Full text of Federal Reserve Bulletin : November 1919
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FEDERAL RESERVE
BULLETIN
ISSUED BY THE
FEDERAL RESERVE BOARD
AT WASHINGTON
NOVEMBER, 1919
WASHINGTON
GOVERNMENT PRINTING OFFICE
1919
FEDERAL RESERVE BOARD.
EX OPFICIO MEMBERS.
W. P. G. HARDING, Governor.
ALBERT STRAUSS, Vice Governor.
CARTER GLASS,
Secretary of the Treasury, Chairman.
ADOLPH 0. MILLER,
CHARLES S. HAMLIN.
JOHN SKELTON WILLIAMS,
Comptroller of the Currency.
HENRY A. MOEHLENPAH.
GEORGE L. HARRISON, General Counsel.
W. T. CHAPMAN, Secretary.
W. W. HOXTON, Executive Secretary.
It. G. EMERSON, Assistant Secretary.
H. PARKER WILLIS,
W. M. IMLAY, Fiscal Agent,
W. W. PADDOCK, Chief, Division of Operations and
Examination.
Director, Division of Analysis and Research.
M. JACOBSON, Statistician.
J. E. CRANE,
Acting Director, Division of Foreign Exchange.
OFFICERS OF FEDERAL RESERVE BANKS.
Federal Reserve Bank
of—
Governor.
Chairman.
Boston
Frederic H. Curtiss... Chas. A. Morss
New York
Pierre Jay
Benj. Strong, jr
Philadelphia
Cleveland
R. L. Austin
D.C.Wills
E. P. Passmore
E. R. Fancher
Richmond
Caldwell Hardy
George J. Seay
Atlanta
Chicago
Joseph A. McCord
Wm. A. Heath
M. B. Wellborn
J. B. McDougal
St. L o u i s . . . .
Minneapolis
Kansas City
Dallas
San Francisco....
Wm. Me. Martin
John H. R i c h . . . .
Asa E. Ramsay
Wm. F. Ramsey
John Perrin
D.C. Biggs
R. A. Young
J. Z. Miller, jr
R. L. Van Zandt
J. U. Calkins
2 Assistant to Governor.
i Controller.
3
Cashier.
Deputy Governor.
. , Chas. E. Spencer, jr.. W. Willett.
C.C. Bullen
'....
1
L. H. Hendricks.
J. H. Case
1
E. R. KenzeL11
L. F. Sailer.
J. D. Higgins. 1
Channing Rudd,
W, A. Dyer.
Wm. H. Hutt, jr
2
M. J. Fleming . . . .2. . H. G. Davis.
Frank J. Zurlinden ..
Geo. H. Keesee. C. A. Peple.
R. H. Broaddus.
M. W. Bell.
L. 0. Adelson
S. B. Cramer.
C.R. McKay 2
B. G. McCloud
J. W. White.
0. M. Attebery
S. S. Cook.
2
C. A. Worthington .. - J. W. Helm.3
Lynn P. Talley.
Lynn P. Talley
Wm. A. D4 a y . . .
Ira Clerk.
Acting cashier.
4
Assistant deputy governor.
MANAGERS OF BRANCHES OF FEDERAL RESERVE BANKS.
Federal Reserve Bank of-—
New York:
Buffalo branch
Manager.
Ray M. Gidney.
Cleveland:
Cincinnati branch..
L. W. Manning.
Pittsburgh branch-...... Geo. De Camp.
Richmond:
Baltimore branch
Morton M. Prentis.
Atlanta:
New Orleans branch
Jacksonville branch
Birmingham branch
Nashville branch
Marcus Walker.
Geo. R. De Saussure.
A. E. Walker.
Bradley Curry.
Chicago:
Detroit branch
R. B. Locke.
Federal Reserve Bank of—
Manager.
St. Louis:
Louisville branch
Memphis branch
Little Rock branch'
W. P. Kincheloe.
J. J. Heflin.
A. F. Bailey.
Kansas City:
Omaha branch
Denver branch.
0. T. Eastman.
C. A. Burkhardt,
Dallas:
El Paso branch
R. R. Gilbert.
Houston b r a n c h . . . . . . . . . Sam R. Lawder.
San Francisco:
Salt Lake City branch
Seattle branch
Spokane branch
Portland branch.
C. H. Stewart.
0. J. Shepherd.
C. A. McLean.
C« L. Lamping.
SUBSCRIPTION PRICE OF BULLETIN.
The FEDERAL RESERVE BULLETIN is distributed without charge to member banks of
the system and to the officers and directors of Federal Reserve Banks. In sending
the BULLETIN to others the Board feels that a subscription should be required. It has
accordingly fixed a subscription price of $2 per annum. Single copies will be sold at
20 cents. Foreign postage should be added when it will be required. Remittances
should be made to the Federal Reserve Board. Member banks desiring to have the
BULLETIN supplied to their officers and directors may have it sent to not less than 10
names at a subscription price of $1 per annum.
No complete sets of the BULLETIN for 1915, 1916, or 1917 are available.
TABLE OF CONTENTS.
Page.
Review of the month
.•
Business and financial conditions: Summary
. _..
.
Special reports by Federal Reserve agents
..
Spain's foreign commerce and finance, 3 914-1919
Circulation of Federal Reserve notes, 1917-1919
Official:
State banks and trust companies admitted to the system
,
...
...-..Charters issued to national banks
Banks granted authority to accept up to 100 per cent of capital and surplus
Foreign branches of American banks
Fiduciary powers granted to national banks
Rulings of the Federal Reserve Board
,
Law department:
The "Edge bill/ 7 with amendments as proposed by the House Committee on Banking and Currency
Limitations on loaning power of national banks under the provisions of section 5200, R. S., as amended
Exercise of trust powers by national banks located in New York.
Miscellaneous:
Governmental measures to encourage foreign commerce
Cost of living in the New York district
Dissolution of the Capital Issues Committee
Commercial failures reported
Crop statistics, by Federal Reserve districts
Statistical:
Wholesale prices in the United States
Discount and interest rates prevailing in various centers..
Physical volume of trade
.
Debits to individual account, September-October
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.
Foreign exchange rates
-.
Earnings and dividends of State bank and trust company members
Discount rates approved by the Federal Reserve Board
..
Diagrams:
Movement of exchange rates at Madrid, Spain, on principal foreign centers, 1914-1919
=
Federal Reserve note circulation, 1917-1919
,
Par point map.
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108T
FEDERAL RESERVE
BULLETIN
NOVEMBER 1, 1919.
No. 11
VOL. 5
REVIEW OF THE MONTH.
The month of October has been unusually
free from Government fiscal
*"*" ° P e r a t i o n s i i k e l y i n an Y w a J
to influence the direction of
the money market. During the month interest
disbursements, including interest payments
on the fourth Liberty loan due on October 15,
amounted to about $113,000,000, the effect
being, as usual, a temporary shifting of funds
from Government account to private hands
and a corresponding rearrangement of bank
deposits. Little extraneous influence originating with the Treasury operations has been
felt in any other direction. Expenditures for
the month have amounted to approximately
$736,718,000, while income has been $433,012,000. The opinion expressed in the last
issue of the FEDERAL RESERVE BULLETIN that
no new certificate issues would be required during the month of October has been justified,
the very large cash balance of the Treasury and
the substantial yield of the last preceding tax
certificate issues having provided all that was
necessary to carry the department through the
month.
The month has been an unusually active
period in private finance. Great fluctuations
in call-money rates and variations in the rates
charged on commercial paper haye occurred
since the end of September. There has been an
increasing demand for funds from private
business, both in commodities and securities.
Speculation is attaining an unprecedented
activity and is embracing not only corporation
issues of all kinds, but also real estate and many
classes of commodities. Prices both of farm
lands, staple commodities such as cotton, securities, and other properties, continued to
rise, notwithstanding the reduction of Government purchases and the fact that the Government has itself released to consumers large
quantities of goods purchased for Army use.
Two factors have clearly developed themselves
during the month as dominant in the whole
financial situation—the problem of domestic
speculation and the policy to be pursued with
respect to the demands on credit resulting
from it.
In a technical sense this condition has reflected itself in a weakening
Decline of re- 0£ fae reserve position of the
serve percentage.
T» I
mi
Federal Eeserve Banks. The
reserve percentage reported on October 31 was
47.9 per cent, that being the lowest point ever
reached. As has been pointed out in former
issues of the BULLETIN, too much importance
maybe attributed to what is called the " reserve
percentage.77
The decline of the reserve percentage at
Federal Reserve Banks ought not to be considered as an isolated phenomenon, but has
principal significance in connection with the
condition of member banks. These banks rediscount for the purpose of restoring their reserve balance. Such a balance may become
depleted for any of several reasons, but in a
time like the present the chief factor leading to
rediscounting is the expansion of loans and discounts made in favor of customers. Analysis
of the assets of member banks therefore becomes necessary in order to ascertain the real
meaning of an increase in rediscounts. Such
an increase may be due to advances in aid of
speculation pure and simple, or it may be the
outgrowth of legitimate demand for commercial funds. The member bank in rediscounting naturally selects those items from its portfolio upon which the most favorable rate is
granted by the Federal Reserve Bank. If
there be a preference in favor of some specified
kind of paper, as is true to-day of paper secured
by Government obligations, such paper almost
invariably is selected as the basis for redis1009
1010
FEDERAL RESERVE BULLETIN".
counting. The fact that the rediscounts with
Federal Reserve Banks consist so largely as
they have heretofore of what is called "war
paper" can not therefore be taken as conclusive
evidence of the purpose for which the rediscounting has been undertaken. Loan accounts
of member banks, as already indicated, may be
extended because of the demand for funds for
speculative purposes, or because of advances
for strictly commercial and industrial undertakings, or for the purpose of carrying subscriptions to Government securities. Were the
differential rate which now favors war-loan
paper to be reversed so that it would favor
commercial paper, it is likely that the portfolios of the Federal Reserve Banks would
change in character. Member banks would
select their commercial paper as a basis of rediscount, and in consequence Federal Reserve
Bank portfolios might consist primarily of commercial bills rather than of war-loan paper.
A true appreciation of the credit situation,
therefore, can be obtained only by considering
the portfolios of Federal Reserve Banks and
those of member banks as an aggregate.
This view of the case makes it important to
Operations of consider not only the situation
member banks, at Federal Reserve Banks, but
that at member banks as well. In the FEDERAL
RESERVE BULLETIN for October there was published the result of a statistical analysis of the
entire war-loan paper situation, which showed
that as of June 30 last the total volume of such
paper in the banking system might be taken as
about 6.5 billions of dollars. There has been a
decrease in such war paper since June 30, but
there has been a continued expansion of loans
and investments of member banks, as shown
by the following figures:
NOVEMBER 1, 1919.
The growing [volume of discounts held by
the banking system as a whole, in its turn,
must pbe subjected to the same criteria of
judgment as have been applied to the holdings of the Federal Reserve Banks. There is
no available test of the reasons giving rise to
such borrowing except the statements or information which may be furnished by the actual
borrower, to the bank at which he discounts.
The real character of the situation depends
upon the use that is being
^
^ a d e hJ member banks of
credit facilities to be obtained
at Federal Reserve Banks. It is just here
that the present situation must be regarded
as unsatisfactory. The evidence which is
currently available seems to point to the fact
that member banks, under the influence of
strong private demand are, in not a few cases,
greatly expanding their loans. The reports
which come to the Board from the Federal
Reserve districts, general results of which are
reviewed in the summary of business conditions for the current month, indicate a marked
advance in the growth of speculative transactions. It must be borne in mind that the
growth of activity of this kind weakens the
entire banking situation. Federal Reserve
Banks can not, in a time like the present,
easily control this condition of affairs merely
through changes of discount rates, however
important the influence exercised [by such
changes. The fact that there is as yet no free
movement of gold between nations and that
balances of trade are wholly abnormal prevents rediscount changes from exerting the
effect which they would in normal times. Cooperation on the part of member banks is
therefore necessary to the preservation of a
Movement of loans and investments of Federal Reserve satisfactory condition of strength throughout
Banks, and of about 775 member banks in selected cities.
the banking system as a whole, and good reFederal
Member banks sults can not be obtained through any single
Reserve
in selected
Date.
Banks.
cities.
method, least of all through the use of those
modes of restraint and correction which are in
$2,354,167,000 $14,350,197,000
June 27,1919.
2,482,558,000
14,379,579,000 ordinary circumstances sufficient for the purJuly 25,1919.
2,448,977,000
14,968,907,000
Aug. 29,1919.
The reserve percentage, however, sub2,503,088,000
15,297,458,000 pose.
Sept. 26,1919
2,751,751,000
15,537,104,000
Oct. 24,1919.
ject to the qualifications and restrictions which
NOVEMBER 1,
1919.
FEDERAL RESERVE; BULLETIN.
have been stated, is an index of the changing
character of the situation, and one whose
implications should be constantly kept in
mind.
As was stated in the FEDERAL RESERVE
BULLETIN for October, the disappearance of
the Treasury from the long-term loan market
and the rapid reduction in its requirements for
short-term accommodation foreshadows the
approach of the time when the financial operations of the Government will cease to be the
important factor in shaping Federal Reserve
Bank policies and rates which they have been.
A review of all the conditions in the banking
situation has confirmed the Board in the view
that in the application of its discount policy
an advance of rates should no longer be deferred.
During the month of October serious weakness in foreign exchange has
Export and ex- continued to show itself. Both
change situation.
the pound sterling and other
European currencies have markedly declined,
at times approaching record low rates. The
German mark has sold as low as about 3.25
cents and the currencies of the other Central
Powers have been of correspondingly low value.
These low valuations have been currently
ascribed to the uncertainty concerning the
trade situation between the United States and
the European countries. Very heavy shipments of goods have continued from the
United States, the aggregate amount reported
for September being $593,000,000, as compared with a monthly average for the fiscal
year of 1919 of about $602,000,000. This is
the season of the year when breadstuffs and
raw materials are most largely shipped and the
figures for September naturally indicate the
beginning of the movement. Exports, while
about $50,000,000 less than for August, approximate the average monthly exports for the
earlier part of the year, while imports show an
increase over August figures of $128,000,000.
The decrease in the exports shown is due
largely to a falling off in the exports to the
United Kingdom. Exports to the rest of
Europe show but slight changes from the figures
1011
for the earlier months. It is apparent that
our foreign trade is beginning to show the
effects of lessened dependence upon Government support. The facts with regard to foreign demand seem to indicate that what is
desired by other countries is not so much the
mere maintenance of existing shipments but
is an arrangement which will permit of the very
great enlargement of the movement of American goods to these countries. They are, in
short, seeking to obtain capital for the reconstruction of their industries and the restoration
of industrial prosperity in their territory. This
is a matter quite different from the establishment of "credit" to enable current business to
continue as between the United States and its
foreign customers. On the latter point it
would seem that the usual banking machinery
is beginning to operate in a normal way, and
that there is no reason to doubt its adequacy
in practically caring for the demands which
grow out of the actual current business of
foreign countries.
Sir Auckland Geddes, president of the ^British
Board of Trade, in a recent statement on the
exchange situation as affecting the United
States, said:
"America is so placed that she, like all the
rest of us, is in great difficulties with regard to
the future of her trade. She has increased the
industrialism of her population. She is not a
great exporter of manufactured goods, but she
is the greatest exporter of raw materials.
Trade is the exchange of goods and America is
in this unhappy position, she has so much that
there is little she wants, and as a result of that
the money exchange between New York and
London is moved in her favor, and every movement of the money exchange in her favor is a
movement against her power of export. For
some time we have got to get raw material from
America, and just because we take that raw
material it makes it more and more difficult
for America to get her manufactured exports
across the Atlantic. I am told America is selling great quantities of goods to all European
countries, which will have to be paid for in
money. The only result of that is that the
money exchange will move more and more in
her favor and in the export sense more and
more steadily against her. This means that
1012
FEDERAL RESERVE BULLETIN.
the food from America will be more costly, and
the manufactured goods from America so dear
as to be almost unbuyable. Europe has largely,
therefore, to work out her own salvation. It is
no good for anyone, or any nation, to say we
will rely on America to see us through. The
salvation for Europe is to be found in Europe,
and in Europe only. There is only one way
to that economic salvation, and that lies
through work, hard work and strenuous work,
and increased production from mines and
fields and factories. It is not only in coal that
output is declining, but in every other British
industry, except agriculture. In decreasing
output lies danger.''
During October there has been further agitaGovernment tlon in behalf of Government
support of export support of export financing.
credit.
Two arguments are advanced
in support of Government participation or
maintenance of this kind of financing: (1) That
otherwise the financing will not be done and
that consequently meritorious requirements
whose satisfaction is necessary in order to
bring about the restoration of political order
will not be made; and (2) that unless such
provision is made other countries will take
advantage of our hesitation and will occupy
the foreign market to the exclusion of the
American exporter. These two arguments are
mutually self-destructive since the first is based
on the belief that unless the United States
supplies the credit necessary to facilitate the
movement of goods abroad it will not be furnished, while the latter is confessedly founded
upon the view that other countries may be in
position to anticipate our action in the maintenance of the sale of our goods abroad. In any
event, it is the declared policy of Congress no
longer to accept the task involved in foreign
financing, but to pass this work to private
hands. That not a few representative American financiers believe this policy to be wise has
been indicated by the expressions of opinion at
the international conference meeting at Atlantic City during the week ending October 25.
Speaking on this subject, Governor Harding
before the conference in question said:
"It is the view of the Federal Reserve Board
that the need of Europe is for long credits, and
NOVEMBEE 1, 1919.
that the situation, therefore, is one which appeals to the investment market. Many of the
problems which now confront European countries are present in an acute form in this country, and there is a great need for larger production, reduced consumption, more economy and
thrift. The liquid wealth of the world as represented by goods and commodities has been reduced to an alarming extent by reason of the
war, and the volume of credit throughout the
world is out of all proportion to the volume of
goods. In order to bring about more normal
conditions, it will be necessary to restore the
proper balance between credits and goods.
This process will necessarily be a slow one, but
it is essential that a beginning should be made
and the restoration pan be made only by rigid
application
of the principle of work and save.
a
The United States Government, beginning
shortly after its entrance into the war, authorized advances to the Governments of the
nations associated with it in the war aggregating $10,000,000,000, nearly all of which has
now been allotted and used. There is no
reason whatever to believe that our Government will, nor, indeed, could it without the
most harmful inflation, continue to make advances out of its treasury to foreign countries,
and I am convinced, therefore, that the
problem of financing Europe, as far as America
is concerned, is one for private initiative and
individual enterprise."
In this connection the English export credit
plan recently announced is of
English export !
interest. According to statecredit plan.
ments officially made it is now
intended to create a first credit of 26 million
pounds sterling, designed to facilitate the movement of goods from Great Britain to specified
foreign countries which are supposed to require
such assistance because they are not in a position
to make immediate payment for the supplies
they receive. Applications for this export credit
are to be made entirely through banks and
when made and granted -the Government
assumes the risk of loans resulting from nonpayment or fluctuations in exchange up to
four-fifths of the total of such loans, the remaining one-fifth being carried by the bank
through which the application was originally
filed. This in effect then is equivalent to an
assurance that the general public of Great
Britain in order to stimulate exports will
NOVEMBER 1,
FEDERAL RESERVE BULLETIN.
1919.
1013
assume four-fifths of the risk of loans due to ness of the credit they extend, as well as its liquidfluctuations in exchange during the life of the ity. Representatives of not a few banks are
export credit. It is an expressed partnership to-day in Europe for the purpose of obtaining
between the Government and the banking information upon exactly this point, which of
interests, in so far as the credit extends. course is not the same in any two countries
British financiers defend such a policy on the or any two transactions in the same country.
ground that Great Britain's export trade re- The fact that some banks have arranged for
quires stimulation and that it is to the interest this kind of a direct personal survey of the
of the British public as a whole that exports field shows a recognition of the true basis of
should be enlarged as rapidly as possible in credit to be given to export credit at the
order that Great Britain [may obtain a means present time. In a general way the demands
of settling her obligation^ in other countries. of Europe may be classified as current or
How far this would actually work out in prac- investment, and there should be every effort
tice is, of course, dependent upon the direc- to discriminate sharply between them. A
tion taken by these credits and the countries bank which undertakes to provide investment
among which they are distributed. Never- funds through the medium of current advances,
theless, it is generally and broadly true that carrying these current advances for long
whatever tends to stimulate the exportation periods, either through a renewal plan or
of goods tends also to increase the claims of through the actual funding of the obligations
the exporting country upon the country to as they come due in bonds or notes, has taken
which it has made the shipments, but if that the first step toward placing itself in a noncountry is not in position to pay, it is difficult liquid or "tied-up" position, from which it
to see how the exporting country benefits will find the path of emergence a very diffiunless the securities tendered in payment cult period. Essentially, the basis for what
appeal to investors on their merits. In are properly to be called credits in Europe is
the United States we have an entirely different dependent upon the export power of European
problem. We have shipped far in excess of countries, either present or as definitely demour customary volume for several years past onstrated for the immediate future. The
and have received payment for these exports recognition of these principles and the sepain the form of obligations which are held by ration of different classes of advances made
the Government. This process of exporta- under each head will be of fundamental
tion, as has been frequently explained in the importance in the right management of our
FEDERAL RESERVE BULLETIN, has gone so banking situation during the next few months.
far as to reduce the available volume of con- As Governor Harding in the address already
sumable commodities in the United States cited says: " I t should be borne in mind that
and has accordingly tended materially to while the United States now occupies relaassist the advance of prices. There is there- tively a stronger position in the field of world
fore no analogy whatever between the situa- finance than it has ever held, our bankers have
tion of Great Britain and that of the United had comparatively little experience in extending long-time credits in foreign countries.
States.
Bankers who have been carefully consid- Their transactions have hitherto been in the
ering; the European situation direction of dealings in short bills and in placEuropean de- , . £
,
\ n
, i
ing American securities in foreign countries,
* credits.
j.x desire. fundamentally
mand*for
- . to know
_
and it is important that the judgment and
what is the exact basis lor the cooperation of European bankers be enlisted
future granting of credits in Europe. Their at- when we undertake the new r&le of purchasing
titude toward their stockholders and depositors long-time securities, especially of private enternaturally compels them to consider the sound-
144501—19
2
1014
FEDERAL RESERVE BULLETIN.
prises, with which we can not be expected to
be familiar. The Federal Reserve Board
appreciates very deeply the importance from
every point of view of promoting our foreign
trade, and believes that the banks of this
country generally understand that longer
credits than can safely be granted by banks
are necessary if we desire to export our surplus
of essential commodities."
Among the important events of the past
month bearing upon both the
British Governquestion
of American exports
ment loan.
and foreign exchange has been
the action of the British Government in announcing the early placing of a loan of $250,000,000 in the New York market. Of this sum
it is stated that about one-half is to be used in
the redemption of outstanding 5J per cent
bonds of early maturity, while the other onehalf is to be used for the purchase of American
exportable commodities. The loan is of interest from the' exchange standpoint because of
the fact that it illustrates the method that is
being employed by one of the strongest foreign
Governments to place its securities in the
American market, and thus to work off the
market an excess supply of bills which would
otherwise tend to depress values. On the
other hand, it suggests that even the strongest
among the foreign Governments is not yet in
position to equalize at any early date its exports and imports with the United States. It
illustrates the point which has already been
discussed in former issues of the FEDERAL
RESERVE BULLETIN that Government credit,
with the return of more nearly normal business
conditions, is returning to a competitive basis
and that there will be a tendency toward the
equalization of rates upon investments, as well
&s a tendency to bring about equalization between foreign Government securities and private investments. The latter movement will
be even more marked, should it come to be
recognized that Government loans are being
placed for the purpose of facilitating or providing a basis for the purchase of goods or the
support of commercial operations.
NOVEMBER 1, 1919.
What has been done by Great Britain is
likely to be done bv other
Policy of other
\ .
countries.
countries,
. •, ,. • %-,
including France,
Italy, and Belgium, as has been
indicated by them in the conferences that have
been in progress during the past month at Atlantic City. If on the other hand German
credit demands call for correspondingly large
advances for the restoration of business with
Germany, this market may be asked to carry
an increasing total in foreign obligations. If
it be assumed that before the war our normal
absorption of new securities was $5,000,000,000
and that since the war, due to the increase of
prices, that figure must be largely raised, the
addition of great sums for foreign countries or,
what is the same thing, a subtraction of this
amount from the funds available for domestic
uses, would exert a corresponding influence
upon domestic supply of capital. Thfe effect of
such a situation would be to maintain the pressure for, capital which has already been so
marked a feature of the financing of the past
year or two and the inevitable accompaniment
of this would be the continued withdrawal of
consumable goods for export with the concomitant effects to be expected therefrom upon
prices and values. All these conditions would
result in continuation of high cost of living.
The trade movements of the next few months
will give valuable and interesting indications
as to how these interrelated tendencies are
likely to work themselves out.
In the study of the whole financial situation,
^Growth
xi of*bank
i i xit„ is worthy
of note ••that some
J
P
liabilities in Eo- of our strongest iormer comr e
°P petitors actually have not the
resources to continue competing without injuring themselves and that the expansion of
credit which efxists here as the result of overexportation is more than paralleled abroad.
The question whether the continental countries
will have the resolution to subject themselves
to drastic taxation for the purpose of reducing
their outstanding obligations is serious, and to
the extent that a negative answer is given to
this question a continuation of the inflation
NOVEMBEE 1, 1919.
FEDERAL RESERVE BULLETIN.
1015
which now exists all over the world must be 42.645 cents for the October 22 allotment. I t
looked for. Such inflation can not go on indefi- is announced that further sales of telegraphic
nitely, but invariably brings its own retribution. transfers of rupees by the New York agency
After almost all foreign wars there has been a of the Bank of Montreal on account of the
period of excessive prices, inflated credits and India Government had been temporarily disactive trade, eventually followed by the col- continued under instructions from London.
Changes during October in exchange rates
lapse which is the result of the price and industrial disturbances naturally produced by such on principal European centers were less prochanges. Active trade under such circum- nounced than during September, though on the
stances is undoubtedly the economic expression whole the general movement of the exchange
of the need to replace destroyed commodities. market was toward lower levels, end of October
In these circumstances the question of Amer- quotations of sterling, francs, lire, and marks
ican trade with foreign countries and of the being all lower than the month before. New
basis for such credits as we may extend, be- low records of 10.81 and 3.25 were set for lire
comes an unusually important and essential and marks on the last of the month, marking a
one, Countries which have suffered from war depreciation from par of 52.1 and 86.3 per cent
naturally desire to restore at the earliest pos- for Italian and German currencies. Pesetas
sible moment their productiveness and to put at the close of the month were quoted slightly
their industrial machinery into full operation. above par, compared with 19.15 at the close
In order to bring about this result they natur- of September, while Indian rupees notwithally seek to employ every possible resource standing the further rise of silver during the
which they either possess or can obtain the use month were quoted at the end of October at
41.75 cents, as against 44 cents during the early
of from others.
Besides the regular weekly offerings of British part of the month. Silver, which at the end
and French treasury bills at of September was quoted in New York at
Foreignfinanc-rates ranging between 5£ and 6 $1.18 J, increased in price during the latter part
ing and exchange, per cent, the monthly record of of October to $1.23f, and at the close of the
foreign financing includes the month was quoted at $1.2If per fine ounce.
offering of $250,000,000 of 3 and 10 year 5£'per Movement of leading foreign exchange cable rates during
October.
cent British gold notes and bonds already discussed. About the middle of the month an
Quotations Per
on—
cent High Low
offering was announced of $8,500,000 of 6 per
below during
par Octo- during
Par.
Octocent gold bonds of the city of Sao Paulo,
on
ber.
ber.
Oct. Oct.
Sep
Sept.
31.
30.
Brazil. Later in the month announcement
31.
was made that an American banking group in
4.19
4.8665 Pound sterling... dolls.
4.1675 14.4 4.2325 4.1575
conjunction with a British banking firm was 5.18
French francs .per doll. 8.50 8.83
41.3 8.35
8.87
9.65
Italian
lire.......do...
52.1 9.72
10.81
10.81
5.18
to extend a loan of about $40,000,000 to the 23.8 Berlin mark cents. 4.6 3.25 86.3
4.375. 3.25
Spanish peseta... do... 19.15 19.33 10.2 19.40 \ 19.10
Russian Government at Omsk. The American 19.3
7.3 5.54 \ 5.64
Swiss francs, .per doll. 5.60 5.59
5.18
florin.^... cents. 37.75 37. 9375 5.6 38.50 ' 37.625
40.2
participation was later fixed at $22,000,000. 26.8 Dutch
Swedish crown... do... 24.65 23.95
10.6 24.70 23.95
rupee
do... 43.5 41.75 128.7 44.00 41.75
It was also subsequently announced that the 32.44 Indian
144.00 130.00
Shanghai tael do... 136.00 140.00
25. 875 25.125 " 54.6 25.70
25.00
54.62
Brazilian
milreis
2
loan to the Omsk Government was to be a 42.46 Argentine peso . .do...
.do... 42.35 42.389 42.2 42.471 42.307
straight banking credit. Rupee transactions
1
2
Above par.
Paper.
for the month include the allotment during
During
the
month
ending
October
10 the net
four successive weeks by the Bank of Monoutward
movement
of gold
treal on behalf of the India Government of
Gold
was
$28,322,000,
as
compared
8,413,000 rupees (telegraphic transfers), at movement.
¥/ith a net outward movement
average prices ranging between 43.0945 cents
of
$40,998,000
for
the month ending September
per rupee for the October 1 allotment and
1016
FEDERAL RESERVE BULLETIN.
NOVEMBER 1, 1919.
10. The gain in the country's stock of gold porting member banks of United States war obsince August 1, 1914, was $890,267,000, as may- ligations and war paper declined from 3,405.9 to
be seen from the following exhibit:
3,168.6 millions, or from 22.3 to 20.5 per cent of
their total loans and investments, while loans
[In thousands of dollars; i. e., 000 omitted.]
secured by stocks and bonds increased from
3,027.2 to 3,141.1 millions, or from 19.8 to 20.5
Excess of
imports
per cent of their total loans and investments.
Imports.
Exports.
over
exports.
During the four-week period ending October
24
the Federal Reserve Banks' discount operaAug. 1 to Dec. 31,1914
104,972
23,253
181,719
Jan. 1 to Dec. 31,1915
31,426
451,955
420,529 tions continued extremely heavy, resulting in
Jan. 1 to Dec. 31,1916.
155,793
685,745
529,952
Jan. 1 to Dec. 31,1917.
372,171
553,713
181,542 an increase by October 24 of about 200 milJan. 1 to Dec. 31,1918.
40,848
61,950
21,102
Jan. 1 to Oct. 10,1919
239,101
57,962
1181,139 lions in their holdings of discounted bills over
1,834,578
Total
890,267 the corresponding September 26 total.
914,311
It is
notable
that
the
larger
portion
of
the
addii Excess of exports over imports.
tional bill holdings is composed of ordinary
Gold imports for the monthly period, amount- commercial paper (at slightly higher rates)
ing to $2,839,000, were received principally and not, as in the past, of paper secured
from New Zealand, Canada, Dutch East Indies, by United States war obligations. This
and Belgium. Of the gold exports, amounting change is due, of course, to the substanto $31,161,000, $10,000,000 were consigned to tial curtailment in the volume of TreasChina, $6,300,000 to Hongkong, $6,000,000 to ury certificates outstanding and held by the
Japan, and $2,200,000 to British India, the banks, and the simultaneous increase in the
remainder going principally to Salvador, Dutch demand for accommodation by the member
East Indies, Denmark, and Spain. Since the banks. Acceptances on hand show some flucremoval of the gold embargo on June 7 total tuations, the October 24 holdings of 368.8 milgold exports have amounted approximately lions being 26.3 millions in excess of the holdto $224,700,000. Of this total about $58,000,- ings reported four weeks earlier. Largely as
000 were shipped to Japan, $33,000,000 to the result of increases in the holdings of bills
Argentina, $29,000,000 to China, $28,000,000 discounted and bought in the open market, the
each to Spain and Hongkong, and the remainder total earning assets of the Federal Reserve
largely to British India, Uruguay, Venezuela, Banks reached a total of 2,751.8 millions, an
Canada, and France.
increase for the four weeks of 24.8.7 millions.
Together with the increase in discount operAs the result of a temporary suspension of
Treasury loan operations mem- ations went increases of 158.3 millions in net
S!t b e r b a n k s n t h e
\
leading cities deposits, of 98.1 millions in Federal Reserve
and of 12.1 in the Federal
were able to reduce, during the note circulation,
7
Reserve
Banks
liabilities
on Federal Reserve
four weeks ending October 17, by over 180 millions their holdings of Treasury certificates, bank notes in circulation. Gold reserves of the
besides liquidating about 41 millions of loans Federal Reserve Banks show an increase of
secured by United States war obligations and 28.7 millions, this amount representing the difreducing by over 16 millions their net invest- ference between the total of 61 millions of gold
ments in Liberty bonds and Victory notes. transferred from the continent in Europe to the
For the same period, however, the banks, Bank of England vaults in London and the
chiefly the New York City members, report a aggregate gold deposits of the Treasury on the
practically continuous increase, totaling over one hand and the export withdrawals of gold
.110 millions, of loans secured by stocks and on the other.
bonds and a 255 million increase in other loans
The banks' reserve ratio reached the low
and investments. Iggregate holdings by re- level of 48.3 per cent on October 17 and on
NOVEMBER 1,
1919.
FEDERAL RESERVE BULLETIN.
October 24 stood at 48.7 per cent, compared
with 51 per cent four weeks earlier.
The Federal Reserve Board on October
22-24 held its annual financial
C n c o n f e r e n c e wi
°'
tii Federal Reserve Agents at Washington.
Subjects of current interest with reference to
internal matters of organization were discussed,
but, in addition, attention was given to the
general financial situation and the policy of
Federal Reserve Banks. Federal Reserve
Agents presented to the Board a series of
reports bearing upon the topics under discussion, and among them was included an expression of opinion with reference to the present
credit situation, from which the following
extract is taken:
Of the topics assigned to the committee
there has only been opportunity to consider
briefly the question of the present expansion
of credit and what methods of control of credit
may be successfully used by the Federal
Reserve Banks in view of the Government's
past and prospective financial program.
The increasing demands for credit appear
to come (a) from the higher costs of commodities and labor in the production and distribution of goods, caused by excess of demand
over supply, and (h) from the higher prices of
securities, land, and other forms of fixed
property, as well as of many commodities,
caused by active speculation all over the
country.
The normal check for the Federal Reserve
Banks to use is a higher discount rate. But
in the opinion of your committee the conditions prevailing at home and abroad are so
abnormal as to render this method not wholly
effective of itself. The European countries
are extremely short of goods, and we ourselves
have not yet been able to satisfy the accumulated demand for goods, resulting from two
years of patriotic self-denial on the one hand
and a more widely diffused spending power on
the other. Furthermore, international trade
is extremely unsettled and all the important
European exchanges are heavily in our favor.
It is evident that the use of credit for producing the goods of which the world is short
should not be unduly curtailed, and it seems
equally evident that the immoderate use of
credit by those engaged in speculation in
securities, land, and commodities to force
1017
prices higher is not only undesirable from its
effect on the cost of living but is laying the
foundations for future collapse and depression.
Some increase in the bank rate, however;
seems the necessary first step in any program
for the restraint of undesirable credit expansion, as an indication to the banks that, with
the war financing of the Government now on a
declining scale, the Federal Reserve Banks
may be expected henceforth to function normally. But such increase, which need not be
large or uniform in all districts, would be
ineffective unless accompanied by a campaign,
undertaken gradually and with great discretion to secure greater moderation by banks in
the extension of credit for speculative and
other undesirable purposes.
The fact that Government financing is on a
descending scale no longer seems to require
such a degree of uniformity in Federal Reserve
Bank rates as prevailed during the war, when
the Liberty bond rate necessarily overshadowed all others and practically dictated uniformity. It is the belief of your committee
that rates at the several banks need no longer
be established either simultaneously or at
similar levels.
/
The Nashville branch of the Federal Reserve Bank of Atlanta was
Branch
opened for business on October
banks.
21, with Bradley Curry, formerly of the Fourth and Firat National Bank of
Nashville, as manager. With the exception of
Chattanooga, the new branch bank will serve
the whole State of Tennessee east of the Tennessee River.
The Federal Reserve Board on November 3
made the following announcement with reference to the hearing held in Washington on October 21, 1919, regarding the establishment of
a branch of the Federal Reserve Bank of Kansas City in the southern territory of the Tenth
Federal Reserve District:
The Federal Reserve Board has considered
the briefs and oral arguments presented by the
respective petitioners in the matter of the establishment of a branch Federal Reserve Bank
in the southern portion of the Tenth Federal
Reserve District by the Federal Reserve Bank
of Kansas City, and has reached the following
conclusions:
While the portion of the district tributary to
these cities is being well served in the matter
1018
FEDEKAL KESERVE BULLETIN.
NOVEMBER 1,
1919.
of rediscount facilities by the Federal Reserve of Kansas City has therefore been directed to
Bank of Kansas City, it is the opinion of the transmit to the Board, not later than November
Board, however, that a branch with limited 25, 1919, the information called for, in order
powers in the matter of rediscounts, the activi- that a decision may be reached as to the proper
ties of which should be devoted mainly to the location of a branch.
forwarding and receipt of currency and to tranOn October 31 the Federal Reserve Bank of
sit operations, would be a convenience to the
New York announced in a cirmember banks and to the public in the territory
Resignation
of
cular
letter to member banks
served by such branch, and would increase the
efficiency of the transit system. In view of the • R. Hi Treman.
the retirement of Mr. Robert
proximity of Wichita to Kansas City, it is
H. Treman, senior deputy
manifest that a branch located at that point governor of the Federal Reserve Bank of New
would not give any appreciable additional faof
cilities in this respect to the more remote por- York. A minute adopted by the directors
tions of the district; and the Board will, there- the bank on the occasion of Mr. Treman7 s refore, direct the Federal Reserve Bank of Kan- tirement concluded with the following parasas City to establish a branch at either Okla- graph: "The directors of the Federal Reserve
homa City or Tulsa. In view of the technical Bank wish to express their affection and pronature of transit operations, the Board has requested a report from the Federal Reserve Bank found respect for him, sentiments which have
of Kansas City, giving an analysis of the source, grown and developed in these years of close
volume, and direction of outgoing business, and association with him, and to record their acthe volume and direction of incoming business, knowledgment and grateful appreciation of the
together with a complete analysis of all mail
schedules with reference to the territory to be distinguished, unselfish, and patriotic service
served by a branch located in one or the other which he has rendered to the bank and to the
of these two cities. The Federal Reserve Bank country.77
NOVEMBER 1,
1919.
FEDERAL RESERVE BULLETIN.
1019
BUSINESS AND FINANCIAL CONDITIONS DURING OCTOBER.
Great general prosperity throughout the
country, with strong demand for commodities
verging at times upon recklessness in buying,
is the general business situation as reported by
Federal Reserve agents in the several Federal
Reserve districts for the month of October.
Crop returns have been good in most sections, and even where decline in output
has brought the total yield below the forecasts, prices are reported as the highest on
record, the money returns being thus largely
augmented in spite of the decreased volume.
Staple commodities have moved satisfactorily
to market during the month, although the
volume of grain thus shipped is smaller than
last year, while shortage in some commodities,
such as sugar, has brought about unusual
care in the distribution of existing supplies.
Production of coal has been on the increase,
while the demand has been unusually strong,
owing to the fears of consumers concerning
the prospect of a strike to date from November 1. There has been no decline ii\ general
manufacturing, while prices continue firm.
The upward movement of trade usually noted
in the autumn has been in evidence during
the month. Speculative activity has been
extensive throughout the country and is
reaching dangerous levels. This and tke prevailing high prices have led in some quarters
to a further development of the spirit of conservatism noted in the last issue of the FEDERAL
RESERVE BULLETIN, and in some important
lines of business leading factors forecast the
possibility of a shrinkage either of prices or of
volume of business, or both. A troublesome
factor in the industrial situation is seen in the
existence of a widespread condition of industrial and social unrest, and while disturbances
growing out of strikes have not increased
during the month, prospects for a growth in
this direction have been such as to cause some
anxiety.
General business conditions in district No. 1
" continue to reflect unprecedented prosperity
as defined in terms of high wages and purchas-
ing power, high prices, complete full time employment in all lines of industry, orders booked
by manufacturers in some cases far into 1920,
projected plans for expansion of plants and
equipment, and the absence of serious or widespread dislocation of working relationship between employer and employee in any of the
great basic industries; although industrial
unrest lies very close to the surface." In district No. 2 the financial situation is characterized by heavy demand for funds and
increase in speculative activity, wholesale
and retail trade is in large volume, and labor
conditions are distinctly unsettled, finding particular expression in several great strikes. In
district No. 3 the demand for commodities of
all kinds continues unabated, prices display
great firmness, and labor troubles have not
proved very disturbing. In district No. 4
"most concerns are operating at capacity,"
although in jobbing and wholesale trade there
is some hesitation due to uncertainty of'labor
conditions. Retailers report strong demand.
In district No. 5 crop returns, owing to the
high prices realized, have been abundant, business is active, and "unfavorable factors have
had little deterrent effect./' In district No. 6
general business conditions "show no outstanding change/' and "fall retail trade is
opening up in large volume/' although both
corn and cotton crops are poor. In district
No. 7 "business generally continues to reflect
the greatly increased buying power growing
out of the high wages and agricultural prosperity of the last three years." In district
No. 8. "most lines of wholesale and retail business show increases over the corresponding
period in 1918" and "optimism still prevails/ 7 In district No. 9 general business is
active, the unusually good corn crop has been
harvested, and the general outlook is good.
"Reports from all trade and industrial centers
of district No. 10 tell of continued activity in
practically all lines of business in the face of
such discouragements as would at other times
be calculated to bring business to a standstill.
1020
FEDERAL RESERVE BULLETIN.
Apparently there is a determination on the
part of business to carry on, and there is a
growing feeling of confidence that efforts now
being made will bring an amicable adjustment
of the differences between labor and capital."
In district No. 11 there is "an auspicious opening of fall activities in all lines of trade," the
disappointing outlook for cotton is offset by
excellent yields and adequate prices realized
on other farm products, the production of the
oil fields is steadily increasing, and conditions
on the whole are sound and prosperous.
li
Active trade in large volume, labor disturbances, centralized to a large extent around
San Francisco Bay, with full employment elsewhere, and harvesting and movement of
crops" have characterized the situation in
district No. 12.
During October the labor situation has
occupied a position of primary importance.
The reports of Federal Reserve agents show
that there has been an increasing degree of
general unrest throughout the country^ which
has culminated in a series of strikes, either
actual or seriously threatened. The steel
strike, which has already been long drawn out,
although with production well maintained, is
app arently appro aching its end. This strike has
not in recent weeks seriously hampered production, and the report from district No. 4 is
to the effect that its influence i l has been on a
steadily declining scale. Certain districts and
plants from the beginning were able to maintain their organizations almost intact, and in
other cases the defection was not of proportions to cripple general operations." On the
other hand, serious labor difficulties in New
York, prominently among the longshoremen and in the printing trades, have resulted
in extensive unemployment. More serious,
perhaps, in its possibilities than any other
labor disturbance was the threat of a general coal-mining strike to . be called on
November 1, negotiations for an adjustment
having been brought to nothing during the
latter part of the month. A hopeful indication in the, labor difficulty is the fact that
in Some districts a smaller number of actual
NOVEMBER 1,
1919.
strikes, or a smaller number of men out of
work as a result of strikes, is reported. Unfortunate, on the other hand, has been the fact
that the industrial conference at Washington,
from which much was hoped, partially disintegrated, thus disappointing the expectations
of many who had believed that it would be
productive of great and immediate good.
From several districts it is reported that current
opinion had strongly inclined to the view that
a satisfactory solution of the difficulties would
result from the meeting, and disappointment in
the outcome was accordingly keen. Summing
up district labor situations, it would appear that
in the New England region there is no general
or serious| dislocation of working relationships,
although there is unusual caution among
employers, while in Philadelphia but little disturbance has been experienced. Conditions
in the South, at Atlanta and the adjacent
region, are fairly satisfactory, while in Minneapolis and the Northwest there is full employment, at good wages. Unrest exists in
New York and Chicago, while the labor situation in the Southwest and on the Pacific coast
is still unsettled, although some controversies
heretofore in progress are now apparently
approaching adjustment or are actually disposed of.
Commodity prices show a recession from the
high tevels reached during the month of
August, The general index number of the
Bureau of Labor Statistics stands at 221 for
the month of September, as compared with
the revised figure of 226 for the month of
August, a decrease of 2.6 per cent. The downward tendency noted in some of the leading
staples during the month of September has
continued during the present month, in particular corn and livestock, though increases are
noted in the prices of other staples, such as
raw cotton and silk and various of the nonferrous metals. Scarcity of merchandise in
certain leading lines, and insufficiency of anticipated output to meet demand is a factor tending
to keep these prices at present high levels.
While there is a widespread belief that the
peak of prices has been reached, in certain
NOVEMBER 1,1919.
FEDERAL EESERYE BULLETIN,
quarters no great declines in the near future
are anticipated, but rather comparative stability. Producers' goods remained unchanged
in price, the index number being 212, while
decrease in price occurred for both the groups
of raw materials and consumers' goods, the
respective index numbers decreasing 1.7 per
cent, from 218 to 214, and 6.3 per cent, from
241 to 226. Among the subgroups included in
the group of raw materials, the index numbers
for farm and animal products show ,c.*vo;sidefable decreases, from 251 to 240* and from 235
to 215 respectively, while the numbers for
forest and mineral products show increases,
from 193 to 218 and from 180 to 184 respectively.
In agriculture there has been a further increase in the estimated yield of corn, as against
small decreases for spring wheat and oats.
Both wheat and oats show low yield per acre,
and the quality is poor. In district No. 9
"the unusually good corn crop has been
harvested, but the rather unsatisfactory yield
of wheat, which is both light and shrunken,
has presented difficulties in connection with
seed supplies for next spring." Keports indicate a slight reduction in the acreage of wheat
sown this fall in district No. 10, while "corn
has been helped by the September moisture
and has matured nicely." In district No. 7
"the corn crop is in very fine condition in most
localities/7 and wheat sowing has been aided
by the erecent rains, but the acreage in the
excessively dry sections is smaller than last
year.
It is reported that the deciduous fruit crop
in district No. 12 promises to be the" largest on
record. In district No, 4 "tobacco is disappointing, estimates placing the 1919 crop at 25
per cent below that of 1918." Last year's
unsold tobacco is now moving at 4 to 5 cents
per pound over late quotations. The crop in
district No. 5 is estimated at only 60 per cent of
normal, but prices are the highest ever realized,
and it is being sold rapidly. The condition of
cotton showed a further decline to 51.1 per cent
on October 25, and the crop is moving slowly.
1021
Deterioration in quality is also noted in consequence of the unfavorable weather conditions
which have prevailed, and extraordinary prices
for the choicer qualities have resulted, as well as
increases in the prices of other grades. Some
tendency on the part of planters to hold the
staple is reported.
Movement of grain to market is in smaller
volume than last year. Receipts of wheat at
13 interior centers during September were
56,480,997 bushels, as compared with 67,699 r
895 * bushels during September, 1918, while
receipts of corn and oats show a greater falling
off, being respectively 12,906,830 bushels and
20,945,038 bushels, as compared with 19,309 r
863 bushels and 28,957,695 bushels during
September, 1918. Wheat and oats prices in
the Kansas City district show a slight decline
up to the middle of the month, while corn
prices have declined considerably. It is reported that milling operations are heavy, and
that mills are well sold up as far in advance as
permitted. Recent trade reports, however,
indicate a decreased demand. Flour production during September, as reported by the
United States Grain Corporation, was 14,087,800 barrels, as compared with 12,042,000 barrels during August.
In view of the prevailing shortage of sugar,
care is being used in the distribution of available supplies; all contracts on the books of
refiners will be pooled, and a zoning system
will be instituted, whereby the East will be
supplied* by Atlantic Coast refiners, the West
by domestic beet sugar producers, and the
South by southern refiners.
Receipts of cattle at 15 primary markets
during September were considerably less than
for the same month last year, the respective
figures being 1,871,042 head and 2,249,017
head, corresponding to index numbers of 186
and 223, wliile receipts during August, 1919,
were 1,541,133 head, corresponding to an index
number of 153. Receipts of hogs were also
smaller, being 1,704,944 head during September, 1919, corresponding to an index number
of 78, as compared with 1,775,842 head during
1022
FEDEBAXi EESEBVE BULLETIN.
NOVEMBER 1,
September, 1918, corresponding to an index depletion of warehouse stocks, but price denumber of 81, and 1,595,759 head during lines for old materials in Chicago were noted
August, 1919, corresponding to an index num- during the second week of the month.
ber of 73. Receipts of sheep, however, show
Production of bituminous coal during Sep^a considerable increase, being 2,890,831 head tember was 47,403,000 tons, as compared with
during September, as compared with 2,220,229 42,883,000 tons during August, the respective
head during August and 2,408,609 head during index numbers being 128 and 116. Increased
September, 1918, the respective index numbers production is reported during the present
being 212, 162, and 176. Drought conditions month, the output for the week ending October
in the Northwest are reported to be largely 11 establishing a new high record for the year.
responsible for the heavy movement of sheep. While from Philadelphia it is reported that
Decreases in the prices of the various classes of prices have sagged somewhat, due to the large
live stock are noted. It is noted in Chicago tonnage thrown on the market as a result of
that "the average price of beef and mutton is the steel strike, consumers in general have
considerably lower than a year ago," while readily taken the coal offered, in view of the
' l the prices of hogs are the lowest in two years." strike situation in the central competitive
The labor situation has continued the domi- field. Anthracite coal shipments during the
nant feature in the iron and steel industry. month of September were 5,687,401 tons, correDue to the fact that the strike was only called sponding to an index number of 101, as comon September 22, little effect is shown in the pared with 6,144,144 tons during August, correSeptember figures for the standard indexes of sponding to an index number of 109. Active
the industry. Pig-iron production during demand exists for domestic sizes, but steam
September amounted to 2,441,554 tons, cor- sizes are weak. The wage agreement with the
responding to an index number of 105, as com- miners has been renewed, to continue in effect
pared with 2,743,388. tons during August, until April 1,1920. The output of beehive coke
corresponding to an index number of 118. increased from 1,733,971 tons during August,
The unfilled orders of the United States Steel to 1,790,466. tons during September. A deCorporation at the close of September were crease is, however, noted since the opening of
6,284,638 tons, as compared with 6,109,103 the steel strike, production during the third
tons at the close of August, the respective week of the strike being but 69 per cent of the
index numbers being 119 and 116. Operators prestrike average, although still above the low
report continually increased production since level prevailing during the second quarter of
the opening of the month.
the year.
Buying activity is reported to have centered
Relative quiet continues in the nonferrous
to considerable extent in pig iron, the prices of metal industries. Transactions in copper have
which, both for prompt and for forward deliv- consisted largely of resales, while increases in
ery, have advanced, though trade reports indithe prices of lead, tin, and zinc were noted in
cate some tendency toward spot transactions
in view of the threatened strike of the bitumi- the first half of the month. In September
nous coal miners. Demand for finished pro- there was "practical paralysis of the entire
ducts has also been heavy, but there has been shipping of ore and fuel" in the Joplin district,
reluctance on the part of producers to accept due to an extreme "dearth of cars," and exfurther bookings in certain lines. Increases tremely large stocks of ores accumulated before
in the prices of certain products, such as tank relief came at the close of the month.
No abatement in general manufacturing is
plates, structural shapes, and steel bars, have
occurred. Premiums are offered largely for noted. The cotton-yarn market continues
prompt delivery. The growing shortage o: firm, with inquiries numerous. It is reported
some forms' of finished steel has .resulted in that cotton-mill output is contracted for up to
{
1919.
FEDEBAIi KESERVE BX7LLETIK.
1023
the close of the year, and that considerable measure with orders previously booked. Acorders are being booked for 1920. Fine goods tive demand for shoes continues, in excess of the
continue very firm and high, but from Boston ability of manufacturers to supply. Retailers*
it is reported that fear exists that adjustment purchases have not been restrained by the high
of prices of print goods and fancy products to prices prevailing. From Boston it is stated
meet the recent advances in the price of cotton that "some of the largest concerns in the
may react unfavorably upon demand, or at United States have reached a point where it
least cause increased consumption of loss ex- will be impossible for them to accept additional
pensive grades.
j orders for five or six months."
The customary seasonal swell in. the volume
The raw-wool market continues quiet, with
prices of high-grade wools firm. 'Lack of in- of business continues. Sales, both wholesale
terest in low-grade wools continues, reflecting and retail, in many sections are reported to be
absence of public demand for low-priced in excess both of those for previous months and
fabrics. Considerable interest is displayed in for the same period last year. Stocks of both
the prospective offerings of Australian wool by j wholesalers and retailers in leading lines are
the British Government, and their possible running low, and complaint is being made of
effect upon the market. In worsted yarns there difficulty in obtaining merchandise. The deis absence of desire on the part of both buyer mand for high-grade goods continues, although
and seller to contract ahead for the more dis- in both the Boston and Kansas City districts a
tant future. Mill openings of both men's and growing tendency is noted on the part of conwomen's wear woolens for spring are on an allot- sumers to limit the amount spent for various
ment basis. It is reported from the Philadel- | articles, and from the former it is reported that
phia district that "they could very easily book "in buying wearing apparel and other articles
new business far into 1920," but that disincli- of household use, except food, the public in
nation to do so exists. Marked advances have general is not paying the full amount of the inoccurred in the price of raw silk, and an upward crease in prices necessary to obtain the quality
tendency in the price of fine silk goods is noted. I which it formerly bought/'
A scarcity _ of merchandise is reported in knit A continuance of building activity is regoods, with, no general contracting for spring ported. Permits issued during September show
delivery, because of price uncertainty, except | a seasonal decrease from the August figures, the
in the case of silk hosiery, in which orders for ! latter, however, being the record month of the
next June delivery have been noted. Recent j present year. Labor difficulties and shortage
trade reports indicate little placing with manu- | and high cost of construction both for labor and
facturers of new orders for clothing, due ap- | material have continued to be retarding factors.
parently to heavy early purchases.
i Continuance of a satisfactory amount of buildThe hide and leather markets during the ing throughout the winter is predicted. Seapresent month ha,ve been relatively quiet, and sonal decrease in the demand for lumber is rethe upward movement of prices appears to ported from certain districts. Slightly lower
have been checked. A waiting attitude has prices are reported on certain grades, such as
been largely assumed by tanners with respect to southern pine, while others, in particular westhide purchases, although several large recent ern pine, have increased in price. Increased
sales of packer hides in Chicago have been re- production as yet has succeeded but little in
ported. In leather the between-season inac- | building up stocks.
tivity has been noted. but prices in general have I Official figures for the month of September
been well maintained. Lower grades, however. j show a decrease to $161,100,000 in the export
have moved at concessions in price. Tanners j balance from the figure of $338,900,000 for the
have thus been enabled to catch up in some ' month of Aiigust. This is the lowest figure for
1024
FEDERAL RESERVE BULLETIN.
any month since July, 1917. Accompanying
a decrease of approximately $50,000,000 in
exports was an increase of $128,000,000 in
imports. Interest was displayed in the foreign
trade conference which assembled at Atlantic
City during the latter part of the month.
Large decreases in exports are shown for
meats, chiefly bacon, hams, shoulders and
lard, and raw cotton, the September exports
of the latter article being 50 per cent less in
quantity than the month before. On the
other hand, exports of breadstuffs, mainly
flour and wheat, were larger both in quantity
and value than for the preceding two months.
Of the total increase since August of about 128
millions in imports, 70 millions represent an
increase in the value of crude materials imported, chiefly raw silk from Japan, Egyptian
cotton, hides and skins, also fibers, and about
32 millions an increase in the value of imported articles of food, chiefly sugar, from Cuba
and coffee from Brazil.
In the stock market the present month has
been characterized by a continuance of the
speculative activity which commenced during
the last week in September, and price advances
have occurred. Bond prices have shown a
tendency to rise, the returning strength of
high-grade railroad bonds being especially
marked. Transactions in Liberty bonds have
been heavy, and they have led the rise in the
general investment market. September issues
of new securities were the heaviest for any
NOVEMBER 1,
1919.
month during the present year, and October
issues are reported to show little or no falling
off in volume. Speculation was not adversely
affected by the increase in call money rates
which accompanied the recent great increase
in loans of the New York Clearing House banks
and borrowings from the Federal Reserve Bank
of New York. After touching 15 per cent at
the close of September rates remained at a
relatively high level throughout the early part
of October, and again reached 15 per cent on
October 14 and 15, since which time they have
declined sharply with an increase in available
funds and reached a low figure of 4 per cent.
An upward tendency in commercial paper
rates in New York is reported, as well as a
limited demand for acceptances. The customary heavy seasonal demand for funds is
generally noted. Rates in other centers have
been steady and have not reflected the erratic
fluctuations in the New York market. The
board's figures of the volume of check transactions continue at a high level. The banking
situation continues to be regarded as sound,
though need of caution in loan expansion is em-'
phasized in certain quarters, particularly in
view of heavy seasonal requirements for funds
and the high-price levels now prevailing.
Credit and collection conditions are good and
failures, while showing an increase for September over those for the two previous months,
continue unprecedentedly small and few.
FEDERAL* BESBEVE
NOVEMBER !,• 1919.
SPECIAL REPORTS.
1025
it being generally assumed that this will take
place notwithstanding the opposition df the
REPORTED BY DISTRICT JSTO. 1.
growers which has been very vigorous, and the
General retail trade.—Retail trade continues opening of the London sales to American comactive and merchants are prosperous, reflecting petition. Some dealers sympathize with the
the condition of their customers, the reports ;rowers in the view that tne movement to
from many quarters indicating apparently no >ring about this sale reflects a shortsighted
slackening in the buying of either necessities or policy, inasmuch as the argument made in its
luxuries. Volume of business is reported as behalf for the benefit of the manufacturers, and
showing; an increase not only in amount as re- resumably for the consuming public, might
flected in selling prices but in the number of e advanced with equal force with respect to
transactions. The latter is not, however, pro- furnishing an outlet for surplus stocks of other
portionately as great as the former, i. e., in- materials accumulated by Great Britain, it
creased business, when measured in terms of being contended that a reactionary effect upon
money, does not because of sthe steady rise in American industry might result which would
prices necessarily mean an increase in transac- in the long run offset immediate advantages;
tions. There has been a widespread impression other dealers are inclined to look upon the
that the people in general have been in recent situation more philosophically, taking the
months disposed to extraordinary extravagance ground that the demand for fine goods is so
and numerous incidents within" almost every- great that it will readily absorb the best grades
one's experience, many of which find their way of wool which they believe will form the bulk
into print, are constantly cited to support this of the Australian shipment. In the meantime
belief. There is, on the other hand, evidence the auctions of our own Government supply,
that such cases are exceptional; indeed, that in chiefly of the medium and coarse grades, are
buying wearing apparel and other articles of scheduled to come off next month and their
household use, except food, the public in general possible effect upon the offering of the British
is not paying the full amount of the increase stock remains to be seen. Mills are running to
in prices necessary to obtain the same quality capacity and so long as the public remains inwhich it formerly bought; and the number of sistent in its demand for only the finer grades
persons who positively refuse to pay for goods of cloth for suitings, leaving a narrow market
with respect to which" they can exercise discre- for the medium and coarser grades of wool,
tion in buying more than a fixed figure which high prices may be expected to continue.
they deem consistent with their means, or
Cotton and cotton goods.—The falling off bot|i
necessary to adhere to in view of the cost of in quantity and quality in this year's cotton
other items which enter into the family budget crop due to unfavorable weather conditions,
and, over which they have no control, is reported which have prevailed over much of the cottonby some of the larger stores to be apparently growing section of the South, together wi€h
increasing. Whether this attitude on the part the high cost of labor, and the fact that the
of the public, if it expands and is steadily sus- supply of last year's crop which was carried
tained, will ultimately have an appreciable over was largely of the coarser grades, has reinfluence on retail prices remains to be seen; in sulted in such extraordinary prices for the
the meantime retailers continue to experience choice qualities as to cause a marked reaction
difficulties in getting deliveries of goods in in buying activity, for while retail current deseason for consumption, a circumstance making mands for print goods and all kinds of fancy
for continued high and in some lines still higher products, such as costly shirtings, show little
prices, though merchants prefer to be opti- sign of abatement, mill men are fearful th^t
mistic in the belief that, in general, prices have any further increase in prices to meet the cotreached the peak.
ton price levels recently set by the southern
Wool and woolen goods.—Wool dealers reportgrowers would prove the traditional straw
the market, while in general still marking time, which broke the camel's back; indeed, buyers
to be gradually showing increased activity. themselves, while eager to take whatever the
No relief from the shortage in the finer goods is mills are able to offer in the way of fine goods
. yet in evidence, with resulting buoyancy in at the prices hitherto prevailing, are reported
prices. There is considerable speculation as to as balking when confronted with the advances
the effect upon this situation of the offering here in the price of cloth they would find it necessary
probably early in the new year of 50,000 bales to pay to meet the sudden rise in the price of
of Australian wool by the British Government, the raw material. Thus a situation has been
E
1026
FEDERAL EESERVE BULLETIN.
NOYflMBBB 1, 1919.
created in the fine-goods market which may be making ambitious plans for foreign trade after
expected to cause a reaction to set in, or, at conditions are stabilized, and one of the largest
any rate, to reconcile the consumer to accept- New England companies has recently organized
ing the less expensive grades. Manufacturers subsidiary British and French corporations to
of goods for household use are sold 60 to 90 simplify the distribution of its products throughdays ahead, but are by no means running in all | out northern Europe.
cases to capacity, being apparently reluctant,
REPORTED BY DISTRICT NO. 2.
with few exceptions, to take orders for delivery
very far into the new year, because of uncerMoney and banking.—The past 30 days have
tainty as to prices and labor conditions. The
situation as respects the market for coarser been, marked bj important movements in
rades, such as are used for ducking, automo- money and banking in this district, particuile tops, hose, etc., is somewhat different, cus- larly in the city of New York. In this period
tomers of the mills for this class of goods being loan accounts of New York Clearing House
not so dependent upon market fluctuations in banks reached new high levels. The loans and
the price of raw cotton in making sales to sup- investments of the Federal Reserve Bank of
ply the demands of current trade, and therefore New York increased to a point not far below
willing to make contracts with the manufac- the highest ever reached. The call money
turers for monthly deliveries for many months rates, as yet the accepted indicator of money
in advance on the basis of the cost of cotton at market conditions, rose on three days to 15
the time of delivery. Mills having, or able to per cent and •frequently to 10 and 12 per cent.
The elements which precipitated the rise in
install, the equipment to handle orders of this
kind are accordingly willing to book orders for loans and in rates had their roots in the condipractically an indefinite period in advance, tions described in our report of a month ago,
and there are instances of this being done far On September 15 and the days immediately
following the Federal Reserve Bank of New
into 1920,
Leather and> shoes.—Continued prosperityYork paid $374,000,000 of certificates of indominates all branches of the allied shoe and debtedness, and at the same time sold $437,leather trades, from hides to shoes, a condition 000,000 of new certificates, chiefly of one year
equally true of the related industries, such as maturity. During September also there was
the manufacture of shoe machinery, lasts, tan- an actual decrease of $400,000,000 in the Govning materials, and shoe findings. Some of ernment debt. The result was momentary
the largest concerns in the United States have ease on the money market, a reduction of
reached a point where it will be impossible for $225,000,000 in the borrowings by the member
them to accept additional orders for five or banks of this district at the Federal Reserve
six months, and an actual shortage of footwear, Bank, and a recrudescence of great speculative
although perhaps it will not be acute, is a possi- activity at a time when the normal demands
bility since the shortened hours of labor are for autumn business and crop moving are norbeginning to show their effect in reduced pro- mally at their apex.
At the Federal Reserve Bank the reduction
duction. The upward tendency in hide and
leather prices has been somewhat checked, but in. member-bank borrowings was transient.
at the present time these commodities remain The mounting credit demands of the season and
on a strong basis. In the meantime, shoe of speculation in securities, real estate, and
prices, always six months or so removed from other forms of property, together with the
leather quotations of the moment, have con- withdrawal of $166,000,000 Government detinued to advance. The present checking of posits created by the sale of certificates of inleather values, however, gives some ground for debtedness, produced directly or indirectly in
the hope that the "peak" in shoe prices will three weeks a rise of $240,000,000 in the borbe reached by the midsummer of 1920. Ex- rowings at the Federal Reserve Bank, until on
tensions to existing plants are being made in October 17 total loans and investments reached
some quarters, and the example set by those $974,400,000, only $24,000,000 below the total
who have had the courage to take the initiative of last July, the maximum for this bank.
in this respect will probably be followed by
The increase in loans and investments of
other concerns as soon as they are better able New York Clearing House banks from Septemto forecast economic conditions. The export ber 19 to October 17 was about $45,000,000,
trade in both leather and shoes is still averaging with the peak on October 10, when the total
large totals. Certain prominent concerns are stood at $5,433,000,000, the highest ever
t
NOVEMBEB 1, 1919,
EBDERM, EESEEVB BULLETIN
1027
reached, and more than $110,000,000 above the new insurance was written than in the correfigure for three weeks previously. This expan- sponding period a year ago. The New York
sion occurred in spite of a material liquidation State savings banks show an increase of
of war obligations held by the banks. During $137,000,000 in deposits for the first six
the same period the banks in this district which months of this year, against $5,164,000 for
report their condition to us each Friday reduced the same months of 1918, On the other hand,
their Government bond holdings by $9,000,000, extravagance in personal expenditures is everytheir certificates of indebtedness by $109,000,- where reported, and there is still an obviotts
000, and their loans secured by United States disposition on the part of holders of small
bonds by $37,000,000; while their loans secured denomination Liberty bonds to sell. In cerby stocks and other bonds increased $112,000,- tain issues the total of $50 bonds which have
000.
been presented at the Federal Reserve Bank
Nor is this movement confined to New York for exchange into higher denominations—sugCity and the Second Federal Reserve District. esting that the purchasers have sold them to
The liquidation of Government securities and uyers able to hold $1,000 bonds—exceeds the
paper which is taking place in the banks of number originally issued in this district. But
every section of the country has released much as New York is the primary market for the sale
credit, but this credit has not been used to of Government bonds, large amounts of small
reduce borrowings , at the Federal Reserve denomination bonds are constantly being sent
Banks; it has been promptly absorbed by the here from other districts for sale." However,
demands of production and distribution or by the great volume of such exchanges is indicathe speculation in securities, commodities, and tive of the extent of the continued selling by
real estate, which is proceeding actively in small holders.
nearly every part of the country. The" deThe movement of call money gives an accumands for credit which have lately been im- rate reflection of the movements described
posed upon the Federal Reserve system have above. Immediately after September 15, when
reduced its reserves to less than 49 per cent, this bank disbursed funds in payment of certhe lowest in its history, despite the recent- tificates of indebtedness, the call-money rate
introduction into these reserves of about for a few days fell to 4 per cent, but the ease
$107,000,000 of gold received from Germany soon passed. At the end of September the
in payment for foodstuffs, a wholly excep- rate touched 15 per cent and remained high,
tional transaction.
with only transient declines to the middle of
One of the most important developments October, when it again touched 15 per cent on
of the past few months has been the general two successive days. At the end of the period,
tendency on the part of the banks to distri- with an increase in available funds and a
bute, rather than to hold, their certificates of decline in the loan totals of the banks, it fell
indebtedness. On September 30, the last date sharply and reached a lowfigureof 4 per cent.
Rates for time money tended upward as
for whichfiguresare available, the total amount
of certificates outstanding in the country was early as the first week in October, reaching
$3,755,000,000, and it is estimated from the 6 per cent for the shorter maturities as against
figures of the 776 banks which report weekly 5f in the latter part of September. The rate
that the aggregate amount of certificates held for longer maturities reached 7 per cent on
by all banks in the United States was well October 15 and 8 per cent a day later.
Throughout the period commercial paper
under $2,000,000,000.
The steady liquidation of Government paper rates have ruled at 5 | per cent, with the best
in the banks and the demand for Government names selling at 5 per cent. Few New York
bonds in the market at rising prices indicate banks have been in the market, but an active
the gradual absorption by savings of those demand has come from their out-of-town
bonds for which the savings of the country correspondents. Offerings have been limited,
during the war were insufficient. Among the but latterly rates have inclined upward, in
large borrowings made for the purpose of par- sympathy with higher call money. Dealers
ticipating in Liberty loans were those of the in acceptances report poor sales for the same
large insurance companies, and they are now reason and that their holdings have increased
nearly or completely liquidated. This evi- extensively. Rates on acceptances are undence of saving is confirmed in the reports of changed.
Bank clearings for September increased only
84 insurance companies showing that for the
first six months of this year $845,000,000 more one-half per cent from August. During Qcto-
N
1028
EEDEEAL KESEBVE BULLETIN.
ber clearings have been heavy and increasing,
a result of the increase in commercial transactions and the active stock market.
Stock market.—The position of equilibrium
into which the stock market had worked itself
by the middle of September has in a broad
sense been maintained ever since, and this is especially true of railroad shares. The prices of
these within the past month have not moved
enough to pass either above the peaks of recent
rallies or below the bases of recent breaks.
Even the industrial issues have continued to
move within a price area too confined to denote
any new or powerful tendency. Yet they^ have
passed slightly above the previous high tide of
the 1919 upward movement, even though they
1 aid the new advance only for a couple of days.
Realizing sales depressed the market somewhat during the third week of September, and
a negligible amount of liquidation was reported.
Yet railroad shares, which were the weakest
group, did not go any lower than a month
earlier; and in the case of the industrials as an
average, the lowest prices reached in the latter
half of September were not much below the
highest prices attained in August. During the
reaction of the third week of the month the
volume of transactions on the New York Stock
Exchange shrank to about 920,000 shares daily,
whereas in the upward movement that occupied the fourth week of September and the first
ten days of October the trading averaged about
1,450,000 shares daily. Otherwise expressed,
the trading and investing public seemed willing
to stand aside and wait while the market was
sagging, but participated in the movement as
soon as the advance was resumed.
On the whole the market seems to have
moved according to the rules of speculation
rather than of investment. Purchasers appear
to have been guided by matters of expectation
rather than by performances in the way of
earnings and dividends. The steel strike was
rather the reverse of a depressing influence, because current market opinion exaggerated the
appearance of victory won by the steel companies at the outset. Moreover, high rates for
call money, precipitated to a considerable degree by the activity of the market, did not act
as a deterrent to the traders, but were regarded
merely as an incidental and minor offset to
expected profits. Throughout most of the period urgent liquidation has been notable for its
absence.
Bond Market and new financing.—Bond
prices have shown a tendency to rise, indicating that the market has already adapted itself
NOVEMBER 1,1919.
in considerable degree to new requirements for
a higher gross return on investments which
taxation and the value of money have dictated.
The returning strength of high-grade railroad
bonds is especially marked, a firmness that is
shared, though not to the same extent, throughout the list, with the exception of street-railway
bonds. That the obligations of the railroads
have risen as a group beyond other corporation issues is no doubt the reflection of confidence that in coming railroad legislation property rights will be protected. Within t£e
past month underlying first mortgage railroad
bonds have recovered about 2 | points, while
genera] mortgage, debenture, and convertible
bonds have risen about If points. Industrial
bonds have risen about three-eighths of a
point.
The month's transactions in Liberty bonds
have been heavy, proof that the public interest
in United States Government issues is being
maintained. Liberty and Victory bonds led
the rise in the general investment market, and
are still leading it. There is every reason, in
the volume of the issues, their unparalleled
security, and the familiarity with them of large
and small investors, why they should do so.
Further, their net yield to many investors is
greater than the net yield, after taxes, of corporation bonds showing the same gross yield.
Irrespective of taxation, the effect of which
varies greatly between individual holders, the
yields of these issues, except the 3J^ per cent
bonds of the first Liberty loan and the Victory
3%'s, range from 4.29 for the first 4 per cent
converted bonds to 4.87 for the Victory 4%.'s
(the yields being figured on the life of the
bonds).
New investment securities continue to be
offered in large volume. The offerings of
September are reported to have been about
$380,000,000, as compared with the previous
high record this year of $371,000,000 and with
a general average of about $240,000,000 per
month. The circulars received thus far during
October reflect little or no falling off in the
output of new securities. Aside from a larger
proportion of high-grade Government and municipal issues, the general average character of
these new securities is about the same as in the
recent past. State and local government bonds
have been issued in greater variety than in
recent times.
Foreign trade and foreign exchange.—-The
outstanding event in the September foreign
trade record for the country was the leap in
the total for imports7 which, according to the
NOTSMBEB 1, 1919.
FEDEBAX* BESERV® BULLETIN,
summary figures from the Department of
Commerce, were up $100,000,000 from the
preTious high record attained in July. Exports, on the other hand, declined from $646,
000,000 in August to $593,000,000 in September. Thus the favorable balance of trade for
the month is reduced to $158,000,000 and
aggregates $3,J70,000,000 for the year.
At this writing only totals are available, and
it is impossible to define the imports which
account for the increased total. The fundamental explanation is doubtless in the condition of the foreign exchange market, which
encourages imports and sets up an automatic
tariff against our goods abroad.
There was a sharp advance in practically all
the foreign exchanges during the last week in
September, partly due to speculation, but during October there has been-an almost constant
decline. Sterling, after rising to 4.26, gradually dropped to- 4.14% on the 18th, which
was within about 3 cents of the low record
reached in August. Francs rose rather sharply
to 7.86 on September 29 and then gradually
declined to 8.77 on October 15. Lire took, the
same course'and declined from 9.52 to 10.16.
KEPOBTED BY DISTRICT NO. 4.
General strike conditions which have prevailed in the iron and steel industry since September 22 have interrupted but have failed to
check the progressive development of trade
in these major lines. The effect of the strike
on production has been on a steadily declining
•scale. Certain districts and plants from the
beginning were able to maintain their organizations almost intact, and in other cases the
defection was not of proportions to cripple,
general operations. These conditions especially have applied to the Pittsburgh district,
to the east, to the south, and to other scattered localities. As a result, shipments to consumers have been fairly well maintained from
a number of directions, and these with stocks
of material on hand by the former,
together
with the piecing out from jobbers7 and warehouse stocks, have reduced the effect of the
shortage of iron and steel in general manufacturing or construction work. In fact, the secondary results of the strike as yet have not
been serious or crippling as far as general industry is concerned.
It is apparent, nevertheless, that the loss of
iron and steel production now being sustained
is beginning to have a strong bearing upon the
market position of iron and steel, and this irre-
1029
vocable tonnage which is steadily growing
promises to be a continuing and important
factor for a long time. The conservative policy as regards price advances which has been
pursued by the iron and steel manufacturers,
it is indicated, has been disrupted by the shortages of material which are growing as a result
of the strike. The economic loss produced by
strikes through interrupted production and the
cost to the public at large are clearly illustrated
by this situation. Because many blast furnaces are banked and unable to ship pig iron,
even where they have stocks on their yards,
prompt iron is commanding premiums of $2
and $3 per ton or more. Prices for forward
delivery have been advanced $2 a ton or more.
A similar condition prevails in mill products.
Prompt or early material is commanding premiums and in some lines higher prices are being
asked and paid for forward delivery. It is a
question when normal production shall have
been restored whether the market will return
to something near the level prevailing at the
time of the strike; present indications are to
the contrary, since former output and efficiency
of the mills in many cases are likely to be matters of slow recovery.
Because the extent of the strike has varied
widely in different districts, the restriction of
output in different products has been dissimilar.
This promises to have its bearing on future
market conditions in these respective lines.
The leading producer of sheets has restored its
production to 85 per cent, while independent
sheet mills are running at 75 per cent of the
rate in force at the time of the strike. The
Carnegie Steel Co. has cut down its idle list of
blast furnaces since September 22 from 35 to
20. The Cleveland and Youngstown districts
have remained the points of greatest continuing disaffection, but the first return of the men
to any appreciable extent the past week has
made the situation more promising from the
standpoint of manufacturers. In the Pittsburgh, Chicago, and other mill territories the
drift of the men back to their jobs now is more
pronounced and general than at any time since
the strike.
The boats of the bulk freight fleet are still
taking considerable delay due to labor trouble
ashore, and much time has been lost since the
last week in September on account of the steelworkers' strike.
Shipments to the furnaces that are idle have
been cut off and a large part of the ore is being
placed on dock. That is a slow operation, as
about 80 per cent of the ore is sent forward
1030
FEDERAL RESERVE BULLETIN.
direct to the furnaces under normal conditions,
and some of the unloading plants at the lake
front are down.
Ore has been moving faster than it can be
handled. There has been a big line-up at all
the docks and some of the ore carriers have been
held in port a week or more.
Retail business throughout the district is
in excellent shape, judging from the reports
from all classes of merchants. While the
greatest activity has been in the shops which
cater to the women folks, other stores liaye
felt the7 wave of heavy buying. Dealers in
women s wear report that there has been an
unexpectedly heavy buying of winter merchandise in addition to the heavy purchases
for immediate and fall use.
The dry goods jobbing business during the
past few weeks has shown some hesitation due
to uncertainty of labor conditions. The sky
seems to be clearing, however, and retailers
are now buying with more freedom. Orders
for spring delivery are beyond expectations,
indicating that customers have confidence in
the future.
Dry goods of all kinds are becoming very
scarce, and will become more so unless some
move is made to increase production. There
is a short cotton crop, which aggravates the
situation and makes for still higher prices.
This shortage of cotton, together with decreased
production, forecasts nothing but high prices
for months to come.
There is still a reckless disregard in buying,
especially in the purchasing ol the nonessentials. This recklessness shown in the choice
and price of commodities is one of the strong
factors that is causing continual high prices.
There is, however, a distinct falling off in the
purchase of shoes at the very high prices quoted,
also in some other departments where the
advances have been abnormal.
But in the face of this merchants claim that
conditions are such that the prices at which
they are selling their merchandise to-day seem
criminally low from their standpoint, considering the price of replacement quoted them. In
leather goods and woolens they state they are
to-day retailing merchandise at a price at
which it will be impossible to duplicate at
wholesale.
The fear that exists in the thinking retailers7
minds is how long can this condition continue
and what must be done to prevent this continuous rise. It is impossible for them to
merchandise on a standardized basis as they
formerly did, as the manufacturers, despite
NOVEMBER 1,1919.
the hi^h prices, claim they will not be able to
fill their orders.
REPORTED BY DISTRICT NO. 5.
, The tobacco crop is estimated at 60 per cent
of normal, but the highest prices ever obtained
are being realized. It is being sold rapidly and
the proceeds are already providing some liquidation and assisting in the limited marketing of
cotton.
The cotton crop is estimated at a little over
10,000,000 bales, which will only supply to a
limited extent the needs of the world. Owing
to the disarranged exchange markets and the
determination of planters to market the staple
only as full prices can be obtained, the crop is
moving slowly at about 35 cents for middling
cotton. The liquidation of agricultural paperhas begun and bank deposits are showing considerable improvement, but money is still in
good demand.
With the proceeds of tobacco, reasonable
sales of cotton at present prices and the gradual
liquidation of advances for raising the crop, the
cotton movement will be financed without serious difficulty. Spinners and manufacturers
are making maximum profits.
The farming interests of Maryland have had a
satisfactory year with the exception of the canners. Forty per cent to 50 per cent of the canneries in the eastern section are reported as
idle for several months past, owing to damage
by excessive rains to tomatoes and other truck
products.
In trade circles, purchases by retail mer~#
chants have been well sustained and the indications are for a steady demand for merchandise throughout the balance of the year. Great
difficulty is being experienced in securing a
full quota of supplies from producers. Deliveries are ^Wy slow and in many lines allotments
for future deliveries are being made, and advances in prices are expected rather than
recessions. Great difficulty in obtaining raw
materials is still reported.
REPORTED BY DISTRICT NO. 6.
Agriculture.—Present indications are that the
cotton yield of Georgia will be the lowest since
1896. The boll weevil has covered most of the
cotton counties in the State and has done great
damage. The adverse weather has also aided
in reducing the crop. Long periods of flooding
rains early in the season were followed in Auust and September by severe drought and
eat.
f
NOVBMBEE 1, 1919.
FEDERAL RESERVE BULLETIN.
The cotton crop of Alabama will show a decreased production this year. The percentage
is now estimated at 55 per cent oi a normal
crop. Boll weevils and unusually wet and cold
weather during the early spring, together with
unsatisfactory labor conditions, greatly reduced this crop.
Reports from Florida indicate that conditions
in the Sea Island cotton market are about the
same as previously reported. Some sales have
been made recently at about 65 cents, but it is
thought the price will rise and many are holding
out on this account.
The corn crop of Georgia is reported to be the
poorest in several years. Despite the very material increase in acreage, the total output will
be far below that of last season.
The Mississippi corn crop is reported to be
the shortest since 1916. The corn acreage was
slightly reduced this year, and some of that
planted was abandoned and not replanted on
account of weather conditions and labor
troubles. The acreage planted in sweet potatoes was increased 10 per cent, and the indication is the crop will be increased about 800,000
bushels over last year.
The corn crop of Tennessee made a slight improvement during the month of September, the
condition on October 1 being reported at 75 per
cent of normal/ compared with a 10-year average of 81 per cent. The buckwheat crop of
upper east Tennessee suffered for moisture, as
did late white potatoes. Sweet potatoes are
showing up well, and harvesting is going on in
some places with good yields and quality.
The Tennessee tobacco crop took on renewed
life during September, and what at one time
was expected to be a short and poor crop has
turned out to be one of the best ever produced
in the State.
Lumber.—The lumber market during the
past month has settled somewhat and prices
are slightly lower. This is due in part to the
slackened demand in the Northern States with
the approach of cold weather, and the further
fact that weather conditions in the producing
States have been favorable to increased output.
The railroads are buying very little, and the
export demand has declined. Even though the
market is easier and prices have declined
slightly, it is not probable that there will be
any large reduction in prices because stocks
are verjr scant at the mills. The car supply
is unsatisfactory.
Naval stores.—Both turpentine and rosin
show a marked decline during September, due
principally to the comparatively larger re-
1031
ceipts. On account of the high prices these
commodities had reached, no importance is
attached to this decline. Both products are
again on the upgrade. Labor conditions in
this industry are decidedly better and operations are now going on in a satisfactory
manner.
REPORTED BY DISTRICT NO. 7.
Business, generally speaking, continues to
reflect the greatly increased buying power
growing out of the abnormal wage distribution
and agricultural prosperity of the last three
years. Manufacturing in most lines in the
Middle West is exceedingly active and the people
are spending their incomes as freely as though
they expected to be able to continue indefinitely
on the war-time basis.
About the only indication of a distinct
tendency toward conservatism is found among
the merchants, who despite the lavish buying
of luxuries and other merchandise are carrying
comparatively small stocks of merchandise
and manufactured products, measured in
volume. One factor in this, however, apparently is the limited amount of raw material
and the continued high prices, mercantile concerns hesitating to stock up at high prices in
face of an inevitable subsequent readjustment
to a lower level.
There are indications cropping out here and
there of a growing tendency to expand manufacturing plant capacity instead of increasing
present plant efficiency in order to care for
the present demand. Bankers are beginning
to scrutinize their loans more closely, with a
view of checking a possible disposition on the
part of borrowers negotiating loans ostensibly
for commercial purposes when working capital
is gradually being absorbed in plant expansion.
The menace of such a condition, if it becomes
general, lies in the absorption of floating credit
by necessitating the use by banks of their own
liquid assets in obtaining rediscounts at the
Federal Reserve Bank.
The banking situation continues to reflect
heavy borrowing all through the Middle West.
Cattle feeding and other agricultural purposes,
as well as manufacturing and the continued
high-price level, call for a use of credit in peace
times equal to if not greater than a year ago
when we were at war. Advices from member
banks, however, reveal some development of
conservatism which is manifesting itself in
a closer discrimination in the matter of making
loans, with a view of checking the more speculative enterprises in their work of expansion
1032
FEDERAL RESERVE BULLETIN.
and the forcing of greater economy and
development of efficiency in operation, to the
end that production may be increased without
a corresponding plant expansion.
The tonnage being booked by the big steel
companies operating at Gary is reported on
an average to be very satisfactory. The
demand for steel in such lines as implement
and automobile manufacturing is in excess
of the ability to produce the material, and
western steel makers say that they are not in
a position to accept further orders for shipment prior to Febi aary or March. There
appears to be a large demand for steel, which
is more or less held in abeyance on account of
strikes, Dot only in the steel industry but in
various localities in building and other trades.
The export demand is'large, and once the labor
situation clears up, predictions are for an
unusually good demand for steel during the
entire coming year.
In building lines the demand for material
is -marked, due somewhat of course to the
settlement of the building trades strike in
Chicago; consequently all building material
fabricators are well supplied with work. The
demand for steel continues light from railroads, and the indications are that no large
commitments will be made before the first
of the year.
The average price of beef and mutton is
considerably lower than a year ago, notwithstanding the smaller receipts at tie principal
markets during September compared with the
previous year, which, showed a decrease of 23
per cent for cattle, 18 per cent for calves, and
a small decrease in the receipt of hogs. The
prices of hogs are the lowest in two years.
There are big stocks of pork abroad, which
Germany would absorb ii she could finance
the operation. With cheaper corn in sight
there are predictions of a $12 price for hogs.
Receipts of sheep increased 26 per cent. The
receipts for the first nine months of the year
showed a decrease of 10 per cent for cattle,
1 per cent for calves, and an increase of 29
per cent for sheep. The increase in the
receipts of sheep are due to big runs which
have arrived from the dry northwest, a lot
of lambs being light in weight.
The drought districts of the northwest have
also contributed to shipment of cattle, excepting beef stock which is being fed for the
market. In consequence, there have been big
runs of light cattle, selling for $10 to $12
per hundreds Declining markets and high
prices for feeds, however, are contributing
NOVEMBER. 1, 1019..
to losses for cattle raisers, who have to fall
back on their cushion of profits made in the
last two years.
REPORTED BY DISTRICT NO. 8.
A survey of the industries in the several
manufacturing centers in the district indicates
that many lines of business have developed
materially beyond a prewar basis. The number of employees has increased and wages are
from 40 per cent to 100 per cent higher. In
addition to this many new industries have
been established. A large manufacturer of
shoes says there is a good demand for his
product, but that he is somewhat hampered
by the "underproduction of labor.7' His
orders on hand for future delivery are far
above normal. The market, he says, is very
high, but shows some signs of weakness.
Manufacturers of clay products, brick, tile,
clay pipe, etc., say there is a good demand for ,
their products from small manufacturers and
for municipal and other internal improvements.
The demand is about 75 per cent of normal.
The steel strike and dullness in the metal
trades has restricted the demand for fire brick.
Prices tend to decline.
Wholesale and jobbing.—-A large wholesale
hardware concern reports that, its business is
improving. It attributes this to the good harvests, remunerative prices to farmers, and to
the optimistic spirit prevailing. Its business
increased considerably over last year, but
decreased slightly from last month. There is
still a tendency in some quarters to buy only
for immediate wants.
Wholesale grocery firms say prices are tending to lower levels; that there is a good demand
for their products, but that orders on hand for
future delivery are not as large as last year.
There are few complaints of the Government's
sale of foodstuffs.
Wholesale dry-goods houses say there is a
strong demand for their products. One firm
says its business decreased 5 per cent from last
year, but increased 10 per cent over last
month. It asserts it has already booked large
orders for the spring and summer of 1920.
The demand for the best grades of cotton,
which is exceptionally strong at this time, has
put cotton factors and jobbers in an optimistic
frame of mind. Their only complaints are of
export difficulties and of a prospective shortage of farm labor.
Retail.—Some retailers say that the " antiprofiteering agitation" and the high prices
NOYEMBBR 1, 1919.
FEDERAL RESERVE BULLETIN.
have affected their sales adversely. In the
South, the unseasonably warm weather has
delayed the demand for fall and winter goods.
While some stores report increases in business
as high as 61 per cent over last year and 35 per
cent over last month, yet one concern states
that its apparent margin of increase is due
largely to an extension of its plant and to the
higher prices.
REPORTED BY DISTRICT NO. 9.
The demand upon milling and manufacturing institutions throughout the ninth reserve district is steady and is increasing.
Most mills and plants are operating at capacity
with large orders ahead, which are sufficient
to guarantee a continuation of the present
active conditions through the winter months.
The rainfall in the western half of the district
has so far been unsatisfactory and this has, to
a. considerable extent, interfered with fall
plowing. In regions that were visited by
grasshoppers this year the farmers are, however, steadily plowing fields that are likely to be
infested. In the eastern half of the district
where moisture conditions are better, a normal amount of fall plowing will be accomplished.
The corn crop, which is- unusually good, has
been harvested and is safely in the shock or in
crib« The yields have been good in all parts
of the district where corn is an important crop
and the quality is excellent.
Killing frosts were late in arriving, and this
condition was favorable to good yields of late
garden and field produce. The late season
has also favored the maturity of fodder crops
and large amounts of rough forage are available for winter use. This, with the season's
excellent hay crop, will be of great value in
consequence of the high prices of mill feed and
similar products.
The rather unsatisfactory wheat yields and
the fact that most of the wheat from this crop
is light in weight or shrunken has already
presented difficulties in connection with seed
supplies for next spring. Milling interests
and State agricultural authorities are investigating the available supplies of good
seed and are taking early steps to prevent
the marketing of wheat that will be required
for the planting of next year's crop. With
plans for action already under way there is a
good prospect that notwithstanding the readily apparent shortage in the seed wheat
supply, a solution of the problem will be
found before the planting season comes around-
1083
The amount of wheat and other grains
coming into the market is less than last year.
Bank clearings have shown a tendency to
decline during the month as a result of the
limited movement, and railroad grain traffic
is reduced 40 to 50 per cent.
Wholesalers and jobbers are doing a very
satisfactory business and both sales and collections are good. They are still meeting with
difficulty in procuring satisfactory supplies of
merchandise, and report that the difficulty of
securing supplies is due to the shortage of production in eastern mills and factories. Retailers report that in money volume their sales
are generally above normal. Buyers have
plenty of money and are spending it freely.
Retail collections are good. Retail lines in
common with wholesale lines report difficulty
in maintaining their stocks and in procuring
prompt delivery of merchandise.
REPORTED BY DISTRICT NO. 108
Agriculture.—-Fall rains, generally light and
well scattered over the district, have made
pastures green in nearly all sections, and with
fall-sown wheat getting a good start the farmers
are sure of fine pasturage until Christmas, or
until. the heavy snows come. In parts of
Colorado and Wyoming snow fell early this
year, but grass is green in the low ranges.
Preparation of the soil and seeding of wheat
progressed satisfactorily over the greater part
of the winter wheat area in September, although
the ground was somewhat dry for best results
in southwest Missouri, southeast Kansas,
northwest Oklahoma, and north of the Platte
in Nebraska. Improved weather conditions
in these sections early in October helped out
the situation materially. Reports from many
sections are that wheat is coining up fine and
it has a good stand and a dark rich green color.
It is too early for accurate estimates of the
acreage of wheat sown this fall, but reports
thus far would indicate a slight reduction of the
acreage from last year's planting. Threshing
of the 1919 crop of wheat is still under way in
the western part of this district.
The September moisture helped the corn in a
good many localities and improved the condition perceptibly. The corn has matured nicely
and without damage from frost. The season
is now over except the gathering. Taking the
corn belt as a whole the yield for 1919 is better
than the five-year average. Practically all
grain sorghums have matured nicely and the
yield is heavy. Cotton is fairly good in Old a*
homa, though heavy rains in September did
1034
FEDERAL BESERVE BtJLLETm.
some damage to the crop. The production of
broom corn will be greater than that of last
year, but on a greatly reduced acreage.
The digging and hauling of sugar beets to
the factories is now under way, and great
activity is reported in all of the sugar-beet sections of Colorado, Wyoming, Nebraska, and
Kansas. The beets are of excellent quality,
but the yield per acre is short of last year's yield.
The largely increased acreage this year, however, is said to insure a larger production of
beets by several thousand tons.
That 1919 has been a good all-round year
agriculturally was disclosed in a practical way
at the International Soils Product Show in
Kansas City, where the products of this district came in competition with those of the irrigated sections of Arizona, the fertile lands of
Manitoba, and other favored sections of this
country. Kansas, Oklahoma, and Colorado
each had wonderfully fine prize-winning State
exhibits, while several of the counties and sections of other States of this district also had
remarkable exhibits.
Grain movement and milling.—The movement
of wheat to the markets of this district has been
in larger volume since harvest time than at the
same time last year—and this in the face of
embargoes, car shortage, v and the permit-toship system. The increase at Kansas City,
Omaha, and St. Joseph for the months of July,
August, and September were 17 per cent larger
than for the same after-harvest three months in
1918. It has been about the same at Wichita,
Oklahoma City, and other grain centers of the
district. Corn receipts at all points have been
about 50 per cent of the volume of receipts up
to this time last year, due to the fact that practically no corn was held over from last year's
scanty crop. A marked increase of corn receipts is looked for when the movement of this
year's crop is under way. Receipts of oats
were in about the same proportion as corn,
about 50 per cent of last year's marketing at
this time.
Top and bottom prices of No. 1 hard wheat
at Kansas City in September were $2.57 and
$2,18 per bushel. October brought something
of a decline, as on the 14th No. 1 hard wheat
was selling at $2.27 to $2.50, with a preference
for the dark variety. No. 1 red wheat was
selling at that date* at $2.24 to $2.25, having
suffered a decline in about the same proportion
as the hard wheat. The top and bottom of
corn prices in September was $1.77 and $1.36
for No. 2 mixed, snowing a sharp break from the
Mgh prices of July and August. A further
NOVEMBER 1,-1919.
decline brought No. 2 mixed corn down to $1.39
on October 14, and at the same time No. 3
mixed was ,$1.36 to $1.38. Oats were slightly
off in September as compared with the August
prices, the top and bottom September prices
being 73 cents and 67 cents for No. 2 white
oats. Mid-October saw No. 2 white oats selling
at 69 cents to 70 cents.
Milling operations have been heaviest of the
year in the past four weeks. At Kansas City
operations have been 89 per cent to 103 per
cent capacity, at Omaha 85 per cent to 90 per
cent capacity and at interior milling points at
86 per cent to 90 per cent capacity. AH points
show a good increase over last year's operations
in flour making. The flour trade has been
heavy, due largely to the fact that buyers could
not longer afford to hold back in the hope of
obtaining lower prices. Prices are showing
very slight changes only.
Live stock.—Receipts of cattle, although
meeting demands except as to finished fat
cattle, failed to come up to the September mark
of 1918 as a result of car shortage on the one
hand and unsatisfactory prices on the other.
The market during September was very erratic.
Beef steers started off at $18.75 for tops,
dropped to a top price of $15.25 during the
month, and at the close the top price paid was
$17. The market was steadier in the fore part
of October, with top prices around $18. All
grades of cattle average 50 cents to $1.50 lower
than a year ago. Efforts toward establishing
foreign credits and a promised reduction of
ocean shipping rates on beef are expected to
help bring a stabilization of the cattle market.
Hog prices at the end of September reached
the low level of $16 to $16.90 for bulk sales,
having declined from $17.75 to $19.60 at the
beginning of the month. Big declines followed
early in October. On the 11th the average for the week was $15.53, and bulk sales on
the 16th were at $13.75 to $14.40, the lowest
price level for hogs since July, 1917. The
receipts were light and the demand uneven.
With a good corn crop, a larger movement of
heavy hogs is anticipated.
Drought conditions in the northwest are said
to be largely responsible for the unprecedented
run of sheep on the markets this autumn.
This is evidenced by the enormous receipts at
Omaha, Kansas City, Denver, and St. Joseph.
Omaha made the highest one month record for
sheep receipts at any market, with a total of
849,811 in September. Packers took about 30
per cent of the sheep offered and the remainder
went to various parts of the country as feeders
NOYBMBEB 1, 1919.
FEDERAL. RESERVE BULLETIN.
1085
While the return from the cotton crop has
not been received in sufficient volume to reflect
its full effect upon trade, there is every evidence of a steady increase in the general prosperity reported last month in all lines of mercantile activities.
Wholesale trade.—Wholesale houses throughout the district report a continuance of an
almost unprecedented volume of fall trade,
many complaining of inability to maintain
stocKs to supply the demand. Some mills are
reported to be canceling or reducing orders
previously accepted. Apparently the retailers
REPORTED BY DISTRICT NO. 11.
are buying with full confidence as to the future
Agriculture.—The cotton crop is both late and no fear of losses from an eariy depression
and short. Picking is progressing in north of prices.
Texas, where the plant was about three weeks
late in. maturing. In south Texas the crop
REPORTED BY DISTRICT NO. 12.
was considered almost a total failure, both as
to quantity and quality. Recent rains and
Movement of wheat in the Pacific Northwest
cold weather have severely affected the grow- is as rapid as transportation facilities will pering staple, and it is now freely predicted that mit, it being estimated that fully 60 per cent
the Texas yield this year will fall considerably is now out of the farmers' hands. Plowing and
below 3,000,000 bales.
seeding of winter wheat is progressing satisThe Texas wheat crop for this year is esti- factorily in Oregon, but lack of favorable
mated to be 25,000,000 bushels in excess of weather is retarding fall seeding in western
that of 1918. The acute car shortage has Washington and northern Idaho. A large
greatly hindered shipments, but efforts are decrease in acreage is predicted in both districts,
being made by the Railroad Administration California produced nearly one-fifth and the
to relieve the situation, and it is thought that twelfth Federal reserve district slightly more
the bulk of the crop will be moved within the than one-fourth of the total barley production
next 30 days.
of the United States.
A bountiful corn crop has been harvested,
Arizona and California (including that part
insuring an ample feed supply for farmers and of the Imperial Valley situated in Mexico) nave
stockmen for the coming winter.
grown 176,000 bales of cotton during 1919, an
Rice and hay are being harvested under increase of 53,000 bales over 1918. With indiadverse weather conditions, and a fair yield of cated yields of 305 pounds and 333 pounds
both is indicated.
per acre, respectively, these yields, which are
Live stock,-—'Recent rains in west Texas have the highest per acre in the United States,
relieved conditions there appreciably and placed exceed the average by 147 and 175 pounds,
the ranges in excellent condition. Both grass respectively.
and feedstuff's are reported as plentiful, and
With an average production of 66 bushels of
stockmen are well prepared for the winter. rice per acre, as compared with an average of
Breeding herds, however, are greatly depleted, 36.6 bushels for the 11 rice-growing States, Caliand unless the breeders are able to obtain fornia assumes second place in amount grown,
needed financial assistance further sacrifices of its acreage having increased from 16,000 acres
herds are inevitable. With the exception of in 1914 to 138,000 in 1919.
"stockers," prices on all classes of live stock
The deciduous fruit crop of the district promare reported as declining, although receipts at ises to be the largest on record. Commercial
Fort Worth continue to show a loss in all production of apples is estimated at 30,690,000
classes except sheep as compared with the boxes, as compared with 21,309,000 boxes in
corresponding period last year.
1918. Recent windstorms in Washington
Retail trade.—-An exceptionally heavy vol- may reduce this estimate by approximately
ume of sales is reported in all iines of retail 1,000,000 boxes. In spite of this, Washington
trade. Cash sales are being made in large and retains the position of the largest commercial
increasing volume, and the call for high-priced apple-grqwing State in the United States, with
merchandise shows no sign of diminishing.
a crop of approximately 15,000,000 boxes.
and breeders. Prices fluctuated greatly in
September. From $14.50 at the beginning of
the month best western lambs advanced to $16
by the 10th then dropped to $14 by the 22d,
and at the close of the month sold at $15. On
October 16 western lambs from Colorado and
Utah sold at $14,50 and native lambs at $14.
Reports from over the district indicates an
increased supply of finished stock on the market
as pastures are in excellent condition and there
Is now an abundance of feed,
1036
.FEDERAL BESERVE BULLETIN.
SPAIN'S FOREIGN COMMERCE
AND
FINANCE: 19I4-1919.1
BALANCE OF TRADE.
Spain is primarily an agricultural country,
but is also rich in mineral resources. Her exports consist largely of products of the soil,
such as wines, fruits, nuts, vegetables, and
olive oil, together with such minerals as iron
ore, pyrites, lead, copper, and mercury. On
the other hand, Spain imports coal, cotton, fertilizers, tobacco, lumber, and especially machinery and other manufactured products. A
table showing Spain's balance of trade for a
series of years follows.
[Exclusive of gold and silver.}
[In thousands of pesetas.]
Year.
Imports.
of Excess of
Exports. Excess
imports. exports.
1910
1911...
1912
1913............
1914...
1,099,757
1,070,183
1,137,087
1,411,914
1,082,449
967,739
912,973
1,060,615
1,086,812
1,131,852
1,173,302
929,914
1,242,447
1,361,549
1,311,314
938,409
454,332
i9i6iiiiiriinii
1917............
1918..
1919 (4 months)
733,823
575,708
575,682
39,142
16,628
274,708
448,576
577,491
362,701
187,650
Before the war Spain's imports generally
exceeded her exports by considerable amounts,
but during the war period the demand for
Spanish products on the part of the belligerents
increased very greatly, with the result that the
balance of trade, beginning with the year 1915,
was heavily in Spain's favor. It should be
noted that the figures in the table are from
official Spanish sources and that the values of
exports are not actual values but values assigned to different articles by the Government.
1
An article on "Activities of the Bank of Spain/' by Arthur N. Young,
trade commissioner, which appeared in Commerce Keports for October
18, 1919, gives a description of the organization and functions of the
bank. The present study, therefore, deals in some detail only with
Spain's foreign commerce during the war period, with foreign exchange,
with the gold policy of the Bank of Spain, and with credits granted to
the Allies. Acknowledgment is made of Mr. Young's assistance in
the preparation of this study.
Principal sources: Annuafreports and weekly statements of the Bank
of Spain; Anuario Estadistico de Espafia, 1917; Estadlstica General del
Comereio de Espafla en 1916; Besumenes Mensuales de la Estadlstica
del comereio Exterior de Espafia; Boletin oficial de la Camera de Comereio de Madrid; Amario oficial de valores de la Bolsa de Madrid, 1910192(h
Espana Economies Y Fmanciera (weekly).
2
Compiled by Trade Commissioner Arthur N. Young from official
sources,
These values have not been increased since the
outbreak of the war, while prices have advanced, so that at current prices the excess of
exports over imports would be considerably
greater than is indicated by the figures.
This very large excess of exports has been
balanced during the past five years by the
following items: Additions to the Bank of
Spain's gold holdings, which from December
31, 1913, to September 2.0, 1919, increased by
1,814 millions; purchase by Spanish nationals
of 615 millions of Spain's foreign loan obligations, loans of 685 millions to the Allies, and a
considerable amount of Spanish railwaj^ and
other securities repatriated during the period.
THE BANK OF SPAIN.
8pain9s balance of trade 1910-1919.2
5,235
238,612
152,535.
NOVEMBER I, 1919.
The Bank of Spain, which stands at the
center of Spanish finance, has the monopoly
of note issue, acts as the fiscal agent of the
Government, and occupies an important place
both as a bankers' bank and the largest bank
for the public, reflecting in its balance sheets
many of the important economic developments
of the country. A table showing the balance
sheets at the end of each year, 1913-1918, and
principal asset and liability items on September 20, 1919, is attached. I t will be
noted that the gold holdings of the bank increased from 674 million pesetas afc the end of
1913 to 2,488 millions on September 20, 1919.
Silver holdings, on the other hand, show a substantial decline, from7 716 millions to 640
millions. The banks discounts more than
doubled during the period and its holdings of
"polizas," or notes secured by personal property, commercial paper, or merchandise, increased from 292 millions on December 31,
1913, to 980 millions on September 20, 1919.
Notes in circulation show a great expansion,
corresponding to the country's enlarged business activity and the prevailing higher level
of prices. The limit, of note circulation,
which was 2 billion pesetas before the war,
was raised on several occasions during the
period under review and is now 4 billions, the
actual circulation having increased from 1,931
millions to 3,708 millions. Legal reserve requirements for notes changed as the outstanding amounts increased. The following
table from Commerce Reports for October 18,
1919, shows the requirements in detail:
1037
FEDERAL RESEEVE BULUSTIN.
NOVEMBER 1,1919.
Legal reserve requirements of the Bank of Spain,
Reserves.
Amount of note issue.
Amount
required.
Gold required.
Silver required.
Kind of gold or silver.
1,500,000,000...
Pesetas,
400,000,000
180,000,000
350,000,000
Pesetas.
Pesetas.
200,000,000 or less
200,000,000 or more
] Spanish silver or gold, foreign gold at
120,000,000 or more.. 1. 60,000,000 or less
[• par, or gold bars at rate of 3,444.44
250,000,000 or more
100,000,000 or l e s s . . . . . . 1 pesetas per kilo of fine gold.
2,500,000,000...
3,000,000,000...
3,500,000,000...
500,000,000
500,000,000
500,000,000
Not specified
500,000,000
500,000,000
500,000,000 or less
None...
None.
From 3,500,009,000 to 4,000,000,000...
500,000,000
500,000,000
None
Aug. 1,1914:
Up to 1,200,000,000
From 1,200,000,000 to
From 1,500,000,000
Since Aug. 1,1914:
From 2,000,000,000 to
From 2,500,000,000 to
From 3,000,000,000 to
2,930,000,000
Total
2,070,000,000 or more,.. 860,000,000 or less
It will be noted that the required percentage
of metallic reserve increases with the volume
of circulation and that an increasing proportion
of the reserve is required to be in gold. All
notes over 2 billion pesetas require a 100 per
cent gold reserve. The actual reserve position
of the bank at the outbreak of the war and at
subsequent dates is shown in the table below.
Notes in circulation and reserves of the Bank of Spain*
[Amounts in thousands of pesetas.]
Metallic reserves.
Date.
Notes in
circulation.
Total.
July 25,1914..
Dec. 31,1914..
Dec. 31,1915..
Dec. 30,1916..
Dec. 31,1917..
Dec. 31,1918..
Sept. 20,1919.
Gold.
1,919,000 1,273,300 543,500
1,973,600 1,282,600 573,100
2,100,200 1,620,100 867,200
2,360,100 1,991,900 1,250,900
2,798,600 2,676,100 1,966,900
3,334,300 2,869,700 2,228,300
3,708,400 3,050,700 2,410,300
Silver.
729,800
708,900
752,900
741,000
709,200
641,400
640,400
Percentage of
reserve to
notes.
Total Gold
rereserves. serves.
66
65
77
84
96
86
82
28
29
41
53
70
67
65
The reserve ratio rose steadily during the
period under discussion, except in 1919, and
stood at 82 per cent on September 20 last, as
compared with 66 per cent at the outbreak of
the war. At the same time the percentage of
gold reserve rose from 28 to 65 per cent, so
that gold, which constituted less than half of
the total metallic reserve in July, 1914, formed
nearly four-fifths of the total reserve in September of the present year.
Dividends paid by the Bank of Spain were
20 per cent for each year, 1914-1917. In 1918
Specie; no kind specified.
Gold; no kind specified.
Gold only, of which not more than 15
per cent may be without legal currency unless the minister of finance
authorizes it on account of the international situation.
Gold only, none without legal currency
to be held without authorization of
minister of finance.
dividends were 21 per cent and in addition
30 million pesetas, amounting to 20 per cent
of the stock, were distributed in 4 per cent
bonds. The charter of the Bank of Spain
expires at the end of 1921, and in connection
with its pending renewal an effort is being
made to increase the part of the government
in the management and its share in the profits
of the bank.
TRADE WITH THE ALLIES AND FOREIGN
EXCHANGE.
Of special interest in connection with Spain's
economic developments during the war period
is her trade with Great Britain, France, and the
United States, and the exchange rates prevailing in Spain in respect to these countries. A
table showing the monthly high and low rates
prevailing during 1914-1918 and the first eight
months of 1919 is attached.
Great Britain's exports to and imports from
Spain during the period, as shown in the British
foreign trade accounts, were as follows:
[In thousands of pounds sterling.]
Calendar year.
1913..
1914
1915
1916
. .
1917
1918..
1919 (Jan.-June)
Exports
Imports
from Great from Spain Excess of
Britain to to Great
imports.
Spain.
Britain.
8,631
7,142
7,453
10,187
5,575
3,869
4,955
14,394
14,114
18,864
25,034
22,166
30,697
17,298
5,763
6,972
11,411
14,847
16,591
26,828
12,343
1088
FEDERAL RESERVE BULLETIN,
During the entire period covered by the
table England's imports from Spain exceeded
her exports to that country, but the adverse
balance in the trade with Spain became much
greater since the outbreak of the war. The
rate of sterling exchange in Madrid was about
par in 1914, but in 1915 the low rates recorded
each month were below par, the high still
remaining above par. During that year Engr
land supported her exchange by gold exports
to Spain, but in 1916 sterling exchange fell
definitely below par, the pound sterling being
quoted in Madrid during December of the year
at between 21.98 to 23.1 pesetas as against
par of 25.22 pesetas. During 1917 the pound
declined still further and continued to decline
until June, 1918, the lowest figure quoted
during the period being 16,63. Since the
launching of the allied military drive in midsummer of 1918, sterling exchange began to rise
and has remained more favorable to Great
Britain than during the preceding years, but
is still below par.
Spain's trade with France, according to
official French trade accounts, was as follows:
[In thousands of francs.]
Calendar year.
1913
1914
1915
1916
1917
1918
1919 (January-June)
Exports
Imports
from France from Spain Excess of
to Spain. to France. imports.
151,232
112,267
139,475
190,151
206,942
163,027
93,597
281,592
193,095
581,362
883,884
1,348,149
567,596
498,306
130,360
80,828
441,887
693,733
1,141,207
404,569
404,709
France's exports to Spain show moderate increases throughout the war period, but her
imports from Spain increased by leaps and
bounds, until in 1917 they amounted to 1,348
million francs. The large excess of imports
from Spain resulted in a fall of French exchange in Madrid, which from above par in
1914 fell as low as 61.35 pesetas per 100 francs
in June, 1918. The success of the Allied offensive, however, together with a decrease in the
demand for Spanish supplies, resulted in a rise
in French exchange which was quoted as high
as 95.07 in November, 1918. Since that time
exchange has fallen again, fluctuating in
August, 1919, between 64.50 and 72.60 pesetas
per 100 francs, and reaching in September a
new low level of 58.90 pesetas per 100 francs.
The trade between the United States and
Spain is shown in the following table:
NOVEMBER 1,
1919.
[In thousands of dollars.]
Year ending June 30—
1913
1914
1915
1916
1917
1918
1919
Exports
from
United
States
to Spain.
31,472
30,388
38,113
52,837
76,978
67,163
98,932
Imports
from
Spain to
United
States.
23,220
24,659
18,027
27,864
36,863
24,566
30,979
Excess of
exports.
8,251
5,729
20,085
24,973
40,115
42,598
67,952
It will be seen that exports from the United
States to Spain exceeded the imports throughout the period under review, the excess being
much greater since 1915 than in 1913 or 1914.
In 1915 and 1916 this excess amounted to over
20 million dollars, in 1917 and 1918, over 40
millions, and in 1919 to 68 millions. In spite
of our favorable trade balance, the dollar was
quoted in Madrid below par in May, 1916, continued to fall until June, 1918, when it was
quoted as low as 3.53 pesetas (5.18 being par),
and did not reach par again until July, 1919.
Since that time quotations have been generally
above par. This apparently anomalous decline of dollar exchange in the face of a balance of trade favorable to the United States
may be explained by the following facts: Spain,
as shown above, had large trade balances
against Great Britain and France, which resulted in the accumulation of sterling and franc
exchange in the hands of Spanish merchants
and brokers. In normal times exchange rates
can not fall below the so-called gold point; that
is, the point when it becomes more profitable
to ship gold than to pay the premium on bills
of exchange, but during the war the activities
of submarines made the shipment of gold so
expensive and hazardous that the gold point
ceased to operate as the limiting factor of variations in exchange rates, and furthermore, gold
exports were soon prohibited by the belligerents. Thus, unfavorable trade balances depressed sterling and franc exchange in Spain
very much below the gold point. In the
United States, on the other hand, sterling exchange was pegged at 4.76f, or only 2 per cent
below par, and franc exchange at about 5.70,
or 9 per cent below par. Spanish merchants
in need of American exchange to pay for purchases in the United States were, therefore,
able to purchase sterling or franc bills at a low
rate in Spain and buy therewith 77
in New York
dollar exchange at the "pegged rate. For
example, a Spanish merchant who desired to
NOVEMBER 1, 1919.
FEDERAL BESERVE BULLETIN.
1039
pay in America for goods valued at 100,000 of analyzing their bearing upon exchange,
pesetas in June, 1918, would buy sterling ex- be grouped together. Their unfavorable balchange at 18.05 pesetas per pound; that is, he ance with Spain amounted to over 240 million
would obtain 5,540.17 pounds for his 100,000 dollars in 1917, and to over 150 million dollars
pesetas; this amount he would convert at in 1918, and so long as the exchange rates
$4.76375 per pound into $26,391.98. In this remained linked together by the "pegging"
way the Spanish importer would receive arrangement, all the three countries had
$26,391.98 for 100,000 pesetas, or at the rate unfavorable rates in Madrid, but as soon as the
of about 3.79 pesetas per dollar. Since dollar arrangement was discontinued each country's
exchange was thus obtainable at a low rate, a exchange rate was determined independently
higher rate would not be paid for it and the by the trade balances existing between it and
depreciation of sterling and franc exchange was Spain.1
in this way reflected, through the "pegged"
GOLD POLICY OF THE BANK OF SPAIN.
rate, in a depreciation of the dollar in terms of
Spanish currency.
Prior to the adoption of the gold embargo
The situation that developed was in effect
by
the United States in the fall of 1917 large
that for purposes of foreign exchange America,
Great Britain, and France were a unit, Ameri- amounts of American gold were shipped to
can exchange being more favorable than that Spain to avoid the unfavorable rate, the amount
of France or England, only to the extent that of gold exported from the United States to
the " pegged " rate in New York was below par, Spain in 1916 being about 17 millions, and in
L e., about 2 per cent for the pound and 9 1917 about 102 millions. With these large
per cent for the franc. Thus, for example, the amounts of gold going to Spain and the rate
nigh rate of sterling exchange in January, 1918, of exchange for bills being low, the Bank of
was 19.91, that of franc exchange 72.88, and Spain was able to buy American gold conthat of dollar exchange 4.135. At these rates siderably below its bullion value, the rate in
the discount amounted to 21 per cent for December, 1917, being as low as 4.85, as
sterling, 27 per cent for francs, and 20 per cent against a par of 5.18, tne discount being over
for dollars. This relationship continued to be 6 per cent. Pounds sterling were also purmaintained 77approximately up to the time of the chased at a discount, the lowest figures
"unpegging of the exchanges in March of the recorded being 24.75. As a result the bank
present year. In November, 1918, at the accumulated a large stock of gold, the comtime of tne armistice, all three exchanges were position of which at the end of 1917 and 1918
at a high point: 24.57 for sterling, 95.07 for was as follows:
francs, and 5.11 for dollars, but in December,
January, and February, the unfavorable trade
Million pesetas.
balance existing between France and England
on the one hand, and Spain on the other,
1918
1917
depressed all the three rates again. In March
franc and sterling exchange continued to Spanish coins
378.3
378.9
gold:
decline, while dollar exchange, which became Foreign
214.5
284.2
Francs
independent of the others as soon as the fixed
437.6
597.0
Pounds sterling
.4
.5
Marks . . .
rate ceased to be operative, began to advance
822.5
854.1
Dollars
2.4
2.4
Various
in response to America's own favorable balance
1,477.4
1,738.2
111.2
111.2
of trade with Spain. The advance at first Gold bars
...
was gradual, but when in June the United
Total
1,966.9
2,228.3
States Government removed its embargo on
gold, dollar exchange rose at once above par
It will be seen that about two-fifths of the
and has generally remained at a premium
gold in the possession of the Bank of Spain con^
since that time.
A diagram illustrating the movement of the sisted of American gold coins, large quantities
three exchanges is attached. The rates plotted of which were purchased at a discount. The
on the chart show the movement of the profit and loss account of the Bank of Spain
monthly high rates and are expressed in shows that profits from the purchase of gold
percentages of par. It may be said that during at a discount amounted in 1917 to 29,976,306.50
the operation of the fixed rates in New York pesetas and in 1918 to 2.848,653.51 pesetas.
trade balances of Great Britain, France, and the This entire subject has been discussed in an article by Paul P. Gour»
United States with Spain, could, for purposes viteh, in the Annalist for Apr. 23, 1917, p. 559.
1040
FEDERAL RESERVE BULLETIN.
These profits were used to distribute an extra
"bond" dividend to the stockholders, amounting to 30 millions or 20 per cent per share.
Since the removal of the gold embargo on June
9, the United States has shipped about 28 millions of gold to Spain, but war restrictions being
no longer in force, and franc and sterling exchange having been "unpegged," this gold was
accepted in Spain at its bullion value.
CREDITS TO ALLIES.
In order to facilitate purchases in Spain by
the nationals of the United States, Great Britain, and France, the Spanish Government
through the medium of the Bank of Spain,
arranged for credits to be granted to these
countries. The British credit of 75 million
pesetas, granted on April 12, 1919, carried 5
per cent interest. The credit is guaranteed by
the British treasury and is granted to a syndicate of English bankers, who agree to export
to Spain up to 150,000 tons of coal monthly
during the life of the agreement at a fixed price
calculated at the par of exchange. Acceptances of the British purchaser were discounted
by Spanish commercial banks and rediscounted
with the Bank of Spain.
NOVEMBER 1, 1919.
Another trade agreement was concluded between France and Spain in 1918, the financial
features of which are as follows: The Spanish
Government agrees to authorize a consortium
of Spanish bankers and merchants to open to a
syndicate of French bankers a credit not
exceeding 35 million pesetas during each of the
10 months beginning March, 1918, that is to
say 350 millions in all. These credits were to
be guaranteed by the deposit with the Bank
of Spain of obligations of the French treasury
made out in pesetas, and payable in Spain, and
wherever possible by the deposit of Spanish
securities. A further credit of 105 millions
was extended in 1919.
In the case of the United States a credit of
250 million pesetas was granted, of which 155
millions have been used. The Banco de
Urguijo and the Banco de Barcelona handled
the first 75 millions of acceptances, and arranged for a syndicate of 62 Spanish banks for
the remaining 175 millions. In America a
syndicate of bankers, represented by the Mercantile Bank of the Americas, is acting in the
matter. The acceptances are handled largely
through transfers of credits on the books ol the
Bank of Spain, so that no large increase in note
circulation is caused by the transaction.
Balance sheets of the Bank of Spain, 1913-1918, and principal items for Sept. 20, 1919.
[In 1,000 pesetas.]
Dec. 31,
1913.
ASSETS.
Gold
Silver.....
Minor coins for account of treasury
Bills receivable..
Discounts
Loans secured by personal property
Polizas:
Unsecured
Secured by personal property, commercial paper, and
merchandise
,
Due from correspondents in Spain
,
Other bills
Securities
.
,
Perpetual 4 per cent interior loan obligation
Current accounts
Account with the treasury
Beal estate and furniture
Other assets
,
Total.
674,128
716,291
2,982
6,920
456,784
10,749
291,797
24,911
25,437
U,655
344,432
419,347
192,696
14,848
5,740
Dec. 31,
1916.
Dee. 31,
1917.
Dec. 31,
1918.
970,421
752,905
3,265
5,216
468,408
15,432
1,341,066
741,042
3,324
3,114
436,375
15,727
2,055,902
709,206
3,200
4,981
429,979
19,486
2,315,022
641,395
2,719
5.678
855,562
21,252
229,432
185,334
161,603
155,950
149,050
132,567
427,915
25,581
34,771
11,655
344,432
352,680
253,314
14,084
5,740
361,327
18,584
29,522
11,655
344,432
574,994
14,129
9,481
11,655
344,437
370,452
185,220
14,273
5,733
647,680
14,055
6,730
104,670
344,475
376,080
980,419
11,277
787,798
11,655
344,475
13,088
101,271
418,853
13,911
15,516
89,035
344,437
312,461
162,692
14,250
42,109
228,386
253,088
11,682
3,822,598
4,115,515
4,909,078
5,731,204
150,000
30,000
30,000
18,710
3,708,408
982,625
4,133
10,603
45,609
303,176
437,248
70,305
78,092
Dec. 31,
1914.
720,331
708,857
3,107
4,019
529,146
18,632
3,531,325
Dec. 31,
1915.
274,016
267,723
12,717
5,733
Sept. 20,
1919.
2,487,891
640,395
2,412
4,677
954,057
33,526
LIABILITIES.
Capital...
Eeserves
..
...
i.
Bonds of the Bank of Spain
Profit and loss
Notes in circulation.
Current accounts
Current accounts in gold
Deposits
.
.
Dividends, interest, and other bills payable
Accounts with the treasury.
Credits granted secured by personal property, commercial
paper, or merchandise.
Credits granted without security
Other liabilities....
Total.
150,000
20,000
150,000
22,000
150,000
24,000
150,000
26,000
150,000
26,000
22,137
1,931,284
485,124
73,050
149,944
23,897
1,973,640
608,463
1,073
10,882
64,890
115,340
23,367
2,100,174
697,788
1,911
10,758
67,761
67,306
23,519
2,360,084
748,203
3,239
9,418
67,400
54,810
50,811
2,798,642
942,442
7,430
8,553
67.439
50,483
150,000
30,000
30,000
25,839
3,334,288
1,158,761
2,726
9,435
76,516
50,220
108,845
96,213
485,281
225,846
78,820
408,844
192,278
80,367
406,886
193,629
74,366
404,847
278,902
81,590
446,787
342,702
77,948
442,768
3,822,598
4,115,515
4,909,078
5,731,204
3,531,325
1041
FEDERAL RESERVE BULLETIN.
NOVEMBEK 1, 1919.
Rates offoreign exchange for the yean1914-1919 in Madrid on Paris, New Yorh} and London.
[Sources: Anuario Estadistico de Espafla, 1917; for 1917 and 1918, Boletin Oficialde la Camara de Comercio de Madrid (Official Bulletin of the
Chamber of Commerce); for 1919, Espafia Economica y Finaneiera.]
Francs.
January.. .
February
March
April
May
June...
July
.
August
September...
October
November
December..
.
.
.
..
1915.
January..
February.
March...
April
May
June...July
August
September
October
November
December
January
February
March
1914.
.
1916.
*.
April....
May
June
July
August
September
October
November.....
December
•..
January....
February
March
April
May
June.......
July
August
September
October
November
December.
January..
February
March
April
May
June
July
August
September
October.
November
December..
January
^
February
March
April
May
June
July
August..
September...
.* .
....
...
.
...
1917.
1918.
.......
1919.
.
......
High.
Low.
106.45
106.30
106.32
106.17
106.12
105.15
104.65
101.68
101.00
105.50
104.50
104.15
105.30
105.97
105.95
105.96
105.30
103.00
103.22
96.30
96.00
100.00
103.28
100.40
101.25
100.20
97.45
95.00
97.85
98.65
95.75
92.75
90.90
91.00
90.80
91.55
100.15
97.40
94.20
93.85
95.00
95.75
92.00
$% 50
88.80
90.10
89.75
90.00
Dollars.
High.
Low.
J
1
5 28
15.27
I 5.37
15,22
Pounds sterling.
High rates expressed in percentages of par. 5
High,
Low.
Francs.
26.89
26.77
26.79
26.72
26.69
26.47
26.30
25.70
26.00
26.65
26.17
25.98
26.61
26.70
26.69
26.66
26.53
25.91
25.60
25.00
24.75
25.75
25.81
25.19
106.45
106.30
106.32
106.17
106.12
105.15
104.65
101.68
101.00
105.50
104.50
104.15
106.6
106.1
106.2
105.9
105.8
104.9
104.2
101.9
103.1
105.7
103.8
103.0
25.70
25.18
24.68
24.22
25.19
26.00
25.88
25.10
24.94
24.95
25.17
25.20
25.13
24.65
24.03
23.93
24.45
25.02
25.00
24.81
24.76
24,67
24.91
24.99
101.25
100.20
97.45
95.00
97.85
98.65
95.75
92.75
90.90
91.00
90.80
91.55
101.8
98.9
97.0
96.9
99.1
103.6
102.5
99.9
98.9
98.9
99.8
99.9
25.127
25.131
25.083
24.775
24.480
23.756
23.737
23.750
23.840
23.720
23,395
23.100
24.976
25.050
24.620
24.200
23.768
22.992
23.390
23.440
23.627
23.402
22,967
21.980
90
89.841
89.500
86.950
87.00
84.625
84.375
84.457
85.500
85.300
84.250
83
101.95
101.95
22.175
22.360
21.920
21.580
20.748
19.995
20.296
20.835
20.150
20.253
20.091
19.630
80.981
81.900
80.857
82.050
79.431
76.650
76.550
80.750
79.00
75.888
74.600
73.80
91.14
92.39
90.17
.89.59
81.68
84.57
86.89
86.12
83.61
82.16
81.00
89.1
90.1
89.3
88.1
85.7
82.4
83.1
86 8
86.0
82 7
79.7
79.7
Dollars.
101.95
101.76
103.69
100.99
Pounds
sterling.
90.00
89.841
89.500
86.950
87.00
84.625
84.375
84.457
85.500
85.300
84.250
83.00
89.500
89.120
86 00
84.925
84.300
81,996
83.033
83.285
84.226
84.200
84.250
78.800
5.280
5.280
5.260
5.280
5.050
4.965
4.980
4.970
5.00
4.940
4.855
4.800
5.050
4.965
4.980
4.930
4.930
4.890
4,855
4.800
80.981
81.900
80.857
82.050
79.431
76.650
76.550
80.750
79.00
75.888
74.600
73.80
79.933
80.500
78.680
78.800
76.200
73.066
75.122
75.720
73.275
73.520
73.566
72.175
4.720
4.785
4.670
4.640
4.675
4.715
4.650
4.610
4.230
4.380
4.500
4.460
4.330
4.255
4.195
4.220
4.330
4.380
4.455
4.260
4.225
4.120
22.476
22.720
22.516
22.210
21.620
20.776
20.965
21.900
21.700
20 860
20.392
20.111
72.88
73.61
71.79
68.80
64.02
66.44
66.03
77.89
81.73
90.03
95.07
92.10
71.59
71.87
68.83
62.05
61.55
61.35
63.62
65.60
77.70
85.28
90.20
91.00
4.135
4.16
4.07
3.99
3.63
3.67
3.72
4.28
4.41
,4.87
5.11
5.095
4.085
4.07
3.94
3.63
3.54
3.53
3.60
3.72
4.26
4.37
4.87
4.97
19.91
19.95
19.50
18.66
17.34
18.05
17.91
20.57
21.32
23.41
24.57
23.92
19.50
19.55
18.70
16.78
16.70
16.63
17.25
17.85
20.30
22.18
23.51
23.63
72.88
73.61
71.79
68.80
64.02
66.44
66.03
77.89
81.73
90.03
95.07
92.10
79.84
80.32
78.59
77.04
70.09;
70.86
71.83
82.64
85.15
94.03
98.67
98.38
78.9
79.1
77.3
74.0
68.8
71.6
71.0
81.6
84.5
92.8
97.4
94.8
91.55
91.00
88.80
84.77
81.76
80.50
79.50
72.60
68.00
91.00
84.11
83.22
80.23
74.05
76.00
73.60
61.50
58.90
4.975
4.97
5.00
5.02
5.01
5.07
5.24
5.28
5.28
4.94
4.60
4.72
4.93
4.84
4.93
5.06
5.05
5.18
23.80
23.71
23.30
23.30
23.23
23.30
23.26
22.90
22.24
23.64
21.86
22.39
22.91
23.03
22.79
22.84
20.75
21.69
91.55
91.00
88.80
84.77
81.76
80.50
79.50
72.60
68.00
96.06
95.97
96.55
96.93
96.74
97.90
101.18
101.95
101.95
94.4
94.0
92.4
92.4
92.1
92.4
92.2
90.8
88.2
1 Average figures. Only one figure quoted.
97.51
95.87
96.16
95.97
96.55
95.39
90.75
92.68
99.6
99.6
99.5
98.2
97.1
94.2
94.1
94.2
94.5
94.0
92.8
91.6
OQj
ON PRINCimL FOREIGN CENTERSJ9I4~!91B.
M d S d
MM mtShitis.
^M
I
w
NOVEMBBK 1, 1919.
Circulation of Federal Reserve Notes, 1917-1919.
In the tables below and accompanying diagrams is shown the course of Federal Reserve
note circulation of all the Federal Reserve Banks
during the past three years and for the present
year, also the amounts of Federal Reserve notes
reported outstanding and in actual circulation by the several Federal Reserve Banks in
the four main sections of the country. Starting with the very moderate amount of 273
millions of notes at the beginning of 1917,
Federal Reserve note circulation increased
slightly over 100 millions by the first week of
April, when the United States joined the Great
War. During the following six months the
circulation of Federal Reserve notes almost
doubled, and by the close of the year reached
a total of 1,246 millions, the increase during
the last three months of the year being much
larger than during the first six months of the
w^r. During the calendar year 1918 the in*
crease in note circulation with the exception of
the first month in the year was continuous up
to November 21, when following the armistice
for the first time a slight recession in the
volume of circulating Federal Reserve notes is
noted. During 1919 the volume of circulation
has fluctuated around 2 | billions, but has
shown no rapid increase, except since the
middle of September. A comparison of the
curves for the three years indicates that during 1917 and 1918 the increase in circulation
caused by the necessities of war finance and
the rapid rise in prices was so great that it is
difficult to trace the effects of seasonal demands
for currency. Nevertheless one may note an
acceleration in the rate of growth beginning
with September of each year and a recession at
the beginning of the year, marking a diminution of the exceptional demands for currency
for crop-moving purposes and during the
period preceding the Christmas holidays.
The curves indicating the course of Federal
Reserve note liabilities of the banks in the
1043
FEDERAL BESEBVE BULLETIN.
different geographic sections show in general
a close parallelism between the movement in
volume of circulation in all sections of the
country. I t is seen, however, that during the
year ending October 24 a greater expansion
of circulation occurred during the crop-moving
season in the Middle West and in the South.
Federal Reserve notes in actual circulation,
regions.
by geographic
[In thousands of dollars; i. e., 000 omitted.]
Boston, Chicago,
Louis, KichNew York, St.Minnemond,
Philadelapolis,
Atlanta,
phia,
Kansas
Dallas.
Cleveland.
City.
1918.
Oct. 2 5 . . . ,
Nov.l.....
Nov. 8
Nov. 15....
Nov. 22....
Nov. 29....
Dec. 6
Dec. 1 3 . . . .
Dec. 2 0 , . . .
Dec. 27
1919,
Jan. 3 . . . . . .
Jan. 10....,
Jan. 17.....
Jan.24.....
Jan. 31.....
Feb. 7
Feb. 14....
Feb. 20....
Feb.28....
Mar. 7
Mar. 14....
Mar. 2 1 . . . .
Mar. 28....
Apr. 4
Apr. 1 1 . . . ,
Apr, 18...,
Apr. 25....
May 2
May 9
May 1 6 . . .
May 2 3 . . . ,
May 3 0 . . . ,
June 6
June 13...,
June 20...,
June 27
July 4 . . . . ;
July 1 1 . . . .
Julyl8....
July 25....
Aug. 1.....
Aug. 8
Aug. 15....
Aug. 22....
Aug. 29...,
Sept. 5....,
Sept. 12...
Sept. 19...
Sept. 26...
Oct. 3
Oct. 1 0 . . .
$1,333,095
1,334,564
1,356,354
1,349,561
l,34i,270
1,342,465
1,343,512
1,349,376
1,380,926
1,388,724
1,365,480
1,324,551
1,270,580
1,245,734
1,238,552
1,244,382
1,268,672
1,267,120
1,281,008
1,291,137
1,309,861
1,316,382
1,328,762
1,341,959
1,348,771
1,348,255
1,353,737
1,350,987
1,358,844
1,343,745
1,331,259
1,343,894
1,335,891
1,330,564
1,322,056
1,331,962
1,306,423
1,357,755
1,339,846
1,340,133
1,348,166
1,360,081
1,370,282
1,379,550
1,395,138
1,407,092
1,408,329
1,398,214
1,415,823
1,428,068
1,435,784
San
Francisco.
Federal
Reserve
system.
(9,777 $297,334 $187,706 $2,507,912
299,018 190,954 2,515,504
308,412 193,748 2,558,196
310,095 196,210 2,562,517
706i,
709,132 307,416 197,397 2,555,215
714,592 310,410 201,209 2,568,676
722,836 312,104 206,G71 2,584,523
730*455 312,849 211,900 2,604,580
750,061 320,270 212,444 2,663,701
764,368 320,460 211,692 2,685,244
753,626
741,905
726,874
718,827
710,514
711,662
711,684
710,756
709,412
712,945
714,147
714,054
712,234
721,013
719,474
714,789
715,451
712,964
712,933
710,227
702,692
705,986
704,686
700,398
697,480
700,241
709,845
705,809
701,159
695,810
707,357
705,465
711,243
717,063
726 292
728,532
731,393
741,101
757,812
770,013
316,981
315,109
311,054
302,449
302,837
301,789
294,517
295,979
290,547
291,567
288,317
289,989
292,280
293,684
290,693
289,531
288,452
286,785
284,611
278,776
274,232
275,102
276,471
273,609
273,535
274,868
273,501
273,307
269,127
268,100
269,439
266,816
264,253
264,907
270,926
273,995
280,922
288,104
306,877
320,156
211,518
209,116
204,581
199,546
198,826
196,332
193,515
192,393
191,340
192,888
190,770
190,262
188,500
191,014
189,650
191,129
191,912
198,304
200,361
199,291
196,070
194,310
195,989
194,694
195,182
194,748
201,212
201,062
197,736
195,328
194,744
195,180
198,341
198,488
203,521
207,387
210,372
210,729
210,326
215,429
215,731
2,647,605
2,590,681
2,513,089
2,466,556
2,450,729
2,454,165
2,468,388
2,466,248
2,472,307
2,488,537
2,503,095
2,510,687
2,521,776
2,547,670
2,548,588
2,543,704
2,549,552
2,549,040
2,556,749
2,532,039
2,504,253
2,519,292
2,513,037
2,499,265
2,488,253
2,499,180
2,552,348
2,538,127
2,512,048
2,504,497
2,506,820
2,532,057
2,540,904
2,553,534
2,580,629
2,611,697
2,621,228
2,621,258
2,655,354
2,708,186
2,741,684
if
FEDERAL RESERVE NOTE CIRCULATION,
~
OCTOBER 19/8 TO OCTOBER 1919,
BY GEOGRAPHIC REGIONS,
i
18
, (districts $,6, j //).
Johd Cfrc
3000
3000
zeoo
2S00
2600
2600
2400
2400
2200
2200
aooo
2000
f&OO
1600
1600
1600
1400
1200
1200
1000
1000
800
GOO
600
600
400
400
20Q
MARCH I AFRIL
IB 16
\
MAY
I\ JUNBA
\fULY
1 AUGUST \$&TEMBffi{ OCTOBER \
I
H
I
FEDERAL RESERVE NOTE CIRCULATION, 1SI7-JSIB.
«0«0«0«0«0»0« 1917.
-o.-OK>"©"<*0- 1918.
*«>*4>-&~o™4>-O- 19(9.
fi
2900
tesa.
2600
BMW.
N
M
/
2400
2200
^^
2000
>/
Jf
\
4W
i
ieoo
/*»
1600
(as fflt ^ -
* *
1400
MOO
^^
A
1200
f
1200
1000
1000
soo
800
--
600
<
u
«(
i
>-<
400
600
400
»«<
,^ ,-<
zoo
200
q
I
0
\JANUAKY
Af/j
JON£_J^ JULY \_AU6UST S£FT£MBSi\ OCTOBER
d
1046
FEDERAL RESERVE BULLETIN.
Federal Reserve notes in actual circulation, 1917-1919,
[In thousands of dollars; i. e., 000 omitted.]
1917
Jan. 3 . . . . . . . . . , . . . . . * .
,
Jan. 10
Jan. 17
,
Jan. 24
Jan, 31..
......;
Feb. 7.
.'..-.
Feb. 14..
,
Feb.2O
Feb. 2 8 . . . . . . . .
,
Mar.7.......
Mar. 14
,
Mar. 21
,
Mar. 28.
Apr. 4 . . .
Apr. 11.
Apr. 1 8 . . .
Apr. 2 5 . . . . . .
May 2
May9
May 16
May 2 3 . . .
May 29
June 6
June 13
...
June 20
June27
July 3
July 11
..
July i s . . . . . . . . . *
.:......
July 2 5 . . . . .
Aug. 1
Aug. 8
Aug. 15
•,
Aug. 2 2 . . . . . .
Aug. 29..
Sept. 5.
Sept. 12
Sept. 19
Sept. 26
Oct. 3 . . . .
Oct. 10
,
Oct. 17
Oct. 24......
Oct. 31
Nov.7
Nov.14
Nov.21
Nov. 28..
Dec. 5
Dec. 1 2 . . . . . .
Dec. 19
Dec. 2 6 . . . .
272,873
268,168
262,967
259,768
260,030
278,523
291, P39
303,171
314,258
326,612
336,061
346,804
357,765
376,510
401,809
414,357
420,509
428,502
438,218
446,501
454,402
464,865
481,469
491,615
499,721
508,807
527,459
532,508
534,226
534,015
540,785
549,244
558,782
573,049
587,915
621,299
644,567
670,246
700,212
740,916
779,885
815,210
847,506
881,001
932,512
972,535
1,015,892
1,056,983
1,110,537
1,153,385
1,227,642
1,246,488
1918
1,251,205
1,242,199
1,238,797
1,234,934
1,236,101
1,261,219
1,281,045
1,314,581
1,351,091
1,383,990
1,406,228
1,429,509
1,452,838
1,479,920
1,499,377
1,514,287
1,526,232
1,556,660
1,569,618
1,569,445
1,578,621
1,600,968
1,639,579
1,651,500
1,677,951
1,722,216
1,791,569
1,813,425
1,829,045
1,870,835
1,906,465
1,955,276
1,985,419
2,032,837
2,092,708
2,180,679
2,245,429
2,295,031
2,349,326
2,431,004
2,478,378
2,502,488
2,507,912
2,515,504
2,558,196
2,562,517
2,555,215
2,568,676
2,584,523
2,604,580
2,663,701
2,685,244
1919
2,647,605
2,590,681
2,513,089
2,466,556
2,450,729
2,454,165
2,468,388
2,466,248
2,472,307
2,488,537
2,503,095
2,510,687
2,521,776
2,547,670
2,548,588
2,543,704
2,549,552
2,549,040
2,556,749
2,532,039
2,504,253
2,519,292
2,513,037
2,499,265
2,488,253
2,499,180
2,552,348
2,538,127
2,512,048
2,504,497
2,506,820
2,532,057
2,540,904
2,553,534
2,580,629
2,611,697
2,621,228
2,621,258
2,655,354
2,708,186
2,741,684
EXPORT CREDITS SCHEME—FULLER
MENT.
NOVEMBER 1,1919.
EXPLANATORY STATE-
The following announcement by the board of trade
embodies a previous announcement on the subject of
the export credits scheme, published on September 5,
together with certain alterations and additions bringing
that announcement up to date:—
The Government are prepared through the export
credits department of the board of trade, 10, Basinghallstreet, E.C.2, to consider applications for advances up to
80 per cent, of the cost of the goods to the seller (including
freight and insurance and the commission paid to the
Department by the seller), in respect of exports to
Finland,
The Baltic Provinces (Latvia, Esthonia, and Lithuania),
Poland,
Czeeho-Slovakia,
Yugo-Slavia,
The areas in Russia to which the scheme for insurance
against abnormal commercial risks applies.
Any variations which may be made from time to time
in the countries to which the scheme relates will be announced.
a Advances will be made subject to the following conditions:—
1. The bills of lading are to be surrendered to the purchaser against his acceptance of a bill of exchange in
sterling drawn by the seller for the full amount of the invoice at a tenor conforming to the agreed length of credit
and against the deposit by the acceptor of security (see
the next paragraph). The Government will release the
drawer from any recourse against him for the amount of
the advances made except in the case of misrepresentation by such drawer.
2. The purchaser must agree to take up the bills of
lading against a deposit of currency which, calculated
on the basis of the market exchanges, will be the equivalent of the amount of the draft plus a margin (usually 15
per cent), which value will have to be maintained. This
deposit must be made with the Department's agents in the
country of purchase and will be held as security for the
due payment of the bill of exchange. The relative insurance policies will be retained as additional security.
3. The Department will consider proposals for the
deposit of produce or securities instead of currency, and
in certain cases for the deposit of fixed amounts of currency.
Governmental Measures to Encourage Foreign
PREFERENCE FOR STERLING PAYMENT.
Commerce.
4. When the advance is needed, the shipping documents must be accompanied by a letter of guarantee
from an approved bank of the country of purchase or
elsewhere, stating that the bill of exchange will be accepted
and the deposit of security made upon the first presentation of the documents to the buyer, and undertaking that
the value of such security will be maintained. Applications accompanied by "a banker's guarantee of sterling
payment of the bill at maturity will receive preferential
consideration.
5. For the convenience of exporters the Department is
prepared to receive applications, and if so decided, provisionally to sanction advances prior to the shipment of
the goods. In such cases a limit of time must be stated
within which the shipping documents, &c, will be produced and the advance taken.
6. The advance made by the Department will be a first
charge upon the proceeds of the bill and security, but, if
In view of the great interest which attaches
at the present time to Governmental action in
connection with the encouragement of foreign commerce, the following summary of
measures undertaken in this direction by
some of the leading countries is presented.
®REAT BRITAIN.
The British Government has arranged for a
credit of £26,000,000 for goods sold to different countries. The London Times for September 26,1919, contains the following statement:
NOVEMEEBl, 1919.
such proceeds are less than the cost (including freight,
insurance, and commission paid by the seller to the Department), the loss represented by the difference will be
shared between the Department and the drawer of the bill,
the share of the Department being in the proportion which
the advance bears to the amount of such cost, freight,
insurance, and commission.
7. The credits will be granted for such periods as the
Department may determine in each case at the time of
application for the advance.
8. Advances will not be made for the export of raw
materials or of surplus Government stores, and preference
will be given to the finance of goods where the larger part
of the cost is due to manufacture in this country.
9. All applications must be passed to the Department
by the bankers of the seller, whose recommendation must
be attached.
,
10. After collection of an amount equal to the cost (including freight, insurance, and the commission paid to
the Department by the seller), the bill of exchange and
any relative security will be transferred to the seller if
payment of the full amount has not been made.
11. At any time after the maturity of the bill or after
* any default the Department will be entitled to close a
transaction and transfer the bill of exchange and relative
security to the seller, who will bear his proportion, as indicated above, of any loss incurred.
DEPARTMENT'S CHARGES.
12. Interest will be calculated at the rate of 1 per cent
above the Bank of England rate from time to time ruling
with a minimum of 6 per cent per annum, and will be
payable by the purchaser in accordance with clauses to be
inserted in the bill of exchange. The purchaser must
agree to increase at the end of each six months the security
deposited so as to cover the amount of such interest. Commission to defray the expenses of the Department and to
form a fund to meet any losses will be payable by the seller
at the time the advance is taken. He may, however, include this commission in his invoice and add same to the
amount of his cost, freight, and insurance when calculating the amount of the advance. The rates will not be
less than 3 per cent for the first year, 4 per cent for the
second year, and 5 per cent for the third year; but in the
event of the bill of exchange being paid before maturity
proportionate rebate will be allowed to the purchaser.
In no case, however, will the charge be reduced below 2
per cent.
13. The conditions set out above may be modified at
any time or in special cases.
With the consent of Barclays Bank (Ltd.),
Mr. L. A. Davis, deputy foreign manager of
that bank, has been appointed manager of
the Department.
CANADA.
In the early summer of 1919 credits of $25,000,000 each were extended to Belgium, Roumania, Greece, and France under the authority
of Orders in Council. Purchases are being
made by nationals of these various countries
in London through the agency of the Canadian
mission in that city, Canadian representatives
with samples and prices being in London
for the purpose. The orders which result are
1047
FEDERAL KESEBVE BULLETIN.
distributed by the Canadian Trade Commission
among the manufacturers of Canada, who are
able to participate in a given order at the prices
quoted. These prices are all in Canadian dollars, so there is no question of exchange. The
Canadian merchant receives payment on production of ocean bills of lading; but if ships are
not provided the material is put in storage and
90 per cent of the purchase price is paid immediately to the Canadian and the balance after
shipment is made. The Canadian Government, under the arrangement whereby these
credits were established, receives from the
foreign Government 5-year term bonds for the
value of the goods sold, these bonds bearing
interest at 5J per cent, payable semiannually
in Canadian dollars. Whatever obligation is
executed by the Roumanian purchaser rims only
against the Roumanian Government.
FRANCE.
France's principal activity in the field of foreign trade has been her exports of munitions and
military supplies to many of the new countries
of Europe as well as to the Anti-Bolshevik forces
in Russia. In connection with general commercial exports it is interesting to note that a bill
has been introduced in Parliament and has
passed the Chamber of Deputies establishing a
French National Bank of Foreign Commerce.
The capital of this bank is to be 100 million
francs, supplied by a syndicate of French banks
and exporters. The Government agrees to turn
over to the Bank of Commerce the proceeds of
the excess profits tax on the notes issued by the
Bank of France, after deducting certain
amounts allotted for agricultural credit. These
amounts are to be used as follows: First, as an
annual subsidy not to exceed two million francs,
and, secondly, for making advances to the Bank
of Commerce, without interest, up to a maximum
of 25 million francs during a period of 20 years.
The sums thus turned over by the Government
are to be carried by the bank as a special reserve
account, to which will be added also during the
period of the Government subsidy the share of
the Government in the bank's profits, which is
fixed at 30 per cent of the net earnings above 5
per cent of the capital. The Government's
advances to the bank are to be discontinued
when the special reserve fund reaches 25 million
francs, and the annual subsidy will cease to be
paid when this amount is reached by the reserve
fund or when the capital of the bank will earn 7
er cent in net dividends (reduced to 6 per cent
>y the senate). The subsidy, however, is guar-
1048
FEDERAL. KESERVE BULLETIN".
NOVEMBER 1,
1919.
anteed for five years from the establishment of of augmenting the conversion fund. The conthe bank.
vention was approved a second time by the
SPAIN.
President of Argentina and the representatives
of England, France, and Italy on February 4,
The Spanish Government has made arrange- 1919, but the Senate on April 11, 1919, refused
ments for credits of 75 million pesetas to Great to ratify it on the ground that it would benefit
Britain, of 455 millions to France, and of 250 dealers in the ports but would not be benemillions to the United States. These credits ficial to the producers. A recent cable from
are discussed on page 1040 of this issue.
Ambassador Stimson, published in the Commercial and Financial Chronicle for October 11,
ITALY,
states that the Chamber of Deputies has returned a majority report in favor of granting
The Italian Government has apparently not the proposed credit. The cable also stated that
undertaken any steps to promote foreign a delegation representing the Chamber of Comtrade. A project is under consideration for merce of Rosario, a great grain center, had rethe establishment in Italy of an institution for quested President Irigoyen to expedite the loan
the insurance of credits granted to foreign by calling an extra session of Congress.
customers, along the lines of the British Trade
Indemnity Cp. The details of the plan have
URUGUAY.
not as yet been made public.
For the purpose of stabilizing exchange and
facilitating the exportation of Uruguayan prodARGENTINA.
ucts, the Government has made provisions for
A convention was entered into on January the granting of credits to Great Britain, France,
14, 1918, between Argentina and England, and Italy.
The bill (law of February 2, 1918) granting
France and Italy, by which credits of respectively 80, 80, and 40 million dollars in gold the credit to Great Britain authorized the Bank
were to be granted to these countries for the of the Republic to open in current account a
purchase of Argentine products. Amounts credit up to 15,000,000 pesos ($15,510,000), in
drawn under these credits were to carry 5 favor of the British Government or its order, to
per cent interest, payable quarterly. Balances be applied to the purchase of Uruguayan prodoutstanding against the borrowing Govern- ucts. It was stipulated that this credit should
ments were to be covered within 24 months. expire in two years but might be renewed by
The Argentine Government in the mean- mutual agreement with legislative sanction; it
time retains the right to draw against the was to be secured by a deposit of bonds of the
foreign Governments for direct operations in consolidated debt of Uruguay or of other Uruexchange up to the equivalent of the amounts guayan loans. Interest at the rate of 5 per cent
drawn under the above mentioned credits when per annum was to be payable at Montevideo in
the rate of exchange does not exceed 49 pence coin or in matured coupons of Uruguayan bonds
on England, 5.25 francs on France, and 6.15 lire at their face value. It was agreed that any balon Italy. A decree issued simultaneously fixed ance due at the expiration of the time set
the minimum prices for cereal exports. The should be paid in gold coin, the exportation of
convention carries a proviso to the effect that which was guaranteed by the British Governdrawings by the Argentine Government on ment.
In addition to this loan to the British GovernEngland, France, and Italy under the agreement must not be used for direct or indi- ment the same law authorized the Banco de la
rect remittances to the United States. The Republica to make loans up to the amount of
credits were to be handled by the Argentine 8,000,000 pesos ($8,272,000) to individuals,
Banco de la Nacion, whicli was to receive notes societies, or corporations not domiciled in the
from the Caja de Conversion to be used in the country. These loans, intended to facilitate
transactions arising from the credits, such notes the exportation of national products, were to
to be delivered only when reserves are not be- be made on the basis of bona fide commercial
low the legal 40 per cent. When payment by transactions. As security the borrowers had
the borrowers is made, the notes were to be to deposit abroad gold, bonds, or coupons of
returned and canceled. Fifty per cent of the the national debt, or any other foreign securiBank's profits from these notes was to be con- ties acceptable to the bank. As in the case of
verted into gold and employed for the purpose the Government loan the maturity of these
NOVEMBER 1,1919.
1049
FEDERAL RESERVE BULLETIN.
loans was not to exceed two years. It was
suggested that bonds of the Republic or bonds
of the Banco Hipotecario del Uruguay (Government mortgage bank) would be particularly
acceptable, but transactions of this kind were
restricted to 3,000,000 pesos. The recipients
of this credit had to prove a legal domicile in
the Republic.
Subsequently, on December 4, 1918, the
credit granted to the British Government by
the law of February 2, was increased to 20,000,
000 pesos ($20,680,000), with a proviso that a
further credit of 10,000,000 pesos ($10,340,000)
under the same conditions might be extended
when the 20 million credit was exhausted.
By the same law (February 2,1918) a similar
credit in current account up to 15,000,000 pesos
($15,510,000) was granted to France, the terms
being practically the same as those of the
British credit. The French convention contained a stipulation, not found in the British,
to the effect that the Bank of the Republic
should not use the accounts for direct or
indirect remittances to the United States.
Under the conventions it was agreed that
the Uruguayan Government should draw
against balances in its favor when London
exchange was as high as 52^ pence, though it
was further provided that, if Great Britain and
France should in their negotiations with Argentina agree upon a more favorable rate, then
this rate should become a part of the conventions of Uruguay upon the latter's demand.
In May, 1919, a similar credit of from 15,000,000
to 20,000,000 Uruguayan pesos ($15,510,000 to
20,680,000), was granted for the same purpose
and under the same conditions to the Italian
Government.
somewhat more than 500 stores of all classes
in many parts of New York City, indicate that
the rise of food prices since 1914 has been about
as follows:
(From monthly report of the Federal Reserve Agent of the Second
(N. Y.) Federal Reserve District.)
Investigation has been made of the changes
in the cost of living, particularly as they relate
to retail food prices in the city of New York
and to rents in this and other cities. The cost
of living, at least as far as it relates to the item
of food, appears upon the present evidence to
be little or no more oppressive than it was a
year ago. Figures secured at first hand from
.representative retail dealers, operating in all
i It will be noted that the increases in the cost of living indicated here
do not differ greatly (in so far as the results of the two studies are comparable) from those shown by the more elaborate investigation of the
Bureau of Labor Statistics, summary tables of which are published in
the September number of the Monthly Labor Beview*
October,
1918, to
October,
1919.
Percent. Per cent.
92
61.9
96.8
9.9
1.2
56.4
84.4
120.3
43.9
57.7
68.4
»7.7
»7.5
69.8
100.7
18.3
74.5
13.3
3.8
74.3
Flour
Potatoes.
Sugar
.
White beans
Apples
Pork.
Beef... .
Lamb
All meat . .
Vegetables
* Decrease.
The decreases have helped materially to
offset the increases, if indeed they have not
offset them altogether. Though the prices
were derived from trustworthy sources, it is
to be understood that every dealer approached
did not have figures for all products; yet
enough were secured to give what is deemed
to be a fairly accurate picture of comparative
food costs. In the table given below the percentages have been applied to the typical
expenditures of a group of families whose total
expenses in 1914 averaged $1,260, and whose
food costs amounted to a little less than half
that sum. Taking that year's record of expenditures as a base, and after weighting the
percentages to represent a group of foodstuffs,
the following results were obtained:
Expense items.
Cost of Living in District No. 2.1
1914 to
1918.
Item.
Meats, etc
.....*.
Dairy products
Sugar and miscellaneous
Breadstufis
, „ „,
Vegetables...
Total
1914
October, October,
1919.
1918.
$236.40
143.30
67.30
62.65
26.40
$412.50
250.05
105.25
101.45
46.00
$398.90
250.05
106.50
110.80
47.75
536.05
915.25
914.00
Thus it would appear that retail costs of
foodstuffs in New York City, taking the typical
family expenditures for this purpose as a whole,
increased between 1914 and 1918 about 70.7
per cent, and that they are now about the same
as they were a year ago.
Other important elements in the cost of
living, such as clothing and rents, are not
equally susceptible of tabulation, primarily
because of great individual variation. Particularly as to clothing there is difficulty m
1050
FEDERAL RESERVE BULLETIN.
making exact comparisons over a period of
time, item for item. Observations of retail
clothing purchasing indicates that Hhere has
been a great change in the nature and quality
of articles in demand; high-priced clothing is
sought to the relative exclusion of the cheaper
grades. Thus clothing items in budgets of
Families which were formerly in the category
of the one used above are inordinately inflated.
A study of rent increases in New York City,
supplemented by reports from Buffalo and
Rochester, does not give adequate statistical
information on whicn to base closely drawn
conclusions. It would appear, however, that
rents lagged somewhat behind other rising
costs and that the increase in the past year
has been very nearly equal to that of the previous four-year period. Thus, an estimate for
moderate-priced dwellings in the borough of
Brooklyn indicates 25 per cent increase,
divided evenly between the 1914-1918 period
and the year 1919. In the borough of Manhattan increases in household rents have
varied greatly; for private houses of an old
type and in less-favored neighborhoods rents
have increased no more tnan 5 per cent,
whereas apartments of'the best sort are in
such demand that a 40 or 50 per cent increase
in the entire period is not unusual. The
average residential rent increase for the city
is estimated at between 20 and 30 per cent
for the period, from one-half to three-quarters
of which took place in the last year. The
mayor's committee, which has been hearing
complaints of alleged profiteering in rents and
has treated some 24,000 cases, tells us that it
estimates that not over 5 per cent of the landlords who have appeared before it are actual
profiteers. Commercial rents in New York
City, including rents of offices, are usually for
long terms, and while instances appear of
increases up to 100 per cent, on the whole the
increases have been much less, and in any
case the rise should be spread over a period of
years.
In Rochester the average increase is reported
to be about 26 per cent, with rents for property
in the favored business districts up 33 per
eent, for dwellings under $30 a month up 20
per cent, and for higher types of residences up
25 per cent. Buffalo reports an extraordinary
shortage of dwellings, with tenants renting at
sight without the mediation of real estate
agents. Thus individual cases vary greatly,
but it appears that the increases run from 14
to 36 per cent, with commercial rent increases
materially less.
NOVEMBER 1,
1919.
Erratum,
For the table on page 949 of the October
BULLETIN entitled "United States equivalent
of London price of silver per ounce, 1,000 fine,
and value of silver in a rupee, 1873-1918/' substitute the following:
Date.
1873
1874
1875...
1876
1877
1878
1879
1880...
1881,...
1882
1883
1884
1885
1886
1887
1888
1889
1890
1891
1892.
1893
1894
.
1895
Price of
silver.
Gold value of silver in a
rupee.
1.29769 0.44608
.43960
1.27883
.42705
1.24233
1L16414
.40017
.41315
'.
L. 20189
.39654
L. 15358
.38635
L. 12392
1L. 14507
.39362
OOQOO
L. 13229
.39037
]L. 13562
L.
10874
.38113
1
.38180
]L. 11068
1. ofifiin . 36613
.34192
.99467
.97946
.33669
.32304
.93974
.32144
.93511
1.04634
.35968
.33963
. 98800
.87145
.29956
. 78030
.26823
.21821
.63479
.65406
.22483
Bate.
1896.
1897 .
1898
1899
1900
1901
1902
1903
1904
1905
1906 . .
1907...
1908
1909
1910
1911
1912
1913
1914 .
1915
1916..
1917
1918 .
Price of
silver.
0.67565
.60438
.59010
.60154
.62007
.59595
.52795
.54257
.57876
.61027
.67689
.66152
.53490
.52016
. 54077
.53928
.61470
.60458
.55312
.51892
.68647
'..
.87530
1.04157
Gold value of silver in a
rupee.
0.23225
.20776
.20285
.20678
.21315
.20486
.18148
.18651
. 19895
.20978
.23268
.22740
.18387
.17881
.18589
.18538
. 21130
.20782
.19014
.17838
.23597
.30088
.35804
Acceptances to 100 Per Cent,
Since the issuance of the October 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:
Citizens & Southern Bank, Savannah, Ga.
Firet National Bank, Valddsta, Ga.
National Bank of Commerce, Forth Worth, Tex.
Stockyards National Bank, Forth Worth, Tex.
Waxahachie National Bank, Waxahachie, Tex.
Utica Trust & Deposit Co., Utica, N. Y.
First National Bank, Gainesville, Tex.
Lowry National Bank, Atlanta, Ga.
Chicago Trust Company, Chicago, 111.
First National Bank, St. Louis, Mo.
Foreign Branch Banks.
A list of branches of national banks and
international and foreign banks, doing business
under agreement with the Federal Reserve
Board, which have opened for business during
October, is given below:
Mercantile Bank of the Americas, New York City:
Madrid, Spain.
National City Bank of New York:
Calle Rondeau, Montevideo, Uruguay.
Barcelona, Spain.
International Banking Corporation, New York City:
Tsingtao, Province of Shantung, China.
Asia Banking Corporation, New York City:
Canton, Ohina.
NOVEMBER 1 , 1 9 1 9 .
1051
FEDERAL BESEEVE BULLETIN.
State Banks and Trust Companies Admitted.
Commercial Failures Reported.
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 October.
One thousand one hundred and thirty-three
State institutions are now members of the
system, having a total capital of $398,535,946,
total surplus of $481,912,151, and total resources of $8,850,565,687.
Commercial failures in the United States
during September reported to R. G. Dun & Co.,
as for every month so far this year, made a very
favorable comparison with those of the corresponding period in 1918, being only 473 in number, with liabilities amounting to $8,791,319,
against 674 for $17,407,130 the same month a
year ago. These returns show a reduction of
29.8 per cent in number and 49.5 per cent in
the sum owed compared with September of last
year, and except in August and July of this
year, when the totals in both instances were
smaller, the number is much less than for any
month in several decades and the liabilities
lighter than for any month since September,
1909. Separation of these insolvencies, according to Federal Reserve districts, reveals the
fact that in every district, except the fifth and
sixth, September business reverses were much
less numerous than for the same month in 1918,
with the falling off especially pronounced in the
second, seventh, ninth, and eleventh districts.
The exhibit as to liabilities, however, is hardly
so uniformly favorable, six districts out of the
twelve, namely, the fourth, fifth, sixth, eighth,
tenth, and twelfth, reporting more or less
expansion, with that in the fourth, $1,559,307
against $582,903 last year, the most noticeable.
These increases, however, were far more than
counterbalanced by the marked improvement
in the remaining districts, notably the first,
where $1,037,546 compared with $1,978,500;
the second, $2,335,120 with $5,188,489; the
third, $816,230 with $4,223,184; and the
seventh, $661,371 with $3,453,050.
Capital.
Surplus.
Total resources.
District No. 3.
The Grange Trust Co., Huntingdon,
Pa..
,
;.-.....
The Schuylkill Haven Trust Co.,
Schuylkill Haven, Pa
District No 4.
$664,586
$125,000
125,000
155,000
1,212,121
Mounds......
150,000
40,000
1,224,577
Citizens Bank & Trust Co., Rock
Hill,S. C . . .
100,000
5,000
567,572
100,000
25,000
8,000
5,000
1,200,211
173^394
50,000
150,000
5,000
400,000
55,000
4239, .859
40,000
18,941
331,188
50,000
50,000
30,000
17,000
10,000
3,000
542,497
829,669
100,000
25^000
20,000
15,000
459,352
578,073
Marshall County Bank,
ville,W. Va
District No. 5.
District No. 7.
American State Bank, Fort Madison,
Iowa
Bank of Fountain, Fountain, Mich..
District No. 8.
Bank of Commerce, El Dorado, Ark.
Belleville Savings Bank, Belleville,Ill
Farmers & Merchants Bank, Dyer,
Tenn
District No. 10.
Citizens State Bank, Liberal, Kans.
Farmers State Bank, Cozad, Nebr...
Cordell State Bank, Cordell, O k l a . . .
Cheyenne State Bank, Cheyenne,
Wyo
....
First State Bank, North Bend, Nebr.
Failures during September.
District No. 12.
Bank of Norwalk, Norwalk, Calif
French-American Bank of Savings,
San Francisco, Calif
The San Francisco Savings & Loan
Society, San Francisco, Calif
Savings union Bank & Trust Co.,
San Francisco, Calif
Commercial Trust & Savings Bank,
Santa Barbara, Calif
Renton State Bank, *Renton, Wash..
Anglo-California Trust Co., San Francisco, Calif
25,000
10,000
303,349
1,000,000
250,000
13,551,774
1,000,000 2,300,000
60,509,192
1,500,000 1,625,000
45,621,028
575,000
25,000
200,000
2,500
6,480,670
65,531
1,500,000
500,000
21,002,732
NOTE.—The Mount Ayr State Bank, Mount Ayr, Iowa, has withdrawn from membership.
The Bank of Commerce, Philadelphia, Pa., has converted into National
Bank of Commerce; the Drovers & Merchants Bank, Philadelphia.
- Pa., has converted into Drovers and Merchants National Bank; and
the Ttigby State Bank, Rigby, Idaho,has converted into First National
Bank.
Number.
Liabilities.
Districts.
1919
1918
$1,978,500
5,188,489
4,223,184
78
674
8,791,319
17,407,130
125
473
1919
$1,037,546
2,335,120
816,230
1,559,307
704,352
771,880
661,371
210,616
90,282
152,458
48,883
403,274
71
First
Second.
Third
Fourth.....
Fifth
Sixth
Seventh....
Eighth.
Ninth
Tenth,.
Eleventh...
Twelfth....
Total
1918
245,936
257,383
3,453,050
395,975
304; 400
182,859
272.521
321,930
1052
FEDERAL RESERVE BULLETIN.
New National Bank Charters.
NOVEMBER 1,1919,
DISTRICT N O . 3.
executor, administrator, registrar of stocks and
The Comptroller of the Currency reports Trustee,
bonds, guardian of estates, assignee, receiver, and comthe following increases and reductions in the mittee of estates of lunatics:
number of national banks and the capital of
Haddonfield National Bank, Haddonfield, N. J.
First National Bank, Elmer, N. J.
national banks during the period from SeptemVentnor National Bank, Ventnor, N. J.
ber 27, 1919, to October 31, 1919, inclusive:
Nazareth National Bank, Nazareth, Pa.
Banks.
New charters issued to
With capital of.
Increase of capital approved for *
With new capital ofx.
Aggregate number of new charters and
banks increasing capital
With aggregate of new capital authorized
Number of banks liquidating (other than
those consolidating with other national
banks under the act of June 3, 1864)
Capital of same banks
Number of banks reducing
capital
Reduction of capital 2
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)....
Aggregate capital reduction 2
Consolidation of national banks under the
actof Nov. 7, 1 9 1 8 . . . . . . . .
Capital.
The foregoing statement shows the aggregate of increased capital for the period of
the banks embraced in statement was
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 of2-
41
34
$3,930,000,
8,910,000
75
12,840,000
5
0
775,000
400,000
5
1,175,000
4
1,475,000
12,840,000
National Bank of Pottstown, Pottstown, Pa.
National Bank of Spring City, Spring City, Pa.
Allentown National Bank, Allentown, Pa.
DISTRICT NO. 4.
Trustee, executor, administrator, registrar of stocks and
bonds, guardian of estates, assignee, and receiver:
Citizens National Bank, Cincinnati, Ohio.
First National Bank, Cincinnati, Ohio.
Second National Bank, Cincinnati, Ohio.
National City Bank, Cleveland, Ohio.
Union National Bank, Fostoria, Ohio.
Merchants National Bank, Hillsboro, Ohio.
First National Bank, Troy, Ohio.
Union Commerce National Bank, Cleveland, Ohio.
Trustee, executor, administrator, registrar of stocks and
bonds, guardian of estates, assignee, receiver, and committee of estates of lunatics:
First National Bank, Ellwood City, Pa.
Bank of Pittsburgh, N. A., Pittsburgh, Pa.
Trustee and registrar of stocks and bonds:
Merchants National Bank, Defiance, Ohio.
First National Bank, Marietta, Ohio.
DISTRICT NO. 5.
Trustee, executor, administrator, registrar of stocks and
bonds, guardian of estates, assignee, receiver, and committee of estates of lunatics:
Seaboard National Bank, Norfolk, Va.
1,175,000
First National Bank, Greenville, S. C.
Net increase
11,665,000
DISTRICT No. 6.
Trustee,
executor,
administrator,
registrar of stocks and
i Includes two increases of capital aggregating $100,000 incident to conbonds, guardian of estates, assignee, receiver, and comsolidations under the act of Nov. 7,1918.
* Includes a reduction in capital of $400,000 incident to a consolidation
mittee of estates of lunatics:
under the act of Nov. 7,1918.
City National Bank, Tuscaloosa, Ala.
DISTRICT NO. 7.
Fiduciary Powers Granted to National Banks.
Trustee, executor, administrator, registrar of stocks and
The application of the following banks for bonds, guardian of estates, assignee, receiver, and compermission to act under section 11-k of the mittee of estates of lunatics:
Dixon National Bank, Dixon, 111.
Federal Reserve Act has been approved by
First National Bank, Cambridge, Ind.
the Federal Reserve Board during the month
First National Bank, Elkader, Iowa.
National Union Bank, Jackson, Mich.
of October, 1919:
Trustee, executor, administrator, guardian of estates,
assignee, receiver, and committee of estates of lunatics:
First National Bank, Hawarden, Iowa.
Trustee, executor, administrator, registrar of stocks and
bonds, guardian of estates, assignee, receiver, and com- Guardian of estates, assignee, receiver, and committee of
estates of lunatics:
mittee of estates of lunatics:
Old National Bank, Battle Creek, Mich.
Foxboro National Bank, Foxboro, Mass.
Kegistrar of stocks and bonds, guardian of estates, assignee,
First National Bank, New Bedford, Mass.
receiver and committee of estates of lunatics:
Farmers & Merchants National Bank, Benton Harbor.
DISTRICT NO. 2.
Mich.
Trustee, executor, administrator, registrar of stocks and
DISTRICT No. 8.
bonds, guardian of estates, assignee, receiver, and committee of estates of lunatics:
Trustee, executor, administrator, registrar of stocks and
First National Bank, Amsterdam, N. Y.
bonds, guardian of estates, assignee, receiver, and comFirst National Bank, Corning, N. Y.
mittee of estates of lunatics:
Oneida Valley National Bank, Oneida, N. Y.
First National Bank, Jeffersonville, Ind.
Connecticut National Bank, Bridgeport, Conn.
England National Bank, Little Bock, Ark.
DISTRICT NO. 1.
NOVHMBEB 1, 1919.
1053
FEDERAL RESERVE BULLETIN.
DISTRICT NO. 11.
Trustee, executor, administrator, registrar of stocks and
bonds, guardian of estates, assignee, receiver, and committee of estates of lunatics:
First National Bank, Nogales, Ariz.
City National Bank, El Paso, Tex.
First National Bank, Orange, Tex.
DISTRICT NO.
12.
Trustee, executor, administrator, registrar of stocks and
bonds, guardian of estates, assignee, receiver, and committee of estates of lunatics:
Medford National Bank, Medford, Greg.
United States National Bank, Portland, Oreg.
Capital National Bank, Salem, Oreg.
Guardian of estates, assignee, and receiver:
First National Bank, Junction City, Oreg.
Dissolution of Capital Issues Committee.
BY THE PRESIDENT OF THE UNITED STATES OF AMERICA.
A PROCLAMATION.
Whereas Congress, on April 5,1918, enacted a law known
as '' The war finance corporation act;'' and
Whereas, under section 206 of said act, it is provided
that the President may^ at any time by proclamation declare that the title relating to the Capital Issues Committee is no longer necessary and that thereupon it shall
cease to be in effect:
%
.
Now, therefore, I, Woodrow Wilson, President of the
United States, by virtue of the authority in me vested, do
hereby proclaim and declare that title two of said war
finance corporation act, relating to the Capital Issues Committee, is no longer necessary, and I further direct that the
committee shall close up its affairs, and that all the records,
including letters, correspondence, and testimony in the
possession of said committee, be turned over to the Federal Trade Commission.
In witness whereof I have hereunto set my hand and
caused the seal of the United States to be affixed.
Done this thirtieth day of August, in the year of our
Lord one thousand nine hundred and nineteen and of the
independence of the United States of America the one
hundred and forty-fourth.
WOODROW WILSON.
By the President:
ROBERT LANSING,
Secretary of State.
Crop Statistics, by Federal Reserve Districts.
Forecasts of corn production as of October
are even more favorable than the forecasts
of the previous month, while wheat forecasts
are somewhat below those issued in September.
The estimate of hay production issued as of
September remains unchanged, while the forecast for oats is lower by about 5 million bushels
in October than in September. The forecast
of oats production in the 10 districts for
which data are given is higher on October 1
than on September 1, indicating that a decline
more than sufficient to offset this increase
occurred in the forecasts for the two nonreporting districts, namely, the Kansas City and
he Dallas districts.
Acreage and production of corn, wheat, oats, and hay in Federal Reserve districts and in the United States, 1919 and 1918.
[In thousands of units of measurement.]
District District
District District District District District District District
3—
Total for Total for District
5—
1—
2—
9—
fj
10 disPhila8—St. MinneUnited
San
Cleve- Rich- 6—AtNew
Bostricts.
delStates.
mond. lanta. Chicago. Louis. apolis. Franland.
ton.
York. phia.
cisco.
CORN.
Acreage:
5,273
14,964 24,178 15,366
951 1,533
102,977
78,'761s
188
7,235
1919
5,442
91,230
8,745 15,191 35,346 16,726
107,494
967 1^45
1918
6,811
Production (bushels):
Forecast as of Sept. 1,1919.... 2,857,692 2,285,382 9,094 40,141 66,547 203,618 198,884 246,448 897,618 377,951 236,708
2,900,511 2,326,484 9,321 41,802 67,748 208,278 196,806 243,020 916,881 382,687 251,448
Forecast as of Oct. 1,1919
Estimated, 1918
.. 2,582,814 2,266,195 9,273 35,604 59,805 184,232 205,689 253,494 895,138 372,977 241,402
270
255
8,373
8,493
8,581
WHEAT.
Acreage:
1919..
1918......
Production (bushels):
Forecast as of Sept. 1,1919....
Forecast as of Oct. 1,1919
Estimated, 1918
71,526
59,110
45,888
41,445
923,350
918,471
917,100
580,639
577,500
1,523
1,344
2,954
2,853
3,678
3,565
1,268
1,168
764 12,509 25,836
636 12,527 25,836
902 8,979 22,312
59,253
59,310
52,012
41,237
41,237
40,754
12,022
12,022
11,710
32
41
497
5,166
3,766
7,357
17,477
17,551
5,840
4,980
86,287 103,537 134,473 104,721
86,287 103,537 131,919 104,189
74,585 101,837 281,025 75,812
OATS.
Acreage:
748
42,365
334 1,149
31,754
1919
764
332 1,339
2,432
44,400
35,661
1918
Production (bushels):
Forecast as of Sept. 1,1919— 1,224,815 944,732 12,004 27,412 20,742 68,394
1,219,521 948,319 11,388 29,679 23,165 71,339
Forecast as of Oct. 1,1919
1,538,359 1,342,577 13,280 54,811 29,773 101,356
Estimated, 1918
1,211
1,238
25,393
25,444
28,111
1,317 14,118
14,923
1,497
25,833 438,683
26,152 441,272
640,005
2,438
2,597
9,285
1,154
1,206
67,019 218,582
62,124 218,177
77,486 329,045
40,670
39,579
37,850
HAY.
19l9.
1918
Production (tons):
Estimate as of Sept. 1,1919...
Estimated, 1918
69,719
71,254
54,494
59,041
3,700
3,631
4,658
4,658
2,226
2,226
4,397
3,288
3,287
3,723
3,744
12,618
12,735
5,626
5,762
12,285
12,394
6,370
6,207
103,544
90,443
81,862
75,208
4,835
6,862
5,847
3,013
3,116
5,719
6,122
4,286
4,203
4,372
18,010
16,344
7,398
6,500
14,994
14,304
12,373
10,574
1054
FEDERAL RESERVE BULLETIN.
NOVEMBER 1,1919.
RULINGS OF THE FEDERAL RESERVE BOARD.
Below are published rulings made by the
Federal Reserve Board which are believed to
be of interest to Federal Reserve Banks and
member banks.
Cotton factors' paper.
The Federal Reserve Board has carefully
considered
the question whether cotton factors7 paper may properly be considered eligible for rediscount as commercial paper within
the meaning of section 13 of the Federal Reserve Act. In view of the fact that it is apparent from all the evidence on hand that the
circumstances and conditions
under which socalled cotton factors7 paper is issued vary so
much in different cases, it is impossible to give
any categorical answer to the question presented, or to make any general ruling that cotton
factors' paper, as such, is eligible or ineligible
for rediscount.
The Board is clearly of the opinion on the one
hand, that paper, the proceeds of which are
used to lend to some third party, is finance paper rather than commercial paper and is, in
consequence, ineligible for rediscount even
though that third party may use the proceeds
for a commercial purpose. On the other hand,
the Board believes that any paper, the proceeds of which are used to purchase goods to
sell to some third party, is eligible for rediscount as commercial paper within the meaning
of section 13.
Whether or not a given transaction falls
within one class or the other is solely a question of fact for the determination of the directors of the Federal Reserve Bank to which the
paper is presented for rediscount. The mere
fact that a borrower on a given note is a cotton
factor does not of itself render that note ineligible since its eligibility is a matter to be determined by the use to which the proceeds of that
particular note are put. If a cotton factor borrows on his own note to increase his capital for
the purpose of lending to his customers, the note
would come within the first class and would be
ineligible, but if it can be determined that the
proceeds of the note instead of being loaned to
a customer by the factor are used by the fac-
tor to purchase goods which are shipped to the
customer and which are charged by the factor
against the customer's account, then the note
attains a commercial status because of the commercial purpose to which its proceeds are applied by the factor.
In order to ascertain the necessary facts it
may be proper for a Federal Reserve Bank to
require statements or affidavits from the maker
of the note as to the exact nature of the transaction out of which it arises. With these
principles as a guide, the Federal Reserve
Bank must determine the eligibility of any
particular paper in the light of the circumstances in which it was issued, and its proceeds
disposed of.
Deposits of member banks in foreign banks.
In response to several inquiries the Federal
Reserve Board has had occasion to rule that
that part of section 19 of the Federal Reserve
Act as amended by the act of June 21, 1917,
which provides that "no member bank shall
keep on deposit with any State bank o.r trust
company which is not a member bank a sum in
excess of 10 per
cent of its own paid-up capital
and surplus,77 does not prohibit a member
bank from keeping on deposit with any foreign
bank a sum in excess of 10 per cent of the
member bank's paid-up capital and surplus.
Section 19 was amended as above indicated
with the express purpose of permitting member
banks to carry such balances in foreign banks.
Deposits of the United States Shipping Board and
Emergency Fleet Corporation.
In the opinion of the Federal Reserve Board,
deposits of the United States Shipping Board
and deposits of the Emergency Fleet Corporation are not United States Government deposits within the meaning of that part of the
law which provides that reserve requirements
of the Federal Reserve Act " shall not apply
to deposits
of public moneys of the United
States.77 Member banks, therefore, should
maintain appropriate reserves against all deposits of the United States Shipping Board
and the Emergency Fleet Corporation.
NOVEMBER 1,1919.
1055
FEDERAL EESEEVE BULLETIN.
LAW DEPARTMENT.
Limitations on loaning power of national banks.
House Bill 7478, amending sections 5200 and
5202. of the United States Revised Statutes,
was approved by the President on October 22,
1919, in the form printed on page 965 of the
October 1, 1919, BULLETIN.
The amounts which a national bank may properly lend to any one person, company, corporation or firm (including in the liability of a company or firm, the liabilities of the several members thereof) under the provisions of section
5200, as amended, are stated below in terms of
the percentage of the paid-up and unimpaired
capital stock and surplus of the lending bank.
CHARACTER OF LOANS.
(A) Accommodation or straight
loans, whether or not single name.
(B) "Bills of exchange drawn in
good faith against actually existing
values."
The law expressly provides that
this phrase shall also include:
(a) Drafts and Mils of exchange
secured by shipping documents
conveying or securing title to goods
shipped.
(b) Demand obligations, when
secured by documents covering
commodities in actual process of
shipment.
(c) Bankers' acceptances of the
kinds described in section 13 of the
Federal reserve act.
(C) Commercial or business paper (of other makers) actually
owned by the person, company,
corporation, or firm negotiating
the same.
(D) Notes secured by shipping
documents, warehouse receipts, or
other such documents, conveying,
or securing title covering readily
marketable nonperishable staples,
including live stock.
No bank may make any loan under (D), however.
(a) Unless the actual market
value of the property securing the
obligation is not at any time less
than 115 per cent of the face
amount of the note; and
(&) Unless the property is fully
covered by insurance, and in no
event shall the privilege afforded
by (D) be exercised for any one
customer for more than 6 months
in any consecutive 12 months.
(E) Notes secured by not less
than a like face amount of bonds or
notes of the United States issued
since April 24, 1917, or by certificates of indebtedness of the United
States.
(F) Notes secured by United
States Government obligations of
the kinds described under (E) the
face amount of which is at least
equal to 105 per cent of the amount
of the customer's notes.
Some examples of what a national bank may lend at any one time to any one
customer under the amendment to section 5200 approved Oct. 22,1919, expressed in terms of percentage of the bank's capital and surplus.
Illustra- Illustra- Illustration 1. tion 2. tion 3.
(A) Accommodation or straight loans..
(D) Notes secured by warehouse receipts etc
(E) Notes secured by alike face amount
of U. S. Government obligations
Total
(B) Bills of exchange drawn
against actually existing value.
(C) Commercial or business
paper.
(F) Notes secured by at least
105 per cent of United States Government obligations.
Per cent. Per cent. Per cent.
10
5
5
15
20
15
10
10
15
35
35
35
No limit imposed by law.
No limit imposed by law.
No limit imposed by law.
AMOUNTS LOANABLE.
Maximum limit, 10 per cent of
bank's paid-up and unimpaired
WHAT A FEDERAL RESERVE ^BANK MAY DISCOUNT
capital and surplus.
No limit imposed by law.
No limit imposed by law.
15 per cent of bank's capital and
surplus,;in addition to the amount
allowed under (A); or if the full
amount allowed under (A) is not
loaned then the amount which
may be loaned in the manner described under (D) is increased by
the loanable amount not used under (A). In other words, the
amount loaned under (A) must
never be more than 10 per cent,
but the aggregate of (A) and (D)
may equal, but not exceed 25 per
cent.
10 per cent of bank's caDital and
surplus,in addition to the amount
allowed under (A); or if the full
amount allowed under (A) is not
loaned, then the amount which
may be loaned in the manner described under(E)isincreasedby the
loanable amount not used under
(A). In other words, the amount
loaned under (A) must never be
more than 10 per cent, but the
aggregate of (A) and (E) may
equal, but not exceed 20 per cent.
No limit; but this privilege under regulations of the Comptroller
of the Currency, expires December
31,1920.
FOR ITS MEMBER BANKS.
The limitations imposed upon the amounts
of rediscounts which a Federal Reserve Bank
may make for a member bank, whether State
or national, are determined by the provisions
of the Federal Reserve Act and are not in any
way affected by the amendment to section 5200.
Under the provisions of section 13 of the
Federal Reserve Act any Federal Reserve Bank
may rediscount for any member bank, whether
State or national, the obligations of any one
borrower to the extent of 10 per cent of the
member bank's capital and surplus, but it is
expressly provided that " bills of exchange
drawn against actually existing values" shall
not be included in determining that 10 per
cent limit.
In the opinion of the Federal Reserve Board
this phrase il bills of exchange drawn against
actually existing values" includes, among other
kinds of paper " drafts or bills of exchange secured by shipping documents conveying or securing title to goods shipped" and "bankers7 acceptances of the kinds described in section 13 of
the Federal Reserve Act," even though section 13
(unlike the amendment to section 5200) does not
expressly state that those two classes of paper are
bills of exchange drawn against actually existing
values. In the opinion of the Board, however,
accepted demand bills on which the drawer
is released from liability are not " bills of exchange" within the meaning of section 13 and
must, therefore, be included in determining the
limits on the amount of paper of any one borrower which a Federal Reserve Bank may rediscount for any member bank.
Under the terms of section 11 (m), as amended by the act of March 3, 1919, any Federal
1056
FEDERAL KESERVE BULLETIN.
Reserve Bank may, until December 31, 1920,
rediscount for any member bank, whether State
or national, the Obligations of any one borrower
to the extent of 20 per cent of the member
bank's capital and surplus, provided, however,
that the excess over and above 10 per cent
must be secured by bonds or notes of the United
States issued since April 24, 1917, or by certificates of indebtness of the United States.
LIMITATIONS ON THE POWER TO REDISCOUNT FOR
MEMBER STATE BANKS.
The above discussion relates to the general
powers of a Federal Reserve Bank to make
rediscounts for any member bank, whether
State or national. It must be observed, however, that under the terms of section 9 of the
Federal Reserve Act no Federal Reserve Bank
can rediscount for a member State bank any of
the paper of any one borrower who is liable to
such member State bank in excess of 10 per
cent of the capital and surplus of that State
bank, but it is provided that the discount of
bills of exchange drawn against actually existing values and the discount of commercial or
business paper actually owned by the person
negotiating the same shall not be included in
determining the amount to which a borrower
is liable to such member State bank.
The provisions of section 9 are in no way
affected by the amendment to section 5200 of
the Revised Statutes, and the same test as to
the eligibility of any part of the line of paper
of any one borrower which is held by a member
State bank is applicable now as before that
amendment to section 5200.
Under the provisions of Section. 11 (m), as
amended by the act of March 3,1919, the Board
has ruled that a Federal Reserve Bank may,
until December 31, 1920, rediscount for a
member State bank paper secured by not less
than a like face amount of bonds or notes
of the United States issued since April 24, 1917,
or certificates of indebtedness of the United
States, without regard to the amount the borrowing bank may already have loaned to its customer under his regular line of credit, provided,
however, that the aggregate of all rediscounts
of the paper of any one borrower must in no
case exceed 20 per cent of the capital and surplus of the member State bank.
In other words, if the regular line of credit of
the borrower from a member State bank is
not more than the 10 per cent limit fixed by
section 9 of the Federal Reserve Act, Federal
Reserve Banks may rediscount for State member banks to the same extent that they may
NOVEMBER i, 1919.
for member national banks. If, however, the
regular line of credit of the borrower from the
member State bank is more than that 10 per
cent limit, then the Federal Reserve Bank
can not rediscount any of that regular line of
credit, but may rediscount that paper which is
secured by Government obligations of the kinds
specified up to the limits described above.
(See ruling of the Federal Reserve Board
printed on pages 361 and 362 of the April,
1919, FEDERAL RESERVE BULLETIN.)
Federal Incorporation of Institutions engaged in foreign
banking or other financial operations.
Senate bill 2472, known as the "Edge bill,"
providing for the Federal incorporation of institutions to engage in international or foieign
banking or other financial operations, which
after being favorably acted on by the Senate,
passed the House in the form printed below
and was referred to conference committee.
The part struck out represents matter in the
Senate bill eliminated by the House, and the
part in italics represents new matter added by
the House.
UNION CALENDAR NO. 136.
[Sixty-sixth Congress, first session. S. 2472. Report No, 408.]
AN ACT To amend the Act approved December 23,1913, known as the
Federal Reserve Act.
Be it enacted by the Senate and House of Representatives of
the United States of America in Congress assembled, That the
act approved December 23, 1913, known as the Federal
Reserve Act, as amended, be further amended by adding
a new section as follows:
"BANKING CORPORATIONS AUTHORIZED TO DO FOREIGN
BANKING BUSINESS.
"SEC. 25 (a). Corporations to be organized for the purpose of engaging principally in international or foreign
banking or other international or foreign financial operations, or in banking or other financial operations in a dependency or insular possession of the United States, either
directly or through the agency, ownership, or control of
local institutions in foreign countries, or in such dependencies or insular possessions as provided by this section, and
to act when required by the Secretary of the Treasury as fiscal
agents of the United States, may be formed by any number
of natural persons, not less in any case than five.
"Such persons shall enter into articles of association
which shall specify in general terms the objects for which
the association is formed and may contain any other provisions not inconsistent with law which the association
may see fit to adopt for the regulation of its business and the
conduct of its affairs.
"Such articles of association shall be signed by all of the
persons intending to participate in the organization of the
corporation and thereafter shall be forwarded to the Federal
Reserve Board and shall be filed and preserved in its office.
The persons signing the said articles of association shall,
NOVEMBER 1,1919.
FEDEEAL EESEEVE BULLETIN.
1057
under their hands, make an organization certificate which
in, bullion, and exchange;
to borrow and to lend money
^
p
shall specifically state:
"First. The name assumed by such corporation, which to issue debentures, bonds, and promissory notes under
shall be subject to the approval of the Federal Reserve limitations as the Federal Reserve Board may prescribe, but
in no event having liabilities outstanding thereon at any one
Board, but shall include the word' Federal,' and no other finantime exceeding ten times its capital stock and surplus; to
cial corporation hereafter organized underj any law other than
an act of Congress shall use such word in its name under a receive deposits outside of the United States and to receive
penalty of $25 for each day that such word is used in violationonly such deposits within the United States as may be incidental to or for the pierpose of carrying out transactions in
of this provision.
"Second. The place or places where its operations are foreign countries or dependencies or insular possessions of the
United States; and generally to exercise such powers as
to be carried on.
"Third. The place in the United States where its home are incidental to the powers conferred by this Act or as
may be usual, in the determination of the Federal Reserve
office is to be located.
"Fourth. The amount of its capital stock and the num* Board, in connection with the transaction of the business
of banking or other financial operations in the countries,
ber of shares into which the same shall be divided.
"Fifth. The names and places of business or residence colonies, dependencies, or possessions in which it shall
of the persons executing the certificate and the number of transact business and not inconsistent with the powers
specifically granted herein. Whenever a corporation organshares to which each has subscribed.
"Sixth. The fact that the certificate is made to enable ized under this section receives deposits in the United States
the persons subscribing the same, and all other persons, it shall carry reserves in such amounts as the Federal Reserve
firms, companies, and corporations, who or which may Board may prescribe, but in no event less than 5 per centum
thereafter subscribe to or purchase shares of the capital of its deposits,
stock of such corporation, to avail themselves of the
"(b) To establish and maintain for the transaction of
advantages of this section.
its business agencies but not branches in the United States
"The persons signing the organization certificate shall and branches or agencies in foreign countries, their dependuly acknowledge the execution thereof before a judge of dencies or colonies, and in the dependencies or insular
some court of record or notary public, who shall certify possessions of the United States, at such places as may
thereto under the seal of such court or notary, and there- be approved by the Federal Reserve Board and under
after the certificate shall be forwarded to the Federal such rules and regulations as it may prescribet-€fcs4-4e
Reserve Board to be filed and preserved in its office.
febMfed
^ * d f e k y # L
b f e
Upon duly making and filing articles of association and an
Board-aiay -horn- time
organization certificate, and after the Federal Reserve Board
-m, including countries or depenhas approved the same and issued a permit to begin business,dencies not specified in the original organization certificate,
the assocaition shall become acd be a body corporate and
"(c) With the consent of the Federal Reserve Board
as such and in the name designated therein shall have to purchase and hold stock or other certificates of ownerpower WEHJQ?—g^efe-^eoB^i^ioas—asd—fegttferfeioBts—as—4fee ship in any other corporation organized under the probe to adopt and use a visions of this section, or under the laws of any foreign
$%4eml-^^9e¥¥e-^e^4-sftay-^eBe»be
corporate seal, which may be changedd att the
th pleasure
l
off country or a colony or dependency thereof, or under the
its board of directors, to have succession for a period of laws ol any State, dependency or insular possession of
twenty years unless sooner dissolved by the act of the share- the United States engaged principally in the business of
holders owning two-thirds of the stock or by an Act of Con-banking or in any other financial operation of the kinds
gress or unless its franchises become forfeited by some authorized by this section but not transacting business in
violation of law; to make contracts; to sue and be sued, the United States? except such as in the judgment of
complain, and defend in any court of law or equity; to the Federal Reserve Board may be incidental to its
elect or appoint directors, all of whom shall be citizens international or foreign business: Provided, however, That,
of the United States; and, by its board of directors, to except with the approval of the Federal Reserve Board, no
appoint such officers and employees as may be deemed corporation organized hereunder shall invest in any one
proper, define their authority and duties, require bonds corporation an amount in excess of 10 per centum of its
of them, and fix the penalty thereof, dismiss such officers own capital and Burplusj-eseepir in-a -corporoteoB- -eagage4
or employees, or any thereof, at pleasure and appoint lja-4-ko business of bsb&fefcB-g, when 15 per centum- of its
others to fill their places; to prescribe, by its board of esyifebl and-suypfes-may bev BO -invested:*: Provided further,
directors, by-laws not inconsistent with law or with the That no corporation organized hereunder shall purchase,
regulations of the Federal Reserve Board regulating the own} or hold stock or certificates of ownership in any other
manner in which its stock shall be transferred, its directors corporation organized hereunder or under the laws of any
elected or appointed, its officers and employees appointed, State which is in substantial competition therewith, or
its property transferred, and the privileges granted to it which holds stock or certificates of ownership in corporations
by law exercised and enjoyed.
which are in substantial competition with the purchasing
"Each corporation so organized shall have power, under corporation.
such rules and regulations as the Federal Reserve Board
" Nothing contained herein shall prevent corporations
may prescribe: ,
organized hereunder from purchasing and holding stock in
"(a) To purchase, sell, discount, and negotiate, with or any corporation where such purchase shall be necessary to
without its indorsement or guaranty, notes, drafts, checks, prevent a loss upon a debt previously contracted in good
bills of exchange, acceptances; including bankers' accept- faith; and stock so purchased or acquired in corporations
ances, cable transfers, and other evidences of indebted- organized under this section shall within six months from
ness; to purchase and sell, with or without its indorsement such purchase be sold or disposed of at public or private
or guaranty, secutities, including the obligations of the sale unless the time to w dispose of same is extended by the
United States or of any State thereof but not including Federal Reserve Board,
shares of stock in any corporation except as herein provided; "No corporation organized under this-section shall
to accept bills or drafts drawn upon it subject to such carry on any part of its business in the United States
limitations and restrictions as the Federal Reserve Board except such as, in the judgment of the Federal Reserve
may impose; to issue letters of credit; to purchase and Board, shall be incidental to its international or foreign
1058
FEDERAL. RESERVE BULLETIN.
business: And provided further, That except such as is
incidental and preliminary to its organization no such
corporation shall exercise' any of the powers conferred
by this section until it has been duly authorized by the
Federal Reserve Board to commence business as a corporation organized under the provisions of this section.
gg
elkir in the
t h diflpes
d i i ^ f d i
iaterierb' with tho freedein ofcompe^feion in the
ssate-ol
a t e o l c o e ^4^i
e e T
"No corporation organized under this section shall engage
in commerce or trade in commodities except as specifically
provided in this section, nor shall they control or fix or
attempt to control or fix the price of any such commodities.
The charter of any corporation violating this provision shall
be subject to forfeiture in the manner hereinafter provided in
this section. It shall be unlawful for any director, officer,
agent, or employee of any such corporation to use or to conspire to use the credit, the funds, or the power of the corporation to fix or control the price of any such commodities,
and any such person violating this provision shall be liable
to a fine of not less than $1,000 and not exceeding $5,000 or
imprisonment not less than one year and not exceeding five
years, or both, in the discretion of the court,
"No corporation shall be organized under the provisions
of this section with a capital stock of less than $2,000,000,
one-quarter of which must be paid in before the corporation may be authorized to begin business, and the remainder of the capital stock of such corporation shall be
paid in installments of at least 10 per centum on the whole
amount to which the corporation shall be limited as frequently as one installment at the end of each succeeding
two months from the time of the commencement of its
kafibfeisg business operations, until the whole of the capital
stock shall be paid in. The capital stock of any such
corporation may be increased at any time, with the
approval of the Federal Reserve Board, by a vote of twothirds of its shareholders or by unanimous consent in
writing of the shareholders without a meeting and without
a formal vote, but any such increase of capital shall be fully
paid in within ninety days after such approval) and may be
reduced in like manner, provided that in no event shall
it be less than $2,000,000. No corporation, except as herein
provided, shall during the time it shall continue its
operations, withdraw or permit to be withdrawn, either in
the form of dividends or otherwise, any portion of its capital.
Any national banking association may invest in the stock of
any corporation organized under the provisions of this section,
but the aggregate amount of stock held in all^ corporations
engaged in business of the kind described in this section and
in section 25 of the Federal Reserve Act as amended shall not
exceed 10 per centum of the subscribing bank's capital and
surplus.
"A majority of the shares of the capital stock of any
such corporation shall at all times be held and owned by
citizens of the United States, by corporations the controlling interest in which is owned by citizens of the United
States, chartered under the laws of the United States or of
a State of the United States, or by firms or companies, the
controlling interest in which is owned by citizens of the
United States. The provisions of section 8 of the Act
approved October 15, 1914, entitled 'An Act to supplement existing laws against unlawful restraints and monopolies, and for other purposes/ as amended by the Acts of
May 15, 1916, and September 7, 1916, shall be construed to
apply to the directors, other officers, agents, or employees
of corporations organized under the provisions of this
section: Provided, however, That nothing herein contained
shall (1) prohibit any director or other officer, agent or em-
NOVEMBER 1,
1919.
ployee of any member bank, who has procured the approval
of the Federal Reserve Board from serving at the same time
as a director or other officer, agent or employee of any corporation^ organized under the provisions of this section in whose
capital stock such member bank shall have invested; or (2)
prohibit any director or other officer, agent, or employee of any
corporation organized under the provisions of this section,
who has procured the approval of the Federal Reserve Board,
from serving at the same time as a director or other officer,
agent or employee of any other corporation in whose capital
stock such first mentioned corporation shall have invested
under the provisions of this section.
No member of the Federal Reserve Board shall be an officer
or director of any corporation organized under the provisions
of this section, or of any corporation engaged in similar
business organized under the laws of any State, nor hold stock
in any such corporation, and before entering upon his duties
as a member of the Federal Reserve Board he shall certify
under oath to the Secretary of the Treasury that he has complied
with this requirement.
"Shareholders in any corporation organized under the
provisions of this section shall be liable for the <
debts, and cngagemeB^e-el-s^refereefBe
gQ-amotiTi^ off thm
lc -the
ti
h l l bbeunpaid stock subscriptions. No such corporation
shall
come a member of any Federal reserve bank.
"Should any corporation organized hereunder violate or
fail to comply with any of the provisions of £fee4aws~e#-4ke
¥ftj&edStates this section,, all of its rights,
g,
privileges,
p g and
franchises dderived
may thereby
be
i d herefrom
h f
t h b
b forfeited.
ffitd
Before any such corporation shall be declared dissolved, or
its rights, privileges, and franchises forfeited, any noncompliance with, or violation of such laws shall, however,
be determined and adjudged by a court of the United
States of competent jurisdiction, in a suit brought for
that purpose in the district or territory in which the home
office of such corporation is located, which suit shall be
brought by the United States at the instance of the Federal
Reserve Board or the Attorney General. Upon adjudication of such noncqmpliance or violation, each director and
officer who participated in, or assented to, the illegal act
or acts, shall be liable in his personal or individual capacity
for all damages which the said corporation shall have
sustained in consequence thereof. No dissolution shall
take away or impair any remedy against the corporation,
its stockholders, or officers for any liability or penalty
previously incurred.
"Any such corporation may go into voluntary liquidation and be closed by a vote of its shareholders owning
two-thirds of its stock.
"Whenever the Federal Reserve Board shall become
satisfied of the insolvency of any such corporation, it may
appoint a receiver who shall take possession of all of the
property and assets of the corporation and exercise the
same rights, privileges, powers, and authority with respect
thereto as are now exercised by receivers of national banks
appointed by the Comptroller of the Currency of the
United States: Provided, however, That the assets of the
corporation subject to the laws of other countries or jurisdictions shall be dealt with in accordance with the terms
of such laws.
"Everjr corporation organized under the provisions of
this section shall hold a meeting of its stockholders
annually upon a date fixed in its by-laws, such meeting to
be held at its home office in the United States. Every
such corporation shall keep at its home office books containing the names of all stockholders thereof, and the
names and addresses of the members of its board of directors, together with copies of all reports made by it to the
Federal Reserve Board. Every such corporation shall
make reports to the Federal Reserve Board at such times
NOVEMBER 1, 1919.
FEDERAL RESERVE BULLETIN.
1059
and in such form as it may require; and shall be subject shares of any such corporation may^continue to be for the
to es8«&iaa£ieB8--wfeefie¥e£ examination once a year and at same amount each as they were before the conversion, and the
such other times as may be deemed necessary by the Federaldirectors may continue to be directors of the corporation until
Reserve Board by examiners appointed by the Federal others are elected or appointed in accordance with the proReserve Board, the cost of such examinations, including visions of this section. When the Federal Reserve Board
the compensation of the examiners, to be fixed by the has given to such corporation a, certificate that the provisions
Federal Reserve Board and to be paid by the corporation of this section have been complied with, such corporation and
examined."
all its stockholders, officers, and employees, shall have the
The directors of any corporation organized under the
provisions of this section may, semiannually, declare a
dividend of so much of the net profits of the corporation as
they shall judge expedient; hut each corporation shall, before
the declaration of a dividend, carry one-tenth of its net profits
of the preceding half year to its surplus fund until the same
shall amount to 20 per centum of its capital stock.
E % A i
^ i t f e i d to de
^
e^^^¥^
a5£^^
Federal
eH3affle^
ese^veSystes*?
Any corporation organized under the provisions of this
section shall be subject to tax by the State within which its
home office is located in the same manner and to the same
extent as other corporations organized under the laws of that
State which are transacting a similar character of business.
The shares of stock in such corporation shall also be subject
to tax as the personal property of the owners or holders
thereof in the same manner and to the same extent as^ the
shares of stock in similar State corporations: Provided,
however, That such shares owned by nonresidents of any
State shall be taxed only in the city or town in which the
corporation's home office is located, and not elsewhere.
Any corporation organized under the provisions of this
section may at any time within the two years next previous
to the date of the expiration of its corporate existence, by a vote
of the shareholders owning two-thirds of its stock, apply to
the Federal Reserve Board for its approval to extend the period
of its corporate existence for a term of not more than twenty
years, and upon certified approval of the Federal Reserve
Board such corporation shall have its corporate existence for
such extended period unless sooner dissolved by the act of the
shareholders owning two-thirds of its stock, or by an act of
Congress or unless its franchise becomes forfeited by some
violation of law.
Any bank or banking institution incorporated by special
law of any State or of the United States or organized under
the general laws of any State or of the United States and
having an unimpaired capital sufficient to entitle it to become
a corporation under the provisions of this section may, by the
vote of the shareholders owning not less than two-thirds of the
capital stock of such bank or banking association, with the
approval of the Federal Reserve Board, be converted into a
Federal corporation of the kind authorized by this section
with any name approved by the Federal Reserve Board: Provided, however, That said conversion shall not be in contravention of the State law. In such case the articles of association
and organization certificate may be executed^ by a majority
of the directors of the bank or banking institution, and the
certificate shall declare that the owners of at least two-thirds
of the capital stock have authorized the directors to make such
certificate and to change or convert the bank or banking institution into a Federal corporation. A majority of the
directors, after executing the articles of association and the
organization certificate, shall have powert to execute all other
papers and to do whatever may be required to make its organization perfect and complete as a Federal corporation., The
same powers and privileges, and shall be subject to the same
duties, liabilities, and regulations, in all respects, CLS shall
have been prescribed by this section for corporations originally
organized hereunder.
Every officer, director, clerk, employee, or agent of any corporation organized under this section who embezzles, abstracts,
or willfully misapplies any of the moneys, funds, credits,
securities, evidences of indebtedness or assets of any character
of such corporation; or who, without authority from the directors, issues or puts forth any certificate of deposit, draws
any order or bill of exchange, makes any acceptance, assigns
any note, bond, debenture, draft, bill of exchange, mortgage,
judgment, or decree; or who makes any false entry in any
book, report, or statement of such corporation with intent, in
either case, to injure or defraud such corporation or any other
company, body politic or corporate, or any individual person,
or to deceive any officer of such corporation, the Federal Reserve Board, or any agent or examiner appointed to examine
the affairs of any such corporation; and every receiver of any
such corporation and every clerk or employee of such receiver
who shall embezzleK abstract, or ivillfully misapply or wrongfully convert to his own use any moneys, funds, credits, or
assets of any character which may come into Ms possession or
under his control in the execution of his trust or the performance of the duties of his employment; and every such receiver
or clerk or employee of such receiver who shall, with intent to
injure or defraud any person, body politic or corporate, or to
deceive or mislead the Federal Reserve Board, or any agent or
examiner appointed to examine the affairs of such receiver,
shall make any false entry in any book, report, or record of
any matter connected with the duties of such receiver; and
every person who with like intent aids or abets any officer,
director, clerk, employee, or agent of any corporation organized under this section, or receiver or clerk or employee of such
receiver as aforesaid in any^ violation of this section, shall
upon conviction thereof be imprisoned for not less than two
years nor more than ten years, and may also be fined not more
than $5,000; in the discretion of the court.
Whoever, being connected in any capacity with any corporation organized under this section, represents in any way
that the United States is liable for the payment of any bond
or other obligation or the interest thereon issued or incurred
by any corporation organized hereunder, or that the United
States incurs any liability in respect of any act or omission
of the corporation, shall be punished by a fine of not more
than §10,000 and by imprisonment of not more than five
years.
Exercise of trust powers hj national banks located in New
York.
The following is an opinion rendered October
15, 1919, by Mr. Justice Isaac M. Kapper, of
the Supreme Court of the State of New York
to the effect that since the enactment of section
11 (k) of the Federal Reserve Act, as amended
by the act of September 26, 1918, a State no
longer has the power to prohibit the exercise
of trust powers by national banks or to discriminate against such banks by prohibiting
its courts from appointing them in fiduciary
1060
FBDEEAL RESERVE BULLETIN.
capacities when the laws of that State permit
the appointment of competing State corporations in such capacities. The opinion also holds
that, as a matter of fact, no intent to discriminate against national banks can be inferred
from section 2*352 of the New York Code of
Civil Procedure and that a national bank which
has been granted the necessary permit under
section 11 (k) of the Federal Reserve Act, is a
"suitable person" within the meaning of this
code section and may be appointed special
guardians thereunder:
In the Matter of the Petition of Bessie B. Mollineaux, Supreme
Court, Nassau County.
The purchaser of an Infant's real estate sold in this proceeding objects to the title, and this motion is made to
compel acceptance. The purchaser's sole objection is to
the appointment by the supreme court of a national bank
as special guardian in a proceeding for the sale of the real
estate of an infant, asserting that such a corporation is not
among those qualified ior such an appointment under
section 2352 of the Code of Civil Procedure which, he further asserts, is the only authority for appointing a special
guardian in such a proceeding. Said section is. as follows:
"Upon an application to sell, mortgage, release, or lease
real property or an interest in real property of an infant,
the court must appoint a suitable person to be the special
guardian of the infant with respect to the proceedings,
who must thereupon file with the clerk a bond as prescribed
in the last section. Any trust company authorized by the
laws of this State to act as general guardian of the estate
of an infant without giving security may be appointed such
special guardian, and in such case the court, in the order
of appointment, may dispense with the giving and filing
of any such bond." It is the contention of the purchaser
that if a corporation may be appointed a special guardian,
the code section In question contains a limitation which
confines such corporate appointee to a trust company.
The purchaser frankly concedes that all the broad powers
conferred upon the Federal Reserve Board by recent acts
of Congress, to authorize national banks to act in certain
specified trust capacities, permits the designation of a
national bank to act in practically all fiduciary capacities,
excepting those expressly limited, as by the code section
in question. This concession shortens the discussion
materially, and it suffices to say that in the case of National
Bank v. ITnion Trust Co. (244 U. S., 416) the United States
Supreme Court has rendered futile any controversy over
the powers of national banks to act as fiduciaries. That
decision goes to the extent of declaring the principle that
when Congress, in the exercise of its constitutional powers,
has clothed national banks with authority to exercise the
functions possessed by rival State corporations of a similar
character the State is without power to nullify such action
by Congress by discriminatory legislation in favor of State
corporations. The State may reasonably regulate the
exercise of the powers so conferred, but may not prohibit.
Since that decision, which was based upon section 11 (k)
of the Federal act of December 23, 1913, Congress, by an
NOVBMBEB 1, 1919.
amendatory act'of September 7, 1918 (sec. 9794-k), has
authorized the Federal Reserve Board to empower national
banks to assume other specified trust relationships, "or to
act in any other fiduciary capacity in which State banks,
trust companies, or other corporations which come into
competition with national banks are permitted to act
under the laws of the State in which the national bank is
located.'' That amendment further provided that** whenever the laws of such State authorize or permit the exercise
or any or 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/' Hence we see that Congress, by appropriate
legislation, has vested national banks with power to act in
enumerated trust capacities, and under the cited decision
of the United States Supreme Court such legislation became
the controlling and paramount law, superior to any ineon*
sistent State legislation. In my judgment the State no
longer has power to prohibit the exercise within its domain
of the powers and functions so conferred upon such banks,
and no power to accomplish this result indirectly by discrimination in favor of local corporations and against
national banks or agencies of similar character. And any
prior State legislation which limited the exercise of specified powers to certain specified State corporations or agencies became inoperative when Congress clothed Federal
corporations and agencies of a rival character with like
powers. But I do not think that a legislative intent to
discriminate against national banks or agencies or to prohibit their acting in the trust capacities enumerated in the
Federal acts referred to can be inferred from the code section 2352 (supra). The Federal acts in question were passed
in 1913 and 1918, while the amendment to section 2352 of
the code, permitting the appointmeot of a trust company
as special guardian was passed in 1893 (chap. 268, Laws of
1893). It seems plain, therefore, that national banks were
not in the legislative mind when the amendment of 1893
was enacted, for at that time such banks had not been
vestea by Congress with power to act in any of the trust
capacities enumerated in the subsequent legislation
referred to, and were therefore in no event eligible to
appointment to any trust capacity in the State of New
York. 1 am, moreover, of the opinion that section 2352
of the code is a limitation only to the extent of dispensing
with the security required when a trust company is the
appointee, and that that section containing, as is obvious,
no express inhibition against the appointment of a nonresident natural person or a foreign or domestic corporation
as special guardian, the sole statutory requirement being
that the appointee must be a "suitable person," empowers
the supreme court to appoint a national bank, otherwise
duly empowered to act in a fiduciary capacity, as special
guardian, for such bank, being so duly qualified, is therefore a "suitable person " within the meaning of the statute.
This view is fortified by the concession made by the purchaser here that the national bank, special guardian at bar,
is empowered to act in all trust capacities, so far as concerns
the doctrine of ultra vires, and could not act in the present
case because, as claimed, said bank was ineligible for
appointment under the code, as stated at the outset.
As above stated, this view is held untenable. In my opinion the motion should be granted.
NOVEMBEB 1, 1919.
FEDERAL RESERVE BULLETIN.
WHOLESALE PRICES.
In continuation of figures shown in the
October BULLETIN there are presented below
monthly index numbers of wholesale prices for
the period January, 1919, to September, 1919,
compared with like figures for September of
previous years; also for July, 1914, the month
immediately preceding the outbreak of the
great war. The general index number is that
of the United States Bureau of Labor Statistics.
In addition there are presented separate numbers for certain particular classes of commodities in accordance with plans announced in
previous issues of the BULLETIN.
Quotations for two commodities, namely,
phosphate rock and eggs (Louisiana, at the
market, New Orleans), have been omitted.
Index numbers for September are provisional,
due to t\e fact that certain data were notreceived in time to render them available for
use in the calculations.
A recession in wholesale prices is noted during
the month of September from the high level
reached during the month of August. The
general index number of the Bureau of Labor
Statistics for September stands at 221, as compared with 226 for the month of August.
Decrease is noted in the index numbers for
both the groups of raw materials and of consumers' goods, while the index number for the
group of producers' goods remains unchanged
at 212. Among the commodities included in
this group, decreases in the prices of cotton
yarns, linseed oil, steel plates, tallow, and
bran were offset by increases in the prices of
worsted yarns, harness oak and side chrome
leather, various building materials, such as
lath, brick, window glass, and red cedar
shingles, cast-iron pipe, silver, wood pulp, and
sulphuric acid.
The index number for the group of consumers' goods has decreased 6.3 per cent, from
241 to 226. Although increases in price
occurred in the case of an extended list of commodities, among which may be mentioned but-
144501—19—8
1061
ter, eggs, and milk, salmon, veal, and wheat
flour (winter patents, Kansas City), illuminating oil, men's vici kid eshoes,
hosiery, and cotton
underwear, these w r e more than offset by
decreases in the prices of other commodities,
principally foodstuffs, such as potatoes, beans,
rice, coffee, wheat flour (standard patents,
Minneapolis), rye flour, corn meal, lard, glucose,
and various meats, in particular fresh and mess
beef, bacon, hams and mess pork, lamb and
mutton, and poultry, as well as cheese, print
cloths, and cottonseed oil.
A decrease of 1.7 per cent, from 218 to 214,
is noted in the index number for the group of
raw materials. Diversity is exhibited in the
changes in the index numbers for the several
subgroups. While the numbers for the farm
and animal products subgroups show considerable decreases, the numbers for the forest and
mineral subgroups have increased. The index
number for the last-named group now stands at
184, as compared with 180 for August, an increase of 2.1 per cent. Decreases in the prices
of copper, tin, and zinc were more than offset
by increases in the prices of various sizes of anthracite and bituminous coal, coke, lead, crude
petroleum, and southern foundry pig iron. An
increase of 12.9 per cent, from 193 to 218, is
noted in the number for the forest products
subgroup, No. 2 Douglas fir and yellow pine
surfaced boards alone among the commodities
included in the group not having increased in
price. The decrease of 4.3 per cent, from 251
to 240, in the number for the group of farm
products is due to decreases in the prices of
corn, oats, rye, and barley, cotton,fiaxseed,and
timothy, which were not offset by increases in
the prices of various classes of wheat, hops,
alfalfa, and tobacco. An increase in the price
of silk did not serve to offset decreases in the
prices of various classes of live stock, in particular cattle, hogs, sheep, and poultry, wool
and hides, in consequence of which the index
number for the animal products subgroup
shows a decrease of 8.4 per cent, from 235 to
215.
1062
NOVEMBER 1,1919.
FEDERAL RESERVE BULLETIN.
Index numbers of wholesale prices in the United States for principal classes of commodities.
[Average price for 1913=100.]
Raw materials.
Year and month.
July,1914
September,
September,
September,
September,
September,
Farm
products.
1914
1915
1916
1917
1918
January
February...,,
March
April.........
May
June
July
August
September....
•.
1919.
...
.........
P...
,
K.,
Animal
products.
Forest
products.
Mineral
products.
All commodities
Producers' Consumers (Bureau of
Labor Stagoods.
goods.
Total raw
tistics index
materials.
number).
102
104
102
138
214
255
106
110
104
125
195
219
97
96
92
95
129
143
92
117
167
180
100
98
121
181
204
92
100
99
142
203
203
103
108
99
130
175
209
103
98
127
182
207
234
224
237
246
255
250
261
251
240
208
210
217
224
225
217
233
235
215
147
148
149
145
146
156
166
193
218
179
175
173
170
170
173
177
180
184
196
194
199
202
205
203
214
218
214
196
192
190
186
189
196
202
212
212
216
205
210
214
219
217
230
241
226
203
197
201
203
207
207
219
226
221
In order to give a more concrete illustration
of actual price movements there are also presented in the following table monthly actual
and relative figures for certain commodities of
a basic character, covering the period January,
1919, to September, 1919, compared with like
figures for September of previous years; also
for July, 1914, the month immediately preceding the outbreak of the great war. The
actual average monthly prices shown in the
table have been abstracted from the records of
the United States Bureau of Labor Statistics.
Average monthly wholesale prices of commodities.
[Average price for 1913=100.]
Corn, No. 3,
Chicago.
Wheat, No. 1,
Cotton, middling, northern
spring,
New Orleans. ! Minneapolis.
Wheat, No. 2,
red winter,
Chicago.
Year and month.
Average
price per
bushel.
July, 1914
September, 1914
September, 1915
September, 1916
September, 1917
September, 1918
January, 1919...
February, 1919..
March, 1919.....
April, 1919......
May, 1919
June, 1919
July,1919;
August, 1919
September, 1919
$0.7044
.7748
.7269
.8522
2.0613
1.5313
1.3750
1.2763
1.4588
1.5955
1.7613
1.7563
1.9075
1.9213
1.5410
Rela- Average
tive price per
price. pound.
114
126
118
138
335
249
223
207
237
259
286
285
310
312
250
$0.1331
.0838
.1053
.1532
.2160
.3578
.2850
.2694
.2681
.2670
.2947
.3185
.3377
.3125
.3078
Relative price per
price. bushel.
105
66
83
121
170
282
224
212
211
210
232
251
266
246
242
$0.8971
1.1364
.9811
1.6080
2.2213
2.2169
2.2225
2.2350
2.3275
2.5890
2.5925
2.4575
2.6800
2.5250
2.5350
Cattle, steers,
good to choice,
Chicago.
Average
Rela- Average
tive price per
price. bushel.
Relative
price.
pricier
$0.8210
1.1069
1.0760
1.5344
2.1775
2.2363
2.3788
2.3450
2.3575
2.6300
2.7800
2.3613
2.2580
2.2394
2.2385
112
109
156
221
227
241
238
239
267
282
239
229
227
227
$9.2188
9.7313
8.9500
9.8000
14.9875
18.4100
18.4125
18.4688
18.5750
18.3250
17.7438
15.4600
16 8688
17.6375
16.8050
103
130
112
184
254
254
254
256
266
296
297
281
307
289
290
pounds.
Hides r packers',
heavy native
steers, Chicago.
Rela- Average
tive price per
price. pound.
108
114
105
115
176
216
216
217
218
215
209
182
198
207
$0.1938
.2100
. 2650
.2600
.3300
.3000
.2800
.2800
.2763
.2950
.3513
.4075
.4860
.5200
.4638
Relative
price.
105
114
144
141
179
163
152
152
150
160
191
222
264
283
252
1068
FEDERAL. RESERVE BTJLLETIK".
NOVEMBBB 1, 1919.
Average monthly wholesale prices of commodities—Continued.
(Average price for 1913=100.]
Hogs, light,
Chicago.
Wool,0nio,i-|
grades, scoured.
Hemlock,
New York.
Yellow pine,
flooring,
New York.
Coal, anthracite, Coal, bituminous,
stove, New York,
run of mine,
tidewater.
Cincinnati.
Year and month.
Average
price per. Relative
100
pounds. price.
July, 1914
September, 1914
September, 1915
September, 1916
September, 1917
Sentember 1918
January, 1919
February, 1919
March, 1919
April, 1919
May, 1919
June, 1919
Julv. 1919
August, 1919
September, 1919
„
.
$8.7563
9.0188
7.7000
10.7750
18.4250
20.0700
17.4125
17.4688
18.8550
20.3813
20.7000
20.7800
22.3875
21.6125
18.2100
104
107
91
127
218
237
206
207
223
241
245
246
265
256
215
Coal, Pocahontas, Norfolk.
Average
price per
pound.
$0.4444
.4583
.5714
.6857
1.3714
1.4365
1.1200
1.0909
1.2000
1.0909
1.0727
1.1818
1.2364
1.2364
1.2182
Relative
price.
Average Rela- Average
price per tive price per
M feet. price. M feet.
94 $24.5000
97 24.2500
121 20.5000
146 23.7500
291 30.5000
305
255 36.0000
232 36.0000
255 36.0000
232 36.0000
228 36.0000
251 36.0000
263 41.0000
263
259
Coke, Connellsville.
101 $42.0000
100 42.0000
85 38.5000
98 38.0000
126 57.0000
63.0000
149 63.0000
149 64.0000
149 64.0000
149 64.0000
149 65.0000
149 68.0000
169 73.0000
78.0000
95.0000
Copper, ingot,
electrolitic,
New York.
Rela- Average Rela- Average Relative price per tive price per tive
price. long ton. price. short ton. price.
94
94
86
85
128
141
141
144
144
144
146
152
164
175
213
Lead, pig,
desilverized,
New York.
$4.9726
5.1794
5.1529
5.6625
6.1303
6.9000
7.9500
7.9500
7.9044
7.9045
7.9857
8.1174
8.1881
8.3145
8.4020
98
102
102
112
121
136
157
157
156
156
158
160
162
164
166
$2.2000
2.2000
2.2000
2.5000
3.3000
4.1000
4.1000
4.0000
4.0000
4.0000
4.0000
4.0000
4.0000
4.0000
4.5000
100
100
100
114
150
186
186
182
182
182
182
182
182
182
205
Petroleum, crude,
Pennsylvania,
Pig iron, basic.
at wells.
Year and month.
Average Rela- Average Relaprice per tive price per tive
long ton. price. short ton. price.
Average
price per
pound.
77
71
69
113
482
246
237
214
183
160
158
164
168
173
188
$0.1340
.1238
.1775
.2775
. 2525
.2600
.2038
.1731
.1509
.1530
.1600
. 1756
.2150
.2281
.2220
$3.0000
3.0000
2.8500
4.0000
3.9080
4.6320
4.6320
4.6320
4.9000
4.9000
4.9000
5.1400
5.1400
5.1400
July, 1914
September, 1914
September, 1915
September, 1916
September, 1917.
September, 1918
January 1919 .
February, 1919
March, 1919...
April, 1919.
May, 1919
June 1919
July, 1919
August, 1919
September, 1919
100
100
95
133
130
154
154
154
163
163
163
171
171
171
$1.8750
1.7250
1.6750
2.7500
11.7500
6.0000
5.7813
5.2188
4.4688
3.9000
3.8437
4.0000
4.0950
4.2188
4.5920
Cotton yarns,
northern cones.
10/1.
Leather, sole,
hemlock No. 1.
Relative
price.
Average Relaprice per tive
pound. price.
Rela- Average Rela- Average
tive price per tive price per
priee% pound. price. barrel.
85 $0.0390
79
.0388
113 .
.0490
176
.0650
161
1.0380
165
.0805
130
.0558
110
.0508
96
.0524
97
.0507
102
.0508
112
.0530
137
.0561
145
.0579
141
.0609
Steel, billets,
Bessemer,
Pittsburgh.
89
88
111
148
236
183
127
115
119
115
115
120
128
132
138
Steel plates,
tank, Pittsburgh.
$1.7500
1.4500
1.6000
2.3000
3.5000
4.0000
4.0000
4.0000
4.0000
4.0000
4.0000
4.0000
4.0000
4.0000
4.2500
Rela- Average Relative price per tive
price. long ton. price.
71 $13.0000
59 13.0000
65 14.7500
94
18.3100
143 42.7500
163 32.0000
163 30.0000
163 30.0000
163 28.9375
163 25.7500
163 25.7500
163 25.7500
163 25.7500
163 25,7500
173 25.7500
Steel rails, open
hearth, Pittsburgh.
88
88
100
125
291
218
204
204
197
175
175
175
175
175
175
Worsted yarns,
2-32's crossbred.
Year and month.
Average
price per
pound.
July, 1914
September, 1914
September, 1915
September, 1916
September, 1917
September, 1918
January, 1919
February, 1919
March, 1919
April, 1919.
Mav 1919
June, 1919
July, 1919
August, 1919 .
September, 1919
....
. . .
$0.2150
.1700
.1700
.2750
.4200
.6100
.5000
. 4164
.4132
.4300
.4826
.5608
.5912
.6130
.5903
97
77
77
124
190
276
226
188
187
194
218
253
267
111
267
$0.3050
.3100
.3700
.4800
.4900
.4900
.4900
.4900
.4900
.4900
.5100
. 5300
.5700
.5700
Average Rela- Average
price per tive price per
pound. price. pound.
108 $19.0000
21.0000
110 24.1000
131 45.0000
170 66.2500
174 47.5000
174 43.5000
174 43.5000
174 42.2500
174 38.5000
174 38.5000
181 38.5000
188 38.5000
202 38.5000
202 38.5000
74
81
93
174
257
184
169
169
164
149
149
149
149
149
149
$0.0113
.0120
.0135
.0350
.0800
.0325
.0300
.0300
.0291
.0265
.0265
.0265
.0265
.0265
.0253
Rela- Average Rela- Average Relative price per tive price per tive
price. pound. price. pound. price.
76 $30.0000
81 30.0000
91 30.0000
236 35.0000
541 40.0000
220 57.0000
203 57.0000
203 57.0000
197 54.5000
179 47.0000
179 47..0000
179 47.0000
179 47.0000
179 47.0000
171 47.0000.
100
100
100
117
133
190
190
190
182
157
157
157
157
157
157
$0.6500
.6600
.8500
1.2000
1.7000
2.1500
1.7500
1.7000
1.5000
1.5000
1.5000
1.6000
1.6000
1.6242
1.7500
84
85
119
154
219
277
225
219
193
193
193
206
206
209
225
1064
FEDERAL BESERVE BULLETIN.
NOVEMBER 1,1919.
Average monthly wholesale prices of commodities—Continued.
[Average price for 1913=100.]
Year and month.
Flour, wheat,
Beef, carcass,
fstandard patents,
smoked,
good native
Coffee, Rio No. 7. 1914-1917,1919; Hams,
Chicago.
steers, Chicago.
standard war,
1918, Minneapolis.
$0.1350
.1438
.1350
.1375
.1900
.2450
.2450
.2450
.2450
.2450
.2430
. 2025
. 2075
.2350
.2275
104
111
104
106
147
189
189
189
189
189
188
156
160
181
176
SO. 0882
.0763
.0675
.0988
.0913
.0959
.1547
.1544
.1602
.1695
.1931
.2114
.2303
.2150
79
69
61
89
82
86
139
139
144
152
173
190
207
193
149
Sugar, granulated,
New York.
Rela- Average RelaRela- Average Relative price per tive price per tive price per tive
price. pound. price. gallon. price. pound. price.
Average Rela- Average Relaprice per tive price per tive
pound. price. pound. price.
July, 1914
September, 1914
September, 1915
September, 1916
September, 1917
September, 1918
January, 1919...
February, 1919.,
March, 1919
April, 1919
May, 1919
June, 1919.
July, 1919......
August, 1919
September, 1919.
Illuminating oil,
150° fire test,
New York.
$4.5938
5.9400
5.3313
8.4250
11.2625
10.2100
10.2750
10.5500
11.2125
12.2150
12. 4188
12.0125
12.1550
12.0063
11.6200
100
130
116
184
246
223
224
230
245
266
271
262
265
262
254
SO. 1769
.1905
.1447
.1900
.2675
,3281
.3494
.3338
.3381
.3595
106
115
87
114
161
197
210
201
203
216
227
229
230
231
209
10.1200
.1200
.1200
.1200
.1300
.1750
.1750
.1750
.1810
.1850
.1850
.2000
.2050
.2180
.2200
97
97
97
97
105
142
142
142
147
150
150
162
166
177
178
$0.0420
.0680
.0506
.0637
.0823
.0845
.0882
.0882
.0882
.0882
.0882
.0882
159
119
149
193
198
207
207
207
207
207
207
207
207
207
DISCOUNT AND INTEREST RATES.
New York for demand paper secured by prime bankers' acceptance, a type
of paper which made its appearance in the New York market some months
ago. Quotations for new type of paper will be added from time to time as
deemed of interest.
In the majority of centers no marked changes in rates are noted during
the period under review, rates in general being reported firm. Rates for
commercial paper purchased in the open market, in particular customary
rates, however, show a decrease in a considerable number of centers. The
increase in the high rate for demand collateral loans in New York does not
appear to be reflected in other centers, with the possible exception of
Philadelphia. Comparison with rates prevailing during the period ending
October 15, 1918, reveals decreases in many centers in the rates for commercial paper purchased in the open market, as well as less marked
decreases in the rates for customers' commercial paper, for interbank
loans, and in the low rates for collateral loans.
In the following tables are presented actual discount and interest rates
prevailing in the various cities in which the several Federal Reserve Banks
and their branches are located during the periods ending September 15 and
October 15, 1919. Quotations are given for prime commercial paper,
both customers' and purchased in the open market, interbank loans, bankers' acceptances, and paper secured by prime stock exchange or other current collateral. Separate rates are quoted for paper of longer or shorter
maturities in the first-named and last-named classes. In addition, quotations are given for commodity paper secured by warehouse receipts and for
cattle loans, as reported from centers in which such paper is current.
Quotations are also given of rates charged on ordinary loans to customers
secured by Liberty bonds and certificates of indebtedness. Assistance to
customers to enable them to purchase such Government obligations has
generally been extended at lower rates, either at the rate borne by such
obligations or at a rate slightly higher. The tables also show quotations in
Discount and interest rates prevailing in various centers.
DURING 30-DAY PERIOD ENDING SEPT. 15, 1919.
Prime commercial paper.
District.
Bankers* acceptances,
60 to 90 days.
City.
Indorsed.
No. 1...
No. 2..
No. 3..
No. 4..
No. 5..
No. 6..
No. 7..
No. 8..
No. 9...
No. 10..
No. 11..
No. 12..
Secured by
Secured by Liberty
warehouse bonds and
receipts, certificates
of indebtetc.
edness.
Collateral loans—stock exchange
or other current.
Boston.....
New York i...
Buffalo
Philadelphia..
Cleveland
Pittsburgh
Cincinnati
Richmond
Baltimore
Atlanta
Birmingham..
Jacksonville..
New Orleans-.
Chicago
Detroit
St. Louis
Louisville
Memphis
Little Rock...
Minneapolis...
Kansas City...
Omaha....
Denver
Dallas
El Paso
San Francisco.
Portland
Seattle
Spokane
Salt Lake City
Unindorsed
H. L. C.
B. L. C.
05 4 8
4ja
5£
6 4|4t-5
1•j 6
6 6 6
6 6 6
6
6 6 6
6 5 6
8 6 6
8 6 8
5
6 5|
8
7
8
10
8
* Rates for demand paper secured by prime bankers' acceptances, high 6J, low 4i, customary 4J-5§.
6 6-7
5| 6
6 6
6 8
8 8
6 5 6
6 4£ 5
6 5 6
6 5 5|
5|5 5
6 4f 5
6 .5i 5J
8 5 6
6 4f 6
8 6 6
61 4| 5-6
6 5 5|
6 5| 6
6 4| 5|
6 5 5|
6 4| 5
7 5| 6
5£ 5 5
6 4|6
6 5 6
8 4|6
86 6
8 6 8
6 4f 6
7 6 6
8 4| 7
8 4£6
8 5 6
I
Discount and interest rates prevailing in various centers—Continued.
O
DURING 30-DAY PERIOD ENDING OCT. 15,1919.
Prime commercial paper.
District.
City.
30 to 90
days.
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 *...
Buffalo
Philadelphia..
Cleveland
Pittsburgh—
Cincinnati
Richmond
Baltimore
Atlanta... Birmingham..
Jacksonville...
New Orleans-.
Chicago
Detroit
St. Louis
Louisville
.
Little Rock...
Minneapolis...
Kansas City...
Omaha.
Denver
Dallas
El Paso
Houston
San Francisco Portland
Seattle
Salt Lake City
Open market.
Customers'.
H. L.
a
6 5 54
6 5 54-54
6 5 6
6 5 54
6
6 6 54
6
6 5 6
6 54 6'
6 54 6
6 5 5|
6 5 6
8 6 6
8 6 7
7 5 5|-6
6 54 5J-6
6 54 6
6 54 54
6 54 6
6 5 6
7^ 6 6
72 5 4 6
6 54 6
8 5 6
8 6 6
8 6 8
7 5 6
6 5 54-6
7 6 6
8 5 6
8 54 7
8 6 7
4 to 6
months.
30 to 90
days.
H. L. C.
6 6J5i
6 5 54-6
6 5 6
6 5 5|
6
6
6
6
8
54
54
54
5
5
6
6
6
5|
6
8
7
6
6
6
6
6
7
6
7
6
8
8
8
7
6
7
8
8
8
6 7
5 54-6
54 54-6
54 6
54 54
54 6
5 6
6 64
5i 54
5 6
54 6
5 6
6 6
6 8
6 6
54 6
6 6
5 6
6 7
6 7
5 4 5 54
6 5 6
Interbank
loans.
. Bankers7 acceptances,
60 to 90 days.
4 to 6
months.
Indorsed.
Unindorsed.
H. L. C.
64 54 5.
54 5 5!
6 5
6 54 5;
H. L. C.
H. L. C.
4 & 4 4 44
6 4 | 44
54 5 54
6 54 6
54 5 |
4&
& & 4
4f 44 44
5
6
6
7
6
6
7
4|
6
54 6
6 6
6 6
4% 4J
5 6
6
44
6
1
6
6
44
Collateral loans—stock exchange
or other current.
Demand.
3 months.
3 to 6
months.
H. L. C.
6 6 6
15 4 6
6 5 6
4& 9 44 6
6 6 6
6 5 6
6 6 6
44 4;
6 5 6
6 5 5f
6 54 6
54 6
6 5 6
6 6
8 6 6
8 6 8
6 6
7 5 54-64
6 54
4 44 6 6 6
6 54 54
44 5
6 5 6
6 6
6 6 6
7 6 64
6 54 54
44 4|-6
44 44
6
8
6
8
7
6
6
8
7
8
Secured by
Secured by Liberty
warehouse bonds and
receipts, certificates
of indebtetc.
Cattle
loans.
54 6
6 6
6 6
6 8
6 7
5 6
6 6
5 6
6 7
6 7
Rates for demand paper secured by prime bankers7 acceptances, high 6, low 4J, customary 4|.
H. L.
a
6 54 54
6 54 6
8 6
8 6
846
10 6
8 8
6-7
6
6
8
8
H. L. C.
6
6
6
6
6 6
6 6
5* 6
6 6
6
8
8
8
6
54 6
6 6
6 7
5J 6-7
5 | 54
54
6 6 6
6 5 6
6 54 6
8 6 8
'8"*6*T
NOVEMBER 1,1919.
1067
FEDERAL RESERVE BULLETIN.
PHYSICAL VOLUME OF TRADE. •
In continuation of tables in the Qciober
there are presented in the following tables certain data
relative to the physical volume of trade. The
FEDERAL RESERVE BULLETIN
January issue contains a description of the
methods employed 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.]
Receipts.
1918.
September...
1919.
January.....
February
March
April.
AJune
>.
July
August
September...
Shipments.
Cattle and
calves, 60
markets.
Hogs, 60
markets.
and
Sheep, 60 Horses
mules, 44
markets.
markets.
Total, all
kinds.
Cattle and
calves, 54
markets.
Head.
2,808,273
Head.
2,393,545
Head.
3,319,682
Head.
125,121
Head.
8,646,621
Head.
1,226,121
Head.
793,820
Head.
2,075,140
Head.
118,733
2,111,704
1,440,329
1,501,597
1,751,943
1,822,410
1,580,256
2,007,266
2,019.139
2,377,054
5,861,685
4,404,751
3,632,874
3,668,210
3,862,785
3,812,466
2,998,836
2,103,609
2,401,677
1,567,613
1,131,805
1,216,988
1,388,732
1,425,018
1,685,236
2,177,940
3,211,331
3,810,441
110,411
82,526
68,938
50,770
33,977
40,067
48,691
81,917
9,651,413
7,059,411
6,420,397
6,859,655
7,144,190
7,118,025
7,232,735
7,415,996
8,730,020
761, 168
528,
563,
1,546,875
1,288,134
1,272,654
1,107,411
1,181,745
1,373,824
963,662
690,821
860,614
608,016
418,827
481,907
575,136
614,275
828,046
997,338
2,014,267
2,466,937
106,459
76,512
64,332
49,634
34,658
36,889
43,738
74,268
135,724
140,848
,637
709,6
,843
706,8
,816
1,150,183
Hogs, 54
markets.
Horses and Total, all
mules, 44
kinds.
markets.
Sheep, 54
markets.
Head.
4,213,814
3,022,518
2,311,799
2,382,786
2,430,780
2,613,764
2,948,396
2,711,581
3,674,172
4,613,458
Receipts and shipments of live stock at 15 western markets.
[Chicago, Kansas City, Oklahoma City, Omaha, St. Louis, St. Joseph, St. Paul, Sioux City, Cincinnati, Cleveland, Denver, Fort Worth,
Indianapolis, Louisville, Wichita.]
RECEIPTS.
[Monthly average, 1911-1913=100.]
Cattle and calves.
Head.
1918.
September.... „
1919.
February
March. . . .
April
May
June. . . .
July
August
September . .
.,
Relative.
Head.
Relative.
Head.
Horses and mules.
Sheep.
Hogs.
Relative.
Head.
Relative.
Total, all kinds.
Head.
Relative.
2,249,017
223
1,775,842
81
2,408,609
176
82,656
180
6,516,124
141
1,656,046
1,096,118
1,094,614
1,255,379
1,262,065
1,122,782
1,527,881
1'541,133
1,871,042
164
116
109
125
125
111
152
4,603,335
3,451,894
2,842,663
2,823,484
3.049,223
3,061,838
2,411,539
1,595,759
1,704,944
209
168
129
128
139
139
110
1,079,377
774,881
847,842
970,070
934,613
1,116,003
1,558,767
2,220,229
2,890,831
79
61
62
71
68
82
114
123
114
91
68
46
62
82
162
212
56,631
48,786
41,805
31,509
21,345
28,418
37,866
57,206
88,283
124
192
7,395,419
5,371,679
4,826,924
5,080,442
5,267,246
5,329,041
5,536,053
5,414,327
6,555,100
160
125
105
110
114
115
120
153
186
73
78
117
142
SHIPMENTS.
1918.
1919.
January
February
March...
April.
May
Junei
July.......
August
September........
932,131
229
488,298
101
1,426,120
283
74;473
182
2,921,022
203
589,362
404,296
423,819
506,835
530,153
503,354
515,071
650,252
872,043
145
107
104
125
130
124
127
160
214
988,035
881,507
925,802
748,437
787,009
1,005,505
691,283
455,705
501,856
204
195
191
154
162
208
143
94
104
357,386
240,815
289,742
319,625
290,803
465,776
694,942
1,352,252
1,849,958
71
51
58
63
58
93
138
269
367
56,282
47,829
41,837
29,974
18,865
25,322
32,836
49,996
83,264
137
125
102
1,991,065
1,574,447
1,681,200
1,604,871
1,626,830
1,999,957
1,934,132
2,508,205
3,307,121
139
118
117
112
113
139
135
175
230
73
46
62
80
122
203
1068
FEDERAL. RESERVE BULLETIN.
NOVEMBER 1,1919.
Exports of certain meat products.
[Department of Commerce.]
[Monthly average, 1911-1913=100.]
Beef, canned.
1918.
September..
1919.
January
February...
March
April.......
y&y...
June
July........
August
.
September..
Beef, pickled
and other cured.
Beef, fresh.
Rela- Pounds. Relative.
tive.
Pounds.
34,071,816
2,747
3,009,998
113
41,621,488
17,436,495
13,729,993
14,651,276
21,639,915
14,872,987
15,212,094
8,680,524
8,075,386
7,285,951
1,406
1,186
1,181
1,744
1,199
1,226
700
651
587
6,030,937
3,635,120
3,749,394
2,673,681
2,957,163
4,768,308
3,320,564
2,494,113
3,523,887
226
146
140
100
111
178
124
93
132
Pounds.
Relative.
Founds.
7,349,591
1,109
12,636,060
8,151,723
8.997,973
2; 896,759
5,669,232
6,574,766
5,392,104
2,894,361
1,213; 709
1,907
1,318
1,358
437
856
992
814
437
183
Hams and shoulders, cured.
Bacon.
Relative. Pounds.
249
Lard.
Relative. Pounds.
36,190,919
101,000,122
603 54,846,433
114,842,525
735 49,283,053
151,086,397
902 85,712,426
141,814,255
847 109,569,968
68,957,465
412 49,707,874
172,441,100 1,030 96,854,552
117,679,193
703 47,452,834
84,150,778
502 40,147,727
57,179,511
341 18,209,239
Pickled pork.
RelaRelative. Pounds. tive.
33,267,902
76
2,843,374
64
367 37,850,338
354 68,972,779
574 97,239,435
734 86,555,951
333 55,807,234
649 114,328,804
318 68,163,734
269 48,968,628
122 36,960,364
86
168
221
197
127
260
155
111
84
2,273,683
1,956,362
2,141,508
2,494,454
2,095,072
3,131,639
2,392,515
2,117,796
2,792,439
51
47
48
56
47
71
54
48
63
242
Receipts of grain and flour at 17 interior centers.
[Chicago, Cleveland, Detroit, Duluth, Indianapolis, Kansas City, Little Rock* Louisville, Memphis, Milwaukee, Minneapolis, Omaha, Peoria,
St. Louis, Spokane, Toledo, Wichita; receipts of flour not available for Cleveland, Detroit, Indianapolis, Louisville, Omaha, Spokane,
Toledo, and Wichita.]
[Compiled from reports of trade organizations at these cities.]
[Monthly average, 1911-1913-100.]
Wheat.
Corn.
Oats.
Rye.
Barley.
Total grain.
Total grain and
flour.*
Flour.
RelaRelaRelaRelaRelaRelaRelaRelaBushels. tive. Bushels. tive. Bushels. tive. Bushels. tive. Bushels. tive. Bushels. tive. Barrels. tive. Bushels. tive.
1918.
Sept'ber..
77,091,253
286 23,546,962
105 36,474,801
1814,443,850
401 7,773,073
108149,329,939
192 2,583,888
132160,957,435
186
24,652,641
14,049,055
13,768,496
11,208,305
11,625,657
8,125,034
49,612,115
80,714,559
69,953,295
9128,731,387
5613,034,852
5113,431,797
4218,301,721
43 10,301,200
30 21,098,146
18412,549,219
299 8,503,282
25916,267,145
128 22,945,659
6215,961,423
60 17,076,822
82 20,063,678
4619,.9,206,465
!4,576,968
94 24.
15,233,109
56 25;
!9,774,582
38 29,
72 26,721,030
114 5,615,054
85 2,406,029
~" 4,955,130
85
4.
99 5,498,493
5;
95 4,280,911
4,
122 2,791,618,
2.
125 3,105,486
3:
147 3,824,263
3;
132 5,446,371
5
507 8,943,782
233 6,556,594
44811,723,691
9,634,405
8,416,141
25212,878,517
281 8,627,091
345 6,638,871
492 5,294,256
125 90,888,523
52,007,953
163 60,955,936
134 64,706,602
117 53,830,374
1-80 69,470,283
120 99,127,020
93 129,455,557
74123,682,097
1171.:, 396,888
721L, 032,368
781;'.,485,320
71 97,174,519
56 56,653,609
76 67,639,876
102 73,663,173
125 64,842,774
97 77,995,979
80106,202,910
117131,738,702
162138,419,750
112
70
78
85
75
90
122
152
160
1919.
January.
February
March
April.
May..
June..
July..
August
Sept'ber
831,.,990,349
5,447,200
69 2'
891.,894,599
1271L, 572,420
8,283,145
166 2:
J, 275,034
1593;
* Flour reduced to its equivalent in wheat on basis of 4J bushels to barrel.
Shipments of grain and flour at 14 interior centers.
Chicago, Cleveland, Detroit, Duluth, Kansas City, Little Rock, Louisville, Milwaukee, Minneapolis, Omaha, Peoria, St. Louis, Toledo, Wichita;
shipments offlournot available for Cleveland, Detroit, Louisville, Omaha, Toledo, and Wichita.]
Wheat.
Corn.
Oats.
Rye.
Barley.
Total grain.
Total grain and
flour.*
Flour.
RelaRelaRelaRelaRelaRelaRelaBushels. Relative. Bushels. tive. Bushels. tive. Bushels. tive. Bushels. tive. Bushels. tive. Barrels. tive. Bushels. tive.
1918.
Sept'ber..
28,676,514
186 9,507,098
67 25,002,316
1651,068,641
9,934,531
8,876,844
14,857,872
30,764,328
31,901,327
8,151,872
12,423,422
36,986,491
37,730,048
64 13,'
3,488,569
62 8,649,063
96 7,544,393
9519,769,237
6513,603,691
5316,183,222
" 16,019,086
17,069,617
6115,638,317
5715,628,503
3617,919,623
4716,651,580
130 794,028 112
96 404,365
61
107 31,720,930 526
105 8,143,580 1,150
151 3,238,586
83 67,493,155
137 4,433,259
131 87,442,821
135
99 2,796,463
811, 932,258
98 3,039,020
156 3,532,772
144 4,320,146
913, 130,826
95 2,589,176
135 3,805,273
134 4,787,300
83
61
90
104
128
92
76
112
141
95
77
96
144
140
91.
90
129
136
1919.
January.,
February
March
April.
May..
June..
July..
August.
Sept'ber.
19915,708,842
207 7,784,931
53 8,629,052
81 8,102,275
240 5,135,459
245 6,622,779
112 7.,525,794 1,063
103 2'1,740,593
387
1031,546,100
218
1181,436,377
203
110 2,317,740
327
4,718,631
6,006,178
6,049,703
6,632,763
6,677/508
9,588,195
9,133,004
5,028,674
2,943,167
121
165
155
170
171
246
234
129
75
48,704,996
37,540,141
48,356,120
77,268,599
70,959,177
44,748,029
46,833,304
66,506,624
66,265,314
* Flour reduced to its equivalent in wheat on basis of 4| bushels to barrel.
61,289,080
46,235,302
62,031,710
93,166,073
90,399,834
58,836,746
58,484,596
83,630,353
87,808,164
NOVBMBBB 1, 1919.
1069
FEDERAL RESERVE BULLETIN.
Receipts of grain and flour at nine seaboard centers.
New York, Philadelphia, Baltimore, New Orleans, San Francisco, Portland (Oreg.), Seattle, Tacoma; receipts of flour not available
for Seattle and Tacoma.]
[Compiled from reports of trade organizations at these cities.]
[Monthly average, 1911-1913-100.]
Corn.
Wheat.
Barley.
Rye.
Oats.
Total grain.
Flour.
Total grain and
flour.*
RelaRelaRelaRelaRelaRelaRelaBushels. Relative. Bushels. tive. Bushels. tive. Bushels. tive. Bushels. tive. Bushels. tive. Barrels. tive. Bushels.j tive.
1918.
Sept'ber.. 23,786,074
189
582,856
16 5,304,250
112
435,549
307
730,332
1919.
January..
February.
March.
April..
May..June..
July...
August
Sept'ber
78
66
109
100
112
81
46
214
1,411,366
783,263
636,127
1,089,425
1,588,571
1,051,177
901,842
815,132
512,072
9,275,187
4,713,794
3,254,914
4,604,521
5,642,176
.0,249,644
3010,
25 6,959,186
23 5,676,984
5,345,464
195 566,191
106 2,!, 299,664
[,880,424
69 3]
97 5,' 069,529
061,048
119 7,061
216 3,;670,055
1461,479,951
119 64,510
113 535,701
398
1,734
2,731
3,568
4,970
2,583
1,042
45
377
1,738,326
995,454
2,285,954
1,853,372
3,561,412
6,564,620
9,723,852
4,993,395
2,171,521
9,768,801
7,805,811
13,789,851
12,581,074
14,157,852
10,260,075
5,806,227
26,902,757
28,010,858
44 30,839,061
105
64
138
112
215
396
586
301
131
136
22,759,871
16,597,986
23,847,270
25,197,921
32,011,059
31,795,571
24,871,058
38,452,778
36,275,616
s
* Flour reduced to its equivalent in wheat on basis of \\ bushels to barrel.
783,902
7534,366,620
125
100 2,026,246
78 1,302,061
105 1,644,676
111 2,549,370
141 2,535,547
140 2,340,158
110 1,514,135
169 1,385,762
161 *2,165,163
194 31,877,978
134 22,457,261
157 31,248,312
244 36,670,086
243 43,421,021
224 42,326,282
145 31,684,666
133 44,688,707
207 46,318,850
116
88
114
134
158
154
116
163
169
Figures for Portland not included.
Stocks of grain at eight seaboard centers at close of month,
[Boston, New York, Philadelphia, Baltimore, New Orleans, Newport News, Galveston, San Francisco.]
[Compiled from reports of trade organizations at these cities.]
[Bushels.]
Wheat.
1918.
September
1919.
January
February
March
April....
May.....
June
July
August
September
,
-
-
Corn.
Oats.
Rye.
Barley.
Total grain.
14,313,717
181,619
3,153,590
144j646
2,208,017
20,001,589
15,365,491
12,635,613
12,732,472
7,448,992
7,913,162
4,180,160
5,557,644
17,396,269
21,171,440
645,317
417,520
346,543
464,503
448,020
214,079
265,196
155,491
172,254
5,495,937
6,110,159
5,650,120
5,335,971
4,047,059
5,475,856
3,760,063
2,216,989
1,901,510
1,972,696
1,735,876
1,920,348
3,434,873
1,690,860
514,252
867,491
578,250
516,142
3,047,346
3,930,465
4,403,665
5,420,013
4,263,510
6,783,798
5,528,176
5,414,183
4,061,830
26,526,787
24,829,633
25,053,148
22,104,352
18,362,611
17,168,145
15,978,570
25,761,182
27,823,176
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.
1918-19.
September
October
November
December
January
.....
March
April
May .
Season total
August
September
.«
Overland movement.
Port receipts.
Relative.
Bales.
Relative.
Bales.
Relative.
American spinners' Stocks at ports and
interior towns a t
takings.
close of month.ig
Bales.
Relative.
Bales.
Relative.
401,860
988,156
1,632,921
1,710,666
1,709,734
1,392,468
768,444
601,858
494,106
536,139
32
79
130
136
136
111
61
48
39
43
226,242
536,190
779,371
641,283
690,782
705,493
477,696
460,066
462,363
502,082
25
58
85
70
75
77
52
50
50
55
50,482
42,028
158,768
217,450
157,038
157,270
106,368
75,489
79;700
99,041
48
40
151
207
149
149
101
72
76
94
372,394
352,025
697,623
1,007,892
929,491
705,353
383,157
202,556
149,566
193,016
82
77
154
222
205
155
84
45
33
42
1,306,868
1 644,690
2,189,007
2,745,815
2,697,141
2,637,908
2,689,379
2,604,519
2,484,852
2,417,631
Ill
140
186
233
229
224
22S
221
211
205
11,724,104
78
6,735,898
61
1,528,262:
121
5,850,715
107
1,928,959
164
313,301
584,776
25
47
238,271
260,698
26
28
49,630
26,138
47
25
302,238
300,001
67
66
1,412,048
1,501,805
120
127
1919-20.
1070
FEDERAL RESERVE BULLETIN.
NOVEMBER 1,
1919.
California shipments of citrous and deciduous fruits.
Lemons.
Oranges.
Carloads.
Relative.
549
22
275
3,120
3,180
5,113
5,450
5,888
3,648
2,568
1,785
1,840
128
139
209
223
241
149
105
73
75
531
658
897
1,038
1,501
1,520
1918.
September.
1919.
January
February
March
April
May
June
July
August
September
Carloads.
Relative,
1,038
436
414
Total
deciduous
fruits.
Total citrus fruits.
131
174
221
256
371
375
256
108
102
Carloads.
Relative.
3,651
3,838
6,010
6,488
7,389
5,168
3,606
2,221
2,254
Carloads.
29
5,879
128
144
211
228
259
181
127
78
79
109
198
67
36
276
896
4,199
6,601
6,781
Sugar,
[Data of International Sugar Committee for ports of Boston, New York, Philadelphia, Savannah, New Orleans, Galveston, San Francisco.l
[Tons of 2,210 pounds.)
Receipts.
September
January...
February
March
1918.
Raw stocks
at close of
month.
Meltings.
176,867
210,745
56,978
243,806
389,815
355,710
197,145
337,420
361,010
66,189
122,757
106,889
1919.
Receipts.
April
May
June
July
August
September
1919.
Raw stocks
at close of
month.
Meltings.
450,938
471,205
429,617
394,557
333,686
352,345
387,548
446,685
493,293
435,247
356,048
295,278
185,315
201,301
151,692
115,341
85,650
55,644
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.
Tons.
1918.
September
1919.
January
February
March
:
Raw stocks at
close of month.
Meltings,
Relative.
Tons.
Relative.
Tons.
Receipts.
Relative.
145,555
79
139,000
76
46,869
27
172,054
283,172
232,471
93
165
126
147,000
229,000
261,000
80
134
142
36,544
90,716
62,187
21
53
36
Tons.
1919.
April
Mav
June
July
August
September
318,492
325,736
271,875
264,782
246,419
262,137
Raw stocks at
close of month.
Meltings
Relative.
173
177
148
144
134
142
Tons.
277,000
307,000
313,000
292,000
229,000
292,000
Relative.
151
167
171
159
125
159
Tons.
107,582
126,318
85,193
57,975
75,394
45,531
Relative.
62
73
49
34
44
26
1071
FEDERAL RESERVE BULLETIN
NOVEMBER 1 , 1 9 1 9 .
Naval stores.
[Data for Savannah, Jacksonville, and Pensacola.J
[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.
Stocks at
Stocks at
Receipts. close of Receipts. close of
month.
month.
September
January
February
March
1918.
1919.
14,530
123,630
52,181
242,981
7,645
5,583
4,226
125,541
121,676
97,450
34,835
22,154
14,338
285,808
259,974
243,813
Rosin.
April
May.
June
July
August
September
1919.
8,379
26,358
31,904
27,747
21,013
21,574
75,546
47,115
33,733
30,656
24,756
27,021
19,493
50,435
63,456
77,062
74,402
72,616
225,657
229,404
221,612
235,707
203,812
190,580
Lumber.
[From reports of manufacturers' associations.)
[M feet.]
Southern pine.
Western pine.
Douglas fir.
Num- Produc- Ship- Num- Produc- Shipber of
ber of tion.
ments. mills.
ments.
mills. tion.
1918.
September.
1919.
January....
February..
March
fifc:::
June
July
August
September.
190 346,069 350,628 45,45 130,029
80,859
200 330,137 325,241 21,49 40,354
309,494 24,48
195
198 378,752 361,125 27,48 71,426
203 397,005 397,677 43,49 124,341
205 414,899 460,238 45,48 140,037
204 360,084 426,193
49 156,561
206 401,939 466,786
48 148,533
204 417,036 423,002
48 152,748
202 416,640 372,727
51 154,102
68,910
71,103
81,328
97,679
127,730
139,923
140,680
140,236
138.537
tlon
-
Eastern white pine.
ShipShip- NumShip- Number of Producber of Producments. mills.
tion.
ments. mills.
tion.
ments.
106 316,000 248,000
122
122
120
114
111
115
114
118
126
North Carolina pine.
225,688 227,129
238,035
254,650 255,544
264,623 266,308
345,984 388,803
300,410 327,364
268,634 301,050
416,422 397,290
332,905 261,797
26
72,937
38,711
31,908
7,565
6,802
7,118
11,431
24,548
29,741
27,382
20,247
16,913
15,172
17,081
17,525
14,020
17,136
26,525
22,470
26,839
22,;574
25,806
32,110
22,369
14,375
20,733
22,326
27,177
33,146
18,034
22,672
21,877
17,393
28,865
34,191
30,159
35,468
RECEIPTS AND SHIPMENTS OF LUMBER AT CHICAGO.
[Chicago Board of Trade.]
[Monthly average, 1911-1913=100.]
Receipts.
Mfeet.
September
January
February...
March
1918.
1919.
171,515
134,604
97,511
124,040
Shipments.
Relative.
81
Mfeet.
68,133
47,922
45,585
46,902
Receipts.
Relative.
89
M feet.
April.
May
June
July
August
September
Relative.
Shipments.
Mfeet.
Relative.
1919.
...
144,253
162,365
184,862
200,148
170,385
205,909
59,055
66,001
80,762
90,134
87,953
93,120
77
86
105
118
115
121
1072
NOVBMBEK 1, 1919.
FEDERAL. RESERVE BULLETIN.
Coal and coke.
I
[Bituminous coal and coke, U. S. Geological Survey; Anthracite coal, Anthracite Bureau of Information.]
[Monthly average, 1911-1913=100.]
Coke, estimated monthly production.
Bituminous coal, es- Anthracite coal, shiptimated monthly ments over 9 roads.
production.
Beehive.
Total.
By-product,
Short tons. Relative. Long tons. Relative. Short tons. Relative, Short tons. Relative. Short tons. Relative,
September
January
February
March
April
May...
June
July
August
1918.
1919.
...
.
51,757,334
140
6,234,395
111
2,570,238
41,485,000
31,566,000
33,719,000
32,164,000
37,547,000
37,055,000
42,754,000
42,880,000
47,403,000
112
91
91
87
101
100
115
116
128
5,934,241
3,871,932
3,938,908
5,224,715
5,711,915
5,619,591
6,052,334
6,144,144
5,687,401
105
74
70
93
101
100
108
109
101
2,401,567
1,822,894
1,768,449
1,316,960
1,135,840
1,170,752
1,512,178
1,733,971
1,790,466
2,410,798
274
4,981,036
143
| 6,779,482
257
12,772,392
122
Movement of crude petroleum in United States,
[U. S. Geological Survey.]
[Barrels of 42 gallons each.]
Marketed.
Barrels.
September
January
February
March
1918.
Marketed.
Stocks at end
of month
(barrels.)
Relative
Barrels.
28,674,000
150
135,680,000
26,511,000
30,412,000
156
138
159
129,558,000
128,910,000
131,110,000
1919.
April
May
June
July
August.
September
1919.
Relative
29,310,000
29,339,000
31,239,000
33,521,000
33,986,000
34,487,000
153
153
163
175
177
180
Stocks at end
of month
(barrels.)
132,694,000
132,165,000
135,646,000
141,742,000
137,891,000
138,517,000
Total output of oil refineries in United States.
[Bureau of Mines.]
Crude oil run
(barrels).
August
January
February
March.
April
May
June
July
August—
1918.
1919.
Gasoline
(gallons).
Kerosene
(gallons).
28,534,275
330,335,046
149,678,850
671,113,871
72,892,879
26,967,332
25,232,876
27,866,775
27,775,217
30,267,227
28,920,764
31,202,522
32,362,057
303,710,556
283,518,194
311,306,755
319,807,838
354,472,377
338,336,985
342,491,757
326,846,167
158,501,260
164,181,787
170,290,930
183,453,728
190,345,026
178,974,224
205,727,289
219,502,888
589,630,056
553,853,753
574,774,156
588,808,408
652,166,738
632,205,805
638,185,469
685,702,461
68,304,613
62,503,072
67,063,995
70,954,128
76,442,252
64,636,153
67,037,414
72,920,214
Gas and fuel Lubricating
(gallons).
(gallons).
STOCKS AT CLOSE OF MONTH.
Aug. 31
Jan. 31
Feb. 28
Mar. 31
Apr. 30
May 30
June 30.
July 31
Aug. 31
1918.
1919.
;.
13,946,595
285,446,538
424,281,481
569,016,413
137,496,986
15,380,185
14,820,601
15,106,361
15,184,844
16,372,314
16,775,723
15,304,915
15,131,549
383,212,692
458,449,187
546,062,429
593,616,170
594,035,688
593,896,610
514,919,358
434,531,446
332,393,181
303,062,436
294,677,623
276,356,837
244,635,631
252,542,434
279,855,061
296,065,646
646,411,414
692,816,000
749,067,806
807,895,498
788,740,572
811,790,637
817,809,519
830,329,785
158,370,431
152,297,163
165,495,254
170,122,088
173,754,109
175,384,775
173,884,303
170,572,819
1073
FEDERAL RESERVE BULLETIN.
NOVEMBER 1,1919.
Iron and steel.
[Great Lakes iron ore movements, Marine Review; pig iron production, Iron Age; steel ingot production, American Iron and Steel Institute.]
[Monthly average, 1011-1913—100; iron ore, monthly average, May-November, 1911-1913-100.]
Iron ore shipments
from the upper
Lakes.
Pig iron production;
orders U. S.
Steel ingot produc-, Unfilled
Steel Corporation
tion.
at close of month.
Gross tons. Relative. Gross tons. Relative. Gross tons. Relative. Gross tons. Relative.
September..
January
February...
March
April
May
June....
July
August
September..
1918,
8,995,014
148
3,418,270
109
132
151
73
135
3,302,260
2,940,168
3,090,243
2,478,218
2,108,056
2,114,863
2,428,541
2,743,388
2,487,965
3,197,658
134
8,297,905
157
3,082,427
2,688,011
2,662,265
2,239,711
1,929,024
2,219,219
2,508,176
2,746,081
130
120
110
93
80
92
104
114
6,684,268
6,010,787
5,430,572
4,800,685
4,282,310
4,892,855
5,578,661
6,109f103
6,284,638
127
114
103
91
81
93
106
116
11®
1919.
1,412,239
6,615,341
7,980,839
9,173,429
4,423,133
8,178,483
143
136
133
107
91
91
105
118
107
Imports of pig tin.
[Department of Commerce.]
[Monthly average, 1911-1913 -100.]
Pounds.
1918.
September...*.....
January....
February
March
10,630,666
,
1919.
Pounds.
Relative.
117
8,461,444
6,271,977
8,284,970
1919.
April
May
June
July
August
September
504,903
449,270
112,000
113,120
9,872,459
11,087,403
Relative
6
5
1
1
109
122
Raw stocks of hides and shins.
[Bureau of Markets.]
[In pieces.]
Cattle
hides.
Jan. 31
Feb. 28
Mar. 31
Apr. 30,
May 31
June 30
July 31
Aug. 3 1 . . . . . .
Sept. 30
1919.
5,922,514
5,791,095
5,108,516
5,256,384
4,549,004
4,696,332
4,966,081
5,498,844
5,786,081
Calfskins.
1,294,949
1,266,021
1,219,935
1,845,254
2,273,368
2,285,015
2,389,368
2,145,320
2,023,864
Kipskins.
Goat.
515,523 4,239,381
429,704 5,683,585
415,882 7,987,277
421,474 12,080,410
15,121,868
558,033 16,991.19?
554,516 15,589,y44
18,263,446
906,438 13,650,470
NOTE.—Figures for Sept. 30 are provisional.
Kid.
Cabretta.
245,815
227,513
181,952
724,209
1,246,075
2,521,016
1,964,828
880,276
822,830
601,686
843,344
559,576
1,520,522
2,044,524
1,697,754
2,767,694
2,348,769
2,533,079
Sheep and
lamb.
6,844,680
9,033,943
8,264,864
9,095,816
8,039,531
8,ll«,702
6,815,160
7,126,885
7,291,563
1074
FEDERAL, BESERVE BULLETIN.
NOVEMBER 1,1919.
Textiles.
[Silk, Department of Commerce; cotton, Bureau of the Census; wool, Bureau of Markets; idle machinery, January-September, 1918, inclusive,
National Association of Wool Manufacturers.]
[Cotton, monthly average crop years 1912-1914«*100; silk, monthly average 1911-1913—100.]
Percentage of idle woolen machinery on first of month
to total reported.
Cotton consumption.
Bales.
1918.
September......
1919.
January
February.
April
Mav
June .
July
.
August
September......
October
Imports of raw silk.
Cotton
spindles
active
during
month.
Wool consumption
(pounds).
Relative.
Looms.
Spinning spindles.
Wider Under Sets of Combs.
than 50- 50-inch cards.
Woolen. Worsted.
ineh reed reed
space.
space.
Pounds.
Relative.
§
489,962
109
33,488,181
47,648,413
13.8
15.1
7.0
13.2
8.3
20.2
3,973,754
194
556,721
433,516
433,720
475,753
487,998
474,407
509,793
502,536
491,313
124
103
96
106
109
105
113
112
109
33,856,472
33,282,593
32,642,376
33,213,026
33,556,011
33,943,405
34,184,407
34,187,310
34,216,662
32,573,970
23,186,818
29,320,063
39,159,945
45,084,834
48,849,892
54,973,093
48,938,476
52,985,961
40.3
52.3
58.1
48.4
36.6
29.6
22.0
22.1
19.9
16.0
32.6
41.5
42.4
38.9
32.9
26.6
26.0
24.9
22.8
20.7
32.2
38.7
39.1
26.5
17.1
15.4
9.7
9.4
8.1
8.2
30.7
39.8
47.8
34.2
22.5
12.8
7.6
6.5
5.5
5.9
36.5
41.1
41.8
28.4
16.8
15.2
8.9
8.9
7.9
7.7
37.5
48.6
52.7
36.1
25.8
21.1
13.5
10.9
12.8
7.2
1,461,827
1,742,812
1,784,412
2,988,838
4,878,646
3,848,354
5,202,407
3,802,500
6,755,271
71
91
87
146
238
188
254
186
330
Production of wood pulp and paper.
[Federal Trade Commission.]
[Net-tons.]
Wood
pulp.
News
print.
Book.
Paper
board.
Wrapping.
1918.
September.
246,741
95,670
65,751
161,775
31,607
1919.
January...
February..
March
283,270
238,228
278,675
116,154
103,248
114,746
70,443
62,616
63,699
140,859 50,490
125,208 45,480
136,175 48,069
27,675
24,600
23,514
Fine.
1919.
April
May
June.
July
August
September.
Wood
pulp.
News'
print.
Book.
Paper
board.
Wrapping.
Fine.
284,984
294,067
277,142
260,685
260,987
266,915
116,278
105,819
114,896
113,929
113,413
111,434
67,628
76,821
71,938
75,613
82,737
81,024
138,802
151,651
152,957
169,593
189,782
184,897
48,158
56,579
60,656
63,769
64,861
63,353
22,470
25,010
27,122
30,036
33,122
31,923
Sale of revenue stamps for manufactures of tobacco in the United States (excluding Porto Rico and Philippine Islands).
[Commissioner of Internal Revenue.]
Cigarettes.
Cigars.
Large.
Small.
Small.
1918.
July...
Number,
634,609,533
Number.
79,237,849
Number.
3,796,878,822
Pounds.
36,607,578
1919.
Janua y
February
March
518,706,482
476,329,947
549,098,351
72,458,974
60,138,630
84,493,873
3,079,212,253
3,126,274,662
3,845,079,275
29,308,616
27,472,269
29,227,678
Cigars.
Chewing
and smoking tobacco.
1919.
April
May...
June
July..
August
Cigarettes.
Large.
Small.
Small.
Number.
510,357,494
551,659,749
576,976,572
569,965,088
Number.
73,314,273
57,611,547
48,855,070
47,290,267
Number.
2,650,182,742
2,767,699,400
3,140,393,217
3,585,111,783
Chewing
and smoking tobacco.
Pounds.
29,883,710
33,340,102
31,312,150
33,838,667
NOYBMBBB-1, 1919.
1075
FEDERAL RESERVE BULLETHS".
Output of locomotives and cars.
[Locomotives, United States Railroad Administration; cars, Railway Car Manufacturers' Association.]
Locomotives.
Output of cars.
Domestic Foreign
comshipped. pleted.
1918.
September
1919.
January
February
March
„
Locomotives.
Domestic.
Foreign.
Total.
Number. Number. Number.
2,666
267
213
Number.
3,564
Number.
6,230
3,635
4,657
5,795
11,807
11,280
11,773
282
135
258
,.
84
164
128
8,172
6,623
5,978
Domestic Foreign
comshipped. pleted.
1919.
April
May
June
July
August
September
. ..
Output of cars.
Domestic.
Foreign.
Total.
Number. Number. Number. Number. Number.
197
7,373
36
7,777
15,150
207
8,533
31
4,573
13,106
160
5,307
44
1,785
7,092
121
6,936
73
2,777
9,713
160
5,015
173
18,509
23,524
111
4,302
51
19,980
24,282
Vessels built in United States, including those for foreign nations, and officially numbered by the Bureau of Navigation.
[Monthly average, 1911-1913=1,100.]
Number.
September
January
February
March
Gross
1918.
1919.
Gross
Number. tonnage.
Relative.
Relative.
170
308,470
1,276
132
135
264,346
271,430
298,005
1,094
1,203
1,233
April....
May
June
July
August
September
1919,
201
250
272
245
238
202
375,605
395,408
422,889
397,628
455,338
378,858
1,554
1,636
1,750
1,645
1,884
1,568
Tonnage of vessels cleared in the foreign trade.
[Department of Commerce.]
[Monthly average, 1911-1913=100.]
Net tonnage.
Net tonnage.
Per
centage
Relaof
Rela- Ameri- tive.
tive. can to
total.
American.
Foreign.
Total.
1918.
September.
2,009,194
2,290,872
4,300,066
Ill
46.7
185
1019.
January...
February..
March
1,166,391 1,896,123 3,062,514
1,262,487 1,671,070 2,933,557
1,161,416 1,737,171 2,898,587
78
75
75
38.1
43.0
40.1
151
170
158
American.
1919.
April
May....,
June
July
August
September
Foreign.
1,744 ,753 2,058,220
2,424 ,837 2,46S ,194
2,339 ,320 2,511 ,501
2,362,571 2,920,247
2,957,249 2,797 ,818
2,627,480 2,481 ,676
Total.
3,802,973
4,894,031
4,850,821
5,282,818
5,755,067
5,109,156
Per
centage Relaof
Rela- Ameri- t i v e .
tive can to
total.
98
126
125
136
148
131
45.9
49.5
48.2
44.7
51.4
51.4
181
196
191
177
203
203
Net ton-miles, revenue and nonrevenue.
[United States Railroad Administration.]
1918.
September
.
1919.
January
February
March
39,579,023,000
30,383,169,000
25,681,943,000
28,952,925,000
April
May
June
July.....
August.
September
1919.
28,629,739,000
32,440,708,000
31,953,366,000
34,914,294,000
36,361,653,000
38,860,311,000
1076
NOVBMBEE 1, 1919.
FEDERAL RESERVE BTJIXETIST.
Commerce of canals at Sault Ste. Marie,
[Monthly average, May-November, 1911-1913-100.]
SASTBOUND.
Grain, other than
wheat.
Bushels.
September
April
May
June
July
August
September
1918.
1919.
Relative.
Flour.
Wheat.
Bushels.
Relative.
Barrels.
Iron ore.
Relative.
Short tons.
Total.
Relative.
Short tons.
Relative.
817,251
92
5,955,593
31
1,137,110
8,750,841
147
9,154,660
131
4,176,041
9,370,374
6,694,901
7,100,008
5,284,741
2,918,591
105
75
59
16,729,000
29,096,116
6,402,051
2,391,840
1,487,218
10,180,991
151
33
12
8
53
910,524
1,031,630
915,420
935,700
917,420
1,139,326
6,622,227
8,004,897
8,912,609
4,727,994
7,978,562
112
135
150
80
134
1,756,266
7,895,542
8,554,979
9,343,396
5,080,651
8,525,794
113
122
133
72
122
WESTBOUND.
Soft coal.
Hard coal.
September
April
May
June
July
August
Septem ber
1918.
,
Total.
Short tons.
Relative.
293,800
95
2,796,577
146
3,245,413
130
12,400,073
131
73
111
60
75
415,824
2,239,738
2,266,984
2,037,265
1,189,558
1,156,841
117
118
106
62
60
616,
2,670,
2,664,
2,572,
1,529,
1,677,
107
107
103
61
67
2,373,163
10,566,326
11,219,416
11,916,152
6,609,961
10,202,917
111
118
125
70
107
1919.
i..
142,864
,
s,
227,200
344,462
185,387
231,030
Short tons.
Relative.
Total freight.
Short tons.
Relative.
Short tons.
Relative.
NOVBMBBB 1, 1910.
1077
FEDERAL BESEEYE BULLETIN.
BANK TRANSACTIONS DURING SEPTEMBER-OCTOBER.
In the table below are shown debits to indiyidual account for four weeks ending October
22? as reported by 156 of the country's most
Important clearing houses. In addition debits
to individual account for each of the four weeks
are compared with figures for the corresponding
weeks of last year, comparable data being
available for 138 centers.
Aggregate debits to individual account for
the week ending October 1 were about 5 per
cent above the figures for the immediately
preceding week, the- increase apparently reflecting to a large extent interest and dividend
payments made at the end of the month and
of the third quarter. A further increase was
shown for the following week, but a decided
drop-for'the week ending October 15. The
last week of the period saw a large increase in
debits to individual account which totaled
over 10£ billions and exceeded the 10 billion
mark for the first time since the week ending
September 17. The large figures for the week
ending October 22 were apparently due in
part to interest payments by the Government
on Liberty bonds of the fourth issue and also
to heavy trading on the exchange during the
week.
Debits to individual account reported for
the four-week "period September 25-October
23, 1918, show a decline during the first week
and a steady increase for the three weeks following. The figures of debits for 1918 constitute between 70 and 80 per cent of the corresponding figures for the four weeks of the
present year, which is accounted for in part by
the rise in the price level.
Debits to individual account at clearing-house banks during.each of the four weeks ending Oct. 22', 1919, and Oct. 2$, 1918.
[In thousands of dollars.]
1919
Week ending—
1918
Week ending—
Federal Reserve district.
Oct. 22.
No. 1—Boston:
Bangor........ . . . . . .
...................
Boston . . . . .
....... . . .
Eall River.....
. . . .
.............
Hartford
..............................
Holyoke
.................
Lowell
New Bedford. ^ . .
New Haven.........
..................
Portland......
..
Providence
Springfieid.
. .
. . .
Waterbury.....
...
Worcester
"No. 2—New York:
Albany
Bingfa.am.ton .
.....
Buffalo
.
New York..
.... ..................
Passaic
Rochester.
Syracuse...
No. 3—Philadelphia:
Altoona
...
........................
Chester..
„ .................
Harrisburg.
Lancaster.................................
Philadelphia
Reading.. .
.
S cranton.
Trenton
. ... ..........
.........
Wilkes-Barre.............................
Williamsport.
. . ...
...........
Wilmington. . . . . . . . * . . . .
York .
.................
No. 4—Cleveland:
Akron.
Cleveland
Columbus
Erie
. . ..........
.....i..................
L-exington............................. —
Oct. 15.
Oct. 8.
Oct. 1.
Oct. 23.
Oct. 16.
Oct. 9.
Oct. 2.
•3,416
382,29310,177
25,316
4,135
5,916
9,070
20,162
7,788
51,008
20,628
6,547
30,443
3,100
324,726
8,398
20,794
3,426
5,191
7,236
17,396
10,255
36,772
17,717
6,967
17,495
3,200
311,552
8,797
27,832
3,941
5,017
7,180
18,318
9,710
34,952
16,449
7,217
17,622
8,184
271,665
7,522
27,374
4,171
4,948
6,812
16,714
9,635
31,426
> 15,483
6,719
16,049
2,930
253,581
10,562
21,972
4,169
6,469
7,213
15,975
9,368
43,753
12,501
9,727
17,242
2,701
220fl53
6,859
16,836
2,998
5,003
7,496
15,113
6.748
29,385
7,810
7,081
14,513
2,777
206,541
9,199
19,265
3,046
5,251
5,465
16,410
' 7,953
28,010
8,406
6,820
14,725
2,738
230,041
8,573
24,684
2,154
5,108
6,063
15,053
9,101
29,040
8,808
7,284
16,976
22.569
3,976
72,122
5S 712,080
5; 879
32,126
16,378
19,979
3,357
59,628
4,680,034
5 131
28,049
12,599
21,860
3,893
62,091
5,414,266
4,412
28,222
16,259
18,420
3,346
62,965
5,365,713
4 217
28,873
16,348
20,226
2,696
58,184
4,221,573
3 984
28,960
14,707
2,740
56,764
3,453,918
3,623
24,306
10,368
15,914
2,763
59,835
3,406,618
4 650
23,832
12,600
19,446
2,811
61,553
3,831,077
3,436
27,114
9,123
3,612
5,504
4,075
3,404
6,235
377,703
4,555
12,622
11,093
7?776
3,690
10,615
4,303
.2,922
2,431
4,226
3,142
5,347
283,458
3,841
13,192
10,634
9,394
3,190
11,086
3,615
3,540
4,666
4,458
3,859
5,919
345,720
4.045
13,895
10,098
7 859
3 722
10.255
4,416
3,039
4,759
3,900
3,465
5,342
345,454
4,269
16,510
9,929
8,287
3,549
10,453
3,975
3,426
5,647
6,125
3,254
5,802
341,184
6,831
12,106
10,448
7,468
3,610
11,531
3,579
8,102
4,909
5,292
3,119
4,656
275,702
5,749
11,621
8,447
6,722
3,612
7,012
3,195
2,936
4,340
6,045
3,129
4,557
264,464
6,305
11,538
7,784
6,007
3,155
8,367
3,223
2,966
4,959
6,985
3,348
4,762
325,756
5,440
14,616
8,833
6,968
3,034
9,044
3,168
25,546
63,902
162,212
30,396
11,832
7,326
6,190
4,891
18,639
57,562
167,589
30,184
11,874
6,320
6,664
3? 865
26,136
55,490
162,109
28,872
11,465
7,440
4,560
4,419
24,001
63,081
157,980
"27,445
12,131
7,171
6,256
4,516
16,940
60,836
146,703
28,194
13,628
7,845
2,791
3,327
13,300
50,685
134,676
26,047
11,232
6,976
3,315
3,360
13,144
45,948
115,797
23,816
10,824
6,895
2,660
3,420
12,388
49,033
20.676
11,23£
7,193
3,020
4,142
1078
FEDERAL RESERVE BULLETIN.
NOVEMBEB lt 1919.
Debts to individual account at clearing-house banks during each of the four- weeJcs ending Oct. 22,1919, and Oct. ;
1918—Continued.
[In thousands of dollars.]
Federal Reserve district.
Oct. 22.
Mo. 4—Cleveland—Continued.
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
New Orleans
Savannah
Tampa
Vicksburg
No. 7—Chicago:
Bay City
Bloomington
Cedar Rapids
Chicago
Davenport
Pecatur
Des Moines
Detroit.
Dubuque.;
Flint
Fort Wayne...:.
Grand Rapids
Indianapolis
Jackson.
Kalamazoo
Lansing
Milwaukee
Peoria
Rockford
Sioux City..........
South Bend
Springfield
Waterloo, Iowa
Ko, 8—St. Louis:
Evansville
Little Rock
Louisville
Memphis
St. Louis
Mo. 9—Minneapolis:
Aberdeen
Billings
Duluth
Fargo
Grand Forks
Great Falls
Helena
.
Minneapolis
St. Paul
Superior..
Winona.
No. 10—Kansas City:
Atchison
Bartlesville, Okla...
Colorado Springs...
Denver
Joplin...
Kansas City, Kans.
Kansas City, Mo
1918
Week ending-
1919
Week ending—
Oct. 15.
Oct. 8.
Oct. 1.
Oct. 23.
3,426
22,074
.11,527
13,442
2,610
171,756
3,593
31,365
9,213
14,812
3,407
156,107
2,891
30,963
7,656
17,901
2,412
186,596
3,537
27,455
7,096
17,633
111,169
12,713
4,000
10,714
22,243
5,000
40,946
103,178
10,540
6,400
8,938
20,687
4,963
33,616
105,051
10,118
4,300
9,753
21,315
4,800
31,640
103,600
9,380
5,800
8,797
17,712
4,600
29,084
41,388
15,879
16,241
12,130
12,053
6,642
11,835
8,182
8,183
23,208
84,556
2,386
28,664
4,800
2,384
38,772
12,858
15,139
13,032
11,265
6,855
9,809
8,001
6,181
22,367
71,809
2,273
22,452
4,805
2,421
34,632
14,072
15,401
12,220
10,981
6,966
9,094
8,344
6,562
23,238
72,919
2,618
22,350
4,856
2,051
3,269
3,042
9,759
739,158
8,024
3,900
2,917
2,515
7,055
626,381
7,008
3,117
23,165
145,039
2,977
10,736
7,480
18,684
34,578
5,421
4,193
6,480
66,962
10,217
5,684
14,720
2,111
4,759
3,854
22,229
153,759
2,578
8,433
5,572
16,541
3,164
2,896
12,039
700,787
9,077
4,180
25,337
136,873
2,815
9,553
6,208
18,686
30,596
4,330
4,273
5,735
55,581
9,507
6,608
14,458
5,208
4,382
14,853
4,639
3,707
3,759
2,545
2,804
7,740
654,015
8,051
3,471
19,531
133,288
2,265
10,208
5,732
18,015
30,342
4,239
3,756
5,587
56,642
9,092
4,964
14,146
3,671
5,705
3,369
4,620
11,762
34,653
42,007
166,686
4,647
13,097
32,708
42,099
155,773
4,164
11,899
30,983
34,432
149,206
4,451
8,907
30,077
27,052
140,367
4,680
9,061
48,954
29,900
138,424
2,154
2,823
24,534
10,147
2,376
2,441
2,765
104,046
39,690
2,081
2,174
1,988
2,555
23,498
9,860
2,708
2,142
2,817
101,901
2,465
2,385
24,482
'9,336
2,609
2,773
3,431
103,328
37,227
2,169
1,515
1,930
2,226
23,892
9,181
2,226
2,174
2,531
98,807
42,102
2,189
1,404
510
3,212
2,704
31,875
3,479
3,422
92.754
6,002
448
3.477
2,841
34,068
3,206
3,322
3,301
192,566
541
3,193
3,143
35,218
3,526
3,322
91,887
5.977
33, U l
4,317
4,175
6,078
61,493
9,670
5,883
39,806
2,131
1,215
534 |
2,789 I
3,085 |
34,112
3,660
3,421
83,484 I
5,775 !
32,294 ,
11,963
15,630
11,103
12,006
6,627
8,844
6,792
5,296
21,351
70,782
2,334
18,481
4,336
1,088
88,571
4,580
Oct. 16.
Oct. 9,
Oct. 2.
3,326
2,361
3,018
2,409
2,675
25,482
9,183
13,458
3,055
22,837
7,696
12,726
2,594
20,100
6,200
16,452
3,324
23,502
9,168
14,418
85,350
72,818
72,901
82,719
6,700
7,963
19,789
4,579
25,605
6,100
6,449
17,644
3,372
5,863
7,723
16,314
4,415
23,412
16,295
3,207
24,633
27,075
9,589
13,735
9,777
10,370
5,600
7,793
7,110
4,969
24,400
12,1S6
13,079
8,532
21,607
54,293
2,147
20,662
3,586
1,730
27,329
9,176
13,292
8,680
8,352
5,814
7,176
7,395
5,105
23,522
51,712
1,645
16,804
3,806
1,693 |
2,796
2,365
2,587 I
2,170 j
2,373
2,399
2,494
2,851
8,808
6,197
6,431
8,058
5,426
19,744
53,811
1,483
19,669
3,854
1,920
5,5
25,391
9,947
14,302
8,920
10,270
6,817
7,236
7,086
4,423
21,801
61,357
1,957
17,408
3,797
1,665
593,013
6,983
3,387
18,060
104,764
3,900
4,998
5,747
14,722
33,491
550,815
6,349
3,049
17,554
101,655
2,700
3,124
5,362
13,605
31,143
527,764
8,452
3,225
568,381
9,153
3,333
87,134
2,300
4,135
5,221
12,648
29,171
94,642
1,477
2,954
4,731
15,555
29,166
2,919
2,991
58,854
11,164
5,463
2,884
.3,225
57,768
10,875
4,848
3,074
2,816
55,742
11,834
4,683
3,320
3,408
50,479
12,234
3,982
4,144
3,842
3,649
4,732
3,246
3,263
3,525
3,064
3,304
4,565
2,871
3,973
6,350
29,431
49,687
135,935 \
3,643
8,750
25,562
26,561
139,594
6,347
28,912
33,145
132,185
1,827
2,380
56,895
3,832
1,832
3,981 1
2,039 I
61,194 '
3,503
2,255
1,890
66,884
4,304
1,854
1,886
2,187
67,964
3,551
l',983
2,774
112,748
45,218
3,007
2,822
115,667
38,824
2,349 '
2,645
122,376
32,974
2,813
-3,287
110,310
37,674
2,299
2,021
2,681
1,536
2,685
26,345
3,544
4,531
2,257
2,242
32,156
3,607
3,306
110,391
3,253
1,763
2,827
28,992
3,707
3,017
91,927
3,617
1,757
28,985
4,228
3.196
91,012
a, 521
91,031
3,233
2,454
3,971
N0V3QMBBB 1, 1919.
1079
FEDERAL. KESERVE BULLETIN".
Debts to individual account at clearing-house banks during each of the four weeks ending Oct. ##, 1919, and Oct.;
1918—Continued,
{In thousands of dollars.]
Federal Reserve district.
Oct. 22.
No. 10—Kansas City—Continued.
Oklahoma City.:
Omaha
Pueblo
.
'.
St. Joseph..
Topeka
Tulsa
Wichita
No. 11—Dallas:
Albuquerque
Austin
Beaumont
D alias......
El Paso
Fort Worth.
Galveston
Houston
i.,
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....
Recapitulation
1918
Week ending—
1919
Week ending—
Oct. 1.
Oct. 8.
19,619
66,407
3,462
21,457
5,932
23,696
12,802
18,344
66,359
4,061
17,437
6,311
26,586
11,644
1,937
4,220
4,427
53,532
9,522
25,387
13,223
40,934
7,824
6,579
2,089
1,240
5,889
1,590
3,602
•4,138
50,805
8,540
24,822
10,304
35,111
7,949
8,573
1,793
1,043
3,652
3,948
43,485
7,995
24,217
10,054
30,418
8,373
6,666
1,744
1,156
4,876
2,696
3,764
14,077
3,899
86,318
18,595
4,330
3,982
55,096
3,729
16,464
19,749
6,836
205,646
9,419
58,270
15,297
6,159
12,100
4,533
2,334
3,435
11,651
3,729 !
74,120
16,450 !
4,159 !
3,863 !
56,040 I
2,958 !
16,305 j
17,749 !
5,162 |
192,515 S
7,105 I
51,993 i
14,524 I
3,650 !
11,634 |
3?-295 !
2,469
3,407
11,069
3,946
74,690
20,150
4,239
4,122
51,959
3,058
15,755
14,399
5,368
191,786
7,684
53,666
15,006
5,952
11,797
3,814
Oct. 23.
Oct. 16.
Oct. 0.
Oct. 2.
19,328
73,564
6,264
17,330
6,328
21,841
12,416
17,764
66,295
4,258
14,177
5,234
24,778
13,732
15,542
62,744
4,138
18,575
4,574
19,624
8*265
17,290
62,842
4,568
22,934
4,456
21,006
9,303
15,091
65,394
4,934
21,411
4,815
16,791
8,203
1,910
1,372
3,395
3,869
44,960
6,517
22,831
8,749
33,252
6,696
6,220
1,773
1,439
3,100
4,430
35,531
6,390
15,347
8,556
29,493
1,501
3,212
3,855
29,312
5,205
16,274
5,941
24,114
1,253
4,099
4,216
34,426
5,930
18,275
11,553
26,516
3,436
3,218
28,018
5,872
16,813
8,913
26,942
6,292
1,738
1,927
5,434
1,448
1,659
3,218
6,391
1,162
2,122
4,475
6,300
1,111
1,883
4,863
2,907
6,508
2,228
59,678
14,130
3,655
2,253
52,706
2,120
11,726
18,347
5,941
165,541
2,390
6,694
2?254
51,805
10,439
4,074
2,185
48,350
1,776
11,850
17,. 447
5,416
150,119
5,574
2,193
50,465
13,662
3,774
2,689
49,357
2,518
14,358
14,447
5,461
146,718
5,836
2,390
52,608
11,151
4,261
2,098
44,790
1,947
12,924
16,422
5,294
155,233
5i,880
9,476
5,398
12,836
2,213
51,158
10,176
4,497
11,466
2,020
54,156
10,711
4,509
14,343
1,959
4,690
988
4,445
2,314
2,810
10,132
3,450
81,000
14,192
4,686
4,849
46,463
2,579
16,264
16,883
4,568
199,631
7,102
53,801
14,554
5,555
10,471
3,041
56,702
10,643
4,498
12,178 1
2,518
showing figures for clearing-house centers reporting each of the four weeks ending Oct.
17,900
63,288
4,333
18,671
4,254
15,959
6,372
1919.
[In thousands of dollars.]
Federal Reserve district.
1919
Number
of
centers
included.
Weekending—
Oct. 22.
Oct. 15.
Oct. 8.
Oct. 1.
No. 1—Boston
No. 2—New York
No. 3—Philadelphia...
No. 4—Cleveland
No. 5—Richmond
No. 6—Atlanta
No. 7—Chicago
No. 8—St. Louis
No. 9—Minneapolis...
No. 10—Kansas City..
No. 11—Dallas
No. 12—-San Francisco
13
7
13
14
7
15
23
5
11
15
13
20
576,899
5,865,130
455,187
558,631
206,785
276,531
1,134,212
259,728
195,231
300,182
176,803
550,959
479,473
4,808,777
356,478
536,046
188,322
248,039
1,010,118
248,324
190,621
287,602
161,922
502,671
471,787
5,551,003
422,452
519,416
186,977
246,304
1,075,203
230,684
191,720
301,029
149,532
504,336
421,702
5,499,882
422,931
547,310
178,973
228,927
1,009,278
210,854
188,662
286,751
145,067
504,345
Grand total
156
10,556,278
9,018,393
9,850,443
9,644,682
1080
Recapitulation
NOVEMBER 1,1919.
FEDERAL KESEEVE BULLETIN.
showing figures for clearing-house centers reporting each of the four
' '' '
Oct. 23, 1918.
weeks- ending Oct. 22, 1919, and
[In thousands of dollars.}
Federal Keserve district.
Number
of
centers
included.
No. 1—Boston
No. 2—New" York..
No. 3—Philadelphia....
No. 4—Cleveland
No. 5—Richmond
'No. 8—Atlanta.
No. 7—Chicago.........
No. 8--St. Louis
No. §—Minneapolis
No. 10—Kansas City...
No. 11—Dallas.........
No. 12—San Francisco.
Grand t o t a l . . . . . .
138
1918
Week ending—
1919
Week ending—
Oct. 22.
Get, 15.
576,899
5,842,561
455,187
203,853
183,358
276,531
1,081,147
259,728
190,616
299,641
161,153
535,080
479,473
4,788,798
356,478
196,701
168,844
248,039
962,059
248,324
187,264
10,065?754
148,731
489,797
8,561,576
Oct. 8.
471,787
5,529,143
422,452
201,200
,167', 106
246,304
1,018,644
230,684
,187,432
300,519
134>373
490,776
9,400,420
Oct. 1.
Oct. 23.
Oct. 16.
Oct. 9.
421,702
5,481,462
422,931
202,734
160,796
228,927
963,622
210,854
185,084
286,303
132,554
492,119
415,462
4,330,104
421,011
186,685
142,023
200,043
869,525
231,019
230,513
269,312
112,804
431,370
342,696
3,551,719
343,138
163,590
126,772
191,501
813,786
225,376
230,136
278,043
96,454
394, 212
333,867
3,510,198
331,850
155,071
122,905
193,598
772,823
204,110
237,995
269,544
114,690
390,533
364,623
3,935,114
399,879
160,514
132,450
202,377
817,372
204,560
231,141
7,839,871
6,757,423
6,637,184
7,239,154
Oct. 2.
102,506
400,629
NOYEMBSS 1/1919.
FEDERAL RESERVE BULLETIN,
1081
DISCOUNT AND' OPEN MARKET OPERATIONS OF THE FEDERAL RESERVE BANKS.
Discount operations during the month, of for this class of paper bought during the
September aggregated $6,726,155,257, showing month being. 4J per cent.
an increase of over 292 millions, or 4.5 per
On the last Friday in September the Federal
cent, over the total for August. The. total Reserve Banks held a total of $1,882,263,000
for the month under review does not include of discounted bills, compared with $1,815,amounts of bills discounted for other Federal 134,000 on the last Friday in- August and
Reserve Banks, which totaled $189,000,000, $1,713,430,000 on the corresponding date in
as against $195,945,500 the month before. 1918. Of the total discounts on hand at the
Increases in the aggregates of discount opera- end of September about 84 per cent was the
tions for September, as compared with August, share of war paper, compared with about 87
were reported for each Federal Reserve district, per cent on the last Friday in August and 71
except the New York and the Richmond per cent about the end of September, 1918.
districts, the largest relative increases being At the New York bank this proportion was
shown for the St. Louis, Minneapolis, and about 93 per cent and at the Boston bank but
Kansas City districts, where-agricultural opera- slightly less. Discounted trade acceptances
tions are at their height during the month of on hand about the end of September totaled
September,
about $10,960,000, as against $9,000,000 at
War paper constituted about 90 per cent of the end of August and $19,254,000 the previous
the total paper discounted during the month, year. Holdings of agricultural paper totaled
compared with 95 per cent in the previous $32,931,000, ..as against $30,363,000 about the1
month. Discounts of trade acceptances for end of August and $35,440,000 on the correthe month of September-aggregated $10,619,405 sponding date the year before, while holdings
(as against $6,427,411 for August), and of live-stock paper were $27,273,000, compared
included a much larger amount, $1,327,231 with $27,538,000 the month before and.
as compared with $366,333, of acceptances $48,703,000 about the close of September of
in the foreign trade. Purchases of foreign last year. Of the' total agricultural paper on
trade acceptances were reported by the hand the largest proportion, about 30 per cent,
Boston and New York Federal Reserve Banks. was held by the .Dallas-bank,' while of the total
Bankers' acceptances discounted during the live-stock paper over one-half represents the
month aggregated $388,454, member bank holdings of the Kansas City bank.
bills secured by eligible pa|fer $29,801,567 (as
During the month the membership shows a
against $20,028,459 in August), while ordinary net increase of 29, the number of members at
commercial and agricultural paper totaled the close of September being 8,933, as com$447,060,323, # compared with' $235,824,380 pared with 8,904 at the end of August. Memfor the preceding month.
ber banks accommodated by the discount of
Over 96 per cent of the total discounts for paper in September numbered 3,722, as
the month was 15-day paper, i. e., bills matur- against 3?460 in August. In the following
ing 15 days from date of discount or rediscount exhibit are shown the numbers of member
with the Federal Reserve Bank. Six-month banks in each Federal Reserve district at the
bills, consisting of agricultural and live stock end of September and of July, together with
paper,., totaled $5,443,693, compared with the number in each district accommodated
$4,216,353 the month before, the increase during each of the two months.
over the low total reported during the height
of the crop-moving season being probably due
of member
Number of member Number
banks accommobanks in district.
to the increased demand for accommodation
dated.
Federal Reserve Bank.
in connection with thq sowing of fall crops.
SepSept. 30. Aug. 31, tember.
August.
The average maturity of all the paper discounted during the month works out _at 9.44
430
429
231
243
days, as against 9.33 days for August. About Boston
New Y o r k . . . .
743
741
378
381
Philadelphia..
673
670
388
389
86 per cent of the paper discounted during the Cleveland
840
835
222
213
month took the 4 per cent rate and over 10 per Richmond....
573
572
387
299
Atlanta.......
429
427
255
241
cent the 4J per cent rate. The average rate Chicago.......
1,363
1,364
494
468
St. L o u i s . . . . . .
530
528
205
186
of discount charged during the month works Minneapolis...
905
896
164
163
out at 4.18 per cent, as against 4.12 per cent Kansas City...
1,017
1,014
351
295
749
"748
420
341
the month before. Of the paper purchased Dallas.
San Francisco.
681
680
227
242
in open market, the bulk carried a 4, a 4 | , a
3,722
8,933
3,46©
Total....
8,904
4& or a 4J per cent rate, the average rate
1082
FEDEBAL EESERVE BULLETIN.
Bills purchased in the open market during
September, largely by the New York bank,
both for its own account and for account of
other Federal Eeserve Banks, totaled
$205,048,335, compared with $194,210,625
in August. Of the total bills purchased,
$201,962,430 were bankers' acceptances, over
75 per cent of which were based upon foreign
trade transactions.
Purchases of trade
acceptances amounting to $2,773,437 were
reported by the New York, Cleveland, and
San Francisco banks, and were also based
largely on foreign trade transactions. The
average maturity of all bills purchased during the month was 46.15 days,, compared
with 50.73 days for August, while the average
rate of discount charged works out, the same
as for August, at 4 | per cent.
On September 30 the Federal Reserve
NOVEMBER 1,1919.
Banks report a total of $300,129,000 of purchased bills on hand, compared with
$367,163,000 on August 31, 1919, and
$289,320,000 on September 30, 1918. Of
the most recent total all but $2,976,000 were
bankers' acceptances, while of the remainder
$209,100,000 were bills accepted by member
banks, $33,104,000 by private banks and
bankers, $21,873,000 by foreign banks and
their agencies, and $33,076,000 by other
nonmember institutions. Of the $2,976,000
of purchased trade acceptances held at the
end of the month, $591,000 were domestic
trade acceptances and $2,385,000 were foreign trade acceptances. Of the latter amount
all but $291,000 were reported by the New
York and San Francisco banks, and represent
largely acceptances drawn by exporters in
the Far East.
Total investment operations of each Federal Eeserve Bank during the months of September, 1919 and 1918.
Eederal Keserve Bank.
Boston
New York
Philadelphia..,
Cleveland..—
Richmond.....
Atlanta
Chicago
St. Louis
Minneapolis...,
Kansas City...
Dallas
San Francisco.
Bills discounted for
member
banks.
Bills
bought
in open
market.
Municipal
warrants.
$314,051,684
3,495,701,094
1,003,715,978
300,427,161
344,921,874
212,788,726
378,009,982
208; 364,700
66,850,995
139,961,557
117,312,012
144,049,494
$20,353,090
64,460,086
687,216
23,450,835
5,226,079
3,950,570
24,031,764
7,213,275
12,698,615
600,000
1,025,272
41,351,533
United
States
bonds.
United
United
States certificates
Victory
of innotes. debtedness.
$50
$31,170,000
858,955,000
16,087,500
179,754,500
16,600,000
19,000,000
652,755,000
50
53,393,00ft
6,409,500
7,000,000
28,963,000
1*1260".
Total investment
Total
operations.
United
States
securities. I Sept., 1919. Sept., 1918
$31,170,000 $365,574,774 $249,026,363
858,955,000 4,419,116,180 3,081,248,564
16,087,500 1,020,490,694
167,232,191
179,754,550
503,632,546
160,066,781
16,600,000 366,747,953 218,416,000
19,000,200 235,739,496
123,787,635
652,755,000 1,054,796 746
466,437,999
215,577,975
120,403,692
53,393,000
132,942 610
77,127,901
6,409,550
146,971,107
78,861,372
7,000,000
125,337 284
76,531,393
28,963,000
134,829,649
214,364,027
6,726,155,257 205,048,335
200
1001,870,087,5001,L, 870,087,800 8,801,291,392
Total, September, 1919
4,685,139,704 183,132,122
18,764 106,950
1 85,582,000 85,688,950
Total, September, 191S
I 4,953,989,540
Total, 9 months ending Sept.
56,408,282, 65811,748,762,357
1,000 1,328,025 373,950|3,844,462, 0003,\, 846,163,975 62,003,209,990J
30,1919.
Total, 9 months ending Sept.
!, 560,163
30,1918
22,479,290, 1171. ,,201,402,6371L, 697,919 72,
\, 933,069,496
3,178,118,660 3,250,678,823
2 3 | per cent Liberty bonds.
108.3
FEDERAL RESERVE BULLETIN.
.NOYBMBBB 1,4.919.
Average amount of earning assets held by each Federal Reserve Bank during September, 1919, earnings from each class of
earning assets, and annual rate of earnings on basis of September, 1919, returns.
Average daily holdings of the several classes of earning assets.
Federal Reserve Bank.
Discounted
bills.
Boston.........
New York.
Philadelphia..-.
Cleveland
Richmond.....
Atlanta
Chicago........
St. Louis
Minneapolis
Kansas City....
Dallas
San Francisco.
Total, September, 1919..
Total, September, 1 9 1 8 . . . . . . . . . . .
$121,518,581
851,052,987
195,612,074
123,713,210
90,225,882
95,306,288
186,297,025
74,701,186
39,309,700
72,820,622
55,831,494
69,944,873
$44,534,884
73,305,700
843,226
40,364,448
6,654,159
4,255,822
43,767,685
13,485,058
20,512,233
20,388,280
549,675
85,274,436
$23,016,383
93,588,333
29,304,400
29,797,153
11,387,300
14,058,836
66,230,283
18,221,400
10,429,733
21,154,381
11,232,667
11,824,950
1,777,333,922
1,603,152,988
353,935,606
249,750,577
340,245,819
67,085,047
Earnings from—
Federal Reserve Bank.
Discounted
bills.
Purchased
bills.
United States
securities.
Purchased
bills.
Municipal
warrants.
Total.
$189,069,848
817,947,020
226,759 700
193,874,811
108,267,341
113,620,940
296,294,993
106,407,644
70,251,666
114,363,280
67,613,836
167,044 259
$67,959
2,471,515,347
1,920,056,571
Calculated annual rate of earnings from-
United
MunicStates ipal warsecurities. rants.
Total.
Boston..
$417,693
New York.....
i 2,165,396
Philadelphia
..I 651,312
Cleveland.........
...! 416,064
Richmond.........
.........! 318,703
Atlanta...
...i 337,184
Chicago
........................I
644,182
St. Louis
. . . . . . . . ! 256,937
Minneapolis.
I 138,800
282,756
Kansas City.
207,937
Dallas
258,940
San Francisco.
$154,473
257,264
2,945
140,063
25,115
16,444
152,803
47,396
74,856
70,576
2,213
299,340
173,551
50,317
51,209
18,795
24,066
111,825
32,601
19,580
42,575
20,075
22,715
$610,526
2,596,211
704,574
607,336
362,613
377,694
908,810
336,934
233,236
395,907
230,225
580,995
Total,
September,
6,095,904
X Wildly U
CUIAJJLUUCI) 1
I S9X13 9
. . .. .. ... .. .. .. .. .. . U
.WU.OUI
Total, September, 1918
5,627,767
1,243,488
859,195
605,669.
149,923
7,945,061
6,637,158
Discounted
bills.
PurUnited
Municchased
States ipal warbills. securities. rants.
Total
Per cent. Per cent. Per cent. Per cent. Per cent.
4.18
4.22
2.03
3.93
4.05
4.21
2.26
3.86
4.03
4.24
2.08
3.78
4.09
4.22
2.09
3.81
4.30
4.59
2.01
4.07
4.17
4.55
2.02
3.91
4.21
4.25
2.05
3.73
4.18
4.27
2.17
3.85
4.30
4.44
2.28
4.01
4.72
4.21
2.45
4.21
4.53
4.89
2.17
4.14
4.41
4.27
2.34
4.23
4.17
4.27
4.27
4.19
2.17
2.73
3.91
4.21
4.88
Bills discounted during the month of September, 1919, distributed by classes; also average rates and maturities of bills discounted by each Federal Reserve Bank.
Federal Reserve Bank.
Boston...!....
New York
Philadelphia..
Cleveland
Richmond
Atlanta.......
Chicago
...
St. Louis
Minneapolis...
Kansas City..,
Dallas
San Francisco,
Total....
Customers'
paper secured by
Government war
obligations.
$32,126,812
41,329,289
21,821,228
7,216,667
4,357,478
3,137,658
4,321,217
3,356,958
109,588
2,231,991
553,820
1,900,002
Member banks' collateral
notes.
Secured by
Government
war obligations.
Otherwise
secured.
$270,424,246
$793,000 i $348,356
3.282,979,949
6 3,567,082
'928,134,397
25,500
270,787
267,276,380
222,000 1,506,098
321,731,170 3,719,000
466,194
182,040,760 2,738,500
522,391
302,664,200
407,110
484,222
179,143,487
166,000
674,714
54,050,800
115,000
99,953
98,807,348 19,658,957
384,550
103,036,973 1,956,500
58,465
125,533,090
2,236,593
122,462,708 6,115,822,800 29,801,567
& Includes S140?152 of trade acceptances in the foreign trade.
Trade
acceptances.
10,619,405
Bankers' Allother
accept- discounts.
ances.
Total.
$25,000 $10,334,270 1314,051,684
261,992 167,562,782 3,495,701,094
53,464,066 1,003,715,978
24,206,016
300,427,161
14,648,032
344,921,874
24,349,417
212,788,726
70,133,233
378,009,982
208,364,700
75,000 24,948,541
12,475,654
66,850,995
18,878,711
139,961,557
11,706,254
117,312,012
144,049,494
26,462 14,353,347
388,454 447,060,323
6,726,155,257
Average
rate
maturity (365-day
in days. basis).
11.85
6.49
6.69
13.16
9.79
16.95
20.29
14.10
19.39
20.76
18.91
16.41
Per cent.
4.18
4.04
4.01
4.12
4.31
4.19
4.36.
4.29
4.44
4.55
4.3§
4.39
9.43
4.1&
s Includes $1,187,079 of trade acceptances in the foreign trade.
1084
FEDERAL KESEBVE BULLETIN,
1919.
Bankers* and trade acceptances in the foreign and domestic trade and finance bills purchased during the month of September,
1919; also average rates and maturities of total bills purchased by each Federal Reserve Bank.
Bankers' acceptances,
Federal Reserve Bank.
Boston.......
New York....
Philadelphia..
Cleveland.....
"Richmond...,
Atlanta.......
Chicago
...
St. L o u i s . . . . .
Minneapolis...
E^ansasCity..
Dallas........
San Francisco
Total...
In the
domestic
trade.
In the
foreign
trade.
Trade acceptances.
In the
domestic
trade.
Total.
$4,278,178 $16,074,917 $20,353,090
11,593,646 52,114,666 63,708,212
687,216
115,478
571,738
7,291,861 15,593,423 22,885,284
1,404,079
3,822,000
5,226,079
3,229,498
• 721,072
3,950,570
5,213,178 18,818,586 24,031,764
1,136,218
6,077,057
7,213,275
4,600,432
7,941,183 12,541,615
600,000
600,000
575,272
450,000
1,025,272
8,519,496 31,220,557 39,740,053
48,557,231
153,405,199
201,962,430
$50,000
384,504
In the
foreign
trade.
Total.
$577,821 $627,821
181,047
Finance
bills.
29.52
36.65
49.70
49.93
36.38
59.45
60.50
48.67
54.42
78.25
58.10
54.86
312,468 205,048,335
£.15
565,551
157,000
45,088 1,534,977 1,580,065
j
Average Average.
rate
maturity (365-day
in days. basis).
$20,353,090
64,460,086
687,216
23,450,835
5,226,079
3,950,570
24,031,764
7,213,275
12,698,615
600,000
1,025,272
41,351,533
$124,053
31,415
479,592 2,293,845 2,773,437
Total
bills
purchased.
4.25
Amounts of bills discounted and acceptances bought by each Federal Reserve Bank during July, August1 and September\
1919, distributed by maturities.
, 15-day maturities.
Federal Reserve
Bank,.
Boston...........
New Y o r k . . . . . . .
Philadelphia.....
Cleveland........
Richmond.......
Atlanta..........
Chicago...
St. L o u i s . . . . . . . . .
Minneapolis...;.:
Kansas C i t y . . . . . .
Dallas... •....-•.
San Francisco......
Total.......
Discounts.
Acceptances.
30-day maturities.
$881,926,665
$854,792,064 $27,134,601
10,853,552,453 79,958,754 10,933,511,207
569,180 2,951,345,753
2,950,776,573
7,149,475
835,163,017
842,312,492
1,708,600 1,104,908,783
1,103,200,183
539,258,247
538,379,313
878,934
1,023,862,238 14,028,923 1,037,891,161
475,897,034
469,337,826
6,559,208
119,106,204
119,032,717
73,487
312,209,990
312,209,990
287,660,576
287,434,576
226,000
378,598,886
377,192,993
19,724,933,943
139,693,055
19,864,626,998
90-day maturities.
Federal Reserve
Bank,
Boston........—
New..York-..'-.....
Philadelphia......
Cleveland.........
Richmond........
Atlanta...
.....
Chicago........
St. Louis............
Minneapolis.......
Kansas City
Dallas.............
San Francisco.....
Discounts. Acceptances.
Discounts. Acceptances.
Total.
$10,141,295 $14,933,934 $25,075,229 $16,545,600 $23,310,798
9,571.247 48,449,655 58,020,902 25,466,697 43,188,831
1,478,222.
.1,478,222
1,667,876
60,000
5,734,611 11,402,765 17,137,376
9,639,600 20,471 145
9,826,072
7,788,916 17,614,988 13,683,522
3,449,275
5,862,236
8,128,736 11,871,581
2,266,500
3,236,436
14,254,434
3,444,963 17,699,397 34,322,337 30,756,425
8,417,407
9,810,568 10,626,206
1,393,161
7,538,727
2,509,791
4,540,442
2,030,651
8,441,057 16,939,440
4,605,520
4,605,520 15,210,158
3,373,405
4,158,508
785,103
7,561,698
365,000
1,928,267 11,123,295 13,051,562
5,385,077 40,513,688
77,702,507
103,618,943
181,321,450
160,421,409 j 189,829,765
Over 90-day maturities.
Total.
Discounts. Acceptances.
$84,001,440 $22,511,684 $106,513,124
$10,244
125,286,172 86.892,314 212,178,486 i
1,600
4,641,814
5,488,545 I
846,731
1,000
9,549,228 31,415,587 40,964,815
23,349
20,768,696
3,310,000 24,078,696
351,564
15,011,517
4,657,135 19,668,652
1,494,667
43,937,905 29,764,628 73,702,533
2,904,395
18,925,624
6,637,962 25,563,586
305,077
2,780,419 12,074,369 14,854,788
833,285
15,575,551 !
621,115 16,196,666
6,361,620
9,020,094
776,650
9,796,744
4,147,868
11,601,180 43,093,852 54,785,032
2,570,448
Total..*..... 361^189,648 242,602,027
Discounts. Acceptances.
Total.
60-day maturities.
603,791,667
19,005,117
Total.
$10,244
1,600
1,000
23,349
351,564
1,494,667
2,904,395
305,077
833,285
6,361,620
4,147,868
2,570,448
Total,
$39,856,398
68,655,528
1,727,876
30,110,745
17,132,797
15,108,017
25,380,497
15,210,158
7,926,698
45,898,765
350,251,174
Total.
Discounts.
Acceptances.
$965,490,643 $87,891,017
11,013,878,169 258,489,554
1,475,911
2,958,565,485
860,109,805 70,438,972
1,147,830,037 16,256,791
572,619,314 11,039,005
1,119,281,309 77,994,939
507,612,140 22.129,058
133,597,269 31,117,947
621,115
353,962,839
311,537,641
2,152,753
398,767,965 96,136,728
19,005,117 20,343,252,616
675,743,790
Total.
$1,053,381,660
11,272,367,723
2,960,041,396
930,548,777
1,164,086,828
583,658,319
1,197,276,248
559,741,198
164,715,216
354,583,954
313,690,394
494,904,698
1085
FEDERAL, RESERVE BULLETIN.
NOVEMBER 1,1919.
Rediscounts and sales of discounted and purchased paper between Federal Reserve Banks from July 1 to September SO, I9
[In thousands of dollars; i. e., 000 omitted.)
Rediseounted or sold b y Federal Reserve Bank of—
Discounted or purchased
by Federal Reserve
bank of—
New Yori
SepJuly. August. tember.
New York
Cleveland...
ChicagoSt. Louis
Minneapolis....
Kansas City
San -Francisco
10.012
. .
.
27,043
Total................... 37,055
Purchased bills.
Discounted bills
37 055
July. August.
•
September.
40.000
63.000
114,000
io,6i3 15.010
10,028
MinneAtlanta. apolis.
Dallas.
SepSepSepJuly. August. tember.
tember. tember.
July. August.
Richmond
Philadelphia.
25,000
10,000
35,000
20,500
7,000
50,137
51,709
36^ 100
47,000
63,000 165,000 137,946
70,000
26,000 |
2,500
tomDer.
22
•3 666
(35,000
20,000
80,000
1 Sep-
16,500
7,000
...
4 000
•
.
.
.
.
.
.
.
.
30,000
7.; 0,88
20,041
22,098 114,000
20 041
22 098
114,000
47,000
63,000 165,000 137,946
22
22
26,000
70,000
16,500
11,000
30,000
16,500
11,000
30,00»
1
Rediseounted or sold b y all Federal. Reserve Banks,
Discounted or purchased
by Federal Reserve
Bonk of—
During July, August, and September, 1919.
July.
New York
Cleveland
Chicago
St. Louis.
Minneapolis.
Kansas City.
San Francisco.
September. I
I August,
97,137
51,709
47 100
10,013 I
10,028 j
Total...............
Purchased bills
Discounted bills
Total.
Pu
!
22
3,000
138,500
10,000
37,500
15,010
7,088
22
13,012
4.31,137 L,
81,709 L.
164,600 L.
25,023 !
44,159 I
211,120
759,662 |.
{S!?
bills.
Total since Jan. 1,1919.
sed
Discounted I
bills.
I
22
10,012
3,000 l
431,137 I
81,709 j
164,600
.....;
j.
25,023
44,159
!
79,216
22,120
189,000
Purchased
bills.
Total.
55,178
259,252 |
1,132,970
136,780
437,895 j
40,093 I
311,583 I
Discounted
bills.
15,178
30,235
25,136
5,071
19,282
35,093
111.583
40.000
229,017
1,107,834
131,70ft
418,613
5,006
2,173^751"].
241,578
680,446 I
I,932,178
discounted hills, including member banks7 collateral notes, held by each Federal Reserve Bank on the last Friday in September,
1919y distributed by classes.
[In thousands of dollars: i. e.y 000 omitted.]
Federal Reserve Bank.
Boston
New York
,
Philadelphia...
Cleveland
Richmond.....
Atlanta
...
Chicago
St. Louis
Minneapolis....
Kansas City
Dallas
San Francisco..
Agricultural
paper.
148
57
34
3,207
4,237
557
493
4,149
9,844
4,371
Total.
Percent..
....
Total, September, 1918.
Percent..
,
1.8
35,440
2.1
paper.
Member banks' col- j
lateral notes.
j
(Customers'
! paper secured b
y
Trade ac- Bankers' All other
by
Govern-. Secured
Govern- Otherwise jceptancesJ S e s ~ | discounts.
1. m e n t war ment war
secured.
i obligaobliga! tions.
tions.
I
|
!
|
75,200
80,386
11,665
9,174
14,196
5,220
6,000
6,611
110
1,464
805
3,136
27,273 i
214,027
1,358,476
17,230
10,961
1.4
48,703
2.9
11.4
158,265
9.2
72.2
1,062,176
G2.0
0.9
39,593
0.6
2|
18 |
1,036 j
•'"mi
2,618
15,305
5,280
2,822
48,591 !
537,451 \.
168,486 I
102,461 i
162
57,901 |
2,005
66,088 !
1,713
160,455 }
227
53,570 !
316
34,476 !
43,021 i 11,815
31,225
526
48,751
100
423
2,892
407
1.551
839
581
437
762
88
613
119
159
19
145
37
2,368
479
Total.
8,606
44,508
21,219
16,726
14,002
19,301
39,592
22,385
5,073
11,767
8,022
9,583
333,302
665,544
201,856
130,110
92,288
220,904
7,882,282
11.7
349,999
100
*, 718,430
'
'100
218,546
84,538
42,858
88,171
55.702
7i; 132
1086
NOVEMBER 1,
FEDERAL RESERVE BULLETIN.
Acceptances purchased and held by each Federal Reserve Bank on Sept. 80,1919, distributed by classes of accepting institution*
[In thousands of dollars; i. e., 000 omitted.l
Bank acceptances.
Federal Reserve Bank.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas......
San Francisco
Totals:
Sept. 30,1919.
Aug. 30,1919..
July 31,1919..
Sept. 30,1918.
Sept. 29,1917.
NonNonmember
I Member member
trust
! banks.
State
combanks.
panies.
34,686
455
1,648
I
703
9,061 I
100 !
3,239 i
Private
banks.
3,648 i
12,505 i
218 !
3,250 i
'307
22,668
6,319
,39
523
5,923
34,912
6,434
16,381
7,021
844
40,309
55
475
225
682
1,721
1,844
224
304
2,018
8,615
10,564 j
208,784
264,827
269,568
233,926
131,997
8,255
3,111
8,935
2,859
14,987
24,821
32,665
31,928
2,479
2,193
2,058
Trade acceptances.
Foreign
, bank
branches
and
365
9,195
63
2,151
185
564
550.
480
i
Total.
39,857
65,389
288
813
"92
*29i'
1,101
t
6,319
5,923
37,471
9,107
18,278
I
:
i
I
,
i
|
!
10,085 i
!
211
297,153
365,373
371,991
280,814
173,171
591
561
576
2,745
,
j 37,471
! «,m.'
! 18,27*
|
i
i
844 i
8,320
33,420 I 21,873
43,815 j 20,955
42,593
18,967
27,551
13,999
21,708 I 2,286
Qnuiil
total,
Domestic. Foreign, j Total.
!
10,0K,*,
1,281
i
8*4
1,492 71,31*
2,385
1229
673
5,761
2,976
1,790
1 249
8,506
6,942
300,1 Pi
307,Ifci
373,240
280,331)
180,1 IK
NoysMBBB 1, 1919.
1087
FEDERAL RESERVE BULLETIN,
OPERATION OF THE FEDERAL RESERVE CLEARING SYSTEM SEPT. 16 TO OCT.
15, 1919.
Items drawn on banks in Items drawn on banks in district outside Federal ReFederal Reserve city (daily
serve city (daily average).
average).
Number.
Boston....
New York
Philadelphia...
Cleveland
Richmond
.
Atlanta........
Chicago
St. L o u i s . . . . . .
Minneapolis
Kansas City...
Dallas
San Francisco.
20,830
29,237
48,868
7,204
3,061
3,671
26,305
6,606
8,923
6,598
1,703
3,755
Totals:
Sept. 16 to Oct. 15,1919...
Aug. 16 to Sept. 15, 1919.
July 16to Aug. 15,1919...
Sept. 16to Oct. 15,1918...
164,761
149,460
139,678
64,931
Items drawn on banks
in other districts
(daily average).
Number.
Amount.
• "Number.
Amount.
81,130,871
33,913,950
9,417,088 |
7,964,434
4,550,589
30,725,000 i
10,763,307 I
11,119,096 I
12,453,253 |
2,642,080 I
4,443,118 I
235,072,612
208,529,081
194,733,618
208;639,006
Number.
Amount.
13,724
38,870
26,922
3,849
7,986
3,452
7,473
894
1,808
8,287
4,645
1,477
$13,381,162
22,820,878
9,649,316
4,072,707
7,741,748
3,312,945
1,784,000
493,091
1,549,579
5,994,756
2,389,591
1,775,705
1,984
$960,709
2,681
491
4,033
538
1,008
1,423,107
805,605
2,279,072
550,000
313,764
4,149
4,221
4,057
Totals:
Sept. 16 to Oct. 15,1919.
Aug. 16 to Sept. 15,1919.
July 16 to Aug. 15,1919..
Sept. 16 to Oct. 15,1918.
119,387
107,279
110,817
89,455
74,965,478
66,883,891
66,552,940
70,992,919
23,162
21,959
20,787
13,033
Number.
Amount.
95,422
143,156
56,848
87,438
62,028
33,340
95,843
54,907
29,244
81,705
37,236
47,695
$15,807,002
73,677,839
8,544,079
28,643,958
20,287,053
10,040,019
18,064,000
9,943,114
3,054,874
15,406,291
9,149,307
10,800,026
116,252
105,716
94,642
65,089
37,011
122,148
61,513
36,167
88,303
38,939
51,450
$41,756,828
154,808,710
42,458,02$
38,061,046'
28,251,487
14,590,608
48,789,000
20,706,421
14,173,970
27,859,544
11,791,387
15,243,144
824,862
761,680
731,680
495,441
223,417,562
202,812,209
176,612,134
169,025,374
919,623
911,140
871,358
560,372
458,490,174
411,341,290
371,345,752
377,664,380
Items handled by both Items drawn on Treasparent banks and
urer of the United
branches (daily averStates (daily aver-
Boston
New York
Philadelphia
...,....,
Cleveland..
Richmond
..........
Atlanta.
Chicago
St. Louis
Minneapolis.
Kansas C i t y . . . . . . . . . . . .
Dallas..........
San Francisco.
Amount.
Total items drawn on banks
in own Federal Reserve
district (daily average).
Number.
Amount.
172,393
Incorporated
Number
other
Number nonmemmember ber banks than
mutual
banks in on par
savings
district.
list.
banks
not on
par list.
2,000,141
795,813
2,289,777
5,229
37,641
5,817
5,202
1,976
3,290
13,552
5,600
1,129
5,168
4,242
4,591
11,053,109
28,841,970
2,210,813
1,019,213
395,076
1,365,560
2.032,000
562,422
154,575
386,222
859,072
6,292,609
1,363
530
909
1,019
748
689
242
322
409
1,025
443
348
3,211
1,848
1,504
2,828
750
922
11,417,988
10,984,785
9,119,203
11,127,973
93,437
77,201
83,659
106,539
45,272,641
51,935,604
57,868,769
51,048,149
8,955
8,920
8,694
8,510
13,852
13,040
12,578
10,318
430
746
674
841
575
431
64
1,019
1,220
986
801
1,369
45i
405
142
0,5T
7,178
7,621
1088
EEDEKAL RESERVE BULLETIN.
NOVBMBBB 1, 1919.
OPERATIONS OF THE FEDERAL RESERVE BANKS.
Aggregate increases of 248.7 millions in earningmssets, primarily discounted bills, a further
addition of 98.1 millions to the Federal Reserve
note circulation, and a gain of 28.7 millions in
gold reserves represent the principal changes
in condition of the Federal Reserve Banks during the four weeks between September 26 and
October 24.
War paper holdings of the Federal Reserve
Banks show a continuous increase from 1,572.5
millions on September 26 to 1,698.9 millions
on October 17 and a reduction to 1,666.1 millions the following week. Other discounts
on hand show an increase during the first three
weeks from 309.7 to 422.8 millions, and a reduction during the next week to about 416
millions, the total increase for the period under
review being 106.3 millions for commercial paper proper, as against 93.6 millions for war
paper. While all the banks, except those at
Richmond, St. Louis, and Dallas, report substantial increases in their holdings of discounts
other than war paper, over 80 per cent of the
increase represents the combined shares of the
New York, Chicago, and Minneapolis banks.
Acceptances on hand show some fluctuations,
net liquidation in the beginning of October
being followed by additions to the volume held
during the latter part of the month, the October
24 holdings being 26.3 millions larger than four
weeks before. It is interesting to note that
October 24 acceptance holdings of the San
Francisco bank, 97.2 millions, are but slightly
below those of the New York bank, these two
banks reporting over one-half of the total
acceptances held by all the 12 banks. An
increase in Treasury certificate holdings from
251.1 to 273.6 millions represents in part additional investments in one-year 2 per cent certificates to secure Federal lieserve Bank notes,
partly also temporary purchases of these securities from nonmember banks, largely by the
New York bank. As the result of the above
operations the total earning assets of the banks
increased from 2,503.1 on September 26 to
2,761.3 millions on October 17, and stood at
2,751.8 millions on October 24, or 248.7 millions
above the total shown four weeks earlier.
War paper holdings of the several Federal
Reserve Banks include amounts held under
rediscount for other Federal Reserve Banks.
During the period under review the total of
such paper declined from 70.2 to 43.1 millions,
this being the amount held under rediscount
by the Chicago bank for the Philadelphia, Richmond, Atlanta, and Dallas banks. Similarly
acceptance holdings of the several banks are
inclusive of the amounts of bank acceptances
purchased from other Federal Reserve Banks.
The total of these bills sho^s a decline from
31.7 to 12.7 millions, all held by the San Francisco bank.
Government deposits fluctuated between 61.3
and 133.6 millions, and at the end of the period
stood at about 84 millions, or 22.7 millions
higher than
at the beginning of the period.
Members7 reserve deposits attained-their maximum—1,841.1 millions on October 17—and
declined to 1,813.6 millions the week after, the
increase for the period being 82.2 millions.
Other deposits, including foreign Government
credits, likewise reached their maximum on
October 17, when 101.4 millions were reported,
while the October 24 total of 98.9 millions is
3.2 millions larger than at the beginning of the
period. Net deposits, except for the latest
week under review, show a; continuous growth,
and on October 24 figure out at 1,792.4 millions,
or 158.3 millions larger than four weeks before.
Federal Reserve note circulation went up from
2,655.4 to 2,753.5 millions, or at the rate of
24.5 millions a week. Most of the increase in
note circulation took place during the earlier
part of the period; in fact, for the last week
under review only a nominal increase of less
than a million dollars is noted. During the
same period the banks7 aggregate liabilities on
Federal Reserve bank notes increased steadily
from 239.5 to 251.6 millions.
Transfer to London of about 61 millions of
gold held in custody heretofore by the national
banks of Belgium and the Netherlands and
inclusion of the amounts transferred among the
reserves of the Federal Reserve Banks, also
gold deposits by the Treasury, were partly
offset by export withdrawals of gold, the net
result being an increase in the gold holdings of
the banks by 28.7 millions. This moderate increase in reserve is, however, more than outweighed by the large increases in the deposit
and Federal Reserve note liabilities of the
banks, as may be seen from the decline of the
reserve ratio during the period from 51 to 48,7
per cent.
1089
FEDEKALr BESERVE B U L L E T I N .
NOVEMBER 1,1919.
Resources and liabilities of each Federal Reserve Bank at close of business on Fridays, Oct. 3 to Oct. 24}
[In thousands of dollars; i. e., 000 omitted.]
RESOURCES,
Boston.
Gold coin and certificates:
7/003
Oct.3
.
7,288
Oct. 10
7,489
Oct.17
7 717
Oct.24
Gold settlement fund, Federal
Reserve Board:
45,160
Oct.3
58,982
Oct. 10
57,884
Oct. 1 7 . . . . . . . .
Oct. 2 4 . . . . . . . . . . . . . . . . . . . . . . . 66,845
Gold with foreign agencies:
7,949
Oct.3
7,891
Oct. 10
7,805
Oct.17...
9,707
Oct. 24
Gold with Federal Reserve
agents:
74,166
Oct.3........
71,272
Oct. 10
70,382
Oct.17
O c t . 2 4 . . . . . . . . . . . . . . . . . . . . . . 67,467
Gold redemption fund:
11,794
Oct.3
Oct. 1 0 . . . . . . . . . . . . . . . . . . . . . 14,457
17,281
Oct.17
19,951
v Oct.24
Total gold reserves:
146,072
Oct.3
Oct. 1 0 . . . .
. . . . . . ; . . . 159,890
O c t . 1 7 . . . . . . . . . . . . . . . . . . . . . . 160,841
171,687
Oct.24
Legal tendernotes, silver, etc.:
5,942
Oct.3.
5,4.11
Oct. 1 0 . . . . . .
5,501
Oct.17
5,504
Oct.24
Total cash reserves:
152,014
Oct.3....
165,301
Oct. 10..
166,342
Oct.17........
177,191
Oct.24
Bills discounted:
Secured by Government
war obligations ! —
122,745
Oct.3
120,944
Oct. 1 0 . . . . . . . . . .
121,104
Oct.17
109,146
Oct.24........... .
All other—
Oct.3.....
10,456
Oct.10............
O c t . 1 7 . . . . . . . . . . . . . . . . . 12,877
Oct.24
11,641
Bills bought in open market: 2
4.1,675
Oct.3
45,880
Oct.10
46,078
Oct.17
.
Oct.24
i 46,385
17. S. Government bonds:
539
Oct.3
539
Oct.10
539
Oet.17.....................
539
Oct.24....
...
IT. S. Victory notes:
Oct.3..
Oct.10.
Oct.17....
Oct.24
U . S . certificates of indebtedOct.3
Oct.10...........
Oct.17...........
Oct.24
Total earning assets:
Oct.3
Oct.10
Oct.17
Oct. 2 4 . . . . . . . . . . .
21,731
23,166
21,670
22,042
195,778
200,990
202,273
—(757
Philadelphia.
New
York.
153,957
150,542
160,809
155,967
127,380
56,301
43,171
100,792
Cleve- Richland, mond.
ilanta
Chicago.
San
Minne- Kansas
Louis. apolis. City. Dallas. Francisco.
15,229
13,319
15,321
15,492
2,319
2,206
2,232
2,257
7,880 24,054
7,862 24,047
7,801 24,213
7,850 24,239
3,465
3,256
3,050
2,932
8,310
8,319
8,275
8,320
87
138
149
173
31,142 52,423
34,528 51,746
35,346 52,375
31,515 42,686
30,070
28,906
27,758
33,647
[09,391
7,553 [45,387
8,505 .20,408
7,868 98,371
12,912
16,409
16,283
14,114
26,469
14,535
14,290
10,782
25,782
33,226
31,698
24,866
12,958
12,864
12,723
15,825
5,118
5,081
5,025
6,250
2,940
2,940
2,887
3,591
5,227
5,189
5,132
6,383
1,152
1,124
1,018
1,101
3,920
3,892
3,849
4,787
39,6.73
39,239
48,805
8,711
8,648
8,553
10,639
8,929
8,864
8,767
10,905
5,336
5,297
5,239
6,516
287,654
285,358
284,406
283,000
73,946
79,167
78,795
75,058
[34,536
[36,261
[33,120
.32,740
34,096
37,237
40,786
39,215
45,576 272,036
48,654 277,635
49,619
50,918 285,649
49,553
54,434
66,857
70,013
34,506
38,476
37,823
37,119
35,961
34,521
35,233
35,110
25,000 13,539
24,872 8,385
24,872 10,007
24,780 12,656
290
737
401
5,165
6,564
7,600
8,632
6,436 2i,11
5,456 14,940
6,139 19,836
6,107 13,555
5,693
5,640
6,080
5,053
3,936
4,900
5,520
1,166
4,079
5,398
4,588
4,623
633,955
556,746
552,497
613,344
[28,490
131,852
133,719
[30,969
211,942
210,480
210,320
202,224
76,986
80,210
83,615
90,267
72,676 [39,557
73,417 [74,873
75,913
77,530 [37,639
76,741
84,820
97,295
76,161
69,170
68,795
60,978
52,260
53,545
53,374
50,585
241
266
239
153
915
903
906
238
225
191
223
1,111
1,089
1,097
1,190
686,215
610,291
605,871
663,929
128,731
132,118
133,958
131,122
212,835 77,224
211,395 80,435
211,223 83,806
203,130 90/490
73,787
74,506
77,010
78,720
440,617 82,729 76,227
475,963 90,774 69,244
460,562 103,029 68,858
439,076 103,896 61,035
674,010
697,763
698,653
675,336
175,243
182,038
181,508
182,789
119,263 75,099
120,582 80,471
122,463 83,178
116,920 85,780
73,667
72,184
71,530
71,174
181,605
165,002
179,599
186,790
72,578 21,290
104,877 21,418
116,668 25,061
105,083 23,252
21,464 20,312
21,526 18,641
24,960 18,013
23,793 17,125
31,110
31,792
35,923
33,988
52,749
48,903
46,155
57,022
39,964
87,682
80,400
85,315
97,925
1,257
1,257
1,257
1,257
645 35,588
645 34,814
618 36,240
601 39,779
6,022
5,663
5,577
5,357
1,094
1,094
1,094
1,094
1,234
1,234
1,234
1,234
1,'385
1,385
1,385
1,385
50
50
50
50
5,988
5,954
5,734
5,534
227,245
234,279
237,754
237,215
202,113
202,620
209,471
206/319
113,227
117,169
119,362
121,156
436
272
57
5,171 41,571
7,207 42,124
5,133 48,342
5,589 28,460
516,335
496,904
461,193
465,535
2,831
2,811
2,780
3,458
108,892
108,123
106,917
132,983
5,009
4,973
4,918
6,117
19,918 04,450 1,166,398
21,314 .02,368 1,186,697
21,497 .00,656 1,201,302
22,028 99,616 1,197,933
2,524
3,079
3,338
2,779
1,143
138
1,079
2,076
1,802
1,704
1,751
1,822
192
227
255
2S5
51,814
53,524
52,280
34,924 54,045
36,480 53,896
38,129 55,028
39,263 54,949
32,473 12,572
32,189 19,373
26,059 21,823
22,231 25,645
45,480
45,307
48,645
24,118
23,711
23,677
23,465
19,944
19,156
19,270
19,622
621
621
521
471
4,477
4,477
4,477
4,476
1,153
1,153
1,153
1,153
116
116
116
116
8,867
17,068
17/068
17,099
17,099
124,
318,228
^124,744 301,424
; 130,861 312,109
130.288 332,169
119,485
115,848
108,721
105,120
8,265
8,914
9,094
70,229
70,772
70,742
1,654,166
1,672,797
1,698,885
1,666,055
18,545
22,865
22,981
22,841
361,771
401,058
422,842
416,084
766 80,079
659 83,951
1,100 90,205
1,640 97,213
326,852
342,938
2,632
2,633
2,633
2,632
27,095
27,096
27,097
27,095
3,966
3,966
3,966
73
73
27
27
40,840
42,216
39,872
40,523
101,252
94,119
107,077
101,779
71,572 39,233 164,327 2,205,511
78,744 43,129 170,200 2,202,100
77,180 41,540 169,886 2,199,185
71,415
151,681 2,214,561
9,106
7,343
7,444
6,213
13,464
13,464
14,464
14,. 464
242,405
245,485
251,954
248,375
71,136 37,431 164,135 2,135,282
78,472 41,425 169,973' 2,131,328
76,800 39,789 169,551 2,128,443
71,155 41,054 151,396 2,146,605
5,982 38,557
6,924 40,826
8/564 42,006
10,282 43,358
375
375
375
375
11,962
20,370
14,556
15,127
6,987
7,014
7,041
7,200
35,042
33,528
37,203
33,204
59,685
58,095
56,966
58,424
5
5
5
5
69,471 28,682 24,704 10,560
69,771 28,793 24,604 11,160
72,465 29,182 24,714 11,360
73,473 29,188 24,733 11.660
905,048
954,118
974,408
953.124
1,060
1,090
1,254
1,437
Total.
133
87
12,124
11,904
12,366
12,344
7,700
7,700
8,200
8,200
8,539
9,397
9,108
10,765
263,148
267,551
269,414
273,585
76,012 115,930 71,474 l@3,840 2,632,983
80,554 |118,513 72,516 172,712 2,695,487
87,353 123,924 75,072 179,9§i 2,761,263
87,708*123,961 76,534 188,489 2,751,751
1090
FEDERAL RESERVE BULLETIN.
NOVEMBUB'1,
1919.
Resources and liabilities of each Federal Reserve Bank at close of business on Fridays, Oct. S to Oct. 24,1919—-Continued.
[In thousands of dollars, i. e., 000 omitted.]
RESOURCES—Continued.
Boston.
Bank premises:
Oct 3
Oct. 10
Oct. 17.
.........
Oct. 24.
Gold in transit or in custody in
foreign countries:
Oct.3
O c t . 10
.
2,089
2,212
2,211
2,212
••
Oct. 17
Oct. 24
ITncollected items and other deductions from gross deposits:
73,687
Oct. 3 . . . .
Oct. 10
. . . . . . . . 61,166
98,011
Oct. 17.
68,387
Oct. 2 4 . . . . . . . . .
....
5 per cent redemption fund
against Federal Reserve bank
notes:
l>072
Oct. 3
......
.
1072
Oct. 1 0 . . . . . . . . . .
1,071
Oct. 17
Oet.24..........
....... 1,072
All o>ther resources:
313
Oct.3 . ......
307
Oct. 1 0 . . . .
318
Oct. 17
....
324
Oct 24
. . .
Totalresources:
424,953
Oct.3
431,048
Oct. 10
...
Oct. 17
. . . . . . 470,226
Oct. 24
438,943
* Includes bills discounted for
other FederalReserve Banks:
Oct 3
Oct. 1 0 . . .
..
Oct. 17
........
Oct.
2
4
.
.
.
2
Includes bankers' acceptances
bought from other Federal
Reserve Banks without their
indorsement:
Oct 3
Oct 10
Oct. 17
Oct.24
New
York.
3,994
3,994
3,994
3,994
500
500
500
500
890
890
890
889
447
446
463
463
476
490
490
490
2,936
2,936
2,936
2,936
San
Minne- Kansas Dallas. Fran
r
apolis. City.
Cisco.
402
402
402
402
691
691
691
690
359
358
359
382
Total.
400
400 *
400
400
........
46,355
46,355
46/355
19,242
201,352
195,105
287,801
218,507
|
Cleve-1 Rich- Atlanta ChiSt.
land. mond.
cago. Louis.
Philadelphia.
13,184
13,319
13,336
13.358
46,355
46,355
46,355
19,242
76,938
72,830
100,822
77,865
66,326
62,100
87,240
78,239
68,879
78 202
87,816
79,786
37,374
39,419
45,330
42,713
105,062
90,585
136,171
99,626
57,873
74,952
72,034
66,894
21,324
23,220
20,548
22,717
75,421
71,735
76,154
74,532
37,613
45,192
55710
45,919
2,703 1.400
2,799 ! l'.400
2,769 1450
2,651 1,446
1,114
1,170
1,086
1,126,
404
375
375
375
688
667
699
739
1,496
2,019
1,944
2,123
740
811
635
702
378
366
334
314
892
892
892
892
485
515
511
526
525
550
565
605
11,897
12,636
12,331
12,571
2,316
2,073
5,286
2,351
1,337
498
1,371
781
695
678
749
847
1,016
741
939
835
241
361
911
242
1,444
1,180
1,220
1,323
578
589
624
469
138
156
162
164
545
550
511
515
758
532
512
432
865
829
927
856
10,246
8,494
13,530
9,139
1,847,983
1,814,735
1,926,484
1,863,798
436,151
441,625
475,855
448,929
483,973
478,853
5(10,659
490,550
261,197
277,368
292,761
293,105
237,169
240,187
255,301
253,192
869,783
874,107
914,942
877,2*53
262,096
283,665
285,734
277,771
174,079
173,540
177,255
171,938
264,762
270,836
279,063
271,717
149,922
162,242
173,704
166,669
370,063
383,843
399,828
384,765
5,782,131
5,832,049
fi.161.812
5.938.630
56,790
45,340
48,720
43,052
-•-••---j
!
40,106
861,955
39,152
853,658
48,175 1,115,812
42,823
918,008
7,000
5,000
5,000
63,790
50,340
53,720
43,025
--
12,607
10,996
13,668
12,662
12,607
10,996
13,668
12,662
i
LIABILITIES.
Capital paid in:
Oct.3..
Oct. 10
Oct. 1 7 . . .
Oct. 24
.................
Surplus fund:
Oct.3
Oct. 10
Oct. 1 7 . . . . . . . . . . . . . . . . . . . . .
Oct. 24.
Government deposits:
Oct.3.............
-...
Oct. 10.
Oct. 17
Oct. 2 4 . . . . . . . . . . . . . . . . . . . . . . .
Due to members-~r e s e r y e
account:
Oct.3.
Oct. 10.
Oct. 17.
Oct. 2 4 . . .
Deferred availability items:
OCt. 3 . . . . . . . . . . . . . . . . . . . . .
Oct. 1 0 . . . . . . . . . . . . . . . . . . . .
Oct. 1 7 . . . . . . . . . . . . . . . . . . . . .
Oot.24.............
7,034
7,034
7,034
7,034
22,045
22,047
22,048
22,051
7,762
7,768
7,774
7,774
9,406
9,411
9,419
9,418
4,314
4,314
4,317
4,317
3,380
3,382
3,436
3,436
12,078
12,078
12,078
12,185
4,010
4,030
4,032
4,025
3,037
3,040
3,050
3,051
3,901
3,903
3,906
3,928
3,324
3,324
3,325
3,327
5,059
5,060
5,121
5,317
85,350
5,206
5,206
5,206
5,206
32,922
32,922
32,922
32,922
5,311
5,311
5,311
5,311
5,860
5,860
5,860
5,860
3,800
3,800
3,800
t3,800
2,805
2,805
2,805
2,805
9,710
9,710
9,710
9,710
2,589
2,589
2,589
2,589
2,320
2,320
2,320
2,320
3,957
3,957
3,957
3,957
2,029
2,029
2,029
2,029
4,578
4,578
4,578
4,578
81,087
81,087
81,087
81,087
13,573 5,307 5,911
8,276 7,559 7,102
45,907 10,251 13,322
40.206 7,733 5,008
2,433
5,300
1,148
5,358
3,988 14,558
3,121 11,342
5,412 12,974
3,508 4,937
3,128
6,123
3,162
4,205
6,012
4,741
1,328
5,268
6,169
7,159
2,170
2,515
5,534
4,250
2,914
5,450
7,815
10,067
1,479
78,832
80,067
133,639
83,984
9,436
8,709
12,285
6,181
107,305
114,432
122,372
116,372
740,091
738,429
752,519
737,434
55,359
53,328
78,773
171,215
145,586
205,982
170.096
54,622
55,140
56,784
58,882
85,540
85,836
47,213
46,086
47,366
49,988
248,210
247,889
258,688
254,194
61,348
67,050
63,970
64,986
54,793
51,315
53,755
54,068
77,004
77,107
85,452
83,256
44,678
49,638
51,400
53,156
101,011
103,756
110,411
108,632
1,765,863
1,777,859
1,841,101
1,813,563
67,574 62,836 59,348 34,506
65,438 55,284 66,885 33,931
91929
91,929 73,784 78,965 41,715
69,434 34,412
69,001
75,966
77,872
102,967
77,833
46,103
58,648
59,308
52,962
15,564
16,055
18,409
15,750
55,500
59,745
59,111
58,864
28,099
28,611
38,570
31,365
19,898
27,351
32,643
26,529
691,968
688,735
882,127
733,264
100,485
102,147
104,546
105,719
129,103
124,870
133,838
126,876
NOVBMBBB 1, 1919.
1091
FEDERAL RESERVE BULLETIN
1919—Continued.
Resources and liabilities of each Federal Reserve Bank at close of business on Fridays. Oct. 8 to Oct. .
[In thousands of dollars; i. e., 000 omitted.]
LIABILITIES—Continued.
Boston.
Other deposits, including foreign
Government credits:
Oct.3
Oct. 1 0 . . . . . . . . . . . .
Oct. 17.....
Oct. 24
5,672
5,682
5,717
177,772
Oct.3
Oct. 1 0 . . . . . . . . . . . . . . . . . . . . . . 182,158
219,112
Oct. 1 7 . . . . . . . . . . . . . . .
Oct. 24
188,658
Federal Reserve notes in actual
circulation:
Oct.3
. . . . . . . . . . . . . . . . . . 211,341
213,067
Oct. 10
Oct. 1 7 . . . . . . . . . . . . . . . . . . . . . 215,092
Oct. 24.
213,903
Federal Reserve bank notes in
circulation—net liability:
O c t . 3 . . . . . . / . . . . . . . . . . . . . . . 21,248
Oct. 1 0 . . . . . . . . . . . . . . . . . . . . . 21,192
Oct. 1 7 . . . . . . . . . . . . . . . . . . . . 21,270
Oct. 24...
21,352
All other liabilities:
Oct.3......................
2,352
Oct. 1 0 . . . . . . . . . . . . . . . . . . . . . 2,391
Oct. 1 7 . . . . . . . . . . . . . . . . . . . . 2,512
Oct. 24
2,790
Total liabilities:
Oct.3
424,953
Oct. 10
431,048
Oct. 17
470,226
Oct. 2 4 . . . . . . . . . . . . . . . . . . . . 438,943
New
York.
Philadelphia.
St.
MinneLouis. apolis.
City.
San
Dallas. Francisco.
Total.
2,241
2,167
2,197
2,193
3,615
3,772
3,638
3,654
2,141
2,125
2,128
2,015
7,466
7,413
9,524
8,235
97,913
97,203
101,430
98,878
348,473 117,367
180,278 203,954 120,065
935,469 181,917 193,396 130,950 86,345 346,366 132,677
1,048,286 213,601 227,097 140,533 97,211 385,979 133,052
991,882 189,148 204,623 137,329 90,830 346,628 124,946
76,803
75,549
79,102
73,339
141,387
146,793
155,360
147,944
77,433
85,908
96,348
89,450
133,825
146,335
162,645
144,875
2,634,576
2,643,863
2,958,326
2,729,652
56,798
60,260
61,143
60,930
215,429
215,731
214,767
216,216
2,708,186
2,741,684
2,752,560
2,753,457
761,705
759,830
758,191
750,809
6,104
6,140
6,153
6,146
Chi-
3,728
3,851
3,651
43,819
43,178
43,878
44,146
6,912
6,773
6,875
6,695
1
Cleve- Rich- Atlanta
land. mond.
2,814 9,739
3,207 9,263
2,718 11,350
2,922 9,664
128,384
133,448
137,215
140,943
457,059
462,546
462,597
463,729
120,420
126,438
128,315
128,611
83,406
83,944
83,979
84,236
96,927
97,085
96,490
96,275
51,700 26,631 21,335 9,909 12,818
52,813 27,135 21,940 10,365 12,878
52,675 27,251 22,088 10,783 13,202
52,953 27,537 21,730 10,931 13,633
39,030
39,848
40,847
40,956
16,510
16,666
16,439
16,247
7,602
7,692
7,758
7,853
16,980
17,407
17,578
17,716
213,801
216,987
219,271
216,396
241,221
245,900
243,718
246,295
3,662
3,625
3,636
3,655
121,695
126,448
131,791
135,114
9,324 8,850
9,626 9,614
9,731 10,053 ;I
9,751 10,931
241,937
247,176
249,675
251,590
10,913
11,654
12,362
13,181
2,368
2,507
2,647
2,763
2,197
2,346
2,477
2,624
1,414
1,491
1,537
1,614
1,261
1,329
1,432
1,545
3,433
3,559
3,731
4,045
1,200
1,265
1,307
1,353
911
995
1,046
1,139
1,610
1,691
1,772
1,897
1,014
1,095
1,128
1,182
2,322
2,525
2,664
2,848
30,996
32,848
34,616
36,981
1,847,983
1,814,735
1,926,484
1,863,798
436,151
441,625
475,855
448,929
483,973
478,853
510,659
490,550
261,197
277,368
292,761
293,105
237,169
240,187
255,301
253,192
869,783
874,107
914,942
877,253
262,096
283,665
285,734
277,771
174,079
173,540
177,255
171,938
264,762
270,836
279,063
271,717
149,922
162,242
173,704
166,669
370,063
383,843
399,828
384,765
5,782,131
5,832,049
6.161,812
5,938,630
19,905
15,000
10,000
5,000
8,920
6,650
9,060
9,337
MEMOEANDA.
Contingent liability as indorser
on discounted paper rediscounted with other Federal
Reserve Banks:
Oct.3................
Oct. 1 0 . . . . . . . . . . . . . . . . . . . . .
Oct. ' 1 7 . . . . . . . . . . . . . . . . . . . . .
Oct. 2 4 . . . . . . . . . . . . . . . . . . . . .
17,625
9,850
19,410
12,815
17,340
18,840
15,250
15,900
63,790
50,340
53,720
43,052
Maturities of bills discounted and bought, also of Treasury certificates of indebtedness.
[In thousands of dollars; i. e., 000 omitted.]
Within
15 days.
Bills discounted:
Oct.3
Oct. 1 0 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Oct. 17
Get. 24
Bills bought:
Oct.3.........................
Oct. 1 0 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Oct. 1 7 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Oct. 2 4 . . . .
United States certificates of indebtedness:
Oct.3...........................
Oct. 1 0 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Oct. 1 7 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Oct. 2 4 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
16 to 30
days.
31 to 60
days.
61 to 90
days.
,657,457
,756,690
,777,863
,721,280
117,639
109,132
115,589
167,570
167,147
162,437
143,163
2,015,937
2,073,855
2,121,727
2,082,139
104,417
95 228
95,063
88,601
69,704
60,772
59,443
79,954
116,849
129,186
131,462
124,124
326,667
326,852
342,938
368.846
20,856
14,156
32,290
31,814
16,850
15,500
4,990
3,000
13,497
18,227
25,762
24.177
19,769
14,875
263,148
267,551
269,414
273,585
1092
NOVEMBER 1, 1919.
FEDEKAL BESEBVE BULLETIN.
FEDERAL RESERVE NOTES.
Federal Reserve note account of each Federal Reserve Bank at close of business on Fridays from Get S to Oct. 2411919.
(In thousands of dollars; i. e., 000 omitted.)
Boston.
Federal Reserve notes received
from agents:
Oct. 3
222,053
Oct. 10
.222,059
Oct. 1 7 . . . . . .
.......227,569
Oct. 24...
226,453
Pederal Reserve notes held by
' banks:
Oct. 3
10,712
Oct. 10
8,992
Oct. 17
12,477
Oct. 24
12,550
Federal Reserve notes in actual
circulation:
Oct. 3
.".......211,341
S Oct. 10
...
213,067
" O c t . 17
215,092
Oct. 24
213,903
Gold deposited with or to credit
of Federal Reserve agent:
Oct.3
74,166
Oct. 10
71,272
Oct. 17
70,382
Oct. 24
67,467
Paper delivered to Federal Reserve agent:
Oct. 3
173,500
Oct. 10
177,280
Oct. 17..
180,059
Oct. 2 4 . . . . .
167,172
New
York.
Phila- Cleve- Richdelphia. land. mond.
Atlanta.
Chicago.
226,454 253,963 126,401
846,434 228,374 259,028 131,342
842,682 232,002 258,008 136,692
839,326 234,266 257,407 139,671
131,701
136,579
141,244
144,922
480,811
486,411
490,903
494,424
77,675 12,653
86.604 11,387
84,491 12,731
88,517 17,870
761,705
759,830
758,191
750,809
213,801
216,987
219,271
216,396
12,742
13,128
14,350
11,112
4,706
4,894
4,901
4,557
241,221
245 900
243,718
246,295
121,695
126,448
131,791
135,114
San
St.
Minne- Kansas
Louis. apolis. City. Dallas. Francisco.
Total.
102,468
102 827
102,740
[102,117
233,214
238,292
240,080
241,040
2,899,122
2,949,244
2,970,132
2,980,610
2,780 17,785
2,648 22,561
2,448 25,313
3,032 24,824
190,936
207,569
217,563
227,153
138,017
149,238
149,062
150,577
3,317 23,752 17,597
3,131 23,865 22,800
4,029 28,306 20,747
3,979 30,695 21,966
128,384
133,448
137,215
140,943
457,059
462,546
462,597
463,729
85,082
85,752
85,499
86,445
1,676
1,808
1,520
2,209 I
56,798
60,260
61,143
60,930
215,429
215,731
214,767
216,216
2,708,186
2,741,6»4
2,752,569
2,753,457
287,654 73,946 134.536 34,096 45,576 272,036 49,553 34,506 35,961 19,918
285,358 79,167 136,261 37,237 48,654 277,635 54,434 38,476 34,521 21,314
284,406 78,795 133,120 40,786 49,619 282,128 66,857 37,823 35,233 21,497
283,000 75,058 132,740 39,215 50,918 285,649 70,013 37,119 35,110 22,028
104,450
102,368
100,656
99,616
1,166,398
1,186,697
1,201,302
1,197,933
272,793 101,264 60,952 94,939
139,194
254,613 97; 467 63,876 97,742 60,850 149,333
267,399 90,399 70,516 102,690 62,906 155,127
287,094
68,329 102,749 64,368 163,661
2,264,643
2,312,574
2,371,@4?
833,652
882,520
900,059
877,733
156,749
154,424
154,645
103,226
173,964
174,758
180,488
179,177
95,037
98,116
100,966
103,959
102,791
101,595
105,793
102,546
120,420
126,438
128,315
128,611
83,406
83,944
83,979
84,236
5,541
5,742
6,250
5,842
59,578
62,908
63,591
63,962
96,927
97,G85
96,490
96,275
2,366?882
1093
FEDERAL RESERVE BULLETIN.
NOVEMBER 1, 1919.
Federal Reserve note account of each Federal Reserve agent at close of business on Fridays, Oct. 3 to Oct. 24, 1919.
[In thousands of dollars, i. e., 000 omitted;]
Phila- Cleve- Richdelphia, land. mond.
Boston.
New
York.
419,800
428,400
432,900
439,480
1,789,460
1,805,760
1,812,440
1,827,220
466,860
466,860
466,860
472,860
423,680
423,680
434,060
435,860
155,247
158,141
161,031
163,947
824,080
835,326
845,758
857,294
205,546
209,826
212,698
216,434
140,897
144,672
146,812
149,193
264,553
270,259
271,869
275,533
San
St.
Minne- Kansas
Louis. apolis. City. Dallas. Francisco.
At.
lanta.
Chicago.
259,600
266,260
271,260
278,120
257,140
261,000
263,960
274,000
740,800
753,760
759,080
770,680
248,780
262,120
264,120
265,080
142,280
145,480
145,480
145,480
181,720
183,720
186,020
186,020
111,240
118,980
126,820
131,740
338,760
345,920
348,620
350,620
5,380,120
5,461,940
5,511,620
5,577,160
108,671
110,530
111,980
113,552
74,904
76,326
77,361
78,563
225,269
230^469
235,977
240,536
92,453
93,572
95,148
96,993
45,668
46,698
47,351
48,055
71,362
72,803
74,090
75,213
41,892
42,497
42,814
43,283
99,346
101,428
103,140
104,180
2,085,335
2,122,288
2,154,160
2,187,243
965,380 261,314 282,783 150,929
970,434 257,034 279,008 155,730
966,682 254,162 287,248 159,280
256,426 286,667 104,568
182,236
184,674
186,599
195,437
515,531
523,291
523,103
530,144
156,327
168,548
168,972,
168,087
96,612
98,782
98,129
97,425
110,358
110,917.
111,930
110,807
69,348
76,483
84,006
88,457
239,414
244,492
245,480
246,440
3,294,785
3,339,652
3,357,460
3,389,917
18,310
19,310
19,910
17,510
11,530
13,030
12,630
10,980
7,890 9,770
8,090 13 575
9,190 20,-415
8,690 24,495
6,200
6.200
5', 400
5,400
395,663
390,408
387,328
409,307
Total.
FEDERAL RESERVE NOTES.
Received from Comptroller:
Oct.3....
Oct. 10
Oct. 17
Oct. 24
Returned to Comptroller:
Oct.3
...
Oct. 10
....
Oct. 17
-.
Oct. 24
Chargeable to Federal Reserve
agent:
^Oct.3:
Oct. 10
Oct. 17
Oct. 24
In hands of Federal Reserve
42,500
Oct.3
48,200
Oct. 10
44,300
Oct. 17
49,080
Oct. 24
Issued to Federal Reserve
Bank less amount returned
to Federal Reserve agent for
redemption:
222,053
Oct.3
222,059
Oct. 10
227,569
Oct. 17
226,453
Oct. 24
Collateral held as security for
outstanding notes:
Gold coin and certificatesOct.3
.
Oct. 10
Oct. 17...
Oct. 24
Gold redemption fund—
14,166
Oct.3
14,272
Oct. 10
Oct. 17
11,382
Oct. 24
13,467
Gold settlement fund, Federal Reserve Board—
Oct.3..
60,000
Oct. 10
;
57,000,
Oct. 17
59,000
Oct. 24
54,000
Eligible paper, minimum
required— *
147,887
Oct.3
150,787
Oct. 10
157,187
Oct. 17
158,986
Oct. 24
126,000
124,000
124,000
130,600
34,860
28,660
22,160
22,160
28,820
19,980
29,180
29,260
24,528
24,388
22,588
24,897
50,535
48,095
45,355
50,515
34,720
36,880
32,200
35,720
839,380
846,434
842,682
839,326
226.454
228,374
232,002
234,266
253,963
259,028
258,068
257,407
126,401
131,342
136,692
139,671
131,701
136,579
141,244
144,922
480,811
486,411
490,'903
494,424
30,125
32,125
30,125
30,125
183,740
183,740
183,740
183,740
2,500
~,500
2,500
2,500
138,017
102,468 59,578 233.214 2, 899,122
149,238 85,752 102,827 62,908 2381292 2,949,244
149,062 85,499 102,740 63,591 240,080 2,970,132
150,577 86,445 102,117 63,962 241,040 2,980,610
4,000
4,000
4,000
4,000
13,052
13,052
13,052
13,052
8,831
8,831
8,831
8,831
13,914
11,618
10,666
9,260
15,557
11,278
13,406
14,669
14,411
14,136
12,995
12,615
2,096
3,237
1,786
2,215
2,076
2,654
3,119
2,918
8,812
8,611
9,103
8,544
2,622
3,503
3,927
4,082
2,654
1,624
3,971
3,267
1,601
2,161
2,873
1,750
90,000
90,000
90,000
90,000
58,389
67,889
65,389
60,389
90,000
90,000
90,000
90,000
32,000
34,000
39,000
37,000
41,000
43,500
44,000
45,500
263,224
269,024
273,025
277,105
42,931
46,931
58,930
61,931
18,800
23,800
20,800
20,800
34,360
32,360
32,360
33,360
551,726
561,076
558,276
556,326
152,508
149,207
153,207
159,208
119,427
122,767
124,948
124,667
92,305
94,105
95,906
100,456
86,125
87,925
91,625
94,004
208,775
208,776
208,775
208,775
88,464
94,804
82,205
80,564
50,576
47 276
47,676
49,326
66,507
68,306
67,507
67,007
1 For actual amounts, see **Paper delivered to Federal Reserve agent," on p. 1092.
3,103
3,499
3,182
3,713
242,248
244.248
242,248
242,24812,596
11,515
15,539
14,499
93,608
88,108
91,949
90,999
91,854
90,853
9,484 85,117
9,484 85,117
830,542
854,341
867,105
864,686
128,764
135,924
139,424
141,424
1,732,721
1,762,547
1,768,830
1,782.677
39,660
41,594
42,094
41,934
1094
Amounts
of Federal Reserve notes received from and returned to other Federal Reserve Banks for redemption or credit during
the period from Jan. 1 to Sept. 30, 1919.
Boston.
Boston
New York
Philadelphia...
Cleveland
..
Richmond
Atlanta.
Chicago
St. Louis
Minneapolis...
Kansas City...
Dallas..
San Francisco.
Total.
Richmond.
Returned.
Received.
Returned
$45,579,250 $25,642,500
$29,467,500 145.431,500
3,094,000 5,134,600 47,069,000 45,635,050
1,327,250 3,499,750 17,428,150 21,147,100
1,670,750 3,537,750 18,533,000 21,887,950
1,812,450 10,000,310 12,581,300
1,202,380
2,458,500 4,667,850 21,233,500 23,849,900
911,050 7,505,400 5,105,400
767/390
309,500 1,023,750 2,614,000 3,401,250
1,217,900 3,383,200 4,639,500
345,650
394,400 2,388,300 2,279,250
229,755
926,100 5,932,020 9,072,200
795,240
$2,681,500
27,972,000
$2,230,000
47,385,500
7,452,500
4,764,250
1,351,000
2,185,900
614,625
255,500
317,600
264,600
495,980
6,241,500
5,772,500
2,678,000
3,874,500
1,133,500
828,000
1,126,000
406,500
736,550
$3,477,450
25,553,600
8,647,000
8,165,500
3,706,430
13,735,500
4,495,095
838,000
1,219,950
680,700
1,430,340
$1,193,100 S3,527,350
17,137,150 24,430,800
7,495,000 7,820,870
5,436,100
4,683,350
2,232,400 4,963,970
12,803,300
4,235,500
1,287,850 2,118,145
1,183,550
424,000
1,265,750
753,550
368,600
426,900
652,850 1,022,260
$1,642,750
18,188, 750
10,635,750
7,970,000
68,557,100 181,666,130 175,241,400
8,355,455
72,412,550
71,949,565
50,302,900
58,439,500
41,667,915
Received.
Total.
Cleveland.
Received.
Returned.
Atlanta.
Boston
«New York
Philadelphia...
Cleveland
Richmond.....
Atlanta
Chicago....
St. Louis
Minneapolis...
Kansas City...
Dallas
San Francisco.
Philadelphia.
New York.
Returned.
Received.
Returned
Received.
Chicago.
Received.
Received.
Minneapolis.
St. Louis.
Returned
6,558,250
6,774,000
1,995,500
1,760,250
1,802,500
615,500
496,250
55,159,445
Kansas City.
Returned
R eceived.
Returned
Received.
Returned
Received.
II, 787,250 $1,151,880 $4,634,450
13,908,100 10,585,960 27,773,250
2,805,000 2,133,415 5,221,510
2,411,450 3,718,680 14,161,550
6,831,750 4,745,870 6,864,310
5,332,795
4,672,500 5,130,545
7,349,910 6,820,475 i8,"459,'i80
841,250 12,245,500
443,500
1,240,750 1,916,725 6,890,100
2,111,650 3,291,900 1,721,600
726,255 5,998,100
872,505
$2,793,700
21,575,500
4,490,000
14,120,000
4,293,000
4,777,500
$899,450
5,786,350
1,194,500
1,456,200
2,025,000
6,862,225
9,792,000
$776,610
7,695,105
1,498,715
4,494,895
2,127,775
7,490,160
18,557,180
"9*869,'666
13,706,500
11,673,000
2,539,000
7,958,500
729,000
6,021,"00
2,008,605
1,132,065
1,397,615
7,027,530
4,153,215
1,592,390
$1,048,850
3,813,350
884,000
1,339,550
1,796,250
818,880
13,735,000
1,399,215
$333,000
2,609,000
422.000
857,000
411,500
428,000
12,117,000
731,500
1,649,350
295,450
2,570,090
1,987,000
299,500
2,863,000
$1,226,650
5,210,800
1,183,500
1,430,350
1,822,000
1,704,075
11,649,500
7,031,585
1,996,000
$354,150
3,418,700
604,700
1,233,450
769,750
1,186,850
6, 990,100
6,079, 900
1,649,350
2,448,200
4,191,415
2,864,000
2,993,750
44,434,365
97,795,700
37,906,795
56,811,190
29,409,985
23,058,500
39,894,075
28,144,700
41,062,955 109,302,345
San Francisco.
Dallas.
Received.
Returned.
Boston
New York
Philadelphia...
Cleveland
Richmond
Atlanta
Chicago..........
St. Louis..
Minneapolis...
Kansas City...
Dallas...
San Francisco.
.1379,000
2,634,150
441,000
433,200
599,750
3,109,650
2,507,000
4,144,715
271*000
2,810,000
1,529,805
660,600
Totsl....
18,859,270
11,210,000
NOVEMBER 1, 1919.
FEDERAL RESERVE BULLETIN.
$193,600
1,864,000
301,700
517,150
365,250
1,917,500
1,344,250
1,818,000
236,050
1,991,900
Received.
$912,500
10,078,750
786,500
755,450
506,250
748,455
7,849,000
1,598,210
2,990,500
2,915,250
1,525,450
30,666,345
Returned.
R eturned
Total.
Received.
Returned.
$805,490
6,077,670
975,195
1,430,540
1,053,590
877,920
5,870,985
1,118,565
2,732,550
4,111,265
1,529,035
$61,153,700
176,658,650
'79,146,880
53,631,750
53,578,810
39,830,170
94,053,900
55,483,500
23,116,500
27,5'6,800
14,101,210
25,969,820
$37,116,780
181,968,835
79,326,125
65,230,065
49,648,285
42,540,330
101,979,610
36,870,740
28,760,115
38,759,070
18,740,900
28,678,445
26,582,805
709,271,690
709,619,300
•
NOVEMBER 1,
1919.
FEDERAL RESERVE BULLETIN.
1095
CONDITION OF MEMBER BANKS IN SELECTED CITIES.
Liquidation of over 180 millions of Treasury
certificates, also of 17.2 millions of other
United States Government securities, besides
a reduction of 40.9 millions in the total war
paper holdings represent the main developments along war finance lines during the
month according to reports received from 778
member banks in leading cities and covering
the four-week period between September 19
and October 17. No new issues of Treasury
certificates were made nor did any of the outstanding series fall clue during the period under
review. The above reduction in certificate
holdings in a way measures, therefore, the
amount which the banks were able to place in
the hands of the public during the four weeks.
Holdings of United States bonds and Victory
notes show a substantial drop on September 26,
since when there has been but little change in
the amounts reported, while the volume of war
paper on hand shows a practically continuous
decline.
Loans secured by stocks and bonds with the
exception of one week show a continuous increase from 8,026.2 to 3,141.1 millions for all
reporting banks, and from 1,303.2 to 1,413.6
millions for the member banks in New York
City. Outside of New York City changes in
this item have been fairly moderate, reductions
in these loans by the banks in the Atlanta, Chicago, Minneapolis, Kansas City, and Dallas districts about offsetting the increases elsewhere.
All other loans and investments show a steady
rise to October 10, when a total of 8,870 millions
is shown. On October 17 the corresponding
total shows a slight recession to 8,854.6 millions,
this total marking, however, an increase for the
period of 251.3 millions. During the four
weeks the aggregate of Government war securities and war paper declined by 237.3 millions to 3,168.6 millions, or from 22.3 to 20.5
per cent of the total loans and investments of
all reporting banks, while the amount of loans
secured by stocks and bonds increased by 114.9
millions, or from 19.8 to 20.4 per cent of the
banks' total loans and investments. For New
York City the ratio of the first group item
shows a reduction from 28.1 to 25.3 per cent,
as against a rise in the ratio of the latter item
from 22.6 to 24.4 per cent.
Government deposits declined almost steadily, from 770.9 to 482.8 millions, while other
demand deposits (net) at the end of the period
stood at 11,153.5 millions, or 180.2 millions
above the total four weeks earlier. For the
New York City banks a decline of 140.8 millions in Government deposits and a slight decline in other demand deposits are noted, indicating substantial withdrawals of balances by
banks in the interior from their metropolitan
correspondents. Time deposits went up 59.6
millions in all parts of the country, banks reporting successive gains under this head.
Reserve balances with the Federal Reserve
Banks show an increase for the four weeks of
146.7 millions, of which 90.5 millions represents
the share of the New York City banks. These
increases go hand in hand with the increase in
loans and deposits of the reporting banks, also
with the increase in accommodation at the
Federal Reserve Banks, which went up 442.9
millions for all reporting banks and 272.8
millions for the New York City banks. The
combined ratio of this amount and Government deposits to the aggregate investments of
the banks in Government war securities and
their holdings of war paper gives some clue as
to the extent to which the burden of war
financing is shifted by the member banks to
their Reserve Banks. ' During the period under
review this ratio shows an increase from 59.7
to 69 per cent for all reporting banks., and from
51.4 to 65.6 per cent for the member banks in
New York City.
1096
FEDERAL RESERVE BULLETIN.
NOVEMBER 1,
1919.
Principal resources and liabilities of member banks in leading citiesy including member banks located in Federal Reserve Bank
cities and in Federal Reserve branch cities, as at close of business on Fridays from Sept. 26 to Oct. 17, 1919.
1. ALL REPORTING MEMBER BANKS IN EACH FEDERAL RESERVE DISTRICT.
[In thousands of dollars; i. e., 000 omitted.]
Boston.
Number of reporting banks:
Sept. 2 6 . . . . - - Oct. 3
Oct. 10.
...........
Oct. 17
,
....
United States bonds to secure circulation:
14,608
Sept. 26
14,608
Oct. 3
14,023
Oct. 10
Oct. 1 7 . . - - - - - - - - - . - . - . - 14,023
Other United States bonds,
including Liberty bonds:
Sept. 26
- 16,871
16,812
Oct.3
....
Oct. 10
-- 16,608
16,476
Oct. 17
United States Victory notes:
9,640
Sept. 26
9,628
Oct.3
9,231
Oct. 10...•
10,173
Oct. 17
United States certificates
of indebtedness:
44,011
Sept. 26..-42,525
Oct.3
40,616
Oct. 10
35,916
Oct. 17.
Total United States securities owned:
85,130
Sept. 26.....t
83,573
Oct.3..
80,478
Oct. 10.
Oct. 1 7 . . . - . - - - - - . - . - . . . 76,588
Loans secured by United
States bonds, Victory
notes, and certificates:
Sept. 26
1 . . . . . : . . . . 63,245
60,894
Oct;3
60,684
Oct. 10
Oct. 1 7 . . . , . . - - - . . - . . , . . 57,800
Loans secured by stocks
and bonds, other than
United States securities:
Sept. 2 6 . . . . . . . . . . . . . . . . 203,761
Oct.3
, . . . . . . . . : . 197,421
205,891
Oct. 10
208,438
Oct. 17
All other loans and investments:
617,705
Sept. 26
640,315
Oct.3-....
649,596
Oct. 1 0 . . . . . .
656,324
Oct. 17
Total loans and investments:
969,841
Sept. 26
982,203
Oct.3996,649
Oct. 10.
999,150
Oct. 17
Reserve balances with Federal Reserve Bank:
73,590
Sept. 26
77,340
Oct.3
80,220
Oct. 10
*
80,777
Oct. 17
Cash in vault:
22,928
Sept. 26
•
23,624
Oct.3
24,346
Oct. 10
25,066
Oct. 17
Net demand deposits on
which reserve is computed:
733,869
Sept. 26
764,550
Oct.3
782,677
Oct.10
777,382
Oct. 17
NewYork.
Philadelphia.
Cleveland.
Richmond.
Atlanta.
82
HI
111
111
112
I
San
St.
Minne- Kansas Dallas. FranChicago. Louis.
apolis. City.
cisco.
100
100
100
100
Total.
776
776
776
778
77
47,863
48,223
11,417
11,387
11,262
11,262
41,851 25,821
41,851 25,821
41,851 25,821
41,851 25,821
14,874
14,878
14,912
14,613
20,648 17,154
17,154
17,154
20,898 17,154
284,764
279,400
277,232
277,811
31,316
30,695
30,735
30,315
61,774
62,647
62,126
62,744
37,957
37,935
37,100
36,487
28,005
28,375
28,656
28,222
47,966
46,731
47,038
47,102
15,110
15,813
15,294
15,590
11,236
11,356
11,812
12,818
122,422
124,985
125,012
128,900
17,993
17,501
17,533
16,047
35,095
34,825
32,600
30,920
14,078 12,463
14,686 12,327
15,857 12,257
15,457 11,944
49,124
49,942
52,145
53,739
9,864
8,933
8,321
5,829
5,579
5,485
5,285
525,768
501,443
496,488
460,600
62,372
57,468
54,176
51,068
78,270
77,144
75,689
75,236
21,566
21,164
21,313
20,885
40,965
38,460
34,679
34,645
112,436
109,476
108,229
109,941
24,496
24,129
23,347
22,302
25,240 28,018 32,978 54,219 1,050,339
25,202 27,133 31,788 52,114 1,008,046
25,072 27,171 31,619 54,392
992,791
25,322
29,227 53,444
945,549
980,992
953,691
946,955
915,534
123,098
117,051
113,706
108,692
216,990
216,467
212,266
210,751
99,422
99,606
100,091
98,650
96,307
94,040
90,504
89,424
230,174
226,848
228,310
231,680
66,624
66,029
64,116
63,129
49,425
49,257
49,489
50,545
739,089
728,753
724,510
709,841
161,534
160,718
159,950
158,089
110,241
109,641
109,033
107,847
1,458,325
1,552,764
1,521,215
1,547,906
204,786
203,439
207,545
209,444
303,133
311,411
314,632
315,939
105,683
102,951
105,611
108,211
46,269
45,561
44,938
43,726
354,341
327,388
328,164
325,910
134,085
135,101
142, 111
141,840
33,170
33,397
28,751
30,062
3,168,876
3,171,617
3,259,011
3>220,913
471,212
475,962
476,615
460,330
779,155
780,868
781,759
783,458
316,919
322,085
324,630
323,106
309,000
321,369
322,419
326,667
1,225,371
1,240,315
1,264,750
1,272,909
282,257
283,454
273,654
281,470
262,479
263,048
260,846
263,476
446,230
451,282
456,383
461,399
6,347,282
6,406,825
6,451,691
6,394,194
960,630
957,170
957,816
936,555
1,409,519 563,489 478,714 1,908,692 511,964
1,418,387 564,932 487,875 1,892,790 514,431
1,417,690 570,300 485,826 1,922,222 509,674
1,417,995
486,986 1,935,044 515,507
358,838
359,755
356,588
361,385
616,449 285,594 886,446 15,297,458
617,271 287*508 902,295 15,391,442
622,339 291,414 894,072 15,476,281
628,511
897,745 15,433,563
657,279
686,881
690,482
695,703
74,574
68,332
67,764
65,599
83,999
89,173
85,115
92,702
36,775
35,602
35,949
36,875
28,284,
32,216
30,879
32,216
172,983
172,884
175,428
181,474
41,591
40,435
45,827
41,811
123,608
120,372
127,029
122,889
16,550
16,460
16,984
18,411
29,843
33,138
32,035
34,063
15,561
16,406
17,122
16,560
12,600
13,386
15,215
14,216
65,436
64,931
68,269
68,632
9,448
10,608
10,331
10,725
5,008,384
5,112,387
5,103,364
5,122,105
663,812
669,596
677,051
671,682
791,092
818,614
805,689
825,260
329,535
336,677
343,093
347,691
257,323
262,641
268,194
272,891
1,294,287
1,294,919
1,308,840
1,332,446
313,603
312,086
318,262
322,314
41>465 27,138
40,290 26,905
39,968 27,965
39,915 27,169
7,120
7,120
7,120
7,120
14,467 19,103 34,605
14,467 19,203 34,605
14,467 19,203 34,605
14,517 19,278 34,605
269,706
269,656
269,539
269,365
23,588
24,284
24,474
25,543
19,976
19,792
19,515
19,790
41,405
41,784
41,124
42,164
619,968
615,624
611,714
615,062
11,389
11,191
11,351
10,627
5,049
5,184
4,898
4,635
9,984
9,827
10,491
10,056
302,930
304,608
305,181
305,866
77,462
77,075
77,463
77,650
77,106
75,967
75,235
72,930
140,213
138,330
140,612
140,269
2,242,943
2,197,934
2,179,225
2,135,842
13,764 19,543
98,239 29,847 14,053 19,972
100,998 29,793 17,502 20,858
104,545 29,068 17,302 21,213
6,850
6,692
7,009
6,527
23,024
22,940
22,806
22,812
1,333,697
1,318,944
1,321,076
1,302,128
26,577
26,298
23,785
24,829
73,214 27,280 109,063 3,053,110
68,942 28,213 116,026 3,122,614
67,635
111,553 3,105,934
68,249 27,838 113,463 3j141,026
174,358
176,636
181,282
183,314
8,667,708
8,751,950
8,870,046
8,854,567
61,422
67,296
65,229
70,535
1,332,919
1,363,437
1,369,653
1,396,123
9,017 14,601 9,328 20,860
14,922 9,903 21,340
9,282 16,423 10,247 23,462
9,030 15,472 10,349 22,972
349,780
353,950
370,745
368,385
268,768
267,387
259,420
263,330
54,383
45,365
45,404
51,687
449,514
440,190
443,306
451,048
21,462
21,615
23,571
21,915
614,146
624,999
619,101
621,201
192,243
195,719
202,153
206^017
536,724
544,720
550,762
561,357
10,839,154
11,019,486
11,062,811
11,153,523
NOVBMBEE 1, 1919.
1097
FEDERAL RESERVE BULLETIN.
Principal resources and liabilities of member banks in leading cities, including member banks located in Federal Reserve Bank
cities and in Federal Reserve branch cities, as at close of business on Fridays from Sept. 26 to Oct. 17,1919—Continued.
1. ALL R E P O R T I N G MEMBER BANKS IN EACH F E D E R A L R E S E R V E DISTRICT—Continued.
[In thousands of dollars; i. e., 000 omitted.]
Time deposits:
Sept. 26
Oet.3
Oct.10
Oct.17
,
..,
Government deposits:
Sept. 26
Oct. 3 . . . . . . .
Oct.10
Oct.17..
..
Bills payable with Federal
Reserve Bank:
Sept. 2 6 . . . .
Oct.3
;
Oct.10
Oct.17
Bills rediscounted with
Federal Reserve Bank:
Sept. 26
Oct3
Oct.10.....
Oct.17
San
Minne- Kansas Dallas. FranSt.
Chicago. Louis.
apolis. City.
cisco.
Boston.
New
York.
Philadelphia.
Cleveland.
Richmond.
Atlanta.
112,238
112,117
118,266
120,714
404,983
410,462
420,295
425,677
22,122
22,025
22,221
22,287
299,985
298,514
300,358
300,891
93,641
94,008
93,865
94,635
117,818
119,63.3
119,447
.120,042
41,996
31,909
33,746
27,278
423,713
394,390
383,787
296,598
54,732
50,348
49,121
38,016
28,666
28,439
24,747
34,125
480,578
533,388
553,590
558,142
141,575
136,849
140,513
143,548
91,800
98,562
97,633
99,974
58,028
52,550
51,819
52,402
57,780
59,332
56,460
57,542
72,230
82,362
76,861
84,555
63,648
61,785
64,981
60,808
118,817
143,067
177,205
187,044
27,469
26,518
19,789
30,320
24,925
27,371
28,693
31,765
19,977
20,150
20,157
19,250
18,369
23,502
25,044
29,623
51,202 13,705 10,789
44,171 10,112 7,173
45,170 11,712 7,379
36,156 9,921 6,216
Total.
30,946
31,144
31,224
31,383
213,435
215,172
214,531
217,209
1,994,216
2,002,595
2,024,097
2,037,688
7,845 12,961
3,720 8,022
6,046 8,348
7,080
5,484
4,860
3^731
4,289
692,335
604,485
612,268
482,804
48,443
53,079
55,002
58,420
23,761
26,345
29,269
27,933
38,237
40,723
40,576
41,603
1,096,072
1,168,574
1,181,395
1,214,751
37,951 25,426 4,714 19,641
40,343 32,009 9,936 20,925
37,539 30,409 16,391 21,526
35,014 25,333 19,171 23,219
4,959
6,063
7,456
8,674
13,874
13,552
18,514
19,128
379,770
425,221
467,704
489,349
453,758
454,515
458,660
459,231
101,720
102,338
103,761
104,130
58,316
58,534
58,212
58,119
49,568 10,997
38,143 8,537
43,013 12,267
35,044 9,603
9,967
6,858
7,948
7,119
35,869
35,065
32,805
32,210
19,105
21,880
22,120
24,297
85,254
84,133
83,257
83,370
2. MEMBER BANKS IN FEDERAL RESERVE BANK CITIES.
N umber of reporting banks :
Sept.26
Oct.3
Oct.10
Oct.17
United States bonds to secure circulation:
Sept.26
Oct.3
Oct.10.....
Oct.17
Other United States bonds,
including Liberty bonds:
Sept.26
Oct.3
Oct.10.
Oct.17
United States Victory
notes:
Sept.26
Oct.3
Oct.10
Oct.17
United States certificates
of indebtedness:
Sept.26
..
Oct.3
Oct.10
Oct.17
Total United States securities owned:
Sept.26...
Oct.3
Oct.10
Oct.17
Loans secured b y United
States bonds, Victory
notes, and certificates:
Sept.26....
Oct.3
Oct.10..
Oct.17
Loans secured by stocks
and bonds, other than
United States securities:
Sept.26...
Oct.3
Oct. 10
Oct.17.....
22
22
22
22
262
261
261
262
!
4,478
4,478
3,893
3,893
38,341
38,166
38,526
38,526
7,407
7,377
7,252
7,252
4,131
4,131
4,131
4,131
2,832
2,832
2,832
2,832
3,800
3,100
3,100
3,100
1,438
1,438
1,438
10,549
10,549
10,549
10,549
2,791
2,791
2,791
2,791
4,753
4,753
4,753
4,753
4,440
4,440
4,440
4,515
18,500
18,500
18,500
18,500
103,460
102,555
102,205
102,280
7,810
7,988
8,002
7,926
253,846
248,833
246,765
247,928
24,191
23,787
23,773
23,196
9,108
8,710
8,815
8,611
6,025
6,059
5,990
5,769
1,332
1,326
1,348
1,366
15,558
14,266
14,207
14,169
6,962
7,135
6,869
6,910
2,867
3,158
3,498
4,080
7,613
8,295
7,870
8,884
5,151
4,993
4,785
4,933
20,269
20,760
20,771
20,612
360,732
355,310
352,693
354,384
2,097
2,108
1,643
2,503
105,478
108,399
108,790
112,514
14,312
14,054
14,018
12,707
8,661
8,184
7,456
1,073
1,044
999
1,031
1,700
1,188
1,140
1,142
23,413
24,368
25,746
26,029
5,038
4,185
3,815
3,554
3,050
2,991
2,301
2,299
5,959
5,838
6,326
5,873
1,567
1,791
1,462
1,387
3,045
3,037
3,269
3,324
175,617
177,664
177,693
179,819
25,977
25,532
24,243
19,909
498,541 55,832
474,120 51,354
469,196 48,247
433,761 45,159
13,122
12,945
12,353
11,972
1,083
1,033
1,018
997
15,992
14,199
14,199
14,199
60,455
59,154
57,924
57,767
19,302
18,943
18,359
18,108
10,317
10,279
10,100
10,350
12,883
12,342
12,246
11,940
19,576
18,405
18,251
16,310
17,266
16,703
19,735
19,970
750,346
715,009
705,871
660,442
40,362
40,106
37,781
34,231
863,277
832,729
101,742
96,572
93,290
88,314
35,246
34,447
33,483
32,170
11,013
10,968
10,839
10,629
22,824
19,813
19,787
19,807
100,864
99,226
99,315
99,403
41,851
40,812
39,592
39,121
19,025
19,219
18,690
19,520
31,208
31,228
31,195
31,450
30,734
29,629
28,938
27,145
59,080
59,000
62,275
62,406
1,390,155
1,350,538
1,338,462
1,296,925
46,479
44,451
44,141
41,289
699,830
690,676
686,903
672,833
155,570
154,785
153,751
152,087
33,872
33,136
33,277
33,239
15,814
15,680
15,483
15,265
8,941
6,598
6,575
6,440
73,991
73,483
75,786
79,303
21,293
22,118
21,933
21,174
7,554
7,556
7,501
7,502
7,865
7,875
7,854
8,258
1,459
1,448
1,408
1,292
11,763
11,888
12,379
12,104
1,084,431
1,069,694
1,066,991
1,050,786
151,242
150,076
156,419
159,293
1,324,844
1,421,914
1,390,180
1,413,569
187,293
185,918
189,789
191,677
103,830
108,183
110,938
110,780
15,842 14,082
14,680 9,798
15,553 8,183
16,226 7,094
275,352
247,782
248,423
247,064
105,863
107,246
113,950
112,830
14,086
13,844
13,927
14,245
51,951 2,281,879
28,841
29,061 10,006 54,361 2,352,869
29,363 9,394 53,969 2,340,088
29,532 9,442 55,084 2,366,836
1098
FEDERAL^ RESERVE BULLETIN.
NOVEMBER 1, 1919,
Principal resources and liabilities of member banks in leading cities, including member banks located in Federal Reserve
Bank cities and in Federal Reserve branch cities, as at close of business on Fridays from Sept. 26 to Oct. 17,1919—Con.
2. MEMBER BANKS IN FEDERAL RESERVE BANK CITIES—Continued.
[In thousands of dollars; i. e., 000 omitted.]
Boston. All other loans and investments:
Sept. 26...
Oct.3...
Oct. 10
Oct. 17..
--.-.Total loans and investments:
Sept. 26
-.
Oct. 3
Oct. 10
Oct. 17
Reserve balances with
Federal Reserve Bank:
Sept. 26
Oct.3
Oct. 10
Oct. 17
Cash in vault:
Sept. 26
Oct.3
Oct. 10
Oct. 17
Net demand deposits on
which reserve is computed:
Sept. 26
Oct.3
Oct. 10.
•
• Oct. 17
Time deposits:
Sept. 28.
Oct.3
•
Oct. 10
Oct. 17
Government deposits:
Sept. 26
Oct.3
Oct. 10
Oct. 17
Bills payable with Federal
Reserve Bank:
Sept. 26.
.
Oct.3...........
Oct. 10
Oct. 17
Bills rediscounted with
Federal Reserve Bank:
Sept, 26
Oct.3
Oct. 10
Oct. 17
Philadelphia.
New
York,
Cleveland.
At-
Richmond.
lanta.
62,542
63,586
62,626
60,659
58
50
50
51
San
Minne- Kansas
St.
Chicago. Louis.
apolis.
City. Dallas. Francisco.
Total.
478
585
644
726
662,137
682,051
698,206
697,734
184,143
180,277
166,558
171,532
126 259
127; 687
124 018
126 979
163,109
160,994
161,509
162,771
47,095
46,280
48,671 287,140
47,299 287,076
5,475,837
5,510,744
5,604,131
5,555,852
105,211 104 325
104,914 86 794
104,501 85 189
102,779 85^ 067
1,112,344
1,102,542
1,121,730
1,123,504
353,150
350,453
342,033
344,657
166
168
164
168
924
306
136
246
231,023
229,158
229,921
232,011
87,941
87,363
88,411
85,178
406,162
413,051
415,763
416,670
10,232,302
10,283,845
10,349,672
10,270,399
6,079
6,410
5,754
6,674
4 234
6 777
51427
6 059
119,062
117,447
119,616
125,971
32,559
30,963
35,820
31,791
13
13
11
11
160
228
366
798
22,716
15,319
16,030
17,171
5,484
6,291
7,766
6,129
26,282
31,568
28,199
32,592
995,865
1,022,634
1,033,609
1,042,183
7,666
7,913
7,448
8,007
1,473
1,505
1,676
1,614
2 713
2 636
2 794
2, 617
38,512
36,984
39,619
40,023
5,122
5,511
5,562
5,412
2 858
2 533
2 852
2, 498
4,037
3,954
4,027
4,007
2,197
2,042
2,244
2,382
7,332
6,464
7,434
7,285
210,742
203,860
215,216
212,982
579,319
584,587
592,897
586,764
202,370
215,558
207,727
211,462
53,077
57,964
58,243
59,662
53, 136
45 473
47, 567
48, 339
858,834
857,577
862,499
884,878
224,039
220,332
225,732
228,864
120,169
120, 944
112, 868
113,376
165,742
162,362
167,285
166,417
59,638
,38
60,850
62,908
66,294
|241,532
246,342
246,899
253,914
7,701,645
7,840,227
7,869,448
7; 897,421
324, 793
329, 529
339, 066
343, 947
13,707
13,556
13,707
13,771
136,602
136,218
137,482
137,923
18,747
18,944
18,868
18,775
21, 435
17, 924
17, 780
17,982
169,831
170,262
172,051
172,927
64,232
64,608
65, 111
65,362
756
825
364
385
13,326
11,496
10,046
10,159
3,354
3,393
3,414
3,422
75,935
76,551
76,839
77,369
897,247
897,517
909,203
917,731
33,006
25,712
26,964
21,409
416, 959
390, 564
379, 553
293, 100
52>231
48,562
46,865
36,127
15,111
12,748
14,573
11,841
1,561
613
1,312
1,244
3,234
1, 859
1, 970
1, 512
31,196
25,123
29,353
24,063
9,352
7,416
11,081
8,658
4, 732
3, 998
3, 612
3, 311
3,675
1,822
2,679
2,429
9,942
6,040
5952
5,090
2,856
715
2,298
2,298
583,855
525,172
526,212
411,082
19,791
18,839
17,927
26,065
424,044
475, 752
496, 965
500, 174
135,547
130,831
133,234
136,199
26,913
29,047
24,965
22,088
19,089
16,191
13,972
12,866
17,598
15, 827
15,727
14, 003
36,230 25,485
40,930 25,149
37,852 19,349
40,308 21,658
8, 590
8 625
8, 570
10, 532
24,215
24,722
23,755
24,051
11,500
13,250
14,750
12,250
19,247
20,147
19,070
21,505
768,249
819,310
826,136
841,699
50,559
51,062
54,516
51,352
100,829
124, 347
159, 155
169, 295
25,992
25,374
18,656
29,092
11,693
10,919
14,899
19,152
4,694
4,102
4,889
4,492
6,063
4, 814
3, 425
5, 747
24,723
26,271
23,769
22,304
4, 001
7, 941
13, 961
16, 097
13,458
14,445
14,160
14,339
1,423
2,309
2,748
3,234
6,422
6,242
11,223
11,693
259,872
294,933
336,605
354,911
435,893
451,468
457,962
463,413
2, 818, 993
2, 821, 775
2, 910, 062
2, 872, 101
410,243
412,526
412,644
396,680
673,976
686,101
696,303
698,226
5, 739, 873
5, 803, 883
5, 850,422
5, 791, 232
854,848
849,801
849,474
828,758
396,525
401,479
401,789
394,071
58,696
58,573
65,107
64,821
616, 802
649, 386
654, 140
653, 452
67,718
61,531
61,593
59,300
23,073
25,141
22,791
26,425
14,143
14,616
14,894
15,360
111, 389
106, 941
112, 881
109,466
13,300
12,761
13,785
14,311
562,710
583,768
606,565
597,411
4,581, 079
4, 684, 470
4 678, 258
4, 680, 040
33,529
33,211
33,475
34,709
223,577
225,713
224,091
217,882
10,015
17,107
15,204
8,114
21,
21,
21,
21,
3. MEMBER BANKS IN FEDERAL RESERVE BRANCH CITIES.
New
CleveRichSt.
Kansas
Sari
Atlanta Chicago
Dallas Francisco
land
mond
York
Louis
City
District. District. District. District. District. District. District. District. District.
Number of reporting banks:
Sept. 26
Oct.3
Oct. 10...
Oct. 17
United States bonds to secure circulation:
Sept. 26
Oct. 3
Oct. 10
Oct. 1 7 . . . . . . . .
Other United States bonds, including
Liberty bonds:
Sept. 26
Oct.3
Oct. 10
'
Oct. 17
1
Total.
19
19
19
19
18
18
18
18
12
12
12
12
18
18
18
18
17
17
17
17
12
12
12
12
30
30
30
30
172
172
172
173
5,255
5,255
5,255
5,255
4,487
4,487
4,487
4,487
6,758
6,858
6,858
6,858
8,485
8,485
8,485
8,485
63,129
63,229
63,229
63,629
7,387
7,714
7,469
7,790
7,243
7,459
7,687
7,705
7,117
7,155
7,212
7,259
14,242
14,246
13,610
14,825
117,080
119,419
118,015
120,303
1,599
1,599
1,599
1,599
24,407
24,407
24,407
24,407
5,583
5,583
5,583
4,685
4,685
4,685
5,085
1,870
1,870
1; 870
1,870
6,354
6,243
6,327
5,969
40,326
41,378
40,868
42,404
8,801
9,075
8,864
8,815
8,406
8,594
8,664
8,459
17,204
17,555
17,314
17,077
NOYBMBEK 1, 1919.
1099
FEDERAL RESERVE BULLETIN.
Principal resources and liabilities of member banks in leading cities, including member banks located in Federal Reserve
Bank cities and in Federal Reserve branch cities, as at close of business on Fridays from Sept. 26 to Oct. 17, 1919—-Con.
3. MEMBER BANKS IN FEDERAL RESERVE BRANCH CITIES—Continued.
[In thousands of dollars; i. e., 000 omitted.]
St.
Kansas
New
San
CleveRichAtlanta Chicago
Dallas Francisco
Louis
City
land
mond
York
Districts. Districts
District*. Districts. District,
Districti. District2. District*. District*.
United States Victory notes:
Sept. 26
Oct.3
.
Oct.10
Oct. 17
United States certificates of indebtedness:
S ep t. 26
Oct. 3
Oct. 10
Oct. 17
Total United States securities owned:
Sept. 26
Oct.3
Oct. 10
Oct.17.
Loans secured by United States bonds,
Victory notes, and certificates:
Sept. 26
Oct. 3
Oct. 10
Oct. 17
Loans secured by stocks and bonds other
than United States securities:
Sept. 26
Oct.3...
Oct. 10
Oct.17
>
All other loans and investments:
Sept. 26
Oct.3
Oct. 10
Oct. 17
Total loans and investments:
Sept. 26
Oct.3
..
Oct. 10
Oct.17
Reserve balances with Federal Reserve
Bank:
Sept. 26
Oct. 3
Oct.10
Oct.17....
Cash in vault:
Sept. 26
,
Oct.3
Oct. 10
;
Oct. 17... f t
Net demand deposits on which reserve is
computed:
Sept. 26
Oct.3
Oct. 10
Oct.17
Time deposits:
Sept. 26
Oct. 3
Oct. 10
.
Oct. 17
....
Government deposits:
Sept. 26
Oct.3
Oct. 10
Oct.17......
Bills payable with Federal Reserve Bank
Sept. 26
Oct.3...
Oct. 10
Oct.17....
Bills rediscounted with Federal Reserve
Bank:
Sept. 26
,
Oct. 3
Oct. 10
Oct.17
12 Buffalo.
Pittsburgh and Cincinnati.
3
Baltimore.
7,258
7,098
6,401
6,632
19,667
19,558
17,903
17,746
3,986
3,946
4,444
4,423
7,128
7,041
7,051
6,893
15,738
15,733
15,616
15,500
4,542
4,471
4,173
4,206
1,997
1,859
2,099
1,979
1,567
1,493
1,528
1,459
4,653
4,613
5,005
4,526
66,536
65,812
64,220
63,364
12,317
12,377
12,352
12,279
54,513
53,671
53,054
53,084
10,516
10,247
10,427
10,288
16,842
14,342
14,755
14,722
34,423
32,722
32,577
34,070
4,692
4,694
4,533
3,758
6,436
6,142
6,353
6,427
8,132
8,082
8,165
8,164
26,126
25,014
24,140
23,109
173,997
167,291
166,356
165,901
27,528
27,317
26,679
26,479
138,913
139,014
136,232
137,641
28,851
29,318
29,109
37,061
34,662
35,155
35,159
69,235
67,880
67,377
68,517
21,876
22,134
21,430
21,009
20,163
19,947
20,626
20,598
23,574
23,588
23,763
23,740
53,506
52,358
51,240
50,945
420,742
415,751
411,820
413,197
13,448
13,229
13,188
13,027
64,842
64,751
64,402
63,735
11,360
10,470
10,294
10,780
9,594
10,006
10,370
10,380
10,285
10,147
10,529
10,611
6,707
6,722
6,834
7,955
8,166
9,126
9,121
2,215
1,964
2,058
1,962
6,114
6,296
6,208
132,520
131,751
133,009
132,907
39,855
39,552
39,931
40,304
147,309
150,444
150,913
152,381
35,458,
34,977
35,680
35,492
22,987
24,618
25,671
25,130
40,302
41,188
41,407
40,781
25,522
25,080
25,432
26,269
26,270
21,923
20,576
20,506
11,525
11,020
11,202
11,288
33,271
37,574
33,264
33,280
382,499
386,374
384,076
385,431
114,299
114, 652
113,368
114,464
399,349
398,657
399,648
406,059
95,726
95,468
96,650
95,795
160,235
163,588
165,671
166,228
272,355
270,688
273,522
273,062
83,455
88,427
92,107
94,812
145,317
151,541
154,098
154,826
50,802
53,806
55,506
57,307
225,152
229,805
226,041
230,875
1,546,690
1,566,632
1,576,611
1,593,428
195,130
194,750
193,166
194,274
750,413
752,866
751,195
759,816
171,430
169,766
171,942
171,176
229,877
232,874
236,867
236,897
392,177
389,901
392,835
392,971
137,580
142,363
145,803
148,953
199,705
201,577
204,426
205,051
88,116
90,378
92,529
94,297
318,043
326,033
316,753
321,528
2,482,451
2,500,508
2,505,516
2,524,963
13,996
14,281
12,597
14,843
44,901
47,703
45,838
49,512
14,682
12,675
12,743
12,582
15,700
16,642
16,779
17,081
26,355
27,667
27,919
8,236
8,457
8,875
15,551
14,618
13,637
18,585
6,473
6,788
7,103
6,954
22,100
23,144
23,515
24,448
167,994
171,975
169,006
181,812
2,487
2,860
2,994
2,782
12,792
14,986
13,935
15,396
5,059
5,090
5,442
5,404
6,117
6,190
6,879
6,395
13,636
15,262
14,723
15,062
3,685
4,339
4,148
4,516
5,052
5,288
5,874
5,557
2,417
2,786
3,151
2,743
6,907
6,770
7,156
7,371
58,152
63,571
64,302
65,226
125,397
127,285
125,233
128,658
429,011
439,951
434,437
446,683
112,575
112,109
112,919
111, 103
142,463
142,403
143,670
145,638
205,167
211,892
216,004
79,870
80,996
82,611
83,199
141,470
139,377
135,444
138,595
54,634
56,106
58,148
57,011
185,300
189,958
194,556
194,429
1,474,522
1,493,352
1,498,910
1,521,320
30,456
30,808
30,982
30,852
92,784
91,768
92,229
92,655
19,391
19,437
19,331
19,241
59,624
60,776
60,996
61,383
182,143
182,121
183,525
182,980
30,151
30,369
31,244
31,334
42,048
42,569
42,870
43,043
16,711
16,809
16,898
16,890
100,551
101,118
100,226
101,726
573,859
575,775
578,301
580,104
3,886
2,191
1,698
1,303
32,640
29,083
27,951
21,563
7,363
6,036
6,709
5,426
5,444
3,990
3,983
8,559
6,529
6,141
4,733
1,594
1,071
1,139
909
2,246
1,139
1,911
1,704
1,751
1,181
1,173
946
1,362
226
588
1,146
64,845
51,446
51,293
41,558
20,289
21,278
21,171
22,918
59,807
64,082
67,395
72,907
12,760
9,874
10,883
13; 343
14,878
16,610
15,902
17,913
18,655
22,605
17,590
19,143
9,659
9,216
10,389
9,782
14,054
17,310
19,680
22,259
6,343
7,917
9,327
10;135
6,912
6,693
7,005
6,830
9,462
11,903
9,557
9,248
10,054
9,371
9,407
3,819
6,477
8,861
12,289
2,589
3,485
4,016
2,735
13,773
13,298
13,710
15,926
946
1,003
1,434
2,054
725
802
1,174
2,142
* New Orleans, Jacksonville, and Birmingham.
»Detroit.
Louisville, Memphis, and Little Rock.
6
Total.
7
8
170,168
13,723
14,775
183,667
15,305 " 187,642
15,072
203,472
6,052
6,033
5,731
5,855
53,526
59,748
60,859
66,087
Omaha and Denver.
El Paso and Houston.
» Spokane, Portland. Seattle, and Salt Lake City.
1100
FEDEBAL EESERVE BULLETIN.
NOVEMBER 1, 1919.
IMPORTS AND EXPORTS OF GOLD AND SILVER.
Gold imports into and exports from the United States.
[In thousands of dollars; i. e., 000 omitted.]
10 days
ending
Sept. 20,
1919.
10 days
ending
Sept. 30,
1919.
10 days
ending
Oct. 10,
1919.
Total
since
Jan. 1,
1919.
Total,
Jan. 1 to
Oct. 10,
1918.
IMPORTS.
Ore and base bullion
United States mint or assay office bars
Bullion, refined
United States coin .
Foreign coin
-.
Total
161
782
705
13,074
13
105
57
13
845
12
146
28,871
10,730
5,287
11,825
6
38,387
6,779
178
279
852
1,708
57,962
57,175
3,814
19
5,997
5,074
15
67,442
12,597
158,800
115
4,334
3,397
26,302
238,854
247
239,101
34,148
425
EXPORTS.
Domestic:
Ore and base bullion
United States mint or assay office bars. *
Bullion, refined
Coin.....
Total
Foreign coin.. . .
..
.
Total exports..
3,071
7,269
19
5,882
9,830
8,145
6
13,170
9
9,831
8,151
13,179
34,573
Excess of gold exports over imports since Jan. 1,1919, $181,139,000. Excess of gold imports over exports since Aug. 1,1914, $890,267,000.
Silver imports into and exports from the United States.
[In thousands of dollars; i. e., 000 omitted.]
10 days
ending
Sept. 20,
1919.
10 days
ending
Sept. 30,
1919.
10 days
ending
Oct. 10,
1919.
Total
since
Jan. 1,
1919.
Total,
Jan. 1 to
Oct. 10,
1918.
IMPORTS.
Ore and base bullion
United States mint or assay office bars
Bullion, refined
United States coin
Foreign coin
Total
1,573
3,187
2,093
55,129
69
44
128
196
28
81
38i
22
253
6,444
804
4,356
32,674
50
19,385
965
3,589
1,814
3,492
2,749
66,733
56,663
1,867
16
4,121
13
71,235
87,578
2,308
21,702
138,636
2,831
1,883
4,134
2,459
75
2,534
161,125
163,183
57
191
2,390
414
1,011
71
16,100
3,495
4,131
5,226
248
2,804
1,082
19,595
9,357
2,131
6,938
3,616
180,720
172,540
EXPORTS.
Domestic:
Ore and base bullion
United States mint or assay office bars
Bullion, refined
Coin
Total
*
Foreign:
Bullion, refined
Coin
Total
Total exports. i
4
:
14
Excess of silver exports over imports since Jan. 1,1919, $113,987,000. Excess of silver exports over imports since Aug. 1,1914, $393,747,000.
NOVEMBBE 1, 1919.
1101
FEDERAL RESERVE BTJIXETIST.
Estimated general stock of money, money held by the Treasury and by the Federal Reserve system, and all other money
in the United States Oct. 1, 1919.
General stock of
money in the
United States
Gold coin 2
,
Gold certificatesStandard silver dollars
Silver certificates
Subsidiary silver
Treasury notes of 1890
United States notes
Federal Reserve notes.
Federal Reserve bank notes.
National-bank notes
Total:
Oct. 1,1919...
Sept. 1,1919..
Aug. 1.1919..
July 1,1919...
Apr. 1,1919..
Jan. 1,1919...
Oct. 1,1918...
July 1,1918...
Apr. 1,1918..
Jan, 1,1918...
Oct. 1,1917...
July 1,1917..
Apr. 1,1917..
$2,905,726,555
Held in the
United States
Treasury as
assets of the
Government.1
Amount per
outside
Held by and for theHeld
outside
United States capita
Federal Reserve
the United
Treasury and States
Banks and
Treasury
Federal
Reserve
agents.
and Federal
system.
Reserve system.
"243*386," 383
7,777,605
5,281,421
* 4,836,334
346,681,016
2,866,288,515
251,190,800
721,485,210
17,943,605
39,048,355
49,520,795
* 59,928,022
177,508,375
10,255,405
2,023,440
$397,076,567
313,250,681
81,784,880
153,809,165
230,766,444
1,718,304
268,809,389
2,669,731,785
191,415,600
650,613,736
7,662,898,238
7,563,705,808
7,525,115,361
7,588,473,771
7,586,752,855
7,780,793,606
7,391,008,277
6,742,225,784
6,480,181,525
6,256,198,271
5,642,264,856
5,480,009,884
5,312,109,272
616,213,318
611,419,803
588,526,823
578,848,043
550,628,454
454,948,160
380,246,203
356,124,750
339,856,674
277,043,358
242,469,027
253,671,614
258,198,442
2,087,709,369
2,099,226,575
2,142,473,627
2,167,280,313
2,195,151,766
2,220,705,767
2,084,774,897
2,018,361,825
1,873,524,132
1,723,-570,291
1,429,422,432
1,280,880,714
952,984,705
4,958,975,551
4,853,059,430
4,794,114,911
4,842,345,415
4,840,972,635
5,105,139,679
4,925,987,177
4,367,739,209
4,266,800,719
4,255,584,622
3,970,373,397
3,945,457,556
4,100,976,125
308,145,759
$367,522,935
$1,467,825,272
360,051,100
''""65," 551," 989*
$46.61
45.65
45.13
45.00
45.17
47.83
46.34
41.31
40.47
40.53
37.97
"37.88
39.54
1
Includes reserve funds against issues of United States notes and Treasury notes of 1890 and redemption funds held against issues of nationalbank notes, Federal Reserve notes, and Federal Reserve Bank notes.
s Includes balances in gold settlement fund standing to the credit of the Federal Reserve Banks and agents.
» Includes standard silver dollars.
^ Includes Treasury notes of 1890.
1102
FEDERAL RESERVE BULLETIN.
NOVEMBER 1,
1919.
DISCOUNT RATES.
Discount rates of each Federal Reserve Bank approved by the Federal Reserve Board up to Oct. 31, 1919.
Discounts other than trade acceptances.
Trade acceptances.
Secured by U. S. Government
war obligations.
Federal Reserve Bank.
Maturing within 15
days, including member banks' collateral
notes.
Secured by
U.S. certificates of
indebted-
Maturing
within
days, inSecured by 16 to 90 15cluding
Liberty
member
bonds and
banks'
Victory
collateral
notes.
notes.
4
41
4
4i
4
41
4
41
41
4i
41
41
4
41
41
41
41
4
41
4
4i
41
4
44
41
41
4i
44
41
4}
4i within 15 days, 4 per cent;
1
Rates for discounted bankers' acceptances maturing
Boston
New York 1 ...
Philadelphia.
Cleveland
Richmond
Atlanta
Chicago
St. Louis
.
Minneapolis..
Kansas City..
Dallas
San Francisco
4
4
4
4
4
4
4
4
4
4
4
41
Otherwise secured, also unsecured,2
maturing within—
16 to 60
days.
91 to 180
days (agri61 to 90 cultural
and 15 days.
days.
live-stock
paper).
41
4|
41
41
41
41
4|
41
41
4f
4|
4}
4f
4f
41
5
41
41
4!
5
Maturing within—
5
5
5
5
5
5
5
51
5
5
54
54
54
54
51
5i
16 to 90
days.
4
4
4
44
44
41
4*
44
41
44
44
41
44
4
41
44
44
44
41
44
within 61 41
to 90 days, 4§ pe
within 16 to 60 days, 4J per cent;
cent.
2 Rates on paper secured by War Finance Corporation bonds, 1 per cent higher than on commercial paper of corresponding maturity.
NOTE 1.—Acceptances purchased in open market, minimum rate 4 per cent.
NOTE 2.—Whenever application is made by member banks for renewal of 15-day paper the Federal Reserve Banks may charge a rate not
exceeding that for 90-day paper of the same class.
NOTEMBEB 1, 1919.
1103
FEDEBAL EESEBVB BULLETIN.
FOREIGN EXCHANGE RATES.
Monthly ranges of exchange rates on leading foreign money centers, quoted in New York during the three months ending
October, 1919.
August.
Exchange
at par.
London:
60-day bankers'bills.i
.dollars for £ . .
Demand bills
do
Cable transfers
do
Paris:
Demand bills
francs for 100 dollars..
Cable transfers
do
Berlin
dollars for 100 marks 1 ..
Milan:
Demand bills.
lire for 100 dollars..
Cable transfers
do.
Prague.
dollars for 100 kronen 1 ..
Vienna
do. 1
Jugo-Slavia.
dollars for 100 kronen .
Warsaw
dollars for 100 marks *.
Brussels
francs for 100 dollars *.
Madrid
dollars for 100 pesetas.
Helsingfors
dollars for 100 m a r k k a ll .
Athens.
.dollars for 100 drachma .
Sofia....
,
dollars for 100 lev 1i.
Bucharest
dollars for 100 lei .
Belgrade
dollars for 100 dinar i.
Amsterdam
dollars for 100 florins.
Stockholm
dollars for 100 kronors.
Copenhagen
dollars for 100 kroner.
Christiania
do
Zurich
.francs for 100 dollars.
Canada..
dollars for 100 Canadian dollars 21.
Mexico City.
dollars for 100 pesos .
Bogota
dollars for 100 Colombian dollars 1 .
Montevideo
centavos to dollar i.
Buenos Aires
.dollars for 100 gold pesos 1 .
Bio de Janeiro
dollars for 100 paper milreis *.
Valparaiso
dollars for 100 paper pesos*.
Yokohama
dollars for 100 yen.
Hongkong
dollars for 100 Hongkong dollars..
Shanghai
dollars for 100 Shanghai taels..
Singapore
dollars for 100 Singapore dollars l ..
London average price of silver at nominal rate of £ ($4.8665) (dollars
per fine ounce)
New York average price of silver (dollars per fine ounce)
1 Cable rates.
2
Checks (demand).
4.8665
4.8665
4.8665
Low.
4.15
4.1625
4.17
High
4.3425
4.3525
4.3625
September.
Low.
High
4.1125
4.1325
4.14
518.1347
518.1347
23.82
817.00
815.00
4.00
518.1347
518.1347
20.26
20.26
20.26
23.82
518.1347
19.30
19.30
19.30
19.30
19.30
19.30
40.20
26.80
26.80
1013.00
967.00
862.00
965.00
860.00
1011.00
2.85
3.65
5.50
1.20
2.125
3.00
1.75
2.50
3.75
6.75
3.25
4.50
900.00
855.00
755.00
18.80
18.88
19.75
8.50
5.00
6.50
17.50
19.80
16.75
3.25
2.50
6.00
4.30
4.75
6.75
7.00
8.00
13.00
36.9375
36.4375
37.5625
24.00
24.90
24,10
22.05
21.45
21.55
23.70
22.70
22.60
574.00
558.00
571.00
95.875
94.6875
96.50
48.375
50.00
48.875
97.00
100.00
97.75
98.50
97.00
99.75
103.75
104.50
103.50
27.50
24.875
24.50
22.00
20.00
19.00
50.50
50.75
50.375
80.25
86.00
83.75
122.25
135.00
130.00
54.00
56.25
56.50
518.1347
100.00
49.85
97.33
3 54.62
4 36.50
49.85
56.78
730.00
728.00
6.25
1.2
1.11398
* Rate for a gold milreis.
922.00
920.00
3.375
4.25
4.2625
4.27
October.
Low.
4.13
4.15
4.1575
High
4.215
4.3225
4.24
782.00
780.00
4.60
887.00
885.00
3.25
838.00
836.00
4.375
947.00
945.00
4.00
2.625
2.35
4.50
797.00
19.25
6.75
17.50
5.00
6.00
8.50
38.125
24.60
22.40
23.50
547.00
97.00
49.00
98.25
99.25
104.10
25.00
20.00
50.75
88.50
136.50
56.25
1080.00
1078.00
2.35
.85
1.45
2.30
868.50
19.08
3.50
17.25
3.00
4.25
5.00
3y. 625
23.90
21.30
22.65
566.00
96.00
49.00
98.00
99.50
103.60
25.00
20.00
50.50
87.00
135.50
53.00
975.00
973.00
3.85
1.65
2.15
3.85
835.00
19.28
5.25
18.90
4.50
5.75
7.50
38.0625
24.60
21.75
23.20
556.00
96.75 ,
49.125
100.50
1.35494
1.14652
104.00
25.70
21.25
50.75
96.00
142.00
56.00
1.40511
1 19154
< Rate for gold peso.
1104
FEDERAL, BESERVE BULLETIN.
NOVEMBEB 1, 1919.
EARNINGS AND DIVIDENDS OF STATE BANK AND TRUST COMPANY MEMBERS.
Abstract of reports of earnings and dividends of State bank and trust company members of the Federal Reserve system
for the first six months of 1919, arranged by districts.
[In thousands of dollars, i. e., 000 omitted.]
District District District District District District District
District District District District
7 District
No. 2 No. 3 No. 4 No. 5 No. 6 No.
No. 8 No. 9 No. 10 No. 11 No. 12
No. 1
(303
(29
(80
(42
(57
(110
(52
(36
(36
(75
(115
(103
banks). banks). banks). banks). banks). banks). banks) banks). banks). banks) banks). banks).
0).
Capital stock paid in
Surplus
29,275
31,633
131,913
166,086
22,250
46,129
32,986
60,182
9,860
7,041
68,379
93,168
16,901
8,314 13,288
91
62
95
216
1,881
4,159
Total
United
States
(1,038
banks).
6,823
2,289
4,550
2,333
7,857
2,681
12,280
4,680
371,854
420,904
27,396 142,896
22,750
18,868
41,618
9,112
6,883
10,538
16,960
792,758
2,906
40
10
601
5,583 33,527
467
287
458
113
719 3,167
7,353
287
201
847
2,166
51
81
49
2,223
37
37
226
2,394
54
10
55
4,436 169,099
93
1,893
101
3,729
287 23,766
16,540
10,856
74,770
68,126
Total capital and surplus.... 60,908
297,999
Gross earnings:
14,282
Interest and discount.
52
Exchange and collectionoharges
189
Commissions....
1,543
Other earnings
72,627
372
,2,218
10,232
16,066
85,449
10,381
17,725
3,557
6,702
37,619
8,688
2,347
2,523
2,513
4,917
198,487
2,368
10,463
1,444
2,256
470
1,076
7,565
1,427
496
371
539
955
29,430
692
6,012
845
1,345
5,538
30,228
5,194
7,620
1,003
2,505
655
836
548
6,855
696
2,196
316
999
237
289
614 1,284
1,446 13,715
382 2,374
970 3,934
921
2,135
434
1,057
75
971
159
320
92
928
75
320
305
235
147
338
397
1,332
303
633
11,785
67,361
11,501
19,858
1,564
Total gross earnings.
Expenses:
Salaries and w a g e s . . . .
Interest and discount on borrowed money
Interest on deposits
Taxes
Other expenses
.
Total expenses
Net earnings since last report
Recoveries on charged-off assets.
Total net earnings and recoveries
Losses charged off:
On loans and d i s c o u n t s . . . . . . .
On bonds, securities, etc
Other losses
11,262
59,043
6,443
12,551
2,311
4,488 28,872
5,974
2,021
1,786
3,620
139,935
4,804
351
26,406
807
3,938
32
5,174
159
1,246
182
2,214
310
8,747
538
2,714
46
326
39
737
29
949 i 1,297
34 ; 1 204
58,552
2,731
5,155
27,213
3,970
5,333
1,428
2,524
9,285
2,760
365
766
983
1,501
61,283
234
249
259
989
2,133
1,058
32
1,163
66
133
310
162
138
177
22
162
20
71
660
360
319
99
328
6!
31
6
9
50
97
3
26
136
140
118
2,761
4,889
2,175
4
742
4,180
1,261
605
337
253
1,339
488
46
54
126
394
9,825
Net addition to profits
4,413
23,033
2,709
4,728
1,091
2,271
7,946
2,272
319
712
857
1,107
51,458
Dividends paid*
Ratio of net profits to capital and
surplus (annualbasis) (percent).
1,841
11,912
2,135
2,824
507
838
4,546
1,292
356
326
278
680
27,535
14.5
15.5
7.9
10.1
12.9
16.6
11.1
10.9
7.0
20.7
16.3
13.1
13.0
Total losses charged off......
1
Two banks not reporting.
INDEX.
Acceptances:
Banks granted authority to accept up to 100
per cent of capital and surplus......
1050
Holdings by Federal Keserve Banks during
September
1086
Purchases by Federal Keserve Banks during
September.
....
. 1084
Purchases by Federal Reserve Banks during
three months ending September, distributed
by maturities
1084
P.
Agricultural paper held by Federal Reserve Banks
during September
1085
Argentina, credits extended by, to other countries.. 1048
Amendments to Federal Reserve Act:
"Edge bill," providing for Federal incorporation of institutions engaged in foreign banking, s'tatus of...
1056
Bank of Spain, condition of, 1914-1919
1036-1040
Bank transactions, debits to individual account
1077
Banking laws:
"Edge bill," providing for Federal incorporation of institutions engaged in foreign banking, status of
1056
What a Federal Reserve Bank may discount for
its member bank, not affected by amendment
to section 5200, R. S
1055
Banking situation, discussion of
1017
Branches, foreign, of American banks
1050
Branches of Federal Reserve Banks:
Hearing on establishment of branch bank at
Oklahoma City or Tulsa..
.
1018
Nashville branch, opening of
.. 1017
Business and financial conditions during October.. 1019
Special reports by Federal Reserve agents
1025
Canada, credits extended by, to other countries
1047
Capital Issues Committee, dissolution of
1053
Charters issued to national banks during October... 1052
Charts:
Federal Reserve note circulation, 1917-1919... 1044
Movement of exchange rates in Madrid, 19141919
1042
Par point map
1086
Cheek clearing and collection:
Map showing states in which banks remit at par. 1087
Number of nonmember banks on par list
1087
Operation of system, September 16-October 15. 1087
Par list, number of banks on
1087
Collateral notes held by Federal Reserve Banks
during September
,
1085
Commercial failures reported
1051
Cost of living in New York
1049
Cotton factors' paper, eligibility
for rediscount as
commercial paper, ruling on.0.
1054
Credits:
English export credit plan
1012
European demands for
1013
Extended by foreign countries to encourage
foreign commerce
1046-1049
Government support of export credit
1012
Crop statistics, by Federal Reserve districts
1053
Currency, stock of, in the United States
1101
Debits to individual account
1077-1080
Deposits of member banks in foreign banks, ruling
on
1054
Deposits of United States Shipping Board and
Emergency Fleet Corporation not Government
deposits, ruling on
1054
Discount and interest rates prevailing in various
centers
1065,1066
Discount .operations of the Federal Reserve Banks:
Member banks, number of, accommodated in
September.
1081
September, by classes of paper.
1081
Three months ending September, distributed
by maturities
1084
Discount rates:
Discussion of
1010
In effect on October 31
1102
Dividends and earnings of State bank and trust
company members, first six months of 1919...... 1104
Earning assets of the Federal Reserve Banks held
during September
1083
Earnings and' dividends of State bank and trust
company members, first six months of 1 9 1 9 . . . . . 1104
"Edge Bill," providing for Federal incorporation
of institutions engaged in foreign banking, status
of....
1056
Erratum, October Bulletin
1050
Export trade:
Discussion of
1011
English export credit plan
1012
Government support of export credit
1012
Statement of Sir Auckland Geddes, president of
British Board of Trade, on situation as affecting the United States
1011
Failures, commercial, reported
1051
Federal Reserve Act:
"Edge Bill," amending, providing for Federal
incorporation of institutions engaged in foreign banking, status of
1056
Federal Reserve agents, conference of, with Federal
Reserve Board...
1017
Federal Reserve Banks, resources and liabilities
of.
1088-1091
Federal Reserve notes :
Circulation of, 1917-1919
1043-1046
Interdistrict movement of
1094
Note account of Federal Reserve Banks and
Federal Reserve agents
1092
Fiduciary powers:
Exercise of, in New York
1059
Granted to national banks during October
1052
Foreign branches of American banks
1050
Foreign commerce, credits extended by foreign
countries to encourage
1046-1049
Foreign exchange, discussion of
1011
Foreign exchange rates:
Discussion of
1015
In Madrid, 1914-1919
."
1041,1042
Quoted in New York during three months ending October
1103
France, credits extended by, to other countries
1047
Gold imports and exports
1016,1100
Great Britain, credits extended by, to other countries
1046
I
n
INDEX.
Imports and exports:
Gold
1016,1100
Silver
1100
Spain, 1914-1919
1037-1039
Index of wholesale prices
1061-1064
Interest and discount rates prevailing in various
centers...:
1065,1066
Investment operations of Federal Keserve Banks
during September
1082
Law department:
Limitations on loaning power of national banks,
under section 5200 of Revised Statutes, as
amended
1055
What a Federal Reserve Bank may discount for
its member bank, not effected by amendment
to section 5200, Revised Statutes
1055
Amendment to Federal Reserve Act providing
for Federal incorporation of institutions engaged in foreign banking, status of
1056
Exercise of trust powers by national banks
located in New York.
1059
Live-stock paper held by Federal Reserve Banks
during September
•..
1085
Maturities:
Acceptances purchased during September
1084
Acceptances purchased, three months ending
September.
1084
Bills discounted during September
1083
Bills discounted, three months ending September
1084
Bills discounted and bought, also Treasury certificates of indebtedness
— 1091
Member banks:
Deposits of, in foreign banks, ruling on....
1054
Earnings and dividends of State bank and trust
company members, first six months of 1919.. 1104
Number discounting during September
.. 1081
Number of, in each district.
1081
Resources and liabilities of
....
- 1095-1099
Money, stock of, in the United States
1101
Nashville branch, opening of.
1017
National banks:
Charters issued to, during October
1052
Exercise of trust powers in New York
1059
Fiduciary powers granted to, during October.. 1052
Limitations on loaning power of, under section
5200, Revised Statutes, as amended
. . . . 1055
New York, cost of living in
1049
Open market operations of the Federal Reserve
Banks
1081
Physical volume of trade.......
1067-1076
Prices, wholesale, index numbers of...
. . . 1061-1064
Rediscounts and sales between Federal Reserve
Banks, July 1-Sept. 30, 1919
1085
Reserve position at Federal Reserve Banks
1009
Reserves against deposits of United States Shipping
Board and Emergency Fleet Corporation, ruling
on
1054
Resources and liabilities:
Federal Reserve Banks
1088-1091
Member banks in selected cities
1095-1099
Review of the month....
1009-1018
Rulings of the Federal Reserve Board:
Cotton factors' paper
1054
Deposits of member banks in foreign banks
1054
Deposits of United States Shipping Board and
Emergency Fleet Corporation not Government deposits
1054
Silver imports and exports;
1100
Spain:
Credits extended by, to other countries
1040,1048
Foreign commerce and finance of, 19141919
1036-1042
State banks and trust companies admitted to system
during October
1
1051
Trade, physical volume of
1067-1076
Treasury financing during October, discussion of... 1009
Treman, R. H., resignation of, as deputy governor
of Federal Reserve Bank of New York
1018
Uruguay, credits extended by, to other countries.. 1048
War paper held by Federal Reserve Banks during
September
1085
Wholesale prices, index numbers of - - -.»
- 1061-1064
o
@FedFRASER