy investments in other securities, are, when averaged,
about as steady from month to month as those
of Bank X with relatively stable holdings of
loans and discounts. The average monthly deposits of Bank X, in turn, show a greater
1917...
191S...
1919...
8. 9] 16.2
8. 0
14.9
21.0 13.9
16. 8
35.9
57.0
47\ 5
44.8
46. 0
35. 0
22.7
21.6
34.7
12.9
12.7
2
27. 4
21. 4
14.2
85 3
3^2
20. 3
22. 1
18.7
24.2
9. 5
12. 1
1
Gross deposits; no separate records ofbankers' deposits.
- Based on returns for 10 months (excludes May and June).
Based on returns for 8 months (excludes May, June, July, and An
t)
3
SIGNIFICANCE OF THESE
FLUCTUATIONS.
Gross deposits on the whole do not manifest
the same tendency toward increasing instability during the war period that was noted in
the case of loans, nor do they keep pace in
general with the increases in loan holdings
during the last two years of the period studied
(see Table I and Table II). From another angle
of approach, therefore, the inference drawn in
Part II of this study (see FEDERAL RESERVE
BULLETIN, January, 1921, pp. 50 et seq.), appears to be confirmed, namely, that the war-time
loan expansion and accompanying accentuation
of loan lluctuations have been due to rediscounting operations which have grown not only out
of governmental operations but have been resorted to in order to maintain loans when deposits began to be more heavily drawn against.
The failure of deposits to keep pace with the
288
FEDERAL, RESERVE BULLETIN.
rate of increase of loans is chiefly the result of
influences affecting bankers' deposits which
have not only become of diminishing importance as compared with individual deposits during the last two years of the period studied, following upon a pronounced upward movement
(see Table III), but in most cases have actually
decreased in amount.
TABLE II.—Percentage ratios of the daily averages for each
year of loans and discounts to the daily averages for the
corresponding year of gross deposits (exclusive of United
States deposits).
63.9
6S. 8
66.6
63.1
53.1
69.8
79.3
68.3 80.8
69.7 79.2
61.5 75.3
53.7 87.5
55.8 1 8S.2
65.5 124.8
61.3 140.9
Bank Z.
BankX.
76.4
79.2
76.2
72.0
69.4
76.5
75.7
BankY.
Bank O.
40.9 55. 3
45.7 ?>•* q
42.6 51 9
43.3 6 7 . 1
43. 8 2 6S 1
41.7 6 5 . 1
39.3 79.6
Bank N.
70.2 5? 4
78.5 ,50 0
77.7 44 9
71.0 52.3
74.1 i 5fi n
78.5 70.0
89.7 6S.S
Bank M.
57.2
60.4
62.3
65.3
69.3
73.5
79.0
Bank E.
63.9
62.6
66.5
71.1
65.3
79.1
83.0
Bank D.
Bank C.
.
Bank B.
1913
1914
1915
1916
1917
1918
1919
Bank A.
[Based on items correct to nearest $1,000.]
81 4
81.6
84 6
81.9
80 4
84.7
74.0
1
Based on returns for 10 months (excludes May and June).
* Based on returns for 8 months (excludes May, June, July, and,
August).
T A B L E III.—Percentage ratios of the daily averages for each
year of bankers' deposits to the daily averages for the corresponding year of individual
deposits.
[Based on items correct to nearest $1,000.]
fc | O
28.8187.1 93.5 26. 8110.6
94.3! 99.1 65.2 17.6 139. 0
31.7 179.1 99.3 30.3 111. 3
82.3117.0: 80.0 14. 8 142. 5
34.1160. 5114. S 27.0123.9 ! (i) 100.7130.81 79.91 22.1153.0
32.1121.8 114.41 21.5| 97.4 0) 110.9135.0; 73. ll 19.5158.0
i 29.7 96.4il00.9 2 21.71 74.0> 27.9 100.4.109.9; 68.2>14.3!ll8.1
i 21.1 6S.7i 75.6 21.9! 53.71 29.3 89.0; 77.61 43.3 13.3llO2.1
co Hi 56.8
C« O on
AI mil on
n an /v 44.3j
A A O\ 40.3
An O 7.4| 91.0
I 16.6 52.6
29.0
29.el 41?3|
I
I
1
No separate records of bankers' deposits.
2
Based on returns for 10 months (excludes May and June).
8
Based on returns for 8 months (excludes May, June, July, an *
August).
1913.
1914.
1915.
1916.
1917.
1918.
1919.
COMPOSITION O F GROSS D E P O S I T S .
In computing gross deposits, exclusive of
United States deposits, for the several banks,
certain items that would be included in official
statements have been omitted, while certain
minor omissions and additions grew inevitably
out of the forms in which the daily statements
were kept. In order to make the returns of
the trust companies more nearly comparable
with those of the national banks, such items
as trust deposits, coupon and dividend deposits
have been omitted. United States postal
savings are likewise excluded from the deposits
of national banks and dividends unpaid have
been left out in all cases. Time deposits, however, including time certificates of deposit,
have been incorporated in the totals, as the
MARCH, 1921.
exclusion of time deposits would have eliminated a very important part of all deposits in
the case of some national banks as well as trust
companies. The changes in such deposits are
not only significant, therefore, but withdrawals of time deposits do not carry the same compensating advantage in reduction of required
reserves as in the case of demand deposits. For
a survey dealing with causes of rediscounting,
fluctuations in these items can not be ignored.
Cashiers' checks, officers' checks, and certified checks included in the figures for gross
deposits have been classified under individual
deposits instead of deposits due to banks and
bankers. Such checks doubtless reach banks
via other banks as a rule, but they may be in the
hands of individuals, may never be used, or
may be redeposited in the same bank. Hence
the earlier practice of adding these items to
individual deposits has been adhered to. (In
the case of Bank D such checks do not appear
at all. Drafts are drawn against balances kept
with other banks and the amounts of said
balances are correspondingly reduced on the
daily statement.)
BANKERS' DEPOSITS.
A number of difficulties were encountered
in obtaining bankers' deposits segregated from
other deposits, and the records are not entirely
complete for Banks D, M, and Y. In the case of
Banks D and Y, the difficulties arose out of the
fact that United States deposits (Federal
Reserve Bank as fiscal agent) were combined
with bankers' deposits in the daily statement
and in both these cases, in the absence of daily
returns, average amounts of such deposits
based on weekly reports had to be subtracted
from the daily average of amounts due to
banks for the several months. The result is
that the returns are not on a strictly daily
basis, although the variations caused thereby
are without doubt slight. The estimates for
May and June, 1917, were not satisfactory, due
to incomplete data, and the computations given
in Table II and Table III therefore are based,
for Bank D and Bank Y, on returns for only
10 months. I t is not believed from an examination of the daily statements that these
computations would be much changed by the
inclusion of the figures for May and June.
Similar trouble was encountered in the case of
Bank M, except that here United States
deposits were incorporated with general deposits in the daily statement. In this case,
however, daily holdings of United States
deposits were later obtained for all but four
months of 1917. The weekly estimates for
these months are unsatisfactory because of
somewhat erratic fluctuations, and so it was
290
MARCH, 1921.
FEDERAL RESERVE BULLETIN.
CHANGES IN LOANS AND DISCOUNTS AS RELATED
TO CHANGES IN GROSS DEPOSITS.
A comparison of percentage changes in the
daily averages of loans and discounts from year
to year with percentage changes in the daily
averages of gross deposits, makes evident the
general tendency for the rate of increase of
gross deposits to fall behind the rate of growth
of loans and discounts for the last two years of
the period covered. This fact is brought out
by the statistics presented in Table II. giving
the daily averages of total loans and discounts expressed as percentages of the daily
averages of gross deposits for the same year.
Table III brings out the fact that the growth
of total deposits has been retarded by the
slow movement of bankers' deposits, which
have not only decreased in importance when
compared with individual deposits, but in most
cases show absolute decreases for the years 1918
and 1919
following a marked general rise in
1915-16.1
EFFECTS OF LOSSES IN BANKERS7 DEPOSITS.
In a large sense, therefore, the loss of bankers'
deposits may be said to have had considerable
influence upon the rediscounting activity of
these New York banks. In the case of Bank
Z, for example, bank deposits amounted to
158 per cent of individual deposits in 1916,
but were only 91 per cent of the latter in 1919;
and, as a matter of fact, there was a drop in
the absolute as well as in the relative amounts
of these balances. This bank has nevertheless
retained large holdings of United States securities not offset by United States deposits, and
the result has been that, although its loans
have been kept down, even reduced, comparing
the 1919 yearly average with that of 1917, it
has been necessary to rediscount heavily in
order to carry its investments in the face of
withdrawals of bank deposits.
BANK Y.
Bank Y, one of the institutions with large
rediscounts and expanding loans, until 1919
shows a fairly steady fall in gross deposits
from the beginning of 1917. The loss in
bankers' deposits, although percentually great,
is not so important as it might seem, since
these deposits are a relatively small part of
total gross deposits and are highly unstable
at all times. The percentage ratio of loans
to gross deposits in the case of this bank
rises from 80.8 per cent in 1913 to 124.8 per
cent in 1918 and 140.9 per cent in 1919.1
Toward the close of 1919, however, the reduction in loans is more pronounced than the loss
in gross deposits, which remain fairly stationary.
Hence, as might be expected, the rediscounts
show a downward tendency during 1919, falling
from 35.7 per cent of total loans and discounts
in January to 24.4 per cent in December. In
the case both of Bank Y and of Bank Z, as
was indicated in Part II of this study (see
FEDERAL RESERVE BULLETIN, January, 1921,
p. 60), an explanation of the heavy rediscounts
has to be sought by following the course of
deposits.
BANK E.
Attention may be called to the fact that for
Bank E the ratio of the daily averages of
loans and discounts to gross deposits for each
year is extraordinarily low throughout and
even drops slightly in 1918 and 1919. In this
case there appears to be no tendency for loans
to gain upon deposits. The heavy rediscounts
have evidently resulted from large investments in United States securities, and, as
was shown in Part II of this study, the rediscounting activities of the bank have throughout been intimately related to the fiscal operations of the Government. As a matter of
fact, the daily averages of loans and discounts,
for the years 1916 and 1917 were above the
averages for 1918 and 1919, while the drop in
gross deposits for the latter years did not
equal the decline in loans. In 1917 and 1919
the daily averages of gross deposits were
very close together.
BANK N.
Bank N, on the other hand, with relatively
steady loans and with limited rediscounts until
the end of 1919, shows little alteration in the
relationship of loans to gross deposits in 1918
and 1919 as compared with 1913, 1914, and
1915, although the percentage ratios have risen
as compared with 1916 and 1917 when the
growth of gross deposits was more rapid than
that of loans and discounts.
1
It was noted in Part I of this study, which dealt withfluctuationsin
loans and discounts, that mergers had occurred during the period studied
which affected the returns for Bank N and Bank X in 1914, for Bank A 1
in 1917, and Bank O in 1919. No attempt has been made in Table I to
The exclusion of trust deposits from the totals, although it exagcorrect thefiguresin order to eliminate the influence of these mergers. gerates the percentages somewhat, does not falsify the trend. An exThe comparisons presented in Table II and Table III are also in all amination of the net deposits of this bank (including time deposits)
cases based upon uncorrectedfigures,both for loans and discounts and reveals the fact that they were well below loans and discounts in 1918
for deposits.
and 1919.
FEDERAL, RESERVE BULLETIN.
MARCH, 1921.
SUMMARY.
It is not necessary to enter into a detailed
discussion for the other banks, since such inferences as can legitimately be drawn will be obvious from an examination of the published
tables. In large part, the study merely confirms conclusions already reached by following
the lending and rediscounting activities of the
several banks. It was apparent in a number
of cases that rediscounts bore little relation to
Government fiscal operations and that the
amounts of rediscounts outstanding could not
be explained except on the ground that deposits
were not keeping pace with the growth of loans
and discounts. This fact was particularly
apparent toward the close of 1919.
A growing lack of correspondence between
loans and deposits (and, as stated, net deposits
parallel gross deposits fairly well) may have
resulted from the unusual circumstances of
war, but the question arises as to whether it
is not a permanent condition. Since reserves
can be maintained by rediscounting, will not
the loans of individual banks not only tend to
become more responsive to changing demands
from season to season, but will they not also
stand in less intimate relation to deposits at all
times, expanding or contracting with more
reference to the needs of borrowers and with
less regard for the withdrawals of deposits or
receipts of cash items. It is likewise probable
that the trend in the direction of an expansion
of loans at the expense of other investments
may be a permanent manifestation. Large
investments in easily marketed securities were
formerly considered a necessary
cover for
bankers' deposits. Bankers7 deposits have
become relatively much less important, while
at the same time other (commercial) paper can
be more readily liquidated by the individual
bank through the process of rediscounting.
The shift in investment emphasis is undoubtedly obscured by holdings of war paper over
the period studied but, eliminating a part of
these holdings by the methods of comparison
adopted, it is believed that an increasing proportion of the assets of the banks studied will
be found to exist in the form of loans and discounts as opposed to direct holdings of bonds
and other securities. The increase in the
amounts of loans and discounts, moreover, has
grown out of dealings with individuals, as is
pretty clear
from an examination of the course
of bankers7 deposits. Although the latter are
gross figures, the trend is too unmistakable to
leave any doubt on that score. The bankers7
deposits are very slightly responsive to changes
in total loans and discounts. A priori one would
expect that loans and discounts would tend to
absorb a greater percentage of the resources of
291
the New York banks than heretofore. Bankers7 deposits—always alleged to be the cause of
heavy investments in easily convertible securities—have come to be a less important part of
the total deposits of the New York banks
studied, while loans and discounts through
the acquisition of facilities for rediscounting
have become more readily convertible into cash
or reserve substitutes for cash.
The Importance of Securing Reliable Statistics
of Business Activity.1
Despite the remarkable record of the last
one hundred and fifty years in the development of industry and commerce, it is obvious
that we have not discovered how to control
present-day business so as to prevent frequent
recurrences of maladjustment. These recurring periods of business depression bring unwarranted hardship to employees and to the
public at large as well as losses to bankers,
merchants, and manufacturers. Consequently
from the standpoint of human welfare it is
essential that we undertake to learn how to
prevent this unbalancing of means of production and distribution. We can not safely go
ahead enlarging the scope of our business
activities, inventing new machines and multiplying factories and shops, unless at the same
time we learn how to remove the causes for
panics, severe depressions, and frequent periods
of unemployment.
The events of the last 18 months emphasize
harshly the defects in our methods of conducting business on the modern scale. First occurred a period of rapidly rising prices, which
caused hardship and injustice to millions of
people. By its effects on employees and on
industrial morale, the very rise in prices and
in wages interfered with the volume of production that at the outset it had served to
stimulate. Then came the inevitable tightening of credit and the refusal of many consumers to buy at high prices. The final outcome was the present business depression, with
unemployment, numerous bankruptcies, and
discouraging losses to farmers and other producers. All this series of hardships and injustices is due to the imperfections in human
institutions. They have occurred because of
our ignorance of means of preventing them.
In this problem we are not confronted, except
incidentally, with the uncontrollable forces of
nature. The forces that primarily cause the
alternation of boom and depression can be
regulated once they are understood. The
i A paper read by Prof. Melvin T. Copeland, of Harvard University,
at the First Federal Conference on Business Conditions Reporting,
Washington, Feb. 21-22,1921.
292
FEDERAL, RESERVE BULLETIN.
severity of these ups and downs is due in
large measure to the lack of adequate foresight, lack of general appreciation of the
factors that influence the course of business
prosperity, and failure to adopt corrective
policies in season. These conditions are aggravated seriously by uncertainty. When
activity is at its peak, uncertainty as to the
availability of supplies encourages speculative buying, as in the fall of 1919. At the
other end of the cycle, as during the last three
months, depression is intensified by uncertainty
as to when demand will revive.
Eventually we doubtless shall learn how to
control these business forces to protect the
general welfare of the community. We shall
learn how to adjust our credit policies, for
example, so as to lessen the severity of the
fluctuations in general business. This control
can be developed, however, only gradually
through the scientific study of statistics and
other facts that furnish reliable indices of
business activity.
I shall not take time on this occasion to
review the statistics of business activity that
now are available. I assume that we are all
familiar with the statistics that are now published in the FEDERAL RESERVE BULLETIN
and other leading sources. I wish to make
a few suggestions, however, regarding additional statistics that are needed. There are
four groups of statistics not at present available which seem to me to be especially desirable as indices of business conditions. These
are, briefly, statistics of production, of prices,
of mercantile trade, and of credit conditions.
Production statistics of one sort or another
are now available for such industries as lumber,
coal, petroleum, iron and steel, sugar, leather,
shoes, cotton and wool textiles, pulp and paper,
and railway equipment. In order to provide a
more comprehensive survey of symptomatic
tendencies, we need production statistics also for
such industries as copper, rubber manufactures,
clothing, flour, canned foods, some types of
machinery, farm implements, builders7 hardware, jewelry, musical instruments, and silk
goods. We can judge from the experience of
the last 15 years that certain types of industry
are affected differently during the course of the
business cycle. A tendency toward reaction is
shown more quickly in some industries than in
others, and the correlation of the statistics for a
substantial number of industries should furnish
important clews to the causes for speculative
activity and for depression. Such statistics
also should afford a guide to any tendency
toward unbalanced production.
I take it that our business depressions are
due fundamentally to unbalanced production
MABCH, 1921.
and distribution. From time to time too great
a strain is placed upon a portion of our productive facilities, with the result that our
whole business machinery is thrown out of
gear. We then have to go through a period
of lessened activity until the balance is again
restored. At present, however, we can talk
about this only in rather general terms, for we
have not the facts for a careful analysis of
this balancing process.
The statistics that we now have for production, however, are not all of equal value and
in some cases are not easily correlated. The
statistics of active machinery, for instance, are
worth having, but statistics of physical output in the plants in which this machinery is
operated would be of greater practical use.
There is difficulty in denning exactly what is
meant by "activity," and for the purposes of
long-time comparisons the quantity of physical
output would be a better index.
We also need more statistics for stocks of
raw materials and finished products on hand.
The significance of production statistics often
depends on related statistics showing the accumulation or depletion of stocks of materials
and products.
Our production statistics also should be
made available promptly, ordinarily within 10
days of the end of the month to which they
apply. If a two month's interval elapses before
the statistics are published, the figures oftentimes are stale for practical use in judging current business conditions. A cotton manufacturer, for example, can not shape his policies
on facts two months old. Most of his decisions
must be made either on up-to-date facts or
upon "general principles," if such facts are
not available. His decisions and plans can not
be postponed two months for the statistician
to complete his task.
In order to obtain such statistics promptly
it generally will be necessary to rely upon
samples instead of upon a complete census.
The sample must be typical; it must be large
enough to furnish a representative index; and
it must include reports from the same sources
each month. Providing these conditions are
met, however, the sample is fully as useful for
practical purposes, I am satisfied, as a complete census. Production statistics naturally
lead up to price statistics.
So far as price statistics are concerned, the
problem seems to be the use of existing data
rather than the collection of new price quotations. It does not seem to me that we have
begun to appreciate the significance of comparative price movements. We have not determined the significance of the varying rates
of change of different groups of commodities.
Take seasonal articles, sucn as dry goods, for
MARCH, 1921.
FEDERAL, RESERVE BULLETIN.
example. The significance of the rapid advance in wholesale prices in the fall of 1919
was not generally recognized at the time.
Wholesale prices of dry goods were advanced
from 20 to 40 per cent at that time on merchandise to be delivered for the following spring
season. These prices were to have been reflected several months later in retail trade.
Many bankers, merchants, and others failed to
appreciate the additional strain that this sharp
price advance would make upon the credit resources of the country. It meant that a large
volume of trade would have to be financed at
much higher prices than were current even in
November, 1919. It was obvious that we did
not have the credit resources to meet this condition, and a general business reaction was inevitable. Take another trade. It seems reasonable to assume that a rise in the price of
canned foods during the spring months has a
different significance in judging future business conditions than a rise in the price of sugar,
for an increase in sugar prices will be reflected
immediately in retail prices, whereas an increase in the price of canned foods may take
effect in retail trade only after several months
have elapsed. As has been suggested above,
these price statistics are to be correlated not
only with production statistics but also with
credit statistics as indexes to future business
conditions.
In mercantile trade we already have the department store statistics that the Federal Reserve Banks have begun to collect. There are
a few other scattered indices of conditions in
wholesale and retail trade. We should have,
however, monthly statistics on sales, purchases,
and stocks on hand in the chief branches of
retail and wholesale business. Statistics of
production can not be utilized properly until
we also have reliable indexes of conditions in
retail and wholesale trade.
From manufacturers and wholesalers statistics also should be collected to show credit
conditions. These should include monthly
statements of accounts and notes receivable,
accounts and notes payable, collections, and
supplementary information. Further than
that we also need a comprehensive survey of
the whole subject of credit. In this particular
field the Harvard Bureau of Business Research is just now developing plans for a study
of credit experiences in various industries.
The exact methods to be used in this investigation have not been decided, but it is expected that the results will be of use not only
in furnishing a guide to conditions in individual industries, but that they also will help
to furnish a guide by means of which general
credit policies can be regulated. Credit plays
so important a part in every industry and
293
trade that the proper control of credit probably
will make it possible to lessen the severity of
general business fluctuations. At the present
time, however, the facts are not available on
which to accomplish this result most advan'hese various indexes of business conditions
are of use in furnishing a guide to individual
business establishments and also in providing
indexes to general business conditions. As a
guide to the individual business they help to
remove uncertainty and doubt as to the
actual conditions in the particular trade.
They enable one manufacturer to know how
his rate of output compares with that in other
plants. They also afford an indication of
market conditions, showing the tendencies for
the output to increase or decrease. They
assist the business man in regulating his
operations more intelligently by furnishing
facts to take the place of surmises and vague
rumors. It is to the advantage of all concerned to have this uncertainty and doubt
removed. As indexes to general business conditions, these statistics eventually will show
where the balance is tending to be upset and
furnish a guide to bankers in judging the
probable credit requirements of their customers. All these indexes, of course, need to
be correlated in order to determine the real
significance of each group. A good start
already has been made in developing technical
methods for such correlation, but only the
surface has been scratched. A vast amount of
research work still remains to be done in this
field.
The cost of collecting such statistics may
seem large, yet their value to the industries
alone would be greater than the cost of collection. This cost also would be more than
counterbalanced by the economic gain to the
community througn their utilization in alleviating the severity of business depressions. The
losses of production resulting from enforced
idleness of labor and equipment are irreparable.
The losses in the United States alone during
the last 12 months from curtailed production
amount to a vast sum. This refers to the lost
output, not to the drop in money values. In
addition, there has been suffering and hardship
that can not be measured in dollars and cents.
Such conditions have recurred periodically for
more than a century and will continue to occur
until we learn better how to regulate our
business forces. All this loss and suffering can
not be prevented, yet through a better understanding of the underlying facts, which include
these various statistical indices of business
conditions, eventually we shall find out how
to administer our business forces to prevent a
large portion of this avoidable economic waste.
294
MARCH, 1921.
FEDERAL, RESERVE BULLETIN.
The New Wholesale Price Index Number of the
Board of Trade in England.
Since 1903 the Board of Trade in England
has been publishing an index number compiled
from the prices of 47 commodities, with 1900
as the base year and estimated expenditure in
1881-1890 as the weights. Instead of using
wholesale market prices for quotations, however, the Board of Trade has used, in a large
proportion of cases, export and import values "of commodities. Especially during the past
year this index number has moved in a very different fashion from the other well-known
English index numbers of wholesale prices, such
as those published by the Statist, Economist,
and the London Times. The Board of Trade
therefore has decided to construct a new wholesale price index number based upon the market quotations of 150 commodities.
With a view to giving proper representation
to the various commodities in the index, a
study has been made of the census of production for 1912 as compared with that of 1907,
and estimates of prewar agricultural, industrial, and commercial activity have been made
and applied in the selection of commodities to
be included in the new index number. Aside
from this method of weighting according to the
number of commodities included, no weights
are being applied in the construction of the
number. In the following table are given the
number of quotations to be assigned to the
different commodities:
J. Grain:
Wheat
Barley
Oats
Maize
Rice, etc
7
5
2
1
2
II. Meat, poultry, fish:
Beef
Mutton
Pork
Poultry
Fish
6
3
5
2
1
I I I . Other food:
Milk, butter, cheese
Fruit and vegetables
Sugar
Tea and coffee
Cocoa
Tobacco
7
5
2
2
1
2
Total, food, drink, and tobacco
TV.
Iron and steel
v
. Other minerals:
Coal
Petroleum
Copper
Lead
Nickel
Tin
Zinc
VI. Cotton
VII. Other textiles:
Wool
Linen..
Silk
Jute
Hemp
17
17
VIII. Miscellaneous:
Chemicals
Tallow
Oil
Paper
Leather
Rubber
Timber
China, glass
Bricks
Stone
5
2
Total, commodities other than food, etc
22
97
Total, all commodities
150
The total number of quotations used is
159
In another important respect the index
number differs from others now being published in England. It is to be computed by
the geometric method, i. e., to quote Mr. A.
W. Flux, who discussed the new index number before the Royal Statistical Society on
January 18, 1921, "the indexes for individual
commodities will be taken and their geometric mean will
form the index number for
all commodities.77 In other words, the ratios
representing the fluctuations in the prices of
the different commodities will be averaged
geometrically instead of arithmetically, as has
been customary in England, in obtaining the
final index number. The sources of quotations used by the Board of Trade are for the
most part open-market quotations. Dutiable
goods, such as coffee, tea, sugar, and tobacco,
will be quoted plus the duties. No effort is
being made to carry the index back over
earlier years except 1913 and 1920. The
number is of the chain index variety instead
of the fixed base.
Since the new index number is based upon
a far larger number of quotations than is any
other of the English index numbers, and is
constructed in a thoroughly scientific manner,
it is planned to obtain these index numbers by
cable as soon as they are available, and to publish them in the FEDERAL RESERVE BULLETIN
along with the Statist index number which
now appears there.
Board of Trade index number—Percentage of prices to those
of January, 1920.
19
Groups.
53
September,
1920.
October,
1920.
November,
1920.
December,
1920.
116.3
110.6
97.0
120.1
113.1
101.7
119.3
115.5
99.3
107.7
114.6
97.4
101.5
111.5
92.9
106.5
110.4
109.8
105.2
100.6
126.2
109.6
84.4
82.9
103.1
122.9
107.3
70.3
74.4
101.9
117.0
105.1
58.5
67.4
96.7
111.0
96.8
47.1
59.2
88.5
105.3
90.2
41.5
54.0
82.8
80.7
=====
88.4
74.7
January,
1921.
24
Cereals
Meat and fish..
Otherfood
10
2
4
1
l
1
1
.
Total food
20
16
'"."".'.'"".'.
!
..."
'
9
2
2
l
1
Iron and steel
Other metals and minerals...
Cotton
Other textiles
Other articles
Total notfood
All articles
15
102.5
96.5
89.7
103.9
101.0
96.2
82.8
295
FEDERAL RESERVE BULLETIN.
MARCH, 1921.
Banking Expansion in Great Britain.
Below is given a consolidated statement of
the condition of the five big joint-stock banks
of Great Britain at the close of each year, 1913
to 1920, also the statement of condition on the
same dates of each of these banks and, for the
years 1913 to 1917, of the three largest banks
absorbed by the big banks during the period.
War and post war expansion in British banking is indicated by the growth of deposits,
which increased more than threefold—from 525
millions on December 31, 1913, to 1,628 millions
on December 31, 1920, the largest increase
under this head occurring during the year 1918.
Corresponding to this large increase in deposit
liabilities there is an increase in investments in
British Government securities from 30 millions
to 262 millions and an increase in advances,
largely on war stock and other Government
war obligations, from 273 millions to 768 millions. Bills of exchange or discounts, which
the London Economist believes include treasury bills, show a considerable shrinkage during
the early period of the war, and in December,
1915, stood at about 41 million pounds, compared with 62 millions in 1913 and 67 millions
in 1914. Since then the item has increased
almost sevenfold, reaching a total of 282 millions at the close of 1920.
As bearing upon the volume of foreign trade
transactions, the changes in the amount of acceptances and indorsements are interesting.
At" the close of December, 1913, this item stood
at about 36 millions. At the close of the following year it had declined to 29 millions, and
at the close of 1918 it stood at 45 millions. A
year later it had gone up to 104 millions, which
is the high figure for the period. At the end
of 1920 the item showed a decrease to 79 millions, this decrease reflecting in a general way
the relative shrinkage in the amount of foreign
trade financing. For the period under review
the "big five" banks show a large increase in capitalization, due partly to absorption of and merger with other commercial banks. Their paid-in
capital shows an increase from 27 millions at
the close of 1913 to 58 millions at the close of
1920, while their reserves show an even larger
increase from about 19 millions to 47 millions.
TOTAL FOE THE
'BIG FIVE" BANKS
[In thousands of pounds.]
1913
1914
1915
1916
1917
1918
1919
87,212
68,716
137,750
51,967
136,049
38,112
195,484
58,281
183,159
119,943
237,500
154,899
285,481
82,884
274,137
89,342
30,358
40,142
61,637
273,435
36,192
13,143
52,544
45,019
67,314
309,991
29,001
14,332
184,475
38,545
41,058
285,911
39,823
14,475
198,376
29,125
88,922
288,359
46,319
14,900
216,606
26,239
134,942
335,083
42,020
15 ; 008
236,042
33,711
260,620
432,631
45,290
24,652
291,669
33,090
213,930
712,868
104,356
17,345
261,732
45,024
281,659
767,586
79,384
19,419
610,835
707,918
778,448
919,766
1,073,000
1,425,345
1,741,623
1,818,283
27,388
18,825
524, 753
36,192
3,677
28,838
19,575
626,378
29,001
4,126
28,838
19,575
686,473
39,823
3,739
29,832
19,975
819,883
46,319
3,757
30,889
21, 944
967,981
42,020
10,166
35,724
34,453
1,304, 811
45,290
5,067
42,968
41, 081
1, 548, 813
104,356
4,405
58,404
46,992
1,628,375
79,384
5,128
610,835
707,918
778,448
919,766
1,073,000
1,425,345
1,741,623
1,818,283
1917
1918
1919
1920
ASSETS.
Cash in hand and with the Bank of England.
Money at call and at short notice
Investments:
British Government securities
Other investments
Bills of exchange
Advances
Acceptances and indorsements
Sundry assets
Total
LIABILITIES.
Capital paid in
Reserve
Current, deposit, and other accounts
Acceptances and indorsements
Sundry liabilities
Total
LLOYD'S BANK (LTD.).
[In thousands of pounds.]
1913
Cash in hand and with the Bank of England..
Money at call and at short notice
Investments:
War loan and other British Government
securities
Other investments
Bills of exchange
Advances
Acceptances and indorsements
Sundry assets
Total.
1914
1915
1916
1920
16,177
8,617
24,634
10,073
30,420
3,964
38,115
6,430
34,685
7,192
48,768
15,571
57,587
14,622
51,153
14,748
4,863
5,530
10,830
50,871 i
7,462
2,269
7,825
8,308
13,420
59,440
6,226
3,083
36,060
6,766
4,042
55,008
9.497
2,853
35, 775
6,107
15,307
55,857
11,208
2,833
34,228
3,532
39,901
61,467
10,375
2,702
53,630
8, 892
74,340
81,072
14,765
3,647
66,232
9,533
57,492
135,764
32,080
3,804
64,041
9,335
76,037
151,079
17,868
4,142
106,619
133,009
148,610
171,632
194,082
300,685
377,114
388,403
4,209
3,000
91,512
7,462
436
5,009
3,600
117,658
6,226
516
5,009
3,600
130,017
9,497
487
5,009
3,600
151,368
11,208
447
5,009
4,000
174,068
10,375
630
8,954
9,000
266,808
14,765
1,158
9,420
9,675
324,712
32,080
1,227
14,138
10,000
345,029
17,868
1,368
106,619
133,009
148,610
171,632
194,082
300,685
377,114
388,403
LIABILITIES.
Capital paid in
Keserve
Current, deposit, and other accounts..
Acceptances and indorsements
Sundry liabilities
Total.
296
FEDERAL RESERVE BULLETIN.
MARCH, 1921.
BARCLAY & CO. (LTD.).
[In thousands of pounds.]
1913
Cash in hand and with the Bank of England..
Money at call and at short notice
Investments:
British Government securities and bank
stock
Other investments
Bills of exchange
Advances
Acceptances and indorsements
Sundry assets
Total.
1914
1915
1918
1916
1919
1920
65,174
20,032
61,710
21,313
40,792
9,788
47,442
78,855
4,212
11,716
53,136
9,205
30,253
130,095
13,589
47,164
16,772
44,861
155,561
10,228
4,249
138,013
258,033
325,468
361,858
4,594
2,200
107,292
2,861
4,594
2,200
129,068
2,151
7,289
6,000
239,382
4,212
1,150
8,820
7,000
296,059
13,589
15,592
8,250
327,788
10,228
116,947 I
138,013
258,033
325,468
361,858
1918
1919
9,155
6,812
11,930
5,099
14,181
4,470
23,983
5,527
24,527
10,172
43,923 I
21,325 I
5,177
6,037
9,602
27,340
437
1,882
8,129
6,613
9,649
29,390
638
1,815
19,735
6,174
3,721
28,408
2,230
1,853
22,205
4,836
16,880
38,204
2,861
2,451
21,618
4,649
28,089
44,201
2,151
2,606
66,442
73,263
80,772
116,947 i
3,600
1,600
60,805
437
3,600
1,600
67,425
638
3,600
1,600
73,342
2,230
6,442
73,263
80,772
LIABILITIES.
Capital paid in
Reserve
Current, deposit, and other accounts..
Acceptances and indorsements
Sundry liabilities
Total.
LONDON JOINT CITY AND MIDLAND BANK (LTD.).
[In thousands of pounds.}
1913
1914
1915
1916
1917
1920
ASSETS.
Cash in hand and with the Bank of England..
Money at call and at short notice
Investments:
British Government securities
Other investments
....
Bills of exchange
Advances .
Acceptances and indorsements
Sundry assets
.
.
..
Total.
. . .
17,241
11,947
33,197
9,865
30,881
8,651
47,974
8,844
44,110
31,003
63,756
67,811
68,267
18,439
70,196
18,492
3,247
4,578
11,791
51,309
6,163
2,308
5,428
7,649
14,086
62,425
7,211
2,679
33,947
4,883
9,962
65,921
9,158
2,760
33,400
3,791
23,337
63,869
7,221
2,753
33,117
3,891
35,053
81,156
8,827
2,837
57,464
4,897
39,249
113,432
13,146
3,762
64,217
3,846
52,890
178,556
29,015
3,619
50,279
4,744
57,672
189,720
27,850
3,884
108,584
142,540 .
166,163
191,189
239,994
363,517
418,849
422,837
4,349
3,700
93,833
6,163
539
4,781
4,000
125,733
7,211
815
4,781
4,000
147,751
9,158
473
4,781
4,000
174,621
7,221
566
5,189
4,343
220,551
8,827
1,084
7,173
7,173
334,898
13,146
1,127
8,417
8,417
371,743
29,015
1,257
10,860
10,860
371,842
27,850
1,425
108,584
142,540
166,163
191,189
239,994
363,517
418,849
422,837
1918
1919
LIABILITIES.
Capital paid in
Reserve
Current, deposit, and other accounts
Acceptances and indorsements
Sundry liabilities
Total. ..
LONDON COUNTY WESTMINSTER AND PARR'S BANK (LTD.).
[In thousands of pounds ]
1913
1914
1915
1916
1917
1920
ASSETS.
Cash in hand and with the Bank of England.
Money at call and at short notice
Investments:
British Government securities
Other investments
Bills of exchange
Advances
Acceptances and indorsements
Sundry assets
Total.
13,757
12,383
22,525
5,635
23,250
5,142
5,365
3,349
15,800
44,089
7,656
1,849
10,551
4,296
18,369
46,617
4,276
1,717
25,198
26,983
47,477
36,970
58,767
18,794
49,124
32,157
3,576
11,352
39,941
5,022
1,856
32,385
7,872
32,383
3,562
14,337
36,117
6,979
1,709
32,409
4,841
24,288
40,800
5,449
1,789
45,503
3,882
60,529
80,973
9,276
2,930
59,849
5,210
49,351
128,091
23,704
3,030
51,940
6,044
60,336
130,539
19,034
3,479
113,9
122,296
135,344
161,757
287,540 I
346,796
343,434
3,500
4,250
88,214
7,656
628
3,500
4,000
101,582
4,276
3,500
4,000
109,161
5,022
613
3,500
4,000
120,255
6,979
610
4,149
4,726
142,268
5,449
5,165
6,831
7,430
262,858
9,276
1,145
8,504
8,750
304,548
23,704
1,290
8,504
9,004
305,381
19,034
1,511
104,248
113,986
122,296
135,344
161,757
287,540
346,796
343,434
104,248
LIABILITIES.
Capital paid in
:
Reserve
Current, deposit, and other accounts..
Acceptances and indorsements
Sundry liabilities
Total.
297
FEDERAL RESERVE BULLETIN.
MARCH, 1921.
NATIONAL PROVINCIAL AND UNION BANK OF ENGLAND (LTD.) .
[In thousands of pounds ]
1913
1914
1915
1916
1917
1918
1919
1920
ASSETS.
Cash in hand and with the Bank of England..
Money at call and at short notice
Investments:
British Government securities
Other investments . .
Bills of exchange
}
Advances
Acceptances and indorsements
Sundry assets
Total
10,816
7,400
16,125
3,449
11,365
4,654
16,450
5,493
17,295
8,101
33,576
13,222
35,686
10,997
41,954
11,851
6,322
6,654
824
764
7,311
7,050
45,239
683
835
24,084
6,891
38,832
1,810
861
35,643
4,795
41,893
3,032
843
37,712
4,691
49,257 /\
1,983
824
38,653
6,272
39,060
78,299
3,891
2,597
48,235
5,296
23,944
140,362
5,968
2,908
48,308
8,129
42,753
140,687
4,404
3,665
73,799
80,692
88,497
108,149
119,863
215,570
273,396
301,751
3,000
2,000
67,883
824
92
3,000
2,000
74,916
683
93
3,000
2,000
81,590
1,810
97
3,000
1,800
100,219
3,032
98
3,000
2,100
112,597
1,983
183
5,477
4,850
200,865
3,891
487
7,807
7,239
251,751
5,968
631
9,310
8,878
278,335
4,404
824
73,799
80,692
88,497
108,149
119,863
215,570
273,396
301,751
1915
1916
41,019
LIABILITIES.
Capital paid in
Reserve
Current, deposit, and other accounts
Acceptances and indorsements
Sundry liabilities.
Total
UNION OF LONDON AND SMITH'S BANK (LTD.).
[In thousands of pounds.]
1913
1914
1917
ASSETS.
Cash in hand and with the Bank of England...
Money at call and at short notice
Investments:
British Government securities
Other investments
Bills of exchange
Advances
Acceptances and indorsements
Sundry assets
Total
6,463
7,437
9,705
5,571
9,145
3,164
2,895
3,400
6,802
18,234
5,016
1,938
3,506
4,015
5,721
21,401
3,653
1,963
13,276
3,963
2 498
18,053
4,982
1,970
52,185
55,535
3,555
1,150
41,260
5,016
1,204
52,185
13,929
10,035
13,542
14,312
14,066
1,933
3,885
15,331
3,600
1,978
13,494
1,563
6,083
18,563
1,803
1,981
57,051
64,757
71,341
3,555
1,150
45,833
3,653
1,344
3,555
1,150
46,081
4,982
1,283
3,555
1,150
55,232
3,600
1,220
3,555
1,150
62,818
1,803
2,015
55,535
57,051
64,757
71,341
!
!
!
I
LIABILITIES.
Capital paid in
Reserve
Current, deposit, and other accounts
Acceptances and indorsements
Sundry liabilities
Total
LONDON JOINT STOCK BANK (LTD.).
[In thousands of pounds.]
1913
1914
1915
1916
1917
ASSETS.
Cash in hand and with the Bank of England...
Money at call and at short notice
Investments:
British Government securities
Other investments
Bills of exchange
Advances
Acceptances and indorsements
Sundry assets
Total
5,997
5,644
8,113
4,033
6,578
2,295
9,391
2,043
11,088
2,150
2,489
3,772
6,812
16,218
3,153
1,026
2,937
4,088
6,069
18,715
3,123
1,045
10,138
2,805
9,483
15,657
2,560
1,044
10,073
2,063
15,176
13,574
3,583
1,052
29,514
1,983
1,528
15,468
2,947
1,020
45, 111
48,123
50,560
56,955
65,698
2,970
1,125
3,153
280
2,970
1,125
40,600
3,123
305
2,970
1,125
43,612
2,560
293
2,970
1,125
48,920
3,583
357
2,970
1,325
57,979
2,947
477
45,111
48,123
50,560
56,955
65,698
LIABILITIES.
Capital paid in
Reserve
Current, deposit, and other accounts
Acceptances and indorsements
Sundry liabilities
Total
298
FEDEKAL. EESERVE BULLETIN.
M A R C H , 1921.
P E E R ' S BANK (LTD.).
lln thousands of pounds.]
1913
1914
1915
1916
1917
ASSETS.
Cash in hand and with the Bank of E n g l a n d . . .
Money at call and at short notice
Investments:
British Government securities
Other investments
Bills of exchange
Advances
Acceptances and indorsements
Sundry assets
7,606 '
8,476 ;
|
Total
11,521
8,242
6,857
3,000
10,229
5, 772
13,257
12,037
12,714
20,030
14,831
2,038
23,514
7,835
1,281
14,514
1,089
24,171
8,485
1,249
74,793
82, 252
24,355 |
5,481 !
1,107 !
26, 764
53,847 I
6C, 770
15,078
3,487
24,091
4,564
1,278
64,4S9
2,205
2,000
43,663
5,481
498
2,423
2,100
52,631
3,191
425
2,423
2,100
54,919
4,564
493
2,423
2,100
61,776
7,835
459
2,423
2,100
68,632
8, 485
612
53, 847
60,770 I
64,499
74,793
82,252
6,822 |
8,191
1,195
LIABILITIES.
Capital paid in
Reserve
Current, deposit, and other accounts
Acceptances and indorsements
Sundry liabilities
Total
FIRST MONTHLY REPORT OF CONDITION OF
PRINCIPAL LONDON JOINT-STOCK AND OTHER
BANKS.
Among the recommendations of the so-called
Cunliffe committee there was one providing for
the publication by the banks in Great Britain,
on a form approved by the committee, of a
monthly statement showing the average of their
weekly balance sheets during the month. Pending the passage of a bill making such statement
obligatory, nine of the leading London banks,
including the " big five/7 viz, Lloyd's; Barclay's
Bank (Ltd.); London Joint City and Midland;
London County Westminster and Parr's; National Provincial and Union; also Glyn, Mills
& Co.; Coutts & Co.; Williams, Deacon's; and
the Bank of Liverpool and Martin's for the
first time issued their figures of monthly averages for January, 1921. These figures are
reproduced from the London Economist, as
follows:
Statement of bank accounts.
[Average balance sheets for January, 1921.]
[In pounds.]
Liver- I
&
pool and j Barclay's. Coutts
Co.
Martin's.'
Coin, bank, and currency notes
and cash at Bank of England. 8,555,4121 35,247,267
Balances with other banks and
checks in course of collection... 2,580,8231 9,292,207
Money at call and short notice... 6,470,980! 21,022,711
14,093,878J 64,034,143
Investments
112,302,492! 65,177,230
Discounts
|40,616,076,154,337,357
Loans and advances
Cover for acceptances and prem110,823,992] 14,065,203
Total assets
Glyn,
Mills &
Co.
Lloyd's.
London
London,
County, Joint
City
Westm&
inister & Midland.
Parr's.
j National
j Provincial Williams,
I
&
Deacon's.
I Union.
1,640,000 2,633,000: 36,844,473 30,634,784 55,061,792 28,805,150 4,614,170
658,000
3,402,000
4,727,000
5,167,000
7,088,000
Total.
204,036,048
13,560,461 3,938,510 8,229,204 1,684,116 52,080,456
12,715,701 18,908,006' 15,498,318 li, 131,584 2,465,075 98,927,375
73,545,048 58,803,875! 55,023,729 56,509,826 6,992,234 341,311,733
83,259,279 73,870,544!
73870544! 63906369
63,906,369 54,040.595 3,076,792 361,922,301
145^ 502^ 418J137,688,276 192,065,130il38,852', 02520,495,626 845,137,908
l,422,000i 10,715,135
7,313,000
7,582,000
1,122,000
S', 493^ 000
947,000 1,972,000 19,188,459 23,576,792] 29,887,811 8,084,689 1,932,981
|95,443,653^63,176,118 23,629,000 30,537,000 381,770,513 357,042,738|415,381,659 305,653,07:
110,478,927
41,260,994 2,013,894,748
LIABILITIES.
Paid-up capital and reserves
j 3,748,890 23.842,372 1,600,000 1.500,000 24,137,796 17,819,006; 21,719,600 18,187,457 2,875,0001 115,430,121
Acceptances and indorsements...19,559,082 9', 819,641 607,000 1,750,000 15,030,051 19,832,964i 26,004,051 4,409,915 1,347,802
88,360,506
Deposits, etc. (including un- I
divided profits)
[82,135,681 329,514,105 21,422,000 27,287,000 342,602,666 319,390,768 367,658,008 283,055,701 37,038,192 1,810,104,121
Total liabilities
J95,443,653 363,176,118 23,629,000 30,537,000 381,770,513 J357,042,738 415,381,659 305,653,073 41,260,994 2,013,894,748
MABCH, 1921.
299
FEDEKAL, KESERVE BUL.LETIN.
Establishment of the Imperial Bank of India. sion of the debt and its widespread ownership
In accordance with a law approved on September 19, 1920, the Imperial Bank of India
began operations on January 27 of this year.
This bank represents a consolidation of the
presidency banks of Bengal, Bombay, and
Madras, which have been doing business in
India since the beginning of the nineteenth
century. These banks have acted as fiscal
agents of the Government, their business has
been rather strictly circumscribed geographically, and they were required to carry large
cash reserves and were prohibited from engaging in foreign exchange transactions. To a
large extent, the presidency banks have acted
as bankers for the exchange banks. Besides
the presidency banks, which had about 60
branches, there are in India 45 branches of
exchange banks with head offices outside of
India, whose business is mainly to finance
foreign trade and to deal in foreign exchange.
In addition, there are about 60 or 70 joint-stock
banks with over 150 branches, doing a local
business, and subject to a rather high rate of
business mortality. All told, therefore, there
are about 250 banks and branches in India, situated in about 150 towns, or in about 20 per
cent of the towns having a population of
10,000 or more.
The initiative in the move toward amalgamation was taken by the presidency banks themselves, which presented to the Government of
India a memorandum advocating the establishment of the Imperial Bank. Their main
arguments were:
1. That extension of banking facilities in
India was greatly needed, as it was " useless to
educate people into a willingness to follow
civilized habits as regards keeping their money
if there are not7 at hand banking facilities for
them to do so.'
They propose to open, after consolidation,
and within five years after its establishment,
no less than 100 new branches of the Imperial
Bank. (The law as passed includes provision
for the establishment of these branches.)
2. It is true that the presidency banks, to a
considerable extent, have acted as bankers for
local banks, but this consolidation will materially increase their ability to assist the other
banks through the rediscount of domestic bills
of exchange, known generally as "hundis."
3. An amalgamation of the three presidency
banks, together with the establishment of many
new branches, would facilitate the handling of
the public debt. So long as Government securities were held by a small number of large investors, transactions in connection with the
debt could be conducted satisfactorily by a few
large banks, but with the enormous war expan-
among the masses of the population who have
purchased bonds of the
Indian war loans, it
has become necessar}r to afford facilities for
cashing coupons, pa}dng off maturing obligations, etc., in a large number of small communities.
4. The amalgamation of the three banks
would make it possible to abolish Government
reserve treasuries by transferring their business
to the Imperial Bank. (The law does abolish
the reserve treasuries.)
The new bank has a branch in London, which
however, may open accounts for or receive deposits only from persons who are or have been
customers of the Imperial Bank or of one of the
presidency banks in India. The bank's sales
or purchases of bills payable outside of India
are restricted to bills of such banks as the governor general in council may approve. These
provisions are intended to prevent interference
of the Imperial Bank with the business of
established banks in London.
The Imperial Bank is owned by the shareholders of the three amalgamated presidency
banks. Although the bank is to act as fiscal
agent of the Government and to carry all the
Government balances, the Government will not
participate in the bank's profits for the first
three years, largely for the reason that the establishment of new branches, which the bank
is obliged to undertake, will involve for the immediate future considerable unprofitable business. Moreover, the bank is to be compensated for its work as fiscal agent in connection
with the handling of Government securities and
coupons. At the end of three years the proposed plan is to determine on the basis of actual
experience whether and to what extent the
Government is entitled to participation in the
bank's profits.
The Government is to be represented on the
central board of governors of the Imperial Bank
by the controller of the currency or some other
officer selected in his place by the governor
general, and by not to exceed six other persons
nominated by the governor general. These
members of the board will have the privilege of
attending meetings and of participating in deliberations, but not of voting.
The following is an extract from the law,
enumerating the kinds of business in which the
Imperial Bank may and may not engage:
PART I.
BUSINESS WHICH THE BANK IS AUTHORIZED TO CARRY ON
AND TRANSACT.
The bank is authorized to carry on and transact the
several kinds of business hereinafter specified, namely:
(a) The advancing and lending money, and opening
cash credits upon the security of—
300
FEDERAL, RESERVE BULLETIN.
I. Stocks, funds, and securities (other than immovable
property) in which a trustee is authorized to invest trust
money by any act of Parliament or by any act of the governor general in council and any securities of a local
government or thp government of Ceylon;
II. Such securities issued by State-aided railways as
have been notified by the governor general in council
under section 36 of the presidency banks act, 1876, or may
be notified by him under this act in that behalf;
III. Debentures or other securities for money issued
under the authority of any act of a legislature established
in British India by, or on behalf of, a district board;
IV. Goods which, or the documents of title to which,
are deposited with, or assigned to, the bank as security for
such advances, loans, or credits;
V. Accepted bills of exchange and promissory notes
indorsed by the payees and joint and several promissory
notes of two or more persons or firms unconnected with
each other in general partnership; and
VI. Fully paid shares and debentures of companies
with limited liability, or immovable property or documents
of title relating thereto as collateral security only where
the original security is one of those specified in subclauses
I to IV, and if so authorized by any general or special
directions of the central board, where the original security
is of the kind specified in subclause V: Provided, That
such advances and loans may be made, if the central board
thinks fit, to the secretary of state for India in council,
without any specific security.
(6) The selling and realization of the proceeds of sale
of any such promissory notes, debentures, stock receipts,
bonds, annuities, stocks, shares, securities, or goods which,
or the documents of title to which, have been deposited
with, or assigned to, the bank as security for such advances,
loans, or credits, or which are held by the bank, or over
which the bank is entitled to any lien or charge in respect
of any such loan or advance or credit or any debt or claim
of the bank, and which have not been redeemed in due
time in accordance with the terms and conditions (if any)
of such deposit or assignment;
(c) The advancing and lending money to courts of wards
upon the security of estates in their charge or under their
superintendence, and the realization of such advances or
loans and any interest due thereon, provided that no such
advance or loan shall be made without the previous sanction of the local government concerned, and that the period
for which any such advance or loan is made shall not
exceed six months;
(d) The drawing, accepting, discounting, buying, and
selling of bills of exchange and other negotiable securities
payable in India or in Ceylon; and, subject to the general
or special directions of the governor general in council
the discounting, buying, and selling of bills of exchange,
payable outside India for and from or to such banks
as the governor general in council may approve in that
behalf;
(e) The investing of the funds of the bank upon any of
the securities specified in Subclauses I to III of clause (a)
and converting the same into money when required, and
altering, converting, and transposing such investments
for or into others of the investments above specified;
(/) The making, issuing, and circulating of bank-postbills and letters of credit made payable in India, or in
Ceylon, to order, or otherwise than to the bearer on
demand;
(g) The buying and selling of gold and silver, whether
coined or uncoined;
(h) The receiving of deposits and keeping cash accounts
on such terms as may be agreed on;
(i) The acceptance of the charge of plate, jewels, title
deeds, or other valuable goods on such terms as may be
agreed on;
MARCH, 1921.
(j) The selling and realizing of all property, whether
movable or immovable, which may in any way come into
the possession of the bank in satisfaction or part satisfaction of any of its claims;
(k) The transacting of pecuniary agency business on
commission;
(I) The acting as administrator, executor, or trustee for
the purpose of winding up estates, and the acting as agent
on commission in the transaction of the following kinds of
business, namely:
I. The buying, selling, transferring, and taking
charge of any securities or any shares in any public
company;
II. The receiving of the proceeds, whether principal,
interest or dividends, of any securities or shares;
III. The remittance of such proceeds at the risk of
the principal by public or private bills of exchange
payable either in India or elsewhere.
(m) The drawing of bills of exchange and the granting
of letters of credit payable out of India, for the use of
principals for the purpose of the remittances mentioned
in clause (I) and also for private constituents for bona
fide personal needs;
(n) The buying, for the purpose of meeting such bills
or letters of credit, of bills of exchange payable out of
India, at any usance not exceeding six months;
(0) The borrowing of money in India for the purpose of
the bank's business, and the giving of security for money
so borrowed by pledging assets or otherwise;
(p) The borrowing of money in England for the purposes
of bank's business upon the security of assets of the bank,
but not otherwise; and
(q) Generally, the doing of all such matters and things
as may be incidental or subsidiary to the transacting of
the various kinds of business hereinbefore specified.
PART II.
BUSINESS WHICH THE BANK IS NOT AUTHORIZED TO CARRY
OUT OR TRANSACT.
The bank shall not transact any kind of banking business
other than those specified in Part I and in particular—
(1) It shall not make any loan or advance (a) for a
longer period than six months, or (b) upon the security
of stocks or shares of the bank, or (c) save in the case of the
estates specified in clause (c) of Part I, upon mortgage or
in any other manner upon the security of any immovable
property, or the documents of title relating thereto.
(2) The bank shall not (except upon a security of the
kind, specified in subclauses I to IV of clause (a) of Part
I) discount bills for any individual or partnership firm
for an amount exceeding in the whole at any one time
such sum as may be prescribed, or lend or advance in
any way to any individual or partnership firm an amount
exceeding in the whole at any one time such sum as may
be so prescribed.
(3) The bank shall not discount or buy, or advance and
lend, or open cash credits on the security oi any negotiable
instrument of any individual or partnership firm, payable
in the town or at the place where it is presented for discount, which does not carry on it the several responsibilities of at least two persons pr firms unconnected with each
other in general partnership.
(4) The bank shall not discount or buy, or advance and
lend, or open cash credits on the security of any negotiable
security having at the date of the proposed transaction a
longer period to run than six months or, if drawn after
sight, drawn for a longer period than six months: Provided, That nothing in this part shall be deemed to prevent the bank from allowing any person who keeps an
account with the bank to overdraw such account, without security, to such extent as may be prescribed.
MARCH,
FEDERAL RESERVE BULLETIN.
1921.
Transfer of Note Issue in Australia from
Treasury to Commonwealth Bank.
Below are printed the significant portions of
an act approved November 30, 1920, by which
the note-issue function is transferred from the
Commonwealth treasury of Australia to the
Commonwealth Bank. The bank will be reorganized somewhat along the lines of the Bank
of England, with an issue department distinct
from the banking department. The issue department will be controlled by a board consisting of four directors appointed by the governor
general, one of whom shall be the governor of
the bank, one a representative of the secretary
of the treasury, and two outside business men.
The new Australian notes will be in a way
similar to our own Federal Reserve notes in
that, while they are issued by the Commonwealth Bank, they constitute an obligation of
the Commonwealth Government. They differ
from Federal Reserve notes, however, in that
they are legal tender.
Prior to 1910 the bulk of the circulation in
Australia consisted of notes of the commercial
banks and of metallic money. Between 1910
and 1914 commercial bank notes had decreased
to a very small amount, their place being taken
by Australian notes issued by the treasury.
During the war the amount of coin and bullion
in circulation and in the hands of the banks
decreased considerably, as the treasury made
efforts to concentrate the gold in its vaults.
On the other hand, Australian notes in the
hands of the commercial banks increased from
about 5 millions in 1914 to 35 millions in 1920.
Following are the extracts from the law:
T H E COMMONWEALTH OF AUSTRALIA.
COMMONWEALTH BANK.
[No. 43 of 1920.]
[An act to amend the Commonwealth bank act, 1911-1914, and for other
purposes. (Assented to 30th November, 1920.)]
PART VI-A. ISSUE OF AUSTRALIAN NOTES.
DIVISION 1. PRELIMINARY.
60-6. (1) From and after the commencement of this
part (a) a bank shall not issue or circulate as money any
note or instrument for the payment of money issued by a
State and payable to bearer on demand; and (6) a note
or instrument for the payment of money issued by a State
and payable to bearer on demand shall not be a legal
tender.
(2) A bank which, in contravention of this section, issues
or circulates as money any note or instrument issued by
a State and payable to bearer on demand shall be liable
to a penalty not exceeding £500.
(3) Proceedings for an offense against this section shall
only be instituted by the attorney general or by a person
acting under his authority.
DIVISION 2. ESTABLISHMENT OF NOTE-ISSUE DEPARTMENT.
60-c. For the purposes of this part there shall be a noteissue department of the bank, which shall be kept distinct
from all other departments of the bank.
301
60-c?. (1) The note-issue department shall be managed
by a board, of directors composed of the governor of the
bank and three other directors appointed by the governor
general in accordance with this part, of whom one shall
be an officer of the Commonwealth treasury.
(2) The governor shall be ex officio chairman of directors.
(3) Of the three persons first appointed as directors in
pursuance of this section, one person shall be appointed
and shall hold office during good behavior for a term of
five years, one for a term of four years, and one for a term
of three years.
(4) Thereafter each appointment of director shall be for
a term of five years, subject to good behavior.
(5) Every person who is appointed a director shall on
the expiration of his term of office be eligible for reappointment.
(6) In case of the illness or absence from the Commonwealth or absence from duty on leave of any director, the
governor general may appoint a person to act as a director
during the illness or absence.
(7) Three members of the board of directors shall form
a quorum.
(8) At meetings of the board of directors the chairman
shall have a deliberative vote, and, in the event of an
equality of voting, a second or casting vote.
60-e. There shall be paid to each director, other than
the governor, such remuneration and traveling allowance as
the governor general fixes.
DIVISION 3. TRANSFER OF EXISTING ISSUE TO NOTE-ISSUE DEPARTMENT.
60-/. (1) Upon a date to be fixed by proclamation all the
assets and liabilities of the treasurer under the Australian
notes act, 1910-1914, shall by force of this act be transferred
to the note-issue department of the bank.
(2) The transfer of the assets and liabilities shall be at
the values shown in the books of the treasury.
DIVISION 4. ISSUE OF AUSTRALIAN NOTES.
60-#. (1) Subject to this act, the board may from time
to time (a) issue Australian notes; (6) reissue Australian
notes; and (c) cancel Australian notes.
(2) Australian notes issued in pursuance of this part
shall not be deemed to be bank notes within the meaning
of the bank notes tax act, 1910.
60-ft. (1) Australian notes may be issued in anyof the
following denominations, namely, 5 shillings, 10 shillings,
£1, £5, £10 and shall (a) be printed and issued by the
board from the Commonwealth Bank; (b) be a legal tender
throughout the Commonwealth and throughout all territories under the control of the Commonwealth except in
respect of payments due by the note-issue department; and
(c) bear the promise of the treasurer to redeem the notes in
gold coin (or, in the case of a single 5 shillings Australian
note, in silver coin) on demand at the head office of the
Commonwealth Bank.
(2) Upon the commencement of this act Australian
notes expressed to be payable at the Commonwealth treasury at the seat of government shall be payable at the head
office of the Commonwealth Bank.
(3) Australian notes shall bear thereon the signature
of the secretary of the treasury or such other officer of the
Commonwealth treasury as the treasurer directs, and the
signature of the chairman of directors or. such officer of the
note-issue department as the board directs. The signatures may be made in the handwriting of the officers or
persons or may be made by engraving, lithography, or any
mechanical process approved by the treasurer.
6(M. (1) Part of the moneys derived from the issue of
Australian notes or acquired on the transfer of the Australian note issue from the treasury, shall be held by^ the
board in gold coin for the purposes of the reserve provided
for in section 60-& of this act, and the board may invest the
remainder or any part thereof (a) on deposit with any
bank; or (6) in securities of the United Kingdom, or of the
302
FEDERAL RESERVE BULLETIN.
Commonwealth, or of a State; or (c) in trade bills with a
currency of not more than 120 days.
(2) The board may sell or dispose of any securities in
which any moneys have been invested in pursuance of this
section.
60-j. The profit derived from the issue of Australian
notes shall be expended (a) in the payment of the working
expenses of the note-issue department; (b) in the payment
of commission, at a rate to be approved by the governor
general, to the bank for the purposes of its general business,
and (c) in the payment of the balance to the treasury.
60-&. (1) The board shall hold in gold coin and bullion a
reserve of an amount not less than one-fourth of the amount
of Australian notes issued.
(2) In ascertaining the amount of Australian notes
issued, the amount of notes which have been redeemed
shall not be included.
60-1. (1) On the last Monday of each month, an officer
appointed for the parpose by the board shall prepare and
sign a statement, showing at the close of business on that
date (a) the number and amount of Australian notes issued
and not redeemed and (6) the amount of gold coin held by
the note-issue department for the purposes of this act.
60-o. For any Australian notes required by the bank on
deposit or for the purposes of its ordinary business, the
bank shall make to the note-issue department payment or
shall give credit to the board, upon the same terms and
conditions as those applicable to any other bank.
60-p. (1) The governor general may, whenever in his
opinion any emergency has arisen which renders it desirable in the public interest so to do, by proclamation
authorize the transfer, from the board to the treasurer, for
such period as is specified in the proclamation, of the
control of and responsibility for the whole or part of the
Australian note issue, and may by that proclamation or a
further proclamation give such directions as are in his
opinion necessary or desirable for carrying out the transfer.
(2) Upon the issue of a proclamation in pursuance of
this section, the control of and responsibility for the
Australian note issue shall, for the period and to the extent
specified in the proclamation, be transferred to the treasurer.
(3) When the governor general is of opinion that the
emergency on account of which the transfer was made has
ceased, he may by proclamation authorize the retransfer
of the Australian note issue to the board, and thereupon
the Australian note issue shall be retransferred accordinglv.
Gold and Silver Embargo in England.
During the war gold exports were not prohibited in England, but gold did not move out
of the country, except by Government action,
as the result of transportation difficulties and
risks and of patriotic restraint. On March 28,
1919, an order in council was issued under
section 1 of the customs (exportation prohibition) act, 1915, absolutely prohibiting the export of gold coin or bullion to any destination.
Toward the end of July, 1919, however, an
arrangement was made by which new gold,
after being shipped to the London market,
might be exported under license. No change in
this arrangement is made by the new law.
On December 23, 1920, the gold and silver
(export control) act, 1920, printed below, was
passed, which prohibits by law the exportation
of gold and silver coin and bullion:
MARCH, 1021.
GOLD AND SILVER (EXPORT CONTROL, ETC.) ACT, 1920.
(10 and 11 Geo. 5.)
CHAPTER 70.
[An act to control the exportation of gold and silver coin and bullion
and to prohibit the melting or improper use of gold and silver coin.
(23 December, 1920.)]
Be it enacted by the King's Most Excellent Majesty, by and
with the advice and consent of the Lords Spiritual and Temporal, and Commons, in this present Parliament assembled,
and by the authority of the same, as follows:
(1) Section 8 of the customs and inland revenue act,
1879 (which enables the exportation of certain articles to
be prohibited), shall have effect as if, in addition to the
articles therein mentioned, there were included the
following articles, that is to say, gold or silver coin and
gold or silver bullion.
(2) If any person acts in contravention of or fails to comply with any condition attached to a license authorizing
the exportation of any goods prohibited to be exported by
virtue of this section, he shall for each offense, without
prejudice to any other liability, be liable to a customs
penalty of £100.
(3) Gold produced in any part of His Majesty's Dominions and imported into the United Kingdom under any
arrangement approved by the treasury may, notwithstanding anything in this section, be exported in accordance with the terms of the arrangement.
(4) In this act the expression "gold or silver bullion"
includes gold or silver partly manufactured and any mixture or alloy containing gold or silver.
(5) This section shall continue in force until the 31st
day of December, 1925, and no longer, unless Parliament
otherwise determines.
Second. (1) It shall not be lawful for any person, except under and in pursuance of a license granted by the
treasury, to melt down, break up, or use otherwise than as
currency any gold or silver which is for the time being current in the United Kingdom or in any British possession
or foreign country.
(2) If any person acts in contravention of this section,
or acts in contravention of or fails to comply with any condition attached to a license granted under this section, he
shall, for each offense, be liable on summary conviction
to a fine not exceeding £100, or to imprisonment with or
without hard labor for a term not exceeding two years, or
to both such fine and imprisonment, and, in addition to
any other punishment, the court dealing with the case,
may order the articles in respect of which the offense was
committed to be forfeited.
Third. This act may be cited as the gold and silver
(export control, etc.) act, 1920.
Cuban Moratorium.
Prior to the expiration of the third extension
of the moratorium established in Cuba on
October 10, 1920, a series of three laws, known
as the Torriente laws, came into effect to provide for the gradual resumption of ordinary
financial operations. The nrst law provides
for payment of outstanding obligations in four
installments, running through 105 da}s for
ordinary commercial obligations and 135 days
for banking obligations. The second Torriente
law provides for a liquidation commission to
take over the affairs of insolvent banks, while
the third Torriente law provides for the creation
FEDERAL, RESERVE BULLETIN.
MARCH, 1921.
of a commission to arrange for a general revision
of the banking laws of Cuba in order to obviate
the recurrence of a condition such as that from
which Cuba has recently been suffering.
The original moratorium decree was printed
in the FEDERAL RESERVE BULLETIN for
No-
vember, 1920, page 1165. A translation of
the text of the three Torriente laws follows:
TORRIENTE LAW No.
1.
ARTICLE 1. Rights of action arising out of obligations of
a mercantile character contracted prior to October 10,
1920, and appearing from bills of exchange, drafts, notes,
domestic drafts, I. O. U.'s, and other credit documents
included in the Code of Commerce, whether due or to
become due within 125 calendar days, counting from the
date this law goes into effect, shall not be exercised until
after that date unless the debtors, by reason thereof, fail
to pay to their creditors 15 per cent within 15 days, 25 per
cent within 45 days, 25 per cent within 75 days, 35 per cent
within 105 days, all calendar days, counting from date this
law goes into effect.
Failure to comply with any of the terms indicated shall
permit the exercise of the said rights of action.
The provisions of this article do not apply to obligations
which have to be fulfilled with the proceeds from the sale
or pledge of cane, sugar, or molasses, or by the transfer of
the price of those products, but, on the contrary, contracts
containing such obligations must be fulfilled in accordance
with the terms agreed upon.
ARTICLE 2. Rights of action in favor of such'persons as
on October 10,1920, were depositors of banks, bankers, and
savings banks of the Republic to demand a return by them
of their deposits shall not be exercised until after 135
calendar days, counting from the date this law goes into
effect, unless their deposits are not repaid in the following
manner: Fifteen per cent within 15 days, 15 per cent
within 45 days, 20 per cent within 75 days, 25 per cent
within 105 days, and 25 per cent within 135 days, all
calendar days, counting from the date this law goes into
effect. The failure to return such deposits in any of the
periods before mentioned will allow the exercise of the
said rights of action. Whatever sum may have been paid
depositors in excess of the sums fixed in the decree of the
executive power of October 10, 1920, may be calculated
in these part payments.
ARTICLE 3. Banks, bankers, and savings banks of the
Republic desiring to avail themselves of the provisions of
the present act shall, within 15 calendar days following the
taking effect of this law, so communicate to the executive
power through the Secretary of the Treasury and the latter, by means of one or more officers which he shall designate for the purpose, shall examine and inspect them, and
so long as the same is in force the said banks, bankers, and
savings banks shall not carry on any business of any kind
without the intervention of the representatives of the Government; but this does not imply any responsibility whatever on the part of the State on account of such transactions.
Corporations other than banks, and persons desiring to
avail themselves of the provisions of article 1 shall, within
15 calendar days following the taking effect of this law, so
communicate in writing to the municipal or first instance
judge of their domicile, according to the following rules:
To the municipal judges, those whose capital registered
at the Registro Mercantil be not more than $5,000.
To the first instance judges, those whose capital be not
less than $5,000.
From the date of filing the petition or the writing, the
interested parties shall be entitled to avail themselves of
the benefits of this law.
ARTICLE 4. The inspectors referred to in the aforementioned article shall take care, under their responsibility,
303
that the banks, bankers, and savings banks subject to their
inspection and examination proceed to collect obligations
in their favor and pay their depositors the sums referred
to in article 2.
ARTICLE 5. Debtors of banks, bankers, and sayings banks
on obligations included in article 1 shall pay in cash the
proper proportional part according to the said article without prejudice to their right to deliver, in order to oe set
off, so far as relates to the whole or any part of the remainder
of their indebtedness, such credits as exist in their favor
represented by checks, certified and drawn on such banks,
bankers, or savings banks.
ARTICLE 6. Rights of action arising out of claims secured
by mortgages, pledge, or notarial document claims of any
kind, prior to the 10th day of October, 1920, in respect of
the principal of the same, can not be exercised until after
135 days, counting from the date this law goes into effect,
and shall be subject to the provisions of article 1 hereof,
if the debtors by means of a previous and special finding
in a special proceeding, in all kinds of judicial proceedings
and in any stage thereof, establish that their default is due
to the fact that they have not been able to draw from
their deposits with banks, bankers, and savings banks the
sums of money necessary for the said purpose by reason of
the moratorium granted, by the executive power and by
the provisions of the present law.
In order to bring this special proceeding there shall be
attached to the first pleading a notarial estimate wherein
the party interested shall make oath that he is in the
situation referred to and has no other funds wherewith
to fulfill his obligation, and also a certificate, likewise
sworn to, of the director or manager of the bank, banker,
or savings bank, the which said person must issue within
24 hours after request therefor, from which it shall appear
that the deposit was made prior to the 10th of October,
1920, that it exceeds in amount the sum claimed, and has
not been attached or made responsible for the payment
or subject to the performance of any other obligation.
If from these documents the plea of the debtor does
not appear to be proved, the judge shall forthwith dismiss the special proceedings, and against his dismissal no
further remedy shall be given except an ^ appeal for review. Until the debtor returns his certificates to the
bank, banker, or savings bank, together with a notation
of the court stating that the obligation sued on has been
extinguished or that the debtor has discontinued the
special proceeding, the bank, banker, or savings bank
shall continue the attachment of the deposit to the
amount necessary to abide the result of the general
proceeding.
The rights of action for the collection of interest due
shall not be included within the provisions of this article.
ARTICLE 7. The provisions of this act do not include the
funds of any kind belonging to the State, the Provinces,
nor the municipalities, nor to other official organisms, or
that appear in the name of specified public officials for
payments on their account or the account of private
individuals who have turned in such funds to that end,
nor those of the International Pan-American Office for the
protection of industrial and trade-marks. Likewise,
they do not include the funds donated in any manner for
the advancement of learning and for prizes to students.
ARTICLE 8. The decree of the executive power of October
10, 1920, and the decrees extending the same dated November 27 and December 31, 1920, shall cease to have any
force as soon as the present act begins to take effect.
ARTICLE 9. This law shall begin to take effect three days
after the publication thereof in the Gaceta Oficial of the
Republic, and the effects of the provisions of the foregoing
articles shall terminate the day after the 135th calendar
day, counting from the date this law goes into effect, and
from that day on all persons affected by the same shall
be at liberty to exercise their rights in accordance with
existing laws of procedure, and the executive power shall
not prevent it bv new decrees such as those referred to in
the foregoing article.
304
FEDERAL RESERVE BULLETIN.
ADDITIONAL ARTICLE.
The funds of the State, the Provinces, and the municipalities shall not be deposited hereafter except in their
treasuries, and their obligations shall be paid by drawing
against the same.
Nor shall any person or private company be appointed
fiscal agent, collectors, or paymasters thereof.
The executive power shall enter into such contracts as
may be deemed expedient for the payments of all kinds of
matters for the external service of the Republic.
Wherefore I command that the present law in all its
parts be complied with and executed.
Given at the Presidential Palace, in Havana, this 27th
day of January, 1921.
M. G. MENOCAL, President.
E. SANCHEZ AGRAMENTE,
Secretary of Agriculture, Commerce, and Labor.
TORRIENTE LAW NO. 2.
ARTICLE I. The provisions of this act are applicable to
credit companies and to banks of issue and discount
referred to in sections VII and VIII of Title I, Book II,
of the Code of Commerce, in force, and to all such mercantile companies and private bankers the principal
business of which may be to receive money on deposit
and to keep current accounts with or without interest and
savings deposits with any corporation, company, or persons.
Whenever the word bank i3 used in this act it must be
understood as referring to all or any of the companies,
corporations, and persons mentioned in this article.
ARTICLE II. There is hereby created a commission, to
be composed of three members, which shall be known as
the Temporary Banking Liquidation Commission, and
whenever the word commission is used in this act it must
be understood to refer to that commission. It shall have
and exercise the powers and shall perform the duties
provided for in this act. The members of said commission
shall be appointed by the President of the Republic.
One of them shall be the Secretary of the Treasury, who
will preside over the commission, and the other two
members shall be persons of known fitness on banking
matters and not connected in any way with those banks
in regard to which the commission is to exercise its functions. The members of the commission shall receive a
per diem compensation of $30 for each day or fraction of a
day whereon the commission shall perform any service.
The commission shall meet upon the call of its president
or on request of any of its members. The presence of the
three members of the commission is necessary to make a
quorum, and no resolution can be taken unless by the
unanimous vote of the commission. This commission
shall have a secretary, to be named by it. No member
of the commission shall be suspended or dismissed, except
for a criminal offense or for other grave cause, duly proved,
and always after a hearing. The commission shall
appoint, fix the compensation of, and discharge the
employees that it may deem necessary to the proper
execution of its powers and duties. All the expenses of
the commission shall be payable from the public funds
not otherwise appropriated. For each commissioner
there shall be appointed a substitute having the same
qualification as the former and who shall serve when the
former should be absent for any cause. The commission
shall cease in its functions within 60 days from the final
termination of all the business devolving upon it under
the present act, and all the other instrumentalities created
by this act shall cease in like manner.
ARTICLE III. In any of the cases contemplated by
Article V of this act the commission shall be authorized
and required, in the form and manner prescribed in Article
IV, to take possession of, to control and administer all
MARCH, 1921.
the property, rights, and rights of action of any kind,
cash on hand, and securities, as well as assets and liabilities
of the bank; to exercise all kinds of actions; to receive
rents, collect all debts due to the bank under its administration or liquidation, and to compromise the same whenever it shall be necessary in its judgment; to make transfers
or cessions of said credits and to contract and enforce
obligations in the due course of administration of the bank;
and generally to do all such acts and carry out such
measures in connection with all the foregoing as the
commission may deem necessary to the ends of this act,
including the payment of outstanding debts of the bank
and the distribution of the money and other properties
that shall remain over among those entitled thereto. All
the acts above referred to regarding the administration of
any bank pursuant to this act shall be carried out with a
view either to reestablish its solvency within the briefest
possible period or, on the contrary, to bring about the final
liquidation and accordingly the definitive cessation of
the same.
ARTICLE IV. Of the powers vested in and duties imposed
upon the commission by this act, those relating to the
administration and liquidation of any bank under its
jurisdiction shall be executed through a liquidation board,
separately created for each such bank, and which shall be
under the inspection, direction, and control of the commission, and to be formed as elsewhere provided in this
act. Whenever the word board shall be used it must be
understood that the same refers to the liquidation board.
The members that the commission may appoint for each
liquidation board, as well as the remaining members of
the same, may be removed at any time for cause existing
in the judgment of the commission, which shall be stated
in the resolution. In the case of discharge, as well as in
that of resignation of any member, the vacancy resulting
shall be filled in like manner as was the original appointment. The compensation of each member of said board
shall not exceed $25 per day and shall be fixed from time
to time by the commission, being payable from the funds
of the bank concerned as a part of the expenses of administration or liquidation of the same under this act.
ARTICLE V. Banks established in the Republic and
included in Article I of this act shall be deemed to be
in a condition of suspension of payments for all the purposes and ends of this act whenever they shall be in the
cases of articles 870 and 871 of the Code of Commerce as
amended
by the law of the 24th of June, 1911.
WTithin 48 hours of their being in those conditions their
directors, managers, or administrators shall submit to the
commission a statement setting forth the causes which
compel them to request of the commission that they be
considered in the condition of suspension of payments.
Persons who shall be in the case of the first paragraph
of article 876 of the Code of Commerce and any creditor
having an obligation evidenced by a title of credit of any
bank and showing that the bank has ceased in the ordinary
payment of its obligations or who may have an obligation
due to him from a bank, evidenced by a title of credit,
wlaich may be due and collectible in whole or in part,
pursuant to the law of liquidation of the moratorium
granted by decree of the 10th of October, 1920, of the
executive power, may also request in writing of the commission tliat t}ie bank in default be deemed to be in a
condition of suspension of payments for all the purposes
and ends of tins act.
ARTICLE VI. On the same day on which the commission
shall receive tlie statement of the bank it shall decree the
said condition of suspension of payments, and in the same
decree it will appoint two competent persons, who thereupon shall proceed to the main office of the petitioner and,
as representatives of the commission, shall take charge
of and examine and supervise all the transactions of the
bank, within 24 hours thereafter calling an extraordinary
general meeting of stockholders, in case the entity concerned should be a stock company, the meeting to take
MARCH, 1921.
FEDERAL RESERVE BUIXETIN.
place within 48 hours after the call, whereat shall be
chosen by a majority vote a competent person to represent
the stockholders on the liquidation board. When the
case shall be that of any other kind of mercantile company
or private banker included in this act, the manager of the
former or the private banker shall appoint within the
above-mentioned period a representative to be a member
of the liquidation board.
When the case should be that of the last paragraph of
Article V, the commission shall verify the accuracy of
what may be set forth in the written statement and, if
by it deemed accurate, shall act as if the bank should have
requested to be deemed in a condition of suspension of
payments, as provided in this act.
ARTICLE VII. By means of a speedy and simple procedure which shall be provided in the regulations that
the commission shall prescribe, with the approval of the
executive power, the creditors shall designate two representatives for the board; one of them shall be designated
by the depositors of any kind of the bank and the other
by the creditors who shall not be of the class referred to in
article 19 of the law of the 24th of June, 1911, unless these
should desire to take part in the appointment.
It will be the duty of the representatives of the commission to do whatever may be necessary in order that the
majority of each class of creditors aforesaid shall designate
its representative.
During five days the said representatives of the commission shall prepare two registration books for the nomination of representatives, and their substitutes, of the
creditors on the liquidation board. Within 20 days following the expiration of the five days aforesaid, the creditors of each class shall appear with their deposit books or
with the documents showing their credits at the offices,
which shall be made ready for that purpose, in order to
record in writing the candidates for whom they vote.
ARTICLE VIII. While the designation of the representative of the stockholders and of the owners of the bank
and of the two classes of creditors is pending, those appointed by the commission shall proceed to examine all
the books of the bank, to verify the inventory of all the
properties and securities thereof and of such as it may
have charge of for any reason, likewise verifying the
balance of the assets and the liabilities. To this end, the
person representing the bank shall deliver to them, on
their arrival at its office, the books, inventories, and
balances thereof.
ARTICLE IX. As soon as the three representatives aforesaid shall have been designated to form, with those appointed by the commission, the liquidation board provided for in Article IV of this act, the same will be considered as constituted and all its resolutions shall be recorded in a book of minutes, concerning which all the requirements prescribed by article 36 of the Code of Commerce shall be complied with. A verbatim copy of each
resolution entered in the minute books shall be forwarded
to the president of the commission immediately upon
adoption, certified by the secretary of the board and countersigned by the president. The regulations that the
commission shall make, with the approval of the executive
power, shall prescribe what kind of resolutions shall be
recorded in the minute books and which shall set forth the
reasons on which based.
From the day of its constitution the board shall take
charge, for the commission, of the management, direction,
administration, and control of the bank and of its reorganization or liquidation, as the case may be, and accordingly
it will exercise, under the supervision, direction, and control of the commission, all those powers and attributions
pertaining to stockholders, directors, managers, and
private bankers, but all these parties shall not have any
other intervention than that provided by this act.
ARTICLE X. The board shall be presided o\ er by one of
the two representatives appointed by the commission, to
be chosen by the board. For every resolution of the board
three votes in favor thereof shall be necessary; such
305
majority vote to include, at least, the vote of one of the representatives appointed by the commission and the vote of
a member of the board representing the creditors. In case
there be no majority vote, as aforesaid, of the members of
the board, the concurrent vote of the two representatives
of the commission shall prevail, and in that case any one
of the three remaining members of the board may take an
appeal to the commission. This appeal shall be entered
in the same minute as the resolution, and the commission
shall, within 10 days after receipt of a certified copy
thereof, notify the appellant and the board of the confirmation or revocation of the resolution in whole or in part.
Against this decision of the commission no further recourse
may be had either in the administrative or in the judicial
channel.
ARTICLE XI. Resolutions on all questions decided by
the board relating to concurrent and preferred creditors,
to propositions for reorganization or liquidation of the bank,
and to amounts to be paid to the creditors of any class shall
not be final until after 10 days from notification of the interested parties. Notice shall be given in writing, and when
this should not be possible it shall be given within 24
hours after the adoption of the resolution, by posting on a
bulletin board that the board shall have ready for this
purpose on the outside of the place where its meetings shall
be held, and this notice shall be placed where it shall be
easily accessible to the interested parties.
Only in regard to resolutions referred to in this article
may any interested, party have judicial recourse, the which
shall be to the civil chamber of the supreme court by petition in writing, signed by a lawyer, accompanied by a
certified copy of the resolution which the board shall issue
to the interested parties within the 24 hours following the
application therefor. As soon as said chamber shall receive
such petition it shall make it known to the board in the
most speedy manner in order that it may suspend enforcement of trie resolution, and within 10 days, excluding
holidays, immediately following, the chamber shall decide
what it may deem just. Against this decision no other
recourse may be had than a petition for rehearing. When
the said chamber shall have rendered a final decision in
the matter it shall notify thereof the board by means of a
certified copy of the same, and said board shall carry out
the decision of said chamber. Within the period fixed
for its decision the chamber may hear the board in writing.
All matters submitted to the chamber shall be decided
by it according to the provisions of law in force, and in
the absence of such provisions, according to custom, to the
general principles of law or to commercial usages, so that
in no case shall it fail to decide what may be submitted
to it for decision.
ARTICLE XII. From the moment that the commission
declares the state of suspension of payments according to
the provisions of this act, no creditor can initiate any
executory process or exercise any special action, excepting the creditors who may have mortgages or pledges to
the extent of recovery out of the properties mortgaged or
pledged.
Proceedings that may be pending, except as otherwise
provided in this act, may be continued, but executory
proceedings shall be suspended at the stage of enforcing
the judgment and ordinary actions at the stage of execution of judgment.
All pending actions and all proceedings thereunder instituted at any time prior to the taking effect of this act
by any bank comprehended in the first article of this act
or by the creditors of said banks against them, under the
provisions of the bankruptcy laws contained in the Code
of Commerce and in the Ley de Enjuiciamiento Civil or
of the law of suspension of payments of June 24, 1911,
shall not be exercised or continued from the time of the
taking effect of this act, but shall cease from the mpment
of the taking effect of this act, and said bank shall immediately become subject to the commission established by
the same and shall be liquidated or reorganized by said
commission, according to the provisions of this act. Dur-
306
FEDERAL RESERVE BULLETIN.
ing the period and to the extent of the operation of the
provisions of this act, whatever is provided for in it shall
exclude all other classes of proceedings that may modify
or change its effects, and no existing law shall be held
operative in so far as inconsistent with the provisions of
this act concerning the matters which the same embraces.
m ARTICLE XIII. Within three months after the commission has issued its decree declaring the suspension of payments the board shall submit to the commission, to the
creditors and to the stockholders or owners of the bank a
plan of reorganization, whenever it may be possible to pay
the creditors in installments that in the aggregate do not
exceed the period of one year and in the event that the
bank shall not have lost an amount greater than 50 per
cent of its capital subscribed and paid. Should the case
be otherwise, the board will decide to liquidate, as also
in case neither the creditors nor the owners of the capital
stock accept the reorganization plan. For approval of this
plan the votes of the stockholders or persons representing
three-fourths of the capital and the votes of the creditors
representing three-fourths of the credits of each of the two
classes referred to in Article VII of this act shall be
necessary, and the plan must also be approved by the
commission.
ARTICLE XIV. All the members of the board shall,
under the most strict responsibility, comply with the provisions of this act during the exercise of their functions, but
the acts of the representatives of the commission shall not
in any case entail any responsibility on the part of the commission, nor the acts of the latter on the State, without
prejudice to the personal and direct responsibility of each
of the members of the commission or of the board.
ARTICLE XV. The commission and also the board are
obliged to denounce to the criminal courts, without loss of
time, all facts of which they may have knowledge and
which constitute criminal offenses'
ARTICLE XVI. The powers vested in the commission
by Article III of this Act shall include the power to exercise
all kinds of rights of actions appearing therefor before the
courts by lawyers, procurators, or agents in all cases in
which it may be necessary and specially in those in which
property of any kind has been concealed or disposed of,
or in which transfers have been made in fraud of creditors;
and to this end the provisions of articles 879, 880, 881, and
882 of the existing Code of Commerce and those of article
33 of the law of June 24, 1911, shall be deemed operative to
the extent to which reasonably applicable, and it is hereby
provided that the commission shall represent in all these
particulars the rights of the bank and of the creditors conformably to existing provisions of law.
ARTICLE XVII. All existing laws that conflict with any
provisions of this law or with regulations for its enforcement issued by the commission with the approval oi the
executive power are hereby repealed.
ARTICLE XVIII. The provisions of this special act shall
be deemed complementary of the other law of liquidation
of the moratorium granted by the executive power on the
10th of October, 1920, and accordingly shall be applicable
only to banks, private bankers, and savings banks to which
the same relates, and to all corporations, companies, or
persons included in the first article of this act which may
be comprehended within its provisions during the time
in which the commission created by it may be functioning on the work devolving upon that body.
ARTICLE XIX. This act shall begin to take effect from
the day of its publication in the Official Gazette of the
Republic.
ADDITIONAL ARTICLE.
1. The provisions of this act do not include the funds
of any kind belonging to the State, the Provinces, nor the
municipalities, nor to other official organisms, or that
appear in the name of special public officials for payments
on their account, or the account of private individuals
who have turned in such funds to that end, nor those of
the International Pan-American Office for the protection
MARCH,
1021.
of industrial and trade marks. Likewise they do not
include the funds donated in any manner for the advancement of learning and for prizes to students.
2. Without affecting the duty assigned to the commission created by the second article of this act to notify the
tribunals of justice of any fraudulent act within its jurisdiction in the exercise of the functions vested in it, any
person may at any time denounce to said tribunals any
punishable act committed by any of the institutions included in the first article of this act, to the detriment of
its bondholders, stockholders, and bona fide creditors, to
establish the responsibilities whereof the tribunals of justice will follow the procedure established by the ordinary
jurisdiction in each case.
In pursuance of article 72 of the constitution, this is forwarded to the President of the Republic.
Sessions chamber of the Senate, in Habana, this 29th of
January, 1921.
TORRIENTE LAW No.
CREATING
NATIONAL COMMISSION TO
LEGISLATION.
3.
STUDY BANKING
ARTICLE 1. A national commission is hereby created to
consider banking legislation for the Republic.
ARTICLE 2. The commission shall be composed of the
Secretary of the Treasury, with two senators not belonging
to the same political party, and two members of the House
of Representatives not belonging to the same political
party, together with five persons representing agriculture,
commerce, industry, banking, and land owners. Appointments thereto shall be made by the Chief Executive
and the commissioners shall not receive any compensation
for their services.
ARTICLE 3. The commission shall appoint its president
and its secretary. The latter may be a person not a member of the commission and in such event he neither shall
receive any compensation other than that which he may
em'oy as an incumbent of some other public office.
WheneAer the Secretary of the Treasury attends the
sessions of the commissions he shall preside over the same,
although he be not the president.
ARTICLE 4. The commission shall submit its report to
the Chief Executive, who shall transmit it to Congress
together with such recommendation as he may deem
proper.
ARTICLE 5. The commission may call upon any executive department to furnish from among its officials or employees such personnel as may be needed for the work of
the commission, and such personnel shall receive no other
compensation than that provided for their respective regular positions. Such services rendered the commission
shall be deemed a matter of merit on the records of the
persons so serving.
The Secretary of Finance shall furnish the commission
any supplies that may be needed.
ARTICLE 6. This law shall take effect from the date of
its publication in the Official Gazette of the Republic,
and the expenses thereby occasioned shall be payable from
any funds in the Treasury not appropriated for other
obligations.
Fiduciary Powers Granted to National Banks,
The applications of the following banks for permission
to act under section 11 (k) of the Federal Reserve act
have been approved by the Board during the month of
February, 1921:
DISTRICT No.
1.
Registrar of stocks and bonds:
The Home National Bank of Meriden, Meriden, Conn.
Trustee, executor, administrator and registrar of stocks and bonds:
The Home National Bank oi Milford, Milford, Mass.
DISTRICT N O . 3.
Trustee, executor, administrator, registrar of stocks and bonds, guardian of estates, assignee, receiver, and committee of estates of lunatics
The Tradesmen's National Bank, Philadelphia, Pa.
MARCH,
307
FEDEBAL EESERVE BULLETIN.
1921.
DISTRICT N O . 4.
Trustee, executor, administrator, registrar of stocks and bonds, guardian
of estates, assignee, a n d receiver:
T h e Second National B a n k of Bucyrus, Bucyrus, Ohio.
Trustee, executor, administrator, registrar of stocks a n d bonds, guardian
of estates, assignee, receiver, a n d committee of estates of lunatics:
T h e Citizens National Bank, Waynesburg, Pa.
DISTRICT N O . 5.
Acceptances to 100 Per Cent.
Since the issuance of the January BULLETIN the following banks have been authorized by the Federal Reserve
Board to accept drafts and bills of exchange up to 100 per
cent of their capital and surplus:
The Wheeling Bank & Trust Co., Wheeling, W. Va.
First National Bank, Braddock, Pa.
Trustee, executor, administrator, registrar of stocks a n d bonds, guardian
of estates, assignee, receiver, and committee of estates of lunatics:
T h e F a r m e r s & Merchants National B a n k , Baltimore, Md.
Commercial Failures Reported.
The continued large increase in commercial failures, as
DISTRICT N O . 7.
compared with the low mortality of 1920, is shown in the
Trustee, executor, administrator, registrar of stocks a n d bonds, guardian
1,186 defaults in the United States during three weeks of
of estates, assignee, receiver, and committee of estates of lunatics:
T h e First National B a n k of Remsen, R e m s e n , Iowa.
February, which far exceed the only 367 insolvencies reported to R. G. Dun & Co. in the same period of last year.
DISTRICT N O . 9.
The statement for January, the latest month for which
Trustee, executor, administrator, registrar of stocks and bonds, guardian complete figures are available, discloses 1,895 failures for
of estates, assignee, receiver, and committee of estates of lunatics:
$52,136,631 of liabilities, the number being the largest of
T h e First National B a n k of Canton, Canton, S. Dak.
any month since January, 1916, and the indebtedness the
heaviest, excepting that of December, 1920, of any month
back to June, 1914. Comparing with the returns of
State Bank and Trust Companies Admitted.
January, last year, increases are shown by the defaults in
The following list shows the State banks and trust compa- each of the 12 Federal Reserve districts, not only as to
nies which have been admitted to membership in the Fed- number, but also in respect of the liabilities.
eral Reserve System during the month of February, 1921.
Failures during January.
One thousand five hundred and seventeen State institutions are now members of the system, having a total capital
Number.
Liabilities.
of $538,124,619, total surplus of $518,234,204, and total
District.
1921
1921
1920
1920
resources of $10,373,232,512.
Capital.
District No. 2.
Citizens T r u s t Co., Fredonia, N . Y
District No. 3.
Aldine T r u s t Co., Philadelphia, P a
Dime Deposit B a n k , K u l p m o n t , Pa
Surplus.
$100,000
885,000 $1,899,339
517,600
50,000
340,560 3,310,594
324,477
30,000
District No. 6.
Barnesville B a n k , Barnesville, Ga
B a n k of Millen, Millen, Ga
T h e F a r m e r s B a n k , Monroe, Ga
Peoples B a n k & T r u s t Co., Bell Buckle,
Tenn
Total
50,000
50,000
150,000
10,000
50,000
30,000
238,034
597,476
534,779
183,138
30,000
District No. 7.
T h e Gerber State B a n k , Argenta, 111....
The Michigan S t a t e B a n k , E a t o n R a p ids, Mich
Old State B a n k , Fennville, Mich
25,000
2,500
251,649
75,000
50,000
15,000
10,000
654.449
551,690
District No. 8.
Grenada B a n k , Grenada, Miss
District No. 11.
T h e Paradise State B a n k , Paradise, Tex.
T h e F a r m e r s State B a n k , P i a n o , T e x . . . .
250,000
25,000
60,000
319,000 8,025,071
40,000
132,008
441,643
District No. 12.
Bellevue B a n k & T r u s t Co., Bellevue,
Idaho
Farmers & Merchants B a n k , Long
Beach, Calif
Long Beach Savings B a n k & T r u s t Co.,
Long Beach, Calif
Pomeroy State B a n k , Pomeroy, W a s h . .
T h e Commercial B a n k of Y a k i m a ,
Yakima, Wash
50,000
52,500
350,000
325,000 6,543,619
350,000
50,000
165,000 4,920,742
150,000 1,283,333
100,000
10,000
746,863
VOLUNTAEY LIQUIDATIONS.
U n i t e d Loan & T r u s t Co., L y n c h b u r g , Va.
CONVERSION.
T h e Citizens State B a n k , Stanwood, Wash., has been converted i n t o a
national b a n k .
CHANGE OF NAME.
French-American B a n k of Savings, San Francisco, Calif., to T h e
French-American B a n k . s
Lansing State Savings B a n k , Lansing, Mich., t o American State Savings B a n k .
First
Second
Third
Fourth
Fifth
Sixth. . . .
Seventh
Eighth
Ninth
Tenth
Eleventh
Twelfth
. .
183
390
96
133
142
195
222
126
48
82
155
123
1,895
74
103
39
39
35
37
57
34
15
32
33
71
$3,841,114
9,808,623
2,183,908
6,661,913
3,887,908
4,054,436
9,182,523
2,370,168
583,858
1,767,286
3,359,871
4,435,023
$632,814
1,212,644
828,805
327,743
284,943
235,357
1,179,910
168,764
132,265
367,433
284,096
1,585,258
569 52,136,631
7,240,032
New National Bank Charters.
The Comptroller of the Currency reports the following
increases and reductions in the number and capital of
national banks during the period from January 29 to
February 25, 1921, inclusive:
Banks.
New charters issued t o
W i t h capital of
Increase of capital approved for
W i t h new capital of l
Aggregate n u m b e r of n e w charters a n d b a n k s
increasing capital
W i t h aggregate of new capital authorized
N u m b e r of b a n k s liquidating (other t h a n those
consolidating with other n a t i o n a l b a n k s u n d e r
t h e act of J u n e 3,1864)
Capital of s a m e b a n k s
N u m b e r of b a n k s reducing capital
Reduction of capital
T o t a l n u m b e r of b a n k s going i n t o liquidation
or reducing capital (other t h a n those consolidating with other national b a n k s u n d e r
t h e act of J u n e 3,1864)
Aggregate capital reduction
Consolidation of n a t i o n a l b a n k s u n d e r t h e act
of Nov. 7,1918
Capital
T h e foregoing s t a t e m e n t shows t h e aggregate of
increased capital for t h e period of t h e b a n k s
embraced i n s t a t e m e n t
Against this there was a reduction of capital
owing t o l i q u i d a t i o n (other t h a n for consolidation w i t h other n a t i o n a l b a n k s u n d e r t h e act
of J u n e 3,1864)
Net increase
Amount.
$770,000
*4," 960," 800
56
5,730,800
150,000
*i66,*666
250,000
"2*666*666
5,730,800
250,000
5,480,800
1 Includes one increase i n capital of $335,800 incident t o consolidation u n d e r act N o v . 7,1918.
308
FEDERAL, RESERVE BULLETIN.
MARCH, 1921.
RULINGS OF THE FEDERAL RESERVE BOARD.
Period for which acceptances should be drawn.
The Federal Reserve Board recently received
an inquiry from a national bank relative to
acceptances which an oil-distributing company
had requested it to make against domestic
shipments of oil.
An oil-producing company had contracted
to sell oil to an oil-distributing company and
the latter had, in turn, contracted to sell the
oil to a railroad company. The oil was to be
shipped by the producing company direct to
the railroad company and the distributing
company had agreed to make immediate
payment to the producing company, but the
railroad company had purchased the oil from
the distributmg company on credit and was
not to make payment until sometime after
delivery. The distributmg company wished
to draw drafts upon the national bank, secured at the time of acceptance by bills of
lading covering the oil in transit from the
producing oil company to the railroad company, and with the proceeds of the accepted
drafts to pay the producing company for the oil.
Under the terms of section 13 of the Federal
Reserve Act a national bank may accept drafts
drawn upon it "which grow out of transactions involving the domestic shipment of
goods provided shipping documents conveying or securing title are attached at the time
of acceptance. Under this provision the drafts
drawn uy the distributing company would be
eligible for acceptance by the national bank,
providing the bank is secured at the time of
acceptance by shipping documents which
convey or secure title to the oil, and provided,
further, that the drafts comply in all other
respects with the terms of the law and the
regulations of the Federal Reserve Board.
The period for which the drafts are drawn
in the first instance should be approximately
the same as that required to complete the
shipment and to finance the sale of the oil
to the railroad company, but should not be
in excess of the period of credit which is
usual and necessary in transactions of this
character. The Federal Reserve Board has
ruled, on the one hand, that where a 6
months' credit is required it is improper to
grant that credit by means of two 3 months'
acceptances for the purpose of making the
acceptances at all times eligible for rediscount
by Federal Reserve Banks. On the other
hand, the Board has ruled and its regulations
provide that the period covered by an acceptance should not ue in excess of that which is
usual and reasonably necessary to finance the
underlying transaction.
It is assumed that the railroad company
requires the oil for its immediate use and that
the accepting bank will be called upon to
surrender the shipping documents after completion of the shipment, so that thereafter
it will have no control over the oil. Under
these circumstances the aggregate of the
acceptances outstanding at any one time must
not be in excess of 10 per cent of the bank's
capital and surplus, since section 13 provides
that no member bank shall accept for any
one customer to an amount equal at any one
time in the aggregate to more than 10 per
cent of its paid-up and unimpaired capital
stock and surplus, unless the bank is secured
either by attached documents or by some other
actual security growing out of the same
transaction as the acceptance.
Eligibility of notes of cold-storage companies.
A recent inquiry received by the Board raises
the question of tne eligibility of the notes of a
cold-storage company.
The cold-storage company uses the proceeds
of its notes to make advances to customers who
have placed their goods in the company's warehouses to be sold by the company for the account of the customers. The customers give
the storage company their notes for the amount
of these advances and as security for such notes
pledge the warehouse receipts representing the
goods stored. The storage company pledges
the customers' notes and the warehouse receipts as collateral for their own notes, the
eligibility of which is in question.
In the opinion of the Federal Reserve Board
such notes of the cold-storage company are
ineligible for rediscount by Federal Reserve
Banks under the principles enunciated in the
Board's ruling with reference to the paper of
cotton factors, namely, that paper the proceeds
of which are to be used to make loans to third
parties is finance paper rather than commercial
or agricultural paper, and is not, therefore,
eligible for rediscount. (See FEDERAL R E SERVE BULLETIN for November, 1920, p. 1176.)
In that ruling it was also pointed out that
the notes of the factors' customers, representing loans made by the factors to those customers, might be indorsed and discounted by
the factors, and that if subsequently indorsed
by a member bank such notes would be eligible
FEDERAL RESERVE
for rediscount by Federal Reserve Banks, provided the customers have used or are to use the
proceeds for agricultural or commercial purposes, and provided further, that the notes
comply in other respects with the provisions
of the law and the regulations of the Federal
Reserve Board. Simuarly, the notes of the
customers of the cold-storage company, representing loans made to them bj tne company,
would oe eligible for rediscount if the customers
have used or are to use the proceeds for agricultural or commercial purposes and if the notes
comply in other respects with the law and the
regulations of the Board.
The notes of the cold-storage company would,
however, be ineligible under the terms of the
Federal Reserve Act if the proceeds are to be
used by the cold-storage company to make
loans to its customers, even though such notes
are secured by the eligible notes of the company's customers. The Board has frequently
ruled that paper which is secured by eligible
paper is not itself eligible merely because it is
so secured. The eligibility or meligibility of
paper depends upon whether or not the proceeds have been used in the first instance for a
commercial or agricultural purpose and does
not depend upon whether the paper is or is not
secured, or upon the character of such collateral security as there may be.
Deposit of securities in trust department of national bank
to secure trust funds deposited in commercial department.
The Federal Reserve Board has received several inquiries as to whether a national bank,
which has received the Board's permission to
exercise fiduciary powers under the terms of
80§
section 11 (k) of the Federal Reserve Act and
which has deposited with the State authorities
the securities required by the State law for the
protection of private or court trusts, must also
deposit securities in its trust department whenever it deposits in its commercial department
trust funds held awaiting investment or distribution.
The fourth paragraph of section 11 (k) of the
Federal Reserve Act provides in part that—
* * * Funds deposited or held in trust by the bank
awaiting investment shall be carried in a separate account
and shall not be used by the bank in the conduct of its
business unless it shall first set aside in the trust department United States bonds or other securities approved by
the Federal Reserve Board.
The sixth paragraph of that section provides
vides that—
Whenever the laws of a State require corporations acting
in a fiduciary capacity to deposit securities with the State
authorities for the protection of private or court trusts,
national banks so acting shall be required to make similar
deposits and securities so deposited shall be held for the
protection of private or court trusts, as provided by the
State law.
These are separate and independent requirements and it is necessary that both be complied with. A national bank, therefore, which
deposits in its commercial or savings department funds held or received in its trust department awaiting investment or distribution must
keep on deposit in its trust department as collateral security United States bonds or other
readily marketable securities owned by the
bank at all times equal in market value to the
funds so deposited, even though it has alreadydeposited with the State authorities the securities which the State law requires to be so deposited for the protection of private or court
trusts. (See Par. V of Regulation F.)
310
FEDERAL RESERVE BULLETIN.
MABCH, 1921.
LAW DEPARTMENT.
bankers with regard to attaching revenue
stamps to time drafts, pursuant to the provisions of the Revenue Act of 1918 and the
regulations of the Bureau of Internal Revenue
issued thereunder. In order to correct this
condition, the Federal Reserve Board feels that
AN ACT To amend section 11 of the act approved December 23,1913, it is advisable to state its understanding of the
known as the Federal Reserve Act, as amended.
present requirements as to the necessity for
Be it enacted by the Senate and House of Representatives affixing such stamps to time drafts.
of the United States of America in Congress assembled, That
The Revenue Act of 1918, Title XI, Schedule
section 11 of the act approved December 23, 1913, known
as the Federal Reserve Act, as amended, be further A, provides as follows:
Amendments to the Federal Reserve Act.
The following bills amending section 11 (m)
and section 25 (a) of the Federal Reserve Act,
respectively, were approved by the President
February 27, 1921, and are now law.
amended by striking out the whole of subsection (in) and
Drafts or checks (payable otherwise than at sight or on
by substituting therefor a subsection to read as follows:
demand) upon their acceptance or delivery within the
"(m) Upon the affirmative vote of not less than five of United
whichever is prior * * * and for each
its members, the Federal Reserve Board shall have power renewal States
of the same, for a sum not exceeding $100, 2
to permit Federal reserve banks to discount for any mem- cents; and
for each additional $100, or fractional part
ber bank notes, drafts, or bills of exchange bearing the
signature or endorsement of any one borrower in excess of thereof, 2 cents.
the amount permitted by section nine and section thirteen
In its Regulations 55, relating to stamp
of this Act, but in no case to exceed twenty per centum of taxes on documents (revised October, 1920),
the member bank's capital and surplus: Provided, however,
That all such notes, drafts or bills of exchange discounted the Bureau of Internal Revenue has prescribed
for any member bank in excess of the amount permitted certain specific regulations governing the atunder such sections shall be secured by not less than a like tachment of stamps to such drafts and checks.
face amount of bonds or notes of the United States issued In view of the constitutional limitation upon
since April twenty-fourth, nineteen hundred and seventeen, for which the borrower shall in good faith prior to taxes upon exports, these regulations make a
January 1, 1921, have paid or agreed to pay not less than distinction between time drafts covering the
the full face amount thereof, or certificates of indebtedness exportation of goods and time drafts which do
of the United States: Providedfurther, That the provisions not cover an export transaction. This disof this subsection (m) shall not be operative after October
tinction will be followed in the following disthirty-first, nineteen hundred and twenty-one."
cussion of the bureau's regulations:
1. Time drafts in general (not covering an
export transaction).—Article 33 of Regulations
Be it enacted by the Senate and House of Representatives 55 provides generally that drafts and checks
of the United States of America in Congress assembled, That payable otherwise than at sight or on demand
the first paragraph of the act approved December 24,1919,
7
known as the Edge Act, amending the Federal Reserve (including so-called " trade acceptances/ see
Act, be amended by adding at the end a proviso, so that art. 39), are subject to the stamp tax "if dethe paragraph as amended will read as follows:
livered or accepted within the United States."
"SEC. 25. (a) Corporations to be organized for the pur- For the purpose of these regulations the terripose of engaging in international or foreign banking or
other international or foreign financial operations, or in torial jurisdiction of the United States includes
banking or other financial operations in a dependency or the various States, the District of Columbia,
insular possession of the United States, either directly or Hawaii, and Alaska. The terms "delivered"
through the. agency, ownership, or control of local institu- and "delivery" contemplate only the original
tions in foreign countries, or in such dependencies or insular possessions as provided by this section, and to act delivery which makes the draft a valid negotiwhen required by the Secretary of the Treasury as fiscal able instrument. If a draft is exempt, in view
agents of the United States, may be formed by any number of the place of its acceptance and initial deof natural persons, not less in any case than five: Provided, livery, subsequent deliveries for purposes of
That nothing in this section shall be construed to deny the
right of the Secretary of the Treasury to use any corpora- discount are immaterial. If, however, a draft
tion organized under this section as depositaries in Pana- is subject to the tax, but no stamp is affixed
ma and the Panama Canal Zone, or in the Philippine thereto at the time of its delivery or acceptance,
Islands and other insular possessions and dependencies of whichever is prior, anyone who receives such
the United States."
draft for discount or otherwise without requiring the necessary stamp to be affixed is subject
Regulations of Bureau of Internal Revenue governing use to a penalty. (See Title XI, sec. 1102, of the
of revenue stamps on time drafts.
Revenue Act of 1918.)
It recently has been brought to the attention
A draft which is mailed to the payee for the
of the Federal Reserve Board that considerable purpose of giving effect thereto is "delivered,"
confusion and misunderstanding exists among within the meaning of that term as used in the
AN ACT To amend the act approved December 23,1913, known as the
Federal Reserve Act.
MARCH, 1921.
FEDERAL, RESERVE BULLETIN.
regulations, at the place of mailing. Consequently, a draft drawn in the United States but
accepted and mailed in Canada to the payee in
the United States is not subject to the tax,
although subsequently it may be discounted in
this country by an American bank.
Pursuant to these regulations, the Bureau
has ruled:
(1) A time draft drawn and delivered outside
of the United States but accepted within the
United States is subject to the tax. (See art.
34.)
(2) A time draft drawn and delivered or accepted in the United States and payable in a
foreign country is subject to the stamp tax.
(See art. 44.)
(3) A time draft executed and mailed in the
United States to a payee in a foreign country
is subject to the tax. (See art. 65.)
(4) A time draft executed and mailed in a
foreign country to a payee within the United
States is not subject to the tax unless accepted
within the United States. (See art. 64.)
(5) A time draft drawn abroad on a foreign
drawee payable to the order of a foreign payee,
although it passes through a bank in this country in the course of collection, is not subject to
the tax unless it is delivered by an agent of the
drawer to an agent of the payee within the
United States, (See art. 36.)
2. Time drajts covering exportation oj goods
to joreign countries.—Articles 41, 42, and 43 of
Regulations 55 determine the present requirements as to the necessity for affixing stamps to
drafts covering exports to foreign countries.
Article 43, as it appears in Regulations 55 (revised October, 1920), has been superseded by
T. D. 3100, approved December 11, 1920.
Article 41 provides in part: "A time draft
directly covering exports to a foreign country
and which constitute an inherent, necessary,
and bona fide part of the actual process of
exportation is exempt from the stamp tax."
So far as such drafts are concerned, it is immaterial whether the time which the draft has to
run will expire before or after the termination
of the ocean shipment. Article 43, as amended
by T. D. 3100, provides in part: "A time draft
directly covering a sale for export to a foreign
buyer and drawn on a domestic bank as the
authorized acceptor of the foreign buyer is
exempt from stamp tax."
On the other hand, article 41 provides in
part: "Time drafts drawn against the proceeds
of" drafts which are an inherent, necessary,
and bona fide part of the actual process of
exportation " are subject to stamp tax." Article 42 provides: "A time draft drawn on a
domestic bank for the purpose of securing
money to purchase goods to be exported is
311
subject to tax regardless of the fact that the
contract for the sale of the goods existed at the
time the draft was drawn." Article 43, as
amended by T. D. 3100, provides in part: "A
time draft drawn by or on an exporter or on his
bank in payment for export shipments made
by the manufacturer on the exporter's order
is subject to stamp tax."
The requirement in article 41 that a draft
to be exempt must directly cover exports to a
foreign country and constitute an inherent,
necessary, and bona fide part of the actual
process of exportation has been strictly construed by the Bureau of Internal Revenue in
its informal rulings. The commissioner has
said that the typical draft covered by this regulation is a draft drawn upon a foreign buyer
and attached to the bill of lading. Such a
draft, however, is exempt from the tax,
although it may be discounted and negotiated
in this country. The commissioner has also
ruled that an equivalent draft drawn upon a
fund or agency established in this country by a
foreign Government or foreign purchaser to
facilitate exchange is exempt. In the latter
case, the domestic bank or agency accepts by
virtue of a credit agreement with the foreign
purchaser, hence the draft is considered equivalent to one drawn upon the foreign purchaser
himself and so may be said to be an integral
part of the process of exportation.
On the other hand, the fact that a draft is
drawn in connection with an export transaction
does not render the draft exempt from the
stamp tax, although the draft may facilitate
the process of exportation and to that extent
constitute a part of the transaction. For instance, the bureau has ruled that where an
American exporter ships goods to a foreign
purchaser and deposits the ocean bills of lading
with an American bank (either with or without
a trade bill or time draft drawn on the foreign
buyer attached thereto), with instructions that
these documents be forwarded to its agent
abroad for delivery to the exporter's nominee
against payment or otherwise, a draft drawn
by the exporter for the purpose of anticipating
payment by the foreign purchaser and accepted
by the American bank with which the bills of
lading were deposited is subject to the stamp
tax. While the trade bill or foreign draft, if
such has been drawn, is exempt from the tax,
the bureau considers that in any event the
draft drawn upon the American bank to anticipate payment by a foreign purchaser represents
a domestic financing, since it is accepted by
virtue of a credit agreement with the domestic
seller rather than by virtue of a credit agreement with the foreign buyer, and consequently
is subject to the tax.
312
FEDEKAL KESERVE BULLETIN.
MARCH, 1021.
In this connection the commissioner stated other domestic agency which acts for the foreign buyer in accepting the draft.
under date of September 8, 1920:
On the other hand, the following drafts are
Such a draft is merely a domestic means of utilizing
domestic credit allowed on account of the collections to be subject to the tax:
made by the bank, when foreign bills of lading are de(1) A draft drawn for the purpose of anticilivered to it, for payment by the foreign buyer. As a
ating
the collection of a trade Dill or a time
draft under these circumstances can not be considered as
raft
covering
the exportation of goods and
strictly covering exports to a foreign country and does not
constitute an inherent, necessary; bona fide part of the accepted by an American bank with which
actual process of exportation, this office holds that the such trade bill or time draft has been deposited
draft is subject to the stamp tax.
for collection.
(2) A draft drawn for the purpose of anticiThe commissioner further stated under date
pating payment by the foreign purchaser,
of October 12, 1920:
where no trade bill or time draft has been
This exemption does not extend to drafts which represent processes of domestic financing or to drafts which drawn on the foreign purchaser, and accepted
represent the preliminary or subsequent adjustment or use by the American bank with which the shipof accounts or funds involved in exportation, and does not ping documents have been deposited.
apply to drafts given by the domestic buyer to the do(3) A draft drawn by an American exporter
mestic seller or drawn on the former as a means of payment
on a domestic bank, or on an American exfor goods purchased to be exported.
porter by the manufacturer, in payment for
In view of these rulings, it would seem that, goods purchased by the exporter for export
so far as bankers' acceptances are concerned, abroad.
other than those drawn on foreign banks, the
It should be remembered that although the
question whether in a given instance a stamp Commissioner of Internal Revenue has ruled
must be affixed to an acceptance depends that under the revenue act of 1918 a draft
largely upon whether the accepting bank looks drawn upon an American bank for the purpose
to the domestic seller or exporter to place it of anticipating payment by a foreign purin funds to meet the acceptance on maturity chaser for goods exported is subject to the
or whether it looks to the foreign purchaser for stamp tax, nevertheless, such a draft may be
reimbursement. In the first instance a stamp eligible for rediscount or purchase by a Federal
is required. In the second instance the Reserve Bank, under the provisions of the
acceptance is exempt from the tax.
Federal Reserve Act, as an acceptance growing
To summarize, it appears that the following out of a transaction involving the exportation
drafts covering exports are exempt from the of goods.
stamp tax:
3. Time drafts covering shipments to the Canal
(1) A draft drawn by an American manu- Zone and other outlying possessions.—A time
facturer or exporter upon a foreign purchaser draft covering articles snipped from the United
or upon the purchaser's foreign bank. A draft States, Hawaii, and Alaska to the Canal Zone
of this character usually accompanies the ship- are subject to the stamp tax if the drafts are
ping documents and is forwarded with them for delivered within the United States, Hawaii, or
acceptance upon their release. Such a draft is Alaska. (See art. 45.) The tax is not appliexempt, although discounted and negotiated in cable, however, to a time draft covering a
this country.
shipment to the Virgin Islands, Philippines,
(2) A draft drawn by an American manu- or Porto Rico, because of express legislation
facturer or exporter upon a domestic bank or exempting such shipments. (See art. 46.)
S
313
FEDERAL, RESERVE BULLETIN.
MABCH, 1921.
RETAIL TRADE.
In the following tables is given a summary
of the data obtained from representative department stores in each Federal Reserve district, showing the activity of retail trade
during the past several months. In districts
Nos. 1, 5, 9, 11, and 12, the data were received
in (and averages computed from) actual
amounts (dollars). In districts Nos. 2, 3, 4,
6, 7, 8, and 10, the material was received in
the form of percentages, the January, 1921,
averages for the cities and districts computed
from such percentages being weighted accord-
ing to volume of business done during the calendar year 1920, and the averages for the
several months in 1920 by similar figures for
the calendar year 1919. For the month of
January the tables are based on reports from
23 stores in district No. 1, 27 in district No. 2,
42 in district No. 3, 12 in district No. 4, 25 in
district No. 5, 9 in district No. 6, 4 in district
No. 7, 11 in district No. 8, 5 in district No.
9, 10 in district No. 10, 17 in district No. 11,
and 24 in district No. 12. The number of
stores varies somewhat, due to the inclusion
of new stores|fromHime to timeln^the reporting list.
L:; j
Condition of retail trade in the twelve Federal reserve districts.
[Percentage of increase.]
Comparison of net sales with those of corresponding period previous year.
District and city.
District No. 1:
Outside
Jan. 1,1920
to close of—
May, June, July, Aug., Sept. Oct., Nov., Dec. Jan.,
1920. 1920. 1920. 1920. 1920. 1920. 1920. 1920. 1921.
19.4
25.5
27.8
28.5
16.3
27.2
11.6
16.0
14.7
0.1
2.2
15.0
9.1
11.4
1.7
Jan.l,
1921,
July 1,1920, to close of—
to
of
May, June, July, Aug. Sept., Oct., Nov., Dec.
Jan.,
1920. 1920. 1920. 1920. 1920. 1920. 1920. 1920. 1921.
1.4
5.4 24.7
16.4 110.1 30.5
25.3
30.0
16.3
27.2
24,1
18.1
15.9
16.9
9.7
11.1
11.0
1.5
25.8
26.2
19.9
15.1
15.2
10.1
10.4
7.7
1.5
9.0
8.5
5.4
5.0 110.1
20.7
28.0
19.9
10.9
15.4
.6
District No. 2:
N. Y. City and Brooklyn. 41.1
Outside
22.8
26.4
32.3
22.4
26.9
10.9 13.2
26.4 16.9
1.7
15.4
7.6 13.6 16.5
5.9 U . 5
18.9
35.3
30.1
32.7
31.7
22.4
26.9
13.0
27.1
3.6
23.4
5.2
19.6
3.0
22.8
3.2
14.3
16.5
U.5
35.4
28.4
24.4
15.9
6.2
11.6 11.6 15.3
33.7
33.8
24.4
17.5
10.2
10.0
10.0
5.5
15.3
12.0
18.5
9.1
21.6
2.9
3.3
District
District
3.6
District No. 3:
Philadelphia
Outside
District
District No. 4
District No. 5:
8.5
8.5
!.4
2.9
10.8
2.9
3.3
50.7
34.3
23.8
22.6
15.2
15.8
8.5
6.1
3.1
30.9
31.0
23.8
24.9
19.6
17.3
14.6
14.1
3.1
31.3
31.5
29.9
25.7
24.6
20.8
26.1
14.7
3.6
32.1
34.6
29.9
27.3
25.9
23.9
24.8
22.0
3.6
5.9
5.9
14.2
Other cities
District
District No.6
District No. 7
T)i<5tri'pt No 8
District No 9
District No. 10
DistrictNo.il
District No. 12:
San Francisco .
Oakland .
Sacramento
Seattle
Salt Lake City
District
1 Decrease.
14.2
9.3
4.0
11.0
21.4
15.7
20.9
7.5
31.0
49.7
24.3
59.6
11.6
41.2
4.3
11.6
14.1
25.9
12.6
28.6
11.8
10.9
11.8
12.9
27.6
33.2
20.8
38.2
. . . . 40.9
17.1
34.4
6.3
48.8
26.4
39.0
23.6
15.2
32.1
11.1
62.8
18.3
35.1 48.9 29.1 19.3
21.0 18.6 10.4 11.5
16.9 15.3
22.0
9.9
20.1 3.1
.2 18.0 "i"4.T 114.6
4.6
22.7 12.7
8.9
20.6 11.6
31.2
27.8
21.2
8.8
9.9
25.6
21.7
.3
7.8
12.4
14.5
12.4
13.1
25.1 14.6
8.3 17.6
10.5 10.8
2.9
12.9
U.9
16.0
8.2
4.9
5.4
3.0 19.O
9.6 110.5
5.3 13.8
. 5 112.3
9.3
4.0
9.3
11.4
15.7
21.1
14.1
13.6
13.5
10.4
28.1
49.6
29.3
58.7
11.6
41.2
5.6
12.0
17.9
11.6
14.1
25.9
19.6
29.6
18.0
16.9
35.5
16.8
19.7
32.6
16.5
18.8
24.2
13.8
15.3 19.0
18.1 110.5
13.3 13.8
14.2
25.2
11.1
20.9
5.2
21.6
12.9
17.9
.7 111.6
10.5 18.9
33.7
11.7
18.2
28.5
9.2 15.1 ill. 6 21.2
12.7 12.9 18.9
31.2
9.9
7.2
13.7
13.8
2.3
ii6.T U8.7
5.6
14.7
11.5
9.1
11.3 14.3
52.2
37.6
25.6
39.4
13.9
29.1
16.4
49.8
35.3
23.3
38.3
13.4
35.7
14.7
35.1 42.4 37.9 33.9
21.0 19.6 17.3 15.4
16.9 14.7
21.3
16.1
20.1 13.3
.2 14.4 1*4*2" 17.3
9.4
22.7 16.8
20.6 16.1
14.0
14.3 34.7
33.2
21.2
17.1
12.1
10.4
16.8
23.4
10.1
1.6
21.4
19.8
16.8
3.8
7.6
8.7
5.4
112.3
17.1
112.1
U0.4
i*9.*2*
7.0 116.8
11.1 123.4
8.4
12.2
14.6
14.8
5.0
8.6
U0.1
1.6
114.3
314
FEDERAL RESERVE BULLETIN.
MARCH, 1921.
Condition of retail trade in the twelve Federal reserve districts—Continued.
[Percentage of increase.]
Stocks at close of month compared with—
Previous month.
Same month previous year.
District and city.
May, June, July, Aug., Sept., Oct., Nov., D e c , Jan., May, June, July, Aug., Sept., Oct., Nov., D e c , Jan.,
1920. 1920. 1920. 1920. 1920. 1920. 1920. 1920. 1921. 1920. 1920. 1920. 1920. 1920. 1920. 1920. 1920. 1921.
District No. 1:
Boston...
Outside
44.5
43.8
43.8
36.3
32.1
30.4
26.3
26.4
20.7
21.7
9.5
15.9
44.3
41.4
31.5
26.4
21.0
11.6
8.2
District No. 2:
N. Y. City and Brooklyn. 47.9
Outside
51.7
45.5
38.4
46.2
30.9
30.7
26.3
18.0
20.2
43.2
39.5
29.3
18.7
District
District
49.1
7.1 1 1.7 110.7 13.4 15.6 17.0
.2
2.0 10.6 U . 8 15.I
10.6
4.9
3.2
9.5
9.7
14.2
9.0 118.2 U 4 . 5
3.0 12.0 120.5 18.2
.7 110.7 12.9 15.5 14.7
4.3
9.5
U.8
17.2
15.6
5.1 12.3 19.5 16.6 15.4 14.3
4.6
3.8 12.7 120.0 11.7 17.7
7.3
5.6
5.7
9.3
16.7
4.6
14.5 112.0 15.0 16.1
6.8
6.9
District No. 3:
Philadelphia. .
Outside
5.7
17.4
District
30.4
26.7
28.4
31.0
20.6
16.0
10.1
District No. 4
57.0
53.3
48.3
40.4
34.0
34.9
22.5
District
No. 6
No. 7
No. 8
No. 9
No. 10
No. 11
44.6
29.6
21.1
15.1
39.8
64.1
24.2
"is." 7* "30." 7* 'i2*6* 17.7
39.6 43.6 39.1
40.7
69.5 59.5
37.2
55.5
35.4
22.6
29.1
52.8
30.1
51.7
30.5
12.0
25.0
42.3
67.1
57.2
50.2
49.7
47.2
77.1
51.6
70.1
65.0
54.9
29.7
34.1
46.7
59.6
62.9
58.5
33.9
47.5
43.1
27.7
District
52.6
52.5
40.1
1.0 14.8 120.4
1.4 17.0 124.0
18.1
16.1
15.6 121.1
17.6
.5
4.4
14.6
11.6 14.0
15.0 115.5 113.8
14.1 120.0 17.4
16.7 13.0
3.3
6.2
8.4
.9
14.7 U7.3 111.5
il.O
11.4
9.4
9.2
4.8
16.4 120.0 114.6
1.9
170
1 15 2
18 7
132.1
119.7
19.8
128.6
120.3
District No. 12:
Los Angeles
San Francisco
Oakland
Sacramento...
Seattle
Spokane
Salt Lake City
1 Decrease.
112.7
2.2
1.9
8.0 110.8
District No. 5:
Baltimore
Richmond
Washington
Other cities
District
District
District
District
District
District
1.5
4.9 118.9
31.2 33.4
27.1 16.2
22.5
11.4
35.6* 23.4 18.4 "3." 9"
57.3 45.8 45.5
25.3
20.6
5.3
14.2 122.2
2.3
19.2
16.3
1.2 18.3
1.5 15.6
39.7 27.7 115.5
.0
2.1
17.0 16.2
9.9 "\*8*
7.1 13.5 U0.9
"3.T
11.8
9.4 U4.9 16.1 18.8
31.5
8.8 112.9
21.6 16.4 129.7 14.9
8.0 19.6 19.3
15.4
3.8
8.3
121.1
17.5
13.6
.5 *i"4.4* U2.3 i*2i.*4*
40.1 33.6 U2.2 13.6
12.7
15.6
1
20.1
.3
.4
1.5
16.5
1.6
11.5
16.7
1 5.7
2.5
2.3
10.2
.1
5.6
8.4
5.4
14.6
5.6
2.9
9.8
22.3
13.1
4.8
11.6
6.9
4.6
6.6
.8
1.0
1.8
.5
11.9
13.0
'il'.Y
8.9
8.3
1.4
1.8 12.5 13.7
15.2
1.5
1.4
7.4
12.6 12.9
2.3
.1
9 8.
18.7 1*4" 2* 1.9 "*6."3*
9.1
1 4.4 1.8
14.7 13.0
1.8
.7
4.9
17.7 125.5 116.2
16.7
15.9
14.3
14.2
15.0
19.3
130.8
124.0
118.8
118.7
123.9
128.8
1.8
11.8
13.3
18.8
il.l
17.9
.2 14.2 145.4
3.6
15.4 1 1.8 U4.7 19.0
.6
110 9
3.1
.3
123.1
2.8 1
122.5 111.3
1
21
27
4 2 136
122 4
1.2
13.4 U4.3
14.1
MARCH,
315
FEDERAL RESERVE BULLETIN.
1921.
Condition of retail trade in the twelve Federal reserve districts—Continued.
[Percentage of increase.]
Percentage of average stocks at close of each month to Percentage of outstanding orders at close of month to tott 1
purchases during previous calendar year.
average monthly sales for same period.
Jan.l,
1921,
to May, June, July, Aug., Sept., Oct., Nov., D e c , Jan..
Of 1920. 1920. 1920. 1920. 1920. 1920. 1920. 1920. 1921
Mav, June, July, Aug., Sept., Oct., Nov., D e c , Jan.,
1920. 1920. 1920. 1920. 1920. 1920. 1920. 1920. 1921.
Feb. 1, 1920,
to close of—
District and city.
District No. 1:
Boston
Outside.
District
District No. 2:
New York
Brooklyn
Outside
. .
City
District
District No. 3:
Philadelphia
Outside
and
July 1, 1920, to close of—
348.4 339.2 419.2 447.1 412.7 388.4 368.4 329.9 270.2
442.5 431.7 436.4 472.1 485.9 482.6 456.6 452.0 392.9
15.4
7.5
15.4
10.0
18.5
9.1
13.7
14.2
11.4
14.7
10.8
5.4
10.4
366.5 358.0 425.1 455.1 433.5 415.6 398.6 357.9 297.2
12.7
12.3
12.0
14.0
13.1
9.1
7.7
39?. 4 379.9 390.0 489.3 613.7 479.4 464.1 361.1 315.8
415.7 349.5 485.8 506.3 492.1 441.3 430.6 347.7 351.3
15.5
13.9
16.8
17.7
15.7
18.9
16.8
14.3
14.7
12.0
9.2
6.6
6.9
4.1
5.3
3.1
5.5
4.1
399.4 369.9 440.1 496.7 573.9 466.9 452.3 358.0 325.0
14.8
17.2
17.4
15.9
13.6
8.1
5.5
4.5
5.1
4.7
2.9
4.9
4.1
4.4
4.8
7.5
3.6
5.1
4.5
4.8
District
360.4 322.6 281.9
520.5 458.6 479.3
382.6 357.5 399.8 471.2 500.3 437.2 418.0 371.1 357.6
17.6
19.3
19.8
14.2
10.1
5.9
4.0
4.6
4.6
District No. 4
362.8 362.3 403.6 412. 7 468.8 466.8 452.1 398.5 306.4
13.2
16.2
18.9
17.0
13.3
7.6
5.9
4T7
7.1
District No. 5:
Baltimore
Richmond
311.8
403.5
351.2
407.1
Other cities
District
District
District
District
District
District
District
No. 6
No. 7
No. 8
No 9
No. 10
No 11
District No. 12:
Los Angeles
San Francisco
Oakland
Sacramento
Seattle
Spokane
Salt Lake City
District
7.2
5.4
3.9
5.4
421.5 407.0 505.9 560.7 512.9 489.0 454.5 386.6 344.5
9.9
9.7
16.1
14.8
8.4
7.1
3.0
2.7
403.9 381.6 307.8 549.1
305.8 328.3 432.7 427.9 410.7 371.0 431.7 391.0 544.3
432.6 377.0 396.8 324.4 245.1 336.5
20.6
31.9
17.0
19.5
17.4
19.3
6.9
5.1
5.8
6.5
4.9
5.6
20.6
25.3
11.0
15.7
9.2
"i9.*5
13.7
15.6
18.6
15.6
23.2
17.2
9.1
9.7
12.7
478.0 432.5 354.1 29.7 26.2 22.8 15.5
515.8 434.3 424.2 23.9 26.0 25.9 21.1
427.2
567.4
490.5
454.5 413.7 "463."6 "u? "16-3 "l6."3 "12.2
544.3 458.5 620.5 31.1 25.1 29.9
601.4
18.7
508.0 516.0 536.5 489.6 504.0 467.3 488.5 490.7 502.4 23.2 23.1 22.3 14.2
285.4 353.7 384.1 334.0 340.4 343.3 526.8 466.3 480.8
425.5 523.9 454.0 416.7 383.7 357.6
480.4
469.8
589 5
533.4
539.7
605.4
481.3
508.8
573 8
531.3
524.6
579.4
522.5 454.2 486.0 462.5
539.9 512.8 511.5 511.9
732.5
625 1 598 3
387.4
423.3
470.2 532.7 508.6 502.5
579.0
652.6 675.5
5.4
6.0
3.1
6.1
12.4
3.9
11.9
3.8
18.7
8.8
10.0
3.1
4.1
1.9
3.2
2.3
10.8
3.4
4.2
22.1
2. 7
7.0
12.0
10.8
9.3
7.6
9.6
10.6
13.6
6.9
4.4
4.3
'" "6.4 "7.6 ""i.6
.1
2.6
9.5
7.0
9.8
5.8
"" ~8."6
""% 7
5.4
316
FEDERAL RESERVE BULLETIN.
MABCH,
1921.
FOREIGN TRADE INDEX.
There is presented below a series of indexes
designed to reflect movements in foreign trade
of the United States, with fluctuations due to
price changes eliminated. The commodities
chosen for these indexes are those for which
prices are compiled by the Federal Reserve
Board in the preparation of its international
price index. The list includes 25 of the most
important imports, the value of which in 1913
formed 47.7 per cent of the total import values,
and 29 of the most important exports, the
value of which in 1913 formed 56.3 per cent
of the total export values. The list of the
commodities is given in the July BULLETIN. 1
Total exports for January, 1921, showed a
decrease, while imports showed a very slight increase. The exports of producers' goods and
consumers' goods increased slightly, but were
more than offset by the larger decrease in the
exports of raw materials. The imports of raw
materials and producers' goods showed a slight
decrease, but were more than compensated for
by the very large increase in the imports of consumers' goods.
Value of exports and imports of selected commodities at 1913 prices.
[In thousands of dollars; i. e., 000 omitted.]
[Monthly average values, 1913=100.1
Imports.
Exports.
Raw materials
(12 commodities).
1913.
January
February...
March
AprU
May
June
July
August
September..
October
November..
December..
Index
Index
Index
Index
num- Value. num- Value. num- Value. number.
ber.
ber.
ber.
Value.
142,504
114,130
102,215
114,282
110,440
86,817
90,120
115,786
146,426
184,992
168,069
156,468
111.6 61,347
89.4 55,332
80.1 55,555
89.5 52,271
86.5 50,089
68.0 40,822
70.6 40,298
90.7 42,470
114.7 52,659
144.9 44,407
131.6 48,107
122.5 60,904
121.9
110.0
110.4
103.9
99.5
81.1
80.1
84.4
104.6
88.2
95.6
121.0
115,673
110,727
114,686
105,513
96,216
87,810
85,986
90,933
109,726
83,057
91,954
114,279
115.1
110.1
114.1
104.9
95.7
87.3
85.4
90.4
109.2
82.6
91.5
113.7
100.0 1,532,249
100.0 604,261
100.0 444,278
100.0 1,206,560
100.0
Index
Index
Index
num- Value. num- Value. number.
ber.
ber.
100,027
71,074
61,681
71,446
68,856
46,963
51,325
74,869
103,614
137,772
126,836
113,326
116.8
83.0
72.0
83.0
80.4
54.8
59.9
87.4
120.9
160.9
148.1
132.3
11,762
12,266
11,836
14,128
11,661
11,612
11,109
11,547
10,622
12,608
9,987
10,053
100.0 139,191
98.2
68.3
67.3
76.0
78.9
114.8
84.0
94.9
82.1
82.1
116.2
104.6
84,066
58,488
57,659
65,112
67,595
98,335
71,917
81,250
70,285
70,322
99,552
89,584
Year..
914,165
88.9 215,357
1920.
January
February...
March
April
May
June
July
August
September..
October
November..
December..
93,141
70,130
90,805
68,048
63,650
55,200
66,924
67,225
70,699
101,708
95,148
104,828
108.7 15,647
81.9 14,198
106.0 17,279
79.4 17,063
74.3 17,546
64.5 14,663
78.1 19,138
78.5 15,708
82.5 13,883
118.7 17,649
111.1 14,123
122.4 21,577
Year..
947,506
92.2 198,474
90,063 105.2
101.4
105.8
102.1
121.8
100.6
100.1
95.8
99.5
91.6
108.7
86.1
86.7
30,715
30,790
28,698
28,708
29,923
28,242
27,686
29,370
32,190
34,612
31,246
33,089
100.0 365,269
18,444 159.0
14,598 125.9
16,161 139.3
19,356 166.9
15,972 137.7
28,618 247.1
17,150 147.9
19,574 168.8
19,359 166.9
17,182 148.1
15,735 135.7
13,208 113.9
January
February...
March
April
May
June—,...
July
August
September..
October
November..
December..
1921.
January
Value.
Value.
Year.. 1,027,789
1919.
Consumers'
Grand total
Consumers'
Producers'
Raw materials Producers'
Grand total
goods (10 com- goods (7 com- exports (29 com- (10 commodi- goods (12 com- goods (3 com- imports (25 commodities).
modities).
modities).
ties).
modities).
modities).
modities).
56,748 186.4
53,338 175.2
61,585 202.3
80,639 264.9
58,731 192.9
96,088 315.1
52,553 172.7
49,194 161.6
43,342 142.4
45,844 150.6
46,729 153.5
43,571 143.1
154.7 688,362
134.9
122.4
149.0
147.1
151.3
126.4
165.0
135.4
119.7
152.2
121.8
186.0
100.9
101.2
94.3
94.3
98.3
92.8
91.0
96.5
105.8
113.8
102.7
108.7
188.5 1,817,884
35,406 116.3
41,645 136.8
56,428 185.4
51,689 169.8
62,457 205.2
46,113 151.5
43,325 142.4
28,594 94.0
28,599 94.0
37,859 124.4
33,996 111.7
37,536 123.3
142.6 503,647
159,258 124.7
126,424 99.0
135,405 106.1
165,107 129.3
142,298 111.4
223,041 174.7
141,620 110.9
150,018 117.5
132,986 104.1
133,348 104.4
162,016 126.9
146,363 114.6
144,194
125,973
164,512
136,800
143,653
115,976
129,387
111,527
113,181
157,216
143,267
163,941
137.9 1,649,627
21,797 187.9 38,356 126.0
150,216
44,552 88.5
47,774 94.9
54,947 109.2
63,385 125.9
81,274 161.4
86,256 171.4
86,443 171.7
85,571 169.9
123,524 245.3
99,114 196.8
98,690 196.1
79,965 158.9
118.6 951,495
112.9
98.7
128.9
107.1
112.5
90.8
101.3
87.3
88.6
123.1
112.2
128.4
53,071
66,708
82,546
88,017
89,890
61,886
77,401
42,132
70,033
74,736
79,198
71,886
157.5 857,504
100.0 158,021
143.3
180.2
223.0
237.7
242.8
167.2
209.1
113.8
189.2
201.9
213.9
194.2
107.7 816,827
117.6 37,523
24,064
19,964
25,999
29,076
14 887
21,463
24,562
22,624
17,226
17,613
14,610
13,401
135.2 1,009,784 227.3 245,489
745 48,393 130.7
108.0
108.9
101.6
82.7
58.6
63.7
73.6
84.1
120.6
121.0
114.4
162.9
14,434 108.1
14,230 109.6
25,223 191.6
18,869 143.3
24,861 188.8
18,512 140.6
29,492 224.0
20,953 159.1
25,240 191.7
20,386 154.8
21,254 161.4
21,521 163.4
193.0 254,975
103,796 206.2 90,655 244.9
87,086 173.0 107,162 289.5
97,039 192.8 125,496 339.0
87,588 174.0 97,187 262.5
64,177 127.5 84,134 227.2
75,225 149.5 95,699 258.5
60,942 121.0 93,910 253.7
61,321 121.8 94,866 256.2
51,388 102.1 61,163 165.2
44,866 89.1 48,683 131.5
43,436 86.3 61,590 166.4
39,963 79.4 49,239 133.0
i An additional list of 11 commodities of imports is given in October BULLETIN.
40,107 108.3 14,219
41,060 110.9 14,335
45,753 123.6 13,378
42,346 114.4 10,896
38,409 103.7 7,718
38,606 104.3 8,382
35,990 97.2 9,698
37,385 101.0 11,078
41,184 111.2 15,883
22,721 61.4 15,929
28,788 77.8 15,059
31,929 86.2 21,446
19,288
Index
number.
112,057
128,712
162,716
170,271
196,025
166,654
193,336
148,656
218,797
194,236
199,142
173,372
111.4
128.0
161.8
169.3
195.0
165.7
192.3
147.8
217.6
193.2
198.1
172.4
161.4 2,063,974
171.1
182.7
151.6
197.4
220.8
113.1
163.0
186.5
171.8
130.8
133.8
111.0
101.8
218,515
214,212
248,534
213,851
163,198
192,387
179,414
178,811
129,777
111,162
119,636
102,603
217.3
213.1
247.2
212.7
162.3
191.3
178.4
177.8
129.1
110.6
119.0
102.0
155.4 2,072,100
171.7
105,204
104.6
146.5
MARCH,
317
FEDERAL RESERVE BULLETIN.
1921.
WHOLESALE PRICES ABROAD.x
Index numbers of wholesale prices (all commodities).
United
States;
Federal
Reserve
Board (88
Commodities)^
1913
1914
1915
1916
1917
1918
1919
.
July
September
October
- .. . . . . . . .
December
1921.
January
France;
Bulletin
delaSta*
tistique
G&ierale Bachi (38
(45 com- commodities)^
modities)^
s&
Australia;
Sweden; Japan; CommonSvensk Bank of wealth
Handels- Japan for Bureau
Census
tidning Tokyo (56 and
Sta(47 quota- commodi- tistics
(92
tions)^
ties) .<* commodities)/*
Canada; Calcutta,
India; Germany;
FrankDepart- Department of ment
furter
of Zeitung
Labor
Statistics (75 com(272
(75 com- modiquotamoditions)^
ties) .d
ties).?'
100
100
101
124
174
197
215
100
101
126
159
206
226
242
100
101
137
187
262
339
357
100
95
133
202
299
409
364
*100
116
145
185
244
339
330
100
96
97
117
149
193
235
* 100
141
132
«155
170
180
100
101
110
135
177
206
217
242
242
248
263
264
258
250
234
226
208
190
173
248
249
253
265
272
269
262
250
242
225
207
189
288
306
307
313
305
300
299
298
292
282
263
243
487
522
555
588
550
493
496
501
526
502
461
435
504
556
619
679
659
615
613
632
660
662
658
635
319
342
354
354
361
366
363
365
362
346
331
299
301
313
321
300
271
247
239
235
230
226
221
206
203
206
209
217
225
233
234
236
230
215
208
197
248
254
258
261
263
258
256
244
241
234
225
214
218
209
198
200
210
206
209
209
208
206
194
180
1,020
1,337
1,490
l!480
1,602
1,378
1,418
1,459
1,490
1,510
1.571
1,582
164
177
232
407
267
201
196
208
178
8 1,531
»1,388
100
1920.
February
March
April
May
United
United
States;
KingBureau of dom;
Labor
Statist
Statistics (45 com(328 quo- moditations).<» ties)^
(7)
100
6
100
a Average for the month.
& End of month.
c Middle of month.
d First of month.
i The index numbers printed in this article are constructed by the various foreign statistical offices according to methods described in the
BULLETIN for January, 1920. In all cases, except that of the United States, the original basis upon which the index numbers have been computed
has been shifted to the 1913 base. The monthly and yearly index numbers are therefore only approximate.. The latest figures are received by
cable and are subject to correction.
* July 1,1913, to June 30,1914=100.
* July, 1914=100.
* End of July, 1914=100.
* Middle o* 1914=100.
* Last six months of 1917.
T This index number has been superseded by a new one compiled by Prof. Bachi based upon the prices of 76 commodities. Details as to how
the new index number is compiled will be published in the BULLETIN for April.
s January 7.
»February 5.
ENGLAND.
In the course of the past month announcement has been made by the chancellor of the
exchequer that the budget for the year ending
March 31, 1922, will be approximately £950,000,000. This sum will provide for ordinary
Government expenditures and for interest on
the public debt and pensions, but does not
allow for the repayment of debt. The budget
for the current year ending March 31, 1921,
provided for the expenditure of £1,184,000,000
for ordinary expenditure and £234,000,000 for
debt reduction. The tentative new budget,
therefore, is materially smaller than its predecessor, even if redemption of debt is left entirely out of consideration. In the same speech
in which the chancellor announced the approximate size of the new budget he stated also that
the excess-profits duty would not be continued
after the end of the current accountancy periods, i. e., firms would be held responsible for
the excess-profits duty for seven years from
the date in 1914, when they began to pay the
duty, but not for any further period. In the
case of new businesses started during or since
the war, the duty ceased as of December 31,
1920. In this connection it should be remembered, however, that payments under this duty
are far in arrears and that it will require two
years or more to see the tax entirely paid. The
chancellor likewise stated: "1 see the way not
only to abolish excess-profits duty, but also
not to impose any new tax in lieu of it, or to
add any new taxes for the coming financial
year. There may be new duties imposed in
respect of dumped goods or depreciated exchanges. But 1 do not want to be misunderstood. What I say is that we shall not propose
any new taxes on businesses or any addition
to the existing taxes, like income tax or the
existing customs duties, in making good the
loss of revenue due to not extending the excessprofits duty during the coming financial year."
As in the United States, prices in England
declined less rapidly in January than during
the two months preceding. The Statist index
number, recomputed on the 1913 base, shows
a drop of 11 points from 243 to 232, as compared
with a drop of 20 points during December.
The greatest reductions were made in minerals
318
FEDERAL RESERVE BULLETIN.
MARCH, 1921.
Tin plate has likewise been heavily reduced
and metals, although large decreases occurred
also in vegetable foods. Meats increased in in price, as well as other important metal
products.
price.
With the reduction in demand, several blast
Statist index number of wholesale prices.
furnaces are reported to have been damped
[1913=100.]
down, and wages are being reduced. North
of England and Midland iron and steel workers
Sugar,
Vege- Ani- cof- Food- Min- Tex- Sun- Matetable mal fee, stuffs. erals. tiles. dries. rials. have suffered a 5 per cent decrease in wages
Date.
foods. foods. tea.
since the 1st of February and tin-plate workers
a 7^ per cent decrease. Both adjustments
100
100 were made on the basis of sliding scale agree1913.
100
100
100
100
100
100
105
98
1914.
110
100
107
105
90
97
Production statistics show a dimin131
119 ments.
1915.
155
125
130
137
109
111
163
153 ishing rate for January.
1916.
193
152
161
169
140
152
212
198
1917.
192
213
152
252
218
228
243
225
1918.
210
238
167
248
229
265
Lack of foreign demand has likewise caused
243
1919.
215
275
190
252
238
271
268
a material reduction in British export coal
1920.
All grades of export coal have not
312
302 prices.
January
274
230
356
265
256
343
329
318 been affected to the same degree, but certain
February
297
237
415
286
267
362
318
312
March
342
237
393
300
263
360
321
311 types have been reduced as much as 40 to 50
April
346
265
392
315
263
354
311
351
244
473
318
273
May
308
298
Production during
282
359
244
496
325
269
June
308
285 per cent since last October.
277
343
278
425
325
276
298
283 January was not as large as during preceding
July
278
317
295
404
319
281
298
285
August
279
319
291
334
308
283
286
282 weeks and as a result wages of miners were
September...
268
334
290
257
302
276
261
286
October
253
308
293
238
291
265
212
245 reduced, according to the terms of the NoNovember...
248
257
262
212
253
254
205
237 vember agreement between the miners and
December
operators. An adult miner received a surplus
1921.
January
| 234
283 | 192
230
219 of 3s. 6d. per shift during January, but in
251 225
February this surplus was reduced to Is. 6d.
The recent improvement in the demand for
During February metal and coal prices continued to be drastically cut, while textiles raw wooj was mainly due to buying on the
apparently wavered above and below earlier part of Americans and Japanese and was conminimum prices, demand for wool being per- fined for the most part to the finer grades of
haps somewhat greater than for cotton. Australian wool. There is nothing in the
Foreign competition in iron and steel manu- statistical position of the commodity to acfactures is the primary cause of price reduc- count for active bu- ing, as Government stocks
tions in these lines, and as a result the finished on December 31, 1920, amounted to 2,584,000
goods have declined in advance of the raw bales, or approximately as much as the annual
materials. According to a statement in the world production of wool in prewar times. It
British Board of Trade Journal for February has been suggested that the possibility of tariff
10, Belgian and German steel products were legislation has led to American" buying.
up to 50 per cent cheaper than British in British yarn prices continued to decline graduDecember and January. In the following ally during early February and there was
table comparison is made between London practically no market for piece goods in spite
prices of important grades on January 24 and of rather heavy price cutting.
February 18, as reported by cable to the New
Very little demand has resulted from the
York Journal of Commerce. Although the reduction of prices in the cotton industry. The
decreases are not uniform, they average 10 to Indian demand for cloth has been especially
15 per cent.
seriously affected by the depreciation in the
value of the rupee in foreign exchange. The
section
of the industry using Egyptian cotton
Jan. 24. Feb. 18.
will continue until March 20 on the three-day
week basis of production.
£ s.
Pig iron, Middleborough No. 3 . .
Staffordshire unmarked bars
Midland steel ship plates
Steel soft billets
Steel small rounds and squares.
Steel rails, heavy (60 p o u n d s ) . . .
10 15
30 10
26 5
17 ..
30 15
21 ..
9
26
22
15
25
21
15
10
10
10
..
..
319
FEDERAL RESERVE BULLETIN.
MABCH, 1921.
ReImpoits. Exports. exports.
000's.
£43,771
000's.
£9,131
000's.
24,336
183,498
170,514
176,648
167,154
166,816
170,491
163,342
153,255
152,692
149,889
144,260
142,785
105,880
85,964
103,699
1C6,252
119,319
116,352
137,452
114,903
117,456
112,295
119,365
96,631
25,464
22,604
27,031
20,407
20,260
20,124
17,848
13,368
13,351
16,134
13,115
12,699
* 22,657
19,435
19,505
17,131
2 22,131
19,0-18
2 22,926
16,970
18,885
2 14,044
15,920
20,230
676
656
710
655
738
726
750
752
741
533
404
675
117,051
92,756
9,955
2 21,805
638
000's.
GOP*.
649
1
2,002,699
1920.
January
February..
Maich
April
May
June
July
August
September.
October
November.,
December..
January..
1
2
Average of fcur quarterly estimates.
British exports during January were slightly
less than December. This was accounted for
in part by the continued
decline in cotton exports; in part b}r the decline in coal and
coke. Imports were likewise very materially
lower than at any time since the depression of
early 1919.
With the slowing down of industry there has
been an ever-increasing problem in connection
with wages and the unemployed. As has been
noted above, in certain industries wage reductions have been made on the basis of slidingscale agreements; in other cases, they have
been made in accordance with the reduction
in the cost of living. In certain other industries, such as the jute industry, they are being
urged, irrespective of either of these criteria.
As the number of the unemployed increases,
the question of their relief becomes of even
more pressing importance than that of wage
reductions. Insurance is now paid to the
unemployed, but it is not large enough to furnish subsistence, and as a result various other
measures are being urged. Some of these
recommend further relief on the same plan
as the present insurance against unemployment, but others urge rather an attack upon
Bank
notes. 1
1920, end of—
January
February..
March
April
May
June
July
August
September
October
November.
December.
1921, January..
000's.
£84,258
92,426
99,371
101,284
103,614
106,658
106,869
106,294
108,791
108,839
109,218
113,401
109,035
Currency
notes and Deposits,
certificates public and
outstandother.
ing.
000's.
£329,554
324,994
335,372
337,377
348,316
357,356
361,911
356,012
353,795
355,872
349,284
367,626
342,489
*Less notes in currency notes account.
000's.
£155,272
190,147
137,170
140,381
117,784
191,715
133,796
115,955
127,167
136,977
123,304
189,859128,609
!
!
I
I
i
766
811
854
779
848
745
800
709
884
544
504
745
3,394,425
3,578,000
3,731, 000
3,709, GOO
493
Five weeks in the month.
the problem at its source. A revival in export
trade, presupposing, as it must, improved
conditions on the Continent, appears to some
the only method of relief.
Average
percentage
increase
in cost of
living, 1
base, July,
1914.
Per cent of
trade-union
members
unemployed
(membership
1,586,507, at
end of January).
125
130
130
132
141
150
152
155
161
164
176
169
2.9
1.6
1.1
.9
1.1
1.2
1.*
1.6
2.2
5.3
3.7
6.0
165
151
6.9
1920.
January
February..
March
April
May
June
July
August
September.
October
November.
December..
1921.
January...
February.
1
Food, rent, clothing, fuel, light, etc.
Figures applying to increase in cost of living are for the beginning of
month, and those for trade-union unemployment are for the end of month.
Deposit and note accounts>.
Coal.
£39,061
000's.
Monthly average, 1913..
Ship
tonnage
under
Steel in- construcPigircn. gots and tion (gross
castings.
tons).
Production (metric tons).
Value of foreign trade.
Government floating debt.
Coin and
bullion.2
000's.
£128,434
138,946
140,672
141,018
140,955
146,382
151,734
151,529
151,615
151,699
152,613
156,768
156,784
Treasury
biUs.
000's.
£1,111,000
1,070,000
1,107,000
1,048,000
1,062,000
1,050,000
1,058,000
1,067,000
1,139,000
1,028,000
1,097,000
1,102,000
1,145,000
Discount rate.
Temporary Total float- 3 months' 6 months'
advances. ing debt. bank bills. trade bills.
000's.
£208,000
188,000
205,000
249,000
221,000
244,000
204,000
183,000
143,000
241,000
231,000
306,000
242,000
000's.
£1,319,000
1,258,000
1,312,000
1,297,000
1,283,000
1,294,000
1,262,000
1,250,000
1,282,000
1,269,000
1,328,000
1,408,000
1,387,000
Per
cent.
5|
5|
6M
6f-f
6|
m
Per
cent.
6|
61
61
7|
7l
6i4
fi
6fl
i\
6|
6|
2 Held by the Bank of England and by the Treasury as note reserve.
1\
7*
7
820
FEDERAL HESERVE BULLEtltf.
FRANCE.
French foreign trade figures for January,
1921, show a marked decrease in imports. The
decline is greatest in imports of foods, which
were about 50 per cent less than food imports
MARCH, 1921.
during the previous month. Exports in January were slightly larger than in December,
with the result that France's "unfavorable
balance of trade" was smaller in that month
than it was at any time during 1920.
Foreign trade of France.1
[In thousands of francs.]
Imports.
Food.
1913 average32.
1919 average -
Exports.
ManuRaw
materials. factured
articles.
Total.
Food.
ManuRaw
materials. factured
articles.
Parcel
post.
Total.
151,465
892,040
412,144
1,229,434
138,169
861,798
701,778
2,983,272
99,201
154,841
203,091
301,420
615,630
47,182
71,444
573,351
989,966
538,365
653,630
871,857
675,799
547,825
558,951
985,410
1,336,987
",478,987
,398,592
,193,960
,302,867
478,408
651,299
772,007
813,216
644,911
726,856
2,002,183
2,641,916
3,122,851
2,887,607
2,386,696
2,588,674
84,561
150,060
114,223
125,678
103,355
216,849
187,626
347,480
349,521
353,344
348,361
421,735
415,007
767,423
834,031
844,901
726,654
1,100,931
35,204
58,866
39,884
52,987
31,658
69,862
722,398
1,323,829
1,337,659
1,376,910
1,210,028
1,809,377
723,749
608,822
667,709
549,834
672,861
,171,091
,294,160
,243,294
,389,928
1,548,681
905,613
724,894
684,442
732,416
726,715
2,800,453
2,627,876
2,595,445
2,672,178
2,948,257
210,888
229,892
262,808
200,388
218,626
440,482
446,131
337,464
405,858
366,981
1,631,883
1,363,469
1,597,808
1,136,356
929,222
116,255
112,081
134,472
140,996
146,067
2,399,508
2,151,573
2,332,552
1,883,598
1,660,896
346,703
1,101,267
534,498
1,982,468
188,546
436,069
1,142,398
115,605
1,882,618
1920.
January
February
March
April
May 4
June
July& 6
August
September..
October •
November6.
December6..
1921.
January*..
i Not including gold, silver, or the reexport trade.
a Calculated in 1913 value units.
8 Calculated in 1919 value units.
< January-June, 1920,figuresare calculated in 1918 value units. French foreign trade figures are originally recorded in quantity units only,
and the value of the trade is calculated by applying official value units to the quantities imported and exported. Normally the monthly statements of trade appear computed at the rates of the year previous, and only at the end of the year is the trade evaluated at the prices prevailing
during that year. Because of the disturbed price conditions in France this year, however, it was not until July that the 1919 price units
were decided upon and applied.
s Monthly French foreign tradefiguresare published only in cumulative form, and as the value rates used were changed in July it is impossible
to give separatefiguresfor that month.
«Calculated in 1919 value units.
In connection with the growth of French
Although French coal production is still relaexport trade in the last year, which is discussed tively small, during the last half of 1920
on page 269 of this issue of the BULLETIN, it is (that is, since the Spa agreement) she has been
interesting to compare some figures on the pro- fairly well supplied with coal. The following
duction of coal and pig iron in France during table gives preliminary figures on the coal
1913 and 1920. Preliminary figures are now imported into France during the last year:
available giving French coal production by
French imports of coal in 1920.
districts. Comparing the situation in 1920
with that in 1913, it is evident that a good deal
[In 000's of metric tons.]
of progress has been made in developing coal
mines in the south of France, in order to compenJuly
through
From—
sate in some measure for the destruction of the
December,
1920
mines in the Nord and Pas de Calais district.
Production during 1920 was, however, 41 per
England
,
cent smaller than in 1913.
Sarre Valley..
Germany
Coal production in Francef by districts.
United States
Belgium
[In thousands of metric tons.]
District.
1913
Total...
19201
14,994
1
Nord and Pas de Calais
Loire
Gard
Tarn, Aveyron, and BourbDiinais
Lorraine
All others
Total
* Subject to revision.
27,38»
3,796
2,137
2,725
(
'2,0O4
40,051
9,749]
5,995
1,970;
3,094]
3,175
320J
24,303
* Not included in France at that time.
Figures for the last 10 days in March are not available and have been
interpolated in making up this table.
The most recent information at present published in regard to pig iron production in
France applies to the first six months of 1920,
although it is stated that in the latter half of
the year, because of the increase in the coal
supply, pig-iron production also increased.
The following table gives the average monthly
pig-iron production in France in 1913 and the
first six months of 1920, by districts:
Pig iron production in France, by districts.
(Monthly average for 1913 and first six months of 1920.)
[In 000's of metric tons.]
District.
East
West
Southwest
Center
North
Southeast
Alsace-Lorraine..
Total
1
321
FEDEEAL EESERVE BULLETIN.
MARCH, 1921.
1913
First six
months
of 1920.
297
9
22
14
78
14
(*)
39
9
6
6
6
2
43
434
113
Not included in France at that time.
In February two new bond issues, sanctioned
by the Government, were placed upon the market. One is a 6 per cent loan of the Government of Algeria, the other an issue of 6J per
cent bonds of the Credit Foncier de la France,
the French Mortgage Bank, which, although
it is privately owned, is operated under Government supervision. It makes two kinds
of loans, (1) loans on land, for which there are
issued to the public mortgage bonds, and (2)
loans to departments and cities, for which
there are issued community bonds. The present issue is divided into 2,400,000 bonds of 500
francs each, of which 1,800,000 are community
bonds and 600,000 ordinary mortgage bonds.
There has been very little change in the scope
of the operations of the Credit Foncier since
1913, and a great part of the sums which it
will receive in this loan will be loaned again to
the departments and cities which are desirous
of undertaking public improvements, which
have been neglected during the years of the war.
Excepting the decrease in its advances to
the Government, the situation of the Bank of
France on January 27 differed little from that
on December 30. Note circulation had increased slightly, but there had been a corresponding increase in gold reserves. The advances of the bank to the Government stood
at their highest point, 26,600,000,000 francs, at
the end of December, but had fallen by the
end of January to 25,600,000,000 francs. The
amount of the advances to the Government
increased slightly during February, but on the
last week of the month stood again at
25,600,000,000 francs.
Receipts from indirect taxes and Government monopolies for January brought in only
1,204,442,000 francs of the expected 1,362,783,000 francs. This is the first time under
the budget adopted last July that the total
receipts have fallen below estimates. Disappointing results from the tax on total business
turnover, which brought in 184,000,000 francs
instead of the anticipated 484,000,000, were
mainly responsible for the deficit.
French financial situation.
[In francs.]
Situation of the Government.
Bank of France.
Advances
to the
Govern- Govern- Public
Price of
Silver Deposits 1 Circula- ment
Gold
for ment"
3 per cent
debt
tion
reserves (000,000's)
ssera
purposes
revenue
perpetual
(000,000>s) of the (000,000's:,} (000,000's) rente.
(000,000's) (000,000's)
war»
(000,000's)
1913, average..
1920, end of—
February..
March
££:::::
June
July
August
September.
October...
November.
December.
1921:
January...
February..
629
251
247
244
240
241
248
255
256
264
265
266
3,277
4,039
3,469
3,751
3,653
3,416
3,267
3,307
3,474
3,927
3,575
37,915
37,544
37,696
37,905
39,208
39,084
38,807
37,902
«3,553
• 3,555
268
264
3,429
3,293
37,913
37,808
»Includes Treasury and individual deposits.
* Under the laws of Aug. 5 and Dec. 26,1914, July 10,1915, and Feb. 16,1917.
• From indirect taxation and Government monopolies.
5,565
3,343
«3,603
« 3,606
4 3,608
«3,609
4 3,610
4 3,611
4 3,612
«3,531
« 3,537
«3,543
6 3,552
37,889
37,569
35,000
86.77
794
859
1,057
857
908
1,109 6 233,729
882
1,120
1,332
1,088
1,168
245,129
57.60
58.82
57.40
59.35
57.25
58.90
56.30
54.15
56.20
55.40
57.95
1,204
59.16
58.15
320
25,800
26,300
25,300
26,050
26,000
25,550
25,800
26,600
26,600
25,600
25,600
* Not including about 1,978 million francs held abroad.
• Foreign debt calculated at par.
« Not including about 1,948 million francs held abroad.
322
FEDERAL, RESERVE BULLETIN.
Foreign exchange improved greatly during
January. The following table shows the
marked decrease since the last of December in
the price of all the important foreign currencies
with the exception of the German marks:
Foreign exchange situation in France.
London New
York
(francs
to the (francs
pound to the
sterling). dollar).
Italy
(francs
to the
lire).
Berlin
(francs
to the
mark).
Argen- Sweden
tina
(francs (francs
to the
to the kronor).
peso).
Par
25.22
5.18
1.00
1.25
2.50
1.39
Dec. 30
Jan. 27
59.615
54.025
16.865
13.925
.58
.52
.23
.25
5.59
4.79
3.37
3.01
The course of wholesale prices in France continued downward during January with cuts in
the majority of raw materials and staples. The
wholesale price index number of the Bureau de
la Statistique Generale stands at 407 for January as compared with 435 for December.
The following tables give the group index
numbers:
MARCH,
1921.
The lowering of coke prices, announced in
the February BULLETIN, immediately affected
pig-iron prices, which declined about 22 per
cent. The demand both at home and abroad
is very slight at present, and the blast furnaces
are suspending work in all sections of the country. Even the furnaces of Lorraine, which up
to this time have been the most active, are unable to operate on a full-time basis.
At the end of January the unemployment
situation in the textile and silk mills was slightly improved as compared with last month.
The Nord district is still the one most affected
by lack of work. Mulhouse reports that unemployment is reduced to a minimum and does
not seem to be increasing. Among the silk
mills of Lyon from 40 to 50 per cent of the
looms are still idle, but there is increased
activity due to a decrease in wages which had
encouraged the factories to open again.
According to the retail price index number
of the Bureau de la Statistique Generale, retail
prices in Paris during January declined 14
points. This brings the retail price index
number down to 410, or 3 points above the
wholesale price index number.
Group index numbers—France.
Retail prices in Paris.
IBulletin de la Statistique Generale.]
[July, 1914=100.]
[1913=100.]
Date.
1913
1914
1915
1916
1917
1918
1919
1920:
January
February
March
April...
May.
June
Julv....
August
September...
October
November...
December
1921, January
Raw
Sugar,
Ani- Vege- coffee,
Min- Tex- Sun- matemal table and Foods
(20). erals. tiles. dries. rials
food. foods. cocoa.
(25).
100
100
100
100
103
126
162
215
286
392
103
126
170
243
298
313
106
151
164
201
231
253
104
131
167
225
281
336
452
484
500
522
480
482
501
515
5S1
533
519
515
483
432
474
516
511
480
400
370
359
412
421
390
360
334
419
436
439
447
424
392
405
399
544
422
377
355
337
440
474
498
506
472
434
432
432
487
469
442
424
397
100
100
98
164
232
271
283
272
100
109
132
180
303
460
444
100
99
145
199
302
420
405
101
145
206
291
387
373
413
444
460
507
459
428
469
475
468
787
828
884
953
841
734
746
737
715
637
510
475
460
465
503
548
598
601
517
500
524
540
527
498
471
445
525
561
600
653
614
540
548
558
558
528
476
444
415
453
424
385
341
Among the foodstuffs, meats have declined
most, with a fall in some grades of 14 per cent
from the December price. Nonferrous metal
prices declined very materially in January,
mainly because of the uncertainty in regard
to the coal situation. A new standard of coal
prices was set in February, bringing about a
reduction of from 75 to 80 francs in soft coal;
of 30 francs in hard coal, and 20 francs in
anthracite coal.
Month.
January
February
March
April
May
June
July
August
September
October
November
December
1914
100
1915
1916
1917
1918
1919
1920
122
137
139
191
248
226
248
257
268
263
261
238
259
283
280
285
290
297
339
358
378
369
373
373
407
420
426
424
116
135
147
218
122
132
183
206
120
138
184
237
1921
410
..
..
..
..
..
..
..
ITALY.
Owing to the success of the sixth national
loan, which was floated in March, 1920, the
Italian fiscal year 1919-20 was apparently
concluded without a deficit. According to the
annual statement submitted by the minister of
the treasury on December 19, 1920, without the
loan and some minor long-term credit operations, the Government revenues during the
year amounted to a total of 14,233,000,000 lire,
as compared with a total expenditure of
23,067,000,000 lire, leaving a deficit of
8,834,000,000 lire. As a result of the longterm credit operations mentioned above which
have provided approximately 17,000,000,000
lire, the deficit was completely wiped out and a
surplus of 8,000,000,000 lire provided. This
FEDERAL RESERVE BULLETIN.
MARCH, 1921.
surplus is fictitious, however, to the extent of
7,000,000,000 lire at least, as of the
18,366,000,000 lire subscribed within Italy to
the sixth national loan, 10,276,000,000 lire were
paid in scrip, while in computing the net revenue from loans, allowance was made for only
2,973,000,000 lire in scrip. Moreover the losses
incurred by the Government during 1919-20,
on account of the grain supply which amounted
to over 6,000,000,000 lire, were not charged to
the budget of that year. The success of the
national loan, however, made it possible for the
treasury to meet all ordinary and extraordinary
budget requirements, amounting to 21,213,000,000 lire in the 12 months ending October
31, 1920. During that time only 1,170,000,000
lire in new short-term commitments were
placed. During the corresponding period in
1918-19 the floating debt (i. e. short-term treasury bills and note circulation for the needs of
the treasury) had been increased by more than
10,000,000,000 lire. In the following table is
given a summary of the condition of the public
debt on October 31, 1920, as compared with
October 31, 1919:
Italy's public debt, Oct. SI, 1919, and Oct. SI, 1920.
[In millions of lire.]
Oct. 31, Oct. 31,
1919. ' 1920.
Prewar debt
Nationalloans issued during and after
the war
5 per cent treasury bonds, 3 and 5 years
Ordinary treasury bills
Bank-note circulation for account of
the treasury
Treasury currency notes
Foreign debt 1
Current account of the Institute of
Deposits and Loans
Total
1
13,638
13,439
1-1,859
6,745
15,981
35,450
4,570
10,740
10,350
2,271
19,984
10,438
2,269
20,594
660
572
84,468
98,072
In-
De199
20,591
2,175
5,221
88
"eio"
88
13,604
At par of exchange.
The importance of the sixth national loan in
funding a part of the floating and semifloating
debt is of particular interest. Although the
total debt of Italy was increased during the
year by nearly 14,000,000,000 lire, short-term
treasury bills were reduced by over 5,000,000,000
lire, and long-term bonds by over 2,000,000,000
lire, while the funded debt was increased by
20,000,000,000 lire. On October 31, 1919, the
floating or semifloating debt (i. e., short-term
treasury bills, long-term bonds, treasury currency notes and bank notes issued for account
of the treasury) constituted nearly 42 per cent
of the total public debt, while a year later they
formed only some 28.5 per cent of the total.
During the first three months of the year the
323
quantity of short-term treasury bills in circulation decreased by 935,000,000 lire in addition
to the bills remitted in exchange for the sixth
national loan. During the following seven
months of the year the circulation again increased, the increase being particularly pronounced following the month of July. In the
third quarter of the year there was likewise a
large increase in the amount of the three and
five year treasury bonds outstanding, so that
it can not be said that the reduction in the
floating debt has been uniform throughout the
year.
The annual statement referred to above contains also the first budget estimates for the
fiscal year 1921-22. According to these estimates, the revenue is anticipated to amount to
14,786,000,000 lire, of which 11,300,000,000
lire are from ordinary receipts, the rest being
extraordinary revenues, such as refunds, receipts from the sale of war materials, reparations for war damages, etc. Expenditures are
estimated at 24,541,000,000 lire, of which
14,767,000,000 lire are ordinary expenditures,
while 9,807,000,000 lire are extraordinary expenditures. Among the ordinary expenditures
is a charge of over 4,000,000,000 lire for the
public debt service and of about 3,000,000,000
lire for salaries and pensions of civil servants,
not including railway employees. The anticipated deficit for 1921-22 is 9,711,000,000 lire,
or, if account is taken of the excess of disbursements resulting from long-term credit operations over receipts from this source, the deficit
is 10,370,000,000 lire. In his estimate of expenditures the minister of the treasury does
not include any charge for interest on foreign
debt nor is any allowance made for the deficit
in the finances of the State railways, which
amounted last year to 1,000,000,000 lire.
Finally, the expenditures for war pensions,
which are estimated at 1,800,000,000 lire, will
necessarily be far larger than this amount as a
result of the new pension law which was passed
last December. Extraordinary expenditures,
on the other hand, may prove to be considerably lower than anticipated by the minister if
Parliament passes the Government bill increasing the price of bread, which has been subsidized at the expense of the treasury for a
considerable length of time.
NOTE.—In the January issue of the BULLETIN was pub-
lished a statement of the public debt of Italy on June
30, 1920. Additional data on Italy's financial position
have indicated discrepancies in various sources from
which the material was drawn. The table following revises the figures then given and summarizes the position
of the public debt.
324
FEDERAL RESERVE BULLETIN.
Italy's public debt on June 30, 1920.
MARCH, 1921.
German financial situation—Continued.
[In marks.]
[In millions of lire.]
I. Debt administered by the general direction of the public debt:
Perpetual
43,275
Redeemable
1,954
Special i
1,539
46, 768
II. Debt administered by general direction of the treasury includes:
3 and 5 year treasury bonds
3,990
Special bonds placed abroad
11,868
United States credits
8,399
The rest consists chiefly of railway obligations
III. Floating debt includes:
State currency notes
2,269
Bank notesissued for the account of the State
10,333
Short-term treasury bills and other liabilities of
the treasury, about
9,000 about
22,000
Total, over
94,000
GERMANY.
Situation of the Government.
Receipts
from
taxes and Floating 3 per cent 5 per cent
Governimperial
war
debt.
ment
loan.
loan.1
monopolies.
1913 average
1920, end of—
April
May
June
July
August
September
October
November
December
1921, end of January..
000,000's. 000,000's.
265
2,072
2,599
3,227
3,739
3,635
4,126
5,121
6,130
9,103
141,987
148,750
156,825
161,920
165,918
75.90
74.50
67.50
62.90
60.64
60.80
62.25
66.25
68.60
65.75
67.00
98.75
98.70
98.30
98.50
98.70
99.90
99.00
98.75
98.90
99.50
The inflation of the currency continues to be
one of the most important financial problems
in Germany. The note circulation of the 1 Quotations of the Berlin Bourse.
Reichsbank reached its highest point on December 31, 1920, but the reduction during the
In its reply to the questions of the Brussels
month of January was very slight. On Jan- financial conference the German Government
uary 29 the note circulation of the Reichsbank says of this situation:
equaled 66,621,000,000 marks and that of the
The total expenditures of the Government at present
loan banks 11,341,000,000 marks.
far exceed its income. As far as these expenditures
German financial situation.
[In marks.]
Reichsbank statistics.
Reserve.
Gold.
Note
Reichscircuund
lation.
Darlehns-
Darlehnskassenscheinein
circulaDeposits
tion.
scheme.
1913 a v e r a g e . . . .
1920, end of—
April
May
June
July
August
September
October
November
|
December
|
1921, end of Januaryj
1
000,000's.
1,068
1,092
1,092
1,092
1,092
1,092
1,092
1,092
1,092
1,092
1,092
000,000's. 000,000's. 000,000's. 000,000's.
32
.1,958
668
15,193
15,907
17,252
17,874
18,686
19,861
21,340
20,363
23,417
22,810
47,940
50,017
53,975
55,069
58,401
61,735
63,596
64,284
68,805
66,621
16,499
17,024
23,414
17,282
15,772
20,054
17,945
17,340
22,327
15,834
13,776
13,567
13,633
13,328
13,266
13,318
13,024
12,370
12,033
11,341
This includes the annuity paid to the Holy See and a number of
debts, both perpetual and redeemable, which are not entered at all, or
are entered separately in the Great Book of the Public Debt. An
analysis of this table shows in brief that the total funded debt amounted
to 73,000,000,000 lire, of which 47,000,000,000 lire (43,000,000,000 lire being
perpetual debt) were administered by the general direction of the public
debt. The remaining 26,000,000,000 lire of the funded debt are administered by the general direction of the treasury, and include long-term
treasury bonds and foreign credits. This may be called the semifloating
debt. In addition to these two sums there was outstanding on June 30,
1920, a floating debt of 22,000,000,000 lire. Short-term treasury bills were
outstanding to the amount of 9,000,000,000 lire and bank notes issued for
the account of the State to the extent of 10,000,000,000 lire.
are not covered by income, the Government is obliged
to increase the floating debt. This is accomplished
by issuing treasury bills (Reichsschatzanweisungen),
which are discounted by the Reichsbank and the proceeds
of which are credited to the Government by the bank.
The Government then settles its accounts through these
credits by withdrawals or transfers. The Reichsbank
places as many as possible of these bills with the banks and
private investors, and to that extent existing means are
drawn upon and further note issue is avoided. However,
a considerable and ever increasing amount of treasury
bills (at the present time from 45,000,000,000 to 50,000,000 marks) remains in the possession of the Reichsbank. Since the floating debt continues to grow, the issue
of voluntary loans in Germany for the purpose of stabilizing financial and economic relationships has no prospect
of results worth mentioning, and the treasury bills given
to the Reichsbank must be continually prolonged and
increased. There is no way of forcing the withdrawal of
the paper money issued as a result of the Government's
accounts, because the treasury bills are never released
from the Reichebank. As the bulk of this paper money
remains in circulation for a very long time the arnount of
money circulating in the country keeps increasing and
causing inflation.
The difference between Government receipts
and expenditures, which is the prime cause of
the inflation in Germany, has been variously
estimated this year. When the budget for the
year ending March, 1921, was presented to the
.Reichstag last October, the amount to be
raised by the discounting of treasury bills was
placed at 52,000,000,000 marks. The items
included in the budget were as follows:
MARCH, 1921.
FEDERAL RESERVE BULLETIN.
325
Using either figure, it is evident that a great
deal of German money has been invested in
industry during the last year. Part of the
capital increases are, of course, the result of
Expenditure. Resources.
the depreciation of the mark, but the character
of the industries in which the largest invest35,344
39,892
Ordinary
4,548
ments have been made shows that industrial
Special1
52,579
2 52,579
Extraordinary
activity has been reviving in Germany through92,471 out the year. Fifty-one per cent of the Frank92,471
Total
furter Zeitung's total of 11,445,000,000 marks
1 Nonrecurring.
was
invested in the mining, smelting, potash,
2 To be supplied mainly by short-term loans (1. e., treasury bills).
metal, and machine industries, and in electric
The estimate given for ordinary revenue light and gas works.
Prices continued to decline in Germany dur(almost 40,000,000,000 marks) in the October
budget estimate is probably too high, as receipts ing January. Metal and textile prices followed
for the first nine months of the year in question the downward course in world markets. There
have only amounted to 26,000,000,000 marks were also marked declines in several kinds of
(not including receipts from postal and railway foodstuffs; eggs, corn, coffee, lentils, peas, lard,
services which were not regarded as part of rice, condensed milk, margarine, and cacao
the ordinary budget). As the 1920 payment sharing in the downward movement.
on the capital levy (the Reichsnotsopfer) was The Frankfurter Zeitung has revised its
due before December 31 and was responsible index nunber, so that it now includes 75 comfor the increase in tax receipts in that month, modities, and for each of its group index numit seems unlikely that receipts for the first bers, as well as for the total, it has computed
three months of 1921 will bring the total for an index for 7the middle of 1914, a so-called
the fiscal year to the 40,000,000,000 marks "peace index/ In presenting its index numoriginally planned for. In fact, in one of its ber the newspaper retains January 1, 1920, as
recent replies to the questions of the Brussels 100. On this basis the index for the middle of
conference the Government estimated that 1914 is 9.80. For purposes of comparison
these receipts will be only 29,776,000,000 marks. with the index numbers of other countries it
In a recent speech the finance minister said that has seemed more convenient to recompute the
the deficit for the fiscal year, which must be Frankfurter Zeitung's index, using 1914 as 100.
met by discounting treasury bills, would be The following table indicates the course of
prices for the past year:
about 80,000,000,000 marks.
Meanwhile the Government has presented to
Index number of wholesale prices in Germany.
the Reichstag (which has never approved the
original 1920-21 budget) an estimate calling
[July, 1914=100.]
for further expenditures, which will amount
to about 7,000,000,000 marks. In order to
Agricul- Textiles,
All
Miscel- commoditural
leather, Minerals. laneous.
help relieve the deficit in the operation of postal
products.
etc.
ties.
and railway services it has been decided to
raise rates materially, and the finance minister July 1 1914
100
100
100
100
10 0
has recently announced that it will soon be
1920.
necessary to increase indirect taxation.
3,425
879
833
1,020
1,399
Jan.1
. .
1,046
5,171
1,025
1,337
1
2,028
In connection with the inability of the Reichs- Feb.
5,651
1,107
2,280
1,225
1,490
Mar. 1.
5,034
1,186
1,888
1,417
1,480
1
bank to sell treasury bills to private banks and Apr.
1,178
3,938
1,860
1,602
1,417
1
investors, statistics on the issues of stock and May
1,125
3,219
1,538
1,642
1,378
June 1
1,552
1,283
3,116
1,625
1,418
July 1
bonds in Germany during 1920 are particularly Aug. 1
1,309
1,566
1,617
1,459
3,288
3,562
1,608
1,318
1,650
1,490
1
interesting. The Frankfurter Zeitung has com- Sept.
3,699
1,344
1,734
1,592
Oct. 1
1,510
piled a summary which places the value of the Nov. 1
1,450
3,801
1,678
1,658
1,571
3,288
1,582
1,555
1,636
1,625
stocks and bonds offered to the German public Dec. 1 .
during 1920 at 11,445,000,000 marks, of which Jan.7 1921.
3,219
1,353
1,678
1,575
1,531
9,974,000,000 represents stock in 1,847 com- Feb.5
3,048
1,239
1,525
1,580
1,388
panies and 1,472,000,000 bonds. A recent
cable says that an official register of offerings
of stock places the 1920 total at 8,202,000,000
As the index number now stands it confirms
marks offered by 2,202 companies. No official the theory that there were three different trends
figures were cabled on bond offerings.
in German prices during 1920. It shows a
German budget for the year ending Mar. 31, 1921.
[Estimate of October, 1920.1
326
FEDERAL RESERVE BULLETIN.
sharp rise during January, February, and
April, with a pronounced drop in May, a more
gradual rise from the 1st of June to the 1st of
December, and falling prices in December and
January, 1921. The group indexes for textiles
and minerals follow much the same curve,
although on very different levels, with their
highest points on the 1st of March, a pronounced drop in March, April, and Ma^, and
another rise from June until November in the
case of textiles and until October in the case
of metals.
The following table illustrates the improvement in the position of the mark at the end
of January and its fluctuations since that time.
Tokyo banks.
[In thousands of yen.]
1920.
January
February
March
April
May
June
July
August
September
October
November
December i
1921.
January!
February i
1
Marks to the
Par
Dec.22
Dec. 29
London.
Paris.
Switzerland.
Pound
sterling.
20.40
Dollar.
Franc.
Franc.
4.20
0.80
0.80
1920.
253.70
257.45
71.92
73.92
4.2555
4.2780
10.9298
11.1385
266.20
257.70
243.25
215.25
243.75
235.25
74.67
68.18
64.43
56.94
63.43
60.43
4.3855
4.2445
4.0255
4.0555
4.4705
4.3155
11.3985
10.6890
10.0145
8.9910
10.1140
9.7900
Tokyo
bank clearings (total
Cash on within the
month).
hand.
Tokyo associated banks.
End of—
Berlin exchange o n New
York.
MARCH, 1921.
Total
deposits.
Total
loans.
1,929,250
1,932,460
1,956,987
1,983,069
1,974,171
1,921,628
1,836,612
1,788,544
1,823,548
1,826,522
1.836,541
1,769,000
1,929,250
2,021,621
1,982,134
1,981,932
2,089,356
2,036,450
2,028,871
2,013,565
2,075,903
2,133,237
2,133,582
1,866,000
192,987
179,673
201,543
189,375
195,618
210,622
162,291
121,156
152,849
147,527
160,823
228,000
3,063,495
3,532,102
4,135,258
3,168,387
2,922,032
2,524,263
2,109,431
2,139,132
2,032,421
1,921,862
2,302,013
2,841,000
1,723,000
1,752,000
1,876,000
1,874,000
202,000
269,000
2,013,000
2,143,000
Average
discount
rate
(Tokyo
market).
Per cent.
9.38
9.67
10.15
10.62
10.95
10.99
10.95
10.80
10.59
10.48
10.44
Provisional.
Exports continued to decline during January. The total value for January amounted
to 75,000,000 yen, as compared to 87,398,000
yen in December. The small demand for silk
in foreign countries is reported to be due in
part to the stabilization of the price by the
Imperial Silk Co.
Foreign trade of Japan.
1921.
Jan. 5 . .
Jan.12
Jan. 19
Jan. 26.
Feb. 2
Feb. 9
JAPAN.
In the following tables are published data
showing the trend of important items in the
statement of the Bank of Japan and of the
private banks in Tokyo.|§ In all cases the most
recent figures are obtained by cable and are
subject to correction.
[In thousands of yen.]
Imports. Exports.
1920.
January—
February..
March
April
May
June
July
August
September.
October
November.
December..
1921.
January.
204,767
270,642
329,027
296,832
295,950
220,183
157,133
123,197
117,600
107,670
108,029
105,109
176,348
174,288
193,570
217,457
193,363
183,810
154,318
175,061
154,355
133,814
104,605
87,398
1105,000
75,000
1 Provsional.
Bank of Japan.
[In thousands of yen.]
Government
deposits.
1920.
Jan. 31
Feb. 28
Mar.27
Apr. 24
May 29
June 26
July 31
Aug. 28
Sept. 25
Oct. 30
Nov.27
Dec. 25
Jan. 22
1,118,635
1,119,635
1,143,223
1,170,574
1,123,643
1,077,872
1, 061,549
1,147, 922
1,027,427
1,006,775
1,038,191
940,956
981,689
Private
deposits.
48,557
26,088
37,613
90,131
85,117
86,945
Discounts.
Loans.
53,619
51,138
41,497
98,859
98,581
249,425
276,846
290,457
381,281
393, 854
334,881
226,245
230, 750
132,309
113,631
76,376
109,233
55,295
59,463
73,259
51,107
51,316
45,711
46,548
47,598
47,915
50,592
51,369
48,814
190,318
55,908
46,353
Advances Note circuon foreign
lation.
bills.
324,397
281, 372
316, 727
322, 414
258,924
246,107
256,006
126,136
91,332
73,478
1,375,170
1,360,457
1,368, 056
' "16,577
17,856
1,349,065
L, 202, 433
.,217,076
L, 170,144
,192,082
,118,351
1,311,234
Rediscount
rate.
Per cent.
8.03
8.03
8.03
8.03
8.03
8.03
8.03
8.03
8.03
8.03
8.03
8.03
1921.
52,570
1,103,315
8.03
MARCH,
327
FEDERAL RESERVE BULLETIN.
1921.
SWEDEN.
In continuation of tables presented in the
for February, those published below
show the later trend of some of the leading
items in the Riksbank statement, the loans
and discounts of the private banks, the condition of foreign trade, and the changes in wholesale and retail prices.
BULLETIN
Recent foreign trade figures seem to indicate
that the wide difference between imports and
exports is being reduced month by month, but
that at the same time the total volume of
foreign trade is falling off. The peak in the
export trade was reached last July, and since
that time it has been almost uniformly on the
decline.
Value of imports and exports.
[Million kronor.]
[Million kronor.]
Joint-stoc
Riksbank.
Imports. Exports.
Bills disNote counted Loans
at home circula- with the and dis-1
counts.
Riksand
tion.
bank.
abroad.
Gold
holdings
January
February...
1920, end of:
January
February
March
April
May
June
July
August
September
October
November
December
1921: end of J a n u a r y .
271.5
265.2
261.1
261.0
261.0
261.1
261.3
261.4
279.8
282.4
282.4
281.8
281.9
673.3
685.5
741.6
718.3
708.3
736.5
724.8
742.2
779.8
772.8
752.8
759.9
672.5
343.1
360.6
507.4
497.7
473.5
531.1
514.2
567.8
547.0
503.4
447.2
451.3
431.0
5, 843.4
5,914. 4
5,877.4
5,969.4
5,998.6
5,982.9
6,028.9
6,007.4
6.068.7
6,079.0
6.117.8
6,211.3
6,172.6
Excess of
imports
over
exports.
1920.
238.0
282.1
301.1
266.9
314.2
283.3
331.1
307.6
324.5
299.3
228.2
197.1
March
April
May
June
July
August
September..
October
November..
December..
126.8
106.0
150.5
163.7
227.1
223.6
267.7
229.8
232.8
217.8
176.5
171.3
111.2
176.1
150.6
103.2
87.1
59.7
63.4
77.8
91.7
81.5
51.7
25.8
Official index number o/ retail prices of foodstuffs, fuel, and
lighting, 1920.
During January wholesale prices continued
to decline. The groups which were most
[July, 1914=100.]
affected were coal and textiles, the coal index ]920:
First
quarter
dropping from 602 in December (on the basis
Second quarter
of prices in 1913 = 100) to 371 in January.
July
Retail prices likewise showed a considerable
August
September
decrease, in fact the largest since the downward
October
movement began, the index number shifting
November
from 294 in December to 283 in January.
December
293
295
297
308
307
306
303
294
283
1921: January
i Provisional.
Group index numbers—Sweden, Svensh Handelstidning.
[1913=100.]
Vegetable
food.
Date.
1913-14
19141
1915
1916
1917
1918
1919
.
..
Animal
food.
Raw materials for
agriculture.
Coal.
Building
Metals.
material.
Paper
pulp.
Hides and Textiles.
leather.
Oils.
100
136
151
152
181
221
261
100
101
140
182
205
419
409
100
114
161
180
198
304
340
100
123
177
266
551
856
804
100
109
166
272
405
398
258
100
104
118
165
215
275
286
116
233
267
300
308
100
118
158
229
206
195
211
100
103
116
166
247
100
111
120
149
212
248
273
270
265
269
250
252
271
273
258
264
247
328
305
304
284
283
273
277
307
312
306
290
283
317
319
318
320
320
311
312
310
308
309
303
301
864
936
960
1,008
L,069
L,252
1,252
1,117
1,085
1.02fi
'910
602
248
259
291
283
324
273
256
253
247
295
371
367
367
367
381
388
388
388
390
387
362
388
476
682
767
788
778
767
756
753
740
609
598
258
269
268
263
252
212
202
191
180
166
161
156
353
380
380
368
374
368
336
328
310
250
233
206
204
226
275
275
275
303
303
322
340
340
332
328
244
266
281
371
230
320
520
131
169
328
100
June
July
August
September
October
November
December
35 CO 00
April.
May
0 toco
1920.
January
February
March
1921.
L
Average for 6 months ending Dec. 31,1914.
328
MARCH, 1921.
FEDERAL RESERVE BULLETIN.
Group index numbers—Canadian Department of Labor}
[1913=100.]
Grains
and
fodder.
Date.
1913.
1914.
1915.
1916.
1917.
1918.
1919.
Animals Dairy
and
meats. products
Fruits
and
vegetables.
Other
foods.
Imple- Building Fuel and
ments. materials,
lumber. lighting.
Metals.
Drugs
and
chemicals.
100
102
114
148
201
273
285
100
105
110
143
168
169
213
100
96
128
167
217
229
173 I
100
101
106
128
174
213
228
100
100
97
100
118
147
171
100
94
92
113
163
188
201
100
106
160
222
236
250
205
245
251
254
264
275
274
283
277
261
249
236
222
316
321
322
366
323
314
305
300
296
292
273
251
237
245
222
239
215
186
183
173
161
156
153
141
191
199
210
214
213
207
209
209
207
203
195
178
235
231
237
237
237
238
242
243
259
259
259
259
232
243
294
295
282
285
273
265
265
252
212
215
215
245
257
279
294
298
296
295
270
269
190
189
194
201
203
206
218
218
217
211
205
201
212
228
131
174
257
248
247
196
Textiles.
Minerals
and
metals.
962
1,064
840
742
759
794
837
810
763
675
996
1,076
1,088
917
903
957
1,040
1,092
1,009
100
114
136
142
206
231
226
100
107
104
121
161
197
199
100
100
105
119
149
168
192
100
99
93
130
233
214
206
100
104
121
136
180
213
222
269
275
280
291
301
302
292
271
254
229
201
190
195
195
198
200
207
211
211
204
202
194
184
179
228
216
206
196
189
183
194
198
202
207
209
221
265
290
295
316
358
338
295
142
190
177
203
189
186
175
151
184
1920.
January
February
March
April
May
June
July
August
September...
October
November...
December...
Hides,
Textiles. leather,
etc.
!
|
j
;
!
1921.
January.
i Unimportant groups omitted.
Group index numbers—Italy.
Prof. Bachi. [1913=100.]
Cereals
Date.
and
meats.
Other
food-
Textiles.
stuffs.
Minerals
and
metals.
Other
goods.
1913
1914
1915
1916.
1917
1918
1919
100
102
132
156
215
315
316
100
84
93
135
171
229
340
100
96
113
184
326
475
427
100
100
207
380
596
750
414
100
96
133
197
266
391
360
1920.
January
February...
363
365
396
399
777
840
671
857
418
443
Cereals
Date.
and
Other
food-
meats.
stuffs.
1920.
March
April
May
June
July
August
September.
October
November..
December..
381
395
441
445
434
445
459
446
475
481
418
494
499
511
508
510
520
502
535
531
Other
goods.
535
525
533
542
540
541
572
585
624
Group index numbers—United States, Bureau of Labor Statistics.
(1913=100.]
Date.
1913
1914
1915
1916
1917
1918
1919
Farm
products.
Food,
etc.
Cloths and
clothing.
Fuel and
lighting.
Metals and
metal
products.
100
103
106
119
189
219
234
100
102
105
124
178
191
214
100
98
99
123
181
240
270
100
96
92
114
175
163
173
100
246
237
239
246
244
243
236
222
210
182
165
144
253
244
246
270
287
279
268
235
223
204
195
172
350
356
356
353
347
335
317
299
278
257
234
220
162
208
Lumber
and
building
material.
House
Chemicals
and drugs. furnishing
goods.
Miscellaneous.
142
208
181
161
100
98
94
100
124
152
195
100
101
109
157
198
221
178
100
99
99
115
145
195
246
100
98
99
117
153
192
217
184
187
192
213
235
246
252
268
284
282
258
236
177
189
192
195
193
190
191
193
192
184
170
157
300
325
341
341
337
333
328
318
313
274
266
189
197
205
212
215
218
217
216
222
216
207
188
324
329
329
331
339
362
362
363
371
371
369
346
227
227
230
238
246
247
243
240
239
229
220
205
228
152
1920.
January
February
March
April
May
June
July
August
September
October
November
Dejcembea:
1921.
January
136
1S2
190
MARCH,
329
FEDERAL RESERVE BULLETIN.
1921.
Group index numbers—Calcutta, India, Department of Statistics.
[End of July, 1914=100.]
ManuJute
Hides Cotton
facmanu- R a w manuand
tured Metals. skins.
fac- cotton. facarticles.
tures.
tures.
Date.
End of July, 1914.
August, 1918
Other
textiles.
Raw Oil Tea. Sugar. Pulses. Cereals. Other
Oils. jute.
foods.
seeds.
100
100
317
100
83
100
100
240
100
328
100
240
100
100
89
100
96
100
100
95
100
179
100
100
1119
* 1920.
January
February
March
April
May
June
July
August
September...
October
November
December
118
118
127
114
128
131
139
142
158
154
161
161
225
217
218
201
215
233
235
235
237
282
246
229
226
215
222
219
248
244
249
257
245
245
243
242
253
233
211
209
160
116
100
99
105
96
89
90
356
364
351
357
365
364
364
360
347
343
341
(2)
214
185
179
158
135
144
132
139
154
142
133
116
181
164
150
170
142
147
151
163
163
136
118
107
153
158
159
161
164
164
168
168
164
164
164
156
159
155
135
116
123
119
119
115
115
132
118
124
125
123
118
119
120
83
89
91
105
104
90
83
200
190
166
163
169
171
169
167
179
184
163
152
96
92
87
90
90
73
74
72
65
64
62
69
377
363
321
377
511
482
503
477
456
392
348
273
207
191
160
159
150
149
159
160
170
169
168
149
167
158
151
156
157
156
151
154
154
155
150
139
204
199
192
185
183
180
188
185
186
178
173
160
1921.
Tanuary.
158 I
238
247
81
324
107
104
149
116
85
130
77
314
135
139
139
1
Includes pulses.
2 Mutilated cable.
Group index numbers—Australian Commonwealth—Bureau of Census and Statistics.
[July, 1914-100.]
Date.
July, 1914
1915
1916
1917
1918
1919
Metals and
coal.
Textiles,
leather,
etc.
Agricultural
products.
Dairy
products.
Groceries
and
tobacco.
Meat.
Building
materials.
Chemicals.
100
117
154
213
220
193
100
93
131
207
232
217
100
202
113
110
135
186
100
127
124
116
121
137
100
110
127
131
138
147
100
150
155
155
147
145
100
116
136
194
245
261
100
149
172
243
315
282
189
192
205
205
214
214
211
209
211
222
222
216
273
283
281
277
265
260
252
251
222
220
180
156
227
226
226
234
252
261
244
238
231
208
206
193
143
149
162
169
177
187
188
189
209
214
212
210
156
161
160
192
197
195
193
193
196
196
195
198
147
149
126
160
170
208
261
284
273
226
211
193
282
287
298
298
307
307
307
312
295
289
281
271
268
272
280
280
297
297
283
282
276
276
255
252
215
145
197
208
197
291
279
244
1920.
January
February
March
April.
May
June ..
July
August
September
October
November
December
1921.
January
330
FEDERAL RESERVE BULLETIN.
WHOLESALE PRICES IN THE UNITED
STATES.
Wholesale prices continued to decline in January, although at a less rapid rate than during
recent months. According to the index number compiled by the Federal Reserve Board
for international comparisons, the decline
amounted to 5 per cent; according to the index
number of the Bureau of Labor Statistics to 6
per cent. The Board's index number, based
upon the prices of 88 commodities, showed
prices in January to be 64 per cent above the
MARCH,
1921.
prewar level, while that of the Bureau of Labor
Statistics, based upon something over 325
commodities for the same month, stood at 77
per cent above the 1913 level.
All groups of commodities in the Federal
Reserve Board index declined during the month
except imports. In this group, however, a
slight increase of 2 points was registered, due
to slight increases in the prices of rubber, tea,
silk, tin, and nitrate of soda. The decline in
the index number of raw materials was more
rapid during January than that of consumers7
or producers' goods.
Index numbers of wholesale prices in United States—Constructed by the Federal Reserve Board for the purpose of international comparison.
[Average price for 1913=100.]
Goods pro- Imported. Exported. Consumed. R a w mate- Producers' Consumers' All comgoods.
duced.
rials.
goods.
modities.
Date.
Average for the year
Average for the year
January
February
March
April
May
June
July
August
September
October
November
December i
1913.
100
100
100
100
100
100
100
100
209
174
214
206
209
198
207
206
244
244
250
265
266
260
253
238
231
213
195
178
212
216
218
242
246
226
208
182
164
142
127
112
255
252
256
264
262
256
248
229
211
181
163
146
240
242
247
263
264
257
249
234
227
211
193
176
245
242
246
263
263
258
249
237
233
211
192
176
236
247
263
274
274
265
251
235
225
209
190
171
240
240
241
257
261
255
250
229
218
203
187
171
242
242
248
263
264
258
250
234
226
208
190
173
168
114
142
166
164
166
163
164
1919.
1920.
1921.
January *
* December and January figures have been revised because of a change in coal quotations which had been incorrectly reported to the Board.
INDEXNUMBERSOFWHOLESALEPRICEDmTHE'UNITED STATES, I9IB-I32L
AVERAeE PRICE LEVEL Of 1913=100.
Jill CommodUues.
•
Goods imported
——
- Goods exported'. •
300
280
260
240
2Z0
200
180
160
MO
120
•
SatvMateruds.
•
Jhiducers'Ooods.
Cbnsumers'ffoods.
300
280
260
240
220
200
180
160
140
120
\
X
JOO
JOO
SO
SO
60
60
40
40
20
20
O
0
1919
1920
1921
1919
1920
132/
331
FEDERAL RESERVE BULLETIN.
MARCH, 1921.
Index numbers of wholesale prices in the United States for principal classes of commodities—Bureau of Labor Statistics.
[Average price for 1913= 100.]
Raw materials.
Year and month.
All commodities
Consumers' (Bureau of
Labor Stagoods.
tistics index
number).
Farm
products.
July, 1914
January, 1915...
January, 1916...
January, 1917...
January, 1918...
January, 1919...
January, 1920...
July, 1920
August, 1920
September, 1920.
October, 1920...
November, 1920.
December, 1920.
January, 1921...
103
102
111
147
193
216
259
272
250
240
224
214
196
184
In order to give a more concrete illustration
of actual price movements, there are also
presented in the following table monthly actual
and relative figures for certain commodities of
a basic character, covering the period January,
100
99
111
151
185
203
248
263
250
242
225
207
189
177
1920, to January, 1921, compared with like
figures for January of previous years. The
actual average monthly prices shown in the table
have been abstracted from the records of the
United States Bureau of Labor Statistics.
Average monthly wholesale prices of commodities.
[Average price for 1913=100.]
Corn, No. 3,
Chicago.
Wheat, No. 1,
Cotton, middling, northern
spring,
New Orleans.
Minneapolis.
Wheat, No. 2,
red winter,
Chicago.
Cattle, steers, j Hides, packers,
good to choice, ! heavy native
Chicago.
j steers, Chicago.
Year and month.
Average Rela- ! Average
price per tive price per
bushel, j price. \ pound.
July, 1914
January, 1915...
January, 1916...
January, 1917...
January, 1918...
January, 1919...
January, 1920...
July, 1920
August, 1920....
September, 1920
October, 1920...
November, 1920.
December, 19^0.
January, 1921...
$0.7044
.7056
.7356
.9753
1. 6850
1. 3750
1.4750
1. 5388
1. 5310
1. 2938
.8778
.8003
.7341
.6553
114
115
120
158
274
223
240
250
249
210
143
130
119
106
Hogs, light,
Chicago.
Year and month.
July, 1914
January, 1915
January, 1916
January, 1917
January, 1918
January, 1919....
January, 1920....
July, 1920
August, 1920....
September, 1920.
October, 1920
November, 1920
December, 1920.
January, 1921...
Average
price per
100
pounds.
Relative
price.
$8. 7563
6.9875
7.1400
10.6050
16.2125
17.4125
15.1250
15.8875
15.7350
17.0688
14.7875
12.1400
9.6625
9.6700
104
83
84
125
192
206
179
188
186
202
175
144
114
114
$0.1331
.0783
.1205
.1735
. 3105
. 2850
.4035
.3950
.3380
.2706
.2088
.1780
.1444
.1450
Relative
price.
105
62
95
137
244
224
318
311
266
213
164
140
114
114
Wool, Ohio, i-f
grades, scoured.
Average
price per
pound.
$0.4444
.5143
.6429
.8143
1.4545
1.1200
1.2364
.9091
.8727
.8364
.7273
.6909
. 5455
.5455
Average
price per
bushel.
$0.8971
1.3527
1. 2894
1. 9166
2.1700
2. 2225
2. 9313
2. 8313
2. 5500
2.4903
2.1063
1. 7528
1.6809
1. 7884
Relative
price.
Average
price per
bushel.
Relative
price.
Average
price per
103
155
148
219
248
254
336
324
292
285
241
201
192
205
$0.8210
1.3910
1. 2896
1. 9024
2.1700
2.3788
2. 6338
2. 8050
2.4735
2.4919
2.2047
2. 0570
2.0125
1.9613
83
141
131
193
220
241
267
284
251
253
224
209
204
199
$9.2188
8. 5333
Hemlock, New
York.
Yellow pine,
flooring,
New York.
Relative
price.
Average
price per
M feet.
Relative
price.
Average
price per
M feet.
Relative
price.
94
109
136
173
309
255
263
193
185
178
154
147
116
116
$24.5000
24.2500
22.2500
24.5000
30.5000
36.0000
53.0000
57.0000
57.0000
57.0000
57.0000
57.0000
57.0000
48.0000
101
100
92
101
126
149
219
235
235
235
235
235
235
198
$42.0000
41.0000
39.5000
41.5000
57.0000
63.0000
112.0000
160.0000
157.0000
157.0000
152.0000
124. 5000
124.5000
110.0000
94
92
89
93
128
141
251
359
352
352
341
279
279
247
Rela- ! Average
tive price per
price. | pound.
pounds.
108
100
102
124
154
216
187
181
180
179
173
171
142
116
8. 6650
10. 5300
13.1125
18. 4125
15. 9375
15. 3813
15. 3500
15. 2500
14.6875
14. 5750
12. 0938
9. 8400
$0.1938
.2300
. 2300
.3350
.3280
.2800
.4000
.2944
.2850
.2840
. 2550
.2325
.1900
.1675
Relative
price.
105
125
125
182
178
152
218
160
155
154
139
126
103
91
Coal, anthracite, ; Coal, bituminous,
stove, New York, | run of mine,
tidewater.
i
Cincinnati.
Average Relaprice per j tive
long ton. I price.
$4.9726
5.1767
5.2639
5.6899
6.5000
7.9500
8.4291
9.4580
9.6087
10.4363
10.4732
10.5417
10. 5479
10.6373
102
104
112
128
157
167
187
190
206
207
208
208
210
I
Average
price per
short
ton.
$2.2000
2.2000
2.2000
4.5000
3.6000
4.1000
4.1000
6.0000
6.0000
7.1000
7.1000
7.1000
7.1000
5.6000
Relative
price.
100
100
100
205
164
186
186
273
273
323
323
323
323
255
332
FEDERAL RESERVE BULLETIN.
MARCH,
1921.
Average monthly wholesale prices of commodities—Continued.
Coal, Pocahontas, Norfolk.
Coke, Connellsville.
Copper, ingot,
electrolytic,
New York.
Lead, pig,
desilverized,
New York.
Petroleum, crude,
Pennsylvania,
at wells.
Pig iron, basic.
Year and month.
Average Rela- Average RelaDrice per tive price per tive
long ton. price. short ton, price.
July, 1914
January, 1915
January, 1916
January, 1917
January, 1918
January, 1919
January, 1920
July, 1920
August, 1920
September, 1920.
October, 1920....
November, 1920..
December, 1920..
January, 1921
S3. 0000
2. 8500
3.0000
6.0000
4.4120
4.6320
4.6320
6.4800
6. 4800
7. 2800
7. 2800
7.2800
7. 2800
7. 2830
100
95
100
200
147
154
154
216
216
243
243
243
243
243
Cotton yarns,
northern cones,
10/1.
$1. 8750
1.6250
2. 8750
7.2500
6. 0000
5.7813
6. 0000
14. 3750
15. 5500
15. 3125
14.3125
8. 8500
6. 2375
5. 5313
77
67
118
297
246
237
246
589
637
628
587
363
256
227
Leather, so-e,
hemlock, No. 1.
Average
price per
pound.
$0.1340
.1300
.2288
.2950
.2350
. 2038
. 1931
.1900
.1900
.1869
.1675
. 1455
.1369
.1288
Rela- Average
tive price per
price, j pound.
85
83
145
188
149
130
123
121
121
119
106
92
87
82
Steel billets,
Bessemer,
Pittsburgh.
$0.0390
.0380
. 0550
.0750
.0684
.0558
.0872
.0860
.0898
.0816
. 0731
. 0628
.0478
.0497
Relative
price.
Average
price per
barrel.
89
86
125
170
155
127
198
195
204
185
166
143
109
113
$1. 7500
1.4500
2. 2500
2. 8500
3.7500
4.0000
5.0625
6.1000
6.1000
6.1000
6.1000
6.1000
6.1000
5. 7750
Steel plates,
tank, Pittsburgh.
Rela- Average Relative price per tive
price. long ton. price.
71
59
92
116
153
163
207
249
249
249
249
249
249
236
Steel rails,
onen hearth,
Pittsburgh.
$13.0000
12.5000
17. 8100
30.0000
33.0000
30.0000
37. 7500
45.7500
48.1000
48.5000
43. 7500
36.5000
33. 0000
30.0000
88
85
121
204
224
204
255
311
327
330
298
248
224
204
Worsted yarns,
2-32's crossbred.
Year and month.
Average
price per
pound.
July, 1914
January, 1915...
January, 1916...
January, 1917...
January, 1918...
January, 1919...
January, 1920...
July, 1920
August, 1920....
September, 1920
October, 1920...
November, 1920.
December, 1920.
January, 1921...
$0.2150
.1650
.2100
.3400
.5363
.5000
.7271
.7009
. 6310
.5429
.4343
..3695
.3108
.2878
Rela- Average
tive price per
price. pound.
97
75
95
154
242
226
329
317
285
245
196
167
140
130
Beef, carcass,
good native
steers, Chicago.
$0.3050
.3250
.5700
.4900
.4900
.5600
.5700
.5500
.5100
.4900
.4700
.4100
.4000
Rela- Average Rela- Average
tive price per tive price per
price. long ton. price. pound.
108 $19.0000
19.2500
115 32.0000
203 63.0000
174 47.5000
174 43.5000
199 48.0000
202 62.5000
195 61.0000
181 58.7500
174 55.0000
167 49.7000
145 43.5000
142 43.5000
Coffee, Rio, No. 7.
Year and month.
Average
price per
pound.
July, 1914
January, 1915
January, 1916
January, 1917
January, 1918
January, 1919
January, 1920
July, 1920
August, 1920
September, 1920.
October, 1920
November, 1920..
December, 1920..
January, 1921....
$0.1350
.1300
. 1375
.1375
. 1750
. 2450
.2320
.2550
. 2550
.2600
.2520
.2400
.2220
.1738
Flour, wheat,
standard patents
(1918, standard
war),
Minneapolis.
Rela- Average Rela- Average
tive price per i tive price per
price. pound, j price. barrel.
104
100
106
108
135
189
179
197
197
201
195
185
171
134
$0.0882
. 0725
.0763
.0975
. 0853
.1547
.1628
.1306
.0936
.0819
. 0759
.0746
.0656
. 0669
77
139
146
117
84
74
68
67
59
60
74
75
124
244
184
169
186
242
237
228
213
193
169
169
$4.5938
6.8563
6.6438
9.2105
10.0850
10.2750
14.4438
13.6688
12.2350
12. 5938
11.2063
9.2950
8.9438
9.6250
$0.0113
.0110
.0208
.0430
.0325
.0300
.0274
.0338
.0325
.0325
.0309
.0281
.0285
.0265
Rela- Average Rela- Average
tive price per tive price per
price. long ton. price. pound.
76 $30.0000
74 30.0000
141 30.0000
291 40.0000
220 46.8000
203 57.0000
185 50.7500
228 54.5000
220 54.5000
220 54.5000
209 54.5000
190 54.5000
179 50.5000
179 47.0000
Hams, smoked,
Chicago.
100
100
100
133
156
190
169
182
182
182
182
182
168
157
Illuminating oil,
150° fire test,
New York.
.
Rela- Average Rela- Average Relative price per tive price per tive
price. pound. price. gallon. price.
100
150
145
201
220
224
315
298
267
275
244
203
195
210
$0.1769
.1538
.1588
.1945
.2950
.3494
.2944
.3769
.3725
.3634
. 3575
.3065
.2575
.2488
117
177
210
177
227
224
219
215
184
155
150
$0.1200
.1200
.1300
.1200
.1600
.1750
.2240
.2600
.2600
.2750
.2900
.2900
.2900
.2900
97
97
105
97
130
142
182
211
211
223
235
235
235
235
$0.6500
.6200
.8800
1.2500
2.0000
1.7500
2.2500
1.7500
1.7500
1.6000
1.5000
1.3000
1.1000
1.1500
Relative
price.
84
80
115
161
257
225
290
225
225
206
193
167
142
148
Sugar, granulated,
New York.
Average Relaprice per tive
pound. price.
$0.0420
.0488
.0573
.0662
.0744
.0882
.1537
.1910
.1490
.1426
.1078
.0962
. 0809
.0757
98
114
134
155
174
207
360
447
349
334
252
225
189
177
DISCOUNT AND INTEREST RATES.
from time to time as deemed of interest.
As was the case in the previous period, little change in rates is exhibited.
The changes which have occurred are few in number and little tendency
toward increase or decrease is apparent, either for any given center or any
particular type of paper. Present rates continue higher in almost all cases
than rates during the same period last year.
In the following table are presented actual discount and interest rates prevailing during the 30-day period ending February 15, 1921, in the various
cities in which the several Federal Reserve Banks and their branches are
located. A complete description of the several types of paper for which quotations are given will be found in the September, 1918, and October, 1918, FEDERAL RESERVE BULLETINS. Quotations for new types of paper will be added
.Discount and interest rates prevailing in various centers during 30-day period ending Feb. IS, 1921.
Ordinary
loans to
Prime commercial papei
Collateral loa ns—stock exchange
or other current.
Bankers' acceptances,
District.
4 to 6
months.
30 to 90
days.
No. 1 . . . . Boston
No. 2 . . . . New Yorki
N o . 3 . . . . Philadelphia
N o . 4 . . . . Cleveland
Pittsburgh
Cincinnati
Richmond
No. 5
Baltimore
Atlanta
No. 6
Birmingham .
Jacksonville
New Orleans
Nashville
No 7
Detroit
St. Louis
No. 8
Louisville2
Memphis
Little Rock . .
No. 9 . . . . Minneapolis
Kansas
City
No. 10...
Omaha
Denver
Oklahoma City
No. 11... Dallas
El Paso
Houston..
No. 12... San Francisco
Portland
Seattle
Spokane
Salt Lake City
Los Angeles
1
8
H. L
C.
7
7
I*
6
6
6
7
6
7
fi
6
6
6
7
6
6
6 6-64
6
6
6
6
7
7
6
7
8
6
7 74-8
6
7
7
64
64 7
61 7
6"
6
8
8
8
8
8
7
7
7
7
8 7
8
74
8
8 6
10
8 6
10 7
6
6
6
8 7
8 7
8
7
7
8
?*
8
54
7
7
H L.
I*
6
7
6
7
6
6
8
8
8
8
8
7
7
7
7
s
8
8
8
8
10
8
10
7
7
8
8
8
8
6
6
6
6
6
6
fi
C.
7
7
6
7
6
8*6
8
7
7
6
8
7
7 74-8
6
7
7
7
7
7
6
6
7
days.
H L.
8
8
8
8
7
61
7*
8
6
8
8 74
8 8
C.
7f
H. L.
8
8
?*
74
7
64
8
7
8
7
8
8
8
?
s s
Indorsed.
C. H .L.
7! 7 6
8 7
6 6
8 8
6
8 74
6
74
64 7 6* 64-7" 7 6
I*
S*
7f
8
8
8
8
7|
8
74
71
8
8
8
8
8
74
8 8
8 8
8
8
8 7
8 7^
8 7|
8
8
8
8 8
7
8
8
8 71
8 6
8
8
8 7 12
'if
8 8
8 8
8
8
8 74
8 7f
8 7*
8i 7
f
8
7|
8
8
6
6
8
8
8
8
8
6
6
7
6
6
7
6
Q
7
7 64
7 61
6 6"
71
8
8
9
8
o
8
9
7
7
7
8
7
7
8
7
7
6
7
7
6
6
6
6
6
6
7
3-7
7
6
7
6|
6
C.
6
5 | 5-61
a
6 | 6*
53
54
6
6
Q
6
6 6
6
71
8 7
8 7 7*-8
...
6
7
•*
61 6*
?6
8
7
8 7 7
•
•
"
6
74
6|
6i 6
6i
6| 6|
6|
6J 64
6}
8 7
8
8
8
77
6
7
6
6
6
6
f5
7
7
6
?*7
7
8 7
7 7
64
61
7" 51
64
7 51
7
7
64
C.
8 7
8
6
7
6
?
6
7
6
7
6
6
8
8
8
8
8
6
7
6
7
7
fi
6 6
6
8
8 7
8 6
7
8
8 6
8 7 74-8
?
7
7
T
L.
C.
7
7
H. L.
8 7
8
C.
C.
Secured by secured by
warehouse Liberty
receipts, bonds and
etc.
certificates
of indebtedness.
H. L.
C. H.L.
7 6
7 4J
7
64 6
4
L.
7 7
9 4
Cattle
loans.
3 to 6
months.
3 i months.
Unindorsed. Demand.
L.
C.
8 6
8
8
6
7
7
6
f
84 8
74 8
7
4 to 6
months.
30 to 90
60 to 90 days.
Interbank
loans.
Open market.
Customers'.
City.
7 64
7
64
61
7 51
7
6|
8
6 6
s
8
8
8
8
10
8
10
8
7
8
8
8
8
8
7
f
61
ft*
6
7
6
6
fi
f>
7
7
6
6
7
6
6
7
6
6
7
6
6
7
6
7
6
6
8
7
8
74-8
7
7
6
8 6+
6 6
8
8
7
8
7
8
8
8
8
8
8
10
8
10
I*
7
8
8
8
8
8
7
8
8
7
7
74
6
7
g2
6
8
6
6
6
6
7
7
6
7
6
8
8
7
8
8
74
8
7
64
7
8
8
7
6
7
6
7
6
6
8
8
8
8
8
6
6
6
7
6
6
7
6
7
7
6
I f
6
6
8
84
8
8
8
10
8
10
8
7
8
8
8
7
8
6
7
61
ff
7
8
6
6
7
8 6
'
6
7
6
7
6
6
8
7
8
6
?
8
7
7
6 7-8
6
8
8 7 74-8
8 6
7
7
6
I*
7
64
7
8
7
6
7
6
8
n-s
8
8
7
8
7
8
6
64
6
6
8
10
8
10
8
10
8
7
7
fii
fi
7
8
7
7
8
7
8
74
6
6
J
8
8
S* ?
8
8
8
8
7
8
C.
6
R
??*
**6*"
6
64
6
6
8
8
8
8
7
6
6
6
7
7-8
8
7-8
6
6
6
6
6
7
6
6
6
6
7 64
7 6
6 6
8
74
8
8
8
10
8
10
8
7
8
8
8
8
8
?
7
7
6
8
7
7
7
6 6-7
6
7
6
7
7
6
6
7
8
6
6
7
64 6*
7'
6
64 8
8
7
8
7
6
7
i
Rates for demand paper secured by prime bankers' acceptances, high 7, low 6, customary 6.
No report.
CO
CO
co
334
FEDERAL RESERVE BULLETIN.
MARCH, 1921.
PHYSICAL VOLUME OF TRADE.
In continuation of tables in the February, 1921, FEDERAL
RESERVE BULLETIN there are presented in the following
tables certain data relative to the physical volume of
trade. The January, 1919, issue contains a description
of the methods employed in the compilation of the data
and the construction of the accompanving index numbers.
In this issue is included a series covering stocks of grain at
eleven interior centers. The percentage of idle woolen
machinery to total reported has been supplemented by
the percentage of idle hours to total reported.
There were signs of an increase in activity in the textile
industry. Cotton consumption, after a continuous decline
since June,' 1920, showed an increase during January,
1921, but was still considerably less than consumption
during January, 1920. The number of cotton spindles
active during January showed an increase over last month,
but was considerably less than the number active during
January, 1920. The percentage of idle woolen machinery
on the first of the month to total reported in every instance
showed a decrease over last month. However, imports of
raw silk continued their decline.
Receipts of live stock at fifteen western markets showed
a considerable increase over December, 1920, but were still
below the receipts during January, 1920. Shipments of
stockers and feeders from thirty-four markets during
January, 1921, were less than during any month in 1918,
1919, and 1920. January grain receipts at seventeen
interior centers increased considerably over the receipts
during December, 1920. This increase was due to the
large increase in the receipts of corn and oats, while wheat,
rye, and barley showed a decrease. Flour receipts
showed a small decrease from December receipts and a
large decrease from the receipts of January, 1920. Estimated wheat flour production increased slightly during
January, but was considerably under the high production
figure during January, 1920. Cotton sight receipts
showed the usual seasonal decline but still reflect the
lighter receipts of the season. The takings of the American
spinners also showed this seasonal decrease, being less
than December, 1920, as well as January, 1920.
The production of bituminous coal during January
showed a considerable decrease both from December and
January, 1920, while on the other hand anthracite coal
showed a considerable increase during January over the
December and January, 1920, figures. Crude petroleum
production during January showed a very slight falling off
from December, 1920, but was well above the January,
1920, figure. Pig-iron production during February continued its decline, and the February figure showed the
smallest amount produced during any month since October, 1919, when production was curtailed because of the
steel strike. The daily production during February fell
to 69,187 tons as against 77,478 in January and 102,720 in
February, 1920. Parallel to the decline in pig-iron production, there was a considerable falling off during February in steel-ingot production, which was likewise the
smallest output since the time of the steel strike. The
unfilled orders of the United States Steel Corporation at
the close of February, 1921, fell to a new low level and
were considerably smaller than the unfilled orders at the
close of February, 1920. The January, 1921, structural
steel orders and shipments of the membership of the Bridge
Builders and Structural Society fell off both when compared with last month and the same month a year ago.
February receipts and shipments of lumber from Chicago
and St. Louis showed a slight increase over January, 1921,
but were considerably under the receipts and shipments
during February, 1920. Production of southern pine
increased slightly over December, 1920, but was considerably less than production during January, 1920. January production of Douglas fir, North Carolina pine, and
western pine decreased both when compared with December and January, 1920. Production of eastern white pine
increased considerably over December, 1920, but decreased
when compared with January, 1920. Receipts and meltings of sugar during January, 1921, at the North Atlantic
ports decreased both when compared with December and
January, 1920. Raw stocks of sugar at the close of January
at these ports were practically the same as raw stocks at the
close of December, 1920, but twice as large as stocks at the
close of January, 1920. California shipments of citrus
fruits showed a very slight decrease from the shipments
during December, 1920, but were well above the shipments during January, 1920. Shipments of deciduous
fruits showed a very large decrease from shipments during December, 1920, and a small decrease from January,
1920.
Railroad net ton-mileage during December showed a
very large decrease, being the smallest figure since the
outlaw strike during April, 1920. Tonnage of vessels
cleared during January, 1921, showed a slight decrease
both when compared with December and January, 1920.
Live-stock movements.
[Bureau of Markets.]
I
Receipts.
Cattle and i
!
1920.
January
July
August
September...
October
November...
December
January
1921.
Head.
1,861,431
1,657; 743
1,952,086
2,279,345
2,196,939
2,403,990
1,382,995
IItad.
5,203,492
2,837,685
2,516,240
27 435,589
2,826,277
3, 862,243
4,186,261
1,629,994 | 4,654,560
Shipments.
Sheep, 59
markets.
Horses and
mules, 43
maikets.
Total, all
kinds.
Cattle and
calves, 54
markets.
Hogs, 54
markets.
q h p p r ( K4 Horses and Total, all
m u l e s 43
markets
kinds.
markets.
m a r>
kets#
Head.
1,559,734
2,000,758
2,561,661
2,826,693
2,945,709
2,419,596
1,546,876
Head.
138,541
35,668
73,423
57,468
38,657
22,477
16,118
Head.
8,763,198
6,531, 854
7,103,410
7,599,095
8,007,582
8,708,306
7,132,250
Head.
753,216
721,328
869,849
1,079,170
1,159,459
1,148,861
647,801
Head.
1,667,330
1,095,470
953,088
931,261
1,084,175
1,394,347
1,516,893
Head.
677,493
1,015,612
1,459,150
1,581,680
1,932,083
1,474,299
704,760
Head.
138,145
37,152
69,971
60,414
37,994
22,963
17,030
Head.
3,236,184
2,869,562
3,352,058
3,652,525
4,193,711
4,040,470
2,886,484
1,769,155
34,712
8,088,421
602,320
1,637,902
681,987
34,572
2,956,781
rror
MOVEME1
AGRICULTURALFRODUCXS
1919-k 921
COAL AND PETROLEUM
1919-1921
—
JlrUhTadte' OalSbodtLctwri .
———Jgdumiruxis\GxU3wladz0ii ———*
£hreStodC& h?cm£r
. .«
——_> (jrtun and/ShurJceceipts
•
—• GyttxmSighbS Bsae^Ar
—• •
INDEXLUMBERS. AVEfci6E 1911-1913 ±100
.
200
200
190
[80
180
160
160
HO
140
di
MO
120
1
:\
\
\
100
1
1
«_
SO
y
60
V
/
40
»
v\
A\
K
V1/
i
•. /
T
20
f
I
*v
0
1920
1319
1921
Crudje$k£roteajtv$hdjaj£aiv —••
MDEXnUMBERS. AVEEA6E 1911-1613=100
200
160
V
1
n
/ 11
120
120
GO
100
SO
SO
VT
60
60
_J
40
40
2O
20
0
0
180
160
i
1\ A
;
:;
ii
120
80
140
r-
i
V
100 %
200
A
120
V
40
20
1919
280
i
260
240
220
2O0
180
160
]n
m
120
100
SO
60
40
20
0
40
40
20
20
0
0
1921
60
1921
1920
0
ouU
SO
60
1920
i
SO
Cotton Consumption-—fffol Consumption-
W
60
1919
1
KXJ
VH
MILLIONS OF POUNDS
-1913=100.
160
•4
120
»
TEXTILES
1919-192L
180
1
MO
MO
/
J
—
/ — _• —
\
160
n
vellngofrJi'odbLCtwn
UnfflUdOrderSjU.S.SteelCorpc
INDEXNUhWEFS. AVdRA6E19tl mttion
/
180
•••
1919 -1921
Tig Iron Production
ZOO
230
y
IiRONAIIDSTEL
335
FEDERAL RESERVE BULLETIN.
MARCH, 1921.
KIV
280
260
240
220
200
180
160
140
120
100
SO
60
40
20
0
\
At
f
\
\
\
\
\
i
V
\
\
s?
1319
1920
192!
336
FEDERAL RESERVE BULLETIN.
MARCH, 1921.
Receipts and shipments of live stock at 15 western markets.
[Chicago, Kansas City, Oklahoma City, Omaha, East 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.
1920.
January
July
.
August
September
October
November
December
January
1921.
...
Hogs.
Relative.
Head.
Relative.
Head.
Total, all kinds.
Horses and mules.
Sheep.
Relative.
Head.
Relative.
Head.
Relative.
1,392,739
1,188,019
1,459,565
1,736,009
1,628,564
1,781,261
984,309
138
118
145
172
162
177
98
3,842,609
2,115,639
1,818,245
1,597,622
1,836,748
2,624,185
2,932,052
175
96
83
73
84
119
133
1,035,274
1,301,458
1,688,719
1,893,312
1,865,330
1,542,477
942,858
76
95
124
139
136
113
69
90,022
26,257
55,371
38,950
24,716
12,149
9,290
196
57
120
85
54
26
20
6,360,644
4,631,373
5,021,900
5,265,893
5,355,358
5,960,072
4,868,509
138
100
109
114
116
129
105
1,191,814
118
3,339,419
152
1,112,024
81
24,158
52
5,667,415
123
SHIPMENTS.
1920,
January
July
August
September..
October
November..
December..
549,452
508,199
640,295
819,371
866,327
810,284
472,748
135
125
157
202
213
199
116
1,028,819
737,923
627,670
540,812
584,742
784,468
943,515
212
152
130
112
121
162
195
411,417
644,557
899,342
1,027,510
1,192,912
952,159
384,646
82
128
179
204
237
189
76
89,990
27,728
52,163
40,890
24,051
12,782
10,201
219
68
127
100
59
31
25
2,079,678
1,918,407
2,219,470
2,428,583
2,668,032
2,559,693
1,811,110
145
134
155
169
186
178
126
426,887
105
1,078,679
223
316,068
63
24,463
60
1,846,097
129
1921
January
Shipments ofstockers and feeders from 34 markets.
Cattle and
calves.
1920.
January
July
August
September.. . .
October
346,544
209,563
273,512
473,652
571,025
Hogs.
Total, all
kinds.
Sheep.
79,474
303,003
25,711
322,867
34,415
567,429
44,340
789,387
59,123 1,055,237
729,021
558,141
875,356
1,307,379
1,685,385
Cattle and
calves.
1920.
November
December
Hogs.
545,802
277,053
52,699
36,827
202,926
41,892
Sheep.
855,545
258,599
Total, all
kinds.
1,454,046
572,479
1921.
January
332,907
Exports of certain meat products.
[Department of Commerce.]
[Monthly average, 1911-1913=100.]
Beef, canned.
Pounds. Relative.
1920.
January
July
August
September
October
November
December
1,081,643
5,217,838
1,231,070
244,261
207,503
282,761
399,916
1921.
January
548,227
Beef, fresh.
Pounds.
163 22,872,223
788 5,506,812
186
343,352
37 1,964,543
31
522,251
43 3.091,895
60 1,583,434
82
6,078,550
Beef, pickled,
and other cured.
Bacon.
Hams and
shoulders, cured.
Lard.
Pickled pork.
RelaRelaRela- Pounds.
Relative.
tive. Pounds. tive. Pounds. tive. Pounds. tive.
1,844
444
28
158
42
249
128
1,670,500
1,973,004
2,152,982
1,613,657
1,995,039
1,678,091
3,053,993
490
1,725,625
77,501,002
31,562,761
23,333,156
41,371,561
49,838,768
57,934,259
68,784,322
463 13,905,923
188 8,385,089
139 9,360,469
247 8,997,124
298 8,787,853
346 11,197,880
411 14,491,763
65 43,202,486
258 16,869,841
63
74
81
60
75
63
114
93
56
63
60
59
75
97
Pounds.
Relative.
38,823,902
47,061,422
31,020,802
46,326,353
54,173,979
57,316,309
90,080,092
88
107
71
105
123
130
205
4,251,187
2,926,247
2,257,511
3,279,902
3,549,456
2,605,431
2,691,452
96
66
51
74
80
59
61
113 76,185,237
173
3,089,094
70
337
FEDERAL RESERVE BULLETIN.
M A R C H , 1921.
Receipts ofgrain and flour at 17 interior centers.
[Chicago, Cleveland, Detroit, Dulnth, Indianapolis, Kansas City, Little Rock, Louisville, Memphis, Milwaukee, Minneapolis, Omaha, Peoria,
St. Louis, Spokane, Toledo, Wichita; receipts of flour not available for Cleveland, Detroit, Indianapolis, Louisville, Omaha, Spokane, Toledt,
and Wichita.]
[Compiled from reports of trade organizations at these cities.]
[Monthly average, 1911-1913—100.]
Wheat.
Corn.
Oats.
Rye.
Barley.
Total grain.
Total grain and
flour.i
Flour.
Rela- Bushels. Rela- Bushels. Eela- Bushels. Rela- Bushels. Rela- Bushels. Rela- Barrels. Rela- Bushels. RelaBushels. tive.
tive.
tive.
tive.
tive.
tive.
tive.
1920.
January
July
August
September..
October
November..
December..
25,074,624
29,714,399
43,039,021
46,181,275
45,403,825
39,272,827
33,348,773
93 24,139,094
110 20,824,268
160 9,840,320
171 20,696,955
168 19,064,508
146 11,407,224
124 19,390,714
108 20,925,941
93 18,734,180
44 30, 728, 748
92
~~ "II,
31 031,569
85 21
!1,235,162
5115;
5,282,651
\
86 13,'
L3, 777,300
104 4,378,610
4,
93 3,096,026
3,
152 3,191,103
3,
154 5,571,428
'""4,455,979
105 4.
76 3,
a 706,653
3,482,685
683 3;
396 3,298, 544
280 2,659,921
288 3,007,508
503 6,630,056
403 5,795,028
335 6,618,362
315 5,058,808
46 77,
7,816, 813
37 75,028,794
42 89, 806, 700
92 110,111,283
81 95,954,502
92 76,287, 717
71 75,058,280
100 2,298,692
96 2,052,110
115 1,949,339
141 1,843,954
123 2,137,639
98 2,054,262
96 1,570,822
1921.
January
32,229,218
120 42,036,812
18718,508,986
92 2,202,705
199 3,753,837
52 98,731,558
1271,430,904
1
88,160,927
84,263,289
98, 578, 726
118,409,076
105,573,878
85,531, 896
82,126,979
102
97
114
137
122
99
95
73105,170,626
121
117
105
99
94
109
105
Flour reduced to its equivalent in wheat on basis of 4J bushels to barrel.
Shipments of grain and flour at 14 interior centers.
[Chicago, Cleveland, Detroit, Duluth, Kansas City, Little Rock, Louisville, Milwaukee, Minneapolis, Omaha, Peoria, St. Louis, Toledo, Wichita
shipments of flour not available for Cleveland, Detroit, Louisville, Omaha, Toledo, and Wichita.]
Wheat.
Corn.
Oats.
Total grain.
Barley.
Rye.
Flour.
Total gram and
flour.i
Rela- Bushels." Rela- Bushels. Rela- Bushels. Rela- Bushels. Rela- Bushels. Rela- Barrels. Rela- Bushels. RelaBushels. tive.
tive.
tive.
tive.
tive.
tive.
tive.
1920.
January
July
August
September...
October
November...
December...
17,514,087
19,002,099
24,934,816
28,700,593
26,258,795
24,950, 771
22,253,030
11412,326,051
123 9,100,527
162 6,260,144
186 6,284,075
170 10,336,378
162 7,890,500
~~~
144
87 15,822,099
64 11,345,429
44 12,814,067
44 12,690,866
73 10,601,178
"" :0,729,045
5610,
56 9,964,743
104 3,685,914
3,
75 4,476,238
84 2,880,003
84 4,339,057
70 4, 742,380
71 2,998, 524
66 3,171,616
521 2,007, 718
632 2,092,672
407 2,231,851
613 3,556, 180
670 4, 529,091
424 4,249,954
448 3,083,249
>1, 355, 869
5151
54 46,1
t6,016,965
[9,120, 881
57 49,:
91 55, 570, 771
116 56,467,822
109 50, 818,794
79 46,371,617
104 4,140,314
4,
93 3,767,678
3.
99 3,605,105
3,
112 3,187,454
114 3,758,735
103 3,!, 949,699
94 3,1, 141,524
122 69, 987,282
111 62,971,516
106 65,343, 854
94 69,914,314
111 73,382,130
117 68,592,440
93 60,508,475
108
97
101
108
114
106
94
1921.
January
20,187,379
13117,288,509
12211,523,642
76 2,380,797
336 2,874,359
74 54,254,686
110 2,678,257
79 66,306,843
103
1
Flour reduced to its equivalent in wheat on basis of 4J bushels to barrel.
Stocks of grain at 11 interior centers at close of month.
[Chicago, Detroit, Duluth, Indianapolis, Kansas City, Milwaukee, Minneapolis, Omaha, Peoria, St. Louis, and Toledo.]
[Bushels.]
Wheat.
1919.
January
February
March
April
May
June
July
August
September
October
November
December
1920.
January
February
March
April
May
June
July
August
September
October
November.
December
Corn.
88, 842, 753 4,679, 987
85, 478,959 3, 789,022
72, 596, 885 2, 053,605
3,032,370
8, 748, 521 2, 043, 927
2,911, 381 3, 765, 359
14,124,062 2,175,409
33, 511, 934
884,153
47, 075,432 1, 810, 777
56,436, 241 1,166,407
58,615,450 1, 282,673
50, 035, 556 2,605,266
42, 599,716
36,287,715
32, 766,175
30, 000, 205
21, 041,109
10,698, 325
5,492,026
5, 460, 879
9,134,621
14,627, 524
16, 058, 407
15,525,114
2,700,521
4,045,698
4,415, 510
4,105, 456
1,982, 296
2,843,334
4,959,314
1,414, 708
5,669, 580
7, 823, 807
3, 461, 911
4,793,299
Oats.
13, 111, 733
12,928, 201
" ""7,036
Uy \J\JiJy (JfJ I
7, 673,302
10,942,601
12,223, 930
14,181, 827
16, 075, 583
15,616,202
12, 554, 312
10,278, 575
9,132,979
8, 567,984
7, 524,343
6,336,426
5,225,293
2,901, 391
2, 059, 842
7,447, 762
23, 322, 910
28, 941,148
28,697, 974
27,358,948
Rye.
12,409,210
14,188, 718
12,634, 032
10, 566,034
7, 977, 227
7,657,446
8, 009, 887
10,312,296
12, 836, 893
15,311, 884
14, 420, 557
14,205,637
Barley.
Total
grain.
8,018, 807
7, 588,455
8,171, 303
9, 888,811
4, 428, 096
4,979,918
2,954, 044
2, 084,552
2,647,168
2, 360,063
1, 774,195
1, 712, 006
127,062,490
123,973,355
105,062, 861
73,177,962
30,871,073
30,256,705
39,487,332
60, 974, 762
80,445, 853
90,890,797
88,647,187
78,837,040
1,838,915
1,980,286
2,016, 046
1, 790, 740
2,264,906
1,669,346
1,336,553
709,469
2.114,369
2,096,517
1, 082,195 1,874,366
1,007,591 2,378,548
70,009,633
65,370, 348
61,126, 079
50,471,154
35, 456,089
20, 508,337
14,518, 298
15, 371, 418
41, 544,955
54,157,080
51.174,853
51,063,500
13,737,502
14,488,665
14, 404,005
8,238,327
4,942,485
2, 395, 941
670, 563
338,600
1,303,475
1921.
January
14,414,231
11,596,518
29,435,153
478,125 2,057,434
57,981,461
338
FEDERAL RESERVE BULLETIN.
MARCH, 1921.
Receipts of grain and flour at nine seaboard centers.
[Boston, New York, Philadelphia, Baltimore, New Orleans, San Francisco, Portland (Oreg.), Seattle, Tacoma; receipts offlournot available for
Seattle and Tacoma.]
[Compiled from reports of trade organizations at these cities.]
[Monthly average, 1911-1913=100.]
Wheat.
Oats.
Corn.
Rye.
Barley.
Total grain.
Total grain and
flour.i
Flour.
RelaRelaRelaRelaRela- Bushels. RelaBushels. tive. Bushels. tive. Bushels. tive. Bushels. tive. Bushels. tive.
tive.
1920.
January
July
August
September..
October
November..
December..
5,711,009
18,710,633
28,098,022
31,693,246
29,028,202
24,410,356
29,551,950
45
149
223
252
230
194
235
1921.
January
12,717,255
101 3,228,175
1
1,491,759
3,305,542
1,576,842
1,456,958
1,844,753
2,401,181
854,138
42
93
44
41
52
68
24
2,663,274
3,499,101
2,671,365
3,069,700
1,828,515
1,874,271
1,911,861
56 2,643,6111
74 5,048,019
3,407,7991
-,_..,._..
4133465|
4,133,465|
38 5,436,354
" '"
39 3,329,710
40 3,490,405
175 1,542,355
1,8611,,297,839
!, 098,083
2,398
2, 289,791
,____!,
2,909 1
1,815,227
3,,826
~~" 2,1,558,276
2,,344 21,721,320
2,457 2,291,639
32 2,748,524 1,9341,970,931
Bushels.
Relative.
;, 807,492
78 13,!
!. 661,378
126 32.
(
1,043,819
138 38,0
5,168,596
109 42,1
), 696,100
154 40,6
t, 736,838
164 34,7
138 38,099,993
611,561,693
1441,660,849
1681,390,077
1861,422,872
1791,463,830
153 3,683,380
168 4,367,180
150 20,835, 111
159 40,135,198
133 44,299,166
136 48,571,520
Ol
<
* '"47,283,335j
140
47,283,:
353 51,312,048
418 57,752,303
76
146
162
177
173
187
211
119 25,207,240
I l l 1,174,815
112 30,493,908
111
J.OU "±O,
JL,
Flour reduced to its equivalent in wheat on basis of 4§ bushels to barrel.
Stocks of grain at eight seaboard centers at close of month.
[Boston, New York, Philadelphia, Baltimore, New Orleans, Newport News, Galveston, San Francisco.]
[Compiled from reports of trade organizations at these cities.]
[Bushels.]
Wheat.
Corn.
Oats.
8,485,491
11,923,745
13,915,892
15,517,070
17,277,003
17,794,605
18,263,476
711,501
744,167
1,097,945
1,146,514
1,292,818
1,371,013
510,142
2,398,639
1,323,940
1,532,272
2,398,157
2,521,049
2,327,249
2,205,936
2,397,156
1,275,554
777,445
2,414,910
1,742,178
1,906,527
2,196,380
2,587,543
3,187,611
4,052,189
4,110,158
3,577,450
3,097,922
3,322,050
16,580,330
18,455,017
21,375,743
25,586,809
26,410,498
26,497,316
26,497,984
15,060,423
2,524,700
1,780,265
1,602,358
2,105,450
23,273,196
Rye.
Barley.
Total grain.
1920.
January
July
August
September
October
November
December
1921.
January
NOTE.—Figures for San Francisco include also stocks at Port Costa and Stockton.
Wheatflourproduction.
[January, 1918, to June, 1920, U. S. Grain Corporation; July, 1920, on, estimated by Russell's Commercial News (Inc.), New York.]
[Barrels.]
1920.
1920.
January
July
August
September
•October
13,005,000
8,152,000
9,059,000
9,650,000
9,981,000
November
December
9,889,000
8,745.000
1921.
January
^
8,924,000
Cotton.
[New Orleans Cotton Exchange.]
[Monthly average, crop years 1911-1913=100.]
Sight receipts.
Bales.
August
September
October
November
December
January
1920-21.
Relative.
Port receipts.
Relative.
Bales.
Overland movement.
Bales.
Relative.
at ports and
American spinners' Stocks
interior towns at
takings.
close of month.
Bales.
Relative.
Bales.
Relative.
I
308,262
771,590
1,466,874
1,804,135
1,579,751
1,148,412
25 i
159,586
62 !
443,149
971,334
117
1,075,803
144
797,350
126
636,260
92
17
48
106
117
87
25,322
17,324
87,215
117,139
134,455
151,599
24
16
83
111
128
144
251,841
254,460
395,165
425,089
672,477
521,305
55
56
87
94
148
115
1,365,397
1,607,602
2,101,839
2,597,820
2,815,934
2,863,377
116
136
178
220
239
243
339
FEDERAL RESERVE BULLETIN.
MARCH, 1921.
Cotton seed.
[Bureau of the Census.]
[Tons.]
Received
at mills.
Crushed.
On hand at!
mills (close
of month). |
Received
at mills.
1920.
January
July
August
September
October
467,049
On hand at
mills (close
of month).
1920.
625,719
13,219
20,317
145,519
607,628
7,259
24,979
244,382
945,998
Crushed.
477,478
30,084
36,780
135,623
471,979
November
December
829,282
557,787
719,455
546,086
581,806
593,507
418,846
527,521
484,832
1921
January
California shipments of citrus and deciduous fruits.
[October, 1920, on, California Fruit News and Bureau of Markets.]
[Monthly average, 1911-1913=100.]
Oranges.
Lemons.
Relative.
Carloads.
Relative.
Carloads.
2,457
2,822
1,707
1,409
752
1,602
3,774
100
115
70
58
31
66
154
630
664
751
464
925
377
368
156
164
185
115
228
93
91
3,087
3,486
2,458
1,873
1,677
1,979
4,167
3,429
140
627
155
Carloads.
Total
deciduous
fruits.
Total citrus fruits.
Relative.
Carloads.
1920.
January
July
August
September
October
November
December
66
159
|"69
146
123
3,179
7,239
9,021
11,880
2,792
368
i 4,077
143
98
Meltings.
Raw stocks at
close of month.
1
108
122
fc86
1921.
January
1
Includes grapefruit.
Sugar.
[Data for ports of New York, Boston, Philadelphia.]
[Weekly Statistical Sugar Trade Journal.]
[Tons of 2,240 pounds. Monthly average, 1911-1913= 100.]
Relative.
Tons.
1920.
January
July
August
September
October
208,554
386,328
308,313
109,302
109,335
Raw stocks at
close of month.
Meltings.
Receipts.
113
210
168
59
59
Relative.
Tons.
181,000
325,000
287,000
164,000
118,000
99
177
156
89
64
Receipts.
Relative.
Tons.
37,986
104,027
125,340
70,642
61,977
22
60
73
41
36
Relative.
Tons.
1920.
November
December
1921.
January
Tons.
Relative.
Relative.
Tons.
186,274
148,464
101
81
179,000
154,000
98
84
69,251
63,715
40
37
92,498
50
94,000
51
62,113
36
Naval stores.
[Data for Savannah, Jacksonville, and Pensacola.]
[Compiled from reports of trade organizations at these cities.]
[Barrels.]
Spirits of turpentine.
1920.
January
July
August
September
October
Rosin.
Receipts.
Stocks at
close of
month.
Receipts.
8,300
39,158
33,997
32,162
30,260
24,910
30,906
27,963
44,396
49,885
47,874
117,088
111,497
97,797
88,766
Spirits of turpentine.
Stocks at
close of
month.
Rosin.
Receipts.
Stocks at
close of
month.
Receipts.
23,893
21,174
49,209
53,356
83,177
76,848
247,253
300,315
9,419
51,563
36,333
310,905
Stocks at
close of
month.
1920.
165,927
135,979
144,109
176,612
195,837
November
December
January
1921.
340
FEDERAL RESERVE BULLETIN.
MARCH, 1921.
Lumber.
[From reports of manufacturers' associations.]
[M feet.]
Southern pine.
Western pine.
Number of
mills.
Production.
Ship- Numof
ments. ber
mills.
1920.
January
July
August
September.
October
November.
December..
202
207
204
204
206
203
199
386,481
385,842
383,540
376,566
344,427
315,343
264,504
1921.
January....
193 289,824 311,977
Production.
Douglas fir.
Ship- Numof
ments. ber
mills.
69,895 144,180
177,262 103,500
171,143 123,344
164,312
146,424 69,936
107,846 60,259
45,578 46,112
404,706
331,273
337,677
378,195
329,751
320,756
281,326
54
24,698
128
127
123
127
120
123
119
Production.
Eastern white pine.
Ship- Numof
ments. ber
mills.
327,568 344,568
242,612 225,666
322,908
299,277 238,965
355,614 299, 704
263,452 212,226
188,905 187,874
Number of
mills.
40,724
20,294
19,056
63,614
49,668
55,991
45,445
30,928
19,751
10,587
24,319
10,602
38,007
37,459
46,149
116 153,157 170,821
42,793
19
North Carolina pine.
16
Production.
Shipments.
24,678
20,756
19, 511
21, 887
19,487
14,617
8,091
26,283
15,217
14,130
16,043
14, 877
12,929
14,716
7,123
7,880
Receipts and shipments of lumber at Chicago and St. Louis.
[Chicago Board of Trade and Merchants' Exchange of St. Louis.]
[Monthly average, 1911-1913=100.]
Receipts.
M feet.
1920.
February
July
August.....
September
October
November
421,692
399,615
370,352
375,456
398 333
342,'971
Shipments.
Relative.
94
86
80
81
86
74
Mfeet.
224,286
184,767
220,368
242,857
220,116
190,282
Receipts.
Relative.
91
73
87
96
87
75
M feet.
1920.
December...
January
February
1921.
. ..
Shipments.
Relative.
M feet.
Relative.
351,695
76
192,072
76
263,001
269 632
57
62
165,308
169 843
65
72
Coal and coke.
[TJ. S. Geological Survey.]
[Monthly average, 1911-1913=100.]
Bituminous coal, estimated monthly production.
Short tons.
January
July
August
September
October
November
December
January
1920.
Relative.
Anthracite coal, estimated monthly production.
Short tons.
Relative.
Beehive coke, estimated
monthly production.
Short tons.
Relative.
48,688,000
45,523,000
48,389,000
49,271,000
52,636,000
51,012,000
52,565,000
131
123
131
133
142
138
142
7,588,000
8,261,000
8,025,000
4,646,000
8,069,000
7,453,000
8,321,000
103
112
108
63
109
101
112
1,982,000
1,693,000
1,776,000
1,820,000
2,065,000
1,622,000
1,515,000
76
65
68
70
79
62
58
40,125,000
108
9,419,000
127
1,074,833
41
1921.
341
FEDERAL, RESERVE BULLETIN.
MARCH, 1921.
Crude
'petroleum.
[U. S. Geological Survey.]
[Barrels of 42 gallons each.]
[Monthly average, 1911-1913=100.1
Stocks at end of1 month
(barrels).
Produced.
East of
Relative. California.
Barrels.
January
July
August
September
October
California.
1920.
33,774,000
38,203,000
39,055,000
37,532,000
39,592,000
176
199
204
196
207
Barrels.
1920.
November
December
89,355,000
88,155,000
89,584,000
22,149,000
21,874,000
21,265,000
Stocks at end of 1month
(barrels).
Produced.
January.
1921.
East of
Relative. California.
California.
38,699,000
38,951,000
202
203
92,015,000
94,919,000
21,272,000
20,930,000
38,271,000
200
95,369,000
21,261,000
1
Figures for stocks east of California are for net pipe-line and tank-farm stocks; those for California are for gross pipe-line, tank-farm, and producers' stocks.
NOTE.—Method of computing stocks has been revised. Figures calculated on the former basis are given for purposes of comparison as follows:
August, 129,043,000; September, 128,788,000; October, 129,451,000; November, 131,325,000; December, 133,690,000.
Total output of oil refineries in United States.
[Bureau of Mines.]
Gasoline
(gallons).
Kerosene
(gallons).
32,427,617
335,659,587
229,476,468
685,084,086
72,040,862
30,815,160
29,208,723
33,592,004
32,852,040
34,578,282
34,906,078
37,024,052
39,757,770
40,549,316
40,687,250
39,458,945
40,485,409
719,157
322, 588,697
367, 137,678
355, 597,451
381, 079,291
415 158,911
423, 419,770
444, 141,422
453, 881,096
465, 787,745
452, 642,125
464, 393,356
195,956,392
194,523,334
191,110,175
184,469,017
180,877,089
173,581,000
172,213,511
189,010,459
199,140,024
213,742,156
214,804,177
210,668,109
617, 555,156
589, 684,857
686, 945,963
643, 088,785
707, 198,355
689, 878,061
751, 193,898
834, 322,503
836, 700,086
823, 114,603
822, 638,305
859, 131,359
75,878,635
74,243,073
81,818,973
85,568,064
89,252,410
94,964,222
92,369,504
91,078,569
86,230,371
93,229,723
91,180,007
90,894,798
Crude oil run
(barrels).
December, 1919
January
February
March
April
May
June
July
August
September
October
November
December
1920.
Gas and fuel Lubricating
(gallons).
(gallons).
STOCKS AT CLOSE OF MONTH.
Dec. 31,1919
Jan. 31
Feb. 29
Mar. 31
Apr. 30
May 31
June 30
July 31
Aug. 31
Sept. 30
Oct. 31
Nov. 30
Dec. 31
1920.
13,143,285
446,793,431
339,319,690
714,124,455
137,318,934
13,200,727
13,500,599
14,346,458
15,145,691
15,331,375
16,172,280
17,086,253
17,960,558
18,830,079
19,237,730
21,373,945
21,260,580
515,934,364
562,996,489
626,393,046
643,552,644
577,671,795
504,055,601
413,279,319
323,239,991
288,195,394
301,283,731
354,835,764
462,381,837
327,548,646
330,120,942
334,617,117
376,358,123
419,077,605
421,343,353
410,853,047
378,548,791
379,300,705
383,828,239
398,991,592
393,070,923
652,080,901
590,322,125
580,182,858
590,687,009
618,939,135
641,968,363
655,152,293
708,608,472
771,126,965
799,024,084
808,802,516
837,404,414
141,690,177
132,759,244
130,630,597
140,355,972
135,882,485
133,212,551
131,866,455
130,797,810
130,449,829
136,194,914
142,180,775
160,522,477
Iron and steel.
[Pig-iron production, Iron Age; steel-ingot production, American Iron and Steel Institute.]
[Monthly average, 1911-1913=100.]
Pig-iron production.
Steel-ingot production.
Unfilled orders U. S.
Steel Corporation
at close of month.
Gross tons. Relative. Gross tons. Relative. Gross tons. Relative.
February
July
August
September
October
November
December
January
February
1920.
,
2,978,879
3,067,043
3,147,402
3,129,323
3,292,597
2,934,908
2,703,855
133
132
136
135
142
127
117
2,865,124
2,802,818
3,000,432
2,999,551
3,015,982
2,638,670
2,340,365
2,203,186
1,937,257
104
90
2,201,866
1,749,477
1921.
127 9,502,081
120 11,118,468
128 10,805,038
128 10,374,804
129 9,836,852
113 9,021,481
100 8,148,122
94
80
7,573,164
6,933,867
180
211
205
197
187
171
155
144
132
342
FEDERAL RESERVE BULLETIN.
MARCH, 1921.
Structural-steel orders and shipments.
[Bridge Builders and Structural Society.]
Fabricated struc- Structural-steel orders and shipments cf
tural steel conthe membership of Bridge Buildeis
tracted for throughand Structural Society.
out country.
Shipments.
Orders.
Per cent
shop
capacity.
Tonnage.
1920.
January
July
August
September
October
November
December
Tonnage.
Per cent
shop
capacity.
135,000
90,400
72,000
77,400
45,600
49,200
47,000
75.0
50.0
40.0
43.0
25.5
27.5
26.0
67,158
33,213
36,843
26,755
14,161
11,531
14,521
102.0
47.0
50.0
37.0
20.0
16.0
20.0 |
38,512
49,096
51,381
53,526
47,200
41,268
42,767
58.5
69.0
70.0
74.0
66.0
57.5
60.0
32,000
18.0
12,194
18.0 i
32,964
48.5
1921,
January
Per cent
shop
capacity.
Tonnage.
Imports of pig tin.
[Department of Commerce.]
[Monthly average, 1911-1913=100.]
Pounds.
January
July
August
September
October
1920.
8,772,953
17,584,167
11,195,937
9,596,819
6,741,331
Pounds.
Relative.
97
193
123
106
74
1920.
November
December
1921.
January
Relative.
9,550,535
5,893,627
105
65
2,584,347
28
Raw stocks of hides and shins.1
[Bureau of Markets; July, 1920, on, Bureau of the Census.]
[Pieces.]
Dec. 31,1919
1920.
Jan. 31
Feb. 29
Mar.31
Apr. 30
May31
June 30
Sept. 30
Oct. 31
Nov. 30
Dec. 31
Cattle
hides.
Calfskins.
Kipskins.
Goat and
kid.
Cabretta.
Sheep and
lamb.
7,349,146
2,117,442
1,122,156
16,736,234
2,092,425
9,296,812
6,773,360
6,559,337
6,558,300
6,072,895
5,849,375
6,212,946
5,926,708
6,770,509
7,158, 751
6,232,852
1,920,184
1,859,697
1,930,218
2,281,370
2,724,056
3,107,393
3,542,388
3,850,183
3,492,653
3,271,905
1,036,372
1,141,620
966,850
834,711
924,042
915,499
1,083,193
1,377,998
1,422,608
1,305,776
14,401,965
17,146,852
16,436,848
14,823,461
14,922,480
14,623,712
13,408,277
12,147,070
11,231,086
11,721,505
1,893,614
2,197,683
2,047,519
1,947,499
2,253,785
2,070,471
2,197,149
2,104,133
2,234,027
2,685,670
8,902,067
9,460,914
9,227,252
8,911,681
9,004,621
10,993,228
11,235,417
13,626,406
12,705,767
13,773,089
i The number of firms reporting has increased as follows: June, 1,120; Sept., 1,307; Oct., 1,915; Nov., 2,027; Dec, 2,059.
Textiles—Cotton and silk.
[Cotton, Bureau of the Census; silk, Department of Commerce.]
[Cotton, monthly average, crop years 1912-1914=100; silk, monthly average, 1911-1913=100.]
Cotton consumption.
Bales.
1920.
January
July
August
September
October
November
591,921
525,489
483,193
457,647
399,837
332,057
Relative.
Cotton
spindles
active
during
month.
132 34,739,579
117 34,666,794
107 34,471,515
102 34,040,806
89 33,669,804
74 31,654,126
Imports of raw silk.
Cotton consumption.
Pounds.
Bales.
4,855,989
2,581,920
2,690,690
1,968,801
1,531,850
1,319,995
Relative.
237
126
132
96
75
65
Relative.
Cotton
spindles
active
during
month.
Imports of raw silk.
Pounds.
Relative.
1920.
December
294,851
66
29,879,402
972,011
48
1921.
January
366,270
81
31,509,021
708,897
35
MAECH,
343
FEDERAL RESERVE BULLETIN.
1921.
Textiles—Wool.
[Wool consumption, Bureau of Markets; idle wool machinery, Bureau of the Census.]
Percentage of idle machinery on first of month to
total reported.
Looms.
Consumption
(pounds.) 1
January
July
August
September
October
November
December.
January
February
1920.
Wider
than 50inch
reed
space.
72,720,593
37,097,077
38,054, 708
36,297,221
38,443,688
28,096,047
Spinning spindles.
Sets
Under
of
50-inch cards.
reed
space.
Combs.
Looms.
Spinning spindles.
Wider Under Sets
of
than 50- 50-inch
cards.
Woolen. Worsted. inch
reed
reed
space. space.
Combs.
Woolen. Worsted.
14.5
42.5
49.5
51.8
49.0
46.9
51.2
18.5
32.3
29.9
34.8
34.9
37.7
44.8
8.8
38.0
39.6
39.6
38.3
39.5
50.3
7.2
35.0
33.4
37.3
26.3
32.8
41.4
9.1
42.0
45.5
44.6
43.2
42.8
51.7
10.2
32.7
37.6
38.0
26.0
34.8
42.7
54.1
59.7
47.7
60.4
45.9
57.1
38.4
51.0
46.7
53.9
38.5
53.4
57.0
53.9
49.2
48.7
58.1
56.5
52.9
43.8
59.4
58.9
50.8
43.0
66.7
60.0
71.2
66.7
66.1
64.3
62.9
51.0
68.4
64.5
65.2
55.3
board.
Wrapping.
1921.
1
Percentage of idle hours on first of month to total
reported.
1
Converted to grease equivalent basis.
Production of wood pulp and paper.
[Federal Trade Commission.]
[Net tons.]
1920.
January
July
August
September...
October
Wood
pulp.
Newsprint.
Book.
302,541
312, 334
305, 965
293, 913
319, 877
129,663
129, 853
128, 818
121, 005
124,818
96,419
95, 526
94, 424
94,142
93, 849
Paper Wrapboard. ping.
211, 934
218, 771
215,633
218, 743
196,604
70,109
73, 487
75, 226
70, 917
73,100
Newsprint.
Wood
pulp.
Fine.
34, 078
33,122
34,207
34, 526
Book.
Fine.
1920.
November
December
I
|326,041 122,993 89, 564 133, 818 65, 920
[302,527 124, 857 76,093 105,227 54, 308
31, 208
27, 233
1921.
January
I
[275,353 123,830 64,382 105,806 44,620
22,756
Sale of revenue stamps for manufactures of tobacco in the United States (excluding Porto Rico and Philippine Islands).
[Commissioner of Internal Revenue.]
Cigarettes.
Cigars.
1920.
January
July
August
September
October
Large.
Small.
Small.
Manufactured
tobacco.
Number.
663, 634, 243
678, 751,956
672, 020, 289
678,640,116
704, 799, 089
Number.
58, 837, 900
51,766,100
48,171, 240
50,175, 580
60, 882, 760
Number.
4,528, 760, 833
3,053, 336, 563
3, 569, 397, 443
3, 557, 482, 503
3, 840,334,806
Pounds.
33,608,313
30, 988,646
32,138,941
32, 094,569
27,123, 774
Cigarettes.
Cigars.
Large.
Small.
Small.
Manufactured
tobacco.
Number.
Pounds.
Number.
57,026, 500 3, 529,200, 006 18,513,654
47,380, 000 2, 816, 818, 050 15, 452,701
1920.
November
December
Number.
668,060,015
506,126,135
1921.
January
462,798,039 64,661,867
3,901,560,330
24,750.290
i
Output of locomotives and cars.
[Locomotives, United States Railroad Administration; February on, reports from individual producers; cars, Railway Car Manufacturers
Association.]
Locomotives.
Foreign
completed.
Domestic.
Foreign.
Total.
Number. Number.
22
48
54
122
125
114
69
126
106
198
Number.
4,650
2,731
3,409
3,955
6,309
Number.
1,914
434
1,210
1,203
684
Number.
6,564
3,165
4,619
5,058
6,993
Domestic
shipped.
1920.
January
July
August
September
October
Output of cars.
Locomotives.
Output of cars.
Foreign
completed.
Domestic.
Foreign.
Number. Number.
73
204
93
198
Number.
6,243
7,551
Number. Number.
7,228
985
1,420
8,971
71
7,169
Domestic,
shipped.
1920.
November
December
1921.
January
154
843
Total.
8,012
344
FEDERAL RESERVE BULLETIN.
MARCH,
1921.
built in United States, including those for foreign nations, and officially numbered by the Bureau of Navigation.
[Monthly average, 1911-1913=100.]
Gross
Relative.
Number. tonnage.
Gross
Number. tonnage.
Relative.
January
July
August
September
CJetober
1920.
115
173
178
135
120
253,680
217,239
259,210
261,962
227,162
1,050
899
1,073
1,084
940
November
December
January
1920.
119
87
213,966
176,903
885
732
94
216,280
895
1921,
Tonnage of vessels cleared in the foreign trade.
[Department of Commerce.]
[Monthly average, 1911-1913=100.]
Net tonnage.
American. Foreign.
1920.
January
July
August
September
October
Total.
1,933,385 1,949,798 3,883,183
3,302,538 3,616,052 6,918,590
3,616,267 3, 929,602 7,545, 869
3,421,531 3,513, 599 6, 935,130
3,500, 312 3,756,512 7, 256, 824
Net tonnage.
PercentRela- age
Relative. Ameri- tive.
can to
total.
95
169
184
170
177
49.8
47.7
47.9
49.3
48.2
188
180
181
186
182
American. Foreign.
1920.
November
December
3,302,367
2,785,615
1921.
January
2,191,201 2,454,617
Total.
2, 868, 294 6,170,661
2,949,416 5,735,031
4,645,818
PercentRela- age
Relative. Ameri- tive.
can to
total.
151
140
53.5
48.6
202
183
114
47.2
178
Net ton-miles, revenue and nonrevenue.
[United States Railroad Administration; March, 1920, on, Interstate Commerce Commission.]
December, 1919
January
February
March
April
May
33,608,668,000
1920.
34,764,807,000
32,695,352,000
37,991,269,000
28,530,657,000
37,902,007,000
June
July
August
September
October
November
December
1920.
38,157,869,000
40,450,094,000
42,706,838,000
40,999,843,000
42,562,687,000
37,458,630,000
34,722,365,000
MAECH, 1921. -
FEDERAL, RESERVE BULLETIN.
GOLD SETTLEMENT FUND.
345
the same time made net transfers
of $255,520,000
7
to the Federal
Reserve
agents
fund,
the balance
in the banks7 fund thus showing an increase of
slightly more than 100 millions, or from $405,143,000 to $505,901,000. The balance in the
agents7 fund likewise increased by nearly 100
millions, from $807,263,000 to $904,682,000,
net transfers from the banks amounting to
$255,520,000 being partially offset by net
withdrawals of $158,100,000 from this fund.
At the close of business on February 17, 1921,
the combined balances in the two funds stood
at $1,410,583,000, the net addition to the
funds during the three-month period amounting
to $198,177,000.
The Federal Reserve Bank of New York
gained $140,174,000 through interbank transfers and lost $380,290,000 through settlements,
resulting in a net loss during the three-month
period of $240,116,000. The Federal Reserve
Banks of Philadelphia, Atlanta, Minneapolis,
Dallas, and San Francisco also show losses
during the period under review, while the
remaining six banks show gains, the gains in
the case of the Boston, Cleveland, and Chicago
banks being particularly heavy.
Following are figures showing operations
through the two funds from November 19,
1920, to February 17, 1921, inclusive:
A reduction in the volume of clearings
through the gold fund from the record total
of $21,821,566,124 for the three months ending November 18, 1920, to an aggregate of
$18,134,804,741 for the quarter ending February 17, 1921, reflects the notable slackening
of business and industrial activity during the
latter period. Clearings for the period under
review are the smallest since the three-month
period ending in August, 1919. Interbank
transfers declined relatively still more heavily
from $2,487,123,679 to $1,418,949,549, or by
43 per cent, the current figures of transfers
being the smallest recorded in any quarter
since November, 1918. This notable reduction is in consequence of the improved reserve
position of the Federal Reserve Banks, resulting in a very marked decrease in the volume
of interbank rediscounting, and to a much
lesser degree to a reduction in the volume of
transfers between Federal Reserve Banks for
Government account.
During the three months under review the
Government made the semiannual interest
payments on the first Liberty and Victory
loans of about 140 millions, redeemed about
1 billion dollars of maturing loan and tax certificates, issued 1,033 millions of new certificates, and collected the last quarterly install- Clearings and transfers through the gold settlement fund from
Nov. 19, 1920, to Feb. 17, 1921, inclusive.
ment of income and excess-profits taxes,
amounting to 670 millions. These operations
aggregated 2,843 millions, while during the
Clearings.
Transfers.
immediately preceding quarter similar transactions amounted to approximately 2,706 Settlements of—
$116,704,660.09
$1,408,533,597.60
Nov. 19-24
millions. Transfers between Federal Reserve
165,083,630.67
1,662,756,837.77
Nov. 26-Dec. 2
178,940,349.96
1,468,259,420.34
Dec. 3-9
Banks for Government account, however,
155,273,269.73
1,514,672,138.22
Dec. 10-16
168,783,550.82
1,578,782,464.26
amounted to only 190 millions during the curDec. 17-23
133,889,987.92
1,284,060,402.61
Dec. 24-30
rent three-month period, compared with 392
115,934,823.86
1,394,651,557.15
Dec. 31-Jan. 6,1921.
68,945,826.12
1,351,707,711.66
Jan. 7-13...
millions reported for three earlier months. At
74,144,251.95
1 429,586,887.44
Jan. 14-20
102,251,308.87
1,369.059,402.84
the beginning of the period under review the
Jan. 21-27
44,409,302.48
1,299,633,417.13
Jan. 28-Feb.3
Federal Reserve Banks of Boston, Philadel57,799,480.17
1 189,191,104.12
Feb. 4-10
36,789,106.38
1,183,909,800.30
Feb. 11-17
phia, and Cleveland were carrying 163.9
18,134,804,741.44 | 1,418,949,549.02
millions of paper under discount for seven
Total..
other Federal Reserve Banks, while on Feb- Total since Jan. 1, 1921.
481,151,239.34
8,951,655,082.50
7,551,584,236.15
85,074,217,886.97
Total for 1920
ruary 18 only 14.5 millions was held under Total
7,930,857,773.95
66,053,394,214.47
for 1919
4,812,105,000.00
45,439,487,000.00
discount for one of the latter banks. This Total for 1918
2,835,504,000.00
24,319,200,000.00
improvement in the condition of the Federal Total for 1917
Reserve Banks may be taken as indicative of
a better financial condition generally, making
Clearings and transfers combined.
it less necessary for one section to draw upon
for 1921 to date
$9,432,806,321.84
the resources of another, and consequently Total
Total for 1920
92,625,802,123.12
73,984,251,988.42
involving less frequent and much smaller Totalforl919
:::::::::::::::::.
50251592000.00
shifting of funds by transfer.
: : 2 7 ; i 5 4 ^ ; o o5,533,966,000.00
o o o
The Federal Reserve Banks deposited $356 r
277,000 net of gold in the fund between NovemTotal clearings and transfers from May 20, 1915,
ber 19, 1920, and February 17,1921, and during
to Feb. 18 ? 192L.,
,...,
260,035,771,433.38
346
FEDERAL, RESERVE BULLETIN.
MARCH, 1921.
Inter-Federal Reserve Bank changes in ownership of gold.
Total to Nov. 19,1920.
Federal Reserve
Bank.
Decrease.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Total
Total changes from May 20,
1915, to Feb. 18,1921.
From Nov. 19,1920, to Feb. 17,1921, inclusive.
Increase.
Balance to
credit Nov.
18,1920, plus Balance Feb.
Decrease.
net deposits
17,1921.
of gold since
that date.
Increase.
Increase.
$71,356,943.77
$126,431,113.65
1,460,108.70
$55,074,169.88 $121,896,835.07 $49,
$240,116,106.96
300,042,563.89 59,926,456.93
"'
$1,275,878,783.82]
306,548.83
89,619,895.05 45,607,749.19 42,294,402.97 3,313,346.22
60,740,764.20
267,366,164.89 36,073,810.69 96,814,574.891
328, 106,929.09
6,362,725.75
13,229,032.75 20,875,874.77 27,238,600.52
19, 591,758.50
47,477,289.55 10,883,032.10 9,196,706.80 1,686,325.30
45, 790,964.25
8,930,337.64 32,450,926.49 116',
83,947,742.16
92, 878,079.80
.6,398,668.65
398; 668.65
78,970,028.81 i 1,271,585.19 23,798,829.39
~~
25,070,414.58
104 040,443.39
8,900,900.00 7,648,852.45! 1,252,047.55
9,375,848.13
8,123,800.58
31,646,402.14 21,713,416.27 33,325,966.941
ii," 612," 550." 67
258*952*81
23,359,866.52 11,847,694.94 7,735,220.43 4,112,474.51
19, 247,392.01
428,213,290.21 40,673,302.66 32,062,462.07 8,610,840.59
419j 602,449.62
1,043,886,477.44 1,043,886,477.44 505,900,850. 74 505,900,850.74 259,091,141.13 259,091,141.13 1,285,254,631.951,285,254,631.95
$1,035,762,676.86
i Excess of withdrawals over balance Nov. 18,1920, and deposits since that date.
Gold withdrawals and deposits, also transfers and clearings from Nov. 19, 1920, to Feb. 17, 1921, inclusive.
FEDERAL RESERVE BANKS' FUND.
Federal Reserve Bank.
Boston
New York....
Philadelphia.,
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis..
Kansas City...
Dallas
San Francisco
Total...
Balance last
statement,
Nov. 18,1920.
$18,732, 842. 95
79,202, 986.51
44,593, 484.55
77,884, 846.45
14,232, 433.78
3,580, 444.08
58,795, 286.27
13,567, 991. 70
9,169, 679. 54
25,496, 307. 95
4,123, 500.44
55,763, 631.25
405,143,435.47
Gold
withdrawals.
$8,655,765.28
33,933,106.08
8,998,055.42
30,828,981.09
9,048,008.92
5,153,989.82
11,665,276.59
6,637,099.23
4,774,344.54
6,838,818.80
10,433,841.80
37,298,837.56
174,266,125.13
Interbank transfers.
Aggregate
withdrawals
deposits and
and transfers transfers
from
to agent's
agent's fund.
fund.
Gold deposits.
$13,026,087.26
220,772,683.46
69,012,320.06
19,017,945.33
31,691,449.91
36,156,577.84
25,320,916.81
11,797,522.34
4,505,565.00
7,055,927.12
14,158,036.30
78,028,008.97
530,543,040.40
$53,655, 765.28
93,933, 106.08
73,998, 055.42
60,828, 981.09
25,048, 008.92
31,353i
51,665, 276.59
27,687, 099.23
4,774, 344. 54
11,838! 818.80
10,433, 841.80
111,298! 837.56
556,466,125.13
Debits.
$13,026,087.26 $150,588,144.33 $142,632,616.67
314,772,683.46
53,550,569.50 193,724,974.32
75,012,320.06
75,202,012.00 87,576,913.55
19,017,945.33 436,139,486.44 429,274,231.78
31,691,449.91
82,997,388.53
95,000,000.00
38,656,577.84 145,755,022.38 108,609,770.90
25,320,916.81
44,229,813.66
5,237,499.97
12,797,522.34
25,579,127.36
8,000,000.00
4,505,565.00
91,373,283.34
51,000,000.00
8,055,927.12 140.699,038.87 104,824,711.21
18,158,036.30 172,335,662.61 169,500,000.00
96,208,508.97
23,568,830.62
500,000.00
657,223,540.40 1,418,949,549.02 1,418,949,549.02
Daily clearings from Nov. 19, 1920, to Feb. 17, 1921, inclusive.
Federal Reserve Bank.
Boston
New York
Philadelphia...
Cleveland
Richmond
Atlanta
Chicago
£t. Louis
Minneapolis
Kansas City
Dallas
San Francisco.
Total..
Net debits.
Total debits.
$380,290,511.78
15,688,247.77
5,639,885.72
1,276,811.90
31,679,671.21
434,575,128.38
$1,323,540,123.78
5,192,078,150.07
1,794,051,499.10
1,577,448,671.32
1,516,648,007.35
560,325,873.72
2,272,390,611.41
1,233,565,260.81
345,438,666.21
965,874,290.52
627,393,410.29
726,050,176.86
18,134,804,741.44
Credits.
Net credits.
Total credits.
$1, 402,852,595.21
811,787,638.29
1,' 778,363,251.33
1, 645,054,690.18
1, 511,008,121.63
595,784,799.90
2, 395,330,667.26
1, 276,214,802.75
384,559,902.00
013,361,168.85
626,116,598.39
694,370,505.65
18,134,804,741.44
Balance in
fund at close
of business
Feb. 17, 1921.
$79,312,471.43
""67*666*6i8*86'
35,458,926.18
122,940,055.85
42,649,541.94
39,121,235.79
47,486,878.33
434,575,128.38
$49,460,108.70
59,926,456.93
42,294,402.97
96,814,574.89
27,238,600.52
9,196,706.80
116,398,668.65
23,798,829.39
7,648,852.45
33,325,966.94
7,735,220. 43
32,062,462.07
505,900,850.74
FEDERAL RESERVE AGENTS' FUND.
Federal Reserve agent at—
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Total.
Balance last
statement,
Gold
Nov. 18,
withdrawals.
1920.
$105,000,000
25,000,000
101,389,260
110,000,000
45,500, 033
57, 000,000
176,144,500
40,430,600
11,200,000
36,360,000
13,734,000
85,504, 500
807,262,893
Gold
deposits.
$75,000,000
5,000,000
48,000,000
$40,000,000
40,000,000
"" 33," 666," 666'
21,499,967
26,700,000
121,000,000
30,000,000
1,000,000
18,000,000
16,000,000
28,500,000
402,200,000
Gold
transfers
to bank.
$94,000, 000
6, COO, 000
2,500,000
93,000,000
23,100,000
11,000,000
15,500,000
244,099,967
" i , " 666," 666'
1,000,000
4,000,000
18,180,500
126,680, 500
Gold
transfers
from bank.
$45,000,000
60,000,000
65,000,000
30,000,000
16,000,000
26,200,000
40,000,000
21,000,000
5,000,000
* 74,'666," 666'
382,200,000
Total
Total
Balance at
withdrawals, deposits,
close of
including
including
business
transfers to transfers from Feb.
17,1921.
bank.
bank.
$75,000,000
99,000,000
54,000,000
33,000,000
29,200,000
121,000,000
31,000,000
1,000,000
19,000,000
20,000,000
46,680,500
528,880, 500
$85,000,000 $115,000,000
100,000,000
26,000,000
65,000,000
112,389,260
30,000,000
140,000,000
37,499,967
50,000,000
26,200,000
54,000,000
133,000,000 188,144,500
44,100,000
53,530,600
16,000,000
15,500,000
74,000,000
626,299, 967
10,200,000
33,360,000
9,234, 000
112,824,000
904,682,360
MARCH,
347
FEDERAL RESERVE BULLETIN.
1921.
BANK DEBITS DURING FEBRUARY.
Debits to individual account, as reported to
the Federal Reserve Banks by about 150 important clearing-house centers for the four
weeks ending February 23, have continued to
decline. This decline has been almost uninterrupted from the week ending January 5,
during which debits aggregated 10,810 millions,
to the week ending February 23, during which
the total was 6,481 millions. The decline
during the most recent four weeks, however,
has not been as rapid as during the first four
weeks of the year, while for the most recent
week, which contained Washington's Birthday,
daily average figures were slightly above those
for the week before.
The general downward trend of the volume
of debit transactions has been shared by New
York City banks and by the banks outside of
New York City, nearly all of the large centers
participating in the decline. Substantially
similar changes in volume of transactions were
reported for the corresponding period of 1920.
For both years slight increases are reported for
the weeks during which mid-January and end of
January settlements are made, while outside of
those two weeks, a downward tendency prevailed for the entire months of January and
Februarv.
Debits to individual accounts at clearing-house banks.
SUMMARY BY FEDERAL RESERVE DISTRICTS.
[In thousands of dollars.]
Federal Reserve district.
Number
of centers
included.
Boston
New York
Philadelphia..
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis...
Kansas City...
Dallas
San Francisco.
Total....
157
1921
1920
Week ending—
Week ending—
Feb. 2.
Feb. 9.
Feb. 16.
414,058
4,771,038
396,013
544,167
173,064
201,272
965,209
187,951
129,220
253,586
157,370
469,798
353,951
3,988,564
341,825
465,256
147,421
178,390
878,831
174,025
121,S60
235,122
152,882
451,886
368,265
3,766,451
355, 431
482,416
156,110
184,036
889,777
187,257
129,591
228,254
140, 567
457,150
8,662,746
7,490,113
7,345,305
Feb. 23
Feb. 4.
Feb. 11.
Feb. 18.
Feb. 25,
304,962
512,065
!, 235,403 5,579,712
320,503
473,239
505,649
553,003
128,807
202,397
169,661
280,448
772,115 1,146,680
182,902
261,994
102,096
157,203
232, 471
324,763
133,928
167,763
391,533
551,213
439,523
5,051,024
387,874
521,850
179,855
259,505
1,023,257
239,520
162,930
307,781
147,315
483,282
466,920
4,208,651
399,866
558,595
181,722
243,403
1,111,029
280,949
151,605
302,624
161,929
517,968
388,752
3,882,207
361,137
517,074
159,949
232,305
982,410
222,311
140, 549
273,825
147,091
458,708
6,481,030 10,210,480
9,203,716
8,585,261
7,766,318
NOTE.—Figures for the following centers, while shown in the body of the statement, are not included in the summary, complete data for these
centers not being available for each week under review: Manchester, N. H.; Reading, Fa.; Greenville, S. C; Huntington, W. Va.; Washington,
D. C; Wilmington, N. C; Moline, 111.; East St. Louis, 111.; Quincy, 111.; Springfield, Mo.
DATA FOR EACH REPORTING CENTER,
fin thousands of dollars.]
1921
Week ending—
Feb. 2.
District No. 1—Boston:
3,615
Bangor
1273,121
Boston
'
352,702
Do
6,547
Fall River
21,108
Hartford
3,305
Holyoke
5,274
Lowell
4,192
Manchester
5,893
New Bedford
18,356
New Haven
10,370
Portland
31,766
Providence
13,788
Springfield
5,428
Waterbury
15,487
Worcester
1
Debits of banks which submitted reports in 1920.
Feb. 9.
1920
Week ending—
Feb. 16. ! Feb. 23.
3,563
3,567
i 236,777
1226,029
296,986
307,145
6,628
5,752
20,602
21,560
2,714
2,793
3,886
4,156 I
4,103
4,206 !
6,258
5,358
16,559
15,366
8,271 !
7,514
28,773 I
29,379
11,733 ;
15,186
5,473 I
5,299
14,088 !
14,932
2,836
1192,631
248,934
5,282
16,082
2,574
3,669
3,482
5,104
13,732
7,366
27; 053
11,992
4,540
12,101
Feb. 4.
3,022 !
333,020
Feb. 11.
Feb. 18.
Feb. 25.
3,035
294,845
3,018
300,648
2,144
254,187
13,105
28,036
4,889
5,255
8,326
18,335
4,438
4,922
9,472
27,058
4,997
5,713
8,435
19,157
4,397
4,630
7,813
19,529
8,450
42,248 i
19,458 I
7,262
19,978
7,948
17,601
6,892
34,325
16,709
6,664
15,483
10,769
16,762
6,934
41,060
12,647
9,893
17,949
6,609
15,287
5,573
31,817
15,552
6.434
14,530
348
FEDERAL RESERVE BULLETIN.
MARCH, 1921.
Debits to individual accounts at clearing-house banks—Continued.
DATA FOR EACH REPORTING CENTER—Continued.
[In thousands of dollars.]
1921
Week ending—
District No. 2—New York:
Albany
Binghamton
Buffalo
New York
Passaic
Rochester
Syracuse
District No. 3—Philadelphia
Altoona
Chester
Harrisburg
Johnstown
Lancaster
Philadelphia
Reading
Scranton
Trenton
Wilkes-Barre
Williamsport
Wilmington
York
District No. 4—Cleveland:
Akron
Cincinnati
Cleveland
Columbus
Dayton
Erie
Greensburg
Lexington
Oil City
Pittsburgh
Springfield
Toledo
Wheeling
Youngstown
District No. 5—Richmond:
Baltimore
Charleston
Charlotte
Columbia
Gi een ville
Huntington
Norfolk
Raleigh
Richmond
Washington
Wilmington
District No. 6—Atlanta:
Atlanta
Augusta
Birmingham
Chattanooga
Jacksonville
Knoxville
Macon
Mobile
Montgomery
Nashville
New Orleans
Pensacola
Savannah
Tampa
Vicksburg
District No. 7—Chicago:
Bay City
Bloomington
Cedar Rapids
Chicago
Davenport
Decatur
Des Moines
Detroit
Dubuque
Flint
Fort Wayne
Grand Rapids
Indianapolis
J ackson
Kalamazoo
Lansing
Milwaukee
Moline
Peoria
1920
Week ending—
Feb. 11.
Feb. 18.
20,627
4,449
76,259
5,427,761
5,562
29,819
15,235
19,516
3,914
61,283
4,918,894
4,663
27,016
15,738
20,095
3,944
58,764
4,075,180
5,511
30,197
14,960
27,424
3,250
57,478
3,750,232
4,162
25,608
14,053
2,499
4,277
4,529
4,305
4,276
247,378
5,721
13,743
9,024
8,161
3,549
15,527
3,235
2,877
4,705
2,330
3,194
5,539
401,683
2,470
4,110
2,300
3,104
4,651
319,216
3,101
4,775
2,720
3,626
5,341
331,070
2,607
4,928
2,996
3,799
4,752
292,908
12, 111
10,720
6,659
3,552
15,661
4,208
15,460
10,117
7,352
3,285
12,663
3,146
12,068
11,188
8,722
3,805
9,356
4,094
14,105
12,101
6,984
3,536
8,819
3,602
12,552
57,310
121,954
26,937
11,837
6,895
3,557
5,402
2,492
185,096
3,805
24,785
7,847
11,947
10,940
51,491
97,524
21,728
11,145
5,118
2,892
4,825
2,613
256,926
3,443
21,350
6,669
8,985
28,068
66,159
164,560
28,202
12,614
7,118
5,704
11,311
2,571
177,270
3,883
23,052
9,164
13,327
27,991
58,974
148,918
27,678
11,468
6,304
4,029
11,550
1,865
173,188
3,135
23,477
7,223
16,050
27,471
60,866
152,174
34,562
13,135
6,621
4,432
12,063
2,699
184,823
3,526
34,031
9,919
12,273
18,837
53,290
154,260
23,483
11,814
6,112
3,661
10,526
2,288
183,967
2,454
27,249
6,253
12,880
83,830
5,600
5,523
4,666
3,345
5,648
13,816
4,300
29,686
38,054
5,517
93,833
6,410
4,641
4,799
3,132
5,478
13,182
4,100
29,145
33,958
5,500
73,854
5,211
4,783
3,778
2,708
5,217
11,349
4,050
26,782
29,862
4,201
113,103
11,473
8,900
9,657
97,203
10,228
11,223
8,019
98,784
9,706
11,567
7,656
81,990
8,788
10,242
7,255
19,320
5,300
34,644
16,893
5,800
18,819
4,900
30,290
21,986
4,499
25,189
27,620
6,039
17,238
9,194
12,702
6,027
3,765
6,461
4,015
19,070
69,157
1,941
10,677
5,622
1,744
23,892
6,087
15,563
8,245
12,170
5,560
3,937
5,840
3,181
21,252
53,319
1,395
10,810
5,297
1,842
24,973
5,263
15,862
8,970
10,953
6,137
3,813
5,682
3,079
22,163
4,937
16,026
7,545
10,342
5,128
3,315
5,504
2,930
19,595
53,553
1,295
9,263
6,733
1,332
33,127
11,475
17,352
13,734
14,582
7,109
7,963
10,035
6,150
27,148
98,564
2,579
21,284
7,244
2,102
32,753
10,500
16,100
10,994
13,955
6,754
7,264
9,752
5,843
26,281
33,999
8,756
16,326
13,764
13,651
7,971
8,163
9,089
6,200
26,475
73,298
2,342
14,971
6,663
1,735
29,085
9,225
16,567
12,535
12,967
5,385
6,721
9,798
5,157
25,348
73,282
1,997
16,659
5,746
1,833
2,597
2,239
8,880
652,027
6,150
2,896
16,252
109,992
2,956
3,697
6,028
16,764
28)375
3,373
2,472
2,112
9,306
579,381
6,220
2,684
16,486
95,455
3,067
3,643
6,512
18,215
27,216
2,940
4,023
4,886
59,578
1,707
8,051
2,593
2,463
8,663
586,511
7,007
2,660
15,386
93,922
2,838
3,142
6,017
18,960
31,915
3,774
3,643
4,278
59,297
2,244
7,939
2,356
2,195
8,009
505,701
5,883
2,576
14,707
84,584
2,426
3,722
5,681
17,778
27,597
2,096
3,290
3,630
2,865
3,120
739,189
9,450
4^234
18,484
150,484
4,000
11,000
6,575
21,443
37,800
4,960
4,759
4,956
69,198
3,366
2,571
8,167
670,098
6,146
3,618
21,621
108,855
3,125
8,000
7,636
20,989
34,539
4,177
4,713
5,147
66,223
10,740
8,440
Feb. 2.
Feb. 9.
Feb. 16.
Feb. 23
24,091
4,304
59,607
4,632,279
3,996
33,077
13,684
26,043
3,292
56,686
3,856,031
4,434
27,667
14,411
21,615
3,550
53,217
3,642,864
4,473
27,990
12,742
18,712
3,244
51,819
3,122,242
3,743
23,797
11,846
3,025
4,599
7,000
5,081
4,984
322,762
6,818
13,800
10,168
8,735
3,979
8,081
3,799
2,917
4,355
6,400
4,610
4,781
270,488
6,158
15,777
9,850
7,201
3,929
8,032
3,485
2,930
5,430
5,900
4,227
4,790
2S2,597
6,228
15,151
11,387
8,256
3,699
7,627
3,437
12,356
60,404
146,316
29,126
11,498
6,204
5,127
5,717
2,955
212,551
3,852
25,608
9,731
12,722
12,532
54,795
117,251
26,202
11,695
6,018
3,863
5,567
3,206
177,648
3,419
24,300
7,601
11,159
104,723
6,400
4,588
4,550
3,505
5,957
15,046
3,890
33,867
36,414
7,443
4,562
58,063
1,650
8,395
60,941
1,604
9,661
6,438
1,752
2,426
7,070
Feb. 4.
2,915
6,668
2,116
Feb. 25.
3,683
19,781
176,308
3,641
7,000
6,710
23,637
40,454
4,864
4,563
5,657
63,682
3,000
3,304
8,029
616,322
7,923
4,421
20,438
130,647
3,291
9,000
7,701
19,460
35,842
4,600
3,846
5,480
55,319
12,101
9,600
3,377
9,120
679,408
349
FEDERAL RESERVE BULLETIN.
MARCH, 1921.
Debits to individual accounts at clearing-house banks—Continued.
DATA FOR EACH REPORTING CENTER—Continued.
[In thousands of dollars.]
Feb. 2.
District No. 7—Chicago—Continued.
Rockford
Sioux City
South Bend
Springfield, 111
Waterloo
District No. 8—St. Louis:
East St. Louis
Evansville
Little Rock
Louisville
Do
Memphis
Quincy
St. Louis
Do
Springfield, Mo
District No. 9—Minneapolis:
Aberdeen
Billings
Duluth
Fargo
Grand Forks
Great Falls
Helena
Minneapolis
St. Paul
Sioux Falls
Superior
Winona
District No. 10—Kansas City:
Atchison
."
Bartlesville
Cheyenne
Colorado Springs
Denver.
Joplin
Kansas City, Kans
Kansas City, Mo
Muskogee
Oklahoma City
Omaha
Pueblo
St. Joseph
Topeka
Tulsa
Wichita
District No. 11—Dallas:
Albuquerque
Austin
Beaumont
Dallas
El Paso
Fort Worth
Galveston
Houston
San Antonio
Shreveport
Texarkana, Tex
Tucson
Waco
District 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
Tacoma
Yakima
1920
Week ending—
Feb. 9.
Feb. 16.
Feb. 23
4,382
12,629
3,017
5,222
2,815
4,420
11,560
3,091
4,809
2,704
5,352
11,851
3,270
5,269
3,027
4,356
10,849
4,294
4,265
2,461
9,470
4,415
9,616
1
25,804
34,814
24,265
2,140
1123,851
133,496
2,877
9,723
4,324
11,133
123,854
30,895
23,014
2,518
1111,700
123,647
2,594
8,305
4,539
9,742
124,443
31,215
21,872
2,226
1126,661
139,865
2,481
7,356
4,382
7,781
153,378
59,065
18,006
2,047
i 99,355
109,839
2,547
1,362
1,446
14,358
2,050
1,030
1,747
2,075
70,212
28,024
4,100
1,960
856
1,332
1,626
14,159
2,171
1,224
1,645
63,187
26,445
5,000
1,968
890
1,163
1,550
15,902
2,234
994
1,357
1,774
69,766
27,877
3,800
2,104
1,070
988
1,400
10,953
2,211
821
1,126
1,822
53,490
22,753
3,600
2,012
920
2,313
Feb. 4.
Feb. 11.
Feb. 18.
6,171
16,810
4,432
4,753
3,660
5,823
16,936
4,375
4,959
3,484
5,235
15,810
5,322
4,197
3,623
5,772
9,896
39,432
5,582
10,009
32,083
6,275
10,262
47,859
6,277
9,739
39,268
43,747
49,674
35,250
*i48,'099
"i66,"879'
131*777
1,484
2,079
15,976
2,804
1,566
2,864
2,438
80,900
37,687
6,212
1,856
1,337
1,382
2,393
18,372
2,848
1,548
2,611
2,604
83,534
38,850
5,013
1,610
2,165
2,149
2,601
16,007
2,797
1,488
2,113
1,986
76,348
36,578
6,752
1,741
1,045
1,128
1,918
14,427
2,390
1,240
2,465
1,812
73,848
32,789
5,566
1,990
976
575
4,255
2,117
3,245
60,228
3,542
4,128
19,678
55,488
3,819
19,819
5,909
27,059
14,347
639
3,355
2,413
3,517
60,408
4,264
3,936
86,129
5,877
18,509
57,927
3,732
13,025
5,969
26,106
11,975
673
3,550
1,946
2,946
43,635
4,691
4,249
89,261
6,074
19,099
55,914
4,658
17,517
5,624
30,408
12,379
668
2,732
2,030
2,953
39,830
3,315
4,068
83,308
5,599
18,473
48,793
4,754
16,937
5,092
24,438
10,835
1,740
3,994
4,577
43,598
' 163," 296"
1,100
2,209
1,965
2,318
1,069
2,767
1,348
2,652
31,116
2,185
3,845
68,315
5,503
22,433
41,631
2,917
16,620
4,754
18,975
9,236
28,976
2,299
3,902
65,481
5,386
20,275
40,663
3,811
14,405
2,629
23,428
9,163
986
3,024
2,478
1,932
26,987
1,727
3,101
60,649
4,191
18,321
37,382
3,044
15,390
3,168
40,368
9,723
1,673
3,275
3,641
37,765
8,469
23,660
21,349
34,814
7,515
8,190
1,623
1,264
4,132
2,084
2,863
4,486
32,182
7,825
24,180
23,928
31,457
7,079
9,349
1,681
1,825
3,963
1,682
3,311
4,449
34,468
7,331
23,470
16,290
27,298
6,891
7,747
1,456
1,673
4,501
1,535
3,082
3,583
31,181
7,706
24,100
18,194
27,135
5,248
6,405
1,214
1,380
3,165
2,070
4,182
4,330
45,517
10,036
22,943
10,864
38,225
9,014
10,489
2,363
1,575
6,155
1,904
4,086
5,852
40,673
8,064
19,010
8,394
33,032
9,062
8,605
2,139
1,514
4,980
1,796
3,714
4,979
46,929
9,041
22,751
6,704
38,872
8,388
8,859
2,912
1,344
5,640
2,569
2,649
10,855
5,165
96,424
19,115
3,651
5,670
34,902
2,207
10,991
14,305
7,292
190,932
5,955
31,842
10.208
4,618
7,768
2,680
3,092
2,403
17,684
5,004
93,795
18,221
3,067
5,470
32,506
2,243
13,896
13,137
7,832
174,592
4,486
29,373
10,821
4,634
7,339
2,291
2,558
2,851
14,852
5,041
95,703
18,192
3,069
5,301
38,248
2,305
12,533
12,907
8,843
175,218
4,066
31,327
9,732
4,939
7,461
2,004
2,568
1,763
8,489
4,660
84,350
17,819
3,007
4,901
32,624
1,802
9,486
13,012
7,999
150,639
3,522
2,935
3,534
9,494
6,132
102,845
19,861
3,183
5,725
45,510
3,085
15,884
18,452
8,364
218,282
5,581
50,571
13,083
5,708
9,711
3,270
2,392
3,619
7,556
4,664
96,180
20,799
3,919
4,724
41,091
2,890
10,993
13,243
7,741
182,952
5,651
44,944
11,659
4,860
10,323
3,082
2,865
3,279
17,136
6,132
97,207
19,419
4,061
5,248
45,526
2,001
14,217
20,176
7,812
189,384
5,881
43,630
12,978
24,109
8,684
3,800
6,419
1,880
Feb. 25.
6,475
15,219
4,187
5,022
3,632
1,044
3,4S8
2,771
2,427
37,040
1,957
4,027
72,295
5,091
22,009
43,327
2,919
15,846
3,393
26,164
9,788
i Debits of banks wbichsubmitted reports in 1920.
1921
Week ending—
94,222
6,332
6,683
11,360
2,973
39,800
9,376
20,666
9,716
31,050
7,782
9,917
2,488
1,259
4,726
2,051
4,352
13,162
3,934
83,346
17,475
4,662
4,730
36,382
2,281
9,354
15,098
7,195
166,642
4,306
55,653
11,390
4,475
9,421
2,799
350
FEDERAL, RESERVE BULLETIN.
MARCH, 1921.
DISCOUNT AND OPEN-MARKET OPERATIONS OF THE FEDERAL RESERVE BANKS
DURING JANUARY, 1921.
Discount and open-market operations of the
Federal Reserve Banks during January, 1921,
and December, 1920, also during January, 1920,
and December, 1919, are shown in summary
form for the entire system in the table below.
Detailed figures for each Federal Reserve Bank
for the most recent month are given on pages
352 and 353.
Summary of discount and open-market operations of Federal
Reserve Banks in January, 1921 and 1920, and December,
1920 and 1919.
[In thousands of dollars ]
January,
1921.
December,
1920.
January,
1920.
December,
1919.
8,257,762 9,461,658 6,241,272 7,290,873
Discounts, total
Secured by Government obligations
4,141,555 5,029,595 5,456,304 6,202,198
Otherwise secured and un,116,207 4,432,063 784, 9681L,088.675,
secured, total.
4'
Commercial paper, n. e. s. , 015,773 ,406,180
751, 27211,002,962
56,714 '
Agricultural paper
15,119
Live-stock paper
Trade acceptances, total..
20,171
23,467
16,240
16,470
Domestic
20,095
Foreign
76
Bankers'
acceptances,
total
8,430
9,643 17,226
62,246
Domestic
3,005
Foreign
5,425
Average maturity (in days)..
10.18
13.21
11.55
11.52
Average rate (365^day basis),
per cent
6.37J
6.48
4.90
4.67
Open-market operations:
122,268 252,069 302,452 400,708
Bills purchased, total
Bankers'
acceptances,
110,276 239,454 296,965 392,934
totaJ
In the domestic trade.
86,379
32,275 63,007 60,785
In the foreign trade...
78,001 176,447 236,180 306,555
Trade acceptances
5,081
1,134
1,376
2,707
Inthe domestic trade.
2,007
70
255
303
3,074
In the foreign trade...
1,064
1,121
2,404
2,693
Dollar exchange
10,858
11,240
Average maturity (in
2,781
38.47
57.11
days)
38.43
Average rate (365-day
47.05
6.05
4.84
basis), per cent
6.08
5.10
United States securities purchased:
4
12
\
200
Bonds
Certificates of indebted274,172 944,253 642,376 758,361
ness
Discount operations in January aggregated
8,258 millions, a decrease of 1,204 millions, or
about 13 per cent, from the total of 9,462
millions reported for December, and an increase of about 32 per cent from the total
reported for January, 1920. January figures
of the volume of discounts are smaller for every
Federal Reserve Bank than corresponding
December figures. In making comparisons of
the relative volume of transactions in the
different Federal Reserve Banks it is proper to
multiply the actual volume of discounts by
the average maturity, as the resulting total
permits of comparisons on a basis which
allows for both of the factors measuring the
volume of credit carried. To illustrate: If one
bank discounts successively two notes of $100
each with a maturity of 15 days, its volume
of discounts will be $200; while if another bank
discounts one $100 note with a maturity of 30
days, its volume of discounts will be $100, or
only one-half of the volume of the first bank,
and yet the amount of credit carried by the two
banks will be identically the same. On the other
hand, if the first bank's discounts were multiplied
by their maturity the figure arrived at would be
$3,000, which is the identical figure arrived at
by multiplying the discount of the other bank
by its maturity (30). The following statement
shows, in millions, the volume of discounts
multiplied by the average maturity for each
of the twelve Federal Reserve Banks, together
with the percentage that the discounts in each
bank formed of the total for the system.
[In millions of dollars.]
Federal Reserve Bank.
All banks.
Boston
New York....
Philadelphia..
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis...
Kansas City...
Dallas
San Francisco.
Volume
of discounts in PercentJanuary, age dis1921,
tributimes
tion.
average
maturity.
84,093
4,653
29,495
5,540
4,137
3,173
4,886
13,896
3,889
2,710
3,275
3,289
5,149
100.0
5.6
35.1
6.6
4.9
3.8
5.8
16.5
4.6
3.2
3.9
3.9
6.1
About 35 per cent of the total volume of
discounts in January, when allowance is made
for average maturity, were at the New York
Federal Reserve Bank, the next largest percentage—16 per cent—being reported for the
Chicago Federal Reserve Bank, 7 per cent for
the Philadelphia bank, and 5 per cent for the
Boston bank, the three northeastern banks and
Chicago together accounting for nearly twothirds of the volume of discount transactions
of the Federal Reserve System.
January figures are smaller, both for discounts of paper secured by Government obligations and of other paper, the former decreasing
from 5,030 millions in December to 4,142
millions in January, to be compared with
5,456 millions in January of the year before,
while the latter declined" from 4,432 to 4,116
millions, to be compared with 785 millions for
the corresponding month a year earlier.
Of the 4,116 millions of discounts not
collatereled by Government obligations, about
97 per cent was commercial paper not otherwise
MARCH, 1921.
specified, the volume of agricultural paper and
of live-stock paper included being 57 millions
and 15 millions, respectively.
Trade acceptances discounted in January
aggregated about 20 millions, practically the
entire amount being acceptances in the domestic trade. Discounted bankers' acceptances
amounted to about 8 millions, of which 5
millions represented bills drawn in the foreign
trade, and 3 millions bills drawn in the domestic trade.
Average maturity of paper discounted in
January was 10.18 days, compared with 11.55
days in December and 13.21 days in January
of the year before. At the New York bank
the average maturity was 5.3 days, at the
Boston bank 9.39 days, and at the Cleveland
bank 10.56 days. Much larger average maturities are shown for the other Federal
Reserve Banks, those in the West having the
highest average maturities. For the Dallas
bank, for instance, the average maturity was
35.85 days. Average rate of interest for
January was 6.37 per cent, showing a slight
decrease from the 6.48 per cent shown the
month before, comparable with 4.9 per cent in
January, 1920. The variation in the average
rate from bank to bank is considerable, the
lowest average of 5.61 per cent being reported
by the Philadelphia bank, and the highest of
6.79 per cent by the Minneapolis bank.
Total bills purchased in January were materially less than the month before—122 millions compared with 252 millions. In January,
1920, the corresponding amount was 302 millions. This decline in the volume of acceptances purchased by the Federal Reserve Banks
is indicative of the development of a better
market for acceptances among private investors. Of the bills purchased in January, 110
millions represented bankers7 acceptances, and
of this amount over 70 per cent were acceptances in the foreign trade. The total of trade
acceptances purchased was only slightly over
one million, all but $70,000 of which was in the
foreign trade.
No perceptible change in the average maturity or in the average rate of interest charged
is shown for acceptances purchased during the
month. Compared with the average maturity
of January, 1920, the most recent figures of
maturity show a decline from 47.05 to 38.47
days and the rate of interest an increase
from 5.10 to 6.05 per cent.
During the month under review 31 banks
were added to the membership of the system,
the total number of member banks increasing
from 9,628 at the end of December to 9,659 at
the end of January, while the number of banks
accommodated through the discount of paper
declined from 5,551 to 5,291 and constituted
351
FEDERAL RESERVE BULLETIN.
54.8 per cent of the total membership, as
against 57.7 per cent the month before. The
number of member banks in each district at
the end of December and of January, and the
number and percentage accommodated during
each of the two months are shown in the following statement:
Federal Reserve
Bank.
Boston.
New York
Philadelphia
Cleveland
Richmond
Atlanta..
.
Chicago
St. Louis.
. . .
Minneapolis
Kansas City
Dallas
San Francisco
Total
Member banks Member banks Percentage
in district. accommodated. accommodated.
J a n . 31. Dec. 31.
Janu- Decem- Janu- Decemary.
ary.
ber.
ber.
439
786
698
870
611
468
1 427
574
1,007
1,092
849
838
436
783
698
869
610
461
1,422
572
1,009
1,087
849
832
226
329
324
247
352
339
943
309
614
609
566
433
256
345
341
272
373
310
959
318
664
671
600
442
51.5
41.9
46.4
28.4
57.6
72.4
66.1
53.8
61.0
55.8
66.7
51.7
58.7
44.1
48.9
31.3
61.1
67.2
67.4
55.6
65.8
61.7
70.7
53.1
9,659
9,628
5,291
5,551
54.8
57.7
Federal Reserve Bank holdings of discounted
and purchased paper, by classes, at the end of
January, 1921, and December, 1920, also at
the end of January, 1920, and December, 1919,
are shown in summary form in the table below.
Detailed figures by Federal Reserve districts
for the latest date are given on pp. 354 and 355.
Summary of discounted and purchased bills held by the
twelve Federal Reserve Banks at the end of January, 1921
and 1920, and December, 1920 and 1919.
[In thousands of dollars.]
Jan. 31, December,
1921.
1920.1
January,
1920.1
December,
1919.1
2,457, 116 2!,719 134 2,174,357 2,194,878
Discounted paper, total
Secured by United States
Government obligations— 1,040, 3651 ,141 0361,457,8 .,510,354
Otherwise secured and unse716,465 684,524
1,416,751 1,578
cured, total
Commercial and indus614,710 584,280
1,157,7681!, 292,
trial paper, n. e. s
23,212
140,815 143,
24,825
Agricultural paper
33,693
88,233 103,
26,243
Live-stock paper
24,886
33,697
Trade acceptances, total.. 17,429 21,
115
Foreign trade
17,314
Domestic trade
Bankers' acceptances,
19,964
12,506
17,218
15,479
total
°>, 419
Foreign trade
3,912
Domestic trade
175
Dollar exchange
Bankers' acceptances purchased,
distributed according to classes
of accepting institutions, total.. 162,385 258,878 555,522 566,369
89,240 169,387 383,375 405,339
Member banks, total
55,914
National banks
33,326
Nonnational
Nonmember banks and bank65,334
32,372! 38,374 74,726
ing corporations
55,537
18,055) 24,905 61,218
Private bankers
Branches and agencies of for36,203
40,159
22,718J
26,212
eign banks
Bankers' and trade acceptances
purchased, classified according
to character of paper:
Bankers' acceptances, total... 162,385 258,878 555,522 566,369
119,971
Foreign trade
34,5811
Domestic trade
Dollar exchange
7,734
1,528
6,488
Trade acceptances, total
5,194
1,023
4,595
419
Foreign trade
2,540
505|
l,r"
Domestic trade
896
i For discounted paper the figures are for the last Friday of each month,
for purchased paper for the last day of each month.
352
FEDERAL RESERVE BULLETIN.
For the first time in this statement discounted
trade acceptances and bankers' acceptances are
distributed in accordance with whether they
are bills drawn in the foreign trade or in the
domestic trade. Attention is also called to
the fact that all the figures beginning with this
report refer to the last of the month, whereas
previously the figures of discounted paper
referred to the last Friday of each month,
while figures of purchased paper referred to
the last of each month.
Among the principal changes between the
end of December and the end of January in the
holdings of discounted paper the following are
to be noted: A decrease of about 1 million in
holdings of paper secured by Government
obligations and a decrease of about 161
millions of paper otherwise secured. The
largest decrease is in the item 7" Commercial
and industrial paper, n. e. s./ which decreased from 1,293 at the end of December to
1,158 millions at the end of January. Agricultural paper declined by about 2 millions
during the same period and live-stock paper
by about 15 millions. Discounted trade acceptances held decreased by about 4 millions
MARCH, 1921.
and bankers' acceptances by about 5 millions.
Discounted trade acceptances held were almost
entirely bills drawn in the domestic trade,
while of the discounted bankers' acceptances
held more than two-thirds were bills drawn in
the foreign trade. Of the purchased bankers'
acceptances held at the end of January, which
amounted to 162 millions, 55 per cent were
accepted by member banks, 19.9 per cent by
nonmember banks and banking corporations,
and 14 per cent by branches and agencies of
foreign banks. Of the 89 millions of member
bank acceptances purchased, 56 millions were
acceptances of national banks and 33 millions
of nonnational member banks. This classification of member bank acceptances has not
been previously shown.
Of the total purchased bankers' acceptances
held, about 120 millions were bills drawn in the
foreign trade, 35 millions bills drawn in the
domestic trade, and 8 millions dollar exchange.
Of the total purchased trade acceptances held,
which amounted to something over 1 million,
about two-thirds were acceptances in the
domestic trade.
Cash reserves, net deposits, Federal Reserve note circulation, and reserve percentage of each Federal Reserve Bank
the months of January and February, 1921.
during
[Daily averages.]
[Amounts in thousands of dollars.]
Total cash reserves.
Federal Reserve notes
in circulation.
Net deposits.
Federal Reserve Bank.
February.
January.
February.
January.
February.
January.
Reserve percentage.
February.
76,247
107,019
75,448
261,767
62.4
38.8
58.9
62.5
45.9
41.2
46.0
48.3
39.4
41.2
40.4
51.5
3,177,656
2,887,846
2,540,642
49.6
43.3
52.5
47.5
44.9
52.0
244.201
564,119
192,950
309,037
97,381
87,703
381,128
103,427
46,451
79,538
44,775
192,827
237,224
568,255
211,954
296,418
90,215
85,532
342,829
93,657
46,549
74,845
46,449
193,347
110,438
637,099
95,689
146,536
49,348
40,892
232,082
69,434
42,998
78,756
43,180
113,647
106,293
652,846
92,183
142,276
44,568
37,257
223,607
64,903
41,943
74,827
39,462
113,522
263,744
791,813
256,344
311,618
149,399
167,932
516,326
122,992
71,839
100,903
68,553
247,115
273,605
811,634
267,523
331,613
151,854
170,382
521,671
Total, 1921
1920
1919
2,343,537
2,053,422
2,183,641
2,287,274
2,098,498
2,164,167
1,660,099
1,796,754
1,692,770
1,633,687
1,789,516
1,618,024
3,068,578
2,946,863
2,462,941
Volume of discount and open-market operations of each Federal Reserve Bank during January
Federal Reserve Bank.
Boston
New York
Philadelphia..
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis...
Kansas City...
Dallas
San Francisco.
Total January, 1921..
January, 1920..
January.
65.3
39.5
54.8
67.5
49.0
42.0
50.9
53.7
40.4
44.3
40.1
53.4
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco...
y
1921.
United States securities
Total.
purchased.
Bills discounted Bills bought
for member
in open
Bonds and Certificates of
banks.
market.
Victory indebtedness. January, 1921. January, 1920.
notes.
$495,838,339
5,565,144,210
349,825,864
391,848,891
228.796,503
180,675,755
423,043,872
144,240,320
81,570,315
99,101,722
91,743,276
205,933,178
$11,224,063
60,107,497
6,671,629
10,540,245
2,932,545
1,598,755
17,655,991
1,308,334
400,860
1,154,348
8,257,762,245
6,241,271,527
122,268,488
302,452,384
$11,700
$14,820,000
164,631,000
26,721,000
10,001,500
16,000,000
3,000,000
33,736,000
1,322,000
9,Q00
486,000
1,000,000
2,445,500
$521, 894,102
5,789,882,707
383, 218,493
412, 390,636
247, 729,048
185, 274,510
474; 435,863
146, 870,654
81, 980,175
100, 742,070
92, 743,276
217, 052,899
11,700
200,100
274,172,000
642,375,500
8,654,214,433
8,674,221
$405,783,943
3,763,534,270
656,620,270
357,782,112
323,243,859
157,946,481
739,687,143
203,599,925
74,713,411
148,413,298
83,947,095
271,027,704
7,186,299,511
353
FEDERAL, RESERVE BULLETIN.
MARCH, 1921.
Volume of bills discounted during January, 1921, by classes of paper; also average rates and maturities.
Customers'
paper,
secured by
Government
obligations.
Federal Reserve Bank.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Total, January, 1921..
December, 1920.
January, 1920...
December, 1919
Member bank's collateral
notes.
Commercial
paper, n. e. s.
Secured byGovernment
obligations.
$20,966,157
50,474,612
29,705,546
5,572,682
2,213,747
8,929,813
16,877,719
3,473,086
745,562
2,824,598
1,107,928
5,661,868
$283,670,200
2,256,760 574
216,994,370
312,747,320
194,884,410
103,823,735
240,709,655
83,630,388
32,320,116
70,056,318
59,577,926
137,821,188
148,553,318
143,336,856
211,219,182
156,924,335
3,992,997,200
4,886,257,779
5,245,083,419
6,045,273,038
Trade acceptances.
Agricultural Live-stock
paper.
paper.
Otherwise
secured.
$162,000
745,090
1,304,685
83,000
19,846,956
2,403,500
5,125,807
29,671,038
38,638,721
14,533,847
20,595,436
$190,855,345
3,241,671,833
102,776,969
69,181,026
25,593,498
59,712,347
148,423,636
52,270,169
20,482,261
14,854,332
14,448,087
45,837,307
$189,557
211,655
185,849
211,671
5,155,241
5,825,023
13,020,696
3,321,068
5,667,627
8,896,288
7,870,726
6,158,875
3,986,106,810
56,714,276
4,367,541,343
736,600,589
982,366,770
Bankers' acceptances.
Total, all
Federal Reserve Bank.
Domestic.
$104,580
10,457,848
163,130
2,525,910
Boston
New York
Philadelphia..
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis...
Kansas C i t y . .
Dallas....
San Francisco .
865,564
1,404,186
689,846
227,025
667,164
556,189
1,546,413
Total, January, 1921...
December, 1920.
January, 1920 . . .
December, 1919.
Foreign. Domestic.
$24,756
$51,000
834,419
51,355
25,383
505,885
521,035
Foreign.
$4,701,513
2 722,992
79,903
383,436
20,095,501
76,111
16,239,959
16,611,090
23,467,322
i Includes $300,000 of dollar exchange bills.
3,005,057 j 5,424,505
9,643,021
17,223,362
62,245,690
Boston
New York
Philadelphia..
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas C i t y . . .
Dallas
San Francisco.
Total, January, 1921...
December, 1920..
January, 1920
December, 1919.
$495,838,339
5,565,144,210
349,825,864
391,848,891
228,796,503
180,675,755
423,043,872
144,240,320
81,570,315
99,101,722
91,743,276
205,933,178
8,257,762,245
9,461,657,679
6 241,271,489
7,290,872,591
Days.
Per cent.
9.39
6.42
5.30
6.53
15.84
5.61
10.56
5.90
13.87
5.99
27.04
6.40
32.85
6.67
26.97
5.98
33.22
6.79
33.05
6.70
35.85
6.00
24.98
6.00
10.18
11.55
13.21
11.52
Dollar
Domestic exchange
bills.
2,380,126
6.36
6.48
4.90
4.67
175,000
maturities.
Trade acceptances.
Total.
Foreign. Domestic.
$875,000 $11,224,063
$7,408,696 $2,940,
4y aw. 367
39,706,959 11.,497,388
—
8,006,629 59,210,976 $896,521
725,000 6,671,629
4,361,185 1,585,444
268,972 10,349,249
5,862,858 4,217,419
2,932,545
2,378,145 554,400
1,598,755
716,562 882,193
10,166,588 6,727,003
762,400 17,655,991
1,308,334
1,308,334
400,860
190,860
165,000
**45,' 566
1,154,348
17,500
1,136,848
6,072,720
15,118,429
2 includes $50,000 of dollar exchange bills.
Bankers' acceptances.
Foreign.
121,294
61,961
748,800
797,410
200,373
2,280,768
1,803,022
5,699,017
3,397,284
Average
Average
rate
maturity. (365-day
basis.)
Volume of bankers'* and trade acceptances purchased during January, 1921, by classes of paper; also aver age rates and
Federal Reserve Bank.
$1,500
7,000
8,627,846
$69,801
46,375
69,801
78,001,42132,275,174 10,858,001121,134,596 1,,064,091
255,000
177,656,948 63,555,187 11,239,769 252,451,9041,,120,968
236,179,622 60,0,785,060
"" 2,781, 100 299,'745,'782 2,404,281 302,321
693', 252 395,627,169 3,073,839 2,007,085
306,555,1,328 863,378,589
Total.
Total
Average
bills pur- matuchased.
rity.
$11,224,063
$896,521 60,107,497
6,671,629
190,996 10,540,245
2,932,545
1,598,755
17,655,991
1,308,334
400,860
1,154,348
46,375
8,674,221
1,133,892122,
488
1,375968
968 253
253; 827; 872
2,706
706; 602 302,452,384
5,080
"~ 924 400,708,093
Average
rate
(365-day
basis).
Days.
Per cent.
22.19
5.98
28.01
5.97
70.46
6.00
40.70
6.02
43.29
6.08
55.53
7.10
60.85
6.06
14.78
6.29
73.78
6.08
60.56
7.10
51.54
6.08
38.34
38.43
47.05
57.11
6.05
6.08
5.10
4.84
354
FEDERAL RESERVE BULLETIN.
MARCH,
1921.
Average daily holdings of each class of earning assets, earnings therefrom, and annual rates of earnings, during January, 1921
Average daily holdings of—
Federal Reserve Bank.
All classes of
earning assets.
Boston
New York
Philadelphia..
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis...
Kansas City...
Dallas
San Francisco.
Total, January, 1921
December, 1920.
January, 1920
December, 1919..
Discounted
bills.
$144,457,997
872,846,697
150,903,977
173,786,167
112,672,334
128,771,450
421,313,601
103,354,454
80,998,327
110,753,910
70, 816,403
164,563,599
$17,154,880
75,495,412
10,696,611
28,827,026
5,080,095
3,527,084
18,930,274
814,345
865,607
1,851,406
145,060
38,390,870
$22,523,245
67,093,484
33,015,751
24,965,279
14,075,945
16,943,979
45,356,632
17,186,626
8,596,141
21,688,469
12,311,508
13,880, 708
3,034,655,353
3,313,502,262
3,043,951,919
3,034,224,481
2,535,238,916
2,730,360,460
2,142,787,600
2,157,021,323
201,778,670
244,C01,410
575,667,262
549,959,117
297,637,767
339,140,392
325,497,057
327,244,041
Total, January, 1921...
December, 1920.
January, 1920...
December, 1919.
Annual rate of earnings on—
All classes
of earning
assets.
Discounted
bills.
$929,138
5,304,884
1,112,581
621,241
734,200
2,483,646
560,689
483,008
644,294
390,266
1,055,633
$801,724
4,773,346
732,569
920,929
569,964
683, 770
2,310,014
525,259
463,613
594,152
367,170
834,222
$87,674
406,985
54,879
147,562
26,232
21,192
93,517
4,371
4,478
11,136
725
194,071
$39,740
124,553
60,380
44,090
25,045
29,238
80,115
31,059
14, 917
39,006
22,371
27,340
15,167,408
16,792,813
11,491,688
11,062,230
13,576,732
14,844,052
8,554,400
8,332,733
1, 052,822
1,250,273
2,335,809
2,121,005
537,854
698,488
601,479
608,492
Boston
New York
Philadelphia..
Cleveland
" Richmond
Atlanta
Chicago
St. Louis
Minneapolis...
Kansas City...
Dallas
San Francisco.
United States
securities.
$184,136,122
1,015,435,593
194,616,339
227,578,472
131, 828,374
149,242,513
485,600,507
121,355,425
90,460,075
134,293, 785
83, 272,971
216,835,177
Earnings from—
Federal Reserve Bank.
Purchased
bills.
All classes
DisPurchased United
States of earning counted
bills.
securities, assets.
bills.
Purchased
bills.
United
States
securities.
Per cent. Per cent. Per cent. Per cent.
5.94
6.53
6.02
2.08
6.15
6.44
6.35
2.19
5.12
5.71
6.04
2.15
5.75
6.24
6.03
2.08
5.55
5.96
6.08
2.09
5.79
6.27
7.07
2.03
6.02
6.46
5.82
2.08
5.45
6.00
6.34
2.13
6.29
6.74
6.09
2.04
5.65
6.32
7.08
2.12
5.51
6.10
5.80
2.13
5.73
5.97
5.95
2.32
5.89
5.98
4.46
4.29
6.31
6.42
4.71
4.55
6.14
6.05
4.79
4.54
2.13
2.43
2.18
2.19
Holdings of discounted bills on Jan. 31, 1921, distributed by classes.
[In thousands of dollars.]
Federal Reserve Bank.
Boston
New York
Philadelphia
Cleveland. .
Richmond
Atlanta .
Chicago
St Louis
Minneapolis
Kansas City
Dallas
San Francisco
Total:
Jan.
Dec.
Jan.
Dec.
31,1921..
30,1920..
30,1920..
26, 1919..
Total.
Member banks'
Customcollateral notes.
ers' paper
Commer- Agriculsecured
cial
by
Secured
tural
paper,
Govern- by
OtherGovpaper.
n.
e. s.
ment
wise
ernment
obligaobliga- secured.
tions.
tions.
127,917
914,817
150,218
] 38,809
111,932
127,615
385,542
97,426
78,541
108,184
70,429
145,686
17,309
98,397
38,834
12,285
5,061
12,305
23,795
6,394
3,613
5,111
2,478
6,606
36,597
313,618
71,231
57,807
45,733
45,001
112,462
32,643
15,633
31,413
13,055
34,984
2,157,116
2,719,134
2,174,357
2,194,878
230,188
271,526
317,688
352,589
810,177
869,510
1,140,204
1,157,765
Trade acceptances.
Livestock
paper.
73,484
490,524
41,552
65,783
50,022
53,344
192,269
50,623
11,888
27,803
18,529
67,617
9,317
12,967
52,454
4,869
14,460
12,736
15,822
16,462
946
23,823
29,876
18,229
13,517
14,330 1,143,438
17,907 1,274,606
6,427 608,283
8,255 576,025
140,815
143,145
23,212
24,825
88,233
103,795
33,693
26,243
87
357
653
5
8,929
1,470
2,829
298
296
417
717
27
Foreign.
39
244
36
1,535
53
23
Domestic.
Bankers' acceptances.
Foreign.
134
2,466 7,351
184
1,857
17
1 763
301
1,793
3 525
34
966
195
1,245
80
707
636
2,479
115
17,314
2 L,427
%t,886
3[ 5,697
8,419
DomesDollar
tic.
exchange.
68
1,961
165
12
12
350
927
59
523
3,912
17/218
19,964
15,479
10
175
Holdings
355
FEDERAL, HESEUVE
MARCH, 1921.
on Jan. 31, 1921, of bankers? and trade^acceptances purchased or discounted by each Federal Reserve
distributed by classes of acceptances.
Bank,
[In thousands of dollars.]
]Bankers' acceptances
All classes
Federal Reserve Bank.
Total.
Boston
New York
Philadelphia . .
Cleveland
Richmond .
Atlanta
Chicago
St. Louis..
Minneapolis
Kansas City
Dallas
San Francisco
22 334
39,091
10,508
45,063
6,615
5,226
15 475
2^856
216
2,515
942
42,794
Total
Purchased in open market
Discounted for member banks.
193,635
DisPurchased counted
for
in open
market. member
banks.
22,132
27,109
10,324
43,178
4,852
3,119
11 566
'910
21
1,271
96
39,122
163,700
202
11 982
184
1,885
1,763
2,107
3 909
1^946
195
1,244
846
3,672
'"29," 935'
Total.
Trade acceptances.
Dollar
Foreign. Domestic. exchange
bills.
22,200
35,563
10,324
43,066
4,852
3,433
11 950
4,740
8,100
1,124
7,187
1,040
2,253
4 065
1 837
15,865
25,169
8,300
34,934
3,812
1,180
7 730
ll837
21
1,595
2 294
900
945
1,059
79
30,261
211
156
7,760
174,891
162,385
12,506
128,389
119,971
8,418
38,494
34,581
134
134
662
2,119
2,866
184
1,876
1,763
1,793
3 525
966
195
1,245
707
2,479
8,008
7,833
175
18,744
1,315
17,429
17,733
419
17,314
1.011
'896
115
155
3,913
Foreign. Domestic.
3,528
184
1.997
1,763
1,793
3 525
1,019
195
1,245
707
2,654
21
1,270
235
40, HO
Total.
121
53
175
Holdings on Jan. 31, 1921, of bankers7 acceptances purchased or discounted by each Federal Reserve Bank, distributed by
classes of accepting
institutions.
[In thousands of dollars.]
Member banks.
Federal Reserve Bank.
Total.
National.
Boston
New York.
Philadelphia
Cleveland
Richmond
Atlanta. .
Chicago
St. Louis .
Minneapolis
Kansas City
Dallas
San Francisco
Total
40,140
10,620
174,891
Purchased in open market
Discounted for member banks
162,385
12,506
22,200
35 563
10,324
43,066
4,852
3,433
11,950
1 837
21
1 270
235
10,372
12,927
3,581
10,255
4,782
1,300
6,086
Nonnational.
5,948
6,480
2,580
6,877
70
2,133
4,428
1 535
Nonmember banks
and banking corporations.
3,490
7,212
2,218
10,767
Private
bankers.
1,275
4,763
404
6,016
Branches
and
agencies of
foreign
banks.
1,115
4,181
1541
9,151
500
515
62
421
6,093
11,234
5,407
6,786
61,399
36,295
35,421
18,442
23,334
55,914
5,485
33,326
2,969
32,372
3,049
18,055
'387
22,718
240
21
1 119
151
139
96
616
356
FEDERAL RESERVE BULLETIN.
MARCH, 1921.
CHANGES IN CONDITION OF FEDERAL RESERVE BANKS.
Loan operations of the Federal Reserve Banks on February 15 of a new series of 132.9 millions
during the four weelss between January 28 and of loan certificates, the fluctuations in the
February 25, as measured by the amounts of amounts of paper secured by Government obdiscounted bills held by the Federal Reserve ligations were in close keeping with those of
Banks at the close of each week, show a further total discounts, the ratio oi so-called Governreduction, the February 25 total of 2,396.3 mil- ment paper to total discounts varying only
lions being 60.2 millions below the total shown between 42.7 per cent on January 28 and 41.9
four weeks earlier. Loan liquidation was con- •er cent on the last two Fridays in February,
tinuous for the first three weeks of the period, {n the following exhibit there is given a sumbut gave place to a loan expansion of 31.9 mil- mary of the weekly changes in the principal
lions during the fourth week under review. Not- asset and liability items of the Federal Reserve
withstanding the allotment by the Government Banks for the four weeks under review:
Principal asset and liability items of the twelve Federal Reserve Banks combined on Fridays, Jan, 28 to Feb. 25, 1921.
[In millions of dollars.]
Jan. 28.
Reserves:
Total
Gold
Bills discounted:
Total
Secured by United States Government obligations
Allother
Bills bought in open market
Certificates of indebtedness
Total earning assets
Government deposits
Members' reserve deposits
Net deposits
Federal Reserve notes in circulation
Federal Reserve Bank notes in circulation
Reserve percentages
Holdings of paper secured by Government
obligations for the first three weeks show a decline of 58.6 millions, and on February 18 for
the first time since August 30,1918, stood below
1 billion. This decline was due to the gradual
elimination from Federal Reserve Bank holdings of paper secured by Treasury certificates.
During the period under review all of the
Federal Reserve Banks, except those of Boston,
Minneapolis, and Kansas City, raised their
minimum discount rates on such paper, and
this action, coupled with the larger investment
demand for this class of paper, is reflected in a
gradual reduction in the holdings of paper secured by certificates from 157.7 millions on
January 28 to 120.2 millions two weeks later.
On February 18, following the allotment of the
new certificate series, the holdings of this class
of paper show a moderate increase of 8.2
millions, as against a reduction of 29.7 millions
in paper supported by other United States securities. On the following Friday, in accord
with the general increase in discounts, paper
secured by certificates shows a further increase
of 6.4 millions and constituted 13.4 per cent
of the total amount of Government paper held
on that date, compared with about 15 per cent
on January 28. Holdings of paper secured by
Feb. 4.
Feb. 11.
Feb. 18,
Feb. 25.
2.320.0
2.106.1
2,326.1
2,111.9
2.342.2
2,122.0
2,353.0
2,132.7
2,357.0
2,140.3
2,456.5
1,048.8
1,407.7
165.1
261.5
2,908.8
52.1
1,731.8
1.643.2
3,090.7
202.3
49.0
2.433.1
1.017.2
1,415.9
167.8
260.0
2, 886. 7
48.4
1,742.8
1,645.0
3,075.8
197.2
49.3
2,405.5
1.011.7
1, 393. 8
175.9
263.6
2.870.8
48.5
1.740.3
1,670.7
3,050.4
198.2
49.6
2,364.4
990.2
1,374.2
166.9
261.8
2,818.9
61.5
1,720.9
1,645.1
3,037.4
193.4
50.3
2,396.3
1,004.0
1,392.3
170.5
261.5
2,854.1
63.0
1,722.9
1,671.6
3,051.7
189.3
49.9
Liberty and other United States bonds show a
continuous decline from 607.1 to 577.5 millions,
while paper secured by Victory notes shows
some fluctuations, the February 25 total of
291.7 millions being 7.7 millions in excess of the
corresponding total shown four weeks before.
Notwithstanding a reduction by about 60
millions in the holdings of total discounts, the
holdings of 15-day paper remained fairly constant, with the consequence that the proportion of the shortest term paper to discounts of all
maturities shows a rise from about 59 to 60.7
per cent. Bills of longer maturities show corresponding decreases, holdings of six-month
paper, among others, declining from 54.3 to 37.7
millions. Holdings of acceptances purchased
in open market fluctuated between 165.1 millions on January 28 and 175.9 millions two
weeks later, while Treasury certificates on
hand show even more moderate fluctuations between 260 millions on February 4 and 263.6
millions on the following Friday. In consequence of the changes above noted, total earning assets of the Federal Reserve Banks show a
decline of 54.7 millions for the four weeks under
review, and on February 25 stood at 2,854.1
millions, or 567.8 millions below the peak figure
reported on October 15 of last year.
357
FEDERAL RESERVE BULLETIN.
MARCH, 1921.
Considerable reduction in the volume of
interbank discounting is noted, the amount of
paper held under rediscount for other Federal
Reserve Banks showing a continuous decline
from 41.1 to 13.6 millions. During the week
ending February 18 the Federal Reserve Banks
of Atlanta and Minneapolis redeemed all their
outstanding rediscounted paper, so that the
total at the end of that week is composed exclusively of paper held under discount for Dallas
by the Cleveland bank. Holdings of acceptances
purchased from the New York Federal Reserve
Bank show a decline from 51.8 to 24 millions.
The latter amount was held by the Boston,
Philadelphia, Cleveland, and San Francisco
banks. Aggregate contingent liabilities on
bank acceptances held for account of foreign
correspondents continued without change at
18.2 millions.
Changes in the several classes of deposits
were moderate, members7 reserve deposits fluctuating between 1,742.8 millions on February 4
and 1,720.9 millions two weeks later, while
Government deposits varied between a low of
48.4 millions on February 4 and a high of 63
millions on the last Friday under review. Net
deposits moved
inversely with the amount of
the " float;; carried by the Federal Reserve
Banks, the high figure of net deposits, 1,671.6
millions on February 25, coinciding with a low
figure of 137.6 millions for the "float," and the
low figure of net deposits, 1,645 millions on
February 4, corresponding to a high figure of
172.3 millions for the "float."
Weekly figures of Federal Reserve note circulation show a continuous decline from 3,090.7
millions on January 28 to 3,037.4 millions on
February 18. For the eight weeks from December 23, 1920, when the seasonal return
flow of Federal Reserve currency started, to
February 18, 1921, the reduction in Federal
Reserve note circulation amounted to 367.5
millions, or, on an average, to 45.9 millions
a week. For the week ending February 25,
together with the increase in discounts, the
Federal Reserve Banks report also an increase
of 14.3 millions in Federal Reserve note circulation. During the four weeks under review
there was also a reduction of about 13
millions in Federal Reserve Bank note circulation, while the reduction in the circulation
of this class of currency since December 23 of
last year was about 29.5 millions. Gold reserves, mainly as the result of purchases of
imported gold by the New York Federal Reserve Bank, show a continuous increase for the
four weeks from 2,106.1 to 2,140.3 millions,
while total cash reserves show a slightly larger
gain from 2,320 to 2,357 millions. Owing to
the substantial gains in reserves and the
simultaneous reduction in Federal Reserve note
liabilities, the reserve ratio rose from 49 per
cent on January 28 to 50.3 per cent on February 18. During the following week increases in both deposit and note liabilities outweighed the small gain in reserves and the
February 25 ratio shows a decline to 49.9 per
cent.
Resources and liabilities of each Federal Reserve Bank at close of business on Fridays, Feb. 4 to 25, 1921.
RESOURCES.
[In thousands of dollars.)
Cleveland.
Gold and gold certificates:
Feb. 4
Feb. 11
Feb.18
Feb. 25
Gold s e t t l e m e n t
fund—Federal Reserve Board:
Feb. 4
Feb. 11
Feb. 18
Feb. 25
Gold with foreign
agencies:
Feb. 4
Gold with Federal
Reserve agents:
Feb. 4
Feb. 11
Feb. 18
Feb. 25
Gold r e d e m p t i o n
fund:
Feb. 4
Feb. 11
Feb. 18
Feb. 25
RichSt.
mond. Atlanta. Chicago. Louis.
8,193
7,788
7,190
7,011
5,114
4,367
4,016
44,562 93,551
44,748 96,507
42, 596 104,834
56,403 116,501
24,110
26,091
27,395
28,831
264
270
162
206,969
206,168
205,362
205,109
138,275
132,125
122,152
119,539
182,043
181,299
181,353
181,568
55,728
53,190
52,784
50,239
41,000
41,000
41,000
36,000
8,184
12,650
8,163
10,040
9,642
11,265
11,289
10,181
199, 750
204,985
210,978
217,335
10,793 99,063
10,098 111, 975
9,658 122,498
8,632 130,990
482,192
480,480
511,751
530,104
46,410
37,155
43,607
45,405
47,611
47,039
62,821
47,070
3,300
241
1,211
1.274,747
1,269,037
1,260,546
1,234,181
155,769
148, 450
162,511
157,857
151,958
167,476
149,377
158,693
24,384
31,055
15,970
19,913
4,818
3,945
3,343
3,081
6,404
7,907
6,857
8,289|
Minne- Kansas
apolis.
City.
Dallas
San
Francisco.
24,000
22,241
21,391
21,210
4,527
4,007
3,684
3,551
8,865
8,644
8,456
8,402
3,357
2,835
2,561
2,506
6,121
5,830
5,611
5,535
18,255
18,024
17,542
17,575
10,259 99,425
9,866 119,785
10,228 111, 294
11,552 109,621
30,342
25,526
26, 560
25,196
10,850
5,981
8,934
12,687
26, 523
5,370
5,270
7,832
8,412
43,479
31,729
32,310
29, 740
393
155
61,713 210,829
60,340 210,518
202,243
60,350 193,341
53,088
63,665
63,800
6,644
5,231
5,028
4,943
119
7,181
8,333
7,795
6,803
22,695
21,581
28,160
36,008
5,415
5,369
4,823
4,433
33,340
38,686
158
1,781
>,768
>,066
>,250
2,737
3,180
2,748
36,783
38,271
36,403
4,660
3,588
4,859
4,418
152
18,294
16,625
19,486
18,360
130,475
132,618
9,736
11,099
6,935
7,681
8,797
10, 892
10,346
12.179
122,171
858
MARCH, 1921.
FEDEBAL KESEBVE BULLETIN.
Resources and liabilities of each Federal Reserve Bank at close of business on Fridays, Feb. 4 to 25,1921—Continued.
RESOURCES—Continued.
[In thousands of dollars.]
Total.
Total gold reserves:
Feb. 4
Feb. 11
Apr. 18
M Feb.25
Legal-tender notes,
silver, etc.:
Feb. 4
Feb. 11
Feb. 18
Feb.25
Total reserves:
Feb. 4
Feb. 11
Feb. 18
Feb.25
Bills discounted: i
S e c u r e d by
United States
Government
obligations—
Feb. 4
Feb. 11
Feb. 18
Feb.25
All other—
Feb. 4
Feb. 11
Feb. 18
Feb.25
Bills bought
in open
market:3
Feb. 4
Feb. 11
Feb. 18
Feb.25
United States Government bonds:
Feb. 4
Feb. 11
Feb. 18
Feb.25
United States Victory Notes:
Feb. 4
Feb. 11
Feb. 18
Feb.25
United States certificates of indebtedness:
Feb. 4
Feb. 11
Feb. 18
Feb.25
Total earning assets:
Feb. 4
Feb. 11
Feb. 18
Feb.25
Bank premises:
Feb. 4
Feb. 11
Feb. 18
Feb.25
Uncollected i t e m s
and other deductions from gross deFeb.4
Feb. 11
Feb. 18
Feb.25
5 per cent redemption fund against
Federal Reserve
Bank notes:
Feb. 4
Feb. 11
Feb. 18
Feb.25
,
Boston.
New
York.
Philadelphia.
Cleveland.
Richmond.
St.
Atlanta. Chicago. Louis.
2, 111, 947
2,121,978
2,132,652
2,140,313
237,297
226,758
231,746
231,807
395,854
406,182
431,681
419,169
196,103
193,468
176,254
189,063
293,699
296,859
304,666
315,261
91,518
91,555
91,052
91,258
85,916
83,770
82,739
214,180
220,220
220,338
216,686
11,427
11,422
12,460
12,008
154, 498
159,337
159,465
158,104
2,436
2,814
2,992
3,122
2,727
4,254
4,444
4,597
6,541
6,696
6,287
5,909
2,326,127
2,342,198
2,352,990
2,356,999
248,724
238,180
244,206
243,815
550,352
565,519
591,146
577,273
198,539
196,282
179,246
192,185
296,426
301,113
309,110
319,858
1,017,152
1,011,677
990,182
1,003,975
52,806
59,393
61,109
58,205
424,726
394,403
375,282
393,451
108,042
110,857
109,390
110,120
1,415,921
1,393,839
1,374,226
1,392,279
69,342
70,218
72,856
77,380
520,290
520,810
495,257
167,818
175,873
166,874
170,503
19,752
20,520
14,093
15,518
25,849
25,849
25,848
25,849
259,970
263,574
261,759
261,510
Minneapolis.
360,180
93,527
98,567
98,867
97,109
48,445
43,130
45,636
49,087
4,515
4,482
4,707
4,380
14,869
14,274
13,370
11,712
6,071
6,426
5,988
6,296
98,059
98,251
97,339
97,167
90,431
88,252
87,446
88,028
372,211
388,399
376,458
371,892
52,497
71,295
57,793
61,814
48,909
50,825
49,763
56,224
57,819
59,212
58,150
37,977
37,550
47,521
46,849
64,421
64,725
61,647
62,005
59,387
56,997
57,468
59,526
9,881
14,486
18,194
30,743
21,650
22,627
23,810
20,918
57,839
51,748
46,700
40,034
550
550
550
550
1,257
1,257
1257
1,257
1,434
1,434
1,434
1,434
21,439
21,538
21,498
21,503
59,277
61,579
59,279
59,579
30,515
31,227
31,282
30,900
Kansas
City.
Dallas
Francisco.
71, .481
75,477
77,163
82,078
39,607
38,824
39,864
967
794
779
549
2,804
2,842
2,866
5,486
4,917
5,010
5,148
1,839
1,962
1,970
1,973
99,598
104,993
104,855
103,405
49,412
43,924
46,415
49,636
74,285
78,319
80,029
84,966
45,093
43,741
44,874
45,136
202,967
195,295
191,862
183,638
126,280
126,908
131,353
128,523
38,347
35,205
34,758
33,918
17,923
18,487
18,421
15,212
38,351
33,8411
37,789
37,463
16,318
16,351
13,779
13,126
36,799
38,209
40,471
44,230
70,831
70,807
68,963
66,543
243,955
235,848
236,911
258,079
58,723
54,188
55,694
55,262
60,970
59,889
60,038
58,245
72,211
67,110
63,8641
62,772j
53,890
54,325
53,212
55,539
103,924
101,372
100,795
101,089
4,874
5,077
4,009
3,611
2,760
2,623
2,082
1,678
12,020
12,147
10,508
11,431
334
688
387
964
21
42
28
205
834
834
833
834
1,233
1,233
1,233
1,233
114
114
114
114
4,490
4,490
4,490
4,490
1,153
1,153
1,153
1,153
116
116
116
116
8,867
8,867
8,867
3,979
3,979
3,979
3,979
1,822
1,822
1,822
1,822
23,800
23,800
23,800
23,800
12,262
12,262
12,262
12,262
16,665
16,665
16,665
16,666
39,637
39,616
39,862
39,679
15,893
16,277
16,395
16,078
8,480
8,480
8,480
8,480
12,820
12,820
12,820
12,820
8,300
8,300
8,300
8,300
10,882
11,010
11,116
11,443
2,886,729 163,8941,015,4311
5,431 199,618 199,401 126,595
2,870,831 172,224
2,535 203,695 212,412 124,478
2,818,908 170,111 949,269| 213,437 190,783 125,797
173,161
2,854,135
974,020j 210,221 188,497 126,395
357,342
374,125
146,597 426,382 114,450
148,031 419,009 107,511
147,039 423,124 108,387
143,154 442,202 107,375
181,665
37,442
44,980
46,449
44,825
537j
87,510 133,398
87 01 123,502
87,083 123,900
82,258 122,460
201,158
193,263
82,584 190,869
83,027
79,325 200,653
80,983 203,409
18,244
18,977
19,309
19,469
3,046
3,116
3,120
4,237
4,237
4,455
4,457
500
500
502
503
1,542
1,625
1,640
1,640
1,397
1,494
1,498
1 "*
541
541
543
543
2,535
2,707
2,707
2,707
542
626
626
626
590
590
598
598
1,282
1,462
1,462
1,615
1,720
1756
1,763
1,763
399
399
595,980
567,478
641,661
607,422
38,814
39,802
42,668
41,023
132,763
119,298
144,590
139,074
51,134
50,590
57,027
56,488
50,192
64,249
61,053
48,213
47,938
49,876
46,318
25,446
28,594
29,072
24,714
72,439
69,485
78,746
74,878
29,770
29,053
33,118
33,646
14,814
17,720
16,395
15,668
43,259
42,486
45,424
44,282
34,903
35,462
37,949
33,201
37,529
36,858
42,547
37,077
12,868
12,207
12,114
12,159
1,072
1,072
1,072
1,072
2,667
2,627
2,541
2,483
1,300
1,300
1.30C
1,3OC
1,239
1 239
1,239
1,239
601
601
601
601
699
599
626
616
2,075
1,834
1,725
1,651
523
523
523
523
525
245
320
507
916
916
916
916
586
586
586
586
665
665
665
665
V
359
FEDERAL RESERVE BULLETIN.
MARCH, 1921.
Resources and liabilities of each Federal Reserve Bank at close of business on Fridays, Feb. 4 to 25, 1921—Continued.
RESOURCES—Continued.
[In thousands of dollars.]
Total.
Gold abroad in custody or in transit:
Feb. 11
•.
Feb. 18
Feb. 25
All other resources:
Feb. 4
Feb. 11
Feb. 18
Feb. 25
Total resources:
Feb. 4
Feb. 11
Feb. 18
Feb. 25
»Includes bills discounted for other
Federal
Reserve
Banks:
Feb.4
Feb.11
Feb.18
Feb. 25
'Includes bankers'
acceptances bought
from other Federal
R e s e r v e banks
without their indorsement:
Feb. 4
Feb. 11
Feb. 18
Feb. 25
3,300
3,300
3,300
7,105
7,500
7,739
7,617
5,847,053
5,822,491
5,856,021
5,861,101
Boston.
241
241
241
New
York.
1,211
1,211
1,211
Philadelphia.
264
264
264
Cleveland.
Richmond.
Atlanta.
St.
MinneChicago. Louis.
apolis.
Kansas Dallas.
City.
San
Francisco.
270
270
270
162
162
162
119
119
119
393
393
393
155
155
155
89
89
89
158
158
158
86
86
86
152
152
152
492
2,184
206
298
2,333
393
455
394
2,291
393
473
481
2,266
514
432
487
455,965 1,707,634 451,389 565, 710
455,020 1,687,760 453,025 567,244
461,895 1,695,503 452,249 567,684
462,919 1,700, 784 461,475 572,989
516
394
406
430
233
367
276
349
938
1,043
1,066
1,125
111
127
134
147
298
338
364
341
263,947
266, 503
265,121
257,523
876,580
882,870
884, 219
894,848
152,962
149, 709
151,034
148, 903
253,438
247,181
252, 253
254,738
892
734
661
598
165,778
165,392
165, 244
162,353
455
422
667
440
275,381
273,318
275,679
272,571
482
500
527
488
245,365
243,361
248,191
246, 218
32,982
19,427
14,500
13,615
3,990
1,925
2,182
2,148
26,810
15,354
14,500
13,615
54,938
46,022
33,373
23,962
7,368
6,005
1,182
1,132
6,823
6,823
6,733
4,038
25,093
19,303
14,843
11,000
432, 904
431,108
436, 949
425, 780
15,654
13,891
10,615
7,792
I
LIABILITIES.
Capital paid in:
Feb. 4
Feb. 11
Feb. 18
Feb. 25
Surplus fund:
Feb. 4
Feb.11
Feb.18
Feb. 25
Government deposits:
Feb. 4
Feb. 11
Feb. 18
Feb. 25
Due to members—reserve account:
Feb. 4
Feb. 11
Feb. 18
Feb. 25
Deferred availability
items:
Feb. 4
Feb. 11
Feb. 18
Feb. 25
Other deposits, including foreign Government credits:
Feb. 4
Feb. 11
Feb.18
Feb. 25
Total gross deposits:
Feb. 4
Feb. 11
Feb. 18
Feb. 25
Federal Reserve notes
in actual circulation:
Feb. 4
Feb. 11
Feb. 18
Feb. 25
3,485
3,485
3,485
3,485
4,456
4,478
4,488
4,490
4,131
4,131
4,131
4,126
7,006
7,026
7,031
6,033
6,033
6,033
8,346
6,980
9,159
9,159
9,159
9,159
14,194
14,194
14,194
14,194
2,570
2,316
4,407
3,719
3,740
1,474
2,177
2,552
3,566
1,829
4,772
3,396
1,701
1,617
189
2,422
7,565
3,099
245,544
250,928
242,336
251,965
67,059
67, 507
64,187
43,500
44,231
44,244
43,296
80,070
77,044
76,473
79,321
50,501 112,403
51,718 113,346
51,313 113,451
49,455 111, 163
13,412
13,041
14,341
12,906
38,793
38,896
42, 312
43,483
23,776
24,810
29,272
29,733
31,380
29,429
437
554
370
337
337
295
442
318
318
273
261
5,524
5,979
5,929
6,254
100,228
100,557
100,740
100,790
7,838
7,858
7,859
7,859
26,349
26,452
26,458
26,458
8,494
8,556
8,570
8,584
10,759
10,762
10,895
10,897
5,282
5,318
5,305
5,305
3,998
4,013
4,020
4,021
14,033
14,064
14,065
14,067
4,417
4,434
4,438
4,467
202,036
202,036
15,711
15,711
15,711
15,711
56,414
56, 414
56,414
56,414
17,010
17,010
17,010
17,010
20,305
20,305
20,305
20,305
10,561
10,561
10, 561
10, 561
8,343
8,343
8,343
8,343
28,980
8,346
8,346
5,133
3,072
3,226
1,199
1,708
1,094
1,552
1,300
427
1,779
1,925
610
5,856
9,739
6,750
112,120 670, 954 105,366 150, 544
113, 836 655,629 106,377 152,487
111, 511 656,664 102,738 150,171
109,737 655, 730 108,186 148,472
59,075
58,934
58,306
56,973
45,626
48,222
46, 826
44,434
202,036
48,373
48,457
61,516
62,984
1, 742, 762
1,740,259
1,720, 855
1,722,919
2,654
2,637
5,288
7,663
22,520
22,007
16,069
23,390
3,191
3,092
3,297
601
423,613
479,799
469,811
32,676
32,978
36, 873
36,655
74,415
73,961
84,761
79,110
38, 746
38,780
43,311
44,896
43,690
40,885
52,761
51,359
37,233
36,917
39,775
37,236
18, 450
20,715
22,726
44, 804
44,747
53, 513
56,316
28,366
28,150
31,350
33,027
26,243
25,802
24,609
23,305
550
628
794
721
14,040
13,496
11,790
11,506
1,123
909
1,659
799
480
475
430
394
307
276
484
221
242
223
202
314
2,116
2,027
1,837
1,474
580
546
530
2,241,011
2,238,131
2,286,779
2,279,019
148,000
150,079
154,466
154,776
781,929
765,093
769,284
769,736
148,426
149,158
151,005
154,482
199,847
196,919
206,588
206,114
97,814
97,835
99,659
95,982
65,618
69,587
71,533
65,371
3,075,750
3,050,416
3,037,444
3,051,706
264,731
261,954
264,504
265,717
796,492
787,938
791,991
796,383
254,979
256,313
254,110
260,274
312, 111
316,165
306,979
312,502
150,454
148,542
149,346
150,218
170,366
169,288
166,261
165,284
2,448
293,074 98,764
303,558 98,553
307,425 103,125
316,505 101,463
61,089 122,766
59,300 118,106
61,132 123,852
59,143 126,642
76,296 147,388
78,463 151,480
80,385 158,325
78,860 149,945
124,601
122,847
123,203
122,984
72,984 102,254
71,802 100,984
71,366 100,406
71,223 100,195
71,369
69,029
67,152
66,020
501,87
498,251
496,143
497,763
253,532
247,303
245,983
243,143
360
FEDERAL RESERVE BULLETIN.
MARCH, 1921.
Resources and liabilities of each Federal Reserve Bank at close of business on Fridays, Feb. 4 to 25,
1921—Continued.
LIABILITIES-Continued.
[In thousands of dollars.]
Total.
Federal R e s e r v e
B a n k notes in circ u l a t i o n - N e t liability:
Feb. 4
Feb.ll
Feb.18
Feb.25
All other liabilities:
Feb. 4
Feb.ll
Feb. 18
Feb.25
Total liabilities:
Feb. 4
Feb.ll
Feb. 18
Feb.25
Boston.
New
York.
Philadelphia.
Cleveland.
Richmond.
San
Francisco.
St.
Minne- Kansas Dallas
Atlanta. Chicago. Louis.
apolis. City.
197,210
198,178
193,431
189,325
18,168
17,759
17,589
16,943
35,810
40,124
38,478
37,798
20,738
20,144
19,522
19,052
20,874
20,977
20,761
20,853
10,257
9,959
9,634
9,231
14,222
13,759
13,351
12,791
33,758
32,893
32,083
31,383
8,029
7,906
7,783
7,562
7,260
6,899
6,738
6,688
12,742
12,463
12,319
12,194
6,624
6,447
6,208
5,928
8,728
8,848
8,965
8,902
30,818
33,173
35,591
38,225
1,517
1,659
1,766
1,913
10,640
11,739
12; 878
13,995
1,742
1,844
2,032
2,073
1,814
2,116
2,156
2,318
1,013
1,103
1,174
1,274
1,400
1,513
1,613
1,713
4,858
5,124
5,523
6,150
1,208
1,275
1,296
1,396
1,164
1,243
1,333
1,384
2,061
1,991
2,029
2,058
1,325
1,289
1,335
1,386
2,076
2,277
2,456
2,565
455,965 1,707,634
455,020 1.687,760
461,895 1,695,503
462,919 1,700,784
451,389
453,025
452,249
461,475
565,710
567,244
567,684
572,989
275,381
273,318
275,679
272,571
263,947
266,503
265,121
257,523
876,580
882,870
884,219
894,848
245,365
243,361
248,191
246,218
152,962
149,709
151,034
148,903
253,438
247,181
252,253
254,738
165,778
165,392
165,244
162,353
432,904
431,108
436,949
425,780
56.4
55.3
51.5
53.6
66.6
65.1
68.8
69.9
49.0
49.5
48.9
48.6
43.0
42.0
41.9
42.7
51.5
53.0
51.9
50.3
51.4
54.6
54.3
54.2
41.4
38.7
40.0
43.3
40.9
44.3
44.8
46.5
40.0
39.0
40.9
40.4
55.9
53.9
53.0
51.6
5,847,053
5,822,491
5,856,021
5,861,101
MEMORANDA.
Ratio of total reserves
to net deposit and
Federal note liabilities combined—
per cent:
Feb. 4
Feb.ll
Feb.18
Feb.25
Contingent liabiliity
as indorser on discounted paper rediscounted with
other Federal ReserveBanks:
Feb. 4
Feb.ll
Feb. 18
Feb.25
Bankers' acceptances
sold to other Federal Reserve Banks
without indorsement:
Feb.4
Feb. 11
Feb. 18
Feb.25
Contingent liability
on bills purchased
for foreign correspondents:
Feb. 4
Feb.ll
Feb.18
Feb.25
49.3
49.6
50.3
49.9
66.5
64.0
64.9
64.3
38.1
39.4
41.7
40.5
32,982
19,427
14,500
13,615
13,442
5,115
54,938
17 540
13' 812
14' 500
13'615
54,938
46,022
33,372
23,962
33,373
23,962
18,227
18,229
18,228
18,228
2 000
500
1,168
1,168
1,168
1,168
8,099
8,101
8,100
8,100
1,280
1,280
1,280
1,280
1,312
1,312
1,312
1,312
784
784
7*4
784
576
576
576
576
1,904
1,904
1,904
1,904
752
752
752
752
432
432
432
432
768
768
768
768
416
416
416
416
736
736
736
736
Maturities of bills discounted and bought, also of Treasury certificates of indebtedness held by the twelve Federal Reserve Banks
combined.
[In thousands of dollars.]
Bills discounted:
Feb. 4
Feb.ll..
Feb. 18
Feb.25
Bills bought:
Feb. 4
Feb.ll
Feb. 18
Feb.25
United States certificates of indebtedness:
Feb. 4
Feb.ll
Feb. 18
Feb.25
Total.
Within 15
days.
2,433,073
2,405,5*6
2,364,408
2,396,254
1,456,476
1,431,768
1,444,358
1,455,023
238,301
251,266
223,858
222,558
407,392
403,555
389,479
397,788
283,855
274,716
266,151
283,234
167,818
175.873
166.874
170,503
56,559
52,666
50,848
63,335
38,249
47,652
54,172
44,213
56,233
58,860
44,526
43,348
16,777
16,695
17,328
19,607
259,970
263,574
261,759
261,510
5,823
4,823
6,323
8,324
2,000
6,000
7,581
4,407
9,955
7,646
6,949
9,036
11,511
8,858
6,813
5,350
I
16 to 30
days.
31 to 60
days.
61 to 90
days.
Over 90
days.
47,049
44,211
40,562
37,651
230,681
236,247
234,093
234,393
361
FEDERAL, RESERVE BULLETIN.
MAKCH, 1921.
FEDERAL RESERVE NOTES.
Federal Reserve agent's accounts at close of business on Fridays, Feb. 4 to 25, 1921,
[In thousands of dollars.]
Total.
NewYork.
Boston.
Philadel-,
phia.
San
Minne- Kansas Dallas. Franapolis. City.
cisco.
Cleveland.
RESOURCES.
Federal Reserve notes on
hand:
Feb. 4
Feb. 11
Feb. 18
Feb. 25
Federal Reserve notes outstanding:
Feb. 4
Feb. 11
Feb. 18
Feb. 25
Collateral security for Federal
Reserve notes outstanding:
Gold and gold certificates—
Feb. 4
Feb. 11
Feb. 18
Feb. 25
Gold redemption fund—
Feb. 4
Feb. 11
Feb. 18
Feb. 25
Gold settlement fund—
Federal Reserve
Board—
Feb.4
Feb. 11
Feb. 18
Feb. 25
Eligible paperAmount required—
Feb. 4
Feb. 11
Feb. 18
Feb. 25
815,434
825,026
808,852
798,457
119,480!
117,780
110,030
107,530
268,000 22,240
268,000 25,490
25,740
268,000 23,340
49,840
53,020
51,240
49,240
25,029
24,848
23,369
21,189
76,050
75,535
74,675
74,783
145,240
151,140
147,420
148,300
3,400,093
3,368,644
3,349,950
3,348,473
280,276
274,657!!
276,468
279,314|
923,423
924,614
918,773
919,011
270,122
266,723
267,499
273,287
336,341
333,096
329,931
329,146
156,753
155,395
155,509
156,124
174,782
174,325
172,233
171,286
554,824
542,773
538,218
531,956
5,310
5,120
4,520
3,980
16,825
16,828
17,643
17,540
48,300
48,300
48,300
48,300
74,672 109,650
73,814
73,262 107,659
73,106 107,9651
75,308
73,637
71,682
70,660
300,799
297,942
295,022
293,295
25,680 13,440
25,680 13,285
24,780 13,135
23,780 12,475
143,143
142,740
143,694
143,323
i
227,3861
227,385!
227,386 i
227,386!
5,600
5,600
5,600
5,600
23,775).
23,7751.
23,775.
23,775.
169,608
169,607
169,608
169,608
3,500
3,500
3,500
3,500
5,960 13,052!
13,052|
5,960 13,052j
5,960 13,052!
5,891
5,891
5,891
5,891
5,168
3,500
4,361
5,235
14,585
19,425
17,428
15,493
7,235
7,234
9,234
7,234
115,890
113,193
112,270
106,678
__,_
17,524
17,578
17,793
2,728
3,190
2,784
3,239
3,213
3,240
1,888
2,350
13,685
14,374
15,098
14,197i
2,397
4,074
3,409
4,038
125,389
112,389
107,389
99; 389
140,000
140,000
140,000
140,000!
53,000
50,000
50,000
47,000
55,000
53,600
54,300
54,500
197,144
196.144
187.145
179,144
44,731
53,631
54,431
53,931
131,847
134,598
145,347
153,748
154,298
151,7971
148,578
147,578
101,025
102,205
102,725
105,885
113,069
113,985
112,545
110,936
103,412, 15,169
118,901 17,8""'
113,8311 " "
113,359|
11,361 32,886
10,561 19,736
9,754 14,763
9,501 20,150
943,949j
922,751
919,329,
893,436
135,
125,
135,
135,000
26,000
26,000
26,000
26,000!
2,125,346|
2,099,607!
2,089,404
2,114,292j
124,507
126,207
113,957
121,457
716,454
718,446
713,411
713,902
Excess amount held—
26,214 19,854 10,624
Feb. 4
428,655 17,393
182,538 18,712 34,554 6,060
Feb. 11
1 425,984! 23,924
Feb. 18
1 382,342| 34,101 146,969 16, 752 16,750 2,700
171,051 3,674 15,438| 4,855
Feb. 25.
397,940| 29,646
Total resources:
Feb. 4
8,044,275' 697,425 2,323,054 588, L._ 742,376 349,159
7,988,298! 691,018 2,299,766j 577,648 753,766| 341,698
Feb. 11
7,891,094 697,067 2,252,515 577,490 727,852 337,087
Feb.18
7,893,343| 695,804 2,277,073 573,588 722,970, 338,292
Feb. 25
1,529! 2,423
2,516! 2,911
1,814; 3,043
1,998; 2,108
10,200
10,200!!
10,200
10,200
34,3601
35,360
33,360
34,360!
343,995 90,055 49,891! 72,867 57,014 170,324
332,255 79,075 48,046 70,657 57,012 165,324
335,975 79,894 48,196 71,256 52,196 165,324
338,615 79,394 47,856| 71,497 52,300 171,124
38,170
7,302
42,603| 10,714
42,548| 10,877
59,305 10,710
15,704
16,156
17,608
15,336
27,530i
28,689;
29,078
24,921
441,318
440,341
436,749
432,691
1,293,058
1,279,289|
1,266,404!
1,271,517!
319,268
321,874
323,045
321,136
250,832
249,860
246,908
246,069
700,064
693,913!
685,638
680,256
168,823
168,420
168,474
167,103
88,112
87,099
86,397
OV/, OOI
85, 581
210,829|
210,518' 63; 665
202,243! 63,800
193,341j
24,781
25,768
25,066
25,250j
77,4211
76,735
77,274
72,7771
38,561 12,789 6,306
30,945 13,599 17,490
30,753 13,337 20,869
28,998 16,213 17,793
190,314 263,171 180,230
189,602! 253,921! 177,701
188,737! 250, 59l! 174,344
183,608, 248,908 175,073
656,204
661,674
659,213
652,683
LIABILITIES.
Net amount of Federal Reserve notes received from
Comptroller of the Currency:
Feb. 4
Feb. 11
Feb. 18
Feb. 25
Collateral received from Federal Reserve Bank:
Gold—
Feb. 4
Feb. 11
Feb. 18
Feb. 25
Eligible paper—
Feb. 4
Feb. 11
Feb. 18
Feb. 25
Total liabilities:
Feb.4
Feb. 11
Feb. 18
Feb.25
386,181
4,215,527 399,756 1,191,423
4,193,670 392,437 1,192,614 292,213 386,116
4,158, 802 386,498 1,186,773 293,239 381,171
1,187,011 296,627 378,386
4,146,930
181,782
180,243
178,878
177,313
55,728 61,713
53,190 60,340
52,784
50,239 60,350
1,274,747
1,269,037
1,260, 546
1,234,181
155,769
148,450
162, 511
157,857
206,969
206,168
205,362
205,109
138,275
132,125
122,152
119,539
182,043
181,299
181,353j
181,
2,554,001
2,525, 591
2,471,746
2,512,232
141,900
150,131
148,058
151,103
924,662
900,984
860,380
884,953
158,061
153,310
162,099
157,422
174,1521
186,351
165,328
163,016
111,649
108,265
105,425
110,740
128,773
130,141
130,153
126,272
382,165!
374,858!
378,523!
397,920|
97,357
89,789
90,771
90,104
8,044,275
7,988,298i
7,891,094
7,893,343
697,425
691,018
697,067
695,804
2,323, 054
2,299, 766
2,252,515
2,277,073
588,698
577,648
577,490
573,588
742,376
753,766
727,852
722,970
349,159
341,698
337,087
338,292
441,318
440,341
436, 749
432,691
1,293,058
1,279,289:
1,266,404^
1,271,517!
319,268
321,8741
323,045
321,136
-1
not*
A(\A\
ono
I\AZ.\
190,314!
189,602|
188, 7371
183,608
100
TO^TI
114,960 92,133 349,099
114,048 90,465 346,242
112,179 89, 325 343,322
111, 945 88,200 341,595
36,783
38,271
36,403
"" """
18,294
16,625
19,486
18,360
130,475
132,618
129,698
122,171
111,428 69, 803
101,602 70,611
102,009 65,533
100,495 68,513
176,630
182, 814
186,193
188,917
180,230
177,701
174,344
175,073
656,204
661,674
659,213
652,683
263,171
253,921
250,591
248,908
OCA
CAI
362
MARCH, 1921.
FEDERAL, RESERVE BULLETIN.
OPERATIONS OF THE FEDERAL RESERVE CLEARING SYSTEM FROM JAN. 16 TO
FEB. 15, 1921.
[All figures shown i n thousands.]
Items drawn on banks located
in own district.
I n Federal
Reserve B a n k
or branch
city.
Federal Reserve B a n k
or branch.
Outside Federal Reserve
Bank or
branch city.
654
531,319
1,122 1,674,625
150
713,255
1,499
272
185,336
156
117,475
351 270,581
93
133,154
211
145,895
8!
57,520
4'
17,029
20
14,033
41
27,101
56
45,754
739 555,954
210
122,290
250
224,511
42
22,073
82
50,559
63
27,717
250
106,203
9
2,479
195 253,499
67
40,253
i
56
54,673
160
48,170
60,447
! 127
33
9,853
68
36,671
207
97,552
156
97,353
58
28,15£
94
24,918
59
29,024
29
^Spokane..
Total:
J a n . 16 t o Feb. 15,
1921
Dec. 16 t o Jan. 15,
1921
J a n . 16 t o F e b . 14,
1920
340,211
2,788
3,921 1,002,674
43,403
342
214,323
1,873
135,573
1,042
74,094
684
96,971
792
272,153
1,962
67,629
590
40,908
275
8,773
125
17,762
150
19,854
12,997
3,019
281,207
333
35,932
1,149
75,961
254
16,264
325
21,193
135
9,071
79,427
1,279
3,355
52
2,028 109,906
302
17,982
865
77,813
468
31,402
1,433 212,223
120
10,626
298
36,616
429
29,619
856
64,152
190
10,707
362
36,977
192
12 433
148
9,566
96
875
8
199
32
40
26
42
48
25
12
Q
13
35
21'
20
91
Total items
handled, including du- •
plications.
NumNumNumber. Amount. ber. Amount. ber. A m o u n t .
NumNumNumber. Amount. ber. Amount. ber. Amount.
Boston
New York
Buffalo
Philadelphia
Cleveland
Cincinnati
Pittsburgh
Richmond
Baltimore
Atlanta
Birmingham
Jacksonville
Nashville
New Orleans
Chicago
Detroit
St. Louis
Little Rock
Louisville
Memphis.
Minneapolis2
Helena
Kansas City
Denver
Oklahoma City
Omaha
Dallas
E l Paso
Houston
San Francisco
jgj Los Angeles
^ Portland
Salt Lake City....
Items
Items
forwarded to
forwarded to
other Federal parent
bank or
Reserve Banks to branch
in
and their
same district.
branches.
Total items
handled, exclusive of duplications.
Items drawn
on Treasurer
of United
States.
20,797
149,472
1,882
42,831
6,672
4,872
6,503
7,943
10,144
6,396
1,284
1,388
1,406
6,686
44,612
3,082
10,612
1,420
4,252
1,927
4,170
221
9,128
3,361
1,260
2,647
3,255
2,763
1,978
59,101
8,217
5 636
1,925
6,195
711
3,538! 892,327
5,918; 2,826,771
500! 127,373
3,571| 970,409
1,346! 327,581
1886: 1197,684
374,055
1,169
2,097 413,250
849 223,668
389 104,824
27,086
184
33,183
179
243
48,361
189
65,437
3,975 881,773
161,304
563
1,490 311,084
303
39,757
433
76,004
206
38,715
1,557
189,800
63
6,055
2,293
372,533
61,596
387
133,746
929
1646 »82,563
1,584 275,925
168
23,242
416
75,265
701
186,272
169,722
44,498'
466
63,820
276
47,652
184 125,978
146
871
123
730
38
11
60
152
51
53
17
23
33
41
278
8
23
8
8
2
184
1
267
72
43
38
85
18
24
25
113
4
11
15
47,654
436,372
22,595
176,259
25,528
19,415
38,305
60,640
30,230
20,743
10,358
7,655
5,203
10,985
27,672
5,424
3,900
1,625
791
258
43,231
621
55,197
15,907
8,753
5,801
27,652
32
10
28
46
75
45
25
i
71
6
5
6
25
3
4
2,737
3,902
17,298
1 218
12,058
3,180
2,016
37
16
18
44
12
8
43
51
26
10
31
18
3,684
6,010 6,809
657
20,839
4,301
9,986 1,416
907
4,060
6,838 1,257
10,478 2,295
975
8,644
7,263 487
226
37,264
206
1,500
2S5
1,303
891 237
4,150 4,259!
576
1,654
1064 1,519
3,042 336
272 444
596 212
874 1,750
65
597
13,971 2,646
496
11,780
988
12,151
702
5 712
6,042 1,713
198
2,203
448
1,827
769
6,045
12,428 1,200
3,665 291
487
8,424
322
3,919
4,995 211
939,981
269,153
170,807
146,668
363,095
221,159
419,198
484,368
262,542
132,830
74,708
42,338
54,867
77,313
913,595
168,382
316,048
44,424
77,067
39,569
233,905
7,273
441,701
89,283
154,650
94,076
309,619
31,425
79,829
196,219
199,448
49,380
84,302
54,751
32,989
29,068 3,529,75: 2,205
444,749138,99519,899,313 i 3,585 1,157,163
794
220,487 43,374 11,276,963
8,129 7,244,2£ 32,257 4,283,206 3,063
497,064i43,456U2,026,301 3,887 1,402,19^
852
266,757 48,19513,695,253
4,748,036 1,697
561,056130,862112,521,742 3,411 1,781,533
716
277,877 34,99414,581,152
7,715 5,923,21
6,161 7,210,635
1 Includes items drawn on banks i n other Federal Reserve districts forwarded direct t o drawee bank.
2 Opened for business Feb. 1,1921.
NOTE.—Number of business days in period was 25 i n all Federal Reserve Bank and branch cities except as follows: Helena, 12 days; Birmingh a m , 24 days; Boston, Baltimore, and Kansas City, 26 days.
Number of member and nonmember banks in each Federal Reserve district, Feb. 15, 1921 and 1920.
Member banks.
Federal_Reserve]district.
Nonmember banks.
On par list.
1921
1921
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
. . .
Total
1 Incorporated banks other t h a n mutual savings banks.
Not on par list.i
1920
1920
439
787
698
873
613
472
1,423
572
1,005
1,094
854
838
431
761
682
846
591
431
1*374
543
926
1,050
762
743
254
327
443
1,082
1,201
407
4,261
2,513
2,867
3,392
1,259
1,017
248
326
416
1,084
568
470
3,899
2,540
2,361
3,350
1,229
938
9,66S
9,140
19,023
17,429
1921
1920
406
1,164
174
933
1,104
295
138
575
103
1,744
3,148
MARCH, 1921.
FEDERAL RESERVE BULLETIN.
363
CONDITION OF MEMBER BANKS IN LEADING CITIES.
All classes of loans show declines for each
week of the review period (excepting only an
increase of 8 millions in loans supported by
corporate securities for the week ending
February 4). Loans secured by Government
obligations decreased from 828 to 783 millions;
loans secured by stocks and bonds declined
from 3,082 to 3,033 millions; and all other
loans and discounts, mainly commercial paper,
dropped from 9,142 millions to 8,973 millions.
Thus there is shown for the four weeks a total
liquidation of 263 millions in loans and discounts. Member banks in New York City
show a reduction in loans for the period of
130 millions, or from 4,412 to 4,282 millions.
Member bank holdings of United States
bonds and Victory notes show a 10 million
reduction for the four weeks, while Treasury
certificates held, after a decline from 277 to
208 millions for the first three weeks, show a
rise to 246 millions for the most recent week,
during which 133 millions of loan certificates
were allotted by the Government. Holdings
of securities other than United States Government obligations fluctuated within comparatively narrow limits, the lowest figure of 1,976
Resources and liabilities of member banks in leading cities onmillions being shown for February 11, after a
Fridays, from Jan, 21 to Feb. 18, 1921.
three weeks' gradual decline from 2,001 millions
reported for January 21. For the most
[In millions of dollars.]
recent week, which saw the flotation of substantial foreign loans, a rise in this item to
Jan. 21. Jan.28. Feb. 4. Feb.ll. Feb.18.
1,997 millions is noted.
Government deposits shrank from 210 mil828
Number of reporting banks
lions
on January 21 to 61 millions on February
l
Loans and discounts:
11, but following the new issue of Treasury
Secured by United
812
811
Government obligations
796
783
certificates, show a rise to 142 millions. Other
Secured by stocks and bonds
(other than United States
demand deposits (net) show a decline of 201
Government obligations)... 3,082 3,053 3,061 3,041 3,033
9,142 9,091 9,081 9,028
All other
8,973 millions for the four week period, more than
Total loans and discounts *.. 13,052 12,956 12,953 12,865 12,789 one-half of this decline occurring during the
866
871
875
866
866 week
United States bonds
ending January 28. Time deposits
205
203
204
198
United States Victory notes
199
also show a reduction, the total of 2,907 milUnited States certificates of in222
277 I 243
debtedness
208
246
lions on February 18 being about 11 millions
1,985 1,976
Other bonds, stocks, and securities 2,001
1,997
less than the amount reported four weeks
Total loans and discounts,
16,405 116,263 16,233 16,118 16,097 earlier.
and investmentsl
In keeping with the decline in deposit
Reserve balance with Federal Re1,334 1,311 1,320
serve Bank
1,294
liabilities,
a reduction for the period of about
345
333
Cash in vault
337
324
10,754 10,643 10,653
Net demand deposits
10,553 40 millions in reserve deposits of reporting
2,924
2,918 2,919
Time deposits
2,907
Cash in vault for three
146
102
210
Government deposits
142 banks is shown.
Bills payable and rediscounts
weeks
reflected
the
continued return of curwith Federal Reserve Bank,
rency to the Federal Reserve Banks, the total
total
1,934 1,908 1,900 1,873
1,847
on February 11 being 31 millions below that
Secured by United States
792
Government obligations
800
773
770
755 on February 21. For the most recent week,
Allother
1,134 1,116 1,127 1,103
1,092
cash in vault showed a growth of 10 millions,
Rates of accommodation at
Federal Reserve Banks to
and stood on the last Friday of the period at
total loans and investments. 11.8 11.7 11.7 11.6
11.5
324 millions, compared with 345 millions
four weeks earlier.
i Including bills rediscounted with Federal Reserve Bank.
On February 18 total loans and investments
of reporting banks stood at 16,097 millions,
indicating a liquidation of 308 millions for the
preceding four weeks and of 1,187 millions from
the peak figure of 17,284 millions shown for
October 15 of the past year. Accommodation
of reporting banks at the Federal Reserve
Banks, which had reached a maximum of 2,278
millions on November 5, 1920, and had receded by 344 millions on January 21, shows a
further reduction by 87 millions for the four
weeks under review, and on February 18 totaled
1,847 millions, or 431 millions less than on November 5. The ratio of accommodations to
total loans and investments, which gives an
indication of the extent to which member
banks shift their loan burden to the Federal
Reserve Banks, shows a decline from 11.8 to
11.5 per cent for the four weeks ending February 18, comparable with 13.5 per cent on
the first Friday of last November.
Principal resources and liabilities of the reporting member banks on each Friday from
January 21 to February 18 are shown in the
following table:
364
FEDERAL. RESERVE BULLETIN.
MARCH, 1921.
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 Jan. 28,1921, to Feb. 18, 1921.
1. ALL REPORTING MEMBER BANKS IN EACH FEDERAL RESERVE DISTRICT.
[In thousands of dollars.]
Total.
Number of reporting banks:
Tan. 28
Feb. 4
Feb. 11
Feb. 18
Loans and discounts, including bills rediscounted
with Federal Reserve
Bank:
Loans secured byUnited States Government obligations—
Jan.28
Feb. 4
Feb. 11
Feb. 18
Loans secured by stocks
and bonds (other than
United States securities)—
Jan.28.....
Feb. 4
,
Feb. 11
Feb. 18
All other loans and discounts—
Jan.28
Feb. 4
Feb. 11
Feb. 18
Total loans and discountsJan. 28
Feb. 4
Feb. 11
Feb. 18
United States bonds:
Jan.28
Feb. 4
Feb. 11
Feb. 18
United States Victory notes:
Jan.28
Feb.4
Feb. 11
Feb. 18
United Stares certificates of
indebtedness:
Jan.28
Feb. 4
Feb. 11
Feb. 18
Other bonds, stocks, and
securities:
Jan.28
Feb. 4
Feb. 11
Feb. 18
Total loans and discounts
and investments!, including bills rediscounted with
Federal Reserve Bank:
Jan.28
Feb. 4.....
Feb. 11
Feb.18
Reserve with Federal Reserve Bank:
Jan.28
Feb. 4
Feb. 11
Feb. 18
Cash in vault:
Jan.28
Feb. 4
Feb. 11
Feb. IS
Net demand deposits:
Jan.28
Feb. 4
Feb. 11
Feb. 18
Time deposits:
Jan.28
Feb. 4
Feb. 11
Feb. 18
Boston.
New
York.
Philadelphia.
Cleveland.
RichAtSt.
Minne- Kansas
mond. lanta. Chicago, Louis. apolis. City. Dallas.
San
Francisco.
829
828
828
826
11
113
113
113
812,436
810,618
795,134
782,813
46,936 371,544
47,065 366,436
46,095 362,592
45,088 353,777
75,660
To, 725
73,020
72,049
66,368
66,750
66,752
62,812
3,052,462
3,080,576
3,040,836
3,032,571
189,057 1,285,394
193,059 1,293,956
1
194,943'1,274,083
188,27' 1.264,35,<
193,656
196,870
194,928
198,946
340,289
340,332
341,306
341,10
112,497
113,631
114,332
113,410
9,091,543 673,058 3,205,805 409,243 718,069
9; 081,95) 666,549 3,230,978 408,402 717,510
9,028,412 664,833 3,190,494 412,042 720,460
3,168,444 419,71" 704,714
8,973,512
334,721
336,242
330,458
332,907
340,992 , 398,959
339,310 1,382,342
333, 6041,:, 373, 727
325, 387 1, 370,191
357,166
356,845
360,921
351,629
239,237
234,235
234,218
229,343
409,373
407,126
398,556
400,024
230,954
229,313
228,024
226,186
12,956,441 909,051 4,862,744 678,559 1,124,726
680,997 1,124, 592
12,953,144 906,673 4,891,370
4;
679,990 1,128,518
12,865,382 905,871 4,827,169
'
12,788,896 902,025 4,786,579 690,707 1,108,630
475,764
478,308
473,009
474,103
426,535 1,932,807
425,450 1,911,659
419,305 1,902.856
1,902; 310
409,708 I]
504,751
499,819
499,053
496,489
293,297
288,360
288,718
284, 540
512,090
511,747
501,093
501,690
278,658 957,459
277,125 957,044
274,832 964,968
272,857 959,258
79,577 27,913
80,045 29; 192
77,096 28,799
77,205 28,601
16,171
16,138
16,080
16,007
35,311
35,937
35,543
35,490
37,804
37,705
37,731
37,680
97,229
96,095
95,301
69
69
294,285 45, 896 99,396
299,048 45, 746 100, 229
295,722 45,700 99,951
297,687 43,32- 99,25:
28,546 26,031
28,435 26,533
28,219 26,438
27,786 25,312
59,512
59,607
59,263
59,009
443,207
436,471
440,885
438,271
26,647
27,103
25,460
24,102
14,349
14,084
14,135
14,117
120,938 39,711
115,871 40,041
112,672 40,365
120,758 41,080
24,644
24,715
24', 466
24,108
9,625
9,341
8,433
31,445
31,585
31,849
31,401
78,073 38,079
79,906 38,471
78,071 37,944
77,558 38,238
152,049
152,361
152,044
151,565
773,965
773,098
781,075
776,292
868,335
874,588
865,859
865,960
32,216
33,508
33,417
33,601
204,682
197,857
202,523
198, 892
6,007
6,008
6,013
6,018
92,76'
86,101
89, 717
86,799
11,177
11,536
12,255
10,654
20,182
21,410
21,848
22,527
7,645
7,686
7,555
7, 569
3,815
3,599
3,466
3,769
33,941
34,013
33,992
33,931
3,806
2,298
2,376
2~"
1,329
1,334
1,333
1,339
4,099
3,943
3,992
3,829
2,725
2,719
2,725
2,719
17,189
17,210
17,251
17,478
242,640
222,059
208,296
246,048
11,651
11,259
11,017
15,238
134,286
121,918
115,383
124,972
14,908
13,371
12,016
17,978
16,086
15,197
13,330
17,995
6,132
3,524
3,482
4,610
2,208
2,019
1,839
2,360
31,861
29,979
28,407
30,701
3,389
3,106
2,565
3,157
1,364
860
895
2,401
6,396
6,159
6,007
6,885
1,981
1,976
1,981
3,305
12,378
12,691
11,374
16,446
1,993,227
1,985,280
1,975,959
1,997,240
125,730
122,249
122,652
122,49"
729,955
723,803
718,070
726,535
156,849 277,423 47,369
157,069 279,063 47,347
155,282 277,818 47,118
155,422 281,208 47,082
36,068
35,559
35,319
34,352
298,686
298,298
299,985
310,833
64,611 19,401
64,223 19,574
64,474 19,746
64,537 19,784
54,538
54,547
54,604
53,005
10,722 171,875
10,837 172,708
10,357 170,534
10,473 171,512
612,434
612,333
601,239
600,899
331, 8901 ,256,130
330,362 1,255,748
327,"~~
6261:, 259,428
327, 0341., 260,793
.6,263,325
6.232,928
6,118,019
.6,097,036
1,310,861
1,320,414
1,308,755
1,293,847
,084,655 6,>,114,037
,079,695 6,122,243
,078,970 6,046,061
,079,379 6,022,572
76,945
78,834
78,857
77,291
615,758
614,575
599,681
601,546
907,389
908,719
905,243
918,088
66,950
64,721
67,282
64,123
59,998 40,539
60,100 40,847
60,016 40,503
60,011 40,995
90,641
92,846
88,244
93,848
, 537,81! 596,908
,540,491 596,965
,541,465 591,180
,529,617 593,375
101,187
102,347
102,903
101,101
34,282
39,308
35,304
33,527
509,165 2,376>,872
;
507,474 2;
2,353,
353,994
500,432 2,342
"342,336
;
491,184 T 354,980
""'
27,170 183,650
26,937 182,522
28,711 186,815
28,175 179,301
604,470
598,638
597,267
595,044
331,562
326,266
326,772
324,071
42,393 19,179 41,353
44,518 19,081 47,452
45,339 19,678 44,099
44,730 19,365 43,973
9,260
9,639
8,495
9,166
8,064
7,340
7,106
7,059
0,642,599
0,653,039
0,630,941
.0,552,998
768,868 ,704,026 652,317 897,769 331,243 237,302 ., 323,597 329,282
764,732 ,708,868 648,357 910,666 329,190 235,197 ., 329,850328,718
765,507 ,658,826 653,222 902,024 333,176 240,303 .,334,830 333,486
751,172
636,458 903,892 326,581
,315,799 328,641
184,405
183,066
186,059
182,045
2,918,849
2,923,673
2,917,771
2,907,210
171,921
172,653
169,241
166,337
337,133
333,261
314,358
323,855
22,550 107,657 16,889
22,560 106,130 16,768
22,969 99,339 15,380
23,693 102,431 17,099
443,250
442,681
445,771
433,957
38,621
39,061
38,280
39,027
35,011 15,732 11,830
34,550 16,182 12,173
30,570 16,224 11,806
33,649 15,734 11,545
431,080
433,270
433,273
434,510
115,889
116,121
114,405
116,266
56,423
57,115
53,152
54,998
144,603 660,152
145,927 660,785
145,366 660,843
144,276 660,275
23,891
24,019
24,433
24,271
78,103
76,100
75,653
76,444
15,577 11,489
13,666 11,009
13,919 10,760
12,954 10,811
26,651
26,129
24,638
24,716
398,423
401,247
403,482
401,328
210,912
212,156
215,340
212,863
604,457
602,992
604,686
597,511
141,394 70,026 99,784 59,305 542,824
142,686 68,014 100,532 58,982 542,961
101,102 59,064 539,015
142,765
142,706 68,102 101,379 59,961 540,414
365
FEDERAL, RESERVE BULLETIN.
MARCH, 1921.
Principal resources and liabilities of member banks in leading cities, including member banks located in Federal Reserve
Bank cities andin Federal Reserve branch cities, as at close of business on Fridays from Jan. 28,1921, to Feb. 18,1921—Con.
1. ALL REPORTING MEMBER BANKS IN EACH FEDERAL RESERVE DISTRICT—Continued.
[In thousands of dollars.]
Total.
Government deposits:
Jan. 28..
Feb. 4
Feb. 1]..
Feb. 18....
Bills payable with Federal
Reserve Bank:
Secured by U n i t e d
States
Government
obligations—
Jan 28 .
Feb. 4...
Feb 11
Feb. 18
All otherJan 28
Feb. 4. .
Feb. 11
Feb 18
Bills rediscounted with Federal Reserve bank:
Secured by U n i t e d
States
Government
obligations—
Jan. 28
Feb. 4
Feb. 11..
. .
Feb. 18
All otherJan 28
Feb. 4 . .
Feb 11
Feb. 18 .
Boston.
New
York.
Philadelphia.
Cleveland.
Richmond.
Atlanta.
Chicago.
Minne- Kansas Dallas.
St.
Louis. apolis. City.
San
Francisco.
145,905
101,829
60,824
142,082
13,933
10,039
5,979
12 627
73,409
52,969
31,763
66 110
13,233
9,527
5,704
12,388
9,836
7,035
3,962
11 003
2,432
1,670
1,012
3,021
1,403
971
716
1,469
13,678
9,428
5,650
15,848
3,875
2,754
1,645
3,823
3,292
2,231
1,329
2,915
2.762
1,989
1,185
2,724
1,046
751
450
2 271
7,006
2,465
1,429
7,883
582 440
559,164
562,333
550,663
24 536
22,025
26,538
26,935
287 693
298 741
272,893
253,718
43 499
39,972
44,560
43,212
32 248
16 146
40,683
31,406
25,313
24,378
24,848
26,536
28,536
26,794
26,667
27,009
72,576
63,455
64,133
70,980
19.033
17,290
15,729
16,549
5,193
8,022
6,664
8,777
17,105
19,401
15,704
19,939
9 760
9,953
9,072
7,828
16,948
12,987
14,842
17,774
110
110
110
110
150
110
60
380
120
70
110
110
36
36
36
36
1 471
1 368
790
1 014
1 055
992
474
378
50
209,815
214 214
207,952
204,600
13,752
13 943
16,727
17,736
99,515
100 713
96,348
97,720
36,694
39 951
37,483
37,845
11,546
11,315
11,649
8,160
3,347
3,309
2,885
3,200
8,259
9,035
8,579
8,539
19,050
18,314
18,460
17,137
5,642
5,844
4,994
3,809
965
1,018
876
918
4,121
4,439
3,980
4,199
1,595
1,440
1,002
787
5,329
4,893
4,969
4,550
1 114 266
1,125,408
1 102 049
1,090,466
59 947
60,768
62 217
69,109
486 270
511,650
511 927
486,926
31 160
32 063
31 870
44,166
53 892
48,838
54 208
52,963
37,502
36,104
34,422
34,929
46,859
46,373
40,100
33,362
188,523
184,164
176,124
179,473
45,339
45,651
41,032
43,000
31,805
28,297
28,146
27,847
45,126
45,075
39,301
37,688
21,936
20,709
19,512
18,009
65,907
65,716
63,190
62,994
MEMBER BANKS IN FEDERAL KESERVE BANK CITIES.
Number of reporting banks:
Jan.28
Feb. 4
Feb. 11
Feb. 13
Loans and discounts, including bills rediscounted with
Federal Reserve Bank:
Loans secured by United
States
Government
obligations—
Jan.28
Feb. 4
F e b . 11
F e b . 18
Loans secured by stocks and
bonds (other
than
United States Government obligations—
Jan.28
Feb. 4
Feb. 11
F e b . 18
All other loans a n d discountsJ a n . 28
Feb. 4
F e b . 11
Feb. 18
Total loans a n d discountsJan.28
Feb. 4
Feb. 11
Feb. 18
United States bonds:
Jan.28
Feb. 4
Feb. 11
F e b . 18
United States Victory notes:
J a n . 28
Feb. 4
Feb. 11
Feb. 18
15
15
15
15
286
286
287
287
344, 489
339,329
335,792
327,180
72,759
72,889
69,746
68,910
19,166
18,756
18,730
18,505
6,842
6,738
6,770
6,569
3,941
3,901
4,041
3,972
63,392
65,695
61,101
66,332
14,024
14,980
13,619
13,333
8,932
8,808
8,667
8,564
7,577
7,488
7,375
7,343
2,134,331
2,137,893
2,123,240
2,118,287
1,
143,:, 022 1,122,554
1,129,171
145,847 1,
148^6281,110,488
142,5741,100,396
174,559
177, 577
175, 589
180,089
127,523
129, 376
130,876
132,209
16,008
15,650
15,593
15,595
9,857
9,525
9,412
9,337
320,5C6
313,650
318,562
316,011
86,344
81,759
79,087
87,078
22,812
23,123
23,863
24,481
31,542
32,289
32,084
31,814
»,095
), 104
L 218
70,535
70,831
69,954
69,485
5,990,957
5,996,209
5,941,515
5,918,395
!, 892,429
527, 007 2,
522,816 !, 920,460
2,880,025
519,560
524, S03 2,854,820
372,217
371,253
375,185
382,680
275,586
275,257
276,608
276,948
72,012
70,639
69,308
69,404
59,171
58,261
57,936
57, 017
875,069
864,451
854,692
854,096
229,782
231,857
234,301
225,292
112,399
108,254
107,336
104,180
144,013
142,169
138,613
138,604
63,810
63,641
62,001
61,193
367,462
367,151
365,950
369,358
8,722,038
8,728,398
8,646,501
8,611,840
709,856 4,359,472 619,535
621,719
707,577 4,326,305 620,520
705,845 "
" 631,679
422,275
423,389
426,214
427,662
94,862
93,027
91,671
91,568
72,>,969 1,L 258,967 330,150
71,,6871L, 243,796 328,596
71,,3891'1,234,355 327,007
70,3261L, 236,439 325,703
144,143
140,185
139,866
137,225
183,132
181,946
178,072
177,761
75,085
74,883
73,246
72,490
451,592
451,324
450,279
452,746
596,750
594, 296
581,746
575,158
39,827
40,223
39,389
38,468
2,206
2,147
2,141
2,079
13,595
13,342
14,375
13, 903
431, 263
435, 555
430,420
430,400
9,610
9,698
9,7C0
9,699
254,016
256,719
253,194
255,617
33,928
33,842
33,725
31,741
9,933
9,948
9,867
8,762
7,332
7,332
7,333
7,334
4,
4,404
4,246
4,407
17,429
19,172
18,493
18,887
13,131
14,235
14,200
14,054
4,611
4,563
4,509
4,465
11,796
11,981
12,337
11,850
8,162
8,176
8,176
8,168
56,626
55,485
54,640
55,416
117,374
111,330
116,485
111,085
528
526
529
533
81,294
76,601
80,257
76,845
8,765
7,389
2,224
2,174
2,577
2,181
181
181
181
181
65
65
65
65
12,688
12, 793
12,867
12,824
1,852
353
433
243
486
486
486
1,320
1,486
1,299
726
723
727
727
7,978
8,018
8,112
8,312
366
FEDERAL RESERVE BULLETIN.
MARCH, 1921.
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 Jan. 28,1921, to Feb. 18,1921—
Continued.
MEMBER BANKS IN FEDERAL RESERVE BANK CITIES—Continued.
[In thousands of dollars.]
Total.
United States certificates of
indebtedness:
Jan. 28
Feb. 4
Feb. 11
Feb. 18
Other bonds, stocks, and
securities:
Jan. 28
Feb. 4
Feb.11
Feb. 18
Total loans and discounts,
and investments, including bills rediscounted with
Federal Reserve Bank:
Jan. 28
Feb. 4
Feb. 11
Feb. 18
Reserve with Federal Reserve Bank:
Jan. 28
Feb.4
Feb. 11
Feb. 18
Cash in vault:
Jan. 28
Feb. 4
Feb. 11
Feb. 18
Net demand deposits:
Jan. 28
Feb. 4
Feb.11
Feb. 18
Time deposits:
Jan. 28
Feb. 4
Feb. 11
Feb.18
Government deposits:
Jan. 28
Feb. 4
Feb. 11
Feb. 18
Bills payable with Federal
Reserve Bank:
Secured by United St at es
Government obligationsJan. 28
Feb. 4
Feb. 11
Feb.18.
All otherJan. 28
Feb. 4
Feb. 11
Feb.18
Bills rediscounted wit h Federal Reserve Bank:
Secured by United State s
Government obligationsJan. 28
Feb. 4
Feb. 11
Feb.18
All otherJan. 28
Feb. 4
Feb. 11
Feb.18
Boston.
New
York.
Philadelphia.
Cleveland.
168,057
153,176
145,624
170,855
5,330
5,120
4,869
7,668
125,011
112,714
108,282
117,178
13,554
12,018
10,653
16,347
1,205
1,198
1,189
1,367
1,109,226!
1,100,721
1,092,871
1,109,327
52,202
48,314
48,349
48,034
557,024
551,881
546,174
553,548
127,115
127,-186
125,460
125,710
777, 526 5,376,817
5.
772, 544 5.
5,386,875
771,024 5,314,212
771,7~~
79 5,285,584
5.
10,547,958
10,529,180
10,431,901
10,433,507
AtRichSt.
Minne- Kansas
mond. lanta. Chicago. Louis. apolis. City. Dallas.
247
205
201
262
415
415
415
415
68,497|
68,203[
67,472
68,092
3,903
3,903
3,902
3,904
3,159
3,065
3,319
3,167
802,016
802,855
799,123
812,866
504,134!
504,912
507,319
508,064
103,288
"" —
103,249
106,525
104,648
9,907
9,148
8,648
9,076
3,160
2,938
2,441
2,483
133,121 40,604
134,050 40,383
134,867 40,220
143,999 40,519
2971 ,432,112
6361 ,418,959
4341 ,409,230
3801,421,225
San
Francisco.
2,611
2,501
2,433
3,137
1,133
1,136
1,135
2,378
5,060
5,385
4,925
9,105
-8,075 16,492
8,291 16,731
8,328 16,781
8,322 15,711
4,077
4,066
4,066
4,146
94,957
94,648
93,933
94,175
215,499 89,183
214,479 88,984
211,109 87,350
209,758 87,909
616,213
614,860
611,889
619,754
424
398
433
1,439
388,897
386,505
384,301
383,002
157,739
153,923
153,622
151,937
957,726
961,921
948,759
942,993
61,101
63,313
62,993
61,651
570,313 60,054
568,529 58,505
553,875 60,932
557,877 57,662
28,827
28,876
29,782
28,391
6,740
6,408
6,234
6,250
4,079
3,844
3,951
4,075
132,180
131,947
134,430
130,248
30,947
32,236
32,615
32,210
8,998
9,324
9,309
9,217
13,251
18,335
14,450
15,407
5,529
6,000
6,464
6,159
35,707
34,604
33,724
33,846
192,069
189,511
179,610
184,198
14,034
14,094
14,243
14,856
94,834 13,688
93,234 13,225
88,555 12,187
90,662 13,432
9,552
8,692
8,342
1,199
1,211
1,284
1,135
2,058
2,087
1,919
1,905
33,149
33,464
31,160
32,526
4,428
4,750
4,509
4,332
2,488
2,237
2,052
2,219
4,126
3,42l!
3,632
3,305
1,937
1,798
1,741
1,829
10,259
10,438
9,636
9,655
37,979 930,616 227,642 86,337 143,416
36,247 930,406 227,290 87,056 147,695
38,843 934,297 229,329 89,247 149,815
37,133 929,036 225,782 85,250 147,122
57,194
57,312
59,170
58,852
283,929
284,174
284,216
282,162
7,414,067
7,414,169
7,385,331
7,335,174
,209,715
594,
,,213,336
592,
592, 486 4,,165,417
580, 467 4',167,465
5614!
568,318
563,447
567,837
552,327
216,575
218,0651
218,362
214,417
58,236
56,655
56,331
55,067
1,342,911
1,342,946
1,338,372
1,328 214
68,167 277,607
68,023 276,448
64,526 278,620
61,790 266,355
26,732
27,077
26,455
27,103
231,210
233,330
233,036
233,988
22,974 21,533
23,006 21,621
22,946 21.650
23,057 21.651
119,791
83,748
50,194
109,833
13,715
9,883
5,888
10,374
70,920
51,178
30,693
63,242
13,066
9,406
5,633
11,891
381,081
367,717
357,117
22,735
19,830
23,953
24,725
262,186
273,326
249,224
229,382
170,221
174,229
170,643
171,691
13,351
13,612
16,399
17,417
97,502
98,626
94,383
95,932
858,273
872,140
850,156
851,358
308,677
309,229
310,129
310,810
80,967
81,336
81,544
81,653
28,160
26,477
26,434
26,769
10,990
10,978
10,911
11,015
7,140
7,218
7,301
7,376
258,754
258,203
254,820
256,647
163
250
182
120
45
32
21
224
5,557
3,998
2,396
7,067
3,544
2,555
1,533
3,012
2,192
1,508
895
2,081
2,506
1,805
1,074
2,281
985
707
424
2,018
6,715
2,258
1,354
6,737
40,253
36,951
41,951
40,803
3,520
3,450
3,420
3,000
4,329
4,890
5,150
5,720
1,141
741
1,031
941
16,089
15,803
16,289
22,723
12,586
11,106
10,583
9,958
1,386
1,656
1,568
2,099
7,539
9,737
6,935
10,391
1,079
1,338
688
238
8,238
4,525
6,925
7,137
36,576
39,833
37,365
37,727
2,120
1,873
2,288
2,243
776
849
946
923
11,579
11,037
11,496
10,714
1,564
2,068
1,723
1,584
745
764
665
614
1,796
1,806
1,610
1,565
226
244
227
194
3,517
3,541
2,778
58,300 465,922 29,490
60,036 489,053 30,529
61,225 489,589
68,335 466,171 42,110
43,252
39,656
43,709
45,759
5,706
5,951
4,242
4,108
125,057
119,961
108,479
111,130
27,174 23,058 22,193
28,180 20,880 21,250
25,726 20,317 16,323
25,935 20,152 16,450
9,513
8,994
8,083
7,267
7,264
6,570
5,598
5,252
41,344
41,080
37,169
367
FEDERAL RESERVE BULLETIN.
MARCH, 1921.
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 Jan. 28,1921, to Feb. 18,1921—
Continued.
3. MEMBERiBANKSfIN F E D E R A L R E S E R V E BRANCH CITIES.
[In thousands of dollars.]
Total.
Number of reporting banks:
Jan. 28
Feb.4
Feb.ll
Feb. 18
Loans and discounts, including bills rediscounted with Federal Reserve Bank:
Loans secured by United States
Government obligationsJan. 28
Feb.4
Feb.ll
Feb. 18
Loans secured by stocks and bonds
(other than United States Government obligations)—
Jan. 28
Feb.4
Feb. 11
Feb. 18
All other loans and discountsJan. 28
Feb. 4
Feb.ll
Feb. 18
Total loans and discounts—
Jan. 28
Feb.4
Feb. 11
Feb. 18
United States bonds:
|1| Jan. 28
Feb.4
-i. Feb. H
Feb. 18
United States Victory notes:
Jan. 28
Feb.4
Feb.ll
Feb. 18
United States certificates of indebtedness:
Jan. 28
Feb.4
Feb.ll
Feb. 18
Other bonds, stocks, and securities:
Jan. 28
Feb.4
Feb.ll
Feb. 18
Total loans and discounts, and investments, including bills rediscounted
with Federal Reserve Bank:
Jan. 28
Feb.4
Feb. 11
Feb. 18
Reserve balance with Federal Reserve
Bank:
Jan. 28
Feb.4
Feb.ll
Feb. 18
Cash in vault:
Jan. 28
Feb.4
Feb.ll
Feb. 18
Net demand deposits:
Jan. 28
Feb.4
Feb.ll
Feb. 18
Time deposits:
Jan.^8
Feb.4
Feb.ll
Feb. 18
Government deposits:
Jan. 2 8 . . . . . .
Feb.4
Feb.ll
Feb. 18
San
RichNewCleveDallas 9 Francisco
St. Louis Minneapolis 7 City district.
mond Atlanta Chicago
York
land
districts district." district.
district.*
district."
district. 1 ^district.2 district. 8 district.*
211
216
216
216
45
45
45
45
11,431
11,455
11,684
11,345
2,756
2,651
2,558
2,302
16,676
17,020
16,283
16,343
28,793
29,896
28,213
28,179
15,896
15,771
15,819
15,928
73,384
73,304
73,678
73,883
95,507 204,572 217,572 115,274
96,227 203,286 211,606 113,037
96,751
213,013 114,620
97,137 193^ 412 212,008 114,209
155.506
9,176 156,390
9,180 156,179
9 260 154,549
66,724
66,749
67,307
67,288
373,258
371,970
382,146
373,704
257,686 292,292 158,464
257,497 286,231 155,252
252,877 287,414 156,036
154,634
245,571
195,730
9,742 197,741
196,076
194,073
85,376
85,171
85,684
85,518
463,318
462,294
472,107
463,930
12,745
13,057
12,823
12,739
13,967
13 842
13,845
13,801
34,078
34,137
34,251
34,254
1,902
1,896
1,894
1,968
1,145
1,120
1,052
1 046
831
828
8,350
8,436
8,382
8,409
14,878
13,861
12,771
14,097
130
74
45
595
2,309
2,204
2,184
2,313
487
488
493
527
7,304
7,293
6,440
7,323
28,307 119,414
28,228 117,930
27,029 119,665
119,594
20,760
20,604
21,032
20,814
27,182
26,858
27,225
26,759
3,240
3,353
3,393
3,425
71,520
72,577
71,126
71,910
318,601
318,092
312,113
305,086
468,281
458,409
458,106
457,520
194,113
190,831
192,028
190,979
239, 111 103,901
11,252 240,980
11,256 239,360 104,243
11,355 236,930 104,099
584,570
584,737
11,836
11,233
12,621
11,146
17,579
17,309
18,993
19,100
23,631
22,117
24,832
21,162
10,370
11,243
11,712
11,597
538
550
686
15,038
17,446
18,119
16,231
38,608
37,995
38,259
38,901
5,009
4,522
4,559
4,264
6,616
7,210
7,115
6,773
8,201
4,077
4,077
3,347
359
346
276
7,130
6,277
6,116
6,112
14,493
13,929
13,225
13,395
107,478
108,785
109,835
104,532
156,156
157,122
158,806
159,474
167,004
166,502
166,252
159,138
91,722
91,613
94,516
92,907
147,371
147,544
147,377
147,011
288,373
287,139
288,091
283,555
116,730
116,205
116,483
116,724
20,206
20,407
20,176
20,529
85,311
85,462
85,344
84,316
221,274
221,210
220,274
219,667
50,716
51,604
51,454
51,298
9,111
6,460
3,569
9,906
595
356
1,022
1,248
859
645
1,204
4,301
3,097
1,856
4,237
331
199
112
811
124,046
125,345
123,693
117,410
? 0,431
10,519
10,418
10,430
36,045
36,965
37,121
33,255
7,776
7,678
7,574
7,568
15,299
15,980
15,271
14,402
12,360
12,244
12,230
12,291
11,272
10,770
10,493
9,409
490,152
489,813
187,482
486,045
56,105
56,562
56,362
56,833
154,088
151,518
150,813
149,989
29,793
30,202
30,937
30,160
37,815
38,231
38,062
37,757
62,360
62,381
62,171
61,790
31,918
31,445
30,923
31,016
1,639,017
1,638,229
1,652,269
1,619,081
110,863
109,120
110,083
110,734
299,741
300,668
303,446
286,780
2,253,215
2,253,387
2,263,444
2,222,536
177,399
176,201
176,863
177,997
489,874
489,151
491,380
470,024
133,076
134,107
135,262
134,865
223,262
223,651
221,331
220,417
13,730
13,851
14,026
13,780
65,937
66,465
66,427
66,490
14,887
14,752
14,595
14,672
28,480
28,423
28,310
26,663
25,349
23,212
22,696
12,857
13,005
13,021
12,968
49,399
50,648
50,535
52,364
1,569
1,562
1,520
2,020
14,935
16,211
16,253
17,383
3,166
3,166
3,096
3,103
2,467
2,333
2,408
2,505
15,034
15,038
15,044
15,044
46,920
43,109
36,502
45,713
5,861
3,957
4,131
12,289
11,346
8,512
13,548
1,887
418
714
1,272
1,743
1,554
1,376
1,897
540,504
540,336
540,187
542,905
75,188
74,044
74,095
74,472
173,796
174,899
175,072
177,762
21,097
21,114
20,815
20,621
3,113,300
3, 111, 131
3,111,999
3,083,935
273,779
271,519
270,461
272,400
756,831
758,072
757,644
745,207
174,113
173,557
174,482
174,533
196,956
197,871
206,060
197,439
16,239
17,148
17,543
15,959
55,125
55,551
55,286
54,800
66,709
65,314
61,163
63,871
2,711
2,582
2,591
15,238
14,592
12,886
14,897
1,696,667
1,704,835
1,702,512
1,687,547
157,625
157,421
158,043
157,155
926,587
930,161
929,509
928,533
75,864
74,596
75,079
75,003
17,684
12,551
7,291
20,270
1,434
1,034
618
1,483
000
8,340
503
504
510
MS
713
708
707
729
735
745
3,259
3,279
3,265
585,826
61,532
61,936
62,537
24,589
24,332
24,329
24,961
270,365
271,150
270,554
270,167
141
101
61
313
36
26
15
148
253
180
59
1,146
368
FEDERAL RESERVE BULLETIN.
MAECH, 1921.
Principal resources and liabilities of member banks in leading cities, including member banks located in Federal Reserve
Bank cities andin Federal Reserve branch cities, as at close of business on Fridaysfrom Jan. 28,1921, to Feb. 18,1921—Con.
3. MEMBER BANKS I N F E D E R A L R E S E R V E BRANCH CITIES-Continued.
[In thousands of dollars.]
Total.
Bills payable with Federal
Bank:
Secured by United States
ment obligationsJan. 28
Feb. 4
Feb. 11
Feb. 18
All o t h e r Jan. 28
Feb. 4
Feb. 11
Feb. 18
Bills rediscounted with Federal
Bank:
Secured by United States
ment obligationsJan. 28
Feb. 4
Feb. 11
Feb. 18
All o t h e r Jan. 28
Feb. 4
Feb. 11
Feb. 18
1
2
8
4
5
San
New
RichCleveMinne- Kansas Dallas FranYork
mond Atlanta Chicago5 St. Louis6 apolis
land
9
City
cisco 10
district. 1 district.2 district.3 district.* district. district. districtV d:istrict. 8 district.
district.
Reserve
Govern,
,
,
Reserve
138,116
110,993
133,519
132,021
17,553
16,830
16,194
17,161
9,300
7,953
8,386
9,370
23,292
21,847
21,430
21,862
38,510
30,889
31,775
32,465
5,932
5,669
4,811
6,126
72
122
122
120
70
110
110
415
355
655
5,246
5,759
4,990
5,254
3,651
3,633
3,370
3,258
7,369
6,913
6,443
9,019
50
110
110
110
110
150
110
60
360
855
1,323
1,189
1,251
442
409
364
262
1,261
1,277
1,330
1,676
12,508
13,781
13,214
12,057
6,280
5,973
5,732
5,490
21,007
20,812
22,287
20,992
Govern,
,
,
,
29,304
30,374
28,379
24,072
1,211
1,220
1,186
1,046
8,720
8,694
5,382
,
125,640
129,324
127,354
119,847
7,506
11,614
10,871
9,818
4,744
4,215
6,417
3,555
Buffalo.
Pittsburgh and Cincinnati.
Baltimore.
New Orleans, Jacksonville, Birmingham, and Nashville.
Detroit.
27,263
11,428
35,998
27,384
5,407
6,210
5,507
5,552
5,452
5,386
5,128
4,527
4,078
3,773
3,268
2,222
10,895 | 30,239
10,033 28,684
10,145 25,078
11,526 I 19,562
14,682
16,769
18,363
19,793
17,779
17,079
14,917
16,705
1,993
2,056
1,713
2,154
364
330
349
6
Louisville, Memphis, and Little Rock.
i8 Helena.
Omaha, Denver, and Oklahoma City.
* El Paso and Houston.
10
Spokane, Portland, Seattle, Salt Lake City, and Los Angeles.
369
FEDERAL RESERVE BULLETIN.
MARCH, 1921.
GOLD AND SILVER IMPORTS AND EXPORTS.
Gold imports into and exports from the United States, distributed by countries.
Imports.
During 10 During 11 During
days end- days end- month of
ing Jan. ing Jan. January,
1921.
20,1921. 31,1921.
Exports.
During
During
From
From
days
10 days Jan.
1
Jan. 1 10
ending
ending to Feb.
to Feb. Jan.
20,
Feb. 10, 10, 1921. 10,1920.
1921.
1921.
$4,000
$4,000
$4,000
Austria
38,391
$38,391
Belgium
536
536
536
Denmark
$2,250,237 1,107,129 4,695,491 1,622,741 6,318,232
France
61
61
German v
538,176
78,068 442,554 95,622
Greece
304,486
6,265
11,265
5,000
Italy
5,000
394,287 111,337 505,624
310,287 "*"84,'66o
Netherlands
39,280
39,280 212,518 251,798
Spain
220,000
220,000
220,000
Turkev in Eurone
United Kingdom—Eng27,742,132
9,221,102
22,275,781
5,466,351
9,046,281
land
Total Europe
Canada
Costa Rica
Guatemala
Honduras
Nicaragua
Panama
Salvador
Mexico
Cuba...
British Wpst Tndip<?
Dominican Republic
Dutch West Indies
Total North
America
Argentina
Bolivia
Brazil
Chile
Colombia
Ecuador
British Guiana
Dutch Guiana
Peru
Urusruav
Venezuela
Total South
America
China
British India
Straits Settlements
Dutch East Indies
Hongkong
Japan
Total Asia
Australia
483,800
272,338
756,138
228,100
250,700
751,446
659,541 1,604,919
58,i32
45,360
312,405
6,122
3 908
9 060
27
533
9,103
446,811
64,757
2,040
382,152
37,596
44,213
9,155
145,753
26,450
76,594
81,860
127,360
505,832
6,122
3,908
"* "70," 576
4,500
40,000
136,081
20,605
942
21,756
334,243 11,298,269 $108,576
132,255
3,578
64,106
67,450
4,511
87,356
87,902
110,866
30,000
158,185
53,267
760,403 415,060 845,302
6,674
1,777
6,608
188,123
104,870
112,235
879,365 2,484,284 11,894,364
674,974
428,938 1,301,889
18,980
$47,859
$180,177
$74,569
202,080 2,393,283 4,632,002
100,000 150,000
377,080 2,191,203
50,000
50,000
953,878
474,939 2,421,380
24,300
24,300
376,649 2,798,029 5,304,148
25,050,000
24,300
168,902
319,266 1,621,155
75,449
1,042,000
2,053,215
106,558 5,306,243 5,496,250
=
1,459,950
1,459,950
552,542 6,048,792
1,459,950
100,000
200,000
500,000
1,100,000
50,000
131,215
75,449
987,000 1,042,000
2,053,215 2,053,215
655,146
1,000
24,300 27,000,000
24,300
24,300
51,558 1,260,003 1,311,561 337,881 1^649,442
1,006,025 1,014,025 214,661 1,228,686
55,000
$254,746
16,000
17,719
9,060
8,, 659
560
560
1,415
190
190
17,435 """15," 007
3,114
14,321
975,325 245,369 1,220,694
5,548
80,427
64,757 15,670
7,408
7,408
18,445
21,104
14,587
6,5i7
5,479 124,403 128,487
118,924
107,620
From
Jan. 1
to Feb.
10,1920.
$136,598
1,238
146,120
27,385
64,106
41,000
10,762
29,006
30,825
254,571
552
2,700
157,684
During
From
10 days Jan.
1
ending
Feb.
Feb. 10, to
10,1921.
1921.
$19,576
11,916,291 10,754,115 28,076,990 7,553,225 35,630,215
4,124
72,690
During During
11 days month of
ending
Jan. 31, January,
1921.
1921.
60,000
168,230
60,000
219,300
7,600
4,350 228,230
279,300
7,600
4,350
9,302,109
1,205,020
3,615,000
60,666 1,110,000
226,900 11,268,342
5,706,301
286,900 32,206,772
-
150,614
30,389
89,988 54,128 144,116
Philippine Islands
73,346
115,015
115,015
"*"ii5,"6i5
Portuguese Africa
37,727
Total, all countries 14,982,565 17,263,852 38,145,001 9,358,526 147,503,527 12,303,752 982,528 703,169 2,724,980 384,249 2 3,109,22964,656,673
Excess of imports or
52,352,921
14.flflfl03716,560,683 35,420,021 8,974,277 44,394,298
i
1 Includes: Ore and base bullion, $5,716,000; refined bullion, $34,763,000; United States coin, $1,886,000; foreign coin, $5,138,000.
2 Includes: Domestic exports—Ore and base bullion, $3,000; United States Mint or assay office bars, $92,000; other refined bullion, $18,000; coin,
$2,770,000. Foreign exports—Coin, $226,000.
370
FEDERAL RESERVE BULLETIN.
MARCH, 1021.
Silver imports into and exports from the United States, distributed by countries.
Imports.
During
10 days
ending
Jan. 20,
1921.
France
Germany
Greece
Netherlands
Spain
United Kingdom—England
Total Europe
$4,069
38,510
During During
11 days mouth
ending
of
Jan. 31, January,
1921.
1921.
Exports.
During From
From
10 days Jan.
to Jan. 1 to
ending Feb. 110,
Feb.
10,
Feb. 10,
1921.
1920.
1921.
$36,329
4,826
149,145
$41,626
7,237
187,655
$4,912
$46,538
7,237
187,655
552
552
11,390
11,942
1,228
4,269
5,497
17,500
22,997
43,807
195,121
242,567
33,802
276,369
Argentina
Bolivia
Chile
Colombia
Ecuador
Dutch Guiana . . .
Peru
Venezuela
Total South
America
China
British India
Dutch East Indies
Hongkong
Japan..
Total Asia
New Zealand
Philippine Islands
British South Africa....
British West Africa
Portuguese Africa . .
1,926,394
234
3,655 $772,291 $597,854 $1,370,145 $730,497 $2,100,642
$52,841
730,497 2,100,642
52,841
11,553
887,777 3,769,250 1,598,039 5,367,289 9,900,208
856
321
118,344
9,149
6,119
21,002
343
7,059
188,869
129
185,925
529,754
132
323,787
214,329
726,716
16
85
101
856
34,323
136,355
19,163
6,U9
669
5,510
358,073
1,433
85
i,060
480
10,997
83,562
1,303
480
10,997
40,100
597,854 1,370,145
60,895
209
83,461
108
698
83,670
2,001
480
10,997
11 974
*
1 650
13,624
132,794
1 000
1,000
104,909
87,250
233,259
29,831
3,000
449,798
282,446
87,250
93,726 1,080,485
451,211 1,177,927 2,146,337
108
259,991
800
142,500
83,461
16
772,291
1,525
120,690
39,833
209,930
494,428
20,481
20,596
6,119
42
615,247 1,795,236
137
28
85,493
During From
From
10 days Jan.
to Jan. 1 to
ending Feb. 110,
Feb.
10,
Feb. 10,
1921.
1920.
1921.
$7,664
7,770
British Honduras
242,264 184,035 426,299
158,417
65,669
664,237
Canada
657
2,539
1,571
645
4,110
Costa Rica
15
17,480
15
Guatemala
104,070
1,995
344,592
106,065
60,946
Honduras
27,019
17,556
85,220
"**i2,'523
44,575
Nicaragua
2,337
57
16,340
2,394
1,925
Panama
367
1,408
917,697
1,775
367
Salvador .
3,390,654
716,837
1,386,780
7,826,614
4,777,434
1,796,830
Mexico
4,500
19,613
4,500
Cuba122
122
British West Indies . . . .
Dominican Republic
Total North
America
During During During
10 days 11 days month
ending ending
of
Jan. 20, Jan. 31, January,
1921.
1921.
1921.
65,312
683
392,785 2,362,756
800
89,800
1,000
400,000
sis,iio
659,913
14,000
1,800
43,000
283,129
87,250
199,589 1,280,074 3,571,269
142,500
95,000
237,500
142,500
142,500
95,000
237,500
66,614
667,813
896,263 1,007,396 1,903,659 21,421,702
667,813
667 813
477,452 2,298,062
235,480
235,480
700,269 2,998,331 5,077,502
302,198
537,678
1,447,359 4,097,618 2,009,863 6,107,481 26,499,204
283
799
4,785
3,080
Total, all countries 2,295,544 1,308,309 4,834,875 2,083,858 16,918,733 12,077,589 1,005,550 2,281,439 6,690,748 3,034,949 2 9,725,69730,126,394
Excess of imports or ex1,289,994
ports
973,130 1,855,873 951,091 2,806,964 18,048,805
i Includes: Ore and base bullion, $5,783,000; refined bullion, $707,000; U. S. coin, $1701)00; foreign coin, $259,000.
a Includes: Domestic exports—Ore and base bullion, $1,000; U. S. Mint or Assay Office bars, $152,000; other refined bullion, $6,220,000; coin,
$325,000. Foreign exports—Refined bullion, $2,004,000; coin, $1,024,000.
371
FEDERAL RESERVE BULLETIN.
MARCH, 1921.
General stock of money in the United States, money held by the Treasury and the Federal Reserve System, and all other money
in the United States Feb. 1, 1921.
General stock.
Gold coin (including bullion in Treasury).
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:
Feb. 1,1921.
Jan. 1,1921..
July 1,1920.
Jan. 1,1920..
July 1, 1919.
Jan. 1,1919..
July 1,1918.
Jan. 1,1918..
July 1,1917.
Held in the
United States
Treasury as
assets of the
Government.1
Amount per
Held outside
Held by or for
capita outside
States
Federal Reserve United
United States
Treasury
and
Banks and
Treasury and
Federal Reserve Federal
Reserve
System.
System.
$2,853,480,649
$427,621,611
269,746,326
" "22," 243," 794'
"27i,"5ii,"384'
7,836,848
346,681,016
3,484,226,195
225,938,400
719,653,927
3,938,348
10,223,811
5,027,334
22,467,063
< 92,194,667
369,349,420
24,538,232
3,753,360
$389,135,631
211,686,999
54,879,260
67,117,490
263,674,536
1,604,447
250,548,001
3,104,652,964
196,372,834
693,433,504
499,358,809
494,296,257
485,057,472
604,888,833
578,848,043
454,948,160
356,124,750
277,043,358
253,671,614
2,438,773,422
2,377,972,494
2,021,271,614
2,044,422,303
2,167,280,313
2,220,705,767
2,018,361,825
1,723,570,291
1,280,880,714
5,233,105,666
5,500,702,153
5,380,852,500
5,312,009,003
4,842,345,415
5,105,139,679
4,367,739,209
4,255,584,622
3,945,457,556
8,171,237,897 I
8,372,970,904 |
7,887,181,586 i
7,961,320,139 |
7,588,473,771 \
7,780,793,606 j
6,742,225,784 j
6,256,198,271
5,480,009,884 !
2|l,576,996,302
248,040,106
3 42,840,920
81,060,415
$48.73
51.29
50.19
49.81
45.00
47.83
41.31
40.53
37.88
1 Includes reserve funds held against issues of United States notes and Treasury notes of 1890 and redemption funds held against issues of
national-bank notes, Federal Reserve notes, and Federal Reserve Bank notes, but excludes gold and silver coin and bullion held in trust for the
redemption of outstanding gold and silver certificates and Treasury notes of 1890.
a Exclusive of amounts held with United States Treasurer in gold redemption fund against Federal Reserve notes, and of gold held with foreign
agencies
but inclusive of balances in gold settlement fund standing to the credit of the Federal Reserve Banks and agents.
3
Includes subsidiary silver.
* Includes Treasury notes of 1890.
DISCOUNT RATES OF THE FEDERAL RESERVE BANKS.
Rates on paper discounted for member banks approved by the Federal Reserve Board up to Mar. 1, 1921.
Paper maturing within 90 days.
Secured b y Federal Reserve Bank.
Treasury
certificates of
indebtedness.
Boston
New York
Philadelphia..
Cleveland.
Richmond
Atlanta...
Chicago
St. Louis
Minneapolis...
Kansas City...
Dallas
San Francisco.
Liberty bonds
and Victory
notes.
Trade
acceptances.
Commercial
paper n.e.s.
Bankers'
acceptances
maturing
within
3 months.
6
54
6
6
6
5*
Agricultural
and live-stock
paper maturing
after 90 days,
but within 6
months.
7
7
6
6
6
7
7
6
7
6
7
6
1 Discount rate corresponds to interest rate borne by certificates pledged as collateral, with minimum of 5 per cent in the case of Kansas City
and 5£ per cent in the case cf Philadelphia.
NOTE.—Rates shown for St. Louis and Kansas City are normal rates, applying to disccunts not in excess of a basic line fixed for each member
bank by the Federal Reserve Bank. Rates on discounts in excess of the basic line are subject to a £ pei cent progressive increase for each 25 per
cent by which the amount of accommodation extended exceeds the basic line, except that the maximum rate charged by the Kansas City bank
does not exceed 12 per cent.
INDEX.
Page.
Acceptances:
Banks granted authority to accept up to 100 per cent of
capital and surplus
307
Period for which acceptances should be drawn
308
Purchased by Federal Reserve Banks
353
Amendments to sections 11 (m) and 25 (a) of Federal Reserve Act. 310
Australia:
Index of wholesale prices in
329
Law transferring note-issue functions from treasury to
Commonwealth Bank
301
Bank debits during February
347-349
Banking situation, discussion of
270
Business conditions:
Conference on method of reporting
272
Paper read by M. T. Copeland at
291
Reports on
273-283
Canada, index of wholesale prices in
328
Certificates of indebtedness issued
263
Charters issued to national banks
307
Charts:
Physical volume of trade
335
Wholesale prices in the United States
330
Clearing and collection system, operations of
362
Clearing-house bank debits
347-349
Cold-storage companies, eligibility of notes of
308
Commercial failures during February
307
Condition statements:
Big five banks in England
295-298
Federal Reserve Banks
356-360
Member banks in leading cities
363-368
Conference on the reporting of business conditions
272
Copeland, M. T., paper read by, before conference on business
condition reporting
291
Cotton fabrics, production and shipments
284
Cuban moratorium, laws relating to
302
Currency circulation in the United States
371
Debits to individual account, February
347-349
Deposits of 11 New York City banks, 1913-1919, fluctuations i n . . 286-291
Discount and open-market operations of Federal Reserve Banks 350-355
Acceptances purchased
353
Agricultural paper held
354
Bills discounted
352
Bills held
354
Collateral notes held
354
Dollar exchange bills held
355
Earning assets held
354
Live-stock paper purchased
353
Number of banks discounting during January
351
War paper discounted
353
Discount rates:
In effect Mar. 1
371
Prevailing in various centers
333
Embargo on gold and silver exports, England
302
England:
Condition of the big rive banks in
295-298
Foreign trade
268
Gold and silver embargo law
302
New wholesale price index number of Board of Trade
294
Prices in; financial situation
317
Failures, commercial, during February
307
Federal Advisory Council, meeting of
272
Federal International Banking Corporation, progress in organization
265
Federal Reserve Act, amendments to sections 11 (m) and 25 (a) of. 310
Federal Reserve Banks:
Discount and open-market operations of
350-355
Resources and liabilities of
356-360
Federal Reserve Bulletin, index-digest of
272
Federal Reserve note account
361
Fiduciary powers:
Deposit of securities in trust department of national bank to
secure trust funds deposited in commercial department
309
Granted to national banks during February
306
Financial condition of the Treasury
263
Fluctuations in gross deposits of 11 New York City banks, 19131919
..
286-291
Foreign exchange rates
266
Foreign trade:
Discussion of
266
Index of
316
Foreign Trade Financing Corporation, progress in organization of. 265
France:
Foreign trade
269
Prices in; financial situation
320
Germany:
Prices in; financial situation
324
Reparations payments
269
Gold:
Embargo in England302
Imports and exports
270,369
Page.
Gold settlement fund transactions
345
Imports and exports:
£old
270,369
Silver
270 370
United Kingdom, France, and Italy
268
Index-digest of Federal Reserve Bulletin
272
Index numbers:
Foreign trade
316
New, of Board of Trade in England
*...*.".". 294
Physical volume of trade
334-344
Retail trade
'...". 313-315
vv nolesale prices abroad
317-329
Wholesale prices in the United States
.... 330-332
India:
Law establishing Imperial Bank of
299
Wholesale prices in
329
Interest rates prevailing in various centers
333
Internal Revenue Bureau, regulations of, governing use of stamps
on time drafts
310
Italy:
Imports and exports
268
Wholesale prices in; financial situation
322
Japan, prices in, financial situation
326
Knit goods production
284
Law department:
Amendments to sections 11 (m) and 25 (a) of Federal Reserve
Act
310
Regulations of Bureau of Internal Revenue governing use
of revenue stamps on time drafts
310
Maturities:
Acceptances purchased
353
Bills discounted and bought
360
Certificates of indebtedness
360
Member banks:
Condition of
363-368
Number discounting during. January
351
Number in each district
351
State banks admitted to system
307
Money, stock of, in the United States
371
National banks:
Charters issued to
307
Deposit of securities in trust department of, to secure trust
funds deposited in commercial department
309
Fiduciary powers granted to
306
Par list, number of banks on
362
Physical volume of trade
334-344
Prices:
New index number, Board of Trade in England
294
Wholesale, abroad
317-329
Wholesale, in the United States
330-332
Rates:
Bills discounted by Federal Reserve Banks
352
DiscountIn effect Mar. 1
371
Prevailing in various centers
333
Foreign exchange
266
Regulations of Bureau of Internal Revenue governing use of stamps
on time drafts
310
Reparations conferences
269
Reserve ratio of Federal Reserve Banks
272
Retail trade index
313-315
Resources and liabilities:
Federal Reserve Banks
356-360
Member banks in leading cities
363-368
Review of the month
263
Rulings of the Federal Reserve Board:
Period for which acceptances should be drawn
308
Eligibility of notes of cold-storage companies
308
Deposit of securities in trust department of national bank to
secure trust funds deposited in commercial department
309
Silver:
Imports and exports
270,370
Prices of
267
State banks and trust companies admitted to system
307
Sweden, prices in; financial situation
327
Trade:
ForeignDiscussion of
266
Index of
316
Physical volume of
334-344
Retail, index of
313-315
Wholesale, condition of
284
Treasury certificates of indebtedness issued
263
Treasury financing during February
263
Wholesale prices:
Abroad
317-325*
In the United States..
330-332
IOWA
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' CHICAGO •
FEDERAL RESERVE DISTRICTS
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FEDERAL RESERVE BANK CITIES
FEDERAL RESERVE BRANCH CITIES
@FedFRASER