Full text of Federal Reserve Bulletin : May 1920
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FEDERAL RESERVE
BULLETIN
ISSUED BY THE
FEDERAL RESERVE BOARD
AT WASHINGTON
MAY, 1920
WASHINGTON
GOVERNMENT PRINTING OFFICE
1920
FEDERAL RESERVE BOARD.
EX OFFICIO MEMBERS.
W. P. G. HARDING, Governor.
, Vice Governor.
DAVID F. HOUSTON,
Secretary of the Treasury, Chairman,
JOHN SKELTON WILLIAMS,
ADOLPII C. MILLER.
CHARLES S. HAMLIN.
Comptroller of the Currency.
HENRY A. MOEHLENPAH.
GEORGE L. HARRISON, General Counsel.
W. T. CHAPMAN, Secretary.
W. W. ITOXTON, Executive Secretary.
R. G. EMERSON, Assistant Secretary.
II. PARKER WILLIS,
W. M. IMLAY, Fiscal Agent.
W. W. PADDOCK,
Chief, Division of Examination.
J. E. CRANE,
Acting Director, Division of Foreign Exchange.
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.
Boston
New York.
Frederick H. Curtiss.
Pierre Jay
Chas. A. Mores
Benj. Strong jr.1
Philadelphia
Cleveland
R. L. Austin.
D. C. Wills...
George W. N orris
E. R. Fancher
Richmond.
Caldwell Hardy
George J. Seay.
Atlanta.
Chicago .
Joseph A. McCord
Wm. A. Heath
, M. B. Wellborn. .
• J. B. McDougal..
St. Louis
Minneapolis...
Kansas City...
Dallas
San Francisco.
Wm. McC. Martin
John H. Rich
Asa E. Ramsay
Wm. F. Ramsey
John Perrin
! D. C. Biggs
! R. A. Young
i J. Z. Miller, j r . . .
; R. L. Van Zandt.
J. U. Calkins
2 Acting governor.
1 On leave of absence.
s Controller.
Cashier.
Deputy governor.
Governor.
W. Willett.
3
L. H. Hendricks.
E. R. Kenzel.33
J. D. Higgins. 3
Channing Rudd.
A. W. Gilbart.3
W. A. Dyer.
H. G. Davis.
C. C. Bullen..
J. H. Case 2 ...
L. F. Sailer 3 .
Wm. H.Hutt, 4jr
s M. J. Fleming
Frank J. Zurlinden 4
C. A. Peple
R. H. Broaddus 4
A. S. Johnstone
L. C. Adelson
C. R. McKay 4
B.G. McCloud
0. M. Attebery
Geo. H. Keesee.
M. W. Bell.
S. B. Cramer.
C. A. Worthington...
Lynn P. Talley
Wm. A. Dav
Ira Clerk.5 " 5
C. IT. Stewart.
« Assistant to governor.
6
J. W. White.
S. S. Cook.
J. W. Helm.
Sam R. Lawder.
W. N. Ambrose.
Assistant deputy governor.
MANAGERS OF BRANCHES OF FEDERAL RESERVE BANKS.
Federal Reserve Bank of—
Manager.
New York:
Buffalo branch
Rav M. Gidney.
Cleveland:
Cincinnati branch
Pittsburgh branch
L. W. Manning.
Geo. De Camp.
Richmond:
Baltimore branch
Morton M. Prentis.
Atlanta:
New Orleans branch
Jacksonville branch
Birmingham branch
Nashville branch
Marcus Walker.
Geo. R. De Saussure.
A. E. Walker.
Bradley Curry.
Chicago:
Detroit branch
R. B. Locke.
Federal Reserve Bank of—
Manager.
St. Louis:
Louisville branch
Memphis branch
Little Rock branch
W. P. Kincheloe.
J. J. Heflin.
A. F. Bailey.
Kansas Citv:
Omaha branch
Denver branch
L. H. Earhart (acting).
C. A. Burkhardt.
Dallas:
El Paso branch
Houston branch
W. C. Weiss.
E. F. Goesett.
San Francisco:
Los Angeles branch
Portland branch
C. J. Shepherd.
Frederick G r e e n w o o d
(acting).
Salt Lake City branch. .. R. B. Motherwell.
Seattle branch
C. A. McLean (acting).
Spokane branch
W. L. Partner (acting).
SUBSCRIPTION PRICE OF BULLETIN.
The FEDERAL RESERVE BULLETIN is distributed without charge to member banks of
the system and to the officers and directors of Federal Reserve Banks. It 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. In sending
the BULLETIN to individuals other than those named or to nonmembers of the
system the Board feels that a subscription should be required. It has accordingly fixed a subscription price of $2 per annum. Single copies will be feold at
20 cents. Foreign postage should be added when it will be required. Remittances
should be made to the Federal Reserve Board. Member banks desiring to have the
BULLETIN supplied to their officers and directors may have it sent to not less than 10
names at a subscription price of $1 per annum.
No complete sets of the BULLETIN for 1915, 1916, or 1917 are available.
in
TABLE OF CONTENTS.
Review of the month
Business, finance, and industry, April, 1920
Terms of sale in the principal industries
Board's index of business conditions
Reserves, circulation, and security holdings of the principal central banks of Europe
Official:
State banks and trust companies admitted to the system
Foreign branches of American banks
Banks granted authority to accept up to 100 per cent of capital and surplus
Charters issued to national banks
Fiduciary powers granted to national banks
Rulings of the Federal Reserve Board
Law department:
Limitations of section 9 upon amount of rediscounts for a State member bank
Right of Federal Reserve Banks to collect checks drawn on nonmember banks not remitting at par
(opinion of Judge B. D. Evans in Atlanta case)
Right of national bank in Missouri having trust powers to use the words " trust companies " as part of corporate
title (opinion of Judge Falkenburgh)
Miscellaneous:
Check-clearing situation—letter of governor of Board to a Member of Congress
Reserves and bank liabilities of principal banks of issue
Italian fiscal reform
French tax proposals
Amendment to section 14 of Federal Reserve Act
Commercial failures reported
Statistical:
International price index
Retail trade index
Wholesale prices abroad
Wholesale prices in the United States
Discount and interest rates prevailing in various centers
Physical volume of trade
Debits to individual account, March and April
Discount and open-market operations of the Federal Reserve Banks
Operation of the Federal Reserve clearing system
Resources and liabilities of the Federal Reserve Banks
Federal Reserve note account
Interdistrict movement of Federal Reserve notes
Condition of member banks in selected cities
Imports and exports of gold and silver
,
Estimated stock of money in the United States
Loans by member banks to other banks, bankers, and trust companies on November 17, 1919
Discount rates approved by the Federal Reserve Board
Diagrams:
Gold in vault, bank notes in circulation, etc., of foreign banks of issue
Par point map
IV
445
456
464
474
484
492
492
492
492
493
494
495
496
497
489
488
489
490
498
493
499
503
505
511
514
516
524
527
533
536
540
542
543
549
551
552
551
487
535
FEDERAL RESERVE BULLETIN
VOL.
MAY, 1920.
6
REVIEW OF THE MONTH.
Two new features of significance have been
developed in Treasury policy
*" during the month of April. The
department has advanced the
rate on Treasury certificates of indebtedness
to 5 per cent and 5J per cent, according to
the maturity of offerings. It has further announced the suspension of bond purchases
through the use of the Bond Purchase Fund
which had been provided for under the war legislation. The receipts for the month, exclusive
of transactions in the public debt, amounted to
$317,258,320.39, while expenditures on the same
basis were $505,329,450.50, the result being
a net current deficit for the month of $188,071,130.11. Operations during the month of
April have resulted in increasing the public
debt during that period by a^ total of $246,006,212.23. The reason for "suspending the
further operation of the bond purchase plan
heretofore employed by the department was
explained by the Secretary of the Treasury on
April 18. The Secretary indicates that Government purchases of Liberty bonds in the
open market, except through the operation of
the sinking fund, will be discontinued on July
1. Current requirements of the Government
are such that continued purchase of bonds
would necessarily result in increased issues of
certificates of indebtedness. The bond purchasing plan in effect thus far was the result of
temporary provision made by Congress, under
the following provision of the third Liberty
loan act:
That the Secretary of the Treasury is authorized, from
time to time, until the expiration of one year after the
termination of the war, to purchase bonds issued under
authority of this act, including bonds issued upon conversion of bonds issued under this act or said act approved
April 24, 1917, at such prices and upon such terms and
conditions as he may prescribe.
No. 5
On July 1, 1920, the sinking fund of 2\ per
cent provided for in the Victory loan act becomes operative. Under the policy now announced the operation of the older plan will
terminate as that of the new one begins. The
approximate amount of the Bond Purchase
Fund quota for the period ending June 30,
1920, will be taken over from the War Finance
Corporation or, to a limited extent, purchased
in the market, and in either case canceled and
retired.
On April 12 Secretary Houston stated that
recent changes in \h^, fiscal situation had led
him to resort to the issue of Treasury certificates of relatively short maturities and bearing
interest at higher rates. The terms of the new
offering were made identical with those of previous issues, the department reserving the right
to reject any subscription and to allot less than
the amount of certificates of either or both
series at am^ time without notice. Although
the Federal Reserve Banks were authorized to
make allotment in full in the order of receipt of
applications, it was announced as the department's policy to close the subscriptions
promptly when the aggregate amount received
and notified to the Treasury reached $250,000,000. These offerings resulted in an aggregate subscription whose amount was made
known on April 22, of $254,536,500, distributed as follows:
Federal Reserve
district.
New York
Boston
Atlanta
San Francisco
Dallas
Philadelphia
Minneapolis
Richmond
St. Louis
Cleveland..
Kansas City
Chicago
Treasury
Total
i
—
F, 1920.
G, 1920.
Total.
$33,039,500 $94,127 ,500 §127,167,000
6,615,500
15,496 ,500 22,112,000
2,271,000
7,394,000
5,122 ,000
6,214,500
11,435 ?500 17,650,000
3,092,000
1,836 ,000
4,928,000
3,744,000
9,756 ,000
13,500,000
3,979,500
2,412 ,500
6,393,000
1,650,000
4,693 ,000
6,343,000
3,135,500
4,115; 500
7,251,000
5,500,000
7,100,000
12,600,000
1,948,000
3,451 ,000
.5,399,000
11,086 ,000 17,399,500
6,313,500
6,400,000^
6,400,000
83,903,000 170,633 ,500 254,536,500
Quota.
$84,800,000
21,650,000
7,300,000
17,650,000
6,000,000
17,650,000
8,650,000
8,650,000
10,000,000
22,650,000
10,000,000
35,000,000
250,000,000
445
446
FEDERAL RESERVE BULLETIN.
MAY, 1920.
The action of the Secretary of the Treasury it was shown that there had been a net
in thus advancing the rate on reduction in the output of commodities during
Rates of return
Treasury certificates of indebt- 1919 as compared with the preceding year,
on capital.
edness is significant. The es- while events since the opening of 1920 have
tablishment of a rate adjusted to the changing tended to emphasize the relative decrease in
conditions of the market was practicall\r inevi- the volume of production. Changes in the
table. Developments during the past month value of capital are usually slower to make
or two have indicated a great advance in the themselves evident than are changes in the
current value of liquid funds. On April 12 prices of commodities. Conditions in the loan
the Pennsylvania Railroad announced a sale market are only just beginning to feel the effect
of $50,000,000 7 per cent 10-year bonds which, of the same influences or factors which have
with the cost of flotation, made the cost of the already been obvious in the field of prices.
capital obtained wrell over 7 per cent, while other The establishment of the new rates for Treaslarge borrowers whose offerings have since been ury certificates may be regarded as an index
placed upon the market have found it neces- of loan market conditions, the rise indicating
sary to pay the same or more for their accom- shortage of current accumulations.
modation. Contemporaneously there has been
This great increase in the actual cost of capia decline in the current investment values of
tal in the United States and the
The
discount
standard bonds. This decline is attributable
contemporaneous
advance in
not to any change in the security or worth of situation abroad. rates of interest on Treasury certhe bonds themselves or to the conditions at- tificates parallels a similar movement in Great
tending their issue, but to the rising value of Britain and has been reflected in the recent adcapital. Such advance in value has had the vance in the discount rate at the Bank of Engeffect of lowering the capitalized valuation of land, announced on April 15, to 7 per cent.
long-term interest-bearing obligations. One Prior to such action it had been announced that
illustration of the change in capital values may the rate for Treasury bills would be advanced
be seen in the alteration of the price of Liberty to 6i per cent. " The bank rate is thus set onebonds, comparative figures making the follow- half of 1 per cent higher than the rate on the
ing showing:
Treasury bills. Taken together the two measures represent a step which has been advocated
by many banking authorities for some time
Apr. 30.
Jan. 2.
past, notwithstanding that it was opposed by
a considerable section of the British financial
High.
Low.
High.
Low.
public. The fact that credit inflation has con92.64
Liberty 3£s
100.00
100.20
91.80
85.10
Liberty first 4s
93.20
93.20
84.50 tinued to grow tends to emphasize the arguLiberty second 4s.
91.80
85.40
92.20
85.00
Liberty first 4Js...
93.40
93.96
86.00
85.50 ments put forward by those who have favored
Liberty second 4is
92.30
92.78
85.86
85.30
Liberty third 4*s..
94.76
95.00
90.20
89.98 the taking of more energetic measures against
Liberty fourth 4Js.
92.30
93.00
85.62
86.20
It is supposed that the higher rates
98.90
99.20
Victory 4|s
96.40 inflation.
96.74
99.20
99.00
Victory 33s
96.30
96.60
will lead to an increased demand for the Treasury bills on the part of investors, while at the
While there is difference of opinion regarding same time tending to discourage the discountthe reason for this increase in the cost of capital ing of paper protected by them. In this way
at the present time, it may on the whole be it is intended to curtail the steady growth of
regarded as the cumulative effect of demands bank credit inflation based upon holdings of
for wealth growing out of the processes of re- public securities. Considerable quantities of
construction andof speculation. Such demand Treasury bills have matured during the past
has not been met by corresponding supply re- month, the aggregate being estimated at 350,sulting from increased thrift, but rather the 000,000 pounds sterling. Inasmuch as investreverse. In computations published in April ors did not purchase a sufficient amount of
MAY,
1920.
447
FEDERAL RESERVE BULLETIN.
new issues to provide for the payment of the
old ones, it was necessary for the Government
to increase its . temporary loans at banks.
Announcement had already been made under
date of April 8 that the rate at the Bank of
France had been advanced to 6 per cent.
Prior to that date a rate of 5 per cent had been
continuously in effect since shortly after the
outbreak of the European War. Similar action
has been taken in Italy, Belgium, and elsewhere
in Europe, while the rate at the Bank of Japan
has been 8 per cent since last November. Bank
expansion has been increasing progressively in
France just as it has been in England, with the
result that the application of higher rates for
the purpose of checking the continuous applications for discounts was regarded as essential. Such advances in discount rates would
in normal times before the war have been
symptomatic of financial pressure. At the
present ^noment the increase is obviously a
part of the general policy of controlling credit
and of reducing the outstanding amount of
bank accommodation based upon Government
bonds and notes. The purpose of such increase
of rates in normal times is only in part that of
checking applications for discount and in large
measure that of preventing withdrawal and
exportation of gold. The latter motive has
now no such force as in ordinary times,
movements of gold being still under public
control. Increase in bank rates, therefore, can
have only the purpose of checking applications
for discount by rendering accommodation more
expensive to borrowers. The following tabulation shows the changes in deposits and note circulation at the Bank of France and the Bank
of England during the month of April.
[In millions of dollars.]
Bank of England.
Deposits,!
Date.
3/31 l a n d 4/1
4/7 and 4/8...
4/14 and 4/1."i.
4/21 and 4/22.
4/28 and 4/29.
772!
692 :
702 |
683 I
TSJ ,
512
520
516
516
525 |
*2 Applies to Bank of England.
Applies to Bank of France.
Bank of France.
Deposits, Note
Treasury circulaand
tion.
general.
746
707
713
703
7,204
7,237
7,237
7,235
7,304
Following the issuance on April 15 of Series
G loan certificates, eight of the
United States
Federal Reserve Banks established a rate of 5J per cent on
paper secured thereby, corresponding to the
interest rate borne by the certificates. The
discount rate on paper secured by other certificates is 5 per cent, except in the case of San
Francisco, where the rate was increased to o\ per
cent. The rate on paper secured by Liberty
bonds and Victory notes was raised to 6 per
cent by the Chicago and Minneapolis banks
and to 5-J per cent by San Francisco. The
Federal Reserve Bank of Chicago early in the
month advanced its rate on loans to member
banks secured by bankers7 acceptances to 5£
per cent, and since that time six other Federal
Reserve Banks have applied the same rate.
The advance in the case of the Federal Reserve
Bank of Chicago was one-fourth of 1 per cent,
its preceding rate having been o\ per cent,
but the advance in the case of the other banks
has been one-half of 1 per cent, they having
previously had a 5 per cent rate in effect.
Rates now in effect are accordingly as follows:
Rates on paper discounted for member banks approved by the
Federal Reserve Board up to May 1, 1920.
Discounted
bills secured
Discounted bills maotherwise
turing within 90
than by
days (including
Government
member banks'
war obliga15-day collateral
tions, also
notes) s e c u r e d
unsecured,
by—
Bankers' Trade
maturing
accept- acceptwithin—
ances ances
Federal Reserve
— - - — matur- matur- —
ing
Bank.
Treasury cerwithin within 90
'tificates of
days. 01 tn
Qn
indebtedness. Lib- months. yu includ-i 180
days. ing ; days
erty
bonds
mem- (agriBearand
ber
culing inVicbanks'! tural
terest All
tory
15-day and
at 5i other. notes.
livecolper
lateral stock
cent.
notes. paper).
Boston
New York
Philadelphia
Cleveland ... .
Richmond
Atlanta
Chicago
St Louis
Minneapolis
Kansas City
Dallas
San Francisco...
5
5
sji
5^
i
5
5
5
5
5
5
5
5
5
5
5
5
5
5i
t>h
5£
5*
ri
5
5
5*
gi
oi
51
5
5
54
6
5£
6
Sh
5£
5f
5a
II
6
6
6
5-*
6*
f)
6
6
5i
6
6
6
6
6
6
6
6
6
6
6
6
6
G
6
6
6
6
6
6
6
6
6
0
6
NOTE 1.—Rate on paper secured by War Finance Corporation bonds
1 per cent higher than rate on commercial paper shown in column 6.
NOTE 2.—Rates shown for Kansas City are normal rates, applying to
disoounts not in excess of basic lines fixed for each member Dank by
the Federal Reserve Bank. Rates on discounts in excess of the basic
line are subject to \ per cent progressive increase for each 25 per cent
which the amount of accomodation extended exceeds the basic line.
448
FEDERAL RESERVE BULLETIN.
MAT, 1920.
modation have continued to offset the liquidation which has been effected in financial centers
and to which reference was made last
month. The question of higher rates for
the purpose of limiting this continued expansion has been thoroughly considered and
the Board's position with reference to it indicated in the past. The fact that foreign countries are now fixing higher rates of interest
for Government obligations and higher rates
for the discount of commercial paper at central
reserve institutions, fully bears out the policy
which has been heretofore adopted, while it
leaves the present discount rate of the Federal
Reserve Banks lower (all things considered),
relatively speaking, than anywhere else in
the world. That the present rate is below
the market level is also evident from a comparison with rates charged for commercial accommodation of all descriptions made by
[In millions of dollars.]
member banks.
Congress on April 3 finally completed its
Loans (in
Kediscounts
eluding
Control of work upon the Phelan bill
and bills
rediscounts)
payable
Net
and investNumber
credit.
which had been recommended
Tdth
demand
of banks
ments (inDate.
Federal
deposits.
reporting.
cluding
by the Board, and the President on April 13
Reserve
United
Banks.
States
signed the measure, thus making it law. The
securities).
Act as now on the statute books further ex1920.
tends the Board's power in connection with
11,599
17,017
2,048
811
Apr. 2
11,560 the approving of discount rates by providing
16,983
2,009
812
Apr. 9
17,189
11,683
811
2,053
Apr. 16
17,087
11,423 that these rates "subject to the approval,
811
2,101
Apr. 23
17,092
11,461
812
2,136
Apr. 30
review, and determination of the Federal Reserve Board, may be graduated or progressed
Reserve percentages at the Federal Reserve on the basis of the amount of the advances
Banks themselves have remained almost stable and discount accommodations extended by the
during the month, fluctuating around a point Federal Reserve Bank to the borrowing
not far in excess of 42 per cent. For the re- bank." The new provision is thus permissive
port period since the last issue of the BULLETIN, and not mandatory, its purpose being that of
the combined reserve percentage of the system authorizing Federal Reserve Banks with the
has been as follows:
approval of the Board to establish a "line of
credit"
or discount accommodation for each
Ratio of total reserves to net deposit and Federal Reserve
note liabilities in 12 Federal Reserve Banks.
member bank, subjecting those which pass bePer cent. yond this limit in their applications to a proApr. 2,1920
42.9 gressively growing rate designed to repress
Apr. 9,1920
43.3 the undue enlargement of such applications.
Apr. 16,1920
43.3 In speaking of the new measure, Senator
Apr. 23,1920
43.0
Apr. 30,1920
42.6 McLean, chairman of the Senate Banking and
Currency Committee, said that "the amendThe general conclusion to be drawn from the ment defines this provision [the power to fix
showing thus made is that the increasing rates of discount] and permits a limit to which
demand for credit in the interior and the a Federal Reserve Bank can refer member
natural growth of spring demands for accom- banks and say, 'while we may have discretion
The whole question of rates was thoroughly
discussed with the governors of Federal Keserve
Banks who met in conference with the Board
at Washington on April 7, 8, 9, and 10, and
various aspects of the relationship between
rates and the volume of credit were considered.
An analysis of conditions existing in the
system as a whole, based upon the relationship
between reserve balances carried and rediscounts granted, shows that while there was
considerable variation among the several districts in regard to the proportion of loans and
balances carried, there was a fairly high concentration of borrowing in the hands of a comparatively small number of banks.
The following figures presented in continuation of tables furnished in previous months
give an indication of the trend of the banking
situation for the country as a whole:
MAT,
1920.
FEDERAL RESERVE BULLETIN.
449
under the law to do anything we have a mind
to do with you, we do not want to decline to
discount good paper, for it may hurt your
bank to have it advertised throughout the
community that you have been declined
accommodation; nevertheless, here is the law.'
Under this law, when they fix the normal discount rate below a percentage of the banking
capacity of the borrowing bank and the bank
desires to borrow above that percentage,
then the Federal Keserve Bank can say,
' here is the law. You have unduly expanded
your credits. We have fixed this limit, and if
you want further accommodation you must
pay a higher rate.'" The theory upon which
this measure was recommended is set forth by
the Board in its annual report for 1919 where it
is stated that "in this way it would be possible
to reduce excessive borrowings of member banks
and to induce them to hold their own large
borrowers in check without raising the basic
rate." The application of the law is optional
with Federal Eeserve Banks, the only district
which has thus far acted upon it being Kansas
City. As a result of local study the Federal
Reserve Bank of Kansas City on April 16
adopted the following resolution:
secured by Treasury certificates of indebtedness, Liberty
bonds, or Victory notes actually owned by borrowing
member banks on April 1, 1920.
Provided further, That the progressive rate shall not
attach to the paper now under discount, but new offerings,
other than those secured by Liberty bonds, Victory notes,
and certificates, shall be subject to the progressive discount
rates, to be based upon the then liability of the offering
member.
That effective Saturday, April 17, 1920, whenever the
executive committee of this bank shall approve advances
to a member bank on member bank notes or rediscounts,
in an amount greater than its basic amount, such advances
shall be subject to an increasing discount rate, applicable
to paper of all maturities, based upon a differential of onehalf of 1 per cent, as follows:
One-half of 1 per cent above normal rate on accommodadations extended above the normal basic line up to and
including 25 per cent of such basic amount.
One per cent above normal rate for the next subsequent
sum equal to 25 per cent of the basic amount.
One and one-half per cent above the normal rate for
the next subsequent sum equal to 25 per cent of the basic
amount.
And so on at an increasing rate of one-half of 1 per cent
for each unit of 25 per cent additional; i. e., the normal
rate shall apply on paper discounted for a member bank
in an amount equivalent to its basic line, but thereafter
the rate shall increase progressively one-half of 1 per cent
on each subsequent sum advanced equal to 25 per cent, or
fraction thereof, of the basic amount of the applying
member bank.
Provided, however, That while the borrowings of member
banks secured by Government war obligations shall be
considered as a part of the sum constituting the normal
basic amount, or any amounts in excess thereof, the progressive rates shall not apply to member bank notes
The great depreciation of European currencies in international exchange has erected a barrier against the export
trade of the United States. Manufacturers who have built
up substantial markets for their products, particularly in
Europe, through years of effort, are finding it increasingly
more difficult to continue the sale of their goods. European purchasers of our products are unwilling to settle at
existing rates of exchange, but in many cases are willing
to continue to do business on the basis of credit in the belief
that as the work of rehabilitation progresses production will
increase, and that within a reasonable time exchange will
show a favorable improvement.
Up to the present time, however, the American manufacturer has had no banking facilities enabling him to
meet this situation, or permitting him to compete in
foreign markets on a credit basis. The commercial banke
of this country are deposit banks, obtaining their working
capital from their depositors. The principles of sound
backing require that their funds be kept liquid, and that
credits issued by them be for a short term only. The Edge
bill in effect provides for the establishment of a new kind
of bank which shall obtain this working capital from the
investors of the country through the sale of the bank's
obligations or through the use of its guarantee in connection
with the paper of American manufacturers and exporters,
based in turn upon the credit of their foreign customers.
Due to the strained credit conditions in this country,
the exporting manufacturer to-day can not look to the
While developments of the month both at
home and abroad have indiore
nanc
"
cated
the growth of much more
0
ing.
stringent conditions, the demand
for capital for use in the refinancing of Europe has
shown no abatement and the large export movement to Europe, although partially checked by
adverse exchange conditions, has proceeded.
A noteworthy incident in the process of making
financial provision for our exports has been the
establishment of the first corporation under
the provisions of the Edge Act, the name of
the new enterprise being "The First Federal
Foreign Banking Association.'7 The proposed
institution is to have a capital of $2,100,000.
The reasons for organizing the company were
stated on its behalf when the announcement of
its establishment was made, in the following
language:
450
FEDERAL RESERVE BULLETIN".
MAT, 1920.
commercial banks to finance hia foreign business, especially
Exchange relationships with foreign counif this business requires the use of credit beyond the period
tries during the month of April
%i a few months. If he is to continue his business, he
The
movement
,
,
,
„ *
must finance it through the use of capital rather than of
h a v e Deen
rod
of
exchange.
P
u
c
t
i
v
e
of
two
credit. Capital at this time must be considered as any
important
developments
—
a
advance of money for a period of six months or over.
Need of some organized way of financing the
trade with Europe is made more and more evident both by the various expedients to which
exporters have been obliged to resort in order
to carry on their business with European countries and by the indisposition of American investors to purchase foreign securities except as
an incident to speculation. The prices of some
of the chief or standard foreign issues in the
New York market at the end of April, together with their actual interest yield, may
be set forth as follows:
Prices and yield of foreign bonds.
Bond.
Anglo-French 5's, 1920
British 5*'s, 1929
Italian 6i's, 1925
Japanese sterling 4£'s, 1925
Belgian 6's, 1925
1
On basis of S5 to pound sterling.
Foreign securities, in short, are suffering
from the same difficulties in connection with
marketing that are encountered by our own
domestic issues. Because of the difficulty of
conducting trade upon any such basis as is
thus indicated, there has been a growth of expedients tentatively worked out in past months
whereby exports of raw material such as cotton
are made to European importers, subject to
the agreement that they be worked up into
finished goods and returned, the manufacturer,
however, withholding a portion of the finished
product in exchange for his labor. How extensively methods of this kind have been employed can not be precisely stated, but, according to banking authorities, there has been
a decided growth in such transactions. On the
other hand, there has been little if any modification of the indisposition already shown by
bankers to discount bills growing out of foreign
transactions, even when stated in dollars, and
while the month has witnessed a very large improvement in sterling it has also been a period
of great depreciation in both francs and lire.
noteworthy recovery in the value of sterling
and a very large decline, at times almost
amounting to collapse, in francs and lire. The
recovery in sterling brought its value at
one time to over $4, and although subsequent reductions occurred they were at no
time very severe, the quotation hovering during a large part of the month in the neighborhood of $4, although usually somewhat below
it. The heavy reduction in the value of both
francs and lire has been currently attributed
to two principal influences, the curtailment of
Great Britain's advances to France and Italy
and the continued prevalence of political difficulties, including disorders on the German
frontier, which at least suggested the possibility of continued heavy military expenditures. Values of sterling have undoubtedly
been strengthened as a result of the movement
of gold from Great Britain into the United
States—a movement briefly referred to last
month and amounting thus far to rather
more than §50,000,000. While fully threefifths of this sum has been withdrawn
for shipment to South America, the transmission of the gold to the United States,
coupled with the announcement that the
British Government would attempt to obtain
dollar securities whose proceeds might be used
in meeting the maturities of the Anglo-French
loan, undoubtedly had a strong psychological
influence and tended to confirm the belief that
the value of sterling would gradually work
back to more nearly normal levels. Abstractly,
the shipment of gold from Great Britain to the
United States, tending as it did to weaken the
British gold position, should have operated against rather than for the maintenance
of a high value for sterling. In the existing
circumstances, however, the strengthening of
the credit position of the pound sterling has
been of more importance than the technical
factors influencing the banking position. Much
the same may be said of the advance in the
British bank rate. In ordinary times such an
advance, by rendering the establishment of
sterling balances more costly, would tend to
M A Y , 1920.
reduce the value of the pound sterling as stated
in dollars. As a matter of fact, no such effect
was traceable to the action taken by the Bank
of England, but, on the contrary, it continued
to produce a beneficial influence upon sentiment in this country, and hence correspondingly aided in maintaining the value of the
pound. A divergent element in the exchange
situation of the month has been the continued
strength of German marks, which during the
height of the difficulties on the Rhine frontier
showed a rising tendency and an almost continuously stronger position. A feature of considerable interest in the exchange situation
subsequent to the middle of the month was
furnished by the Japanese financial position,
which suddenly took on a serious aspect not
previously possessed by it. For some time
past banking stringency has been gradually
developing in Japan, the chief factors contributing thereto being rapid advances in prices and
the hoarding of commodities.. Reductions in
the value of sterling, which occurred in the
New York market after the middle of the
month, were probably at least partly due to
sales of sterling bills for Japanese account as
a result of the stringency which had shown
itself in Tokyo, Osaka, and other Japanese
markets. The quotation of yen, however;
held firm, and despite the notable reduction in
the value of both francs and lire, to which
reference has already been made, the exchange
situation as a whole has presented an appearance of greater stability and normality during
the month of April than has been true since
early in the year. In the following table are
presented quotations showing the course of
some of the principal exchanges in continuation of figures already furnished in preceding
issues of the BULLETIN:
Foreign exchange rates.
Week endedApr. 3.
Mar. 27.
England
Franco
Italy
Spain
Argentina
China, Hongkong...
China, Shanghai
Japan
451
FEDERAL, RESERVE BULLETIN.
High.
Low.
.._...._. !
3.96
13.98
19.42
17.75
43.375
99.00
146.00
47.00
3.75
14.91
20.72
17.25
43.18
95.00
139.00
47.00
3.971
14.40
20.17
17.60
43.15
99.00
146.00
48.00
Apr. 10.
Low. ; High.
3.84}
15.05
20.56
17.35
43.15
98.00
146.00
47.00
Low.
i 4.06*
3.964
16.24
14.37
25.00
!1 20.52
17. 75
17.95
43.18
11 43.20
96.50
100.50
147.50 137.50
47.50
48.50
1
Foreign exchange rates—Continued.
Week ended—
Apr. 17.
High.
England
I 3.97}
France
I 15.86
Italv
i 22.10
Spain.
~ '
17.60
Argentina
43.18
China, Hongkong.. 04.00
China, Shanghai.... 130.50
Japan
4S. 7,")
Apr. 24.
Low. High.
3.92}
17.15
26.63
17.40
43.125
93.00
128.00
48. 75
May 1.
Low. High.
3.96 3.86}
15.87 17.02
21.60 22.89
17.35 17.01
43.65 43.10
95.50 93.00
132.50 128.00
49.75 48.50
3.88J
16.31
21.97
17.10
43.15
95.50
132.50
50.00
Low.
3.74$
17.05
22.95
16.85
42.875
93.50
128.00
49.75
The report of the Supreme Economic Council, made public on March 8
European ecoand reprinted in the last issue
nomic outlook.
of the BULLETIN, furnishes a
somewhat discouraging review of the progress
that is being made by European countries toward the restoration of normal conditions. This
view is amply confirmed by the statements of investigators and returning travelers who-have
examined the situation. The Economic Council
shows tha t the total war debt of the world is about
£40,000,000,000, and that prices throughout
Europe, with few exceptions, are purely paper
prices, although gold has a lower purchasing
power than it had before the war. Attempts
to manipulate the exchanges through Government action will only retard ultimate recovery,
but in the meantime means must be found to
prevent the breakdown of the structure of trade.
The council, moreover, reached the definite conclusion with respect to the credit situation that
the following steps must early be taken in the
direction of deflation:
(a) Reduction of recurrent Government expenditure within the limits of revenue.
(b) Imposition of such additional taxation as
is necessary to secure this result.
(c) Funding of short-term obligations by
means of loans subscribed out of savings of
the people.
(d) Immediate limitation and gradual curtailment of note circulation.
While the council emphasizes the necessity of
continued cooperation in economic affairs and
for the removal of all obstacles to the easy interchange of essential commodities, it does not
propose further increase of international loans,
but apparently takes the view that the real cure
must be internal, and must be obtained through
452
FEDERAL RESERVE BULLETIN.
strict saving and economy. Referring to the
condition of the exchanges it points out that
"the ultimate cure is to raise exports to the
requisite amount, and this should be impressed
upon the trade communities affected, but it is
not immediately possible to increase exports
sufficiently, and unless steps are taken to furnish a substitute the situation will rapidly become worse- It is therefore urgent to obtain
a temporary balance of trade by means of commercial credits accompanied by the reduction
of all nonesscntial imports to an absolute minimum." This is the official European view of
the situation which has been confirmed by
many observers for a good while past. The
elements in the problem are thoroughly well
recognized, and the difficulty lies only in obtaining the necessary national self-control and discipline to insure the working out of the problem
along sound lines. Meanwhile, in so far as the
United States is concerned, our exportations to
European countries continue to consist in no
small degree of consumption goods, many of
which are apparently not at all necessary to the
welfare or economic reorganization of Europe.
The development of prices during the month
of April has not been encouragCourse of prices. . n g
to
thoge
who
have
hem
looking for a mitigation of inflated conditions.
According to the report of the Bureau of Labor
Statistics, there has been an advance in wholesale prices during the month of March, the aggregate advance amounting to 2 points in the
case of farm products, 5 points in the fuel and
lighting group, and 4 points in l' all commodities.77 Average family expenditures for 22 articles of food increased,in 27 cities and decreased
in 23. In Great Britain, Sauerbeck's index
number of prices shows an advance of 1 point up
to 307. While some of the comparatively limited price increases which are thus reported are
seasonal in nature and due to recurring changes
in the cost of foodstuffs, it seems clear that in
a good many articles the upward movement
of prices which had been temporarily checked,
has been resumed on a small scale. This renewed advance is partly explained by unfavorable reports concerning the crop prospects of
the current year and in part by faulty distribution resulting from the nation-wide railroad labor disturbance which prevented the
MAY,
1920.
movement of food and temporarily caused
increase in expenses. The latter influence,
however, was of minor importance in price
figures, due to the fact that the strike did not
assume large proportions until after the period
for which the price data were collected, although
preliminary difficulties had already shown
themselves. Conditions during the month of
April were, however, rendered decidedly less
satisfactory by the congestion of goods due to
the failure of movement resulting from the
strike situation. According to Federal Reserve
agents there is considerable irregularity in the
direction that affairs have taken. In New
York there has been found to be a further
increase in prices both of basic commodities
and of finished products, while in some other
districts reluctance on the part of consumers to
buy has tended to restrict prices at retail.
In many places it appears to be true that
luxuries or semiluxurious articles are still
being liberally purchased, but that the staple
or ordinary foods and articles of consumption
are not experiencing any heavy demand, and
hence have not risen at all, or very slightly.
A fair conclusion from the data available
appears to be that within the past 30 days
price changes have been in no small degree the
outcome of influences proceeding from the
commodity side of the price equation and
resulting from fluctuations in demand, local
extravagance, impairment of the machinery of
production and distribution, and other similar
factors, and that the influences proceeding
from the side of banking and credit have been
less marked and decisive than at any time
during recent weeks.
Current discussion of banking and industrial
conditions seems to be more and more disposed,
however, to place the responsibility for the
present outlook upon inflation or overextension
of credit and to minimize the importance of
changes in production or lessened efficiency of
labor and capital. The importance of the
latter elements in the situation should not,
however, be lost sight of. In this issue the
Board presents a digest of its business and
production indexes as compiled during the
past year or more. The showing, as noted in
a preliminary way in the last issue of the
BULLETIN, unmistakably indicates a very
MAY, 1920.
material decline in production and this falling
off in the supply of commodities, coupled with
the general indisposition to save, would itself
produce advance in prices, regardless of the
credit situation.
Failure to keep up the supply of capital
goods to the needed extent is
invPesOtmentn *"* indicated by a number of factors. Federal Reserve Agents
throughout the country report a serious shortage of housing accommodation which, despite
efforts to make up the deficit in some regions,
nevertheless leaves the national supply of
houses very insufficient. Whatever may be
thought of the amount of our "saving 7 ' during
the past few years, it has evidently not taken
the direction of investment inhouse construction.
In a similar way it is generally reported that serious shortage of cars and other railroad equipment exists, while announcements by railroad
managers since the return of the roads to private ownership indicate that many lines are
barely able to render necessary service with the
equipment of which they now stand possessed.
The roads undoubtedly have not kept up in their
general equipment with the current requirements. What is true of the steam railways is
also true, and probably in an even higher degree, of municipal utilities which are seriously
behind hand in their advancement. Many
lines of business find themselves short in physical capital, and the high prices now prevailing
have prevented the enlargement of plants and
the installation of machinery, except to the
minimum extent absolutely essential. A disproportionate increase in the supply of consumption goods appears to have been characteristic of the past two or three years. This makes
the actual amount of present saving more than
doubtful measuring saving in actual material
forms and not in terms of securities issued and
owned. A computation of savings upon any
basis other than that of physical worth is in
the last analysis more or less illusory. Continued enlargement of our "favorable" export
balance shows the direction that is being taken
by a large proportion of the raw materials and
consumption goods which the United States is
turning out. Instead of falling off, as has been
steadily predicted by many observers, our shipments of goods to foreign countries have con-
453
FEDERAL RESERVE BULLETIN.
tinued to hold their own, while importations
have increased in only a very moderate degree.
March returns, made public about the middle of
April, showed an almost record level of exportations for the month, the excess over 1919 being about $230,000,000. While importations
increased over 1919 in an almost equal degree,
the advance amounting to about $216,000,000,
it remains true that the balance of trade in
favor of the United States was being continuously enlarged rather than diminished. There
has been, as already noted at an earlier point,
an increasing effort on the part of bankers to
provide for this movement of goods through
roundabout methods of various kinds, including
the exportation of raw materials upon what is
tantamount to a barter basis, provision being
made for the return of the finished product
growing out of such materials, minus a reasonable deduction intended to cover the actual
cost of manufacture. In other cases a proprietary interest in European manufacturing plants
is acquired by those supplying the raw material,
this practically amounting to a sale of plant
facilities for raw materials and other requisites
of production. So long as our exportations
continue as heavy as at present and our ability
to provide domestic fixed capital is not increased, our actual savings must be largely of a
•'paper" nature and disproportion between
demand and production will prevent prices
from being definitely reduced, regardless of
banking policy.
During the month ending April 10 the net
inward movement of gold was
Gold and silver $25,064,000, as compared with
movement.
a net outward movement of
$42,303,000 for the month ending March 10.
Net imports of gold since August 1,1914, were
$710,163,000, as may be seen from the following exhibit:
[In thousands of dollars.]
Aug. 1 to Dec. 31, 1911
Tan. 1 to Deo. 31, 1915
Ian. 1 to Dec. 31. 1916
Ian. 1 to Dec. 31, 1917
Jan. 1 to Dec. 31,1918
Fan. 1 to Dec. 31. 1919
Jan. 1 to Am. 10, 1920
Total
Imports.
Exports.
Excess of
imports
over
exports.
23,253
451,055
085,745
553,713
01,950
76,534
74,841
104,972
31,426
155,793
372,171
40,848
368,185
144,433
181,719
420,529
529,952
181,542
21,102
1291,651
1
69? 592
1,927,991
1,217,828
710,163
' Excess of exports over imports.
454
FEDERAL RESERVE BULLETIN.
England furnished over 96 per cent, or
$48,464,000, of the $50,340,000 of gold imported during the monthly period ending
April 10, the Dutch East Indies, Mexico, and
Canada furnishing most of the remainder. Of
the gold exports, amounting to $25,276,000,
Argentina received $10,995,000, Uruguay $4,350,000, Hongkong $2,649,000, and Mexico
$2,615,000, the remainder going principally to
China, the Straits Settlements, and Dutch
East Indies. Since the removal of the gold
embargo on June 7, 1919, total gold exports
have amounted to approximately $498,229,000.
Of this total, about $120,205,000 were shipped
to Argentina, $100,876,000 to Japan, $58,095,000 to Hongkong, $54,943,000 to China, $37,017,000 to British India, and $29,778,000 to
Spain, the remainder being shipped principally to Uruguay, Mexico, Dutch East Indies,
the Straits Settlements, and Venezuela.
During the same monthly period the net
outward movement of silver was $7,272,000,
as compared with a net outward movement of
$2,463,000 for the month ending March 10.
Net exports of silver since August 1, 1914, were
$457,110,000, as may be seen from the following exhibit:
[In thousands of dollars.]
Aug. 1 to Dec. 31, 1914
Jan. 1 to Dec. 31,1915
Jan. 1 to Dec. 31,1916
Jan. 1 to Dec. 31,1917
Jan. 1 to Dec. 31,1918
Jan. 1 to Dec. 31,1919
Jan. 1 to Apr. 10, 1920
Total
Imports.
Exports.
Excess of
exports
over
imports.
12,129
34,484
32,263
53,340
71,376
89,410
34,215
22,182
53,599
70,595
84,131
252,846
239,021
61,953
10,053
19,115
38,332
30,791
181,470
149,611
27,738
327,217
784,327
457,110
Mexico furnished over three-fourths of the
$9,107,000 of silver imported during the
monthly period ending April 10, most of the
remainder coming from Peru, the Dutch East
Indies, and Canada. Of the silver exports
during the month, amounting to $16,379,000,
China received $6,693,000, Hongkong $4,
653,000, and the French East Indies $2,178,000, the remainder being shipped principally
to Canada and Mexico.
In view of frequent questions that have been
raised with respect to payments
f gold a s of gold against, Government
currency.
obligations, the Secretary of
MAY, 1920.
the Treasury sent to inquirers under date of
April 9 a letter with reference to the payment
of Liberty bond interest coupons at Federal
Reserve Banks in gold coin. The Secretary
notes that while gold has not been and will not
be refused to persons who demand it and who
present currency or matured United States
obligations or interest coupons which entitle
them to receive it, he—nevertheless desires to
continue the policy of gold conservation so far
as practicable. Referring to the payment of
the bonds the Secretary says:
By the terms of the bonds themselves and the circulars
offering them for subscription, the coupons from Liberty
bonds are payable in United States gold coin of the present
standard of value, and are payable upon presentation and
surrender at the Treasury Department, Washington, or
at the holder's option, at any agency or agencies in the
United States which the Secretary of the Treasury may
designate for the purpose. The Federal Reserve Banks
and the subtreasuries are designated paying agencies for
this purpose, as well as the Treasury Department, Washington, and upon presentation and surrender of matured
Liberty bond coupons will pay gold coin upon demand.
As a practical matter, however, payments in gold coin can
be made only in multiples of $5, inasmuch as the $5 gold
coin is the lowest denomination now coined by the Government, or to a limited extent in $2.50 gold coins which
may still be available.
Throughout the war, moreover, it has been the policy of
the Treasury to conserve gold and discourage its circulation, and this policy has not changed with the cessation of
hostilities or the removal of the embargo on the exportation
of gold. It is just as important as ever that gold, which is
the foundation of our reserves and the backbone of all
credit transactions, should be concentrated in the Federal
Reserve Banks as reserve and for use in the settlement of
balances growing out of international transactions. It is
the desire of the Treasury that the conservation of gold
should continue and that there should be no revival of the
use of gold for domestic transactions generally, in which it
serves no useful purpose. The circulation of gold coin and
gold certificates tends to dissipate the reserves, and the
circulation of gold coin involves a considerable loss due
to abrasion, which is avoided by having the gold carried
in the vaults of the Federal Reserve Banks and the
Treasury.
During the four weeks between March 19 and
April 16 reports from 811 mem.
The
bankmg ^er t a n j 5 B j n leading cities
situation.
indicate an increase of over
180 millions in their holdings of Treasury certificates. These increases followed the resumption by the Government of fortnightly issues
of loan certificates which totaled about 455
millions for the month. No appreciable
MAY,
1920.
FEDERAL, RESERVE BULLETIN.
changes are shown in the holdings of other
United States war obligations, while loans
secured by such obligations show a reduction
of about 45 millions. Loans secured by stocks
and bonds increased 4.3 millions, and all other
loans and investments, including commercial
loans proper, .125,6 millions. In consequence
of these changes total loans and investments of
all reporting banks (including in these totals
the amounts of paper rediscounted with the
Federal Reserve Bank) show an increase of
about 267 millions. In connection with this
further credit expansion there is noted an
increase of 154.3 millions in the amount of
paper held under discount by Federal Reserve
Banks for the reporting member banks. The
ratio of this amount to total loans and investments of reporting banks, including under the
latter head all the Government securities owned
by the banks, shows an increase for the period
from 11.2 to 11.9 per cent.
For the four-week period between March 26
and April 23 the Federal Reserve Banks report
an increase of 7.8 millions in their holdings of
paper secured by United States war obligations,
and an increase of about 21.2 millions in their
holdings of other discounts. During the entire
period the share of war loan paper to total discounts on hand continued at about 58.5 per
cent. Some change is shown, however, in the
composition of these holdings, the amount of
bills secured by Liberty bonds showing a gradual decline totaling 65.4 millions, while holdings of paper secured by Victory notes and
Treasury certificates increased during the
period by 73.2 millions.
Holdings of acceptances bought in open
market show a further decline from 451.9 to
404.7 millions. This decline is not accompanied by a corresponding increase in the holdings of discounted acceptances and it is not unlikely that an increasing proportion of offerings
of bankers' bills is finding its way into the
portfolios of commercial banks, savings banks,
and industrial corporations.
Interbank rediscounting proceeded in increasing volume during the period under review, the total of bills held under discount for
the Federal Reserve Banks on April 23 being
142.9 millions, as against 94.4 millions four
weeks earlier. It is notable that the New York
455
Reserve Bank during the four-week period was
able to liquidate c>ver 32 millions of paper held
under rediscount with other Federal Reserve
Banks and in turn to discount increasing
amounts of paper for other Federal Reserve
Banks, the accommodation thus extended
reaching a total of 64 millions at the close of
the period. On the other hand, the Chicago
and Minneapolis banks, which at the beginning
of the period were extending accommodation
to other Reserve Banks, report on April 23 liabilities on bills rediscounted by them with other
Federal Reserve Banks of over 42 and 10 millions, respectively. Acceptances purchased
from other Reserve Banks increased from 5J
to 8.4 millions. Since April 2 the New York
bank has also shown a contingent liability of
16.2 millions as guarantor on bankers' bills
purchased for foreign correspondents.
Net deposits of the Federal Reserve Banks
show relatively small fluctuations and totaled
1,773.6 millions at the close of the period.
Federal Reserve note circulation increased 20.3
millions, an increase of 32.2 millions between
March 26 and April 9, giving place to a decline
of circulation of nearly 12 millions during the
last two weeks of this period. Gold reserves, in
consequence of the considerable gold imports
from Great Britain, show a gain between March
26 and April 9 of 22.7 millions. During the
following two weeks export withdrawals exceeded by 7.8 millions the acquisitions of newly
imported gold, so that the April 23 gold holdings of the system, about 1,950 millions, were
only 15 millions in excess of the March 26 total.
Largely because of the gain in reserves the reserve ratio of the banks shows a rise between
March 26 and April 16 from 42.7 to 43.3 per
cent. A week later, in consequence of some
loss of gold and a simultaneous increase in deposit liabilities the ratio declined to 43 per cent.
The Federal Reserve Board, on April 7-10,
held its periodical conference
Conference with governors of Federal Rewith governors.
serve Banks, there being present representatives of all of the districts.
Much of the discussion was devoted to the general subject of credit control and conservation.
It was agreed that a continued tendency toward
excessive borrowing in various districts, and
particularly on the part of some banks in these
456
FEDERAL RESERVE BULLETIN.
districts, was still to be noted. It was also
agreed that the problem of credit control is the
leading question to be dealt with by the Federal Reserve institutions. Whether this control should be applied entirely through the application of higher rates of interest, or through
a policy of rationing, was a problem of policy
as to which general opinion favored a combination of methods of restriction. The situation
was regarded as complex and as requiring the
use of great discrimination in order that productive industry should suffer no setback. The
problem was conceived as being not simply that
of restricting the general volume of credit
but more particularly the speculative use of it,
MAY,
1920.
whether in commodity or security dealings.
I t was agreed that the plan for graduating discount rates, set forth in the Phelan Act, should
be taken under advisement for study and adaptation in the several districts prior to the establishment of any general regulations by the
Federal Reserve Board. In the opinion of the
governors the basis for determining the socalled normal line of discount for the purpose
of fixing a progressive rate at any time should
be the amount of the reserve deposits (less legal
reserve required), plus the paid-in capital of
each member bank, that being the contribution
of each member bank to the loaning power of
the system.
BUSINESS, INDUSTRY, AND FINANCE, APRIL, 1920.
Notwithstanding the temporary slowing down
of the advance of prices which was noted during
the months of February and March, business
and financial conditions during April indicated
a resumption of the movement, while business
activity has continued in many districts upon
an unprecedentedly high level. Wages have
moved still further upward, while the advance
in rates for money, already noteworthy, has
attained even more important proportions than
heretofore. A severe railroad strike during the
month assuming national proportions, with a
corresponding congestion of products and defective transportation, has tended to aggravate
conditions which otherwise would have been in
themselves serious. A sharp break in the prices
of stocks and securities and relatively poor
prospects for the coming crop year have not
operated to check the activity of business,
although they have tended to confirm the
doubts alread}T entertained by many business
men concerning the outlook.
In district No. 1 (Boston) there is some indication of greater conservatism in purchasing,
banking conditions are sound, and there is
general manufacturing activity and full employment. There are no general strikes in any
of the principal industries of the section. There
is a difference of opinion with respect to the
future of prices and hence difference of policy
with regard to advance orders and general
purchasing.
In district No. 2 (New York) the outstanding
elements in the condition of business are re-
ported to be advance in prices, higher wages,
unprecedentedly high rates of interest, and continued activity in foreign trade.
In district No. 3 (Philadelphia) prices still
show an advancing tendency in some lines, but
in other lines, including leather and textiles,
the advance has stopped. Collections are still
satisfactory and retail trade holds up very well.
In district No. 4 (Cleveland) the severity of
the railroad strike has demoralized some
branches of business and has caught some
companies poorly prepared for any cessation
of traffic, damage to plants proving greater
than had been expected.
In district No. 5 (Richmond) there has been
little change in commodity prices except building materials, which have steadily advanced;
the public continues to purchase all goods
freely, but there is unrest and uncertainty
among the commercial community and there
are signs of reaction against high prices.
In district No. 6 (Atlanta) fundamental business conditions have undergone no change of
especial note, both wholesale and retail trade
holding up well. Although a lowering of prices
is expected in some quarters, little evidence as
yet appears of decrease in lines entering into
daily consumption. The agricultural prospects
for the coming season have been seriously decreased as a result of the continued cold and
wet weather, and the farm labor situation has
continued unsatisfactory.
In district No. 7 (Chicago) the traffic situation has seriously affected business, preventing
MAT,
1920.
FEDERAL KESERVE BULLETIN.
the movement of finished goods and causing
nonreceipt of materials, fuel, and supplies.
These conditions were already under way as a
result of car shortage, but during the past
month the strike "has brought about a more
acute condition." Among other elements in
the situation is the fact that collections "have
slowed down during the past 60 days.'7
In district No. 8 (St. Louis) there has been
no slowing down in business and signs point
to continued activity for some time to come.
There is a general gain in the volume of sales
of both wholesalers and retailers; raw materials hold their own well, but labor unrest is
causing uneasiness, while agricultural conditions are not satisfactory. Collections are good
and the demand for money is strong.
In district No. 9 (Minneapolis) spring planting has been somewhat delayed and live stock
conditions are unsatisfactory, although wholesale and retail trade is good.
In district No. 10 (Kansas City) the marked
improvement in industrial activity which was
characteristic of March "was effectively checked
by transportation interruptions in early April."
Shortage of coal, material, etc., caused suspension of activity in some lines. There has, however, been a large and well-sustained volume of
trade in the face of all these various disturbing
factors.
In district No. 11 (Dallas) the revival of
spring trade and new high levels of both volume
and prices were noted, while, as in other districts, the planting of staple crops has made a
rather unfavorable start. Organized efforts
are being made, however, to deal with the farm
labor situation. There is enhanced demand
and enlarged production in the petroleum industry.
In district No. 12 (San Francisco) the agricultural outlook has increased very materially,
but car shortage has prevented heavy shipments in many lines. Building, however, continues active and labor has been fully employed.
Practically all of the districts report uncertainty concerning the continuance of existing
conditions; anxiety concerning the overstrained
situation resulting from excessively high prices
and wages; and difficulty in continuing production on its normal scale, due to lack of equip177757—20
2
.457
ment and to interruption in the movement of
goods as the result of labor troubles. A marked
feature of the financial situation all over the
country is the increase in the cost of money,
both in the investment market and in connection with bank credit. The Federal Reserve
Bank of Richmond recently sent 10 questions
to leading manufacturers and wholesalers in the
fifth district, replies to which show a belief in
continuation of present prices for another year,
with high wages and free expenditure by consumers.
Agriculturally the month has been significant. In district No. 9 (Minneapolis) spring
planting has been delayed throughout the district, and this may have the effect of further
curtailment of spring wheat acreage which it
is estimated will fall from about 17,731,000
acres planted last year to 15,000,000 acres.
Labor, however, is scarce and wages are high,
while in certain sections of the district there
has been difficulty in financing farmers' seed
purchases and planting requirements. On the
other hand, the western half of the district has
had ample moisture, and soil conditions are
very favorable. In district No. 7 (Chicago)
the general condition of the soil and crop prospects are favorable, but the season is being
delayed by excessive moisture. Spring plowing has not generally been started. The scarcity of farm labor is proving a very serious factor and considerable acreage is being temporarily abandoned. Only a normal percentage of
grain is in the hands of farmers, but their obligations to the banks are larger than a year
ago. These are partly for the purpose of carrying real-estate loans. Both in district No. 7
(Chicago) and in district No. 9 (Minneapolis)
the unsatisfactory transportation situation has
delayed the movement of farm products and
consequently the liquidation of the farmers'
indebtedness to the banks. In district No. 10
(Kansas City) winter wheat is about up to the
10-year average, although much below conditions in 1919. In corn an increase in acreage
is expected. Other crop prospects are not altogether certain. High costs of seed will tend
to shorten acreage, while the same is true of
other increases in cost of production. In district No. 12 (San Francisco) the winter wheat
458
FEDERAL RESERVE BULLETIN.
condition is only 73 per cent of normal as
compared with 97 per cent a year ago. In the
spring wheat section the ground is in excellent
condition. California fruit crops have been
somewhat damaged by climatic conditions. It
is as yet too early to estimate the cotton acreage in district No. 6 (Atlanta). Excessive rains
have, however, prevented farm work, and the
season is said to be from 20 to 35 days later
than usual. As a result of the difficult farm
labor situation it is expected that much acreage
will be left idle during the coming season. In
district No. 11 (Dallas) the average condition
of winter wheat is 70 per cent, a decrease of
5 per cent from a month ago. Cotton and
corn planting is well advanced in southern and
southwestern Texas, although in the northern
part of the State planting is light as a result
of the protracted period of dry weather during
February and March. Taken as a whole, the
agricultural outlook as reported by the principal agricultural districts is not very satisfactory, the prospects being for a material reduction in output as compared with a year ago,
due in part to unfavorable climatic conditions,
loss of acreage, scarcity of labor, difficult transportation, and high cost of seed and materials.
In district No. 10 (Kansas City) conditions
were excellent for live stock on farms and ranges
as a result of favorable weather conditions, and
the outlook for the industry is very much more
promising than for several months. In disstrict No. 11 (Dallas) range conditions likewise
show steady improvement and live stock is generally reported to be thriving. Receipts of
cattle at 15 principal markets during March
were 1,203,499 head as compared with 1,680,092
head during February, and 1,094,614 head during March, 1919, the respective index numbers
being 119, 114, and 109. Receipts of hogs are
likewise somewhat greater than a year ago,
being 2,910,909 head, corresponding to an
index number of 132, as compared with 2,842,663 head during March, 1919, corresponding to
an index number of 129, and 2,440,134 head
during February, corresponding to an index
number of 119. Receipts of sheep during
March were 900,299 head, as compared with
948,116 head during February and 847,842
head during March, 1919, the respective index
numbers being 66, 74 and 62. In district No.
MAT,
1920.
10 (Kansas City) the increased receipts were
due to improvement in shipping conditions and
to an improvement in the eastern dressed beef
market, a limited return to export business and
a tendency to market live stock in the face of
rising prices of feed and uncertainty regarding
market prices of live stock. Heavier receipts
were likewise noted in the movements of live
stock to market in district No. 11 (Dallas).
Cattle prices in the Kansas City district recovered somewhat at the opening of March
from the slump at the end of February, although showing a decrease in the second week
of March, due to the break in the eastern markets, followed by a subsequent upturn in prices.
Wheat receipts at markets in district No. 10
(Kansas City) were about 20 per cent greater
than receipts for February and likewise considerably in excess of receipts a year ago. Although corn receipts were 17 per cent less in
March than in February, they were 18 per cent
greater than in March, 1919; and receipts of
oats during March showed a decline both as
compared with February and with March,
1919, amounting to 26 per cent and 45 per
cent, respectively. Milling activity showed a
decrease, combined flour output in March
being estimated at 3.7 per cent less than a year
ago at Kansas City, Omaha, and 88 interior
mills. Operations at Kansas City and at
Omaha were, respectively, 57 per cent and 47
per cent of capacity, as against 76 per cent and
61 per cent a year ago, while for interior mills
the figure for March stood at 53 as against 58
in March, 1919. The loss in milling activity
is reported to be due largely to the slow demand
for some grades of flour, and the fact that the
export demand is only fair. From the Seventh
District (Chicago) and in a less degree from
others, it is reported that grain-raising localities
have been obliged to carry their product in a
volume very much above that of normal times.
This has retarded shipments to primary markets. Costly delays in transportation have
interfered both with the shipment of grain
and of live stock.
The iron and steel business has been very
active, the United States Steel Corporation
being booked ahead until about the middle of
October. Independent mills have not received as many advance orders, owing to the
MAT,
1920.
FEDERAL RESERVE BULLETIN.
459
fact that they have been charging higher prices to higher levels, due to the necessity of allowing
than the United States Steel Corporation. for the wage increases recommended by the
The unfilled orders of the United States Steel President's coal commission, and increased costs
Corporation at the close of March were 9,892,- due to small car supply. The engineers of the
075 tons, corresponding to an index number of Fuel Administration, which made an investi188, as compared with 9,502,081 tons, corres- gation of the records of a central Pennsylvania
ponding to an index number of 180 at the close colliery, found that a car supply of 60 per cent
of February, and 5,430,572 tons at the close of increased the cost of mining 30 per cent. The
March, 1919, corresponding to an index num- regions which supply the coal for this territory
ber of 103. Pig-iron production likewise are said to be working under a 60 per cent
showed an increase amounting to 3.375,907 supply. Demand is far ahead of supply, and
tons during March, as compared with 2,978,879 it is stated that many consumers will try to
tons during February and 3,090,243 tons dur- store as much coal as possible over the next
ing March, 1919, the respective index numbers six months, which will keep the market active
being 146, 138, and 133. A similar increase is during that time. The anthracite industry is
reflected in steel ingot production which at present troubled by demands of labor for
amounted to 3,296,799 tons during March, as higher wages, though the men have walked out
compared with 2,865,124 tons during February in only a few cases. The movement of coal is
and 2,662,265 tons during March, 1919, the also held up by lack of cars. Retail dealers
respective index numbers being 137, 127 and are unable to care for the orders which are
110. The production of iron and steel has being received and prices are advancing. In
been seriously interfered with during the district No. 4 (Cleveland) the opening of the
month of April, due to lack of capacity to move lake shipping season was set back by the strike
raw materials and finished products. Most of I and in the meantime coal is slow in coming
the plants in the Fourth District (Cleveland) forward. Early coal cargoes are in great dehave been fairly well supplied with iron ore and mand, as some of the docks at lake ports are
the main problem has been that of fuel. In swept clean. Production of bituminous coal
district No. 6 (Atlanta) activity in the iron and during March amounted to 46,792,000 tons, as
steel industry continues. While car shortage compared with 40,127,000 tons during February
has caused some delay in deliveries from the and 33,719,000 tons during March, 1919, the
district, there is little accumulation of the respective index numbers being 126, 116, and
product. In district No. 3 (Philadelphia) de- 91. Difficulty is being experienced in the
mand for finished iron and steel has not in- anthracite coal industry with demand for higher
creased, and producers are working to capa- wages, although the men have "walked out"
city. High prices are being offered for im- only in a few cases. Shipments have been
mediate delivery. Conservative manufactur- delayed by lack of cars and retailers have been
ers recognize the danger of excessive price unable to care for orders received, while prices
increases, but their effort to arrest them has are advancing.
The petroleum industry has shown a very
had little effect. The railroads have been
heavier buyers of steel in all parts of the great advance during the past month. In Calicountry, both for new equipment and repairs, fornia the daily output for March was about the
than at any time since their return to private same as February, amounting to 276,000 barrels,
control. This has been due to successful but shipments were heavy, decreasing stored
stocks considerably. Consumption of Califinancing on the part of some of the roads.
The coal situation has been particularly in- fornia petroleum has exceeded production each
teresting during the month of April. In dis- month since July, 1919, and a serious shortage
trict No. 3 (Philadelphia), with the withdrawal of crude oil is threatened. In district No. 10
of Government regulations on bituminous (Kansas City) increased activity in the developcoal, effective April 1, producers negotiated ment of new wells is noted in Kansas and Oklawith consumers for the renewal of contracts homa. Production during March was 10,491,640
which expired March 31. Prices were adjusted barrels, as compared with 9,548,250 barrels
460
FEDERAL RESERVE BULLETIN.
during February, and 9,208,240 barrels during
March, 1919. In district No. 11 (Dallas) there
is both increased demand and enlarged production of petroleum, the output in the fields
lying in the Eleventh District being 11,132,024
barrels during March, as compared with 10,473,094 barrels during February.
Little change is noted in conditions surrounding metal mining in Colorado in March. Shipments of lead and zinc during that month were
unusually heavy, total shipments of zinc and
lead ores for the four weeks being at the rate
of practically 14,000 tons per week, as compared with 12,614 tons a week the previous
month. This was due to the increase of cars,
although production was seriously interfered
with as a result of heavy rains and storms.
In general manufacturing the month lias
been a period of great activity. This is
especially true in textiles. Carpet and rug
manufacturers report a brisk demand for
their products which they can not fully meet.
Cotton yarns and raw materials are high;
prices are holding steady at about double that
of a year ago; and while the tendency of
consumers not to pay high retail prices now
existing has kept down offerings of new
business to manufacturers, the latter are still
busy on old orders which have insured a
capacity operation. In cotton textiles the
high price of raw materials has continued to
check buying by domestic mills, but the mills
in the New England district are already well
supplied. Unfilled orders for future delivery
placed during March are very much greater
than a year ago, although new orders show a
tendency to fall off slightly or amount to
about the same in volume. While the demand
for the future products of the mills making
dress goods, shirtings, and the like, appears
to be lessened, this situation has not affected
prices which are about 200 per cent above the
level for 1914. No perceptible drop in prices,
particularly in the fine grades, is looked for.
In district No. 3 (Philadelphia) prices are
double what they were last year and demand
from foreign sources has served to keep up
production. Caution, however, is felt to be
necessary for the remainder of the year. In
wool and woolens, markets are fairly quiet,
banks having put a check on speculation in
MAT,
1920.
some sections. The Government still holds
about 65,000,000 pounds of the lower grades
of wool and is now auctioning off about
6,000,000 pounds per month. Fine merino
wools continue in demand and prices are high,
while yarns are also generally in strong demand.
Woolen and worsted mills are busy filling
uncompleted orders and are especially active
on account of the recent delays due to transportation difficulties which left them without
raw material. Manufacturers are sold ahead
and are producing actively. Although prices
have weakened slightly they are higher than
last year. Clothing requirements will necessitate full-time production for 1920, but there
is no certainty as to conditions beyond that
date. There has been some slowing down
of demand due to the apparently concerted
disposition of consumers to refrain from buying
at present prices.
In the shoe and leather field the situation
is somewhat mixed. Conditions in the hide
market have approached stagnation and there
has been very little activity in leather for the
month past. The attitude of the public with
reference to purchases at present prices is
unfavorable. Although salesmen are in some
cases offering reduced prices, retailers are
slow to place fall orders, believing that prices
must go down. The public, however, still
insists upon the better grades of shoes, although
some concerns note a decided drift toward
cheaper product. Prices for the finest grades
are believed to have reached their peak. In
/district No. 3 (Philadelphia) the demand for
leather has fallen off noticeably during the
past month. Prices are steady but the tendency is toward lower levels. New Government
orders in the hands of boot and shoe distributors are 25 to 70 per cent over the same month
last year, with demand as strong as ever and
selling prices up to 10 per cent higher. In
district No. 5 (Richmond) no reduction in
prices or demand is to be noted. Foreign
trade in shoes and leather has been adversely
affected by exchange conditions.
General manufacturing continues active and
wholesale business throughout the country holds
up well. The tendenc}7 to caution already noted
in the last issue of the BULLETIN has become
more decided and has taken the form of hesita-
MAT,
1920.
FEDERAL RESERVE BULLETIN.
tion about placing orders far ahead. This is
due to the belief that prices are probably near
their peak if they have not passed it. Although
buying power has been somewhat limited in
different parts of the country, the contraction
in this regard is not pronounced, and the
continued expansion of the export trade has
taken up the market surplus of goods which
would otherwise have tended to reduce prices.
On the other hand, it is reported that considerable quantities of goods which were
shipped abroad on consignment are now
coming home again and may serve to disturb
the market in some lines. Manufactured
food products, canned goods, etc., are feeling
this influence. There has been a large decline
in the amount of meat food products shipped
abroad. Canned goods prices are in some
cases reported as 10 per cent lower than a
year ago. Automobile producers are sold
up far ahead and the value of stocks in automobile concerns in many instances has reached
an unprecedented figure. Hardware lines have
experienced an increasing demand since the
beginning of the year, although contractors'
and builders' supplies are somewhat under
normal demand, due to the retardation of
building.
The outstanding feature of the month in
connection with labor has been a nation-wide
railway strike, and at times it has appeared
likely that this strike would spread into
other allied branches of industry, a number of local municipal utility organizations
having been called out at various points
throughout the country. Except for the
national railway strike and sporadic disturbances, labor, however, has been fully employed at record high wages, and unrest in
manufacturing lines has been comparatively
limited. Perhaps the most difficult element
in the labor situation is now found in connection with agricultural labor. There is an
almost unanimous report from the several
Federal Reserve districts to the effect that
fanners are unable to obtain the assistance they
need for the current crop season and that while,
in part, machinery has been substituted, this
method of replacing human labor is not altogether satisfactory. Conferences on immigration during the month have resulted in asser-
461
tions of a general labor shortage all over the
country. Sporadic unemployment has been
noted in some cases, due to changes in conditions of production. The railway strike had
the effect of temporarily decreasing the demand
for certain classes of labor, but on the other
hand it temporarily increased the demand for
certain other classes. Immigration and emigration have about offset one another. A
special inquiry into the labor situation in
district No. 11 (Dallas) has revealed some
unusualty interesting conditions. A heavy
exodus of farm workers has occurred in eastern
Texas to the oil fields and lumber camps of
north Louisiana. On the other hand, profitable returns in local farming have, in west
Texas and chosen regions, brought back to the
land tenant farmers, thereby increasing the
available labor supply. High wages in the
Southwest have been drawing into the United
States a considerable number of Mexicans who
have been attracted by the opportunity to
obtain steady and uninterrupted employment.
An upward tendency in rates for money has
been notable during April. Action on the part
of foreign central banking institutions in raising
their rates of discount tended to conform
domestic tendencies toward a higher level of
rates. The action of large domestic borrowers
in putting out issues of bonds at higher rates
of interest has further tended to establish a
higher level of interest and discount charges.
Demand for commercial loans has continued
heavy and has been confirmed by the increasing
pressure of need for funds for commercial uses
in not a few of the western districts. Nevertheless, the volume of loans has not materially
changed. In New York City it is reported that
the reduction in the loan accounts of New York
banks, which continued with a reasonable measure of steadiness from last fall to the early part
of March, and the increase in bank loans elsewhere in the country, which was practically
continuous during the same period, have both
been arrested. Within the Federal Reserve
System there lias been a noteworthy movement
of funds to New York, or in other words, the
volume of bank credit for the country as a
whole remains about the same, but the points
where pressure has been most seriously mani-
462
FEDERAL RESERVE BULLETIN".
fested have changed. Throughout the eastern
districts higher rates for ordinary commercial
paper continue to be the rule, while from the
speculative standpoint, relatively little money
has been offering and charges have been high.
The money market has suffered from a very
narrow margin and the narrowness of this margin has been responsible for the advances in
rates w^hich have taken place from time to
time. In the stock market, although there
has been considerable demand from the small
investor, speculative manipulation has been
more than usually prominent. The general
level of bond prices has declined continuously
during the past 30 days, an average of 40
listed issues declining about 2\ points to a
new low level on April 16. New corporate
financing was larger in March than in February,
and the tendency to increase has been noteworthy in April. Considerable issues of railroad securities have been put out, and the
volume of stock actually issued as dividends
has been large. In the Middle West there is a
disposition on the part of bankers to sift loan
applications more carefully and to discriminate
between borrowers according to the character
of their requirements. In district No. 8 (St.
Louis) and in the Southwest there is a strong
demand for money and the spring agricultural
needs have been keenly felt. The market for
commercial paper has slowed down and country
banks have ceased to buy as heavily as formerly. In some of the western and southwestern districts there has been an apparent
degree of success in eliminating war paper from
bank portfolios, it being supposed that there
has been absorption by investors there on
account of the general prosperity and growth
in ability to pay for bonds.
While the agricultural outlook is distinctly
less satisfactory than it was a month ago,
and while the month of April has been a
period of serious labor disturbance, especially
in the transportation field, the activity of
business has continued high, demand for
products strong, with prices tending upward
rather than downward. Industries are not
on the whole booked up as far ahead, relatively
speaking, as in the past, although in some
the volume of unfilled orders is very large.
Underproduction or inefficiency in production
MAY,
1920.
continues, and costs are being enlarged by
reason of the advance in the expense of getting
capital. The export trade holds up in an
unexpected degree and bank credit, although
not materially larger in volume than at the
opening of April, has had to follow more or
less the course of demand, so that expansion
at various points has taken the place of reductions which had been effected at others.
WHOLESALE TRADE ACTIVITY IN THE WEST.
Districts Nos. 8 (St. Louis), 10 (Kansas
City), 11 (Dallas), and 12 (San Francisco),
report heavy increases in volume of March
sales over the same month last year in various
lines of wholesale trade. The evidence which
they have r to offer is contained in the excerpts
which follo .v :
DISTRICT NO. 8 —ST. LOUIS.
Orders in the hands of boot and shoe distributors show increases of from 25 per cent
to 70 per cent over the same month last year,
and gains of as high as 33 J per cent are shown
over the preceding month this year. Selling
prices range from steady to 10 per cent higher.
Despite the agitation against high costs, the
demand is unabated, and purchasing power
is great as ever.
Wholesalers of drugs, chemicals, and kindred
lines continue to enjoy prosperity. The call
for their merchandise, both for prompt and
future delivery, is in excess of supplies. Consumption of drugs since the first of this year
has been augmented by the influenza epidemic
and other sickness caused by the unusual
season. The price trend is upward, specific
advances being reported on a number of important articles.
Dry goods jobbers and wholesalers again
show heavy gains over the corresponding
month last year, ranging in the extremes from
5 per cent to 90 per cent, but as compared with
the preceding month this year sales range from
steady to 25 per cent less. Business is described as about steady, with the outlook for
the balance of the season favorable. This
opinion, however, is qualified and subject to
revision with favorable or unfavorable crop
developments. Orders on hand are heavier
than last year and the demand is above normal.
Selling prices are steady to a shade higher,
the greatest strength being on textiles.
Wholesale clothing continues active, with
selling prices steady to firmer. Reports as
to volume of business vary from 20 per cent
M A T , 1920.
463
FEDERAL. RESERVE BUIXETIN.
under the preceding month to small increases.
General conditions are auspicious, and prospects
for balance of 1920 good.
Distribution of wholesale groceries in the
district during the past month exceeded that
of the same period in 1919 by about 10 per
cent to 30 per cent, and slight gains were also
shown over the preceding month this season.
Prices continue on the upturn, several important commodities, notably sugar, having
sustained further specific advances.
In the wholesale hardware line business is
steady to improving. Sales bulk heavily in
volume over those of the corresponding period
last year, and are quite as good as a month
ago. Selling prices range from 5 to 10 per
cent higher, and the tendency is upward, due
to scarcity of goods and expensive raw materials.
with prices of a year ago. Dealers in furniture
and automobile supplies also reported sharp
price advances over quotations for the month
of February, 1920. In other lines prices, while
showing a slight upward trend, held closely to
the general February levels, and dealers report
a more pronounced attitude of price resistance
on the part of retail trade. It will be seen from
the appended table of trade statistics that
wholesale deliveries, generally speaking, kept
well up with sales during the month, and also
that considerably heavier stocks are on the
shelves now than were carried a year ago.
These facts would seem to denote an"improvement in both the interstate and intrastate
movement of merchandise as compared with
the situation that obtained a year ago.
March, 1920, wholesale trade, compared with February, 1920,
and March, 1919.
DISTRICT NO. 10—KANSAS CITY.
[+ Increase; -- decrease.]
The reports from the distributing centers of
the district indicate well-sustained activity in
spring sales, but little is shown in the reports in
the way of increased supplies. The synopsis of
the reports received for the Monthly Bulletin
which follows is fairlv indicative of the general
trend of the wholesale trade:
[(+) Increase, (—) decrease.]
Sales in March
compared with—
Groceries
Furniture
Millinery
Stocks Mar. 31
compared with—
Auto supplies
Drugs
Dry goods
Previous |
month.
Previous Year ago.
month.
Hardware
Farm implements
Per cent. Per cent. Per cent. Per cent.
+74.3
-10.7
+15.3
+14
+20
-10
+15
+30
+30
+50
+74
+42.3
- 5
+18.5
+28
+ 3.3
+ 6.5
+11.5
+42.4
+ 2.7
+ 6.6
+19.3
Dry goods,
Millinery..
Furniture.
Hardware.
Drugs
Groceries..
DISTRICT NO. 11—DALLAS.
Net sales for March, 1920, in the principal
lines of wholesale trade disclosed substantially
augmented totals by contrast with transactions
for the corresponding month last year, according to reports at hand. Gains ranged from 20
per cent for millinery to 160 per cent for farm
implements. A comparison of March sales with
those of the shorter month of February, 1920,
reveals increases commensurate with the extra
number of days in March, except in the millinery
lines, which showed a decrease for March, and
dry goods and automobile supplies, which recorded heavy increases over sales for the preceding month. Wholesalers in furniture and
dry goods reported an average increase of 40
per cent in prices for March, 1920, as contrasted
Compared
with.
Stocks
Ship- at end
Sales. Soiling
price. ments.
of
month
Feb., 1920
Mar. 1919
Feb., 1920
Mar., 1919
Feb., 1920
Mar., 1919
Feb., 1920
Mar., 1919
Feb., 1920
Mar. 1919
Feb., 1920
Mar., 1919
Feb., 1920
Mar., 1919
Feb., 1920
Mar., 1919
Per ct. Per ct. Per ct. Per ct.
+ 4
+ 2
— J\
+ 60
+61
+26
+11
+21
+ 4
+ 11
+12
+40
+19
+ 31
+29
- 10
+ 20
+is
+68
+ 68
+19
+10
+31
+ 31
+ 9
+ 5
+ 1
+ 2
+ 2
+ 1
+77
+ 84
+16
+ 3
+53
+ 56
+ 19
+ 2
+86
+ 86
+72
+41
+ 10
+ 17
— 1
+ 2
+ 58
+75
+ 9
+11
+ 11
-10
+160
-18
+ 6
DISTRICT NO. 12—SAN FRANCISCO.
Sales by wholesale stores were approximately
60 per cent greater by value during March,
1920, than during March, 1919, and from 20
to 25 per cent greater than in February, 1920.
Department stores report that prices continued to advance during March, although
there was a tendency for prices of some commodities, such as silk fabrics, to decline slightly.
Wholesale dry goods and hardware stores report the market firm, with a tendency to advancing prices. With the exception of sugar,
wholesale prices of foodstuffs declined slightly
during March. Retail merchants in all lines
are purchasing goods only for current requirements. The increase in sales during March
was largely in essentials. During March collections were good, as compared with fair to
good during February. Statement of increases
in wholesale trade of reporting firms in the
464
FEDERAL RESERVE BULJTJETIK".
MAT, 1920.
principal cities of this district for March, 1920, own yarn. It is stated that there was for
as compared with March, 1919, is given below: a time a considerable tendency among knitting
mills to install spinning plants. Sales by
yarn manufacturers are made either direct to
Hardware. Dry goods. Groceries. Total.*
these two classes of purchasers, or through
brokers and commission houses. A tendency
Per cent
Per cent.
Per cent. Per cent.
91.2
85 3 toward direct sale is reported, in particular
Los Angeles
Oakland
It has been estimated that
74.8
38.7
49.8 for hosiery yarns.
Sacramento
72.5 roughly 50 per cent of southern spinners
63.9
5(5.1
118.7
San Francisco....
44.0
47.0
Portland
71.3 market their entire production through com53.3
Salt Lake City
49.6
60.5
Seattle
159.5
37.9 mission houses. Less use is made of middle74.7
26.3
Spokane
65.9
67.7 men by northern manufacturers.
71.8
Tacoma
70.1
109.1
62.3
District
46.5
With respect to terms of sale weaving yarns
must be distinguished from knitting yarns,
1
Including reporting wholesale drug firms.
hosiery yarns often forming a special group
under the latter category. In addition, disThe above table is based upon returns from tinction must be made between eastern and
55 firms reporting actual sales, comprising 22 southern yarns. In general southern weaving
wholesale grocery, 20 wholesale hardware, and yarns only bear terms of 3 per cent 10tn
13 wholesale dry goods firms.
e. o. m. Southern knitting yarns and eastern
yarns, both weaving and knitting, are sold on
terms of 2 per cent 10th e. o. m. or 2 per cent
30 days. In Philadelphia, however, a special
TERMS OF SALE.
arrangement prevails calling for 3 per cent
The following is the fourth of a series of 30 days.
These terms are, however, by no means
articles giving data as to current practice and
recent history of terms of sale in the principal universally employed, and many variations
industries. Acknowledgment is due the many are found. Some eastern manufacturers have
business houses, individuals, trade periodicals, terms of 2 per cent 10 days net 30 days or 60
and trade associations who have courteously days. The latter terms apply more frequently
on knitting yarns. Net terms will be more
furnished the information.1
largely given by middlemen than by spinners,
especially on sales to smaller manufacturers of
COTTON.
knit goods, who buy more or less generally
Yarns and thread.—Cotton thread is sold to from commission houses. Sweater yarns are
both manufacturers of garments, etc., and to often sold on terms of net 10 days e. o. m.,
wholesalers and retailers. There are two cor- but in some cases 2 per cent 10 days, 30 days
responding special branches of the industry, extra, and occasionally 2 per cent 10 days, 60
manufacturers in many cases producing only days extra may be given. Terms on hosiery
thread for one of the two uses. On a yardage yarns show less variation and are generally 2
basis, about half the output consists of each per cent 10th e. o. m., or to a less extent 2 per
type. Sales are made through selling agents cent 10 days.
One southern manufacturer reports an effort,
or branch houses. It is estimated that from
70 to 80 per cent of the domestic line is sold after the war orders were over, to eliminate the
to jobbers as against retailers. Terms, how- discount and sell for net cash, which was
ever, are uniformly 2 per cent 10 days, 1 per opposed by brokers and commission merchants,
cent 30 days, net 60 days, e. o. m. terms being who forced a return to the old terms. Angiven in certain cases. A leading house dis- other, however, states that many mills have
tinguishes in terms between sales to whole- succeeded in eliminating the discount. This
salers and to retailers, omitting the terms of 1 has been done by him on cotton warps dyed
and finished and ready for the loom, although
per cent 30 days in sales to retailers.
he gives the usual terms of 3 per cent 10 days
The large majority of cloth
manufacturers
produce their own yarns.2 On the other on tubes, skeins, and warps, which are sold in
hand, the bulk of the knitters buy their yarn, the gray, and 2 per cent on hosiery yarns.
although a very large number also spin their The former manufacturer gives only 2 per
cent on hosiery yarns (which carry a 2 per cent
1
Certain of the data relative to methods of distribution in the textile cone allowance), as against 3 per cent on warp
industry contained in the present article have been taken from Cheringtwist (which carries no allowance for tare),
ton, The Wool Industry.
* It is reported, however, that manufacturers of automobile tires in although this difference in discount is by no
many instances have offered such inducements that weaving mills have
given over the largest part of their spinning equipment to the manufac- means universal.
In general cone allowture of tire yarn and have gone out in the market to buy the yarn needed
ances apply only to heavier yarns, which
for their own cloths.
MAT,
1920.
FEDEEAL RESERVE BULLETIN".
come mostly from the South, while fine yarns
are sold on a net-weight basis. Smaller manufacturers, however, buy all yarns with the 2
per cent cone allowance, but large manufacturers tend rather to buy on a net-weight basis.
Collections in the cotton-yarn industry in
general are reported prompt. Several manufacturers report them quicker through commission houses than on direct shipments.
Gray goods.—The bulk of the cotton yarn
produced is unclyed, and is made up first into
gray goods—that is, undyed and unbleached
goods. Part of these goods are to be used in
the gray and are sold to the jobber, while part
are sold to industrial consumers, such as the
manufacturers of mechanical rubber goods
and the bag trade. The bulk, however, require further treatment. The latter are then
printed, finished, or converted either by the
cloth manufacturer himself or by the merchant converter, who buys gray goods, has
a professional converter convert them for
him, and then sells the finished product to the
same classes of purchasers as does the cloth
manufacturer who (iocs his own converting,
namely, to jobbers, retailers, and the cuttingup trade. It is estimated that roughly 25 per
cent of the output of gray cloth is finished by
the weaver,3 and that the balance is finished by
converters.
The merchant converter buys gray goods
either directly from the cloth manufacturer
or through the medium of a broker. Fall
River manufacturers sell their product almost
entirely through brokers, and similarly with a
few southern mills. New York commission
houses, it is estimated, sell one-third of their
mills' products direct and two-thirds through
brokers, but the percentages vary according
to the condition of the market. It is stated
that fine goods, novelties, and special cloths
are handled practically entirely by brokers.
The distributive methods, of course, will vary
with the type of product, certain goods, for
example, being sold to the industrial consumer.
It has been estimated, however, that of the
total output of gray goods 10 per cent is sold
to jobbers, who either convert the goods or
resell them to retailers for use in the gray, while
the balance is sold to converters and printers
on the one hand and industrial consumers on
the other hand.
Formerly a distinction was made in terms
between print cloths and finer goods, which
were generally sold on terms of net 10 days,
and sheetings and coarser goods, which (in the
case of materials sold to jobbers for resale in
the gray) were generally sold on the dry goods
8
Goods coming from the weaver finished, however, are largely colored
yarn goods, such as shirtings, ginghams, denims, cheviots, and tickings.
465
terms of 2 per cent 10 days, 60 days extra,4 or 3
per cent 10 days, and (in the case of heavy
cotton goods sold to industrial consumers) on
terms of 2 per cent 10 days (in some cases 2
per cent 10th e. o. m.). As a result of the war,
and in connection with price fixing, the terms
on coarser goods wore also reduced in 1917 to
net 10 days, and the New York freight allowance formerly given by southern mills was
eliminated. After the armistice, however,
freight concessions were again granted by some
mills, in addition to returning in certain cases
to the old terms of 2 per cental0 days, 60 days
extra. It is estimated, however, that, due to
the heavy demand for goods, 75 per cent of the
mills have been able to continue to sell on the
shorter terms. The old terms are again used
in the case of certain classes of gray goods,
such
as sheetings, due to competition.5 Present
terms thus are in general net 10 days, while in
some cases 2 per cent 10 days, 2 percent 10 days
net 60 days, and 3 per cent 10 days, or 2 per
cent 10 days 60 days extra are given. It is
stated that jobbers generally wish to be quoted
the last-named terms.
Finished cotton goods.—It has been estimated
roughly that upward of 50 per cent of the total
output of finished cotton goods is sold to jobbers, 30 to 35 per cent to the cutting-up trade,
and the balance to retailers. The methods of
distribution, however, vary according to the
particular type of product and the corresponding type of purchaser. Hie large jobbers do
some converting themselves, more particularly of the cheaper staples than of the more
expensive style goods. At the present time
there is considerable reselling among jobbers
in addition to their ordinary sales to retailers
and the cutting-up trade. High-class wash
goods, 75 per cent of which go to the consumer
over the counters of the stores in the large
cities, are bought direct from the converter,
while cheap calicos or percales, of which probably only 25 per cent are distributed through
the retailer in the large city, are sold by the
converter to the jobber, who in turn sells them
to the merchant in the smaller town.
Staples must be distinguished from season
goods. The former, which are sold all the year
round, include goods such as bleached cottons,
bleached cambrics, and bleached twills. Linings and shirtings are generally classed as staple
goods, although they may be sold also as spring
or fall goods, according to the character of the
particular item. Dress goods, draperies, per* These terms generally apply on all seconds also.
6
Gray goods have many special uses, in which cases terms differ from
the general terms. Gray goods used for house linings afford an example.
These arc sold to jobbers, who in turn sell to paper hangers. Due probably to the length of time required in building, they are again sold on the
old terms of 2 per cent 10 days, 00 days extra.
466
FEDERAL RESERVE BULLETIN.
cales, and cambrics are examples of two season
goods, while wash goods are classed as spring
goods, and blankets and, at times, flannels as
Fall goods.
Terms on finished converted or bleached
goods are almost universally 2 per cent 10 days,
60 days extra on staples and on season goods
between seasons. Season datings are April 1
and October 1 and apply on sales to both
jobbers and retailers, although deliveries to
retailers are made considerably later than deliveries to jobbers. Terms in general have
been shortened. Many manufacturers have
succeeded in abolishing season datings, although
several have since restored them. Anticipation
at the rate of 6 per cent per annum is usually
permitted. This gives a discount of 3 per cent
10 days, which at times is quoted in addition to
the regular terms. Poor credit risks at times
are quoted only 3 per cent 10 days, or 3 per
cent C. O. D. or cash before delivery. One
converter also quotes 2£ per cent 10 days, 30
days extra.
Certain types of products at times bear other
than the regular terms. Thus, linings may be
quoted to the cutting-up trade on terms of 7
>er cent 4 months, while converters of cotton
inings for women's wear in some cases grant 30
to 60 days extra to the retail dry goods trade
in addition to the regular terms. Terms on
materials for the men's clothing trade at times
are 2 per cent 60 days, net 4 months. Percales
and madras sold to the cutting up trade in
some cases carry extra terms of 4 months, and
likewise with shirtings. Bedding and pillow
material sold to retailers at times carries terms
of 2 per cent 30 days, towels terms of 3 per
cent 10 days, net 60 days, and spreads the
option of net 90 days in" addition to regular
terms of 2 per cent 10 days, net 60 days.
Velveteens in some cases carry terms of 6 per
cent 10 days, 60 days extra, corduroys for
men's wear" 10 per cent 10 days, 8 per cent
60 days, and for women's wear the same, or
6 per cent 10 days, 60 days extra, and upholstery and interior decorating material 6 per
cent 10 days. Canvas carries terms of net
15th proximo and net 30 days, ducks the same,
or net 60 days, and suede and denims net 10
days.
Occasionally a converter will give 4 months,
irrespective of the kind of goods or type of
buyer. Converters who deviate from the
regular terms of 2 per cent 10 days, 60 days
extra, often have no permanent discount terms,
but vary these with the rise and fall of the
market/ Little use is reported by manufacturers of trade acceptances.
f
MAT,
1920.
SILK.
Silk yarns and thread.—Silk thread and embroidery silks in general are produced by mills
specializing in this product. Prior to tne war
terms varied from 6 per cent to 8 per cent 10
days and 5 per cent 30 days to 7 per cent 60
days, but during the war were changed to 2
per cent 10 days, net 30 da}^s. These terms
were also previously employed by certain
houses. E. o. m. terms prevail for" accounts
sold throughout the month.
Silk yarns are of two kinds, spun and thrown.
The former is a thread spun from short strands
of silk threads derived from waste made in raw
silk reeling establishments as well as in subsequent handling of the thread in the undyed
state, .it is used more largely for weaving,
while thrown silk is used in the manufacture of
almost all classes of goods. It is roughly estimated that about 20 pounds of thrown silk are
used to 1 pound of spun silk. While a considerable proportion of the spun silk consumed
in this country is still imported from Europe
and Japan, the product of American mills has
largely increased during the past 10 years.
Thrown silk is now sold largely by dealers to
weaving and knitting mills. While the greater
portion of raw silk imports may still be handled
by buyers, either in their own throwing mills
or sent to commission throwsters, the selling
of thrown silks for use by weaving and knitting
establishments has grown very rapidly during
the past 10 years, and is expected to continue.
Up to two or three years ago it was ratKfer
customary to give 6 per cent 10 days, 5 per
cent 30 days on spun silk, e. o. m. terms prevailing in some cases. The terms are stated to
have originated with one of the larger manufacturers producing a great quantity of silk
products when they were leaders in this branch
of the industry. Within the last two or three
years, however, there has been a tendency to
shorten terms and put the industry on practically a 10 day cash basis. The tendency is
accentuated by the fact that the manufacture
of spun silk requires considerable capital, much
more so proportionately than weaving or throwing. Terms at the present time thus vary
somewhat, although practically payment is
required in 10 days or on the 10th, e. o. m.
Whereas terms are generally 6 per cent 10 days,
net 30 days, some nouses give a discount of 2
per cent, while certain customers prefer to purchase on a net basis, and receive terms of net
10 days, the discount in such cases being deducted from the price quoted. Net 30 days
may be quoted when the discount is given.
MAY,
1920.
FEDEKAL RESERVE BULLETIN.
Some spinners still adhere to the old terms of
6 per cent 10 days, 5 per cent 30 days with
e. o. m. terms in certain cases in sales to other
branches, such as the knitting industry.
Terms on thrown silk vary somewhat. While
a few houses sell on terms of net 60 days and
net 4 months, most sales are now made on
terms of net 90 days. Whereas formerly the
note or open account was employed, it is stated
that the trade acceptance is now frequently
used. A cash discount of 2 per cent 10 days
is given, while anticipation at the rate of 6 per
cent per annum may also be permitted. The
knitting trade largely receives terms of 2 per
cent 10 days e. o. m.
Broad silks and ribbons.—Silks fall into two
general classes, namely, broad silks and narrow
silks, the former in the larger sense including all
goods other than ribbons and yarns. It is estimated that lor the year 1919 about 60 per cent
of the total output in broad silks was greige
goods, and the remainder skein dyed, while of
the former about 60 per cent passed through the
hands of converters. They operate particularly on wash satins, habutai, radiums, foulards, crfipe (georgette, de chine, meteor, and
shirtings), chiffon, cotton-back satins (piece
dyed), poplins (cotton and wool filled), taffetaline, taffetaline shirtings, schappe - filled
satins and artificial silk-mixed goods. Skein
dyed goods, such as taffetas, satins, mcssalines, etc., fancies, tie silks, jacquard, upholstery, men's wear, umbrella silks, and cottonback satins (skein dyed) are not generally
handled through converters. The latter term,
however, is not generally applied in the silk
industry, and any jobber in broad silks is at
some time or other a converter. If he is financially able to do short-term business, he endeavors to buy his goods in the greige, while if
he can not operate on short time, he purchases
the goods from the maker converted, dyed, or
printed, as the case may be. Converters purchase greige goods on terms of net 10 days,
e. o. m. terms being given in certain cases.
Converters' terms are identical with those of
mills finishing their own product, which are
given below.
It has been roughly estimated that about 30
to 35 per cent of the output of the entire industry is sold by manufacturers to the cuttingup trade, 25 per cent to wholesale dry goods
houses, and 40 per cent to retailers, such as
department stores. Jobbing is stated to have
materially increased in the last two or three
years, as has also been the case in other branches
of the textile industry, but there is a tendency
at the present time among manufacturers to
curtail this business, particularly as regards
467
the smaller and newer jobbing houses. It is
estimated that probably 40 per cent of dress
silks, including silks used for linings in women's
clothes, which are considered by silk manufacturers as dress silks, goes to garment manufacturers. In Japanese goods, direct importation to the cutter up is probably very small,
and eventually the converter will sell 50 per
cent of the importation to the cutter up.
Probably 75 per cent or more of the output of
lining silks (for men's wear) goes to clothing
manufacturers. It has been estimated that
perhaps 7£ per cent of the output of ribbons
goes to the cutting-up trade, including underwear manufacturers, 20 to 25 per cent to the
wholesaler, and the remainder, about 70 per
cent, to the retailer. The proportion sold to
each of the three classes of purchasers of course
varies from year to year with the trend of
fashion. Thus the proportion of ribbons sold
to the cutting-up trade is stated to have increased during the past year due to the increased use of the product in the trimming of
dresses, whereas previously the outlets were
more largely the millinery and department
store trade.
In June, 1912, the Broad Silk Manufacturers
Division of the Silk Association of America
adopted a set of " rules to govern transactions
between buyers and sellers of broad silks/7
to apply, however, only to cases not
covered by a specific contract. The rules
included the subject of terms,6 recognizing
existing practice in this regard. The terms
specified were 6 per cent 10 days, 60 days
dating, with the privilege of anticipation at
the rate of 6 per cent per annum. Overdue
bills were to be paid upon the basis of a reduction in the discount of 1 per cent for each 30
days, thus making discounts 5 per cent 90
days, 4 per cent 4 months, etc., until the bill
was due net at the close of 8 months, after
which time it was to bear interest at the rate
of 6 per cent per annum. The terms actually
employed are varied according to the responsibility of the purchaser, and certain buyers
thus may be sold only on terms of 40 days and
others on terms of 10 days, discounts being
correspondingly increased. Certain variations
of course occur, such as, for example, the giving
of a season dating on sample pieces, which was
eliminated by one manufacturer last year.
The trade acceptance is far from being generally used in the industry. While some firms
are said to insist upon trade acceptances in all
transactions, other manufacturers do not
employ them at all. One leading manufac«It is stated, however, that prior to 1912 terms to the cloak and suit
trade were generally 8 per cent 10 days, (50 days extra.
468
FEDERAL. RESERVE BULLETIN.
MAY,
1920.
worsted knitting yarns is, however, stated to be
handled by jobbers who deal out small quantities from time to time to small knitters with a
few machines. A Government survey made in
August, 1918, showed that 86.5 per cent of the
woolen yarn produced was used in the plants of
the spinner, while of worsted yarn produced
under the Bradford system 56 per cent and of
worsted yarn produced under the French system only 28 per cent was so used. The percentages of the output sold were thus, respectively, 13.5, 44, and 72. The total output of
each"class was, respectively, 8,233,000, 3,349,000, and 1,048,000 pounds. Unanimity of
opinion by no means exists as to the reasons
for the difference in practice between woolens
and worsteds 7with respect to mills making
their own yarn. The proportion of their yarns
which manufacturers of woven and knit goods
purchase differs also according to the type of
product, whether knit goods or men's or women's wear. It has been stated that knitting mills
buy all their worsted }rarns and approximately
80 per cent of their woolen yarn. Weavers of
men's wear buy approximately 40 per cent of
their worsted yarns and 15 per cent of their
woolen yarns, while weavers of dress goods buy
approximately 60 per cent of their worsted
yarns and 90 per cent of their woolen yarns.
Terms vary somewhat. The regular terms
on both classes of yarns are 2 per cent 10 days,
net 60 days, but some manufacturers give a
discount of only 1 per cent. Two per cent 10
days e. o. m. has become quite a general practice, in particular for the underwear and
hosiery trade. The men's wear trade generally receives the regular terms, while sweater
manufacturers endeavor to purchase on terms
of 2 per cent 10 days, 60 days extra, which
extreme terms are given on shipments to some
western knitters. The sweater manufacturers'
association recently passed a resolution in favor
of such terms. The spinners' association has
been opposing the granting of such special
terms, and endeavored during the war to standardize terms on all classes of yarns at 2 per cent
10 days. It was found, however, that traditionally different classes of purchasers had always had different terms, and certain factors
were not in sympathy with the effort. On the
whole there have been no material changes in
terms during the last decade. Collections are
stated to have been more prompt than formerly,
arid a greater percentage of manufacturers
take
the discount. It is reported that the
WOOLENS AND WORSTEDS.
sweater trade is somewhat slow, but the amount
Yarns.—Several estimates place the percent- is very small in comparison with the volume of
age of yarns sold through agents representing business done.
the mills, usually several at one time, as from
a discussion of this question, see Cherington, op. cit., pp. 104
70 to 75 per cent, the balance being marketed it.t For
Prominent spinners, however, disagree with certain of the reasons
direct from the spinner. A certain amount of advanced
therein.
turer, while steadily increasing the number
of customers giving acceptances, reports that
he has a large clientele which anticipates its
purchases all the year round. Another leading
manufacturer, however, states that only onefifth of his accounts anticipate, and among
these are far more retailers than manufacturers. Collections by the larger houses in general are reported prompt, practically all accounts
being collected within the 70-day "period.
Japanese goods, as well as domestic shirtings
in the converted state, are generally quoted 3
per cent 10 days, or 2 per cent 10 days, 60
days extra. As in the case of broad silks,
purchasers of smaller responsibility may be
granted only shorter time. Lining silks prior
to the war were sold to clothing manufacturers on terms of 7 per cent 4 months e. o. m.,
or 10 per cent 10 days, 9 per cent 30 days, 8 per
cent 60 day's, e. o. m. terms being given in some
cases, and the terms being the same as those
largely employed by woolen manufacturers.
About two years ago one or more of the principal specialists in lining silks instituted a
change to 2 per cent 10 days e. o. m., net 00
days, which was generally adopted in the trade
with hardly any friction.
In October, 1912, the Ribbon Manufacturers
Division of the Silk Association adopted rules
covering the ribbon industry. The same
terms were specified, namely, 6 per cent 10
days, 60 days extra, with anticipation permittea at the rate of 6 per cent per annum. This
gives a discount of 7 per cent 10 days, which in
fact is specified in certain cases, such as for the
smaller trade or (with an e. o. m. basis) for the
cutting-up trade. In rare cases bills are due
net after 70 days. The above terms were in
general use prior to their formal adoption. Up
to four or five years ago the millinery trade
received a season dating of April 15 and October 15 on December 1 to February 1 shipments
and June 1 to August 1 shipments, respectively. Since that time the dating has been
advanced to April 1 and October 1. Shipments after the dates given bear the regular
terms of 6 per cent 10 days, 60 days extra.
Strictly millinery houses in some cases have
obtained the dating on other classes of goods
also, and the dating is often used with wholesale dry goods houses. It is stated that the
use of the trade acceptance in the industry is
regarded as impracticable, especially for the
local trade, due to the small size of orders.
MAT,
1920.
FEDERAL RESERVE BULLETIN,
Piece goods.—Woolen and worsted piece
goods are divided into two principal classes,
men's wear and women's wear. More women's
wear passes through commission houses than
is the case in men's wear, but both classes are
sold more largely at the present time through
mill agencies than through commission houses.
Few of the so-called old line commission
houses remain, most of the so-called commission houses owning their own mills. Sales
will be made to two classes of purchasers,
the cutting-up trade and the over-the-counter
trade, the former typified by the clothing
manufacturer, the latter by the jobber and
retailer. The proportion, in particular in
women's wear, which is sold to the two different types varies according to the current
style. Thus the prevalency of soft-draped
effects increases tne over-the-counter trade,
while the prevalence of close-fitted styles
increases the ready-to-wear business. In general, however, there has been steady increase
in the ready-to-wear business and thus in the
proportion of the output sold to the cuttingup trade. Jobbing has increased greatly
during the last few years, due to the scarcity
of goods. The jobber not only has figured
as a regular link in the distributive chain
oetween manufacturer and retailer or tailor,
but also in a trading capacity, and the same
piece 01 goods has frequently changed hands
five or six times before passing into actual
consumption. The industry is distinctly seasonal, and men's wear lines generally open in
January to Februar}' for heavy-weight fabrics
and July and August for light weights. Large
manufacturers of staples and semistaple dress
goods generally open a month or so later, and
a number of small manufacturers of fancies
open their lines no earlier than do the jobbers,
namely, two or three months after manufacturers' openings. "Hand-to-mouth" buying
prevails to a larger extent on women's wear
due to greater style risk.
It is stated fey one authority that prior
to about 1893 Tthe terms were uniformly 3 0
per cent 10 da} s, 9 per cent 30 days, 8 per
cent 60 days, or 7 per cent 4 months, with
season datings of Juno 30 and December 31.
Whereas previously practically all woolen
goods had been distributed through the
old-fashioned commission houses, in that year
the present system of separating the merchandising and financial ends of the distribution of woolens began, and the largest of
the old commission houses gradually dropped
the merchandise end of the business and
confined themselves to acting as factors. At
the same time gradual shortening of the long
dating originally given by the old commission
houses was taking place. Little agreement,
469
however, exists as to the details of this movement. In fact, one leading authority states
that "at no time except during the past two
or three years has any volume of business
been done except upon the regular long woolen
terms." Others, however, place the movement variously as occurring during the past
decade, or since about 1905, while from
another source it is stated that the change
was particularly marked about 1912. At
that time there was a movement of manufacturers away from commission houses, and
it is stated that these mills in large part
employed terms of net 30 days. Other
manufacturers, however, continued to employ the regular terms of 7 per cent 4 months,
in general with optional discounts of 10 per
cent 30 days and to a lesser extent 8 per
cent 60 days or 90 days, and with season
datings, such as May 1 and November 1,
June 1 and December 1, or January 1 and
July 1. The season dating, it should be
noted, however, does not lengthen the terms
as much as may appear at first sight, for
deliveries are not made immediately after
the mill's selling season, but rather adjusted
to the buyer's needs, and thus January sales
may only be delivered in June and July sales
in December. Anticipation is generally permitted at the rate of 6 per cent per annum.
Many manufacturers, however, gave no dating, and sold upon straight terms of 7 per
cent 4 months, while other houses were selling
on terms of 10 per cent 30 days, and very
often granting e. o. m. terms. In some cases
the terms of 10 per cent 30 days have been
quoted as 10 per cent 10 days, 20 days extra.
The authority quoted above states that there
has been considerable shortening of terms
during the past two or three years as a result
of the existence of a seller's market and that
since 1917 the dating has been frequently
eliminated and terms shortened in many
cases to net 10 days or net 30 days, e. o. m.
terms being given in some cases. Recently,
however, there has been a change in the situation,
as a result of the lessened demand ior goods,
and a tendency to revert to the older terms.
Difference of opinion exists as to the relative length of terms on men's wear and women's
wear goods. While many mills make no distinction in their terms on the two classes of
goods, and state that no such difference exists
in the industry, several authorities agree that
women's wear terms have never been as short
as terms on men's wear, although one states
that they are gradually becoming the same.
Many of the larger manufacturers still retain
the regular terms of 7 per cent four months
with season dating on women's wear, while
several large houses give 10 per cent 30 days
470
FEDERAL RESERVE BULLETIN".
with semiannual dating. It is stated that the
latter terms apply to the majority of carded
woolens sold by the larger organizations for
women's wear, while worsted fabrics are sold
on terms of 7 per cent 10 days, 60 days extra,
6 per cent 10 days, 60 days extra, or 2 per
cent 10 days, 60 days extra, in some cases
with semiannual dating. This distinction between the two classes of fabrics, it is stated, is
not found in the case of men's wear.8 Some
mills selling direct limit women's wear terms
to net 30 days e. o. m. Men's wear, in addition to being sold on the regular terms, in
many cases bears terms of 10 percent 10 days
net 30 days, net 30 days e. o. m., and infrequently 2 per cent 10 days, 60 days extra.
Certain mills making high-grade goods employ the second set of terms just mentioned,
and it has been suggested in explanation of
their use that such mills have been in a particularly favorable position to select and be
certain of their customers, although such terms
have been employed for medium and low-grade
goods also. The difference between mills
employing 30-day and those employing 4-month
terms is perhaps to be ascribed rather to the
size of the mill or output handled by the selling organization, and the corresponding number of accounts which must be sold to take
the product. On the other hand, shorter terms
in the case of smaller mills may be due in
some cases also to lack of ability to finance
business on the regular basis. It should be
noted that for the large mills which continue
to adhere to the regular terms, the shortening
of terms during the last few vears is reflected
in the greater proportion of their accounts
which pay on shorter time instead of taking
the full four months. Difference in output
handled by the selling organization has also
been pointed to as a reason for differences in
promptness with which collections are made.
Considerable difference of opinion exists relative to this matter, and the opinion varies
according to the point of view, whether that
of commission house or mill selling direct.
Although the regular terms are 10 per cent
30 days, 8 per cent 60 or 90 days, and 7 per
cent 4 months, it is stated that in ordinary
times the grading of terms is not permittee!,
and only the substantial institutions have insisted upon optional terms, these institutions
invariably taking advantage of the shorter
time in order to secure the discount. The
proportion of accounts taking the higher discounts of course varies with the level of interest rates, anticipation being less frequent when
s By another authority a distinction in terms has been made between
"mannish" goods, which bear men's wear terms, and dress goods and
distinctly women's wear, which it is stated largely have carried 7 per
cent 10 days, 60 days extra, with season dating.
MAY,
1920.
interest rates are high. This has been noticeable for some time past. Terms also are adjusted to accord with the way in which payments are coming in to the buyer from his
trade. On the other hand, owing to the difference in the credit risk, as in the case of the
other textiles, some buyers will only be sold
upon terms of 70 days, others upon terms of
40 days, etc.
To summarize, the situation at present thus
is very confused. Many manufacturers, among
them some of the largest in the industry, have
retained the regular terms, although some give
10 per cent 10 days, instead of 10 per cent 30
days, in this connection. Other manufacturers, while continuing the regular terms of 7
per cent 4 months, have eliminated the season
dating. A considerable number of mills, in
particular those which have broken away from
commission houses, are selling on terms of net 30
days, or 10 per cent 30 days. This statement
applies more particularly to men's wear, in which
a few manufacturers also give terms of 2 per
cent 10 days, 60 days extra. In women's wear,
while the larger manufacturers continue to give
the regular terms, there is a tendency to employ
terms of 7 per cent 10 days, 60 days extra, or to a
lesser extent 2 per cent 10 days, 60 days extra.
Blankets.—Unlike the men's wear and dress
goods branches of the industry, which are
largely concentrated in certain of the New
England and Middle Atlantic States, there are
a large number of small blanket mills widely
scattered throughout the country, and which
cater to the local trade. Most woolen blankets are sold through commission houses or
agents, although a certain number of mills
throughout the country sell direct. The latter
practice is stated to be more common among
smaller mills making low and medium grades
of wool and wool-mixed blankets, and among
mills in western Pennsylvania, in the South,
and in the Middle West, than among eastern
mills. It is estimated that perhaps half of the
output passes through the hands of jobbers.
Sales to the retail trade are frequently made
on terms of 2 per cent 10 days, 60 days extra.
Inasmuch as the industry is highly seasonable,
sales to the jobbing trade generally bear a
dating, terms then being 2 per cent 10 days,
net 60 days, September 1, or October 1, for
deliveries after May 1 or June 1 and on the
average in June and July. One manufacturer
gives terms of 2 per cent 10 days, net 30 days,
on blanket orders in season (October 1 to May
1). In many cases sales direct to the retail
trade by the manufacturer also bear a dating.
Three per cent 10 days is given by some manufacturers. Although the terms of certain
manufacturers have remained practically unchanged for many years, it is stated that in
MAT, 1920.
general there has been a distinct effort made
during the last few years of great activity in the
industry to shorten terms, and that this has
been done to some extent, the dating for jobbers, for example, universally having been
November 1 up to two or three years ago.
During the war certain classes of blankets, in
particular single blankets suitable for outdoor
and Government use, were sold on net terms
and short time, averaging net 30 days, but such
terms have not been common in selling the dry
goods trade. Collections during the last few
years are stated to have been extraordinarily
good, although the accounts of some manufacturers selling exclusively to the retail trade,
are reported to show a considerable proportion
taking extra time.
Floor coverings.—Carpets and rugs are sold by
manufacturers direct through their selling offices located in New York, or are sold through
selling agents, one agent in several cases having
the sale of three or four leading lines. It is estimated that approximately two-thirds of the
output is sold to wholesale distributing houses
and one-third to department stores and other
retailers. The policies of individual manufacturers, of course, differ. Some of the largest
manufacturers of rugs and carpets sell the
wholesalers almost exclusively, and there is
stated to be a particular incentive to do so at
the present time when a great scarcity of iloor
coverings exists. On the other hand, one or two
manufacturers of the highest-priced fabrics sell
largely through department stores and retailers.
It is stated that the higher-priced fabrics in
general are sold more extensively through
retailers and the lower-priced through jobbers,
although the wholesalers are now handling the
higher-priced goods to a greater extent than
ever before. The business is seasonal, and
seasons open about April 1 or May 1 and October 1 or November 1.
Prior to about 1916 terms were generally 4
per cent 10 days, with March 1 and September
1 season datings. It is stated, however, that
in some cases dates as late as May 1 and October
1 were specified. Shipments during the season—that is, from about March 1 to Slay 1, and
from September 1 to November 1—bore terms
of 4 per cent 10 days. About that time there
was a general movement to make terms more
uniform and shorter, and most manufacturers
now have terms of 4 per cent 10 days, 60 days
extra. Net terms in certain cases are 90 days
or 4 months from date of shipment. Some
manufacturers, however, continue to give a
season dating, while others may vary the
terms somewhat, as, for example, 4 per cent
30 days. On goods specially made to order, a considerable amount of which are
sold through interior decorators, different
471
FEDERAL RESERVE BULLETIN.
terms are employed, 4 per cent 10 days, net 60
days, for example, being given. Collections
in the industry are reported prompt, wholesalers at least usually discounting their bills,
although on special orders man}' bills run to
maturity instead. The terms on carpets and
rugs, as well as the general methods of distribution, apply in general in the case of linoleum also.
HOSIERY.
The two principal classes of hosiery are
seamless and full-fashioned hosiery, which is
knitted on a flat frame in the correct dimensions and then knitted together. A negligible
quantity of cut-up hosiery is also produced,
which is knitted in large areas, cut up and sewed
together. It was estimated in 1915 that 90 per
cent of 9the total output consisted of seamless
hosiery. There has been a change in the character of the material employed. Thirty-five
years ago woolen and merino hosiery was in
universal use, but has been superseded by cotton, which now forms the bulk of the output.
The output of silk hosiery, however, is increasing greatly.
Formerly hosiery manufacturers sold entirely
to jobbing houses, and at present the greater
part of the output is still distributed through
that channel. Data obtained in 1915 in the
above study from 73 mills showed that a little
more than 50 per cent of the total output was
sold to jobbers, slightly less than 5 per cent
through commission houses, and slightly less
than 45 per cent to retailers, the quantity manufactured for export being negligible. Estimates received from various authorities, however, place the percentage of direct sales to
retailers considerably lower, in general at from
20 to 35 per cent of the output. The present
tendency toward sales direct to the retailer is
found mostly among manufacturers of silk
hosiery, most of whom, however, also produce
other types, notably mercerized and fine-gauge
cotton goods. This tendency is also found in
particular in the West, where the greater part
of the business is stated to be so done. In the
East and South, however, manufacturers still
depend principally upon the jobber or commission house as a means of distribution.
It is stated that 15 to 20 years ago many
manufacturers sold upon what was termed a
regular basis, namely, 6 per cent 10 days, 60
days extra. At present, however, there appears to be little standardization in terms of
sale in the industry, although the National
Association of Hosiery and Underwear Manufacturers "has consistently advocated selling
terms of 30 days net." Each manufacturer
in large measure has his own terms, which he
0
U. S. Bureau of Foreign and Domestic Commerce—Miscellaneous
series 31.
472
FEDERAL RESERVE BULLETIN.
applies alike to his entire product, in general
making no distinction between the various
kinds of hosiery. The extreme terms are net 10
days and 6 per cent 10 days, with season dating.
A few manufacturers continue the old terms.
Certain houses handling high-grade hosiery
have terms of 1 per cent 1.0 days, 60 days extra,
and give also either 2 per cent or 3 per cent 10
days. It is stated that terms of net 30 days
were established several years ago by a considerable number of manufacturers of silk
hosiery, who have been aided in enforcing
these terms by the scarcity of such goods, as
against low-end hosiery, in which a surplus
existed last year. A few manufacturers for
several years have been selling on terms of
net 10 days. Certain houses report terms
of 2 per cent 10 days, 60 days extra, which are
stated by one manufacturer to be in large use
for heavy wool hosiery. Other houses report
terms of 3 per cent 10 days, or 2 per cent 10
days, 30 days extra, which the manufacturer
just quoted states are being gradually changed
by the cotton hosiery manufacturers who still
employ them to net 30 days. Some large
manufacturers selling to the retail trade employ terms of 2 per cent 10 days, net 30 days,
or 1 per cent 10 days, 30 days extra. Jobbers
in certain cases receive season dating, such as
May 1 and October 1, which are granted by one
manufacturer. No season datings are in general given to retailers, but they are also granted
e. o. m. terms in certain cases. Pacific coast
and southern purchasers in many cases receive
30 days additional time, thus for example
lengthening net terms of 30 days to 60 days in the
case of such purchasers. One manufacturer also
reports that he grants this added time in highly
competitive markets, such as New York City,
Chicago, Cleveland. The trade acceptance is
stated to be little used in the industry.
KNIT UNDERWEAR.
The two principal classes of underwear are
full fashioned, which is rather costly and is
used mostly for infant's wear, and seamless,
of which the bulk of the output consists.
Cotton is the principal material, although knit
underwear is also made of wool, merino, and
silk. The output of cloth underwear is stated
to be increasing more rapidly than the output
of knit underwear.
It was estimated in 1915 that 55 per cent of
the total output is sold by manufacturers to
jobbers, 15 per cent through commission
houses, 6 per cent through commission agents,
and 23 per cent to retailers, the quantity
manufactured for export being negligible.10
Statements received from various authorities,
10
U. S. Bureau of Foreign and Domestic Commerce, Miscellaneous
Series 32.
MAT, 1920.
however, lead to the belief that the percentage
sold to jobbers is in fact perhaps considerably
higher. There is at present a distinct tendency
to direct selling, in particular in the West.
Mills selling the retail trade with few exceptions
are stated to sell direct and not through
selling agents or commission houses, while
there has been a tendency for mills selling
jobbers to open their own selling offices rather
than to sell through commission houses. In
general the better grades Vvrill be more extensively sold direct to the retailer, estimates
placing the proportion of better grade underwear so sold as high as 90 per cent.
Several years a<*o terms of sale were largely
7 per cent 10 days and 6 per cent 10 days, nwith
season datings of May 1 and November 1 for
shipments from about February and July on,
respectively, sales in season carrying 60 days
extra. At present', however, little uniformity
exists. The season dating, however, has in
large part been eliminated, and, as in the case
of hosiery, the high discounts have given way
to smaller ones or to net terms. Distinction
is in general made between terms to retailers
and terms to jobbers, the former in general
receiving cash discounts, whereas in the "case of
the latter terms are frequently net, while in
some cases a higher cash discount is given the
retailer. The explanation is perhaps found in
the statement which has been made that collections from retailers are not as prompt.
Terms to jobbers are generally much shorter
than to retailers. A further distinction is made
between heavy and light weight garments.
Terms to jobbers for heavyweight garments
given by various mills are net 10 days, 60 days
extra, or with season dating of October 1. not
30 days, net 60 days; 1 per cent 10 days, 30
days extra, 2 per cent 10 days, net 30 days or
net 60 days, as well as 2 per cent r 10 days, 60
days extra, and 2\ per cent 10 da} s, 2 per cent
30 days. For lightweight garments sold to
jobbers, terms of net 10 days, 60 days extra;
net 30 days, net 60 days, 1 per cent 10 days,
net 60 days, 2 per cent 10 days, 60 days extra;
2£ per cent 10 days, 2 per cent 30 days; and
May 1 net are in use. Terms of underwear
mills selling to the retail trade are given as
net 60 days; 1 per cent or 2 per cent 10 days
(both in some cases with 60 days extra), 2 per
cent 10 days, net 30 days, 60 days extra; 2 per
cent 10 days, 1 per cent 10 days/60 days extra;
and 2 per cent 30 days. Anticipation is permitted at different rates by different manufacturers, ranging from 6 to 9 per cent. In
some cases additional time may be given to
sales to more distant territories.
ii In soire cases, however, datings have been March 1 and September 1, while other manufacturers employ both April 1 and October 1 as
well as May 1 and November 1.
MAY,
1920.
FEDERAL RESERVE BULLETIN.
473
some also permitting the option of 3 per cent
10 days. The trade acceptance is employed to
Sweaters and fancy knit goods are largely some extent in the industry.
sold by manufacturers to jobbers, estimates
LACES AND EMBROIDERIES.
placing the proportion so sold at about 75 per
cent or more of the output. Manufacturers,
Aside from their sales to manufacturers of
however, in large measure do a wholesale business. Where they themselves make only a garments, importers and manufacturers of lace
special line of goods, articles are purchased and embroidery sell both to jobbers and to
from other manufacturers and jobbers in order retailers. Many houses sell only to manufacto complete their line. Fancy seasonal and turers and retailers, and it is stated that the
high-priced goods tend to be handled more houses which also sell the jobber are generally
largely direct, while the more staple articles are better equipped to sell to the jobber and mandistributed to a greater extent through job- ufacturer of low-end garments. The jobbers
bers. The business is seasonal, but with the import direct to a considerable extent, and the
introduction, of summer garments for women it number of houses doing purely a jobbing busihas been possible in the past few years for some ness is small. The heaviest shipments to jobmanufacturers to distribute a fair portion of bers are in November and December. As purin advance, a dating is desired.
the business in shipments over the first six chases are made
The retailers7 orders are stated to be spread
months of the year.
Manufacturers sell largely, in particular to more evenly over the year, and no heavy deretailers, on terms of 2 per cent 10 days, 60 days mands are made on manufacturers at one
extra, which are the terms recommended by the season of the year.
Up to four or five years ago there were a
sweater manufacturers7 association at their
recent convention for sales to both jobbers and variety of terms. Stock business generally
retailers. Some manufacturers also quote as bore the regular terms of 7 per cent 10 days,
an alternative 3 per cent 10 days. Others 60 days extra, while goods to be manufactured
quote only 3 per cent 10 days or 2 per cent or imported articles carried an extra dating,
10 days, which in some cases may be e. o. m. September to December deliveries, for example,
terms. One manufacturer, in addition to 3 per having a due date of April 1 to June 1. At
cent 10 days, o. o. m., quotes 2 per cent 60 days. that time a resolution was passed by the Lace
Certain manufacturers, however, sell on a net and Embroidery Association fixing a maximum
basis only, such as net 10 days and net 60 days. dating of four months on imported and manuPrior to about 1914, manufacturers in general factured articles. These terms were not, howgave a 6 per cent in place of a 2 per cent dis- ever, lived up to, and in consequence the resocount; and a few still continue this discount lution was rescinded. With the advent of the
both to jobbers and retailers, principally war, a resolution was passed fixing the maxion fancy goods. Up to several years ago, mum dating at 70 days, and eliminating e. o. m.
manufacturers largely gave a season dating of terms. This was in force only six or seven
November 1 on fall goods which were shipped months, as many houses did not subscribe, and
about July, and many manufacturers still con- the prohibition of e. o. m. terms was not
tinue this dating to certain of their accounts, observed.
At the present time many importers and
in particular to jobbers. It is stated that
clothiers and furnishers, in consequence of the manufacturers employ the regular terms of 7
liberal terms granted by clothing manufac- per cent 10 days, 60 days extra. Anticipation
turers, have insisted upon the same terms on at the rate of 6 per cent per annum is permitted
their sweater purchases. The dry goods house (on the net amount), while 8 per cent (on the
and department store in the larger cities buy gross amount) is given for payment within 10
their goods closer to the season of demand, and days. Favored customers, supposedly active
the terms of 2 per cent 10 days, 60 days extra, accounts, receive e. o. m. terms, while on shipare satisfactory to them, though not to the ments for the opening of the season a dating
merchant located in the smaller centers. The of 30 days or more is still found in rare
existence of a sellers' market during the last two cases, being a heritage from the past. In many
years has made it possible for manufacturers cases the dating varies with the customer, and
to eliminate
the slower retail accounts. Job- the same house does not extend the same dat7
bers terms were formerly all 6 per cent 10 days, ing in all cases. Those houses which do enforce
60 days extra, or 7 per cent 10 days, and these the same terms without discrimination report
terms apply to a considerable extent to-day, no difficulty. Certain houses on the Pacific
although during the war many jobbers changed coast receive terms of 8 per cent on receipt of
to terms of 2 per cent 10 days, 60 days extra, goods, but this is rare. Terms of net 30 days
SWEATERS.
177757—20
3
474
FEDERAL RESERVE BULIJETIN".
MAY,
1920.
i
prevail for manufacture on the material of the
customer.
During the last few years many lace and
embroidery houses have added white goods,
although the total amount distributed through
them is small in comparison with that handled
through the regular channels. These goods
bear terms of 2 per cent 10 days, net 60 days,
or 2 per cent 10 days 60 days extra. Certain
houses allow a season dating" of April 1. Some
houses are stated during 1919 to have eliminated the discount, making the terms net 60
days, with anticipation at the rate of 6 per
cent per annum. It is stated that formerly
some of these goods bore terms of 7 per cent
10 days.
Terms are now generally well observed, although there is the usual small percentage of
accounts which are slow pay. Only a negligible percentage of accounts require other than
the usual routine attention for collection.
Collections during the last few years have
shown considerable improvement.
The terms of the smaller domestic embroidery houses vary greatly, and the matter is
largely a price problem. They are, however,
stated generally to be short, as such houses
have little cash, and 8 per cent 10 days or 10
per cent 10 da}^s may be given.
more perfectly represent actual business activity than do the latter).
(3) Detailed statistics of the physical volume of trade, as shown by data for selected
leading industries. The data most representative of the given industry are shown, figures
of production or of movements being given, according to the nature of the industry, as well as
in certain cases monthly stocks on hand. This
general class of data may be further subdivided as follows:
(a) Live stock and agriculture. Under this
head are given live stock and grain movements
as well as cotton movements and data for
certain other branches.
(6) Lumber movement and production.
(c) Fuel. Coal and coke movement and
production are presented as well as movement
of crude petroleum and the production of
refined products.
(d) Metals. Production of pig iron and
steel is shown as well as unfilled orders of the
United States Steel Corporation.
(e) Textiles. The consumption and active
machinery in the cotton and woolen industries
are given as well as raw silk imports.
The above are merely the leading types of
information in each class, and a considerable
amount of data relative to other lesser industries is also available.
(/) Railroad traffic movements and traffic
on the Great Lakes, shown by net ton-miles
and tonnage passing through the canals at
INDEXES OF BUSINESS CONDITIONS.
Sault Ste. Marie.
(4) Foreign trade. Statistics are given of
For approximately one and a half years the tonnage of vessels cleared to supplement the
Federal Reserve Board has presented monthly well-known figures of the Department of Comvarious indexes of business conditions in the merce, giving the amount and character of
FEDERAL RESERVE BULLETIN. The data pre- imports and exports.
sented fall roughly into several classes:12
The course of business during the past two
(1) Statistics of wholesale prices, the com- years has been noteworthy in many particumodities being classified according to the char- lars, and the Board's indexes afford significant
acter of goods rather than the industry to data concerning the general changes which
which they belong. Thus index numbers are have taken place. Certain indexes showing
presented for raw materials, producers' goods, conditions in the principal industries have
and consumers' goods, instead of for foodstuffs, been selected, and are presented in the four
lumber, etc.
accompanying tables. The first table contains
(2) Banking and financial statistics, classified data on wholesale prices and finance and bankaccording to the purpose for which they are ing; the second, data relative to the physical
designed.
volume of trade; the third, data relative to
(a) Data relative to the general banking foreign trade; and the fourth, data designed to
position, e. g., the position of the Federal Re- show general business activity.
serve Banks and the position of member banks,
Banking and financial data are presented in
both of which are prepared weekly, as well as Table No. 1. In wholesale prices there is a
monthly discount and interest rates.
temporary recession in the autumn of 1918,
(b) Da,ta designed to show general activity and a decline in the first and second months of
of trade, i. e., bank transactions (which take the the following year, after which recovery is
place of the older clearing house figures and again noted with a steady and almost continued increase, especially since the autumn
12 Other indexes of business conditions, for example a retail trade index* of 1919, reaching the figure of 253 for March of
a wholesale trade index, indexes of unfilled orders in several important
the present year. Data of interest rates in
industries, etc., are in process of development.
MAY,
1920.
FEDERAL RESERVE BULLETIN.
New York City, both for 30 and 90 day prime
commercial paper purchased in the open market and for call loans are available only since
June 15, 1918, in the form in which presented
in the table. These show a decrease in the
low and customary rates for, roughly, the first
half of 1919, but have since shown a decided
increase, remarked in the high rates also, in
particular in the case of call loans. Up to
May and June, 1919, total cash reserves of
the" Federal Reserve Banks show a steady and
continued increase, after which a decrease is
noted, only temporarily halted in September
and October, when increases were shown, and
average cash reserves in February, 1920, were
only slightly greater than for August, 1918.
Federal Reserve note circulation, after a steady
increase in 1918, decreased in January and
February, 1919. After an increase in April,
and further decreases in May and June, the
upward course was resumed, but was halted in
January of the present year. February figures
again show an increase, but March figures are
only equal to those for October. The net
deposit liabilities of the Federal Reserve Banks
during 1918, with the exception of June, showed
a steady increase until December, when a
decrease was shown. A further decline was
noted in January, 1919, after which there were
several months of alternate decrease and increase, followed by a decrease for July, August,
and September. An increase was again noted
in October and November and a temporary
decrease in December, followed by an increase
in January and February and a decrease in
March, 1920. The course of the percentage of
reserves to combined deposit and Federal
Reserve note liabilities is roughly similar
(though in the reverse manner), the decline
being unbroken in 1918, with the exception of
June, when an increase was shown, and December, when the percentage was unchanged. Although increases were shown for five of the
months of 1919, the downward course on the
whole continued, although to a much less
marked degree than in 1918. The loss during
the year was only slightly over 6 per cent as
against slightly less than 15 per cent during
1918. A further decrease of about 2 per cent
is noted in 1920. Changes in the ratio of gold
reserves to Federal Reserve notes in circulation
after setting aside 35 per cent against deposit
liabilities are likewise broadly similar, although
naturally much greater in amount, inasmuch as
far greater increases were shown in notes than
in deposit liabilities. Caution is required in
analyzing the data for member banks in
selected cities, inasmuch as the P.umber of
banks shows a great increase. The uncertainty prevailing after the armistice, which
475
was reflected in some of the data previously
considered, is perhaps noticeable also in the
figures of total loans and discounts for December, 1918, and January, 1919, which are lower
than for November, although February figures
are again higher. A fairly steady increase is
noted during 1919 which is apparently in
part attributable to the increase in the number of reporting banks. After a further increase in January, 1920, there was a decrease
in February, although March figures are again
approximately equal to the January figures.
Net deposit liabilities show a broadly similar
course, although during the period at the close
of 1918 and the opening of 1919, November
and February figures alone show a decrease.
February, 1920, data again show a decrease,
although there had previously been a decrease
in December after a succession of steady increases since June. March, 1920, figures are
somewhat higher than the figures for January.
There is manifestly a decrease shown in the
physical volume of trade in 1919 as compared
with 1918. Increases are shown only in a
small number of the series presented. Live
stock receipts show an increase of 2 per cent,
cotton sight receipts an increase of 13 per
cent, crude petroleum marketed and production of gasoline about 0.7 per cent and 1 per
cent, respectively, and imports of raw silk an
increase of 37.9 per cent. Foreign trade, of
course, shows a marked increase, the tonnage
of vessels cleared being 13 per cent greater
than in 1918. Against these increases there
is an imposing array of series which show a
decrease. Grain receipts fell off 15.5 per cent
and lumber receipts at Chicago 13 per cent
(and in general similarly with mill shipments).
Among the fuels, the production of bituminous
coal decreased 20 per cent and the shipments
of anthracite coal 11.5 per cent. The production of pig iron likewise decreased 25 per
cent, the production of steel ingots during the
first 8 months as compared with the similar
period of 1918 fell off 35 per cent, and the
average unfilled orders of the United States
Steel Corporation at the close of each month
during 1919 were 33 per cent less than at the
close of each month during 1918. 7 In the textile industry, American spinners takings of
cotton decreased 0.9 per cent, and cotton consumption 4 per cent. The relative proportion of the larger 1919 sight receipts which
was exported increased, as shown by data of
port receipts. Wool consumption fell off 10
per cent, and the average percentage of machinery idle on the first of each month was
considerably higher in 1919 than in 1918. Net
ton-miles reported by American railroads were
15 per cent less in 1919 than in 1918, and
476
FEDERAL RESERVE BULLETIN.
traffic on the Great Lakes as shown by tonnage
passing through the Sault Ste. Marie Canal
decreased 20 per cent.
Without further analysis, however, these
statements may be misleading. The year 1919
must be further divided, for different trends at
different seasons of the year are shown in different industries. To mention only the better
known phenomena, there was a recession in
activity after the close of the armistice, hesitancy as to the future outlook being particularly pronounced in certain industries, such as
the textiles. In the summer activity in another
group reached a low point, while in the fall a
considerable increase was shown in certain
lines, although the steel and coal strikes seriously curtailed output in these industries.
To proceed now to a detailed consideration
of each of the principal classes of data: While
live stock receipts were considerably heavier
during the late spring and summer months of
1919 than they had been during the same
months of 1918, the seasonal fall increase in
receipts during the last quarter of 1.919 had
not been as great as the very heavy receipts
at the same time the previous year. Receipts
during January and February, 1920, continued
less than during the same months of 1919, but
March receipts were heavier. Sheep receipts
during each month of 1919 were heavier, with
the exception of March, than during the corresponding month of 1918, and receipts for the
first quarter of 1920 were heavier than for the
same period of 1919, although January figures
were less. Receipts of both cattle and calves
and hogs showed a falling off in nine of the
months of 1919, and have been less during
each month of the present year as compared
with the same month of 1919, with the exception of March receipts of cattle.
Grain receipts, both including and excluding
flour, during each month of the year 1919 were
less than during the same month of the preceding year, with the exception of January,
May, June, and July. While receipts of corn
and oats were lower for almost all months,
wheat receipts for the first seven months were
higher, and flour receipts were considerably
higher, with the exception of the months of
June and July. While total January, 1920,
receipts of grain were less ihan for January,
1919, February receipts were heavier. The
same is true of corn and oats receipts, but
wheat and flour receipts, in particular the
latter, were heavier during both months of the
present year.* The new cotton crop did not
result in greater sight receipts until the month
of October, since which time receipts are in
excess of those of the year previous.
Hie decrease in lumber receipts at Chicago
continued from February until September, but
MAY,
1920.
since that time receipts have been considerably
in excess of those during the similar months of
1918. Considering shipments as reported by
leading associations of producers, the 1919
data for Southern pine, however, are higher
only for June, July, September, and October,
but 1919 figures for Western pine were considerably higher after June (although it should be
noted that there had been considerable falling
off in shipments during the second half of 1918)
and 1919 shipments of Douglas fir were also
higher during the second half year. Caution
in the use of the figures is necessary, due to difference in the number of producers reporting
each month, but the above statements may be
fairly considered as reasonably accurate. The
increase in activity in the industry during the
second half of 1919 bears out the frequent
statements as to the continuance of building
activity throughout the present winter.
The decreased 1919 bituminous coal production was by no means due entirely to the
strike in the industry during the last months
of the year. The production of bituminous
coal was less during every month except October, the heavy production during which month
was probably in anticipation of the strike in
the industry. The output during the first
quarter of 1920 has been considerably larger
than during the same period of 1919. Anthracite coal production also lagged until October,
but continued heavier during the last quarter
of 1919 than during the corresponding period
of 1918. Both the movement of crude petroleum and the production of gasoline were
higher during each month of 1919 than during
the corresponding month of 1918, and figures
for the first two months of 1920 are considerably higher than for the corresponding months
of the two previous years. The former scries
also showed a distinct seasonal movement. A
decrease in the fourth quarter is to be noted
from the higher figures for the third quarter.
While this phenomenon was noted in gasoline production in 1918, it did not occur in
1919.
The iron and steel industry likewise by no
means found the strike the only cause of decreased production during 1919. During January and February only was pig-iron production higher than in 1918, the output reaching a
low point in May, from which time there was recovery until September, during the closing days
of which the strike commenced. Steady recovery is noted, and the figures for February and
March, 1920, show an increase over those for
corresponding months of the two previous
years. The changes in the production of
steel ingots are similar, as are also the changes
in the unfilled orders of the United States Steel
Corporation during the first three-quarters of
MAY,
1920.
FEDERAL RESERVE BULLETIN.
the year. They have, however, shown steady
increase since the low figures for May, and at
the close of February and March, 1920, were
considerably higher than at corresponding
dates in the two previous years.
The textile industries were among those
most affected by the uncertainties following the
signing of the armistice. Cotton consumption
has been heavier than during 1918 only since
October, while wool consumption was higher
already in July and in September. Worsted
spindles since August 1, woolen spindles since
September 1, and wide looms since October 1
show less of each type of machinery idle than
on the corresponding dates of 1918. Raw silk
imports during 1919, with the exception of
January, March, and August, were considerably in excess of imports during the same
months of 1918. Figures for the first quarter
of 1920 for all these items indicate considerably
greater activity than during the same period of
1919, in particular the woolen and silk branches.
The tonnage of vessels cleared was greater m
every month of 1919, as well as during the first
three months of 1920, than during the corresponding month of the previous year, with the
exception of March, 1919, and it reached its
greatest height in each year during the middle of
the year. The data presented in Table No. 3
are also of interest in this connection. It will
be seen that the value of both imports and exports was greater in 1919 than in 1918. The
proportionate growth in imports was somewhat
greater, but not sufficient to prevent an increase
of nearly 30 per cent in the excess of exports
over imports. Aside from the extremely high
exports during certain months, such as June,
which, concomitant with a decrease in imports, resulted in an extraordinary excess of
exports, amounting to 625 million dollars, there
was a considerable growth in imports during the
year 1919, together with a tendency for the excess of exports to decrease from the high levels
reached during the opening months of the year.
Imports during the first two months of 1920
were almost double those of the same months
of 1919, and, although exports showed an increase, served to render the excess of exports
thus far this year smaller than, during the same
period of 1919.
An increase in the percentage of imports
which consisted of crude materials for use in
manufacturing is noted in 1919, although such
imports for the first three months of the year
were rather low. An increase is likewise noted
in the percentage of imports of foodstuffs in
crude condition and food animals and a progressive decrease (in some measure seasonal)
during the year of imports of foodstuffs partly
and wholly manufactured, although the percentage of imports of the latter class for the
477
year 1919 exceeds the percentage for 1918. A
considerable decrease is noted in the proportion of imports consisting of manufactures
for use in manufacturing, figures for each
of the last seven months of 1918 being in
excess of those for any month during 1919.
Little change is noted between the two years
in the imports of manufactures ready for
consumption.
Comparing the character of imports in 1919
with those for 1913, it will be seen that the imports of crude materials for use in manufacturing have increased considerably, the percentages
for 1913 and 1919 being, respectively, 33.75
and 42.89, while the imports of foodstuffs in
crude condition and food animals have increased
only slightly, and similarly with imports of
foodstuffs partly and wholly manufactured.
The imports of manufactures for further use
in manufacturing have decreased somewhat,
figures for the two years being, respectively,
18.98 and 15.63, while imports of manufactures
ready for consumption have decreased from
23.06 in 1913 to 12.60 in 1919.
A similar analysis of the character of exports
is also instructive. Exports during 1919 of
crude material for use in manufacturing show a
considerable increase over the year 1918, figures
for the closing months of the former year in particular being high. Exports of foodstuffs in
crude condition and food animals show little
change, while exports of foodstuffs partly and
wholly manufactured show a slight increase,
and there is a marked seasonal movement in the
percentage throughout each of the two years.
Exports of manufactures for further use in
manufacturing show a considerable decrease in
1919 as compared with 1918, the average percentages being 11.90 and 17.42, respectively.
Little change is noted in the exports of manufactures ready for consumption.
Comparing character of exports in 1919 with
those during 1913, it is seen that there has
been considerable decrease in the exports of
crude material for use in manufacturing, the
respective percentages being 20.78, and 31.40
while there has been a slight increase in exports
of foodstuffs in crude condition and food animals. Exports of foodstuffs partly and wholly
manufactured show an increase from 13.28 to
25.32, and exports of manufactures for further
use in manufacturing a decrease from 16.21
to 11.90 per cent. There is a small increase in
exports of manufactures ready for consumption.
The statistics of bank transactions contained
in Table No. 4 afford some interesting data as
to changes in general business activity. This
information is only available since November,
1918, at approximately which time the number
of reporting centers became fairly standardized.
478
FEDERAL RESERVE BULLETIN.
Inasmuch as the number of centers, however,
varies somewhat from month to month, caution
is necessary in the use of the figures. Moreover, the statistics do not cover a sufficient
period to enable fairly accurate separation of
purely seasonal changes from the more underlying changes in business activity. Nor is it
to be forgotten that, as the figures are in dollar
amounts and not physical units, they will be
affected by rising prices.
Tracing in detail the changes which occurred,
it is seen that for December there was a, decrease
in the Boston, New York, Philadelphia, Cleveland, and Chicago districts. A general increase
is noted in January, 1919, with the exception of
several of the agricultural districts—namely,
Richmond, Minneapolis, Kansas City, and San
Francisco—which was followed by a decrease
for February in all districts, due in part to the
shortness of that month and probably in part
representing an actual decrease also. March
figures show an increase in all centers, followed
by a decrease in April in some of the agricultural districts—namely, Atlanta, St. Louis,
Kansas City, and San Francisco, as well as Boston and Philadelphia, although total figures for
the country show an increase. Total figures for
the country for May show a considerable increase, and likewise with the figures for each
district. A further small increase for the country as a whole is noted for June, but accompanied by a decrease in some of the agricultural
centers—namely, Atlanta and districts Nos.
9 to 12, inclusive. The increase continues
both for the country and for the individual districts for July, but August data show a decrease
in all but the Minneapolis and Kansas City districts, the figures for which remain virtually un-
MAY,
1020.
changed. There is an increase in September
and in October, with the single exception of a
decrease for September in the Kansas City district. November, however, shows a recession
from the high figures for the previous month,
only the Dallas and San Francisco districts
showing an increase, while the Kansas City district figures remain virtually unchanged. December figures, contrary to the situation prevailing at the close of 1918, show an increase in
all districts and a new high level for the country
as a whole was reached. The small decrease in
January, 1920, is due to decreases in the Boston, New York, Minneapolis, Dallas, and San
Francisco districts, the other districts showing
an increase. February figures again show a
considerable decrease in all centers, all of which
is not due to the shorter month. However, an
increase is shown in February, 1920, in all districts as compared with the same month in 1919.
An increase is noted in March figures in all centers.
Comparison of the figures for January, 1920,
with those for January, 1919, shows an unequal
rate of increase in the different districts. While
the total figures for all reporting centers increased 30 per cent, certain districts show
greater increases, while other districts show
considerably lesser changes. Increases of 43
per cent are shown in the Richmond and Atlanta districts, of about 40 per cent in the Dallas
and San Francisco districts, and about 30 per
cent in the Boston, Kansas City, New York, and
Chicago districts. The Philadelphia and Cleveland districts show an increase of about 25 per
cent, and the St. Louis district an increase of 19
per cent. The Minneapolis district shows an
increase of only 3 per cent.
TABLE N O . 1.—Selected series showing banking and financial conditions.
[Amounts in thousands of dollars, i. e., 000 omitted.]
Federal Reserve Banks (monthly averages based on Friday
night figures).
Interest rates (New York).i
Wholesale
Prime commercial paprices,
per purchased in the
Buopen market, 30-90
reau
days.
of
Labor
Statistics
(1913=
Cus100). High. Low.
tomary.
Demand loans secured
by prime stock exchange collateral.
High. ! Low.
Federal
• Total cash Reserve
notes in
! reserves.
actual
circulation,
Customary.
1918.
185
187
187
190
191
193
198
203
207
205
206
207
January
February
March
April
May
June
July
August
September
October
November
December
6 i
6
1919.
203
197
201
203
207
207
219
226
221
223
230
238
January
February
March
April
May
June
July
August
September
October
November
December
1920.
January
February
March
248
249
253
6 -6
Net deposits.
Member banks in selected cities
(monthly averages based on
Friday night figures).
Ratio of
Ratio of
gold reserves to
total
Federal
reserves
Reserve
to net
Numnotes in
deposit
ber of
circulation banks
and
after set- reportFederal
ting aside
Reserve
ing.
35 per cent
note
liabilities
against
combined. net deposit
liabilities.
1,762,032
1,809,953
1,854,857
1,890,420
1,949,392
1,992,574
2,022,893
2,049,438
2,074,110
2,086,646
2,110,594
2,133,868
1,241,783
1,273,236
1,404,731
1,504,954
1,575,062
1,672,812
1,826,218
1,994,541
2,267,616
2,479,942
2,552,021
2,634,512
1,470,099
1,464,288
1,483,597
1,530,435
1,568,192
1,535,089
1,554,285
1,562,927
1,630,047
1,637,281
1,658,326
1,619,930
65.0
66.1
64.2
62.3
62.0
62.1
59.8
57.6
53.2 !
50.7
50.1
50.1
2,166,450
2,185,297
2,205,325
2,225,407
2,245,780
2,245,762
2,178,517
2,147,769 I
2,156,233
2,205,390
2,183,528
2,151,237
2,533,732
2,465,277
2,506,024
2,547,379
2,532,275
2,499,934
2,526,755
2,542,790
2,627,384
2,741,754
2,821,166
2,958,833
1,611,770
1,721,590
1,770,401
1,742,111
1,806,800
1,757,228
1,795,123
1,688,272
1,593,914
1,781,838
1,866,241
1,715,834
52.3
52.2
51.6
51.9
51.8
52.4
50.4
50.8
51.1
48.7
46.6
46.0
2,097,896
2,056,456
2,057,210
2,891,682
1,802,085
2,961,992
1,805,785
3,041,233 i 1,762,240
44.7
43.1
42.8
100.5
101.8
95.1
90.0
88.9
87.0
81.0
75.3
66.3
61.0
59.9
59.5
Total loans
and investments
(exclusive
of paper
under rediscount).
Net demand
deposits.
658
677
681
682
089
696
717
732
740
749
752
758
11,267,336
11,672,541
12,011,301
12,275,184
12,524,483
12,480,217
12,540,733
12,896,000
13,135,161
13,654,774
13,826,506
13,667,221
8,922,283
9,037,085
9,083,138
9,183,344
9,004,569
9,103,350
8,906,801
9,074,519
9,432,427
9,623,497
9,550,560
9,843,761
63.2
64.2
63.3
63.4
63.7
65.2
61.4
61.2 .
60.8 i
57.7
54.2
52.4
769
771
772
773
773
770
770
772
775
779
791
796
13,772,605
13,909,665
14,288,140
14,284,619
14,655,740
14,676,925
14,450,030
1-1,889,465
15,215,378
15,490,022
15,516,944
15,533,481
10,017,972
9,908,076
10,115,084
10,135,108
10,437,923
10,388,163
10,596,5G6
10,799,522
10,983,850
11,350,133
11,329,961
11,244,401
50.7
48.1
47.4
802
805
15,821,500 ! 11,582,619
15,704,001 i 11,489,129
15,820,844 i ll,r>97,584
i Figures for interest rates cover 30-day period ending the fifteenth of the month.
CO
TABLE N O . 2.—Selected series showing changes in the physical volume of trade.
[Annual, quarterly, and monthly average, 1911-1913=100; cotton sight receipts and American spinners' takings, annual, quarterly and monthly average, crop years 1911-1913=100.]
[In thousands, i. e., 000 omitted.l
lave stock, total j Grain and flour,
receipts at 15
total receipts at
western markets. 17 interior centers.
Head.
Relative.
Bushels.
Cotton, sight
receipts.
Relative.
Bales.
Relative.
Lumber receipts
at Chicago.
Feet.
1913..
1918.
1919.
55,640
69,890
71,407
100
126
129
1,175,125
1,308,244
1,103,321
113
126
106
14,437
11,041
12,475
1918.
January-March.
April-June
July-September
October-December..
16,829
14,510
16,960
21,561
121
105
123
156
279,237
200,525
440,506
387,974
108
77
170
149
2,907
1,271
1,809
5,054
77
34
48
134
1919.
January-March
April-Juno
July-September
October-December
17,594
15,676
17,505
20,631
127
113
127
149
221,482 !
216,502 i
375,453
289,885
85
84
145
112
2,762
73
6,296
167
356,155
491,480
576,442
612,227
5,685
5,398
5,740
5; 236
4,695
4,579
5,406
5,038
6,516
7,279
7,227
7,055
123
125
124
113
102
99
117
109
141
158
156
153
70,335 i
94,323 I
314,579 l
81,005 I
60,772
58,74?
103,781
175,768
160,057
147,369
111,556
129,049
81
117
132
93
70
68
120
203
186
170
129
149
1,295
821
791
465
413
393
419
402
988
1,633
1,711
1,710
104
70
63
37
33
31
33
32
79
130
136
136
122,976
133,436
261,784
267, a39
252,265
230,854
243,598
208,963
171,515
130,503
142,230
163,908
7,395
5,372
4,827
5,080
5,267
5,320
5,536
5,414
6,555
6,962
6,590
7,079
160
125
105
110
114
115
120
117
142
151
143
153
97,188 I
56,654 ;
67,040 I
73,663
64,843 i
77,096 I
106,203 j
131,739 i
137,511 i
112,272 I
90,137 '
87,476
112
70
78
85
75
90
122
152
159 i
129
104
101
1,392
768
602
494
536
111
66
48
39
43
313
585
1,780
2,369
2,147
6,439
4,532
5,073
139
105
110
88,161 i
79,745 j
75,220
102
99
87
1,527
1,003
701
January...
February.
March
April
May
£ay.
June
July
August
September..
October
November..
December..
January
February..,
March
April
May
June
July
August
September..
October
November..
December..
1918.
1919.
1920.
January..
February.
March./...
2,804,434
2,329,071
2,036,304
518,196
750,158
624,076 :
436,611
Relative.
I M t SttaStod 0 8 1 ' i' Anthracite coal,
I m o ^ p r o d u e - 1 shipments over
nine roads.
tion.
i
Short
tons.
Rela- j
tive. !
Long
tons.
Gasoline
Crude petroleum
movement.
production.
Relative.
Barrels.
Relative.
(Gallons.
110 !i 478,434
91 I 579,386
458,067
108
130
103
69,070
76,650
66,855
102
113
99
247 696
355^925
377,719
108
155
164
3,570,313
3,957,857
134,117
118 I 147,622
98 I 161,268
69 i 136,379
121
I4o
123
18,727 !
20,123 i
20,500 !
17,299 I
111
119
122
102
82,851
89,209
92,899
90,966
144
155
162
158
746,585
927,810
976,953
P18,964
?
106,770
106,766
133,037
111,494
120 ,
100 !
13,745
16,557
17,883
18,670
81
98
306
111
87,340
91,015
101,423
97,941
152
158
176
170
898,536
1,012,617
1,008,921
1,037,785
58
67
123
126
119
109
115
99
81
62
67
77
42,227
43,777
48,113
46,041
50,443
51,138
54,971
55,114
51,183
52,300
43,895
40,18-1
114 i
118 !
130 i
124 i
136 i
138 I
148 ;
149 j
138 i
141 i
118 :
108
5,638
5,812
7,277
6,368
6,887
6,868
7,085
7,181
6,234
6,286
5,277
5,736
100
111
129
113
122
122
126
128
111
112
04
102
27,330
25,856
29,665
28,965
30,390
29,854
31,817
30,646
30,436
31,255
20,014
29,797
143
145
155
151
158
156
2-12,632
234,325
269,628
293,396
319,391
315,023
332,022
330,335
314,596
314,251
312,069
291,744
63
49
59
68
77 .
87 .
94
SO
97 .
98 !
83 '
107
41,485
31,566
33,719
32,164
37,547
37,055
42,754
42,880
47,403
54,579
20,303
36,612
112
91
91
87
101
100
115
116
128
147
55
99
5,934
3,872
3,939
5,225
5,712
5,620
6,052
6,144
5,G87
6,560
5,972
6,138
105 j
25
47
142
189
171
134,604
97,511
124,040
144,253
162,365
184,862
200,148
170,385
205,909
208,638
176,972
226,617
30,196
26,910
30,234
29,386
29,985
31,644
33,894
33,862
33,667
33,319
32,114
32,508
122
86
56 i
208.145
235,423
284.146
119
134
49,419
40,127
46,792
133
116
126
5,713
4,914
96
06 :
ie>6
160
159
163
150!
155
i
I4!
70 i
93 I
101 j
100 j
108
109
101
117
106
109
I
i
i
I
102 !
94 i
33,980
33,212
36,491
158 •
150
158
153
156
165
177
177
176
174
168
170
!
177
186
190
303,711
283,518
311,307
319,808
354,472
338,337
342,492
326,846
339,583
363,457
338,668
335,660
336,719
322,589
OO
O
Pig iron
production.
Percentage of idle woolen machinery on first
of month to total reported.
Steel ingot
production.
American
spinners'
takings.
1913
1918
1919
8,110
10,058
; 229
10,275
January-March
l
April-June
July-September
October-December
| 6; 701
7,660
! G, """
January.
February
March.
April
May
June
July
August
September
October
November
December.
January.
February
March.
Spinning
spindles.
27,979
32,518
4-4,839
5,701
164 110,687
114 6,085
January-March
April-June
July-September.
October-December,
January.
February
March
April.
May.
June.
July
:
August
September
October
November
December
Looms
wider !
than 50inch
reed
space.
,
i
!
'
::;;...;.:
9,332
7,750
9,533
9,396
9,405
165,597
170,115
150,116
119,331
6,276
8,026
9^785
7,831
95,004
113,108
119,702
109,045
7,917
11,713
14.475
10J997
106 85,081
i 107 133,095
101 156,897
115 168,013
4,
11,710
15,700
12,374
84,991
93,024
110,130
106,345
i 8,
I 13,548
i 16,147
! 12,659
9,478
9,288
9,056
8,742
8,338
8,919
8,884
8,759
8,298
8,353
; 125
7,379
53,828
52,S91
58,878
57,651
60,125
52,339
50,952
51,516
47,648
48,693
38,283
32,355
2,470
1,607
2,199
2,947
2,741
6,684
6,011
5,431
4,801
4,282
4,
5,579
6,109
,285
6,473
7,128
8,265
476
488
474
510
503
491
555
491
512
32,574
23,187
29,320
39,160
45, 48,850
54,973
48,938
52,986
60,018
52,429
55,566
175 i 592
88 j 517
51 ! 576
03,060
55,248
58,345
27,822
25,999
25,941
23,857
1,424
1,438
1,504
1.558
8,475 118 18,126
6,388 i 90 13,976
17,973
21,866
2,412
2,319
3,213
3,288
3,446
3,324
3,421
3,390
3,418
3,487
3,354
3,43-4
2,204
2,274
3,110
3,163
3,287
3,083
3,114
3,084
3,19S
3,352
3,061
2,992
3,302
2,940
3,090
2,478
2,108
2,115
2,429
2,743
2,488
1,864
2,392
2,633
3,108
2,705
2,062
2,240
1,929
2,219
2,508
2,740
92
! 102
130
j 132
i 137
'
j
i
I
!
|
Tonnage of
Net
vessels cleared
tonin foreign
miles
trade.
revenue
and
nonrevenue.
67 ;
66 !
137 i
254 i
207 :
793
374
230
1,997
3,814
3,974
2,814
2,336
2,081
40.3
52.3
58.1
48.4
36.6
29.0
22.0
22.1
19.9
10.0
14.8
13.9
30.5
41.1
41.8
28.4
16.8
15.2
8.9
8.9
27,620 j! 2,631
29,678
2,209
37,706
3.017
37,993
2; 982
37,507
4,338
37,COS
4,393
5, 034
39,347
5,141
40,776
4,300
39,579
4,039
39,842
3,703
35,504
33,639 i 3,195
30,356
25,0X2
28,953
28,030
32,441
31,953
34,914
36,302
38,860
40,344
32,539
33,462
i
'
I
1
!
I
3.063
2,934
2,899
3,803
4,894
4,851
5; 283
5,755
i 5,109
4,719
4,162
3,778
237 34,770
194 | 32,699
122
OO
T A B L E N O . 3.—Selected series showing changes in amounts and character of imports and exports of merchandise.
CO
to
[000 omitted.]
Character of exports.
Character of imports.
Imports.
81,792,596 $2,484,018
3,031,214 6,149,088
3,898,806 7,919,096
1913.
1918.
1919.
January-March
April-June
July-September
October-December..
January-March
April-June
July-September
October-December..
January
February...
March
April
May
June
July
August
September..
October
November..
December..
January
February...
March
April
May
June
July
August
September..
October
November..
December..
January...
February.
March . . . .
Exports.
1918.
1919.
1918.
1919.
1920.
Excess of
exports.
S691,422
3,117,875
4,014,288
ManuFoodManuFoodFoodFoodfactures
Crude stuffs in
ManuCrude stuffs in
factures
Manustuffs
stuffs
crude
material
factures
for
material
crude partly
for
factures
partly or further
or further ready for for use
condifor use
condiready
for
in manu- tion, and wholly
use in consump- in manu- tion, and wholly
use in consumpmanumanufacturing.
manufood
food
manution.
tion.
ifacturing.
animals. factured. facturing.
animals. factured. facturing.
Per cent. j Per cent. Per cent. Per cent. Per cent. Per cent. Per cent. Per cent. Per cent. Per cent.
33.75
12.32
6.93
31.40
13.28
11.06
23.06
18.98
16.21
31. 85
11.40
9.05
40.26
15.76
23.24
13.11
13.36
21.43
17.42 !
34.22
13.97
20.78
8.75
42.89
25.32
14.23
12.60
15.63
11.90
33.08
683,820
862,184
776,550
708,660
1,439,059
1,535,167
1,584,878
1,589,984
755,239
672,983
808,328
881,325
40.48
41.86
36.38 i
39.06 !
13.13
10.77
11.12
10.63
13.86
15.78
11.48
10.91
18.38
18.72
24.11
24.73
13.61
12.23
13.53
14.10
15.73
13.10
15.13
18.95
6.39
5.90
10.71 !
12.84
22.47
29.44
21.04
20.15
20.06
17.93
17.28
14.03
34.80
33.40
35.55
33.12
715,700
894,954
1,086,716
1,207,436
1,812,562
2,239,145
1,812,842
2,054,547
1,096,862
1,344,190
726.125
847; 111
36.59
45.49
44.68 I
43.15
13.60
13.02
15.06
13. 85
16.84
18.92
12.81
10.48
19. as
11.83
15.13
16.75
13.24
10.35
11. 66
14.77
19.13 j
15.70 i
19.64 :
28.13 !
I
7.41
10.10 i
9.33 j
8.02
27.77
30.29
24.07
19.57
12.50 I
10.07
13.95 !
10.96 !
33.48
33.05
32.89
33.08
233,942
207,716
242,162
278,981
322,853
260,350
241,878
273,003
261,669
246,765
251,008
210,887
504,797
411,362
522,900
500,443
550,925
483,799
507,468
527,014
550,396
501,861
522,237
565,886
270,855
203,646
280,738
221,462
228,072
223,449
265,590
254,011
288,727
255,096
271,229
355,000
42.47
40.82
38.29
41.51
43.70
39.97
38.92
38.86
40.36
39.83
36.00
41.83
17.05
11.29
10.92
10.60
10.03
12.29
11.99
10.66
10.83
9. 75
10.39
11.96
10.39
15.27
16.00
15.91
16.13
15.22
15.17
10.05
9.56
11.71
12.16
8.50
13.33
19.25
18.67
18.11
17.88
20.43
21.64
26.17
24.26
24.60 i
27.22 '
21.93
12.24
12.75
15. 68
12.95
11.96
11.81
12.11
14.10
14. 66
13.36
13.77
15.38
17.23
17. 59
12.84
10.71
13.33
15.32
12.30
15.35
17. 56
18.99
15.87
21.79
4.87
7.21
7.22
8.11
5.56
4.02
5.41
10.77
15. 58
13. 52
10. 83
14.11
16.78
19. 83
30.06
31.23
29. 53
27. 52
28.85
20.67
14.19
17.54
20.00
22.62
22.27
21. 50
16. 79
17.38
18.09
18.32
17.72
17.04
17.13
14.84
16.80
12.46
38. 24
33. 22
32. 75
32.42
33.31
34.53
35. 57
35. 83
35.28
34.76
36.24
28.78
212 993
235,' 124
267,583
272,957
328,927
293,070
344,000
307,331
435,385
401,874
424,852
380,710
622,553
585,097
604,912
714, 513
606,380
918,252
570,083
646,259
596,500
631,910
740,921
681, 716
409,560
349,973
337,329
441,556
277,452
625,182
226,083
338,927
161,115
230,036
316,069
301,006
36.50
35.23
37.86
46.05
44.46
46.15
44.27
42.86
46.31
42.56
43.22
43.72
13.35
11.88
15. 34
12.56
13.71
12.68
15.74
15.18
14.45
13.81
13.97
13.76
13. 43
20.45
16.39
19.84
20.25
16.58
14.10
12.16
12.27
12.21
10.60
8.55
20.08
18.83
18.40
11.31
11.06
13.19
14.78
17.83
13.52
17.00
16.71
16.56
16.12
12.95
11.22
9.73
10.22
11.10
10.77
11.47
12.52
13.34
14.68
16.40
22.52
17.72
17.03
13.94
16.24
16.82
23.11
20.50
15. 38
18.85
31. 51
33.09
7.93
6.36
7.91
9.73
12.22
8.99 !
6.78 i
9.4.6 !
11.66 !
9.00
8.04
7.11
23. 40
27.06
31.17
33.29
26.30
30.69
28.21
22.87
21.41
21.66
18.60
18.71
14.14
12.41
10.92
10.85
9.99
11.00
12.04
13. 79
15. 99
12.57
10.13
10.38
31.76
30.12
32. 70
32.04
35.1.5
32. 43
29. HO
33. 30
35. 43
37. 74
31.54
30.46
473,904
467,634
732.745
645,769
258,841
178,135
45.48
42.04
11.12
9.05
14,28
19.36
14.33
15.14
13.81
13.43
33.02
27.68
0.18 |
5.52 I
19.05
17.53
11.06
12.31
30.44
36.70
1
1
TABLE NO. 4.—Bank transactions as shown by debits to individual account.
[In thousands of dollars.]
Nov., 1918.
District.
No.
No.
No.
No.
No.
No.
No.
No.
No.
No.
No.
No.
32,438,565
34,792,042
28,085,738
July, 1919. I Aug., 1919. [ Sept., 1919.
Oct., 1919.
Nov., 1919.
Total..
No.
No.
No.
No.
No.
No.
No.
No.
No.
No.
No.
No.
1
2
3
4
5
6
7
8
9
10
11
12
Feb., 1919.
,355,267
L926,777
,317,822
.,708,615
549,272
735,579
1,306,648
836,951
476,631
.,001,795
420,522
.,449,859
1,702,979
17,210,129
1,770,580
2,052,533
609,781
860,308
3,827,783
953,764
640,769
1,132,636
462,409
1,683,112
32,906,783
1,989,015 i
22,952,634 ;
1,768,425 j
2,402,849 i
778,461 !
896,637 :
4,556,036 I
1,031,838 ;
645,838 :
1,321,346 :
580,075
1,994,432 !
1,712,312
20,471,397
1,611,687
2,135,820
721,895
838,362 :
4,328,252
915,963 :
647,578
1,321,624
554,344
1,976,771
565,340
904,000
512,764
Jan., 1919.
716,700
683,159
633,393
115,682
639,638
909,836
974,899
026,735
713,172
133,963
535,740
709,125
1...
2...
3...
4...
5...
6...
7..
8...
9...
10..
11..
12.
District.
Dec, 1918.
1.
640,312 I
872,397 !
761,295 i
993,507 I
824,117 |
147,532 j
495,667 !
732,849
1,787,937
21,365,711
1,780,001
2,358,266
729,121
918,287
4,551,404
944,559
821,073
1,275,624
611,393
2,099,363
2,245,742
24,846,200
1 852,705
2,411,061
862,099
1,169,844
4,777,045
1,073,581
851,842
1,347,645
742,872
2,344,176
June, 1919.
Apr., 1919.
M a y , 1919.
514,148
859,007
495,093
997,626
594,754
772,570
732,270
868,020
628,700
091,710
468,074
619,577
1,765,911
21,417,956
1,649,497
2,118,814
652,460
884,897
4,180,294
918,996
660,898
1,241,770
542,531
1,862,262
1,863,110
21,612,740
1,672,980
2,272,466
722,014
872,403
4,216,524
933,728
613,759
1,124,880
540,717
1,748,469
32,044,257 | 32,641,549
37,896,286
38,193,790
Mar., 1919.
1,570,428
17,189,060
1,561,763
1,930,572
573,888
781,069
3,712,678
874,821 j
584,405 i
1,131,493 !
454,056 |
1,680,024 |
D e c , 1919.
Jan., 1920.
Feb., 1920.
2,277,387 '
2,180,914
2,353,530
1,759,648
24,442,128
25,013,191
24,320,682 : 18,606,209
1,766,300
1,970,461
1,630,780 '
2,034,071 j
2,283,251 | 2,620,901 I
2,185,912
2,625,768
845,650 I
831,003 i
913,181 !
729,147
1,141,756 ! 1,217,534 I 1,299,305 : 1,018,725
4,703,926 ! 4,959,264 I 5,133,513
4,320,252
1,043,047 I 1,111,152 I 1,223,858 I 1,007,842
752,703 i « 770,067 i
736,495
601,637
1,408,641 ! 1,480,680 , 1,230,957
1,347,375
785,919 j
764,319 i
743,240 i
584,077
2,436,062 '
2,226,792 !
2,395,564
2,030,397
Mar., 1920.
2,136,531
22,919,446
1,946,932
2,616,127
827,900
1,174,028
5,403,773
1,115,305
742,194
1,403,580
707,513
2,483,916
' 40,917,586 i 37,236,005
39,242,739 1 44,524,812 1 43,483,514: 45,499,372
45,183,744 ; 35,705,583 I 43,537,371
I
I
j
i
!
:
.
!
NOTE.—Monthlyfiguresare prorated from weekly data shown each month in the FEDERAL RESERVE BULLETIN. Caution is necessary in their interpretation, as the number of banks
Total
varies slightly.
OO
CO
484
FEDERAL RESERVE BULLETIN.
MAY,
1920.
RESERVES, CIRCULATION, AND SECURITY HOLDINGS OF THE PRINCIPAL CENTRAL
BANKS IN EUROPE.
In further continuation of data shown in the
December, 1917, and October, 1918, BULLETINS
there are presented below tables with accompanying diagrams showing changes in the reserves, note circulation, and security holdings
of the three leading European banks of issue
beginning with January, 1918, and ending with
March of the present year.
There is seen a great variety of development
for each of the three institutions during the
period under review. In the case of the Bank of
England the most prominent feature of recent
changes is the steady gain of gold which provided full gold cover for the additional volume
of bank notes issued during the period under
review. Besides the 289 million dollars of new
bank notes put in circulation the national currency was augmented by the increase of about
600 million dollars in the voluifie of outstanding
currency notes, issued by the Treasury principally against war securities and war loan
paper deposited by the banks of the country.
Since August, 1919, the cover against the currency notes has included increasing amounts of
Bank of England notes, in addition to the 138.7
millions of gold, which had been carried against
these notes ever since May, 1915.
Security holdings of the banking department,
changes of which under present conditions reflect to a large extent the varying amounts of
Government financing by the bank, reached the
low level of 532.4 million dollars near the end
of August, 1919, a decrease of about 240 million
dollars for the 12-month period. Since then
these holdings have shown large increases and
at the close of 1919 reached the high level of
969.4 millions. On the last Wednesday of February the total was 855.8 million dollars, or
about 100 millions more than 12 months before.
On March 31, the last day of the financial year,
the total was only 632.3 million dollars, a decline
of over 220 millions, due to the balancing of
accounts between the bank and the Government.
Reports of the Bank of France indicate a
gradual increase in the bank's vault holdings of
gold during the 27 months by 54.2 million dollars, partly at the expense of the bank's foreign
gold holdings. Its note circulation has steadUy
expanded, the addition since November, 1918,
being only slightly less than for the 10 war
months in 1918. For the entire period the
increase in circulation amounts to about 3 billion dollars, as against an increase of 2,606
millions in the amount of French Government
advances and of over 100 millions in the
amounts advanced to allied Governments
through the discount of French Treasury certificates (bons de Tresor).
Gold holdings of the German Reichsbank,
which totaled about 600 million dollars at the
time of the armistice, declined to about 266
millions by the end of June, 1919, the loss
representing in part the amounts disbursed
by the Government for articles of food purchased from the United States. As against this
large loss of gold the bank reports an increase
in its own note circulation from slightly less
than 4 billion dollars at the close of October,
1918, to about 9£- billions at the end of February of the present year. This increase is
practically paralleled by the simultaneous increase in discounts and advances from 4.9 to
9.3 millions, this addition representing chiefly
advances to the Government through the discount of Treasury bills. Further additions to
the national currency were made through an
increase from 2,275 to 3,059 millions in the
volume of loan bank note circulation. There
were also in circulation about 77 millions (nominal) of Treasury notes, about 60 million dollars
of notes of the other four banks of issue, and an
indeterminate amount of " emergency"
currency issued by local communities.1
'A discussion of the several issues, during the latter part of the war period, of this '•'emergency" currency by the local authorities is found
on pages 5-8 of the 1919 report of the Iteichsbank.
M A Y , 1920.
485
FEDERAL, RESERVE BULLETIN.
Bank of England.
[In millions of pounds sterling and dollars.]
Date.
Total gold and silver in issue and
banking departments.
1917.
Pounds.
Bank of England
notes in actual
circulation.
Total securities in ;1 Currency notes of
the exchequer in
banking departactual circulation.
ment.
Bank of England
notes held by exchequer against
currency notes.
Dollars. Pounds.
212.8
745.5
Dollars.
1,035.6
Pounds.
28.5
Dollars.
138.7
719.3
754.3
819.0
780.4
794.2
742.1
804.9
772.3
751.9
744.6
796.2
794.2
212.0
218.4
228.1
235.2
247.8
252.9
203.3
207.8
275.2
287.0
290.3
323.2
1,031.7
1,062.8
1,110.0
1,144.0
1,205.9
1,230.7
1,281.3
1,303.2
1,339.3
1,399.6
1,441.9
1,572.9
28.5
28.5
28.5
28.5
28.5
28.5
28.5
28.5
28.5
28.5
28.5
28.5
138.7
138.7
138.7
133.7
138.7
138.7
138.7
138.7
138.7
138.7
138.7
138.7
136.3
133.3
130.4
137.3
133.0
147.0
124.9
109.4
109.9*
131.0
118.4
199.2
003.3
648.7
003.8
008.2
047.2
718.3
007.8
532.4
531.8
055.0
570.2
909.4
307.5
314.8
328.1
348.3
344.2
312.3
338.8
331.0
331.2
330.0
338.3
358.2
1,490.4
1,532.0
1,596.7
1,695.0
1,675.0
1,665.8
1,648.8
1,610.8
1,611.8
1,038.1
1,040.3
1,743.2
28 5
28.5
28.5
28.5
28.5
28.5
28.5
28.5
28.5
28.5
28.5
28.5
138 7
138.7
138.7
138.7
138.7
138.7
138.7
138 7
138.7
138.7
138.7
138.7
143.0
175.9
129.9
095.9
856.0
032.2
329.0
325.0
335.4
1,004.0
1,581.0
1,632.2
28.5
28.5
28.5
138.7
13S.7
13S.7
58.3
Dollars.
283.7
Pounds.
45.9
Dollars.
223.4
Pounds.
153.2
^iw5 "Vl918.
Jan 30
Fob 27
Mar 27
Apr 24
May 29
June 20
July 31
Aug 28
Sent 25
Oct. 30
Nov. 27..
Dec 25
58.6
59.4
60.6
61.0
63.5
65.2
67.3
69.5
71.5
73.9
75.8
79.1
285.2
289.1
294.9
296.9
309.0
317.3
327.5
338.2
348.0
359.6
308.9
384.9
45.9
47.3
47.8
48.4
51.1
53.7
50.9
57.6
60.5
64.2
66.0
70.3
223.4
230.2
232.6
235.5
248.7
201.3
276.9
280.3
294.4
312.4
321.2
342.1
147.8
155.0
108.3
101.0
103.2
152.5
105.4
158.7
154.5
153.0
103.0
103.2
1919.
Jan 29
Feb. 20
Mar. 26.
Apr. 30
May 28
June 25..
July 30
Aug. 27.
Sept 24
Oct. 29
Nov. 20
Dec. 3 1 . . .
80.7
81.6
84.3
85.7
SO. 1
87.8
88.4
88.2
88.2
88.1
87.9
91.3
392.7
397.1
410.2
417.1
419.0
427.3
430.2
429.2
429.2
428.7
427.8
444.3
69.3
70.3
73.6
77.2
77.2
78.3
79.4
79.8
81.6
84.5
86.7
91.3
337.2
342.1
358.2
375.7
375.7
381.0
380.4
388.3
397.1
4L1.2
421.9
444.3
1920.
Jan 28
Feb. 25
Mar. 31.
99.9
110.4
112.2
480.2
537.3
546.0
88.3
90.5
105.3
429.7
409.6
512.4
Dec. 26
Coin and bullion
in exchequer held
against currency
notes.
Pounds.
Dollars.
:
0.3
.9
1.8
2.4
4.0
12
4.4
S.S
11.7
19.5
4.0
4.1
5.9
19.5
20.0
28.7
Bank of France.
[In millions of francs and dollars.]
Date.
1917.
Dec. 27.
Gold in vault.
Notes in circulation.
War advances to Government
Francs.
3,314.4
Dollars.
639.7
Francs.
22,336.S
Dollars.
4,311.0
Francs.
12,500.0
Dollars.
2, 412.5
3,325.1
3,331.0
3,336.4
3,341.8
3.346.6
3,361.7
3,394.4
3,398.3
3,400.8
3,406.2
3,425.0
3,440.5
641.7
642.9
643.9
645.0
645.9
648.8
655.1
655.9
656.4
657.4
661.0
664.0
23,534.3
24,308.3
25,179.3
26,395.3
27,303.4
28,550.4
29.148.1
29,4.34.0
29,922.4
30,782.0
29,072.4
30,249.6
4, 542.1
4,691.5
4,859.6
5,094.3
5,269.6
5,510.2
5,625.6
5,680.8
5,775.0
5,940.9
5,611.0
5,838.2
12,800.0
12,950.0
14,000.0
15,650.0
16,800.0
18,450.0
18,900. ()
19,150.0
18,000.0
18.800.0
17,000.0
17,150.0
2, 470. 4
2,499.4
2,702.0
3,020.5
3,242. 4
3,560.9
3,647.7
3,696.0
3,628.4
3,628.4
3,281.0
3,310.0
3.467.9
3, 548.5
3,564.4
3,568.0
3,571.2
3,572.6
3,588.8
3,594.1
3,595.6
3,597.2
3,598.7
3,600.2
669.3
684.9
687.9
688.6
689.2
689.5
692.6
693.7
694.0
694.3
694.5
694.8
31,983.0
32,716.5
33,371.7
33,978.4
34,061.2
34,442.0
35,024. 7
35,090.4
35,786.8
36,973.8
37,423.8
37,274.5
6,172.7
6,314.3
6,440.7
6,557.8
6,573.8
6,647.3
6,759.8
6,772.4
6,906.9
7,135.9
7,222.8
7,194.0
19,550.0 !
20,500.0
21,600.0
22,400.0
22,900.0
23,250.0
23,300.0
23,600.0
24,150.0
25,450.0
25,850.0
25,500.0
3,773.2
3,956.5
4,168.8
4,323.2
4,419.7
4,487.3
4,496.9
4,554.8
4,661.0
4,911.9
4,989.1
4,921.5
3,601.9
3,603.3
3,605.7
695.2
695.4
695.9
37,582.5
37,888.7
37,569.0
7,253.4
7,312.5
7,250.8
25,300.0
25,800.0
26,300.0
4,882.9
4,979.4
5,075.9
1918.
Jan. 31...
Feb. 28..
Mar. 28..
Apr. 25..
May 30..
June 27..
July 25..
Aug. 29..
Sept. 26..
Oct. 31...
Nov. 28..
Dec. 26..
Jan. 30...
Feb. 27..
Mar. 27..
Apr. 24..
May 30..
June 26..
July 3 1 . .
Aug. 28..
Sept. 25..
Oct. 30..
Nov. 27..
Dec. 26..
Jan. 29..
Feb. 26.
Mar. 2 5 .
1919.
1920.
486
MAY, 1920.
FEDERAL RESERVE BULLETIN.
German Reicnsbanh.
[In millions of marks and dollars.]
Date.
1917.
Dec. 31.
Jan. 31..
Feb. 28..
Mar. 30..
Apr. 30..
May 31..
June 29..
July 3 1 . .
Aug. 31..
Sept. 30.
Oct. 31..
Nov. 30..
Dec. 31..
Jan. 31..
Feb. 28..
Mar. 31..
Apr. 30..
May 31..
June 30..
July 3 1 . .
Aug. 31..
Sept. 30..
Oct. 31..
Nov. 29..
Dec. 31..
Jan. 30..
Feb. 28.,
Mar. 31..
1918.
1919.
1920.
Notes of the Reichsbank
in circulation.
Gold in vault.
I
Notes of the war loan banks Discounts and advances.
in circulation.
Marks.
2,405.6
Dollars.
573.0
Marks.
11,467.7 |
Dollars.
2,731.6
Marks.
6,266
Dollars.
1,492.6
Maries.
14,596.1
Dollars.
3,476.9
2,406.1
2,407.8
2,408.5
2,344.0
2,345.7
2,346.2
2,347.3
2,348.1
2,447.4
2,550.0
2,308.4
2,262.0
573.1
573.5
573. 7
558.3
558.7
558.9
559.1
559.3
583.0
607.4
549.9
538.8
11,138.9 !
11,310.8 ''
11,977.8
11,820.8
12,002.7
12,510.4
12,704.5
13,639.1
15,334.4
16,661.6
18,609.9
22,188.0
2,653.3
2,694.2
2,853.1
2,815.7
2,859.0
2,980.0
3,026.2
3,248.8
3,652.7
3,968.8
4,432.9
5,285.2
6,288
6,532
6,670
6,938
7,717
7,582
7,736
8,236
8,746
9,430
9,990
10,108
1,497.8
1,555.9
1,588.8
1,652.6
1,838.2
1,806.0
1,842.7
1,961.8
2,083.3
2,246.2
2,379.6
2,407.7
13,105.5
13,048.5
16,034.3
13,887.8
14,54*. 7
16,670.9
15,988.5
17,674.2
23,830.1
20,679.2
22,133.5
27,416.0
3,121.7
3,108.2
3,819.4
3,308.1
3,464.5
3,971.0
2,253.7
2,245.7
1,916.0
1,755.9
1,516.1
1,116.4
1,109.3
1,103.3
1,096.6
1,093.5
1,090.5
1,089.5
536.8
534.9
456.4
418.3
361.1
265.9
264.2
262.8
261.2
260.5
259.8
259.5
23,647.6
24,102.8
25,490.5
26,628.9
28,244.9
29,968.4
29,268.9
28,492.3
29,784.1
30,928.6
31,905.8
35,698.4
5,632.9
5,741.3
6,071.8
6,343.0
6,727.9
7,138.5
6,971.9
6,786.9
7,094.6
7,367.2
7,600.0
8,503.4
10,170
10,676
11,148
11,290
11,087
12,147
12,049
11,807
11,935
11,897
12,935
13,902
2,422.5
2,543.0
2,655.5
2,' 640.' 9
2,893.4
2,870.1
2,812.4
2,842.9
2,833.9
3,081.1
3,311.5
27,098.6
27,349.1
30,187.3
31,552.7
28,656.5
33,292.9
30,680.9
31,246.5
33,859.0
34,015.6
34,266.3
41,744.5
6,454.9
6,514.6
7,190.6
7,515.9
6,826.0
7,930.4
7,308.2
7,442.9
8,065.2
8,102.5
8,162.2
9,943.5
1,090.1
1,091.3
1,091.5
259.7
259.9
200.0
37,443.4
41,033.8
45,169.7
8,919.0
9,774.3
10,759.4
13,059
12,842
13,731
3,110.7
3,059.0
3,270.7
39,787.4
38,934.8
44,575.8
9,477.4
9,274.3
10,618.0
4,210.0
5,676.3
4,925.8
5,272.2
6,530.5
MAY,
1920.
487
FEDERAL, RESEEVE BULLETIN.
GOLD Hi MULT, BANKNOTES IN CIRCULATION,ETC,
_0FJliEJS^K^F^!^uiJi^jmjJ3^
GOLD IN VAULT, BANKNOTES IN CIRCULATION, ETC.
OF THE BANK OF FRANCE, I918 -1320
GOLD IN VAULT, NOTES IN CIRCULATION,
OFTht•GERMAN REICIiSBANKAND WAR LOAN BANKS, ETC, I9I8-I920.
~T !
" "
"" ~
/LLJJ
Curve
i. OoUL inlie.xd:
Cu-'iV2••
Ji&.cJisb<.xnJCjtGi<x
488
MAT, 1920.
FEDERAL, RESERVE BULLETIN".
RESERVES AND BANK LIABILITIES, 1914-1920.
Comparative table showing total note circulation, deposits, and gold and silver holdings of the principal banks of issue at the
outbreak of the tear and at dates specified.
[In thousands of dollars.]
At outbreak of the war.
Total
note
circulation.
Per cent
of gold
and silver
Note
Gold
holdings
and
Total
to note
and
deposit
deposits. liabilisilver
and
ties com- holdings. deposit
liabilibined.
ties combined.
Per cent
of gold
and
Note and
silver
deposit Gold and holdings
Total
Total
silver
liabilities
note cirto note
comholdings.
culation. doposits.
and
bined.
deposit
liabilities combined.
Date.
ALLIED POWERS.
20,409 332,074
256,716 1,546,571
56,619
919,968
17.1 ! Mar. 25,1920
954,789
59.5 ; Apr. 8,1920 7,238,911
1,370,850
7,947,979
56,735
1743,229
4.1
9.4
144,566
187,253
326,699
471,265
187,253
185,567
90,030
39.4 ; Mar. 31,1920 j 512,301 i 667,538 1,179,839
48.1
do
j 1,632,088 j ......... 1,632,088
545,890
138,695
46.3
8.5
311,665
1,289,855
Belgium.
France...
Great Britain:
Bank of England.
Exchequer
Total.
667,538 22,783,215
684,585
24.6
1,246,181
461,460
37.0
484,000 3,183,086
......... 457,661
3 214,593
31,478
6.7
6.9
246,071
6.8
114,088,361 2,900,611 16,988,972 2,192,080
!
1,773,587
5,022,525 =2,083,568
94.4 I Apr. 23,1920 4 3,248,938
5,969,320
I Apr. 1,1920
12.9
331,819
326,699 I 658,518
275,597
41.9 i
Japan
180,411
74,944 | 255,355
110,521
43.3 | Mar. 27,1920 j
Italy:
Bank of Italy,
Bank of Naples,
Bank of Sicily...
Treasury
440,718
96,321
145,330 ! 586,048
| 96,321
287,825
22,581
49.1 j Sept. 30,1919
23.4 •'
do
Total.
Russia
537,039
841,174
145,330 682,369 ! 310,406
592,522 1,433,696 i 863,371
Total, including
i
3,491,963 1,416,620 4,908,583 2,536,482
Russia
Total,excluding
2,650,789 824,098 3,474,887 1,673,111
Russia
United States:
I
Federal Reserve
10,609 263,948 : 274,557 259,144
Banks
Total money in
|3,545,166
circulation
416,061
709,068
;22,115,677
45.5 !
60.2 i
622,237
2,699,086
457,661
i 3,156,747
623,944
484,000 i 3,640,747
•I-'
51.7 !
48.1 !
!
41.5
CENTRAL POWERS.
Austria-Hungary
Germany
Total.
431,489
692,442
1,123,931
59,012 : 490,501 309,825
299,515 : 991,957 j 363,670
63.2
36.7
358,527 jl,482,458 j 673,495 !
45.4 j .
56,525
270,318
.4
1.5
26,129,520 5,644,001) 31,773,529 I 326,843
1.0
Feb. 29,1920 12,099,272 1,237,683 113,336,955
Mar. 31,1920 14,030,248 4,406,326 18,436,574
NEUTRAL POWERS.
Argentina 6 ...
Denmark
Netherlands.
Norway
Spain
Sweden
Switzerland..
349,485
39,525
124,796
32,859
373,557
54,367
51,708
Total..
1,026,297
5,496
1,904
3,859
96,931
18,440
9,777
349,485
45,021
126,700
36,718
470,488
72,807
61,485
313,497
24,410
68,447
14,405
248,861
26,154
38,409
136,407 1,162,704 : 734,183
89.7
54.2
54.0
39.2
52.9
35.9
62.5
"Oct.
j Mar.
Mar.
Feb.
| Apr.
; Feb.
Apr.
3.1 j
31,1919
31,1920
27,1920
29,1920
3,1920
28,1920
7,1920
303,742
61,558
259,125
39,533
594,756
71,736
118,882
61.3
34.6
57.6
29.9
61.1
30.4
57.3
! 2,268,756 j 403,446 2,672,202 1,449,332
54.2
I
J
|
j
495,269
140,490
407,353
110,498
747,306
183,724
184,116
37,676
42,317
21,600
226,063
52,326
23,464
495,269
178,166
449,670
132,098
973,369
236,050
207,580
i Exclusive of $381,808,000 held abroad.
» Does not include $28,712,000 Bank of England notes held as reserve against currency notes of the exchequer.
a Does not include silver held by the Bank of Naples and the Bank of Sicily.
* Includes Federal reserve bank notes.
5 Includes $112,781,000 with foreign agencies.
e Figures for the Caja de Conversion.
MAY, 1920.
FEDEEAL RESERVE BULLETIN.
Check Clearing Situation.
In response to inquiries, Governor Harding
on April 12 sent the following letter to a Member of Congress:
The situation regarding the Federal Reserve clearing
system can be summed up in a very few words. There
are certain clauses in sections 13 and 16 of the Federal
Reserve Act which seem to require the Federal Reserve
Board to establish a system for the clearing by the Federal
Reserve Banks of all checks payable upon* presentation
within their respective districts, regardless of whether the
checks are drawn upon member or nonmember banks.
It appears also that the Federal Reserve Banks are required to receive these checks when tendered them for
deposit by member banks at par—that is, without making
any deduction from the face amount for collection or
exchange charges. Section 13 empowers the Federal Reserve Board to fix reasonable charges, not to exceed 10
cents per §100, which may be made by one bank against
another bank for remitting in exchange or otherwise for
checks received for collection, but there is a proviso that
"no such charges shall be made against Federal Reserve
Banks."
Upon being asked for an opinion, the Attorney General
of the United States has construed this provision literally
and has advised the Board that Federal Reserve Banks
can not lawfully pay any charge or fee to a bank for
remitting to the Federal Reserve Bank for checks drawn
upon the payer bank which have been sent to it by the
Federal Reserve Bank for payment in exchange or otherwise.
It is evident, therefore, "that a Federal Reserve Bank
receiving checks on nonmember banks for deposit must
proceed to collect these checks, and that if the banks
upon which they are drawn will not remit at par the
Federal Reserve" Bank is obliged to provide itself with
some other means of making the collection. The Federal
Reserve Banks therefore have called the attention of
nonmember banks to these provisions of law and have
stated that stamped envelopes will be sent in each case
to the remitting bank, in order that there may be no actual
expense incurred by the payer bank in making the remittance and that if it is more convenient remittance may
be made in currency at the expense of the Federal Reserve
Bank. All nonmember banks have been advised that
if they do not care to remit to the Federal Reserve Banks
at par, collection will be made through some outside
agency by having the checks presented at the bank
counters for payment.
If this is coercion as contended by your constituent it
is unavoidable, for regardless of the question as to whether
Congress has the right to legislate in any way that results
in the diminution of the profits of State banks, it clearly
has the power to legislate in matters relating to the manner
in which the Federal Reserve Banks shall operate. The
Board's view, therefore, is that Congress (1) has directed
all banks, nonmembers as well as members, not to make
exchange charges against Federal Reserve Banks; (2)
has directed the Federal Reserve Banks to receive on
deposit at par any checks and drafts which are payable
on presentation; and (3) has directed the Federal Reserve
Banks not to pay any exchange charges to banks in making
these collections.
Whether Congress has the constitutional right to enact
a law prohibiting a Federal Reserve Bank from paying
exchange to a nonmember bank on checks drawn upon
the nonmember bank by its own depositors may be argued
to be a question of law "which should be determined "ultimately by the courts. If it is desired to test the constitutionality of the Jaw, it appears that the banks which
question its validity should initiate proceedings rather
than the Federal Reserve Board. If, on the other hand,
they should concede that Congress has the right to legislate in the manner it has done, but believe that the law is
177757—U0
1
489
oppressive, unjust or unwise, it would appear that they
should appeal to Congress with the view of having the
objectionable features of the act stricken out or modified.
Here again it would seem that the initiative should be
taken by the banks which feel themselves aggrieved in
the matter. If these banks, although entertaining doubts
as to the validity of the law, should feel that because of
the length of time necessarily involved in obtaining a
judicial and final interpretation it is undesirable to litigate,
then again it would seem that recourse should be had to
the more direct method of appealing to Congress. In
that case, however, it would seem that the banks would
put themselves in a more consistent attitude if they would
not attempt to obstruct the operation of the law as it now
stands pending a final determination of policy by Congress.
The Board holds the further view, however, that if
nonmember banks be no longer required to remit at par,
member banks also should be relieved from such an
obligation, for the member banks are supporting the
Federal Reserve System and it would be unfair to deprive
them of opportunities for profit which are given to nonmembers. This, of course, raises a question as to the
conflict of the interest of the business community and the
general public, on the one hand, and the banks on the other.
Italian Fiscal Reform.
Following is a summary of the leading provisions of the new Italian tax law which went
into effect January 1, 1920, and of the amendments to the law according to a decree of April
22. The fiscal condition of the country is also
briefly summarized.
According to a statement made by the Secretary of the Treasury for Italy on December
16, 1919, the expenditures of the fiscal year
1919-20 were expected to be far in excess of
earlier estimates. Total expenditures were
estimated at 20 billion lire, of which over 7\
billion lire were for war or war liquidation
purposes. Receipts were estimated at 9 billion, causing a deficit of over 10 billion to
be met by borrowing. Seven and one-half
billion of this sum, however, were used in the
replacement of capital and construction of railroads. According to the 1920-21 budget
(presumably a peace-time budget), expenditures are estimated at 9} billion lire and receipts at 1\ billion, not taking into consideration interest on foreign debt or wage increases.
A considerable part of the revenue provided for
in the new tax laws will not be available until
1922.
The national debt was officially reported on
March 31, 1920, as amounting to 94 billion
lire, the following items making up the total:
Millions of lire.
Total prewar public debt and national loans
1
Treasury bonds (including issues for military ex-[48,154
penditures)
J
Government bonds, 3 and 5 years
12,174
Paper circulation of the banks of issue and on account of the Government
12,497
Allied loans
20, 466
Other liabilities
503
Total debt
93,794
490
FEDERAL RESERVE BULLETIN.
It is impossible to determine the ratio of this
amount to the national wealth, because the
latter has not been estimated since war-time
inflation of prices. It was estimated in 1914
at roughly 125 billion lire.
In view of the situation as disclosed by the
discrepancy between receipts and expenditures
in 1919, radical taxation reform was imperative.
Formerly taxes were levied mainly upon land,
buildings, and private incomes. According to
the new law, capital, both normal and due to
war profits, is likewise taxed. This tax was
instituted in place of the flotation of a compulsory loan at a nominal rate of interest.
The principle of progressive taxation has been
followed, the rate increasing in proportion
to the wealth on which it is levied. In order
that immediate financial relief might be
obtained, a consolidated loan is being floated
at 5 per cent interest, partial proceeds from
which will be used for the absorption of the
paper currency. On April 22 something over
19 billion lire had been subscribed to this loan.
The provisions of the various types of taxes
are described in somewhat greater detail below:
1. Extraordinary tax on fortunes.
(a) Increase derived from the war and tax
on war profits.
The tax on war profits which became effective in June, 1918, is levied on profits acquired
from August 1, 1914, to December 31, 1919. It
was a progressive tax, graduated according to
the scale of the income from 24 to 66 per cent,
and is said to have yielded an average of about
50 per cent of total excess profits. The new tax
upon increase in capital derived from the war
has been attached to the excess-profits tax. It
is levied upon individuals and collective bodies,
and is graduated, the rate varying from 10 to
80 per cent. These taxes will be paid in a
lump sum during the year 1920.
(b) Tax on normal fortunes.
After the excess-profits tax and the tax on
increase in fortune has been deducted from the
taxpayer's capital, the remainder of his fortune is subject to another tax levied upon the
original fortune existing prior to the war.
This tax is applied to fortunes ranging from 50
thousand to 100 million lire, the rate averaging
from 5 to 25 per cent. Stock companies are
exempt from this tax, the shares owned by
each stockholder being taxed instead. The tax
will be paid in annual installments over
period of 10 or 20 years, according to the classification of the fortune. As is apparent, the
execution of this tax presents formidable difficulties, especially in the valuation of the wealth
of the country.
2. Direct taxation of incomes.
On November 24, 1919, the direct taxes or
lands, buildings, incomes, etc., were abolishec
MAY,
1020.
and in their place were established a normal
ax on incomes and a supplemental^ tax on
total income. At the same time existing municipal taxes levied on the family or home were
replaced by local supertaxes, which are to be
added to the normal and supplementary tax
on behalf of the Communes and Provinces.
These taxes will come into force January 1,
1921.
(a) Normal income tax.
This tax is levied on all incomes existing in
the country classified in the following groups:
1. Income obtained from invested capital
only, 18 per cent.
2. Income obtained from capital combined
with human labor, 15 per cent.
From January 1, 1926, income derived from
capital invested in lands will fall in this group
also.
3. Incomes obtained solely from labor in the
exercise of any profession or art or by rendering services, 12 per cent.
4. Incomes derived from employment in the
civil service, 9 per cent.
(&) Progressive supplementary tax on total
income.
This tax is levied upon individuals only, corporations, commercial bodies, etc., being exempt. Individuals whose income does not
amount to 4,500 lire are exempt. The tax is
graduated, the rate ranging from 1 to 25 per
cent.
3. Revision of supplementary taxes.
In revising other taxes, the aim has been to
increase revenue. The inheritance tax has been
increased and a supplementary tax added in
cases where those receiving the benefit are already rich, and new taxes have been created
to apply to the sale of articles of luxury and of
common use. This amounts to 10 per cent in
the case of luxuries and to 2 per cent in the
case of common articles whose price exceeds 5
lire.
French Tax Proposals.
On January 20 M. Klotz, the Minister of
Finance for France under the Clemenceau
regime, distributed to the Chamber of Deputies his estimates for the French budget for
1920. The ordinary expenses of the year he
placed at 17,8(31 million francs, and the ordinary resources to meet this expenditure at
9,308 million francs, the resulting deficit
being 8,493 million francs. This estimate of
expense does not include money to be spent
on the liberated regions, or on pensions and
other war expenditures. The total expense
for the year was estimated by M. Klotz at
47.5 billion francs. He did not think it wise to
attempt to meet the war expense by taxation
M A T , 1J)2O.
FEDERAL RESERVE BULLETIN.
as much of it was expected to be paid to
France under the terms of the Peace Treaty,
but he proposed several new taxes to make up
the difference between the ordinary expense
and the ordinary revenue.
The measures proposed by M. Klotz fall into
two groups, (1) those proposed to do away
with fraud and to make certain public services
operated by the government self-supporting,
and (2) those whereby existing taxes were to
be increased and new ones imposed.
From these measures M. Klotz expected to
realize the following sums:
Millions of francs.
(1) From the measure against fraud
53
(2) From a more equitable return for services rendered (postal and electric)
414
(3) From the tax on acquired wealth
1, 461
(4) From indirect and war taxes
1, 862
(5) From various sources (registration, stamp duty,
etc.)
'.. 219
(6) From the import and purchase monopoly of
refined oil
35
(7) Prescription for the benefit of the State
27
(8) A tax of 1 per cent upon total business turnover
1.200
491
(1) A revision of the inheritance tax in
favor of large families.
(2) A change in the method by which the
tax on salaries will be computed.
(3) Prolongation of the period of the tax on
war profits to December 31, 1919, but not the
enactment of a supertax.
(4) Suppression of the high tax on increase
in wealth realized during the war.
(5) An increase from 1 per cent to 1£ per
cent in the rate at which total business turnover is to be taxed.
((3) A tax upon foreign securities acquired
by persons living or residing habitually in
France.
The most important of these changes are (4)
the suppression of the tax on increases in wealth
during the war. and (5) the raising of the rate
at which business turnover is to be taxed.
As no action on the budget had been taken
by the last of March, it was necessary for M.
Francois-Marsal to ask for a provisional credit
for the second quarter of the year. In the
course of his speech making this request, the
finance minister estimated the revenue to be
received by the Government in 1920 as follows:
8, 271 1. From ordinary taxes (afigureh iglier than
M. Klotz's "estimate because of the
Millions of
This table does not include the yield from
larger revenue already received in
francs.
two of the taxes proposed by M. Klotz, (1) the
1920)
".
11,000
supertax on war profits, and (2) the tax on the 2. From new taxes (depending on the date
of enactment of the new budget)
6,000- 7,000
increase of wealth from 1914 to 1919, the 3. From
sale of stocks
3, 000
revenue from which was estimated at 2 billion
francs for the current year. No action was
taken by the Chamber of Deputies on those
proposals before M. Klotz's term of office
expired.
On February 23, 1920, M. Francois-Marsal
addressed to the Finance Committee of the
Chamber of Deputies a letter proposing certain modifications in the new taxes advocated
by Ivl. Klotz. His letter suggests unimportant
changes in the first seven items of the table
above, but proposes to increase the tax upon
total sales included in item S so that it will
yield over 6 billion francs and to do away with
the supertax on war profits and the tax on
increase in wealth from 1914 to 1919, from
which ?.L Klotz expected to receive 2 billion
francs. The sums to be received from tho
taxes proposed by M. Klotz and by M. Francois-Marsal will be approximately the same,
although tho method of obtaining them is
different.
The specific changes in the law which the
new finance minister proposed are as follows:
Total
4. From loans
Total
20,000-21,000
21, 000
42. 000
M. Francois-Marsal added that he expected to
be able to reduce Government expenditures to
42 billion francs. Subscriptions to the recent
loan totaled 15,730 million francs, of which
6,800 million were in new money and the
balance in Government securities.
Meanwhile the Chamber of Deputies still has
the tax proposals under consideration. It has
decided to recommend the following measures:
1. A tax of 1 per cent on total business
turnover.
2. A tax on increases in wealth realized
during the war.
3. A retroactive supertax on war profits.
4. The lifting of the war profits tax as oi
December 31, 1919.
Before the budget can become a law it must
be passed by both the Chamber of Deputies
and the Senate.
492
MAY,
FEDERAL RESERVE BULLETIN.
1920.
State Banks and Trust Companies.
Foreign Branches.
The following list shows the State banks and
trust companies which have been admitted to
membership in the Federal Reserve System
during the month of April.
One thousand three hundred and six State
institutions are now members of the system,
having a total capital of $456,351,625, total
surplus of $468,118,663, and total resources of
$10,106,647,329.
The Board has been advised that the following branches of national banks and of international and foreign banks doing business
under agreement with the Federal Reserve
Board have been opened for business recently:
Capital. Surplus.
The National City Bank, New York City:
Madrid, Spain.
Lima, Peru.
International Banking Corporation, New York City:
Barahona, Santo Domingo.
Total
Acceptances to 100 Per Cent.
District No. 4.
American State Bank, St. Marys, Ohio.
$50,000 $10,000
$565,105
9,000
319,474
District No. 6.
The Farmers Bank, St. George, S. C
25,000
District No. 6.
Farmers & Merchants Bank, Hartselle,
Ala
217,923
50,000
District No. 7.
Bank of Southern Wisconsin, Janesville,
Wis
100,000
10,000
125,000
100,000
30,000
16,500
800
515,337
107,837
250,000 100,000
25,000
3,817,196
346,335
Since the issuance of the April 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:
Jennings National Bank, Jennings, La.
Liberty Bank & Trust Co., New Orleans, La.
First National Bank, Santa Barbara, Calif.
Garfield National Bank, New York City.
District No. 8.
First State Bank, Mount Cannel, 111
Commercial Bank of Bertrand, Bertrand,
Mo
Manchester Bank of St. Louis, St. Louis,
Mo
Bank of Alamo, Alamo, Tenn
District No. 9.
Clinton State Bank, Clinton, Minn.
Iron Exchange Bank, Hurley, Wis.
25,000
50,000
6,000
30,000
307,529
1,256,661
The Comptroller of the Currency reports the
following increases and reductions in the number and capital of national banks during the
period from March 27 to April 30, 1920, inclusive:
Banks.
District No. 10.
First State Bank, Stigler, Okla.
25,000
5,000
526,720
District No. 11.
McCurtain County Bank, Broken Bow,
Okla
322,838
40,000 10,000
Citizens State Bank, Alice, Tex
526,777
60,000 20,000
American Trust & Savings Bank, El Paso,
Tex
350,000 50,000 ! 3,003,210
Texas Bank & Trust Co., Galveston, Tex. 200,000 200,000 ;! nnn
7,229,878
906,992
Central State Bank, McKinney, Tex
75,000
5,000
"""
First State Bank, Malone, Tex
25,000
8,000 j 184,861
Union State Bank, East Bernard, T e x . . . 50,000 10,000 i 252,182
Moran State Bank, Moran, Tex
30,000
6,000 "i 459,581
309,712
35,000
State
Munday, Tex
5,000
IFirst
'llOl/ O
t a t C Bank,
JL» CilliV , lTJ.UUHJ.CiJ,
JUG-*
603,190
25,000
3,200
First State Bank, Slaton, Tex.
50,000 10,000 ; 341,060
First State Bank, Rice, T e x . .
District No. 12.
Bank of Castleford, Castleford, Idaho
The Bank of Woodburn, Woodburn, Oreg.
First State Bank of Garfield, Garfield,
Wash
Farmers & Merchants Bank, Rockford,
Wash
Farmers State Bank, Sprague, Wash
25,000
40,000
1,250
10,000
50,000
15,000 I 561,925
25,000
25,000
3,000 ! 384,787
2,500 I 199,795
28,750
647,940
CONVERSION.
Hettinger State Bank, Hettinger, N. Dak., into The Live Stock
National Bank of Hettinger.
LIQUIDATIONS.
Boise State Savings Bank, Hudson, Mich.
The Struthers Savings and Banking Co., Struthers, Ohio.
Union Bank of Pike, Summit, Miss.
New National Bank Charters.
New charters issued to
39
With capital of
$3,480, 000
Increase of capital approved for
79
With new capital of
20, 020,100
Aggregate number of new charters and
banks increasing capital
118
With aggregate of new capital authorized
23,500,100
Number of banks liquidating (other than
those consolidating with other national
banks under the act of June 3, 1864)... 5
Capital of same banks
200, 000
Number of banks reducing capital
1
Reduction of capital
25,000
Total number of banks going into liquidation or reducing capital (other than those
consolidating with other national banks
under the act of June 3, 1864)
6
Aggregate capital reduction
225,000
Consolidation of national banks under the
act of Nov. 7, 1918
2
Capital....
10,250,000
The foregoing statement shows the aggregate of increased capital fo* the period of
the banks embraced in statement was
23, 500,100
Against this there was a reduction of capital owing to liquidation (other than for
consolidation with other national banks
under the act of June 3, 1864), and reductions of capital of
225,000
Net increases
23,275,100
MAY, 1920.
493
FEDERAL, RESERVE BULLETIN.
Trustee, executor, administrator, registrar of stocks and
bonds, guardian of estates, assignee, and receiver:
Northern National Bank, Cleveland, Ohio.
Commercial Failures Reported.
While a tendency toward increase in number of failures
is beginning to appear in certain parts of the country, yet
only 353 commercial defaults were reported to R. G" Dun
DISTRICT NO. 5.
& Co. during three weeks of April, against 419 in the same
period of 19i9, when the business mortality was relatively
moderate. The statement for March, the latest month for Guardian of estates, assignee, receiver, and committee of
which complete returns are available, discloses 5G6 inestates of lunatics:
solvencies for $12,699,325 of liabilities, as compared with
National Valley Bank, Staunton, Va.
029 reverses for $13,595,471 in March, last year, the numerical showing being the best of any March of which there is
DISTRICT No. 6.
record, and the indebtedness the smallest for the period
since 1907. When the March returns are separated according to Federal Reserve districts, more failures than in Trustee, executor, administrator, registrar of stocks and
bonds, guardian of estates, assignee, receiver, and
that month of 1919 are revealed in the second, third,
committee of estates of lunatics:
fourth, ninth, and eleventh districts, but these increases
Atlanta National Bank, Atlanta, Ga.
are offset by reductions in the first, sixth, seventh, tenth,
National Bank of Brunswick, Brunswick, Ga.
and twelfth districts. In the fifth and eighth districts no
change is shown. As to the liabilities, the amounts are Trustee, executor, administrator, registrar of stocks and
bonds, assignee, and receiver:
smaller in the first, third, fourth, sixth, tenth, eleventh,
First National Bank, Fitzgerald, Ga.
and twelfth districts.
Guardian of estates, assignee, receiver, and committee of
estates of lunatics:
Failures during March.
First National Bank, Anniston, Ala.
Bessemer National Bank, Bessemer, Ala.
Number.
Liabilities.
Districts.
1920
1919 j
1920
1919
I
First
Second....
Third
Fourth....
Fifth
Sixth
Seventh...
Eighth....
Ninth
Tenth
Eleventh.,
twelfth...
Total..
$866,304 j
6,213,228 I
644,375 I
553,082 !
464,017 |
382,988 i!
1,420,313
524,242 i
209,558 !:
42,557
203,445 '
1,175,216 '
54
139
33
63
36
34
64
31
18
.11
19
64
101
102
22
51
36
52
86
31
13
30
17
88
566 I
629 : 12,699,325
j
SI, 689,623
4,033,008
769,932
1,170,267
457,495
679,250
1,351,560
368,639
56,947
582,871
252,971
2,182,908
Trustee, executor, administrator, registrar of stocks and
bonds, guardian of estates, assignee, receiver, and committee of estates of lunatics:
Farmers National Bank, Cambridge, 111.
Live Stock Exchange National Bank, Chicago, 111.
Clark National Bank, Newton, Iowa.
Sioux National Bank, Sioux City, Iowa.
First National Bank, Kalamazoo, Mich.
DISTRICT NO. 8.
13,595,471
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 tho
Federal Reserve Board during the month of
April, 1920:
DISTRICT NO. 1.
Trustee, executor, administrator, registrar of stocks and
bonds, guardian of estates, assignee, receiver, and committee of estates of lunatics:
Thames National Bank, Norwich, Conn.
First National Bank of Yarmouth, Yarmouthport,
Mass.
DISTRICT NO. 3.
Trustee, executor, administrator, registrar of stocks and
bonds, guardian of estates, assignee, receiver, and committee of estates of lunatics:
First National Bank, Ambler, Pa.
Farmers & Merchants National Bank, Tyrone, Pa.
Trustee, executor, administrator, registrar of stocks and
bonds, and guardian of estates:
New Holland National Bank, New Holland, Pa.
DISTRICT NO. 4,
Trustee, executor, administrator, registrar of stocks and
bonds, guardian of estates, assignee, receiver, and committee of estates of lunatics:
Farmers & Producers National Bank, Sistorsville,
DISTRICT NO. 7.
Trustee, executor, administrator, registrar of stocks and
bonds, guardian of estates, assignee, and receiver:
National Bank of Sullivan, Sullivan, Ind.
Trustee, executor, administrator, registrar of stocks and
bonds, guardian of estates, assignee, receiver and committee of estates of lunatics:
Cairo National Bank, Cairo, 111.
DISTRICT NO. 10.
Trustee, executor, administrator, registrar of stocks and
bonds, guardian of estates, assignee, receiver, and committee of estates of lunatics:
Colorado Springs National Bank, Colorado Springs,
Colo.
Stock Yards National Bank, Denver, Colo.
First National Bank, Wichita, Kans.
Continental National Bank of Jackson County, Kansas
City, Mo.
Trustee, executor, administrator, registrar of stocks and
bonds, guardian of estates, assignee, and receiver:
National Bank of Commerce, Casper, Wyo.
DISTRICT NO. 12.
Guardian oi estates, assignee, receiver, and committee of
estates of lunatics:
National City Bank, Seattle, Wash.
Trustee, executor, administrator, registrar of stocks and
bonds, guardian of estates, assignee, receiver, and committee of estates of lunatics:
First National Bank, Toppenish, Wash.
First National Bank of Hawaii, Honolulu, Hawaii.
494
MAY,
FEDERAL RESERVE BULLETIN.
1020.
RULINGS OF THE FEDERAL RESERVE BOARD.
Below arc published rulings made by the
Federal Keserve Board which are believed to
be of interest to Federal Keserve Banks and
member banks:
Warehouse receipts covering whisky in bond.
The Federal Reserve Board has received a
letter stating that since national prohibition
became effective banks have not regarded
warehouse receipts covering whisky in bond
as good collateral and asking that the Federal
Reserve Board " reconsider the matter and
give some relief."
The Federal Reserve Board has never in the
past made any ruling to the effect that warehouse receipts covering whisky in bond are
either good or bad collateral for a bank loan.
It is obviously a question which each bank
must determine for itself and is not a matter
coming within the jurisdiction of the Federal
Reserve Board.
Article IV, section 26, of the regulations
issued by the Bureau of Internal Revenue,
under the terms of the Volstead Act, relative
to the manufacture, sale, possession, and use
of intoxicating liquors provides that whisky
and brandy may be "bottled in bond for
domestic medicinal purposes in a distillery
bottling house or bottling room of a special
bonding warehouse." On August 21, 1919,
the Attorney General of the United States
rendered an opinion to the Secretary of the
Treasury to the effect that the sale of warehouse certificates on whisky held in bond
subject to the payment of tax before rejuoval
was not a sale of whisky for beverage purposes
within the meaning of the war prohibition act
and was not prohibited by that act. Under
the terms of section 3 of Title II of the Volstead Act it is provided "That nothing in
this act shall prohibit the purchase or sale of
warehouse receipts covering distilled spirits
on deposit in Government bonded warehouses
and no special tax shall attach to the business
of purchasing
and selling such warehouse
receipts.'7
It seems reasonably clear, therefore, that
under the terms of the prohibition laws and
the regulations issued by the Treasury Department, warehouse receipts covering whisky in
bond may under certain circumstances bo
legally bought and. sold, and that under those
circumstances it is legally possible for the
owner of a warehouse receipt covering whisky
in bond to pledge the warehouse receipt as
security for his note. Whether or not a bank
will make a loan upon a note secured in that
manner is a question which, of course, must
be determined by the bank itself in each case.
The Federal Reserve Board has not and can
not make any ruling one way or another as to
the desirability of such a warehouse receipt
as collateral security for a loan upon a note.
The Federal Reserve Board, m construing
the provisions of section 13 of the Federal
Reserve Act, has had occasion to rule that a
warehouse receipt covering whisky in bond
which can be removed only for very specific
and limited purposes, is not a receipt conveying or 77securing title to "readily marketable
staples within the meaning of that section,
and that therefore such a receipt is not a
proper basis for a banker's acceptance of the
land defined in that section. That ruling,
however, has no relation to the legal right of a
bank to make a loan upon the note of a borrower secured by a warehouse receipt covering
whisky in bond.
Checks drawn on a member bank forwarded by another
member bank with instructions to remit to a Federal
Reserve Bank.
The following question has been presented to
the Federal Reserve Board for consideration:
Is a member bank, whether a State bank or a
national bank, required under the terms of the
Federal Reserve Act to remit at par for checks
drawn upon it and received from another
bank, other than a Federal Reserve Bank, with
directions to remit in payment direct to the
Federal Reserve Bank for the account of the
bank owning the items ?
Under the terms of section 13 of the Federal
Reserve Act it is expressly provided that nothing shall be construed to prohibit a member
or nonmembor bank from making reasonable
charges not to exceed 10 cents per $100 for the
collection or payment of checks and drafts and
remission therefor by exchange or otherwise.
The onlv limitation upon this provision is that
no such charges shall be made against the Federal Reserve Bank.
In the case presented the items are not forwarded to the drawee bank by the Federal Reserve Bank or its agent, but by another bank,
with instructions to remit for its account to the
Federal Reserve Bank. Any exchange, therefore, imposed by the drawee bank in that transaction is permissible under the terms of section
13, provided that it does not exceed 10 cents
per $100 or fraction thereof. In such a case
the charge is made against the bank for whose
account remission is made and not against the
Federal Reserve Bank which, in the circumstances, is merely a depositary of the proceeds
of the check, less the amount of the exchange
charge.
AVUIL 30,
1920.
MAY,
1920.
FEDERAL, RESERVE BULLETIN.
Certificates of deposit.
A ruling has been requested upon the question
whether a certificate of deposit in the following
form is a time certificate of deposit within the
meaning of the Regulations of the Federal Reserve Board.
This certifies that John Doe has deposited in this bank
one thousand dollars ($1,000.00) payable to the order of
self thirty days after demand in current funds on return of
this certificate properly endorsed twelve months after date,
with interest at 4 per cent per annum.
So far as the regulations of the Federal Reserve Board are concerned, a certificate evidencing a deposit with a bank either with or
without interest which is payable "after the
lapse of a certain specified time subsequent to
the date of the certificate, in no case less than
30 days/' is a time certificate of deposit, provided that presentation of the certificate properly indorsed is a condition precedent to the
withdrawal of the deposit.
495
The form of certificate described above seems
clearly to come within this definition for the first
12 months since it is payable 30 days after
demand only after 12 months have elapsed.
For the first 12 months, therefore, the Board
believes the member bank would be required
to maintain only 3 per cent reserves against the
deposit covered by the certificate. Subsequent
to the 12 months it must maintain those reserves which are required to be maintained
against demand deposits, since after that timo
the certificate no longer complies with the
Board's requirements of a time certificate of
deposit. If the certificate had required that
demand be made in writing it would then be
considered a time certificate of deposit not
only for the first 12 months but also for such
period thereafter as might elapse before demand in writing is made by the depositor.
APRIL 30,
1920.
LAW DEPARTMENT.
The following opinion of General Counsel company in amount greater than 10 per cent of the capital
has been authorized for publication by the and surplus of such State bank or trust company.
Board since the last edition of the BULLETIN:
Although the provisions of the California
banking laws provide for the segregation of
Limitations of section 9 upon amount of rediscounts for the capital and surplus and assets of the differa State member bank.
ent departments, of a bank, and although those
The provisions of section 0 of the Federal Reserve Act State laws base their limitations upon the
limiting the amount of paper of any one borrower which amounts of the capital and surplus assigned,
may be rediscounted for a State member bank to 10 per respectively, to the different departments,
cent of the capital and surplus of that bank relate to the
total capital and surplus of the bank and not merely to nevertheless in law there is only one corporate
T
the capital and surplus assigned under the terms of the entity and it must be that entity to w hich secState lav/ to the commercial department of the bank.
tion 9 refers. While it is clear that the puri t is understood that under the laws of the pose of section 9 was to permit State memState of California a bank is required to main- ber banks to loan in excess of 10 per cent
tain a separate capital for its commercial and of their capital and surplus if authorized to
savings departments and to maintain separate do so by their State law, nevertheless, in
reserves against the deposits in each depart- order that those State banks should not have
ment. The limitations imposed by the State an advantage over national banks, it was
law upon loans for each department are based provided that if a State bank should loan to
upon the separate capital stock and surplus one borrower in excess of the amount which it
accounts.
Under these circumstances the could have loaned had it been a national bankquestion is whether the provisions of section 9 ing association, the Federal Reserve Bank
of the Federal Reserve Act authorize a Federal could not discount for that State member bank
Reserve Bank to discount for a California any of the paper of that particular borrower.
Inasmuch as the purpose of the provision
State member bank the paper of a borrower
who is liable to that member bank in an amount quoted was to place State banks, so far as posin excess of 10 per cent of the capital and sible, upon the same basis as national banks
surplus segregated for the use of the com- and inasmuch as national banks can loan to
mercial department but not in excess of 10 per one borrower an amount as much as 10 per
cent of the aggregate capital and surplus of cent of the total capital and surplus whether it
both the commercial and savings departments. is being used in the commercial department, the
The applicable provision of section 9 reads savings department, or the trust department of
the bank, it follows by analogy that if a State
as follows:
member bank loans to one customer an
That no Federal Reserve Bank shall be permitted to
rediscount for any State bank or trust company notes, amount not greater than 10 per cent of its endrafts, or bills of exchange of any one borrower who is tire capital and surplus, regardless of whether
liable for borrowed money to such State bank or trust that capital and surplus is segregated for th e
496
FEDERAL RESERVE BULLETIN.
use of different departments, it comes within
the terms of section 9, and the Federal Reserve
Bank may properly make the discount.
The situation in California is little or no
different from the case of a national bank operating a trust department in a State which
requires the segregation of securities equal to
a certain percentage of the capital of the bank
for the protection of the trusts undertaken by
the trust department. In that case, the
beneficiaries under the trusts have a prior lien
upon that portion of the capital invested in
securities for their protection and the depositors in the commercial department can resort
to that part of the capital only after the beneficiaries under the trusts have been paid off.
In the case of California the depositors in the
commercial department can resort to that part
of the capital set aside for the operation of
the savings department only after the savings depositors have been paid off. In each
case the depositors in the commercial department, however, have, in substance, only a
secondary claim upon that part of the capital
set aside for the use of the other department.
It is believed, therefore, that a Federal Reserve Bank may properly discount for a State
member bank the paper of one borrower who
is liable to that State bank in an amount in
excess of 10 per cent of the capital and surplus segregated for the use of the commercial
department but not in excess of 10 per cent
of the aggregate capital and surplus of the corporation as a whole, provided, of course, that
the paper is otherwise eligible for discount.
APRIL 30,
1920.
Right of Federal Reserve Banks to collect checks drawn
on nonmember banks not remitting at par.
The following is an opinion rendered April
5, 1920, by United States District Judge
Beverly D. Evans, in the suit instituted against
the Federal Reserve Bank of Atlanta by a
number of nonmember State banks which
have refused to remit at par. The suit was
originally brought in a State court of Georgia
to enjoin the Federal Reserve Bank from collecting checks drawn on the plaintiff banks in
such manner as to prevent plaintiff banks from
charging exchange. The plaintiff banks alleged in substance that the established custom
among State banks in the Sixth Federal Reserve District of clearing checks through the
mails and of making exchange charges was
about to be interfered with by the defendant
Federal Reserve Bank of Atlanta in undertaking to collect such checks at par by presentation at the counter. The opinion holds
that the case is one of which the Federal court
MAY,
1920.
has jurisdiction and that it is a proper exercise
of power for the Federal Reserve Bank to collect checks by presentation at the counters of
the drawee banks in spite of the alleged custom.
The American Bank & Trust Co. et al. v. Federal Reserve
Bank of Atlanta et al.
Several State banks filed in the superior court of Fulton
County, Ga., an equitable petition against the Federal
Reserve Bank of Atlanta, and certain of its officials, alleging that the Reserve Bank had declared a policy of "par
clearance," set forth in an exhibit to the petition, and that
to enforce such policy it was the purpose of the Reserve
Bank to receive and collect checks drawn on the drawee
banks, by causing them to be presented over the counter
of such banks by an agent of the Reserve Bank, instead
of sending the checks through the customary channels of
correspondent banks or clearing houses; that this course
of business was intended to coerce State banks into becoming members of the reserve system and was ultra vires
of the powers of the Federal Reserve Bank and would
deprive petitioning banks and others in like position of the
customary compensation for collection and remittance
where checks reached them for payment under the present
method of doing business. The principal prayer of the
petition was to restrain the defendants from the adoption
of any method of collecting checks drawn against petitioners except through the usual and ordinary channel of
collecting checks through correspondent banks or clearing
houses. The case was removed to the United States
District Court of the Northern District of Georgia. Motions were made to remand the cause and also dismiss the
petition. The motion to remand must be denied. The
principal defendant is the Federal Reserve Bank of
Atlanta, Ga., incorporated by the Congress of the United
States. The district courts of the United States have
jurisdiction of all suits of a civil nature, at common law
or in equity, where the matter arises under the Constitution and laws of the United States. (Judicial Code, sec.
24.) A suit against, a corporation created and organized
under and pursuant to the Federal Reserve Act is one
arising under a law of the United States. (Osborn v.
Bank, 9 Wheaton, 738; Bankers Trust Co. v. Tex. & Pac.
Ry. Co., 241 U. S. 295.)
A Federal Reserve Bank is not a national banking association within the scope and meaning of the acts of Congress of July 12, 1882, August 13, 1888, and Judicial Code,
section 11, which place national banking associations, for
the purpose of action by and against them, upon the footing
of other citizens. National banking associations and the
subsequently created Reserve Banks are not ejusdem
generis; their functions are different, and their chief
characteristics are so unlike that it can not be supposed
that Congress intended them to be included in the former
legislation. A cursory reading of the Federal Reserve
Banking Act discloses that its great object is to give
elasticity to the national currency, and to prevent congestion in commercial centers. National banking associations are member banks of tho reserve system. The
Federal Reserve Board is empowered to examine into the
affairs of a national banking association; to supervise
through the bureau under the charge of the Comptroller
of Currency the issue and retirement of Federal Reserve
notes; to grant national banking associations the right
to act as trustee, executor, or administrator; to permit
member banks to carry in the Federal Reserve Banks of
their respective districts a portion ol their reserves required
to be held in their own vaults, etc. The general object of
the Federal Reserve System would be thwarted if the
Reserve Banks could only sue and. be sued under the same
conditions as national banking associations.
MAY, 1920.
FEDERAL RESERVE BULLETIN.
497
Furthermore, the petition expressly raised the point Reserve Board with the right to act as trustee, executor,
that the actings of the Federal Reserve Bank complained administrator, registrar of stocks and bonds, guardian of
of are ultra vires the act of incorporation. Clearly this estates, assignee, receiver, committee of estates of lunatics,
raises a Federal question, because the plaintiff's case can or in any other capacity in which State banks, trust comnot be adjudicated without construing a law of the United panies, or other corporations which come into competition
with national banks are permitted to act under the laws
States.
The motion to dismiss must be granted. When the of the State of Missouri. In such capacity it took the name
allegations of the bill with its legal conclusions and inter- of "Fidelity National Bank and Trust Company of Kansas
esting historical statement as to the origin and scope of City, Missouri," which name was duly approved by the
State banks are reduced to their last analysis, the charge Comptroller of the Currency, as provided by law. The
of complaining banks is, that the Federal Reserve Bank is respondent, in his official capacity, has taken the position
without the power (or, if it has the power, it should be that in the discharge of its functions as a trust company,
restrained from exercising it), to collect checks on banks under the name assumed, complainant is acting in violaof deposit received by it in the course of business by tion of the laws of the State of Missouri, particularly of secpresenting them for payment through agents over the tion 167 of article 2 of the title "Banks, trust companies,
counter of the drawee banks. That this method of collec- savings banks, and safe deposit institutions," Session Acts,
tion of checks will deprive the drawee banks of the revenue 1915, page 190, which provides as follows:
previously enjoyed where checks on them came through
Prohibition against encroachments upon powers of trust companies.—No
the mails from correspondent banks does not make the
association, firm, or corporation, other than a corporation autransaction unlawful. It is the duty of the drawee bank person,
thorized by the laws of this State to do the business of a trust company
to pay a check of the drawer, if it holds sufficient funds and subject to the supervision of the bank commissioner as provided by
of the drawer to pay it. It is no less the duty of the such laws, shall make use of the word or words "trust" or ''trust comas part of any artificial or corporate name or title, nor make use of
drawee bank to pay several checks than it is to pay a pany"
any sign at the place where his or its business is transacted, having theresingle check, when presented over the counter within on such words or any other word or words indicating that such place or
banking hours. The policy of the Reserve Bank of Atlanta, office is the place or office of a trust company, nor make use of or circulate
any written or printed, or partly written or partly printed, matter whatas outlined in the petition, is neither altra vires nor unlaw- ever
having thereon any such words or any other word or words indicating
ful. It is not to be presumed that the agency employed that the business conducted is that of a trust company, nor transact busiby the Federal Reserve Bank will act otherwise than may ness in such way or manner as to lead the public to believe, or as in the
of the bank commissioner might lead the public to believe, that
be lawful and proper in the presentation of the checks for opinion
his or its business is that of a trust company.
payment. The allegations of conspiracy are lacking in
essential features to charge an actionable wrong.
Respondent concedes that if complainant has been
Accordingly, orders may be presented denying the granted the power to act as trust company by the Federal
motion to remand and granting the motion to dismiss the Reserve Board, and if the Federal Reserve Board had
bill.
power and authority to confer such powers and authority
upon complainant, that complainant has the right to exercise such powers as it claims to be exercising. It is conRight of national bank in Missouri having trust powers ceded in the brief that complainant can use either the name
to use the words "trust company" as part of corporate "bank" or the name "trust company," but it is asserted it
title.
can not use both, although such use is authorized by the
statutes of the United States, and has been approved and
The following is an opinion rendered March sanctioned by the Comptroller of the Currency; and fur27, 1920, by Judge'Van Valkenburgh, of the ther, that it is illegal for complainant to advertise in any
United States District Court for the Western manner to the public that it is engaged in the exercise of
the trust powers vested in it by act of Congress and the
Division of the Western District of Missouri, grant
of the Federal Reserve Board, and that complainant,
sustaining the right of a national bank in Mis- because of its use of such name, and of its advertising, as
souri which has received a permit from the aforesaid, is transacting business in the State unlawfully
Federal Reserve Board to act in fiduciary ca- and without warrant or authority.
Accordingly, it is alleged in the bill, and not contropacities under the terms of section 11 (k) of the
in the answer, that the respondent bank commisFederal Reserve Act as amended by the act of verted
sioner has notified certain State banks and trust companies,
September 26, 1918, to use the words "trust making reports to him, that he can not approve the comcompany", as a part of its corporate name, plainant as a depository of their reserves or any part
with the approval of the Comptroller of the thereof, and has refused to approve their reports showing
the deposit of reserves in the complainant; that he has
Currency, and to advertise that it is engaged threatened,
and still threatens, to give like notices to
in the business of a trust company, notwith- other
banks and trust companies so reporting to him, and
standing a State law which forbids any cor- that he will, unless enjoined therefrom, continue to give
poration to do so unless it is authorized by the such notices; that he withholds his approval of the comState laws to do a trust business and unless it plainant as such depository of reserves in the case of
banks and trust companies, who are willing and
is subject to the supervision, of the State bank various
desire to designate the complainant as a depository, and
commissioner.
unless enjoined therefrom, will continue to withhold such
approval. Complainant avers that such action of reIN THE DISTRICT COURT OP THE UNITED STATES FOR THE spondent is without warrant in law, and in derogation of
WESTERN DIVISION OF THE WESTERN DISTRICT OF MIS- the rights of complainant, vested in it by act of Congress
SOURI.
and the grant of the Federal Reserve Board, and, therefore, constitutes a discrimination against complainant,
Fidelity National Bank and Trust Company of Kansas and
greatly to the injury of complainant in the conduct
City, complainant, v. C. F. Enright, Bank Commissioner of itsis business
as a national banking association. It is
of the State of Missouri, respondent.
apparent that said section 167 of the State Banking Act
The complainant, under the name of Fidelity Trust Co., was intended to prevent all persons, associations, firms or
was formerly a trust company organized under the laws of corporations, from making use of the word or words "trust"
the State of Missouri as such. Later it reorganized as a or "trust companies" as a part of their title, unless aunational banking corporation, clothed by the Federal thorized by the laws of the State to do the business of a
498
FEDERAL RESERVE BULLETIN.
trust company, and subject to the supervision of the bank
commissioner, as provided by such laws. The complainant was a corporation authorized by the laws of the State
in this behalf, and remains so authorized, unless its reorganization as a national banking corporation has deprived it of this privilege. The Federal Act, Statutes at
Large, vol. 40, part 1, p. 969, expressly subjects national
banks exercising such trust powers to State supervision
and inspection with respect to trust transactions:
National banks exercising any or all of the powers enumerated in this
subsection shall segregate all assets held in any fiduciary capacity from the
general assets of the bank and shall keep a separate set of books and records
showing in proper detail all transactions engaged in under authority of
this subsection. Such books and records shall be open to inspection
by the State authorities to the same extent as the books and records of
corporations organized under State law which exercise fiduciary powers,
but nothing in this act shall be construed as authorizing the State authorities to examine the books, records, and assets of the national bank
which are not held in trust under authority of this subsection.
It seems to be the policy of the State officers, as disclosed by the answer, that Missouri corporations shall not
be permitted to assume the name of "Bank and trust
company." The authority for this prohibition seems
difficult to deduce from the sections cited. Section 102 of
the banking act, Laws of Missouri, 1915, page 152, provides that no person, except a national bank, a Federal
Reserve Bank, a private banker, or a corporation duly
authorized by the commissioner to transact a banking business in this State, shall make use of any office sign at the
place where such business is transacted indicating that
such place or office is the place or office of a bank, nor
otherwise indicate that such business is the business of a
bank. Section 167, as we have seen, prohibits the use of
the word or words "trust" or "trust company," unless by
a person or organization authorized to do the business of
a trust company. No good reason is perceived why any
one authorized to do both kinds of business may not use
both names. But, however this may be, it is beyond
debate that the Federal Reserve Board, by valid legislation, under a valid act of Congress, has clothed complainant with power to act in this same fiduciary capacity
"in which State banks, trust companies, or other corporations which come into competition with national banks
are permitted to act under the laws of the State in which
the national bank is located." This was the obvious purpose of the grant, to promote the efficiency of these agencies
of the Federal Government to discharge the duties, for
the performance of which they were created, and to relieve
them from the disadvantage of competition with State
institutions under less favorable conditions. True, it is
provided that the permit shall be granted only "when not
in contravention of State or local laws." But in the same
section it is declared that "whenever the laws of such
State authorize or permit the exercise of any and all of the
foregoing powers by State banks, trust companies, or other
corporations which compete with national banks, the
granting to and the exercise of such powers by national
banks shall not be deemed to be in contravention of State
or local law within the meaning of this act." It can no
longer be questioned that:
National banks are instrumentalities of the Foderal Government
created for a public purpose, and as such necessarily subject to the paramount authority of the United States. It follows that an attempt by a
State to define their duties, or control the conduct of their affairs, is
absolutely void, wherever such attempted exercise of authority expressly
conflicts with the laws of the United States and either frustrates the
purpose of the national legislation or impairs the efficiency of these
agencies of the Federal Government to discharge the duties for the performance of which they were created. (Davis v. Elmira Sav. Bank,
161 U. S., 283.)
When the Government of the United States enters any
field over which Congress is given express, or necessarily
implied, jurisdiction, it appropriates that field to the
fullest extent necessary to insure the complete and effective exercise of its sovereignty. The name of a national
bank must be approved by the"Comptroller of the Currency.
It can be changed, or its use interfered with, by no other
authority. We have here, then, a national bank empowered
MAY,
1920.
by the laws of the United States to act in a fiduciary capacity and bearing a name confirmed by national authority.
Clearly any act on the part of the State which impairs,
hampers, embarrasses, restricts, or in effect wholly prevents the discharge of its functions as a national banking
institution with the incidental powers enumerated, must
be void, because in express conflict with the paramount
laws of the United States.
But, in my opinion, this discussion is in large measure
academic, because the decision of the Supreme Court of
the United States in First National Bank y. Fellows (244
U. S., 416), is determinative of the question here before
us. The power of Congress and the validity of the action
of the Federal Reserve Board is expressly\ipheld. The
court, citing McCulloch v. Maryland (4 Wheat., 31fi),
and Osborn v. Bank (9 Wheat., 738), declared that "the
implied power of Congress to confer a particular function
upon a national bank is to be tested, not by the nature of
the function viewed by itself, but by its relations to all
the functions and attributes of the bank considered as an
entity;" that "the circumstance that a function is of a
class subject to State regulation does not prevent Congress
from authorizing a national bank to exercise it; nor would
it lie with th e State power to forbid this;" that'' a business
not inherently such that Congress may empower national
banks to engage in it may nevertheless become appropriate
to their functions if, by'State law, State banking corporations, trust companies, or other rivals of national banks are
permitted to carry it on;'7 that "the section authorizes the
specified functions to be exercised by national banks when
the right to perform them is given by State law, or is
deducible therefrom through being so conferred on State
banks or corporations whose business in some degree rivals
that of national banks; and it gives administrative power
to the Reserve Board as a means of coordinating such
functions, in their exercise by national banks, with the
reasonable and nondiscriminating provisions of State law
regulating their exercise as to State corporations."
The language and reasoning of that opinion so completely
answers the contentions of the respondent in the case at
bar that further elaboration is unnecessary. It surely can
not be contended that if valicj authority is granted to a
national banking corporation to exercise certain functions,
under a name which no State agency is entitled to question, the enjoyment of the legitimate powers thus conferred can be indirectly limited or destroyed in the manner alleged in this bill. That such would be the necessary
effect of the action of the bank commissioner can not be
doubted, it follows, then, that the motion to strike must
be sustained and such injunctiye relief granted as will
protect complainant in the exercise of the national powers
conferred upon it.
Amendment to Section 14.
[Public—No. 170—66th Congress. H. R. 12711. An act to amend the
act approved Dec. 23,1913, known as the Federal Reserve Act.]
Be it enacted by the Senate and House of Representatives of
the United States of America in Congress assembled, That
section 14 of the Federal Reserve Act as amended by the
acts approved September 7, 1916, and June 21, 1917, be
further amended by striking out the semicolon after the
word "business" at the end of subparagraph (d) and
insert in lieu thereof the following: "and which, subject
to the approval, review, and determination of the Federal
Reserve Board, may be graduated or progressed on the
basis of the amount *of the advances and discount accommodations extended, by the Federal Reserve Bank to the
borrowing bank."
Approved, April 13, 1920.
MAY,
1920.
INTERNATIONAL PRICE INDEX.
It was stated in the January BULLETIN that
the Federal Reserve Board expected to construct an international price index. Since
that time the technical details of the plan
have been worked out and an index number
constructed for the United States. The same
method will be employed in the case of foreign
countries. Arrangements have been made
with the State Department for the cabling of
prices each month from foreign countries, and
the preliminary work of choosing commodities
and determining quantity weights has been
largely completed in the case of England,
France and Italy. Wholesale prices are being
received by cable from England and France at
present.
This international index is not a single index
of world prices, but a group of index numbers
for different countries all constructed in the
same fashion. The same base year, the same
type of quotations, and approximately the
same number of commodities, are being used
in the case of each country. Many staple
commodities will be included in all the indexes;
in addition the index of each country will
include a certain number of commodities
of special importance in its economic life.
Classification of commodities.—The
classifica-
tion used in the index is in part the same as
the one now used by the Board in its study of
domestic wholesale prices, i. e., commodities
arc grouped according to stage of manufacture,
as (1) raw materials, (2) producers' goods, and
(3) consumers' goods. An additional classification has been made in the case of the international index, namely, (1) goods produced, (2)
goods imported, (3) goods consumed, and (4)
goods exported. The first two of these groups
classify commodities according to the source
from which obtained, the second two according j
to the use to which they are put.
Period covered and the base year.—In
con-
structing the index number, the year 1913 has
been used as a base and prices in 1919 and
since have been measured in terms of that year.
Although the prewar year is somewhat remote
in point of time, it furnishes a more satisfactory
base than any year since then. No effort has
been made to cover the war period since prices
and international trade were subject to altogether abnormal conditions during that time.
The quotations.—About 60 different commodities are included in the American index, if
we allow the raw material, the semifinished,
and the finished product of an industry each to
represent a different commodity. Between 80
and 90 different quotations are used. Repetition of commodities occurs in the classification
according to source and use, but the all com-
499
FEDERAL RESERVE BULLETIN.
modities index is the total of " commodities
produced" plus "commodities imported.77
The quotations are all taken at wholesale
on a weekly or monthly basis, a contract price
being used if actual transactions in the commodity are usually made on this basis. Imported goods are quoted in American markets,
not in the markets from which they are obtained. Export goods are also quoted in
American markets.
In choosing commodities to represent home
production, an effort has been made to cover
the most important agricultural, mineral, and
forest products. Quotations have been chosen
as far as possible to represent the most common
types of the commodities in question. In the
case of imports the same method has been
used. For instance, it was not feasible to
obtain quotations for all kinds of foreign wools
or hides. Instead, prices of commodities from
leading source markets have been allowed to
stand for the prices of all imports.
Source of quotations.—Quotations have been
obtained for the most part from trade journals,
although a considerable number have been
furnished by private firms. In general, the
sources are the same as those used by the
Price Section of the War Industries Board in
its study of prices during the war. In this
study a special effort was made to obtain the
most representative quotations for each of the
commodity lines. In many cases the quotations are the same as those used by the Bureau
of Labor Statistics and are being furnished us
by that bureau.
Index numbers—United States.
[Average prices 1913=100.]
I
Date.
1913.
January...
February.
March
April
May
June
July
August....
September
October...
November
December.
1919.
January...
February.
March
April
May
June
July
August
September
October...
November
December.
1920.
January...
February.
March
G oods ;| Im- Ex- Con- Raw ProCon- ;
pro- port- portmate- ducers' sumcrs', All.
duccd.; ed. ed. sumed. rials. goods. goods. ;
100 !i
100
100
ioi:
100 ;
100
100
101 ;
101
101
105
104
103
101
101
99
99
101
100
98
98
94
97
100
99
100
99
100
100
99
102
103
102
99
199
193
195
200
200
207
217
224
216
217
223
226
168
166
164
166
173
180
176
174
169
173
177
202
239
240
242
254
256
260
201
1^4
195
195
211
2.15
225
220
212
227
242
242 i
100
101
101
99
101
100
101
101
100 100
100 100
101 !
101 j 101
101 ! 102
101 ! 102
98 ! 100
97 ! 98
i
190 | 195
190 i 190
192 ! 196
19S 201
202 I 208
213 | 208
223 ; 217
219 j 218 .
213 ! 211 i
213 i 213
218 219
222 221 i
193
192
187
182
186
193
201
207
204
207
213
221
200
192
192
201
207
208
219
230
221
219
225
230
197
191
193
198
203
205
215
220
213
214
220
224
251;
247 !
252
237 i 235 !
242 I 239 j
236
247
264
245
244
238
241
241
244
105
105
105
103
101
101
101 !
100
96
95
100
100
101
101
100
101 100
102 •• 100
102 101
102 101
100 i 100
100 , 99
99
97
500
MAT, 1920.
FEDERAL RESERVE BULLETIN.
Weighting.—The system of "weighting"
used in the index is based upon the simple
equation: The quantity of goods produced in a
year 4- that imported = the quantity consumed +
that exported, assuming that stocks remain
stable. As the basis for weighting 1913 figures
have been used, since, in most countries, that
was a more normal business year than 1919.
In applying the weights to the prices, the
commodity quoted lms been allowed to represent other commodities in the same general
class. In other words, the weight applied to
petroleum in the production index is total production of petroleum in the United States,
not merely the production in the California
and mid-continent fields (the grades for which
quotations are carried). A slightly different
method has been used in the case of petroleum
products and hides and skins. In these cases
the commodities included in the index rep-
resent all but a small proportion of total production of such commodities, and have been
weighted by these amounts instead of the total.
The production and7 consumption weights are
only approximatel} correct, as it has been
necessary to resort to estimates in a large
number of instances.
The method used for obtaining the weighted
index number is that of multiplying the price of
each commodity each month by its weight,
adding all of these weighted prices together for
each month, and converting the money aggregates into relative or index numbers on the
1913 base. The all-commodities index is obtained by converting the sum of the aggregates
of goods produced plus goods imported to index
numbers.
The table preceding shows the index numbers
for the United States. These numbers are
subject to correction in the June BULLETIN.
International price index— United States.
A. GOODS PRODUCED.
Unit.
Commodity.
Market.
Grade.
Weight (000
omitted).
I. RAW MATERIALS.
Corn.1
Wheat
Do
Hayi
Oats
Barley
Rye
Tobacco
Cotton
Wool
Do
Cattle
Hogs
Sheep
Hides
Do
Do
Pig iron
Refined copper
Zinc
Lead
Coal
Do
Do
Coke
Petroleum
Do
Lumber
Bu..
Bu..
Bu.
Ton.
Bu..
Bu.
Bu.
Cwt.
Lb..
Lb.
Lb.
Cwt.
Cwt.,
Cwt
Lb
Lb
[
Skin
!
Gross ton
Lb
!
Lb.
Lb
Short ton
Short ton
i Long ton
j
Short ton
|
Bbl. (42gal.).-!
Bbl. (42 gal.)..
Do
Do
Mft..
Mft..
Mixed No. 3, cash
No. 2 red winter, cash
No. 1 northern spring, cash
Clover mixed No. 1
No. 3 white, cash
Cash, fair to good
No. 2 cash..
Burley, good leaf, bright red
Upland middling
Ohio fine unwashed delaine
Ohio £ blood, unwashed
Steers, good to choice
Choice, light
Prime
Packer, heavy native steers
Packer, light'native cows..
Calfskin, New Kngland, 7-9 pounds
Basic, Mahoning <k Shonango Valley furnace.
Electrolytic
Prime western
Bituminous, Pittsburgh, run of mine
Semibituminous, Pocahontas
Anthracite, chestnut
Connellsville furnace
California 20° Baume
Mid-Continent, Kansas-Oklahoma
Douglas fir, common, No. 1 (SIS)
Southern yellow pine, common boards, No. 1 (S2S).,
Oak, plain No. 1, common 4/4
. PRODUCERS' GOODS.
Cane sugar
Cottonseed oil
Cotton yarns
Dol
Do
Worsted yarns
Do./.
Do
Leather
Do
Steel billets
Rolled steel products
;
Lb
Lb
Lb
Lb
Lb
Lb
Lb
Lb
Lb
Sq.ft
Gross ton
Gross ton
!!!!!!!!!!!!!!!!!!!!!!!
Do
Copper products
Fuel oil
Gasoline
Brick
Cement
Paper
Lb
j Bbl.
j G al
iM
i Bbl
j Cwt
j Raw, 96° centrifugal
| Prime, summer, yellow
'; 2/20;s ring spun, Southern skein
j 2/30's warp skeins
! 2/40's filling skeins
1/50's, domestic, fine, French system
,
2/40's. £ blood, Bradford system
2/20's-2/24\s, low \ blood, Bradford system
Hemlock sole, packer slaughter No. 1
Chrome calf, dull or bright, range of B grades
Open hearth
Steel rails, open hearth, standard
Steel shapes, structural
,
Steel bars, merchant
Steel plates, tank
,
Copper wire, bare, No. 8 B. & S. gauge and heavier
(base size).
(50 gal.)..
Motor, tank wagon prices
Common red, domestic, building
Portland, domestic, spot
Newsprint in rolls, car lots, contract prices.
1
Rated by quantities sold.
Chicago
do
Minneapolis
Cincinnati
Chicago
do,
do
Louisville
New Orleans.
•Boston
Chicago
do..
New York
^Chicago
New York
At furnaces
New York
East St. Louis
,
New York
Cincinnati, f. o. b. cars
Norfolk, f. o. b
,
New York tidewater
F. o. b. ovens
Wells, San Joaquin
,
Wells.
F. o. b. mills, Washington
State.
Louisiana, Mississippi, etc.
North Carolina, West Virginia, etc.
489,000
763,000
16,000
1,122,000
178.000
4L000
10,000
7,078,000
New York.
.....do
600,000
1,462,000
....do
Philadelphia.
Boston
.....do
Chicago
General
Pittsburgh...
do
Chicago
Pittsburgh...
do
F. o. b. mills.
Tulsa
New York
New York docks.
New York
do
296,000
104,000
116,000
14,000
428,000
4,000
31,000
1,615,000
794,000
924,000
479,000
82,000
46,000
248,000
38,000
489,000
331,000
558,000
933,000
31,300
13,500
501,000
80,000
1,282,000
8,000
92,OOo
90,000
MAY, 1920.
501
FEDERAL RESERVE BULLETIN.
International price index—United States—Continued.
A. GOODS PRODUCED—Continued.
Unit.
Commodity.
Weight (000
omitted).
Market.
Grade.
III. CONSUMERS' GOODS.
Short ton
Cwt
Cwt
Bbl. (196 lbs.).
Lb
Lb...
Lb...
Lb...
Cwt..
Lb.
Cwt..
Lb..
Lb...
Lb..
Cwt..
Yd...
Yd..
Yd..
Yd..
Pr..
Gal..
Sulphuric acid
Acetate of lime
Sulphate of ammonia
Wheat flour
Rice
Sugar
Tobacco
Beef
Pork products
Mutton
Lard
Butter
Do
Cheese
Potatoes
Cotton cloth
Do
Do
Woolen cloth
Boots and shoes
Kerosene
3.014
I) 630
3,900
106,000
1,158,000
7,800,000
444,000
6,564,000
92,000
737,000
15,000
1,757,000
300,000
199,000
66° Baume* bulk
i do.,
Gray, 80 per cent delivered
do..
Prompt
.do.,
Standard patents
Minneapolis
Honduras head, domestic clean
New Orlean s...
Granulated, in barrels
New York
Plug, 12 pieces to pound
do
Carcass, good native steers
Chicago
Hams, smoked, loose
'
do
Dressed
i New York
"City"
|
do
Creamery, extra
I Philadelphia...
do
; Ran Francisco..
Whole milk, American twins
i Chicago
!
White, good to choice
do
Print cloth, 38Hnch, 04 by 60, 5.35 pounds
!i]
mds
•New Y o r k .
Print cloth, 39-inch, 80 by 80. 4 pounds..
s
Y
Sheetings,
^
n o o i i u g o , 36-inch,
OU-IIIA.U, 48
t o by
ijy 40,
*u, 5.50
u.uu pounds.
JJUUIIUO.
-jj
Serge suiting, 11 ounces. 56 by 58 inches,ISFulton Mills..;jl do..
Shoes, men's vici kid, Goodyear welt
'
do.
150° fire test, tank wagon
do..
6,699,000
460,000
293,000
2,076,000
B. GOODS IMPORTED.
I. RAW MATERIALS.
Cotton..
Wool...
Do.
Silk....
Do.
Lb.
Lb.
Lb.
Lb.
Lb.
Hides
Tin
Lumber
Lb.
Lb...
M.ft.
Egyptian Sakellaridis, medium
United States.
Boston
Buenos Ayres 46's, grease basis
....do
Sydney and Geelong combing, 64's, scoured
Japanese, filature Shinshu No. 1,13-15
Chinese, steam filature best chops, first and second iNewYork.
choice.
/Cattle hides, Bogota
•
do
!\Ooatskins,RioHache
....do
| Straits, pig
j White pine (Canadian)..
Boston
105,000
100,000
17,000
34,000
498,000
104,000
1,000
II. PRODUCERS' GOODS.
Cane sugar
Burlap
Sisal
Sulphate of ammonia
Nitrate of soda
Rubber
Lb.
Lb.
Lb.
Cwt..
Cwt..
Lb..
.! Raw 96°, centrifugal
.1 40-inch, Calcutta
. I Mexican, current shipment
. J Prompt
. | 95 per cent
{/Plantation Hevea, first latex crepe.
"j\Brazilian Para, upriver fine
New York.,
.do
.do.,
.do.,
.do..
•
.,400,000
460,000
163,000
1,320
163,000
116,000
do
III. CONSUMERS' GOODS.
Coffee.
Tea....
Lb.
Lb.
Santos, No. 4
Formosa
;
New York
do
863,000
89,000
C. GOODS E X P O R T E D .
I. RAW MATERIALS.
Wheat
Corn
Oats
Barley
Tobacco
Cotton
Copper
Coal
Do
Pig iron
Petroleum.,
Lumber....
Do.
Do.
I
i -nu
/No. 2 red winter, cash.
\No. 1 northern spring.
Mixed No. 3, cash
Bu..
.i B u . .
No. 3 white, cash..
.! B u . .
Cash, fair to good.
J. Cwt.
Burloy, good leaf, bright red
.1 L b . .
Upland middling
J Lb..
Electrolytic
/Bituminous, Pittsburgh, run of mine
Short ton
,\Semibituminous, Pocahontas
Long ton
Anthracite, chestnut
Basic, Mahoning and Shenango Valley furnace.
Long ton
/California, 20° Baume*
."
Bbl. (42gal.)..| \Mid-conlinent, Kansas, Oklahoma
Douglasfir,common No. 1 (SIS)
Mft
Mft..
Mft..
Southern yellow pine, common boards No. 1 (S2SN>
Oak, plain No. 1, common 4/4
'
Lb.
Lb.
Sq.ft
Gross ton.
Gross ton.
Gross ton.
Gross ton.
Prime, summer, yellow
Hemlock sole, packer slaughter No. 1
Chrome calf, dull or bright, range of B grades
Steel rails, open hearth, standard
Steel shapes, structural
Steel bars, merchant
Steel plates, tank
II. PRODUCERS' GOODS.
Cottonseed oil
Leather
Do.
Rolled steel products.
Do
Do
Do
i
J
.|
.1
.|
Chicago
Minneapolis..
Chicago
do
do
Louisville
New Orleans.
New Y o r k . . .
Cincinnati
Norfolk.
New York tidewater.
At furnace
Wells, San Joaquin...
Wells.
J F. o. b. mills, Washington :
State.
I
! Louisiana, Mississippi, etc...;;
North
Carolina,
West
Vir:
ginia, etc.
;
: New York
' Chicago
i General
; Pittsburgh
; Chicago
; Pittsburgh
'
do
i
]
100,000
45,000
5,000
13,000
4,440
4,628,000
818,000
18,000
4,000
278
3,064
315,000
31,000
106,000
1,325
502
MAY, 1920.
FEDERAL RESERVE BULLETIN.
International price index United States—Continued.
C. GOODS EXPORTED—Continued.
Unit.
Commodity.
Grade.
Market.
Weight (000
omitted).
n. PRODUCERS' GOODS—con.
Copper products
Acetate of lime
Fuel oil
Gasoline
Nitrate of soda
Lb
j Copper wire, bare, No. 8, B. & S. gauge and heavier
j (base size).
Cwt
! Gray. 80 per cent, delivered
*
Bbl. (50gal.)..
Motor, tank-wagon prices
Gal
00 per cent
Cwt
F . o. b. mills
108,000
New York
Tulsa
New York
do
740
8,500
188,000
30,000
i Minneapolis.
: Now York...
: Chicago
'• New York..,
! New York..
;]
> do
]
12,000
52,000
4,140
6,000
51,000
III. CONSUMERS' GOODS.
Wheat flour
Refined sugar
Pork products
Lard
Coffee
Cotton cloth
Do
uv
Do
Shoes
Kerosene
Bbl. (196 lbs.). Standard patents
Lb.
Granulated
Hams, smoked loose
Cwt..
City"
Cwt.,
Lb.
Santos, No. 4
Print cloth, 38i-inch, 64 by 60, 4.35 pounds
Yd.!
Yd.,
Print cloth, 39^inch, 80 by 80,4 pounds
! Yd.,
J. u
Sheetings, 36-inch, 48 by 40,5.50 pounds
! Pr
I Men's vici kid, Goodyear welt
I Gal
i 150° fire test, tank wagon
D.
:
New York . .
467,000
10,000
1,119,000
GOODS CONSUMED.
I. RAW MATERIALS.
Hav1
Corn*
Wheat
Oats
Barley
Rye
Cattle
Hogs
Sheep
Tobacco
Cotton
Wool
Do
Do
Do
Silk.
Hides
Do
Do
Pig iron
Copper
Zinc
Lead
Tin
Coal
Do
Do
Coke
Petroleum
Do
Lumber
Do.
Do.
Clover mixed, No. 1
Mixed No. 3, cash
/No. 2 red winter, cash
\No. 1 northern spring, cash
No. 3, white, cash
Cash, fair to good
No. 2 cash
; Steers, good to choice
i Choice, light
! Prime
! Burley, good leaf, bright red
j Upland middling
Ohio fine unwashed delaine
: Ohio i blood unwashed
j Buenos Ayres 46's, grease basis
j Sydney and Geelong merinos scoured
/Japanese, filature, Shinshu No. 1,13-15
\Chinese, steam filature, best chops, first and second
choice.
/Packer, heavy native steers
Lb
\Packer, light native cows
Calfskins, New England, 7-9 pounds
Skin
/Cattle hides, Bogota
Lb
\Goatskins, Rip Hache
G ross ton
Basic, Mahoning, and Shenango Valley furnace
Lb
Electrolytic
!
Prime western
Lb
Pig
Lb
Straits, pig
Lb
Bituminous, Pittsburgh, run of mine
Short ton
Semibituminous, Pocaliontas
Short ton
Anthracite, chestnut
Long ton
Connellsville, furnace
Short ton
Bbl. (42gal.).. California 20° Baume
Bbl. (42gal.)..I Mid-continent, Kansas, Oklahoma
Douglas fir, common, No. 1 (SIS)
Mft
Ton.
Bu..
Bu.,
Bu..
Bu..
Bu..
Cwt
Cwt
Cwt
Cwt
Lb
Lb
Lb
Lb
Lb
Southern yellow pine, common boards No. 1 (S2S)
Oak, plain, No. 1, common 4/4
M ft.,
Mft.
: Cincinnati.....
Chicago
do
Minneapolis..
Chicago
do
'•
do
do
:
do
New York
Louisville
New Orleans...
]
I„
Mioston.,
(
j
\N
/
I
\,
1/
New York
\
,
j . . . -do
' At furnace
I New York
' East St. Louis.
New York
i
do
!
Cincinnati, f. o. b. cars
Norfolk, f. o. b
N. Y. tidewater
F. o. b. ovens
Wells, San Joaquin
Wells
F. o. b. mills, Washington
State.
i Louisiana, Mississippi, e t c . ,
j North Carolina, West Vir' ginia,etc.
16,000
444,000
663,000
1,128,000
165,000
41,000
111,000
116,000
14,000
6,000
2,555,000
448,000
34,000
428,000
4,000
498,000
31,000
797,000
794,000
1,038,000
101,000
461,000
78,000
46,000
260,000
36,000
II. PRODUCERS' GOODS.
Cane sugar
Cottonseed oil
Cotton yarns
Do.
Do
Worsted yarns
Do
Do
Burlap
Sisal
Leather
Do
Steel billets
96° centrifugal
Prime, summer, yellow
2/20's, ring spun, southern skeins
2/30's, warp skeins
2/40's, filling skeins
1/50's, domestic fine, French system
2/40's, \ blood, Bradford system
2/20's-2/24's, low { blood, Bradford system
40-inch, Calcutta
Mexican, current shipment
Hemlock sole, packer, slaughter No. 1
Chrome calf, dull or bright, range of B grade?
Open hearth
, Lb.
Lb.
Lb.
! Lb.
Lb.
Lb.
! Lb.
I Lb.
Lb.
i Lb.
Lb.
Lb
Long ton.,
1
Weighed by quantity sold for domestic consumption.
New York
do
I
> do
i|
j Philadelphia
• Boston
:
do
;
New York
do
! Chicago
:
General
Pittsburgh
;
:
7.000,000
I', 147,000
495,000
331,000
460,000
133,000
527,000
827,000
31,200
MAT, 1920.
503
FEDERAL RESERVE BULLETIN.
International price index—United States—Continued.
I). GOODS CONSUMED—Continued.
Unit.
Commodity.
II. PRODUCERS' GOODS—COn. j
Grade.
I
j
!
i
Pittsburgh...
i Long ton
I Steel rails, open hearth, standard
Chicago
|! Long ton
I StceJ shapes, structural
Pittsburgh...
Long ton
j Steel bars, merchant
Steel plates,
tank
do
• Long ton
Stl
lt
tk
Copper wire, bare, No. 8 B. <fc S. gauge and heavier F. o. b. mills.
j Lb..
(base
size).
;
:
Tulsa
Bbl. (50 gal.)
New York
Gal
Motor, tank-wagon prices
New York docks
jM
i Common red, domestic, building
! Rbl
Portland, domestic, spot
, New York
: Cwt
Newsprint in rolls, car lots, contract
, .....do
! LT ,b
jf Plantation, Hevea, first latex crepe
''
(Brazilian, Para, up river, fine...:
60° Baumd bulk
.do
!: ~Short. .ton
Gray, 80 per cent, domestic
.do
! Cwt
Prompt
.do
' Cwt
95 per cent
.do
I Cwt
Rolled steel products
Do
Do
Do
Copper products
Fuel oil
Gasoline
Brick
Cement
Paper
•n ,.
Rubbcr
~
Sulphuric
acid
Acetate of lime
Sulphate of ammonia
Nitrate of soda
III. CONSUMERS' GOODS.
RETAIL TRADE.
In the following tables is given a summary
of the results obtained during the past few
months in districts Nos. 1, 2, 3, 4, 5, 6, 7, 10,
and 12, on the regular retail trade index form
from representative department stores. In
districts Nos. 1, 5, and 12 the data wore received
in (and averages computed from) actual
amounts (dollars). In districts Nos. 2, 3, 4, 5,
6, 7, and 10 the material was received in the
form of percentages, the averages for the cities
12,175
393,000
!
;
!
!
71,500
957,000
8,000
89,000
90,000
116,000
3,014
890
5,220
133,000
|
i Bbl. (196 lbs.). Standard patents
Honduras head, domestic, clean
Lb.
Granulated in barrels
Lb.
Lb
j Plug, 12 pieces to pound
Lb
I Carcass, good native steers
Cwt
Hams, smoked, loose
Lb
Dressed
"City 1 3
' Cwt.
Creamery, extra.
i: Lb.
do
Lb.
Whole milk
Lb.
Santos, No. 4
Lb.
Formosa.
: Lb.
I Cwt
White, good to choice
Yd
Print
cloth, 38£ inch, 64 by 60, 4.35 pounds
;
Yd
Print cloth, 39 inch, 80 by 80,4 pounds
Yd
! Sheetings, 36 inch, 48 by 40, 5.50 pounds
Yd.
! Serge suiting, 11 oz., 50 by 58 indies, Fulton
Pr
I Men's vici kid, Goodyear welt
I Gal
I 150° fire test, tank wagon
Wheat
flour
Rice..
._„„__
Sugar.
Tobacco
Beef
Pork products
Mutton
Lard
Butter
Do
Cheese
Coffee
Tea
Potatoes
Cotton cloths
Do
Do
Woolen cloth
Boots and shoes
Kerosene
Weight (000
omitted).
Market.
I Minneapolis
! Nov.- Orleans
I New York
i
do
I Chicago
do
! New York
' ..do,
Philadelphia..
San Francisco.,
Chicago
New York
.do..
! Chicago.
i
i
j
•!
94,000
1, 223,000
6,248,000
444,000
6,564.000
88, 000
732,000
9,000
1,757,000
353,000
812,000
89,000
199,000
•New York
6,279,000
....do
482,000
283,000
1,094,000
New York.
and districts computed from such percentages
being weighted according to volume of business
done during the calendar year 1919. For the
month of March, the tables are based on reports from 14 stores reported in district No.
1, 9 in district No. 2, 16 in district No. 3, 17
in district No. 4, 9 in district No. 5, 6 in
district No. 6, 6 in district No. 7, 7 in district
No. 10, and 30 in district No. 12. For the
earlier months the number of stores varied
somewhat, due to the inclusion of new stores
irom time to time in the reporting list.
504
FEDERAL RESERVE
MAY, 1920.
BULLETIN.
Condition of retail trade in Federal Reserve districts Nos. 1, 2, 3, 4, 5, 6, 7, 10, and 12.
[Percentage of increase.]
Comparison of net sales with those of corresponding period previous year.
District and city.
52.0 !
; 42.3 \ 33.2
i 41.9 I 43.5
District No. 2:
New York City and Brooklyn.
Outside
District
District
District
District
District
District
District
No. 3
No. 4
No. 5
No. 6
No. 7
No. 10
District No. 12:
Los Angeles
San Francisco
Oakland
Sacramento
Seattle
Spokane
Salt Lake City
48.8
31.3
20.7
; 16.7
23.7
23.2
District
30.3
41.0
Stocks at end of month compared with—
Same month previous year.
Previous month.
District and city.
District No. 1:
Boston
Outside
August,
1919.
September,
! 6.4
I
11.4
December,
1919.
1919.
25.4
24.9
4.9;.
District..
District No. 2:
New York City and
Brooklyn
Outside
September,
1919.
Janu- Febru- March, Auary,
ary,
gust,
gu:
1920. 1920. 1920. 19]
L919.
29.7
28.4
38.1 j 42.3
37.5 I 44.9
25.2 j 29.6
37.9 ! 42.8
16.3
1
5.3
NoOcto- vember,
ber,
1919. 1919.
7.5
March
1920.
) ! 1920.
1919.
10.9 1 15.2
U3.8 : 13.7
9.9
11.9
16.1 , 15.1
10.2
|
36.4 I 44.0
12.9 I . . .
7.1
49.6
15.2
10.4
11.9
8.4
13.4
7.0 i
45.1 i
8.4 i
60. (
District..
68.6
•I-
DistrictNo.3
'
•
District N o . 4
District No. 5
:
!
;
:
!
:
j
I
;
|
:
!
\
:
9.9
16.4
| 48.6
40.9
25.8
24.3 |
5(5.1
53.4
District No. 6
;
|
!
i 41.1
District No. 7.Y..'.'.'.'.'.'.'.'.'. YYYYYY:YYYYY..\YYYYYYY\YYYYYY.\YYYYYY.-YY.YYY.
"~5i.~8 I 72.5
:
District No. 10
i
!
! 38.9
|==
District No. 12:
19.5 31.0 j 44.0 ! 42.1 58.3
Los Angeles
| 6.3 | l . 6 : 13.9
5.5
San Francisco
j i . 5 : 10.6 : 15.5 20.5 32.7 ; 45.9 ! 59.4 62.2
15.6
1.4
4.9
Oakland
I 17.5 ' i .5
9.2 , 10.6 i 27.7 35.2
6.3
Sacramento
120.3 110.7 • M.6
.3
37.1 61.8
18.7
Seattle
• 7.2: 17.8 : 15.2
15.3
53.7 53.8
22.7
Spokane
|
•
13.8
13. 2 I 25.4 j 35.0
03.3
District..
7.0 ; 11.9 1 17.5 I 28.5: 38.0
1
48.4
Decrease.
58.0
37.9
9.3
12.6
42.7 ! 55.8 i
4.2
13.2
12.6
4.8
13.2
10.3
5.6
U0.9
9.7
2.2 i 11.1
5.4 !
.2 19.7
3.7 | 16.1
6.5 j 12.9
3.4 115.6
9.7
4.7
18.4
12.1
12.7
18.6
9.4
'ii.'s"
10.9
113.3
2.6
6.5|
14.0 I
12.3
11.6
18.1
4.7
10.5
7.8
7.8
6.1
6.5
3.7
14.9
27.9
9.6
M A Y , 1020.
505
FEDERAL, RESERVE BULLETIN.
Condition of retail trade in Federal Reserve districts Nos. 1, 2, 3, 4, 5, 6, 7, 10, mid 12—Continued.
Percentage
of average stocks at, ond of each month to
a%Terage monthly sales for same period.
Jar . 1, 1920, to
end of—
Inly 1,1L910, to end of—
District and city.
Aug., Sept., Oct.,
1919. 1919. 1919.
District No. 1:
Boston
277.0 461.9
1920.
1920. : 1920.
360.7
413.9
320.8
229.8
382.2 | 509.5
402.5 ! 320.5
382.1
306.0
385.4 i 389.9
District
District No. 2:
New York City and
Brooklyn
Oiitsidp
Jan., Feb., Mar.,
Nov., Dec,
1919. 1919.
367.4
573.4
504.6
343.4
336.9
Nov., Dec,
1919. 1919.
1920.
1920.
19.4
24.8
13.7
26.5
16.7
19.6
19.7
18.8
18.6
23.1
24.0
19.6
18.7
36.3
22.8
22.9
18.8
20.3
21.0
27.9
18 6
24.8
18.1
29.7
20.9
31.8
14.6
21.5
18.1
Jan., Feb., Mar.,
405.8 !I 384.7
372.3
32.8
26.4
: 383.4
District...
No 5
No. 6
No. 7
No. 10
Aug., Sept., Oct.,
1919. 1919. 1919.
Sacramento
Seattle
^alt Lake Citv
i 287.7
; 337.6
481.7
418.6
547.1
468. 2
411.6
422. i
District
19.0
. 380.0
386.3 , 369.1
379.6 • 408.2
- --
District No. 12:
Los A.nwles
San Francisco
Oakland
1920.
i
District No *?
District
District
District
District
Percentage of outstanding orders at end of month to total
purchases during previous calendar year.
459.5
460.5
564.7
i00.7
459.0
470.7
495.6
442. 8
558.3
355. 9
422.3
459.3
485.6 424.3 422.7
453.0 403.1 405.2
559.1 600.2 49Q.6
339.3
432.0 378.6 427.1
462.4 411.5 508.8
463.1
422.6
429.0
1Q X
418.3 i 468.3
477.5 • 494.9
581.6 ; 610.7
27.9
34.1
32.7
28.1
45.1
25.8
53.5
29.5
48.1
28.1
33.3
18.2
37 1
31.9
33 9
665.0 542.6
755.9 ; 605.8
29.2
28.3
25.1
16.8
22 1
20.0
11.4
3'\ 2
34.5
8.2
18 4
37.2
22 6
40.6
17 6
34.7
29.6
29.2
32.3
28.0
31.7
27.2
46.5
534.7 ; 515.3 34.3
29.1
310
In district No. 11 inquiries made of several
WHOLESALE PRICES ABROAD.
stores in a number of lines brought the following
Tables
are presented below showing the
average results:
monthly index numbers of wholesale prices of
some of the leading countries of the world
March, 1920, retail trade compared with February, 1920, and
computed on the basis of prices in 1913 ==100.
March, 1919.
In all cases except that of the United States
the original basis upon which the index numst
«cks
bers have been computed has been shifted
Compared
Sales.
with—
to the 1913 base. The monthly and yearly
index numbers are, therefore, only approxiThese index numbers are constructed
Per cent. Per cent. '• Per cent. mate.
+ 54 .
Feb. 1920
Clothing
+15
by the various foreign statistical offices acMar. 1919
+ 29 :
+20 :
+26
Feb. 1920
+ 14
Groceries
cording to methods described in the January
Mar. 1919
+ 28
- 8
- 6 BULLETIN.
The latest figures are subject to
Hardware
Feb. 1920
+ 4 i
+
io;
+21
Mar. 1919
+20 i
correction. It should be noted that the
+ 24
Dry goods
Feb. 1920
+ 7 .
+ 39
! Mar. 1919
+23 |.
Swedish index number published below is not
+ 50
Shoes
i Feb. 1920
+12
+ 17
Mar. 1919
+ 37
constructed by the Swedish Government but
+ 10
+ 46
-20
Furniture
Feb. 1920
by a leading Swedish newspaper, the "Svensk
+46
Mar. 1919 ! +240 :
-10
+ 10
Feb. 1920 j
+ 38 :
Paints and oils..
Han dels tidning." An official index is being conMar. 1919 !
+25
structed at present by the Swedish Government.
177757—20
5
506
MAY, 1920.
FEDERAL RESERVE BULLETIN.
Index numbers of wholesale prices (all
activity, however, was apparently considerable,
trades providing industrial equipment and
manufacturing supplies being forced to ration
their output to consumers. n the following
table, figures are presented showing deposit and
note circulation for February and March on a
weekly basis:
commodities).
[1913-100.]
[In millions of dollars.]
B a n k a n d ; Public
currency : and
note cir- : other
culation. . deposits.
i9i9.
;
J a n u a r y — j1
February..
March
;
April
;
May
!
June
i
July
August
September.
October
j
November.!
December..'
203
197
201
203
207
207
219
226
221
223
230
238
224
220
217
217
229
235
243
250
253
264
272
276
348
340 '
337
332
325
329
349
347
360
382 !
405
417
324 i
320 :
324
329 :;
336
356
359
368 .
370 !
384
435
455
369
358
sr>4
339
330
324
320
321
319
307
308
317
214
213
206
207
215
228
247
251
257
271
280
288
I
!
:
i
i
i
!
1
.
!
i
i
1
!
!
;
i
212
207
205
206
210
210
218
223
223
222
227
240
Feb. 4
F e b . 11
Feb.18
F e b 25
Mar 3
Mar. 10
Mar. 17
Mar 24 . .
Mar 31 . . .
.
.
.
.
.
.
.
.
.
.
2,038 :
2,031
2,043 ;
2,051
2,(K58 !
2,098
2,080
2,081
2,144
697
751
930
925
768
710
737
737
668
During April further measures were taken
to improve the foreign and domestic credit
situation of the country, namely, the rais!
ing of the discount rate at the Bank of Eng•
land to 7 per cent and the announcement by
1920. :
the chancellor of the exchequer of the new taxa504
288 j 487
319 ' 301
203
248
January....! 248
306 ! 522
556
313 ! 206 ! 254
February..! 249
tion policy of the Government. The latter
307 ! 554
619
321 '
1 258
March..:...' 253
involves not only an increase in consumption
taxes but also an increase from 40 to 60 per
i J u l y , 1914=100.
cent in the excess-profits tax. At the same
Although a recession of prices did not time the Government announced that there
occur in any of the countries for which we have w^ould be no future borrowing to meet expendiindex numbers, the rate of increase in March ture but solely for the purpose of reducing the
was less rapid than during earlier months in floating debt. The effect of these measures
most countries, with the important exception upon prices may not be felt at once, but in
of Italy. The increase amounted to 1 point in the course of a few' months their influence
March as compared with 18 in February in should be apparent.
the case of England, 32 points as compared
with 35 in France, 63 points as compared with
Group index numbers—United Kingdom, Statist.
52 in Italy, 8 points as compared with 12 in
[1913—100.]
Japan, and 4 points as compared with 6 in
Canada.
:
l
Ani- I Sugar,
mal j coffee, Food- Miner- Tex- Sun- Matefoods.! tea. stuffs. als. tiles. dries. rials.
ENGLAND.
The unprecedented advance in wholesale
prices which occurred in February in England
was not repeated in March. Prices as a whole
advanced only 1 point, according to the Statist
index number. Concomitant with this more
favorable condition, the rate of exchange in
New York improved and the value of foreign
trade increased. At the same time currency
and note circulation of the Bank of England
which had been expanding during February
contracted considerably during the first four
weeks of March, only to be increased again in
the last week in March to a total greater than
at any time since the Christmas expansion.
Deposits, which were most radically expanded
toward the end of February, were rapidly reduced during the following month. Industrial
1913
1914
1915
1916
1917
1918
1 100
: 110
1 155
! 193
! 252
| 248
1919.
January
February
March..'
April
May
June
July
August
September
October
November
December
:
1920.
January
February
March
249
250
240
; 243
244
246
;
244
254
258
260
266
269
274
297
: 345
100 i
100 !
125 |
152 !
192 j
210 I
100 :
107:
130 •
161
212 i
100 I 100
105 i 90
137 ! 109
140
169
153
218
167
229
226
226
205
206
208
208 !
221
221
238
228
236
243 !
234
235
224
224
226
229
231
242
244
253
258
260
100
97
111
152
228
265
100
105
131
163
213
243
100
98
119
153
198
225
j
208
275
208
318
208
327
226
322
226 ! 331
228 | 335
|
230 i 356 265
237 415 2 8 6
237 394 300
.
,
i
:
;
159 246
156 242
154 235
154 239
177 253
182 258
202 256
206 272
20(5 286
222
305
226325
234334
256
267
i 263
'••
343
362
360
246
218
; 235 212
" 246 213
'• 243 213
230
258
239
271
250
284
254
283
257
279
270
284
280
292
286
296
312
329
319
318
312
MAT,
1920.
According* to the Statist index, foodstuffs
advanced in price during the month, whereas
materials on the whole declined. The advance
in vegetable foods is due in part to the increase in the Government price of wheat and
the advance in the price of corn following removal of control. Animal foods, which are
largely controlled, remained unchanged in
price, but coffee and tea were reduced.
In the minerals group, although higher prices
could have been obtained for export coal than
in the preceding month, very little was available to send afiroad. This was due to an unusually heavy demand from the Government
for coal for the railroads, public utilities, and
for stock. The industrial demand was also
abnormally large and household consumption
still considerable. No change was made in the
official price of coal for these purposes.
Although a certain amount of labor difficulty was reported, production of coal was
up to the standard of recent months. Prices
of certain grades of pig iron and steel products
were advanced, but in this case as with coal
the problem of filling orders was more serious
than that of selling prices. Scarcity of
fuel and railroad cars were reported as the
most serious factors curtailing production,
but strikes in the steel mills of one important producing center were a contributing
factor. Copper, tin, and zinc all declined in
price, but following considerable liquidation at
the lower prices the market appears to have
become stronger.
Uncertainty marked the cotton-manufacturing industry throughout the month, and slight
price reductions were made. Both American
and Egyptian raw cotton prices were considered due for a decline and brokers and manufacturers hesitated to buy. Persistent wage
demands were made by cotton operatives.
More or less of the same hesitation was
apparent in the hide and leather industries.
In the wool industry, the European demand
for raw materials decreased because of the exchange situation.
Several important changes were made in Government control during the month. On March
15 the wholesale price of flour was advanced; retail prices of flour and bread, however, continued
the same until April 10. Even with this increase in price, the Treasury carries a subsidy
of £50,000,000 per annum on account of bread.
In order that wheat prices might be in agreement with flour prices, the royal commission on
wheat supplies advanced the price of imported
wheat on the same date. Announcement has
also been made of an increase in the maximum
price of wheat to the producers of the 1920
crop.
507
FEDERAL RESERVE BULJLETIN.
On March 8 corn prices were freed from control and at about the same time potato control
was reinstituted, a price being fixed for the
grower, the wholesaler, and the retailer. On
March 22 the retail price of sugar was advanced
and the ration increased.
FRANCE.
The general price index number for France
gained 32 points in the month of March. This
advance was caused by the continued shortage
of raw materials (of coal, in particular), the
uncertainties of the financial situation, and by
the number of strikes throughout the country.
Within a comparatively short period there have
occurred in France strikes of dock hands and
railway workers, of the miners in the Pas de
Calais district, of the textile workers in the
mills near Lille, and of steel workers and silk
dyers at Lyon.
The financial situation is still complicated by
the lack of a budget for 1920. Since the proposals for the budget include a retroactive
supertax on war profits, a tax on total business
turnover and a tax on increases in wealth during the war, industrial and financial operations
are greatly hampered by uncertainty as to its
final provisions. The tax on total business turnover will in particular affect commodity prices,
perceptibly increasing the price of highly manufactured articles whichpass through manyhands
before they reach the consumer. Any taxes,
however, which realize large items by which
the Government may decrease the public
debt and reduce inflation should, in the end,
help in decreasing commodity prices. Even
now there are signs of improvement in the
financial situation. For the first 11 months
of 1919 the note circulation of the Bank of
France rose steadily. Since December, 1919,
however, note circulation has been fairly stable,
and the month of March witnessed an actual
decrease of 300,000,000 francs. Improvement
to the extent of 17,000,000 francs was likewise
made in the gold reserve between the 1st
of January and the middle of April. In addition, receipts from ordinary revenue and Government monopolies for the first two months of
the year exceeded official estimates by 735,573,900 francs. As the Senate is pressing the
Chamber of Deputies for action on the budget
at a very early date, the prospect for restoring
order to Government finance seems to be
improving.
The increase in prices of foodstuffs, as shown
by the index number of the Statistique Generale, is partly explained by the advance in the
official price of wheat flour and bread on
March 1. This action was necessitated by the
heavy burden which the wheat subsidy had
imposed upon the treasury.
508
MAY, 1020.
FEDERAL RESERVE BULLETIN.
Group index numbers—France, Bulletin de la Statistique
Generate.
[1913=100.]
Date.
1913
1914
1915
1916
1917
1918
Animal
food.
Vege- Sugar,
Matetable coffee, Foods Tex- Min- Sun- rials
(20). tiles. erals. dries. (25).
foods. and
cocoa.
100
103
126
162
215
100
103
126
170
243
298
100
106
151
164
201
231
100
104
131
167
225
281
100
109
132
180
303
460
100
98
164
232
271
283
100
99
145
199
302
420
100
101
145
206
291
387
337
343
439
436
397
381
372
360
396
402
425 !
432
321
321
277
277
275
268
336
309
308
337
351
380
230
236
236
236
237
255
257
263
264
268
270
278
313
316
337
336
319
313
338
323
334
353
369
375
416
399
322
335
346
372
406
434
476
554
620
649
271
243
246
243
231
236
267
273
279
295
323
357
427
420
404
387
390
398
394
398
402
403
415
419
376
360
337
330
330
344
358
367
381
405
435
458
452
484
500
432
474
516
419
436
439
440
474
498
787
828
884
413
434
459
465
503
548
525
558
600
1919.
January...
February.
March
April
May
June
July
August
September
October...
November.
December.
period of 1919, but for the first time since the
armistice the increase in the value of the exports is greater than the increase in the value
of the imports. The advance in the importation of raw materials and in the exportation
of manufactured articles is particularly striking.
In the first two months of 1919 imports of raw
materials constituted only 38 per cent of the
total importation into France; in the corresponding period of 1920 imports of raw materials
were 64 per cent larger than in 1919 and made
up 50 per cent of the total. An even greater
advance occurred in the case of exports of
manufactured articles, which were 168 per
cent greater in January and February, 1920,
than in the same months of 1919. In order
to curtail unnecessary imports and thus further the movement toward a more favorable
balance of trade, the Chamber of Deputies
prohibited on April 27 the importation of
almost 200 articles of luxury.
1920.
January...
February..
March
Although receipts of coal from all sources
were larger in February than in January, the
scarcity of fuel continued and prices advanced
in industries where coal is the major factor in
expense. The price of French hematite pig
iron rose from 520 francs the 1st of February
to 710 francs the 1st of March, and that of iron
and soft steel bars from 95 to 130 francs.
The French foreign trade figures for the first
two months of 1920 show a marked improvement over similar figures for 1919:
French imports and exports, exclusive of gold and silver,
based on 1918 values.
[Expressed in millions of dollars, gold parity.]
January and Februa ry.
1919
Imports:
Foods..
Raw materials .
Manufactured articles
Total
Exports:
Foods
Raw materials
Manufactured artinlos
Parcel post
Total
Increase.
1920
211
274
202
230
449
218
19
175
16
687
897
210
13
19
89
18
45
104
228
15
32
85
139
3
136
394
259
Both imports and exports are larger for the
first two months of 1920 than for the same
ITALY.
The wholesale price index for Italy shows a
very rapid rate of increase during the first
three months of 1920, amounting to 36 per
cent, as compared with 1913, between December and March. The most striking advances
have occurred in the textile and mineral
groups, foodstuffs remaining more stable because of Government control.
The most recent bank statements apply
to January 20, 1920, and the latest foreign trade figures are for December, 1919.
Between January 31, 1919, and January 20,
1920, the note circulation of the three banks
of issue increased 36 per cent, the deposits
45 per cent, whereas the reserves (including gold, silver, and foreign holdings) declined 11 per cent. Between December, 1919,
and January, 1920, the note circulation decreased, but deposits increased very considerably and reserves declined. The fiscal condition of the country is discussed in some detail
elsewhere in this BULLETIN. During the calendar year 1919, the value of foreign trade
increased continually, in the case of imports 61
per cent, in that of exports 242 per cent.
Value of imports and exports of Italy for the year 1919.
[Expressed in millions of dollars, gold parity.]
1919.
January
February
March
April
May
June
July
Imports. Exports.
205 I
253 ;
297
303
247
401
215
!
1919.
Imports. Exports.
August
September
October
November
December
Total
j
216
243
237
241
330
90
107
123
115
149
3,187
1,001
MAT, 1920.
509
FEDERAL RESERVE BULLETIN".
Bank of Japan.
Group index numbers—Italy, Prof. Bachi.
[In millions of dollars.]
[1913-= 100.]
Date.
Other
foodstuffs.
Cereals
and
meats.
135
171
100
100
207
380
596
100
96
133
197
266
271
280 i
294
300
312
279
326
33«
344
345
345 j
300 |
181
182
188
198
205
223
232
238
247
279
285
286
425
448
466
477
479
488
489
483
485
484
484
484
719
775
789
784
786
790
820
819
779
775
746
430
330
333
358
370
385
398
398
409
424
427
432
432
304
305
292
294
293
320
334
300
307
312
330
336
343
331
351
354
364
371
373
330
328
331
333
375
381
401
423
430
500
634
658
295
295
346
354
360
419
423
424
442
459
568
584
422
384
362
349
340
336
342
341
342
341
351
405
396
399
418
777
840
962
671
857
996
100
102
132
156
215
100
84
1918.
January
February
March
April
May
#...
June
July
August
September...
October
November...
December...
1919.
January
February
March
April
May
Juno
July
August
September..
October
November...
December...
1920.
January
February
March
Other
goods.
100
96
113
184
326
1913.
1914.
1915.
1916.
1917.
319
326
328
338
3 6 3 •"
365 I
381 i
I
!
!
j
j
[
418
443
489
JAPAN.
Prices in Japan were still rising in March. The
increase in the all commodities index amounted
to 8 points for the month. Although slight
reductions occurred in the prices of commodities like silk, cotton, and rice in March the
striking break did not occur until the first weeks
of April. A serious decline in the prices of
stocks occurred, however, during March, the
Tokio exchange barometer registering 395 yen
on April 1 as compared with 496 yen on March 1.
An analysis of the statement'of the Bank of
Japan for March 31 shows that the financial
condition of the country is strong. Although
the note issue on that date was something like
four times as great as prior to the war, it was
approximately 200,000,000 yen less than on
December 31, 1919, and was supported by a
reserve of 63 per cent of the note issue.
Specie
reserve.
Notes
issued.
End of—
Minerals
Textiles. and
metals.
July, 1914
December, 1918
December, 1919
January, 1920
February, 1920
March, 1920
!
!
!
1
!
j
165
571
775
686
678
682
108
355
474
470
467
426
The rediscount rate of the Bank of Japan
was 6£ per cent from January until October,
1919 (approximately the same as prior to the
war), was raised to 7.3 per cent in October
and to 8.3 per cent in November. "Since that
time there has been no increase in the rate.
The discount rate in Tokio at the end of March
was 10 per cent and the rate for call money 12
per cent.
Statistics of foreign trade for January and
February show that the balance of imports
over exports is increasing very rapidly. No
gold, however, w a s exported in either month,
but the rate of importation of gold was considerably less than the average for 1919. Exports, when corrected by the price index, show
something like a 25 per cent decrease in volume in January ana February as compared
with the average for 1919. The greatest increases in imports have been in raw materials and in manufactures for further use in
manufacture, and there has been a decline
in the importation of manufactured commodities.
Value of Japanese imports and exports.
[In millions of dollars.]
1
1919
average.
IMPORTS.
Food driuk and tobacco
]
;
15
45
19
11
12
62
20
9
15
79
30
11
91
102
135
6
o
38
38
6
4
42
35
5
6
31
45
1
87
88
87
i
3
14
48
Manufactures for further use in manufacturing.
Articles wholly manufactured
:
l
Total
1920
Janu- February.
ary.
EXPORTS.
Food, drink, and tobacco
i
Raw materials
Manufactures for further use in manufacturing. 1
Articles wholly manufactured
;
Total
Excess of imports ..
510
MAY,
FEDERAL RESERVE BULLETIN".
Group index numbers—United States Bureau of Labor
Statistics.
1920.
Group index numbers—Canadian Department of LaborContinued.
[1913=100.]
! bo
Build- Fuel
Hides,
Imple- ing ma- and
leather, Metals. ments.
terials,
lightetc.
lumber. ing.
i
Date.
[ Drugs
| and
i chemij cals.
Date.
1913..
1914..
1915-..
1916..
1917.;
1918..
1919.
January
February
March
April
May
June
July
August
September
October
November
December
170
169
168
167
167
170
171
!
;
!
I
i
:
j
i
i
I
172
168
162
152
152
154
158
226
230
240
244
1920.
January.
February.
March....
227
227
329 | 230
1913
1914
1915
1916
1917
1918
100
105
110
143
168
169
100
96
128
167
217
229
100
101
106
128
174
213
100
100
97
100
118
147
100
94
92
113
163
188
1919.
January
February...
March
April
May
June
July
August
September..
October
November..
December...
171
162
162
166
202
211
235
260
256
252
252
231
204
189
172
162
162
161
166
171
171
165
171
181
229
229
229
223
223
226
226
228
231
225
232
232
154
155
156
153
153
158
168
170
183
188
194
224
2W
202
199
206
192
194
194
199
200
201
201
209
1920.
January
February...
March..I
237
244
222
191
199
210
235
231
237
232
241
268
212
215
213
|
i
j
'
!
I
!
I
j
!
100
106
160
222
236
250
240
233
212
210
208
197
195
196
197
198
181
190
191
189
194
Group index numbers—Sweden, Soensk Handelstidning.
[1913=100.]
Group index numbers—Canadian Department of Labor.1
[1913=100.]
Date.
I
Fruits
Grains
and
fodder. meats.
and Other
vege- foods.
tables.
Textiles.
100
114
136
142
206
231
100
107
104
121
160
195
100
100
105
119
149
168
100
99
93
130
233
214
100
104
121
136
180
213
100
102
114
148
201
273
January
February
March
April
May
June
July
August
September...
October
November...
December
198
192
199
217
231
238
240
243
232
232
240
251
191
191
196
209
213
213
216
215
201
180
175
182
191
178
171
184
181
179 |
186 I
189
193
204
221
230
206
188
189
198
209
221
200
210
195
178
240
240
223
218
219
213
213
215
218
224
227
228
230
232
293
281
282
284
277
274
278
277
282
289
298
1920.
January
February
March
268 !
275
195
195
198
216
206
265
290
295
245
251
254
316
321
322
1913.
1914.
1915.
1916.
1917.
1918.
1919.
i Unimportant groups omitted.
Date.
a
1913-14
1914 1
1915
1916
1917
1918
100
136
151
152
181
221
100
101
140
182
205
419
1919.
January
February..
March
April
May
June
July
August
September.
October
November.
December..
276
276
276
276
276
276
2tK)
2(50
255
230
230
241
448
438
423
417
424
412
396
386
360
361
362
1920.
January
250
328
100
114
161
180
198
304
'
!
I
!
100 !
123 ;
177 i
266 !
551 i
856 j
100
109
166
272
405
356
356
356
367
364
!
1
i
i
j
810
784
814
769
733
746
732
795
293
293
328
334
334
323
323
317
840
319 I 840
373
341
317
287
246
212
213
214
213
213
225
237
317 ' 864
248
295
100
118
158
229
206
195
285
284
284
280
282
281
280
294
323
323
323
323
299
286
285
292
289
292
316
343
i Average for the six months ending Dec. 31,1914.
208
208
174
172
172
162
243
247
235
223
228
258
258
FEDERAL RESERVE BULLETIN.
MAY, 1020.
Group index numbers—Australia, Bureau of Census and
Statistics.
[July, 1914=100.]
3
I
Date.
:V t
July, 1914...
1915
1916
1917
1918
1919.
1920. .
January
I
February...
100
117
154
100
93
131
100
202
113
189 :
192 !
273 227
283 i 226
2100
127
100
100
150
116
155 ! 136
100
149
172
143 ! 156 147 ! 282
149 | 161 . 149 j 2S7
272
124
100
110
127
WHOLESALE PRICES IN THE UNITED
STATES.
In continuation of figures shown in the April
there are presented below monthly
index numbers of wholesale prices for the period
July, 1919, to March, 1920, compared with like
figures for March of previous years; also for
July, 1914, the month immediately preceding
the outbreak of the Great War. The general
index number is that of the United States
Bureau of Labor Statistics. In addition there
are presented separate numbers for certain particular classes of commodities in accordance
with plans announced in previous issues of the
BULLETIN
BULLETIN.
Quotations for buckwheat flour and for sheetings (bleached, 10-4, Pepperell) have been
omitted. On the other hand, quotations for
phosphate rock (Florida land pebble, 68 per
cent), ginghams (Amoskeag, 6.37 yards to
pound), tickings (Amoskeag, 2.05 yards to
pound), overcoatings (plain and soft faced,
black twill), and suitings (clay worsted, 12ouncc and 16-ouncc, and serge, 11 -ounce),
which had been dropped temporarily, have been
secured for the months of February and March,
and the commodities were again included in the
calculation of the index numbers for the latter
month. Seven commodities were also included
in the calculation of the index number for
March and the revised index number for February, namely, hemp (manila, fair, current shipment), sisal (Mexican, current shipment), linseed meal, mill feed (middlings, standard, Minneapolis), tankage (slaughterhouse, crushed, 9
and 20 per cent), and vegetable oil (cocoanut,
crude, and soya bean, crude). Index numbers
for March are provisional, due to the fact that
certain data were not received in time to render
them available for use in the calculations.
A further increase in wholesale prices is noted
for the month of March. The general index
number of the Bureau of Labor Statistics for
the latter month stands at 253, as compared
with 248, the revised figure for the month of
511
February. All of the three principal groups of
commodities show an increase, although to a
varying extent. The index number for the
group of consumers' goods shows the smallest
increase, namely, 0.6 per cent, from 256 to 258.
Decreases in price were noted in the case of an
extended list of commodities, in particular foodstuffs, such as milk and eggs, lemons, and
raisins, fresh beef (Chicago quotation), bacon,
lamb, mutton, and salt mess pork, granulated
sugar, wheat flour in Minneapolis and Toledo,
beans, peanuts, cottonseed oil, and print cloths.
These decreases were, however, more than offset
by increases in price for a list of commodities
approximately equal in number, prominent
among which were butter, oranges, fresh beef
(New York quotation), hams and poultry (Chicago quotation), wheat flour at Kansas City
and St. Louis, corn meal, -potatoes, salt, coffee,
wrapping paper, and illuminating oil.
An increase of 2.3 per cent, from 246 to 252, is
shown in the index number for the group of producers' goods. The decreases in the prices of
twisted cotton yarns, rubber, oleo oil, hemp, cottonseed meal, jute, nails, and silver were more
than offset by increases in the prices of carded
mulespun cotton yarns, bar iron, steel billets and
plates and structural steel, bran, sugar (96°
centrifugal), various chemicals, such as wood
alcohol, caustic soda and soda ash, gasoline,
lubricating oil, lime, linseed oil, turpentine, and
wood pulp.
The index number for the group of raw materials increased from 240 to 247, or 2.7 per cent.
Among the subgroups of commodities included
under this head, decrease is alone shown in the
index number for the subgroup of animal products, from 206 to 200, or 2.8 per cent. While
the prices of light hogs, poultry, and ewes
showed an increase, these w^erc more than offset
by decreases in the prices of cattle, heavy hogs,
and lamb, various classes of hides, including
Brazilian goatskins, calfskins, and packer hides,
and raw silk. Least among the increases shown
was that of 1.6 per cent for the subgroup of
mineral products, from 194 to 197. Decreases
in the prices of copper, zinc, and basic pig iron
were more than offset by increases in the prices
of crude petroleum and lead. The index number for the subgroup of farm products increased
3.4 per cent, from 278 to 288, due to increases
in the prices of cotton, spring and winter wheat
at Chicago, Minneapolis, and Kansas City, corn,
oats, rye and barley and timothy, which were
not offset by decreases in the prices of tobacco, wheat at Portland, alfalfa and flax.
The increase of 10.2 per cent in the index number for the forest products subgroup, from 315
to 348, was due to the increases in the prices of
yellows-pine surfaced boards, plain and quartered
white oak, and maple.
512
FEDERAL RESERVE BULLETIN.
Index numbers of vjholesale prices in the United States for principal
[Average price for 1913=100.]
MAY, 1920.
classes of commodities.
Raw materials.
Year and month.
Farm ! Animal
Forast
products, i products, j products,
July, 1914
March, 1915
March, 1916
March, 1917
March, 1918
March, 1919
July, 1919
August, 1919
September, 1919..
October, 1919
November, 1919..
December, 1919..
January, 1920
February, 1920...
March, 1920
102
115
110
171
249
237
261
251
240
254
276
2S8
291
278
2S8
106
96
114
156
179
217
233
235
215
212
212
209
213
206
200
In order to give a more concrete illustration
of actual price movements, there are also presented in the following table monthly actual
and relative figures for certain commodities of
a basic character, covering the period July,
1919, to March, 1920, compared with like
Average monthly
:
Mineral ' Total raw
products. I materials.
91
92
117
197
173
173
177
180
184
184
183
186
190
194
197
97
94
96
103
135
149
166
193
227
234
239
259
273
315
348
All commodities
Producers' Consumers' (Bureau of
goods.
goods.
Labor Statistics index
number).
99
100
111
161
188
199
214
218
216
220
226
233
239
240
247
93
90
132
171
187
190
202
212
212
211
216
228
245
246
252
103
101
112
155
190
210
230
241
226
228
236
245
259
256
25S
100
100
115
161
187
201
219
226
221
222
230
238
248
248
253
figures for March of previous years; also for
July, 1914, the month immediately preceding
the outbreak of the Great War. The actual
average monthly prices shown in the table
have been abstracted from the records of the
United States Bureau of Labor Statistics.
wholesale prices of
commodities.
[Average price for 1913= 100.]
Corn, No. 3,
Chicago.
]
Pnttrm m
° vO
Orlpniii
Wheat, No. 1, ; Wheat, No. 2,
• northern spring, j red winter,
. Minneapoiis# •
Chicago.
Year and month.
Average
price per
bushel.
July, 1914
March, 1915
March, 1916
March, 1917
March, 1918
March, 1919
July, 1919
August, 1919
September, 1019
October, 1919
November, 1919.
December, 1919..
January, 1920....
February, 1920..
March, 1920
SO. 7044
7183
7150
1181
5->(K$
458S
9075
9213
5410
4875
•1485
4750
4125
5515
^J
RGla.
Rela- Average j Rela- • Average Rela- j Average Rela- T c
ti
tive price per : tivo ! price per tive ! price per tive price p
price. pound. ; price. I bushel. price, bushel. price. pounds. ; ti
i
114
116
116
182
253
237
310
312
250
220
242
235
240
229
252
Hogs, light,
Chicago.
Year and month.
Julv,1914
March, 1915
March, 1916
March, 1917
March, 1918
March, 1919
July,1919
August, 1919
September, 1919
October, 1919
November, 1919
December, 1919
January, 1920
February, 1920
March, 1920
SO-1331 i
.0836
.1177
.1704 .
.3291 :
.2(581
.3377 j
.3125
.3078 i
.3538 ;
.39(53 i
.3990 •
.4035
.3944
.4000 :
105 i $0.8971
cc:
93 ;
139 i
250 !
211 i
2G0 !
24G i
242 i
279 i
312 !
314 i
3is :
311
320 ;
Wool, Ohio, i - |
grades, scoured.
1.4724
1.1409
1.9814
2.1700
2.3275
2. 6800
2.5250
2.5350
2. (5250
2.8250
3.0300
2.9313
2. G875
2. 7550
104 j SO.4444
80
.5571 !
112
.6714 i
170
.9286 !
206
1.4545 |
223
1.2000 i
266
1.2364 !
256
1.2364 !
215
1.2182 '
174
1.2634 j
167
1.2545 j
162
1.2545 I
179
1.2364 I
177
1.2364 i
1.S3
1.2364 i
94 I $24.5000
118 I 21.5000
143 ! 23-2500
25.5000
197
309 ! 30.5000
255 '! 36.0000
263 ! 41.0000
263 !
259 i 43.0000
268
266
266
263
263
263
103
169
131
227
248
200
307
289
290
301
323
347
336
308
315
Hemlock, New
York.
T?ela
miclfer:
" I A ™rape j Rela- ; Average
100 j t i . v e ! price peri tive price per
price
pounds. !
" ! P ° u n d - i Price-
$8.7563 |
6.7500 i
9.4688 •
14.368S :
17.4250 i
18.8550 i
22.3875 i
21.6125 i
18.2100
14.7250
14.1438
13.6800
15.1250
14.9813
15.5000 |
Cattle, steers, i Hides,packers,
good to choice,
heavy native
Chicago.
steers,*Chicago.
44.0000
44.0000
48.0000
53.0000
57.0000
57.0000
SO.8210
1.5311
1.1328
1.9781
2.1700
2.3575
2.2580
2. 2394
2.2385
2.2394
2.2881
2.4490
2.6338
2.4900
2.5000
83
155
115
201
220
239
229
227
227
227
232
248
2(57
252
253
Yellow pine,
flooring.
New York.
$9.2188
8.2333 '
8.9GSS '
11.8G88 :
13.2313 '
18.5750 i
16.8(588 j
17.6375 i
10.8050 !;
17.5938
17.5000 !
17.0750 :
15.9375 ;
14.9688 i
14.4000 ;
108
97
105
140
15G
218
198
207
198
207
20G
201
187
176
1G9
177
182
182
198
219
235
235
$42.0000
41.0000
40.0000
42.0000
60.0000
64.0000
73.0000
78.0000
95.0000
100.0000
100.0000
112.0000
112.0000
139.0000
139.0000
94
92
90
94
135
144
164
175
213
224
224
251
251
312
312
P°
Relative
price.
-
SO. 1938
.2300
.2275
. 3050
. 2G25
.2763
.4860
.5200
. 4638
.4820
. 468S
.4100
.4000
. 4025
.3040
105
125
124
166
143
150
264
283
252
262
255
223
218
219
198
Coal, anthracite Coal,bituminous,
stove, New York,
run of mine,
tidewater.
Cincinnati.
Rela- Average j! Rela- Average Relative price per tive priceper tive •
price. Mfeet. i price. long ton. : price, j
101
89
96
105
126
149
169
Avorage
i
priceper
und
Relative
price.
100
100
100
227
164
182
182
182
205
205
186
186
186
186
186
MAY,
1920.
513
FEDERAL RESERVE BULLETIN.
Average monthly wholesale prices of
commodities—Continued.
Copper, ingot,
electrolytic,
New York.
Coal, Pocahon- ! Coke, Connellstas, Norfolk.
;
ville.
Petroleum, crude,!
Pennsylvania, j Pig iron, basic,
at wells.
I
Year and month.
Average Relaprice per ! tive
pound,
price.
! Average ! Rela- I Average . Relai price per : tive ! price per
tive
! long ton.: price, short ton. price.
J u l y , 1914
M a r c h , 1915
March, 1916
March, 1917
March, 1918
March, 1919
July, 1919
August, 1919
September, 1919
October, 1919
November, 1919
D e c e m b e r , 1919
J a n u a r v , 1920
F e b r u a r y , 1920
March, 1920
i $3.0000
\ 2.8500
i 3.0000
6.5000:
:
4.4120:
1.9000
;
5.1400
:
'
5.1400;
4.6320 :
4.6320 :
4.6320
4. (320
4.6320 :
SO.1340
. 1463
.2700
.3625
. 2350
.1509
.2150
.2281
.2220
.2172
.2038
.1873
.1931
. 1906
. 1858
1 0 0 : SI.8750 i
9 5 ! 1.5750!
100
3.0000 •
217
8.5000
147
6.0000
163
4.4688:
171
4.0950.
4.2188 |
4.5920
171
4.8250
154 • 5.9375
154
6.0500
154
6.0000
154
6.0000
154
6.0000
Cotton yarns,
northern cones,
SO. 2150
1450
.2200
j
. 3100
5745
.4132
5912
6130
5903
6111
6648
6986
7271
7165
.7549
Average
price per
long ton.
Average i Rclaprice per | tive
pound. : price.
Average j Relaprice per ; tive
pound. ; price.
97 { $0.3050
66:.
.3350
99 !
.5950
140 i
. 1550
260 i
. 4900
187 ;
.5300 .
267 i
. 5700
277 ;
.
5700
267 !
. 5700
276 !
.
5700
300 j
. 5700
316
.
5(500 <
329 i
. 5700
337 :
.5700
341 :
108 j £19.0000
19.7000
119 ! 42.4000
211 i 66.2500
1 6 1 i 47.5000
174 i 42.2500
188 i 38.5000
202 : 38.5000
202 ! 38.5000 I
202 | 38.5000 !
202! 41.3750
202 i 46.4000
199 i 48.0000
202 ' 55.2500
202 i 60.0000
Relative
price.
Average
price per
pound.
74
76
164
257
184
164
149
149
149
149
160
180
186
214
233
1.0113
.0113
.0255
.0438
.0325
.0291
.0265
.0265
.0253
.0201
.0265
.0265
.0274
.0350
.0305
Rela- i Average
tive j price per
price. | long ton.
71
61
98
124
163
163
163
163
173
173
181
188
207
225
219
Steel plates,
tank, Pittsburgh.
Leather, sole,
hemlock No. 1.
Year and month.
J u l y , 1914
M a r c h , 1915
M a r c h , 1916
M a r c h , 1917
March, 1918
March, 1919
J u l y , 1919
A u g u s t , 1919
S e p t e m b e r , 1919
-October, 1919
N o v e m b e r , 191.9
D e c e m b e r , 1919
J a n u a r y , 1920
F e b r u a r y , 1920
March, 1920
$0.0390
.0390
.0640
.0950
.0724
.0524
.0561
.0579
.0609
.0643
.0676
.0718
.0872
.0881
.0923
I
10/1.
Average
price per
barrel.
Relative
price.
i
I
I
i
j
i
i
!
$13.0000
12.5000
18.2000
32.2500
33.0000
28.9375
25.7500
25.7500
25.7500
25.7500
28.3125
34.6000
37.7500
42.2500
41.6000
Relative
price.
85
124
219
224
197
175
175
175
175
193
235
257
287
283
j Steel rails, open ! Worsted yarns,
| hearth, Pitts- ; 2-32's cross:
burgh.
i
bred.
Average ,- Rdaprice per
tive
long ton. price.
Relative
76! $30.0000
76 : 30.0000
172 1 30.0000
296 i 40.0000
220 ! 57.0000
197 i 54.5000
179 i 47.0000
179 ! 47.0000
47.0000
171
47.0000
176
179 . 47.0000
179 : 47.0000
185; 50.7500
54.5000
236
247 : 51.5000
I Flour, wheat, j
1 standard patents.',
Beef, carcass,
Hams, smoked,
good native
I Coflee. Rio, X o . ' '•• (1918, standard ' !
Chicago.
;
war),
steers, Chicago.
:
Minneapolis.
TJluminatin? oil,
150° fire tost,
Now York.
Sujrar, granulated.
New York.
Year and month
Average
price per
pound.
Rela- j Average
tive I price per
price. I pound.
Rela- ! Ayera.ee Rela- i Average ;• Relat i v e i price per j t i v e ' price per : tive
price, i barrel. 1 price. ; pound, j price.
Ay erase
price rer
gaJJoh.
Relative
price.
Average
price per
pound.
Relative
price.
i
J u l y . 191-1
March. 1915
March, 1916
March, 1017
March, IMS
March, .19.1.9
J u l y , 1919
A u g u s t , 1919
S e p t e m b e r , 1919
October, 1919
N o v e m b e r , 1919
December, 1919
J a n u a r y , 1920
F e b r u a r y , 1920
March, 1920
! SO. 1350
!
.1175
j
.1375
1
.1490 .
1750 j
2450 1
2075 |
j
. 2350 !
2275 i
2290 j
. 2350 |
1
.2350 !
\
. 2320
2125
2050
104 i SO.0S82
91 i
.0775
106 :
.0925
115 !
.0975 I
135 :
.0891
1S9 I
. 1602
360 I
.2303
181 !
.2150
. 1663
176 '
. 1650
177 j
. 1697
181 i
.1518
181 I
. 1628
179 i
. 1478
164 !
. 1500
158 i
I$4.5938
7. -1850
79 I
70
83
88 i
80 i
144 j
207 .
193
149;
148 ;
152
136
146 :
133 i
135 !
5.8813
9.6313
10.0938
11.2125
12.1550
12.0063
11.6200
12.0313
12.9500
11.0250
14.4438
13.5375
13.1650
100
103
128
210
220
245
2(55
262
254
2G2
283
306
315
295
287
: $0.1769
. 1425
i
.1769
i
.2288
i
.3028 I
i
.3381 •
!
.3835
j
.3838 j
.3180 I
.2900 j
.2859 I
.2888 i
.2944
.3056
.3155
106
86
106
138
182
203
230
231
209
174
172
174
177
184
190
$0.1200
. 1200
. .1200
. 1200
. 1600
.0810
. 2050
.2180
.2200
.2200
. 2200
.2200
.2240
.2400
.2500
97
50.0420
97 I
.0571
97 i
. 0059
97 I
. 0706
130 I
. 0730
147;
.0882
166 !
.0882
177 !
.0882
178 i
.0882
178 '
.0882
178
.0882
178
. 1085
182
.1537
195
.1495
203
.1372
98
134
154
165
171
207
207
207
207
207
207
254
360
350
321
DISCOUNT AND INTEREST RATES.
In the following tables are presented actual discount and interest rates
prevailing during the periods ending March 15 and April 15, 1920, in
the various cities in which the several Federal Reserve Banks and their
branches are located. A complete description of the several types of
paper for which quotations are given will be found in the September,
1018, and October, 191.8, FRIJKIIAL RIOSKRVI; BULLETINS.
Quotations for
new types of paper will be added from time to time as deemed of interest.
During the period under review a further continuance of the upward
movement in interest rates noted for some months past is remarked for
certain types of paper in certain centers, although apparently checked for
other types of paper. The increase is noted in^ the high, lowT, and customary" rates for commercial paper purchased in the open market, for
bankers' acceptances and for customers' commercial paper. Decreases in
rates are infrequent. Comparison with rates prevailing during the 30-day
period ending April 15, 1919, shows that present rates continue higher
in almost all centers and for practically all types of paper. Increase is
most frequent in the low rates, and instances of decrease in rates are very
Discount and interest rates prevailing in various centers.
D U R I N G 30-DAY P E R I O D ENDING MAR. 15, 1920.
Ordinary
loans to
Prime commercial paper.
City.
District.
Customers.
4 to 6
months.
30 to 90
days.
Open market.
30 to 90
days.
4 to 6
months.
Interbank
loans.
Bankers' acceptances,
60 to 90 days.
Indorsed.
Unindorsed.
Collateral loans—stock exchange
or other current.
Demand.
Cattle
loans.
Secured by
warehouse
certificates
ofindebt: ednoss.
3 to 6
3 months, i months.
:
!
No. 1..
No. 2..
No. 3...
No.4...
No. 5..
No. 6..
No. 7..
No. 8..
No. 9...
No. 10..
No. 11..
No. 12..
Boston
New York l...
Buffalo
!
i Philadelphia..!
Cleveland
j
Pittsburgh
i
Cincinnati
j
Richmond
j
Baltimore
Atlanta
I
Birmingham. J
Jacksonville...!
New Orleans. .|
Nashville
|
Chicago
i
Detroit
!
St. Louis
!
Louisville
;
Memphis
Little Rock...:
Minneapolis...'
Kansas'City...':
Omaha
Denver
Dallas
El Paso
Houston
San Francisco.:
Portland
:
Seattle
Spokane
•
Salt Lake City!
C. //. L. C. H. L. ! //. L. C. L. C. 1. L. C.
II. L. C. 77. L.
//. L. C.
L. a 7H. L.
64 7 7 64 7 6 5
i 51 54 52 5$ 51 10 6 8 7 6 64
64
6 64 7 6
i 6J 6 6
54
15 6 6 6 54 G 6 6
7 52 6-7 6 54
52 6 6 6 6 6 6 6
6 6
7 5 6
52-6; 6
54 6 7 6 64 7 6 7
54 6 ! 6 6 6
54 6 6 5J 6 I 6 6 6
54 6 !
54 6 ' 7 6 6
7 6 6 7 6 6 17 6 6
"hi
6 6 7 6 64 7 6 64
i 6 5J 51
0 5
6 5 6
!e 6 6 I7 6 6 7 6
6 74 7 7 7 7 7 7 7
7 6
7 6 6-64j
6 6 6 6 6 6 6
6 6
54-52 6
6 6 6 6 6 6 6 6
6 6
16 6 6
6 6
6
17 6 6 7 6
7 5} 7 8 54 6 7 6 6 1 7 6 6 7 6
54 6 7 6 6 j i 6
6 8 6" 6 8 5 6 i 8 6 6 8 6
6 6 8 6 6-7 i 8 6
"6
7 6 7
7 6 6 7 6 6 6 6
8 6
8 6 7 8
6 7
7 6 6J-6J 7 64 6$ 64 54
7 G 6-61
74 6 64-7 j 74 6 64-7 74 6
74 54 01-6-J 74
6 6 6 6
6|6
6 6-64 64 64 64
7 6 6-61 7 6 6-6 J 7 e o^aj 7 6 e - ^ ! 64 54 6-64 6| 6
6-64!
7 6 6-64!
54 6
".64 54 6 " 7 62 6 | 7 62 62
\ 6 !
"64T52"5-i"54"!'6"'54""52
7 6
6 64
64 52 61
64
5i 64 6 6 G 6 6 6
6 i
6 6
6
6 6
G
6
6
0 6
I
6 6
6 6
6 6
6
6 6
6 6
6 6 61 6 64 7 6 64 6 6
8 6 67 i!
6 7 ! ! 6 7
8 6
6 6} 61 64 62 7 62 62 62 6
8 64 7
64 7 I I 61 7
64 6
64 61 7 6 6 7 6 6 7 54
7 5 ft !
5 6 ' ! 5 6
8 54
6 6
7 6
7
6
64 64
7
64
64 7
64
64
I
64; •
6 64
8 G
7
G
6 6
6 7
8
6
7
G
G2
6
02
6 :
7
S 6
61 8 G
64
6
6
7
8
6
64
62
5 7
8 6
8 : 86
6
6
'6""'6"""G"
8
6
8
6
8
7 7 7
7 6
7 • 7
6 6
7 6 7
7 0
6
6 7 7
7 6 6 ,7 6 6 6 6
6 54 6 6 51 6 61 6 6
6
6
6 6
7 6
6
7
7
64
64
7
6
7
6 6
54
54
54
6 7
7 . 8 6 6
7 52 64 j
7 6
8 6 7
8 0
7 6 6
6 8
7
8
6 6
S 6
7 8
8 I 8 7 8 • 7 7 7
7 7
8 7
8 7
H. L.
7 6
6 6
6 54
6 5£
~ 6
C. H.
64 7
6 i
6 ! 6
6 :6
6
!???
ft
8 I:::::::::-'
f
1
II. L. C. II. L. C.
: 04 54
6
5
o
6
I 6
6 51 6
51 66
6
6
54 6
7 6 6
6
6
6
8 6 6-7
5
7
8 7 7
6
74 6 64~62
6 6-<H
6
6 6 6 6
64 64 61 61
6-0?;
G"
6
6
6
6 6 6
ft
6
6
6 6
6 6 67
6
7 61 61 8
6 6 66
8 6 6 7 6
6
8 G
6
8 6 7 8 42
8 6
6
8 6
6
6 6
8 6
6
8 6
7
8 6
7
74 7
74
7
6
7
6
6
6
6
6
7
Rates for demand paper secured by prime bankers' acceptances, high 6, low 5}, customary 54-6.
CD
DURING 30-DAY P E R I O D E N D I N G A P R . 15, 1920.
I
Prime commercial paper.
Open market.
Customers.
City.
District.
Bankers'acceptances,
60 to 90 days.
Interbank
loans.
Ordinary
loans to
Collateral loans-—stock exchange
or other current.
Cattle
loans.
Secured by s ° g £ g ye
warehouse ¥SHlB
eic
30 to 90
days.
4 to 6
months.
30 to 90
days.
4 to 6
months.
H. L. C.
Indorsed.
Unindorsed.
Demand. ! 3 months.
H. L. C.
H. L. C.\ H. L. C.
'
3 to 6
months.
certificates
of indebtedness.
••I-
No. 1...
No. 2..
No. 3...
No. 4..,
No. 5..
No. 6..
No. 7..
No. 8..
No. 9...
No. 10..
No. 11..
No. 12..
II.
Boston
7
New York »... 6
Buffalo
7
Philadelphia.. 6
7
Cleveland
6
Pittsburgh
7
Cincinnati
6
Richmond
6
Baltimore
8
Atlanta
Birmingham.. 8
Jacksonville... 8
New Orleans.. 8
6
: Nashville
76
! Chicago
| Detroit
! St. Louis
! Louisville
Memphis
6
! Little Rook... 8
Minneapolis... 7*
' Kansas City... 8
j Omaha
....
I Denver
: Dallas
i El Paso
I Houston
i San Francisco.
: Portland
| Seattle
! Spokane
i Salt Lake City
j Los Angeles...
f
L.
C.
6 7
5-f 6
6
6
5J 6
6
6
6
6
6 6-6.J
G
5J
6
6
6
6
64
5}
6
6
6
64
64
6"
61
6
6
6
6
6
"
7
//.
7
6
7
6
7
6
7
6
6
6
6-7 i 8
7 18
6-7J! 8
L. C.
64 7
6 6
6 6
54 6
6 6
6 6
6 64-;
6 6
6 6
54 6
6 6-7
6 7
6 6-64
7
6
644 !
64
5-i
6
6
6
6 6 6
7 8 64
64 7 64
.. 8 6
64 j 8 ft
64 I 8 6
6
6
64 I 64 6
6 i 64 6
64 ! 7 6
?!!
7 i8
7 ! 8
8 i8 7
7 176
6 I 7
6* I . . . .
6" i 7
6 L...
7 ! 7
64 j 61
6-7 17
64 7
64
7
8
64
6"
64
7
1
7
8
8
7
6-2
6
6
6i
7
...
6
7
L.
7
6
6
6J
C.
7
7
6
7
5-1-6 i 64 6 6-6J
6
6
64
6
74 64 7
7 6 ...
6
6 6
61 5g 6£
61 6 6
6 6 6
6 6
6 6-7
6 7
6 64-7
6
6
6
6-|
6*
7
6f
6£
64 . . . J 7
7
7 ^ 7
6
6
6
6
7
7
7
7
7
j
5|
61 6
6
6-7
7
64-7
V'6
6
6£ 7
61
54 7
6
6
7
6
51
6
7* 6 6-64
'64"6""6J
61 6| . . . .
64 6 | 61
6 : 6
6
7 7 ;. 8 7 7
6 64-7: 64 54 6-6|
7
6
54
7
7
7
6
7
7
7
:....
7 |65| 51 6 65? 51 6
, -o : . 6 ; 6 54 6
64 I 6 6 6 I I 64
4 6 464
64 61
7
7
6
H. L. C.
! 6|
6
6* 7
6" 6J
6
C.
6
6
6
64
7
7
8
64
8
6
6
6
61 6
64
54
6
6
6
6
54
6 6 j
6 6 j
6
6
7
6
6
6
6J 54 6 : 61 6
7 6 6 7 6
6
6
6
6
7
6
6
7
6J
51 6
51 6
6 7
6
1
•6 6
6 6
i 7 7
6J 5i
I
;
6 6-71
5 6
54 6
6 6
6 6
7 7
6 6
6 6
6 7
6 6-7
6 7
6 64-7
7
6
6
64.
6
6
51
6
6
7
6
6
8
8
8
8
6 7
6 6-7
6 7
6 61-74
6
64 7 761
6" 6 7
6 6i ! 7
6
6
6:\ 7
6l•4 7
5 6-7
6 6
6 61
6 7
6 8
6 61
6 6
6 7
6 7
H. L. C.
7
6
6
6
6
6
7
6
6
I 6
7
|6
76*
!
i
.8
J 8
j8
!8
j
! 6
6
7
7
6-7 I 8
64 j 7
64-71 8
7 -. 8
6|
?*?
«
6
6
II.
7
6
6
! 7
6 !6
7 j 6
6 16
6 7 ! 8
6 6-7 i 8
7 7 I 8
6 61.-8: 8
6
6
I6
764 64 7 J764 64 7 -75
8
6J
64
54
6
6
6
II. L. C.
!6
6
8
7
8
64- 8
7 8
8 8
61 74
6
7
7
7
8
6 6-7
6 7
6 64
6 8
8 8
6 64
6
6
"j
6 I 6*
6 6
!8
7 6J 6^ i 6
8 6 6-7 I 8
i
j Gh
*' 8 6
18 6
i
j 8 64 61
Rates for demand paper secured by prime bankers' acceptances, high 7, low 54, customary 54-6.
Oi
MAT,
FEDERAL RESERVE BULLETIN.
PHYSICAL VOLUME OF TRADE.
In continuation of tables in the April
there are presented in the following tables certain data
relative to the physical volume of trade. The
FEDERAL RESERVE BULLETIN
1920.
January, 1919, issue contains a description of
the methods emploj^ed in the compilation of
the data and the construction of the accompanying index numbers. Additional material
will be presented from time to time as reliable
figures are obtained.
Live-stock movements.
[Bureau of Markets.]
Shipments.
Receipts.
Cattle and
calves, 60
markets.
I
Hogs 60
mark its.
Sheep, 60
markets.
Horses and \
mules, 44 |
markets. !
Total, all
kinds.
Cattle and
calves, 54
markets.
Head.
1,206,988
Head.
\
67,702 ;
Head.
6,409,171
Head.
570,930
Head.
1,272,654
Horses and
mules, 44
markets.
Hogs, 54 Sheep, 54
markets, i markets.
Total, all
kinds.
i
Head.
\
489,420 ;
1919.
March
Head.
j
1,501,607 j
Head.
3,632,874
July
August
September..
October
November..
December...
2,007,266 i
2,019,139 !
2,377,054 !
2,989,090 !
2,680,0-12 j
2,169,631 !
2,998,836
2,103,609
2,401,677
3,144,831
3,775,589
5,024,650
2,177,942
3,211,331
3,810,441
3,605,198
2,751,421
2,393,632
7,232,735
48,691
81,917
7,415,996
140,848
8,730,020
124,497
9,863,616
140,192 i 9,347,244
86,666 : 9,674,579
706,843
894,816
1,150,183
1,532,297
1,374,452
967,160
963,662
690,821
860,614
1,103,837
1,308,095
1,608,292
997,338
2,014,267
2,466,937
2,159,531
1,597,007
1,183,602
1920.
January
February...
March
1,868,723 i 5,275,412
1,560,051
1,468,370 i 3,423,992
1,387,111
1,803,073 ! 3,963,245 i 1,255,490
138,541
8,842,727
108,056 ! 6,387,529
82,584 ! 7,104,392
752,605
591,691
570.323
1,665,274
1,287,169
1,399,485
669,458
572,634
483,550
j
I
!
!
j
!
|
!
|
!
i
i
Head.
68,795
Head.
2,401,799
43,738
74,268
135,724
125,701
134,679
86,534
2,711,581
3,674,172
4,613,458
4,921,366
4,414,233
3,845,588
138,145
110,827
87,896
3,225,482
2,562,321
2,541,254
Receipts and shipments of live stock at 15 western markets.
Chicago, Kansas City, Oklahoma City, Omaha, St. Louis, St. Joseph, St. Paul, Sioux City, Cincinnati, Cleveland, Denver, Fort Worth, Indianapolis, Louisville, Wichita.]
RECEIPTS.
[Monthly average, 1911-1913=-100.]
Cattle and calves.
i
Relative.!
Hogs.
Sheep.
|
i
i Relative.
Head,
Head.
Horses and mules.
j
Relative.:
Head,
I
j Relative.
Total, all kinds.
Head.
Relative.
1919.
March.
1,094,614
109 i 2,842,663 !
July
August
September.,
October....
November..
December..
1,527,881
1,541,133
1,871,042
2,317,487
2,046,664
1,650,315
152 !
153 !
186 !
230 i
203 ii
164 i
1,400,031 !
1,068,092 j
1,203,499
139 ! 3,912,449 i
114 : 2,440,154 \
119 i 2,910,909 !
January...
February.,
March
2,411,539
1,595,759
1,704,944 I
2,160,079 |
2,715; 955 j
3,785,870 |
62 i
847,842
129
110 i
73 I
78 ;
98 i
124 i
172 :
1,558,767:
2,220,229 .
2,890,831
2; 405; 511 j
1,743,189
1,589,237 !
178
1,035,591 '
948,116 i
900,299 !
4,826,924
105
37,866 i
57,206 ,
88,283
79,240
84,018
53,453
82
124
192
172
183
116
5,536,053
5,414,327
6,555,100
6,962,317
6,5S9,826
7,078,875
120
117
142
151
143
153
76 1
74 1
66
90,662
76,048
57,880
197
168
126
6,438,733
4,532,410
5,072,587
139
105
110
58 j
41,837
102
1,681,200
117
32,836
49,996
83,264
80,828
78,889
55,831
80
122
203
197
192
136
1,934,132
2,508,205
3,307,121 I
3,272,997
2,806,136
2,428,277
135
175
230
228
195
169
90,630
79,100
62,625
221
207
153
2,069,616
1,654,973
1,703,339
144
124
119
114
162
212
176
128
116
41,805 j
1920.
119 I
132 i
SHIPMENTS.
I
1919.
March.
423,819 1
July
August
September..
October
November..
December..
January..,
February.
March
515,071
650,252
872,043
1,154,995
993,148
686,325
'•
I
!
I
i
:
104
925,802
191
289,742
127
160
214
284
244
169
691,283
455,705
501,856
654,755
788,107
1,003,682
143
94
104
135
163
207
694,942
1,352,252
1,849,958
1,382,419
945,992
682,439
135
113
103
1,026,763
814,253
923,526
212
180
191
403,382
334,012
298,878
367
275
188
136
1920.
548,841 !
427,608 i
418,310 :
71 !
59
517
FEDERAL RESERVE BULLETIN'.
MAT, 1920.
Exports of certain meat products.
[Department of Commerce.]
[Monthly average, 1911-1913=100.1
Beef, pickled,
and other cured.
Beef, fresh.
Beef, canned.
Relative.
U.ims and shoulders, cured.
Bacon.
Relative.
Lard.
Relative.
Pickled pork.
Relative.
Pounds.
Relative.
Pounds.
Relative.
Pounds.
1919.
March
8,997,973
1,358 14,651,276
1,1 SI
3,749,394
140 151,086,397
902
85,71.2,426
574
97,239,435
221
2,141,508
48
July
August
September
October...
November.
December.
5,392,104
2,894,361
1,213,709
1,793,784
1,393,238
1,886,835
814 8,680,524
437 8,075,366
183 7,285,951
271 31,178,216
210 15,694,002
285 6,061,769
700
651
587
2,513
1,265
489
3,320,564
2,494,113
3,523,887
3,102,422
2,997,652
3,135,069
124 11.7,679,193
93 84,150,778
132 57,179,511
127 56,462,312
112 65,288,694
117 58,982,754
703
502
341
337
390
352
47.452,834
40', 147,727
18,209,239
13,090,972
16,844,285
15,688,297
318
269
122
88
113
105
68,163,734
48,968,628
36,960,364
41,016,518
42,106,339
63,645,722
155
111
84
93
96
145
2,392,515
2,117,796
2,792,439
3,804, 290
4,934,696
4,125,550
54
48
63
86
111
93
1920.
January... 1,081,643
February..
735,132
March
847,397
163 22,872,223
119 13,010,793
128 6,036,166
1,84 \
1,124
487
1,670,500
1.631,407
2,290,835
77,501,002
75,891,195
75,002,410
463
486
448
13,905,923
21,217,706
31,088,859
93
174
208
38,823,902
30,644,906
69,429,785
88
89
158
4,251,187
3,710,308
3,160,456
96
90
71
63
65
86
Pounds.
Pounds.
Pounds.
Pounds.
Relative.
Receipts of grain and flour at 17 interior centers.
iChicago, Cleveland, Detroit, Duluth, Indianapolis, Kansas City, Little Rock, Louisville, Memphis, Milwaukee, Minneapolis, Omaha, Peoria,
St. Louis, Spokane, Toledo, Wichita; receipts of fiour not available for Cleveland, Detroit, Indianapolis, Louisville, Omaha, Spokane,
Toledo, and Wichita.]
[Compiled from reports of trade organizations at these cities.]
[Monthly average, 1911-1913=100.]
Oats.
Wheat.
Barley.
Rye.
Total grain.
RelaRelaRelaRelaBushels. tive. Bushels. tive. Bushels. tive. Bushels. tive. Bushels.
1919.
March
13,768,496
6113,431,797
49,612,115
July.
August
80,714,559
September 69,
69,953,295
October... 51,006,164
"'
November. 35,729,832
December. 30,582,779
184 12,549,219
299 8,503,282
260 16,267,145
18912,490,107
13314,606,137
113 23,983,657
1920.
January... 25,074,624
February.. 18,115,324
March
18,007,798
93 24,139,094;
72 26,051,855|
67 24,306,196:
6017,076,822
56
38
72
56
"
6."
107
108 20,925,941
124 20,575,651
10819,149,624
I
1
25,233,109
29,774,582
26,721,030
24,:
24,323,974
17,699,925
15,592,282
85*4,955,130
125
147
132
120
88
77
3,105,486.
3,824,263i
5,446,3711
4,472,397;
2,579,579
2,876,636 j
10! 1,378,610.
109 3,203,680
95 3,548,739
Total grain and
• flour.i
Flour.
I .
RelaBushels. tive.
RelaRelative. Barrels. tive.
448 11,723,691 j
16300,955,936
781,485,320
76 67,639,876
281
3J5
492
404
233
260
8,627,091
6,638,871
5,294,256
4,369,326
3,582,873
3,769,8591
120 99,127,020
93:129,455,557
741123,682,097
61 i 96,6(51,968
50; 74,198,346
53; 76,805,213!
127 11,572,420
166 2,283,145
2,
159 3,073,034
3
12-13,468,787
"5 3,541,957
95
3j
99 2,371,262
2,
80106.202,910
117 131;738,702
157 137,510,750
177 112,271,510
181 90,137,1.53
121 87,475,892
122
152
159
129
104
101
390 3,298,544
3i6 2,470,622
320| 2,928,440
I
46! 77,81.6,813!
37| 70,477,1411
41! 67,940,797 :
100 2,298,692J
97 2,059,421
87 ',617.5441
117 88,160,927
113 79,744,530
83 75,219,745
.102
99
87
Flour reduced to its equivalent in wheat on basis of 4} bushels to barrel.
Shipments of grain and flour at 14 interior centers.
Chicago, Cleveland, Detroit, Duluth, Kansas City, Little Rock, Louisville, Milwaukee, Minneapolis, Omaha, Peoria, St. Louis, Toledo, Wichita
shipments of flour not available for Cleveland, Detroit, Louisville, Omaha, Toledo, and Wichita.]
Wheat.
Corn.
Oats.
Rye.
Barley.
Total grain, j
Flour.
!TotaJ£™?and
i
Bushels. Rela-!
tive. !
iRela" ti\-e. Bushels. ^
i
BushelsJ ™*\ Bushels.
Barrels, a c - Bushels.
\ Bushels. \
Relative.
14,857,872
96| 7,544,893
5316,190,437;
107 3,265,730.
4616,050,578!
155:47,909,510:
97 3,039,350
62,033,195
96
12,423,422
36,986,491
37,730,048
25,813,130
20,877,718
17,383,075
8li 8,102,275J
240, 5,135,4591
245! 6,622,779!
167| 7,116,502
135j 6,609,629
113ill,509,719
5715,628,503!
3617,919,623;
4716,651,580.
"016,705,015:
r 15,582 081!
8112,433,7161
103" 1,5-46,100:
1181,436,377
110 2,317,740;
1101,426,528
103 3,110,541!
82 2,255,139!
218 9,133,000!
203J5,028,67-1!
327!2,943,167!
202!3,087,951 i
4392,827,956i
319J2,624,376
234! 46,833,3041
129:66,506,624!
75:66,265,314!
7954,149,126 1
73:49,007,925!
67;46,206,025j
95;2,589,176
135)3,805,273
134|4,787,300
11015,975,261
9915,604,616
94:4,470,122
76 58,484,596]
112 83,630,353)
14187,808,164
176 81,037,8011
165 74,228,697
132 66,321.574
90
129
136
125
115
103
114112,326,051
9811,977,640
71111,165,894
8715,1,822,0991
9113!t, 073,089!
7914: ,243,957!
104 3,685,914
92 2,113,505
94 3,062,530;
521:2,007,718!
320:1,306,340
43311,574,887
51151,355,869J
36:42,584,789!
40:41,074,604
104 4,140,314
92 3,156,962
8312,900,175
122:69,987,282
100156,791,118!
87154,395,392!
108
94
84
1920.
January
17,514,087
February... 14,114,215
March
11,027,336
1
I
Flour reduced to its equivalent in wheat on-basis of 4£ bushels to barrel.
518
1920.
MAY,
FEDERAL RESERVE BULLETIN.
Receipts of grain and Jl.our at nine seaboard centers.
[Boston, New York, Pliiladelphia, Baltimore, New Orleans, San Francisco, Portland (Orcg.), Seattle, Tacoma; receipts of flour not available for
Seattle and Tacoma.]
[Compiled from reports of trade organizations a t these cities.]
[Monthly average, 1911-1913=100.]
Oats.
Corn.
Wheat.
Rye.
Barley.
Bushels. i15?!?-j
Bushels JS?!?"
Bushels. Relaiiv y.
j L I \ o. i
tive. Bushels.
I
13,789,851
!
109,' G36,127j
July
August
September...
October
November
December
J 5,806,227!
. 126,902,757 j
.128,010,858;
.114,755,827:
.j 9,152,5341
.: 5,782,777^
901,842
214 815,132:
222 512,0721
1171 507,005i
73; 438,147;:
46; 81G,030
1813,254,914
i
25 6,959,186
23.5,076,984
14,5,345,464
1414,335,038
12 3,998,525
23 2,991,717
1920.
January
February
March
J 5,711,009;;
.; 4,898,690
J 6,486,745'
451,491,759;
421,244,393
51!l,203,649i
42^2, COS, 274
38:2,331,240
34!3,616,727
1919.
March
Total grain
and
flour.1
Total grain.
Bushels.!^'-
69 3,880,424: 2,731 2,285,954|
138|23,847,270j
1401,478,551: 1,0419,1,723,852
119 til, 71043 4 ,993,395
113 .534,301: 376 2,171,521
911,717,301; 1,209
— 796,839
84il,391,024i 979 851,651
631,604,755! 1,172 2.!, 309,085
580124,869,658!
301138,449,978!
131136,574,216!
48 22,112,070;
5115,831,881;
13913,564,964!
1101,514,135
1691,385,762
1612,306,213
97!2,521,329
7011,552,796
60 2,149,458
145 31,683,266
133 44,685,907
22146,952,175
241i33,458,051
149122,819,463
206j23,237,525
56 2,643,611 1,,8611L,297,8 ,
53 3,212,608' 2,!,4231.,315,2911
77j4,119,986! 2,9001.,300,87l!
78! 13,807,
85113,002,388;
7816,757,978'
611L, 561,693
6 1 11,102,606
741 ,752,860!
150;20,835,lll
11317,964,015
168!24,645,848
I
i
116
163
171
122
83
85
76
70
90
i Flour reduced to its equivalent in wheat on basis of 4J bushels to barrel.
Stocks of grain at eight seaboard centers at close of month.
[Boston, Now York, Philadelphia, Baltimore, New Orleans, Newport News, Galveston, San Francisco.]
[Compiled from reports of trade organizations a t these cities.]
[Bushels.]
1919.
March
!
July
August
September
October
November
December
:
:
:
;
1920.
'
I
January
February.
March....
Oats.
Barley.
Total grain.
Wheat.
Corn.
12,732,472 ;
346,543 : 5,650,120
1,920,348
4,403,665
25,053,148
5,557,644 j
17,396,2D9 I
21,171,440 I
25,322,242 i
18,728,730
13,053,230
205,196
155,491
172,254
82,240
155,490
279,451
3,700,063
2,210,989
1,901,510
1,898,271
2,504,833
2,435,455
807,491
578,250
516,142
483,270
1,264,494
709,276
5,528,176
5,414,183
4,061,830
3,079,360
2,351,012
3,007,379
15,978,570
25,761,182
27,823,176
30,865,383
25,004,559
19,484,841
8,485,491
6,034,1'>82
6,280,682
711,501
948,239
851,287
2,398,639
1,571,209
1,351,457
2,397,156
2,671,743
2,389,321
2,587,543
2,340,787
1,891,862
16,580,330
14,166,660
12,764,609
NOTE.—Figures for San Francisco include also stocks a t Port Costa and Stockton.
Cotton.
[New Orleans Cotton Exchange.]
[Crop years 1911-1913=100.]
Sight receipts.
Bales.
1919-20.
August
September
October
November
December
January
February
March..".
313,301
584,776
1,779,927
2,369,177
2,147,365
1,526,622
1,003,226
701,406
Port receipts.
Relative.
25
47
142
189
171
122
86
56
Rela-
238,271
260,698
1,029,331
1,178,443
1,069,693
982,030
725,515
621,808
26
28
112
128
116
107
85
68
Overland movement.
Bales.
49,630
26,138
110,202
245,237
242,940
205,233
138,084
68,351
Relative.
a t ports a n d
\ American spinners' Stocks
interior towns a t
takings.
close of month.
!
Bales.
47 !
302,238
300,001
25:
621,784
105 :
1,155,324
233 1
231 i 1,214,337
793,453
195 I
141 i 374,093
230,047
65 i
Relative.
67
66
137
254
267
175
88
51
Bales.
1,412,048
1,501,805
2,340,881
2,616,383
2,765,040
2,470,496
2,510,482
2,276,737
Relative.
120
127
199
222
235
210
213
193
MAY,
1920.
519
FEDERAL, RESERVE BULLETIN.
California shijimtnts of citrus and deciduous fruits.
[1911-1913=-. 400.]
Oranges.
Carloads.
Lemons.
Relative.
i
Total citrus fruits.
Carloads. I Relative, i Carloads. I Relative.
Total
deciduous
fruits.
Carloads.
1919.
March
5,113
209 |
July
August
September..
October
November..
December...
2,568
1,785
1,840
2,706
3,257
3,592
105 !
73 i
75
111
133
147
2,457
2,683
4,715
100
118
193
221
6,010
211
1,038
436
414
572
442
271
256
108
102
141
109
67
3,606
2,221
2,254
3,278
3,699
3,863
127
78
79
115
130
136
4,199
6,601
6,781
5,529
2,141
197
630
852
651
156
225
161
3,087 i
3,535
5,366 !
108
133
188
123
139
155
1920.
January...
February.
March
Sugar.
[Data for ports of New York, Boston, Philadelphia.]
[Weekly Statistical Sugar Trade Journal.]
[Tons of 2,240 pounds. Monthly average 1911-1913= 100.]
Receipts.
Ti o n s
'
Raw stocks
at close of
month.
Meltings.
Rela- :
| tive. !
T
ions
Relative.
-
Tons.
- -
1919.
March
232,471 !
126
July
August
September
October
264,782 :
246,419
262,137
233,650 '
144 : 292,000 '
134 ! 229,000
142
292,000 ;
127
216,000 :
261,000
;
1 - •
142
62,187 ;
36
159
125
159
118
57,975 1
75,394 :
45,531
63,181 ••
34
44
26
37
i
Raw stocks
at close of
month.
Meltings.
Receipts.
Relative.
Tons.
1919.
November
December
154,674
96,342
84
52
177,000 j
126,765 j
1920.
January
February
March
208,554
316,667
335,532
113
184
182
181,000 I
269,000 !
333,000 i
Relative.
96
69
40,855
10,432
24
6
99
157
182
37,986
85,653
88,185
22
50
51
i
Naval stores.
[Data for Savannah, Jacksonville, and Pensacola.]
[In barrels.]
[Compiled from reports of trade organizations at these cities.]
Spirits of turpentine.
Spirits of turpentine.
Rosin.
Stocks at
Stocks at
Receipts. close of Receipts, close of
month.
month.
; Stock sat;!
Stocks at
. Receipts. close of Receipts. I close of Ij
I month. '
month.
1919.
March
:
July
August
September
October
I
:
:
i
November
December
4,226
97,450
14,338
243,813
23,598
21,013
21,574
19,367
30,656
24,756
27,021
27,389
76,561
73,402
72,616
67,080
235,707 !
203;812
190,580 January
186,231 February
!
Rosin.
March
1919.
18,757
17,109
28,741
30,924
77,125 I 204,281
76,792 I 200,333
8,300
3,762
1,876
24,910
17,900
4,819
47,874 I
29,303
14,660
1920.
165,927
140,559
103,443
520
FEDERAL, RESERVE BULLETIN.
MAY, 1920.
Lumber.
[From reports of manufacturers' associations.]
[M feet.]
Western pine.
Southern pine.
Num- Producber of tion.
mills.
Ship-
1919.
Num- Producber of tion.
mills.
Eastern white pine.
Douglas fir.
mills.
tion.
198
378,752
361,125
71,426
81,328
120
254,650
July
August
September.
October
November.
December..
206
204
202
201
202
198
401,939
417,036
416,640
421,02/)
391,347
353,923
466,786
423,002
372,727
356,124
j 344,717
! 363,176
148,533
152,748
154,102
156,828
110,525
65,989
140,680
140,236
138,537
143,252
117,472
93,377
114
118
126
124
126
129
268,634 301,050
416,422 397,290
332,905 ! 261,797
419,108 I 339,321
324,511 j 241,301
227,331 176.935
1920.
January
February..
March
202 386,481
203 383,239
205 436,944
March
404,706
369,047
424,775
69,895 j 144,180
85,583 j 147,180
130,425 I 156,211
Ship- NumShipof Produc- ments.
men is. ber
mills. tion.
Ship- Num-I Producments. berof
mills. tion.
Ship-
7,118
17,525
32,110
22,672
27,382
20,247
16,913
12,888
2,786
4,776
22,470
26,830
22,574
18,139
21,596
17,840
22, 320
27, 177
33, 146
24 055
24 925
19 048
34,191
30,159
35,468
22,079
26,926
2tf241
21
38,007
21 I 32,551
21 | 43,771
63,614
59,687
61,620
24 678
15 534
29 633
26,283
15,202
29,896
255,544
128 327,568 344,568
124 332,511 295,934
123 ! 342,948 329,012
North Carolina pine.
R E C E I P T S A N D S H I P M E N T S O F L U M B E R A T CHICAGO.
[Chicago Board of Trade.]
[Monthly average, 1911-1913= 100.]
Receipts.
M feet.
March
1919.
July
August
September
October
Shipments.
M feet.
124,040
46,902
200,148
170,385
205,909
208,638
90,134 !
87,953 i
93,120 '
95,674
Receipts.
Relative.
Relative.
M feet.
61
118
115
121
125
1910.
Novomber
December
:
;
1920.
January
February
March
i
:
'•
Shipments.
M feet,
Relai tive.
!
176,972
226,617
83
107
70,175
79,553
92
104
208,145
235,423
284,146
119
134
71,233
81,561
122,401
93
114
160
Coal and coke.
[Bituminous coal and coke, U. S. Geological Survey; anthracite coal, Anthracite Bureau of Information.]
[Monthly average, 1911-1913=100.
Bituminous coal, estimated monthly pro
duction.
!
Short tons.
1919.
March
July
August.
September
October
November.
December .
1920.
January
Fcbmarv
March. "
....
Relative.
Anthracite coal, shipments over 9 roads.
Long tons.
R(Native.
Beehive coke, estimated
monthly production.
Short tons.
Relative.
33,719,000
91
3,938,908
70
1,768,449
68
42,754,000
42,880,000
47,403,000
54,579,000 •
20,303,000 ,
36,612,000
115
116
6,052,334
6,144,144
5,687,401
6,560,150
5,971,671
6,138,460
108
109
1,512,178
1,733 971
1,790,466
1,551,979
1,680,775
1,721,000
58
66
49,419,000 i
40,127,000 :
46,792,000 :
133
116
126
1,982,000
1,731,000
2,025,000 ;
76
71
77
128
147
55
99
5,713,319
4,913,664
101
117
106
109
102
94
68
59
64
66
MAY,
1920.
521
FEDERAL RESERVE BULLETIN.
Crude 'petroleum.
[CT. S. Geological Survey.]
[Barrels of 42 gallons each.l
Produced.
Barrels.
March
1919.
July
August
September
October
November
Produced.
Stocks at end
of month
(barrels).
Relative.
Barrels.
30,234,000
158
'
1919.
129,213,000 j| December
33,894,000
33,862,000
33,667,000 |
33,319,000 I
32,114,000 !
177
177
176
174
168
140,093,000
136,467,000
137,131,000
135,461,000
|
!l
1920.
ii January
i! February
i March
j
i
j
1 3 1 , 6 0 1 , 0 0 0 •'•
Relative.
Stocks at end
of month
(barrels).
32,508,000
170
127,867,000
33,980,000
33,212,000
36,491,000
177
186
190
127,164,000
126,339,000
125,291,000
'•
Total output of oil refineries in United States.
[Bureau of Mines.]
Crude oil run
(barrels).
1919.
February
25,232,876
July
August
September
October
November
December
Kerosene
(gallons).
!
• Gas and fuel Lubricating
; (gallons).
(gallons).
i
62,503,072
31,202,522
32,362,057
32,601,044
33,682,968
32,213,754
32,427,617
283,518,194 j 164,181,787
342,491,757
205,727,289
326,846,167 219,502,888
339,582,564
199,244,293
363,456,747
227,104,346
338,607,570
214,829,925
335,659,587
229,476,468
553,853,753
638,185,469
685,702,461
683,409,674
680,158; 446
663,309,514
685,084,086
30,815,160
29,208,723
336,719,157 ; 195,956,392
322,588,697 j 194,523,334
617,555,156 :
589,684,857 i
67,037,414
72,920,214
70,236,692
78,658,410
75,962,212
72,040,862
i
1920.
January
Febraarv
Gasoline
(gallons).
75,878,635
74,243,073
STOCKS AT CLOSE OF MONTH.
1919.
Feb. 28..
14,820,601 •" 458,449,187 . 303,062,436
692,816,000 • 152,297,163
July 31..
Aug. 31..
Sept. 30.
Oct. 31..
N o v . 30..
Dec. 31..
15,30-1,915
15,131,549
13,925,441
14.091,945
13,983,716
13,143,285
817,809,519 !
830,329,785
802,135,385 i
828,574,452
791,052,991 '
714,124,455 ,
514,919,358 279,855,061
434,531,440 ; 290,065,64(5
371,125,419 311', 843,057
354,160,071 329,160,795
378,133,1.85 347,070,560
446,793, -131 339,319,090
173.884,303
1701572,819
158,967,070
152,536,736
149,193,143
137,318,934
1920.
13,200,727 ! 515,934,304 • 327.548, G40
13,500,599 ! 5(32,990,4S9 : 330;i20,942
Jan. 31
Feb. 29
652,080,901 i 141,600,177
590,322,125 : 132,759,214
Iron and steel.
[Great Lakes iron-ore movements, Marine Review; pig-iron production, Iron Age; steel-ingot production, American Iron arid Steel Institute.]
[ Monthly average, 1911-1913=100; iron ore, monthly average, May-November, 1011-1913=100.]
Iron-ore shipments
from tho upper
Lakes.
Pig-iron production.
fateel m
" ??*
produc
"
Unfilled orders U. S.
Steel Corporation
at close of month.
Gross tons. Relative. \ Gross tons. Relative, j Gross tons, j Relative. Gross tons. Relative
March.
1919.
9,173.429
4,423;133
8,178,483
6,201,883
3,152,319
July
August
September..
October
November..
December..
January...
February.
March
1920.
177757—20
6
151
73
135
102
52
3,090,243
133
2,662,265 j
110
5,430,572
103
2,428,541
2,743,388
2,487,965
1,863,558
2,392,350
2', 633,268
105
118
107
80
103
114
2, SOS, 176 I
2,740,081 :
104
114
5,578,661 I
6,109,103
6,2S4,638
6,472,668
7,128,330
8,265,366
106
116
119
123
135
157
3,015,181
2,978,879
3,375,907
130
138
146
2,956,602 i
2,865,124 i
3,290,799
123
127
137
9,285,441
9,502,081
9,892,075
176
180
188
522
FEDERAL RESERVE BULLETIN.
MAY,
1920.
Imports of pig tin.
[Department of Commerce.]
[Monthly average, 1911-1913=100.]
Pounds.
P*
March
1919.
Relative. |
8,284,970
July
August
September
October
November
91
113,120 I
9,872,459 j
11,087,403 |
16,210,512 i
15,233,671 |
Pounds.
1919.
!; December.
Relative.
12,940,125
142
8,772,953 j
18,925,843 j
11,980,019 1
97
164
95
1 i
109 |
122 i January.
...
178 ! February
168 March
1920.
I
Raw stocks of hides and shins.
[Bureau of Markets.]
[In pieces.]
hides 6
Mar. HI
1919.
1920.
Goat.
Kid.
Cabretta.
Sheep and
lamb.
7,987,277
181,952
559,576
8,264,864
554,516 i 15,589,944
i 4,966,081
2,389,368 j
585,269 18,263,446
5,498,844
2,145,320
947,546 ! 16,749,664
6,158,289 I 2,055,084
1,097,039
i 15,302,942
6,436,765 I 2,007,208
1,088,173 ! 14,248,671
: 6,918,534
1,844,737
1,122,156
j 15,984,179
; 7,349,146 j 2,117,442
1,964.828
880^76
823,740
2,239,604
331,389
752,055
2,767,694
2,348,769
2,736,802
2,574,499
2,684,084
2,092,425
6,815,100
7,126,885
8,661,215
10,122,930
9,398,712
9,296,812
927,436
665,524
468,188
1,893,614
2,197,683
2,047,519
8,902,067
9,460,914
9,205,376
; 5,108,516 1 1,219,935 j
July31
Aug. 31
Sept. 30
Oct. 31
Nov.30
Dec. 31
Jan. 31
Feb.29
Mar. 31
' Calfskins, j Kipskins.
!
!
j 6,773,300 ! 1,920,184
| 6,559,337 ! 1,859,697
6,544,941 j 1,929,378
415,882
1,036,372
1,141,620
13,474,529
16,481,328 !
15,968,660 |
NOTE.—Figures for Mar. 31 are provisional.
Textiles.
[Silk, Department of Commerce; cotton, Bureau of the Census; wool, Bureau of Markets; idle machinery, January-September, 1918, inclusive,
National Association of Wool Manufacturers.]
[Cotton, monthly average crop, years 1912-1914=100; silk, monthly average, 1911-1913=100.]
Percentage of idle woolen machinery on first of month j
to total reported.
I Cotton consumpi
tion.
Cotton
spindles
active
during
month.
Bales. jRelativc. I
1919.
March
July
August
September....
October
November....
December
1920.
January
February..,
March
April
!
i 433,485
509,793 !
502,536 |
491,313 :
555,344 I
490,698 j
611,585 i
109
114
591,725 j
516,594
575,704
132
123
128
Imports of raw silk.
Wool consumption
(pounds).
Spinning spindles.
Looms.
Wider Under j '
| than 50j inch reed
! space.
space,
s of
CombsJ
I Woolen. Worsted.
l
Pounds. | Relative.
96 I
32,654,386
29,320,063 j
58.1
42.4
39.1
47.8 ;
41.8
52.7
1,784,412 j
87
113
112
109 i
34,184,407
34,187,310
34,216,662
34,307,367
34,483,775
34,594,214
54,973,093 !
48,938,476 i
52,985,961 !
60,018,415 !
52,428,854 j
55,566,253 |
22.0
22.1
19.9
16.0
14.8
13.9
26.0
24.9
22.8
20.7
18.2
19.1
9.7
9.4
8.1
8.2
7.6
10.5
7.6
6.5 :
5.5
5.9
5.3
5.3
8.9
8.9
7.9
7.7
6.7
8.4
13.5
10.9
12.8
7.2
6.7
6.2
5,202,407
3,802,500
6,755,271 !
3,955,845 I
4,841,407
3,576,585 !
254
186
330
193
237
175
34,739,071
34,668,643
34,667,747
|
63,059,862 :
55,247,652 !
58,344,602 !
14.5
12.2
14.9
13.1
18.5
17.6
19.8
16.9
8.8
7.6
9.8
9.6
9.1
7.1
10.3
9.5
10.2
7.9
11.7
7.0
4,855,989 I
3,696,121 I
2,491,651 i
237
194
122
123
;
7.2
6.9
7.0
7.1
,
1920.
FEDERAL RESERVE
523
BUTiTiETTBT.
Production of wood pulp and paper.
[Federal Trade Commission.]
[Net tons.)
Newsprint.
Wood
pulp.
Paper
board.
Book.
Fine
Wood
pulp.
Newsprint.
Book.
Paper
board.
$3T
1919.
48,069 ; 23,514 i December
306,617
122,781
88,779
174,649
62,288
31,014
63,769 ! 30,036
64,861 i 33,122
63,353 31,923
67,110 34,808
63,394 32,468
302,541
266,191
327,143
129,663 96,419 ; 211,934 70,109
114,235 ! 85,532 I 176,855 61,574
127,847 | 95,851 | 207,863 68,403
32,886
29.202
33,671
W
iue
F a P - |! rFine
ping.
"
-
i
1919.
March
278,675 I 114,746
63,699
July
August
September....
October
November . . .
260,685
260,987
266,915
308.710
324; 488
75,613 169,593
82,737 189,782
81; 024 184,897
89,440 202,524
84,085 182,940
! 113,929 I
i 113,413 .'
i 111,434 I
; 125,210 ;:
! 116,603
136,175
1920.
January
February
March
I
I
Sale of revenue stamps for manufacturers of tobacco in the United States (excluding Porto Rico and Philippine Islands).
[Commissioner of Internal Revenue.]
Cigars.
Large
Cigarettes.
Small.
Cigars.
Manufac- II
tured
!
tobacco. !
Small.
Large.
Cigarettes.
Small.
Small.
Chewing
and
smoking
tobacco.
-I1919.
February
July
August
September
October
Number.
Number.
Pounds.
j Number.
| 476,329,947 60,138,(530 3,126,274,662 27,472,269
j 569,908,339 47,500,287 3,585,030,983
533,227,393 54,953,647 3,918,403,687 35,568,246
575,777,829 53,735,960 4,283,247,387 36,623,005
677,622,154 64,170,793, 5,028,875,337 39,335,546
1919.
November
December
Number.
; Number.
Number.
! 655,421,893 56,080,813 ! 4,768,598,203
j 662,046,997 45,491,540 | 4,578,641,450
Pounds.
32,965,088
29,409,443
1920.
January
February
58,837,900
!! 663,634,243
! 593,832,200 43,358,500
33,608,313
31,531,460
4,528,760,833
3,536,117,847
Output of locomotives and cars.
[Locomotives, United States Railroad Administration; cars, Railway Car Manufacturer's Association.]
Domestic Foreign • Domestic.) Foreign.
com- i
shipped.
pleted. |
March
1919.
Number.
258
121
160
111
89
39
July
August
September..
October.
November...
Locomotives.
Output of cars.
Locomotives.
2,777 I
18,509 !
19,980 !
10,445 I
8,967 !
73
173
51
55
23 ,
6,936
5,015
4,302
3,715
Domestic
Total.
Number. ! Number. Number.
5,978 ;
5,795
11,773
Number.
128
9,713
23,524
24,282
14,160
11,589
Output of cars.
Domestic. Foreign.
Number. Number. Number.
42
4,506
103
1919.
December...
1920.
January
February..
March..!"....
48
22
4,650
3,960
3,053
Total.
Number. Number.
2,428
6,934
1,914
1,066
2,040
6,564
5,026
5,093
1
Vessels built in United States, including those for foreign nations, and officially numbered by the Bureau of Navigation.
[Monthly average, 1911-1913=100.]
Gross Relative.
Number. tonnage.
Number. tonnage.
March
1919.
July
August
September
October
November
186
298.005
1,233
245
238
202
210
143
397,628
455,338
378,858
357,519
347,051
1,645
1,884
1,568
1,479
1,436
December
January
February
March
1919.
1920.
149
294,064
1,217
115
140
170
253,680
267,231
279,709
1,050
1,185
1,157
524
FEDERAL RESERVE BULLETIN.
Tonnage of vessels cleared in the foreign
MAY,
1920.
trade.
[Department of Commerce.]
IMouthly average, 1911-1913=100.]
Net tonnage.
American. Foreign.
Total.
Net tonnage.
Percentage
Relaof
Rela- Ameri- tive.
tive. can to
total.
American. Foreign.
1919.
March
1,161,416
1,737,171 2,898,587
75
40.1
158
1919.
December
July
August
September
October
November
2,362,571
2,957,249
2,627,480
2,645,778
2,251,871
2,920,247
2,797,818
2,481,676
2,073,560
1,910,489
5,282,818
5,755,067
5,109,156
4,719,338
4,162,360
136
148
131
121
107
44.7
51.4
51.4
56.1
54.1
177
203
203
222
214
1920.
January
Februarv
March..."
2,043,675
Total.
1,733,923
Percentage
Relaof
Rela- Ameri- tive.
tive. can to
total.
3.777.508
97
54.1
214
3,883,183
3,330,619
3,877,254
100
92
100
49.8
51.1
47.4
197
202
187
i
1,933,385
1,702,407
1,836,716
1,949,798
1,628,212
2,040,538
Net ton-miles, revenue and nonrevenue.
[United States Railroad Administration.]
February.
1919.
July
August
September..
>ptemt
Oci
3tober
25,681,943,000 j November
December
34,914,294,000 !
36,361,653,000 I
38,860,311,000 j January
40,343,750,000 February
1919.
32,539,248,000
33,462,298.000
1920.
34,769,722,000
32,699,143,000
BANK TRANSACTIONS DURING MARCH-APRIL,
In the table following are shown debits to individual account for the four weeks ending April
21 of the present year and for the corresponding
weeks of 1919, as reported to the Board by the
country's more important clearing houses. A
recapitulation, by Federal Reserve districts,
compares figures for 152 centers for which
uniform reports are available for each of the
eight weeks under consideration.
Fluctuations of the aggregate debits for the
four weeks of the present year, as well as for
the corresponding weeks of the preceding year,
were within moderate limits. The weeks
ending March 31, 1920, and April 2, 1919, show
larger totals than the weeks immediately following, the reason apparently being end-ofmonth payments, The largest total is shown
for the week ending April 21, a week during
which stock transactions were very heavy and
during which the Government made interest
payments due on April 15. These payments
in 1919 fell on the third week of the period,
which consequently shows the largest aggregate of debits to individual account.
As compared with the figures for the corresponding weeks of 1919, aggregate debits for
the four weeks of 1920 are between 14 and 25
per cent larger. For the week ending April 21,
1920, as compared with the week ending April
23, 1919, debits are 48 per cent larger for the
clearing-house banks in New York City and
40 per cent larger for the banks, in the other
reporting centers.
MAY, 1020.
525
FEDERAL RESERVE BULLETIN.
Debits to individual account at clearing-house banks.
[In thousands of dollars.]
1920
Week e n d i n g -
1919
Week e n d i n g -
Federal Reserve district.
Mar. 31.
So. 1.—Boston:
Bangor
Boston
Fall River
Hartford
Holyoke
Lowell
Manchester
New Bedford
New Haven
Portland
Providence
Springfield
Waterbu.ry
Worcester
No. 2.—New York:
Albany
Binghamton
Buffalo
New York
Passaic
Rochester
Syracuse
No. 3.—Philadelphia:
Altoona
Chester
Harrisburg
Johnstown
Lancaster
Philadelphia
Reading
Scranton
Trenton
Wilkes-Barre
Williamsport
Wilmington
York
No. 4.—Cleveland:
Akron
Cincinnati
Cleveland
Columbus
Dayton
Erie
Greensburg
Lexington
Oil City
Pittsburgh
Springfield
Toledo
Wheeling
Youngstown
No. 5.—Richmond:
Baltimore
Charleston
Charlotte
Columbia
Norfolk'
Raleigh
Richmond
No. 6.—Atlanta:
Atlanta.
Augusta
Birmingham
Chattanooga
Jacksonville
Knoxville
Macon
Mobile
Montgomery
Nashville.."
Nevr Orleans
Pcnsacola
Savannah
Tampa
Vicksbur?
No. 7—Chicago:
Bay City
Bloomington
Cedar Rapids
Chicago
Davenport
Decatur
DesMoines
Detroit
Dubuque
Apr. 7.
A p r . 14.
A p r . 21.
A p r . 2.
Apr. 9.
Apr. 16.
Apr. 23.
3,611
305,868
9,778
22,178
3,625
5,429
5 123
8,883
18,245
7,520
37,815
14,606
6,732
17,979
3,637
268,705
10,135
27,891
4,020
5,899
5 854
9,283
20,381
8,421
38,576
18,022
8,316
19,854
3,941
360,899
11,131
24,084
3,770
6,061
4,947
10,672
19,401
7,790
41,185
15,814
7,502
19,671
3,363
351,982
7,842
29,655
3,941
5,693
5,918
10,733
20,763
8,266
46,953
17,799
7,080
18,754
2,578
258,004
0,338
19,741
2,771
4,773
2,505
213,759
5,802
22,080
2,008
4,035
2,715
258,310
0,230
21,592
2,724
4,584
2,379
219,335
5,826
19,314
2,439
3,520
5,000
17,545
4,860
14,811
7,425
20,995
0,510
14,758
28,282
9,017
5,549
15,837
25,392
9,054
5,805
11,980
28,000
9,805
7,655
12,900
32,140
9,309
5,920
12.. 274
18,309
4,211
64,718
5,060,233
5,313
28,165
15,660
22,647
4,831
72,388
4,370,408
5,739
36,648
22,325
25,511
4,840
64,994
4,885,191
5,741
33,752
16,322
26,943
4,813
04,474
5,445,815
5,207
33,517
18,932
20,711
2,989
08,028
4,084,229
2,817
20,693
14,201
20,508
2,829
54,477
3,840,617
3,298
28,714
12,497
20,707
3,214
52,979
4,310,299
3,485
20,544
10,817
23,021
3,928
00,398
3,668,540
3,291
24,739
12,162
3,701
5,076
3,172
4,483
8,672
350,158
5,338
14,6-14
11,313
9,125
4,059
8,829
4,725
2,888
5,348
3,919
3,929
15,202
342,739
7,190
16,589
13,450
8,257
4,752
9,605
6, 747
3,413
5,213
4,927
4,590
7,553
363,227
6,400
15,907
11,385
8,002
4,837
8,240
5,181
3,399
5,903
4,704
3,627
8,030
384,934
6,187
13,642
12,000
8,494
4,208
8,987
5,222
2,363
4,561
3,200
2,931
10,451
337,045
4,272
11,784
8,247
6,509
3,033
8,076
5,084
2,519
3,820
4,029
3,068
6,748
273,149
4,255
11,102
8,775
5,752
3,182
8,069
4,205
2,057
3,938
3, 718
2,762
5,118
281,702
3,000
9,357
7,999
5,840
3,017
3,421
8,607
2,361
3,719
3,804
2,744
4,504
275,049
3,859
11,052
8,503
5,237
3,491
9,255
3,483
19,386
57,748
173,856
26,370
12,112
7,151
4,446
5,653
2,728
190,172
3,162
30)127
10,114
17,020
23,018
64,647
187,312
29,311
13,582
6,596
3,643
6,154
3,467
179,180
3,185
34,010
9,724
16,847
33,735
72,331
220,707
35,181
12,863
7,795
4,624
5,783
2,800
189,300
4,158
37,449
11,104
20,383
34,130
(53,386
181,003
29,420
12,148
8,575
4,843
0,087
3,524
200,669
3,450
37,027
10,511
13,520
17,434
56,856
148,400
25,351
12,714
7,614
1,968
5,526
2,360
159,207
3,223
27,335
7,771
11,034
17,475
51,837
133,080
20,935
11,034
5,777
2,160
4,590
2,040
138,007
3,289
21,988
0,551
13,356
12,476
71,200
184,727
31,498
10,702
5,969
1,976
4,653
2,601
150,534
3,823
33,517
7,014
17,103
12,175
45,837
124,730
20,810
5,874
0,013
1,748
4,501
2,998
175,173
2,489
25,306
7,627
9,408
98,509
11,290
8, 776
7,469
18,413
3,900
24,226
109,311
11,445
8, 737
0.883
18,45S
4,900
25,780
107,812
9,332
9, 500
7,700
19,037
5, S00
27,031
109,649
9,500
10,844
7,005
20, 510
0,120
30,529
80,533
7,040
3,100
0,089
17,104
4, 020
22,121
73,186
8,077
3,800
6,256
16,704
10,000
21,700
74,695
7,190
5,100
5,870
18,303
3,800
21,763
73,071
7,147
5,100
5.380
is; 577
5, 400
23,850
33,040
12,388
15.773
9,893
13,966
6,620
7,901
10,292
5, 223
25.804
83|684
2,2-11
22, 718
6,648
1,787
34,742
12,70-1
17,033
12,110
10.131
7; 445
8,237
9,996
5,770
27,129
82,610
2,204
19,471
8,114
1,849
38,-172
10,070
17,680
13,432
15,820
7,091
8,113
10,090
6, I'M
29, 722
70,939
2,563
20,031
7,100
1,916
23.427
5; 207
12,219
7,503
12,715
5,103
7,237
0,508
4,408
18,020
53,892
2,042
14,455
4,925
1,549
22,490
5,291
11,993
7,104
10,085
5,38-4
5,298
0,079
4,403
23,350
59,900
1,999
11,107
4, 708
1,079
23,760
5, 727
9,082
9,851
13,990
5, 028
5.398
0'. 330
22', 256
50,190
2,043
11,283
5,604
2,090
22,884
5,833
11,055
8,420
8,982
5,448
5,483
0,093
4,427
22,009
53,073
1,748
11,481
4,940
1,013
3,707
3,775
9,580
766,881
8,339
5.094
24,039
146,054
3,146
4,094
4,253
12,141
720,501
12,157
4,693
28.402
3,839
2,922
10,553
737,500
8,887
4,322
25,772
200,450
3,595
2,030
2,843
0,122
2,354
3,021
5,499
574,907
7,108
3,147
18,703
80,370
2,027
2,569
3,064
2,768
570,197
5,704
3,535
17,225
110,632
1,939
2,370
2,970
4,743
558,070
6,933
3,314
18,050
106,717
2,302
141J422
3,015
34,894
12,921
15,722
11,920
14,SOS
7,371
8.144
9'. 030
o, 30-1
28,775
93,192
2,577
20.387
C), 847
2,090
4,020
3,681
9,683
079,290
8,779
3,990
27,495
149,304
4,152
550,049
7,014
3,782
10,815
90,480
1,913
Si S97
526
MAY, 1920,
FEDERAL RESERVE BULLETIN".
Debits to individual account at clearing-house
banks—Continued.
1920
Week ending-
1919
W eek ending-
Federal Reserve district.
Mar. 31. I
No. 7.—Chicago—Continued.
Flint
Fort Wayne
Grand Rapids
Indianapolis
Jackson
Kalamazoo
Lansing
Milwaukee
Peoria
Rockford
Sioux City
South Bend
Springfield
Waterloo
No. 8-St. Louis:
Evansville
Little Rock
Louisville
Memphis
St. Louis
No.!9—Minneapolis :
Aberdeen
Billings
Duluth
Fargo
Grand Forks
Great Falls
Helena
Minneapolis
St. Paul
Sioux Falls
Superior
Winona
No. 10—Kansas City:
Atchison
Bartlesville
Cheyenne
Colorado Springs
Denver
Joplin
Kansas City, Kans
Kansas City, Mo
Muskogee
Oklahoma City
Omaha
Pueblo
St. Joseph
Topeka
Tulsa
Wichita
No. 11—Dallas:
Albuquerque
Austin
Beaumont
Dallas
JE1 Paso
Fort Worth
Galveston
Houston
San Antonio
Shreveport
Texarkana
Tucson
Waco
No. 12—San Francisco:
Berkeley
Boise
Fresno
Long Beach
Los Angeles
Oakland
Ogden
Pasadena
Portland
Reno
Sacramento
Salt Lake City
San Diego
San Francisco
San Jose
Seattle
Spokane
Stockton
Tacoma
Yakima
Apr. 7.
10,470
7,516
18,867
36,414
2,707
5,627
6,982
59,882
11,683
6,817
17,696
2,984
6,122
4,372
14,198 !
7,461 :
25,553 i
36,529 i
3,231 ;
5,427 i
5,678 .
69,387 ;
11,432 j
7,522 !
19,163 i
3,129 |
5,088 ,
5,400 !
5,596
10,031
32,234
5,316
10,239
35,809
38,042
163,044
144,411
Apr. 14.
Apr. 21.
Apr. 2.
7,719
8,866
19,617
40,488
4,138
5,454
7,518
70,630
10,773
6,667
19,702
3,739
5,354
5,063
12,868
8,218
24,820
39,653
5,579
5,730
6,937
74,045
10,805
6,639
16,181
3.987
6,120
4,936
5,519
4,299
18,373
27,633
3,030
2,730
4,081
46,394
9,087
5,309
14,362
3,143
4,591
3,973
6,023
10,611
37,596
37,263
155,850
5,536
9,247
38,792
38,771
160,406
4,076
6,475
34,518
23,951
115,795
1,573
2,442
16,423
2,866
1,583
2,297
2,081
76,032
38,339
7,412
2,072
1,326
1,892 I
2,521 j
15,120
3,391
2,109
1,893
2,741
81,474
37,995
7,616
2,135
1,540
1,861
2,515
20,346
4,103
2,113
2,017
2,449
94,960
36,627
6,808
2,425
1,373
1,722
2,710
20,371
3,477
1,987
2,317
2,014
85,287
41,084
7,402
2,024
1,332
545
4,011
2,430
3,191
51,021
4,037
4,537
85,050
6,013
19,769
66,459
4,823
23,088
5,571
31,281
11,910
681
3,541
2,433
3,570
47,583
3,719
3,907
86,146
6,330 i
21,718 !
57,801 i
5,055 !
21,815 j
6,499 i
26,856 j
14,304 '
574
3,953
1,672
3,775
44,005
4,846
4,436
73,934
5,801
21,322
59,116
o,77l j
21,674 !
6,918 '
31,460
14,452
653
3,370
1,720
3.378
38,461
4,478
3,866
71,394
5,655
23,048
66,248
3,213
24,679
6,021
29,4;M
14,847
1,763
2,815
4,339
39,172
9,467
23,198
7,935
38,819
7,779
9,874
1,818
1,596
4,125
1,968
3,387
5,859
42,146
9,538
24,-422
9,546
33,441
8,875 I
10,951 !
1,942 !i
1,563
4,470
1,752
4,060
5,478
42,887
9,660
25,004
8,413
32,563
8,397
9,612
3,090
1,773
3,900
2,359
3,077
4,594
41,337
9,584
22,533
7,785
32,600
7,152
8,981 |
3,062 !
1,684 |
4,351 i
2,194
2,975
9,205
5,167
89,409
19,510
4,043
5,605
43,778
2,821
12,183
18,914
8,011
198,401
4,526
47,318
11,661
4,973
11,325
3,306
2,727 |
3,365
8,752
5,883 |
101,971 i
19,709 |
1,948 |
5,897 !
50,636 ;
2,922 I
13,420
20,192
8,484
196,897 i
5,374 j
49,205 ;
13,229 !
6,526
11,587
4,076
2,591
3,260
10,519
5,619
96,025
20,423
4,324
5,975
51,539
3,124
14,105
16,464
8,076
208,344
4,943
61,888
14,254
5,700
12,529
3,412
2,854 i
2,240
8,633
6,167 !
99,255 ,
19,523
3,344 .
6.988 :
52,561
2,001 •
14,723 |
19,429 j
9,109;
233,741
4,648 :
50,480 !
14,758 |
4,588 I
13,807 !
3,479 j
j Apr. 9.
7,060
4,811
12,938 i
26,412 I
3,389 I!
2,743
3,995
40,777
10,439
4,956
12,881
3,040
4,954
3,314
Apr. 10.
Apr. 23.
4,839
5,006
14,470
31,745
4,253
3,196
4,058
53,861
12,494
4,743
14,247
3,547
5,860
2,959
8,766
4,570
14,279
28,295
3,566
3,326
4,313
44,244
9,718
3,820
13,421
2,863
4.750
3; 238
4,522
7,927
33,440
23,924
131,075
5,655
8,506
33,830
25,954
133,782
3,994
7,363
34,527
32,255
126,023
1,523
2,354
19,256
1,646
1,295
2,248
2,102
98,812
39,033
1,438
2,002
14,071
2,633
1,475
2,497
2,569
72,526
36,020
1,398
2,517
20,288
1,891
1,401
2,701
2,019
82,995
30,859
1,489
2,036
23,944
2,636
1,202
2,197
2,175
67,017
30,912
1,887
1,064
1,092
1,235
1,853
947
1,9
928
2,237
2,08-3
2,689
2,166
2,153
33,528
2j 728
3,080 .
83,859! S
3,360
11,559
05,032
3,278
10,070
4,981
20,082
9,010
2,246
31,362
2,760
3,009
86,703
3,487
13,835
51,500
3,071
18,819
4,731
15,600
7,829
2,382
28,834
3,399
2,829
88,284
3,431
13,175
59,062
4,952 j
19,789 j
4,820
20,349
9,119
2,534
32,069
3,044
3,301
87,161
3,095
12,713
52,694
3,592
19,679
4,286
10,072
8,567
1,585
3, GOO
3,430
25,507
7,003
10,604
5,973
22,445
1,556
2,797
3,558
27,790
0,052
17,359
0,138
20,752
1,510
2,930
3,006
28,835
0,542
16,578
5,801
24,217
1,460
2,646
3,592
31,472
6,052
16,385
6,011
26,213
5,380
1,476
1,531
2,509
4,540
1,421
1,822
2,919
4,898
1,772
1,618
3,120
4,811
1,223
1,705
2,495
2,117
5,488
3,229
63,486
12,541
2,335
5,502
3,523
58,763
12,895
4,340
3,190
30,002
2.534
12; 292
13,173
4,563
132,552
3,561
37,110
8,620
4,123
9,468
2,287
2,599
35,934
2,363
10, 780
14,870
3,202
146,478
3,662
38,945
8,372
4,176
9,238
2,141
2,931
6,597 I
3,177 I
60,855 I
12,725 j
4,339 I
3,293 i
41,048 i
2,331
12,348
13,686
2,979
146,336
3,884
47,001
10,211
5,354
11,165
2,333
2,224
5,826
2,789
65,156
12,594
4,636
3,057
41,958
2,299
9,017
14,932
3,371
131,490
3,332
41,297
8,940
4,886
12,347
MAY,
1920.
527
FEDERAL RESERVE BULLETIN.
Recapitulation
by Federal Reserve
districts.
[In thousands of dollars.]
Federal Reserve district.
Number \
of centers |_
included. I
Mar. 31.
Total..
Apr. 14.
Apr. \
.
Boston
New York..
Philadelphia
Cleveland...
Richmond..
Atlanta
C hiaTo
St. Louis
Minneapolis Kansas City.
Dallas
San^Franeisoo.
191!)
1920
Week ending—
"Week ending—
Apr. 21.
Apr. 2.
; Apr. 9.
Apr. 1C.
:
376,155 : 324,023 j 383,541
454,749 •
434,719 1 530,131 : 524,588
5,190,600
4.534,986 1 5.036,351 5,599,701 4,219,668 ; 3,968,940 i 1,43!,045
408,216
13 !
433,295
469.457
341,136
338,679 |
'440,615 ! '448,875
560,045
538.393
440,585 !
580,676 | 658,279 : 611; 505 ' 486.799
172,583
141j213 . 139.783 i 136', 733
185,544 1 186,362 ; 194,823
258,038
179,480 : 182/256 • 185,141
15 j
265', 557 ! 274,054 I 267,001
840,772: , 845,511 !
882; 911
r s i 1, US', 760 1,149,876 ! 1,106,122 1,230,370
2?7,260
184,815
201.488 ! 207; 727
252,450 i 247,343 i 258,752
o i
147,034
171,220
164,32")
148,869
139;358
I
152,811
!
170,789
!
11 i
320,761
262,163
263,114
247,101 I
308,850 i 301,523 i 298,092
14
144,921
97,115
141,917
.
101,427
97,310
i
149,233
!
148,192
;
12
569,474 • 374,019
350,839 : 392,593
503j.;;i
530,073 j 550,523 !
19
12 ;
152 ! 9.587,186
Apr. 23.
| —
8,985,390 j 9,658,544 ; 10,333,035 j 7,741,635
7,275,873 : 8,015,630
333,796
3,796,679
337,121
450,695
138,537
173,501
854,647
204,162
136,534
251,573
104,065
372,449
7,153,759
DISCOUNT AND OPEN MARKET OPERATIONS OF THE FEDERAL RESERVE BANKS
DURING MARCH, 1920.
Discount operations of the Federal Reserve
Banks during March of the present year showed
a further increase and totaled 86,970,330,977,
as compared with §6,517,439,082 for the previous month and §5,473,56-!,! 74 ^ or March,
1919. These totals are exclusive of amounts
of bills discounted for other Federal Reserve
Banks, which were 208 .millions during the
month under review, 115.6 millions during
February, 1920, and 168.5 millions during
March, of the past year.
The volume of discount operations was larger
in March than in February in all the banks,
except those in New York, Philadelphia, and
Cleveland, the increases being notably large in
the Chicago, St. Louis, and San Francisco
banks.
Of the total bills discounted by the Federal
Reserve Banks, the proportion secured by
(rovernrnent war obligations was 85 per cent
in February and 70 per cent in March of the
present year, as compared with 96 per cent for
the same months of 1919. All but about 12
millions of the member banks' collateral notes
discounted during the month under review was
secured by Government war obligations, but
the proportion of paper so secured in the total
of customers7 paper rediscounted declined from
27 per cent in March, 1919, and 16 per cent in
February, 1920, to about 11 per cent in March
of the present year.
Discounts of trade acceptances totaled
$23,382,954, compared with ' $10,991,506 for
February, 1920, and 58,561,851 for March,
1919. Of the total for the month under review 82,214,519 represented transactions in the
foreign trade and $21,168,435, transactions
in the domestic trade. Discounted bankers'
acceptances increased from $28,608,329 in
February to $34,484,860 in March, while discounts of ordinary commercial paper increased
from$926,412,065 in February to SI ,002,128,193
in March, a total comparable with 8179,283,948
reported for the same month of the year
before.
About 88 per cent of the month's discounts,
as against 91 per cent the month before, consisted of 15-day paper, i. c., paper maturing
within 15 days from date of discount or rediscounted with the Federal Reserve Banks. In
March, ! 919, the proportion was much higher—
98 per cent. Six-month bills, composed of
agricultural and live-stock paper, totaled
$19,930,927, compared with 810,332,121 the
month before and 88,239,348 in March, 1919.
The average maturity of the paper discounted
in March works out at 13.77 days, as compared
with an average of 12.26 days for the month
before and of 10.15 days for the corresponding
month of the past year. For three banks,
those at Chicago, Minneapolis, and Kansas
City, average maturities are more than 30
days, while for the New York bank the average
is only 7.79 days, as compared with 7.32 days
the month before.
During the mouth under review 39 per cent
of the discounts were at 5 per cent, 36 per cent
at 5J per cent, and 23 per cent at 6 per cent,
while during the previous month 39.9 per cent
of the discounts were at 4:} per cent and 41 per
cent at 5-} per cent. This marks a further shift
toward higner rates of discount, and accounts
for the increase in the average rate of discount
from 5.52 per cent for February to 5.64 per
cent for March, 1920, which compares with an
average rate of 4.15 per cent for the corresponding month of the past year.
Holdings of discounted paper on the Jast
Friday in March totaled $2,449,230,000, compared with $2,453,511,000 a month earlier and
§1,886,240,000 at the end of March of the past
year. Of the total paper held at the end of the
528
FEDERAL RESERVE BULLETIN".
month, about 59 per cent was paper secured
by Government war obligations; at the end of
the preceding month this proportion was 64
per cent, and at the end of March, 1919, it was
90 per cent. Discounted trade acceptances
held on the last Friday in March totaled
$20,813,000, compared with $18,508,000 held
at the end of February and $10,239,000 on the
last Friday of March, 1919. Holdings of discounted bankers' acceptances were $50,889,000,
as compared with $39,078,000 at the end of
February and $1,086,000 on the last Friday of
March, 1919. Holdings of agricultural paper
totaled 829,321,000, compared with $30,125,000
about the end of February and $33,986,000 on
the corresponding day the year before, while
holdings of live-stock paper totaled $45,344,000,
compared with $37,070,000 a month earlier and
$33,387,000 last year. More than one-half of
the total agricultural paper held is reported by
the Chicago bank, while of the live-stock paper
held the greater part is in the Kansas City bank,
and most of the remainder in the San Francisco, Minneapolis, and Dallas banks.
During the month under review the membership of rthe system increased from 9,161 to
9,227, w hile the number of banks accommodated through discount of paper increased from
3,338 in February to 3,670 in March. In the
following exhibit is presented the number of
member banks in each Federal Reserve district at the end of February and March of the
present year, and the number of member banks
accommodated during each of these two
months.
!
Federal Reserve Bank.
. N u m b e r of m e m b e r
i b a n k s in district.
. Mar. 31. ! Feb. 29.
Boston
New York . . .
Philadelphia
Cleveland.
Richmond
Atlanta
Chicago
St Louis
Minneapolis
Ksnaas City
Dallsa
San Francisco
.
..
Total
Number of member
banks accommodated.
March. ,February.
433
767
683
S57
594
435
1,3S5
551 :
930
],054
70S '
764 •
431
762
682
851
592
431
1,380
542
925
1,051
761
753
239
373
361
239
282
177
625
241
275
314
252
292
1
'
i
'
:
'
:
:
;
227
343
374
226
243
153
588
209
221
276
217
261
9 227 '
9,161
3,670 :
3,338
!
;
:
MAY, 1920.
Bills purchased in open market during March
totaled 8308,359,534, compared with $300,307,768 purchased in February and $143,661,556 in March, 1919. Of the total bills
purchased during the month about 97 per cent
were bankers' acceptances, and of these
$236,951,064 were based on foreign trade
transactions. Purchases of trade acceptances
during the month by the New York, Cleveland,
and San Francisco banks total $4,900,845, this
total being comparable with $3,348,881 shown
for February and $4,244,107 for March of last
year. All but $811,510 of the most recent
total was drawn in the foreign trade.
The average maturity of all the paper purchased by the Federal Reserve Banks during
the month under review was 49.34 days, compared with 50.5 days for February and 45.40
days for March, 1919. The average maturities
for the Boston and New York banks were considerably shorter, being 36.12 and 40.72 days,
respectively, while the largest average maturity,
73.4 days, is shown for the Kansas City bank.
The rates of discount charged on purchased
paper varied between 5 and 6J per cent, the
largest amounts taking the 5}, 5|, 5f, and 5-|
per cent rates. The average rate taken by
these bills works out* at 5.80 per cent, compared
with 5.53 per cent the month before and 4.25
per cent for March of the year before.
On March 31 the Federal Reserve Banks held
a total of $419,922,000 of bills purchased in
open market, compared with $536,205,000 on
the last day of February, and $235,614,000 at
the end of March of last year. Of the March,
1920, total, 8413,784,000 were bankers7 acceptances, of which $282,339,000, or 68 per
cent, were accepted by member banks, $56,779,000, or 14 per cent, were bills accepted by
nonmember State banks and trust companies,
$51,012,000, or 12 per cent, by private banks,
and $23,654,000, or 6 per cent, by foreign banks
and their agencies. Of the $6,138,000 of purchased trade acceptances held at the close of
the month $5,566,000 were bills drawn in the
foreign trade, and $572,000 bills drawn in the
domestic trade. The bills in the
foreign trade
are held entirely in the Newr York and San
Francisco banks.
M A Y , .1920.
529
FEDERAL, RESERVE BULLETIN.
Total discount and open-market operations of each Federal Reserve Bank, during the m<mih of March, 1.920 and 1919.
"Bills discounted for
member
banks.
Federal Reserve Bank.
Boston
New York.
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
I $461,412, G49
3,755,959,029
542,842,945
,. ,
i 272,002,709
; 331,575,353
15(i, 016,462
636,386,2-13
269,396,310
68,461,303
130,262,598
|
93,491,943
j 251,922,833
Total, March, 1920
6,970,330,977
5,473,564,174
Total, March, 1919
Total, 3 months ending March 31,
19,729,041,548
1920
Total, 3 months ending March 31,
1919
|16,448,881,953
1
Hills
bought in
en en
market.
United
States
bonds.
United
States
Victory
notes,
j United
i
Total
j States cer- • United
| tificar.es of 1 \
States
indebtedness. , securities.
56,493,500 I
653,869,000 '
388.000 j
183,500;000 i;
13,000,000
4,000,000 I
241,632,000 I
13,185,500 i
74,310,000 :
47,909,500 I
117,000,000 •
141,100,000 !
§25,547,010 i 922,050
164,495,842
1,387,821
28,410,715
6,777,073
" 901,324
33,096,405
6,117,850
2,488,582
330,000
436,210
30,364,102
303,359,534
143,661,556
166,050 j
906,119,686
222,150 i
2 2 , 0 5 0 ••
492,503,355 1,326,425 ;
SO, 515,550
653,869,000
388,000
183,500,000
13,000,000
4,000,000
241,632,000
13,185,500
74,310,000
47,909,500
117,000,000
141,100,000
To::al.
'.March, 1920.
March, 1919.
8493,475,209 i £340,630,310
4,574,324,471 I 2,734,369,085
544,018,766 '• 839,369,743
484,519,424
265,444,757
351,353,026
338,679,714
163,917! 786
148,403,707
911,114,648
355,519,544
288,699,660
197,552,229
145,259,885 I
57,813,649
178,502,098 i
130,255,444
210,928,153 j
105,425,502
423,380,935 i
186,615,590
1,493,387,500 '1,493,409,550 8,770,100,061 i
88,093,500 ! 88,859,550
j 5,706,085,280
$4,900 2,440,059,000 2,443,286,050
23,078,417,284 j .
jl,243,467,500 ,1,244,793,925
2 18,186,240,233
I
2 Includes SI,000 municipal warrants.
Third Liberty loan.
Average amount of earning assets held by each Federal Reserve Bank during March, 1920, earnings from eacJi class of earning
assets, and annual rates of earnings on basis of March, 1920, returns.
i
Federal Reserve Bank.
JtVverage daily holdings of the several classes of earning assets.
Discounted
bills.
Purchased
bills.
$183,618,488
786,551,415
208,397,523
168,330,953
104,592,576
101,168,101
383,483,230
107,452,217
63,017,000
100,973,104
61,713,444
!
u»,i w,
trt
|
113,975,131
! 2,383,273,182
1,861,531,639 I
Boston
New York...
Philadelphia,
Cleveland
Richmond...
Atlanta
Chicago
St. Louis
Minneapolis.
Kansas City.
Dallas
J-'Ulltl^
San Francisco
Total March, 1920
Total March, 1919
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas Citv
Dallas.....".
San Francisco
Total March, 1920
Total March, 1919
• Discounted Purchased United
States
bills.
.
bills.
securities.!
! 5841,777
i 3,617,531
'' 941,048
•. 770,055
4C0,134
;
491,137
! 1,794,022
504,148
304,381
'
490,510
i
29 2,314
527,684
11,073,741
i 0,588,193
$80,872
986,000
25,3fc2
301,989
46,525
52,745
301,422
47,219
23,408
18,166
6,910
337,707
$39,257
155,099
57,485
53,380
23.717
28,007
91,060
33,248
19,178
48; 516
29,100
33,113
2,231,345 | 611,175
951,469 | 31*8,2S2
Total.
816,283,308
210,928,475
5,703,902
65,402,329
10,142,2,54
11,397,830
65,028,767
10,457,801
5,438,000
3,998,771
1,380,348
75,076,373
$22,398,485
86,721,574
32,128,352
30,527,037
13,913,955
15,906,714
52,172,713
18,805,545
11,219,000
24,875,446
16,491,806
18,874,353
§222,300,371
1,084,201,464
246,229,777
264,260,319
128,648,785
128,472,645
500,684,710
136,715,623
79,674,000
129,847,321
79,585,598
207,925,857
481,238,308
262,787,310
344,034,980
194,103,053
3,208,546,470
2,318,422,002
Earnings from—
Federal Reserve Bank.
United States
securities.
j Calcula ted annual rate of earnings f rom-
Total.
$961,906 !
4,758,630 I
1,023,915 '
1,134,433
560,376
571,889 !
2,189,504 |
584,615 I
346,967 I
557,192 j
328,330
898,504 !
13,916,261
7,937,944
Dis- i Pur- ' United
counted ;: chased i States
Total.
bills.
bills. ; securities.
Per cent. ! Per cent. i Per cent. Per cent.
5.41
5.86 :
2.07
5.11
5.42 :
5.43
2.11
5.17
5.33
5. 2.3 :
2.11
4.90
5. -io
5.44
2.06
5.07
5.52
5. -40
2.01
5.13
5.56
5.29 I
2.01
5.09
5.52
5.53 ;
2.06 I
5.16
5.52
5.32 :
2.08 '
5.03
5.70
5.08
2.02
5.14
5.74
5.30
2.30
5.07
o. 57 :,
5.81
2.07
4.8a
5.47
5.31 =
2.07
5.10
5.49
•1.16
5.47
4.20
2.10
2.41
5.12
4.02
530
MAY, 1920.
FEDERAL RESERVE BULLETIN.
Bills discounted during the month of March, 1920, distributed by classes also average rates and maturities of bills
by each Federal "Reserve Bank.
Customers'
paper secured by
Government war
obligations.
Federal Reserve Bank.
Boston
New York
,
Philadelphia...
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco..
Member banks' collateral
notes.
Secured by
Government
war obligations.
Otherwise
secured.
12,001,320
13,378,325
5,108,821,143
5,196,218,998
1
Includes $1,025,716 in the foreign trade.
* Includes 3654,803 in the foreign trade.
Bankers'
acceptances.
Trade acceptances.
All other
discounts.
I Average Average
rate
i maturity (365-day
:
in days.
Total.
$401,412,649 I
S650,000 1 $1,703,581 i §7,312,297 : §70,890,489
2 7,304,71G > 10,993,936
812,039,422 3,755,959,029 !
28,000
487,820 i
811,711 .
90,451,086
542,842,945
959,000 4,285,616 '
102,567 ;
37,950,110
272,002,709 i
575,000 «1,818,161!
i
32,057,887! 331,575,353
270,000 1,801,676: 1,612,672;
34,128,765 1 156,016,462
902,000 2,45-1,702
7,509,105 !! 245,501,071 ! 630,380,213 ;
201,000 1,245,705 I
807,700
115,058.966 ' 269,390,310
431,320
174,253 i
!
28,780)483 j
68,461,303
7,335,000
578,131 :
37,358,597
130,262,598
135,000
148,952!
85,502'
13,117,991
93,491,943
515,000 5 1,319,641! 5,249,370 .
54,787,326
251)922,833
818,079,582 $362,770,700
90,813,995 2,804,747,560
20,940,218
430,124,110
218,826,080
10,479,336
293,020,200
4,104,105
114,781,400
3,421,889
368,032,450
11,980,915
131,349,650
20,733,289
35,834,850
3,240,397
81.871,805
3,119,005
79', 490,118
508,380
187,960,100
2,085,396
Total, March, 1920....! 189,512,507
Total, March, 1919....: 75,321,339
discounted
23,382,954 : 34,484,800 I 1,602,128,193 \ 0,970,330,977
8,561,851
799,713
179,2813,948 5,473,504,174
3
Includes 8206,58-1 of dollar exchange bills.
* Includes $500,000 in the foreign trade.
15.95
17.79
11.66
7.11
11.83
25.40
35.15
18.29
36.95
31.09
22.88
17.76
j Per cent.
5.68
5.53
5.44
5.58
5.63
5.67
5.79
5.67
5.77
5.80
5.59
5.70
13.77
10.15
5.64
4.15
B Includes S31,000 in the foreign trade.
Bankers' and trade acceptances in the foreign and domestic trade and dollar exchange purchased during the month of March,
1920; also average rates and maturities of total bills purchased by each Federal Reserve Bank.
Trade acceptances.
Bankers' acceptances.
Federal Reserve Bank.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas Citv
Dallas....."
San;F ranriseo
In the
domestic |
trade. :
In the
foreign
trade.
Total.
Total.
Dollar j Total bills Average
rate
exchange, i purchased. maturity
in days. (365-day
basis).
430,210
30,364,102
36.12
40.72
78.37
65.03
60.09
62.48
68.02
57.70
59.21
73.40
50.23
63.87
Per cent.
5.88
5.75
5.89
5.82
6.07
6.08
5.87
5.02
5.10
5.58
6.08
5.80
811,510 4,080,335 : 4,900,845 : 4,157,622 303,359,534
280,273 3,903,834 i 4,244.107 • 405,205 143,001,556
49.33
45.40
5.80
4.25
$0,067,575 $16,429,435 $25,497,010
.
:
25,096,878 ! 132,510,580 158,207,458 $525,1)78 #1,920,608 §2,440,286
1,387,821
1,087,821
300,000
27,930,8S3 285,832 !
• 285,832
I 3,851,136 24,079,747
5,135,673
6,777,673
! 1,642,000
:
1,307,530
3,901,324
2,533,794
: 5,233,460 27,848,945 33,082,405
3,427,610
6,117,850
! 2,090,240
199,800
2,488,582
j 2,288,782
30,000
330,000
i
300,000
250,000
436,210
186,210
.j 2,108,727 2,168,727
3,559,928 24,583,923 28,143,851
Total, March, 1920... 57,350,003 i 230,951,004 ! 294,301,067
Total, March, 1919...| 54,254,477 ] 84,757,707 j 139,012,1S4
Amounts
In the j In the
domestic foreign
trade.
trade.
$50,000 $25,547,010
3,842,098 164,495,842
1,387,821
; 200,000
28,416,715
(i, 777,073
3,901,324
33,090,405
6,117,850
2,488,582
330,000 '•,
51,524
of bills discounted and acceptances bought by each Federal Reserve Bank during January,
1920 and 1919, distributed by maturities.
30-clay maturities.
15-day maturities.
February, and March,
60-day maturities.
Federal Reserve Bank.
Discounts, j
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
«
Discounts.
i
Discounts.':
Total.
$82,262,965
204,764,297
16,717,013
55,786,679
35,882,201
33,062,446
214,005,080
51,615,064
24,889,233
27,330,132
8,167,899
65,404,856
17,943,651,036 257,081,949 100,798,307 357,880,256 632,514,848 !l87,373,017
16,025,856,907 43,433,494 117,275,870 160,709,364 101,865,928 174,717,119
819,887,865
276,583,047
59,075,421
61,133,981
5513,501)
9,416,574
1,845,000
2,485,964
3,540,712
1,073,208
59,800
=$40,234,532
105,728,382
i 16,542,522
! 25,362,060
18,885,895
! 14,710,826
i 58,396,474
i 30,987,175
I 6,890,349
1 9,524,723
548,033 i 3,437,947
11,066,105 ! 27,179,371
$69,740,518
137,286,375
15,845,802
30,517,738
30,578,284
27,043,539
187,928,860
48,275,464
22,258,095
27,230,132
7,021,637
28,787,504
W -
'.$12,522,447
• 67,477,922
871,211
: 25,268,941
5,303,917
6,018,907
" 26,076,220
3,339,600
, 2,630,238
:
100,000
1,146,262
36,617,352
31,042,488,909 $29,366,538 §1,071,855,447 ^31,159,111
10,491,641,270 219,653,930 10,711,295,200 44,594,401
626,101 1,611,924,658 ! 15,989,013
1,611,298,557
4,094,459
704,816,312
708,910,771 ! 15,945,486
759,774
827,596,852
828,356,626 ! 17,040,895
298,046
363,385,674
363,683,720 ' 12,224,862
997,549,726 10,955,862
1,008,505,58S 54,855,762
502,022,027 3,804,090
5()5,S26,117 29,913,967
123,314,940
123,314,940 •• 6,830,549
254,478,944
254,478,944 ! 9,524,723
226,630,739
226,659,739 ' 2,889,914
29*666'
526,554,334
528,839,286 16,113,266
2,284,952
Total. 3 months ending:
17,671,778,284 271,872,752
Mar. 31,1920
15,949,564,574 76,292,333
Mar. 31,1919
Total.
MAY, 1920.
Amounts
531
FEDERAL RESERVE BULLETIN".
of bills discounted and acceptances bought by each Federal Reserve Bank during January,
1920 and 1919; distributed by
maturities—Continued.
90-day maturities.
Federal Reserve Bank.
Discounts.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Acceptances.
Over 90-day maturities.
AcceptDiscounts. • ances. I
Total.
$291,000
248,546
13,100
105,894 !
170,312 '•
403,662 ;.-..
11,710,886 !
336,559
3,376,934
14,423,843 ;
3,390,647 '•
7,065,013 •
$117, 643,641 §11,548,437 5129,192,078 !
480,070,576
i 334, 558,991 145,511,585
| 105, 624,180 5,310,554 ; 110,934,734
j 41, 968,667 49,555,S63
91,524,530
! 25, 398,295 7,310,157
32,70S,452
j 40, 028,421
8,471.294
48,499,715
! 265, 607,192 52,742;876 318,350,068
8,469,965
59,484,986
| 51, 015,021
: 36, 698,927 3,643,580
40,342,507
780,000
48, 790,694
49,570,694
760,000
12,568,078
! 11, 80S,078
98,899,2133
| 46, 927,931 51,971,299
Total, 3 months ending: i
Mar. 31,1920
'1,126, 070,041 i13-16,075*0 1,472,145.651
Mar. 31,1919
i 327, 700,988 !123
•""., 80S,
! 033 451,569,021
;
February and March,
Total.
Discounts.
Total.
i
!
§291,000 $1,261,323,179
248,546 11,008,329,583
13,100 1,748,770,652
| 105,894 ! 793,354,097
I 170,312
900,784,638
! 463,662
443,146,158
i 11,710,886 1,517,652,426
: 336,559 : 631,563,038
' 3,376,934
192,480,345
! 14,423,843 > 354,448,336
• 3,390,647 ! 251,741,015
i 7,065,043
625,448,081
Acceptances.
Total.
$62,512,843
493,777,418 :
I 7,361,375 :
! 88,335,837 :
I 15,218,848
; 17,274,211
': 93,315.670 !i
16,686,863
'. 6,333,618
i
880,000
i 2,483,295
1101,939,708
51,323,836,022
11,502,107,001
1,756,132,027
881,689,934
916,003,486
460,420,369
1,610,968,096
648,219,901
198,813,963
355,328,336
254,224,310
727,387,789
41,596,426 '
! 41,596,426 19,720,041,548 906,119,686 i 20,635,161,234
26,316,969 | $410,000 j 26,726,969 16,448,881,953 |492,563,355 |»16,941,446,308
i Includes $1,000 municipal warrants.
Rediscounts and sales of discounted and purchased paper between Federal Reserve Banks from Jan. 1 to Mar. 31, 1920.
[In thousands of dollars.]
Rediscounted or sold by Federal Reserve Bank of—
j
Discounted or purchased by
Federal Reserve Bank of—
Boston.
New York.
Clove- i
land.
Philadelphia.
February.
Boston
Jan- |
uary. ; March.
3,579
;
January.
February. : March.
!
40,000
i
JanMarch. | uary.
Richmond
Chicago
St Louis
33,621
5,087
5,090
. --
Total
Piirrlip^oci bills
Discounted bills
Chicago.
:
February.
March.
i
4,000
8,600
25,000
90,000
5,000
7,000
24,500
8,000
7,000
3-1,000
5,666
41,500
9,000 : 23,500
10 000 : 10 000
47,000 : 14,500
65,000
85,000
115,600 ! 100,500
65,000
85,000
115,600 ; 100,500
25,000
January.
27 000
50 i
5,030
5 049
Dallas
San Francisco
March.
1
579
Philadelphia
Richmond.
1i
25
!
22,500
3,000
i
10,666
5 029
15
;
10,000
10,000
::::::::
•
!
1
5,000
10,000
25,000
20,000
25,000
20,000
;
;.
13 408 '
20,8-11
20 841
175,608
25 608
150^000
]
!
:
1
50
50
;
25
l 25
5,029
15
I 15
i 20
5,000
Rediscounted or sold by
Federal Reserve Bank of—
Discounted or purchased by Federal Reserve
Bank of—
St. Louis.|
March.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta.,
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Total
Purchased bills
Discounted bills
San Fran-,
Cisco. :
January.
<
|
!
j
|.
j 10,000 <
'
i 10,000 |.
:
!.
2,529
!.
i
L
j
!.
[
5,000 i
.
17,529 !i
17,529 !
10,000 i
!
10,000 :
January.
200 j
Rediscounted or sold by all Federal Reserve Banks
during January, February, and March, 1920.
January.
3,579 .
225 j
February
594
37,621 i
13,636 :
42,000 I
131,500 i
12,087 j
39,090 •
13,000 :
:
March.
67,000
5,079
-1 70,579 i
5,898 i
67,500 j 118,757 j
3,000
;
!
9,000
26,029 j
15,049 : 10,000
51,500 j 47,000
24,500
13,408 .
5,000 ;
200
i 200
! PurTotal. ;: chased
bills.
57,087 1
173,590 !
13,000 j
35,029 i
25,049
123,000
18,408
Discounted
bills.
3,579 :
898 i
67,000
5,000
23,657 |
95,100
5,087 1 52,000
5,090 ! 168,500
|
13,000
35,029
5,049 ! 20,000
: 123,000
3,408 i
15,000
295,833 ! 136,456 : 208,108
640,397 i.
25,833 I 20,856 '
79
46,768 ;
270,000 j 115,600 i 208,029 j
j
j
593,629
» Acceptances purchased in the open market through the Federal Reserve Bank of New York and returned to that bank before maturity.
532
MAY, 1920.
FEDERAL RESERVE BULLETIN.
Discounted bills, including'member
banks' ^collateral notes, held by each Federal Reserve Bank on the last Friday in March,
1920, distributed
;.
Federal Reserve Bank.
Boston
New York
Philadelphia...
Cleveland
Richmond
Atlanta
,
Chicago
St. Louis
Minneapolis
Kansas City....
Dallas
San Francisco..
Total, March, 1920..
Total, March, 1919..
Per cent, March, 1920
Per cent, March, 1919
by classes.
: >•• p. !.
[In thousands of dollars.]
Member banks cotlateral notes.
Customers'
paper
Live-stock secured by
paper.
Govern- Secured by
Govern-' Otherwise
ment war
obligations. ment war
secured.
obligations.
Agricultural
paper.
274
2,3(50
4,502
1,825
3,061
402
8,378
23,184
4,340
8,036
48,4G9
104,701
72,653
15,271
11,532
4,851
14,426
12,899
0,005
4,897
329
3,073 !
29,321
33,986
1.2
1.8
45,344
33,387
1.8
1.8
359,106
233,095
14.7
12.3
• 302
184
81
653
914
15,
105
36
257
65.G7G
388; 070
90,540
117,029
52,846
50,957
145,303
31,852
25,875
29,122
38,617
46,022
100
301
14
450
45
140
151
539
347
3,976
35
150
1,081,909
1,457,846
44.2
77.3
0,248
13,314
0.3
.7
Trade acceptances.
738
fi, 873
577
2,059
1,6-42
1,108
2,(530
2,055
125
402
2,004
20,813
10,239
0.8
.5
Bankers'
acceptances.
11,438
13,845
2,526
1,493
15,441
1,079
5,0
50,889
1,086
2.1
.1
AH other
discounts.
Total.
69,408
241,542
40,200
46,196
35,059
38,456
211,130
58,757
22,292
38,399
10,868
43,293
195,865
815,634
206,700
181,219
101,813
98,176
404,150
107,857
65,382
104,542
56,014
111,878
855,600
103,287
34.9
5.5
2,449,230
1,886,240
100.0
100.0
Acceptances purchased by each Federal Reserve Bank and held on Mar. 31, 1920, distributed by classes of accepting
institutions.
[In thousands of dollars.]
Boston
Now York.
Philadelphia.
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Total—
Mar.31,1920
Feb. 28, 1920
Jan. 31, 1920
Mar. 3.1,1919
Mar. 31, 1918
'
|
•
i
'
16,749
181,702
4,891
58,950
11,069
8,722
61,215
10,042
5,345
1,227
1,186
58,824
33,839
11,069
8,117
57,287
8,986
4,828
513
686
33,908
282,339
364,940
383,375
; 185,207
; 275,144
1,389 i
2,100 |
6 , 1 3 4 ••
2,172 ;
1,360 :
55,390
70,127
68,592
15,561
1,884
51,012
60,218: !
61,218
15,263 :
31,779 i
23,654 413,784
33,440 530,825
36,203: ; 555,522
12,885 231,088
8,562 318,729
1,893 ;
319
23
5,566
4,800 :
4,595 <
4,207 :
7,992
6,138 :
5,380 :
6,488
4,526
8,015 i
419,922
536,205
562,010
235,614
326 744
MAT, 1920.
533
FEDEKAL EESEEVE BULLETIN.
OPERATION OF THE FEDERAL RESERVE CLEARING SYSTEM, MAR. 16 TO APR.
15, 1920.
[Amounts in thousands of dollars.]
Total.
Items drawn on banks in own district.
Federal Reserve Bank or branch.
Items drawn on
T r e a s u r e r of
Located in Federal Located
outsidenFedUnited
,
i
r>«o«»^ft
,i<" nitea Stages
btai.es.
n
n
OT
eral
Reserve
Bank
Reserve Bank
and Branch cities. and Branch cities.
Number.
Number. Amount. Number, i Amount. Number. 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
Minneapolis
Kansas City
Denver
Omaha
Dallas
El Paso
Houston
SanfFrancisco
Los Angeles
Portland
Salt Lake City..
Seattle
Spokane
6%, 363 $705,038 2,813,675 ; $470,559
,088,482 2,527,319 3,78-1,640 •1,441,230
167,799 112,657
339,268 I 56,858
,439,542 909,109 1,859,459 ; 274,050
344,173 294,827 1,078,388 : 213,554
727,417 I 102,249
151,588 168,657
781,533 ! 111,642
338,625 318,291
106,136 1205,890 1,5-12,851 ;1 311,363
198,321 180,436
88,026
658,512
95,600
88,171
377,353 ! 81,233
43,494
114,523 ! 15,001
25,089
142,883 ! 19,856
24,914
48,115
222,087 j 28,824
57,258
40,021
121,424 i 21,057
55,984
66,206
916,493 937,974 3,370,751 I 508,963
211,589 210.943
307,841 : 49,098
258,746 295,943 1,282,546 i1 133,923
46,764
266,203
26,924
34,124
361,130
80,429
78,080
31,345
200,787
73,002
18,605
49,273
227,704
173,583 1,289,544 126,522
477,025 414,786 2,472,820 311,429
323,739
74,218
63,228
31,188
536,898
9(5,649
92,348
60,779
190,365 182,559 1,958,435 525,163
39,173
12,940
143,067
14,956
305,591
64,700
42;383
41,732
247,702
158,642
29,423
109,576
302,513
95,541
38,021
70,571
130,162
58,454
41,363
11,603
386,82T)
41,839
31,549
35,492
167,436
76,449
51,207
18,090
156,440
27,846
21,270
12,897
Total:
Mar. 16 to Apr. 15,1920
|8,047,108
Feb. 16 to Mar. 15,1920.... J6,971,752
Jan. 16 to Feb. 14,1920
16,161,522
Mar. 16 to Apr. 15, 1919.... !4,706,134
8,580,325
7,509,756
7,210,635
5,93S, 651
28,864,444
25,024,809
25,003,659
16,557,284
111,350
728,959
12,899
182,473
44,017
39,099
42,336
43,951
55,935
27,060
13,538
9,477
11,065
18,011
275,559
30,447
104,265
6,423
20,387
9,226
34.777
81J400
15,833
37,945
29,953
26,988
70,387
42,968
18,000
16,111
9,757
23,749
7,904
$33,535
311,073
1,947
52,572
19,715
3,188
8,557
8,510
9,829
6,803
1,660
2,561
1,439
3,419
59,923
5,263
16,748
1,356
4,904
1,632
10,470
7,994
2,506
3,083
15,175
2,829
4,239
252,313
12,315
8,225
2,873
11,443
848
<5,261,655 2,202,339 888,947
jo, 135,263 .1,505,995 511,566
14,748,036 1,697,090 561,056
|3.391,822 3,544,112 1,276,914
1920
3,621,388
5,602,081
519,966;
! 3,481,474
| 1,466,578
| 918,104
i 1,162,494
| 1,692,938
; 912,768
i 500,013
201,555
i 200,475
i 290,410
I 195,419
i 4,502,803
• 549,877
j 1,645,557
I 319,390
! 461,946
j 283,015
! 1,552,025
I 3,031,245
: 413,790
: 671,492
2,178,753
!
209,228
i 440,678
i 449,312
i 476,114
! 204,757
! 438,422
i! 267,634
192.190
1919
Amount.
1920
1919
2,924,676 $1,209,132 $950,870
5,316,880 4,279,622 3,935,296
171,462
!2,165,838 1,235,731
975,509
528,096
979,659
376,868
274,094
603,663
179,730
438,490
711,379
329,583
525,763
1,045,636
326,716
278,291
469,195
172,730
176,207
517,764
156,475
41,750
132,99f
23,991
47,331
118,924
29,288
70,284
90,682
"i57*923'
2,790,037 1,506,860 1,007,852
265,304
156,090
91,704
446,614
1,058,181
319,466
62,404
119,690
23,553
114,329
199,977
77,877
69,510
121,149
33,440
310,575
895,176
201,451
734,209
1,592,018
459,338
96,922
274,133
56,174
376,159 ! 156,210
83,517
728,582 : 722,897
242,918
151,014 - 30,725
21,946
88,354
"* 429," 984* 391,312 "268," 625
120,907
61,191
"i42,'735"
52ji25
69,914
348,199
54,429
80,740
189,176
75,990
35,015
150,702
21,120
39,113,891 24,867,530 14,730,927 10,607,387
'33,562,506
13,156,585
130,802,271 •
12,519,727
10,007,387
;
|24,807,530 |
'Includes 2,950 items, amounting to 55,947,000 forwarded directly to banks in Baltimore.
534
MAY, 1920.
FEDERAL RESERVE BULLETIN.
Operation of the Federal Reserve Clearing System, Mar. 16 to Apr. 15, 1920—Continued.
[Amounts in thousands of dollars]
forwarded to
Items forwarded to other Items
parent bank or to
Federal Reserve Banks
branch
in same
and their Branches.
district.
Number of business days in
month.
Federal Reserve Bank or Branch.
Number.
1920
Boston
New York
Buffalo
Philadelphia
Cleveland
Cincinnati
Pittsburgh...
Richmond
Baltimore
Atlanta
Birmingham..
Jacksonville..
Nashville
New Orleans.
Chicago
Detroit
St. Louis
Little Rock...
Louisville
Memphis
Minneapolis
Kansas City
Denver
Omaha
Dallas.
El Paso
Houston
San Francisco
Los Angeles....
Portland
Salt Lake City.
Seattle
Spokane
86,910
1.104,251
149,913
772,245
38,157
14,486
65,147
117,151
171,803
31,825
17,374
50,640
32,822
48,264
304,193
9,939
23,524
9,539
15,638
2,192
79,801
285,795
62,421
40,719
221,143
26,117
23,490
29,393
29,413
2,935
5,573
11,517
6,153
27
27
27
25
27
27
26
27
25
27
26
26
27
26
27
26
27
27
27
26
26
26
27
27
27
27
27
27
27
27
26
27
27
Total:
Mar. 16 to Apr. 15, 1920
Feb. 16 to Mar. 15,1920
Jan. 16 to Feb. 14,1920
Mar. 16 to Apr. 15,1919
!
:
25
26
26
26
26
26
26
26
26
26
26
26
26
25
26
26
!
I
\
j
>
\
Amount.
Number.
94,782
662,451
38,496
261,176
31,099
14,646
47,885
70,647
125,656
26,003 !
11,146 •
12,549 i
10,689
16,870
52,219
11,177 I
13,129 !
2,434 I
3,689 i
1,299 !
46,454
93,227
21,477 ;
11,653
54,298 ;
10,187
20,948 :
11,891 [;
12,633
1,839
27,929
6,341 !
13,890,483 !* 1,835,858 ;
3,376,201 j * 1,565,308 1
3 3,039,528 »1,476,733 !
* 2,416,572 < 1,330,691
2
Amount.
31,399
38,390
13,446
28,410
,
;
!
!
!
!
!
!
19,257
7,086
9,351
3,426
10,196
14,490
45,750
2,968
3,406
1,297
5,498
3,154
4,197
5,339
1,147
1,459
117,955 j
42,544 !
21,295 |
99,338 !
16,643 ;
12,422 !
76,486 i
17,492
22,791
17,683
31,922
17,842 !
19,059
20,895
11,280
41,569
4,246
5,786
12,760
6,249
4 295
8,635
6,384
7,976
748,029 |
715,958
436,874 |
329,011
275,337
277,877
200,767
56,643
11,939
28,418
4,023
10,005
67,720
28,525
10,219
12,879
7,715
10,418
8,949
24,648
36,177
1,301
2,916
1 Includes 6,475 items, amounting to $1,869,000, forwarded direct to member banks in other Federal Reserve districts.
Includes 5,695 items, amounting to $1,826,000, forwarded direct to member banks in other Federal Reserve districts.
Includes 5,215 items, amounting to $2,015,000, forwarded direct to member banks in other Federal Reserve districts.
Includes 3,113 items, amounting to $3,109,000, forwarded direct to member banks in other Federal Reserve districts.
2
3
4
Number of member
banks in district.
Number of nonmember
banks on par list.
Federal Reserve Bank.
1920
New York
PhiladelDhia
Cleveland
Atlanta
Chicago
St Louis
MiririPfvnnHs
Kansas City
Dallas
San Francisco
Total
1919
1920
1919
Number of incorporated
banks other t h a n
mutual savings banks
not on par list.
1920
1919
432
770
684
866
595
426
1,385
555
943
1,055
773
772
425
725
665
819
569
423
1,342
515
875
999
739
662
253
320
419
1,079
763
445
4,231
2,514
2,913
3,368
1,248
939
243
322
350
790
295
310
2,804
1,333
1,292
2,170
240
911
!
749
1,130 !
;
174
:
i
104 i
55
255
1,095
1,266
1,367
1,282
1,555
1,052
879
150
9,246
8,758
18,492
11,060
2,157 j
8,956
!
FEDERAL RESERVE
*/?U banks in Stajtes shown in white
are onpar Cist, and figures indicate
total Tvtimber ofbanJcsutState.
States in which all non-member banJcs
are not on par Cist, shown Guts.. I M i
Upper figures indicate total number
ofbanfcs on par list, and lower figures indicate
number of non -member banlcs not on par list.
POINT MAP,
are on Jkr-IZst .•
t JBoston,
JTs Z: Mw &brK,
JVs 3.?: Chicago,
JY° iO: Kansas <2ty,
oo
536
FEDERAL RESERVE BULLETIN.
MAY,
1920.
OPERATIONS OF THE FEDERAL RESERVE BANKS.
During the four weeks between March 26
and April 23 the Federal Reserve Banks' holdings oi discounted bills increased from 2,449.2
to 2,478.2 millions. Considerable liquidation
of member banks' discounts during the first
two weeks was followed by increased borrowings during the latter two weeks, with the result that the Federal Reserve Banks' holdings
of paper secured by United States war loan
obligations were 7.8 millions and those of
other discounted paper—21.2 millions larger
than four weeks before. But little change is
seen in the relative amounts of war loan paper
to the total amounts of discounts held, the
percentage held at the end of the period—58.5
per cent—differing but slightly from the corresponding percentages shown at the end of
the three previous weeks. Bills secured by
Liberty bonds show a continuous decline during
the four weeks from 742.9 to 677.5 millions.
An analysis of the pertinent figures of " reporting" member banks fails to show a corresponding decline in their holdings of Liberty
bonds. Some decrease is shown, however, in
the member banks' loans secured by United
States war obligations and it is not unlikely
that this decrease is due to the recent shrinkage
in value of these bonds and to forced sales of
Liberty bonds pledged as collateral with the
banks together with liquidation by the latter
of their own Liberty bond secured paper discounted with the Federal Reserve Banks.
As against this notable decline in the holdings of paper secured b,y Liberty bonds, the
Federal Reserve Banks report an increase
during the three weeks ending April 16 in their
holdings of paper secured by Victory notes
from 276.9 to 308.1 millions, followed, however,
by a decline to 292.2 millions on April 23.
Paper secured by Treasury certificates, which
declined from 421.2 on March 26 to 392.5
millions on April 2, resumed its upward course
following the resumption of Treasury borrowings through certificate issues, reaching a
total of 479.1 millions at the close of the period
under review.
About 58 per cent of all the paper held
throughout the period is represented by paper
maturing within 15 days on dates of report.
The average maturity of all discounts was somewhat longer at the end of the period than at its
beginning, owing to a decrease by over 40
millions in the amount of 60-day paper and
more than commensurate increases in the holdings of 90-day and 6-month paper.
Holdings of acceptances purchased in open
market show a further steady decline from
451.9 to 404.7 millions. This decline is not
accompanied by a corresponding increase in the
holdings of discounted acceptances, and it is
probable that a larger proportion of recent
offerings of this class of paper has been taken
by commerical banks, savings banks, and industrial corporations. Differences in the
amounts of Treasury certificates held on the
several dates represent almost exclusively the
amounts of Treasury certificates held by the
several Federal Reserve Banks to cover temporary advances to the Treasury pending collection of funds from depository institutions.
Discounted bills held by the several Federal
Reserve Banks include amounts held under discount for other Federal Reserve Banks. The
amount of bills thus held after a decline of
about 18 millions during the first week under
review shows a continuous increase totaling
66.5 millions during the three subsequent weeks.
On March 26 a total of 94.4 millions was thus
held by seven banks for the Federal Reserve
Banks of New York, Philadelphia, Richmond,
and St. Louis. During the following four
weeks the New York bank was able not only
to liquidate its paper rediscounted with the
other Federal Reserve Banks, but in turn to
discount increasing amounts for other Federal
Reserve Banks. On April 23 out of a total of
142.9 millions of paper held under discount for
six Federal Reserve Banks by the Boston,
New York, Cleveland, and Dallas banks the
New York bank reported 64 millions. The
Chicago bank, which on March 26 reported 7.6
millions of bills held under discount for other
Federal Reserve Banks, four weeks later reports an indorsees liability of over 42 millions
on paper rediscounted with other Federal
Reserve Banks. The same is true of the
Minneapolis bank, which on March 26 held
over 10 millions of interbank discounts and
on April 23 had a contingent liability as
indorser on 10.1 millions of paper rediscounted
with other Federal Reserve Banks. The list
of rediscounting Federal Reserve Banks includes also on both dates those of Philadelphia, Richmond, and St. Louis, and in addition
on April 23 the Kansas City bank.
During the same period holdings of acceptances purchased from other Federal Reserve
Banks increased from 5.1 to 8.4 millions, the
larger amount comprising bills acquired by
Cleveland and San Francisco from the New
York and St. Louis banks. The New York
bank since April 2 has also shown a contingent
liability of 16.2 millions as guarantor on bills
purchased for foreign correspondents.
537
FEDERAL RESERVE BULLETIN.
MAY, 1920.
Members' reserve deposits varied during the
period between 1,851 millions on April 9 and
1,899.1 millions on April 2, while Government
deposits fluctuated between 8.8 millions on
April 9 and 42.8 millions on the last Friday of
the period. The low and high levels for net
deposits were coincident with those for reserve
deposits. Total net deposits on April 23 stood
at 1,773.6 millions, or only slightly above the
March 26 level. Federal Reserve note circulation shows a net expansion during the period
of 20.3 millions, though for the last two weeks
the volume of reserve notes in circulation shows
a reduction of nearly 12 millions. There has
also been a further steady reduction in the
banks' aggregate liabilities on Federal Reserve
bank notes from 201.4 to 180.6 millions. Since
January 9, when the decline in Federal Reserve bank note circulation set in, the banks'
aggregate liabilities on account of these notes
show a reduction of 78.5 millions, as against an
ncrease during the same period of 153.9 millions
in the banks7 liabilities on Federal Resoive
notes.
As a consequence of the recent large gold imports the gold reserves of the system sl.ow on
increase between March 26 and April 9 of 22.7
millions. During the following two weeks export withdrawals apparently were in excess of
the aggregate deposits of imported gold, and on
April 23 gold holdings of 1,949.7 millions were
7.8 millions below the high level shown two
weeks earlier, though indicating a net gain of
14.9 millions over the March 26 tots.il. Total
cash reserves, because of some further silver
deposits by the Government, show an increase
for the four weeks of 16.4 millions.
As the result of the developments above outlined the reserve ratio of the banks shows a rise
between March 26 and April 16 from 42.7 to
43.3 per cent. On the following Friday, as the
result of an increase in net deposits and a simultaneous decrease in reserves, the ratio declined
to 43 per cent.
Resources and liabilities of each Federal Reserve Banh at close of business on Fridays, Apr. 2 to Apr. 23, 1920.
RESOURCES.
[In thousands of do Jars.;
Kansas
City.
Boston.
Gold and gold certificates:
11,290
Apr. 2
11,412 I
Apr. 9
11,485
Apr. 16
11,517
Apr. 23
Gold settlement fund, Federal
Reserve Board:
30,555
Apr. 2
34,531
Apr. 9
Apr. 16
, 19,527
35,353
Apr. 23
Gold with foreign agencies:
8,233
Apr. 2.
J.*.
JJM. 9.
. i/....
; O, 2 3 3
Apr.
Apr. 16
! 8,233
Ap r. 23
8,233
Gold with Federal Reserve
!
agents:
98,085 !
Apr. 2
110,899 !
Apr. 9
124,287
Apr. 16
121704
Apr. 23
121)704
Gold redemption fund:
;
Apr. 2
19,251
Apr. 9
20,590
Apr. 16
16,379
Apr. 23
i 17,715
Total gold reserves:
!
Apr. 2
1167,420
Apr. 9
|185,665'
179,911
Apr. 16.
194,522
Am\ 23.
Legal-tender notes, silver, etc.:
6,325
Apr. 2
6,343
Apr. 9....
6,885
Apr. 16...
0,914
Apr. 23...
Total reserves:
'173,745
Apr. 2....
il<J2.008 :
Apr. 9....
186)796
Apr. 16...
Apr. 2 3 . . .
;20i,430
177757—20
7
986
1,014
1,038
1,053
I 10,069 i 2,413
I 10,147 ! 2,444
! 10,209 : 2,385
! 10,254
' 446
31,649 52,311 18,214
27,142 51,282 I 12,360
26,972 j 52,220 i 15,642
28,657 j 39,385 j 17,511
I
9,023 !
9,023 !
9,023 i
9,023
311,810 89,611
314,749 90,824
313,546 89,865
308,204 .88,387
i 132,82:-.
!l43,4J">
:143,37i
?14-J,5iS
26,980 11,372 :
27,000 .10,960 I
27,000 •10,794 !
26,9(35 ! 11,028 !
559,299
536,915
549,353
581,633
142,041
138.003
137)692
138,148
105,630 :
104,905 :
105,541
106,152
664,929
641,820
654,894
687, 785
9,248 :
9,248 !
9,248 i
9,248
471
401)
337
45,690
43,751
42,732
42,541 ,
4,430
5,002
5,340
5,9(58
24,440
24,420
24,516
24,381
3,724
4,026
5,358
4,343
!
i
i
:
7,24.9
7,290
7,226
7,267
15,776
24,257
18,169
10,874
51,115
69,986
70,558
57,970
7,907
7,786
10,187
10,433
j
|
!
:
17,936
15,880
9,528
6,874
4,060 ' 13,421
5,301 i 3,045
4,060 ! 13,421
5,301 : 3,045
4,060 ' 13,421
'" '~- 5,301 j 3,045
4,000 13,421
5,301
3,045
55,803
55,900
50,255
54,678
175,211
171,644
107,014
103,490
6,623 24,270
5,636 20,943
6,500 30,220
6,514 t 32,790
; 204,025 70,270 90,914
-214,031 \ 09,089 98.807
71,625 93.808
i 215.388 •<
J204';35f> , 73,992 ;85,034
625 ; 1,111 :
584 I 1)203 :
669 ; 1,382 ;
705 : 1,395 ;
143,260
139,547
138,361
138,853
5,526
5,526
5,520
5,52rt
8,652
8,894
8,824
8,908
288,403
300,4.14
300,329
292,058 .:
47,471
46,939
40,089
45,893
7,108
0,954
7,038
(;, 830
5,413
2,933
5,413 j 2,933
5,413 ! 2,933
5,413 I 2,933
34,138
34,069
34,489
34,343
37,970
36,966
37,145
36,156
126
338
157
4,071
4,510
4,706
4,653
4,027
2,803
3,021
3,256
70,307
76,574
71,128
73,604
57,149
53,817
53,030
40,796
71,511 02,830
71,000 ! 00,410 :
74,573 ! 54,620 •
72,800 j 51,680 '.
1,169,137
1,173,125
1,170,313
1,150,658
1,610
1,319
1,607
1,500
7,443
7,912
8,373
9,173
4,875
4,842
4,973
5,010
950
58
74 i 1,085
76 i 1,071
89 •
1,102
670
091
774
805
1206,036 ; 76,092 i 92,524
1215,734 69,40-i 100,120
'216,770 72,167 95,415
1205,750 74,487 i 80,534
295,906
314,320
1514,702
301,231
70,380
75,848
79,5-16
77,810
: 02,894 77,317
i (50,484! 77,050
! 54,702 i 72,109
.
- 51,775 : 74; 700
57,819
54,508
53,810
47.601
413
370
542
495 |;
117,198
119,743
122,883
126,220
152,455
[145,299
147,825
135,065
459
482
544 !
535 !
1,950,259
1,957,490
1,955,294
1,949,093
130,169
129,816
132,437
133,875
152,914 ! 2,080,428
145,781 2,087,306
148,309 2,087,731
i 135,' 600 ! 2,083,' 568
538
MAY, 1920.
FEDERAL RESERVE BULLETIN.
Resources and liabilities of each Federal Reserve Bank at close of business on Fridays, Apr. 2 to Apr. 28,
1920—Continued.
RESOURCES—Continued.
[In thousands of dollars.}
Rich- : Atxnond. \ lanta.
Chicago.
San
St.
Minne- Kansas Dallas, i FranLouis. apolis.
City.
cisco.
Bills discounted: i
Secured by Government
war obligationsApr. 2.
97,274 ! 531,942 167,873 122,195 57,930 | 59,510152,124 37,463 29,702 39,413
95,695 i 581,209 168,828 111,059 59,813 i 58,447 143,525 33,911 27,494 33,322
Apr. 9
Apr. 16
|112,017 ! 587,692 167,356 98,784 61,747 ! 59,479146,853 50,319 21,743 32,658
I 84,866 ! 634,032 176,231 116,956 54,844 60,932 126,552 49,363 18,050 29,055
Apr. 23
All o t h e r i
Apr. 2
I 88,143 :! 204,255 40,856 49,330 38,303 I 43,452'270,438 67,645 35,834 71,947
Apr. 9
I 68,065 180,887 36,940 49,634 35,691 I 41,816 263,222 70,500 I 42,543 75,450
Apr. 16
64,243 i 191,716 33,958 63,746 33,610 i 43,341i273,345 58,357 46,437 75;570
Apr. 23
75,920 ! 185,061 I 33,160 66,121 36,770 : 47,8031290,339 60,547 55,453 79,017
Bills bought in open market: 2
Apr. 2
18,529 171,749 4,960 58,914 11,353 ! 8,41163,047 10,537 I 5,345
1,329
20,852 I 163,848 3,972 56,737 11,499 : 8,298 61,211 9,597 I 5,261 879
Apr. 9
24,561 ! 152,516 3,416 61,238 10,827 ! 7,530 61,209 1,919 ! 6,032
461
Apr. 16
27,400 142,731 2,981 56,741 11,202 ; 7,50159,532 2,189 i 6,505
461
Apr. 23
United States Government
i
bonds:
Apr. 2
561
1,457 i 1,385
1,235 ]
8,868
834 •
114 4,477 : 1,153 i
116
Apr. 9
561
1,457 : 1,386
114 4,477 : 1,153 ! 116 8,868
833 : 1,235 :
Apr. 16
561
116
1,457 ! 1,386
8,868
114 4,477 1,153
834 , 1,235 !
Apr. 23
561
1,457 ! 1,386
114 4,477 1,153 ! 115 8,868
833 , 1,235 '
United States Victory notes:
Apr. 2
10 !
Apr. 9
50
10 ;
Apr. 16
50 I
10 •
Apr. 23
50;
10
United States certificates of
indebtedness:
30,634
Apr. 2
119,538 I 31,580 31,392 i 14,260 15,665 39,647 i 19,190 10,538 12,925
28,639
Apr. 9
114,013 1 34,580 26,362 i 17,260 15.665 39.645 i 17,241 10,483 13,850
Apr. 16
21,7213
100,113 ! 32,690 23,368 12,260 15,665 39.646 i 17,242 8,483 13,357
Apr. 23
21,663
64,657 30,935 23,368 ! 12,260 15.666 39,636 : 17,851 8,502 13,347
Total earning assets:
Apr. 2...
235,140 1,028,991 1246,654 262,675 ; 123,081 j127,155 =529,733 :135,988 i 81,53; 134,482
Apr. 9
213,817 1,041,464 245,706 241.635 125,498 1124,343 512,080 132,402 j 85,897 132,369
Apr. 16
223,110 1,033,544 1238,806 24^980 1119,679 1126,132 '525,530 .128,990 '82,811
"" ~ '130,914
210,415 1,027,988 244,693 264,029
Apr. 23
9ftt 090 116,311
lift 311 132,019
139 OKI ;520,536 131,103 88,625 130,748
Bank premises:
I
1,152
Apr. 2
515
3,226
500
464
806
532 2,116 ;
583
!
1,157
Apr. 9
530
464
3,226 i 500 1,156
550 2,116 :
866
640
1,156
!
1,170
530
Apr. 10
464
3,228 • 500 1,156
554 2,116 .
866
640
1,184
530
Apr. 23
524
564 2,116
3,263 I 500 1,156 !
640
806
Uncollected items and other deductions from gross deposits:
Apr. 2
03,600 180,562 i 02,758 70,117 ; 57,087 35,864 111,2<J6 . 53,271 24,002 73,947
Apr. 9
59,043
FA) 0 4 3 i 145,260
U. r i 9(10 62,357
A9 H."»7 70,733 i 55,877 31,364 114,710 I 57,533 24,471 75,456
Apr. 1C
72,007
201,410 76,439 88,042 : 67,705 38,013 142,051 : 60,758 27,381 72,939
64,964
166,891 67,904 78,014 j 61,404 33,507 109,946 I 47,001 21,525 61,833
Apr. 23
Five per cent redemption fund
I
against Federal Reserve bank
!
notes:
747
996
3,211 I 1,300 831
451
A Dr. 2
627 1,909 j 1,308 282
1,132
400
996
877 ! 872
3,112 j 1,300 831 ! 451
483
Apr. 9
1,248
582
996
623
3,130 I 1,300 831 i 451
442 2,385
Apr.
p 16
pr. 23
23
1,375
459
996
1,722 = 623
539
3,115 1,300
A
831 j 451
Apr.
23
All other
ther resources:
resou
374
Apr. 2
225
117
360
542 ! 274
867 I 317
177
Apr. 9
228
All
845
344
340 i 409
319
80
107
836:
262
833
Apr. 16
057
363 i 454
1)9
3S2
152 1,072 i 430
259
Apr. 23
699
347
106
368
381
151 1,090 • 367
Total resources:
474,824 1,887,676 454,838 541,357 i258,168 1250,879 041,827 208,136 !.!l69,405 287,431
Apr. 2
467,574 1,835,727 449, 754 533,429 j252,340 1257,033 im,(M5 :207,840 171,868 287,172
Apr. 9
484,713 1,897,039 456,063 555,742 261,096 |2C0,~
Apr. 16
i,708 987,806
271,213
160.105 277,77-1
"
~
479,755 1,889,928 453,949 550,127 253,661 or, };,374 :936,641 257,770 163)020 269,006
Apr. 23
1
Includes bills discounted for
other Federal Reserve Banks:
Apr. 2
7,529
11,463
27,695
5,000
3,000 ! . . .
Apr. 9
18,000
4,948
26,850
20,570
Apr. 16
35,920
36,450
23,989 !
Apr. 23
20,260
63,996
5:5,652 !
2
Includes bankers' acceptances
bought from other Federal
Reserve Banks:
With their indorsement—
Apr. 2
447
2S7
591 '
Apr. 9
447
112 !
2(31
Apr. 16
6,260
112 :
Apr. 23
5,999
Without t h 0 i r indorsement—
Apr. 2
Apr. 9
Apr. 16
Apr. 23
I
1
46,971
42,407
42,978
47,023
!
I
'
I
Total.
58,267
54,359
49,262
50,900
1,400,664
1,410,069
1,430,888
1,448,804
22,500 I 67,146
23,659 ! 69,062
26,138 ! 69,842
28,514 I 70,673
999,849
957,469
980,303
1,029,378
1,186 ! 68,681
838 i 79,249
1,282 85,793
1,340 i 86,089
424,041
422,241
416,784
404,672
3,966 2,632
3,966 2,632
3,966 I 2,632
3,966 I 2,632
26,798
26,798
26,799
26,797
68
68
68
68
8,300
9,300
8,300
8,300
i
!
|
i
11,881
12,881
10,881
10,881
82,92* ! 208,607
80,170 218,183
82,664 :218,410
89,143 221,175
668
668
668
754
345,550
339,919
303,728
267,066
3,196,970
3,156,564
3,158,570
3,176,785
' 231
•'
231
i 231
: 231
12,009
12,104
12,123
12,328
I
53,906
57,783
63,978
60,787
j 43,146
! 39,028
I 45,346
! '13,192
562
562
562 i
562
163
1,442
234
184
835,076
793,615
956,669
817,028
1,465
1,465
1,465
1,465
13,689
12,481
14,015
13,438
301
369
367
310
4,474
5,802
5,305
5,178
6,143,246
195,133 |405,057 ! 6,067,872
196,041 1406,064
201,916
|414,188" ' 6,234,413
~
! 199,031 402,003
6,108,325
10,000
10,000
5,000
5,000
11,760
7,809
76,447
88,177
101,359
142,908
1,325
820
6,372
5,999
4,341
2,371
2,371
2,371
4,341
2)371
2,371
2,371
MAT,
1920.
539
FEDERAL, RESERVE BULLETIN.
Resources and liabilities of each Federal Reserve Bank at close of business on Fridays, Apr. 2 to Apr. 2-3,
1920—Continued.
LIABILITIES.
[In thousands of dollars.]
NewYork.
Boston.
Philadelphia.
Cleveland.
Capital paid in:
Apr, 2
Apr.9
Apr. 16
Apr.23
Surplus fund:
Apr.2
Apr.9
Apr. 16
Apr. 23
Government deposits:
Apr.2
Apr.9
Apr. 16
Apr. 23
Due to members—reserve account:
A pr. 2
Apr. 9
Apr. 16
Apr. 23
Deferred availability items:
Apr.2
Apr. 9
Apr. 16
Apr. 23
Other deposits, including foreign Government credits:
Apr.2
Apr. 9
Apr. 16
Apr. 23
Total gross deposits:
Apr. 2
Apr. 9
Apr. 16
Apr. 23
Federal Reserve notes in actual
circulation:
Apr.2
Apr.9
Apr. 16
Apr. 23
Federal Reserve bank notes in
circulation—net liability:
Apr.2
;
Apr.9
Apr. 16
Apr. 23
A11 other liabilities:
Apr.2
Apr.9
Apr. 16
Apr.23
Total liabilities:
Apr.2
Apr.9
Apr. 16
Apr.23
Rich- Atmond. lanta.
Chicago.
Minne- Kansas
St.
Louis. apolis. City. Dallas.
Total.
7,207
7,207
7,207
7,196
23,886 |
23.737
23.738
23.739
8,198
8,198
8,198
8,198
9,946
9,945
9,945
9,945
4,713
4,721
4,727
4,724
3,559
3,561
3,613
3,633
12,684
12,679
12,707
12,743
4,161
4,161
4,164
4,169
3,186
3,188
3,198
3,238
4,214
4,213
4,215
4,214
3,500
3,520
3,524
3,527
6,030
6,030
6,036
6,038
91,284
91,160
91,272
91,364
8,359
8,359
8,359
8,359
45,082
45,082
45,082
45,082
8,805
8,805
8,805
9,089
9,089
9,089
9,089
5,820
5,820
5,820
5,820
4,695
4,695
4,695
4,695
14,292
14,292
14,292
14,292
3,724
3,724
3,724
3,724
3,569
3,569
3,569
3,569
6,116
6,116
6,116
6,116
3,030
3,030
3,030
3,030
7,539
7,539
7,539
7,539
120,120
120,120
120,120
120,120
788
548
665
2,219
602
444
179
18,835
474
281
994
2,931
309
181
205
739
294
2,467
674
1,493
401
1,932
1,740
1,810
860
6,336
671
1,081
642
2,531
1,910
606
475
1,679
779
914
1,276
3,555
1,502
594
821
4,389
4,482
1,006
2,554
5,663
5,187
10,416
8,777
35,595
42,810
115,212
115,688
118,833
119,222
745,746
720,474
752,072
749,020
105,067 ! 145,557 60,051
104,880 128,354 57,509
101,025 138,403 58,615
104,832 135,606 58,366
58,163
58,344
53,352
53,215
265,001
265,699
|283,737
264,069
70,398
68,508
69,499
67,009
57, 755 92,196
61,582 87,177
50,757 82,800
47,338 81,775
63,974
62,157
65,772
61,191
119,943
120,588
123,895
114,449
1,899,063
1,850,960
1,898,810
1,856,092
109,717 ! 48,929 ; 58,358 42,289
109,712 ! 48,518 j 55,818 42,981
136,788 59,652 i 69,781 49,887
119,633 54,337 ! 60,735 46,308
26,791
27,016
32,474
28,002
69,574
72,927
92,927
68,009
33,787
39,211
40,421
33,312
12,483
11,210
15,424
10,853
58,749
63,974
58,015
53,855
33,751
34,340
34,297
36, 111
27,037
24,604
27,676
20,340
568,752
575,412
677.282
589.283
4,429
3,586
3,612
3,624
2,747
1,990
2,025
2,010
8,738
8,582
7,543
13,113
131,714
100,605
102,657
102,430
156,288 101,066 156,724
156,013 99,308 156,328
147,982 106,483 164,777
140,756 103,794 153,089
2,609.945
2,535,754
2,709,344
2,590,615
47,287
45,101
59,940
51,728
7,807
5,514
5,692
5,453
57,452
44,485
46,585
43,625
10,640
7,755
7,650
0,312
171,094
166,851
185,180
178,622
913,517
875,115
935,624
931,113
847,782
835,554
835,738
832,704
1270, 466
]267, 284
020
634
j
!
|
!
6,499
6,142
6,390
6,122
6,346
3,644
3,616
3,579
3,492
2,748
2,723
2,839
15,584
10,027
10,855
9,802
5,511
3,952
3,834
3,686
2,469
2,180
2,132
2,265
1165,110
-101,434
169,321
;168,412
210,723
190,495
214,779
204,343
109,425
104,428
114,585
108,927
89,939
88,509
90,481
85,796
351,969
349,513
393,855
342,611
110,777
112,313
116,2S5
105,917
73,313
75,447
69,992
67,235
249,002
248,332
246,717
245,238
291,613
304,348
1302,583
307,829
127,174
126,920
125,631
123,752
145,944
147,493
149,422
147,008
523,062
1529,452
1528,700
|529,499
136,448
134,702
134,211
131,767
82,043 101,407
82,352 101,846
81,918 100,561
81,606 99,593
40,787 20,426
US, 800 19,502
38,679 19,0(53
37,917 19,020
16,422
15,828
15,234
14,569
9,290
8,639
8,432
8,391
3,297
3,483
3,959
4,276
3.564
3,724
4,112
4,352
1,746
1,812
1,901
2,047
1,741
1,861
1,952
2,124
, 887,670 454,838
835,727 149,754
897,039 456,063
889,928 •153,949
541,357
533,429
ooo, 742
550,127
|258,108
[252,340
1261,096
£53,061
256,879
257,033
--,708
253,374
16,622
17,379
18,178
19,373
474,
467,
484,
-179,
i
i
!
:
79,390
79,987
79,839
79,584
222,986
221,947
222,353
222,093
3,077,323
3,080,217
3,073,693
3,068,307
|
11,001 ! 31,993 11,030
10,914 30,829 10,830
10,545 j 29,623 10,686
10,118 ! 28,259 9,870
6,017
5,917
5,911
5,681
17,433
16,893
10,690
15,957
7,916
8,059
7,740
7,698
10,005
9,461
9,517
9,060
196,594
190,157
1S6,501
180,631
7,827
8,180
8,679
9,237
1,990
2,110
2,143
2,323
1,277
1,395
1,517
1,691
1,973
2,091
2,210
2,430
1,133
1,229
1,300
1,398
3,380
3,752
3,966
4,184
47,980
50,464
53,483
57,288
941,827
944,945
987,856
936,641
268,136
267,840
271,213
257,770
169,405
171,868
166,105
163,020
287,431
287,172
277,774
269,066
196,041
195,133
201,916
199,031
406,664
405,057
414,188
402,003
6,143,24G
6,067,872
6,234,413
6,108,325
19,084
25,327
26,139
30,668
5,000
10,108
6,000
11,800
MEMORANDA.
Contingent liability as indorser
on:
Discounted paper redisoounted with other Federal Reserve B a n k s Apr. 2
Apr.9
Apr. 16
Apr.23
Banker's acceptances sold
to other Federal Reserve
Banks—
Apr.2
Apr.9
Apr. 16
Apr.23
Contingent liability on bills
purchased for foreign correspondents:
Apr.2
Apr.9
Apr. 16
Apr.23
2:>, 363
22,948
29,500
23,375
20,000
19,852
19,270
24,872
.!
.1
.1
-I
8,000
20,050
15,450
42,085
76,447
88,177
101,359
142,908
i
1,325 !
820 !
373 '
5,999 j
5,999 i
16,188 j.
16,188 I.
16,188 j.
16,188 !.
1,325
820
6,372
5,999
16,188
16,188
16,188
16,188
540
FEDERAL RESERVE BULLETIN.
M A Y , 1920.
Maturities of bills discounted and bought, also of Treasury certificates of indebtedness.
[In thousands of dollars.]
I
Within
15 days.
16 to 30
days.
31 to 60
daj-s.
61 to 90
da vs.
Over 90
days.
Total.
__._
Bills discounted:
Apr. 2
Apr. 9
Apr. 16
Apr. 23
Bills bought:
Apr. 2
Apr. 9
Apr. 16
Apr. 23
United States certificates of indebtedness:
Apr. 2
Apr. 9
Apr. 16
Apr. 23
,391,720
,423,906
,447,603
,439,306
235,060
201,019
244,362
285,414
514,251
492,013
464,532
421,217
103,750
98,706
99,822
81,846
85,246
73,770
80,165
89,724
171,259
185,719
177,480
174,089
85,596
78,676
42,766
5,806
2,500
3,500
1,000
2,000
5,500
3,540
5,747
5,798
238,214
226,436
228,719
297,875
2,400,513
2,367,538
2,411,191
2,478,182
21,268
24,134
25,975
31,370
63,786 i
64,046
59,317 !
59,013 •
5,882
10,614
8,245
13,128
!
!
i
!
424,041
422,241
416,784
404,672
246,072
243,589
245,970
240,334
I
i
i
!
345,550
339,919
303,728
267,066
FEDERAL RESERVE NOTES.
Federal reserve note account of each Federal Reserve Bank at close of business on Fridays, Apr. 2 to Apr. 23, 1920.
[In thousands of dollars.]
Bos-
Federal Reserve notes:
Received from a g e n t s Apr. 2
Apr. 9
Apr.16
Apr.23
Held by banksApr. 2
Apr. 9
Apr.16
Apr. 23
In actual circulationApr. 2
Apr. 9
Apr.16
J
,
,
Apr.23
Gold deposited with or to credit
of Federal Reserve agent:
Apr. 2
Apr. 9
Apr.16
,
Apr.23
Paper delivered to Federal Reserve agent:
Apr. 2
Apr. 9
Apr.16
Apr. 23
279,472
278,286
275,074
276,691
;
New
: York. |
;940,495
944,867
-" —
949,581
949,306
Richmond.
Atlanta.
257,939
258,651
1256,692
258,715
308,253
314,452
315,382
322,476
132,260
131,721
131,902
129,130
150,972
151,904
153,829
152,932
9,006 92,713
8,937
11,002 109,313 10,319
9,054 113,843 i 9,975
9,057 116,602 I 13,477
16,640
10,104
12,799
14,647
5,086
4,801
6,271
5,378
5,028
4,411
4,407
5,924
270,466 847,782 1249,002
267,284 835,554 248,332
835,738 246,717
267,634 832,704 245,238
291,613
(304,348
!302,5S3
"17,829
127,174
126,920
1125,631
1123,752
145,944
147,493
149,422
147,008
98,085
110,899
124,287
121,704
311,810
314,749
313,546
308,204
89,611
90,824
89,865
88,387
1132,826
1143,445
1143,374
144,518
!
i
I
i
45,690
43,751
42,732
42,541
55,803
55,960
56,255
54,678
203,946
184,612
200,821
188,186
905,919
923,946
929,802
959,907
179,497
J169,537
1171,140
1185,743
225,072
212,803
1213,801
: 232,961
100,514
101,616
! 97,453
\ 98,789
111,373
108,561
110,343
113,235
:
ChiMinne- Kansas
St.
cago. | Louis. apolis. City.
549,786
556,739
559,069
562,591
San
Francisco.
Total.
1152,895
,153,733
1151,023
: 150,127
83,144
83,780
83,600
83,404
106,957
108,133
106,811
106,023
82,693
83,590
84,036
83,723
262,198
261,758
259,949
260,022
3,307,064
3,327,614
3,326,948
3,335,140
26,724 I 16,447
27,287 i 19,031
30,369 16,812
33,092 18,360
1,101
1,428
1,682
1,798
5,550
6,287
6,250
6,430
3,297
3,603
4,197
4,139
39,212
39,811
37,596
37,929
229,741
247,397
253,255
266,833
136,448
134,702
134,211
131,767
82,043 101,407
82,352 101,846
81,918 100,561
81,606 99,593
79,396
79,987
79,839
79,584
222,986
221,947
222,353
222,093
3,077,323
3,080,217
3,073,693
3,068,307
175,211 47,471
171,614 46,939
1167,614 46.0S9
! 163,49(i 45; 893
34,13S 37,970
34,069 36,966
34,489 ! 37,145
34,343 36,156
34,978 iar>,544
32,875 91,004
30,982 83,935
29,129 81,609
1,169,137
1,173,125
1,170,313
1,150,658
485,531
;467,518
1481,137
1476,413
65,986
62,482
63,507
67,358
70,657
66,904
70,398
76.877
523,062
529,452
(528,700
|529,49i)
115,627
113,998
110,570
112,099
112,689
109,625
las, 689
las, 426
171,230
191,363
191.115
195.100
!2,748,071
j2,715,965
j2,748,776
!2,815,094
MAY, 1920.
FEDERAL, RESERVE BULLETIN.
541
Federal Reserve note account of each Federal Reserve agent at close of business on Fridays, Apr. 2 to Apr. 23, 1920.
[In thousands of dollars.]
Boston.
Phila- Clove- RichAtdelphia, land. mond. lanta.
I San
Chi- ! St. Minne-j Kansas
Francago. j Louis, apolis. i City. Dallas.: cisco.
Total.
Federal Reserve notes:
Received from ComptrollerApr. 2
544,700 |2,106,000 1564,660 553,280 '316,080 325,000 1938,600 1312,160 i 157,280 ;216,920 153,780 i 432,760 6,621,220
Apr. 9
1551,000 12,115,640 1565,620 555,360 ![316,880 327,040 i944,200 314,600 100,080 1218,720 155,380 ;433,060 6,657,640
Apr. 16
1554,200 |2,123,240 571,620 1504,500 317,380 334,000 j 959,320 318,060 • 160,080 |219,220 156,380 :433,320 6,711,320
Apr.23
1557,000 1
|2,130,880 583,200 1568,700 .320,640 336,000 1964,160 318,060 ^60,080 |219,720 156,780 1435,720 0,750,940
I
Returned to Comptroller—
Apr. 2
'
1224,228 !l,041, 105 (276,881 •21.2,507 1155,070 117,678 1300,014 141,385 67,586 ll04,853 i 59,332 Il62,752 2,932,397
Apr. 9
1226,414 1,046, 373 1279,669 i215,388 1157,016 119,521 1309,581 14G.547 68,405 1105,857 I 60,185 1164,292 2,959,248
Apr. 16
1228.026 1,049, 259 281,628 217,458 1158,034 121,226 '373,611 149,897 68,985 i 106,679 j 61,079 166,301 2,982,243
Apr.23
1230,609 ! 1,057,174 284,605 220,314 ! 160,226 122,803 :377,729 151,493 09,881 107,667 61,932 168,688 3,013,121
Chargeable to Federal Re- |
serve agent—
i
Apr. 2
1320,472 1,004,895 287,779 1340,773 1101,001- 207,322 :572,580
89.094 ill2,067 | 94,448 1270,008 ; 3.688,823
Apr. 9
1324,586 j'", " 1/207" 285,951 1339,972 1159,801 '207,519 1574.619
91,075 it.12,803 i 95,195 1268,768 •: 3l 098,392
Apr. 16
326,174 1,072',:,98l ,.._..,__
280,992 1347,042 il59,346 212,774 i585,709
91.095 112,541 I 95,301 :-206,959 3,729,077
Apr.23
326,391 j.1,073,700 298,595
""" 348,386 1160,414 213,197 J586,431
00,199 112,053 ! 94,848 267,032 : 3,737,819
In hands of Federal Rei
I
:
serve agent—
;
Apr.2
1 41,000
12t,400 '29,840 ! 32,520 28,744 56,350 ;i 22,800
381,759
880
6,550 ! 5,110 i 11,755 ! 7,810
380 i 7,895 !! 4/730 : 11,605 : 7,010: • 370,778
Apr. 9
1 46,300 124,400 27,300 25,520 ! 28,143 55,01.5 17,880 •
402,129
124,400 ! 33,300 31,060 j 27,144 58.945 ! 20.640
140 7.495 5,730 11J205 7,010
Apr. .16
1 51,100
Apr.23
; 49,700 124,400 j 39,880 25,910 ! 31,284 60J265 | 23; 840 I 440 j 6/795 ; 6,030 11,125 | 7,010 , 402,679
Issued to Federal Reserve j
Bank less amount re- !
turned to Federal Re- ]
serve agent for redemp- i
tion—
i
,144 1100,957 82,693 262,198 ! 3,307,064
Apr. 2
|279,472
,780 ;108,133 83.590 201,758 \ 3,327,014
Apr. 9
278,286
Apr. 16
275,074
,600 106,811 ! 84; 030 259,949 3,320,948
Apr.23
; 276,691 949,306 258,715 ;322,176 129,130 152,932 i562,591 150,127 83,404 106,023 i 83,723 260,022 3,335,140
Collateral held as security for I
outstanding notes:
j
G old and gold certificates— •
2,850 I 13,052 :
8,831 ;
254,001
Apr. 2
i 900 194,743 !
32,025 i
2,500 •
"480 13,052
8,831
i 254,531
Apr. 9
i 900 194,743 1
32,025 j
2,500 •
1,980
13,052
;
7,831
;
253,031
Apr. 16
i 900 194,74.3
32,025
:
2,500
'
:
2,880 13,05-2 .
7,831 !
: 253,931
Apr.23
| 900 194,743 I
32,025
2,500 |
G old redcinpt ion fund— •
12,007 I 14,222 i 15,801 ! 3.690
1,280 i 2,110 i 4,663 12,083 :
97,766
Apr. 2
i 15,1S5
3,303 j 9,066 3,090
20,006 11,435 j 16,420 i 1,751
2/717 : 3,106 ! 5,810 : 19,403 • 112', 194
Apr. 9
1 14,999
3,400 I 9,499 3,528
2,137 i 2,285 ' 4,917 : 17,394 i 110,884
18,803 I 14,47(3 i 16,349 i 3,732
Apr. 16
i 16.387
3.755 ! 8,470 • 2,179
102,190
1,541
13,401 11,498 ! 17,493
2,582 ! 1,991 3,296 i 6,064 15,930
2,178 i 9,352
Apr.23
! 16; 804
Gold settlement fund, Fed- ;
eral Reserve Board—
i
'. 100,145 40.031 1 19,800 I 35,800 - 2L4S4 92,861 : 816,470
Apr. 2
' 82,000 105,000 I 75,389 :: 85.000 ! 42,00050,000
!
100,000 ! 79,389 95^000 ; 42.000 50,000 '162,145 40,931 18,300 ! 33.860 ; 18,234 71,541 ! 806J400
Apr. 9
95,000
100,000 ! 75,389 ! 95,000 . 39;000
50;000 ' 159,1.44 41,930 19,300 1 34J8B0 • 18,234 ! 66.541 ! 806,398
Apr. 16
107,000
Apr.23
104,000 100,000 I 76,889 ! 95,000 ! 41,00050,000 154.141 40,431 10,300 j 32,800 . 15^234 j 65,679 ' 794,537
Eligible paper,
minimum
'
required l—
Apr. 2
"181,3S7 628,6S5 !16S,32S 'l"5,427 : 86,570 95,169 37-1,575 105,421 ! 49,006 OS, 987 !. 47,715 !j,r>6,654 ' 2/137.927
Apr. 9
167,387 j 630,118 1107,827 171,007 87,970 95,944 :3S5,095 100,794 i 49,711 71,107 50,715 170/754 " 2.154J489
Apr. 16
150,787 i 636,035 103,827 172,008 ! 89,170 97,574 ;391,455 104,934 I 19,111 09,666 I 53,054 -176,014 2.156,635
Apr. 23
154,987 ! 6-11,102 170,328 =177,958 \ 86,589 98,254 ,399,095 104,234 | 49,061 69,867 54,594 il78,413 '• 2,184,482
1
For actual amounts see "Paper delivered to Federal Reserve Agent," on page 540.
542
Amounts
MAY, 1920.
FEDERAL RESERVE BULLETIN.
of Federal Reserve notes received from and returned to other Federal Reserve Banks for redemption or credit during
the period from Jan. 1, 1920, to Mar. 81, 1920.
Boston.
Received.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Returned.
$14,293,350 j$12,033,250
1,175,500 1,353,800
689,300
711, 500
882,250
648,000
697,200
538,300
1.212.700 1,387,300
370,845
243,600
103.0C0
224,600
181,900
281,500
104,250
113,400
369,700 I
190,100
Philadelphia.
New York.
Received.
• 1311,930,250
i2,83i"()00
5,583,500
4,593,500
4,263,250
6,839,000
2,511,660
640,500
1,274,700
1,116,800
3,327,395
Returned.
Received.
Cleveland.
Returned. Received.
§8,656,750 SI, 428,600 51,177,750
§705,400
17,208,450 12,828,500 10,272.800
2,567', 250
" 9," 876 "266'
4,978,000 3,419,300 2,422,500
4,017,250 2,930,000 2,062,250 2,154.500
2,188,850
965,050
769,250 1,853; 900
7,550,400 1,462,500 1,573.000 4,835,500
1,143,750
598,805
328,250 1,964,360
875,500
123,000
183,250
232,500
1,079,650
240,950
322,000
492, 400
550,750
309,400
185,400
147,750
3,18fi;850
550,590
265,500
534,920
Richmond.
Returned. Received.
Returned.
$493,500
4,493,500
2,336,000
8683,550
7,973,450
2,119,750
1,870,900
1,144,500
856,500
4,516.500
532,500
345,000
508,000
218,000
240,500
SS27,750
4,422,500
2,851,250
2,093,500
2,290,200
1,050,000
631,340
93,000
231,250
199,400
435,415
2,706,000
2,274,000
817,750
259,250
703,750
262,500
148,250
Total,Jan.l-Mar.31:
20,079,995 17,731,350 ! 54,911,555 44,103,950 29,112,645 22,080,000 25,922,930 15,684,500 17,578,255 17,366,500
1920
11,816, 405 22,275,250 i 59,635,210 62,805,850 17,071,345 26,909,000 22,778,645 17, 048,900 18,773,525 23;430,000
1010
3, 618,695 : 5,281,310 I 20,767, 410 21,629,250 6,733,720 10,628,000 6,356, 790 2,412,900 5,308,850 i 2,999; 500
1018
Chicago.
Atlanta.
Received.
Boston
New York
Philadelphia...
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco..
Total, Jan. 1-Mar. 31:
1920
1919
1918
$5.50,900
4,202,750
771,000
1,023,000
2,760,000
$684,250 i
4,300,950 !
928,450 i
1,780,850 !
2,397,550 i
1,423,000
2,750,965
103,000
420,150
1,158,600
757,850
416,400
459,650
609,000
482,900
359,500
765,250
2,692,800 j .
4,253,150 1;
299,500
618,350 i
1,556,400 i
355,950 i
317,565 I
622,000 !
463,750
938,950
506,420
15,921,215
12,995,515
4,456,165
Minneapolis.
Returned. ! Received.
Kansas City.
Returned.
19,868,200 ' 45,941,385
H , 431,525
15,745,325 . 34,431,525
6,720,750 ! 8,652,705
Dallas.
St. Louis.
SI, 190,500
6,739,000
1,429,000
4,849,500
994,000
1,430,500
3,269,500
5,231,000
2,880,500
730,500
2,311,500
31,055,500
28,435,000
8,715,100
San Francisco.
Received. 1 Rclururi.! Received. j Returned. I Received. ! Returned. Received.
Returned.
Received.
Returned
$250,000
1,967,450
336,750
869,300
862,250
3,949,400
3,270,500
$369,155
2,549,010
581,125
1,988,580
611,646
2,711,315
8,463,350
200,500
2,143,900
1,211,800
681,055
547,555
2,843,310
2,230,310
771,170
15,742,905 j
12,070,600 i
3,063,010 j
23,666,520
17,086,995
7,684,100
Total.
Received.
Returned.
j
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco.. . .
$224,600
1.644,100
' 182,250
436,000
259,250
284,S50
5,255,000
548,055
!
!
i
I
I
827,350 j
143,950
1,378,880
Total, Jan. l-Mar.31:1
1920
' 11,184,285
1919
i 9,925,540
1918
! 3,455,200
804,000 '
S295,500
COS, r>X) i 1,944,100
117,0(10 i
331,250
244,000 '
694,000
724,250
88,500 I
619,600
107,500 i
3,734,500 j 2,949,r/50
2iO,()OO '. 2,786,165
540,500
561,000
97,350 ! 1,253,400
814,500 '• 1,836,145
!
i
! 6,736,850 ! 13,974,410
j 5,733,500 ; 13,699,685
\ .">23,0:i0 I 12. -125, 240
SI12,360 ; 5120,750
S294,000
1,052,550 1,070,450
5,258,700
147,250 : 164,600
269,500
252,500
275,050
314,000
257,500 , 181,100
142,000
1,514,150 '••1,099,750
344,700
725,500 ; 811,500
2,312,000
2,067,135 . 1,163,600 !:
783,540
82.000
141,200
933,500
1,504'. 500 . 1,123,750 j 1,178,100
1,598.650
971,150
1,289| 750
879,605 . 572,950
8189,700
1,375,900
254,800
516,300
238,000
456,650
3,540,000
2,180,900
825. 850
$516,225
3,366,645
537,690
760,820
420,415
751,850
3,494.(520
676,555
1,378,880
1,832,345
838,810
12,466,500
6,675,100
2,52,-),S()5
8,595,050 6.724,700 12,802,090 14,574,855
5,891,840 '• 5', 016,900
7,425,650 10.987,555
3,124,535 2'. 831,750 ! 2.695,815
l'. 688,495
§17,892,460 $14,320,330
78,277,350
53,848,205
20,429,915
22,340,500
20,620,600
20,634,700
12,803,205
17,925,000
13,616,465
19,547.550
31,335', 200 40,037,970
14,819,555
23,330,435
10,311,585
6,673,500
12,754,155
11,958,950
8,344,420
7,593,100
10,153,020
14,257,975
271,766,720
226,515, 485
80.658,135
232,059,425
242,749,375
73.679,960
MAT,
1020.
FKDEKAL RESERVE BULLETIN.
543
CONDITION OF MEMBER BANKS IN SELECTED CITIES.
Nominal changes in the aggregate holdings
of United States bonds and Victory notes as
against an increase of 184.2 millions in the
holdings of Treasury certificates are indicated
by the weekly reports of 811 member banks
in leading cities covering the period between
March 19 and April 16. Loan operations of
the Government during the four weeks under
review included the issue on April 1 of over
200 millions of three-month 4 | per cent loan
certificates, and on April 15 of 254.5 millions
of 5 and 5} per cent loan certificates, the 5
per cent series maturing in three months and
the 5J per cent series maturing six months
from date of issue. Redemption operations
of the Treasury were of little account and affect
but slightly the figures of reported holdings of
Government securities. As a consequence the
increase in the aggregate holdings of United
States war securities, 180.9 millions, differs
but little from the increase in certificate holdings shown above.
Loans secured by United States war obligations declined 29.2 millions, this item showing
relatively small variations for the four weeks
under review. Loans secured by stocks and
bonds increased 4.3 millions (and 27.1 millions
in New York City), the largest increase of 37
millions occurring during the last week under
review. All other loans and investments, including commercial loans proper, show an
increase for the period of 125.6 millions, mainly
during the first week under review, the Chicago
members alone reporting an increase for the
period of 50.8 millions. As a consequence of
these changes in the several classes of earning
assets, total loans and investments of all
reporting banks (including in these totals
amounts of paper rediscounted with Federal
Reserve Banks) show an increase for the period
of about 282 millions, viz, from 16,906.6 to
17,189.1 millions. For the New York banks
a corresponding increase of 151.6 millions is
noted.
In connection with this further credit
expansion of the reporting member banks
there may be noted a growth in accommodation to these banks by the Federal Reserve
Banks of 154.3 millions"from 1,899.1 to 2,053.4
millions. The latter total is composed of
1,190.3 millions of discounted and rediscounted
bills secured by United States war obligations
(so-called war paper), compared with 1,132.3
millions of like paper on March 19, and of
863.1 millions of ordinary commercial paper,
as compared with 766.8 millions of such paper
held by the Federal Reserve Banks for reporting institutions on the earlier date. The increasing extent to which the credit burden of
the banks has been shifted to the Federal
Reserve Banks may be measured somewhat by
the ratio of total accommodation at the Federal
Reserve Banks to total loans and investments
of reporting banks which shows an increase
between March 19 and April 16 from 11.2 to
11.9 per cent.
With the resumption of more frequent Treasury short-term borrowings, Government deposits of the reporting banks, which on March 26
had declined to 54.2 millions, resumed their
upward course, the April 16 total of 189.8
millions being 85.3 millions above the corresponding March 19 total. Other demand deposits (net) show a smaller increase for the
period, largely as a consequence of the considerable net withdrawals of bank deposits
from the Chicago banks. For the New York
banks an increase of demand deposits of 121.3
millions is seen, as against a decline under this
head of 56.3 millions for the Chicago banks.
Time deposits show a gain for the four weeks
of 20.1 millions, mainly outside the 12 Federal
Reserve Bank cities.
Reserve balances with Federal Reserve
Banks show an increase for the period of 46.9
millions largely in New York City, weekly
fluctuations of these balances being
more in
accord with changes in the banks7 own deposit
liabilities than with the changes in their
borrowings from Federal Reserve Banks.
544
MAT, 1920.
FEDERAL RESERVE BULLETIN".
Principal resource and liability items 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 Mar. 26 to Ayr. 16, 1920.
1. ALL REPORTING MEMBER BANKS.
[In thousands of dollars.]
Boston.
Number of reporting
banks:
Mar. 26
Apr. 2
Apr. 9
Apr. 16
United States bonds to
secure circulation:
Mar. 26
Apr.2
Apr. 9
Apr. 16
Other United States
bonds, including Liberty bonds:
Mar.26
Apr.2
Apr. 9
Apr. 16
United States Victory
notes:
Mar.26
Apr.2
Apr. 9
Apr. 16
United States certificates of indebtedness:
Mar.26
Apr. 2
Apr. 9
Apr. 16
Total United States
securities owned:
Mar. 20
Apr. 2
Apr. 9
Apr. 16
Loans secured
by
United States bonds,
Victory notes, and
certificates, including
rediscounts with Federal Reserve Bank:
Mar. 26
Apr.2
Apr. 9
Apr. 16
Loans secured
by
stocks and bonds,
other than United
States securities:
Mar.26
Apr. 2
Apr. 9
Apr. 16
All other loans and investments, including
rediscounts with Federal Reserve Bank:
Mar. 20
Apr. 2
Apr. 9
Apr. 16
Total loans and investments, including rediscounts with Federal Reserve Bank:
Mar. 26
Apr.2
Apr. 9
Apr. 16
Reserve balances with
-Federal RosorvcBank:
Mar. 26
Apr. 2
Apr. 9
Apr. 16
Cash in vault:
Mar.26
Apr.2
Apr. 9
Apr. 16
Not demand deposits
on which reserve is
computed:
Mar.26
Apr.2
Apr. 9
Apr. 16...
117
116
117
117
57 ,
57 !
57
57 !
92
92
92
92
82
82
82
82
47 |
47 I
47 |
47 I
107
107
107
107
i
13,061
13,061 !
13,061 |
13,061 |
47,248
47,248
47,248
47,248
11,347
11,347
11,347
11,347
41,842
41,8-12
41,841
41,812
14,259 i
14,034
13,725
13,816
236,9,50
238,679
235,387
234,100
27,003
26,882
26,921
29,371
58,638 i 34,7!)4 j 28,822
58,992 34,629 28,694 !
57,969 34,708 29,026
00,035 34,347 29,265 ,
05,753
63,226
65,584
65,571
7,495
7,732
7,293
7,271
78,830
79,717
79,355
81,454
10,523
10,574
9,981
9,890
21,316 ; 8,826
21,050 : ! 8,698
19,520
1,608
20,484 I 8,610
6,693
6,60S
6,448
6,521
39,058
36,869
37,100
37,174
45,010
48,567
53,384
56,884
28,599 i 18,015
29,802 18,507
27,190 ! 17,863
34,848 19,366
16,023
16,226
16,414
20,040
18,582
18,883
22,700
33,451
|
j
i
;
218,739
264,993
266,663
350,660
53,397
53,710
56,779
67,599
i
!
]
I
581,767
630,637
628,653
713,462
72,138
73,409
72,410
65,777
i
:
;
!
35
35
35
35
26,501 ! 14,015 I 21,029 17,176 7,170 14,803
21,181 17,176 ; 7,170 15,000
26,502 14,015 '••
26,902 J14,015 i 21,190 17,176 ; 7,220 14,953
20,972 j
14,015 ! 21,398 16,920 i 7,22114,988
'
i
;
i
14,432
14,120
14,242
14,020
•
!
j
!
9,627
10,105
10,088
10,341
3,523 1,904
3,706 1,870
3,641 ! 1,834
3,209 1,268
19, 573
19, 573
19 573
19,573
34,727
34,605
34,590
34,605
268,492
268,720
269,122
269,196
22,118
22,888
23,712
24,037
17, 090
17, 739
17, 867
17, 680
02,007
61,736
61,684
61,200
592,093
591,724
590,913
593,783
5,082
5,112
5,552
5,465
3,773
3,677
3,619
3,609
12,785
12,902
12,874
12,815
199,808
198,515
195,891
197,770
29,124
30,550
30,483
36,687
487,643
540,829
551,333
681,506
138,643
139,793
139,631
145,307
1,548,036
1,599,788
1,607,259
1,742,255
': 66,533
i 63,903
i 08,308
! 76,432
i
12,488
13,038
13,253
14,539
i 9,523
| 10,025
i 10,219
| 10,880
93,883 I 150,395 j 8S,136
97,370 I 151,686 i 88,336
nt a'l'i
i146,520
A a son j
! oo
-i n
101,633
88,141
107,492 157,209 I 89,295
05,553 j 192,373
05,543 185,179
65,903 ! 192,194
69,841 i 200,575
47,619
48,040
48,312
48,694
j 28,224
! 29,770
| 29,301
; 29,710
561,809
558,314
556,745
553,691
133,335
132,743
129,493
125,836
94,714
94,534
87,519
81,959
41,759
i 41,866
! 38,949
I 37,999
27,241 ;;
27,462
27,445 i
27,556 i
113,040
112,497
112,987
113,849
42,702 20,028
41,851 19,245
•JO, 434 20,494
•10,817 | 21,-160
24,098
24,382
24,024
24,095
9,360 29,596
9,991 30,723
10,095 30,635
10,566 35,766
1,169,820
1,167,017
1,151,230
1,142,977
194,300
194,618
191,014
193,216
1,357.868
11,344,255
il, 328,877
|1,366,845
201,940
198,773
200,123
200,401
340,098
338,776
337,482
342,202
109,152
105,405
108,852
105,357
59,925
64,500
03,074
02,109 j
481,828
460,112
407,052
463,824
157,859 28,724
158,425 28,886
155,844 ! 31,184
150,633 i 31,406
79,439
79,006
78,174
79,424
35,332
35,290
35,207
31,152
146,747
144,891
144,372
140,883
3,193,212
3,158,943
3,142,455
3,179,452
763,288
75-1,208
749,149
753,141
13,931,522
13,873,264
'3,858,811
13,878,744
602,613
592,070
603,745
604,510
889,905
901,487
899,099
886,827
;378,118
387,566
381,827
384,979
1249,196
1251,892
1251,523
254,828
907,057
911,381
920,720
916,773
11,093,121
111,091,040
11,081,802
11,124,449
7,813 17,194
8,116 17,619
7,295 17,561
8,945 ! 18,774
49,810 58,230
51,116 58,608
51,512 j 58,620
53,435 59,630
! 1,732,837392.310
i 1,749,727 409)519
,1,750,484 102,038
11,778,789 403,911
'299,759
1303,134
!307,385
J307,185
541,187
551,294
546,942
541,367
040,490
057,835
647,228
650,055
376,735
381,035
388,424
389,707
694,510
705,798
700,052
698,921
205,454
197,95S
102,542
208,731
45,760
45,539
41,534
45,483
25,504
24,208
20,720
22,533
62,822
05,289
67,641
08,003
9,877
10', 135
10/292
10,097
8,049
8,448
9,075
8,408
15,156
14,604
15,335
14,656
j 11,775
; 10,217
; 10,818
: 10,525
298,124 11,466, OS;)
873,876 1351,809 298,293 il,431,43f>
851,329 354,795 293,997 11,443,942
861,894 352,727 297,044 11,405,048
350,631
357,143
352,146
347,964
250,926
250,903
'251,003
238,033
462,105
156,841
457.216
444', 915
1254,789
1243,740
;244,273
i248,048
405,329
400,098
402,879
413,395
!
|
1,083,123
1,075,945
1,069,352
1,079,733
|6,432,966
6,406,470
6,373,080
6.512,742
1,031,771
1,020,956
1,034,994
1,038,239
77,993 ! 677,688
78,791 690,205
79,994
609,182
82,936
691,314
64,329
66,306
68,491
64,086
90,
100,474
87,727
98,309
24,263
23,778
24,315
27,785
15,907
17,617
18,308
10,958
30,399
32,325
32,251
33,803
780,113
778,676
704,933
815,979
|
j
!
i
121,790
118,711
124,223
119,097
'5,148,672
5", 283,374
5,226,450
5,315,696
I IS, 270
I 18,157
i 20,125
i 18.989
I817,452 1353,126
657,111 I
658,400
671,435
672,588
13,302
13,458
13,591
14,022
j
|
j
!
1352,118
1355,787
355,445
356,182
1,222,043! 17,004,189
I,226,788jl7,017,388
1,235,358"! 16,982,746
1,244,729 17,189,133
48,168 i 26,350 79,896
51,424 ! 28,025 81,177
47,519 20,692 81,110
44,733 | 28,012 •SO, 431
1,413,918
1, 130,756
1,397,590
1,437,118
27,044
27,203
28,090
27,344
359,854
300,002
374,064
370,407
j619,189
013,910
618,129
i621,017
'll,493,317
ill, 598,520
111,559,708
111,682,753
MAY,
1920.
545
FEDERAL RESERVE BUULETHsT.
Principal resource and liability items of member banks hi leading cities, including member banks located in Federal Reserve
Bank cities andin Federal Reserve Branch cities, as at close of business on Fridays from Mar. 26 to Apr. 16.1920—Con.
1. ALL REPORTING MEMBER BANKS-Continuod.
[In thousands of dollars.]
Time deposits:
Mar. 26
Apr. 2
Apr. 9
Apr. 16
Government deposits:
Mar. 26
zVpr. 2
i
Apr. 9
!
Apr. 16
i
Bills payable with Fed-j
eral Reserve Bank: ;
Secured by United !
States war obli- ::
gations—
Mar. 26
'•
Apr.2
!
Apr. 9
Apr. 16
All otherMar. 26
Apr.2
Apr. 9
Apr. 16
:
Bills rediscounted with I
Federal
Reserve
Bank:
Secured by United
States war obligationsMar. 26
Apr.2
Apr. 9
Apr. 16
All otherMar. 26
Apr.2
Apr. 9
Apr. 16
Min- ! Kansas
St.
noI City. "Dallas.
Louis. apolis.
|
Philadelphia.
New
York.
Boston.
137,611
132,957
138,340
135,095
410,810
409,449
415,898
419,673
26,4.58
26,596
20,821
27,061
4,442
6,770
8,735
12,147
22,536
83,722
74,311
129,470
10,812
8,681
28,728 ! 375,904 j
25,872 | 334,444 j
22,819 ! 359,878 ;
353,750 i
31,656
604,707
006,757
600)753
611,460
.153 100,808 144,330
086 i 100.850 Ufl, 8-10
900
1,349
1,275
4,359
88,891 :
85,149
84,342 :
95,609 •
I
:
;
|
Mar. 26
Apr.2
Apr. 9
Apr. 16
United States bonds to
secure circulation:
Mar. 26
Apr.2
Apr. 9
Apr. 1G
Other United States
bonds, including Liberty bonds:
Mar. 26
Apr.2
Apr. 9
Apr. 16
United States Victory
notes:
Mar.26
Apr.2
Apr. 9
Apr. 16
United States certificates of indebtedness:
Mar.26
Apr.2
Apr. 9
Apr. 16
Total United States securities owned:
Mar.26
Apr.2
!
Apr. 9
|
Apr. 16
i
Loans
secured
by
United States bonds,
Victory notes, and
certificates, including
rediscounts with Federal Reserve Bank:
Mar.26
Apr.2
Apr. 9
Apr. 18
2,571
2,824
1,973
4,020 !
8,616
7 400
7,54-1
4,969
70,847 " 43,533 ; 39,800
116,818
64,657 37,819 39,722 • 106,366
67,558 45,984 40,909 : 110,656
63,717 ! 49,869 41,204
108,451
350 ,
20
20
348
549
475
387
94,479
97,675
05,193
00,240
41,783
44,867
44,982
44,852
1,433
.1,930
1,630
1,662
787
1,585
1,885
2,836
54,176
120,939
125,188
189,849
j
31,154 ; 11,105 , 17,708 ! 22,374 30,718 :
j
29,892 i 11,355 ! 26,290 26,926 : 31,066
31,591 11,575 : 19,789 21,833 ; 32,869
33,424 : 14,165 : 23,529 26,077 : 36,125
877,580
820,458
849,803
877,576
174
85
85 ,
85 ;
8,448
3,704
4,681
6,649
479
419
1,746
2,259
300
'•
:
I
j
150 I 7,585 1
250 • 2,650 I
250 : 2,580 |
250 i 3,535 j
!
i
435
423
711
239
158,526
155,170
158,421
161,511
68,149 I
70,135 j
66,902 :
60,807 ;
77,234
395
63, 573
53, 375
265,947
192,095
169,371
180,165
30,832 •
37,058
32', 898
30,311 :
38,
36,
32,
30,
4,269
] 0,743 ! 9,868
4,384
13,892 I .9,782
8,311 : 8,242 . 4,782
8,291 ; 7,954 ; 4,950
1
:
33,494
41,274 : 29,332
44,498 • 31,404 37,6(59
36,157
43,348 : 28,637
47,300 • 26,177 ' 36,568
1,055 I
2,200 i
2,251 |
2.078
324,543
324,350
314,903
312,723
: 215,242 56,572 20,081 ' 57,390 j 10,102 i 50,200
' 246,191 07,708 • 20.439 ! 00,780 ; 14,022 j 53,882
! 237,5-1.'* 60,195 34)302 • 0:5,515 i 14,714 i 55,234
j 246,814 64,434 j 37,599 62,219 ' 15,920 : 55,484
903,702
899,707
839,487
856,456
13,313
12,522
12,458
13,235
2. MEMBER BANKS IN FEDERAL RESERVE
Number of reporting
banks:
120,321 I 04, 530 |
i119,082 04., 273 !
i 121,748 01, 341 [
|122,072 64. 524 |
Total.
152
426
536
898
11,470 i 4,327 ! 4,206 .
11,203 : 3,761
4,392 ;
11,777 : 4,025 = 4,487 '
11,525
5,321 . 5,254
!
>
:
!
BANK CITIES.
i
22
22
22
22
I
!
i
!
!
3,031
3,031
3,031
3,031
73
72
73
73
42
42
42
42
12
12
12
12
50
50
50
50
37,551
37,551
37,551
37,551 :
7,337 :
7,337 ;
7,337 !
7,337
3,631
3,631.
3,031
3,032
3,100
2,782
3,100
2,782
2,782
" "~~ j' 3,100
2,782
3,100
5,883 i 205,143 !
5,717 I 206,807 \
5,423
203,533 :
5,372
202,077 ;
19,639 I
19,628 I
19,752 !
21,826 |
0,702
6,830
6,730
6,809
4,918
4,913
4,909
4,888
1,563
1,459
1,546 .
1,579 i
264
254
258
281
!
!
j
!
9
!
9 i
9 !
13 ;
13 i
13 :
13;
9
1,438
1,438
1,430
1,438
10,546
10,546
10,546 i
10,296 •
2,791 !| 4,960
2,791
2,791 j 4,913
2,791 ! 4,913
29,771
28,572
30,352
29,875
5,224
5,024
5,079 .
4,952 !
2,020
7,137
2,024
7,401
2,028 ! 8,130
2,100 I 8,150
i
190
183
181
181
2,394
2,383
2,777
2,761
4,505 !
5,467 i
4,859 I
4,911 •
1.742
1)610
2,121
2,330
2,709
2,821
204,571 j
248,492 I
249,841 :
332,344 ;
42,541
46,098
50,515
53,951
6,567
6,798
0,153
7,024
955
1,257
1,118
1,410
2,335
2,083
2,183
2,083
29,750
28,361
31,311
19,722
20,311
23,345
32.354
514,535
561,603 :
559,417 !
642,643 ;
77,067
80,648
84,607
90,250
19,729
20,089
19,161
20,313
8,919
9,206
9,007
9,361
7,409 ••
7,043 !
7,230
7,161
75,023
71,786
70,833
79,796
27,670
28,000
28,074
28,707
57,942
59,598
59,536
53,460
528,214 j 12.8,613
525,259
127,928
522,063
124,933
520,052
121,203
20,464
25,936
27,872
27,814
77,453
77,532
77,963
79,618
31,349 ! 11,303
30,580 1 10,955
28,684 ! 10,654
28,537 : 10.571
10,208
10,926
14,446
23,512
:
S
!
!
14,658 I
13,415
13,731 i
13,727 |
942
942
902
858
j
!
j
i
I
10,958
11,494
11,547
34,750 | 12,001 i
:
i
:
•
18,500
18,500 !
18,500 ;
18,500 :
100,180
100,227
100,181
99,931
3,005 36,861 •
3,000 37,444 |
3,006 37,254 !
3)062
" —" ! 30,967
327,926
328,888
327,742
327,717
:
1
:
|
989
902
905
909
i 4,137
I 4,178
' 4,183
j 4,031 j
ij 10,808 |i 14,516 I
; 10,9S8 i 15,512
| 10,922 j 15,438
! 11,066 j 19,510
!
102,174
102,454
101,985
104,181
339,462
389,086
400,454
505,498
I 74,014
j 75,634
j 75,375
i 79,O0S
869,742
920,655
930,362
1,037,327
4.008 13,539
13,574
4)510
4,519
13,572
4,481 j 18,670
905,066
901,932
895,750
81)0,305
: 9,500 \ 16,180 ! 19,302
i 10,405
16,354 j 10,510
! 9,859 17,941 ! 19,393
I 9,983 ! 18,154
19,597
I
i
12,015
5,544 i
11,980
5,556 I
11,801 ! 5,436 ;
11,600 i 5,300 ;
i
!
;
|
4,560
4,500
4,500
4,500
i
|
7,550
7,585
7,063
7,136
411
401
401
390 .
279
278
279
278
20 •
i 20 j
! 4,913
67,270 '
68,753 1
68,492 •
70,671 j
600 i
637 j
445 !
439
20 !
20 :
8,442
8,524
8,657
8,999
546
MAY, 1920.
FEDERAL RESERVE BULLETIN.
Principal resource and liability items of memher ba?iks 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 Mar. 26 to Apr. 16, 1920—Con.
2. MEMBER BANKS IN FEDERAL RESERVE BANK CITIES.
[In thousands of dollars.]
Loans secured
by
stocks and bonds
other than United
State securities:
Mar.26
Apr.2
!
Apr. 9
|
Apr. 16
1
All other loans and in- j
vestments, including •
rediscounts withFed- •
eral Reserve Bank: i
Mar. 26
j
Apr.2
Apr.9
!
Apr. 16
•;
Total loans and invest- j
ments, including rediscounts with Federal Reserve Bank:
Mar.26
Apr.2
Apr.9
Apr. 16
Reserve balances with
Federal Reserve
Bank:
Mar.26
Apr.2
Apr.9
Apr.16
Cash in vault:
Mar.26
Apr.2
Apr.9
Apr. 1.6
Net demand deposits
on which reserve is
computed:
Mar.26
Apr.2
Apr.9
Apr.16
Time deposits:
Mar.26
Apr.2
Apr.9
i
Apr.16
!
Government deposits: I
Mar.26
!
Apr.2
i
Apr.9
|
Apr.16
j
Bills payable with Fed- j
eral Reserve Bank: I
Secured by United
States war obligations—
Mar.26
Apr.2
!
Apr.9
1;
Apr.16
All otherj
Mar.26
i
Apr.2
!.
Apr.9
;.
:
Apr.16
.
Bills rediscounted with
Federal Reserve
Bank:
Secured by United
States war obligationsMar. 26
Apr.2
Apr.9
Apr.16
All otherMar. 26
Apr.2
Apr.9
Apr.16
Min- Kansas
St.
neLouis. apolis.
Citv. Dallas.
San
Francisco.
Boston.
,\ o v>'
York.
Philadelphia.
( 1 eveland.
Richmond.
Atlanta.
Chicago.
146,996
147,227
143,924
145^131
1,195,845
1,189,641
1,173,428
1,204,500
182,574
179,212
180,538
179,703
118,398
117,673
117,391.
118,787
15,442
15,572
15,745
15,763
7,238
10,229
9,849
9,042
362,385
346,993
347,566
343,660
121,589
122,124
120,743
121,578
550,787
542,758
535,586
544,488
3,473,838
3,413,445
3,398,168
3,416,113
533,876
522.974
534;448
535,452
278,480
280,879
283,759
278,514
71,908 62,880 1,046,780
75,261 62,324 1,055,321
76,011 61,454 1,060,798
73,673 64,349 1,074,416
250,354
263,921
262,115
259,379
143,426
147,347
147,787
148,277
192,270
198,268
200,865
193,624
59,018
60,409
60,517
60,922
427,431
431,234
438,510
434,430
7,091,048
7,054,141
7,060,018
7,0S3,637
775,447
769,894
762,391
775,433
5,712,432
5,689,948
5,653,076
5,783,308
922,130
910,762
924,586
926,608
443,071
444,577
448,183
445,428
108,284
112,019
112,684
110,397
S3,071 ! 1,562,241 430,962
85,152 1,551,632 444,631
83,969 i1,563,160 439,616
85,852 i 1,577,490 438,201
178,083
182,578
181,903
183,248
251,414
257,565
261,709
256,059
95,120
96,393
96,576
95,017
584,227
589,079
593,873
600,203
11,146,482
11,134,230
11,121,726
11,277,244
62,791
63,572
63,793
65,537
634,611
641,906
625,952
646,899
57,785
59,622
62,256
57,245
25,043
27,503
25,267
27,108
6,702
5,970
5,624
6,497
8,054
6,663
7,247
5,521
33,855 12,988
33,707 11,337
32,934 14,231
34,168 10,382
10,925
18,376
13,626
13,517
14,689
14,585
13,968
IS,012
107,738
104,175
109,325
104,560
12,798
13,839
14,488
13,314
8,125
8,365
7,632
8,425
1,890
1,778
2,023
2,029
2,125
2,173
2,436
2,468
35,610
36,144
38,629
37,996
5,492
5,456
5,320
5,345
2,792
2,628
2,965
2,547
3,787
3,916
4,056
3,901
1,961
1,720
1,966
2,034
9,448
9,498
9,483
9,332
206,455
204,277
212,291
209,963
596,724
593,349
610,445
625,622
4,6-13,557
4,769,240
4,718,831
4,791,592
568,232
567,948
5*2,256
583,420
216,816
225,572
219,974
210,240
57,063
! 56,821
55,836
54,506
51,354
51,581
49,501,
49,461
• 993,001
: 957,608
: 970,4^5
: 967,064
251,102
250,326
245,908
244,024
jlllf78f>
:112,275
110,599
104,414
153,704
154,881
151,301
146,208
73,401
71,579
72,615
70,844
274,322
273,478
275,017
271,042
7,991,061
8,084,658
8,062,828
8,124,497
44,659
39,353
44,715
41,375
303,385
299,718
301,089
299,103
17,072
17,115
17,352
17,506
107,252
167,793
101,863
LOO,340
m
20, 847
20, 914
21, 152
2»,120
21,049
21,40S
21,220
270,823
271,698
272,623
273,010
72,362
72,558
72,705
72,99o
j 23,935 12,710
! 23,695 12,639
; 23,696 13,004
j 23,980 13,490
4,233
4,259
4,275
4,266
211,890
212,173
212,675
212,300
1,169,945
1,162,964
1,166,557
1,167,317
3,823
5,582
7,175
8,965
21,637
81,119
71,456
12"), 883
982
487
10,362
8,441
1,436
839
1,273
.1,871
495
652
421
794
284
322
384
349
4,919
5,080
4,111
3,206
1,674
2,104
1,600
3,625
| 303
j 1,301.
i 1,150
! 559
1,180
1,776
1,437
1,254
646
1,180
1,366
1,515
3,083
4,426
4,454
9,205
40,462
104,868
105,249
165,667
14,695 7,783
12,593 6,585
13,9S8 9,421
12,01.7 10,801
2,118
1 70S
1,702
,932
59,038
53,045
52,296
52,881
i 22,117 : 4,604
', 20,940 i 4,390
| 22,662 ; 4,290
j 23,855 4,290
11,148
15,324
11,530
15,354
11,265
13,682
8,682
13,183
18,056
18,025
17,645
20,253
592,187
544,177
564,665
589,733
!
I
!
j
i20,777
143,836
137,686
130,902
137,413
13,758 34,516
13,811 34,419
13,603 34,240
14,417 35,282
12,042
11,904
12,147
10,017
Total.
69,243 2,280,626
68,637 2,257,502
66,416 2,235,596
68,095 2,265,975
6,624 35,623 1,038,837
8,855 35,999 1,050,596
7,853 36,733 1,026,418
7,924 36,585 1,048,796
i
24,951
22,831
19,520
29,052
332,439
294,603
323,840
315,400
83,373
80,391
79,029
90,71.5
595
320
275 j
34,530
32,706
29,314
27,330
154,787
151,401
153,136
156,762
67,680
69,389
66,325
60,205
4,181
4,416
4,869
4,442
1,959
1,920
1,900
1,544
126
254
250
244
75,568
81,950
62,352
52,038
245,542
173,198
152,895
163,150
38,590
35,774
31,412
28,686
27,345
27, 052
28, 042
31, 872
7,101
7,488
6,595
5,990
2,081
2,704
2,680
2,39* i
i
'•
!
i
7,656
6,804
7,301
7,690
177,549
205,226
191,425
197.021
8,115
7,927
8,048
7,273
2,939
2,854
2,754
2,495
595
320
275
1,300
1,556
1,611
1,783
2,295
64
225
290
285
447
725
597
1,086
284,040
280,232
276,567
271,651
40,493 22,385 30,193
51,764 i 24,132 31,964
45,080 | 29,240 33,935
46,008 I 30.565 32,644
4,187
5,594
s
,508
5,528
31,882
35,376
36,720
36,798
702,916
682,222
625,890
632,704
MAY,
1020.
547
FEDERAL RESERVE BULLETIN.
Principal resource and liability items of member banks in leading cities, including member banhs located in Federal Reserve
Bank cities and in Federal Reserve Branch cities, as at close of business on Fridays from Mar. 26 to Apr. 16,1920—Con.
3. MEMBER BANKS IN FEDERAL RESERVE BRANCH CITIES.
[T.!i thousands of dollars.]
Now ! CleveRichK
as
mond Atlanta Chicago iSt. Louis I $J* i Dallas
York ! land
district.1! district.2 district.31 district.* district., j district.. I d i ^ > t , I district.Number of reporting banks:
Mar. 26...
!
Apr.2
Apr. 9
Apr. 16
United States bonds to secure circulation:
Mar. 26
Apr.2
Apr. 9
Apr.16
Other United States bonds, including
Libertv bonds:
Mar.'26
Apr.2
Apr. 9
Apr. 16
United States Victmy notes:
Mar. 26
Apr.2
Apr. 9
!
Apr.16
United States certificates of indebtness:
Mar.26
Apr.2
Apr. 9
Apr.16
Total United States securities owned:
Mar.26
Apr. 2
'
Apr.9
1
Apr. 16
[
Loans secured by United States bonds, j
Victory notes, and certificates, including rediscounts with Federal Reserve Bank:
Mar.26
Apr. 2
Apr. 9
Apr. 16
Loans secured by stocks and bonds, other
than United States securities:
Mar.26
Apr.2
Apr. 9
Apr.16
All other loans and investments including rediscounts with Federal Reserve
Bank:
Mar.26
Apr.2
Apr. 9
Apr.16
Total loans and investments including
rediscounts with Federal Reserve
Bank:
Mar.26
Apr.2
!
Apr.9
;
Apr.16
i
Reserve with Federal Reserve Bank:
j
Mar.26
i
Apr.2
Apr.9
Apr.16
Cash in vault:
Mar.26
1
Apr.2
j
Apr.9
1
Apr.16
Net demand deposits on which reserve j
is computed:
j
Mar.26
1
Apr.2
Apr.9
;
Apr.16
1
Time deposits:
i
Mar.26
'
Apr.2
!
Apr.9
A p r . 16
24 I
24 I
24
24 !
19
19
19
19
1,599 i
1,599 !
1,599 |
1,599
2-4,897
24,897
24,896
24,896
5,608 |
5,(iOS !
5,608 !
5,008 j
!
12!
12 i
12;
12!
!
j
•
!
1,905 I
1,905 :
1,905 j
1,905 !
23,252 j
23,301 :
23,514
23,290 !
6,015
0,915
0,915
6,915
18
1.8 i
18 i
18 j
5,280 i
5', 280 I
4,187
4,1.87
4,187
4,187
16,619 !
16,195 I
16,514 :
8,369 ;
8,329 !
8,399 j
16,219 I
8,359 I
6,436 j
6,270 ;
6,416 !
14,671 I
2,471 !
2,652
2 628
2,240 j
5.280 j
5'. 280 •
43
43
43
44
195
1%
196
197
7,108 '
7,108 i
7;iOS I
7,108 ;
13,427
13,305
13,290
13,305
70,926
70,804
70,78S
70,803
7,335
7,321
7,166
^ 352
21,950
21,091
21,016
21,019
143,918
143,327
143,107
144,86(1
11
11
11
11
18 i
19 !
19 !
19;
;
I
j
;
!
10,449
10,466 !
10,472
10,612 !
i
3,103;
3,032i
2,979 !
2,927;]
40,400
41,147
40,485
42,450
9,108 ;
9,207 :
9,185 i
9; 157'
15,063
14,932
13,602
14,349
3,174
3,148
3,] 33
3,105
!
9,121 i 17,720 i
11,273: 17.9S2
11.543 ; 16', 617 !
12;661 ; 21,305 j
•
24,272 • 98,080
26,370 : 98,058 i
26,503; 95,630 •
27,799
103,000 j
!
11,203
10.930 •
12; 776
11,996 "
5,033 !
5,015 I
4,878 !
4,835 ;.
13,909 j
13,905 j
13 887 j
I
0,809
6,717
0,343
6,543
10,987 j 28,130 i
11,481 i 26,233 :
11,569 : 27,190 '
14,906 ! 29,468 I
1,364
1,398
1,535
1,757 j
6,408 I
724 I
!
i
j
I
1,327 I
1,329
1,291
1,220 I
7,910
7,984 I
7,958
8^051
53,476
52,765
51,139
51,400
3,146 !
3,351 i
3,359 :
4,413 '
13,366 !
12,790 !
12,799
14,819
94,495
95,448
93,884
109,035
18,916 :
15,444 j 19,109 !
14,261 i 18,924 i
14,550 ' 20,093 I
56,653
55,170
55,063
57,194
362,815
362;344
358,978
376,110
764 !
765 :
792 j
3,852
4,223
2,893
3,163
15,199 i
24,699
24,680
24.269
2i;413
46,187 I
46,712 !
46,876 !
49.946 i
61,325 •
58,242 '
59,520 :
61,479 ;
55,821
56,466
47,904
45,489
13,980
13,041
11,707
11,725
15,771 j
15,970
10,217 i
16,491
14,756 ''• 9,679 !
9,821 I
14,153 .
14,690 :
10,386 ;
14,186 . 10,878 !
10,807
10,924
10,572
10,719
1,851
1,991
2,048
2,108
15,059
16,095
10,022
10,115
148,936
150.309
142,322
139.707
60,390
60,472
61,090
61,385
33,505
33,5-12
32,348
32,403
23,000
22,659
21,984
21,859
13,998
14,476
14,183
12,455
71,053
70,321
71.989
72;901
487,814
484,897
483,455
481,774
125,208
127,978
123,502
127,302
172,175
171,379
167,656
166,407
83,627
84,234
83,368
83,449
441,091
446,189
446,727
146,207
54,701
53,134
52,709
53,098
;
j
:
j
157,006
155,986
151,091
158,714
33,967
33,073
33, -101
31,674
39,594
41,231
40,760
40,285
177,628
177.864
179,033
178.865
!
:
:
:
449,627
456,487
452,766
443,279
113,882
117,010
111,810
117,259
255,646
257,689
256,389
259,317
207,804 ; 760,534
208,304 ; 767,897
271,111 ! 751,291
271,758
750,482
!
17,258 : 48,290
19,016 ! 55,739
16,612
44,937
15,650 ; 53,591
186,537
188,737
181,187
185,071
357,198
301,611
360,212
366,039
;
:
:
322,477 !
323,311 j
324,015 i
328,809 !
17,484
17,659
17,842
17,636
i
i
!
!
2,144,361
2,162,171
2,1-18,266
2,150,894
i
3,327
4,107
3,613
3,624
13,130
13,555
13,779
14,910
12,115
12,150
12,515
12,380
5,357
5,347
6,282
5,795
:
j
I
172,866 ; 456,521 j 105,838
175,989 \: 472,586 108,627
175,208 . 459,511 i 111,211
170,952 ; 470,618 j 111,512
•
46,423 : 118,082 l 18,036
48,455 \ 118,626 !' 18.099
51,370 I 118,682 :- 18,309
56,692 i 119,068
17,807
20,250
22,761
22,289 j
21,120 !
458,918
456,178
459,315
405,859
28,783 I
28.983 .
30,701 :
40,723 i
7,330 ! 12,932 j
7,588 ! 13,976 I
7,016 ! 13,445 I
7,599
14;347 I
189,793
191,079
189,494
190,350
84,873
85,007
87,209
73,898
185,876
189,000
184,078
188,219
11,002
11,137
10,909
10,390
3,067 j
3,834
4,102
3,937 !
118,392
119) 810
118,523
118,105
18,205 ''
14,745 !
15,763 '
13,850 i
5,285
5,022
5,173
4,847 1
587,450 ! 3,1-13,926
587,778 ; 3,159,721
589,801 ! 3,133,021
592,417 3,151,485
8,605
8,553
8,034
8,835
40,745
205,253
41,080 1 215,064
41,398 i 203,188
40,354 i 216,893
2,891
2,816
3,031
2,991
16,239
16,037
16,665 I
16,138 i
70,158
72.282
73; 106
7J.18S
!
137,907
135,128
139,011
132,471
74,170
69,393
69,187
71,759
311,803
308,706
311,730
318,761
38,869 j 47,586
38,003
50,968
39,942 \ 48,631
39,978 : 48,645
20,901
21,405
21,716
21,592
252,554 I
253,572
253,911 :
251,329 i
205,587 ! 96,139
211,126 ! 97,384
211,639 i 96,501
237,272 : 93,994
219,940 ;
220,419
221,834
221,881.
221,181 i
220,406 j
214,473 I
213,535 I
1,750,624
' 1,770,018
i 1,763,522
I 1,797,689
847.204
85*; 554
801,007
850,8%
548
M A Y , 1920.
FEDERAL RESERVE BULLETIN.
Principal resource and liability items 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 Mar. 26 to Apr. 16, 1920—Con.
3. MEMBER BANKS IN F E D E R A L RESERVE BRANCH CITIES—Continued.
[In thousands of dollars.
New ; Cleve- • RichAtlanta Chicago St. Louis! Kansas ; P^ iFnSSsco
York ! land • mond
8
. ddistrict.*
district.o
district. 1 i district. 2 j district. 3 district.*; district.* district.-;
Government deposits:
Mar. 26....J
Apr. 2
Apr.9
Apr. 16
Bills payable with Federal Reserve
Bank:
Secured by United States war obligations—
Mar. 26
Apr.2
Apr.9
Apr. 16
All o t h e r Mar .26
Apr.2
Apr.9
Apr. 16
Bills rediscounted with Federal Reserve
Bank:
Secured by United States war obligations—
Mar. 26
,
Apr.2
Apr.9
,
Apr.16
All other—
Mar.26
Apr. 2
Apr.9
,
Apr. 16
,
80 j
2,135 ;
2,695 ;
2,328
24,977
23,728
19,505
21,343
3,045
3,204
4,634
2,836
118
56
77
249
594 i
929 !
803 i
3.973
53,621
49,494
50,380
46,903
17,525
11,833
16,348
17,776
31,074 '
31,238 i
32,446
32,429 !
8.405 i
8,370
8,347 '
9,008 !
6,560 !
5,812 !
3,545
3,446
8,037
8,322 !
7,197
6,845
479
419
1,608
2,259 j
3,362
2,330
2,305
2,235
2,698 i
2,828 :
3,347
3,824 J
1,819
1,936 !
1 806 i
2,041
80 I
193 I
238
304 |
17,798 j
18,775 !
18,657 •
19,217 '
4,747 I
6,340 !
6,499 I
6'. 186 :
37,999
33,884
37,774
33,629 !
20 i
20 :
I
!
|
i
|
!
;
j
532
266
390
256
6,509
8,094
10,399
12,018
11,008 !
12,143 '•
13,377 !
12,805 ;
199,208
184,824
188,919
184,184
174 i
85 :i
85
85 i
4,075
2,834
4,018
4,599
I
i
1,290
1,317
2,839
2,380
5,549 !
8,512 j
2,232 I
2,909 I
5,420
5,497
4,100
4,315
3,193 !
3,319 l
3,784 ;
3,982 ;
1,999
2,193
1,654
2, OSS
9,249
9,067
7,200
6,863
10,lJ 4 i
12,063 i
10,379 i
11,379 ;
13,209
14,418
12,784
11,899
26,739 i
29,532
27,955 •
28,861 ,
8,477
4,661
7,197
7,476
4
New Orleans, Birmingham, Jacksonville, and Nashville.
1 Buffalo.
2 Pittsburgh and Cincinnati. 5 Detroit.
e
Louisville,
Memphis, and Little Rock.
3 Baltimore.
112
256
300
1,220
897
720
288
394
60 i.
t
31
16
112
251
1,100
512
1,100
521
Total.
11,595 ;
11.350 '
13;912
17,055 ;
495!
1,416 !
1,543 !
1,416 j
15,314
14,851
15,195
14,494
22,543
27,241
21,5-13
23,349
120,272
124,063
119,778
123,430
7 Omaha and Denver.
s 'Zl 1'aso and Houston.
»Spokano, .Portland, Salt Lake City, Los Angeles,
and Seattle.
MAT, 1920.
549
FEDERAL EESERVE BUTJ.KTIJST.
IMPORTS AND EXPORTS OF GOLD AND SILVER.
Gold imports into and exports from the United States distributed by countries.
Imports.
During
10 days
ending
Mar. 20,
1920.
Countries.
From
J a n . 1 to
Apr. 10,
1920=
A ™ . IO.
1920. '
$190
United Kingdom—England
Total Europe
From
Jan. 1 to
Apr. 10,
1919.
During
10 days
ending
Mar. 20,
1920.
. .
87,317
38,995,866
50,051,328
9,468,041
39,003,183
51,279,877
20
116,089
144,420
26,313
32,337
14,986
'2.32S
20,091
57,560
15,627
158,075
5,622
174,994
74,382
5,110
1,133
20
18,481,988
84,292
54,788
289,129
30,160
101 221
1,143,741
3,058
1,374
1,204
During
11 days
ending
Mar. 31,
1920.
During
10 days
ending
Apr. 10.
1920.
From
J a n . 1 to
Apr. 10,
1920.
S10,000
32,023
40,666
1,161,428
7,317
59,468,041
190
Salvador
Mexico
Newfoundland
Cuba..
British West Indies
Virgin Islands of U S
8,168
7,325,106
118,349
74,342
478,754
1,771
278,428
1,369,889
61
2,232
8,472
?120,302
? 10,000
201,339
£2,078
13.235
1
42,023
2,078
224,574
183,835
219,649 |
Sfi.168
7,000
1,864,034
$264,629
19,000
•
i
!
1,048,775
From
Jan. 1 to
Apr. 10,
1919.
1,375,935
190,725
!
!
11.ni3.li31
2,885,499
i
10 000
16,000 i
Total North America
Argentina
Bolivia
Brazil. .
Chile
Colombia
Ecuador
British Guiana
Dutch Guiana
Peru
Uruguay
Venezuela
184,595
10,447
24
4,435
38,644
682
323,352
372
342,350
20,189,771
320
*23,270
5,532
4,435
118,629
12,392
124,874
22,060
124,874
35
7,884
1,170
Total South America
China
British India
Straits Settlements
Dutch East Indies
Hongkong
Japan
During
10 days
ending
S19,804
France
Germany
Italy
Netherlands
British Honduras
Canada
Costa llica
Honduras
Nicaragua
During
11 days
ending
Mar. 31,
1920.
Exports.
63,286
372
125,229
9,657,404
1,176,077
189,302
92,916
440,948
190,826
58,575
15,272
366,287
1,170
63,874
501,664
1,228,69s
30,000
. .
Total Asia
New Zealand
Philippine Islands
British South Africa.
British West Africa
Portuguese Africa
Total, all countries.
2,265,474
103,970
494,530
91,188
35,134
i
103,970
2,265,474
104,596
346,398
220,370
i
11,845,000
101,454
1,000,000
815,330
8,203,691
1,921,884
201,344
8,150
175,739
74?, 601 9,918,087 ; 39,679,328 i 74,841,281
19,483,194
12,922,565
63,645,000
60,000
220,666
400,000
700,000
130,000
4,350,000
703,691
7,500,000
37,727
409,774
3,500,000
100,000
5,100
494,530
1,559,770
7,495,000
isn.mn
281.260
1,020,000
674,455
55,766
2,031,481
7 940
3,158,068
3,505,535
5 005
13 595
135,339
10,850,000
334,000
3,628,930
3,560,000 j 76,279,000
7,288,404
15,833,895
2,716,713
6,116,454
5,542,149
717,000
1,412,095
i 169,455
:
18 nftQ 4.92
6,762,067
2,571,550 | 54,980,700
717,000
!
26,038
14,942,%1
3,789,312
26,038
6,543,402 |2144,432,S77 j 11,163,472
•
i
1 Includes: Ore and base bullion, 86,336,000; bullion refined, S51,144,000; U . S . coin, §1,211,000; foreign coin, $16,150,000.
2
Includes: Domestic exports—Ore and base bullion, $4,000; U. S. mint or assay oHico bars, 512,905,000; bullion refined, 5873,000; co>n, $139.430,000. Foreign exports—coin, 3221,000.
Excess of gold exports over imports since Jan. 1,1920, 569,592,000. Excess of gold imports over exports since Aug. 1,1014, $5710.163,000. Excess
of gold exports over imports since June 10,1919, 8390,856.000.
550
FEDERAL, RESERVE BULLETIN.
MAY, 1920.
Silver imports into and exports from the United States, distributed by countries.
Exports.
Imports.
During
10 days
ending
Mar. 20,
1920.
Denmark
France.. .
Netherlands
...
Portugal
Sweden
Switzerland
United Kingdom—England
Total Europe
26,133
54,172
897
30 000
56,481
52,147
1,387,154
$750
China
British India
Dutch East Indies
French East Indies.
Hongkong
Total Asia
New Zealand. .
Philippine Islands
British South Africa.. .
British West Africa. .
Portuguese Africa
Total all countries
4,429
34,967
8,804
104,503
5 860
62,530
21,564
6,400
102,239
3,036,294
5,750
163 565
10,789
18,072
2,512,212
960
51,853
3,276,750
91,518
27,671,291
3,068
S, 941
639,535
1,770
12,000
12, 544
977,471
57,247
12,544
270
16,903
$125,400
$308,241
5,846,497
22,480
125,400
308,241
9,814,702
4,282,198
624,778
542,444
51,692
5,119
157,569
519,878
4,832,064
3,2G0,181
11,974
48
2,819
2,229,405
3,437,384
3,132
3,463
6,789
500
177 100
121,341
12,150
8 000
8 800
15,000
is,666
177,822
586,493
34,071
102,846
:
425,775
1,068,808
260,952
260,952
17,771
3,439,738 134,215,374
22,906,474
29 800
40,000
2.032.505
14 585
273,550
5,300
10,000
128 000
1,000,947
4,000
7,421,505
973,428
891
803
803
i
i
i
624
624
10,000
10,000
10,624
1,306
1,768
12,318
3,074
38,547,382
223,211
470,476
79,638,390
1,699 878
1,620,076
133,643 5,067,733
22,'^ 211
..;
478,000
2,183,060
849,713
3.S2ii.fi72
11,911,750
2,212,424
4,811,150
2,539,914
6,395,446
54,208,015
82,321,290
:::::::
3,080
803
4,627
76,822
7,604
348 800
431,000
169.917
15,000
1,491,196
1,650
2,267
287,808 j
;
172,008
1,642,310
$818,915
;
19,263,641
2,660,674
252
133,930
$115,184
!
3,136,056
447,268
From
Jan. 1 to
Apr. 10,
1919.
61,854
5 G60
490,496
i,628,686
From
Jan. 1 to
Apr. 10,
1920.
482,310
66,051
133,936
During
10 days
ending
Apr. 10,
1920.
$219,737
3,198,638
182 297
30 220
1,344,498 2,549J 268
6 916
10 496
19 980
7.14 455
739 155
278!655
267,740
28 252
68,262
145,619
3,358,361
21,828,063 15,260,248
2; 279
6,918
11
36 546
26 673
2,773,988
During
11 days
ending
Mar. 31,
1920.
$5,577
42,439
447,268
During
10 days
ending
Mar. 20,
1920.
From
J a n . 1 to
Apr. 10,
1919.
20
270
Total South America.
1,375
750
2,034
54,021
. .
$4,375
20
63,684
9,560
From
J a n . 1 to
Apr. 10,
1U20.
S12,142
369
171
Total North America. 1,581,042
Argentina. . . .
Bolivia
Brazil . .
Chile
Colombia
Ecuador
British Guiana
Dutch
Peru Guiana .
Venezuela
During
10 days
ending
Apr. 10,
1920.
$135
26,268
British Honduras
Canada
Costa Rica
Guatemala
Honduras
Nicaragua.
Panama
Salvador .
Mexico
British West Indies
.N owl'oundland...
Cuba
Virgin Islands of United
States
Dominican Republic
French West Indies
Haiti
During
11 days
ending
Mar. 31,
1920.
5,237,728
3,619,346
7,521,793 2 61,953,159 93,112,494
1 Includes: Ore and base bullion, 826,883,000; U. S. Mint or Assay Office bars, $3,000; bullion refined, $1,786,000; U. S. coin, 5164,000; foreign coin,
$5,379,000.
2 Includes: Domestic exports—U. S. Mint or Assay Office bars, $2,911,000; bullion refined, $35,789,000; coin, $13,281,000. Foreign e x p o r t s ore and base bullion, $1,000; bullion refined, $7,930,000; coin, $2,041,000.
Excess of silver exports over imports since Jan. 1, 1920, $27,738,000. Excess of silver exports over imports since Aug. 1, 1914, $457,110,000.
MAY,
1920.
551
FEDERAL RESERVE BULLETIN.
Estimated general stock of money, money held by the Treasury and by the Federal Reserve System, and all other money in the
United States Apr. 1, 1920.
General stock of
money in the
United States.
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:
Apr. ,1920
Mar. ,1920
Feb. ,1920
Jan. ,1920
Oct. ., 1919
July 1 , 1919
Apr. -':, 1919
Jan. _,,1919
July 1, 1918.
Jan. 1, 1918.
July 1,1917
Held in the
United States
Treasury as
assets of the
Government, i
Held by or for
Treasury and
§1,307,849,817 i
309,548,020 ;
3 59,1,10,070
0,036,121 I
52,002,284,553
$382,057,092
"'"'209,'194," 272
i3,3i7,"983
340,081,010
3,299,004,875
205,934,400
723,938,752
15,352,453
37,215,503
9,157,115
38,521,207
7,701, 140,018
7,800, 311,880
7,744, 709,203
7,901, 320,139
7,002, 898,238
7,588, 473,771
7,5S0, 752,855
7,780, 793,000
0,742, 225,784
0,250, 198,271
5,480, 009,884
503,309,038
540,900,744
025,142,719 •
004.888,833 \
010; 213,318 j
578,848,013 i
550,(528,454 j
451,948,100 :
350,121,750 '
277,043,358 i
253,071,011 !
«00,220,013
229,448,035
8,047,290
2,998,898
$395,222,535
207,005,889
75,740,338
112,072,901
240,900,525
1,080,799
271,107,950
3,032,401,337
188,129,995
082,418,587
1,984. 495,404
1,981, 490,058
2,009, 051,988
2,044; 422,303
2,087, 709,309
2,107, 280,313
2,195, 151,700
2,220, 705,707
2,018,301,825
1,723, 570,291
1,280, 880,714
5,273,310,910
5,277,801,078
5,109,974,520
5,312,009,003
4,958,975,551
4,812,345,415
4,840,972,035
5,105,139,079
4,307,739,209
4,255,584,022
3,945,457,550
7, 087, 025
i
1
i
:
:
Amount per
capita outside
United States
Treasury and
Federal Reserve System.
S49.33
49.41
47.88
49.81
40.01
45.00
45.17
47.83
41.31
40.53
37.88
:i:
| l Includes reserve fi.ind.-j hold 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 ban!: 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.
23 Includes balances in gold settlement fund standing to the credit of the Federal Reserve Banks and agents.
Includes subsidiary silver.
* Includes Treasury notes of 1890.
FEDERAL RESERVE BANK DISCOUNT RATES.
Rates on paper discounted for member banks approved by the Federal Reserve Board up to May 1, 1920.
!
Federal Reserve Bank.
Treasury certificates of
indebtedness.
Bearing interest at o\
per cent.
Boston
New Y o r k . . . .
Philadelphia. .
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis...
Kansas City...
Dallas
San Francisco.
5
5
5"i5-JL
5i-
5]5}
5
5
NOTE 1
NOTE 2,
Federal Reserve Bank.
__..„..
amount of accommodation extended exceeds the basic line.
Discounted bills secured
otherwise than by Government war obligalions, also unsecured,
maturing within—
Discounted bills maturing within 90
days (including member banks'
15-day collateral notes) secured b y -
All other.
5
5
5
5
5
5
5
5
5
5
5
5i
Liberty
bonds and
Victory
notes.
Trade
Bankers'
acce
ptances acceptances
maturing
maturing
90 days (inwithin
within
91 to 180
cluding
90 days.
3 months.
days (agrimember
cultural and
banks'
live-stock
15-day
paper).
collateral
notes).
5*
5
5
bl-
54
04
51
<T
54
6
54
54
5}
k04
5
5
51
54
54
6
6
G
5|
G
G
G
G
5*
6"
G
G
G
6
G
G
G
G
G
G
G
G
G
6
6
G
6
G
G
G
^
6
G
G
(>
6
552
MAY, 1920.
FEDERAL RESERVE BULLETIN.
LOANS BY MEMBER BANKS TO OTHER BANKS, BANKERS, AND TRUST COMPANIES
AS OF NOV. 17, 1919.
[In thousands of dollars.]
1. TOTAL LOANS TO BANKS, BANKERS, AND TRUST COMPANIES.
By State bank and trust
company members.
By national banks.
To mem-! To nonber
member
banks. j banks.
To mem- To nonber
member
banks.
banks.
Total.
Total,
i
Loans made by banks in—
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
I
i
!
;
i
j
i
Total Federal Reserve Bank cities...
Total Federal Reserve branch cities.
Total other reserve cities
Total country banks
Total
2,289
56,849
3,046
2,375
902
263
7,518
3,781
912
5,967
1,692
3,091
88,688
13,660
22,425
6,939
.
i
;
i
i
•
!
!
I
i
!
!
10,922
57,103
20,484
887
3,487
2,266
21.371
7,615
4,098
12.162
175
486
141,056
29,923
30,483
34,146
I 131,712 | 235,608
1
13.211
113,952
23,530
3,262
4,389
2,529
28,889
11,396 :
5,010 !
is;129 ;
1,867 !
3.580
229,744
43,583
52,908
41,085
2,558
1,678
398
2,657
58,812
8,885
4,323
6,957
367,320
7,291
178,977 !
50
857
45
730
'""so"
By all member banks.
To mem- To nonber
member
banks. banks.
601
44,444
5,980
545
1
192
3,946
1,530
651
2,339
45,240 | 57,645
5,980 I 3,046
545
2,375
1
902
192
263
4,803
8,375
1,575
3,826
912
1,454 j 2,184
6,697
40
40
1,692
159
3,174
79 |
61,370
10,563
4,721
9,614
91,246
15,338
22,823
9,596
86,268 :. 139,003
Total.
11,523
101,547
26,464
1,432
3,488
2,458
25,317
9,145
4,098
13,616
215
565
13,862
159,192
199,868
38,808
34,806
41,103
291,114
54,146
57,629
50,699
1314,585 j
453,588
29,510
3,807
4,390
2,721
33,692
12,971
5,010
20,313
1,907
3,739
Includes $039,000 of loans not classified according to member and nonmember banks.
2. LOANS SECURED BY UNITED STATES WAR OBLIGATIONS.
|
Loans made by banks in—
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Total
Total
Total
Total
603
8,522
563
380
705
173
883
2,027
40
352
1,000
762
Federal Reserve Bank cities
Federal Reserve branch cities
other reserve cities
country banks
Total
5,300
14,865
14,255
211
2,882
1,667
8,813
4,143
827
710
387
818
591
587
840
696 !
,170 I
867
,062 |
356
5,733
1,364
125
356
5,733
1,364
125
447
87
807
306
87
1,254
306
60
115
175
1,685
613
703
9,400
1,865
650
923
ooo
844 ;
!
I
|
;
16,010
2,798
3,835
2,340
53,755
10,113 I
5,768 !
14,677 !
69,765
12,911
9,603
17,017
j
!
I
i
I
24.983
84,313 i 109,296
;
507
180
37
220
944 j * 11,894 •
12,838
* Includes £367,000 of loans not classified according to member and nonmember banks.
5,656
20,598
15,619
336 I
2,882
1,754
9,620
4,449
827
825
82
6,259
29,120
16,182
716
3,587
1,927
10,950
6,476
867
1,237
1,000
844
62,648
11,798
6,381
15,380
79,165
14,776
10,253
17,940
25,927 i * 96,207
122,134
8,522
563
380
705
173
1,330
2,027
40
412
1,000
762
16,517
2,978
3,872
2,560
I
i
'
j
INDEX.
Acceptances:
.
page.
Banks granted authority to accept up to 100
per cent of capital and surplus
492
Purchased by Federal Reserve Banks—
During March
530, 532
During three months ending March
530
Amendment to Federal Reserve Act relating to discount rates
448,498
Bank of England, reserves, note circulation, and
security holdings of
485
Bank of France, reserves, note circulation, and
security holdings of
485
Bank transactions—debits to individual account. 483, 524
Banking situation, discussion of
454
Bond purchasing fund, Treasury
445
Bonds, foreign, price and rate of yield
450
Bonds, liberty, prices of
."
44G
Branches, foreign, of American banks
492
Business and financial conditions:
Indexes of
474-483
Review of
450-464
Wholesale trade activity in the West
402
Capital, rates of return on
440
Carpet industry, terms of sale in
471
Certificate of deposit, form of
495
Certificates of indebtedness:
Issued during April
445
Purchased by Federal Reserve Banks during
March
\
529
Charters issued to national banks
492
Charts:
Map showing States in which banks remit at
par
".
535
Reserves, note circulation, etc., of principal
European banks of issue
487
Check clearing and collection:
Checks drawn on a member bank forwarded by
another member bank with instructions to
remit to a Federal Reserve Bank
494.
Letter of Governor of Board to a Member of
Congress regarding
489
Map showing States m which banks remit at par 535
Number of rt on member banks on par list
. 534
Operation of system, March 16 April 15
533- 53 1
Right of 'Federal Reserve Bank to collect check
drawn on nonmember bank not remitting at
par, opinion by Judge Evans in Atlanta case.. 490
Clearing-house bank'debits
483, 524
Commercial failures reported
493
Cotton-goods industry, terms of sale in
40!
Credit, control of...."
*
448
Currency, stock of, in the United States
551
Debits to individual account
483, 524
Discount and opon-market operations of Federal
Reserve Banks
527-532
Acceptances purchased—
During March
530,532
#
During three months ending March
530
Bills discounted—
During March
530
During three months ending March
530
Bills held on last Friday in March
532
Dollar exchange purchased
,
530
177757—20
8
Discount and open-market operations of Federal page.
Reserve Banks—Continued.
Earning assets held during March
529
Number of member banks accommodated
528
Rediscounts and sales between Federal Reserve
Banks, three months ending March 31
531
United States securities purchased
529
Discount rates:
Advance in
447
Amendment to .Federal Reserve Act relating
to
448,498
In effect
551
Prevailing in various centers
514
Resolution of Federal Reserve Bank of Kansas
City regarding
449
Discount situation abroad
440
Dollar exchange purchased by Federal Reserve
Banks during March
."
530
Earning assets held by Federal Reserve Banks
529
Evans, Judge B. I)., opinion by, on right of Federal
Reserve Bank to collect checks drawn on nonmember bank not remitting at par
490
Failures, commercial, reported
493
Federal Reserve Banks:
] >isoount and open-market operations of
527-532
Resources and liabilities of
530-540
Federal Reserve notes:
Interdistrict movement of
542
Stock of, in the United States
551
Note account of Federal Reserve Banks and
agents
540, 541
Fiduciary powers:
Granted to national banks
493
Right of national bank in Missouri to use the
words "trust company" as part of corporate
title
\
497
First Federal Foreign Banking Association, organization of, under the Edge Act
449
Foreign banks of issue, reserves, note circulation,
and security holdings of
484-488
Foreign bonds, price and rate of yield
450
Foreign branches of American banks
492
Foreign discount situation
440
Foreign exchange
450
Foreign economic outlook
451
Foreign financing
449
French tax proposals
490
German lleiehsbank, reserves, note circulation, and
securi iy holdinirs of
480
Gold:
Coin, use of, in payment of Liberty bond coupons, letter of Secretary of the Treasury
regarding
."
454
Imports and exports of
453, 549
Stock of, in the United States
551
Governors of Federal Reserve Banks, meeting of...
455
Hosiery industry, terms of sale in
471
Indexes:
Business conditions
474-483
International prices
499-503
Retail trade in the United States
503-505
Wholesale prices abroad
505-511
Wholesale prices in the United States
511-513
I
II
INDEX.
Imports and exports:
Gold
453, 519
Merchandise
482
Silver
453, 550
Interest rates prevailing in various centers
514
•in teriuUionul price index
499-503
ltalian fiscal reform
489
Lace industry, terms of sale in
473
Law department:
Limitations of section 9 upon amount of rediscounts for a State member bank
495
Right of a Federal Reserve Bank to collect
('hecks drawn on nonmember bank not
remitting at par
496
Right of national banks in. Missouri having
trust powers to use the words "'trust company " as part of corpcrate title
497
Liberty bonds, prices of
440
Map showing States in which banks remit at par...
535
Maturities:
Acceptances purchased
530
Bills discounted and bought
530,540
Member banks:
Loans by, as of Nov. .1.7, 1919
552
Number discounting during .March
528
Number in each district
528, 534
Resources and liabilities of
543 -548
State banks and trust companies admitted to
system
•
4 92
Money, stock of, in the United States
551
National banks:
Charters issued to, during April
492
Fiduciary powers granted to
4 93
Loans by, as of Nov. 17, 1919
552
Physical volume of trade
480, 510
Trices:
Current, discussion of
452
International, index of
499-503
Wholesale, abroad
505-511
Wholesale, in the United States
511-513
Rates:
Acceptances bought
530
Bills discounted
530
Rates—Continued.
Page.
Discount, in effect
551
Earning assets of Federal Reserve Banks
529
Foreign exchange
451
Interest, in various centers
514
Rediscounts for a State member bank, limitations. 495
Rediscounts and sales between Federal. Reserve
Banks
531.
Reserve position of the Federal Reserve Banks
448
Resources and liabilities:
Federal Reserve Banks
536-540
Member banks in selected cities
543-548
Retail trade in the United States
503-505
Ribbon indusi ry, terms of sale in
467
Rulings of the Federal Reserve Board:
Warehouse receipts covering whisky in bond.. 494
Checks drawn on a member bank forwarded by
another member bank with instruction's to
remit to a Federal Reserve Bank
494
Certificate of deposit, i'orm of
495
Silk industry, terms of pale in
466
Silver:
Imports and exports
453, 550
Stock of, in the United States
551
State banks and trust companies:
Admitted to system
492
Loans by, as of No\\ 17, 1919
552
Rediscounts for, limitations
495
%
Terms of sale in the principal industries
464-474
Trade:
Physical volume of
480, 516
Retail, in the United States
503-505
Treasury financing during April
445
Van Yalkcnburgn, judge, opinion by, on right of
national having trust powers to use the words
"trust company " as part of corporate title
497
Warehouse receipts covering whisky in bond as
collateral for loan
494
Wholesale prices:
Abroad
505-511
In the United States
511-513
Woolen industry, terms of sale in
468
c
FEDERAL RESERVE DISTRICTS
* FEDERAL RESERVE BANK CITIES
O FEDERAL RESERVE BRANCH CITIES
The branches at Helena, Mont., and Oklahoma City, Okla., have been authorized by the Federal Reserve Board but are not yet open for business.
@FedFRASER